NOMURA FUNDS IRELAND PLC Interim Report and Unaudited … · 2014-09-01 · NOMURA FUNDS IRELAND PLC Interim Report and Unaudited Financial Statements for the half year ended 30th

NOMURA FUNDS IRELAND PLC

Interim Report and Unaudited Financial Statementsfor the half year ended 30th June, 2014

Company Registration No. 418598


TABLE OF CONTENTS

Page

MANAGEMENT AND ADMINISTRATION 2

GENERAL INFORMATION 3

INVESTMENT MANAGER'S REPORT 10

NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKET EQUITY FUND 10NOMURA FUNDS IRELAND - INDIA EQUITY FUND 11NOMURA FUNDS IRELAND - ASIA EX JAPAN FUND 13NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND 15NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND 17NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND 19NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUND 21NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND 23NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUND 25NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND 27

STATEMENT OF FINANCIAL POSITION 28

STATEMENT OF COMPREHENSIVE INCOME 33

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATINGSHARES 37

STATEMENT OF CASH FLOWS 41

NOTES TO THE FINANCIAL STATEMENTS 47

STATEMENT OF INVESTMENTS

NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKET EQUITY FUND 73NOMURA FUNDS IRELAND - INDIA EQUITY FUND 78NOMURA FUNDS IRELAND - ASIA EX JAPAN FUND 80NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND 84NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND 132NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND 137NOMURA FUNDS IRELAND - NEWS EMERGING MARKETS SMALL CAP EQUITY FUND 164NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUND 165NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND 167NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUND 169NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND 171

STATEMENT OF CHANGES IN THE PORTFOLIO

NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKET EQUITY FUND 184NOMURA FUNDS IRELAND - INDIA EQUITY FUND 186NOMURA FUNDS IRELAND - ASIA EX JAPAN FUND 188NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND 190NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND 192NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND 194NOMURA FUNDS IRELAND - NEWS EMERGING MARKETS SMALL CAP EQUITY FUND 196NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUND 198NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND 200NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUND 202NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND 204

APPENDIX 1 207

1


MANAGEMENT AND ADMINISTRATION

DIRECTORSDavid Dillon – Irish*Mark Roxburgh – British (Chairman)John Walley – Irish**

REGISTERED OFFICE OF THE COMPANY33 Sir John Rogerson’s QuayDublin 2Ireland

* Non-Executive Director** Independent Non-Executive Director

ADMINISTRATORBrown Brothers Harriman Fund AdministrationServices (Ireland) LimitedStyne HouseUpper Hatch StreetDublin 2Ireland

COMPANY SECRETARYTudor Trust Limited33 Sir John Rogerson’s QuayDublin 2Ireland

CUSTODIANBrown Brothers Harriman Trustee Services (Ireland) LimitedStyne HouseUpper Hatch StreetDublin 2Ireland

DISTRIBUTORNomura Asset Management U.K. LimitedNomura House1 Angel LaneLondon EC4R 3ABEngland

AUDITORSErnst & YoungBlock 1Harcourt CentreHarcourt StreetDublin 2Ireland

LEGAL ADVISERSDillon Eustace33 Sir John Rogerson’s QuayDublin 2Ireland

INVESTMENT MANAGERNomura Asset Management U.K. LimitedNomura House1 Angel LaneLondon EC4R 3ABEngland

SUB-INVESTMENT MANAGERNomura Asset Management Singapore Limited10 Marina BoulevardMarina Bay Financial Centre Tower 233-03 Singapore 018983Singapore

SUB-INVESTMENT MANAGERNomura Asset Management Co. Ltd1-12-1, NihonbashiChuo-KuTokyo 103-8260Japan

SUB-INVESTMENT MANAGERNomura Corporate Research and Asset Management Inc.2 World Financial CentreBuilding BNew York, NY 10281-1198United States of America

2


GENERAL INFORMATION

Nomura Funds Ireland Plc (the “Fund”) is structured as an open-ended umbrella investment company with variable capital,incorporated under the laws of Ireland on 13th April, 2006 as a public limited company pursuant to the Companies Act, 1963 to2013. The Fund has been authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in TransferableSecurities pursuant to the provisions of the European Communities (Undertakings for Collective Investment in TransferableSecurities) Regulations, 2011 (as amended) (the “UCITS Regulations”). The Fund commenced operations on 18th December,2006.

At the half year end, there were redeemable participating shares of ten sub-funds in issue, the Nomura Funds Ireland - GlobalEmerging Market Equity Fund (the Global Emerging Markets Fund was fully redeemed on 22nd November, 2013; it relaunchedunder a new name Global Emerging Market Equity Fund on 17th December, 2013), the Nomura Funds Ireland - India EquityFund, the Nomura Funds Ireland - Asia Ex Japan Fund (formerly the Nomura Funds Ireland - Asia Pacific Ex Japan Fund), theNomura Funds Ireland - Fundamental Index Global Equity Fund, the Nomura Funds Ireland - Japan Strategic Value Fund, theNomura Funds Ireland - US High Yield Bond Fund, the Nomura Funds Ireland - Asian Smaller Companies Fund, the NomuraFunds Ireland - Japan High Conviction Fund, the Nomura Funds Ireland - Asia Ex Japan High Conviction Fund and the NomuraFunds Ireland - Global High Yield Bond Fund (the “Sub-Funds”). The Fund has segregated liability between its Sub-Funds andaccordingly any liability incurred on behalf of or attributable to any Sub-Fund shall be discharged solely out of the assets of thatSub-Fund. The Fund had in issue the following share classes in each of the Sub-Funds at the half year end:

Sub-Fund Share Class Currency Launch Date Launch Price

Nomura Funds Ireland - Global Emerging Market Equity FundClass I US$ USD 17th December, 2013 USD 100

Nomura Funds Ireland - India Equity FundClass A Euro EUR 16th November, 2011 EUR 100Class S JPY JPY 12th March, 2010 JPY 10,000Class Z US$ USD 12th January, 2007 INR 10,000

Nomura Funds Ireland - Asia Ex Japan FundClass A US$ USD 26th July, 2013 USD 100Class J JPY JPY 30th October, 2012 JPY 10,000

Nomura Funds Ireland - Fundamental Index Global Equity FundClass A Euro EUR 16th November, 2011 EUR 100Class A US$ USD 30th December, 2010 USD 100Class I Euro EUR 4th January, 2011 EUR 100Class I US$ USD 19th December, 2008 USD 100

Nomura Funds Ireland - Japan Strategic Value FundClass A Euro EUR 16th November, 2011 EUR 100Class A Euro Hedged EUR 15th May, 2013 EUR 100Class A JPY JPY 4th January, 2010 JPY 10,000Class A US$ USD 10th November, 2011 USD 100Class A US$ Hedged USD 30th December, 2013 USD 100Class AD Sterling GBP 7th March, 2014 GBP 100Class AD Sterling Hedged GBP 7th March, 2014 GBP 100Class I Euro EUR 14th February, 2011 EUR 100Class I Euro Hedged EUR 13th April, 2012 EUR 100Class I JPY JPY 26th August, 2009 JPY 10,000Class I Sterling GBP 25th March, 2010 GBP 100

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GENERAL INFORMATION (CONTINUED)

Sub-Fund Share Class Currency Launch Date Launch Price

Nomura Funds Ireland - Japan Strategic Value Fund (continued)Class I US$ USD 30th December, 2013 USD 100Class I US$ Hedged USD 10th April, 2013 USD 100Class ID Sterling GBP 7th March, 2014 GBP 100Class ID Sterling Hedged GBP 7th March, 2014 GBP 100Class ID US$ USD 7th May, 2014 USD 100Class ID US$ Hedged USD 7th May, 2014 USD 100

Nomura Funds Ireland - US High Yield Bond FundClass A Euro EUR 16th November, 2011 EUR 100Class A Euro Hedged EUR 11th April, 2012 EUR 100Class A US$ USD 14th November, 2011 USD 100Class D US$ USD 18th April, 2012 USD 100Class I CHF Hedged CHF 25th April, 2014 CHF 100Class I Euro Hedged EUR 6th December, 2012 EUR 100Class I Sterling Hedged GBP 20th June, 2013 GBP 100Class I US$ USD 31st March, 2009 USD 100Class Z Sterling Hedged GBP 5th June, 2014 GBP 100

Nomura Funds Ireland - Asian Smaller Companies FundClass A Euro EUR 22nd August, 2013 EUR 100Class Z US$ USD 12th March, 2013 USD 100

Nomura Funds Ireland - Japan High Conviction FundClass I JPY JPY 7th August, 2013 JPY 10,000

Nomura Funds Ireland - Asia Ex Japan High Conviction FundClass I US$ USD 4th September, 2013 USD 100

Nomura Funds Ireland - Global High Yield Bond FundClass A Euro EUR 15th April, 2014 EUR 100Class I US$ USD 15th April, 2014 USD 100

Nomura Funds Ireland - Global Emerging Market Equity Fund

The investment objective of the Nomura Funds Ireland - Global Emerging Market Equity Fund (the “Sub-Fund”) is to achievelong-term capital growth through investment in an actively managed portfolio of global emerging market securities.

The Sub-Fund shall invest, under normal market conditions, primarily in equity and equity-related securities listed or traded on arecognised exchange in the countries covered by the MSCI Emerging Markets (Total Return Net) Index (the “Index Countries”).The Sub-Fund may invest in equity and equity-related securities listed or traded on any recognised exchange in non-IndexCountries provided that the business activities of the issuers of such securities are in the Index Countries or in other emergingcountries. The Sub-Fund may invest up to 20% of its net assets in equity and equity-related securities listed or traded on anyrecognised exchange in non-Index Countries.

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Nomura Funds Ireland - Global Emerging Market Equity Fund (continued)

The Sub-Fund may also hold exposure to the Index Countries through investment in such instruments as American DepositaryReceipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) and which may belisted on any recognised exchange in a non-Index Country.

It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).

Investment in equity and equity-related securities in Russia is not expected to exceed twice the percentage weighting of Russiansecurities held by the MSCI Emerging Markets (Total Return Net) Index (the “Index”).

The performance of the Sub-Fund’s portfolio of investments will be measured against the Index which is a free float-adjustedmarket capitalisation index that is designed to measure equity market performance in the global emerging markets. TheInvestment Manager is, however, entitled at any time to change the Index where, for reasons outside the Investment Manager'scontrol, the Index has been replaced by another index or where another index may reasonably be considered by the InvestmentManager to have become the industry standard for the relevant exposure. A change in Index proposed by the Directors will besubject to shareholder approval and disclosure in a revised supplement for the Sub-Fund.

Nomura Funds Ireland - India Equity Fund

The investment objective of the Nomura Funds Ireland - India Equity Fund (the “Sub-Fund”) is to achieve long-term capitalgrowth through investment in an actively managed portfolio of Indian securities.

The Sub-Fund invests, under normal market conditions, primarily in equity and equity-related securities listed or traded on arecognised exchange in India. The Sub-Fund may invest in equity and equity-related securities listed or traded on any recognisedexchange outside India provided that the business activities of the issuers of such securities are in India. The Sub-Fund may alsohold exposure to India through investment in such instruments as American Depositary Receipts (“ADRs”) and GlobalDepositary Receipts (“GDRs”) and which may be listed on any recognised exchange outside India.

It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).

The performance of the Sub-Fund’s portfolio of investments will be measured against the MSCI India Index (the “Index”). TheInvestment Manager is, however, entitled at any time to change the Index where, for reasons outside the Investment Manager'scontrol, the Index has been replaced by another index or where another index may reasonably be considered by the InvestmentManager to have become the industry standard for the relevant exposure. A change in Index proposed by the Directors will besubject to shareholder approval and disclosure in a revised supplement for the Sub-Fund.

Nomura Funds Ireland - Asia Ex Japan Fund

The investment objective of the Nomura Funds Ireland - Asia Ex Japan Fund (the “Sub-Fund”) is to achieve long-term capitalgrowth through investment in an actively managed portfolio of Asia (excluding Japan) securities.

The Sub-Fund invests, under normal market conditions, primarily in equity and equity-related securities listed or traded on arecognised exchange in the countries covered by the MSCI All Countries Asia Ex Japan Index (the “Index Countries”). The Sub-Fund may invest up to 20% of its net assets in equity and equity-related securities listed or traded on any recognised exchange innon-Index Countries provided that the business activities of the issuers of such securities are in the Index Countries. The Sub-Fund may hold exposure to the Index Countries through investment in such instruments as American Depositary Receipts(“ADRs”) and Global Depositary Receipts (“GDRs”) and which may be listed on any recognised exchange in a non-IndexCountry. It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).

The performance of the Sub-Fund’s portfolio of investments is measured against the MSCI All Countries Asia Ex Japan Index(the “Index”). The Investment Manager is, however, entitled at any time to change the Index where, for reasons outside theInvestment Manager's control, the Index has been replaced by another index or where another index may reasonably beconsidered by the Investment Manager to have become the industry standard for the relevant exposure. A change in Indexproposed by the Directors will be subject to shareholder approval and disclosure in a revised supplement for the Sub-Fund.

5



Nomura Funds Ireland - Fundamental Index Global Equity Fund

The investment objective of the Nomura Funds Ireland - Fundamental Index Global Equity Fund (the “Sub-Fund”) is to achievelong-term capital growth through investment in a portfolio of global equity securities.

The Sub-Fund invests, under normal market conditions, primarily in equity and equity-related securities listed or traded on arecognised exchange in the countries covered by the MSCI All Countries World Index (the “Index Countries”). The Sub-Fundmay invest up to 20% of its net assets in equity and equity-related securities listed or traded on any recognised exchange in non-Index Countries, provided that the business activities of the issuers of such securities are in the Index Countries. The Sub-Fundmay also hold exposure to the Index Countries through investment in such instruments as American Depositary Receipts(“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) and which may be listed onany recognised exchange in a non-Index Country. It is anticipated that the Sub-Fund will invest across the entire range ofcapitalisations (from small cap to large cap).

The Sub-Fund seeks to outperform the MSCI All Countries World Index (the “Index”) by 2% (gross of investment managementfees) per annum. In seeking to outperform the Index, the Sub-Fund uses the Research Affiliates Fundamental Index (“RAFI”)methodology. The weights of individual securities in the Index are based on the market capitalisation of the securities. The RAFImethodology believes that such indices are flawed in their construction since they overweight over-valued securities andunderweight under-valued securities.

The Sub-Fund intends to achieve its investment objective by creating a portfolio with individual security weights based on acomposite of four fundamental factors, being book value (current year), cash flow (5-year average), dividends (5-year average),and net sales (5-year average), rather than their market capitalisation weights within the Index.

The RAFI methodology does not explicitly target specific industry, capitalisation or style allocations within the Sub-Fund. Suchallocations are all results of the security selection and weighting methodology.

The Sub-Fund normally invests in approximately 1,500 equity and equity-related securities in developed and emerging countriescurrently classified as the Index Countries, but is not constrained to invest in only constituent securities of the Index.

Under the terms of the prospectus, investment in equity and equity-related securities in emerging markets, including Russia willnot exceed 30% of the net asset value of the Sub-Fund. The Sub-Fund may also invest up to 10% in other collective investmentschemes including equity exchange-traded funds.

Nomura Funds Ireland - Japan Strategic Value Fund

The investment objective of the Nomura Funds Ireland - Japan Strategic Value Fund (the “Sub-Fund”) is to achieve long-termcapital growth through investment in a portfolio of Japanese equity securities.

The Sub-Fund invests, under normal market conditions, primarily in equity and equity-related securities listed or traded on arecognised exchange in Japan. The Sub-Fund may invest up to 30% of its net assets in equity and equity-related securities listedor traded on any recognised exchange outside Japan, provided that the business activities of the issuers of such securities are inJapan. It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).

The Sub-Fund seeks to identify equity and equity-related securities, whose valuations are, in the opinion of the Sub-InvestmentManager, low in comparison to assets and profitability, and which may be expected to rise in the future. In addition to thesevaluation opportunities, the Sub-Fund seeks investments based on other strategic features as detailed below:

a) equity and equity-related securities where changes to financial conditions, such as changes in operations, strategy anddividend and share buy-back policies, are expected;b) equity and equity-related securities where potential for growth has been identified, including improved results andincreasing market share, as new business operations are developed and the underlying economy improves; andc) equity and equity-related securities relating to companies that have been identified as candidates for businessrestructuring, corporate governance reform or attractive merger and acquisition opportunities.

While it is intended to monitor the performance of the Sub-Fund as against the Topix Index (the “Index”), the Sub-Fund may, bythe nature of the bottom-up stock picking investment approach adopted by the Sub-Investment Manager, take positions in equityand equity-related securities which differ significantly from the weight of such equity and equity-related securities in the Index.

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Nomura Funds Ireland - Japan Strategic Value Fund (continued)

The Sub-Fund is managed so as to maintain a near fully invested position, other than during periods where the InvestmentManager believes that a larger cash position is warranted.

Nomura Funds Ireland - US High Yield Bond Fund

The investment objective of the Nomura Funds Ireland - US High Yield Bond Fund (the “Sub-Fund”) is to achieve current yieldand capital gains, through investment in a diversified portfolio of primarily high yielding US Dollar denominated debt and debt-related securities issued principally by companies in the United States and Canada.

The Sub-Fund may invest in debt and debt related securities issued by United States or non-United States corporations, limitedliability companies or limited partnerships and other forms of enterprise.

The Sub-Fund may hold equity and equity-related securities that it receives in connection with its ownership of certain debt anddebt-related securities, such as defaulted high yield securities in the course of reorganisation which are subsequently convertedinto equity and equity-related securities.

Under normal circumstances, the Sub-Fund invests at least 80% of its net assets in debt and debt-related securities that are ratedbelow investment grade by at least one rating agency or are unrated.

No more than 30% of the Sub-Fund’s net assets may be invested in debt and debt-related securities with a rating of lower thanB3/B- by both Moody’s and S&P, respectively or which are deemed to be of equivalent quality by the Investment Manager.

The Sub-Fund may invest up to 25% of its net assets in debt and debt-related securities issued by companies, governments orgovernmental agencies in countries other than the United States or Canada.

No more than 5% of the Sub-Fund’s net assets may be invested in the debt and debt-related securities of any one issuer and nomore than 25% of the Sub-Fund’s net assets may be invested in debt and debt-related securities in any one industry. The Sub-Fund may invest up to 20% of its net assets in debt and debt-related securities not denominated in US Dollar.

The performance of the Sub-Fund’s portfolio of investments is measured against the Bank of America Merrill Lynch US HighYield Master II Constrained Index (the “Index”). The Investment Manager is, however, entitled at any time to change the Indexwhere, for reasons outside the Investment Manager's control, the Index has been replaced by another index or where another indexmay reasonably be considered by the Investment Manager to have become the industry standard for the relevant exposure.

A change in Index proposed by the Directors will be subject to shareholder approval and disclosure in a revised supplement forthe Sub-Fund.

Nomura Funds Ireland - Asian Smaller Companies Fund

The investment objective of the Nomura Funds Ireland - Asian Smaller Companies Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in a portfolio of small capitalisation equity and equity-related securities listed in Asiancountries excluding Japan.

The Sub-Fund invests, under normal market conditions, primarily in small capitalisation equity and equity-related securities listedor traded on a recognised exchange in the countries covered by the MSCI All Countries Far East ex Japan Small Cap Index (the“Index Countries”).

The Sub-Fund may invest up to 20% of net assets in small capitalisation equity and equity-related securities listed or traded onany recognised exchange in non-Index Countries, provided that the business activities of the issuers of such securities are in theIndex Countries. The Sub-Fund may also hold exposure to the Index Countries through investment in such instruments asAmerican Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”)and which may be listed on any recognised exchange in a non-Index Country.

The Sub-Fund may also seek to invest up to 20% of net assets in equity and equity-related securities of mid sized companies inAsian countries excluding Japan.

7



Nomura Funds Ireland - Asian Smaller Companies Fund (continued)

The Sub-Fund seeks to identify equity and equity-related securities, whose valuations are, in the opinion of the Sub-InvestmentManager, low in comparison to assets and profitability, and which may be expected to rise in the future. In addition to thesevaluation opportunities, the Sub-Fund will seek investments based on other strategic features as detailed below:

(a) equity and equity-related securities where changes to financial conditions, operations, strategy, dividend and sharebuy-back policies, are expected;

(b) equity and equity-related securities where potential for growth has been identified, including improved results andincreasing market share, as new business operations are developed and the underlying economy improves; and

(c) equity and equity-related securities relating to companies that have been identified as candidates for businessrestructuring, corporate governance reform or attractive merger and acquisition opportunities.

While it is intended to monitor the performance of the Sub-Fund as against the MSCI All Countries Far East ex Japan Small CapIndex (the “Index”), the Sub-Fund will not replicate the Index and may, by the nature of the bottom-up stock picking investmentapproach adopted by the Sub-Investment Manager, take positions in equity and equity-related securities which differ significantlyfrom the weight of such equity and equity-related securities in the Index.

Investors should note that due to the general nature of emerging markets, the Sub-Fund is likely to have a moderate annualisedvolatility.

Nomura Funds Ireland - Japan High Conviction Fund

The investment objective of the Nomura Funds Ireland – Japan High Conviction Fund (the “Sub-Fund”) is to achieve long-termcapital growth through investment in a concentrated, actively managed portfolio of Japanese equity securities.

The Sub-Fund shall invest, under normal market conditions, primarily in equity and equity-related securities listed or traded on arecognised exchange in Japan.

The Sub-Fund may invest up to 20% of its net assets in equity and equity-related securities listed or traded on any recognisedexchange outside Japan, provided that the business activities of the issuers of such securities are in Japan. It is anticipated that theSub-Fund will invest across the entire range of capitalisations (from small cap to large cap).

While it is intended to monitor the performance of the Sub-Fund as against the Topix Index (the “Index”), the Sub-Fund will notreplicate the Index and may, by the nature of the bottom-up stock picking investment approach adopted by the Sub-InvestmentManager, take positions in equity and equity-related securities which differ significantly from the weight of such equity andequity-related securities in the Index.

Investors should note that due to the highly concentrated nature of the portfolio, the Sub-Fund is likely to have a high annualisedvolatility.

Nomura Funds Ireland -Asia Ex Japan High Conviction Fund

The investment objective of the Nomura Funds Ireland – Asia Ex Japan High Conviction Fund (the “Sub-Fund”) is to achievelong-term capital growth through investment in a concentrated, actively managed portfolio of Asian (excluding Japan) equitysecurities.

The Sub-Fund shall invest, under normal market conditions, primarily in equity and equity-related securities listed or traded on arecognised exchange in the countries covered by the MSCI All Countries Asia Ex Japan Index (the “Index Countries”).

The Sub-Fund may invest up to 20% of its net assets in equity and equity-related securities listed or traded on any recognisedexchange in non-Index Countries, provided that the business activities of the issuers of such securities are in the Index Countries.

The Sub-Fund may also hold exposure to the Index Countries through investment in such instruments as American DepositaryReceipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) and which may belisted on any recognised exchange in a non-Index Country. It is anticipated that the Sub-Fund will invest across the entire range ofcapitalisations (from small cap to large cap).

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Nomura Funds Ireland - Asia Ex Japan High Conviction Fund (continued)

The Sub-Fund will seek to outperform the MSCI All Countries Asia Ex Japan Index (or any other index which replaces it or isconsidered by the Sub-Investment Manager to be the market standard in place of it and any such change in that index will benotified to shareholders in the semi-annual and annual accounts).

Investors should note that due to the general nature of Asian markets, and the highly concentrated nature of the portfolio, the Sub-Fund is likely to have a high annualised volatility.

Nomura Funds Ireland - Global High Yield Bond Fund

The investment objective of the Nomura Funds Ireland – Global High Yield Bond Fund (the “Sub-Fund”) is to achieve currentyield and capital gains through investment in a diversified portfolio of primarily high yielding globally issued debt and debt-related securities.

The Sub-Fund shall invest in a diversified portfolio of primarily high yielding debt and debt-related securities issued globallyprincipally by companies, which are listed of traded on a recognised exchange. Investors should note that high yielding securitiesgenerally have a high volatility.

The Sub-Fund may invest in debt and debt-related securities issued by corporations, limited liability companies or limitedpartnerships, other forms of enterprise and in sovereign and quasi-sovereign debt and debt-related securities.

The Sub-Fund may hold equity and equity-related securities, which are listed or traded on a recognised exchange, that it receivesor purchases in connection with its ownership of certain debt and debt-related securities, such as defaulted high yield securities inthe course of reorganisation which are subsequently converted into equity and equity-related securities.

Under normal circumstances, the Sub-Fund will invest at least 80% of its net assets in debt and debt-related securities that arerated below investment grade by at least one rating agency or are unrated. No more than 30% of the Sub-Fund’s net assets may beinvested in debt and debt-related securities with a rating lower than B3/B – by both Moody’s and S&P, respectively or which aredeemed to be of equivalent quality by the Investment Manager.

Subject to Section 2.1 of Appendix 1 to the Prospectus, the Sub-Fund may invest up to 10% of its net assets in loans, loanparticipations and/or loan assignments, which constitute transferable securities.

No more than 5% of the Sub-Fund’s net assets may be invested in the debt and debt-related securities of any one issuer and nomore than 25% of the Sub-Fund’s net assets may be invested in debt and debt-related securities in any one industry (as defined byreference to Merrill Lynch Level 4 Industry Classification which comprises a detailed sector classification for every constituent ofthe Merrill Lynch global fixed income universe covering close to 50,000 securities).

The performance of the Sub-Fund’s portfolio of investments will be measured against the BofA Merrill Lynch Global High YieldConstrained Index. The Investment Manager is, however, entitled at any time to change the Index where, for reasons outside theInvestment Manager's control, the Index has been replaced by another index or where another index may reasonably beconsidered by the Investment Manager to have become the industry standard for the relevant exposure. A change in Indexproposed by the Directors will be subject to Shareholder approval and disclosure in a revised Supplement for the Sub-Fund.

The Sub-Fund may also employ spot foreign exchange transactions, forward foreign exchange contracts and currency futures toseek to hedge the foreign exchange exposure of the assets of the Sub-Fund from the impact of fluctuations in the relevantexchange rates.

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NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKET EQUITY FUNDINVESTMENT MANAGER’S REPORTFor the half year ended 30th June, 2014

Investment Performance

1 Month 3 Month Year To Date Since Inception*

Fund 2.67 8.40 5.45 6.78Benchmark 2.66 6.60 6.14 7.50Out/(Under) Performance 0.01 1.80 -0.69 -0.72

Source BBH; % Returns in USD. Benchmark is the MSCI Emerging Markets Index.*Since Inception date is 17th December 2013.

Performance Commentary

For the half year ended June 2014, the Fund recorded a return of 5.45%, compared with the benchmark return of 6.14%, andtherefore underperformed the benchmark by 69 basis points.

On a gross basis, the Fund outperformed the index, it was well positioned to take advantage of 20%+ moves from Q1 lows in afew major markets: India, Brazil, Turkey and Russia. Strong relative gains in Brazil (insurer BB Seguridade and utility Cemig)and India (construction company Larsen and Toubro and ICICI bank) helped relative performance. In addition, we wereparticularly attracted to deep intrinsic value opportunities in the industrial and consumer sectors, where we benefitted frompositions in Chinese industrial automation provider Hollysys, Tata Motors and China Rail Group. The major negative impact onthe portfolio came from our OW position in Russia. Despite the political risks and deteriorating economy, we are invested incompanies, including Yandex, Magnit and Qiwi, that are continuing to deliver high returns that are above market expectations.

Investment Outlook

Emerging market equities are currently outperforming the MSCI World for the first time since 2011. Because emerging marketequities have largely not participated in strong appreciation over most global asset classes over the past 2 years, they still appearrelatively attractive. On a PB and PE basis, emerging markets trade at a 30% discount to global markets. Valuations also appearattractive relative to fixed income as EMBI spreads have continued to contract. Markets have been further bolstered by theprospects of political change and policy reform in China, India, Brazil and Indonesia.

Macro-economic risks seem to be subsiding as China growth mildly accelerated in 2Q to 7.5% and Chinese authorities havemade efforts to stabilize the economy through mini-stimuli and relaxing property restrictions. Some central banks in Turkey andMexico are also easing to accommodate growth. Nevertheless, geo-political risks are still present. A host of geo-political risk issimmering across the world--the Ukraine crisis, Gaza unrest, ISIS rampage through Iraq, South China Sea provocation to name afew.

Major markets, such as India, Indonesia, Russia, and Brazil have all rallied more than 20% from Q1 lows. However, fund flowdata for EM equities is still negative YTD, global investors are underweight and dedicated EM investors are holding excess cash,based on recent survey data.

Volatility is likely to increase from recent historic lows this summer and we are likely to use it to further concentrate ourportfolio into our high conviction investments.

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NOMURA FUNDS IRELAND - INDIA EQUITY FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014


1 Month 3 MonthYear To

Date1 Year 3 Year

SinceInception*

Fund 3.72 14.29 23.80 25.50 -1.03 35.06Benchmark 3.97 12.67 21.86 27.40 1.35 35.84Out/(Under) Performance -0.25 1.62 1.94 -1.90 -2.38 -0.78

Source BBH; % Returns in USD. Benchmark is the MSCI India Index.*Since Inception date is 13th January 2007.


For the half year ended June 2014, the Fund recorded a return of 23.80%, compared with the benchmark return of 21.86%, andtherefore outperformed the benchmark by 194 basis points.

The markets have gained appreciably this YTD. The first important contributor has been a stabilization in the Current Accountand currency outlook post the US taper driven mini-crisis in Q3 2013. The RBI under the leadership of a new and well respectedgovernor initially instituted emergency stabilization measures to support and normalize the currency. The pickup in exports andimport curbs on non-essential items such as Gold this meant a sharp lowering of the Current Account deficit for FY 2014 to 1.7%of GDP from 4.8% in FY 2013. This helped restore confidence and attract both equity and debt inflows which was a positivedriver of markets over the period.

Markets were also driven by rising expectations of a Mr Modi led government coming to power in the May central elections. MrModi has an impressive governance track record as Chief Minister of Gujarat state while the Congress led coalition has performedabysmally over the last few years, contributing to the economic and market weakness over this period.

Meanwhile, macro economic data continues to be weak with FY 2014 GDP growth recorded at 4.7%, the second consecutive yearof sub-5% GDP growth. Investments continue to be the weak leg, although analysts also expect GDP growth to pick up to the low5% range next year before accelerating to around 6.5% in FY2016. The new government has identified investments in industryand infrastructure as one of the key pillars for reviving the growth momentum. The Budget presented in July and a subsequentRBI notification have aimed to ease longer term fund flows to the infrastructure and housing sectors. Further policies to addressissues such as land acquisition and environmental clearances are awaited.

Another important issue to be urgently addressed is that of inflation. Loose fiscal policies and a weak currency have contributedto inflation running at high levels over the last few years. The first month under the new government saw some hard measuresaimed at curbing the fiscal profligacy seen over the last few years. Railway fares were hiked for passenger and freight segmentsand the hike in Minimum Support Prices was lower than in previous years. Besides, diesel fuel hikes at the retail level continue torise every month. In the near term, these price hikes across the economy may keep inflation higher than otherwise, especially ifthe monsoon trends remain weak as they have been so far. However a structural improvement in the fiscal deficit will supportlower inflationary expectations over the medium term and pave the way for interest rate easing cycle to formally commencesooner.

The portfolio performance benefited from a switch away from defensive sectors such as IT Services, Healthcare and ConsumerStaples and towards domestic cyclicals, in particular the Financials. The former have been trading at high valuations, however, weexpect the valuation gap to narrow as the currency stabilizes and domestic growth trajectory improves. Financials are the bestplaced as they offer a broad based exposure to the economic cycle and benefit from normalization of the asset quality and interestrate cycles ahead. We have also added to sectors such as Materials where policy decisions have always played an important roleand many projects are stuck for an appropriate government response, an issue we believe is high on this government’s priorities.

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NOMURA FUNDS IRELAND - INDIA EQUITY FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014

Investment Outlook (continued)

We expect the global economic recovery to continue at a moderate pace through the remainder of 2014. The US is expected torebound from a phase of weather induced weakness in the first four months of the year, whilst Europe is showing surprisingvigour given the depth of problems that overshadowed the peripheral economies. Japan’s private consumption slump in the wakeof the tax hike is being offset by stronger capital expenditure. China is also rebounding somewhat amid conflicting signals fromthe Government. On one hand they have hinted at a comprehensive reform program that will inevitably lead to a slower growthrate, yet they are still inclined to offer further economic stimulus at any sign of a slowdown. This environment of slow economicgrowth and commensurate stimulus settings in Central Bank monetary policy should continue to drive stock prices high

In India, we see favourable bottom up drivers for the economy and markets. The economic growth appears to have bottomed latelast year and recent high frequency data such as auto sales and IIP have indicated an uptick. The currency has normalized andCurrent Account Deficit has recovered to below 2% of GDP, which makes it well placed at the beginning of a growth cycle. Thenew government has a strong electoral mandate and is not bound by the coalition politics of the last few years. This is a conduciveenvironment to pursue far reaching reforms and given Mr Modi’s credentials, we are optimistic of some success on this front. Inthe limited time the new government has been in power, they have focused on measures to boost investments and infrastructureand improve the fiscal deficit, we believe this is much required longer term thinking to bring the economy back to a sustainablegrowth path.

Inflation remains a burning issue. On the one hand, base effects will see the CPI trajectory falling off from over 8% in 1H tolower than 5% over the next few months. But there are upside risks to this from the weak monsoon, any rise in oil prices and thefuel and other price hikes happening in the economy as the fiscal deficit is curbed. Nevertheless we expect inflation expectationsover the medium term to come off and believe this will be an important consideration for the RBI to resume monetary easing overthe next few quarters.

We expect a growth uptick and easing cost pressures to be favourable for corporate earnings for the next few years. Historicallythe Indian corporate sector has delivered earnings CAGR of 15-20% over the longer term and we expect growth to return to thoselevels. One of the key changes has been the opening up of the equity capital markets, with liquidity provided by foreign investorshelping balance sheets to correct their excesses and provide growth capital. Domestic flows have been notably absent from themarkets in the last few years, and a potential resumption in these large flows is an important factor to watch out for in the yearsahead.

Markets have done well YTD and valuations have come back to historical average levels. We are also mindful that the earningsbase today is suppressed and if this is a start of sustained recovery phase, there is lots of room for earnings to surprise. Overall, weare optimistic that is the likely case. Nevertheless we are remaining consistent to our long held stock selection philosophy, a focuson quality managements with good track records and sound balance sheets will compound returns much better over time. From asector allocation perspective, we will remain biased in favour of domestic cyclicals.

12


NOMURA FUNDS IRELAND - ASIA EX JAPAN FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014


1 Month 3 Month Year To Date 1 Year Since Inception*

Fund 1.20 2.98 2.62 18.43 47.14Benchmark 1.89 5.48 2.59 18.68 48.90Out/(Under) Performance -0.69 -2.50 0.03 -0.25 -1.76

% Returns in USD. *Since Inception date is 27th June 2007.Benchmark changed to MSCI All Countries Asia Ex Japan Index (total return net), effective from 14th December 2011.



In terms of asset allocation, the overweight position in the Philippines contributed positively on the back of steady economicgrowth. The overweight position in Thailand also contributed positively. The Thai stock market rebounded after the militarygovernment took control following a political standoff lasting several weeks, and raised hopes that positive economic momentumwould be restored. Meanwhile the underweight positions in India and Indonesia, especially during the early part of this year,worked against the portfolio, as the macroeconomic conditions showed signs of improvement (e.g. a narrowing current accountdeficit), as well an improvement in the political situation after the Indian general election in May.

Meanwhile, stock selection results varied across countries, adding value in Korea and China, but unsuccessful in Hong Kong andTaiwan. In Korea, overweight positions in SK Hynix and Coway contributed positively, as these share prices strengthened on theback of favourable supply demand conditions for memory chips produced by SK Hynix, and strength in earnings momentum forCoway. In China, the overweight position in Nexteer Automotive contributed positively as the share price strengthened on theback of attractive valuations as well as its ample orderbook. Meanwhile, in Hong Kong, the overweight position in Galaxyworked against the portfolio, as the share price weakened due to concerns about a slowdown in the Chinese economy as well asregulatory tightening of the Macau casino industry. In Taiwan, the overweight position in St. Shine had a negative impact as theshare price weakened along with a near-term slowdown in earnings momentum.

Investment Outlook

We expect the global economic recovery to continue at a moderate pace through the remainder of 2014. The US is expected torebound from a phase of weather induced weakness in the first four months of the year, whilst Europe is showing surprisingvigour given the depth of the problems that have overshadowed the peripheral economies. Japan’s private consumption slump inthe wake of the tax hike is being offset by stronger capital expenditure. China is also rebounding somewhat amid conflictingsignals from the Government. On one hand they have hinted at a comprehensive reform program that will inevitably lead to aslower growth rate, yet they are still inclined to offer further economic stimulus at any sign of a slowdown.

This environment of slow economic growth and commensurate stimulus settings in Central Bank monetary policy shouldcontinue to drive stock prices higher.

In terms of country allocation, we decided to reduce the already underweight Korea position. Analysis of recent global stockmarket returns suggests that capital management, in the form of dividends, share buybacks and mergers and acquisitions madesignificant contributions to overall returns. Unfortunately, Korean companies tend to pay only lip service to such policies.Dividends are derisory, share buybacks virtually non-existent, and inefficient shareholding structures only serve to entrenchfamily interests. The other major concern is the strength of the Korean won and its impact on margins. This is especiallydamaging given that few Korean companies have shown much enthusiasm or aptitude for cutting costs. There are still someexcellent companies in Korea and the economy is geared to the global rebound, which has precluded us from cutting the exposurefurther.

Proceeds from these sales will be used to raise the Singapore position. Whilst the index heavyweights, property and bankingstocks, are constrained somewhat by the Government’s attempts to cool the property market, there are some interesting individualstock ideas. Moreover, Singapore companies are well versed in capital management with high dividend pay-outs and ample M&Aactivity.

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NOMURA FUNDS IRELAND - ASIA EX JAPAN FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014


We increased the India exposure following the election and this will be maintained. We remain confident that Mr Modi’s reformcredentials could transform the country’s economy. To some extent this has been priced in already, but there is still sufficientskepticism to suggest further gains are likely.

