Wellington Management Portfolios (Luxembourg) An open-ended unincorporated mutual investment fund (fonds commun de placement).
Semi-Annual Report (unaudited) For the Period Ended June 30, 2013
No subscriptions can be received on the basis of financial reports alone. Subscriptions are only valid if made on the basis of the current Prospectus and relevant Key Investor Information Document, supplemented by the latest available annual and semi-annual report if published thereafter.
Wellington Management Portfolios (Luxembourg) Semi-Annual Report Contents June 30, 2013
Page General information to Unitholders
4
Management and administration
7
Combined statement of net assets
9
Combined statement of operations and changes in net assets
10
Wellington Management Portfolios (Luxembourg) - US Research Equity Portfolio Investment Manager’s report Statement of net assets Statement of operations and changes in net assets Statistical information Statement of investments Classifications
11 13 14 15 16 23
Wellington Management Portfolios (Luxembourg) - Global Research Equity Portfolio Investment Manager’s report Statement of net assets Statement of operations and changes in net assets Statistical information Statement of investments Classifications
24 26 27 28 29 38
Wellington Management Portfolios (Luxembourg) - Global Contrarian Equity Portfolio Investment Manager’s report Statement of net assets Statement of operations and changes in net assets Statistical information Statement of investments Classifications
40 41 42 43 44 50
Wellington Management Portfolios (Luxembourg) - Special Equity Portfolio Investment Manager’s report Statement of net assets Statement of operations and changes in net assets Statistical information Statement of investments Classifications
52 53 54 55 56 60
1 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Semi-Annual Report Contents (continued) June 30, 2013
Page Wellington Management Portfolios (Luxembourg) - Global Select Capital Appreciation Equity Portfolio Investment Manager’s report Statement of net assets Statement of operations and changes in net assets Statistical information Statement of investments Classifications
61 63 64 65 66 72
Wellington Management Portfolios (Luxembourg) - Global Growth Equity Portfolio Investment Manager’s report Statement of operations and changes in net assets Statistical information
74 75 76
Wellington Management Portfolios (Luxembourg) - Global Value Equity Portfolio Investment Manager’s report Statement of net assets Statement of operations and changes in net assets Statistical information Statement of investments Classifications
77 79 80 81 82 86
Wellington Management Portfolios (Luxembourg) - Global Opportunities Equity Portfolio Investment Manager’s report Statement of net assets Statement of operations and changes in net assets Statistical information Statement of investments Classifications
88 89 90 91 92 97
Wellington Management Portfolios (Luxembourg) - Asian Local Opportunities Portfolio Investment Manager’s report Statement of net assets Statement of operations and changes in net assets Statistical information Statement of investments Classifications
99 100 101 102 103 107
Wellington Management Portfolios (Luxembourg) - Global Disciplined Growth Portfolio Investment Manager’s report Statement of net assets Statement of operations and changes in net assets Statistical information Statement of investments Classifications
109 110 111 112 113 117
2 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Semi-Annual Report Contents (continued) June 30, 2013
Page Wellington Management Portfolios (Luxembourg) - Global Total Return Portfolio Investment Manager’s report Statement of net assets Statement of operations and changes in net assets Statistical information Statement of investments Classifications
119 121 122 123 124 134
Wellington Management Portfolios (Luxembourg) - Opportunistic Emerging Market Debt II Portfolio Investment Manager’s report Statement of net assets Statement of operations and changes in net assets Statistical information Statement of investments Classifications
136 137 138 139 140 149
Notes to the financial statements
152
Additional information
172
3 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) General information to Unitholders Structure of Wellington Management Portfolios (Luxembourg) (the “Fund”) The Fund is an open‐ended investment fund organized initially under Part II of the Luxembourg Law of March 30, 1988 as an unincorporated mutual investment fund (fonds commun de placement) and is authorized under Part I of the Luxembourg Law of December 17, 2010 (the “2010 Law”). The Fund is managed by Wellington Luxembourg S.A. (the “Management Company”), formerly Wellington Luxembourg S.C.A., incorporated under the laws of Luxembourg on August 30, 1991 which was converted to the S.A. form on October 31, 2006 as a management company, pursuant to management regulations approved by the Management Company (the “Management Regulations”). The Fund qualifies as an Undertaking for Collective Investments in Transferable Securities (“UCITS”) under Article 1(2) of the UCITS Directive (the “Directive”), and may therefore be offered for sale in European Union (“EU”) Member States (subject to registration in countries other than Luxembourg). As of June 30, 2013 the Fund consists of eleven funded portfolios (the “Portfolios”): • Wellington Management Portfolios (Luxembourg) ‐ US Research Equity Portfolio (“US Research Equity Portfolio”) • Wellington Management Portfolios (Luxembourg) ‐ Global Research Equity Portfolio (“Global Research Equity Portfolio”) • Wellington Management Portfolios (Luxembourg) ‐ Global Contrarian Equity Portfolio (“Global Contrarian Equity Portfolio”) • Wellington Management Portfolios (Luxembourg) ‐ Special Equity Portfolio (“Special Equity Portfolio”) • Wellington Management Portfolios (Luxembourg) ‐ Global Select Capital Appreciation Equity Portfolio (“Global Select Capital Appreciation Equity Portfolio”) • Wellington Management Portfolios (Luxembourg) ‐ Global Value Equity Portfolio (“Global Value Equity Portfolio”) • Wellington Management Portfolios (Luxembourg) ‐ Global Opportunities Equity Portfolio (“Global Opportunities Equity Portfolio”) • Wellington Management Portfolios (Luxembourg) ‐ Asian Local Opportunities Portfolio (“Asian Local Opportunities Portfolio”) • Wellington Management Portfolios (Luxembourg) ‐ Global Disciplined Growth Portfolio (“Global Disciplined Growth Portfolio”) • Wellington Management Portfolios (Luxembourg) ‐ Global Total Return Portfolio (“Global Total Return Portfolio”) • Wellington Management Portfolios (Luxembourg) – Opportunistic Emerging Market Debt II Portfolio (“Opportunistic Emerging Market Debt II Portfolio”) Wellington Management Portfolios (Luxembourg) ‐ Global Growth Equity Portfolio (“Global Growth Equity Portfolio”) ‐ the final remaining investor redeemed their holding on January 28, 2013 and the Portfolio became inactive.
4 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) General information to Unitholders (continued) The Management Regulations The Management Regulations for the Fund were stipulated by the Management Company on April 15, 1994. The Management Regulations were published in the Mémorial of May 17, 1994 and were deposited with the Register of the Tribunal d’Arrondissement of Luxembourg on April 19, 1994. These Management Regulations have been amended several times, most recently in March 2012. For all investors Brown Brothers Harriman (Luxembourg), S.C.A., (“BBH”) 2‐8, avenue Charles de Gaulle, B.P. 403, L‐1653 Luxembourg, is the Custodian Bank, Domiciliary and Administrative Agent, Registrar and Transfer Agent and Paying Agent of the Fund. The Articles of Association, the Prospectus, the Key Investor Information Documents (“KIID”), the Unaudited Semi‐Annual reports, Audited Annual reports along with information concerning issue and repurchase prices, list of 50 largest changes in the statement of investments for the period ended June 30, 2013, and the financial situation of the Fund can be requested directly from BBH at the registered office of the Management Company of the Fund or by telephoning (352)‐474066‐1 or by faxing (352)‐470580. Financial information concerning the Fund shall be available at the registered office of the Management Company and of Brown Brothers Harriman (Luxembourg) S.C.A. every bank working day in Luxembourg. Notices to Unitholders All notices to Unitholders shall be sent, in accordance with the instructions held on the account, to the Unitholders at the address inscribed in the register of Unitholders. In addition, the Management Company may decide to inform the Unitholders by other means. For Swiss investors BNP Paribas Securities Services, Paris, (“BNP Paribas”) succursale de Zürich, Selnaustrasse 16, 8002, Zürich, Switzerland, is the Swiss Representative and Paying Agent of the Fund. The Articles of Association, the Prospectus, the Key Investor Information Documents, the Unaudited Semi‐Annual reports, Audited Annual reports as well as the list of 50 largest changes in the statement of investments for the period ended June 30, 2013 can be obtained free of charge from BNP Paribas. For German investors Deutsche Bank AG, (“Deutsche Bank”) Taunusanlage 12, D‐60325 Frankfurt am Main, Germany, is the German Information and Paying Agent of the Fund. The Articles of Association, the Prospectus, the Key Investor Information Documents, the Unaudited Semi‐Annual reports, and the Audited Annual reports can be obtained free of charge from Deutsche Bank. Requests for return or exchange of units can be submitted to the German Paying and Information Agent. All payments to investors (redemptions, any dividends and other payments) can be conducted at the request of investors by the German Paying and Information Agent. In addition, the Issue and Redemption prices and any notices to investors are available free of charge at the German Information and Paying Agent. The Issue and Redemption prices are published daily in the Börsen‐Zeitung newspaper. Any notices to Unitholders are sent via letter or email as requested by the Unitholder in their Account Opening Agreement. 5 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) General information to Unitholders (continued) For UK investors Her Majesty's Revenue and Customs has confirmed the fiscal transparency of the Fund, as indicated in the addenda to the prospectus for UK investors. Therefore, UK investors invested in Class A GBP 0% and Class A GBP 15% that satisfy certain documentation requirements may be able to claim a reduction in the rate of US dividend withholding tax under the US-UK income tax treaty to the same extent as if they had invested directly in the asset. The Fund has been advised that the proper interpretation of section 6114 of the US tax code currently requires that UK investors invested in Class A GBP 0% and Class A GBP 15% file a US tax return disclosing their claim for exemption from certain US dividend withholding tax under the USUK income tax treaty.
6 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Management and administration Registered Address of the Fund Wellington Management Portfolios (Luxembourg) Unincorporated coproprietorship with business address at: 2-8, avenue Charles de Gaulle, B.P. 403 L-1653 Luxembourg Management and Administration Management Company Wellington Luxembourg S.A. 2-8, avenue Charles de Gaulle, B.P. 403 L-1653 Luxembourg R.C.S. Luxembourg: B 37861 Members of the Board of Directors of the Management Company Alan J. Brody Neil A. Medugno Vice President Senior Vice President Wellington Management Company, LLP Wellington Management Company, LLP Boston, MA Boston, MA USA USA Henry C. Kelly Managing Director KellyConsult S.à r.l. Luxembourg
Austin J. O’Connor Independent Director Luxembourg
Christophe Orly Investment Strategist Wellington Management International Ltd. London, UK
Christina Grove Counsel Wellington Management International Ltd. London, UK
Conducting persons of the Management Company Sergio Betancourt Vice President Wellington Management Company, LLP Boston, MA USA
Paul S. Mullins Conducting Person Wellington Luxembourg S.A. Luxembourg
Richard Gullan-Whur (appointed January 7, 2013) Conducting Person Wellington Management International Ltd. London, UK Custodian Bank – Domiciliary and Administrative Agent, Registrar and Transfer Agent and Paying Agent Brown Brothers Harriman (Luxembourg) S.C.A. 2-8, avenue Charles de Gaulle, B.P. 403 L-1653 Luxembourg Auditor of the Fund and the Management Company PricewaterhouseCoopers, Société coopérative 400, route d'Esch, B.P. 1443 L-1014 Luxembourg
7 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Management and administration (continued) Investment Manager Wellington Management Company, LLP 280 Congress Street Boston, MA 02210 USA Investment Manager Affiliates Wellington Management International Ltd. Cardinal Place 80 Victoria Street London SW1E 5JL United Kingdom Wellington International Management Company PTE Ltd. 8 Marina Boulevard #03‐01 Tower 1, Marina Bay Financial Centre Singapore 018981
Wellington Global Investment Management Ltd. 32F One Exchange Square Central, Hong Kong
Distributor Wellington Global Administrator, Ltd. Clarendon House 2 Church Street P.O. Box HM 666 Hamilton HMCX Bermuda Legal Advisor Arendt & Medernach 14, rue Erasme L‐2082 Luxembourg Facilities Agent Wellington Management International Ltd. Cardinal Place 80 Victoria Street London SW1E 5JL United Kingdom Swiss Representative and Paying Agent BNP Paribas Securities Services, Paris, succursale de Zürich Selnaustrasse 16 8002 Zürich Switzerland German Information and Paying Agent Deutsche Bank AG Taunusanlage 12 D‐60325 Frankfurt am Main Germany
8 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Combined Statement of net assets as at June 30, 2013
June 30, 2013 (USD) Assets Financial assets at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Cash at banks Dividend income receivable Fund expenses reimbursement receivable Receivable for subscriptions Receivable from brokers
$
3,388,157,004 13,827,626 149,666,372 3,357,327 226,089 1,345,444 77,412,271
$
3,633,992,133
$
710,923 26,638,021 3,657,547 4,341 1,273,970 78,679,803 5,142,061 1,986,145
Total liabilities
$
118,092,811
Total net assets
$
3,515,899,322
Total assets Less Liabilities Financial liabilities at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Investment management fee payable (Note 3b) Management company fee payable (Note 3d) Payable for redemptions Payable to brokers Distribution payable (Note 5) Accrued expenses and other payables
The accompanying notes are an integral part of these financial statements. 9 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Combined Statement of operations and changes in net assets for the period ended June 30, 2013
June 30, 2013 (USD) Income Dividend income (net of withholding tax) (Note 2f) Interest income (net of withholding tax) (Note 2f) Other income Total income
$
18,005,969 17,040,826 1,502
$
35,048,297
$
7,194,708 532,935 1,520,698 165,318 196,154 176,341 1,761,426 89,920 641,660
$
12,279,160
Less Expenses Investment management fee (Note 3b) Intermediary servicing fee (Note 3e) Administration fees Custodian fees Professional fees Taxe d'abonnement (Note 3f) Interest expense on derivatives Country registration expenses Other expenses
Fund expenses reimbursed (Note 3a)
(374,629)
Total expenses
$
11,904,531
Net investment income/(expense)
$
23,143,766
Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments $
118,950,856
Capital gains tax (Note 3h)
(2,918 )
Net realized gain/(loss) for the period
$
Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments
142,091,704
(66,155,789 )
Finance costs Distributions (Note 5)
(9,981,374 )
Increase/(decrease) in net assets as a result of operations
$
65,954,541
Net assets at the beginning of the period
$
3,038,307,693
Net subscriptions Net redemptions
969,647,059 (558,009,971 )
Total net assets at the end of the period
The accompanying notes are an integral part of these financial statements. 10 Wellington Management Portfolios (Luxembourg)
$
3,515,899,322
Wellington Management Portfolios (Luxembourg) US Research Equity Portfolio Investment Manager’s report June 30, 2013 Investment Objective & Policy The US Research Equity Portfolio (the “Portfolio”) seeks to achieve high long‐term total returns by investing, either directly or indirectly, at least two thirds of its gross assets in equity and other securities with equity characteristics, such as shares and dividend‐right certificates as well as in warrants on such securities issued by companies incorporated or exercising a predominant part of their economic activities in the US. The Portfolio may also invest up to 10% of its assets in equities and other securities with equity characteristics and rights of non‐US companies. The Portfolio may also invest up to one third of its gross assets in other securities including, for example, convertible bonds and debt securities (not exceeding 20% of the net assets of the Portfolio). The Portfolio will be actively managed by the fundamental industry analysts in the Research Department of the Investment Manager, under the oversight of a Portfolio Coordinator. The investment approach is based on individual stock selection, with the timing and selection of investments at the discretion of the individual industry analysts. The Portfolio, over time, will not be oriented towards any particular investment style (e.g., growth, value, small companies); its characteristics will reflect the nature of the underlying stock selections. Turnover is expected to be moderate to high. The Portfolio generally will be diversified relative to the general US equity market by issuer and will be represented in all broad economic sectors. Within broad sectors, industry weightings will be determined by the analystsʹ selections, and some industries may not be represented in the Portfolio at all times. The Portfolioʹs diversified approach will typically produce a level of risk or variability equal to or above that of the general US equity market. Divergence from the relative S&P industry weightings may produce returns significantly different than those experienced by investment in a market index portfolio. Overview The Portfolio has been managed in accordance with its investment objective and policy as defined in the Prospectus. The full investment objective and policy are disclosed verbatim in the previous section.
11 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) US Research Equity Portfolio Investment Manager’s report (continued) June 30, 2013 Performance The US Research Equity Portfolio launched on June 30, 1994 with an A USD Class. This Class returned 15.18% during the first half of 2013, exceeding the benchmark by 1.36%. The Class's 1 and 3 year returns outperformed the benchmark by 2.23% and 0.94% respectively, while the Class's 5 and 10 year returns underperformed the benchmark by 0.39% and 0.28% respectively. The table below details the performance of all funded Classes within the Portfolio. Total Returns (%) Periods Ended June 30, 2013 6 Mths
1 Year
3 Years
5 Years
10 Years
Inception Date
Class A USD
15.18%
22.83%
19.39%
6.62%
7.02%
June 30, 1994
S&P 500 Index
13.82%
20.60%
18.45%
7.01%
7.30%
Class B USD
14.91%
22.22%
18.79%
6.09%
6.48%
S&P 500 Index
13.82%
20.60%
18.45%
7.01%
7.30%
Class B1 USD
14.75%
21.88%
18.45%
N/A
N/A
S&P 500 Index
13.82%
20.60%
18.45%
N/A
N/A
Class B EUR (hedged)
14.57%
21.55%
N/A
N/A
N/A
S&P 500 Index Hedged to EUR
13.66%
20.13%
N/A
N/A
N/A
Portfolio returns are net of fees and expenses. Returns for periods greater than one year are annualized. All classes are Accumulating and Unhedged unless otherwise noted. The figures stated in this report are historical and not necessarily indicative of future performance.
12 Wellington Management Portfolios (Luxembourg)
June 30, 1994 January 30, 2009 August 30, 2011
Wellington Management Portfolios (Luxembourg) US Research Equity Portfolio Statement of net assets as at June 30, 2013
June 30, 2013 (USD) Assets Financial assets at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Cash at banks Dividend income receivable Fund expenses reimbursement receivable Receivable for subscriptions Receivable from brokers
$
465,231,553 – 11,288,299 527,730 – 1,295,444 10,507,546
$
488,850,572
$
– 286,890 672,119 380 399,351 12,266,828 – 414,501
Total liabilities
$
14,040,069
Total net assets
$
474,810,503
Total assets Less Liabilities Financial liabilities at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Investment management fee payable (Note 3b) Management company fee payable (Note 3d) Payable for redemptions Payable to brokers Distribution payable (Note 5) Accrued expenses and other payables
The accompanying notes are an integral part of these financial statements. 13 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) US Research Equity Portfolio Statement of operations and changes in net assets for the period ended June 30, 2013
June 30, 2013 (USD) Income Dividend income (net of withholding tax) (Note 2f) Interest income (net of withholding tax) (Note 2f) Other income Total income
$
2,684,377 1,589 –
$
2,685,966
$
1,245,778 500,785 135,170 7,222 16,786 23,477 3,165 10,343 38,520
$
1,981,246
Less Expenses Investment management fee (Note 3b) Intermediary servicing fee (Note 3e) Administration fees Custodian fees Professional fees Taxe d'abonnement (Note 3f) Interest expense on derivatives Country registration expenses Other expenses
Fund expenses reimbursed (Note 3a)
–
Total expenses
$
1,981,246
Net investment income/(expense)
$
704,720
Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments $
19,519,407
Capital gains tax (Note 3h)
–
Net realized gain/(loss) for the period
$
Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments
20,224,127
34,643,347
Finance costs Distributions (Note 5)
–
Increase/(decrease) in net assets as a result of operations
$
54,867,474
Net assets at the beginning of the period
$
344,248,523
Net subscriptions Net redemptions
113,681,986 (37,987,480 )
Total net assets at the end of the period
The accompanying notes are an integral part of these financial statements. 14 Wellington Management Portfolios (Luxembourg)
$
474,810,503
Wellington Management Portfolios (Luxembourg) US Research Equity Portfolio Statistical information June 30, 2013
Portfolio information Total net asset value
$
June 30, 2013 December 31, 2012 December 31, 2011 474,810,502.60 344,248,523.06 392,681,431.76
Unit class information June 30, 2013 December 31, 2012 December 31, 2011 Class A USD Total net asset value Number of units outstanding Net asset value per unit Class B EUR (hedged) Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit Class B USD Total net asset value Number of units outstanding Net asset value per unit Class B1 USD Total net asset value Number of units outstanding Net asset value per unit
$ $
€ € $*
$ $
$ $
251,525,519.52 4,845,665.417 51.91
179,844,507.57 3,990,249.460 45.07
227,224,876.33 5,987,281.099 37.95
9,067,101.99 658,780.316 13.76 17.89
5,209,289.11 433,793.554 12.01 15.83
11,563,579.99 1,130,806.789 10.23 13.27
202,622,228.45 4,253,608.675 47.64
156,821,921.52 3,782,214.798 41.46
150,395,652.02 4,286,188.875 35.09
8,876,882.28 415,079.270 21.39
714,167.38 38,315.416 18.64
49,642.26 3,138.000 15.82
All classes are Accumulating and Unhedged unless otherwise noted.
* For information purposes only
15 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) US Research Equity Portfolio Statement of investments June 30, 2013 Holding/ Nominal Investment
23,785 8,470 52,798 6,680 46,060 59,370 94,080 36,690 75,011 20,070 120,190 10,890 111,320 53,870 45,925 33,912 29,435 167,497 9,600 3,972 62,533
Consumer Discretionary Consumer Services Carnival Corp Norwegian Cruise Line Holdings Ltd Wyndham Worldwide Corp Media AMC Networks Inc Class A Comcast Corp Class A Interpublic Group of Cos Inc Sirius XM Radio Inc Time Warner Inc Walt Disney Co Retail Amazon.com Inc American Eagle Outfitters Inc AutoZone Inc Best Buy Co Inc Dickʹs Sporting Goods Inc Dollar Tree Inc DSW Inc Class A Family Dollar Stores Inc Loweʹs Cos Inc Netflix Inc priceline.com Inc Urban Outfitters Inc
Total Consumer Discretionary
56,117 95,615 177,725 80,540 51,380 15,220 86,609 195,577
Consumer Staples Food & Staples Retailing CVS Caremark Corp Walgreen Co Food, Beverage & Tobacco Altria Group Inc Anheuser‐Busch InBev NV ADR Diageo Plc ADR General Mills Inc Kraft Foods Group Inc Lorillard Inc
$ $ $
815,588 256,726 3,021,629 436,939 1,928,993 863,833 315,168 2,121,416 4,736,945 5,573,238 2,194,670 4,613,984 3,042,376 2,696,732 2,334,827 2,491,515 1,834,095 6,850,627 2,026,464 3,285,360 2,515,077
0 .17% 0 .05 0 .64
0 .09% 0 .40 0 .18 0 .07 0 .45 1 .00
1 .17% 0 .46 0 .97 0 .64 0 .57 0 .49 0 .53 0 .39 1 .44 0 .43 0 .69 0 .53
$ 53,956,202 11 .36% $ $
The accompanying notes are an integral part of these financial statements. 16 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
3,208,770 4,226,183 6,218,598 7,269,540 5,906,131 738,627 4,838,845 8,542,803
0 .67% 0 .89
1 .31% 1 .53 1 .24 0 .16 1 .02 1 .80
Wellington Management Portfolios (Luxembourg) US Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
80,498 25,400 105,188 35,000
Consumer Staples (continued) Food, Beverage & Tobacco (continued) Mondelez International Inc Class A Monster Beverage Corp Philip Morris International Inc Household & Personal Products Coty Inc Class A
Total Consumer Staples
79,951 38,375 37,140 342,350 25,553 70,487 37,785 108,917 52,671 13,330 51,630 72,805 66,920
Energy Anadarko Petroleum Corp Chesapeake Energy Corp Chevron Corp Cobalt International Energy Inc Consol Energy Inc Exxon Mobil Corp Halliburton Co Kinder Morgan Inc Newfield Exploration Co Patterson‐UTI Energy Inc Pioneer Natural Resources Co Superior Energy Services Inc TransCanada Corp
Total Energy
109,724 35,760 5,517 262,785 7,575 31,160 202,800 16,120 25,240 12,200
$ $
Market Value % of Net (Note 2) Assets 2,296,608 1,543,558 9,111,385 601,300
0 .48% 0 .33 1 .92
0 .13%
$ 54,502,348 11 .48% $
6,870,189 782,082 4,395,148 9,096,240 692,486 6,368,500 1,576,390 4,155,184 1,258,310 258,002 7,473,443 1,888,562 2,884,921
1 .45% 0 .16 0 .93 1 .92 0 .15 1 .34 0 .33 0 .88 0 .26 0 .05 1 .57 0 .40 0 .61
$ 47,699,457 10 .05%
Financials Banks PNC Financial Services Group Inc Diversified Financials Ameriprise Financial Inc BlackRock Inc Class A Citigroup Inc IntercontinentalExchange Inc Invesco Ltd JPMorgan Chase & Co LPL Investment Holdings Inc Morgan Stanley Northern Trust Corp
$ 8,001,074 1 .68% $ 2,892,269 0 .61% 1,417,042 0 .30 12,605,797 2 .66 1,346,532 0 .28 990,888 0 .21 10,705,812 2 .25 608,691 0 .13 616,613 0 .13 706,380 0 .15
The accompanying notes are an integral part of these financial statements. 17 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) US Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
16,989 1,319 48,700 36,210 37,920 137,115 35,800 133,084 69,700 43,510 84,410 21,960 11,310 18,510 25,390 17,700
Financials (continued) Diversified Financials (continued) SEI Investments Co Virtus Investment Partners Inc WisdomTree Investments Inc Insurance Aflac Inc Allstate Corp American International Group Inc Aon Plc Hartford Financial Services Group Inc Marsh & McLennan Cos Inc Prudential Financial Inc XL Group Plc Class A Real Estate American Tower Corp Class A AvalonBay Communities Inc Public Storage Simon Property Group Inc Weyerhaeuser Co
Total Financials
60,310 28,000 19,490 69,608 47,116 77,457 25,010 40,170 77,898 21,875 35,155 79,036
Health Care Health Care Equipment & Services Abbott Laboratories Aetna Inc Cardinal Health Inc Covidien Plc McKesson Corp Medtronic Inc St Jude Medical Inc Stryker Corp UnitedHealth Group Inc Pharmaceuticals, Biotechnology & Life Sciences Actavis Inc Agilent Technologies Inc Alkermes Plc
$ $ $
482,997 232,500 563,459 2,104,525 1,824,711 6,129,041 2,303,730 4,114,957 2,782,424 3,177,535 2,559,311 1,606,813 1,525,832 2,838,138 4,009,589 504,273
0 .10% 0 .05 0 .12
0 .44% 0 .38 1 .29 0 .48 0 .87 0 .59 0 .67 0 .54
0 .34% 0 .32 0 .60 0 .84 0 .11
$ 76,650,933 16 .14% $ $
The accompanying notes are an integral part of these financial statements. 18 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
2,103,613 1,779,120 919,928 4,374,167 5,394,782 3,986,712 1,141,206 2,598,195 5,100,761 2,761,063 1,503,228 2,266,753
0 .44% 0 .38 0 .19 0 .92 1 .14 0 .84 0 .24 0 .55 1 .07
0 .58% 0 .32 0 .48
Wellington Management Portfolios (Luxembourg) US Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
57,210 70,190 17,500 164,300 47,753 94,780 58,897 49,730 12,070 7,925 29,820 47,860 124,178 3,625 50,930 13,200 10,580 10,780 13,420 11,050 28,470 7,705 10,300
Health Care (continued) Pharmaceuticals, Biotechnology & Life Sciences (continued) Arena Pharmaceuticals Inc Bristol‐Myers Squibb Co Celldex Therapeutics Inc Elan Corp Plc ADR Eli Lilly & Co Exelixis Inc Forest Laboratories Inc Gilead Sciences Inc Immunogen Inc Infinity Pharmaceuticals Inc Ironwood Pharmaceuticals Inc Class A Johnson & Johnson Merck & Co Inc ONYX Pharmaceuticals Inc Prothena Corp Plc PTC Therapeutics Inc Puma Biotechnology Inc Regeneron Pharmaceuticals Inc Salix Pharmaceuticals Ltd Seattle Genetics Inc TESARO Inc Vertex Pharmaceuticals Inc Zoetis Inc Class A
Total Health Care
34,080 50,965 22,590 33,410 44,863 41,620 42,380 20,590 50,330 38,786 29,015 47,090
Industrials Capital Goods Boeing Co Danaher Corp Dover Corp Eaton Corp Plc Honeywell International Inc Illinois Tool Works Inc KBR Inc Lockheed Martin Corp Luxfer Holdings Plc ADR Pentair Ltd Raytheon Co United Technologies Corp
$
440,517 3,136,791 273,175 2,323,202 2,345,627 430,301 2,414,777 2,546,673 200,241 128,781 296,709 4,109,260 5,768,068 314,723 657,506 198,000 469,435 2,424,206 887,733 347,633 932,108 615,398 318,167
0 .09% 0 .66 0 .06 0 .49 0 .49 0 .09 0 .51 0 .54 0 .04 0 .03 0 .06 0 .86 1 .21 0 .07 0 .14 0 .04 0 .10 0 .51 0 .19 0 .07 0 .20 0 .13 0 .07
$ 65,508,559 13 .80% $
The accompanying notes are an integral part of these financial statements. 19 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
3,491,155 3,226,085 1,754,339 2,198,712 3,559,431 2,878,855 1,377,350 2,233,191 797,731 2,237,564 1,918,472 4,376,545
0 .74% 0 .68 0 .37 0 .46 0 .75 0 .61 0 .29 0 .47 0 .17 0 .47 0 .40 0 .92
Wellington Management Portfolios (Luxembourg) US Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
12,750 19,070 28,295 15,907 4,680 98,310 5,963 4,430 9,040 74,730 39,350 9,790
Industrials (continued) Commercial Services & Supplies Manpower Inc Nielsen Holdings NV Towers Watson & Co Class A Transportation FedEx Corp Genesee & Wyoming Inc Class A Hertz Global Holdings Inc JB Hunt Transport Services Inc Kansas City Southern Norfolk Southern Corp US Airways Group Inc Vitran Corp Inc Class A XPO Logistics Inc
Total Industrials
20,754 320,550 10,310 55,762 20,340 25,770 64,344 102,530 21,524 90,419 56,820 32,795 5,030 39,070 9,955 141,360 40,486 28,130 60,273
Information Technology Semiconductors & Semiconductor Equipment ASML Holding NV Class REG Intel Corp Lam Research Corp Software & Services Accenture Plc Class A Akamai Technologies Inc Autodesk Inc Automatic Data Processing Inc Cadence Design Systems Inc Citrix Systems Inc eBay Inc Facebook Inc Class A Global Payments Inc Google Inc Class A Heartland Payment Systems Inc LinkedIn Corp Class A Microsoft Corp Pactera Technology International Ltd ADR Pandora Media Inc Teradata Corp
$ $
698,700 640,561 2,318,492 1,568,112 397,051 2,438,088 430,767 469,403 656,756 1,227,067 257,349 177,101
0 .15% 0 .13 0 .49
0 .33% 0 .08 0 .51 0 .09 0 .10 0 .14 0 .26 0 .05 0 .04
$ 41,328,877 8 .70% $ $
The accompanying notes are an integral part of these financial statements. 20 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
1,641,641 7,763,721 457,146 4,012,634 865,467 874,634 4,430,728 1,484,634 1,298,543 4,676,471 1,412,545 1,519,064 4,428,261 1,455,357 1,774,976 4,881,161 273,281 517,592 3,027,513
0 .35% 1 .63 0 .10
0 .85% 0 .18 0 .18 0 .93 0 .31 0 .27 0 .99 0 .30 0 .32 0 .93 0 .31 0 .37 1 .03 0 .06 0 .11 0 .64
Wellington Management Portfolios (Luxembourg) US Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
21,400 57,880 25,320 17,468 91,765 30,115 161,530 388,070 187,990 411,095 48,400
Information Technology (continued) Software & Services (continued) Tremor Video Inc Vantiv Inc Class A Visa Inc Class A WEX Inc Yahoo! Inc Technology Hardware & Equipment Apple Inc Cisco Systems Inc EMC Corp JDS Uniphase Corp Juniper Networks Inc Trimble Navigation Ltd
Total Information Technology
22,155 10,120 26,130 74,135 38,860 12,140 16,340 31,750 47,015 10,235 43,135 9,430
Materials Air Products & Chemicals Inc Allegheny Technologies Inc Allied Nevada Gold Corp Ball Corp Cabot Corp Carpenter Technology Celanese Corp Series A Class A Dow Chemical Co International Paper Co LyondellBasell Industries NV Class A Owens‐Illinois Inc Universal Stainless & Alloy
Total Materials
36,922 40,633 65,669 75,189 21,780
Utilities Dominion Resources Inc Duke Energy Corp NextEra Energy Inc Northeast Utilities OGE Energy Corp
$ 192,600 0 .04% 1,597,488 0 .34 4,627,230 0 .97 1,339,796 0 .28 2,304,219 0 .49 $ 11,927,949 2 .51% 3,926,794 0 .83 9,166,213 1 .93 2,703,296 0 .57 7,938,245 1 .67 1,258,884 0 .26 $ 93,778,083 19 .75% $
2,028,733 266,257 169,322 3,079,568 1,454,141 547,150 732,032 1,021,398 2,083,235 678,171 1,198,722 277,996
0 .43% 0 .06 0 .04 0 .65 0 .31 0 .11 0 .15 0 .21 0 .44 0 .14 0 .25 0 .06
$ 13,536,725 2 .85% $
The accompanying notes are an integral part of these financial statements. 21 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
2,097,908 2,742,727 5,350,710 3,159,442 1,485,396
0 .44% 0 .58 1 .13 0 .67 0 .31
Wellington Management Portfolios (Luxembourg) US Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment Utilities (continued) 75,097 PG&E Corp
Market Value % of Net (Note 2) Assets
$
3,434,186 0 .72%
Total Utilities
$ 18,270,369 3 .85%
Total Investments
$ 465,231,553 97 .98% $ 9,578,950 2 .02%
Net Other Assets Total Net Assets
$ 474,810,503 100.00%
All investments are transferable securities admitted to an official exchange listing.
The accompanying notes are an integral part of these financial statements. 22 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) US Research Equity Portfolio Classifications June 30, 2013
% of Net Assets
Industry Energy Software & Services Food, Beverage & Tobacco Retail Pharmaceuticals, Biotechnology & Life Sciences Technology Hardware & Equipment Diversified Financials Capital Goods Health Care Equipment & Services Insurance Utilities Materials Real Estate Media Semiconductors & Semiconductor Equipment Banks Transportation Food & Staples Retailing Consumer Services Commercial Services & Supplies Household & Personal Products
10.05% 9.90 9.79 8.31 8.03 7.77 6.99 6.33 5.77 5.26 3.85 2.85 2.21 2.19 2.08 1.68 1.60 1.56 0.86 0.77 0.13
Total Investments
97.98%
Net Other Assets
2.02%
Total Net Assets
100.00%
% of Net Assets
Country United States Ireland United Kingdom Belgium Canada Netherlands Switzerland China
89.00% 3.88 1.89 1.53 0.66 0.49 0.47 0.06
Total Investments
97.98%
Net Other Assets
2.02%
Total Net Assets
100.00%
23 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Investment Manager’s report June 30, 2013 Investment Objective & Policy The Global Research Equity Portfolio (the “Portfolio”) seeks to achieve high long-term total returns by investing, either directly or indirectly, at least two thirds of its gross assets in equity and other securities with equity characteristics including, for example, shares and dividendright certificates as well as in warrants on such securities issued by companies worldwide. The Portfolio will be actively managed by the global industry analysts in the Research Department of the Investment Manager, under the oversight of a Portfolio Coordinator. The investment approach is based on individual stock selection, with the timing and selection of countries for investment as well as specific investments at the discretion of the individual industry analysts. The Portfolio, over time, will not be oriented towards any particular investment style (e.g., growth, value, small companies); its characteristics will reflect the nature of the underlying stock selections. Turnover is expected to be moderate to high. The diversified approach of the Portfolio will typically produce a level of risk or variability equal to or above that of the Morgan Stanley Capital International World Index (the “Index”). Divergence from country weightings of the Index may produce returns significantly different than those experienced in a portfolio which replicates the Index. The Portfolio normally will predominantly invest in equity securities. It generally will be diversified relative to the global equity market by issuer and will be represented in all broad economic sectors. The allocation of assets of the Portfolio to each analyst will normally conform approximately to the Index weighting for that analyst's area of coverage. The allocation of assets by country is a result of the analysts' security selection, and there is no effort to conform to country weightings of the Index. The Portfolio will be denominated in US dollars and normally will not be hedged against currency fluctuations, although the Investment Manager may employ currency hedging to protect or enhance the US dollar value of its holdings when it believes it is advisable to do so. Overview The Portfolio has been managed in accordance with its investment objective and policy as defined in the Prospectus. The full investment objective and policy are disclosed verbatim in the previous section.
