-R\�%DNHU�)XQG
5HSRUWV� �$FFRXQWV )LQDQFLDO�<HDU�(QGLQJ�����������
&RQWHQWV
/HJDO� �$GPLQLVWUDWLYH�'HWDLOV 7UXVWHHV�5HSRUW ,QGHSHQGHQW�([DPLQHUV�5HSRUW 6WDWHPHQW�RI�)LQDQFLDO�$FWLYLWLHV 6WDWHPHQW�RI�)LQDQFLDO�3RVLWLRQ 1RWHV���$FFRXQWLQJ�3ROLFLHV 1RWHV���$QDO\VLV�RI�,QFRPH� �([SHQGLWXUH 1RWHV���$QDO\VLV�RI�1HW�$VVHWV�%HWZHHQ�)XQGV 1RWHV���2WKHU
�&UHDWHG�XVLQJ�([SHQVH3OXV
/HJDO� �$GPLQLVWUDWLYH�'HWDLOV
&KDULW\�1DPH� -R\�%DNHU�)XQG &KDULW\�1XPEHU� ������� &KDULW\�$GGUHVV� )UHHVWRQH�/RGJH $GGLQJWRQ�5RDG ,UWKOLQJERURXJK 1RUWKDPSWRQVKLUH 11���88 8QWLO��WK�2FWREHU����� ���/HRQDUG�6WUHHW %$512/'6:,&. /DQFDVKLUH %%����1/ 7UXVWHHV� $QJHOD�.HQQHG\� 5HVLJQHG����������� $QQ�&KDUOHV %HYHUO\�$GDPV -XOLHW�(QJOLVK 5DKHO�%HUPDQ� 5HVLJQHG����������� .H\�0DQDJHPHQW 7KH�7UXVWHHV� 3HUVRQQHO� :H�KDYH�QR�HPSOR\HG�VWDe� 1DPH� �$GGUHVV�RI %DUFOD\V�%DQNV 3ULPDU\�%DQNHU� ��&KXUFKLOO�3ODFH /RQGRQ (����+3 1DPH� �$GGUHVV�RI 1�$ 6ROLFLWRU� ,QGHSHQGHQW 0DUN�&ROOLQJH� )&$ ([DPLQHU� ���0LOQWKRUSH�5RDG .HQGDO &XPEULD /$���4*
7UXVWHHV�5HSRUW
2EMHFWV�RI�WKH�FKDULW\
7+(�5(/,()�2)�),1$1&,$/�+$5'6+,3�)25�c+20(�('8&$7,1d�)$0,/,(6� ,1&/8',1�7+26(�:+2�:,6+�72�+20(�('8&$7(�25�:+2 +$9(�+20(�('8&$7('�%((1�+20(�('8&$7(' �%<�)81',1�$&&(66�72�/($/�$'9,&(��$66,67$1&(��$1'�5(35(6(17$7,21 ,192/9,1�$�3$5(17d6�'87<�72�6(&85(�('8&$7,21�68,7$%/(�72�7+(,5�&+,/'d6�$(��$%,/,7<��$37,78'(�$1'�63(&,$/�('8&$7,21$/ 1(('6��:+(5(�3(56216�&28/'�127�27+(5:,6(�$))25'�7+(0�7+528*+�/$&.�2)�0($16�
72�$'9$1&(�7+(�('8&$7,21�2)�7+(�38%/,&�5($5',1�+20(�('8&$7,21�/$:��,1�3$57,&8/$5�7+(�/($/�)5$0(:25.�:+,&+ 81'(53,16�('8&$7,21�27+(5�7+$1�%<�$77(1'$1&(�$7�6&+22/��%<�3529,',1�5$176�72�27+(5�25$1,6$7,216��,1)250$7,21 72�7+(�38%/,&��$1'�%<�&200,66,21,1�5(6($5&+�$1'�38%/,6+,1�7+(�86()8/�5(68/76�2)�68&+�5(6($5&+�
6XPPDU\�RI�WKH�FKDULW\ V�PDLQ�DFWLYLWLHV�DQG�DFKLHYHPHQWV
7R�IXUWKHU�WKH�DERYH�REMHFWV�DQG�YLVLRQ��WKH�FKDULW\ V�PDLQ�DFWLYLWLHV�DQG�DFKLHYHPHQWV�ZHUH�DV�IROORZV�
7KLV�ZDV�RXU�VHFRQG�\HDU�RI�RSHUDWLRQ�DQG�LW�KDV�EHHQ�D�EXV\�RQH�
:H�DSSOLHG�IRU�D�VWDUW�XS�JUDQW�IURP�WKH�1HWZRUN�IRU�6RFLDO�&KDQJH�&KDULWDEOH�7UXVW�DQG�ZHUH�GHOLJKWHG�WR�EH�DZDUGHG�RYHU�b������7KLV ZLOO�EH�XVHG�WR�VHW�XS�RXU�ZHEVLWH��KLUH�LQ�SURIHVVLRQDO�DGYLFH�DQG�VXSSRUW�ZKHUH�QHFHVVDU\� H�J��ZHEVLWH�GHVLJQHU �DQG�DOVR�SURYLGH�D VWDUWLQJ�SRLQW�IRU�RXU�JUDQWV�SRRO��:H�DUH�PRVW�JUDWHIXO�WR�16&&7�IRU�WKHLU�VXSSRUW�DQG�SDUWLFXODUO\�WR�RXU�7UXVWHH��%HYHUO\�$GDPV��IRU�DOO WKH�WLPH�DQG�FDUH�VKH�VSHQW�SUHSDULQJ�WKH�DSSOLFDWLRQ�
:RUN�FRQWLQXHG�RQ�EXLOGLQJ�RXU�SROLFLHV�DQG�SURFHGXUHV�DQG�ZH�VXEPLWWHG�RXU�fUVW�VHW�RI�DFFRXQWV�WR�WKH�&KDULW\�&RPPLVVLRQ��:H�ZHUH FRPSOLPHQWHG�E\�RXU�,QGHSHQGHQW�5HYLHZHU�IRU�WKH�SUHSDUDWLRQ�WKDW�KDG�JRQH�LQWR�WKH�DFFRXQWV�DQG�FRQWLQXH�LQ�RXU�FRPPLWPHQW�WR JRRG�fQDQFLDO�SURFHGXUHV�DQG�WUDQVSDUHQF\�DV�RXU�FKDULW\�JURZV�
:H�KDYH�FRQWLQXHG�WR�UDLVH�DZDUHQHVV�RI�-R\�%DNHU�)XQG�DPRQJVW�WKH�KRPH�HGXFDWLRQ�FRPPXQLW\�DV�WKH\�ZLOO�EH�RXU�PDLQ�VXSSRUWHUV DV�ZHOO�DV�EHQHfFLDULHV�
7KLV�LQFOXGHG�
$�MRLQW�SUHVHQWDWLRQ�ZLWK�+RPH�(GXFDWLRQ�/DZ�3URMHFW� +(/3 �DW�WKH�/HDUQ�)UHH�&RQIHUHQFH��&RYHQWU\��0D\������
$�MRLQW�SUHVHQWDWLRQ�ZLWK�+(/3�DW�WKH�+RPH�(GXFDWLQJ�)DPLOLHV �)HVWLYDO� +()) ��6WDeRUGVKLUH��-XO\������
-
3UHVHQWLQJ�DV�SDUW�RI�D����KRXU�RQOLQH�KRPH�HGXFDWLRQ�LQIRUPDWLRQ�GD\�FRRUGLQDWHG�E\�WKH�+RPH�(GXFDWLRQ�$OOLDQFH�LQ 6HSWHPEHU�
-
:H�DOVR�KLJKOLJKWHG�WKH�ZRUN�RI�-R\�%DNHU�)XQG�LQ�YDULRXV�RQOLQH�IRUXPV�UHODWHG�WR�KRPH�HGXFDWLRQ�LQ�RUGHU�WR�UDLVH�DZDUHQHVV DQG�GULYH�GRQDWLRQV�
:RUN�RQ�EXLOGLQJ�WKH�FRQWHQW�IRU�RXU�ZHEVLWH�KDV�FRQWLQXHG�EHKLQG�WKH�VFHQHV�DQG�ZH�KRSH�WR�ODXQFK�LW�GXULQJ�WKH�QH[W�fQDQFLDO�\HDU�
7RZDUGV�WKH�HQG�RI�WKH�\HDU��ZH�VHW�XS�WKH�WHFKQLFDO�V\VWHP�WR�ODXQFK�RXU�FDPSDLJQ�IRU�GRQRUV�WR�VXSSRUW�XV�DW�b��PRQWK�DQG�KDG�RXU fUVW�WHVW�GRQDWLRQ���ZH�DUH�LQWHQGLQJ�WR�SURPRWH�WKLV�PRUH�QH[W�\HDU�QRZ�WKDW�WKH�V\VWHP�LV�LQ�SODFH�
:H�KDYH�QRW�\HW�EHHQ�LQ�D�SRVLWLRQ�WR�JLYH�DQ\�JUDQWV�DV�D�FKDULW\��7KLV�LV�EHFDXVH�RXU�IRFXV�LV�RQ�VXSSRUWLQJ�SHRSOH�DW�ULVN�RI�fQDQFLDO KDUGVKLS�ZLWK�OHJDO�IHHV�UHODWLQJ�WR�KRPH�HGXFDWLRQ��%HFDXVH�RI�WKH�FRVWV�LQYROYHG�LQ�OHJDO�ZRUN��ZH�KDYH�GHWHUPLQHG�ZH�QHHG�DW�OHDVW b�����LQ�RXU�JUDQWV�SRW�EHIRUH�ZH�FDQ�RSHQ�WKH�JUDQWV�VFKHPH��:H�KDYH�SUHSDUHG�SUHOLPLQDU\�YHUVLRQV�RI�WKH�JUDQW�DSSOLFDWLRQ�IRUPV DQG�SURFHGXUHV�VR�WKDW�ZH�DUH�UHDG\�WR�ODXQFK�ZKHQ�RXU�fUVW�WDUJHW�LV�UHDFKHG�
7ZR�RI�RXU�7UXVWHHV���5DKHO�%HUPDQ�DQG�$QJHOD�.HQQHG\���VWHSSHG�GRZQ�GXULQJ�WKH�\HDU��7KH\�KDYH�EHHQ�LQYROYHG�LQ�-R\�%DNHU�)XQG WKURXJKRXW�WKH�VHW�XS�SKDVH�EHIRUH�WKH�FKDULW\�UHFHLYHG�LWV�RhFLDO�UHJLVWUDWLRQ�DQG�ZH�WKDQN�WKHP�IRU�WKHLU�VXSSRUW�DQG�KDUG�ZRUN�
+DQQDK�#WKULYLQJZLWKKDQQDK�XVHG�KHU�ODUJH�7LN7RN�DQG�,QVWDJUDP�SUHVHQFH�WR�UDLVH�DZDUHQHVV�RI�-R\�%DNHU�)XQG�E\�QRPLQDWLQJ�XV�DV KHU�FKDULW\�RI�FKRLFH�GXULQJ�WKH�/RQGRQ�WR�%ULJKWRQ�F\FOLQJ�FKDOOHQJH��7KDQN�\RX��+DQQDK�
:H�ZHUH�DOVR�JLIWHG�D�fUVW�HGLWLRQ�FRS\�RI�&KLOGUHQ�,Q�&KDQFHU\��E\�-R\�%DNHU��2XU�FKDULW\�LV�QDPHG�DIWHU�-R\�%DNHU�LQ�UHFRJQLWLRQ�RI�KHU ZRUN�fJKWLQJ�IRU�KRPH�HGXFDWLRQ�DQG�ZH�DUH�KRQRXUHG�WR�KDYH�VXFK�D�SUHFLRXV�UHVRXUFH�DYDLODEOH�WR�WKRVH�LQYROYHG�ZLWK�WKH�FKDULW\�
:H�DUH�YHU\�JUDWHIXO�WR�HYHU\RQH�ZKR�KDV�GRQDWHG�WR�XV�WKLV�\HDU�DQG�IRU�WKH�VXSSRUW�RI�RXU�YROXQWHHUV��WUXVWHHV�DQG�FKDPSLRQV��7KDQN \RX�
$QQ�&KDUOHV��%HYHUO\�$GDPV�DQG�-XOLHW�(QJOLVK�-R\�%DNHU�)XQG�7UXVWHHV
,Q�SODQQLQJ�WKH�DFWLYLWLHV��WKH�WUXVWHHV�KDYH�DSSOLHG�WKH�JXLGDQFH�RQ�SXEOLF�EHQHfW�LVVXHG�E\�WKH�&KDULW\�&RPPLVVLRQ�
6WUXFWXUH��*RYHUQDQFH�DQG�0DQDJHPHQW
7KH�FKDULW\�LV�D�)RXQGDWLRQ�&,2� &KDULWDEOH�,QFRUSRUDWHG�2UJDQLVDWLRQ ��7KLV�PHDQV�LW�LV�PDQDJHG�DQG�UXQ�E\�LWV� YROXQWHHU �7UXVWHHV�
$�FRS\�RI�WKH�IXOO�JRYHUQLQJ�GRFXPHQW�PD\�EH�VXSSOLHG�RQ�UHTXHVW�
$W�WKH�VWDUW�RI�WKH�SHULRG�EHLQJ�UHSRUWHG��ZH�KDG�fYH�WUXVWHHV��7ZR�UHVLJQHG�GXULQJ�WKH�\HDU�GXH�WR�RWKHU�FRPLWWPHQWV�SULRULWLHV��OHDYLQJ WKUHH�WUXVWHHV�UXQQLQJ�WKH�RUJDQLVDWLRQ�
7KH�FKDULW\�HPSOR\V�QR�VWDe�
7KH�FKDULW\�KDV�VRPH�QRQ�WUXVWHH�YROXQWHHUV�
7KH�7UXVWHHV�PHHW�PRQWKO\�WR�GLVFXVV�FKDULW\�EXVLQHVV�DQG�UHYLHZ�fQDQFHV�
$V�-R\�%DNHU�)XQG�LV�D�QHZ�FKDULW\��ZH�DUH�VWLOO�ZRUNLQJ�WR�EXLOG�VRPH�RI�RXU�SROLFLHV�DQG�SURFHGXUHV�
)LQDQFLDO�5HYLHZ
7KLV�ZDV�RXU�VHFRQG�\HDU�RI�RSHUDWLRQ�
7KH�FKDULW\�UHFHLYHG�DQ�LQFRPH�RI�b����� DOO�fJXUHV�URXQGHG �
7KLV�FRQVLVWHG�RI�b�����LQ�GRQDWLRQV�DQG�OHJDFLHV��b���LQ�EDQN�LQWHUHVW�DQG�D�b���HTXLYDOHQW�GRQDWLRQ�RI�D�UDUH�fUVW�HGLWLRQ�ERRN�
%DUFOD\V�DOVR�UHIXQGHG�XV�IRU�VRPH�EDQN�IHHV�ZKLFK�KDG�EHHQ�LQFRUUHFWO\�DSSOLHG�
2XU�ODUJHVW�GRQDWLRQ�ZDV�D�JUDQW�RI�b�����IURP�WKH�1HWZRUN�IRU�6RFLDO�&KDQJH�&KDULWDEOH�7UXVW� 16&&7 �ZKLFK�LV�WR�DVVLVW�ZLWK�VHW�XS FRVWV��LQFOXGLQJ�ZHEVLWH�IHHV�DQG�DQ�LQLWLDO�FRQWULEXWLRQ�WR�WKH�JUDQWV�SRW�
7KH�RWKHU�GRQDWLRQV�ZHUH�RQH�Re�JLIWV�DQG�*LIW�$LG�LQFRPH��:H�DOVR�KDG�RXU�fUVW�UHJXODU�VXSSRUWHU� PHPEHU �GRQDWLRQ�DQG�KRSH�WR�EXLOG RQ�WKH�LGHD�RI�VPDOO��PRQWKO\�GRQDWLRQV�LQ�IXWXUH�\HDUV�
:H�KDYH�FRQWLQXHG�WR�XVH�WKH� /RYHLYLQJ �SODWIRUP�ZKLFK�KDQGOHV�RQOLQH�GRQDWLRQV�DQG�LIW�$LG�GHFODUDWLRQV��OLQNHG�WR�D�FKDULW\ DFFRXQW�ZLWK�6WULSH�
:H�DUH�UHJLVWHUHG�IRU�*LIW�$LG�DQG�UHFHLYHG�b������DV�D�UHVXOW�RI�WKH�VFKHPH�
7KH�FKDULW\ V�WRWDO�H[SHQGLWXUH�GXULQJ�WKH�\HDU�ZDV�b����
7KLV�PDLQO\�FRQVLVWHG�RI�ZHEVLWH�FRVWV��WUDYHO��EDQN�FKDUJHV��SODWIRUP�IHHV�IRU�SURFHVVLQJ�GRQDWLRQV�DQG�WKH�FRVW�RI�RXU�DFFRXQWLQJ VRIWZDUH��b���UHODWHV�WR�WKH�DQQXDO�UHJLVWUDWLRQ�IHH�ZLWK�WKH�,&2� ,QIRUPDWLRQ�&RPPLVVLRQHU V�2hFH �ZH�KDYH�WR�SD\�DV�ZH�SURFHVV�GDWD HOHFWURQLFDOO\�
2XU�VXUSOXV�DW�WKH�HQG�RI�WKH�\HDU�ZDV�b������DQG�ZKHQ�DGGHG�WR�WKH�WRWDO�IURP�WKH���������fQDQFLDO�\HDU��WKDW�JLYHV�WKH�FKDULW\�D JUDQG�WRWDO�RI�b�����LQ�XQUHVWULFWHG�IXQGV�
7KH�FKDULW\�GRHV�QRW�\HW�KDYH�HQRXJK�PRQH\�WR�KDQG�RXW�JUDQWV�DV�WKH�7UXVWHHV�KDYH�GHWHUPLQHG�WKHUH�VKRXOG�EH�D�b�����PLQLPXP�LQ WKH�JUDQW�SRW� FXUUHQWO\�b������� ��GXH�WR�WKH�H[SHFWHG�FRVWV�RI�OHJDO�DGYLFH�JUDQWV�
,QLWLDO�IXQGV�DUH�EHLQJ�XVHG�WR�HVWDEOLVK�QHFHVVDU\�LQIUDVWUXFWXUH�FRVWV��IRU�H[DPSOH�ZHEVLWH�KRVWLQJ�DQG�GHYHORSPHQW�DQG�EXLOGLQJ�XS�D VPDOO�DPRXQW�RI�UHVHUYHV��7KLV�VKRXOG�HQVXUH�D�fUP�EDVH�IRU�WKH�RUJDQLVDWLRQ V�IXWXUH�DQG�ZH�ZLOO�VZLWFK�IRFXV�WR�EXLOGLQJ�WKH�JUDQWV�SRW LQ�WKH�QH[W�fQDQFLDO�\HDU�
:H�XVH�([SHQVH3OXV�VRIWZDUH�WR�PDQDJH�WKHLU�FKDULW\�DFFRXQWLQJ��7KLV�HQVXUHV�WKHUH�LV�IXOO�WUDQVSDUHQF\�DQG�KDV�IHDWXUHV�ZKLFK�ZLOO JURZ�ZLWK�WKH�FKDULW\ V�QHHGV�RYHU�WLPH�
)XQGV�LQ�'HfFLW
1�$
,QYHVWPHQWV�3ROLF\
1�$
5HVHUYHV�3ROLF\
7KH�WUXVWHHV�DLP�WR�PDLQWDLQ�DURXQG�b����� ZKLFK�LV�DSSUR[LPDWHO\�������PRQWKV�RI�H[SHQGLWXUH �DV�JHQHUDO�XQUHVWULFWHG�XQGHVLJQDWHG UHVHUYHV��VR�WKDW�WKH�FKDULW\�FRXOG�FRQWLQXH�WR�RSHUDWH�VKRXOG�LQFRPH�DQG���RU�H[SHQGLWXUH�YDU\�DGYHUVHO\��$W����2FWREHU�������JHQHUDO XQUHVWULFWHG�UHVHUYHV�ZHUH�DSSUR[LPDWHO\�b�����7KH�WUXVWHHV�ZLOO�VHHN�WR�EXLOG�WKHVH�UHVHUYHV�WRZDUGV�WKH�WDUJHW�DV�WKH�FKDULW\ GHYHORSV�
5HVSRQVLELOLWLHV�RI�7UXVWHHV�XQGHU�FKDULW\�ODZ
7KH�WUXVWHHV�DUH�UHVSRQVLEOH�IRU�SUHSDULQJ�WKH�WUXVWHHV �DQQXDO�UHSRUW�DQG�WKH�fQDQFLDO�VWDWHPHQWV�LQ�DFFRUGDQFH�ZLWK�DSSOLFDEOH�ODZ DQG�8QLWHG�.LQJGRP�$FFRXQWLQJ�6WDQGDUGV� 8QLWHG�.LQJGRP�*HQHUDOO\�$FFHSWHG�$FFRXQWLQJ�3UDFWLFH �
&KDULW\�ODZ�UHTXLUHV�WKH�WUXVWHHV�WR�SUHSDUH�fQDQFLDO�VWDWHPHQWV�IRU�HDFK�fQDQFLDO�\HDU�ZKLFK�JLYH�D�WUXH�DQG�IDLU�YLHZ�RI�WKH�VWDWH�RI WKH�DeDLUV�RI�WKH�FKDULW\�DV�DW�WKH�EDODQFH�VKHHW�GDWH�DQG�RI�LWV�LQFRPLQJ�UHVRXUFHV�DQG�DSSOLFDWLRQ�RI�UHVRXUFHV��LQFOXGLQJ�LQFRPH�DQG H[SHQGLWXUH��IRU�WKH�fQDQFLDO�\HDU��,Q�SUHSDULQJ�WKHVH�fQDQFLDO�VWDWHPHQWV��WKH�WUXVWHHV�DUH�UHTXLUHG�WR�
-
�� VHOHFW�VXLWDEOH�DFFRXQWLQJ�SROLFLHV�DQG�DSSO\�WKHP�FRQVLVWHQWO\�
-
�� REVHUYH�WKH�PHWKRGV�DQG�SULQFLSOHV�LQ�WKH�&KDULWLHV�6253�
-
�� PDNH�MXGJHPHQWV�DQG�HVWLPDWHV�WKDW�DUH�UHDVRQDEOH�DQG�SUXGHQW�
-
�� VWDWH�ZKHWKHU�WKH�DSSOLFDEOH�DFFRXQWLQJ�VWDQGDUGV�KDYH�EHHQ�IROORZHG��VXEMHFW�WR�DQ\�PDWHULDO�GHSDUWXUHV�GLVFORVHG�DQG H[SODLQHG�LQ�WKH�fQDQFLDO�VWDWHPHQWV��DQG
-
�� SUHSDUH�WKH�fQDQFLDO�VWDWHPHQWV�RQ�D�JRLQJ�FRQFHUQ�EDVLV�XQOHVV�LW�LV�LQDSSURSULDWH�WR�SUHVXPH�WKDW�WKH�FKDULW\�ZLOO�FRQWLQXH�LQ RSHUDWLRQ�
7KH�WUXVWHHV�DUH�UHVSRQVLEOH�IRU�NHHSLQJ�SURSHU�DFFRXQWLQJ�UHFRUGV�WKDW�GLVFORVH�ZLWK�UHDVRQDEOH�DFFXUDF\�DW�DQ\�WLPH�WKH�fQDQFLDO SRVLWLRQ�RI�WKH�FKDULW\�DQG�HQDEOH�WKHP�WR�HQVXUH�WKDW�WKH�fQDQFLDO�VWDWHPHQWV�FRPSO\�ZLWK�WKH�&KDULWLHV�$FW������DQG�WKH�&KDULW\ $FFRXQWV�DQG�5HSRUWV �5HJXODWLRQV�������7KH\�DUH�DOVR�UHVSRQVLEOH�IRU�VDIHJXDUGLQJ�WKH�DVVHWV�RI�WKH�FKDULW\�DQG�KHQFH�IRU�WDNLQJ UHDVRQDEOH�VWHSV�IRU�WKH�SUHYHQWLRQ�DQG�GHWHFWLRQ�RI�IUDXG�DQG�RWKHU�LUUHJXODULWLHV�
Thls w wa$wrod by tht tru. Isswed onthdr h•Ify.' P4a fth rAJ [[ HILK bf Jby £e 1812926 a(£QL4 k>AM s TULIGT Ertjotsll
,QGHSHQGHQW�([DPLQHUV�5HSRUW
,�UHSRUW�WR�WKH�WUXVWHHV�RQ�P\�H[DPLQDWLRQ�RI�WKH�DFFRXQWV�RI�-R\�%DNHU�)XQG� WKH�FKDULW\ �IRU�WKH�\HDU�HQGHG������������
5HVSRQVLELOLWLHV�DQG�%DVLV�RI�5HSRUW
