Kleinwort Benson Investors Institutional Fund Plc ANNUAL REPORT & AUDITED FINANCIAL

Kleinwort Benson Investors Institutional Fund Plc

ANNUAL REPORT &

AUDITED FINANCIAL STATEMENTS

For the financial year ended 31 August 2015

Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited

Financial Statements 2015

Contents Page

Organisation 1

Background to the Company 2

Investment Manager's Reports 11

Directors' Report 29

Annual Custodian Report to the Shareholders 33

Independent Auditor's Report 34

Statement of Comprehensive Income 35

Statement of Financial Position 39

Statement of Changes in Net Assets Attributable

to Holders of Redeemable Participating Shares 43

Statement of Cash Flows 47

Notes to the Financial Statements 51

Performance Data (Unaudited) 125

Portfolio Turnover Rates (Unaudited) 127

Schedule of Total Expense Ratios (Unaudited) 128

Schedule of Investments (Unaudited) 130

Schedule of Material Portfolio Changes (Unaudited) 257

Other notes to the Financial Statements (Unaudited) 270



1

Organisation

Directors of the Company Registered Office

Frank Joseph Close (Independent) 3rd

Floor

Fiona Mulcahy (Independent) appointed 7 October 2014 2 Harbourmaster Place

Padraig Sheehy International Financial Services Centre

Gerard Solan Dublin 1

Derval Murray Ireland

Patrick Cassells

Investment Manager and Distributor Custodian

Kleinwort Benson Investors Dublin Limited Northern Trust Fiduciary Services (Ireland) Limited

3rd

Floor George's Court

2 Harbourmaster Place 54-62 Townsend Street

International Financial Services Centre Dublin 2

Dublin 1 Ireland

Ireland

Administrator, Registrar and Transfer Agent Legal Advisers

Northern Trust International Fund Administration Dillon Eustace

Services (Ireland) Limited 33 Sir John Rogerson's Quay

George’s Court Dublin 2

54-62 Townsend Street Ireland

Dublin 2

Ireland

Secretary Independent Auditors

Andrea Oman Deloitte

3rd

Floor Chartered Accountants and Statutory Audit Firm

2 Harbourmaster Place Earlsfort Terrace

International Financial Services Centre Dublin 2

Dublin 1 Ireland

Ireland

Sub-Investment Manager

(KBI Institutional Long Bond Fund)

KBC Asset Management SA

5 Place de la Gare

L - 1616

Luxembourg (Lëtzebuerg)

Luxembourg

Registered No: 387058



2

Background to the Company

Description

Kleinwort Benson Investors Institutional Fund Plc (the "Company") is an open-ended umbrella investment company

with variable capital, incorporated with limited liability in Ireland on 9 June 2004 with registration number 387058,

under the Companies Act, 2014, and established as an Undertaking for Collective Investment in Transferable

Securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable

Securities) Regulations, 2011 (as amended).

The Company is structured as an umbrella Fund consisting of different Funds comprising one or more Classes. The

Shares of each Class of a Fund will rank pari passu with each other in all respects provided that they may differ as to

certain matters including currency of denomination, hedging strategies, if any, applied to the currency of a particular

Class or against interest rate risk applying to a particular Class, dividend policy, the level of fees and expenses to be

charged, subscription or redemption procedures or the Minimum Subscription and Minimum Holding applicable. The

assets of each Fund will be separate from one another and will be invested separately in accordance with the

investment objective and policies of each Fund. A separate portfolio of assets is not maintained for each Class.

At the financial year end, there are thirteen Funds in existence:

Launch Date Base Currency

KBI Institutional Long Bond Fund 14 October 2004 EUR

KBI Institutional Agri Fund 22 April 2008 EUR

KBI Institutional Energy Solutions Fund* 10 April 2008 EUR

KBI Institutional Water Fund 10 April 2008 USD

KBI Institutional GESS Fund 3 July 2009 EUR

KBI Institutional Emerging Markets Equity Fund* 30 July 2010 EUR

KBI Institutional Developed Equity Fund* 8 December 2010 EUR

KBI Institutional Global Equity Fund* 14 March 2011 EUR

KBI Institutional 50/50 Global/Eurozone Equity Fund* 23 March 2011 EUR

KBI Institutional Eurozone Equity Fund* 21 March 2011 EUR

KBI Institutional North America Equity Fund* 23 October 2013 USD

KBI Institutional ACWI Equity Fund 17 April 2015 EUR

KBI Institutional Pan European Equity Fund 8 May 2015 EUR *These Sub-Funds changed their name during the financial year. See note 21 for further details.

Investment Objective and Policy

KBI Institutional Long Bond Fund

The investment objective of the Fund is to passively manage the portfolio and minimise the tracking error. The Fund

accommodates investors who wish to reduce interest rate risk of long bond assets when yields/interest rates rise. The

reduction in downside risk is achieved through the rise of interest rate derivatives.

From 2 July 2015, the performance of the Fund’s portfolio of investments was measured against the J.P. Morgan

Economic and Monetary Union (EMU) Government Bond Investment Grade over 10 years Maturity Index.

KBI Institutional Agri Fund

The investment objective of the Fund is to generate the highest possible return for its shareholders by investing

primarily in equity and equity-related securities of international companies involved in the agricultural sector. This is

reflected in its pursuit of capital gains and income.

KBI Institutional Energy Solutions Fund


primarily in equity and equity-related securities of international companies involved in the alternative energy sector.

This is reflected in its pursuit of capital gains and income.



3

Background to the Company (Continued)

Investment Objective and Policy (Continued)

KBI Institutional Water Fund


primarily in equity and equity-related securities of international companies involved in the water sector. This is


KBI Institutional GESS Fund


primarily in equity and equity-related securities of international companies involved in environmental sectors. This is


KBI Institutional Emerging Markets Equity Fund

The investment objective of the Fund is to achieve long-term growth by investing in a portfolio of global emerging

market equity and equity-related securities with above average dividend yields within the Emerging Markets. This is


KBI Institutional Developed Equity Fund


primarily in equity and equity-related securities of companies in the developed world which, in the opinion of the

Investment Manager, offer a high dividend yield. This is reflected in its pursuit of capital gains and income.

KBI Institutional Global Equity Fund

The investment objective of the Fund is to achieve long term capital growth by investing directly and indirectly in a

portfolio of equity and equity-related securities with above average dividend yields. The Fund will invest directly and

indirectly in equity and equity-related securities of companies listed or traded on a Recognised Exchange worldwide

and primarily covered by the MSCI World Index.

KBI Institutional 50/50 Global/Eurozone Equity Fund The investment objective of the Fund is to achieve long term capital growth by investing in a portfolio of equity and

equity-related securities with above average dividend yields. The Fund will invest in equity and equity-related

securities of companies listed or traded on a Recognised Exchange worldwide and primarily covered by the MSCI EMU

Index and MSCI World ex Eurozone Index. The performance of the Fund’s portfolio of investments will be measured

against a combined index of 50% MSCI EMU Index and 50% MSCI World ex Eurozone Index.

KBI Institutional Eurozone Equity Fund The investment objective of the Fund is to achieve long term capital growth by investing in a portfolio of equity and

equity-related securities with above average dividend yields. The Fund will invest in equity and equity-related

securities of companies listed or traded on a Recognised Exchange in Europe and primarily covered by the MSCI

EMU Index.

KBI Institutional North America Equity Fund

The investment objective of the Fund is to generate the highest possible return for its Shareholders over the long term

by investing primarily in equity and equity-related securities of companies which, in the opinion of the Investment

Manager, offer a high dividend yield. This is reflected in its pursuit of capital gains and income.

KBI Institutional ACWI Equity Fund

The investment objective of the Fund is to generate the highest possible return for its Shareholders by investing

primarily in equity and equity-related securities of companies which are part of the MSCI ACWI Index and which, in

the opinion of the Investment Manager, offer a high dividend yield. This is reflected in its pursuit of capital gains and

income.

KBI Institutional Pan European Equity Fund

The investment objective of the Fund is to generate the highest possible return for its Shareholders by investing

primarily in European equity and equity-related securities of companies which, in the opinion of the Investment

Manager, offer a high dividend yield. This is reflected in its pursuit of capital gains and income.



4


Investment Objective and Policy (Continued)

Net Asset Value

The Net Asset Value of each Fund or, if there are different Classes within a Fund, each Class will be calculated by the

Administrator as at the Valuation Point on or with respect to each Dealing Day in accordance with the Articles of

Association. The Net Asset Value of a Fund shall be determined as at the Valuation Point for the relevant Dealing Day

by valuing the assets of the relevant Fund (including income accrued but not collected) and deducting the liabilities of

the relevant Fund (including a provision for duties and charges, accrued expenses and fees and other liabilities). The

Net Asset Value of a Fund will be expressed in the Base Currency of the Fund, or in such other currency as the

Directors may determine either generally or in relation to a particular Class or in a specific case.

With the exception of KBI Institutional Long Bond Fund, Dealing Day means every Business Day or such other day

or days as may be determined by the Directors and notified in advance to Shareholders provided that there shall be at

least two Dealing Days in each month. For KBI Institutional Long Bond Fund, Dealing Day means every Friday (or

subsequent Business Day, where Friday is not a Business Day) or such other day or days as may be determined by the

Directors and notified in advance to Shareholders provided that there shall be at least two Dealing Days in each

month.

For KBI Institutional Agri Fund, KBI Institutional Energy Solutions Fund, KBI Institutional Water Fund, KBI

Institutional GESS Fund, KBI Institutional Emerging Markets Equity Fund, KBI Institutional Developed Equity Fund,

KBI Institutional Global Equity Fund, KBI Institutional Eurozone Equity Fund, KBI Institutional 50/50

Global/Eurozone Equity Fund, KBI Institutional North America Equity Fund, KBI Institutional ACWI Equity Fund

and KBI Institutional Pan European Equity Fund, Business Day means every day, other than a Saturday or Sunday,

which are bank business days in Ireland and in such other market or markets to which the Fund has, in the reasonable

opinion of the Investment Manager, a substantial exposure or such other day or days as the Directors may determine

and notify in advance to Shareholders.



5


Dividend Policy

The KBI Institutional Long Bond Fund, KBI Institutional Energy Solutions Fund, KBI Institutional Water Fund, KBI

Institutional GESS Fund and KBI Institutional 50/50 Global/Eurozone Equity Fund are accumulating Funds and

therefore, it is not currently intended to distribute dividends to the Shareholders. The income, earnings and gains of

each Fund will be accumulated and reinvested on behalf of Shareholders.


With the exception of the Euro Class B Shares, all Share Classes are accumulating shares. The income and earnings

and gains of the Fund, attributable to each Share Class (other than Euro Class B Shares) will be accumulated and

reinvested on behalf of the relevant Shareholders. The Directors may declare a dividend once a year (or more

frequently at their discretion) out of the income available for distribution in relation to the Euro Class B Shares

(whether in the form of dividends, interest or otherwise) less accrued expenses, subject to certain adjustments. The

Directors may also declare interim dividends on the same basis. Dividends will normally be paid on or before the date

falling four months after the previous financial year end in respect of the amount available for distribution as at that

previous financial year.

If declared, dividends would normally be paid by electronic or telegraphic transfer. All dividends unclaimed after a

period of six years would be forfeited and would revert to the Company and be attributed to the relevant Shares.

Unclaimed dividends would not accrue interest against the Fund.


With the exception of Sterling Class A (Distributing), Sterling Class B (Distributing), Sterling Class C (Distributing),

Sterling Class D (Distributing), Sterling Class E (Distributing), Euro Class G (Distributing), Euro Class I (Distributing),

Euro Class J (Distributing) and US Dollar Class C (Distributing) Shares, all Share Classes are accumulating shares.

The income and earnings and gains of the Fund, attributable to the accumulating Share Classes will be accumulated

and reinvested on behalf of the relevant Shareholders. The Directors may declare a dividend once a year (or more

frequently at their discretion) out of the income available for distribution in relation to the Sterling Class A

(Distributing), Sterling Class B (Distributing), Sterling Class C (Distributing), Sterling Class D (Distributing), Sterling

Class D (Distributing), Sterling Class E (Distributing), Euro Class G (Distributing), Euro Class H (Distributing), Euro

Class I (Distributing), Euro Class J (Distributing) and US Dollar Class C (Distributing) Shares (whether in the form

of dividends, interest or otherwise), subject to certain adjustments.

Dividends will normally be paid by electronic or telegraphic transfer. All dividends unclaimed after a period of six

years shall be forfeited and shall revert to the Fund and be attributed to the relevant Share Class. Dividends shall not

bear interest against the Fund.



Sterling Class D (Distributing), Euro Class D (Distributing), Euro Class G (Distributing), Euro Class H (Distributing),

Euro Class I (Distributing), Euro Class J (Distributing) Shares and US Dollar Class B (Distributing), all Share Classes

are accumulating shares. The income and earnings and gains of the Fund, attributable to the accumulating Share

Classes will be accumulated and reinvested on behalf of the relevant Shareholders. The Directors may declare a

dividend once a year (or more frequently at their discretion) out of the income available for distribution in relation to

the Sterling Class A (Distributing), Sterling Class B (Distributing), Sterling Class C (Distributing), Sterling Class D

(Distributing), Euro Class D (Distributing) Euro Class G (Distributing), Euro Class H (Distributing), Euro Class I

(Distributing), Euro Class J (Distributing) and US Dollar Class B (Distributing) Shares, (whether in the form of

dividends, interest or otherwise), subject to certain adjustments. The Directors may also declare interim dividends on

the same basis.

Dividends will normally be paid on or before the date falling four months after the previous financial year end in

respect of the amount available for distribution as at that previous financial year end.



6


Dividend Policy (Continued)



Sterling Class D (Distributing), Euro Class G (Distributing), Euro Class H (Distributing), Euro Class I (Distributing)

and Euro Class J (Distributing) Shares, all Share Classes are accumulating shares. The income and earnings and gains

of the Fund, attributable to the accumulating Share Classes will be accumulated and reinvested on behalf of the

relevant Shareholders. The Directors may declare a dividend once a year (or more frequently at their discretion) out of

the income available for distribution in relation to the Sterling Class A (Distributing), Sterling Class B (Distributing),

Sterling Class C (Distributing), Sterling Class D (Distributing), Euro Class G (Distributing), Euro Class H

(Distributing), Euro Class I (Distributing) and Euro Class J (Distributing) Shares (whether in the form of dividends,

interest or otherwise), subject to certain adjustments. The Directors may also declare interim dividends on the same

basis.



KBI Institutional Eurozone Equity Fund


Sterling Class D (Distributing), Euro Class G (Distributing), Euro Class H (Distributing), Euro Class I (Distributing)

and Euro Class J (Distributing) Shares, all Share Classes are accumulating Shares. The income and earnings and gains

of the Fund, attributable to the accumulating Share Classes will be accumulated and reinvested on behalf of the

relevant Shareholders. The Directors may declare a dividend once a year (or more frequently at their discretion) out of

income available for distribution in relation to the Sterling Class A (Distributing), Sterling Class B (Distributing),

Sterling Class C (Distributing), Sterling Class D (Distributing), Euro Class G (Distributing), Euro Class H

(Distributing), Euro Class I (Distributing) and Euro Class J (Distributing) Shares (whether in the form of dividends,

interest or otherwise), subject to certain adjustments.




With the exception of US Dollar Class A (Distributing), US Dollar Class B (Distributing), US Dollar Class C

(Distributing), US Dollar Class D (Distributing), US Dollar Class E (Distributing), Sterling Class A (Distributing),

Sterling Class B (Distributing), Sterling Class C (Distributing), Sterling Class D (Distributing), Sterling Class E

(Distributing), Euro Class C (Distributing), Euro Class D (Distributing), Euro Class E (Distributing), Euro Class F

(Distributing), Euro Class G (Distributing), Euro Class H (Distributing), Euro Class I (Distributing), Euro Class J

(Distributing), Canadian Dollar Class A (Distributing), Canadian Dollar Class B (Distributing), Canadian Dollar Class C

(Distributing) and Canadian Dollar Class D (Distributing) Shares, all Share Classes are accumulating shares. The income

and earnings and gains of the Fund, attributable to the accumulating Share Classes will be accumulated and reinvested on

behalf of the relevant Shareholders. The Directors may declare a dividend once a year (or more frequently at their

discretion) out of the income available for distribution in relation to the US Dollar Class A (Distributing), US Dollar

Class B (Distributing), US Dollar Class C (Distributing), US Dollar Class D (Distributing), US Dollar Class E

(Distributing), Sterling Class A (Distributing), Sterling Class B (Distributing), Sterling Class C (Distributing), Sterling

Class D (Distributing), Sterling Class E (Distributing), Euro Class C (Distributing), Euro Class D (Distributing), Euro

Class E (Distributing), Euro Class F (Distributing), Euro Class G (Distributing), Euro Class H (Distributing), Euro Class I

(Distributing), Euro Class J (Distributing), Canadian Dollar Class A (Distributing), Canadian Dollar Class B

(Distributing), Canadian Dollar Class C (Distributing) and Canadian Dollar Class D (Distributing) Shares (whether in the

form of dividends, interest or otherwise), subject to certain adjustments.

Dividends will normally be paid on or before the date falling four months after the previous financial year end in respect

of the amount available for distribution as at that previous financial year end.



7


Dividend Policy (Continued)



(Distributing), US Dollar Class D (Distributing), Sterling Class A (Distributing), Sterling Class B (Distributing)

Sterling Class C (Distributing), Sterling Class D (Distributing), Euro Class A (Distributing), Euro Class B

(Distributing), Euro Class C (Distributing), Euro Class D (Distributing), Euro Class E (Distributing), Canadian

Dollar Class A (Distributing), Canadian Dollar Class B (Distributing), Canadian Dollar Class C (Distributing),

Canadian Dollar Class D (Distributing), Swiss Franc Class A (Distributing), Swiss Franc Class B (Distributing),

Swiss Franc Class C (Distributing) and Swiss Franc Class D (Distributing) Shares, all Share Classes are

accumulating shares. The income and earnings and gains of the Fund, attributable to the accumulating Share Classes

will be accumulated and reinvested on behalf of the relevant Shareholders. The Directors may declare a dividend

once a year (or more frequently at their discretion) out of the income available for distribution in relation to the US

Dollar Class A (Distributing), US Dollar Class B (Distributing), US Dollar Class C (Distributing), US Dollar Class D

(Distributing), Sterling Class A (Distributing), Sterling Class B (Distributing) Sterling Class C (Distributing),

Sterling Class D (Distributing), Euro Class A (Distributing), Euro Class B (Distributing), Euro Class C

(Distributing), Euro Class D (Distributing), Euro Class E (Distributing), Canadian Dollar Class A (Distributing),

Canadian Dollar Class B (Distributing), Canadian Dollar Class C (Distributing), Canadian Dollar Class D

(Distributing), Swiss Franc Class A (Distributing), Swiss Franc Class B (Distributing), Swiss Franc Class C

(Distributing) and Swiss Franc Class D (Distributing) Shares (whether in the form of dividends, interest or

otherwise), subject to certain adjustments. The Directors may also declare interim dividends on the same basis.


respect of the amount available for distribution as at that previous financial year end. All distributing Share Classes

shall rank for dividends as and from the beginning of the accounting period in which they were issued. If declared,

dividends will be paid to holders of the relevant Share Class.






(Distributing), US Dollar Class D (Distributing), Sterling Class A (Distributing), Sterling Class B (Distributing) Sterling

Class C (Distributing), Sterling Class D (Distributing), Euro Class A (Distributing), Euro Class B (Distributing), Euro

Class C (Distributing), Euro Class D (Distributing), Euro Class E (Distributing), Canadian Dollar Class A

(Distributing), Canadian Dollar Class B (Distributing), Canadian Dollar Class C (Distributing), Canadian Dollar Class

D (Distributing), Swiss Franc Class A (Distributing), Swiss Franc Class B (Distributing), Swiss Franc Class C

(Distributing) and Swiss Franc Class D (Distributing) Shares, all Share Classes are accumulating shares. The income

and earnings and gains of the Fund, attributable to the accumulating Share Classes will be accumulated and reinvested

on behalf of the relevant Shareholders. The Directors may declare a dividend once a year (or more frequently at their

discretion) out of the income available for distribution in relation to the US Dollar Class A (Distributing), US Dollar

Class B (Distributing), US Dollar Class C (Distributing), US Dollar Class D (Distributing), Sterling Class A

(Distributing), Sterling Class B (Distributing) Sterling Class C (Distributing), Sterling Class D (Distributing), Euro

Class A (Distributing), Euro Class B (Distributing), Euro Class C (Distributing), Euro Class D (Distributing), Euro

Class E (Distributing), Canadian Dollar Class A (Distributing), Canadian Dollar Class B (Distributing), Canadian

Dollar Class C (Distributing), Canadian Dollar Class D (Distributing), Swiss Franc Class A (Distributing), Swiss Franc

Class B (Distributing), Swiss Franc Class C (Distributing) and Swiss Franc Class D (Distributing) Shares (whether in

the form of dividends, interest or otherwise), subject to certain adjustments. The Directors may also declare interim

dividends on the same basis. Dividends will normally be paid on or before the date falling four months after the

previous financial year end in respect of the amount available for distribution as at that previous financial year end. All

distributing Share Classes shall rank for dividends as and from the beginning of the accounting period in which they

were issued. If declared, dividends will be paid to holders of the relevant Share Class.






8


Subscriptions


There is no minimum subscription or minimum subsequent subscription per investor applicable to shares in the Fund.

As at 31 August 2015, there was only Class A Shares in issue.


There is no minimum subscription or minimum subsequent subscription in the case of US Dollar Class A, US Dollar

Class B, US Dollar Class C, US Dollar Class D, Sterling Class A, Sterling Class B, Sterling Class C, Sterling Class D,

Euro Class A, Euro Class B, Euro Class C, Euro Class D, Euro Class E, Euro Class F, Euro Class G, Euro Class H,

Euro Class I, Euro Class J, Canadian Dollar Class A, Canadian Dollar Class B, Canadian Dollar Class C, Canadian

Dollar Class D in the Fund. As at 31 August 2015, there were Euro Class A, Euro Class B, Euro Class C, Euro Class

D, Euro Class F, Euro Class H and Euro Class I.





Euro Class I or Euro Class J in the Fund. As at 31 August 2015, there were Euro Class A, Euro Class B, Euro Class C,

Euro Class D, Euro Class F, Euro Class I, Sterling Class A Shares and US Dollar Class C Shares in issue.


There is no Minimum subscription or minimum subsequent subscription in the case of US Dollar Class A, US Dollar



Euro Class I, Euro Class J in the Fund. As at 31 August 2015, there were Euro Class A, Euro Class C, Euro Class D,

Euro Class F, Euro Class G, Euro Class H, Euro Class I, Sterling Class A, Sterling Class E, US Dollar Class A, US

Dollar Class C Swiss Franc Class A, Australian Dollar Class A, Australian Dollar Class B, Australian Dollar Class C

and Australian Dollar Class D Shares in issue.





Euro Class I, Euro Class J, Canadian Dollar Class A, Canadian Dollar Class B, Canadian Dollar Class C, Canadian

Dollar Class D in the Fund. As at 31 August 2015, there were Euro Class A, Euro Class D and Euro Class I Shares in

issue.


There is no minimum subscription or minimum subsequent subscription in the case of Euro Class A, Euro Class B,

Euro Class C, Euro Class D, Euro Class E, Euro Class F, Euro Class G, Euro Class G (Distributing), Euro Class H,

Euro Class H (Distributing), Euro Class I, Euro Class I (Distributing), Euro Class J, Euro Class J (Distributing), US

Dollar Class A, US Dollar Class B, US Dollar Class C, US Dollar Class C (Distributing), US Dollar Class D, Sterling

Class A, Sterling Class A (Distributing), Sterling Class B, Sterling Class B (Distributing), Sterling Class C, Sterling

Class C (Distributing), Sterling Class D, Sterling Class D (Distributing), Canadian Dollar Class A, Canadian Dollar

Class B, Canadian Dollar Class C and Canadian Dollar Class D in the Fund. As at 31 August 2015, there were Euro

Class A, Euro Class B, Euro Class H, Euro Class I, Sterling Class B (Distributing), Sterling Class D, Sterling Class D

(Distributing), Sterling Class E, Sterling Class E (Distributing), US Dollar Class A, US Dollar Class B, US Dollar

Class D, and Canadian Dollar Class A Shares in issue.



Class B, US Dollar Class C, US Dollar Class D, Sterling Class A, Sterling Class A (Distributing), Sterling Class B,

Sterling Class B (Distributing), Sterling Class C, Sterling Class C (Distributing), Sterling Class D, Sterling Class D

(Distributing), Euro Class A, Euro Class B, Euro Class C, Euro Class D, Euro Class E, Euro Class F, Euro Class G,

Euro Class G (Distributing), Euro Class H, Euro Class I, Euro Class I (Distributing), Euro Class J, Euro Class J

(Distributing), Canadian Dollar Class A, Canadian Dollar Class B, Canadian Dollar Class C and Canadian Dollar Class D

in the Fund. As at 31 August 2015, there were Euro Class A, Euro Class B, Euro Class C, Euro Class D (Distributing),

Euro Class H, Euro Class H (Distributing), Euro Class I, Sterling Class A, Sterling Class A (Distributing), Sterling Class C,

Sterling Class C (Distributing), Sterling Class D, Sterling Class D (Distributing), US Dollar Class B, US Dollar Class B

(Distributing) and Canadian Dollar Class A Shares in issue.



9


Subscriptions (Continued)





Dollar Class A, US Dollar Class B, US Dollar Class C, US Dollar Class D, Sterling Class A, Sterling Class A

(Distributing), Sterling Class B, Sterling Class B (Distributing), Sterling Class C, Sterling Class C (Distributing),

Sterling Class D, Sterling Class D (Distributing), Canadian Dollar Class A, Canadian Dollar Class B, Canadian Dollar

Class C and Canadian Dollar Class D in the Fund. As at 31 August 2015, there were Euro Class A, Euro Class B, Euro

Class C, Euro Class E, Euro Class F, Euro Class H, Euro Class I and US Dollar Class A Shares in issue.

KBI Institutional 50/50 Global/Eurozone Equity Fund


Class B, US Dollar Class C, Sterling Class A, Sterling Class B, Sterling Class C, Euro Class A, Euro Class B, Euro

Class C, Euro Class D, Euro Class E, Euro Class F, Euro Class G, Euro Class H, Euro Class I and Euro Class J in the

Fund. As at 31 August 2015, there were Euro Class C Shares in issue.





Dollar Class A, US Dollar Class B, US Dollar Class C, US Dollar Class D, Sterling Class A, Sterling Class A

(Distributing), Sterling Class B, Sterling Class B (Distributing), Sterling Class C, Sterling Class C (Distributing),

Sterling Class D and Sterling Class D (Distributing) in the Fund. As at 31 August 2015, there were Euro Class A, Euro

Class B, Euro Class C and Euro Class E Shares in issue.



Class A (Distributing), US Dollar Class B, US Dollar Class B (Distributing), US Dollar Class C, US Dollar Class C

(Distributing), US Dollar Class D, US Dollar Class D (Distributing), US Dollar Class E, US Dollar Class E

(Distributing), Sterling Class A, Sterling Class A (Distributing), Sterling Class B, Sterling Class B (Distributing),

Sterling Class C, Sterling Class C (Distributing), Sterling Class D, Sterling Class D (Distributing), Sterling Class E,

Sterling Class E (Distributing), Euro Class A, Euro Class B, Euro Class C, Euro Class C (Distributing), Euro Class D,

Euro Class D (Distributing), Euro Class E, Euro Class E (Distributing), Euro Class F, Euro Class F (Distributing),

Euro Class G, Euro Class G (Distributing), Euro Class H, Euro Class H (Distributing), Euro Class I, Euro Class I

(Distributing), Euro Class J, Euro Class J (Distributing), Canadian Dollar Class A, Canadian Dollar Class A

(Distributing), Canadian Dollar Class B, Canadian Dollar Class B (Distributing), Canadian Dollar Class C, Canadian

Dollar Class C (Distributing), Canadian Dollar Class D and Canadian Dollar Class D (Distributing). As at 31 August

2015, there were Euro Class D (Distributing), Sterling Class A, Sterling Class A (Distributing), US Dollar Class B, US

Dollar Class B (Distributing) and US Dollar Class D Shares in issue.

KBI Institutional ACWI Equity Fund There is no Minimum Subscription or minimum subsequent subscription in the case of US Dollar Class A, US Dollar


(Distributing), US Dollar Class D, US Dollar Class D (Distributing), Sterling Class A, Sterling Class A (Distributing),

Sterling Class B, Sterling Class B (Distributing), Sterling Class C, Sterling Class C (Distributing), Sterling Class D,

Sterling Class D (Distributing), Euro Class A, Euro Class A (Distributing), Euro Class B, Euro Class B (Distributing),

Euro Class C, Euro Class C (Distributing), Euro Class D, Euro Class D (Distributing), Euro Class E, Euro Class E

(Distributing), Canadian Dollar Class A, Canadian Dollar Class A (Distributing), Canadian Dollar Class B, Canadian

Dollar Class B (Distributing), Canadian Dollar Class C, Canadian Dollar Class C (Distributing), Canadian Dollar Class

D, Canadian Dollar Class D (Distributing), Swiss Franc Class A, Swiss Franc Class A (Distributing), Swiss Franc Class

B, Swiss Franc Class B (Distributing), Swiss Franc Class C, Swiss Franc Class C (Distributing), Swiss Franc Class D

and Swiss Franc Class D (Distributing) Shares in issue.



10


Subscriptions (Continued)


There is no Minimum Subscription or minimum subsequent subscription in the case of US Dollar Class A, US Dollar


(Distributing), US Dollar Class D, US Dollar Class D (Distributing), Sterling Class A, Sterling Class A (Distributing),

Sterling Class B, Sterling Class B (Distributing), Sterling Class C, Sterling Class C (Distributing), Sterling Class D,

Sterling Class D (Distributing), Euro Class A, Euro Class A (Distributing), Euro Class B, Euro Class B (Distributing),

Euro Class C, Euro Class C (Distributing), Euro Class D, Euro Class D (Distributing), Euro Class E, Euro Class E

(Distributing), Canadian Dollar Class A, Canadian Dollar Class A (Distributing), Canadian Dollar Class B, Canadian

Dollar Class B (Distributing), Canadian Dollar Class C, Canadian Dollar Class C (Distributing), Canadian Dollar

Class D, Canadian Dollar Class D (Distributing), Swiss Franc Class A, Swiss Franc Class A (Distributing), Swiss

Franc Class B, Swiss Franc Class B (Distributing), Swiss Franc Class C, Swiss Franc Class C (Distributing), Swiss

Franc Class D and Swiss Franc Class D (Distributing) Shares in issue.



11

Investment Manager’s Report


The final quarter of 2014 was, for the Eurozone economy in terms of growth, not great but better than previous quarters.

Despite a strong rebound in producers’ confidence as shown by the German IFO indicator, only Ireland and Spain

showed brighter figures. For the German economy, the indicators were mixed, being unconvincing on the consumption

side but with a strong performance relating to the low unemployment rate of 6.5 %. France and Italy continued to

perform poorly with high unemployment rates and with no growth in France and shrinking economic activity in Italy.

The European Central Bank (‘the ECB’) continued its efforts to improve the bank lending mechanism via cheap funding

to the commercial banks, the so-called targeted long term repo operations (TLTRO). The other policy tool used by the

ECB in 2014 was the ongoing purchases of covered bonds and asset backed securities. But the ECB of ‘super Mario’

Draghi was able to surprise once again with the announcement of a full blown quantitative easing i.e. a massive

purchase programme of government bonds. Both in size and length the ECB surprised even the more optimistic

analysts. The total size of the purchase programme, if fully executed, will surpass 1,000 billion Euro, equal to two years

of net supply of Eurozone government bonds.

By the second quarter of 2015, more green shoots were appearing. The ongoing weakness of the energy prices, oil and

gas, gave another boost to the purchasing power of the European consumer, already supported by nominal wage

increases above inflation and the slow but steady decline in unemployment rates. Domestic consumption is in Europe,

just like in the US, the main driver of growth. Exports to the emerging markets are suffering while investments both by

corporations and the public sector remain disappointingly low. The public sector is pressured by ongoing budget cuts

while companies face huge slack and uncertain prospects.

The bond market was buoyed by the announced ECB quantitative easing in January 2015 and the German 10 year yield

dropped below 10 basis points but quickly changed course as the economic outlook brightened, pushing yields back to

almost 1%. The initial flattening of the yield curve was reversed as the idea of perennial stagnation and deflation gave

way to a much brighter outlook. With unemployment now also declining and the euro weakening quite rapidly, the

outlook for economic activity improved a lot compared to six months ago. The weakness of the euro is clearly helping

and many analysts now forecast parity between the US Dollar and the Euro as early as by the end of 2015.

The intra EMU spreads were quite volatile as well with Italy performing well due to its rather unusual political stability

and ongoing reforms while Spain struggled. The anti-establishment parties Podemos and Ciudadanos did well in the

opinion polls for the regional and national elections, which will be held in autumn 2015.

Investment Policy

The Fund remained invested in long dated European government bonds during the reporting period. The portfolio

characteristics are similar to those of its benchmark using a stratified sampling approach. No change in the investment

policy is expected.

Kleinwort Benson Investors Dublin Limited

31 August 2015



12

Investment Manager’s Report (Continued)


The KBI Institutional Agri Fund was down 11.8% over the one year period to end August 2015. The Fund

underperformed the broader market, which returned 12.7% for the same period.

The Agri theme has been out of favour for the last year for a variety of reasons. Off peak agri commodity prices leading

to lower farmer income negatively impacted farmer decision making and this was felt across the value chain of the Agri

theme, particularly within the Inputs and Farmers & Producers sectors. The main underperformance came in the months

of July 2015, May 2015, Nov 2014 and Sept 2014 with the common theme across these months being weak

performance from emerging markets and weak energy prices impacting ethanol and biodiesel names. Currencies also

played a role in some of the emerging market names. Within sectors, Farmers & Producers were worst hit followed by

Infrastructure & Processors. Inputs were the best performing sector in the theme although it underperformed the broader

equity markets.

The main underperformers were Brazilian names Cosan, SLC Agricola and Rumo Logistica; SLC Agricola and Rumo

Logistica on emerging market worries and Brazilian macro issues, and Cosan on sugar and ethanol issues. However,

amongst other holdings, there were a few company specific issues like Aryzta where Management issued a very

disappointing trading update with a marked decline in expectations for this financial year. Palm oil names like Golden

agri and Indofood Agri were also weak on the back of high palm oil inventories, lower demand, emerging market and

energy price worries. Commodity exposed Noble Group also faced difficulty in the face of heavy short positions on the

back of corporate governance concerns.

The best performances came from some of the low cost inputs names being Agrium and Phosagro, nitrogen and

phosphate fertilisers, respectively. Genus with its differentiated technology performed strongly. Tomra Systems and

GEA performed well on the back of good order levels supported by continued food processing capital expenditure.

Despite being a Brazilian name, JBS, the protein processor, had a very strong run as demand and pricing for proteins

held up globally.

The sector continued to see M&A news flow in various names in several agri related sectors like the fertilisers, seeds,

food ingredients and agri infrastructure names. Although not all the news materialised to actual transactions, this

highlighted attractive value and cash generation potential in the sector.

During the last year, overall at sector level, we made some marginal changes by reducing exposure to the Farmers &

Producers sector and increasing exposure to Infrastructure & Processing sector, given our positive outlook towards the

latter, which is based on an increasing global supply of agri produce helping their operating leverage, the drive for food

processing efficiencies and lower commodity prices translating into lower input costs for these players. We also

selectively increased some Inputs names as they move towards being more cash flow and shareholder return focus. Also

as the northern hemisphere harvest progressed we became incrementally positive in some of the low cost producers as

we feel downside is limited. At stock level, there were quite a few complete sales and new names introduced to the

portfolio. We sold out of SGS, Ingredion, Titan International, Graincorp, DuPont, Rentech, Illovo Sugar, Tereos

International, Japfa and Chaoda Modern. VicWest was taken over. We bought new positions in Rumo Logistica, United

Natural Foods, Jain Irrigation, Ag Growth International, FMC Corporation, Minerva, PureCircle, Greencore, Marine

Harvest, Potash Corp, SPX and Archer Daniel Midlands.

Investment Outlook

As per the latest United States Department of Agriculture’s (USDA) World Agriculture Supply and Demand Estimates

(WASDE), we expect another robust supply of agriculture commodities this year, albeit at slightly lower levels vs. last

year’s bumper crop. However, there is a lot of ‘noise’ around the whole sector, macro worries impacting commodity

prices like oil and significant moves in currencies. The high volumes of supply this year are expected to keep the

commodity prices at moderate levels leading to lower farmer income. This will put pressure on input pricing,

particularly affecting the big ticket farm machineries and any other discretionary spending. Within the Inputs sector, on

the fertiliser side, phosphates have the best fundamentals while potash is the weakest. We got some comfort with

regards to the floor on prices for nitrogen fertilisers. Buyers are expected to begin securing autumn requirements under

the fill programs, but may not step in for full volume requirements given the sense of oversupply in the market. There

are indications of El Nino weather patterns so we keep focussed on stock pickings within Farmers & Producers sector.



13


KBI Institutional Agri Fund (Continued)

Investment Outlook (Continued)

We remain positive on Latin American farmers in general as they benefit from weak local currencies, strong production

and possible favourable government policies. However, we might have to wait longer for a bottoming out of the sugar

price. Low oil prices hit the ethanol space as well as biodiesel margins significantly and are having an impact on

government policies and regulations for the sector. This impacts the Infrastructure & Processing sector and some

companies in the Farmers & Producers sector. There have also been some concerns with regards to Chinese consumer

confidence which may impact demand for the likes of the meat and dairy in China. Meat prices in China are still

holding up but dairy prices are already at a low due to oversupply concerns and these may get further affected if

Chinese consumer confidence falters affecting the food processors. But given the higher supply of agri commodities,

the Infrastructure & Processing sector should benefit from higher asset utilisation and lower input cost. This should help

the supply chain services and processors of grains. The theme is rife with M&A news flow where companies are using

cash to buy existing capacities to expand rather than building new costly Greenfield projects. We are also seeing

increasing interest in healthy living and value added processing businesses. There is a significant focus to return cash to

shareholders as companies move from growth to cashflow generation.

Given the above outlook, we remain most exposed to the Infrastructure & Processing sector which should benefit from

the large supply at hand. However, the uncertainty of ethanol made us incrementally cautious on the back of macro and

general energy space volatility. We continue to like the healthy living, convenience food processors offering value

added speciality products and services particularly in developed markets. We continued to add to that space by

introducing more new names like United Natural Foods, PureCircle and Greencore. We also position ourselves

favourably in the food and beverage processing equipment names. We selectively increased our Inputs sector position,

which is now higher vs. beginning of the year. Within producers, we acknowledge the emerging market risks as they are

primarily Latin American and Asian names, but we see valuation support along with favourable currency and policies to

boost performance of these names in coming months. Overall, we continue to see exciting opportunities in the

agribusiness space, aided by the strong secular tailwinds. There are a lot of stock specific stories while playing the

exciting themes of technology, healthy living, food safety, security, efficiency and infrastructure. Valuation remains

attractive within the strategy with the potential for higher earnings growth compared to the broader equity market.


31 August 2015



14



The KB Institutional Energy Solutions Fund invests in companies involved in developing technologies that reduce our

reliance on traditional fossil fuels such as coal, oil and natural gas. With governments now committed to developing

their own extensive alternative energy generation capabilities worldwide, opportunities exist for companies involved in

wind, solar, tidal, biomass and fuel cell energy production.

The KBI Institutional Energy Solutions Fund declined 3.9% over the one year period to the end of August;

underperforming the MSCI World Equity Index which gained 12.7%. The period from September 2014 to August 2015

was generally characterised by volatility in the equity markets and it was a difficult period for an energy strategy due to

the dramatic fall in the oil price.

Shares in all Energy related stocks sold off sharply as the oil price hit five year lows in the latter half of 2014 and into

January. Renewable energy stocks were particularly affected during the rout of energy related names. Wind and solar

companies were out of favour despite a lower oil price not having any impact on the fundamentals of these companies

as renewable power is typically sold through multi-year long-term contracts. The month of February saw the first

monthly gain in the oil price in seven months, which led to a more positive sentiment towards renewable energy sector.

We had strategically increased our renewable holdings post the sell-off which led to a positive contribution. The solar

sector rallied the most, following several months of disappointing performance. The volatility continued for equity

markets in calendar Q2 and most ended in negative territory as headlines were dominated by concerns surrounding

Greece’s potential exit from the Euro and a sell-off in mainland China’s A shares. In this risk-off background, the

higher beta renewable energy sector underperformed the market as investors took some profits.

Energy Efficiency stocks were less affected by the sharp declining oil price and the sector was the top contributor to

performance in the 1 year period. Companies generally reported better Building Efficiency order activity in North

America and more positive data points on improving momentum in institutional markets reassured investors. The LED

lighting stocks were also relatively strong led by the European professional lighting player Zumtobel as the pace of

adoption continues to grow. European industrial and construction related names generally fared well aided by strong

earnings results coupled with better than improving macro data points. Energy Efficiency did weaken off in June/July

led by the more cyclical industrials as worries over industrial capex spending returned to the market.

August was the worst month for the performance of equity markets in over three years with fears of a slowdown in

global growth causing a broad sell-off. The sell-off was led by financial and energy stocks as weak Chinese

manufacturing data renewed fears of slowing growth, causing oil prices to slump. In this risk-off environment the

Energy Solutions Fund underperformed the market and the declining oil price weighed on performance once more.

Despite strong results from solar companies which beat earnings expectations and in some cases raised their full year

guidance, the sector sold off because of perceived higher risk. The uncertainty in the equity markets also caused a sell-

off in renewable yieldco companies as investors questioned these companies’ ability to continue to tap capital markets

to fund their high growth.

During the year, the defensive Utilities sector was a positive contributor to performance amid continued pressure on

bond yields. The strategy gradually decreased exposure to the utilities through taking profit on the top performing

stocks.

Investment Outlook

Renewable Energy remains the largest weight in the Fund with the bulk of it made up of Solar and Wind stocks. Despite

the recent sell off back Solar remains our favourite renewable energy end market. We remain constructive on solar end

markets with demand set to strengthen across key end markets. We are encouraged by recent quarterly reports which

indicate solar demand is robust and pricing for key inputs modules and wafers remains stable. We expect strong growth

from the 3 largest markets, Japan, US and China while pockets of unsubsidised demand continue to emerge

from emerging markets. The Utilities sector remains a defensive pillar within the strategy. We prefer the electricity

generators with strong cash flows supported by long-term power contracts which are immune from the volatility in

commodity prices.



15


KBI Institutional Energy Solutions Fund (Continued)

Investment Outlook (Continued)

We estimate that lower oil/gas prices should have only a muted effect on the energy efficiency sector as the move

towards more efficient technologies, building systems, lighting and HVAC systems should continue despite the near

term noise. The outlook for Industrial end markets is mixed with oil/gas, mining remaining weak but more positive for

construction related names where the portfolio is more heavily skewed. The sustained recovery in US residential and

non-residential construction markets as well as bottoming out of European construction markets should be a positive

catalyst for our energy efficiency companies. Recent macro data shows growing momentum in US non residential

markets which if continues will be a positive driver of performance for our strategy.


31 August 2015



16



The KBI Institutional Water Fund (the “Fund”) decreased by 0.90% between September 2014 and August 2015,

underperforming the broader equity market, which increased 12.70% (in Euro terms). The Fund increased by 28.3%

between September 2013 and August 2014, outperforming the broader equity market, which increased by 21.1% (in

Euro terms).

The period under review was an exceptionally volatile one with the significant decrease in the price of oil, FX volatility,

sluggish global capex spending, narrowness of sector performance and fears around the Chinese economy all making

the headlines at various points over the year. All of these issues weighed on the performance of equities in general with

some impacting the performance of the Fund more than others. Some of the positive trends impacting the Fund were

strength in US & UK Construction, an uptick in US Municipal Water spending and continued focus on water scarcity

and water quality measures in certain regions.

In the twelve month period under review, the Infrastructure segment was the best performing with a decrease of

15.19%, Technology decreased 17.84% and Utilities decreased 20.54%. While Infrastructure and Technology were the

segments impacted most by stocks linked to the energy industry, fears around China and sluggish global capex spending

they were helped by the strong performance of US and UK Construction markets. The Utilities segment was negatively

impacted by some stock specific issues and FX volatility, especially in a number of EM currencies including the

Brazilian Real and Mexican Peso.

Top 3 Contributors:

The top three contributors to the Fund were HD Supply, Advanced Drainage Systems and Wolseley. HD Supply is a

North American distributor. The company continued to benefit from robust US construction markets and contributed

1.2% to the Fund in the period. Advanced Drainage Systems manufactures polymeric pipes and allied products for use

in the construction and infrastructure marketplace. We participated in their IPO in mid 2014, which priced at the low

end of the expected range. The strong performance of the stock in the period was due to additional investors getting up

to speed on the company as well as supportive data on non-residential construction spending, to which the company has

significant exposure. Wolseley is a specialist trade distributor for plumbing and heating products to professional

contractors in North America, UK and Europe. Wolseley benefited from strong US market performance and the

tailwind the company experienced due to currency translations and improving end markets. The Fund sold out of both

Advanced Drainage and Wolseley as the stocks reached our fair value price targets.

Top 3 Detractors:

The top three detractors from the Fund were SPX, Empresas ICA and Sabesp. SPX is a global, multi-industry supplier

of engineered solutions. They manufacture fluid management and industrial products in the areas of power generation,

transformers, food processing equipment, industrial pumps and thermal equipment and services. As our largest global

Industrial holding SPX suffered declines during the year as the market chased certainty of earnings and SPX suffered

from difficult end markets. The company will split in two this month and this remains a near term catalyst. Empresas

ICA is the leading construction company in Mexico and they own a collection of operating assets including water

treatment plants, toll roads and airports. The company has a large proportion of US dollar debt and the weakening

Mexican Peso resulted in negative sentiment towards the stock. There are also worries about the outlook for

construction activity levels in Mexico as the continued low oil price impacts government finances. Sabesp is a large

water utility in the Brazilian state of Sao Paolo. The company continued to remain under pressure as the drought in

Brazil intensified and the declining value of the Brazilian Real also weighed on the stock.

With the strong performance of Infrastructure stocks in February and early March of 2015 and weak performance of

Utilities, we made a gradual shift of exposure from Infrastructure stocks into Utilities. This was the biggest segment

move over the course of the year. The sector levels after this move are relatively consistent with current levels with

Infrastructure remaining the largest weight at 47%, Technology at 23% and Utilities at 29%.



17


KBI Institutional Water Fund (Continued)

Outlook and Strategy

As discussed above there were a lot of headwinds in late 2014 and so far in 2015. These have resulted in earnings

expectation reductions, and our portfolio now sees lower 2015 EPS growth (local currency) of versus the growth we

expected a year ago. As we enter late 2015 and 2016, these headwinds turn into tailwinds (or at least no longer such

severe headwinds). Further, our companies are not just waiting around for a better environment.

The current water portfolio, in our view, represents a highly attractive collection of stocks, and we are optimistic about

its return potential over the coming year. It is also a very balanced portfolio, more so than it has been in quite some

time. We like the whole portfolio and in fact reduced our cash position in the last month in order to increase our

holdings in a number of stocks that had sold off.

From a valuation perspective, the last time the Fund was this cheap on a relative basis was over a decade ago. With

investor sentiment/expectations low, attractive valuations, strongly positive asymmetry in risk-reward, and increasing

conviction around a better 2016, we are optimistic going forward.


31 August 2015



18



Overall, it has been a disappointing 12 months for the fund in absolute terms. The KBI Institutional GESS Fund

returned a negative performance of 6.9% over the year. This is in contrast to the MSCI World Index which rose 12.7%

over the same period.

The past year has been characterised by a number of headwinds that have affected each of the individual strategies with

the broader portfolio. The earnings stability of defensive sectors continued to drive sector rotation during the year with

Consumer Staples, Health Care, Utilities and Telecom all strongly outperforming the broader market. The portfolio is

heavily underweight these market segments. In contrast, falling commodity prices, in particular the dramatic slump in

oil prices (along with increased volatility), weighed on the performance of the Energy and Materials sectors where

portfolio exposure is significantly higher. This impacted a number of areas across the portfolio, including industrials

and energy related shares in Water, Energy Efficiency and Renewables (and hence the Pioneer segment) and

Agribusiness (via ethanol exposure and grain prices). Furthermore, our larger exposure in Emerging Markets would also

have posed a headwind to performance given the fallout in China A shares and neighbouring equity markets as

investors fretted over the possibility of an economic hard landing in China. From KBI’s perspective many of these

headwinds dramatically reflected confidence issues rather than reflecting underlying fundamentals for the stocks and

sectors the portfolio is invested across.

The Water theme fell 0.90% in the one year to end August 2015. Performance was impacted by the factors outlined

above with some impacting the performance of the Water Fund more than others. Some of the positive trends impacting

the Water Fund were strength in US & UK Construction, an uptick in US Municipal Water spending and continued

focus on water scarcity and water quality measures in certain regions.

The Infrastructure sector was the best performing sector followed by Technology and Utilities lagged. While

Infrastructure and Technology were impacted most by stocks linked to the energy industry, fears around China and

sluggish global capex they were helped by the strong performance of US and UK Construction markets. Utilities were

hit by some stock specific issues and FX volatility, especially in a number of EM currencies including the Brazilian

Real and Mexican Peso. With the strong performance of Infrastructure stocks in February and early March of 2015 and

weak performance of Utilities, we made a gradual shift of exposure from Infrastructure stocks into Utilities. This was

the biggest segment move over the course of the year. The sector levels after this move are relatively consistent with

current levels with Infrastructure remaining the largest weight at 47%, Technology at 23% and Utilities at 29%.

The Energy Solutions theme fell 4.6% over the 1 year period to end August. Shares in Energy related stocks sold off

sharply as the oil price hit 5 year lows in H2 2014 and into January. Renewable energy stocks were particularly affected

during the rout. Wind and solar companies were out of favour despite a lower oil price not impacting their fundamentals

as renewable power is typically sold through multi-year long-term contracts. February saw the first monthly gain in the

oil price in seven months, leading to a more positive sentiment towards renewable energy. We strategically raised our

renewable holdings post the sell-off which led to a positive contribution in the month. The solar sector had a stand-out

month, following several months of disappointing performance.

Volatility continued for equity markets in Q2 2015 as headlines were dominated by concerns surrounding Greece’s

potential exit from the Euro and a sell-off in mainland China’s A shares. As a result, the higher beta renewable energy

sector underperformed the market as investors took some profits. Utilities performed poorly in Q2 as sharp increases in

government bond yields were taken poorly by the market. Energy Efficiency fared relatively better, slightly

outperforming the market.

Energy Efficiency stocks were less affected by slumping oil prices and initially outperformed broader equity market as

construction and auto end markets continued to post positive macro data. Companies generally reported better Building

Efficiency order activity in North America and more positive data points on improving momentum in institutional

markets reassured investors. The LED lighting stocks were relatively strong led by the European professional lighting

player Zumtobel. European industrial and construction related names posted strong earnings results coupled and were

further helped by improving macro data points. Energy Efficiency weakened off in June/July led by the more cyclical

industrials as worries over industrial capex spending returned.

August was the worst month for the performance of equity markets in over three years with fears of a slowdown in

global growth causing a broad sell-off, led by financial and energy stocks as weak Chinese manufacturing data renewed

fears of slowing growth, causing oil prices to slump. The Energy Solutions fund underperformed the market and falling

oil prices weighed on performance again. Despite strong results from solar companies the sector sold off on perceived

higher risk. Uncertainty in equity markets also caused a sell-off in yieldco companies as investors questioned these

companies’ ability to continue to tap capital markets to fund their high growth.



19


KBI Institutional GESS Fund (Continued)

During the year, the defensive Utilities sector was a positive contributor to performance amid continued pressure on

bond yields. The strategy gradually decreased exposure to the utilities through taking profit on the top performing

stocks.

