5.957 Capital Expense Processing on Mutual/Hedge...

SYSTEM MANUAL - SECTION 5.957 - Capital Expense Processing on Mutual/Hedge Funds

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SECTION 5.957 - Capital Expense Processing on Mutual/Hedge Funds

1. Overview ........................................................................................................................................ 1 2. Capital Expense Security Definition .................................................................................... 2 3. Capital Expense Schedule Definition .................................................................................. 3 4. Capital Expense Payment Transaction Entry & General Ledger Effects ................ 4 5. Impact of Receivable and Payables on Capital Expenses ........................................... 6 6. Impact of Realized and Unrealized exchange G/L on Accrued Capital Expenses

for Mutual Funds and Hedge Funds ..................................................................................... 8 7. MCS Initialization on Capital Expense .............................................................................. 14 8. Online & Batch Reporting for Capital Expenses ............................................................ 15

8.1 Online ........................................................................................................................................ 15 8.2 Batch reports ......................................................................................................................... 20 8.3 Browser Reports ................................................................................................................... 20 8.4 Hybrid Reports ....................................................................................................................... 20

9. Spectra codes ............................................................................................................................ 21 10. Capital Expense Processing – Batch, Browser & Hybrid Reports Example ........ 22

10.1 Batch Reports Example .............................................................................................. 22 10.2 Browser Reports ........................................................................................................... 38



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1. Overview Capital expenses are expenses derived from non-income sources which are paid out of capital cash. These expenses are not applied to distributable income.

UK fund types are required to maintain separate income and capital accounts. In recent times these types of funds have been permitted to increase their distributable income by charging a proportion of their expenses to capital as opposed to income. Due to current market conditions there is a desire to boost income yields for other fund types and therefore there is a requirement for more flexibility regarding the income/capital charging of expenses.

Originally capital expenses were included as a part of the Unit Trust and OEIC modules, now it is expanded for Hedge Funds and Mutual Funds. In the broadest sense Capital Expenses are now permitted to be accrued and posted against Mutual and Hedge Funds. However, only Browser Capital Variable and Fixed Expenses (i.e. asset groups CV and CT) are covered in this module.

• Capital Expense line on GLEQ / EQUITY and Accrued Capital Expense line on STAS /GLSTAS screen report the accrual and payment of capital expenses for Mutual/Hedge funds.

• Capital expense schedules can now be set up for Mutual/Hedge funds. Both fund and class level capital expenses can be set up in BEC (Browser Expense Calculator) for Mutual/Hedge funds.

• Foreign capital expenses can now be set up in BEC (Browser Expense Calculator) for Mutual/Hedge funds.

The following Transactions can be posted against Mutual Fund/Hedge Fund

• CAPEXP Capital Expense Payment • CAPEX+ Capital Expense Adjustment (Increase Principal Cash) • CAPEX- Capital Expense Adjustment (Decrease Principal Cash)

Adjustment transactions like EXADJ+ Browser Capital Expense Adjustment (Increase Accrual) and EXADJ- Browser Capital Expense Adjustment (Decrease Accrual) can be messaged in for capital expenses against Mutual/Hedge funds.



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2. Capital Expense Security Definition Capital Expenses are not an investment security. However, as with expenses (Capital), they are defined through the same screen progression used to define a bond-like security. Special considerations when defining a Capital Expense through the progression of screens are as follows:

SECURITY DEFINITION – BOND (BOSB) SCREEN

Field Required Value SECURITY NUMBER 256 to 32,767 for Asset Group “CT”, “CV” EXP TYPE Asset Group “CV” requires Expense Type of “V”; Asset Groups “CT”

require Expense Type of “F”. PRICE CODE “B” ASSET GROUP “CT” (Browser Capital Fixed Expense)

“CV” (Browser Capital Variable Expense) For an expense defined with an Asset Group of “CT” or “CV”, the ISSUE, INCOME and TRADE CURRENCY must all be defined with the same Currency.

