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Audited Annual Report and AccountsSociété d’Investissement à Capital VariableMarch 31, 2014
SICAVA Luxembourg UndertakingFor Collective InvestmentIn Transferable SecuritiesUnder Part I of the Law of December 17, 2010R.C.S. Luxembourg B-50.216
THREADNEEDLE (LUX)
2
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Contents
Company Information 3
Directors’ Report 4
Performance 5
Audit Report 6
Financial Statements:
Aggregated Financial Statements for Threadneedle (Lux) 7
Threadneedle (Lux) - Global Aggregate Bond 8
Threadneedle (Lux) - Euro Active Bonds 9
Threadneedle (Lux) - Emerging Market Corporate Bonds 10
Threadneedle (Lux) - Emerging Market Debt 11
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds 12
Threadneedle (Lux) - US$ High Income Bonds 13
Threadneedle (Lux) - Global Asset Allocation 14
Threadneedle (Lux) - Global Focus 15
Threadneedle (Lux) - Global Emerging Market Equities 16
Threadneedle (Lux) - American 17
Threadneedle (Lux) - American Select 18
Threadneedle (Lux) - US Contrarian Core Equities 19
Threadneedle (Lux) - Pan European Equities 20
Threadneedle (Lux) - Pan European Small Cap Opportunities 21
Threadneedle (Lux) - European Quantitative Equities* 22
Threadneedle (Lux) - Asian Equity Income 23
Threadneedle (Lux) - Greater China Equities 24
Threadneedle (Lux) - Global Energy Equities 25
Threadneedle (Lux) - Global Technology 26
Threadneedle (Lux) - Global Equities - Walter Scott & Partners 27
Threadneedle (Lux) - Mondrian Investment Partners - Focused Emerging Markets Equity 28
Threadneedle (Lux) - UK Equities 29
Threadneedle (Lux) - Target Return (US$)* 30
Threadneedle (Lux) - American Absolute Alpha 31
Threadneedle (Lux) - Absolute Emerging Market Macro 32
Threadneedle (Lux) - Multi Asset Target Alpha 33
Threadneedle (Lux) - Global Smaller Companies* 34
Threadneedle (Lux) - Global Opportunities Bond 35
Threadneedle (Lux) - European Select* 36
Threadneedle (Lux) - Enhanced Commodities 37
Portfolio Statements:
Threadneedle (Lux) - Global Aggregate Bond 38
Threadneedle (Lux) - Euro Active Bonds 42
Threadneedle (Lux) - Emerging Market Corporate Bonds 47
Threadneedle (Lux) - Emerging Market Debt 52
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds 59
Threadneedle (Lux) - US$ High Income Bonds 63
Threadneedle (Lux) - Global Asset Allocation 69
Threadneedle (Lux) - Global Focus 73
Threadneedle (Lux) - Global Emerging Market Equities 75
Threadneedle (Lux) - American 78
Threadneedle (Lux) - American Select 79
Threadneedle (Lux) - US Contrarian Core Equities 80
Threadneedle (Lux) - Pan European Equities 82
Threadneedle (Lux) - Pan European Small Cap Opportunities 84
Threadneedle (Lux) - Asian Equity Income 86
Threadneedle (Lux) - Greater China Equities 88
Threadneedle (Lux) - Global Energy Equities 90
Threadneedle (Lux) - Global Technology 92
Threadneedle (Lux) - Global Equities - Walter Scott & Partners 94
Threadneedle (Lux) - Mondrian Investment Partners - Focused Emerging Markets Equity 96
Threadneedle (Lux) - UK Equities 98
Threadneedle (Lux) - American Absolute Alpha 100
Threadneedle (Lux) - Absolute Emerging Market Macro 101
Threadneedle (Lux) - Multi Asset Target Alpha 103
Threadneedle (Lux) - Global Smaller Companies* 104
Threadneedle (Lux) - Global Opportunities Bond 106
Threadneedle (Lux) - European Select* 113
Threadneedle (Lux) - Enhanced Commodities 114
Notes to the Financial Statements 115
Global Risk Exposure (unaudited) 162
Shareholders’ Information (unaudited) 163
Information for Investors in Switzerland (unaudited) 164
Share Class Performance (unaudited) 165
Directory 171
*See note 1.
3
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Company Information
Company Threadneedle (Lux) R.C.S. Luxembourg B-50.216
Registered Office 31 Z.A. Bourmicht L-8070 Bertrange Grand Duchy of Luxembourg
Management Company Threadneedle Management Luxembourg S.A. 74, Mühlenweg L-2155 Luxembourg Grand Duchy of Luxembourg
Board of Directors
Chairman of the Board of DirectorsCampbell Fleming (appointed as chairman on June 13, 2013) Chief Executive Officer of the Threadneedle Group London United Kingdom
Crispin Henderson (resigned from the Board of Directors and as Chairman on May 24, 2013) Vice Chairman of Global Asset Management, Ameriprise Financial, Inc.
Directors Marie-Jeanne Chèvremont-Lorenzini Independent Director Luxembourg Grand Duchy of Luxembourg
Timothy Gillbanks (resigned from the Board of Directors on June 13, 2013)Chief Financial and Operations Officer of the Threadneedle Group London United Kingdom
Dominik Kremer Head of EMEA Sales, Institutional, of the Threadneedle Group Frankfurt am Main Germany
Tony Poon Head of Client Services and Business Manager North Asia of the Threadneedle Group Hong Kong
Nicholas Ring (appointed on July 26, 2013)Head of Distribution of the Threadneedle GroupLondonUnited Kingdom
Claude Kremer Partner Arendt & Medernach Luxembourg Grand Duchy of Luxembourg
Christopher Thompson Head of Intermediary Distribution, Marketing and Product Columbia Management Investment Advisers, LLC Boston United States of America
Directors’ Report
4
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
This is the Annual Report and Accounts for Threadneedle (Lux), which reviews the performance of the portfolio and financial markets over the twelve months ending 31 March 2014.
The year under review constituted a strong period for global equity indices. The main factors in the strong performance of developed markets were growing signs of a global economic recovery, the provision of abundant liquidity by central banks and generally positive corporate results.
There was significant volatility along the way, however. Most of this arose from the speculation as to when the US Federal Reserve (the Fed) would reduce its programme of quantitative easing (QE). Fed officials first raised the prospect of a “tapering” of their monthly bond purchases in late May; thereafter, the market endured periodic sell-offs as Fed pronouncements were scrutinised for signs that a reduction might be imminent. Treasury yields and US interest rates rose, and the dollar strengthened. Emerging markets reacted particularly negatively to these events, as the knock-on effects from a higher cost of capital were expected to reduce growth. Commodity exporters such as South Africa and Indonesia were among the worst affected.
Over the summer of 2013, a consensus grew that September would see the first reduction in QE. In the event, though, the Fed left its programme unchanged both in that month and in October. Most market participants began to expect that tapering would not take place until early 2014. There was mild surprise, therefore, when the Fed announced in December that it would reduce its monthly purchases by US$10 billion from January.
In contrast to the earlier sell-offs on the prospect of tapering, the actual announcement of the first reduction prompted developed markets to rally. In the US, the S&P 500 hit a record high at the end of 2013. One reason was that in reducing QE, Fed officials were acknowledging the growing strength of the US economy. Although there was some disappointing economic data from the US over the winter, Fed officials attributed this to the unusually severe weather and pressed on with further reductions to QE in February and March. By the end of the review period, the monthly bond-buying programme had fallen from US$85 billion to US$55 billion.
The best-performing equity markets were the US and Europe. The Japanese market was very strong in 2013, but fell back from its highs in the first months of 2014. With an aggregate negative return, emerging markets underperformed their developed counterparts by a wide margin. Latin American markets were especially weak. China also underperformed the broad emerging-market index, on fears of slowing growth and instability in the country’s financial system.
Over the review period, government bond yields drifted higher. Corporate bonds fared somewhat better than government bonds, with spreads tightening over the year. High yield performed also performed well in 2013, especially when compared with other fixed-income asset classes.
Commodity markets declined over the period, affected by signs of an economic slowdown in China, although they began to mount a recovery in the first months of 2014. There was, however, a divergence in the prices of metals and oil, with the copper price declining on fears of slowing growth in China and gold falling as the dollar rose. In contrast, the oil price rose, as the global economic recovery gained traction.
The uncertainty over when the US Federal Reserve would begin to scale back its QE programme has now been removed. Investors will increasingly focus on the trajectory of the global economic recovery and scope for growth in corporate earnings.
Monetary policy across the developed world is expected to remain accommodative, with interest rates remaining at historically low levels for some time. We continue to favour the prospects for equities but recognise that in some instances valuations are no longer cheap.
The issues facing emerging-market economies are dampening sentiment towards emerging-market equities and bonds, particularly where currencies are under most pressure. With some specific regional tensions evident, we are monitoring developments closely.
We hope that you find this report informative and would like to thank you for continuing to invest with Threadneedle.
Campbell Fleming
Chairman of the Board
June 16, 2014
Past performance is not a guide to future performance. The value of investments and any income from them may go down as well as up.
Performance
5
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) Portfolios returns for the year ended March 31, 2014.
Portfolio
1 Year Return
Class A Class W
Threadneedle (Lux) - Global Aggregate Bond AU 2.19% 2.43%Threadneedle (Lux) - Euro Active Bonds AE 3.75% 3.76%Threadneedle (Lux) - Emerging Market Corporate Bonds AU 0.11% 0.65%Threadneedle (Lux) - Emerging Market Debt AU -4.07% -3.59%Threadneedle (Lux) - Global Emerging Market Short-Term Bonds AU -1.33% -1.10%Threadneedle (Lux) - US$ High Income Bonds AU 4.29% n/a**Threadneedle (Lux) - Global Asset Allocation AU 4.89% 5.01%Threadneedle (Lux) - Global Focus AU 18.55% 18.68%Threadneedle (Lux) - Global Emerging Market Equities AU 0.54% 0.37%Threadneedle (Lux) - American AU 22.36% 22.79%Threadneedle (Lux) - American Select AU 21.05% 21.14%Threadneedle (Lux) - US Contrarian Core Equities AU 21.93% n/aThreadneedle (Lux) - Pan European Equities AE 17.96% 18.05%Threadneedle (Lux) - Pan European Small Cap Opportunities AE 18.40% 18.34%Threadneedle (Lux) - European Quantitative Equities* AE -0.87% n/aThreadneedle (Lux) - Asian Equity Income AU 7.36% 7.21%Threadneedle (Lux) - Greater China Equities AU 20.49% 20.31%Threadneedle (Lux) - Global Energy Equities AU 9.68% 10.08%Threadneedle (Lux) - Global Technology AU 21.53% n/aThreadneedle (Lux) - UK Equities AG 12.41% n/aThreadneedle (Lux) - Target Return (US$)* AU 4.58% n/aThreadneedle (Lux) - American Absolute Alpha AU 2.08% n/aThreadneedle (Lux) - Absolute Emerging Market Macro AU -4.07% n/aThreadneedle (Lux) - Multi Asset Target Alpha AU -0.20% n/aThreadneedle (Lux) - Global Smaller Companies* AE -1.47% n/aThreadneedle (Lux) - Global Opportunities Bond AU 3.86% n/aThreadneedle (Lux) - European Select* AE -0.06% n/aThreadneedle (Lux) - Enhanced Commodities AU -6.62% n/a
Portfolio Class 1 Year Return
Threadneedle (Lux) - Global Equities - Walter Scott & Partners WS 5.08%Threadneedle (Lux) - Mondrian Investment Partners - Focused Emerging Markets Equity M -10.05%
The returns are stated in the currency in which the portfolios are denominated.
*See note 1.**Share class became dormant on September 20, 2013.
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
pwc Audit Report
To the Shareholders of
Threadneedle (Lux)
We have audited the accompanying financial statements of Threadneedle (Lux) (the "SICAV") and of each of its portfolios (the "Portfolios"), which
comprise the Statement of Net Assets and the Portfolio Statement as at March 31, 2014 and the Statement of Operations and Changes in Net Assets for
the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements.
Responsibility of the Board of Directors of the SICAV for the financial statements
The Board of Directors of the SICAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg
legal and regulatory requirements relating to the preparation of the financial statements and for such internal control as the Board of Directors of the
SICAV determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Responsibility of the "Reviseur d'entreprises agree"
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International
Standards on Auditing as adopted for Luxembourg by the "Commission de Surveillance du Secteur Financier". Those standards require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures
selected depend on the judgment of the "Reviseur d'entreprises agree", including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the "Reviseur d'entreprises agree" considers internal control relevant to
the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the SICAV, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements give a true and fair view of the financial position of the SICAV and of each of its Portfolios as of March 31, 2014,
and of the results of their operations and changes in their net assets for the year then ended in accordance with Luxembourg legal and regulatory
requirements relating to the preparation of the financial statements.
Other matters
Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit
procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have
no observation to make concerning such information in the context of the financial statements taken as a whole.
PricewaterhouseCoopers, Societe cooperative Luxembourg, June 16, 2014
Represented by,
Steven Libby
PricewaterhouseCoopers, Societe cooperative, 400 Route d'Esch, B.P. 1443, L-1014 Luxembourg T.. +352 494848 1, F: +352 494848 2900, www.pwc.lu
Cabinet de revision agree. Expert-comptable (autorisation gouvernementale n°10028256) R.C.S. Luxembourg B 65 477 - TVA LU25482518
The accompanying notes form an integral part of these fi nancial statements.
Aggregated Financial Statements for Threadneedle (Lux)
7
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2, 17 3,355,647,824Cash at bank 2 83,799,233Term deposits 2 204,265,595Receivable for investments sold 39,815,534Subscriptions receivable 19,888,443Interest receivable on swap 1,434,494Interest and dividends receivable, net 15,445,403Upfront payment on swap transactions 2 3,300,474Net unrealised gain on forward foreign exchange contracts 2, 8 439,541Net unrealised gain on futures 2, 10 804,850Net unrealised gain on swaps 2, 9 39,532Other assets 386,395
Total assets 3,725,267,318
Liabilities
Bank overdrafts (3,727,738)Payable for investments purchased (68,354,668)Redemptions payable (13,903,791)Interest payable on swaps (1,661,805)Dividend payable on swaps 2 (185,772)Upfront payment received on swap transactions (3,158,906)Net unrealised loss on forward foreign exchange contracts 2, 8 (6,333,123)Net unrealised loss on swaps 2, 9 (4,197,336)Net unrealised loss on futures 2, 10 (71,218)Asset management fees payable 4 (3,489,929)Performance fees payable 7 (1,009,151)Unrealised capital gain tax on investment (586,080)Other liabilities (884,026)
Total liabilities (107,563,543)
Total net assets 3,617,703,775
Net assets at the beginning of the year 3,447,879,049
Income
Dividends, net 33,835,559 Interest on bonds, net 2 46,941,504 Bank interest 2 147,897 Interest income on swaps 2 9,339,750 Commission on subscriptions and redemptions of shares 4 346,947 Other income 33,683
Total income 90,645,340
Expenses
Asset management fees 4 (40,541,964)Performance fees 7 (1,009,151)Bank fees (22,771)Dividends expenses (1,148,637)Interest expense on swaps (11,167,624)Interest expense on futures (15,892)Other operating expenses 4 (9,891,825)Custody and sub-custody fees 4 (151,681)Miscellaneous fees (71,568)
Total expenses (64,021,113)
Net income from investments 26,624,227
Net realised gain on sales of investments 112,348,205 Net realised (loss) on swaps (85,674,625)Net realised (loss) on options (1,878,017)Net realised gain on forward foreign exchange contracts 90,616,599 Net realised (loss) on futures (4,488,006)Net realised (loss) on foreign exchange (3,281,394)
Net realised gain 107,642,762
Change in net unrealised gain on investments 25,080,469 Change in net unrealised gain on futures 1,111,037 Change in net unrealised (loss) on forward foreign exchange contracts (2,096,930)Change in net unrealised (loss) on swaps (3,172,269)Change in net unrealised gain on options 342 Change in net unrealised gain on capital gain tax 3,061
Net change in unrealised gain 20,925,710
Net increase in net assets as a results of operations 155,192,699
Movements in capital
Subscriptions of shares 2,570,738,911 Redemptions of shares (2,577,309,136)Dividends 6 (18,757,861)
Total movements in capital (25,328,086)
Exchange differences 2 43,729,379 Elimination of cross investment in sub-funds 17 (3,769,266)
Net assets at the end of the year 3,617,703,775
Threadneedle (Lux) - Global Aggregate Bond
8
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
The accompanying notes form an integral part of these fi nancial statements.
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 12,852,260Cash at bank 2 120,781Receivable for investments sold 668,718Subscriptions receivable 19,354Interest receivable on swaps 51,359Interest and dividends receivable, net 128,507Upfront payment on swap transactions 2 161,939Net unrealised gain on futures 2, 10 26,799
Total assets 14,029,717
Liabilities
Bank overdrafts (100,570)Payable for investments purchased (169,362)Redemptions payable (170,391)Interest payable on swaps (47,071)Upfront payment received on swap transactions 2 (147,344)Net unrealised loss on forward foreign exchange contracts 2, 8 (16,608)Net unrealised loss on swaps 2, 9 (10,082)Asset management fees payable 4 (12,364)Other liabilities (3,482)
Total liabilities (677,274)
Total net assets 13,352,443
NUMBER OF SHARES OUTSTANDINGClass AEH 246,893.580Class AU 127,809.984Class DEC 22,690.386Class DEH 22,826.247Class DU 85,784.139Class W 22,282.218
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH 15.551 15.281 15.121
Class AU 27.10 26.52 26.12Class DEC 11.221 11.541 –Class DEH 12.331 12.171 12.091
Class DU 29.97 29.44 29.10Class W 57.81 56.44 55.45Class WEH – – 15.131
1Class is denominated in EUR. The base currency of the Portfolio is USD.
Net assets at the beginning of the year 17,366,454
Income
Interest on bonds, net 2 603,731Bank interest 1,046Interest income on swaps 2 288,054Other income 177
Total income 893,008
Expenses
Asset management fees 4 (161,030)Bank fees (635)Interest expense on swaps (257,325)Interest expense on futures (262)Other operating expenses 4 (45,195)Miscellaneous fees (10,518)
Total expenses (474,965)
Net income from investments 418,043
Net realised (loss) on sales of investments (193,223)Net realised (loss) on swaps (71,659)Net realised (loss) on options (87,450)Net realised gain on forward foreign exchange contracts 591,912Net realised (loss) on futures (52,995)Net realised (loss) on foreign exchange (29,196)
Net realised gain 157,389
Change in net unrealised (loss) on investments (47,329)Change in net unrealised gain on futures 50,713Change in net unrealised gain on forward foreign exchange contracts 173,155Change in net unrealised (loss) on swaps (24,633)Change in net unrealised (loss) on options (308)
Net change in unrealised gain 151,598
Net increase in net assets as a results of operations 727,030
Movements in capital
Subscriptions of shares 938,334Redemptions of shares (5,671,219)Dividends 6 (8,156)
Total movements in capital (4,741,041)
Net assets at the end of the year 13,352,443
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 13,352,443 17,366,454 20,518,585
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Euro Active Bonds
9
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes EUR
2014
Notes EUR
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 33,473,940Cash at bank 2 162,825Receivable for investments sold 1,202,548Subscriptions receivable 51,953Interest and dividends receivable, net 431,313
Total assets 35,322,579
Liabilities
Bank overdrafts (23,607)Payable for investments purchased (1,050,038)Redemptions payable (86,818)Interest payable on swaps (566)Net unrealised loss on forward foreign exchange contracts 2, 8 (31,746)Net unrealised loss on futures 2, 10 (14,973)Net unrealised loss on swaps 2, 9 (20,525)Asset management fees payable 4 (29,313)Other liabilities (7,926)
Total liabilities (1,265,512)
Total net assets 34,057,067
NUMBER OF SHARES OUTSTANDINGClass AE 348,998.623Class AEP 63,774.249Class DE 454,879.463Class DEP 137,365.117Class IE 366,328.751Class W 15,938.822
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AE 26.58 25.62 24.13Class AEP 15.47 15.31 –Class DE 25.91 25.12 23.78Class DEP 12.06 12.00 –Class IE 25.82 24.77 23.21Class W 56.23 54.19 51.00
Net assets at the beginning of the year 27,607,074
Income
Interest on bonds, net 2 1,081,770Bank interest 1,253Interest income on swaps 2 28,506Other income 464
Total income 1,111,993
Expenses
Asset management fees 4 (335,731)Bank fees (313)Interest expense on swaps (25,882)Interest expense on futures (82)Other operating expenses 4 (92,204)Miscellaneous fees (1,809)
Total expenses (456,021)
Net income from investments 655,972
Net realised gain on sales of investments 418,508Net realised gain on swaps 44,055Net realised (loss) on options (91,114)Net realised (loss) on forward foreign exchange contracts (30,386)Net realised (loss) on futures (93,464)Net realised gain on foreign exchange 71,643
Net realised gain 319,242
Change in net unrealised gain on investments 293,429Change in net unrealised (loss) on futures (8,613)Change in net unrealised (loss) on forward foreign exchange contracts (7,055)Change in net unrealised (loss) on swaps (20,525)Change in net unrealised (loss) on options (413)
Net change in unrealised gain 256,823
Net increase in net assets as a results of operations 1,232,037
Movements in capital
Subscriptions of shares 27,698,253Redemptions of shares (22,439,917)Dividends 6 (40,380)
Total movements in capital 5,217,956
Net assets at the end of the year 34,057,067
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012EUR 34,057,067 27,607,074 18,093,083
Threadneedle (Lux) - Emerging Market Corporate Bonds
10
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
The accompanying notes form an integral part of these fi nancial statements.
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 81,032,567Cash at bank 2 400,888Receivable for investments sold 2,764,700Subscriptions receivable 6,304Interest and dividends receivable, net 1,208,951
Total assets 85,413,410
Liabilities
Bank overdrafts (1,158,490)Payable for investments purchased (1,411,370)Redemptions payable (467,720)Net unrealised loss on forward foreign exchange contracts 2, 8 (357,023)Asset management fees payable 4 (96,818)Other liabilities (19,450)
Total liabilities (3,510,871)
Total net assets 81,902,539
NUMBER OF SHARES OUTSTANDINGClass AEC 690,317.298Class AEH 977,029.827Class ASH 7,423.299Class AU 394.440Class AUP 1,423,603.734Class DEC 12,323.387Class DEH 373,060.483Class DU 104,490.515Class IEH 526,552.725Class P 5,789.321Class W 88,622.544Class WEH 24,768.302
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEC 15.311 16.241 15.541
Class AEH 18.541 18.551 16.821
Class ASH 11.175 11.175 –Class AU 17.45 17.43 15.74Class AUP 8.75 9.26 8.82Class DEC 11.381 12.131 –Class DEH 14.601 14.681 13.371
Class DU 13.94 13.99 12.70Class IEH 24.771 24.591 22.121
Class P 10.06 10.59 10.04Class W 23.18 23.03 20.69Class WEH 17.621 17.541 15.821
1Class is denominated in EUR. The base currency of the Portfolio is USD.5Class is denominated in SGD. The base currency of the Portfolio is USD.
Net assets at the beginning of the year 87,066,427
Income
Interest on bonds, net 2 4,688,306Bank interest 1,873Interest income on swaps 2 73,750
Total income 4,763,929
Expenses
Asset management fees 4 (1,164,514)Bank fees (305)Interest expense on swaps (82,847)Other operating expenses 4 (231,529)Miscellaneous fees (1,857)
Total expenses (1,481,052)
Net income from investments 3,282,877
Net realised (loss) on sales of investments (2,472,722)Net realised (loss) on swaps (115,820)Net realised gain on forward foreign exchange contracts 3,811,141Net realised (loss) on futures (52,858)Net realised (loss) on foreign exchange (24,298)
Net realised gain 1,145,443
Change in net unrealised (loss) on investments (624,212)Change in net unrealised gain on forward foreign exchange contracts 195,022
Net change in unrealised (loss) (429,190)
Net increase in net assets as a results of operations 3,999,130
Movements in capital
Subscriptions of shares 32,574,479Redemptions of shares (39,863,180)Dividends 6 (1,874,317)
Total movements in capital (9,163,018)
Net assets at the end of the year 81,902,539
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 81,902,539 87,066,427 93,336,377
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Emerging Market Debt
11
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 194,266,301Cash at bank 2 1,805,736Term deposits 2 4,000,477Receivable for investments sold 2,824,928Subscriptions receivable 5,763Interest and dividends receivable, net 3,074,178
Total assets 205,977,383
Liabilities
Bank overdrafts (8,991)Redemptions payable (633,683)Net unrealised loss on forward foreign exchange contracts 2, 8 (456,689)Asset management fees payable 4 (234,007)Other liabilities (48,308)
Total liabilities (1,381,678)
Total net assets 204,595,705
NUMBER OF SHARES OUTSTANDINGClass AEC 108,352.991Class AEH 115,155.611Class ASH 6,604.774Class AU 136,137.297Class AUP 10,060,569.373Class DEH 54,086.011Class DU 23,972.871Class IEH 1,280,711.465Class IGH 702.316Class SU 5,432.295Class SUP 406,470.686Class W 56,095.796
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEC 12.311 13.731 13.491
Class AEH 24.201 25.311 23.521
Class ASH 10.345 10.795 10.005
Class AU 63.46 66.15 61.13Class AUP 13.40 14.90 14.56Class DEH 18.461 19.401 18.111
Class DU 46.26 48.47 45.01Class IEH 25.261 26.211 24.151
Class IGH 19.123 19.763 –Class SU 25.67 26.76 24.73Class SUP 12.98 14.43 14.10 Class W 51.36 53.27 48.991Class is denominated in EUR. The base currency of the Portfolio is USD.3Class is denominated in GBP. The base currency of the Portfolio is USD.5Class is denominated in SGD. The base currency of the Portfolio is USD.
Net assets at the beginning of the year 360,391,972
Income
Interest on bonds, net 2 17,628,726Bank interest 8,638Interest income on swaps 2 482,227
Total income 18,119,591
Expenses
Asset management fees 4 (3,715,694)Bank fees (679)Interest expense on swaps (506,245)Other operating expenses 4 (781,700)
Total expenses (5,004,318)
Net income from investments 13,115,273
Net realised (loss) on sales of investments (8,551,123)Net realised (loss) on swaps (267,639)Net realised gain on forward foreign exchange contracts 7,131,061Net realised (loss) on foreign exchange (957,955)
Net realised (loss) (2,645,656)
Change in net unrealised (loss) on investments (22,290,184)Change in net unrealised gain on forward foreign exchange contracts 783,552
Net change in unrealised (loss) (21,506,632)
Net (decrease) in net assets as a results of operations (11,037,015)
Movements in capital
Subscriptions of shares 37,907,711Redemptions of shares (171,606,377)Dividends 6 (11,060,586)
Total movements in capital (144,759,252)
Net assets at the end of the year 204,595,705
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 204,595,705 360,391,972 435,797,871
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds
12
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
The accompanying notes form an integral part of these fi nancial statements.
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 121,974,438Cash at bank 2 619,839Receivable for investments sold 3,683,310Subscriptions receivable 308,757Interest and dividends receivable, net 1,918,960Net unrealised gain on futures 2, 10 152,649
Total assets 128,657,953
Liabilities
Bank overdrafts (1,514,367)Payable for investments purchased (10,384,291)Redemptions payable (117,451)Net unrealised loss on forward foreign exchange contracts 2, 8 (510,927)Asset management fees payable 4 (126,551)Other liabilities (27,445)
Total liabilities (12,681,032)
Total net assets 115,976,921
NUMBER OF SHARES OUTSTANDINGClass AEC 347,277.782Class AEH 702,900.415Class ASC 110,578.620Class ASH 118,568.441Class AU 120,789.687Class AUP 5,550,185.238Class DEH 1,205,945.645Class DU 231,825.396Class IEH 1,549,876.629Class W 55,156.047
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEC 7.371 7.961 7.881
Class AEH 14.411 14.641 13.611
Class ASC 9.075 9.785 –Class ASH 9.765 9.915 –Class AU 15.54 15.75 14.57Class AUP 6.98 7.52 7.40Class DEH 11.361 11.561 10.761
Class DU 12.25 12.43 11.52Class IEH 15.671 15.801 14.591
Class W 18.00 18.20 16.801Class is denominated in EUR. The base currency of the Portfolio is USD.5Class is denominated in SGD. The base currency of the Portfolio is USD.
Net assets at the beginning of the year 120,823,261
Income
Interest on bonds, net 2 7,828,685Bank interest 1,542Interest income on swaps 2 165,035
Total income 7,995,262
Expenses
Asset management fees 4 (1,604,832)Bank fees (707)Interest expense on swaps (173,357)Other operating expenses 4 (347,185)
Total expenses (2,126,081)
Net income from investments 5,869,181
Net realised (loss) on sales of investments (4,942,189)Net realised (loss) on swaps (92,304)Net realised gain on forward foreign exchange contracts 4,373,226Net realised (loss) on futures (226,004)Net realised (loss) on foreign exchange (383,570)
Net realised (loss) (1,270,841)
Change in net unrealised (loss) on investments (1,497,632)Change in net unrealised gain on futures 152,649Change in net unrealised gain on forward foreign exchange contracts 36,344
Net change in unrealised (loss) (1,308,639)
Net increase in net assets as a results of operations 3,289,701
Movements in capital
Subscriptions of shares 69,332,435Redemptions of shares (74,399,498)Dividends 6 (3,068,978)
Total movements in capital (8,136,041)
Net assets at the end of the year 115,976,921
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 115,976,921 120,823,261 155,166,649
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - US$ High Income Bonds
13
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 24,239,504Cash at bank 2 1,440,881Receivable for investments sold 113,589Subscriptions receivable 190,366Interest and dividends receivable, net 397,864
Total assets 26,382,204
Liabilities
Payable for investments purchased (216,471)Redemptions payable (20,209)Net unrealised loss on forward foreign exchange contracts 2, 8 (88,571)Asset management fees payable 4 (27,764)Other liabilities (6,050)
Total liabilities (359,065)
Total net assets 26,023,139
NUMBER OF SHARES OUTSTANDINGClass AEC 60,938.629Class AEH 164,147.167Class ASH 80,778.748Class AU 40,252.218Class AUP 457,651.173Class DEC 40,972.624Class DEH 67,423.093Class DU 76,062.478Class IEH 169,023.184
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEC 15.001 15.291 –Class AEH 27.271 26.221 23.621
Class ASH 11.605 11.145 10.015
Class AU 28.46 27.29 24.48Class AUP 14.29 14.53 13.90Class DEC 11.851 12.201 –Class DEH 20.531 19.941 18.141
Class DU 21.41 20.74 18.79Class IEH 25.561 24.411 21.831
Class W# – 30.58 27.431Class is denominated in EUR. The base currency of the Portfolio is USD.5Class is denominated in SGD. The base currency of the Portfolio is USD.#See note 1.
Net assets at the beginning of the year 24,439,343
Income
Interest on bonds, net 2 1,517,482Bank interest 314
Total income 1,517,796
Expenses
Asset management fees 4 (310,331)Bank fees (48)Other operating expenses 4 (67,594)
Total expenses (377,973)
Net income from investments 1,139,823
Net realised gain on sales of investments 302,047Net realised gain on forward foreign exchange contracts 978,739Net realised (loss) on foreign exchange (16,002)
Net realised gain 1,264,784
Change in net unrealised (loss) on investments (315,855)Change in net unrealised gain on forward foreign exchange contracts 38,387
Net change in unrealised (loss) (277,468)
Net increase in net assets as a results of operations 2,127,139
Movements in capital
Subscriptions of shares 14,916,200Redemptions of shares (15,061,535)Dividends 6 (398,008)
Total movements in capital (543,343)
Net assets at the end of the year 26,023,139
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 26,023,139 24,439,343 25,231,891
Threadneedle (Lux) - Global Asset Allocation
14
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
The accompanying notes form an integral part of these fi nancial statements.
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 85,685,884Cash at bank 2 3,414,180Term deposits 2 5,700,486Receivable for investments sold 300,584Subscriptions receivable 130,875Interest and dividends receivable, net 469,691Other assets 9,320
Total assets 95,711,020
Liabilities
Bank overdrafts (2,086)Payable for investments purchased (266,271)Redemptions payable (389,443)Net unrealised loss on forward foreign exchange contracts 2, 8 (761,018)Net unrealised loss on futures 2, 10 (41,358)Asset management fees payable 4 (128,474)Other liabilities (27,952)
Total liabilities (1,616,602)
Total net assets 94,094,418
NUMBER OF SHARES OUTSTANDINGClass AEC 52,972.432Class AEH 932,530.635Class AU 488,155.908Class AUP 1,638,289.800Class DEH 333,062.707Class DU 289,828.075Class IGH 100.000Class IU 82,422.740Class W 95,329.299
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEC 13.521 13.231 13.021
Class AEH 24.771 23.691 22.791
Class AU 33.03 31.49 30.07Class AUP 13.91 13.57 13.27Class DEH 18.831 18.151 17.561
Class DU 22.80 21.90 21.03Class IGH 22.803 21.543 –Class IU 23.23 21.97 20.81Class W 54.49 51.89 49.511Class is denominated in EUR. The base currency of the Portfolio is USD.3Class is denominated in GBP. The base currency of the Portfolio is USD.
Net assets at the beginning of the year 115,416,316
Income
Dividends, net 2 785,228Interest on bonds, net 2 1,444,684Bank interest 4,281Interest income on swaps 2 251,971Other income 17,489
Total income 2,503,653
Expenses
Asset management fees 4 (1,656,436)Bank fees (707)Interest expense on swaps (14,375)Interest expense on futures (1,533)Other operating expenses 4 (375,739)Miscellaneous fees (6,552)
Total expenses (2,055,342)
Net income from investments 448,311
Net realised gain on sales of investments 7,134,922Net realised gain on swaps 617,072Net realised (loss) on options (193,543)Net realised gain on forward foreign exchange contracts 4,241,038Net realised (loss) on futures (544,731)Net realised (loss) on foreign exchange (115,441)
Net realised gain 11,139,317
Change in net unrealised (loss) on investments (3,782,355)Change in net unrealised (loss) on futures (32,379)Change in net unrealised (loss) on forward foreign exchange contracts (144,439)Change in net unrealised (loss) on swaps (291,615)
Net change in unrealised (loss) (4,250,788)
Net increase in net assets as a results of operations 7,336,840
Movements in capital
Subscriptions of shares 35,797,863Redemptions of shares (63,852,062)Dividends 6 (604,539)
Total movements in capital (28,658,738)
Net assets at the end of the year 94,094,418
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 94,094,418 115,416,316 148,845,155
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Global Focus
15
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 46,505,372Cash at bank 2 351,784Receivable for investments sold 32,463Subscriptions receivable 222,763Interest and dividends receivable, net 43,605Other assets 9,543
Total assets 47,165,530
Liabilities
Payable for investments purchased (148,306)Redemptions payable (35,407)Net unrealised loss on forward foreign exchange contracts 2, 8 (160,527)Asset management fees payable 4 (62,869)Other liabilities (13,897)
Total liabilities (421,006)
Total net assets 46,744,524
NUMBER OF SHARES OUTSTANDINGClass AEH 696,113.587Class AU 297,415.706Class DEH 37,808.304Class DU 196,536.603Class W 40,561.774
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH 27.501 23.311 21.661
Class AU 41.28 34.82 32.09Class DEH 20.911 17.861 16.721
Class DU 22.62 19.22 17.84Class W 62.72 52.85 48.661Class is denominated in EUR. The base currency of the Portfolio is USD.
Net assets at the beginning of the year 41,597,230
Income
Dividends, net 2 517,196Bank interest 415
Total income 517,611
Expenses
Asset management fees 4 (674,496)Bank fees (310)Other operating expenses 4 (151,821)Miscellaneous fees (3,583)
Total expenses (830,210)
Net (loss) from investments (312,599)
Net realised gain on sales of investments 7,110,234Net realised gain on forward foreign exchange contracts 1,725,344Net realised (loss) on foreign exchange (40,627)
Net realised gain 8,794,951
Change in net unrealised gain on investments 549,139Change in net unrealised gain on forward foreign exchange contracts 69,290
Net change in unrealised gain 618,429
Net increase in net assets as a results of operations 9,100,781
Movements in capital
Subscriptions of shares 8,982,859Redemptions of shares (12,936,346)
Total movements in capital (3,953,487)
Net assets at the end of the year 46,744,524
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 46,744,524 41,597,230 57,005,220
Threadneedle (Lux) - Global Emerging Market Equities
16
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
The accompanying notes form an integral part of these fi nancial statements.
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 3,767,895Cash at bank 2 233,759Receivable for investments sold 42,719Interest and dividends receivable, net 6,425
Total assets 4,050,798
Liabilities
Payable for investments purchased (89,644)Net unrealised loss on forward foreign exchange contracts 2, 8 (8,141)Asset management fees payable 4 (6,506)Unrealised capital gain tax on investment (4,699)Other liabilities (1,077)
Total liabilities (110,067)
Total net assets 3,940,731
NUMBER OF SHARES OUTSTANDINGClass AEH 9,676.167Class AU 13,730.277Class DEH 19,649.089Class DU 58,018.949Class IEH 19,125.087Class W 591.752
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH 30.051 30.021 28.711
Class AU 42.99 42.76 40.61Class DEH 22.771 22.981 22.201
Class DU 32.02 32.17 30.85Class IEH 17.121 16.981 16.111
Class W 40.72 40.57 38.581Class is denominated in EUR. The base currency of the Portfolio is USD.
Net assets at the beginning of the year 3,951,931
Income
Dividends, net 2 75,633Bank interest 63Other income 146
Total income 75,842
Expenses
Asset management fees 4 (74,875)Bank fees (51)Other operating expenses 4 (12,957)Miscellaneous fees (944)
Total expenses (88,827)
Net (loss) from investments (12,985)
Net realised gain on sales of investments 14,222Net realised gain on forward foreign exchange contracts 128,723Net realised (loss) on foreign exchange (5,853)
Net realised gain 137,092
Change in net unrealised (loss) on investments (63,929)Change in net unrealised gain on forward foreign exchange contracts 16,363
Net change in unrealised (loss) (47,566)
Net increase in net assets as a results of operations 76,541
Movements in capital
Subscriptions of shares 2,207,962Redemptions of shares (2,295,703)
Total movements in capital (87,741)
Net assets at the end of the year 3,940,731
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 3,940,731 3,951,931 4,066,098
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - American
17
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 216,097,106Cash at bank 2 2,101,691Term deposits 2 5,500,189Receivable for investments sold 4,841,968Subscriptions receivable 953,353Interest and dividends receivable, net 132,324Other assets 16,779
Total assets 229,643,410
Liabilities
Payable for investments purchased (13,388,424)Redemptions payable (211,555)Net unrealised loss on forward foreign exchange contracts 2, 8 (184,425)Asset management fees payable 4 (231,985)Other liabilities (54,871)
Total liabilities (14,071,260)
Total net assets 215,572,150
NUMBER OF SHARES OUTSTANDING Class AEH 149,635.862Class AU 1,069,587.476Class DEH 225,789.405Class DU 2,306,720.273Class IEH 422,038.126Class IU 2,847,886.456Class W 24,008.902
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH 30.731 25.231 23.541
Class AU 47.61 38.91 35.99Class DEH 23.471 19.381 18.171
Class DU 19.09 15.68 14.58Class IEH 31.231 25.431 23.561
Class IU 30.55 24.77 22.73Class W 61.91 50.42 46.471Class is denominated in EUR. The base currency of the Portfolio is USD.
Net assets at the beginning of the year 227,358,717
Income
Dividends, net 2 2,644,984Bank interest 1,905
Total income 2,646,889
Expenses
Asset management fees 4 (2,804,610)Bank fees (244)Other operating expenses 4 (664,075)
Total expenses (3,468,929)
Net (loss) from investments (822,040)
Net realised gain on sales of investments 30,880,060Net realised gain on forward foreign exchange contracts 2,439,481Net realised (loss) on foreign exchange (61,565)
Net realised gain 33,257,976
Change in net unrealised gain on investments 14,535,382Change in net unrealised gain on forward foreign exchange contracts 288,709
Net change in unrealised gain 14,824,091
Net increase in net assets as a results of operations 47,260,027
Movements in capital
Subscriptions of shares 130,899,796Redemptions of shares (189,946,390)
Total movements in capital (59,046,594)
Net assets at the end of the year 215,572,150
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 215,572,150 227,358,717 290,443,838
Threadneedle (Lux) - American Select
18
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
The accompanying notes form an integral part of these fi nancial statements.
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 41,337,817Cash at bank 2 368,619Receivable for investments sold 316,389Subscriptions receivable 21,631Interest and dividends receivable, net 8,599Other assets 746
Total assets 42,053,801
Liabilities
Payable for investments purchased (40,191)Redemptions payable (327,872)Net unrealised loss on forward foreign exchange contracts 2, 8 (70,435)Asset management fees payable 4 (45,443)Other liabilities (11,508)
Total liabilities (495,449)
Total net assets 41,558,352
NUMBER OF SHARES OUTSTANDINGClass AEH 42,303.881Class AU 1,211,940.231Class DEH 47,463.226Class DU 99,938.903Class IEH 131,115.850Class IU 368,725.120Class W 55,808.323Class ZFH 219,222.040
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH 20.311 16.841 15.841
Class AU 16.62 13.73 12.78Class DEH 14.671 12.261 11.601
Class DU 15.44 12.85 12.05Class IEH 20.431 16.821 15.691
Class IU 25.32 20.75 –Class W 17.48 14.43 13.41Class ZFH# 15.014 – –1Class is denominated in EUR. The base currency of the Portfolio is USD.4Class is denominated in CHF. The base currency of the Portfolio is USD.#See note 1.
Net assets at the beginning of the year 41,528,658
Income
Dividends, net 2 374,097Bank interest 249
Total income 374,346
Expenses
Asset management fees 4 (515,502)Bank fees (20)Other operating expenses 4 (128,303)
Total expenses (643,825)
Net (loss) from investments (269,479)
Net realised gain on sales of investments 6,559,295Net realised gain on forward foreign exchange contracts 733,881Net realised gain on foreign exchange 120,998
Net realised gain 7,414,174
Change in net unrealised gain on investments 1,434,775Change in net unrealised gain on forward foreign exchange contracts 70,781
Net change in unrealised gain 1,505,556
Net increase in net assets as a results of operations 8,650,251
Movements in capital
Subscriptions of shares 15,748,140Redemptions of shares (24,368,697)
Total movements in capital (8,620,557)
Net assets at the end of the year 41,558,352
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 41,558,352 41,528,658 37,694,759
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - US Contrarian Core Equities
19
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 203,364,434Cash at bank 2 13,687,377Receivable for investments sold 28,833Subscriptions receivable 8,480,787Interest and dividends receivable, net 141,933Other assets 2,722
Total assets 225,706,086
Liabilities
Payable for investments purchased (19,066,227)Net unrealised loss on forward foreign exchange contracts 2, 8 (5,898)Asset management fees payable 4 (193,091)Other liabilities (48,838)
Total liabilities (19,314,054)
Total net assets 206,392,032
NUMBER OF SHARES OUTSTANDINGClass AEH 665.733Class ASH 3,000.000Class AU 4,735,087.138Class DEH 1,523.810Class DU 587.326Class IFH 26,600.000Class IU 2,687,909.499
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH 15.031 19.831 17.661
Class ASH# 11.205 – –Class AU 24.52 20.11 17.77Class DEH 13.031 15.751 14.091
Class DU 12.82 15.97 14.18Class IEH# – 26.741 23.641
Class IFH# 23.294 – –Class IU 33.31 27.13 23.771Class is denominated in EUR. The base currency of the Portfolio is USD.4Class is denominated in CHF. The base currency of the Portfolio is USD.5Class is denominated in SGD. The base currency of the Portfolio is USD.#See note 1.
Net assets at the beginning of the year 7,115,768
Income
Dividends, net 2 1,131,724Bank interest 773Other income 525
Total income 1,133,022
Expenses
Asset management fees 4 (1,178,738)Other operating expenses 4 (285,962)Miscellaneous fees (64)
Total expenses (1,464,764)
Net (loss) from investments (331,742)
Net realised gain on sales of investments 3,810,110Net realised gain on forward foreign exchange contracts 335,757Net realised (loss) on foreign exchange (175,395)
Net realised gain 3,970,472
Change in net unrealised gain on investments 14,328,126Change in net unrealised gain on forward foreign exchange contracts 22,840
Net change in unrealised gain 14,350,966
Net increase in net assets as a results of operations 17,989,696
Movements in capital
Subscriptions of shares 216,102,701Redemptions of shares (34,816,133)
Total movements in capital 181,286,568
Net assets at the end of the year 206,392,032
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 206,392,032 7,115,768 5,882,658
Threadneedle (Lux) - Pan European Equities
20
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
The accompanying notes form an integral part of these fi nancial statements.
2014
Notes EUR
2014
Notes EUR
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 184,687,928Cash at bank 2 4,442,718Receivable for investments sold 80,336Subscriptions receivable 2,974,255Interest and dividends receivable, net 309,792Net unrealised gain on forward foreign exchange contracts 2, 8 201,594Other assets 104,200
Total assets 192,800,823
Liabilities
Payable for investments purchased (3,354,411)Redemptions payable (612,973)Asset management fees payable 4 (163,140)Other liabilities (43,286)
Total liabilities (4,173,810)
Total net assets 188,627,013
NUMBER OF SHARES OUTSTANDING Class AE 964,667.271Class ASH 1,936,049.445Class AUH 226,746.533Class DE 707,179.578Class IE 2,318,155.709Class W 128,275.697Class XE 705,412.950
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AE 50.38 42.71 37.16Class ASH 13.535 11.475 9.935
Class AUH# 15.962 – –Class DE 18.91 16.16 14.16Class IE 33.50 28.17 24.32Class W 42.12 35.68 31.01Class XE 36.66 30.55 –5Class is denominated in SGD. The base currency of the Portfolio is EUR.2Class is denominated in USD. The base currency of the Portfolio is EUR.#See note 1.
Net assets at the beginning of the year 118,485,386
Income
Dividends, net 2 2,997,476Bank interest 123
Total income 2,997,599
Expenses
Asset management fees 4 (1,398,871)Bank fees (1,827)Other operating expenses 4 (387,592)Miscellaneous fees (3,596)
Total expenses (1,791,886)
Net income from investments 1,205,713
Net realised gain on sales of investments 9,927,363Net realised (loss) on forward foreign exchange contracts (610,562)Net realised gain on foreign exchange 24,226
Net realised gain 9,341,027
Change in net unrealised gain on investments 12,787,703Change in net unrealised gain on forward foreign exchange contracts 184,433
Net change in unrealised gain 12,972,136
Net increase in net assets as a results of operations 23,518,876
Movements in capital
Subscriptions of shares 100,744,478Redemptions of shares (54,121,727)
Total movements in capital 46,622,751
Net assets at the end of the year 188,627,013
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012EUR 188,627,013 118,485,386 53,429,373
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Pan European Small Cap Opportunities
21
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes EUR
2014
Notes EUR
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 211,055,566Cash at bank 2 133,813Receivable for investments sold 4,473,625Subscriptions receivable 1,436,603Interest and dividends receivable, net 341,175Net unrealised gain on forward foreign exchange contracts 2, 8 102,339Other assets 107,164
Total assets 217,650,285
Liabilities
Payable for investments purchased (761,265)Redemptions payable (794,377)Asset management fees payable 4 (235,911)Other liabilities (56,040)
Total liabilities (1,847,593)
Total net assets 215,802,692
NUMBER OF SHARES OUTSTANDINGClass AE 3,387,543.445Class ASH 957,766.512Class DE 946,618.879Class IE 3,788,024.167Class W 58,720.771
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AE 23.29 19.67 15.88Class ASH 14.905 12.575 10.135
Class DE 22.37 19.06 15.53Class IE 27.77 23.27 –Class W 39.10 33.04 26.695Class is denominated in SGD. The base currency of the Portfolio is EUR.
Net assets at the beginning of the year 113,612,421
Income
Dividends, net 2 3,221,345Bank interest 377
Total income 3,221,722
Expenses
Asset management fees 4 (2,207,446)Bank fees (1,436)Other operating expenses 4 (523,460)Miscellaneous fees (835)
Total expenses (2,733,177)
Net income from investments 488,545
Net realised gain on sales of investments 10,394,050Net realised (loss) on forward foreign exchange contracts (353,132)Net realised (loss) on foreign exchange (56,276)
Net realised gain 9,984,642
Change in net unrealised gain on investments 20,475,596Change in net unrealised gain on forward foreign exchange contracts 42,281
Net change in unrealised gain 20,517,877
Net increase in net assets as a results of operations 30,991,064
Movements in capital
Subscriptions of shares 190,983,417Redemptions of shares (119,784,210)
Total movements in capital 71,199,207
Net assets at the end of the year 215,802,692
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012EUR 215,802,692 113,612,421 6,568,811
Threadneedle (Lux) - European Quantitative Equities*
22
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
*See note 1.The accompanying notes form an integral part of these fi nancial statements.
2013
Notes EUR
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSfor the accounting period from April 1, 2013 to December 6, 2013
Net assets at the beginning of the period 5,027,606
Income
Dividends, net 2 65,220Bank interest 25
Total income 65,245
Expenses
Asset management fees 4 (12,035)Bank fees (4)Other operating expenses 4 (3,423)Miscellaneous fees (7,277)
Total expenses (22,739)
Net income from investments 42,506
Net realised gain on sales of investments 555,140Net realised gain on foreign exchange 10,654
Net realised gain 565,794
Change in net unrealised (loss) on investments (457,764)
Net change in unrealised (loss) (457,764)
Net increase in net assets as a results of operations 150,536
Movements in capital
Subscriptions of shares 175,852Redemptions of shares (5,353,994)
Total movements in capital (5,178,142)
Net assets at the end of the period –
TOTAL NET ASSET VALUE December 6, 2013 March 31, 2013 March 31, 2012EUR – 5,027,606 23,036,567
STATEMENT OF NET ASSET VALUE PER SHARE December 6, 2013 March 31, 2013 March 31, 2012Class AE – 11.52 9.75Class DE – 8.92 7.61Class IE – 15.18 12.74Class W – – 11.24
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Asian Equity Income
23
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 26,863,276Cash at bank 2 622,729Receivable for investments sold 890,627Subscriptions receivable 106,685Interest and dividends receivable, net 150,584
Total assets 28,633,901
Liabilities
Bank overdrafts (24,158)Payable for investments purchased (1,124,649)Net unrealised loss on forward foreign exchange contracts 2, 8 (9,413)Asset management fees payable 4 (35,730)Unrealised capital gain tax on investment (11,606)Other liabilities (7,953)
Total liabilities (1,213,509)
Total net assets 27,420,392
NUMBER OF SHARES OUTSTANDING Class AEH 25,038.465Class AU 325,689.483Class DEH 20,082.918Class DU 30,584.950Class W 56,009.403Class ZGH 1,000.000
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH 30.231 28.271 26.141
Class AU 67.06 62.46 57.32Class DEH 22.851 21.591 20.151
Class DU 34.74 32.68 30.29Class W 50.27 46.89 43.10Class ZGH# 15.623 – –1Class is denominated in EUR. The base currency of the Portfolio is USD.3Class is denominated in GBP. The base currency of the Portfolio is USD.#See note 1.
Net assets at the beginning of the year 8,558,518
Income
Dividends, net 2 1,082,801Bank interest 151Other income 51
Total income 1,083,003
Expenses
Asset management fees 4 (377,244)Bank fees (76)Other operating expenses 4 (83,737)
Total expenses (461,057)
Net income from investments 621,946
Net realised gain on sales of investments 238,524Net realised gain on forward foreign exchange contracts 115,768Net realised (loss) on foreign exchange (2,950)
Net realised gain 351,342
Change in net unrealised gain on investments 617,521Change in net unrealised gain on forward foreign exchange contracts 12,763Change in net unrealised gain on capital gain tax 3,061
Net change in unrealised gain 633,345
Net increase in net assets as a results of operations 1,606,633
Movements in capital
Subscriptions of shares 21,812,306Redemptions of shares (4,557,065)
Total movements in capital 17,255,241
Net assets at the end of the year 27,420,392
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 27,420,392 8,558,518 9,568,267
Threadneedle (Lux) - Greater China Equities
24
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
The accompanying notes form an integral part of these fi nancial statements.
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 6,116,579Cash at bank 2 28,718Receivable for investments sold 62,287Subscriptions receivable 41,947Interest and dividends receivable, net 412
Total assets 6,249,943
Liabilities
Bank overdrafts (420)Redemptions payable (84,810)Net unrealised loss on forward foreign exchange contracts 2, 8 (17,528)Asset management fees payable 4 (9,838)Other liabilities (1,852)
Total liabilities (114,448)
Total net assets 6,135,495
NUMBER OF SHARES OUTSTANDINGClass AEH 48,197.446Class AU 39,282.413Class DEH 28,862.872Class DU 39,428.612Class W 2,381.219
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH 30.291 25.271 23.831
Class AU 45.28 37.58 35.20Class DEH 22.831 19.241 18.331
Class DU 33.90 28.42 26.89Class W 41.88 34.81 32.651Class is denominated in EUR. The base currency of the Portfolio is USD.
Net assets at the beginning of the year 6,053,572
Income
Dividends, net 2 126,032Bank interest 17Other income 320
Total income 126,369
Expenses
Asset management fees 4 (119,267)Bank fees (33)Other operating expenses 4 (22,192)
Total expenses (141,492)
Net (loss) from investments (15,123)
Net realised gain on sales of investments 525,514Net realised gain on forward foreign exchange contracts 189,605Net realised (loss) on foreign exchange (758)
Net realised gain 714,361
Change in net unrealised gain on investments 586,488Change in net unrealised gain on forward foreign exchange contracts 7,369
Net change in unrealised gain 593,857
Net increase in net assets as a results of operations 1,293,095
Movements in capital
Subscriptions of shares 1,889,888Redemptions of shares (3,101,060)
Total movements in capital (1,211,172)
Net assets at the end of the year 6,135,495
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 6,135,495 6,053,572 6,765,855
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Global Energy Equities
25
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 15,053,629Cash at bank 2 3,873Receivable for investments sold 306,137Subscriptions receivable 10,744Interest and dividends receivable, net 11,642
Total assets 15,386,025
Liabilities
Bank overdrafts (1,193)Payable for investments purchased (225,001)Redemptions payable (60,485)Net unrealised loss on forward foreign exchange contracts 2, 8 (26,240)Asset management fees payable 4 (21,991)Other liabilities (4,352)
Total liabilities (339,262)
Total net assets 15,046,763
NUMBER OF SHARES OUTSTANDING Class AEH 78,642.538Class AU 193,518.387Class DEH 47,085.980Class DU 21,540.629Class IU 56,641.491Class W 25,885.475
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH 28.321 25.961 25.511
Class AU 38.29 34.91 33.84Class DEH 21.591 19.891 19.641
Class DU 28.88 26.46 25.78Class IU 24.30 21.97 21.12Class W 45.12 40.99 39.601Class is denominated in EUR. The base currency of the Portfolio is USD.
Net assets at the beginning of the year 20,043,878
Income
Dividends, net 2 359,216Bank interest 26
Total income 359,242
Expenses
Asset management fees 4 (305,546)Bank fees (8)Other operating expenses 4 (60,639)
Total expenses (366,193)
Net (loss) from investments (6,951)
Net realised gain on sales of investments 1,714,915Net realised gain on forward foreign exchange contracts 349,905Net realised gain on foreign exchange 8,533
Net realised gain 2,073,353
Change in net unrealised (loss) on investments (77,062)Change in net unrealised gain on forward foreign exchange contracts 31,665
Net change in unrealised (loss) (45,397)
Net increase in net assets as a results of operations 2,021,005
Movements in capital
Subscriptions of shares 6,336,875Redemptions of shares (13,354,995)
Total movements in capital (7,018,120)
Net assets at the end of the year 15,046,763
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 15,046,763 20,043,878 27,450,997
Threadneedle (Lux) - Global Technology
26
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
The accompanying notes form an integral part of these fi nancial statements.
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 21,729,724Cash at bank 2 1,285,938Receivable for investments sold 211,094Subscriptions receivable 41,331Interest and dividends receivable, net 8,941
Total assets 23,277,028
Liabilities
Payable for investments purchased (306,399)Redemptions payable (65,684)Net unrealised loss on forward foreign exchange contracts 2, 8 (7,494)Asset management fees payable 4 (38,450)Other liabilities (6,812)
Total liabilities (424,839)
Total net assets 22,852,189
NUMBER OF SHARES OUTSTANDINGClass AEH 51,994.787Class AU 46,308.058Class BU 256,315.072Class DU 424,417.340
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH# 17.921 – –Class AU 21.20 17.44 18.96Class BU 27.51 22.69 24.72Class DU 31.89 26.30 28.661Class is denominated in EUR. The base currency of the Portfolio is USD.#See note 1.
Net assets at the beginning of the year 19,278,748
Income
Dividends, net 2 122,213Bank interest 334
Total income 122,547
Expenses
Asset management fees 4 (415,604)Other operating expenses 4 (73,454)Miscellaneous fees (421)
Total expenses (489,479)
Net (loss) from investments (366,932)
Net realised gain on sales of investments 2,877,491Net realised gain on forward foreign exchange contracts 44,285Net realised (loss) on foreign exchange (7,601)
Net realised gain 2,914,175
Change in net unrealised gain on investments 1,535,215Change in net unrealised (loss) on forward foreign exchange contracts (7,494)
Net change in unrealised gain 1,527,721
Net increase in net assets as a results of operations 4,074,964
Movements in capital
Subscriptions of shares 3,805,170Redemptions of shares (4,306,693)
Total movements in capital (501,523)
Net assets at the end of the year 22,852,189
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 22,852,189 19,278,748 27,441,047
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Global Equities - Walter Scott & Partners
27
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes EUR
2014
Notes EUR
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 116,786,280Cash at bank 2 2,683,930Receivable for investments sold 373,192Interest and dividends receivable, net 256,006Other assets 32,600
Total assets 120,132,008
Liabilities
Asset management fees payable 4 (100,771)Other liabilities (24,348)
Total liabilities (125,119)
Total net assets 120,006,889
NUMBER OF SHARES OUTSTANDINGClass WS 2,646,678.265
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class WS 45.34 43.15 37.32
Net assets at the beginning of the year 113,423,112
Income
Dividends, net 2 1,989,887Bank interest 36
Total income 1,989,923
Expenses
Asset management fees 4 (1,173,324)Other operating expenses 4 (234,664)Custody and sub-custody fees 4 (19,862)Miscellaneous fees (3,741)
Total expenses (1,431,591)
Net income from investments 558,332
Net realised gain on sales of investments 1,016,381Net realised gain on forward foreign exchange contracts 650Net realised (loss) on foreign exchange (30,631)
Net realised gain 986,400
Change in net unrealised gain on investments 4,244,104
Net change in unrealised gain 4,244,104
Net increase in net assets as a results of operations 5,788,836
Movements in capital
Subscriptions of shares 794,941
Total movements in capital 794,941
Net assets at the end of the year 120,006,889
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012EUR 120,006,889 113,423,112 114,349,943
Threadneedle (Lux) - Mondrian Investment Partners - Focused Emerging Markets Equity
28
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
The accompanying notes form an integral part of these fi nancial statements.
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 362,002,223Cash at bank 2 11,702,050Receivable for investments sold 1,392,006Interest and dividends receivable, net 1,022,767
Total assets 376,119,046
Liabilities
Payable for investments purchased (1,434,051)Asset management fees payable 4 (289,559)Unrealised capital gain tax on investment (569,775)Other liabilities (92,096)
Total liabilities (2,385,481)
Total net assets 373,733,565
NUMBER OF SHARES OUTSTANDINGClass M 10,035,741.025
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class M 37.24 41.40 38.82
Net assets at the beginning of the year 382,140,061
Income
Dividends, net 2 10,494,308Bank interest 2,551Commission on subscriptions and redemptions of shares 4 346,947
Total income 10,843,806
Expenses
Asset management fees 4 (3,513,386)Bank fees (6)Other operating expenses 4 (739,660)Custody and sub-custody fees 4 (124,306)Miscellaneous fees (20,199)
Total expenses (4,397,557)
Net income from investments 6,446,249
Net realised gain on sales of investments 5,842,767Net realised gain on forward foreign exchange contracts 31,178Net realised (loss) on foreign exchange (330,345)
Net realised gain 5,543,600
Change in net unrealised (loss) on investments (50,931,611)Change in net unrealised gain on forward foreign exchange contracts 98
Net change in unrealised (loss) (50,931,513)
Net (decrease) in net assets as a results of operations (38,941,664)
Movements in capital
Subscriptions of shares 48,860,470Redemptions of shares (18,325,302)
Total movements in capital 30,535,168
Net assets at the end of the year 373,733,565
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 373,733,565 382,140,061 337,122,162
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - UK Equities
29
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes GBP
2014
Notes GBP
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 104,267,366Cash at bank 2 775,690Receivable for investments sold 2,150,322Subscriptions receivable 711,598Interest and dividends receivable, net 296,010
Total assets 108,200,986
Liabilities
Payable for investments purchased (182,975)Redemptions payable (3,803,978)Net unrealised loss on forward foreign exchange contracts 2, 8 (37,736)Asset management fees payable 4 (91,461)Other liabilities (27,488)
Total liabilities (4,143,638)
Total net assets 104,057,348
NUMBER OF SHARES OUTSTANDINGClass AEH 28,359.407Class AG 1,044,893.777Class AGP 634,035.695Class IEH 182,573.768Class IG 832,597.239Class IGP 590,898.599Class ZG 1,254,255.035
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH# 16.091 – –Class AG 21.37 19.01 15.98Class AGP 20.38 19.15 –Class IEH 22.691 20.131 –Class IG 29.02 25.61 21.36Class IGP 27.73 25.27 –Class ZG 19.50 17.22 –1Class is denominated in EUR. The base currency of the Portfolio is GBP.#See note 1.
Net assets at the beginning of the year 41,237,213
Income
Dividends, net 2 2,497,974Bank interest 3,240
Total income 2,501,214
Expenses
Asset management fees 4 (805,149)Bank fees (175)Other operating expenses 4 (245,829)
Total expenses (1,051,153)
Net income from investments 1,450,061
Net realised gain on sales of investments 2,663,874Net realised (loss) on forward foreign exchange contracts (179,606)Net realised gain on foreign exchange 2,831
Net realised gain 2,487,099
Change in net unrealised gain on investments 5,499,866Change in net unrealised gain on forward foreign exchange contracts 17,616
Net change in unrealised gain 5,517,482
Net increase in net assets as a results of operations 9,454,642
Movements in capital
Subscriptions of shares 104,908,111Redemptions of shares (50,530,338)Dividends 6 (1,012,280)
Total movements in capital 53,365,493
Net assets at the end of the year 104,057,348
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012GBP 104,057,348 41,237,213 15,356,694
Threadneedle (Lux) - Target Return (US$)*
30
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
*See note 1.The accompanying notes form an integral part of these fi nancial statements.
2013
Notes USD
STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSfor the accounting period from April 1, 2013 to December 6, 2013
Net assets at the beginning of the period 19,163,823
Income
Interest on bonds, net 2 125,606Bank interest 107Interest income on swaps 2 25,802Other income 1,179
Total income 152,694
Expenses
Asset management fees 4 (22,894)Bank fees (92)Interest expense on swaps (32,920)Interest expense on futures (289)Other operating expenses 4 (6,858)Miscellaneous fees (3,644)
Total expenses (66,697)
Net income from investments 85,997
Net realised (loss) on sales of investments (227,768)Net realised (loss) on swaps (33,878)Net realised (loss) on options (16,919)Net realised gain on forward foreign exchange contracts 254,042Net realised gain on futures 7,367Net realised gain on foreign exchange 62,656
Net realised gain 45,500
Change in net unrealised gain on investments 78,273Change in net unrealised gain on futures 50,007Change in net unrealised gain on forward foreign exchange contracts 78,126Change in net unrealised gain on swaps 105,556Change in net unrealised gain on options 3,880
Net change in unrealised gain 315,842
Net increase in net assets as a results of operations 447,339
Movements in capital
Subscriptions of shares 452,308Redemptions of shares (20,063,470)
Total movements in capital (19,611,162)
Net assets at the end of the period –
TOTAL NET ASSET VALUE December 6, 2013 March 31, 2013 March 31, 2012USD – 19,163,823 22,603,866
STATEMENT OF NET ASSET VALUE PER SHARE December 6, 2013 March 31, 2013 March 31, 2012Class AEC – 14.541 –Class ASH – 9.815 –Class AU – 14.19 14.38Class DEC – 11.711 –Class DEH – 11.151 11.401
Class IFH – 19.194 19.434
Class IU – 19.36 19.481Class is denominated in EUR. The base currency of the Portfolio is USD.4Class is denominated in CHF. The base currency of the Portfolio is USD.5Class is denominated in SGD. The base currency of the Portfolio is USD.
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - American Absolute Alpha
31
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 68,013,710Cash at bank 2 2,447,339Term deposits 2 187,564,405Receivable for investments sold 7,624,348Subscriptions receivable 241,235Interest receivable on swaps 69,129Interest and dividends receivable, net 49,214
Total assets 266,009,380
Liabilities
Payable for investments purchased (4,297,022)Redemptions payable (1,491,867)Interest payable on swaps (227,095)Dividend payable on swaps 2 (185,772)Net unrealised loss on forward foreign exchange contracts 2, 8 (917,876)Net unrealised loss on swaps 2, 9 (702,111)Asset management fees payable 4 (247,599)Performance fees payable 7 (977,404)Other liabilities (66,729)
Total liabilities (9,113,475)
Total net assets 256,895,905
NUMBER OF SHARES OUTSTANDINGClass AEH 3,100,954.609Class AFH 230,573.000Class AGH 734,197.957Class AU 1,286,948.398Class DEH 123,487.444Class DU 100,028.010Class IEH 3,305,369.061Class IGH 626,231.289Class IU 403,917.068Class ZGH 16,265.656
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH 16.521 16.291 16.001
Class AFH 15.484 15.254 –Class AGH 16.743 16.403 16.013
Class AU 16.65 16.31 15.97Class DEH 13.251 13.081 12.891
Class DU 13.20 13.02 12.80Class IEH 22.641 22.101 21.571
Class IGH 22.843 22.203 21.593
Class IU 22.78 22.20 21.59Class ZGH 15.563 15.173 –1Class is denominated in EUR. The base currency of the Portfolio is USD.3Class is denominated in GBP. The base currency of the Portfolio is USD.4Class is denominated in CHF. The base currency of the Portfolio is USD.
