barclays multi-manager fund plc - caixabank · 2016-11-09 · james de salis (uk)** 1 churchill...

Wealth and Investment Management

BarclaysMulti-Manager Fund PLC

Annual Report & Audited Financial Statementsfor the year ended 31 May 2016

Barclays Multi-Manager Fund PLC Annual Report and AuditedFinancial Statements 2016

Contents Page

Organisation 1

Background to the Company 8

Investment Manager's Report 33

Custodian's Report to the Shareholders 54

Depositary's Report to the Shareholders 55

Directors' Report 56

Independent Auditors' Report to the Shareholders of Barclays Multi-Manager Fund PLC 64

Aggregated Statement of Comprehensive Income 67

Aggregated Statement of Financial Position 68

Aggregated Statement of Changes in Net Assets Attributableto Holders of Redeemable Participating Shares 69

Aggregated Statement of Cash Flows 70

Statement of Comprehensive Income per Fund 71

Statement of Financial Position per Fund 77

Statement of Changes in Net Assets Attributable to Holders of RedeemableParticipating Shares per Fund 83

Statement of Cash Flows per Fund 89

Notes to the Financial Statements 95


Contents (Continued) Page

Schedule of Investments as at 31 May 2016:

GlobalAccess UK Alpha Fund 337GlobalAccess UK Opportunities Fund 349GlobalAccess Global Government Bond Fund 357GlobalAccess Pacific Rim (ex-Japan) Fund 374GlobalAccess Emerging Market Equity Fund 390GlobalAccess Global High Yield Bond Fund 423GlobalAccess Global Corporate Bond Fund 459GlobalAccess Global Inflation Linked Bond Fund 480GlobalAccess Emerging Market Debt Fund 492GlobalAccess Global Property Securities Fund 519GlobalAccess Global Short Duration Bond Fund 527GlobalAccess US Small & Mid Cap Equity Fund 542GlobalAccess US Value Fund 562GlobalAccess Global Equity Income Fund 574GlobalAccess Emerging Market Local Currency Debt Fund 600GlobalAccess Europe (ex-UK) Alpha Fund 609GlobalAccess Japan Fund 626

Schedule of Portfolio Changes for the year ended 31 May 2016 (Unaudited):

GlobalAccess UK Alpha Fund 634GlobalAccess UK Opportunities Fund 636GlobalAccess Global Government Bond Fund 638GlobalAccess Pacific Rim (ex-Japan) Fund 640GlobalAccess Emerging Market Equity Fund 642GlobalAccess Global High Yield Bond Fund 644GlobalAccess Global Corporate Bond Fund 646GlobalAccess Global Inflation Linked Bond Fund 648GlobalAccess Emerging Market Debt Fund 650GlobalAccess Global Property Securities Fund 652GlobalAccess Global Short Duration Bond Fund 654GlobalAccess US Small & Mid Cap Equity Fund 656GlobalAccess US Value Fund 658GlobalAccess Global Equity Income Fund 660GlobalAccess Emerging Market Local Currency Debt Fund 662GlobalAccess Europe (ex-UK) Alpha Fund 664GlobalAccess Japan Fund 666

Appendix 1


Organisation

Directors of the Company Investment Manager & Promoter Registered OfficeSeán Blake (Irish)* Barclays Bank PLC 6th FloorDavid Kingston (Irish)* Acting through its Wealth and 2 Grand Canal SquareHugh Paul Shovlin (Irish)* Investment Management Division Dublin 2James de Salis (UK)** 1 Churchill Place IrelandKishor Mandalia (UK)*** Canary Wharf

London E14 5HPUnited Kingdom

*Independent Directors

**Effective 1 August 2015,James de Salis ceased to be anemployee of Barclays Bank PLCbut remained on the Board ofthe Company until his resignation on 25 May 2016.

*** Appointed on 26 May 2016.

Custodian/Depositary Administrator, Registrar Independent AuditorsNorthern Trust Fiduciary and Transfer Agent PricewaterhouseCoopersServices (Ireland) Limited Northern Trust International Fund One Spencer DockGeorges Court Administration Services (Ireland) North Wall Quay54-62 Townsend Street Limited Dublin 1Dublin 2 Georges Court IrelandIreland 54-62 Townsend Street

Dublin 2Ireland

Secretary Sponsoring Broker Irish Legal Advisor Wilton Secretarial Limited Arthur Cox Listing Services Limited William Fry Solicitors6th Floor Earlsfort Centre 6th Floor2 Grand Canal Square Earlsfort Terrace 2 Grand Canal SquareDublin 2 Dublin 2 Dublin 2Ireland Ireland Ireland

Registered No: 390324

1


Organisation (Continued)

DistributorsBarclays Bank PLC Barclays Bank PLC Barclays Bank, S.A.U.1 Churchill Place (Portuguese Branch) Plaza de Colón No.1Canary Wharf Avenida da Republica E-28046 MadridLondon E14 5HP No 50, 2nd Floor-1050-196 SpainUnited Kingdom Lisbon

Portugal

Barclays Private Clients Barclays Private Clients International Limited International LimitedJersey Branch Guernsey Branch13 Library Place Le Marchant HouseSt Helier St Peter PortJersey GuernseyJE4 8NE GY1 3BEChannel Islands Channel Islands

Sub-Investment ManagersAllianceBernstein Argonaut Capital Arrowstreet Capital, L.P.Devonshire House 4th Floor 200 Clarendon StreetOne Mayfair Place 115 George Street The John Hancock CentreLondon W1J 8AJ Edinburgh 30th FloorUnited Kingdom EH2 4JN Boston 02116-5021

United Kingdom USA

Artemis Fund Managers Limited Artisan Partners Barrow, Hanley, 42 Melville Street 875 E. Wisconsin Ave Mewhinney & StraussEdinburgh Suite 800 JP Morgan Chase TowerEH3 7HA Milwaukee 53202-5404 2200 Ross Avenue, 31st FloorUnited Kingdom USA Dallas

TX 75201USA

Baillie Gifford & Co. BlackRock Inc. BNY Mellon ARX InvestimentosCalton Square 55 East 52nd Street Avenue Borges de Medeiros1 Greenside Row New York 633 4o andarEdinburgh NY 10055 Offices Shopping LeblonEH1 3AN USA Rio de JaneiroUnited Kingdom CEP 22430-041

Brazil

Brandywine Global Investment Ceredex Value Advisors LLC Colchester Global InvestorsManagement LLC 333 Piedmont Road NE 20 Savile Row2929 Arch Street Suite 1500 London W1S 3PR8th Floor Atlanta United KingdomPhiladelphia GA 30305PA 19104 USAUSA

2



Sub-Investment Managers (Continued)Cramer Rosenthal McGlynn LLC Fidelity Worldwide Investment Hermes Investment 520 Madison Avenue FIL Pensions Management Management Limited32nd Floor Oakhill House Lloyds ChambersNew York 130 Tonbridge Road 1 Portsoken StreetNY 10022 Hildenborough London E1 8HZUSA Kent TN11 9DZ United Kingdom

United Kingdom

Heronbridge Investment Jackson Square Partners, LLC J O Hambro CapitalManagement LLP 101 California Street Management Limited1 Queen Street Suite 3750 Ground FloorBath BA1 1HE San Francisco 14 Ryder StreetUnited Kingdom CA 94111 London SW1Y 6QB

USA United Kingdom

JPMorgan Asset Management Jupiter Asset Management Kennedy Capital Management Finsbury Dials Limited 10829 Olive Boulevard20 Finsbury Street 1 Grosvenor Place Suite 100London EC2Y 9AQ London SW1X 7JJ Saint LouisUnited Kingdom United Kingdom Missouri 63141

USA

Kleinwort Benson Investors Lazard Asset Management Lindsell Train Limited 3rd Floor Limited 2 Queen Anne's Gate Buildings 2 Harbourmaster Place 50 Stratton Street Dartmouth Street IFSC London W1J 8LL London SW1H 9BP Dublin 1 United Kingdom United Kingdom Ireland

London Company of Virginia LLC Majedie Asset Management Nomura Corporate Research and1800 Bayberry Court 10 Old Bailey Asset Management, Inc.Suit 301 London EC4M 7NG 2 World Financial CenterRichmond United Kingdom Building BVA 23226 New YorkUSA NY 10281-1198