24 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Investment Manager’s report (continued) June 30, 2013 Performance The Global Research Equity Portfolio launched on July 31, 1996 with an A USD Class. This Class returned 9.10% during the first half of 2013, exceeding the benchmark by 0.31%. The Class's 1, 3, 5 and 10 year returns underperformed the benchmark by 0.59%, 0.22%, 0.83% and 1.09% respectively. The table below details the performance of all funded Share Classes within the Portfolio. Total Returns (%) Periods Ended June 30, 2013 6 Mths
1 Year
3 Years
5 Years
10 Years
Inception Date
Class A USD
9.10%
18.68%
14.14%
2.47%
6.73%
July 31, 1996
MSCI World Index
8.79%
19.27%
14.36%
3.30%
7.82%
Class J JPY
25.80%
48.86%
19.52%
1.90%
5.54%
MSCI World Index
24.98%
48.49%
18.85%
1.96%
5.80%
Class A GBP 0%
16.95%
22.86%
13.73%
8.35%
N/A
MSCI World Index
16.95%
23.34%
13.84%
9.07%
N/A
Portfolio returns are net of fees and expenses. Returns for periods greater than one year are annualized. All classes are Accumulating and Unhedged unless otherwise noted. The figures stated in this report are historical and not necessarily indicative of future performance.
25 Wellington Management Portfolios (Luxembourg)
March 31, 2002 October 9, 2007
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Statement of net assets as at June 30, 2013
June 30, 2013 (USD) Assets Financial assets at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Cash at banks Dividend income receivable Fund expenses reimbursement receivable Receivable for subscriptions Receivable from brokers
$
436,010,753 414,390 1,651,475 1,064,659 – – 6,792,771
$
445,934,048
$
– – 313,738 497 400,663 5,186,349 – 162,854
Total liabilities
$
6,064,101
Total net assets
$
439,869,947
Total assets Less Liabilities Financial liabilities at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Investment management fee payable (Note 3b) Management company fee payable (Note 3d) Payable for redemptions Payable to brokers Distribution payable (Note 5) Accrued expenses and other payables
The accompanying notes are an integral part of these financial statements. 26 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Statement of operations and changes in net assets for the period ended June 30, 2013
June 30, 2013 (USD) Income Dividend income (net of withholding tax) (Note 2f) Interest income (net of withholding tax) (Note 2f) Other income Total income
$
5,746,668 928 73
$
5,747,669
$
628,687 – 168,953 25,161 16,786 23,085 454 10,099 38,667
$
911,892
Less Expenses Investment management fee (Note 3b) Intermediary servicing fee (Note 3e) Administration fees Custodian fees Professional fees Taxe d'abonnement (Note 3f) Interest expense on derivatives Country registration expenses Other expenses
Fund expenses reimbursed (Note 3a)
–
Total expenses
$
911,892
Net investment income/(expense)
$
4,835,777
Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments $
49,400,485
Capital gains tax (Note 3h)
(2,706 )
Net realized gain/(loss) for the period
$
Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments
54,233,556
(1,886,724 )
Finance costs Distributions (Note 5)
–
Increase/(decrease) in net assets as a result of operations
$
52,346,832
Net assets at the beginning of the period
$
585,986,368
Net subscriptions Net redemptions
8,252,834 (206,716,087 )
Total net assets at the end of the period
The accompanying notes are an integral part of these financial statements. 27 Wellington Management Portfolios (Luxembourg)
$
439,869,947
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Statistical information June 30, 2013
Portfolio information Total net asset value
$
June 30, 2013 December 31, 2012 December 31, 2011 439,869,947.42 585,986,367.99 480,487,952.53
Unit class information June 30, 2013 December 31, 2012 December 31, 2011 Class A GBP 0% Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit Class A USD Total net asset value Number of units outstanding Net asset value per unit Class J JPY Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit
£ £ $*
$ $
¥ ¥ $*
9,145,777.67 708,732.513 12.90 19.57
8,399,228.05 761,467.618 11.03 17.93
7,163,113.57 727,327.218 9.85 15.31
151,671,541.09 5,099,602.449 29.74
148,087,185.07 5,431,806.865 27.26
120,821,019.07 5,184,579.409 23.30
27,250,273,099 1,910,025.735 14,267 143.62
36,682,450,963 3,234,427.790 11,341 131.17
26,816,262,806 3,131,992.436 8,562 111.28
All classes are Accumulating and Unhedged unless otherwise noted.
* For information purposes only
28 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Statement of investments June 30, 2013
Holding/ Nominal
9,445 25,700 1,833 89,200 43,600 2,621
Market Value (Note 2)
Investment Consumer Discretionary Automobiles & Components Bayerische Motoren Werke AG Ford Motor Co Hyundai Motor Co Nissan Motor Co Ltd Toyota Motor Corp Volkswagen AG
6,334 9,376 4,748 16,100 14,955 212,070
Consumer Durables & Apparel Adidas AG Cie Financiere Richemont SA Class A LVMH Moet Hennessy Louis Vuitton SA NIKE Inc Class B Salvatore Ferragamo Italia SpA Samsonite International SA
19,260 305,200 7,300
Consumer Services Carnival Corp MGM China Holdings Ltd Norwegian Cruise Line Holdings Ltd
88,065 53,480 14,600 85,450 24,630 42,010
12,320 6,580 44,900 16,365 413,000 27,250 128,060 330,645 7,350 2,850 18,100
Media British Sky Broadcasting Group Plc Interpublic Group of Cos Inc Omnicom Group Inc Sirius XM Radio Inc Time Warner Inc Walt Disney Co
Retail Amazon.com Inc AutoZone Inc Dollar Tree Inc Hennes & Mauritz AB Class B Intime Department Store Group Co Ltd Liberty Interactive Corp Class A Lowe's Cos Inc Marks & Spencer Group Plc Netflix Inc priceline.com Inc Rakuten Inc The accompanying notes are an integral part of these financial statements. 29 Wellington Management Portfolios (Luxembourg)
% of Net Assets
$
824,775 397,579 361,929 902,461 2,629,124 529,944
0 .19% 0 .09 0 .08 0 .20 0 .60 0 .12
$
684,512 827,950 768,375 1,025,248 465,182 512,379
0 .16% 0 .19 0 .17 0 .23 0 .11 0 .12
$
660,425 814,512 221,263
0 .15% 0 .19 0 .05
$
1,057,860 778,134 917,902 286,258 1,424,107 2,652,931
0 .24% 0 .18 0 .21 0 .07 0 .32 0 .60
$
3,421,141 2,787,880 2,282,716 534,391 403,077 627,023 5,237,654 2,159,914 1,551,512 2,357,321 213,734
0 .78% 0 .63 0 .52 0 .12 0 .09 0 .14 1 .19 0 .49 0 .35 0 .54 0 .05
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
386,500
Market Value (Note 2)
Investment Consumer Discretionary (continued) Retail (continued) Zhongsheng Group Holdings Ltd
$
427,044
0 .10%
Total Consumer Discretionary
$
40,746,257
9 .27%
$
1,452,118 2,279,538 1,547,290 984,746 2,740,400 1,184,847
0 .33% 0 .52 0 .35 0 .23 0 .62 0 .27
$
3,826,156 3,421,813 3,076,188 2,789,720 1,322,784 2,839,005 11,418 410,192 2,099,986 1,548,996 2,303,129 4,767,148 835,929 4,932,691 260,719 4,277,617 4,188,077 126,600
0 .87% 0 .78 0 .70 0 .64 0 .30 0 .65 0 .00 0 .09 0 .48 0 .35 0 .52 1 .08 0 .19 1 .12 0 .06 0 .97 0 .95 0 .03
Household & Personal Products Coty Inc Class A
$
487,912
0 .11%
Total Consumer Staples
$
53,715,019
12 .21%
Energy Anadarko Petroleum Corp
$
1,585,408
0 .36%
52,870 39,866 42,400 195,917 62,000 39,452
Consumer Staples Food & Staples Retailing Carrefour SA CVS Caremark Corp Seven & I Holdings Co Ltd Tesco Plc Walgreen Co Woolworths Ltd
109,350 38,492 60,229 97,837 28,800 58,500 21,900 12,400 60,727 43,900 41,223 109,138 29,300 75,336 34,727 52,300 48,350 3,451
Food, Beverage & Tobacco Altria Group Inc Anheuser-Busch InBev NV British American Tobacco Plc Diageo Plc Dr Pepper Snapple Group Inc General Mills Inc GLG Life Tech Corp Hillshire Brands Co Imperial Tobacco Group Plc Japan Tobacco Inc Kraft Foods Group Inc Lorillard Inc Mondelez International Inc Class A Nestle SA New Britain Palm Oil Ltd PepsiCo Inc Philip Morris International Inc United Spirits Ltd
28,400
18,450
% of Net Assets
The accompanying notes are an integral part of these financial statements. 30 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
491,021 771,024 11,280 38,565 94,880 28,740 84,188 18,519 6,869 89,094 295,400 319,086 24,403 1,052,000 76,415 103,110 71,250 6,891 31,860
Market Value (Note 2)
Investment Energy (continued) BG Group Plc BP Plc Chesapeake Energy Corp Chevron Corp Cobalt International Energy Inc Consol Energy Inc Galp Energia SGPS SA Genel Energy Plc GS Holdings Imperial Oil Ltd JX Holdings Inc Karoon Gas Australia Ltd Kinder Morgan Inc Kunlun Energy Co Ltd Ophir Energy Plc Petroleo Brasileiro SA ADR Phillips 66 Pioneer Natural Resources Co Suncor Energy Inc Total Energy
498,418 139,100 211,524 101,031 46,470 324,378 913,700 358,346 69,686 21,640 126,982
60,502 13,170 29,137 4,550 8,000
Financials Banks Banco Espirito Santo SA Banco Santander SA ADR Barclays Plc BNP Paribas SA Hana Financial Group Inc HSBC Holdings Plc Mitsubishi UFJ Financial Group Inc Oversea-Chinese Banking Corp Ltd PNC Financial Services Group Inc Shinhan Financial Group Co Ltd Standard Chartered Plc
Diversified Financials Aberdeen Asset Management Plc Ameriprise Financial Inc Banca Generali SpA BlackRock Inc Class A CETIP SA-Mercados Organizados
The accompanying notes are an integral part of these financial statements. 31 Wellington Management Portfolios (Luxembourg)
% of Net Assets
$
8,329,822 5,323,749 229,886 4,563,782 2,520,962 778,854 1,244,786 257,705 309,152 3,404,282 1,430,386 1,486,664 930,974 1,868,993 413,758 1,383,736 4,197,338 997,472 939,551
1 .89% 1 .21 0 .05 1 .04 0 .57 0 .18 0 .28 0 .06 0 .07 0 .77 0 .33 0 .34 0 .21 0 .43 0 .09 0 .32 0 .95 0 .23 0 .21
$
42,197,260
9 .59%
$
398,439 865,202 893,319 5,512,373 1,352,942 3,355,331 5,629,279 2,825,404 5,081,503 712,459 2,748,311
0 .09% 0 .20 0 .20 1 .25 0 .31 0 .76 1 .28 0 .64 1 .16 0 .16 0 .63
$
351,270 1,065,190 627,189 1,168,667 82,714
0 .08% 0 .24 0 .14 0 .27 0 .02
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
Market Value (Note 2)
Investment
164,900 216,383 7,405 23,522 127,100 25,183 15,400 13,240 89,000 11,925 2,589 9,880 300 20,131 24,300
Financials (continued) Diversified Financials (continued) Citigroup Inc ING Groep NV IntercontinentalExchange Inc Invesco Ltd JPMorgan Chase & Co Julius Baer Group Ltd LPL Investment Holdings Inc Morgan Stanley Nomura Holdings Inc Northern Trust Corp Partners Group Holding AG SEI Investments Co Virtus Investment Partners Inc Warsaw Stock Exchange WisdomTree Investments Inc
20,900 53,229 65,310 35,700 70,226 52,400 359,516 83,290 47,400 14,800 64,165 78,800
Insurance Aflac Inc Ageas American International Group Inc Aon Corp Assicurazioni Generali SpA Brasil Insurance Participacoes e Administracao SA Direct Line Insurance Group Plc Hartford Financial Services Group Inc Marsh & McLennan Cos Inc Prudential Financial Inc Swiss Re Ltd XL Group Plc Class A
24,700 895,300 75,800 140,981 298,020 73,000 29,000 16,850 132,227
Real Estate American Assets Trust Inc Ayala Land Inc Forest City Enterprises Inc Class A Hammerson Plc Link REIT Mitsui Fudosan Co Ltd Rayonier Inc Simon Property Group Inc Westfield Group
The accompanying notes are an integral part of these financial statements. 32 Wellington Management Portfolios (Luxembourg)
% of Net Assets
$
7,910,253 1,968,858 1,316,313 748,000 6,709,609 981,875 581,504 323,453 654,945 690,458 699,822 280,888 52,881 229,993 281,151
1 .80% 0 .45 0 .30 0 .17 1 .53 0 .22 0 .13 0 .07 0 .15 0 .16 0 .16 0 .06 0 .01 0 .05 0 .07
$
1,214,708 1,866,393 2,919,357 2,297,295 1,225,021 519,481 1,270,498 2,575,327 1,892,208 1,080,844 4,767,531 2,389,216
0 .28% 0 .42 0 .66 0 .52 0 .28 0 .12 0 .29 0 .59 0 .43 0 .25 1 .08 0 .54
$
762,242 630,026 1,357,578 1,041,973 1,467,748 2,143,665 1,606,310 2,660,952 1,384,629
0 .17% 0 .14 0 .31 0 .24 0 .33 0 .49 0 .37 0 .60 0 .31
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
16,400
Market Value (Note 2)
Investment Financials (continued) Real Estate (continued) Weyerhaeuser Co
$
467,236
0.11%
Total Financials
$
93,639,833
21 .29%
$
1,922,275 820,907 4,341,840 1,451,454 1,254,266 4,376,618
0 .44% 0 .19 0 .99 0 .33 0 .28 0 .99
$
1,683,516 402,710 906,156 2,103,120 3,105,955 1,695,427 2,292,581 3,485,510 2,819,488 2,345,200 3,265,435 501,354 2,727,794 1,111,320 1,900,478 4,945,276 2,022,558 392,303
0 .38% 0 .09 0 .21 0 .48 0 .71 0 .39 0 .52 0 .79 0 .64 0 .53 0 .74 0 .11 0 .62 0 .25 0 .43 1 .13 0 .46 0 .09
$
51,873,541
11 .79%
$
741,177 461,569 2,057,895 577,614
0 .17% 0 .10 0 .47 0 .13
30,590 366 37,920 28,200 112,513 66,839
Health Care Health Care Equipment & Services Covidien Plc M3 Inc McKesson Corp Medtronic Inc Smith & Nephew Plc UnitedHealth Group Inc
58,700 52,300 16,700 44,515 69,500 101,700 56,300 246,500 57,400 57,200 70,300 7,400 12,130 16,800 91,200 126,155 37,598 12,700
Pharmaceuticals, Biotechnology & Life Sciences Alkermes Plc Arena Pharmaceuticals Inc Astellas Pharma Inc AstraZeneca Plc Bristol-Myers Squibb Co Daiichi Sankyo Co Ltd Eisai Co Ltd Elan Corp Plc ADR Eli Lilly & Co Forest Laboratories Inc Merck & Co Inc Ono Pharmaceutical Co Ltd Regeneron Pharmaceuticals Inc Salix Pharmaceuticals Ltd Shionogi & Co Ltd Teva Pharmaceutical Industries Ltd ADR UCB SA Zoetis Inc Class A Total Health Care
42,450 70,000 48,650 99,435
% of Net Assets
Industrials Capital Goods AerCap Holdings NV Amada Co Ltd AMETEK Inc BAE Systems Plc The accompanying notes are an integral part of these financial statements. 33 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
20,885 10,750 28,400 574 20,400 24,600 31,900 150,900 12,480 44,600 19,040 47,386 53,650 8,190,056 15,719 10,394 51,296 3,900 52,400 26,000
Market Value (Note 2)
Investment Industrials (continued) Capital Goods (continued) Boeing Co Brenntag AG Danaher Corp Doosan Corp Eaton Corp Plc Honeywell International Inc Illinois Tool Works Inc ITOCHU Corp Lockheed Martin Corp Mori Seiki Co Ltd Raytheon Co Rexel SA Rolls-Royce Group Plc Rolls-Royce Holdings Plc Class C Safran SA Siemens AG SKF AB Class B SMC Corp THK Co Ltd United Technologies Corp
25,188 19,700
Commercial Services & Supplies Brambles Ltd Nielsen Holdings NV
623,600 582,100 112,910 16,871 11,510 73,900 9,897 3,480 200 9,700 61,230 14,720
Transportation AirAsia Bhd AirAsia Bhd Class X Delta Air Lines Inc DSV A/S FedEx Corp Hertz Global Holdings Inc JB Hunt Transport Services Inc Kansas City Southern Landstar System Inc Norfolk Southern Corp US Airways Group Inc XPO Logistics Inc Total Industrials
The accompanying notes are an integral part of these financial statements. 34 Wellington Management Portfolios (Luxembourg)
% of Net Assets
$
2,139,459 1,630,694 1,797,720 64,585 1,342,524 1,951,764 2,206,523 1,739,372 1,353,581 500,619 1,258,925 1,064,356 922,747 12,422 819,848 1,049,101 1,193,964 782,081 1,099,854 2,416,440
0.49% 0 .37 0 .41 0 .01 0 .31 0 .44 0 .50 0 .40 0 .31 0 .11 0 .29 0 .24 0 .21 0 .00 0 .19 0 .24 0 .27 0 .18 0 .25 0 .55
$
215,342 661,723
0 .05% 0 .15
$
629,620 232,600 2,112,546 410,738 1,134,656 1,832,720 714,959 368,741 10,300 704,705 1,005,397 266,285
0 .14% 0 .05 0 .48 0 .09 0 .26 0 .42 0 .16 0 .09 0 .00 0 .16 0 .23 0 .06
$
39,485,166
8 .98%
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
Market Value (Note 2)
Investment
67,500 7,114 130,760 89,600 333 67,000
Information Technology Semiconductors & Semiconductor Equipment ASM Pacific Technology Ltd ASML Holding NV Intel Corp NXP Semiconductor NV Samsung Electronics Co Ltd Taiwan Semiconductor Manufacturing Co Ltd
37,305 14,700 18,600 52,840 19,400 13,385 18,390 79,905 50,320 83,630 2,265 19,600 4,035 30,900 8,625 62,365 22,180 10,350 33,400 16,900 35,315 15,610 11,596 49,810
Software & Services Accenture Plc Class A Akamai Technologies Inc Autodesk Inc Automatic Data Processing Inc Cadence Design Systems Inc Citrix Systems Inc Cognizant Technology Solutions Corp Class A eBay Inc Facebook Inc Class A Genpact Ltd Google Inc Class A Heartland Payment Systems Inc International Business Machines Corp Kakaku.com Inc LinkedIn Corp Class A Microsoft Corp Pandora Media Inc QIWI Plc ADR Teradata Corp Tremor Video Inc Vantiv Inc Class A Visa Inc Class A WEX Inc Yahoo! Inc
101,000 51,000 13,305 72,920 188,980 97,000 98,900
Technology Hardware & Equipment AAC Technologies Holdings Inc Anritsu Corp Apple Inc Cisco Systems Inc EMC Corp Hitachi Ltd JDS Uniphase Corp The accompanying notes are an integral part of these financial statements. 35 Wellington Management Portfolios (Luxembourg)
% of Net Assets
$
746,243 560,561 3,167,007 2,775,808 391,302 248,140
0 .17% 0 .13 0 .72 0 .63 0 .09 0 .05
$
2,684,468 625,485 631,284 3,638,562 280,912 807,517 1,151,398 4,132,687 1,250,955 1,609,041 1,994,038 730,100 771,129 940,983 1,537,838 2,153,463 408,112 240,120 1,677,682 152,100 974,694 2,852,728 889,413 1,250,729
0 .61% 0 .14 0 .14 0 .83 0 .06 0 .18 0 .26 0 .94 0 .29 0 .37 0 .45 0 .17 0 .18 0 .21 0 .35 0 .49 0 .09 0 .06 0 .38 0 .04 0 .22 0 .65 0 .20 0 .28
$
567,741 603,262 5,269,844 1,772,685 4,463,708 622,026 1,422,182
0 .13% 0 .14 1 .20 0 .40 1 .01 0 .14 0 .32
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
177,200 33,380 46,000
15,490 25,600 40,800 47,020 63,664 18,800 56,700 148,181 18,930 690,000 28,000 101,870 27,120 67,800 797,000 5,200 19,400 179,300 11,160 75,305 5,900 99,000 65,699
Market Value (Note 2)
Investment Information Technology (continued) Technology Hardware & Equipment (continued) Juniper Networks Inc Trimble Navigation Ltd Wacom Co Ltd
$
3,421,732 868,214 506,146
0 .78% 0 .20 0 .12
Total Information Technology
$
60,792,039
13 .82%
$
1,418,419 1,441,357 1,073,448 1,953,211 1,624,125 842,240 233,798 611,647 468,139 305,131 1,240,680 2,057,192 1,796,971 2,895,294 1,797,232 225,264 539,126 398,894 731,650 3,064,391 390,819 130,558 1,072,609
0 .32% 0 .33 0 .24 0 .44 0 .37 0 .19 0 .05 0 .14 0 .11 0 .07 0 .28 0 .47 0 .41 0 .66 0 .41 0 .05 0 .12 0 .09 0 .17 0 .70 0 .09 0 .03 0 .24
$
26,312,195
5 .98%
$
1,564,798 1,341,801 2,249,832 2,320,668
0 .36% 0 .30 0 .51 0 .53
Materials Air Products & Chemicals Inc Akzo Nobel NV Allegheny Technologies Inc Ball Corp BHP Billiton Plc Celanese Corp Series A Class A EcoSynthetix Inc Glencore Xstrata Plc Goldcorp Inc Huabao International Holdings Ltd International Paper Co JSR Corp LyondellBasell Industries NV Class A Methanex Corp Mitsui Chemicals Inc Nucor Corp Owens-Illinois Inc PTT Global Chemical PCL Reliance Steel & Aluminum Co Rio Tinto Plc Shin-Etsu Chemical Co Ltd Showa Denko KK Smurfit Kappa Group Plc Total Materials
1,172,101 345,242 175,809 117,692
% of Net Assets
Telecommunication Services Bezeq The Israeli Telecommunication Corp Ltd Portugal Telecom SGPS SA Telefonica SA Telenor ASA
The accompanying notes are an integral part of these financial statements. 36 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
544,097
27,932 76,300 88,353 430,781 68,800 47,500 128,000
Market Value (Note 2)
Investment
% of Net Assets
Telecommunication Services (continued) Vodafone Group Plc
$
1,550,198
0.35%
Total Telecommunication Services
$
9,027,297
2 .05%
$
1,885,410 1,250,641 1,727,853 4,874,107 5,605,824 2,172,175 706,136
0 .43% 0 .28 0 .39 1 .11 1 .28 0 .49 0 .16
Total Utilities
$
18,222,146
4 .14%
Total Investments
$ 436,010,753
99 .12%
Net Other Assets
$
3,859,194
0 .88%
Total Net Assets
$ 439,869,947
100.00%
Utilities Duke Energy Corp E.ON AG GDF Suez National Grid Plc NextEra Energy Inc PG&E Corp Tokyo Gas Co Ltd
All investments are transferable securities admitted to an official exchange listing.
The accompanying notes are an integral part of these financial statements. 37 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Classifications June 30, 2013
% of Net Assets
Industry Food, Beverage & Tobacco Energy Pharmaceuticals, Biotechnology & Life Sciences Software & Services Banks Capital Goods Diversified Financials Materials Insurance Retail Technology Hardware & Equipment Utilities Health Care Equipment & Services Real Estate Food & Staples Retailing Transportation Telecommunication Services Semiconductors & Semiconductor Equipment Media Automobiles & Components Consumer Durables & Apparel Consumer Services Commercial Services & Supplies Household & Personal Products
9.78% 9.59 8.57 7.59 6.68 6.64 6.08 5.98 5.46 5.00 4.44 4.14 3.22 3.07 2.32 2.14 2.05 1.79 1.62 1.28 0.98 0.39 0.20 0.11
Total Investments
99.12%
Net Other Assets
0.88%
Total Net Assets
100.00%
38 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Research Equity Portfolio Classifications (continued) June 30, 2013
% of Net Assets
Country United States United Kingdom Japan Ireland Switzerland France Netherlands Canada Belgium Israel Germany Hong Kong Australia South Korea Portugal Brazil Singapore Norway Italy Spain Sweden Bermuda China Malaysia Macau Philippines Thailand Denmark Cyprus Jersey Papua New Guinea Poland Taiwan India
52.80% 12.32 8.46 3.31 2.91 2.57 2.12 1.80 1.66 1.49 1.36 1.00 0.97 0.72 0.67 0.66 0.64 0.53 0.53 0.51 0.39 0.37 0.32 0.19 0.19 0.14 0.09 0.09 0.06 0.06 0.06 0.05 0.05 0.03
Total Investments
99.12%
Net Other Assets
0.88%
Total Net Assets
100.00%
39 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Contrarian Equity Portfolio Investment Manager’s report June 30, 2013 Investment Objective & Policy The Global Contrarian Equity Portfolio (the “Portfolio”) seeks to achieve high long-term total returns by investing, either directly or indirectly, at least two thirds of its gross assets in equity and other securities with equity characteristics, including, for example, shares, dividend-right certificates and shares in REITs constituted as Closed End Funds as well as in warrants on such securities issued by companies worldwide. The Portfolio may also invest up to one third of its gross assets in other securities including up to 15% in high yield fixed-income and/or convertible securities, as well as exchange-traded funds qualifying as UCIs within the meaning of the 2010 Law and debt securities (not exceeding 20% of the net assets of the Portfolio), cash and cash equivalents, all as deemed by the Investment Manager to be consistent with the investment discipline. The Portfolio’s investment approach is based on valuation and behavioral finance principles applied to overlooked and misunderstood companies. The Investment Manager employs a value-oriented, opportunistic and contrarian investment approach. The Portfolio generally will be fully invested in securities of issuers in countries around the world, and will invest across all market capitalizations. It generally will be diversified across issuers and broad economic sectors. Overview The Portfolio has been managed in accordance with its investment objective and policy as defined in the Prospectus. The full investment objective and policy are disclosed verbatim in the previous section. Performance The Global Contrarian Equity Portfolio launched on April 3, 2007 with an A USD Class. This Class returned 8.26% during the first half of 2013, trailing the benchmark by 0.53%. The Class's 1 and 5 year returns outperformed the benchmark by 3.76% and 0.93% respectively, while the Class's 3 year return underperformed the benchmark by 3.09%. Additionally, the A USD Class's since inception return of 1.93% exceeded the benchmark by 0.19%. The table below details the performance of all funded Classes within the Portfolio. Total Returns (%) Periods Ended June 30, 2013 Since 5 Years Inception
6 Mths
1 Year
3 Years
Class A USD
8.26%
23.03%
11.27%
4.23%
1.93%
MSCI World Index
8.79%
19.27%
14.36%
3.30%
1.74%
Class T GBP
16.62%
28.43%
11.78%
N/A
11.85%
MSCI World Index
16.59%
23.34%
13.84%
N/A
9.46%
Class T USD
8.79%
24.21%
12.29%
N/A
12.65%
MSCI World Index
8.79%
19.27%
14.36%
N/A
12.62%
Portfolio returns are net of fees and expenses. Returns for periods greater than one year are annualized. All classes are Accumulating and Unhedged unless otherwise noted. The figures stated in this report are historical and not necessarily indicative of future performance.
40 Wellington Management Portfolios (Luxembourg)
Inception Date April 3, 2007 July 7, 2008 June 10, 2009
Wellington Management Portfolios (Luxembourg) Global Contrarian Equity Portfolio Statement of net assets as at June 30, 2013
June 30, 2013 (USD) Assets Financial assets at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Cash at banks Dividend income receivable Fund expenses reimbursement receivable Receivable for subscriptions Receivable from brokers
$
59,739,216 – 1,160,596 250,812 50,397 – 343,134
$
61,544,155
$
– – 115,039 383 – 810,310 – 62,125
Total liabilities
$
987,857
Total net assets
$
60,556,298
Total assets Less Liabilities Financial liabilities at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Investment management fee payable (Note 3b) Management company fee payable (Note 3d) Payable for redemptions Payable to brokers Distribution payable (Note 5) Accrued expenses and other payables
The accompanying notes are an integral part of these financial statements. 41 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Contrarian Equity Portfolio Statement of operations and changes in net assets for the period ended June 30, 2013
June 30, 2013 (USD) Income Dividend income (net of withholding tax) (Note 2f) Interest income (net of withholding tax) (Note 2f) Other income Total income
$
675,817 247 54
$
676,118
$
230,884 – 54,580 6,082 15,806 3,094 – 10,001 41,701
$
362,148
Less Expenses Investment management fee (Note 3b) Intermediary servicing fee (Note 3e) Administration fees Custodian fees Professional fees Taxe d'abonnement (Note 3f) Interest expense on derivatives Country registration expenses Other expenses
Fund expenses reimbursed (Note 3a)
(50,397)
Total expenses
$
311,751
Net investment income/(expense)
$
364,367
Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments $
2,491,949
Capital gains tax (Note 3h)
–
Net realized gain/(loss) for the period
$
Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments
2,856,316
2,385,330
Finance costs Distributions (Note 5)
–
Increase/(decrease) in net assets as a result of operations
$
5,241,646
Net assets at the beginning of the period
$
58,736,026
Net subscriptions Net redemptions
4,084,463 (7,505,837 )
Total net assets at the end of the period
The accompanying notes are an integral part of these financial statements. 42 Wellington Management Portfolios (Luxembourg)
$
60,556,298
Wellington Management Portfolios (Luxembourg) Global Contrarian Equity Portfolio Statistical information June 30, 2013
Portfolio information Total net asset value
$
June 30, 2013 December 31, 2012 December 31, 2011 60,556,298.46 58,736,026.41 34,218,449.65
Unit class information June 30, 2013 December 31, 2012 December 31, 2011 Class A USD Total net asset value Number of units outstanding Net asset value per unit Class T GBP Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit Class T USD Total net asset value Number of units outstanding Net asset value per unit
$ $
£ £ $*
$ $
48,353,541.28 4,289,338.617 11.27
49,475,757.04 4,753,052.358 10.41
25,061,957.31 2,770,709.782 9.05
2,123,534.28 121,574.575 17.47 26.49
1,624,507.59 108,427.191 14.98 24.35
1,337,378.26 99,093.876 13.50 20.97
8,981,992.80 554,151.365 16.21
6,619,632.32 444,299.973 14.90
7,078,072.82 551,623.932 12.83
All classes are Accumulating and Unhedged unless otherwise noted.