SECURITY DEFINITION - BOND (BOSB) SCREEN

Field Required Value

BOND CODE “9” - Fixed Expense (used to define all expense securities, including Asset Groups “CT”, “CV”).

ACCRUAL METHOD “M” - Fixed Fee Expense (used to define all expense securities, including Asset Groups “CT”, “CV”).

CONTRA EXPENSE “Y” for Capital Expenses (positive accruals are reported as liabilities).

CLASS OF SHARES 00- 98

Class of share the expense relates to (Default to 00 – common expense).

SECURITY DESCRIPTION – BOND (BODE) SCREEN

In defining a Capital Expense, no unique restrictions apply to this screen.



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3. Capital Expense Schedule Definition Expense Schedule can be setup for Browser Capital Expense (Asset group – ‘CT’, ‘CV’) for Mutual Funds and Hedge funds. Expense Schedule Maintenance screen (EcExpSch) has to be used for setting up the schedule for Browser Capital Expense.

To reflect the Expense amount in the required account the user need to buy 1 share of the expense security in the resp. account.

UTAAFS and DEFE screen cannot be used to setup the schedule for Browser Capital Expense (Asset group – ‘CT’, ‘CV’)

For more information on browser expense schedule definition please refer to system manual module.



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4. Capital Expense Payment Transaction Entry & General Ledger Effects There are three transaction codes relating to Capital Expense asset groups that debit/credit Principal Cash:

• CAPEXP Capital Expense Payment • CAPEX- Capital Expense Adjustment (Decrease Principal Cash) • CAPEX+ Capital expense Adjustment (Increase Principal Cash)

The CAPEXP transaction code is used to pay a Capital Expense while CAPEX- and CAPEX+ allow the user to make an adjustment to a payment made by CAPEXP. The transaction codes that process Capital Expense payments are applied using the Trade Entry (DETE/DEFT) screen. The process for entering Capital Expense transactions is the same as Expense transactions (Income), except that the posting amount should be posted on the PRINCIPAL field instead of INCOME field.



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General Ledger effects of the Capital Expense transaction codes (as shown on GLIN):

• CAPEXP DR CR

On Effective Date Accrued Capital Expenses 999,999,999.99 Capital Expenses Payable 999,999,999.99

On Actual Settle Date Capital Expenses Payable 999,999,999.99 CASH (PRINCIPAL) 999,999,999.99

• CAPEX- DR CR

On Effective Date Accrued Capital Expenses 999,999,999.99 Capital Expenses Payable 999,999,999.99

On Actual Settle Date Capital Expenses Payable 999,999,999.99 CASH (PRINCIPAL) 999,999,999.99

• CAPEX+ DR CR

On Effective Date Capital Expenses Payable 999,999,999.99 Accrued Capital Expenses 999,999,999.99

On Actual Settle Date CASH (PRINCIPAL) 999,999,999.99 Capital Expenses Payable 999,999,999.99



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5. Impact of Receivable and Payables on Capital Expenses Unsettled Capital Expenses payments for Mutual and Hedge funds are always reflected as a ‘Other payables’ in various reporting, regardless if the payment is positive or negative. The unsettled capital expense payments are classified as ‘Capital Expense Payable’.

Refer to below examples –

Example A-

The deferred date capital expense transaction (CAPEXP) of value GBP 125 (base USD 193.5) is posted on trade date 01/08/2011 with settle date 01/11/2011, this will derive the negative payables value on GLSTAS screen from 01/082011 till the transaction settlement date.



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Example B-

With deferred date capital expense transaction (CAPEXP+) of value GBP 225 (base USD 350.36) is added on trade date 01/12/2011 with settle date 01/14/2011, this will derive the positive payables value on GLSTAS screen from 01/12/2011 through transaction settlement date.