USA

Oaktree Capital Management L.P. Old Mutual Global Investors PIMCO Europe Ltd333 South Grand Avenue 2 Lambeth Hill 103 Wigmore Street28th Floor London EC4P 4WR London W1U 1QSLos Angeles United Kingdom United Kingdom CA 90071USA

3



Sub-Investment Managers (Continued)Pioneer Investment Principal Global Investors Pzena Investment Management S.G.R.p.A. (Europe) Limited Management, LLCPiazza Gae Aulenti Level 1 120 West 45th Street1 - Tower B 1 Wood Street 20th Floor20154 London EC2V 7JB New YorkMilan United Kingdom NY 10036Italy USA

Sarasin & Partners LLP Schroders Investment Somerset CapitalJuxton House Management (Japan) Ltd Management LLP100 St. Paul's Churchyard 31 Gresham Street 28 Ely PlaceLondon EC4M 8BU London WC2V 7QA London EC1N 6TDUnited Kingdom United Kingdom United Kingdom

Stone Harbor Investment T.Rowe Price Wellington Management Partners (UK) LLP 100 East Pratt Street Company LLP48 Dover Street Baltimore 75 State Street5th Floor Maryland 21202 BostonLondon W1S 4FF USA MA02109United Kingdom USA

Sales Agents Allfunds Bank Allfunds Bank AXA Isle Of Man LimitedC/Estafeta, 6 La Moraleja 2-8 Avenue Charles De Gaulle Royalty HouseComplejo Plaza De La Fuente L-1653 Walpole AvenueEdificio 3 Luxembourg IM1 2SL28109 Alcobendas Madrid DouglasSpain Isle of Man

Bankinter S.A. Barclays Wealth Nominees Barclaytrust Channel Islands(Portugal Branch) Limited LimitedAV Colegio Militar - Torre Oriente 1 Churchill Place 39/41 Broad Street37F 13 Floor Canary Wharf St. Helier1500-180 Lisbon London E14 5HP JerseyPortugal United Kingdom JE4 8PU

Channel Islands

BNP Paribas Securities Services CA Indosuez Wealth Management Caceis Bank France60 Avenue J.F Kennedy Quai Du General Guisan 4 1-3 Place ValhubertL-1855 CH-1204 Geneva 75013 ParisLuxembourg Switzerland France

4



Sales Agents (Continued)Clearstream Banking S.A. Cofunds Nominees Limited Fil Nominee (Shareholdings)42 Avenue J.F Kennedy 1 Coleman Street LimitedL-1855 London EC2R 5AA Oakhill House Luxembourg United Kingdom 130 Tonbridge Road

Hildenborough Kent TN11 9DZUnited Kingdom

Fundsettle EOC Nominees Limited The Northern Trust Nortrust Nominees Limited33 Cannon Street Company (AVFC) 50 Bank StreetLondon EC4M 5SB c/o Nortrust Nominees Limited Canary WharfUnited Kingdom 50 Bank Street London E14 5NT

Canary Wharf United Kingdom London E14 5NTUnited Kingdom

Pictet & Cie R C Greig Nominees Limited RBC Investor Services Bank S.A.Route des Acacias 60 c/o Gerrard Nominees Limited 14 Porte de FranceCH-1211 Genève 73 155 St. Vincent Street L-4360, Esch-sur-AlzetteSwitzerland Glasgow Luxembourg

G2 5NNUnited Kingdom

SMBC Nikko Securities Inc. St Ann's Square Nominees Limited Transact Nominees Limited3-1 Marunouchi 3-Chome Henry Pilling House 29 Clements LaneChiyoda Ku Booth Street London EC4N 7AE100-8325 Manchester M2 4AF United Kingdom Tokyo United Kingdom Japan

Vestra Nominees Limited Zeban Nominees Limited 14 Cornhill 1 Churchill Place London EC3V 3NR Canary WharfUnited Kingdom London E14 5HP

United Kingdom

Counterparty

ANZ Banking Corporation Bank of America Merrill Lynch Bank of New York Mellon43,55 Collins Street 5 Canada Square CorporationMelbourne London E14 5AQ BNY Mellon CentreVIC 3001 United Kingdom 160 Queen Victoria StreetAustralia London EC4V 4LA

United Kingdom

At the year end, one or more of the 17 Funds entered into Futures contracts and Forward currency contracts with the following counterparties:

5



Counterparty (Continued)Barclays Bank PLC Barclays Capital BNP Paribas PLC1 Churchill Place 5 The North Colonnade 60 London WallLondon E14 5HP Canary Wharf London EC2M 5TQUnited Kingdom London E14 4BB United Kingdom

United Kingdom

Citibank International plc Credit Agricole CIB Credit Suisse InternationalCitigroup Centre London Branch 1 Cabot Square33 Canada Square Broadwalk House Canary WharfCanary Wharf 5 Appold Street London E14 4QJLondon E14 5LB London EC2A 2DA United KingdomUnited Kingdom United Kingdom

Deutsche Bank AG Goldman Sachs International HSBC Bank plc1 Great Winchester Street Peterborough Court 8 Canada SquareLondon EC2N 2DB 133 Fleet Street London E14 5HQUnited Kingdom London EC4A 2BB United Kingdom

United Kingdom

JP Morgan Chase Bank Morgan Stanley & Co. National Australia Bank25 Bank Street International plc Level 1Canary Wharf 25 Cabot Square 800 Bourke StreetLondon E14 5JP Canary Wharf Docklands MelbourneUnited Kingdom London E14 4QA VIC 3008

United Kingdom Australia

The Northern Trust Company, The Northern Trust Company, The Northern Trust Company, Chicago Branch London Branch Singapore Branch50 South Lasalle Street 50 Bank Street 1 George StreetChicago Canary Wharf Singapore 049145Illinois 60675 London E14 5NT SingaporeUSA United Kingdom

Royal Bank of Canada Royal Bank of Scotland Societe GeneraleRiverbank House 36 St Andrew Square S G House2 Swan Lane Edinburgh 41 Tower HillLondon EC4R 3BF EH2 2YB London EC3N 4SGUnited Kingdom United Kingdom United Kingdom

Standard Chartered Bank State Street Bank Toronto Dominion Bank1 Basinghall Avenue 20 Churchill Place 1555 Ave Van HorneLondon EC2V 5DD Canary Wharf Outremont, QCUnited Kingdom London E14 5HJ H2V 1L6

United Kingdom Canada

6



Counterparty (Continued)UBS Westpac1 Finsbury Avenue 275 Kent StreetLondon EC2M 2PP Sydney NSW 2000United Kingdom Australia

7


Background to the Company

- currency of denomination of the class;- the availability of the share class to certain investors;- dividend policy;- the level of fees and expenses to be charged; and- the minimum subscription, minimum holding and minimum redemption applicable.

The Class Y shares are only available in the Euro accumulation share class for all Funds.

Investment Objectives

The individual Fund's investment objectives and strategies are on the following pages.

The below details are in summary form only and must be read in conjunction with the detailed informationcontained in the Prospectus of the Company.

Any alteration to the investment objectives or any material change to the investment policies of any Fund atany time will be subject to the approval in writing of a majority of Shareholders of such Fund.

The Class A, Class B, Class I, Class M and Class Z shares are available as accumulation and distribution sharesfor all Funds in USD, GBP and EUR, and for the GlobalAccess Japan Fund, also in JPY.

Barclays Multi-Manager Fund PLC ("the Company") is an open-ended investment company, with variablecapital and limited liability organised under the laws of Ireland. The Company was incorporated in Ireland on27 September 2004. The Company is authorised by the Central Bank of Ireland as a Undertakings forCollective Investment in Transferable Securities ("UCITS") within the meaning of the European Communities(Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (“theUCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1))(Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITSRegulations").

The Company is structured as an umbrella Fund in that different Funds thereof may be established with theprior approval of the Central Bank of Ireland. In addition, each Fund may have more than one share class. Theshares of each class in a Fund will rank pari passu with each other in all respects except as to all or any of thefollowing:

The net assets of each Fund will be separate from one another and will be invested in accordance with theinvestment objectives and policies applicable to each such Fund.

The Company appoints Sub-Investment Managers to provide investment management and advisory servicesin respect of the assets of the Funds. The Investment Manager will select high quality Sub-InvestmentManagers and monitors their performance and can make replacements if they feel it necessary. Details of theSub-Investment Managers operating during the year from 1 June 2015 to 31 May 2016 are outlined in the"Organisation" on pages 2 to 4.