$V�WKH�WUXVWHHV�RI�WKH�FKDULW\�\RX�DUH�UHVSRQVLEOH�IRU�WKH�SUHSDUDWLRQ�RI�WKH�DFFRXQWV�LQ�DFFRUGDQFH�ZLWK�WKH�UHTXLUHPHQWV�RI�WKH &KDULWLHV�$FW������ cWKH������$FWd �
,�UHSRUW�LQ�UHVSHFW�RI�P\�H[DPLQDWLRQ�RI�WKH�FKDULW\dV�DFFRXQWV�FDUULHG�RXW�XQGHU�VHFWLRQ�����RI�WKH������$FW�DQG�LQ�FDUU\LQJ�RXW�P\ H[DPLQDWLRQ�,�KDYH�IROORZHG�DOO�WKH�DSSOLFDEOH�'LUHFWLRQV�JLYHQ�E\�WKH�&KDULW\�&RPPLVVLRQ�XQGHU�VHFWLRQ���� � E �RI�WKH������$FW�
,QGHSHQGHQW�([DPLQHUV�4XDOLfFDWLRQ
,�FRQfUP�WKDW�,�DP�TXDOLfHG�WR�XQGHUWDNH�WKH�H[DPLQDWLRQ�EHFDXVH�,�DP�DQ�)&$�PHPEHU�RI�WKH�,QVWLWXWH�RI�&KDUWHUHG�$FFRXQWDQWV (QJODQG� �:DOHV��ZKLFK�LV�RQH�RI�WKH�OLVWHG�ERGLHV�
,QGHSHQGHQW�([DPLQHUdV�6WDWHPHQW
,�KDYH�FRPSOHWHG�P\�H[DPLQDWLRQ��,�FRQfUP�WKDW�QR�PDWHULDO�PDWWHUV�KDYH�FRPH�WR�P\�DWWHQWLRQ�LQ�FRQQHFWLRQ�ZLWK�WKH�H[DPLQDWLRQ JLYLQJ�PH�FDXVH�WR�EHOLHYH�WKDW�LQ�DQ\�PDWHULDO�UHVSHFW�
-
�� DFFRXQWLQJ�UHFRUGV�ZHUH�QRW�NHSW�LQ�DFFRUGDQFH�ZLWK�VHFWLRQ�����RI�WKH������$FW��RU
-
�� WKH�DFFRXQWV�GR�QRW�DFFRUG�ZLWK�WKH�DFFRXQWLQJ�UHFRUGV��RU
-
�� WKH�DFFRXQWV�GLG�QRW�FRPSO\�ZLWK�WKH�DSSOLFDEOH�UHTXLUHPHQWV�FRQFHUQLQJ�WKH�IRUP�DQG�FRQWHQW�RI�DFFRXQWV�VHW�RXW�LQ�WKH &KDULWLHV� $FFRXQWV�DQG�5HSRUWV �5HJXODWLRQV�������RWKHU�WKDQ�DQ\�UHTXLUHPHQW�WKDW�WKH�DFFRXQWV�JLYH�D� WUXH�DQG�IDLU�YLHZ � ZKLFK�LV�QRW�D�PDWWHU�FRQVLGHUHG�DV�SDUW�RI�DQ�LQGHSHQGHQW�H[DPLQDWLRQ�
,�KDYH�QR�FRQFHUQV�DQG�KDYH�FRPH�DFURVV�QR�RWKHU�PDWWHUV�LQ�FRQQHFWLRQ�ZLWK�WKH�H[DPLQDWLRQ�WR�ZKLFK�DWWHQWLRQ�VKRXOG�EH�GUDZQ�LQ RUGHU�WR�HQDEOH�D�SURSHU�XQGHUVWDQGLQJ�RI�WKH�DFFRXQWV�WR�EH�UHDFKHG�
,QGHSHQGHQW�([DPLQHUdV�'HWDLOV
1DPH� 0DUN�&ROOLQJH� )&$
$GGUHVV� ���0LOQWKRUSH�5RDG .HQGDO
&XPEULD /$���4*
1DPH Mark Collinge 6LJQDWXUH
'DWH 27/8/26
6WDWHPHQW�RI�)LQDQFLDO�$FWLYLWLHV
| 8QUHVWULFWHG | 5HVWULFWHG | 7RWDO | 3ULRU<HDU | |
|---|---|---|---|---|
| ,QFRPLQJ5HVRXUFHV | ||||
| 'RQDWLRQV /HJDFLHV | ����� | � | ����� | ��� |
| &KDULWDEOH$FWLYLWLHV | � | � | � | � |
| ,QYHVWPHQWV | �� | � | �� | � |
| 7UDGLQJ$FWLYLWLHV | � | � | � | � |
| 2WKHU | �� | � | �� | � |
| 7RWDOLQFRPLQJUHVRXUFHV | ����� | � | ����� | ��� |
| 5HVRXUFHV8VHG | ||||
| &KDULWDEOH$FWLYLWLHV | ��� | � | ��� | ��� |
| 5DLVLQJ)XQGV | � | � | � | � |
| *RYHUQDQFH&RVWV | � | � | � | � |
| 6XSSRUW | � | � | � | � |
| 2WKHU | � | � | � | � |
| 7RWDOUHVRXUFHVXVHG | ��� | � | ��� | ��� |
| 1HW,QFRPLQJ�2XWJRLQJ5HVRXUFHV EHIRUHWUDQVIHUV | ����� | � | ����� | ��� |
| )XQG7UDQVIHUV,Q | ����� | � | ����� | � |
| )XQG7UDQVIHUV2XW | ����� | � | ����� | � |
| 1HW,QFRPLQJ�2XWJRLQJ5HVRXUFHV EHIRUHJDLQV�ORVVHV | ����� | � | ����� | ��� |
| ,QYHVWPHQW*DLQV RU/RVVHV | � | � | � | � |
| 1HW,QFRPLQJ�2XWJRLQJ5HVRXUFHV EHIRUH$VVHW5HYDOXDWLRQ | ����� | � | ����� | ��� |
| $VVHW5HYDOXDWLRQ | � | � | � | � |
| 1HW0RYHPHQWRI)XQGV | ����� | � | ����� | ��� |
| 7RWDO)XQGV%URXJKW)RUZDUG | ��� | � | ��� | � |
| 7RWDO)XQGV&DUULHG)RUZDUG | ����� | � | ����� | ��� |
| 5HSUHVHQWHG%| | ||||
| *HQHUDO 8QUHVWULFWHG | ��� | � | ��� | ��� |
| 16&&7*UDQW 'HVLJQDWHG | ����� | � | ����� | � |
| UDQWVSRW HQHUDO 'HVLJQDWHG | ����� | � | ����� | � |
6WDWHPHQW�RI�)LQDQFLDO�3RVLWLRQ
| 8QUHVWULFWHG | 5HVWULFWHG | 7RWDO | 3ULRU<HDU | |
|---|---|---|---|---|
| &XUUHQW | $VVHWV | |||
| &DVK | ����� | � | ����� | ��� |
| $FFRXQWV5HFHLYDEOH | �� | � | �� | � |
| 3UHSD\PHQWV | ��� | � | ��� | � |
| 7RWDO&XUUHQW$VVHWV | ����� | � | ����� | ��� |
| 1RQ�&XUUH | QW$VVHWV | |||
| )L[HG$VVHWV | �� | � | �� | � |
| ,QYHVWPHQWV | � | � | � | � |
| 7RWDO1RQ�&XUUHQW$VVHWV | �� | � | �� | � |
| &XUUHQW/L | DELOLWLHV | |||
