Standard Master Funds Plc Draft 3.2 31 December · PDF filein Switzerland for Standard Master...

Standard Master Funds plc

Semi-Annual Report and Unaudited Condensed Financial Statementsfor the period ended 31st December, 2013

for

Standard South Africa Equity Fund (liquidated)Standard Africa Equity Fund (ex South Africa)

Standard Global Emerging Markets Property Fund


TABLE OF CONTENTS

1

Page

2

DIRECTORS AND OTHER INFORMATION

INVESTMENT MANAGER’S REPORT 3

CONDENSED PROFIT AND LOSS ACCOUNT 6

CONDENSED BALANCE SHEET 9

CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE

TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 11

NOTES TO THE CONDENSED FINANCIAL STATEMENTS 14

SCHEDULE OF INVESTMENTS

- STANDARD SOUTH AFRICA EQUITY FUND 19

- STANDARD AFRICA EQUITY FUND (EX SOUTH AFRICA) 20

- STANDARD GLOBAL EMERGING MARKETS PROPERTY FUND 23

STATEMENT OF CHANGES IN THE PORTFOLIO

- STANDARD SOUTH AFRICA EQUITY FUND 27

- STANDARD AFRICA EQUITY FUND (EX SOUTH AFRICA) 29

- STANDARD GLOBAL EMERGING MARKETS PROPERTY FUND 31

APPENDIX 1 – REFERENCE INFORMATION 33


DIRECTORS AND OTHER INFORMATION

2

BOARD OF DIRECTORS REGISTRAR, TRANSFER AGENT &Mr. Cengiz Somay (British) ADMINISTRATORMs. Patricia Taylor (Irish) Brown Brothers Harriman Fund AdministrationMr. Bruce A. Ursell (British)* Services (Ireland) LimitedMr. Adrian Waters (Irish) Styne HouseAll non executive directors Upper Hatch Street* Chairman of the Board Dublin 2, Ireland

THE COMPANY AND REGISTERED OFFICE INDEPENDENT AUDITORSStandard Master Funds plc PricewaterhouseCoopersStyne House Chartered Accountants and Registered AuditorsUpper Hatch Street One Spencer DockDublin 2, Ireland North Wall Quay

Dublin 1, Ireland

INVESTMENT MANAGER AND DISTRIBUTOR SUB-INVESTMENT MANAGERSTANLIB Asset Management Limited (Standard Global Emerging Markets Property17 Melrose Boulevard Fund)Melrose Arch 2196 Perennial Real Estate Investments Pty Limited

P.O. Box: 202 Level 29Melrose Arch 2076 303 Collins StreetJohannesburg, South Africa Melbourne

Victoria 3000, Australia

LEGAL ADVISERS CUSTODIANWilliam Fry Brown Brothers Harriman Trustee ServicesFitzwilton House (Ireland) LimitedWilton Place Styne House

Dublin 2, Ireland Upper Hatch StreetDublin 2, Ireland

SECRETARY SPONSORING BROKERWilton Secretarial Limited J & E Davy

First Floor Davy HouseFitzwilton House 49 Dawson StreetWilton Place Dublin 2, Ireland

Dublin 2, Ireland

AUSTRIAN TAX REPRESENTATIVE SWISS PAYING AGENTPwC Österreich GmbH Société Générale Securities Services (until 19th

DecemberErdbergstraße 200 December, 2013)

1030 Vienna, Austria Talacker 50P.O. Box 1928CH – 8021 Zürich, Switzerland

GERMAN TAX REPRESENTATIVEWTS Steuerberatungsgesellschaft mbH RBC Investor Services Bank S.A., Esch-sur-Alzette,Taunusanlage 19 Zürich Branch* (since 20th December, 2013)D-60325 Frankfurt, Germany Badenerstrasse 567

CH – 8048 Zürich, Switzerland* RBC Investor Services Bank S.A., Esch-sur-Alzette, Zürich Branch (regulated by the CFB) acts as representativein Switzerland for Standard Master Funds plc (the “Company”) and also assumes the role of paying agent. Theprospectus, the memorandum and articles of association, the annual and half-yearly reports of the Company, as wellas the list of purchases and sales made by the Company during the year, can be obtained, on request and free ofcharge, in the office of the representative in Switzerland, RBC Investor Services Bank S.A., Esch-sur-Alzette,Zürich Branch, Badenerstrasse 567, CH – 8048 Zürich, Switzerland.

The information contained in this report is historical and not necessarily indicative of future performance. Theperformance data contained in this report does not take account of any commissions or costs charged whensubscribing and redeeming shares.


INVESTMENT MANAGER’S REPORT

3

Standard South Africa Equity Fund – Commentary for the 6 Months to 31st December, 2013

During the period under review the NAV of shares in the Standard South Africa Equity Fund rose by 8.22% in US$compared to a rise of 12.56% in the JSE All Share Index.

The drivers of the JSE have remained unchanged for 3 consecutive years, with the Industrial Index leading the way,followed by the Financial Index – the Resources Index lagged meaningfully yet again in the second half of 2013.The performance of the Industrial Index has been driven by a combination of strong earnings growth and a PEmultiple that has risen to 21 times current earnings. Only 3 times in the last 50 years has the Industrial Index PEexpanded to above 20 – we would caution investors against expecting much more in the way of a re-rating fromcurrent levels.

The Fund has systematically been reducing exposure to what we have deemed to be expensive, defensive stocksover the last 18 months. Whilst many of these companies are exceptional businesses, we believe they are nowtrading at PE multiples which are difficult for us to justify. The natural consequence of this has been to increase theweightings to select cyclical counters, where we not only believe the prospects for earnings growth have improved,but which trade at relatively attractive valuations. History may well judge the decision as being a little premature,given the relative performance of the Industrials in 2013, but we are comfortable that patience will be rewarded.

The performance of the currency has had a direct bearing on the performance of underlying companies and indices.The Rand depreciated by 24% against the US Dollar over 2013 and has now depreciated by nearly 60% against theDollar in the last 3 years. Whilst this level of depreciation over a 3 year period is not unprecedented, it has occurredonly a handful of times since 1994. South African investors have been hardened to currency depreciation over theyears, but what is often missing from the debate on the Rand is the concept of valuation. Currencies are Assets, andAssets have a value – we are of the view that the value of the currency is a lot stronger than where it currentlytrades.

During the period under review, there were a number of holdings that performed very well – most notably Brait,Investec, Pick ‘n Pay, Grindrod and Transaction Capital all contributed positively to the performance of the fund.However, countering the winners, the fund had a few holdings that worked out less well. These include BarclaysAfrica Group, Anglo American, Imperial and Exxaro. Relative to the Benchmarks, not being invested in Nasperscontinued to have a negative impact on the portfolio.

The extraordinary performance of Naspers during 2013 (up over 100%), and its large weighting in the JSE Indices,has contributed largely to the fund underperforming the Benchmark. Naturally this would not condone the “error”in not being invested in one of South Africa’s most remarkable companies. Our rationale for not investing in it waslargely driven by the valuation which we felt was stretched, combined with our view that we believe there are moreattractive opportunities elsewhere in the market which we feel will deliver better returns for our clients. We struggleto recall another occasion when not being invested in a stock has had such a material negative attribution onperformance relative to an Index.