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6. Impact of Realized and Unrealized exchange G/L on Accrued Capital Expenses for Mutual Funds and Hedge Funds

The unrealized exchange G/L on capital expense is generated when there is a difference between gross Income Basis and gross income Base. (Income basis is calculated based on the exchange rate of the respective dates when the expense is accrued, as shown in column below ‘Income Basis’, whereas gross income Base, takes total accrued expense and apply the exchange rate for the valuation date). In the table 1, refer to ‘Unrealized G/L on Cap Exp’ column of 01/04/2011.

Realized exchange G/L is generated when there’s a capital expense payment and there’s difference between the trade base amount and the basis relieved.

Table – 1

Based on the above example below are the screen shots of VSHB and GLEQ screen

As of 01/03/2011 First accrual entry (EXADJ+) for GBP 100 (Base USD 156.08). The capital expense accrual balance base amount on 01/03/01 is reflected on GLSTAS screen under field ‘Accrued Capital Expenses’. The capital expense incurred is reflected on GLEQ screen under field ‘Capital Expenses’. As this is the first day of accrual, the Base accrual balance and Income Basis are same and hence there’s no unrealized G/L on capital expense.

DATE SECURITY CODE

LOCAL AMOUNT

(GBP)Exchange

Rate

BASE Amount

(USD)Basis

Relieved

Capital Expense

Incurred till date (GLEQ)

Total Accrual Local as of EOD

Total Accrual

Base as of EOD

(GLSTAS)Income

Basis

Realized G/L on Cap Exp Unrealized G/L on Cap Exp

1/3/2011 EXPENSE EXADJ+ (100.00) 0.6407 (156.08) (156.08) (100.00) (156.08) (156.08) 0.001/4/2011 EXPENSE EXADJ+ (100.00) 0.6446 (155.13) (311.21) (200.00) (310.27) (311.21) 0.941/5/2011 EXPENSE CAPEXP (75.00) 0.6434 (116.57) (116.71) (311.08) (125.00) (194.28) (194.51) 0.14 0.231/6/2011 EXPENSE EXADJ- 50.00 0.6431 77.75 (233.33) (75.00) (116.62) (116.76) 0.14



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As of 01/04/2011 This is an additional accrual adjustment entry made for GBP 100 (USD 155.13). As seen in the table 1, on 4th Jan, 2011 there’s a difference between ‘Total Accrual Base’ (310.27) and ‘Income Basis’ (311.21). These same values are reflected on VSHB screen shown below i.e. ‘Gross Income’ and ‘Gross Income Basis’. The difference in Gross Income and Gross Income Basis is reflected in ‘Unrealized Exchange G/L’ on GLEQ screen.

Calculation • Total Accrual Base – 200 GBP ( local accrual balance) * 0.6446 (exchange rate of

01/04/11) = USD 310.27 • Income Basis – 156.08 (capital expense incurred on 01/03/2011) + 155.13 (capital

expense incurred on 01/04/2011) = USD 311.21

*Note – Unrealized Exchange G/L on GLEQ screen reflects not only unrealized exchange G/L impact of capital expense but also unrealized exchange G/L of other foreign security holdings and currency balances.



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As of 01/05/2011 Refer to the table 1, there is a capital expense payment made, which generates a realized exchange G/L of 0.14, that is the difference between base amount ( Local * Exchange – 75*0.6434) and basis relieved ( Local*Income Basis/Total Accrual Local as of EOD- (75)* (311.21)/(200)). This realized exchange G/L is added to the capital expense, which is seen on GLEQ screen.

Unrealized is calculated similarly as mentioned in the example of 01/04/2011.



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7. MCS Initialization on Capital Expense Following MCS Initialization code for Capital expense (mentioned below) which is used for OEIC is allowed for Mutual Funds and Hedge Funds.

• FCEXI+ : Franked Capital Expense Initialization – Positive • FCEXI- : Franked Capital Expense Initialization – Negative • UFCEX+ : Un-Franked Capital Expense Initialization – Positive • UFCEX- : Un-Franked Capital Expense Initialization – Negative



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8. Online & Batch Reporting for Capital Expenses

8.1 Online The following list of online screens can be used to identify the impact of Capital Expense processing for Mutual Funds / Hedge Funds.