| $FFRXQWV3D\DEOH | � | � | � | � |
| 'HIHUUHG,QFRPH | � | � | � | � |
| 7RWDO&XUUHQW/LDELOLWLHV | � | � | � | � |
| 1RQ�&XUUHQW | /LDELOLWLHV | |||
| /RQJ7HUP/RDQ�0RUWJDJH | ���� | ���� | ���� | � |
| 7RWDO1RQ�&XUUHQW/LDELOLWLHV | � | � | � | � |
| 1HW&XUUHQW$VVHWV | ����� | � | ����� | ��� |
| 7RWDO1HW$VVHWV $VVHWV0LQXV/LDELOLWLHV | ����� | � | ����� | ��� |
| 5HSUHVHQWHG%| | ||||
| *HQHUDO 8QUHVWULFWHG | ��� | ��� | ��� | |
| 16&&7*UDQW 'HVLJQDWHG | ����� | ����� | � | |
| UDQWVSRW HQHUDO 'HVLJQDWHG | ����� | ����� | � |
6LJQDWXUH
7KHVH�DFFRXQWV�KDYH�EHHQ�DSSURYHG�E\�WKH�WUXVWHHV��DQG�DUH�VLJQHG�RQ�WKHLU�EHKDOI�E\�
1DPH 6LJQDWXUH 'DWH
ststement of Flnanclol Posltion 21 633 $33 1.114 cHA£LES ,1812
1RWHV���$FFRXQWLQJ�3ROLFLHV
%DVLV�RI�3UHSDUDWLRQ
7KHVH�DFFRXQWV�DUH�SUHSDUHG�RQ�DQ�$FFUXDOV�EDVLV�
:H�KDYH�XVHG�WKH�([SHQVH3OXV�VRIWZDUH�V\VWHP�WR�HQVXUH�FRPSOLDQFH�ZLWK�6253�)56�����
)LJXUHV�KDYH�EHHQ�DXWRPDWLFDOO\�URXQGHG�WR�WKH�QHDUHVW�b�
7KH�DFFRXQWV�PDWFK�RXU�&KDULW\ V�fQDQFLDO�\HDU�DQG�JR�IURP��VW�1RYHPEHU����������VW�2FWREHU������
7KHVH�fQDQFLDO�VWDWHPHQWV�KDYH�EHHQ�SUHSDUHG�LQ�DFFRUGDQFH�ZLWK�WKH��6WDWHPHQW�RI�5HFRPPHQGHG�3UDFWLFH��$FFRXQWLQJ�DQG 5HSRUWLQJ�E\�&KDULWLHV�SUHSDULQJ�WKHLU�DFFRXQWV�LQ�DFFRUGDQFH�ZLWK�WKH�)LQDQFLDO�5HSRUWLQJ�6WDQGDUG�DSSOLFDEOH�LQ�WKH�8.�DQG�5HSXEOLF RI�,UHODQG� )56���� � �WKH�&KDULWLHV�6253� ��ZLWK�WKH�)LQDQFLDO�5HSRUWLQJ�6WDQGDUG�DSSOLFDEOH�LQ�WKH�8QLWHG�.LQJGRP�DQG�5HSXEOLF�RI ,UHODQG� �)56����� �DQG�ZLWK�WKH�&KDULWLHV�$FW�������7KH�FKDULW\�PHHWV�WKH�GHfQLWLRQ�RI�D�SXEOLF�EHQHfW�HQWLW\�DV�VHW�RXW�LQ�)56�����
7KH�&KDULWLHV� $FFRXQWV�DQG�5HSRUWV �5HJXODWLRQV������ WKH� �����5HJXODWLRQV �UHTXLUHV�FKDULWLHV�WR�SUHSDUH�WKHLU�DFFRXQWV�LQ DFFRUGDQFH�ZLWK� $FFRXQWLQJ�DQG�5HSRUWLQJ�E\�&KDULWLHV��6WDWHPHQW�RI�5HFRPPHQGHG�3UDFWLFH�HeHFWLYH�IURP���$SULO����� �EXW�WKLV DFFRXQWLQJ�VWDQGDUG�KDV�VLQFH�EHHQ�ZLWKGUDZQ�DQG�KDV�EHHQ�UHSODFHG�E\�WKH�&KDULWLHV�6253�PHQWLRQHG�LQ�WKH�SUHFHGLQJ�SDUDJUDSK� 7KH�FKDULW\�KDV�SUHSDUHG�WKHVH�fQDQFLDO�VWDWHPHQWV�LQ�DFFRUGDQFH�ZLWK�WKH�QHZ�&KDULWLHV�6253��WKLV�GHSDUWXUH�IURP�WKH����� 5HJXODWLRQV�LV�EHOLHYHG�WR�EH�QHFHVVDU\�IRU�WKHVH�fQDQFLDO�VWDWHPHQWV�WR�JLYH�D� WUXH�DQG�IDLU�YLHZ �
7KH�SULQFLSOHV�DGRSWHG�LQ�WKH�SUHSDUDWLRQ�RI�WKH�fQDQFLDO�VWDWHPHQWV�DUH�VHW�RXW�LQ�WKH�DFFRXQWLQJ�SROLFLHV�EHORZ�
*RLQJ�&RQFHUQ
7KH�7UXVWHHV�RI�-R\�%DNHU�)XQG�FRQVLGHU�WKH�FKDULW\�WR�EH�D�JRLQJ�FRQFHUQ�DW�WKH�WLPH�RI�DSSURYLQJ�WKH�DFFRXQWV��7KH\�IRUHVHH�WKDW�WKH FKDULW\�ZLOO�FRQWLQXH�WR�EH�D�JRLQJ�FRQFHUQ�LQ�WKH�\HDU�DKHDG�DQG�DUH�XQDZDUH�RI�DQ\�PDWHULDO�ULVNV�ZKLFK�ZRXOG�SUHYHQW�WKLV�
.H\�5LVNV� �8QFHUWDLQWLHV
7KH�FKDULW\�LV�H[SRVHG�WR�YDULRXV�ULVNV��LQFOXGLQJ�RSHUDWLRQDO��fQDQFLDO�DQG�UHSXWDWLRQDO�ULVNV��7KH�WUXVWHHV�UHYLHZ�WKH�FKDULW\ V�DFWLYLWLHV UHJXODUO\�WR�LGHQWLI\�VLJQLfFDQW�ULVNV�DQG��ZKHUH�SRVVLEOH��WKH\�WDNH�DSSURSULDWH�PHDVXUHV�WR�PLWLJDWH�WKRVH�ULVNV�
)XQG�$FFRXQWLQJ
7KH�FKDULW\�GRHV�QRW�KDYH�DQ\�UHVWULFWHG�IXQGV�DW�SUHVHQW��,W�KDV�D�*HQHUDO� XQUHVWULFWHG �IXQG��ZKLFK�PD\�EH�XVHG�IRU�DQ\�SXUSRVH UHODWHG�WR�WKH�FKDULW\��LQFOXGLQJ�DGPLQLVWUDWLRQ��16&&7�JDYH�XV�D�VWDUW�XS�JUDQW�ZKLFK�WKH�7UXVWHHV�GHFLGHG�WR�XVH�WR�SD\�IRU�ZHEVLWH VHWXS�FRVWV��D�VWDUW�XS�SRW�IRU�RXU�RZQ�JUDQW�JLYLQJ�DQG�DOVR�WR�XVH�IRU�DQ\�SURIHVVLRQDO�DGYLFH�ZH�PLJKW�QHHG�LQ�WKH�IXWXUH��:H�FUHDWHG D�GHVLJQDWHG�IXQG�VR�ZH�FDQ�WUDFN�H[SHQVHV�UHODWHG�WR�VSHQGLQJ�WKLV�JUDQW�RYHU�WKH�QH[W�IHZ�\HDUV�XQWLO�LW�LV�DW�b���:H�DOVR�KDYH�D 'HVLJQDWHG�IXQG�WR�HDUPDUN�PRQH\�VHW�DVLGH�IRU�RXU�JUDQW�JLYLQJ�DFWLYLWLHV��:H�KDYH�VHSDUDWH�EDQN�DFFRXQWV�IRU�GLeHUHQW�SXUSRVHV�WR KHOS�XV�PDQDJH�FDVKgRZ�
8QUHVWULFWHG�LQFRPH�IXQGV�FRPSULVH�WKRVH�IXQGV�ZKLFK�WKH�WUXVWHHV�DUH�IUHH�WR�XVH�IRU�DQ\�SXUSRVH�LQ�IXUWKHUDQFH�RI�WKH�FKDULWDEOH REMHFWV��8QUHVWULFWHG�IXQGV�LQFOXGH�GHVLJQDWHG�IXQGV�ZKHUH�WKH�WUXVWHHV��DW�WKHLU�GLVFUHWLRQ��KDYH�VHW�DVLGH�UHVRXUFHV�IRU�D�VSHFLfF SXUSRVH��5HVWULFWHG�IXQGV�DUH�IXQGV�ZKLFK�DUH�WR�EH�XVHG�LQ�DFFRUGDQFH�ZLWK�VSHFLfF�UHVWULFWLRQV�LPSRVHG�E\�WKH�GRQRU�RU�WKH�WHUP�RI VSHFLfF�DSSHDO��)XUWKHU�H[SODQDWLRQ�RI�WKH�QDWXUH�DQG�SXUSRVH�RI�HDFK�IXQG�LV�LQFOXGHG�LQ�WKH�QRWHV�WR�WKH�DFFRXQWV�
,QFRPLQJ�5HVRXUFHV
$OO�LQFRPLQJ�UHVRXUFHV�DUH�UHFRJQLVHG�RQFH�WKH�FKDULW\�KDV�HQWLWOHPHQW�WR�WKH�UHVRXUFHV��LW�LV�SUREDEOH�WKDW�WKH�UHVRXUFHV�ZLOO�EH UHFHLYHG��DQG�WKH�PRQHWDU\�YDOXH�RI�LQFRPLQJ�UHVRXUFHV�FDQ�EH�PHDVXUHG�ZLWK�VXhFLHQW�UHOLDELOLW\�
-
$OO�YROXQWDU\�LQFRPH�IURP�PHPEHUV�RI�WKH�FKDULW\�DUH�UHFRJQLVHG�DV�GRQDWLRQV�DQG�DUH�LQFOXGHG�LQ�IXOO��ZLWK�DVVRFLDWHG�*LIW�$LG UHFHLYDEOH�LQ�WKH�6WDWHPHQW�RI�)LQDQFLDO�$FWLYLWLHV�
-
*UDQWV�ZKHUH�HQWLWOHPHQW�LV�QRW�FRQGLWLRQDO�RQ�WKH�GHOLYHU\�RI�VSHFLfF�SHUIRUPDQFH�E\�WKH�FKDULW\�DUH�UHFRJQLVHG�ZKHQ�WKH FKDULW\�EHFRPHV�XQFRQGLWLRQDOO\�HQWLWOHG�WR�WKH�JUDQW�
-
'RQDWHG�VHUYLFHV�DQG�IDFLOLWLHV�DUH�LQFOXGHG�DW�WKH�YDOXH�WR�WKH�FKDULW\�ZKHUH�WKLV�FDQ�EH�TXDQWLfHG�
-
*LIWV�LQ�.LQG�DUH�DFFRXQWHG�IRU�DW�D�UHDVRQDEOH�HVWLPDWH�RI�WKHLU�YDOXH�WR�WKH�FKDULW\�RU�WKH�DPRXQW�DFWXDOO\�UHDOLVHG�
-
9ROXQWHHU�WLPH��WKH�YDOXH�RI�YROXQWDU\�VXSSRUW�IRU�WKH�ZRUN�RI�WKH�FKDULW\��LV�QRW�LQFOXGHG�LQ�WKH�DFFRXQWV�EXW�LV�GHVFULEHG�LQ�WKH 7UXVWHHV�$QQXDO�5HSRUW�
-
,QYHVWPHQW�,QFRPH�LV�LQFOXGHG�LQ�WKH�DFFRXQWV�ZKHQ�UHFHLYDEOH
5HVRXUFHV�([SHQGHG
([SHQGLWXUH�LV�UHFRJQLVHG�RQ�DQ�DFFUXDO�EDVLV�DV�D�OLDELOLW\�LV�LQFXUUHG��/LDELOLWLHV�DUH�UHFRJQLHG�ZKHUH�LW�LV�PRUH�OLNHO\�WKDQ�QRW�WKDW WKHUH�LV�D�OHJDO�RU�FRQVWUXFWLYH�REOLJDWLRQ�FRPPLWWLQJ�WKH�FKDULW\�WR�SD\�RXW�WKH�UHVRXUFHV�DQG�WKH�DPRXQW�RI�WKH�REOLJDWLRQ�FDQ�EH PHDVXUHG�ZLWK�UHDVRQDEOH�FHUWDLQW\�
*RYHUQDQFH�&RVWV
*RYHUQDQFH�FRVWV�LQFOXGH�FRVWV�DVVRFLDWHG�ZLWK�WKH�LQGHSHQGHQW�H[DPLQDWLRQ�RI�WKH�fQDQFLDO�VWDWHPHQWV��FRPSOLDQFH�ZLWK
FRQVWLWXWLRQDO�DQG�VWDWXWRU\�UHTXLUHPHQWV�DQG�DQ\�RWKHU�H[SHQGLWXUH�LQFXUUHG�RQ�WKH�VWUDWHJLF�PDQDJHPHQW�RI�WKH�FKDULW\��*RYHUQDQFH FRVWV�DUH�VKRZQ�ZLWKLQ�c$QDO\VLV�RI�([SHQGLWXUHd�QRWH�
/LDELOLW\�5HFRJQLWLRQ
/LDELOLWLHV�DUH�UHFRJQLVHG�DV�VRRQ�DV�WKHUH�LV�D�OHJDO�RU�FRQVWUXFWLYH�REOLJDWLRQ�FRPPLWWLQJ�WKH�FKDULW\�WR�SD\�RXW�UHVRXUFHV�
7DQJLEOH�)L[HG�$VVHWV
:H�FXUUHQWO\�KDYH�RQO\�RQH�f[HG�DVVHW���D�fUVW�HGLWLRQ�FRS\�RI�-R\�%DNHU V�&KLOGUHQ�,Q�&KDQFHU\��YDOXHG�DW�b����7KLV�ZLOO�QRW�EH GHSUHFLDWHG�
3HQVLRQV
1�$
2SHUDWLQJ�/HDVHV
1�$
7D[DWLRQ
7KH�FKDULW\�LV�H[HPSW�IURP�WD[�RQ�LWV�FKDULWDEOH�DFWLYLWLHV��7KH�FKDULW\�LV�UHJLVWHUHG�WR�FODLP�*LIW�$LG�IURP�+05&��7KH�FKDULW\�LV�QRW�9$7 UHJLVWHUHG�
-XGJHPHQWV�DQG�.H\�6RXUFHV�RI�(VWLPDWLRQ
7KH�WUXVWHHV�GR�QRW�FRQVLGHU�WKDW�WKHUH�DUH�DQ\�PDWHULDO�VRXUFHV�RI�HVWLPDWLRQ�RU�XQFHUWDLQW\�DW�WKH�EDODQFH�VKHHW�GDWH�WKDW�FRXOG�UHVXOW LQ�D�PDWHULDO�DGMXVWPHQW�WR�WKH�FDUU\LQJ�YDOXHV�RI�DVVHWV�DQG�OLDELOLWLHV�LQ�WKH�QH[W�UHSRUWLQJ�SHULRG�
&RQFHVVLRQDU\�/RDQV
1�$
1RWHV���$QDO\VLV�RI�,QFRPH� �([SHQGLWXUH
$QDO\VLV�RI�,QFRPH
&XUUHQW�<HDU
| 8QUHVWULFWHG | 5HVWULFWHG | 7RWDO | |
|---|---|---|---|
| ,QFRPLQJ5HVRXUFHV | |||
| 'RQDWLRQV /HJDFLHV | |||
| 'RQDWLRQV | ��� | � | ��� |
| *LIW$LG | �� | � | �� |
| *UDQWV | ����� | � | ����� |
| &KDULWDEOH$FWLYLWLHV | |||
| (YHQW,QFRPH | � | � | � |
| ,QYHVWPHQWV | |||
| %DQN,QWHUHVW | �� | � | �� |
| 7UDGLQJ$FWLYLWLHV | |||
| 5HQWDO,QFRPH | � | � | � |
| 6DOHV | � | � | � |
| 2WKHU | |||