The fund has been well served by the performance of some of the smaller companies over the last few years – theseinclude Grindrod, Omnia, Brait, Alexander Forbes, and more recently Afgri after the offer to buy out minorities.We believe we have acted prudently to position the fund in certain of the undervalued commodity counters,including Anglos and Impala, and believe that our holdings in both Imperial and Barclays Africa Group will proverewarding for unit holders.


INVESTMENT MANAGER’S REPORT - Continued

4

Standard Africa Equity Fund (ex South Africa) – Commentary for the 6 Months to 31st December, 2013

The NAV of shares in the Standard Africa Equity Fund (ex South Africa) rose during the period under review by12.33% in US$.

The most notable feature of the period under review was the pronounced recovery in the Egyptian stock market.The Fund is broadly market weighted in Egypt but concentrated in defensive consumer stocks and financials, suchas Juhayna Foods and Commercial International Bank. It may seem paradoxical that Egypt has performed so wellfollowing the military coup that ousted President Morsi and his Muslim Brotherhood led government but the coupdid bring a measure of stability and more importantly for Egypt's economy, financial support to the tune of over$12bn from the Gulf States and Saudi Arabia. This eased pressure on the country's foreign exchange reserves andthe Egyptian pound, allowing the Central Bank to reduce interest rates. Hence, the strong rally in consumer andfinancial stocks. While the political outlook remains uncertain, fresh Parliamentary and Presidential elections arescheduled for 2014, which we would hope means the worst may be over.

Other North African markets performed less well, Morocco broadly unchanged and Tunisia posting a negativereturn. The problem in Morocco is slow economic growth, as its economy is largely tied into the fortunes ofEurope. There is a chance that a good growing season will prompt a measure of improvement but valuations do notmake this market compelling at current levels. Tunisia has remained dogged by political uncertainty but at the timeof writing this report, the Islamist dominated government has agreed to hand over power to a more balancedcaretaker administration in advance of elections to be held later in 2014. Hopefully, this may herald a turning point.

The Fund's largest holding in the Africa ex South Africa region was Nigeria. This market was generally firm in thesecond half of 2013 with the Fund's largest holding there, Dangote Cement and its main rival, Lafarge Wapco bothperforming well. These performances topped off an excellent year for construction stocks in this market, wheredemand for cement is strong to meet infrastructure needs. The dominant banking sector was more mixed, First CityMonument Bank being among the top ten contributors to overall fund performance but Access Bank featuringamong the bottom ten. The market also encountered continued profit taking among consumer stocks, Nestle Nigeriafeaturing among the bottom ten contributors to performance. However, Nigeria rose over 40% in US$ in 2013 butstill remains well below former highs, despite continued GDP growth of around 7% and rising corporate earnings.We therefore are confident remaining overweight this market.

The Fund's other significant weighting in Africa ex South Africa was in Kenya. This market saw a strongperformance during the period. Key holdings here include Equity Bank, Kenya Commercial Bank and Athi RiverMining in the cement sector. Kenya was likewise up over 40% in US$ in 2013 and with GDP growth forecast toaccelerate from around 5% last year to 6% in 2014 - and with the added prospect of additional sizable oildiscoveries - Kenya merits its over-weighting.

Zimbabwe was the Fund's 3rd largest geographical exposure. Although this market also rose almost 40% in US$during the year, it largely marked time during the quarter under review. Valuations here remain among the mostattractive on the continent but with political uncertainty always present, the Fund is defensively positioned in stockssuch as brewer Delta Corp and mobile phone operator Econet Wireless.

In a quarter that saw poor returns from resource stocks, the Fund remains underweight this sector, its pricipalholding being in Tullow Oil, which continues to upgrade its proven reserves of oil in Ghana, Uganda and Kenya.

Looking forward into 2014 the portfolio manager would expect to see continued progress in African markets asvaluations are undemanding and markets well below former highs.


INVESTMENT MANAGER’S REPORT - Continued

5

Standard Global Emerging Markets Property Fund – Commentary for the 6 Months to 31st December, 2013

During the period under review the NAV of shares in the Standard Global Emerging Markets Property Fund fell by8.34% in US$.

The main influences on the performance of emerging market property stocks during the period were the continuingnegative sentiment towards emerging markets in general and the fear that the US Federal Reserve's taperingprogramme might place further downward pressure on Emerging Markets currencies and upward pressure oninterest rates. Compounding these general concerns were the specific concerns caused by the continuing slowdownin Chinese economic growth and political unrest in Thailand.

China represented the Fund's largest geographical exposure at 31.6% at the end of the period but this was over 8%below benchmark weight. This was the correct strategy as monetary tightening dampened sentiment towardsproperty stocks. However, as we embark on 2014 the Chinese authorities have begun to relax monetary controlsagain and we see little likelihood of this relaxation being reversed, as the economy is slowing and inflationarypressures are muted. With the prolonged negativity towards the property sector, the valuations of residentialproperty developers have fallen to attractive levels and stronger than expected sales in 2013 should bode well forprofits this year. We are also far from being pessimistic about the outlook for sales in 2014, given that housingaffordability has improved considerably. Consequently, our strategy with China is rather to buy into weakness thanreduce weightings further.

The Fund was also correctly positioned in Thailand, which represented 2.4% of the Fund's assets at year end, over3% below market weight. The outcome of recent political unrest is difficult to predict. That aside, low mortgagerates might be expected to lead to a bouyant housing market but household debt is at high levels, which wouldmilitate against this. We are therefore comfortable maintaining the Fund's underweight stance.

The Fund's significantly overweight position in Malaysia at 9.3% was, however, detrimental to performance, thegovernment there having implemented measures to cool the property market in October. This led to a significantsell-off in the sector, which now stands 2 deviations below historic valuation levels. Having endured the correction,we are not inclined to sell at these exceptionally depressed levels.

With an overweight exposure of 9.9% the other market in Asia that needs to be mentioned is the Philippines. With astrong macro economic backdrop, a mortgage penetration rate of just 2.5% and earnings growth of around 20%expected during 2014 in both the residential and office sectors, the Philippines is attractive on many measures buttapering fears got the better of the market during the second half of the year and it contributed negatively toperformance.

Conversely, the Fund's modestly overweight position in South Africa (11.8%) assisted performance. Althoughlisted property stocks returned a negative 3.2% due to rising yields in the bond market, this market held uprelatively well in global terms and we would expect it to continue to do so, with an average dividend yield of 7.5%and at least 8% dividend growth expected in 2014.

On the other hand, the Fund's overweight position in Brazil (10.7%) contributed negatively to performance, with30% declines recorded in the last quarter of the year in core stocks such as BR Malls and Iguetemi properties. Thiswas entirely due to negative sentiment. Demand for mall space remains strong due to lack of supply and rentals arestill rising. Yields are currently over 8% and we would anticipate M&A activity picking up as interest rates peak.

The Fund has a small (4.8%) weighting in Mexico and this market performed well, driven by the brighteningoutlook for the US economy and strong demand for industrial property in Mexico itself. The Fund is marginallyunderweight here but the position is likely to be added to as the opportunity offers. The Fund also benefitted fromits small 1.6% holding in Raven Russia, the Russian market proving largely immune to the jitters that affected otheremerging markets.