• EQUITY Equity Balance (Domestic) • STAS Statements of Assets and Liabilities (Domestic) • GLEQ Global Equity Balances • GLSTAS Global Statement of Assets and Liabilities • CLCEQ Class Currency – Equity • ANCF Analysis of Cash Flows • VBCLEX MCS Expense Balances • VNAV Net Asset Value Proof • CBAL3 Currency Balances

EQUITY – Equity Balance (Domestic) Capital expense field on EQUITY screen displays the capital expenses incurred till the reporting date on mutual funds and hedge funds for domestic accounts. Capital expenses is included in shareholders’ equity.



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STAS - Statements of Assets and Liabilities (Domestic) Accrued capital expense line on STAS screen displays the total capital expense accrual balance as on the reporting date for domestic Mutual fund/Hedge funds.

GLEQ – Global – Equity Balances Capital expense line on GLEQ screen displays the capital expenses incurred till the reporting date on mutual funds and hedge funds for global accounts. Capital expenses are included in shareholders’ equity.



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GLSTAS – Global Statement of Assets and Liabilities Accrued capital expense line on GLSTAS screen displays total capital expense accrual balance as on reporting date for global Mutual fund/Hedge funds

CLCEQ – Class Currency – Equity ‘Other Capital Asset’ line on CLCEQ screen reflects the capital expenses incurred through the reporting date, both in local currency of the expense and base currency of the fund.



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ANCF – Analysis of Cash Flows Expenses line on ANCF screen includes capital expense payment as well as income expenses for the reporting date.

VBCLEX – Class of Shares Expense Balances ‘Total Expense (c) Earned’ line reflects the total capital expense incurred at the class level for the period for Mutual Funds/Hedge Funds. The breakup of Franked/Unfranked would not be updated for Mutual funds/Hedge Funds.



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VNAV – Net Asset Value Proof ‘Capital Expense’ line reflects the total capital expense incurred for the period at the class level for Mutual Funds / Hedge Funds.

CBAL3 – Currency Balances Two line items are shown below:

• Capital Expenses – Reflects capital expense incurred through the reporting date for Mutual Fund / Hedge funds.

• Accrued Capital Expenses – Reflects capital expense accrual balance on the reporting date.



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8.2 Batch reports The following list of reports can be referenced to view the impacts of Capital expenses made for Mutual funds/Hedge funds.

R019 NAV Asset Value Reconciliation R025 Statement of Cash Flows R069 EXPENSE SUMMARY R079 General Ledger Summary R086 NAV Impact Summary R088 Statement of Changes in Net Assets R089 Statement of Assets and Liabilities R092 Trial Balance R100 Year End Clear Down R101 Global Summary of Investments R108 Global Net Assets Value Reconciliation R109 Global Summary of Receivables and Payables R111 Global Statement of Changes in Net Assets R112 Global Statement of Assets and Liabilities R122 Detail Trial Balance R128 Portfolio Summary Report R152 Statement of Net Assets R154 Statement of Changes in Net Assets R157 Net Asset Valuation Summary R211 Multiple Classes of Shares NAV Worksheet R249 Portfolio Valuation Report

8.3 Browser Reports AssetLiab Assets and Liabilities BalS Balance Sheet EqtyBal Equity Balances reports NAVImpSum NAV Impact Summary Report AccExp Accrued Expenses AccCapExp Accrued Capital Expense ExpSum Expense Summary CapExp Capital Expense Payable ECExpDetRpt Expense Detail Report Request ECExpSumRpt Expense Summary Report Request CashFlow Analysis of Cash Flow CashFL Statement of Cash Flow TBCR Trial Balance Comparison Report

8.4 Hybrid Reports R025 Statement of Cash Flows R079 General Ledger Summary Listing R092 Trial Balance R111 Statement of Changes



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9. Spectra codes

Spectra codes listed below will report the impact of capital expenses for Mutual/Hedge funds.