| 2WKHU,QFRPH | �� | � | �� |
| 7RWDOLQFRPLQJUHVRXUFHV | ����� | � | ����� |
| 3ULRU<HDU | |||
| 8QUHVWULFWHG | 5HVWULFWHG | 7RWDO | |
| ,QFRPLQJ5HVRXUFHV | |||
| 'RQDWLRQV /HJDFLHV | |||
| 'RQDWLRQV | ��� | � | ��� |
| *LIW$LG | �� | � | �� |
| *UDQWV | � | � | � |
| &KDULWDEOH$FWLYLWLHV | |||
| (YHQW,QFRPH | � | � | � |
| ,QYHVWPHQWV | |||
| %DQN,QWHUHVW | � | � | � |
| 7UDGLQJ$FWLYLWLHV | |||
| 5HQWDO,QFRPH | � | � | � |
| 6DOHV | � | � | � |
| 2WKHU | |||
| 2WKHU,QFRPH | � | � | � |
| 7RWDOLQFRPLQJUHVRXUFHV | ��� | � | ��� |
$GGLWLRQDO�,QFRPH�1RWHV
2XU�PDLQ�VRXUFH�RI�LQFRPH�WKLV�\HDU�ZDV�D�VWDUW�XS�JUDQW�IURP�16&&7�
:H�ZHUH�DOVR�SOHDVHG�WR�UHFHLYH�GRQDWLRQV�IURP�KRPH�HGXFDWRUV�DQG�VXSSRUWHUV�
7KH�b��� RWKHU �LQFRPH�UHODWHV�WR�WKH�HVWLPDWHG�YDOXH�RI�D�fUVW�HGLWLRQ�FRS\�RI�&KLOGUHQ�LQ�&KDQFHU\��E\�-R\�%DNHU��ZKLFK�ZDV�GRQDWHG�WR RXU�FKDULW\�DQG�LV�OLVWHG�RQ�RXU�)L[HG�$VVHW�OLVW�RQ�WKH�EDODQFH�VKHHW�
$QDO\VLV�RI�([SHQGLWXUH
&XUUHQW�<HDU
| 8QUHVWULFWHG | 5HVWULFWHG | 7RWDO | |
|---|---|---|---|
| 5HVRXUFHV8VHG | |||
| &KDULWDEOH$FWLYLWLHV | |||
| $FWLYLWLHV | � | � | � |
| $GPLQ | ��� | � | ��� |
| $GYHUWLVLQJ | �� | � | �� |
| %DQN&KDUJHV | �� | � | �� |
| 'HSUHFLDWLRQ | � | � | � |
| (YHQW&RVWV | � | � | � |
| LIWVLYHQ | � | � | � |
| 2WKHU([SHQGLWXUH | � | � | � |
| 3UHPLVHV | � | � | � |
| 6WDe&RVWV | � | � | � |
| *RYHUQDQFH&RVWV | |||
| *RYHUQDQFH&RVWV | � | � | � |
| 7RWDOUHVRXUFHVXVHG | ��� | � | ��� |
3ULRU�<HDU
| 8QUHVWULFWHG | 5HVWULFWHG | 7RWDO | |
|---|---|---|---|
| 5HVRXUFHV8VHG | |||
| &KDULWDEOH$FWLYLWLHV | |||
| $FWLYLWLHV | � | � | � |
| $GPLQ | �� | � | �� |
| $GYHUWLVLQJ | �� | � | �� |
| %DQN&KDUJHV | � | � | � |
| 'HSUHFLDWLRQ | � | � | � |
| (YHQW&RVWV | � | � | � |
| LIWVLYHQ | � | � | � |
| 2WKHU([SHQGLWXUH | � | � | � |
| 3UHPLVHV | � | � | � |
| 6WDe&RVWV | � | � | � |
| *RYHUQDQFH&RVWV | |||
| *RYHUQDQFH&RVWV | � | � | � |
| 7RWDOUHVRXUFHVXVHG | ��� | � | ��� |
$GGLWLRQDO�([SHQGLWXUH�1RWHV
2XU�PDLQ�FRVWV�WKLV�\HDU�UHODWHG�WR�RXU�ZHEVLWH��WUDYHOOLQJ�WR�HYHQWV�WR�VSHDN�DERXW�-R\�%DNHU�)XQG�LQ�RUGHU�WR�UDLVH�DZDUHQHVV�DPRQJVW SRWHQWLDO�VXSSRUWHUV�DQG�EHQHfFLDULHV�DQG�SD\LQJ�IRU�RXU�DFFRXQWLQJ�VRIWZDUH�DQG�,&2�DQQXDO�UHJLVWUDWLRQ�IHH�
1RWHV���$QDO\VLV�RI�1HW�$VVHWV�%HWZHHQ�)XQGV
&XUUHQW�<HDU
| 8QUHVWULFWHG | 5HVWULFWHG | 7RWDO | |
|---|---|---|---|
| &XUUHQW$VVHWV | ����� | � | ����� |
| 1RQ�&XUUHQW$VVHWV | �� | � | �� |
| &XUUHQW/LDELOLWLHV | � | � | � |
| 1RQ�&XUUHQW/LDELOLWLHV | � | � | � |
| 7RWDO1HW$VVHWV $VVHWV0LQXV/LDELOLWLHV | ����� | � | ����� |
| 3ULRU<HDU | |||
| 8QUHVWULFWHG | 5HVWULFWHG | 7RWDO | |
| &XUUHQW$VVHWV | ��� | � | ��� |
| 1RQ�&XUUHQW$VVHWV | � | � | � |
| &XUUHQW/LDELOLWLHV | � | � | � |
| 1RQ�&XUUHQW/LDELOLWLHV | � | � | � |
| 7RWDO1HW$VVHWV $VVHWV0LQXV/LDELOLWLHV | ��� | � | ��� |
1RWHV���2WKHU
9ROXQWHHUV
7KH�FKDULW\�EHQHfWV�JUHDWO\�IURP�WKH�YROXQWDU\�FRQWULEXWLRQV�RI�WLPH�DQG�PRQH\��3OHDVH�UHIHU�WR�WKH�WUXVWHHV �UHSRUW�IRU�IXUWKHU�GHWDLO DERXW�YROXQWHHU�FRQWULEXWLRQV�LQ�WKH�RUJDQLVDWLRQ�
,QGHSHQGHQW�([DPLQDWLRQ�)HHV
)HHV�SD\DEOH�WR�WKH�LQGHSHQGHQW�H[DPLQHU�IRU�LQGHSHQGHQW�H[DPLQDWLRQ�ZHUH��b�� IHH�SD\DEOH�LQ�WKH�SULRU�\HDU��b� �
:H�DUH�YHU\�JUDWHIXO�WR�RXU�,QGHSHQGHQW�([DPLQHU�IRU�JLYLQJ�WKHLU�WLPH�WR�XV�
6WDe�&RVWV
1�$
.H\�0DQDJHPHQW�3HUVRQQHO
7KH�FKDULW\�FRQVLGHUV�LWV�NH\�PDQDJHPHQW�SHUVRQQHO�WR�EH�LWV�7UXVWHHV� DOO�XQSDLG�YROXQWHHUV �
,W�GRHV�QRW�HPSOR\�DQ\�VWDe�
7UXVWHH�5HPXQHUDWLRQ
1R�WUXVWHHV�UHFHLYHG�UHQXPHUDWLRQ�IURP�WKH�&,2�
7UXVWHH�([SHQVHV