Positions in Taiwan, Thailand and the Philippines will also remain overweight. In Taiwan, we can find many excellent technologycompanies, either niche producers or those large enough to be indispensable to the major global players. Dividend yields are alsoattractive. Thailand is still overweight despite the return to military rule. We acknowledge that the political landscape is not ideal,but it is providing some breathing space and allowing a number of reforms to be introduced. Again corporate governance and thefocus on capital management have improved markedly in Thailand. Finally, the Philippine market has been a structuraloverweight position for many years and this remains in place.

On the negative side, exposures to China and Hong Kong will remain below the benchmark. Our previously stated rationale forthis stance bears repeating. It is not an indictment of the Chinese economy, which remains robust, or of that country’s economicmanagement. In fact we are encouraged by signals from the current Government about their commitment to economic reform. Wealso continue to find well-managed, fundamentally sound and inefficiently priced stocks in the Chinese market that we are excitedabout owning. However, the numerous structural issues that have plagued Chinese equities are still present. These include poorcorporate governance, companies managed for reasons other than maximizing minority shareholder value, and the surge in shareissuance every time the market moves higher.

14


NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014



Date1 Year 3 Year

SinceInception*

Fund 1.83 5.10 6.39 23.24 26.91 103.10Benchmark 1.88 5.04 6.47 22.95 34.02 112.31Out/(Under) Performance -0.05 0.06 -0.08 0.29 -7.11 -9.21

Source BBH; % Returns in USD. Benchmark is the MSCI AC World Total Return Net Index.*Since Inception date is 19th December 2008.



Global equity markets advanced during the first quarter of 2014. To the beginning of February, the equity markets fell back inreaction to the depreciation of some Emerging markets currencies against the dollar, the deterioration of the Chinesemanufacturing business confidence index, concerns on tapering FRB’s monetary policy, and announcement of a surprisinglyweak ISM Manufacturing Business Activity index reported in the US. The markets rebounded after ECB President Mario Draghiimplied that further monetary easing measures many considered. In March, the market dropped, reflecting the growing tensions inUkraine following Russia’s intervention in Crimea region and disappointing Chinese economic indicators. To the end of March,the market again recovered due to expectations of additional economic stimulus measures by Chinese authorities and a rally inEuropean equity markets.

Our overweight position in the Utilities sector worked positively to the fund performance as European Utilities companies, suchas Enel S.p.A., GDF SUEZ and Endesa S.A. gained substantially. Also our overweight position in the Automobiles &Components Industry added values as European automaker surged during this quarter. However, our overweight position in theMaterials and Energy sector worked negatively to the fund performance. Moreover, allocation in China detracted from theperformance on the back of concerns over economic slowdown in China. As for regional allocation, the underweight allocation toDeveloped Markets contributed positively, while the overweight position in Emerging Markets both worked negatively.

Global equity markets rallied during the second quarter of 2014. In April, the equity markets gained on the back of favourableChinese manufacturing purchasing managers’ index (PMI). Federal Reserve Chair, Janet Yellen’s statement that monetary easingmeasures would be maintained to support the US economy also attracted the markets. The equity markets fell at the beginning ofMay due to the continued political tensions in Ukraine, however the markets rebounded when ECB President suggested thepossibility of additional monetary easing measures. Expectations for an economic recovery in the US and China also supportedthe markets. The markets advanced from the beginning of June following the interest-rate cuts announced by the EuropeanCentral Bank (ECB) and favourable employment data reported in the US. However to the end of the month, European marketsdeclined after a weak business confidence index reported in Germany. Even though the markets set back at one time due to thegeopolitical risk in Ukraine and a weak economic indicator announced in Germany, the markets showed a strong performanceduring this quarter, supported by anticipation on economic recovery in China and US.

Our overweight position in the Energy sector worked positively to the fund performance as Energy companies surged during thisquarter reflecting a rise in crude oil prices. Our overweight position in the Telecommunication Services sector added value asmajor Telecommunication companies in the country, such as Nippon Telegraph and Telephone, Orange and Deutsche Telekomrecorded double digit gain during this quarter. However, stock selections in the Consumer Staples and Materials sectors workednegatively to the fund performance. Moreover, allocation in France and Italy, which had been positive contributors in the previousquarter detracted from the performance in this quarter. As for regional allocation, the overweight allocation to Emerging Marketscontributed positively, while the underweight position in Developed Markets both worked negatively.

Investment Outlook

As the Fundamental Index Strategy calculates its portfolio weights by using company reported fundamental data, it is notdesigned to make any top-down decisions and give any specific economic outlooks.

15


NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014


We review our target weights once a year based on the fundamental measures of size, by using historical fundamental factors suchas Sales, Cash flow, Dividends and Book Value. We monitor deviations between our target weights and the actual portfolioweights. When the portfolio weights deviate from target weights significantly, we rewind the portfolio weights back to targetweights.

Based on fundamental value measures, our fund has overweight positions in the Energy, Telecommunication Services andUtilities sectors. and underweight positions in Information Technology, Health Care, and Consumer Staples sectors.

With regard to country allocation, our fund is currently overweighting China, France, Japan and Italy, while holding underweightexposures to the United States, United Kingdom, Switzerland and Canada. Overall, we have an overweight position in emergingmarkets and underweight positions in developed countries.

16


NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014



Date1 Year 3 Year

SinceInception*

Fund 4.68 6.29 -2.59 15.00 56.66 52.01Benchmark 5.27 5.14 -1.94 13.57 58.81 43.66Out/(Under) Performance -0.59 1.15 -0.65 1.43 -2.15 8.35

Source BBH; % Returns in USD. Benchmark is Topix Index.*Since Inception date is 26th August 2009.


For the half year ended June 2014, the Fund recorded a return of -2.59%, compared with the benchmark return of -1.94%, andtherefore underperformed the benchmark by 65 basis points.

There were several distinct phases to the Japanese equity market in the first six months of 2014. January began on a positive notebut soon turn down in the face of perceived growing geopolitical risks centring on the standoff between Russia and the Ukraineover Crimea, a succession of weak economic releases from around the world and a firming in the yen. In addition there wasdisappointment that the Bank of Japan held back from announcing additional monetary easing measures ahead of the increase inthe consumption tax at the beginning of April. However, from mid-April the market began to recover its composure and ended theperiod on a strong note. Investor sentiment was helped by the perception of relative stability in the global economy and monetaryconditions. In a sign of more robust sentiment, markets did not take fright at the deteriorating situation in Iraq, the oil price risingonly modestly in reaction. Similarly investors seemed to want to take a relatively relax view of the on-going standoff in theUkraine and the rising risk of an Argentine sovereign default.

Japanese economic data over the period was decidedly mixed. Widely watch indicators such as the Industrial Production indexfailed to paint a picture of a robust expansion, the May increase of in was below the consensus figure of 0.9% and analysis ofproduction forecasts only suggested a slow recovery in activity over the next couple of months as the economy continues to adjustto the consumption tax increase at the beginning of April. On a positive note, Japan’s unemployment rate declining to 3.5% inMay, its lowest level since February 1997, and the active job opening ratio also improved to its highest level in 20 years.

Turning to the Japanese corporate scene, earnings reports for the fiscal year ended March were slightly ahead of expectations butthe company forecasts for the current year seemed excessively conservative, likely reflecting the uncertainties over domesticdemand in the wake of the consumption tax increase. In any event the disappointing forecasts did little to shake the market withinvestors seemingly content focus on the valuation gap with other global markets.

As might have been expected in a market that experienced marked changes of direction, sector performances over the period werevery mixed. Most cyclical sectors underperformed over the period largely as a result of a poor first quarter. The financial sectorsalso underperformed as the banks were subject to profit taking and the asset price driven sectors, such as the Securities &Commodity Futures and Insurance sectors, were hit hard in any market declines. The performance of the export-related sectorswas very mixed with the Electric Appliance, Machinery and Precision Instrument sectors all outperforming whilst theTransportation Equipment sector underperformed the benchmark by some margin. Although, with the exception of the Foods, thetraditional defensives underperformed in upmarket of the second quarter, strong outperformance in the first quarter enabled themto close above the benchmark for the period as a whole.

Over the first half of 2014 the fund underperformed outperformed the benchmark by a modest margin. On an attribution basis thepositive stock selection was outweighed by negative asset allocation results. Stock selection was most effective in the Information& Communication, Banking and Retail sectors. It was least effective in the Machinery, Transportation Equipment and OtherFinancing sectors. As far as individual stocks were concerned, the positions contributing the most to performance over the periodincluded overweights in telecommunications giant NTT, bank Resona Holdings, and construction company Taisei along withunderweights in mobile phone company Softbank and property company Mitsubishi Estate. Stock positions detracting the mostfrom overall performance included overweight positions in wire and cable maker Sumitomo Electric Industries, engineeringcompany Hitachi Zosen and consumer credit company Credit Saison together with underweights in Japan Tobacco and CentralJapan Railway.

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NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014

Investment Outlook

Our view on global growth has not changed and we remain broadly positive on the recovery which will continue to be led by theUS. That having been said we have trimmed our forecast for US GDP growth to 2% for the current year to reflect the adverseimpact of the extreme winter weather across North America earlier this year. Nonetheless the underlying trend in the US remainspositive particularly in the light of the progress the household sector has made in repairing its balance sheet which should enablerising consumer spending to lend more support to the economy.

Although some of the Japanese economic data for May was rather mixed, we feel that the Japanese economy seems to beweathering the impact of the recent consumption tax increase reasonably well. As might have been expected overall spending onservices in May was weak but there were also some encouraging signs in regard to consumption, notably a recovery in departmentstore and home appliance sales. Moreover, looking forward we are cautiously optimistic that rising business investment will atleast partly offset any the near-term weakness in consumption. There have been numerous announcements by corporates ofintentions to increase capital expenditure, and this anecdotal evidence combined with very positive investment numbers in thelatest Tankan (nosiness outlook) survey, strongly suggests that business confidence is increasing.

With the government closely monitoring the strength of domestic demand in the wake of the tax increase and higher inflation, theextent to which companies can pass on higher costs and raise wages is likely to determine whether the Bank of Japan considersfurther monetary easing. An additional consideration in this regard will be the level of the yen, which has been little changedagainst other major currencies for some months now. Yen weakness over much of 2013 was a major factor in boosting corporateprofits in the last fiscal year but the effect is rapidly diminishing and investors will be anxiously watching the earningsannouncements in the September-October period to determine the underlying strength of earnings momentum.

As for the Abe administration’s announcement at the end of June of its Growth Strategy (the ‘third arrow’ of ‘Abenomics’), therewere few surprises in that virtually all of the measures had already been mooted. As a result investors’ attention will turn to thedetail of the policy initiatives and the speed of implementation. It is also worth noting that not all previously discussed policyinitiatives were included in the latest announcement and more may well be forthcoming by the end of the year.

In terms of valuations, despite the recent increase in the market Japanese equities still appear relatively attractive compared totheir US and European counterparts, with a current year price earnings ratio (PER) of 14.4 times falling to 13.0 times on FY2016earnings. As of 30th June the price to book ratio was a little under 1.3 times and the prospective dividend yield 1.9%. Lookingahead we would expect equity valuations in Japan to catch up with their global peers’ assuming that there are no nasty surprises inthe macro economic data and corporate earnings for the July-September period does not disappoint; currently the risks to profitslook skewed to the upside.

Weighing up these factors we believe that the long-term case for Japanese equities remains strong. Global growth trends arepositive, Japanese monetary policy remains supportive as do the policy initiatives of Abenomics both at macro and micro levels.This should translate into rising corporate earnings which will further enhance the strong valuation argument for the market.

18


NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014



Date1 Year 3 Year

SinceInception*

Fund 1.06 2.84 6.40 13.86 40.85 146.18Benchmark 0.86 2.57 5.64 11.83 30.41 135.92Out/(Under) Performance 0.20 0.27 0.76 2.03 10.44 10.26

Source BBH; % Returns in USD. Benchmark shown is the B of A Merrill Lynch US High Yield Master II Constrained Index.*Since Inception date is 31st March 2009.



FirstData (FDC) was the largest contributor to our relative performance in 1H2014. FirstData released its May SpendTrend data,which tracks same-store sales volumes at merchants serviced by FirstData. This was an important indicator for 2 reasons: 1) Itprovided volume insight into FirstData’s core processing business and 2) Gave an indication of where consumers were spendingtheir money. FDC’s processing revenues are a combination of volumes, which have been increasing, and pricing, which has beenoffsetting growth. Transaction volume was up 3.0% year-over-year in May versus up 3.5% year-over-year in April. This increasereflected higher gas prices and also indicated that consumers purchased more big ticket items in May. On June 19th, FirstDataannounced that it is raising $3.5bn of private equity ($2.0bn from new investors; $1.5bn from KKR). We feel that this transactionwill free up $200mm or so in cash interest expense, improving free cash flow to roughly $500mm per year (2.5% of total debt).We also believe this will allow FDC to invest more in their business through R&D, acquisitions, and/or pay down debt with freecash flow. The bonds traded up on the announcement.

Sprint also contributed to relative performance YTD. The Wall Street Journal reported that Sprint and T-Mobile seem to be inagreement over merger deal terms, and that an announcement could come in July. The Sprint bonds traded up on this news.

Reynolds Group also contributed to relative performance for the month of June. On June 10th, Bloomberg News reported thatReynolds is contemplating divesting its SIG business, which makes aseptic cartons for soup and beverages—mostly consumed inEurope and Asia. Bloomberg suggested that it is being shopped to private equity firms for approximately $5.0bn, which wouldrepresent a 9.5x LTM EBITDA multiple. The bonds traded up on the report.

From a sector perspective, an overweight and positive issuer selection in the Media-Cable and and Software/Services sectorscontributed the most to relative performance. Negative issuer selection in the Banking and Food & Drug Retailer sectors detractedfrom performance YTD.

Investment Outlook

Early in 2014, an escalation of tensions between Russia and the Ukraine, underlying angst around China growth/credit, and theFederal Reserve (Fed) each played roles in the HY market’s oscillating action, which was also driven by shifts in momentum andsentiment. The ability of credit products to weather a rise in Treasury yields and maintain firm prices was a notable development.Seemingly, high yield investors were more comfortable with higher Treasury yields when accompanied by a slowly improvingeconomy and diminishing tail risks.

The main themes in high yield during the month of April were the outperformance of long-duration bonds, and the long-anticipated TXU default. The first estimate of Q1 GDP came in weaker than expectations at 0.1%. Inclement weather and dragfrom an inventory correction had a significant impact on growth. The unemployment rate dropped in April by 0.4pp, in part, dueto a decline in gross inflows in to the labor market which lowered the participation rate. We now suspect that labor forceparticipation will start firming going forward. Despite the recovery in economic data, Treasury yields remain relatively low. Ten-year Treasury yields finished April at 2.65%, down 7bp from March and 38bp lower since the beginning of the year. This lowstate of Treasury yields has supported high-yield prices and retail flows, and has driven the outperformance of longer-durationissuers.

19


NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014


TXU filed for bankruptcy on April 29, 2014. The company has been operating under an extremely high debt burden for severalyears, while cash flow has been negatively impacted by low commodity prices (particularly natural gas). The company filed forbankruptcy with the major creditor parties having agreed to a restructuring framework. Under the new framework, the term loanlenders from the company’s competitive power operations, Texas Competitive Energy Holdings (TCEH), would receive theequity from that business, while the 11.25% PIK notes lenders would take control of the regulated Energy Future IntermediateHoldings (EFIH) business.

The market had been expecting this bankruptcy for quite some time, and the filing had no negative impact on the market. Also, itshould be noted that our positions in the structure traded higher after the filing as the Restructuring Support Agreement is asignificant positive that should help simplify an already complex bankruptcy. Our main positions were in the regulated (EFIH)side of the business. We have locked in some profits at current levels, and are continually analysing the situation and ourholdings in all parts of the capital structure.

The main theme in the fixed-income markets during the month of May was the precipitous drop in global government bondyields. While the decline in yields was surprising, most of the moves across Europe are simply reversing the increase into the lastweek of May (i.e. Portugal 10-yr rose from 3.5% to 4.0% and is now back down to 3.6%). And amidst this volatility,expectations for European Central Bank (ECB) action are high, and will continually evolve into next Thursday. Mario Draghispurred expectations for significant action at his May 8th press conference when he underscored the ECB’s concerns about lowinflation and the rising currency. Since the May meeting, several economists revised their projections to include not only a ratecut but also long-term loans to banks (LTROs) and an effort to revive the asset-backed securities market. The offer of long-termfixed-rate loans to banks would send a stronger signal to markets that the ECB expects to leave rates on hold for the life of theloans (likely 3-4yrs), reinforcing its low-for-long message since it could lose money on such lending in the event of an earlierrate hike.

June turned out to be a relatively quiet month for the high yield market. High-yield bond yields and spreads ground tighterthroughout the month as a combination of accommodative global central banks, modest growth trends, low market volatility, andbenign Treasury yields continued to fuel market participants’ search for yield. The third estimate of Q1 GDP growth came inweaker than expectations at -2.9% due to a downgrade in personal consumption expenditures—in particular, services spendingand a less favorable trade balance. Moreover, recent personal spending data through May point to weak consumption growth inQ2. However, incoming data continue to point to a recovery in non-residential and residential fixed investment after declining inQ1. Most, if not all, inventory correction was realized in Q1 and we expect inventories to contribute positively to growth in Q2.

The Bureau of Labor Statistics reported that non-farm payrolls gained an additional 288k jobs in June, handily beating marketexpectations. Coupled with a 29k upward revision to the prior two months, non-farm payrolls averaged 272k job gains per monthin Q2, suggesting robust growth in economic activity. The details of the report showed that there was a sharp drop in the numberof unemployed people while the participation rate remained unchanged at 62.8%, suggesting that the decline in theunemployment rate was primarily due to more people finding jobs rather than exiting the labor market.

The FOMC announced an additional $10bn reduction in the pace of asset purchases starting in July ($20bn UST, $15bn MBS permonth). As long as the incoming data remain supportive of the Fed’s outlook, we expect the FOMC to bring the asset purchaseprogram to a close this fall. Moreover, consensus growth and labor market outlooks support the expectation of an increase in theFed Funds rate in 2Q 2015.

We remain constructive on the fundamentals of the high yield market, while somewhat cautious on valuations. Solid growth witha dovish Fed continues to be a good backdrop for equities, and high yield. This backdrop also leads to a steady supply of positivecapital market events, such as M&A, IPO’s, and asset sales, which continue to benefit our high yield portfolios. Neither Russia-Ukraine tensions nor the Iraq conflicts are viewed as threats to the high yield market at this time. The price of oil needs to bewatched, but it has been fairly steady. We always need to wonder what could change the environment, but in the meantime theFed Funds rate in 2Q 2015 environment appears stable.

.

20


NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014


1 Month 3 Month Year To Date 1 YearSince

Inception*Fund 1.93 4.01 5.09 9.27 9.82Benchmark 1.33 3.44 6.17 12.88 8.05Out/(Under) Performance 0.60 0.57 -1.08 -3.61 1.77

Source BBH; % Returns in USD. Benchmark is MSCI All Countries Far East ex Japan Small Cap Index.*Since Inception date is 12th March 2013.



Attribution analysis shows that stock selection detracted significantly from the relative performance, while the asset allocationeffect was marginal.

In term of country allocation, the overweight exposure in Singapore, Malaysia, Thailand & Indonesia were positive, while theunderweight exposure in Korea and Taiwan were negative from the relative performance.

In term of stock selection, China, Hong Kong and Singapore added values while the rest of the countries were negative.

Cash residual had a negative effect during this period.

Positive in stock selection were Silverlake (Singapore), AmorePacific (Korea) and Boer Power (China) contributed significantlyto performance. Stocks such as Hilong (China), Wins Co (Korea) and Sunspring Metal (Taiwan) detracted from performance.

Investment Outlook

We expect the global economic recovery to continue at a moderate pace through the remainder of 2014. The US is expected torebound from a phase of weather induced weakness in the first four months of the year, whilst Europe is showing surprisingvigour given the depth of the problems that overshadowed the peripheral economies. Japan’s private consumption slump in thewake of the tax hike is being offset by stronger capital expenditure. China is also rebounding somewhat amid conflicting signalsfrom the Government. On one hand they have hinted at a comprehensive reform program that will inevitably lead to a slowergrowth rate, yet they are still inclined to offer further economic stimulus at any sign of a slowdown.


For Asia Pacific mandates, we decided to reduce the already underweight Korea position. Analysis of recent global stock marketreturns suggests that capital management, in the form of dividends, share buybacks and mergers and acquisitions made significantcontributions to overall returns. Unfortunately Korean companies tend to pay only lip service to such policies. Dividends arederisory, share buybacks virtually non-existent, and inefficient shareholding structures only serve to entrench family interests.The other major concern is the strength of the Korean won and its impact on margins. This is especially damaging given that fewKorean companies have shown much enthusiasm or aptitude for cutting costs. There are still some excellent companies in Koreaand the economy is geared to the global rebound, and this precluded us from cutting the exposure further.

Proceeds from these sales will be used to raise the Singapore position to neutral. Whilst the index heavyweights, property andbanking stocks, are constrained somewhat by the Government’s attempts to cool the property market, there are some interestingindividual stock ideas. Moreover, Singapore companies are well versed in capital management with high dividend pay-outs andample M&A activity.

21


NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014


We increased the India exposure following the election and this will be maintained. We remain confident that Mr Modi’s reformcredentials could transform the country’s economy. To some extent this has been priced in already, but there is still sufficientscepticism to suggest further gains are likely.

Positions in Taiwan, Thailand and the Philippines will also remain overweight. In Taiwan, as we have outlined frequently, we canfind many excellent technology companies, either niche producers or those large enough to be indispensable to the major globalplayers. Dividend yields are also attractive. Thailand is still overweight despite the return to military rule. We acknowledge thatthe political landscape is not ideal, but it is providing some breathing space and allowing a number of reforms to be introduced.Again corporate governance and the focus on capital management have improved markedly in Thailand. Finally, the Philippinemarket has been a structural overweight position for many years and this remains in place.

On the negative side, exposures to China and Hong Kong will remain below benchmark.

Our previously stated rationale for this stance bears repeating. It is not an indictment of the Chinese economy, which remainsrobust, or of that country’s economic management. In fact we are encouraged by signals from the current Government about theircommitment to economic reform. We also continue to find well-managed, fundamentally sound and inefficiently priced stocks inthat market that we are excited about owning. However, the numerous structural issues that have plagued the Chinese market arestill present. These include poor corporate governance, companies managed for reasons other than maximising minorityshareholder value, and the surge in share issuance every time the market moves higher.

Australia will also remain underweight. On the positive side, companies are generally well managed and the liquidityenvironment is buoyant courtesy of large pension fund inflows. However, the economy is going through a structural rebalancingaway from a reliance on resource exports to China at a time when consumer debt is at record levels.

Our sector positions remain unchanged. That is, we have a very large overweight exposure to Consumer Cyclical stocks andHealthcare financed by low exposures to Consumer Staples, Utilities, Telecoms and the economically sensitive Materials andEnergy sectors.

.

22


NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014



Fund 3.42 2.77 0.58 11.15Benchmark 5.27 5.14 -1.94 11.46Out/(Under) Performance -1.85 -2.37 2.52 -0.31

Source BBH; % Returns in USD. Benchmark is Topix Index.*Since Inception date is 7th August 2013.


For the half year ended June 2014, the Fund recorded a return of 0.58% compared with the benchmark return of -1.94%, andtherefore outperformed the benchmark by 252 basis points.

The Tokyo Stock Price Index (TOPIX) fell by 7.63% in the January-March quarter 2014. Investors remained cautious as theyassessed the market risks associated with the geopolitical standoff over Ukraine, and the continued flow of weak macroeconomicdata from around the world. Disappointment regarding expectations of additional monetary easing measures from the Bank ofJapan (BOJ) also seemed to drive investors towards profit taking activity during the first quarter.

Japanese economic data releases earlier this year also deviated somewhat from the market consensus and failed to allay theanxiety over the possible negative impact of the consumption tax hike on April 1st. These economic indicators seemed to becomeharder to predict, partly due to the uneven effects of the demand rush ahead of the consumption tax hike and also the impact of therecord snow-fall in February. Domestic demand data seemed resilient and there were signs that the economy was steadily exitingfrom the long deflationary period.

Corporate earnings results from Japanese companies for the October-December 2013 quarter were positive in general. Thecombination of a sales recovery and cost reduction efforts in previous years has continued to support improved profit margins,especially among manufacturing companies. Nevertheless, the macroeconomic uncertainties appeared to offset these positivecorporate results to a large extent in terms of investor sentiment during the quarter. The Financials, Infrastructure, andAutomobiles sectors led the market downturn. Concerns about the negative repercussions for domestic demand following theconsumption tax hike seemed to encourage profit-taking activity during the first quarter 2014.

The Tokyo Stock Price Index (TOPIX) gained 4.96% in the April-June quarter 2014, recovering some of the first quarter losses.Global economic conditions remained stable despite a number of unresolved issues, while concerns about the negativerepercussions from the consumption tax hike or the excessively conservative fiscal year earnings guidance eased somewhat withthe release of actual data. Investors therefore appeared to seize an opportunity in the languishing Japan equity market to narrowthe gap with other global markets.

Prospects for the global economy were little changed during the second quarter as major economies maintained accommodativeeconomic, and especially monetary, policies. US economic conditions appeared steady. Meanwhile, China’s May PurchasingManagers’ Index (PMI) showed a gradual recovery that helped to alleviate the pessimistic view of the economy caused byconcerns over mounting bad debts in the shadow banking system. Although geopolitical issues such as the security situations inUkraine and Iraq, or sovereign default risk in Argentina, continue to cloud the global outlook, the influence of these eventsappears limited to crude oil prices and local credit market conditions.

Economic data failed to offer signs of a tangible recovery in June. Industrial Production in May increased by 0.5% (mom), butcould not match the consensus figure of 0.9%. Analysis of Forecasts also suggested a slow recovery in production activity overthe next couple of months in Japan after the tax hike in April. Domestic demand indicators also appeared mixed. Japan’sunemployment rate declined to 3.5% in May, the lowest level since February 1997 and the active job opening ratio also improvedto its highest level in 20 years, reaching 1.09 in May. On the other hand, real household spending has remained subdued by theconsumption tax hike, falling -4.6% in April and -8.0% (yoy) in May. Japan’s CPI for May increased by 3.7% (yoy), however,without the impact of the consumption tax hike, the underlying CPI is estimated to have remained flat from the previous quarter.

23


NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014

Performance Commentary (continued)

Stock selection added value during the first half of this year. Our core holdings including NIDEC, M3 and Sysmex were able toadd value to the performance as the equity market rewarded their solid fundamentals in general, while positions in JGC andKubota had a negative impact mainly due to weakening earnings estimates and concerns about a sales slowdown in their overseasmarkets.

Investment Outlook

We still expect a continued steady global economic recovery led by the US, and in this respect our outlook is unchanged.However, the US GDP growth forecast for this year has been revised down to 2% (yoy), which is largely attributable to theadverse economic impact of extreme winter weather conditions across North America. Nevertheless, we believe the underlyingtrend in the US is improving. Considering the progress of balance sheet adjustment in the household sector, we expect USeconomic growth to accelerate later this year, with consumer spending providing crucial support.

Despite some disappointing Japanese economic data for May, Japan’s economy seems to be weathering the impact of theconsumption tax hike reasonably well. Although we are disappointed by the overall weakness of spending on services in May,there were some encouraging signs of a consumption recovery in department store and home appliance sales. We are alsocautiously optimistic that strong business investment will partly offset the near-term weakness in consumption. Frequentcorporate announcements of increased capital expenditure, along with the Tankan outlook survey, together suggest that businessconfidence is increasing. The extent to which companies raise base wages or whether higher costs can be passed on to prices,especially in the service sector, is likely to determine whether or not the BOJ considers additional monetary easing necessary. Weexpect the price boosting effect of the weaker yen to diminish during the summer, which suggests that the September-Octoberperiod will be the next checkpoint. As for the Abe administration’s announcement of its new growth strategy, there were nosurprises in the “third arrow” as many measures had already been reported. However, it is worth noting that not all policyinitiatives were included in the June announcement and more are expected toward the end of the year.

In terms of valuations, despite the recent increase in the TOPIX price-earnings ratio (PER), Japanese equities still appearrelatively attractive compared to their US and European counterparts, with an FY3/15 PER ratio standing at 14.4 and an FY3/16PER of 13.0 (as of June 30). We expect equity valuations in Japan to catch up with their global peers’ in the event of improvedmacroeconomic data and the bottoming out of corporate earnings in the July-September period. Meanwhile, we are closelymonitoring the main downside risks to the Japan equity market, which are: 1) a weaker than expected recovery in consumptiondue to a lack of real income growth; 2) a worsening labour shortage causing a contraction in margins, which could constrain theearnings recovery, and 3) a deterioration in the shipments/inventory balance.

24


NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014



Fund 1.31 6.41 6.51 19.60Benchmark 2.33 7.23 6.44 13.70Out/(Under) Performance -1.02 -0.82 0.07 5.90

Source BBH; % Returns in USD. Benchmark is MSCI All Countries Asia Ex Japan Index.*Since Inception date is 5th September 2013.



In terms of asset allocation, the overweight position in the Philippines contributed positively along with steady economic growth.The overweight position in Thailand also added value, as the stock market rebounded, especially after the military governmenttook control and economic momentum was expected to pick up. Meanwhile the underweight positions in India and Indonesia,especially during the early part of this year, worked against the portfolio as macroeconomic conditions showed signs ofimprovement (such as the narrowing current account deficit), as well as a better political situation especially after the election inIndia.

Stock selection added value in China and Korea. In China, the overweight position in Nexteer Automotive contributed positively,as the share price strengthened on the back of attractive valuations as well as its ample order book. Overweight positions inTencent also added value, as the share price strengthened amid solid earnings momentum. In Korea, the overweight position inSK Hynix contributed positively, as the share price strengthened amid favorable supply demand conditions in the memory chipmarkets.

Investment Outlook

We expect the global economic recovery to continue at a moderate pace through the remainder of 2014. The US is expected torebound from a phase of weather induced weakness in the first four months of the year, whilst Europe is showing surprisingvigour given the depth of the problems that have overshadowed the peripheral economies. Japan’s private consumption slump inthe wake of the tax hike is being offset by stronger capital expenditure. China is also rebounding somewhat amid conflictingsignals from the government. On one hand they have hinted at a comprehensive reform program that will inevitably lead to aslower growth rate, yet they are still inclined to offer further economic stimulus at any sign of a slowdown.


In terms of country allocation, we will keep the underweight position in Korea. Analysis of recent global stock market returnssuggests that capital management, in the form of dividends, share buybacks and mergers and acquisitions made significantcontributions to overall returns. Unfortunately Korean companies tend to pay only lip service to such policies. Dividends arederisory, share buybacks virtually non-existent, and inefficient shareholding structures only serve to entrench family interests.The other major concern is the strength of the Korean won and its impact on margins. This is especially damaging given that fewKorean companies have shown much enthusiasm or aptitude for cutting costs.

Singapore will be kept overweight. Whilst the index heavyweights, property and banking stocks, are constrained somewhat by theGovernment’s attempts to cool the property market, there are some interesting individual stock ideas. Moreover, Singaporecompanies are well versed in capital management with high dividend pay-outs and ample M&A activity.

We increased the India exposure following the election and this will be maintained. We remain confident that Mr Modi’s reformcredentials could transform the country’s economy. To some extent this has been priced in already, but there is still sufficientskepticism to suggest further gains are likely.

25


NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014


We will increase the weighting in Taiwan, as we can find many excellent technology companies, either niche producers or thoselarge enough to be indispensable to the major global players. Dividend yields are also attractive.

Thailand and the Philippines will remain overweight. As for Thailand, we acknowledge that the political landscape is not ideal,but it is providing some breathing space and allowing a number of reforms to be introduced. Again corporate governance and thefocus on capital management have improved markedly.

On the negative side, exposures to China and Hong Kong will remain below the benchmark. It is not an indictment of the Chineseeconomy, which remains robust, or of that country’s economic management. In fact we are encouraged by signals from thecurrent government about their commitment to economic reform. We also continue to find well-managed, fundamentally soundand inefficiently priced stocks that we are excited about owning. However, the numerous structural issues that have plagued theChinese market are still present. These include poor corporate governance, companies managed for reasons other thanmaximizing minority shareholder value, and the surge in share issuance every time the market moves higher.

26


NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUNDINVESTMENT MANAGER’S REPORT (CONTINUED)For the half year ended 30th June, 2014


1 Month 3 Month Since Inception*

Fund 1.41 2.64 2.64Benchmark 0.92 2.45 2.45Out/(Under) Performance 0.49 0.19 0.19

Source BBH; % Returns in USD. Benchmark shown is the B of A Merrill Lynch Global High Yield Constrained Index.*Since Inception date is 11th April 2014.


Since inception, the Fund recorded a return of 2.64%, compared with the benchmark return of 2.45%, and therefore outperformedthe benchmark by 19 basis points.

Looking at the sectors of the market for this period, the US High Yield Index returned 2.16%, the Euro HY Index returned 0.89%,and the EM High Yield Index returned 4.26%.

Outperformance was primarily driven by credit selection in each region. The target allocation of the fund was held steady duringthis period at 63% US High Yield, 22% Euro HY, and 15% EM HY (split 10% for non-Asian EM and 5% for Asia).

Investment Outlook

This period was marked by falling government bond yields. The 10-year Treasury yield fell from 2.63% on April 11 to 2.53% onJune 30, 2014. We believe this was primarily because Chair Janet Yellen and the Federal Reserve (Fed) communicated a messagethat the economy continues to require simulative monetary policy. This led the markets to conclude that the Fed would likely raiserates more slowly than the market had feared. Our current expectation is the Fed brings the asset purchase program to a close thisfall and begins a slow increase in the Fed Funds rate in 2Q 2015. In addition, stimulus from the ECB and the rise is geopoliticaltensions also supported a fall in Treasury yields. The 10 year German bund fell from 1.50% to 1.25% as the European CentralBank (ECB) announced additional stimulus in June. Meanwhile, economic growth in the US as well as in EM seemed tomarginally pick up as the European outlook remained slow but stable. This improvement in the growth outlook, coupled with theoutlook for dovish monetary policy, was bullish for risk assets. Most equity markets rallied and global high yield spreads tightenedfrom 398 to 373 basis points.

During our accumulation of this fund, we over-weighted duration to take advantage of falling government yields as well asimproving credits. Overall, our yield is slightly higher than the index and our ratings are slightly lower. We over-weighted inrating B’s in the US and Europe to take advantage of improving credits, higher yields, and strong covenants. In the EM sector, ourratings posture is in line with the index.

The improving outlook for growth supported the global HY market during this period. In the US, Q1 GDP came in weaker thanexpected due to inclement weather and a drag from an inventory correction, but in Q2 non-farm payrolls averaged 272k job gainssuggesting solid growth in economic activity. Our strategy in US High Yield is to seek improving credits with the potential forpositive events. We are particularly positive on the wireless, finance, and consumer related selectors. Within European HY, we areoverweight the building materials, gaming and wireless sectors. We are market weight the banking sector which is the largestsector. EM HY performed the best during this period as the markets rallied due to an improved outlook for US and China growth.In addition, the market gained a little more confidence that the tensions between Russia and the Ukraine would not spill into abroad economic problem. Within EM, we have built a diversified portfolio including Brazilian beef, Peruvian power, and variousenergy and mining companies. We are underweight Russian issuers. Within Asia, we have tended to focus on well-capitalizedproperty issuers, as we believe they have more transparency and hard asset value than industrial issuers.

We are constructive on the fundamentals of the global high yield market. Solid growth with dovish monetary policy is a goodbackdrop for high yield. This backdrop also leads to a steady supply of positive capital market events, such as M&A, IPOs, andasset sales, which continue to benefit our high yield portfolios. Neither Russia-Ukraine tensions nor the Iraq conflicts are viewedas broader threats to the global high yield market at this time. The price of oil needs to be watched, but it has been fairly steady.We will focus the portfolio on improving credits from around the world as we remain vigilant about potential risks.

27


STATEMENT OF FINANCIAL POSITION

The accompanying notes on pages 47 to 72 form an integral part of these financial statements.

Global EmergingMarkets Fund

As at30th June, 2014

USD

Global EmergingMarkets Fund β

As at31st December, 2013

USD

Global EmergingMarket Equity Fund


USD

Global EmergingMarket Equity Fund β


USD

India Equity FundAs at

30th June, 2014USD

India Equity FundAs at

31st December, 2013USD

Assets NotesCash at bank 213,364 568,136 199,462 251,147 1,730,766 1,017,053Amounts due from broker onmargin accounts – – – – – –

Debtors and other receivables – 5,049 40,080 – 1,952,991 186Financial assets at fair valuethrough profit or loss – – 5,151,854 4,846,102 56,792,555 49,607,212

Total assets 213,364 573,185 5,391,396 5,097,249 60,476,312 50,624,451

Current liabilitiesFinancial liabilities at fair valuethrough profit or loss – – – – – –

Bank overdraft – – – – – –Creditors - amounts falling duewithin one year (213,364) (573,185) (52,354) (34,085) (1,818,561) (682,559)

Total liabilities (213,364) (573,185) (52,354) (34,085) (1,818,561) (682,559)

Net assets attributable to holdersof redeemable participatingshares 3 – – 5,339,042 5,063,164 58,657,751 49,941,892

β The Global Emerging Markets Fund was fully redeemed on 22nd November, 2013; it relaunched under a new name Global Emerging Market Equity Fund on 17th December, 2013.Nomura Asset Management U.K. Limited will indemnify liabilities, should any arise, from the Global Emerging Markets Fund.