The Distributors (stated on page 2 "Organisation") also act as paying agents. The Prospectus, the annual andsemi-annual reports, and a list of all fund transactions of the portfolios can be obtained free-of-charge fromyour local distributor.

When a reference is made to the Company in the Financial Statements, it refers to any of the 17 live Fundswithin the umbrella.

Each Fund may have six categories of share classes, namely, the A, B, I, M, Y and Z.

8


Background to the Company (Continued)

Investment Objectives (Continued)

GlobalAccess UK Alpha Fund

GlobalAccess UK Opportunities Fund The Fund seeks to maximise long-term total return primarily through investment in UK companies.

The Fund seeks superior long-term capital growth primarily through investment in UK companies.

The Fund invests primarily in common stock, preferred shares and securities convertible into common stock,of established companies across a range of industries, domiciled in the UK or having significant operations inthe UK, and listed or traded on a Regulated Market in the UK or in an OECD Country. The Fund is not subjectto any capitalisation restrictions.

The Fund may, with the remaining portion of the assets (and on an ancillary basis), invest in non-UK equitysecurities, investment grade government and corporate fixed income securities and convertible debt securities(listed or traded on a Regulated Market). Convertible debt securities are debt securities that are convertibleinto equity securities of the issuer. The Fund may also invest up to 10% of its Net Asset Value in othercollective investment undertakings.

To ensure eligibility for the French Plan d'Epargne en Actions (“PEA”), the Fund invests at least 75% of its totalassets in equity securities issued by companies which have their head office in PEA eligible countries, and/orin PEA eligible collective investment undertakings.

The Fund may also employ techniques and instruments relating to transferable securities, including engagingin transactions in financial derivative instruments (“FDIs”) for efficient portfolio management purposes, toprovide protection against exchange risk or for investment purposes. Investments in FDIs will be inaccordance with the provisions set out in the Prospectus under the section headed “Investments in FinancialDerivative Instruments – Efficient Portfolio Management/Direct Investment” and may include, but are notlimited to, investments in the FDIs set out therein, such as futures and forwards. The Fund may be leveragedup to 100% of its Net Asset Value through the use of FDIs in accordance with the Central Bank’s requirementsand may through the use of futures or forwards, achieve synthetic net short positions.

The base currency of the Fund is Sterling and the Fund is valued in Sterling. The Fund may however invest inassets denominated in currencies other than Sterling.

This Fund is suitable for investors seeking capital growth over a five to ten year time horizon and who arewilling to accept a moderate level of volatility.

The Fund may, with the remaining portion of the assets (and on an ancillary basis), invest in non-UK equitysecurities, investment grade government and corporate fixed income securities and convertible debt securities(listed or traded on a Regulated Market). Convertible debt securities are debt securities that are convertibleinto equity securities of the issuer. The Fund may also invest up to 10% of its Net Asset Value in othercollective investment undertakings.

The Fund invests primarily in common stocks, preferred shares and securities convertible into common stock,of companies across a range of industries, domiciled in the UK or having significant operations in the UK, andlisted on a UK Regulated Market or Regulated Market of an OECD Country. The Fund will seek to invest in UKcompanies which the Investment Manager and/or Sub-Investment Manager(s) believe(s) to possess stronggrowth prospects. As higher growth rates are often achieved by small to medium-sized companies, asignificant portion of the Fund’s assets may be invested in the securities of such companies.

9




GlobalAccess UK Opportunities Fund (Continued)

GlobalAccess Global Government Bond Fund


The base currency of the Fund is Sterling and the Fund is valued in Sterling. The Fund may however invest inassets denominated in currencies other than Sterling.

The base currency of the Fund is US Dollars and the Fund is valued in US Dollars.


This Fund is suitable for investors seeking capital growth over a five to ten year time horizon and who arewilling to accept a moderate to high level of volatility.

The Fund may hold securities of varying maturities and denominated in various currencies. Under mostconditions the Investment Manager and/or Sub-Investment Manager(s) will seek to hedge the currencyexposure of the Fund’s holdings to the base currency, although it is not required to do so. The Fund may alsoinvest up to 10% of its Net Asset Value in other collective investment undertakings.

The Fund seeks to achieve total return primarily through investment in highly rated fixed income securitiesfrom around the world, denominated in a range of currencies.

The Fund invests predominantly in a portfolio consisting of fixed income government securities with a creditrating of “A and above” from Standard & Poor’s and/or Moody’s listed or traded on Regulated Marketsworldwide. While the Fund will seek to invest primarily in such securities, it may also make allocations to otherinvestment grade securities including fixed income corporate securities and, on ancillary basis (i.e. not toexceed 10%), to below investment grade securities.


This Fund is suitable for investors seeking an ongoing source of income and an element of capital growth overa five year time horizon and who are willing to accept a moderate degree of volatility.

10




GlobalAccess Pacific Rim (ex-Japan) Fund

GlobalAccess Emerging Market Equity Fund


The Fund may, with the remaining portion of the assets (and on an ancillary basis), invest in non-EmergingMarket Countries’ equity securities, investment grade government and corporate fixed income securities andconvertible debt securities (listed or traded on a Regulated Market). Convertible debt securities are debtsecurities that are convertible into equity securities of the issuer. The Fund may also invest up to 10% of itsNet Asset Value in other collective investment undertakings.

The Fund invests primarily in common stock, preferred shares and securities convertible into common stock,of companies domiciled or having significant operations in and listed or traded on the Regulated Marketsacross the Pacific Rim Region, excluding Japan in a range of industries. The Fund is not subject to anycapitalisation restrictions.

The Fund may, with the remaining portion of the assets (and on an ancillary basis), invest in equity securitiesoutside the Pacific Rim region, Japanese equity securities, investment grade government and corporate fixedincome securities and convertible debt securities (listed or traded on a Regulated Market). Convertible debtsecurities are debt securities that are convertible into equity securities of the issuer. The Fund may also investup to 10% of its Net Asset Value in other collective investment undertakings.

This Fund seeks long-term capital growth primarily through investment in companies throughout the PacificRim Region, excluding Japan.


The base currency of the Fund is US Dollars and the Fund is valued in US Dollars. The Fund may howeverinvest in assets denominated in currencies other than US Dollars.

The Fund invests primarily in common stock, preferred shares and securities convertible into common stock,of companies domiciled in, or having significant operations in, and listed or traded on the Regulated Marketsof, a diversified group of emerging and less developed countries, across a range of industries. There are nocapitalisation restrictions imposed on the Investment Manager and/or Sub-Investment Manager(s).


The Fund seeks long-term capital growth primarily through investment in companies in Emerging MarketCountries.

11




GlobalAccess Emerging Market Equity Fund (Continued)

GlobalAccess Global High Yield Bond Fund The Fund seeks to achieve total return primarily through investment in below investment grade fixed incomesecurities issued by corporations throughout the world.

The Fund invests predominantly in corporate debt securities rated below investment grade which are listed ortraded on Regulated Markets worldwide.

The types of debt securities in which the Fund can invest include but are not limited to bonds and notes(including government bonds, corporate bonds, structured notes (provided they are freely transferable andunleveraged), asset-backed and mortgage-related securities), money market instruments (includinggovernment bills, commercial paper, bankers' acceptances and certificates of deposit), preferred securitiesand convertible securities.

The debt securities could contain any type of interest rate payment or reset terms, including fixed rate,floating rate, adjustable rate, zero coupon, contingent, deferred and payment-in-kind (i.e. bonds which payinterest in the form of additional bonds of the same kind). The Fund may also invest in participation interestsin loans (provided they are securitised, listed/traded and unleveraged).

This Fund is suitable for investors seeking an ongoing source of income and an element of capital growth overa five to ten year time horizon and who are willing to accept a moderate to high degree of volatility. Given thehigh allocation to below investment grade debt securities, this Fund may not be suitable for all investors andshould not constitute a substantial portion of an investment portfolio.



The Fund may hold debt securities of varying maturities and denominated in various currencies. Under mostconditions the Investment Manager and/or Sub-Investment Manager(s) will seek to hedge the currencyexposure of the Fund's holdings to the base currency, although it is not required to do so. The Fund may alsoinvest up to 10% of its Net Asset Value in other collective investment undertakings.


This Fund is suitable for investors seeking capital growth over a five to ten year time horizon and who arewilling to accept a moderate to high level of volatility. Given the high allocation to emerging markets, thisFund may not be suitable for all investors and should not constitute a substantial portion of an investmentportfolio.