Fund Trend

5R Capital Expenses Incurred (Base value) 5T Capital Expenses Paid (Base value) 50 Capital Expenses Payable (Base value) R4 Realized FX G/L Recvbl/Paybl RE Realized FX G/L OP Other Payables OQ Other Payables (True) JX Prior Capital Expenses CEP Capital Expenses (Mutual/Hedge Funds) – new field on Fund Trends TCE Total Capital Expense Earned (Fund Trends – Multi Period)

Transaction analysis

RCE Real exchange gain/loss on cap expense XU Unrealized G/L

Security Distribution

RX Unrealized FX on Income UCE Unrealized G/L on Capital Expenses



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10. Capital Expense Processing – Batch, Browser & Hybrid Reports Example

10.1 Batch Reports Example

R019 – NAV Asset Value Reconciliation

• Line “Capital Expense” under the ‘Equity Balances Section’ reflects the total capital expense incurred within the reporting period.



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R025 – Statement of Cash Flows

• Line “Capital Expense” under the ‘Cash Flow from Investing Activities’ reflects the cash impact of Capital Expense within the reporting period.

R069 – EXPENSE SUMMARY

• Reflects capital expense values in the report.



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R086 - NAV Impact Summary

• Period expenses includes Capital Expense amount along with Income Expenses incurred within the reporting period.

• Exchange Gain/Loss on Capital Expense reflects the exchange G/L incurred on capital expense payment.

R088 - Statement of Changes in Net Assets

• ‘Net Capital Expense’ under ‘Operations’ to reflects total capital expense incurred for the reporting period at the fund level and the class level.



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R089 - Statement of Assets and Liabilities

• “Accrued Capital Expenses” reflects the accrued capital expense balance on the report date.

• “Other Payables” reflects the values for unsettled capital expense (CAPEXP/CAPEX+).

R128 - Portfolio Summary Report

• ‘Accrued Capital Expenses’ under the summary section to reflect accrued capital expense as of the report date.

• “Other Payables” reflects the values for unsettled capital expense (CAPEXP/CAPEX+).



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R249 - Portfolio Valuation Report

• In ‘NAV Summary’ section, the payables includes accrued capital expense and unsettled capital expense.

R079 - General Ledger Summary

Below GL buckets reflects capital expenses:

• ACCRUED CAPITAL EXPENSE PAYA (L078) reflects the entries effecting accrued capital expenses, like the expense accrual and payment.



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• CAPITAL EXPENSES PAYABLE (L079)) reflects the entries effecting unsettled capital expense.

• PRIOR CAPITAL EXPENSE (X003) reflects capital expense incurred for the prior fiscal year end, including the Realized Exchange gain/loss on capital expense.

• CAPITAL EXPENSE (X004) reflects capital expense incurred for the period. The value

to be further grouped based on the income classification as mentioned in the security setup. In the below example, capital expense is displayed with the income classification of ‘Custodian Fees’.



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• REAL EXCH G/L ON CAP EXP (X007) reflects Realized exchange g/l on capital expense payment transactions.

• UNREALIZED EXCHANGE GAIN/LOSS (E070) reflects unrealized exchange gain/loss on capital and income expense.



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R092 - Trial Balance

• Accrued Capital Expense Payable reflects the capital expense accrual balance as on the report date.

• Capital Expense Payable reflects the unsettled capital expense payment amount. This include CAPEXP & CAPEX+ unsettled transactions.

• Prior Capital Expense reflects capital expense incurred through the prior fiscal year end.

• Capital Expenses – in Capital section: o Income/Expense reflects capital expense incurred for the period, further

grouped as per the income classification from security definition screen (STST, BOBD, etc.). Below report shows income classification for the capital expense security reflects as ‘Custodian Fees’.

o Realized Exchange Gain/Loss on Capital Expense reflects the Realized exchange G/L on capital expense payment transactions.