Negative sentiment towards emerging markets is likely to persist whilst the threat of US tapering overhangs themarket. On the other hand, the almost 2 year weakness in emerging market property stocks, particularly in Asia, isuncovering value and for the long term investor we believe there are no some appealing opportunities.

STANLIB Asset Management LimitedJanuary, 2014


CONDENSED PROFIT AND LOSS ACCOUNTFor the Period Ended 31st December, 2013

The accompanying notes form an integral part of these financial statements.6

CompanyTotal

StandardSouth Africa

Equity Fund*

StandardAfrica Equity

Fund (exSouth Africa)

StandardGlobal

EmergingMarkets

Property FundUS$ US$ US$ US$

INVESTMENT INCOMEIncome from Financial Assets at Fair Valuethrough Profit or Loss 483,567 121,536 235,643 126,388Net Fair Value gains/(losses) on FinancialAssets and Financial Liabilities at Fair Valuethrough Profit or Loss 5,787,905 675,006 6,019,259 (906,360)Deposit Account Interest 163 5 130 28Miscellaneous Income 27,741 8,319 11,014 8,408

Total Income/(Loss) 6,299,376 804,866 6,266,046 (771,536)

EXPENSESInvestment Manager and Distributor’s Fees 6 586,357 65,450 396,715 124,192Transaction Costs 320,632 25,389 276,261 18,982Custodian’s Fee 95,583 10,821 72,494 12,268Legal and Professional Fees 3 89,762 18,593 57,431 13,738Administrator’s Fee 71,312 22,107 24,517 24,688Auditors’ Fee 56,826 21,849 16,963 18,014Directors’ Fees 7 47,572 6,348 37,436 3,788Registrar and Transfer Agent’s Fees 38,563 4,509 22,018 12,036Trustee’s Fee 20,504 5,039 9,127 6,338Overdraft Interest 2,610 – 2,517 93Miscellaneous Expenses 8,019 757 3,730 3,532

Total Expenses 1,337,740 180,862 919,209 237,669

Withholding Tax 39,318 14,622 19,183 5,513

Adjustments from bid prices to last tradedmarket prices (467,458) (56,442) (428,392) 17,376Adjustment in respect of write off of organisationalexpenses (7,379) – – (7,379)

NET INCREASE/ (DECREASE) IN NETASSETS ATTRIBUTABLE TO HOLDERS OFREDEEMABLE PARTICIPATING SHARESFROM OPERATIONS 4,447,481 552,940 4,899,262 (1,004,721)

*Fund ceased operations on 11th December, 2013. In arriving at the results for the period ended 31st December,2013, all accounts above relate to discontinued operations.

There were no recognised gains and losses other than those dealt with in the Profit and Loss Account. All amountsdisclosed above relate to continuing activities.


CONDENSED PROFIT AND LOSS ACCOUNTFor the Year Ended 30th June, 2013


CompanyTotal

StandardSouth AfricaEquity Fund


Fund (ex SouthAfrica)

StandardGlobal

EmergingMarketsProperty

FundUS$ US$ US$ US$

INVESTMENT INCOMEIncome from Financial Assets at Fair Valuethrough Profit or Loss 1,982,280 268,526 1,333,097 380,657Net Fair Value gains/(losses) on FinancialAssets and Financial Liabilities at Fair Valuethrough Profit or Loss 18,157,516 (465,048) 16,937,283 1,685,281Deposit Account Interest 1,269 5 1,230 34Miscellaneous Income 49,610 4,526 38,176 6,908

Total Income/(Loss) 20,190,675 (191,991) 18,309,786 2,072,880

EXPENSESInvestment Manager and Distributor’s Fees 6 1,665,947 150,829 1,263,343 251,775Transaction Costs 914,705 19,062 846,596 49,047Custodian’s Fee 247,538 24,000 199,594 23,944Administrator’s Fee 144,310 47,984 48,505 47,821Directors’ Fees 7 130,347 11,708 88,519 30,120Legal and Professional Fees 3 122,436 9,796 86,327 26,313Registrar and Transfer Agent’s Fees 106,142 27,337 55,663 23,142Auditors’ Fee 70,268 6,687 51,532 12,049Trustee’s Fee 48,744 12,772 21,958 14,014Overdraft Interest 1,711 142 1,062 507Miscellaneous Expenses 18,303 4,268 5,574 8,461

Total Expenses 3,470,451 314,585 2,668,673 487,193

Withholding Tax 156,624 28,275 114,323 14,026

Adjustments from bid prices to last tradedmarket prices 474,285 27,399 412,500 34,386Adjustment in respect of write off of organisationalexpenses (26,520) – – (26,520)

NET INCREASE/ (DECREASE) IN NETASSETS ATTRIBUTABLE TO HOLDERS OFREDEEMABLE PARTICIPATING SHARESFROM OPERATIONS 17,011,365 (507,452) 15,939,290 1,579,527



CONDENSED PROFIT AND LOSS ACCOUNTFor the Period Ended 31st December, 2012


CompanyTotal




StandardGlobal


FundUS$ US$ US$ US$

INVESTMENT INCOMEIncome from Financial Assets at Fair Valuethrough Profit or Loss 674,584 143,376 410,097 121,111Net Fair Value gains on Financial Assets andFinancial Liabilities at Fair Value throughProfit or Loss 14,611,594 731,505 11,399,045 2,481,044Deposit Account Interest 623 2 611 10

Total Income 15,286,801 874,883 11,809,753 2,602,165

EXPENSESInvestment Manager and Distributor’s Fees 6 876,034 75,863 681,026 119,145Transaction Costs 270,119 5,656 247,403 17,060Custodian’s Fee 126,377 10,470 103,820 12,087Administrator’s Fee 73,442 24,182 24,956 24,304Registrar and Transfer Agent’s Fees 49,436 10,552 21,336 17,548Auditors’ Fee 35,781 3,321 27,634 4,826Legal and Professional Fees 3 30,873 14,411 1,824 14,638Trustee’s Fee 26,226 7,182 11,286 7,758Directors’ Fees 7 15,260 1,102 11,363 2,795Miscellaneous Expenses 5,977 2,874 – 3,103

Total Expenses 1,509,525 155,613 1,130,648 223,264

Withholding Tax 53,432 14,300 37,090 2,042

Adjustments from bid prices to last tradedmarket prices 532,967 154,480 345,644 32,843Adjustment in respect of write off of organisationalexpenses (13,442) – – (13,442)

NET INCREASE IN NET ASSETSATTRIBUTABLE TO HOLDERS OFREDEEMABLE PARTICIPATING SHARESFROM OPERATIONS 14,243,369 859,450 10,987,659 2,396,260



CONDENSED BALANCE SHEETAs at 31st December, 2013


CompanyTotal




StandardGlobal


FundUS$ US$ US$ US$

CURRENT ASSETSFinancial Assets at Fair Value through Profitor Loss 42,829,557 – 31,777,764 11,051,793Cash 9,770,715 81,258 9,450,273 239,184Receivable for investment securities sold 135,402 – 135,402 –Income receivable 6,072 – 4,862 1,210Other assets 2,605 1,110 – 1,495