The Agri strategy has been out of favour for the last year for variety of reasons. Off peak agri commodity prices leading

to lower farmer income negatively impacted farmer decision making and this was felt across the value chain,

particularly within the Inputs and Farmers & Producers sectors. The main underperformance came within July 2015,

May 2015, Nov 2014 and Sept 2014 with the common theme being weak performance from Emerging Markets and

weak energy prices impacting ethanol and biodiesel names. Currencies also played a role in some Emerging Market

names. Farmers & Producers was the worst hit sector followed by Infrastructure & Processors. Inputs were the best

performing sector in the theme although it underperformed the broader equity markets.

The theme continued to see M&A news flow in various names in areas like the fertilisers, seeds, food ingredients and

agri infrastructure names. Although not all the news materialised to actual transactions, this highlighted attractive value

and cash generation potential in the sector.

Investment Outlook

China is likely to remain a focus of financial markets. The volatility of its equity market, and a small devaluation of its

currency, have received most media attention but economic growth there is in fact more important to markets. We

expect to see continued weak economic growth (by Chinese standards) for some time, but the efforts of the authorities

to support growth via interest rate cuts, reduced bank reserve requirements, expanded fiscal policy and support for the

housing markets are likely to impact later in the year, at which time growth should stabilise. Elsewhere, growth in the

US and Europe remains reasonably solid (especially in the US), which we expect will lead the US Federal Reserve to

raise its key interest rate before year end, in the absence of a major shock to the economy. Meanwhile the corporate

sector is in good health, with plenty of cash on its balance sheet and relatively little debt. A key driver for markets will

be continued positive earnings growth over the next few quarters. We expect an increase in Merger and Acquisition

activity, but also a focus on dividend growth and other ways of returning cash to shareholders. Against this background

we expect equity markets to consolidate around or above current levels, but the pace of gains will be slow. We believe

that US and European government bond prices are very overvalued, underpinning the relative attractiveness of equities.

Energy Solutions - At the start of the year we made a strategic shift – trimming Energy Efficiency in favour of

Renewable Energy which became the largest sector in the strategy. We maintain this position and indeed have taken

advantage of recent weakness in stock prices to add to some of our preferred names. We believe the solar sector is

positioned for strong growth in the coming year as cost reductions have opened new markets even in countries with no

subsidy schemes and caused global demand to accelerate. We expect demand pull-in of utility-scale projects in the US

ahead of the Investment Tax Credit step down driving demand acceleration in 2015/16. We expect China will once

more be the largest solar market and have increased our exposure to module manufacturers who should benefit from

strong domestic demand. We also favour US solar developers such as Sunpower and First Solar who have solid global

development pipelines. The Utilities sector remains a defensive pillar within the strategy. We prefer the electricity

generators with strong cash flows supported by long-term power contracts which are immune from the volatility in

commodity prices.

Energy Efficiency is now the second largest sector. Within this we are most constructive on construction end markets

where we favour non residential US market. We are also positive on slowly improving European construction markets.

We have trimmed our position within LED lighting, reducing our exposure to the more commoditised chip

manufacturing in favour of high spec offerings with customer reach. Increased regulatory focus on fuel efficiency

standards is resulting in stronger demand for power train, dual transmission and AGM batteries – all technologies which

lead to better fuel economy. Johnson Controls, Delphi Automotive and Borgwarner are all exposed to this secular

growth market. We have trimmed our exposure to those most exposed to a potential slowdown in Chinese autos.

Water – While August was a strong month relative to the broader market, the Water holding has faced a lot of

headwinds in 2015, particularly for our US multi-national industrials: pension accounting, energy capex & its impact on

the broader industrial economy, severe weather, inventory destocking, and a rapid rise in the US Dollar. These have

resulted in earnings expectation reductions. As we enter 2016, these headwinds turn into tailwinds (or at least less

severe headwinds).



20


KBI Institutional GESS Fund (Continued)

The current water portfolio, in our view, represents a highly attractive collection of stocks, and we are optimistic about

its return potential over the coming year. It is also a very balanced portfolio, more so than it has been in quite some

time. As our Infrastructure stocks retreated over the last month or longer, we found it difficult to find stocks to sell to

free up the funds. In other words, we like the whole portfolio and in fact reduced our cash position in the month in order

to fund these purchases.

The last time the fund was this cheap on a relative valuation basis was over a decade ago. With investor

sentiment/expectations low, attractive valuations, strongly positive asymmetry in risk-reward, and increasing conviction

around a better 2016, we are optimistic going forward.

Agribusiness – We continue to believe that large global harvests this year will likely keep ag commodity prices at

moderate levels leading to lower farmer income. This will pressure input pricing, particularly affecting big ticket farm

machineries and any other discretionary spending. Within fertilisers, phosphates have the best fundamentals while

potash is the weakest. We got some comfort with regards to the floor on prices for nitrogen fertilisers as China is urging

its exporters not to export below cost price. Buyers are expected to begin securing autumn requirements under the fill

programs, but may not step in for full volume requirements given the sense of oversupply in the market. There are

indications of El Nino weather patterns developing so we keep focussed on our holdings in the Farmers & Producers

sector. We remain positive on Latin American farmers in general as they benefit from weak local currencies, strong

production and possible favourable government policies. However, we might have to wait longer for a bottoming out of

the sugar price. Low oil prices hit the ethanol space as well as biodiesel margins significantly and are having an impact

on government policies and regulations for the sector. This impacts the Infrastructure & Processing sector and some

companies in the Farmers & Producers sector. There have also been some concerns with regards to Chinese consumer

confidence which may impact demand for the likes of the meat and dairy in China. Meat prices in China are still

holding up but dairy prices are already at a low due to oversupply concerns and these may get further affected if

Chinese consumer confidence falters affecting the food processors. But given the higher supply of agri commodities,

the Infrastructure & Processing sector should benefit from higher asset utilisation and lower input costs. This should

help the supply chain services and processors of grains. The space is rife with M&A news flow where companies are

using cash to buy existing capacities to expand rather than building new costly greenfield projects. There is also a

significant focus to return cash to shareholders.


31 August 2015



21



The KBI Institutional Emerging Markets Equity Fund registered a decline of 6.6% during the period under review.

Emerging markets had a difficult period as a strengthening dollar, expectations that the Federal Reserve would raise

interest rates sooner than expected and slowing global growth outside the US dampened investor enthusiasm for the

region. Commodity dependent countries such as Russia, Brazil and Colombia struggled due to further sharp declines in

commodity prices during the period under review. Poor market performance was exacerbated by currency losses with

the Mexican peso, South African rand, Brazilian real and Malaysia ringgit all posting sharp declines.

While China outperformed the region during the period under review it has come under considerable selling pressure in

recent months. China has been attempting to shift from an investment led model to one that is more similar to western

consumer driven economies. Meanwhile however Chinese growth is slowing and the consequences of restructuring and

deceleration are evident in many industries. The challenges facing the region have at least encouraged many countries

to adopt self help policies where possible. Monetary easing has consequently moved from the developed to the

emerging world with countries such as China, India, Turkey and Indonesia reducing interest rates in 2015. Fiscal

reforms have also been undertaken in Indonesia and India and investors continue to reward companies and countries

that adopt the necessary self help measures. Other countries have however disappointed on the reform front with both

Korea and Brazil failing to implement the necessary reforms.

The fund outperformed the benchmark by 2.8% during the period under review. Despite the sharp declines registered

by equity markets growth managed to outperform value by a considerable margin during the period under review while

high yield stocks performed broadly in line with the benchmark. The fund however benefited from strong stock

selection in Korea, China and Brazil. In Korea the main contributors were KT&G, SK Holdings and Kangwon Land

while the most significant contributors to performance in China were Evergrande Real Estate and Bank of China. The

underweight position in Brazilian energy stock Petrobras also benefited the fund as it declined sharply following a

corruption scandal and the failure to provide timely audited financial statements.

Investment Outlook

Investors have been concerned about the impact of rising US interest rates on emerging market economies. Fortunately

governments have been given a long time to prepare for this eventuality and have by and large implemented sensible

reforms. Export growth continues to disappoint as growth outside the US remains lacklustre increasing the need for

appropriate self help measures.

We have been concerned regarding corporate profitability and ongoing commodity price weakness has taken some of

the pressure off margins. Slower economic growth has dampened wage demands and this will enable companies to

generate superior returns. There are some signs of improving capital discipline as management teams finally focus on

earnings rather than sales.

The strategy will continue to invest in companies which consistently deliver higher ROE and ROIC than the market

given the prudent and efficient way in which the management teams finance their businesses. We believe it is these

companies (who have the financial capacity to both sustain and grow their dividends) which will outperform given the

need to improve overall profitability and capital management discipline across the region.


31 August 2015



22



The KBI Institutional Developed Equity Fund generated a return of 8.6% during the period under review. Global equity

markets delivered further positive returns over the period buoyed by relatively robust economic activity in the US while

global central banks adopted a highly accommodative monetary stance as they endeavour to combat deflation and to

spur growth. Euro weakness was a key feature of the period under review as the ECB introduced a monthly bond

purchasing programme while protracted debt negotiations with Greece created additional downward pressure on the

currency.

The US economy appears to have established a self sustaining economic momentum with a significant improvement in

job creation and with solid support from a highly capitalised banking system. Interest rates are likely to rise gradually in

the coming months as the Federal Reserve seeks to normalise interest rate policy. European growth has been recovering

gradually as the region reaps the rewards of the weak Euro, sharp declines in commodity prices and the monthly bond

purchases from the ECB. Japanese equities continue to perform strongly as the trends of yen weakness and a more

shareholder friendly focus showed no signs of abating. The other feature of the period was the extremely sharp fall in

commodity prices and this had a significant impact on commodity dependent countries such as Norway, Australia and

Canada.

The fund underperformed the benchmark by 4.1% during the period under review. It was a difficult period for the

strategy as investors adopted a more cyclical stance with growth outperforming value by a significant margin.

Defensive high yield stocks struggled on a relative basis in each and every region. Stock selection was particularly

disappointing in insurance, diversified financials and in banks. Canadian financials underperformed as investors were

concerned about the impact of declining oil prices on the economy while currency weakness added to the woes. Stocks

such as Power Financial, IGM Financial and CIBC posted significant declines during the period under review.

Unsurprisingly energy stocks had a torrid time with National Oilwell Varco, Ensco and Cenovus Energy all registering

sharp declines. Stock selection contributed positively to performance in food beverage and tobacco following the

acquisition of Lorillard by Reynolds American.

Investment Outlook

As we move ever closer to the first rate hike in the US we believe that interest rate increases will be gradual and will not

derail the recovery. Corporate confidence continues to improve and further merger and acquisition activity is likely

while capital investment should continue to expand.

Outside the US growth will remain relatively muted in nominal terms and thus we believe that the search for yield and

income will prevail and we will focus on companies that are delivering high, growing and sustainable dividends. As

economic conditions normalise we will increasingly focus our attention on dividend growth.

We will maintain the quality bias within the portfolio by focusing on companies with strong balance sheets and high

cash flow as these companies will be best positioned to maintain or grow their dividend while continuing to invest in

future growth opportunities.


31 August 2015



23



The KBI Institutional Global Equity Fund generated a return of 7.2% during the period under review. Global equity


global central banks adopted a highly accommodative monetary stance as they endeavour to combat deflation and to

spur growth. Euro weakness was a key feature of the period under review as the ECB introduced a monthly bond

purchasing programme while protracted debt negotiations with Greece created additional downward pressure on the

currency. Emerging markets had a difficult period as a strengthening dollar, expectations that the Federal Reserve

would raise interest rates sooner than expected and slowing global growth outside the US dampened investor

enthusiasm for the region. Commodity dependent countries such as Russia, Brazil and Colombia struggled due to

further sharp declines in commodity prices.





purchases from the ECB. Japanese equities continue to perform strongly as the trends of yen weakness and a more

shareholder friendly focus showed no signs of abating.

While China outperformed other emerging markets during the period under review it has come under considerable

selling pressure in recent months. China has been attempting to shift from an investment led model to one that is more

similar to western consumer driven economies. Meanwhile however Chinese growth is slowing and the consequences

of restructuring and deceleration are evident in many industries. The challenges facing the region have at least

encouraged many countries to adopt self help policies where possible.


strategy as investors adopted a more cyclical stance with growth outperforming value by a significant margin.

Defensive high yield stocks struggled on a relative basis in each and every region. Stock selection was particularly

disappointing in insurance, diversified financials and in banks. Canadian financials underperformed as investors were

concerned about the impact of declining oil prices on the economy while currency weakness added to the woes. Stocks

such as Power Financial, IGM Financial and CIBC posted significant declines over the period. The allocation to

emerging markets further detracted from performance during the period under review.

Investment Outlook

As we move ever closer to the first rate hike in the US however we believe that interest rate increases will be gradual

and will not derail the recovery. Corporate confidence continues to improve and further merger and acquisition activity

is likely while capital investment should continue to expand.





31 August 2015



24



The KBI Institutional 50/50 Global/Eurozone Equity Fund generated a return of 8.0% during the period under review.

Global equity markets delivered further positive returns over the period buoyed by relatively robust economic activity

in the US while global central banks adopted a highly accommodative monetary stance as they endeavour to combat

deflation and to spur growth.



the coming months as the Federal Reserve seeks to normalise interest rate policy.

Although economic data was generally less reassuring in Europe the prospect of additional monetary stimulus measures

enabled investors to look through the short term weakness. The ECB outlined their much anticipated quantitative easing

programme in January and it exceeded market expectations at €60bn per month. The euro weakened further following

the announcement and investors also responded positively to the significant declines in commodity prices. The sharp

decline in commodity prices will give a boost to disposable income and to corporate profit margins. While Greece

finally reached agreement with creditors there is still considerable uncertainty as Syriza have called a general election

and opinion polls suggest that no party will be able to form a majority government.


strategy as investors adopted a more cyclical stance with growth outperforming value by a considerable margin.

Defensive high yield stocks struggled on a relative basis and underperformed in each and every region during the period

under review. Stock selection was disappointing in banks and capital goods. Banks such as Canadian Imperial Bank of

Commerce and Royal Bank of Canada were adversely impacted by energy related woes while Raiffeisen Bank declined

due to its significant exposure to Russia and Ukraine. In capital goods Rexel had a difficult time as the impact on the

business from the sharp decline in the oil price has been quicker and more severe than the market had anticipated.

Unsurprisingly energy stocks had a torrid time with National Oilwell Varco, Freeport McMoran, Fugro and Cenovus

Energy all posting sharp declines.

Investment Outlook








31 August 2015



25



The KBI Institutional Eurozone Equity Fund generated a return of 7.8% during the period under review. Global equity


global central banks continued to adopt a highly accommodative monetary stance as they endeavour to combat deflation

and to spur growth.

Although economic data was generally less reassuring in Europe the prospect of additional monetary stimulus measures

enabled investors to look through the short term weakness. The ECB outlined their much anticipated quantitative easing

programme in January and it exceeded market expectations at €60bn per month. The euro weakened further following

the announcement and investors also responded positively to the significant declines in commodity prices. The sharp

decline in commodity prices will give a boost to disposable income and to corporate profit margins.

It was certainly not all plain sailing however and the failure of the Greek parliament to elect a president forced the

government to call early elections. The victory for the anti austerity party Syriza heightened political uncertainty within

the Eurozone although a deal was eventually reached with creditors and this removed a potential source of downside

risk from the market. The outlook remains uncertain however as the Syriza party have called a further general election

and opinion polls suggest that no single party will be able to form a majority government.

The fund underperformed by 1.1% during the period under review. Despite the sluggish economic environment

investors adopted a more cyclical stance with growth outperforming value by almost 10%. Investors are assuming that

the combination of a weak currency and lower commodity prices will generate a significant rebound in corporate

earnings and are buying growth stocks in advance of the earnings recovery. Defensive high yield stocks struggled on a

relative basis as investors sought growth. Relative stock selection was disappointing in banks, capital goods and in

energy. Raiffeisen Bank was under pressure as it has a significant exposure to Russia and Ukraine and earnings will be

hurt by currency weakness and by lower economic activity across Eastern Europe. In capital goods Rexel had a difficult

time as the impact on the business from the sharp decline in the oil price has been quicker and more severe than the

market had anticipated. In energy, stocks such as Fugro were adversely impacted by the significant decline in

exploration activity following the sharp fall in oil prices.

Investment Outlook

The recovery in the US economy should continue to support Eurozone exporters however emerging market weakness

may limit the potential for export led recovery in capital expenditure related industries. The combination of euro

weakness and declining commodity prices should finally bring an end to earnings downgrades across the region.

Corporate balance sheets remain strong and we would expect to see companies distribute a significant portion of this

cash flow to shareholders in the form of dividends and share buybacks. The outlook for capital investment and merger

and acquisition activity is less certain however given excess capacity in a number of industries and the lacklustre

outlook for revenue growth. We will maintain the quality bias within the portfolio by focusing on companies with

strong balance sheets and high cash flow as these companies will be best positioned to maintain or grow their dividend

while continuing to invest in future growth opportunities.


31 August 2015



26



The KBI Institutional North America Equity Fund registered a decline of 6.2% during the period under review. The US

equity market was broadly unchanged over the period as it was supported by relatively robust domestic economic

performance while global central banks adopted a highly accommodative monetary stance as they endeavour to combat

deflation and to spur growth.


job creation and with solid support from a highly capitalised banking system. The weather induced slowdown witnessed

in the first quarter of the year is now a dim and distant memory and the Federal Reserve have stated that interest rates

are likely to rise later this year although the pace of rate hikes will be gradual. The other feature of the period was the

extremely sharp fall in commodity prices and this had a significant impact on commodity dependent Canada. The

Canadian market underperformed the US market by almost 25% during the period under review as poor equity

performance was exacerbated by currency weakness.


strategy as investors adopted a more cyclical stance with growth outperforming value by over 10%. Given the scarcity

of global growth investors have focused their attention on a relatively narrow list of growth stocks including Google,

Amazon and Facebook. Defensive high yield stocks have consequently struggled on a relative basis while the

overweight position in Canada also detracted from the relative performance of the fund. Stock selection was particularly

disappointing in banks, diversified financials and insurance. Banks such as Canadian Imperial Bank of Commerce and

Royal Bank of Canada were adversely impacted by energy related woes while the unexpected interest rate cut from

Bank of Canada was not well received by investors. Other defensive issues such as IGM Financial and Baxter

International struggled as investors focused on more growth oriented names. Unsurprisingly energy stocks had a torrid

time with National Oilwell Varco, Ensco and Cenovus Energy all posting sharp declines.

Investment Outlook

As we move ever closer to the first rate hike in the US we believe that interest rate increases will be gradual and will not

derail the recovery. Corporate confidence continues to improve and further merger and acquisition activity is likely

while capital investment should continue to expand. As economic conditions have normalised we have increased our

emphasis on dividend growth and will continue to do so over the coming months.

In Canada lower oil prices will reduce investment and will weigh on consumption as aggregate income and wealth falls

due to the negative terms of trade shock. The recent decline in the currency and the rate cut in January should help to at

least partially offset the impact of the weak energy sector.





31 August 2015



27



The KBI Institutional ACWI Fund was launched on 17th April 2015 and has registered a decline of 11.7% since

inception. August was a particularly difficult month for global equity markets as investors were unnerved by the

decision of the Chinese authorities to devalue the renminbi although the more general fear of faltering global activity

also played a leading role. The trends of falling commodity prices, lower bond yields and the safe haven attraction of

developed world currencies relative to their emerging market counterparts all resumed or accelerated.

Emerging markets had a particularly difficult time as the prospect of US rates rising faster than expected and a slowing

Chinese economy weighed on investors. China has been attempting to shift from an investment led model to one that is

more similar to western consumer driven economies. Meanwhile however Chinese growth is slowing and the

consequences of restructuring and deceleration are evident in many industries.





purchases from the ECB.

The fund underperformed the benchmark by 0.3% since inception. Despite the sharp declines registered by global

equity markets it was another period in which growth outperformed value although the scale of the outperformance was

relatively modest. Defensive high yield stocks struggled on a relative basis as investors sought refuge in a narrow list of

global growth stocks including Google, Amazon and Facebook. In the developed world stock selection was particularly

disappointing in insurance, diversified financials and in retail with stocks such as Power Financial, IGM Financial and

Zurich Financial posting declines over the period. Stock selection contributed positively to performance in emerging

markets and was particularly strong in technology hardware, software and real estate.

Investment Outlook








31 August 2015



28



The KBI Institutional Pan European Equity Fund was launched on 8th May 2015 and has registered a decline of 10.2%

since inception. August was a particularly difficult month for global equity markets as investors were unnerved by the

decision of the Chinese authorities to devalue the renminbi although the more general fear of faltering global activity

also played a leading role. The trends of falling commodity prices, lower bond yields and the safe haven attraction of

developed world currencies relative to their emerging market counterparts all resumed or accelerated.





purchases from the ECB.

The fund underperformed the benchmark by 1.1% since inception. Despite the sharp declines registered by European

equity markets it was another period in which growth outperformed value although the scale of the outperformance was

relatively modest. Defensive high yield stocks performed broadly in line with the benchmark. Stock selection was

particularly disappointing in insurance and diversified financials. In insurance Delta Lloyd declined sharply following

the decision of the administrative court in Rotterdam to uphold a significant fine imposed by the Dutch Central Bank

while quarterly results disclosed a weakening of the company’s solvency position. In diversified financials Aberdeen

Asset Management was weak given its significant exposure to emerging market equities.

Investment Outlook

The recovery in the US economy should continue to support European exporters however emerging market weakness

may limit the potential for export led recovery in capital expenditure related industries. The combination of currency

weakness and declining commodity prices should bring an end to earnings downgrades across the region.

Corporate balance sheets remain strong and we would expect to see companies distribute a significant portion of this

cash flow to shareholders in the form of dividends and share buybacks. The outlook for capital investment and merger

and acquisition activity is less certain however given excess capacity in a number of industries and the lacklustre

outlook for revenue growth.





31 August 2015



29

Directors' Report

The Directors present herewith the Annual Report and Audited Financial Statements of the Company for the

financial year ended 31 August 2015.

Statement of Directors' Responsibilities

The Directors’ are responsible for preparing the annual report and the financial statements in accordance with

applicable Irish law and regulations.

Irish company law requires the Directors to prepare financial statements for each financial year. Under the law,

the directors have elected to prepare the financial statements in accordance with International Financial Reporting

Standards (“IFRS”) as adopted by the EU.

Under company law, the directors must not approve the financial statements unless they are satisfied that they give a

true and fair view of the assets, liabilities and financial position of the company as at the financial year end date and of

the profit or loss of the company for the financial year and otherwise comply with the Companies Act 2014.

In preparing these financial statements, the Directors are required to:

select suitable accounting policies for the company financial statements and then apply them

consistently;

make judgements and estimates that are reasonable and prudent;

state whether the financial statements have been prepared in accordance with applicable accounting standards,

identify those standards, and note the effect and the reasons for any material departure from those standards; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company

will continue in business.

The Directors are responsible for ensuring that the Company keeps or causes to be kept adequate accounting records

which correctly explain and record the transactions of the Company, enable at any time the assets, liabilities, financial

position and profit or loss of the Company to be determined with reasonable accuracy, enable them to ensure that the

financial statements and directors’ report comply with the Companies Act 2014 and enable the financial statements to

be audited. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps

for the prevention and detection of fraud and other irregularities.

Principal Activities

The Company has been approved by the Central Bank of Ireland as an investment company pursuant to the Companies

Act, 2014.

The Investment Manager's Reports contain a review of the factors which contributed to the performance for the financial

year.

Review of Business and Future Developments

A review of business and future developments is included in the Background to the Company on pages 2 to 10 and the

Investment Manager's Reports on pages 11 to 28.

Results and Dividends

The results and dividends for the financial year are set out in the Statement of Comprehensive Income on pages 35 and

36.



30

Directors' Report (Continued)

Risk Management objectives and policies

The main risks arising from the Company's financial instruments are market price, foreign currency, interest rate,

liquidity and counterparty credit risks as detailed in Note 2 to these financial statements.

Events during the financial year

Ms Fiona Mulcahy was appointed as Independent Director on 7 October 2014.

From 2 July 2015, the performance of the KBI Institutional Long Bond Fund’s portfolio of investments was measured

against the J.P. Morgan Economic and Monetary Union (EMU) Government Bond Investment Grade over 10 years

Maturity Index.

The KBI Institutional ACWI Equity Fund launched on 17 April 2015.

The KBI Institutional Pan European Equity Fund launched on 8 May 2015.

On 2 July 2015, the following Sub-Fund name changes were approved:

From KBI Institutional Alternative Energy Fund to KBI Institutional Energy Solutions Fund;

From KBI Institutional Dividend Plus Developed Equity Fund to KBI Institutional Developed Equity Fund;

From KBI Institutional Dividend Plus Emerging Markets Fund to KBI Institutional Emerging Markets Equity Fund;

From KBI Institutional Dividend Plus Eurozone Fund to KBI Institutional Eurozone Equity Fund;

From KBI Institutional Dividend Plus Global Fund to KBI Institutional Global Equity Fund;

From KBI Institutional Dividend Plus 50/50 Fund to KBI Institutional 50/50 Global/Eurozone Equity Fund; and KBI

Institutional Dividend Plus North America Fund to KBI Institutional North America Equity Fund.

The following Share Classes launched during the financial year:

KBI Institutional Water Fund Australian Dollar Class A Shares

KBI Institutional ACWI Equity Fund Sterling Class D (Distributing) Shares

KBI Institutional Pan European Equity Fund Euro Class A Shares

The following Share Classes closed during the financial year:

KBI Institutional Agri Fund Euro Class I Shares

KBI Institutional Agri Fund Euro Class H Shares

KBI Institutional Global Environmental Solutions Fund Euro Class I Shares

KBI Institutional Energy Solutions Fund Euro Class I Shares

KBI Institutional Emerging Markets Equity Fund Euro Class I Shares

KBI Institutional Emerging Markets Equity Fund Sterling Class D (Distributing) Shares

KBI Institutional Developed Equity Fund Sterling Class D (Distributing) Shares

KBI Institutional Developed Equity Fund USD Class B Shares

KBI Institutional Global Equity Fund Euro Class B Shares

KBI Institutional Global Equity Fund Euro Class F Shares

KBI Institutional Global Equity Fund Euro Class I Shares

KBI Institutional Global Equity Fund USD Class A Shares

Events since the financial year end

There have been no events subsequent to the financial year end, which, in the opinion of the Directors of the

Company, may have had an impact on the financial statements for the financial year ended 31 August 2015.

Directors

The Directors who held office during the financial year under review were:

Frank Joseph Close

Fiona Mulcahy

Padraig Sheehy Gerard Solan Derval Murray

Patrick Cassells



31


Directors (Continued)

The table below shows the Directors' and Secretary's interests in the Funds of the Company at 31 August 2015:

KBI

KBI Institutional KBI KBI

KBI Institutional KBI KBI Emerging Institutional Institutional

Institutional Energy Institutional Institutional Markets Global Eurozone

Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund Equity Fund Equity Fund

Frank Joseph Close - - - - - - -

Fiona Mulcahy - - - - - - -

Padraig Sheehy 223 9,109 3,896 - 12,757 - 8,677

Gerard Solan 69 - 3,149 - 8,468 25,430 2,801

Derval Murray 48 594 387 - - 115 172

Patrick Cassells - - - 7 819 23,120 -

Andrea Oman - 1,287 176 - 65 467 585

The table below shows the Directors' and Secretary's interests in the Funds of the Company at 31 August 2014:

KBI

KBI Institutional KBI KBI

KBI Institutional KBI KBI Emerging Institutional Institutional

Institutional Energy Institutional Institutional Markets Global Eurozone

Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund Equity Fund Equity Fund

Frank Joseph Close - - - - - 1,168 -

Fiona Mulcahy - - - - - - -

Padraig Sheehy 223 1,845 3,378 - 14,867 - 5,978

Gerard Solan 69 - 3,154 - 7,743 22,563 -

Derval Murray 48 594 388 - - 115 173

Patrick Cassells - - - 532 744 12,222 -

Andrea Oman - 1,043 154 - - 408 500

Each of Mr Padraig Sheehy, Mr Gerard Solan, Ms Derval Murray Mr Patrick Cassells and Ms Andrea Oman are

employees of Kleinwort Benson Investors Dublin Limited, the Investment Manager to the Company.

Transactions Involving Directors

Derval Murray and Gerard Solan are also Directors of the Investment Manager. There are no other contracts or

arrangements of any significance in relation to the business of the Company in which the Directors or Company

Secretary had any interest as defined in the Companies Act, 2014, at any time during the financial year.

Accounting Records

The Directors believe that they have complied with the requirements of Sections 281 to 285 of the Companies

Act, 2014, with regard to the books of account by employing accounting personnel with appropriate expertise and

by providing adequate resources to the financial function. The Directors have appointed Northern Trust International

Fund Administration Services (Ireland) Limited to maintain proper books of account. The address at which this

business is located is as follows:

George’s Court

54-62 Townsend Street

Dublin 2

Ireland



32


Transactions with connected parties

Any transaction carried out with a UCITS by a promoter, manager, trustee, investment adviser and/or associated or

group companies of these (“connected parties”) must be carried out as if negotiated at arm’s length. Transactions must

be in the best interests of the unitholders.

(i) the board of directors are satisfied that there are arrangements (evidenced by written procedures) in place, to

ensure that the obligations set out in paragraph 1 of UCITS Regulation 41.1 “the European Communities

(Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (“the UCITS

Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings

for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS

Regulations") are applied to all transactions with connected parties; and

(ii) the board of directors is satisfied that transactions with connected parties entered into during the period

complied with the obligations set out in paragraph 1 of UCITS Regulation 41.1 “the European Communities




Regulations").

Independent Auditors

In accordance with Section 383 of the Companies Act, 2014, Deloitte, Chartered Accountants and Statutory Audit Firm,

will continue in office.

On Behalf of the Board of Directors

Gerard Solan Derval Murray

Director Director

9 December 2015



33

Annual Custodian Report to the Shareholders

We have enquired into the conduct of Kleinwort Benson Investors Institutional Fund Plc ("the Company") for the

financial year from 1 September 2014 to 31 August 2015, in our capacity as Custodian to the Company.

This report including the opinion, has been prepared for and solely for the Shareholders in the Company as a body, in

accordance with the Central Bank of Ireland UCITS Regulation 4, and for no other purpose. We do not, in giving

this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is

shown.

We, Northern Trust Fiduciary Services (Ireland) Limited, appointed Custodian to Kleinwort Benson Investors

Institutional Fund Plc ("the Company") provide this report solely in favour of the Shareholders of the Company for

the year ended 31 August 2015 (“Annual Accounting Period”). This report is provided in accordance with the

UCITS Regulations – European Communities (Undertakings for Collective Investment in Transferable Securities)

Regulations 2011 (SI No 352 of 2011) which implemented Directive 2009/65/EU into Irish Law (“the Regulations”).

We do not, in the provision of this report, accept nor assume responsibility for any other purpose or person to whom

this report is shown.

In accordance with our Custodian obligation as provided for under the Regulations, we have enquired into the

conduct of the Company for this Annual Accounting Period and we hereby report thereon to the Shareholders of the

Company as follows;

We are of the opinion that the Company has been managed during the year, in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the

constitutional documents and by the Regulations; and

(ii) otherwise in accordance with the provisions of the constitutional document and the Regulations.

For and on behalf of

Northern Trust Fiduciary Services (Ireland) Limited

9 December 2015



34

INDEPENDENT AUDITORS’ REPORT TO THE SHAREHOLDERS OF KLEINWORTH BENSON

INVESTORS INSTITUTIONAL FUND PLC

We have audited the financial statements of Kleinwort Benson Investors Institutional Fund Plc (the ‘‘Company’’) for

the financial year ended 31 August 2015 which comprise of the Statement of Comprehensive Income, the Statement of

Financial Position, the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares,

the Statement of Cash Flows and the related notes 1 to 26. The relevant financial reporting framework that has been

applied in their preparation is the Companies Act 2014 and International Financial Reporting Standards (IFRSs) as

adopted by the European Union.

This report is made solely to the company's members, as a body, in accordance with Section 391 of the Companies Act

2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are

required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do

not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our

audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors’ Responsibilities the directors are responsible for the preparation

of the financial statements and for being satisfied that they give a true and fair view and otherwise comply with the

Companies Act 2014. Our responsibility is to audit and express an opinion on the financial statements in accordance

with the Companies Act 2014 and International Standards on Auditing (UK and Ireland). Those standards require us to

comply with the Auditing Practices Board’s Ethical Standards for Auditors

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give

reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error.

This includes an assessment of: whether the accounting policies are appropriate to the company’s circumstances and

have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made

by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-

financial information in the Annual Report and Audited Financial Statements to identify material inconsistencies with

the audited financial statements and to identify any information that is apparently materially incorrect based on, or

materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware

of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

give a true and fair view of the assets, liabilities and financial position of the company as at 31 August 2015,

and of the profit for the financial year then ended; and

have been properly prepared in accordance with the relevant financial reporting framework and, in particular,

with the requirements of the Companies Act 2014 and the “the European Communities (Undertakings for

Collective Investment in Transferable Securities) Regulations 2011 (“the UCITS Regulations”) and the

Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective

Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS Regulations").

Matters on which we are required to report by the Companies Act 2014

We have obtained all the information and explanations we considered necessary for the purpose of our audit.

In our opinion the accounting records of the company were sufficient to permit the financial statements to be

readily and properly audited.

The company’s Statement of Assets and Liabilities and its Statement of Operations are in agreement with the

accounting records.

In our opinion the information given in the Directors' Report is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the provisions in the Companies Act 2014 which requires us to report to you if,

in our opinion the disclosures of directors’ remuneration and transactions specified by law are not made.

Darren Griffin

For and on behalf of Deloitte

Chartered Accountants and Statutory Audit Firm

Dublin

9 December 2015

35



Statement of Comprehensive Income


Cross KBI Institutional KBI Institutional KBI Institutional KBI Institutional KBI Institutional

Holdings Long Agri Energy Water GESS

Total Company Adjustment Bond Fund Fund Solutions Fund Fund Fund

(Note 24)

Year ended Year ended Year ended Year ended Year ended Year ended Year ended

Notes 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015

EUR EUR EUR EUR EUR USD EUR

Income

Operating income 3 55,778,173 - 1,806,124 628,919 1,375,103 3,776,640 928,864

Net gains/(losses) on financial assets and liabilities

at fair value through profit or loss 4 (30,613,466) 1,860,801 3,171,208 (2,555,889) (2,993,234) (35,591,890) (3,409,970)

Total investment income/(loss) 25,164,707 1,860,801 4,977,332 (1,926,970) (1,618,131) (31,815,250) (2,481,106)

Operating expenses 5 (8,794,602) - (122,064) (204,946) (693,982) (1,708,177) (99,881)

Net income/(expense) 16,370,105 1,860,801 4,855,268 (2,131,916) (2,312,113) (33,523,427) (2,580,987)

Finance costs

Distributions to holders of

redeemable participating shares 15 (9,061,532) - - - - - -

Interest expense on financial liabilities

not at fair value through profit or loss (28,783) - (118) (356) (755) (3,081) (757)

Profit/(loss) for the year before tax 7,279,790 1,860,801 4,855,150 (2,132,272) (2,312,868) (33,526,508) (2,581,744)

Non-reclaimable withholding tax (10,128,319) - - (88,151) (139,986) (547,554) (100,390)

(Loss)/Profit for the year after tax (2,848,529) 1,860,801 4,855,150 (2,220,423) (2,452,854) (34,074,062) (2,682,134)

(Decrease)/Increase in net assets

attributable to holders of redeemable

participating shares (2,848,529) 1,860,801 4,855,150 (2,220,423) (2,452,854) (34,074,062) (2,682,134)

There are no recognised gains or losses arising in the financial year other than the decrease in Net Assets Attributable to Holders of Redeemable Participating Shares of the Company. In arriving at the results of the financial year, all

amounts above relate to continuing operations.

The accompanying notes form an integral part of the financial statements



36


For the financial year ended 31 August 2015 (Continued)

KBI Institutional KBI Institutional KBI Institutional KBI Institutional KBI Institutional KBI Institutional KBI Institutional KBI Institutional

Emerging Markets Developed Equity Global 50/50 Global/Eurozone Eurozone North America ACWI Pan European

Equity Fund Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**

Year ended Year ended Year ended Year ended Year ended Year ended Period ended Period ended

Notes 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015

EUR EUR EUR EUR EUR USD EUR EUR

Income

Operating income 3 6,766,924 26,020,243 2,063,720 825,796 2,318,465 9,039,722 1,030,477 953,749

Net gains on financial assets and liabilities

at fair value through profit or loss 4 (14,213,338) 44,321,681 8,708,517 930,886 3,290,264 (24,567,889) (10,859,948) (6,949,989)

Total investment income/(loss) (7,446,414) 70,341,924 10,772,237 1,756,682 5,608,729 (15,528,167) (9,829,471) (5,996,240)

Operating expenses 5 (634,009) (2,989,980) (359,980) (157,237) (388,723) (1,822,711) (55,050) (41,795)

Net income/(expense) (8,080,423) 67,351,944 10,412,257 1,599,445 5,220,006 (17,350,878) (9,884,521) (6,038,035)

Finance costs


redeemable participating shares 15 (966,657) (2,288,698) - - - (5,804,120) (797,553) -


not at fair value through profit or loss (7,204) (11,693) (1,332) (258) (1,420) (1,695) (316) (453)

(Loss)/Profit for the year before tax (9,054,284) 65,051,553 10,410,925 1,599,187 5,218,586 (23,156,693) (10,682,390) (6,038,488)

Non-reclaimable withholding tax (807,377) (5,282,155) (432,200) (126,240) (230,374) (2,401,012) (225,708) (151,294)

(Loss)/Profit for the year after tax (9,861,661) 59,769,398 9,978,725 1,472,947 4,988,212 (25,557,705) (10,908,098) (6,189,782)

(Decrease)/Increase in net assets


participating shares (9,861,661) 59,769,398 9,978,725 1,472,947 4,988,212 (25,557,705) (10,908,098) (6,189,782)

There are no recognised gains or losses arising in the financial year other than the decrease in Net Assets Attributable to Holders of Redeemable Participating Shares of the Company. In arriving at the results of the financial year, all amounts above relate to continuing operations. The accompanying notes form an integral part of the financial statements.

*Fund launched on 17 April 2015.

**Fund launched on 8 May 2015.



37



Cross KBI Institutional KBI Institutional KBI Institutional KBI Institutional KBI Institutional

Holdings Long Agri Energy Water GESS

Total Company Adjustment Bond Fund Fund Solutions Fund Fund Fund

(Note 24)




Income

Operating income 3 39,981,002 - 2,291,683 758,886 1,143,877 3,770,192 1,118,794

Net gains/(losses) on financial assets and liabilities

at fair value through profit or loss 4 174,565,475 (1,158,730) 11,724,785 4,966,782 7,213,634 31,093,009 8,573,384

Total investment income/(loss) 214,546,477 (1,158,730) 14,016,468 5,725,668 8,357,511 34,863,201 9,692,178

Operating expenses 5 (5,543,872) - (114,794) (232,892) (641,456) (1,400,721) (100,502)

Net income/(expense) 209,002,605 (1,158,730) 13,901,674 5,492,776 7,716,055 33,462,480 9,591,676

Finance costs


redeemable participating shares 15 (3,859,867) - - - - - -


not at fair value through profit or loss (15,233) - - (422) (251) (1,030) (1,586)

Profit/(loss) for the period before tax 205,127,505 (1,158,730) 13,901,674 5,492,354 7,715,804 33,461,450 9,590,090

Taxation - - - - - -

Non-reclaimable withholding tax (7,165,351) - (12) (125,497) (151,536) (731,231) (191,775)

Profit/(loss) for the period after tax 197,962,154 (1,158,730) 13,901,662 5,366,857 7,564,268 32,730,219 9,398,315

Increase/(decrease) in net assets


participating shares 197,962,154 (1,158,730) 13,901,662 5,366,857 7,564,268 32,730,219 9,398,315

Movement in adjustment from bid to dealing prices1 b) (730,739) - - (77,343) (90,726) (88,901) (99,793)



participating shares 197,231,415 (1,158,730) 13,901,662 5,289,514 7,473,542 32,641,318 9,298,522

There are no recognised gains or losses arising in the financial year other than the increase in Net Assets Attributable to Holders of Redeemable Participating Shares of the Company. In arriving at the results of the financial year, all amounts above relate to continuing operations.

The accompanying notes form an integral part of the financial statements.



38



KBI Institutional KBI Institutional KBI Institutional KBI Institutional 50/50 KBI Institutional KBI Institutional

Emerging Markets Developed Equity Global Global/Eurozone Eurozone North America

Equity Fund Fund Equity Fund Equity Fund Equity Fund Equity Fund

Year ended Year ended Year ended Year ended Year ended Period ended

Notes 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014

EUR EUR EUR EUR EUR USD

Income

Operating income 3 6,193,003 16,468,030 2,455,084 797,901 3,083,294 3,944,834

Net gains on financial assets and liabilities

at fair value through profit or loss 4 20,789,132 61,486,885 10,696,169 3,688,584 12,519,846 15,254,704

Total investment income 26,982,135 77,954,915 13,151,253 4,486,485 15,603,140 19,199,538

Operating expenses 5 (423,208) (1,663,703) (386,357) (142,859) (434,456) (509,032)

Net income 26,558,927 76,291,212 12,764,896 4,343,626 15,168,684 18,690,506

Finance costs


redeemable participating shares 15 (797,184) (2,248,519) - - - (1,107,724)


not at fair value through profit or loss (6,580) (3,798) (454) (44) (424) (1,248)

Profit for the period before tax 25,755,163 74,038,895 12,764,442 4,343,582 15,168,260 17,581,534

Taxation - - - - - -

Non-reclaimable withholding tax (725,348) (3,366,735) (507,668) (164,297) (665,407) (992,710)

Profit for the period after tax 25,029,815 70,672,160 12,256,774 4,179,285 14,502,853 16,588,824

Increase in net assets


participating shares 25,029,815 70,672,160 12,256,774 4,179,285 14,502,853 16,588,824

Movement in adjustment from bid to dealing prices1 b) (242,055) (105,177) (17,017) (11,306) (19,901) -




There are no recognised gains or losses arising in the financial year other than the increase in Net Assets Attributable to Holders of Redeemable Participating Shares of the Company. In arriving at the results of the financial year, all amounts above relate to continuing operations.




39

Statement of Financial Position

As at 31 August 2015

KBI

KBI KBI Institutional KBI KBI

Cross Holdings Institutional Institutional Energy Institutional Institutional

Total Company Adjustment Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund

(Note 24)

As at As at As at As at As at As at As at



Assets

Financial assets at fair value through

profit or loss - held for trading

Transferable securities

Equity investments 2 1,522,012,951 - - 20,787,804 57,609,817 185,048,582 37,185,482

Bonds 2 45,865,490 - 45,865,490 - - - -

Collective Investment Schemes 2 2,320,882 (10,742,946) - - - - -

Loans and receivables

Cash and cash equivalents 6 4,732,057 - 8,139 18,490 857,047 939,600 320,490

Other receivables 7 6,879,573 - 1,008,687 149,871 515,295 738,114 256,699

Total assets 1,581,810,953 (10,742,946) 46,882,316 20,956,165 58,982,159 186,726,296 37,762,671

Liabilities (excluding net assets attributable to

holders of redeemable participating shares)

Financial liabilities measured at amortised cost

Distributions to Redeemable Participating Shareholders payable (4,985,352) - - - - - -

Bank overdraft 8 (3,964,693) - - - - - -

Other payables 9 (3,676,987) - (477,117) (239,452) (391,488) (949,091) (61,940)

Total liabilities (excluding net assets attributable to

holders of redeemable participating shares) (12,627,032) - (477,117) (239,452) (391,488) (949,091) (61,940)

Net assets attributable to holders of

redeemable participating shares at bid prices 1,569,183,921 (10,742,946) 46,405,199 20,716,713 58,590,671 185,777,205 37,700,731

Adjustment from bid to dealing prices


redeemable participating shares 1,569,183,921 (10,742,946) 46,405,199 20,716,713 58,590,671 185,777,205 37,700,731




40


As at 31 August 2015 (Continued)

KBI Institutional KBI Institutional KBI Institutional KBI Institutional 50/50 KBI Institutional KBI Institutional KBI Institutional KBI Institutional

Emerging Markets Developed Equity Global Global/Eurozone Eurozone North America ACWI Pan European


As at As at As at As at As at As at As at As at

Notes 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015


Assets




Equity investments 2 129,037,008 653,819,703 23,885,003 20,489,478 51,348,303 266,629,377 72,181,366 52,564,927

Bonds 2 - - - - - - - -

Collective Investment Schemes 2 - 2,000,728 2,101,995 1,008,661 - - 7,952,444 -


Cash and cash equivalents 6 903,958 209,045 230,901 425,181 152,942 364,778 439,340 2,420

Other receivables 7 1,085,719 2,023,365 104,330 41,684 23,448 617,435 213,586 247,117

.

Total assets 131,026,685 658,052,841 26,322,229 21,965,004 51,524,693 267,611,590 80,786,736 52,814,464




Distributions to Redeemable Participating Shareholders payable (735,144) (1,043,997) - - - (2,698,901) (797,553) -

Bank overdraft 8 - (1,302,466) - - - (2,194,666) - (703,578)

Other payables 9 (194,377) (600,295) (53,444) (33,867) (67,562) (738,530) (28,549) (22,763)


holders of redeemable participating shares) (929,521) (2,946,758) (53,444) (33,867) (67,562) (5,632,097) (826,102) (726,341)


redeemable participating shares 130,097,164 655,106,083 26,268,785 21,931,137 51,457,131 261,979,493 79,960,634 52,088,123




On Behalf of the Board of Directors

Gerard Solan Derval Murray

Director Director 9 December 2015



41



KBI




(Note 24)




Assets




Equity investments 2 1,304,008,134 - - 40,667,064 55,069,127 185,698,084 54,125,331

Preference shares 2 8,468,373 - - - - - -

Bonds 2 66,207,794 - 66,207,794 - - - -

Collective Investment Schemes 2 - (7,375,804) - - - - -


Cash and cash equivalents 6 12,667,548 - 12,224 291,507 966,643 2,082,828 237,259

Other receivables 7 10,116,150 - 1,955,921 275,784 1,061,290 1,199,682 743,559

Total assets 1,401,467,999 (7,375,804) 68,175,939 41,234,355 57,097,060 188,980,594 55,106,149




Other payables 9 (4,609,018) - (1,141,146) (329,420) (596,609) (1,064,741) (1,047,004)


holders of redeemable participating shares) (4,609,018) - (1,141,146) (329,420) (596,609) (1,064,741) (1,047,004)


redeemable participating shares 1,396,858,981 (7,375,804) 67,034,793 40,904,935 56,500,451 187,915,853 54,059,145




42






As at As at As at As at As at As at

Notes 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014


Assets




Equity investments 2 162,192,944 521,555,000 70,761,747 20,116,122 67,521,854 225,267,009

Preference shares 2 8,468,373 - - - - -

Bonds 2 - - - - - -

Collective Investment Schemes 2 - - 6,471,302 904,502 - -


Cash and cash equivalents 6 335,498 4,823,646 332,502 97,848 387,144 4,744,586

Other receivables 7 464,136 3,374,179 631,087 44,094 164,965 645,894

Total assets 171,460,951 529,752,825 78,196,638 21,162,566 68,073,963 230,657,489




Other payables 9 (87,951) (330,834) (61,530) (27,301) (59,142) (157,727)


holders of redeemable participating shares) (87,951) (330,834) (61,530) (27,301) (59,142) (157,727)


redeemable participating shares 171,373,000 529,421,991 78,135,108 21,135,265 68,014,821 230,499,762


43



Statement of Changes in Net Assets Attributable to Holders of Redeemable

Participating Shares


KBI




(Note 24)


31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015


Net assets attributable to holders of redeemable

participating shares at beginning of year 1,396,858,981 (7,375,804) 67,034,793 40,904,935 56,500,451 187,915,853 54,059,145

Increase/(decrease) in net assets resulting from operations (2,848,529) 1,860,801 4,855,150 (2,220,423) (2,452,854) (34,074,062) (2,682,134)

Amounts received on issue of redeemable participating shares 703,775,420 (10,590,502) 5,773,636 562,762 18,917,878 103,038,832 2,457,991

Amounts paid on redemption of redeemable participating shares (585,231,491) 5,362,559 (31,258,380) (18,530,561) (14,374,804) (71,103,418) (16,134,271)


resulting from share transactions 118,543,929 (5,227,943) (25,484,744) (17,967,799) 4,543,074 31,935,414 (13,676,280)

Notional exchange adjustment†

56,629,540 - - - - - -

Net increase/(decrease) in shareholders' funds 172,324,940 (3,367,142) (20,629,594) (20,188,222) 2,090,220 (2,138,648) (16,358,414)


participating shares 1,569,183,921 (10,742,946) 46,405,199 20,716,713 58,590,671 185,777,205 37,700,731

†The Notional Exchange Adjustment arises from the retranslation of the KBI Institutional Water Fund and KBI Institutional North America Equity Fund’s Statement of Comprehensive Income, Net Assets at the start of the financial year

and Capital Transactions, to the presentation currency of the Company using the exchange rate as at 31 August 2015.




44







Year ended Year ended Year ended Year ended Year ended Period ended Period ended Period ended

31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015 31 August 2015



participating shares at beginning of year 171,373,000 529,421,991 78,135,108 21,135,265 68,014,821 230,499,762 - -

Increase in net assets resulting from operations (9,861,661) 59,769,398 9,978,725 1,472,947 4,988,212 (25,557,705) (10,908,098) (6,189,782)

Amounts received on issue of redeemable participating shares 39,760,947 268,921,615 5,568,084 1,237,065 6,204,787 140,735,656 90,868,732 63,728,960

Amounts paid on redemption of redeemable participating shares (71,175,122) (203,006,921) (67,413,132) (1,914,140) (27,750,689) (83,698,220) - (5,451,055)


resulting from share transactions (31,414,175) 65,914,694 (61,845,048) (677,075) (21,545,902) 57,037,436 90,868,732 58,277,905


- - - - - - - -

Net (decreases)/increase in shareholders' funds (41,275,836) 125,684,092 (51,866,323) 795,872 (16,557,690) 31,479,731 79,960,634 52,088,123


participating shares 130,097,164 655,106,083 26,268,785 21,931,137 51,457,131 261,979,493 79,960,634 52,088,123

†The Notional Exchange Adjustment arises from the retranslation of the KBI Institutional Water Fund and KBI Institutional North America Equity Fund’s Statement of Comprehensive Income, Net Assets at the start of the year and

Capital Transactions, to the presentation currency of the Company using the exchange rate as at 31 August 2015.