12




GlobalAccess Global Corporate Bond Fund

GlobalAccess Global Inflation Linked Bond Fund

The Fund invests primarily in fixed income securities issued by corporations and non-government relatedissuers with an investment grade credit rating from Standard & Poor’s and/or Moody’s listed or traded onRegulated Markets worldwide. While the Fund will seek to invest primarily in such securities, it may also makeallocations to other investment grade securities and, on an ancillary basis (i.e. not to exceed 20%), to belowinvestment grade securities. The Fund may hold securities of varying maturities and denominated in variouscurrencies. Under most conditions the Investment Manager and/or Sub-Investment Manager(s) will seek tohedge the currency exposure of the Fund’s holdings to the base currency, although it is not required to do so.The Fund may also invest up to 10% of its Net Asset Value in other collective investment undertakings.




The Fund seeks to achieve total return primarily through investment in non-government debt securitiesdenominated in various currencies.


The Fund seeks to achieve total return primarily through investment in inflation-linked debt securities andother highly rated fixed income securities from around the world, denominated in a range of currencies.

The Fund invests predominantly in a portfolio consisting of inflation-linked and fixed income government andcorporate securities with an investment grade credit rating from Standard & Poor’s and/or Moody’s listed ortraded on Regulated Markets worldwide. While the Fund will seek to invest primarily in such securities, it mayalso make allocations to other investment grade securities and, on ancillary basis (i.e. not to exceed 10%), tobelow investment grade securities. The Fund may hold securities of varying maturities and denominated invarious currencies. Under most conditions the Investment Manager and/or Sub-Investment Manager(s) willseek to hedge the currency exposure of the Fund’s holdings to the base currency, although it is not requiredto do so.

13




GlobalAccess Global Inflation Linked Bond Fund (Continued)

GlobalAccess Emerging Market Debt Fund



The debt securities could contain any type of interest rate payment or reset terms, including fixed rate,floating rate, adjustable rate, zero coupon, deferred and payment-in-kind (i.e. bonds which pay interest in theform of additional bonds of the same kind). The Fund may also invest up to 10% of its Net Asset Value inother collective investment undertakings.

The Fund invests predominantly in debt securities of governments of Emerging Market Countries and ofcorporations domiciled in, or having significant operations in Emerging Market Countries.


The Fund may hold debt securities of varying maturities and denominated in various currencies. The Fundmay hold a significant proportion of its holdings in the local currencies of emerging market countries and thiscurrency exposure may be unhedged. The Fund may also invest up to 10% of its Net Asset Value in othercollective investment undertakings.

The Fund seeks to achieve total return primarily through investment in fixed income securities issued bygovernments and corporations in Emerging Market Countries.

The debt securities could contain any type of interest rate payment or reset terms, including fixed rate,floating rate, adjustable rate, zero coupon, contingent, deferred and payment-in-kind (i.e. bonds which payinterest in the form of additional bonds of the same kind).


14




GlobalAccess Emerging Market Debt Fund (Continued)

GlobalAccess Global Property Securities Fund



The Fund invests primarily in common stock, preferred shares and securities convertible into common stock,of real estate investment trusts and companies in the property industry, listed or traded on a RegulatedMarket in an OECD Country. Listed property securities provide greater diversification benefits and generallyhave greater liquidity than direct investment in physical property. However, they may also be subject togreater levels of volatility than investment in physical property. The Fund is not subject to any capitalisationrestrictions.

The Fund may, with the remaining portion of the assets (and on an ancillary basis), invest in, investmentgrade government and corporate fixed income securities, and convertible debt securities (listed or traded on aRegulated Market). Convertible debt securities are debt securities that are convertible into equity securities ofthe issuer. The Fund may also invest up to 10% of its Net Asset Value in other collective investmentundertakings.

This Fund is suitable for investors seeking capital growth over a five to ten year time horizon and who arewilling to accept a moderate to high level of volatility. Given the high allocation to property, this Fund may notbe suitable for all investors and should not constitute a substantial portion of an investment portfolio.


This Fund is suitable for investors seeking an ongoing source of income and an element of capital growth overa five to ten year time horizon and who are willing to accept a moderate to high level of volatility. Given thehigh allocation to below investment grade debt securities and emerging markets, this Fund may not besuitable for all investors and should not constitute a substantial portion of an investment portfolio.


The Fund seeks to maximise long-term total return primarily through investment in listed property companies.

15




GlobalAccess Global Short Duration Bond Fund

GlobalAccess US Small & Mid Cap Equity Fund

The Fund invests primarily in common stock, preferred shares and securities convertible into common stock,of small and mid-capitalisation companies domiciled in the US or having significant operations in the US, andlisted or traded on a Regulated Market in the US or in an OECD Country. US small and mid-capitalisationissuers are those having a market capitalisation, at the time of purchase, in the bottom 40% of the US equitymarket.

The Fund may hold securities denominated in various currencies. Under most conditions the InvestmentManager and/or Sub-Investment Manager(s) will seek to hedge the currency exposure of the Fund’s holdingsto the base currency, although it is not required to do so. The Fund may also invest up to 10% of its Net AssetValue in other collective investment undertakings.

This Fund is suitable for investors seeking an ongoing source of income and an element of capital growth overa five year time horizon and who are willing to accept a low to moderate degree of volatility.

The Fund seeks to achieve total return primarily through investment in fixed income securities from aroundthe world with a focus on short duration securities, denominated in a range of currencies.

The Fund seeks long-term capital growth primarily through investment in small and mid-capitalisation UScompanies.

The Fund may also employ techniques and instruments relating to transferable securities, including engagingin transactions in financial derivative instruments (“FDIs”) for efficient portfolio management purposes, toprovide protection against exchange risk or for investment purposes. Investments in FDIs will be inaccordance with the provisions set out in the Prospectus under the section headed “Investments in FinancialDerivative Instruments – Efficient Portfolio Management/Direct Investment” and may include, but are notlimited to, investments in the FDIs set out therein, such as futures and forwards. The Fund may be leveragedup to 100% of its Net Asset Value through the use of FDIs in accordance with the Central Bank’srequirements.


The Fund invests mainly in a portfolio consisting of fixed income government and corporate securities with aninvestment grade credit rating from Standard & Poor’s and/or Moody’s listed or traded on Regulated Marketsworldwide. The Fund may to a lesser extent also invest in fixed income securities with below investment gradecredit rating from Standard & Poor’s and/or Moody’s. Consistent with the Fund’s short duration strategy, theaverage duration of such investments will ordinarily not exceed three years.

The types of securities in which the Fund can invest include but are not limited to bonds and notes (includinggovernment bonds, corporate bonds, structured notes (provided they are freely transferable andunleveraged)), money market instruments (including government bills, commercial paper, bankers'acceptances and certificates of deposit), preferred securities and convertible securities.

16




GlobalAccess US Small & Mid Cap Equity Fund (Continued)

GlobalAccess US Value Fund



The Fund may, with the remaining portion of the assets, and on an ancillary basis (i.e. not to exceed 35%),invest in larger, more established US companies, non-US equity securities, investment grade government andcorporate fixed income securities and convertible debt securities (listed or traded on a Regulated Market).Convertible debt securities are debt securities that are convertible into equity securities of the issuer. The Fundmay also invest up to 10% of its Net Asset Value in other collective investment undertakings.



The Fund invests primarily in common stock, preferred shares and securities convertible into common stock,of companies across a range of industries, domiciled in the US or having significant operations in the US, andlisted or traded on a US Regulated Market or in a Regulated Market of an OECD country. The Fund will have abias towards larger capitalised stocks considered to be trading at a discount to their intrinsic value.

The Fund seeks long-term capital growth primarily through investment in US companies.

The Fund may, with the remaining portion of the assets, and on an ancillary basis (i.e. not to exceed 35%),invest in non-US securities, investment grade government and corporate fixed income securities andconvertible debt securities (listed or traded on a Regulated Market). Convertible debt securities are debtsecurities that are convertible into equity securities of the issuer. The Fund may also invest up to 10% of itsNet Asset Value in other collective investment undertakings.

17




GlobalAccess US Value Fund (Continued)

GlobalAccess Global Equity Income Fund

GlobalAccess Emerging Market Local Currency Debt Fund

The base currency of the Fund is US Dollars and the Fund is valued in US Dollars. The Fund may, however,invest in assets denominated in currencies other than US Dollars.