28


STATEMENT OF FINANCIAL POSITION (CONTINUED)


Asia Ex Japan FundAs at

30th June, 2014USD

Asia Ex Japan FundAs at


Fundamental IndexGlobal Equity Fund


USD



USD

Japan Strategic ValueFundAs at

30th June, 2014JPY

Japan Strategic ValueFundAs at

31st December, 2013JPY

Assets NotesCash at bank 617,367 565,409 1,411,893 1,197,779 3,151,554,531 642,497,619Amounts due from broker onmargin accounts – – 369,318 261,074 – –

Debtors and other receivables 751,766 2,828 205,327 44,530 4,215,320,615 2,814,898,782Financial assets at fair valuethrough profit or loss 22,890,971 23,849,640 49,129,573 46,398,010 214,490,556,404 176,353,660,451

Total assets 24,260,104 24,417,877 51,116,111 47,901,393 221,857,431,550 179,811,056,852

Current liabilitiesFinancial liabilities at fair valuethrough profit or loss – – – – (136,854,693) –

Bank overdraft – – – – – (92,340,108)Creditors - amounts falling duewithin one year (636,915) (177,358) (313,925) (150,802) (5,862,197,403) (1,683,706,414)

Total liabilities (636,915) (177,358) (313,925) (150,802) (5,999,052,096) (1,776,046,522)

Net assets attributable to holdersof redeemable participatingshares 3 23,623,189 24,240,519 50,802,186 47,750,591 215,858,379,454 178,035,010,330

29




US High Yield BondFundAs at

30th June, 2014USD

US High Yield BondFundAs at


NEWS EmergingMarkets Small Cap

Equity Fund β


USD


Equity FundAs at


Asian SmallerCompanies Fund


USD



USDAssets NotesCash at bank 31,340,376 21,246,150 1,200,916 416,081 600,050 227,629Amounts due from broker onmargin accounts – – – 95,210 – –

Debtors and other receivables 26,023,773 24,320,707 59,027 26,388 104,096 –Financial assets at fair valuethrough profit or loss 1,174,556,148 676,547,107 274,458 28,541,450 12,382,628 12,121,514

Total assets 1,231,920,297 722,113,964 1,534,401 29,079,129 13,086,774 12,349,143

Current liabilitiesFinancial liabilities at fair valuethrough profit or loss – – – – – –

Bank overdraft (802) (1,280) – – – –Creditors - amounts falling duewithin one year (40,527,805) (5,275,162) (1,534,401) (216,762) (144,809) (36,686)

Total liabilities (40,528,607) (5,276,442) (1,534,401) (216,762) (144,809) (36,686)

Net assets attributable to holdersof redeemable participatingshares 3 1,191,391,690 716,837,522 – 28,862,367 12,941,965 12,312,457

β The NEWS Emerging Markets Small Cap Equity Fund was fully redeemed on 27th June, 2014

30




Japan HighConviction Fund


JPY



JPY

Asia Ex Japan HighConviction Fund


USD



USD

Global High YieldBond Fund


USDAssets NotesCash at bank 9,637,109 11,449,129 235,980 78,281 923,754Amounts due from broker onmargin accounts – – – – –

Debtors and other receivables 1,251,739 695,455 25,337 – 2,021,061Financial assets at fair valuethrough profit or loss 546,540,600 542,634,000 5,734,284 5,554,590 25,299,175

Total assets 557,429,448 554,778,584 5,995,601 5,632,871 28,243,990

Current liabilitiesFinancial liabilities at fair valuethrough profit or loss – – – – –

Bank overdraft – – – – –Creditors - amounts falling duewithin one year (3,284,580) (4,054,383) (32,288) (36,780) (2,558,270)

Total liabilities (3,284,580) (4,054,383) (32,288) (36,780) (2,558,270)

Net assets attributable to holdersof redeemable participatingshares 3 554,144,868 550,724,201 5,963,313 5,596,091 25,685,720

31




TotalAs at

30th June, 2014USD

TotalAs at


Assets NotesCash at bank 69,657,078 31,787,732Amounts due from broker onmargin accounts 369,318 356,284

Debtors and other receivables 72,777,267 51,180,439Financial assets at fair valuethrough profit or loss 3,473,416,101 2,530,028,947

Total assets 3,616,219,764 2,613,353,402

Current liabilitiesFinancial liabilities at fair valuethrough profit or loss (1,349,985) –

Bank overdraft (802) (879,580)Creditors - amounts falling duewithin one year (105,691,948) (253,236,652)

Total liabilities (107,042,735) (24,116,232)

Net assets attributable to holdersof redeemable participatingshares 3 3,509,177,029 2,589,237,170

32


STATEMENT OF COMPREHENSIVE INCOME



Half year ended30th June, 2014

USD



USD



USD

India Equity FundHalf year ended30th June, 2014

USD


USD

Operating income 36 1,159,286 76,293 422,377 830,397VAT rebate – 3,818 54 511 5,699Net gain/(loss) on financial assets and

financial liabilities at fair valuethrough profit or loss 242 (7,902,589) 273,094 11,280,949 (10,380,704)

Total operating profit/(loss) 278 (6,739,485) 349,441 11,703,837 (9,544,608)

Operating expenses – (777,888) (67,487) (288,818) (558,553)

Profit/(Loss) before finance costs 278 (7,517,373) 281,954 11,415,019 (10,103,161)

Finance costsDividend paid from net income – – – – –Dividend paid from capital gains – – – – –Overdraft interest – (252) (9) (529) (607)Profit/(Loss) for the financial period 278 (7,517,625) 281,945 11,414,490 (10,103,768)

Tax including withholding tax 617 (93,916) (6,067) (279,159) 1,740,958

Increase/(Decrease) in net assetsattributable to holders ofredeemable participating sharesfrom operations 895 (7,611,541) 275,878 11,135,331 (8,362,810)

β The Global Emerging Markets Fund was fully redeemed on 22nd November, 2013; it relaunched under a new name Global Emerging Market Equity Fund on 17th December, 2013.

33


STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)


Asia Ex Japan FundHalf year ended30th June, 2014

USD


USD



USD



USD

Japan Strategic ValueFund


JPY



JPY

Operating income 331,804 700,879 1,036,645 865,857 2,220,359,036 1,112,013,003VAT rebate 254 3,011 501 3,046 1,985,126 2,577,071Net gain/(loss) on financial assets and

financial liabilities at fair valuethrough profit or loss 1,231,345 (3,055,425) 2,276,711 1,294,422 (5,543,626,456) 27,487,672,545

Total operating profit/(loss) 1,563,403 (2,351,535) 3,313,857 2,163,325 (3,321,282,294) 28,602,262,619

Operating expenses (185,145) (402,863) (140,538) (168,350) (1,136,587,487) (602,341,770)

Profit/(Loss) before finance costs 1,378,258 (2,754,398) 3,173,319 1,994,975 (4,457,869,781) 27,999,920,849

Finance costsDividend paid from net income – – – – – –Dividend paid from capital gains – – – – – –Overdraft interest – (7) – (2) (1,766) (383,834)Profit/(Loss) for the financial period 1,378,258 (2,754,405) 3,173,319 1,994,973 (4,457,871,547) 27,999,537,015

Tax including withholding tax (28,263) (72,693) (121,724) (119,615) (330,578,304) (78,764,433)

Increase/(Decrease) in net assetsattributable to holders ofredeemable participating sharesfrom operations 1,349,995 (2,827,098) 3,051,595 1,875,358 (4,788,449,851) 27,920,772,582

34




US High Yield BondFund


USD



USD


Equity Fund β


USD


Equity FundHalf year ended30th June, 2013

USD

Asian SmallerCompanies FundHalf year ended30th June, 2014

USD


USD

Operating income 32,382,880 15,319,540 336,990 381,638 196,038 327,259VAT rebate 8,398 4,480 302 1,097 123 –Net gain/(loss) on financial assets and

financial liabilities at fair valuethrough profit or loss 28,520,541 (7,481,289) 2,273,848 (4,032,516) 523,866 (254,502)

Total operating profit/(loss) 60,911,819 7,842,731 2,611,140 (3,649,781) 720,027 72,757

Operating expenses (3,302,163) (1,740,777) (307,006) (322,252) (79,578) (77,110)

Profit/(Loss) before finance costs 57,609,656 6,101,954 2,304,134 (3,972,033) 640,449 (4,353)

Finance costsDividend paid from net income (774,377) (671,337) – – – –Dividend paid from capital gains (121,600) (113,737) – – – –Overdraft interest (431) (13) – – – –Profit/(Loss) for the financial period 56,713,248 5,316,867 2,304,134 (3,972,033) 640,449 (4,353)

Tax including withholding tax (120,791) (55,949) (94,815) 20,386 (10,941) (18,266)

Increase/(Decrease) in net assetsattributable to holders ofredeemable participating sharesfrom operations 56,592,457 5,260,918 2,209,319 (3,951,647) 629,508 (22,619)


35




Japan HighConviction FundHalf year ended30th June, 2014

JPY

Asia Ex Japan HighConviction FundHalf year ended30th June, 2014

USD



USD

TotalHalf year ended30th June, 2014

USD


USD

Operating income 4,183,517 75,827 248,609 56,820,945 31,222,879VAT rebate (14,468) 58 – 29,436 48,122Net gain/(loss) on financial assets and

financial liabilities at fair valuethrough profit or loss 5,439,272 371,143 474,472 (6,831,253) 255,865,812

Total operating profit 9,608,321 447,028 723,081 50,019,128 287,136,813

Operating expenses (5,539,854) (74,204) (56,266) (15,649,349) (10,351,737)

Profit before finance costs 4,068,467 372,824 666,815 34,369,779 276,785,076

Finance costsDividend paid from net income – – – (774,377) (671,337)Dividend paid from capital gains – – – (121,600) (113,737)Overdraft interest – – (35) (1,021) (4,898)Profit for the financial period 4,068,467 372,824 666,780 33,472,781 275,995,104

Tax including withholding tax (647,800) (5,602) (7,925) (3,907,721) 576,578

Increase in net assets attributable toholders of redeemable participatingshares from operations 3,420,667 367,222 658,855 29,565,060 276,571,682

36


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TOHOLDERS OF REDEEMABLE PARTICIPATING SHARES




USD



USD



USD


USD


USDNotes

Net assets attributable to holders of redeemableparticipating shares at the beginning of theperiod – 84,006,967 5,063,164 49,941,892 118,612,628

Notional foreign exchange adjustment 11 – – – – –

(Decrease)/Increase in net assetsattributable to holders of redeemableparticipating shares from operations 895 (7,611,541) 275,878 11,135,331 (8,362,810)

Capital transactionsNet proceeds from redeemable participating

shares issued – – – 7,656,500 265,314

Net costs of redeemable participating sharesredeemed (895) (24,423) – (10,075,972) (27,798,517)

Subscription levy and redemptioncharges – – – – –

Anti dilution adjustment – – – – –

Net proceeds from capital transactions (895) (24,423) – (2,419,472) (27,533,203)

Net assets attributable to holders ofredeemable participating shares atthe end of the period – 76,371,003 5,339,042 58,657,751 82,716,615


37


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TOHOLDERS OF REDEEMABLE PARTICIPATING SHARES (CONTINUED)



USD


USD



USD



USD



JPY



JPYNotes

Net assets attributable to holders of redeemableparticipating shares at the beginning of theperiod 24,240,519 57,749,924 47,750,591 51,736,185 178,035,010,330 78,468,779,893

Notional foreign exchange adjustment 11 – – – – – –

(Decrease)/Increase in net assetsattributable to holders of redeemableparticipating shares from operations 1,349,995 (2,827,098) 3,051,595 1,875,358 (4,788,449,851) 27,920,772,582


shares issued 24,000 14,910 – – 85,090,557,400 34,787,005,949

Net costs of redeemable participating sharesredeemed (1,991,325) (8,385,629) – (12,413,216) (42,478,738,425) (16,004,214,509)

Subscription levy and redemptioncharges – – – – – –

Anti dilution adjustment – – – – – –

Net proceeds from capital transactions (1,967,325) (8,370,719) – (12,413,216) 42,611,818,975 18,782,791,440

Net assets attributable to holders ofredeemable participating shares atthe end of the period 23,623,189 46,552,107 50,802,186 41,198,327 215,858,379,454 125,172,343,915

38






USD



USD


Equity Fund β


USD



USD


USD


USDNotes

Net assets attributable to holders of redeemableparticipating shares at the beginning of theperiod 716,837,522 413,299,091 28,862,367 31,024,971 12,312,457 –

Notional foreign exchange adjustment 11 – – – – – –

(Decrease)/Increase in net assetsattributable to holders of redeemableparticipating shares from operations 56,592,457 5,260,918 2,209,319 (3,951,647) 629,508 (22,619)


shares issued 658,420,728 289,549,208 8,542 74,407 – 24,740,200

Net costs of redeemable participating sharesredeemed (240,459,017) (233,249,665) (31,295,311) – – –

Subscription levy and redemptioncharges – – 215,083 – – –

Anti dilution adjustment – – – – – –

Net proceeds from capital transactions 417,961,711 56,299,543 (31,071,686) 74,407 – 24,740,200

Net assets attributable to holders ofredeemable participating shares atthe end of the period 1,191,391,690 474,859,552 – 27,147,731 12,941,965 24,717,581


39





JPY


USD



USD


USD


USDNotes

Net assets attributable to holders of redeemableparticipating shares at the beginning of theperiod 550,724,201 5,596,091 – 2,589,237,170 1,668,274,286

Notional foreign exchange adjustment 11 – – – 66,917,646 (137,157,372)

(Decrease)/Increase in net assetsattributable to holders of redeemableparticipating shares from operations 3,420,667 367,222 658,855 29,565,060 276,571,682


shares issued – – 25,026,865 1,521,693,564 678,715,268

Net costs of redeemable participating sharesredeemed – – – (698,451,494) (449,367,152)

Subscription levy and redemptioncharges – – – 215,083 –

Anti dilution adjustment – – – – –

Net proceeds from capital transactions – – 25,026,865 823,457,153 229,348,116

Net assets attributable to holders ofredeemable participating shares atthe end of the period 554,144,868 5,963,313 25,685,720 3,509,177,029 2,037,036,712

40


STATEMENT OF CASH FLOWS




USD


Half year ended β

30th June, 2013USD


Half year ended β

30th June, 2014USD

Cash flows from operating activitiesCall account interest income received 42 481 16Bond interest income received – – –Dividend income received 5,660 763,743 30,130Securities lending income received – 1,558 –Miscellaneous income/(expense) – 1,421 –Operating expenses paid (359,821) (785,442) (43,728)Foreign currency gain/(loss) – 4,725 –Net cash outflow from operating activities (354,119) (13,514) (13,582)

Cash flows from investing activitiesPurchase of financial assets at fair value through profit or loss – (39,262,778) (1,153,243)Proceeds from sale of financial assets at fair value through profit or loss 242 39,481,292 1,115,149Net cash inflow/(outflow) from investing activities 242 218,514 (38,094)

Cash flows from financing activitiesProceeds from issue of redeemable participating shares – – –Payments on redemptions of redeemable participating shares (895) 64 –Subscription levy and redemption charges – – –Dividends paid – – –Overdraft interest paid – (252) (9)Net cash outflow from financing activities (895) (188) (9)

Net increase/(decrease) in cash and margin for the period (354,772) 204,812 (51,685)

Notional foreign exchange adjustment – – –

Cash and margin at the beginning of the period 568,136 649,059 251,147

Cash and margin at the end of the period 213,364 853,871 199,462


41


STATEMENT OF CASH FLOWS (CONTINUED)



USD


USD


USD


USDCash flows from operating activitiesCall account interest income received 161 340 73 124Bond interest income received – – – –Dividend income received 308,809 988,364 206,654 432,564Securities lending income received – – 1,339 241Miscellaneous income/(expense) (2,260) 1,128 116 83Operating expenses paid (373,570) (581,445) (285,225) (394,430)Foreign currency gain/(loss) (36,334) (45,868) (16,313) (26,103)Net cash inflow/(outflow) from operating activities (103,194) 362,519 (93,356) 12,479

Cash flows from investing activitiesPurchase of financial assets at fair value through profit or loss (14,865,640) (27,773,967) (6,193,589) (18,904,416)Proceeds from sale of financial assets at fair value through profit or loss 18,459,330 54,304,451 8,306,228 26,846,867Net cash inflow from investing activities 3,593,690 26,530,484 2,112,639 7,942,451

Cash flows from financing activitiesProceeds from issue of redeemable participating shares 6,806,500 265,314 24,000 14,910Payments on redemptions of redeemable participating shares (9,582,754) (26,789,130) (1,991,325) (8,385,629)Subscription levy and redemption charges – – – –Dividends paid – – – –Overdraft interest paid (529) (607) – (7)Net cash outflow from financing activities (2,776,783) (26,524,423) (1,967,325) (8,370,726)

Net increase/(decrease) in cash and margin for the period 713,713 368,580 51,958 (415,796)

Notional foreign exchange adjustment – – – –

Cash and margin at the beginning of the period 1,017,053 2,239,293 565,409 1,866,005

Cash and margin at the end of the period 1,730,766 2,607,873 617,367 1,450,209

42






USD



USD



JPY



JPYCash flows from operating activitiesCall account interest income received 203 250 73,833 1,222,416Bond interest income received – (66) – –Dividend income received 788,238 624,131 1,527,078,276 795,634,895Securities lending income received – – 16,882,262 5,819,257Miscellaneous income/(expense) 10,907 920 (238,594) 504,682Operating expenses paid (200,496) (178,638) (1,359,396,998) (504,530,446)Foreign currency gain/(loss) – (5,350) (434,176,869) 302,508,968Net cash inflow/(outflow) from operating activities 598,852 441,247 (249,778,090) 601,159,772

Cash flows from investing activitiesPurchase of financial assets at fair value through profit or loss (4,858,967) (3,729,664) (93,894,584,341) (58,510,925,255)Proceeds from sale of financial assets at fair value through profit or loss 4,582,473 14,976,876 50,215,640,927 39,819,841,075Net cash inflow/(outflow) from investing activities (276,494) 11,247,212 (43,678,943,414) (18,691,084,180)

Cash flows from financing activitiesProceeds from issue of redeemable participating shares – – 86,241,608,826 36,052,672,424Payments on redemptions of redeemable participating shares – (12,413,216) (39,711,488,536) (16,050,898,199)Subscription levy and redemption charges – – – –Dividends paid – – – –Overdraft interest paid – (2) (1,766) (383,834)Net cash inflow/(outflow) from financing activities – (12,413,218) 46,530,118,524 20,001,390,391

Net increase/(decrease) in cash and margin for the period 322,358 (724,759) 2,601,397,020 1,911,465,983


Cash and margin at the beginning of the period 1,458,853 1,853,888 550,157,511 (347,991,320)

Cash and margin at the end of the period 1,781,211 1,129,129 3,151,554,531 1,563,474,663

43






USD



USD

NEWS EmergingMarkets Small Cap β


USD



USDCash flows from operating activitiesCall account interest income received 6,152 2,036 67 200Bond interest income received 26,770,236 13,491,512 856 120Dividend income received 402,682 214,107 186,580 200,373Securities lending income received – – – 1,545Miscellaneous income/(expense) 291,532 34,487 21,174 390Operating expenses paid (3,774,277) (1,593,522) (409,266) (319,561)Foreign currency gain/(loss) (1,891) (658,917) – 1,692Net cash inflow/(outflow) from operating activities 23,694,434 11,489,703 (200,589) (115,241)

Cash flows from investing activitiesPurchase of financial assets at fair value through profit or loss (740,572,981) (384,250,012) (96,236) (13,633,223)Proceeds from sale of financial assets at fair value through profit or loss 303,567,047 315,855,946 30,637,966 13,758,765Net cash inflow/(outflow) from investing activities (437,005,934) (68,394,066) 30,541,730 125,542

Cash flows from financing activitiesProceeds from issue of redeemable participating shares 663,311,278 290,233,057 8,542 74,407Payments on redemptions of redeemable participating shares (239,008,667) (224,724,854) (29,875,141) –Subscription levy and redemption charges – – 215,083 –Dividends paid (895,977) (785,074) – –Overdraft interest paid (431) (12) – –Net cash inflow/(outflow) from financing activities 423,406,203 64,723,117 (29,651,516) 74,407

Net increase in cash and margin for the period 10,094,704 7,818,754 689,625 84,708


Cash and margin at the beginning of the period 21,244,870 22,113,037 511,291 345,494

Cash and margin at the end of the period 31,339,574 29,931,791 1,200,916 430,202


44





USD


USD


JPY


USDCash flows from operating activitiesCall account interest income received 56 106 183 18Bond interest income received – – – –Dividend income received 142,741 201,580 2,979,250 44,870Securities lending income received – – – –Miscellaneous income/(expense) 522 (67) – 1Operating expenses paid (85,327) (45,828) (6,324,125) (78,638)Foreign currency gain/(loss) – – – –Net cash inflow/(outflow) from operating activities 57,992 155,791 (3,344,692) (33,749)

Cash flows from investing activitiesPurchase of financial assets at fair value through profit or loss (1,995,752) (24,013,786) (62,713,475) (2,985,089)Proceeds from sale of financial assets at fair value through profit or loss 2,310,181 225,517 64,246,147 3,176,537Net cash inflow/(outflow) from investing activities 314,429 (23,788,269) 1,532,672 191,448

Cash flows from financing activitiesProceeds from issue of redeemable participating shares – 24,740,200 – –Payments on redemptions of redeemable participating shares – – – –Subscription levy and redemption charges – – – –Dividends paid – – – –Overdraft interest paid – – – –Net cash inflow from financing activities – 24,740,200 – –

Net increase/(decrease) in cash and margin for the period 372,421 1,107,722 (1,812,020) 157,699Notional foreign exchange adjustment – – – –

Cash and margin at the beginning of the period 227,629 – 11,449,129 78,281

Cash and margin at the end of the period 600,050 1,107,722 9,637,109 235,980

45






USD


USD


USDCash flows from operating activitiesCall account interest income received 362 7,880 16,330Bond interest income received (105,512) 26,665,580 13,491,566Dividend income received – 17,209,410 11,751,758Securities lending income received – 167,872 64,247Miscellaneous income/(expense) 3,811 323,449 43,644Operating expenses paid 423 (19,081,897) (9,179,143)Foreign currency gain/(loss) 2,591 (4,334,826) 2,436,155Net cash inflow/(outflow) from operating activities (98,325) 20,957,468 18,624,557

Cash flows from investing activitiesPurchase of financial assets at fair value through profit or loss (34,897,904) (1,734,448,500) (1,123,927,084)Proceeds from sale of financial assets at fair value through profit or loss 10,920,135 879,054,457 882,193,210Net cash outflow from investing activities (23,977,769) (855,394,043) (241,733,874)

Cash flows from financing activitiesProceeds from issue of redeemable participating shares 24,999,883 1,545,868,928 692,645,234Payments on redemptions of redeemable participating shares – (672,187,407) (440,297,048)Subscription levy and redemption charges – 215,083 –Dividends paid – (895,977) (785,074)Overdraft interest paid (35) (1,021) (4,897)Net cash inflow from financing activities 24,999,848 872,999,606 251,558,215

Net increase in cash and margin for the period 923,754 38,563,031 28,448,898

Notional foreign exchange adjustment – 198,127 (415,238)

Cash and margin at the beginning of the period – 31,264,436 25,022,951

Cash and margin at the end of the period 923,754 70,025,594 53,056,611

46


NOTES TO THE FINANCIAL STATEMENTSFor the half year ended 30th June, 2014

1. Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below.

Basis of preparation of financial statements

The financial statements presented are unaudited condensed financial statements for the half year ended 30th June 2014. Theunaudited condensed financial statements should be read in conjunction with the financial statements for the year ended 31stDecember, 2013 which were prepared in accordance with the International Financial Reporting Standards (“IFRS”) and Irishstatute comprising the Companies Acts, 1963 to 2013, and the requirements of the European Communities (Undertakings forCollective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”).

Financial assets and financial liabilities at fair value through profit or loss

(a) ClassificationThe Fund classifies its financial assests and liabilities at fair value through profit or loss. The category of financial assests andliabilities at fair value through profit or loss is sub-divided into financial assets and liabilities held for trading and thosedesignated by Directors at fair value through profit or loss on initial recognition.

Financial assets are classified as held for trading if they are acquired for the purpose of selling in the near term. This categoryincludes equity securities, investments in managed funds, debt instruments and participatory notes. These assets are acquiredprincipally for the purpose of generating a profit from short-term fluctuation in price. Derivatives of financial assets are alsoclassified as held for trading. The Fund’s policy is not to apply hedge accounting.

Units or shares in collective investment schemes are valued at the bid quotation or if unavailable the latest available net assetvalue or, if listed or traded on a regulated market, at the latest quoted trade price or the mid quotation or, if unavailable orunrepresentative, the latest available net asset value as deemed relevant to the collective investment scheme.

(b) Recognition/DerecognitionThe Fund recognises a financial asset or a financial liability when, and only when, it becomes a party to the contractualprovisions of the instrument. Purchases and sales of financial assets at fair value through profit or loss are recognised on tradedate – the date on which the Fund commits to purchase or sell the financial instrument. Financial assets at fair value throughprofit or loss are derecognised when the rights to receive cash flows from the financial assets at fair value through profit or losshave expired or the Fund has transferred substantially all risks and rewards of ownership.

Realised fair value gains and losses on disposals of financial instruments are calculated using the average cost method for theNomura Funds Ireland - Global Emerging Markets Fund, the Nomura Funds Ireland - India Equity Fund and the NomuraFunds Ireland - Asia Ex Japan Fund and the first in, first out method for the Nomura Funds Ireland - Global Emerging MarketEquity Fund, the Nomura Funds Ireland - Fundamental Index Global Equity Fund, the Nomura Funds Ireland - Japan StrategicValue Fund, the Nomura Funds Ireland - US High Yield Bond Fund, the Nomura Funds Ireland - NEWS Emerging MarketsSmall Cap Equity Fund, the Nomura Funds Ireland - Asian Smaller Companies Fund, the Nomura Funds Ireland - Japan HighConviction Fund, the Nomura Funds Ireland - Asia Ex Japan High Conviction Fund and the Nomura Funds Ireland - GlobalHigh Yield Bond Fund. The Fund derecognises a financial liability when the obligation under the liability is discharged,cancelled or expires.

(c) MeasurementFinancial assets and financial liabilities at fair value through profit or loss are recorded in the Statement of Financial Position atfair value. Transaction costs are expensed in the Statement of Comprehensive Income. Transaction costs are costs incurred toacquire financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents,advisers and brokers. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit orloss are measured at fair value (see Note (d)).

Gains and losses arising from changes in the fair value of the ‘financial assets or financial liabilities at fair value through profitor loss’ category are presented in the Statement of Comprehensive Income in the period in which they arise. Dividend incomefrom financial assets at fair value through profit or loss is recognised in the Statement of Comprehensive Income withinoperating income when the Fund’s right to receive payments is established.

47


NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)For the half year ended 30th June, 2014

1. Summary of significant accounting policies (continued)

Financial assets and financial liabilities at fair value through profit or loss (continued)

(d) Determination of fair valueFair value is the amount for which an asset could be exchanged or a liability settled, between knowledgeable willing parties inan arm’s length transaction. The fair value of financial instruments traded in active markets (such as trading securities) is basedon quoted market prices at 3pm (Irish time) on the relevant dealing day. For the purpose of these financial statements, thequoted market price used is the quoted market prices at 3pm (Irish time) on the relevant dealing day. The fair value of financialinstruments that are not traded in an active market is determined by using valuation techniques. The Sub-Funds use a variety ofmethods and make assumptions that are based on market conditions existing at each statement of financial position date.

Foreign currency translation

Functional and presentation currencyThe functional and presentation currency of the Nomura Funds Ireland - Global Emerging Markets Fund, the Nomura FundsIreland - Global Emerging Market Equity Fund, the Nomura Funds Ireland - India Equity Fund, the Nomura Funds Ireland -Asia Ex Japan Fund, the Nomura Funds Ireland - Fundamental Index Global Equity Fund, the Nomura Funds Ireland - USHigh Yield Bond Fund, the Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund, the Nomura FundsIreland - Asian Smaller Companies Fund, the Nomura Funds Ireland - Asia Ex Japan High Conviction Fund and the NomuraFunds Ireland - Global High Yield Bond Fund is US Dollar. The functional and presentation currency of the Nomura FundsIreland - Japan Strategic Value Fund and the Nomura Funds Ireland - Japan High Conviction Fund is Japanese Yen. Thepresentation currency of the aggregated financial statements is US Dollar.

Transactions and balancesAssets and liabilities denominated in currencies other than the functional currency of the Sub-Fund are translated into thefunctional currency at the exchange rates ruling at the statement of financial position date. Transactions in currencies otherthan the functional currency are translated into the functional currency at the exchange rates ruling at the dates of thetransactions. Gains and losses on foreign exchange transactions are recognised in the Statement of Comprehensive Income indetermining the result for the year. Proceeds from subscriptions and amounts paid for redemptions in currencies other than thefunctional currency are translated into the functional currency at the exchange rates ruling at the dates of the transactions.

Futures contracts

Upon entering into a futures contract, a Sub-Fund is required to deposit with its futures broker, an amount of cash inaccordance with the initial margin requirements of the broker or exchange. Futures contracts are valued using quoted dailysettlement prices established by the exchange on which they trade. The Sub-Fund and the broker agree to exchange an amountof cash equal to the daily fluctuations in the value of the futures contract (“variation margin”). For open futures, changes in thevalue of the contract are recognised as unrealised gains or losses by “marking-to-market” the value of the contract at thestatement of financial position date. When the contract is closed, the difference between the proceeds (or cost) of the closingtransactions and the original transaction is recorded as a realised gain or loss in the Statement of Comprehensive Income.

Forward foreign currency contracts

All forward foreign currency contract commitments are marked to market at the applicable translation rates and any resultingunrealised gains or losses are recorded in the Statement of Comprehensive Income. The Fund records realised gains or lossesupon closing of the forward foreign currency contracts. Where the Fund enters into forward foreign currency contracts as away of managing foreign exchange risk for specific unit classes, gains and losses from these contracts are allocated solely tothe corresponding unit classes. Purchases and sales of forward foreign currency contracts having the same notional value,settlement date and counterparty are generally offset and any realised gains or losses are recognised on settlement date.Forward foreign currency contracts may result in credit exposure to the counterparty.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is alegally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the assetand settle the liability simultaneously.

48



1. Summary of significant accounting policies (continued)

Due from and due to brokers

Amounts due from and to brokers represents receivables for securities sold and payables for securities purchased respectively,that have been contracted for but not yet settled or delivered on the statement of financial position date.

These amounts are recognised initially at fair value and subsequently measured at amortised cost, less provision forimpairment for amounts due from brokers, if any. A provision for impairment of amounts due from brokers is establishedwhen there is objective evidence that the Fund will not be able to collect all amounts due from the relevant broker.

Cash at bank

Cash at bank includes cash in hand, deposits held on call with banks or brokers and other short-term highly liquid investmentswith original maturities of three months or less. Cash and other liquid assets are valued at their face value with interestaccrued, where applicable, to the valuation point on the relevant dealing day, unless in the opinion of the Directors (inconsultation with Nomura Asset Management U.K. Limited (the “Investment Manager”) and the Administrator), anyadjustment should be made to reflect the true value thereof.

Redeemable participating shares

The Fund issues redeemable participating shares, which are redeemable at the holder’s option and are classified as financialliabilities. Redeemable participating shares can be put back to the Fund at any time for cash equal to a proportionate share ofthe particular Sub-Fund’s net asset value. The redeemable participating share is carried at the redemption amount that ispayable at the statement of financial position date if the holder exercises the right to put the share back to the Fund.

Redeemable participating shares are issued and redeemed at the holder’s option at prices based on the Sub-Fund’s net assetvalue per share at the time of issue or redemption. The Sub-Fund’s net asset value per share is calculated by dividing the netassets attributable to the holders of redeemable participating shares with the total number of outstanding redeemableparticipating shares. In accordance with the provisions of the Fund’s regulations, investment positions are valued based on thelast traded market price for the purpose of determining the net asset value per share for subscriptions and redemptions.

Income from Securities Lending

The Fund may lend portions of its securities to third parties. The volume of the securities lending transactions is kept at anappropriate level. The Fund is entitled to request the return of the securities lent in a manner that enables it, at all times, tomeet its redemption obligations. It is ensured that securities lending transactions do not jeopardise the management of theFund’s assets in accordance with its investment policy. The income earned from the securities lending programme is recordedin ‘Securities lending income’ in the Statement of Comprehensive Income. Income from securities lending is accounted for ona receipts basis.

2. Security lending

The following tables shows the fair value of securities on loan at 30th June, 2014 and at 31st December, 2013 as well as thecollateral held and collateral level.

In accordance with the Securities Lending Agency Agreement (SLAA), for each loan of securities Brown Brothers Harriman& Co. (“BBH”) accepts non-cash collateral on behalf of the Nomura funds participating in the BBH Securities LendingProgramme. Non-cash collateral is limited to securities issued or fully guaranteed by the United States government or issuedand unconditionally guaranteed by any agencies thereof or issued or fully guaranteed by any of the G-10 sovereigns.

The sovereign debt currently accepted by BBH on behalf of the Nomura Funds which participate in the BBH SecuritiesLending Programme are: US, UK, Sweden, Switzerland, France, Germany and Netherlands.

49



2. Security lending (continued)

Fair Collateral Collateral

30th June, 2014 value held level

Sub-Fund Borrower USD USD

Asia Ex Japan Fund Deutsche Bank AG 95,782 100,589 105.02%95,782 100,589 105.02%

Japan Strategic Value Fund BNP Paribas 79,672,553 83,683,914 105.03%Citigroup Global Markets Ltd. 142,639 173,508 121.64%Credit Suisse Securities 530,326 556,896 105.01%Deutsche Bank AG 5,450,407 5,723,911 105.02%JP Morgan Securities Plc 8,388,151 8,809,995 105.03%Morgan Stanley & Co 2,167,300 2,437,050 112.45%UBS AG 4,534,372 4,772,975 105.26%

100,885,748 106,158,249 105.23%

Fair Collateral Collateral

31st December, 2013 value held level

Sub-Fund Borrower USD USD

Japan Strategic Value Fund Barclays Capital Securities Ltd. 2,730,141 3,045,752 111.56%BNP Paribas 34,574,392 36,353,164 105.14%Credit Suisse Securities 1,354,710 1,429,384 105.51%Deutsche Bank AG 2,562,251 2,694,797 105.17%JP Morgan Securities Plc 389,156 410,280 105.43%Merrill Lynch International 1,565,964 1,685,360 107.62%Morgan Stanley & Co 428,029 508,915 118.90%UBS AG 4,112,629 4,386,156 106.65%

47,717,272 50,513,808 105.86%

The Fund earns income from the security lending activities it engages in. For the half year ended 30th June, 2014, the Fundearned income of USD 238,995 (31st December, 2013: USD 299,537). Brown Brothers Harriman & Co ("BBH"), acting assecurities lending agent for the Irish domiciled funds custodied at BBH, earned a fee of USD 72,871 (31st December, 2013:USD 97,401), for providing securities lending services. The net income balance of USD 166,124 has been disclosed within theStatement of Comprehensive Income under Operating Income (31st December, 2013: USD 202,136). Direct and indirect costsassociated with efficient portfolio management techniques are not readily identifiable.

3. Net asset value per redeemable participating share reconciliation

The net asset value per redeemable participating share is calculated by dividing the total net assets (as calculated forshareholder dealing purposes) of the Sub-Fund by the number of redeemable participating shares of that class in issue. The netasset value per redeemable participating share reported in the Statement of Financial Position is that used for financialstatement purposes.

50



3. Net asset value per redeemable participating share reconciliation (continued)

In accordance with the provisions of the Fund’s prospectus, long quoted investments traded on a regulated market are valuedbased on the last traded price at the close of business on the relevant valuation day, for the purposes of determining the netasset value per redeemable participating share for shareholder dealing and for various fee calculations. The accounting policyfor the purposes of complying with IAS 39 is to value the investments using bid prices on the statement of financial positiondate. For the half year ended 30th June, 2014 the investments have been valued using the methodology indicated in the Fund’sprospectus and therefore there was no change in their valuation (31st December, 2013: no change in the valuation ofinvestments).

For financial statement purposes, organisational expenses totalling USD 176,517 including fees paid to the professionaladvisors of the Fund were written off in the year ended 31st December, 2007 for the Nomura Funds Ireland - Global EmergingMarket Equity Fund, the Nomura Funds Ireland - India Equity Fund and the Nomura Funds Ireland - Asia Ex Japan Fund inaccordance with IAS 38 “Intangible Assets”. Organisational expenses totalling USD 25,389 for the Nomura Funds Ireland -Fundamental Index Global Equity Fund and USD 6,802 for the Nomura Funds Ireland - Asia Ex Japan Fund were written offin the year ended 31st December, 2008. Organisational expenses totalling JPY 2,030,165 for the Nomura Funds Ireland - JapanStrategic Value Fund and USD 20,286 for the Nomura Funds Ireland - US High Yield Bond Fund were written off in the yearended 31st December, 2009. Organisational expenses totalling USD 18,074 were written off in the year ended 31st December,2011 for the Nomura Funds Ireland - NEWS Emerging Markets Equity Fund. Organisational expenses totalling USD 16,369for the Nomura Funds Ireland – Asian Smaller Companies Fund, JPY 1,819,654 for the Nomura Funds Ireland – Japan HighConviction Fund and USD 18,569 for the Nomura Funds Ireland - Asia Ex Japan High Conviction fund were written off in theyear ended 31st December, 2013. Organisational expenses totalling USD 19,761 for the Nomura Funds Ireland – Global HighYield Bond Fund were written off in the half year ended 30th June, 2014. For the purpose of calculating the net asset value pershare for shareholder dealing, organisational expenses are being amortised over the first five financial years of the lifetime ofthe Fund, USD 67,423 (31st December, 2013: USD 65,373) was amortised for the half year ended 30th June, 2014.

The amounts in the following tables are presented in the functional currency of the Sub-Fund.