• Unrealized Exchange Gain/Loss also includes unrealized exchange G/L on capital expenses.



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R100 – Year End Clear Down

• At the year-end Capital Expense Balance (X004) and Realized Exchange G/L on Capital Expense balance (X007) move to ‘Prior Capital Expenses’ bucket (X003).



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R101 – Global Summary of Investments

• The Payables section includes unsettled capital expenses, this also includes unsettled CAPEXP & CAPEX+ transactions.

R108 – Global Net Assets Value Reconciliation

• Capital Expense reflects capital expense incurred till the report ‘To date’. • Realized Exchange G/L on Capital Expense reflects the Exchange G/L on capital

expense till the reporting period. • Total Capital Expense reflects sum of ‘Capital Expense’ and ‘Realized Exchange G/L on

Capital Expense’.



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R109 – Global Summary of Receivables and Payables

• Other Payables section incudes unsettled capital expense (CAPEXP & CAPEX+ transactions).

• In the summary section i.e. PAYABLES, an additional section added for ‘Accrued Capital Expenses’, which reflects capital expense accrual balance on the report date and as per the income classification of the expense securities.

R111 – Global Statement of Changes in Net Assets

• ‘Net Capital Expense’ under Operations section reflects total of capital expense incurred for the period at the fund and the class level.



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R112 – Global Statement of Assets and Liabilities

• ‘Accrued Capital Expenses’ in Payable section reflects capital expense accrual as of the reporting period of the report.

• Other Payable includes unsettled capital expense amount. This includes both CAPEXP & CAPEX+ unsettled transactions.



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R122 - Detail Trial Balance

• Accrued Capital Expenses – This section in Liabilities reflects capital expense accrual balance as of the reporting period. This would be further classified as per income classification of the expense securities. In this example, the income classification for the capital expense security is ‘Custodian Fees’

• Capital Expense Payable in liability side, includes deferred capital expense payable. • Capital Expenses Prior – It reflects Capital expense as of the ‘From Date’ of the report. • Capital Expenses – in Capital section.

o Income/Expense – reflects capital expense incurred for the period, further grouped as per the income classification (below example shows income classification for the capital expense security as ‘Custodian Fees’).

o Realized Exchange Gain/Loss on Capital Expense reflects the Realized exchange G/L on capital expense payment entries.

o Unrealized Gain/Loss – Receivables/Payables- If there are foreign capital expense in Mutual Fund/Hedge Fund, this section reflects the unrealized exchange gain/loss on capital expense.



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R152 – Statement of Net Assets

• Capital Expenses section reflects ‘Accrued Capital Expense’ and ‘Capital Expense Payable’ amounts. Below example shows capital expense payable (unsettled capital expense payment entries) amount of USD (792.06) and Accrued Capital Expense of USD (4,950.37).

R154 – Statement of Changes in Net Assets

• “Net capital expense” reflects net impact of Capital expense for reporting period.



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R157 – Net Asset Valuation Summary

• NET RECEIVABLES, PAYABLES, AND ACCRUALS’ now includes capital expense accrual and unsettled capital expense amounts.

R211 – Multiple Classes of Shares NAV Worksheet

• Prior Capital Expense reflects capital expenses incurred as of prior date. • Capital Expense reflects capital expense incurred for the period, further grouped

as per the income classification of the expense securities. • Realized Exchange Gain/Loss on Capital Expense reflects realized exchange G/L on

capital expense payment transactions for the period. • Total Capital Expense reflects total of ‘Prior Capital Expense’, ‘Capital Expense’ and

‘Realized Exchange Gain/Loss on Capital Expense’.



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10.2 Browser Reports

Assets and Liabilities

• In Liabilities section – ‘Accrued Capital Expenses’, reflects accrued capital expense as of the reporting period.

• Capital Expense Payables – This reflects unsettled capital expense payment amount as of reporting date.