45




KBI




(Note 24)





participating shares at beginning of year 834,247,719 (4,843,666) 69,232,865 33,135,977 40,768,503 101,284,431 47,088,044

Increase/(decrease) in net assets resulting from operations 197,231,415 (1,158,730) 13,901,662 5,289,514 7,473,542 32,641,318 9,298,522

Amounts received on issue of redeemable participating shares 581,165,711 (2,156,978) 3,052,296 9,244,262 17,080,974 134,133,726 10,997,301

Amounts paid on redemption of redeemable participating shares (223,543,579) 783,570 (19,152,030) (6,764,818) (8,822,568) (80,143,622) (13,324,722)


resulting from share transactions 357,622,132 (1,373,408) (16,099,734) 2,479,444 8,258,406 53,990,104 (2,327,421)


7,757,715 - - - - - -

Net increase/(decrease) in shareholders' funds 562,611,262 (2,532,138) (2,198,072) 7,768,958 15,731,948 86,631,422 6,971,101


participating shares 1,396,858,981 (7,375,804) 67,034,793 40,904,935 56,500,451 187,915,853 54,059,145






46








31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014



participating shares at beginning of year 123,048,382 286,320,155 51,338,259 36,553,662 74,793,452 -

Increase in net assets resulting from operations 24,787,760 70,566,983 12,239,757 4,167,979 14,482,952 16,588,824

Amounts received on issue of redeemable participating shares 44,654,212 207,793,144 18,199,284 872,170 3,811,770 229,977,448

Amounts paid on redemption of redeemable participating shares (21,117,354) (35,258,291) (3,642,192) (20,458,546) (25,073,353) (16,066,510)

Increase in net assets

resulting from share transactions 23,536,858 172,534,853 14,557,092 (19,586,376) (21,261,583) 213,910,938


- - - - - -

Net increase in shareholders' funds 48,324,618 243,101,836 26,796,849 (15,418,397) (6,778,631) 230,499,762








47

Statement of Cash Flows


KBI KBI KBI Institutional KBI KBI



(Note 24)




Cash flows from operating activities

Proceeds from sale of investments 1,568,716,231 5,362,559 44,302,597 34,995,901 67,781,131 212,286,242 73,960,706

Purchase of investments (1,744,262,245) (10,590,502) (21,136,715) (17,627,221) (73,440,590) (246,529,128) (60,830,078)

Interest received 10,378,317 - - 529,148 - 29 3

Dividends received 31,542,285 - - 15 1,155,071 2,980,893 801,258

Other income 3,586,392 - 2,429,458 14,276 60,090 113,357 34,071

Operating expenses paid (8,366,179) - (117,804) (208,606) (595,135) (1,593,513) (90,862)

Net cash (outflow)/inflow from operating activities (138,405,199) (5,227,943) 25,477,536 17,703,513 (5,039,433) (32,742,120) 13,875,098

Cash flows from financing activities

Distributions paid (3,635,998) - - - - - -

Interest paid (27,669) - (118) (353) (755) (3,032) (700)

Share transactions

Amounts received on issue of redeemable participating shares 726,603,702 10,590,502 5,773,553 560,662 19,245,328 102,948,105 2,457,074

Amounts paid on redemption of redeemable participating shares (595,533,596) (5,362,559) (31,258,380) (18,533,076) (14,310,183) (71,066,766) (16,134,271)

Net cash inflow/(outflow) from financing activities 127,406,439 5,227,943 (25,484,945) (17,972,767) 4,934,390 31,878,307 (13,677,897)

Net (decrease)/increase in cash and cash equivalents (10,998,760) - (7,409) (269,254) (105,043) (863,813) 197,201

Cash and cash equivalents at beginning of year* 12,667,548 - 12,224 291,507 966,643 2,082,828 237,259

Exchange from cash and cash equivalents (901,423) - 3,324 (3,763) (4,553) (279,415) (113,970)

Cash and cash equivalents at end of year 767,365 - 8,139 18,490 857,047 939,600 320,490

*Cash and Cash Equivalents includes cash at bank, cash held and bank overdraft




48






Year ended Year ended Year ended Year ended Year ended Year ended Period ended Period ended




Proceeds from sale of investments 139,809,651 611,293,531 104,701,883 16,572,653 66,506,575 215,625,874 18,118,017 16,047,302

Purchase of investments (112,128,637) (700,555,617) (44,794,535) (16,119,782) (47,043,971) (281,307,652) (108,976,154) (75,525,439)

Interest received 1,402 190 1,723,778 652,096 1,889,586 6,468,665 - -

Dividends received 6,019,789 19,861,006 14 - - 19 579,753 553,022

Other income 47,441 603,436 56,088 18,194 39,465 199,423 11,538 2,424

Operating expenses paid (607,669) (2,702,601) (373,855) (118,854) (215,467) (2,218,247) (26,636) (19,359)

Net cash (outflow)/inflow from operating activities 33,141,977 (71,500,055) 61,313,373 1,004,307 21,176,188 (61,231,918) (90,293,482) (58,942,050)


Distributions paid (231,513) (1,244,701) - - - (2,502,812) - -

Interest paid (7,472) (11,368) (1,243) (258) (1,420) (976) (289) (234)

Share transactions

Amounts received on issue of redeemable participating shares 39,043,343 270,528,224 5,944,719 1,236,924 6,340,508 140,735,656 90,868,732 63,728,960

Amounts paid on redemption of redeemable participating shares (71,175,122) (203,006,921) (67,405,670) (1,914,140) (27,750,689) (83,325,291) - (5,451,055)

Net cash inflow/(outflow) from financing activities (32,370,764) 66,265,234 (61,462,194) (677,474) (21,411,601) 54,906,577 90,868,443 58,277,671

Net (decrease)/increase in cash and cash equivalents 771,213 (5,234,821) (148,821) 326,833 (235,413) (6,325,341) 574,961 (664,379)

Cash and cash equivalents at beginning of year* 335,498 4,823,646 332,502 97,848 387,144 4,744,586 - -

Exchange from cash and cash equivalents (202,753) (682,246) 47,220 500 1,211 (249,133) (135,621) (36,779)

Cash and cash equivalents at end of year 903,958 (1,093,421) 230,901 425,181 152,942 (1,829,888) 439,340 (701,158)

* Cash and Cash Equivalents includes cash at bank, cash held and bank overdraft.

**Fund launched on 17 April 2015.

***Fund launched on 8 May 2015.




49



KBI KBI KBI Institutional KBI KBI



(Note 24)





Proceeds from sale of investments 752,429,761 783,570 50,601,483 16,384,849 39,907,734 163,194,965 64,477,109

Purchase of investments (1,132,478,030) (2,156,978) (37,266,813) (19,668,388) (47,355,452) (218,990,002) (64,269,352)

Interest received 1,604 - - 18 431 93 -

Dividends received 28,209,931 - - 657,719 876,659 2,949,261 865,685

Other income 3,891,173 - 2,879,696 17,803 72,732 61,067 32,717

Operating expenses paid (5,060,503) - (112,233) (232,223) (622,294) (1,308,334) (93,013)

Net cash (outflow)/inflow from operating activities (353,006,064) (1,373,408) 16,102,133 (2,840,222) (7,120,190) (54,092,950) 1,013,146


Distributions paid (4,959,302) - - - - - -

Interest paid (14,800) - (12) (413) (251) (1,030) (1,601)

Share transactions

Amounts received on issue of redeemable participating shares 586,203,026 2,156,978 3,052,296 9,397,215 16,748,673 134,081,451 12,586,353

Amounts paid on redemption of redeemable participating shares (225,233,972) (783,570) (19,152,030) (6,762,821) (8,785,925) (80,135,219) (13,324,722)

Net cash inflow/(outflow) from financing activities 355,994,952 1,373,408 (16,099,746) 2,633,981 7,962,497 53,945,202 (739,970)

Net increase/(decrease) in cash and cash equivalents 2,988,888 - 2,387 (206,241) 842,307 (147,748) 273,176

Cash and cash equivalents at beginning of year* 9,901,836 - 9,723 492,483 151,938 2,313,892 (41,087)

Exchange from cash and cash equivalents (223,176) - 114 5,265 (27,602) (83,316) 5,170

Cash and cash equivalents at end of year 12,667,548 - 12,224 291,507 966,643 2,082,828 237,259





50










Proceeds from sale of investments 87,432,832 218,491,104 29,944,735 30,502,512 60,421,668 45,627,770

Purchase of investments (117,113,326) (394,597,988) (47,136,614) (11,697,572) (42,390,532) (255,609,724)

Interest received 962 113 5 2 - 7

Dividends received 5,447,372 11,806,592 1,805,488 639,406 2,296,332 2,240,863

Other income 37,575 540,439 63,698 25,422 128,169 65,360

Operating expenses paid (394,028) (1,465,865) (356,725) (147,451) (416,857) (351,305)

Net cash (outflow)/inflow from operating activities (24,588,613) (165,225,605) (15,679,413) 19,322,319 20,038,780 (208,027,029)


Distributions paid (1,135,452) (3,009,687) - - - (1,107,724)

Interest paid (6,166) (3,762) (453) (44) (424) (1,248)

Share transactions

Amounts received on issue of redeemable participating shares 44,868,863 206,225,146 17,904,446 877,797 4,806,405 229,977,448

Amounts paid on redemption of redeemable participating shares (21,285,423) (35,258,291) (3,642,192) (20,458,546) (25,073,353) (16,066,510)

Net cash inflow/(outflow) from financing activities 22,441,822 167,953,406 14,261,801 (19,580,793) (20,267,372) 212,801,966

Net (decrease)/increase in cash and cash equivalents (2,146,791) 2,727,801 (1,417,612) (258,474) (228,592) 4,774,937

Cash and cash equivalents at beginning of year* 2,512,513 2,334,056 1,711,667 360,096 615,638 -

Exchange from cash and cash equivalents (30,224) (238,211) 38,447 (3,774) 98 (30,351)

Cash and cash equivalents at end of year 335,498 4,823,646 332,502 97,848 387,144 4,744,586





51

Notes to the Financial Statements


1. Significant Accounting Policies

a) Basis of preparation

The Company is an open ended investment company with variable capital and with segregated liability

between Funds, incorporated in Ireland and authorised by the Central Bank of Ireland as a UCITS pursuant to

the UCITS Regulations. The Company is structured as an umbrella fund consisting of different Funds

comprising one or more Classes. The assets of each Fund will be separate from one another and will be

invested separately in accordance with the investment objective and policies of each Fund.

These financial statements have been prepared in accordance with IFRS as adopted by the European Union

(EU) and in accordance with the provisions of the Companies Act, 2014 the European Communities




Regulations")

The preparation of financial statements in conformity with IFRS requires the use of certain critical estimates

and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements

and the reported amounts of revenues and expenses during the reporting period. Although these estimates are

based on management's best knowledge of the amount, event or actions, actual results ultimately may differ

from those estimates.

In preparing the Statement of Cash Flow under IFRS, cash and cash equivalents include cash at bank and in

hand, highly liquid interest bearing securities with original maturities of three months or less and bank

overdrafts.

The financial statements have been prepared on a going concern basis.

International Financial Reporting Standards

Standards and amendments to existing standards effective 1 January 2014

The following accounting standards became effective for the Company for the first time this financial year:

Amendments to IAS 32: ‘Offsetting financial assets and financial liabilities’ is effective for annual periods

beginning on or after 1 January 2014. The amendment clarifies the offsetting criteria in IAS 32 and address

inconsistencies in their application. This includes clarifying the meaning of ‘currently has a legally

enforceable right of set-off’ and that some gross settlement systems may be considered equivalent to net

settlement.

The amendments to IFRS 10 for Investment Entities define an investment entity and introduce an exemption

to consolidate particular subsidiaries for investment entities. These amendments require an investment entity

to measure those subsidiaries at fair value through profit or loss in its financial statements. The amendments

also introduce new disclosure requirements for investment entities in IFRS 12, ‘Disclosure of Interests in

Other Entities”, and IAS 27, “Consolidated and Separate Financial Statements’.

The amendments do not to have any impact on the Company’s financial position or performance.

New standards, amendments and interpretations effective for annual periods beginning on or after 1 January

2015 and have not been early adopted

The following new standards, amendments and interpretations are not yet effective but will be applied, where

relevant, from their EU endorsed effective date. Where the EU effective date differs from the IASB effective

date, these are explained below:



52

Notes to the Financial Statements (Continued)


1. Significant Accounting Policies (Continued)

a) Basis of preparation (Continued)

International Financial Reporting Standards (Continued)

New standards, amendments and interpretations effective for annual periods beginning on or after 1 January

2015 and have not been early adopted (continued)

IFRS 9 'Financial Instruments' is effective 1 January 2018 and amends IAS 39. IFRS 9 specifies how an

entity should classify and measure financial assets, including some hybrid contracts. They require all

financial assets to be classified on the basis of the entity’s business model for managing the financial assets

and the contractual cash flow characteristics of the financial asset; this classification includes financial

assets initially measured at fair value plus, in the case of a financial asset not at fair value through profit or

loss, particular transaction costs; subsequently measured at amortised costs or fair value. These requirements

improve and simplify the approach for classification and measurement of financial assets compared with the

requirements of IAS 39. They apply a consistent approach to classifying financial assets and replace the 4

categories of financial assets in IAS 39, each of which had its own classification criteria. They also result in

one impairment method, replacing the numerous impairment methods in IAS 39 that arise from the different

classification.

b) Investments

(i) Classification, Recognition and Derecognition

IAS 39 (Revised) sets out the requirements for recognition and measurement of all financial assets and financial

liabilities including derivative instruments. The Company has classified all financial instruments as financial

assets or financial liabilities at fair value through profit or loss on adoption of IAS39.

The category of financial assets and financial liabilities at fair value through profit or loss comprises:

Financial instruments held for trading. All derivatives are reported as financial assets/(liabilities) held

for trading.

Financial instruments designated at fair value through profit or loss upon initial recognition. These

include equities, preference shares, REITs, rights issues, American Depositary Receipts (“ADRs”),

warrants and bonds.

Financial assets that are classified as held to maturity include time deposits. Loans and receivables include

balances due from brokers, deposits and accounts receivable.

Financial liabilities carried at amortised cost include bank overdraft, accounts and other payables.

Financial liabilities arising from Redeemable Shares issued by a Fund are carried at the redemption amount,

representing the Investor's right to a residual interest in that Fund`s assets.

The Company recognises financial assets and financial liabilities on the date it becomes a party to the

contractual provisions of the instrument, and all significant rights and access to the benefits from the assets, and

the exposure to the risks inherent in those benefits, are transferred to the Company. The Company derecognises

financial assets and financial liabilities when all such benefits and risks are transferred from the Company.



53




b) Investments (Continued)

(i) Classification, Recognition and Derecognition (Continued)

A regular way purchase of financial assets is recognised using trade date accounting. From this date, any gains

and losses, arising from changes in fair value of the financial assets or financial liabilities, are recorded on an

average cost basis.

(ii) Measurement

Financial instruments are measured initially at fair value (transaction price) plus, in the case of a financial asset

or financial liability not at fair value through profit or loss, transaction costs that are directly attributable to the

acquisition or issue of the financial asset or financial liability. Transaction costs on financial assets and financial

liabilities at fair value through profit or loss are expensed immediately, while on other financial instruments

they are amortised.

Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured at

fair value with changes in their fair value recognised in the Statement of Comprehensive Income.

Financial assets and financial liabilities, other than those at fair value through profit or loss, are measured at

amortised cost using the effective interest rate method, less impairment loss, if any.

Financial liabilities arising from the redeemable participating shares issued by a Fund, are carried at the

redemption amount, representing the Investors' right to a residual interest in that Fund's assets.

(iii) Fair value measurement principles

The fair value of financial instruments is based on their quoted market prices at the statement of financial

position date without any deduction for estimated future selling costs. Financial assets and financial liabilities

are priced at current mid prices. The Fund uses the last traded market price for both financial assets and

financial liabilities where the last traded price falls within the bid-ask spread. In circumstances where the last

traded price is not within the bid-ask spread, management will determine the point within the bid-ask spread

that is most representative of fair value.

If a quoted market price is not available on a recognised stock exchange or from a broker/dealer for non-

exchange-traded financial instruments, the fair value of the instrument is estimated using valuation techniques,

including use of recent arm's length market transactions, reference to the current fair value of another

instrument that is substantially the same, discounted cash flow techniques, option pricing models or any other

valuation technique that provides a reliable estimate of prices obtained in actual market transactions.

Prior to 1 January 2013, the quoted market price used for financial assets held by a Fund was the current bid

price, in accordance with the requirements of accounting standards at that time. This differed from the valuation

methodology in the prospectus. The reversal of this adjustment in the comparative year is shown in the

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares as a movement

in adjustment from bid to dealing prices.



54




b) Investments (Continued)

(iv) Impairment

Financial assets that are stated at cost or amortised cost are reviewed at each statement of financial position date

to determine whether there is objective evidence of impairment. If any such indication exists, an impairment

loss is recognised in the Statement of Comprehensive Income as the difference between the asset’s carrying

amount and the present value of estimated future cash flows discounted at the financial asset’s original effective

interest rate.

If in a subsequent period the amount of an impairment loss recognised on a financial asset carried at amortised

cost decreases and the decrease can be linked objectively to an event occurring after the write-down, the write-

down is reversed through the Statement of Comprehensive Income.

(v) Offsetting Financial Instruments

Financial assets and financial liabilities are offset and the net amount reported in the Statement of Financial

Position where there is a legally enforceable right to offset the recognised amounts and there is an intention to

settle on a net basis, or realise the assets and settle the liability simultaneously.

(vi) Cash and Cash Equivalents

Cash comprises of current deposits with banks. Cash equivalents are short-term highly liquid investments that

are readily convertible to known amounts of cash, are subject to an insignificant risk of changes in value, and

are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes.

c) Income

Dividends, gross of foreign withholding taxes, where applicable, are included as income when the security is

declared to be ex-dividend. Bank interest income is accounted for on an effective interest rate. Interest income

on fixed and floating rate securities is accounted for on an effective yield basis. Income received arising on

fixed interest securities is recognised as a component of operating income. Further analysis of this operating

income is shown in Note 3.

d) Fees and charges

Investment management fees, administration fees, custody fees, sub-custody fees and other operating expenses

are charged to the Statement of Comprehensive Income on an accruals basis.

e) Valuation Point

The valuation point used to value the securities for the purpose of the financial statements is that of 31

August 2015, the last business day of the financial year.

f) Collective Investment Schemes

Collective investment schemes which are traded in active markets are valued using quoted market prices at the

statement of financial position date. Collective Investment Schemes which are not publicly traded are normally

valued at the underlying audited net asset value as advised by the managers or administrators of these

Collective Investment Schemes, unless the Investment Manager is aware of good reasons why such a valuation

would not be the most appropriate indicator of fair value.



55




g) Redeemable Participating Shares

Redeemable Participating Shares are redeemable at the Shareholder’s option and are classified as financial

liabilities. Any distributions on these redeemable participating shares are recognised in the Statement of

Comprehensive Income as finance costs.

h) Gains and Losses on Investments

Realised gains or losses on disposal of investments and financial derivative instruments during the year and

unrealised gains and losses on valuation of investments and financial derivative instruments held at the year

end are dealt with in the Statement of Comprehensive Income.

i ) Taxation

Dividend and interest income received by the Company may be subject to withholding tax imposed in the

country of origin. Investment income is recorded gross of such taxes.

j) Securities Lending

The Company has a securities lending agreement with the Northern Trust Company who act as agent. The agent

in turn has entered into a securities lending agreement with each borrower on terms that the borrower shall deliver

to the Escrow agent, concurrently with or prior to the delivery of the loaned securities, collateral having a market

value at the time of delivery at least such value as determined by the lender or, in the absence of such

determination, at least equal to or in excess of 105% of the market value of the loaned Securities unless the

borrowed securities and collateral are denominated in the same currency then a collateral level of 102% will

apply. The Company uses J.P. Morgan Chase Bank, The Bank of New York Mellon and Euroclear Bank S.A. as

Escrow agents.

During the year ended 31 August 2015, all Funds were engaged in this programme. Details of their lending are

summarised in Note 12 to the financial statements.

The legal title of the securities on loan remains with the Funds of the Company and therefore these securities

form part of the financial assets at fair value through profit or loss on the Statement of Financial Position.

k ) Distributions

As outlined in the "Background to the Company", KBI Institutional Agri Fund, KBI Institutional Emerging

Markets Equity Fund, KBI Institutional Developed Equity Fund, KBI Institutional Global Equity Fund, KBI

Institutional Eurozone Equity Fund, KBI Institutional North America Equity Fund, KBI Institutional ACWI

Equity Fund and KBI Institutional Pan European Equity Fund may distribute. Where applicable, distributions are

classified as Finance Costs in the Statement of Comprehensive Income. See Note 15 for details of distributions.



56




l) Foreign Exchange

The functional and presentational currency of the Company is Euro. The Directors have determined that this

reflects the Company's primary economic environment, as the majority of the Company's Net Assets

Attributable to Holders of Redeemable Participating Shares are in Euro.

Foreign exchange gains and losses on financial assets and financial liabilities at fair value through profit and

loss are recognised together with other changes in the fair value. Net currency gains/(losses) as set out in

Note 4, are net foreign exchange gains and losses on monetary financial assets and financial liabilities other

than those classified at fair value through profit or loss.

Assets and liabilities denominated in foreign currencies, other than the functional currency of the Company,

have been translated at the rate of exchange ruling at 31 August 2015. Transactions in foreign currencies are

translated into Euro at the exchange rate ruling at the date of the transaction. Gains and losses on foreign

exchange transactions are recognised in the Statement of Comprehensive Income in determining the result for

the financial year.

For the purposes of aggregating the financial statements of the KBI Institutional Water Fund and the KBI

Institutional North America Equity Fund, the Funds’ Statement of Comprehensive Income and Statement of

Changes in Net Assets Attributable to Holders of Redeemable Participating Shares have been retranslated into

Euro at the average US Dollar exchange rate. The Statement of Financial Position has been retranslated into the

Euro value at the financial year end US Dollar exchange rate. This method of translation has no effect on the

Net Asset Value of the individual Funds.

The following EUR exchange rates were used to convert investments, assets and liabilities to the functional

currency of the Company:

As at As at

31 August 2015 31 August 2014

EUR 1=

Australian Dollar 1.5805 1.4083

Brazilian Real 4.0811 2.9473

Canadian Dollar 1.4908 1.4288

Chilean Peso 776.1480 778.9920

Colombian Peso 3,466.2668 2,526.9822

Czech Koruna 27.0405 27.7525

Danish Krone 7.4637 7.4500

Hong Kong Dollar 8.6839 10.2085

Indonesian Rupiah 15,743.0254 15,407.9460

Israeli Shekel 4.4083 4.7003

Japanese Yen 135.7878 136.8373

Korean Won 1,325.2714 1,335.5749

Malaysian Ringgit 4.7061 4.1518

Mexican Peso 18.8020 17.2230

New Zealand Dollar 1.7694 1.5735

Norwegian Krone 9.3959 8.1366

Philippine Peso 53.3722 57.4299

Polish Zloty 4.2273 4.2115



57




l) Foreign Exchange (Continued)

As at As at


EUR 1=

Pound Sterling 0.7285 0.7931

Singapore Dollar 1.5802 1.6438

South African Rand 14.8626 14.0089

Swedish Krona 9.5077 9.1826

Swiss Franc 1.0836 1.2064

Taiwan Dollar 36.4566 39.3718

Thailand Bhat 40.1643 42.0714

Turkish Lira 3.2618 2.8285

US Dollar 1.1205 1.3180 The following USD exchange rates were used to convert investments, assets and liabilities to the functional

currency of the Company:

As at As at


USD 1=




Euro 0.8925 0.7592


Japanese Yen 121.1850 103.8850

Korean Won 1,182.7500 1,013.9500







Swiss Franc 0.9671 0.9159 The year average exchange rates used to convert income, gains/(losses) and expenses to the functional currency

of the Company were:

Year ended Year ended

USD 1 = 31 August 2015 31 August 2014




Euro 0.8629 0.7350




58




l) Foreign Exchange (Continued)

The year average exchange rates used to convert income, gains/(losses) and expenses to the functional currency

of the Company were: (Continued)


USD 1 = 31 August 2015 31 August 2014

Japanese Yen 118.1747 101.6229

Korean Won 1,100.3887 1,051.1114







Swiss Franc 0.9527 0.8989

m) Transaction costs

Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss.

They include fees and commissions paid to agents, advisors, brokers and dealers, and local taxes and levies.

Transaction costs, when incurred, are included as part of the cost of such purchases.

Transaction costs are included in realised and unrealised gain/loss on investments and the amounts are

disclosed in note 22.

2. Financial Risk Management

Strategy in using Financial Instruments

The Company consists of thirteen Funds (2014: eleven). The investment objectives of the Funds are

summarised in the "Background to the Company" on pages 2 to 10.

Day-to-day risk management is undertaken by the Investment Manager, as detailed in the sections below. The

Administrator and Custodian report separately to the Directors on a quarterly basis.

The Funds are subject to a number of investment restrictions imposed by external regulators or self-imposed by the

Prospectus and Memorandum and Articles of Association. These restrictions are intended to reduce the risks

associated with the Funds' financial instruments. The Investment Manager also reports monthly to the Designated

Directors on whether the Funds have been operated in accordance with the investment guidelines as defined in the

Prospectus as well as any self-imposed limitations.



59



2. Financial Risk Management (Continued)

Strategy in using Financial Instruments (Continued)

In pursuing its investment objective, the Company is exposed to a variety of financial risks: market risk

(including market price risk, interest rate risk and currency risk), credit risk and liquidity risk that could result

in a reduction in the Company's net assets. The Investment Manager's overall risk management programme

focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the

Funds' financial performance.

These policies for managing risk have been applied throughout the year.

Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because

of changes in market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk

and market price risk.

The Investment Manager moderates market risk through a careful selection of securities and other financial

instruments within specified limits. The maximum risk resulting from financial instruments is determined by

the fair value of the financial instruments. The Funds' overall market positions are monitored on a daily basis

by the Company's Investment Manager and are reviewed on a regular basis by the Board of Directors.

At 31 August 2015, the Company's market risk is affected by three main components:

(a) changes in actual market prices ("market price risk"),

(b) foreign currency movements ("foreign currency risk"), and,

(c) interest rate movements ("interest rate risk").

(a) Market Price Risk

Market price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate

because of changes in market prices.

The Company’s equities, debt securities and collective investment schemes are susceptible to market price

risk arising from uncertainties about future prices of the instruments.

The Directors of the Company manage the market price risks inherent in the investment portfolio by ensuring

full and timely access to relevant information from the Investment Manager. The Board meets regularly and at

each meeting reviews investment performance and overall market positions. The Directors monitor the

Investment Managers' compliance with the Company's objectives. There were no material changes to the

Company's policies and processes for managing market risk and the methods and assumptions used to

measure risk during the year. The Sub-Funds do not currently invest in derivative instruments and are not

involved in netting or hedging arrangements. The KBI Institutional Long Bond Fund is a long-only bond

fund. The remaining Sub-Funds of the Company are long-only equity funds. The global exposure is calculated

weekly for the KBI Institutional Long Bond Fund and daily for the remaining Sub-Funds by the Funds’

administrator in the calculation of the net asset value. In the event that a Sub-Fund is exposed to derivative

instruments or netting or hedging activity, global exposure will be calculated based on the Commitment

Approach as outlined in the Company’s Risk Management Procedure (‘RMP’) document.

Details of the nature of the Funds' investment portfolios at the statement of financial position date are

disclosed in the Schedule of Investments on pages 130 to 256.



60




Market Risk (Continued)

Market price risk - Sensitivity analysis

If equity, warrant and collective investment scheme prices had increased by 25% and bond prices had increased by 15%, at the Statement of Financial Position date, with all other variables held constant, this would have increased net assets attributable to holders of redeemable participating shares of the Funds as follows:

KBI KBI Institutional KBI Institutional

KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets Developed

Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund Equity Fund

As at 31 August 2015 EUR EUR EUR USD EUR EUR EUR

Investment assets

Equities - 5,196,951 14,402,454 46,262,146 9,296,371 32,259,252 163,454,926

Bonds 6,879,824 - - - - - -

Collective Investment Schemes - - - - - - 500,182

Total investment assets 6,879,824 5,196,951 14,402,454 46,262,146 9,296,371 32,259,252 163,955,108

KBI KBI Institutional KBI Institutional KBI Institutional KBI KBI Institutional

Institutional Global 50/50 Global/Eurozone Eurozone North America Institutional ACWI Pan European

Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**

As at 31 August 2015 EUR EUR EUR USD EUR EUR

Investment assets

Equities 5,971,251 1,445,873 12,837,076 66,657,344 18,045,342 13,141,232

Bonds - - - - - -

Collective Investment Schemes 525,499 252,165 - - 1,988,111 -

Total investment assets 6,496,750 1,698,038 12,837,076 66,657,344 20,033,453 13,141,232

Conversely, if equity and collective investment scheme prices had decreased by 25% and bond prices had decreased by 15%, at the statement of financial position date, with all other variables held constant, this would have

decreased net assets attributable to holders of redeemable participating shares of the Funds by an equal amount. Actual trading results could differ from the above sensitivity analysis and these differences may be material.

(NB: the above sensitivity analysis is based on the assumption that only equities, collective investment schemes and bonds are exposed to market price risk).

*Fund launched on 17 April 2015. **Fund launched on 8 May 2015.



61





Market price risk - Sensitivity analysis

If equity, warrant and collective investment scheme prices had increased by 25% and bond prices had increased by 15%, at the Statement of Financial Position date, with all other variables held constant, this would have increased net assets attributable to holders of redeemable participating shares of the Funds as follows:

KBI KBI Institutional KBI Institutional

KBI KBI Institutional KBI KBI Dividend Plus Dividend Plus

Institutional Institutional Alternative Institutional Institutional Emerging Developed Equity

Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund

As at 31 August 2014 EUR EUR EUR USD EUR EUR EUR

Investment assets

Equities - 10,166,766 13,767,282 46,424,521 13,531,333 42,665,329 130,388,750

Bonds 9,931,169 - - - - - -

Collective Investment Schemes - - - - - - -

Total investment assets 9,931,169 10,166,766 13,767,282 46,424,521 13,531,333 42,665,329 130,388,750

KBI KBI Institutional KBI Institutional KBI Institutional

Institutional Global 50/50 Global/Eurozone Eurozone North America

Equity Fund Equity Fund Equity Fund Equity Fund

As at 31 August 2014 EUR EUR EUR USD

Investment assets

Equities 17,690,437 5,029,031 16,880,464 56,316,752

Bonds - - - -

Collective Investment Schemes 1,617,826 226,126 - -

Total investment assets 19,308,263 5,255,157 16,880,464 56,316,752

Conversely, if equity and collective investment scheme prices had decreased by 25% and bond prices had decreased by 15%, at the statement of financial position date, with all other variables held constant, this would have

decreased net assets attributable to holders of redeemable participating shares of the Funds by an equal amount. Actual trading results could differ from the above sensitivity analysis and these differences may be material.

(NB: the above sensitivity analysis is based on the assumption that only equities, collective investment schemes and bonds are exposed to market price risk).



62




(b) Currency Risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Certain of the Funds' assets, liabilities and income are denominated in currencies other

than Euro with the exception of the KBI Institutional Water Fund and the KBI Institutional North America Equity Fund whose assets, liabilities and income are denominated in currencies other than US Dollars. They are, therefore, exposed

to currency risk as the value of the securities denominated in other currencies will fluctuate due to changes in exchange rates. Income denominated in foreign currencies is converted to the base currency of the Fund on recognition (accruals

basis).

In accordance with Company policy, the Investment Manager monitors the Funds' currency position on a daily basis and the Board of Directors reviews it on a regular basis.

There were no material changes to the Company’s policies and processes for managing currency risk and the methods used to measure risk during the financial year.

The tables below document the Funds' exposure to currency risks as at 31 August 2015 and 31 August 2014. All figures are stated in the base currency of the Fund (noted in parentheses).

As at 31 August 2015 GBP USD Total

Monetary assets 3 4 7

Non-monetary assets - - -

Monetary liabilities - - -

Spot Contracts - - -

Net exposure 3 4 7

KBI Institutional Agri Fund (EUR'000) BRL CAD CHF GBP ILS INR NOK SGD USD ZAR Total

Monetary assets - 3 47 - 2 - - - 60 - 112

Non-monetary assets 1,407 634 1,278 1,352 287 254 880 921 11,053 - 18,066

Monetary liabilities - - - - - - - - (205) - (205)

Spot Contracts - - - - - - - - - - -

Net exposure 1,407 637 1,325 1,352 289 254 880 921 10,908 - 17,973

CAD CHF GBP HKD PHP TWD USD Total

Monetary assets 95 - 94 - - 8 249 446

Non-monetary assets 4,893 - 9,023 3,296 1,007 313 30,442 48,974

Monetary liabilities - - - - - - (125) (125)

Spot Contracts - - - - - - - -

Net exposure 4,988 - 9,117 3,296 1,007 321 30,566 49,295

KBI Institutional Water Fund (USD'000) AUD BRL CAD CHF EUR GBP HKD INR JPY MXN MYR PHP SGD Total

Monetary assets - 3 131 - 48 19 2 - - - 183 141 67 594

Non-monetary assets - 956 25,496 4,919 20,729 9,018 4,423 2,659 3,109 2,128 78 3,773 3,723 81,011

Monetary liabilities - - (187) - - - - - - (16) - - (173) (376)

Spot Contracts - - - - (127) - - - - 16 - (111) 112 (110)

Net exposure - 959 25,440 4,919 20,650 9,037 4,425 2,659 3,109 2,128 261 3,803 3,729 81,119

KBI Institutional Long Bond Fund (EUR'000)

KBI Institutional Energy Solutions Fund (EUR'000)



63





(b) Currency Risk (Continued)

As at 31 August 2015 (Continued) KBI Institutional GESS Fund

(EUR'000) BRL CAD CHF GBP HKD ILS INR JPY MXN MYR NOK PHP SGD TWD USD Total

Monetary assets - 57 27 24 - 1 - - - 13 - 13 3 2 87 227

Non-monetary assets 895 3,135 1,110 3,294 1,021 170 334 242 147 6 517 469 798 69 20,106 32,313

Monetary liabilities - (12) - - - - - - (1) - - - (5) - (23) (41)

Spot Contracts - - - - - - - - 1 - - (11) 5 - (5) (10)

Net exposure 895 3,180 1,137 3,318 1,021 171 334 242 147 19 517 471 801 71 20,165 32,489


(EUR'000) BRL CLP COP CZK GBP HKD HUF IDR INR KRW MXN MYR PHP

Monetary assets 85 - - - 22 55 - - 9 2 - 18 -

Non-monetary assets 9,356 2,460 529 1,147 - 32,082 1,103 3,411 10,519 14,999 5,140 2,582 498

Monetary liabilities - - - - - - - (80) - - - - -

Spot Contracts - - - - - - - 63 - - - - -

Net exposure 9,441 2,460 529 1,147 22 32,137 1,103 3,394 10,528 15,001 5,140 2,600 498


(EUR'000) (Continued) PLN QAR THB TRL TWD UAD USD ZAR Total

Monetary assets - 64 15 - 294 - 651 38 1,253

Non-monetary assets 554 1,643 3,039 1,190 21,523 1,024 4,372 11,866 129,037

Monetary liabilities - - - - - - - - (80)

Spot Contracts - - - - - - - - 63

Net exposure 554 1,707 3,054 1,190 21,817 1,024 5,023 11,904 130,273

(EUR'000) AUD CAD CHF GBP HKD ILS JPY NOK SEK SGD USD Total

Monetary assets 257 137 - 701 - 3 151 - - 10 880 2,139

Non-monetary assets 21,898 39,347 24,569 60,721 2,873 826 57,649 4,008 16,209 2,609 361,381 592,090

Monetary liabilities - - - (17) - - - - - - - (17)

Spot Contracts - - - - - - - - - - - -

Net exposure 22,155 39,484 24,569 61,405 2,873 829 57,800 4,008 16,209 2,619 362,261 594,212

AUD CAD CHF GBP HKD ILS JPY NOK SEK SGD USD Total

Monetary assets 10 4 - 31 30 - 7 - - - 46 128

Non-monetary assets 799 1,433 898 2,223 99 34 2,123 147 590 96 13,190 21,632

Monetary liabilities - - - - - - - - - - - -

Spot Contracts - - - - - - - - - - - -

Net exposure 809 1,437 898 2,254 129 34 2,130 147 590 96 13,236 21,760


KBI Institutional Global Equity Fund (EUR'000)

64








As at 31 August 2015 (Continued) AUD CAD CHF GBP HKD ILS JPY NOK SEK SGD USD Total

Monetary assets 4 2 - 12 - - 3 - - - 55 76

Non-monetary assets 365 662 414 1,016 48 15 982 67 272 42 6,097 9,980


Spot Contracts - - - - - - - - - - - -

Net exposure 369 664 414 1,028 48 15 985 67 272 42 6,152 10,056

USD Total

Monetary assets 17 17

Non-monetary assets - -

Monetary liabilities - -

Spot Contracts - -

Net exposure 17 17

CAD EUR GBP Total

Monetary assets 85 - 309 394

Non-monetary assets 26,217 - - 26,217

Monetary liabilities - - - -

Spot Contracts - - (268) (268)

Net exposure 26,302 - 41 26,343

KBI Institutional ACWI Equity Fund* (EUR'000) AUD CAD CHF GBP HKD ILS JPY NOK SEK SGD USD Total

Monetary assets 28 15 - 121 - - 16 - - 1 343 524

Non-monetary assets 2,405 4,360 2,713 6,701 305 93 6,335 437 1,781 281 39,985 65,396


Spot Contracts - - - - - - - - - - - -

Net exposure 2,433 4,375 2,713 6,822 305 93 6,351 437 1,781 282 40,328 65,920

CHF GBP NOK SEK USD Total

Monetary assets - 231 - - 2 233

Non-monetary assets 7,701 19,096 1,282 5,095 - 33,174

Monetary liabilities - - - - - -

Spot Contracts - - - - - -

Net exposure 7,701 19,327 1,282 5,095 2 33,407

KBI Institutional Eurozone Equity Fund (EUR'000)

KBI Institutional North America Equity Fund (USD'000)

KBI Institutional 50/50 Global/Eurozone Equity Fund (EUR'000)

KBI Institutional Pan European Equity Fund** (EUR'000)

65








As at 31 August 2014 USD Total

Monetary assets 12 12



Forwards - -

Net exposure 12 12

KBI Institutional Agri Fund (EUR'000) AUD BRL CAD CHF GBP HKD ILS NOK SGD USD ZAR Total

Monetary assets - 125 - - - - - - 2 169 - 296

Non-monetary assets 720 3,773 1,463 2,629 1,302 41 565 1,266 3,249 19,493 622 35,123

Monetary liabilities - - - - (81) - - - - - - (81)

Spot Contracts - - - - 2 - - - (2) - - -

Net exposure 720 3,898 1,463 2,629 1,223 41 565 1,266 3,249 19,662 622 35,338

CAD CHF GBP HKD TWD USD Total

Monetary assets 41 - 318 - - 920 1,279

Non-monetary assets 2,498 1,190 6,813 3,329 766 26,931 41,527

Monetary liabilities - - - - - (459) (459)

Spot Contracts - - - - - - -

Net exposure 2,539 1,190 7,131 3,329 766 27,392 42,347

KBI Institutional Water Fund (USD'000) AUD CAD CHF EUR GBP INR JPY MXN Total

Monetary assets - 54 - 289 739 - 35 - 1,117

Non-monetary assets 1,785 16,845 8,782 16,455 26,904 693 9,049 1,869 82,382

Monetary liabilities - (151) - - (119) - - - (270)

Forwards - - - - - - - - -

Net exposure 1,785 16,748 8,782 16,744 27,524 693 9,084 1,869 83,229


(EUR'000) BRL CAD CHF GBP HKD JPY SGD USD Total

Monetary assets 189 19 - 108 - - - 456 772

Non-monetary assets 2,316 4,370 2,187 4,955 879 824 1,484 27,762 44,777

Monetary liabilities (91) (43) - - - - - (309) (443)

Forwards - - - - - - - - -

Net exposure 2,414 4,346 2,187 5,063 879 824 1,484 27,909 45,106

KBI Institutional Long Bond Fund (EUR'000)

KBI Institutional Energy Solutions Fund (EUR'000)



66






As at 31 August 2014 (Continued) BRL CLP COP CZK GBP HKD IDR INR KRW MXN MYR PHP

Monetary assets 108 - - - - 117 4 - - 2 18 -

Non-monetary assets 16,160 4,666 4,666 3,650 - 34,678 4,612 11,069 23,564 6,943 4,312 754

Monetary liabilities (5) - - - (601) - - - - - - -

Forwards - - - - - - - - - - - -

Net exposure 16,263 4,666 4,666 3,650 (601) 34,795 4,616 11,069 23,564 6,945 4,330 754

PLN THB TRL TWD USD ZAR Total

Monetary assets - 53 - 229 100 36 667

Non-monetary assets 1,801 4,515 3,378 24,318 7,133 14,443 170,662

Monetary liabilities - - - - - - (606)

Forwards - - - - - - -

Net exposure 1,801 4,568 3,378 24,547 7,233 14,479 170,723

AUD CAD CHF GBP HKD JPY NOK SEK SGD USD Total

Monetary assets 409 193 - 575 - 56 9 - 296 1,028 2,566

Non-monetary assets 19,709 54,145 12,527 56,004 1,477 42,339 6,000 13,281 1,080 261,945 468,507

Monetary liabilities - - - (1,290) - - - - - - (1,290)

Forwards - - - - - - - - - - -

Net exposure 20,118 54,338 12,527 55,289 1,477 42,395 6,009 13,281 1,376 262,973 469,783


Monetary assets 35 25 - 90 - 9 1 - 43 148 351

Non-monetary assets 2,654 7,413 1,704 7,618 196 5,731 786 1,802 139 35,566 63,609

Monetary liabilities - - - - - - - - - - -

Forwards - - - - - - - - - - -

Net exposure 2,689 7,438 1,704 7,708 196 5,740 787 1,802 182 35,714 63,960


Monetary assets 9 4 - 14 - 25 - - 14 25 91

Non-monetary assets 408 1,129 267 1,180 31 848 125 281 23 5,392 9,684

Monetary liabilities - - - - - - - - - - -

Forwards - - - - - - - - - - -

Net exposure 417 1,133 267 1,194 31 873 125 281 37 5,417 9,775

KBI Institutional Emerging Markets Equity Fund (EUR'000)

KBI Institutional Developed Equity Fund (EUR'000)



67









USD Total

Monetary assets 4 4



Forwards - -

Net exposure 4 4

CAD EUR GBP Total

Monetary assets 819 316 - 1,135

Non-monetary assets 38,655 - - 38,655

Monetary liabilities - - (114) (114)

Forwards - - - -

Net exposure 39,474 316 (114) 39,676





68






Currency risk - Sensitivity analysis

At the statement of financial position date, had the Euro and the US Dollar changed by 15% in relation to all currencies, with all other variables held constant, net assets attributable to holders of redeemable participating shares and the

change in net assets attributable to holders of redeemable participating shares, would have changed by the amounts shown below: KBI Institutional Long Bond Fund (EUR'000) GBP USD Total

As at 31 August 2015 - 1 1

As at 31 August 2014 - 2 2

KBI Institutional Agri Fund (EUR'000) AUD BRL CAD CHF GBP HKD ILS INR MYR NOK SEK SGD USD ZAR Total

As at 31 August 2015 - 211 96 199 203 - 43 38 - 132 - 138 1,636 - 2,696

As at 31 August 2014 108 585 220 394 184 6 85 - - 190 - 487 2,949 93 5,301

KBI Institutional Energy Solutions Fund (EUR'000) AUD CAD CHF DKK GBP HKD PHP TWD USD Total

As at 31 August 2015 - 748 - - 1,368 494 151 48 4,585 7,394

As at 31 August 2014 - 381 178 - 1,070 499 - 115 4,109 6,352

KBI Institutional Water Fund (USD'000) AUD BRL CAD CHF EUR GBP HKD INR JPY MXN MYR PHP SGD Total

As at 31 August 2015 - 144 3,816 738 3,098 1,356 664 399 466 319 39 570 559 12,168

As at 31 August 2014 268 - 2,512 1,317 2,511 4,129 - 104 1,363 280 - - - 12,484

KBI Institutional GESS Fund (EUR'000) BRL CAD CHF GBP HKD ILS INR JPY MXN MYR NOK PHP SGD TWD USD Total

As at 31 August 2015 134 477 171 498 153 26 50 36 22 3 78 71 120 11 3,025 4,875

As at 31 August 2014 362 652 328 759 132 - - 124 - - - - 223 - 4,186 6,766

Actual trading results could differ from the above sensitivity analysis and these differences may be material.



69






Currency risk - Sensitivity analysis (Continued)


change in net assets attributable to holders of redeemable participating shares, would have changed by the amounts shown below: KBI Institutional Emerging Markets Equity Fund (EUR'000) BRL CLP COP CZK GBP HKD HUF IDR INR KRW MXN MYR PHP

As at 31 August 2015 1,416 369 79 172 3 4,821 165 509 1,579 2,250 771 390 75

As at 31 August 2014 2,439 700 700 548 (90) 5,219 - 692 1,660 3,535 1,042 649 113

KBI Institutional Emerging Markets Equity Fund (EUR'000)

(Continued) PLN QAR THB TRL TWD UAD USD ZAR Total

As at 31 August 2015 83 256 458 179 3,273 154 753 1,786 19,541

As at 31 August 2014 270 - 685 507 3,682 - 1,085 2,172 25,608


As at 31 August 2015 3,323 5,923 3,685 9,211 431 124 8,670 601 2,431 393 54,339 89,131

As at 31 August 2014 3,018 8,151 1,879 8,293 222 - 6,359 901 1,992 206 39,446 70,467


As at 31 August 2015 121 216 135 338 20 6 320 22 89 14 1,985 3,266

As at 31 August 2014 403 1,116 256 1,156 30 - 861 118 270 27 5,357 9,594


As at 31 August 2015 55 100 62 154 7 2 148 10 41 6 923 1,508

As at 31 August 2014 62 170 40 179 5 - 131 19 42 5 813 1,466

KBI Institutional Developed Equity Fund (EUR'000)



Actual trading results could differ from the above sensitivity analysis and these differences may be material.



70






Currency risk - Sensitivity analysis (Continued)


change in net assets attributable to holders of redeemable participating shares, would have changed by the amounts shown below:

USD Total

As at 31 August 2015 3 3

As at 31 August 2014 1 1

CAD EUR GBP Total

As at 31 August 2015 3,945 - 6 3,951

As at 31 August 2014 5,921 47 (17) 5,951


As at 31 August 2015 365 656 407 1,023 46 14 953 66 267 42 6,049 9,888

As at 31 August 2014 - - - - - - - - - - - -

CHF GBP NOK SEK USD Total

As at 31 August 2015 1,155 2,899 192 764 - 5,010

As at 31 August 2014 - - - - - -

KBI Institutional ACWI Equity Fund* (EUR'000)

KBI Institutional Pan European Equity Fund** (EUR'000)



(c) Interest Rate Risk

The Funds' interest bearing financial assets and financial liabilities expose them to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on their financial position and cash flows.

Interest rate risk is managed, in part, by the security selection process of the Investment Manager which includes predictions of future events and their impact on interest rates, diversification and duration. In accordance with Company

policy, the Investment Manager monitors the Funds' overall interest sensitivity on a daily basis and the Board of Directors review it on a regular basis. There were no material changes to the Company's policies and processes for managing interest rate risk and the methods used to measure risk since the prior year end.

As at the Statement of Financial Position date, only the KBI Institutional Long Bond Fund had significant exposure to interest rate risk. The tables overleaf summarise the KBI Institutional Long Bond Fund's exposure to interest rate risk. It includes the Fund's assets and trading liabilities at fair values, categorised by the earlier of contractual re-pricing or maturity dates.

71







(c) Interest Rate Risk (Continued) KBI Institutional Long Bond Fund Non-interest

< 1 year 1 - 5 years > 5 years bearing Total

As at 31 August 2015 EUR EUR EUR EUR EUR

Assets

Financial assets at fair value through profit or loss

Bonds - - 45,865,490 - 45,865,490


Securities Sold Receivable - - - 370,031 370,031

Other Receivables - - - 638,656 638,656

Cash and cash equivalents 8,139 - - - 8,139

Total assets 8,139 - 45,865,490 1,008,687 46,882,316

Liabilities


Other Payables - - - (24,889) (24,889)

Purchase of securities awaiting settlement - - - (452,228) (452,228)

Total liabilities (excluding net assets attributable to redeemable participating shares) - - - (477,117) (477,117)

Total interest sensitivity gap 8,139 - 45,865,490 531,570 46,405,199

KBI Institutional Long Bond Fund Non-interest

< 1 year 1 - 5 years > 5 years bearing Total

As at 31 August 2014 EUR EUR EUR EUR EUR

Assets

Financial assets at fair value through profit or loss

Bonds - - 66,207,794 - 66,207,794


Securities Sold Receivable - - - 1,067,123 1,067,123

Other Receivables - - - 888,798 888,798

Cash and cash equivalents 12,224 - - - 12,224

Total assets 12,224 - 66,207,794 1,955,921 68,175,939

Liabilities


Other Payables - - - (20,521) (20,521)

Redeemable participating shares - - - - -

Purchase of securities awaiting settlement - - - (1,120,625) (1,120,625)

Total liabilities (excluding net assets attributable to redeemable participating shares) - - - (1,141,146) (1,141,146)

Total interest sensitivity gap 12,224 - 66,207,794 814,775 67,034,793

The sensitivity analysis of the Interest Rate Risk was performed as part of the Sensitivity Analysis of the Market Price Risk.



72




Credit Risk

The Company takes on exposure to credit risk, which is the risk that a counterparty or an issuer will be unable to pay amounts in full when due.

The carrying amounts of financial assets best represent the maximum credit risk exposure at the Statement of Financial Position date. In accordance with Company policy, the Investment Manager monitors the Funds' overall credit risk on a daily basis and the Board of Directors review it on a regular basis. There were no material changes to the Company's policies and processes for managing credit risk and the methods used to measure risk since the prior year end.

As at the Statement of Financial Position date, the Funds' financial assets exposed to credit risk amounted to the following:

KBI KBI KBI

Institutional KBI KBI Institutional KBI KBI Institutional Institutional

Long Bond Institutional Energy Solutions Institutional Institutional Emerging Markets Developed

Fund Agri Fund Fund Water Fund GESS Fund Equity Fund Equity Fund

EUR EUR EUR USD EUR EUR EUR


Investments in debt instruments 45,865,490 - - - - - -

Cash and cash equivalents 8,139 18,490 857,047 939,600 320,490 903,958 209,045

Interest and other receivables 1,008,687 149,871 515,295 738,114 256,699 1,085,719 2,023,365

46,882,316 168,361 1,372,342 1,677,714 577,189 1,989,677 2,232,410

KBI KBI KBI KBI

KBI Institutional Institutional Institutional KBI Institutional Pan

Institutional Global 50/50 Global/Eurozone Eurozone North America Institutional ACWI European

Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**

EUR EUR EUR USD EUR EUR


Investments in debt instruments - - - - - -

Cash and cash equivalents 230,901 425,181 152,942 364,778 439,340 2,420

Interest and other receivables 104,330 41,684 23,448 617,435 213,586 247,117

335,231 466,865 176,390 982,213 652,926 249,537

73






Credit Risk (Continued)

KBI KBI KBI

Institutional KBI KBI Institutional KBI KBI Institutional Institutional

Long Bond Institutional Energy Solutions Institutional Institutional Emerging Markets Developed

Fund Agri Fund Fund Water Fund GESS Fund Equity Fund Equity Fund

EUR EUR EUR USD EUR EUR EUR


Investments in debt instruments 66,207,794 - - - - - -

Cash and cash equivalents 12,224 291,507 966,643 2,082,828 237,259 335,498 4,823,646

Interest and other receivables 1,955,921 275,784 1,061,290 1,199,682 743,559 464,136 3,374,179

68,175,939 567,291 2,027,933 3,282,510 980,818 799,634 8,197,825

KBI KBI KBI

KBI Institutional Institutional Institutional

Institutional Global 50/50 Global/Eurozone Eurozone North America

Equity Fund Equity Fund Equity Fund Equity Fund

As at 31 August 2014 EUR EUR EUR USD

Investments in debt instruments

Cash and cash equivalents - - - -

Interest and other receivables 332,502 97,848 387,144 4,744,586

631,087 44,094 164,965 645,894

963,589 141,942 552,109 5,390,480

The amounts in the above tables are based on the carrying value of all accounts.

All transactions in listed securities are settled/paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made

on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation.

Each Fund's Investment Manager analyses credit concentration based on the counterparty of the financial assets that the Fund holds. Details of counterparties, where applicable, are disclosed in the Schedules of Investments.

Substantially all of the cash assets are held with the Northern Trust Company, London Branch (NTC). Cash deposited with NTC is deposited as banker and is held on its Balance Sheet. Accordingly, in accordance with usual banking practice, NTC liability to the Fund in respect of such cash deposits shall be that of debtor and the Fund will rank as a general creditor of NTC. The financial assets are held with the Custodian, Northern Trust Fiduciary Services (Ireland)

Limited. These assets are held distinct and separately from the proprietary assets of the Custodian. Securities are clearly recorded to ensure they are held on behalf of the Fund. Bankruptcy or insolvency of the Custodian and or one of its

agents or affiliates may cause the Fund’s rights with respect to the securities held by the Custodian to be delayed.



74




Credit Risk (Continued)

Both Northern Trust Fiduciary Services (Ireland) Limited and the Northern Trust Company, London Branch are wholly owned subsidiaries of Northern Trust Corporation. As at 31 August 2015 Northern Trust Corporation had a long

term rating from Standard & Poor’s of A+.