30th June, 2014Class I US$

USD

Global EmergingMarket Equity Fund31st December, 2013

Class I US$USD

India Equity Fund30th June, 2014

Class A EuroEUR


Class S JPYJPY

Net Asset Value for FinancialStatement Purposes 5,339,042 5,063,164 21,633 2,374,874,561

Shares Outstanding 50,000 50,000 186 199,877

Net Asset Value per Share forFinancial Statement Purposes 106.7808 101.2633 116.3065 11,881.6800

Add: Organisational ExpensesWritten Off – – – –

Total NAV Share Base 5,339,042 5,063,164 21,633 2,374,874,561


Net Asset Value Per Share forShareholder Dealing 106.7808 101.2633 116.3065 11,881.6800

51





Class Z US$USD

India Equity Fund31st December, 2013

Class A EuroEUR


Class S JPYJPY


Class Z US$USD

Net Asset Value for FinancialStatement Purposes 35,201,570 17,454 2,689,560,272 24,288,337

Shares Outstanding 114,982 186 269,689 98,218

Net Asset Value per Share forFinancial Statement Purposes 306.1485 93.8387 9,972.8216 247.2901


Total NAV Share Base 35,201,570 17,454 2,689,560,272 24,288,337

Shares Outstanding 114,982 186 269,689 98,218

Net Asset Value Per Share forShareholder Dealing 306.1485 93.8387 9,972.8216 247.2901

Asia Ex Japan Fund30th June, 2014

Class A US$USD

Asia Ex Japan Fund30th June, 2014

Class J JPYJPY

Asia Ex Japan Fund31st December, 2013

Class A US$USD

Asia Ex Japan Fund31st December, 2013

Class J JPYJPY

Net Asset Value for FinancialStatement Purposes 493,215 2,344,805,859 442,480 23,798,039

Shares Outstanding 4,405 159,360 4,183 174,175

Net Asset Value per Share forFinancial Statement Purposes 111.9671 14,713.8922 105.7805 136.6329


Total NAV Share Base 493,215 2,344,805,859 442,480 23,798,039


Net Asset Value Per Share forShareholder Dealing 111.9671 14,713.8922 105.7805 136.6329

52





30th June, 2014Class A Euro

EUR


30th June, 2014Class A US$

USD


30th June, 2014Class I Euro

EUR



USDNet Asset Value for FinancialStatement Purposes 26,857 886,524 36,492,024 30,871

Shares Outstanding 186 6,745 283,378 152

Net Asset Value per Share forFinancial Statement Purposes 144.3925 131.4342 128.7751 203.0987


Total NAV Share Base 26,857 886,524 36,492,024 30,871


Net Asset Value Per Share forShareholder Dealing 144.3925 131.4342 128.7751 203.0987


31st December, 2013Class A Euro

EUR


31st December, 2013Class A US$

USD


31st December, 2013Class I Euro

EUR


31st December, 2013Class I US$

USDNet Asset Value for FinancialStatement Purposes 25,058 834,904 33,980,360 29,017




Total NAV Share Base 25,058 834,904 33,980,360 29,017



53




Japan StrategicValue Fund


EUR



HedgedEUR


30th June, 2014Class A JPY

JPY



USDNet Asset Value for FinancialStatement Purposes 26,633,149 9,209,003 16,538,552,167 15,599,916

Shares Outstanding 197,294 90,132 1,051,464 114,350

Net Asset Value per Share forFinancial Statement Purposes 134.9922 102.1724 15,729.0712 136.4225

Add: Organisational ExpensesWritten Off 8 3 4,817 5

Total NAV Share Base 26,633,157 9,209,006 16,538,556,984 15,599,921

Shares Outstanding 197,294 90,132 1,051,464 114,350

Net Asset Value Per Share forShareholder Dealing 134.9922 102.1724 15,729.0758 136.4226


30th June, 2014Class A US$ Hedged

USD


30th June, 2014Class AD Sterling

GBP


30th June, 2014Class AD Sterling

HedgedGBP


30th June, 2014Class I Euro

EURNet Asset Value for FinancialStatement Purposes 48,579,866 7,674 7,690 125,390,212

Shares Outstanding 501,800 75 75 1,075,054


Add: Organisational ExpensesWritten Off 14 – – 37

Total NAV Share Base 48,579,880 7,674 7,690 125,390,249

Shares Outstanding 501,800 75 75 1,075,054


54





30th June, 2014Class I Euro Hedged

EUR


30th June, 2014Class I JPY

JPY


30th June, 2014Class I Sterling

GBP



USDNet Asset Value for FinancialStatement Purposes 87,475,482 103,558,954,941 228,436,626 1,543,654

Shares Outstanding 570,947 6,812,611 1,871,439 15,277

Net Asset Value per Share forFinancial Statement Purposes 153.2112 15,201.0668 122.0647 101.0443

Add: Organisational ExpensesWritten Off 25 30,160 67 –

Total NAV Share Base 87,475,507 103,558,985,101 228,436,693 1,543,654

Shares Outstanding 570,947 6,812,611 1,871,439 15,277

Net Asset Value Per Share forShareholder Dealing 153.2113 15,201.0712 122.0647 101.0443


30th June, 2014Class I US$ Hedged

USD


30th June, 2014Class ID Sterling

GBP


30th June, 2014Class ID Sterling

HedgedGBP


30th June, 2014Class ID US$

USDNet Asset Value for FinancialStatement Purposes 147,336,425 7,687 1,278,038 27,056

Shares Outstanding 1,253,796 75 12,442 250


Add: Organisational ExpensesWritten Off 43 – – –

Total NAV Share Base 147,336,468 7,687 1,278,038 27,056

Shares Outstanding 1,253,796 75 12,442 250


55





30th June, 2014Class ID US$

HedgedUSD



EUR



HedgedEUR


31st December, 2013Class A JPY

JPYNet Asset Value for FinancialStatement Purposes 26,673 11,550,243 4,246,149 14,610,429,492

Shares Outstanding 250 87,013 40,238 902,352

Net Asset Value per Share forFinancial Statement Purposes 106.6920 132.7416 105.5258 16,191.4968

Add: Organisational ExpensesWritten Off – 17 6 21,756

Total NAV Share Base 26,673 11,550,260 4,246,155 14,610,451,248


Net Asset Value Per Share forShareholder Dealing 106.6920 132.7418 105.5260 16,191.5209



USD


31st December, 2013Class A US$ Hedged

USD


31st December, 2013Class I Euro

EUR


31st December, 2013Class I Euro Hedged

EURNet Asset Value for FinancialStatement Purposes 2,723,464 25,000 129,473,216 116,552,628

Shares Outstanding 20,114 250 1,131,932 738,707


Add: Organisational ExpensesWritten Off 4 – 193 174

Total NAV Share Base 2,723,468 25,000 129,473,409 116,552,802

Shares Outstanding 20,114 250 1,131,932 738,707


56





31st December, 2013Class I JPY

JPY


31st December, 2013Class I Sterling

GBP



USD


31st December, 2013Class I US$ Hedged

USDNet Asset Value for FinancialStatement Purposes 82,483,036,042 232,982,573 25,000 21,896,489

Shares Outstanding 5,285,686 1,864,677 250 180,913

Net Asset Value per Share forFinancial Statement Purposes 15,604.9822 124.9453 100.0000 121.0333

Add: Organisational ExpensesWritten Off 122,821 347 – 33

Total NAV Share Base 82,483,158,863 232,982,920 25,000 21,896,522

Shares Outstanding 5,285,686 1,864,677 250 180,913

Net Asset Value Per Share forShareholder Dealing 15,605.0055 124.9455 100.0000 121.0334



EUR



HedgedEUR



USD


30th June, 2014Class D US$

USDNet Asset Value for FinancialStatement Purposes 556,574 56,487,209 55,940,518 34,488,351




Total NAV Share Base 556,574 56,487,209 55,940,518 34,488,351



57





30th June, 2014Class I CHF Hedged

CHF


30th June, 2014Class I Euro Hedged

EUR


30th June, 2014Class I Sterling

HedgedGBP



USDNet Asset Value for FinancialStatement Purposes 43,293,832 156,485,801 40,909,074 564,500,726

Shares Outstanding 425,114 1,323,599 365,542 2,293,012



Total NAV Share Base 43,293,832 156,485,801 40,909,074 564,500,726

Shares Outstanding 425,114 1,323,599 365,542 2,293,012



30th June, 2014Class Z Sterling

HedgedGBP



EUR



HedgedEUR



USDNet Asset Value for FinancialStatement Purposes 74,030,170 506,440 53,644,206 15,727,953



Add: Organisational ExpensesWritten Off – 1 75 22

Total NAV Share Base 74,030,170 506,441 53,644,281 15,727,975



58





31st December, 2013Class D US$

USD


31st December, 2013Class I Euro Hedged

EUR


31st December, 2013Class I Sterling

HedgedGBP



USDNet Asset Value for FinancialStatement Purposes 24,610,257 46,069,270 37,095,184 477,064,393

Shares Outstanding 221,090 414,286 352,899 2,061,774


Add: Organisational ExpensesWritten Off 34 64 52 665

Total NAV Share Base 24,610,291 46,069,334 37,095,236 477,065,058

Shares Outstanding 221,090 414,286 352,899 2,061,774



Equity Fund31st December, 2013

Class A EuroEUR


Equity Fund31st December, 2013

Class I US$USD



EUR


30th June, 2014Class Z US$

USDNet Asset Value for FinancialStatement Purposes 60,691 28,787,514 21,476 12,912,628

Shares Outstanding 596 404,174 200 117,709


Add: Organisational ExpensesWritten Off 20 9,581 24 14,403

Total NAV Share Base 60,711 28,797,095 21,500 12,927,031

Shares Outstanding 596 404,174 200 117,709


59






EUR


31st December, 2013Class Z US$

USD


30th June, 2014Class I JPY

JPY


31st December, 2013Class I JPY

JPYNet Asset Value for FinancialStatement Purposes 20,405 12,284,341 554,144,868 550,724,201


Net Asset Value per Share forFinancial Statement Purposes 102.0250 104.3620 11,082.8974 11,014.4840

Add: Organisational ExpensesWritten Off 27 16,332 1,622,629 1,819,654

Total NAV Share Base 20,432 12,300,673 555,767,497 552,543,854


Net Asset Value Per Share forShareholder Dealing 102.1600 104.5007 11,115.3499 11,050.8771



USD



USD



EUR



USDNet Asset Value for FinancialStatement Purposes 5,963,313 5,596,090 38,409 25,633,252



Add: Organisational ExpensesWritten Off 16,599 18,569 30 19,721

Total NAV Share Base 5,979,912 5,614,659 38,439 25,652,973



60



4. Management expense and performance expense

Nomura Asset Management U.K. Limited, the Investment Manager earned a fee of USD 11,760,053 for the half year ended30th June, 2014 (31st December, 2013: USD 16,570,655), of which USD 6,240,882 (31st December, 2013: USD 9,049,900)was due at the year end.

The Investment Management Fee is calculated and accrued daily and payable quarterly in arrears. The Investment Manager isentitled to be reimbursed by the Sub-Funds for reasonable out-of-pocket expenses incurred by it and any VAT on fees andexpenses payable to or by it. The Investment Manager may from time to time, at its sole discretion, and out of its ownresources, rebate to affiliated entities/intermediaries and/or shareholders, part or all of the Investment Management Feeand/or the Incentive Fee.

There have been no changes to the management or incentive fees since the prior year end audited financial statements. TheManagement Fees for the share classes that launched during the half year ended 30th June, 2014 are as follows:


The Investment Manager is entitled to receive out of the net assets of the Sub-Fund an annual fee equal to the followingpercentage of the net asset value of the Sub-Fund:

Class AD Sterling 1.40%Class AD Sterling Hedged 1.40%Class ID Sterling 0.85%Class ID Sterling Hedged 0.85%Class ID US$ 0.85%Class ID US$ Hedged 0.85%



Class I CHF Hedged 0.50%Class Z Sterling Hedged 0.00%



Class A Euro 1.00%Class I US$ 0.50%

5. Financial risk management - Fair value estimation

The Fund has classified fair value measurements using a fair value hierarchy that reflects the significance of the inputs usedin making the measurements. The fair value hierarchy has the following levels:

(i) Level 1: Investments, whose values are based on quoted market prices in active markets, and therefore classified withinlevel 1, include active listed equities and exchange traded derivatives. Quoted prices for these instruments are notadjusted.

(ii) Level 2: Financial instruments that trade in markets that are not considered to be active but are valued based on quotedmarket prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level2. These include investment-grade corporate bonds, listed equities and over-the-counter derivatives. As level 2investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuationsmay be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available marketinformation.

61



5. Financial risk management - Fair value estimation (continued)

(iii) Level 3: Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. Pricinginputs are unobservable for the investment and include situations where there is little, if any, market activity for theInstrument. The inputs into the determination of fair value require significant management judgement or estimation. Asobservable prices are not available for these securities, the Fund has used valuation techniques to derive the fair value, ifapplicable.

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined onthe basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, thesignificance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement usesobservable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement,considering factors specific to the financial asset or liability.

The determination of what constitutes ‘observable’ requires significant judgement by the Directors in consultation with theInvestment Manager. The Directors consider observable data to be that market data that is readily available, regularlydistributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involvedin the relevant market.

The following tables analyse within the fair value hierarchy the Sub-Funds’ financial assets and financial liabilities measuredat fair value at 30th June, 2014 and 31st December, 2013:


30th June, 2014 Level 1 Level 2 Level 3 TotalUSD USD USD USD

Financial Assets at Fair Value through Profit or LossEquities 5,006,245 – – 5,006,245Participatory Notes 145,609 – – 145,609

Total Assets 5,151,854 – – 5,151,854


31st December, 2013 Level 1 Level 2 Level 3 TotalUSD USD USD USD


Total Assets 4,846,102 – – 4,846,102



Financial Assets at Fair Value through Profit or LossEquities 56,792,555 – – 56,792,555

Total Assets 56,792,555 – – 56,792,555

62







Total Assets 49,607,212 – – 49,607,212



Financial Assets at Fair Value through Profit or LossEquities 20,478,801 – – 20,478,801Collective Investment Schemes 43,492 – – 43,492Participatory Notes 2,368,678 – – 2,368,678

Total Assets 22,890,971 – – 22,890,971



Financial Assets at Fair Value through Profit or LossEquities 22,428,782 – – 22,428,782Collective Investment Schemes 42,781 – – 42,781Participatory Notes 1,378,077 – – 1,378,077

Total Assets 23,849,640 – – 23,849,640



Financial Assets at Fair Value through Profit or LossEquities 48,663,211 – – 48,663,211Collective Investment Schemes 453,287 – – 453,287Futures 13,075 – – 13,075

Total Assets 49,129,573 – – 49,129,573



Financial Assets at Fair Value through Profit or LossEquities 45,963,009 180 – 45,963,189Collective Investment Schemes 390,086 – – 390,086Futures 44,735 – – 44,735

Total Assets 46,397,830 180 – 46,398,010

63





30th June, 2014 Level 1 Level 2 Level 3 TotalJPY JPY JPY JPY

Financial Assets at Fair Value through Profit or LossEquities 214,490,530,714 – – 214,490,530,714Forward Foreign Currency Contracts – 25,690 – 25,690

Total Assets 214,490,530,714 25,690 – 214,490,556,404

Financial Liabilities at Fair Value through Profit or LossForward Foreign Currency Contracts – (136,854,693) – (136,854,693)

Total Liabilities – (136,854,693) – (136,854,693)


31st December, 2013 Level 1 Level 2 Level 3 TotalJPY JPY JPY JPY

Financial Assets at Fair Value through Profit or LossEquities 175,923,362,148 – – 175,923,362,148Forward Foreign Currency Contracts – 430,298,303 – 430,298,303

Total Assets 175,923,362,148 430,298,303 – 176,353,660,451



Financial Assets at Fair Value through Profit or LossEquities 19,419,382 – – 19,419,382Bonds 638,159 1,152,021,917 – 1,152,660,076Participatory Notes 54,265 – – 54,265Forward Foreign Currency Contracts – 2,422,376 – 2,422,376Term Loans – 49 – 49

Total Assets 20,111,806 1,154,444,342 – 1,174,556,148



Financial Assets at Fair Value through Profit or LossEquities 11,432,754 – – 11,432,754Bonds 1,127,937 662,966,363 – 664,094,300Participatory Notes 21,099 6,374 – 27,473Forward Foreign Currency Contracts – 991,244 – 991,244Term Loans – 1,336 – 1,336

Total Assets 12,581,790 663,965,317 – 676,547,107

64




Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund


Financial Assets at Fair Value through Profit or LossEquities 274,458 – – 274,458

Total Assets 274,458 – – 274,458



Financial Assets at Fair Value through Profit or LossEquities 28,103,180 – 17,187 28,120,367Participatory Notes 419,173 – – 419,173Futures 1,910 – – 1,910

Total Assets 28,524,263 – 17,187 28,541,450




Total Assets 12,382,628 – – 12,382,628




Total Assets 12,121,514 – – 12,121,514


30th June, 2014 Level 1 Level 2 Level 3 TotalJPY JPY JPY JPY


Total Assets 546,540,600 – – 546,540,600


31st December, 2013 Level 1 Level 2 Level 3 TotalJPY JPY JPY JPY


Total Assets 542,634,000 – – 542,634,000

65




Nomura Funds Ireland - Asia Ex Japan High Conviction Fund



Total Assets 5,734,284 – – 5,734,284

Nomura Funds Ireland - Asia Ex Japan High Conviction Fund



Total Assets 5,554,590 – – 5,554,590



Financial Assets at Fair Value through Profit or LossEquities 153,622 – – 153,622Bonds 475,761 24,669,792 – 25,145,553

Total Assets 629,383 24,669,792 – 25,299,175

The following table shows the sensitivity analysis of level 3 securities held by the Nomura Funds Ireland - NEWS EmergingMarkets Small Cap Equity Fund at 31st December, 2013. There are no level 3 securities held by the Nomura Funds Ireland asat 30th June, 2014.


Fair Value at Reasonable Change in

31st December, Valuation possible Change in Net AssetValueDescription 2013 Technique shift (+/-) Valuation +/- of Company

Hong Kong Equity 9,424 Discount to last traded price 25% 2,356 0.01%China Equity 5,388 Discount to last traded price 25% 1,347 0.00%China Equity 2,375 Discount to last traded price 25% 594 0.00%

The following tables show the transfers between levels during the half year ended 30th June, 2014 and the year ended 31stDecember, 2013 for the Nomura Funds Ireland – US High Yield Bond Fund and the Nomura Funds Ireland - NEWSEmerging Markets Small Cap Equity Fund:

Nomura Funds Ireland – US High Yield Bond Fund

As at 30th June, 2014

Level 1 Level 2 Level 3USD USD USD

Transfers between levels 1 and 2:

Bonds (892,626) 892,626 –

66








Equities 14,820 – (14,820)

As at 31st December, 2013



Equities (17,187) – 17,187

Other than the above, there were no transfers between levels for securities held at 30th June, 2014 and 31st December, 2013on the remaining Sub-Funds.

Transfers between levels of the fair value hierarchy, for the purpose of preparing the above table, are deemed to haveoccurred at the end of the reporting period.

The following tables present a reconciliation of the closing balance for level 3 securities held by the Nomura Funds Ireland -US High Yield Bond Fund and the Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund at 30th June,2014 and at 31st December, 2013.



Bonds Equities TotalUSD USD USD

Opening balance 250 – 250Transfers out – – –Purchases – – –Sales – – –Gains and losses recognised in profit and loss (250) – (250)

Closing balance – – –




Opening balance – 17,187 17,187Transfers out – (14,820) (14,820)Purchase – – –Sales – (1,248) (1,248)Gains and losses recognised in profit and loss – (1,119) (1,119)

Closing balance – – –

67




Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund (continued)



Opening balance – – –Transfers in – 17,187 17,187Gains and losses recognised in profit and loss – – –

Closing balance – 17,187 17,187

Apart from the above, there were no Level 3 securities held at either 30th June, 2014 or 31st December, 2013 on theremaining Sub-Funds.

6. Related party transactions

Under IAS 24 “Related Party Disclosures” parties are considered to be related if one party has the ability to control the otherparty or exercise significant influence over the other party in making financial or operational decisions.

Mr. Mark Roxburgh, a Director of the Fund, is also an employee of the distributor of the Fund, Nomura AssetManagement U.K. Limited.

Mr. David Dillon, a Director of the Fund, is a partner in Dillon Eustace, which acts as the Irish legal adviser to theFund. David Dillon also sits on the board of Bridge Consulting, which provides professional services to the Fund.Expenses of USD 43,454 were incurred by the Fund in relation to services provided by Dillon Eustace for the halfyear ended 30th June, 2014 (30th June, 2013: USD 16,814).

Expenses of USD 18,196 were incurred by the Fund in relation to services provided by Bridge Consulting for the half yearended 30th June, 2014 (30th June, 2013: USD 27,077).

Related party ownershipThe following table shows the ownership interest in the Sub-Funds of The Nomura Trust and Banking Co Ltd, which alongwith the Investment Manager is a subsidiary of Nomura Holdings, Inc.

Ownership OwnershipSub-Fund 30th June, 2014 31st December, 2013Nomura Funds Ireland - Global Emerging Markets Fund – –Nomura Funds Ireland - Global Emerging Market Equity Fund 100.00% 100.00%Nomura Funds Ireland - India Equity Fund 0.05% 0.05%Nomura Funds Ireland - Asia Ex Japan Fund – –Nomura Funds Ireland - Fundamental Index Global Equity Fund 0.13% 0.13%Nomura Funds Ireland - Japan Strategic Value Fund 0.00% 0.00%Nomura Funds Ireland - US High Yield Bond Fund 5.47% 8.62%Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund – 0.09%Nomura Funds Ireland - Asian Smaller Companies Fund 0.23% 0.23%Nomura Funds Ireland - Japan High Conviction Fund 100.00% 100.00%Nomura Funds Ireland - Asia Ex Japan High Conviction Fund 100.00% 100.00%Nomura Funds Ireland - Global High Yield Bond Fund 99.90% –

The Board of Directors are not aware of any transactions with related parties during the half year ended 30th June, 2014,other than those disclosed in the financial statements.

68



7. Connected party transactions

The Central Bank of Ireland UCITS Notice 14 - “Dealings by promoter, manager, trustee, investment adviser and groupcompanies” states in paragraph 1 that, inter alia, 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 atarm's length. Transactions must be in the best interests of the shareholders.

The Board of Directors of the Company are satisfied that:

(i) there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out inparagraph 1 of the Central Bank of Ireland UCITS Notice 14 are applied to all transactions with connected parties;and

(ii) transactions with connected parties entered into during the half year complied with the obligations set out inparagraph 1 of the Central Bank of Ireland UCITS Notice 14.

8. Efficient portfolio management

The Fund may employ (subject to the conditions and within the limits laid down by the Central Bank of Ireland) techniquesand instruments relating to transferable securities, including but not limited to futures contracts, stocklending, repurchaseagreements and reverse repurchase agreements and any other techniques and instruments the Investment Manager mayconsider appropriate for efficient portfolio management purposes.

Efficient portfolio management transactions may be entered into by the Investment Manager with one of the following aimsa) a reduction of risk; b) a reduction of cost with no increase or a minimal increase in risk; c) generation of additional capitalor income with no, or an acceptably low level of risk (relative to the expected return). The techniques and instrumentsemployed during the half year ended 30th June, 2014 were futures contacts and stocklending.

The use of financial derivative instruments by a sub-fund may create leverage. To the extent that leverage is employed,leverage will be measured using the commitment approach of measuring risk, whereby such leverage cannot exceed 100 percent of the net asset value of a sub-fund. Where a sub-fund invests in financial derivative instruments for such purposes, arisk management process will be submitted to the Central Bank of Ireland by the Fund, prior to a sub-fund engaging in suchtransactions in accordance with the Central Bank of Ireland’s requirements as set out in Guidance Note 3/03. It is expectedthat the use of financial derivative techniques and instruments will not increase a sub-fund’s risk level.

9. Soft commissions

The Investment Manager or its delegate may effect transactions with or through the agency of another person with whom it orits delegates (or an affiliated entity) has arrangements under which that person will, from time to time, provide to or procurefor the Investment Manager or its delegate (and/or an affiliated party) goods, services or other benefits such as research andadvisory services, specialised computer hardware or software. No direct payment may be made for such goods or services butthe Investment Manager or its delegate may undertake to place business with that person provided that person has agreed toprovide best execution with respect to such business and the services provided must be of a type which assists in theprovision of investment services to the Fund.

There were no soft commission arrangements entered into by the Investment Manager or its delegate, on behalf of the Fundduring the half year ended 30th June, 2014 (31st December, 2013: None).

10. Exchange rates

The following USD exchange rates were used to convert assets of the Fund at the half year ended 30th June, 2014 and theyear ended 31st December, 2013:

30th June, 2014 31st December, 2013

Australian Dollars (AUD) 1.0645 1.1254Brazilian Real (BRL) 2.1978 2.3455Canadian Dollars (CAD) 1.0694 1.0696Chilean Pesos (CLP) 552.1000 524.0250

69



10. Exchange rates (continued)


Colombian Peso (COP) 1,883.1600 1,929.7500Czech Republic Koruny (CZK) 20.0980 19.8970Danish Krone (DKK) 5.4582 5.4108Egyptian Pounds (EGP) 7.1501 6.9386Euro (EUR) 0.7321 0.7253Hong Kong Dollars (HKD) 7.7506 7.7550Hungarian Forint (HUF) 226.2600 215.0900Indian Rupee (INR) 60.0950 61.8250Indonesian Rupiahs (IDR) 11,855.0000 12,210.0000Israeli New Shekels (ILS) 3.4356 3.4780Japanese Yen (JPY) 101.3750 105.1350Malaysian Ringgits (MYR) 3.2110 3.2945Mexican Pesos (MXN) 12.9786 13.0766Moroccan Dirham (MAD) N/A 8.1585New Taiwan Dollars (TWD) 29.8755 30.0205New Zealand Dollar (NZD) 1.1441 1.2232Norwegian Krone (NOK) 6.1498 6.1123Peruvian Sol (PEN) 2.7960 N/APhilippine Pesos (PHP) 43.6800 44.4000Polish Zloty (PLN) 3.0422 3.0098Singapore Dollars (SGD) 1.2481 1.2679South African Rand (ZAR) 10.6145 10.4840South Korean Won (KRW) 1,011.7500 1,054.9700Swedish Krona (SEK) 6.7150 6.4624Swiss Franc (CHF) 0.8899 0.8887Thai Baht (THB) 32.4500 32.8100Turkish New Lira (TRY) 2.1218 2.1293United Kingdom Pounds (GBP) 0.5864 0.6064

11. Notional foreign exchange adjustment

For the purposes of reporting the combined results of the Fund at 30th June, 2014, the results of the Nomura Funds Ireland -Japan Strategic Value Fund and the Nomura Funds Ireland - Japan High Conviction Fund have been translated into USDollars at the closing rate at the half year end date 1 USD = 101.3750 JPY (31st December, 2013: 1 USD = 105.1350 JPY)for Statement of Financial Position items and the average rate for the half year from 1st January, 2014 to 30th June, 2014:1 USD = 102.4500 JPY (1st January, 2013 to 31st December, 2013: 1 USD = 97.6100 JPY) for the Statement ofComprehensive Income and Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares.A notional currency adjustment of USD 66,917,646 (31st December, 2013: USD 238,895,332) arises from the translation ofthe opening net assets, the Statement of Comprehensive Income and the Statement of Changes in Net Assets Attributable toHolders of Redeemable Participating Shares. The method of translation has no effect on the value of net assets allocated tothe individual Sub-Funds.

70



12. Events during the half year

Details of dividends declared and paid on the Class D US$ shares of the Nomura Funds Ireland – US High Yield Bond Fundfor the half year ended 30th June, 2014 are included in the table below.

For the half year ended 30th June, 2014


Class D US$Rate per

Share

Declaration Date Payment Date USD

2nd January, 2014 7th January, 2014 0.55003rd February, 2014 6th February, 2014 0.53003rd March, 2014 6th March, 2014 0.44801st April, 2014 4th April, 2014 0.49701st May, 2014 7th May, 2014 0.50903rd June, 2014 6th June, 2014 0.6420

A new Prospectus for the Fund was noted by the Central Bank of Ireland on 18th February, 2014. The new Prospectus madeadditional Sub-Funds and share classes available for subscription.

Class AD Sterling shares of the Nomura Funds Ireland – Japan Strategic Value Fund launched on 7th March, 2014.

Class AD Sterling Hedged shares of the Nomura Funds Ireland – Japan Strategic Value Fund launched on 7th March, 2014.

Class ID Sterling shares of the Nomura Funds Ireland – Japan Strategic Value Fund launched on 7th March, 2014.

Class ID Sterling Hedged shares of the Nomura Funds Ireland – Japan Strategic Value Fund launched on 7th March, 2014.

A new Sub-Fund, the Nomura Funds Ireland – Global High Yield Bond Fund launched on 15th April, 2014.

Class A Euro shares of the Nomura Funds Ireland – Global High Yield Bond Fund launched on 15th April, 2014.

Class I US$ shares of the Nomura Funds Ireland – Global High Yield Bond Fund launched on 15th April, 2014.

Class I CHF Hedged shares of the Nomura Funds Ireland – US High Yield Bond Fund launched on 25th April, 2014.

Class ID US$ shares of the Nomura Funds Ireland – Japan Strategic Value Fund launched on 7th May, 2014.

Class ID US$ Hedged shares of the Nomura Funds Ireland – Japan Strategic Value Fund launched on 7th May, 2014.

Class Z Sterling Hedged shares of the Nomura Funds Ireland – US High Yield Bond Fund launched on 5th June, 2014.

Class A Euro shares of the Nomura Funds Ireland – NEWS Emerging Markets Small Cap Equity Fund fully redeemed on27th June, 2014.

Class I US$ shares of the Nomura Funds Ireland – NEWS Emerging Markets Small Cap Equity Fund fully redeemed on 27thJune, 2014.

71



12. Events during the half year (continued)

The NEWS Emerging Markets Small Cap Equity Fund was fully redeemed on 27th June, 2014.

Other than the above, there have been no other significant events during the half year.

13. Events since the half year end

A new Sub-Fund, the Nomura Funds Ireland – Global Frontier Emerging Market Equity Fund launched on 16th July, 2014.

Other than the above, there have been no other significant events since the half year end.

14. Comparative period

The comparative figures stated in the financial statements are those for the half year ended 30th June, 2013 for the Statementof Comprehensive Income, the Statement of Changes in Net Assets attributable to holders of Redeemable ParticipatingShares and the Statement of Cash Flows and for the year ended 31st December, 2013 for the Statement of Financial Position.

15. Approval of the financial statements

The Directors approved the financial statements on 26th August, 2014.

72

NOMURA FUNDS IRELAND PLC________________________________________________________________________________________________________

NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKET EQUITY FUNDSTATEMENT OF INVESTMENTSAs at 30th June, 2014________________________________________________________________________________________________________

Security Description HoldingFair Value

USD% of

Sub-Fund

EQUITIES - 93.76% (31st December, 2013: 94.18%)

BRAZIL - 12.41% (31st December, 2013: 9.97%)Basic Materials - 1.62% (31st December, 2013: 2.00%)Vale SA PFD 7,300 86,527 1.62%

86,527 1.62%

Communications - 1.73% (31st December, 2013: 1.69%)Telefonica Brasil SA PFD 4,500 92,529 1.73%

92,529 1.73%

Consumer Non-Cyclical - 5.08% (31st December, 2013: 2.84%)AMBEV SA 8,000 56,530 1.06%CCR SA 13,400 109,871 2.06%Cosan SA Industria e Comercio 5,800 104,824 1.96%

271,225 5.08%

Financial - 2.34% (31st December, 2013: 2.05%)BB Seguridade Participacoes SA 8,500 124,575 2.34%

124,575 2.34%

Utilities - 1.64% (31st December, 2013: 1.39%)Cia Energetica de Minas Gerais PFD 11,899 87,493 1.64%

87,493 1.64%

TOTAL BRAZIL 662,349 12.41%

CHINA - 17.71% (31st December, 2013: 17.39%)Communications - 3.48% (31st December, 2013: 1.75%)Baidu Inc - Sponsored ADR 600 111,990 2.10%China Telecom Corp Ltd 150,000 73,543 1.38%

185,533 3.48%

Consumer Non-Cyclical - 3.05% (31st December, 2013: 1.86%)Hengan International Group Co Ltd 9,000 94,928 1.78%WuXi PharmaTech Cayman Inc - Sponsored ADR 2,050 67,814 1.27%

162,742 3.05%

Energy - 2.23% (31st December, 2013: 2.42%)CNOOC Ltd 66,000 118,876 2.23%

118,876 2.23%

Financial - 2.66% (31st December, 2013: 3.12%)Industrial & Commercial Bank of China Ltd 225,000 142,247 2.66%

142,247 2.66%

Industrial - 6.29% (31st December, 2013: 5.25%)Airtac International Group 6,000 64,568 1.21%Anhui Conch Cement Co Ltd 25,000 86,283 1.62%China Railway Group Ltd 99,000 48,666 0.91%Hollysys Automation Technologies Ltd 5,700 136,401 2.55%

335,918 6.29%

TOTAL CHINA 945,316 17.71%

73


NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKET EQUITY FUNDSTATEMENT OF INVESTMENTS (CONTINUED)As at 30th June, 2014________________________________________________________________________________________________________


USD% of

Sub-Fund

CYPRUS - 1.13% (31st December, 2013: 1.26%)Communications - 1.13% (31st December, 2013: 0.00%)QIWI Plc - Sponsored ADR 1,500 60,465 1.13%

60,465 1.13%

TOTAL CYPRUS 60,465 1.13%

GEORGIA - 0.74% (31st December, 2013: 0.00%)Financial - 0.74% (31st December, 2013: 0.00%)Bank of Georgia Holdings Plc 1,000 39,682 0.74%

39,682 0.74%

TOTAL GEORGIA 39,682 0.74%

HONG KONG - 6.18% (31st December, 2013: 6.24%)Basic Materials - 0.87% (31st December, 2013: 0.78%)Lee & Man Paper Manufacturing Ltd 88,000 46,778 0.87%

46,778 0.87%

Consumer Cyclical - 0.77% (31st December, 2013: 1.05%)Luk Fook Holdings International Ltd 14,000 41,003 0.77%

41,003 0.77%

Financial - 2.41% (31st December, 2013: 2.91%)China Overseas Land & Investment Ltd 28,000 67,917 1.27%Shimao Property Holdings Ltd 33,000 60,801 1.14%

128,718 2.41%

Utilities - 2.13% (31st December, 2013: 1.50%)China Resources Power Holdings Co Ltd 40,000 113,540 2.13%

113,540 2.13%

TOTAL HONG KONG 330,039 6.18%

INDIA - 5.01% (31st December, 2013: 6.25%)Energy - 1.26% (31st December, 2013: 1.13%)Reliance Industries Ltd - Sponsored GDR 144A 2,000 67,280 1.26%

67,280 1.26%

Financial - 1.95% (31st December, 2013: 1.83%)ICICI Bank Ltd - Sponsored ADR 2,100 104,391 1.95%

104,391 1.95%

Industrial - 1.80% (31st December, 2013: 1.47%)Larsen & Toubro Ltd - Sponsored GDR 3,476 96,111 1.80%

96,111 1.80%

TOTAL INDIA 267,782 5.01%

74




USD% of

Sub-Fund

INDONESIA - 0.99% (31st December, 2013: 1.36%)Consumer Cyclical - 0.99% (31st December, 2013: 0.00%)Astra International Tbk PT 86,400 53,021 0.99%

53,021 0.99%

TOTAL INDONESIA 53,021 0.99%

MALAYSIA - 1.27% (31st December, 2013: 0.00%)Consumer Cyclical - 1.27% (31st December, 2013: 0.00%)AirAsia Bhd 94,600 67,761 1.27%

67,761 1.27%

TOTAL MALAYSIA 67,761 1.27%

MEXICO - 2.77% (31st December, 2013: 4.45%)Consumer Non-Cyclical - 1.59% (31st December, 2013: 2.84%)Fomento Economico Mexicano SAB de CV 9,000 84,739 1.59%

84,739 1.59%

Diversified - 1.18% (31st December, 2013: 1.61%)Alfa SAB de CV 22,800 62,997 1.18%

62,997 1.18%

TOTAL MEXICO 147,736 2.77%

NETHERLANDS - 1.86% (31st December, 2013: 2.11%)Communications - 1.86% (31st December, 2013: 2.11%)Yandex NV 2,800 99,400 1.86%

99,400 1.86%

TOTAL NETHERLANDS 99,400 1.86%

PERU - 2.84% (31st December, 2013: 1.81%)Financial - 2.84% (31st December, 2013: 1.81%)Credicorp Ltd 974 151,515 2.84%

151,515 2.84%

TOTAL PERU 151,515 2.84%

PHILIPPINES - 2.68% (31st December, 2013: 2.22%)Diversified - 2.68% (31st December, 2013: 2.22%)Ayala Corp 9,640 142,901 2.68%

142,901 2.68%

TOTAL PHILIPPINES 142,901 2.68%

RUSSIA - 8.70% (31st December, 2013: 9.95%)Basic Materials - 1.03% (31st December, 2013: 0.00%)MMC Norilsk Nickel OJSC - Sponsored ADR 2,800 55,076 1.03%

55,076 1.03%

75




USD% of

Sub-Fund

RUSSIA - 8.70% (31st December, 2013: 9.95%) (continued)Communications - 1.66% (31st December, 2013: 1.58%)Mobile Telesystems OJSC - Sponsored ADR 4,516 88,423 1.66%

88,423 1.66%

Consumer Non-Cyclical - 1.27% (31st December, 2013: 1.45%)Magnit OJSC 262 67,894 1.27%

67,894 1.27%

Energy - 2.23% (31st December, 2013: 4.15%)Lukoil OAO - Sponsored ADR 2,000 119,220 2.23%

119,220 2.23%

Financial - 2.51% (31st December, 2013: 2.77%)Sberbank of Russia - Sponsored ADR 13,298 134,044 2.51%

134,044 2.51%

TOTAL RUSSIA 464,657 8.70%

SOUTH AFRICA - 3.20% (31st December, 2013: 2.16%)Communications - 2.09% (31st December, 2013: 2.16%)MTN Group Ltd 5,286 111,352 2.09%

111,352 2.09%

Consumer Non-Cyclical - 1.11% (31st December, 2013: 0.00%)Life Healthcare Group Holdings Ltd 15,000 59,311 1.11%

59,311 1.11%

TOTAL SOUTH AFRICA 170,663 3.20%

SOUTH KOREA - 14.15% (31st December, 2013: 14.13%)Basic Materials - 2.46% (31st December, 2013: 1.43%)LG Chem Ltd 255 74,603 1.40%Lotte Chemical Corp 310 56,531 1.06%

131,134 2.46%

Consumer Cyclical - 2.21% (31st December, 2013: 2.30%)Hyundai Mobis 420 117,895 2.21%

117,895 2.21%

Financial - 1.84% (31st December, 2013: 1.89%)KB Financial Group Inc 2,830 98,459 1.84%

98,459 1.84%

Technology - 7.64% (31st December, 2013: 7.10%)Samsung Electronics Co Ltd 180 235,197 4.40%SK Hynix Inc 3,600 172,750 3.24%

407,947 7.64%

TOTAL SOUTH KOREA 755,435 14.15%

TAIWAN - 7.74% (31st December, 2013: 7.01%)Financial - 1.84% (31st December, 2013: 1.96%)Fubon Financial Holding Co Ltd 68,000 98,214 1.84%

98,214 1.84%

76




USD% of

Sub-Fund

TAIWAN - 7.74% (31st December, 2013: 7.01%) (continued)Industrial - 2.73% (31st December, 2013: 2.25%)Delta Electronics Inc 20,000 145,604 2.73%

145,604 2.73%

Technology - 3.17% (31st December, 2013: 2.80%)Taiwan Semiconductor Manufacturing Co Ltd 40,000 169,370 3.17%

169,370 3.17%

TOTAL TAIWAN 413,188 7.74%

TURKEY - 2.50% (31st December, 2013: 2.23%)Consumer Cyclical - 1.40% (31st December, 2013: 1.27%)Ford Otomotiv Sanayi AS 6,000 74,938 1.40%

74,938 1.40%

Financial - 1.10% (31st December, 2013: 0.96%)Turkiye Garanti Bankasi AS 15,000 58,819 1.10%

58,819 1.10%

TOTAL TURKEY 133,757 2.50%

UNITED ARAB EMIRATES - 1.88% (31st December, 2013: 1.53%)Financial - 1.88% (31st December, 2013: 1.53%)DAMAC Real Estate Development Ltd - Sponsored GDR 6,178 100,578 1.88%

100,578 1.88%

TOTAL UNITED ARAB EMIRATES 100,578 1.88%

TOTAL EQUITIES 5,006,245 93.76%

PARTICIPATORY NOTES - 2.73% (31st December, 2013: 1.53%)

UNITED KINGDOM - 2.73% (31st December, 2013: 1.53%)Financial - 1.58% (31st December, 2013: 1.53%)HSBC Bank Plc, 23/02/15 1,635 84,359 1.58%

84,359 1.58%

Industrial - 1.15% (31st December, 2013: 0.00%)Jain Irrigation Systems Ltd, 16/05/16 32,000 61,250 1.15%

61,250 1.15%

TOTAL UNITED KINGDOM 145,609 2.73%

TOTAL PARTICIPATORY NOTES 145,609 2.73%

Financials Assets designated at Fair Value through Profit or Loss 5,151,854 96.49%

Other assets and liabilities 187,188 3.51%

Net assets attributable to holders of redeemable participating shares 5,339,042 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on anotherregulated market.