* For information purposes only
43 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Contrarian Equity Portfolio Statement of investments June 30, 2013 Holding/ Nominal Investment
3,880 218,000 10,400 49,000 27,300 7,700 851,000 1,540,000 1,553,000 7,500 331,600 41,757 221,100 133,300 12,600 16,700 22,851 72,100 27,200 260 33,688 11,000 1,680 378,000 5,379 618,500 7,000 22,300 1,759,000 85,000 16,500 4,730
Consumer Discretionary Automobiles & Components Continental AG Dongfeng Motor Group Co Ltd Class H Exedy Corp Isuzu Motors Ltd Nissan Motor Co Ltd Stanley Electric Co Ltd Xingda International Holdings Ltd Consumer Durables & Apparel Bosideng International Holdings Ltd China Dongxiang Group Co Coach Inc PDG Realty SA Empreendimentos e Participacoes Persimmon Plc Samsonite International SA Consumer Services Anhanguera Educacional Participacoes SA Home Inns & Hotels Management Inc ADR New Oriental Education & Technology Group ADR OPAP SA Media AirMedia Group Inc ADR DreamWorks Animation SKG Inc Class A Genius Products Inc* Wolters Kluwer NV Retail Advance Auto Parts Inc Amazon.com Inc Golden Eagle Retail Group Ltd Hyundai Home Shopping Network Corp Intime Department Store Group Co Ltd Kʹs Holdings Corp Loweʹs Cos Inc Maoye International Holdings Ltd New World Department Store China Ltd Rent‐A‐Center Inc Restoration Hardware Holdings Inc
$ $ $ $ $
The accompanying notes are an integral part of these financial statements. 44 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets 517,455 291,178 261,322 334,937 276,202 149,760 362,064 321,646 250,279 428,175 316,732 747,961 534,196 778,421 336,546 369,905 190,989 132,664 697,952 0 711,796 892,870 466,519 502,938 722,978 603,640 221,976 912,070 267,603 42,958 619,575 354,750
0 .85% 0 .48 0 .43 0 .55 0 .46 0 .25 0 .60
0 .53% 0 .41 0 .71 0 .52 1 .24 0 .88
1 .29% 0 .56 0 .61 0 .31
0 .22% 1 .15 0 .00 1 .18
1 .47% 0 .77 0 .83 1 .19 1 .00 0 .37 1 .51 0 .44 0 .07 1 .02 0 .59
Wellington Management Portfolios (Luxembourg) Global Contrarian Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
8,800
Consumer Discretionary (continued) Retail (continued) Urban Outfitters Inc
Total Consumer Discretionary
5,900 3,400 13,600 12,400 129,904 9,800 8,700 14,400 638,200
Consumer Staples Food & Staples Retailing Alimentation Couche Tard Inc Class B CVS Caremark Corp Fresh Market Inc Walgreen Co Food, Beverage & Tobacco C&C Group Plc Cia de Bebidas das Americas ADR Constellation Brands Inc Class A Japan Tobacco Inc LT Group Inc
Total Consumer Staples
5,970 3,200 13,900 11,800 59 35,800 2,911 20,400 7,160 5,985 5,985 16,700
Energy Anadarko Petroleum Corp Cabot Oil & Gas Corp Canadian Natural Resources Ltd Cobalt International Energy Inc Inpex Corp JX Holdings Inc Karoon Gas Australia Ltd Petroleo Brasileiro SA ADR Range Resources Corp Repsol YPF SA Repsol YPF SA rights Southwestern Energy Co
Total Energy 64,345 25,910 1,127,442
Financials Banks Alpha Bank AE Banco Santander SA ADR Governor & Co of the Bank of Ireland
$
353,936 0 .58%
$ 13,971,993 23 .07% $ $ $ $
348,984 194,412 676,192 548,080 699,400 366,030 453,444 508,099 333,873
0 .58% 0 .32 1 .12 0 .90
1 .16% 0 .60 0 .75 0 .84 0 .55
4,128,514 6 .82% 513,002 227,264 390,668 313,526 245,895 173,351 13,563 273,768 553,611 126,107 3,330 610,051
0 .85% 0 .37 0 .64 0 .52 0 .41 0 .29 0 .02 0 .45 0 .91 0 .21 0 .01 1 .01
$
3,444,136 5 .69%
$
35,965 0 .06% 161,160 0 .27 228,619 0 .38
The accompanying notes are an integral part of these financial statements. 45 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
Wellington Management Portfolios (Luxembourg) Global Contrarian Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
10,590 93,900 12,046 39,554 16,050 110,709 12,100 11,490 68,963 13,475 11,346 14,800 58,200 66,300 30,000 29,440 77,400 56,018 41,000 15,500 31,300 20,000
Financials (continued) Banks (continued) Hana Financial Group Inc Mitsubishi UFJ Financial Group Inc National Bank of Greece SA Piraeus Bank SA PNC Financial Services Group Inc Royal Bank of Scotland Group Plc Wells Fargo & Co Diversified Financials Citigroup Inc EFG International AG JPMorgan Chase & Co Julius Baer Group Ltd LPL Investment Holdings Inc Mitsubishi UFJ Lease & Finance Co Ltd UBS AG Insurance AIA Group Ltd American International Group Inc China Pacific Insurance Group Co Ltd Class H Direct Line Insurance Group Plc T&D Holdings Inc Tokio Marine Holdings Inc Real Estate BR Properties SA Sun Hung Kai Properties Ltd
Total Financials
3,674 11,100 26,588 19,500 12,300 17,600 10,200
Health Care Pharmaceuticals, Biotechnology & Life Sciences Algeta ASA Alkermes Plc AstraZeneca Plc Daiichi Sankyo Co Ltd Eisai Co Ltd Eli Lilly & Co Forest Laboratories Inc
$ $ $ $
308,321 578,515 39,145 63,239 1,170,366 459,240 499,367 551,176 838,212 711,345 442,376 558,848 275,371 1,126,781 127,057 1,315,968 246,978 197,963 550,602 490,738 269,211 258,111
0 .51% 0 .96 0 .06 0 .10 1 .93 0 .76 0 .82
0 .91% 1 .38 1 .18 0 .73 0 .92 0 .46 1 .86
0 .21% 2 .17 0 .41 0 .33 0 .91 0 .81
0 .44% 0 .43
$ 11,504,674 19 .00% $
The accompanying notes are an integral part of these financial statements. 46 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
139,113 318,348 1,256,155 325,082 500,866 864,512 418,200
0 .23% 0 .52 2 .07 0 .54 0 .83 1 .43 0 .69
Wellington Management Portfolios (Luxembourg) Global Contrarian Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
13,355 25,200 12,225
Health Care (continued) Pharmaceuticals, Biotechnology & Life Sciences (continued) H Lundbeck A/S Shionogi & Co Ltd UCB SA
Total Health Care
6,090 21,639 11,651 53,700 148,855 147,000 45,000 7,891 16,451 58,900 4,720 39,096 6,200 5,775
Industrials Capital Goods Belden Inc Cie de St‐Gobain General Electric Co Masco Corp QinetiQ Group Plc Shanghai Industrial Holdings Ltd Toshiba Corp Vallourec SA Vinci SA Commercial Services & Supplies ACCO Brands Corp Transportation FedEx Corp Groupe Eurotunnel SA Japan Airlines Co Ltd Localiza Rent a Car SA
Total Industrials
31,900 37,250 6,650 87,056 60,400 41,040 7,618
Information Technology Semiconductors & Semiconductor Equipment Cypress Semiconductor Corp Intel Corp Veeco Instruments Inc Wolfson Microelectronics Plc Software & Services Activision Blizzard Inc Comverse Inc Daum Communications Corp
$
237,861 0 .39% 525,132 0 .87 657,635 1 .09
$
5,242,904 8 .66%
$ $ $
304,074 874,764 270,187 1,046,613 407,286 455,801 216,087 398,745 824,453 374,604 465,297 296,986 318,317 82,610
$
6,335,824 10 .46%
$ $
342,287 902,195 235,543 209,280 861,304 1,221,351 526,299
The accompanying notes are an integral part of these financial statements. 47 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
0 .50% 1 .44 0 .45 1 .73 0 .67 0 .75 0 .36 0 .66 1 .36
0 .62%
0 .77% 0 .49 0 .52 0 .14
0 .56% 1 .49 0 .39 0 .35
1 .42% 2 .02 0 .87
Wellington Management Portfolios (Luxembourg) Global Contrarian Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
43,900 14,100 2,420 3,768 13,200 25,139 25,100 26,370 28,100 30,550 4,900 302,000
Information Technology (continued) Software & Services (continued) Electronic Arts Inc NET One Systems Co Ltd Nintendo Co Ltd Sohu.com Inc TiVo Inc Verint Systems Inc Western Union Co Technology Hardware & Equipment Cisco Systems Inc EMC Corp Juniper Networks Inc Kyocera Corp WPG Holdings Ltd
Total Information Technology
19,400 7,600 35,702 10,600 1,182,000 44,830
Materials Allied Nevada Gold Corp AuRico Gold Inc CRH Plc Crown Holdings Inc Huabao International Holdings Ltd Smurfit Kappa Group Plc
Total Materials
48,958 9,700
Telecommunication Services Hellenic Telecommunications Organization SA Nippon Telegraph & Telephone Corp
Total Telecommunication Services
402,000 62,370
Utilities Guangdong Investment Ltd Snam SpA
Total Utilities
$ $
1,008,383 108,729 285,036 232,184 145,860 891,680 429,461 641,055 663,722 589,920 498,213 357,712
1 .67% 0 .18 0 .47 0 .38 0 .24 1 .47 0 .71
1 .06% 1 .10 0 .97 0 .82 0 .59
$ 10,150,214 16 .76% $
125,712 33,212 722,892 435,978 522,702 731,900
0 .21% 0 .06 1 .19 0 .72 0 .86 1 .21
$
2,572,396 4 .25%
$
381,828 0 .63% 501,918 0 .83
$
883,746 1 .46%
$
348,806 0 .57% 283,751 0 .47
$
632,557 1 .04%
The accompanying notes are an integral part of these financial statements. 48 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
Wellington Management Portfolios (Luxembourg) Global Contrarian Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
Market Value % of Net (Note 2) Assets
Warrants 42,492 Hellenic Financial 28,809 Piraeus Bank
$
39,492 0 .07% 0 0 .00
Total Warrants
Purchased Options 12,373 Call Option of 100 Shares of Monnet Ispat Energy, 3/25/15 @ 0.000001** 47,216 Call Option of 100 Shares of Monnet Ispat Energy, 7/20/17 @ 0.000001** 35,118 Call Option of 100 Shares of Nava Bharat MS, 2/8/16 @ 0.001** 92,928 Call Option of 100 Shares of Nava Bharat MS, 6/8/15 @ 0.000001** 139,841 Call Option of 100 Shares of NTPC Ltd, 3/29/17 @ 0.00001**
$
39,492 0 .07%
$
26,078 0 .04%
99,517 0 .16
101,173 0 .17
267,720 0 .44
338,278 0 .56
Total Purchased Options
$
Total Investments
$ 59,739,216 98 .65% $ 817,082 1 .35%
Net Other Assets Total Net Assets
$ 60,556,298 100.00%
* Transferable investment not dealt on an official exchange listing or another regulated market. ** Financial derivative instrument dealt in on a regulated market. All other investments are transferable securities admitted to an official exchange listing.
The accompanying notes are an integral part of these financial statements. 49 Wellington Management Portfolios (Luxembourg)
832,766 1 .37%
Wellington Management Portfolios (Luxembourg) Global Contrarian Equity Portfolio Classifications June 30, 2013
% of Net Assets
Industry Retail Software & Services Pharmaceuticals, Biotechnology & Life Sciences Capital Goods Diversified Financials Banks Energy Insurance Technology Hardware & Equipment Consumer Durables & Apparel Materials Food, Beverage & Tobacco Automobiles & Components Food & Staples Retailing Semiconductors & Semiconductor Equipment Consumer Services Media Transportation Telecommunication Services Purchased Options Utilities Real Estate Commercial Services & Supplies Warrants
9.84% 9.43 8.66 7.92 7.44 5.85 5.69 4.84 4.54 4.29 4.25 3.90 3.62 2.92 2.79 2.77 2.55 1.92 1.46 1.37 1.04 0.87 0.62 0.07
Total Investments
98.65%
Net Other Assets
1.35%
Total Net Assets
100.00%
50 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Contrarian Equity Portfolio Classifications (continued) June 30, 2013
% of Net Assets
Country United States Japan China United Kingdom Ireland Switzerland France Brazil Hong Kong South Korea Canada Greece Netherlands Belgium Germany Taiwan Philippines Italy Denmark Norway Spain Australia
44.95% 12.16 5.94 5.42 4.46 3.97 3.95 3.71 3.42 2.57 1.28 1.23 1.18 1.09 0.85 0.59 0.55 0.47 0.39 0.23 0.22 0.02
Total Investments
98.65%
Net Other Assets
1.35%
Total Net Assets
100.00%
51 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Special Equity Portfolio Investment Manager’s report June 30, 2013 Investment Objective & Policy The Special Equity Portfolio (the “Portfolio”) seeks to achieve long-term capital appreciation by investing, directly or indirectly, its assets in (i) equity and other securities with equity characteristics, such as, but not limited to, shares, preferred stock, warrants on such securities, dividend right certificates, shares of REITs constituted as Closed End Funds, convertible bonds, exchange-traded funds qualifying as UCIs within the meaning of the 2010 Law on equity and bond indices, as well as debt securities (not exceeding 20% of the net assets of the Portfolio), and/ or (ii) cash or cash equivalents, such as, but not limited to, term deposit accounts, to the extent that market conditions do not support investments in the securities identified in (i) above. The Investment Manager’s security selection universe is unconstrained as to style, region, country, sector, industry or market capitalization. There may be little or no exposure to sectors or industries with poor characteristics as deemed by the Investment Manager and very high concentrations in a single sector or sectors that are deemed by the Investment Manager to be attractive. The Portfolio will be denominated in US dollars and normally will not be hedged against currency fluctuations, although the Investment Manager may employ currency hedging to protect or enhance the US dollar value of its holdings when it believes it is advisable to do so. Overview The Portfolio has been managed in accordance with the prevailing investment objective and policy as defined in the Prospectus. The current full investment objective and policy are disclosed verbatim in the previous section. Performance The Special Equity Portfolio launched on December 10, 2007 with an A USD Class. This Class returned 14.89% during the first half of 2013, exceeding the benchmark by 8.51%. The Class's 1 year return outperformed the benchmark by 6.15%, while the Class's 3 and 5 year returns underperformed the benchmark by 0.86% and 6.80% respectively. Additionally, the A USD Class's since inception return of (1.82)% trailed the benchmark by 1.83%. The table below details the performance of all funded Classes within the Portfolio. Total Returns (%) Periods Ended June 30, 2013 6 Mths
1 Year
3 Years
Since 5 Years Inception
14.89%
23.36%
12.10%
(3.94)%
(1.82)%
6.38%
17.21%
12.96%
2.86%
0.01%
Class T GBP
23.70%
28.69%
12.60%
N/A
3.80%
MSCI All Country World Index
14.01%
21.21%
12.45%
N/A
9.04%
Class A USD MSCI All Country World Index
Portfolio returns are net of fees and expenses. Returns for periods greater than one year are annualized. All classes are Accumulating and Unhedged unless otherwise noted. The figures stated in this report are historical and not necessarily indicative of future performance.
52 Wellington Management Portfolios (Luxembourg)
Inception Date December 10, 2007 July 7, 2008
Wellington Management Portfolios (Luxembourg) Special Equity Portfolio Statement of net assets as at June 30, 2013
June 30, 2013 (USD) Assets Financial assets at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Cash at banks Dividend income receivable Fund expenses reimbursement receivable Receivable for subscriptions Receivable from brokers
$
29,572,551 – 2,551,247 41,835 75,451 – 594,202
$
32,835,286
$
– – 66,841 383 – 1,535,116 – 61,180
Total liabilities
$
1,663,520
Total net assets
$
31,171,766
Total assets Less Liabilities Financial liabilities at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Investment management fee payable (Note 3b) Management company fee payable (Note 3d) Payable for redemptions Payable to brokers Distribution payable (Note 5) Accrued expenses and other payables
The accompanying notes are an integral part of these financial statements. 53 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Special Equity Portfolio Statement of operations and changes in net assets for the period ended June 30, 2013
June 30, 2013 (USD) Income Dividend income (net of withholding tax) (Note 2f) Interest income (net of withholding tax) (Note 2f) Other income Total income
$
129,898 212 11
$
130,121
$
129,472 – 39,594 4,859 18,927 1,526 – 10,313 37,346
$
242,037
Less Expenses Investment management fee (Note 3b) Intermediary servicing fee (Note 3e) Administration fees Custodian fees Professional fees Taxe d'abonnement (Note 3f) Interest expense on derivatives Country registration expenses Other expenses
Fund expenses reimbursed (Note 3a)
(75,451)
Total expenses
$
166,586
Net investment income/(expense)
$
(36,465)
Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments $ Capital gains tax (Note 3h)
3,701,462 –
Net realized gain/(loss) for the period
$
Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments
3,664,997
378,048
Finance costs Distributions (Note 5)
–
Increase/(decrease) in net assets as a result of operations
$
4,043,045
Net assets at the beginning of the period
$
26,955,076
Net subscriptions Net redemptions
185,274 (11,629)
Total net assets at the end of the period
The accompanying notes are an integral part of these financial statements. 54 Wellington Management Portfolios (Luxembourg)
$
31,171,766
Wellington Management Portfolios (Luxembourg) Special Equity Portfolio Statistical information June 30, 2013
Portfolio information Total net asset value
$
June 30, 2013 December 31, 2012 December 31, 2011 31,171,765.51 26,955,075.79 31,064,009.16
Unit class information June 30, 2013 December 31, 2012 December 31, 2011 Class A USD Total net asset value Number of units outstanding Net asset value per unit Class T GBP Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit
$ $
£ £ $*
30,169,949.88 3,341,924.561 9.03
26,253,786.26 3,341,924.561 7.86
28,249,860.04 4,215,437.285 6.70
660,523.34 54,861.149 12.04 18.26
431,430.11 44,325.908 9.73 15.82
402,537.60 46,764.017 8.61 13.38
All classes are Accumulating and Unhedged unless otherwise noted.
* For information purposes only
55 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Special Equity Portfolio Statement of investments June 30, 2013 Holding/ Nominal Investment
45,900 163,330 34,270 12,905 13,690 25,900 12,650 8,735 4,125 9,500 9,580 4,280 9,060 1,095 16,335 4,000 7,205
Consumer Discretionary Consumer Durables & Apparel Quiksilver Inc Samsonite International SA Consumer Services Compass Group Plc Dunkinʹ Brands Group Inc Penn National Gaming Inc Service Corp International Tim Hortons Inc Wyndham Worldwide Corp Media Charter Communications Inc Class A DISH Network Corp Class A ProSiebenSat.1 Media AG Class Preference Time Warner Cable Inc Class A Time Warner Inc Retail AutoZone Inc CST Brands Inc Five Below Inc Loweʹs Cos Inc
$ $ $ $
Total Consumer Discretionary
$
Consumer Staples Food, Beverage & Tobacco Anheuser‐Busch InBev NV Hillshire Brands Co LT Group Inc Monster Beverage Corp Universal Robina Corp Household & Personal Products Svenska Cellulosa AB Class B
$ $
9,458 15,620 776,015 2,511 72,170 20,635
Total Consumer Staples
$
The accompanying notes are an integral part of these financial statements. 56 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets 295,596 394,619 436,609 552,592 723,653 466,977 684,745 499,904 510,881 403,940 411,184 481,415 523,849 463,941 503,281 147,040 294,684
0 .95% 1 .27
1 .40% 1 .77 2 .32 1 .50 2 .20 1 .60
1 .64% 1 .30 1 .32 1 .54 1 .68
1 .49% 1 .61 0 .47 0 .95
7,794,910 25 .01% 840,785 516,710 405,971 152,594 208,825 514,541
2 .70% 1 .66 1 .30 0 .49 0 .67
1 .65%
2,639,426 8 .47%
Wellington Management Portfolios (Luxembourg) Special Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
3,980 4,115 11,415 22,617 20,440 5,369
Financials Diversified Financials Ameriprise Financial Inc IntercontinentalExchange Inc Insurance American International Group Inc Delta Lloyd NV Fidelity National Financial Inc Class A Real Estate Realogy Holdings Corp
Total Financials
13,450 5,330 4,616 32,845 11,475 3,230 8,830 11,265 5,690 3,450 3,525 7,860 6,160 5,190
Health Care Health Care Equipment & Services Brookdale Senior Living Inc Class A Hologic Inc Pharmaceuticals, Biotechnology & Life Sciences Algeta ASA Arena Pharmaceuticals Inc Bristol‐Myers Squibb Co Celgene Corp Gilead Sciences Inc Merck & Co Inc ONYX Pharmaceuticals Inc Puma Biotechnology Inc Regeneron Pharmaceuticals Inc Seattle Genetics Inc TESARO Inc Vertex Pharmaceuticals Inc
Total Health Care
3,135 40,691
Industrials Capital Goods DigitalGlobe Inc Rolls‐Royce Group Plc
$ $ $ $ $ $
321,903 731,482 510,251 452,593 486,676 257,927
1 .03% 2 .35
1 .64% 1 .45 1 .56
0 .83%
2,760,832 8 .86% 355,618 102,869 174,781 252,906 512,818 377,619 452,184 523,259 494,006 153,077 792,702 247,276 201,678 414,525
1 .14% 0 .33
0 .56% 0 .81 1 .65 1 .21 1 .45 1 .68 1 .59 0 .49 2 .54 0 .79 0 .65 1 .33
$
5,055,318 16 .22%
$
97,216 0 .31% 699,860 2 .25
The accompanying notes are an integral part of these financial statements. 57 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
Wellington Management Portfolios (Luxembourg) Special Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
5,509,224 11,994 3,805 11,840 14,940 10,160 16,900 3,005 20,225 5,385 17,565
Industrials (continued) Capital Goods (continued) Rolls‐Royce Holdings Plc Class C Safran SA TransDigm Group Inc Commercial Services & Supplies ADT Corp Nielsen Holdings NV Verisk Analytics Inc Class A Waste Connections Inc Transportation Canadian Pacific Railway Ltd Hertz Global Holdings Inc Kansas City Southern United Continental Holdings Inc
Total Industrials
6,399 19,130 11,727 10,550 3,080 14,445 250,550 20,635 21,000
Information Technology Semiconductors & Semiconductor Equipment ASML Holding NV Class REG Software & Services Activision Blizzard Inc Amadeus IT Holding SA Class A eBay Inc LinkedIn Corp Class A Microsoft Corp Monitise Plc Rovi Corp Yahoo! Inc
Total Information Technology
Materials 15,000 Packaging Corp of America
$ $ $ $ $ $
8,356 625,565 596,510 471,824 501,835 606,552 695,266 364,747 501,580 570,594 549,609
0 .03% 2 .01 1 .91
1 .51% 1 .61 1 .95 2 .23
1 .17% 1 .61 1 .83 1 .76
6,289,514 20 .18% 506,161 272,794 374,300 545,646 549,164 498,786 131,103 471,303 527,310
1 .62%
0 .88% 1 .20 1 .75 1 .76 1 .60 0 .42 1 .51 1 .69
$
3,876,567 12 .43%
$
734,400 2 .35%
The accompanying notes are an integral part of these financial statements. 58 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
Wellington Management Portfolios (Luxembourg) Special Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
Market Value % of Net (Note 2) Assets
Materials (continued) 8,455 SunCoke Energy Inc
$
118,539 0 .38%
Total Materials
$
852,939 2 .73%
Utilities 11,350 NRG Energy Inc
$
303,045 0 .97%
Total Utilities
$
303,045 0 .97%
Total Investments
$ 29,572,551 94 .87% $ 1,599,215 5 .13%
Net Other Assets Total Net Assets
$ 31,171,766 100.00%
All investments are transferable securities admitted to an official exchange listing.
The accompanying notes are an integral part of these financial statements. 59 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Special Equity Portfolio Classifications June 30, 2013
% of Net Assets
Industry Pharmaceuticals, Biotechnology & Life Sciences Software & Services Consumer Services Media Commercial Services & Supplies Food, Beverage & Tobacco Capital Goods Transportation Insurance Retail Diversified Financials Materials Consumer Durables & Apparel Household & Personal Products Semiconductors & Semiconductor Equipment Health Care Equipment & Services Utilities Real Estate
14.75% 10.81 10.79 7.48 7.30 6.82 6.51 6.37 4.65 4.52 3.38 2.73 2.22 1.65 1.62 1.47 0.97 0.83
Total Investments
94.87%
Net Other Assets
5.13%
Total Net Assets
100.00%
% of Net Assets
Country United States United Kingdom Canada Netherlands Belgium France Philippines Sweden Germany Spain Norway
72.92% 4.10 3.37 3.07 2.70 2.01 1.97 1.65 1.32 1.20 0.56
Total Investments
94.87%
Net Other Assets
5.13%
Total Net Assets
100.00%
60 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Select Capital Appreciation Equity Portfolio Investment Manager’s report June 30, 2013 Investment Objective & Policy The Global Select Capital Appreciation Equity Portfolio (the “Portfolio”) seeks to maximize capital appreciation and generate long-term total returns by investing, either directly or indirectly, at least two-thirds of its gross assets in equity and other securities with equity characteristics, including, for example, shares, preferred stock, warrants, dividend right certificates, shares of REITs constituted as Closed End Funds and depositary receipts, issued by companies worldwide. The Portfolio may also invest up to one third of its gross assets in other securities including, for example, convertible bonds, exchange-traded funds qualifying as UCIs within the meaning of the 2010 Law, and debt securities (not exceeding 20% of the net assets of the Portfolio), and cash and cash equivalents, all as deemed by the Investment Manager to be consistent with the investment discipline. The Portfolio will invest in equity securities with significant capital appreciation potential. The Investment Manager’s investment approach is based primarily on proprietary, bottom-up fundamental research conducted by the Investment Manager's capital appreciation team and global industry analysts. The Investment Manager’s security selection is unconstrained as to style, region, country, sector, industry or market capitalization. The Portfolio will include securities of small and mid cap companies, as well as large cap companies. Portfolio characteristics may vary widely as investment strategies and stock selections change. The Portfolio will be denominated in US dollars and normally will not be hedged against currency fluctuations, although the Investment Manager may employ currency hedging to protect or enhance the US dollar value of its holdings when it believes it is advisable to do so. Overview The Portfolio has been managed in accordance with its investment objective and policy as defined in the Prospectus. The full investment objective and policy are disclosed verbatim in the previous section.
61 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Select Capital Appreciation Equity Portfolio Investment Manager’s report (continued) June 30, 2013 Performance The Global Select Capital Appreciation Equity Portfolio launched on July 30, 2008 with an A CAD Class. This Class returned 18.67% during the first half of 2013, exceeding the benchmark by 3.41%. The Class's 1 year return outperformed the benchmark by 5.10%, while the Class's 3 year return underperformed the benchmark by 1.13%. Additionally, the A CAD Class's since inception return of 5.21% exceeded the benchmark by 0.82%. The table below details the performance of all funded Classes within the Portfolio. Total Returns (%) Periods Ended June 30, 2013 Since 3 Years Inception
6 Mths
1 Year
Class A CAD
18.67%
28.53%
12.95%
5.21%
MSCI World Index
15.26%
23.43%
14.08%
4.39%
Class A GBP 15%
20.10%
28.56%
12.79%
12.77%
MSCI World Index
16.59%
23.34%
13.84%
10.63%
Class T USD
12.51%
25.39%
14.35%
15.01%
8.79%
19.27%
14.36%
12.62%
11.96%
24.13%
N/A
10.79%
8.79%
19.27%
N/A
11.77%
Class A EUR
13.64%
21.36%
N/A
15.30%
MSCI World Index
10.34%
16.45%
N/A
12.77%
MSCI World Index Class A USD MSCI World Index
Portfolio returns are net of fees and expenses. Returns for periods greater than one year are annualized. All classes are Accumulating and Unhedged unless otherwise noted. The figures stated in this report are historical and not necessarily indicative of future performance.
62 Wellington Management Portfolios (Luxembourg)
Inception Date July 30, 2008 October 1, 2008 June 10, 2009 July 30, 2010 February 15, 2012
Wellington Management Portfolios (Luxembourg) Global Select Capital Appreciation Equity Portfolio Statement of net assets as at June 30, 2013
June 30, 2013 (USD) Assets Financial assets at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Cash at banks Dividend income receivable Fund expenses reimbursement receivable Receivable for subscriptions Receivable from brokers
$
122,909,308 318,031 2,611,845 196,035 20,679 – 1,662,838
$
127,718,736
$
– – 278,492 383 473,956 3,289,672 – 81,043
Total liabilities
$
4,123,546
Total net assets
$
123,595,190
Total assets Less Liabilities Financial liabilities at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Investment management fee payable (Note 3b) Management company fee payable (Note 3d) Payable for redemptions Payable to brokers Distribution payable (Note 5) Accrued expenses and other payables
The accompanying notes are an integral part of these financial statements. 63 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Select Capital Appreciation Equity Portfolio Statement of operations and changes in net assets for the period ended June 30, 2013
June 30, 2013 (USD) Income Dividend income (net of withholding tax) (Note 2f) Interest income (net of withholding tax) (Note 2f) Other income Total income
$
1,030,271 331 29
$
1,030,631
$
546,354 – 91,544 8,298 16,786 6,022 – 7,779 39,231
$
716,014
Less Expenses Investment management fee (Note 3b) Intermediary servicing fee (Note 3e) Administration fees Custodian fees Professional fees Taxe d'abonnement (Note 3f) Interest expense on derivatives Country registration expenses Other expenses
Fund expenses reimbursed (Note 3a)
(20,679)
Total expenses
$
695,335
Net investment income/(expense)
$
335,296
Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments $
8,389,196
Capital gains tax (Note 3h)
–
Net realized gain/(loss) for the period
$
Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments
8,724,492
4,786,945
Finance costs Distributions (Note 5)
–
Increase/(decrease) in net assets as a result of operations
$
13,511,437
Net assets at the beginning of the period
$
113,291,534
Net subscriptions Net redemptions
9,848,475 (13,056,256 )
Total net assets at the end of the period
The accompanying notes are an integral part of these financial statements. 64 Wellington Management Portfolios (Luxembourg)
$
123,595,190
Wellington Management Portfolios (Luxembourg) Global Select Capital Appreciation Equity Portfolio Statistical information June 30, 2013
Portfolio information Total net asset value
$
June 30, 2013 December 31, 2012 December 31, 2011 123,595,190.19 113,291,533.57 78,558,753.90
Unit class information June 30, 2013 December 31, 2012 December 31, 2011 Class A CAD Total net asset value CAD Number of units outstanding Net asset value per unit CAD Net asset value per unit $*
30,446,142.53 2,370,853.284 12.84 12.17
25,527,159.90 2,358,430.515 10.82 10.87
20,969,799.78 2,358,430.515 8.89 8.73
Class A EUR Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit
18,044,226.47 1,483,558.994 12.16 15.81
10,527,399.61 983,558.994 10.70 14.11
– – – –
10,136,542.35 573,065.903 17.69 26.83
14,248,214.34 967,076.935 14.73 23.95
11,962,096.76 967,076.935 12.37 19.22
51,916,568.52 3,850,879.695 13.48
46,361,676.42 3,850,879.695 12.04
37,241,313.77 3,850,879.695 9.67
3,989,460.89 226,289.058 17.63
4,252,652.64 271,383.722 15.67
2,133,182.22 171,054.810 12.47
Class A GBP 15% Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit Class A USD Total net asset value Number of units outstanding Net asset value per unit Class T USD Total net asset value Number of units outstanding Net asset value per unit
€ € $*
£ £ $*
$ $
$ $
All classes are Accumulating and Unhedged unless otherwise noted.
* For information purposes only
65 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Select Capital Appreciation Equity Portfolio Statement of investments June 30, 2013
Holding/ Nominal
106,300 32,000 2,336 8,667
6,902 1,058,910 25,010
Market Value (Note 2)
Investment Consumer Discretionary Automobiles & Components Ford Motor Co Goodyear Tire & Rubber Co Hyundai Motor Co Renault SA
Consumer Durables & Apparel Cie Financiere Richemont SA Class A Samsonite International SA Taylor Morrison Home Corp Class A
141,100 36,817 43,000 49,440 268,800 600
Consumer Services Anhanguera Educacional Participacoes SA Burger King Worldwide Inc Kroton Educacional SA Melco Crown Entertainment Ltd ADR MGM China Holdings Ltd Noodles & Co Class A
37,310 22,782
Media MDC Partners Inc Class A ProSiebenSat.1 Media AG Class Preference
57,500 6,390 322,500 47,090 2,221 21,110
Retail Best Buy Co Inc Dufry Group Intime Department Store Group Co Ltd Lowe's Cos Inc priceline.com Inc TripAdvisor Inc Total Consumer Discretionary
57,945 39,430 37,000 26,000
Consumer Staples Food & Staples Retailing Carrefour SA CVS Caremark Corp Kroger Co Seven & I Holdings Co Ltd
The accompanying notes are an integral part of these financial statements. 66 Wellington Management Portfolios (Luxembourg)
% of Net Assets
$
1,644,461 489,280 461,247 582,442
1 .33% 0 .40 0 .37 0 .47
$
609,483 2,558,416 609,744
0 .49% 2 .07 0 .50
$
823,970 718,300 601,480 1,105,478 717,368 22,050
0 .67% 0 .58 0 .49 0 .89 0 .58 0 .02
$
673,073 977,827
0 .54% 0 .79
$
1,571,475 773,972 314,752 1,925,981 1,837,056 1,284,966
1 .27% 0 .63 0 .25 1 .56 1 .49 1 .04
$
20,302,821
16 .43%
$
1,591,507 2,254,607 1,277,980 948,810
1 .29% 1 .82 1 .03 0 .77
Wellington Management Portfolios (Luxembourg) Global Select Capital Appreciation Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
6,723 27,382 91,500 12,880 1,185,500
43,298
7,330 96,351 16,110 176,400 10,580 17,910 49,140
Market Value (Note 2)
Investment Consumer Staples (continued) Food, Beverage & Tobacco Anheuser-Busch InBev NV Diageo Plc Gruma SAB de CV Class B Heineken NV LT Group Inc
% of Net Assets
$
597,653 780,769 413,743 819,524 620,192
0 .49% 0 .63 0 .34 0 .66 0 .50
Household & Personal Products Coty Inc Class A
$
743,860
0 .60%
Total Consumer Staples
$
10,048,645
8 .13%
$
629,867 1,634,526 428,043 854,164 1,531,455 715,246 651,194
0 .51% 1 .32 0 .35 0 .69 1 .24 0 .58 0 .53
$
6,444,495
5 .22%
$
1,973,359 673,775
1 .60% 0 .54
$
625,893 1,346,145 916,133 713,878 347,750
0 .51% 1 .09 0 .74 0 .58 0 .28
$
3,343,336 559,710 559,647
2 .71% 0 .45 0 .45
Energy Anadarko Petroleum Corp BG Group Plc Cobalt International Energy Inc JX Holdings Inc Pioneer Natural Resources Co Tourmaline Oil Corp Trican Well Service Ltd Total Energy
320,300 324,900
Financials Banks Mitsubishi UFJ Financial Group Inc Mizuho Financial Group Inc
3,521 25,500 24,262 2,641 32,500
Diversified Financials IntercontinentalExchange Inc JPMorgan Chase & Co LPL Investment Holdings Inc Partners Group Holding AG Platform Acquisition Holdings Ltd
74,795 7,533 18,458
Insurance American International Group Inc Swiss Re Ltd XL Group Plc Class A
The accompanying notes are an integral part of these financial statements. 67 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Select Capital Appreciation Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
5,229,000 96,675 191,600 1,030,500
Market Value (Note 2)
Investment Financials (continued) Real Estate Bekasi Fajar Industrial Estate Tbk PT Countrywide Plc Fibra Uno Administracion SA de CV Class REIT Robinsons Land Corp Total Financials
36,720 80,468
32,215 143,200 16,491 34,000 28,500 48,050 342,000 27,470 36,500
Health Care Health Care Equipment & Services Catamaran Corp Hologic Inc
Pharmaceuticals, Biotechnology & Life Sciences Almirall SA Arena Pharmaceuticals Inc AstraZeneca Plc AstraZeneca Plc ADR Bristol-Myers Squibb Co Gilead Sciences Inc Shanghai Fosun Pharmaceutical Group Co Ltd Class H Shionogi & Co Ltd Teva Pharmaceutical Industries Ltd ADR Total Health Care
59,000 3,266 39,550 8,220 63,308 48,000 43,100 49,781 69,102 8,632 35,396
Industrials Capital Goods Amada Co Ltd Brenntag AG DigitalGlobe Inc Doosan Corp HD Supply Holdings Inc Hino Motors Ltd ITOCHU Corp KBR Inc Rexel SA Schneider Electric SA SKF AB Class B
The accompanying notes are an integral part of these financial statements. 68 Wellington Management Portfolios (Luxembourg)
% of Net Assets
$
416,213 740,466 639,998 484,239
0 .33% 0 .60 0 .52 0 .39
$
13,340,542
10 .79%
$
1,788,999 1,553,032
1 .45% 1 .25
$
407,441 1,102,640 779,121 1,608,200 1,273,665 2,460,640 557,334 572,436 1,430,800
0 .33% 0 .89 0 .63 1 .30 1 .03 1 .99 0 .45 0 .47 1 .16
$
13,534,308
10 .95%
$
389,037 495,428 1,226,445 924,889 1,189,557 703,559 496,799 1,617,883 1,552,128 625,308 823,876
0 .31% 0 .40 0 .99 0 .75 0 .96 0 .57 0 .40 1 .31 1 .26 0 .51 0 .67
Wellington Management Portfolios (Luxembourg) Global Select Capital Appreciation Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
18,270
1,625,110 570,500 31,709 27,115 84,460 229,300 278,200 47,400
Market Value (Note 2)
Investment Industrials (continued) Commercial Services & Supplies IHS Inc Class A
Transportation AirAsia Bhd AirAsia Bhd Class X DSV A/S easyJet Plc Hertz Global Holdings Inc JetBlue Airways Corp Malaysia Airports Holdings Bhd United Continental Holdings Inc Total Industrials
62,000 154,045 44,475 807 137,800
Information Technology Semiconductors & Semiconductor Equipment Intel Corp Micron Technology Inc NXP Semiconductor NV Samsung Electronics Co Ltd SunEdison Inc
68,458 97,244 24,300 144,000 10,318 13,131 1,100 10,381 24,290 13,730 70,176
Software & Services Akamai Technologies Inc Amadeus IT Holding SA Class A Autodesk Inc Cadence Design Systems Inc Concur Technologies Inc eBay Inc Google Inc Class A LinkedIn Corp Class A ServiceNow Inc Teradata Corp Yahoo! Inc
69,200 65,800 120,000
Technology Hardware & Equipment Anritsu Corp Aruba Networks Inc Catcher Technology Co Ltd
The accompanying notes are an integral part of these financial statements. 69 Wellington Management Portfolios (Luxembourg)
% of Net Assets
$
1,907,023
1 .54%
$
1,640,798 227,965 771,982 532,984 2,094,608 1,444,590 555,607 1,483,146
1 .33% 0 .18 0 .62 0 .43 1 .70 1 .17 0 .45 1 .20
$
20,703,612
16 .75%
$
1,501,640 2,207,465 1,377,836 948,289 1,125,826
1 .22% 1 .79 1 .11 0 .77 0 .91
$
2,912,888 3,103,816 824,742 2,085,120 839,679 679,135 968,407 1,850,932 981,073 689,658 1,762,120
2 .36% 2 .51 0 .67 1 .69 0 .68 0 .55 0 .78 1 .50 0 .79 0 .56 1 .42
$
818,543 1,010,688 624,604
0 .66% 0 .82 0 .51
Wellington Management Portfolios (Luxembourg) Global Select Capital Appreciation Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
44,000 22,700 29,300
17,260 197,007 41,600 145,733 728,000 7,055 17,810 27,770 8,250 43,674
34,106 295,595
618,000
32,500
Market Value (Note 2)
Investment
% of Net Assets
Information Technology (continued) Technology Hardware & Equipment (continued) HTC Corp SanDisk Corp Wacom Co Ltd
$
350,872 1,386,970 322,393
0.28% 1 .12 0 .26
Total Information Technology
$
28,372,696
22 .96%
$
971,790 860,921 654,784 1,541,855 450,521 473,837 789,161 410,718 824,010 713,027
0 .78% 0 .70 0 .53 1 .25 0 .36 0 .38 0 .64 0 .33 0 .67 0 .58
Total Materials
$
7,690,624
6 .22%
Telecommunication Services Intelsat SA Portugal Telecom SGPS SA
$
682,120 1,148,845
0 .55% 0 .93
Total Telecommunication Services
$
1,830,965
1 .48%
Utilities China Longyuan Power Group Corp Class H
$
640,600
0 .52%
Total Utilities
$
640,600
0 .52%
Warrants Platform Acquisition Holdings Ltd
$
0
0 .00%
Total Warrants
$
0
0 .00%
Materials Akzo Nobel NV AuRico Gold Inc Barrick Gold Corp Cemex SAB de CV ADR Greatview Aseptic Packaging Co Ltd HeidelbergCement AG International Paper Co Louisiana-Pacific Corp Rock-Tenn Co Class A Smurfit Kappa Group Plc
The accompanying notes are an integral part of these financial statements. 70 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Select Capital Appreciation Equity Portfolio Statement of investments (continued) June 30, 2013
Market Value (Note 2)
% of Net Assets
Total Investments
$ 122,909,308
Net Other Assets
$
685,882
0 .55%
Total Net Assets
$ 123,595,190
100.00%
All investments are transferable securities admitted to an official exchange listing.