Risk is managed by monitoring the credit quality and financial positions of the Custodian the Company uses.

Northern Trust acts as its own sub-custodian in the U.S., the U.K., Ireland and Canada. In all other markets Northern Trust appoints a local sub - custodian. Northern Trust continually reviews its sub-custodian network to ensure clients

have access to the most efficient, creditworthy and cost-effective provider in each market.

The Company has a securities lending agreement with The Northern Trust Co. who act as agent. The agent in turn has entered into a securities lending agreement on behalf of the Company, with each borrower on terms that the

borrower shall deliver to the Escrow agent, concurrently with or prior to the delivery of the loaned securities, collateral having a market value at the time of delivery of at least equal to or in excess of 102%, where the collateral currency equals the security currency or 105% of the market value of the loaned securities in all other cases. Note 12 contains details of the securities lending agreement.

The Funds invest in debt securities, which have an investment grade as rated by a well-known rating agency. For unrated assets a rating is assigned using an approach that is consistent with rating agencies.

KBI Institutional Long Bond Fund - Portfolio by rating category 31 August 2015 31 August 2014

Rating EUR EUR

AAA - 19,117,780

AA+ 12,658,595 2,837,117

AA 11,980,715 16,079,998

AA- - -

A+ 2,950,286 463,410

A - -

A- - 913,845

BBB+ - -

BBB 5,361,586 7,640,355

BBB- 11,521,304 -

BB - 17,273,182

Not rated 1,393,004 1,882,107

45,865,490 66,207,794

Liquidity Risk

The main liability of the Funds is the redemption of any shares that investors wish to sell. The Funds’ constitution provides for the daily creation and cancellation of shares and they are, therefore, exposed to the liquidity risk of meeting shareholder redemptions at any time.

The Funds’ financial instruments include bonds which may not be easily liquidated at an amount close to fair value in order to meet liquidity requirements, or to respond to specific events such as deterioration in the credit worthiness of

any particular issuer. The Funds’ listed securities are considered to be readily realisable as they are all listed on major worldwide stock exchanges.

The Funds may, from time to time, invest in derivative contracts traded over the counter, which are not traded in an organised market and may be illiquid. As a result, the Funds may not be able to liquidate quickly its investments in

these instruments at an amount close to their fair value to meet its liquidity requirements or to respond to specific events such as deterioration in the creditworthiness of any particular issuer.

In accordance with Company policy, the Investment Manager monitors the Fund's liquidity position on a daily basis and the Board of Directors review it on a regular basis.

There were no material changes to the Company's policies and processes for managing liquidity risk and the methods used to measure risk since the prior year end.

75






Liquidity Risk (Continued)

The tables below analyse the Funds' financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. The amounts in the table are the

contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances as the impact of discounting is not significant. All amounts are stated in the base currency of the Funds.

Less than From one Less than From one

one month to three months Total one month to three months Total

KBI Institutional Long Bond Fund EUR EUR EUR EUR EUR EUR

Accrued expenses - 24,889 24,889 - 20,521 20,521

Purchase of securities awaiting settlement 452,228 - 452,228 1,120,625 - 1,120,625

Redemptions of shares awaiting settlement - - - - - -

Net assets attributable to holders of redeemable participating shares 46,405,199 - 46,405,199 67,034,793 - 67,034,793

Total financial liabilities 46,857,427 24,889 46,882,316 68,155,418 20,521 68,175,939



KBI Institutional Agri Fund EUR EUR EUR EUR EUR EUR


Redemption of shares awaiting settlement - - - - - -

Purchase of securities awaiting settlement 205,287 - 205,287 290,861 - 290,861





KBI Institutional Energy Solutions Fund EUR EUR EUR EUR EUR EUR


Bank overdraft - - - -







KBI Institutional Water Fund USD USD USD USD USD USD


Bank overdraft - - - -





As at 31 August 2015 As at 31 August 2014

76









KBI Institutional GESS Fund EUR EUR EUR EUR EUR EUR


Bank overdraft - - - - - -

Purchase of securities awaiting settlement 41,070 - 41,070 1,019,900 - 1,019,900





KBI Institutional Emerging Markets Equity Fund EUR EUR EUR EUR EUR EUR


Distribution payable - 735,144 735,144 - - -

Purchase of securities awaiting settlement - - - - - -






KBI Institutional Developed Equity Fund EUR EUR EUR EUR EUR EUR


Bank overdraft - 1,093,421 1,093,421 - - -

Distribution payable - 1,043,997 1,043,997 - - -




Total financial liabilities 655,315,128 2,737,713 658,052,841 529,421,991 330,834 529,752,825



KBI Institutional Global Equity Fund EUR EUR EUR EUR EUR EUR










77







KBI Institutional 50/50 Global/Eurozone Equity Fund EUR EUR EUR EUR EUR EUR









KBI Institutional Eurozone Equity Fund EUR EUR EUR EUR EUR EUR








KBI Institutional North America Equity Fund USD USD USD USD USD USD

Accrued expenses - 3,437,431 3,437,431 - 157,727 157,727

Bank overdraft - 2,194,666 2,194,666 - - -


Net assets attributable to holders of redeemable participating shares 261,979,493 261,979,493 230,499,762 - 230,499,762

Total financial liabilities 261,979,493 5,632,097 267,611,590 230,499,762 157,727 230,657,489

Less than From one

one month to three months Total

KBI Institutional ACWI Equity Fund* EUR EUR EUR

Accrued expenses - 826,102 826,102

Bank overdraft - - -

Purchase of securities awaiting settlement - - -

Net assets attributable to holders of redeemable participating shares 79,960,634 - 79,960,634

Total financial liabilities 79,960,634 826,102 80,786,736

Less than From one

one month to three months Total

KBI Institutional Pan European Equity Fund** EUR EUR EUR

Accrued expenses - 22,763 22,763

Bank overdraft - 703,578 703,578

Purchase of securities awaiting settlement - - -

Net assets attributable to holders of redeemable participating shares 52,088,123 - 52,088,123

Total financial liabilities 52,088,123 726,341 52,814,464


Redeemable participating shares are redeemed on demand at the holder's option.




78




Fair Value of Financial Assets and Liabilities

Most of the Funds' financial instruments are carried at fair value on the Statement of Financial Position. Usually the fair value of the financial instruments can be reliably determined within a reasonable range of estimates. For certain

other financial instruments, including amounts due from/to brokers, accounts payable and accrued expenses, the carrying amounts approximate fair value due to the immediate or short-term nature of these financial instruments. The

carrying value of all of the Funds' financial assets and liabilities at the Statement of Financial Position date approximated their fair values.

Fair Value Disclosure

IFRS 13 requires disclosure relating to the fair value hierarchy in which fair value measurements are categorised for assets and liabilities in the Statement of Financial Position.

The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value.

The fair value of financial assets and financial liabilities traded in an active market (such as traded securities) are based on latest available quoted mid-market prices for Funds priced at midday and at the closing mid prices for other

Funds.

A financial instrument is regarded as quoted in an active market if the quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent

actual and regularly occurring market transactions on an arm's length basis. The fair value of financial assets and financial liabilities that are not traded in an active market is determined by using valuation techniques. The Funds use a variety of methods and make assumptions that are based on market conditions existing at the financial year end date.

The Funds classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

- Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).

- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

KBI Institutional Long Bond Fund Quoted Prices Significant Other Significant

in Active Market Observable Inputs Unobservable Inputs

Level 1 Level 2 Level 3 Total

Assets EUR EUR EUR EUR

Financial assets designated at fair value through profit or loss - held for trading

Bonds - 45,865,490 - 45,865,490

Total assets - 45,865,490 - 45,865,490

KBI Institutional Agri Fund Quoted Prices Significant Other Significant





Equities 20,787,804 - - 20,787,804

Total assets 20,787,804 - - 20,787,804

79






Fair Value Disclosure (Continued)

The following is a summary of the fair valuations according to the inputs as at 31 August 2015 in valuing the Funds' assets and liabilities:

KBI Institutional Energy Solutions Fund Quoted Prices Significant Other Significant





Equities 57,609,817 - - 57,609,817

Total assets 57,609,817 - - 57,609,817

KBI Institutional Water Fund Quoted Prices Significant Other Significant



Assets USD USD USD USD


Equities 184,066,973 - 981,609 185,048,582

Total assets 184,066,973 - 981,609 185,048,582

KBI Institutional GESS Fund Quoted Prices Significant Other Significant





Equities 37,118,824 - 66,658 37,185,482

Total assets 37,118,824 - 66,658 37,185,482

KBI Institutional Emerging Markets Equity Fund Quoted Prices Significant Other Significant





Equities 129,037,008 - - 129,037,008

Total assets 129,037,008 - - 129,037,008



80





The following is a summary of the fair valuations according to the inputs as at 31 August 2015 in valuing the Funds' assets and liabilities: (Continued)

KBI Institutional Developed Equity Fund Quoted Prices Significant Other Significant





Equities 653,721,826 - 97,877 653,819,703

Collective Investment Schemes - 2,000,728 - 2,000,728

Total assets 653,721,826 2,000,728 97,877 655,820,431

KBI Institutional Global Equity Fund Quoted Prices Significant Other Significant





Equities 23,875,012 - 9,991 23,885,003


Total assets 23,875,012 2,101,995 9,991 25,986,998

KBI Institutional 50/50 Global/Eurozone Equity Fund Quoted Prices Significant Other Significant





Equities 20,487,987 - 1,491 20,489,478


Total assets 20,487,987 1,008,661 1,491 21,498,139

KBI Institutional Eurozone Equity Fund Quoted Prices Significant Other Significant





Equities 51,348,303 - - 51,348,303

Total assets 51,348,303 - - 51,348,303



81






KBI Institutional North America Equity Fund Quoted Prices Significant Other Significant





Equities 266,566,247 - 63,130 266,629,377

Total assets 266,566,247 - 63,130 266,629,377

KBI Institutional ACWI Equity Fund* Quoted Prices Significant Other Significant





Equities 72,181,366 - - 72,181,366

Collective Investment Schemes - 7,952,444 7,952,444

Total assets 72,181,366 7,952,444 - 80,133,810

KBI Institutional Pan European Equity Fund** Quoted Prices Significant Other Significant



Assets EUR EUR EUR USD


Equities 52,564,927 - - 52,564,927

Total assets 52,564,927 - - 52,564,927

The following is a summary of the fair valuations according to the inputs as at 31 August 2014 in valuing the Funds' assets and liabilities:

KBI Institutional Long Bond Fund Quoted Prices Significant Other Significant





Bonds - 66,207,794 - 66,207,794

Total assets - 66,207,794 - 66,207,794

KBI Institutional Agri Fund Quoted Prices Significant Other Significant





Equities 40,625,788 - 41,276 40,667,064

Total assets 40,625,788 - 41,276 40,667,064

82








KBI Institutional Energy Solutions Fund Quoted Prices Significant Other Significant





Equities 55,069,127 - - 55,069,127

Total assets 55,069,127 - - 55,069,127

KBI Institutional Water Fund Quoted Prices Significant Other Significant





Equities 184,517,795 - 1,180,289 185,698,084

Total assets 184,517,795 - 1,180,289 185,698,084

KBI Institutional GESS Fund Quoted Prices Significant Other Significant





Equities 54,100,936 - 24,395 54,125,331

Total assets 54,100,936 - 24,395 54,125,331

KBI Institutional Emerging Markets Equity Fund Quoted Prices Significant Other Significant





Equities 170,661,317 - - 170,661,317

Total assets 170,661,317 - - 170,661,317

KBI Institutional Developed Equity Fund Quoted Prices Significant Other Significant





Equities 521,555,000 - - 521,555,000

Total assets 521,555,000 - - 521,555,000



83






KBI Institutional Global Equity Fund Quoted Prices Significant Other Significant





Equities 70,761,747 - - 70,761,747


Total assets 70,761,747 6,471,302 - 77,233,049

KBI Institutional 50/50 Global/Eurozone Equity Fund Quoted Prices Significant Other Significant





Equities 20,116,122 - - 20,116,122

Collective Investment Schemes - 904,502 - 904,502

Total assets 20,116,122 904,502 - 21,020,624

KBI Institutional Eurozone Equity Fund Quoted Prices Significant Other Significant





Equities 67,521,854 - - 67,521,854

Total assets 67,521,854 - - 67,521,854

KBI Institutional North America Equity Fund Quoted Prices Significant Other Significant





Equities 225,267,009 - - 225,267,009

Total assets 225,267,009 - - 225,267,009

Investments, whose values are based on quoted market prices in active markets and, therefore, classified within Level 1, include active listed equities. Level 2 includes collective investment schemes. The Company does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2.

The Level 2 amounts above represent bonds, collective investment schemes and equities.



84





There were no significant transfers between Level 1 and Level 2 during the financial year.

The following table represents the movement in Level 3 instruments for the financial year ended 31 August 2015.

KBI Institutional KBI Institutional KBI Institutional

KBI Institutional KBI Institutional KBI Institutional Developed Equity KBI Institutional 50/50 Global/Eurozone North America

Agri Fund Water Fund GESS Fund Fund Global Equity Fund Equity Fund Equity Fund

EUR USD EUR EUR EUR EUR USD

Opening Value 1 September 2014 41,276 1,180,289 24,395 - - - -

Purchases - 408,396 65,693 - - - -

Sales (1,030,091) - (656,561) - - - -

Realised gain 988,816 - 632,165 - - - -

Unrealised (loss)/gain - (607,076) 965 - - - -

Transfer from Level 1 - - - 97,877 9,991 1,491 63,130

Closing Value 31 August 2015 - 981,609 66,658 97,877 9,991 1,491 63,130

Total (losses)/gains for the year included in the statement of

comprehensive income for assets held at the end of the year - (583,486) 965 97,877 9,991 1,491 63,130

Holdings in Chaoda Modern Agriculture (a Level 3 investment) were sold during the year to 31 August 2015. Chaoda Modern Agriculture was held by the KBI Institutional Agri Fund and the KBI Institutional GESS Fund.

Amiad Water Systems Ltd, (a Level 3 investment) was held by KBI Institutional Water Fund and KBI Institutional GESS Fund at 31 August 2015. The stock is relatively illiquid.

Holdings in Safeway Casa Ley CVR and Safeway PDC CVR are classified as Level 3 investments at 31 August 2015. During the financial year, Safeway issued two non-tradable, non-transferable contingent value rights (“CVRs”)

following a merger with Albertsons Holdings LLC. The positions have been valued at the issue price of the CVRs at the time of the corporate action for PDC and Casa Ley which were $0.0488 and $1.0149, respectively, per share. Due

to the illiquid nature of the CVRs, which will be redeemed for cash at a future date, the amount that will ultimately be received is uncertain. The CVRs are held by KBI Institutional Developed Equity Fund, KBI Institutional Global

Equity Fund, KBI Institutional 50/50 Global/Eurozone Equity Fund and KBI Institutional North America Equity Fund at 31 August 2015.

85







The following table represents the movement in Level 3 instruments for the financial year ended 31 August 2014.

31.8.2014

KBI Institutional Agri KBI Institutional Water KBI Institutional GESS

Fund Fund Fund

EUR USD EUR

Opening Value 1 September 2013 144,232 - 85,246

Purchases - 1,486,410 -

Sales - (355,744) -

Realised gain - 26,034 -

Unrealised (loss)/gain (102,956) 23,589 (60,851)

Closing Value 31 August 2014 41,276 1,180,289 24,395

Total (losses)/gains for the year included in the statement of comprehensive

income for assets held at the end of the year (988,816) 23,589 (632,165)

Chaoda Modern Agriculture is a Level 3 investment held at 31 August 2014 by KBI Institutional Agri Fund and KBI Institutional GESS Fund. Chaoda Modern Agriculture shares were suspended from trading on 26 September 2011 due

to reports of a long running fraud. In May 2012 an announcement was made stating that in order for trading of the shares to resume, the company must a) address the allegations made against the company in the Anonymous report, b)

publish all outstanding financial results and reports and c) demonstrate adequate financial reporting procedure and internal control systems. On 18 August the Company announced that new auditors had been appointed and that it would

“keep its shareholders informed of the progress of the Resumption by way of announcement(s) as and when appropriate”.

Chaoda Modern Agriculture was priced at HK0.77 on 31 August 2014. Following a Pricing Committee meeting of Kleinwort Benson Investors Dublin Limited (the “Investment Manager”) on 6 November 2013, it was decided to further

write down the price of this stock by 30% of the price on suspension (HKD 1.10) thus bringing it to HK0.44.Given the lack of progress and taking into account the recommendation of the Chief Information Officer (CIO) of the

Investment Manager, it was agreed to write down the price by a further 20% of the price at suspension thus reducing the current price by 50% from HKD0.44 to HKD0.22.

Amiad Water Systems Ltd transferred into Level 3 during the period. It is held by the KBI Institutional Water Fund. The price had been static for a number of days prior to the period end. There was no dealing on the stock at 29 August

2014 and the stock is relatively illiquid.

Financial assets and liabilities not measured at fair value consist of cash, debtors and creditors per the Balance Sheet and are classified as level 2.

86





3. Operating Income

Total KBI Institutional KBI Institutional Institutional Energy Institutional Institutional Emerging Markets

Company Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund



EUR EUR EUR EUR USD EUR EUR

Investment income from financial assets

at fair value through profit or loss

Bond income 1,801,992 1,801,989 - - - 3 -

Dividend income 52,513,005 - 614,628 1,279,843 3,657,515 878,954 6,718,106

Income from financial assets that are not


Deposit interest 1,620 - 15 - 29 - 1,377

Rebate of tax 295,534 - - 35,170 - 15,836 -

Rebate from Manager 4,952 - - - 5,739 - -

Securities lending income 1,146,247 4,135 12,013 59,951 112,461 34,071 44,518

Sundry income 14,823 - 2,263 139 896 - 2,923

55,778,173 1,806,124 628,919 1,375,103 3,776,640 928,864 6,766,924

KBI Institutional KBI KBI Institutional KBI KBI Institutional

KBI Developed KBI Institutional 50/50 Global/Eurozone Institutional Eurozone North America Institutional ACWI Pan European

Equity Fund Global Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**

Year ended Year ended Year ended Year ended Year ended Period ended Period ended





Bond income - - - - - - -

Dividend income 25,368,894 2,007,619 775,757 2,114,056 8,840,280 1,018,939 951,325

Income from financial assets that are not


Deposit interest 174 13 - - 19 - -

Rebate of tax 47,739 - 31,845 164,944

Rebate from Manager - - - - - - -

Securities lending income 600,608 54,206 17,799 39,465 197,040 9,975 2,424

Sundry income 2,828 1,882 395 - 2,383 1,563 -

26,020,243 2,063,720 825,796 2,318,465 9,039,722 1,030,477 953,749

*Fund launched on 17 April 2015 **Fund launched on 8 May 2015

87





3. Operating Income (Continued)

KBI KBI KBI KBI Institutional

Total KBI Institutional KBI Institutional Institutional Energy Institutional Institutional Emerging Markets







Bond income 2,287,896 2,287,896 - - - - -

Dividend income 36,676,220 - 741,065 1,070,714 3,709,032 1,086,077 6,154,464

Income from financial assets that are

not at fair value through profit or loss

Deposit interest 1,621 - 18 431 93 - 964

Securities lending income 843,283 3,787 14,670 70,938 54,213 31,080 31,582

Sundry income 171,982 - 3,133 1,794 6,854 1,637 5,993

39,981,002 2,291,683 758,886 1,143,877 3,770,192 1,118,794 6,193,003

KBI Institutional KBI Institutional KBI KBI Institutional

Developed KBI Institutional 50/50 Global/Eurozone Institutional Eurozone North America

Equity Fund Global Equity Fund Equity Fund Equity Fund Equity Fund

Year ended Year ended Year ended Year ended Year ended

31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014

EUR EUR EUR EUR USD



Bond income - - - - -

Dividend income 15,927,462 2,391,382 772,477 2,955,125 3,879,467

Income from financial assets that are

not at fair value through profit or loss

Deposit interest 129 4 2 - 7

Securities lending income 391,281 61,945 24,919 128,169 61,315

Sundry income 149,158 1,753 503 - 4,045

16,468,030 2,455,084 797,901 3,083,294 3,944,834



88



4. Net Gains/(Losses) on Financial Assets and Liabilities at Fair Value Through Profit or Loss

KBI KBI Institutional

Total Cross Holdings KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets

Company Adjustment Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund

Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended



Realised gains/(losses) on investments 131,294,780 (951,301) 8,065,649 2,148,783 7,145,532 4,446,674 3,193,894 5,512,991

Net currency (losses)/gains (1,583,036) - 3,324 (3,763) (4,697) (279,049) (114,127) (202,831)

Net change in unrealised appreciation/

(depreciation) on investments (160,325,210) 2,812,102 (4,897,765) (4,700,909) (10,134,069) (39,759,515) (6,489,737) (19,523,498)

(30,613,466) 1,860,801 3,171,208 (2,555,889) (2,993,234) (35,591,890) (3,409,970) (14,213,338)

KBI Institutional KBI KBI Institutional KBI Institutional KBI Institutional KBI KBI Institutional

Developed Institutional Global 50/50 Global/Eurozone Eurozone North America Institutional ACWI Pan European

Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund**




Realised gains/(losses) on investments 75,992,361 17,381,827 2,317,469 9,156,702 (1,031,635) (876,972) (739,139)

Net currency (losses)/gains (682,246) 47,220 500 1,211 (248,479) (135,621) (36,779)


(depreciation) on investments (30,988,434) (8,720,530) (1,387,083) (5,867,649) (23,287,775) (9,847,355) (6,174,071)

44,321,681 8,708,517 930,886 3,290,264 (24,567,889) (10,859,948) (6,949,989)





89



4. Net Gains/(Losses) on Financial Assets and Liabilities at Fair Value Through Profit or Loss (Continued)


Total Cross Holdings KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets

Company Adjustment Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund




Realised gains/(losses) on investments 73,535,591 (1,881) 3,875,969 1,266,652 3,885,165 18,147,542 4,593,570 (106,884)

Net currency (losses)/gains (334,673) - 114 5,265 (27,612) (83,440) 4,793 (30,157)


(depreciation) on investments 101,364,557 (1,156,849) 7,848,702 3,694,865 3,356,081 13,028,907 3,975,021 20,926,173

174,565,475 (1,158,730) 11,724,785 4,966,782 7,213,634 31,093,009 8,573,384 20,789,132

KBI Institutional KBI KBI Institutional KBI Institutional KBI Institutional

Developed Institutional Global 50/50 Global/Eurozone Eurozone North America

Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund*



EUR EUR EUR EUR EUR

Realised gains/(losses) on investments 26,537,072 3,991,936 4,183,632 10,708,606 1,719,119

Net currency (losses)/gains (238,211) 38,447 (3,774) 98 (30,351)


(depreciation) on investments 35,188,024 6,665,786 (491,274) 1,811,142 13,565,936

61,486,885 10,696,169 3,688,584 12,519,846 15,254,704

*Fund launched on 23 October 2013.



90



5. Operating Expenses KBI KBI Institutional

Total KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets





Administration fees 571,846 20,086 12,016 21,578 69,601 16,848 56,450

Auditor's fees 66,710 5,590 5,670 5,628 6,365 5,613 5,552

Custodian fees 1,033,373 - 22,277 39,931 129,258 31,290 119,713

Directors' fees 37,071 3,305 3,342 3,305 3,669 3,305 3,305

Investment management fees 6,097,450 80,344 115,860 416,154 1,197,098 4,801 313,379

Legal fees 67,898 1,599 6,103 8,033 21,993 5,623 7,139

Regulatory fees 30,684 411 4,070 2,121 6,699 2,120 3,690

Professional fees (Tax services) 88,736 1,248 4,971 6,807 18,644 4,398 13,997

Trustee fees 157,646 - 3,433 6,165 19,886 4,814 16,129

UK distributor status fee 277,244 - - 118,574 153,588 - 9,968

Other fees 101,019 4,753 17,620 8,184 3,742 12,661 17,149

Professional VAT fees 21,389 3,625 1,283 1,535 2,210 1,682 1,283

Printing/publishing fees 8,210 - 2,842 (38) 3,039 (38) 2,842

Vat paid to Revenue 1,308 - - - - - -

Preliminary expenses 19,578 - - - - - -

Registration fee 43,668 - 4,284 5,624 11,515 5,624 6,161

Transaction costs 57,116 - 75 143 - 40 56,152

Secretarial fees 13,109 1,103 1,100 1,101 1,295 1,100 1,100

Taiwan charges 49,137 - - 49,137 - - -

Taiwan distribution fee 51,410 - - - 59,575 - -

- - - - - - -

8,794,602 122,064 204,946 693,982 1,708,177 99,881 634,009

KBI Institutional KBI KBI Institutional KBI KBI Institutional KBI KBI Institutional

Developed Institutional Global 50/50 Global/Eurozone Institutional Eurozone North America Institutional ACWI Pan European






Auditor's fees 5,495 5,516 5,570 5,569 5,637 3,075 3,075

Custodian fees 435,572 35,710 13,818 40,693 175,571 18,909 12,410

Directors' fees 3,109 3,305 3,305 3,305 3,668 577 577

Investment management fees 2,191,063 261,314 110,996 282,310 1,492,801 - -

Legal fees 7,106 4,005 1,600 2,594 3,160 1,195 1,195

Regulatory fees 7,834 2,120 425 411 1,033 405 405

Professional fees (Tax services) 18,872 6,175 2,874 9,226 1,591 1,476 1,230

Trustee fees 67,015 5,980 2,220 6,261 27,011 3,251 1,909

UK distributor status fee 8,180 39 - - 9,207 - -

Other fees 537 8,188 5,688 11,250 4,619 3,983 3,791

Professional VAT fees 1,655 1,622 1,847 2,780 1,697 492 213

Printing/publishing fees 18 (38) - - - - -

Vat paid to Revenue - - - 1,308 - - -

Preliminary expenses - - - - - 9,789 9,789

Registration fee 7,287 3,906 - - 979 - -

Transaction costs 582 103 21 - - - -

Secretarial fees 1,104 1,104 1,103 1,104 1,199 519 519

Taiwan charges - - - - - - -

Taiwan distribution fee - - - - - - -

- - - - - - -

2,989,980 359,980 157,237 388,723 1,822,711 55,050 41,795

Transaction costs comprise fees and agent charges charged by the custodian to any sub-custodian.




91



5. Operating Expenses (Continued) KBI Institutional

Total KBI Institutional KBI Institutional KBI Institutional Energy KBI Institutional KBI Institutional Emerging Markets






Auditor's fees 49,013 4,514 4,514 4,514 2,910 4,514 4,905

Custodian fees 679,834 - 25,062 33,887 107,310 34,752 102,737

Directors' fees 15,024 1,364 1,364 1,364 1,870 1,364 1,364

Investment management fees 3,488,211 78,923 137,681 395,082 902,207 4,326 161,749

Legal fees 46,014 1,700 2,584 8,599 17,973 2,584 2,328

Regulatory fees 35,826 713 4,754 3,482 9,171 3,482 5,824

Professional fees (Tax services) 30,285 - 2,703 2,561 6,304 2,608 7,527

Trustee fees 103,217 - 3,856 5,213 16,509 5,346 13,853

UK distributor status fee 55,420 - 9,490 5,885 33,686 - 6,345

Other fees 278,185 4,964 19,822 17,741 64,608 15,548 23,953

Professional VAT fees 21,368 1,722 2,107 2,107 3,093 1,806 2,107

Printing/publishing fees 3,685 - 402 402 1,122 402 401

Vat paid to Revenue 768 59 - - - - -

Preliminary expenses 9,965 - - - - - -

Registration fee 45,632 - 3,954 3,954 12,965 3,954 8,448

Transaction costs 32,077 - - - - - 32,077

Secretarial fees 12,199 1,104 1,104 1,104 1,520 1,104 1,104

Taiwan charges 84,645 - - 41,173 59,146 - -

Taiwan distribution fee 171,510 - - 96,141 102,545 - -

5,543,872 114,794 232,892 641,456 1,400,721 100,502 423,208

KBI Institutional KBI KBI Institutional KBI KBI Institutional

Developed Institutional Global 50/50 Global/Eurozone Institutional Eurozone North America

Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund



EUR EUR EUR EUR USD

Administration fees 137,289 22,235 6,991 25,621 37,712

Auditor's fees 4,905 4,905 4,905 4,612 6,240

Custodian fees 254,966 38,017 12,484 47,582 70,036

Directors' fees 1,364 1,364 1,364 1,364 1,869

Investment management fees 1,109,423 274,121 99,897 314,002 340,000

Legal fees 6,832 2,328 1,699 1,699 3,335

Regulatory fees 7,169 2,070 419 713 625

Professional fees (Tax services) 4,651 2,561 484 2,077 652

Trustee fees 39,225 6,353 1,998 7,320 10,775

UK distributor status fee 8,480 - - - 628

Other fees 75,659 24,830 9,708 25,847 17,180

Professional VAT fees 2,107 1,806 1,806 1,806 2,341

Printing/publishing fees 851 402 - - -

Vat paid to Revenue - - - 709 -

Preliminary expenses - - - - 13,558

Registration fee 9,678 4,261 - - 2,522

Secretarial fees 1,104 1,104 1,104 1,104 1,559

1,663,703 386,357 142,859 434,456 509,032

Transaction costs comprise fees and agent charges charged by the custodian to any sub-custodian.



92



6. Cash and Cash Equivalents

All cash is held with Northern Trust Fiduciary Services (Ireland) Limited.

7. Other Receivables KBI KBI Institutional






Bond income receivable 638,465 638,465 - - - - -

Currency receivable 972 - - - 423 11 -

Deposit interest receivable 18 - - - - - 17

Dividend income receivable 3,733,551 - 15,746 86,602 221,964 44,841 298,348

Prepaid expenses 43,898 108 1,778 438 10,983 438 108

Sale of securities awaiting settlement 1,453,297 370,031 130,247 411,366 361,742 205,857 12,956

Subscriptions of Shares awaiting settlement 908,593 83 2,100 11,753 143,002 917 717,604

Reclaims receivable 100,779 - - 5,136 - 4,635 56,686

6,879,573 1,008,687 149,871 515,295 738,114 256,699 1,085,719







Bond income receivable - - - - - - -

Currency receivable - - - - 654 - -

Deposit interest receivable 1 - - - - - -

Dividend income receivable 1,929,409 92,784 36,387 20,654 616,497 213,478 247,009

Prepaid expenses 30,078 463 108 108 284 108 108

Sale of securities awaiting settlement - - - - - - -

Subscriptions of Shares awaiting settlement 33,391 11,083 1,353 2,686 - - -

Reclaims receivable 30,486 - 3,836 - - - -

2,023,365 104,330 41,684 23,448 617,435 213,586 247,117




93



7. Other Receivables (Continued)

KBI

Total KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional

Company Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund



EUR EUR EUR EUR USD EUR

Bond income receivable 888,798 888,798 - - - -

Deposit interest receivable 61 - - - - 1

Dividend income receivable 3,186,782 - 18,417 102,587 92,896 68,227

Prepaid expenses 2,305 - - - - -

Sale of securities awaiting settlement 3,411,583 1,067,123 257,367 615,135 1,054,511 671,388

Subscriptions of Shares awaiting settlement 2,546,226 - - 339,203 52,275 -

Reclaims receivable 80,395 - - 4,365 - 3,943

10,116,150 1,955,921 275,784 1,061,290 1,199,682 743,559

KBI Institutional KBI Institutional KBI KBI Institutional KBI Institutional KBI Institutional

Emerging Markets Developed Institutional Global 50/50 Global/Eurozone Eurozone North America

Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund




Bond income receivable - - - - - -

Deposit interest receivable 42 17 1 - - -

Dividend income receivable 421,177 1,708,252 241,143 39,542 26,558 645,894

Prepaid expenses - - 2,225 80 - -

Sale of securities awaiting settlement - - - - - -

Subscriptions of Shares awaiting settlement - 1,640,000 387,718 1,212 138,407 -

Reclaims receivable 42,917 25,910 - 3,260 - -

464,136 3,374,179 631,087 44,094 164,965 645,894

8. Bank Overdraft

There were bank overdrafts held at 31 August 2015 in the amounts of EUR 1,302,466, USD 2,194,666 and EUR 703,578 on KBI Institutional Developed Equity Fund, KBI Institutional North America Equity Fund and KBI Institutional Pan

European Equity Fund respectively. (31 August 2014: Nil).



94



9. Other Payables KBI KBI Institutional







Auditor's fees 67,231 5,535 5,535 5,535 6,312 5,535 5,535

Custodian fees 281,047 - 4,238 10,715 33,730 6,914 28,216

Regulatory fees 5,250 405 382 405 462 405 405

Investment management fees 1,064,306 12,241 15,548 67,633 212,651 797 49,657

Other fees 62,189 1,597 5,024 20,441 25,332 1,804 1,884

Overdraft interest 2,280 - 12 80 49 - 146

Printing/publishing fees 150 - - - - 60 -

Professional VAT fees 10,163 492 492 492 561 492 492

Purchase of securities awaiting settlement 1,421,496 452,228 205,287 125,158 579,866 41,070 80,246

Redemptions of Shares awaiting settlement 500,434 - - 119,577 45,056 - -

Transaction charges 10,675 - - - - - 10,675

Trustee fees 43,052 - 652 1,649 5,189 1,081 3,805

Taiwan charges 53,416 - - 34,031 21,721 - -

3,676,987 477,117 239,452 391,488 949,091 61,940 194,377



Institutional

ACWI Pan European






Auditor's fees 5,535 5,535 5,535 5,535 6,312 3,075 3,075

Custodian fees 117,017 5,727 3,672 9,393 47,132 12,958 10,031

Regulatory fees 405 382 420 405 463 405 405

Investment management fees 391,530 27,822 19,466 43,576 275,927 - -

Other fees 193 593 1,596 1,597 1,857 1,597 1,597

Overdraft interest - 1,027 23 61 719 27 219

Printing/publishing fees - 90 - - - - -

Professional VAT fees 4,242 492 492 492 561 492 492

Purchase of securities awaiting settlement - - - - - - -

Redemptions of Shares awaiting settlement 361 7,462 - - 372,929 - -

Transaction charges - - - - - - -

Trustee fees 18,003 959 592 1,445 7,251 2,221 1,543

Taiwan charges - - - - - - -

600,295 53,444 33,867 67,562 738,530 28,549 22,763





95



9. Other Payables (Continued)

KBI

Total KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional

Company Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund



EUR EUR EUR EUR USD EUR

Administration fees 113,570 4,756 3,490 4,762 16,422 4,629

Auditor's fees 53,319 4,921 4,841 4,883 5,513 4,898

Custodian fees 204,366 - 6,481 8,844 30,497 8,358

Regulatory fees 4,406 400 400 400 531 400

Investment management fees 390,582 6,211 10,243 29,920 82,703 358

Other fees 148,729 4,051 8,314 10,705 30,182 6,168

Overdraft interest 520 - 9 - - 3

Payment fee 24,203 - - 11,298 16,999 -

Printing/publishing fees 3,552 - 402 402 1,016 402

Professional VAT fees 4,943 - 685 685 1,164 384

Purchase of securities awaiting settlement 3,537,509 1,120,625 290,861 459,158 852,183 1,019,900

Redemptions of Shares awaiting settlement 63,850 - 2,515 54,956 8,403 -

Secretarial fees 1,999 182 182 182 190 182

Transaction charges 6,513 - - - - -

Trustee fees 31,089 - 997 1,361 4,692 1,322

Taiwan charges 19,868 - - 9,053 14,246 -

4,609,018 1,141,146 329,420 596,609 1,064,741 1,047,004

KBI Institutional KBI Institutional

Emerging Markets Developed KBI KBI Institutional KBI Institutional KBI Institutional

Equity Fund Equity Fund Institutional Global 50/50 Global/Eurozone Eurozone North America

As at As at Equity Fund Equity Fund Equity Fund Equity Fund



Administration fees 14,004 41,137 6,539 1,823 6,047 18,330

Auditor's fees 4,959 5,016 4,995 4,941 4,942 6,240

Custodian fees 29,673 76,397 11,141 3,245 11,230 34,042

Regulatory fees 400 400 400 400 400 531

Investment management fees 22,445 140,724 26,382 8,174 22,646 79,943

Other fees 4,273 53,979 9,236 7,851 11,798 12,431

Overdraft interest 414 36 1 26 31 -

Printing/publishing fees 402 771 402 - - -

Professional VAT fees 685 439 384 138 138 687

Secretarial fees 182 182 182 182 182 286

Transaction charges 6,513 - - - -

Trustee fees 4,001 11,753 1,868 521 1,728 5,237

87,951 330,834 61,530 27,301 59,142 157,727



96



10. Share Capital


The authorised share capital of the Company is 500,000,000,000 Shares of no par value and 300,000 redeemable non-participating shares of EUR 1 each. Non-participating shares do not entitle the holders thereof to any dividend and on a winding up entitle the holders thereof to receive the amount paid up thereon but do not otherwise entitle them to participate in the assets of the Company. The Directors have the power to allot shares up to the authorised share capital of the

Company. There are 300,000 non-participating shares of EUR1 each currently in issue which were taken by the subscribers to the Company and are held by the Investment Manager and its nominees. The Investment Manager may redeem these

Shares shortly after the Company is launched provided that the Company maintains a minimum capital amount of EUR300,000 at all times.

Variation of rights

The rights attached to any class may be varied or abrogated with the consent in writing of the holders of three-fourths in number of the issued shares of that class, or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of the class, and may be so varied or abrogated either whilst the Company is a going concern or during or in contemplation of a winding-up.

Voting rights Subject to disenfranchisement in the event of non-compliance with any notice requiring disclosure of the beneficial ownership of shares and subject to any rights or restrictions for the time being attached to any class or classes of shares, on a

show of hands at a general meeting or class meeting of the Company, every Shareholder holding shares who is present in person or by proxy shall have one vote and on a poll every Shareholder present in person or by proxy shall have one

vote for every share of which he/she is the holder.

Distribution on winding up

Subject to the provisions of the Companies Act, if the Company shall be wound up the liquidator shall apply the assets of each Sub-Fund in such manner and order as he thinks fit in satisfaction of creditors' claims relating to that Sub-Fund.

The assets available for distribution amongst the holders shall be applied as follows:

(i) firstly, in the payment to the Shareholders of each Class or Fund of a sum in the Functional Currency (or in any other currency selected and at such rate of exchange as determined by the liquidator) as nearly as possible equal to the Net

Asset Value of the Shares of the relevant Class or Fund held by such Shareholders respectively as at the date of commencement of winding up;

(ii) secondly, in the payment to the holders of non-participating shares of sums up to the nominal amount paid up thereon out of the assets of the Company not comprised within any Fund provided that if there are insufficient assets to enable such payment in full to be made, no recourse shall be had to the assets comprised within any of the Funds;

(iii) thirdly, in the payment to the Shareholders of each Class or Fund of any balance then remaining in the relevant Fund, in proportion to the number of Shares held in the relevant Class or Fund; and,

(iv) fourthly, any balance then remaining and not attributable to any Fund or Class shall be apportioned between the Funds and Classes pro-rata to the Net Asset Value of each Fund or attributable to each Class immediately prior to any distribution to Shareholders and the amounts so apportioned shall be paid to Shareholders pro-rata to the number of Shares in that Fund or Class held by them.



Number of Shares 31 August 2015 31 August 2014

Issued and Fully Paid

Balance at beginning of year 356,177 455,370

Issued during year 28,696 19,530

Redeemed during year (152,132) (118,723)

Total number of Shares

in issue at end of year 232,741 356,177


Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended

Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014


Balance at beginning of year 212,296 160,803 2,595 5,881 SC7 17,954 18,345 sc10 4,146 6,449 14,524 14,524

Issued during year 1,658 76,369 - - SC8 - - sc11 62 9 - -

Redeemed during year (96,643) (24,876) (462) (3,286) SC9 - (391) sc12 (806) (2,312) - -


in issue at end of year 117,311 212,296 2,133 2,595 TS3 17,954 17,954 3,402 4,146 14,524 14,524

Class A Shares

Euro Class A Shares Euro Class B Shares Euro Class F SharesEuro Class C Shares Euro Class D Shares

97





10. Share Capital (Continued)

KBI Institutional Agri Fund (Continued)

Year ended Year ended Year ended Year ended Year ended Year ended

Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014


Balance at beginning of year 30,003 30,003 3,026 5,788 - 3,072

Issued during year 2,562 - - 300 - -

Redeemed during year (32,565) - (3,026) (3,062) - (3,072)


in issue at end of year - 30,003 - 3,026 - -





Balance at beginning of year 3,100,713 703,404 SC4 145,243 145,243 SC7 896,138 814,989 SC10 431,932 578,775 SC19 93,434 111,190

Issued during year 638,788 2,434,955 SC5 - - SC8 - 100,637 SC11 1,180,402 151,835 SC20 6,222 6,528

Redeemed during year (131,641) (37,646) SC6 - - SC9 (56,980) (19,488) SC12 (616,220) (298,678) SC21 (16,571) (24,284)


in issue at end of year 3,607,860 3,100,713 TS2 145,243 145,243 TS3 839,158 896,138 996,114 431,932 83,085 93,434




Balance at beginning of year/period 9,070 6,860 SC4 106,195 112,715 4,571 -

Issued during year/period 587 3,624 SC5 20,745 2,105 19,607 4,604

Redeemed during year/period (9,657) (1,414) SC6 (2,495) (8,625) (13,123) (33)


in issue at end of year/period - 9,070 TS2 124,445 106,195 11,055 4,571





Balance at beginning of year SC7 2,331,644 1,366,118 SC13 701,107 613,800 SC19 215,043 316,056 SC22 19,612 25,471 SC22 134,255 121,158

Issued during year SC8 273,141 1,421,939 SC14 18,331 108,659 SC20 421,531 155,999 SC23 4,387 8,582 SC23 120,751 127,555

Redeemed during year SC9 (329,462) (456,413) SC15 (51,340) (21,352) SC21 (109,991) (257,012) SC24 (7,656) (14,441) SC24 (63,629) (114,458)


in issue at end of year TS2 2,275,323 2,331,644 668,098 701,107 526,583 215,043 16,343 19,612 191,377 134,255




Balance at beginning of year SC4 913,720 1,114,214 SC16 17,756 1,660 407,260 343,604 SC10 170,434 - SC10 2,734,067 -

Issued during year SC5 586,053 1,218,803 SC17 184,807 16,096 363,456 91,614 SC11 1,444,506 172,434 SC11 1,291,839 3,593,110

Redeemed during year SC6 (671,582) (1,419,297) SC18 (168,456) - (245,541) (27,958) SC12 (154,966) (2,000) SC12 (1,400,130) (859,043)


in issue at end of year TS3 828,191 913,720 34,107 17,756 525,175 407,260 TS4 1,459,974 170,434 TS4 2,625,776 2,734,067

Euro Class C Shares Euro Class D Shares Euro Class F Shares

Sterling Class E Shares Euro Class H Shares

Euro Class A Shares Euro Class C Shares Euro Class D Shares

Euro Class H Shares ^

Sterling Class A Shares

Euro Class A Shares Euro Class B Shares

Sterling Class A SharesEuro Class I Shares ^

Euro Class G Shares Euro Class F Shares

USD Class C Shares

USD Class A Shares

Sterling Class C SharesEuro Class I Shares ^

Euro Class I Shares

^ Please see Note 21 Events during the financial year



98




KBI Institutional Water Fund (Continued) AUD Class A Shares ^




Balance at beginning of period SC4 1,004,841 - SC13 160,024 - - -

Issued during period SC5 197,552 1,392,018 SC14 - 241,904 1,997,004 -

Redeemed during period SC6 (854,020) (387,177) SC15 (146,500) (81,880) -


in issue at end of period TS3 348,373 1,004,841 13,524 160,024 1,997,004 -





Balance at beginning of year 362,919 378,228 sc7 5,359 5,359 SC19 3 3

Issued during year 17,106 83,896 SC8 28 - SC20 - -

Redeemed during year (109,126) (99,205) SC9 - - SC21 (3) -


in issue at end of year 270,899 362,919 5,387 5,359 TS3 - 3

Sterling Class B (Distributing) Shares

Year ended Year ended Period ended Period ended Year ended Year ended Year ended Year ended Year ended Year ended



Balance at beginning of year/period 7,288,686 7,368,830 SC25 39,800 - 294,620 484,148 29 25 1,333,965 778,657

Issued during year/period 821,199 1,486,876 SC26 765,695 39,800 1,053 472 54 4 1,097,289 650,531

Redeemed during year/period (2,695,847) (1,567,020) SC28 (275,017) - (58,676) (190,000) (83) - (532,302) (95,223)


in issue at end of year/period 5,414,038 7,288,686 530,478 39,800 236,997 294,620 - 29 1,898,952 1,333,965

Sterling Class D (Distributing) Shares ^ Sterling Class E (Distributing) Shares

Year ended Year ended Year ended Period ended Year ended Year ended Year ended Year ended Year ended Year ended



Balance at beginning of year/period 1,297,578 477,944 SC25 529,717 496,058 100 - 100 - 1,852,115 498,753

Issued during year/period - 1,297,577 SC26 - 33,659 - 100 - 100 189,573 1,353,362

Redeemed during year/period - (477,943) SC28 (529,717) - - - - - (1,082,916) -


in issue at end of year/period 1,297,578 1,297,578 - 529,717 100 100 100 100 958,772 1,852,115

Year ended Period ended Year ended Year ended Year ended Year ended



Balance at beginning of period/year 782,304 - SC25 1,138,723 959,328 240,000 -

Issued during period/year 148,561 820,906 SC26 - 179,395 - 240,000

Redeemed during period/year (275,196) (38,602) SC28 (485,126) - - -


in issue at end of period/year 655,669 782,304 653,597 1,138,723 240,000 240,000

Sterling Class E Shares USD Class A Shares

USD Class D Shares

Euro Class B SharesKBI Institutional Emerging Markets Equity

Fund

USD Class C Shares

(Distributing) Shares

Euro Class I Shares ^Euro Class D Shares

Sterling Class D Shares

Euro Class A Shares

Swiss Franc Class A Shares

USD Class B Shares CAD Class M Shares

(Distributing) Shares

Euro Class I Shares ^Euro Class A Shares Euro Class H Shares




99




Euro Class D (Distributing) Shares

Year ended Year ended Year ended Period ended Year ended Year ended Year ended Year ended Year ended Year ended



Balance at beginning of year SC7 601,651 620,316 390,853 - 6,107,603 6,875,943 539,477 - 12,288,654 368,084

Issued during year SC8 - 101,521 4,720,756 390,853 1,443,376 58,514 - 539,477 4,269,736 11,920,570

Redeemed during year SC9 (583,208) (120,186) (142,808) - (1,100,521) (826,854) - - (6,289,705) -


in issue at end of year 18,443 601,651 4,968,801 390,853 6,450,457 6,107,603 539,477 539,477 10,268,685 12,288,654

Sterling Class A (Distributing) Shares

Year ended Period ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended



Balance at beginning of year/period - 374,439 166,084 204 100 - 100 - 173,756 18,080

Issued during year/period - 513,553 173,091 166,059 - 100 - 100 59,877 157,077

Redeemed during year/period - (887,992) (339,175) (179) - - - - (28,210) (1,401)


in issue at end of year/period - - - 166,084 100 100 100 100 205,423 173,756

Sterling Class D (Distributing) Shares ^ US Dollar Class B (Distributing) Shares ^




Balance at beginning of period 1,399,374 848,493 7,915,031 7,915,031 3,697,446 3,725,589 32,346 330,899 209,369 -

Issued during period 1,582,325 991,556 4,542,594 - - - - 18,985 9,400 458,995

Redeemed during period (296,113) (440,675) - - (3,697,446) (28,143) (32,346) (317,538) (9,400) (249,626)


in issue at end of period 2,685,586 1,399,374 12,457,625 7,915,031 - 3,697,446 - 32,346 209,369 209,369

Year ended Period ended



Balance at beginning of year 2,760,000 - sc13 SC10

Issued during year - 2,760,000 sc14 SC11

Redeemed during year - - sc15 SC12


in issue at end of year 2,760,000 2,760,000


Number of Shares 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014 31 August 2015 31 August 2014


Balance at beginning of year 140,713 138,296 2,201,977 1,857,371 1,739,521 1,597,096 17,724 26,249

Issued during year 70,207 18,474 168,738 475,468 36,672 243,887 - 8

Redeemed during year (12,002) (16,057) (2,370,715) (130,862) (551,293) (101,462) - (8,533)


in issue at end of year 198,918 140,713 - 2,201,977 1,224,900 1,739,521 17,724 17,724

Euro Class B Shares

Euro Class C SharesKBI Institutional Global Equity Fund Euro Class A Shares Euro Class B Shares ^

Sterling Class C (Distributing) Shares

Euro Class I Shares ^ Sterling Class A Shares

Euro Class A Shares

Euro Class E Shares


Sterling Class C Shares

CAD Class A Shares

US Dollar Class B Shares ^

Euro Class H Shares

Euro Class H (Distributing) Shares

Euro Class C Shares

Sterling Class D Shares




100







Balance at beginning of year/period 3,129 4,884 652,877 20 25 195 494,748 494,748

Issued during year/period - - 65,774 652,857 - - - -

Redeemed during year/period (3,129) (1,755) (595,770) - (25) (170) (494,748) -


in issue at end of year/period - 3,129 122,881 652,877 - 25 - 494,748




Balance at beginning of year 1,415,731 2,955,331

Issued during year 76,071 62,991

Redeemed during year (128,373) (1,602,591)


in issue at end of year 1,363,429 1,415,731 T5




Balance at beginning of year 466,990 585,439 SC4 794,330 700,045 SC7 3,702,094 5,315,972 SC10 27,663 34,386

Issued during year 92,471 82,981 SC5 109,496 198,733 SC8 167,346 9,327 SC11 60,000 6

Redeemed during year (429,363) (201,430) SC6 (296,366) (104,448) SC9 (1,166,056) (1,623,205) SC12 (1,291) (6,729)


in issue at end of year 130,098 466,990 T2 607,460 794,330 T3 2,703,384 3,702,094 T4 86,372 27,663

Sterling Class A (Distributing) Shares US Dollar Class B (Distributing) Shares

Year ended Period ended Year ended Period ended Year ended Year ended Year ended Year ended Year ended Year ended



Balance at beginning of period 112,025 - SC4 7,574,564 - SC7 126,688 - 5,000 - 255,335 -

Issued during period 6,615 112,025 SC5 6,558,142 7,733,577 SC8 159,487 133,603 15,168 5,000 SC5 442,089 273,010

Redeemed during period (20,660) - SC6 (1,919,674) (159,013) SC9 (33,677) (6,915) (102) - SC6 (60,017) (17,675)


in issue at end of period 97,980 112,025 T2 12,213,032 7,574,564 T3 252,498 126,688 20,066 5,000 T2 637,407 255,335




Balance at beginning of period 8,072,083 -

Issued during period 1,747,309 9,335,920

Redeemed during period (4,470,404) (1,263,837)


in issue at end of period 5,348,988 8,072,083

Euro Class C Shares Euro Class E Shares

US Dollar Class A Shares ^

KBI Institutional 50/50 Global/Eurozone Equity

Fund

Euro Class C Shares

KBI Institutional Eurozone Equity Fund Euro Class A Shares Euro Class B Shares

KBI Institutional North America Equity Fund Sterling Class A Shares

Euro Class H Shares Euro Class I Shares ^KBI Institutional Global Equity Fund

(continued)

Euro Class F Shares ^

Euro Class D (Distributing) Shares US Dollar Class B Shares

US Dollar Class D Shares




101




Period ended

Number of Shares 31 August 2015


Balance at beginning of period -

Issued during period 6,542,851

Redeemed during period -


in issue at end of period 6,542,851

Period ended

Number of Shares 31 August 2015


Balance at beginning of period -

Issued during period 6,372,921

Redeemed during period (577,983)


in issue at end of period 5,794,938

Sterling Class D Shares ^

EUR Class A Shares ^

KBI Institutional ACWI Equity Fund*

KBI Institutional Pan European Equity Fund**



11. Net Asset Value

Net Asset Value Net Asset Value Net Asset Value

Net Asset Value per Share Net Asset Value per Share Net Asset Value per Share


Class A Shares €46,405,199 €199.39 €67,034,793 €188.21 €69,232,865 €152.04

KBI Institutional Agri Fund 0 0 0 0

Euro Class A Shares €13,724,375 €116.99 €28,164,878 €132.67 €18,395,323 €114.40

Euro Class B Shares €1,096,359 €513.94 €1,536,580 €592.07 €3,045,857 €517.89

Euro Class C Shares €2,229,108 €124.16 €2,543,128 €141.66 €2,254,227 €122.88

Euro Class D Shares €1,863,182 €547.67 €2,615,608 €630.88 €3,559,657 €551.97

Euro Class F Shares €1,812,234 €124.77 €2,086,343 €143.65 €1,826,189 €125.73

Euro Class H Shares - - €3,630,348 €121.00 €3,149,289 €104.96

Euro Class I Shares - - €341,302 €112.81 €573,245 €99.05

Sterling Class C Shares - - - - £298,444 £97.14

As at 31 August 2015 As at 31 August 2014 As at 31 August 2013



102



11. Net Asset Value (Continued)








Euro Class F Shares €19,833,800 €238.72 €23,673,970 €253.38 €24,352,227 €219.01

Euro Class I Shares - - €128,441 €14.16 €83,908 €12.23

Sterling Class A Shares £920,031 £7.39 £899,517 £8.47 £875,175 £7.76

USD Class C Shares $87,611 $7.93 $45,157 $9.88 - -





Euro Class F Shares €16,051,666 €982.18 €19,848,369 €1,012.07 €20,652,455 €810.84

Euro Class G Shares €3,202,391 €16.73 €2,303,740 €17.16 €1,660,095 €13.65

Euro Class H Shares €12,517,000 €15.11 €14,019,225 €15.34 €13,515,868 €12.08

Euro Class I Shares €479,737 €14.07 €256,727 €14.46 €19,202 €11.52

Sterling Class A Shares £8,408,178 £16.01 £7,247,345 £17.80 £5,192,080 £15.11

Sterling Class E Shares £14,006,590 £9.59 £1,821,853 £10.69 - -

USD Class A Shares $24,731,619 $9.42 $30,759,018 $11.25 - -

USD Class C Shares $3,134,275 $9.00 $10,930,477 $10.88 - -

AUD Class A Shares AUD 18,972,320 AUD 9.50 - - - -

CHF Class A Shares CHF 130,941 CHF 9.68 CHF 1,754,139 CHF 10.96 - -



Euro Class D Shares €577,450 €107.21 €621,957 €116.07 €524,109 €97.81

Euro Class I Shares - - €328 €131.08 €279 €111.49

€ 0.00



Euro Class B Shares €5,717,098 €10.78 €459,919 €11.56 - -


Euro Class I Shares - - €306 €10.56 €226 €9.06

Sterling Class B Distributing Shares £16,006,166 £8.43 £13,763,876 £10.32 £7,596,380 £9.76

Sterling Class D Shares £11,670,147 £8.99 £13,629,135 £10.50 £12,369,621 £9.53

Sterling Class D Distributing Shares - - £5,070,448 £9.57 £4,459,947 £8.99

Sterling Class E Shares £915 £9.15 £1,080 £10.80 - -

As at 31 August 2013As at 31 August 2015 As at 31 August 2014



103




Net Asset Value (Continued)



KBI Institutional Emerging Markets Equity Fund (Continued)

Sterling Class E Distributing Shares £908 £9.08 £1,080 £10.80 - -

USD Class A Shares $8,616,805 $8.99 $21,082,025 $11.38 $4,839,543 $9.70

USD Class B Shares $5,655,511 $8.63 $8,532,796 $10.91 - -

USD Class D Shares $6,933,361 $10.61 $15,182,869 $13.33 $10,823,007 $11.28

CAD Class A Shares £2,339,211 £9.75 CAD $2,425,788 CAD $10.11 - -


Euro Class A Shares €324,383 €17.59 €9,670,368 €16.07 €8,210,941 €13.24

Euro Class B Shares €61,197,061 €12.32 €4,415,632 €11.30 - -


Euro Class D (Distributing) Shares €6,294,164 €11.67 €5,964,119 €11.06 - -


Euro Class H (Distributing) Shares - - - - €3,781,887 €10.10

Euro Class I Shares - - €2,320,754 €13.97 €2,379 €11.66

Sterling Class A Shares £1,054 £10.54 £1,061 £10.61 - -

Sterling Class A (Distributing) Shares £1,042 £10.42 £1,061 £10.61 - -

Sterling Class C Shares £2,984,392 £14.53 £2,534,722 £14.59 £234,076 £12.97

Sterling Class C (Distributing) Shares £33,840,622 £12.59 £18,238,451 £13.03 £10,068,203 £11.87

Sterling Class D Shares £183,018,198 £14.69 £116,175,165 £14.68 £102,601,790 £12.96

Sterling Class D (Distributing) Shares - - £40,532,235 £10.96 £37,180,755 £9.98

US Dollar Class B Shares - - $453,724 $14.03 $3,851,064 $11.64

US Dollar Class B (Distributing) Shares $2,011,831 $9.61 $2,242,991 $10.71 - -

CAD Class A Shares $31,161,565 $11.29 $27,644,625 $10.02 - -



Euro Class B Shares - - €34,951,537 €15.87 €24,395,038 €13.13


Euro Class E Shares €294,158 €16.60 €275,093 €15.52 €339,282 €12.93

Euro Class F Shares - - €47,737 €15.26 €62,355 €12.77

Euro Class H Shares €1,723,990 €14.03 €8,534,829 €13.07 €219 €10.82

Euro Class I Shares - - €343 €13.72 €2,236 €11.47

US Dollar Class A Shares - - $6,045,521 $12.22 $5,013,920 $10.13






104










Euro Class E Shares €1,229,940 €14.24 €369,520 €13.36 €382,153 €11.11


Euro Class D (Distributing) Shares €1,166,578 €11.91 €1,255,661 €11.21 - -

Sterling Class A Shares £2,699,629 £10.69 £1,347,779 £10.64 - -

Sterling Class A (Distributing) Shares £125,811,312 £10.30 £79,875,367 £10.55 - -

US Dollar Class B Shares $194,733 $9.71 $52,135 $10.43 - -

US Dollar Class B (Distributing) Shares $6,176,919 $9.69 $2,733,058 $10.70 - -

US Dollar Class D Shares $56,659,704 $10.59 $91,180,830 $11.30 - -


Sterling Class D Shares^ €58,142,254 €8.89 - - - -

KBI Institutional Pan European Fund**

Euro Class A Shares^ €52,097,025 €8.99 - - - -







105



12. Securities Lending Income

Securities lending is the market practice whereby securities are temporarily transferred by one party (the

lender) to another (the borrower). The Sub-Funds were engaged in securities lending activities during the

financial year ended 31 August 2015. Securities used in securities lending activities were held at fair value and

were recorded on the Global Securities System of Northern Trust Fiduciary Services (Ireland) Limited.