Net assets at the beginning of the year 129,263,660
Income
Dividends, net 2 384,423Bank interest 75,859Interest income on swaps 2 146,663
Total income 606,945
Expenses
Asset management fees 4 (2,064,008)Performance fees 7 (977,404)Bank fees (848)Dividends expenses (1,096,314)Interest expense on swaps (531,089)Other operating expenses 4 (595,119)
Total expenses (5,264,782)
Net (loss) from investments (4,657,837)
Net realised gain on sales of investments 20,900,929Net realised (loss) on swaps (13,003,404)Net realised gain on forward foreign exchange contracts 12,748,680Net realised (loss) on foreign exchange (304,218)
Net realised gain 20,341,987
Change in net unrealised gain on investments 1,154,639Change in net unrealised (loss) on forward foreign exchange contracts (248,178)Change in net unrealised (loss) on swaps (665,410)
Net change in unrealised gain 241,051
Net increase in net assets as a results of operations 15,925,201
Movements in capital
Subscriptions of shares 360,435,245Redemptions of shares (248,728,201)
Total movements in capital 111,707,044
Net assets at the end of the year 256,895,905
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 256,895,905 129,263,660 95,748,237
Threadneedle (Lux) - Absolute Emerging Market Macro
32
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
The accompanying notes form an integral part of these fi nancial statements.
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 4,622,371Cash at bank 2 343,508Receivable for investments sold 548,109Interest receivable on swaps 105,976Interest and dividends receivable, net 54,735Net unrealised gain on futures 2, 10 21,938Net unrealised gain on swaps 2, 9 39,532
Total assets 5,736,169
Liabilities
Payable for investments purchased (397,601)Redemptions payable (28,159)Interest payable on swaps (105,385)Net unrealised loss on forward foreign exchange contracts 2, 8 (57,675)Asset management fees payable 4 (6,470)Performance fees payable 7 (394)Other liabilities (1,321)
Total liabilities (597,005)
Total net assets 5,139,164
NUMBER OF SHARES OUTSTANDINGClass AEH 67,006.341Class AFH 13,166.667Class AGH 7,239.655Class AU 4,113.921Class DEH 46,219.823Class DU 10,733.333Class IEH 77,444.500Class IGH 5,000.000
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH 15.081 15.751 14.851
Class AFH 15.024 15.714 14.714
Class AGH 15.403 16.023 14.903
Class AU 15.32 15.97 14.86Class DEH 11.981 12.571 11.801
Class DU 12.05 12.62 11.80Class IEH 20.661 21.391 20.001
Class IFH# – 21.134 19.854
Class IGH 21.193 21.863 20.123
Class IU# – 21.41 20.041Class is denominated in EUR. The base currency of the Portfolio is USD.3Class is denominated in GBP. The base currency of the Portfolio is USD.4Class is denominated in CHF. The base currency of the Portfolio is USD.#See note 1.
Net assets at the beginning of the year 4,918,752
Income
Interest on bonds, net 2 203,919Bank interest 635Interest income on swaps 2 698,486Other income 49
Total income 903,089
Expenses
Asset management fees 4 (75,895)Performance fees 7 (394)Bank fees (705)Interest expense on swaps (718,644)Other operating expenses 4 (15,373)
Total expenses (811,011)
Net income from investments 92,078
Net realised (loss) on sales of investments (160,764)Net realised (loss) on swaps (269,519)Net realised gain on forward foreign exchange contracts 334,881Net realised (loss) on futures (9,121)Net realised (loss) on foreign exchange (5,920)
Net realised (loss) (110,443)
Change in net unrealised gain on investments 156,531Change in net unrealised gain on futures 21,938Change in net unrealised (loss) on forward foreign exchange contracts (77,331)Change in net unrealised gain on swaps 69,435
Net change in unrealised gain 170,573
Net increase in net assets as a results of operations 152,208
Movements in capital
Subscriptions of shares 1,514,124Redemptions of shares (1,445,920)
Total movements in capital 68,204
Net assets at the end of the year 5,139,164
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 5,139,164 4,918,752 40,749,716
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Multi Asset Target Alpha
33
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 12,832,848Cash at bank 2 544,760Interest and dividends receivable, net 28,748
Total assets 13,406,356
Liabilities
Bank overdrafts (20,374)Interest payable on swaps (1,608)Net unrealised loss on forward foreign exchange contracts 2, 8 (4,033)Net unrealised loss on futures 2, 10 (9,223)Net unrealised loss on swaps 2, 9 (39,695)Asset management fees payable 4 (9,366)Other liabilities (2,565)
Total liabilities (86,864)
Total net assets 13,319,492
NUMBER OF SHARES OUTSTANDING Class AEH 54,490.541Class AGH 44,044.327Class AU 70,950.675Class IEH 40,000.000Class IGH 32,500.000Class IU 366,900.000Class ZGH 8,017.401
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013Class AEH 15.151 15.211
Class AGH 15.253 15.253
Class AU 15.22 15.25Class IEH 20.441 20.351
Class IGH 20.573 20.413
Class IU 20.54 20.40Class ZGH 15.343 15.253
1Class is denominated in EUR. The base currency of the Portfolio is USD.3Class is denominated in GBP. The base currency of the Portfolio is USD.
Net assets at the beginning of the year 12,647,943
Income
Interest on bonds, net 2 80,793Bank interest 313Interest income on swaps 2 22,506Other income 2,595
Total income 106,207
Expenses
Asset management fees 4 (109,468)Bank fees (208)Interest expense on swaps (56,978)Interest expense on futures (809)Other operating expenses 4 (29,997)
Total expenses (197,460)
Net (loss) from investments (91,253)
Net realised (loss) on sales of investments (8,072)Net realised gain on swaps 91,436Net realised (loss) on options (46,721)Net realised gain on forward foreign exchange contracts 826,714Net realised (loss) on futures (109,615)Net realised (loss) on foreign exchange (79,030)
Net realised gain 674,712
Change in net unrealised gain on investments 135,391Change in net unrealised (loss) on futures (11,424)Change in net unrealised gain on forward foreign exchange contracts 45,885Change in net unrealised (loss) on swaps (322,292)
Net change in unrealised (loss) (152,440)
Net increase in net assets as a results of operations 431,019
Movements in capital
Subscriptions of shares 299,391Redemptions of shares (58,861)
Total movements in capital 240,530
Net assets at the end of the year 13,319,492
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013USD 13,319,492 12,647,943
Threadneedle (Lux) - Global Smaller Companies*
34
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
*See note 1.The accompanying notes form an integral part of these fi nancial statements.
2014
Notes EUR
2014
Notes EUR
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 4,949,111Cash at bank 2 343Receivable for investments sold 63,915Interest and dividends receivable, net 5,815Net unrealised gain on forward foreign exchange contracts 2, 8 10,947Other assets 4,806
Total assets 5,034,937
Liabilities
Bank overdrafts (24,388)Payable for investments purchased (22,415)Asset management fees payable 4 (5,466)Other liabilities (1,336)
Total liabilities (53,605)
Total net assets 4,981,332
NUMBER OF SHARES OUTSTANDINGClass AE 188,129.807Class AGH 4,612.834Class DE 26,721.751Class IE 19,086.646Class IGH 43,181.731Class ZGH 261.438
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AE 16.05 16.29 15.31Class AGH 16.153 16.333 15.293
Class DE 12.68 12.94 12.20Class IE 21.88 22.02 20.55Class IGH 21.273 21.383 19.833
Class ZGH 15.553 15.643 –3Class is denominated in GBP. The base currency of the Portfolio is EUR.
Net assets at the beginning of the year 10,727,545
Income
Dividends, net 2 32,733Bank interest 176Interest income on swaps 2 2,445
Total income 35,354
Expenses
Asset management fees 4 (92,586)Bank fees (50)Dividends expenses (14,170)Interest expense on swaps (51,335)Other operating expenses 4 (23,232)
Total expenses (181,373)
Net (loss) from investments (146,019)
Net realised gain on sales of investments 1,765,709Net realised (loss) on swaps (422,913)Net realised gain on forward foreign exchange contracts 49,315Net realised (loss) on foreign exchange (6,902)
Net realised gain 1,385,209
Change in net unrealised (loss) on investments (1,398,127)Change in net unrealised (loss) on forward foreign exchange contracts (23,246)Change in net unrealised (loss) on swaps (64,443)
Net change in unrealised (loss) (1,485,816)
Net (decrease) in net assets as a results of operations (246,626)
Movements in capital
Subscriptions of shares 992,533Redemptions of shares (6,492,120)
Total movements in capital (5,499,587)
Net assets at the end of the year 4,981,332
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012EUR 4,981,332 10,727,545 19,840,717
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Global Opportunities Bond
35
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 284,405,617Cash at bank 2 16,444,965Term deposits 2 1,500,038Receivable for investments sold 1,011,770Subscriptions receivable 848,038Interest receivable on swaps 1,208,030Interest and dividends receivable, net 4,210,723Upfront payment on swap transactions 2 3,138,535Net unrealised gain on futures 2, 10 603,464
Total assets 313,371,180
Liabilities
Bank overdrafts (830,940)Payable for investments purchased (7,882,624)Redemptions payable (336,335)Interest payable on swaps (1,195,830)Upfront payment received on swap transactions 2 (3,011,562)Net unrealised loss on forward foreign exchange contracts 2, 8 (291,921)Net unrealised loss on swaps 2, 9 (2,689,888)Asset management fees payable 4 (231,540)Performance fees payable 7 (31,353)Other liabilities (62,395)
Total liabilities (16,564,388)
Total net assets 296,806,792
NUMBER OF SHARES OUTSTANDINGClass AEH 944,005.460Class AFH 14,625.000Class AGH 3,561,622.755Class AU 37,986.258Class DEH 981,600.355Class DU 130,918.768Class IEH 3,447,348.226Class IFH 12,500.000Class IGH 1,066,531.768Class IU 177,197.484Class ZGH 4,875.951
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH 16.761 16.171 15.651
Class AFH 15.444 14.934 –Class AGH 16.953 16.293 15.723
Class AU 16.94 16.31 15.69Class DEH 13.311 12.941 12.561
Class DU 13.42 13.02 12.57Class IEH 22.761 21.841 20.971
Class IFH# 20.784 – –Class IGH 23.083 22.083 21.073
Class IU 22.99 22.03 21.02Class ZGH 15.703 15.023 –1Class is denominated in EUR. The base currency of the Portfolio is USD.3Class is denominated in GBP. The base currency of the Portfolio is USD.4Class is denominated in CHF. The base currency of the Portfolio is USD.#See note 1.
Net assets at the beginning of the year 120,722,873
Income
Interest on bonds, net 2 10,070,633Bank interest 23,022Interest income on swaps 2 7,001,803Other income 10,512
Total income 17,105,970
Expenses
Asset management fees 4 (2,108,836)Performance fees 7 (31,353)Bank fees (3,370)Interest expense on swaps (6,572,477)Interest expense on futures (12,886)Other operating expenses 4 (563,386)
Total expenses (9,292,308)
Net income from investments 7,813,662
Net realised gain on sales of investments 1,209,198Net realised (loss) on swaps (1,499,278)Net realised (loss) on options (1,407,806)Net realised gain on forward foreign exchange contracts 12,848,875Net realised (loss) on futures (3,371,232)Net realised gain on foreign exchange 139,400
Net realised gain 7,919,157
Change in net unrealised gain on investments 11,677,788Change in net unrealised gain on futures 891,404Change in net unrealised gain on forward foreign exchange contracts 538,558Change in net unrealised (loss) on swaps (2,873,316)Change in net unrealised (loss) on options (2,661)
Net change in unrealised gain 10,231,773
Net increase in net assets as a results of operations 25,964,592
Movements in capital
Subscriptions of shares 221,399,065Redemptions of shares (71,279,738)
Total movements in capital 150,119,327
Net assets at the end of the year 296,806,792
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 296,806,792 120,722,873 14,262,932
Threadneedle (Lux) - European Select*
36
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
*See note 1.The accompanying notes form an integral part of these fi nancial statements.
2014
Notes EUR
2014
Notes EUR
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 6,203,761Cash at bank 2 27,236Receivable for investments sold 21,546Subscriptions receivable 14,515Interest and dividends receivable, net 22,202Net unrealised gain on forward foreign exchange contracts 2, 8 4,032Other assets 3,206
Total assets 6,296,498
Liabilities
Payable for investments purchased (37,135)Redemptions payable (2,807)Asset management fees payable 4 (3,098)Other liabilities (1,035)
Total liabilities (44,075)
Total net assets 6,252,423
NUMBER OF SHARES OUTSTANDINGClass AE 5,192.347Class AGH 3,454.768Class AUH 41,516.667Class IE 251,895.070Class ZGH 3,991.390
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AE 16.17 16.18 15.04Class AFH# – 16.144 15.034
Class AGH 16.543 16.333 15.063
Class AUH 16.412 16.312 15.062
Class DE# – 12.88 12.02Class IE 21.94 21.74 20.08Class IGH# – 21.843 20.103
Class ZGH 16.413 16.253 –2Class is denominated in USD. The base currency of the Portfolio is EUR.3Class is denominated in GBP. The base currency of the Portfolio is EUR.4Class is denominated in CHF. The base currency of the Portfolio is EUR.#See note 1.
Net assets at the beginning of the year 10,453,793
Income
Dividends, net 2 90,372Bank interest 477Interest income on swaps 2 3,181
Total income 94,030
Expenses
Asset management fees 4 (72,116)Bank fees (8)Dividends expenses (23,793)Interest expense on swaps (11,245)Other operating expenses 4 (21,757)
Total expenses (128,919)
Net (loss) from investments (34,889)
Net realised gain on sales of investments 490,012Net realised (loss) on swaps (271,989)Net realised gain on forward foreignexchange contracts 159,113Net realised (loss) on foreign exchange (3,033)
Net realised gain 374,103
Change in net unrealised (loss) on investments (134,599)Change in net unrealised (loss) on forward foreign exchange contracts (134,940)Change in net unrealised (loss) on swaps (299,675)
Net change in unrealised (loss) (569,214)
Net (decrease) in net assets as a results of operations (230,000)
Movements in capital
Subscriptions of shares 5,807,574Redemptions of shares (9,778,944)
Total movements in capital (3,971,370)
Net assets at the end of the year 6,252,423
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012EUR 6,252,423 10,453,793 8,917,035
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Enhanced Commodities
37
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2014
Notes USD
2014
Notes USD
STATEMENT OF NET ASSETS STATEMENT OF OPERATIONS AND CHANGES IN NET ASSETSas at March 31, 2014 for the year ended March 31, 2014
Assets
Investment portfolio at market value 2 584,923,357Cash at bank 2 14,267,475Subscriptions receivable 901,295
Total assets 600,092,127
Liabilities
Redemptions payable (1,057,712)Interest payable on swaps (84,036)Net unrealised loss on forward foreignexchange contracts 2, 8 (2,274,015)Net unrealised loss on swaps 2, 9 (727,271)Asset management fees payable 4 (539,950)Other liabilities (144,601)
Total liabilities (4,827,585)
Total net assets 595,264,542
NUMBER OF SHARES OUTSTANDINGClass AEH 2,962,480.416Class AFH 2,784,416.849Class AGH 107,786.458Class ASH 234,739.733Class AU 2,295,822.537Class DEH 283,888.867Class DU 89,125.707Class IEH 2,560,451.083Class IFH 117,202.024Class IGH 635,867.261Class IKH 3,277,160.134Class IU 4,916,374.663Class XGH 1,249,233.146Class XU 2,608,931.386Class ZGH 721,168.480
STATEMENT OF NET ASSET VALUE PER SHARE March 31, 2014 March 31, 2013 March 31, 2012Class AEH 16.671 17.931 19.241
Class AFH 12.684 13.664 14.694
Class AGH 17.023 18.243 19.433
Class ASH 8.495 9.125 9.725
Class AU 17.21 18.43 19.58Class DEH 13.101 14.171 15.271
Class DU 13.53 14.56 15.56Class IEH 22.981 24.521 26.081
Class IFH 17.444 18.654 19.884
Class IGH 23.393 24.833 26.243
Class IKH 178.566 188.956 –Class IU 23.67 25.13 26.48Class XGH 21.613 22.703 23.743
Class XU 23.34 24.51 25.56Class ZGH 13.353 14.163 –1Class is denominated in EUR. The base currency of the Portfolio is USD.3Class is denominated in GBP. The base currency of the Portfolio is USD.4Class is denominated in CHF. The base currency of the Portfolio is USD.5Class is denominated in SGD. The base currency of the Portfolio is USD.6Class is denominated in SEK. The base currency of the Portfolio is USD.
Net assets at the beginning of the year 1,102,625,937
Income
Interest on bonds, net 2 1,257,990Bank interest 14,980Interest income on swaps 2 136,411
Total income 1,409,381
Expenses
Asset management fees 4 (8,932,608)Bank fees (8,413)Interest expense on swaps (2,099,445)Other operating expenses 4 (2,426,628)
Total expenses (13,467,094)
Net (loss) from investments (12,057,713)
Net realised gain on sales of investments 1,483,074Net realised (loss) on swaps (70,132,602)Net realised gain on forward foreign exchange contracts 37,763,722Net realised (loss) on foreign exchange (1,090,320)
Net realised (loss) (31,976,126)
Change in net unrealised (loss) on investments (603,321)Change in net unrealised loss on forward foreign exchange contracts (4,142,489)Change in net unrealised gain on swaps 1,360,141
Net change in unrealised (loss) (3,385,669)
Net (decrease) in net assets as a results of operations (47,419,508)
Movements in capital
Subscriptions of shares 712,668,828Redemptions of shares (1,172,610,715)
Total movements in capital (459,941,887)
Net assets at the end of the year 595,264,542
TOTAL NET ASSET VALUE March 31, 2014 March 31, 2013 March 31, 2012USD 595,264,542 1,102,625,937 554,961,642
Threadneedle (Lux) - Global Aggregate Bond
38
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Bonds
AUSTRALIA
USD 130,000 BHP Billiton Finance USA Limited 3.85% 30/09/2023 132,780 1.00
Total Australia 132,780 1.00
AUSTRIA
EUR 100,000 Hypo Alpe-Adria International 2.38% 13/12/2022 138,699 1.04
Total Austria 138,699 1.04
BELGIUM
EUR 100,000 KBC Groep NV FRN 19/12/2049 135,517 1.01
Total Belgium 135,517 1.01
DENMARK
EUR 100,000 Danske Bank A/S FRN 31/10/2049 138,112 1.03
Total Denmark 138,112 1.03
FRANCE
GBP 70,000 Electricite de France 5.88% 18/07/2031 134,272 1.01
Total France 134,272 1.01
GUERNSEY - CHANNEL ISLANDS
USD 100,000 Csg Guernsey I Limited 7.88% 24/02/2041 108,689 0.81
Total Guernsey -
Channel Islands 108,689 0.81
IRELAND
JPY 10,000,000 DePfa ACS Bank 1.65% 20/12/2016 97,249 0.73
USD 231,000 Rosneft 4.20% 06/03/2022 206,590 1.55
Total Ireland 303,839 2.28
ITALY
EUR 100,000 Banca Monte dei Paschi di Siena SpA 3.50% 20/03/2017 144,503 1.08
Total Italy 144,503 1.08
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
LUXEMBOURG
EUR 200,000 Gelf Bond Issuer I SA 3.13% 03/04/2018 287,779 2.16
USD 200,000 Sberbank of Russia Via SB Capital SA 6.13% 07/02/2022 207,297 1.55
Total Luxembourg 495,076 3.71
NETHERLANDS
EUR 125,000 ING Bank NV FRN 29/05/2023 195,130 1.46
Total Netherlands 195,130 1.46
NORWAY
USD 200,000 Eksportfi nans ASA 2.00% 15/09/2015 198,187 1.48
Total Norway 198,187 1.48
PERU
USD 150,000 Consorcio de Alimentos 3.88% 20/03/2023 140,044 1.05
Total Peru 140,044 1.05
SRI LANKA
USD 200,000 National Savings Bank 8.88% 18/09/2018 223,622 1.68
Total Sri Lanka 223,622 1.68
UNITED KINGDOM
USD 141,000 Bat International Finance plc 3.25% 07/06/2022 138,555 1.04
GBP 100,000 Bupa Finance plc 5.00% 25/04/2023 167,961 1.25
USD 200,000 Imperial Tobacco Finance plc 3.50% 11/02/2023 192,545 1.44
USD 100,000 LBG Capital No.1 plc 7.88% 01/11/2020 109,565 0.82
GBP 50,000 Legal & General Group plc FRN 23/07/2041 110,963 0.82
GBP 100,000 Pennon Group plc FRN 08/03/2049 177,078 1.33
GBP 50,000 RSA Insurance Group plc FRN 20/05/2039 101,229 0.76
GBP 75,000 Tesco plc 5.50% 13/12/2019 139,360 1.04
Total United Kingdom 1,137,256 8.50
39
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Aggregate Bond
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
UNITED STATES
USD 130,000 Anheuser-Busch InBev Inc. 5.38% 15/01/2020 149,429 1.12
USD 206,000 At&t Inc. 2.38% 27/11/2018 207,482 1.56 USD 141,000 Hewlett-Packard Company
2.75% 14/01/2019 142,586 1.07 USD 175,000 Pemex Project Funding Master
Trust 5.75% 01/03/2018 195,513 1.46 USD 39,000 PPL Capital Funding Inc. 4.20%
15/06/2022 40,390 0.30 USD 148,000 Verizon Communications Inc.
2.45% 01/11/2022 135,094 1.01 USD 94,000 Verizon Communications Inc.
5.15% 15/09/2023 102,815 0.77 USD 70,000 Yum! Brands Inc. 3.88%
01/11/2023 69,707 0.52
Total United States 1,043,016 7.81
VENEZUELA
USD 180,000 Petroleos de Venezuela SA 8.50% 02/11/2017 151,286 1.13
Total Venezuela 151,286 1.13
Total Bonds 4,820,028 36.08
Supranationals, Governments and Local Public Authorities,
Debt Instruments
AUSTRALIA
AUD 115,000 Australia (Govt of) 4.50% 21/04/2033 104,461 0.78
Total Australia 104,461 0.78
BELGIUM
EUR 110,000 Belgium (Govt of) 2.60% 22/06/2024 156,940 1.18
EUR 65,000 Belgium (Govt of) 3.00% 22/06/2034 90,081 0.67
Total Belgium 247,021 1.85
CANADA
CAD 225,000 Canada Housing Trust No 1 2.35% 15/12/2018 207,836 1.56
CAD 175,000 Canada Housing Trust No 1 3.15% 15/09/2023 163,164 1.22
Total Canada 371,000 2.78
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
DOMINICAN REPUBLIC
USD 100,000 Dominican (Govt of) 7.50% 06/05/2021 111,970 0.84
Total Dominican Republic 111,970 0.84
GERMANY
EUR 50,000 Germany (Govt of) 2.50% 04/07/2044 69,974 0.52
Total Germany 69,974 0.52
ITALY
EUR 125,000 Italy (Govt of) BPT 3.75% 01/09/2024 178,815 1.34
EUR 50,000 Italy (Govt of) BPT 4.00% 01/09/2020 75,613 0.57
EUR 50,000 Italy (Govt of) BPT 4.75% 01/09/2028 76,591 0.57
EUR 30,000 Italy (Govt of) BPT 4.75% 01/09/2044 44,882 0.34
Total Italy 375,901 2.82
JAPAN
JPY 17,000,000 Japan (Govt of) Thirty Year Bond 2.00% 20/03/2042 177,161 1.33
Total Japan 177,161 1.33
MEXICO
GBP 100,000 Mexico (Govt of) 5.63% 19/03/2114 160,419 1.20
MXN 4,750,000 Mexico (Govt of) Bonos 10.00% 05/12/2024 472,179 3.53
Total Mexico 632,598 4.73
POLAND
USD 100,000 Poland (Govt of) 5.00% 23/03/2022 109,327 0.82
Total Poland 109,327 0.82
PORTUGAL
EUR 190,000 Portugal (Govt of) OT 4.75% 14/06/2019 284,388 2.13
Total Portugal 284,388 2.13
40
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Aggregate Bond
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
SLOVENIA
USD 200,000 Slovenia (Govt of) 4.13% 18/02/2019 207,147 1.55
Total Slovenia 207,147 1.55
SOUTH AFRICA
ZAR 3,699,543 South Africa (Govt of) 7.00% 28/02/2031 298,166 2.23
Total South Africa 298,166 2.23
SPAIN
EUR 110,000 Spain (Govt of) 3.80% 30/04/2024 159,002 1.19 EUR 110,000 Spain (Govt of) 5.40% 31/01/2023 179,113 1.34
Total Spain 338,115 2.53
SUPRANATIONAL
USD 200,000 African Export-Import Bank 5.75% 27/07/2016 213,113 1.60
Total Supranational 213,113 1.60
UNITED KINGDOM
GBP 45,000 United Kingdom Gilt 4.50% 07/09/2034 87,462 0.66
Total United Kingdom 87,462 0.66
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 3,627,804 27.17
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 8,447,832 63.25
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities
Bonds
CANADA
USD 40,000 Thomson Reuters Corp. 4.30% 23/11/2023 40,991 0.31
USD 67,000 Xstrata Finance Canada Limited 4.95% 15/11/2021 69,770 0.52
Total Canada 110,761 0.83
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Bonds (continued)
MEXICO
USD 20,000 Petroleos Mexicanos 6.38% 23/01/2045 21,671 0.16
Total Mexico 21,671 0.16
NETHERLANDS
USD 175,000 Petrobras Global Finance BV 3.25% 17/03/2017 175,778 1.32
Total Netherlands 175,778 1.32
NORWAY
USD 150,000 Eksportfi nans ASA 3.00% 17/11/2014 150,714 1.13
Total Norway 150,714 1.13
UNITED KINGDOM
USD 140,000 Abbey National Treasury Services plc 4.00% 13/03/2024 141,046 1.06
USD 86,000 Royal Bank of Scotland Group 6.13% 15/12/2022 90,224 0.68
Total United Kingdom 231,270 1.74
UNITED STATES
USD 70,000 American International Group Inc. 4.13% 15/02/2024 71,654 0.54
USD 140,000 Bank of America Corp. 4.00% 01/04/2024 140,011 1.05
USD 135,000 Chevron Corp. 3.19% 24/06/2023 133,897 1.00 USD 142,000 Citigroup Inc. 3.50% 15/05/2023 134,140 1.00 USD 138,000 CVS Caremark Corp. 4.00%
05/12/2023 141,909 1.06 USD 140,000 Directv Holdings LLC 4.45%
01/04/2024 140,883 1.06 USD 65,000 Enterprise Products Operating
LLC 3.90% 15/02/2024 65,148 0.49 USD 69,000 Kansas City Southern Railway
Company 3.85% 15/11/2023 67,964 0.51 USD 135,000 Mckesson Corp. 2.28%
15/03/2019 134,390 1.01 USD 70,000 Metlife Inc. 4.37% 15/09/2023 74,655 0.56 USD 140,000 Novartis Capital Corp. 3.40%
06/05/2024 140,236 1.05 USD 80,000 Pacifi c Gas & Electric Company
3.85% 15/11/2023 80,988 0.61 USD 70,000 PPL Capital Fund 3.95%
15/03/2024 70,096 0.52
41
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Aggregate Bond
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Bonds (continued)
UNITED STATES (continued)
USD 20,000 Private Export Funding Corp. 5.45% 15/09/2017 22,743 0.17
USD 65,000 Time Warner Cable Inc. 5.50% 01/09/2041 68,024 0.51
Total United States 1,486,738 11.14
Total Bonds 2,176,932 16.32
Mortgage and Asset Backed Securities
UNITED STATES
USD 242,919 Fannie Mae Pool 3.50% 01/04/2026 254,648 1.91
USD 278,627 Fannie Mae Pool 3.50% 01/12/2041 280,411 2.10
USD 54,299 Fannie Mae Pool 4.50% 01/11/2035 57,939 0.43
USD 165,334 Fannie Mae Pool 4.50% 01/06/2038 176,417 1.32
USD 20,666 Fannie Mae Pool 6.00% 01/11/2036 23,046 0.17
USD 233,829 Freddie Mac Gold Pool 3.50% 01/02/2041 235,108 1.77
USD 131,160 Freddie Mac Gold Pool 3.50% 01/04/2042 131,878 0.99
USD 126,991 Freddie Mac Gold Pool 4.00% 01/06/2031 133,930 1.00
USD 118,898 Freddie Mac Gold Pool 4.00% 01/04/2041 123,412 0.92
USD 225,762 Freddie Mac Gold Pool 4.00% 01/08/2041 232,776 1.74
Total United States 1,649,565 12.35
Total Mortgage and Asset Backed Securities 1,649,565 12.35
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments
UNITED STATES
USD 175,000 Port Authority of New York & New Jersey 4.46% 01/10/2062 164,078 1.23
USD 85,000 United States Treasury N/B 3.13% 15/02/2042 78,678 0.59
Total United States 242,756 1.82
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 242,756 1.82
Total Transferable securities and money market
instruments dealt in on another regulated market
and recently issued transferable securities 4,069,253 30.49
Other transferable securities and money market instruments
Bonds
NETHERLANDS
USD 135,000 Heineken NV 3.40% 01/04/2022 134,746 1.01
Total Netherlands 134,746 1.01
UNITED STATES
USD 200,000 Sabmiller Holdings Inc. 2.20% 01/08/2018 200,429 1.50
Total United States 200,429 1.50
Total Bonds 335,175 2.51
Total Other transferable securities and money
market instruments 335,175 2.51
Total value of investments 12,852,260 96.25
(Total cost: USD 12,685,823)
Threadneedle (Lux) - Euro Active Bonds
42
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Nominal Value Investment EUR Value
Market % of
Value Net Asset
Nominal Value Investment EUR Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Bonds
AUSTRALIA
EUR 100,000 BHP Billiton Finance Limited 2.13% 29/11/2018 104,154 0.31
EUR 100,000 Santos Finance Limited FRN 22/09/2070 113,346 0.33
EUR 200,000 Spi Electricity & Gas Australia Holdings Pty Limited 2.38% 24/07/2020 205,203 0.61
Total Australia 422,703 1.25
AUSTRIA
EUR 100,000 BAWAG PSK Bank fuer Arbeit und Wirtschaft und Oesterreichische Postsparkasse AG 8.13% 30/10/2023 112,460 0.33
EUR 50,000 Hypo Alpe-Adria - ADR 4.38% 24/01/2017 49,981 0.15
EUR 100,000 Hypo Alpe-Adria International 2.38% 13/12/2022 100,634 0.30
EUR 100,000 Raiffeisenlandesbank Niederoesterreich-Wien AG 5.88% 27/11/2023 102,126 0.30
EUR 100,000 Vienna Insurance Group FRN 09/10/2043 108,057 0.32
Total Austria 473,258 1.40
BELGIUM
EUR 150,000 Anheuser-Busch InBev NV 1.95% 30/09/2021 150,197 0.44
EUR 200,000 Anheuser-Busch InBev NV 2.25% 24/09/2020 206,584 0.60
EUR 51,000 KBC Bank NV 8.00% 29/05/2049 51,467 0.15 EUR 100,000 KBC Groep NV FRN 19/12/2049 98,326 0.29
Total Belgium 506,574 1.48
CANADA
EUR 400,000 Canadian Imperial Bank of Commerce 1.25% 07/08/2018 406,431 1.19
EUR 100,000 Total Capital Canada Limited 1.88% 09/07/2020 101,773 0.30
Total Canada 508,204 1.49
CAYMAN ISLANDS
EUR 100,000 Petrobras International Finance Company 4.88% 07/03/2018 107,557 0.32
GBP 50,000 Yorkshire Water FRN 24/04/2025 65,818 0.19
Total Cayman Islands 173,375 0.51
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
DENMARK
GBP 45,000 Danske Bank FRN 29/09/2021 57,194 0.17 EUR 100,000 Danske Bank A/S FRN
31/10/2049 100,209 0.29
Total Denmark 157,403 0.46
FINLAND
EUR 170,000 Citycon OYJ 3.75% 24/06/2020 178,443 0.52 EUR 200,000 Nordea Bank Finland AB 2.38%
02/09/2016 209,122 0.61
Total Finland 387,565 1.13
FRANCE
EUR 50,000 Banque PSA Finance SA 3.63% 29/04/2014 50,098 0.15
EUR 110,000 BNP Paribas SA 2.25% 13/01/2021 111,629 0.33
EUR 100,000 Casino Guichard Perrachon SA 3.99% 09/03/2020 110,379 0.32
EUR 200,000 Credit Agricole Covered Bonds 4.50% 29/01/2016 214,829 0.63
EUR 330,000 Dexia Credit Local SA 1.00% 11/07/2016 333,264 0.98
EUR 500,000 Dexia Credit Local SA 1.38% 18/09/2019 500,259 1.46
EUR 100,000 GDF Suez FRN 10/07/2049 103,668 0.30 EUR 100,000 Societe des Autoroutes Paris-
Rhin-Rhone 2.25% 16/01/2020 102,291 0.30
Total France 1,526,417 4.47
GERMANY
EUR 100,000 BSH Bosch Und Siemen 1.88% 13/11/2020 100,987 0.30
EUR 100,000 Deutsche Raststätten Gruppe IV GmbH 6.75% 30/12/2020 109,437 0.32
GBP 200,000 Landeskreditbank Baden-Wuerttemberg Foerderbank 0.88% 15/12/2017 235,198 0.69
EUR 100,000 Talanx Ag 3.13% 13/02/2023 105,967 0.31 EUR 100,000 Unitymedia Hessen GmbH &
Company 7.50% 15/03/2019 108,928 0.32
Total Germany 660,517 1.94
IRELAND
EUR 135,000 Bank of Ireland 3.25% 15/01/2019 140,031 0.41
EUR 100,000 ESB Finance Limited 3.49% 12/01/2024 106,766 0.31
43
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Euro Active Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment EUR Value
Market % of
Value Net Asset
Nominal Value Investment EUR Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
IRELAND (continued)
EUR 100,000 ESB Finance Limited 4.38% 21/11/2019 113,877 0.33
EUR 100,000 FGA Capital Ireland 2.88% 26/01/2018 101,962 0.30
EUR 100,000 FGA Capital Ireland 4.00% 17/10/2018 105,959 0.31
EUR 100,000 GE Capital European Funding 2.88% 17/09/2015 103,259 0.30
EUR 90,000 GE Capital European Funding 5.38% 16/01/2018 104,114 0.31
EUR 65,000 GE Capital European Funding 5.38% 23/01/2020 78,085 0.23
EUR 111,000 Swisscom AG via Lunar Funding V 2.00% 30/09/2020 112,447 0.33
Total Ireland 966,500 2.83
ITALY
EUR 100,000 Assicurazioni Generali SpA 2.88% 14/01/2020 103,238 0.30
EUR 600,000 Banca Monte dei Paschi di Siena SpA 3.50% 20/03/2017 629,069 1.84
EUR 100,000 Davide Campari-Milano SpA 4.50% 25/10/2019 108,084 0.32
EUR 225,000 Eni SpA 4.25% 03/02/2020 255,662 0.74
Total Italy 1,096,053 3.20
JAPAN
EUR 100,000 Softbank Corp. 4.63% 15/04/2020 105,203 0.31
Total Japan 105,203 0.31
JERSEY - CHANNEL ISLANDS
EUR 100,000 Atrium European Real Estate Limited 4.00% 20/04/2020 102,858 0.30
EUR 100,000 Prosecure Funding LP 4.67% 30/06/2016 104,874 0.31
GBP 50,000 UBM plc 6.50% 23/11/2016 66,949 0.20
Total Jersey - Channel Islands 274,681 0.81
LUXEMBOURG
EUR 200,000 Gelf Bond Issuer I SA 3.13% 03/04/2018 208,800 0.61
EUR 100,000 Glencore Finance Europe SA 4.13% 03/04/2018 110,026 0.32
EUR 25,000 HeidelbergCement AG 8.00% 31/01/2017 29,209 0.09
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
LUXEMBOURG (continued)
EUR 120,000 John Deere Bank SA FRN 19/03/2019 120,497 0.35
EUR 125,000 Prologis International Funding II SA 2.88% 04/04/2022 124,485 0.37
Total Luxembourg 593,017 1.74
MEXICO
EUR 300,000 Petroleos Mexicanos 5.50% 09/01/2017 334,277 0.97
Total Mexico 334,277 0.97
NETHERLANDS
EUR 100,000 Achmea BV 2.50% 19/11/2020 101,740 0.30 EUR 100,000 Aegon NV 3.00% 18/07/2017 106,139 0.31 EUR 50,000 Allianz Finance II BV FRN
13/01/2025 52,054 0.15 EUR 160,000 Bharti Airtel International
Netherlands BV 4.00% 10/12/2018 167,043 0.49
EUR 37,000 Celesio Finance BV 4.50% 26/04/2017 40,193 0.12
EUR 100,000 CRH Finance BV 5.00% 25/01/2019 115,199 0.33 EUR 100,000 Deutsche Annington Finance
BV 2.13% 25/07/2016 101,906 0.30 EUR 77,000 Deutsche Annington Finance
BV 3.63% 08/10/2021 81,986 0.24 EUR 100,000 F Van Lanschot Bankiers NV
4.63% 22/04/2014 100,210 0.29 EUR 200,000 HIT Finance BV 5.75% 09/03/2018 231,560 0.68 EUR 100,000 ING Bank NV FRN 29/05/2023 113,263 0.33 EUR 100,000 ING Bank NV FRN 25/02/2026 100,767 0.30 EUR 100,000 KBC Internationale
Financieringsmaatschappij NV 2.13% 10/09/2018 102,740 0.30
EUR 60,000 Linde Finance BV FRN 14/07/2066 67,624 0.20
EUR 100,000 Madrilena Red de Gas Finance BV 3.78% 11/09/2018 107,485 0.32
GBP 65,000 Postnl NV 7.50% 14/08/2018 92,380 0.27 EUR 100,000 Redexis Gas Finance BV 2.75%
08/04/2021 99,668 0.29 EUR 100,000 Repsol International Finance BV
4.38% 20/02/2018 110,979 0.33 EUR 145,000 Roche Finance Europe BV
2.00% 25/06/2018 151,757 0.44 EUR 100,000 Shell International Finance BV
1.63% 24/03/2021 99,813 0.30 EUR 100,000 Telefonica Europe BV FRN
29/09/2049 106,925 0.31
44
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Euro Active Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment EUR Value
Market % of
Value Net Asset
Nominal Value Investment EUR Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
NETHERLANDS (continued)
EUR 100,000 TenneT Holding BV 2.13% 01/11/2020 101,934 0.30
EUR 55,000 TenneT Holding BV 6.66% 28/02/2049 61,081 0.18
Total Netherlands 2,414,446 7.08
NORWAY
EUR 100,000 Avinor AS 1.75% 20/03/2021 100,371 0.30 EUR 400,000 DnB Nor Boligkreditt 2.63%
11/01/2016 415,499 1.22 EUR 100,000 Sparebank 1 2.13% 27/02/2019 102,302 0.30 EUR 170,000 Statoil ASA 2.00% 10/09/2020 174,180 0.51
Total Norway 792,352 2.33
REPUBLIC OF KOREA (SOUTH)
EUR 150,000 Export-Import Bank of Korea 2.00% 30/04/2020 150,119 0.44
Total Republic of Korea (South) 150,119 0.44
RUSSIAN FEDERATION
EUR 100,000 Gazprom (Gaz Capital SA) 3.76% 15/03/2017 102,207 0.30
Total Russian Federation 102,207 0.30
SPAIN
EUR 100,000 BBVA Senior Finance SAU 3.75% 17/01/2018 108,088 0.32
EUR 100,000 Caixabank SA 2.63% 21/03/2024 100,352 0.29 EUR 100,000 Enagas Financiaciones Sau
2.50% 11/04/2022 100,255 0.29 EUR 100,000 Ferrovial Emisiones SA 3.38%
30/01/2018 106,416 0.31 EUR 100,000 Santander International Debt
SAU 4.63% 21/03/2016 106,727 0.31 GBP 130,000 Telefonica Emisiones SAU
5.38% 02/02/2018 171,229 0.50
Total Spain 693,067 2.02
SWEDEN
EUR 100,000 Nordea Bank AB 1.38% 12/04/2018 100,654 0.30
EUR 100,000 Skandinaviska Enskilda Banken AB 2.00% 18/03/2019 102,533 0.30
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
SWEDEN (continued)
EUR 350,000 Sveriges Sakerstallda Obligationer AB 3.25% 30/03/2017 377,516 1.11
Total Sweden 580,703 1.71
SWITZERLAND
EUR 65,000 Credit Suisse 3.88% 25/01/2017 70,290 0.21 EUR 100,000 Credit Suisse AG FRN 18/09/2025 109,042 0.32 EUR 100,000 UBS AG FRN 12/02/2026 102,742 0.30
Total Switzerland 282,074 0.83
UNITED KINGDOM
GBP 100,000 AA Bond Company Limited 9.50% 31/07/2019 137,104 0.41
EUR 100,000 Abbey National Treasury Services plc 4.38% 24/01/2018 113,239 0.33
EUR 100,000 Aviva plc FRN 05/07/2043 115,139 0.34 EUR 150,000 Barclays Bank plc 2.25%
22/02/2017 157,180 0.46 EUR 75,000 Barclays Bank plc 6.00%
14/01/2021 87,530 0.26 EUR 111,000 Bat International Finance FRN
06/03/2018 111,311 0.33 EUR 100,000 Bat International Finance plc
5.38% 29/06/2017 113,847 0.34 GBP 175,000 BG Energy Capital plc FRN
30/11/2072 230,360 0.68 GBP 45,000 British Telecommunications plc
8.50% 07/12/2016 63,779 0.19 GBP 85,000 Bupa Finance plc 7.50%
04/07/2016 115,607 0.34 GBP 50,000 Company-Operative Bank plc
5.13% 20/09/2017 60,141 0.18 GBP 92,000 Enw Capital Finance plc 6.75%
20/06/2015 118,235 0.36 GBP 40,000 First Hydro Finance plc 9.00%
31/07/2021 64,060 0.19 GBP 70,000 G4s plc 7.75% 13/05/2019 101,020 0.30 GBP 30,000 GKN Holdings plc 6.75%
28/10/2019 42,341 0.12EUR 105,000 HSBC Holdings plc FRN
10/01/2024 108,777 0.32 EUR 70,000 Imperial Tobacco Finance plc
8.38% 17/02/2016 79,674 0.23
45
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Euro Active Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment EUR Value
Market % of
Value Net Asset
Nominal Value Investment EUR Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
UNITED KINGDOM (continued)
GBP 50,000 LBG Capital No.1 plc 11.04% 19/03/2020 66,355 0.19
EUR 75,000 Lloyds TSB Bank plc 6.38% 17/06/2016 84,054 0.25
GBP 50,000 London Power Networks 5.38% 11/11/2016 66,045 0.19
GBP 100,000 Motability Operations Group plc 5.25% 28/09/2016 131,949 0.39
GBP 100,000 Nationwide Building Society FRN 11/03/2049 122,232 0.36
EUR 100,000 NGG Finance plc FRN 18/06/2076 102,840 0.30
EUR 300,000 Northern Rock plc 3.88% 16/11/2020 342,682 1.01
GBP 100,000 Pennon Group plc FRN 08/03/2049 128,480 0.38
EUR 100,000 Rentokil Initial plc 3.38% 24/09/2019 106,454 0.31
EUR 60,000 Royal Bank of Scotland plc 6.93% 09/04/2018 68,573 0.20
EUR 50,000 Royal Bank of Scotland plc 10.50% 16/03/2022 60,884 0.18
GBP 50,000 RSA Insurance Group plc FRN 20/05/2039 73,447 0.22
GBP 35,000 Tesco plc 5.50% 13/12/2019 47,186 0.14 GBP 100,000 Virgin Media Secured Finance
plc 7.00% 15/01/2018 125,737 0.37
Total United Kingdom 3,346,262 9.87
UNITED STATES
EUR 100,000 American International Group Inc. 4.38% 26/04/2016 106,735 0.31
GBP 100,000 American International Group Inc. 6.77% 15/11/2017 138,778 0.41
EUR 100,000 Bank of America Corp. 4.63% 07/08/2017 111,120 0.33
EUR 100,000 Bank of America Corp. FRN 06/05/2019 100,000 0.29
EUR 100,000 Citigroup Inc. FRN 31/05/2017 98,136 0.29 EUR 140,000 Citigroup Inc. 7.38% 04/09/2019 180,448 0.53 EUR 150,000 Metropolitan Life Global
Funding I 4.63% 16/05/2017 166,413 0.49 EUR 100,000 Microsoft Corp. 2.13%
06/12/2021 101,876 0.30 EUR 116,000 Procter & Gamble Company
2.00% 05/11/2021 117,646 0.35 EUR 125,000 Sabmiller Holdings Inc. 1.88%
20/01/2020 126,241 0.37
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
UNITED STATES (continued)
EUR 425,000 Verizon Communications Inc. 2.38% 17/02/2022 430,369 1.27
Total United States 1,677,762 4.94
Total Bonds 18,224,739 53.51
Supranationals, Governments and Local Public Authorities,
Debt Instruments
BELGIUM
EUR 920,000 Belgium (Govt of) 3.00% 28/09/2019 1,012,874 2.97
Total Belgium 1,012,874 2.97
BRAZIL
EUR 173,000 Brazil (Govt of) 2.88% 01/04/2021 172,753 0.51
Total Brazil 172,753 0.51
FRANCE
EUR 1,221,000 France (Govt of) OAT 1.00% 25/11/2018 1,230,799 3.61
Total France 1,230,799 3.61
ITALY
EUR 650,000 Italy (Govt of) BPT 2.50% 01/05/2019 667,794 1.96
EUR 1,005,000 Italy (Govt of) BPT 3.75% 01/05/2021 1,078,214 3.17
EUR 1,750,000 Italy (Govt of) BPT 4.00% 01/02/2017 1,890,612 5.56
EUR 1,200,000 Italy (Govt of) BPT 4.75% 01/06/2017 1,326,810 3.90
Total Italy 4,963,430 14.59
LATVIA
EUR 550,000 Latvia (Govt of) 2.63% 21/01/2021 560,717 1.65
Total Latvia 560,717 1.65
MEXICO
EUR 500,000 Mexico (Govt of) 2.75% 22/04/2023 497,375 1.46
Total Mexico 497,375 1.46
46
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Euro Active Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment EUR Value
Market % of
Value Net Asset
Nominal Value Investment EUR Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
PORTUGAL
EUR 1,300,000 Portugal (Govt of) OT 4.75% 14/06/2019 1,411,799 4.15
Total Portugal 1,411,799 4.15
REPUBLIC OF KOREA (SOUTH)
EUR 300,000 Export-Import Bank of Korea 4.63% 20/02/2017 328,614 0.96
EUR 350,000 Korea Development Bank 1.50% 30/05/2018 350,621 1.03
Total Republic of Korea (South) 679,235 1.99
ROMANIA
EUR 550,000 Romania (Govt of) 4.63% 18/09/2020 586,611 1.72
Total Romania 586,611 1.72
RUSSIAN FEDERATION
EUR 400,000 Russia (Govt of) 3.63% 16/09/2020 405,978 1.19
Total Russian Federation 405,978 1.19
SLOVENIA
EUR 785,000 Slovenia (Govt of) 4.00% 22/03/2018 849,213 2.49
EUR 530,000 Slovenia (Govt of) 4.38% 02/04/2014 530,133 1.56
Total Slovenia 1,379,346 4.05
SPAIN
EUR 700,000 Spain (Govt of) 2.75% 30/04/2019 730,503 2.14 EUR 350,000 Spain (Govt of) 3.80% 30/04/2024 367,071 1.08 EUR 390,000 Spain (Govt of) 5.40% 31/01/2023 460,756 1.35
Total Spain 1,558,330 4.57
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
SUPRANATIONAL
EUR 275,000 European Financial Stability Facility 1.75% 29/10/2020 280,748 0.82
EUR 400,000 European Investment Bank 1.50% 15/04/2021 401,324 1.18
Total Supranational 682,072 2.00
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 15,141,319 44.46
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 33,366,058 97.97
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities
Bonds
NETHERLANDS
EUR 100,000 ING Bank NV 3.25% 03/04/2019 107,882 0.32
Total Netherlands 107,882 0.32
Total Bonds 107,882 0.32
Total Transferable securities and money market
instruments dealt in on another regulated market
and recently issued transferable securities 107,882 0.32
Total value of investments 33,473,940 98.29
(Total cost: EUR 32,643,096)
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Emerging Market Corporate Bonds
47
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
Portfolio Statementas at March 31, 2014
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Bonds
AZERBAIJAN
USD 250,000 State Oil Fund of the Azerbaijan Republic 4.75% 13/03/2023 240,263 0.29
Total Azerbaijan 240,263 0.29
BAHRAIN
USD 1,455,000 Batelco International Finance 4.25% 01/05/2020 1,425,063 1.74
Total Bahrain 1,425,063 1.74
BARBADOS
USD 750,000 Columbus International Inc. 7.38% 30/03/2021 773,457 0.95
Total Barbados 773,457 0.95
BRAZIL
USD 1,000,000 BRF - Brasil Foods SA 5.88% 06/06/2022 1,039,249 1.26
Total Brazil 1,039,249 1.26
CANADA
USD 1,250,000 Pacifi c Rubiales Energy Corp. 5.38% 26/01/2019 1,302,662 1.59
USD 500,000 Pacifi c Rubiales Energy Corp. 7.25% 12/12/2021 552,038 0.67
Total Canada 1,854,700 2.26
CAYMAN ISLANDS
USD 1,250,000 Anton Oilfi eld Services Group 7.50% 06/11/2018 1,319,693 1.61
USD 560,000 China Mengniu Dairy Company Limited 3.50% 27/11/2018 563,959 0.69
USD 600,000 Comcel Trust 6.88% 06/02/2024 632,907 0.77 USD 1,250,000 Fibria Overseas Finance
Limited 6.75% 03/03/2021 1,380,694 1.69 USD 250,000 Kaisa Group Holdings 8.88%
19/03/2018 242,610 0.30 USD 250,000 Kuwait Projects Company
9.38% 15/07/2020 313,786 0.38 USD 500,000 Maf Global Securities Limited
FRN 29/10/2049 535,530 0.65 USD 1,500,000 Maf Global Securities Limited
5.25% 05/07/2019 1,615,553 1.97 USD 1,000,000 Odbrcht Offshre Sink 6.63%
01/10/2022 1,040,120 1.27
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
CAYMAN ISLANDS (continued)
USD 250,000 Sukuk Funding No 3 Limited 4.35% 03/12/2018 257,421 0.31
USD 1,000,000 Sun Hung Kai Properties Capital Market Limited 3.63% 16/01/2023 965,165 1.18
USD 385,000 Sun Hung Kai Properties Capital Market Limited FRN 25/02/2024 381,031 0.47
USD 1,500,000 Tencent Holdings Limited 3.38% 05/03/2018 1,538,588 1.88
USD 500,000 Tingyi Cayman Islands Holding Corp. 3.88% 20/06/2017 524,003 0.64
Total Cayman Islands 11,311,060 13.81
CHILE
USD 500,000 Saci Falabella 3.75% 30/04/2023 477,005 0.58
Total Chile 477,005 0.58
COLOMBIA
USD 1,250,000 Ecopetrol SA 7.63% 23/07/2019 1,504,262 1.83
Total Colombia 1,504,262 1.83
CROATIA
EUR 650,000 Agrokor dd 9.13% 01/02/2020 1,018,354 1.24 EUR 250,000 Agrokor dd 9.88% 01/05/2019 391,735 0.48 USD 250,000 Hrvatska Elektroprivreda
6.00% 09/11/2017 260,600 0.32
Total Croatia 1,670,689 2.04
CZECH REPUBLIC
EUR 500,000 CE Energy AS 7.00% 01/02/2021 718,203 0.88
EUR 1,000,000 EP Energy AS 4.38% 01/05/2018 1,440,547 1.76
EUR 580,000 RPG Byty sro 6.75% 01/05/2020 818,638 1.00
Total Czech Republic 2,977,388 3.64
GEORGIA
USD 1,500,000 Bank of Georgia JSC 7.75% 05/07/2017 1,603,702 1.96
USD 500,000 Georgian Railway JSC 7.75% 11/07/2022 535,630 0.66
Total Georgia 2,139,332 2.62
48
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Emerging Market Corporate Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
HONG KONG
USD 750,000 Wharf Finance Limited 4.63% 08/02/2017 796,140 0.97
Total Hong Kong 796,140 0.97
INDIA
USD 425,000 Export-Import Bank of India 3.88% 02/10/2019 426,970 0.52
USD 595,000 Indian Railway Finance Corp. Limited 3.92% 26/02/2019 597,377 0.73
Total India 1,024,347 1.25
INDONESIA
USD 250,000 Adaro Indonesia PT 7.63% 22/10/2019 266,362 0.33
USD 1,050,000 Pertamina Persero PT 4.30% 20/05/2023 950,114 1.16
Total Indonesia 1,216,476 1.49
IRELAND
USD 500,000 Metalloinvest Finance Limited 5.63% 17/04/2020 474,767 0.58
USD 500,000 Rosneft 4.20% 06/03/2022 447,165 0.55 USD 1,075,000 Sibur Securities Limited 3.91%
31/01/2018 989,957 1.21 USD 750,000 Tinkoff Credit Systems via
Tcs Finance Limited 10.75% 18/09/2015 766,995 0.94
USD 500,000 Tinkoff Credit Systems via Tcs Finance Limited 14.00% 06/06/2018 535,185 0.65
Total Ireland 3,214,069 3.93
ISRAEL
USD 750,000 Israel Electric Corp. Limited 7.25% 15/01/2019 842,389 1.03
Total Israel 842,389 1.03
KAZAKHSTAN
USD 500,000 Kazmunaygas National Company Jsc 4.40% 30/04/2023 471,733 0.58
Total Kazakhstan 471,733 0.58
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
LUXEMBOURG
USD 1,000,000 Altice Financing SA 7.88% 15/12/2019 1,091,080 1.33
USD 500,000 MHP SA 8.25% 02/04/2020 437,810 0.53 USD 554,000 MHP SA 10.25% 29/04/2015 548,471 0.67 USD 300,000 Sberbank of Russia Via SB
Capital SA 6.13% 07/02/2022 310,947 0.38 USD 500,000 Topaz Marine SA 8.63%
01/11/2018 526,005 0.64 USD 300,000 Wind Acquisition Finance SA
11.75% 15/07/2017 316,689 0.39
Total Luxembourg 3,231,002 3.94
MEXICO
USD 1,000,000 Alfa SAB de CV 5.25% 25/03/2024 1,027,320 1.25
USD 1,000,000 BBVA Bancomer SA 6.75% 30/09/2022 1,098,090 1.34
USD 1,250,000 Cemex SAB de CV 7.25% 15/01/2021 1,367,843 1.68
Total Mexico 3,493,253 4.27
NETHERLANDS
USD 750,000 Bharti Airtel International Netherlands BV 5.13% 11/03/2023 748,785 0.91
EUR 360,000 Cable Communications Systems NV 7.50% 01/11/2020 527,086 0.64
USD 250,000 Dtek Finance BV 9.50% 28/04/2015 240,120 0.29
USD 500,000 Lukoil International Finance BV 7.25% 05/11/2019 554,540 0.68
USD 250,000 Metinvest BV 8.75% 14/02/2018 232,860 0.28 USD 500,000 Myriad International Holding
BV 6.38% 28/07/2017 556,273 0.68 USD 500,000 Nostrum Oil & Gas Finance BV
6.38% 14/02/2019 512,045 0.63 USD 1,250,000 Zhaikmunai LP 7.13%
13/11/2019 1,304,193 1.59
Total Netherlands 4,675,902 5.70
PANAMA
USD 500,000 Avianca Holdings SA 8.38% 10/05/2020 528,380 0.65
Total Panama 528,380 0.65
49
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Emerging Market Corporate Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
PERU
USD 1,250,000 BBVA Banco Continental SA 3.25% 08/04/2018 1,260,163 1.54
USD 375,000 BBVA Banco Continental SA 5.00% 26/08/2022 381,086 0.47
USD 585,000 Consorcio de Alimentos 3.88% 20/03/2023 546,171 0.67
Total Peru 2,187,420 2.68
REPUBLIC OF KOREA (SOUTH)
USD 318,000 Korea Midland Power Company Limited 2.75% 11/02/2019 318,021 0.39
USD 500,000 Korea Western Power Company Limited 2.88% 10/10/2018 507,735 0.62
USD 500,000 Sk Broadband Company Limited 2.88% 29/10/2018 500,195 0.61
Total Republic of Korea (South) 1,325,951 1.62
RUSSIAN FEDERATION
USD 1,000,000 Gazprom Neft OAO via Gpn Capital SA 4.38% 19/09/2022 892,380 1.09
USD 500,000 Uralkali OJSC via Uralkali Finance Limited 3.72% 30/04/2018 479,530 0.59
Total Russian Federation 1,371,910 1.68
SPAIN
EUR 525,000 Obrascon Huarte Lain SA 8.75% 15/03/2018 799,413 0.98
Total Spain 799,413 0.98
SRI LANKA
USD 1,160,000 National Savings Bank 8.88% 18/09/2018 1,297,013 1.58
Total Sri Lanka 1,297,013 1.58
SWEDEN
EUR 270,000 TVN Finance Corp. II AB 7.38% 15/12/2020 409,411 0.50
Total Sweden 409,411 0.50
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
THAILAND
USD 880,000 PTT Exploration & Production pcl 3.71% 16/09/2018 903,914 1.10
USD 750,000 PTT Global Chemical pcl 4.25% 19/09/2022 731,955 0.89
USD 500,000 Thai Oil pcl 3.63% 23/01/2023 464,768 0.57
Total Thailand 2,100,637 2.56
TURKEY
USD 800,000 Akbank TAS 3.88% 24/10/2017 793,884 0.97 USD 1,250,000 Coca-Cola Icecek AS 4.75%
01/10/2018 1,313,881 1.60 USD 250,000 Export Credit Bank of Turkey
5.88% 24/04/2019 260,355 0.32
Total Turkey 2,368,120 2.89
UNITED ARAB EMIRATES
USD 860,000 Dolphin Energy Limited 5.50% 15/12/2021 974,324 1.19
USD 750,000 Dubai Electricity & Water Authority 7.38% 21/10/2020 907,844 1.10
USD 1,000,000 Emirates Nbd PJSC 4.63% 28/03/2017 1,065,555 1.30
Total United Arab Emirates 2,947,723 3.59
UNITED KINGDOM
USD 703,000 Afren plc 10.25% 08/04/2019 807,128 0.99 USD 250,000 Vedanta Resources plc 6.75%