The accompanying notes are an integral part of these financial statements. 71 Wellington Management Portfolios (Luxembourg)
99 .45%
Wellington Management Portfolios (Luxembourg) Global Select Capital Appreciation Equity Portfolio Classifications June 30, 2013
% of Net Assets
Industry Software & Services Pharmaceuticals, Biotechnology & Life Sciences Capital Goods Transportation Retail Materials Semiconductors & Semiconductor Equipment Energy Food & Staples Retailing Technology Hardware & Equipment Insurance Consumer Services Diversified Financials Consumer Durables & Apparel Health Care Equipment & Services Food, Beverage & Tobacco Automobiles & Components Banks Real Estate Commercial Services & Supplies Telecommunication Services Media Household & Personal Products Utilities
13.51% 8.25 8.13 7.08 6.24 6.22 5.80 5.22 4.91 3.65 3.61 3.23 3.20 3.06 2.70 2.62 2.57 2.14 1.84 1.54 1.48 1.33 0.60 0.52
Total Investments
99.45%
Net Other Assets
0.55%
Total Net Assets
100.00%
72 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Select Capital Appreciation Equity Portfolio Classifications (continued) June 30, 2013
% of Net Assets
Country United States Japan United Kingdom France Spain Netherlands Canada Switzerland Mexico Malaysia South Korea China Germany Israel Brazil Ireland Portugal Hong Kong Philippines Taiwan Sweden Denmark Macau Luxembourg Belgium Indonesia British Virgin Islands
55.38% 6.27 4.91 3.53 2.84 2.55 2.34 2.15 2.11 1.96 1.89 1.58 1.57 1.16 1.16 1.03 0.93 0.89 0.89 0.79 0.67 0.62 0.58 0.55 0.49 0.33 0.28
Total Investments
99.45%
Net Other Assets
0.55%
Total Net Assets
100.00%
73 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Growth Equity Portfolio Investment Manager’s report June 30, 2013 Investment Objective & Policy The Global Growth Equity Portfolio (the “Portfolio”) sought to achieve high long-term total returns by investing, either directly or indirectly, at least two thirds of its gross assets in equity and other securities with equity characteristics including, for example, shares, preferred stock, warrants, dividend right certificates, shares of REITs constituted as Closed End Funds and depositary receipts issued by companies worldwide. The Portfolio also invested up to one third of its gross assets in securities including, for example, convertible bonds, exchange-traded funds qualifying as UCIs within the meaning of the 2010 Law, and debt securities (not exceeding 20% of the net assets of the Portfolio), and cash and cash equivalents, all as deemed by the Investment Manager to be consistent with the investment discipline. The Portfolio’s investment approach was based on investing in globally competitive growth companies within growing sectors. The Investment Manager selected a well diversified list of securities issued by large-cap and mid-cap companies. The Portfolio’s country and sector allocations was a result of stock selection which may included securities of companies in emerging markets. The Portfolio was denominated in US dollars and normally was not hedged against currency fluctuations, although the Investment Manager may have employed currency hedging to protect or enhance the US dollar value of its holdings when it believed it was advisable to do so. Overview The Portfolio has been managed in accordance with its investment objective and policy as defined in the Prospectus. The full investment objective and policy are disclosed verbatim in the previous section. Performance The Global Growth Equity Portfolio launched on August 1, 2008 with a A SGD (hedged) Class. This Class returned 17.12% during the first half of 2013, exceeding the benchmark by 5.75%. The Class's 1 year return outperformed the benchmark by 4.47%, while the Class's 3 year return underperformed the benchmark by 0.69%. The Portfolio became inactive on January 28, 2013, with the A SGD (hedged) Class's having returned -0.02% since inception, trailing the benchmark by 3.23%. The table below details the performance of the A SGD (hedged) Class at the date of closure. Total Returns (%) Periods Ended January 28, 2013 Since 3 Years Inception
6 Mths
1 Year
Class A SGD (hedged)
17.12%
19.93%
9.54%
(0.02)%
MSCI World Growth Index Hedged to SGD
11.37%
15.46%
10.23%
3.21%
Portfolio returns are net of fees and expenses. Returns for periods greater than one year are annualized. All classes are Accumulating and Unhedged unless otherwise noted. The figures stated in this report are historical and not necessarily indicative of future performance.
74 Wellington Management Portfolios (Luxembourg)
Inception Date August 1, 2008
Wellington Management Portfolios (Luxembourg) Global Growth Equity Portfolio* Statement of operations and changes in net assets for the period ended June 30, 2013
June 30, 2013 (USD) Income Dividend income (net of withholding tax) (Note 2f) Interest income (net of withholding tax) (Note 2f) Other income Total income
$
– 69 1,283
$
1,352
$
31,350 – 3,105 8 (797) (233) – (6,029 ) 84,624
Less Expenses Investment management fee (Note 3b) Intermediary servicing fee (Note 3e) Administration fees Custodian fees Professional fees Taxe d'abonnement (Note 3f) Interest expense on derivatives Country registration expenses Other expenses
$ Fund expenses reimbursed (Note 3a)
112,028 –
Total expenses
$
112,028
Net investment income/(expense)
$
(110,676)
Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments $ Capital gains tax (Note 3h)
12,618,821 –
Net realized gain/(loss) for the period
$
Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments
12,508,145
(10,338,036 )
Finance costs Distributions (Note 5)
–
Increase/(decrease) in net assets as a result of operations
$
2,170,109
Net assets at the beginning of the period
$
52,828,628
Net subscriptions Net redemptions
– (54,998,737 )
Total net assets at the end of the period
* Portfolio became inactive on January 28, 2013
75 Wellington Management Portfolios (Luxembourg)
$
–
Wellington Management Portfolios (Luxembourg) Global Growth Equity Portfolio** Statistical information June 30, 2013
Portfolio information Total net asset value
$
June 30, 2013 December 31, 2012 December 31, 2011 – 52,828,628.36 40,095,144.68
Unit class information June 30, 2013 December 31, 2012 December 31, 2011 Class A SGD (hedged) Total net asset value SGD Number of units outstanding Net asset value per unit SGD Net asset value per unit $*
– – – –
64,530,169.54 6,818,550.156 9.46 7.75
All classes are Accumulating and Unhedged unless otherwise noted.
* For information purposes only ** Portfolio was liquidated on January 28, 2013
76 Wellington Management Portfolios (Luxembourg)
51,989,369.35 6,818,550.156 7.62 5.88
Wellington Management Portfolios (Luxembourg) Global Value Equity Portfolio Investment Manager’s report June 30, 2013 Investment Objective & Policy The Global Value Equity Portfolio (the “Portfolio”) seeks to generate long term total returns by investing, either directly or indirectly, at least two-thirds of its gross assets in equity and other securities with equity characteristics, such as shares, preferred stock, warrants, dividend right certificates, shares of REITs constituted as Closed End Funds and depositary receipts issued by companies worldwide. The Portfolio may also invest up to one third of its gross assets in other securities such as convertible bonds, exchange-traded funds qualifying as UCIs within the meaning of the 2010 Law, as well as debt securities (not exceeding 20% of the net assets of the Portfolio), and cash and cash equivalents, all as deemed by the Investment Manager to be consistent with the investment discipline. The Portfolio’s investment approach is based on investing in stocks of financially sound but out-of-favor companies that provide above-average total return potential and generally sell at below average price/earnings multiples. The Investment Manager employs a bottom up investment approach. The Portfolio’s security selection is unconstrained by style, region, country, sector or industry and the security selection may include securities of companies with its registered office in emerging markets. The Portfolio will be denominated in US dollars and normally will not be hedged against currency fluctuations, although the Investment Manager may employ currency hedging to protect or enhance the US dollar value of its holdings when it believes it is advisable to do so. Overview The Portfolio has been managed in accordance with its investment objective and policy as defined in the Prospectus. The full investment objective and policy are disclosed verbatim in the previous section.
77 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Value Equity Portfolio Investment Manager’s report (continued) June 30, 2013 Performance The Global Value Equity Portfolio launched on May 19, 2009 with an A GBP 0% Class. This Class returned 14.51% during the first half of 2013, exceeding the benchmark by 0.50%. The Class's 1 and 3 year returns underperformed the benchmark by 0.94% and 1.27% respectively. Additionally, the A GBP 0% Class's since inception return of 12.54% trailed the benchmark by 1.05%. The table below details the performance of all funded Classes within the Portfolio. Total Returns (%) Periods Ended June 30, 2013 Since 3 Years Inception
Inception Date
20.27%
11.18%
12.54%
May 19, 2009
14.01%
21.21%
12.45%
13.59%
Class T USD
6.99%
16.79%
12.18%
6.48%
MSCI All Country World Index
6.38%
17.21%
12.96%
6.98%
Class A EUR
8.18%
13.20%
N/A
3.98%
MSCI All Country World Index
7.90%
14.44%
N/A
6.33%
Class A EUR (hedged)
6.32%
15.17%
N/A
13.32% September 29, 2011
6.11%
16.59%
N/A
15.01%
6 Mths
1 Year
Class A GBP 0%
14.51%
MSCI All Country World Index
MSCI All Country World Index Hedged to EUR Portfolio returns are net of fees and expenses. Returns for periods greater than one year are annualized. All classes are Accumulating and Unhedged unless otherwise noted. The figures stated in this report are historical and not necessarily indicative of future performance.
78 Wellington Management Portfolios (Luxembourg)
April 9, 2010 January 18, 2011
Wellington Management Portfolios (Luxembourg) Global Value Equity Portfolio Statement of net assets as at June 30, 2013
June 30, 2013 (USD) Assets Financial assets at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Cash at banks Dividend income receivable Fund expenses reimbursement receivable Receivable for subscriptions Receivable from brokers
$
407,454,311 – 6,867,614 1,055,901 – – 716,547
$
416,094,373
$
– 595,771 772,910 383 – 1,037,705 – 158,077
Total liabilities
$
2,564,846
Total net assets
$
413,529,527
Total assets Less Liabilities Financial liabilities at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Investment management fee payable (Note 3b) Management company fee payable (Note 3d) Payable for redemptions Payable to brokers Distribution payable (Note 5) Accrued expenses and other payables
The accompanying notes are an integral part of these financial statements. 79 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Value Equity Portfolio Statement of operations and changes in net assets for the period ended June 30, 2013
June 30, 2013 (USD) Income Dividend income (net of withholding tax) (Note 2f) Interest income (net of withholding tax) (Note 2f) Other income Total income
$
6,970,939 943 3
$
6,971,885
$
1,660,223 – 152,546 30,407 16,620 21,125 – 7,586 56,437
$
1,944,944
Less Expenses Investment management fee (Note 3b) Intermediary servicing fee (Note 3e) Administration fees Custodian fees Professional fees Taxe d'abonnement (Note 3f) Interest expense on derivatives Country registration expenses Other expenses
Fund expenses reimbursed (Note 3a)
–
Total expenses
$
1,944,944
Net investment income/(expense)
$
5,026,941
Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments $
27,179,263
Capital gains tax (Note 3h)
–
Net realized gain/(loss) for the period
$
Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments
32,206,204
(99,780)
Finance costs Distributions (Note 5)
–
Increase/(decrease) in net assets as a result of operations
$
32,106,424
Net assets at the beginning of the period
$
533,820,566
Net subscriptions Net redemptions
502,467 (152,899,930 )
Total net assets at the end of the period
The accompanying notes are an integral part of these financial statements. 80 Wellington Management Portfolios (Luxembourg)
$
413,529,527
Wellington Management Portfolios (Luxembourg) Global Value Equity Portfolio Statistical information June 30, 2013
Portfolio information Total net asset value
$
June 30, 2013 December 31, 2012 December 31, 2011 413,529,527.02 533,820,566.44 613,228,084.30
Unit class information June 30, 2013 December 31, 2012 December 31, 2011 Class A EUR Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit Class A EUR (hedged) Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit Class A GBP 0% Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit Class T USD Total net asset value Number of units outstanding Net asset value per unit
€ € $*
€ € $*
£ £ $*
$ $
47,689,507.67 4,342,344.367 10.98 14.28
44,085,190.56 4,342,344.367 10.15 13.38
40,213,304.85 4,342,344.367 9.26 12.02
43,588,702.57 3,500,000.000 12.45 16.19
64,386,043.56 5,500,000.000 11.71 15.43
58,374,185.37 5,500,000.000 10.61 13.78
182,349,666.53 11,213,708.943 16.26 24.66
229,417,396.32 16,150,478.332 14.20 23.09
301,247,048.24 22,653,596.043 13.30 20.67
18,311,812.60 1,495,797.870 12.24
17,894,122.59 1,564,707.862 11.44
17,078,705.67 1,675,201.793 10.20
All classes are Accumulating and Unhedged unless otherwise noted.
* For information purposes only
81 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Value Equity Portfolio Statement of investments June 30, 2013 Holding/ Nominal Investment
20,339 1,238,000 116,562 41,700 376,374 99,400 681,423 102,000
Consumer Discretionary Automobiles & Components Hyundai Motor Co Isuzu Motors Ltd Consumer Durables & Apparel Persimmon Plc Media Time Warner Cable Inc Class A WPP Plc Retail Loweʹs Cos Inc Marks & Spencer Group Plc Nordstrom Inc
Total Consumer Discretionary
110,700 634,887 59,969 94,365 69,669 88,800 131,700 58,400 59,474 49,600 74,516
Consumer Staples Food & Staples Retailing Seven & I Holdings Co Ltd Tesco Plc Food, Beverage & Tobacco Anheuser‐Busch InBev NV British American Tobacco Plc Diageo Plc General Mills Inc Japan Tobacco Inc Kraft Foods Group Inc Unilever NV Household & Personal Products Procter & Gamble Co Reckitt Benckiser Group Plc
Total Consumer Staples
$ $ $ $
4,015,975 8,462,294 2,087,885 4,690,416 6,404,897 4,065,460 4,451,346 6,113,880
0 .97% 2 .05
0 .50%
1 .13% 1 .55
0 .98% 1 .08 1 .48
$ 40,292,153 9 .74% $ $ $
4,039,739 3,191,160 5,331,049 4,819,680 1,986,539 4,309,464 4,646,987 3,262,808 2,338,932 3,818,704 5,253,096
0 .98% 0 .77
1 .29% 1 .17 0 .48 1 .04 1 .12 0 .79 0 .57
0 .92% 1 .27
$ 42,998,158 10 .40%
The accompanying notes are an integral part of these financial statements. 82 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
Wellington Management Portfolios (Luxembourg) Global Value Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
139,100 703,380 51,600 63,200 149,300 1,318,000 258,795
Energy Baker Hughes Inc BP Plc Chevron Corp Ensco Plc Class A Marathon Oil Corp Petrochina Co Ltd Class H Statoil ASA
Total Energy
101,650 535,650 501,100 718,500 391,454 107,300 57,830 170,400 12,500 222,826 43,000 199,200 62,400 515,000 240,300 29,263 89,800 27,023
6,416,683 4,856,682 6,106,344 3,673,184 5,162,794 1,401,883 5,310,637
1 .55% 1 .17 1 .48 0 .89 1 .25 0 .34 1 .28
$ 32,928,207 7 .96%
Financials Banks Hana Financial Group Inc HSBC Holdings Plc Kasikornbank PCL Mitsubishi UFJ Financial Group Inc Oversea‐Chinese Banking Corp Ltd PNC Financial Services Group Inc Shinhan Financial Group Co Ltd Wells Fargo & Co Diversified Financials BlackRock Inc Class A Credit Suisse Group AG Goldman Sachs Group Inc JPMorgan Chase & Co Insurance ACE Ltd AIA Group Ltd Marsh & McLennan Cos Inc Swiss Re Ltd Tokio Marine Holdings Inc Zurich Financial Services
Total Financials
$
Market Value % of Net (Note 2) Assets
Health Care Health Care Equipment & Services 84,500 UnitedHealth Group Inc
$ 2,959,470 5,540,707 3,085,929 4,426,657 3,086,447 7,824,316 1,903,952 7,032,408 $ 3,210,625 5,899,478 6,503,750 10,515,768 $ 5,583,552 2,181,148 9,592,776 2,174,273 2,843,117 6,997,448
0 .78% 1 .43 1 .57 2 .54
1 .35% 0 .53 2 .32 0 .52 0 .69 1 .69
$ 91,361,821 22 .09% $
The accompanying notes are an integral part of these financial statements. 83 Wellington Management Portfolios (Luxembourg)
0 .71% 1 .34 0 .75 1 .07 0 .75 1 .89 0 .46 1 .70
5,533,060 1 .34%
Wellington Management Portfolios (Luxembourg) Global Value Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
14,900 90,096 199,500 140,400 66,400 249,600 24,842 107,800
Health Care (continued) Pharmaceuticals, Biotechnology & Life Sciences Amgen Inc AstraZeneca Plc Daiichi Sankyo Co Ltd Eisai Co Ltd Johnson & Johnson Merck & Co Inc Roche Holding AG Teva Pharmaceutical Industries Ltd ADR
Total Health Care
172,500 180,600 57,096 27,952 51,500 45,400 37,720 4,648,000 281,200 81,215 40,900
Industrials Capital Goods General Electric Co KBR Inc Schneider Electric SA Siemens AG Stanley Black & Decker Inc United Technologies Corp Vinci SA Transportation AirAsia Bhd Delta Air Lines Inc Deutsche Post AG FedEx Corp
Total Industrials
225,800 149,200 4,671 387,600 119,100 49,200 1,700
Information Technology Semiconductors & Semiconductor Equipment Intel Corp Maxim Integrated Products Inc Samsung Electronics Co Ltd Taiwan Semiconductor Manufacturing Co Ltd ADR Xilinx Inc Software & Services Baidu Inc ADR Google Inc Class A
$ 1,470,034 0 .36% 4,256,604 1 .03 3,325,837 0 .81 5,717,199 1 .38 5,701,104 1 .38 11,593,920 2 .80 6,170,132 1 .49 4,225,760 1 .02 $ 47,993,650 11 .61% $ $
4,000,275 5,869,500 4,136,071 2,821,289 3,980,950 4,219,476 1,890,365 4,692,869 5,261,252 2,015,808 4,031,922
0 .97% 1 .42 1 .00 0 .68 0 .96 1 .02 0 .46
1 .13% 1 .27 0 .49 0 .98
$ 42,919,777 10 .38% $ $
The accompanying notes are an integral part of these financial statements. 84 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
5,468,876 4,144,776 5,488,798 7,100,832 4,717,551 4,650,876 1,496,629
1 .32% 1 .00 1 .33 1 .72 1 .14
1 .12% 0 .36
Wellington Management Portfolios (Luxembourg) Global Value Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
188,900 46,100 12,400 354,000 318,000 253,200 1,141,000
Information Technology (continued) Software & Services (continued) Microsoft Corp Symantec Corp Technology Hardware & Equipment Apple Inc Asustek Computer Inc Cisco Systems Inc EMC Corp Quanta Computer Inc
Total Information Technology
178,900 84,400 1,176,500 149,800 111,900 1,391,100
Materials Barrick Gold Corp Dow Chemical Co Indocement Tunggal Prakarsa Tbk PT International Paper Co Potash Corp of Saskatchewan Inc PTT Global Chemical PCL
Total Materials
448,000 83,600
Telecommunication Services China Mobile Ltd Nippon Telegraph & Telephone Corp
Total Telecommunication Services
129,600 252,327 152,462 129,900
Market Value % of Net (Note 2) Assets
$ $
1 .58% 0 .25
1 .19% 0 .74 1 .87 1 .44 0 .60
$ 64,771,383 15 .66% $
2,815,886 2,715,148 2,898,279 6,637,638 4,266,747 3,094,822
0 .68% 0 .66 0 .70 1 .61 1 .03 0 .75
$ 22,428,520 5 .43% $
4,690,041 1 .13% 4,325,807 1 .05
$
9,015,848 2 .18%
Utilities Cia de Saneamento Basico do Estado de Sao Paulo ADR $ National Grid Plc RWE AG Xcel Energy Inc
6,522,717 1,035,867 4,911,392 3,047,346 7,730,580 5,980,584 2,474,559
1,349,136 2,854,974 4,859,318 3,681,366
0 .33% 0 .69 1 .17 0 .89
Total Utilities
$ 12,744,794 3 .08%
Total Investments
$ 407,454,311 98 .53% $ 6,075,216 1 .47%
Net Other Assets Total Net Assets
$ 413,529,527 100.00%
All investments are transferable securities admitted to an official exchange listing.
The accompanying notes are an integral part of these financial statements. 85 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Value Equity Portfolio Classifications June 30, 2013
% of Net Assets
Industry Pharmaceuticals, Biotechnology & Life Sciences Banks Energy Insurance Semiconductors & Semiconductor Equipment Capital Goods Food, Beverage & Tobacco Diversified Financials Technology Hardware & Equipment Materials Transportation Retail Software & Services Utilities Automobiles & Components Media Household & Personal Products Telecommunication Services Food & Staples Retailing Health Care Equipment & Services Consumer Durables & Apparel
10.27% 8.67 7.96 7.10 6.51 6.51 6.46 6.32 5.84 5.43 3.87 3.54 3.31 3.08 3.02 2.68 2.19 2.18 1.75 1.34 0.50
Total Investments
98.53%
Net Other Assets
1.47%
Total Net Assets
100.00%
86 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Value Equity Portfolio Classifications (continued) June 30, 2013
% of Net Assets
Country United States United Kingdom Japan Switzerland South Korea Taiwan Germany Canada Hong Kong Thailand France China Belgium Norway Malaysia Israel Singapore Indonesia Netherlands Brazil
47.23% 11.94 9.15 6.48 3.47 3.06 2.34 1.71 1.66 1.50 1.46 1.46 1.29 1.28 1.13 1.02 0.75 0.70 0.57 0.33
Total Investments
98.53%
Net Other Assets
1.47%
Total Net Assets
100.00%
87 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Opportunities Equity Portfolio Investment Manager’s report June 30, 2013 Investment Objective & Policy The Global Opportunities Equity Portfolio (the “Portfolio”) seeks to achieve long-term total returns by investing either directly or indirectly, at least two thirds of its gross assets in equity and other securities with equity characteristics, including, for example, shares, preferred stock, warrants, dividend right certificates, shares of REITs constituted as Closed End Funds and depositary receipts issued by companies worldwide. The Portfolio may also invest in other securities including, for example, convertible bonds, exchange-traded funds qualifying as UCIs within the meaning of the 2010 Law, and debt securities (not exceeding 20% of the net assets of the Portfolio), and cash and cash equivalents, all as deemed by the Investment Manager to be consistent with the investment discipline. The Portfolio investment approach is based on bottom-up, fundamental research. The Investment Manager builds on the extensive research resources of the Investment Manager to develop insights about companies utilizing a clear understanding of industry and macroeconomic trends. The Portfolio is well diversified, and will generally invest in to mid to large capitalization companies. The Portfolio will be denominated in US dollars and normally will not be hedged against currency fluctuations although the Investment Manager may employ currency hedging to protect or enhance the US dollar value of its holdings when it believes it is advisable to do so. Overview The Portfolio has been managed in accordance with its investment objective and policy as defined in the Prospectus. The full investment objective and policy are disclosed verbatim in the previous section. Performance The Global Opportunities Equity Portfolio launched on February 12, 2010 with a J JPY Class. This Class returned 28.66% during the first half of 2013, exceeding the benchmark by 6.44%. The Class's 1 and 3 year returns outperformed the benchmark by 9.70% and 3.77% respectively. Additionally, the J JPY Class's since inception return of 16.52% exceeded the benchmark by 3.19%. The table below details the performance of all funded Classes within the Portfolio. Total Returns (%) Periods Ended June 30, 2013 Since 3 Years Inception
6 Mths
1 Year
Class J JPY
28.66%
55.63%
21.17%
16.52%
MSCI All Country World Index
22.22%
45.93%
17.40%
13.33%
Class A USD
11.59%
24.05%
N/A
17.27%
6.38%
17.21%
N/A
12.53%
MSCI All Country World Index Portfolio returns are net of fees and expenses.
Returns for periods greater than one year are annualized. All classes are Accumulating and Unhedged unless otherwise noted. The figures stated in this report are historical and not necessarily indicative of future performance.
88 Wellington Management Portfolios (Luxembourg)
Inception Date February 12, 2010 November 7, 2011
Wellington Management Portfolios (Luxembourg) Global Opportunities Equity Portfolio Statement of net assets as at June 30, 2013
June 30, 2013 (USD) Assets Financial assets at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Cash at banks Dividend income receivable Fund expenses reimbursement receivable Receivable for subscriptions Receivable from brokers
$
75,679,273 – 2,839,884 212,135 40,177 – 422,648
$
79,194,117
$
– – 70,447 383 – 730,576 – 66,564
Total liabilities
$
867,970
Total net assets
$
78,326,147
Total assets Less Liabilities Financial liabilities at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Investment management fee payable (Note 3b) Management company fee payable (Note 3d) Payable for redemptions Payable to brokers Distribution payable (Note 5) Accrued expenses and other payables
The accompanying notes are an integral part of these financial statements. 89 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Opportunities Equity Portfolio Statement of operations and changes in net assets for the period ended June 30, 2013
June 30, 2013 (USD) Income Dividend income (net of withholding tax) (Note 2f) Interest income (net of withholding tax) (Note 2f) Other income Total income
$
739,777 305 –
$
740,082
$
133,707 – 56,591 4,515 16,672 3,554 – 7,491 35,897
$
258,427
Less Expenses Investment management fee (Note 3b) Intermediary servicing fee (Note 3e) Administration fees Custodian fees Professional fees Taxe d'abonnement (Note 3f) Interest expense on derivatives Country registration expenses Other expenses
Fund expenses reimbursed (Note 3a)
(40,177)
Total expenses
$
218,250
Net investment income/(expense)
$
521,832
Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments $
5,878,785
Capital gains tax (Note 3h)
–
Net realized gain/(loss) for the period
$
Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments
6,400,617 428,062
Finance costs Distributions (Note 5)
–
Increase/(decrease) in net assets as a result of operations
$
6,828,679
Net assets at the beginning of the period
$
59,916,110
Net subscriptions Net redemptions
11,880,046 (298,688)
Total net assets at the end of the period
The accompanying notes are an integral part of these financial statements. 90 Wellington Management Portfolios (Luxembourg)
$
78,326,147
Wellington Management Portfolios (Luxembourg) Global Opportunities Equity Portfolio Statistical information June 30, 2013
Portfolio information Total net asset value
$
June 30, 2013 December 31, 2012 December 31, 2011 78,326,147.18 59,916,110.24 56,094,171.88
Unit class information June 30, 2013 December 31, 2012 December 31, 2011 Class A USD Total net asset value Number of units outstanding Net asset value per unit Class J JPY Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit
$ $
¥ ¥ $*
43,232,253.33 3,325,873.397 13.00
31,965,491.08 2,744,130.688 11.65
10,389,453.31 1,070,785.900 9.70
3,486,051,946 207,856.917 16,771 168.84
2,416,750,286 185,406.642 13,035 150.75
3,516,521,047 366,737.651 9,589 124.63
All classes are Accumulating and Unhedged unless otherwise noted.
* For information purposes only
91 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Opportunities Equity Portfolio Statement of investments June 30, 2013 Holding/ Nominal Investment
22,500 80,700 16,000 374,000 3,700 268,470 13,750 13,200 44,318 16,525 11,600 2,620 6,000 17,100 26,600 40,500
Consumer Discretionary Automobiles & Components Aisin Seiki Co Ltd Ford Motor Co TRW Automotive Holdings Corp Consumer Durables & Apparel Skyworth Digital Holdings Ltd VF Corp Consumer Services MGM China Holdings Ltd Tim Hortons Inc Yum! Brands Inc Media Mediaset SpA ProSiebenSat.1 Media AG Class Preference Time Warner Inc Retail Amazon.com Inc Expedia Inc Gap Inc LKQ Corp Rakuten Inc
Total Consumer Discretionary
35,000 17,200 21,624 45,781 15,500 6,085
Consumer Staples Food & Staples Retailing Aeon Co Ltd FamilyMart Co Ltd Food, Beverage & Tobacco Anheuser‐Busch InBev NV Diageo Plc Monster Beverage Corp United Spirits Ltd GDR
$ $ $ $ $
859,591 1,248,429 1,063,040 189,499 714,322 716,488 741,362 915,288 167,060 709,270 670,712 727,548 360,900 713,583 684,950 478,245
1 .10% 1 .59 1 .36
0 .24% 0 .91
0 .91% 0 .95 1 .17
0 .21% 0 .90 0 .86
0 .93% 0 .46 0 .91 0 .88 0 .61
$ 10,960,287 13 .99% $ $
The accompanying notes are an integral part of these financial statements. 92 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
458,751 732,430 1,922,303 1,305,398 941,935 110,960
0 .59% 0 .93
2 .46% 1 .67 1 .20 0 .14
Wellington Management Portfolios (Luxembourg) Global Opportunities Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
19,700
Consumer Staples (continued) Household & Personal Products Estee Lauder Cos Inc Class A
Total Consumer Staples
15,000 21,719 25,200 159,270 6,400 9,400
Energy Anadarko Petroleum Corp BG Group Plc Halliburton Co Kunlun Energy Co Ltd Phillips 66 Pioneer Natural Resources Co
Total Energy
21,184 113,823 680,966 178,100 11,000 8,550 13,922 41,500 2,600 12,700 4,600 13,200 23,273 89,800 1,700 25,600 53,200 29,400 67,250
Financials Banks BNP Paribas SA Intesa Sanpaolo SpA Lloyds Banking Group Plc Mitsubishi UFJ Financial Group Inc Shizuoka Bank Ltd Diversified Financials Ameriprise Financial Inc Banca Generali SpA Bank of America Corp BlackRock Inc Class A Citigroup Inc IntercontinentalExchange Inc Invesco Ltd Julius Baer Group Ltd Nomura Holdings Inc Virtus Investment Partners Inc WisdomTree Investments Inc Insurance AIA Group Ltd American International Group Inc AXA SA
$
1,295,669 1 .65%
$
6,767,446 8 .64%
$
1,288,950 368,447 1,051,344 282,961 377,024 1,360,650
$
4,729,376 6 .04%
$ $ $
1,155,824 182,130 652,330 1,097,269 118,377 691,524 299,678 533,690 667,810 609,219 817,696 419,760 907,405 660,832 299,659 296,192 225,315 1,314,180 1,319,528
The accompanying notes are an integral part of these financial statements. 93 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
1 .65% 0 .47 1 .34 0 .36 0 .48 1 .74
1 .48% 0 .23 0 .83 1 .40 0 .15
0 .88% 0 .38 0 .68 0 .85 0 .78 1 .05 0 .54 1 .16 0 .84 0 .38 0 .38
0 .29% 1 .68 1 .69
Wellington Management Portfolios (Luxembourg) Global Opportunities Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
199,600 118,340 74,790 32,700 34,100 15,599 98,300 38,179 44,100 10,000 52 2,527 10,916
Financials (continued) Insurance (continued) China Pacific Insurance Group Co Ltd Class H Direct Line Insurance Group Plc T&D Holdings Inc Tokio Marine Holdings Inc XL Group Plc Class A Real Estate Deutsche Wohnen AG Fibra Uno Administracion SA de CV Class REIT Hammerson Plc Mexico Real Estate Management SA de CV Class REIT Mitsui Fudosan Co Ltd Unibail‐Rodamco Unibail‐Rodamco Class REIT Westfield Group
Total Financials 11,500 84,000
46,900 23,738 41,700 29,450 6,100 19,800 13,200 32,500 5,800 3,200 32,200
Health Care Health Care Equipment & Services McKesson Corp Shandong Weigao Group Medical Polymer Co Ltd Class H Sinopharm Group Co Ltd Class H Pharmaceuticals, Biotechnology & Life Sciences Alkermes Plc Arena Pharmaceuticals Inc Bristol‐Myers Squibb Co Celgene Corp Eli Lilly & Co Gilead Sciences Inc Merck & Co Inc ONYX Pharmaceuticals Inc Regeneron Pharmaceuticals Inc Zoetis Inc Class A
Total Health Care
$ $
636,910 418,203 1,004,378 1,035,300 1,033,912 264,505 328,350 282,176 94,796 293,653 12,099 587,965 114,308
0.81% 0.53 1.28 1.32 1.32
0.34% 0.42 0.36 0.12 0.37 0.02 0.75 0.15
$
18,374,973 23.46%
$
1,316,750 1.68% 91,620 0.12
$
117,789 680,806 321,090 1,316,121 713,151 972,576 675,972 1,509,625 503,556 719,616 994,658
$
9,933,330 12.68%
The accompanying notes are an integral part of these financial statements. 94 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
0.15
0.87% 0.41 1.68 0.91 1.24 0.86 1.93 0.64 0.92 1.27
Wellington Management Portfolios (Luxembourg) Global Opportunities Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
18,550 16,760 159,322 2,695 10,500 12,300 17,000 4,642 52,300 28,474 48,011 5,657,022 6,100 6,700 17,390 4,800
Industrials Capital Goods AMETEK Inc Assa Abloy AB Class B BAE Systems Plc Brenntag AG Cummins Inc Honeywell International Inc Illinois Tool Works Inc Kone OYJ Class B Mitsubishi Electric Corp Rexel SA Rolls‐Royce Group Plc Rolls‐Royce Holdings Plc Class C THK Co Ltd Transportation Canadian National Railway Co Delta Air Lines Inc Hertz Global Holdings Inc
Total Industrials
43,800 19,970 8,700 1,030 9,000 16,000 10,400 31,000
49,400 50,550 608,000
Market Value % of Net (Note 2) Assets
Information Technology Semiconductors & Semiconductor Equipment Maxim Integrated Products Inc NXP Semiconductor NV Software & Services Accenture Plc Class A Mastercard Inc Class A Nomura Research Institute Ltd ServiceNow Inc Teradata Corp Yahoo! Inc
Technology Hardware & Equipment Cisco Systems Inc EMC Corp Lenovo Group Ltd
$ $
784,665 652,576 925,495 408,811 1,138,830 975,882 1,175,890 368,370 489,120 639,566 825,759 8,580 128,037 650,343 325,367 119,040
$
9,616,331 12.28%
$ $
1,216,764 618,671 626,052 591,735 292,646 646,240 522,392 778,410
$
The accompanying notes are an integral part of these financial statements. 95 Wellington Management Portfolios (Luxembourg)
1.00% 0.83 1.18 0.52 1.45 1.25 1.50 0.47 0.63 0.82 1.06 0.01 0.16
0.83% 0.42 0.15
1.55% 0.79
0.80% 0.76 0.37 0.83 0.67 0.99
1,200,914 1 .53% 1,193,991 1 .53 554,199 0 .71
Wellington Management Portfolios (Luxembourg) Global Opportunities Equity Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment 8,700 15,400
Information Technology (continued) Technology Hardware & Equipment (continued) Omron Corp Trimble Navigation Ltd
$
258,543 0 .33% 400,554 0 .51
$
8,901,111 11 .37%
$
1,513,220 177,240 544,602 548,064
$
2,783,126 3 .55%
$
343,897 0 .44% 634,451 0 .81
$
978,348 1 .25%
Utilities Cia de Saneamento Basico do Estado de Sao Paulo ADR $ National Grid Plc Snam SpA
559,017 0 .71% 797,689 1 .02 1,278,239 1 .63
Total Information Technology 12,271 4,000 9,053 75,676
Materials Air Liquide SA International Paper Co Lanxess AG Rexam Plc
Total Materials 5,900 49,578
Telecommunication Services Softbank Corp Telefonica SA
Total Telecommunication Services 53,700 70,501 280,964
Market Value % of Net (Note 2) Assets
1 .93% 0 .23 0 .69 0 .70
Total Utilities
$
Total Investments
$ 75,679,273 96 .62% $ 2,646,874 3 .38%
Net Other Assets
2,634,945 3 .36%
$ 78,326,147 100.00%
Total Net Assets All investments are transferable securities admitted to an official exchange listing.