The income generated from securities lending is divided between the Fund (60%), the securities lending agent,

i.e. Northern Trust (30%) and the Company (10%). Details of the income generated from securities lending and

the value of securities out on loan at the year end is as follows:

The following table shows the securities lending position of the Company at 31 August 2015:



EUR EUR


Income earned during the year:

Fund 4,198 2,545

Kleinwort Benson Investors Dublin Limited 700 424

Northern Trust 2,099 1,273

Value of securities on loan at year end 3,956,928 4,882,842

Value of collateral held in respect of these loans at year end 4,071,957 5,030,269



EUR EUR



Fund 11,763 13,645

Kleinwort Benson Investors Dublin Limited 1,960 2,274






EUR EUR



Fund 60,654 60,340







Annual Report and Audited

106



12. Securities Lending Income (Continued)



USD USD



Fund 99,076 54,101







EUR EUR



Fund 35,023 30,301







EUR EUR



Fund 54,061 27,716







EUR EUR



Fund 496,820 381,321








107






EUR EUR



Fund 37,541 59,648







EUR EUR



Fund 14,492 22,951







EUR EUR



Fund 40,681 124,913







USD USD



Fund 166,797 61,309








108






EUR EUR



Fund 12,037 -

Kleinwort Benson Investors Dublin Limited 2,006 -

Northern Trust 6,019 -

Value of securities on loan at year end 6,350,903 -

Value of collateral held in respect of these loans at year end 6,687,225 -



EUR EUR



Fund 3,380 -

Kleinwort Benson Investors Dublin Limited 563 -

Northern Trust 1,690 -

Value of securities on loan at year end 828,577 -

Value of collateral held in respect of these loans at year end 875,045 -

The Direct Costs disclosed below relate to the Agent’s (Northern Trust Company) fee.

Gross Earnings Direct Costs


EUR EUR

KBI Institutional Long Bond Fund 6,996 2,099

KBI Institutional Agri Fund 19,605 5,881

KBI Institutional Energy Solutions Fund 101,091 30,327

KBI Institutional GESS Fund 58,371 17,511

KBI Institutional Emerging Markets Equity Fund 90,101 27,030

KBI Institutional Developed Equity Fund 828,033 248,410

KBI Institutional Global Equity Fund 62,569 18,771

KBI Institutional 50/50 Global/Eurozone Equity Fund 24,154 7,246

KBI Institutional Eurozone Equity Fund 67,802 20,341

KBI Institutional ACWI Equity Fund* 20,062 6,019

KBI Institutional Pan European Equity Fund** 5,633 1,690

USD USD

KBI Institutional Water Fund 165,127 49,538

KBI Institutional North America Equity Fund 277,995 83,398

1,727,539 518,262




109




Gross Earnings Direct Costs


EUR EUR

KBI Institutional Long Bond Fund 4,242 1,273

KBI Institutional Agri Fund 22,741 6,822

KBI Institutional Energy Solutions Fund 100,567 30,170

KBI Institutional GESS Fund 50,502 15,151

KBI Institutional Emerging Markets Equity Fund 46,193 13,858

KBI Institutional Developed Equity Fund 635,535 190,661

KBI Institutional Global Equity Fund 99,414 29,824

KBI Institutional 50/50 Global/Eurozone Equity Fund 38,251 11,475

KBI Institutional Eurozone Equity Fund 208,188 62,456

KBI Institutional ACWI Equity Fund* - -

KBI Institutional Pan European Equity Fund** - -

USD USD

KBI Institutional Water Fund 90,168 27,050

KBI Institutional North America Equity Fund 102,182 30,655

1,397,984 419,395


The following borrowers were used in the securities lending programme at 31 August 2015:

Borrower Name Borrower Name

ABN Amro Bank N.V. HSBC Bank Plc

ABN Amro Securities (USA) LLC ING Bank NV, London Branch

Barclays Capital Inc. ING Financial Markets LLC

Barclays Capital Securities Ltd. J.P. Morgan Clearing Corp.

BMO Capital Markets Corp. Merrill Lynch International

Citigroup Global Markets Inc. Morgan Stanley & Co. International Plc

Citigroup Global Markets Limited

Credit Suisse Securities (Europe) Limited

Credit Suisse Securities (USA) LLC

Deutsche Bank AG, London Branch

Deutsche Bank Securities Inc.

Goldman Sachs International

110





13. Fees

Investment Management Fee

Under the provisions of the discretionary investment management agreement, the Company will pay the

Investment Manager a fee of up to 2.50% per annum of the Net Asset Value (plus VAT, if any) of KBI

Institutional Long Bond, the KBI Institutional North America Equity Fund, the KBI Institutional ACWI

Equity Fund, the KBI Institutional Pan European Equity Fund, the KBI Institutional Agri Fund, the KBI

Institutional Water Fund, the KBI Institutional GESS Fund, the KBI Institutional Emerging Markets Equity

Fund, the KBI Institutional Global Equity Fund, the KBI Institutional Developed Equity Fund, the KBI

Institutional Eurozone Equity Fund and the KBI Institutional 50/50 Global/Eurozone Equity Fund. Within

these maximum permitted limits, the Investment Manager's fee may differ between Sub-Funds and between

classes of the same Sub-Fund. This fee shall be accrued weekly on each dealing day and payable monthly in

arrears.

The Company will pay the Investment Manager a fee of up to 1.5% per annum of the Net Asset Value of the

KBI Institutional Energy Solutions Fund (plus VAT, if any) in respect of Sterling Class A, Euro Class A, Euro

Class B, Euro Class C, Euro Class D and Euro Class F Shares and an annual fee of up to 2.5% per annum of

the Net Asset Value of the this Fund (plus VAT, if any) in respect of US Dollar Class A, US Dollar Class B,

US Dollar Class C, US Dollar Class D, Sterling Class B, Sterling Class C, Sterling Class D, Euro Class E,

Euro Class G and Euro Class H.

Investment Management fees of EUR 6,617,291 (31 August 2014: EUR 3,488,211) were charged during the

financial year, EUR 1,036,474 of which were outstanding at the financial year end (31 August 2014: EUR

390,582).

Administration Fee

Under the provisions of the administration agreement, the Company shall pay to the Administrator out of the

assets of each Sub-Fund attributable to each Class an annual fee which shall be accrued weekly on each

Dealing Day and payable monthly in arrears, at a rate which will not exceed 0.03% of the Net Asset Value of

KBI Institutional Long Bond Fund (plus VAT, if any), 0.035% of the Net Asset Value of KBI Institutional

Agri Fund, KBI Institutional Water Fund, KBI Institutional Energy Solutions Fund, KBI Institutional GESS

Fund, KBI Institutional Emerging Markets Equity Fund, KBI Institutional Global Equity Fund, KBI

Institutional Developed Equity Fund, KBI Dividend Plus 50/50 Fund, KBI Institutional Eurozone Equity Fund

and KBI Institutional North America Equity Fund (plus VAT, if any) and 0.10% of the Net Asset Value of

KBI Institutional ACWI Equity Fund and KBI Institutional Pan European Equity Fund (plus VAT, if any).

The Administrator shall also be entitled to be repaid out of the assets of the Sub-Fund all of its reasonable out-

of-pocket expenses incurred on behalf of the Sub-Fund, which shall include legal fees, couriers' fees and

telecommunication costs and expenses.

Administration fees of EUR 571,846 (31 August 2014: EUR 380,994) were charged during the financial year,

EUR 155,298 of which were outstanding at the financial year end (31 August 2014: EUR 113,570).

Custodian Fee

Under the provisions of the custodian agreement, the Company shall pay to the Custodian out of the assets of

each Sub-Fund attributable to each Class an annual fee which shall be accrued weekly on each Dealing Day

and payable monthly in arrears, at a rate which will not exceed 0.03% of the Net Asset Value of KBI

Institutional Long Bond Fund (plus VAT, if any), and 0.065% of the Net Asset Value of KBI Institutional

Agri Fund, KBI Institutional Water Fund, KBI Institutional Energy Solutions Fund, KBI Institutional Global

Equity Fund, KBI Institutional 50/50 Global/Eurozone Equity Fund, KBI Institutional Developed Equity

Fund, KBI Institutional Eurozone Equity Fund, KBI Institutional GESS Fund and KBI Institutional North

America Equity Fund (plus VAT, if any), 0.074% of the Net Asset Value of KBI Institutional Emerging

Markets Equity Fund (plus VAT, if any) and 0.10% of the Net Asset Value of KBI Institutional North

America Equity Fund, KBI Institutional ACWI Equity Fund and KBI Institutional Pan European Equity Fund

(plus VAT if any).



111



13. Fees (Continued)

Custodian Fee (Continued)

The Custodian shall also be entitled to be repaid out of the assets of each Sub-Fund all of its reasonable out-of-

pocket expenses incurred on behalf of the Sub-Fund which shall include couriers' fees and telecommunication

costs and other expenses incurred on behalf of the Sub-Fund by the Custodian in the proper performance of its

duties (plus VAT, if any).

Custodian fees of EUR 1,033,373 (31 August 2014: EUR 679,834) were charged during the financial year,

EUR 274,261 of which were outstanding at the financial year end (31 August 2014: EUR 204,366).

14. Efficient Portfolio Management

The Investment Manager may utilise derivatives and other techniques and instruments (including, but not

limited to, options, swaps, futures and forwards) whether the intention of providing protection against risks of

gaining exposure to certain markets, sectors or securities, or otherwise of increasing the return on the Assets of

each Fund. Such derivatives and other techniques and instruments will only be used for efficient portfolio

management purposes in accordance with the conditions and limits laid down by the Central Bank of Ireland.

The Investment Manager may also, when facilities become available in the relevant markets, lend the Portfolio

securities and/or purchase securities subject to repurchase agreements. Securities lending is dealt with

separately in Note 12. No securities were purchased subject to repurchase agreements during the financial

year.

There are no open derivative contracts held at the Statement of Financial Position date.

15. Distributions

Details of distributions made during the financial year ended 31 August 2015 are as follows:

KBI Institutional Emerging Markets Equity Share Class B GBP

Date Date Rate per

Declared Paid Share No. of Shares Amount £ Relevant Period

27.02.2015 13.03.2015 0.08400 1,582,401 132,920 01.09.2014 - 28.02.2015

31.08.2015 14.09.2015 0.28146 1,898,953 534,479 01.03.2015 - 31.08.2015

KBI Institutional Emerging Markets Equity Share Class D GBP

Date Date Rate per


27.02.2015 13.03.2015 0.07803 529,717 41,332 01.09.2014 - 28.02.2015

KBI Institutional Emerging Markets Equity Share Class E GBP

Date Date Rate per


27.02.2015 13.03.2015 0.08610 100 9 01.09.2014 - 28.02.2015

KBI Institutional Developed Equity Share Class A GBP

Date Date Rate per


27.02.2015 13.03.2015 0.12850 100 13 01.09.2014 - 28.02.2015



112



15. Distributions (Continued)

Details of distributions made during the financial year ended 31 August 2015 are as follows: (Continued)

KBI Institutional Developed Equity Share Class C GBP

Date Date Rate per


27.02.2015 13.03.2015 0.15445 2,282,702 352,559 01.09.2014 - 28.02.2015

31.08.2015 14.09.2015 0.24065 2,686,988 646,624 01.03.2015 - 31.08.2015

KBI Institutional Developed Equity Share Class D GBP

Date Date Rate per


27.02.2015 13.03.2015 0.13002 3,697,446 480,731 01.09.2014 - 28.02.2015

31.08.2015 14.09.2015 0.18366 209,369 38,453 01.03.2015 - 31.08.2015

KBI Institutional Developed Equity Share Class B USD

Date Date Rate per

Declared Paid Share No. of Shares Amount $ Relevant Period

27.02.2015 13.03.2015 0.11796 218,769 25,807 01.09.2014 - 28.02.2015

KBI Institutional Developed Equity Share Class D EUR

Date Date Rate per

Declared Paid Share No. of Shares Amount € Relevant Period

27.02.2015 13.03.2015 0.14304 539,477 77,166 01.09.2014 - 28.02.2015

31.08.2015 14.09.2015 0.22300 539,477 120,303 01.03.2015 - 31.08.2015

KBI Institutional North America Equity Share Class A GBP

Date Date Rate per


28.11.2014 05.12.2014 0.03523 9,555,661 336,598 01.03.2014 - 31.08.2014

27.02.2015 13.03.2015 0.13271 12,018,102 1,594,911 01.09.2014 - 28.02.2015

31.08.2015 14.09.2015 0.13833 12,213,032 1,689,429 01.03.2015 - 31.08.2015

KBI Institutional North America Equity Share Class D EUR

Date Date Rate per


28.11.2014 05.12.2014 0.05129 111,895 5,739 01.03.2014 - 31.08.2014

27.02.2015 13.03.2015 0.15405 114,185 17,590 01.09.2014 - 28.02.2015

31.08.2015 14.09.2015 0.15988 97,980 15,665 01.03.2015 - 31.08.2015

KBI Institutional North America Equity Share Class B USD

Date Date Rate per


28.11.2014 05.12.2014 0.02560 339,170 8,683 01.03.2014 - 31.08.2014

27.02.2015 13.03.2015 0.12540 620,100 77,758 01.09.2014 - 28.02.2015

31.08.2015 14.09.2015 0.13013 637,406 82,946 01.03.2015 - 31.08.2015

KBI Institutional ACWI Equity Share Class D GBP

Date Date Rate per


31.08.2015 14.09.2015 0.08862 6,542,851 579,827 01.03.2015 - 31.08.2015



113





KBI Institutional Emerging Markets Equity Share Class B GBP

Date Date Rate per


27.02.2014 14.03.2014 0.04508 1,364,823 61,529 01.09.2013 - 28.02.2014

25.04.2014 06.05.2014 0.04317 1,369,910 59,142 01.11.2013 - 28.02.2014

28.08.2014 12.09.2014 0.26423 1,333,965 352,470 01.03.2014 - 31.08.2014

KBI Institutional Emerging Markets Equity Share Class D GBP

Date Date Rate per


27.02.2014 14.03.2014 0.08264 496,058 40,995 01.09.2013 - 28.02.2014

28.08.2014 12.09.2014 0.23688 529,717 125,480 01.03.2014 - 31.08.2014


Date Date Rate per


27.02.2014 14.03.2014 0.10458 1,396,138 146,015 01.09.2013 - 28.02.2014

28.08.2014 12.09.2014 0.22103 1,399,374 309,298 01.03.2014 - 31.08.2014


Date Date Rate per


27.02.2014 14.03.2014 0.13227 3,725,589 492,765 01.09.2013 - 28.02.2014

28.08.2014 12.09.2014 0.19360 3,697,446 715,814 01.03.2014 - 31.08.2014

KBI Institutional Developed Equity Share Class B USD

Date Date Rate per


27.02.2014 14.03.2014 0.05896 307,364 18,121 01.09.2013 - 28.02.2014

25.04.2014 06.05.2014 0.01931 209,369 4,043 01.11.2013 - 28.02.2014

28.08.2014 12.09.2014 0.14743 209,369 30,866 01.03.2014 - 31.08.2014

KBI Institutional Developed Equity Share Class D EUR

Date Date Rate per


28.08.2014 12.09.2014 0.11276 539,477 60,831 01.03.2014 - 31.08.2014

KBI Institutional Developed Equity Share Class H EUR

Date Date Rate per


27.02.2014 14.03.2014 0.09655 887,991 85,738 01.09.2013 - 28.02.2014



114





KBI Institutional North America Equity Share Class A GBP

Date Date Rate per


27.02.2014 14.03.2014 0.00834 2,029,314 16,924 01.09.2013 - 28.02.2014

25.04.2014 06.05.2014 0.00096 3,799,896 3,644 01.11.2013 - 28.02.2014

28.08.2014 12.09.2014 0.08279 7,574,564 627,128 01.03.2014 - 31.08.2014

KBI Institutional North America Equity Share Class D EUR

Date Date Rate per


28.08.2014 12.09.2014 0.07308 112,025 8,187 01.03.2014 - 31.08.2014

KBI Institutional North America Equity Share Class B USD

Date Date Rate per


28.08.2014 12.09.2014 0.08201 255,335 20,939 01.03.2014 - 31.08.2014

KBI Institutional Emerging Markets Equity share Class B GBP

Date Date Rate per


28.02.2013 14/03/2013 0.0487 332,775 16,221 01.09.2012 - 28.02.2013

30.08.2013 13/09/2013 0.2472 778,657 192,461 01.03.2013 - 31.08.2013

KBI InstitutionalEmerging Markets Equity share Class D GBP

Date Date Rate per


30.08.2013 13/09/2013 0.1944 496,058 96,437 01.03.2013 - 31.08.2013


Date Date Rate per


31.08.2012 14.09.2012 0.2122 282,978 60,054 01.03.2012 - 31.08.2012

28.02.2013 14.03.2013 0.1263 437,810 55,310 01.09.2012 - 28.02.2013

30.08.2013 13.09.2013 0.194437 848,493 164,978 01.03.2013 - 31.08.2013


Date Date Rate per


30.08.2013 13.09.2013 0.1227 3,725,589 457,030 01.03.2012 - 31.08.2012

KBI Institutional Developed Equity Share Class H EUR

Date Date Rate per


30.08.2013 13.09.2013 0.087769 374,439 32,864 01.03.2012 - 31.08.2012



115



16. Related Party Transactions

IAS 24 "Related Party Transactions" requires the disclosure of information relating to material transactions

with parties who are deemed to be related to the reporting entity.

Investment Manager

Related parties include the Investment Manager, Kleinwort Benson Investors Dublin Limited. Amounts

earned by the Investment Manager and due to the Investment Manager at financial year end, are disclosed in

Notes 5 and 9, respectively.

Directors

The following Directors of Kleinwort Benson Investors Institutional Fund Plc are also employees of the

Investment Manager, Kleinwort Benson Investors Dublin Limited:

Derval Murray, Padraig Sheehy Gerard Solan and Patrick Cassells.

Frank Joseph Close and Fiona Mulcahy, as Directors, each earn fees of EUR 20,000 per annum. All other

directors have waived their fee for the financial year ended 31 August 2015 (31 August 2014: Frank Joseph

Close earned EUR 15,000 as a Director, all other Directors waived their fee for the financial year).

The table below shows a reconciliation of the Directors' and Secretary's interests in the Funds of the Company

for the financial year ended 31 August 2015:

Frank Joseph Close KBI

Institutional

Global

Equity

Fund

Opening Balance 31 August 2014 1,168

Purchases -

Sales (1,168)

Closing Balance 31 August 2015 -

KBI KBI

Padraig Sheehy KBI Institutional Institutional

KBI Institutional KBI Emerging Eurozone

Institutional Energy Institutional Markets Equity

Agri Fund Solutions Fund Water Fund Equity Fund Fund

Opening Balance 31 August 2014 223 1,845 3,378 14,867 5,978

Purchases - 7,278 524 5,810 2,712

Sales - (14) (6) (7,920) (13)

Closing Balance 31 August 2015 223 9,109 3,896 12,757 8,677

Gerard Solan

KBI KBI

Institutional KBI Institutional

KBI KBI Emerging Institutional Eurozone

Institutional Institutional Markets Global Equity Equity

Agri Fund Water Fund Equity Fund Fund Fund

Opening Balance 31 August 2014 69 3,154 7,743 22,563 -

Purchases - - 738 2,904 2,805

Sales - (5) (13) (37) (4)

Closing Balance 31 August 2015 69 3,149 8,468 25,430 2,801



116



16. Related Party Transactions (Continued)

Derval Murray KBI KBI KBI

KBI Institutional KBI Institutional Institutional

Institutional Energy Institutional Global Equity Eurozone

Agri Fund Solutions Fund Water Fund Fund Equity Fund

Opening Balance 31 August 2014 48 594 388 115 173

Purchases - - - - -

Sales - (1) (1)

Closing Balance 31 August 2015 48 594 387 115 172

KBI

KBI Institutional

Patrick Cassells KBI Institutional Emerging

Institutional Global Equity Markets

GESS Fund Fund Equity Fund

Opening Balance 31 August 2014 546 12,571 955

Purchases 14 10,582 168

Sales (553) (34) (303)

Closing Balance 31 August 2015 7 23,120 819

KBI

Andrea Oman KBI KBI KBI Institutional

Institutional KBI Institutional Institutional Emerging

Energy Institutional Global Equity Eurozone Markets

Solutions Fund Water Fund Fund Equity Fund Equity Fund

Opening Balance 31 August 2014 1,043 154 408 500 -

Purchases 246 23 60 85 66

Sales (2) - (1) (1) (1)

Closing Balance 31 August 2015 1,287 176 467 585 65



117



16. Related Party Transactions (Continued)

Shareholdings

The following Funds held shares in KBI Institutional Agri Fund at 31 August 2015:

KBI Innovator Fund held 78,870 shares (31 August 2014: 119,513 shares).

KBI Diversified Growth Fund held 1,686 shares (31 August 2014: 33,470 shares).

The following Funds held shares in KBI Institutional Energy Solutions Fund at 31 August 2015:

KBI Innovator Fund held 1,621,225 shares (31 August 2014: 1,150,004 shares).

The following Funds held shares in KBI Institutional Water Fund at 31 August 2015:

KBI Ethical Managed Fund held 113,101 shares (31 August 2014: nil shares).


The following Funds held shares in KBI Institutional GESS Fund at 31 August 2015:



The following Funds held shares in KBI Institutional Emerging Markets Equity Fund at 31 August 2015:


KBI Innovator Fund held 1,733,705 shares (31 August 2014: 1,871,977 shares).

KBI Institutional Global Equity Fund held 179,458 shares (31 August 2014: 517,166 shares).

KBI Institutional 50/50 Global/Eurozone Equity Fund held 75,867 shares (31 August 2014: 72,285 shares).

KBI International Equity Fund held 112,183 shares (31 August 2014: 148,169 shares).

KBI Managed Fund held 969,077 shares (31 August 2014: 1,445,697 shares).

KBI ACWI Equity Fund held 661,856 shares (31 August 2014: Nil).

The following Fund held shares in KBI Institutional Developed Equity Fund at 31 August 2015:


The following Fund held shares in KBI Institutional Eurozone Equity Fund at 31 August 2015:


KBI International Equity Fund held 58,103 shares (31 August 2014: Nil).

The following Funds held shares in KBI Institutional North America Equity Fund at 31 August 2015:

KBI International Equity Fund held 407,758 shares (31 August 2014: 458,392 shares).

KBI Managed Fund held 4,226,682 shares (31 August 2014: 4,467,754 shares).

The following Funds held shares in KBI Institutional Pan European Equity Fund at 31 August 2015:

KBI Managed Fund held 4,609,703 shares (31 August 2014: Nil).

KBI International Equity Fund held 422,298 shares (31 August 2014: Nil).

The KBI Institutional Global Equity Fund, KBI Institutional 50/50 Global/Eurozone Equity Fund and KBI

Institutional ACWI Equity Fund had holdings in the KBI Institutional Emerging Markets Equity Fund at 31

August 2015.

The KBI Institutional Developed Equity Fund held 626,033 shares in the KBI Global Investment Fund plc –

KBI Cash Fund at 31 August 2015.

The KBI Institutional ACWI Equity Fund held 62,620 shares in the KBI Global Investment Fund plc – KBI

Cash Fund at 31 August 2015.

The KBI Institutional Developed Equity Fund held 37,557 shares in the KBI Global Investment Fund plc – KBI

Cash Fund at 31 August 2015.



118



17. Auditor Remuneration

The remuneration for all work carried out by the statutory audit firm in respect of the financial year is as

follows:



EUR EUR

Other assurance services -

Tax advisory services -

40,500

-

3,875

-

44,375

Other non-audit services -

52,500

Statutory audit of the Company accounts 52,500

18. Taxation

The Company will not be liable for tax in respect of its income and gains, other than on the occurrence of

a chargeable event. A chargeable event includes any distribution or any redemption or transfer of Shares.

A chargeable event does not include:

i) Any transactions in relation to Redeemable Participating Shares held in a recognised clearing

system as designated by order of the Revenue Commissioners of Ireland; or,

ii) An exchange of Redeemable Participating Shares representing one Fund for another Fund of the

Company; or,

iii) An exchange of Redeemable Participating Shares arising on a qualifying amalgamation or

reconstruction of the Company with another Fund.

A chargeable event will not occur in respect of Redeemable Participating Shareholders who are neither

resident nor ordinarily resident in Ireland and who have provided the Company with a relevant declaration

to that effect. There were no chargeable events during the financial year.

In the absence of an appropriate declaration, the Company will be liable for Irish tax on the occurrence of

a chargeable event and the Company reserves its right to withhold such taxes from payments to

relevant shareholders.

Capital gains, dividends and interest received may be subject to withholding taxes imposed by the

country of origin and such taxes may not be recoverable by the Company or its Shareholders. A

chargeable event includes any distribution payment to shareholders or any encashment, redemption or

transfer of shares or an ending of a Relevant Period.

19. Soft Commission Arrangements

There were no soft commission arrangements affecting the Company during the current or prior financial

years.

20. Comparative Figures

The comparative information is supplied for the Statement of Financial Position as at 31 August 2014. The

comparative information supplied for the Statement of Comprehensive Income, the Statement of

Changes in Net Assets and the Statement of Cash Flows is for the financial year from 1 September 2013

to 31 August 2014.



119



21. Events During the Financial year

Ms Fiona Mulcahy was appointed as Independent Director on 7 October 2014.

From 2 July 2015, the performance of the KBI Institutional Long Bond Fund’s portfolio of investments is

measured against the J.P. Morgan Economic and Monetary Union (EMU) Government Bond Investment

Grade over 10 years Maturity Index.

The KBI Institutional ACWI Equity Fund launched on 17 April 2015.

The KBI Institutional Pan European Equity Fund launched on 8 May 2015.

On 2 July 2015, the following Sub-Fund name changes were approved:

From KBI Institutional Alternative Energy Fund to KBI Institutional Energy Solutions Fund;

From KBI Institutional Dividend Plus Developed Equity Fund to KBI Institutional Developed Equity Fund;

From KBI Institutional Dividend Plus Emerging Markets Fund to KBI Institutional Emerging Markets Equity

Fund;

From KBI Institutional Dividend Plus Eurozone Fund to KBI Institutional Eurozone Equity Fund;

From KBI Institutional Dividend Plus Global Fund to KBI Institutional Global Equity Fund;

From KBI Institutional Dividend Plus 50/50 Fund to KBI Institutional 50/50 Global/Eurozone Equity Fund;

and KBI Institutional Dividend Plus North America Fund to KBI Institutional North America Equity Fund.

The following Share Classes launched during the financial year:

KBI Institutional Water Fund Australian Dollar Class A Shares

KBI Institutional ACWI Equity Fund Sterling Class D (Distributing) Shares

KBI Institutional Pan European Equity Fund Euro Class A Shares

The following Share Classes closed during the financial year:

KBI Institutional Agri Fund Euro Class I Shares

KBI Institutional Agri Fund Euro Class H Shares

KBI Institutional Global Environmental Solutions Fund Euro Class I Shares

KBI Institutional Energy Solutions Fund Euro Class I Shares

KBI Institutional Emerging Markets Equity Fund Euro Class I Shares

KBI Institutional Emerging Markets Equity Fund Sterling Class D (Distributing) Shares

KBI Institutional Developed Equity Fund Sterling Class D (Distributing) Shares

KBI Institutional Developed Equity Fund USD Class B Shares

KBI Institutional Developed Equity Fund Euro Class I Shares

KBI Institutional Global Equity Fund Euro Class B Shares

KBI Institutional Global Equity Fund Euro Class F Shares

KBI Institutional Global Equity Fund Euro Class I Shares

KBI Institutional Global Equity Fund USD Class A Shares

5leinwort Benson Investors Institutional Fund Plc Annual Report and Audited


120



22. Transaction Costs

The following amounts are included in realised and unrealised gain/loss on investments in relation to transaction costs. Transaction costs are made up of broker charges, local

taxes and levies and stamp duty.


Total Company KBI Institutional KBI Institutional Institutional Energy KBI Institutional KBI Institutional Emerging Markets

Long Bond Fund Agri Fund Solutions Fund Water Fund GESS Fund Equity Fund




2,285,865 - 45,871 155,181 458,619 127,739 357,954

KBI

KBI Institutional KBI KBI Institutional KBI KBI Institutional KBI KBI Institutional

Developed Equity Institutional Global 50/50 Global/Eurozone Institutional Eurozone North America Institutional ACWI Pan European

Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund*




707,713 54,311 16,533 63,454 148,795 66,864 166,082

*Fund launched on 17 April 2015 **Fund launched on 8 May 2015







1,453,862 - 44,079 94,938 485,337 132,695 258,437

KBI Institutional KBI

Developed Equity KBI KBI Institutional KBI KBI Institutional

Fund Institutional Global 50/50 Global/Eurozone Institutional Eurozone North America

Year ended Equity Fund Equity Fund Equity Fund Equity Fund

31 August 2014 Year ended Year ended Year ended Year ended

EUR 31 August 2014 31 August 2014 31 August 2014 31 August 2014

EUR EUR EUR USD

438,453 51,629 13,936 62,980 92,087



121



23. Reconciliation of Net Asset Value in accordance with IFRS

At 31 August 2015, an adjustment was required to the financial statements. This was required in order to bring the financial statements in line with IFRS. This adjustment was for

the purposes of the year-end financial statements only and did not affect the monthly reported dealing net asset value. The Net Asset Value of the Funds has been adjusted by the

formation expenses written off in accordance with IFRS. Note 11 shows the dealing NAV’s per Share by Share Class prior to the adjustment described below. The following is the

reconciliation detail as at 31 August 2015 and 31 August 2014: KBI KBI Institutional






Net asset value originally reported 459,376,729 46,405,199 20,725,246 58,599,217 185,809,133 37,714,376 130,105,709

Formation expenses written off 67,763 - 8,533 8,546 31,928 13,645 8,546

Net assets per the financial statements 459,308,966 46,405,199 20,716,713 58,590,671 185,777,205 37,700,731 130,097,164



Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund* Equity Fund*




Net asset value originally reported 655,106,082 26,273,646 21,931,137 51,457,131 261,988,323 79,969,590 52,097,025

Formation expenses written off - 4,862 - - 8,830 8,956 8,902

Net assets per the financial statements 655,106,083 26,268,785 21,931,137 51,457,131 261,979,493 79,960,634 52,088,123








Net asset value originally reported 1,404,203,960 67,034,793 40,918,188 56,513,716 187,965,426 54,080,339 171,388,113

Formation expenses written off 159,511 - 13,252 13,265 49,573 21,194 15,113

Net assets per the financial statements 1,404,044,448 67,034,793 40,904,935 56,500,451 187,915,853 54,059,145 171,373,000

KBI Institutional KBI KBI Institutional KBI Institutional KBI Institutional


Equity Fund Equity Fund Equity Fund Equity Fund Equity Fund

As at As at As at As at As at


EUR EUR EUR EUR USD

Net asset value originally reported 529,461,670 78,143,682 21,136,287 68,015,854 230,511,315

Formation expenses written off 39,679 8,574 1,022 1,033 11,553

Net assets per the financial statements 529,421,991 78,135,108 21,135,265 68,014,821 230,499,762



122



24. Cross Investment

As at 31 August 2015, the KBI Institutional Global Equity Fund, KBI Institutional 50/50 Global/Eurozone

Equity Fund and KBI Institutional ACWI Equity Fund held the following number of shares in the KBI

Institutional Emerging Markets Equity Fund:

Holding

KBI

Institutional

ACWI Equity

Fund

KBI Institutional

Global Equity Fund

KBI Institutional 50/50

Global/Eurozone Equity

Fund

KBI Institutional Emerging Markets Equity Fund Class A 661,856 179,458 75,867

KBI Institutional ACWI Equity Fund Total

KBI Institutional

Emerging Markets

Equity Fund Class A

Opening Cost -

Issue of shares 9,775,204 9,775,204

Closing Cost 9,775,204 9,775,204

Fair Value 7,752,318 7,752,318

Unrealised loss (2,022,886) (2,022,886)

KBI Institutional Global Equity Fund Total

KBI Institutional

Emerging Markets

Equity Fund Class A

Opening Cost 5,633,792 5,633,792

Issue of shares 660,079 660,079

Redemptions of shares (5,257,442) (5,257,442)

942,118 942,118

Closing Cost 1,978,547 1,978,547

Fair Value 2,101,995 2,101,995

Unrealised loss (714,062) (714,062)

KBI Institutional 50/50 Global/Eurozone Equity Fund Total

KBI Institutional

Emerging Markets

Equity Fund Class A

Opening Cost 796,520 796,520

Issue of Shares 155,219 155,219

Redemptions of shares (105,117) (105,117)

9,183 9,183

Closing Cost 855,805 855,805

Fair Value 888,633 888,633

Unrealised loss (75,154) (75,154)

Cross Investment

KBI Institutional ACWI Equity Fund 7,752,318

KBI Institutional Global Equity Fund 2,101,995

KBI Institutional 50/50 Global/Eurozone Equity Fund 888,633

Total Fair Value 10,742,946

Realised gains 951,301

Net change in unrealised (2,812,102)

Total Losses (1,860,801)

Realised gain on sale of investments

Realised gains on sale of investments



123



24. Cross Investment (Continued)

As at 31 August 2015, the KBI Institutional Global Equity Fund and KBI Institutional 50/50 Global/Eurozone

Equity Fund held the following number of shares in the KBI Institutional Emerging Markets Equity Fund:

Weighted Average Holding

KBI

Institutional

ACWI Equity

Fund

KBI Institutional

Global Equity Fund



Fund

KBI Institutional Emerging Markets Equity Fund Class A 661,856 349,804 67,164

Average fair value of shares held

KBI

Institutional

ACWI Equity

Fund

KBI Institutional

Global Equity Fund



Fund

KBI Institutional Emerging Markets Equity Fund Class A 8,841,468 4,552,336 878,822

As at 31 August 2014, the KBI Institutional Global Equity Fund and KBI Institutional 50/50 Global/Eurozone

Equity Fund held the following number of shares in the KBI Institutional Emerging Markets Equity Fund:

Holding

KBI Institutional

Global Equity Fund



Fund

KBI Institutional Emerging Markets Equity Fund Class A 517,166 72,285

KBI Institutional Dividend Plus Global Fund Total

KBI Institutional

Emerging Markets

Equity Fund Class A

Opening Cost 3,591,807 3,591,807

Issue of shares 2,041,985 2,041,985

Closing Cost 5,633,792 5,633,792

Fair Value 6,471,302 6,471,302

Unrealised gain 976,852 976,852

KBI Institutional 50/50 Global/Eurozone Equity Fund Total

KBI Institutional

Emerging Markets

Equity Fund Class A

Opening Cost 1,463,217 1,463,217

Issue of Shares 114,993 114,993

Redemptions of shares (783,571) (783,571)

1,881 1,881

Closing Cost 796,520 796,520

Fair Value 904,502 904,502

Unrealised gain 179,997 179,997

Realised gains on sale of investments



124



24. Cross Investment (Continued)

Cross Investment

KBI Institutional Global Equity Fund 6,471,302

KBI Institutional 50/50 Global/Eurozone Equity Fund 904,502

Total Fair Value 7,375,804

Realised gains 1,881

Net change in unrealised 1,156,849

Total Gains 1,158,730

Weighted Average Holding

KBI Institutional

Global Equity Fund



Fund

KBI Institutional Emerging Markets Equity Fund Class A 461,545 68,586

Average fair value of shares held

KBI Institutional

Global Equity Fund



Fund

KBI Institutional Emerging Markets Equity Fund Class A 5,195,334 770,129

25. Post Balance Sheet Events

KBI Institutional Water Fund Australian Dollar Class B Shares was launched on 3 September 2015.

There have been no other events subsequent to the financial year end, which, in the opinion of the Directors of

the Company, may have had an impact on the financial statements for the financial year ended 31 August

2015.

26. Approval of Financial Statements

The financial statements were approved by the Board on 9 December 2015.

125



Performance Data (Unaudited)


Funds Inception Date Inception Price Price 29/08/2014 Price 31/08/2015 1 Year Since Inception Since Inception pa*

KBI Institutional Long Bond Fund Series 1 14/10/2004 100.00 188.21 199.39 5.94% 99.39% 6.54%

KBI Institutional Agri Fund Euro Class A 22/10/2010 100.00 132.67 116.99 -11.82% 16.99% 3.28%

KBI Institutional Agri Fund Euro Class B 11/06/2008 500.00 592.07 513.94 -13.20% 2.79% 0.38%

KBI Institutional Agri Fund Euro Class C 19/04/2010 100.00 141.66 124.16 -12.35% 24.16% 4.11%

KBI Institutional Agri Fund Euro Class D 11/06/2008 500.00 630.88 547.67 -13.19% 9.53% 1.27%

KBI Institutional Agri Fund Euro Class F 24/02/2010 100.00 143.65 124.77 -13.14% 24.77% 4.09%

KBI Institutional Agri Fund Euro Class H ** 08/03/2012 100.00 121.00 - - - -

KBI Institutional Agri Fund Euro Class I ** 16/03/2012 100.00 112.81 - - - -

KBI Institutional Energy Solutions Euro Class A 08/04/2008 10.00 5.90 5.67 -3.90% -43.32% -7.38%

KBI Institutional Energy Solutions Euro Class B 24/02/2008 10.00 9.60 9.09 -5.30% -9.12% -1.26%

KBI Institutional Energy Solutions Euro Class C 21/09/2009 10.00 8.96 8.58 -4.22% -14.18% -2.54%

KBI Institutional Energy Solutions Euro Class D 23/09/2009 10.00 8.88 8.48 -4.43% -15.16% -2.73%

KBI Institutional Energy Solutions Euro Class F 08/10/2010 254.70 253.38 238.72 -5.79% -6.28% -1.31%

KBI Institutional Energy Solutions Euro Class I ** 08/05/2012 10.00 14.16 - - - -

KBI Institutional Energy Solutions Sterling Class A 10/11/2009 10.00 8.47 7.39 -12.72% -26.07% -5.07%

KBI Institutional Energy Solutions USD Class C 23/01/2014 10.00 9.88 7.93 -19.77% -20.75% -13.49%

KBI Institutional Water Fund AUD Class A 02/06/2015 10.00 - 9.50 - -5.00% -

KBI Institutional Water Fund CHF Class A 19/11/2013 10.00 10.96 9.68 -11.68% -3.18% -1.80%

KBI Institutional Water Fund Euro Class A 08/04/2008 10.00 18.14 17.98 -0.90% 79.81% 8.25%

KBI Institutional Water Fund Euro Class C 21/09/2009 10.00 21.20 20.93 -1.27% 109.29% 13.22%

KBI Institutional Water Fund Euro Class D 23/09/2009 10.00 20.70 20.39 -1.49% 103.92% 12.74%

KBI Institutional Water Fund Euro Class F 08/10/2010 568.10 1012.07 982.18 -2.95% 72.89% 11.82%

KBI Institutional Water Fund Euro Class G 12/12/2011 10.00 17.16 16.73 -2.48% 67.33% 14.83%

KBI Institutional Water Fund Euro Class H 09/03/2012 10.00 15.34 15.11 -1.49% 51.14% 12.59%

KBI Institutional Water Fund Euro Class I 16/03/2012 10.00 14.46 14.07 -2.71% 40.66% 10.35%

KBI Institutional Water Fund Sterling Class A 24/06/2008 10.00 17.80 16.01 -10.03% 60.10% 6.76%

KBI Institutional Water Fund Sterling Class E 13/11/2013 10.00 10.69 9.59 -10.25% -4.06% -2.28%

KBI Institutional Water Fund USD Class A 25/10/2013 10.00 11.25 9.42 -16.28% -5.81% -3.18%

KBI Institutional Water Fund USD Class C 25/10/2013 10.00 10.88 9.00 -17.29% -10.03% -5.55%

KBI Institutional GESS Fund Euro Class A 26/08/2009 100.00 147.30 137.09 -6.93% 37.09% 5.38%

KBI Institutional GESS Fund Euro Class D 16/02/2011 100.00 116.07 107.21 -7.63% 7.21% 1.54%

KBI Institutional GESS Fund Euro Class I ** 16/03/2012 100.00 131.08 - - - -

KBI Institutional Emerging Markets Equity Fund Euro Class A 29/07/2010 10.00 12.51 11.71 -6.39% 17.13% 3.15%

KBI Institutional Emerging Markets Equity Fund Euro Class B 24/12/2013 10.00 11.57 10.78 -6.82% 7.77% 4.53%

KBI Institutional Emerging Markets Equity Fund Euro Class H 09/03/2012 10.00 10.92 10.16 -6.96% 1.64% 0.47%

KBI Institutional Emerging Markets Equity Fund Euro Class I ** 16/03/2012 10.00 10.56 - - - -

KBI Institutional Emerging Markets Equity Fund GBP Class B Distributing 16/11/2012 10.00 10.32 8.43 -18.31% -15.71% -5.94%

KBI Institutional Emerging Markets Equity Fund GBP Class D 27/07/2011 10.00 10.50 8.99 -14.38% -10.06% -2.55%

KBI Institutional Emerging Markets Equity Fund GBP Class D Distributing ** 03/05/2012 10.00 9.57 - - - -

KBI Institutional Emerging Markets Equity Fund GBP Class E 14/11/2013 10.00 10.08 9.15 -9.22% -8.47% -4.81%

KBI Institutional Emerging Markets Equity Fund GBP Class E Distributing 14/11/2013 10.00 10.80 9.02 -16.52% -9.82% -5.59%

KBI Institutional Emerging Markets Equity Fund USD Class A 19/07/2013 10.00 11.38 8.90 -21.84% -11.03% -5.36% * Annualised if more than one financial year

^ Please see Note 21 Events during the financial year.



126

Performance Data (Unaudited)


Funds Inception Date Inception Price Price 29/08/2014 Price 31/08/2015 1 Year Since Inception Since Inception pa*

KBI Institutional Emerging Markets Equity Fund USD Class B 07/05/2014 10.00 10.91 8.63 -20.91% -13.74% -10.59%

KBI Institutional Emerging Markets Equity Fund USD Class D 19/12/2011 10.00 13.33 10.61 -20.44% 6.08% 1.61%

KBI Institutional Emerging Markets Equity Fund CAD Class A 23/07/2014 10.00 10.11 9.75 -3.56% -2.53% -2.28%

KBI Institutional Developed Equity Fund Euro Class A 30/03/2011 10.00 16.07 17.59 9.43% 75.88% 13.60%

KBI Institutional Developed Equity Fund Euro Class B 24/12/2013 10.00 11.30 12.32 9.02% 23.16% 13.14%

KBI Institutional Developed Equity Fund Euro Class C 08/12/2010 10.00 16.04 17.47 8.88% 74.68% 12.50%

KBI Institutional Developed Equity Fund Euro Class D Dist 11/04/2014 10.00 11.06 11.67 5.54% 16.67% 11.71%

KBI Institutional Developed Equity Fund Euro Class H 18/01/2013 10.00 13.38 14.55 8.77% 45.54% 15.41%

KBI Institutional Developed Equity Fund Euro Class I ** 16/03/2012 10.00 13.97 - - - -

KBI Institutional Developed Equity Fund Sterling Class A 13/11/2013 10.00 10.61 10.54 -0.67% 5.38% 2.95%

KBI Institutional Developed Equity Fund Sterling Class A Distributing 13/11/2013 10.00 10.61 10.42 -1.75% 4.24% 2.33%

KBI Institutional Developed Equity Fund Sterling Class C 04/02/2011 10.00 14.59 14.53 -0.41% 45.28% 8.51%

KBI Institutional Developed Equity Fund Sterling Class C Distributing 20/07/2011 10.00 13.03 12.59 -3.37% 25.94% 5.76%

KBI Institutional Developed Equity Fund Sterling Class D 27/07/2011 10.00 14.68 14.69 0.09% 46.91% 9.83%

KBI Institutional Developed Equity Fund Sterling Class D Distributing ** 03/05/2013 10.00 10.96 - - - -

KBI Institutional Developed Equity Fund USD Class B 12/09/2012 10.00 14.03 9.61 -31.50% -3.91% -1.33%

KBI Institutional Developed Equity Fund USD Class B Distributing ** 14/11/2013 10.00 10.71 - - - -

KBI Institutional Developed Equity Fund CAD Class A 23/07/2014 10.00 10.02 11.29 12.72% 12.90% 11.56%

KBI Institutional Global Equity Fund Euro Class A 14/03/2011 10.00 16.08 17.36 8.02% 73.64% 13.14%

KBI Institutional Global Equity Fund Euro Class B ** 14/03/2011 10.00 15.87 - - - -

KBI Institutional Global Equity Fund Euro Class C 14/03/2011 10.00 15.80 16.98 7.47% 69.82% 12.57%

KBI Institutional Global Equity Fund Euro Class E 14/03/2011 10.00 15.52 16.60 6.93% 65.96% 12.00%

KBI Institutional Global Equity Fund Euro Class F ** 14/03/2011 10.00 15.26 - - - -

KBI Institutional Global Equity Fund Euro Class H 08/01/2013 10.00 13.07 14.03 7.32% 40.30% 13.65%

KBI Institutional Global Equity Fund Euro Class I ** 16/03/2012 10.00 13.72 - - - -

KBI Institutional Global Equity Fund USD Class A ** 24/04/2013 10.00 12.22 - - - -

KBI Institutional 50/50 Global/Eurozone Equity Fund Euro Class C 23/03/2011 10.00 14.93 16.09 7.74% 60.85% 11.28%

KBI Institutional Eurozone Equity Fund Euro Class A 21/03/2011 10.00 13.82 14.88 7.67% 48.79% 9.34%

KBI Institutional Eurozone Equity Fund Euro Class B 21/03/2011 10.00 13.66 14.66 7.31% 46.56% 8.97%

KBI Institutional Eurozone Equity Fund Euro Class C 21/03/2011 10.00 13.60 14.57 7.14% 45.70% 8.82%

KBI Institutional Eurozone Equity Fund Euro Class E 21/03/2011 10.00 13.36 14.24 6.60% 42.40% 8.26%

KBI Institutional North America Equity Fund EUR Class D Dist 25/03/2014 10.00 11.21 11.91 6.22% 19.06% 12.90%

KBI Institutional North America Equity Fund GBP Class A 13/11/2013 10.00 10.64 10.69 0.50% 6.92% 3.79%

KBI Institutional North America Equity Fund GBP Class A Dist 13/11/2013 10.00 10.55 10.30 -2.31% 3.01% 1.66%

KBI Institutional North America Equity Fund USD Class B 12/05/2014 10.00 10.43 9.71 -6.92% -2.95% -2.27%

KBI Institutional North America Equity Fund USD Class B Dist 25/03/2014 10.00 10.70 9.69 -9.46% -3.09% -2.16%

KBI Institutional North America Equity Fund USD Class D 23/10/2013 10.00 11.30 10.59 -6.22% 5.93% 3.15%

KBI Institutional ACWI Equity Fund GBP Class D Dist 17/04/2015 10.00 - 8.89 - -11.14% -

KBI Institutional Pan European Equity Fund EUR Class A 08/05/2015 10.00 - 8.99 - -10.10% - * Annualised if more than one year ^ Please see Note 21 Events during the financial year.