This Fund seeks to provide investors with a reasonable level of income together with the prospect of growthin both capital and income through investment in companies throughout the world.



The Fund invests primarily in common stocks, preferred shares and securities convertible into common stock,of companies throughout the world and across a range of industries. The Fund will invest primarily incompanies domiciled and listed or traded in developed markets such as OECD member states. The Fund willseek to achieve a yield in excess of the yield of the MSCI World Index.

The Fund may also employ techniques and instruments relating to transferable securities, including engagingin transactions in financial derivative instruments (“FDIs”) for efficient portfolio management purposes, toprovide protection against exchange risk or for investment purposes. Investments in FDIs will be inaccordance with the provisions set out in the Prospectus under the section headed “Investments in FinancialDerivative Instruments – Efficient Portfolio Management / Direct Investment” and may include, but are notlimited to, investments in FDIs set out therein, such as futures and forwards. The Fund may be leveraged up to100% of its Net Asset Value through the use of FDIs in accordance with the Central Bank’s requirements.

The Fund seeks to achieve total return primarily through investment in fixed income securities issued bygovernments of Emerging Market Countries and by corporations having direct or indirect exposure toEmerging Market Countries and denominated in local or non-local currencies.

The Fund invests primarily in debt securities of governments of Emerging Market Countries and ofcorporations domiciled in, or having significant operations in or exposure to Emerging Market Countries.

This Fund is suitable for investors seeking a reasonable level of income together with the prospect of growthin both capital and income over a five to ten year time horizon and who are willing to accept a moderate tohigh level of volatility.

The Fund will invest at least 70% of its assets in the common stocks, preferred shares and securitiesconvertible into common stock of companies throughout the world. The Fund may, with the remainingportion of the assets (and on an ancillary basis), invest in investment grade government and corporate fixedincome securities and convertible debt securities (listed or traded on a Regulated Market). Convertible debtsecurities are debt securities that are convertible into equity securities of the issuer. The Fund may also investup to 10% of its Net Asset Value in other collective investment undertakings.

18




GlobalAccess Emerging Market Local Currency Debt Fund (Continued)

GlobalAccess Europe (ex-UK) Alpha Fund

The debt securities could contain any type of interest rate payment or reset terms, including fixed rate,floating rate, adjustable rate, zero coupon, contingent, deferred and payment-in-kind (i.e. bonds which payinterest in the form of additional bonds of the same kind).

The Fund seeks to gain exposure to the local currencies of Emerging Market Countries, which may beachieved through direct investment in the instruments referred to above or through investment in currencyforward contracts, including non-deliverable forwards.

The Fund may also employ techniques and instruments relating to transferable securities, including engagingin transactions in financial derivative instruments (“FDIs”) for efficient portfolio management purposes or forinvestment purposes. Investments in FDIs will be in accordance with the provisions set out in the Prospectusunder the section headed “Investments in Financial Derivative Instruments – Efficient PortfolioManagement/Direct Investment” and may include, but are not limited to, investments in the FDIs set outtherein, such as futures and forwards. The Fund will, where the context so requires, be leveraged through theuse of FDIs in accordance with the Central Bank’s requirements and may, through the use of futures orforwards, achieve a synthetic net short position. To the extent that the Fund is leveraged through the use ofFDIs, such leverage may be up to 100% of the Net Asset Value.

The Fund seeks superior long-term capital growth primarily through investment in companies of EuropeanCountries, excluding the UK.

The Fund invests primarily in common stock, preferred shares and securities convertible into common stock,of established companies domiciled or having significant operations (and listed or traded on a RegulatedMarket) in a range of European Countries, excluding the UK.

This Fund is suitable for investors seeking an ongoing source of income and an element of capital growth overa five to ten year time horizon and who are willing to accept a high level of volatility. Given the high allocationto below investment grade debt securities and emerging markets, this Fund may not be suitable for allinvestors and should not constitute a substantial portion of an investment portfolio.


The Fund may hold debt securities of varying maturities and denominated in various currencies. A largeproportion of the Fund’s holdings will have direct exposure to the local currencies of Emerging MarketCountries and this currency exposure will typically be unhedged. Where investments are not denominated inlocal currencies of Emerging Market Countries, exposure to such currencies may be achieved throughcurrency forward contracts or similar transactions. The Fund may also invest up to 10% of its Net Asset Valuein other collective investment undertakings with exposure to debt securities.

The types of debt securities in which the Fund can invest include, but are not limited to, investment grade andbelow investment grade bonds and notes (including government bonds, corporate bonds, structured andcredit-linked notes (provided they are freely transferable and unleveraged), asset-backed and mortgage-related securities, money market instruments (including government bills, commercial paper, bankers'acceptances and certificates of deposit), preferred securities and convertible debt securities. Credit-linkednotes are debt securities which embed credit default swaps. Convertible debt securities are debt securities thatare convertible into equity securities of the issuer.

19




GlobalAccess Europe (ex-UK) Alpha Fund (Continued)

GlobalAccess Japan Fund This Fund seeks long-term capital growth by investing primarily in securities of issuers that have theirprincipal activities in Japan or are organised under the laws of Japan or derive a significant portion of theirearnings from Japan.

The Fund invests primarily in common stock, preferred shares and securities convertible into common stock,of established companies in a range of industries, domiciled in Japan or having their principal activities inJapan or deriving a significant portion of their earnings from Japan (“Japanese Issuers”) and which are listed ortraded on a recognised Regulated Market. The Fund is not subject to any capitalisation restrictions.

The Fund may, with the remaining portion of the assets (and on an ancillary basis), invest in equity securitiesof non-European Countries, investment grade government and corporate fixed income securities andconvertible debt securities (listed or traded on a Regulated Market). Convertible debt securities are debtsecurities that are convertible into equity securities of the issuer.

The Fund may also invest up to 10% of its Net Asset Value in other collective investment undertakings.Investment in Russian equity securities will not exceed 30% of the Fund’s Net Asset Value. Any suchinvestment in Russian equity securities will not be the principal focus of the Fund and will only constitute asector in the overall Fund.

The base currency of the Fund is Euro and the Fund is valued in Euro. The Fund may however invest in assetsdenominated in currencies other than Euro.


This Fund is suitable for investors seeking capital growth over a five to ten year time horizon and who arewilling to accept a moderate level of volatility.


The Fund will seek to invest primarily in companies of European Countries excluding the UK, but may alsomake an allocation to securities issued by companies domiciled and/or listed or traded in the UK.

The Fund may, with the remaining portion of the assets (and on an ancillary basis), invest in equity securitiesof non-Japanese Issuers, investment grade government and corporate fixed income securities and convertibledebt securities (listed or traded on a Regulated Market). Convertible debt securities are debt securities that areconvertible into equity securities of the issuer. The Fund may also invest up to 10% of its Net Asset Value inother collective investment undertakings.

20




GlobalAccess Japan Fund (Continued)

Calculation of Net Asset Value per Share in accordance with the Prospectus

In determining the Net Asset Value in accordance with the Prospectus, the value of an investment which isquoted, listed or normally dealt in on a Regulated Market, including units or shares in an open-endedcollective investment undertaking, shall be the closing mid-market price on such Regulated Market as at theValuation Point or the last traded price when no closing mid-market price is available. The value of anyinvestment which is not quoted, listed or normally dealt in on a Regulated Market shall be the probablerealisable value estimated with care and in good faith by a competent person, firm or association making amarket in such investment (approved for the purpose by the Custodian/Depositary) and/or other competentperson, in accordance with the opinion of the Directors (and approved for the purpose by theCustodian/Depositary).

The Net Asset Value attributable to any class of Shares within a Fund will be determined by deducting theshare of liabilities of that class from its share of the assets of the Fund. The Net Asset Value of each Share ofeach class will be determined by dividing the Net Asset Value attributable to the class by the number of Sharesof that class in issue.

The value of any futures contracts and options which are dealt in on a regulated market shall be thesettlement price as determined by the market in question, provided that if such settlement price is notavailable for any reason or is unrepresentative, same shall be valued at the probable realisation valueestimated with care and good faith by a competent person (approved for the purpose by the Depositary).


The base currency of the Fund is Yen and the Fund is valued in Yen. The Fund may however invest in assetsdenominated in currencies other than Yen.