Account: 5510 Created: 15-Mar-16 4:44 PM

04-Jan-02 05-Jan-02Assets(Book Cost: 0.00)Foreign Currency 4,550,220.03 4,550,399.23 Receivables Total Assets 4,550,220.03 4,550,399.23

LiabilitiesPayables

Accrued Capital Expense (22,880.22) (22,880.88) Capital Expense Payables (3,184.02) (3,184.12) Other Payables - -

Total Liabilities (26,064.24) (26,065.00)

Total Net Assets 4,524,155.79 4,524,334.23

Shares Outstanding 3,000,000.0000 3,000,000.0000 Net Asset Value 1.50805193 1.50811141 Public Offering Price 1.51 1.51 Dividend Earning Shares 3,000,000.00 3,000,000.00 Yield - -

TEST CAP EXP GLOBAL MCSAssets and Liabilities



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Balance Sheet

• In Liabilities Section – Accrued Capital Expenses reflects ‘Accrued Capital Expense’ balance as of the reporting dates.

• In Liabilities section – Capital Expense Payable reflects unsettled capital expense payment amount as of the reporting date.

• In Equity section – Capital Expense reflects capital expense incurred for the period, further grouped as per the income classification of the expense securities.

• In Equity section – Prior Capital Expense reflects capital expense incurred as of the prior FYE date.

Account: 5510 Created: 15-Mar-16 5:58 AM

04-Jan-02 Net Change 05-Jan-02AssetsForeign Currency 4,550,220.03 179.20 4,550,399.23 ReceivablesTotal Assets 4,550,220.03 179.20 4,550,399.23

LiabilitiesPayables

Accrued Capital Expenses (22,880.22) (0.66) (22,880.88) Capital Expense Payable (3,184.02) (0.10) (3,184.12)

Total Liabilities (26,064.24) (0.76) (26,065.00)

Total Net Assets 4,524,155.79 178.44 4,524,334.23

EquitySubscriptions 4,137,097.18 - 4,137,097.18 Redemptions - - - Capital Expenses (8,202.40) - (8,202.40) Prior Capital Expenses (21,300.56) - (21,300.56) Undistributed Income (26.16)

Undistributed Income (26.16) Undistributed Gain/Loss - Unrealized Exchange Gain/Loss 416,587.73 178.44 416,766.17 Total Equity 4,524,155.79 178.44 4,524,334.23 Total Capital 4,137,097.18 - 4,137,097.18 Total Period Income - Total Period Net Income -

Shares Outstanding 3,000,000.0000 - 3,000,000.0000Net Asset Value 1.50805193 0.00 1.50811141Public Offering Price 1.51000000 - 1.51000000Dividend Earning Shares 3,000,000.00 - 3,000,000.00 Yield - - -

Balance SheetTEST CAP EXP GLOBAL MCS



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Equity Balances Report

• “Capital Expenses” at fund level and class level reflects capital expense incurred for the reporting date.

Account: 5510 Created: 15-Mar-16 4:39 PM

Total Fund 04-Jan-02 05-Jan-02 ChangeSubscriptions 4,137,097.18 4,137,097.18 - Undistributed Income (26.16) (26.16) - Unrealized Exchange Gain/Loss 416,587.73 416,766.17 178.44 Capital Expenses (29,502.96) (29,502.96) -

Total Shareholder Equity 4,524,155.79 4,524,334.23 178.44

Class 1 04-Jan-02 05-Jan-02 ChangeSubscriptions 1,000,000.00 1,000,000.00 - Undistributed Income (8.72) (8.72) - Unrealized Exchange Gain/Loss 138,862.57 138,922.05 59.48 Capital Expenses (8,300.96) (8,300.96) -

Class 1 Shareholder Equity 1,130,552.89 1,130,612.37 59.48





Equity BalancesTEST CAP EXP GLOBAL MCS



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NAV Impact Summary Report

• ‘Capital Expense Effects’ – reflects Capital Expense incurred for the reporting period along with NAV Impact percentage.

5.957 Capital Expense Processing on Mutual/Hedge...

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