127

Portfolio Turnover Rates ("PTR") for the financial year ended 31 August 2015 (Unaudited)

Annualised

PTR

KBI Institutional Long Bond Fund 40.82%

KBI Institutional Agri Fund 97.80%

KBI Institutional Energy Solutions Fund 175.32%

KBI Institutional Water Fund 143.51%

KBI Institutional GESS Fund 240.39%

88.07%

126.27%

KBI Institutional Global Equity Fund 128.80%

KBI Institutional 50/50 Global/Eurozone Equity Fund 133.84%

128.07%

101.61%

41.57%

57.86%







The PTR for the Funds have been calculated using the international standard method which includes calculating the turnover

percentage using both sales and purchases of securities into the Funds.

*Fund launched on 17 April 2015

**Fund launched on 8 May 2015



128

Schedule of Total Expense Ratios for the financial year ended 31 August 2015 (Unaudited)

Total Expense Ratio

KBI Institutional Long Bond Fund Class A Shares 0.18%

KBI Institutional Agri Fund Euro Class A Shares 0.25%

Euro Class B Shares 1.83%

Euro Class C Shares 0.86%

Euro Class D Shares 1.82%

Euro Class F Shares 1.77%

Euro Class I Shares^ 2.07%

KBI Institutional Energy Solutions Fund Euro Class A Shares 0.24%





Sterling Class A Shares 0.95%

USD Class C Shares 2.00%

KBI Institutional Water Fund Euro Class A Shares 0.17%




Euro Class G Shares 1.77%

Euro Class H Shares 0.77%

Euro Class I Shares 1.98%


Sterling Class E Shares 1.17%

USD Class A Shares 0.77%

USD Class C Shares 1.98%

CHF Class A Shares 0.78%

KBI Institutional GESS Fund Euro Class A Shares 0.21%


KBI Institutional Emerging Markets Equity Fund Euro Class A Shares 0.20%



Sterling Class B (Dist ) Shares 0.85%

Sterling Class D Shares 0.20%

Sterling Class E Shares 1.20%

Sterling Class E (Dist ) Shares 1.20%

USD Class A Shares 0.95%

USD Class B Shares 0.81%

USD Class D Shares 0.20%

CAD Class A Shares 0.96% ^ Please see Note 21 Events during the financial year. NB: the total expense ratios above have been calculated in accordance with UCITS Regulations.



129

Schedule of Total Expense Ratios for the financial year ended 31 August 2015 (Unaudited) (Continued)

KBI Institutional Developed Equity Fund Euro Class A Shares 0.12%



Euro Class D (Distributing) Shares 0.73%



Sterling Class A (Distributing) Shares 0.89%

Sterling Class C Shares 0.62%

Sterling Class C (Distributing) Shares 0.63%

Sterling Class D Shares 0.12%

Sterling Class D (Distributing) Shares^ 0.12%

USD Class B (Distributing) Shares 0.73%

CAD Class A Shares 0.88%

KBI Institutional Global Equity Fund Euro Class A Shares 0.19%

Euro Class B Shares^ 0.53%


Euro Class E Shares 1.20%



Euro Class I Shares^ 1.69%

USD Class A Shares^ 0.79%

KBI Institutional 50/50 Global/Eurozone Equity Fund Euro Class C Shares 0.70%

KBI Institutional Eurozone Equity Fund Euro Class A Shares 0.16%



Euro Class E Shares 1.10%

KBI Institutional North America Equity Fund Euro Class D (Distributing) Shares 0.88%


Sterling Class A (Distributing) Shares 0.88%

USD Class B Shares 0.88%

USD B (Distributing) Shares 0.88%

USD Class D Shares 0.12%

KBI Institutional ACWI Equity Fund* Sterling Class D (Distributing) Shares^ 0.14%


Euro Class A Shares^ 0.17% *Fund launched on 17 April 2015

**Fund launched on 8 May 2015

^ Please see Note 21 Events during the financial year.

NB: the total expense ratios above have been calculated in accordance with UCITS Regulations.



130


Schedule of Investments


The percentages in brackets show the equivalent sector holdings at 31 August 2014.

Fair Value % of

Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 98.83% (2014: 98.76% )

Austria: 4.19% (2014: 4.23% )

Government Bonds: 4.19% (2014: 4.23% )

50,000 Austria Government Bond 2.4% 23/05/2034 56,647 0.12






Total Austria 1,942,289 4.19

Belgium: 7.93% (2014: 7.42% )


105,000 Belgium Government Bond 3% 22/06/2034 125,119 0.27

215,000 Belgium Government Bond 3.75% 22/06/2045 295,874 0.63






Total Belgium 3,678,435 7.93

Finland: 1.03% (2014: 1.14% )


95,000 Finland Government Bond 0.75% 15/04/2031 86,223 0.19



Total Finland 477,832 1.03

France: 25.82% (2014: 23.99% )


1,480,000 France Government Bond OAT 2.75% 25/10/2027 1,700,032 3.66

465,000 France Government Bond OAT 3.25% 25/05/2045 585,435 1.26


1,480,000 France Government Bond OAT 4% 25/04/2055 2,215,468 4.78

230,000 France Government Bond OAT 4% 25/04/2060 343,257 0.74



131


Schedule of Investments (Continued)



Fair Value % of


Bonds (Continued): 98.83% (2014: 98.76% )

France (Continued): 25.82% (2014: 23.99% )

Government Bonds (Continued): 25.82% (2014: 23.99% )

710,000 France Government Bond OAT 4.75% 25/04/2035 1,051,768 2.27

650,000 France Government Bond OAT 5.5% 25/04/2029 969,930 2.09


380,000 France Government Bond OAT 6% 25/10/2025 556,965 1.20

Total France 11,980,715 25.82

Germany: 17.31% (2014: 17.46% )

380,000 Bundesrepublik Deutschland 2.5% 04/07/2044 472,063 1.02



690,000 Bundesrepublik Deutschland 4% 04/01/2037 1,023,084 2.20




617,000 Bundesrepublik Deutschland 4.75% 04/07/2040 1,044,933 2.25




Total Germany 8,036,034 17.31

Ireland: 0.70% (2014: 1.07% )

152,000 Ireland Government Bond 2% 18/02/2045 139,623 0.30

175,000 Ireland Government Bond 2.4% 15/05/2030 185,591 0.40

Total Ireland 325,214 0.70

Italy: 24.83% (2014: 25.77% )

230,000 Italy Buoni Poliennali Del Tesoro 3.25% 01/09/2046 244,535 0.52

800,000 Italy Buoni Poliennali Del Tesoro 4% 01/02/2037 954,640 2.06

1,000,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 1,268,012 2.73





950,000 Italy Buoni Poliennali Del Tesoro 5.25% 01/11/2029 1,271,982 2.74


1,267,000 Italy Buoni Poliennali Del Tesoro 6% 01/05/2031 1,837,961 3.96

1,258,000 Italy Buoni Poliennali Del Tesoro 6.5% 01/11/2027 1,813,709 3.91

Total Italy 11,521,305 24.83



132





Fair Value % of


Bonds (Continued): 98.83% (2014: 98.76% )

Netherlands: 5.47% (2014: 5.30% )

300,000 Netherlands Government Bond 2.5% 15/01/2033 350,553 0.75



405,000 Netherlands Government Bond 4% 15/01/2037 591,621 1.27


Total Netherlands 2,542,079 5.47

Slovakia: 0.00% (2014: 0.69% )

Slovenia: 0.00% (2014: 0.29% )

Spain: 11.55% (2014: 11.40% )

500,000 Spain Government Bond 4.2% 31/01/2037 598,360 1.29







880,000 Spain Government Bond 6% 31/01/2029 1,227,424 2.65

Total Spain 5,361,587 11.55

Total Government Bonds 45,865,490 98.83

Total Value of Investments 45,865,490 98.83

Cash* 8,139 0.02

Other Net Assets 531,570 1.15

Net Assets Attributable to Holders of Redeemable

Participating Shares 46,405,199 100.00

*All cash holdings are held with Northern Trust Fiduciary Services (Ireland) Limited.

% of

Total Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or

traded on a regulated market. 97.83

Other assets 2.17

100.00

Analysis of Total Assets



133





Fair Value % of


Equities: 100.34% (2014: 99.42% )

Australia: 0.00% (2014: 1.76% )

Agriculture: 0.00% (2014: 1.76% ) - -

Total Australia - -

Bermuda: 11.07% (2014: 10.89% )

Agriculture: 5.38% (2014: 5.17% )

17,226 Bunge 1,113,733 5.38

Food: 4.70% (2014: 4.58% )

181,285 Cosan 602,665 2.91

67,553 PureCircle 370,893 1.79

Holding Companies-Diversified: 0.99% (2014: 1.14% )

598,000 Noble 205,295 0.99

Total Bermuda 2,292,586 11.07

Brazil: 6.79% (2014: 9.22% )

Agriculture: 3.25% (2014: 5.44% )

171,256 SLC Agricola 673,922 3.25

Food: 2.64% (2014: 3.78% )

65,400 JBS 226,593 1.09

112,800 Minerva 320,616 1.55

Transportation: 0.90% (2014: 0.00% )

96,707 Rumo Logistica Operadora Multimodal 186,014 0.90

Total Brazil 1,407,145 6.79

Canada: 12.25% (2014: 9.62% )

Building Materials: 0.00% (2014: 2.34% ) - -

Chemicals: 6.92% (2014: 4.06% )

9,316 Agrium 863,424 4.17

24,566 Potash Corp of Saskatchewan 570,137 2.75



134





Fair Value % of


Equities (Continued): 100.34% (2014: 99.42% )

Canada (Continued): 12.25% (2014: 9.62% )

Food: 2.27% (2014: 1.98% )

59,545 SunOpta 471,099 2.27

Machinery-Diversified: 1.38% (2014: 0.00% )

11,247 Ag Growth International 285,546 1.38

Transportation: 1.68% (2014: 1.24% )

7,102 Canadian National Railway 348,258 1.68

Total Canada 2,538,464 12.25

Cayman Islands: 0.00% (2014: 0.10% )

Agriculture: 0.00% (2014: 0.10% ) - -

Total Cayman Islands - -

Germany: 9.40% (2014: 10.68% )

Agriculture: 3.92% (2014: 2.23% )

27,037 BayWa 811,515 3.92

Chemicals: 1.74% (2014: 0.00% )

1,245 KWS Saat 361,361 1.74

Holding Companies-Diversified: 0.00% (2014: 5.03% ) - -


22,276 GEA 774,147 3.74

Retail: 0.00% (2014: 3.42% ) - -


India: 1.23% (2014: 0.00% )

Miscellaneous Manufacturing: 1.23% (2014: 0.00% )

324,340 Jain Irrigation Systems 254,189 1.23

Total India 254,189 1.23



135





Fair Value % of



Ireland: 6.53% (2014: 4.66% )

Agriculture: 3.74% (2014: 2.87% )

99,082 Origin Enterprises 774,177 3.74

Food: 1.79% (2014: 0.00% )

91,112 Greencore 371,680 1.79


4,199 Pentair 207,064 1.00

Total Ireland 1,352,921 6.53

Israel: 1.39% (2014: 1.38% )

Chemicals: 1.39% (2014: 1.38% )

57,232 Israel Chemicals 287,242 1.39

Total Israel 287,242 1.39

Luxembourg: 3.64% (2014: 2.87% )

Agriculture: 3.64% (2014: 2.87% )

105,676 Adecoagro 753,549 3.64

Total Luxembourg 753,549 3.64

Maritius: 2.10% (2014: 3.67% )

Agriculture: 2.10% (2014: 3.67% )

2,200,753 Golden Agri-Resources 435,209 2.10

Total Maritius 435,209 2.10

Norway: 4.24% (2014: 3.10% )

Chemicals: 2.33% (2014: 3.10% )

12,307 Yara International 483,588 2.33



136





Fair Value % of



Norway (Continued): 4.24% (2014: 3.10% )

Food: 1.91% (2014: 0.00% )

37,334 Marine Harvest 396,251 1.91

Total Norway 879,839 4.24

Russian Federation: 3.01% (2014: 2.84% )

Chemicals: 3.01% (2014: 2.84% )

49,514 PhosAgro GDR 623,068 3.01

Total Russian Federation 623,068 3.01

Singapore: 1.35% (2014: 3.13% )

Agriculture: 1.35% (2014: 3.13% )

929,000 Indofood Agri Resources 280,715 1.35

Total Singapore 280,715 1.35

South Africa: 0.00% (2014: 1.52% )

Food: 0.00% (2014: 1.52% ) - -

Total South Africa - -

Switzerland: 6.17% (2014: 6.42% )

Chemicals: 4.41% (2014: 1.61% )

2,956 Syngenta 913,742 4.41

Commercial Services: 0.00% (2014: 2.56% ) - -

Food: 1.76% (2014: 2.25% )

7,965 Aryzta 364,224 1.76

Total Switzerland 1,277,966 6.17



137





Fair Value % of



United Kingdom: 2.94% (2014: 3.19% )

Agriculture: 1.79% (2014: 2.24% )

19,653 Genus 370,377 1.79

Chemicals: 1.15% (2014: 0.95% )

172,363 Plant Health Care 238,952 1.15

Total United Kingdom 609,329 2.94

United States: 28.23% (2014: 24.37% )

Agriculture: 5.88% (2014: 1.55% )

11,981 Andersons 378,195 1.82

20,955 Archer-Daniels-Midland 841,286 4.06

Auto Parts & Equipment: 0.00% (2014: 1.99% ) - -

Chemicals: 8.40% (2014: 8.19% )

7,853 FMC 296,494 1.43

7,751 Monsanto 675,212 3.26

21,084 Mosaic 768,000 3.71

Electronics: 2.12% (2014: 3.13% )

26,092 Trimble Navigation 439,990 2.12

Food: 0.98% (2014: 2.07% )

4,750 United Natural Foods 204,074 0.98


9,600 AGCO 420,112 2.03

4,054 Deere 295,900 1.43


13,934 SPX 730,525 3.53

Real Estate: 1.47% (2014: 1.66% )

37,407 Gladstone Land Reits 304,130 1.47

Transportation: 2.39% (2014: 1.85% )

20,239 CSX 494,641 2.39

Total United States 5,848,559 28.23

Total Equities 20,787,804 100.34



138




Fair Value % of



Cash* 18,490 0.09

Other Net Liabilities (89,581) (0.43)




% of

Analysis of Total Assets Total Assets



Other assets 0.80

100.00



139





Fair Value % of


Equities: 98.33% (2014: 97.47% )

Australia: 0.00% (2014: 0.19% )

Energy-Alternate Sources: 0.00% (2014: 0.19% ) - -

Total Australia - -

Austria: 2.70% (2014: 2.27% )

Electrical Components & Equipment: 2.70% (2014: 2.27% )

61,844 Zumtobel 1,584,598 2.70

Total Austria 1,584,598 2.70

Bermuda: 2.49% (2014: 4.56% )

Food: 2.49% (2014: 4.56% )

431,700 Cosan 1,457,743 2.49


Canada: 11.65% (2014: 6.61% )

Electric: 2.01% (2014: 0.00% )

105,816 Northland Power 1,176,559 2.01


46,341 Lumenpulse 450,015 0.77

Energy-Alternate Sources: 8.39% (2014: 4.42% )

114,983 Canadian Solar 1,932,625 3.30

490,147 Capstone Infrastructure 1,071,489 1.83

157,174 Innergex Renewable Energy 1,144,069 1.95

103,146 TransAlta Renewables 771,298 1.31


73,471 DIRTT Environmental Solutions 279,153 0.48

Total Canada 6,825,208 11.65



140





Fair Value % of



Cayman Islands: 8.29% (2014: 3.02% )

Chemicals: 0.37% (2014: 0.00% )

17,013 Daqo New Energy ADR 214,617 0.37


4,594,000 GCL-Poly Energy 655,725 1.12

111,398 JinkoSolar ADR 1,983,678 3.38

252,538 Trina Solar ADR 2,004,037 3.42

Total Cayman Islands 4,858,057 8.29

France: 0.00% (2014: 3.53% )



Total France - -

Germany: 5.49% (2014: 6.26% )


216,386 Capital Stage 1,812,341 3.10

410,036 PNE Wind 850,620 1.45

Software: 0.94% (2014: 1.50% )

47,844 PSI AG 550,924 0.94


Guernsey: 3.21% (2014: 2.53% )

Investment Companies: 3.21% (2014: 2.53% )

1,364,527 Renewables Infrastructure Group 1,879,134 3.21

Total Guernsey 1,879,134 3.21

Ireland: 3.72% (2014: 3.42% )


42,828 Eaton 2,179,035 3.72




141





Fair Value % of



Isle of Man: 1.03% (2014: 0.49% )


560,877 Greenko 605,578 1.03

Total Isle of Man 605,578 1.03

Italy: 1.27% (2014: 5.08% )


38,421 Prysmian 742,294 1.27


Total Italy 742,294 1.27

Jersey: 3.25% (2014: 1.07% )

Auto Parts & Equipment: 2.39% (2014: 0.00% )

20,848 Delphi Automotive 1,401,181 2.39

Closed-end Funds: 0.86% (2014: 1.07% )

356,356 Foresight Solar Fund 503,003 0.86

Total Jersey 1,904,184 3.25

Netherlands: 0.00% (2014: 2.55% )

Electronics: 0.00% (2014: 2.55% ) - -

Total Netherlands - -

People's Republic of China: 4.51% (2014: 3.68% )

Electric: 2.58% (2014: 0.00% )

4,674,000 Huaneng Renewables 1,511,834 2.58


4,365,197 Beijing Jingneng Clean Energy 1,128,052 1.93

Total People's Republic of China 2,639,886 4.51



142





Fair Value % of



Philippines: 1.72% (2014: 0.00% )

Electric: 1.72% (2014: 0.00% )

8,787,200 Energy Development 1,007,182 1.72

Total Philippines 1,007,182 1.72

Spain: 5.28% (2014: 4.28% )

Electric: 1.91% (2014: 0.00% )

186,219 EDP Renovaveis 1,122,063 1.91


63,491 GamesaTecnologica 856,335 1.46


Engineering & Construction: 0.00% (2014: 1.34% ) - -


139,080 Saeta Yield 1,117,508 1.91

Total Spain 3,095,906 5.28

Switzerland: 0.00% (2014: 2.11% )


Total Switzerland - -

Taiwan: 0.53% (2014: 1.36% )

Semiconductors: 0.53% (2014: 1.36% )

435,000 Epistar 313,103 0.53

Total Taiwan 313,103 0.53

United Kingdom: 10.30% (2014: 7.79% )

Chemicals: 2.68% (2014: 1.58% )

42,217 Johnson Matthey 1,569,809 2.68

Closed-end Funds: 1.05% (2014: 1.88% )

399,720 Greencoat UK Wind Plc/Funds 617,128 1.05



143





Fair Value % of



United Kingdom (Continued): 10.30% (2014: 7.79% )

Distribution/Wholesale: 2.72% (2014: 2.10% )

616,304 SIG 1,590,657 2.72

Electronics: 0.61% (2014: 1.04% )

41,098 Dialight 357,107 0.61


463,086 Infinis Energy 816,868 1.39

Environmental Control: 0.00% (2014: 1.19% ) - -

Gas: 1.85% (2014: 0.00% )

91,589 National Grid 1,083,554 1.85

Total United Kingdom 6,035,123 10.30

United States: 32.89% (2014: 36.67% )


27,046 BorgWarner 1,069,028 1.82

58,811 Johnson Controls 2,176,096 3.71


Commercial Services: 1.24% (2014: 3.38% )

34,224 Quanta Services 725,607 1.24

Diversified Financial Services: 1.41% (2014: 0.00% )

48,841 Hannon Armstrong Sustainable Infrastructure Capital Reits 827,887 1.41

Electric: 3.15% (2014: 6.08% )

172,523 Ameresco 881,931 1.51

10,588 NextEra Energy 961,695 1.64


137,593 SunPower 2,985,949 5.10

Electronics: 2.67% (2014: 1.51% )

58,305 Itron 1,562,828 2.67



144





Fair Value % of



United States (Continued): 32.89% (2014: 36.67% )


51,549 First Solar 2,197,811 3.75

412,885 FuelCell Energy 294,294 0.50

28,382 SolarEdge Technologies 643,653 1.10

56,708 SunEdison 521,345 0.89

Engineering & Construction: 0.67% (2014: 0.00% )

27,817 MasTec 393,716 0.67

Environmental Control: 3.89% (2014: 3.07% )

129,114 Covanta 2,277,839 3.89

Hand/Machine Tools: 1.48% (2014: 2.49% )

14,658 Regal Beloit 865,501 1.48

Semiconductors: 0.00% (2014: 4.81% ) - -

Transportation: 1.51% (2014: 1.71% )

35,651 CSX 883,721 1.51




Cash* 857,047 1.46





% of

Total Assets



Other assets 2.33

100.00




145





Fair Value % of

Holdings Financial assets at fair value through profit or loss USD Net Assets

Equities: 99.61% (2014: 98.82% )

Australia: 0.00% (2014: 0.93% )

Miscellaneous Manufacturing: 0.00% (2014: 0.93% ) - -

Total Australia - -

Bermuda: 1.64% (2014: 0.00% )


2,164,100 China Everbright Water 1,099,442 0.59

Water: 1.05% (2014: 0.00% )

2,716,000 Beijing Enterprises Water 1,943,154 1.05


Brazil: 1.59% (2014: 3.13% )

Water: 1.59% (2014: 3.13% )

453,194 Cia de Saneamento Basico do Estado de Sao Paulo 1,996,320 1.08

365,900 Cia de Saneamento de Minas Gerais-COPASA 955,619 0.51


Canada: 13.72% (2014: 8.96% )


1,053,296 EnerCare 11,071,419 5.96


1,804,445 Capstone Infrastructure 4,421,524 2.38


200,455 Chemtrade Logistics Income Fund 2,859,318 1.54

343,991 Newalta 3,228,731 1.74


832,172 Pure Technologies 3,914,847 2.10

Total Canada 25,495,839 13.72



146





Fair Value % of



Cayman Islands: 0.61% (2014: 0.00% )


3,448,000 CT Environmental 1,129,996 0.61


Finland: 0.00% (2014: 0.88% )

Chemicals: 0.00% (2014: 0.88% ) - -

Total Finland

France: 5.88% (2014: 6.18% )

Water: 5.88% (2014: 6.18% )

495,649 Suez Environnement 9,080,840 4.89

83,795 Veolia Environnement 1,849,869 0.99

Total France 10,930,709 5.88

Hong Kong: 0.73% (2014: 0.00% )


1,030,000 China Everbright International 1,350,227 0.73

Total Hong Kong 1,350,227 0.73

India: 1.43% (2014: 0.37% )


3,027,848 Jain Irrigation Systems 2,658,904 1.43

Total India 2,658,904 1.43

Ireland: 2.33% (2014: 3.91% )


77,173 Pentair 4,319,759 2.33




147





Fair Value % of



Israel: 0.53% (2014: 0.63% )


410,778 Amiad Water Systems 981,609 0.53


Italy: 0.56% (2014: 0.00% )

Electric: 0.56% (2014: 0.00% )

76,170 ACEA 1,036,927 0.56

Total Italy 1,036,927 0.56

Japan: 1.67% (2014: 4.81% )


779,000 Ebara 3,109,447 1.67

Total Japan 3,109,447 1.67

Jersey: 0.00% (2014: 4.94% )

Distribution/Wholesale: 0.00% (2014: 4.94% ) - -

Total Jersey - -

Malaysia: 0.04% (2014: 0.00% )

Electric: 0.04% (2014: 0.00% )

211,300 YTL Power International 78,483 0.04

Total Malaysia 78,483 0.04

Mexico: 1.15% (2014: 1.00% )


5,496,400 Empresas ICA 2,127,618 1.15

Total Mexico 2,127,618 1.15



148





Fair Value % of



Netherlands: 4.71% (2014: 1.69% )


314,317 Arcadis 7,884,875 4.24


28,241 Aalberts Industries 876,061 0.47


Philippines: 2.03% (2014: 0.00% )

Water: 2.03% (2014: 0.00% )

3,145,600 Manila Water 1,512,567 0.81

21,234,000 Metro Pacific Investments 2,260,144 1.22

Total Philippines 3,772,711 2.03

Singapore: 1.41% (2014: 0.00% )

Shipbuilding: 1.41% (2014: 0.00% )

1,084,800 Sembcorp Industries 2,623,091 1.41

Total Singapore 2,623,091 1.41

Switzerland: 2.65% (2014: 4.67% )


8,156 Georg Fischer 4,919,391 2.65



United Kingdom: 4.33% (2014: 8.75% )

Electronics: 1.11% (2014: 1.00% )

639,436 Rotork 2,060,854 1.11

Retail: 0.00% (2014: 4.33% ) - -



149





Fair Value % of




Water: 3.22% (2014: 3.42% )

74,399 Severn Trent 2,381,765 1.28

272,567 United Utilities 3,593,902 1.94


United States: 52.60% (2014: 47.95% )

Chemicals: 4.32% (2014: 0.00% )

432,597 Calgon Carbon 6,984,279 3.76

9,440 Ecolab 1,042,506 0.56


234,122 HD Supply 7,790,410 4.19

Electronics: 2.57% (2014: 0.72% )

158,854 Itron 4,772,768 2.57


200,883 Aegion 3,674,150 1.98


201,281 Tetra Tech 5,227,268 2.81


76,217 Franklin Electric 2,227,442 1.20

Healthcare-Products: 2.97% (2014: 0.00% )

62,608 Danaher 5,512,008 2.97

Housewares: 2.40% (2014: 0.00% )

62,937 Toro 4,454,996 2.40


79,942 Flowserve 3,592,993 1.93

184,739 Xylem 6,040,042 3.25

Metal Fabricate/Hardware: 8.49% (2014: 9.49% )

709,348 Mueller Water Products 6,394,772 3.44

472,259 Rexnord 9,376,702 5.05



150





Fair Value % of





186,852 SPX 10,989,700 5.92

Water: 10.57% (2014: 6.29% )

107,326 American Water Works 5,688,278 3.06

102,939 Aqua America 2,639,871 1.42

232,930 California Water Service 4,834,462 2.60

430,320 PICO 5,564,038 3.00

31,717 SJW 915,194 0.49




Cash* 939,600 0.50





% of

Total Assets


traded on a regular market 99.10

Other assets 0.90

100.00




151





Fair Value % of


Equities: 98.63% (2014: 100.12% )

Australia: 0.00% (2014: 0.22% )


Total Australia - -

Austria: 0.89% (2014: 1.23% )


13,070 Zumtobel 334,363 0.89

Total Austria 334,363 0.89

Bermuda: 4.96% (2014: 4.80% )

Agriculture: 1.75% (2014: 2.75% )

10,205 Bunge 659,796 1.75


164,100 China Everbright Water 74,509 0.20

Food: 2.34% (2014: 2.05% )

205,900 Cosan 684,496 1.82

35,469 PureCircle 194,739 0.52


355,000 Noble Group 121,872 0.32

Water: 0.35% (2014: 0.00% )

208,000 Beijing Enterprises Water Group 132,815 0.35


Brazil: 2.71% (2014: 6.21% )

Agriculture: 1.06% (2014: 2.80% )

101,944 SLC Agricola 401,167 1.06

Food: 0.84% (2014: 1.48% )

39,000 JBS 135,124 0.36

63,900 Minerva SA/Brazil 181,626 0.48

Transportation: 0.29% (2014: 0.00% )

57,491 Rumo Logistica Operadora Multimodal 110,584 0.29

Water: 0.52% (2014: 1.93% )

33,276 Cia de Saneamento Basico do Estado de Sao Paulo ADR 128,738 0.34

28,600 Cia de Saneamento de Minas Gerais-COPASA 66,855 0.18




152




Fair Value % of



Canada: 12.44% (2014: 11.66% )


Chemicals: 2.27% (2014: 1.22% )

5,553 Agrium 514,662 1.37

14,640 Potash Corp of Saskatchewan 339,771 0.90


79,203 EnerCare 742,449 1.97

Electric: 0.67% (2014: 0.00% )

22,800 Northland Power 250,585 0.67


10,024 Lumenpulse 99,378 0.26


24,906 Canadian Solar 416,322 1.10

248,752 Capstone Infrastructure 539,777 1.43

34,000 Innergex Renewable Energy 240,263 0.64

23,210 TransAlta Renewables 171,098 0.45


14,180 Chemtrade Logistics Income Fund 181,004 0.48

26,046 Newalta 231,926 0.62

Food: 0.74% (2014: 1.22% )

35,459 SunOpta 280,539 0.74


6,643 Ag Growth International 168,657 0.45


13,450 DIRTT Environmental Solutions 50,703 0.14

63,175 Pure Technologies 253,619 0.67

Transportation: 0.55% (2014: 0.00% )

4,198 Canadian National Railway Co 205,856 0.55

Total Canada 4,686,609 12.44



153





Fair Value % of



Cayman Islands: 2.96% (2014: 0.05% )

Agriculture: 0.00% (2014: 0.05% ) - -

Chemicals: 0.12% (2014: 0.00% )

3,652 Daqo New Energy 45,923 0.12


1,004,000 GCL-Poly Energy Holdings 143,364 0.38

23,688 JinkoSolar Holding Co Ltd ADR 427,356 1.13

53,414 Trina Solar Ltd ADR 424,023 1.12


264,000 CT Environmental Group 77,218 0.21


France: 2.04% (2014: 3.15% )


Water: 2.04% (2014: 1.57% )

39,706 Suez Environnement 639,068 1.70

6,580 Veolia Environnement 128,622 0.34

Total France 767,690 2.04

Germany: 4.84% (2014: 7.97% )

Agriculture: 1.28% (2014: 0.00% )

16,029 BayWa AG 481,110 1.28

Chemicals: 0.58% (2014: 0.00% )

752 KWS Saat SE 218,268 0.58


43,228 Capital Stage AG 361,602 0.96

87,117 PNE Wind AG 182,336 0.48

Holding Companies-Diversified: 0.00% (2014: 2.58% ) - -


13,361 GEA Group AG 464,328 1.23



154





Fair Value % of



Germany (Continued): 4.84% (2014: 7.97% )

Retail: 0.00% (2014: 2.32% ) - -

Software: 0.31% (2014: 0.00% )

10,260 PSI AG 117,990 0.31


Guernsey: 1.08% (2014: 1.87% )


295,233 Renewables Infrastructure Group 405,744 1.08

Total Guernsey 405,744 1.08

Hong Kong: 0.24% (2014: 0.00% )


78,000 China Everbright International 91,258 0.24

Total Hong Kong 91,258 0.24

India: 0.88% (2014: 0.00% )


425,641 Jain Irrigation Systems 333,580 0.88

Total India 333,580 0.88

Ireland: 4.17% (2014: 3.15% )

Agriculture: 1.25% (2014: 0.00% )

60,286 Origin Enterprises 471,045 1.25

Food: 0.58% (2014: 0.00% )

53,996 Greencore Group 220,270 0.58


9,066 Eaton Corp 461,634 1.23

8,510 Pentair 419,652 1.11




155





Fair Value % of



Isle of Man (Continued): 0.37% (2014: 0.00% )


127,760 Greenko Group 137,660 0.37

Total Isle of Man 137,660 0.37

Israel: 0.63% (2014: 0.00% )

Chemicals: 0.45% (2014: 0.00% )

33,809 Israel Chemicals 169,684 0.45


31,331 Amiad Water Systems 66,658 0.18


Italy: 0.57% (2014: 1.77% )

Electric: 0.16% (2014: 0.00% )

4,940 ACEA 60,342 0.16


8,043 Prysmian 153,460 0.41


Japan: 0.64% (2014: 1.52% )


68,000 Ebara 242,378 0.64

Total Japan 242,378 0.64

Jersey: 1.10% (2014: 2.03% )


4,472 Delphi Automotive 301,366 0.80

Closed-end Funds: 0.30% (2014: 0.00% )

79,136 Foresight Solar Fund 111,474 0.30


Total Jersey 412,840 1.10



156





Fair Value % of



Luxembourg: 1.19% (2014: 0.00% )

Agriculture: 1.19% (2014: 0.00% )

62,811 Adecoagro 447,889 1.19


Malaysia: 0.02% (2014: 0.00% )

Electric: 0.02% (2014: 0.00% )

17,200 YTL Power International 5,702 0.02

Total Malaysia 5,702 0.02

Maritius: 0.68% (2014: 2.74% )

Agriculture: 0.68% (2014: 2.74% )

1,304,000 Golden Agri-Resources 257,872 0.68

Total Maritius 257,872 0.68

Mexico: 0.39% (2014: 0.00% )


417,200 Empresas 147,003 0.39

Total Mexico 147,003 0.39

Netherlands: 1.57% (2014: 1.58% )

Electronics: 0.00% (2014: 1.58% )


23,744 Arcadis 531,035 1.41


2,194 Aalberts Industries 60,779 0.16

Total Netherlands 591,814 1.57

Norway: 1.37% (2014: 0.00% )

Chemicals: 0.76% (2014: 0.00% )

7,274 Yara International 285,823 0.76



157





Fair Value % of



Norway (Continued): 1.37% (2014: 0.00% )

Food: 0.61% (2014: 0.00% )

21,754 Marine Harvest 230,890 0.61



Electric: 0.85% (2014: 0.00% )

994,000 Huaneng Renewables 321,645 0.85


986,000 Beijing Jingneng Clean Energy 254,904 0.68

Total People's Republic of China 576,549 1.53

Philippines: 1.25% (2014: 0.00% )

Electric: 0.57% (2014: 0.00% )

1,860,900 Energy Development 213,371 0.57

Water: 0.68% (2014: 0.00% )

239,700 Manila Water 102,865 0.27

1,612,000 Metro Pacific Investments 153,129 0.41

Total Philippines 469,365 1.25


Chemicals: 1.00% (2014: 2.38% )

29,976 PhosAgro 377,208 1.00

Total Russian Federation 377,208 1.00

Singapore: 0.91% (2014: 0.00% )

Agriculture: 0.43% (2014: 0.00% )

533,000 Indofood Agri ResourceS 161,056 0.43

Shipbuilding: 0.48% (2014: 0.00% )

84,600 Sembcorp Industries 182,826 0.48




158




Fair Value % of



Spain: 1.77% (2014: 1.59% )

Electric: 0.63% (2014: 0.00% )

38,896 EDP Renovaveis 236,371 0.63


13,803 Gamesa Corp Tecnologica 185,305 0.49



30,217 Saeta Yield 246,510 0.65

Total Spain 668,186 1.77

Switzerland: 2.94% (2014: 4.05% )


638 Georg Fischer 342,381 0.91

Chemicals: 1.45% (2014: 1.13% )

1,772 Syngenta 547,751 1.45


Food: 0.58% (2014: 0.00% )

4,805 Aryzta 219,723 0.58



Taiwan: 0.18% (2014: 0.00% )

Semiconductors: 0.18% (2014: 0.00% )

96,000 Epistar 69,123 0.18

Total Taiwan 69,123 0.18

United Kingdom: 5.72% (2014: 5.05% )

Agriculture: 0.57% (2014: 1.40% )

11,451 Genus 215,803 0.57



159




Fair Value % of




Chemicals: 1.21% (2014: 0.63% )

8,906 Johnson Matthey 330,486 0.88

89,686 Plant Health Care 124,334 0.33

Closed-end Funds: 0.37% (2014: 0.00% )

89,983 Greencoat UK Wind PLC/Funds 138,641 0.37


120,095 SIG 309,327 0.82

Electronics: 0.55% (2014: 0.00% )

9,003 Dialight 78,069 0.21

44,796 Rotork 128,539 0.34


102,155 Infinis Energy 179,830 0.48


Gas: 0.63% (2014: 0.00% )

20,029 National Grid 236,471 0.63

Retail: 0.00% (2014: 2.01% ) - -

Water: 1.09% (2014: 0.00% )

6,118 Severn Trent 174,376 0.46

20,540 United Utilities Group 241,123 0.63


United States: 37.59% (2014: 35.52% )

Agriculture: 1.95% (2014: 1.24% )

7,244 Andersons 228,666 0.61

12,565 Archer-Daniels-Midland 504,450 1.34


5,690 BorgWarner 221,633 0.59

12,102 Johnson Controls 444,280 1.18




160




Fair Value % of




Chemicals: 4.20% (2014: 0.00% )

33,120 Calgon Carbon 480,765 1.28

729 Ecolab 70,994 0.19

4,697 FMC 177,337 0.47

4,528 Monsanto 394,447 1.04

12,612 Mosaic 459,401 1.22


7,208 Quanta Services 155,964 0.41


18,373 HD Supply Holdings 540,942 1.43


10,328 Hannon Armstrong Sustainable Infrastructure Capital 175,175 0.47

Electric: 1.03% (2014: 1.93% )

37,388 Ameresco 189,025 0.50

2,280 NextEra Energy 200,306 0.53


29,097 SunPower 629,851 1.67

Electronics: 2.46% (2014: 1.91% )

24,777 Itron 663,263 1.76

15,787 Trimble Navigation 266,216 0.70


10,901 First Solar 465,372 1.23

74,148 FuelCell Energy 54,352 0.14

6,057 SolarEdge Technologies 135,870 0.36

11,959 SunEdison 110,838 0.29


15,562 Aegion 255,478 0.68

6,086 MasTec 89,919 0.24


27,897 Covanta Holding 492,835 1.31

15,702 Tetra Tech 363,998 0.97



161




Fair Value % of





5,911 Franklin Electric 154,488 0.41

3,144 Regal Beloit 186,999 0.50


4,908 Danaher 381,273 1.01

Housewares: 0.81% (2014: 0.00% )

4,793 Toro 304,797 0.81


5,800 AGCO 253,818 0.67

2,408 Deere & Co 175,759 0.47

6,382 Flowserve 257,017 0.68

14,023 Xylem Inc/NY 406,173 1.08

Metal Fabricate/Hardware: 2.85% (2014: 2.63% )

54,309 Mueller Water Products 434,036 1.15

35,935 Rexnord 642,212 1.70


22,972 SPX 1,204,364 3.19

Real Estate: 0.49% (2014: 1.18% )

22,615 Gladstone Land 183,867 0.49

Semiconductors: 0.00% (2014: 2.56% ) - -

Transportation: 1.28% (2014: 0.00% )

19,769 CSX 483,154 1.28

Water: 3.54% (2014: 1.66% )

8,148 American Water Works 377,804 1.00

7,956 Aqua America 180,102 0.48

17,125 California Water Service Group 315,372 0.84

34,706 PICO Holdings 400,954 1.06

2,459 SJW 63,050 0.16





162




Fair Value % of

EUR Net Assets


Cash 320,490 0.85




% of



traded on a regulated market 98.47

Other Assets 1.53

100.00



163





Fair Value % of


Equities: 99.18% (2014: 99.58% )

Brazil: 7.19% (2014: 9.42% )

Agriculture: 0.00% (2014: 0.18% ) - -

Banks: 1.70% (2014: 0.63% )

196,200 Banco Bradesco 1,176,111 0.90

81,200 Banco do Brasil 379,707 0.29

127,700 Banco do Estado do Rio Grande do Sul 252,671 0.20

59,290 Itau Unibanco 406,458 0.31

Beverages: 1.57% (2014: 1.23% )

428,200 Ambev 2,046,630 1.57

Chemicals: 0.55% (2014: 0.00% )

45,200 Ultrapar Participacoes 719,753 0.55


29,709 Cielo 290,103 0.22

120,900 Estacio Participacoes 389,404 0.30

Electric: 0.30% (2014: 1.11% )

50,800 Cia Paranaense de Energia 395,221 0.30

Forest Products & Paper: 0.00% (2014: 0.53% ) - -

Insurance: 0.56% (2014: 0.37% )

97,200 BB Seguridade Participacoes 721,453 0.56

Iron/Steel: 0.51% (2014: 2.01% )

195,400 Vale 667,341 0.51

Oil & Gas: 0.24% (2014: 0.00% )

64,200 CosanIndustria e Comercio 305,491 0.24

Real Estate: 0.34% (2014: 0.92% )

211,400 Cyrela Brazil RealtyEmpreendimentos e Participacoes 440,935 0.34

Retail: 0.90% (2014: 0.42% )

103,200 Lojas Americanas 323,137 0.25

9,700 Lojas Renner 244,006 0.19

60,200 Raia Drogasil 597,443 0.46

Telecommunications: 0.00% (2014: 0.27% ) - -




164





Fair Value % of



Cayman Islands: 1.60% (2014: 0.94% )

Real Estate: 1.20% (2014: 0.94% )

1,835,000 Evergrande Real Estate 1,095,201 0.84

950,000 Sunac China 458,191 0.36

Retail: 0.40% (2014: 0.00% )

640,000 Belle International 521,950 0.40


Chile: 1.89% (2014: 2.72% )

Banks: 1.45% (2014: 2.72% )

10,907,503 Banco de Chile 1,006,427 0.77

20,506,975 Banco Santander Chile 882,807 0.68

Electric: 0.17% (2014: 0.00% )

907,348 Enersis 217,799 0.17


40,672 Empresas COPEC 352,694 0.27

Total Chile 2,459,727 1.89

Colombia: 0.41% (2014: 2.72% )

Banks: 0.23% (2014: 0.97% )

43,855 Banco Davivienda 291,114 0.23

Building Materials: 0.18% (2014: 0.00% )

85,560 Cementos Argos 237,683 0.18

Oil & Gas: 0.00% (2014: 1.75% ) - -

Total Colombia 528,797 0.41

Czech Republic: 0.88% (2014: 2.13% )

Banks: 0.88% (2014: 1.13% )

5,707 Komercni banka 1,147,376 0.88

Electric: 0.00% (2014: 1.00% ) - -

Total Czech Republic 1,147,376 0.88



165





Fair Value % of



Hong Kong: 4.57% (2014: 3.49% )


218,000 China Everbright 405,264 0.31

796,000 Far East Horizon 564,420 0.43

Oil & Gas: 0.96% (2014: 1.34% )

1,129,000 CNOOC 1,252,795 0.96

Telecommunications: 2.87% (2014: 1.86% )

340,000 China Mobile 3,735,630 2.87


Hungary: 0.85% (2014: 0.00% )

Pharmaceuticals: 0.85% (2014: 0.00% )

81,365 Richter Gedeon Nyrt 1,103,252 0.85

Total Hungary 1,103,252 0.85

India: 8.08% (2014: 6.45% )

Coal: 0.38% (2014: 0.57% )

100,582 Coal India 491,997 0.38

Computers: 4.19% (2014: 2.58% )

200,795 Infosys 2,958,022 2.27

48,236 Tata Consultancy Services 1,665,690 1.28

109,081 Wipro 835,508 0.64


250,939 Power Finance 752,361 0.58

291,869 Rural Electrification 991,316 0.76

Household Products/Wares: 0.76% (2014: 0.47% )

85,259 Hindustan Unilever 988,361 0.76

Leisure Time: 0.58% (2014: 0.61% )

25,152 Bajaj Auto 754,947 0.58

Oil & Gas: 0.00% (2014: 0.46% ) - -


33,768 Divi's Laboratories 1,080,892 0.83

Software: 0.00% (2014: 0.47% ) - -

Total India 10,519,094 8.08



166





Fair Value % of



Indonesia: 2.63% (2014: 2.68% )


Coal: 0.42% (2014: 0.26% )

1,466,300 Tambang Batubara Bukit Asam Persero 543,513 0.42

Gas: 0.46% (2014: 0.78% )

3,382,300 Perusahaan Gas Negara Persero 594,911 0.46

Media: 0.00% (2014: 0.24% ) - -


6,897,800 Kalbe Farma 735,834 0.57

Retail: 0.39% (2014: 0.00% )

1,350,800 Astra International 507,133 0.39


5,643,200 Telekomunikasi Indonesia Persero 1,029,308 0.79

Total Indonesia 3,410,699 2.63

Malaysia: 1.98% (2014: 2.51% )

Auto Manufacturers: 0.34% (2014: 1.01% )

244,600 UMW 442,930 0.34

Banks: 1.11% (2014: 1.27% )

548,600 AMMB 545,945 0.42

482,700 Malayan Banking 897,671 0.69


173,700 Sime Darby 274,509 0.21


323,400 Axiata 421,443 0.32

Total Malaysia 2,582,498 1.98

Mexico: 3.95% (2014: 4.04% )

Banks: 0.79% (2014: 1.07% )

729,015 Gentera 1,031,225 0.79



167





Fair Value % of



Mexico (Continued): 3.95% (2014: 4.04% )

Beverages: 0.81% (2014: 0.43% )

135,500 Fomento Economico Mexicano 1,056,797 0.81


212,073 Alfa 368,946 0.28

Household Products/Wares: 0.00% (2014: 0.24% ) - -

Media: 0.22% (2014: 0.00% )

52,700 Grupo Televisa SAB 283,456 0.22

Mining: 0.64% (2014: 0.86% )

370,965 Grupo Mexico 824,883 0.64

Retail: 0.00% (2014: 0.27% ) - -


1,921,500 America Movil 1,574,520 1.21

Total Mexico 5,139,827 3.95



174,000 Great Wall Motor 415,100 0.32

Banks: 9.33% (2014: 8.79% )

3,381,000 Agricultural Bank of China 1,220,090 0.94

7,493,000 Bank of China 3,066,227 2.36

6,153,000 China Construction Bank 3,860,046 2.97

849,000 China Everbright Bank 347,910 0.27

484,700 China Minsheng Banking 419,287 0.32

6,084,000 Industrial & Commercial Bank of China 3,210,980 2.47

Chemicals: 0.00% (2014: 0.28% ) - -

Coal: 0.73% (2014: 0.87% )

613,000 China Shenhua Energy 946,939 0.73


1,240,000 Jiangsu Expressway 1,304,599 1.00

Electric: 1.59% (2014: 0.79% )

2,014,000 Huaneng Power International 2,071,396 1.59



168





Fair Value % of



People's Republic of China (Continued): 18.48% (2014: 15.82% )

Insurance: 1.31% (2014: 0.99% )

554,000 China Life Insurance 1,707,451 1.31

Mining: 0.77% (2014: 0.91% )

894,000 Jiangxi Copper 1,008,492 0.77

Oil & Gas: 0.66% (2014: 0.77% )

1,444,600 China Petroleum & Chemical 858,869 0.66

Oil & Gas Services: 1.29% (2014: 0.00% )

2,223,500 Sinopec Engineering 1,687,955 1.29


222,800 Sinopharm 753,359 0.58

Real Estate: 0.44% (2014: 0.51% )

282,300 China Vanke 572,891 0.44


1,810,000 China Communications Services 596,915 0.46

Total People's Republic of China 24,048,506 18.48

Philippines: 0.38% (2014: 0.44% )


477,850 Aboitiz Equity Ventures 497,543 0.38

Total Philippines 497,543 0.38

Poland: 0.43% (2014: 1.05% )

Insurance: 0.43% (2014: 1.05% )

5,468 Powszechny Zaklad Ubezpieczen 554,426 0.43

Total Poland 554,426 0.43

Qatar: 1.26% (2014: 0.00% )

Banks: 0.82% (2014: 0.00% )

25,289 Commercial Bank of Quatar 353,145 0.27

36,518 Doha Bank 471,481 0.36

5,664 Qatar National Bank 249,078 0.19



169





Fair Value % of



Qatar (Continued): 1.26% (2014: 0.00% )

Chemicals: 0.44% (2014: 0.00% )

17,512 Industries Qatar 569,316 0.44

Total Qatar 1,643,020 1.26

Republic of South Korea: 11.53% (2014: 13.76% )

Agriculture: 2.29% (2014: 1.46% )

35,753 KT&G 2,973,248 2.29


11,755 Kia Motors 431,366 0.33


22,782 Hanon Systems 625,079 0.48

Banks: 0.00% (2014: 0.70% ) - -

Beverages: 0.00% (2014: 0.50% ) - -


11,453 S-1 812,490 0.62

Computers: 0.78% (2014: 0.87% )

4,960 SK 1,012,020 0.78


57,315 Daewoo International 940,303 0.72

21,725 LG 952,905 0.73

Diversified Financial Services: 0.00% (2014: 0.19% ) - -


13,846 LS Industrial Systems 451,439 0.35


Home Furnishings: 0.40% (2014: 1.07% )

8,127 Coway 517,690 0.40

Insurance: 2.54% (2014: 2.06% )

20,421 Dongbu Insurance 820,232 0.63

138,693 Hanwha Life Insurance 832,214 0.64

54,876 Hyundai Marine & Fire Insurance 1,157,958 0.89

6,694 Samsung Life Insurance 494,825 0.38



170





Fair Value % of



Republic of South Korea (Continued): 11.53% (2014: 13.76% )

Internet: 0.39% (2014: 0.00% )

3,078 NCSoft 506,714 0.39

Lodging: 1.10% (2014: 1.00% )

44,553 Kangwon Land 1,430,776 1.10

Machinery-Diversified: 0.00% (2014: 0.80% ) - -

Oil & Gas: 0.00% (2014: 0.35% ) - -

Shipbuilding: 0.00% (2014: 0.66% ) - -


5,641 SK Telecom 1,039,276 0.80

Total Republic of South Korea 14,998,535 11.53


Banks: 0.00% (2014: 0.60% ) - -

Mining: 0.50% (2014: 0.92% )

46,359 MMC Norilsk Nickel ADR 655,949 0.50

Oil & Gas: 2.86% (2014: 2.65% )

420,698 Gazprom ADR 1,653,292 1.27

19,900 Lukoil ADR 669,577 0.52

90,344 Rosneft GDR 303,094 0.23

42,998 Tatneft ADR 1,090,198 0.84

Total Russian Federation 4,372,110 3.36

South Africa: 9.12% (2014: 8.43% )

Banks: 2.57% (2014: 2.65% )

107,839 Barclays Africa 1,238,000 0.95

373,055 FirstRand 1,306,592 1.00

82,606 Standard Bank 799,505 0.62

Chemicals: 0.00% (2014: 1.48% ) - -

Food: 0.84% (2014: 0.88% )

86,431 SPAR Group 1,085,654 0.84



171





Fair Value % of



South Africa (Continued): 9.12% (2014: 8.43% )

Holding Companies-Diversfied: 0.00% (2014: 0.32% ) - -


47,516 Steinhoff International 250,259 0.19

Insurance: 0.36% (2014: 0.00% )

249,002 MMI 468,488 0.36

Iron/Steel: 0.00% (2014: 0.59% ) - -

Lodging: 0.45% (2014: 0.00% )

371,178 Tsogo Sun 585,399 0.45

Media: 0.00% (2014: 0.30% ) - -

Mining: 0.51% (2014: 0.00% )

234,563 Gold Fields 657,198 0.51

Oil & Gas: 0.97% (2014: 0.00% )