The accompanying notes are an integral part of these financial statements. 96 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Opportunities Equity Portfolio Classifications June 30, 2013
% of Net Assets
Industry Capital Goods Pharmaceuticals, Biotechnology & Life Sciences Insurance Diversified Financials Energy Food, Beverage & Tobacco Technology Hardware & Equipment Software & Services Banks Automobiles & Components Retail Materials Utilities Consumer Services Real Estate Semiconductors & Semiconductor Equipment Media Health Care Equipment & Services Household & Personal Products Food & Staples Retailing Transportation Telecommunication Services Consumer Durables & Apparel
10.88% 10.73 8.92 7.92 6.04 5.47 4.61 4.42 4.09 4.05 3.79 3.55 3.36 3.03 2.53 2.34 1.97 1.95 1.65 1.52 1.40 1.25 1.15
Total Investments
96.62%
Net Other Assets
3.38%
Total Net Assets
100.00%
97 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Opportunities Equity Portfolio Classifications (continued) June 30, 2013
% of Net Assets
Country United States Japan United Kingdom France Ireland Belgium Italy Germany China Canada Switzerland Macau Hong Kong Sweden Spain Netherlands Brazil Mexico Finland Australia India
50.26% 10.52 7.83 6.69 2.99 2.46 2.45 2.45 1.79 1.78 1.16 0.91 0.89 0.83 0.81 0.79 0.71 0.54 0.47 0.15 0.14
Total Investments
96.62%
Net Other Assets
3.38%
Total Net Assets
100.00%
98 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Asian Local Opportunities Portfolio Investment Manager’s report June 30, 2013 Investment Objective & Policy The Asian Local Opportunities Portfolio (the “Portfolio”) seeks to generate attractive long term total returns by investing in companies which benefit from increasing levels of domestic consumption expenditure in the Asia ex. Japan region. The Portfolio will focus on companies with a strong business presence in Asia, companies that are expected to benefit from Asian consumption growth and Asian consumer companies tapping into business growth outside of the region. Investments will primarily be in equity securities within the consumer staples, consumer discretionary and healthcare sectors in the Asia ex. Japan region; however, the approach is unconstrained and may opportunistically invest in any sector. The Portfolio is constructed on a bottom-up, company-specific basis and is focused on companies domiciled in the Asia ex. Japan region. Investment decisions are based on considerations of both upside return and downside risk. This evaluation includes assessments of financial strength and management credibility. The Portfolio will invest primarily in equity securities of companies with market caps in excess of US$500million, including common stocks, ADRs, shares in REITs constituted as Closed End Funds, similar liquid equity equivalents, and equity derivatives such as futures and options. The Portfolio will invest primarily in companies domiciled in countries in the Asia ex. Japan region, however up to 15% of the Portfolio may be invested in companies domiciled outside of the Asia ex. Japan region. Cash holdings are generally limited to 10%. Overview The Portfolio has been managed in accordance with its investment objective and policy as defined in the Prospectus. The full investment objective and policy are disclosed verbatim in the previous section. Performance The Asian Local Opportunities Portfolio launched on December 20, 2010 with an A USD Class. This Class returned (0.09)% during the first half of 2013, exceeding the benchmark by 5.52%. The Class's 1 year return outperformed the benchmark by 6.66%. Additionally, the A USD Class's since inception return of 6.19% exceeded the benchmark by 6.54%. The table below details the performance of all funded Classes within the Portfolio. Total Returns (%) Periods Ended June 30, 2013 6 Mths
Since 1 Year Inception
Class A USD
(0.09)%
15.82%
6.19%
MSCI All Country Asia ex Japan Index
(5.61)%
9.16%
(0.35)%
Portfolio returns are net of fees and expenses. Returns for periods greater than one year are annualized. All Classes are Accumulating and Unhedged unless otherwise noted. The figures stated in this report are historical and not necessarily indicative of future performance.
99 Wellington Management Portfolios (Luxembourg)
Inception Date December 20, 2010
Wellington Management Portfolios (Luxembourg) Asian Local Opportunities Portfolio Statement of net assets as at June 30, 2013
June 30, 2013 (USD) Assets Financial assets at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Cash at banks Dividend income receivable Fund expenses reimbursement receivable Receivable for subscriptions Receivable from brokers
$
2,104,283 – 54,095 6,925 18,676 – 27,622
$
2,211,601
$
– – 4,391 383 – 38,259 – 55,436
Total liabilities
$
98,469
Total net assets
$
2,113,132
Total assets Less Liabilities Financial liabilities at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Investment management fee payable (Note 3b) Management company fee payable (Note 3d) Payable for redemptions Payable to brokers Distribution payable (Note 5) Accrued expenses and other payables
The accompanying notes are an integral part of these financial statements. 100 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Asian Local Opportunities Portfolio Statement of operations and changes in net assets for the period ended June 30, 2013
June 30, 2013 (USD) Income Dividend income (net of withholding tax) (Note 2f) Interest income (net of withholding tax) (Note 2f) Other income Total income
$
20,150 10 –
$
20,160
$
8,445 – 31,990 3,157 16,632 92 – 7,380 35,318
$
103,014
Less Expenses Investment management fee (Note 3b) Intermediary servicing fee (Note 3e) Administration fees Custodian fees Professional fees Taxe d'abonnement (Note 3f) Interest expense on derivatives Country registration expenses Other expenses
Fund expenses reimbursed (Note 3a)
(92,458)
Total expenses
$
10,556
Net investment income/(expense)
$
9,604
Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments $
45,522
Capital gains tax (Note 3h)
(212)
Net realized gain/(loss) for the period
$
Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments
54,914
(88,997)
Finance costs Distributions (Note 5)
–
Increase/(decrease) in net assets as a result of operations
$
Net assets at the beginning of the period
$
Net subscriptions Net redemptions
(34,083)
1,597,215 550,000 –
Total net assets at the end of the period
The accompanying notes are an integral part of these financial statements. 101 Wellington Management Portfolios (Luxembourg)
$
2,113,132
Wellington Management Portfolios (Luxembourg) Asian Local Opportunities Portfolio Statistical information June 30, 2013
Portfolio information Total net asset value
$
June 30, 2013 December 31, 2012 December 31, 2011 2,113,132.24 1,597,215.10 1,242,565.85
Unit class information June 30, 2013 December 31, 2012 December 31, 2011 Class A USD Total net asset value Number of units outstanding Net asset value per unit
$ $
2,113,132.24 181,528.803 11.64
1,597,215.10 137,138.165 11.65
All Classes are Accumulating and Unhedged unless otherwise noted.
102 Wellington Management Portfolios (Luxembourg)
1,242,565.85 127,158.125 9.77
Wellington Management Portfolios (Luxembourg) Asian Local Opportunities Portfolio Statement of investments June 30, 2013 Holding/ Nominal Investment
1,014 334 403 7,900 8,150 945 23,900 8,100 2,740 82,200 16,425 18,100 40,000 51,500 48,600
Consumer Discretionary Automobiles & Components Bajaj Auto Ltd Hyundai Mobis Hyundai Motor Co UMW Holdings Bhd Consumer Durables & Apparel Giant Manufacturing Co Ltd LG Fashion Corp Samsonite International SA Consumer Services Genting Bhd Melco Crown Entertainment Ltd ADR Melco Crown Philippines Resorts Corp Sands China Ltd Media BEC World PCL Retail Matahari Department Store Tbk PT SA SA International Holdings Ltd Zhongsheng Group Holdings Ltd
Total Consumer Discretionary
7,370 94,000 2,000 2,939 237 5,884 15,607 73,700
Consumer Staples Food & Staples Retailing Philippine Seven Corp Sheng Siong Group Ltd Food, Beverage & Tobacco British American Tobacco Malaysia Bhd Ceylon Tobacco Co Plc GlaxoSmithKline Consumer Healthcare Ltd Guinness Anchor Bhd ITC Ltd LT Group Inc
$ $ $ $ $ $ $ $
The accompanying notes are an integral part of these financial statements. 103 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets 32,863 79,840 79,573 36,506 56,018 23,334 57,744 26,765 61,266 15,793 77,823 34,286 46,751 50,794 53,698
1 .55% 3 .78 3 .77 1 .73
2 .65% 1 .11 2 .73
1 .26% 2 .90 0 .75 3 .68
1 .62%
2 .21% 2 .41 2 .54
733,054 34 .69% 15,525 48,545 37,728 22,538 20,902 35,496 84,765 38,556
0 .73% 2 .30
1 .79% 1 .07 0 .99 1 .68 4 .01 1 .82
Wellington Management Portfolios (Luxembourg) Asian Local Opportunities Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
2,896 158,300 595 1,062 6,169 12,197
Consumer Staples (continued) Food, Beverage & Tobacco (continued) New Britain Palm Oil Ltd Pepsi‐Cola Products Philippines Inc United Spirits Ltd Household & Personal Products Colgate‐Palmolive India Ltd Jyothy Laboratories Ltd Marico Ltd
Total Consumer Staples
8,587 2,472 1,405 23,400 13,800 12,340 125,800 32,400 77,000 116,980 50,700 22,700
Financials Banks Gruh Finance Ltd HDFC Bank Ltd Diversified Financials Bajaj Holdings & Investment Ltd Insurance AIA Group Ltd China Pacific Insurance Group Co Ltd Class H Real Estate Link REIT Lippo Karawaci Tbk PT LPN Development PCL Robinsons Land Corp Summarecon Agung Tbk PT Supalai PCL UEM Sunrise Bhd
Total Financials
$ $ $ $ $ $ $ $
The accompanying notes are an integral part of these financial statements. 104 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets 21,742 20,997 21,828 24,266 18,660 42,630
1 .03% 0 .99 1 .03
1 .15% 0 .88 2 .02
454,178 21 .49% 32,939 27,726 19,053 99,104 44,035 60,775 19,266 25,176 36,183 15,204 28,934 22,416
1 .56% 1 .31
0 .90%
4 .69% 2 .09
2 .88% 0 .91 1 .19 1 .71 0 .72 1 .37 1 .06
430,811 20 .39%
Wellington Management Portfolios (Luxembourg) Asian Local Opportunities Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
4,361
Health Care Pharmaceuticals, Biotechnology & Life Sciences Sun Pharmaceutical Industries Ltd
$
74,010 3 .50%
$
74,010 3 .50%
Industrials Capital Goods Eicher Motors Ltd Transportation AirAsia Bhd
$ $
17,381 0 .82% 21,405 1 .02%
Total Industrials
$
38,786 1 .84%
$
137,484 6 .51%
$
137,484 6 .51%
$
19,997 0 .94% 19,011 0 .90 23,867 1 .13
$
62,875 2 .97%
$
16,595 0 .78%
$
16,595 0 .78%
Telecommunication Services Axiata Group Bhd Shin Corp PCL Singapore Telecommunications Ltd
$
48,684 2 .31% 30,295 1 .43 35,670 1 .69
Total Telecommunication Services
$
114,649 5 .43%
Total Health Care
313 21,200
117
Information Technology Semiconductors & Semiconductor Equipment Samsung Electronics Co Ltd
Total Information Technology
51,700 30,720 5,332
Materials AMVIG Holdings Ltd Greatview Aseptic Packaging Co Ltd Pidilite Industries Ltd
Total Materials
303
Pooled Vehicles Index Tracker Fund iShares MSCI All Country Asia ex Japan Index Fund
Total Pooled Vehicles
Market Value % of Net (Note 2) Assets
23,200 10,800 12,000
The accompanying notes are an integral part of these financial statements. 105 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Asian Local Opportunities Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
Market Value % of Net (Note 2) Assets
Purchased Options 544 Call Option on 100 Shares of British American Tobacco, 6/12/23 @ 0.000001* 4,139 Call Option on 100 Shares of Ceylon Tobac, 3/18/22 @ 0.000001*
$
10,262 0 .49%
31,579 1 .49
$
41,841 1 .98%
Total Investments
$
Net Other Assets
$
2,104,283 99 .58% 8,849 0 .42%
$
2,113,132 100.00%
Total Purchased Options
Total Net Assets
* Financial derivative instruments dealt in on a regulated market.
All other investments are transferable securities admitted to an official exchange listing.
The accompanying notes are an integral part of these financial statements. 106 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Asian Local Opportunities Portfolio Classifications June 30, 2013
% of Net Assets
Industry Food, Beverage & Tobacco Automobiles & Components Real Estate Consumer Services Retail Insurance Semiconductors & Semiconductor Equipment Consumer Durables & Apparel Telecommunication Services Household & Personal Products Pharmaceuticals, Biotechnology & Life Sciences Food & Staples Retailing Materials Banks Purchased Options Media Transportation Diversified Financials Capital Goods Index Tracker Fund
14.41% 10.83 9.84 8.59 7.16 6.78 6.51 6.49 5.43 4.05 3.50 3.03 2.97 2.87 1.98 1.62 1.02 0.90 0.82 0.78
Total Investments
99.58%
Net Other Assets
0.42%
Total Net Assets
100.00%
107 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Asian Local Opportunities Portfolio Classifications (continued) June 30, 2013
% of Net Assets
Country India Hong Kong South Korea Malaysia Philippines Thailand China United States Singapore Indonesia Taiwan Sri Lanka Papua New Guinea
20.85% 17.50 15.17 10.85 6.00 5.61 5.53 5.49 3.99 3.84 2.65 1.07 1.03
Total Investments
99.58%
Net Other Assets
0.42%
Total Net Assets
100.00%
108 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Disciplined Growth Portfolio Investment Manager’s report June 30, 2013 Investment Objective & Policy The Global Disciplined Growth Portfolio (the “Portfolio”) seeks to provide long-term total return by investing primarily in common stock and depositary receipts, real estate securities, convertible bonds, preferred stock, rights, warrants, exchange-traded funds (“ETFs”), as well as debt securities, cash and cash equivalents, and derivative instruments issued by companies worldwide. The Portfolio’s investment approach emphasizes a balance of growth, valuation, and quality criteria in selecting stocks. The Investment Manager employs a bottom up investment approach and security selection is unconstrained by country, sector or industry. For the purposes of reducing risk and/or obtaining efficient investment exposure, the Portfolio may invest in ETFs and derivative instruments, including, but not limited to, forward contracts, futures contracts, options contracts, and swaps. In addition, in order to gain efficient investment exposure to issuers in certain countries or geographic regions, the Portfolio may invest in market-access products. The Portfolio will be denominated in US dollars and normally will not be hedged against currency fluctuations, although currency hedging may be employed to protect or enhance investments at the discretion of the Investment Manager. Overview The Portfolio has been managed in accordance with its investment objective and policy as defined in the Prospectus. The full investment objective and policy are disclosed verbatim in the previous section. Performance The Global Disciplined Growth Portfolio launched on May 25, 2011 with an A USD Class. This Class returned 12.89% during the first half of 2013, exceeding the benchmark by 6.51%. The Class's 1 year return outperformed the benchmark by 6.57%. Additionally, the A USD Class's since inception return of 10.96% exceeded the benchmark by 5.56%. The table below details the performance of all funded Classes within the Portfolio. Total Returns (%) Periods Ended June 30, 2013 6 Mths Class A USD MSCI All Country World Index
Since 1 Year Inception
12.89%
23.78%
10.96%
6.38%
17.21%
5.40%
Portfolio returns are net of fees and expenses. Returns for periods greater than one year are annualized. All Classes are Accumulating and Unhedged unless otherwise noted. The figures stated in this report are historical and not necessarily indicative of future performance.
109 Wellington Management Portfolios (Luxembourg)
Inception Date May 25, 2011
Wellington Management Portfolios (Luxembourg) Global Disciplined Growth Portfolio Statement of net assets as at June 30, 2013
June 30, 2013 (USD) Assets Financial assets at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Cash at banks Dividend income receivable Fund expenses reimbursement receivable Receivable for subscriptions Receivable from brokers
$
1,245,931 – 30,745 1,295 20,709 – –
$
1,298,680
$
– – 2,301 383 – – – 52,119
Total liabilities
$
54,803
Total net assets
$
1,243,877
Total assets Less Liabilities Financial liabilities at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Investment management fee payable (Note 3b) Management company fee payable (Note 3d) Payable for redemptions Payable to brokers Distribution payable (Note 5) Accrued expenses and other payables
The accompanying notes are an integral part of these financial statements. 110 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Disciplined Growth Portfolio Statement of operations and changes in net assets for the period ended June 30, 2013
June 30, 2013 (USD) Income Dividend income (net of withholding tax) (Note 2f) Interest income (net of withholding tax) (Note 2f) Other income Total income
$
8,072 – 9
$
8,081
$
4,470 – 32,715 3,389 16,656 61 – 9,823 34,326
$
101,440
Less Expenses Investment management fee (Note 3b) Intermediary servicing fee (Note 3e) Administration fees Custodian fees Professional fees Taxe d'abonnement (Note 3f) Interest expense on derivatives Country registration expenses Other expenses
Fund expenses reimbursed (Note 3a)
(95,467)
Total expenses
$
5,973
Net investment income/(expense)
$
2,108
Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments $
73,341
Capital gains tax (Note 3h)
–
Net realized gain/(loss) for the period
$
Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments
75,449
66,103
Finance costs Distributions (Note 5)
–
Increase/(decrease) in net assets as a result of operations
$
141,552
Net assets at the beginning of the period
$
1,102,325
Net subscriptions Net redemptions
– –
Total net assets at the end of the period
The accompanying notes are an integral part of these financial statements. 111 Wellington Management Portfolios (Luxembourg)
$
1,243,877
Wellington Management Portfolios (Luxembourg) Global Disciplined Growth Portfolio Statistical information June 30, 2013
Portfolio information Total net asset value
$
June 30, 2013 December 31, 2012 December 31, 2011 1,243,876.83 1,102,324.90 913,318.34
Unit class information June 30, 2013 December 31, 2012 December 31, 2011 Class A USD Total net asset value Number of units outstanding Net asset value per unit
$ $
1,243,876.83 100,000.000 12.44
1,102,324.90 100,000.000 11.02
All Classes are Accumulating and Unhedged unless otherwise noted.
112 Wellington Management Portfolios (Luxembourg)
913,318.34 100,000.000 9.13
Wellington Management Portfolios (Luxembourg) Global Disciplined Growth Portfolio Statement of investments June 30, 2013 Holding/ Nominal Investment
215 14 202 2,675 303 272 556 426 165 278 41 460 423 24
Consumer Discretionary Consumer Durables & Apparel Cie Financiere Richemont SA Class A NVR Inc Consumer Services Paddy Power Plc Sands China Ltd Media CBS Corp Class B DIRECTV Class A News Corp Class A ProSiebenSat.1 Media AG Class Preference Time Warner Cable Inc Class A Viacom Inc Class B Retail AutoZone Inc GameStop Corp Class A Loweʹs Cos Inc priceline.com Inc
18,985 12,908 17,409 12,674 14,808 16,761 18,125 18,284 18,559 18,918 17,371 19,334 17,301 19,851
1 .52% 1 .04
1 .40% 1 .02
1 .19% 1 .35 1 .46 1 .47 1 .49 1 .52
1 .40% 1 .55 1 .39 1 .60
Total Consumer Discretionary
$
Consumer Staples Food & Staples Retailing CVS Caremark Corp Food, Beverage & Tobacco Altria Group Inc Anheuser‐Busch InBev NV British American Tobacco Plc Diageo Plc Heineken NV
$ $
16,354 18,965 16,357 19,255 15,283 11,962
$
98,176 7 .89%
$
14,486 1 .16%
286 542 184 377 536 188
Total Consumer Staples
$ $ $ $
Market Value % of Net (Note 2) Assets
Financials Diversified Financials 2,495 Aberdeen Asset Management Plc
The accompanying notes are an integral part of these financial statements. 113 Wellington Management Portfolios (Luxembourg)
241,288 19 .40%
1 .31%
1 .52% 1 .32 1 .55 1 .23 0 .96
Wellington Management Portfolios (Luxembourg) Global Disciplined Growth Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
113 227 53 389 116 103 281 73 550 390 1,662
Financials (continued) Diversified Financials (continued) Affiliated Managers Group Inc Ameriprise Financial Inc BlackRock Inc Class A Discover Financial Services Franklin Resources Inc IntercontinentalExchange Inc Moodyʹs Corp Partners Group Holding AG SEI Investments Co Insurance American International Group Inc Discovery Ltd
Total Financials
224 381 230 298 204 89 162 367 516 273 95 192 185
Health Care Health Care Equipment & Services Covidien Plc Medtronic Inc Zimmer Holdings Inc Pharmaceuticals, Biotechnology & Life Sciences Actelion Ltd Amgen Inc Biogen Idec Inc Celgene Corp Gilead Sciences Inc Mylan Inc Novartis AG Roche Holding AG Sanofi Thermo Fisher Scientific Inc
Total Health Care
134 795 103,054
Industrials Capital Goods MTU Aero Engines AG Rolls‐Royce Group Plc Rolls‐Royce Holdings Plc Class C
$ $ $ $ $
18,525 18,360 13,613 18,532 15,778 18,309 17,121 19,733 15,637 17,433 14,073
1 .49% 1 .48 1 .09 1 .49 1 .27 1 .47 1 .38 1 .59 1 .26
1 .40% 1 .13
201,600 16 .21% 14,076 19,610 17,236 17,921 20,127 19,153 18,939 18,794 16,011 19,361 23,596 19,871 15,657
1 .13% 1 .58 1 .38
1 .44% 1 .62 1 .54 1 .52 1 .51 1 .29 1 .55 1 .90 1 .60 1 .26
$
240,352 19 .32%
$
12,907 1 .04% 13,674 1 .10 156 0 .01
The accompanying notes are an integral part of these financial statements. 114 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
Wellington Management Portfolios (Luxembourg) Global Disciplined Growth Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
271 940 7
Industrials (continued) Commercial Services & Supplies Equifax Inc Experian Plc SGS SA
Total Industrials
195 17 5,685 233 82 484 145 368 181 30 36 246 415 450 124 621 930 299
Information Technology Semiconductors & Semiconductor Equipment ASML Holding NV Samsung Electronics Co Ltd Taiwan Semiconductor Manufacturing Co Ltd Software & Services Accenture Plc Class A Alliance Data Systems Corp Amdocs Ltd Dassault Systemes SA eBay Inc Fiserv Inc Google Inc Class A Mastercard Inc Class A SAP AG Tencent Holdings Ltd United Internet AG Class REG Visa Inc Class A Yahoo! Inc Technology Hardware & Equipment Cisco Systems Inc Motorola Solutions Inc
Total Information Technology
Telecommunication Services 871 Telenor ASA Total Telecommunication Services
$
15,970 1 .28% 16,296 1 .31 15,011 1 .21
$
74,014 5 .95%
$ $ $
15,366 19,976 21,055 16,767 14,845 17,952 17,713 19,033 15,821 26,411 20,682 17,990 16,276 12,684 22,661 15,593 22,608 17,261
1 .23% 1 .61 1 .69
1 .35% 1 .19 1 .44 1 .43 1 .53 1 .27 2 .12 1 .66 1 .45 1 .31 1 .02 1 .82 1 .26
1 .82% 1 .39
$
330,694 26 .59%
$
17,174 1 .38%
$
17,174 1 .38%
The accompanying notes are an integral part of these financial statements. 115 Wellington Management Portfolios (Luxembourg)
Market Value % of Net (Note 2) Assets
Wellington Management Portfolios (Luxembourg) Global Disciplined Growth Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal Investment
Market Value % of Net (Note 2) Assets
Utilities 16,800 Guangdong Investment Ltd Total Utilities
Purchased Options 1,017 Call Option on 100 Shares of HCL Tech, 9/23/16 @ 0.00001* 2,707 Call Option on 100 Shares of ITC Ltd, 9/29/14 @ 0.00001*
$
14,577 1 .17%
$
14,577 1 .17%
$
13,281 1 .07%
14,775 1 .19
Total Purchased Options Total Investments Net Other Liabilities Total Net Assets
$
28,056 2 .26%
$ $
1,245,931 100.17% (2,054) (0 .17)%
$
1,243,877 100.00%
* Financial derivative instrument dealt in on a regulated market. All other investments are transferable securities admitted to an official exchange listing.
The accompanying notes are an integral part of these financial statements. 116 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Disciplined Growth Portfolio Classifications June 30, 2013
% of Net Assets
Industry Software & Services Pharmaceuticals, Biotechnology & Life Sciences Diversified Financials Media Food, Beverage & Tobacco Retail Semiconductors & Semiconductor Equipment Health Care Equipment & Services Commercial Services & Supplies Technology Hardware & Equipment Consumer Durables & Apparel Insurance Consumer Services Purchased Options Capital Goods Telecommunication Services Food & Staples Retailing Utilities Total Investments
18.85% 15.23 13.68 8.48 6.58 5.94 4.53 4.09 3.80 3.21 2.56 2.53 2.42 2.26 2.15 1.38 1.31 1.17 100.17%
Net Other Liabilities
(0.17)%
Total Net Assets
100.00%
117 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Disciplined Growth Portfolio Classifications (continued) June 30, 2013
% of Net Assets
Country United States Switzerland Ireland United Kingdom Germany France Netherlands Hong Kong Taiwan South Korea Norway Belgium China South Africa
59.89% 9.21 5.19 5.05 4.98 3.03 2.19 2.19 1.69 1.61 1.38 1.32 1.31 1.13
Total Investments
100.17%
Net Other Liabilities
(0.17)%
Total Net Assets
100.00%
118 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Investment Manager’s report June 30, 2013 Investment Objective & Policy The Global Total Return Portfolio (the “Portfolio”) seeks to generate total return by investing, either directly or indirectly, in a range of fixed income asset classes. The Portfolio allocates its assets across multiple fixed income alpha sources, which currently include fundamentally-based macro, model-based quantitative, bottom-up credit, dedicated currency, and opportunistic emerging markets. Alpha sources may be added or eliminated by the Investment Manager in the future without advance Unitholder notice or approval. The Portfolio will invest primarily in debt instruments issued by government, agency, and supranational issuers; mortgage-, commercial mortgage-, and asset-backed securities; corporate and real estate investment trust (“REIT”, constituted as Closed End Funds) debt; credit-linked, index-linked, and capital securities; as well as other debt securities, both fixed- and floatingrate, including forward contracts on such securities. These debt obligations may be denominated in US dollars or other currencies. The Portfolio also may hold cash and cash equivalents in multiple currencies without restriction. Repurchase, reverse repurchase, and dollar roll transactions are permitted. The Portfolio also may hold private placements, including those issued pursuant to Rule 144A and/or Regulation S of the US Securities Act of 1933, and other restricted securities which contain commitments to register to trade publicly within 12 months or the liquidity of which is deemed appropriate by the Manager. The Portfolio may buy and sell exchange-traded and over-the-counter derivative instruments, including interest rate, credit, index, and currency futures; currency, interest rate, total rate of return, and credit default swaps; currency, bond, and swap options; deliverable and nondeliverable currency forward contracts; to be announced (TBA) securities qualifying as transferable securities in compliance with Luxembourg law; and other derivative instruments, and may hold outright short positions via derivative instruments for hedging purposes and otherwise in pursuit of the Portfolio’s investment objective. The Portfolio’s investments will represent a broad credit spectrum, including issues rated below investment-grade. Mortgage-, commercial mortgage-, and asset-backed securities only will be acquired if rated investment grade. Other securities only will be acquired if rated at least B3 by Moody’s, B- by S&P, or B- by Fitch. In case of two different ratings, the lower rating shall be decisive. In case of three different ratings, the lower rating of the two best ratings shall be decisive. If an issue is unrated, then an equivalent credit rating, as deemed by the Investment Manager, may be used. The Investment Manager will sell investments in securities falling below the minimum required rating after their acquisition within one year after the downgrading. Net exposure to mortgage-backed securities and asset-backed securities combined will not represent more than 20% of Portfolio assets at the time of purchase. Net credit exposure to securities in the range of Baa by Moody’s, BBB by S&P, or BBB by Fitch will not represent more than 50% of Portfolio assets at the time of purchase. Net credit exposure to securities rated below investment-grade will not represent more than 3% of Portfolio assets at the time of purchase. The Portfolio will be denominated in US Dollars. Currency exposure will be taken on an opportunistic basis. Currency exposure including cross-currency positions, which are not related to the Portfolio’s bond and cash equivalent positions, may be assumed. 119 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Investment Manager’s report (continued) June 30, 2013 Overview The Portfolio has been managed in accordance with its investment objective and policy as defined in the Prospectus. The full investment objective and policy are disclosed verbatim in the previous section. Performance The Global Total Return Portfolio launched on May 31, 2011 with a Class A EUR (hedged) Class. This Class returned (0.09)% during the first half of 2013, trailing the benchmark by 0.21%. The Class's 1 year return outperformed the benchmark by 0.77%. Additionally, the A EUR (hedged) Class’s since inception return of 2.51% exceeded the benchmark by 2.11%. The table below details the performance of all funded Classes within the Portfolio. Total Returns (%) Periods Ended June 30, 2013 Since 1 Year Inception
Inception Date
(0.09)%
0.96%
2.51%
May 31, 2011
0.12%
0.19%
0.40%
(0.20)%
0.79%
1.33%
6 Mths Class A EUR (hedged) BofA ML 3-Month US LIBOR Hedged to EUR Class B USD BofA ML 3-Month US LIBOR
0.15%
0.38%
0.42%
Class T GBP (hedged)
0.29%
1.96%
2.60%
BofA ML 3-Month US LIBOR Hedged to GBP
0.19%
0.46%
0.56%
Class A USD
0.00%
N/A
0.60%
BofA ML 3-Month US LIBOR
0.15%
N/A
0.20%
Class A GBP (hedged)
0.10%
N/A
0.50%
BofA ML 3-Month US LIBOR Hedged to GBP
0.19%
N/A
0.24%
Class N USD
N/A
N/A
(0.60)%
BofA ML 3-Month US LIBOR
N/A
N/A
0.03%
October 12, 2011 January 18, 2012 October 31, 2012 November 19, 2012
Portfolio returns are net of fees and expenses. Returns for periods greater than one year are annualized. All Classes are Accumulating and Unhedged unless otherwise noted. The figures stated in this report are historical and not necessarily indicative of future performance.
120 Wellington Management Portfolios (Luxembourg)
May 21, 2013
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Statement of net assets as at June 30, 2013
June 30, 2013 (USD) Assets Financial assets at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Cash at banks Dividend income receivable Fund expenses reimbursement receivable Receivable for subscriptions Receivable from brokers
$
1,308,907,239 12,477,383 94,808,823 – – 50,000 32,691,558
$
1,448,935,003
$
710,923 18,752,758 485,873 376 – 48,494,145 – 669,339
Total liabilities
$
69,113,414
Total net assets
$
1,379,821,589
Total assets Less Liabilities Financial liabilities at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Investment management fee payable (Note 3b) Management company fee payable (Note 3d) Payable for redemptions Payable to brokers Distribution payable (Note 5) Accrued expenses and other payables
The accompanying notes are an integral part of these financial statements. 121 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Statement of operations and changes in net assets for the period ended June 30, 2013
June 30, 2013 (USD) Income Dividend income (net of withholding tax) (Note 2f) Interest income (net of withholding tax) (Note 2f) Other income Total income
$
– 4,791,876 –
$
4,791,876
$
796,785 32,150 643,244 61,325 21,416 68,363 1,523,160 6,823 118,630
$
3,271,896
Less Expenses Investment management fee (Note 3b) Intermediary servicing fee (Note 3e) Administration fees Custodian fees Professional fees Taxe d'abonnement (Note 3f) Interest expense on derivatives Country registration expenses Other expenses
Fund expenses reimbursed (Note 3a)
–
Total expenses
$
3,271,896
Net investment income/(expense)
$
1,519,980
Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments $ Capital gains tax (Note 3h)
(16,543,110) –
Net realized gain/(loss) for the period
$
Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments
(15,023,130)
(32,138,779 )
Finance costs Distributions (Note 5)
–
Increase/(decrease) in net assets as a result of operations
$
(47,161,909)
Net assets at the beginning of the period
$
695,724,280
Net subscriptions Net redemptions
815,794,545 (84,535,327 )
Total net assets at the end of the period
The accompanying notes are an integral part of these financial statements. 122 Wellington Management Portfolios (Luxembourg)
$
1,379,821,589
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Statistical information June 30, 2013
Portfolio information Total net asset value
$
June 30, 2013 December 31, 2012 December 31, 2011 1,379,821,589.27 695,724,279.94 75,874,567.23
Unit class information June 30, 2013 December 31, 2012 December 31, 2011 Class A EUR (hedged) Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit
€ € $*
Class A GBP (hedged) Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit
£ £ $*
Class A USD Total net asset value Number of units outstanding Net asset value per unit
$ $
Class B USD Total net asset value Number of units outstanding Net asset value per unit
$ $
Class N USD** Total net asset value Number of units outstanding Net asset value per unit
$ $
Class T GBP (hedged) Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit
£ £ $*
237,411,331.90 22,548,277.967 10.53 13.69
72,174,088.63 6,846,161.369 10.54 13.90
50,713,408.83 4,935,963.000 10.27 13.34
73,447,057.55 7,309,110.412 10.05 15.24
33,426,240.43 3,330,000.000 10.04 16.32
– – – –
372,101,753.53 36,988,691.689 10.06
26,980,162.65 2,682,808.792 10.06
– – –
13,481,182.20 1,317,818.693 10.23
8,333,959.39 813,153.159 10.25
10,040,956.44 1,002,525.313 10.02
24,849.84 2,500.000 9.94
– – –
– – –
378,596,655.75 36,480,616.831 10.38 15.74
314,316,515.76 30,360,546.538 10.35 16.83
– – – –
All Classes are Accumulating and Unhedged unless otherwise noted.