07/06/2016 264,201 0.32
Total United Kingdom 1,071,329 1.31
UNITED STATES
USD 500,000 Cemex Finance LLC 6.00% 01/04/2024 502,038 0.61
USD 750,000 Cemex Finance LLC 9.38% 12/10/2022 883,961 1.08
Total United States 1,385,999 1.69
VENEZUELA
USD 1,750,000 Petroleos de Venezuela SA 8.50% 02/11/2017 1,470,839 1.80
Total Venezuela 1,470,839 1.80
50
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Emerging Market Corporate Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
VIRGIN ISLANDS (BRITISH)
USD 500,000 CIP Power Hong Kong Financing Limited 4.75% 12/07/2021 531,750 0.65
USD 340,600 QGOG Atlantic 5.25% 30/07/2018 353,456 0.43
USD 500,000 Yingde Gases Investment 8.13% 22/04/2018 502,545 0.61
Total Virgin Islands (British) 1,387,751 1.69
Total Bonds 65,029,675 79.40
Supranationals, Governments and Local Public Authorities,
Debt Instruments
BELARUS
USD 250,000 Belarus (Govt of) 8.75% 03/08/2015 254,878 0.31
Total Belarus 254,878 0.31
HUNGARY
USD 130,000 Hungary (Govt of) 4.00% 25/03/2019 129,552 0.16
USD 390,000 Hungary (Govt of) 5.38% 25/03/2024 391,702 0.48
Total Hungary 521,254 0.64
INDONESIA
USD 730,000 Indonesia (Govt of) 5.88% 15/01/2024 784,845 0.96
Total Indonesia 784,845 0.96
IRELAND
USD 500,000 Vnesheconombank via Veb Finance Limited 6.03% 05/07/2022 490,128 0.60
Total Ireland 490,128 0.60
IVORY COAST
USD 1,500,000 Ivory Coast (Govt of) FRN 31/12/2032 1,408,709 1.72
USD 500,000 Ivory Coast (Govt of) 7.77% 31/12/2032 469,570 0.57
Total Ivory Coast 1,878,279 2.29
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
SLOVENIA
USD 220,000 Slovenia (Govt of) 4.13% 18/02/2019 227,862 0.28
Total Slovenia 227,862 0.28
VENEZUELA
USD 500,000 Venezuela (Govt of) 5.75% 26/02/2016 437,975 0.53
Total Venezuela 437,975 0.53
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 4,595,221 5.61
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 69,624,896 85.01
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities
Bonds
BRAZIL
USD 500,000 Itau Unibanco Holding 5.13% 13/05/2023 483,263 0.59
Total Brazil 483,263 0.59
CAYMAN ISLANDS
USD 1,000,000 Mie Holdings Corp. 9.75% 12/05/2016 1,054,430 1.29
Total Cayman Islands 1,054,430 1.29
COLOMBIA
USD 700,000 Ecopetrol SA 7.38% 18/09/2043 804,244 0.98
Total Colombia 804,244 0.98
LUXEMBOURG
USD 750,000 Andrade Gutierrez International SA 4.00% 30/04/2018 745,646 0.91
USD 250,000 Severstal OAO Via Steel Capital SA 4.45% 19/03/2018 245,993 0.30
Total Luxembourg 991,639 1.21
51
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Emerging Market Corporate Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Bonds (continued)
MALAYSIA
USD 1,000,000 Petronas Cap. Limited 5.25% 12/08/2019 1,124,649 1.37
Total Malaysia 1,124,649 1.37
MEXICO
USD 750,000 Alpek SA de CV 4.50% 20/11/2022 743,059 0.91
USD 370,000 Alpek SA de CV 5.38% 08/08/2023 383,910 0.47
USD 250,000 Cemex SAB de CV 9.50% 15/06/2018 289,475 0.35
USD 750,000 Mexichem SAB de CV 4.88% 19/09/2022 751,035 0.92
USD 543,000 Petroleos Mexicanos 6.38% 23/01/2045 588,357 0.72
Total Mexico 2,755,836 3.37
NETHERLANDS
USD 1,000,000 Nord Gold NV 6.38% 07/05/2018 934,060 1.14
USD 1,000,000 Petrobras Global Finance BV 4.88% 17/03/2020 1,004,455 1.23
USD 460,000 Petrobras Global Finance BV 6.25% 17/03/2024 472,261 0.58
Total Netherlands 2,410,776 2.95
UNITED KINGDOM
USD 500,000 Afren plc 6.63% 09/12/2020 511,435 0.62 USD 500,000 Tullow Oil plc 6.00% 01/11/2020 509,728 0.62
Total United Kingdom 1,021,163 1.24
UNITED STATES
USD 750,000 Reliance Holdings Inc. 4.50% 19/10/2020 761,670 0.93
Total United States 761,670 0.93
Total Bonds 11,407,670 13.93
Total Transferable securities and money market
instruments dealt in on another regulated market
and recently issued transferable securities 11,407,670 13.93
Other transferable securities and money market instruments
Bonds
VENEZUELA
USD 1 Petroleos de Venezuela SA 5.00% 28/10/2015 1 0.00
Total Venezuela 1 0.00
Total Bonds 1 0.00
Total Other transferable securities and money
market instruments 1 0.00
Total value of investments 81,032,567 98.94
(Total cost: USD 79,081,917)
Threadneedle (Lux) - Emerging Market Debt
52
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Bonds
BRAZIL
USD 650,000 Caixa Economica Federal 4.50% 03/10/2018 664,830 0.32
Total Brazil 664,830 0.32
GEORGIA
USD 889,000 Georgian Railway JSC 7.75% 11/07/2022 952,350 0.47
Total Georgia 952,350 0.47
INDONESIA
USD 898,000 Perusahaan Listrik Negara PT 5.25% 24/10/2042 731,511 0.36
USD 1,181,000 Perusahaan Penerbit Sbsn Indonesia 4.00% 21/11/2018 1,208,281 0.59
Total Indonesia 1,939,792 0.95
IRELAND
USD 545,000 Gazprombank OJSC via GPB Eurobond Finance plc 5.63% 17/05/2017 558,085 0.27
USD 904,000 Rosneft 4.20% 06/03/2022 808,474 0.40 USD 779,000 Russian Railways via Rzd
Capital plc 5.70% 05/04/2022 770,384 0.38 USD 725,000 Vnesheconombank via
Veb Finance Limited 6.80% 22/11/2025 728,857 0.36
Total Ireland 2,865,800 1.41
KAZAKHSTAN
USD 1,596,000 Development Bank of Kazakhstan JSC 4.13% 10/12/2022 1,435,490 0.69
USD 1,724,000 Kazagro National Management Holding JSC 4.63% 24/05/2023 1,595,338 0.78
USD 1,017,000 Kazmunaygas National Company JSC 5.75% 30/04/2043 916,973 0.45
Total Kazakhstan 3,947,801 1.92
LUXEMBOURG
USD 1,383,000 Gaz Capital for Gazprom OAO 6.51% 07/03/2022 1,446,155 0.71
USD 833,000 Gazprom OAO Via Gaz Capital SA 6.00% 23/01/2021 853,600 0.42
USD 1,195,000 Gazprom via Gaz Capital SA 7.29% 16/08/2037 1,236,359 0.60
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
LUXEMBOURG (continued)
USD 1,036,000 Russian Agricultural Bank OJSC via Rshb Capital SA 5.30% 27/12/2017 1,033,477 0.51
USD 745,000 Sberbank of Russia via SB Capital SA 4.95% 07/02/2017 769,138 0.38
USD 1,374,000 Sberbank of Russia Via SB Capital SA 6.13% 07/02/2022 1,424,137 0.70
USD 800,000 VTB Bank OJSC via Vtb Capital SA 6.00% 12/04/2017 829,940 0.41
Total Luxembourg 7,592,806 3.73
MEXICO
USD 833,000 Comision Federal de Electricidad 4.88% 26/05/2021 874,187 0.42
USD 242,000 Comision Federal de Electricidad 4.88% 15/01/2024 247,566 0.12
USD 844,000 Petroleos Mexicanos 3.50% 30/01/2023 797,082 0.39
USD 1,218,000 Petroleos Mexicanos 4.88% 24/01/2022 1,277,438 0.62
USD 459,000 Petroleos Mexicanos 5.50% 27/06/2044 444,743 0.22
USD 1,127,000 Petroleos Mexicanos 6.50% 02/06/2041 1,239,368 0.61
Total Mexico 4,880,384 2.38
NETHERLANDS
USD 1,636,000 Kazakhstan Temir Zholy Finance BV 6.95% 10/07/2042 1,674,732 0.82
USD 504,000 Majapahit Holding BV 7.25% 28/06/2017 569,767 0.28
USD 244,000 Majapahit Holding BV 7.75% 20/01/2020 281,853 0.14
USD 334,000 Majapahit Holding BV 8.00% 07/08/2019 390,209 0.19
Total Netherlands 2,916,561 1.43
REPUBLIC OF KOREA (SOUTH)
USD 493,000 Export-Import Bank of Korea 4.38% 15/09/2021 528,982 0.26
Total Republic of Korea (South) 528,982 0.26
RUSSIAN FEDERATION
USD 1,589,000 Gazprom Neft OAO via GPN Capital SA 4.38% 19/09/2022 1,417,992 0.69
Total Russian Federation 1,417,992 0.69
53
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Emerging Market Debt
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
SOUTH AFRICA
USD 499,000 Transnet SOC Limited 4.00% 26/07/2022 459,946 0.22
Total South Africa 459,946 0.22
TRINIDAD & TOBAGO
USD 3,109,000 Petroleum Company of Trinidad & Tobago Limited 9.75% 14/08/2019 3,934,145 1.92
Total Trinidad & Tobago 3,934,145 1.92
TURKEY
USD 543,000 Export Credit Bank of Turkey 5.88% 24/04/2019 565,491 0.28
Total Turkey 565,491 0.28
UNITED KINGDOM
USD 558,000 State Export-Import Bank of Ukraine JSC via Biz Finance plc 8.75% 22/01/2018 477,143 0.23
USD 1,525,000 Ukreximbank Via Biz Finance 8.38% 27/04/2015 1,372,531 0.67
Total United Kingdom 1,849,674 0.90
UNITED STATES
USD 484,000 Pemex Project Funding Master Trust 5.75% 01/03/2018 540,732 0.26
USD 868,000 Pemex Project Funding Master Trust 6.63% 15/06/2035 966,548 0.47
Total United States 1,507,280 0.73
VENEZUELA
USD 539,300 Petroleos de Venezuela 5.38% 12/04/2027 290,294 0.14
USD 2,778,800 Petroleos de Venezuela SA 5.25% 12/04/2017 2,091,297 1.02
USD 3,161,200 Petroleos de Venezuela SA 8.50% 02/11/2017 2,656,926 1.30
USD 1,435,100 Petroleos de Venezuela SA 12.75% 17/02/2022 1,309,120 0.64
Total Venezuela 6,347,637 3.10
Total Bonds 42,371,471 20.71
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments
ARGENTINA
USD 3,025,479 Argentina (Govt of) 7.00% 03/10/2015 2,826,245 1.39
USD 1,096,188 Argentina (Govt of) 7.00% 17/04/2017 980,163 0.48
Total Argentina 3,806,408 1.87
BRAZIL
USD 890,000 Banco Nacional de Desenvolvimento Economico e Social 5.75% 26/09/2023 933,201 0.46
BRL 3,986 Brazil (Govt of) 0.00% 01/01/2017 1,276,476 0.62 USD 1,401,000 Brazil (Govt of) 4.25% 07/01/2025 1,353,576 0.66 USD 1,886,000 Brazil (Govt of) 4.88% 22/01/2021 2,007,128 0.98 USD 2,299,000 Brazil (Govt of) 5.63% 07/01/2041 2,334,979 1.14 USD 1,084,000 Brazil (Govt of) 7.13% 20/01/2037 1,306,085 0.64 USD 748,000 Brazil (Govt of) 8.25% 20/01/2034 993,419 0.49 BRL 8,446 Brazil (Govt of) 10.00%
01/01/2015 3,708,928 1.82
Total Brazil 13,913,792 6.81
COLOMBIA
USD 1,615,000 Columbia (Govt of) 4.00% 26/02/2024 1,605,673 0.78
USD 1,113,000 Columbia (Govt of) 6.13% 18/01/2041 1,249,176 0.61
USD 888,000 Colombia (Govt of) 7.38% 27/01/2017 1,028,237 0.50
USD 1,223,000 Columbia (Govt of) 7.38% 18/03/2019 1,477,017 0.72
USD 1,251,000 Columbia (Govt of) 7.38% 18/09/2037 1,605,127 0.78
Total Colombia 6,965,230 3.39
COSTA RICA
USD 435,000 Costa Rica (Govt of) 4.25% 26/01/2023 403,404 0.20
Total Costa Rica 403,404 0.20
CROATIA
USD 325,000 Croatia (Govt of) 6.25% 27/04/2017 349,607 0.17
USD 396,000 Croatia (Govt of) 6.75% 05/11/2019 437,426 0.21
Total Croatia 787,033 0.38
54
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Emerging Market Debt
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
DOMINICAN REPUBLIC
USD 1,054,000 Dominican (Govt of) 5.88% 18/04/2024 1,050,316 0.51
USD 495,000 Dominican (Govt of) 6.60% 28/01/2024 511,323 0.25
USD 5,268,000 Dominican (Govt of) 7.50% 06/05/2021 5,898,579 2.89
Total Dominican Republic 7,460,218 3.65
EL SALVADOR
USD 478,000 El Salvador (Govt of) 5.88% 30/01/2025 449,181 0.22
USD 498,000 El Salvador (Govt of) 7.65% 15/06/2035 499,758 0.24
USD 364,000 El Salvador (Govt of) 8.25% 10/04/2032 391,145 0.19
Total El Salvador 1,340,084 0.65
GEORGIA
USD 1,546,000 Georgia (Govt of) 6.88% 12/04/2021 1,682,983 0.82
Total Georgia 1,682,983 0.82
GUATEMALA
USD 1,388,000 Guatemala (Govt of) 4.88% 13/02/2028 1,346,485 0.66
USD 1,232,000 Guatemala (Govt of) 5.75% 06/06/2022 1,336,640 0.65
Total Guatemala 2,683,125 1.31
HUNGARY
USD 590,000 Hungary (Govt of) 4.13% 19/02/2018 601,063 0.29
USD 1,822,000 Hungary (Govt of) 5.38% 21/02/2023 1,853,703 0.91
USD 463,000 Hungary (Govt of) 6.25% 29/01/2020 507,034 0.25
USD 1,932,000 Hungary (Govt of) 6.38% 29/03/2021 2,117,327 1.03
USD 1,010,000 Hungary (Govt of) 5.38% 25/03/2024 1,014,409 0.50
USD 1,890,000 Hungary (Govt of) 5.75% 22/11/2023 1,962,141 0.96
USD 670,000 Hungarian Development Bank 6.25% 21/10/2020 709,597 0.35
Total Hungary 8,765,274 4.29
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
INDONESIA
USD 728,000 Indonesia (Govt of) 3.38% 15/04/2023 652,608 0.32
USD 1,311,000 Indonesia (Govt of) 3.75% 25/04/2022 1,235,185 0.60
USD 893,000 Indonesia (Govt of) 4.63% 15/04/2043 749,066 0.37
USD 2,277,000 Indonesia (Govt of) 4.88% 05/05/2021 2,341,678 1.15
USD 1,460,000 Indonesia (Govt of) 5.25% 17/01/2042 1,330,483 0.65
USD 966,000 Indonesia (Govt of) 5.88% 13/03/2020 1,056,432 0.52
USD 732,000 Indonesia (Govt of) 5.88% 15/01/2024 786,995 0.38
USD 925,000 Indonesia (Govt of) 6.63% 17/02/2037 987,697 0.48
USD 909,000 Indonesia (Govt of) 6.75% 15/01/2044 996,205 0.49
USD 208,000 Indonesia (Govt of) 6.88% 17/01/2018 236,762 0.12
USD 278,000 Indonesia (Govt of) 7.75% 17/01/2038 332,767 0.16
USD 253,000 Indonesia (Govt of) 8.50% 12/10/2035 324,986 0.16
Total Indonesia 11,030,864 5.40
IRELAND
USD 909,000 VEB Finance Limited 6.90% 09/07/2020 955,418 0.46
Total Ireland 955,418 0.46
IVORY COAST
USD 1,766,000 Ivory Coast (Govt of) FRN 31/12/2032 1,658,521 0.81
Total Ivory Coast 1,658,521 0.81
LITHUANIA
USD 236,000 Lithuania (Govt of) 6.63% 01/02/2022 279,154 0.14
Total Lithuania 279,154 0.14
MEXICO
USD 1,082,000 Mexico (Govt of) 3.63% 15/03/2022 1,087,653 0.53
USD 852,000 Mexico (Govt of) 4.00% 02/10/2023 863,822 0.42
55
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Emerging Market Debt
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
MEXICO (continued)
USD 2,251,000 Mexico (Govt of) 4.75% 08/03/2044 2,148,917 1.05
USD 1,384,000 Mexico (Govt of) 6.05% 11/01/2040 1,579,455 0.77
USD 1,200,000 Mexico (Govt of) 6.75% 27/09/2034 1,470,330 0.72
USD 891,000 Mexico (Govt of) 7.50% 08/04/2033 1,171,242 0.57
USD 156,000 Mexico (Govt of) 8.30% 15/08/2031 218,318 0.11
MXN 263,134 Mexico (Govt of) Bonos 6.50% 09/06/2022 2,079,016 1.02
MXN 326,358 Mexico (Govt of) Bonos 8.00% 17/12/2015 2,671,926 1.32
MXN 15,899,500 Mexico (Govt of) Bonos 10.00% 05/12/2024 1,580,507 0.77
Total Mexico 14,871,186 7.28
MONGOLIA
USD 234,000 Development Bank of Mongolia LLC 5.75% 21/03/2017 220,003 0.11
Total Mongolia 220,003 0.11
MOROCCO
USD 664,000 Morocco (Govt of) 4.25% 11/12/2022 645,826 0.32
Total Morocco 645,826 0.32
NAMIBIA
USD 2,008,000 Namibia (Govt of) 5.50% 03/11/2021 2,110,288 1.03
Total Namibia 2,110,288 1.03
PANAMA
USD 221,000 Panama (Govt of) 9.38% 01/04/2029 316,615 0.15
Total Panama 316,615 0.15
PERU
USD 275,000 Peru (Govt of) 6.55% 14/03/2037 331,705 0.16 USD 641,000 Peru (Govt of) 7.13% 30/03/2019 776,700 0.38 USD 1,164,000 Peru (Govt of) 7.35% 21/07/2025 1,502,666 0.73 USD 718,000 Peru (Govt of) 8.75% 21/11/2033 1,051,870 0.51
Total Peru 3,662,941 1.78
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
PHILIPPINES
USD 367,000 Philippine (Govt of) 5.00% 13/01/2037 401,063 0.20
USD 278,000 Philippine (Govt of) 5.50% 30/03/2026 314,027 0.15
USD 360,000 Philippine (Govt of) 6.38% 15/01/2032 440,842 0.22
USD 264,000 Philippine (Govt of) 7.75% 14/01/2031 361,650 0.18
USD 441,000 Philippine (Govt of) 8.38% 17/06/2019 561,331 0.27
Total Philippines 2,078,913 1.02
QATAR
USD 550,000 Qatar (Govt of) 4.50% 20/01/2022 598,076 0.29
Total Qatar 598,076 0.29
ROMANIA
USD 1,384,000 Romania (Govt of) 4.38% 22/08/2023 1,367,669 0.67
USD 1,044,000 Romania (Govt of) 4.88% 22/01/2024 1,063,690 0.52
USD 1,340,000 Romania (Govt of) 6.75% 07/02/2022 1,567,398 0.77
Total Romania 3,998,757 1.96
RUSSIAN FEDERATION
USD 2,200,000 Russia (Govt of) 4.88% 16/09/2023 2,185,414 1.07
USD 1,800,000 Russia (Govt of) 5.63% 04/04/2042 1,748,745 0.85
RUB 42,431,000 Russia (Govt of) 7.40% 14/06/2017 1,187,010 0.58
USD 1,281,506 Russia (Govt of) 7.50% 31/03/2030 1,459,539 0.71
USD 2,100,000 Russian Foreign Bond - Eurobond 5.00% 29/04/2020 2,198,228 1.07
Total Russian Federation 8,778,936 4.28
SERBIA
USD 468,000 Serbia (Govt of) 4.88% 25/02/2020 468,828 0.23
USD 2,240,000 Serbia (Govt of) 5.88% 03/12/2018 2,375,766 1.17
Total Serbia 2,844,594 1.40
Market % of
Value Net Asset
Nominal Value Investment USD Value
56
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Emerging Market Debt
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
SLOVENIA
USD 300,000 Slovenia (Govt of) 4.13% 18/02/2019 310,721 0.15
USD 611,000 Slovenia (Govt of) 4.75% 10/05/2018 652,435 0.32
USD 814,000 Slovenia (Govt of) 5.50% 26/10/2022 870,540 0.43
USD 915,000 Slovenia (Govt of) 5.85% 10/05/2023 999,775 0.49
Total Slovenia 2,833,471 1.39
SOUTH AFRICA
USD 517,000 South Africa (Govt of) 4.67% 17/01/2024 513,784 0.25
Total South Africa 513,784 0.25
SRI LANKA
USD 440,000 Sri Lanka (Govt of) 5.88% 25/07/2022 442,750 0.22
USD 254,000 Sri Lanka (Govt of) 6.25% 04/10/2020 267,195 0.13
Total Sri Lanka 709,945 0.35
TURKEY
USD 652,000 Hazine Mustesarligi Varlik Kiralama AS 4.56% 10/10/2018 662,950 0.32
USD 922,000 Turkey (Govt of) 5.13% 25/03/2022 928,772 0.45
USD 848,000 Turkey (Govt of) 5.63% 30/03/2021 887,309 0.43
USD 1,623,000 Turkey (Govt of) 6.00% 14/01/2041 1,597,357 0.78
USD 325,000 Turkey (Govt of) 6.25% 26/09/2022 351,119 0.17
USD 970,000 Turkey (Govt of) 6.63% 17/02/2045 1,027,958 0.50
USD 265,000 Turkey (Govt of) 6.75% 03/04/2018 294,150 0.14
USD 710,000 Turkey (Govt of) 6.75% 30/05/2040 760,517 0.37
USD 1,885,000 Turkey (Govt of) 6.88% 17/03/2036 2,050,692 1.00
USD 301,000 Turkey (Govt of) 7.00% 11/03/2019 337,873 0.17
USD 508,000 Turkey (Govt of) 7.25% 05/03/2038 577,952 0.28
USD 1,548,000 Turkey (Govt of) 7.38% 05/02/2025 1,783,567 0.87
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
TURKEY (continued)
USD 842,000 Turkey (Govt of) 7.50% 07/11/2019 968,384 0.47
USD 907,000 Turkey (Govt of) 8.00% 14/02/2034 1,105,633 0.54
Total Turkey 13,334,233 6.49
UKRAINE
USD 429,000 Ukraine (Govt of) 6.25% 17/06/2016 406,591 0.20
USD 203,000 Ukraine (Govt of) 6.75% 14/11/2017 188,353 0.09
Total Ukraine 594,944 0.29
URUGUAY
USD 1,256,648 Uruguay (Govt of) 4.50% 14/08/2024 1,295,164 0.63
USD 259,413 Uruguay (Govt of) 6.88% 28/09/2025 306,633 0.15
UYU 22,795,000 Uruguay (Govt of) 8.94% 14/09/2018 1,882,631 0.92
UYU 26,604,000 Uruguay Government International Bond 7.10% 05/04/2027 2,042,878 1.00
Total Uruguay 5,527,306 2.70
VENEZUELA
USD 601,000 Venezuela (Govt of) 5.75% 26/02/2016 526,446 0.26
USD 1,076,500 Venezuela (Govt of) 6.00% 09/12/2020 724,915 0.35
USD 687,000 Venezuela (Govt of) 7.00% 01/12/2018 532,013 0.26
USD 852,000 Venezuela (Govt of) 7.65% 21/04/2025 575,100 0.28
USD 2,092,500 Venezuela (Govt of) 7.75% 13/10/2019 1,602,070 0.78
USD 765,800 Venezuela (Govt of) 8.25% 13/10/2024 537,094 0.26
USD 1,034,000 Venezuela (Govt of) 8.50% 08/10/2014 1,023,763 0.50
USD 927,400 Venezuela (Govt of) 9.00% 07/05/2023 686,299 0.34
USD 886,800 Venezuela (Govt of) 11.75% 21/10/2026 755,155 0.37
57
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Emerging Market Debt
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Market % of
Value Net Asset
Nominal Value Investment USD Value
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
VENEZUELA (continued)
USD 1,420,500 Venezuela (Govt of) 12.75% 23/08/2022 1,310,411 0.64
Total Venezuela 8,273,266 4.04
ZAMBIA
USD 306,000 Zambia (Govt of) 5.38% 20/09/2022 262,961 0.13
Total Zambia 262,961 0.13
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 133,907,553 65.44
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 176,279,024 86.15
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities
Bonds
INDONESIA
USD 2,228,000 Pertamina PT 5.25% 23/05/2021 2,239,419 1.09
Total Indonesia 2,239,419 1.09
MEXICO
USD 932,000 Petroleos Mexicanos 5.50% 21/01/2021 1,022,474 0.50
USD 356,000 Petroleos Mexicanos 6.00% 05/03/2020 402,463 0.20
USD 1,734,000 Petroleos Mexicanos 6.38% 23/01/2045 1,878,841 0.92
Total Mexico 3,303,778 1.62
NETHERLANDS
USD 1,415,000 Petrobras Global Finance BV 6.25% 17/03/2024 1,452,717 0.71
Total Netherlands 1,452,717 0.71
PERU
USD 1,124,000 El Fondo Mivivienda SA 3.50% 31/01/2023 1,038,025 0.51
Total Peru 1,038,025 0.51
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Bonds (continued)
UNITED STATES
USD 483,000 Pemex Project Funding Master Trust 6.63% 15/06/2038 531,083 0.26
Total United States 531,083 0.26
VENEZUELA
USD 2,631,970 Petroleos de Venezuela SA 9.00% 17/11/2021 1,986,848 0.97
Total Venezuela 1,986,848 0.97
Total Bonds 10,551,870 5.16
Supranationals, Governments and Local Public Authorities,
Debt Instruments
NETHERLANDS
USD 1,635,000 Angola (Govt of) via Northern Lights III BV 7.00% 16/08/2019 1,797,053 0.88
Total Netherlands 1,797,053 0.88
PANAMA
USD 735,000 Panama (Govt of) 5.63% 25/07/2022 793,315 0.39
Total Panama 793,315 0.39
RUSSIAN FEDERATION
RUB 48,951,000 Russia (Govt of) 6.90% 03/08/2016 1,364,935 0.67
RUB 62,994,000 Russia (Govt of) 7.50% 27/02/2019 1,736,463 0.85
Total Russian Federation 3,101,398 1.52
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 5,691,766 2.79
Total Transferable securities and money market
instruments dealt in on another regulated market
and recently issued transferable securities 16,243,636 7.95
58
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Emerging Market Debt
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Other transferable securities and money market instruments
Supranationals, Governments and Local Public Authorities,
Debt Instruments
DOMINICAN REPUBLIC
DOP 58,900,000 Dominican (Govt of) 16.95% 04/02/2022 1,684,274 0.82
DOP 2,100,000 Dominican (Govt of) 18.50% 04/02/2028 59,367 0.03
Total Dominican Republic 1,743,641 0.85
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 1,743,641 0.85
Total Other transferable securities and money
market instruments 1,743,641 0.85
Total value of investments 194,266,301 94.95
(Total cost: USD 200,493,341)
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds
59
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
Portfolio Statementas at March 31, 2014
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Bonds
AZERBAIJAN
USD 492,000 State Oil Company of the Azerbaijan Republic 5.45% 09/02/2017 520,162 0.45
Total Azerbaijan 520,162 0.45
CAYMAN ISLANDS
USD 1,275,000 Odebrecht Finance Limited 7.13% 26/06/2042 1,251,827 1.08
Total Cayman Islands 1,251,827 1.08
COLOMBIA
USD 2,000,000 Ecopetrol SA 5.88% 18/09/2023 2,192,010 1.89
Total Colombia 2,192,010 1.89
COSTA RICA
USD 875,000 Banco de Costa Rica 5.25% 12/08/2018 890,859 0.77
USD 700,000 Banco Nacional de Costa Rica 4.88% 01/11/2018 707,641 0.61
Total Costa Rica 1,598,500 1.38
GEORGIA
USD 1,000,000 Bank of Georgia JSC 7.75% 05/07/2017 1,069,135 0.92
USD 977,000 Georgian Railway JSC 7.75% 11/07/2022 1,046,621 0.90
Total Georgia 2,115,756 1.82
HUNGARY
USD 2,313,000 Magyar Export-Import Bank Rt 5.50% 12/02/2018 2,447,559 2.11
Total Hungary 2,447,559 2.11
INDIA
USD 2,490,000 Export-Import Bank of India 3.88% 02/10/2019 2,501,541 2.16
USD 1,035,000 Indian Railway Finance Corp. Limited 3.92% 26/02/2019 1,039,135 0.90
Total India 3,540,676 3.06
INDONESIA
USD 200,000 Lembaga Pembiayaan Ekspor Indonesia 3.75% 26/04/2017 204,717 0.18
Total Indonesia 204,717 0.18
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
IRELAND
USD 650,000 Rosneft 4.20% 06/03/2022 581,315 0.50 USD 1,089,000 Russian Railways via Rzd
Capital plc 5.74% 03/04/2017 1,141,757 0.99 USD 2,000,000 Vnesheconombank Via Veb
Finance plc 4.22% 21/11/2018 1,921,690 1.66
Total Ireland 3,644,762 3.15
KAZAKHSTAN
USD 993,000 Kazmunaygas National Company Jsc 4.40% 30/04/2023 936,861 0.81
Total Kazakhstan 936,861 0.81
LUXEMBOURG
USD 600,000 Gaz Capital for Gazprom OAO 6.51% 07/03/2022 627,399 0.54
USD 843,000 Gaz Capital SA 8.15% 11/04/2018 958,116 0.83 USD 2,000,000 Gaz Capital SA 9.25% 23/04/2019 2,377,200 2.05 USD 1,000,000 Gazprom OAO Via Gaz Capital
SA 6.00% 23/01/2021 1,024,730 0.88 USD 1,794,000 Russian Agricultural Bank
OJSC via Rshb Capital SA 5.30% 27/12/2017 1,789,632 1.54
USD 1,653,000 Sberbank of Russia via SB Capital SA 4.95% 07/02/2017 1,706,557 1.47
USD 950,000 Sberbank of Russia Via SB Capital SA 6.13% 07/02/2022 984,666 0.85
USD 240,000 Vtb Bank OJSC via Vtb Capital SA 6.00% 12/04/2017 248,982 0.21
Total Luxembourg 9,717,282 8.37
NETHERLANDS
USD 950,000 Intergas Finance BV 6.38% 14/05/2017 1,018,471 0.88
USD 2,000,000 Kazmunaygas National Company Jsc 9.13% 02/07/2018 2,402,200 2.07
USD 676,000 Majapahit Holding BV 7.25% 28/06/2017 764,211 0.65
USD 244,000 Majapahit Holding BV 8.00% 07/08/2019 285,063 0.25
Total Netherlands 4,469,945 3.85
60
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
RUSSIAN FEDERATION
USD 700,000 Gazprom Neft OAO via GPN Capital SA 4.38% 19/09/2022 624,666 0.54
USD 1,844,000 Russian Agricultural Bank OJSC via Rshb Capital SA 5.10% 25/07/2018 1,805,387 1.56
Total Russian Federation 2,430,053 2.10
SRI LANKA
USD 6,140,000 National Savings Bank 8.88% 18/09/2018 6,865,225 5.91
Total Sri Lanka 6,865,225 5.91
TRINIDAD & TOBAGO
USD 2,670,000 Petroleum Company of Trinidad & Tobago Limited 9.75% 14/08/2019 3,378,631 2.92
Total Trinidad & Tobago 3,378,631 2.92
TURKEY
USD 3,414,000 Export Credit Bank of Turkey 5.88% 24/04/2019 3,555,407 3.06
USD 900,000 Export Credit Bank Of Turkey 5.38% 04/11/2016 937,130 0.81
Total Turkey 4,492,537 3.87
UKRAINE
USD 1,850,000 Oschadbank JSC 8.88% 20/03/2018 1,583,017 1.36
Total Ukraine 1,583,017 1.36
UNITED KINGDOM
USD 700,000 State Export-Import Bank of Ukraine JSC via Biz Finance plc 8.75% 22/01/2018 598,567 0.52
Total United Kingdom 598,567 0.52
UNITED STATES
USD 1,658,000 Pemex Project Funding Master Trust 5.75% 01/03/2018 1,852,342 1.60
Total United States 1,852,342 1.60
VENEZUELA
USD 2,131,000 Petroleos de Venezuela SA 5.25% 12/04/2017 1,603,769 1.38
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
VENEZUELA (continued)
USD 2,543,000 Petroleos de Venezuela SA 8.50% 02/11/2017 2,137,341 1.84
Total Venezuela 3,741,110 3.22
Total Bonds 57,581,539 49.65
Supranationals, Governments and Local Public Authorities,
Debt Instruments
ARGENTINA
USD 2,823,061 Argentina (Govt of) 7.00% 17/04/2017 2,523,741 2.18
Total Argentina 2,523,741 2.18
BRAZIL
BRL 10,025 Brazil (Govt of) 0.00% 01/01/2015 4,097,944 3.53 USD 915,000 Brazil (Govt of) 4.25% 07/01/2025 884,027 0.76
Total Brazil 4,981,971 4.29
CROATIA
USD 2,438,000 Croatia (Govt of) 6.25% 27/04/2017 2,622,593 2.26
USD 2,786,000 Croatia (Govt of) 6.75% 05/11/2019 3,077,443 2.65
Total Croatia 5,700,036 4.91
DOMINICAN REPUBLIC
USD 615,000 Dominican (Govt of) 6.60% 28/01/2024 635,280 0.55
USD 453,000 Dominican (Govt of) 7.50% 06/05/2021 507,224 0.44
Total Dominican Republic 1,142,504 0.99
HUNGARY
USD 274,000 Hungary (Govt of) 4.13% 19/02/2018 279,138 0.24
USD 1,170,000 Hungary Government International Bond 4.00% 25/03/2019 1,165,969 1.01
USD 910,000 Mfb Magyar Fejlesztesi Bank Zrt 6.25% 21/10/2020 963,781 0.83
Total Hungary 2,408,888 2.08
INDONESIA
USD 2,801,000 Indonesia (Govt of) 5.38% 17/10/2023 2,905,029 2.50
61
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
INDONESIA (continued)
USD 1,664,000 Indonesia (Govt of) 5.88% 15/01/2024 1,789,016 1.54
Total Indonesia 4,694,045 4.04
IRELAND
USD 1,454,000 VEB Finance Limited 6.90% 09/07/2020 1,528,248 1.32
USD 1,999,000 Vnesheconombank via Veb Finance Limited 5.45% 22/11/2017 2,053,762 1.77
USD 1,569,000 Vnesheconombank via Veb Finance Limited 6.03% 05/07/2022 1,538,020 1.33
USD 954,000 Vnesheconombank via Veb Finance plc 5.38% 13/02/2017 980,431 0.85
Total Ireland 6,100,461 5.27
LUXEMBOURG
USD 2,190,000 RSHB Capital for OJSC Russian Agricultural Bank 7.75% 29/05/2018 2,356,878 2.03
USD 1,371,000 RSHB Capital SA for OJSC Russian Agricultural Bank 6.30% 15/05/2017 1,418,910 1.22
Total Luxembourg 3,775,788 3.25
MEXICO
MXN 204,446 Mexico (Govt of) Bonos 6.25% 16/06/2016 1,640,980 1.41
MXN 512,800 Mexico (Govt of) Bonos 7.75% 14/12/2017 4,334,496 3.74
Total Mexico 5,975,476 5.15
NAMIBIA
USD 834,000 Namibia (Govt of) 5.50% 03/11/2021 876,484 0.76
Total Namibia 876,484 0.76
ROMANIA
USD 1,150,000 Romania (Govt of) 4.88% 22/01/2024 1,171,689 1.01
Total Romania 1,171,689 1.01
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
RUSSIAN FEDERATION
USD 820,931 Russia (Govt of) 7.50% 31/03/2030 934,979 0.81
Total Russian Federation 934,979 0.81
SERBIA
USD 664,000 Serbia (Govt of) 4.88% 25/02/2020 665,175 0.57
USD 1,990,000 Serbia (Govt of) 5.88% 03/12/2018 2,110,614 1.82
Total Serbia 2,775,789 2.39
TURKEY
USD 1,037,000 Turkey (Govt of) 6.75% 03/04/2018 1,151,070 0.99
USD 215,000 Turkey (Govt of) 7.00% 11/03/2019 241,338 0.21
USD 1,372,000 Turkey (Govt of) 7.50% 14/07/2017 1,546,484 1.33
Total Turkey 2,938,892 2.53
UKRAINE
USD 145,000 Ukraine (Govt of) 6.75% 14/11/2017 134,538 0.12
USD 6,979,000 Ukraine (Govt of) 9.25% 24/07/2017 6,854,739 5.91
Total Ukraine 6,989,277 6.03
VENEZUELA
USD 2,410,000 Venezuela (Govt of) 5.75% 26/02/2016 2,111,040 1.82
USD 2,300,000 Venezuela (Govt of) 7.75% 13/10/2019 1,760,938 1.52
Total Venezuela 3,871,978 3.34
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 56,861,998 49.03
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 114,443,537 98.68
62
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities
Bonds
MALAYSIA
USD 660,000 Petronas Cap. Limited 5.25% 12/08/2019 742,269 0.64
Total Malaysia 742,269 0.64
UNITED STATES
USD 1,225,000 Reliance Holdings Inc. 4.50% 19/10/2020 1,244,061 1.07
Total United States 1,244,061 1.07
Total Bonds 1,986,330 1.71
Supranationals, Governments and Local Public Authorities,
Debt Instruments
NETHERLANDS
USD 2,800,000 Angola (Govt of) via Northern Lights III BV 7.00% 16/08/2019 3,077,522 2.65
Total Netherlands 3,077,522 2.65
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 3,077,522 2.65
Total Transferable securities and money market
instruments dealt in on another regulated market
and recently issued transferable securities 5,063,852 4.36
Other transferable securities and money market instruments
Supranationals, Governments and Local Public Authorities,
Debt Instruments
DOMINICAN REPUBLIC
DOP 25,170,000 Dominican (Govt of) 15.50% 01/06/2018 633,383 0.55
Total Dominican Republic 633,383 0.55
MOZAMBIQUE
USD 1,910,000 Mozambique (Govt of) 6.31% 11/09/2020 1,833,666 1.58
Total Mozambique 1,833,666 1.58
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 2,467,049 2.13
Total Other transferable securities and money
market instruments 2,467,049 2.13
Total value of investments 121,974,438 105.17
(Total cost: USD 120,484,672)
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - US$ High Income Bonds
63
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
Portfolio Statementas at March 31, 2014
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Bonds
CAYMAN ISLANDS
USD 204,000 Wynn Macau Limited 5.25% 15/10/2021 208,080 0.79
Total Cayman Islands 208,080 0.79
LUXEMBOURG
USD 142,000 Arcelormittal 6.00% 01/03/2021 151,516 0.59 USD 131,000 Arcelormittal 6.75% 25/02/2022 144,173 0.55 USD 66,000 Wind Acquisition Finance SA
6.50% 30/04/2020 72,185 0.28
Total Luxembourg 367,874 1.42
UNITED KINGDOM
USD 13,000 Royal Bank of Scotland plc FRN 16/03/2022 15,270 0.06
Total United Kingdom 15,270 0.06
UNITED STATES
USD 71,000 ADT Corp. 3.50% 15/07/2022 62,531 0.24 USD 67,000 Air Lease Corp. 4.75%
01/03/2020 71,119 0.27 USD 168,000 Ally Financial Inc. 7.50%
15/09/2020 199,954 0.77 USD 45,000 Alpha Natural Resources Inc.
6.00% 01/06/2019 34,844 0.13 USD 28,000 Alpha Natural Resources Inc.
6.25% 01/06/2021 21,148 0.08 USD 264,000 Atwood Oceanics Inc. 6.50%
01/02/2020 285,258 1.10 USD 93,000 Celanese US Holdings LLC
5.88% 15/06/2021 100,369 0.39 USD 38,000 CenturyLink Inc. 5.63%
01/04/2020 40,078 0.15 USD 135,000 CenturyLink Inc. 5.80%
15/03/2022 138,240 0.53 USD 132,000 CenturyLink Inc. 6.45%
15/06/2021 141,952 0.55 USD 118,000 Cimarex Energy Company 5.88%
01/05/2022 128,516 0.49 USD 56,000 CIT Group Inc. 5.00% 15/08/2022 57,816 0.22 USD 59,000 CIT Group Inc. 5.00% 01/08/2023 60,307 0.23 USD 133,000 CIT Group Inc. 5.25% 15/03/2018 143,048 0.55 USD 89,000 CIT Group Inc. 5.38% 15/05/2020 95,344 0.37 USD 134,000 Comstock Resources Inc. 9.50%
15/06/2020 153,210 0.59 USD 88,000 Concho Resources Inc. 5.50%
01/04/2023 91,524 0.35
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
UNITED STATES (continued)
USD 68,000 Concho Resources Inc. 6.50% 15/01/2022 74,190 0.29
USD 38,000 Concho Resources Inc. 7.00% 15/01/2021 42,161 0.16
USD 114,000 Davita Healthcare Partners Inc. 5.75% 15/08/2022 121,608 0.47
USD 247,000 Dish Dbs Corp. 6.75% 01/06/2021 277,593 1.07 USD 195,000 El Paso Corp. 7.75% 15/01/2032 208,384 0.80 USD 155,000 Graphic Packaging
International Inc. 4.75% 15/04/2021 155,207 0.60
USD 20,000 HCA Holdings Inc. 6.25% 15/02/2021 21,423 0.08
USD 114,000 HCA Inc. 6.50% 15/02/2020 127,388 0.49 USD 101,000 HCA Inc. 4.75% 01/05/2023 100,148 0.38 USD 177,000 HCA Inc. 5.88% 01/05/2023 182,790 0.70 USD 54,000 HCA Inc. 7.50% 15/02/2022 61,788 0.24 USD 90,000 International Lease Finance
Corp. 5.88% 01/04/2019 98,374 0.38 USD 33,000 International Lease Finance
Corp. 6.25% 15/05/2019 36,620 0.14 USD 148,000 International Lease Finance
Corp. 8.25% 15/12/2020 179,141 0.69 USD 36,000 Iron Mountain Inc. 6.00%
15/08/2023 38,404 0.15 USD 185,000 L Brands Inc. 7.00% 01/05/2020 211,508 0.81 USD 126,000 Markwest Energy Partners LP
4.50% 15/07/2023 121,848 0.48 USD 49,000 MarkWest Energy Partners LP
6.25% 15/06/2022 52,969 0.20 USD 94,000 MGM Resorts International
6.63% 15/12/2021 103,239 0.40 USD 161,000 Oasis Petroleum Inc. 6.50%
01/11/2021 173,402 0.67 USD 126,000 Oasis Petroleum Inc. 6.88%
15/01/2023 136,557 0.52 USD 70,000 Peabody Energy Corp. 6.00%
15/11/2018 73,660 0.28 USD 164,000 Plains Exploration & Production
Company 6.88% 15/02/2023 182,711 0.70 USD 197,000 QEP Resources Inc. 6.88%
01/03/2021 217,022 0.83 USD 45,000 QEP Resources Inc. 5.38%
01/10/2022 45,307 0.17 USD 139,000 Reynolds Group Issuer Inc.
7.88% 15/08/2019 153,637 0.59 USD 30,000 Rockwood Specialties Group
Inc. 4.63% 15/10/2020 31,061 0.12
64
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - US$ High Income Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
UNITED STATES (continued)
USD 13,000 Sandridge Energy Inc. 8.13% 15/10/2022 14,170 0.05
USD 25,000 Sonat Inc. 7.00% 01/02/2018 27,545 0.11 USD 20,000 Springleaf Finance Corp. 6.90%
15/12/2017 21,952 0.08 USD 172,000 Synovus Financial Corp. 7.88%
15/02/2019 196,087 0.75 USD 42,000 T-Mobile USA Inc. 6.13%
15/01/2022 44,151 0.17 USD 21,000 T-Mobile USA Inc. 6.54%
28/04/2020 22,657 0.09 USD 50,000 T-Mobile USA Inc. 6.63%
28/04/2021 53,868 0.21 USD 102,000 T-Mobile USA Inc. 6.73%
28/04/2022 109,310 0.42 USD 28,000 T-Mobile USA Inc. 6.84%
28/04/2023 30,085 0.12 USD 68,000 Whiting Petroleum Corp. 5.75%
15/03/2021 73,161 0.28 USD 3,000 Whiting Petroleum Corp. 6.50%
01/10/2018 3,162 0.01
Total United States 5,649,546 21.71
Total Bonds 6,240,770 23.98
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 6,240,770 23.98
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities
Bonds
BERMUDA
USD 34,000 Aircastle Limited 5.13% 15/03/2021 34,165 0.13
Total Bermuda 34,165 0.13
CANADA
USD 18,000 Catamaran Corp. 4.75% 15/03/2021 18,293 0.07
USD 85,000 Kodiak Oil & Gas Corp. 5.50% 15/01/2021 87,237 0.34
USD 178,000 Kodiak Oil & Gas Corp. 5.50% 01/02/2022 182,101 0.70
USD 73,000 Kodiak Oil & Gas Corp. 8.13% 01/12/2019 81,138 0.31
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Bonds (continued)
CANADA (continued)
USD 138,000 Videotron Limited 5.00% 15/07/2022 138,393 0.53
Total Canada 507,162 1.95
LUXEMBOURG
USD 70,000 Intelsat Jackson Holdings SA 7.25% 01/04/2019 75,334 0.29
USD 58,000 Intelsat Jackson Holdings SA 7.25% 15/10/2020 62,942 0.24
USD 35,000 Intelsat Jackson Holdings SA 7.50% 01/04/2021 38,453 0.15
USD 69,000 Intelsat Luxembourg SA 7.75% 01/06/2021 72,881 0.28
USD 50,000 NII International Telecom Sarl 11.38% 15/08/2019 35,500 0.14
USD 76,000 Telecom Italia Capital 7.18% 18/06/2019 87,172 0.33
Total Luxembourg 372,282 1.43
UNITED STATES
USD 119,000 Access Midstream Partners LP 4.88% 15/05/2023 119,841 0.46
USD 120,000 Access Midstream Partners LP 4.88% 15/03/2024 119,813 0.46
USD 36,000 Actuant Corp. 5.63% 15/06/2022 37,710 0.14 USD 97,000 Aes Corp. 7.38% 01/07/2021 110,789 0.43 USD 45,000 Allegion Us Holding Company
Inc. 5.75% 01/10/2021 47,588 0.18 USD 207,000 Ally Financial Inc. 8.00%
15/03/2020 250,040 0.97 USD 55,000 Amc Entertainment Inc. 5.88%
15/02/2022 56,128 0.22 USD 249,000 Amc Networks Inc. 7.75%
15/07/2021 281,063 1.09 USD 35,000 American Axle &
Manufacturing Inc. 5.13% 15/02/2019 36,537 0.14
USD 51,000 American Axle & Manufacturing Inc. 6.25% 15/03/2021 54,487 0.21
USD 52,000 Amsted Industries Inc. 5.00% 15/03/2022 52,455 0.20
USD 124,000 Amsurg Corp. 5.63% 30/11/2020 129,580 0.50 USD 35,000 Antero Resources Finance
Corp. 5.38% 01/11/2021 35,607 0.14 USD 271,000 Apx Group Inc. 6.38%
01/12/2019 279,642 1.06
65
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - US$ High Income Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Bonds (continued)
UNITED STATES (continued)
USD 100,000 Aramark Corp. 5.75% 15/03/2020 105,743 0.41 USD 17,000 Ashland Inc. 4.75% 15/08/2022 16,738 0.06 USD 4,000 AutoNation Inc. 5.50%
01/02/2020 4,348 0.02 USD 43,000 Avis Budget Car Rental LLC
9.75% 15/03/2020 49,769 0.19 USD 184,000 B&G Foods Inc. 4.63%
01/06/2021 182,424 0.70 USD 217,000 Biomet Inc. 6.50% 01/08/2020 233,979 0.90 USD 37,000 Biomet Inc. 6.50% 01/10/2020 39,412 0.15 USD 75,000 Brocade Communications
Systems Inc. 6.88% 15/01/2020 80,531 0.31 USD 123,000 Caesars Entertainment
Operating Company Inc. 8.50% 15/02/2020 108,888 0.42
USD 30,000 Cardtronics Inc. 8.25% 01/09/2018 32,025 0.12
USD 84,000 Carrizo Oil & Gas Inc. 8.63% 15/10/2018 90,384 0.35
USD 278,000 Case New Holland Inc. 7.88% 01/12/2017 326,162 1.26
USD 162,000 Cbs Outdoor Americas Capital LLC 5.25% 15/02/2022 166,600 0.65
USD 13,000 Cbs Outdoor Americas Capital LLC 5.63% 15/02/2024 13,358 0.05
USD 120,000 CCO Holdings LLC 6.50% 30/04/2021 127,352 0.49
USD 36,000 CDW LLC 8.50% 01/04/2019 39,470 0.15 USD 138,000 Cedar Fair LP 5.25% 15/03/2021 140,415 0.54 USD 53,000 CenturyLink Inc. 6.75%
01/12/2023 56,577 0.22 USD 128,000 Chemtura Corp. 5.75%
15/07/2021 133,134 0.51 USD 210,000 Chesapeake Energy Corp.
6.13% 15/02/2021 229,192 0.88 USD 163,000 Chesapeake Energy Corp.
6.63% 15/08/2020 183,451 0.70 USD 127,000 Choice Hotel International Inc.
5.75% 01/07/2022 135,095 0.52 USD 75,000 Chrysler Group LLC 8.00%
15/06/2019 82,500 0.32 USD 94,000 Chrysler Group LLC 8.25%
15/06/2021 106,354 0.41 USD 60,000 Clean Harbors Inc. 5.25%
01/08/2020 62,078 0.24 USD 207,000 Clear Channel Worldwide
Holdings Inc. 6.50% 15/11/2022 221,427 0.86 USD 42,000 Clear Channel Worldwide
Holdings Inc. 6.50% 15/11/2022 44,782 0.17
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Bonds (continued)
UNITED STATES (continued)
USD 29,000 CNH Capital LLC 3.63% 15/04/2018 29,488 0.11
USD 157,000 Columbus Mckinnon Corp. 7.88% 01/02/2019 169,953 0.65
USD 34,000 Concho Resources Inc. 5.50% 01/10/2022 35,456 0.14
USD 3,000 Consol Energy Inc. 6.38% 01/03/2021 3,175 0.01
USD 19,000 Constellation Brands 3.75% 01/05/2021 18,610 0.07
USD 34,000 Continental Resources Inc. 7.13% 01/04/2021 38,632 0.15
USD 27,000 Crestwood Midstream Partners LP 6.13% 01/03/2022 28,350 0.11
USD 203,000 Crown Castle International Corp. 5.25% 15/01/2023 207,284 0.79
USD 139,000 CSC Holdings LLC 6.75% 15/11/2021 156,199 0.60
USD 131,000 Cyrusone LP 6.38% 15/11/2022 137,469 0.52 USD 72,000 Darling Escrow Corp. 5.38%
15/01/2022 74,070 0.28 USD 116,000 Digitalglobe Inc. 5.25%
01/02/2021 115,130 0.44 USD 57,000 DISH DBS Corp. 5.88%
15/07/2022 60,930 0.23 USD 63,000 Dr Horton Inc. 3.75% 01/03/2019 63,162 0.24 USD 28,000 DuPont Fabros Technology Inc.
5.88% 15/09/2021 29,661 0.11 USD 130,000 E*Trade Financial Corp. 6.38%
15/11/2019 141,660 0.54 USD 47,000 Earthlink Inc. 7.38% 01/06/2020 49,103 0.19 USD 212,000 El Paso LLC 6.50% 15/09/2020 232,581 0.89 USD 18,000 Entegris Inc. 6.00% 01/04/2022 18,450 0.07 USD 66,000 Ep Energy AS 9.38% 01/05/2020 76,290 0.29 USD 77,000 Ep Energy LLC 6.88% 01/05/2019 83,028 0.32 USD 75,000 Ep Energy LLC 7.75% 01/09/2022 84,076 0.32 USD 28,000 Equinix Inc. 4.88% 01/04/2020 28,621 0.11 USD 105,000 Equinix Inc. 5.38% 01/04/2023 107,206 0.41 USD 20,000 Equinix Inc. 7.00% 15/07/2021 22,324 0.09 USD 11,000 Frontier Communications Corp.
7.63% 15/04/2024 11,549 0.04 USD 98,000 Frontier Communications Corp.
8.50% 15/04/2020 114,062 0.44 USD 122,000 Frontier Communications Corp.
8.75% 15/04/2022 139,527 0.54 USD 69,000 Frontier Communications Corp.
9.25% 01/07/2021 81,771 0.31 USD 41,000 FTI Consulting Inc. 6.00%
15/11/2022 42,066 0.16
66
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - US$ High Income Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Bonds (continued)
UNITED STATES (continued)
USD 128,000 Fwct-2 Escrow Corp. 5.13% 01/08/2021 131,492 0.51
USD 99,000 Fwct-2 Escrow Corp. 6.88% 01/02/2022 103,775 0.40
USD 197,000 General Motors Company 4.88% 02/10/2023 202,787 0.78
USD 111,000 Gibraltar Industries Inc. 6.25% 01/02/2021 118,631 0.46
USD 84,000 Goodman Networks Inc. 12.13% 01/07/2018 89,880 0.35
USD 32,000 Goodman Networks Inc. 12.13% 01/07/2018 34,240 0.13
USD 38,000 H&E Equipment Services Inc. 7.00% 01/09/2022 41,990 0.16
USD 40,000 HD Supply Inc. 11.00% 15/04/2020 47,580 0.18
USD 54,000 HDTFS Inc. 6.25% 15/10/2022 57,824 0.22 USD 16,000 Hertz Corp. 7.38% 15/01/2021 17,653 0.07 USD 35,000 Hertz Corp. 7.50% 15/10/2018 37,412 0.14 USD 216,000 Hiland Partners LP 7.25%
01/10/2020 235,980 0.91 USD 193,000 Hilton Worldwide Finance
5.63% 15/10/2021 202,490 0.78 USD 166,000 Hughes Satellite Systems Corp.
6.50% 15/06/2019 183,014 0.70 USD 135,000 Huntington Ingalls Industries
Inc. 7.13% 15/03/2021 149,253 0.57 USD 130,000 Huntsman International LLC
4.88% 15/11/2020 131,379 0.50 USD 61,000 Icahn Enterprises LP 5.88%
01/02/2022 61,973 0.24 USD 35,000 Icahn Enterprises LP 6.00%
01/08/2020 37,077 0.14 USD 65,000 Interactive Data Corp. 10.25%
01/08/2018 70,119 0.27 USD 23,000 Interface Inc. 7.63% 01/12/2018 24,610 0.09 USD 18,000 International Lease Finance
Corp. 8.63% 15/01/2022 22,153 0.09 USD 30,000 International Lease Finance
Corp. FRN 15/03/2017 35,240 0.14 USD 144,000 Ipalco Enterprises Inc. 5.00%
01/05/2018 152,299 0.59 USD 36,000 KB Home 4.75% 15/05/2019 36,337 0.14 USD 24,000 Lamar Media Corp. 5.38%
15/01/2024 24,720 0.09 USD 145,000 Lamar Media Corp. 5.88%
01/02/2022 153,951 0.59 USD 58,000 Laredo Petroleum Inc. 5.63%
15/01/2022 58,754 0.23
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Bonds (continued)
UNITED STATES (continued)
USD 60,000 Laredo Petroleum Inc. 7.38% 01/05/2022 66,684 0.26
USD 116,000 Laredo Petroleum Inc. 9.50% 15/02/2019 128,615 0.49
USD 18,000 Level 3 Financing Inc. FRN 15/01/2018 18,383 0.07
USD 35,000 Level 3 Financing Inc. 6.13% 15/01/2021 37,013 0.14
USD 14,000 Level 3 Financing Inc. 7.00% 01/06/2020 15,243 0.06
USD 7,000 Level 3 Financing Inc. 8.13% 01/07/2019 7,699 0.03
USD 100,000 Level 3 Financing Inc. 8.63% 15/07/2020 112,374 0.43
USD 154,000 Level 3 Financing Inc. 9.38% 01/04/2019 171,042 0.66
USD 49,000 Lifepoint Hospitals Inc. 5.50% 01/12/2021 51,260 0.20
USD 82,000 Markwest Energy Partners LP 5.50% 15/02/2023 84,344 0.32
USD 9,000 Mediacom Broadband LLC 5.50% 15/04/2021 9,068 0.03
USD 41,000 Meritage Homes Corp. 4.50% 01/03/2018 42,116 0.16
USD 152,000 Meritage Homes Corp. 7.00% 01/04/2022 168,339 0.65
USD 72,000 Metropcs Wireless Inc. 6.63% 01/04/2023 76,549 0.29
USD 168,000 MGM Resorts International 6.75% 01/10/2020 186,341 0.72
USD 75,000 NCR Corp. 4.63% 15/02/2021 75,677 0.29 USD 90,000 NCR Corp. 5.00% 15/07/2022 90,420 0.34 USD 2,000 NCR Escrow Corp. 5.88%
15/12/2021 2,115 0.01 USD 7,000 NCR Escrow Corp. 6.38%
15/12/2023 7,473 0.03 USD 20,000 Netfl ix Inc. 5.75% 01/03/2024 20,841 0.08 USD 292,000 Nielsen Finance LLC 4.50%
01/10/2020 295,552 1.14 USD 20,000 Nortek Inc. 8.50% 15/04/2021 22,350 0.09 USD 175,000 Nrg Energy Inc. 6.25%
15/07/2022 179,954 0.68 USD 58,000 Oasis Petroleum Inc. 7.25%
01/02/2019 62,172 0.24 USD 163,000 Oil States International Inc.
6.50% 01/06/2019 172,083 0.66 USD 159,000 Oshkosh Corp. 8.50% 01/03/2020 174,837 0.67 USD 41,000 Peabody Energy Corp. 6.25%
15/11/2021 41,125 0.16
67
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - US$ High Income Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Bonds (continued)
UNITED STATES (continued)
USD 31,000 Penn National Gaming Inc. 5.88% 01/11/2021 30,535 0.12
USD 173,000 Pnk Finance Corp. 6.38% 01/08/2021 180,785 0.69
USD 135,000 Polypore International Inc. 7.50% 15/11/2017 143,269 0.56
USD 150,000 Range Resources Corp. 5.00% 15/03/2023 152,129 0.58
USD 16,000 Regal Entertainment Group 5.75% 15/03/2022 16,467 0.06
USD 37,000 Regency Energy Partners LP 4.50% 01/11/2023 34,578 0.13
USD 70,000 Regency Energy Partners LP 5.50% 15/04/2023 70,713 0.27
USD 11,000 Regency Energy Partners LP 5.88% 01/03/2022 11,429 0.04
USD 74,000 Regency Energy Partners LP 6.50% 15/07/2021 79,672 0.31
USD 106,000 Revlon Consumer Products Corp. 5.75% 15/02/2021 106,875 0.41
USD 119,000 Reynolds Group Issuer Inc. 5.75% 15/10/2020 124,545 0.48
USD 67,000 Rite Aid Corp. 8.00% 15/08/2020 74,759 0.29 USD 20,000 Sabine Pass Liquefaction LLC
6.25% 15/03/2022 20,828 0.08 USD 11,000 Sandridge Energy Inc. 7.50%
15/02/2023 11,720 0.05 USD 10,000 Sba Communications Corp.
5.63% 01/10/2019 10,525 0.04 USD 125,000 Sba Telecommunications Inc.
5.75% 15/07/2020 131,563 0.51 USD 23,000 Shea Homes LP 8.63%
15/05/2019 25,473 0.10 USD 57,000 SM Energy Company 5.00%
15/01/2024 55,623 0.21 USD 29,000 SM Energy Company 6.50%
15/11/2021 31,306 0.12 USD 31,000 SM Energy Company 6.50%
01/01/2023 33,300 0.13 USD 130,000 Southern Star Central Corp.
6.75% 01/03/2016 130,325 0.50 USD 62,000 Spectrum Brands Inc. 6.38%
15/11/2020 67,317 0.26 USD 21,000 Spectrum Brands Inc. 6.63%
15/11/2022 22,956 0.09 USD 18,000 Spectrum Brands Inc. 6.75%
15/03/2020 19,529 0.08 USD 187,000 Speedway Motorsports Inc.
6.75% 01/02/2019 199,622 0.76
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Bonds (continued)
UNITED STATES (continued)
USD 16,000 Springleaf Finance Corp. 6.00% 01/06/2020 16,360 0.06
USD 74,000 Springleaf Finance Corp. 7.75% 01/10/2021 82,325 0.32
USD 28,000 Springleaf Finance Corp. 8.25% 01/10/2023 31,360 0.12
USD 61,000 Sprint Corp. 7.25% 15/09/2021 66,622 0.26 USD 95,000 Sprint Corp. 7.88% 15/09/2023 104,727 0.40 USD 49,000 Sprint Nextel Corp. 6.00%
15/11/2022 50,064 0.19 USD 110,000 Tempur Sealy International Inc.
6.88% 15/12/2020 120,862 0.47 USD 109,000 Tenet Healthcare Corp. 4.50%
01/04/2021 107,018 0.41 USD 91,000 Tenet Healthcare Corp. 4.75%
01/06/2020 91,821 0.35 USD 12,000 Tenet Healthcare Corp. 6.00%
01/10/2020 12,863 0.05 USD 149,000 Tenet Healthcare Corp. 8.13%
01/04/2022 166,560 0.64 USD 34,000 Titan International Inc. 6.88%
01/10/2020 36,210 0.14 USD 42,000 T-Mobile USA Inc. 6.50%
15/01/2024 44,095 0.17 USD 16,000 Transdigm Inc. 5.50% 15/10/2020 16,328 0.06 USD 105,000 Transdigm Inc. 7.50% 15/07/2021 116,177 0.45 USD 16,000 Treehouse Foods Inc. 4.88%
15/03/2022 16,120 0.06 USD 91,000 United Rentals North America
Inc. 5.75% 15/07/2018 97,472 0.38 USD 31,000 United Rentals North America
Inc. 5.75% 15/11/2024 31,295 0.12 USD 35,000 United Rentals North America
Inc. 6.13% 15/06/2023 37,200 0.14 USD 34,000 United Rentals North America
Inc. 7.38% 15/05/2020 37,609 0.14 USD 111,000 United Rentals North America
Inc. 7.63% 15/04/2022 124,786 0.49 USD 45,000 Verisign Inc. 4.63% 01/05/2023 43,350 0.17 USD 205,000 Visteon Corp. 6.75% 15/04/2019 215,875 0.83 USD 143,000 Windstream Corp. 7.75%
15/10/2020 154,464 0.59
Total United States 15,413,039 59.22
Total Bonds 16,326,648 62.73
Total Transferable securities and money market
instruments dealt in on another regulated market
and recently issued transferable securities 16,326,648 62.73
68
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - US$ High Income Bonds
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Other transferable securities and money market instruments
Bonds
CANADA
USD 89,000 MDC Partners Inc. 6.75% 01/04/2020 94,118 0.36
USD 51,000 Meg Energy Corp. 7.00% 31/03/2024 53,953 0.21
USD 69,000 Valeant Pharmaceuticals International Inc. 5.63% 01/12/2021 72,907 0.28
USD 118,000 Vpii Escrow Corp. 7.50% 15/07/2021 133,340 0.51
Total Canada 354,318 1.36
LUXEMBOURG
USD 63,000 Ineos Group Holdings SA 5.88% 15/02/2019 64,693 0.25
USD 87,000 Pacifi c Drilling SA 5.38% 01/06/2020 86,706 0.33
Total Luxembourg 151,399 0.58
NETHERLANDS
USD 57,000 Playa Resorts Holding BV 8.00% 15/08/2020 61,845 0.24
Total Netherlands 61,845 0.24
UNITED STATES
USD 68,000 Activision Blizzard Inc. 5.63% 15/09/2021 72,508 0.28
USD 93,000 Ads Tactical Inc. 11.00% 01/04/2018 93,233 0.36
USD 80,000 Arch Coal Inc. 8.00% 15/01/2019 80,060 0.32 USD 29,000 Ashtead Capital Inc. 6.50%
15/07/2022 31,683 0.12 USD 27,000 First Data Corp. P.P. 144A 8.25%
15/01/2021 29,430 0.11 USD 64,000 Neff Rental LLC P.P. 144A 9.63%
15/05/2016 66,880 0.26 USD 109,000 Nuance Communications Inc.
5.38% 15/08/2020 109,000 0.42 USD 97,000 PQ Corp. 8.75% 01/05/2018 106,215 0.41 USD 58,000 Provident Funding Associates
LP 6.75% 15/06/2021 58,290 0.22 USD 101,000 Renaissance Acquisition Corp.
6.88% 15/08/2021 104,149 0.40 USD 14,000 Rki Exploration & Production
8.50% 01/08/2021 15,190 0.06 USD 50,000 Sirius Xm Radio Inc. P.P. 144A
5.25% 15/08/2022 51,750 0.20 USD 30,000 Southern Star Central Corp.