The value of any over the counter (“OTC”) derivatives contracts such as forward contracts shall be valued atleast daily at a price obtained from the counterparty or by an alternative valuation provided by a competentperson (which may be the administrator or the investment manager) appointed by the directors and approvedby the Depositary for such purpose.

21



Distribution Policy

Bond FundsGlobalAccess Global Government Bond FundGlobalAccess Global Corporate Bond FundGlobalAccess Global High Yield Bond FundGlobalAccess Global Inflation Linked Bond FundGlobalAccess Emerging Market Debt Fund GlobalAccess Emerging Market Local Currency Debt FundGlobalAccess Global Short Duration Bond Fund

Equity FundsGlobalAccess UK Alpha FundGlobalAccess UK Opportunities Fund GlobalAccess US Small & Mid Cap Equity FundGlobalAccess US Value Fund GlobalAccess Europe (ex-UK) Alpha FundGlobalAccess Japan FundGlobalAccess Pacific Rim (ex-Japan) Fund GlobalAccess Emerging Market Equity FundGlobalAccess Global Property Securities FundGlobalAccess Global Equity Income Fund

Single Swinging Prices

In determining the Net Asset Value in accordance with the Prospectus, the fees and expenses of all the "BondFunds", as defined below and in the Prospectus and Supplements, will be charged to the income of the Funds.The "Equity Funds", as defined below and in the Prospectus and Supplements (with the exception of theGlobalAccess Global Equity Income Fund and GlobalAccess Global Property Securities Fund), will charge all oftheir fees and expenses to available income in the first instance and where there is insufficient income, then tocapital of the Funds.

Shares will be issued and redeemed at a single price. The Net Asset Value per Share may be adjusted on anyDealing Day depending on whether or not a Fund is in a net subscription position or in a net redemptionposition on such Dealing Day to arrive at the price. The adjustment relates to costs which impact on the valueof the Fund.

Fees and expenses of the GlobalAccess Global Equity Income Fund and the GlobalAccess Global PropertySecurities Fund, will be charged to the capital of the Fund.

For valuation purposes the securities are valued as outlined above. When these values are compared with theactual cost of buying or selling assets for a Fund differences arise due to dealing charges and spreads frombuying or selling of the underlying investments. These costs have an adverse effect on the value of a Fund andare known as "dilution".

It is intended that each distributing share class of each Fund will declare and pay its investment income returnto Shareholders as dividends on a quarterly basis, usually within 10 business days following the end of therelevant quarter i.e. within 10 business days of the end of February, May, August and November of each year.

22



Single Swinging Prices (Continued)

Funds at a GlanceInvestment

Fund Size Launch Active or Fund Management Ongoing

31 May 2016 Date Indexed Currency Fee* Charges

GlobalAccess UK Alpha Fund 74,375,564 17 Aug 2004 Active GBPClass A Accumulating Shares 1.45% 1.75%Class A Distributing Shares 1.45% 1.75%Class B Accumulating Shares 1.20% 1.49%Class B Distributing EUR Shares 1.20% 1.51%Class I Accumulating Shares 0.90% 1.19%Class I Distributing Shares 0.90% 1.19%Class I Accumulating EUR Shares 0.90% 1.20%Class M Accumulating Shares 0.75% 1.04%Class M Distributing Shares 0.75% 1.04%Class M Accumulating EUR Shares 0.75% 1.05%Class M Accumulating USD Shares 0.75% 1.05%Class M Distributing USD Shares 0.75% 1.05%Class Z Accumulating Shares 2.00% 2.30%Class Z Accumulating EUR Shares 2.00% 2.31%

133,912,783 17 Aug 2004 Active GBPClass A Accumulating Shares 1.50% 1.72%Class A Distributing Shares 1.50% 1.72%Class A Accumulating EUR Shares 1.50% 1.72%Class B Accumulating Shares 1.25% 1.46%Class B Accumulating USD Shares 1.25% 1.48%Class I Accumulating Shares 0.90% 1.11%Class I Distributing Shares 0.90% 1.11%Class I Accumulating EUR Shares 0.90% 1.12%Class I Accumulating USD Shares 0.90% 1.12%Class M Accumulating Shares 0.75% 0.96%Class M Distributing Shares 0.75% 0.96%Class M Accumulating EUR Shares 0.75% 0.97%

Class M Accumulating USD Shares 0.75% 0.97%Class M Distributing EUR Shares 0.75% 0.97%Class M Distributing USD Shares 0.75% 0.97%

Class Z Accumulating Shares 2.00% 2.22%

Class Z Accumulating EUR Shares 2.00% 2.23%

GlobalAccess UK Opportunities Fund

To mitigate the effects of dilution, the Directors have determined to make a dilution adjustment to the NetAsset Value per Share. The Directors have determined to make a dilution adjustment as, in their opinion, theexisting Shareholders, in case of subscriptions, or remaining Shareholders, in case of redemptions, areadversely affected. The dilution adjustment involves adding to, when the Fund is in a net subscription position,and deducting from, when the Fund is in a net redemption position, the Net Asset Value per Share such afigure as the Directors consider represents an appropriate figure to meet duties, charges and spreads. Whenthe dilution adjustment is made, it increases the price where the Fund is in a net subscription position anddecreases the price where the Fund is in a net redemption position. This is a daily process. The Directorsreview on a periodic basis the size of the dilution adjustment.

23



Funds at a Glance (Continued)Investment



278,551,122 18 Aug 2004 Active USDClass A Accumulating Shares 1.15% 1.33%Class A Accumulating EUR Shares 1.15% 1.34%Class A Distributing GBP Shares^ 1.15% -Class B Distributing Shares 0.95% 1.13%Class B Accumulating EUR Shares 0.95% 1.14%Class B Accumulating GBP Shares^ 0.95% -Class B Distributing EUR Shares 0.95% 1.14%Class B Distributing GBP Shares 0.95% 0.83%Class I Accumulating Shares 0.60% 0.77%Class I Accumulating GBP Shares 0.60% 0.78%Class I Distributing GBP Shares 0.60% 0.78%Class M Accumulating Shares 0.45% 0.62%Class M Distributing Shares 0.45% 0.62%Class M Accumulating EUR Shares 0.45% 0.63%Class M Accumulating GBP Shares 0.45% 0.63%Class M Distributing EUR Shares 0.45% 0.63%Class M Distributing GBP Shares 0.45% 0.63%Class Z Accumulating Shares 1.15% 1.33%Class Z Accumulating EUR Shares 1.15% 1.34%

152,352,515 12 Aug 2004 Active USDClass A Accumulating Shares 1.50% 1.83%Class B Accumulating Shares 1.25% 1.59%Class B Accumulating EUR Shares 1.25% 1.59%Class B Accumulating GBP Shares 1.25% 1.59%Class I Accumulating GBP Shares 0.90% 1.23%Class I Distributing GBP Shares 0.90% 1.21%Class M Accumulating Shares 0.75% 1.07%Class M Distributing Shares 0.75% 1.07%Class M Accumulating EUR Shares 0.75% 1.08%Class M Accumulating GBP Shares 0.75% 1.08%

Class M Distributing GBP Shares 0.75% 1.08%

Class Z Accumulating Shares 2.00% 2.33%Class Z Accumulating EUR Shares 2.00% 2.34%

GlobalAccess Global Government Bond Fund

GlobalAccess Pacific Rim (ex-Japan) Fund

24






568,822,739 29 Aug 2007 Active USDClass A Accumulating Shares 1.50% 1.71%Class A Distributing Shares 1.50% 1.71%Class A Accumulating EUR Shares 1.50% 1.72%Class A Accumulating GBP Shares 1.50% 1.72%Class A Distributing EUR Shares 1.50% 1.72%Class A Distributing GBP Shares 1.50% 1.72%Class B Accumulating Shares 1.25% 1.46%Class B Distributing Shares 1.25% 1.46%Class B Accumulating EUR Shares 1.25% 1.47%Class B Accumulating GBP Shares 1.25% 1.47%Class B Distributing EUR Shares 1.25% 1.47%Class B Distributing GBP Shares 1.25% 1.47%Class I Accumulating Shares 1.10% 1.30%Class I Accumulating EUR Shares 1.10% 1.31%Class I Accumulating GBP Shares 1.10% 1.31%Class I Distributing GBP Shares 1.10% 1.31%Class M Accumulating Shares 0.95% 1.15%Class M Distributing Shares 0.95% 1.15%Class M Accumulating EUR Shares 0.95% 1.16%Class M Accumulating GBP Shares 0.95% 1.16%Class M Distributing EUR Shares 0.95% 1.16%Class M Distributing GBP Shares 0.95% 1.16%Class Z Accumulating Shares 2.00% 2.21%Class Z Accumulating EUR Shares 2.00% 2.22%