* For information purposes only ** Unit class launched on May 21, 2013
123 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Statement of investments June 30, 2013
Holding/ Nominal
Investment
Market Value (Note 2)
% of Net Assets
Fixed Income securities
$594,021 $1,369,487 $174,916 $974,695 $3,068,630 $8,922,025 $5,424,270 $388,957 $964,502 $9,157 $6,161,676 $3,100,000 $3,200,000 $3,965,000 $4,695 $847,019 $3,365,000 $7,355,000 $1,496,559 $6,986,000
Asset Backed Securities Ally Auto Receivables Trust Series 2012-2 Class $ A2 0.56% 10/15/14 AmeriCredit Automobile Receivables Trust Series 2011-3 Class A3 1.17% 1/8/16 AmeriCredit Automobile Receivables Trust Series 2012-1 Class A2 0.91% 10/8/15 AmeriCredit Automobile Receivables Trust Series 2012-3 Class A2 0.71% 12/8/15 AmeriCredit Automobile Receivables Trust Series 2012-5 Class A2 0.51% 1/8/16 ARI Fleet Lease Trust Series 2012-A Class A 0.74% 3/15/20 ARI Fleet Lease Trust Series 2012-B Class A 0.49% 1/15/21 Bank of America Auto Trust Series 2009-3A Class A4 2.67% 12/15/16 BMW Vehicle Lease Trust Series 2012-1 Class A2 0.59% 6/20/14 CarMax Auto Owner Trust Series 2011-3 Class A2 0.70% 11/17/14 CarMax Auto Owner Trust Series 2012-3 Class A2 0.43% 9/15/15 Citibank Omni Master Trust Series 2009-A13 Class A13 5.35% 8/15/18 Citibank Omni Master Trust Series 2009-A14A Class A14 2.94% 8/15/18 CNH Equipment Trust Series 2011-C Class A3 1.19% 12/15/16 CNH Equipment Trust Series 2012-A Class A2 0.65% 7/15/15 CNH Equipment Trust Series 2012-B Class A2 0.65% 10/15/15 CNH Equipment Trust Series 2013-A Class A2 0.44% 7/15/16 Enterprise Fleet Financing LLC Series 2013-1 Class A2 0.68% 9/20/18 Ford Credit Auto Lease Trust Series 2012-A Class A2 0.63% 4/15/14 Ford Credit Auto Lease Trust Series 2012-A Class A3 0.85% 1/15/15
The accompanying notes are an integral part of these financial statements. 124 Wellington Management Portfolios (Luxembourg)
594,087
0 .04%
1,371,773
0 .10
175,105
0 .01
975,191
0 .07
3,066,684
0 .22
8,932,080
0 .65
5,414,100
0 .39
389,365
0 .03
964,610
0 .07
9,159
0 .00
6,156,002
0 .45
3,259,755
0 .24
3,286,282
0 .24
3,975,702
0 .29
4,695
0 .00
847,210
0 .06
3,358,657
0 .24
7,330,265
0 .53
1,496,506
0 .11
6,990,660
0 .51
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
$3,193,711 $2,935,021 $875,750 $6,255,000 $1,215,000 $992,815 $325,546 $2,205,000 $7,000,000 $11,631 $279,011 $866,543 $6,107,608 $445,948 $1,538,191 $9,140,000 $1,517,573 $3,930,623 $150,612
$431,526 $3,641,812 $742,710
Market Value (Note 2)
Investment Asset Backed Securities (continued) Ford Credit Auto Lease Trust Series 2012-B Class A2 0.54% 11/15/14 Ford Credit Auto Owner Trust Series 2012-A Class A3 0.84% 8/15/16 Ford Credit Auto Owner Trust Series 2012-B Class A2 0.57% 1/15/15 Ford Credit Auto Owner Trust Series 2013-A Class A2 0.38% 11/15/15 Ford Credit Floorplan Master Owner Trust Series 2011-1 Class A1 2.12% 2/15/16 GE Equipment Small Ticket LLC Series 2012-1A Class A2 0.85% 11/21/14 GE Equipment Transportation LLC Series 2012-1 Class A2 0.77% 9/22/14 GE Equipment Transportation LLC Series 2012-2 Class A2 0.47% 4/24/15 Gracechurch Card Funding Plc Series 2012-1A Class A1 0.89% 2/15/17 Harley-Davidson Motorcycle Trust Series 2011-2 Class A2 0.71% 5/15/15 Honda Auto Receivables Owner Trust Series 2012-1 Class A2 0.57% 8/15/14 Honda Auto Receivables Owner Trust Series 2012-2 Class A2 0.56% 11/17/14 Honda Auto Receivables Owner Trust Series 2012-4 Class A2 0.40% 4/20/15 Huntington Auto Trust Series 2012-1 Class A2 0.54% 11/17/14 Hyundai Auto Lease Securitization Trust Series 2012-A Class A2 0.68% 1/15/15 Hyundai Auto Lease Securitization Trust Series 2013-A Class A2 0.51% 9/15/15 Hyundai Auto Receivables Trust Series 2010-B Class A3 0.97% 4/15/15 Hyundai Auto Receivables Trust Series 2012-C Class A2 0.40% 8/17/15 JPMorgan Chase Commercial Mortgage Securities Corp Series 2005-LDP4 Class A3A2 4.90% 10/15/42 Mercedes-Benz Auto Lease Trust Series 2012-A Class A2 0.66% 4/15/14 MMAF Equipment Finance LLC Series 2012-AA Class A2 0.84% 1/12/15 Nissan Auto Lease Trust Series 2012-A Class A2A 0.68% 7/15/14
$
The accompanying notes are an integral part of these financial statements. 125 Wellington Management Portfolios (Luxembourg)
% of Net Assets
3,191,494
0.23%
2,939,811
0.21
875,887
0.06
6,247,644
0.45
1,227,296
0.09
993,585
0.07
325,622
0.02
2,203,611
0.16
7,005,390
0.51
11,633
0.00
279,012
0.02
866,529
0.06
6,102,300
0.44
445,980
0.03
1,538,568
0.11
9,124,572
0.66
1,519,711
0.11
3,928,697
0.29
152,686
0.01
431,555
0.03
3,643,574
0.27
743,121
0.06
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
$1,362,304 $119,491 $496,575 $3,125,000 $1,635,118 $479,039 $2,505,533 $12,355,000 $458,102 $1,970,424
Asset Backed Securities (continued) Nissan Auto Lease Trust Series 2012-B Class A2A $ 0.45% 6/15/15 Nissan Auto Receivables Owner Trust Series 2011B Class A2 0.74% 9/15/14 Nissan Auto Receivables Owner Trust Series 2012A Class A2 0.54% 10/15/14 Porsche Innovative Lease Owner Trust Series 2011-1 Class A4 1.26% 11/20/17 Porsche Innovative Lease Owner Trust Series 2012-1 Class A2 0.44% 2/23/15 Toyota Auto Receivables Owner Trust Series 2012A Class A2 0.57% 10/15/14 Volkswagen Auto Lease Trust Series 2012-A Class A2 0.66% 11/20/14 Volkswagen Auto Loan Enhanced Trust Series 2013-1 Class A2 0.37% 1/20/16 Volvo Financial Equipment LLC Series 2012-1A Class A2 0.75% 7/15/14 World Omni Automobile Lease Securitization Trust Series 2012-A Class A2 0.71% 1/15/15 Total Asset Backed Securities
€6,000,000 $6,683,000 £1,450,000 $8,800,000 £1,500,000 €3,350,000 $1,590,000 €2,600,000 €5,300,000 AUD1,350,000 £1,415,000 $2,825,000 $5,723,000 $2,640,000 AUD6,240,000 AUD6,550,000 $2,750,000 $6,131,000 $7,025,000
Market Value (Note 2)
Investment
1,361,277
% of Net Assets
0 .10%
119,529
0 .01
496,624
0 .04
3,134,078
0 .23
1,634,304
0 .12
479,190
0 .04
2,506,671
0 .18
12,330,290
0 .89
458,184
0 .03
1,969,711
0 .14
$
136,886,024
9 .92%
Corporate Bonds Finance Altadis Finance BV 5.13% 10/2/13 $ American Express Co 4.88% 7/15/13 American Express Credit Corp 5.38% 10/1/14 American Express Credit Corp 7.30% 8/20/13 American International Group Inc 5.75% 3/15/67 Aon Services Luxembourg & Co SCA 6.25% 7/1/14 AXA SA 5.50% 7/29/49 Bank Nederlandse Gemeenten 3.75% 12/16/13 Banque PSA Finance SA 3.63% 9/17/13 Barclays Bank Plc 4.53% 8/17/15 BUPA Finance Plc 5.00% 4/25/23 Caterpillar Financial Services Corp 1.55% 12/20/13 Caterpillar Financial Services Corp 6.13% 2/17/14 CNH Capital LLC 3.63% 4/15/18 Credit Suisse 4.35% 9/8/15 Credit Suisse 6.50% 3/18/14 Deutsche Bank AG 4.30% 5/24/28 EnCana Holdings Finance Corp 5.80% 5/1/14 Ford Motor Credit Co LLC 7.00% 10/1/13
7,886,372 6,693,024 2,309,589 8,880,353 2,143,097 4,583,945 1,466,775 3,435,036 6,900,999 1,253,801 2,034,789 2,841,427 5,925,485 2,514,600 5,781,799 6,118,936 2,539,185 6,372,739 7,128,359
0 .57% 0 .48 0 .17 0 .64 0 .16 0 .33 0 .11 0 .25 0 .50 0 .09 0 .15 0 .21 0 .43 0 .18 0 .42 0 .44 0 .18 0 .46 0 .52
The accompanying notes are an integral part of these financial statements. 126 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
AUD5,000,000 $3,900,000 AUD2,530,000 $1,125,000 €1,075,000 €5,525,000 $6,700,000 $1,835,000 $6,900,000 €5,000,000 €15,675,000 $800,000 €11,525,000 AUD8,770,000 $2,430,000 $7,050,000 $2,500,000 $4,300,000 $3,250,000 $3,600,000 $1,560,000 $3,500,000 $1,730,000 £8,980,000 $5,670,000 $1,650,000 $1,535,000 $620,000 £335,000 €2,200,000 €6,465,000 $3,600,000 €5,000,000 $3,148,000
Investment Corporate Bonds (continued) Finance (continued) General Electric Capital Australia Funding Pty Ltd $ 6.75% 2/18/14 General Electric Capital Corp 0.88% 12/11/15 Goldman Sachs Group Inc 4.82% 11/23/16 Goldman Sachs Group Inc 5.75% 1/24/22 HSBC Bank Plc 0.52% 9/30/20 Hutchison Whampoa Finance 03/13 Ltd 5.88% 7/8/13 ING Bank NV 1.67% 6/9/14 International Lease Finance Corp 6.50% 9/1/14 KFW 0.28% 11/28/14 KFW 0.31% 7/9/13 KFW 0.38% 4/3/14 KFW 0.46% 1/17/14 KFW 3.88% 7/4/13 Lloyds TSB Bank Plc 4.99% 10/1/14 Lukoil International Finance BV 4.56% 4/24/23 MassMutual Global Funding II 0.43% 12/6/13 MassMutual Global Funding II 0.66% 1/14/14 MassMutual Global Funding II 0.78% 9/27/13 MassMutual Global Funding II 2.88% 4/21/14 MetLife Institutional Funding II 0.65% 1/6/15 Morgan Stanley 3.75% 2/25/23 National Rural Utilities Cooperative Finance Corp 4.75% 3/1/14 National Rural Utilities Cooperative Finance Corp 5.50% 7/1/13 NRW Bank 0.76% 1/17/17 Principal Life Global Funding II 0.64% 5/27/16 Royal Bank of Scotland Plc 9.50% 3/16/22 SLM Corp 5.00% 4/15/15 SLM Corp 6.25% 1/25/16 Standard Life Plc 5.50% 12/4/42 Volkswagen International Finance NV 0.55% 9/11/14 Volkswagen International Finance NV 1.00% 10/26/16 Volkswagen International Finance NV 1.02% 3/21/14 Volkswagen International Finance NV 5.38% 11/15/13 WellPoint Inc 5.00% 12/15/14
The accompanying notes are an integral part of these financial statements. 127 Wellington Management Portfolios (Luxembourg)
Market Value (Note 2)
% of Net Assets
4,671,832
0 .34%
3,926,688 2,353,032 1,240,890 1,349,186 7,184,831
0 .28 0 .17 0 .09 0 .10 0 .52
6,754,645 1,908,400 6,900,021 6,499,250 20,408,238 800,652 14,981,999 8,140,648 2,259,900 7,055,880 2,505,305 4,305,375 3,313,460 3,606,512 1,491,801 3,599,288
0 .49 0 .14 0 .50 0 .47 1 .48 0 .06 1 .09 0 .59 0 .16 0 .51 0 .18 0 .31 0 .24 0 .26 0 .11 0 .26
1,730,000
0 .13
13,577,744 5,650,467 1,823,580 1,584,888 657,200 503,684 2,862,101
0 .98 0 .41 0 .13 0 .11 0 .05 0 .04 0 .21
8,353,630
0 .61
3,609,580
0 .26
6,619,174
0 .48
3,328,698
0 .24
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
$3,323,000 €6,900,000 $2,775,000 $7,815,000 $8,475,000 €3,000,000 $3,000,000 €13,150,000 £3,145,000 $5,445,000 €1,600,000 €3,000,000 $13,350,000 £6,590,000
$695,000 $8,799,000 $13,000,000 $1,390,000 €5,000,000 €5,000,000 £2,111,000 $2,060,000 $3,090,000 $5,850,000 $1,815,000 €2,300,000 €1,150,000 $1,825,000 $12,250,000 $6,050,000 $1,570,000 €3,000,000
Investment Corporate Bonds (continued) Food, Beverage & Tobacco Altria Group Inc 8.50% 11/10/13 Anheuser-Busch InBev NV 6.57% 2/27/14 Bottling Group LLC 5.00% 11/15/13 General Mills Inc 0.62% 5/16/14 General Mills Inc 5.25% 8/15/13 Heineken NV 5.00% 11/4/13 HJ Heinz Co 5.35% 7/15/13 Imperial Tobacco Finance Plc 4.38% 11/22/13 Mondelez International Inc 5.38% 12/11/14 Mondelez International Inc 6.75% 2/19/14 Pernod-Ricard SA 4.63% 12/6/13 Philip Morris International Inc 5.88% 9/4/15 Philip Morris International Inc 6.88% 3/17/14 Tesco Plc 5.00% 2/24/14
$
Industrial AbbVie Inc 1.75% 11/6/17 $ Anheuser-Busch InBev Worldwide Inc 0.64% 7/14/14 Apple Inc 0.32% 5/3/16 Ardagh Packaging Finance Plc/Ardagh MP Holdings USA Inc 4.88% 11/15/22 BMW Finance NV 4.00% 9/17/14 BP Capital Markets Plc 3.10% 10/7/14 BP Capital Markets Plc 4.00% 12/29/14 Cinemark USA Inc 4.88% 6/1/23 CNOOC Finance 2013 Ltd 1.13% 5/9/16 Coca-Cola Enterprises Inc 1.13% 11/12/13 Continental Rubber of America Corp 4.50% 9/15/19 Daimler AG 0.60% 6/6/14 Daimler AG 3.00% 7/19/13 Daimler Finance North America LLC 1.06% 4/10/14 Daimler Finance North America LLC 1.61% 7/11/13 Daimler Finance North America LLC 1.65% 4/10/15 DaVita HealthCare Partners Inc 5.75% 8/15/22 Deutsche Telekom International Finance BV 4.50% 10/25/13
The accompanying notes are an integral part of these financial statements. 128 Wellington Management Portfolios (Luxembourg)
Market Value (Note 2)
% of Net Assets
3,414,024 9,330,952 2,821,168 7,824,792 8,521,714 3,958,152 3,001,500 17,338,962 5,030,465 5,638,526 2,113,872 4,319,699 13,953,206 10,240,252
0 .25% 0 .68 0 .20 0 .57 0 .62 0 .29 0 .22 1 .26 0 .36 0 .41 0 .15 0 .31 1 .01 0 .74
680,903 8,817,020
0 .05% 0 .64
12,988,963 1,299,650
0 .94 0 .09
6,765,992 6,704,249 3,332,654 1,977,600 3,039,942 5,862,595 1,868,860
0 .49 0 .49 0 .24 0 .14 0 .22 0 .43 0 .14
2,993,123 1,496,570 1,831,366
0 .22 0 .11 0 .13
12,249,265
0 .89
6,101,510
0 .44
1,566,075 3,949,230
0 .11 0 .29
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
$275,000 £6,000,000 $2,725,000 €2,550,000 €1,000,000 $5,000,000 $2,800,000 $1,466,000 $375,000 $4,695,000 €8,350,000 $1,140,000 $670,000 $75,000 $4,460,000 $3,325,000 $3,525,000 $5,400,000 $2,675,000 $3,355,000 $3,250,000 $13,375,000 €3,605,000 $14,225,000 £6,058,000 $1,195,000 £1,414,000 $3,000,000 $3,265,000 €4,450,000 $2,390,000 $410,000 $4,535,000
Investment Corporate Bonds (continued) Industrial (continued) Deutsche Telekom International Finance BV 5.25% $ 7/22/13 Deutsche Telekom International Finance BV 5.63% 7/19/13 Deutsche Telekom International Finance BV 5.88% 8/20/13 Diageo Capital BV 5.50% 7/1/13 Diageo Finance Plc 6.63% 12/5/14 Dr Pepper Snapple Group Inc 2.90% 1/15/16 EI du Pont de Nemours & Co 5.00% 7/15/13 Enterprise Products Operating LLC 9.75% 1/31/14 ERAC USA Finance LLC 2.75% 7/1/13 Express Scripts Holding Co 2.10% 2/12/15 FCE Bank Plc 7.25% 7/15/13 Fresenius Medical Care US Finance II Inc 5.63% 7/31/19 Fresenius Medical Care US Finance II Inc 5.88% 1/31/22 Fresenius Medical Care US Finance Inc 6.50% 9/15/18 Gilead Sciences Inc 2.40% 12/1/14 Harley-Davidson Funding Corp 5.75% 12/15/14 Illinois Tool Works Inc 5.15% 4/1/14 International Business Machines Corp 0.75% 5/11/15 International Business Machines Corp 1.00% 8/5/13 International Business Machines Corp 6.50% 10/15/13 Maytag Corp 6.45% 8/15/14 Merck & Co Inc 0.46% 5/18/16 Merck & Co Inc 5.38% 10/1/14 NBCUniversal Enterprise Inc 0.82% 4/15/16 Network Rail Infrastructure Finance Plc 2.50% 3/7/14 NII International Telecom SCA 7.88% 8/15/19 Pemex Project Funding Master Trust 7.50% 12/18/13 Pepsico Inc 0.88% 10/25/13 Petrobras Global Finance BV 3.00% 1/15/19 Pfizer Inc 4.75% 12/15/14 Qtel International Finance Ltd 3.88% 1/31/28 Royal Caribbean Cruises Ltd 5.25% 11/15/22 Sanofi 0.59% 3/28/14 The accompanying notes are an integral part of these financial statements. 129 Wellington Management Portfolios (Luxembourg)
Market Value (Note 2)
275,648
% of Net Assets
0 .02%
9,117,909
0 .66
2,743,644
0 .20
3,314,617 1,412,451 5,205,810 2,804,178 1,540,115 375,000 4,774,745 10,877,083 1,185,600
0 .24 0 .10 0 .38 0 .20 0 .11 0 .03 0 .35 0 .79 0 .09
705,175
0 .05
81,562
0 .01
4,559,146 3,550,166 3,642,249 5,416,697
0 .33 0 .26 0 .26 0 .39
2,676,321
0 .19
3,413,387
0 .25
3,448,708 13,373,181 4,967,370 14,267,206 9,308,460
0 .25 0 .97 0 .36 1 .03 0 .67
1,132,263 2,200,974
0 .08 0 .16
3,004,029 3,009,187 6,145,148 2,091,250 401,800 4,543,997
0 .22 0 .22 0 .45 0 .15 0 .03 0 .33
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
$2,090,000 €2,100,000 €7,207,000 $3,775,000 $545,000 $540,000 $4,097,000 $1,160,000 $6,500,000 €2,400,000 €3,875,000 $2,325,000 $1,570,000
Market Value (Note 2)
Investment Corporate Bonds (continued) Industrial (continued) Service Corp International 5.38% 1/15/22 SES Global Americas Holdings GP 4.88% 7/9/14 SES SA 4.38% 10/21/13 Shell International Finance BV 0.63% 12/4/15 Spectrum Brands Escrow Corp 6.38% 11/15/20 Spectrum Brands Escrow Corp 6.63% 11/15/22 Target Corp 0.45% 7/18/14 United Technologies Corp 0.77% 6/1/15 UnitedHealth Group Inc 0.40% 8/28/14 Volvo Treasury AB 0.74% 4/15/14 WPP 2008 Ltd 4.38% 12/5/13 Wyeth LLC 5.50% 2/1/14 Xerox Corp 1.67% 9/13/13
% of Net Assets
$
2,084,775 2,841,313 9,477,793 3,770,734 570,888 565,650 4,102,863 1,166,982 6,497,595 3,121,961 5,114,910 2,393,601 1,572,465
0 .15% 0 .21 0 .69 0 .27 0 .04 0 .04 0 .30 0 .08 0 .47 0 .23 0 .37 0 .17 0 .11
$
3,648,839 2,943,065 9,723,615 8,252,582
0 .26% 0 .21 0 .71 0 .60
$
4,308,000 3,657,000
0 .31% 0 .27
Metals & Mining Newmont Mining Corp 1.63% 7/15/17
$
66,611
0 .00%
€7,575,000
Oil & Gas BG Energy Capital Plc 3.38% 7/15/13
$
9,856,210
0 .71%
€7,600,000 £2,740,000
Supranationals European Investment Bank 2.13% 1/15/14 European Investment Bank 3.25% 12/7/16
$
9,983,576 4,437,734
0 .73% 0 .32
Telecommunication Services British Telecommunications Plc 1.40% 12/20/13 British Telecommunications Plc 5.25% 6/23/14
$
4,175,592 13,751,909
0 .30% 1 .00
$3,550,000 $2,925,000 CAD10,000,000 $8,250,000
$4,308,000 $3,657,000
$62,000
$4,155,000 €10,125,000
Insurance Liberty Mutual Group Inc 5.75% 3/15/14 New York Life Global Funding 1.85% 12/13/13 New York Life Global Funding 4.30% 3/19/14 Principal Life Income Funding Trusts 0.46% 11/8/13
Media Time Warner Cable Inc 6.20% 7/1/13 Turner Broadcasting System Inc 8.38% 7/1/13
The accompanying notes are an integral part of these financial statements. 130 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
Market Value (Note 2)
% of Net Assets
$
11,417,522 6,820,033 6,471,565 2,805,547
0 .83% 0 .49 0 .47 0 .20
$
4,848,879 4,525,648
0 .35% 0 .33
$
1,174,875 8,672,809
0 .08% 0 .63
8,987,956 3,125,000 6,937,592 6,887,695 6,939,185 3,912,137 6,610,201 2,865,919 3,108,847 6,728,167
0 .65 0 .23 0 .50 0 .50 0 .50 0 .28 0 .48 0 .21 0 .23 0 .49
6,812,423 4,308,118 4,381,100 3,460,443 3,190,019 6,598,267
0 .49 0 .31 0 .32 0 .25 0 .23 0 .48
Investment
€8,683,000 $6,800,000 €4,975,000 $2,750,000
Corporate Bonds (continued) Telecommunication Services (continued) Koninklijke KPN NV 6.25% 9/16/13 Verizon Communications Inc 0.89% 3/28/14 Vodafone Group Plc 0.70% 9/5/13 Vodafone Group Plc 5.00% 12/16/13
$4,831,000 £2,934,000
Transportation CSX Corp 5.50% 8/1/13 Heathrow Funding Ltd 5.85% 11/27/13
€5,000,000 $4,300,000 $4,250,000 $3,500,000 €2,400,000 $6,700,000
Utilities Abu Dhabi National Energy Co 2.50% 1/12/18 Anglian Water Services Financing Plc 4.63% 10/7/13 Appalachian Power Co 0.65% 8/16/13 Baltimore Gas & Electric Co 6.13% 7/1/13 BP Capital Markets Plc 0.88% 3/11/14 BP Capital Markets Plc 5.25% 11/7/13 Commonwealth Edison Co 1.63% 1/15/14 Constellation Energy Group Inc 4.55% 6/15/15 Duke Energy Progress Inc 5.13% 9/15/13 E.ON International Finance BV 4.88% 1/28/14 Encana Corp 4.75% 10/15/13 National Grid Electricity Transmission Plc 6.63% 1/28/14 National Grid Plc 6.50% 4/22/14 PPL Energy Supply LLC 6.30% 7/15/13 Southern Co 4.15% 5/15/14 TransCanada PipeLines Ltd 0.75% 1/15/16 Vattenfall AB 5.75% 12/5/13 Xcel Energy Inc 0.75% 5/9/16
€4,474,000
Water Veolia Environnement SA 5.25% 4/24/14
$
6,036,461
0 .44%
Total Corporate Bonds
$
824,679,487
59 .77%
$
85,019,210 20,325,427
6 .16% 1 .47
$1,205,000 €6,598,000 $8,985,000 $3,125,000 $6,917,000 $6,775,000 $6,900,000 $3,675,000 $6,550,000 €2,150,000 $3,075,000 €5,000,000
$85,000,000 $20,305,000
Government Bonds Mortgage Backed Securities Federal Home Loan Banks 0.26% 9/9/13 Federal Home Loan Banks 0.38% 1/29/14
The accompanying notes are an integral part of these financial statements. 131 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
$3,100,000 $1,915,000 $5,405,000
$5,930,000
€10,000 €10,000 €10,000 €10,000 €10,000 €10,000 £2,050,000 $6,040,000 $16,750,000 £1,720,000
$10,000 $10,000 $10,000 $10,000 $10,000 $10,000
€30,000,000 CAD165,000,000
4,845,000
Market Value (Note 2)
Investment Government Bonds (continued) Mortgage Backed Securities (continued) Federal Home Loan Banks 3.63% 10/18/13 Federal Home Loan Banks 5.13% 8/14/13 Federal National Mortgage Association 3.88% 7/12/13
% of Net Assets
$
3,131,899 1,926,488 5,411,248
0 .23% 0 .14 0 .39
$
5,982,481
0 .43%
$
13,053 15,137 16,585 17,460 18,821 18,900 3,095,305 6,036,322 16,726,985 2,461,070
0 .00% 0 .00 0 .00 0 .00 0 .00 0 .00 0 .23 0 .44 1 .21 0 .18
$
9,116 10,809 11,497 11,498 11,722 11,728
0 .00% 0 .00 0 .00 0 .00 0 .00 0 .01
Total Government Bonds
$
150,282,761
10 .89%
Short Term Treasury Bills Belgium Treasury Bill 0.09% 1/16/14 Canadian Treasury Bill 0.99% 9/12/13
$
38,964,693 156,083,321
2 .82% 11 .31
Total Short Term Treasury Bills
$
195,048,014
14 .13%
Purchased Options OTC Call Option on 100 Units of CAD vs JPY 7/11/13 @ 94*
$
38,450
0 .00%
Municipal New York State Urban Development Corp 2.48% 12/15/13
Non-US Governments Bonds Bundesrepublik Deutschland 2.50% 7/4/44 Bundesrepublik Deutschland 3.25% 7/4/42 Bundesrepublik Deutschland 4.00% 1/4/37 Bundesrepublik Deutschland 4.25% 7/4/39 Bundesrepublik Deutschland 4.75% 7/4/40 Bundesrepublik Deutschland 5.50% 1/4/31 Export Development Canada 0.50% 12/7/15 Kommunalbanken AS 0.30% 1/26/15 Kommunalbanken AS 0.45% 2/20/18 United Kingdom Gilt 1.75% 9/7/22
US Treasuries US Treasury Bond 3.00% 5/15/42 US Treasury Bond 3.88% 8/15/40 US Treasury Bond 4.25% 5/15/39 US Treasury Bond 4.25% 11/15/40 US Treasury Bond 4.38% 11/15/39 US Treasury Bond 4.38% 5/15/40
The accompanying notes are an integral part of these financial statements. 132 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
15,522,000 690,000 20,104,000 804,000 2,899,000 692,000
Market Value (Note 2)
Investment Purchased Options (continued) OTC Call Option on 100 Units of EUR vs USD 8/1/13 @ 1.3115* OTC Call Option on 100 Units of GBP vs USD 9/24/13 @ 1.414* OTC Call Option on 100 Units of USD vs KRW 5/19/14 @ 1175* OTC Call Option on 100 Units of USD vs SGD 5/16/14 @ 1.35* OTC Put Option on 100 Units of EUR vs USD 5/2/14 @ 1.24* OTC Put Option on 100 Units of GBP vs USD 9/17/13 @ 1.39*
$
% of Net Assets
292,818
0 .02%
165,986
0 .01%
924,643
0 .07%
272,945
0 .02%
210,578
0 .02%
105,533
0 .01%
Total Purchased Options
$
2,010,953
0 .15%
Written Options at Market Value
$
(710,923)
(0 .05)%
Total Investments
$ 1,308,196,316
94 .81%
Net Other Assets
$
71,625,273
5 .19%
Total Net Assets
$ 1,379,821,589
100.00%
*OTC Financial derivative instruments. All other investments are transferable securities admitted to an official exchange listing.
The accompanying notes are an integral part of these financial statements. 133 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Classifications June 30, 2013
% of Net Assets
Industry Industrial Finance Short Term Treasury Bills Asset Backed Securities Mortgage Backed Securities Food, Beverage & Tobacco Utilities Telecommunication Services Non-US Governments Bonds Insurance Supranationals Oil & Gas Transportation Media Water Municipal Purchased Options US Treasuries
19.02% 18.29 14.13 9.92 8.39 7.07 6.86 3.29 2.06 1.78 1.05 0.71 0.68 0.58 0.44 0.43 0.15 0.01
Total Investments
94.86%
Written Options
(0.05)%
Net Other Assets
5.19%
Total Net Assets
100.00%
134 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Global Total Return Portfolio Classifications (continued) June 30, 2013
% of Net Assets
Country United States Canada United Kingdom Netherlands Germany Belgium Norway France Luxembourg Supranational Switzerland Cayman Islands Sweden Australia Jersey, Channel Islands British Virgin Islands Bermuda Ireland United Arab Emirates Liberia
46.89% 12.48 11.74 6.75 5.09 3.50 1.65 1.53 1.10 1.05 0.86 0.52 0.46 0.34 0.33 0.22 0.15 0.09 0.08 0.03
Total Investments
94.86%
Written Options
(0.05)%
Net Other Assets
5.19%
Total Net Assets
100.00%
135 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Investment Manager’s report June 30, 2013 Investment Objective & Policy The investment objective of the Opportunistic Emerging Market Debt II Portfolio (the “Portfolio”) is to seek long-term total return through investment in a diversified portfolio of emerging markets debt securities and currency instruments. The Portfolio will invest, either directly or indirectly, in debt securities denominated in US Dollars, Euros, or other currencies, including debt instruments denominated in local currencies, issued by emerging markets governments, sovereigns, quasi - sovereign agencies, supranational and sub national government issuers. The Portfolio may buy and sell bonds issued by sovereign, quasi-sovereign agency, supranational and sub national government issuers; mortgage-, commercial mortgage-, and asset-backed securities; corporate debt; and credit and index linked securities (which are debt securities of companies whose interest payments and/or payment at maturity depend on the performance of one or more underlying credit exposures or market indices. A particular credit-linked security’s underlying credit exposure may be to a sovereign, quasi-sovereign or corporate issuer. Underlying index exposures may be to an index tied to a country’s economic exposure, debt or currency. In each case, the underlying credit or index exposure will be consistent with the Portfolio’s investment objective and policies). The Portfolio may also invest in market-access products; as well as other debt securities issued by public or private issuers, both fixed-and floating rate, including forward contracts on such securities. Overview The Portfolio has been managed in accordance with its investment objective and policy as defined in the Prospectus. The full investment objective and policy are disclosed verbatim in the previous section. Performance The Opportunistic Emerging Market Debt II Portfolio launched on October 15, 2012 with an A EUR (hedged - distributing) Class. This Class returned (7.15)% during the first half of 2013, exceeding the benchmark by 1.37%. Additionally, the A EUR (hedged) Class's since inception return of (5.39)% exceeded the benchmark by 1.57%. The table below details the performance of all funded Classes within the Portfolio. Total Returns (%) Period Ended June 30, 2013 Since 6 Mths Inception Class A EUR (hedged – distributing)
(7.15)%
(5.39)%
JP EMBI Global ex CCC Hedged to EUR
(8.52)%
(6.96)%
Portfolio returns are net of fees and expenses. Returns for periods greater than one year are annualized. All Classes are Accumulating and Unhedged unless otherwise noted. The figures stated in this report are historical and not necessarily indicative of future performance.
136 Wellington Management Portfolios (Luxembourg)
Inception Date October 15, 2012
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Statement of net assets June 30, 2013
June 30, 2013 (USD) Assets Financial assets at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Cash at banks Dividend income receivable Fund expenses reimbursement receivable Receivable for subscriptions Receivable from brokers
$
479,302,586 617,822 25,801,749 – – – 23,653,405
$
529,375,562
$
– 7,002,602 875,396 407 – 5,290,843 5,142,061 202,907
Total liabilities
$
18,514,216
Total net assets
$
510,861,346
Total assets Less Liabilities Financial liabilities at fair value Investment in securities, at market value (Note 2b) Financial derivative instruments (Notes 2, 4) Investment management fee payable (Note 3b) Management company fee payable (Note 3d) Payable for redemptions Payable to brokers Distribution payable (Note 5) Accrued expenses and other payables
The accompanying notes are an integral part of these financial statements 137 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Statement of operations and changes in net assets for the period ended June 30, 2013
June 30, 2013 (USD) Income Dividend income (net of withholding tax) (Note 2f) Interest income (net of withholding tax) (Note 2f) Other income Total income
$
– 12,244,316 40
$
12,244,356
$
1,778,553 – 110,666 10,895 23,864 26,175 234,647 8,311 80,963
$
2,274,074
Less Expenses Investment management fee (Note 3b) Intermediary servicing fee (Note 3e) Administration fees Custodian fees Professional fees Taxe d'abonnement (Note 3f) Interest expense on derivatives Country registration expenses Other expenses
Fund expenses reimbursed (Note 3a)
–
Total expenses
$
2,274,074
Net investment income/(expense)
$
9,970,282
Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments $
6,195,735
Capital gains tax (Note 3h)
–
Net realized gain/(loss) for the period
$
Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments
16,166,017
(64,291,308 )
Finance costs Distributions (Note 5)
(9,981,374 )
Increase/(decrease) in net assets as a result of operations
$
(58,106,665)
Net assets at the beginning of the period
$
564,101,042
Net subscriptions Net redemptions
4,866,969 –
Total net assets at the end of the period
The accompanying notes are an integral part of these financial statements 138 Wellington Management Portfolios (Luxembourg)
$
510,861,346
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Statistical information June 30, 2013
Portfolio information Total net asset value
$
June 30, 2013 December 31, 2012 December 31, 2011 510,861,345.96 564,101,042.44 –
Unit class information June 30, 2013 December 31, 2012 December 31, 2011 Class A EUR (hedged distributing) Total net asset value Number of units outstanding Net asset value per unit Net asset value per unit
€ € $*
393,015,619.31 42,637,669.622 9.22 11.98
427,867,912.18 42,259,233.231 10.12 13.35
All Classes are Accumulating and Unhedged unless otherwise noted.