Total Current Assets 52,744,351 82,368 41,368,301 11,293,682

CURRENT LIABILITIES (AMOUNTSFALLING DUE WITHIN ONE YEAR)Investment Manager and Distributor’s Feespayable 6 210,723 21,084 134,942 54,697Legal and Professional Fees payable 3 104,555 27,677 48,716 28,162Auditors’ Fee payable 67,669 10,858 47,085 9,726Custodian’s Fee payable 42,540 2,789 35,658 4,093Directors’ Fees payable 7 41,490 5,354 25,321 10,815Registrar and Transfer Agent’s Fees payable 29,330 1,112 22,829 5,389Administrator’s Fee payable 23,333 5,757 9,524 8,052Transaction Costs payable 14,489 6,117 7,252 1,120Payable for fund shares redeemed 11,439 – 11,439 –Trustee’s Fee payable 6,341 1,206 3,026 2,109Miscellaneous Expenses payable 58,856 414 2,499 55,943

Total Current Liabilities (excluding NetAssets attributable to holders ofRedeemable Participating Shares) 610,765 82,368 348,291 180,106

NET ASSETS ATTRIBUTABLE TOHOLDERS OF REDEEMABLEPARTICIPATING SHARES 52,133,586 – 41,020,010 11,113,576

Adjustments from bid prices to last traded marketprices 542,067 – 455,760 86,307

NET ASSETS ATTRIBUTABLE TOHOLDERS OF REDEEMABLEPARTICIPATING SHARES (shareholderdealing purposes) 52,675,653 – 41,475,770 11,199,883


CONDENSED BALANCE SHEETAs at 30th June, 2013


CompanyTotal




StandardGlobal


FundUS$ US$ US$ US$

CURRENT ASSETSFinancial Assets at Fair Value through Profitor Loss 63,358,750 6,711,824 44,788,144 11,858,782Cash 5,295,100 113,338 4,678,189 503,573Receivable for investment securities sold 856,230 – 143,676 712,554Receivable for fund shares subscribed 423,893 – 423,893 –Income receivable 69,810 – 26,306 43,504

Total Current Assets 70,003,783 6,825,162 50,060,208 13,118,413

CURRENT LIABILITIES (AMOUNTSFALLING DUE WITHIN ONE YEAR)Payable for fund shares redeemed 3,000,000 – 3,000,000 –Investment Manager and Distributor’s Feespayable 6 677,517 29,209 594,843 53,465Bank Overdraft 352,767 – – 352,767Payable for investment securities purchased 276,516 – – 276,516Custodian’s Fee payable 106,418 9,968 86,625 9,825Legal and Professional Fees payable 3 90,489 17,565 45,003 27,921Auditors’ Fee payable 69,021 6,342 50,535 12,144Registrar and Transfer Agent’s Fees payable 61,677 19,090 31,962 10,625Administrator’s Fee payable 60,523 19,817 21,175 19,531Directors’ Fees payable 7 32,998 3,274 15,231 14,493Transaction Costs payable 26,931 3,442 20,958 2,531Trustee’s Fee payable 18,716 4,762 8,742 5,212Miscellaneous Expenses payable 77,140 919 13,332 62,889

Total Current Liabilities (excluding NetAssets attributable to holders ofRedeemable Participating Shares) 4,850,713 114,388 3,888,406 847,919

NET ASSETS ATTRIBUTABLE TOHOLDERS OF REDEEMABLEPARTICIPATING SHARES 65,153,070 6,710,774 46,171,802 12,270,494

Adjustments from bid prices to last traded marketprices 1,009,525 56,442 884,152 68,931Adjustment in respect of write off oforganisational expenses 7,379 – – 7,379

NET ASSETS ATTRIBUTABLE TOHOLDERS OF REDEEMABLEPARTICIPATING SHARES (shareholderdealing purposes) 66,169,974 6,767,216 47,055,954 12,346,804


CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OFREDEEMABLE PARTICIPATING SHARESFor the Period Ended 31st December, 2013


CompanyTotal




StandardGlobal

EmergingMarkets


Opening Net Assets attributable to holders ofRedeemable Participating Shares 66,169,974 6,767,216 47,055,954 12,346,804

Net increase/(decrease) in Net Assetsattributable to holders of RedeemableParticipating Shares from Operations 4,447,481 552,940 4,899,262 (1,004,721)

Proceeds of Redeemable Participating SharesIssued 8,876,393 – 8,876,393 –Payment for Redeemable Participating SharesRedeemed (26,818,195) (7,320,156) (19,355,839) (142,200)

(17,941,802) (7,320,156) (10,479,446) (142,200)

Closing Net Assets attributable to holdersof Redeemable Participating Shares 52,675,653 – 41,475,770 11,199,883


CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OFREDEEMABLE PARTICIPATING SHARESFor the Year Ended 30th June, 2013


CompanyTotal




StandardGlobal

EmergingMarkets



Net increase/(decrease) in Net Assetsattributable to holders of RedeemableParticipating Shares from Operations 17,011,365 (507,452) 15,939,290 1,579,527

Proceeds of Redeemable Participating SharesIssued 15,366,806 – 15,006,605 360,201Payment for Redeemable Participating SharesRedeemed (40,716,954) (15,284) (40,479,306) (222,364)

(25,350,148) (15,284) (25,472,701) 137,837

Closing Net Assets attributable to holdersof Redeemable Participating Shares 66,169,974 6,767,216 47,055,954 12,346,804


CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OFREDEEMABLE PARTICIPATING SHARESFor the Period Ended 31st December, 2012


CompanyTotal




StandardGlobal

EmergingMarkets



Net increase in Net Assets attributable toholders of Redeemable Participating Sharesfrom Operations 14,243,369 859,450 10,987,659 2,396,260

Proceeds of Redeemable Participating SharesIssued 9,351,032 125 9,135,905 215,002Payment for Redeemable Participating SharesRedeemed (11,490,289) (15,409) (11,474,880) –

(2,139,257) (15,284) (2,338,975) 215,002

Closing Net Assets attributable to holdersof Redeemable Participating Shares 86,612,869 8,134,118 65,238,049 13,240,702


NOTES TO THE CONDENSED FINANCIAL STATEMENTS

14

1. Organisation and StructureThe Company was incorporated in Ireland on 5th July, 2001 as an open-ended investment umbrella fundwith variable capital with segregated liability between its Sub-Funds, and is authorised by the CentralBank of Ireland pursuant to the European Communities (Undertakings for Collective Investment inTransferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”). The Companycommenced operations on 10th September, 2001. The Central Bank of Ireland approved the launch of theStandard South Africa Equity Fund and Standard Africa Equity Fund (ex South Africa) on 9th August,2007 and the Standard Global Emerging Markets Property Fund on 27th May, 2010.

Standard South Africa Equity Fund terminated on 11th December, 2013.

As of 31st December, 2013, the assets of Standard Africa Equity Fund (ex South Africa) and StandardGlobal Emerging Markets Property Fund (the “Sub-Funds”) are managed by STANLIB AssetManagement Limited with Perennial Real Estate Investments Pty Limited (the “Sub-InvestmentManager”) appointed as a sub-investment manager of Standard Global Emerging Markets Property Fund.

2. Significant Accounting Policies

Basis of PreparationThe financial statements presented are unaudited condensed financial statements for the six month periodended 31st December, 2013. They have been prepared in accordance with pronouncements on Half YearlyFinancial Reports issued by the Financial Reporting Council. The unaudited condensed financialstatements should be read in conjunction with the financial statements for the year ended 30th June, 2013,which were prepared in accordance with accounting standards generally accepted in Ireland and IrishStatute, comprising the Companies Acts, 1963 to 2013 and the UCITS Regulations, under the historicalcost convention, as modified by the revaluation of financial assets and financial liabilities held at fair valuethrough profit or loss.