77


NOMURA FUNDS IRELAND - INDIA EQUITY FUNDSTATEMENT OF INVESTMENTSAs at 30th June, 2014________________________________________________________________________________________________________

Fair Value % ofSecurity Description Holding USD Sub-Fund


Basic Materials - 5.23% (31st December, 2013: 0.00%)Hindalco Industries Ltd 225,383 617,323 1.05%Sesa Sterlite Ltd 236,553 1,149,405 1.96%Tata Steel Ltd 148,353 1,300,110 2.22%

3,066,838 5.23%Consumer Cyclical - 6.70% (31st December, 2013: 7.67%)Hero MotoCorp Ltd 29,882 1,307,483 2.23%Tata Motors Ltd 365,795 2,621,039 4.47%

3,928,522 6.70%Consumer Non-Cyclical - 8.56% (31st December, 2013: 22.79%)Ipca Laboratories Ltd 83,973 1,224,067 2.09%ITC Ltd 317,756 1,723,745 2.94%Lupin Ltd 118,622 2,072,801 3.53%

5,020,613 8.56%Energy - 3.73% (31st December, 2013: 6.37%)Reliance Industries Ltd 129,660 2,186,927 3.73%

2,186,927 3.73%Financial - 42.45% (31st December, 2013: 26.69%)Axis Bank Ltd 82,936 2,645,892 4.51%HDFC Bank Ltd 410,955 5,615,713 9.57%Housing Development Finance Corp 116,516 1,913,658 3.26%ICICI Bank Ltd 170,301 4,011,758 6.84%Indiabulls Housing Finance Ltd 287,252 1,816,148 3.10%Indiabulls Real Estate Ltd 400,000 662,950 1.13%Kotak Mahindra Bank Ltd 57,973 849,891 1.45%Prestige Estates Projects Ltd 563,122 2,145,851 3.66%Shriram Transport Finance Co Ltd 81,213 1,217,621 2.07%State Bank of India 27,825 1,242,298 2.12%Yes Bank Ltd 308,355 2,781,327 4.74%

24,903,107 42.45%Industrial - 13.58% (31st December, 2013: 7.62%)ACC Ltd 44,944 1,095,162 1.87%Larsen & Toubro Ltd 138,936 3,937,233 6.71%Sadbhav Engineering Ltd 364,996 1,190,435 2.03%Shree Cement Ltd 7,365 882,403 1.50%The Ramco Cements Ltd 177,851 859,142 1.47%

7,964,375 13.58%Technology - 16.57% (31st December, 2013: 25.14%)HCL Technologies Ltd 59,892 1,497,973 2.55%Infosys Ltd 20,931 1,133,712 1.93%Tata Consultancy Services Ltd 124,462 4,999,501 8.52%Tech Mahindra Ltd 58,436 2,090,987 3.57%

9,722,173 16.57%


78


NOMURA FUNDS IRELAND - INDIA EQUITY FUNDSTATEMENT OF INVESTMENTS (CONTINUED)As at 30th June, 2014________________________________________________________________________________________________________

Fair Value % ofUSD Sub-Fund


Other assets and liabilities 1,865,196 3.18%



79


NOMURA FUNDS IRELAND - ASIA EX JAPAN FUNDSTATEMENT OF INVESTMENTSAs at 30th June, 2014



Basic Materials - 2.65% (31st December, 2013: 1.40%)Formosa Plastics Corp 70,000 186,976 0.79%Korea Zinc Co Ltd 568 222,877 0.95%PTT Global Chemical Pcl-Foreign 69,501 144,570 0.61%Vale Indonesia Tbk PT 238,700 71,580 0.30%

626,003 2.65%

Communications - 5.47% (31st December, 2013: 6.10%)Addcn Technology Co Ltd 5,000 71,296 0.30%China Mobile Ltd 20,000 194,049 0.82%NCSoft Corp 1,251 225,656 0.96%Ourgame International Holdings Ltd 111,000 53,706 0.23%Tencent Holdings Ltd 48,900 747,639 3.16%

1,292,346 5.47%

Consumer Cyclical - 13.73% (31st December, 2013: 16.93%)Astra International Tbk PT 254,200 155,994 0.66%E-Mart Co Ltd 202 46,320 0.20%Formosa International Hotels Corp 17,356 210,883 0.89%Galaxy Entertainment Group Ltd 37,000 295,022 1.25%Giant Manufacturing Co Ltd 36,718 285,750 1.21%Hyundai Mobis 2,014 565,333 2.39%Hyundai Motor Co PFD 1,230 184,181 0.78%International Housewares Retail Co Ltd 213,000 90,690 0.38%Kia Motors Corp 4,902 274,231 1.16%Land & Houses Pcl 509,980 154,801 0.65%Nexteer Automotive Group Ltd 407,000 283,565 1.20%Poya Co Ltd 13,290 77,626 0.33%Robinsons Retail Holdings Inc 36,340 60,692 0.26%Sands China Ltd 28,400 214,724 0.91%SM Investments Corp 5,632 105,213 0.45%Youngone Corp 5,328 239,345 1.01%

3,244,370 13.73%

Consumer Non-Cyclical - 7.40% (31st December, 2013: 8.17%)Bangkok Dusit Medical Services Pcl 194,000 99,840 0.42%Consun Pharmaceutical Group Ltd 162,000 121,229 0.51%Emperador Inc 392,100 106,104 0.45%First Resources Ltd 63,000 120,139 0.51%IHH Healthcare Bhd 94,700 129,177 0.55%Kalbe Farma Tbk PT 883,500 123,712 0.52%Shanghai Fosun Pharmaceutical Group Co Ltd 61,500 229,715 0.97%SIA Engineering Co Ltd 45,000 182,084 0.77%Sinopharm Group Co Ltd 25,200 69,904 0.30%St Shine Optical Co Ltd 6,000 148,215 0.63%Tenwow International Holdings Ltd 342,000 121,346 0.51%Tingyi Cayman Islands Holding Corp 106,000 296,777 1.26%

1,748,242 7.40%

Diversified - 1.93% (31st December, 2013: 2.53%)Alliance Global Group Inc 226,500 150,896 0.64%Keppel Corp Ltd 9,000 77,810 0.33%Noble Group Ltd 58,000 63,667 0.27%

80


NOMURA FUNDS IRELAND - ASIA EX JAPAN FUNDSTATEMENT OF INVESTMENTS (CONTINUED)As at 30th June, 2014


EQUITIES - 86.69% (31st December, 2013: 92.53%) (continued)

Diversified - 1.93% (31st December, 2013: 2.53%) (continued)Wisdom Holdings Group 284,000 163,425 0.69%

455,798 1.93%

Energy - 3.43% (31st December, 2013: 3.18%)Adaro Energy Tbk PT 118,000 11,696 0.05%Bumi Armada Bhd 108,400 114,780 0.48%China Petroleum & Chemical Corp 300,400 286,811 1.21%PetroChina Co Ltd 194,000 244,797 1.04%SapuraKencana Petroleum Bhd 111,900 152,638 0.65%

810,722 3.43%

Financial - 28.41% (31st December, 2013: 32.73%)Agricultural Bank of China Ltd 691,000 304,908 1.29%AIA Group Ltd 53,000 266,689 1.13%Amata Corp Pcl 210,000 109,368 0.46%Ayala Land Inc 292,900 204,520 0.87%Bank Mandiri Persero Tbk PT 281,600 231,005 0.98%Cheung Kong Holdings Ltd 37,000 655,923 2.78%China Life Insurance Co Ltd/Taiwan 327,108 301,646 1.28%China Overseas Land & Investment Ltd 96,000 232,859 0.98%China Pacific Insurance Group Co Ltd 70,400 248,879 1.05%Ciputra Development Tbk PT 485,800 37,905 0.16%DBS Group Holdings Ltd 7,189 96,483 0.41%Dongbu Insurance Co Ltd 6,636 341,065 1.44%Global Logistic Properties Ltd 35,000 75,718 0.32%Haitong Securities Co Ltd 103,600 160,400 0.68%Hong Kong Exchanges and Clearing Ltd 33,100 616,680 2.61%Hongkong Land Holdings Ltd 10,000 66,700 0.28%Industrial & Commercial Bank of China Ltd 1,318,000 833,252 3.53%Kasikornbank Pcl 66,700 421,371 1.78%Metropolitan Bank & Trust Co 47,491 95,026 0.40%RHB Capital Bhd 38,142 101,562 0.43%Shinhan Financial Group Co Ltd 12,280 568,637 2.41%United Overseas Bank Ltd 19,332 348,829 1.48%Wheelock & Co Ltd 40,000 168,245 0.71%Yuanta Financial Holding Co Ltd 415,345 224,526 0.95%

6,712,196 28.41%

Industrial - 8.75% (31st December, 2013: 6.87%)Airports of Thailand Pcl 14,400 88,086 0.37%China Machinery Engineering Corp 77,000 45,501 0.19%China Resources Cement Holdings Ltd 180,000 112,869 0.48%ComfortDelGro Corp Ltd 78,000 156,244 0.66%Coway Co Ltd 3,841 321,554 1.36%Daewoo Shipbuilding & Marine Engineering Co Ltd 5,950 151,139 0.64%DMCI Holdings Inc 71,060 120,385 0.51%Guodian Technology & Environment Group Corp Ltd 273,000 61,993 0.26%Hon Hai Precision Industry Co Ltd 136,548 457,057 1.94%Pacc Offshore Services Holdings Ltd 77,000 70,025 0.30%Pan-United Corp Ltd 52,000 44,790 0.19%Radiant Opto-Electronics Corp 33,156 142,055 0.60%Semen Indonesia Persero Tbk PT 63,800 81,129 0.35%SMRT Corp Ltd 36,000 44,710 0.19%

81




EQUITIES - 86.69% (31st December, 2013: 92.53%) (continued)

Industrial - 8.75% (31st December, 2013: 6.87%) (continued)Sunspring Metal Corp 36,000 63,504 0.27%Teco Electric & Machinery Co Ltd 91,000 104,629 0.44%

2,065,670 8.75%

Technology - 12.35% (31st December, 2013: 12.19%)Brogent Technologies Inc 6,000 120,500 0.51%King Slide Works Co Ltd 23,000 328,731 1.39%Posiflex Technology Inc 18,000 113,270 0.48%Samsung Electronics Co Ltd 500 653,323 2.77%SK Hynix Inc 12,770 612,783 2.59%Taiwan Semiconductor Manufacturing Co Ltd 174,000 736,758 3.12%Tong Hsing Electronic Industries Ltd 23,000 123,948 0.53%United Microelectronics Corp 454,000 227,186 0.96%

2,916,499 12.35%

Utilities - 2.57% (31st December, 2013: 2.43%)China Resources Power Holdings Co Ltd 70,000 198,694 0.84%Power Assets Holdings Ltd 24,000 210,255 0.89%Tenaga Nasional Bhd 52,200 198,006 0.84%

606,955 2.57%


COLLECTIVE INVESTMENT SCHEMES - 0.18% (31st December, 2013: 0.18%)

Financial - 0.18% (31st December, 2013: 0.18%)Parkway Life Real Estate Investment Trust 23,000 43,492 0.18%

43,492 0.18%

TOTAL COLLECTIVE INVESTMENT SCHEMES 43,492 0.18%


Consumer Cyclical - 0.91% (31st December, 2013: 0.93%)Tata Motors Ltd, 07/02/17 29,903 215,368 0.91%

215,368 0.91%

Energy - 1.13% (31st December, 2013: 0.00%)Coal India Ltd, 04/08/16 144A 41,993 266,313 1.13%

266,313 1.13%

Financial - 3.84% (31st December, 2013: 2.52%)HDFC Bank Ltd, 06/02/17 23,544 320,117 1.36%ICICI Bank Ltd, 06/02/17 17,513 403,954 1.71%Yes Bank Ltd, 21/09/15 144A 20,604 182,821 0.77%

906,892 3.84%

Industrial - 1.68% (31st December, 2013: 0.50%)Larsen & Toubro Ltd, 06/02/17 14,325 397,869 1.68%

397,869 1.68%

82




PARTICIPATORY NOTES - 10.03% (31st December, 2013: 5.68%) (continued)

Technology - 2.47% (31st December, 2013: 1.27%)Tata Consultancy Services Ltd, 07/02/17 8,717 348,440 1.48%Tech Mahindra Ltd, 12/07/18 144A 6,586 233,796 0.99%

582,236 2.47%

TOTAL PARTICIPATORY NOTES 2,368,678 10.03%





83


NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUNDSTATEMENT OF INVESTMENTSAs at 30th June, 2014________________________________________________________________________________________________________


USD% of

Sub-Fund


AUSTRALIA - 2.35% (31st December, 2013: 2.30%)Basic Materials - 0.72% (31st December, 2013: 0.77%)BHP Billiton Ltd 6,149 207,372 0.41%Fortescue Metals Group Ltd 1,851 7,564 0.01%Incitec Pivot Ltd 2,276 6,200 0.01%Newcrest Mining Ltd 1,161 11,474 0.02%Orica Ltd 455 8,326 0.02%Rio Tinto Ltd 2,302 128,258 0.25%

369,194 0.72%

Communications - 0.15% (31st December, 2013: 0.15%)Telstra Corp Ltd 15,460 75,665 0.15%

75,665 0.15%

Consumer Cyclical - 0.17% (31st December, 2013: 0.16%)Crown Ltd 557 7,911 0.02%Qantas Airways Ltd 10,534 12,469 0.02%Wesfarmers Ltd 1,655 65,049 0.13%

85,429 0.17%

Consumer Non-Cyclical - 0.15% (31st December, 2013: 0.16%)Brambles Ltd 1,477 12,751 0.03%Coca-Cola Amatil Ltd 762 6,772 0.01%CSL Ltd 192 12,003 0.02%Metcash Ltd 1,910 4,737 0.01%Woolworths Ltd 1,224 40,497 0.08%

76,760 0.15%

Energy - 0.09% (31st December, 2013: 0.09%)Caltex Australia Ltd 634 12,846 0.03%Santos Ltd 881 11,802 0.02%Woodside Petroleum Ltd 514 19,831 0.04%

44,479 0.09%

Financial - 0.91% (31st December, 2013: 0.83%)AMP Ltd 2,992 14,897 0.03%ASX Ltd 181 6,060 0.01%Australia & New Zealand Banking Group Ltd 2,065 64,675 0.13%Commonwealth Bank of Australia 1,285 97,633 0.19%Insurance Australia Group Ltd 2,253 12,360 0.02%Lend Lease Group 744 9,163 0.02%Macquarie Group Ltd 391 21,902 0.04%National Australia Bank Ltd 2,793 86,006 0.17%QBE Insurance Group Ltd 1,463 14,939 0.03%Suncorp Group Ltd 1,531 19,473 0.04%Westfield Corp 3,093 20,775 0.04%Westpac Banking Corp 2,944 93,698 0.19%

461,581 0.91%

Industrial - 0.12% (31st December, 2013: 0.10%)Amcor Ltd/Australia 1,277 12,512 0.02%Aurizon Holdings Ltd 2,147 10,044 0.02%Leighton Holdings Ltd 844 15,643 0.03%Sydney Airport 2,612 10,355 0.02%

84


NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUNDSTATEMENT OF INVESTMENTS (CONTINUED)As at 30th June, 2014________________________________________________________________________________________________________


USD% of

Sub-Fund

AUSTRALIA - 2.35% (31st December, 2013: 2.30%) (continued)Industrial - 0.12% (31st December, 2013: 0.10%) (continued)Toll Holdings Ltd 956 4,580 0.01%WorleyParsons Ltd 462 7,556 0.02%

60,690 0.12%

Utilities - 0.04% (31st December, 2013: 0.04%)AGL Energy Ltd 460 6,689 0.01%Origin Energy Ltd 1,153 15,836 0.03%

22,525 0.04%

TOTAL AUSTRALIA 1,196,323 2.35%

AUSTRIA - 0.27% (31st December, 2013: 0.30%)Basic Materials - 0.04% (31st December, 2013: 0.04%)Voestalpine AG 410 19,415 0.04%

19,415 0.04%

Communications - 0.03% (31st December, 2013: 0.03%)Telekom Austria AG 1,585 15,457 0.03%

15,457 0.03%

Energy - 0.10% (31st December, 2013: 0.07%)OMV AG 1,071 48,088 0.10%

48,088 0.10%

Financial - 0.10% (31st December, 2013: 0.10%)Erste Group Bank AG 561 18,013 0.04%Immoeast AG* 2,694 0 0.00%IMMOFINANZ AG 1,950 6,835 0.01%Raiffeisen Bank International AG 527 16,712 0.03%Vienna Insurance Group AG Wiener Versicherung Gruppe 218 11,591 0.02%

53,151 0.10%

TOTAL AUSTRIA 136,111 0.27%

BELGIUM - 0.61% (31st December, 2013: 0.59%)Basic Materials - 0.06% (31st December, 2013: 0.06%)Solvay SA 102 17,584 0.03%Umicore SA 278 12,898 0.03%

30,482 0.06%

Communications - 0.07% (31st December, 2013: 0.06%)Belgacom SA 908 30,177 0.06%Telenet Group Holding NV 145 8,239 0.01%

38,416 0.07%

Consumer Non-Cyclical - 0.34% (31st December, 2013: 0.30%)Anheuser-Busch InBev NV 1,100 126,564 0.25%Colruyt SA 243 12,302 0.02%Delhaize Group SA 292 19,632 0.04%UCB SA 160 13,564 0.03%

172,062 0.34%

Financial - 0.14% (31st December, 2013: 0.12%)Ageas 444 17,734 0.04%Groupe Bruxelles Lambert SA 242 25,034 0.05%

85




USD% of

Sub-Fund

BELGIUM - 0.61% (31st December, 2013: 0.59%) (continued)Financial - 0.14% (31st December, 2013: 0.12%) (continued)KBC Groep NV 510 27,793 0.05%

70,561 0.14%

TOTAL BELGIUM 311,521 0.61%

BERMUDA - 0.15% (31st December, 2013: 0.20%)Energy - 0.06% (31st December, 2013: 0.07%)Nabors Industries Ltd 400 11,620 0.02%Seadrill Ltd 471 18,626 0.04%

30,246 0.06%

Financial - 0.09% (31st December, 2013: 0.10%)Arch Capital Group Ltd 200 11,464 0.02%Axis Capital Holdings Ltd 200 8,864 0.02%Everest Re Group Ltd 100 15,969 0.03%PartnerRe Ltd 100 10,898 0.02%

47,195 0.09%

TOTAL BERMUDA 77,441 0.15%

BRAZIL - 2.65% (31st December, 2013: 2.14%)Basic Materials - 0.56% (31st December, 2013: 0.59%)Braskem SA PFD 1,900 12,276 0.02%Cia Siderurgica Nacional SA 3,800 16,098 0.03%Fibria Celulose SA 1,007 9,874 0.02%Gerdau SA PFD 2,900 16,996 0.03%Metalurgica Gerdau SA PFD 1,900 13,322 0.03%Ultrapar Participacoes SA 500 11,926 0.02%Usinas Siderurgicas de Minas Gerais SA PFD 4,000 13,650 0.03%Vale SA PFD 16,200 192,019 0.38%

286,161 0.56%

Communications - 0.17% (31st December, 2013: 0.09%)Oi SA PFD 18,794 16,846 0.03%Telefonica Brasil SA PFD 2,575 52,947 0.11%Tim Participacoes SA 2,942 17,269 0.03%

87,062 0.17%

Consumer Non-Cyclical - 0.34% (31st December, 2013: 0.26%)AMBEV SA 9,400 66,423 0.13%BRF-Brasil Foods SA 400 9,575 0.02%CCR SA 1,200 9,839 0.02%Cia Brasileira de Distribuicao PFD 300 14,063 0.03%Cielo SA 978 20,435 0.04%Cosan SA Industria e Comercio 600 10,844 0.02%JBS SA 6,300 21,499 0.04%Natura Cosmeticos SA 500 8,566 0.02%Souza Cruz SA 800 8,361 0.02%

169,605 0.34%

Diversified - 0.12% (31st December, 2013: 0.08%)Itausa-Investimentos Itau SA PFD 15,353 60,427 0.12%

60,427 0.12%

86




USD% of

Sub-Fund

BRAZIL - 2.65% (31st December, 2013: 2.14%) (continued)Energy - 0.52% (31st December, 2013: 0.52%)Petroleo Brasileiro SA PFD 33,800 264,217 0.52%

264,217 0.52%

Financial - 0.70% (31st December, 2013: 0.43%)Banco Bradesco SA PFD 5,721 84,732 0.17%Banco do Brasil SA 8,500 96,612 0.19%Banco Santander Brasil SA/Brazil 6,800 46,287 0.09%BB Seguridade Participacoes SA 500 7,328 0.01%BM&FBovespa SA 2,900 15,386 0.03%Bradespar SA PFD 400 3,635 0.01%Itau Unibanco Holding SA PFD 6,798 98,981 0.20%

352,961 0.70%

Industrial - 0.01% (31st December, 2013: 0.01%)Embraer SA 700 6,290 0.01%

6,290 0.01%

Utilities - 0.23% (31st December, 2013: 0.16%)AES Tiete SA PFD 900 7,818 0.02%Centrais Eletricas Brasileiras SA PFD 11,500 54,158 0.11%Cia de Saneamento Basico do Estado de Sao Paulo 900 9,619 0.02%Cia Energetica de Minas Gerais PFD 1,511 11,110 0.02%Cia Energetica de Sao Paulo PFD 600 7,587 0.01%Cia Paranaense de Energia PFD 400 6,086 0.01%CPFL Energia SA 1,400 12,683 0.02%Tractebel Energia SA 600 9,099 0.02%

118,160 0.23%

TOTAL BRAZIL 1,344,883 2.65%

CANADA - 2.88% (31st December, 2013: 2.86%)Basic Materials - 0.22% (31st December, 2013: 0.22%)Agrium Inc 100 9,186 0.02%Barrick Gold Corp 1,600 28,593 0.05%Cameco Corp 300 5,849 0.01%First Quantum Minerals Ltd 400 8,390 0.02%Goldcorp Inc 700 19,141 0.04%Kinross Gold Corp 1,300 5,203 0.01%Potash Corp of Saskatchewan Inc 400 15,123 0.03%Teck Resources Ltd 800 17,745 0.03%Yamana Gold Inc 600 4,826 0.01%

114,056 0.22%

Communications - 0.23% (31st December, 2013: 0.24%)BCE Inc 900 40,844 0.08%Bell Aliant Inc 400 10,358 0.02%Rogers Communications Inc 500 20,064 0.04%Shaw Communications Inc 600 15,368 0.03%TELUS Corp 800 29,850 0.06%

116,484 0.23%

Consumer Cyclical - 0.11% (31st December, 2013: 0.13%)Alimentation Couche Tard Inc 600 16,305 0.03%Canadian Tire Corp Ltd 100 9,547 0.02%

87




USD% of

Sub-Fund

CANADA - 2.88% (31st December, 2013: 2.86%) (continued)Consumer Cyclical - 0.11% (31st December, 2013: 0.13%) (continued)Magna International Inc 300 32,358 0.06%

58,210 0.11%

Consumer Non-Cyclical - 0.14% (31st December, 2013: 0.12%)Empire Co Ltd 200 13,260 0.03%George Weston Ltd 300 22,169 0.05%Loblaw Cos Ltd 477 21,331 0.04%Metro Inc 100 6,148 0.01%Saputo Inc 100 5,934 0.01%

68,842 0.14%

Energy - 0.78% (31st December, 2013: 0.75%)ARC Resources Ltd 400 11,996 0.02%Canadian Natural Resources Ltd 1,000 45,906 0.09%Canadian Oil Sands Ltd 800 18,090 0.04%Cenovus Energy Inc 700 22,531 0.04%Crescent Point Energy Corp 200 8,759 0.02%Enbridge Inc 500 23,676 0.05%Encana Corp 1,200 28,380 0.06%Enerplus Corp 400 9,961 0.02%Husky Energy Inc 1,200 38,524 0.08%Imperial Oil Ltd 700 36,697 0.07%Pembina Pipeline Corp 200 8,499 0.02%Pengrowth Energy Corp 1,600 11,446 0.02%Penn West Petroleum Ltd 1,600 15,561 0.03%Suncor Energy Inc 1,624 68,849 0.13%Talisman Energy Inc 1,600 16,878 0.03%TransCanada Corp 600 28,610 0.06%

394,363 0.78%

Financial - 1.20% (31st December, 2013: 1.24%)Bank of Montreal 700 51,504 0.10%Bank of Nova Scotia 1,100 73,405 0.14%Brookfield Asset Management Inc 600 26,304 0.05%Canadian Imperial Bank of Commerce/Canada 400 36,407 0.07%Fairfax Financial Holdings Ltd 30 14,158 0.03%Great-West Lifeco Inc 1,100 30,798 0.06%IGM Financial Inc 300 14,226 0.03%Intact Financial Corp 200 13,720 0.03%Manulife Financial Corp 2,500 49,493 0.10%National Bank of Canada 400 16,964 0.03%Onex Corp 300 18,710 0.04%Power Corp of Canada 1,000 27,699 0.06%Power Financial Corp 1,000 30,916 0.06%Royal Bank of Canada 1,300 93,049 0.18%Sun Life Financial Inc 800 29,401 0.06%Toronto-Dominion Bank/The 1,600 82,547 0.16%

609,301 1.20%

Industrial - 0.11% (31st December, 2013: 0.10%)Bombardier Inc 2,500 8,790 0.02%Canadian National Railway Co 400 26,072 0.05%Canadian Pacific Railway Ltd 100 18,153 0.03%

88




USD% of

Sub-Fund

CANADA - 2.88% (31st December, 2013: 2.86%) (continued)Industrial - 0.11% (31st December, 2013: 0.10%) (continued)SNC-Lavalin Group Inc 100 5,223 0.01%

58,238 0.11%

Technology - 0.04% (31st December, 2013: 0.02%)BlackBerry Ltd 1,400 14,009 0.03%CGI Group Inc 200 7,137 0.01%

21,146 0.04%

Utilities - 0.05% (31st December, 2013: 0.04%)Atco Ltd/Canada 200 9,817 0.02%Canadian Utilities Ltd 200 7,438 0.02%Fortis Inc/Canada 200 6,062 0.01%

23,317 0.05%

TOTAL CANADA 1,463,957 2.88%

CHILE - 0.25% (31st December, 2013: 0.26%)Basic Materials - 0.02% (31st December, 2013: 0.02%)Empresas CMPC SA 2,290 4,940 0.01%Empresas CMPC SA (Rights), 25/07/14 121 22 0.00%Sociedad Quimica y Minera de Chile SA PFD 135 3,956 0.01%

8,918 0.02%

Communications - 0.01% (31st December, 2013: 0.01%)ENTEL Chile SA 428 5,272 0.01%

5,272 0.01%

Consumer Cyclical - 0.04% (31st December, 2013: 0.04%)Latam Airlines Group SA 460 6,257 0.01%SACI Falabella 1,417 12,838 0.03%

19,095 0.04%

Consumer Non-Cyclical - 0.01% (31st December, 2013: 0.02%)Cencosud SA 2,152 7,055 0.01%

7,055 0.01%

Diversified - 0.03% (31st December, 2013: 0.03%)Empresas COPEC SA 1,087 14,196 0.03%

14,196 0.03%

Financial - 0.06% (31st December, 2013: 0.06%)Banco de Chile - Sponsored ADR 114 9,174 0.02%Banco de Credito e Inversiones 128 7,349 0.01%Banco Santander Chile - Sponsored ADR 519 13,717 0.03%

30,240 0.06%

Utilities - 0.08% (31st December, 2013: 0.08%)Empresa Nacional de Electricidad SA/Chile - Sponsored ADR 300 13,473 0.03%Enersis SA - Sponsored ADR 1,600 26,992 0.05%

40,465 0.08%

TOTAL CHILE 125,241 0.25%

89




USD% of

Sub-Fund

CHINA - 6.61% (31st December, 2013: 5.73%)Basic Materials - 0.07% (31st December, 2013: 0.13%)Aluminum Corp of China Ltd 28,000 10,043 0.02%Jiangxi Copper Co Ltd 4,000 6,338 0.01%Sinopec Shanghai Petrochemical Co Ltd 24,000 6,688 0.02%Zijin Mining Group Co Ltd 40,000 9,083 0.02%

32,152 0.07%

Communications - 0.25% (31st December, 2013: 0.24%)China Communications Services Corp Ltd 16,000 7,741 0.01%China Telecom Corp Ltd 188,000 92,174 0.18%Tencent Holdings Ltd 1,200 18,347 0.04%ZTE Corp 4,000 7,886 0.02%

126,148 0.25%

Consumer Cyclical - 0.17% (31st December, 2013: 0.19%)Air China Ltd 18,000 10,567 0.02%Byd Co Ltd 1,500 8,622 0.02%Dongfeng Motor Group Co Ltd 12,000 21,490 0.04%Great Wall Motor Co Ltd 2,000 7,432 0.02%Guangzhou Automobile Group Co Ltd 10,000 11,612 0.02%Shanghai Pharmaceuticals Holding Co Ltd 3,500 7,279 0.01%Sun Art Retail Group Ltd 5,000 5,696 0.01%Weichai Power Co Ltd 3,600 13,888 0.03%

86,586 0.17%

Consumer Non-Cyclical - 0.06% (31st December, 2013: 0.06%)Jiangsu Expressway Co Ltd 6,000 7,137 0.02%Sinopharm Group Co Ltd 2,400 6,658 0.01%Tingyi Cayman Islands Holding Corp 4,000 11,199 0.02%Want Want China Holdings Ltd 4,000 5,749 0.01%

30,743 0.06%

Energy - 2.07% (31st December, 2013: 1.74%)China Coal Energy Co Ltd 30,000 15,560 0.03%China Oilfield Services Ltd 4,000 9,610 0.02%China Petroleum & Chemical Corp 321,600 307,052 0.60%China Shenhua Energy Co Ltd 35,000 101,153 0.20%CNOOC Ltd 70,000 126,080 0.25%Inner Mongolia Yitai Coal Co Ltd 3,800 4,891 0.01%PetroChina Co Ltd 378,000 476,975 0.94%Yanzhou Coal Mining Co Ltd 14,000 10,567 0.02%

1,051,888 2.07%

Financial - 3.53% (31st December, 2013: 2.93%)Agile Property Holdings Ltd 10,000 7,045 0.01%Agricultural Bank of China Ltd 526,000 232,101 0.46%Bank of China Ltd 607,400 271,937 0.54%Bank of Communications Co Ltd 142,425 98,679 0.19%China Cinda Asset Management Co Ltd 26,000 12,915 0.03%China Citic Bank Corp Ltd 71,000 43,055 0.08%China Construction Bank Corp 440,000 332,671 0.65%China Everbright Bank Co Ltd 66,000 30,485 0.06%China Life Insurance Co Ltd 24,000 62,860 0.12%China Merchants Bank Co Ltd 34,910 68,914 0.14%China Minsheng Banking Corp Ltd 58,900 53,348 0.10%China Pacific Insurance Group Co Ltd 4,800 16,969 0.03%

90




USD% of

Sub-Fund

CHINA - 6.61% (31st December, 2013: 5.73%) (continued)Financial - 3.53% (31st December, 2013: 2.93%) (continued)China Vanke Co Ltd 4,400 7,732 0.02%Chongqing Rural Commercial Bank 18,000 8,337 0.02%CITIC Securities Co Ltd 8,500 18,775 0.04%Country Garden Holdings Co Ltd 14,000 5,527 0.01%Evergrande Real Estate Group Ltd 19,000 7,403 0.01%Guangzhou R&F Properties Co Ltd 4,000 4,929 0.01%Haitong Securities Co Ltd 5,200 8,051 0.02%Industrial & Commercial Bank of China Ltd 650,540 411,277 0.81%New China Life Insurance Co Ltd 5,000 16,515 0.03%People's Insurance Co Group of China Ltd 49,000 19,346 0.04%PICC Property & Casualty Co Ltd 10,000 15,173 0.03%Ping An Insurance Group Co of China Ltd 5,000 38,675 0.08%

1,792,719 3.53%

Industrial - 0.36% (31st December, 2013: 0.34%)Anhui Conch Cement Co Ltd 2,500 8,628 0.02%China Communications Construction Co Ltd 50,000 33,675 0.07%China COSCO Holdings Co Ltd 23,000 8,992 0.02%China International Marine Containers Group Co Ltd 4,100 7,871 0.01%China National Building Material Co Ltd 8,000 7,060 0.01%China Railway Construction Corp Ltd 47,500 41,919 0.08%China Railway Group Ltd 80,000 39,326 0.08%CSR Corp Ltd 12,000 9,027 0.02%Fosun International Ltd 8,500 11,252 0.02%Shanghai Electric Group Co Ltd 28,000 11,271 0.02%Zoomlion Heavy Industry Science and Technology Co Ltd 8,800 5,450 0.01%

184,471 0.36%

Technology - 0.04% (31st December, 2013: 0.04%)Lenovo Group Ltd 16,000 21,717 0.04%

21,717 0.04%

Utilities - 0.06% (31st December, 2013: 0.06%)Datang International Power Generation Co Ltd 30,000 11,728 0.02%Huaneng Power International Inc 18,000 20,252 0.04%

31,980 0.06%

TOTAL CHINA 3,358,404 6.61%

COLOMBIA - 0.33% (31st December, 2013: 0.21%)Energy - 0.25% (31st December, 2013: 0.16%)Ecopetrol SA - Sponsored ADR 3,300 119,262 0.23%Pacific Rubiales Energy Corp 400 7,923 0.02%

127,185 0.25%

Financial - 0.06% (31st December, 2013: 0.04%)Bancolombia SA - Sponsored ADR 200 11,748 0.02%Grupo Aval Acciones y Valores PFD 17,199 12,329 0.02%Grupo de Inversiones Suramericana SA 367 7,776 0.02%

31,853 0.06%

91




USD% of

Sub-Fund

COLOMBIA - 0.33% (31st December, 2013: 0.21%) (continued)Industrial - 0.02% (31st December, 2013: 0.01%)Grupo Argos SA/Colombia 597 7,165 0.02%

7,165 0.02%

TOTAL COLOMBIA 166,203 0.33%

CZECH REPUBLIC - 0.10% (31st December, 2013: 0.12%)Financial - 0.02% (31st December, 2013: 0.03%)Komercni Banka AS 56 12,873 0.02%

12,873 0.02%

Utilities - 0.08% (31st December, 2013: 0.07%)CEZ AS 1,284 38,511 0.08%

38,511 0.08%

TOTAL CZECH REPUBLIC 51,384 0.10%

DENMARK - 0.39% (31st December, 2013: 0.38%)Communications - 0.04% (31st December, 2013: 0.04%)TDC A/S 1,898 19,647 0.04%

19,647 0.04%

Consumer Non-Cyclical - 0.10% (31st December, 2013: 0.10%)Carlsberg A/S 171 18,359 0.04%Novo Nordisk A/S 730 33,543 0.06%

51,902 0.10%

Energy - 0.02% (31st December, 2013: 0.00%)Vestas Wind Systems A/S 167 8,475 0.02%