6.75% 01/03/2016 30,075 0.12
Other transferable securities and money market instruments (continued)
Bonds (continued)
UNITED STATES (continued)
USD 108,000 Sprint Communications Inc. 7.00% 01/03/2020 124,529 0.48
USD 26,000 Tunica-Biloxi Gaming Authority 9.00% 15/11/2015 22,685 0.09
USD 39,000 Univision Communications Inc. 5.13% 15/05/2023 40,073 0.15
USD 62,000 Univision Communications Inc. P.P. 144A 6.75% 15/09/2022 68,774 0.26
Total United States 1,104,524 4.26
Total Bonds 1,672,086 6.44
Total Other transferable securities and money
market instruments 1,672,086 6.44
Total value of investments 24,239,504 93.15
(Total cost: USD 23,321,055)
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Global Asset Allocation
69
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Quantity/ Value Net Asset
Nominal Value Investment USD Value
Market % of
Quantity/ Value Net Asset
Nominal Value Investment USD Value
Portfolio Statementas at March 31, 2014
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Bonds
AUSTRALIA
USD 325,000 Westpac Banking Corp. 1.25% 15/12/2017 320,122 0.34
Total Australia 320,122 0.34
BERMUDA
USD 400,000 CBQ Finance Limited 3.38% 11/04/2017 418,248 0.44
Total Bermuda 418,248 0.44
CAYMAN ISLANDS
USD 300,000 Hutchison Whampoa International 11 Limited 3.50% 13/01/2017 315,813 0.34
Total Cayman Islands 315,813 0.34
GERMANY
USD 500,000 Landeskreditbank Baden-Wuerttemberg Foerderbank 1.63% 25/04/2017 507,482 0.54
Total Germany 507,482 0.54
UNITED KINGDOM
USD 250,000 Abbey National Treasury Services plc FRN 25/04/2014 250,306 0.27
Total United Kingdom 250,306 0.27
UNITED STATES
USD 475,000 General Electric Capital Corp. 2.95% 09/05/2016 495,886 0.53
USD 200,000 Kellogg Company 1.75% 17/05/2017 202,238 0.21
Total United States 698,124 0.74
Total Bonds 2,510,095 2.67
Supranationals, Governments and Local Public Authorities,
Debt Instruments
AUSTRALIA
AUD 3,000,000 Australia (Govt of) 2.75% 21/04/2024 2,477,484 2.63
AUD 6,500,000 Australia (Govt of) 3.25% 21/04/2029 5,211,273 5.53
AUD 250,000 Australia (Govt of) 5.25% 15/03/2019 250,694 0.27
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
AUSTRALIA (continued)
AUD 2,000,000 Australia (Govt of) 5.50% 21/04/2023 2,065,606 2.20
AUD 1,500,000 New South Wales Treasury Corp. 3.50% 20/03/2019 1,377,318 1.46
Total Australia 11,382,375 12.09
BRAZIL
BRL 3,900 Brazil (Govt of) 10.00% 01/01/2017 1,636,694 1.74
Total Brazil 1,636,694 1.74
CANADA
USD 500,000 Ontario Canada (Province of) 1.10% 25/10/2017 495,323 0.53
Total Canada 495,323 0.53
FINLAND
USD 400,000 Municipality Finance plc 1.63% 25/04/2017 405,848 0.43
Total Finland 405,848 0.43
MEXICO
MXN 225,000 Mexico (Govt of) Bonos 6.50% 09/06/2022 1,777,721 1.89
MXN 200,000 Mexico (Govt of) Bonos 7.25% 15/12/2016 1,651,437 1.76
MXN 240,000 Mexico (Govt of) Bonos 7.50% 03/06/2027 1,999,280 2.12
Total Mexico 5,428,438 5.77
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 19,348,678 20.56
Equities
AUSTRALIA
16,184 Ansell Limited 276,153 0.29
Total Australia 276,153 0.29
BELGIUM
8,099 Anheuser-Busch InBev NV 849,462 0.90
Total Belgium 849,462 0.90
70
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Asset Allocation
Portfolio Statement(continued)
Market % of
Quantity/ Value Net Asset
Nominal Value Investment USD Value
Market % of
Quantity/ Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
CANADA
5,900 Methanex Corp. 378,134 0.40 16,700 Suncor Energy Inc. 584,178 0.62
Total Canada 962,312 1.02
CHINA
50,500 Ping An Insurance Group Company of China Limited 418,606 0.44
Total China 418,606 0.44
COLOMBIA
USD 5,200 BanColombia SA - ADR 293,696 0.31
Total Colombia 293,696 0.31
GERMANY
3,430 Brenntag AG 636,544 0.68 2,682 Continental AG 642,816 0.68
Total Germany 1,279,360 1.36
HONG KONG
104,000 China Overseas Land & Investment Limited 269,484 0.29
Total Hong Kong 269,484 0.29
INDONESIA
302,800 Bank Rakyat Indonesia 255,226 0.27
Total Indonesia 255,226 0.27
IRELAND
9,860 Covidien Limited 726,288 0.76
Total Ireland 726,288 0.76
JAPAN
18,500 Aeon Company Limited 208,919 0.22 108,000 Chuo Mitsui Trust Holdings Inc. 488,692 0.52
22,400 Fuji Media Holdings Inc. 412,176 0.44 20,100 Japan Exchange Group Inc. 491,448 0.52
185,000 Mazda Motor Corp. 822,741 0.87 92,500 Nomura Holdings Inc. 594,601 0.63
4,100 Ryohin Keikaku Company Limited 395,727 0.42
58,000 Sekisui Chemical Company Limited 604,301 0.64
44,000 Shimadzu Corp. 391,785 0.42
Total Japan 4,410,390 4.68
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
MEXICO
USD 3,800 Fomento Economico Mexicano SA de CV - ADR 354,312 0.38
57,700 Grupo Financiero Banorte SA de CV 388,375 0.41
Total Mexico 742,687 0.79
NETHERLANDS
73,863 Aegon NV 678,305 0.72
Total Netherlands 678,305 0.72
PANAMA
3,708 Copa Holdings SA 538,365 0.57
Total Panama 538,365 0.57
REPUBLIC OF KOREA (SOUTH)
541 Samsung Electronics Company Limited 682,569 0.72
Total Republic of Korea (South) 682,569 0.72
SINGAPORE
104,000 Global Logistic Properties Limited 219,156 0.23
Total Singapore 219,156 0.23
SWITZERLAND
11,697 Nestle SA - Reg 881,231 0.94 7,267 Novartis AG - Reg 616,998 0.66
16,147 Tyco International Limited 684,633 0.73 43,807 UBS AG - Reg 905,548 0.96
Total Switzerland 3,088,410 3.29
UNITED KINGDOM
9,129 Aon plc 769,392 0.82 22,767 BG Group plc 424,158 0.45 89,146 HSBC Holdings plc 902,865 0.96
6,378 Liberty Global Inc. - A 265,325 0.28 6,378 Liberty Global plc 259,648 0.28
17,360 Tullow Oil plc 216,629 0.23 24,366 Unilever plc 1,040,324 1.10
117,369 Vodafone Group plc 431,065 0.46 7,038 Whitbread plc 488,344 0.52
Total United Kingdom 4,797,750 5.10
71
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Asset Allocation
Portfolio Statement(continued)
Market % of
Quantity/ Value Net Asset
Nominal Value Investment USD Value
Market % of
Quantity/ Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
UNITED STATES
2,521 Affi liated Managers Group 504,326 0.54 4,788 Airgas Inc. 509,970 0.54 9,479 American Express Company 853,393 0.92
11,793 American International Group Inc. 589,768 0.63 3,971 Amgen Inc. 489,783 0.52 6,400 Amphenol Corp. 586,560 0.62
14,860 Apollo Global Management LLC 472,548 0.50 1,879 Apple Inc. 1,008,534 1.07 9,101 Autodesk Inc. 447,587 0.48
15,556 Blackstone Group LP 517,237 0.55 14,082 Bristol-Myers Squibb Company 731,560 0.78
4,497 Charter Communications Inc. 554,030 0.59 12,320 Comcast Corp. 616,247 0.65
9,715 Discover Financial Services 565,316 0.60 20,444 Ebay Inc. 1,129,327 1.20
6,310 Enterprise Products Partners LP 437,662 0.47 7,032 Equifax Inc. 478,387 0.51 7,872 Estee Lauder Companies Inc. 526,479 0.56
13,204 Facebook Inc. - A 795,409 0.85 8,238 Gilead Sciences Inc. 583,745 0.62 1,025 Google Inc. 1,142,373 1.22
20,457 JPMorgan Chase & Company 1,241,945 1.33 9,427 Lam Research Corp. 518,485 0.55 9,616 Las Vegas Sands Corp. 776,781 0.82 6,920 Mastercard Inc. 516,924 0.55 4,057 McDonald’s Corp. 397,708 0.43 5,909 Mead Johnson Nutrition
Company - A 491,274 0.52 6,400 Nike Inc. 472,704 0.50 6,293 Occidental Petroleum Corp. 599,660 0.64
31,184 Pfi zer Inc. 1,001,630 1.06 5,491 Praxair Inc. 719,157 0.76
816 Priceline.com Inc. 972,582 1.03 6,759 Qualcomm Inc. 533,015 0.57 5,735 Sirona Dental Systems Inc. 428,232 0.46 5,799 TJX Companies Inc. 351,709 0.37
10,713 Tyco Electronics Limited 645,030 0.69 3,671 Union Pacifi c Corp. 688,899 0.73 9,940 United Rentals Inc. 943,704 1.00 2,866 Visa Inc. 618,655 0.66
11,688 Walt Disney Company 935,859 0.99 8,587 Wesco International Inc. 714,610 0.76
Total United States 27,108,804 28.84
Total Equities 47,597,023 50.58
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Structured Instruments - Commodities
IRELAND
USD 4,290 Source Physical Markets Gold ETC 0.00% 544,616 0.58
Total Ireland 544,616 0.58
Total Structured Instruments - Commodities 544,616 0.58
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 70,000,412 74.39
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities
Bonds
NORWAY
USD 475,000 Eksportfi nans ASA 3.00% 17/11/2014 477,261 0.51
Total Norway 477,261 0.51
UNITED STATES
USD 102,000 Citigroup Inc. 6.38% 12/08/2014 104,126 0.11
Total United States 104,126 0.11
Total Bonds 581,387 0.62
Supranationals, Governments and Local Public Authorities,
Debt Instruments
AUSTRALIA
AUD 1,300,000 New South Wales Treasury Corp. 6.00% 01/04/2019 1,335,679 1.42
Total Australia 1,335,679 1.42
ISRAEL
USD 725,000 Israel (Govt of) AID Bond 5.50% 04/12/2023 861,417 0.92
Total Israel 861,417 0.92
UNITED STATES
USD 225,000 Federal Home Loan Mortgage Corp. 1.00% 20/08/2014 225,784 0.24
USD 1,000,000 United States Treasury Bill 0.00% 03/04/2014 1,000,000 1.06
USD 2,000,000 United States Treasury Bill 0.00% 29/05/2014 1,999,944 2.13
72
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Asset Allocation
Portfolio Statement(continued)
Market % of
Quantity/ Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
UNITED STATES (continued)
USD 3,000,000 United States Treasury Bill 0.00% 26/06/2014 2,999,767 3.18
USD 775,000 United States Treasury Infl ation Indexed N/B FRN 15/02/2041 995,855 1.06
Total United States 7,221,350 7.67
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 9,418,446 10.01
Total Transferable securities and money market
instruments dealt in on another regulated market
and recently issued transferable securities 9,999,833 10.63
Undertakings for collective investments in transferable securities
Funds
LUXEMBOURG
146,476 Threadneedle (Lux) - Enhanced Commodities Portfolio 3,418,756 3.63
Total Luxembourg 3,418,756 3.63
UNITED KINGDOM
1,041,435 Threadneedle Global Emerging Markets Equity Fund 1,294,088 1.38
695,183 Threadneedle European High Yield Bond Fund 972,795 1.03
Total United Kingdom 2,266,883 2.41
Total Funds 5,685,639 6.04
Total Undertakings for collective investments
in transferable securities 5,685,639 6.04
Total value of investments 85,685,884 91.06
(Total cost: USD 80,261,452)
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Global Focus
73
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
Portfolio Statementas at March 31, 2014
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
AUSTRALIA
15,473 CSL Limited 997,570 2.13
Total Australia 997,570 2.13
BELGIUM
8,413 Anheuser-Busch InBev NV 882,396 1.89
Total Belgium 882,396 1.89
DENMARK
31,030 Novo-Nordisk A/S 1,413,735 3.02
Total Denmark 1,413,735 3.02
FINLAND
17,992 Sampo Oyj - A 933,625 2.00
Total Finland 933,625 2.00
FRANCE
6,005 L’Oreal SA 990,684 2.12
Total France 990,684 2.12
GERMANY
8,424 Bayer AG 1,139,907 2.444,928 Brenntag AG 914,545 1.96
26,930 Deutsche Post AG - Reg 1,001,026 2.14
Total Germany 3,055,478 6.54
HONG KONG
253,200 Aia Group Limited 1,201,199 2.57
Total Hong Kong 1,201,199 2.57
JAPAN
28,500 Japan Tobacco Inc. 896,635 1.92
Total Japan 896,635 1.92
MEXICO
2,600 Fomento Economico Mexicano SA de CV - ADR 242,424 0.52
76,000 Grupo Financiero Banorte SA de CV 511,551 1.09
Total Mexico 753,975 1.61
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
SINGAPORE
70,000 DBS Group Holdings Limited 900,083 1.93
Total Singapore 900,083 1.93
SWITZERLAND
12,027 Nestle SA - Reg 906,092 1.9411,088 Tyco International Limited 470,131 1.01
Total Switzerland 1,376,223 2.95
UNITED KINGDOM
10,929 Aon plc 921,096 1.9728,578 Diageo plc 886,651 1.89
7,900 Liberty Global Inc. - A 328,640 0.707,900 Liberty Global plc 321,609 0.69
27,528 Rolls-Royce Holdings plc 492,894 1.0522,345 Unilever plc 954,036 2.04
Total United Kingdom 3,904,926 8.34
UNITED STATES
25,922 American Express Company 2,333,759 4.997,609 Amgen Inc. 938,494 2.01
14,996 Colgate-Palmolive Company 972,791 2.0827,401 Discovery Holding Company - A 2,266,063 4.8513,756 Estee Lauder Companies Inc. 920,001 1.97
1,706 Google Inc. 1,901,354 4.0727,770 Mastercard Inc. 2,074,419 4.44
3,914 Mettler Toledo International Inc. 922,452 1.9713,006 Nike Inc. 960,623 2.0611,221 Philip Morris International Inc. 918,664 1.9610,533 Praxair Inc. 1,379,507 2.95
1,570 Priceline.com Inc. 1,871,267 4.003,033 Sherwin-Williams Company 597,895 1.28
13,832 Sirona Dental Systems Inc. 1,032,835 2.219,204 Thermo Electron Corp. 1,106,688 2.36
15,283 TJX Companies Inc. 926,914 1.9811,070 Tyco Electronics Limited 666,525 1.43
7,486 Union Pacifi c Corp. 1,404,823 3.018,091 Visa Inc. 1,746,523 3.74
30,495 Walt Disney Company 2,441,735 5.2336,500 Wells Fargo & Company 1,815,511 3.88
Total United States 29,198,843 62.47
Total Equities 46,505,372 99.49
74
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Focus
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Total Transferable securities and money
market instruments admitted to an offi cial
exchange listing 46,505,372 99.49
Total value of investments 46,505,372 99.49
(Total cost: USD 39,198,541)
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Global Emerging Market Equities
75
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
Portfolio Statementas at March 31, 2014
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
AUSTRALIA
1,835 Ansell Limited 31,311 0.79
Total Australia 31,311 0.79
BRAZIL
9,276 Alpargatas SA 51,796 1.313,267 BRF - Brasil Foods SA - ADR 65,275 1.661,000 Linx SA 19,770 0.50
800 M Dias Branco SA 32,404 0.825,362 Petroleo Brasileiro SA - ADR 74,372 1.89
Total Brazil 243,617 6.18
CAYMAN ISLANDS
380 58.com Inc. - ADR 15,819 0.4016,000 CIMC Enric Holdings Limited 22,565 0.57
3,500 Hengan International Group Company Limited 36,254 0.92
300 Sina Corp. 18,123 0.461,300 Tencent Holdings Limited 90,414 2.29
Total Cayman Islands 183,175 4.64
CHINA
14,000 China Oilfi eld Services Limited 32,848 0.8442,000 China Petroleum & Chemical
Corp. 37,576 0.9520,000 Dongfeng Motor Group
Company Limited 28,310 0.721,500 Great Wall Automobile Holding
Company 7,522 0.196,500 Zhuzhou CSR Times Electric
Company Limited - H 21,912 0.56
Total China 128,168 3.26
CZECH REPUBLIC
269 Komercni Banka AS 64,332 1.63
Total Czech Republic 64,332 1.63
GREECE
38,125 Alpha Bank AE 37,570 0.95
Total Greece 37,570 0.95
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
HONG KONG
8,000 Aia Group Limited 37,953 0.9611,000 China Mengniu Dairy Company
Limited 55,092 1.402,500 China Mobile Hong Kong
Limited 22,882 0.5830,000 Guangdong Investments
Limited 28,658 0.7330,000 Lenovo Group Limited 33,144 0.8415,000 Sun Art Retail Group Limited 18,854 0.48
Total Hong Kong 196,583 4.99
INDIA
1,619 HDFC Bank Limited - ADR 66,428 1.691,150 Icici Bank Limited - ADR 50,370 1.28
951 Infosys Technologies Limited - ADR 51,526 1.31
Total India 168,324 4.28
LUXEMBOURG
9,900 Samsonite International SA 30,630 0.77
Total Luxembourg 30,630 0.77
MALAYSIA
27,100 Digi.Com Bhd 44,731 1.1412,000 IJM Corp. Bhd 22,563 0.5712,400 Tenaga Nasional Bhd 45,415 1.16
Total Malaysia 112,709 2.87
MEXICO
16,500 Alfa SA de CV 41,754 1.0611,700 Bolsa Mexicana de Valores
SAB de CV 23,089 0.594,167 Cemex SAB de CV - ADR 52,629 1.343,400 El Puerto de Liverpool SAB
de CV 37,240 0.9511,700 Grupo Financiero Banorte SA
de CV 78,752 2.0116,557 Grupo Lala SAB de CV 34,475 0.87
1,700 Grupo Televisa SA - ADR 56,593 1.4416,300 OHL Mexico SAB de CV 42,310 1.0719,200 TF Administradora Industrial S
de RL de CV 38,404 0.97
Total Mexico 405,246 10.30
76
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Emerging Market Equities
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
PANAMA
133 Copa Holdings SA 19,310 0.49
Total Panama 19,310 0.49
PHILIPPINES
42,900 Alliance Global Group Inc. 27,264 0.691,570 GT Capital Holdings Inc. 27,500 0.70
261,900 Metro Pacifi c Investments Corp. 27,624 0.70
14,245 Metropolitan Bank & Trust 24,554 0.62535 Philippine Long Distance
Telephone 32,569 0.8322,290 Robinsons Retail Holdings Inc. 33,799 0.8615,550 Universal Robina Corp. 49,238 1.25
Total Philippines 222,548 5.65
POLAND
526 Bank Pekao SA 34,226 0.874,284 Energa SA 25,309 0.64
Total Poland 59,535 1.51
REPUBLIC OF KOREA (SOUTH)
83 CJ O Shopping Company Limited 28,406 0.72
920 Gs Retail Company Limited 23,293 0.591,000 Halla Climate Control 45,657 1.162,090 Hana Financial Group Inc. 76,377 1.93
790 Hynix Semiconductor Inc. 26,718 0.6873 Hyundai Department Store
Company Limited 9,738 0.25179 Hyundai Motor Company 42,208 1.07
2,228 Korea Electric Power Corp. - ADR 38,255 0.97
95 Nhn Corp. 69,078 1.7583 Samsung Electronics Company
Limited 104,720 2.661,847 SK Telecom Company
Limited - ADR 41,687 1.06
Total Republic of Korea (South) 506,137 12.84
RUSSIAN FEDERATION
4,336 Gazprom OAO - ADR - Reg 33,387 0.85796 Mail.Ru Group Limited - GDR 28,218 0.72
1,065 Megafon OAO - GDR 29,980 0.76
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
RUSSIAN FEDERATION (continued)
238 NovaTek OAO - GDR 26,180 0.662,695 TMK OAO - GDR 23,581 0.60
Total Russian Federation 141,346 3.59
SOUTH AFRICA
2,460 Aspen Pharmacare Holdings Limited 65,793 1.67
2,832 Discovery Holdings Limited 22,717 0.584,230 Impala Platinum Holdings
Limited 48,261 1.23763 Naspers Limited 84,247 2.13
Total South Africa 221,018 5.61
TAIWAN
35,000 Advanced Semiconductor Engineering Inc. 38,847 0.99
2,370 Chinatrust Financial Holding Company 1,483 0.04
8,000 Delta Electronics Inc. 49,389 1.252,000 Eclat Textile Company Limited 23,118 0.59
20,000 Hon Hai Precision Industry 56,678 1.443,000 MediaTek Inc. 44,282 1.127,000 President Chain Store Corp. 49,421 1.247,933 Taiwan Semiconductor
Manufacturing Company Limited - ADR 158,818 4.03
1,895 Taiwan Semiconductor Manufacturing Company Limited 7,374 0.19
Total Taiwan 429,410 10.89
THAILAND
3,700 Airports of Thailand pcl 22,127 0.567,400 Bangkok Bank pcl - NVDR 40,718 1.03
11,100 PTT Global Chemical pcl 24,722 0.633,400 Siam Commercial Bank
pcl - Reg 16,507 0.4222,500 Thai Union Frozen Products pcl 47,684 1.2113,000 Total Access Communication
pcl - NVDR 46,685 1.18
Total Thailand 198,443 5.03
77
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Emerging Market Equities
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
TURKEY
957 Coca-Cola Icecek AS 23,039 0.5817,987 Turk Sise ve Cam Fabrikalari AS 19,507 0.50
8,148 Turkiye Garanti Bankasi AS 27,881 0.71
Total Turkey 70,427 1.79
UNITED KINGDOM
1,787 Al Noor Hospitals Group plc 31,997 0.814,456 Lonmin plc 21,246 0.54
Total United Kingdom 53,243 1.35
VIRGIN ISLANDS (BRITISH)
691 Luxoft Holding Inc. 24,233 0.61
Total Virgin Islands (British) 24,233 0.61
Total Equities 3,547,315 90.02
Warrants Equity
LUXEMBOURG
588 Bajaj Auto Limited - Wts 06/02/2017 20,514 0.52
1,262 Just Dial Limited - Wts 03/12/2018 32,741 0.82
Total Luxembourg 53,255 1.34
NETHERLANDS
1,299 Apollo Hospitals Enterprise Limited - Wts 07/11/2017 19,933 0.51
1,681 JPMorgan - Lupin Ltd - Wts 26,265 0.67
Total Netherlands 46,198 1.18
Total Warrants Equity 99,453 2.52
Structured notes
INDIA
5,847 JPMorgan Structured Products BV 0.00% 16/02/2017 34,410 0.87
Total India 34,410 0.87
Total Structured notes 34,410 0.87
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 3,681,178 93.41
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities
Equities
RUSSIAN FEDERATION
31,539 Alrosa Company Limited 32,369 0.82152 Magnit OAO 35,039 0.89
26,660 Surgutneftegaz - Pfd 19,309 0.49
Total Russian Federation 86,717 2.20
Total Equities 86,717 2.20
Total Transferable securities and money market
instruments dealt in on another regulated market
and recently issued transferable securities 86,717 2.20
Total value of investments 3,767,895 95.61
(Total cost: USD 3,447,176)
Threadneedle (Lux) - American
78
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
IRELAND
55,018 Accenture plc 4,386,034 2.03 59,776 Covidien Limited 4,403,100 2.04 53,200 Eaton Corp. 3,996,384 1.85 48,414 Ingersoll-Rand plc 2,771,217 1.29 12,523 Watson Pharmaceuticals Inc. 2,577,860 1.20
Total Ireland 18,134,595 8.41
JERSEY - CHANNEL ISLANDS
27,100 Delphi Automotive plc 1,839,006 0.85
Total Jersey - Channel Islands 1,839,006 0.85
NETHERLANDS
30,556 LyondellBasell Industries NV 2,717,651 1.26
Total Netherlands 2,717,651 1.26
SWITZERLAND
28,496 ACE Limited 2,822,814 1.31 27,793 Pentair Limited - Reg 2,205,097 1.02 95,083 Tyco International Limited 4,031,519 1.87
Total Switzerland 9,059,430 4.20
UNITED STATES
10,653 Airgas Inc. 1,134,651 0.53 17,370 Alliance Data Systems Corp. 4,732,457 2.20 16,670 American Express Company 1,500,800 0.70 32,230 Amgen Inc. 3,975,248 1.84 31,166 Amphenol Corp. 2,856,364 1.33 28,576 Anadarko Petroleum Corp. 2,422,102 1.12
190,776 Annaly Capital Management Inc. 2,092,813 0.97 11,932 Apple Inc. 6,404,382 2.97
149,911 Applied Materials Inc. 3,061,183 1.42 296,097 Bank of America Corp. 5,092,868 2.36
89,320 BB&T Corp. 3,587,984 1.67 150,014 Blackstone Group LP 4,987,966 2.31
35,646 Capital One Financial Corp. 2,750,445 1.28 38,868 Chevron Corp. 4,621,793 2.15 60,900 Citigroup Inc. 2,898,840 1.34 26,856 CME Group Inc. 1,987,613 0.92 71,761 Colgate-Palmolive Company 4,655,136 2.16
101,871 Comcast Corp. 5,095,587 2.36 28,915 Constellation Brands Inc. 2,456,908 1.14 48,576 Crown Castle International Corp. 3,583,937 1.66
1 Cst Brands Inc. 31 0.00 38,344 CVS Caremark Corp. 2,870,432 1.33
101,987 Delta Air Lines Inc. 3,533,850 1.64 62,488 Discover Financial Services 3,636,176 1.69 44,057 Discovery Holding Company - A 3,643,514 1.69
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
UNITED STATES (continued)
97,493 EMC Corp. 2,672,283 1.24 30,629 Estee Lauder Companies Inc. 2,048,468 0.95 48,007 Express Scripts Inc. 3,604,846 1.67 25,202 Facebook Inc. - A 1,518,168 0.70 64,587 Genworth Financial Inc. 1,145,128 0.53 56,588 Gilead Sciences Inc. 4,009,826 1.86
7,049 Google Inc. 7,856,181 3.64 68,445 Halliburton Company 4,030,726 1.87 33,067 Home Depot Inc. 2,616,592 1.21 22,935 IHS Inc. 2,786,603 1.29 77,290 Interpublic Group of
Companies Inc. 1,324,751 0.61 42,297 Jacobs Engineering Group Inc. 2,685,860 1.25
116,536 JPMorgan Chase & Company 7,074,901 3.28 59,049 Lam Research Corp. 3,247,695 1.51 30,680 Las Vegas Sands Corp. 2,478,330 1.15 38,110 Mead Johnson Nutrition
Company - A 3,168,465 1.47 98,379 News Corp. Inc. 3,145,177 1.46 47,281 Noble Energy Inc. 3,358,842 1.56 32,036 Occidental Petroleum Corp. 3,052,710 1.42
202,485 Pfi zer Inc. 6,503,817 3.02 10,377 Precision Castparts Corp. 2,622,891 1.22
2,050 Priceline.com Inc. 2,443,375 1.13 39,291 Prudential Financial Inc. 3,325,982 1.54 25,123 Thermo Electron Corp. 3,020,790 1.40 18,723 Union Pacifi c Corp. 3,513,558 1.63 30,204 United Technologies Corp. 3,529,035 1.64 22,100 UnitedHealth Group Inc. 1,811,979 0.84 47,530 Valero Energy Corp. 2,523,843 1.17 20,559 Visa Inc. 4,437,865 2.06 28,148 Wesco International Inc. 2,342,477 1.09 92,388 Zions Bancorporation 2,862,180 1.33
Total United States 184,346,424 85.52
Total Equities 216,097,106 100.24
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 216,097,106 100.24
Total value of investments 216,097,106 100.24
(Total cost: USD 166,946,068)
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - American Select
79
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
Portfolio Statementas at March 31, 2014
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
CANADA
12,282 Methanex Corp. 785,311 1.89
Total Canada 785,311 1.89
IRELAND
11,600 Eaton Corp. 871,392 2.09
Total Ireland 871,392 2.09
JERSEY - CHANNEL ISLANDS
12,782 Delphi Automotive plc 867,387 2.09
Total Jersey - Channel Islands 867,387 2.09
SWITZERLAND
5,029 ACE Limited 498,173 1.20 7,937 Pentair Limited - Reg 629,722 1.52
29,400 Tyco International Limited 1,246,560 3.00
Total Switzerland 2,374,455 5.72
UNITED STATES
6,602 Airgas Inc. 703,179 1.69 3,791 Alliance Data Systems Corp. 1,032,858 2.49 7,079 Amgen Inc. 873,124 2.10 9,731 Anadarko Petroleum Corp. 824,800 1.99 2,395 Apple Inc. 1,285,493 3.10
60,755 Bank of America Corp. 1,044,986 2.51 20,900 BB&T Corp. 839,553 2.02 36,144 Blackstone Group LP 1,201,788 2.89
6,787 Charter Communications Inc. 836,158 2.01 5,443 CME Group Inc. 402,836 0.97
16,792 Colgate-Palmolive Company 1,089,297 2.62 27,033 Delta Air Lines Inc. 936,693 2.25 18,278 Discover Financial Services 1,063,598 2.56 10,879 Discovery Holding Company - A 899,694 2.16 10,685 Dunkin’ Brands Group Inc. 536,173 1.29 10,208 Eagle Materials Inc. 905,041 2.18 13,398 Estee Lauder Companies Inc. 896,058 2.16
8,500 Express Scripts Inc. 638,265 1.54 4,803 Facebook Inc. - A 289,333 0.70
16,809 Fortinet Inc. 370,302 0.89 24,416 Genworth Financial Inc. 432,896 1.04 17,570 Gilead Sciences Inc. 1,245,010 3.00
1,566 Google Inc. 1,745,324 4.20 15,543 Halliburton Company 915,327 2.20 14,424 Informatica Corp. 544,939 1.31 20,695 JPMorgan Chase & Company 1,256,393 3.03 13,837 Lam Research Corp. 761,035 1.83
7,058 Las Vegas Sands Corp. 570,145 1.37 2,264 Linkedin Corp. 418,704 1.01
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
UNITED STATES (continued)
11,372 Mead Johnson Nutrition Company - A 945,468 2.27
3,972 Mohawk Industries Inc. 540,113 1.30 24,255 News Corp. Inc. 775,432 1.87
9,437 Noble Energy Inc. 670,404 1.61 25,235 Pfi zer Inc. 810,548 1.95
3,407 Pioneer Natural Resources Company 637,586 1.53
887 Priceline.com Inc. 1,057,206 2.54 14,100 Prudential Financial Inc. 1,193,564 2.87
8,271 Synaptics Inc. 496,425 1.19 9,500 Thermo Electron Corp. 1,142,280 2.75
10,686 Tyco Electronics Limited 643,404 1.55 10,251 United Rentals Inc. 973,230 2.34
5,865 United Technologies Corp. 685,267 1.65 8,075 Universal Display Corp. 257,673 0.62 4,872 Visa Inc. 1,051,670 2.53
Total United States 36,439,272 87.68
Total Equities 41,337,817 99.47
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 41,337,817 99.47
Total value of investments 41,337,817 99.47
(Total cost: USD 34,837,208)
Threadneedle (Lux) - US Contrarian Core Equities
80
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
CANADA
58,834 Canadian Natural Resources Limited 2,257,461 1.09
Total Canada 2,257,461 1.09
IRELAND
48,936 Covidien Limited 3,604,626 1.75 51,921 Eaton Corp. 3,900,306 1.89
Total Ireland 7,504,932 3.64
JERSEY - CHANNEL ISLANDS
50,475 Delphi Automotive plc 3,425,234 1.66
Total Jersey - Channel Islands 3,425,234 1.66
NETHERLANDS
36,784 Nielsen Holdings NV 1,641,670 0.80
Total Netherlands 1,641,670 0.80
SWITZERLAND
1 Pentair Limited - Reg 79 0.00 58,240 Tyco International Limited 2,469,376 1.20
Total Switzerland 2,469,455 1.20
UNITED KINGDOM
33,517 Aon plc 2,824,813 1.37 14,822 Diageo plc - ADR 1,846,673 0.89
Total United Kingdom 4,671,486 2.26
UNITED STATES
80,304 Abbott Laboratories 3,092,507 1.50 16,171 Apple Inc. 8,679,622 4.21 42,217 Aramark Holdings Corp. 1,220,916 0.59
217,670 Bank of America Corp. 3,743,924 1.81 35,513 Berkshire Hathaway Inc. 4,438,059 2.15
9,682 Blackrock Inc. 3,044,795 1.48 80,906 Broadcom Corp. 2,546,921 1.23 35,784 Cameron International Corp. 2,210,378 1.07 59,492 Cardinal Health Inc. 4,163,251 2.02 17,633 Celgene Corp. 2,461,567 1.19 45,018 Chevron Corp. 5,353,090 2.59 21,971 Cigna Corp. 1,839,632 0.89
131,280 Citigroup Inc. 6,248,928 3.03 77,316 Comcast Corp. 3,867,346 1.87 24,509 ConocoPhillips 1,724,208 0.84 59,786 CVS Caremark Corp. 4,475,580 2.16 14,696 Dick’s Sporting Goods 802,549 0.39
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
UNITED STATES (continued)
17,051 DirecTV Group Inc. 1,303,037 0.63 25,235 Discovery Holding Company - A 2,086,935 1.01 42,394 Dow Jones & Company Inc. 2,059,924 1.00 55,447 Ebay Inc. 3,062,892 1.48 74,950 Electronic Arts Inc. 2,174,300 1.05
119,496 EMC Corp. 3,275,385 1.59 6,897 Equinix Inc. 1,274,841 0.62
40,527 Express Scripts Inc. 3,043,172 1.47 9,778 FedEx Corp. 1,296,172 0.63
169,014 General Electric Capital Corp. 4,375,772 2.12 5,414 Google Inc. 6,033,958 2.93
59,880 Halliburton Company 3,526,333 1.71 31,932 Hewlett-Packard Company 1,033,320 0.50 50,361 Honeywell International Inc. 4,671,486 2.26 38,820 Intuit Inc. 3,017,478 1.47 53,983 Johnson & Johnson 5,302,751 2.57
125,396 JPMorgan Chase & Company 7,612,792 3.68 11,582 Kansas City Southern de
Mexico SA de CV 1,182,059 0.57 55,470 Kinder Morgan Inc. 1,802,220 0.87 24,925 Louisiana-Pacifi c Corp. 420,485 0.20 38,254 Lowe’s Cos Inc. 1,870,621 0.91 44,095 Mastercard Inc. 3,293,896 1.60 55,384 Microsoft Corp. 2,270,190 1.10 27,410 Newfi eld Exploration Company 859,578 0.42 27,153 Noble Energy Inc. 1,928,949 0.93 45,730 PepsiCo Inc. 3,818,455 1.85 94,162 Pfi zer Inc. 3,024,483 1.47 61,084 Philip Morris International Inc. 5,000,947 2.42 76,887 Procter & Gamble Company 6,197,092 3.00 40,507 Qualcomm Inc. 3,194,382 1.55 29,207 Realogy Holdings Corp. 1,269,044 0.61 15,022 Salix Pharmaceuticals Limited 1,556,429 0.75 43,249 Skyworks Solutions Inc. 1,622,702 0.79 17,363 State Street Corp. 1,207,597 0.59 25,700 Teradata Corp. 1,264,183 0.61
7,601 Ulta Salon, Cosmetics & Fragrance 740,945 0.36
29,343 United Technologies Corp. 3,428,436 1.66 120,102 Verizon Communications Inc. 5,713,252 2.77
51,548 Viacom Inc. 4,381,065 2.13 36,864 Walgreen Company 2,434,130 1.18 97,610 Wells Fargo & Company 4,855,121 2.35
5,326 Wynn Resorts Limited 1,183,171 0.57 24,021 Yum! Brands Inc. 1,810,943 0.88
Total United States 181,394,196 87.88
Total Equities 203,364,434 98.53
81
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - US Contrarian Core Equities
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 203,364,434 98.53
Total value of investments 203,364,434 98.53
(Total cost: USD 187,817,769)
Threadneedle (Lux) - Pan European Equities
82
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment EUR Value
Market % of
Value Net Asset
Quantity Investment EUR Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
BELGIUM
43,756 Anheuser-Busch InBev NV 3,329,832 1.76 38,930 KBC Groep NV 1,738,225 0.92
Total Belgium 5,068,057 2.68
DENMARK
116,522 Novo-Nordisk A/S 3,851,822 2.04 37,088 Pandora A/S 1,780,884 0.94
Total Denmark 5,632,706 2.98
FINLAND
29,558 Kone Oyj 899,746 0.48
Total Finland 899,746 0.48
FRANCE
37,626 Atos Origin SA 2,469,394 1.31 67,992 BNP Paribas 3,806,871 2.02 17,490 Compagnie Generale d’Optique
Essilor International 1,280,268 0.68 222,492 Groupe Eurotunnel SA 2,061,833 1.09
21,619 Iliad SA 4,524,857 2.40 87,832 Legrand SA 3,960,784 2.10 18,083 L’Oreal SA 2,164,535 1.15 44,195 Publicis Groupe 2,898,308 1.54 55,048 Renault SA 3,883,086 2.06 56,906 Societe Generale 2,543,983 1.35 39,401 Thales SA 1,896,370 1.01
174,806 Vivendi SA 3,534,577 1.87
Total France 35,024,866 18.58
GERMANY
22,703 Allianz SE - Reg 2,785,658 1.48 49,144 BASF SE 3,964,938 2.11 51,212 Bayer AG 5,027,994 2.67 51,069 Bayerische Motoren Werke AG 4,678,942 2.48 24,135 Brenntag AG 3,249,778 1.72 18,286 Continental AG 3,179,935 1.69
103,449 Deutsche Post AG - Reg 2,790,020 1.48 32,752 Fresenius Medical Care AG 1,658,889 0.88 93,271 Prosieben Sat.1 Media AG Pfd 3,098,463 1.64 16,039 SAP AG 942,452 0.50
Total Germany 31,377,069 16.65
GREECE
11,824 Piraeus Bank SA 23,648 0.01
Total Greece 23,648 0.01
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
IRELAND
6,400,980 Bank of Ireland 1,971,502 1.05
Total Ireland 1,971,502 1.05
ITALY
1,489,979 Intesa Sanpaolo SpA 3,665,348 1.94 138,694 Mediobanca SpA 1,151,160 0.61
Total Italy 4,816,508 2.55
JERSEY - CHANNEL ISLANDS
44,291 Wolseley plc 1,827,444 0.97
Total Jersey - Channel Islands 1,827,444 0.97
NETHERLANDS
416,885 Aegon NV 2,777,705 1.47 46,421 ASML Holding NV 3,120,884 1.65 75,497 European Aeronautic Defence
and Space Company NV 3,925,089 2.08 26,822 Gemalto NV 2,267,532 1.20
378,835 ING Groep NV 3,892,530 2.06 190,133 Reed Elsevier NV 2,982,236 1.58
Total Netherlands 18,965,976 10.04
NORWAY
173,091 DnB Nor Bank ASA 2,183,654 1.16
Total Norway 2,183,654 1.16
SPAIN
44,008 Amadeus IT Holding SA 1,326,841 0.70 253,019 Banco Popular Espanol SA 1,386,544 0.74 304,825 Bankinter SA 1,780,178 0.94
16,910 Inditex SA 1,841,499 0.98
Total Spain 6,335,062 3.36
SWEDEN
72,887 Kinnevik Investment AB 1,949,421 1.03 299,249 Nordea Bank AB 3,074,207 1.63
84,240 SKF AB - B 1,562,063 0.83
Total Sweden 6,585,691 3.49
SWITZERLAND
65,966 Adecco SA - Reg 3,985,125 2.11 26,780 Compagnie Financiere
Richemont AG 1,856,488 0.98 27,208 Roche Holding AG 5,922,180 3.14
83
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Pan European Equities
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment EUR Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
SWITZERLAND (continued)
653 Sika AG 1,939,460 1.03 181,140 UBS AG - Reg 2,716,779 1.44
Total Switzerland 16,420,032 8.70
UNITED KINGDOM
195,726 Ashtead Group plc 2,251,520 1.19 222,523 BG Group plc 3,007,941 1.59 366,113 British Airways plc 1,847,593 0.98 616,321 BT Group plc 2,829,212 1.50
63,343 Diageo plc 1,425,909 0.76 184,358 Easyjet plc 3,824,484 2.03 277,630 GKN plc 1,310,726 0.69 149,169 IMI plc 2,630,770 1.39
78,181 Intercontinental Hotels Group plc 1,822,341 0.97 62,631 Johnson Matthey plc 2,478,088 1.31
1,078,677 Legal & General Group plc 2,670,890 1.42 2,838,993 Lloyds TSB Bank plc 2,563,545 1.36
185,535 Persimmon plc 3,020,770 1.60 160,632 Prudential plc 2,464,730 1.31
43,034 Rio Tinto plc 1,737,320 0.92 28,886 Schroders plc 907,765 0.48
200,577 Smith & Nephew plc 2,205,423 1.17 281,317 St James’s Place plc 2,807,351 1.49
81,754 Travis Perkins plc 1,864,092 0.99 1,458,093 Vodafone Group plc 3,885,497 2.06
Total United Kingdom 47,555,967 25.21
Total Equities 184,687,928 97.91
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 184,687,928 97.91
Total value of investments 184,687,928 97.91
(Total cost: EUR 155,129,382)
Threadneedle (Lux) - Pan European Small Cap Opportunities
84
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment EUR Value
Market % of
Value Net Asset
Quantity Investment EUR Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
AUSTRIA
23,331 Schoeller-Bleckmann Oilfi eld Equipment AG 1,980,336 0.91
Total Austria 1,980,336 0.91
BELGIUM
49,358 Telenet Group Holding NV 2,208,524 1.02 121,343 Umicore 4,488,478 2.08
Total Belgium 6,697,002 3.10
DENMARK
135,330 Christian Hansen Holding A/S 3,897,137 1.81 50,530 Matas A/S 1,028,741 0.48 32,700 Ow Bunker A/S 744,577 0.35 92,631 Pandora A/S 4,447,937 2.07 27,947 William Demant Holding 1,735,369 0.80
Total Denmark 11,853,761 5.51
FINLAND
140,596 Amer Sports Oyj 2,167,990 1.00 67,135 Cargotec Corp. 2,097,969 0.97 99,297 PKC Group Oyj 2,247,091 1.04 66,815 Tikkurila Oyj 1,142,537 0.53 67,088 Vacon plc 2,052,893 0.95
Total Finland 9,708,480 4.49
FRANCE
108,395 Electricite de France SA 2,468,696 1.14 16,141 Euler Hermes SA 1,478,516 0.69
8,685 Eurofi ns Scientifi c 1,886,816 0.87 256,487 Groupe Eurotunnel SA 2,376,865 1.10 350,714 Havas SA 1,905,780 0.88
22,027 Iliad SA 4,610,251 2.14 49,292 Ingenico 3,346,433 1.55 86,430 Korian-Medica Kori Fp 2,407,076 1.12 14,291 Lisi 1,710,633 0.79 45,133 Orpea 2,173,154 1.01 34,628 Remy Cointreau 2,017,081 0.93 23,841 Societe Bic SA 2,273,239 1.05 12,854 Virbac SA 2,082,348 0.96
Total France 30,736,888 14.23
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
GERMANY
30,954 Bilfi nger Berger AG 2,850,554 1.33 33,985 Brenntag AG 4,576,079 2.11 31,622 Cancom AG 1,089,378 0.50 51,843 CTS Eventim AG 2,509,201 1.16 82,520 Dialog Semiconductor plc 1,479,584 0.69 28,790 Fuchs Petrolub AG Pfd 2,096,488 0.97 82,267 Gerresheimer AG 3,864,492 1.79 23,947 Grenkeleasing AG 1,910,971 0.89
101,604 Norma Group 3,908,197 1.82 12,913 Pfeiffer Vacuum Technology AG 1,144,996 0.53 60,652 Prosieben Sat.1 Media AG Pfd 2,014,859 0.93 17,334 SHW AG 808,458 0.37 41,144 Sixt SE 1,192,559 0.55 47,397 Stratec Biomedical Systems 1,493,006 0.69
101,480 Symrise 3,679,665 1.71
Total Germany 34,618,487 16.04
IRELAND
10,522,523 Bank of Ireland 3,240,937 1.51 286,743 Cpl Resources plc 2,153,440 1.00 195,606 Dalata Hotel Group Limited 555,521 0.26 127,092 Grafton Group plc 994,648 0.46 871,044 Green Reit plc 1,045,253 0.48
74,316 Kingspan Group plc 1,026,304 0.47
Total Ireland 9,016,103 4.18
ISLE OF MAN
212,844 Optimal Payments plc 926,853 0.43
Total Isle of Man 926,853 0.43
ISRAEL
237,983 Vizrt Limited 680,639 0.32
Total Israel 680,639 0.32
ITALY
98,619 Banca Generali SpA 2,361,925 1.09 178,466 Davide Campari-Milano SpA 1,061,873 0.49 109,155 De Longhi SpA 1,784,684 0.83 104,632 DiaSorin SpA 3,259,287 1.51
58,868 Digital Multimedia Technologies SpA 2,525,437 1.17
75,516 Marr SpA 1,073,838 0.50 119,814 Salvatore Ferragamo Italia SpA 2,560,425 1.19
1,035,157 Sorin SpA 2,244,220 1.04
Total Italy 16,871,689 7.82
85
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Pan European Small Cap Opportunities
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment EUR Value
Market % of
Value Net Asset
Quantity Investment EUR Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
LUXEMBOURG
92,486 Saf-Holland SA 1,044,629 0.48
Total Luxembourg 1,044,629 0.48
NETHERLANDS
54,473 Aalberts Industries NV 1,378,166 0.64 44,431 Sligro Food Group NV 1,321,822 0.61
Total Netherlands 2,699,988 1.25
NORWAY
81,256 TGS Nopec Geophysical Company ASA 1,933,011 0.90
161,732 Wilh Wilhelmsen ASA 1,112,296 0.52
Total Norway 3,045,307 1.42
SPAIN
629,806 Abengoa Finance SA - B 2,124,965 0.98 437,477 Bankinter SA 2,554,866 1.18
80,680 Lar Espana Real Estate Socim Lre Sm 837,458 0.39
1,326 Let’s Gowes SA 32,991 0.02
Total Spain 5,550,280 2.57
SWEDEN
32,614 Autoliv Inc. 2,383,280 1.11 46,728 Avanza AB 1,299,455 0.60
347,277 Byggmax Group AB 1,972,286 0.91 874,196 Cloetta AB 2,308,759 1.07 446,780 Elekta AB 4,312,315 2.00 189,243 Eniro AB 1,228,303 0.57
18,578 Hexpol AB 1,186,076 0.55 109,291 Intrum Justitia AB 2,159,896 1.00 218,566 Nobia AB 1,400,283 0.65
Total Sweden 18,250,653 8.46
SWITZERLAND
1,037 Belimo Holding AG - Reg 2,085,963 0.97 5,969 Burckhardt Compression
Holding AG 2,255,270 1.05 20,202 Partners Group - Reg 4,121,782 1.91
743 Sika AG 2,206,766 1.02 8,684 VZ Holding AG 1,069,917 0.50
Total Switzerland 11,739,698 5.45
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
UNITED KINGDOM
149,628 Ao World plc 568,315 0.26 189,333 Ashtead Group plc 2,177,979 1.01
92,126 Aveva Group plc 2,333,488 1.08 191,345 Close Brothers Group plc 3,268,125 1.51 377,757 Crest Nicholson Holdings plc 1,797,146 0.83
91,833 Davis Service Group plc 1,241,902 0.58 219,670 Domino Printing Sciences 2,089,856 0.97 633,475 Elementis plc 2,195,336 1.02 483,525 Galiform plc 2,176,334 1.00
74,587 Genus plc 893,193 0.41 542,239 Intermediate Capital Group plc 2,713,458 1.26 489,855 Merlin Entertainments plc 2,233,859 1.04 671,123 Moneysupermarket.com
Group plc 1,518,877 0.70 116,254 Oxford Instruments plc 1,781,687 0.83 373,911 Pets At Home Group plc 1,085,491 0.50
68,156 Renishaw plc 1,607,628 0.74 230,640 Restaurant Group plc 1,989,166 0.92
73,202 Rotork plc 2,343,816 1.08 70,520 Spectris plc 1,977,300 0.92
220,865 St James’s Place plc 2,204,081 1.02 641,322 Stock Spirits Group plc 2,286,529 1.07 842,399 Tyman plc 3,056,934 1.42
86,180 Victrex plc 2,094,273 0.97
Total United Kingdom 45,634,773 21.14
Total Equities 211,055,566 97.80
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 211,055,566 97.80
Total value of investments 211,055,566 97.80
(Total cost: EUR 184,291,435)
Threadneedle (Lux) - Asian Equity Income
86
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
AUSTRALIA
25,426 BHP Billiton Limited 859,455 3.14 11,777 Commonwealth Bank of
Australia 845,297 3.08 40,645 Lend Lease Corp. Limited 446,411 1.63
354,944 Mirvac Group 559,265 2.05 38,861 National Australia Bank Limited 1,277,209 4.66
123,493 Telstra Corp. Limited 581,454 2.12 88,789 Transurban Group 597,455 2.18 41,449 Virtus Health Limited 279,676 1.02 16,043 Wesfarmers Limited 612,473 2.23 22,745 Westpac Banking Corp. 728,566 2.66 12,731 Woodside Petroleum Limited 460,426 1.68
Total Australia 7,247,687 26.45
BERMUDA
558,000 Varitronix International Limited 610,005 2.23
Total Bermuda 610,005 2.23
CAYMAN ISLANDS
574,000 NagaCorp Limited 597,897 2.18 90,800 Sands China Limited 678,333 2.47
Total Cayman Islands 1,276,230 4.65
CHINA
829,000 Bank of China Limited - H 367,635 1.34 108,500 China Shenhua Energy
Company Limited 313,315 1.14 364,000 Huaneng Power
International Inc. 348,184 1.27 720,000 Industrial & Commercial Bank
of China - H 442,746 1.61 358,000 Jiangsu Express - H 407,980 1.49
Total China 1,879,860 6.85
HONG KONG
153,000 BOC Hong Kong Holdings Limited 435,900 1.59
879,000 Champion Reit 401,140 1.46 448,000 Xinyi Glass Holding Company
Limited 364,427 1.33
Total Hong Kong 1,201,467 4.38
INDIA
8,897 Icici Bank Limited - ADR 389,689 1.42
Total India 389,689 1.42
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
INDONESIA
1,858,000 Surya Citra Media Tbk PT 523,391 1.91
Total Indonesia 523,391 1.91
ISRAEL
198,000 Sarin Technologies Limited 390,474 1.42
Total Israel 390,474 1.42
MALAYSIA
297,300 Berjaya Sports Toto Bhd 361,440 1.32 282,200 Digi.Com Bhd 465,797 1.70 177,600 IJM Corp. Bhd 333,935 1.22
Total Malaysia 1,161,172 4.24
NEW ZEALAND
349,594 Air New Zealand Limited 620,372 2.26
Total New Zealand 620,372 2.26
PHILIPPINES
4,805 Philippine Long Distance Telephone 292,510 1.07
Total Philippines 292,510 1.07
REPUBLIC OF KOREA (SOUTH)
7,440 Grand Korea Leisure Company Limited 305,791 1.12
4,460 GS Holdings 121,089 0.44 14,250 Halla Climate Control 650,616 2.37
3,670 Hyundai Motor Company Pfd 524,063 1.91 8,766 Korea Plant Service &
Engineering Company Limited 558,348 2.04 2,129 LG Chem Limited 297,013 1.08
69,810 Macquarie Korea Infrastructure Fund 424,322 1.55
4,005 SK Telecom Company Limited 810,818 2.95
Total Republic of Korea (South) 3,692,060 13.46
SINGAPORE
776,000 Asian Pay Television Trust 456,634 1.66 386,000 Capitacommercial Trust 455,815 1.66 387,560 Keppel 351,333 1.28
71,000 Keppel Corp. Limited 614,838 2.24
Total Singapore 1,878,620 6.84
87
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Asian Equity Income
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
TAIWAN
299,000 Advanced Semiconductor Engineering Inc. 331,867 1.21
67,000 China Steel Chemical Corp. 382,825 1.40 161,000 Huaku Development Company
Limited 394,404 1.44 310,000 Hung Poo Real Estate
Development Corp. 285,543 1.04 82,000 Novatek Microelectronics
Corp. Limited 375,634 1.37 107,000 Quanta Computer Inc. 288,121 1.05
84,310 Radiant Opto-Electronics Corp. 340,534 1.24 438,000 Siliconware Precision
Industries Company 582,513 2.13 75,000 Taiwan Semiconductor
Manufacturing Company Limited 291,848 1.06
Total Taiwan 3,273,289 11.94
THAILAND
296,800 PTT Global Chemical pcl 661,027 2.41 944,300 Samui Airport Property Fund
Leasehold 465,744 1.70 172,400 Shin Corp. pcl - NVDR 410,538 1.50 326,500 Thai Plastic & Chemical pcl 322,070 1.17
Total Thailand 1,859,379 6.78
UNITED KINGDOM
56,000 HSBC Holdings plc 567,071 2.07
Total United Kingdom 567,071 2.07
Total Equities 26,863,276 97.97
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 26,863,276 97.97
Total value of investments 26,863,276 97.97
(Total cost: USD 25,338,804)
Threadneedle (Lux) - Greater China Equities
88
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
BERMUDA
124,000 Beijing Enterprises Water Group Limited 86,801 1.41
20,378 Cosco Pacifi c Limited 26,008 0.42 64,000 Haier Electronics Group
Company Limited 173,262 2.82 5,000 Orient Overseas International
Limited 22,979 0.37 71,000 Sihuan Pharmaceutical
Holdings Group Limited 85,580 1.39
Total Bermuda 394,630 6.41
CAYMAN ISLANDS
46,000 Anton Oilfi eld Services Group 29,235 0.48 407 Baidu.com - ADR 62,019 1.01
16,000 Biostime International Holdings Limited 109,732 1.79
98,000 China Resources Cement Holdings Limited 77,192 1.26
20,000 China Resources Land Limited 43,883 0.72 72,000 China State Construction
International Holdings Limited 121,964 1.99 62,000 CIMC Enric Holdings Limited 87,441 1.43 49,000 Country Garden Holdings
Company 20,467 0.33 122,000 GCL Poly Energy Holdings
Limited 44,037 0.72 2,000 Ginko International Company
Limited 34,480 0.56 59,000 Goodbaby International
Holdings Limited 31,489 0.51 140,000 NagaCorp Limited 145,829 2.38
3,662 New Oriental Education & Technology Group - ADR 107,480 1.75
58,000 Prince Frog International Holdings Limited 17,122 0.28
715 Qihoo 360 Technology Company Limited 71,200 1.16
30,400 Sands China Limited 227,107 3.70 12,000 Shenzhou International Group
Holdings Limited 38,133 0.62 12,500 Shimao Property Holdings
Limited 27,394 0.45 30,000 Sunny Optical Technology
Group Company Limited 29,199 0.48 5,400 Tencent Holdings Limited 375,569 6.13
21,000 Vinda International Holdings 30,538 0.50 1,361 Vipshop Holdings Limited 203,197 3.31
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
CAYMAN ISLANDS (continued)
20,000 Xinao Gas Holdings Limited 139,357 2.27 138,000 Yashili International 61,910 1.01
Total Cayman Islands 2,135,974 34.84
CHINA
26,000 Anhui Conch Cement Company Limited 111,447 1.81
44,501 AviChina Industry & Technology Company - H 24,783 0.40
243,000 Bank of China Limited - H 107,762 1.75 76,000 China Construction Bank 53,201 0.87 31,000 China Life Insurance Company
Limited - H 87,720 1.43 32,000 China Oilfi eld Services Limited 75,080 1.22 70,000 China Petroleum & Chemical
Corp. 62,627 1.02 46,500 China Railway Construction
Corp. 39,324 0.64 31,000 CITIC Securities Company
Limited - H 64,661 1.05 39,750 Great Wall Automobile Holding
Company 199,338 3.25 56,000 Huaneng Power
International Inc. 53,567 0.87 96,000 Industrial & Commercial Bank
of China - H 59,033 0.96 16,000 Ping An Insurance Group
Company of China Limited 132,628 2.16 17,000 Zhuzhou CSR Times Electric
Company Limited - H 57,309 0.93
Total China 1,128,480 18.36
HONG KONG
62,800 Aia Group Limited 297,928 4.86 7,000 Cheung Kong Holdings Limited 116,048 1.89
56,000 China Everbright International Limited 76,668 1.25
22,000 China Mengniu Dairy Company Limited 110,184 1.79
24,000 China Overseas Land & Investment Limited 62,189 1.01
50,000 Guangdong Investments Limited 47,763 0.78
50,000 Lenovo Group Limited 55,240 0.90 26,649 New World Development
Limited 26,797 0.44 39,000 Nine Dragons Paper Holdings
Limited 30,367 0.49
89
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Greater China Equities
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
HONG KONG (continued)
52,000 SA SA International Holdings Limited 41,696 0.68
11,475 Wharf Holdings Limited 73,373 1.20 2,500 Wing Hang Bank Limited 39,641 0.65
Total Hong Kong 977,894 15.94
ITALY
4,300 Prada SpA 33,648 0.55
Total Italy 33,648 0.55
TAIWAN
7,000 Catcher Technology Company Limited 50,685 0.83
53,710 Cathay Financial Holding Company Limited 78,310 1.28
27,580 Cheng Uei Precision Industry Company 58,416 0.95
109,950 Chinatrust Financial Holding Company 68,780 1.13
14,000 Delta Electronics Inc. 86,430 1.42 76,700 E.Sun Financial Holding
Company Limited 46,218 0.75 24,000 Hon Hai Precision Industry 68,014 1.11 18,000 Huaku Development Company
Limited 44,095 0.72 3,303 Largan Precision Company
Limited 156,188 2.54 5,000 Makalot Industrial Company
Limited 27,748 0.45 9,000 MediaTek Inc. 132,846 2.17 7,000 President Chain Store Corp. 49,421 0.81 6,365 Radiant Opto-Electronics Corp. 25,709 0.42
15,001 Taiwan Hon Chuan Enterprise Company Limited 32,512 0.53
117,473 Taiwan Semiconductor Manufacturing Company Limited 457,123 7.45
Total Taiwan 1,382,495 22.56
VIRGIN ISLANDS (BRITISH)
2,861 Hollysys Automation Technologies Limited 61,626 1.00
Total Virgin Islands (British) 61,626 1.00
Total Equities 6,114,747 99.66
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Rights
HONG KONG
8,883 New World Development Company Right 1,832 0.03
Total Hong Kong 1,832 0.03
Total Rights 1,832 0.03
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 6,116,579 99.69
Total value of investments 6,116,579 99.69
(Total cost: USD 4,405,274)
Threadneedle (Lux) - Global Energy Equities
90
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
AUSTRALIA
5,900 Origin Energy Limited 78,144 0.522,096 Woodside Petroleum Limited 75,803 0.50
Total Australia 153,947 1.02
BERMUDA
11,536 Kosmos Energy Limited 126,896 0.84
Total Bermuda 126,896 0.84
CANADA
7,239 Canadian Natural Resources Limited (CAD) 277,886 1.85
2,284 Canadian Natural Resources Limited (USD) 87,637 0.58
8,844 Cenovus Energy Inc. 256,165 1.706,313 Enbridge Inc. 287,180 1.917,778 Suncor Energy Inc. (USD) 271,919 1.818,924 Suncor Energy Inc. (CAD) 312,168 2.075,490 Talisman Energy Inc. 54,813 0.363,010 Tourmaline Oil Corp. 142,516 0.952,022 TransCanada Corp. 92,055 0.61
Total Canada 1,782,339 11.84
CURACAO
10,566 Schlumberger Limited 1,030,184 6.85
Total Curacao 1,030,184 6.85
FRANCE
4,973 Total SA 326,252 2.174,828 Total SA - ADR 316,717 2.10
Total France 642,969 4.27
ITALY
6,985 ENI SpA 175,309 1.17
Total Italy 175,309 1.17
NETHERLANDS
1,882 Frank's International NV 46,636 0.318,770 Royal Dutch Shell plc - ADR 640,736 4.26
Total Netherlands 687,372 4.57
SWITZERLAND
9,298 Weatherford International Limited 161,413 1.07
Total Switzerland 161,413 1.07
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
UNITED KINGDOM
17,994 BG Group plc 335,235 2.2317,512 BP plc - ADR 842,327 5.6114,330 Cairn Energy plc 39,873 0.26
1,697 Ensco International Inc. 89,568 0.6013,700 Premier Oil plc 67,355 0.4525,800 Rockhopper Exloration plc 42,797 0.28
1,855 Tullow Oil plc 23,148 0.15
Total United Kingdom 1,440,303 9.58
UNITED STATES
8,069 Anadarko Petroleum Corp. 683,928 4.553,500 Apache Corp. 290,325 1.932,607 Atwood Oceanics Inc. 131,367 0.872,254 Cabot Oil & Gas Corp. 76,366 0.511,488 Cameron International Corp. 91,914 0.61
10,508 Chevron Corp. 1,249,507 8.315,919 Cobalt International Energy 108,436 0.729,794 ConocoPhillips 689,008 4.581,453 Continental Resources Inc. 180,564 1.202,047 Delek US Holdings Inc. 59,445 0.401,278 Dril-Quip Inc. 143,264 0.953,848 EOG Resources Inc. 754,862 5.021,427 EQT Corp. 138,376 0.92
10,775 Exxon Mobil Corp. 1,052,502 7.003,216 FMC Technologies Inc. 168,165 1.12
10,455 Halliburton Company 615,695 4.091,522 Marathon Oil Corp. 54,061 0.362,905 Marathon Petroleum Corp. 252,851 1.684,563 Noble Energy Inc. 324,156 2.152,441 Occidental Petroleum Corp. 232,603 1.551,720 PBF Energy Inc. 44,376 0.294,301 Phillips 66 331,435 2.20
880 Pioneer Natural Resources Company 164,683 1.09
4,150 Plains Gp Holdings LP 116,117 0.77910 Range Resources Corp. 75,503 0.50
1,506 SemGroup Corp. 98,914 0.663,421 Spectra Energy Corp. 126,372 0.845,037 Superior Energy Services Inc. 154,938 1.031,896 Valero Energy Corp. 100,678 0.671,384 Williams Companies Inc. 56,163 0.37
Total United States 8,566,574 56.94
Total Equities 14,767,306 98.15
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 14,767,306 98.15
91
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Energy Equities
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Other transferable securities and money market instruments
Warrants Equity
UNITED STATES
33,558 Kinder Morgan Inc. - Wts 25/05/2017 59,398 0.39
Total United States 59,398 0.39
Total Warrants Equity 59,398 0.39
Total Other transferable securities and money
market instruments 59,398 0.39
Undertakings for collective investments in transferable securities
Funds
UNITED STATES
2,548 Energy Select Sector SPDR Fund 226,925 1.51
Total United States 226,925 1.51
Total Funds 226,925 1.51
Total Undertakings for collective investments
in transferable securities 226,925 1.51
Total value of investments 15,053,629 100.05
(Total cost: USD 12,340,711)
Threadneedle (Lux) - Global Technology
92
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
BERMUDA
29,838 Marvell Technology Group Limited 469,949 2.06
Total Bermuda 469,949 2.06
CAYMAN ISLANDS
400 Baidu.com - ADR 60,952 0.27 11,049 Montage Technology Group
Limited 221,201 0.97
Total Cayman Islands 282,153 1.24
INDIA
5,200 Tech Mahindra Limited 156,319 0.68
Total India 156,319 0.68
IRELAND
5,700 King Digital Entertainment plc 103,683 0.45 2,300 Seagate Technology 129,168 0.57
Total Ireland 232,851 1.02
ISRAEL
21,868 Check Point Software Technologies 1,478,933 6.47
13,200 Tower Semiconductor Limited 120,648 0.53
Total Israel 1,599,581 7.00
JAPAN
5,600 Anritsu Corp. 64,437 0.28 2,400 Nidec Corp. 146,328 0.64
Total Japan 210,765 0.92
JERSEY - CHANNEL ISLANDS
8,374 Wns Holdings Limited - ADR 150,732 0.66
Total Jersey - Channel Islands 150,732 0.66
NETHERLANDS
6,500 ASM International NV 261,010 1.14 11,000 Avg Technologies NV 230,560 1.01
1,200 NXP Semiconductor NV 70,572 0.31
Total Netherlands 562,142 2.46
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
REPUBLIC OF KOREA (SOUTH)
200 Samsung Electronics Company Limited 252,336 1.10
Total Republic of Korea (South) 252,336 1.10
SINGAPORE
7,203 Avago Technologies Limited 463,945 2.03
Total Singapore 463,945 2.03
SOUTH AFRICA
9,500 Mix Telematics Limited - ADR 102,410 0.45
Total South Africa 102,410 0.45
TAIWAN
17,000 Taiwan Semiconductor Manufacturing Company Limited - ADR 340,340 1.49
Total Taiwan 340,340 1.49
UNITED STATES
13,400 Activision Blizzard Inc. 273,896 1.20 31,484 Advanced Micro Devices Inc. 126,251 0.55
2,072 Apple Inc. 1,112,125 4.86 2,100 Arrow Electronics Inc. 124,656 0.55
10,118 Audience Inc. 126,475 0.55 2,700 Avnet Inc. 125,631 0.55
24,100 Broadcom Corp. 758,668 3.32 4,000 Broadsoft Inc. 106,920 0.47
900 CBS Corp. 55,620 0.24 15,100 Cisco Systems Inc. 338,391 1.48
8,550 Citrix Systems Inc. 491,027 2.15 1,614 Commvault Systems Inc. 104,829 0.46 1,800 Computer Sciences Corp. 109,476 0.48 9,225 Electronics for Imaging 399,535 1.75
28,700 EMC Corp. 786,667 3.44 2,200 Finisar Corp. 58,322 0.26 3,700 Flir Systems Inc. 133,200 0.58 2,100 GameStop Corp. 86,310 0.38 1,000 Google Inc. 1,114,510 4.88 2,000 Informatica Corp. 75,560 0.33 4,900 Kla-Tencor Corp. 338,786 1.48
27,575 Lam Research Corp. 1,516,624 6.64 15,001 Lattice Semiconductor Corp. 117,608 0.51
93
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Technology
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
UNITED STATES (continued)
8,628 Mattson Technology Inc. 20,017 0.09 9,100 Maxim Integrated Products Inc. 301,392 1.32
17,600 Microsemi Corp. 440,528 1.93 4,800 Microsoft Corp. 196,752 0.86
12,594 NetApp Inc. 464,719 2.03 2,500 News Corp. Inc. 79,925 0.35
25,200 Nuance Communications Inc. 432,684 1.89 3,000 Oracle Corp. 122,730 0.54 1,070 Parametric Technology Corp. 37,910 0.17 8,301 Qualcomm Inc. 654,617 2.86 4,572 Salesforce.com Inc. 261,015 1.14
18,685 Skyworks Solutions Inc. 701,061 3.07 3,500 Solarwinds Inc. 149,205 0.65
11,000 Spansion Inc. 191,620 0.84 12,400 Synaptics Inc. 744,248 3.26 41,332 Synopsys Inc. 1,587,562 6.95 48,700 Teradyne Inc. 968,643 4.24
1,600 TIBCO Software Inc. 32,512 0.14 21,400 TriQuint Semiconductor Inc. 286,546 1.25
3,300 Trulia Inc. 109,560 0.48 2,200 Veeva Systems Inc. 58,740 0.26 1,000 Visa Inc. 215,860 0.94 3,400 VMware Inc. 367,268 1.61
Total United States 16,906,201 73.98
Total Equities 21,729,724 95.09
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 21,729,724 95.09
Total value of investments 21,729,724 95.09
(Total cost: USD 17,512,141)
Threadneedle (Lux) - Global Equities - Walter Scott & Partners
94
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment EUR Value
Market % of
Value Net Asset
Quantity Investment EUR Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
AUSTRALIA
50,529 CSL Limited 2,363,642 1.97 43,825 Woodside Petroleum Limited 1,149,981 0.96
Total Australia 3,513,623 2.93
CANADA
55,641 Suncor Energy Inc. 1,412,199 1.18
Total Canada 1,412,199 1.18
CHINA
558,500 China Shenhua Energy Company Limited 1,170,164 0.98
Total China 1,170,164 0.98
CURACAO
29,874 Schlumberger Limited 2,113,343 1.76
Total Curacao 2,113,343 1.76
DENMARK
109,920 Novo-Nordisk A/S 3,633,581 3.02
Total Denmark 3,633,581 3.02
FRANCE
20,500 Compagnie Generale d’Optique Essilor International 1,500,600 1.25
16,530 L’Oreal SA 1,978,641 1.65
Total France 3,479,241 2.90
HONG KONG
702,600 Aia Group Limited 2,418,418 2.02 183,000 China Mobile Hong Kong
Limited 1,215,304 1.01 274,000 CLP Holdings Limited 1,499,277 1.25
1,559,000 Cnooc Limited 1,700,279 1.42 1,231,243 Hong Kong & China Gas 1,948,586 1.62
Total Hong Kong 8,781,864 7.32
JAPAN
101,300 Chugai Pharmaceutical Company Limited 1,880,564 1.57
47,800 Denso Corp. 1,666,309 1.39 15,800 Fanuc Limited 2,026,496 1.69
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
JAPAN (continued)
52,000 Honda Motor Company Limited 1,331,331 1.11 8,001 Keyence Corp. 2,399,639 2.00
98,400 Komatsu Limited 1,482,179 1.24 46,600 Shin-Etsu Chemical Company
Limited 1,936,371 1.61
Total Japan 12,722,889 10.61
SINGAPORE
233,344 DBS Group Holdings Limited 2,176,975 1.82
Total Singapore 2,176,975 1.82
SPAIN
21,558 Inditex SA 2,347,666 1.96
Total Spain 2,347,666 1.96
SWEDEN
69,956 Hennes & Mauritz AB 2,160,687 1.80
Total Sweden 2,160,687 1.80
SWITZERLAND
38,514 Nestle SA - Reg 2,105,260 1.76 9,629 Roche Holding AG 2,095,879 1.75 1,231 SGS SA - Reg 2,203,203 1.84 2,600 Swatch Group AG - B 1,183,102 0.99 7,634 Syngenta AG - Reg 2,096,177 1.74
Total Switzerland 9,683,621 8.08
UNITED KINGDOM
167,519 BG Group plc 2,264,427 1.89 284,596 HSBC Holdings plc 2,091,327 1.74
43,541 Reckitt Benckiser plc 2,573,876 2.14 126,972 Standard Chartered Bank plc 1,925,214 1.60 205,933 Tesco plc 735,840 0.61
Total United Kingdom 9,590,684 7.98
UNITED STATES
47,454 Adobe Systems Inc. 2,263,469 1.89 20,365 Amphenol Corp. 1,354,219 1.13 43,797 Automatic Data Processing Inc. 2,455,111 2.05
130,283 Cisco Systems Inc. 2,118,369 1.77 52,658 Colgate-Palmolive Company 2,478,451 2.06 22,239 CR Bard Inc. 2,387,758 1.99
95
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Equities - Walter Scott & Partners
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment EUR Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
UNITED STATES (continued)
17,042 EOG Resources Inc. 2,425,633 2.01 62,543 Fastenal Company 2,238,071 1.87
3,664 Google Inc. 2,962,862 2.47 4,000 Intuitive Surgical Inc. 1,271,148 1.06
28,289 Johnson & Johnson 2,016,201 1.68 71,570 Mastercard Inc. 3,879,033 3.22 85,293 Microsoft Corp. 2,536,666 2.11 56,749 Nike Inc. 3,041,162 2.53 73,450 Oracle Corp. 2,180,185 1.82 21,302 Praxair Inc. 2,024,250 1.69 14,656 Precision Castparts Corp. 2,687,793 2.24 37,747 Qualcomm Inc. 2,159,788 1.80 24,710 Sigma-Aldrich Corp. 1,674,166 1.40 48,228 Stryker Corp. 2,850,815 2.37 87,765 TJX Companies Inc. 3,862,105 3.21 34,339 Wal-Mart Stores Inc. 1,904,248 1.59