'XULQJ�WKH�\HDU�RQH�WUXVWHH�LQFXUUHG�RXW�RI�SRFNHW�H[SHQVHV�WRWDOOLQJ�b������� 3ULRU�\HDU�RQH�WUXVWHH�LQFXUUHG�RXW�RI�SRFNHW�H[SHQVHV WRWDOOLQJ�b�����
$OO�H[SHQVHV�ZHUH�LQFXUUHG�IRU�WKH�GD\�WR�GD\�UXQQLQJ�RI�WKH�FKDULW\ V�DFWLYLWLHV�
7UXVWHH�'RQDWLRQV
'XULQJ�WKH�\HDU�WKH�WRWDO�DJJUHJDWHG�GRQDWLRQV�PDGH�WR�WKH�FKDULW\�E\�WKH�WUXVWHHV�ZDV�b������7KHUH�ZHUH�QR�FRQGLWLRQV�DWWDFKHG�WR WKH�GRQDWLRQV�� WRWDO�DJJUHJDWH�GRQDWLRQV�IURP�SULRU�\HDU�ZHUH�b�����
7DQJLEOH�)L[HG�$VVHWV
| 6SHFLDOLVWERRNVDQGKLVWRULFREMHFWV | 7RWDO | |
|---|---|---|
| &RVW | ||
| 3ULRUWR�VW1RYHPEHU���� | � | � |
| $GGLWLRQVLQfQDQFLDO\HDU | �� | �� |
| 7RWDODVDW��VW2FWREHU���� | �� | �� |
| 'HSUHFLDWLRQ | ||
| 3ULRUWR�VW1RYHPEHU���� | � | � |
| $GGLWLRQVLQfQDQFLDO\HDU | � | � |
| 7RWDODVDW��VW2FWREHU���� | � | � |
| 1HW%RRN9DOXH | ||
| $VDW��VW2FWREHU���� | �� | �� |
| $VDW��VW2FWREHU���� | � | � |
'HEWRUV
$FFRXQWV�5HFHLYDEOH
| 'HVFULSWLRQ | $PRXQW |
|---|---|
| *LIW$LG | �� |
| 7UDGH'HEWRUV | � |
| 7RWDO | �� |
3UHSD\PHQWV
| 'HVFULSWLRQ | $PRXQW |
|---|---|
| 3UHSD\PHQWV ,QFRUUHFWEDQNFKDUJHVDGMXVWPHQW�UHIXQG | ��� |
| 7RWDO | ��� |
| &UHGLWRUV $FFRXQWV3D\DEOH |
|
| 'HVFULSWLRQ | $PRXQW |
| $FFUXDOV | � |
| )LQDQFH/HDVH/LDELOLWLHV | � |
| 7D[ 6RFLDO6HFXULW|� | |
| 7UDGH&UHGLWRUV | � |
| 7RWDO | � |
| 'HIHUUHG,QFRPH | |
| 'HVFULSWLRQ | $PRXQW |
| 'HIHUUHG,QFRPH | � |
| 7RWDO | � |
$QDO\VLV�RI�&KDULWDEOH�)XQGV
&XUUHQW�<HDU
| )XQG1DPH | 2SHQLQJ%DODQFH | ,QFRPH | ([SHQGLWXUH | )XQG7UDQVIHUV | &ORVLQJ%DODQFH |
|---|---|---|---|---|---|
| 8QUHVWULFWHG | |||||
| *HQHUDO 8QUHVWULFWHG | ��� | ��� | �� | � � |
��� |
| 727$/ | ��� | ��� | �� | � � |
��� |
| 'HVLJQDWHG | |||||
| 16&&7*UDQW 'HVLJQDWHG | � | ����� | � | � ������ |
����� |
| UDQWVSRW HQHUDO 'HVLJQDWHG | � | �� | � ������ |
����� | |
| 727$/ | � | ����� | � | � � |
����� |
| 8QUHVWULFWHG7RWDO | ��� | ����� | �� | � � |
����� |
| 5HVWULFWHG7RWDO | � | � | � � |
� | |
| 727$/ | ��� | ����� | �� | � � |
����� |
3ULRU�<HDU
| )XQG1DPH | 2SHQLQJ%DODQFH | ,QFRPH | ([SHQGLWXUH | )XQG7UDQVIHUV | &ORVLQJ%DODQFH |
|---|---|---|---|---|---|
| 8QUHVWULFWHG | |||||
| *HQHUDO 8QUHVWULFWHG | � | ��� | ��� | � | ��� |
| 727$/ | � | ��� | ��� | � | ��� |
| 8QUHVWULFWHG7RWDO | � | ��� | ��� | � | ��� |
| 5HVWULFWHG7RWDO | � | � | � | � | � |
| 727$/ | � | ��� | ��� | � | ��� |
)XQG�7UDQVIHUV
| 'HVFULSWLRQ | )URP | 7R | $PRXQW |
|---|---|---|---|
| 'HVLJQDWHGSURSRUWLRQRI16&&7VWDUWXSJUDQWWRVWDUW-%) *UDQWVSRW |
16&&7*UDQW | UDQWVSRW HQHUDO | ����� |
| )XQG'HVFULSWLRQV | |||
| )XQG1DPH | 'HVFULSWLRQ | ||
| *HQHUDO 8QUHVWULFWHG |
2XUPDLQIXQG 8QUHVWULFWHG �FDQEHXVHGIRUDQ\WKLQJDOORZDEOHLQFOXGLQJDGPLQ� | ||
| 16&&7*UDQW 'HVLJQDWHG |
)RUUHFRUGLQJH[SHQGLWXUHUHODWHGWRWKH16&&7JUDQW PDLQO\ZHEVLWHDQGOHJDOIHHV | ||
| UDQWVSRW HQHUDO 'HVLJQDWHG |
0RQH\VHWDVLGHWREXLOG-%)JUDQWVSRW |
7UDQVDFWLRQV�WR�5HODWHG�3DUWLHV
'XULQJ�WKH�\HDU�WKH�FKDULW\�UHFHLYHG�GRQDWLRQV�WRWDOOLQJ�b����� SULRU�\HDU��b������IURP�UHODWHG�SDUWLHV� ZKLFK�LQFOXGHV�WUXVWHHV��DQ\ RWKHU�PHPEHUV�RI�NH\�PDQDJHPHQW�DQG�DQ\RQH�FORVHO\�FRQQHFWHG�WR�WKHP �
'XULQJ�WKH�\HDU�WKH�FKDULW\�SDLG�H[SHQVHV�WRWDOOLQJ�b������ SULRU�\HDU��b����� �WR�WUXVWHHV�DQG�YROXQWHHUV�ZKR�DUH�FRQVLGHUHG�UHODWHG SDUWLHV�
([SHQVHV�SDLG�LQFOXGHG�WUDYHO�WR�FRQIHUHQFHV�WR�VSHDN�DERXW�-R\�%DNHU�)XQG�ZKLOVW�FDUU\LQJ�RXW�GXWLHV�DVVRFLDWHG�ZLWK�EHLQJ�WUXVWHHV�
5HLPEXUVHPHQWV�IRU�H[SHQVHV�LQFXUUHG�ZKHQ�DFWLQJ�DV�DJHQW�IRU�WKH�FKDULW\�RU�LQFXUUHG�ZKHQ�XQGHUWDNLQJ�HPSOR\PHQW�GXWLHV�QRW FRQQHFWHG�ZLWK�VHUYLQJ�DV�D�WUXVWHH�DUH�QRW�LQFOXGHG�LQ�WKLV�GLVFORVXUH�
3ULRU�3HULRG�$GMXVWPHQW
7KHUH�ZHUH�QR�SULRU�\HDU�DGMXVWPHQWV�
3HQVLRQV
1�$