The Company has availed of the exemption available to open-ended investment funds under FRS 1 “CashFlow Statements” not to prepare a cash flow statement.

3. Related Parties’ Transactions

Patricia Taylor, a Director of the Company is both a Director of Wilton Secretarial Limited and WilliamFry. There were legal and company secretarial fees paid during the period ended 31st December, 2013amounting to US$27,711 (30th June, 2013: US$67,669; 31st December, 2012: US$42,206).

Cengiz Somay, a Director of the Company, is also an employee of STANLIB Fund Managers JerseyLimited.

The Investment Manager, Distributor and Directors’ fees are set out in Note 6 and 7 on pages 15 and 16.

At the period end cash held at the following banks which are considered to be related parties to StandardBank Group:


Fund (ex South Africa)


Fund (ex South Africa)31st December, 2013 30th June, 2013

US$ US$

CFC Stanbic Bank Ltd, Kenya 32,582 210,482

Stanbic IBTC Bank, Nigeria 12,561 640,804

Stanbic Bank Zambia Ltd 59 59

45,202 851,345

The Directors are not aware of any other transactions with connected persons during the period ended 31stDecember, 2013, other than those disclosed in these financial statements.


NOTES TO THE CONDENSED FINANCIAL STATEMENTS - Continued

15

3. Related Parties’ Transactions - ContinuedIn accordance with the requirements of UCITS Notice 14 the Directors confirm that there are arrangementsin place, to ensure that any transactions carried out with the Company by its promoter, investmentmanager, investment adviser, custodian and/or associated or group companies of these (“ConnectedParties”) are carried out as if negotiated at arm’s length and are in the best interests of the shareholders andthat the transactions with Connected Parties during the period were carried out as if negotiated at arm’slength and are in the best interests of the shareholders.

4. Significant Investor HoldingsThe following entities had interests in excess of 20% of the issued share capital of the Sub-Funds.

31st December, 2013 30th June, 2013

No. of % of No. of % of

Redeemable Participating Shares Shares Sub-Fund Shares Sub-Fund

Standard South Africa Equity Fund

*Liberty Group Limited – – 1,111,111 91.33%

Standard Africa Equity Fund (ex South Africa)

HBD Jersey Limited 1,695,628 23.10% 5,010,938 53.58%

Caceis BL 1,543,786 21.03% – –* STANLIB Asset Management Limited 1,204,562 16.41% – –

Standard Global Emerging Markets Property Fund

*Liberty Group Limited 1,072,348 100.00% 1,072,348 98.89%

*Related Party to Standard Bank Group Ltd

5. Soft Commission ArrangementsThere were no soft commission arrangements entered into during the period ended 31st December, 2013(30th June, 2013: US$nil; 31st December, 2012: US$nil).

6. Investment Manager and Distributor’s FeesThe Investment Manager is entitled to a fee calculated as a percentage of the Net Asset Value of each Sub-Fund calculated and accrued as of each Dealing Day and payable monthly in arrears in US Dollars, up tothe rates as noted below, out of the assets of each Sub-Fund.

Standard South Africa Equity Fund 2.50%Standard Africa Equity Fund (ex South Africa) 2.50%Standard Global Emerging Markets Property Fund 2.50%

The Company shall pay the Investment Manager a distribution fee of up to 0.75% of the Net Asset Valueof Standard South Africa Equity Fund, up to 1.00% of the Net Asset Value of Standard Africa Equity Fund(ex South Africa) and up to 0.75% of the Net Asset Value of Standard Global Emerging Markets PropertyFund, calculated and accrued as of each Dealing Day and are payable monthly in arrears. During thecurrent period the Investment Manager has “capped” the total Investment Manager and Distributor fee at2.00% of Net Asset Value for each Sub-Fund. The Investment Manager is responsible for the fees andexpenses of any advisers, including the Sub-Investment Manager.

For the period ended 31st December, 2013 the Investment Manager and Distributor’s fees wereUS$586,357 (30th June, 2013: US$1,665,947; 31st December, 2012: US$876,034), of which US$210,723(30th June, 2013: US$677,517) was outstanding at the period end.



16

7. Directors’ FeesThe Directors are entitled to a fee for their services (apart from Cengiz Somay who is also an executivewithin the Standard Bank Group) for their services at a rate to be determined annually by the Directors.The fees for the period ended 31st December, 2013 were €20,000 each per annum with the Chairman ofthe Board receiving a fee of €25,000. All Directors are entitled to reimbursement by the Company ofexpenses directly incurred in attendance at Board Meetings. Directors’ fees and expenses are charged toeach Sub-Fund pro rata to their Net Asset Values.

For the period ended 31st December, 2013 the Directors’ fees and expenses were US$47,572 (30th June,2013: US$130,347; 31st December, 2012: US$15,260), of which US$41,490 (30th June, 2013:US$32,998) was outstanding at the period end.

8. Exchange RatesThe following US Dollar exchange rates were used for the Sub-Funds. Rates are at 4pm GMT.

9. Comparative Statistics

31st December, 2013 30th June, 2013 30th June, 2012

Standard South Africa Equity FundClass ANet Assets US$– US$6,767,216 US$7,289,952Shares – 1,216,579 1,219,089Net Asset Value US$– US$5.56 US$5.98

31st December, 2013 30th June, 2013

Brazilian Real 2.35925 2.20905

British Pound 0.60377 0.65933

Canadian Dollar 1.06250 1.05495

Egyptian Pound 6.94855 7.01935

Ghanaian Cedi 2.36500 2.04000

Hong Kong Dollar 7.75375 7.75635

Indonesian Rupiah 12,170.00000 9,925.00000

Kenyan Shilling 86.30000 85.87500

Malaysian Ringgit 3.27550 3.15950

Mauritian Rupee 30.05000 31.10000

Mexican Peso 13.09715 N/A

Moroccan Dirham 8.16210 8.55915

Nigerian Naira 159.95000 162.53000

Philippine Peso 44.38250 43.20000

Singapore Dollar 1.26260 1.26830

South African Rand 10.47375 9.92720

Taiwan Dollar 29.80350 N/A

Thai Bhat 32.86000 31.01500

Turkish Lira 2.14850 1.92945

Zambian Kwacha 5.54500 5.48500

Zimbabwean Dollar 322.35500 322.35500



17

9. Comparative Statistics - Continued


Standard Africa Equity Fund (ex South Africa)Class ANet Assets US$41,475,770 US$47,055,954 US$56,589,365Shares 7,341,837 9,352,812 14,249,531Net Asset Value US$5.65 US$5.03 US$3.97


Standard Global Emerging Markets Property FundClass ANet Assets US$11,199,883 US$12,346,804 US$10,629,440Shares 1,072,348 1,084,348 1,072,348Net Asset Value US$10.44 US$11.39 US$9.91

10. Significant Events During the Period

In respect of the Standard South Africa Equity FundStandard South Africa Equity Fund terminated on 11th December, 2013.