6,700 WW Grainger Inc. 1,228,240 1.02
Total United States 53,999,743 44.98
Total Equities 116,786,280 97.32
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 116,786,280 97.32
Total value of investments 116,786,280 97.32
(Total cost: EUR 77,220,092)
Threadneedle (Lux) - Mondrian Investment Partners - Focused Emerging Markets Equity
96
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
BERMUDA
47,277 Credicorp Limited 6,520,444 1.74
Total Bermuda 6,520,444 1.74
BRAZIL
498,100 Ambev SA - ADR 3,690,921 0.99 132,200 Cielo SA 4,236,374 1.13
1,071,900 Companhia de Concessoes Rodoviarias 8,274,978 2.21
382,900 CPFL Energia SA - ADR 6,252,757 1.67 781,400 EcoRodovias Infraestrutura
e Logistica SA 4,709,522 1.26 824,900 Petroleo Brasileiro SA Pfd 5,768,631 1.54 755,000 Vale SA - ADR (US91912E2046) 9,399,750 2.51 158,700 Vale SA - ADR (US91912E1055) 2,194,821 0.59
Total Brazil 44,527,754 11.90
CAYMAN ISLANDS
8,188,733 Belle International Holdings Limited 8,160,178 2.18
665,000 Hengan International Group Company Limited 6,888,283 1.84
Total Cayman Islands 15,048,461 4.02
CHILE
559,000 Enersis SA - ADR 8,681,270 2.32
Total Chile 8,681,270 2.32
CHINA
1,826,500 China Shenhua Energy Company Limited 5,274,377 1.41
291,300 Mindray Medical International Limited - ADR 9,426,468 2.53
Total China 14,700,845 3.94
HONG KONG
751,000 Beijing Enterprises Holdings Limited 6,728,654 1.80
1,444,000 China Mobile Hong Kong Limited 13,216,882 3.54
4,022,000 China Resources Power Holdings Company 10,473,622 2.81
Total Hong Kong 30,419,158 8.15
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
INDIA
252,535 Axis Bank Limited 6,175,645 1.65 1,308,891 Cairn India Limited 7,298,052 1.95
300,066 Housing Development Finance Corp. 4,440,983 1.19
358,408 Larsen & Toubro Limited 7,632,905 2.04 577,459 Rural Electrifi cation Corp Limited 2,220,963 0.59
Total India 27,768,548 7.42
INDONESIA
426,600 Astra International Tbk PT 276,958 0.07 6,950,600 Bank Mandiri Persero Tbk PT 5,782,089 1.55 7,365,200 Bank Rakyat Indonesia 6,208,033 1.66
12,490,900 Perusahaan Gas Negara PT 5,635,316 1.51
Total Indonesia 17,902,396 4.79
KAZAKHSTAN
303,773 KazMunaiGas Exploration Production - GDR 4,252,822 1.14
Total Kazakhstan 4,252,822 1.14
MALAYSIA
4,509,100 AMMB Holdings Bhd 9,914,366 2.66 4,100,200 Genting Malaysia Bhd 5,273,572 1.41
Total Malaysia 15,187,938 4.07
MEXICO
313,500 America Movil SAB de CV - ADR 6,232,380 1.67 4,016,075 Fibra Uno Administracion SA
de CV 12,997,377 3.48 659,900 Grupo Financiero Santander
Mexico SAB de CV - ADR 8,110,171 2.17
Total Mexico 27,339,928 7.32
PHILIPPINES
166,000 Philippine Long Distance Telephone - ADR 10,129,320 2.71
Total Philippines 10,129,320 2.71
REPUBLIC OF KOREA (SOUTH)
50,211 Hyundai Mobis 14,858,778 3.98 11,603 Samsung Electronics Company
Limited 14,639,289 3.92
Total Republic of Korea (South) 29,498,067 7.90
97
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Mondrian Investment Partners - Focused Emerging Markets Equity
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
RUSSIAN FEDERATION
1,018,982 Gazprom OAO - ADR 7,851,849 2.10800,408 Sberbank of Russia - ADR 7,779,966 2.08
Total Russian Federation 15,631,815 4.18
SOUTH AFRICA
279,704 Bidvest Group Limited 7,403,795 1.98 328,473 Woolworths Holdings Limited 2,291,650 0.61
Total South Africa 9,695,445 2.59
TAIWAN
333,000 Asustek Computer Inc. 3,296,919 0.88 1 Chinatrust Financial Holding
Company 1 0.00 5 Chunghwa Telecom Company
Limited 15 0.00 1 Lite-On Technology Corp. 1 0.00 1 MediaTek Inc. 15 0.00 1 Pegatron Corp. 1 0.00
2,580,000 Taiwan Mobile Company Limited 8,082,483 2.16
3,854,214 Taiwan Semiconductor Manufacturing Company Limited 14,997,914 4.01
Total Taiwan 26,377,349 7.05
THAILAND
1,189,500 PTT pcl 10,816,921 2.89
Total Thailand 10,816,921 2.89
TURKEY
438,585 Tupras-Turkiye Petrol Rafi nerileri 9,287,528 2.49
2,732,417 Turk Telekomunikasyon AS 7,599,974 2.03
Total Turkey 16,887,502 4.52
UNITED KINGDOM
191,160 Sabmiller plc 9,558,817 2.56 271,949 Unilever plc 11,611,056 3.11
Total United Kingdom 21,169,873 5.67
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
UNITED STATES
125,300 Yum! Brands Inc. 9,446,367 2.54
Total United States 9,446,367 2.54
Total Equities 362,002,223 96.86
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 362,002,223 96.86
Total value of investments 362,002,223 96.86
(Total cost: USD 369,767,727)
Threadneedle (Lux) - UK Equities
98
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment GBP Value
Market % of
Value Net Asset
Quantity Investment GBP Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
CANADA
277,486 First Quantum Minerals Limited 3,068,995 2.95
Total Canada 3,068,995 2.95
IRELAND
51,136 CRH plc 856,528 0.82 58,600 DCC plc 1,910,360 1.83
156,202 Ryanair Holdings plc 986,582 0.95
Total Ireland 3,753,470 3.60
JERSEY - CHANNEL ISLANDS
1,449,856 Breedon Aggregates Limited 666,934 0.64 75,900 Experian plc 820,479 0.79
321,360 Glencore International plc 992,360 0.95 142,779 Phoenix Group Holdings 941,628 0.90
42,820 Wolseley plc 1,460,590 1.40
Total Jersey - Channel Islands 4,881,991 4.68
LUXEMBOURG
345,030 AZ Electronic Materials SA 1,389,781 1.34
Total Luxembourg 1,389,781 1.34
UNITED KINGDOM
76,895 Amec plc 862,762 0.83 91,167 AstraZeneca plc 3,534,089 3.40
216,774 Aviva plc 1,034,012 0.99 490,585 Barclays Bank 1,145,025 1.10
61,596 Bellway plc 1,022,494 0.98 156,040 BG Group plc 1,743,747 1.68
1,343,774 Booker Group plc 2,218,571 2.13 845,026 BP plc 4,056,124 3.90
41,897 British American Tobacco plc 1,397,474 1.34 960,734 BT Group plc 3,645,986 3.50
45,950 Carnival plc 1,049,498 1.01 154,392 Compass Group plc 1,412,687 1.36 356,284 Crest Nicholson Holdings plc 1,401,265 1.35 164,303 Daily Mail & General Trust 1,427,793 1.37 198,224 Davis Service Group plc 2,216,145 2.12
85,167 De La Rue plc 693,685 0.67 39,306 Derwent London plc 1,065,193 1.02 47,642 Diageo plc 886,618 0.85
534,072 DS Smith plc 1,733,064 1.67 51,046 Easyjet plc 875,439 0.84
114,193 Filtrona plc 996,334 0.96
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
UNITED KINGDOM (continued)
174,899 G4S plc 422,381 0.41 408,296 GKN plc 1,593,579 1.53 219,543 GlaxoSmithKline plc 3,494,027 3.36 336,877 Grainger Trust plc 811,874 0.78 120,406 Headlam Group plc 577,949 0.56 265,001 HSBC Holdings plc 1,609,882 1.54
43,242 IMI plc 630,468 0.61 101,879 Imperial Tobacco Group plc 2,468,529 2.38 245,076 Investec plc 1,188,128 1.14 319,099 ITE Group plc 609,479 0.59
61,067 Johnson Matthey plc 1,997,501 1.91 844,771 Legal & General Group plc 1,729,246 1.67
92,870 London Stock Exchange Group plc 1,829,539 1.76
443,650 Melrose plc 1,317,197 1.27 549,939 Merlin Entertainments plc 2,073,270 1.99 459,234 Old Mutual plc 923,520 0.89
61,307 Pearson plc 651,693 0.63 178,161 PZ Cussons plc 627,483 0.60
38,554 Reckitt Benckiser plc 1,884,134 1.81 175,156 Reed Elsevier plc 1,604,429 1.54 770,039 Rentokil Initial plc 947,148 0.91
61,347 Rio Tinto plc 2,047,456 1.97 107,400 Rolls-Royce Holdings plc 1,153,476 1.11
94,941 Royal Dutch Shell plc 2,222,094 2.14 187,741 Royal Mail plc 1,056,981 1.02 163,729 Rpc Group plc 1,033,949 0.99
1,091,661 RSA Insurance Group 977,582 0.94 28,239 SABMiller plc 845,758 0.81
488,421 Sage Group plc 2,042,088 1.96 12,569 Schroders plc 326,543 0.31 22,775 Schroders plc 458,916 0.44 31,196 Signet Group plc 1,985,001 1.91
197,118 Smith & Nephew plc 1,791,803 1.72 110,657 Smiths Group plc 1,407,557 1.34 123,953 St James’s Place plc 1,022,612 0.98 215,933 Stagecoach Group plc 852,288 0.82
54,537 Standard Chartered Bank plc 683,621 0.66 247,723 SVG Capital plc 1,039,198 1.00 139,335 Tullow Oil plc 1,042,922 1.00
29,500 Ultra Electronics Holdings 528,050 0.51 101,965 Unilever plc 2,611,323 2.52
11,000 W&G Investments plc 737 0.00 87,957 Wetherspoon (JD) plc 753,352 0.72
227,460 Wood Group (John) plc 1,744,618 1.68
Total United Kingdom 91,037,386 87.50
Total Equities 104,131,623 100.07
99
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - UK Equities
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment GBP Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Rights
UNITED KINGDOM
405,204 RSA Insurance Group plc Right 135,743 0.13
Total United Kingdom 135,743 0.13
Total Rights 135,743 0.13
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 104,267,366 100.20
Total value of investments 104,267,366 100.20
(Total cost: GBP 93,348,837)
Threadneedle (Lux) - American Absolute Alpha
100
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment USD Value
Market % of
Value Net Asset
Quantity Investment USD Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
CANADA
14,566 Methanex Corp. 931,350 0.36
Total Canada 931,350 0.36
IRELAND
39,253 Ingersoll-Rand plc 2,246,842 0.88
Total Ireland 2,246,842 0.88
JERSEY - CHANNEL ISLANDS
27,000 Delphi Automotive plc 1,832,220 0.71
Total Jersey - Channel Islands 1,832,220 0.71
NETHERLANDS
25,635 LyondellBasell Industries NV 2,279,977 0.89
Total Netherlands 2,279,977 0.89
UNITED KINGDOM
24,257 Liberty Global Inc. - A 1,009,091 0.40 24,257 Liberty Global plc 987,502 0.38
Total United Kingdom 1,996,593 0.78
UNITED STATES
20,515 Airgas Inc. 2,185,053 0.85 6,775 Alliance Data Systems Corp. 1,845,849 0.72
48,738 Avis Budget Group Inc. P.P. 144A 2,373,541 0.92
22 Bank of America Corp. 378 0.00 51,000 Bristol-Myers Squibb Company 2,649,450 1.03 64,964 CB Richard Ellis Group Inc. 1,781,963 0.69 25,762 Charter Communications Inc. 3,173,879 1.24 33,200 Citigroup Inc. 1,580,320 0.62 40,500 Coach Inc. P.P. 144A 2,011,230 0.78
52 Cree Inc. 2,941 0.00 63,246 Delta Air Lines Inc. 2,191,474 0.85 45,938 Discover Financial Services 2,673,132 1.04 50,030 Ebay Inc. 2,763,657 1.08 35,000 Facebook Inc. - A 2,108,400 0.82 75,388 Fidelity National Title Group Inc. 2,370,199 0.92 60,000 First American Corp. 1,802,400 0.70
117,000 Genworth Financial Inc. 2,074,410 0.81 117,000 Hertz Global Holdings Inc. 3,116,880 1.21
50,265 Informatica Corp. 1,899,012 0.74 35,335 Lam Research Corp. 1,943,425 0.76
8,333 Ltd Brands Inc. 473,064 0.18 21,970 Mastercard Inc. 1,641,159 0.64
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
UNITED STATES (continued)
17,394 Mohawk Industries Inc. 2,365,236 0.92 63,268 News Corp. Inc. 2,022,678 0.79
1,653 Priceline.com Inc. 1,970,194 0.77 6,737 Pricesmart Inc. 679,965 0.26
121,312 Spansion Inc. 2,113,255 0.82 52,040 Springleaf Holdings Inc. 1,308,806 0.51 34,770 Synaptics Inc. 2,086,895 0.81 12,183 Trex Company Inc. 891,308 0.35
7,331 Visa Inc. 1,582,470 0.62 4,700 Wynn Resorts Limited 1,044,105 0.41
Total United States 58,726,728 22.86
Total Equities 68,013,710 26.48
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 68,013,710 26.48
Total value of investments 68,013,710 26.48
(Total cost: USD 61,915,209)
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Absolute Emerging Market Macro
101
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
Portfolio Statementas at March 31, 2014
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Bonds
GEORGIA
USD 200,000 Georgian Railway JSC 7.75% 11/07/2022 214,252 4.17
Total Georgia 214,252 4.17
INDIA
USD 200,000 Export-Import Bank of India 3.88% 02/10/2019 200,927 3.91
Total India 200,927 3.91
IRELAND
USD 215,000 Rosneft 4.20% 06/03/2022 192,281 3.75
Total Ireland 192,281 3.75
LUXEMBOURG
USD 200,000 Sberbank of Russia Via SB Capital SA 6.13% 07/02/2022 207,298 4.03
Total Luxembourg 207,298 4.03
SRI LANKA
USD 200,000 National Savings Bank 8.88% 18/09/2018 223,623 4.35
Total Sri Lanka 223,623 4.35
VENEZUELA
USD 225,000 Petroleos de Venezuela SA 5.25% 12/04/2017 169,333 3.29
Total Venezuela 169,333 3.29
Total Bonds 1,207,714 23.50
Supranationals, Governments and Local Public Authorities,
Debt Instruments
BRAZIL
BRL 1,050 Brazil (Govt of) 0.00% 01/07/2014 453,855 8.84BRL 277 Brazil (Govt of) 0.00% 01/01/2015 113,230 2.20
Total Brazil 567,085 11.04
COLOMBIA
COP 362,000,000 Columbia (Govt of) 4.38% 21/03/2023 167,469 3.26
COP 240,000,000 Columbia (Govt of) 9.85% 28/06/2027 159,217 3.10
Total Colombia 326,686 6.36
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
CROATIA
USD 141,000 Croatia (Govt of) 6.75% 05/11/2019 155,750 3.03
Total Croatia 155,750 3.03
DOMINICAN REPUBLIC
USD 100,000 Dominican (Govt of) 6.60% 28/01/2024 103,298 2.01
USD 185,000 Dominican (Govt of) 7.50% 06/05/2021 207,145 4.03
Total Dominican Republic 310,443 6.04
HUNGARY
HUF 58,500,000 Hungary (Govt of) 5.50% 20/12/2018 271,862 5.30
USD 70,000 Hungary (Govt of) 4.00% 25/03/2019 69,759 1.36
USD 200,000 Hungary (Govt of) 5.38% 25/03/2024 200,873 3.91
USD 200,000 Hungarian Development Bank 6.25% 21/10/2020 211,820 4.12
Total Hungary 754,314 14.69
INDONESIA
USD 200,000 Indonesia (Govt of) 5.88% 15/01/2024 215,026 4.18
Total Indonesia 215,026 4.18
ROMANIA
USD 100,000 Romania (Govt of) 4.88% 22/01/2024 101,886 1.98
Total Romania 101,886 1.98
SLOVENIA
USD 200,000 Slovenia (Govt of) 5.85% 10/05/2023 218,529 4.25
Total Slovenia 218,529 4.25
SOUTH AFRICA
ZAR 1,385,640 South Africa (Govt of) 7.00% 28/02/2031 111,676 2.17
Total South Africa 111,676 2.17
102
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Absolute Emerging Market Macro
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
TURKEY
USD 138,000 Turkey (Govt of) 7.00% 11/03/2019 154,905 3.01
Total Turkey 154,905 3.01
UKRAINE
USD 200,000 Ukraine (Govt of) 9.25% 24/07/2017 196,439 3.82
Total Ukraine 196,439 3.82
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 3,112,739 60.57
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 4,320,453 84.07
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities
Bonds
MEXICO
USD 83,000 Petroleos Mexicanos 6.38% 23/01/2045 89,933 1.75
Total Mexico 89,933 1.75
Total Bonds 89,933 1.75
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments
UNITED STATES
USD 53,000 United States Treasury Bill 0.00% 22/05/2014 52,999 1.03
USD 53,000 United States Treasury Bill 0.00% 29/05/2014 52,999 1.03
USD 53,000 United States Treasury Bill 0.00% 17/07/2014 52,994 1.03
USD 53,000 United States Treasury Bill 0.00% 31/07/2014 52,993 1.03
Total United States 211,985 4.12
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 211,985 4.12
Total Transferable securities and money market
instruments dealt in on another regulated market
and recently issued transferable securities 301,918 5.87
Total value of investments 4,622,371 89.94
(Total cost: USD 4,472,062)
The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Multi Asset Target Alpha
103
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Quantity/ Value Net Asset
Nominal Value Investment USD Value
Market % of
Quantity/ Value Net Asset
Nominal Value Investment USD Value
Portfolio Statementas at March 31, 2014
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Supranationals, Governments and Local Public Authorities,
Debt Instruments
AUSTRALIA
AUD 250,000 Australia (Govt of) 2.75% 21/04/2024 206,457 1.55
AUD 630,000 Australia (Govt of) 3.25% 21/04/2029 505,093 3.79
AUD 500,000 Australia (Govt of) 5.50% 21/04/2023 516,401 3.88
AUD 250,000 Australia (Govt of) 5.75% 15/05/2021 260,254 1.95
Total Australia 1,488,205 11.17
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 1,488,205 11.17
Structured Instruments - Commodities
IRELAND
USD 499 Source Physical Markets Gold ETC 0.00% 63,348 0.48
Total Ireland 63,348 0.48
Total Structured Instruments - Commodities 63,348 0.48
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 1,551,553 11.65
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities
Supranationals, Governments and Local Public Authorities,
Debt Instruments
UNITED STATES
USD 1,250,000 United States Treasury Bill 0.00% 03/04/2014 1,249,999 9.39
USD 1,250,000 United States Treasury Bill 0.00% 29/05/2014 1,249,965 9.38
USD 1,250,000 United States Treasury Bill 0.00% 26/06/2014 1,249,903 9.38
USD 725,000 United States Treasury Infl ation Indexed N/B 0.13% 15/01/2023 701,947 5.27
USD 50,000 United States Treasury Infl ation Indexed N/B FRN 15/02/2041 64,249 0.48
USD 1,000,000 United States Treasury N/B 0.25% 15/05/2015 1,001,191 7.52
USD 1,250,000 United States Treasury Bill 0.00% 22/05/2014 1,249,969 9.39
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
UNITED STATES (continued)
USD 750,000 United States Treasury Bill 0.00% 17/07/2014 749,911 5.63
Total United States 7,517,134 56.44
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 7,517,134 56.44
Total Transferable securities and money market
instruments dealt in on another regulated market
and recently issued transferable securities 7,517,134 56.44
Undertakings for collective investments in transferable securities
Funds
LUXEMBOURG
15,018 Threadneedle (Lux) - Enhanced Commodities Portfolio 350,510 2.63
Total Luxembourg 350,510 2.63
UNITED KINGDOM
USD 1,504,793 Threadneedle Global Select Fund 2,203,770 16.54
104,850 Threadneedle Global Emerging Markets Equity Fund 130,286 0.98
97,785 Threadneedle European High Yield Bond Fund 136,834 1.03
95,577 Threadneedle Emerging Market Local Fund 276,771 2.08
259,237 Threadneedle UK Extended Alpha Fund 665,990 5.00
Total United Kingdom 3,413,651 25.63
Total Funds 3,764,161 28.26
Total Undertakings for collective investments
in transferable securities 3,764,161 28.26
Total value of investments 12,832,848 96.35
(Total cost: USD 12,507,234)
Threadneedle (Lux) - Global Smaller Companies*
104
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment EUR Value
Market % of
Value Net Asset
Quantity Investment EUR Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
AUSTRALIA
4,555 Ansell Limited 56,392 1.13
Total Australia 56,392 1.13
AUSTRIA
615 Schoeller-Bleckmann Oilfi eld Equipment AG 52,201 1.05
Total Austria 52,201 1.05
BELGIUM
1,879 Umicore 69,504 1.40
Total Belgium 69,504 1.40
CANADA
4,385 Ritchie Bros Auctioneers Inc. 76,771 1.54
Total Canada 76,771 1.54
DENMARK
2,773 Christian Hansen Holding A/S 79,855 1.60
Total Denmark 79,855 1.60
FINLAND
620 Wartsila Oyj 24,447 0.49
Total Finland 24,447 0.49
FRANCE
2,270 Bureau Veritas SA 50,519 1.01934 Criteo SA - ADR 27,480 0.55
3,727 Electricite de France SA 84,882 1.70371 Eurofi ns Scientifi c 80,599 1.61230 Iliad SA 48,139 0.97
2,210 Korian-Medica Kori Fp 61,549 1.24
Total France 353,168 7.08
GERMANY
756 Brenntag AG 101,795 2.05691 Fuchs Petrolub AG Pfd 50,319 1.01997 Gerresheimer AG 46,834 0.94
1,366 Grenkeleasing AG 109,007 2.191,489 Norma Group 57,275 1.151,555 Symrise 56,384 1.13
Total Germany 421,614 8.47
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
IRELAND
4,351 Dalata Hotel Group Limited 12,357 0.2520,000 Green Reit plc 24,000 0.48
Total Ireland 36,357 0.73
JAPAN
2,500 Daifuku Company Limited 22,474 0.451,400 Green Hospital Supply Inc. 39,059 0.781,100 Makita Corp. 43,941 0.886,300 OSG Corp. 79,450 1.601,000 Sanrio Company Limited 24,518 0.491,400 Santen Pharmaceutical
Company Limited 45,174 0.9114,000 Shimadzu Corp. 90,447 1.82
1,400 Sho-Bond Holdings Company Limited 44,977 0.90
6,600 Yokogawa Electric Corp. 77,514 1.56
Total Japan 467,554 9.39
LUXEMBOURG
2,038 Saf-Holland SA 23,019 0.46
Total Luxembourg 23,019 0.46
NORWAY
2,117 TGS Nopec Geophysical Company ASA 50,362 1.01
Total Norway 50,362 1.01
SPAIN
1,764 Lar Espana Real Estate Socim Lre Sm 18,310 0.37
Total Spain 18,310 0.37
SWEDEN
9,821 Elekta AB 94,792 1.90
Total Sweden 94,792 1.90
SWITZERLAND
34 Belimo Holding AG - Reg 68,393 1.37
Total Switzerland 68,393 1.37
105
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Smaller Companies*
Portfolio Statement(continued)
Market % of
Value Net Asset
Quantity Investment EUR Value
Market % of
Value Net Asset
Quantity Investment EUR Value
*See note 1.The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
UNITED KINGDOM
2,159 Aveva Group plc 54,686 1.093,059 Close Brothers Group plc 52,247 1.055,605 Crest Nicholson Holdings plc 26,665 0.545,331 Domino Printing Sciences 50,717 1.021,602 Genus plc 19,184 0.39
11,440 Merlin Entertainments plc 52,169 1.052,567 Oxford Instruments plc 39,341 0.793,133 Shaftesbury plc 24,937 0.507,540 St James's Place plc 75,244 1.518,567 Tyman plc 31,088 0.622,360 Victrex plc 57,351 1.15
Total United Kingdom 483,629 9.71
UNITED STATES
501 Affi liated Managers Group 72,719 1.46612 Airgas Inc. 47,295 0.95848 Align Technology Inc. 31,865 0.64556 Alliance Data Systems Corp. 109,909 2.21
2,100 Avis Budget Group Inc. P.P. 144A 74,203 1.49
768 BE Aerospace Inc. 48,362 0.972,430 Cinemark Holdings Inc. 51,148 1.034,000 Conseco Inc. 52,530 1.05
858 Eagle Materials Inc. 55,193 1.114,647 Fidelity National Title Group Inc. 106,006 2.138,924 First Horizon National Corp. 79,900 1.60
587 Idexx Laboratories Inc. 51,705 1.041,164 IHS Inc. 102,613 2.061,945 JB Hunt Transport Services Inc. 101,494 2.044,825 Lkq Corp. 92,247 1.851,792 Madison Square Gar Inc. 73,825 1.482,424 Mattress Firm Holding Corp. 84,121 1.69
544 Mettler Toledo International Inc. 93,024 1.861,716 Owens Corning 53,749 1.08
993 Petsmart Inc. 49,634 1.00947 Santander Consumer Usa
Holdings Inc. 16,545 0.332,592 Sinclair Broadcast Group Inc. 50,947 1.021,967 Sirona Dental Systems Inc. 106,567 2.132,295 Spirit Airlines Inc. 98,910 1.991,675 SS&C Technologies Holdings 48,637 0.98
852 Stericycle Inc. 70,237 1.41801 Towers Watson & Company 66,283 1.33900 Tractor Supply Company 46,122 0.93415 Transdigm Group Inc. 55,765 1.12
1,696 United Rentals Inc. 116,827 2.341,027 Verisk Analytics Inc. 44,679 0.90
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
UNITED STATES (continued)
661 Wabco Holdings Inc. 50,626 1.02449 Wd-40 Company 25,270 0.51
1,713 Wesco International Inc. 103,432 2.081,699 Williams-Sonoma Inc. 82,148 1.641,741 World Fuel Services Corp. 55,707 1.124,560 Zions Bancorporation 102,499 2.06
Total United States 2,572,743 51.65
Total Equities 4,949,111 99.35
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 4,949,111 99.35
Total value of investments 4,949,111 99.35
(Total cost: EUR 4,597,841)
Threadneedle (Lux) - Global Opportunities Bond
106
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Bonds
AUSTRALIA
GBP 825,000 QBE Insurance Group Limited 6.13% 28/09/2015 1,457,766 0.48
EUR 1,600,000 Santos Finance Limited FRN 22/09/2070 2,499,506 0.84
Total Australia 3,957,272 1.32
AUSTRIA
EUR 600,000 Bawag Psk Bank Fuer Arbeit Und Wirtschaft Und Oesterreichische Postsparkasse Ag 8.13% 30/10/2023 929,988 0.31
EUR 450,000 Hypo Alpe-Adria - ADR 4.38% 24/01/2017 619,971 0.21
Total Austria 1,549,959 0.52
BELGIUM
USD 1,000,000 KBC Bank NV FRN 25/01/2023 1,123,170 0.38 EUR 70,000 KBC Bank NV 8.00% 29/05/2049 97,361 0.03 EUR 1,430,000 KBC Groep NV FRN 19/12/2049 1,937,895 0.65
Total Belgium 3,158,426 1.06
CAYMAN ISLANDS
USD 1,480,000 Hutchison Whampoa International Limited 6.00% 29/12/2049 1,567,809 0.53
USD 1,250,000 Qnb Finance Limited FRN 31/10/2016 1,264,063 0.43
USD 200,000 Sable International Finance Limited 8.75% 01/02/2020 225,533 0.08
GBP 718,000 Yorkshire Water FRN 24/04/2025 1,302,656 0.44
Total Cayman Islands 4,360,061 1.48
CHILE
USD 229,000 Corp. Nacional del Cobre de Chile 3.75% 04/11/2020 232,742 0.08
Total Chile 232,742 0.08
CZECH REPUBLIC
EUR 1,030,000 CE Energy AS 7.00% 01/02/2021 1,479,497 0.50 EUR 545,000 RPG Byty sro 6.75% 01/05/2020 769,238 0.26
Total Czech Republic 2,248,735 0.76
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
DENMARK
GBP 1,000,000 Danske Bank FRN 29/09/2021 1,751,716 0.59 EUR 430,000 Danske Bank A/S FRN
31/10/2049 593,883 0.20
Total Denmark 2,345,599 0.79
FRANCE
EUR 450,000 Autodis SA 6.50% 01/02/2019 641,107 0.22 EUR 600,000 Bureau Veritas SA 3.13%
21/01/2021 851,407 0.29 EUR 800,000 Casino Guichard Perrachon SA
3.99% 09/03/2020 1,217,033 0.41 USD 2,290,000 Credit Agricole SA FRN
19/09/2033 2,627,271 0.89 EUR 2,067,000 Labco SAS 8.50% 15/01/2018 3,048,532 1.02 EUR 516,000 Novalis SAS 6.00% 15/06/2018 753,755 0.25 EUR 180,000 Renault SA 3.13% 05/03/2021 251,371 0.08 EUR 100,000 SPCM SA 5.50% 15/06/2020 149,718 0.05
Total France 9,540,194 3.21
GEORGIA
USD 1,479,000 Georgian Railway JSC 7.75% 11/07/2022 1,584,393 0.54
Total Georgia 1,584,393 0.54
GERMANY
EUR 570,000 Deutsche Raststätten Gruppe IV GmbH 6.75% 30/12/2020 859,740 0.30
EUR 1,100,000 Techem GmbH 6.13% 01/10/2019 1,659,504 0.56 EUR 160,000 Trionista Holdco GmbH 5.00%
30/04/2020 231,452 0.08 EUR 135,000 Unitymedia Hessen GmbH &
Company 5.75% 15/01/2023 202,525 0.07
Total Germany 2,953,221 1.01
GUERNSEY - CHANNEL ISLANDS
USD 1,433,000 Csg Guernsey I Limited 7.88% 24/02/2041 1,557,513 0.52
Total Guernsey -
Channel Islands 1,557,513 0.52
INDONESIA
USD 900,000 Perusahaan Penerbit Sbsn Indonesia 4.00% 21/11/2018 920,790 0.31
Total Indonesia 920,790 0.31
107
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Threadneedle (Lux) - Global Opportunities Bond
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
IRELAND
EUR 1,705,000 Bank of Ireland 3.25% 15/01/2019 2,437,486 0.82
EUR 1,000,000 Bank of Ireland 10.00% 30/07/2016 1,513,876 0.51
EUR 350,000 Nara Cable Funding Limited 8.88% 01/12/2018 526,622 0.18
USD 5,000,000 Rosneft 4.20% 06/03/2022 4,471,650 1.51
Total Ireland 8,949,634 3.02
ITALY
EUR 888,000 Assicurazioni Generali SpA 2.88% 14/01/2020 1,263,515 0.43
EUR 2,000,000 Banca Monte dei Paschi di Siena SpA 3.50% 20/03/2017 2,890,052 0.97
EUR 1,145,000 Davide Campari-Milano SpA 4.50% 25/10/2019 1,705,670 0.57
EUR 500,000 Gamenet SpA 7.25% 01/08/2018 715,916 0.25 GBP 2,700,000 Telecom Italia SpA 5.63%
29/12/2015 4,747,910 1.59 EUR 100,000 Zobele Holding SpA 7.88%
01/02/2018 147,863 0.05
Total Italy 11,470,926 3.86
JAPAN
EUR 420,000 Eaccess Limited 8.38% 01/04/2018 637,191 0.22
EUR 570,000 Softbank Corp. 4.63% 15/04/2020 826,477 0.28
Total Japan 1,463,668 0.50
JERSEY - CHANNEL ISLANDS
GBP 650,000 Aston Martin Capital Limited 9.25% 15/07/2018 1,179,057 0.40
GBP 350,000 HSBC Capital Funding Jersey Channel Islands FRN 29/06/2049 626,305 0.21
EUR 1,420,000 Prosecure Funding LP 4.67% 30/06/2016 2,052,505 0.69
GBP 695,000 UBM plc 6.50% 23/11/2016 1,282,589 0.43
Total Jersey - Channel Islands 5,140,456 1.73
LUXEMBOURG
EUR 190,000 Altice Financing SA 6.50% 15/01/2022 279,296 0.09
EUR 1,600,000 Bormioli Rocco Holdings 10.00% 01/08/2018 2,407,229 0.81
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
LUXEMBOURG (continued)
EUR 504,000 Fiat Finance & Trade SA 6.75% 14/10/2019 786,764 0.27
USD 2,400,000 Gazprom OAO via Gaz Capital SA 4.95% 23/05/2016 2,485,404 0.84
USD 100,000 Gazprom OAO via Gaz Capital SA 8.13% 31/07/2014 101,862 0.03
EUR 350,000 Gcs Holdco Finance I SA 6.50% 15/11/2018 515,127 0.17
EUR 1,454,000 Gelf Bond Issuer I SA 3.13% 03/04/2018 2,092,150 0.70
EUR 895,000 Gestamp Fund Lux SA 5.88% 31/05/2020 1,316,613 0.44
EUR 50,000 HeidelbergCement AG 8.00% 31/01/2017 80,516 0.03
EUR 350,000 Heidelbergcement Finance Luxembourg SA 9.50% 15/12/2018 628,583 0.21
EUR 65,000 Numericable Finance & Company Sca 8.75% 15/02/2019 102,579 0.03
EUR 523,250 Numericable Finance & Company SCA 12.38% 15/02/2019 886,941 0.30
USD 975,000 SB Capital SA 5.50% 07/07/2015 1,017,052 0.34 USD 2,440,000 Sberbank of Russia Via SB
Capital SA 6.13% 07/02/2022 2,529,036 0.85 EUR 100,000 Telenet Finance V Luxembourg
SCA 6.25% 15/08/2022 151,440 0.05 EUR 400,000 Xella Holdco Finance SA 9.13%
15/09/2018 597,077 0.20
Total Luxembourg 15,977,669 5.36
NETHERLANDS
EUR 753,000 Achmea BV 2.50% 19/11/2020 1,055,875 0.36 EUR 1,025,000 Bharti Airtel International
Netherlands BV 4.00% 10/12/2018 1,474,894 0.50
EUR 340,000 Cable Communications Systems NV 7.50% 01/11/2020 497,804 0.17
EUR 570,000 Celesio Finance BV 4.50% 26/04/2017 853,388 0.29
EUR 764,000 Deutsche Annington Finance BV 3.63% 08/10/2021 1,121,169 0.38
EUR 1,000,000 HIT Finance BV 5.75% 09/03/2018 1,595,738 0.54
USD 1,436,000 ING Bank NV FRN 21/11/2023 1,443,022 0.49 GBP 519,000 Intergen NV 7.50% 30/06/2021 914,981 0.31
108
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Threadneedle (Lux) - Global Opportunities Bond
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
NETHERLANDS (continued)
EUR 349,000 Interxion Holding 6.00% 15/07/2020 522,111 0.18
EUR 200,000 Koninklijke Kpn NV FRN 14/03/2049 288,225 0.10
GBP 449,000 Koninklijke Kpn NV FRN 14/03/2073 773,990 0.26
USD 400,000 Koninklijke Kpn NV FRN 28/03/2073 416,138 0.14
USD 200,000 Koninklijke Kpn NV FRN 28/03/2073 208,068 0.07
USD 210,000 Linde Finance BV 3.63% 13/11/2014 214,056 0.07
EUR 1,380,000 Madrilena Red de Gas Finance BV 3.78% 11/09/2018 2,044,339 0.69
EUR 1,245,000 Redexis Gas Finance BV 2.75% 08/04/2021 1,710,224 0.58
EUR 600,000 Schaeffl er Finance BV 4.25% 15/05/2018 863,778 0.29
EUR 1,646,000 Schaeffl er Holding Finance BV 6.88% 15/08/2018 2,418,894 0.81
EUR 1,300,000 Telefonica Europe BV FRN 29/09/2049 1,915,802 0.65
GBP 700,000 Telefonica Europe BV FRN 26/11/2049 1,217,221 0.41
EUR 200,000 Telefonica Europe BV FRN 29/09/2049 309,457 0.10
EUR 675,000 TenneT Holding BV 6.66% 28/02/2049 1,033,179 0.35
CHF 491,000 UPC Holding BV 6.75% 15/03/2023 609,335 0.21
EUR 470,000 UPC Holding BV 6.75% 15/03/2023 709,449 0.24
Total Netherlands 24,211,137 8.19
NORWAY
USD 1,565,000 Eksportfi nans ASA 2.00% 15/09/2015 1,550,813 0.52
USD 1,250,000 Eksportfi nans ASA 2.38% 25/05/2016 1,238,881 0.42
Total Norway 2,789,694 0.94
PORTUGAL
EUR 2,800,000 Banco Espirito Santo SA 4.00% 21/01/2019 3,936,147 1.33
Total Portugal 3,936,147 1.33
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
RUSSIAN FEDERATION
EUR 525,000 Russian Railways via Rzd Capital plc 3.37% 20/05/2021 689,396 0.23
USD 1,575,000 Uralkali OJSC via Uralkali Finance Limited 3.72% 30/04/2018 1,510,520 0.51
Total Russian Federation 2,199,916 0.74
SPAIN
EUR 600,000 Banco Bilbao Vizcaya Argentaria SA FRN 29/12/2049 836,493 0.28
EUR 250,000 BBVA Senior Finance SAU 3.88% 06/08/2015 358,209 0.12
EUR 220,000 Empark Funding SA FRN 15/12/2019 310,882 0.10
EUR 340,000 Empark Funding SA 6.75% 15/12/2019 503,460 0.17
EUR 300,000 PortAventura FRN 01/12/2019 416,741 0.14 EUR 190,000 Portaventura Entertainment
Barcelona BV 7.25% 01/12/2020 277,895 0.09 USD 875,000 Telefonica Emisiones Sau 3.99%
16/02/2016 917,936 0.31
Total Spain 3,621,616 1.21
SRI LANKA
USD 6,590,000 National Savings Bank 8.88% 18/09/2018 7,368,378 2.48
Total Sri Lanka 7,368,378 2.48
SWEDEN
USD 300,000 Eileme 2 AB 11.63% 31/01/2020 358,580 0.12
Total Sweden 358,580 0.12
SWITZERLAND
EUR 1,170,000 UBS AG FRN 12/02/2026 1,656,761 0.56 USD 1,470,000 UBS AG FRN 22/02/2022 1,616,596 0.54
Total Switzerland 3,273,357 1.10
TURKEY
USD 1,120,000 Coca-Cola Icecek AS 4.75% 01/10/2018 1,177,238 0.40
Total Turkey 1,177,238 0.40
109
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Opportunities Bond
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
UNITED KINGDOM
GBP 1,400,000 AA Bond Company Limited 9.50% 31/07/2019 2,645,495 0.89
GBP 460,000 Aa Pik Company Limited 9.50% 07/11/2019 807,921 0.27
GBP 1,159,000 Allied Domecq Finance Services 6.63% 12/06/2014 1,952,340 0.66
EUR 228,000 Avis Budget Finance plc 6.00% 01/03/2021 333,528 0.11
EUR 420,000 Barclays Bank plc FRN 15/12/2049 608,833 0.21
USD 1,130,000 Barclays plc FRN 29/12/2049 1,189,150 0.40 USD 1,500,000 BG Energy Capital plc FRN
30/11/2072 1,650,923 0.56 GBP 360,000 British Telecommunications plc
8.50% 07/12/2016 703,230 0.24 GBP 627,000 Bupa Finance plc 7.50%
04/07/2016 1,175,328 0.40 GBP 171,000 CRH Finance plc 8.25%
24/04/2015 304,974 0.10 GBP 170,000 Elli Finance UK plc 8.75%
15/06/2019 316,832 0.11 GBP 1,888,000 Enw Capital Finance plc 6.75%
20/06/2015 3,344,178 1.12 GBP 760,000 First Hydro Finance plc 9.00%
31/07/2021 1,677,515 0.57 GBP 1,145,000 G4s plc 7.75% 13/05/2019 2,277,407 0.77 GBP 715,000 GKN Holdings plc 6.75%
28/10/2019 1,390,834 0.47GBP 340,000 IDH Finance plc 6.00%
01/12/2018 592,100 0.20 USD 1,750,000 Imperial Tobacco Finance plc
2.05% 11/02/2018 1,736,280 0.58 GBP 125,000 Legal & General Group plc FRN
23/07/2041 277,409 0.09 GBP 447,000 Lloyds Banking Group plc FRN
31/12/2049 755,388 0.25 GBP 426,000 Lloyds Banking Group plc FRN
31/12/2049 735,116 0.25 GBP 275,000 Lloyds Banking Group plc FRN
31/12/2049 483,925 0.16 GBP 400,000 Lloyds TSB Bank plc FRN
29/05/2020 697,689 0.24 GBP 250,000 Lloyds TSB Bank plc 7.63%
22/04/2025 508,664 0.17 GBP 845,000 National Express Group plc
6.25% 13/01/2017 1,553,067 0.52 USD 800,000 Nationwide Building Society
5.00% 01/08/2015 843,803 0.28 GBP 590,000 Nationwide Building Society
FRN 11/03/2049 993,957 0.34
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Bonds (continued)
UNITED KINGDOM (continued)
GBP 1,660,000 Pennon Group plc FRN 08/03/2049 2,939,495 0.99
GBP 100,000 Priory Group Limited 7.00% 15/02/2018 176,375 0.06
EUR 1,250,000 Royal Bank of Scotland plc FRN 22/09/2021 1,759,000 0.59
EUR 825,000 Royal Bank of Scotland plc 6.93% 09/04/2018 1,299,530 0.44
GBP 590,000 RSA Insurance Group plc FRN 20/05/2039 1,194,501 0.40
USD 125,000 Smiths Group plc 6.05% 15/05/2014 125,665 0.04
GBP 1,700,000 Southern Gas Networks plc FRN 21/10/2015 2,809,850 0.94
EUR 650,000 Thomas Cook Finance plc 7.75% 15/06/2020 991,505 0.33
USD 300,000 Virgin Media Secured Finance plc 6.50% 15/01/2018 311,250 0.10
GBP 148,000 Virgin Media Secured Finance plc 7.00% 15/01/2018 256,479 0.09
Total United Kingdom 41,419,536 13.94
UNITED STATES
EUR 450,000 Bank of America Corp. FRN 28/03/2018 607,098 0.20
EUR 952,000 Citigroup Inc. FRN 31/05/2017 1,287,637 0.43 EUR 1,500,000 Citigroup Inc. FRN 30/11/2017 2,050,061 0.69 USD 425,000 Genworth Holdings Inc. 7.63%
24/09/2021 524,031 0.18 GBP 1,050,000 JPMorgan Chase & Company
FRN 30/05/2017 1,710,464 0.58 GBP 200,000 Northern Trust Company/the
5.38% 11/03/2015 343,481 0.12 USD 515,000 Pemex Project Funding Master
Trust 5.75% 01/03/2018 575,366 0.19 USD 849,000 Ppl Capital Funding Inc. 4.20%
15/06/2022 879,254 0.30 USD 3,037,000 Verizon Communications Inc.
5.15% 15/09/2023 3,321,810 1.11
Total United States 11,299,202 3.80
VENEZUELA
USD 5,140,000 Petroleos de Venezuela SA 8.50% 02/11/2017 4,320,067 1.46
Total Venezuela 4,320,067 1.46
Total Bonds 183,386,126 61.78
110
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Opportunities Bond
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Mortgage and Asset Backed Securities
AUSTRALIA
EUR 131,534 Firstmac Bond Trust FRN 15/08/2037 179,489 0.06
Total Australia 179,489 0.06
Total Mortgage and Asset Backed Securities 179,489 0.06
Supranationals, Governments and Local Public Authorities,
Debt Instruments
DOMINICAN REPUBLIC
USD 3,760,000 Dominican (Govt of) 5.88% 18/04/2024 3,746,859 1.26
USD 2,400,000 Dominican (Govt of) 7.50% 06/05/2021 2,687,280 0.91
Total Dominican Republic 6,434,139 2.17
HUNGARY
USD 585,000 Mfb Magyar Fejlesztesi Bank Zrt 6.25% 21/10/2020 619,574 0.21
Total Hungary 619,574 0.21
MEXICO
GBP 1,600,000 Mexico (Govt of) 5.63% 19/03/2114 2,566,704 0.86
MXN 900,000 Mexico (Govt of) Bonos 10.00% 05/12/2024 8,946,548 3.01
Total Mexico 11,513,252 3.87
PORTUGAL
EUR 3,350,000 Portugal (Govt of) 5.65% 15/02/2024 5,206,169 1.75
EUR 8,000,000 Portugal (Govt of) OT 4.75% 14/06/2019 11,974,236 4.04
Total Portugal 17,180,405 5.79
SLOVENIA
USD 1,610,000 Slovenia (Govt of) 4.13% 18/02/2019 1,667,533 0.56
EUR 1,250,000 Slovenia (Govt of) 4.38% 02/04/2014 1,723,243 0.58
Total Slovenia 3,390,776 1.14
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Supranationals, Governments and Local Public Authorities,
Debt Instruments (continued)
SOUTH AFRICA
ZAR 76,132,065 South Africa (Govt of) 7.00% 28/02/2031 6,135,898 2.07
Total South Africa 6,135,898 2.07
SPAIN
EUR 2,400,000 Spain (Govt of) 3.80% 30/04/2024 3,469,138 1.17
Total Spain 3,469,138 1.17
SUPRANATIONAL
USD 250,000 African Export-Import Bank 5.75% 27/07/2016 266,391 0.09
Total Supranational 266,391 0.09
SWEDEN
USD 1,500,000 Swedish Export Credit FRN 14/11/2023 1,470,945 0.50
Total Sweden 1,470,945 0.50
TURKEY
USD 1,162,000 Hazine Mustesarligi Varlik Kiralama AS 4.56% 10/10/2018 1,181,516 0.40
Total Turkey 1,181,516 0.40
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 51,662,034 17.41
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 235,227,649 79.25
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities
Bonds
AUSTRALIA
AUD 2,500,000 SGSp Australia Assets Pty Limited 5.50% 12/03/2021 2,326,475 0.78
Total Australia 2,326,475 0.78
CAYMAN ISLANDS
USD 895,000 Petrobras International Finance Company 3.88% 27/01/2016 919,720 0.31
Total Cayman Islands 919,720 0.31
111
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Opportunities Bond
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Bonds (continued)
CHILE
USD 2,100,000 Banco Santander Chile FRN 19/01/2016 2,084,250 0.70
Total Chile 2,084,250 0.70
GERMANY
EUR 750,000 Heidelbergcement Finance 7.50% 03/04/2020 1,282,522 0.43
Total Germany 1,282,522 0.43
ITALY
USD 1,170,000 Intesa Sanpaolo SpA 2.38% 13/01/2017 1,173,416 0.40
Total Italy 1,173,416 0.40
JAPAN
USD 500,000 Eaccess Limited 8.25% 01/04/2018 549,018 0.18
Total Japan 549,018 0.18
LUXEMBOURG
EUR 1,700,000 Wind Acquisition Finance 7.38% 15/02/2018 2,484,485 0.84
EUR 1,864,000 Wind Acquisition Finance 11.75% 15/07/2017 2,707,363 0.91
Total Luxembourg 5,191,848 1.75
MEXICO
USD 300,000 America Movil SAB de CV FRN 12/09/2016 304,463 0.10
USD 385,000 Petroleos Mexicanos 6.38% 23/01/2045 417,159 0.14
Total Mexico 721,622 0.24
NETHERLANDS
AUD 5,000,000 ABN Amro Bank NV 4.75% 05/02/2019 4,634,829 1.56
EUR 135,000 Carlson Wagonlit BV 7.50% 15/06/2019 203,343 0.07
USD 3,050,000 Petrobras Global Finance BV 3.25% 17/03/2017 3,063,557 1.03
Total Netherlands 7,901,729 2.66
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities (continued)
Bonds (continued)
NORWAY
USD 1,945,000 Eksportfi nans ASA 3.00% 17/11/2014 1,954,258 0.66
Total Norway 1,954,258 0.66
REPUBLIC OF KOREA (SOUTH)
USD 275,000 Export-Import Bank of Korea 2.88% 17/09/2018 282,549 0.10
Total Republic of Korea (South) 282,549 0.10
UNITED KINGDOM
USD 4,030,000 Abbey National Treasury Services plc 4.00% 13/03/2024 4,060,104 1.37
USD 378,000 Royal Bank of Scotland Group 6.13% 15/12/2022 396,565 0.13
USD 115,000 Tate & Lyle International Finance plc P.P. 144A 5.00% 15/11/2014 117,849 0.04
Total United Kingdom 4,574,518 1.54
UNITED STATES
USD 225,000 Chrysler Group LLC 8.00% 15/06/2019 246,984 0.08
USD 780,000 Chrysler Group LLC 8.25% 15/06/2021 882,515 0.30
USD 2,600,000 Mckesson Corp. 2.28% 15/03/2019 2,588,248 0.87
USD 2,980,000 Novartis Capital Corp. 3.40% 06/05/2024 2,985,022 1.01
USD 770,000 Pacifi c Gas & Electric Company 3.75% 15/02/2024 770,273 0.26
USD 825,000 Ppl Capital Fund 3.95% 15/03/2024 826,130 0.28
Total United States 8,299,172 2.80
Total Bonds 37,261,097 12.55
Mortgage and Asset Backed Securities
UNITED KINGDOM
USD 310,274 Gracechurch Mortgage Financing plc FRN 20/02/2015 313,591 0.11
Total United Kingdom 313,591 0.11
Total Mortgage and Asset Backed Securities 313,591 0.11
Total Transferable securities and money market
instruments dealt in on another regulated market
and recently issued transferable securities 37,574,688 12.66
112
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Threadneedle (Lux) - Global Opportunities Bond
Portfolio Statement(continued)
Market % of
Value Net Asset
Nominal Value Investment USD Value
The accompanying notes form an integral part of these fi nancial statements.
Other transferable securities and money market instruments
Bonds
CAYMAN ISLANDS
USD 150,000 UPCB Finance VI Limited 6.88% 15/01/2022 164,250 0.06
Total Cayman Islands 164,250 0.06
NETHERLANDS
USD 2,825,000 Deutsche Annington Finance BV 3.20% 02/10/2017 2,901,922 0.98
Total Netherlands 2,901,922 0.98
UNITED ARAB EMIRATES
AUD 2,400,000 First Gulf Bank Pjsc 5.00% 01/04/2019 2,201,095 0.74
AUD 2,970,000 National Bank of ABu Dhabi Pjsc 4.75% 19/03/2019 2,733,751 0.92
Total United Arab Emirates 4,934,846 1.66
Total Bonds 8,001,018 2.70
Collateralized debt obligations, loans and assimilated instruments
UNITED KINGDOM
GBP 28,600 Sandown Gold plc FRN 20/11/2038 47,814 0.02
Total United Kingdom 47,814 0.02
Total Collateralized debt obligations, loans and
assimilated instruments 47,814 0.02
Mortgage and Asset Backed Securities
AUSTRALIA
AUD 1,408,263 Liberty Funding Pty Limited FRN 15/04/2044 1,303,369 0.43
AUD 500,000 Liberty Funding Pty Limited FRN 10/06/2016 466,011 0.16
AUD 500,000 Liberty Funding Pty Limited FRN 10/08/2016 471,637 0.16
AUD 1,414,743 TRTN FRN 22/03/2043 1,313,431 0.44
Total Australia 3,554,448 1.19
Total Mortgage and Asset Backed Securities 3,554,448 1.19
Total Other transferable securities and money
market instruments 11,603,280 3.91
Total value of investments 284,405,617 95.82
(Total cost: USD 273,138,969)
Threadneedle (Lux) - European Select*
113
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Quantity Investment EUR Value
Market % of
Value Net Asset
Quantity Investment EUR Value
Portfolio Statementas at March 31, 2014
Transferable securities and money market instruments admitted
to an offi cial exchange listing
Equities
BELGIUM
3,277 Anheuser-Busch InBev NV 249,380 3.99 721 Umicore 26,670 0.43
Total Belgium 276,050 4.42
DENMARK
2,788 Christian Hansen Holding A/S 80,287 1.28 9,839 Novo-Nordisk A/S 325,244 5.20 1,305 Novozymes A/S 41,653 0.67
Total Denmark 447,184 7.15
FINLAND
2,368 Kone Oyj 72,082 1.15 6,645 Sampo Oyj - A 250,184 4.00
590 Wartsila Oyj 23,264 0.37
Total Finland 345,530 5.52
FRANCE
1,214 Compagnie Generale d’Optique Essilor International 88,865 1.42
820 Iliad SA 171,626 2.74 3,593 Legrand SA 162,026 2.59 2,859 L’Oreal SA 342,222 5.47
580 Pernod-Ricard SA 49,010 0.78 979 Schneider Electric SA 62,999 1.01
Total France 876,748 14.01
GERMANY
1,360 BASF SE 109,725 1.75 4,301 Bayer AG 422,271 6.75 1,117 Bayerische Motoren Werke AG 102,340 1.64 1,232 Beiersdorf AG 87,226 1.40 1,754 Brenntag AG 236,175 3.79
905 Continental AG 157,380 2.52 11,001 Deutsche Post AG - Reg 296,697 4.75
1,436 Linde AG 208,507 3.33 5,034 Symrise 182,533 2.92 1,419 Wirecard AG 42,740 0.68
Total Germany 1,845,594 29.53
IRELAND
104,833 Bank of Ireland 32,289 0.52 19,647 Ryanair Holdings plc 150,103 2.40
Total Ireland 182,392 2.92
Transferable securities and money market instruments admitted
to an offi cial exchange listing (continued)
Equities (continued)
NETHERLANDS
672 ASML Holding NV 45,179 0.72 1,096 European Aeronautic Defence
and Space Company NV 56,981 0.91 9,760 Reed Elsevier NV 153,086 2.45 9,551 Unilever NV 284,953 4.57
Total Netherlands 540,199 8.65
SWEDEN
5,792 Assa Abloy AB 223,358 3.57 3,258 Atlas Copco AB - A 68,070 1.09
24,810 Nordea Bank AB 254,875 4.08 1,642 SKF AB - B 30,448 0.49 8,074 Svenska Handelsbanken AB 293,468 4.69
Total Sweden 870,219 13.92
SWITZERLAND
2,336 Compagnie Financiere Richemont AG 161,940 2.59
4,557 Nestle SA - Reg 249,096 3.98 596 Roche Holding AG 129,727 2.07
23 Sika AG 68,312 1.09 419 Syngenta AG - Reg 115,051 1.84
6,382 UBS AG - Reg 95,719 1.53
Total Switzerland 819,845 13.10
Total Equities 6,203,761 99.22
Total Transferable securities and money
market instruments admitted to an
offi cial exchange listing 6,203,761 99.22
Total value of investments 6,203,761 99.22
(Total cost: EUR 6,054,964)
*See note 1.The accompanying notes form an integral part of these fi nancial statements.
Threadneedle (Lux) - Enhanced Commodities
114
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Market % of
Value Net Asset
Nominal Value Investment USD Value
Portfolio Statementas at March 31, 2014
The accompanying notes form an integral part of these fi nancial statements.
Transferable securities and money market instruments dealt in on another
regulated market and recently issued transferable securities
Supranationals, Governments and Local Public Authorities,
Debt Instruments
UNITED STATES
USD 100,000,000 United States Treasury Bill 0.00% 29/05/2014 99,997,181 16.80
USD 150,000,000 United States Treasury Bill 0.00% 26/06/2014 149,988,354 25.19
USD 140,000,000 United States Treasury Bill 0.00% 24/07/2014 139,982,266 23.52
USD 140,000,000 United States Treasury Bill 0.00% 21/08/2014 139,969,628 23.51
USD 50,000,000 United States Treasury Bill 0.00% 18/09/2014 49,987,014 8.40
USD 5,000,000 United States Treasury Bill 0.00% 28/08/2014 4,998,914 0.84
Total United States 584,923,357 98.26
Total Supranationals, Governments and Local
Public Authorities, Debt Instruments 584,923,357 98.26
Total Transferable securities and money market
instruments dealt in on another regulated market
and recently issued transferable securities 584,923,357 98.26
Total value of investments 584,923,357 98.26
(Total cost: USD 584,739,132)
Notes to the Financial Statements
115
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Notes to the Financial Statements
1 GENERAL
Threadneedle (Lux) (the SICAV) is an investment company with variable capital (Société d’Investissement à Capital Variable) governed by Part I of the
law of December 17, 2010, as amended, relating to Undertakings for Collective Investment (the “law of December 17, 2010”).
On August 12, 2013 the Shareholders approved an amendment to article 24 of the articles of incorporation of the SICAV, to change the general valuation
basis used for certain securities from “their mid-price in the relevant market at the time of the valuation, or any other price deemed appropriate by the
Board of Directors” to “their last exchange price in the relevant market at the time of closure of the market, or any other price deemed appropriate by
the Board of Directors”.
The SICAV offers investors the opportunity to invest in separate Portfolios. Each Portfolio has a different investment objective and is a separate portfolio
of assets represented by separate securities. Each Portfolio may have one or more Classes of Shares related to it. The SICAV as a whole, including all
of the existing Portfolios and all future Portfolios, is one legal entity. However, with regard to third parties and, in particular, with regard to the SICAV’s
creditors and as between Shareholders, each Portfolio shall be exclusively responsible for all liabilities attributable to it.
Significant events during the year:
Change of Custodian, Domiciliary, Administrative and Paying Agent of the SICAV and related change of registered office of the SICAV
On April 1, 2013 Citibank International plc (Luxembourg Branch) replaced RBC Investor Services Bank S.A. as the SICAV’s Custodian, Domiciliary,
Administrative and Paying Agent. As of the same date, the registered office of the SICAV was also changed to 31 Z.A. Bourmicht, L-8070 Bertrange,
Grand Duchy of Luxembourg.
Appointment by sub-advisor of a non-discretionary investment advisor in relation to some portfolios
With effect from August 30, 2013, Threadneedle Asset Management Limited (TAML) appointed Columbia Management Investment Advisers, LLC
(“Columbia Management”) as its non-discretionary investment advisor for the following Portfolios: Threadneedle (Lux) - Absolute Emerging Market
Macro, Threadneedle (Lux) - Emerging Market Corporate Bonds, Threadneedle (Lux) - Emerging Market Debt, Threadneedle (Lux) - Global Emerging
Market Short-Term Bonds and Threadneedle (Lux) - Global Emerging Market Equities. With effect from December 2, 2013 TAML appointed Columbia
Management as its non-discretionary investment advisor for the following additional Portfolios: Threadneedle (Lux) - Global Aggregate Bond and
Threadneedle (Lux) - Global Opportunities Bonds. Columbia Management makes investment advice to TAML in relation to the above-mentioned Portfolios
but TAML keeps the discretion to follow such advice or not and remains the sole discretionary sub-advisor of the above-mentioned Portfolios.
Fee change
On April 1, 2013, the Asset Management fee for Share Classes AEH, AFH, AGH and AU was decreased from 1.40% to 1.10% for the Threadneedle (Lux) -
Global Opportunities Bond Portfolio.
Portfolios name changes
With effect as of November 29, 2013, the name of two Portfolios changed as follows:
- Threadneedle (Lux) - European Smaller Companies Absolute Alpha has been changed to Threadneedle (Lux) - Global Smaller Companies
- Threadneedle (Lux) - European Absolute Alpha has been changed to Threadneedle (Lux) - European Select
Launching and closing of Portfolios and Share Classes
Portfolios
With effect as of December 6, 2013, the Threadneedle (Lux) - European Quantitative Equities and Threadneedle (Lux) - Target Return (US$) Portfolios
have been put into liquidation.
Share Classes
The following share classes were launched during the year ended March 31, 2014:
Share Class Portfolio Effective Date
IU Threadneedle (Lux) - Emerging Market Corporate Bonds October 15, 2013IU Threadneedle (Lux) - Global Emerging Market Short-Term Bonds June 18, 2013ZFH Threadneedle (Lux) - American Select January 21, 2014ASH Threadneedle (Lux) - US Contrarian Core Equities July 12, 2013IFH Threadneedle (Lux) - US Contrarian Core Equities June 21, 2013AUH Threadneedle (Lux) - Pan European Equities October 25, 2013IU Threadneedle (Lux) - Asian Equity Income September 11, 2013ZGH Threadneedle (Lux) - Asian Equity Income December 17, 2013AEH Threadneedle (Lux) - Global Technology May 13, 2013AEH Threadneedle (Lux) - UK Equities May 14, 2013IFH Threadneedle (Lux) - Global Opportunities Bond June 24, 2013
Notes to the Financial Statements(continued)
116
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
The following share classes which were dormant became active during the year ended March 31, 2014:
Share Class Portfolio Effective Date
AEH Threadneedle (Lux) - US Contrarian Core Equities March 24, 2014DU Threadneedle (Lux) - US Contrarian Core Equities October 21, 2013
The following share classes became dormant during the year ended March 31, 2014:
Share Class Portfolio Effective Date
IU Threadneedle (Lux) - Emerging Market Corporate Bonds January 20, 2014IU Threadneedle (Lux) - Global Emerging Market Short–Term Bonds March 26, 2014W Threadneedle (Lux) - US$ High Income Bonds September 20, 2013AEH Threadneedle (Lux) - US Contrarian Core Equities August 21, 2013DU Threadneedle (Lux) - US Contrarian Core Equities August 21, 2013IEH Threadneedle (Lux) - US Contrarian Core Equities August 21, 2013IU Threadneedle (Lux) - Asian Equity Income February 5, 2014IFH Threadneedle (Lux) - Absolute Emerging Market Macro May 27, 2013IU Threadneedle (Lux) - Absolute Emerging Market Macro August 21, 2013AFH Threadneedle (Lux) - European Select November 28, 2013DE Threadneedle (Lux) - European Select November 28, 2013IGH Threadneedle (Lux) - European Select November 21, 2013
As at March 31, 2014 the active Portfolios of the SICAV are as follows:
The Bond Portfolios:
- Threadneedle (Lux) - Global Aggregate Bond*
- Threadneedle (Lux) - Euro Active Bonds*
- Threadneedle (Lux) - Emerging Market Corporate Bonds*
- Threadneedle (Lux) - Emerging Market Debt*
- Threadneedle (Lux) - Global Emerging Market Short-Term Bonds*
- Threadneedle (Lux) - US$ High Income Bonds*
The Asset Allocation Portfolio:
- Threadneedle (Lux) - Global Asset Allocation*
The Equity Portfolios:
- Threadneedle (Lux) - Global Focus*
- Threadneedle (Lux) - Global Emerging Market Equities*
- Threadneedle (Lux) - American*
- Threadneedle (Lux) - American Select*
- Threadneedle (Lux) - US Contrarian Core Equities
- Threadneedle (Lux) - Pan European Equities*
- Threadneedle (Lux) - Pan European Small Cap Opportunities*
- Threadneedle (Lux) - Asian Equity Income*
- Threadneedle (Lux) - Greater China Equities*
- Threadneedle (Lux) - Global Energy Equities*
- Threadneedle (Lux) - Global Technology*
- Threadneedle (Lux) - Global Equities - Walter Scott & Partners
- Threadneedle (Lux) - Mondrian Investment Partners - Focused Emerging Markets Equity
- Threadneedle (Lux) - UK Equities
The Absolute Return Portfolios:
- Threadneedle (Lux) - American Absolute Alpha
- Threadneedle (Lux) - Absolute Emerging Market Macro
- Threadneedle (Lux) - Multi Asset Target Alpha
- Threadneedle (Lux) - Global Smaller Companies
- Threadneedle (Lux) - Global Opportunities Bond
- Threadneedle (Lux) - European Select
The Specialist Portfolio:- Threadneedle (Lux) - Enhanced Commodities*
*As at March 31, 2014, these Portfolios have been authorised by the Securities and Futures Commission in Hong Kong and are available to the public of Hong Kong.
1 GENERAL
(continued)
Notes to the Financial Statements(continued)
117
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared and presented in accordance with generally accepted accounting principles applicable to UCITS (Undertakings
for Collective Investments in Transferable Securities) investment funds in Luxembourg and require management to make estimates and assumptions that
affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
I) Valuation of securities
Transferable securities, money market instruments and any financial assets listed or dealt in on a regulated market are valued at their last exchange price
in the relevant market at the time of closure of the market. If such prices are not representative of their fair market value, such securities are stated at
the fair value at which it is expected they may be resold, as determined in good faith by or under the direction of the Board of Directors.
Fixed income securities not traded on such markets are valued at the last mid-price or yield equivalents obtained from one or more dealers or pricing
services approved by the Board of Directors, or any other price deemed appropriate by or under the direction of the Board of Directors.
Money Market Instruments (or other instruments in line with market convention in the jurisdiction in which the instrument is held) with a remaining
maturity of 90 days or less will be valued by the amortised cost method, which approximates market value. Under this valuation method, the relevant
Portfolio’s investments are valued at their acquisition cost or the last market value prior to the 90 day period commencing (where an instrument at
purchase date originally had more than 90 days to maturity) and adjusted for amortisation of premium or accretion of discount rather than at market value.
Units or shares of open-ended UCIs (Undertakings for Collective Investments) are valued at their last determined and available net asset value or, if
such price is not representative of the fair market value of such assets, then the price shall be determined by or under the responsibility of the Board of
Directors, on a fair and equitable basis. Units or shares of closed-ended UCIs are valued at their last available stock market value.
The Directors, in their discretion, may permit some other method of valuation to be used if they consider that such valuation better reflects the fair value
of any asset of the SICAV.
II) Forward Foreign Exchange Contracts
For the purpose of hedging against specific currency risk or investing in other currencies, the SICAV may enter into forward foreign exchange contracts.
At the year-end, open forward foreign exchange contracts are valued at the forward rates applicable for the remaining period until maturity. The net
movement in the unrealised gain/(loss) arising on forward foreign exchange contracts is recorded in the Statement of Operations and Changes in Net
Assets. The contracts outstanding as at March 31, 2014 are disclosed in Note 8.
III) Futures Contracts
The SICAV may enter into futures exchange contracts. Open futures contracts are valued at the prices on the exchange for which the contracts are
traded on. The net movement in the unrealised gain/(loss) arising on futures contracts is recorded in the Statement of Operations and Changes in Net
Assets. The contracts outstanding as at March 31, 2014 are disclosed in Note 10.
IV) Swaps Transactions
The SICAV may enter into Interest Rate Swaps (IRS), Credit Default Swaps (CDS) and Total Return Swaps (TRS). IRS are valued on the basis of their market
value established by reference to the applicable interest rate curve. CDS are valued by reference to the net present value of the expected future cash flows
based on the market interest rates and the markets expected default and recovery rate of the underlying asset. An upfront payment, if any, made by the SICAV
is recorded as an asset in the Statement of Net Assets. An upfront payment, if any, received by the SICAV is recorded as a liability in the Statement of Net
Assets. TRS are valued by reference to the mark to market value based on the market value of the underlying asset. The net movement in the unrealised gain
or (loss) arising on swap transactions is recorded in the Statement of Operations and Changes in Net Assets. The contracts outstanding as at March 31, 2014
are disclosed in Note 9. Dividends payable on swaps short positions, if any, are recorded as a liability in the Statement of Net Assets.
V) Options trades
Options traded on a regulated market are valued at the market price on the valuation date. Such options open as at March 31, 2014 are shown in the
Schedule of Investments. Over-the-counter (OTC) options are valued based on prices received from third party pricing agents/models. Such options open
as at March 31, 2014 are shown in Note 11. Unrealised gains or losses arising at the time of reporting from the valuation of options trades are taken into
account in the Statement of Operations and Changes in Net Assets.
VI) Translation of currencies
The accounts of each Portfolio are kept in the currency in which its net assets are expressed. The relevant Statement of Net Assets, Statement of
Operations and Changes in Net Assets and the Schedule of Investments are expressed in this currency (“the base currency”).
During the year, transactions, income and expenses denominated in a currency other than the base currency are recorded on the basis of exchange
rates prevailing on the date they occur or accrue to the Portfolio.
118
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Notes to the Financial Statements(continued)
At the date of the Statement of Net Assets, monetary assets and liabilities denominated in a currency other than the base currency are translated into the base
currency on the basis of exchange rates prevailing on that date. Exchange differences are included in the Statement of Operations and Changes in Net Assets.