8,475 0.02%

Financial - 0.07% (31st December, 2013: 0.06%)Danske Bank A/S 1,304 37,030 0.07%

37,030 0.07%

Industrial - 0.16% (31st December, 2013: 0.18%)AP Moller-Maersk A/S 32 79,499 0.16%

79,499 0.16%

TOTAL DENMARK 196,553 0.39%

EGYPT - 0.02% (31st December, 2013: 0.05%)Communications - 0.02% (31st December, 2013: 0.05%)Telecom Egypt Co 5,253 9,911 0.02%

9,911 0.02%

TOTAL EGYPT 9,911 0.02%

FINLAND - 0.40% (31st December, 2013: 0.64%)Basic Materials - 0.09% (31st December, 2013: 0.10%)Stora Enso OYJ 2,102 20,587 0.04%UPM-Kymmene OYJ 1,452 24,833 0.05%

45,420 0.09%

92




USD% of

Sub-Fund

FINLAND - 0.40% (31st December, 2013: 0.64%) (continued)Communications - 0.10% (31st December, 2013: 0.26%)Nokia OYJ 6,549 49,605 0.10%

49,605 0.10%

Energy - 0.03% (31st December, 2013: 0.03%)Neste Oil OYJ 705 13,723 0.03%

13,723 0.03%

Financial - 0.04% (31st December, 2013: 0.08%)Sampo 450 22,664 0.04%

22,664 0.04%

Industrial - 0.06% (31st December, 2013: 0.07%)Kone OYJ 326 13,613 0.03%Metso OYJ 266 10,156 0.02%Wartsila OYJ Abp 158 7,850 0.01%

31,619 0.06%

Utilities - 0.08% (31st December, 2013: 0.07%)Fortum OYJ 1,509 40,422 0.08%

40,422 0.08%

TOTAL FINLAND 203,453 0.40%

FRANCE - 5.42% (31st December, 2013: 6.11%)Basic Materials - 0.09% (31st December, 2013: 0.10%)Air Liquide SA 297 40,108 0.08%Arkema SA 62 6,014 0.01%

46,122 0.09%

Communications - 0.53% (31st December, 2013: 0.65%)Alcatel-Lucent/France 4,252 15,398 0.03%Eutelsat Communications SA 224 7,764 0.02%France Telecom SA 9,342 147,583 0.29%Lagardere SCA 362 11,747 0.02%Publicis Groupe SA 135 11,435 0.02%Vivendi SA 3,101 76,205 0.15%

270,132 0.53%

Consumer Cyclical - 0.53% (31st December, 2013: 0.64%)Accor SA 229 11,884 0.02%Christian Dior SA 165 32,918 0.07%Cie Generale des Etablissements Michelin 228 27,327 0.05%Kering 101 22,157 0.04%LVMH Moet Hennessy Louis Vuitton SA 304 58,884 0.12%Peugeot SA 3,145 45,925 0.09%Renault SA 627 56,819 0.11%Valeo SA 90 12,138 0.03%

268,052 0.53%

Consumer Non-Cyclical - 0.80% (31st December, 2013: 0.77%)Carrefour SA 2,069 76,521 0.15%Casino Guichard Perrachon SA 282 37,439 0.07%Danone SA 459 34,152 0.07%Essilor International SA 91 9,660 0.02%L'Oreal SA 364 62,824 0.12%

93




USD% of

Sub-Fund

FRANCE - 5.42% (31st December, 2013: 6.11%) (continued)Consumer Non-Cyclical - 0.80% (31st December, 2013: 0.77%) (continued)Pernod-Ricard SA 155 18,645 0.04%Sanofi 1,409 150,069 0.29%Sodexo 187 20,103 0.04%

409,413 0.80%

Diversified - 0.06% (31st December, 2013: 0.07%)Bollore SA 22 14,569 0.03%Wendel SA 102 14,574 0.03%

29,143 0.06%

Energy - 0.63% (31st December, 2013: 0.69%)Technip SA 81 8,865 0.02%Total SA 4,325 310,935 0.61%

319,800 0.63%

Financial - 1.12% (31st December, 2013: 1.32%)AXA SA 5,889 140,213 0.28%BNP Paribas SA 2,422 163,818 0.32%CNP Assurances 2,126 44,012 0.09%Credit Agricole SA 4,696 66,425 0.13%Eurazeo 142 11,753 0.02%Natixis 5,121 32,717 0.06%SCOR SE 272 9,389 0.02%Societe Generale SA 1,905 100,030 0.20%

568,357 1.12%

Industrial - 0.81% (31st December, 2013: 0.94%)Aeroports de Paris 84 11,055 0.02%Airbus Group NV 753 50,479 0.10%Alstom SA 615 22,468 0.04%Bouygues SA 988 40,994 0.08%Cie de St-Gobain 980 55,087 0.11%Imerys SA 114 9,594 0.02%Lafarge SA 390 33,754 0.07%Legrand SA 197 12,073 0.02%Rexel SA 424 9,861 0.02%Safran SA 293 19,145 0.04%Schneider Electric SE 500 47,202 0.09%Thales SA 267 16,117 0.03%Vallourec SA 276 12,483 0.03%Vinci SA 936 70,194 0.14%

410,506 0.81%

Technology - 0.04% (31st December, 2013: 0.03%)AtoS 94 7,839 0.01%Cap Gemini SA 203 14,458 0.03%

22,297 0.04%

Utilities - 0.81% (31st December, 2013: 0.90%)Electricite de France SA 4,450 140,691 0.28%GDF Suez 7,426 203,893 0.40%Suez Environnement Co 1,362 26,354 0.05%

94




USD% of

Sub-Fund

FRANCE - 5.42% (31st December, 2013: 6.11%) (continued)Utilities - 0.81% (31st December, 2013: 0.90%) (continued)Veolia Environnement SA 2,072 39,625 0.08%

410,563 0.81%

TOTAL FRANCE 2,754,385 5.42%

GERMANY - 4.29% (31st December, 2013: 4.88%)Basic Materials - 0.39% (31st December, 2013: 0.46%)BASF SE 963 112,380 0.22%Brenntag AG 39 7,022 0.01%K+S AG 147 4,836 0.01%Lanxess AG 140 9,446 0.02%Linde AG 139 29,525 0.06%ThyssenKrupp AG 1,149 33,557 0.07%

196,766 0.39%

Communications - 0.46% (31st December, 2013: 0.52%)Axel Springer SE 122 7,508 0.02%Deutsche Telekom AG 10,423 183,312 0.36%ProSiebenSat1 Media AG 238 10,587 0.02%Telefonica Deutschland Holding AG 3,618 30,108 0.06%

231,515 0.46%

Consumer Cyclical - 1.13% (31st December, 2013: 1.33%)Adidas AG 123 12,452 0.02%Bayerische Motoren Werke AG 887 112,477 0.22%Continental AG 156 36,077 0.07%Daimler AG 1,408 131,459 0.26%Deutsche Lufthansa AG 1,432 30,662 0.06%Porsche Automobil Holding SE PFD 421 43,799 0.09%Volkswagen AG 801 206,578 0.41%

573,504 1.13%

Consumer Non-Cyclical - 0.43% (31st December, 2013: 0.57%)Bayer AG 540 76,383 0.15%Beiersdorf AG 134 12,948 0.03%Fresenius Medical Care AG & Co KGaA 183 12,293 0.02%Fresenius SE & Co KGaA 186 27,694 0.05%Henkel AG & Co KGaA PFD 186 21,340 0.04%Merck KGaA 208 18,068 0.04%Metro AG 1,193 52,059 0.10%

220,785 0.43%

Diversified - 0.01% (31st December, 2013: 0.02%)GEA Group AG 152 7,195 0.01%

7,195 0.01%

Financial - 0.75% (31st December, 2013: 0.76%)Allianz SE 860 143,497 0.28%Commerzbank AG 2,782 43,626 0.09%Deutsche Bank AG 2,501 87,784 0.17%Deutsche Boerse AG 195 15,167 0.03%Hannover Rueckversicherung SE 216 19,376 0.04%Muenchener Rueckversicherungs AG 328 72,651 0.14%

382,101 0.75%

95




USD% of

Sub-Fund

GERMANY - 4.29% (31st December, 2013: 4.88%) (continued)Industrial - 0.52% (31st December, 2013: 0.63%)Deutsche Post AG 1,541 55,709 0.11%Fraport AG Frankfurt Airport Services Worldwide 192 13,494 0.03%HeidelbergCement AG 247 20,979 0.04%Hochtief AG 228 19,500 0.04%MAN SE 188 23,182 0.04%Siemens AG 987 130,227 0.26%

263,091 0.52%

Technology - 0.09% (31st December, 2013: 0.10%)Infineon Technologies AG 705 8,806 0.02%SAP AG 479 37,185 0.07%

45,991 0.09%

Utilities - 0.51% (31st December, 2013: 0.49%)E.ON SE 7,918 162,780 0.32%RWE AG 2,203 94,733 0.19%

257,513 0.51%

TOTAL GERMANY 2,178,461 4.29%

GREECE - 0.10% (31st December, 2013: 0.10%)Communications - 0.02% (31st December, 2013: 0.04%)Hellenic Telecommunications Organization SA 704 10,482 0.02%

10,482 0.02%

Consumer Cyclical - 0.02% (31st December, 2013: 0.04%)OPAP SA 685 12,118 0.02%

12,118 0.02%

Financial - 0.03% (31st December, 2013: 0.00%)Alpha Bank AE 8,053 7,447 0.02%Piraeus Bank SA 3,193 6,935 0.01%

14,382 0.03%

Utilities - 0.03% (31st December, 2013: 0.00%)Public Power Corp SA 824 12,415 0.03%

12,415 0.03%

TOTAL GREECE 49,397 0.10%

GUERNSEY - 0.03% (31st December, 2013: 0.03%)Financial - 0.03% (31st December, 2013: 0.03%)Friends Life Group Ltd 2,708 14,507 0.03%

14,507 0.03%

TOTAL GUERNSEY 14,507 0.03%

HONG KONG - 2.11% (31st December, 2013: 2.18%)Basic Materials - 0.03% (31st December, 2013: 0.03%)Citic Pacific Ltd 9,000 15,769 0.03%

15,769 0.03%

Communications - 0.80% (31st December, 2013: 0.70%)China Mobile Ltd 34,000 329,884 0.65%

96




USD% of

Sub-Fund

HONG KONG - 2.11% (31st December, 2013: 2.18%) (continued)Communications - 0.80% (31st December, 2013: 0.70%) (continued)China Unicom Hong Kong Ltd 42,000 65,027 0.13%PCCW Ltd 18,000 10,730 0.02%

405,641 0.80%

Consumer Cyclical - 0.14% (31st December, 2013: 0.17%)Belle International Holdings Ltd 4,000 4,433 0.01%Cathay Pacific Airways Ltd 10,000 18,682 0.04%China Resources Enterprise Ltd 4,000 11,148 0.02%Galaxy Entertainment Group Ltd 1,000 7,974 0.01%Li & Fung Ltd 8,000 11,870 0.02%SJM Holdings Ltd 4,000 10,002 0.02%Yue Yuen Industrial Holdings Ltd 2,500 8,467 0.02%

72,576 0.14%

Diversified - 0.35% (31st December, 2013: 0.44%)China Merchants Holdings International Co Ltd 2,000 6,232 0.01%Hutchison Whampoa Ltd 5,000 68,317 0.14%Noble Group Ltd 28,818 31,634 0.06%Swire Pacific Ltd 2,500 30,756 0.06%Wharf Holdings Ltd 5,400 39,016 0.08%

175,955 0.35%

Energy - 0.01% (31st December, 2013: 0.02%)Kunlun Energy Co Ltd 4,000 6,596 0.01%

6,596 0.01%

Financial - 0.59% (31st December, 2013: 0.63%)AIA Group Ltd 6,000 30,191 0.06%Bank of East Asia Ltd 2,860 11,864 0.02%BOC Hong Kong Holdings Ltd 9,500 27,517 0.05%Cheung Kong Holdings Ltd 2,000 35,455 0.07%China Overseas Land & Investment Ltd 4,000 9,702 0.02%China Resources Land Ltd 2,000 3,664 0.01%Hang Lung Properties Ltd 4,000 12,335 0.02%Hang Seng Bank Ltd 2,000 32,746 0.06%Henderson Land Development Co Ltd 3,630 21,263 0.04%Hong Kong Exchanges and Clearing Ltd 700 13,042 0.03%Kerry Properties Ltd 2,000 6,993 0.01%New World Development Co Ltd 9,000 10,242 0.02%Shimao Property Holdings Ltd 4,500 8,291 0.02%Sino Land Co Ltd 4,800 7,878 0.02%Sun Hung Kai Properties Ltd 3,000 41,184 0.08%Swire Properties Ltd 4,700 13,735 0.03%Wheelock & Co Ltd 3,000 12,618 0.03%

298,720 0.59%

Industrial - 0.06% (31st December, 2013: 0.08%)Cheung Kong Infrastructure Holdings Ltd 2,000 13,844 0.03%MTR Corp Ltd 4,000 15,431 0.03%

29,275 0.06%

Utilities - 0.13% (31st December, 2013: 0.11%)Beijing Enterprises Holdings Ltd 1,000 9,451 0.02%China Resources Power Holdings Co Ltd 4,000 11,354 0.02%CLP Holdings Ltd 2,500 20,450 0.04%

97




USD% of

Sub-Fund

HONG KONG - 2.11% (31st December, 2013: 2.18%) (continued)Utilities - 0.13% (31st December, 2013: 0.11%) (continued)Hong Kong & China Gas Co Ltd 4,384 9,604 0.02%Power Assets Holdings Ltd 2,000 17,521 0.03%

68,380 0.13%

TOTAL HONG KONG 1,072,912 2.11%

HUNGARY - 0.03% (31st December, 2013: 0.06%)Energy - 0.02% (31st December, 2013: 0.03%)MOL Hungarian Oil and Gas Plc 209 11,242 0.02%

11,242 0.02%

Financial - 0.01% (31st December, 2013: 0.01%)OTP Bank Plc 345 6,590 0.01%

6,590 0.01%

TOTAL HUNGARY 17,832 0.03%

INDIA - 1.13% (31st December, 2013: 0.99%)Basic Materials - 0.12% (31st December, 2013: 0.12%)Hindalco Industries Ltd 4,661 12,766 0.03%JSW Steel Ltd 348 7,169 0.01%Sesa Sterlite Ltd 3,253 15,806 0.03%Tata Steel Ltd 2,566 22,488 0.05%

58,229 0.12%

Communications - 0.06% (31st December, 2013: 0.06%)Bharti Airtel Ltd 3,054 17,050 0.03%Reliance Communications Ltd 5,506 13,377 0.03%

30,427 0.06%

Consumer Cyclical - 0.08% (31st December, 2013: 0.06%)Hero MotoCorp Ltd 169 7,394 0.02%Mahindra & Mahindra Ltd 356 6,801 0.01%Tata Motors Ltd 3,412 24,448 0.05%

38,643 0.08%

Consumer Non-Cyclical - 0.04% (31st December, 2013: 0.04%)Hindustan Unilever Ltd 642 6,617 0.01%ITC Ltd 2,872 15,580 0.03%

22,197 0.04%

Energy - 0.40% (31st December, 2013: 0.32%)Bharat Petroleum Corp Ltd 2,094 20,907 0.04%Cairn India Ltd 1,772 10,765 0.02%Coal India Ltd 4,357 27,910 0.05%Oil & Natural Gas Corp Ltd 11,200 79,115 0.16%Oil India Ltd 596 5,803 0.01%Reliance Industries Ltd 3,612 60,922 0.12%

205,422 0.40%

Financial - 0.18% (31st December, 2013: 0.17%)HDFC Bank Ltd 660 9,019 0.02%Housing Development Finance Corp 568 9,329 0.02%ICICI Bank Ltd 998 23,510 0.05%

98




USD% of

Sub-Fund

INDIA - 1.13% (31st December, 2013: 0.99%) (continued)Financial - 0.18% (31st December, 2013: 0.17%) (continued)Power Finance Corp Ltd 1,509 7,696 0.01%State Bank of India 903 40,316 0.08%

89,870 0.18%

Industrial - 0.05% (31st December, 2013: 0.03%)Bharat Heavy Electricals Ltd 2,275 9,479 0.02%Larsen & Toubro Ltd 567 16,068 0.03%

25,547 0.05%

Technology - 0.12% (31st December, 2013: 0.12%)Infosys Ltd 330 17,874 0.04%Tata Consultancy Services Ltd 655 26,311 0.05%Wipro Ltd 1,959 17,766 0.03%

61,951 0.12%

Utilities - 0.08% (31st December, 2013: 0.07%)GAIL India Ltd 1,236 9,523 0.02%NTPC Ltd 8,462 21,938 0.04%Power Grid Corp of India Ltd 3,557 8,233 0.02%

39,694 0.08%

TOTAL INDIA 571,980 1.13%

INDONESIA - 0.16% (31st December, 2013: 0.14%)Communications - 0.04% (31st December, 2013: 0.04%)Telekomunikasi Indonesia Persero Tbk PT 105,000 21,833 0.04%

21,833 0.04%

Consumer Cyclical - 0.03% (31st December, 2013: 0.03%)Astra International Tbk PT 23,000 14,114 0.03%

14,114 0.03%

Consumer Non-Cyclical - 0.01% (31st December, 2013: 0.01%)Unilever Indonesia Tbk PT 2,000 4,939 0.01%

4,939 0.01%

Financial - 0.06% (31st December, 2013: 0.04%)Bank Central Asia Tbk PT 10,500 9,743 0.02%Bank Mandiri Persero Tbk PT 9,000 7,383 0.02%Bank Rakyat Indonesia Persero Tbk PT 14,000 12,193 0.02%

29,319 0.06%

Industrial - 0.01% (31st December, 2013: 0.01%)United Tractors Tbk PT 3,500 6,820 0.01%

6,820 0.01%

Utilities - 0.01% (31st December, 2013: 0.01%)Perusahaan Gas Negara Persero Tbk PT 13,000 6,113 0.01%

6,113 0.01%

TOTAL INDONESIA 83,138 0.16%

IRELAND - 0.27% (31st December, 2013: 0.40%)Consumer Non-Cyclical - 0.09% (31st December, 2013: 0.10%)Covidien Plc 300 27,150 0.05%

99




USD% of

Sub-Fund

IRELAND - 0.27% (31st December, 2013: 0.40%) (continued)Consumer Non-Cyclical - 0.09% (31st December, 2013: 0.10%) (continued)Experian Plc 562 9,431 0.02%Kerry Group Plc 96 7,178 0.02%

43,759 0.09%

Financial - 0.02% (31st December, 2013: 0.02%)Irish Bank Resolution Corp Ltd/Old* 14,576 0 0.00%XL Group Plc 400 13,004 0.02%

13,004 0.02%

Health Care - 0.03% (31st December, 2013: 0.02%)Shire Plc 184 14,449 0.03%

14,449 0.03%

Industrial - 0.05% (31st December, 2013: 0.16%)CRH Plc 1,054 26,974 0.05%

26,974 0.05%

Technology - 0.08% (31st December, 2013: 0.10%)Accenture Plc 300 24,456 0.05%Seagate Technology Plc 300 17,088 0.03%

41,544 0.08%

TOTAL IRELAND 139,730 0.27%

ISRAEL - 0.25% (31st December, 2013: 0.23%)Basic Materials - 0.02% (31st December, 2013: 0.02%)Israel Chemicals Ltd 1,353 11,594 0.02%

11,594 0.02%

Communications - 0.04% (31st December, 2013: 0.04%)Bezeq The Israeli Telecommunication Corp Ltd 10,205 19,153 0.04%

19,153 0.04%

Consumer Non-Cyclical - 0.09% (31st December, 2013: 0.07%)Teva Pharmaceutical Industries Ltd 843 44,437 0.09%

44,437 0.09%

Financial - 0.10% (31st December, 2013: 0.10%)Bank Hapoalim BM 1,901 11,000 0.02%Bank Leumi Le-Israel BM 3,419 13,266 0.03%Delek Group Ltd 36 14,879 0.03%Israel Corp Ltd/The 19 10,906 0.02%

50,051 0.10%

TOTAL ISRAEL 125,235 0.25%

ITALY - 1.92% (31st December, 2013: 2.38%)Communications - 0.16% (31st December, 2013: 0.26%)Telecom Italia SpA 61,730 78,168 0.16%

78,168 0.16%

Consumer Cyclical - 0.14% (31st December, 2013: 0.15%)Fiat SpA 6,515 64,076 0.12%

100




USD% of

Sub-Fund

ITALY - 1.92% (31st December, 2013: 2.38%) (continued)Consumer Cyclical - 0.14% (31st December, 2013: 0.15%) (continued)Pirelli & C SpA 542 8,677 0.02%

72,753 0.14%

Consumer Non-Cyclical - 0.08% (31st December, 2013: 0.08%)Atlantia SpA 865 24,577 0.05%Luxottica Group SpA 293 16,894 0.03%

41,471 0.08%

Energy - 0.52% (31st December, 2013: 0.54%)Enel Green Power SpA 4,172 11,888 0.02%Eni SpA 8,567 233,114 0.46%Saipem SpA 689 18,579 0.04%

263,581 0.52%

Financial - 0.58% (31st December, 2013: 0.87%)Assicurazioni Generali SpA 3,247 70,966 0.14%Banca Monte dei Paschi di Siena SpA 438 844 0.00%Banco Popolare SC 760 12,479 0.02%Exor SpA 1,165 47,392 0.09%Intesa Sanpaolo SpA 20,831 64,422 0.13%Mediobanca SpA 1,067 10,596 0.02%UniCredit SpA 7,815 65,066 0.13%Unione di Banche Italiane SCPA 1,498 12,881 0.03%UnipolSai SpA 2,874 9,179 0.02%

293,825 0.58%

Industrial - 0.05% (31st December, 2013: 0.05%)Finmeccanica SpA 2,002 18,870 0.04%Prysmian SpA 311 6,954 0.01%

25,824 0.05%

Utilities - 0.39% (31st December, 2013: 0.43%)Enel SpA 27,166 158,900 0.31%Snam SpA 4,745 28,688 0.06%Terna Rete Elettrica Nazionale SpA 2,210 11,701 0.02%

199,289 0.39%

TOTAL ITALY 974,911 1.92%

JAPAN - 9.48% (31st December, 2013: 9.90%)Basic Materials - 0.54% (31st December, 2013: 0.64%)Asahi Kasei Corp 3,000 22,935 0.05%JFE Holdings Inc 1,600 33,002 0.07%Kobe Steel Ltd 10,000 14,994 0.03%Kuraray Co Ltd 400 5,066 0.01%Mitsubishi Chemical Holdings Corp 5,500 24,360 0.05%Mitsubishi Materials Corp 3,000 10,505 0.02%Mitsui Chemicals Inc 6,000 16,395 0.03%Nippon Steel & Sumitomo Metal Corp 15,000 47,941 0.09%Nitto Denko Corp 200 9,365 0.02%Oji Holdings Corp 4,000 16,454 0.03%Shin-Etsu Chemical Co Ltd 400 24,298 0.05%Sumitomo Chemical Co Ltd 6,000 22,668 0.04%Sumitomo Metal Mining Co Ltd 1,000 16,227 0.03%

101




USD% of

Sub-Fund

JAPAN - 9.48% (31st December, 2013: 9.90%) (continued)Basic Materials - 0.54% (31st December, 2013: 0.64%) (continued)Teijin Ltd 4,000 10,022 0.02%

274,232 0.54%

Communications - 0.94% (31st December, 2013: 0.98%)Dentsu Inc 500 20,345 0.04%KDDI Corp 1,100 67,047 0.13%Nippon Telegraph & Telephone Corp 3,400 211,898 0.42%NTT DOCOMO Inc 7,000 119,596 0.24%Softbank Corp 700 52,085 0.10%Yahoo Japan Corp 1,500 6,925 0.01%

477,896 0.94%

Consumer Cyclical - 2.91% (31st December, 2013: 2.92%)Aeon Co Ltd 2,700 33,186 0.07%Aisin Seiki Co Ltd 700 27,827 0.05%ANA Holdings Inc 6,000 14,145 0.03%Bridgestone Corp 900 31,472 0.06%Daihatsu Motor Co Ltd 1,000 17,766 0.03%Daiwa House Industry Co Ltd 1,000 20,715 0.04%Denso Corp 800 38,155 0.08%Fast Retailing Co Ltd 100 32,878 0.06%Fuji Heavy Industries Ltd 700 19,369 0.04%Hino Motors Ltd 1,000 13,761 0.03%Honda Motor Co Ltd 3,600 125,605 0.25%Isetan Mitsukoshi Holdings Ltd 500 6,510 0.01%Isuzu Motors Ltd 2,000 13,218 0.03%ITOCHU Corp 2,900 37,217 0.07%J Front Retailing Co Ltd 1,000 7,014 0.01%Japan Airlines Co Ltd 100 5,524 0.01%JTEKT Corp 700 11,787 0.02%Lawson Inc 100 7,497 0.01%Marubeni Corp 4,000 29,238 0.06%Mazda Motor Corp 4,000 18,742 0.04%Mitsubishi Corp 3,300 68,588 0.13%Mitsubishi Motors Corp 1,200 13,234 0.03%Mitsui & Co Ltd 4,300 68,885 0.14%Nintendo Co Ltd 300 35,882 0.07%Nissan Motor Co Ltd 10,000 94,796 0.19%Oriental Land Co Ltd/Japan 100 17,120 0.03%Panasonic Corp 5,000 60,863 0.12%Sekisui Chemical Co Ltd 1,000 11,571 0.02%Sekisui House Ltd 1,000 13,702 0.03%Sharp Corp/Japan 4,000 12,824 0.03%Sony Corp 4,200 69,686 0.14%Sumitomo Corp 2,600 35,086 0.07%Sumitomo Electric Industries Ltd 1,700 23,896 0.05%Sumitomo Rubber Industries Ltd 400 5,769 0.01%Suzuki Motor Corp 900 28,170 0.06%Takashimaya Co Ltd 1,000 9,697 0.02%Toray Industries Inc 3,000 19,709 0.04%Toyota Industries Corp 500 25,795 0.05%Toyota Motor Corp 4,860 291,672 0.57%Toyota Tsusho Corp 1,100 31,608 0.06%Yamada Denki Co Ltd 2,800 9,971 0.02%

102




USD% of

Sub-Fund

JAPAN - 9.48% (31st December, 2013: 9.90%) (continued)Consumer Cyclical - 2.91% (31st December, 2013: 2.92%) (continued)Yamaha Motor Co Ltd 900 15,474 0.03%

1,475,624 2.91%

Consumer Non-Cyclical - 0.98% (31st December, 2013: 0.97%)Ajinomoto Co Inc 1,000 15,665 0.03%Alfresa Holdings Corp 200 12,883 0.03%Asahi Group Holdings Ltd 600 18,821 0.04%Astellas Pharma Inc 2,000 26,259 0.05%Chugai Pharmaceutical Co Ltd 300 8,449 0.02%Dai Nippon Printing Co Ltd 2,000 20,873 0.04%Daiichi Sankyo Co Ltd 1,000 18,644 0.04%Eisai Co Ltd 300 12,559 0.02%Japan Tobacco Inc 1,100 40,072 0.08%Kao Corp 500 19,665 0.04%Kirin Holdings Co Ltd 1,000 14,431 0.03%Kyowa Hakko Kirin Co Ltd 1,000 13,524 0.03%Medipal Holdings Corp 800 11,332 0.02%MEIJI Holdings Co Ltd 200 13,238 0.03%Mitsubishi Tanabe Pharma Corp 600 8,978 0.02%NH Foods Ltd 1,000 19,522 0.04%Olympus Corp 200 6,885 0.01%Otsuka Holdings Co Ltd 500 15,487 0.03%Secom Co Ltd 300 18,318 0.04%Seven & I Holdings Co Ltd 1,200 50,521 0.10%Shionogi & Co Ltd 300 6,256 0.01%Shiseido Co Ltd 700 12,754 0.02%Suntory Beverage & Food Ltd 300 11,763 0.02%Suzuken Co Ltd/Aichi Japan 300 11,157 0.02%Takeda Pharmaceutical Co Ltd 1,000 46,353 0.09%Terumo Corp 300 6,703 0.01%Toppan Printing Co Ltd 3,000 23,201 0.05%Yamazaki Baking Co Ltd 1,000 12,478 0.02%

496,791 0.98%

Energy - 0.31% (31st December, 2013: 0.34%)Idemitsu Kosan Co Ltd 1,200 26,054 0.05%Inpex Corp 2,000 30,382 0.06%JX Holdings Inc 11,750 62,821 0.12%Showa Shell Sekiyu KK 1,800 20,437 0.04%TonenGeneral Sekiyu KK 2,000 18,979 0.04%

158,673 0.31%

Financial - 1.45% (31st December, 2013: 1.49%)Bank of Yokohama Ltd/The 2,000 11,502 0.02%Chiba Bank Ltd/The 2,000 14,106 0.03%Dai-ichi Life Insurance Co Ltd/The 1,500 22,328 0.04%Daito Trust Construction Co Ltd 100 11,748 0.02%Daiwa Securities Group Inc 3,000 25,953 0.05%Fukuoka Financial Group Inc 2,000 9,647 0.02%Mitsubishi Estate Co Ltd 1,000 24,671 0.05%Mitsubishi UFJ Financial Group Inc 24,900 152,532 0.30%Mitsubishi UFJ Lease & Finance Co Ltd 3,100 17,797 0.04%Mitsui Fudosan Co Ltd 1,000 33,697 0.07%Mizuho Financial Group Inc 44,200 90,689 0.18%

103




USD% of

Sub-Fund

JAPAN - 9.48% (31st December, 2013: 9.90%) (continued)Financial - 1.45% (31st December, 2013: 1.49%) (continued)MS&AD Insurance Group Holdings Inc 800 19,310 0.04%NKSJ Holdings Inc 775 20,855 0.04%ORIX Corp 1,300 21,531 0.04%Resona Holdings Inc 5,400 31,428 0.06%Shizuoka Bank Ltd/The 1,000 10,802 0.02%Sony Financial Holdings Inc 500 8,523 0.02%Sumitomo Mitsui Financial Group Inc 2,400 100,475 0.20%Sumitomo Mitsui Trust Holdings Inc 4,000 18,269 0.04%Sumitomo Realty & Development Co Ltd 1,000 42,880 0.08%T&D Holdings Inc 1,300 17,658 0.03%Tokio Marine Holdings Inc 700 23,008 0.05%Tokyu Fudosan Holdings Corp 900 7,093 0.01%

736,502 1.45%

Industrial - 1.62% (31st December, 2013: 1.75%)Asahi Glass Co Ltd 3,000 17,667 0.03%Central Japan Railway Co 300 42,762 0.08%Daikin Industries Ltd 300 18,916 0.04%East Japan Railway Co 500 39,354 0.08%FANUC Corp 100 17,233 0.03%FUJIFILM Holdings Corp 1,200 33,440 0.07%Hankyu Hanshin Holdings Inc 2,000 11,403 0.02%Hitachi Construction Machinery Co Ltd 400 7,963 0.02%Hitachi Ltd 10,000 73,194 0.14%Hoya Corp 400 13,281 0.03%IHI Corp 3,000 13,968 0.03%Kajima Corp 3,000 13,258 0.03%Kawasaki Heavy Industries Ltd 3,000 11,423 0.02%Keyence Corp 100 43,596 0.09%Kintetsu Corp 2,000 7,280 0.01%Komatsu Ltd 1,000 23,201 0.05%Konica Minolta Inc 1,500 14,811 0.03%Kubota Corp 1,000 14,165 0.03%Kyocera Corp 400 18,971 0.04%LIXIL Group Corp 500 13,485 0.03%Mitsubishi Electric Corp 3,000 36,991 0.07%Mitsubishi Heavy Industries Ltd 4,000 24,937 0.05%Mitsui OSK Lines Ltd 4,000 14,876 0.03%Murata Manufacturing Co Ltd 200 18,705 0.04%NEC Corp 7,000 22,303 0.04%Nidec Corp 200 12,263 0.02%Nikon Corp 500 7,867 0.01%Nippon Electric Glass Co Ltd 1,000 5,820 0.01%Nippon Express Co Ltd 3,000 14,530 0.03%Nippon Yusen KK 6,000 17,282 0.03%NSK Ltd 1,000 12,991 0.03%Obayashi Corp 2,000 14,264 0.03%Omron Corp 200 8,424 0.02%Shimizu Corp 2,000 14,146 0.03%SMC Corp/Japan 100 26,742 0.05%Taisei Corp 3,000 16,602 0.03%Tobu Railway Co Ltd 2,000 10,456 0.02%Tokyu Corp 2,000 14,165 0.03%

104




USD% of

Sub-Fund

JAPAN - 9.48% (31st December, 2013: 9.90%) (continued)Industrial - 1.62% (31st December, 2013: 1.75%) (continued)Toshiba Corp 8,000 37,327 0.07%Toyo Seikan Kaisha Ltd 700 10,744 0.02%West Japan Railway Co 400 17,598 0.03%Yamato Holdings Co Ltd 700 14,494 0.03%

822,898 1.62%

Technology - 0.36% (31st December, 2013: 0.45%)Canon Inc 1,900 61,775 0.12%Fujitsu Ltd 5,000 37,435 0.07%NTT Data Corp 600 23,023 0.05%Ricoh Co Ltd 2,000 23,813 0.05%Rohm Co Ltd 200 11,462 0.02%Seiko Epson Corp 300 12,755 0.02%TDK Corp 300 14,057 0.03%

184,320 0.36%

Utilities - 0.37% (31st December, 2013: 0.36%)Chubu Electric Power Co Inc 2,100 26,081 0.05%Chugoku Electric Power Co Inc/The 900 12,269 0.02%Electric Power Development Co Ltd 300 9,736 0.02%Hokuriku Electric Power Co 600 7,949 0.01%Kansai Electric Power Co Inc/The 4,300 40,508 0.08%Kyushu Electric Power Co Inc 1,200 13,506 0.03%Osaka Gas Co Ltd 4,000 16,809 0.03%Shikoku Electric Power Co Inc 600 8,369 0.02%Tohoku Electric Power Co Inc 1,600 18,766 0.04%Tokyo Electric Power Co Inc 2,300 9,574 0.02%Tokyo Gas Co Ltd 4,000 23,359 0.05%

186,926 0.37%

TOTAL JAPAN 4,813,862 9.48%

LUXEMBOURG - 0.30% (31st December, 2013: 0.34%)Basic Materials - 0.17% (31st December, 2013: 0.27%)ArcelorMittal 5,828 86,218 0.17%

86,218 0.17%

Communications - 0.09% (31st December, 2013: 0.03%)RTL Group SA 265 29,473 0.06%SES SA 407 15,348 0.03%

44,821 0.09%

Industrial - 0.04% (31st December, 2013: 0.04%)Tenaris SA 939 22,062 0.04%

22,062 0.04%

TOTAL LUXEMBOURG 153,101 0.30%

MACAU - 0.06% (31st December, 2013: 0.07%)Consumer Cyclical - 0.06% (31st December, 2013: 0.07%)Sands China Ltd 1,600 12,097 0.02%

105




USD% of

Sub-Fund

MACAU - 0.06% (31st December, 2013: 0.07%) (continued)Consumer Cyclical - 0.06% (31st December, 2013: 0.07%) (continued)Wynn Macau Ltd 4,800 18,889 0.04%

30,986 0.06%

TOTAL MACAU 30,986 0.06%

MALAYSIA - 0.41% (31st December, 2013: 0.36%)Basic Materials - 0.03% (31st December, 2013: 0.03%)Petronas Chemicals Group Bhd 7,500 15,813 0.03%

15,813 0.03%

Communications - 0.08% (31st December, 2013: 0.08%)Axiata Group Bhd 4,500 9,768 0.02%DiGi.Com Bhd 4,900 8,744 0.02%Maxis Bhd 6,000 12,613 0.02%Telekom Malaysia Bhd 4,700 9,294 0.02%

40,419 0.08%

Consumer Cyclical - 0.02% (31st December, 2013: 0.03%)Genting Bhd 4,000 12,445 0.02%

12,445 0.02%

Consumer Non-Cyclical - 0.01% (31st December, 2013: 0.01%)IOI Corp Bhd 4,000 6,540 0.01%

6,540 0.01%

Diversified - 0.04% (31st December, 2013: 0.04%)Sime Darby Bhd 4,300 12,950 0.03%YTL Corp Bhd 11,100 5,600 0.01%

18,550 0.04%

Energy - 0.01% (31st December, 2013: 0.00%)Petronas Dagangan BHD 1,000 7,487 0.01%

7,487 0.01%

Financial - 0.11% (31st December, 2013: 0.06%)CIMB Group Holdings Bhd 6,600 15,046 0.03%Malayan Banking Bhd 5,200 15,919 0.03%Public Bank Bhd 2,500 15,244 0.03%RHB Capital Bhd 2,800 7,456 0.02%

53,665 0.11%

Industrial - 0.03% (31st December, 2013: 0.03%)MISC Bhd 6,900 13,967 0.03%

13,967 0.03%

Utilities - 0.08% (31st December, 2013: 0.08%)Petronas Gas Bhd 1,000 7,630 0.02%Tenaga Nasional Bhd 6,975 26,458 0.05%YTL Power International Bhd 11,025 5,047 0.01%

39,135 0.08%

TOTAL MALAYSIA 208,021 0.41%

106




USD% of

Sub-Fund

MEXICO - 0.55% (31st December, 2013: 0.54%)Basic Materials - 0.08% (31st December, 2013: 0.08%)Fresnillo Plc 360 5,289 0.01%Grupo Mexico SAB de CV 7,671 25,013 0.05%Industrias Penoles SAB de CV 315 7,832 0.02%

38,134 0.08%

Communications - 0.21% (31st December, 2013: 0.20%)America Movil SAB de CV 90,948 94,251 0.18%Grupo Televisa SAB 2,100 14,325 0.03%

108,576 0.21%

Consumer Cyclical - 0.04% (31st December, 2013: 0.04%)Wal-Mart de Mexico SAB de CV 7,600 20,196 0.04%