934,629,300 27 Nov 2007 Active USDClass A Accumulating Shares 1.25% 1.36%Class A Distributing Shares 1.25% 1.36%Class A Accumulating EUR Shares 1.25% 1.37%Class A Accumulating GBP Shares 1.25% 1.37%Class A Distributing EUR Shares 1.25% 1.37%Class A Distributing GBP Shares 1.25% 1.37%Class B Accumulating Shares 1.05% 1.16%Class B Distributing Shares 1.05% 1.16%Class B Accumulating EUR Shares 1.05% 1.17%Class B Accumulating GBP Shares 1.05% 1.17%Class B Distributing EUR Shares 1.05% 1.17%Class B Distributing GBP Shares 1.05% 1.17%

Class I Accumulating Shares 0.80% 0.90%

Class I Distributing Shares 0.80% 0.90%Class I Accumulating EUR Shares 0.80% 0.91%Class I Accumulating GBP Shares 0.80% 0.91%

Class I Distributing EUR Shares 0.80% 0.91%

Class I Distributing GBP Shares 0.80% 0.91%

GlobalAccess Emerging Market Equity Fund

GlobalAccess Global High Yield Bond Fund

25






934,629,300 27 Nov 2007 Active USDClass M Accumulating Shares 0.70% 0.80%Class M Distributing Shares 0.70% 0.80%Class M Accumulating EUR Shares 0.70% 0.81%Class M Accumulating GBP Shares 0.70% 0.81%Class M Distributing EUR Shares 0.70% 0.81%Class M Distributing GBP Shares 0.70% 0.81%Class Z Accumulating Shares 1.65% 1.76%Class Z Distributing Shares 1.65% 1.77%Class Z Accumulating EUR Shares 1.65% 1.77%Class Z Distributing EUR Shares 1.65% 1.77%Class Z Distributing GBP Shares 1.65% 1.77%

345,354,998 4 Dec 2007 Active USDClass A Accumulating Shares 1.15% 1.28%Class A Accumulating EUR Shares 1.15% 1.29%Class A Distributing GBP Shares 1.15% 1.29%Class B Accumulating Shares 0.95% 1.08%Class B Distributing Shares 0.95% 1.08%Class B Accumulating EUR Shares 0.95% 1.09%Class B Distributing EUR Shares 0.95% 1.09%Class B Distributing GBP Shares 0.95% 1.09%Class I Accumulating GBP Shares 0.70% 0.83%Class I Distributing GBP Shares 0.70% 0.84%Class M Accumulating Shares 0.55% 0.67%Class M Distributing Shares 0.55% 0.67%Class M Accumulating EUR Shares 0.55% 0.68%Class M Accumulating GBP Shares 0.55% 0.68%Class M Distributing GBP Shares 0.55% 0.68%Class Z Accumulating Shares 1.65% 1.79%Class Z Accumulating EUR Shares 1.65% 1.80%Class Z Accumulating GBP Shares 1.65% 1.80%

GlobalAccess Global Corporate Bond Fund

GlobalAccess Global High Yield Bond Fund (Continued)

26


Background to the Company (Continued)Funds at a Glance (Continued)

Investment



248,007,698 4 Dec 2007 Active USDClass A Accumulating Shares 1.15% 1.36%Class A Distributing Shares^ 1.15% -Class A Accumulating EUR Shares 1.15% 1.37%Class A Accumulating GBP Shares 1.15% 1.37%Class A Distributing EUR Shares 1.15% 1.37%Class A Distributing GBP Shares 1.15% 1.37%Class B Accumulating Shares 0.95% 1.15%Class B Accumulating EUR Shares 0.95% 1.17%Class B Accumulating GBP Shares 0.95% 1.17%Class B Distributing EUR Shares 0.95% 1.17%Class B Distributing GBP Shares 0.95% 1.16%Class I Accumulating Shares^ 0.60% -Class I Distributing Shares 0.60% 0.80%Class I Accumulating EUR Shares 0.60% 0.81%Class I Accumulating GBP Shares 0.60% 0.81%Class I Distributing EUR Shares 0.60% 0.81%Class I Distributing GBP Shares 0.60% 0.81%Class M Accumulating Shares 0.45% 0.65%Class M Distributing Shares 0.45% 0.65%Class M Accumulating EUR Shares 0.45% 0.66%Class M Accumulating GBP Shares 0.45% 0.66%Class M Distributing EUR Shares 0.45% 0.66%Class M Distributing GBP Shares 0.45% 0.66%Class Z Accumulating Shares 1.15% 1.36%Class Z Accumulating EUR Shares 1.15% 1.37%

229,772,328 4 Dec 2007 Active USDClass A Accumulating Shares 1.35% 1.61%Class A Accumulating EUR Shares 1.35% 1.62%Class A Accumulating GBP Shares^ 1.35% -Class A Distributing EUR Shares^ 1.35% -Class A Distributing GBP Shares 1.35% 1.62%Class B Accumulating Shares 1.15% 1.41%Class B Distributing Shares 1.15% 1.41%Class B Accumulating EUR Shares 1.15% 1.42%Class B Accumulating GBP Shares 1.15% 1.42%Class B Distributing EUR Shares 1.15% 1.42%Class B Distributing GBP Shares 1.15% 1.42%Class I Accumulating Shares 0.80% 1.05%Class I Accumulating EUR Shares 0.80% 1.06%

Class I Accumulating GBP Shares 0.80% 1.06%Class I Distributing EUR Shares 0.80% 1.05%Class I Distributing GBP Shares 0.80% 1.06%Class M Accumulating Shares 0.70% 0.95%

GlobalAccess Emerging Market Debt Fund

GlobalAccess Global Inflation Linked Bond Fund

27






229,772,328 4 Dec 2007 Active USDClass M Distributing Shares 0.70% 0.95%Class M Accumulating EUR Shares 0.70% 0.96%Class M Accumulating GBP Shares 0.70% 0.96%Class M Distributing EUR Shares 0.70% 0.96%Class M Distributing GBP Shares 0.70% 0.96%Class Z Accumulating Shares 1.65% 1.91%Class Z Distributing Shares 1.65% 1.91%Class Z Accumulating EUR Shares 1.65% 1.92%Class Z Distributing EUR Shares 1.65% 1.92%Class Z Distributing GBP Shares 1.65% 1.92%

134,862,268 16 Dec 2009 Active USDClass A Accumulating Shares 1.50% 1.79%Class A Distributing Shares 1.50% 1.79%Class A Accumulating EUR Shares 1.50% 1.80%Class A Distributing EUR Shares 1.50% 1.79%Class A Distributing GBP Shares 1.50% 1.80%Class B Accumulating Shares 1.25% 1.53%Class B Accumulating GBP Shares 1.25% 1.55%Class B Distributing EUR Shares 1.25% 1.55%Class B Distributing GBP Shares 1.25% 1.55%Class I Accumulating GBP Shares 0.90% 1.19%Class I Distributing GBP Shares 0.90% 1.19%Class M Accumulating Shares 0.90% 1.18%Class M Distributing Shares 0.90% 1.18%Class M Accumulating EUR Shares 0.90% 1.19%Class M Accumulating GBP Shares 0.90% 1.19%Class M Distributing EUR Shares 0.90% 1.19%Class M Distributing GBP Shares 0.90% 1.19%Class Z Accumulating EUR Shares 2.00% 2.30%

289,270,483 30 Nov 2010 Active USDClass A Accumulating Shares 0.80% 0.93%Class A Distributing EUR Shares 0.80% 0.94%Class B Accumulating Shares 0.65% 0.77%Class B Accumulating GBP Shares 0.65% 0.79%

GlobalAccess Emerging Market Debt Fund (Continued)

GlobalAccess Global Short Duration Bond Fund

GlobalAccess Global Property Securities Fund

28






289,270,483 30 Nov 2010 Active USDClass B Distributing GBP Shares 0.65% 0.79%Class I Accumulating EUR Shares 0.65% 0.78%Class I Accumulating GBP Shares 0.65% 0.71%Class I Distributing GBP Shares 0.65% 0.78%