The aggregated Statement of Net Assets and Statement of Operations and Changes in Net Assets are presented in USD based on the exchange rates
ruling at the date of the Statement of Net Assets. Exchange rates used as at March 31, 2014 are: 1 USD = 0.725558 EUR, 1 USD = 0.599826 GBP, 1 USD =
0.883350 CHF, 1 USD = 6.483571 SEK and 1 USD = 1.257550 SGD.
The difference between the opening net assets stated at exchange rates ruling at the beginning of the year and their value at the end of the year is shown
as a currency translation adjustment in the Aggregated Statement of Operations and Changes in Net Assets under the heading Exchange differences.
VII) Cash at bank
The cash at bank reflected in the statements of net assets includes also the margins on futures.
Cash and margins on futures are valued at cost, which approximates the market value.
VIII) Term deposits
Term deposits are valued at cost, which approximates the market value.
IX) Investment transactions and investment income
Securities are recorded at cost, and where applicable on the basis of exchange rates prevailing on the date they are purchased.
Results on sales of securities are determined on the basis of the average cost method. Investment transactions are accounted for on the trade date.
Dividends are accounted for on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts/Premium on zero coupon bonds are
accreted as adjustments to interest income.
Interest, dividends and capital gains on securities may be subject to withholding or capital gains taxes in certain countries.
X) Distribution policy
The policy of the SICAV in respect of all Share Classes of Portfolios, with the exception of Class AEP, Class AGP, Class AUP, Class AEC, Class ASC,
Class DEP, Class IGP, Class SUP and Class P, is to make no distributions, to accumulate in such Portfolios all net earnings and to reinvest these within
the same Portfolio and Class. In respect of Class AEP, Class AGP, Class AUP, Class AEC, Class ASC, Class DEP, Class IGP, Class SUP and Class P, the
SICAV intends to make distributions, with a frequency, at least annually, and in an amount to be determined by the Directors. The Shareholders of
these Share Classes have the option to receive the dividend or to reinvest it in the SICAV.
3 TAXATION
Under current laws and practice, the SICAV is not liable to any Luxembourg income tax, or any Luxembourg capital gains on the realised capital
appreciation of the assets of the SICAV nor are dividends paid by the SICAV liable to any Luxembourg withholding tax.
Under the prevailing law and regulations, the SICAV is subject in the Grand Duchy of Luxembourg, to an annual subscription tax of 0.05%, payable on
a quarterly basis and assessed on its net asset value at the end of each quarter. No tax is due on the assets held by the SICAV in other UCITS already
subject to that tax in Luxembourg.
In respect of the Institutional Share Classes, a reduced annual subscription tax of 0.01% is levied on the net asset value at the last day of each calendar
quarter in accordance with the law of December 17, 2010.
In addition, those portfolios whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions
are also subject to a reduced tax of 0.01%. Again, no such tax is due on the portion of the assets of the SICAV invested in other Luxembourg UCITS, if any.
For the avoidance of doubt, the tax d’abonnement forms part of the Operating Expenses. Although the SICAV’s realised capital gains, whether short-or-long-
term, are not expected to become taxable in another country, the Shareholders must be aware and recognise that such a possibility is not totally excluded.
4 RELATED PARTY TRANSACTIONS
The SICAV may, on behalf of the different Portfolios, enter into borrowing arrangements (subject to the restrictions set out under “Investment Restrictions”
in Appendix A of the prospectus) with, and buy from or sell transferable securities, foreign exchange or other financial instruments through, Threadneedle
Asset Management Limited, a related entity and its affiliates, provided that such transactions are carried out at arm’s length on normal commercial terms
and are in the best interests of the relevant Portfolio and its Shareholders.
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(continued)
Notes to the Financial Statements(continued)
119
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
The SICAV has appointed Threadneedle Management Luxembourg S.A. (Management Company) to serve as its designated Management Company
in accordance with Chapter 15 of the law of December 17, 2010. Under the Management Company Services Agreement, the Management Company
provides investment management, administrative and marketing services to the SICAV, subject to the overall supervision and control of the Board
of Directors of the SICAV.
Neither the Management Company nor Threadneedle Asset Management Limited earned commissions related to brokerage transactions.
Certain officers and/or directors of the Management Company, the SICAV and other Threadneedle Group entities are also officers and/or directors of
Threadneedle Asset Management Limited.
The Management Company (on behalf of the SICAV) has delegated certain marketing and/or distribution functions to other Threadneedle Group
entities. The Management Company receives a monthly fee for Asset management services at an annual rate detailed on the next page, expressed as
a percentage of the average daily net assets for each of the Portfolios. The Management Company is responsible for paying sub-distribution fees out of
this fee. Some of the Sub-Advisors were related entities.
As described in Note 7, the Management Company may also receive performance fees with respect to all Share Classes of the Threadneedle (Lux) -
American Absolute Alpha, Threadneedle (Lux) - Absolute Emerging Market Macro, Threadneedle (Lux) - Multi Asset Target Alpha, Threadneedle (Lux) -
Global Smaller Companies* and Threadneedle (Lux) – European Select* Portfolios and shall receive a performance fee with respect to all Share Classes
except the D Shares within the Threadneedle (Lux) - Global Opportunities Bond Portfolio.
All expenses incurred in the operation of the SICAV and defined below (hereafter the “Operating Expenses”, “Asset Management Fee” or “Portfolio
Charges”, together, the “Expenses”) are fixed at the rates shown in the tables from page 120 onwards except for Classes WS and M, for which the
Operating Expenses are 0.20% per annum and Class BU, for which the Operating Expenses are 0.35% per annum. All expenses are accrued daily based
on the Net Asset Value of the relevant Class in the relevant Portfolio.
The Operating Expenses include, among other things, taxes, expenses for legal and auditing services, costs of printing proxies, stock certificates,
Shareholders’ reports and notices, Prospectuses and Key Investor Information Documents and other promotional expenses, fees and charges of the
Custodian and its correspondents, and of the Domiciliary Agent, Administrative Agent, Registrar and Transfer Agent and of any paying agent, expenses
of the issue and redemption of Shares, registration fees and expenses in various jurisdictions, listing fees, fees of unaffiliated directors of the SICAV,
expenses of the Directors and officers of the SICAV and the Sub-Advisors relating to attendance at meetings of the Directors and of the Shareholders
of the SICAV, translation costs, accounting and pricing costs (including the calculation of Net Asset Value per Share), insurance, litigation and other
extraordinary or non-recurring expenses, and all other expenses properly payable by the SICAV. The Operating Expenses also include the service fee
payable to the Management Company. In the case of Classes WS and M only, custody and sub custody charges are paid by the relevant Classes as
incurred and are not included in the Operating Expenses.
The Management Company will bear the excess of any Operating Expenses above the annual rate. Conversely the Management Company will be entitled
to retain any amount by which the annual rate of Operating Expenses exceeds the actual expenses incurred by the SICAV.
Furthermore, the Management Company is entitled to receive an Asset Management Fee as more fully described in the tables from page 120 onwards
which are accrued daily and paid monthly. An Asset Management Fee is not payable for X Shares. Also, in relation to certain Portfolios, the Management
Company is entitled to receive a performance fee as more fully described in Note 7 entitled “Performance Fees”. For the avoidance of doubt, Operating
Expenses do not include either Asset Management Fees or performance fees which are separate and distinct.
For Class WS Shares an Asset Management Charge of up to 1.00% of the total Net Asset Value of the Class per annum will be accrued daily and
paid monthly.
Share Class M may be subject to a transaction charge (for subscriptions, redemptions or exchanges) of up to 0.75% of the Net Asset Value subject to
the fair and equal treatment of shareholders. For Class M an Asset Management Fee of up to 0.95% of the total Net Asset Value of the Class per annum
will be accrued daily and paid monthly.
Class BU Shares are offered within the Threadneedle (Lux) - Global Technology Portfolio. Class BU Shares are only available for subsequent investments
and not for new subscriptions. Class BU Shares bear no initial sales charge and are subject to a distribution fee of 1.00% of the total Net Asset Value of
the Class per annum. Class BU Shares are subject to an Asset Management Fee of 2.00% of the total Net Asset Value per annum and there is a declining
Contingent Deferred Sales Charge (“CDSC”) as described on page 124.
4 RELATED PARTY TRANSACTIONS
(continued)
*See note 1.
Notes to the Financial Statements(continued)
120
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
A SHARES:
SHARE CLASS AE, AEC, AEH, AEP, AFH, AG, AGH, AGP, ASC, ASH, AU, AUH and AUP
Portfolio (s)
Initial Sales Chargeas a % of the amountinvested Exchange Fee
Bond Portfolios Maximum 2.00% Maximum 0.75%
Equity Portfolios and Asset Allocation Portfolio Maximum 5.00% Maximum 0.75%
Threadneedle (Lux) - Target Return (US$)* Portfolio Maximum 3.00% Maximum 0.75%
Absolute Return Portfolios except for the Threadneedle (Lux) -Target Return (US$)* Portfolio Maximum 5.00% Maximum 0.75%
Specialist Portfolio Maximum 5.00% Maximum 0.75%
Sales charges are maximums, which distributors or sub-distributors are allowed to waive in whole or in part, depending on the size of the subscription
or upon local market considerations.
PortfolioType
Name ofPortfolio
Asset Management Fee
Operating Expenses
Base Currency
Bond Portfolios
Threadneedle (Lux) - Global Aggregate Bond 1.00% 0.30% USD
Threadneedle (Lux) - Euro Active Bonds 0.90% 0.30% EUR
Threadneedle (Lux) - Emerging Market Corporate Bonds 1.50% 0.30% USD
Threadneedle (Lux) - Emerging Market Debt 1.50% 0.30% USD
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds 1.40% 0.30% USD
Threadneedle (Lux) - US$ High Income Bonds 1.25% 0.30% USD
Asset Allocation Portfolio
Threadneedle (Lux) - Global Asset Allocation 1.50% 0.35% USD
Equity Portfolios
Threadneedle (Lux) - Global Focus 1.50% 0.35% USD
Threadneedle (Lux) - Global Emerging Market Equities 1.50% 0.35% USD
Threadneedle (Lux) - American 1.50% 0.35% USD
Threadneedle (Lux) - American Select 1.50% 0.35% USD
Threadneedle (Lux) - US Contrarian Core Equities 1.50% 0.35% USD
Threadneedle (Lux) - Pan European Equities 1.50% 0.35% EUR
Threadneedle (Lux) - Pan European Small Cap Opportunities 1.50% 0.35% EUR
Threadneedle (Lux) - European Quantitative Equities* 1.50% 0.35% EUR
Threadneedle (Lux) - Asian Equity Income 1.50% 0.35% USD
Threadneedle (Lux) - Greater China Equities 1.50% 0.35% USD
Threadneedle (Lux) - Global Energy Equities 1.75% 0.35% USD
Threadneedle (Lux) - Global Technology 1.75% 0.35% USD
Threadneedle (Lux) - UK Equities 1.50% 0.35% GBP
Absolute Return Portfolios
Threadneedle (Lux) - Target Return (US$)* 1.25% 0.30% USD
Threadneedle (Lux) - American Absolute Alpha 1.50% 0.35% USD
Threadneedle (Lux) - Absolute Emerging Market Macro 1.75% 0.35% USD
Threadneedle (Lux) - Multi Asset Target Alpha 1.35% 0.30% USD
Threadneedle (Lux) - Global Smaller Companies* 1.50% 0.35% EUR
Threadneedle (Lux) - Global Opportunities Bond 1.10% 0.30% USD
Threadneedle (Lux) - European Select* 1.50% 0.35% EUR
Specialist Portfolio
Threadneedle (Lux) - Enhanced Commodities 1.75% 0.35% USD
4 RELATED PARTY TRANSACTIONS
(continued)
Notes to the Financial Statements(continued)
121
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
D SHARES:
SHARE CLASSES DE, DEC, DEH, DEP and DU
Portfolios
Initial Sales Chargeas a % of the amountinvested Exchange Fee
Each Portfolio listed below Maximum 1.00% Maximum 0.75%
Sales charges are maximums, which distributors or sub-distributors are allowed to waive in whole or in part, depending on the size of the subscription
or upon local market considerations.
PortfolioType
Name ofPortfolio
AssetManagement Fee
Operating Expenses
Base Currency
Bond Portfolios
Threadneedle (Lux) - Global Aggregate Bond 1.35% 0.30% USD
Threadneedle (Lux) - Euro Active Bonds 1.45% 0.30% EUR
Threadneedle (Lux) - Emerging Market Corporate Bonds 2.00% 0.30% USD
Threadneedle (Lux) - Emerging Market Debt 2.00% 0.30% USD
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds 1.55% 0.30% USD
Threadneedle (Lux) - US$ High Income Bonds 2.25% 0.30% USD
Asset Allocation Portfolio
Threadneedle (Lux) - Global Asset Allocation 2.25% 0.35% USD
Equity Portfolios
Threadneedle (Lux) - Global Focus 2.25% 0.35% USD
Threadneedle (Lux) - Global Emerging Market Equities 2.50% 0.35% USD
Threadneedle (Lux) - American 2.00% 0.35% USD
Threadneedle (Lux) - American Select 2.25% 0.35% USD
Threadneedle (Lux) - US Contrarian Core Equities 2.00% 0.35% USD
Threadneedle (Lux) - Pan European Equities 2.25% 0.35% EUR
Threadneedle (Lux) - Pan European Small Cap Opportunities 2.40% 0.35% EUR
Threadneedle (Lux) - European Quantitative Equities* 2.25% 0.35% EUR
Threadneedle (Lux) - Asian Equity Income 2.50% 0.35% USD
Threadneedle (Lux) - Greater China Equities 2.50% 0.35% USD
Threadneedle (Lux) - Global Energy Equities 2.25% 0.35% USD
Threadneedle (Lux) - Global Technology 2.00% 0.35% USD
Absolute Return Portfolios
Threadneedle (Lux) - Target Return (US$)* 1.75% 0.30% USD
Threadneedle (Lux) - American Absolute Alpha 2.00% 0.35% USD
Threadneedle (Lux) - Absolute Emerging Market Macro 2.25% 0.35% USD
Threadneedle (Lux) - Global Smaller Companies* 2.00% 0.35% EUR
Threadneedle (Lux) - Global Opportunities Bond 1.90% 0.30% USD
Threadneedle (Lux) - European Select* 2.00% 0.35% EUR
Specialist Portfolio
Threadneedle (Lux) - Enhanced Commodities 2.25% 0.35% USD
W SHARES:
SHARE CLASSES W, WEH and P
Portfolios
Initial Sales Chargeas a % of the amountinvested Exchange Fee
Each Portfolio listed below Maximum 5.00% Maximum 0.75%
Sales charges are maximums, which distributors or sub-distributors are allowed to waive in whole or in part, depending on the size of the subscription
or upon local market considerations.
4 RELATED PARTY TRANSACTIONS
(continued)
Notes to the Financial Statements(continued)
122
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioType
Name ofPortfolio
AssetManagement Fee
Operating Expenses
Base Currency
Bond Portfolios
Threadneedle (Lux) - Global Aggregate Bond 0.75% 0.30% USD
Threadneedle (Lux) - Euro Active Bonds 0.85% 0.30% EUR
Threadneedle (Lux) - Emerging Market Corporate Bonds 1.00% 0.30% USD
Threadneedle (Lux) - Emerging Market Debt 1.00% 0.30% USD
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds 1.15% 0.30% USD
Threadneedle (Lux) - US$ High Income Bonds 1.25% 0.30% USD
Asset Allocation Portfolio
Threadneedle (Lux) - Global Asset Allocation 1.40% 0.35% USD
Equity Portfolios
Threadneedle (Lux) - Global Focus 1.40% 0.35% USD
Threadneedle (Lux) - Global Emerging Market Equities 1.65% 0.35% USD
Threadneedle (Lux) - American 1.15% 0.35% USD
Threadneedle (Lux) - American Select 1.40% 0.35% USD
Threadneedle (Lux) - Pan European Equities 1.40% 0.35% EUR
Threadneedle (Lux) - Pan European Small Cap Opportunities 1.55% 0.35% EUR
Threadneedle (Lux) - Asian Equity Income 1.65% 0.35% USD
Threadneedle (Lux) - Greater China Equities 1.65% 0.35% USD
Threadneedle (Lux) - Global Energy Equities 1.40% 0.35% USD
S SHARES:
SHARE CLASSES SU and SUP
Portfolio
Initial Sales Chargeas a % of the amountinvested Exchange Fee
Each Portfolio listed below Maximum 5.00% Maximum 0.75%
Sales charges are maximums, which distributors or sub-distributors are allowed to waive in whole or in part, depending on the size of the subscription
or upon local market considerations.
PortfolioType
Name ofPortfolio
AssetManagement Fee
Operating Expenses
Base Currency
Bond Portfolio Threadneedle (Lux) - Emerging Market Debt 1.50% 0.30% USD
I SHARES:
SHARE CLASSES IE, IEH, IFH, IG, IGH, IGP, IKH and IU
Portfolio
Initial Sales Chargeas a % of the amountinvested Exchange Fee
Each Portfolio listed below N/A Maximum 0.75%
PortfolioType
Name ofPortfolio
AssetManagement Fee
Operating Expenses
Base Currency
Bond Portfolios
Threadneedle (Lux) - Euro Active Bonds 0.50% 0.20% EUR
Threadneedle (Lux) - Emerging Market Corporate Bonds 0.80% 0.20% USD
4 RELATED PARTY TRANSACTIONS
(continued)
Notes to the Financial Statements(continued)
123
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioType
Name ofPortfolio
AssetManagement Fee
Operating Expenses
Base Currency
Bond Portfolios(continued)
Threadneedle (Lux) - Emerging Market Debt 0.80% 0.20% USD
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds 0.80% 0.20% USD
Threadneedle (Lux) - US$ High Income Bonds 0.65% 0.20% USD
Asset Allocation Portfolio
Threadneedle (Lux) - Global Asset Allocation 0.75% 0.25% USD
Equity Portfolios
Threadneedle (Lux) - Global Emerging Market Equities 0.85% 0.25% USD
Threadneedle (Lux) - American 0.80% 0.25% USD
Threadneedle (Lux) - American Select 0.80% 0.25% USD
Threadneedle (Lux) - US Contrarian Core Equities 0.80% 0.25% USD
Threadneedle (Lux) - Pan European Equities 0.80% 0.25% EUR
Threadneedle (Lux) - Pan European Small Cap Opportunities 0.85% 0.25% EUR
Threadneedle (Lux) - European Quantitative Equities* 0.80% 0.25% EUR
Threadneedle (Lux) - Asian Equity Income 0.80% 0.25% USD
Threadneedle (Lux) - Global Energy Equities 1.00% 0.25% USD
Threadneedle (Lux) - UK Equities 0.80% 0.25% GBP
Absolute Return Portfolios
Threadneedle (Lux) - Target Return (US$)* 0.65% 0.20% USD
Threadneedle (Lux) - American Absolute Alpha 0.75% 0.25% USD
Threadneedle (Lux) - Absolute Emerging Market Macro 1.00% 0.25% USD
Threadneedle (Lux) - Multi Asset Target Alpha 0.65% 0.20% USD
Threadneedle (Lux) - Global Smaller Companies* 0.75% 0.25% EUR
Threadneedle (Lux) - Global Opportunities Bond 0.65% 0.20% USD
Threadneedle (Lux) - European Select* 0.75% 0.25% EUR
Specialist Portfolio
Threadneedle (Lux) - Enhanced Commodities 1.00% 0.25% USD
X SHARES:
SHARE CLASSES XE, XGH and XU
Portfolio
Initial Sales Chargeas a % of the amountinvested Exchange Fee
Each Portfolio listed below N/A Maximum 0.75%
PortfolioType
Name ofPortfolio
Operating Expenses
Base Currency
Equity Portfolio
Threadneedle (Lux) - Pan European Equities 0.15% EUR
Specialist Portfolio
Threadneedle (Lux) - Enhanced Commodities 0.15% USD
Z SHARES:
SHARE CLASSES ZFH, ZG and ZGH
Portfolio
Initial Sales Chargeas a % of the amountinvested Exchange Fee
Each Portfolio listed below 5.00% Maximum 0.75%
Sales charges are maximums, which distributors or sub-distributors are allowed to waive in whole or in part, depending on the size of the subscription
or upon local market considerations.
4 RELATED PARTY TRANSACTIONS
(continued)
Notes to the Financial Statements(continued)
124
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioType
Name ofPortfolio
AssetManagement Fee
Operating Expenses
Base Currency
Equity Portfolio
Threadneedle (Lux) - UK Equities 0.75% 0.35% GBP
Threadneedle (Lux) - American Select 0.75% 0.35% USD
Threadneedle (Lux) - Asian Equity Income 0.75% 0.35% USD
Absolute Return Portfolios
Threadneedle (Lux) - American Absolute Alpha 0.75% 0.35% USD
Threadneedle (Lux) - Multi Asset Target Alpha 0.75% 0.30% USD
Threadneedle (Lux) - Global Smaller Companies* 0.75% 0.35% USD
Threadneedle (Lux) - Global Opportunities Bond 0.60% 0.30% USD
Threadneedle (Lux) - European Select* 0.75% 0.35% EUR
Specialist Portfolio
Threadneedle (Lux) - Enhanced Commodities 0.75% 0.35% USD
*See note 1.
There is a declining Contingent Deferred Sales Charge, CDSC on Class BU Shares redeemed within 4 years of purchase as follows:
Years since Purchase CDSC
Less than 1 year 4%
1 year or more but less than 2 years 3%
2 years or more but less than 3 years 2%
3 years or more but less than 4 years 1%
4 years or more 0
The amount of the CDSC is equal to the lesser of the current net asset value and the original purchase price of the Class BU Shares being redeemed,
multiplied by the applicable percentage rate referenced above. The Class BU Shares will continue to age without regard to any exchanges. Accordingly,
upon redemption of Shares acquired in an exchange for Class BU Shares of another Portfolio, the amount of any CDSC will be applied as if the Shares
redeemed were held since the date of initial purchase. In order to minimize any CDSC that is payable, the SICAV assumes for each shareholder that
Class BU Shares not subject to any charge are redeemed first, followed by Class BU Shares held the longest during the four year period.
5 COMMISSION SHARING ARRANGEMENTS
The Management Company and Sub-Advisors may enter into commission sharing arrangements with broker-dealers under which certain business
services are obtained from such broker-dealers directly or from third parties and are paid for by the broker-dealers out of the commissions they receive on
transactions for the SICAV. Consistent with obtaining best execution, brokerage commissions on Portfolio transactions for the SICAV may be specifically
allocated by the Management Company or Sub-Advisor to broker-dealers in consideration of any research services rendered as well as for services
rendered in the execution of orders by such broker-dealers.
Commission sharing arrangements are subject to the following conditions: (i) the Management Company or the Sub-Advisor will act at all times in the best
interest of the SICAV and of its Shareholders when entering into commission sharing arrangements; (ii) the services provided will be in direct relationship
to the activities of the Management Company or Sub-Advisor; (iii) brokerage commissions on Portfolio transactions for the SICAV will be allocated by
the Management Company or the Sub-Advisor to broker-dealers that are entities and not to individuals; (iv) commission sharing arrangements are not
a determining factor in the selection of the broker-dealers for execution; (v) the Management Company or the Sub-Advisor will provide reports to the
Directors with respect to commission sharing arrangements including the nature of the services it receives; (vi) neither the Management Company,
the Sub-Advisor nor any of their connected persons may retain cash or other rebates from broker-dealers; and (vii) the goods or services received are
expected to be of demonstrable benefit to the Shareholders.
The goods and services received include: research that can add value to fund managers’ decision making process and execution services that enhance
the dealers’ ability to execute transactions.
4 RELATED PARTY TRANSACTIONS
(continued)
Notes to the Financial Statements(continued)
125
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
6 DIVIDENDS
The SICAV declared the following dividends during the year ended March 31, 2014:
Portfolio Share Class Ex-Date CurrencyAmount
per ShareTotal
Amount
Threadneedle (Lux) - Global Aggregate Bond Class DEC 24/04/2013 USD 0.060 115
Class DEC 24/05/2013 USD 0.059 114
Class DEC 24/06/2013 USD 0.060 103
Class DEC 25/07/2013 USD 0.069 118
Class DEC 23/08/2013 USD 0.069 119
Class DEC 24/09/2013 USD 0.070 257
Class DEC 25/10/2013 USD 0.072 1,245
Class DEC 25/11/2013 USD 0.070 1,220
Class DEC 23/12/2013 USD 0.071 1,233
Class DEC 27/01/2014 USD 0.062 1,068
Class DEC 24/02/2014 USD 0.062 1,156
Class DEC 25/03/2014 USD 0.062 1,408
USD 8,156
Threadneedle (Lux) - Euro Active Bonds Class AEP 24/04/2013 EUR 0.047 590
Class AEP 24/05/2013 EUR 0.047 1,370
Class AEP 24/06/2013 EUR 0.047 1,664
Class AEP 25/07/2013 EUR 0.027 975
Class AEP 23/08/2013 EUR 0.027 1,113
Class AEP 24/09/2013 EUR 0.027 1,238
Class AEP 25/10/2013 EUR 0.027 1,297
Class AEP 25/11/2013 EUR 0.027 1,438
Class AEP 23/12/2013 EUR 0.027 1,424
Class AEP 27/01/2014 EUR 0.030 1,807
Class AEP 24/02/2014 EUR 0.030 1,800
Class AEP 25/03/2014 EUR 0.030 1,856
Class DEP 24/04/2013 EUR 0.037 686
Class DEP 24/05/2013 EUR 0.037 1,177
Class DEP 24/06/2013 EUR 0.037 1,795
Class DEP 25/07/2013 EUR 0.021 1,519
Class DEP 23/08/2013 EUR 0.021 1,566
Class DEP 24/09/2013 EUR 0.021 1,699
Class DEP 25/10/2013 EUR 0.021 1,986
Class DEP 25/11/2013 EUR 0.021 1,986
Class DEP 23/12/2013 EUR 0.021 2,004
Class DEP 27/01/2014 EUR 0.024 2,996
Class DEP 24/02/2014 EUR 0.024 3,096
Class DEP 25/03/2014 EUR 0.024 3,298
EUR 40,380
Threadneedle (Lux) - Emerging MarketCorporate Bonds Class AEC 24/04/2013 USD 0.113 98,869
Class AEC 24/05/2013 USD 0.112 96,696
Class AEC 24/06/2013 USD 0.114 96,772
Class AEC 25/07/2013 USD 0.107 90,397
Class AEC 23/08/2013 USD 0.108 90,516
Class AEC 24/09/2013 USD 0.109 90,235
Class AEC 25/10/2013 USD 0.090 72,663
Class AEC 25/11/2013 USD 0.088 70,712
Class AEC 23/12/2013 USD 0.089 69,416
Notes to the Financial Statements(continued)
126
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Portfolio Share Class Ex-Date CurrencyAmount
per ShareTotal
Amount
Threadneedle (Lux) - Emerging MarketCorporate Bonds (continued) Class AEC 27/01/2014 USD 0.096 70,783
Class AEC 24/02/2014 USD 0.096 69,360
Class AEC 25/03/2014 USD 0.096 66,839
Class AUP 24/04/2013 USD 0.050 91,396
Class AUP 24/05/2013 USD 0.050 88,947
Class AUP 24/06/2013 USD 0.050 93,050
Class AUP 25/07/2013 USD 0.046 85,265
Class AUP 23/08/2013 USD 0.046 79,482
Class AUP 24/09/2013 USD 0.046 78,606
Class AUP 25/10/2013 USD 0.037 62,612
Class AUP 25/11/2013 USD 0.037 61,536
Class AUP 23/12/2013 USD 0.037 57,981
Class AUP 27/01/2014 USD 0.040 61,065
Class AUP 24/02/2014 USD 0.040 59,425
Class AUP 25/03/2014 USD 0.040 57,083
Class DEC 24/04/2013 USD 0.085 539
Class DEC 24/05/2013 USD 0.084 1,032
Class DEC 24/06/2013 USD 0.085 878
Class DEC 25/07/2013 USD 0.081 830
Class DEC 23/08/2013 USD 0.081 837
Class DEC 24/09/2013 USD 0.082 883
Class DEC 25/10/2013 USD 0.066 711
Class DEC 25/11/2013 USD 0.065 586
Class DEC 23/12/2013 USD 0.066 542
Class DEC 27/01/2014 USD 0.071 588
Class DEC 24/02/2014 USD 0.071 415
Class DEC 25/03/2014 USD 0.072 883
Class P 24/04/2013 USD 0.057 330
Class P 24/05/2013 USD 0.057 330
Class P 24/06/2013 USD 0.057 330
Class P 25/07/2013 USD 0.053 307
Class P 23/08/2013 USD 0.053 307
Class P 24/09/2013 USD 0.053 307
Class P 25/10/2013 USD 0.043 249
Class P 25/11/2013 USD 0.043 249
Class P 23/12/2013 USD 0.043 249
Class P 27/01/2014 USD 0.046 2,697
Class P 24/02/2014 USD 0.046 266
Class P 25/03/2014 USD 0.046 266
USD 1,874,317
Threadneedle (Lux) - Emerging Market Debt Class AEC 24/04/2013 USD 0.095 17,073
Class AEC 24/05/2013 USD 0.094 17,056
Class AEC 24/06/2013 USD 0.096 15,562
Class AEC 25/07/2013 USD 0.101 14,937
Class AEC 23/08/2013 USD 0.101 15,011
Class AEC 24/09/2013 USD 0.103 14,405
Class AEC 25/10/2013 USD 0.083 11,190
Class AEC 25/11/2013 USD 0.081 10,698
Class AEC 23/12/2013 USD 0.082 10,150
6 DIVIDENDS
(continued)
Notes to the Financial Statements(continued)
127
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Portfolio Share Class Ex-Date CurrencyAmount
per ShareTotal
Amount
Threadneedle (Lux) - Emerging Market Debt (continued) Class AEC 27/01/2014 USD 0.083 9,732
Class AEC 24/02/2014 USD 0.084 9,365
Class AEC 25/03/2014 USD 0.084 9,165
Class AUP 24/04/2013 USD 0.079 1,058,366
Class AUP 24/05/2013 USD 0.079 1,039,100
Class AUP 24/06/2013 USD 0.079 1,009,706
Class AUP 25/07/2013 USD 0.083 1,040,222
Class AUP 23/08/2013 USD 0.083 1,022,167
Class AUP 24/09/2013 USD 0.083 993,089
Class AUP 25/10/2013 USD 0.065 767,385
Class AUP 25/11/2013 USD 0.065 751,065
Class AUP 23/12/2013 USD 0.065 729,755
Class AUP 27/01/2014 USD 0.066 712,389
Class AUP 24/02/2014 USD 0.066 690,494
Class AUP 25/03/2014 USD 0.066 668,340
Class SUP 24/04/2013 USD 0.076 45,902
Class SUP 24/05/2013 USD 0.076 41,738
Class SUP 24/06/2013 USD 0.076 39,872
Class SUP 25/07/2013 USD 0.080 41,453
Class SUP 23/08/2013 USD 0.080 40,917
Class SUP 24/09/2013 USD 0.080 40,361
Class SUP 25/10/2013 USD 0.063 31,544
Class SUP 25/11/2013 USD 0.063 30,989
Class SUP 23/12/2013 USD 0.063 30,796
Class SUP 27/01/2014 USD 0.064 27,549
Class SUP 24/02/2014 USD 0.064 26,990
Class SUP 25/03/2014 USD 0.064 26,053
USD 11,060,586
Threadneedle (Lux) - Global Emerging MarketShort-Term Bonds Class AEC 24/04/2013 USD 0.056 5,920
Class AEC 24/05/2013 USD 0.055 8,060
Class AEC 24/06/2013 USD 0.056 9,360
Class AEC 25/07/2013 USD 0.060 10,259
Class AEC 23/08/2013 USD 0.060 10,901
Class AEC 24/09/2013 USD 0.061 11,198
Class AEC 25/10/2013 USD 0.043 9,179
Class AEC 25/11/2013 USD 0.042 9,901
Class AEC 23/12/2013 USD 0.042 10,548
Class AEC 27/01/2014 USD 0.047 13,378
Class AEC 24/02/2014 USD 0.047 14,909
Class AEC 25/03/2014 USD 0.047 16,239
Class ASC 24/04/2013 USD 0.043 3,225
Class ASC 24/05/2013 USD 0.042 4,658
Class ASC 24/06/2013 USD 0.042 5,074
Class ASC 25/07/2013 USD 0.043 5,312
Class ASC 23/08/2013 USD 0.043 5,275
Class ASC 24/09/2013 USD 0.044 5,465
Class ASC 25/10/2013 USD 0.031 3,736
Class ASC 25/11/2013 USD 0.030 3,479
6 DIVIDENDS
(continued)
Notes to the Financial Statements(continued)
128
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Portfolio Share Class Ex-Date CurrencyAmount
per ShareTotal
Amount
Threadneedle (Lux) - Global Emerging MarketShort-Term Bonds (continued) Class ASC 23/12/2013 USD 0.030 3,444
Class ASC 27/01/2014 USD 0.033 3,773
Class ASC 24/02/2014 USD 0.033 3,645
Class ASC 25/03/2014 USD 0.033 3,648
Class AUP 24/04/2013 USD 0.041 314,838
Class AUP 24/05/2013 USD 0.041 309,223
Class AUP 24/06/2013 USD 0.041 294,231
Class AUP 25/07/2013 USD 0.042 294,443
Class AUP 23/08/2013 USD 0.042 290,162
Class AUP 24/09/2013 USD 0.042 272,281
Class AUP 25/10/2013 USD 0.030 193,912
Class AUP 25/11/2013 USD 0.030 188,581
Class AUP 23/12/2013 USD 0.030 182,484
Class AUP 27/01/2014 USD 0.032 187,400
Class AUP 24/02/2014 USD 0.032 182,585
Class AUP 25/03/2014 USD 0.032 178,252
USD 3,068,978
Threadneedle (Lux) - US$ High Income Bonds Class AEC 24/04/2013 USD 0.104 151
Class AEC 24/05/2013 USD 0.103 1,110
Class AEC 24/06/2013 USD 0.105 1,738
Class AEC 25/07/2013 USD 0.093 1,727
Class AEC 23/08/2013 USD 0.093 2,241
Class AEC 24/09/2013 USD 0.094 2,341
Class AEC 25/10/2013 USD 0.098 2,452
Class AEC 25/11/2013 USD 0.096 3,127
Class AEC 23/12/2013 USD 0.097 4,109
Class AEC 27/01/2014 USD 0.097 4,196
Class AEC 24/02/2014 USD 0.098 4,888
Class AEC 25/03/2014 USD 0.098 5,820
Class AUP 24/04/2013 USD 0.076 31,670
Class AUP 24/05/2013 USD 0.076 30,856
Class AUP 24/06/2013 USD 0.076 31,076
Class AUP 25/07/2013 USD 0.066 27,625
Class AUP 23/08/2013 USD 0.066 27,385
Class AUP 24/09/2013 USD 0.066 26,914
Class AUP 25/10/2013 USD 0.068 27,153
Class AUP 25/11/2013 USD 0.068 27,883
Class AUP 23/12/2013 USD 0.068 29,068
Class AUP 27/01/2014 USD 0.067 29,426
Class AUP 24/02/2014 USD 0.067 29,948
Class AUP 25/03/2014 USD 0.067 29,602
Class DEC 24/04/2013 USD 0.083 428
Class DEC 24/05/2013 USD 0.083 425
Class DEC 24/06/2013 USD 0.084 721
Class DEC 25/07/2013 USD 0.073 749
Class DEC 23/08/2013 USD 0.073 782
Class DEC 24/09/2013 USD 0.074 791
Class DEC 25/10/2013 USD 0.079 1,109
6 DIVIDENDS
(continued)
Notes to the Financial Statements(continued)
129
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Portfolio Share Class Ex-Date CurrencyAmount
per ShareTotal
Amount
Threadneedle (Lux) - US$ High Income Bonds(continued) Class DEC 25/11/2013 USD 0.077 1,148
Class DEC 23/12/2013 USD 0.078 1,161
Class DEC 27/01/2014 USD 0.077 2,474
Class DEC 24/02/2014 USD 0.077 2,551
Class DEC 25/03/2014 USD 0.077 3,163
USD 398,008
Threadneedle (Lux) - Global Asset Allocation Class AEC 24/04/2013 USD 0.038 1,076
Class AEC 24/05/2013 USD 0.037 764
Class AEC 24/06/2013 USD 0.038 1,118
Class AEC 25/07/2013 USD 0.029 1,019
Class AEC 23/08/2013 USD 0.029 1,075
Class AEC 24/09/2013 USD 0.030 1,136
Class AEC 25/10/2013 USD 0.035 1,385
Class AEC 25/11/2013 USD 0.034 1,406
Class AEC 23/12/2013 USD 0.034 1,393
Class AEC 27/01/2014 USD 0.038 1,975
Class AEC 24/02/2014 USD 0.038 2,030
Class AEC 25/03/2014 USD 0.039 2,051
Class AUP 24/04/2013 USD 0.030 60,851
Class AUP 24/05/2013 USD 0.030 58,702
Class AUP 24/06/2013 USD 0.030 58,071
Class AUP 25/07/2013 USD 0.023 44,124
Class AUP 23/08/2013 USD 0.023 43,648
Class AUP 24/09/2013 USD 0.023 40,864
Class AUP 25/10/2013 USD 0.026 45,270
Class AUP 25/11/2013 USD 0.026 45,454
Class AUP 23/12/2013 USD 0.026 45,368
Class AUP 27/01/2014 USD 0.029 49,374
Class AUP 24/02/2014 USD 0.029 48,802
Class AUP 25/03/2014 USD 0.029 47,583
USD 604,539
Threadneedle (Lux) - UK Equities Class AGP 02/04/2013 GBP 0.474 115,321
Class AGP 25/10/2013 GBP 0.383 252,051
Class AGP 25/03/2014 GBP 0.223 141,652
Class IGP 02/04/2013 GBP 0.229 32,502
Class IGP 25/10/2013 GBP 0.351 253,854
Class IGP 25/03/2014 GBP 0.288 216,900
GBP 1,012,280
7 PERFORMANCE FEES
The Management Company shall receive a performance fee as set forth below with respect to the Share Classes of the Portfolios listed in the table
page 130. Daily provisions shall be set up for the accrual of the performance fee in respect of the performance fee balance (as described page 130),
whereby the amount accrued shall be paid to the Management Company at the end of the fiscal year of the SICAV. The amount of this performance fee
depends on the performance of the Net Asset Value of the relevant Share Class within the relevant Portfolio compared to the performance of the relevant
performance index (the “Performance Index”, as per the table page 130 with the exception of the Threadneedle (Lux) - Global Opportunities Bond Portfolio,
see note page 130). Accruals will only be made when the performance fee balance is positive and the NAV High Water Mark (defined below) is exceeded.
6 DIVIDENDS
(continued)
Notes to the Financial Statements(continued)
130
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Performance of share classes includes dividends paid.
Portfolio Share Classes Performance Index Performance Rate
Threadneedle (Lux) - Global Opportunities Bond* A Shares 1 month USD Deposit Rate +4.5% 15%
I Shares
Z Shares
Threadneedle (Lux) - American Absolute Alpha A Shares 3 month LIBOR (US$) 20%
D Shares
I Shares
Z Shares
Threadneedle (Lux) - Absolute Emerging Market Macro
A Shares 3 month LIBOR (US$) 20%
D Shares
I Shares
Threadneedle (Lux) - Multi Asset Target Alpha A Shares 3 month LIBOR (US$) +1.5% 15%
I Shares
Z Shares
Threadneedle (Lux) - Global Smaller Companies** A Shares 3 month LIBOR (Euro) 20%
D Shares
I Shares
Z Shares
Threadneedle (Lux) - European Select** A Shares 3 month LIBOR (Euro) 20%
D Shares
I Shares
W Shares
Z Shares
*Each Portfolio’s performance (including the impact of all applicable fees) is compared to the Performance Index, with the exception of Threadneedle (Lux) - Global Opportunities Bond which is compared gross of fees.
**See note 1.
The performance fee balance shall be calculated on the difference between the performance of the Performance Index and the performance of the
Share Class concerned (the “Daily Difference”):
(i) in the event the Daily Difference is positive, the performance fee balance will increase by an amount in respect of the Daily Difference, at the relevant
performance rate;
(ii) if the Daily Difference is negative, the performance fee balance will be reduced by an amount in respect of the Daily Difference, at the relevant
performance rate.
If the performance fee balance is positive at the end of the SICAV’s fiscal year and the NAV High Water Mark has been exceeded, the accrued amount
of the performance fee will be paid to the Management Company within the first quarter of the subsequent fiscal year. A performance fee shall only be
paid to the Management Company if the Net Asset Value of the relevant Share Class exceeds the NAV High Water Mark.
If the performance fee balance is negative, such negative amount will be carried forward and the Management Company shall not receive the payment
of a performance fee until the amount of the accrued performance fee is positive at any subsequent fiscal year’s end.
In the event that a Portfolio or a Share Class is liquidated or a Portfolio or Share Class becomes dormant, any outstanding performance fee accrual
shall be realised and payable to the Management Company. Thereafter, when new Shareholders have invested in such a Portfolio or Share Class, the
performance fee balance will be reset.
NAV High Water Mark: in respect of each Share Class, is the Net Asset Value of a Share of such Share Class as at the last Valuation Date of the last
relevant fiscal year in which any accrued performance fee was paid. If a performance fee has never been paid, the NAV High Water Mark is the inception
price of the relevant Share Class.
As at March 31, 2014, performance fees amounted to USD 977,404 for the Threadneedle (Lux) - American Absolute Alpha Portfolio, USD 394 for the
Threadneedle (Lux) - Absolute Emerging Market Macro Portfolio and USD 31,353 for the Threadneedle (Lux) - Global Opportunities Bond Portfolio.
7 PERFORMANCE FEES
(continued)
Notes to the Financial Statements(continued)
131
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
As at March 31, 2014, the SICAV has the following forward foreign exchange contracts outstanding:
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) -Global Aggregate Bond 30/04/2014 MXN 10,181,760 USD 765,614 Trading Goldman Sachs 12,883
30/04/2014 MYR 99,199 USD 29,800 Trading UBS AG 615
30/04/2014 PLN 103,418 USD 33,722 Trading JP Morgan Chase New York 440
30/04/2014 SGD 30,830 USD 24,114 Trading Goldman Sachs 402
17/04/2014 EUR 851 USD 1,186 Hedging JP Morgan Chase New York (12)
17/04/2014 EUR 24,988 USD 34,801 Hedging JP Morgan Chase New York (363)
17/04/2014 EUR 6,465 USD 9,002 Hedging JP Morgan Chase New York (92)
17/04/2014 EUR 31,899 USD 44,423 Hedging JP Morgan Chase New York (461)
17/04/2014 EUR 5,497 USD 7,648 Hedging JP Morgan Chase New York (72)
30/04/2014 AUD 1,067,199 USD 962,526 Trading HSBC 24,569
30/04/2014 CAD 857,691 USD 761,736 Trading Royal Bank of Scotland 14,793
30/04/2014 EUR 1,481,754 USD 2,042,044 Trading Lloyds TSB Treasury 50
30/04/2014 JPY 162,448,995 USD 1,587,115 Trading Royal Bank of Scotland (9,449)
17/04/2014 EUR 15,282 USD 21,061 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 2,988 USD 4,118 Hedging JP Morgan Chase New York 0
02/04/2014 BRL 667,895 USD 288,570 Trading HSBC 7,305
17/04/2014 EUR 1,053 USD 1,450 Hedging JP Morgan Chase New York 1
30/04/2014 AUD 95,919 USD 88,305 Trading JP Morgan Chase New York 414
17/04/2014 EUR 5,082 USD 6,982 Hedging JP Morgan Chase New York 22
17/04/2014 EUR 3,962,281 USD 5,492,997 Hedging JP Morgan Chase New York (32,183)
17/04/2014 EUR 285,790 USD 396,197 Hedging JP Morgan Chase New York (2,321)
17/04/2014 EUR 230,098 USD 318,990 Hedging JP Morgan Chase New York (1,869)
30/04/2014 NOK 8,161,630 EUR 974,691 Trading Royal Bank of Scotland 18,359
30/04/2014 USD 1,554,328 CHF 1,373,204 Trading Royal Bank of Scotland (582)
30/04/2014 USD 882,614 GBP 534,822 Trading Lloyds TSB Treasury (8,813)
30/04/2014 USD 54,918 KRW 59,600,701 Trading Citibank (1,149)
30/04/2014 USD 1,716,378 NZD 2,017,187 Trading Royal Bank of Canada (30,072)
17/04/2014 USD 71,795 EUR 51,618 Hedging JP Morgan Chase New York 656
17/04/2014 USD 4,182 EUR 3,007 Hedging JP Morgan Chase New York 38
30/04/2014 USD 250,230 ZAR 2,751,121 Trading Goldman Sachs (10,183)
17/04/2014 USD 49,652 EUR 36,023 Hedging JP Morgan Chase New York 6
30/04/2014 USD 207,522 EUR 150,000 Trading UBS AG 798
17/04/2014 USD 2,726 EUR 1,977 Hedging JP Morgan Chase New York 1
17/04/2014 USD 157,691 EUR 114,668 Hedging JP Morgan Chase New York (343)
30/04/2014 USD 134,919 EUR 97,782 Trading Lloyds TSB Treasury 159
17/04/2014 USD 100 EUR 73 Hedging JP Morgan Chase New York 0
02/04/2014 USD 281,563 BRL 667,895 Trading HSBC (14,317)
30/04/2014 CHF 179,356 EUR 146,674 Trading Royal Bank of Scotland 949
30/04/2014 DKK 249,477 EUR 33,433 Trading Royal Bank of Scotland (12)
30/04/2014 EUR 898,888 SEK 7,949,925 Trading Royal Bank of Scotland 13,225
USD (16,608)
Threadneedle (Lux) - Euro Active Bonds 30/04/2014 EUR 594,344 PLN 2,500,000 Trading JP Morgan Chase New York (4,896)
30/04/2014 EUR 2,511,868 GBP 2,100,000 Trading Lloyds TSB Treasury (27,911)
30/04/2014 PLN 2,500,000 EUR 598,169 Trading JP Morgan Chase New York 1,061
EUR (31,746)
Notes to the Financial Statements(continued)
132
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) -Emerging Market Corporate Bonds 14/04/2014 USD 28,789 EUR 21,000 Trading Royal Bank of Scotland (153)
17/04/2014 USD 6,845 EUR 4,982 Hedging JP Morgan Chase New York (21)
17/04/2014 USD 28,154 EUR 20,436 Hedging JP Morgan Chase New York (11)
17/04/2014 USD 4,512 EUR 3,275 Hedging JP Morgan Chase New York (2)
17/04/2014 USD 12,776 EUR 9,270 Hedging JP Morgan Chase New York 1
17/04/2014 USD 4,665 EUR 3,385 Hedging JP Morgan Chase New York 0
17/04/2014 USD 7,506 EUR 5,446 Hedging JP Morgan Chase New York 0
17/04/2014 USD 17,659 EUR 12,813 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 2,191 USD 3,013 Hedging JP Morgan Chase New York 7
17/04/2014 EUR 6,591 USD 9,084 Hedging JP Morgan Chase New York (1)
17/04/2014 EUR 1,016 USD 1,400 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 139,482 USD 193,367 Hedging JP Morgan Chase New York (1,133)
17/04/2014 EUR 431,698 USD 598,472 Hedging JP Morgan Chase New York (3,506)
17/04/2014 EUR 10,676,849 USD 14,801,550 Hedging JP Morgan Chase New York (86,717)
17/04/2014 USD 5,273 EUR 3,825 Hedging JP Morgan Chase New York 1
17/04/2014 USD 91,689 EUR 66,521 Hedging JP Morgan Chase New York 11
17/04/2014 USD 1,490 EUR 1,070 Hedging JP Morgan Chase New York 15
17/04/2014 USD 30,880 EUR 22,176 Hedging JP Morgan Chase New York 316
17/04/2014 USD 19,448 EUR 13,966 Hedging JP Morgan Chase New York 199
17/04/2014 USD 28,239 EUR 20,276 Hedging JP Morgan Chase New York 294
17/04/2014 USD 13,312 EUR 9,559 Hedging JP Morgan Chase New York 139
17/04/2014 SGD 82,045 USD 64,810 Hedging JP Morgan Chase New York 432
17/04/2014 EUR 500 USD 687 Hedging JP Morgan Chase New York 2
17/04/2014 EUR 71 USD 97 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 5,620 USD 7,747 Hedging JP Morgan Chase New York (2)
14/05/2014 EUR 82,000 USD 112,867 Trading Lloyds TSB Treasury 140
17/04/2014 EUR 71 USD 99 Hedging JP Morgan Chase New York (1)
17/04/2014 EUR 70,298 USD 97,900 Hedging JP Morgan Chase New York (1,016)
17/04/2014 EUR 12,843,239 USD 17,804,866 Hedging JP Morgan Chase New York (104,313)
17/04/2014 EUR 5,419,043 USD 7,512,538 Hedging JP Morgan Chase New York (44,013)
17/04/2014 EUR 17,968,351 USD 24,909,920 Hedging JP Morgan Chase New York (145,939)
17/04/2014 USD 10,624 EUR 7,726 Hedging JP Morgan Chase New York (23)
14/05/2014 USD 28,925 EUR 21,000 Trading Citibank (15)
14/05/2014 USD 6,285,146 EUR 4,540,569 Trading Citibank 27,623
17/04/2014 USD 986 EUR 708 Hedging JP Morgan Chase New York 10
17/04/2014 USD 18,022 EUR 12,941 Hedging JP Morgan Chase New York 187
17/04/2014 USD 15,852 EUR 11,394 Hedging JP Morgan Chase New York 149
17/04/2014 USD 19,736 EUR 14,185 Hedging JP Morgan Chase New York 186
17/04/2014 USD 3 EUR 3 Hedging JP Morgan Chase New York 0
17/04/2014 USD 12,419 EUR 8,929 Hedging JP Morgan Chase New York 113
17/04/2014 USD 8,119 EUR 5,890 Hedging JP Morgan Chase New York 1
17/04/2014 USD 6,520 EUR 4,730 Hedging JP Morgan Chase New York 1
14/04/2014 EUR 21,000 USD 28,927 Trading Citibank 16
USD (357,023)
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
133
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) -Emerging Market Debt 17/04/2014 EUR 9,487 USD 13,213 Hedging JP Morgan Chase New York (138)
14/05/2014 EUR 55,000 USD 76,404 Trading HSBC (607)
17/04/2014 EUR 400 USD 551 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 582,852 USD 803,445 Hedging JP Morgan Chase New York (157)
17/04/2014 EUR 65 USD 90 Hedging JP Morgan Chase New York 0
17/04/2014 GBP 13,173 USD 21,881 Hedging JP Morgan Chase New York 78
17/04/2014 SGD 64,517 USD 50,964 Hedging JP Morgan Chase New York 340
17/04/2014 SGD 530 USD 419 Hedging JP Morgan Chase New York 3
17/04/2014 SGD 437 USD 346 Hedging JP Morgan Chase New York 2
17/04/2014 SGD 935 USD 739 Hedging JP Morgan Chase New York 4
17/04/2014 SGD 616 USD 486 Hedging JP Morgan Chase New York 4
14/05/2014 USD 4,094,501 RUB 151,093,224 Trading HSBC (162,427)
17/04/2014 USD 3,543 EUR 2,544 Hedging JP Morgan Chase New York 36
17/04/2014 USD 3,853 EUR 2,767 Hedging JP Morgan Chase New York 40
17/04/2014 USD 27,075 EUR 19,466 Hedging JP Morgan Chase New York 247
17/04/2014 USD 6,707 EUR 4,866 Hedging JP Morgan Chase New York 1
17/04/2014 USD 11,017 EUR 7,997 Hedging JP Morgan Chase New York (4)
17/04/2014 EUR 982,268 USD 1,361,739 Hedging JP Morgan Chase New York (7,978)
17/04/2014 EUR 2,729,802 USD 3,784,385 Hedging JP Morgan Chase New York (22,171)
17/04/2014 EUR 31,155,117 USD 43,191,023 Hedging JP Morgan Chase New York (253,043)
17/04/2014 EUR 1,344,381 USD 1,863,745 Hedging JP Morgan Chase New York (10,919)
USD (456,689)
Threadneedle (Lux) -Global Emerging Market Short-Term Bonds 17/04/2014 EUR 486,235 USD 668,702 Hedging JP Morgan Chase New York 1,428
17/04/2014 EUR 50,043 USD 68,819 Hedging JP Morgan Chase New York 150
17/04/2014 EUR 136 USD 187 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 13,679,976 USD 18,964,853 Hedging JP Morgan Chase New York (111,110)
17/04/2014 EUR 11,330,340 USD 15,707,499 Hedging JP Morgan Chase New York (92,025)
17/04/2014 EUR 25,013,661 USD 34,676,989 Hedging JP Morgan Chase New York (203,162)
17/04/2014 EUR 2,467,046 USD 3,420,120 Hedging JP Morgan Chase New York (20,037)
17/04/2014 SGD 1,210,261 USD 956,024 Hedging JP Morgan Chase New York 6,371
17/04/2014 SGD 984,095 USD 777,368 Hedging JP Morgan Chase New York 5,180
17/04/2014 SGD 100 USD 79 Hedging JP Morgan Chase New York 1
17/04/2014 SGD 100 USD 79 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 39,963 USD 55,654 Hedging JP Morgan Chase New York (577)
17/04/2014 SGD 4,967 USD 3,927 Hedging JP Morgan Chase New York 23
17/04/2014 SGD 100 USD 79 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 10,071 USD 14,012 Hedging JP Morgan Chase New York (132)
17/04/2014 SGD 100 USD 79 Hedging JP Morgan Chase New York 0
14/05/2014 BRL 9,172,693 USD 3,954,599 Trading HSBC 62,490
17/04/2014 EUR 12,163 USD 16,757 Hedging JP Morgan Chase New York 6
17/04/2014 EUR 71 USD 98 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 200,381 USD 275,577 Hedging JP Morgan Chase New York 588
17/04/2014 EUR 5,000 USD 6,892 Hedging JP Morgan Chase New York (1)
17/04/2014 EUR 10,893 USD 15,013 Hedging JP Morgan Chase New York 0
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
134
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) -Global Emerging Market Short-Term Bonds(continued) 17/04/2014 EUR 153,622 USD 211,064 Hedging JP Morgan Chase New York 657
17/04/2014 EUR 5,386 USD 7,401 Hedging JP Morgan Chase New York 23
17/04/2014 EUR 271,002 USD 372,700 Hedging JP Morgan Chase New York 796
17/04/2014 SGD 200 USD 157 Hedging JP Morgan Chase New York 2
17/04/2014 SGD 18,516 USD 14,587 Hedging JP Morgan Chase New York 137
17/04/2014 SGD 1,514 USD 1,193 Hedging JP Morgan Chase New York 11
17/04/2014 SGD 7,342 USD 5,791 Hedging JP Morgan Chase New York 47
17/04/2014 SGD 23,727 USD 18,574 Hedging JP Morgan Chase New York 294
17/04/2014 USD 91,837 EUR 66,623 Hedging JP Morgan Chase New York 18
17/04/2014 USD 14,434 EUR 10,496 Hedging JP Morgan Chase New York (31)
14/05/2014 USD 3,823,548 BRL 9,172,692 Trading HSBC (195,850)
17/04/2014 USD 991,274 EUR 711,759 Hedging JP Morgan Chase New York 10,329
17/04/2014 USD 101,052 SGD 127,938 Hedging JP Morgan Chase New York (684)
17/04/2014 USD 44,234 EUR 31,766 Hedging JP Morgan Chase New York 453
17/04/2014 USD 150,415 EUR 108,006 Hedging JP Morgan Chase New York 1,560
17/04/2014 USD 1,970,877 EUR 1,415,203 Hedging JP Morgan Chase New York 20,445
17/04/2014 USD 22,611 EUR 16,236 Hedging JP Morgan Chase New York 235
17/04/2014 USD 104,629 EUR 75,202 Hedging JP Morgan Chase New York 985
17/04/2014 USD 12,199 EUR 8,768 Hedging JP Morgan Chase New York 115
17/04/2014 USD 7,768 EUR 5,585 Hedging JP Morgan Chase New York 71
17/04/2014 USD 23,864 EUR 17,157 Hedging JP Morgan Chase New York 218
17/04/2014 USD 2,360 SGD 2,989 Hedging JP Morgan Chase New York (16)
17/04/2014 USD 52,695 EUR 38,230 Hedging JP Morgan Chase New York 6
17/04/2014 USD 851,682 EUR 617,896 Hedging JP Morgan Chase New York 98
17/04/2014 USD 30,218 EUR 21,926 Hedging JP Morgan Chase New York 0
17/04/2014 USD 9,125 EUR 6,621 Hedging JP Morgan Chase New York 1
17/04/2014 USD 14,629 EUR 10,614 Hedging JP Morgan Chase New York 1
17/04/2014 USD 13,263 EUR 9,653 Hedging JP Morgan Chase New York (41)
USD (510,927)
Threadneedle (Lux) -US$ High Income Bonds 17/04/2014 USD 147,141 EUR 105,789 Hedging JP Morgan Chase New York 1,343
17/04/2014 USD 2,465 SGD 3,148 Hedging JP Morgan Chase New York (39)
17/04/2014 USD 160 SGD 203 Hedging JP Morgan Chase New York (1)
17/04/2014 USD 1,670 SGD 2,110 Hedging JP Morgan Chase New York (8)
17/04/2014 EUR 22,512 USD 31,027 Hedging JP Morgan Chase New York (2)
17/04/2014 SGD 1,604 USD 1,262 Hedging JP Morgan Chase New York 14
17/04/2014 EUR 22,111 USD 30,461 Hedging JP Morgan Chase New York 12
17/04/2014 EUR 71 USD 98 Hedging JP Morgan Chase New York 0
17/04/2014 SGD 2,826 USD 2,234 Hedging JP Morgan Chase New York 12
17/04/2014 EUR 22,000 USD 30,226 Hedging JP Morgan Chase New York 94
17/04/2014 EUR 4,329,634 USD 6,002,269 Hedging JP Morgan Chase New York (35,165)
17/04/2014 SGD 931,353 USD 735,706 Hedging JP Morgan Chase New York 4,903
17/04/2014 EUR 868,748 USD 1,204,364 Hedging JP Morgan Chase New York (7,056)
17/04/2014 EUR 384,139 USD 532,540 Hedging JP Morgan Chase New York (3,120)
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
135
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) -US$ High Income Bonds(continued) 17/04/2014 EUR 24,988 USD 34,801 Hedging JP Morgan Chase New York (363)
17/04/2014 EUR 39,988 USD 55,692 Hedging JP Morgan Chase New York (580)
17/04/2014 EUR 4,561,455 USD 6,323,647 Hedging JP Morgan Chase New York (37,048)
17/04/2014 EUR 1,349,381 USD 1,870,678 Hedging JP Morgan Chase New York (10,960)
17/04/2014 SGD 151 USD 119 Hedging JP Morgan Chase New York 1
17/04/2014 EUR 62,488 USD 87,012 Hedging JP Morgan Chase New York (891)
17/04/2014 EUR 7,008 USD 9,759 Hedging JP Morgan Chase New York (101)
17/04/2014 SGD 2,613 USD 2,066 Hedging JP Morgan Chase New York 12
17/04/2014 EUR 45,565 USD 63,376 Hedging JP Morgan Chase New York (579)
17/04/2014 SGD 1,204 USD 951 Hedging JP Morgan Chase New York 7
17/04/2014 USD 20,164 EUR 14,663 Hedging JP Morgan Chase New York (44)
17/04/2014 USD 19,422 EUR 13,946 Hedging JP Morgan Chase New York 202
17/04/2014 USD 505 EUR 363 Hedging JP Morgan Chase New York 5
17/04/2014 USD 76,120 EUR 54,665 Hedging JP Morgan Chase New York 780
17/04/2014 USD 143 EUR 102 Hedging JP Morgan Chase New York 1
USD (88,571)
Threadneedle (Lux) -Global Asset Allocation 17/04/2014 GBP 2,270 USD 3,771 Hedging JP Morgan Chase New York 13
17/04/2014 USD 23,739 EUR 17,225 Hedging JP Morgan Chase New York 0
17/04/2014 USD 303,173 EUR 219,965 Hedging JP Morgan Chase New York 18
17/04/2014 USD 6,584 EUR 4,779 Hedging JP Morgan Chase New York (2)
17/04/2014 USD 63,537 EUR 46,119 Hedging JP Morgan Chase New York (24)
17/04/2014 USD 8,320 EUR 5,974 Hedging JP Morgan Chase New York 87
17/04/2014 USD 17,879 EUR 12,838 Hedging JP Morgan Chase New York 185
17/04/2014 USD 4,341 EUR 3,120 Hedging JP Morgan Chase New York 41
17/04/2014 USD 23,475 EUR 16,878 Hedging JP Morgan Chase New York 214
17/04/2014 USD 4,817 EUR 3,494 Hedging JP Morgan Chase New York 1
17/04/2014 USD 67,614 EUR 49,050 Hedging JP Morgan Chase New York 13
17/04/2014 EUR 19,975 USD 27,531 Hedging JP Morgan Chase New York (2)
17/04/2014 EUR 22,874,732 USD 31,711,743 Hedging JP Morgan Chase New York (185,789)
17/04/2014 EUR 6,176,723 USD 8,562,927 Hedging JP Morgan Chase New York (50,167)
17/04/2014 EUR 669,853 USD 928,632 Hedging JP Morgan Chase New York (5,441)
17/04/2014 EUR 12,638 USD 17,601 Hedging JP Morgan Chase New York (183)
17/04/2014 EUR 50,670 USD 70,557 Hedging JP Morgan Chase New York (723)
17/04/2014 EUR 16,729 USD 23,297 Hedging JP Morgan Chase New York (242)
17/04/2014 EUR 30,535 USD 42,471 Hedging JP Morgan Chase New York (388)
17/04/2014 EUR 500,716 USD 690,166 Hedging JP Morgan Chase New York (79)