In respect of the Standard Africa Equity Fund (ex South Africa) and Standard Global EmergingMarket Property FundFollowing an agreement between the Investment Manager and Threadneedle Asset Management limitedto, inter alia promote and market its investment products including the sub-funds; the Directors intend torecommend to shareholders that the Africa Equity Fund (ex South Africa) and the Global EmergingMarkets Property Fund be merged into Threadneedle’s existing Luxembourg domiciled SICAV to (i)facilitate the growth in the current level of assets through access to new distribution channels; and (ii)reduce the proportion of operating expenses currently being borne by each Shareholder by merging into asignificantly larger platform. The Directors believe that given the current level of assets and TERs of theCompany that it would be in the best interests of relevant Shareholders to vote in favour of the merger.Should the merger be approved, it is intended that the Company will be liquidated subsequent to thetransfer of the assets of the remaining sub-funds of the Company to the SICAV. As a result of theseevents the financial statements have been prepared on a termination basis.

OtherRecent political events have created illiquidity in the Egyptian foreign currency market which hasresulted in the repatriation of all cash positions held in Egypt being curtailed. The Standard Africa EquityFund (ex South Africa) has an amount of US$2.79m held at its sub-custodian in Egypt as at the date ofapproval of the Financial Statements. Funds are currently being repatriated on a first in first out basishowever the Directors cannot be certain of the completion of the Company’s funds held there. We drawyour attention to the fact that the Company invests in Emerging Market securities, the lack of liquidityand efficiency in certain of the stock markets or foreign exchange markets in emerging markets may alsomean that from time to time the Investment Manager may experience more difficulty in purchasing orselling holdings of securities than it would in a more developed market. In addition political volatility incertain emerging markets may in fact limit or freeze the repatriation of investment proceeds in certaininstances, which may, under certain circumstances, delay the payment of Shareholder redemptions.

Effective from 20th December, 2013 the Swiss Paying Agent was changed to RBC Investor ServicesBank S.A., Esch-sur-Alzette, Zürich Branch.

There have been no other significant events affecting the Company during the period.



18

11. Significant Events Since the Period EndThere have been no significant events affecting the Company since the period end.

12. Approval of the Financial StatementsThe financial statements were approved by the Directors on 18th February, 2014.


SCHEDULE OF INVESTMENTSAs at 31st December, 2013


STANDARD SOUTH AFRICA EQUITY FUND

Fair Value % of TotalCountry Holdings Security Description US$ Net Assets

Transferable securities quoted on a Stock Exchange or dealt in on another Regulated Market.

Equities 0.00% (30th June, 2013: 100.02%)

South Africa 0.00% (30th June, 2013: 75.45%)Mining 0.00% (30th June, 2013: 3.70%)

115,668 Alliance Mining Corp Ltd* 0 0.00Total Mining 0 0.00

Total South Africa 0 0.00

Total Equities 0 0.00

Total Value of Investments (Cost - US$ 41,445) 0 0.00

Other Assets less Liabilities 0 0.00

Total Net Assets 0 0.00

*Trading suspended


SCHEDULE OF INVESTMENTS - ContinuedAs at 31st December, 2013


STANDARD AFRICA EQUITY FUND (EX SOUTH AFRICA)



Equities 77.46% (30th June, 2013: 97.00%)

Egypt 18.91% (30th June, 2013: 15.73%)Banks 7.72% (30th June, 2013: 1.99%)

679,000 Commercial International Bank Egypt SAE 3,167,048 7.72Total Banks 3,167,048 7.72

Food 5.40% (30th June, 2013: 5.59%)993,000 Juhayna Food Industries 2,215,066 5.40

Total Food 2,215,066 5.40

Real Estate 5.79% (30th June, 2013: 3.35%)2,706,000 Talaat Moustafa Group 2,375,546 5.79

Total Real Estate 2,375,546 5.79

Total Egypt 7,757,660 18.91

Kenya 10.67% (30th June, 2013: 17.07%)Banks 5.97% (30th June, 2013: 8.79%)

3,100,000 Equity Bank Ltd 1,041,715 2.542,615,000 Kenya Commercial Bank Ltd 1,409,009 3.43

Total Banks 2,450,724 5.97

Beverages 2.85% (30th June, 2013: 4.23%)360,000 East African Breweries Ltd 1,168,019 2.85

Total Beverages 1,168,019 2.85

Mining 1.85% (30th June, 2013: 2.08%)760,000 ARM Cement Ltd 757,358 1.85

Total Mining 757,358 1.85

Total Kenya 4,376,101 10.67

Nigeria 36.58% (30th June, 2013: 41.24%)Banks 15.53% (30th June, 2013: 16.60%)

24,685,000 Access Bank Plc 1,435,264 3.5068,285,000 FCMB Group Plc 1,575,315 3.84

9,340,000 Guaranty Trust Bank Plc 1,590,048 3.8711,395,000 Zenith Bank Plc 1,771,052 4.32

Total Banks 6,371,679 15.53

Beverages 3.97% (30th June, 2013: 5.20%)1,550,000 Nigerian Breweries Plc 1,627,040 3.97

Total Beverages 1,627,040 3.97

Building Materials 7.32% (30th June, 2013: 7.63%)1,310,000 Dangote Cement Plc 1,724,499 4.201,780,000 Lafarge Cement WAPCO Nigeria Plc 1,279,775 3.12

Total Building Materials 3,004,274 7.32




STANDARD AFRICA EQUITY FUND (EX SOUTH AFRICA) - Continued



Equities - Continued

Nigeria - ContinuedFood 6.50% (30th June, 2013: 9.25%)

2,165,000 Flour Mills of Nigeria Plc 1,164,187 2.84200,000 Nestle Nigeria Plc 1,500,881 3.66

Total Food 2,665,068 6.50

Insurance 0.00% (30th June, 2013: 0.00%)161,547,689 Standard Alliance Insurance Plc* 0 0.00

Total Insurance 0 0.00

Retail 3.26% (30th June, 2013: 2.56%)3,190,000 UAC of Nigeria Plc 1,336,230 3.26

Total Retail 1,336,230 3.26

Total Nigeria 15,004,291 36.58

United Kingdom 3.63% (30th June, 2013: 4.08%)Oil & Gas 3.63% (30th June, 2013: 4.08%)

532,000 Afren Plc 1,489,982 3.63Total Oil & Gas 1,489,982 3.63

Total United Kingdom 1,489,982 3.63

Zimbabwe 7.67% (30th June, 2013: 16.15%)Holding Companies-Diversified 4.51% (30th June, 2013: 10.31%)

795,000 Delta Corp Ltd 1,113,794 2.72920,000 Innscor Africa Ltd 736,000 1.79

Total Holding Companies-Diversified 1,849,794 4.51

Retail 1.39% (30th June, 2013: 2.98%)2,860,000 OK Zimbabwe 572,000 1.39

Total Retail 572,000 1.39

Telecommunications 1.77% (30th June, 2013: 2.86%)1,210,000 Econet Wireless Zimbabwe Ltd 726,000 1.77

Total Telecommunications 726,000 1.77

Total Zimbabwe 3,147,794 7.67

Total Equities 31,775,828 77.46






Other transferable securities.