44,979 Sasol 1,267,214 0.97

Real Estate: 1.04% (2014: 0.36% )

1,792,879 Redefine Properties Reits 1,356,250 1.04

Retail: 0.93% (2014: 0.58% )

65,312 Foschini Group 648,812 0.50

95,929 Truworths International 562,827 0.43


140,692 MTN 1,639,950 1.26

Total South Africa 11,866,148 9.12

Taiwan: 16.54% (2014: 14.19% )

Apparel: 0.00% (2014: 0.33% ) - -


542,000 China Motor 327,700 0.25


160,000 Cheng Shin Rubber Industry 229,232 0.18



172





Fair Value % of



Taiwan (Continued): 16.54% (2014: 14.19% )


1,763,000 Taiwan Cement 1,683,497 1.29

Computers: 3.22% (2014: 2.40% )

197,000 Asustek Computer 1,586,767 1.22

269,340 Chicony Electronics 594,150 0.46

945,000 Compal Electronics 491,680 0.38

466,152 Lite-On Technology 380,582 0.29

694,000 Quanta Computer 1,132,258 0.87


2,324,150 CTBC Financial 1,245,891 0.96

203,000 Fubon Financial 311,433 0.24

Electrical Components & Equipment: 0.00% (2014: 0.88% ) - -

Electronics: 6.93% (2014: 2.20% )

1,465,000 Hon Hai Precision Industry 3,713,757 2.85

726,000 Pegatron 1,675,173 1.29

1,016,670 Radiant Opto-Electronics 2,641,364 2.03

1,172,000 WPG 986,586 0.76


475,000 CTCI 547,357 0.42

Real Estate: 0.00% (2014: 0.51% ) - -

Semiconductors: 3.05% (2014: 5.99% )

285,000 Realtek Semiconductor 455,989 0.35

745,000 Taiwan Semiconductor Manufacturing 2,630,101 2.02

177,000 Transcend Information 421,757 0.32

462,000 Vanguard International Semiconductor 468,086 0.36

Total Taiwan 21,523,360 16.54

Thailand: 2.34% (2014: 2.64% )

Banks: 0.33% (2014: 0.69% )

121,900 Siam Commercial Bank 430,062 0.33

Chemicals: 1.11% (2014: 0.87% )

969,200 PTT Global Chemical 1,444,320 1.11

Oil & Gas: 0.56% (2014: 0.63% )

109,000 PTT 725,696 0.56



173





Fair Value % of



Thailand (Continued): 2.34% (2014: 2.64% )


74,200 Advanced Info Service 438,603 0.34

Total Thailand 3,038,681 2.34

Turkey: 0.92% (2014: 1.98% )


134,767 Tofas Turk Otomobil Fabrikasi 735,163 0.57


Home Furnishings: 0.00% (2014: 0.30% ) - -

Iron/Steel: 0.35% (2014: 0.33% )

381,459 Eregli Demir ve Celik Fabrikalari 455,230 0.35


Total Turkey 1,190,393 0.92

United Arab Emirates: 0.79% (2014: 0.00% )

Banks: 0.79% (2014: 0.00% )

219,064 Abu Dhabi Commercial Bank 424,074 0.33

172,939 First Gulf Bank 599,627 0.46

Total United Arab Emirates 1,023,701 0.79



Cash* 903,958 0.69





% of


Transferable securities and money market instruments admitted to an official stock exchange listing or 98.48


Other assets 100.00



174





Fair Value % of


Equities: 99.80% (2014: 98.52% )

Australia: 3.35% (2014: 3.73% )

Banks: 0.59% (2014: 1.71% )

80,366 Commonwealth Bank of Australia 3,839,486 0.59

Beverages: 0.15% (2014: 0.00% )

260,400 Treasury Wine Estates 988,455 0.15


272,677 Boral 977,795 0.15

Computers: 0.11% (2014: 0.00% )

115,369 Computershare 727,192 0.11


33,948 ASX 852,141 0.13

34,081 Macquarie 1,646,763 0.25

Electric: 0.25% (2014: 0.00% )

155,107 AGL Energy 1,667,612 0.25


Food: 0.23% (2014: 0.39% )

89,850 Woolworths 1,509,194 0.23

Healthcare-Services: 0.21% (2014: 0.15% )

102,026 Sonic Healthcare 1,345,584 0.21

Insurance: 0.27% (2014: 0.52% )

538,547 Insurance Australia 1,739,262 0.27

Mining: 0.34% (2014: 0.28% )

139,218 BHP Billiton 2,230,336 0.34

Packaging & Containers: 0.00% (2014: 0.16% )

Real Estate Investment Trusts: 0.40% (2014: 0.35% )

415,103 Goodman Reits 1,612,675 0.25

901,232 Mirvac Reits 1,002,211 0.15



175





Fair Value % of



Australia (Continued): 3.35% (2014: 3.73% )


249,062 Telstra 913,718 0.14

Transportation: 0.13% (2014: 0.00% )

267,403 Aurizon 844,872 0.13

Total Australia 21,897,296 3.35

Belgium: 0.12% (2014: 0.23% )

Beverages: 0.12% (2014: 0.00% )

8,366 Anheuser-Busch InBev 813,468 0.12


Total Belgium 813,468 0.12

Bermuda: 0.18% (2014: 0.17% )

Apparel: 0.18% (2014: 0.00% )

373,000 Yue Yuen Industrial 1,193,611 0.18

Oil & Gas: 0.00% (2014: 0.17% )


Canada: 6.01% (2014: 10.23% )


100,762 Magna International 4,419,684 0.67

Banks: 2.28% (2014: 3.03% )

52,967 Bank of Montreal 2,538,613 0.39

100,576 Canadian Imperial Bank of Commerce/Canada 6,528,529 1.00

117,242 Royal Bank of Canada 5,820,603 0.89

Chemicals: 0.00% (2014: 0.51% )


108,154 IGM Financial 2,713,672 0.41



176





Fair Value % of




Insurance: 1.22% (2014: 2.45% )

201,321 Power Financial 4,367,764 0.67

127,249 Sun Life Financial 3,598,254 0.55

Media: 1.01% (2014: 1.25% )

369,414 Shaw Communications 6,603,576 1.01

Oil & Gas: 0.42% (2014: 1.05% )

218,960 Cenovus Energy 2,756,162 0.42


Total Canada 39,346,857 6.01

Cayman Islands: 0.00% (2014: 0.14% )

Lodging: 0.00% (2014: 0.14% ) - -


Finland: 0.58% (2014: 1.83% )


Forest Products & Paper: 0.34% (2014: 0.46% )

149,492 UPM-Kymmene 2,225,936 0.34


72,428 Metso 1,593,416 0.24

Total Finland 3,819,352 0.58

France: 2.06% (2014: 2.52% )


102,400 Edenred 1,919,744 0.29

Computers: 0.21% (2014: 0.00% )

17,304 Cap Gemini 1,384,320 0.21



177





Fair Value % of





275,089 Rexel 3,763,905 0.57


Insurance: 0.24% (2014: 0.28% )

116,049 CNP Assurances 1,595,384 0.24

Oil & Gas: 0.00% (2014: 0.76% ) - -


44,913 Sanofi 3,962,899 0.60


12,431 Fonciere Des Regions Reits 922,070 0.15

Total France 13,548,322 2.06

Germany: 2.13% (2014: 2.51% )


48,494 Daimler 3,476,050 0.53

14,406 Volkswagen 2,403,281 0.37

Chemicals: 0.18% (2014: 0.97% )

16,658 BASF 1,190,797 0.18

Media: 0.00% (2014: 0.50% )


54,921 Siemens 4,848,426 0.74

Retail: 0.18% (2014: 0.00% )

11,390 HUGO BOSS 1,153,238 0.18

Software: 0.13% (2014: 0.00% )

13,977 SAP 834,427 0.13




178





Fair Value % of



Hong Kong: 0.25% (2014: 0.14% )


88,500 Swire Pacific 867,180 0.13

Lodging: 0.00% (2014: 0.14% )


171,500 Link Reits 811,856 0.12


Ireland: 1.87% (2014: 0.66% )

Computers: 1.87% (2014: 0.66% )

94,552 Accenture 8,081,501 1.23

92,710 Seagate Technology 4,191,759 0.64


Israel: 0.13% (2014: 0.00% )


14,288 Teva Pharmaceutical Industries 825,524 0.13


Italy: 1.17% (2014: 1.22% )


70,522 Pirelli & C. 1,052,541 0.16

Banks: 0.62% (2014: 0.00% )

1,394,401 Intesa Sanpaolo 4,074,440 0.62


107,596 Atlantia 2,574,772 0.39

Oil & Gas: 0.00% (2014: 0.97% )

Total Italy 7,701,753 1.17



179





Fair Value % of



Japan: 8.80% (2014: 7.99% )

Advertising: 0.13% (2014: 0.16% )

98,600 Hakuhodo DY 881,065 0.13

Agriculture: 0.36% (2014: 0.21% )

73,200 Japan Tobacco 2,330,001 0.36


82,400 Daihatsu Motor 899,087 0.14

129,800 Isuzu Motors 1,319,108 0.20

85,900 Toyota Motor 4,544,496 0.69


66,600 Sumitomo Electric Industries 816,117 0.12

21,600 Toyota Industries 959,101 0.15

Banks: 0.93% (2014: 0.90% )

526,600 Mitsubishi UFJ Financial 3,101,915 0.47

241,700 Resona 1,090,555 0.17

52,200 Sumitomo Mitsui Financial 1,906,399 0.29

Chemicals: 0.36% (2014: 0.35% )

335,000 Asahi Kasei 2,385,292 0.36


91,000 Dai Nippon Printing 835,750 0.13

Computers: 0.15% (2014: 0.00% )

27,700 Nomura Research Institute 1,003,736 0.15

Cosmetics/Personal Care: 0.21% (2014: 0.00% )

34,000 Kao 1,388,746 0.21



180





Fair Value % of



Japan (Continued): 8.80% (2014: 7.99% )


88,000 ITOCHU 942,547 0.14

113,000 Mitsubishi 1,875,023 0.29

141,400 Mitsui 1,642,205 0.25

191,500 Sumitomo 1,812,642 0.28


251,000 Daiwa Securities 1,557,176 0.24


65,100 Brother Industries 793,425 0.12

Gas: 0.22% (2014: 0.29% )

395,000 Osaka Gas 1,431,756 0.22


83,300 THK 1,291,347 0.20

Home Builders: 0.31% (2014: 0.00% )

154,500 Sekisui House 2,061,198 0.31

Insurance: 0.36% (2014: 0.29% )

65,600 Tokio Marine 2,354,032 0.36

Mining: 0.19% (2014: 0.25% )

107,000 Sumitomo Metal Mining 1,213,756 0.19

Office/Business Equipment: 0.59% (2014: 0.49% )

141,500 Canon 3,858,554 0.59

Oil & Gas: 0.00% (2014: 0.14% )


87,000 Daiichi Sankyo 1,494,970 0.23

39,800 Otsuka 1,211,148 0.18

Real Estate: 0.34% (2014: 0.46% )

22,700 Daito Trust Construction 2,213,804 0.34



181





Fair Value % of



Japan (Continued): 8.80% (2014: 7.99% )

Retail: 0.34% (2014: 0.37% )

23,000 ABC-Mart 1,245,487 0.19

15,300 Lawson 975,987 0.15


47,200 Nippon Telegraph & Telephone 1,608,759 0.25

118,276 NTT DOCOMO 2,210,146 0.34

Toys/Games/Hobbies: 0.00% (2014: 0.14% )

Transportation: 0.36% (2014: 0.30% )

13,800 East Japan Railway 1,138,199 0.17

290,000 Nippon Express 1,255,677 0.19

Total Japan 57,649,206 8.80

Jersey: 0.19% (2014: 0.00% )

Oil & Gas Services: 0.19% (2014: 0.00% )

100,200 Petrofac 1,228,977 0.19

Total Jersey 1,228,977 0.19

Luxembourg: 0.13% (2014: 0.00% )


32,625 SES Receipt 861,463 0.13


Netherlands: 2.82% (2014: 0.24% )

Chemicals: 0.97% (2014: 0.00% )

83,034 LyondellBasell Industries 6,326,629 0.97


101,737 Boskalis Westminster 4,730,008 0.72



182





Fair Value % of



Netherlands (Continued): 2.82% (2014: 0.24% )

Food: 0.56% (2014: 0.00% )

208,991 Koninklijke Ahold 3,673,539 0.56

Insurance: 0.19% (2014: 0.00% )

130,715 Delta Lloyd 1,231,531 0.19

Semiconductors: 0.38% (2014: 0.00% )

380,301 STMicroelectronics 2,459,597 0.38


Norway: 0.61% (2014: 0.97% )

Chemicals: 0.00% (2014: 0.58% )

Insurance: 0.00% (2014: 0.17% )

Mining: 0.36% (2014: 0.00% )

760,565 Norsk Hydro 2,353,905 0.36

Oil & Gas: 0.00% (2014: 0.22% )


93,920 Telenor 1,653,826 0.25

Total Norway 4,007,731 0.61

Portugal: 0.22% (2014: 0.21% )

Electric: 0.22% (2014: 0.21% )

458,035 EDP - Energias de Portugal 1,433,650 0.22

Total Portugal 1,433,650 0.22



183





Fair Value % of



Singapore: 0.40% (2014: 0.20% )


682,000 CapitaLand Mall Trust Reits 828,241 0.13

Shipbuilding: 0.27% (2014: 0.20% )

2,568,000 Yangzijiang Shipbuilding 1,780,351 0.27

Total Singapore 2,608,592 0.40

Spain: 1.15% (2014: 1.28% )

Banks: 0.60% (2014: 0.41% )

719,948 Banco Santander 3,940,635 0.60

Gas: 0.38% (2014: 0.53% )

102,232 Enagas 2,514,652 0.38

Oil & Gas: 0.17% (2014: 0.34% )

85,032 Repsol 1,097,551 0.17

Total Spain 7,552,838 1.15

Sweden: 2.48% (2014: 2.50% )

Banks: 0.82% (2014: 0.64% )

263,080 Swedbank 5,369,024 0.82


61,554 Svenska Cellulosa 1,566,863 0.24


110,242 Electrolux 2,788,799 0.43



127,883 Telefonaktiebolaget LM Ericsson 1,111,927 0.17

1,066,638 TeliaSonera 5,372,399 0.82

Total Sweden 16,209,012 2.48



184





Fair Value % of



Switzerland: 3.75% (2014: 2.37% )

Banks: 0.39% (2014: 0.00% )

136,410 UBS 2,527,938 0.39

Food: 0.84% (2014: 0.80% )

83,387 Nestle 5,501,372 0.84


17,211 Sonova 1,989,972 0.30

Insurance: 1.26% (2014: 1.35% )

33,679 Zurich Insurance 8,270,935 1.26


33,447 Novartis 2,933,668 0.45

13,703 Roche 3,345,555 0.51


United Kingdom: 9.08% (2014: 10.57% )

Aerospace/Defense: 0.17% (2014: 0.00% )

287,807 Cobham 1,114,525 0.17

Agriculture: 1.51% (2014: 1.87% )

131,378 British American Tobacco 6,283,355 0.96

83,471 Imperial Tobacco 3,626,181 0.55

Banks: 0.87% (2014: 2.34% )

801,253 HSBC 5,716,902 0.87


490,446 Aberdeen Asset Management 2,151,527 0.33

384,532 ICAP 2,401,955 0.37

Electric: 0.65% (2014: 0.63% )

209,059 SSE 4,231,186 0.65

Entertainment: 0.12% (2014: 0.00% )

156,640 William Hill 775,493 0.12



185





Fair Value % of




Food: 0.23% (2014: 0.31% )

42,408 Unilever 1,529,373 0.23

Gas: 0.00% (2014: 0.17% )


20,059 Reckitt Benckiser 1,587,218 0.24

Insurance: 0.00% (2014: 0.15% )

Media: 0.31% (2014: 0.00% )

130,486 Pearson 2,032,521 0.31

Mining: 1.03% (2014: 0.21% )

261,075 BHP Billiton 4,063,954 0.62

82,053 Rio Tinto 2,694,454 0.41

Oil & Gas Services: 0.68% (2014: 0.00% )

403,688 Amec Foster Wheeler 4,479,379 0.68

Oil & Gas: 0.47% (2014: 0.49% )

617,156 BP 3,059,871 0.47


101,509 AstraZeneca 5,749,069 0.88

207,190 GlaxoSmithKline 3,819,334 0.58

Retail: 0.16% (2014: 0.38% )

9,415 Next 1,029,486 0.16

Software: 0.16% (2014: 0.00% )

146,543 Sage Group 1,038,523 0.16


675,934 Vodafone 2,107,371 0.32




186





Fair Value % of



United States: 52.33% (2014: 48.81% )


82,777 Harris 5,724,381 0.87

Agriculture: 3.06% (2014: 3.36% )

151,577 Altria 7,321,917 1.12

168,396 Reynolds American 12,717,962 1.94


257,677 Ford Motor 3,155,158 0.48

Banks: 2.43% (2014: 1.25% )

93,344 Bank of New York Mellon 3,386,416 0.52

29,075 Capital One Financial 2,004,694 0.31

58,266 JPMorgan Chase 3,332,530 0.51

149,475 Wells Fargo 7,137,701 1.09

Biotechnology: 0.91% (2014: 0.00% )

42,764 Amgen 5,949,343 0.91

Chemicals: 0.67% (2014: 0.59% )

112,070 Dow Chemical 4,398,715 0.67


90,052 Total System Services 3,723,312 0.57

264,191 Western Union 4,373,329 0.67

Computers: 2.46% (2014: 2.24% )

117,221 Apple 11,847,070 1.81

32,432 International Business Machines 4,280,625 0.65


64,878 Procter & Gamble 4,120,786 0.63




187





Fair Value % of





18,698 BlackRock 5,188,449 0.79

99,812 CME Inc/IL 8,424,225 1.29

Electric: 1.24% (2014: 2.31% )

36,950 Duke Energy 2,386,141 0.36

54,928 Pinnacle West Capital 2,963,485 0.45

99,643 PPL 2,787,319 0.43


130,165 Emerson Electric 5,578,085 0.85

Electronics: 0.38% (2014: 0.00% )

76,334 Agilent Technologies 2,485,333 0.38

Food: 1.00% (2014: 0.76% )

103,141 Safeway Casa Ley CVR 93,387 0.01

103,141 Safeway PDC CVR 4,490 -

182,902 Sysco 6,513,100 0.99


52,806 International Paper 2,060,371 0.31


117,243 Baxter International 4,054,710 0.62

39,887 Zimmer Biomet 3,713,629 0.57


40,890 Aetna 4,262,643 0.65


67,532 Kimberly-Clark 6,460,395 0.99

Insurance: 0.37% (2014: 0.00% )

46,535 Aflac 2,435,521 0.37


50,586 Deere 3,721,404 0.57

Media: 0.88% (2014: 0.33% )

42,467 Comcast 2,150,628 0.33

75,896 Scripps Networks Interactive 3,601,827 0.55



188





Fair Value % of




Mining: 0.00% (2014: 0.78% )


587,307 General Electric 13,174,979 2.01

Oil & Gas Services: 0.60% (2014: 0.00% )

105,696 National Oilwell Varco 3,925,057 0.60

Oil & Gas: 3.57% (2014: 5.81% )

171,797 Exxon Mobil 11,497,325 1.76

69,581 Helmerich & Payne 3,579,613 0.55

156,774 Valero Energy 8,252,699 1.26


144,167 Abbott Laboratories 5,918,320 0.90

147,545 AbbVie 8,419,766 1.29

39,212 AmerisourceBergen 3,529,045 0.54

103,759 Eli Lilly 7,699,771 1.18

67,160 Johnson & Johnson 5,701,919 0.87

106,495 Merck 5,259,194 0.80

257,198 Pfizer 7,492,908 1.14


110,158 Digital Realty Trust Reits 6,390,913 0.98

55,489 HCP Reits 1,866,547 0.28

Retail: 4.48% (2014: 1.84% )

30,859 Darden Restaurants 1,900,847 0.29

122,043 GameStop 4,626,289 0.70

36,143 Home Depot 3,788,260 0.58

62,980 Lowe's Cos 3,845,719 0.59

47,981 McDonald's 4,118,772 0.63

172,312 Staples 2,112,970 0.32

70,702 TJX Cos 4,459,796 0.68

34,955 Walgreens Boots Alliance 2,725,860 0.42

30,013 Wal-Mart Stores 1,738,687 0.27



189





Fair Value % of




Savings & Loans: 0.00% (2014: 0.72% )

Semiconductors: 1.65% (2014: 1.99% )

322,645 Intel 8,181,982 1.25

85,210 Maxim Integrated Products 2,591,877 0.40

Software: 4.55% (2014: 5.31% )

299,376 CA 7,282,083 1.11

40,248 Dun & Bradstreet Corp 3,844,368 0.58

478,689 Microsoft 18,758,510 2.86


159,489 AT&T 4,736,008 0.72

226,726 Cisco Systems 5,262,090 0.80

153,868 Verizon Communications 6,320,682 0.96


60,845 Hasbro 4,098,312 0.63

Transportation: 1.12% (2014: 0.72% )

33,447 Norfolk Southern 2,363,132 0.36

56,346 United Parcel Service 4,957,734 0.76



Collective Investment Schemes: 0.30% (2014: 0.00% )

Ireland: 0.30% (2014: 0.00% )

626,033 KBI Gif Cash Fund 2,000,728 0.30


Total Collective Investment Schemes 2,000,728 0.30



190





Fair Value % of

EUR Net Assets


Bank Overdraft (1,093,421) (0.17)




*All cash holdings are held with Northen Trust Fiduciary Services (Ireland) Limited

% of



traded on a regular market. 99.70

Other assets 0.30

100.00



191





Fair Value % of


Equities: 90.93% (2014: 90.56% )

Australia: 3.04% (2014: 3.38% )

Banks: 0.53% (2014: 1.55% )

2,918 Commonwealth Bank of Australia 139,407 0.53

Beverages: 0.14% (2014: 0.00% )



10,149 Boral 36,393 0.14

Computers: 0.10% (2014: 0.00% )

4,212 Computershare 26,549 0.10


1,217 ASX 30,548 0.12

1,225 Macquarie 59,191 0.23

Electric: 0.23% (2014: 0.00% )

5,714 AGL Energy 61,433 0.23


Food: 0.21% (2014: 0.36% )

3,252 Woolworths 54,623 0.21


3,713 Sonic Healthcare 48,969 0.19

Insurance: 0.24% (2014: 0.48% )

19,755 Insurance Australia 63,800 0.24

Mining: 0.30% (2014: 0.24% )

4,963 BHP Billiton 79,509 0.30

Packaging & Containers: 0.00% (2014: 0.15% )


15,039 Goodman Reits 58,426 0.22

33,716 Mirvac Reits 37,494 0.14


9,333 Telstra 34,239 0.13



192





Fair Value % of




Transportation: 0.12% (2014: 0.00% )

10,056 Aurizon 31,772 0.12

Total Australia 798,839 3.04

Belgium: 0.12% (2014: 0.21% )

Beverages: 0.12% (2014: 0.00% )

320 Anheuser-Busch InBev 31,115 0.12



Bermuda: 0.16% (2014: 0.15% )

Apparel: 0.16% (2014: 0.00% )

13,000 Yue Yuen Industrial 41,600 0.16

Oil & Gas: 0.00% (2014: 0.15% )

Total Bermuda 41,600 0.16

Canada: 5.45% (2014: 9.49% )


3,640 Magna International 159,660 0.61

Banks: 2.07% (2014: 2.81% )

1,962 Bank of Montreal 94,035 0.36

3,674 Canadian Imperial Bank of Commerce/Canada 238,485 0.91

4,255 Royal Bank of Canada 211,244 0.80

Chemicals: 0.00% (2014: 0.47% )


3,960 IGM Financial 99,360 0.38



193





Fair Value % of




Insurance: 1.10% (2014: 2.26% )

7,278 Power Financial 157,900 0.60

4,642 Sun Life Financial 131,263 0.50

Media: 0.91% (2014: 1.17% )

13,468 Shaw Communications 240,751 0.91

Oil & Gas: 0.38% (2014: 0.99% )

7,944 Cenovus Energy 99,995 0.38


Total Canada 1,432,693 5.45

Cayman Islands: 0.00% (2014: 0.12% )

Lodging: 0.00% (2014: 0.12% ) - -


Finland: 0.53% (2014: 1.66% )



5,457 UPM-Kymmene 81,255 0.31


2,700 Metso 59,400 0.22


France: 1.90% (2014: 2.29% )


3,664 Edenred 68,691 0.26



194





Fair Value % of




Computers: 0.19% (2014: 0.00% )

636 Cap Gemini 50,880 0.19


10,130 Rexel 138,604 0.53


Insurance: 0.23% (2014: 0.26% )

4,354 CNP Assurances 59,857 0.23

Oil & Gas: 0.00% (2014: 0.68% )


1,658 Sanofi 146,294 0.56


472 Fonciere Des Regions Reits 35,011 0.13

Total France 499,337 1.90

Germany: 1.92% (2014: 2.29% )


1,785 Daimler 127,949 0.49

523 Volkswagen 87,249 0.33

Chemicals: 0.16% (2014: 0.89% )

590 BASF 42,176 0.16

Media: 0.00% (2014: 0.46% )


2,005 Siemens 177,001 0.67

Retail: 0.15% (2014: 0.00% )

399 HUGO BOSS 40,399 0.15



195





Fair Value % of




Software: 0.12% (2014: 0.00% )

513 SAP 30,626 0.12

Total Germany 505,400 1.92

Hong Kong: 0.22% (2014: 0.13% )

Holding Companies-Diversfied: 0.11% (2014: 0.00% )

3,000 Swire Pacific 29,396 0.11

Lodging: 0.00% (2014: 0.13% )


6,000 Link Reits 28,403 0.11


Ireland: 1.71% (2014: 0.61% )

Computers: 1.71% (2014: 0.61% )

3,436 Accenture 293,680 1.12

3,432 Seagate Technology 155,173 0.59


Israel: 0.13% (2014: 0.00% )


587 Teva Pharmaceutical Industries 33,915 0.13


Italy: 1.07% (2014: 1.13% )


2,617 Pirelli & C. 39,059 0.15

Banks: 0.56% (2014: 0.00% )

50,697 Intesa Sanpaolo 148,137 0.56



196





Fair Value % of



Italy (Continued): 1.07% (2014: 1.13% )


3,925 Atlantia 93,925 0.36

Oil & Gas: 0.00% (2014: 0.90% )


Japan: 8.08% (2014: 7.34% )

Advertising: 0.13% (2014: 0.15% )

3,700 Hakuhodo DY 33,062 0.13

Agriculture: 0.33% (2014: 0.20% )

2,700 Japan Tobacco 85,943 0.33


3,100 Daihatsu Motor 33,825 0.13

4,700 Isuzu Motors 47,764 0.18

3,200 Toyota Motor 169,294 0.64



800 Toyota Industries 35,522 0.14

Banks: 0.85% (2014: 0.83% )

19,200 Mitsubishi UFJ Financial 113,097 0.43

9,300 Resona 41,962 0.16

1,900 Sumitomo Mitsui Financial 69,390 0.26

Chemicals: 0.33% (2014: 0.33% )

12,000 Asahi Kasei 85,443 0.33





197





Fair Value % of



Japan (Continued): 8.08% (2014: 7.34% )

Computers: 0.14% (2014: 0.00% )

1,000 Nomura Research Institute 36,236 0.14


1,200 Kao 49,015 0.19


3,400 ITOCHU 36,417 0.14

4,100 Mitsubishi 68,032 0.26

5,300 Mitsui 61,554 0.23

7,200 Sumitomo 68,152 0.26


9,000 Daiwa Securities 55,835 0.21



Gas: 0.19% (2014: 0.25% )

14,000 Osaka Gas 50,746 0.19


3,100 THK 48,057 0.18

Home Builders: 0.29% (2014: 0.00% )

5,700 Sekisui House 76,044 0.29

Insurance: 0.33% (2014: 0.26% )

2,400 Tokio Marine 86,123 0.33

Mining: 0.17% (2014: 0.24% )

4,000 Sumitomo Metal Mining 45,374 0.17


5,200 Canon 141,798 0.54

Oil & Gas: 0.00% (2014: 0.12% )


3,200 Daiichi Sankyo 54,987 0.21

1,400 Otsuka 42,603 0.16



198





Fair Value % of



Japan (Continued): 8.08% (2014: 7.34% )

Real Estate: 0.30% (2014: 0.42% )

800 Daito Trust Construction 78,020 0.30

Retail: 0.34% (2014: 0.35% )

900 ABC-Mart 48,736 0.19

600 Lawson 38,274 0.15


1,800 Nippon Telegraph & Telephone 61,351 0.23

4,279 NTT DOCOMO 79,959 0.30


Transportation: 0.34% (2014: 0.27% )

500 East Japan Railway 41,239 0.16

11,000 Nippon Express 47,629 0.18

Total Japan 2,122,571 8.08

Jersey: 0.17% (2014: 0.00% )

Oil & Gas Services: 0.17% (2014: 0.00% )

3,673 Petrofac 45,050 0.17


Luxembourg: 0.12% (2014: 0.00% )


1,215 SES Receipt 32,082 0.12


Netherlands: 2.55% (2014: 0.21% )

Chemicals: 0.88% (2014: 0.00% )

3,027 LyondellBasell Industries 230,637 0.88



199





Fair Value % of



Netherlands (Continued): 2.55% (2014: 0.21% )


3,717 Boskalis Westminster 172,813 0.66

Food: 0.50% (2014: 0.00% )

7,543 Koninklijke Ahold 132,587 0.50

Insurance: 0.17% (2014: 0.00% )

4,627 Delta Lloyd 43,593 0.17

Semiconductors: 0.34% (2014: 0.00% )

13,766 STMicroelectronics 89,032 0.34

Total Netherlands 668,662 2.55

Norway: 0.56% (2014: 0.86% )

Chemicals: 0.00% (2014: 0.52% )

Insurance: 0.00% (2014: 0.15% )

Mining: 0.33% (2014: 0.00% )

27,901 Norsk Hydro 86,352 0.33

Oil & Gas: 0.00% (2014: 0.19% )


3,432 Telenor 60,434 0.23


Portugal: 0.19% (2014: 0.18% )

Electric: 0.19% (2014: 0.18% )

16,346 EDP - Energias de Portugal 51,163 0.19

Total Portugal 51,163 0.19



200





Fair Value % of



Singapore: 0.37% (2014: 0.18% )



Shipbuilding: 0.25% (2014: 0.18% )

94,000 Yangzijiang Shipbuilding 65,169 0.25


Spain: 1.06% (2014: 1.18% )

Banks: 0.55% (2014: 0.38% )

26,178 Banco Santander 143,285 0.55

Gas: 0.35% (2014: 0.49% )

3,733 Enagas 91,822 0.35

Oil & Gas: 0.16% (2014: 0.31% )

3,174 Repsol 40,968 0.16


Sweden: 2.25% (2014: 2.30% )

Banks: 0.74% (2014: 0.59% )

9,579 Swedbank 195,491 0.74


2,244 Svenska Cellulosa 57,121 0.22


3,939 Electrolux 99,645 0.38



4,735 Telefonaktiebolaget LM Ericsson 41,170 0.16

39,029 TeliaSonera 196,580 0.75

Total Sweden 590,007 2.25



201





Fair Value % of



Switzerland: 3.41% (2014: 2.19% )

Banks: 0.36% (2014: 0.00% )

5,062 UBS 93,809 0.36

Food: 0.77% (2014: 0.73% )

3,048 Nestle 201,089 0.77


624 Sonova 72,148 0.27

Insurance: 1.14% (2014: 1.26% )

1,223 Zurich Insurance 300,346 1.14


1,207 Novartis 105,867 0.40

509 Roche 124,271 0.47

Total Switzerland 897,530 3.41

United Kingdom: 8.29% (2014: 9.75% )


10,644 Cobham 41,219 0.16

Agriculture: 1.37% (2014: 1.71% )

4,803 British American Tobacco 229,711 0.87

3,053 Imperial Tobacco 132,630 0.50

Banks: 0.80% (2014: 2.16% )

29,371 HSBC 209,561 0.80


17,872 Aberdeen Asset Management 78,402 0.30

14,307 ICAP 89,368 0.34



202





Fair Value % of




Electric: 0.58% (2014: 0.58% )

7,544 SSE 152,685 0.58

Entertainment: 0.11% (2014: 0.00% )

5,988 William Hill 29,645 0.11

Food: 0.21% (2014: 0.27% )

1,561 Unilever 56,295 0.21

Gas: 0.00% (2014: 0.16% )


747 Reckitt Benckiser 59,108 0.23

Insurance: 0.00% (2014: 0.14% )

Media: 0.28% (2014: 0.00% )

4,667 Pearson 72,696 0.28

Mining: 0.93% (2014: 0.19% )

9,439 BHP Billiton 146,930 0.56

2,992 Rio Tinto 98,251 0.37

Oil & Gas Services: 0.63% (2014: 0.00% )

14,896 Amec Foster Wheeler 165,288 0.63

Oil & Gas: 0.43% (2014: 0.46% )

22,718 BP 112,636 0.43


3,716 AstraZeneca 210,460 0.80

7,542 GlaxoSmithKline 139,029 0.53

Retail: 0.15% (2014: 0.35% )

359 Next 39,255 0.15

Software: 0.15% (2014: 0.00% )

5,486 Sage Group 38,878 0.15



203





Fair Value % of





24,203 Vodafone 75,458 0.29


United States: 47.63% (2014: 44.91% )


3,035 Harris 209,883 0.80

Agriculture: 2.78% (2014: 3.09% )

5,506 Altria 265,967 1.01

6,172 Reynolds American 466,135 1.77


9,404 Ford Motor 115,148 0.44

Banks: 2.20% (2014: 1.15% )

3,427 Bank of New York Mellon Corp 124,328 0.47

1,035 Capital One Financial 71,362 0.27

2,151 JPMorgan Chase 123,027 0.47

5,444 Wells Fargo 259,961 0.99

Biotechnology: 0.82% (2014: 0.00% )

1,545 Amgen 214,941 0.82

Chemicals: 0.62% (2014: 0.54% )

4,121 Dow Chemical 161,748 0.62


3,248 Total System Services 134,293 0.51

9,665 Western Union 159,991 0.61

Computers: 2.22% (2014: 2.08% )

4,235 Apple 428,015 1.63

1,178 International Business Machines 155,482 0.59



204









2,404 Procter & Gamble 152,692 0.58



678 BlackRock 188,136 0.72

3,620 CME Inc/IL 305,531 1.16

Electric: 1.12% (2014: 2.12% )

1,361 Duke Energy 87,890 0.33

2,010 Pinnacle West Capital 108,444 0.41

3,593 PPL 100,507 0.38


4,741 Emerson Electric 203,171 0.77

Electronics: 0.34% (2014: 0.00% )

2,762 Agilent Technologies 89,927 0.34

Food: 0.94% (2014: 0.70% )


10,529 Safeway PDC CVR 458 -

6,671 Sysco 237,553 0.90


1,877 International Paper 73,236 0.28


4,330 Baxter International 149,748 0.57

1,443 Zimmer Biomet 134,349 0.51


1,505 Aetna 156,891 0.60


2,463 Kimberly-Clark 235,621 0.90



205





Fair Value % of




Insurance: 0.34% (2014: 0.00% )

1,702 Aflac 89,078 0.34


1,848 Deere 135,950 0.52

Media: 0.80% (2014: 0.30% )

1,554 Comcast 78,698 0.30

2,780 Scripps Networks Interactive 131,932 0.50

Mining: 0.00% (2014: 0.72% )


21,372 General Electric 479,435 1.83

Oil & Gas Services: 0.55% (2014: 0.00% )

3,863 National Oilwell Varco 143,454 0.55

Oil & Gas: 3.23% (2014: 5.37% )

6,234 Exxon Mobil 417,204 1.59

2,578 Helmerich & Payne 132,626 0.50

5,682 Valero Energy 299,105 1.14


5,222 Abbott Laboratories 214,373 0.82

5,373 AbbVie 306,614 1.17

1,430 AmerisourceBergen 128,699 0.49

3,804 Eli Lilly 282,288 1.08

2,457 Johnson & Johnson 208,601 0.79

3,906 Merck 192,896 0.74

9,371 Pfizer 273,004 1.04


4,033 Digital Realty Trust Reits 233,978 0.89

1,982 HCP Reits 66,671 0.25



206





Fair Value % of




Retail: 4.09% (2014: 1.67% )

1,139 Darden Restaurants 70,160 0.27

4,459 GameStop 169,027 0.64

1,326 Home Depot 138,982 0.53

2,310 Lowe's Cos 141,054 0.54

1,760 McDonald's 151,081 0.58

6,274 Staples 76,935 0.29

2,557 TJX Cos 161,292 0.61

1,301 Walgreens Boots Alliance 101,455 0.39

1,102 Wal-Mart Stores 63,840 0.24

Savings & Loans: 0.00% (2014: 0.67% )

Semiconductors: 1.50% (2014: 1.84% )

11,804 Intel 299,339 1.14

3,116 Maxim Integrated Products 94,781 0.36

Software: 4.15% (2014: 4.89% )

10,856 CA 264,064 1.01

1,461 Dun & Bradstreet Corp 139,550 0.53

17,506 Microsoft 686,012 2.61


5,835 AT&T 173,270 0.66

8,286 Cisco Systems 192,310 0.73

5,664 Verizon Communications 232,669 0.89


2,217 Hasbro 149,330 0.57

Transportation: 1.01% (2014: 0.66% )

1,206 Norfolk Southern 85,208 0.32

2,066 United Parcel Service 181,782 0.69





207





Fair Value % of



Ireland: 8.00% (2014: 8.28% )

179,458 KBI Dividend Plus Emerging Markets Fund 2,101,995 8.00




Cash * 230,901 0.88





% of



traded on a regular market. 98.73

Other assets 1.27

100.00



208





Fair Value % of


Equities: 93.42% (2014: 95.27% )

Australia: 1.67% (2014: 1.93% )

Banks: 0.30% (2014: 0.89% )


Beverages: 0.07% (2014: 0.00% )



4,763 Boral 17,080 0.08

Computers: 0.06% (2014: 0.00% )



618 ASX 15,513 0.07

553 Macquarie 26,721 0.12

Electric: 0.13% (2014: 0.00% )

2,609 AGL Energy 28,050 0.13


Food: 0.11% (2014: 0.20% )

1,459 Woolworths 24,507 0.11



Insurance: 0.12% (2014: 0.26% )


Mining: 0.17% (2014: 0.13% )

2,313 BHP Billiton 37,055 0.17

Packaging & Container: 0.00% (2014: 0.09% )


7,122 Goodman Reits 27,669 0.13

14,793 Mirvac Reits 16,450 0.08


3,834 Telstra 14,066 0.06



209





Fair Value % of




Transportation: 0.07% (2014: 0.00% )

4,752 Aurizon 15,014 0.07

Total Australia 365,246 1.67

Austria: 0.00% (2014: 0.85% )

Banks: 0.00% (2014: 0.85% ) - -

Total Austria - -

Belgium: 3.48% (2014: 2.11% )

Banks: 0.99% (2014: 0.00% )

3,695 KBC Groep 217,525 0.99

Beverages: 1.20% (2014: 0.31% )

2,705 Anheuser-Busch InBev SA/NV 263,021 1.20

Chemicals: 0.58% (2014: 0.00% )

3,588 Umicore 128,289 0.58

Insurance: 0.11% (2014: 0.00% )

658 Ageas 23,987 0.11


1,355 Groupe Bruxelles Lambert 93,576 0.43


1,161 Proximus 37,225 0.17


Bermuda: 0.09% (2014: 0.09% )

Apparel: 0.09% (2014: 0.00% )


Oil & Gas: 0.00% (2014: 0.09% )




210




The percentages in bracket show the equivalent sector holding at 31 August 2014.

Fair Value % of



Canada: 3.02% (2014: 5.34% )



Banks: 1.14% (2014: 1.58% )

867 Bank of Montreal 41,554 0.19



Chemicals: 0.00% (2014: 0.27% ) - -


1,779 IGM Financial 44,637 0.20

Insurance: 0.62% (2014: 1.27% )



Media: 0.51% (2014: 0.65% )


Oil & Gas: 0.21% (2014: 0.57% )

3,612 Cenovus Energy 45,466 0.21


Total Canada 662,033 3.02

Cayman Islands: 0.00% (2014: 0.07% )

Lodging: 0.00% (2014: 0.07% ) - -


Finland: 3.48% (2014: 4.20% )


3,701 Nokian Renkaat 88,621 0.40



211





Fair Value % of



Finland (Continued): 3.48% (2014: 4.20% )


1,960 Kone 68,433 0.31

2,581 Metso 56,782 0.26


8,089 Elisa 240,284 1.10


France: 11.49% (2014: 15.71% )

Apparel: 0.95% (2014: 0.00% )

1,392 LVMH Moet Hennessy Louis Vuitton 208,348 0.95

Banks: 0.00% (2014: 2.65% ) - -



2,730 Edenred 51,181 0.23

Computers: 0.11% (2014: 0.41% )

299 Cap Gemini 23,920 0.11

Cosmetics/Personal: 0.00% (2014: 0.44% )


24,290 Rexel 332,348 1.52


1,023 Schneider Electric 57,094 0.26

Electronics: 0.00% (2014: 1.03% ) - -


5,245 Vinci 299,988 1.37



212





Fair Value % of




Insurance: 1.33% (2014: 1.24% )

5,040 AXA 112,329 0.51

9,650 CNP Assurances 132,663 0.60

1,515 SCOR 47,749 0.22

Media: 0.00% (2014: 0.89% ) - -

Oil & Gas: 1.01% (2014: 2.15% )

5,495 TOTAL 222,369 1.01

Oil & Gas Services: 0.19% (2014: 0.00% )

853 Technip 41,172 0.19


8,492 Sanofi 749,292 3.42


203 Fonciere Des Regions Reits 15,058 0.07

634 Unibail-Rodamco Reits 146,311 0.67

Retail: 0.00% (2014: 0.07% ) - -


1,951 Eutelsat Communications 52,511 0.24

Total France 2,519,112 11.49

Germany: 11.21% (2014: 11.78% )

Apparel: 0.13% (2014: 0.62% )

417 Adidas 27,797 0.13


8,337 Daimler 597,596 2.72

235 Volkswagen 39,204 0.18

Banks: 0.57% (2014: 0.00% )

4,782 Deutsche Bank 125,277 0.57



213





Fair Value % of





Healthcare-Services: 0.00% (2014: 0.17% ) - -

Insurance: 1.92% (2014: 2.08% )

670 Allianz 94,788 0.43

1,996 Muenchener Rueckversicherungs-Gesellschaftin Muenchen 326,296 1.49

Media: 0.72% (2014: 0.63% )

544 Axel Springer 29,368 0.13

2,983 ProSiebenSat.1 Media 129,022 0.59

Miscellaneous Manufacturers: 2.00% (2014: 2.22% )

4,966 Siemens 438,398 2.00

Retail: 0.79% (2014: 0.00% )

1,706 HUGO BOSS 172,733 0.79

Software: 0.74% (2014: 0.31% )

2,732 SAP 163,100 0.74

Transportation: 0.09% (2014: 0.00% )

779 Deutsche Post 19,136 0.09


Hong Kong: 0.13% (2014: 0.07% )

Holding Companies-Divers: 0.07% (2014: 0.00% )

1,500 Swire Pacific 'A' 14,698 0.07

Lodging: 0.00% (2014: 0.07% ) - -


3,000 Link REIT Reits 14,202 0.06



214





Fair Value % of



Ireland: 0.95% (2014: 0.33% )

Computers: 0.95% (2014: 0.33% )

1,617 Accenture 138,207 0.63



Israel: 0.07% (2014: 0.00% )


254 Teva Pharmaceutical Industries 14,675 0.07


Italy: 2.87% (2014: 3.48% )


1,241 Pirelli & C. 18,522 0.08

Banks: 0.40% (2014: 0.00% )



10,920 Atlantia 261,316 1.19

Gas: 0.31% (2014: 0.00% )

15,687 Snam 68,427 0.31

Oil & Gas: 0.89% (2014: 1.98% )

13,264 Eni 195,180 0.89


Japan: 4.48% (2014: 4.01% )

Advertising: 0.07% (2014: 0.09% )

1,600 Hakuhodo DY 14,297 0.07

Agriculture: 0.17% (2014: 0.10% )



215





Fair Value % of



Japan (Continued): 4.48% (2014: 4.01% )



2,399 Isuzu Motors 24,380 0.11

1,400 Toyota Motor 74,066 0.34



400 Toyota Industries 17,761 0.08

Banks: 0.46% (2014: 0.43% )


3,900 Resona 17,597 0.08

900 Sumitomo Mitsui Financial 32,869 0.15

Chemicals: 0.19% (2014: 0.17% )

6,000 Asahi Kasei 42,722 0.19



Computers: 0.08% (2014: 0.00% )

500 Nomura Research Institute 18,118 0.08


600 Kao 24,507 0.11


1,600 ITOCHU 17,137 0.08

1,700 Mitsubishi 28,208 0.13

2,400 Mitsui 27,873 0.13

3,200 Sumitomo 30,290 0.14



Electrical Components &Equipment: 0.06% (2014: 0.08% )




216





Fair Value % of



Japan (Continued): 4.48% (2014: 4.01% )


1,400 THK 21,703 0.10

Home Builders: 0.15% (2014: 0.00% )

2,500 Sekisui House 33,353 0.15

Insurance: 0.18% (2014: 0.14% )

1,100 Tokio Marine 39,473 0.18

Mining: 0.10% (2014: 0.11% )



2,300 Canon 62,719 0.29

Oil & Gas: 0.00% (2014: 0.07% ) - -


1,500 Daiichi Sankyo 25,775 0.12

700 Otsuka 21,302 0.10

Real Estate: 0.18% (2014: 0.22% )

400 Daito Trust Construction 39,010 0.18

Retail: 0.19% (2014: 0.17% )

400 ABC-Mart 21,661 0.10

300 Lawson 19,137 0.09


800 Nippon Telegraph & Telephone 27,267 0.12

2,055 NTT DOCOMO 38,400 0.18

Toy/Games/Hobbies: 0.00% (2014: 0.07% ) - -

Transportation: 0.17% (2014: 0.15% )

200 East Japan Railway 16,496 0.07

5,000 Nippon Express 21,650 0.10



217





Fair Value % of



Jersey: 0.10% (2014: 0.00% )

Oil & Gas Services: 0.10% (2014: 0.00% )

1,750 Petrofac 21,464 0.10


Luxembourg: 0.64% (2014: 0.08% )


4,781 SES 126,242 0.58

519 SES FDR 13,922 0.06


Netherlands: 6.27% (2014: 4.53% )

Chemicals: 0.48% (2014: 0.00% )



6,934 RELX 95,169 0.43


13,660 Unilever 489,267 2.23

Electronics: 0.00% (2014: 0.13% ) - -



Food: 1.47% (2014: 3.32% )


Insurance: 0.09% (2014: 0.00% )

2,131 Delta Lloyd 20,077 0.09

Oil & Gas: 0.00% (2014: 0.15% ) - -

Semiconductors: 1.20% (2014: 0.00% )





218





Fair Value % of



Norway: 0.31% (2014: 0.49% )

Chemicals: 0.00% (2014: 0.30% ) - -

Insurance: 0.00% (2014: 0.08% ) - -

Mining: 0.18% (2014: 0.00% )

12,797 Norsk Hydro 39,606 0.18

Oil & Gas: 0.00% (2014: 0.11% ) - -


1,560 Telenor 27,470 0.13


Portugal: 0.96% (2014: 0.99% )

Electric: 0.96% (2014: 0.99% )



Singapore: 0.19% (2014: 0.11% )



Shipbuilding: 0.12% (2014: 0.11% )



Spain: 7.99% (2014: 5.65% )

Banks: 5.28% (2014: 2.43% )

39,434 Banco Bilbao Vizcaya Argentaria 327,026 1.49

108,220 Banco Santander 592,342 2.70

61,480 CaixaBank 238,143 1.09



219





Fair Value % of



Spain (Continued): 7.99% (2014: 5.65% )

Gas: 2.11% (2014: 2.85% )

18,143 Enagas 446,272 2.03

967 Gas Natural 17,527 0.08

Oil & Gas: 0.08% (2014: 0.17% )

1,339 Repsol 17,283 0.08

Software: 0.29% (2014: 0.20% )

1,699 Amadeus IT 63,317 0.29

Total Spain 1,751,657 7.99

Sweden: 1.24% (2014: 1.33% )

Banks: 0.42% (2014: 0.34% )

4,463 Swedbank 91,082 0.42


1,000 Svenska Cellulosa AB 25,455 0.12


1,863 Electrolux 47,128 0.21

Investment Companies: 0.00% (2014: 0.18% ) - -



18,027 TeliaSonera 90,798 0.41

Total Sweden 272,192 1.24

Switzerland: 1.88% (2014: 1.26% )

Banks: 0.19% (2014: 0.00% )

2,216 UBS 41,067 0.19

Food: 0.42% (2014: 0.43% )

1,410 Nestle 93,023 0.42



220





Fair Value % of



Switzerland (Continued): 1.88% (2014: 1.26% )

Insurance: 0.65% (2014: 0.72% )

578 Zurich Insurance 141,946 0.65


552 Novartis 48,416 0.22

226 Roche 55,177 0.25

Total Switzerland 413,622 1.88

United Kingdom: 4.53% (2014: 5.58% )


4,847 Cobham 18,770 0.09

Agriculture: 0.76% (2014: 0.98% )



Banks: 0.44% (2014: 1.21% )

13,500 HSBC 96,322 0.44



6,377 ICAP 39,834 0.18

Electric: 0.33% (2014: 0.33% )

3,557 SSE 71,991 0.33

Entertainment: 0.06% (2014: 0.00% )

2,786 William Hill 13,793 0.06

Food: 0.11% (2014: 0.16% )

689 Unilever 24,848 0.11

Gas: 0.00% (2014: 0.10% ) - -


339 Reckitt Benckiser 26,824 0.12



221





Fair Value % of




Media: 0.15% (2014: 0.00% )

2,119 Pearson 33,007 0.15

Mining: 0.51% (2014: 0.11% )

4,265 BHP Billiton 66,390 0.30

1,418 Rio Tinto 46,564 0.21

Oil & Gas Services: 0.34% (2014: 0.00% )


Oil & Gas: 0.24% (2014: 0.26% )

10,399 BP 51,558 0.24


1,708 AstraZeneca 96,734 0.44


Retail: 0.07% (2014: 0.20% )

141 Next 15,418 0.07

Software: 0.07% (2014: 0.00% )

2,219 Sage Group 15,726 0.07


10,859 Vodafone 33,855 0.16

Total United Kingdom 994,973 4.53

United States: 26.37% (2014: 25.19% )


1,388 Harris 95,986 0.44

Agriculture: 1.56% (2014: 1.77% )

2,593 Altria 125,255 0.57

2,867 Reynolds American 216,528 0.99



222





Fair Value % of




Banks: 1.19% (2014: 0.64% )


486 Capital One Financial 33,509 0.15

936 JPMorgan Chase 53,535 0.24

2,494 Wells Fargo 119,093 0.54

Biotechnology: 0.46% (2014: 0.00% )

728 Amgen 101,280 0.46

Chemicals: 0.33% (2014: 0.30% )

1,839 Dow Chemical 72,180 0.33



4,422 Western Union 73,200 0.33

Computers: 1.24% (2014: 1.15% )

1,990 Apple 201,122 0.92

538 International Business Machines 71,009 0.32


1,106 Procter & Gamble 70,249 0.32



317 BlackRock 87,963 0.40

1,697 CME Inc/IL 143,228 0.65

Electric: 0.62% (2014: 1.16% )

599 Duke Energy 38,682 0.18

929 Pinnacle West Capital 50,122 0.23

1,684 PPL 47,107 0.21





223





Fair Value % of




Food: 0.51% (2014: 0.40% )


1,572 Safeway PDC CVR 68 -

3,100 Sysco 110,390 0.50


808 International Paper 31,526 0.14



654 Zimmer Biomet 60,890 0.28


686 Aetna 71,513 0.33


1,138 Kimberly-Clark 108,866 0.50

Insurance: 0.18% (2014: 0.00% )