* For information purposes only
139 Wellington Management Portfolios (Luxembourg)
– – – –
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Statement of investments June 30, 2013
Holding/ Nominal
Market Value (Note 2)
Investment
% of Net Assets
Fixed Income securities
$4,665,000 $935,000 $2,460,000
$2,360,000 $2,315,000 $540,000 $830,000 $1,231,000 $1,000,000 $1,360,000 $1,170,000 $2,975,000 $1,835,000 $1,910,000 $1,699,000 $3,330,000 $1,120,000 $1,580,000 $1,190,000 $4,100,000 $2,205,000 $1,980,000 €1,220,000 $2,205,000 $1,000,000 $465,000 $1,830,000 $1,220,000 $1,110,000 $1,395,000 $1,385,000 $3,534,000 €925,000
Corporate Bonds Banks Development Bank of Kazakhstan JSC 4.13% 12/10/22 Development Bank of Kazakhstan JSC 5.50% 12/20/15 Halyk Savings Bank of Kazakhstan JSC 9.25% 10/16/13
$
Finance Access Finance BV 7.25% 7/25/17 $ African Export-Import Bank 3.88% 6/4/18 African Export-Import Bank 5.75% 7/27/16 Ajecorp BV 6.50% 5/14/22 Akbank TAS 3.88% 10/24/17 Akbank TAS 5.00% 10/24/22 Banco Continental SAECA 8.88% 10/15/17 Banco Davivienda SA 2.95% 1/29/18 Banco Davivienda SA 5.88% 7/9/22 Banco de Bogota SA 5.00% 1/15/17 Banco de Credito del Peru 6.88% 9/16/26 Banco do Brasil SA 3.88% 10/10/22 Banco do Brasil SA 6.25% 12/29/49 Banco do Brasil SA 8.50% 10/29/49 Banco do Nordeste do Brasil SA 3.63% 11/9/15 Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 4.13% 11/9/22 Bancolombia SA 5.13% 9/11/22 Bancolombia SA 6.13% 7/26/20 Bank of India 3.63% 9/21/18 Bank of Ireland Mortgage Bank 3.13% 11/20/15 BBVA Banco Continental SA 3.25% 4/8/18 BBVA Bancomer SA 6.75% 9/30/22 BM&FBovespa SA 5.50% 7/16/20 Caixa Economica Federal 2.38% 11/6/17 Cemex Finance LLC 9.38% 10/12/22 DBS Bank Ltd 3.63% 9/21/22 El Fondo MIVIVIENDA SA 3.50% 1/31/23 Gazprom OAO Via Gaz Capital SA 4.95% 2/6/28 Gazprom OAO Via Gaz Capital SA 9.25% 4/23/19 Governor & Co of the Bank of Ireland 4.00% 1/28/15 The accompanying notes are an integral part of these financial statements. 140 Wellington Management Portfolios (Luxembourg)
4,105,200
0 .80%
972,400
0 .19
2,496,900
0 .49
2,383,600 2,199,250 556,200 844,525 1,172,527 965,000 1,451,800 1,102,725 2,945,250 1,904,730 2,043,700 1,497,668 2,930,400 1,209,264 1,552,350 1,121,337
0 .47% 0 .43 0 .11 0 .17 0 .23 0 .19 0 .29 0 .22 0 .58 0 .37 0 .40 0 .29 0 .57 0 .24 0 .30 0 .22
3,925,750 2,287,687 1,895,139 1,622,767 2,144,363 1,080,000 469,650 1,695,129 1,323,700 1,112,742 1,245,925 1,215,337 4,293,810 1,233,446
0 .77 0 .45 0 .37 0 .32 0 .42 0 .21 0 .09 0 .33 0 .26 0 .22 0 .24 0 .24 0 .84 0 .24
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
$650,000 $3,800,000 $1,905,000 $2,795,000 $1,185,000 $2,850,000 $2,505,000 $2,140,000 $1,300,000 $1,220,000 $2,155,000 $2,575,000 $1,165,000 $2,460,000 $1,665,000 $1,680,000 $4,760,000 $780,000 $1,370,000
$1,165,000 $1,015,000 $3,320,000 $3,940,000 $1,585,000 $2,365,000 $650,000 $1,320,000 $295,000 $940,000 $1,860,000 $2,165,000 $816,000 $1,000,000 $940,000
Market Value (Note 2)
Investment Corporate Bonds (continued) Finance (continued) Itau Unibanco Holding SA 6.20% 12/21/21 $ Kazakhstan Temir Zholy Finance BV 6.95% 7/10/42 Kazakhstan Temir Zholy Finance BV 7.00% 5/11/16 Lukoil International Finance BV 4.56% 4/24/23 Oversea-Chinese Banking Corp Ltd 3.75% 11/15/22 PKO Finance AB 4.63% 9/26/22 Russian Agricultural Bank OJSC Via RSHB Capital SA 5.30% 12/27/17 Russian Agricultural Bank OJSC Via RSHB Capital SA 6.30% 5/15/17 Russian Railways via RZD Capital Plc 5.70% 4/5/22 Sberbank of Russia Via SB Capital SA 5.72% 6/16/21 Standard Bank Plc 8.13% 12/2/19 State Bank of India 4.13% 8/1/17 Turkiye Garanti Bankasi AS 4.00% 9/13/17 Turkiye Vakiflar Bankasi Tao 3.75% 4/15/18 Vnesheconombank Via VEB Finance Plc 6.03% 7/5/22 Vnesheconombank Via VEB Finance Plc 6.90% 7/9/20 VTB Bank OJSC Via VTB Capital SA 6.88% 5/29/18 Waha Aerospace BV 3.93% 7/28/20 Yasar Holdings SA Via Willow No 2 9.63% 10/7/15
Industrial Alicorp SAA 3.88% 3/20/23 Alpek SA de CV 4.50% 11/20/22 ALROSA Finance SA 7.75% 11/3/20 Bharti Airtel International Netherlands BV 5.13% 3/11/23 Cia de Saneamento Basico do Estado de Sao Paulo 6.25% 12/16/20 CNOOC Finance 2012 Ltd 3.88% 5/2/22 Corp Lindley SA 6.75% 11/23/21 Corp Nacional del Cobre de Chile 3.75% 11/4/20 Corp Nacional del Cobre de Chile 3.88% 11/3/21 Cosan Luxembourg SA 5.00% 3/14/23 E.CL SA 5.63% 1/15/21 EDC Finance Ltd 4.88% 4/17/20 Empresa Nacional del Petroleo 4.75% 12/6/21 Empresa Nacional del Petroleo 6.25% 7/8/19 Eskom Holdings SOC Ltd 5.75% 1/26/21 The accompanying notes are an integral part of these financial statements. 141 Wellington Management Portfolios (Luxembourg)
$
% of Net Assets
650,000 3,809,500 2,093,119 2,599,350 1,191,589 2,764,500 2,551,969
0 .13% 0 .75 0 .41 0 .51 0 .23 0 .54 0 .50
2,263,050
0 .44
1,335,750 1,242,875
0 .26 0 .24
2,305,850 2,550,537 1,130,050 2,312,400 1,712,869
0 .45 0 .50 0 .22 0 .45 0 .34
1,848,000
0 .36
5,027,750 811,200 1,397,742
0 .98 0 .16 0 .27
1,077,625 976,938 3,552,400 3,580,672
0 .21% 0 .19 0 .70 0 .70
1,616,700
0 .32
2,274,010 718,250 1,280,519 284,135 893,000 1,915,800 1,970,150 798,660 1,070,000 930,600
0 .44 0 .14 0 .25 0 .06 0 .17 0 .37 0 .39 0 .16 0 .21 0 .18
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
$2,005,000 $291,000 $3,675,000 $2,835,000 $2,735,000 $3,370,000 $1,035,000 $745,000 $2,150,000 $1,085,000 $810,000 $3,690,000 $1,950,000 $595,000 $1,190,000 BRL3,710,000 $1,410,000 $1,140,000 $1,520,000 $255,000 $2,670,000 $504,000 $1,565,000 $213,000 $3,215,000 $1,850,000 $1,050,000 $1,430,000 $775,000 $870,000 $2,840,000 $1,050,000 $1,315,000 $1,075,000
Market Value (Note 2)
Investment Corporate Bonds (continued) Industrial (continued) EuroChem Mineral & Chemical Co OJSC via EuroChem GI Ltd 5.13% 12/12/17 Fibria Overseas Finance Ltd 7.50% 5/4/20 Gazprom Neft OAO Via GPN Capital SA 4.38% 9/19/22 Gazprom OAO Via Gaz Capital SA 8.63% 4/28/34 Gerdau Trade Inc 4.75% 4/15/23 Globo Comunicacao e Participacoes SA 4.88% 4/11/22 Hutchison Whampoa International 11 Ltd 4.63% 1/13/22 Hyva Global BV 8.63% 3/24/16 KazAgro National Management Holding JSC 4.63% 5/24/23 Kazatomprom Natsionalnaya Atomnaya Kompaniya AO 6.25% 5/20/15 KazMunayGas National Co JSC 11.75% 1/23/15 KazMunayGas National Co JSC 5.75% 4/30/43 KazMunayGas National Co JSC 9.13% 7/2/18 Mexichem SAB de CV 4.88% 9/19/22 NET Servicos de Comunicacao SA 7.50% 1/27/20 Oi SA 9.75% 9/15/16 Pacific Rubiales Energy Corp 5.13% 3/28/23 Pacific Rubiales Energy Corp 7.25% 12/12/21 Pemex Project Funding Master Trust 6.63% 6/15/35 Pertamina Persero PT 5.25% 5/23/21 Pertamina Persero PT 6.00% 5/3/42 Pertamina Persero PT 6.50% 5/27/41 Petrobras Global Finance BV 4.38% 5/20/23 Petrobras International Finance Co - Pifco 6.88% 1/20/40 Petroleos de Venezuela SA 9.75% 5/17/35 PTT Global Chemical PCL 4.25% 9/19/22 Rearden G Holdings EINS GmbH 7.88% 3/30/20 Reliance Holdings USA Inc 5.40% 2/14/22 Rosneft Oil Co via Rosneft International Finance Ltd 4.20% 3/6/22 Samarco Mineracao SA 4.13% 11/1/22 Sibur Securities Ltd 3.91% 1/31/18 Sigma Alimentos SA de CV 5.63% 4/14/18 Sinopec Group Overseas Development 2012 Ltd 3.90% 5/17/22 Southern Copper Corp 7.50% 7/27/35
The accompanying notes are an integral part of these financial statements. 142 Wellington Management Portfolios (Luxembourg)
$
% of Net Assets
1,944,850
0 .38%
314,280 3,371,813
0 .06 0 .66
3,366,562 2,476,816 3,386,850
0 .66 0 .48 0 .66
1,051,425
0 .21
700,300 1,978,000
0 .14 0 .39
1,132,469
0 .22
917,325 3,265,650 2,340,000 600,950 1,294,125 1,553,496 1,332,450 1,208,400 1,600,104 250,537 2,503,125 468,720 1,436,435 212,689
0 .18 0 .64 0 .46 0 .12 0 .25 0 .30 0 .26 0 .24 0 .31 0 .05 0 .49 0 .09 0 .28 0 .04
2,588,075 1,772,300 1,065,750 1,464,120 718,038
0 .51 0 .35 0 .21 0 .29 0 .14
780,912 2,627,000 1,118,250 1,276,523
0 .15 0 .51 0 .22 0 .25
1,150,024
0 .22
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
Investment
$1,220,000 $1,270,000 $1,345,000 $750,000
Corporate Bonds (continued) Industrial (continued) State Oil Co of the Azerbaijan Republic 5.45% 2/9/17 Turkiye Sise ve Cam Fabrikalari AS 4.25% 5/9/20 Vale Overseas Ltd 6.88% 11/10/39 VimpelCom Holdings BV 5.95% 2/13/23 Votorantim Cimentos SA 7.25% 4/5/41
$1,235,000 $1,270,000 $2,140,000
Transportation Georgian Railway JSC 7.75% 7/11/22 Transnet SOC Ltd 4.00% 7/26/22 Transnet SOC Ltd 4.50% 2/10/16
$3,580,000
$505,000 $810,000 $1,245,000 $1,900,000 $5,145,000 $1,660,000 $1,505,000 $1,325,000 $1,665,000 $1,920,000
$2,735,000 $1,130,000 $740,000 $4,806,000 $3,170,000 $5,785,000
$
$
Utilities Abu Dhabi National Energy Co 2.50% 1/12/18 $ Abu Dhabi National Energy Co 3.63% 1/12/23 Abu Dhabi National Energy Co 5.88% 12/13/21 AES Gener SA 5.25% 8/15/21 Centrais Eletricas Brasileiras SA 5.75% 10/27/21 Dubai Electricity & Water Authority 7.38% 10/21/20 Instituto Costarricense de Electricidad 6.38% 5/15/43 Israel Electric Corp Ltd 6.88% 6/21/23 Majapahit Holding BV 7.75% 1/20/20 Perusahaan Listrik Negara PT 5.50% 11/22/21 Total Corporate Bonds
$485,000
Market Value (Note 2)
The accompanying notes are an integral part of these financial statements. 143 Wellington Management Portfolios (Luxembourg)
3,669,500
0 .72%
1,073,600 1,279,525 1,257,575 720,000
0 .21 0 .25 0 .25 0 .14
1,296,750 1,100,138 2,193,500
0 .25% 0 .22 0 .43
489,850 749,250 1,369,500 1,928,500 4,977,788 1,863,350 1,363,906
0 .10% 0 .15 0 .27 0 .38 0 .97 0 .36 0 .27
1,333,480 1,852,313 1,891,200
0 .26 0 .36 0 .37
$ 205,215,918
Government Bonds Non-US Governments Bonds Bolivia Government International Bond 4.88% $ 10/29/22 Brazil Government International Bond 2.63% 1/5/23 Brazil Government International Bond 5.63% 1/7/41 Brazil Government International Bond 5.88% 1/15/19 Brazil Government International Bond 7.13% 1/20/37 Brazil Government International Bond 8.25% 1/20/34 Brazil Minas SPE via State of Minas Gerais 5.33% 2/15/28
% of Net Assets
451,050
40 .17%
0 .09%
2,379,450 1,121,525 841,750
0 .47 0 .22 0 .17
5,719,140
1 .12
4,216,100
0 .83
5,669,300
1 .11
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
CLP2,138,000,000 $3,655,000 $3,145,000 $1,320,000 COP4,267,000,000 $440,000 $3,010,000 COP2,866,000,000 $1,925,000 $1,155,000 $1,970,000 $2,520,000 $2,000,000 $2,066,000 $3,440,000 $920,000 $310,000 $200,000 €670,000 $3,396,000 €1,345,000 $2,826,000 $2,390,000
Investment Government Bonds (continued) Non-US Governments Bonds (continued) Chile Government International Bond 5.50% 8/5/20 $ Colombia Government International Bond 2.63% 3/15/23 Colombia Government International Bond 6.13% 1/18/41 Colombia Government International Bond 7.38% 9/18/37 Colombia Government International Bond 7.75% 4/14/21 Colombia Government International Bond 10.38% 1/28/33 Colombia Government International Bond 11.75% 2/25/20 Colombia Government International Bond 12.00% 10/22/15 Costa Rica Government International Bond 4.25% 1/26/23 Costa Rica Government International Bond 4.38% 4/30/25 Croatia Government International Bond 5.50% 4/4/23 Croatia Government International Bond 6.25% 4/27/17 Dominican Republic International Bond 5.88% 4/18/24 El Salvador Government International Bond 5.88% 1/30/25 El Salvador Government International Bond 7.63% 2/1/41 El Salvador Government International Bond 7.65% 6/15/35 Georgia Government International Bond 6.88% 4/12/21 Guatemala Government Bond 5.75% 6/6/22 Hungary Government International Bond 3.88% 2/24/20 Hungary Government International Bond 4.13% 2/19/18 Hungary Government International Bond 4.38% 7/4/17 Hungary Government International Bond 5.38% 2/21/23 Iceland Government International Bond 5.88% 5/11/22 The accompanying notes are an integral part of these financial statements. 144 Wellington Management Portfolios (Luxembourg)
Market Value (Note 2)
% of Net Assets
4,274,135 3,216,400
0 .84% 0 .63
3,475,225
0 .68
1,669,800
0 .33
2,454,486
0 .48
668,800
0 .13
4,432,225
0 .87
1,707,198
0 .33
1,751,750
0 .34
1,039,500
0 .20
1,910,900
0 .37
2,636,550
0 .52
1,925,000
0 .38
1,983,360
0 .39
3,268,000
0 .64
892,400
0 .17
328,600
0 .06
200,000 808,848
0 .04 0 .16
3,285,630
0 .64
1,737,371
0 .34
2,727,090
0 .53
2,533,400
0 .50
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
$1,605,000 $1,190,000 $4,510,000 $461,000 $4,035,000 $1,885,000 $2,430,000 $3,060,000 $2,200,000 $2,110,000 $1,090,000 $2,674,000 $4,360,000 $4,142,000 $1,140,000 $1,495,000 $3,290,000 $505,000 $715,000 $1,025,000 PEN8,385,000 $4,855,000 $590,000
Market Value (Note 2)
Investment Government Bonds (continued) Non-US Governments Bonds (continued) Indonesia Government International Bond 3.38% 4/15/23 Indonesia Government International Bond 3.75% 4/25/22 Indonesia Government International Bond 4.88% 5/5/21 Indonesia Government International Bond 5.25% 1/17/42 Indonesia Government International Bond 5.88% 3/13/20 Indonesia Government International Bond 6.88% 1/17/18 Indonesia Government International Bond 8.50% 10/12/35 Indonesia Government International Bond 11.63% 3/4/19 Lithuania Government International Bond 6.13% 3/9/21 Lithuania Government International Bond 6.63% 2/1/22 Lithuania Government International Bond 7.38% 2/11/20 Mexico Government International Bond 4.75% 3/8/44 Mexico Government International Bond 5.75% 10/12/10 Mexico Government International Bond 6.05% 1/11/40 Mexico Government International Bond 6.75% 9/27/34 Mexico Government International Bond 8.30% 8/15/31 Morocco Government International Bond 5.50% 12/11/42 Panama Government International Bond 6.70% 1/26/36 Panama Government International Bond 7.25% 3/15/15 Panama Government International Bond 8.88% 9/30/27 Peru Government Bond 7.84% 8/12/20 Peru Government International Bond 8.38% 5/3/16 Peru Government International Bond 8.75% 11/21/33 The accompanying notes are an integral part of these financial statements. 145 Wellington Management Portfolios (Luxembourg)
$
% of Net Assets
1,428,450
0 .28%
1,106,700
0 .22
4,600,200
0 .90
431,035
0 .08
4,347,713
0 .85
2,106,487
0 .41
3,195,450
0 .63
4,161,600
0 .81
2,452,252
0 .48
2,432,619
0 .48
1,294,419
0 .25
2,419,970
0 .47
4,054,800
0 .79
4,535,490
0 .89
1,350,900
0 .26
2,048,150
0 .40
2,763,600
0 .54
590,850
0 .12
772,200
0 .15
1,424,750
0 .28
3,459,082 5,643,937 851,075
0 .68 1 .11 0 .17
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
$734,000 $690,000 $580,000 $1,300,000 $1,780,000 $445,000 $8,730,000 $3,120,000 $2,760,000 $980,000 $970,000 $1,866,000 €2,515,000 $3,050,000 RUB93,665,000 RUB54,795,000 RUB77,310,000 $12,109,975 $1,005,000 $2,200,000 $2,675,000 €1,920,000 $480,000 $4,560,000 ZAR25,655,000 ZAR25,195,000 ZAR21,760,000 $2,190,000
Market Value (Note 2)
Investment Government Bonds (continued) Non-US Governments Bonds (continued) Philippine Government International Bond 7.75% 1/14/31 Philippine Government International Bond 9.38% 1/18/17 Philippine Government International Bond 9.88% 1/15/19 Poland Government International Bond 3.00% 3/17/23 Poland Government International Bond 5.00% 3/23/22 Poland Government International Bond 5.13% 4/21/21 Republic of Latvia 2.75% 1/12/20 Republic of Latvia 5.25% 2/22/17 Republic of Serbia 4.88% 2/25/20 Republic of Serbia 5.25% 11/21/17 Republic of Serbia 7.25% 9/28/21 Romania Government International Bond 4.38% 8/22/23 Romania Government International Bond 4.88% 11/7/19 Romania Government International Bond 6.75% 2/7/22 Russia Federal Bond - OFZ 6.80% 12/11/19 Russia Federal Bond - OFZ 7.05% 1/19/28 Russia Federal Bond - OFZ 8.15% 2/3/27 Russia Foreign Bond - Eurobond 7.50% 3/31/30 Rwanda International Government Bond 6.63% 5/2/23 Senegal Government International Bond 8.75% 5/13/21 Slovakia Government International Bond 4.38% 5/21/22 Slovenia Government Bond 4.63% 9/9/24 Slovenia Government International Bond 5.50% 10/26/22 Slovenia Government International Bond 5.85% 5/10/23 South Africa Government Bond 6.25% 3/31/36 South Africa Government Bond 6.50% 2/28/41 South Africa Government Bond 8.75% 2/28/48 Sri Lanka Government International Bond 5.88% 7/25/22
The accompanying notes are an integral part of these financial statements. 146 Wellington Management Portfolios (Luxembourg)
$
% of Net Assets
967,045
0 .19%
852,150
0 .17
783,725
0 .15
1,176,812
0 .23
1,884,860
0 .37
483,515
0 .09
8,075,250 3,364,702 2,539,200 955,500 989,400 1,756,372
1 .58 0 .66 0 .50 0 .19 0 .19 0 .34
3,330,419
0 .65
3,404,562
0 .67
2,811,234 1,543,567 2,418,940 14,153,533 874,350
0 .55 0 .30 0 .47 2 .77 0 .17
2,277,000
0 .45
2,689,521
0 .53
2,097,646 424,570
0 .41 0 .08
4,240,800
0 .83
1,971,237 1,945,587 2,169,775 2,058,600
0 .39 0 .38 0 .42 0 .40
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
$395,000 $740,000 $2,960,000 $2,020,000 $680,000 $3,395,000 $4,575,000 $4,940,000 $600,000 $3,275,000 $2,725,000 $2,465,000 $2,480,000 $820,000 $550,000 $5,255,000 $4,675,000 $3,105,000 $6,250,000 $4,140,000 $6,335,000 $5,770,000
Market Value (Note 2)
Investment Government Bonds (continued) Non-US Governments Bonds (continued) Sri Lanka Government International Bond 6.25% 10/4/20 Turkey Government International Bond 6.00% 1/14/41 Turkey Government International Bond 6.75% 4/3/18 Turkey Government International Bond 6.88% 3/17/36 Turkey Government International Bond 7.00% 9/26/16 Turkey Government International Bond 7.25% 3/15/15 Turkey Government International Bond 7.38% 2/5/25 Turkey Government International Bond 7.50% 7/14/17 Turkey Government International Bond 8.00% 2/14/34 Ukraine Government International Bond 6.25% 6/17/16 Ukraine Government International Bond 6.58% 11/21/16 Ukraine Government International Bond 6.75% 11/14/17 Ukraine Government International Bond 9.25% 7/24/17 Uruguay Government International Bond 6.88% 9/28/25 Uruguay Government International Bond 7.63% 3/21/36 Uruguay Government International Bond 7.88% 1/15/33 Venezuela Government International Bond 5.75% 2/26/16 Venezuela Government International Bond 8.25% 10/13/24 Venezuela Government International Bond 9.25% 9/15/27 Venezuela Government International Bond 9.25% 5/7/28 Venezuela Government International Bond 9.38% 1/13/34 Venezuela Government International Bond 11.75% 10/21/26 The accompanying notes are an integral part of these financial statements. 147 Wellington Management Portfolios (Luxembourg)
$
% of Net Assets
388,088
0 .08%
740,000
0 .15
3,344,800
0 .66
2,249,775
0 .44
763,300
0 .15
3,658,112
0 .72
5,478,562
1 .07
5,693,350
1 .11
751,500
0 .15
3,037,563
0 .59
2,527,438
0 .50
2,255,475
0 .44
2,470,700
0 .48
984,000
0 .19
687,500
0 .13
6,568,750
1 .29
4,114,000
0 .81
2,352,038
0 .46
5,265,625
1 .03
3,332,700
0 .65
5,131,350
1 .00
5,423,800
1 .06
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Statement of investments (continued) June 30, 2013
Holding/ Nominal
$3,735,000 $620,000 $870,000
NGN500,965,000
Market Value (Note 2)
Investment Government Bonds (continued) Non-US Governments Bonds (continued) Venezuela Government International Bond 11.95% 8/5/31 Venezuela Government International Bond 12.75% 8/23/22 Zambia Government International Bond 5.38% 9/20/22
$
3,510,900
% of Net Assets
0 .69%
630,850
0 .12
778,650
0 .15
Total Government Bonds
$ 271,175,410
Short Term Treasury Bills Nigeria Treasury Bill 0.00% 12/19/13
$
2,911,258
0 .57%
Total Short Term Treasury Bills
$
2,911,258
0 .57%
Total Investments
$ 479,302,586
93 .82%
Net Other Assets
$
31,558,760
6 .18%
Total Net Assets
$ 510,861,346
100.00%
All investments are transferable securities admitted to an official exchange listing.
The accompanying notes are an integral part of these financial statements. 148 Wellington Management Portfolios (Luxembourg)
53 .08%
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Classifications June 30, 2013
% of Net Assets
Industry Non-US Governments Finance Industrial Utilities Banks Transportation Short Term Treasury Bills
53.08% 17.82 16.48 3.49 1.48 0.90 0.57
Total Investments
93.82%
Net Other Assets
6.18%
Total Net Assets
100.00%
149 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Classifications (continued) June 30, 2013
Country
% of Net Assets
Brazil Venezuela Colombia Turkey Luxembourg Indonesia Netherlands Russia Mexico Kazakhstan Peru Ireland Chile Latvia South Africa Ukraine Hungary Cayman Islands Romania Uruguay Slovenia Lithuania El Salvador British Virgin Islands United States Croatia Serbia United Arab Emirates India Costa Rica Azerbaijan Poland Nigeria Panama Morocco Sweden Supranational Slovakia Philippines Canada Iceland Sri Lanka Singapore Senegal United Kingdom Dominican Republic Thailand Georgia Paraguay
7.55% 6.33 5.84 5.75 5.70 5.18 4.20 4.09 3.77 3.37 3.37 2.94 2.27 2.24 2.02 2.01 1.67 1.67 1.66 1.61 1.32 1.21 1.20 1.17 1.08 0.89 0.88 0.88 0.87 0.81 0.72 0.69 0.57 0.55 0.54 0.54 0.54 0.53 0.51 0.50 0.50 0.48 0.45 0.45 0.45 0.38 0.35 0.31 0.29 150 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Opportunistic Emerging Market Debt II Portfolio Classifications (continued) June 30, 2013
Country (continued)
% of Net Assets
Israel Germany Rwanda Zambia Bolivia Guatemala
0.26% 0.21 0.17 0.15 0.09 0.04
Total Investments
93.82%
Net Other Assets
6.18%
Total Net Assets
100.00%
151 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements June 30, 2013 1. Significant Events During the Period a. Material changes to the Fund’s Prospectus The following are notable changes to the Prospectus which became effective on June 6, 2013: (i) the addition of Richard Gullan‐Whur as a Conducting Person with effect from January 7, 2013: (ii) updated language regarding leverage and revised leverage figures and (iii) additional wording addressing dealing in currencies other than the Dealing Currency of the relevant Unit Class. b. Changes to the Management Company’s Conducting Persons Richard Gullan‐Whur was appointed as a Conducting Persons effective January 7, 2013. c. Portfolios launched or closed during the period The Global Growth Equity Portfolio became inactive on January 28, 2013. d. Unit classes launched or closed during the period The Class N USD Units of the Global Total Return Portfolio were launched on May 21, 2013. The Class A SGD (hedged) Units of the Global Growth Equity Portfolio closed on January 28, 2013.
2. Summary of Significant Accounting Policies a. Presentation of financial statements The financial statements are prepared in accordance with Luxembourg regulations relating to Undertakings for Collective Investments in Transferable Securities. b. Valuation of the investments in securities The assets of the Fund are valued as follows: Transferable securities that are listed or dealt on an official stock exchange or dealt on another regulated market, which operates regularly and is recognized and open to the public, are valued on the basis of the latest available closing price. If the same security is quoted on several markets, the last available price of the main market for this security is used. For non‐quoted assets or assets not traded or dealt in on any stock exchange or other regulated market, as well as for quoted or non‐quoted assets on such other market for which no valuation price is available, or assets for which the quoted prices are not representative of the fair market value, the value thereof shall be determined prudently and in good faith by the Management Company on the basis of foreseeable purchase and sale prices. Money market instruments with a remaining maturity of less than ninety days at the time of purchase or securities whose applicable interest rate or reference interest rate is adjusted at least every ninety days are valued on the basis of their nominal value plus accrued interest thereon based on the number of business days which have elapsed. In the case of a discount or a premium fixed income instrument, the value of the instrument, based on the net acquisition cost, is gradually adjusted upward or downward, as the case may be, to the redemption price, considering the business days within the period plus accrued interest, if any. Liquid assets are valued at their nominal value plus accrued interest or on an amortized cost basis. 152 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 2. Summary of Significant Accounting Policies (continued) b. Valuation of the investments in securities (continued) Units/Shares in open-ended undertakings for collective investments are valued at their last available net asset value. c. Net realized gain/(loss) on sales of securities The net realized gain/(loss) on sales of securities is calculated on the basis of the average cost of the securities sold. d. Foreign exchange transactions The combined financial statements are expressed in US dollars and the financial statements of the Portfolios are expressed in the relevant base currency. The applicable exchange rates prevailing at the end of the period are used to translate currencies other than US dollars into US dollars for the statement of net assets at the period end. The average exchange rate for the period is used to translate the foreign currency amounts in the statement of operations and changes in net assets into US dollars. Bank accounts, market value of the investment portfolios, and other assets or liabilities expressed in currencies other than the base currency of the relevant portfolio are translated into the base currency of the relevant portfolio at applicable exchange rates prevailing at the end of the period. At June 30, 2013 the Fund applied the following foreign exchange rates to US dollar: AUD BRL CAD CHF CLP COP DKK EUR GBP HKD IDR ILS INR JPY
1.0925 2.2091 1.0550 0.9462 505.9450 1,931.2500 5.7382 0.7693 0.6593 7.7564 9,925.0000 3.6404 59.4250 99.3350
KRW LKR MXN MYR NGN NOK PEN PHP RUB SEK SGD THB TWD ZAR
1,142.0500 130.4000 13.0259 3.1595 162.5300 6.1061 2.7820 43.2000 32.8280 6.7495 1.2683 31.0150 29.9710 9.9272
Dividends are converted using currency exchange rates prevailing at the ex-dividend date. Other income and expenses expressed in currencies other than the base currency of the relevant portfolio are translated into the base currency of the relevant portfolio at the applicable exchange rates prevailing at payment date or at the exchange rates prevailing at the end of the period if they are accrued. Realized and unrealized foreign exchange gains or losses are included in the statement of operations and changes in net assets.
153 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 2. Summary of Significant Accounting Policies (continued) e. Cost of investment securities The cost of investment securities expressed in currencies other than the base currency of the relevant portfolio is translated into the base currency of the relevant portfolio at the exchange rate prevailing at the transaction date. f. Dividend and interest income Dividend income is recorded on the ex-dividend date. Interest income (including amortization of premium and discount) is accrued daily. g. Futures contracts Initial margin deposits are made to the broker upon entering into financial futures contracts. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking-to-market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received, depending upon whether unrealized losses or gains are incurred. When the contract is closed, a realized gain or loss is recorded. This realized gain or loss is equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract. h. Options When an option is purchased, an amount equal to the premium paid is recorded as an investment and is subsequently adjusted to the current market value of the option purchased. Premiums paid for the purchase of options which expire unexercised are treated on the expiration date as realized losses. If a purchased put option is exercised, the premium is subtracted from the proceeds of the sale of the underlying security, foreign currency or index in determining whether the relevant Portfolio has realized a gain or a loss. If a purchased call option is exercised, the premium increases the cost basis of the security, foreign currency or index purchased by the Portfolio. Options purchased are recorded under “Investment in securities, at market value” in the statement of net assets. When an option is written, an amount equal to the premium received by the relevant Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the option written. Premiums received from written options which expire unexercised are treated by the relevant Portfolio on the expiration date as realized gains. If a written call option is exercised, the premium is added to the proceeds from the sale of the underlying security, foreign currency or index in determining whether the relevant Portfolio has realized a gain or a loss. If a written put option is exercised, the premium reduces the cost basis of the security, foreign currency or index purchased by the relevant Portfolio. Options written are recorded under “Investment in securities, at market value” in the statement of net assets.
154 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 2. Summary of Significant Accounting Policies (continued) i. Forward foreign exchange contracts The unrealized gain or loss on open forward foreign exchange contracts is calculated as the difference between the contracted rate and the rate to close out the contract. Realized profit or loss includes net gains or losses on forward foreign exchange contracts which have been settled or offset by other contracts with the same counterparty. j. Swaps Unrealized gains or losses are recorded under "Financial derivative instruments" in the statement of net assets. Realized gains and losses and change in unrealized gains or losses are recorded under "Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments" and under "Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments" in the statement of operations and changes in net assets respectively. The change in the value of the swap is reported within “Financial derivative instruments” on the statement of net assets, until termination of the contract when it is realized. Periodic interest payments to be paid or received are accrued on a daily basis and included in interest income or interest expense. Premiums paid or received when entering into the agreement are recorded at cost and reflected in the “Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments”. i) Credit default swaps The buyer of protection in a credit default swap agreement is obligated to pay the seller a periodic stream of payments over the term of the contract in return for a contingent payment upon the occurrence of a credit event with respect to an underlying reference obligation. ii) Cross currency swaps A cross-currency swap is a bilateral agreement in which each of the parties agrees to exchange aspects of a loan in one currency for equivalent aspects of a loan in another currency, based upon equivalent net present value notional amounts. iii) Interest rate swaps An interest rate swap is a bilateral agreement in which each of the parties agrees to exchange a series of interest payments for another series of interest payments (usually fixed/floating) based on a notional amount that serves as a computation basis and that is usually not exchanged. k. Bond forward contracts Bond forward contracts are financial instruments that are based on an underlying sovereign bond of a particular government. The Portfolios utilize these instruments to hedge against and benefit from price movements of the underlying sovereign bond. The Portfolios engage in both normal purchases and sales as well as in short-sales and cover-buys of these instruments. All risks associated with the traditional short-selling also apply to short-sales of these instruments. Bond forward contracts have the same duration risk as the bond as it is simply a forward settlement of a purchase or sale.