Equities 0.01% (30th June, 2013: 0.00%)

Zimbabwe 0.01% (30th June, 2013: 0.00%)Diversified Financial Services 0.01% (30th June, 2013: 0.00%)

193,596 AfrAsia-Kingdom (Zimbabwe) Limited* 1,936 0.01Total Diversified Financial Services 1,936 0.01

Total Zimbabwe 1,936 0.01

Total Equities 1,936 0.01

Total Value of Investments (Cost - US$ 29,767,107) 31,777,764 77.47

Other Assets less Liabilities 9,242,246 22.53

Total Net Assets 41,020,010 100.00

*Fair valued by management.




STANDARD GLOBAL EMERGING MARKETS PROPERTY FUND



Equities 71.52% (30th June, 2013: 72.10%)

Brazil 10.73% (30th June, 2013: 10.99%)Engineering & Construction 2.62% (30th June, 2013: 2.52%)

14,018 Multiplan Empreendimentos Imobiliarios SA 291,144 2.62Total Engineering & Construction 291,144 2.62

Real Estate 8.11% (30th June, 2013: 8.47%)13,000 Aliansce Shopping Centers SA 95,878 0.8663,699 BR Malls Participacoes SA 458,995 4.1337,532 Iguatemi Empresa de Shopping Centers SA 346,804 3.12

Total Real Estate 901,677 8.11

Total Brazil 1,192,821 10.73

China 8.32% (30th June, 2013: 8.65%)Engineering & Construction 2.76% (30th June, 2013: 2.09%)

392,764 Beijing Capital International Airport Co Ltd 306,461 2.76Total Engineering & Construction 306,461 2.76

Real Estate 5.56% (30th June, 2013: 6.56%)651,722 Country Garden Holdings Co Ltd 392,525 3.53154,000 Guangzhou R&F Properties Co Ltd 225,228 2.03


Total China 924,214 8.32

Guernsey 1.26% (30th June, 2013: 1.52%)Real Estate 1.26% (30th June, 2013: 1.52%)

106,000 Raven Russia Ltd 139,572 1.26Total Real Estate 139,572 1.26

Total Guernsey 139,572 1.26

Hong Kong 23.65% (30th June, 2013: 25.65%)Holding Companies-Diversified 2.68% (30th June, 2013: 2.67%)

39,000 Wharf Holdings Ltd 297,766 2.68Total Holding Companies-Diversified 297,766 2.68

Real Estate 20.97% (30th June, 2013: 22.98%)364,888 China Overseas Land & Investment Ltd 1,021,192 9.19244,110 China Resources Land Ltd 603,841 5.43482,355 KWG Property Holding Ltd 265,634 2.39192,222 Shimao Property Holdings Ltd 440,285 3.96


Total Hong Kong 2,628,718 23.65




STANDARD GLOBAL EMERGING MARKETS PROPERTY FUND - Continued




Indonesia 2.01% (30th June, 2013: 4.70%)Real Estate 2.01% (30th June, 2013: 4.70%)

2,049,000 Ciputra Development Tbk PT 122,906 1.111,358,277 Lippo Karawaci Tbk PT 100,448 0.90


Total Indonesia 223,354 2.01

Malaysia 5.70% (30th June, 2013: 3.48%)Real Estate 5.70% (30th June, 2013: 3.48%)

279,520 Mah Sing Group Bhd 192,861 1.73230,000 SP Setia Bhd 210,655 1.90278,000 Sunway Bhd 230,004 2.07


Total Malaysia 633,520 5.70

Philippines 10.06% (30th June, 2013: 7.18%)Real Estate 10.06% (30th June, 2013: 7.18%)

675,000 Ayala Land Inc 375,655 3.389,745,000 Filinvest Land Inc 307,396 2.761,317,825 SM Prime Holdings Inc 435,291 3.92


Total Philippines 1,118,342 10.06

Singapore 2.91% (30th June, 2013: 4.22%)Real Estate 2.91% (30th June, 2013: 4.22%)

209,061 CapitaMalls Asia Ltd 323,709 2.91Total Real Estate 323,709 2.91

Total Singapore 323,709 2.91

Taiwan 4.49% (30th June, 2013: 0.00%)Real Estate 4.49% (30th June, 2013: 0.00%)

317,005 Cathay Real Estate Development Co Ltd 199,434 1.8052,466 Huaku Development Co Ltd 148,049 1.33

149,729 Hung Poo Real Estate Development Corp 151,219 1.36Total Real Estate 498,702 4.49

Total Taiwan 498,702 4.49

Thailand 2.39% (30th June, 2013: 5.71%)Home Builders 0.84% (30th June, 2013: 1.07%)

350,000 Land & Houses Pcl 93,731 0.84Total Home Builders 93,731 0.84








Thailand - ContinuedReal Estate 1.55% (30th June, 2013: 4.64%)

45,000 Ticon Industrial Connection Pcl NVDR 21,500 0.20314,700 Ticon Industrial Connection Pcl-F 150,359 1.35


Total Thailand 265,590 2.39

Total Equities 7,948,542 71.52

Collective Investment Schemes 3.69% (30th June, 2013: 2.95%)


205,000 Ascendas India Trust 109,595 0.99Total Real Estate 109,595 0.99


South Africa 2.70% (30th June, 2013: 2.03%)Real Estate 2.70% (30th June, 2013: 2.03%)

296,511 Capital Property Fund 300,368 2.70Total Real Estate 300,368 2.70

Total South Africa 300,368 2.70

Total Collective Investment Schemes 409,963 3.69

Real Estate Investments Trust 24.23% (30th June, 2013: 21.59%)

Malaysia 3.81% (30th June, 2013: 3.66%)Real Estate 3.81% (30th June, 2013: 3.66%)

519,100 CapitaMalls Malaysia Trust 217,117 1.95261,300 IGB Real Estate Investment Trust 94,134 0.85299,600 Sunway Real Estate Investment Trust 112,504 1.01


Total Malaysia 423,755 3.81

Mexico 4.62% (30th June, 2013: 0.00%)Real Estate 4.62% (30th June, 2013: 0.00%)

160,000 Fibra Uno Administracion SA de CV 513,944 4.62Total Real Estate 513,944 4.62

Total Mexico 513,944 4.62







Real Estate Investments Trust - Continued


265,000 First Real Estate Investment Trust 221,428 1.99660,000 Lippo Malls Indonesia Retail Trust 214,320 1.93



South Africa 9.17% (30th June, 2013: 10.83%)Investment Companies 1.19% (30th June, 2013: 1.15%)

120,000 Rebosis Property Fund Ltd 131,873 1.19Total Investment Companies 131,873 1.19

Real Estate 7.98% (30th June, 2013: 9.68%)126,811 Growthpoint Properties Ltd 286,343 2.58

32,702 Hyprop Investments Ltd 236,575 2.1335,000 Premium Properties Ltd 57,811 0.5236,302 Resilient Property Income Fund Ltd 184,738 1.6624,000 Sycom Property Fund 55,659 0.5041,000 Vukile Property Fund Ltd 65,764 0.59


Total South Africa 1,018,763 9.17

Turkey 2.71% (30th June, 2013: 2.98%)Engineering & Construction 0.74% (30th June, 2013: 0.95%)

64,000 Torunlar Gayrimenkul Yatirim Ortakligi AS 81,917 0.74Total Engineering & Construction 81,917 0.74

Real Estate 1.97% (30th June, 2013: 2.03%)343,699 Is Gayrimenkul Yatirim Ortakligi AS 219,161 1.97


Total Turkey 301,078 2.71

Total Real Estate Investments Trust 2,693,288 24.23

Total Value of Investments (Cost - US$ 11,375,461) 11,051,793 99.44

Other Assets less Liabilities 61,783 0.56

Total Net Assets 11,113,576 100.00


STATEMENT OF CHANGES IN THE PORTFOLIOFor the Period Ended 31st December, 2013

27

In accordance with the European Communities (Undertakings for Collective Investment in TransferableSecurities) Regulations, 2011 a statement of changes in the composition of the Portfolio during thereporting period is provided to ensure that shareholders can identify changes in the investments held bythe Company. These statements present the aggregate purchases and sales of transferable securitiesexceeding 1% of the total value of purchases and sales for the year. At a minimum the largest 20 purchasesand sales must be given.