20,196 0.04%

Consumer Non-Cyclical - 0.08% (31st December, 2013: 0.08%)Arca Continental SAB de CV 1,100 7,288 0.02%Coca-Cola Femsa SAB de CV 600 6,809 0.01%Fomento Economico Mexicano SAB de CV 1,700 16,006 0.03%Grupo Bimbo SAB de CV 4,000 11,786 0.02%

41,889 0.08%

Diversified - 0.04% (31st December, 2013: 0.05%)Alfa SAB de CV 5,000 13,815 0.03%Grupo Carso SAB de CV 1,400 7,260 0.01%

21,075 0.04%

Financial - 0.06% (31st December, 2013: 0.06%)Grupo Financiero Banorte SAB de CV 1,200 8,596 0.02%Grupo Financiero Inbursa SAB de CV 2,900 8,542 0.02%Grupo Financiero Santander Mexico SAB de CV 4,700 12,425 0.02%

29,563 0.06%

Industrial - 0.04% (31st December, 2013: 0.03%)Cemex SAB de CV 14,645 19,420 0.04%

19,420 0.04%


NETHERLANDS - 1.82% (31st December, 2013: 1.91%)Basic Materials - 0.10% (31st December, 2013: 0.09%)Akzo Nobel NV 378 28,358 0.06%Koninklijke DSM NV 201 14,569 0.03%OCI 195 7,574 0.01%

50,501 0.10%

Communications - 0.10% (31st December, 2013: 0.14%)Koninklijke KPN NV 11,393 41,024 0.08%Wolters Kluwer NV 277 8,163 0.02%

49,187 0.10%

Consumer Non-Cyclical - 0.35% (31st December, 2013: 0.33%)Heineken Holding NV 448 29,295 0.05%Koninklijke Ahold NV 1,559 29,346 0.06%Randstad Holding NV 271 14,583 0.03%

107




USD% of

Sub-Fund

NETHERLANDS - 1.82% (31st December, 2013: 1.91%) (continued)Consumer Non-Cyclical - 0.35% (31st December, 2013: 0.33%) (continued)Unilever NV 2,458 107,595 0.21%

180,819 0.35%

Energy - 0.95% (31st December, 2013: 0.91%)Royal Dutch Shell Plc 11,202 484,542 0.95%

484,542 0.95%

Financial - 0.24% (31st December, 2013: 0.33%)Aegon NV 4,815 42,036 0.08%Delta Lloyd NV 314 7,924 0.02%ING Groep NV 5,095 71,651 0.14%

121,611 0.24%

Industrial - 0.06% (31st December, 2013: 0.09%)Koninklijke Philips Electronics NV 948 29,978 0.06%

29,978 0.06%

Technology - 0.02% (31st December, 2013: 0.02%)ASML Holding NV 108 10,054 0.02%

10,054 0.02%


NEW ZEALAND - 0.02% (31st December, 2013: 0.02%)Communications - 0.02% (31st December, 2013: 0.02%)Telecom Corp of New Zealand Ltd 4,194 9,824 0.02%

9,824 0.02%

TOTAL NEW ZEALAND 9,824 0.02%

NORWAY - 0.58% (31st December, 2013: 0.59%)Basic Materials - 0.06% (31st December, 2013: 0.06%)Norsk Hydro ASA 3,499 18,685 0.04%Yara International ASA 264 13,231 0.02%

31,916 0.06%

Communications - 0.07% (31st December, 2013: 0.07%)Telenor ASA 1,528 34,636 0.07%

34,636 0.07%

Energy - 0.34% (31st December, 2013: 0.34%)Statoil ASA 5,582 171,370 0.34%

171,370 0.34%

Financial - 0.07% (31st December, 2013: 0.08%)DNB ASA 1,686 30,623 0.06%Gjensidige Forsikring ASA 457 8,204 0.01%

38,827 0.07%

Industrial - 0.04% (31st December, 2013: 0.04%)Aker Solutions ASA 387 6,721 0.01%

108




USD% of

Sub-Fund

NORWAY - 0.58% (31st December, 2013: 0.59%) (continued)Industrial - 0.04% (31st December, 2013: 0.04%) (continued)Orkla ASA 1,438 12,790 0.03%

19,511 0.04%

TOTAL NORWAY 296,260 0.58%

PERU - 0.03% (31st December, 2013: 0.00%)Financial - 0.03% (31st December, 2013: 0.00%)Credicorp Ltd 100 15,556 0.03%

15,556 0.03%

TOTAL PERU 15,556 0.03%

PHILIPPINES - 0.05% (31st December, 2013: 0.07%)Communications - 0.04% (31st December, 2013: 0.06%)Philippine Long Distance Telephone Co 255 17,444 0.04%

17,444 0.04%

Consumer Cyclical - 0.01% (31st December, 2013: 0.01%)SM Investments Corp 325 6,071 0.01%

6,071 0.01%


POLAND - 0.28% (31st December, 2013: 0.28%)Basic Materials - 0.03% (31st December, 2013: 0.03%)KGHM Polska Miedz SA 369 15,083 0.03%

15,083 0.03%

Communications - 0.04% (31st December, 2013: 0.04%)Orange Polska SA 5,849 18,727 0.04%

18,727 0.04%

Energy - 0.04% (31st December, 2013: 0.05%)Polski Koncern Naftowy Orlen SA 938 12,521 0.02%Polskie Gornictwo Naftowe i Gazownictwo SA 4,910 8,393 0.02%

20,914 0.04%

Financial - 0.11% (31st December, 2013: 0.11%)Bank Pekao SA 231 13,102 0.02%Bank Zachodni WBK SA 58 7,076 0.01%Powszechna Kasa Oszczednosci Bank Polski SA 1,480 18,293 0.04%Powszechny Zaklad Ubezpieczen SA 139 20,118 0.04%

58,589 0.11%

Utilities - 0.06% (31st December, 2013: 0.05%)PGE SA 3,108 22,333 0.04%Tauron Polska Energia SA 4,945 8,615 0.02%

30,948 0.06%

TOTAL POLAND 144,261 0.28%

109




USD% of

Sub-Fund

PORTUGAL - 0.14% (31st December, 2013: 0.19%)Consumer Non-Cyclical - 0.01% (31st December, 2013: 0.02%)Jeronimo Martins SGPS SA 407 6,677 0.01%

6,677 0.01%

Energy - 0.04% (31st December, 2013: 0.04%)Galp Energia SGPS SA 1,117 20,347 0.04%

20,347 0.04%

Financial - 0.02% (31st December, 2013: 0.03%)Banco Espirito Santo SA 10,168 9,639 0.02%

9,639 0.02%

Utilities - 0.07% (31st December, 2013: 0.05%)EDP-Energias de Portugal SA 7,124 35,598 0.07%

35,598 0.07%

TOTAL PORTUGAL 72,261 0.14%

RUSSIA - 2.26% (31st December, 2013: 1.87%)Basic Materials - 0.14% (31st December, 2013: 0.23%)MMC Norilsk Nickel OJSC - Sponsored ADR 2,313 45,670 0.09%Severstal OAO - Sponsored GDR 2,356 19,190 0.04%Uralkali OJSC - Sponsored GDR 220 5,075 0.01%

69,935 0.14%

Communications - 0.19% (31st December, 2013: 0.15%)MegaFon OAO - Sponsored GDR 1,008 31,611 0.06%Mobile Telesystems OJSC - Sponsored ADR 1,550 30,349 0.06%Rostelecom OJSC - Sponsored ADR 386 5,801 0.01%Sistema JSFC (GB) - Sponsored GDR 920 28,502 0.06%

96,263 0.19%

Consumer Non-Cyclical - 0.02% (31st December, 2013: 0.00%)Magnit OJSC - Sponsored GDR 182 10,775 0.02%

10,775 0.02%

Energy - 1.66% (31st December, 2013: 1.30%)AK Transneft OAO PFD 14 30,539 0.06%Gazprom OAO 45,458 392,575 0.77%Lukoil OAO - Sponsored ADR 2,595 154,688 0.31%NovaTek OAO - Sponsored GDR 101 12,595 0.03%Rosneft OAO 10,476 77,418 0.15%Rosneft OAO - Sponsored GDR 11,206 81,871 0.16%Surgutneftegas OAO 3,592 27,515 0.05%Surgutneftegas OAO - Sponsored ADR 5,677 43,486 0.09%Tatneft OAO - Sponsored ADR 559 21,521 0.04%

842,208 1.66%

Financial - 0.23% (31st December, 2013: 0.12%)Sberbank of Russia - Sponsored ADR 8,822 89,014 0.17%VTB Bank OJSC - Sponsored GDR 12,199 29,821 0.06%

118,835 0.23%

110




USD% of

Sub-Fund

RUSSIA - 2.26% (31st December, 2013: 1.87%) (continued)Utilities - 0.02% (31st December, 2013: 0.07%)RusHydro JSC - Sponsored ADR 5,000 9,650 0.02%

9,650 0.02%

TOTAL RUSSIA 1,147,666 2.26%

SINGAPORE - 0.49% (31st December, 2013: 0.54%)Communications - 0.10% (31st December, 2013: 0.09%)Singapore Press Holdings Ltd 2,000 6,683 0.01%Singapore Telecommunications Ltd 15,000 46,272 0.09%

52,955 0.10%

Consumer Cyclical - 0.09% (31st December, 2013: 0.09%)City Developments Ltd 1,000 8,197 0.02%Jardine Cycle & Carriage Ltd 300 10,639 0.02%Singapore Airlines Ltd 3,000 24,927 0.05%

43,763 0.09%

Consumer Non-Cyclical - 0.06% (31st December, 2013: 0.06%)Golden Agri-Resources Ltd 11,000 4,891 0.01%Wilmar International Ltd 9,000 23,004 0.05%

27,895 0.06%

Diversified - 0.02% (31st December, 2013: 0.02%)Keppel Corp Ltd 1,300 11,239 0.02%

11,239 0.02%

Financial - 0.16% (31st December, 2013: 0.17%)CapitaLand Ltd 6,000 15,384 0.03%DBS Group Holdings Ltd 2,000 26,842 0.05%Oversea-Chinese Banking Corp Ltd 3,000 22,956 0.04%United Overseas Bank Ltd 1,000 18,044 0.04%

83,226 0.16%

Industrial - 0.06% (31st December, 2013: 0.11%)Hutchison Port Holdings Trust 9,000 6,480 0.01%SembCorp Industries Ltd 3,000 12,908 0.03%SembCorp Marine Ltd 2,000 6,570 0.01%Singapore Technologies Engineering Ltd 2,000 6,090 0.01%

32,048 0.06%

TOTAL SINGAPORE 251,126 0.49%

SOUTH AFRICA - 0.60% (31st December, 2013: 0.64%)Basic Materials - 0.17% (31st December, 2013: 0.20%)Anglo American Platinum Ltd 198 8,506 0.01%AngloGold Ashanti Ltd 257 4,274 0.01%Gold Fields Ltd 1,056 3,810 0.01%Impala Platinum Holdings Ltd 1,201 12,052 0.02%Kumba Iron Ore Ltd 429 13,605 0.03%Sasol Ltd 765 45,588 0.09%

87,835 0.17%

Communications - 0.13% (31st December, 2013: 0.15%)MTN Group Ltd 1,880 39,603 0.08%

111




USD% of

Sub-Fund

SOUTH AFRICA - 0.60% (31st December, 2013: 0.64%) (continued)Communications - 0.13% (31st December, 2013: 0.15%) (continued)Naspers Ltd 78 9,175 0.02%Vodacom Group Ltd 1,395 17,230 0.03%

66,008 0.13%

Consumer Cyclical - 0.02% (31st December, 2013: 0.04%)Steinhoff International Holdings Ltd 1,777 9,894 0.02%

9,894 0.02%

Consumer Non-Cyclical - 0.04% (31st December, 2013: 0.04%)Bidvest Group Ltd 493 13,096 0.03%Shoprite Holdings Ltd 335 4,849 0.01%

17,945 0.04%

Diversified - 0.04% (31st December, 2013: 0.03%)Imperial Holdings Ltd 422 8,025 0.02%Remgro Ltd 464 10,099 0.02%

18,124 0.04%

Energy - 0.01% (31st December, 2013: 0.00%)Exxaro Resources Ltd 587 7,631 0.01%

7,631 0.01%

Financial - 0.19% (31st December, 2013: 0.18%)Barclays Africa Group Ltd 990 15,079 0.03%FirstRand Ltd 5,100 19,527 0.04%Liberty Holdings Ltd 558 6,826 0.01%Nedbank Group Ltd 518 11,113 0.02%Sanlam Ltd 2,174 12,678 0.03%Standard Bank Group Ltd 2,368 32,248 0.06%

97,471 0.19%


SOUTH KOREA - 2.40% (31st December, 2013: 2.40%)Basic Materials - 0.18% (31st December, 2013: 0.19%)Hyundai Steel Co 160 11,766 0.02%LG Chem Ltd 58 16,968 0.03%Lotte Chemical Corp 39 7,112 0.02%POSCO 177 53,183 0.11%

89,029 0.18%

Communications - 0.14% (31st December, 2013: 0.15%)KT Corp 768 23,190 0.05%LG Uplus Corp 610 5,559 0.01%Samsung SDI Co Ltd 48 7,686 0.02%SK Telecom Co Ltd 140 32,725 0.06%

69,160 0.14%

Consumer Cyclical - 0.49% (31st December, 2013: 0.50%)Daewoo International Corp 216 7,814 0.01%E-Mart Co Ltd 37 8,484 0.02%Hankook Tire Co Ltd 136 8,119 0.02%Hanwha Corp 360 9,198 0.02%Hyundai Mobis 81 22,737 0.04%Hyundai Motor Co 373 84,610 0.17%

112




USD% of

Sub-Fund

SOUTH KOREA - 2.40% (31st December, 2013: 2.40%) (continued)Consumer Cyclical - 0.49% (31st December, 2013: 0.50%) (continued)Kia Motors Corp 519 29,034 0.06%Korean Air Lines Co Ltd 183 6,041 0.01%LG Corp 521 32,184 0.06%Lotte Shopping Co Ltd 51 15,551 0.03%Samsung C&T Corp 200 14,747 0.03%SK Networks Co Ltd 1,136 12,070 0.02%

250,589 0.49%

Consumer Non-Cyclical - 0.03% (31st December, 2013: 0.03%)KT&G Corp 188 16,631 0.03%

16,631 0.03%

Diversified - 0.03% (31st December, 2013: 0.03%)CJ Corp 66 9,132 0.02%LS Corp 75 5,508 0.01%

14,640 0.03%

Energy - 0.24% (31st December, 2013: 0.25%)GS Holdings 295 13,150 0.02%SK Holdings Co Ltd 332 59,886 0.12%SK Innovation Co Ltd 369 41,213 0.08%S-Oil Corp 175 9,842 0.02%

124,091 0.24%

Financial - 0.33% (31st December, 2013: 0.38%)Hana Financial Group Inc 452 16,753 0.03%Hanwha Life Insurance Co Ltd 1,990 12,706 0.02%Industrial Bank of Korea 1,210 16,145 0.03%KB Financial Group Inc 722 25,119 0.05%Samsung Card Co Ltd 180 7,677 0.02%Samsung Fire & Marine Insurance Co Ltd 53 13,489 0.03%Samsung Life Insurance Co Ltd 158 15,929 0.03%Shinhan Financial Group Co Ltd 758 35,100 0.07%Woori Finance Holdings Co Ltd 1,938 23,082 0.05%

166,000 0.33%

Industrial - 0.26% (31st December, 2013: 0.26%)Daelim Industrial Co Ltd 90 7,499 0.02%Daewoo Shipbuilding & Marine Engineering Co Ltd 430 10,923 0.02%Doosan Corp 68 8,401 0.02%Doosan Heavy Industries & Construction Co Ltd 154 5,335 0.01%Hyundai Engineering & Construction Co Ltd 123 7,003 0.01%Hyundai Heavy Industries Co Ltd 125 21,868 0.04%LG Display Co Ltd 800 25,145 0.05%LG Electronics Inc 417 30,623 0.06%Samsung Electro-Mechanics Co Ltd 132 7,606 0.02%Samsung Heavy Industries Co Ltd 280 7,486 0.01%

131,889 0.26%

Technology - 0.56% (31st December, 2013: 0.45%)Samsung Electronics Co Ltd 187 244,343 0.48%SK C&C Co Ltd 119 19,583 0.04%SK Hynix Inc 430 20,634 0.04%

284,560 0.56%

113




USD% of

Sub-Fund

SOUTH KOREA - 2.40% (31st December, 2013: 2.40%) (continued)Utilities - 0.14% (31st December, 2013: 0.16%)Korea Electric Power Corp 1,516 55,890 0.11%Korea Gas Corp 287 15,659 0.03%

71,549 0.14%

TOTAL SOUTH KOREA 1,218,138 2.40%

SPAIN - 1.82% (31st December, 2013: 2.39%)Basic Materials - 0.00% (31st December, 2013: 0.02%)Acerinox SA (Rights), 08/07/14 661 404 0.00%

404 0.00%

Communications - 0.38% (31st December, 2013: 0.45%)Telefonica SA 11,329 194,758 0.38%

194,758 0.38%

Consumer Cyclical - 0.07% (31st December, 2013: 0.08%)Inditex SA 244 37,530 0.07%

37,530 0.07%

Consumer Non-Cyclical - 0.06% (31st December, 2013: 0.06%)Abertis Infraestructuras SA 841 19,254 0.04%Distribuidora Internacional de Alimentacion SA 1,122 10,365 0.02%

29,619 0.06%

Energy - 0.19% (31st December, 2013: 0.19%)Repsol SA 3,551 93,618 0.18%Repsol SA (Rights), 04/07/14 3,551 2,401 0.01%

96,019 0.19%

Financial - 0.70% (31st December, 2013: 0.94%)Banco Bilbao Vizcaya Argentaria SA 6,972 88,866 0.18%Banco de Sabadell SA 4,193 14,244 0.03%Banco Popular Espanol SA 2,452 16,369 0.03%Banco Santander SA 16,816 175,588 0.35%CaixaBank 6,074 37,420 0.07%Mapfre SA 5,621 22,413 0.04%

354,900 0.70%

Industrial - 0.10% (31st December, 2013: 0.13%)ACS Actividades de Construccion y Servicios SA 727 33,154 0.06%Ferrovial SA 842 18,713 0.04%

51,867 0.10%

Technology - 0.02% (31st December, 2013: 0.02%)Amadeus IT Holding SA 185 7,652 0.02%

7,652 0.02%

Utilities - 0.30% (31st December, 2013: 0.50%)Enagas SA 223 7,142 0.01%Gas Natural SDG SA 1,514 47,846 0.10%Iberdrola SA 10,764 82,149 0.16%Red Electrica Corp SA 150 13,655 0.03%

150,792 0.30%

TOTAL SPAIN 923,541 1.82%

114




USD% of

Sub-Fund

SWEDEN - 0.97% (31st December, 2013: 1.07%)Basic Materials - 0.05% (31st December, 2013: 0.07%)Boliden AB 498 7,135 0.02%Svenska Cellulosa AB 622 16,182 0.03%

23,317 0.05%

Communications - 0.19% (31st December, 2013: 0.22%)Tele2 AB 1,153 13,453 0.02%Telefonaktiebolaget LM Ericsson 3,261 39,215 0.08%TeliaSonera AB 6,399 46,675 0.09%

99,343 0.19%

Consumer Cyclical - 0.19% (31st December, 2013: 0.24%)Autoliv Inc 100 10,608 0.02%Electrolux AB 463 11,597 0.02%Hennes & Mauritz AB 964 42,020 0.08%Volvo AB 2,476 33,886 0.07%

98,111 0.19%

Consumer Non-Cyclical - 0.03% (31st December, 2013: 0.03%)Securitas AB 1,162 13,740 0.03%

13,740 0.03%

Diversified - 0.02% (31st December, 2013: 0.02%)Industrivarden AB 462 8,992 0.02%

8,992 0.02%

Financial - 0.32% (31st December, 2013: 0.33%)Investment AB Kinnevik 355 15,067 0.03%Investor AB 695 26,030 0.05%Nordea Bank AB 3,695 52,055 0.10%Skandinaviska Enskilda Banken AB 1,692 22,514 0.04%Svenska Handelsbanken AB 570 27,715 0.06%Swedbank AB 737 19,437 0.04%

162,818 0.32%

Industrial - 0.17% (31st December, 2013: 0.16%)Alfa Laval AB 297 7,656 0.02%Assa Abloy AB 162 8,185 0.02%Atlas Copco AB 696 20,066 0.04%Sandvik AB 1,143 15,541 0.03%Skanska AB 998 22,680 0.04%SKF AB 479 12,191 0.02%

86,319 0.17%

TOTAL SWEDEN 492,640 0.97%

SWITZERLAND - 2.77% (31st December, 2013: 2.57%)Basic Materials - 0.28% (31st December, 2013: 0.22%)Givaudan SA 5 8,350 0.01%Glencore Plc 20,854 116,235 0.23%Syngenta AG 52 19,278 0.04%

143,863 0.28%

115




USD% of

Sub-Fund

SWITZERLAND - 2.77% (31st December, 2013: 2.57%) (continued)Communications - 0.08% (31st December, 2013: 0.08%)Swisscom AG 68 39,546 0.08%

39,546 0.08%

Consumer Cyclical - 0.09% (31st December, 2013: 0.10%)Cie Financiere Richemont SA 194 20,395 0.04%Swatch Group AG/The 17 10,278 0.02%Wolseley Plc 282 15,418 0.03%

46,091 0.09%

Consumer Non-Cyclical - 1.16% (31st December, 2013: 1.04%)Adecco SA 271 22,232 0.04%Coca-Cola HBC AG 420 9,719 0.02%Nestle SA 2,771 214,244 0.42%Novartis AG 1,923 173,423 0.34%Roche Holding AG 537 160,222 0.32%SGS SA 5 11,912 0.02%

591,752 1.16%

Energy - 0.09% (31st December, 2013: 0.10%)Transocean Ltd 600 26,814 0.05%Weatherford International Plc 800 18,082 0.04%

44,896 0.09%

Financial - 0.69% (31st December, 2013: 0.65%)ACE Ltd 300 31,092 0.06%Baloise Holding AG 87 10,227 0.02%Credit Suisse Group AG 2,174 62,128 0.12%Pargesa Holding SA 139 12,426 0.02%Swiss Life Holding AG 76 18,030 0.04%Swiss Re AG 468 41,496 0.08%UBS AG 4,653 85,232 0.17%Zurich Insurance Group AG 300 89,813 0.18%

350,444 0.69%

Industrial - 0.35% (31st December, 2013: 0.36%)ABB Ltd 2,006 46,010 0.09%Garmin Ltd 200 12,184 0.02%Geberit AG 21 7,330 0.01%Holcim Ltd 409 35,759 0.07%Kuehne + Nagel International AG 143 19,027 0.04%Schindler Holding AG 69 10,445 0.02%TE Connectivity Ltd 400 24,776 0.05%Tyco International Ltd 500 22,830 0.05%

178,361 0.35%

Technology - 0.03% (31st December, 2013: 0.02%)STMicroelectronics NV 1,480 13,232 0.03%

13,232 0.03%

TOTAL SWITZERLAND 1,408,185 2.77%

TAIWAN - 1.21% (31st December, 2013: 1.21%)Basic Materials - 0.17% (31st December, 2013: 0.20%)China Steel Corp 23,874 20,058 0.04%Formosa Chemicals & Fibre Corp 8,549 21,633 0.04%

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TAIWAN - 1.21% (31st December, 2013: 1.21%) (continued)Basic Materials - 0.17% (31st December, 2013: 0.20%) (continued)Formosa Plastics Corp 7,862 21,000 0.04%Nan Ya Plastics Corp 9,544 22,969 0.05%

85,660 0.17%

Communications - 0.12% (31st December, 2013: 0.12%)Chunghwa Telecom Co Ltd 9,696 31,221 0.06%Far EasTone Telecommunications Co Ltd 4,000 9,104 0.02%HTC Corp 2,102 9,710 0.02%Taiwan Mobile Co Ltd 2,500 7,732 0.02%

57,767 0.12%

Consumer Cyclical - 0.04% (31st December, 2013: 0.05%)Far Eastern New Century Corp 9,194 9,894 0.02%Pou Chen Corp 7,000 8,423 0.02%

18,317 0.04%

Consumer Non-Cyclical - 0.02% (31st December, 2013: 0.02%)Uni-President Enterprises Corp 6,108 10,958 0.02%

10,958 0.02%

Energy - 0.05% (31st December, 2013: 0.06%)Formosa Petrochemical Corp 10,270 26,745 0.05%

26,745 0.05%

Financial - 0.09% (31st December, 2013: 0.10%)Cathay Financial Holding Co Ltd 12,128 18,938 0.04%Chinatrust Financial Holding Co Ltd 10,958 7,299 0.01%Fubon Financial Holding Co Ltd 7,927 11,449 0.02%Mega Financial Holding Co Ltd 11,814 9,827 0.02%

47,513 0.09%

Industrial - 0.27% (31st December, 2013: 0.22%)AU Optronics Corp 33,510 14,189 0.03%Delta Electronics Inc 2,040 14,852 0.03%Hon Hai Precision Industry Co Ltd 24,526 82,094 0.16%Pegatron Corp 9,236 17,621 0.03%Taiwan Cement Corp 5,000 7,565 0.02%

136,321 0.27%

Technology - 0.45% (31st December, 2013: 0.44%)Acer Inc 11,055 7,900 0.02%Advanced Semiconductor Engineering Inc 9,772 12,707 0.03%Asustek Computer Inc 1,906 21,245 0.04%Compal Electronics Inc 19,273 15,741 0.03%Innolux Corp 22,000 10,309 0.02%Inventec Corp 14,260 13,651 0.03%Lite-On Technology Corp 4,180 6,975 0.01%MediaTek Inc 1,004 16,971 0.03%Quanta Computer Inc 9,080 26,442 0.05%Taiwan Semiconductor Manufacturing Co Ltd 18,119 76,720 0.15%United Microelectronics Corp 26,000 13,011 0.03%Wistron Corp 8,277 7,550 0.01%

229,222 0.45%

TOTAL TAIWAN 612,503 1.21%

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THAILAND - 0.34% (31st December, 2013: 0.28%)Basic Materials - 0.02% (31st December, 2013: 0.02%)PTT Global Chemical Pcl 4,397 9,146 0.02%

9,146 0.02%

Communications - 0.03% (31st December, 2013: 0.03%)Advanced Info Service Pcl 2,200 14,915 0.03%

14,915 0.03%

Consumer Non-Cyclical - 0.01% (31st December, 2013: 0.01%)Charoen Pokphand Foods Pcl 7,200 6,046 0.01%

6,046 0.01%

Diversified - 0.03% (31st December, 2013: 0.03%)Siam Cement Pcl 1,000 13,929 0.03%

13,929 0.03%

Energy - 0.19% (31st December, 2013: 0.13%)PTT Exploration & Production Pcl 2,900 14,969 0.03%PTT Pcl 7,800 76,438 0.15%Thai Oil Pcl 4,100 6,570 0.01%

97,977 0.19%

Financial - 0.06% (31st December, 2013: 0.06%)Bangkok Bank Pcl 1,500 8,921 0.02%Kasikornbank Pcl 1,300 8,173 0.01%Krung Thai Bank Pcl 8,600 5,539 0.01%Siam Commercial Bank Pcl 1,800 9,347 0.02%

31,980 0.06%

TOTAL THAILAND 173,993 0.34%

TURKEY - 0.38% (31st December, 2013: 0.32%)Basic Materials - 0.02% (31st December, 2013: 0.01%)Eregli Demir ve Celik Fabrikalari TAS 5,315 9,544 0.02%

9,544 0.02%

Communications - 0.07% (31st December, 2013: 0.07%)Turk Telekomunikasyon AS 6,603 19,077 0.04%Turkcell Iletisim Hizmetleri AS 2,636 16,399 0.03%

35,476 0.07%

Consumer Cyclical - 0.03% (31st December, 2013: 0.01%)Ford Otomotiv Sanayi AS 644 8,043 0.02%Turk Hava Yollari 2,573 7,919 0.01%

15,962 0.03%

Diversified - 0.06% (31st December, 2013: 0.06%)Haci Omer Sabanci Holding AS 2,987 13,951 0.03%KOC Holding AS 3,714 18,292 0.03%

32,243 0.06%

Energy - 0.03% (31st December, 2013: 0.03%)Tupras Turkiye Petrol Rafinerileri AS 666 15,585 0.03%

15,585 0.03%

Financial - 0.15% (31st December, 2013: 0.12%)Akbank TAS 4,274 15,752 0.03%

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TURKEY - 0.38% (31st December, 2013: 0.32%) (continued)Financial - 0.15% (31st December, 2013: 0.12%) (continued)Turkiye Garanti Bankasi AS 3,304 12,956 0.03%Turkiye Halk Bankasi AS 1,354 10,179 0.02%Turkiye Is Bankasi 6,085 16,433 0.03%Turkiye Vakiflar Bankasi Tao 3,779 8,870 0.02%Yapi ve Kredi Bankasi AS 4,572 9,912 0.02%

74,102 0.15%

Industrial - 0.02% (31st December, 2013: 0.02%)Enka Insaat ve Sanayi AS 3,070 8,349 0.02%

8,349 0.02%


UNITED KINGDOM - 5.46% (31st December, 2013: 5.69%)Basic Materials - 0.16% (31st December, 2013: 0.24%)Anglo American Plc 2,170 52,936 0.11%Antofagasta Plc 1,232 15,999 0.03%Johnson Matthey Plc 206 10,886 0.02%

79,821 0.16%

Communications - 0.66% (31st December, 2013: 0.94%)British Sky Broadcasting Group Plc 1,279 19,775 0.04%BT Group Plc 7,304 48,103 0.10%Liberty Global Plc 677 29,856 0.06%Pearson Plc 769 15,015 0.03%Reed Elsevier Plc 547 8,773 0.02%Vodafone Group Plc 55,280 184,296 0.36%WPP Plc 1,273 27,591 0.05%

333,409 0.66%

Consumer Cyclical - 0.24% (31st December, 2013: 0.25%)Compass Group Plc 1,715 29,538 0.06%Delphi Automotive Plc 200 13,672 0.03%GKN Plc 1,246 7,717 0.01%International Consolidated Airlines Group SA 2,493 15,751 0.03%Kingfisher Plc 2,763 17,028 0.03%Marks & Spencer Group Plc 2,267 16,465 0.03%Next Plc 87 9,592 0.02%TUI Travel Plc 2,186 14,930 0.03%

124,693 0.24%

Consumer Non-Cyclical - 1.30% (31st December, 2013: 1.22%)Associated British Foods Plc 414 21,490 0.04%AstraZeneca Plc 1,359 100,580 0.20%British American Tobacco Plc 1,420 84,572 0.17%Bunzl Plc 253 7,028 0.01%Capita Plc 370 7,231 0.01%Diageo Plc 1,179 37,607 0.07%G4S Plc 3,289 14,313 0.03%GlaxoSmithKline Plc 4,836 129,022 0.25%Imperial Tobacco Group Plc 831 37,327 0.07%J Sainsbury Plc 4,458 24,061 0.05%Reckitt Benckiser Group Plc 394 34,434 0.07%SABMiller Plc 761 44,116 0.09%

119




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UNITED KINGDOM - 5.46% (31st December, 2013: 5.69%) (continued)Consumer Non-Cyclical - 1.30% (31st December, 2013: 1.22%) (continued)Smith & Nephew Plc 547 9,695 0.02%Tesco Plc 19,667 95,684 0.19%WM Morrison Supermarkets Plc 4,354 13,647 0.03%

660,807 1.30%

Energy - 0.86% (31st December, 2013: 0.85%)BG Group Plc 2,458 51,536 0.10%BP Plc 40,172 352,117 0.70%Ensco Plc 200 11,064 0.02%Noble Corp Plc 300 9,972 0.02%Subsea 7 SA 263 4,884 0.01%Tullow Oil Plc 386 5,622 0.01%

435,195 0.86%

Financial - 1.67% (31st December, 2013: 1.64%)Aon Plc 200 18,020 0.04%Aviva Plc 5,059 43,869 0.09%Barclays Plc 29,450 107,498 0.21%Direct Line Insurance Group Plc 2,781 12,771 0.03%HSBC Holdings Plc 25,249 255,070 0.50%Investec Plc 1,385 12,695 0.02%Legal & General Group Plc 6,886 26,433 0.05%Lloyds Banking Group Plc 70,578 89,593 0.18%Old Mutual Plc 7,046 23,827 0.05%Prudential Plc 2,279 52,116 0.10%Royal Bank of Scotland Group Plc 18,417 103,579 0.20%RSA Insurance Group Plc 1,389 11,251 0.02%Schroders Plc 170 7,248 0.01%Standard Chartered Plc 3,088 63,113 0.12%Standard Life Plc 2,386 15,242 0.03%Willis Group Holdings Plc 200 8,624 0.02%

850,949 1.67%

Industrial - 0.24% (31st December, 2013: 0.26%)BAE Systems Plc 4,113 30,307 0.06%CNH Industrial NV 2,388 24,384 0.05%Pentair Plc 119 8,644 0.02%Rexam Plc 1,475 13,382 0.03%Rolls-Royce Holdings Plc 1,268 23,115 0.04%Rolls-Royce Holdings Plc PFD 169,912 290 0.00%Royal Mail Plc 1,559 13,245 0.03%Smiths Group Plc 297 6,523 0.01%

119,890 0.24%

Utilities - 0.33% (31st December, 2013: 0.29%)Centrica Plc 9,123 48,617 0.10%National Grid Plc 3,622 51,976 0.10%Severn Trent Plc 341 11,165 0.02%SSE Plc 1,501 40,212 0.08%United Utilities Group Plc 1,051 15,799 0.03%

167,769 0.33%

TOTAL UNITED KINGDOM 2,772,533 5.46%

120




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UNITED STATES - 30.65% (31st December, 2013: 29.73%)Basic Materials - 1.03% (31st December, 2013: 1.11%)Air Products & Chemicals Inc 200 25,752 0.05%Alcoa Inc 1,600 23,656 0.05%Ashland Inc 100 10,854 0.02%CF Industries Holdings Inc 35 8,474 0.02%Dow Chemical Co/The 1,300 66,976 0.13%Eastman Chemical Co 100 8,673 0.02%Ecolab Inc 200 22,174 0.04%EI du Pont de Nemours & Co 900 58,590 0.11%Freeport-McMoRan Copper & Gold Inc 1,400 50,176 0.10%International Paper Co 500 24,915 0.05%LyondellBasell Industries NV 500 48,645 0.09%MeadWestvaco Corp 300 13,299 0.03%Monsanto Co 200 24,870 0.05%Mosaic Co/The 300 14,883 0.03%Newmont Mining Corp 600 14,976 0.03%Nucor Corp 500 24,460 0.05%PPG Industries Inc 100 21,035 0.04%Praxair Inc 200 26,624 0.05%Sherwin-Williams Co/The 40 8,279 0.02%Southern Copper Corp 819 24,430 0.05%

521,741 1.03%

Communications - 3.65% (31st December, 2013: 3.14%)Amazon.com Inc 200 64,740 0.13%AT&T Inc 10,000 354,400 0.70%Cablevision Systems Corp 700 12,320 0.02%CBS Corp 400 24,588 0.05%CenturyLink Inc 817 29,445 0.06%Charter Communications Inc 100 15,635 0.03%Cisco Systems Inc 4,000 99,200 0.20%Comcast Corp 2,000 107,460 0.21%Corning Inc 1,600 35,136 0.07%DIRECTV 500 42,375 0.08%Discovery Communications Inc 200 14,896 0.03%DISH Network Corp 400 25,892 0.05%eBay Inc 500 24,980 0.05%Facebook Inc 400 27,094 0.05%Frontier Communications Corp 2,956 17,115 0.03%Google Inc Class A 100 58,393 0.12%Google Inc Class C 100 57,522 0.11%Harris Corp 100 7,576 0.01%Juniper Networks Inc 400 9,844 0.02%Liberty Interactive Corp 600 17,538 0.03%Liberty Media Corp 100 13,476 0.03%Motorola Solutions Inc 242 16,175 0.03%News Corp 300 5,421 0.01%Nielsen NV 200 9,672 0.02%Omnicom Group Inc 200 14,346 0.03%Priceline Group Inc/The 11 13,340 0.03%Sprint Corp 3,304 27,952 0.06%Symantec Corp 600 13,602 0.03%Thomson Reuters Corp 1,000 36,237 0.07%Time Warner Cable Inc 535 78,725 0.16%

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UNITED STATES - 30.65% (31st December, 2013: 29.73%) (continued)Communications - 3.65% (31st December, 2013: 3.14%) (continued)Time Warner Inc 833 58,177 0.11%T-Mobile US Inc 300 9,990 0.02%Twenty-First Century Fox Inc 1,200 42,384 0.08%Verizon Communications Inc 6,900 338,790 0.67%Viacom Inc 200 17,358 0.03%Walt Disney Co/The 900 77,112 0.15%Windstream Holdings Inc 1,400 13,832 0.03%Yahoo! Inc 600 20,940 0.04%