155 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 2. Summary of Significant Accounting Policies (continued) k. Bond forward contracts (continued) Bond forward contracts are valued at the forward price of the underlying securities, with each contract being priced daily until maturity. The changes in the value of the contracts are recognized in the statement of operations and changes in net assets under “Net change in unrealized appreciation/(depreciation) on investments, currency transactions and financial derivative instruments”, until termination of the contract when it is realized. l. Swaptions A swaption is an option (see note 2h) that grants the right, with no obligation, to enter into an underlying swap on pre‐agreed terms. A payer swaption gives the owner of the swaption the right to enter into a swap where they pay the fixed leg and receive the floating leg. A receiver swaption gives the owner of the swaption the right to enter into a swap where they pay the floating leg and receive the fixed leg. Premiums paid for the purchase of swaptions which expire unexercised are treated on the expiration date as realized losses. If a purchased payer swaption is exercised, the premium is subtracted from the proceeds of the underlying swap in determining whether the relevant Portfolio has realized a gain or a loss. If a purchased receiver swaption is exercised, the premium is added to the cost basis of the floating rate investment that has been ‘swapped’. When a swaption is written, an amount equal to the premium received by the relevant Portfolio is recorded as a liability and is subsequently adjusted to the current market value of the swaption written. Premiums received from written swaptions that expire unexercised are treated by the relevant Portfolio on the expiration date as realized gains. If a written swaption is exercised, the premium is added to the proceeds of the underlying swap in determining whether the relevant Portfolio has realized a gain or a loss. Swaptions purchased and written are recorded under “Financial derivative instruments” in the statement of net assets. m. Warrants Where a warrant is purchased, the amount paid is recorded as an investment and is subsequently adjusted to the value of the warrant purchased. Warrants are expected to have similar characteristics as the underlying equity security. If the warrant is actively traded then the market price is used otherwise the intrinsic value of the underlying equity price and the warrant strike price or modified black scholes derived value is used to arrive at an appropriate market value.
3. Charges and Expenses a. Operating expenses The Management Company voluntarily caps the Total Expense Ratio of each Fund. Any expenses in excess of this cap will be reimbursed by the Management Company to the Fund. Total Expense Ratios for periods less than one year are annualized. b. Investment management fee An Investment Management Agreement (“IMA”) was entered into for the Portfolios for an indefinite period of time between the Management Company and the Investment Manager with effect from the below and overleaf dates. The Investment Manager is a Limited Liability Partnership 156 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 3. Charges and Expenses (continued) b. Investment management fee (continued) organized under the Laws of the Commonwealth of Massachusetts, USA and is registered as an Adviser with the Securities and Exchange Commission under the Investment Advisers Act 1940 as amended. The Investment Manager is entitled to an annual fee, paid quarterly for its services, calculated using the rates below and overleaf applied to the average net assets of each unit class. At June 30, 2013 the below Portfolios had the following Total Expense Ratio Caps and Investment Management Fee rates: Effective Date of IMA April 15, 1994
Portfolio US Research Equity Portfolio Class A USD Class B EUR (hedged) Class B USD Class B1 USD Global Research Equity Portfolio Class A GBP 0% Class A USD Class J JPY
January 15, 1996
Global Contrarian Equity Portfolio Class A USD Class T GBP Class T USD
November 1, 2006
Special Equity Portfolio Class A USD Class T GBP
September 20, 2007
Global Select Capital Appreciation Equity Portfolio Class A CAD Class A EUR Class A GBP 15% Class A USD Class T USD Global Value Equity Portfolio Class A EUR Class A GBP 0% Class A EUR (hedged) Class T USD
†
Total Expense Ratio Cap†
Investment Management Fee
0.85% 1.35 1.35 1.60
0.60% 0.60 0.60 0.60
1.00% 1.00 0.25
0.75% 0.75 0.00
1.15% 0.25 0.25
0.90% 0.00 0.00
1.15% 0.25
0.90% 0.00
1.20% 1.20 1.20 1.20 0.25
0.95% 0.95 0.95 0.95 0.00
1.00% 1.00 1.00 0.25
0.75% 0.75 0.75 0.00
April 24, 2008
May 19, 2009
The TER Caps are those in force as at June 30, 2013. 157 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 3. Charges and Expenses (continued) b. Investment management fee (continued) Effective Date of IMA
Portfolio Global Opportunities Equity Portfolio Class A USD Class J JPY
April 24, 2008
Asian Local Opportunities Portfolio Class A USD
December 21, 2010
Global Disciplined Growth Portfolio Class A USD
May 25, 2011
Global Total Return Portfolio Class A EUR (hedged) Class A GBP (hedged) Class A USD Class B USD Class N USD* Class T GBP (hedged)
Total Expense Ratio Cap†
Investment Management Fee
1.00% 0.25
0.75% 0.00
1.25%
1.00%
1.00%
0.75%
0.50% 0.50 0.50 1.00 0.50 0.25
0.25% 0.25 0.25 0.25 0.25 0.00
0.90%
0.65%
May 31, 2011
Opportunistic Emerging Market Debt II Portfolio October 15, 2012 Class A EUR (hedged - distributing) The TER Caps are those in force as at June 30, 2013. * Unit class launched on May 21, 2013. †
c. Performance fees The Class A EUR (hedged), Class A GBP (hedged), Class A USD and Class B USD Unitholders of the Global Total Return Portfolio are assessed a performance fee equal to 20% of the Portfolio’s annual performance in excess of the Merill Lynch 3-month Index in the denomination currency. d. Management company fee Certain costs related to the operations of the Management Company and the Conducting Persons are included in "Other expenses" on the Statement of Operations and Changes in Net Assets. These costs are subject to the voluntary TER cap applied to each Fund by the Management Company as set out above. e. Intermediary servicing fee This fee is calculated as a percentage of the average net asset value attributable to the respective units and is payable on a quarterly basis to financial intermediaries. The fees are as follows: US Research Equity Portfolio Class B USD and Class B EUR (hedged) Units are charged 0.50% and Class B1 USD Units are charged 0.75%. The Global Total Return Portfolio Class B USD Units are charged 0.50%. 158 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 3. Charges and Expenses (continued) f. Taxe d’abonnement Under the prevailing laws and regulations, the Unit classes in issue in the Fund are subject to a “taxe d’abonnement” at the annual rate of 0.01% calculated and payable quarterly on the basis of the Fund’s net assets prevailing on the last valuation day of each quarter. For Class B1 and Class N Units only, a taxe d’abonnement at the annual rate of 0.05% is payable quarterly. The Funds are not liable to Luxembourg Income Tax. g. Transaction costs Transaction costs are the costs incurred by a Portfolio in connection with transactions on its portfolio of investments. These costs are both incremental and directly attributable to the acquisition, issue or disposal of financial assets and liabilities, with incremental costs being those that would not have been incurred if the Portfolio had not entered into the transaction. These costs comprise fees and commissions paid to agents, advisers, brokers and dealers, in addition to any taxes associated with the transaction. Transaction costs for each Portfolio for the period ended June 30, 2013 are disclosed below at Portfolio level for the period from January 1, 2013 to June 30, 2013. These amounts are included in “Net realized gain/(loss) on sale of investments, currency transactions and financial derivative instruments” in the financial statements.
Portfolio US Research Equity Portfolio Global Research Equity Portfolio Global Contrarian Equity Portfolio Special Equity Portfolio Global Select Capital Appreciation Equity Portfolio Global Growth Equity Portfolio* Global Value Equity Portfolio Global Opportunities Equity Portfolio Asian Local Opportunities Portfolio Global Disciplined Growth Portfolio Global Total Return Portfolio Opportunistic Emerging Market Debt II Portfolio
Brokerage Cost $ 229,315 420,963 80,602 66,070
Local Market Taxes $ 33 160,707 26,626 8,328
Total $ 229,348 581,670 107,228 74,398
289,169 24,052 295,849 93,608 1,972 1,043 536,113
87,261 8,000 210,389 37,834 1,346 529 3,306
376,430 32,052 506,238 131,442 3,318 1,572 539,419
823
9
832
* Portfolio became inactive on January 28, 2013.
h. Capital gains tax No tax is payable in Luxembourg on realized or unrealized capital appreciation of the assets of the Portfolios, however, the Portfolios may suffer foreign taxes on capital gains upon realization of their assets.
159 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 4. Investment Transactions a. Forward foreign exchange contracts As at June 30, 2013 the Fund held the following forward foreign exchange contracts. Where contracts held are specifically for the purpose of unit class hedging, the applicable unit class is denoted beforehand: US Research Equity Portfolio Currency Purchased USD EUR
Amount Purchased 123,436 9,131,568
Currency Sold EUR USD
Amount Sold 94,364 11,995,301
Maturity Date
Unrealized Gain/(Loss)
7/31/13 $ 7/31/13
762 (124,174)
Total $
(123,412)
Global Research Equity Portfolio Currency Purchased
Amount Purchased
Currency Sold
JPY MYR USD USD
463,564,000 734,901 5,137,098 3,525,846
USD USD JPY JPY
Amount Sold 4,723,420 228,585 469,348,650 344,265,000
Maturity Date
Unrealized Gain/(Loss)
7/1/13 $ 7/8/13 7/1/13 12/20/13
(56,747) 3,060 412,191 55,886
Total $
414,390
Global Select Capital Appreciation Equity Portfolio Currency Purchased
Amount Purchased
Currency Sold
JPY MYR USD
161,486,000 720,256 3,026,352
USD USD JPY
Amount Sold 1,655,492 224,030 266,246,000
Maturity Date
Unrealized Gain/(Loss)
12/12/13 $ 7/8/13 12/12/13
(27,949) 2,999 342,981
Total $
318,031
Global Value Equity Portfolio Class A EUR (hedged) Currency Purchased
Amount Purchased
Currency Sold
USD EUR
1,064,618 43,961,851
EUR USD
Amount Sold 813,879 57,753,174
160 Wellington Management Portfolios (Luxembourg)
Maturity Date
Unrealized Gain/(Loss)
7/31/13 $ 7/31/13
6,568 (602,339)
Total $
(595,771)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 4. Investment Transactions (continued) a. Forward foreign exchange contracts (continued) Global Total Return Portfolio Currency Purchased AUD BRL BRL CAD CNY CZK EUR GBP HUF ILS INR JPY KRW NOK NZD PLN RUB SEK SGD TRY USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD
Amount Purchased 55,990,000 6,650,000 8,100,000 25,750,000 3,290,000 45,350,000 76,532,000 11,371,000 1,367,523,000 7,145,000 32,540,000 3,296,549,000 1,104,940,000 284,920,000 33,752,000 6,250,000 16,990,000 35,190,000 25,780,000 1,735,000 61,110,760 3,123,082 1,906,237 208,175,575 26,110,627 2,976,504 530,150 1,620,508 663,908 438,932,665 101,768,952 36,833,882 266,537 801,675 2,398,363 31,565,862 7,642,508 2,494,676 1,318,941 36,768,629 53,273,614 404,096 343,223 2,665,129
Currency Sold USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD USD AUD BRL BRL CAD CHF CLP CNY COP CZK EUR GBP HUF IDR ILS INR JPY KRW MXN MYR NOK NZD PHP PLN RUB
Amount Sold 51,500,392 2,973,470 3,565,549 24,850,813 531,288 2,313,037 100,561,048 17,689,601 6,006,520 1,970,818 538,831 33,947,113 964,818 47,315,304 26,148,150 1,885,740 526,658 5,245,141 20,317,930 893,669 66,329,000 6,650,000 4,260,000 216,212,000 23,980,000 1,531,680,000 3,290,000 3,120,300,000 12,980,000 333,594,000 65,776,000 8,340,946,000 2,740,000,000 2,925,000 143,590,000 3,054,149,000 8,841,960,000 32,370,000 4,240,000 218,070,000 68,669,000 17,760,000 1,095,000 88,140,000
161 Wellington Management Portfolios (Luxembourg)
Maturity Date 7/31/13 $ 7/2/13 8/2/13 7/31/13 10/15/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/2/13 8/2/13 7/31/13 7/31/13 7/31/13 10/15/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13
Unrealized Gain/(Loss) (362,789) 36,874 76,898 (459,390) (2,377) (43,321) (1,068,701) (446,679) 10,199 (9,396) 3,345 (757,234) (2,011) (701,488) (137,133) (13,161) (11,908) (35,000) 9,820 1,441 530,188 112,737 (9,420) 3,370,985 759,351 (35,043) 1,238 9,425 14,273 5,257,214 2,026,587 136,058 (2,492) (1,287) 5,890 816,485 (62,073) 16,213 (13,287) 1,091,686 353,770 (8,113) 15,147 (5,273)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 4. Investment Transactions (continued) a. Forward foreign exchange contracts (continued) Global Total Return Portfolio (continued) Currency Purchased
Amount Purchased
Currency Sold
USD USD USD USD USD ZAR
21,694,849 56,037,375 6,687,364 1,914,202 1,410,451 86,080,000
SEK SGD TRY TWD ZAR USD
Amount Sold 144,410,000 71,338,000 12,933,000 57,835,000 14,290,000 8,554,201
Maturity Date
Unrealized Gain/(Loss)
7/31/13 $ 7/31/13 7/31/13 7/31/13 7/31/13 7/31/13
313,879 (213,250) 15,060 (14,582) (22,751) 79,111
Total $
10,625,715
Class A EUR (hedged) Currency Purchased
Amount Purchased
Currency Sold
USD EUR
1,036,204 237,964,281
EUR USD
Amount Sold 790,808 312,662,122
Maturity Date
Unrealized Gain/(Loss)
7/31/13 $ 7/31/13
8,146 (3,306,237)
Total $
(3,298,091)
Class A GBP (hedged) Currency Purchased
Amount Purchased
Currency Sold
USD GBP
374,959 73,640,617
GBP USD
Amount Sold 243,503 113,305,725
Maturity Date
Unrealized Gain/(Loss)
7/31/13 $ 7/31/13
5,712 (1,637,500)
Total $
(1,631,788)
Class T GBP (hedged) Currency Purchased
Amount Purchased
Currency Sold
USD GBP
1,924,556 379,578,523
GBP USD
Amount Sold 1,249,833 584,031,254
Maturity Date
Unrealized Gain/(Loss)
7/31/13 $ 7/31/13
29,316 (8,440,470)
Total $
(8,411,154)
Opportunistic Emerging Market Debt II Portfolio Currency Purchased
Amount Purchased
Currency Sold
Amount Sold
BRL EUR INR MXN MYR
7,470,000 2,699,000 303,600,000 69,583,000 8,390,000
USD USD USD USD USD
3,524,858 3,620,768 5,108,875 5,369,473 2,654,391
162 Wellington Management Portfolios (Luxembourg)
Maturity Date 9/4/13 $ 9/18/13 9/18/13 9/18/13 9/18/13
Unrealized Gain/(Loss) (188,965) (111,229) (92,683) (65,220) (25,780)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 4. Investment Transactions (continued) a. Forward foreign exchange contracts (continued) Opportunistic Emerging Market Debt II Portfolio (continued) Currency Purchased
Amount Purchased
Currency Sold
NGN PHP USD USD USD USD USD USD USD USD
865,444,000 115,020,000 4,157,137 4,632,194 3,518,184 15,500,312 2,706,948 3,822,407 7,337,203 6,213,691
USD USD BRL CLP COP EUR NGN PEN RUB ZAR
Amount Sold
Maturity Date
4,937,687 2,652,675 9,095,000 2,338,100,000 6,723,250,000 11,606,000 450,788,000 10,515,000 241,449,000 63,448,000
Unrealized Gain/(Loss)
10/18/13 $ 9/18/13 9/4/13 9/23/13 9/18/13 9/18/13 10/18/13 9/18/13 9/18/13 9/18/13
233,775 14,579 95,563 70,878 63,294 408,907 13,264 68,712 85,872 (104,383)
Total $
466,584
Class A EUR (hedged-distributing) Currency Purchased
Amount Purchased
Currency Sold
USD EUR
11,965,593 400,833,459
EUR USD
Amount Sold
Maturity Date
9,147,448 526,586,530
Unrealized Gain/(Loss)
7/31/13 $ 7/31/13
73,822 (5,499,124)
Total $
(5,425,302)
b. Futures contracts As at June 30, 2013 the Fund held the following futures contracts: US Research Equity Portfolio Number of Contracts 84
Description
CCY
S&P 500 Emini Futures September 2013
USD
Commitment in $
Unrealized Gain/(Loss)
6,717,060 $
(163,478)
Total $
(163,478)
Global Total Return Portfolio Number of Contracts (234) (230)
Commitment in $
Description
CCY
3 Month Euribor Future September 2013 3 Month Euribor Future December 2013
EUR
(75,835,913) $
EUR
(74,487,253)
163 Wellington Management Portfolios (Luxembourg)
Unrealized Gain/(Loss) 7,604 (21,854)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 4. Investment Transactions (continued) b. Futures contracts (continued) Global Total Return Portfolio (continued) Number of Contracts 313 (3) 24 327 27 (136) 685 (71) 1,805 (529) 858 474 (114) (1,979) (305) (137) 638 (58)
(278) 3,006 (22)
Commitment in $
Unrealized Gain/(Loss)
Description
CCY
3 Month Euribor Future March 2014 3 Month Euribor Future December 2014 3 Month Euro Euribor Future March 2015 90 Day Eurodollar Future December 2013 90 Day Eurodollar Future March 2014 90 Day Eurodollar Future December 2014 90 Day Sterling Future December 2013 90 Day Sterling Future December 2014 Australia 10 Year Bond Future September 2013 Australia 3 Year Bond Future September 2013 Canada 10 Year Bond Future September 2013 Euro Bobl Future September 2013 Euro Btp Future September 2013 Euro Bund Future September 2013 Euro Buxl 30 Year Future September 2013 Euro Oat Future September 2013 Euro Schatz Future September 2013 Japan 10 Year Bond (TSE) Future September 2013 UK Long Gilt Future September 2013 US 10 Year Note (CBT) Future September 2013 US 2YR Note (CBT) Future September 2013
EUR
101,291,151 $
20,343
EUR
(968,843)
(195)
EUR
7,744,506
15,988
USD
81,443,437
(38,014)
USD
6,720,975
(2,362)
USD
(33,770,500)
39,100
GBP
129,062,257
121,614
GBP
(13,344,950)
(1,611)
AUD
195,604,759
278,739
AUD
(52,880,192)
(294,937)
CAD
106,876,895
(1,608,891)
EUR
77,139,337
140,111
EUR
(16,251,218)
232,387
EUR
(364,046,489)
1,558,592
EUR
(50,960,229)
81,917
EUR
(23,590,184)
496,568
EUR
91,517,875
21,155
JPY
(83,320,079)
167,375
GBP
(47,181,806)
(195,609)
USD
380,446,875
247,711
USD
(4,840,000)
(1,031)
164 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 4. Investment Transactions (continued) b. Futures contracts (continued) Global Total Return Portfolio (continued) Number of Contracts (546) 658 12
Description
CCY
US 5YR Note (CBT) Future September 2013 US Long Bond (CBT) Future September 2013 US Ultra Bond (CBT) Future September 2013
USD
Commitment in $ (66,091,596) $
Unrealized Gain/(Loss) (1,002)
USD
89,385,187
(2,351,922)
USD
1,767,750
(63,219)
Total $
(1,151,443)
Opportunistic Emerging Market Debt II Portfolio Number of Contracts 101
Description
CCY
US Long Bond (CBT) Future September 2013
USD
Commitment in $
Unrealized Gain/(Loss)
13,720,219 $
(451,758)
Total $
(451,758)
c. Credit default swaps As at June 30, 2013 the Fund held the following credit default swaps: Global Total Return Portfolio Nominal Amount
CCY
Description
5,000
USD
1,960,000
USD
1,955,000 1,955,000
USD USD
2,585,000
USD
3,550,000
USD
3,550,000
USD
3,550,000
USD
2,545,000
USD
iTraxx Asia ex-Japan IG Series 19 Version 1 iTraxx Asia ex-Japan IG Series 19 Version 1 Republic of Portugal 5.45% Republic of Portugal 5.45% - 1% iTraxx CEEMEA 19 Series Version 1 Commonwealth Bank of Australia ACT/365 Westpac Banking Corp 5.88% National Australia Bank 4.63% Markit CDX EM Series 19 Version 1
Counterparty
Settlement Date
Unrealized Gain/(Loss)
Bank of America Barclays
6/20/18 $ 6/20/18
27,706
Barclays Barclays
9/20/18 9/20/18
14,097 10,581
Credit Suisse
6/20/18
13,617
Deutsche Bank
9/20/18
6,846
Deutsche Bank
9/20/18
6,745
Deutsche Bank
9/20/18
5,671
Deutsche Bank
6/20/18
3,223
165 Wellington Management Portfolios (Luxembourg)
19
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 4. Investment Transactions (continued) c. Credit default swaps (continued) Global Total Return Portfolio (continued) Nominal Amount
CCY
Description
3,550,000
USD
(3,550,000)
USD
(3,550,000)
USD
(3,550,000)
USD
(3,550,000)
USD
2,590,000
USD
Australia & New Zealand Banking Group 5.13% Commonwealth Bank of Australia 3.00% Australia & New Zealand Banking Group 3.75% Westpac Banking Corp 4.25% National Australia Bank 3.50% Markit CDX EM Series 19 Version 1
Counterparty
Settlement Date
Unrealized Gain/(Loss)
Deutsche Bank
9/20/18 $
1,049
Deutsche Bank
9/20/18
(6,196)
Deutsche Bank
9/20/18
(6,196)
Deutsche Bank
9/20/18
(6,196)
Deutsche Bank
9/20/18
(6,196)
Deutsche Bank
6/20/18
(22,620)
Total $
42,150
Opportunistic Emerging Market Debt II Portfolio Nominal Amount
CCY
Description
12,935,000
USD
iTraxx CEEMEA Series 19 Version 1
Counterparty Barclays
Settlement Date
Unrealized Gain/(Loss)
6/20/18 $
151,238
Total $
151,238
A positive nominal amount indicates that the fund is buying protection and pays interest. A negative nominal amount indicates that the fund is selling protection and receives interest.
166 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 4. Investment Transactions (continued) d. Cross currency swaps As at June 30, 2013 the Fund held the following cross currency swaps: Global Total Return Portfolio Nominal Amount
CCY
Maturity Date
Fixed Rate
Variable Rate
(1,085,000) (1,630,000) 7,765,000
TRY TRY TRY
9/18/18 9/18/18 9/19/23
5.56% 5.50% 7.33%
BBA USD 3 Month Libor BBA USD 3 Month Libor BBA USD 3 Month Libor
Unrealized Gain/(Loss) $
42,478 66,048 (110,970)
Total $
(2,444)
A positive nominal amount indicates that the fund receives interest and the principal of the loan in the currency indicated and for a negative nominal amount the fund is paying interest and the principal in the currency indicated. e. Interest rate swaps As at June 30, 2013 the Fund held the following interest rate swaps: Global Total Return Portfolio Nominal Amount
CCY
Maturity Date
Fixed Rate
Variable Rate
(1,925,000)
AUD
9/19/23
4.70%
16,215,000 16,215,000 (3,500,000) (820,000) (820,000) 40,585,000 (10,170,000) (5,140,000) (541,385,000) (541,390,000) (990,415,000) (867,675,000) (1,091,205,000) 16,065,690,000
EUR EUR GBP GBP GBP ILS ILS ILS JPY JPY JPY JPY JPY KRW
9/18/18 9/18/18 11/8/22 6/20/23 6/20/23 9/18/15 6/20/23 9/19/23 2/18/23 2/18/23 2/19/23 3/8/43 3/22/43 9/23/15
1.08% 1.03% 1.88% 3.10% 3.09% 1.83% 4.62% 5.53% 0.82% 0.82% 0.82% 2.65% 2.59% 2.72%
3,448,175,000
KRW
9/18/18
3.14%
3,494,005,000
KRW
9/23/18
3.16%
(4,175,575,000)
KRW
6/20/23
3.05%
(4,244,485,000)
KRW
6/20/23
3.05%
Australian Bank Bill Short Term 6 Month Mid Euribor 6 Month ACT/360 Euribor 6 Month ACT/360 BBA GBP 6 Month Libor BBA GBP 6 Month Libor BBA GBP 6 Month Libor 3 Month Telbor 3 Month Telbor 3 Month Telbor BBA JPY 6 Month Libor BBA JPY 6 Month Libor BBA JPY 6 Month Libor BBA JPY 6 Month Libor BBA JPY 6 Month Libor KRW 3 Month Certificate of Deposit KRW 3 Month Certificate of Deposit KRW 3 Month Certificate of Deposit KRW 3 Month Certificate of Deposit KRW 3 Month Certificate of Deposit
167 Wellington Management Portfolios (Luxembourg)
Unrealized Gain/(Loss) $
35,615 (259,457) (310,551) 277,587 32,111 32,929 69,775 65,786 (15,247) 101,619 103,634 190,814 (8,577) 69,435 (34,083) 10,356 13,777 73,286 74,860
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 4. Investment Transactions (continued) e. Interest rate swaps (continued) Global Total Return Portfolio (continued) Nominal Amount
CCY
Maturity Date
Fixed Rate
Variable Rate
(2,465,395,000)
KRW
9/19/23
3.59%
17,425,000 (101,000,000) (56,425,000) (50,505,000) 27,720,000
MXN MXN MXN MXN PLN
9/12/18 6/14/23 9/13/23 9/13/23 9/18/15
6.07% 6.14% 8.36% 7.13% 3.19%
4,050,000
PLN
9/18/18
3.83%
(10,480,000)
PLN
6/20/23
3.63%
(7,415,000)
PLN
9/19/23
4.83%
(12,575,000)
PLN
9/19/23
4.53%
(9,985,000)
PLN
9/19/23
4.55%
(2,035,000) (3,640,000) (40,935,000) (91,450,000) 3,670,000 6,280,000 3,660,000 3,450,000 1,220,000 (10,740,000) 61,245,000 13,685,000 47,225,000 24,950,000
USD USD USD USD USD USD USD USD USD USD ZAR ZAR ZAR ZAR
6/20/14 6/20/14 5/14/15 6/19/15 6/20/23 6/20/23 6/20/23 6/20/23 6/20/23 6/19/43 9/18/15 9/18/18 9/19/23 9/19/23
0.60% 0.60% 0.40% 0.50% 3.52% 3.44% 2.99% 4.02% 3.44% 3.00% 6.74% 7.50% 8.71% 8.91%
KRW 3 Month Certificate of Deposit Mexico Interbank TIIE 28 Day Mexico Interbank TIIE 28 Day Mexico Interbank TIIE 28 Day Mexico Interbank TIIE 28 Day Poland Warsaw Interbank Offer/Bid 6 Month Poland Warsaw Interbank Offer/Bid 6 Month Poland Warsaw Interbank Offer/Bid 6 Month Poland Warsaw Interbank Offer/Bid 6 Month Poland Warsaw Interbank Offer/Bid 6 Month Poland Warsaw Interbank Offer/Bid 6 Month BBA USD 3 Month Libor BBA USD 3 Month Libor BBA USD 3 Month Libor BBA USD 3 Month Libor BBA USD 3 Month Libor BBA USD 3 Month Libor BBA USD 3 Month Libor BBA USD 3 Month Libor BBA USD 3 Month Libor BBA USD 3 Month Libor South African JIBA 3 Month South African JIBA 6 Month South African JIBA 3 Month South African JIBA 3 Month
Unrealized Gain/(Loss) $
(1,540) 12,733 459,370 (78,672) 97,976 (7,128) (2,715) 108,988 (26,201) (1,887) (4,075) (4,848) (8,583) 66,744 68,650 (71,455) 32,650 (151,359) 5,271 (27,726) 787,106 65,827 10,465 (76,970) (26,323)
Total $
1,749,967
Opportunistic Emerging Market Debt II Portfolio Nominal Amount
CCY
(8,678,701) (3,264,893)
BRL BRL
Maturity Date
Fixed Rate
1/2/17 9.98% 1/2/23 10.45%
Variable Rate BRL Interbank Deposit Rate BRL Interbank Deposit Rate
168 Wellington Management Portfolios (Luxembourg)
Unrealized Gain/(Loss) $
(114,886) (86,660)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 4. Investment Transactions (continued) e. Interest rate swaps (continued) Opportunistic Emerging Market Debt II Portfolio (continued) Nominal Amount (12,278,132)
CCY
Maturity Date
Fixed Rate
Variable Rate
BRL
1/2/23
9.21%
BRL Interbank Deposit Rate
Unrealized Gain/(Loss) $
(923,996)
Total $
(1,125,542)
A positive nominal amount indicates that the fund receives the fixed rate and pays the variable rate. A negative nominal amount indicates that the fund pays the fixed rate and receives the variable rate. f. Bond forward contracts As at June 30, 2013, the Fund held the following bond forward contracts: Global Total Return Portfolio Nominal Amount
CCY Description
Commitment in $
7/19/13 8/14/13 8/13/13 8/14/13 7/19/13 7/19/13 7/19/13 7/19/13 8/19/13 7/19/13 8/19/13 7/19/13 7/19/13 8/12/13 8/12/13 7/19/13 7/19/13 7/8/13 8/20/13 9/3/13 7/17/13
20,120,000
7/12/13
17,331,216
(864,974)
8/7/13
19,337,839
(537,748)
169 Wellington Management Portfolios (Luxembourg)
4,044,865 $ (3,736,299) (11,567,584) 34,835,381 253,000 (31,061,580) (5,371,864) (12,869,932) (5,619,845) (5,220,612) 4,691,533 19,895,132 3,728,076 2,401,638 (3,290,083) (4,358,985) (15,785,936) 20,846,202 4,747,170 (93,034,696) 49,256,760
Unrealized Gain/(Loss)
3,170,000 EUR (2,860,000) EUR (8,930,000) EUR 27,095,000 EUR 195,000 EUR (2,942,200,000) JPY (535,000,000) JPY (1,245,250,000) JPY (559,450,000) JPY (523,550,000) JPY 3,910,000 EUR 143,605,000 SEK 3,350,000 EUR 2,025,000 EUR (2,325,000) EUR (3,150,000) EUR (11,590,000) EUR 11,615,000 GBP 3,350,000 GBP (61,810,000) GBP 52,845,000 USD
21,920,000
DBR 0% 2/15/23 DBR 2.5% 7/4/44 France OAT 2.25% 10/25/22 FRTR 1% 5/25/18 Italy 4.5% 5/1/23 JB 308 1.3% 6/20/20 JB 327 0.8% 12/20/22 JL 133 1.8% 12/20/31 JL 145 1.7% 6/20/33 JX 38 1.8% 3/20/43 PGB 5.65% 2/15/24 SGB 1.5% 11/13/23 Spain 0% 1/31/37 Spain 4.7% 7/30/41 Spain 6% 1/31/29 Spain 0% 7/30/32 Spain 0% 1/31/23 UK Gilt 4.5% 12/7/42 UK Gilt 3.25% 1/22/44 UK Gilt 1% 9/7/17 US Treasury Note 3.125% 2/15/43 USD US Treasury Note 2.75% 11/15/42 USD US Treasury Note 2.875% 5/15/43
Settlement Date
(157,799) (32,320) 427,132 (11,533) 942 560,775 56,563 (334,459) 249,017 2,397 (159,697) (1,048,678) (194,471) (84,764) 103,108 218,247 274,125 (2,512,917) (214,563) 968,569 (1,345,506)
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 4. Investment Transactions (continued) f. Bond forward contracts (continued) Global Total Return Portfolio (continued) Nominal Amount (43,045,000)
CCY Description USD US Treasury Note 0.75% 2/28/18
Settlement Date 7/17/13
Commitment in $
Unrealized Gain/(Loss)
(41,980,255) $
380,716
Total $
(4,257,838)
A positive nominal amount indicates that the fund has agreed to purchase the underlying bond. A negative nominal amount indicates that the fund has agreed to sell the underlying bond. g. Interest rate swaptions As at June 30, 2013, the Fund held the following outstanding interest rate swaptions: Global Total Return Portfolio Nominal Amount 344,000,000
Description
Counterparty
Sell fixed rate on underlying 10 year JPY, IRS @ 1.66
Morgan Stanley
Settlement Date
Market Value
3/6/15 $
59,551
Total $
59,551
A positive nominal amount indicates that the fund has the right to enter into a swap where it pays the fixed rate and receives the floating rate. A negative nominal amount indicates that the fund has the right to enter into a swap where it receives the fixed rate and pays the floating rate.
5. Distribution Policy The Management Company may decide whether and to what extent net investment income and net realised and unrealised capital gains will be distributed with respect to any Portfolio. For Equity Portfolios, distributions to the Unitholders of Distributing Unit Classes of the Portfolios will generally be declared and paid annually within one month following the end of the financial year. For Fixed Income Portfolios, distributions to the Unitholders of Distributing Unit Classes generally will be declared and paid quarterly.
Fund Opportunistic Emerging Market Debt II Portfolio
Ex. Date March 28, 2013 June 28, 2013
Pay Date April 4, 2013 July 3, 2013
170 Wellington Management Portfolios (Luxembourg)
Distribution Rate
Total Amount Paid
0.088835 $ 0.092747
4,839,313 5,142,061
Total $
9,981,374
Wellington Management Portfolios (Luxembourg) Notes to the financial statements (continued) June 30, 2013 6. Subsequent Events Unit classes launched during the period The Class B EUR (Hedged) Units of the Global Total Return Portfolio were launched on July 23, 2013.
171 Wellington Management Portfolios (Luxembourg)
Wellington Management Portfolios (Luxembourg) Additional information for the period ended June 30, 2013
Total Expense Ratio
Portfolio US Research Equity Portfolio Class A USD Class B EUR (hedged) Class B USD Class B1 USD
0.71% 1.21% 1.21% 1.53%
Global Research Equity Portfolio Class A GBP 0% Class A USD Class J JPY
1.00% 0.86% 0.11%
Global Contrarian Equity Portfolio Class A USD Class T GBP Class T USD
1.15% 0.25% 0.25%
45.46%
Special Equity Portfolio Class A USD Class T GBP
55.81%
85.05%
175.32% 1.15% 0.25%
Global Select Capital Appreciation Equity Portfolio Class A CAD Class A EUR Class A GBP 15% Class A USD Class T USD
1.20% 1.20% 1.20% 1.20% 0.25%
Global Growth Equity Portfolio† Class A SGD (hedged)
1.00%
Global Value Equity Portfolio Class A EUR Class A GBP 0% Class A EUR (hedged) Class T USD
0.86% 0.87% 0.86% 0.11%
Global Opportunities Equity Portfolio Class A USD Class J JPY
1.00% 0.25%
161.24%
-17.44%
43.88%
129.90%
Asian Local Opportunities Portfolio Class A USD
†
Portfolio Turnover Rate
Portfolio became inactive on January 28, 2013.
172 Wellington Management Portfolios (Luxembourg)
75.41% 1.25%
Wellington Management Portfolios (Luxembourg) Additional information (continued) for the period ended June 30, 2013
Total Expense Ratio
Portfolio Global Disciplined Growth Portfolio Class A USD
1.00%
Global Total Return Portfolio Class A EUR (hedged) Class A GBP (hedged) Class A USD Class B USD Class N USD* Class T GBP (hedged)
0.39% 0.39% 0.39% 0.90% 0.48% 0.15%
Opportunistic Emerging Market Debt II Portfolio Class A EUR (hedged – distributing)
0.74%
Portfolio Turnover Rate 118.11%
1,108.61%
118.81%
* The total expense ratio has been calculated for the period from May 21, 2013 (launch date) to June 30, 2013.
Additional information: The total expense ratios and portfolio turnover rates were calculated in accordance with the Swiss Fund Association’s guidelines dated May 16, 2008 and relate to the 12 months ended June 30, 2013. Calculations relating to periods of less than 1 year have been annualized.
173 Wellington Management Portfolios (Luxembourg)