17/04/2014 EUR 19,975 USD 27,533 Hedging JP Morgan Chase New York (3)
17/04/2014 EUR 23,988 USD 33,067 Hedging JP Morgan Chase New York (6)
17/04/2014 EUR 200 USD 275 Hedging JP Morgan Chase New York 1
17/04/2014 EUR 119 USD 164 Hedging JP Morgan Chase New York 0
17/04/2014 USD 56,295 EUR 40,974 Hedging JP Morgan Chase New York (175)
17/04/2014 USD 3,408 EUR 2,481 Hedging JP Morgan Chase New York (11)
03/06/2014 USD 12,000,693 AUD 13,470,000 Trading Royal Bank of Canada (430,511)
03/06/2014 USD 3,355,581 EUR 2,447,000 Trading Lloyds TSB Treasury (16,646)
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
136
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) -Global Asset Allocation(continued) 03/06/2014 USD 1,665,907 MXN 22,300,000 Trading JP Morgan Chase New York (34,796)
03/06/2014 USD 842,414 BRL 2,010,000 Trading HSBC (33,458)
03/06/2014 USD 620,013 CHF 550,000 Trading Royal Bank of Canada (2,945)
USD (761,018)
Threadneedle (Lux) - Global Focus 17/04/2014 EUR 145,896 USD 200,450 Hedging JP Morgan Chase New York 624
17/04/2014 EUR 15,877 USD 21,885 Hedging JP Morgan Chase New York (4)
17/04/2014 EUR 3,416 USD 4,706 Hedging JP Morgan Chase New York 2
17/04/2014 USD 164 EUR 119 Hedging JP Morgan Chase New York 0
17/04/2014 USD 12,398 EUR 8,914 Hedging JP Morgan Chase New York 113
17/04/2014 USD 240 EUR 173 Hedging JP Morgan Chase New York 2
17/04/2014 USD 18 EUR 13 Hedging JP Morgan Chase New York 0
17/04/2014 USD 34,917 EUR 25,075 Hedging JP Morgan Chase New York 358
17/04/2014 USD 14,420 EUR 10,486 Hedging JP Morgan Chase New York (31)
17/04/2014 USD 538 EUR 390 Hedging JP Morgan Chase New York 0
17/04/2014 USD 163,116 EUR 118,347 Hedging JP Morgan Chase New York 9
17/04/2014 EUR 6,818 USD 9,398 Hedging JP Morgan Chase New York (1)
17/04/2014 EUR 3,324 USD 4,629 Hedging JP Morgan Chase New York (48)
17/04/2014 EUR 1,310 USD 1,825 Hedging JP Morgan Chase New York (19)
17/04/2014 EUR 781,810 USD 1,083,840 Hedging JP Morgan Chase New York (6,350)
17/04/2014 EUR 19,106,283 USD 26,487,461 Hedging JP Morgan Chase New York (155,181)
17/04/2014 EUR 8,655 USD 11,929 Hedging JP Morgan Chase New York (1)
USD (160,527)
Threadneedle (Lux) -Global Emerging Market Equities 17/04/2014 EUR 278,277 USD 385,781 Hedging JP Morgan Chase New York (2,260)
17/04/2014 EUR 435,073 USD 603,152 Hedging JP Morgan Chase New York (3,534)
17/04/2014 EUR 313,790 USD 435,015 Hedging JP Morgan Chase New York (2,549)
17/04/2014 EUR 497 USD 692 Hedging JP Morgan Chase New York (7)
03/04/2014 EUR 25,000 USD 34,391 Trading HSBC 65
17/04/2014 USD 8,145 EUR 5,848 Hedging JP Morgan Chase New York 85
04/04/2014 ZAR 71,000 USD 6,688 Trading HSBC 59
USD (8,141)
Threadneedle (Lux) - American 17/04/2014 EUR 500 USD 688 Hedging JP Morgan Chase New York 2
17/04/2014 EUR 173,102 USD 237,828 Hedging JP Morgan Chase New York 741
17/04/2014 EUR 39,950 USD 54,888 Hedging JP Morgan Chase New York 171
17/04/2014 EUR 95,881 USD 131,733 Hedging JP Morgan Chase New York 410
17/04/2014 EUR 896 USD 1,234 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 370 USD 509 Hedging JP Morgan Chase New York 0
17/04/2014 USD 7,430 EUR 5,391 Hedging JP Morgan Chase New York 0
17/04/2014 USD 15,862 EUR 11,509 Hedging JP Morgan Chase New York 0
17/04/2014 USD 43 EUR 31 Hedging JP Morgan Chase New York 0
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
137
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) - American(continued) 17/04/2014 EUR 39,965 USD 55,079 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 3,974 USD 5,477 Hedging JP Morgan Chase New York (1)
17/04/2014 EUR 20,468 USD 28,469 Hedging JP Morgan Chase New York (260)
17/04/2014 EUR 2,985 USD 4,152 Hedging JP Morgan Chase New York (38)
17/04/2014 EUR 33,777 USD 46,994 Hedging JP Morgan Chase New York (442)
17/04/2014 EUR 51,153 USD 71,237 Hedging JP Morgan Chase New York (739)
17/04/2014 EUR 14,646 USD 20,396 Hedging JP Morgan Chase New York (212)
17/04/2014 EUR 502 USD 699 Hedging JP Morgan Chase New York (7)
17/04/2014 EUR 4,804 USD 6,690 Hedging JP Morgan Chase New York (69)
17/04/2014 EUR 7,494 USD 10,436 Hedging JP Morgan Chase New York (107)
17/04/2014 EUR 22,665 USD 31,565 Hedging JP Morgan Chase New York (329)
17/04/2014 EUR 13,012,717 USD 18,039,818 Hedging JP Morgan Chase New York (105,688)
17/04/2014 EUR 5,201,067 USD 7,210,354 Hedging JP Morgan Chase New York (42,242)
17/04/2014 EUR 4,502,791 USD 6,242,318 Hedging JP Morgan Chase New York (36,571)
17/04/2014 USD 97,208 EUR 69,869 Hedging JP Morgan Chase New York 915
17/04/2014 USD 6,184 EUR 4,441 Hedging JP Morgan Chase New York 63
17/04/2014 USD 10,382 EUR 7,549 Hedging JP Morgan Chase New York (23)
17/04/2014 USD 2,453 EUR 1,780 Hedging JP Morgan Chase New York 0
17/04/2014 USD 1,348 EUR 978 Hedging JP Morgan Chase New York 0
17/04/2014 USD 3,885 EUR 2,820 Hedging JP Morgan Chase New York (1)
17/04/2014 USD 40,577 EUR 29,441 Hedging JP Morgan Chase New York 2
USD (184,425)
Threadneedle (Lux) - American Select 17/04/2014 CHF 4,951 USD 5,584 Hedging JP Morgan Chase New York 22
17/04/2014 EUR 2,688,414 USD 3,727,008 Hedging JP Morgan Chase New York (21,835)
17/04/2014 EUR 180 USD 250 Hedging JP Morgan Chase New York (3)
17/04/2014 EUR 1,195,239 USD 1,656,987 Hedging JP Morgan Chase New York (9,708)
17/04/2014 EUR 699,174 USD 969,281 Hedging JP Morgan Chase New York (5,679)
17/04/2014 EUR 200 USD 275 Hedging JP Morgan Chase New York 1
17/04/2014 USD 5,576 CHF 4,865 Hedging JP Morgan Chase New York 68
17/04/2014 USD 5,405 CHF 4,716 Hedging JP Morgan Chase New York 66
17/04/2014 USD 5,793 CHF 5,119 Hedging JP Morgan Chase New York (3)
17/04/2014 CHF 3,254,015 USD 3,715,650 Hedging JP Morgan Chase New York (31,433)
17/04/2014 CHF 53,808 USD 61,780 Hedging JP Morgan Chase New York (858)
17/04/2014 CHF 1,649 USD 1,886 Hedging JP Morgan Chase New York (19)
17/04/2014 CHF 3,183 USD 3,639 Hedging JP Morgan Chase New York (35)
17/04/2014 CHF 18,024 USD 20,406 Hedging JP Morgan Chase New York 0
17/04/2014 USD 4,509 CHF 3,995 Hedging JP Morgan Chase New York (15)
17/04/2014 USD 15,106 CHF 13,356 Hedging JP Morgan Chase New York (15)
17/04/2014 USD 323,724 EUR 235,621 Hedging JP Morgan Chase New York (1,008)
17/04/2014 USD 126,756 EUR 91,954 Hedging JP Morgan Chase New York 25
17/04/2014 USD 2,538 CHF 2,247 Hedging JP Morgan Chase New York (6)
USD (70,435)
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
138
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) -US Contrarian Core Equities 17/04/2014 EUR 9,986 USD 13,763 Hedging JP Morgan Chase New York 0
17/04/2014 CHF 612,231 USD 699,086 Hedging JP Morgan Chase New York (5,913)
17/04/2014 EUR 19,640 USD 27,227 Hedging JP Morgan Chase New York (160)
17/04/2014 SGD 33,228 USD 26,248 Hedging JP Morgan Chase New York 175
USD (5,898)
Threadneedle (Lux) -Pan European Equities 17/04/2014 USD 97,985 EUR 71,123 Hedging JP Morgan Chase New York (27)
17/04/2014 USD 295,567 EUR 214,446 Hedging JP Morgan Chase New York 12
17/04/2014 USD 3,138,339 EUR 2,263,789 Hedging JP Morgan Chase New York 13,341
17/04/2014 SGD 71,954 EUR 40,851 Hedging JP Morgan Chase New York 665
17/04/2014 EUR 61,345 SGD 107,746 Hedging JP Morgan Chase New York (823)
17/04/2014 EUR 927,704 SGD 1,622,389 Hedging JP Morgan Chase New York (8,383)
17/04/2014 EUR 150,411 SGD 262,873 Hedging JP Morgan Chase New York (1,262)
17/04/2014 EUR 2,350 SGD 4,082 Hedging JP Morgan Chase New York (6)
17/04/2014 EUR 108,600 SGD 188,109 Hedging JP Morgan Chase New York 65
17/04/2014 SGD 27,454,362 EUR 15,644,047 Hedging JP Morgan Chase New York 196,611
17/04/2014 SGD 32,904 EUR 18,778 Hedging JP Morgan Chase New York 207
17/04/2014 SGD 88,948 EUR 50,446 Hedging JP Morgan Chase New York 875
17/04/2014 SGD 10,027 EUR 5,692 Hedging JP Morgan Chase New York 93
17/04/2014 SGD 286,478 EUR 162,642 Hedging JP Morgan Chase New York 2,650
17/04/2014 SGD 570,989 EUR 324,756 Hedging JP Morgan Chase New York 4,694
17/04/2014 EUR 446,547 SGD 786,275 Hedging JP Morgan Chase New York (7,118)
EUR 201,594
Threadneedle (Lux) - Pan European Small Cap Opportunities 17/04/2014 EUR 22,234 SGD 38,511 Hedging JP Morgan Chase New York 13
17/04/2014 EUR 9,602 SGD 16,683 Hedging JP Morgan Chase New York (24)
17/04/2014 EUR 140,701 SGD 245,903 Hedging JP Morgan Chase New York (1,181)
17/04/2014 EUR 906,781 SGD 1,585,796 Hedging JP Morgan Chase New York (8,194)
17/04/2014 EUR 46,373 SGD 81,256 Hedging JP Morgan Chase New York (510)
17/04/2014 EUR 116,354 SGD 204,366 Hedging JP Morgan Chase New York (1,561)
17/04/2014 EUR 813,135 SGD 1,431,757 Hedging JP Morgan Chase New York (12,962)
17/04/2014 SGD 79,608 EUR 45,197 Hedging JP Morgan Chase New York 735
17/04/2014 SGD 77,916 EUR 44,316 Hedging JP Morgan Chase New York 641
17/04/2014 SGD 246,362 EUR 139,867 Hedging JP Morgan Chase New York 2,279
17/04/2014 SGD 53,897 EUR 30,596 Hedging JP Morgan Chase New York 502
17/04/2014 SGD 185,509 EUR 105,210 Hedging JP Morgan Chase New York 1,825
17/04/2014 SGD 16,864,875 EUR 9,609,945 Hedging JP Morgan Chase New York 120,776
EUR 102,339
Threadneedle (Lux) - Asian Equity Income 17/04/2014 GBP 15,127 USD 25,126 Hedging JP Morgan Chase New York 89
17/04/2014 USD 822 EUR 596 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 437,070 USD 605,920 Hedging JP Morgan Chase New York (3,550)
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
139
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) - Asian Equity Income(continued) 17/04/2014 EUR 720,491 USD 998,832 Hedging JP Morgan Chase New York (5,852)
17/04/2014 EUR 7,750 USD 10,780 Hedging JP Morgan Chase New York (98)
17/04/2014 EUR 13,559 USD 18,689 Hedging JP Morgan Chase New York (2)
USD (9,413)
Threadneedle (Lux) -Greater China Equities 17/04/2014 EUR 300 USD 414 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 248 USD 341 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 665,982 USD 923,265 Hedging JP Morgan Chase New York (5,409)
17/04/2014 EUR 1,483,087 USD 2,056,037 Hedging JP Morgan Chase New York (12,047)
17/04/2014 EUR 30 USD 42 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 500 USD 689 Hedging JP Morgan Chase New York 0
17/04/2014 USD 20,333 EUR 14,799 Hedging JP Morgan Chase New York (63)
17/04/2014 USD 7,646 EUR 5,497 Hedging JP Morgan Chase New York 70
17/04/2014 USD 60,169 EUR 43,753 Hedging JP Morgan Chase New York (131)
17/04/2014 USD 5,043 EUR 3,621 Hedging JP Morgan Chase New York 52
USD (17,528)
Threadneedle (Lux) -Global Energy Equities 17/04/2014 EUR 2,268,298 USD 3,144,590 Hedging JP Morgan Chase New York (18,424)
17/04/2014 EUR 984,402 USD 1,364,698 Hedging JP Morgan Chase New York (7,995)
17/04/2014 EUR 24 USD 33 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 523 USD 729 Hedging JP Morgan Chase New York (8)
17/04/2014 USD 2,499 EUR 1,794 Hedging JP Morgan Chase New York 26
17/04/2014 USD 3,408 EUR 2,447 Hedging JP Morgan Chase New York 36
17/04/2014 USD 2,323 EUR 1,689 Hedging JP Morgan Chase New York (5)
17/04/2014 USD 130,874 EUR 94,955 Hedging JP Morgan Chase New York 8
17/04/2014 USD 31,293 EUR 22,706 Hedging JP Morgan Chase New York 0
17/04/2014 USD 5,066 EUR 3,676 Hedging JP Morgan Chase New York 1
17/04/2014 USD 6,942 EUR 4,991 Hedging JP Morgan Chase New York 63
17/04/2014 USD 6,212 EUR 4,465 Hedging JP Morgan Chase New York 58
USD (26,240)
Threadneedle (Lux) - Global Technology 17/04/2014 EUR 922,634 USD 1,279,067 Hedging JP Morgan Chase New York (7,494)
USD (7,494)
Threadneedle (Lux) - UK Equities 17/04/2014 EUR 425,869 GBP 355,413 Hedging JP Morgan Chase New York (3,311)
17/04/2014 EUR 70,000 GBP 58,633 Hedging JP Morgan Chase New York (758)
17/04/2014 EUR 61,794 GBP 51,716 Hedging JP Morgan Chase New York (625)
17/04/2014 EUR 2,532 GBP 2,118 Hedging JP Morgan Chase New York (25)
17/04/2014 EUR 182,172 GBP 152,242 Hedging JP Morgan Chase New York (1,625)
17/04/2014 EUR 10,000 GBP 8,271 Hedging JP Morgan Chase New York (3)
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
140
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) - UK Equities(continued) 17/04/2014 EUR 4,033,694 GBP 3,366,365 Hedging JP Morgan Chase New York (31,357)
17/04/2014 GBP 199,761 EUR 241,650 Hedging JP Morgan Chase New York (32)
GBP (37,736)
Threadneedle (Lux) -American Absolute Alpha 17/04/2014 USD 153,728 EUR 111,785 Hedging JP Morgan Chase New York (335)
17/04/2014 USD 12,876,973 EUR 9,245,976 Hedging JP Morgan Chase New York 134,173
17/04/2014 USD 6,174 EUR 4,437 Hedging JP Morgan Chase New York 58
17/04/2014 USD 111,293 EUR 80,015 Hedging JP Morgan Chase New York 1,016
17/04/2014 USD 22,200 EUR 16,107 Hedging JP Morgan Chase New York 1
17/04/2014 USD 3,460,909 EUR 2,512,130 Hedging JP Morgan Chase New York (1,309)
17/04/2014 USD 74,618 EUR 54,131 Hedging JP Morgan Chase New York 15
17/04/2014 USD 12,834 GBP 7,749 Hedging JP Morgan Chase New York (83)
17/04/2014 USD 2,132,230 EUR 1,546,809 Hedging JP Morgan Chase New York 418
17/04/2014 USD 355,780 EUR 258,952 Hedging JP Morgan Chase New York (1,108)
17/04/2014 USD 82,053 EUR 59,722 Hedging JP Morgan Chase New York (256)
17/04/2014 USD 619,851 EUR 450,733 Hedging JP Morgan Chase New York (1,350)
17/04/2014 USD 36,049 EUR 26,213 Hedging JP Morgan Chase New York (79)
17/04/2014 EUR 29,988 USD 41,338 Hedging JP Morgan Chase New York (8)
17/04/2014 GBP 3,515 USD 5,822 Hedging JP Morgan Chase New York 38
17/04/2014 EUR 1,635,619 USD 2,267,494 Hedging JP Morgan Chase New York (13,284)
17/04/2014 EUR 87,889,751 USD 121,843,498 Hedging JP Morgan Chase New York (713,842)
17/04/2014 GBP 14,423,164 USD 23,957,540 Hedging JP Morgan Chase New York 84,924
17/04/2014 GBP 252,219 USD 418,948 Hedging JP Morgan Chase New York 1,485
17/04/2014 EUR 889 USD 1,238 Hedging JP Morgan Chase New York (13)
17/04/2014 EUR 3,087,453 USD 4,299,174 Hedging JP Morgan Chase New York (44,046)
17/04/2014 EUR 4,000 USD 5,570 Hedging JP Morgan Chase New York (57)
17/04/2014 EUR 58,549 USD 81,528 Hedging JP Morgan Chase New York (835)
17/04/2014 EUR 49,011,396 USD 67,945,578 Hedging JP Morgan Chase New York (398,071)
17/04/2014 CHF 3,609,166 USD 4,121,186 Hedging JP Morgan Chase New York (34,863)
17/04/2014 EUR 39,681 USD 55,261 Hedging JP Morgan Chase New York (573)
17/04/2014 EUR 120,184 USD 167,374 Hedging JP Morgan Chase New York (1,736)
17/04/2014 EUR 6,000 USD 8,348 Hedging JP Morgan Chase New York (79)
17/04/2014 EUR 80,392 USD 111,848 Hedging JP Morgan Chase New York (1,052)
17/04/2014 EUR 1,327 USD 1,846 Hedging JP Morgan Chase New York (17)
17/04/2014 EUR 274,171 USD 377,905 Hedging JP Morgan Chase New York (43)
17/04/2014 EUR 90,003 USD 124,057 Hedging JP Morgan Chase New York (14)
17/04/2014 EUR 869,285 USD 1,198,039 Hedging JP Morgan Chase New York 9
17/04/2014 EUR 6,673 USD 9,196 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 171,334 USD 236,146 Hedging JP Morgan Chase New York (14)
17/04/2014 EUR 4,072 USD 5,612 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 3,741 USD 5,154 Hedging JP Morgan Chase New York 2
17/04/2014 GBP 12,406,859 USD 20,608,364 Hedging JP Morgan Chase New York 73,052
17/04/2014 GBP 13 USD 21 Hedging JP Morgan Chase New York 0
USD (917,876)
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
141
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) -Absolute Emerging Market Macro 17/04/2014 CHF 3,954 USD 4,459 Hedging JP Morgan Chase New York 18
17/04/2014 GBP 2,230 USD 3,709 Hedging JP Morgan Chase New York 8
17/04/2014 GBP 2,155 USD 3,584 Hedging JP Morgan Chase New York 8
07/05/2014 RUB 11,501,928 USD 322,228 Trading Citibank 2,184
07/05/2014 BRL 1,099,475 USD 474,935 Trading HSBC 7,551
14/05/2014 USD 107,367 ZAR 1,170,000 Trading Citibank (3,136)
22/05/2014 USD 353,945 ZAR 3,904,708 Trading Citibank (14,416)
14/05/2014 USD 531,013 BRL 1,268,431 Trading HSBC (24,775)
22/05/2014 USD 250,103 BRL 594,369 Trading HSBC (9,727)
02/04/2014 USD 356,518 BRL 846,374 Trading HSBC (18,429)
07/05/2014 USD 467,951 BRL 1,107,171 Trading Citibank (18,089)
22/05/2014 USD 308,221 CHF 272,611 Trading Royal Bank of Scotland (522)
22/05/2014 USD 256,602 CHF 227,264 Trading JP Morgan Chase New York (782)
07/05/2014 USD 357,337 CLP 202,324,310 Trading HSBC (8,701)
07/05/2014 USD 362,780 CLP 209,342,404 Trading HSBC (15,982)
22/05/2014 USD 359,538 CLP 206,104,884 Trading UBS AG (12,758)
07/05/2014 USD 374,719 CLP 207,856,531 Trading HSBC (1,299)
15/01/2015 USD 530,253 CNY 3,242,498 Trading HSBC 9,082
07/05/2014 USD 359,784 COP 740,435,749 Trading HSBC (15,648)
22/05/2014 USD 372,455 COP 735,970,608 Trading UBS AG 54
14/05/2014 USD 334,370 COP 660,046,062 Trading HSBC 388
17/04/2014 EUR 20,333 USD 27,964 Hedging JP Morgan Chase New York 60
07/05/2014 HUF 108,413,645 USD 480,283 Trading UBS AG 4,681
17/04/2014 EUR 32,816 USD 45,131 Hedging JP Morgan Chase New York 96
17/04/2014 EUR 10,995 USD 15,121 Hedging JP Morgan Chase New York 32
22/05/2014 TRY 804,212 USD 353,002 Trading Goldman Sachs 17,024
22/05/2014 COP 735,970,608 USD 365,246 Trading UBS AG 7,155
07/05/2014 BRL 1,107,171 USD 467,753 Trading HSBC 18,110
22/05/2014 ZAR 3,904,708 USD 362,167 Trading JP Morgan Chase New York 6,079
07/05/2014 INR 22,210,392 USD 360,851 Trading Citibank 6,620
17/04/2014 EUR 10,828 USD 14,917 Hedging JP Morgan Chase New York 6
07/05/2014 CLP 207,856,531 USD 369,884 Trading HSBC 6,128
17/04/2014 EUR 10,723 USD 14,779 Hedging JP Morgan Chase New York (1)
22/05/2014 CLP 206,104,884 USD 365,240 Trading HSBC 6,986
07/05/2014 PLN 1,118,628 USD 367,177 Trading Citibank 2,175
07/05/2014 COP 740,435,750 USD 367,462 Trading UBS AG 7,939
07/05/2014 RUB 16,654,437 USD 450,729 Trading Citibank 19,009
17/04/2014 GBP 103,708 USD 172,263 Hedging JP Morgan Chase New York 611
17/04/2014 EUR 1,607,659 USD 2,228,733 Hedging JP Morgan Chase New York (13,057)
17/04/2014 EUR 544,673 USD 755,093 Hedging JP Morgan Chase New York (4,424)
17/04/2014 GBP 109,186 USD 181,363 Hedging JP Morgan Chase New York 643
17/04/2014 CHF 193,725 USD 221,208 Hedging JP Morgan Chase New York (1,871)
17/04/2014 EUR 1,004,040 USD 1,391,922 Hedging JP Morgan Chase New York (8,155)
07/05/2014 CLP 209,342,404 USD 365,153 Trading HSBC 13,547
07/05/2014 MXN 4,721,428 USD 358,363 Trading HSBC 2,439
07/05/2014 HUF 105,857,055 USD 469,459 Trading Citibank 4,069
22/05/2014 BRL 594,369 USD 252,332 Trading HSBC 7,360
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
142
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) -Absolute Emerging Market Macro(continued) 07/05/2014 RUB 16,565,845 USD 450,037 Trading Citibank 17,203
15/01/2015 CNY 3,242,498 USD 529,690 Trading UBS AG (8,514)
02/04/2014 BRL 846,374 USD 358,147 Trading HSBC 16,793
07/05/2014 MXN 3,412,466 USD 255,004 Trading HSBC 5,770
07/05/2014 PLN 1,265,647 USD 413,456 Trading JP Morgan Chase New York 4,440
22/05/2014 MXN 4,115,601 USD 308,504 Trading HSBC 5,635
07/05/2014 CLP 202,324,310 USD 360,392 Trading HSBC 5,612
22/05/2014 USD 354,764 TRY 804,212 Trading JP Morgan Chase New York (15,505)
07/05/2014 USD 319,987 RUB 11,501,928 Trading Citibank (4,465)
07/05/2014 USD 451,830 RUB 16,654,437 Trading Citibank (18,070)
07/05/2014 USD 448,271 RUB 16,565,845 Trading HSBC (19,140)
07/05/2014 USD 413,864 PLN 1,265,647 Trading Citibank (4,041)
07/05/2014 USD 470,697 PEN 1,330,424 Trading HSBC (393)
22/05/2014 USD 310,832 MXN 4,115,601 Trading HSBC (3,321)
07/05/2014 USD 156,618 KRW 168,301,831 Trading HSBC (1,648)
07/05/2014 USD 478,047 HUF 108,413,645 Trading Citibank (6,933)
14/05/2014 USD 269,995 HUF 61,258,965 Trading Goldman Sachs (3,942)
07/05/2014 USD 466,589 HUF 105,857,055 Trading Citibank (6,955)
17/04/2014 USD 28,096 EUR 20,431 Hedging JP Morgan Chase New York (61)
17/04/2014 USD 3,383 EUR 2,432 Hedging JP Morgan Chase New York 31
17/04/2014 USD 20,132 EUR 14,608 Hedging JP Morgan Chase New York 0
17/04/2014 USD 59,554 EUR 42,769 Hedging JP Morgan Chase New York 610
07/05/2014 USD 317,992 CZK 6,309,462 Trading Citibank 929
USD (57,675)
Threadneedle (Lux) -Multi Asset Target Alpha 30/04/2014 AUD 1,028,660 USD 927,767 Trading HSBC 23,682
30/04/2014 CAD 821,434 USD 729,536 Trading Royal Bank of Scotland 14,167
30/04/2014 CHF 176,237 EUR 144,123 Trading Royal Bank of Scotland 932
30/04/2014 EUR 913,723 SEK 8,081,130 Trading Royal Bank of Scotland 13,443
30/04/2014 EUR 96,004 USD 132,305 Trading Lloyds TSB Treasury 3
17/04/2014 EUR 825,384 USD 1,144,249 Hedging JP Morgan Chase New York (6,704)
17/04/2014 EUR 816,980 USD 1,132,598 Hedging JP Morgan Chase New York (6,636)
17/04/2014 GBP 671,562 USD 1,115,495 Hedging JP Morgan Chase New York 3,954
17/04/2014 GBP 668,138 USD 1,109,809 Hedging JP Morgan Chase New York 3,934
17/04/2014 GBP 122,898 USD 204,140 Hedging JP Morgan Chase New York 724
30/04/2014 MXN 15,010,613 USD 1,128,718 Trading Goldman Sachs 18,993
30/04/2014 NOK 7,618,580 EUR 909,838 Trading Royal Bank of Scotland 17,137
30/04/2014 USD 1,589,380 CHF 1,404,171 Trading Royal Bank of Scotland (595)
30/04/2014 USD 596,432 GBP 361,410 Trading Lloyds TSB Treasury (5,956)
30/04/2014 USD 464,959 JPY 47,590,805 Trading Royal Bank of Scotland 2,768
30/04/2014 USD 197,460 KRW 214,297,237 Trading Citibank (4,130)
30/04/2014 USD 1,650,658 NZD 1,939,949 Trading Royal Bank of Canada (28,920)
30/04/2014 USD 132,573 EUR 96,082 Trading Lloyds TSB Treasury 156
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
143
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) -Multi Asset Target Alpha(continued) 03/06/2014 USD 1,402,308 AUD 1,574,000 Trading Royal Bank of Canada (50,305)
03/06/2014 USD 137,130 EUR 100,000 Trading Lloyds TSB Treasury (680)
USD (4,033)
Threadneedle (Lux) -Global Smaller Companies* 17/04/2014 GBP 72,621 EUR 87,016 Hedging JP Morgan Chase New York 818
17/04/2014 GBP 895,094 EUR 1,072,534 Hedging JP Morgan Chase New York 10,084
17/04/2014 GBP 3,961 EUR 4,746 Hedging JP Morgan Chase New York 45
EUR 10,947
Threadneedle (Lux) - Global Opportunities Bond 17/04/2014 EUR 10,583 USD 14,585 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 9,990 USD 13,768 Hedging JP Morgan Chase New York 0
30/04/2014 EUR 27,541,401 SEK 243,581,164 Trading Royal Bank of Scotland 405,201
17/04/2014 EUR 2,474 USD 3,409 Hedging JP Morgan Chase New York 1
17/04/2014 EUR 20,388 USD 28,038 Hedging JP Morgan Chase New York 61
17/04/2014 GBP 59,867,767 USD 99,443,115 Hedging JP Morgan Chase New York 352,501
17/04/2014 GBP 24,407,946 USD 40,542,721 Hedging JP Morgan Chase New York 143,714
17/04/2014 GBP 75,910 USD 126,090 Hedging JP Morgan Chase New York 447
30/04/2014 MXN 333,857,415 USD 25,104,300 Trading Goldman Sachs 422,438
30/04/2014 NOK 229,643,114 EUR 27,424,795 Trading Royal Bank of Scotland 516,558
02/04/2014 USD 5,817,937 BRL 13,800,729 Trading HSBC (295,843)
17/04/2014 USD 171,957 EUR 123,491 Hedging JP Morgan Chase New York 1,762
17/04/2014 USD 48,596 EUR 34,895 Hedging JP Morgan Chase New York 504
17/04/2014 USD 3,585 EUR 2,575 Hedging JP Morgan Chase New York 37
30/04/2014 USD 72,200,849 GBP 43,750,268 Trading Lloyds TSB Treasury (720,949)
30/04/2014 USD 12,886,515 JPY 1,318,997,909 Trading Royal Bank of Scotland 76,711
30/04/2014 USD 5,950,538 KRW 6,457,940,432 Trading Citibank (124,471)
30/04/2014 USD 49,749,593 NZD 58,468,608 Trading Royal Bank of Canada (871,612)
17/04/2014 USD 340,936 EUR 247,363 Hedging JP Morgan Chase New York 20
30/04/2014 USD 1,383,479 EUR 1,000,000 Trading UBS AG 5,319
30/04/2014 USD 505,906 JPY 51,688,513 Trading UBS AG 3,919
17/04/2014 USD 168,392 EUR 122,229 Hedging JP Morgan Chase New York (64)
17/04/2014 USD 534,001 EUR 387,609 Hedging JP Morgan Chase New York (202)
17/04/2014 USD 27,348 EUR 19,887 Hedging JP Morgan Chase New York (60)
30/04/2014 USD 714,616 GBP 429,970 Trading Lloyds TSB Treasury (2,046)
30/04/2014 CAD 24,743,948 USD 21,975,692 Trading Royal Bank of Scotland 426,761
17/04/2014 CHF 224,005 USD 255,784 Hedging JP Morgan Chase New York (2,164)
17/04/2014 CHF 257,841 USD 294,420 Hedging JP Morgan Chase New York (2,491)
30/04/2014 CHF 5,249,948 EUR 4,293,309 Trading Royal Bank of Scotland 27,770
17/04/2014 EUR 15,600,324 USD 21,627,072 Hedging JP Morgan Chase New York (126,706)
17/04/2014 EUR 25,000 USD 34,816 Hedging JP Morgan Chase New York (361)
17/04/2014 EUR 13,348,287 USD 18,505,024 Hedging JP Morgan Chase New York (108,415)
17/04/2014 EUR 79,075,874 USD 109,624,624 Hedging JP Morgan Chase New York (642,253)
17/04/2014 EUR 30,000 USD 41,781 Hedging JP Morgan Chase New York (435)
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
144
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) - Global Opportunities Bond(continued) 17/04/2014 EUR 12,841 USD 17,881 Hedging JP Morgan Chase New York (183)
17/04/2014 EUR 20,000 USD 27,569 Hedging JP Morgan Chase New York (5)
17/04/2014 EUR 55 USD 76 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 60,367 USD 83,214 Hedging JP Morgan Chase New York (16)
17/04/2014 EUR 2,460 USD 3,380 Hedging JP Morgan Chase New York 11
17/04/2014 EUR 441,977 USD 607,241 Hedging JP Morgan Chase New York 1,891
17/04/2014 EUR 80,040 USD 110,324 Hedging JP Morgan Chase New York (13)
17/04/2014 USD 266 EUR 191 Hedging JP Morgan Chase New York 3
17/04/2014 USD 135,668 EUR 97,512 Hedging JP Morgan Chase New York 1,277
17/04/2014 USD 215,186 EUR 154,667 Hedging JP Morgan Chase New York 2,025
17/04/2014 USD 5,080 EUR 3,652 Hedging JP Morgan Chase New York 46
17/04/2014 USD 14,034 EUR 10,090 Hedging JP Morgan Chase New York 128
17/04/2014 USD 137,942 EUR 99,046 Hedging JP Morgan Chase New York 1,437
17/04/2014 USD 111,259 EUR 79,887 Hedging JP Morgan Chase New York 1,159
30/04/2014 USD 3,939,353 EUR 2,855,050 Trading Lloyds TSB Treasury 4,637
17/04/2014 USD 2,807 EUR 2,043 Hedging JP Morgan Chase New York (9)
17/04/2014 USD 1,191,889 EUR 856,920 Hedging JP Morgan Chase New York 10,882
30/04/2014 USD 5,819,019 ZAR 63,976,470 Trading Goldman Sachs (236,800)
17/04/2014 USD 6,986 EUR 5,068 Hedging JP Morgan Chase New York 1
17/04/2014 USD 13,291 EUR 9,643 Hedging JP Morgan Chase New York 2
17/04/2014 USD 13,981 EUR 10,144 Hedging JP Morgan Chase New York 0
17/04/2014 USD 22,769 EUR 16,520 Hedging JP Morgan Chase New York 1
17/04/2014 USD 20,815 EUR 15,103 Hedging JP Morgan Chase New York 1
30/04/2014 USD 48,487,826 CHF 42,837,589 Trading Royal Bank of Scotland (18,156)
30/04/2014 USD 96,988,338 EUR 70,376,975 Trading Lloyds TSB Treasury (2,393)
30/04/2014 AUD 809,860 USD 745,572 Trading JP Morgan Chase New York 3,499
30/04/2014 AUD 13,120,503 USD 11,833,618 Trading HSBC 302,060
02/04/2014 BRL 13,800,729 USD 5,962,726 Trading HSBC 150,942
USD (291,921)
Threadneedle (Lux) - European Select* 17/04/2014 GBP 52,139 EUR 62,475 Hedging JP Morgan Chase New York 587
17/04/2014 USD 657,163 EUR 474,033 Hedging JP Morgan Chase New York 2,793
17/04/2014 EUR 33 GBP 27 Hedging JP Morgan Chase New York 0
17/04/2014 GBP 9,679 EUR 11,702 Hedging JP Morgan Chase New York 5
17/04/2014 GBP 2,381 EUR 2,852 Hedging JP Morgan Chase New York 28
17/04/2014 GBP 2,480 EUR 2,970 Hedging JP Morgan Chase New York 30
17/04/2014 GBP 403 EUR 482 Hedging JP Morgan Chase New York 6
17/04/2014 GBP 542 EUR 647 Hedging JP Morgan Chase New York 8
17/04/2014 GBP 51,062 EUR 61,184 Hedging JP Morgan Chase New York 575
EUR 4,032
Threadneedle (Lux) - Enhanced Commodities 17/04/2014 USD 6,040 GBP 3,633 Hedging JP Morgan Chase New York (16)
17/04/2014 USD 23,781 GBP 14,305 Hedging JP Morgan Chase New York (64)
17/04/2014 USD 441 GBP 265 Hedging JP Morgan Chase New York (1)
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
145
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) - Enhanced Commodities(continued) 17/04/2014 USD 275,370 GBP 165,533 Hedging JP Morgan Chase New York (563)
17/04/2014 USD 667 SGD 850 Hedging JP Morgan Chase New York (9)
17/04/2014 SEK 585,547,763 USD 91,636,020 Hedging JP Morgan Chase New York (1,346,898)
17/04/2014 CHF 6,833 USD 7,831 Hedging JP Morgan Chase New York (95)
17/04/2014 EUR 6,000 USD 8,356 Hedging JP Morgan Chase New York (87)
17/04/2014 CHF 13,712 USD 15,525 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 27,069 USD 37,311 Hedging JP Morgan Chase New York (4)
17/04/2014 EUR 8,371 USD 11,539 Hedging JP Morgan Chase New York (1)
17/04/2014 SGD 106 USD 83 Hedging JP Morgan Chase New York 1
17/04/2014 GBP 8,748 USD 14,440 Hedging JP Morgan Chase New York 142
17/04/2014 EUR 2,980 USD 4,107 Hedging JP Morgan Chase New York 0
17/04/2014 GBP 161,636 USD 268,887 Hedging JP Morgan Chase New York 549
17/04/2014 SGD 637 USD 503 Hedging JP Morgan Chase New York 3
17/04/2014 GBP 14,669 USD 24,386 Hedging JP Morgan Chase New York 66
17/04/2014 SGD 486 USD 384 Hedging JP Morgan Chase New York 2
17/04/2014 EUR 9,447 USD 13,021 Hedging JP Morgan Chase New York (1)
17/04/2014 EUR 1,185 USD 1,633 Hedging JP Morgan Chase New York 0
17/04/2014 EUR 921 USD 1,269 Hedging JP Morgan Chase New York 0
17/04/2014 SGD 4,956 USD 3,898 Hedging JP Morgan Chase New York 42
17/04/2014 GBP 29,996 USD 49,454 Hedging JP Morgan Chase New York 547
17/04/2014 GBP 9,467 USD 15,623 Hedging JP Morgan Chase New York 158
17/04/2014 SGD 2,636 USD 2,076 Hedging JP Morgan Chase New York 19
17/04/2014 EUR 91,073 USD 125,541 Hedging JP Morgan Chase New York (25)
17/04/2014 EUR 50,000 USD 68,924 Hedging JP Morgan Chase New York (14)
17/04/2014 EUR 1,217,139 USD 1,677,790 Hedging JP Morgan Chase New York (329)
17/04/2014 SGD 14,131 USD 11,146 Hedging JP Morgan Chase New York 91
17/04/2014 GBP 1,318 USD 2,183 Hedging JP Morgan Chase New York 14
17/04/2014 EUR 49,512,170 USD 68,639,810 Hedging JP Morgan Chase New York (402,137)
17/04/2014 CHF 36,021,905 USD 41,132,212 Hedging JP Morgan Chase New York (347,958)
17/04/2014 GBP 2,032,836 USD 3,376,635 Hedging JP Morgan Chase New York 11,969
17/04/2014 EUR 3,622,162 USD 5,021,483 Hedging JP Morgan Chase New York (29,419)
17/04/2014 EUR 59,022,807 USD 81,824,614 Hedging JP Morgan Chase New York (479,382)
17/04/2014 CHF 3,606,737 USD 4,118,412 Hedging JP Morgan Chase New York (34,840)
17/04/2014 GBP 12,033 USD 19,988 Hedging JP Morgan Chase New York 70
17/04/2014 EUR 5,801 USD 7,978 Hedging JP Morgan Chase New York 17
17/04/2014 USD 84,452 GBP 51,174 Hedging JP Morgan Chase New York (852)
17/04/2014 USD 2,403 EUR 1,745 Hedging JP Morgan Chase New York (1)
17/04/2014 USD 7,421 CHF 6,576 Hedging JP Morgan Chase New York (24)
17/04/2014 USD 83,358 GBP 50,511 Hedging JP Morgan Chase New York (841)
17/04/2014 USD 59,635 GBP 36,007 Hedging JP Morgan Chase New York (386)
17/04/2014 USD 323,881 GBP 195,555 Hedging JP Morgan Chase New York (2,096)
17/04/2014 USD 93,677 CHF 81,732 Hedging JP Morgan Chase New York 1,140
17/04/2014 USD 1,289,641 EUR 926,037 Hedging JP Morgan Chase New York 13,378
17/04/2014 USD 60,461 GBP 36,333 Hedging JP Morgan Chase New York (103)
17/04/2014 USD 48,148 EUR 34,606 Hedging JP Morgan Chase New York 453
17/04/2014 USD 13,029 GBP 7,901 Hedging JP Morgan Chase New York (140)
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
146
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) - Enhanced Commodities(continued) 17/04/2014 USD 45,587 CHF 40,305 Hedging JP Morgan Chase New York (46)
17/04/2014 USD 15,219 GBP 9,231 Hedging JP Morgan Chase New York (168)
17/04/2014 USD 1,690 EUR 1,227 Hedging JP Morgan Chase New York (1)
17/04/2014 USD 56,284 CHF 49,873 Hedging JP Morgan Chase New York (182)
17/04/2014 USD 16,414 CHF 14,349 Hedging JP Morgan Chase New York 168
17/04/2014 USD 507,347 GBP 306,183 Hedging JP Morgan Chase New York (3,039)
17/04/2014 EUR 12,600 USD 17,547 Hedging JP Morgan Chase New York (182)
17/04/2014 CHF 20,102 USD 22,672 Hedging JP Morgan Chase New York 88
17/04/2014 CHF 26,661 USD 30,481 Hedging JP Morgan Chase New York (295)
17/04/2014 EUR 8,000 USD 11,130 Hedging JP Morgan Chase New York (105)
17/04/2014 EUR 147,553 USD 202,726 Hedging JP Morgan Chase New York 631
17/04/2014 EUR 400 USD 556 Hedging JP Morgan Chase New York (5)
17/04/2014 EUR 7,010 USD 9,750 Hedging JP Morgan Chase New York (89)
17/04/2014 GBP 15,254,447 USD 25,338,338 Hedging JP Morgan Chase New York 89,818
17/04/2014 GBP 27,005,616 USD 44,857,571 Hedging JP Morgan Chase New York 159,010
17/04/2014 EUR 20,835 USD 28,625 Hedging JP Morgan Chase New York 89
17/04/2014 USD 846 CHF 750 Hedging JP Morgan Chase New York (3)
17/04/2014 USD 60,749 GBP 36,571 Hedging JP Morgan Chase New York (213)
17/04/2014 USD 24,239 EUR 17,427 Hedging JP Morgan Chase New York 221
17/04/2014 USD 4,689 EUR 3,402 Hedging JP Morgan Chase New York 1
17/04/2014 USD 30,612 EUR 22,260 Hedging JP Morgan Chase New York (67)
17/04/2014 USD 382,377 CHF 339,115 Hedging JP Morgan Chase New York (1,571)
17/04/2014 GBP 10,033,339 USD 16,665,838 Hedging JP Morgan Chase New York 59,076
17/04/2014 GBP 1,052 USD 1,751 Hedging JP Morgan Chase New York 3
17/04/2014 GBP 18,119 USD 30,024 Hedging JP Morgan Chase New York 180
17/04/2014 GBP 9,731 USD 16,177 Hedging JP Morgan Chase New York 44
17/04/2014 GBP 71,066 USD 118,049 Hedging JP Morgan Chase New York 413
17/04/2014 SGD 1,954,308 USD 1,543,770 Hedging JP Morgan Chase New York 10,288
17/04/2014 SGD 1,172 USD 927 Hedging JP Morgan Chase New York 5
17/04/2014 SGD 18,326 USD 14,472 Hedging JP Morgan Chase New York 101
17/04/2014 SGD 40 USD 32 Hedging JP Morgan Chase New York 0
17/04/2014 USD 58,991 EUR 42,357 Hedging JP Morgan Chase New York 615
17/04/2014 USD 318,098 EUR 228,402 Hedging JP Morgan Chase New York 3,314
17/04/2014 USD 1,785,511 CHF 1,557,801 Hedging JP Morgan Chase New York 21,755
17/04/2014 USD 12,100 GBP 7,257 Hedging JP Morgan Chase New York 2
17/04/2014 USD 56,237 GBP 34,070 Hedging JP Morgan Chase New York (555)
17/04/2014 USD 192,961 CHF 170,504 Hedging JP Morgan Chase New York (85)
17/04/2014 USD 7,868 EUR 5,709 Hedging JP Morgan Chase New York 0
17/04/2014 USD 10,462 EUR 7,591 Hedging JP Morgan Chase New York 0
17/04/2014 USD 215,669 GBP 129,354 Hedging JP Morgan Chase New York 44
17/04/2014 USD 16,674 EUR 11,974 Hedging JP Morgan Chase New York 171
17/04/2014 USD 38,075 CHF 33,162 Hedging JP Morgan Chase New York 529
17/04/2014 USD 486,485 EUR 349,370 Hedging JP Morgan Chase New York 4,984
17/04/2014 USD 2,191 CHF 1,909 Hedging JP Morgan Chase New York 30
17/04/2014 USD 216,950 GBP 130,501 Hedging JP Morgan Chase New York (587)
17/04/2014 USD 75,338 EUR 54,097 Hedging JP Morgan Chase New York 782
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
147
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
PortfolioMaturity
DateCurrency
Purchased AmountCurrency
Sold Amount Purpose Counterparty
Unrealisedgain/(loss)
in the portfolio base currency
Threadneedle (Lux) - Enhanced Commodities(continued) 17/04/2014 USD 39,144 GBP 23,735 Hedging JP Morgan Chase New York (422)
17/04/2014 USD 105,517 GBP 63,982 Hedging JP Morgan Chase New York (1,137)
USD (2,274,015)
*See note 1.
9 NET UNREALISED GAIN / (LOSS) ON SWAPS
As at March 31, 2014 the Threadneedle (Lux) - Global Aggregate Bond had the following Credit Default Swaps contracts outstanding:
Description Counterparty Underlying/Issuer Buy/Sell CurrencyNotional
amountMaturity
Date
Unrealisedgain/(loss)
in the portfolio base currency
% of Net Assets
CDS Barclays Markit CDX-NA.IG Index Buy USD 2,100,000 20/06/2019 (31,988) (0.24)
CDS Barclays Markit CDX.NA.HY.21 Index Buy USD 450,000 20/12/2017 38,824 0.29
CDS Citigroup Global Markets
Markit iTraxx Europe Index Buy EUR 500,000 20/06/2019 (2,352) (0.02)
CDS Citigroup Global Markets
Markit CDX.NA.HY Sell USD 2,050,000 20/06/2019 152,652 1.15
CDS Goldman Sachs ITRAXX Europe Crossover Series 21
Buy EUR 800,000 20/06/2019 (108,250) (0.80)
CDS HSBC Mexico (Govt of) Sell USD 350,000 20/09/2017 5,557 0.04
CDS HSBC Markit CDX.EM.21 Index Buy USD 750,000 20/06/2019 (70,822) (0.53)
CDS HSBC Japan (Govt of) Buy USD 1,000,000 20/12/2016 (20,278) (0.15)
CDS Royal Bank of Scotland
Markit CDX.NA.HY.19 Index Sell USD 300,000 20/12/2017 25,883 0.19
CDS Royal Bank of Scotland
Markit CDX.NA.HY.19 Index Sell USD 100,000 20/12/2017 8,628 0.06
USD (2,146) (0.01)
As at March 31, 2014 the Threadneedle (Lux) - Global Aggregate Bond had the following Interest Rate Swaps contracts outstanding:
Description Counterparty Pay Receive CurrencyNotional
amountMaturity
Date
Unrealised gain/(loss)
in the portfolio base currency
% of Net Assets
IRS Barclays USD-BBA-LIBOR 1.89% GBP 440,000 14/03/2019 (4,752) (0.04)
IRS Citigroup Global Markets
PLN-WIBOR-WIBO 3.95% PLN 1,254,000 01/04/2024 (2,131) (0.02)
IRS Citigroup Global Markets
3.00% PLN-WIBOR-WIBO PLN 10,752,000 01/04/2016 811 0.01
IRS Citigroup Global Markets
PLN-WIBOR-WIBO 3.56% PLN 2,273,000 01/04/2019 (1,331) (0.01)
IRS Citigroup Global Markets
ZAR-JIBAR-SAFEX 6.96% ZAR 19,864,000 14/03/2016 2,749 0.02
8 NET UNREALISED GAIN / (LOSS) ON FORWARD FOREIGN EXCHANGE CONTRACTS
(continued)
Notes to the Financial Statements(continued)
148
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Description Counterparty Pay Receive CurrencyNotional
amountMaturity
Date
Unrealised gain/(loss)
in the portfolio base currency
% of Net Assets
IRS Citigroup Global Markets
BZDIOVRA 11.98% BRL 2,997,312 04/01/2016 (2,122) (0.02)
IRS Citigroup Global Markets
BZDIOVRA 11.11% BRL 10,951,100 02/01/2015 (1,160) (0.01)
USD (7,936) (0.07)
As at March 31, 2014 the Threadneedle (Lux) - Euro Active Bonds had the following Credit Default Swaps contracts outstanding:
Description Counterparty Underlying/Issuer Buy/Sell CurrencyNotional
amountMaturity
Date
Unrealised (loss)
in the portfolio base currency
% of Net Assets
CDS Barclays Markit itraxx Europe Index Buy EUR 1,700,000 20/06/2019 (20,525) (0.06)
EUR (20,525) (0.06)
As at March 31, 2014 the Threadneedle (Lux) - American Absolute Alpha had the following Total Return Swaps contracts outstanding:
Description Counterparty Underlying/Issuer Pay/Receive CurrencyNotional
amount
Unrealised (loss)
in the portfolio base currency
% of Net Assets
TRS Bank of America Merrill Lynch
Equity Basket Net return on Basket AUD 741,845 (49,113) (0.02)
TRS Bank of America Merrill Lynch
Equity Basket Net return on Basket CHF 1,728,000 (60,316) (0.02)
TRS Bank of America Merrill Lynch
Equity Basket Net return on Basket USD 129,731,047 (592,682) (0.23)
USD (702,111) (0.27)
As at March 31, 2014 the Threadneedle (Lux) - Absolute Emerging Market Macro had the following Interest Rate Swaps contracts outstanding:
Description Counterparty Pay Receive CurrencyNotional
amountMaturity
Date
Unrealisedgain/(loss)
in the portfolio base currency
% of Net Assets
IRS Citibank London MXN-TIIE-Banxico 5.220% MXN 6,556,000 11/06/2018 1,042 0.02
IRS Citibank London ZAR-JIBAR-SAFEX 5.180% ZAR 12,900,000 04/03/2015 (11,652) (0.23)
IRS Citigroup Global Markets
MXN-TIIE-Banxico 5.31% MXN 7,567,000 11/12/2018 (1,731) (0.03)
IRS Citigroup Global Markets
1.613% ICE LIBOR USD USD 541,000 18/12/2018 2,270 0.04
IRS Citigroup Global Markets
ZAR-JIBAR-SAFEX 6.96% ZAR 14,780,000 14/03/2016 2,046 0.04
IRS Citibank London 6.020% MXN-TIIE-Banxico MXN 8,270,000 17/07/2020 (2,356) (0.05)
IRS Citibank London CLP-PuntaCamara BCC 4.520% CLP 896,000,000 16/05/2015 13,580 0.27
IRS Citibank London BZDIOVRA 11.98% BRL 2,227,622 04/01/2016 (1,577) (0.03)
9 NET UNREALISED GAIN / (LOSS) ON SWAPS
(continued)
Notes to the Financial Statements(continued)
149
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Description Counterparty Pay Receive CurrencyNotional
amountMaturity
Date
Unrealisedgain/(loss)
in the portfolio base currency
% of Net Assets
IRS Citigroup Global Markets
PLN-WIBOR-WIBO 3.56% PLN 891,000 01/04/2019 (522) (0.01)
IRS Citigroup Global Markets
PLN-WIBOR-WIBO 3.95% PLN 492,000 01/04/2024 (836) (0.02)
IRS Citigroup Global Markets
3.00% PLN-WIBOR-WIBO PLN 4,200,000 01/04/2016 317 0.01
IRS Citigroup Global Markets
BZDIOVRA 11.11% BRL 8,149,357 02/01/2015 (863) (0.02)
IRS JPMorgan MXN-TIIE-Banxico 4.880% MXN 17,000,000 09/09/2014 6,251 0.12
IRS JPMorgan 6.020% ZAR-JIBAR-SAFEX ZAR 5,950,000 28/05/2018 32,365 0.64
IRS JPMorgan 5.340% CHSWPF CLP 58,800,000 15/03/2018 (4,105) (0.08)
IRS JPMorgan MXN-TIIE-Banxico 4.460% MXN 2,230,000 12/03/2015 908 0.02
IRS Citigroup GlobalMarkets
5.050% Average Annual Nominal Rate
CLP 256,000,000 23/05/2017 (13,294) (0.26)
IRS Citigroup GlobalMarkets
Average Annual Nominal Rate
4.800% CLP 782,000,000 23/05/2014 1,750 0.03
IRS UBS AG BZDIOVRA 12.10% BRL 2,256,874 04/01/2016 730 0.01
USD 24,323 0.47
As at March 31, 2014 the Threadneedle (Lux) - Absolute Emerging Market Macro had the following Credit Default Swaps contracts outstanding:
Description Counterparty Underlying/Issuer Buy/Sell CurrencyNotional
amountMaturity
DateMarket value
USD% of Net
Assets
CDS Citigroup Global Markets
South Africa (Govt of) Buy USD 820,000 20/09/2017 12,078 0.24
CDS Citigroup Global Markets
Colombia (Govt of) Buy USD 175,000 20/06/2017 (1,849) (0.04)
CDS JPMorgan Emirate of Abu Dhabi (Govt of)
Sell USD 500,000 20/06/2017 (12,272) (0.24)
CDS JPMorgan Qatar (Govt of) Sell USD 500,000 20/06/2017 10,743 0.21
CDS UBS AG Mexico (Govt of) Sell USD 410,000 20/09/2017 6,509 0.13
USD 15,209 0.30
As at March 31, 2014 the Threadneedle (Lux) - Multi Asset Target Alpha had the following Credit Default Swaps contracts outstanding:
Description Counterparty Underlying/Issuer Buy/Sell CurrencyNotional
amountMaturity
DateMarket value
USD% of Net
Assets
CDS BARCLAYS BANK PLC
Markit iTraxx Europe Index
Buy EUR 3,500,000 20/12/2018 (39,695) (0.30)
USD (39,695) (0.30)
As at March 31, 2014 the Threadneedle (Lux) - Global Opportunities Bond had the following Credit Default Swaps contracts outstanding:
Description Counterparty Underlying/Issuer Buy/Sell CurrencyNotional
amountMaturity
DateMarket value
USD% of Net
Assets
CDS Barclays Markit iTraxx Europe Crossover Index
Buy EUR 66,640 20/06/2018 (11,194) (0.00)
CDS Barclays Markit CDX.NA.IG.22 Buy USD 76,000,000 20/06/2019 (1,157,661) (0.39)
CDS Barclays Markit CDX.NA.HY.20 Index Sell USD 11,500,000 20/06/2018 1,000,177 0.34
CDS Barclays Markit iTraxx Europe Crossover Index
Buy EUR 100,940 20/06/2018 (16,956) (0.01)
9 NET UNREALISED GAIN / (LOSS) ON SWAPS
(continued)
Notes to the Financial Statements(continued)
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Description Counterparty Underlying/Issuer Buy/Sell CurrencyNotional
amountMaturity
DateMarket value
USD% of Net
Assets
CDS Barclays Credit Agricole Sell EUR 1,400,000 20/09/2018 191,770 0.06
CDS Barclays Deutsche Bank AG Buy EUR 725,000 20/12/2017 (17,060) (0.01)
CDS Barclays Unicredit SpA Buy EUR 500,000 20/06/2018 (96,593) (0.03)
CDS Barclays Markit CDX.NA.HY.19 Index Sell USD 6,200,000 20/12/2017 534,909 0.18
CDS Barclays Veolia Environnement Sell EUR 250,000 20/12/2014 2,290 0.00
CDS Barclays Markit iTraxx Europe Crossover Index
Buy EUR 199,920 20/06/2018 (33,583) (0.01)
CDS Citigroup Global Markets
Enel Buy EUR 1,550,000 20/12/2018 (18,390) (0.01)
CDS Citigroup Global Markets
Vodafone Group Public Limited
Buy EUR 125,000 20/09/2017 (3,511) (0.00)
CDS Citigroup Global Markets
Commerzbank AG Buy EUR 1,300,000 20/09/2018 (272,756) (0.09)
CDS Citigroup Global Markets
Markit iTraxx Europe Sub Financials Index
Buy EUR 350,000 20/12/2017 (71,459) (0.02)
CDS Citigroup Global Markets
Markit iTraxx Europe Crossover Index
Buy EUR 10,000,000 20/06/2019 (47,042) (0.02)
CDS Citigroup Global Markets
Markit iTraxx Europe Crossover Index
Buy EUR 49,000 20/06/2018 (8,231) (0.00)
CDS Citigroup Global Markets
Credit Agricole SA Buy EUR 2,000,000 20/12/2018 (474,882) (0.16)
CDS Citigroup Global Markets
Unicredit SpA Buy EUR 650,000 20/09/2018 (128,961) (0.04)
CDS Citigroup Global Markets
Markit CDX.NA.HY.20 Index Sell USD 11,200,000 20/06/2018 974,085 0.33
CDS Citigroup Global Markets
Banco Bilbao Vizcaya Argentaria
Buy EUR 250,000 20/09/2015 (22,096) (0.01)
CDS Citigroup Global Markets
Markit CDX.NA.HY Sell USD 41,900,000 20/06/2019 3,120,076 1.06
CDS Citigroup Global Markets
Markit iTraxx Europe Crossover Index
Buy EUR 1,004,500 20/06/2018 (168,739) (0.06)
CDS Credit Suisse Deutsche Bank AG Buy EUR 1,400,000 20/06/2016 (107,332) (0.04)
CDS Credit Suisse Post Netherlands NV Sell EUR 400,000 20/03/2015 4,270 0.00
CDS Credit Suisse RWE AG Sell EUR 1,650,000 20/06/2018 (28,353) (0.01)
CDS Credit Suisse Kelda group plc Buy EUR 350,000 20/03/2018 (1,593) (0.00)
CDS Credit Suisse Veolia Environnement Buy EUR 2,650,000 20/12/2018 (22,984) (0.01)
CDS Credit Suisse Fiat Finance Sell EUR 1,750,000 20/09/2018 258,846 0.09
CDS Credit Suisse Banco Espirito Buy EUR 500,000 20/03/2019 (61,644) (0.02)
CDS Credit Suisse Abertis Sell EUR 990,000 20/03/2019 (20,626) (0.01)
CDS Credit Suisse Schaeffler Finance BV Sell EUR 1,500,000 20/09/2018 315,781 0.11
CDS Credit Suisse Conti-Gummi Finance BV Buy EUR 1,500,000 20/09/2018 (398,824) (0.13)
CDS Credit Suisse Telecom Italia SPA Buy EUR 250,000 20/09/2018 13,663 0.00
CDS Credit Suisse Markit iTraxx Europe Sub Financials Index
Sell EUR 350,000 20/12/2017 8,507 0.00
CDS Credit Suisse SSE plc Sell EUR 500,000 20/12/2017 7,373 0.00
CDS Goldman Sachs Anglo American Cap Buy EUR 3,050,000 20/06/2019 144,871 0.05
CDS Goldman Sachs Markit iTraxx Europe Crossover Index
Buy EUR 2,300,000 20/12/2018 (47,365) (0.02)
CDS Goldman Sachs Postal NV Sell EUR 1,650,000 20/12/2018 (9,862) (0.00)
CDS Goldman Sachs GDF Suez Sell EUR 1,525,000 20/06/2021 27,940 0.01
CDS Goldman Sachs Commonwealth Bank Australia
Buy USD 1,050,000 20/06/2018 (19,633) (0.01)
CDS Goldman Sachs Iberdrola Finanzas SAU Buy EUR 600,000 20/09/2018 (9,084) (0.00)
9 NET UNREALISED GAIN / (LOSS) ON SWAPS
(continued)
Notes to the Financial Statements(continued)
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Description Counterparty Underlying/Issuer Buy/Sell CurrencyNotional
amountMaturity
DateMarket value
USD% of Net
Assets
CDS Goldman Sachs National Australia Bank Buy USD 1,050,000 20/06/2018 (19,390) (0.01)
CDS Goldman Sachs Gas Natural Capital Buy EUR 600,000 20/09/2018 (9,037) (0.00)
CDS Goldman Sachs Markit CDX.NA.HY.21 Index Buy USD 4,250,000 20/12/2018 (75,711) (0.03)
CDS Goldman Sachs Santander international Debt SA
Sell EUR 650,000 20/09/2016 52,594 0.02
CDS Goldman Sachs Westpac banking Corp. Buy USD 1,050,000 20/06/2018 (19,840) (0.01)
CDS Goldman Sachs Markit iTraxx Europe Crossover Index
Buy EUR 38,000,000 20/06/2019 (5,141,833) (1.72)
CDS Goldman Sachs Glencore Sell EUR 1,500,000 20/06/2019 (79,275) (0.03)
CDS Goldman Sachs Banco Espirito Buy EUR 1,250,000 20/03/2019 (154,111) (0.05)
CDS Goldman Sachs BBVA Senior Finance SA Sell EUR 650,000 20/09/2016 51,248 0.02
CDS Goldman Sachs International London
Veolia Environnement Buy EUR 600,000 20/12/2018 (5,204) (0.00)
CDS Goldman Sachs International London
Markit iTraxx Europe Crossover Index
Buy EUR 1,715,000 20/06/2018 (288,090) (0.10)
CDS Goldman Sachs International London
Banco Espirito Buy EUR 800,000 20/12/2018 (98,312) (0.03)
CDS Goldman Sachs International London
Gaz Natural Capital Buy EUR 1,500,000 20/09/2018 (22,591) (0.01)
CDS HSBC Unilever NV Buy EUR 1,000,000 20/03/2018 (43,074) (0.01)
CDS HSBC Markit iTraxx Europe Index Sell EUR 300,000 20/12/2017 7,292 0.00
CDS HSBC UBS AG Buy EUR 2,500,000 20/03/2019 (348,860) (0.12)
CDS HSBC Mexico (Govt of) Sell USD 700,000 20/09/2017 11,113 0.00
CDS JPMorgan Petrobas International Finance Company
Sell USD 1,200,000 20/06/2014 825 0.00
CDS JPMorgan Markit CDX.NA.HY.19 Index Sell USD 9,000,000 20/12/2017 776,480 0.26
CDS JPMorgan United Utilities plc Buy EUR 500,000 20/06/2018 (3,642) (0.00)
CDS JPMorgan United Utilities plc Buy EUR 500,000 20/06/2018 (3,642) (0.00)
CDS JPMorgan Thyssenkrupp AG Sell EUR 1,500,000 20/09/2018 (96,517) (0.03)
CDS JPMorgan Markit CDX.NA.HY.19 Index Sell USD 400,000 20/12/2017 34,510 0.01
CDS RBS Markit CDX.NA.HY.19 Index Sell USD 1,200,000 20/12/2017 103,531 0.03
USD (2,043,392) (0.69)
As at March 31, 2014 the Threadneedle (Lux) - Global Opportunities Bond had the following Interest Rate Swaps contracts outstanding:
Description Counterparty Pay Receive CurrencyNotional
amountMaturity
Date
Unrealised gain/(loss)
in the portfolio base currency
% of Net Assets
IRS Barclays 1.766% JPY-BBA-LIBOR JPY 600,000,000 07/06/2033 (199,811) (0.07)
IRS Barclays GBP-BBA-LIBOR 1.89% GBP 9,500,000 14/03/2019 (102,599) (0.03)
IRS Citibank Global Markets
BZDIOVRA 11.98% BRL 65,193,169 04/01/2016 (46,157) (0.02)
IRS Citibank Global Markets
BZDIOVRA 11.11% BRL 238,183,909 02/01/2015 (25,227) (0.01)
IRS Citigroup Global Markets
PLN-WIBOR-WIBO 3.95% PLN 27,619,000 01/04/2024 (46,937) (0.02)
IRS Citigroup Global Markets
3.00% PLN-WIBOR-WIBO PLN 236,900,000 01/04/2016 17,876 0.01
9 NET UNREALISED GAIN / (LOSS) ON SWAPS
(continued)
Notes to the Financial Statements(continued)
152
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Description Counterparty Pay Receive CurrencyNotional
amountMaturity
Date
Unrealised gain/(loss)
in the portfolio base currency
% of Net Assets
IRS Citigroup Global Markets
ZAR-JIBAR-SAFEX 6.96% ZAR 432,154,000 14/03/2016 59,813 0.02
IRS Citigroup Global Markets
1.58% JPY-BBA-LIBOR JPY 615,000,000 06/03/2034 24,545 0.01
IRS Citigroup Global Markets
1.749% JPY-BBA-LIBOR JPY 545,000,000 28/06/2033 (163,000) (0.05)
IRS Citigroup Global Markets
PLN-WIBOR-WIBO 3.56% PLN 50,060,000 01/04/2019 (29,317) (0.01)
IRS HSBC 3.342% GBP-BBA-LIBOR GBP 2,750,000 10/01/2044 (47,985) (0.02)
IRS HSBC GBP-BBA-LIBOR 1.898% GBP 10,000,000 11/02/2019 (87,697) (0.03)
USD (646,496) (0.22)
As at March 31, 2014 the Threadneedle (Lux) - Enhanced Commodities had the following Total Return Swaps contracts outstanding:
Description CounterpartyUnderlying/Issuer Pay/Receive Currency
Notional amount
Unrealised (loss)
in the portfolio base currency
% of Net Assets
TRS Citigroup Global Markets
Equity Basket Net return on Basket USD 122,860,435 (173,206) (0.03)
TRS Macquarie Equity Basket Net return on Basket USD 141,799,552 (199,273) (0.03)
TRS Credit Suisse Equity Basket Net return on Basket USD 1,456,978,568 (207,945) (0.03)
TRS Goldman Sachs Equity Basket Net return on Basket USD 20,712,313 (9,049) (0.00)
TRS JPMorgan Equity Basket Net return on Basket USD 94,798,218 (137,799) (0.02)
USD (727,271) (0.12)
10 NET UNREALISED GAIN / (LOSS) ON FUTURES
As at March 31, 2014, the counterparty to Futures contracts outstanding is UBS.
As at March 31, 2014, the Threadneedle (Lux) - Global Aggregate Bond had the following Futures contracts outstanding:
Description StatusNumber of Contracts Currency
Notional Commitments
Maturity Date
Unrealised gain/ (loss)
in the portfolio base currency
% of NetAssets
5 Year Euro-Bobl Futures
Sales (4) EUR (501,480) 06/06/2014 1,985 0.01
Euro Bund Futures Sales (2) EUR (286,760) 06/06/2014 (372) (0.00)
Euri Buxl Futures Sales (1) EUR (128,980) 06/06/2014 (2,205) (0.02)
Euro-BTP Futures Purchases 1 EUR 121,710 06/06/2014 1,447 0.01
10 Year US Treasury Note Futures
Sales (20) USD (2,470,000) 19/06/2014 17,798 0.14
US Ultra Bond Purchases 2 USD 288,938 19/06/2014 1,406 0.01
Long Gilt Futures Sales (2) GBP (219,060) 26/06/2014 667 0.00
2 Year US Treasury Note Futures
Sales (12) USD (2,634,750) 30/06/2014 3,375 0.03
5 Year US Treasury Note Futures
Sales (11) USD (1,308,484) 30/06/2014 4,773 0.04
9 NET UNREALISED GAIN / (LOSS) ON SWAPS
(continued)
Notes to the Financial Statements(continued)
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Description StatusNumber of Contracts Currency
Notional Commitments
Maturity Date
Unrealised gain/ (loss)
in the portfolio base currency
% of NetAssets
3 Month Euribor Purchases 10 EUR 2,492,625 15/12/2014 (1,050) (0.01)
90 Day Eurodollar Future
Sales (7) USD (1,744,400) 15/12/2014 (175) (0.00)
90 Day Eurodollar Future
Purchases 7 USD 1,738,713 15/06/2015 (1,138) (0.01)
3 Month Euribor Sales (10) EUR (2,491,000) 15/06/2015 878 0.01
90 Day Eurodollar Future
Purchases 28 USD 6,919,150 14/12/2015 (10,374) (0.08)
3 Month Euribor Sales (10) EUR (2,486,125) 14/03/2016 (5,341) (0.04)
90 Day Eurodollar Future
Sales (27) USD (6,593,063) 19/12/2016 15,125 0.11
USD 26,799 0.20
As at March 31, 2014, the margin account held at UBS by Threadneedle (Lux) - Global Aggregate Bond had a balance of USD 70,869.
As at March 31, 2014, the Threadneedle (Lux) - Euro Active Bonds had the following Futures contracts outstanding:
Description StatusNumber of Contracts Currency
Notional Commitments
Maturity Date
Unrealisedgain/(loss)
in the portfolio base currency
% of NetAssets
Euro-Schatz Future Sales (38) EUR (4,195,770) 06/06/2014 3,990 0.01
5 Year Euro-Bobl Futures
Sales (36) EUR (4,513,320) 06/06/2014 (5,400) (0.02)
3 Month Euribor Sales (35) EUR (8,701,438) 14/03/2016 (13,563) (0.03)
EUR (14,973) (0.04)
As at March 31, 2014, the margin account held at UBS by Threadneedle (Lux) - Euro Active Bonds had a balance of EUR 99,781.
As at March 31, 2014, the Threadneedle (Lux) - Global Emerging Market Short-Term Bonds had the following Futures contracts outstanding:
Description StatusNumber of Contracts Currency
Notional Commitments
Maturity Date
Unrealisedgain
in the portfolio base currency
% of NetAssets
5 Year US Treasury Note Futures
Sales (167) USD (19,865,172) 30/06/2014 152,649 0.13
USD 152,649 0.13
As at March 31, 2014, the margin account held at UBS by Threadneedle (Lux) - Global Emerging Market Short-Term Bonds had a balance of USD (12,339).