Class M Accumulating Shares 0.55% 0.62%

Class M Distributing Shares 0.55% 0.62%Class M Accumulating EUR Shares 0.55% 0.62%Class M Accumulating GBP Shares 0.55% 0.62%Class M Distributing EUR Shares 0.55% 0.63%Class M Distributing GBP Shares 0.55% 0.62%Class Z Accumulating Shares 0.80% 0.93%Class Z Accumulating EUR Shares 0.80% 0.94%

284,851,242 1 Jun 2011 Active USDClass A Accumulating Shares 1.50% 1.70%Class A Accumulating EUR Shares^ 1.50% -Class A Accumulating GBP Shares 1.50% 1.71%Class A Distributing GBP Shares 1.50% 1.71%Class B Accumulating Shares 1.25% 1.44%Class B Distributing Shares 1.25% 1.44%Class B Accumulating EUR Shares 1.25% 1.46%Class B Accumulating GBP Shares 1.25% 1.46%Class B Distributing GBP Shares^ 1.25% -Class I Accumulating Shares 1.05% 1.24%Class I Distributing Shares 1.05% 1.24%Class I Accumulating GBP Shares 1.05% 1.25%Class I Distributing GBP Shares 1.05% 1.25%Class M Accumulating Shares 0.90% 1.09%Class M Distributing Shares 0.90% 1.09%Class M Accumulating EUR Shares 0.90% 1.10%Class M Accumulating GBP Shares 0.90% 1.10%Class M Distributing EUR Shares 0.90% 1.10%Class M Distributing GBP Shares 0.90% 1.10%Class Z Accumulating Shares 2.00% 2.20%Class Z Accumulating EUR Shares 2.00% 2.21%

518,272,355 3 Nov 2011 Active USDClass A Accumulating Shares 1.50% 1.62%Class A Accumulating EUR Shares 1.50% 1.63%Class A Accumulating GBP Shares 1.50% 1.62%Class B Accumulating Shares 1.25% 1.36%Class B Accumulating GBP Shares 1.25% 1.37%Class B Distributing GBP Shares^ 1.25% -Class I Accumulating Shares 0.90% 1.00%

GlobalAccess US Small & Mid Cap Equity Fund

GlobalAccess Global Short Duration Bond Fund (Continued)

GlobalAccess US Value Fund

29






518,272,355 3 Nov 2011 Active USDClass I Accumulating EUR Shares 0.90% 1.01%Class I Accumulating GBP Shares 0.90% 1.01%

Class I Distributing GBP Shares 0.90% 1.02%Class M Accumulating Shares 0.65% 0.75%Class M Distributing Shares 0.65% 0.75%

Class M Accumulating EUR Shares 0.65% 0.76%Class M Accumulating GBP Shares 0.65% 0.76%Class M Distributing EUR Shares 0.65% 0.76%Class M Distributing GBP Shares 0.65% 0.76%Class Z Accumulating Shares 2.00% 2.12%Class Z Accumulating EUR Shares 2.00% 2.13%

313,205,198 13 Dec 2011 Active USDClass A Accumulating Shares 1.50% 1.69%Class A Distributing Shares 1.50% 1.70%Class A Accumulating EUR Shares 1.50% 1.71%Class A Accumulating GBP Shares 1.50% 1.70%Class A Distributing EUR Shares 1.50% 1.71%Class A Distributing GBP Shares 1.50% 1.71%Class B Accumulating Shares 1.25% 1.44%Class B Distributing Shares 1.25% 1.44%Class B Accumulating EUR Shares 1.25% 1.45%Class B Accumulating GBP Shares 1.25% 1.45%Class B Distributing EUR Shares 1.25% 1.45%Class B Distributing GBP Shares 1.25% 1.45%Class I Accumulating Shares 0.90% 1.08%Class I Distributing Shares 0.90% 1.08%Class I Accumulating EUR Shares 0.90% 1.09%Class I Accumulating GBP Shares 0.90% 1.09%Class I Distributing GBP Shares 0.90% 1.09%Class M Accumulating Shares 0.75% 0.93%Class M Distributing Shares 0.75% 0.93%Class M Accumulating EUR Shares 0.75% 0.94%Class M Accumulating GBP Shares 0.75% 0.94%Class M Distributing EUR Shares 0.75% 0.94%Class M Distributing GBP Shares 0.75% 0.94%Class Z Accumulating Shares 2.00% 2.20%Class Z Distributing Shares 2.00% 2.20%Class Z Accumulating EUR Shares 2.00% 2.21%

Class Z Accumulating GBP Shares 2.00% 2.21%Class Z Distributing EUR Shares 2.00% 2.21%

GlobalAccess US Value Fund (Continued)

GlobalAccess Global Equity Income Fund

30






76,857,222 13 Nov 2012 Active USDClass A Distributing EUR Shares 1.35% 1.78%Class B Accumulating Shares 1.15% 1.57%Class I Distributing GBP Shares 0.80% 1.19%Class M Distributing Shares 0.75% 1.16%Class M Accumulating EUR Shares^ 0.75% -Class M Accumulating GBP Shares 0.75% 1.17%Class M Distributing EUR Shares^ 0.75% -Class M Distributing GBP Shares 0.75% 1.17%

515,798,099 12 Aug 2004 Active EURClass A Accumulating Shares 1.50% 1.65%Class A Distributing Shares 1.50% 1.65%Class A Accumulating GBP Shares 1.50% 1.66%Class A Accumulating USD Shares 1.50% 1.66%Class A Distributing GBP Shares 1.50% 1.66%Class B Accumulating Shares 1.25% 1.39%Class B Distributing Shares 1.25% 1.39%Class B Accumulating GBP Shares 1.25% 1.41%Class B Accumulating USD Shares 1.25% 1.40%Class B Distributing GBP Shares^ 1.25% -Class I Accumulating Shares 0.90% 1.04%Class I Accumulating GBP Shares 0.90% 1.05%Class I Accumulating USD Shares 0.90% 1.05%Class I Distributing GBP Shares 0.90% 1.05%Class M Accumulating Shares 0.75% 0.88%Class M Distributing Shares 0.75% 0.88%Class M Accumulating GBP Shares 0.75% 0.89%

Class M Accumulating USD Shares 0.75% 0.89%Class M Distributing GBP Shares 0.75% 0.89%Class M Distributing USD Shares 0.75% 0.89%

Class Z Accumulating Shares 2.00% 2.15%

GlobalAccess Europe (ex-UK) Alpha Fund

GlobalAccess Emerging Market Local Currency Debt Fund

31






21,999,358,502 17 Aug 2004 Active JPYClass A Accumulating Shares^ 1.50% -Class A Accumulating EUR Shares 1.50% 1.71%Class A Accumulating USD Shares 1.50% 1.71%Class B Accumulating Shares 1.25% 1.44%Class B Accumulating GBP Shares^ 1.25% -Class B Accumulating USD Shares 1.25% 1.44%Class I Accumulating GBP Shares 0.90% 1.09%Class I Distributing GBP Shares 0.90% 1.09%Class M Accumulating Shares 0.80% 0.98%Class M Distributing Shares 0.80% 0.98%Class M Accumulating EUR Shares 0.80% 0.99%Class M Accumulating GBP Shares 0.80% 0.99%Class M Accumulating USD Shares 0.80% 0.99%Class M Distributing EUR Shares 0.80% 0.99%Class M Distributing GBP Shares 0.80% 0.99%Class M Distributing USD Shares^^ 0.80% 0.99%Class Z Accumulating Shares 2.00% 2.19%Class Z Accumulating EUR Shares 2.00% 2.20%

GlobalAccess Japan Fund

^ Class liquidated during the year.^^ Class launched during the year.

Ongoing charges may be distorted where share classes have been in existence for less than 1 year. Suchongoing charges have been annualised.

* The investment management fee rates shown above are the rates as at 31 May 2016.

The Investment Manager can charge rates in excess of the figures quoted above. A full list of investmentmanagement fee rates that can be charged against share classes within the Funds are listed in the Prospectusof the Company.

The ongoing charge figures are based on expenses charged for the year ended 31 May 2016.

32


Investment Manager’s Report for the year ended 31 May 2016

The Funds are managed using a multi-manager approach leveraging off Barclays expertise in managerselection.

barclays multi-manager fund plc - caixabank · 2016-11-09 · james de salis (uk)** 1 churchill...

Documents