STANDARD SOUTH AFRICA EQUITY FUND

Total purchases.

Units Security Description Cost

US$

16,098 Impala Platinum Holdings Ltd 186,554

2,721 ABSA Group Ltd 39,100

10,080 PPC Ltd 31,549

19,029 African Bank Investments Ltd 30,191

31,633 Transaction Capital 22,114

430 Sasol Ltd 20,738

7,636 Murray & Roberts Holdings Ltd 20,713

1,803 Standard Bank Group Ltd 19,646

2,730 Investec Plc 17,669

1,056 Exxaro Resources Ltd 15,938

6,129 Netcare Ltd 14,885

362 Bidvest Group Ltd 9,247

265 Imperial Holdings Ltd 5,333


STATEMENT OF CHANGES IN THE PORTFOLIO – ContinuedFor the Period Ended 31st December, 2013

28

STANDARD SOUTH AFRICA EQUITY FUND - Continued

Aggregate sales greater than 1% in value of total sales.

Units Security Description Proceeds

US$

30,751 MTN Group Ltd 593,718

25,129 Anglo American Plc 563,102

17,144 BHP Billiton Plc 522,498

108,967 FirstRand Ltd 356,377

26,370 ABSA Group Ltd 348,264

145,020 Netcare Ltd 347,557

136,407 Grindrod Ltd 339,640

6,725 Sasol Ltd 331,428

15,697 Imperial Holdings Ltd 324,623

24,187 Impala Platinum Holdings Ltd 283,683

40,096 Investec Plc 280,963

10,418 Bidvest Group Ltd 261,644

80,318 Old Mutual Plc 259,810

12,013 Omnia Holdings Ltd 246,919

16,656 Exxaro Resources Ltd 230,547

11,628 African Rainbow Minerals Ltd 211,099

325,415 Afgri Ltd 209,073

38,781 Brait SE 207,546

119,003 Alexander Forbes Preference Ltd 202,503

27,322 Woolworths Holdings Ltd 197,538

70,086 Murray & Roberts Holdings Ltd 193,621

17,234 Standard Bank Group Ltd 190,370

253,837 Transaction Capital 188,757

61,264 PPC Ltd 185,115

37,347 Holdsport Ltd 169,085

32,435 Pick n Pay Stores Ltd 154,492

101,855 African Bank Investments Ltd 123,548

2,220 SABMiller Plc 107,715

9,221 Famous Brands Ltd 91,320

38,452 Pick n Pay Holdings Ltd 81,691



29

STANDARD AFRICA EQUITY FUND (EX SOUTH AFRICA)

Total purchases.


US$

340,000 Commercial International Bank Egypt SAE 1,568,148



30


Aggregate sales greater than 1% in value of total sales.


US$

49,459 Orascom Construction Industries 1,783,895

254,000 Nestle Nigeria Plc 1,706,353

1,031,000 Juhayna Food Industries 1,606,570

2,965,000 Kenya Commercial Bank Ltd 1,530,582

1,055,000 Delta Corp Ltd 1,311,352

1,565,000 Innscor Africa Ltd 1,281,599

1,930,913 Zambeef Products Plc 1,249,219

959,500 Nigerian Breweries Plc 1,001,314

428,000 Afren PLC 971,147

5,635,100 Kenya Power & Lighting Ltd 931,646

3,391,735 OK Zimbabwe 884,010

222,000 East African Breweries Ltd 863,506

572,000 Dangote Cement Plc 673,118

1,000,000 Orascom Telecom Holding SAE 664,782

963,770 Lafarge Cement WAPCO Nigeria Plc 610,806

1,574,000 Equity Bank Ltd 597,713

4,135,000 Zenith Bank Plc 531,118

540,000 ARM Cement Ltd 518,600

3,149,000 Guaranty Trust Bank Plc 504,839

857,639 Econet Wireless Zimbabwe Ltd 487,827

898,000 Flour Mills of Nigeria Plc 469,218



31

STANDARD GLOBAL EMERGING MARKETS PROPERTY FUND

Aggregate purchases greater than 1% in value of total purchases.


US$

181,000 Fibra Uno Administracion SA de CV 539,684

675,000 Ayala Land, Inc 469,834

278,000 Sunway Bhd 265,505

650,000 Land & Houses Pcl 221,640

317,005 Cathay Real Estate Development Co Ltd 191,969

52,466 Huaku Development Co Ltd 158,738

149,729 Hung Poo Real Estate Development Corp 152,405

30,000 China Resources Land Ltd 86,440

9,000 Hyprop Investments Ltd 65,580

60,000 Capital Property Fund 63,634

24,000 Sycom Property Fund 63,179

110,000 CapitaMalls Malaysia Trust 54,705

10,500 Resilient Property Income Fund Ltd 52,263

60,000 Country Garden Holdings Co Ltd 33,261

50,000 Ticon Industrial Connection Pcl-F 32,763

12,000 Growthpoint Properties Ltd 29,048

66,000 Sunway Real Estate Investment Trust 27,834

40,000 Mah Sing Group Bhd 26,928

25,000 Raven Russia Ltd 26,918

240,000 Ciputra Development Tbk PT 26,835



32


Total sales.


US$

62,476 New Europe Property Investments Plc 422,626

249,000 Central Pattana Pcl 331,525

258,571 Agile Property Holdings Ltd 278,874

108,000 Shimao Property Holdings Ltd 244,496

151,000 CapitaMalls Asia Ltd 231,627

80,000 China Resources Land Ltd 224,766

225,000 Redefine Properties Ltd 224,227

660,000 Land & Houses Pcl 223,657

486,793 Yuexiu Property Co Ltd 135,159

95,000 Raven Russia Ltd 120,598

14,000 Hyprop Investments Ltd 113,942

39,000 Growthpoint Properties Ltd 105,243

900,000 Lippo Karawaci Tbk PT 82,051

25,000 China Overseas Land & Investment Ltd 75,965

21,000 Fibra Uno Administracion S.A. de CV 69,064

44,610 Oryx Properties Ltd 65,303

70,000 KWG Property Holding Ltd 45,136


APPENDIX 1 – REFERENCE INFORMATIONFor the Period Ended 31st December, 2013

33

For the period ended 31st December, 2013

TOTAL EXPENSE RATIO

Standard South Africa Equity Fund 4.29%

Standard Africa Equity Fund (ex South Africa) 2.19%

Standard Global Emerging Markets Property Fund 3.60%

PORTFOLIO TURNOVER RATES




For the year ended 30th June, 2013

TOTAL EXPENSE RATIO




PORTFOLIO TURNOVER RATES




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