As at March 31, 2014, the Threadneedle (Lux) - Global Asset Allocation had the following Futures contracts outstanding:
Description StatusNumber of Contracts Currency
Notional Commitments
Maturity Date
Unrealised(loss)
in the portfolio base currency
% of NetAssets
Topix Index Futures Purchases 38 JPY 457,140,000 12/06/2014 (32,470) (0.03)
S&P 500 Index Futures
Sales (9) USD (4,195,350) 19/06/2014 (8,888) (0.01)
USD (41,358) (0.04)
As at March 31, 2014, the margin account held at UBS by Threadneedle (Lux) - Global Asset Allocation had a balance of USD 452,234.
10 NET UNREALISED GAIN / (LOSS) ON FUTURES
(continued)
Notes to the Financial Statements(continued)
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Threadneedle (Lux) Audited Annual Report and Accounts March 2014
As at March 31, 2014, the Threadneedle (Lux) - Absolute Emerging Market Macro had the following Futures contracts outstanding:
Description StatusNumber of Contracts Currency
Notional Commitments
Maturity Date
Unrealisedgain
in the portfolio base currency
% of Net Assets
5 Year US Treasury Note Futures
Sales (24) USD (2,854,875) 30/06/2014 21,938 0.43
USD 21,938 0.43
As at March 31, 2014, the margin account held at UBS by Threadneedle (Lux) - Absolute Emerging Market Macro had a balance of USD 2,519.
As at March 31, 2014, the Threadneedle (Lux) - Multi Asset Target Alpha had the following Futures contracts outstanding:
Description StatusNumber of Contracts Currency
Notional Commitments
Maturity Date
Unrealised gain/(loss)
in the portfolio base currency
% of Net Assets
Euro Bund Futures Sales (8) EUR (1,147,040) 06/06/2014 (2,426) (0.02)
10 Year Japanese Bond Futures
Sales (1) JPY (144,620,000) 11/06/2014 2,233 0.02
Nikkei 225 Futures Sales (6) JPY (88,980,000) 12/06/2014 1,223 0.01
Topix Index Futures
Purchases 12 JPY 144,360,000 12/06/2014 (10,253) (0.08)
USD (9,223) (0.07)
As at March 31, 2014, the margin account held at UBS by Threadneedle (Lux) - Multi Asset Target Alpha had a balance of USD 85,511.
As at March 31, 2014, the Threadneedle (Lux) - Global Opportunities Bond had the following Futures contracts outstanding:
Description StatusNumber of Contracts Currency
Notional Commitments
Maturity Date
Unrealised gain/(loss)
in the portfolio base currency
% of Net Assets
Euro-BTP Futures Purchases 24 EUR 2,921,040 06/06/2014 34,732 0.01
Euro Bund Futures Sales (197) EUR (28,245,860) 06/06/2014 (31,319) (0.01)
5 Year Euro-Bobl Futures
Sales (261) EUR (32,721,570) 06/06/2014 39,880 0.01
Euri Buxl Futures Sales (25) EUR (3,224,500) 06/06/2014 (55,130) (0.02)
10 Year Japanese Bond Futures
Sales (44) JPY (6,363,280,000) 11/06/2014 98,267 0.03
10 Year US Treasury Note Futures
Sales (505) USD (62,367,500) 19/06/2014 318,000 0.11
US Ultra Bond Purchases 52 USD 7,512,375 19/06/2014 78,094 0.03
Long Gilt Futures Sales (44) GBP (4,819,320) 26/06/2014 (11,170) (0.00)
2 Year US Treasury Note Futures
Sales (255) USD (55,988,438) 30/06/2014 71,719 0.02
5 Year US Treasury Note Futures
Sales (235) USD (27,953,984) 30/06/2014 93,477 0.03
90 Day Eurodollar Future
Sales (149) USD (37,130,800) 15/12/2014 (3,725) (0.00)
3 Month Euribor Purchases 210 EUR 52,345,125 15/12/2014 (22,055) (0.01)
3 Month Euribor Sales (210) EUR (52,311,000) 15/06/2015 18,437 0.01
90 Day Eurodollar Future
Purchases 155 USD 38,500,063 15/06/2015 (25,188) (0.01)
10 NET UNREALISED GAIN / (LOSS) ON FUTURES
(continued)
Notes to the Financial Statements(continued)
155
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Description StatusNumber of Contracts Currency
Notional Commitments
Maturity Date
Unrealised gain/(loss)
in the portfolio base currency
% of Net Assets
90 Day Eurodollar Future
Purchases 567 USD 140,112,788 14/12/2015 (208,096) (0.07)
3 Month Euribor Sales (209) EUR (51,960,013) 14/03/2016 (111,621) (0.04)
90 Day Eurodollar Future
Sales (569) USD (138,942,688) 19/12/2016 319,162 0.11
USD 603,464 0.20
As at March 31, 2014, the margin account held at UBS by Threadneedle (Lux) - Global Opportunities Bond had a balance of USD 2,504,190.
As at March 31, 2014, the following Portfolios had no Futures contracts outstanding but still held a margin account at UBS as follows:
- Threadneedle (Lux) - American Absolute Alpha had a balance of USD 522
- Threadneedle (Lux) - Emerging Market Debt had a balance of USD 659
- Threadneedle (Lux) - Emerging Market Corporate Bonds had a balance of USD 9,435
11 OPTIONS AT MARKET VALUE
As at March 31, 2014, the Threadneedle (Lux) - Global Opportunities Bond had the following Options outstanding
Description Counterparty Strike Currency ContractsMaturity
Date
Market valuein the portfolio base currency
% of Net Assets
Options on Futures
Put Eurodollar 3 Month UBS AG 98.250 USD 16 15/12/2014 100 0.00
Put Eurodollar 3 Month UBS AG 97.750 USD (16) 15/12/2014 (100) (0.00)
USD 0 0.00
12 POOLING
The SICAV may invest and manage all or any part of the assets established for two or more Portfolios (“Participating Portfolios”) on a pooled basis. Any
such asset pool shall be formed by transferring to it cash or other assets (subject to such assets being appropriate in respect of the investment policy of
the pool concerned) from each of the Participating Portfolios.
The share of a Participating Portfolio in an asset pool shall be measured by reference to notional units of equal value in the asset pool.
As at March 31, 2014, the SICAV used the following pools of assets:
Pool Participating Portfolios
World Equity Pool 100% held by Threadneedle (Lux) - Global Asset Allocation
Global Bonds US Pool 100% held by Threadneedle (Lux) - Global Asset Allocation
13 CHANGES IN PORTFOLIO STATEMENTS COMPOSITION
Changes in the portfolio statements are available to shareholders upon request and free of charge at the registered office of the SICAV.
14 DILUTION ADJUSTMENT
A Portfolio may suffer dilution of the Net Asset Value per Share due to investors buying or selling Shares in a Portfolio at a price that does not reflect the
dealing and other costs that arise when security trades are undertaken by the Investment Manager to accommodate cash inflows or outflows. In order
to counter this impact, a Dilution Adjustment may be adopted to protect the interests of Shareholders of the SICAV. If on any Valuation Day, the aggregate
net transactions in Shares of a Portfolio exceed a pre-determined threshold, as determined and reviewed for each Portfolio on a periodic basis by the
Management Company, the Net Asset Value per Share may be adjusted upwards or downwards to reflect net inflows and net outflows respectively.
10 NET UNREALISED GAIN / (LOSS) ON FUTURES
(continued)
Notes to the Financial Statements(continued)
156
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
A net inflows and net outflows will be determined by the Management Company based on the latest available information at the time of calculation of the
Net Asset Value per Share. A Dilution Adjustment may be applied across all Portfolios with the exception of Threadneedle (Lux) - Mondrian Investment
Partners - Focused Emerging Markets Equity and Threadneedle (Lux) - Enhanced Commodities Portfolio, as defined by the Prospectus. The extent of the
price adjustment will be set by the Management Company to reflect dealing and other costs. Such adjustment may vary from Portfolio to Portfolio and will
not exceed 2% of the original Net Asset Value per Share. The official Net Asset Value per Share as at year end, disclosed in the Statistical Information
section of this report may therefore include a Dilution Adjustment, which would not be recognised in the Statement of Net Assets and in the Statement
of Operations and Changes in Net Assets.
As at year end, a Dilution Adjustment had been applied to the following Portfolios as follows:
Portfolio NAV before Dilution Dilution Adjustment NAV after Dilution
Threadneedle (Lux) - American 215,572,150 (323,358) 215,248,792
Threadneedle (Lux) - American Absolute Alpha 256,895,905 (128,448) 256,767,457
15 TRANSACTION COSTS
For the reporting year, the SICAV incurred transaction costs relating to purchase or sale of transferable securities or money market instruments as
follows:
Threadneedle (Lux) - Global Aggregate Bond1 USD N/A
Threadneedle (Lux) - Euro Active Bonds1 EUR N/A
Threadneedle (Lux) - Emerging Market Corporate Bonds1 USD N/A
Threadneedle (Lux) - Emerging Market Debt1 USD N/A
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds1 USD N/A
Threadneedle (Lux) - US$ High Income Bonds1 USD N/A
Threadneedle (Lux) - Global Asset Allocation1 USD 97,617
Threadneedle (Lux) - Global Focus USD 76,210
Threadneedle (Lux) - Global Emerging Market Equities USD 23,055
Threadneedle (Lux) - American USD 280,408
Threadneedle (Lux) - American Select USD 121,483
Threadneedle (Lux) - US Contrarian Core Equities USD 76,502
Threadneedle (Lux) - Pan European Equities EUR 479,399
Threadneedle (Lux) - Pan European Small Cap Opportunities EUR 745,448
Threadneedle (Lux) - European Quantitative Equities2 EUR 3,123
Threadneedle (Lux) - Asian Equity Income USD 103,366
Threadneedle (Lux) - Greater China Equities USD 15,914
Threadneedle (Lux) - Global Energy Equities USD 16,982
Threadneedle (Lux) - Global Technology USD 39,707
Threadneedle (Lux) - Global Equities - Walter Scott & Partners EUR 26,360
Threadneedle (Lux) - Mondrian Investment Partners – Focused Emerging Markets Equity USD 481,388
Threadneedle (Lux) - UK Equities GBP 484,675
Threadneedle (Lux) - Target Return (US$)1, 2 USD N/A
Threadneedle (Lux) - American Absolute Alpha USD 357,491
Threadneedle (Lux) - Absolute Emerging Market Macro1 USD N/A
Threadneedle (Lux) - Multi Asset Target Alpha1 USD 341
Threadneedle (Lux) - Global Smaller Companies2 EUR 11,003
Threadneedle (Lux) - Global Opportunities Bond1 USD N/A
Threadneedle (Lux) - European Select2 EUR 21,888
Threadneedle (Lux) - Enhanced Commodities1 USD N/A
Transaction costs are included in the total cost of investment disclosed in the Portfolio Statements. The amount of transaction costs supported by the
SICAV during the reporting year is included in the Statement of Operations and Changes in Net Assets under the heading ‘‘Net realised gain/(loss) on
sales of investments’’ and ‘‘Change in net unrealised gain/(loss) on investments’’.1For fixed income securities, transaction cost are not separately identifiable from the purchase price of the security and therefore cannot be disclosed separately.
2See note 1.
14 DILUTION ADJUSTMENT
(continued)
Notes to the Financial Statements(continued)
157
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
16 CASH COLLATERAL INFORMATION
The table below provides the cash collateral balances due from and due to brokers as at March 31, 2014:
Portfolios Counterparty Investment Type CurrencyCash
Collateral
Due from brokers
Threadneedle (Lux) - Global Aggregate Bond Barclays Swaps USD 10,000
Threadneedle (Lux) - Global Opportunities Bond Barclays Swaps USD 160,000
Threadneedle (Lux) - Global Opportunities Bond Citigroup Swaps USD 690,000
Threadneedle (Lux) - Global Opportunities Bond Royal Bank of Scotland Swaps and forwards USD 1,410,000
Threadneedle (Lux) - Enhanced Commodities Credit Suisse Swaps USD 780,000
Due to brokers
Threadneedle (Lux) - Global Aggregate Bond HSBC Swaps and forwards USD 10,000
Threadneedle (Lux) - Emerging Market Corporate Bonds JPMorgan Forwards USD 390,000
Threadneedle (Lux) - Emerging Market Debt JPMorgan Forwards USD 300,000
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds JPMorgan Forwards USD 410,000
Threadneedle (Lux) - US$ High Income Bonds JPMorgan Forwards USD 100,000
Threadneedle (Lux) - Global Asset Allocation JPMorgan Forwards USD 260,000
Threadneedle (Lux) - Global Focus JPMorgan Forwards USD 170,000
Threadneedle (Lux) - American Absolute Alpha Bank of America Merrill Lynch
Swaps USD 140,000
Threadneedle (Lux) - American Absolute Alpha JPMorgan Forwards USD 1,660,000
Threadneedle (Lux) - Global Opportunities Bond HSBC Swaps and forwards USD 430,000
Threadneedle (Lux) - Global Opportunities Bond JPMorgan Swaps and forwards USD 540,000
Threadneedle (Lux) - Global Opportunities Bond Goldman Sachs Swaps and forwards USD 5,210,000
Threadneedle (Lux) - Enhanced Commodities Citigroup Swaps USD 130,000
Threadneedle (Lux) - Enhanced Commodities Macquarie Swaps USD 140,000
Threadneedle (Lux) - Enhanced Commodities JPMorgan Swaps and forwards USD 3,520,000
17 CROSS INVESTMENT IN PORTFOLIOS
As at March 31, 2014, the Threadneedle (Lux) - Global Asset Allocation Portfolio and the Threadneedle (Lux) - Multi Asset Target Alpha Portfolio invest
in shares of the Threadneedle Lux - Enhanced Commodities Portfolio.
The value of the shares held by the Threadneedle (Lux) - Global Asset Allocation Portfolio amounts to USD 3,418,756 and represents 0.57% of the
net assets of the Threadneedle Lux - Enhanced Commodities Portfolio.
The value of the shares held by the Threadneedle (Lux) - Multi Asset Target Alpha Portfolio amounts to USD 350,510 and represents 0.06% of the
net assets of the Threadneedle Lux - Enhanced Commodities Portfolio.
The impact of the cross investment transactions has been eliminated from the combined Statement of Net Assets and the Statement of Changes in
Net Assets.
18 SIGNIFICANT EVENTS
Crispin Henderson resigned as Chairman and Director of the SICAV’s Board of Directors on May 24, 2013.
Campbell Fleming was appointed as Chairman of the SICAV’s Board of Directors on June 13, 2013.
Timothy Gillbanks resigned as Director of the SICAV’s Board of Directors on June 13, 2013.
Nicholas Ring was appointed as Director of the SICAV’s Board of Directors on July 26, 2013.
19 SUBSEQUENT EVENTS
A new prospectus has been issued in April 2014 .
The Threadneedle (Lux) - Developed Asia Growth and Income Portfolio has been launched on April 15, 2014.
The Threadneedle (Lux) - Flexible Asian Bond Portfolio has been launched on April 29, 2014.
The Threadneedle (Lux) - Asian Focus Portfolio and the Threadneedle (Lux) - Asia Contrarian Equity Portfolio have been launched on May 14, 2014.
Notes to the Financial Statements(continued)
158
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20 TOTAL EXPENSE RATIO (TER)
The Total Expense Ratio is calculated following the Swiss Funds & Asset Management Association (SFAMA) guideline.
The Total Expense Ratios for the year ended March 31, 2014 are as follows:
Portfolio Class TER
Threadneedle (Lux) - Global Aggregate Bond AEH 1.30%
AU 1.30%
DEC 1.65%
DEH 1.65%
DU 1.65%
W 1.05%
Threadneedle (Lux) - Euro Active Bonds AE 1.20%
AEP 1.20%
DE 1.75%
DEP 1.75%
IE 0.70%
W 1.15%
Threadneedle (Lux) - Emerging Market Corporate Bonds AEC 1.80%
AEH 1.80%
ASH 1.80%
AU 1.80%
AUP 1.80%
DEC 2.30%
DEH 2.30%
DU 2.30%
IEH 1.00%
P 1.30%
W 1.30%
WEH 1.30%
Threadneedle (Lux) - Emerging Market Debt AEC 1.80%
AEH 1.80%
ASH 1.80%
AU 1.80%
AUP 1.80%
DEH 2.30%
DU 2.30%
IEH 1.00%
IGH 1.00%
SU 1.80%
SUP 1.80%
W 1.30%
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds AEC 1.70%
AEH 1.70%
ASC 1.70%
ASH 1.70%
AU 1.70%
AUP 1.70%
DEH 1.85%
DU 1.85%
IEH 1.00%
W 1.45%
Threadneedle (Lux) - US$ High Income Bonds AEC 1.55%
AEH 1.55%
ASH 1.55%
AU 1.55%
AUP 1.55%
DEC 2.55%
DEH 2.55%
DU 2.55%
IEH 0.85%
Notes to the Financial Statements(continued)
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Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Portfolio Class TER
Threadneedle (Lux) - Global Asset Allocation AEC 1.85%
AEH 1.85%
AU 1.85%
AUP 1.85%
DEH 2.60%
DU 2.60%
IGH 1.00%
IU 1.00%
W 1.75%
Threadneedle (Lux) - Global Focus AEH 1.85%
AU 1.85%
DEH 2.60%
DU 2.60%
W 1.75%
Threadneedle (Lux) - Global Emerging Market Equities AEH 1.85%
AU 1.85%
DEH 2.85%
DU 2.85%
IEH 1.10%
W 2.00%
Threadneedle (Lux) - American AEH 1.85%
AU 1.85%
DEH 2.35%
DU 2.35%
IEH 1.05%
IU 1.05%
W 1.50%
Threadneedle (Lux) - American Select AEH 1.85%
AU 1.85%
DEH 2.60%
DU 2.60%
IEH 1.05%
IU 1.05%
W 1.75%
ZFH 1.10%
Threadneedle (Lux) - US Contrarian Core Equities AEH 1.85%
ASH 1.85%
AU 1.85%
DEH 2.35%
DU 2.35%
IFH 1.05%
IU 1.05%
Threadneedle (Lux) - Pan European Equities AE 1.85%
ASH 1.85%
AUH 1.77%4
DE 2.60%
IE 1.05%
W 1.75%
XE 0.15%
Threadneedle (Lux) - Pan European Small Cap Opportunities AE 1.85%
ASH 1.85%
DE 2.75%
IE 1.10%
W 1.90%
20 TOTAL EXPENSE RATIO (TER)
(continued)
Notes to the Financial Statements(continued)
160
Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Portfolio Class TER
Threadneedle (Lux) - Asian Equity Income AEH 1.85%
AU 1.85%
DEH 2.85%
DU 2.85%
W 2.00%
ZGH 1.10%
Threadneedle (Lux) - Greater China Equities AEH 1.85%
AU 1.85%
DEH 2.85%
DU 2.85%
W 2.00%
Threadneedle (Lux) - Global Energy Equities AEH 2.10%
AU 2.10%
DEH 2.60%
DU 2.60%
IU 1.25%
W 1.75%
Threadneedle (Lux) - Global Technology AEH 2.10%
AU 2.10%
BU 2.35%
DU 2.35%
Threadneedle (Lux) - Global Equities - Walter Scott & Partners WS2 1.21%
Threadneedle (Lux) - Mondrian Investment Partners – Focused Emerging Markets Equity M2 1.18%
Threadneedle (Lux) - UK Equities AEH 1.85%
AG 1.85%
AGP 1.85%
IEH 1.05%
IG 1.05%
IGP 1.05%
ZG 1.10%
Threadneedle (Lux) - American Absolute Alpha AEH 1.85%
AFH 1.85%
AGH 1.85% / 2.34%1
AU 1.85% / 1.91%1
DEH 2.35%
DU 2.35%
IEH 1.00% / 1.58%1
IGH 1.00% / 1.36%1
IU 1.00% / 1.80%1
ZGH 1.10%
Threadneedle (Lux) - Absolute Emerging Market Macro AEH 2.10%
AFH 2.10%
AGH 2.10%
AU 2.10%
DEH 2.60%
DU 2.60%
IEH 1.25%
IGH 1.25%
Threadneedle (Lux) - Multi Asset Target Alpha AEH 1.68%
AGH 1.68%
AU 1.68%
IEH 0.88%
20 TOTAL EXPENSE RATIO (TER)
(continued)
Notes to the Financial Statements(continued)
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Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Portfolio Class TER
Threadneedle (Lux) - Multi Asset Target Alpha(continued) IGH 0.88%
IU 0.88%
ZGH 1.08%
Threadneedle (Lux) - Global Smaller Companies3 AE 1.85%
AGH 1.91%5
DE 2.35%
IE 1.00%
IGH 1.00%
ZGH 1.10%
Threadneedle (Lux) - Global Opportunities Bond AEH 1.40%
AFH 1.40%
AGH 1.40% / 1.41%1
AU 1.40% / 1.42%1
DEH 2.20%
DU 2.20%
IEH 0.85%
IFH 0.85% / 1.01%1
IGH 0.85% / 0.91%1
IU 0.85% / 0.87%1
ZGH 0.90% / 0.99%1
Threadneedle (Lux) - European Select3 AE 1.85%
AGH 1.35%
AUH 1.35%
IE 1.00%
ZGH 1.10%
Threadneedle (Lux) - Enhanced Commodities AEH 2.10%
AFH 2.10%
AGH 2.10%
ASH 2.10%
AU 2.10%
DEH 2.60%
DU 2.60%
IEH 1.25%
IFH 1.25%
IGH 1.25%
IKH 1.25%
IU 1.25%
XGH 0.15%
XU 0.15%
ZGH 1.10%
1 Including Performance Fee.2 Custody and sub custody fees are additionally charged to this share class.3 See note 1.4 This share class has only been in existence since October 25, 2013 and was subject to a rapidly increasing funds under management value resulting in a variance to the full
year expected TER of 0.08%.5 This share class was subject to a rapidly decreasing funds under management value resulting in a variance to the expected TER of 0.06%.
The formula applied is the following:
The TER expresses the sum of all costs and commissions charged on an ongoing basis to each class of shares (Operating Expenses) taken retrospectively
as a percentage of their net assets, and is calculated using the following formula:
TER % =Total Operating Expenses
x 100Average net assets
20 TOTAL EXPENSE RATIO (TER)
(continued)
Global Risk Exposure (unaudited)
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Global Exposure and Leverage
The UCITS global exposure is managed under a commitment approach, an absolute Value at Risk (absolute VaR) approach or a relative Value at Risk (relative VaR) approach.
The global market risk exposure information for the year ended March 31, 2014 is as follows:
Commitment approach
In order to monitor and measure the global exposure, all the portfolios which are not under in the VaR approach use the commitment approach.
The global exposure of the sub-funds is calculated based on the commitment approach in accordance with the methodology described in the ESMA’s guidelines 10-788.
Absolute Value at Risk (VaR)
Using the period April 2013 - March 2014:
Portfolio Calculation
Method
VaR Model* VaR
Limit
(%)
Lowest
Utilisation
of VaR Limit
(%)
Highest
Utilisation
of VaR Limit
(%)
Average
Utilisation
of VaR Limit
(%)
Average level of
leverage reached
during the year using
the commitment
approach (%)
Average level of
leverage reached
during the year using
the sum of notionals
approach (%)
Threadneedle (Lux) - Emerging Market Macro
Absolute VaR Covariance 14.1 9.30 58.20 21.30 378.00 593.20
Threadneedle (Lux) - American Absolute Alpha Total
Absolute VaR Covariance 8 14.60 71.70 37.90 0.40 54.60
Threadneedle (Lux) - Global Opportunities Bond
Absolute VaR Covariance 6 16.00 86.40 39.10 273.90 1,042.20
Threadneedle (Lux) - Multi Asset Target Alpha
Absolute VaR Covariance 6.7 10.10 36.50 23.80 140.20 344.40
Threadneedle (Lux) - Global Smaller Companies**
Absolute VaR Covariance 8 28.70 44.30 33.60 34.30 87.00
Threadneedle (Lux) - European Select**
Absolute VaR Covariance 10 8.40 118.20 35.00 0.00 25.40
Relative Value at Risk (VaR)
Portfolio Calculation
Method
VaR Model* Reference
Portfolio
VaR
Limit
(%)
Lowest
Utilisation
of VaR
Limit
(%)
Highest
Utilisation
of VaR
Limit
(%)
Average
Utilisation
of VaR
Limit
(%)
Average level
of leverage
reached during
the year using
the commitment
approach (%)
Average level
of leverage
reached during
the year using
the sum of
notionals
approach (%)
Threadneedle (Lux) - Euro Active Bond
Relative Var Covariance ML EMU Inv Grade Large Cap (3-5yr)
1.3 x bmk Var
65.90 106.40 86.00 57.50 294.00
Threadneedle (Lux) - Global Aggregate Bond
Relative Var Covariance Barclays Capital Aggregate
1.3 x bmk Var
61.80 170.10 89.60 178.20 740.20
Threadneedle (Lux) - Enhanced Commodity
Relative Var Covariance Dow Jones UBS Commodity Index
1.3 x bmk Var
8.20 36.50 22.90 0.00 115.60
*The covariance model is based on a 99% Confidence interval over a 1-month holding period, using the previous 3.5 years of data.**These funds used VAR up to December 31, 2013 from then on they used the commitment approach. See note 1.
• For the funds using either the Absolute or Relative VaR methodologies, the global exposure is calculated and monitored daily.• The VaR methodology uses a holding period of one month and the level of confidence is 99%.• The figures disclosed in the above table refer to an observation period of one year (or since inception) for the year ended March 31, 2014.
Shareholders’ Information (unaudited)
163
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The SICAV is an investment company organised as a “Société d’Investissement à Capital Variable” in the Grand Duchy of Luxembourg under the Law of August 10, 1915, as amended, and qualifies as an Undertaking for Collective Investment in Transferable Securities (UCITS) under Part I of the law of December 17, 2010, as amended.
The SICAV was incorporated on February 10, 1995 for an unlimited period. The SICAV’s articles of incorporation were first published in the Mémorial, Recueil des Sociétés et Associations of the Grand Duchy of Luxembourg (the “Mémorial”) on March 31, 1995. Amendments thereto of July 25, 1997, March 12, 1999, August 18, 2004, October 17, 2005, July 30, 2008, July 31, 2009, August 31, 2010, July 1, 2011, August 13, 2012, March 28, 2013 and August 12, 2013 were published in the Mémorial on October 30, 1997, April 22, 1999, September 15, 2004, November 3, 2005, September 10, 2008, October 21, 2010, August 22, 2011, September 18, 2012, April 22, 2013 and September 16, 2013 respectively.
The SICAV is registered under the Number R.C.S. Luxembourg B-50216.
The Annual General Meeting of the Shareholders of the SICAV is held at its registered office or at such other place in Luxembourg on the last Friday of the month of July in each year at 2:00 p.m. or, if any such day is not a bank business day in Luxembourg, on the next following bank business day. Notices of general meetings are given in accordance with Luxembourg law and in accordance with applicable rules in relevant countries where shares are publicly offered for sale. Notices will specify the place and time of the meeting, the conditions of admission, the agenda, the quorum and voting requirements.
The accounting year of the SICAV terminates on March 31 in each year.
The annual report and audited financial statements and the unaudited semi-annual reports are available at the registered office of the SICAV and at the principal office of each paying agent and distributor. The combined accounts of the SICAV are expressed in U.S. Dollars.
The net asset value and the offer and redemption prices of the shares of the SICAV are made public at the registered office of the SICAV.
This report does not constitute an offer or a solicitation of an offer to buy shares in the SICAV. Subscriptions are accepted on the basis of the Prospectus and of the latest available annual report containing the audited financial statements as at March 31 and of the latest available semi-annual report as at September 30, if published thereafter.
Certain Portfolios and/or share classes contained within this report may not be authorised or offered for sale in every jurisdiction at this time.
Key Investor Information Document (KIID) - Subscription requirements
The KIID is a pre-contractual document and investors will have to confirm that they have read the latest KIID before making a subscription. Threadneedle Investments has the right to reject a subscription if the investor does not confirm that he has read the latest KIID at the time of application. The latest KIID may be obtained from Threadneedle.com.
Information for Investors in Switzerland (unaudited)
164
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The annual report and audited financial statements, the unaudited semi-annual report, the report on changes in the Portfolio holdings for the year, the articles of incorporation, the Prospectus (Swiss version) and the Key Investor Information Documents can be obtained upon simple request and free of charge at the offices of the Swiss Representative and paying agent of the SICAV, RBC Investor Services Bank S.A., Zurich Branch, Badenerstrasse 567, P.O. Box 101, CH-8066 Zurich, Switzerland, or at the registered office of the SICAV.
Past performance is no indication of current or future performance, and the performance data do not take account of the commissions and costs incurred on the issue and redemption of units.
PORTFOLIO TURNOVER RATE (PTR)
The Portfolio Turnover Rates (PTR) are calculated in accordance with the Swiss Funds & Asset Management Association on Guidelines on the calculation and disclosure of PTR, dated May 16, 2008.
The Portfolio Turnover Rates of the Portfolios for the year from April 1, 2013 to March 31, 2014 are as follows:
Portfolio PTR (in %)
Threadneedle (Lux) - Global Aggregate Bond 283.12Threadneedle (Lux) - Euro Active Bonds 285.26Threadneedle (Lux) - Emerging Market Corporate Bonds 328.44Threadneedle (Lux) - Emerging Market Debt 133.36Threadneedle (Lux) - Global Emerging Market Short-Term Bonds 252.23Threadneedle (Lux) - US$ High Income Bonds 20.24Threadneedle (Lux) - Global Asset Allocation 96.27Threadneedle (Lux) - Global Focus 131.74Threadneedle (Lux) - Global Emerging Market Equities 186.30Threadneedle (Lux) - American (9.81)Threadneedle (Lux) - American Select 205.46Threadneedle (Lux) - US Contrarian Core Equities 71.42Threadneedle (Lux) - Pan European Equities 62.59Threadneedle (Lux) - Pan European Small Cap Opportunities 3.99Threadneedle (Lux) - European Quantitative Equities* 45.46Threadneedle (Lux) - Asian Equity Income 141.60Threadneedle (Lux) - Greater China Equities 27.83Threadneedle (Lux) - Global Energy Equities 45.46Threadneedle (Lux) - Global Technology 140.25Threadneedle (Lux) - UK Equities (45.75)Threadneedle (Lux) - Target Return (US$)* 151.96Threadneedle (Lux) - American Absolute Alpha (75.57)Threadneedle (Lux) - Absolute Emerging Market Macro 1,236.44Threadneedle (Lux) - Multi Asset Target Alpha 237.76Threadneedle (Lux) - Global Smaller Companies* 88.42Threadneedle (Lux) - Global Opportunities Bond 334.65Threadneedle (Lux) - European Select* 209.12Threadneedle (Lux) - Enhanced Commodities 195.81
*See note 1.
There is no PTR disclosed for Threadneedle (Lux) - Global Equities - Walter Scott & Partners and Threadneedle (Lux) - Mondrian Investment Partners - Focused Emerging Markets Equity, as those Portfolios are not registered in Switzerland.
The formula used is the following:
Portfolio Turnover Rate = [(Total 1 – Total 2)/M] X 100
Where:Total 1 = total securities transactions during the year or X + Y where X = purchases of securities and Y = sales of securities.Total 2 = total transactions of shares during the year or S + T where S = total subscriptions of shares and T = total redemptions of shares.M = average net assets.
Share Class Performance (unaudited)
165
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Share
Class Benchmark Name
December 31, 2013 December 31, 2012 December 31, 2011
Benchmark
Portfolio
Return Benchmark
Portfolio
Return Benchmark
Portfolio
Return
Threadneedle (Lux) - Global Aggregate Bond*
AEH1 Barclays Capital Global Aggregate -2.60% -4.42% 4.69% 5.95% n/a n/aAU Barclays Capital Global Aggregate -2.60% -3.90% 4.32% 5.82% 5.50% 5.75%DEC2 Barclays Capital Global Aggregate 2.26% 2.70% n/a n/a n/a n/aDEH1 Barclays Capital Global Aggregate -2.60% -4.83% 4.69% 5.60% n/a n/aDU Barclays Capital Global Aggregate -2.60% -4.26% 4.32% 5.46% 5.50% 5.39%W Barclays Capital Global Aggregate -2.60% -3.68% 4.32% 6.11% 5.50% 6.01%Threadneedle (Lux) - Euro Active Bonds
AE ML EMU Investment Grade Large Cap 3-5 Yr 2.56% 1.84% 9.60% 9.39% 3.23% 2.15%AEP3 ML EMU Investment Grade Large Cap 3-5 Yr 2.56% 1.78% 4.21% 3.49% n/a n/aDE ML EMU Investment Grade Large Cap 3-5 Yr 2.56% 1.28% 9.60% 8.87% 3.23% 1.77%DEP4 ML EMU Investment Grade Large Cap 3-5 Yr 2.56% 1.32% 0.83% 0.70% n/a n/aIE ML EMU Investment Grade Large Cap 3-5 Yr 2.56% 2.35% 9.60% 10.00% 3.23% 2.75%W ML EMU Investment Grade Large Cap 3-5 Yr 2.56% 1.91% 9.60% 9.52% 3.23% 2.41%Threadneedle (Lux) - Emerging Market Corporate Bonds
AEC5 JPM CEMBI Broad Diversified -0.60% -0.96% 16.95% 14.86% n/a n/aAEH JPM CEMBI Broad Diversified -0.60% -0.98% 16.95% 15.28% 3.24% 0.70%ASH6 JPM CEMBI Broad Diversified -0.60% -0.82% 10.65% 10.20% n/a n/aAU5 JPM CEMBI Broad Diversified -0.60% -0.64% 16.95% 14.21% n/a n/aAUP JPM CEMBI Broad Diversified -0.60% -0.65% 16.95% 15.60% 3.24% 0.51%DEC7 JPM CEMBI Broad Diversified -0.60% -1.48% 1.57% 1.78% n/a n/aDEH JPM CEMBI Broad Diversified -0.60% -1.51% 16.95% 14.77% 3.24% 0.24%DU JPM CEMBI Broad Diversified -0.60% -1.16% 16.95% 15.15% 3.24% 0.00%IEH JPM CEMBI Broad Diversified -0.60% -0.16% 16.95% 16.20% 3.24% 1.41%P JPM CEMBI Broad Diversified -0.60% -0.10% 16.95% 16.26% 3.24% 0.96%W JPM CEMBI Broad Diversified -0.60% -0.18% 16.95% 16.23% 3.24% 1.09%WEH5 JPM CEMBI Broad Diversified -0.60% -0.46% 16.95% 15.40% n/a n/aThreadneedle (Lux) - Emerging Market Debt
AEC JPM EMBI Global -6.58% -9.76% 18.54% 16.30% 8.46% 6.51%AEH JPM EMBI Global -6.58% -9.76% 18.54% 16.24% 8.46% 6.49%ASH8 JPM EMBI Global -6.58% -9.61% 12.91% 11.40% n/a n/aAU JPM EMBI Global -6.58% -9.39% 18.54% 16.79% 8.46% 6.20%AUP JPM EMBI Global -6.58% -9.39% 18.54% 16.74% 8.46% 6.13%DEH JPM EMBI Global -6.58% -10.18% 18.54% 15.70% 8.46% 5.93%DU JPM EMBI Global -6.58% -9.84% 18.54% 16.19% 8.46% 5.67%IEH JPM EMBI Global -6.58% -9.04% 18.54% 17.19% 8.46% 7.27%IGH9 JPM EMBI Global -6.58% -8.47% 1.61% -1.20% n/a n/aSU JPM EMBI Global -6.58% -9.43% 18.54% 16.81% 8.46% 6.16%SUP JPM EMBI Global -6.58% -9.38% 18.54% 13.30% 8.46% -1.09%W JPM EMBI Global -6.58% -8.94% 18.54% 17.38% 8.46% 6.72%
Note: Total performance is historical and is not a guarantee of future results. The net asset value of shares classes may go up or down. Performance is net of all applicable fees as well as distributions made during the calendar year ended December 31, 2013 (but does not reflect a sales charge as stated in the note 4 to the financial statements). The performance is different across share classes depending on applicable asset management and shareholder servicing fees as disclosed in the note 4 to the financial statements. In addition, currency fluctuations may also affect performance depending on the currency of denomination of the share class and the base currency of the Portfolio. The returns are stated in the currency in which the portfolios are denominated.
*Benchmark changed to Barclays Capital Global Aggregate on August 1, 2011. Prior to August 1, 2011 the fund was previously named Threadneedle (Lux) - Global Bonds (US$).1Performance since launch January 12, 20122Performance since launch November 26, 20123Performance since launch July 17, 20124Performance since launch November 26, 20125Performance since launch January 12, 20126Performance since launch June 6, 20127Performance since launch November 26, 20128Performance since launch March 23, 20129Performance since launch October 16, 2012
Share Class Performance (unaudited)(continued)
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Share
Class Benchmark Name
December 31, 2013 December 31, 2012 December 31, 2011
Benchmark
Portfolio
Return Benchmark
Portfolio
Return Benchmark
Portfolio
Return
Threadneedle (Lux) - Global Emerging Market Short-Term Bonds
AEC JPM EMBI Global 3-5 Yrs 0.27% -3.18% 14.50% 13.97% 3.33% 1.85%AEH JPM EMBI Global 3-5 Yrs 0.27% -3.13% 14.50% 13.94% 3.33% 1.97%ASC10 JPM EMBI Global 3-5 Yrs -0.53% -3.78% n/a n/a n/a n/aASH11 JPM EMBI Global 3-5 Yrs -0.28% -3.60% n/a n/a n/a n/aAU JPM EMBI Global 3-5 Yrs 0.27% -2.78% 14.50% 14.40% 3.33% 1.77%AUP JPM EMBI Global 3-5 Yrs 0.27% -2.89% 14.50% 14.45% 3.33% 1.72%DEH JPM EMBI Global 3-5 Yrs 0.27% -3.27% 14.50% 13.81% 3.33% 1.79%DU JPM EMBI Global 3-5 Yrs 0.27% -2.96% 14.50% 14.29% 3.33% 1.49%IEH JPM EMBI Global 3-5 Yrs 0.27% -2.46% 14.50% 14.77% 3.33% 2.60%W JPM EMBI Global 3-5 Yrs 0.27% -2.57% 14.50% 14.77% 3.33% 1.92%Threadneedle (Lux) - US$ High Income Bonds
AEC12 ML US High Yield Cash Pay BB-B 6.29% 3.34% 2.02% 2.16% n/a n/aAEH ML US High Yield Cash Pay BB-B 6.29% 3.18% 14.71% 12.99% 5.47% 5.31%ASH16a ML US High Yield Cash Pay BB-B 6.29% 3.39% 9.99% 9.30% n/a n/aAU ML US High Yield Cash Pay BB-B 6.29% 3.55% 14.71% 13.38% 5.47% 5.17%AUP ML US High Yield Cash Pay BB-B 6.29% 3.53% 14.71% 13.42% 5.47% 5.12%DEC13 ML US High Yield Cash Pay BB-B 6.29% 2.26% 2.01% 2.11% n/a n/aDEH ML US High Yield Cash Pay BB-B 6.29% 2.14% 14.71% 11.98% 5.47% 4.78%DU ML US High Yield Cash Pay BB-B 6.29% 2.50% 14.71% 12.34% 5.47% 4.61%IEH14 ML US High Yield Cash Pay BB-B 6.29% 3.89% 14.71% 13.85% 4.74% 5.05%Threadneedle (Lux) - Global Asset Allocation
AEC NO OFFICIAL BENCHMARK n/a 9.03% n/a 8.14% n/a -5.03%AEH NO OFFICIAL BENCHMARK n/a 8.99% n/a 8.16% n/a -3.17%AU NO OFFICIAL BENCHMARK n/a 9.48% n/a 8.88% n/a -2.52%AUP NO OFFICIAL BENCHMARK n/a 9.53% n/a 8.88% n/a -2.54%DEH NO OFFICIAL BENCHMARK n/a 8.17% n/a 7.56% n/a -3.55%DU NO OFFICIAL BENCHMARK n/a 8.68% n/a 8.32% n/a -2.99%IGH15 NO OFFICIAL BENCHMARK n/a 10.51% n/a 3.25% n/a n/aIU16 NO OFFICIAL BENCHMARK n/a 10.44% n/a 9.85% n/a -4.57%W NO OFFICIAL BENCHMARK n/a 9.63% n/a 9.03% n/a -2.16%Threadneedle (Lux) - Global Focus
AEH MSCI AC World 23.44% 27.48% 16.80% 12.77% -6.86% -7.19%AU MSCI AC World 23.44% 28.31% 16.80% 13.62% -6.86% -6.11%DEH MSCI AC World 23.44% 26.48% 16.80% 12.06% -6.86% -7.63%DU MSCI AC World 23.44% 27.31% 16.80% 12.91% -6.86% -6.59%W MSCI AC World 23.44% 28.42% 16.80% 13.83% -6.86% -5.79%Threadneedle (Lux) - Global Emerging Market Equities
AEH MSCI Global Emerging Markets Free -2.27% 2.21% 18.63% 17.69% -18.17% -23.62%AU MSCI Global Emerging Markets Free -2.27% 2.71% 18.63% 18.48% -18.17% -22.61%DEH MSCI Global Emerging Markets Free -2.27% 1.18% 18.63% 16.68% -18.17% -23.91%DU MSCI Global Emerging Markets Free -2.27% 1.69% 18.63% 17.42% -18.17% -23.03%
Note: Total performance is historical and is not a guarantee of future results. The net asset value of shares classes may go up or down. Performance is net of all applicable fees as well as distributions made during the calendar year ended December 31, 2013 (but does not reflect a sales charge as stated in the note 4 to the financial statements). The performance is different across share classes depending on applicable asset management and shareholder servicing fees as disclosed in the note 4 to the financial statements. In addition, currency fluctuations may also affect performance depending on the currency of denomination of the share class and the base currency of the Portfolio. The returns are stated in the currency in which the portfolios are denominated.10Performance since launch January 25, 201311Performance since launch January 14, 201312Performance since launch October 25, 201213Performance since launch November 26, 201214Performance since launch September 28, 201115Performance since launch August 31, 201216Performance since launch March 29, 201116aPerformance since launch March 23, 2012
Share Class Performance (unaudited)(continued)
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Share
Class Benchmark Name
December 31, 2013 December 31, 2012 December 31, 2011
Benchmark
Portfolio
Return Benchmark
Portfolio
Return Benchmark
Portfolio
Return
Threadneedle (Lux) - Global Emerging Market Equities
(continued)
IEH MSCI Global Emerging Markets Free -2.27% 2.97% 18.63% 18.70% -18.17% -22.95%W MSCI Global Emerging Markets Free -2.27% 2.56% 18.63% 18.44% -18.17% -22.29%Threadneedle (Lux) - American
AEH S&P 500 32.39% 32.11% 16.00% 11.80% 2.11% 1.92%AU S&P 500 32.39% 32.91% 16.00% 12.63% 2.11% 2.97%DEH S&P 500 32.39% 31.40% 16.00% 11.20% 2.11% 1.46%DU S&P 500 32.39% 32.33% 16.00% 12.02% 2.11% 2.48%IEH S&P 500 32.39% 33.10% 16.00% 12.69% 2.11% 2.58%IU S&P 500 32.39% 34.03% 16.00% 13.51% 2.11% 3.70%W S&P 500 32.39% 33.39% 16.00% 13.03% 2.11% 3.32%Threadneedle (Lux) - American Select
AEH S&P 500 32.39% 29.12% 16.00% 14.06% 2.11% 4.33%AU S&P 500 32.39% 29.93% 16.00% 15.10% 2.11% 0.00%DEH S&P 500 32.39% 28.11% 16.00% 13.29% 2.11% -1.47%DU S&P 500 32.39% 28.98% 16.00% 14.26% 2.11% -0.38%IEH S&P 500 32.39% 30.13% 16.00% 14.96% 2.11% -0.37%IU17 S&P 500 25.87% 23.90% n/a n/a n/a n/aW S&P 500 32.39% 29.97% 16.00% 15.25% 2.11% 0.43%Threadneedle (Lux) - US Contrarian Core Equities
ASH18 S&P 500 11.10% 11.20% n/a n/a n/a n/aAU19 S&P 500 32.39% 34.18% 16.00% 16.58% 4.69% 3.73%IFH20 S&P 500 11.01% 15.40% n/a n/a n/a n/aIU19 S&P 500 32.39% 35.18% 16.00% 17.52% 4.69% 3.90%Threadneedle (Lux) - Pan European Equities
AE MSCI Europe Gross 20.51% 24.72% 18.09% 16.77% -7.51% -7.97%ASH21 MSCI Europe Gross 20.51% 24.98% 8.41% 6.90% n/a n/aAUH22 MSCI Europe Gross 2.71% 5.13% n/a n/a n/a n/aDE MSCI Europe Gross 20.51% 23.74% 18.09% 15.95% -7.51% -8.43%IE MSCI Europe Gross 20.51% 25.70% 18.09% 17.76% -7.51% -7.16%W MSCI Europe Gross 20.51% 24.83% 18.09% 16.97% -7.51% -7.63%Threadneedle (Lux) - Pan European Small Cap Opportunities
AE HSBC Smaller Pan European (EUR) 32.19% 23.23% 23.97% 33.14% -18.43% -10.74%ASH23 HSBC Smaller Pan European (EUR) 32.19% 23.33% 8.07% 15.30% -18.43% n/aDE HSBC Smaller Pan European (EUR) 32.19% 22.15% 23.97% 32.03% -18.43% -10.64%IE24 HSBC Smaller Pan European (EUR) 32.19% 24.12% 7.50% 5.76% -18.43% n/aW HSBC Smaller Pan European (EUR) 32.19% 23.13% 23.97% 33.23% -18.43% -9.97%Threadneedle (Lux) - European Quantitative Equities**
AE24a STOXX Europe (50)-Return (EUR) 23.28% 12.88% 17.83% 12.98% -14.08% -5.11%DE24a STOXX Europe (50)-Return (EUR) 21.84% 12.88% 17.00% 12.98% -14.42% -5.11%
Note: Total performance is historical and is not a guarantee of future results. The net asset value of shares classes may go up or down. Performance is net of all applicable fees as well as distributions made during the calendar year ended December 31, 2013 (but does not reflect a sales charge as stated in the note 4 to the financial statements). The performance is different across share classes depending on applicable asset management and shareholder servicing fees as disclosed in the note 4 to the financial statements. In addition, currency fluctuations may also affect performance depending on the currency of denomination of the share class and the base currency of the Portfolio. The returns are stated in the currency in which the portfolios are denominated.
**See note 1.17Performance since launch January 30, 201318Performance since launch July 12, 201319Performance since launch October 12, 201120Performance since launch June 21, 201321Performance since launch March 23, 201222Performance since launch October 25, 201323Performance since launch March 23, 201224Performance since launch August 16, 201224aPerformance until closure December 6, 2013
Share Class Performance (unaudited)(continued)
168
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Share
Class Benchmark Name
December 31, 2013 December 31, 2012 December 31, 2011
Benchmark
Portfolio
Return Benchmark
Portfolio
Return Benchmark
Portfolio
Return
Threadneedle (Lux) - European Quantitative Equities**
(continued)
IE24a STOXX Europe (50)-Return (EUR) 24.07% 12.88% 18.66% 12.98% -13.31% -5.11%W24b STOXX Europe (50)-Return (EUR) 6.72% 5.17% 17.96% 12.98% -13.75% -5.11%Threadneedle (Lux) - Asian Equity Income
AEH MSCI AC Asia Pacific ex Japan 3.65% 9.61% 22.63% 13.83% -15.38% -20.85%AU MSCI AC Asia Pacific ex Japan 3.65% 10.11% 22.63% 14.63% -15.38% -20.10%DEH MSCI AC Asia Pacific ex Japan 3.65% 8.52% 22.63% 12.80% -15.38% -21.20%DU MSCI AC Asia Pacific ex Japan 3.65% 9.05% 22.63% 13.61% -15.38% -20.48%W MSCI AC Asia Pacific ex Japan 3.65% 9.94% 22.63% 14.58% -15.38% -19.78%ZGH25 MSCI AC Asia Pacific ex Japan 2.24% 1.61% n/a n/a n/a n/aThreadneedle (Lux) - Greater China Equities
AEH MSCI Golden Dragon 7.25% 20.82% 22.65% 18.31% -18.35% -25.84%AU MSCI Golden Dragon 7.25% 21.58% 22.65% 18.94% -18.35% -25.06%DEH MSCI Golden Dragon 7.25% 19.62% 22.65% 17.21% -18.35% -26.34%DU MSCI Golden Dragon 7.25% 20.37% 22.65% 17.93% -18.35% -25.50%W MSCI Golden Dragon 7.25% 21.42% 22.65% 18.94% -18.35% -19.82%Threadneedle (Lux) - Global Energy Equities
AEH MSCI World - Energy Gross 18.84% 15.90% 2.50% -1.02% 0.70% -10.01%AU MSCI World - Energy Gross 18.84% 16.66% 2.50% 0.28% 0.70% -8.32%DEH MSCI World - Energy Gross 18.84% 15.29% 2.50% -1.54% 0.70% -10.40%DU MSCI World - Energy Gross 18.84% 16.06% 2.50% -0.24% 0.70% -8.75%IU MSCI World - Energy Gross 18.84% 17.65% 2.50% 1.14% 0.70% -7.60%W MSCI World - Energy Gross 18.84% 17.06% 2.50% 0.63% 0.70% -7.99%Threadneedle (Lux) - Global Technology
AEH26 MSCI World IT Index 18.34% 14.67% n/a n/a n/a n/aAU MSCI World IT Index 29.30% 23.42% 13.77% 5.91% -2.17% -7.77%BU MSCI World IT Index 29.30% 23.07% 13.77% 5.45% -2.17% -8.99%DU MSCI World IT Index 29.30% 23.07% 13.77% 5.69% -2.17% -8.05%Threadneedle (Lux) - UK Equities
AEH27 FTSE All Share 4.68% 6.33% n/a n/a n/a n/aAG28 FTSE All Share 20.81% 25.22% 12.30% 14.74% -0.15% -1.87%AGP29 FTSE All Share 20.81% 25.24% 11.55% 12.00% n/a n/aIEH30 FTSE All Share 8.69% 12.15% n/a n/a n/a n/aIG28 FTSE All Share 20.81% 26.24% 12.30% 15.63% -0.15% -1.80%IGP31 FTSE All Share 20.81% 26.25% 10.65% 12.28% n/a n/aZG32 FTSE All Share 20.81% 26.20% 1.51% 1.80% n/a n/aThreadneedle (Lux) - Target Return (US$)**
ASH32a US 3 Month Libor 2.50% 0.25% n/a 0.22% n/a n/aAEC32b US 3 Month Libor 2.29% 0.25% -1.07% 0.06% n/a n/a
Note: Total performance is historical and is not a guarantee of future results. The net asset value of shares classes may go up or down. Performance is net of all applicable fees as well as distributions made during the calendar year ended December 31, 2013 (but does not reflect a sales charge as stated in the note 4 to the financial statements). The performance is different across share classes depending on applicable asset management and shareholder servicing fees as disclosed in the note 4 to the financial statements. In addition, currency fluctuations may also affect performance depending on the currency of denomination of the share class and the base currency of the Portfolio. The returns are stated in the currency in which the portfolios are denominated.
**See note 1.24aPerformance until closure December 6, 201324bPerformance until closure March 22, 201325Performance since launch December 17, 201326Performance since launch May 13, 201327Performance since launch May 14, 201328Performance since launch December 6, 201129Performance since launch May 23, 201230Performance since launch March 13, 201331Performance since launch June 15, 201232Performance since launch October 16, 201232aPerformance from launch June 6, 2012 until closure December 6, 201332bPerformance from launch October 25, 2012 until closure December 6, 2013
Share Class Performance (unaudited)(continued)
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Share
Class Benchmark Name
December 31, 2013 December 31, 2012 December 31, 2011
Benchmark
Portfolio
Return Benchmark
Portfolio
Return Benchmark
Portfolio
Return
Threadneedle (Lux) - Target Return (US$)**
(continued)
AU32c US 3 Month Libor 2.56% 0.25% 0.07% 0.44% -1.77% 0.34%DEC32d US 3 Month Libor 1.84% 0.25% -0.17% 0.03% n/a n/aDEH32c US 3 Month Libor 1.75% 0.25% -0.70% 0.44% -1.88% 0.34%IFH32c US 3 Month Libor 2.45% 0.25% 0.15% 0.44% -1.16% 0.34%IU32c US 3 Month Libor 3.30% 0.25% 0.77% 0.44% -0.86% 0.34%Threadneedle (Lux) - American Absolute Alpha
AEH US 3 Month Libor 0.27% 4.32% 0.44% 4.25% 0.34% 3.88%AFH33 US 3 Month Libor 0.27% 4.15% 0.43% 1.13% n/a n/aAGH US 3 Month Libor 0.27% 4.60% 0.44% 4.89% 0.34% 3.81%AU US 3 Month Libor 0.27% 4.63% 0.44% 4.52% 0.34% 3.61%DEH US 3 Month Libor 0.27% 3.92% 0.44% 3.83% 0.34% 3.38%DU US 3 Month Libor 0.27% 4.25% 0.44% 4.10% 0.34% 3.07%IEH US 3 Month Libor 0.27% 4.97% 0.44% 5.03% 0.34% 4.35%IGH US 3 Month Libor 0.27% 5.40% 0.44% 5.31% 0.34% 4.45%IU US 3 Month Libor 0.27% 5.27% 0.44% 5.21% 0.34% 4.44%ZGH34 US 3 Month Libor 0.27% 5.25% 0.43% 0.27% n/a n/aThreadneedle (Lux) - Absolute Emerging Market Macro
AEH US 3 Month Libor 0.27% -6.81% 0.44% 10.22% 0.34% -0.62%AFH US 3 Month Libor 0.27% -7.07% 0.44% 11.07% 0.34% -1.45%AGH US 3 Month Libor 0.27% -6.63% 0.44% 12.00% 0.34% -0.48%AU US 3 Month Libor 0.27% -6.71% 0.44% 11.88% 0.34% -0.76%DEH US 3 Month Libor 0.27% -7.26% 0.44% 10.66% 0.34% -1.04%DU US 3 Month Libor 0.27% -7.15% 0.44% 11.28% 0.34% -1.21%IEH US 3 Month Libor 0.27% -6.09% 0.44% 11.16% 0.34% 0.21%IGH US 3 Month Libor 0.27% -5.78% 0.44% 13.01% 0.34% 0.41%Threadneedle (Lux) - Multi Asset Target Alpha
AEH35 US 3 Month Libor 0.27% 1.54% 0.09% -0.20% n/a n/aAGH35 US 3 Month Libor 0.27% 2.00% 0.09% -0.07% n/a n/aAU35 US 3 Month Libor 0.27% 1.87% 0.09% -0.07% n/a n/aIEH35 US 3 Month Libor 0.27% 2.35% 0.09% n/a n/a n/aIGH35 US 3 Month Libor 0.27% 2.80% 0.09% 0.15% n/a n/aIU35 US 3 Month Libor 0.27% 2.65% 0.09% 0.15% n/a n/aZGH36 US 3 Month Libor 0.27% 2.61% 0.06% -0.20% n/a n/aThreadneedle (Lux) - Global Smaller Companies**
AE37 3 Month LIBOR EUR Deposit Rate 0.15% 0.00% 0.49% 3.73% 1.16% 1.80%AGH37 3 Month LIBOR EUR Deposit Rate 0.15% 0.50% 0.49% 4.00% 1.16% 1.67%DE37 3 Month LIBOR EUR Deposit Rate 0.15% -0.48% 0.49% 3.28% 1.16% 1.58%IE37 3 Month LIBOR EUR Deposit Rate 0.15% 0.75% 0.49% 4.50% 1.16% 2.30%IGH38 3 Month LIBOR EUR Deposit Rate 0.15% 1.06% 0.49% 5.07% 0.36% -1.25%ZGH39 3 Month LIBOR EUR Deposit Rate 0.15% 0.99% 0.03% 1.13% n/a n/a
Note: Total performance is historical and is not a guarantee of future results. The net asset value of shares classes may go up or down. Performance is net of all applicable fees as well as distributions made during the calendar year ended December 31, 2013 (but does not reflect a sales charge as stated in the note 4 to the financial statements). The performance is different across share classes depending on applicable asset management and shareholder servicing fees as disclosed in the note 4 to the financial statements. In addition, currency fluctuations may also affect performance depending on the currency of denomination of the share class and the base currency of the Portfolio. The returns are stated in the currency in which the portfolios are denominated.
**See note 1.32cPerformance until closure December 6, 201332dPerformance from launch November 26, 2012 until closure December 6, 201333Performance since launch August 24, 201234Performance since launch October 16, 201235Performance since launch September 17, 201236Performance since launch October 16, 201237Performance since launch March 3, 201138Performance since launch September 27, 201139Performance since launch October 16, 2012
Share Class Performance (unaudited)(continued)
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Share
Class Benchmark Name
December 31, 2013 December 31, 2012 December 31, 2011
Benchmark
Portfolio
Return Benchmark
Portfolio
Return Benchmark
Portfolio
Return
Threadneedle (Lux) - Global Opportunities Bond
AEH40 CITIGROUP USD Euro Deposit (1m) (USD) 0.18% 2.10% 0.25% 6.16% 0.09% 1.73%AFH41 CITIGROUP USD Euro Deposit (1m) (USD) 0.18% 2.01% 0.04% -0.27% n/a n/aAGH40 CITIGROUP USD Euro Deposit (1m) (USD) 0.18% 2.58% 0.25% 6.39% 0.09% 2.20%AU40 CITIGROUP USD Euro Deposit (1m) (USD) 0.18% 2.70% 0.25% 6.54% 0.09% 1.93%DEH40 CITIGROUP USD Euro Deposit (1m) (USD) 0.18% 1.46% 0.25% 6.48% 0.09% 1.58%DU40 CITIGROUP USD Euro Deposit (1m) (USD) 0.18% 1.76% 0.25% 6.80% 0.09% 1.75%IEH40 CITIGROUP USD Euro Deposit (1m) (USD) 0.18% 2.75% 0.25% 7.01% 0.09% 2.05%IFH42 CITIGROUP USD Euro Deposit (1m) (USD) 0.07% 2.60% n/a n/a n/a n/aIGH40 CITIGROUP USD Euro Deposit (1m) (USD) 0.18% 3.36% 0.25% 7.42% 0.09% 2.45%IU40 CITIGROUP USD Euro Deposit (1m) (USD) 0.18% 3.19% 0.25% 7.44% 0.09% 2.20%ZGH43 CITIGROUP USD Euro Deposit (1m) (USD) 0.18% 3.27% 0.04% -0.07% n/a n/aThreadneedle (Lux) - European Select**
AE44 3 Month LIBOR EUR Deposit Rate 0.15% 4.52% 0.43% 0.40% n/a n/aAGH44 3 Month LIBOR EUR Deposit Rate 0.15% 6.00% 0.43% 1.13% n/a n/aAUH44 3 Month LIBOR EUR Deposit Rate 0.15% 5.21% 0.43% 1.07% n/a n/aIE44 3 Month LIBOR EUR Deposit Rate 0.15% 5.39% 0.43% 1.05% n/a n/aZGH45 3 Month LIBOR EUR Deposit Rate 0.15% 5.77% 0.03% 0.53% n/a n/aThreadneedle (Lux) - Enhanced Commodities
AEH DJ UBS Commodities Index -9.52% -12.45% -1.06% 0.82% -13.32% -5.98%AFH46 DJ UBS Commodities Index -9.52% -12.55% -6.14% -6.91% n/a n/aAGH DJ UBS Commodities Index -9.52% -12.04% -1.06% 1.52% -13.32% -5.30%ASH47 DJ UBS Commodities Index -9.52% -12.11% -6.81% -7.26% n/a n/aAU DJ UBS Commodities Index -9.52% -11.98% -1.06% 1.78% -13.32% -4.97%DEH DJ UBS Commodities Index -9.52% -12.91% -1.06% 0.34% -13.32% -6.27%DU DJ UBS Commodities Index -9.52% -12.39% -1.06% 1.22% -13.32% -5.27%IEH DJ UBS Commodities Index -9.52% -11.71% -1.06% 1.70% -13.32% -5.00%IFH48 DJ UBS Commodities Index -9.52% -11.84% -3.93% -5.59% n/a n/aIGH DJ UBS Commodities Index -9.52% -11.27% -1.06% 2.34% -13.32% -4.73%IKH49 DJ UBS Commodities Index -9.52% -10.94% -4.60% -3.53% n/a n/aIU DJ UBS Commodities Index -9.52% -11.21% -1.06% 2.64% -13.32% -4.21%XGH50 DJ UBS Commodities Index -9.52% -10.32% -1.06% 3.49% -13.43% -10.52%XU51 DJ UBS Commodities Index -9.52% -10.21% -4.40% -0.79% n/a n/aZGH52 DJ UBS Commodities Index -9.52% -11.26% -4.50% -3.47% n/a n/a
Note: Total performance is historical and is not a guarantee of future results. The net asset value of shares classes may go up or down. Performance is net of all applicable fees as well as distributions made during the calendar year ended December 31, 2013 (but does not reflect a sales charge as stated in the note 4 to the financial statements). The performance is different across share classes depending on applicable asset management and shareholder servicing fees as disclosed in the note 4 to the financial statements. In addition, currency fluctuations may also affect performance depending on the currency of denomination of the share class and the base currency of the Portfolio. The returns are stated in the currency in which the portfolios are denominated.
**See note 1.40Performance since launch August 24, 201141Performance since launch November 5, 201242Performance since launch June 24, 201343Performance since launch October 16, 201244Performance since launch January 18, 201245Performance since launch October 16, 201246Performance since launch February 21, 201247Performance since launch February 23, 201248Performance since launch March 7, 201249Performance since launch August 21, 201250Performance since launch September 2, 201151Performance since launch January 24, 201252Performance since launch October 16, 2012
171
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Directory
Registered Office
31 Z.A. BourmichtL-8070 BertrangeGrand Duchy of Luxembourg
Investment Advisor
Threadneedle Management Luxembourg S.A.
Delegated to1:
Sub-Advisors Portfolio
Management Company
Threadneedle Management Luxembourg S.A.74 MühlenwegL-2155 LuxembourgGrand Duchy of Luxembourg
Zenit S.G.R. S.p.A Threadneedle (Lux) - European Quantitative Equities3
Via Privata Maria Teresa 720123 MilanItaly
Mondrian Investment Threadneedle (Lux) - Mondrian Investment Partners - Partners Limited Focused Emerging Markets Equity5th Floor10 Gresham StreetLondon EC2V 7JDUnited Kingdom
Columbia Management Threadneedle (Lux) - US$ High Income BondsInvestment Advisers, LLC Threadneedle (Lux) - Global Energy Equities100 Federal Street Threadneedle (Lux) - Global TechnologyBoston MA 02110 Threadneedle (Lux) - US Contrarian Core EquitiesUnited States of America
Threadneedle Asset Threadneedle (Lux) - Global Aggregate Bond2
Management Limited Threadneedle (Lux) - Global Emerging Market Short-Term Bonds2
60 St. Mary Axe Threadneedle (Lux) - American London EC3A 8JQ Threadneedle (Lux) - Global Asset Allocation United Kingdom Threadneedle (Lux) - Global Focus Threadneedle (Lux) - Target Return (US$)3
Threadneedle (Lux) - Emerging Market Debt2
Threadneedle (Lux) - Emerging Market Corporate Bonds2
Threadneedle (Lux) - Pan European Small Cap Opportunities Threadneedle (Lux) - Pan European Equities Threadneedle (Lux) - Asian Equity Income Threadneedle (Lux) - American Select Threadneedle (Lux) - Euro Active Bonds Threadneedle (Lux) - Global Emerging Market Equities2
Threadneedle (Lux) - Greater China Equities Threadneedle (Lux) - American Absolute Alpha Threadneedle (Lux) - Absolute Emerging Market Macro2
Threadneedle (Lux) - Global Opportunities Bond2
Threadneedle (Lux) - Enhanced Commodities Threadneedle (Lux) - Global Smaller Companies3
Threadneedle (Lux) - UK Equities Threadneedle (Lux) - European Select3
Threadneedle (Lux) - Multi Asset Target Alpha
Walter Scott & Partners Limited Threadneedle (Lux) - Global Equities - Walter Scott & Partners 1 Charlotte Square Edinburgh EH2 4DR Scotland
1Subject to the responsibility and oversight of Threadneedle Management Luxembourg S.A.2Columbia Management Investment Advisers, LLC makes investment recommendations to Threadneedle Asset Management Limited and, therefore provides investment advice supported by research, to Threadneedle Asset Management Limited.3See note 1.
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Threadneedle (Lux) Audited Annual Report and Accounts March 2014
Custodian, Domiciliary and Administrative Agent
Citibank International plc (Luxembourg Branch) 31 Z.A. BourmichtL-8070 Bertrange Grand Duchy of Luxembourg
Registrar and Transfer Agent
International Financial Data Services (Luxembourg) S.A. 47 Avenue John F. Kennedy L-1855 LuxembourgGrand Duchy of Luxembourg
Distributor
Threadneedle Management Luxembourg S.A. 74 Mühlenweg L-2155 Luxembourg Grand Duchy of Luxembourg
Paying Agent
Citibank International plc (Luxembourg Branch) 31 Z.A. Bourmicht L-8070 Bertrange Grand Duchy of Luxembourg
Delegated to:
In Austria
Erste Bank der oesterreichischen Sparkassen AG Graben 21 A-1010 Vienna Austria
In France
CACEIS Bank France 1/3 Place Valhubert F-75206 Paris Cedex 13 France
In Germany
J.P. Morgan AG Junghofstrasse 14 D-60311 Frankfurt am Main Germany
Representative and Paying Agent in Hong Kong
HSBC Institutional Trust Services (Asia) Limited 17/F Tower 2 & 3 HSBC Centre 1 Sham Mong Road Kowloon Hong Kong
Representative and Paying Agent in Switzerland
RBC Investor Services Bank S.A. Zurich BranchEsch-sur-Alzette Badenerstrasse 567 P.O. Box 101 CH-8066 Zurich Switzerland
Auditor
PricewaterhouseCoopers, Société coopérative 400 Route d’Esch B.P. 1443 L-1014 Luxembourg Grand Duchy of Luxembourg
Legal Advisors in Luxembourg
Linklaters LLP35 Avenue John F. Kennedy B.P. 1107L-1011 LuxembourgGrand Duchy of Luxembourg
Legal Advisors in Germany
Hengeler MuellerBockheimer Landstrasse 24D-60323 Frankfurt am MainGermany
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