768 Aflac 40,195 0.18


869 Deere 63,929 0.29

Media: 0.44% (2014: 0.17% )

701 Comcast 35,500 0.16


Mining: 0.00% (2014: 0.40% ) - -

Miscellaneous Manufacturers: 1.02% (2014: 1.01% )

9,986 General Electric 224,015 1.02

Oil & Gas Services: 0.30% (2014: 0.00% )


Oil & Gas: 1.82% (2014: 3.06% )

2,939 Exxon Mobil 196,689 0.90



224





Fair Value % of






2,527 AbbVie 144,205 0.66

636 AmerisourceBergen 57,239 0.26

1,774 Eli Lilly 131,645 0.60

1,143 Johnson & Johnson 97,041 0.44

1,806 Merck 89,188 0.41

4,390 Pfizer 127,893 0.58



949 HCP Reits 31,923 0.15

Retail: 2.23% (2014: 0.91% )

505 Darden Restaurants 31,107 0.14

2,042 GameStop 77,406 0.35

581 Home Depot 60,896 0.28

1,077 Lowe's Cos 65,764 0.30

807 McDonald's 69,274 0.32

2,966 Staples 36,370 0.17

1,185 TJX Cos 74,748 0.34

561 Walgreens Boots Alliance 43,748 0.20

507 Wal-Mart Stores 29,371 0.13

Savings & Loans: 0.00% (2014: 0.37% ) - -

Semiconductors: 0.84% (2014: 1.03% )

5,500 Intel 139,475 0.64


Software: 2.32% (2014: 2.76% )

5,153 CA 125,343 0.57

687 Dun & Bradstreet Corp 65,620 0.30

8,118 Microsoft 318,122 1.45


2,617 AT&T 77,712 0.35

3,796 Cisco Systems 88,101 0.40




225





Fair Value % of




Transportation: 0.57% (2014: 0.35% )

568 Norfolk Southern 40,131 0.19

955 United Parcel Service 84,028 0.38




Ireland: 4.60% (2014: 4.28% )

75,867 KBI Institutional Emerging Markets Equity Fund 888,633 4.05

37,557 KBI GIF Cash Fund 120,028 0.55




Cash* 425,181 1.94





% of




Other assets 2.13

100.00



226





Fair Value % of


Equities: 99.79% (2014: 99.27% )

Austria: 0.00% (2014: 1.90% )

Banks: 0.00% (2014: 1.90% ) - -

Total Austria - -

Belgium: 7.88% (2014: 4.45% )

Banks: 2.29% (2014: 0.00% )

20,022 KBC Groep 1,178,695 2.29

Beverages: 2.64% (2014: 0.69% )

13,953 Anheuser-Busch InBev 1,356,720 2.64

Chemicals: 1.34% (2014: 0.00% )

19,306 Umicore 690,286 1.34

Insurance: 0.23% (2014: 0.00% )

3,296 Ageas 120,156 0.23


7,480 Groupe Bruxelles Lambert 516,569 1.00


6,055 Proximus 194,138 0.38

Total Belgium 4,056,564 7.88

Finland: 7.39% (2014: 7.28% )


20,217 Nokian Renkaat 484,096 0.94


99,848 UPM-Kymmene 1,486,737 2.89


10,725 Kone 374,463 0.73

7,101 Metso 156,222 0.30


43,864 Elisa 1,302,980 2.53




227





Fair Value % of



France: 24.12% (2014: 32.33% )

Apparel: 2.19% (2014: 0.00% )

7,534 LVMH Moet Hennessy Louis Vuitton 1,127,651 2.19

Banks: 0.00% (2014: 5.91% ) - -



4,953 Edenred 92,856 0.18

Computers: 0.00% (2014: 0.91% ) - -

Cosmetics/Personal Care: 0.00% (2014: 0.96% ) - -


108,209 Rexel 1,480,570 2.88


5,500 Schneider Electric 306,955 0.60

Electronics: 0.00% (2014: 2.34% ) - -


28,229 Vinci 1,614,558 3.14

Food: 0.28% (2014: 0.86% )

2,625 Danone 144,939 0.28

Insurance: 2.79% (2014: 2.48% )

26,709 AXA 595,277 1.16

42,372 CNP Assurances 582,509 1.13

8,259 SCOR 260,303 0.50

Media: 0.00% (2014: 2.01% ) - -



228





Fair Value % of




Oil & Gas: 2.36% (2014: 3.96% )

29,965 TOTAL 1,212,609 2.36

Oil & Gas Services: 0.44% (2014: 0.00% )

4,682 Technip 225,988 0.44


41,915 Sanofi 3,698,370 7.19


3,404 Unibail-Rodamco Reits 785,558 1.53

Retail: 0.00% (2014: 0.15% ) - -


10,439 Eutelsat Communications 280,966 0.54

Total France 12,409,109 24.12

Germany: 23.46% (2014: 23.64% )

Apparel: 0.30% (2014: 1.41% )

2,338 adidas 155,851 0.30


40,889 Daimler 2,930,923 5.70

Banks: 1.33% (2014: 0.00% )

26,135 Deutsche Bank 684,672 1.33

Chemicals: 2.91% (2014: 4.48% )

20,929 BASF 1,496,110 2.91


Healthcare-Services: 0.00% (2014: 0.34% ) - -

Insurance: 4.43% (2014: 4.63% )

3,639 Allianz 514,828 1.00

10,778 Muenchener Rueckversicherungs-Gesellschaftin Muenchen 1,761,934 3.43



229





Fair Value % of




Media: 1.66% (2014: 0.88% )

2,956 Axel Springer 159,580 0.31

16,050 ProSiebenSat.1 Media 694,203 1.35

Miscellaneous Manufacturer: 3.78% (2014: 4.31% )

22,055 Siemens 1,947,015 3.78

Retail: 1.60% (2014: 0.00% )

8,147 HUGO BOSS 824,884 1.60

Software: 1.56% (2014: 0.68% )

13,480 SAP 804,756 1.56

Transportation: 0.19% (2014: 0.00% )

3,950 Deutsche Post 97,032 0.19


Italy: 5.27% (2014: 6.39% )

Banks: 0.19% (2014: 0.00% )



49,530 Atlantia 1,185,253 2.30

Gas: 0.73% (2014: 0.00% )

86,319 Snam 376,523 0.73

Oil & Gas: 2.05% (2014: 3.31% )

71,555 Eni 1,052,932 2.05

Total Italy 2,709,691 5.27

Luxembourg: 1.31% (2014: 0.20% )


25,530 SES Receipt 674,120 1.31




230





Fair Value % of



Netherlands: 11.28% (2014: 9.91% )


37,493 RELX 514,591 1.00


74,175 Unilever 2,656,763 5.17

Electronics: 0.00% (2014: 0.32% ) - -

Food: 2.75% (2014: 7.44% )


Oil & Gas Services: 0.00% (2014: 0.34% )

Semiconductors: 2.36% (2014: 0.00% )

187,718 STMicroelectronics 1,214,066 2.36



Portugal: 1.96% (2014: 1.95% )

Electric: 1.96% (2014: 1.95% )

322,983 EDP - Energias de Portugal 1,010,937 1.96

Total Portugal 1,010,937 1.96

Spain: 17.12% (2014: 11.22% )

Banks: 11.51% (2014: 4.97% )

214,988 Banco Bilbao Vizcaya Argentaria 1,782,895 3.47

520,857 Banco Santander 2,850,911 5.54

332,614 CaixaBank 1,288,380 2.50


17,962 Abertis Infraestructuras 264,131 0.51

Gas: 4.44% (2014: 5.79% )

89,194 Enagas 2,193,949 4.26

5,078 Gas Natural 92,039 0.18

Software: 0.66% (2014: 0.46% )

9,056 Amadeus IT 337,494 0.66

Total Spain 8,809,799 17.12




231





Fair Value % of

EUR Net Assets


Cash* 152,942 0.30





% of




Other assets 0.34

100.00



232





Fair Value % of


Equities: 101.78% (2014: 97.73% )

Canada: 10.00% (2014: 16.77% )


59,600 Magna International 2,904,744 1.11

Banks: 3.78% (2014: 4.99% )

31,610 Bank of Montreal 1,685,986 0.64

60,333 Canadian Imperial Bank of Commerce/Canada 4,379,301 1.67

70,164 Royal Bank of Canada 3,861,261 1.47

Chemicals: 0.00% (2014: 0.82% ) - -


64,815 IGM Financial 1,831,919 0.70

Insurance: 2.01% (2014: 3.96% )

118,543 Power Financial 2,877,374 1.10

75,928 Sun Life Financial 2,389,977 0.91

Media: 1.68% (2014: 2.07% )

221,793 Shaw Communications 4,410,022 1.68

Oil & Gas: 0.72% (2014: 1.73% )

131,218 Cenovus Energy 1,876,304 0.72

Real Estate Investment Trusts: 0.00% (2014: 1.06% ) - -

Total Canada 26,216,888 10.00

Ireland: 3.14% (2014: 1.08% )

Computers: 3.14% (2014: 1.08% )

57,144 Accenture 5,387,251 2.06

55,200 Seagate Technology 2,837,004 1.08


Netherlands: 1.62% (2014: 0.00% )

Chemicals: 1.62% (2014: 0.00% )

49,635 LyondellBasell Industries 4,237,588 1.62




233





Fair Value % of



United States: 87.02% (2014: 79.88% )


49,539 Harris 3,806,081 1.45

Agriculture: 5.09% (2014: 5.49% )

91,755 Altria 4,916,692 1.88



152,797 Ford Motor 2,118,530 0.81

Banks: 4.04% (2014: 2.02% )

55,707 Bank of New York Mellon 2,217,417 0.85

17,106 Capital One Financial 1,329,735 0.51

34,855 JPMorgan Chase 2,234,728 0.85

90,107 Wells Fargo 4,804,956 1.83

Biotechnology: 1.48% (2014: 0.00% )

25,553 Amgen 3,878,051 1.48

Chemicals: 1.11% (2014: 0.96% )

66,254 Dow Chemical 2,899,606 1.11


53,786 Total System Services 2,465,281 0.94

155,752 Western Union 2,872,846 1.10

Computers: 4.10% (2014: 3.67% )

70,137 Apple 7,906,895 3.02

19,157 International Business Machines 2,833,033 1.08


38,151 Procter & Gamble 2,696,703 1.03



11,042 BlackRock 3,337,445 1.27

60,046 CME Inc/IL 5,671,945 2.17

Electric: 2.03% (2014: 3.79% )

21,868 Duke Energy 1,550,769 0.59

32,709 Pinnacle West Capital 1,947,003 0.74

59,140 PPL 1,833,636 0.70

1 Talen Energy 14 -



234





Fair Value % of





78,034 Emerson Electric 3,724,173 1.42

Electronics: 0.62% (2014: 0.00% )

44,891 Agilent Technologies 1,629,768 0.62

Food: 1.68% (2014: 1.23% )


59,350 Safeway PDC CVR 2,896 -

109,414 Sysco 4,361,789 1.66


32,029 International Paper 1,381,891 0.53


68,943 Baxter International 2,651,203 1.01

23,680 Zimmer Biomet 2,453,248 0.94


24,346 Aetna 2,788,713 1.06


40,799 Kimberly-Clark 4,346,929 1.66

Insurance: 0.62% (2014: 0.00% )

27,576 Aflac 1,615,540 0.62


29,930 Deere 2,447,825 0.93

Media: 1.47% (2014: 0.54% )

25,546 Comcast 1,438,878 0.55

45,459 Scripps Networks Interactive 2,412,282 0.92

Mining: 0.00% (2014: 1.27% ) - -



Oil & Gas Services: 1.01% (2014: 0.00% )

62,818 National Oilwell Varco 2,658,772 1.01



235





Fair Value % of




Oil & Gas: 6.04% (2014: 9.57% )

103,390 Exxon Mobil 7,782,166 2.97

41,354 Helmerich & Payne 2,440,506 0.93

94,469 Valero Energy 5,603,429 2.14


86,143 Abbott Laboratories 3,900,986 1.49

88,768 AbbVie 5,544,449 2.12

23,526 AmerisourceBergen 2,353,659 0.90

62,695 Eli Lilly 5,163,247 1.97

40,038 Johnson & Johnson 3,762,371 1.44

63,024 Merck 3,393,527 1.30

155,422 Pfizer 5,006,143 1.91


65,850 Digital Realty Trust Reits 4,169,951 1.59

32,843 HCP Reits 1,217,326 0.46

Retail: 7.44% (2014: 3.00% )

18,413 Darden Restaurants 1,252,544 0.48

72,420 GameStop 3,076,040 1.17

21,636 Home Depot 2,520,269 0.96

37,543 Lowe's Cos 2,596,286 0.99

28,518 McDonald's 2,710,208 1.03

102,960 Staples 1,462,547 0.56

41,575 TJX Cos 2,923,970 1.12

20,857 Walgreens Boots Alliance 1,805,069 0.69

17,908 Wal-Mart Stores 1,159,274 0.44

Savings & Loans: 0.00% (2014: 1.18% ) - -

Semiconductors: 2.78% (2014: 3.27% )

194,332 Intel 5,547,207 2.12

51,023 Maxim Integrated Products 1,718,200 0.66

Software: 7.65% (2014: 8.76% )

181,222 CA 4,946,454 1.89

24,115 Dun & Bradstreet 2,555,949 0.98

287,538 Microsoft 12,510,778 4.78


94,337 AT&T 3,131,517 1.20

135,571 Cisco Systems 3,507,900 1.34

92,332 Verizon Communications 4,247,734 1.62



236





Fair Value % of





36,463 Hasbro 2,719,957 1.04

Transportation: 1.84% (2014: 1.18% )

19,784 Norfolk Southern 1,541,470 0.59

33,463 United Parcel Service 3,267,829 1.25


Total Equities 266,629,377 101.78


Bank Overdraft (1,829,888) (0.70)

Other Net Liabilities (2,819,996) (1.08)



% of

Total Assets



Other assets 0.37

100.00


The KBI Institutional North America Equity Fund launched on 23 October 2013.



237




The KBI Institutional ACWI Equity Fund launched on 17 April 2015, therefore there are no comparatives.

Fair Value % of


Equities: 90.27%

Australia: 3.00%

Banks: 0.53%


Beverages: 0.14%


Building Materials: 0.13%

29,429 Boral 105,530 0.13

Computers: 0.10%


Diversified Financial Services: 0.35%

4,100 ASX 102,916 0.13

3,683 Macquarie 177,959 0.22

Electric: 0.22%

16,381 AGL Energy 176,118 0.22

Food: 0.22%

10,159 Woolworths 170,639 0.22

Healthcare-Services: 0.19%


Insurance: 0.23%


Mining: 0.30%

15,082 BHP Billiton 241,620 0.30

Real Estate Investment Trusts: 0.35%

43,328 Goodman Reits 168,329 0.21

98,955 Mirvac Reits 110,042 0.14

Telecommunications: 0.12%

26,402 Telstra 96,859 0.12

Transportation: 0.12%

30,153 Aurizon 95,270 0.12

Total Australia 2,405,301 3.00



238




Fair Value % of


Equities (Continued): 90.27%

Belgium: 0.12%

Beverages: 0.12%

961 Anheuser-Busch InBev 93,443 0.12


Bermuda: 0.16%

Apparel: 0.16%



Canada: 5.45%

Auto Parts & Equipment: 0.61%


Banks: 2.08%

5,948 Bank of Montreal 285,077 0.36




11,906 IGM Financial 298,731 0.37

Insurance: 1.09%



Media: 0.92%


Oil & Gas: 0.38%

24,104 Cenovus Energy 303,410 0.38

Total Canada 4,359,838 5.45

Finland: 0.51%

Forest Products & Paper: 0.30%

16,196 UPM-Kymmene 241,159 0.30



239




Fair Value % of



Finland (Continued): 0.51%

Machinery-Diversified: 0.21%

7,486 Metso 164,692 0.21


France: 1.87%

Commercial Services: 0.28%

11,812 Edenred 221,445 0.28

Computers: 0.19%

1,915 Cap Gemini 153,200 0.19

Distribution/Wholesale: 0.51%

30,043 Rexel 411,064 0.51

Insurance: 0.22%

12,491 CNP Assurances 171,720 0.22

Pharmaceuticals: 0.55%

4,970 Sanofi 438,528 0.55



Total France 1,494,313 1.87

Germany: 1.92%

Auto Manufacturers: 0.82%

5,449 Daimler 390,584 0.49

1,573 Volkswagen 262,416 0.33

Chemicals: 0.16%

1,864 BASF 133,248 0.16

Miscellaneous Manufacturing: 0.67%

6,113 Siemens 539,656 0.67

Retail: 0.15%

1,163 HUGO BOSS 117,754 0.15



240




Fair Value % of



Germany (Continued): 1.92%

Software: 0.12%

1,570 SAP 93,729 0.12


Hong Kong: 0.23%

Holding Companies-Diversified: 0.11%

9,000 Swire Pacific 88,188 0.11


19,500 Link Reits 92,310 0.12


Ireland: 1.71%

Computers: 1.71%

10,566 Accenture 903,092 1.13



Israel: 0.12%


1,613 Teva Pharmaceutical Industries 93,195 0.12


Italy: 1.04%


7,221 Pirelli & C. 107,774 0.13

Banks: 0.56%

153,334 Intesa Sanpaolo 448,042 0.56


11,718 Atlantia 280,412 0.35




241




Fair Value % of



Japan: 7.92%

Advertising: 0.12%

11,100 Hakuhodo DY 99,187 0.12

Agriculture: 0.30%

7,600 Japan Tobacco 241,913 0.30



14,800 Isuzu Motors 150,407 0.19

9,500 Toyota Motor 502,593 0.63



2,100 Toyota Industries 93,246 0.12

Banks: 0.84%


25,700 Resona 115,959 0.15

5,800 Sumitomo Mitsui Financial 211,822 0.26

Chemicals: 0.32%

36,000 Asahi Kasei 256,330 0.32



Computers: 0.14%

3,000 Nomura Research Institute 108,708 0.14

Cosmetics/Personal Care: 0.19%

3,800 Kao 155,213 0.19


11,000 ITOCHU 117,818 0.15

12,300 Mitsubishi 204,095 0.26

15,500 Mitsui 180,016 0.22

20,900 Sumitomo 197,829 0.25





242




Fair Value % of



Japan (Continued): 7.92%

Electrical Components & Equipment: 0.11%


Gas: 0.20%

44,000 Osaka Gas 159,487 0.20

Hand/Machine Tools: 0.18%

9,300 THK 144,172 0.18

Home Builders: 0.28%

16,900 Sekisui House 225,464 0.28

Insurance: 0.32%

7,200 Tokio Marine 258,369 0.32

Mining: 0.17%


Office/Business Equipment: 0.53%

15,400 Canon 419,942 0.53


9,800 Daiichi Sankyo 168,399 0.21

4,400 Otsuka 133,896 0.17

Real Estate: 0.30%

2,500 Daito Trust Construction 243,811 0.30

Retail: 0.30%

2,500 ABC-Mart 135,379 0.17

1,600 Lawson 102,064 0.13


5,300 Nippon Telegraph & Telephone 180,645 0.23

13,200 NTT DOCOMO 246,660 0.31


1,500 East Japan Railway 123,717 0.15

32,000 Nippon Express 138,557 0.17

Total Japan 6,334,733 7.92



243




Fair Value % of



Jersey: 0.17%

Oil & Gas Services: 0.17%

10,814 Petrofac 132,636 0.17


Luxembourg: 0.12%


3,684 SES Receipt 97,276 0.12


Netherlands: 2.55%

Chemicals: 0.88%


Engineering & Construction: 0.64%


Food: 0.51%


Insurance: 0.17%

14,406 Delta Lloyd 135,726 0.17

Semiconductors: 0.35%



Norway: 0.54%

Mining: 0.33%

86,252 Norsk Hydro 266,945 0.33


9,649 Telenor 169,908 0.21




244




Fair Value % of



Portugal: 0.20%

Electric: 0.20%



Singapore: 0.35%



Shipbuilding: 0.24%



Spain: 1.04%

Banks: 0.55%

80,208 Banco Santander 439,018 0.55

Gas: 0.34%

11,153 Enagas 274,336 0.34

Oil & Gas: 0.15%

9,078 Repsol 117,174 0.15


Sweden: 2.23%

Banks: 0.74%

29,088 Swedbank 593,638 0.74


6,835 Svenska Cellulosa 173,986 0.22

Home Furnishings: 0.38%

11,993 Electrolux 303,388 0.38





245




Fair Value % of



Sweden (Continued): 2.23%

Telecommunications (Continued): 0.89%

117,738 TeliaSonera 593,018 0.74

Total Sweden 1,781,080 2.23

Switzerland: 3.39%

Banks: 0.34%

14,587 UBS 270,325 0.34

Food: 0.76%

9,180 Nestle 605,641 0.76

Healthcare-Products: 0.27%

1,905 Sonova 220,260 0.27

Insurance: 1.15%

3,757 Zurich Insurance 922,649 1.15


3,719 Novartis 326,197 0.41

1,508 Roche 368,175 0.46


United Kingdom: 8.21%

Aerospace/Defense: 0.16%

32,581 Cobham 126,169 0.16

Agriculture: 1.36%



Banks: 0.79%

88,622 HSBC 632,314 0.79



42,526 ICAP 265,636 0.33



246




Fair Value % of




Electric: 0.59%

23,174 SSE 469,023 0.59

Entertainment: 0.11%

17,993 William Hill 89,080 0.11

Food: 0.20%

4,420 Unilever 159,400 0.20

Household Products/Wares: 0.22%

2,198 Reckitt Benckiser 173,922 0.22

Media: 0.27%

14,133 Pearson 220,143 0.27

Mining: 0.94%

29,252 BHP Billiton 455,343 0.57

9,081 Rio Tinto 298,202 0.37



Oil & Gas: 0.42%

67,457 BP 334,453 0.42


11,410 AstraZeneca 646,217 0.81


Retail: 0.14%

1,031 Next 112,735 0.14

Software: 0.14%

15,956 Sage Group 113,077 0.14


75,161 Vodafone 234,331 0.29




247




Fair Value % of



United States: 47.42%


9,271 Harris 641,129 0.80

Agriculture: 2.79%

16,995 Altria 820,942 1.03



28,302 Ford Motor 346,547 0.43

Banks: 2.19%


3,153 Capital One Financial 217,396 0.27

6,428 JPMorgan Chase 367,650 0.46

16,751 Wells Fargo 799,891 1.00

Biotechnology: 0.82%

4,725 Amgen 657,344 0.82

Chemicals: 0.60%

12,123 Dow Chemical 475,824 0.60



29,318 Western Union 485,320 0.61

Computers: 2.21%

12,929 Apple 1,306,684 1.63

3,536 International Business Machines 466,708 0.58


7,180 Procter & Gamble 456,044 0.57


2,057 BlackRock 570,790 0.71

11,196 CME Inc/IL 944,953 1.18

Electric: 1.13%

4,073 Duke Energy 263,024 0.33

6,168 Pinnacle West Capital 332,777 0.42

10,999 PPL 307,676 0.38



248




Fair Value % of



United States (Continued): 47.42%

Electrical Components & Equipment: 0.77%


Electronics: 0.34%

8,313 Agilent Technologies 270,660 0.34

Food: 0.89%

19,988 Sysco 711,768 0.89


5,854 International Paper 228,410 0.29



4,347 Zimmer Biomet 404,722 0.51

Healthcare-Services: 0.59%

4,510 Aetna 470,152 0.59


7,628 Kimberly-Clark 729,727 0.91

Insurance: 0.33%

5,093 Aflac 266,554 0.33


5,589 Deere 411,160 0.51

Media: 0.79%

4,707 Comcast 238,374 0.30






Oil & Gas: 3.24%

19,059 Exxon Mobil 1,275,503 1.60

7,561 Helmerich & Payne 388,978 0.49

17,433 Valero Energy 917,686 1.15



249




Fair Value % of






16,394 AbbVie 935,536 1.17

4,371 AmerisourceBergen 393,386 0.49

11,653 Eli Lilly & Co 864,748 1.08

7,416 Johnson & Johnson 629,622 0.79

11,755 Merck 580,514 0.73

28,747 Pfizer 837,482 1.05



6,033 HCP Reits 202,939 0.25

Retail: 4.06%

3,200 Darden Restaurants 197,113 0.25

13,456 GameStop 510,077 0.64

4,012 Home Depot 420,510 0.53

6,882 Lowe's Cos 420,232 0.53

5,350 McDonald's 459,253 0.57

19,374 Staples 237,573 0.30

7,824 TJX Cos 493,528 0.62

3,773 Walgreens Boots Alliance 294,226 0.37

3,429 Wal-Mart Stores 198,646 0.25


36,176 Intel 917,390 1.15


Software: 4.14%

33,649 CA 818,485 1.02

4,450 Dun & Bradstreet Corp 425,051 0.53

52,819 Microsoft 2,069,832 2.59


17,734 AT&T 526,609 0.66

25,201 Cisco Systems 584,891 0.73


Toys/Games/Hobbies: 0.56%

6,698 Hasbro 451,154 0.56



250




Fair Value % of





3,498 Norfolk Southern 247,144 0.31

6,036 United Parcel Service 531,092 0.66



Collective Investment Schemes: 9.95%

Ireland: 9.95%

661,856 KBI Institutional Emerging Markets Equity Fund 7,752,318 9.70

62,620 KBI Gif Cash Fund 200,126 0.25




Cash* 439,340 0.55





% of




Other assets 0.81

100.00

The KBI Institutional ACWI Equity Fund launched on 17 April 2015, therefore there are no comparatives.



251




Fair Value % of


Equities: 100.91%

Belgium: 0.46%

Beverages: 0.46%

2,477 Anheuser-Busch InBev SA/NV 241,359 0.46


Finland: 2.34%


47,356 UPM-Kymmene 704,421 1.35


23,390 Metso 514,463 0.99


France: 8.11%


31,708 Edenred 599,361 1.15

Computers: 0.85%

5,522 Cap Gemini 442,395 0.85


85,906 Rexel 1,173,691 2.25

Insurance: 0.95%

35,993 CNP Assurances 493,824 0.95


14,026 Sanofi 1,236,322 2.37

REITS: 0.54%


Total France 4,228,767 8.11

Germany: 8.51%


15,250 Daimler 1,094,111 2.10

4,644 Volkswagen 773,690 1.49



252




Fair Value % of



Germany (Continued): 8.51%

Chemicals: 0.77%

5,577 BASF 400,150 0.77


17,506 Siemens 1,547,705 2.97

Retail: 0.68%

3,458 HUGO BOSS 352,024 0.68

Software: 0.50%

4,358 SAP 261,654 0.50


Italy: 4.61%


21,507 Pirelli & C. 321,207 0.62

Banks: 2.44%

433,254 Intesa Sanpaolo 1,272,900 2.44


33,852 Atlantia 807,878 1.55

Total Italy 2,401,985 4.61

Jersey: 0.81%


34,452 Petrofac 421,698 0.81


Luxembourg: 0.53%


10,355 SES Receipt 274,382 0.53




253




Fair Value % of



Netherlands: 7.28%

Engineering & Construction: 2.86%

32,110 Boskalis Westminster 1,491,670 2.86

Food: 2.17%


Insurance: 0.77%

42,131 Delta Lloyd 398,644 0.77




Norway: 2.46%

Mining: 1.45%

248,185 Norsk Hydro 756,899 1.45


29,928 Telenor 525,084 1.01

Total Norway 1,281,983 2.46

Portugal: 0.87%

Electric: 0.87%



Spain: 4.51%

Banks: 2.38%

227,458 Banco Santander 1,242,262 2.38

Gas: 1.47%

31,352 Enagas 765,851 1.47

Oil & Gas: 0.66%

26,933 Repsol 343,463 0.66

Total Spain 2,351,576 4.51



254




Fair Value % of



Sweden: 9.78%

Banks: 3.25%

83,065 Swedbank 1,689,218 3.25


20,170 Svenska Cellulosa AB 512,220 0.98

Home Furnishings: 1.64%

34,026 Electrolux 855,506 1.64



338,221 TeliaSonera 1,699,158 3.26

Total Sweden 5,094,935 9.78

Switzerland: 14.79%

Banks: 1.50%

42,162 UBS 779,171 1.50

Food: 3.33%

26,357 Nestle 1,733,694 3.33


5,381 Sonova 625,461 1.20

Insurance: 4.98%

10,586 Zurich Insurance 2,596,237 4.98


10,371 Novartis 906,140 1.74

4,353 Roche 1,059,949 2.04




94,318 Cobham 364,498 0.70



255




Fair Value % of



United Kingdom (Continued): 35.85%

Agriculture: 5.99%

41,292 British American Tobacco 1,970,817 3.78

26,514 Imperial Tobacco 1,149,478 2.21

Banks: 3.42%

250,503 HSBC 1,783,674 3.42



120,455 ICAP 750,877 1.44

Electric: 2.56%

66,035 SSE 1,333,764 2.56

Entertainment: 0.46%

48,605 William Hill 240,142 0.46

Food: 0.92%

13,239 Unilever 476,466 0.92


6,306 Reckitt Benckiser 497,958 0.96

Media: 1.20%

40,213 Pearson 625,099 1.20

Mining: 4.10%

82,526 BHP Billiton 1,281,993 2.46

26,087 Rio Tinto 854,893 1.64


126,624 Amec Foster Wheeler 1,402,166 2.69

Oil & Gas: 1.84%

193,782 BP 958,811 1.84


32,044 AstraZeneca 1,811,136 3.48

64,595 GlaxoSmithKline 1,188,308 2.28



256




Fair Value % of



United Kingdom (Continued): 35.85%

Retail: 0.58%

2,773 Next 302,595 0.58

Software: 0.63%

46,189 Sage Group 326,664 0.63


214,784 Vodafone 668,267 1.28




Bank Overdraft (701,158) (1.34)





% of




Other assets 0.47

100.00



257


Schedule of Material Portfolio Changes for the financial year ended 31 August 2015 (Unaudited)

Largest Purchases Cost

EUR

907,000 Spain Government Bond 5.9% 30/07/2026 1,253,717

895,000 Italy Buoni Poliennali Del Tesoro 5% 01/08/2034 1,227,015

672,000 France Government Bond OAT 5.75% 25/10/2032 1,115,789

695,000 Italy Buoni Poliennali Del Tesoro 5.25% 01/11/2029 919,953

478,000 Spain Government Bond 5.75% 30/07/2032 746,075


630,000 France Government Bond OAT 2.75% 25/10/2027 719,364

425,000 France Government Bond OAT 6% 25/10/2025 637,880



290,000 Bundesrepublik Deutschland 4.75% 04/07/2028 426,716


280,000 Belgium Government Bond 4.5% 28/03/2026 389,455





235,000 Belgium Government Bond 4% 28/03/2032 337,786


200,000 Netherlands Government Bond 4% 15/01/2037 313,367

Largest Sales Proceeds

EUR

2,158,000 Spain Government Bond 5.9% 30/07/2026 2,963,256

1,471,000 Italy Buoni Poliennali Del Tesoro 7.25% 01/11/2026 2,274,820




1,140,000 France Government Bond OAT 4.5% 25/04/2041 1,809,035

1,078,000 France Government Bond OAT 6% 25/10/2025 1,618,695

960,000 Bundesrepublik Deutschland 4.75% 04/07/2034 1,596,878

998,000 France Government Bond OAT 5.5% 25/04/2029 1,595,118

1,155,000 France Government Bond OAT 3.5% 25/04/2026 1,442,750





580,000 Spain Government Bond 6% 31/01/2029 842,619

500,000 France Government Bond OAT 4% 25/04/2060 836,095

680,000 Italy Buoni Poliennali Del Tesoro 4% 01/02/2037 815,844

560,000 Ireland Government Bond 5.4% 13/03/2025 804,292


565,000 Italy Buoni Poliennali Del Tesoro 5% 01/08/2039 772,856



258




EUR

32,301 Archer-Daniels-Midland 1,365,720

15,661 SPX 1,050,158

19,994 FMC 990,871

86,750 Marine Harvest 925,294

126,585 Cosan 880,317

31,309 Potash Corp of Saskatchewan 876,482

147,916 Tomra Systems 863,758

490,800 All America Latina Logistica 847,659

2,083 Syngenta 813,289

10,232 Bunge 754,011

11,690 Aryzta 752,903

71,776 SunOpta 669,148

12,680 Andersons 533,193

192,400 Minerva 520,220

156,699 KBI GIF - Cash Fund 500,000

8,833 Canadian National Railway 480,708

12,322 Ag Growth International 462,296

69,831 PureCircle 458,391

13,852 BayWa 445,361

472,645 Jain Irrigation Systems 436,259


EUR

25,899 Bunge 1,960,815

42,444 GEA 1,718,781

401,900 JBS 1,573,199

13,809 Agrium 1,257,595

136,325 Vicwest 1,206,328

147,916 Tomra Systems 1,084,302

621 SGS 1,076,598

23,000 AGCO 1,009,988

13,972 Ingredion 973,910

20,802 Yara International 940,018

85,970 PhosAgro GDR 936,120

16,970 Aryzta 934,653

92,467 SunOpta 902,489

25,929 BayWa 893,643

48,405 Genus 874,146

95,831 Origin Enterprises 793,268

115,600 Cosan 780,788

112,148 GrainCorp 754,973

2,613,000 Golden Agri-Resources 733,400

147,744 SLC Agricola 718,494



259




EUR

166,196 SunPower 4,082,164

141,255 Canadian Solar 3,436,542

123,386 JinkoSolar ADR 3,017,351

68,444 First Solar 2,919,810

299,793 Trina Solar ADR 2,858,080

7,802,000 Huaneng Renewables 2,607,349

47,748 Delphi Automotive 2,448,535

60,839 Johnson Controls 2,443,581

50,220 BorgWarner 2,378,047

6,291,197 Beijing Jingneng Clean Energy 2,322,565

123,598 Covanta 2,280,867

34,061 Eaton 1,898,941

759,548 SIG 1,774,251

54,915 Itron 1,672,635

58,424 CSX 1,637,167

92,970 SunEdison 1,566,677

580,536 Infinis Energy 1,537,301

8,787,200 Energy Development 1,489,626

183,243 Innergex Renewable Energy 1,436,107

141,337 Saeta Yield 1,404,558


EUR


75,694 Owens Corning 2,340,473

72,633 Canadian Solar 2,234,814

309,987 Capital Stage 2,196,661

73,331 SunPower 2,047,675

80,530 Quanta Services 2,039,464

64,185 CSX 2,038,077

96,686 SunEdison 1,987,009

104,048 Covanta 1,979,546

74,350 Koninklijke Philips 1,908,212

29,486 Regal Beloit 1,782,649

26,900 Delphi Automotive 1,766,359

64,735 Pattern Energy 1,668,110

27,896 Eaton 1,642,133

98,719 Prysmian 1,598,973

1,044,910 Greencoat UK Wind Plc/Funds 1,590,241

646,583 SIG 1,565,813

63,933 Zumtobel 1,524,166

7,296,000 China Suntien Green Energy 1,436,822

25,092 Canadian National Railway 1,410,761



260


Schedule of Material Portfolio Changes for the financial year ended 31 August 2015

(Unaudited)


USD

218,518 SPX 17,193,770

15,617 Georg Fischer 10,105,274

372,977 Rexnord 9,221,627

472,546 Suez Environnement 8,984,459

288,584 Arcadis 8,299,161

672,305 EnerCare 8,032,847

219,772 Xylem 7,674,951

121,259 Flowserve 7,399,053

71,784 Ecolab 7,370,062

113,514 Pentair 7,216,678

129,345 American Water Works 6,833,813

726,471 Mueller Water Products 6,498,758

219,982 HD Supply 6,294,615

424,163 Newalta 6,240,816

1,185,000 Ebara 6,026,405

167,089 Itron 5,914,957

83,598 Toro 5,522,623

65,903 Danaher 5,511,175

270,164 Calgon Carbon 5,321,502

1,680,900 Sembcorp Industries 5,228,203


USD

379,379 HD Supply 12,413,263

392,763 Travis Perkins 12,006,086

197,751 Wolseley 11,513,840

92,418 Sulzer 10,679,509

409,380 Advanced Drainage Systems 10,306,380

143,456 Pentair 9,251,788

147,341 Flowserve 8,934,170

104,122 Danaher 8,610,049

1,747,000 Ebara 8,144,125

62,344 Ecolab 7,130,810

371,944 Suez Environnement 6,649,120

9,693 Georg Fischer 6,469,693

245,956 Tetra Tech 6,347,428

297,920 Veolia Environnement 5,624,205

98,002 American Water Works 5,071,605

342,038 United Utilities 4,977,661

233,215 Calgon Carbon 4,833,590

116,143 AECOM Technology 4,057,504

403,704 Mueller Water Products 3,928,315

142,031 Rexnord 3,777,561



261



(Unaudited)


EUR

70,760 SunPower 1,815,747

23,506 SPX 1,607,298

145,709 Trina Solar Ltd ADR 1,410,591

199,800 Cosan 1,299,608

35,039 CSX 1,059,173

496,895 SIG 1,031,498

680,000 Epistar 1,020,760

247,000 Ebara 979,824

19,299 Delphi Automotive 925,135

16,674 Pentair 860,706

27,164 Itron 845,961

9,450 Ecolab 810,651

32,872 Canadian Solar 787,413

63,949 Newalta 783,492

15,420 Flowserve 773,028

27,159 Franklin Electric 755,800

72,166 EnerCare 728,710

8,779 Danaher 677,968

1,100 Georg Fischer 670,141

30,830 Rexnord 656,706


EUR

63,642 Travis Perkins 1,658,810

75,641 Tetra Tech 1,525,758

27,965 Flowserve 1,494,062

28,010 Wolseley 1,492,053

53,950 HD Supply Holdings 1,477,593

263,711 Capital Stage AG 1,458,755

13,915 Sulzer AG 1,439,675

35,950 GEA Group AG 1,389,950

371,000 Ebara 1,387,033

952,524 Renewables Infrastructure Group 1,306,067

42,990 Ownes Corning 1,285,697

22,125 Pentair 1,264,428


326,900 JBS 1,231,697

56,799 Zumtobel 1,219,331

4,117,000 Golden Agri-Resources 1,201,229

120,597 PhosAgro 1,177,518

229,364 Pure Technologies 1,166,727

16,100 Bunge 1,146,864

240,356 SLC Agricola 1,124,201



262



(Unaudited)


EUR

1,505,000 Hon Hai Precision Industry 4,157,247

293,000 MediaTek 3,443,713

1,185,000 Radiant Opto-Electronics 3,007,021

462,729 Gazprom ADR 2,202,539

658,472 KBI Cash Fund - Series 10A Euro 2,100,000

812,300 Sime Darby 1,884,949

1,623,000 Lite-On Technology 1,834,941

150,500 China Mobile 1,803,088

2,379,500 Sinopec Engineering 1,767,714

1,010,000 Pegatron 1,707,194

2,158,114 Redefine Properties Reits 1,659,775

11,830 Hyundai Motor 1,651,772

14,020,400 Kalbe Farma 1,620,234

115,787 Richter Gedeon Nyrt 1,556,309

47,724 Infosys 1,542,664

1,410,000 Huaneng Power International 1,536,993

198,200 Banco Bradesco 1,514,841

2,172,000 CTBC Financial 1,505,590

634,700 Malayan Banking 1,422,419

283,000 Delta Electronics 1,420,795


EUR

1065000 Taiwan Semiconductor Manufacturing 4,055,435

382,000 MediaTek 3,574,018

565,000 Delta Electronics 2,753,451

5,021,000 Bank of China 2,573,752

3,489,000 China Construction Bank 2,503,433

56,175,579 Banco Santander Chile 2,377,455

3,588,000 Evergrande Real Estate 2,142,800

658,472 KBI Cash Fund - Series 10A Euro 2,100,500

634,000 Radiant Opto-Electronics 1,945,721

1,636,000 Zhejiang Expressway 1,945,545

84,779 CEZ 1,834,242

2,859,236 Ecopetrol 1,817,261

2,795,000 Industrial & Commercial Bank of China 1,747,514

1,634,000 Lite-On Technology 1,685,845

16,604,669 Banco de Chile 1,616,892

150,000 China Mobile 1,616,299

285,900 Vale 1,488,067

1,374,800 Guangzhou R&F Properties 1,473,426

558,439 Turk Telekomunikasyon 1,430,062

37,100 Lukoil ADR 1,420,544



263



(Unaudited)


EUR

321,987 National Oilwell Varco 17,130,621

3,350,446 KBI Gif Cash Fund 10,700,000

451,518 Swedbank 10,105,259

184,440 AbbVie 9,903,159

196,381 Las Vegas Sands 9,794,320

109,453 Accenture 9,372,896

165,839 Valero Energy 9,088,863

84,738 Apple 8,932,748

99,812 CME Inc/IL 8,545,355

452,477 Cenovus Energy 8,294,230

138,707 Helmerich & Payne 8,079,058

210,378 Microsoft 8,069,409

151,121 Wells Fargo 7,690,404

221,722 IGM Financial 7,173,478

106,531 LyondellBasell Industries 7,099,508

51,298 Amgen 7,032,407

195,025 Abbott Laboratories 6,816,125

329,551 BHP Billiton 6,797,793

1,552,422 Caixabank 6,340,803

136,579 Ingersoll-Rand 6,316,445


EUR

433,233 CA 12,579,732

788,388 Peoples United Financial 11,153,128

175,464 Eli Lilly 10,939,451

108,530 Chevron 10,047,405

175,039 ConocoPhillips 9,781,877

301,800 IGM Financial 9,593,773

196,381 Las Vegas Sands 9,588,946

1,169,167 HSBC 9,530,805


2,724,413 KBI Gif Cash Fund 8,700,683

546,589 Staples 7,933,418

331,141 Mattel 7,863,099

78,366 Apple 7,774,391

150,024 Bristol-Myers Squibb 7,766,673

192,524 Microsoft 7,481,063

98,555 Philip Morris International 7,124,359

119,751 Lorillard 7,107,079

84,564 BASF 7,071,454

123,977 JPMorgan Chase 6,946,119




264




EUR


501,442 KBI Gif Cash Fund 1,600,000

16,603 AbbVie 890,461

17,724 Las Vegas Sands 877,122

39,107 Swedbank 875,682

18,709 Ingersoll-Rand 866,501

41,148 Cenovus Energy 803,131

12,576 Helmerich & Payne 742,736

54,613 KBI Dividend Plus Emerging Markets Fund 660,079

19,031 Abbott Laboratories 653,059

9,669 LyondellBasell Industries 638,526

4,532 Amgen 613,856

7,046 Accenture 591,017

28,226 BHP Billiton 584,950

16,776 IGM Financial 552,304

133,294 Caixabank 542,040

8,999 Valero Energy 492,439

38,930 Amec Foster Wheeler 487,781

5,655 CME Inc/IL 484,146

11,857 Dow Chemical 465,073


EUR

392,321 KBI Dividend Plus Emerging Markets Fund 5,257,442

51,532 Microsoft 1,999,758

64,000 CA 1,820,980

28,410 Eli Lilly 1,768,600


15,298 Apple 1,541,706

60,299 General Electric 1,392,514

172,682 HSBC 1,390,044

14,577 Chevron 1,357,430


38,728 IGM Financial 1,248,634

15,905 Exxon Mobil 1,213,869

81,656 People's United Financial 1,134,827


36,862 Intel 1,027,843

16,635 AstraZeneca 1,010,881

68,015 Staples 940,203

3,314 Zurich Insurance 939,489

16,026 AbbVie 924,306

18,709 Ingersoll-Rand 916,865



265



(Unaudited)


EUR

721,680 Banco Santander 721,680

440,579 CaixaBank 440,579

350,000 KBI Gif Cash Fund 350,000

347,620 STMicroelectronics 347,620

314,061 Sanofi 314,061

310,598 Rexel 310,598

278,242 Delta Lloyd 278,242

252,735 BASF 252,735

246,935 National Oilwell Varco 246,935

236,295 Elisa 236,295

230,328 L'Oreal 230,328

228,296 Anheuser-Busch InBev SA/NV 228,296

218,843 LVMH Moet Hennessy Louis Vuitton 218,843

203,079 KBC Groep 203,079

193,524 Daimler 193,524

188,603 Muenchener Rueckversicherungs-Gesellschaftin Muenchen 188,603

188,840 Umicore 188,840

179,310 Vinci 179,310

174,704 Societe Generale 174,704

170,051 Deutsche Bank 170,051


EUR

5,647 BASF 457,685

68,387 Natixis 429,067

11,997 Bouyges 375,792

11,147 Proximus 368,775

2,077 L'Oreal 366,123

7,449 Societe Generale 303,519

4,200 Deutsche Boerse 288,289

11,276 Nokian Renkaat 280,904

2,939 Sanofi 241,665

17,453 UPM-Kymmene 234,805

9,765 Lagardere 233,253


14,106 Delta Lloyd 223,116

8,392 Enagas 218,280

2,234 Chevron 206,243

47,422 CaixaBank 203,564

3,601 ConocoPhillips 201,202

22,848 Banco Bilbao Vizcaya Argentaria 197,518

4,171 TOTAL 195,787

3,209 Eli Lilly 190,555



266



(Unaudited)


EUR

574,284 Banco Santander 3,822,504

536,693 CaixaBank 2,176,312

26,928 Sanofi 2,085,011

125,065 Rexel 1,839,971

219,827 STMicroelectronics 1,760,912

96,224 Delta Lloyd 1,656,289

31,820 Vinci 1,438,990

8,516 L'Oreal 1,436,880

17,056 BASF 1,394,459

9,260 LVMH Moet Hennessy Louis Vuitton 1,385,012

13,221 Anheuser-Busch InBev 1,329,004

45,129 Elisa 1,318,931

17,583 Daimler 1,212,773

21,509 KBC Groep 1,186,778

31,526 Societe Generale 1,177,991

6,211 Muenchener Rueckversicherungs-Gesellschaftin Muenchen 1,053,996

23,950 Umicore 1,038,735

10,999 Siemens 998,434

4,509 Unibail-Rodamco Reits 965,342

33,457 Deutsche Bank 932,409


EUR

35,067 BASF 2,804,988

34,724 Sanofi 2,796,509

449,370 Natixis 2,779,216

72,189 Proximus 2,396,027

13,634 L'Oreal 2,353,813

159,941 UPM-Kymmene 2,225,524

84,350 Enagas 2,221,634

72,372 Bouygues 2,202,569

50,879 Societe Generale 2,051,067

29,598 Deutsche Boerse 2,030,117

22,961 Daimler 1,825,423

49,094 Unilever 1,824,997

19,698 Siemens 1,802,191

122,194 Rexel 1,743,408

72,257 Lagardere 1,715,563

193,094 Banco Bilbao Vizcaya Argentaria 1,634,500

70,841 Atlantia 1,532,735

96,224 Delta Lloyd 1,532,475

62,464 Nokian Renkaat 1,491,440

30,682 TOTAL 1,428,861



267



(Unaudited)


USD


111,273 Las Vegas Sands 6,630,059

101,650 AbbVie 6,555,060

140,470 Microsoft 6,429,540

100,664 Valero Energy 6,100,451

50,847 Apple 6,097,420

262,358 Cenovus Energy 5,995,986

62,424 CME Inc/IL 5,975,292

61,382 Accenture 5,713,992

78,427 Helmerich & Payne 5,596,944

131,426 IGM Financial 5,279,034

62,605 LyondellBasell Industries 5,150,350

91,030 Wells Fargo 5,119,158

116,354 Abbott Laboratories 5,055,893


49,874 Exxon Mobil - New York 4,536,773

28,304 Amgen 4,464,175



117,324 CA 3,550,168


USD

63,037 Chevron 7,292,431



85,939 Eli Lilly 6,282,388

103,418 Las Vegas Sands 5,738,516

181,850 CA 5,660,837

86,362 Bristol-Myers Squibb 5,269,636

149,850 IGM Financial 5,254,756


168,861 Mattel 4,559,778


277,175 Staples 4,505,617

36,597 Apple 4,134,203

50,073 Philip Morris International 4,051,249

59,006 Lorillard 4,005,047

40,410 Genuine Parts 3,947,679

50,552 Entergy 3,899,745

185,159 Canadian Oil Sands 3,724,271

78,284 Microsoft 3,721,355

60,497 JPMorgan Chase 3,706,111



268



(Unaudited)


EUR

661,856 KBI Institutional Emerging Markets Equity Fund 9,775,204

52,819 Microsoft 2,044,789


19,679 Exxon Mobil 1,583,815

13,322 Apple 1,520,256


39,802 Intel 1,192,541

40,696 CA 1,188,322

4,028 Zurich Insurance 1,180,662

136,802 HSBC 1,142,934

15,873 Reynolds American 1,134,836

19,501 AbbVie 1,122,050

16,148 Eli Lilly & Co 1,090,568

30,533 IGM Financial 1,054,727


18,234 Valero Energy 991,378

69,810 People's United Financial 982,767

11,196 CME Inc/IL 958,537

14,834 Baxter International 956,391

29,070 Pfizer 938,249


EUR

69,810 People's United Financial 997,581


30,676 Mattel 730,047

17,793 National Oilwell Varco 691,944

7,393 BASF 608,339

8,220 Philip Morris International 589,949

18,627 IGM Financial 577,268

6,862 Lorillard 437,770

12,905 HCP Reits 435,791

48,180 HSBC 402,652

8,844 ProSiebenSat.1 Media 396,989

13,516 Baxalta 383,505

16,365 Cablevision Systems 379,131

13,435 Potash Corp of Saskatchewan 367,204

11,573 AT&T 365,946

11,349 PPL 335,832

4,495 Eli Lilly & Co 332,264

7,042 Paychex 305,164

14,596 Swedbank 298,895

4,007 Swiss Prime Site 278,535



269




EUR

406,312 HSBC 3,584,954

11,888 Zurich Insurance 3,371,245

133,528 Swedbank 2,745,925

51,992 British American Tobacco 2,614,500

28,834 BASF 2,547,611

36,620 AstraZeneca 2,292,462

384,356 TeliaSonera 2,133,407

45,877 Imperial Tobacco 2,091,610

102,577 GlaxoSmithKline 2,091,139

28,959 Nestle 2,021,951

93,640 BHP Billiton 1,999,066

311,740 BP 1,984,180

19,376 Siemens 1,879,801

258,091 Banco Santander 1,725,667

73,896 SSE 1,679,519

139,266 Amec Foster Wheeler 1,672,719

35,019 Boskalis Westminster 1,588,951

16,747 Sanofi 1,537,463

94,324 Rexel 1,534,984

16,917 Daimler 1,483,599


EUR

23,257 BASF 1,916,899

155,809 HSBC 1,288,844

50,463 Swedbank 1,036,899

12,544 Swiss Prime Site 872,357

19,363 Imperial Tobacco 849,504

37,982 GlaxoSmithKline 745,247

117,958 BP 665,615

13,678 ProSiebenSat.1 615,777

10,700 British American Tobacco 565,108

3,973 Renault 365,911

1,302 Zurich Insurance 352,851

16,535 Koninklijke Ahold 302,423

4,576 AstraZeneca 275,181

2,721 Sanofi 255,141

17,362 Abertis Infraestructuras 252,617

46,135 TeliaSonera 244,836

58,245 Caixabank 232,400

1,507 Allianz 231,959

13,439 Repsol 226,961

5,688 Amadeus 223,392



270

Other notes to the Financial Statements (Unaudited)

Information in respect of underlying investments:

The KBI Institutional Global Equity Fund, the KBI Institutional 50/50 Global/Eurozone Equity Fund and the KBI

Institutional ACWI Equity Fund invest in the following underlying fund:

Underlying Fund Domiciled Investment Management Fee %

KBI Institutional Emerging Markets Equity Fund Euro Class A

Ireland

0% per annum of Net Asset Value

attributable to Euro Class

The KBI Institutional Global Equity Fund and the KBI Institutional 50/50 Global/Eurozone Equity Fund invest in the

following underlying fund.

Underlying Fund Domiciled Investment Management Fee %

KBI Cash Fund Euro Series 10A

Ireland

0% per annum of Net Asset Value

attributable to Euro Class

Documents

Kleinwort Benson Investors Institutional Fund Plc ANNUAL REPORT & AUDITED FINANCIAL