1,853,678 3.65%

Consumer Cyclical - 3.62% (31st December, 2013: 3.48%)American Airlines Group Inc 400 17,608 0.04%Arrow Electronics Inc 300 18,048 0.04%AutoNation Inc 200 11,906 0.02%AutoZone Inc 16 8,533 0.02%Bed Bath & Beyond Inc 200 11,466 0.02%Best Buy Co Inc 1,000 31,390 0.06%CarMax Inc 100 5,185 0.01%Carnival Corp 1,000 37,630 0.07%Coach Inc 100 3,412 0.01%Costco Wholesale Corp 600 69,450 0.14%CVS Caremark Corp 1,100 83,452 0.16%Darden Restaurants Inc 200 9,335 0.02%Delta Air Lines Inc 800 31,328 0.06%Dollar General Corp 200 11,392 0.02%Dollar Tree Inc 100 5,334 0.01%Family Dollar Stores Inc 100 6,521 0.01%Ford Motor Co 6,300 108,864 0.21%GameStop Corp 300 12,201 0.02%Gap Inc/The 400 16,540 0.03%General Motors Co 3,300 121,209 0.24%Genuine Parts Co 200 17,544 0.03%Harley-Davidson Inc 200 13,908 0.03%Home Depot Inc/The 1,000 80,990 0.16%Johnson Controls Inc 700 35,014 0.07%Kohl's Corp 300 16,023 0.03%L Brands Inc 300 17,577 0.03%Las Vegas Sands Corp 300 22,731 0.05%Lowe's Cos Inc 1,000 47,430 0.09%Macy's Inc 400 23,440 0.05%Marriott International Inc/DE 203 13,039 0.03%Mattel Inc 300 11,703 0.02%McDonald's Corp 800 80,648 0.16%MGM Resorts International 600 15,786 0.03%Mohawk Industries Inc 100 13,708 0.03%NIKE Inc 400 30,928 0.06%Nordstrom Inc 200 13,600 0.03%O'Reilly Automotive Inc 100 14,959 0.03%PACCAR Inc 300 18,885 0.04%Ralph Lauren Corp 32 5,108 0.01%Ross Stores Inc 100 6,605 0.01%Royal Caribbean Cruises Ltd 300 16,587 0.03%Sears Holdings Corp 500 19,190 0.04%

122




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UNITED STATES - 30.65% (31st December, 2013: 29.73%) (continued)Consumer Cyclical - 3.62% (31st December, 2013: 3.48%) (continued)Southwest Airlines Co 600 16,257 0.03%Staples Inc 1,100 11,836 0.02%Starbucks Corp 200 15,546 0.03%Starwood Hotels & Resorts Worldwide Inc 200 16,156 0.03%Target Corp 1,100 64,086 0.13%TJX Cos Inc 400 21,212 0.04%TRW Automotive Holdings Corp 200 17,944 0.04%United Continental Holdings Inc 400 16,736 0.03%VF Corp 300 18,801 0.04%Walgreen Co 900 66,717 0.13%Wal-Mart Stores Inc 4,700 354,427 0.70%Whirlpool Corp 100 13,889 0.03%WW Grainger Inc 28 7,109 0.01%Wynn Resorts Ltd 100 20,622 0.04%Yum! Brands Inc 300 24,381 0.05%

1,841,926 3.62%

Consumer Non-Cyclical - 5.87% (31st December, 2013: 5.74%)Abbott Laboratories 2,100 85,911 0.17%AbbVie Inc 700 39,508 0.08%Actavis Plc 96 21,484 0.04%ADT Corp/The 250 8,668 0.02%Aetna Inc 377 31,080 0.06%Allergan Inc/United States 100 17,132 0.03%Altria Group Inc 1,600 67,216 0.13%AmerisourceBergen Corp 500 36,325 0.07%Amgen Inc 300 35,661 0.07%Archer-Daniels-Midland Co 1,200 52,836 0.10%Automatic Data Processing Inc 300 23,739 0.05%Avon Products Inc 500 7,310 0.01%Baxter International Inc 400 29,040 0.06%Becton Dickinson and Co 200 23,794 0.05%Biogen Idec Inc 50 15,880 0.03%Boston Scientific Corp 1,200 15,312 0.03%Bristol-Myers Squibb Co 1,200 58,728 0.12%Brown-Forman Corp 100 9,491 0.02%Bunge Ltd 400 30,332 0.06%Campbell Soup Co 300 13,728 0.03%Cardinal Health Inc 800 55,448 0.11%CareFusion Corp 200 8,840 0.02%Catamaran Corp 200 8,778 0.02%Celgene Corp 200 17,234 0.03%Cigna Corp 200 18,600 0.04%Clorox Co/The 100 9,184 0.02%Coca-Cola Co/The 3,000 126,750 0.25%Coca-Cola Enterprises Inc 300 14,310 0.03%Colgate-Palmolive Co 400 27,320 0.05%ConAgra Foods Inc 500 14,795 0.03%Constellation Brands Inc 100 8,833 0.02%DaVita HealthCare Partners Inc 200 14,502 0.03%Dr Pepper Snapple Group Inc 200 11,722 0.02%Eli Lilly & Co 1,100 69,080 0.14%Estee Lauder Cos Inc/The 200 14,976 0.03%

123




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Sub-Fund

UNITED STATES - 30.65% (31st December, 2013: 29.73%) (continued)Consumer Non-Cyclical - 5.87% (31st December, 2013: 5.74%) (continued)Express Scripts Holding Co 853 58,883 0.12%Forest Laboratories Inc 300 29,973 0.06%General Mills Inc 500 26,285 0.05%Gilead Sciences Inc 400 33,592 0.07%HCA Holdings Inc 800 45,180 0.09%Henry Schein Inc 100 11,893 0.02%Hershey Co/The 100 9,705 0.02%Hertz Global Holdings Inc 600 16,902 0.03%Hormel Foods Corp 200 9,876 0.02%Humana Inc 300 38,619 0.08%JM Smucker Co/The 100 10,635 0.02%Johnson & Johnson 1,878 197,228 0.39%Kellogg Co 300 19,542 0.04%Kimberly-Clark Corp 300 33,531 0.07%Kraft Foods Group Inc 329 19,605 0.04%Kroger Co/The 1,100 54,472 0.11%Laboratory Corp of America Holdings 100 10,245 0.02%Lorillard Inc 300 18,462 0.04%Manpower Inc 200 16,882 0.03%Mastercard Inc 160 11,707 0.02%McGraw Hill Financial Inc 200 16,698 0.03%McKesson Corp 400 75,400 0.15%Medtronic Inc 700 44,786 0.09%Merck & Co Inc 2,219 128,480 0.25%Molson Coors Brewing Co 200 14,886 0.03%Mondelez International Inc 2,089 78,358 0.15%Mylan Inc/PA 200 10,308 0.02%PepsiCo Inc 997 88,653 0.17%Pfizer Inc 6,885 204,966 0.40%Philip Morris International Inc 1,200 101,664 0.20%Procter & Gamble Co/The 2,200 173,910 0.34%Quest Diagnostics Inc 200 11,768 0.02%Reynolds American Inc 500 30,280 0.06%Safeway Inc 800 27,408 0.05%St Jude Medical Inc 200 13,936 0.03%Stryker Corp 200 16,862 0.03%Sysco Corp 700 26,453 0.05%Tyson Foods Inc 600 22,356 0.04%UnitedHealth Group Inc 1,000 82,040 0.16%Valeant Pharmaceuticals International Inc 100 12,769 0.02%WellPoint Inc 500 54,480 0.11%Western Union Co/The 700 12,096 0.02%Whole Foods Market Inc 200 7,744 0.02%Zimmer Holdings Inc 100 10,432 0.02%

2,983,497 5.87%

Diversified - 0.01% (31st December, 2013: 0.00%)Leucadia National Corp 300 7,878 0.01%

7,878 0.01%

Energy - 4.08% (31st December, 2013: 3.91%)Anadarko Petroleum Corp 400 43,764 0.09%Apache Corp 500 50,755 0.10%Baker Hughes Inc 360 26,568 0.05%

124




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Sub-Fund

UNITED STATES - 30.65% (31st December, 2013: 29.73%) (continued)Energy - 4.08% (31st December, 2013: 3.91%) (continued)Cameron International Corp 200 13,442 0.03%Chesapeake Energy Corp 1,200 36,720 0.07%Chevron Corp 2,700 351,675 0.69%Concho Resources Inc 100 14,435 0.03%ConocoPhillips 2,100 180,138 0.35%CONSOL Energy Inc 300 13,728 0.03%Denbury Resources Inc 400 7,392 0.01%Devon Energy Corp 500 40,170 0.08%Diamond Offshore Drilling Inc 300 14,886 0.03%EOG Resources Inc 300 35,085 0.07%EQT Corp 100 10,678 0.02%Exxon Mobil Corp 5,025 507,475 1.00%Halliburton Co 500 35,320 0.07%Hess Corp 500 49,395 0.10%HollyFrontier Corp 200 8,918 0.02%Kinder Morgan Inc/DE 600 21,690 0.04%Marathon Oil Corp 1,300 51,662 0.10%Marathon Petroleum Corp 450 35,712 0.07%Murphy Oil Corp 400 26,600 0.05%National Oilwell Varco Inc 300 24,768 0.05%Noble Energy Inc 200 15,594 0.03%Occidental Petroleum Corp 700 72,037 0.14%ONEOK Inc 300 20,298 0.04%Peabody Energy Corp 700 11,298 0.02%Phillips 66 1,050 84,798 0.17%Pioneer Natural Resources Co 100 22,924 0.05%Schlumberger Ltd 739 86,950 0.17%Southwestern Energy Co 300 13,482 0.03%Spectra Energy Corp 600 25,356 0.05%Superior Energy Services Inc 200 7,210 0.01%Tesoro Corp 200 11,808 0.02%Valero Energy Corp 1,300 66,482 0.13%Whiting Petroleum Corp 100 7,916 0.02%Williams Cos Inc/The 400 23,460 0.05%

2,070,589 4.08%

Financial - 5.04% (31st December, 2013: 5.27%)Aflac Inc 400 25,020 0.05%Alleghany Corp 18 7,845 0.02%Allstate Corp/The 600 35,304 0.07%American Express Co 700 66,416 0.13%American International Group Inc 1,500 82,005 0.16%Ameriprise Financial Inc 200 23,976 0.05%Assurant Inc 200 13,208 0.03%Bank of America Corp 12,545 192,189 0.38%Bank of New York Mellon Corp/The 1,100 41,261 0.08%BB&T Corp 800 31,536 0.06%Berkshire Hathaway Inc 2,500 317,100 0.62%BlackRock Inc 100 31,789 0.06%Capital One Financial Corp 500 41,440 0.08%Charles Schwab Corp/The 700 18,949 0.04%Chubb Corp/The 300 27,684 0.05%Cincinnati Financial Corp 200 9,590 0.02%

125




USD% of

Sub-Fund

UNITED STATES - 30.65% (31st December, 2013: 29.73%) (continued)Financial - 5.04% (31st December, 2013: 5.27%) (continued)CIT Group Inc 200 9,168 0.02%Citigroup Inc 4,020 189,503 0.37%CME Group Inc/IL 300 21,465 0.04%Comerica Inc 200 10,050 0.02%Crown Castle International Corp 100 7,411 0.01%Discover Financial Services 300 18,618 0.04%Fidelity National Financial Inc 200 6,644 0.01%Fifth Third Bancorp 1,000 21,390 0.04%Franklin Resources Inc 300 17,364 0.03%Genworth Financial Inc 1,100 19,129 0.04%Goldman Sachs Group Inc/The 600 99,978 0.20%Hartford Financial Services Group Inc 800 28,632 0.06%IntercontinentalExchange Group Inc 51 9,639 0.02%Invesco Ltd 300 11,325 0.02%JPMorgan Chase & Co 4,800 276,096 0.54%KeyCorp 900 12,942 0.03%Lincoln National Corp 300 15,513 0.03%Loews Corp 400 17,532 0.03%M&T Bank Corp 100 12,408 0.02%Marsh & McLennan Cos Inc 400 20,736 0.04%MetLife Inc 1,300 72,046 0.14%Morgan Stanley 2,500 79,475 0.16%Navient Corp 500 8,855 0.02%New York Community Bancorp Inc 800 12,712 0.03%Northern Trust Corp 200 12,928 0.03%PNC Financial Services Group Inc/The 499 44,596 0.09%Principal Financial Group Inc 300 15,180 0.03%Progressive Corp/The 600 15,168 0.03%Prudential Financial Inc 600 53,670 0.11%Regions Financial Corp 1,300 13,884 0.03%State Street Corp 400 26,760 0.05%SunTrust Banks Inc 600 24,108 0.05%T Rowe Price Group Inc 200 16,948 0.03%TD Ameritrade Holding Corp 300 9,422 0.02%Travelers Cos Inc/The 400 37,524 0.07%Unum Group 400 13,972 0.03%US Bancorp/MN 1,400 60,620 0.12%Visa Inc 100 20,998 0.04%Voya Financial Inc 300 10,932 0.02%Wells Fargo & Co 4,156 218,312 0.43%

2,558,965 5.04%

Industrial - 3.01% (31st December, 2013: 3.11%)3M Co 400 57,442 0.11%AGCO Corp 200 11,363 0.02%Agilent Technologies Inc 200 11,538 0.02%Avnet Inc 400 17,560 0.03%Boeing Co/The 500 63,500 0.13%Caterpillar Inc 600 65,232 0.13%CH Robinson Worldwide Inc 200 12,678 0.03%Crown Holdings Inc 100 4,926 0.01%CSX Corp 900 27,945 0.06%Cummins Inc 100 15,524 0.03%

126




USD% of

Sub-Fund

UNITED STATES - 30.65% (31st December, 2013: 29.73%) (continued)Industrial - 3.01% (31st December, 2013: 3.11%) (continued)Danaher Corp 400 31,636 0.06%Deere & Co 300 27,462 0.05%Dover Corp 200 18,044 0.04%Eaton Corp Plc 254 19,555 0.04%Emerson Electric Co 600 39,870 0.08%FedEx Corp 300 45,441 0.09%Flextronics International Ltd 1,800 20,124 0.04%Fluor Corp 200 15,338 0.03%General Dynamics Corp 400 46,804 0.09%General Electric Co 12,100 318,412 0.63%Honeywell International Inc 500 46,480 0.09%Illinois Tool Works Inc 400 35,296 0.07%Ingersoll-Rand Plc 300 18,849 0.04%Jacobs Engineering Group Inc 200 10,664 0.02%L-3 Communications Holdings Inc 200 24,246 0.05%Lockheed Martin Corp 300 48,771 0.10%Norfolk Southern Corp 300 31,191 0.06%Northrop Grumman Corp 300 36,216 0.07%Owens-Illinois Inc 300 10,332 0.02%Parker Hannifin Corp 200 25,122 0.05%Precision Castparts Corp 50 12,682 0.03%Raytheon Co 400 37,432 0.07%Republic Services Inc 400 15,144 0.03%Rock-Tenn Co 100 10,545 0.02%Rockwell Automation Inc 100 12,559 0.02%Stanley Black & Decker Inc 127 11,199 0.02%Textron Inc 400 15,432 0.03%Thermo Fisher Scientific Inc 200 23,670 0.05%TransDigm Group Inc 41 6,859 0.01%Union Pacific Corp 440 44,312 0.09%United Parcel Service Inc 700 71,757 0.14%United Technologies Corp 700 81,123 0.16%Waste Management Inc 600 26,850 0.05%

1,527,125 3.01%

Technology - 2.86% (31st December, 2013: 2.60%)Activision Blizzard Inc 800 17,596 0.03%Adobe Systems Inc 200 14,512 0.03%Analog Devices Inc 200 10,750 0.02%Apple Inc 2,660 246,612 0.49%Applied Materials Inc 1,000 22,510 0.04%Broadcom Corp 300 11,061 0.02%CA Inc 400 11,512 0.02%Cognizant Technology Solutions Corp 300 14,718 0.03%Computer Sciences Corp 300 19,014 0.04%EMC Corp/MA 1,500 39,615 0.08%Fidelity National Information Services Inc 300 16,353 0.03%Fiserv Inc 200 12,032 0.02%Hewlett-Packard Co 3,300 111,936 0.22%Intel Corp 5,400 166,428 0.33%International Business Machines Corp 900 162,900 0.32%Intuit Inc 200 16,132 0.03%KLA-Tencor Corp 100 7,174 0.01%

127




USD% of

Sub-Fund

UNITED STATES - 30.65% (31st December, 2013: 29.73%) (continued)Technology - 2.86% (31st December, 2013: 2.60%) (continued)Maxim Integrated Products Inc 400 13,532 0.03%Microchip Technology Inc 100 4,870 0.01%Micron Technology Inc 700 22,778 0.05%Microsoft Corp 5,600 235,984 0.46%NetApp Inc 300 11,112 0.02%NVIDIA Corp 400 7,408 0.01%Oracle Corp 1,900 77,045 0.15%Paychex Inc 300 12,372 0.02%QUALCOMM Inc 800 63,408 0.13%SanDisk Corp 100 10,364 0.02%Texas Instruments Inc 700 33,446 0.07%VMware Inc 100 9,686 0.02%Western Digital Corp 200 18,514 0.04%Xerox Corp 1,893 23,719 0.05%Xilinx Inc 200 9,444 0.02%

1,454,537 2.86%

Utilities - 1.48% (31st December, 2013: 1.37%)AES Corp/VA 1,200 18,708 0.04%Alliant Energy Corp 200 12,018 0.02%Ameren Corp 500 20,325 0.04%American Electric Power Co Inc 600 33,348 0.06%American Water Works Co Inc 200 9,800 0.02%Calpine Corp 500 11,900 0.02%CenterPoint Energy Inc 600 15,378 0.03%CMS Energy Corp 300 9,288 0.02%Consolidated Edison Inc 400 22,940 0.04%Dominion Resources Inc/VA 500 35,405 0.07%DTE Energy Co 300 23,313 0.05%Duke Energy Corp 775 57,164 0.11%Edison International 500 28,910 0.06%Entergy Corp 400 32,628 0.06%Exelon Corp 1,523 55,468 0.11%FirstEnergy Corp 700 23,975 0.05%Integrys Energy Group Inc 200 14,188 0.03%MDU Resources Group Inc 300 10,425 0.02%NextEra Energy Inc 400 40,556 0.08%NiSource Inc 400 15,700 0.03%Northeast Utilities 231 10,836 0.02%NRG Energy Inc 500 18,630 0.04%OGE Energy Corp 200 7,744 0.01%Pepco Holdings Inc 500 13,725 0.03%PG&E Corp 600 28,596 0.06%Pinnacle West Capital Corp 200 11,396 0.02%PPL Corp 700 24,675 0.05%Public Service Enterprise Group Inc 700 28,273 0.06%SCANA Corp 200 10,706 0.02%Sempra Energy 200 20,852 0.04%Southern Co/The 1,200 54,360 0.11%Wisconsin Energy Corp 200 9,346 0.02%

128




USD% of

Sub-Fund

UNITED STATES - 30.65% (31st December, 2013: 29.73%) (continued)Utilities - 1.48% (31st December, 2013: 1.37%) (continued)Xcel Energy Inc 600 19,140 0.04%

749,716 1.48%

TOTAL UNITED STATES 15,569,652 30.65%


COLLECTIVE INVESTMENT SCHEMES - 0.89% (31st December, 2013: 0.82%)

AUSTRALIA - 0.12% (31st December, 2013: 0.16%)Financial - 0.12% (31st December, 2013: 0.16%)CFS Retail Property Trust Group 3,338 6,397 0.01%Goodman Group 1,612 7,647 0.01%GPT Group 2,244 8,095 0.02%Mirvac Group 4,463 7,484 0.01%Scentre Group 6,359 19,116 0.04%Stockland 3,815 13,905 0.03%

62,644 0.12%

TOTAL AUSTRALIA 62,644 0.12%

CANADA - 0.01% (31st December, 2013: 0.01%)Financial - 0.01% (31st December, 2013: 0.01%)RioCan Real Estate Investment Trust 300 7,698 0.01%

7,698 0.01%

TOTAL CANADA 7,698 0.01%

FRANCE - 0.12% (31st December, 2013: 0.11%)Financial - 0.12% (31st December, 2013: 0.11%)Fonciere Des Regions 81 8,725 0.02%Gecina SA 80 11,589 0.02%ICADE 69 7,318 0.02%Klepierre 141 7,097 0.01%Unibail-Rodamco SE 94 27,337 0.05%

62,066 0.12%

TOTAL FRANCE 62,066 0.12%

HONG KONG - 0.02% (31st December, 2013: 0.02%)Financial - 0.02% (31st December, 2013: 0.02%)Link REIT/The 1,500 8,070 0.02%

8,070 0.02%


129




USD% of

Sub-Fund

JAPAN - 0.01% (31st December, 2013: 0.00%)Financial - 0.01% (31st December, 2013: 0.00%)Nippon Building Fund Inc 1 5,840 0.01%

5,840 0.01%

TOTAL JAPAN 5,840 0.01%

NETHERLANDS - 0.01% (31st December, 2013: 0.01%)Financial - 0.01% (31st December, 2013: 0.01%)Corio NV 130 6,600 0.01%

6,600 0.01%


SINGAPORE - 0.02% (31st December, 2013: 0.00%)Financial - 0.02% (31st December, 2013: 0.00%)CapitaMall Trust 5,000 7,912 0.02%

7,912 0.02%

TOTAL SINGAPORE 7,912 0.02%

UNITED KINGDOM - 0.06% (31st December, 2013: 0.06%)Financial - 0.06% (31st December, 2013: 0.06%)British Land Co Plc 1,346 16,148 0.03%Land Securities Group Plc 807 14,257 0.03%

30,405 0.06%

TOTAL UNITED KINGDOM 30,405 0.06%

UNITED STATES - 0.52% (31st December, 2013: 0.45%)Financial - 0.52% (31st December, 2013: 0.45%)American Capital Agency Corp 500 11,705 0.02%American Tower Corp 100 8,913 0.02%Annaly Capital Management Inc 3,200 36,512 0.07%AvalonBay Communities Inc 103 14,601 0.03%Boston Properties Inc 100 11,786 0.02%Digital Realty Trust Inc 100 5,840 0.01%Equity Residential 200 12,640 0.03%General Growth Properties Inc 400 9,408 0.02%HCP Inc 300 12,363 0.02%Health Care REIT Inc 200 12,536 0.03%Host Hotels & Resorts Inc 521 11,566 0.02%Kimco Realty Corp 400 9,156 0.02%Prologis Inc 335 13,772 0.03%Public Storage 100 17,130 0.03%Realty Income Corp 200 8,820 0.02%Simon Property Group Inc 102 16,993 0.03%Ventas Inc 200 12,732 0.03%Vornado Realty Trust 205 21,825 0.04%

130




USD% of

Sub-Fund

UNITED STATES - 0.52% (31st December, 2013: 0.45%) (continued)Financial - 0.52% (31st December, 2013: 0.45%) (continued)Weyerhaeuser Co 421 13,754 0.03%

262,052 0.52%

TOTAL UNITED STATES 262,052 0.52%

TOTAL COLLECTIVE INVESTMENT SCHEMES 453,287 0.89%

FUTURES CONTRACTS - 0.03% (31st December, 2013: 0.09%)

UnrealisedNumber of Gain % ofContracts Description Counterparty USD Sub-Fund

6 Mini MSCI EAFE Future September 14 JP Morgan 4,740 0.01%4 Mini MSCI Emerging Market Future September 14 JP Morgan 1,420 0.00%6 S&P 500 Emini Future September 14 JP Morgan 6,915 0.02%

Total Unrealised Gain on Futures Contracts 13,075 0.03%




* Delisted

Unless otherwise denoted all investments held at the half year end are transferable securities listed on an official stock exchangeor dealt in on another regulated market.

131


NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUNDSTATEMENT OF INVESTMENTSAs at 30th June, 2014________________________________________________________________________________________________________


JPY% of

Sub-Fund


JAPAN - 99.37% (31st December, 2013: 98.81%)Basic Materials - 9.46% (31st December, 2013: 8.81%)ADEKA Corp 280,600 381,801,773 0.18%Arakawa Chemical Industries Ltd 52,100 69,809,896 0.03%Asahi Kasei Corp 2,402,000 1,864,615,973 0.86%Chubu Steel Plate Co Ltd 379,300 170,690,462 0.08%Daicel Corp 1,899,000 1,840,875,378 0.85%DIC Corp 6,985,000 1,888,550,725 0.87%Dowa Holdings Co Ltd 491,000 470,201,484 0.22%Hitachi Chemical Co Ltd 564,900 947,897,166 0.44%Hitachi Metals Ltd 615,000 944,614,735 0.44%JFE Holdings Inc 458,900 960,570,317 0.44%JSR Corp 266,400 463,577,324 0.21%Kureha Corp 846,000 468,281,510 0.22%Kyoei Steel Ltd 500,200 920,587,601 0.43%Mitsui Chemicals Inc 5,157,000 1,430,173,189 0.66%Nippon Steel & Sumitomo Metal Corp 7,422,000 2,407,733,910 1.12%NOF Corp 557,000 403,312,359 0.19%Oji Holdings Corp 2,055,000 858,367,795 0.40%Osaka Steel Co Ltd 359,400 638,820,993 0.30%Sekisui Jushi Corp 208,700 302,523,369 0.14%Shikoku Chemicals Corp 322,000 251,830,439 0.12%Sumitomo Metal Mining Co Ltd 566,000 932,316,703 0.43%Toyo Ink SC Holdings Co Ltd 1,878,000 939,098,595 0.43%Yamato Kogyo Co Ltd 292,200 868,695,759 0.40%

20,424,947,455 9.46%

Communications - 6.39% (31st December, 2013: 7.84%)Dentsu Inc 228,500 944,240,261 0.44%Fuji Media Holdings Inc 229,000 403,451,907 0.19%Kadokawa Corp 249,700 802,424,301 0.37%KDDI Corp 308,700 1,910,707,607 0.88%Moshi Moshi Hotline Inc 253,400 253,038,108 0.12%Nippon Telegraph & Telephone Corp 1,197,500 7,566,629,673 3.51%Nippon Television Holdings Inc 555,400 976,749,225 0.45%SKY Perfect JSAT Holdings Inc 1,574,000 936,183,597 0.43%

13,793,424,679 6.39%

Consumer Cyclical - 28.13% (31st December, 2013: 31.23%)Alpine Electronics Inc 223,300 319,383,871 0.15%Aoyama Trading Co Ltd 137,100 380,404,139 0.18%Arcland Sakamoto Co Ltd 155,500 334,901,366 0.16%Bridgestone Corp 496,700 1,762,870,442 0.82%Citizen Holdings Co Ltd 2,369,000 1,886,569,887 0.87%Daihatsu Motor Co Ltd 180,600 325,665,875 0.15%Denso Corp 381,700 1,848,278,552 0.86%Doutor Nichires Holdings Co Ltd 76,000 136,442,168 0.06%Fuji Heavy Industries Ltd 150,700 423,458,744 0.20%Heiwado Co Ltd 202,700 314,417,252 0.15%Hino Motors Ltd 344,900 482,103,545 0.22%HIS Co Ltd 78,600 257,345,334 0.12%Hitachi High-Technologies Corp 597,800 1,442,740,910 0.67%Honda Motor Co Ltd 1,053,100 3,730,260,379 1.73%

132


NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUNDSTATEMENT OF INVESTMENTS (CONTINUED)As at 30th June, 2014________________________________________________________________________________________________________


JPY% of

Sub-Fund

JAPAN - 99.37% (31st December, 2013: 98.81%) (continued)Consumer Cyclical - 28.14% (31st December, 2013: 31.23%) (continued)Isetan Mitsukoshi Holdings Ltd 349,900 462,503,992 0.21%Isuzu Motors Ltd 1,366,000 916,486,664 0.42%J Front Retailing Co Ltd 1,277,000 909,308,013 0.42%Japan Airlines Co Ltd 164,400 921,597,466 0.43%Koito Manufacturing Co Ltd 544,800 1,413,904,444 0.66%Komatsu Wall Industry Co Ltd 87,000 234,304,120 0.11%K's Holdings Corp 114,200 335,797,075 0.16%Marubeni Corp 441,000 327,175,751 0.15%Matsuya Co Ltd 303,800 334,896,219 0.15%Mazda Motor Corp 3,855,000 1,834,970,363 0.85%Mitsubishi Corp 1,320,200 2,785,110,660 1.29%Mitsubishi Logistics Corp 623,000 946,529,429 0.44%Mitsui & Co Ltd 1,158,800 1,884,461,863 0.87%Namco Bandai Holdings Inc 391,700 930,612,917 0.43%NGK Spark Plug Co Ltd 636,000 1,817,944,294 0.84%Nintendo Co Ltd 114,300 1,387,238,740 0.64%Nissan Motor Co Ltd 909,700 875,544,397 0.41%Panasonic Corp 753,700 931,585,528 0.43%Press Kogyo Co Ltd 723,000 280,891,206 0.13%Ryohin Keikaku Co Ltd 41,500 477,531,578 0.22%Shimachu Co Ltd 135,000 326,772,042 0.15%Shinmaywa Industries Ltd 1,061,000 949,294,724 0.44%Sony Corp 423,500 713,575,709 0.33%St Marc Holdings Co Ltd 62,400 338,853,346 0.16%Sumitomo Corp 678,900 929,761,452 0.43%Sumitomo Electric Industries Ltd 5,156,400 7,362,374,695 3.41%Sumitomo Rubber Industries Ltd 585,600 857,435,702 0.40%Suzuki Motor Corp 115,600 367,371,373 0.17%Tokai Corp/Gifu 42,000 117,979,827 0.05%Toray Industries Inc 5,598,000 3,732,913,422 1.73%Toyota Motor Corp 1,415,600 8,623,379,388 3.99%Xebio Co Ltd 932,800 1,853,677,482 0.86%Yamaha Corp 565,500 905,529,371 0.42%

60,732,155,716 28.14%

Consumer Non-Cyclical - 5.26% (31st December, 2013: 4.92%)Ajinomoto Co Inc 545,000 865,542,219 0.40%Belc Co Ltd 151,800 363,336,953 0.17%Fuji Oil Co Ltd/Osaka 246,900 357,234,467 0.16%Hogy Medical Co Ltd 78,500 430,992,582 0.20%Kewpie Corp 239,800 395,456,298 0.18%Kyowa Hakko Kirin Co Ltd 284,000 389,839,024 0.18%Maxvalu Tokai Co Ltd 7,400 10,596,927 0.00%MEIJI Holdings Co Ltd 137,000 920,272,924 0.43%NH Foods Ltd 181,000 358,558,274 0.17%Nippon Shinyaku Co Ltd 158,000 467,091,435 0.22%Seven & I Holdings Co Ltd 1,116,500 4,771,354,841 2.21%Sohgo Security Services Co Ltd 377,800 918,981,235 0.43%Toppan Printing Co Ltd 419,000 328,954,580 0.15%Tosho Printing Co Ltd 780,000 380,299,878 0.18%Yaoko Co Ltd 74,500 398,918,173 0.18%

11,357,429,810 5.26%

133




JPY% of

Sub-Fund

JAPAN - 99.37% (31st December, 2013: 98.81%) (continued)Energy - 1.47% (31st December, 2013: 0.81%)Inpex Corp 1,165,900 1,797,057,050 0.83%JX Holdings Inc 2,541,240 1,378,999,393 0.64%

3,176,056,443 1.47%

Financial - 16.61% (31st December, 2013: 17.95%)Bank of Yokohama Ltd/The 1,612,000 941,216,972 0.44%Chiba Bank Ltd/The 2,613,000 1,871,261,852 0.87%Credit Saison Co Ltd 467,200 985,068,360 0.46%Dai-ichi Life Insurance Co Ltd/The 2,425,500 3,666,799,406 1.70%Daiwa Securities Group Inc 370,000 325,089,982 0.15%Fukuoka Financial Group Inc 3,899,000 1,909,226,870 0.88%Fuyo General Lease Co Ltd 72,700 329,764,070 0.15%Hiroshima Bank Ltd/The 1,911,000 926,072,756 0.43%Hitachi Capital Corp 340,800 967,753,059 0.45%Mitsubishi UFJ Financial Group Inc 11,998,500 7,463,273,350 3.46%Mitsubishi UFJ Lease & Finance Co Ltd 1,636,100 953,982,263 0.44%Mitsui Fudosan Co Ltd 108,000 369,693,526 0.17%NKSJ Holdings Inc 158,400 432,916,774 0.20%ORIX Corp 1,713,900 2,883,537,258 1.34%Resona Holdings Inc 4,742,700 2,802,507,814 1.30%Ricoh Leasing Co Ltd 120,400 348,575,290 0.16%Starts Corp. Inc 331,300 535,101,400 0.25%Sumitomo Mitsui Financial Group Inc 428,700 1,822,661,350 0.84%Sumitomo Mitsui Trust Holdings Inc 2,988,000 1,385,584,188 0.64%T&D Holdings Inc 676,100 932,503,489 0.43%Tokio Marine Holdings Inc 1,088,300 3,631,245,161 1.68%Tokyo Tatemono Co Ltd 398,000 373,586,825 0.17%

35,857,422,015 16.61%

Industrial - 25.56% (31st December, 2013: 22.24%)Alps Electric Co Ltd 245,400 319,751,194 0.15%Bunka Shutter Co Ltd 1,150,000 1,013,073,732 0.47%Daifuku Co Ltd 230,500 327,780,672 0.15%East Japan Railway Co 114,600 915,361,743 0.42%Ebara Corp 5,087,000 3,261,309,071 1.51%Hamamatsu Photonics KK 67,900 337,889,216 0.16%Hitachi Ltd 7,538,000 5,601,624,946 2.60%Hitachi Zosen Corp 1,822,700 950,901,099 0.44%Icom Inc 64,800 161,800,005 0.08%JSP Corp 260,500 474,138,074 0.22%Kajima Corp 5,249,000 2,353,990,559 1.09%Kandenko Co Ltd 593,000 349,515,905 0.16%Komatsu Ltd 159,600 375,836,787 0.17%Komori Corp 704,400 910,481,660 0.42%Mabuchi Motor Co Ltd 116,100 892,652,887 0.41%Maeda Road Construction Co Ltd 378,000 663,273,442 0.31%Makino Milling Machine Co Ltd 2,071,000 1,809,225,849 0.84%Maruwa Co Ltd/Aichi 89,000 370,383,714 0.17%Mitsubishi Electric Corp 2,926,000 3,665,125,888 1.70%Mitsubishi Heavy Industries Ltd 8,969,000 5,676,995,638 2.63%Modec Inc 120,200 291,142,665 0.13%Murata Manufacturing Co Ltd 41,700 396,051,948 0.18%Nabtesco Corp 139,500 312,881,224 0.15%

134




JPY% of

Sub-Fund

JAPAN - 99.37% (31st December, 2013: 98.81%) (continued)Industrial - 25.56% (31st December, 2013: 22.24%) (continued)NEC Corp 2,753,000 890,721,780 0.41%Nichias Corp 309,000 216,153,641 0.10%Nichireki Co Ltd 155,000 170,522,677 0.08%Nidec Corp 67,200 418,377,279 0.19%Nippo Corp 259,000 441,817,939 0.20%Nippon Express Co Ltd 1,890,000 929,021,925 0.43%Nippon Hume Corp 179,000 122,381,213 0.06%Nippon Yusen KK 4,502,000 1,316,053,705 0.61%Noritz Corp 154,500 308,852,441 0.14%NSK Ltd 2,460,000 3,246,584,744 1.50%Obayashi Corp 1,303,000 943,295,574 0.44%Oiles Corp 387,400 866,683,193 0.40%Penta-Ocean Construction Co Ltd 1,479,400 497,684,836 0.23%Rengo Co Ltd 653,000 316,448,329 0.15%Sanwa Holdings Corp 928,000 661,611,475 0.31%Seino Holdings Co Ltd 768,000 883,303,334 0.41%Shimizu Corp 532,000 381,987,558 0.18%Taisei Corp 4,979,000 2,796,389,304 1.30%Takara Standard Co Ltd 399,000 356,332,654 0.17%Toshiba Corp 5,924,000 2,805,991,685 1.30%Toshiba Machine Co Ltd 1,972,000 930,208,004 0.43%Toyo Tanso Co Ltd 149,900 328,873,296 0.15%Tsubakimoto Chain Co 573,000 479,148,281 0.22%UACJ Corp 3,551,000 1,353,096,058 0.63%Yamato Holdings Co Ltd 668,600 1,403,557,000 0.65%Yaskawa Electric Corp 287,800 353,719,975 0.16%Yusen Logistics Co Ltd 272,200 314,498,570 0.15%

55,164,504,388 25.56%

Technology - 5.69% (31st December, 2013: 4.59%)DTS Corp 79,300 149,375,575 0.07%Fuji Soft Inc 209,800 473,119,246 0.22%IT Holdings Corp 230,300 401,317,473 0.19%NEC Networks & System Integration Corp 135,300 334,319,938 0.15%NS Solutions Corp 523,900 1,450,019,046 0.67%NSD Co Ltd 105,200 140,358,089 0.06%NTT Data Corp 109,900 428,212,546 0.20%OBIC Business Consultants Ltd 264,600 885,201,176 0.41%Ricoh Co Ltd 765,300 925,415,816 0.43%Rohm Co Ltd 251,700 1,462,608,056 0.68%Sanken Electric Co Ltd 572,000 480,076,574 0.22%SCSK Corp 652,000 1,864,332,233 0.86%TDK Corp 395,400 1,881,408,590 0.87%Toshiba TEC Corp 899,000 640,971,962 0.30%Transcosmos Inc 354,500 771,875,618 0.36%

12,288,611,938 5.69%

135




JPY% of

Sub-Fund

JAPAN - 99.37% (31st December, 2013: 98.81%) (continued)Utilities - 0.79% (31st December, 2013: 0.42%)Electric Power Development Co Ltd 515,000 1,695,978,270 0.79%

1,695,978,270 0.79%

TOTAL JAPAN 214,490,530,714 99.37%

TOTAL EQUITIES 214,490,530,714 99.37%

FORWARD FOREIGN CURRENCY CONTRACTS (0.07%) (31st December, 2013: 0.25%)Amount Amount Unrealised

Currency CurrencyCurrency Currency Maturity Gain/(Loss) % ofBought Bought Sold Sold Counterparty Date JPY Sub-Fund

USD 145,418,274 JPY14,739,013,901Brown Brothers Harriman &Co. 25/07/2014 (82,858,035) (0.04%)

USD 49,475,288 JPY 5,014,617,125Brown Brothers Harriman &Co. 25/07/2014 (28,190,578) (0.02%)

USD 26,875 JPY 2,723,984Brown Brothers Harriman &Co. 25/07/2014 (15,313) 0.00%

GBP 7,656 JPY 1,323,038Brown Brothers Harriman &Co. 25/07/2014 212 0.00%

GBP 1,274,718 JPY 220,282,951Brown Brothers Harriman &Co. 25/07/2014 25,478 0.00%

EUR 9,241,385 JPY 1,279,608,313Brown Brothers Harriman &Co. 25/07/2014 (2,341,424) 0.00%

EUR 87,122,493 JPY12,063,415,718Brown Brothers Harriman &Co. 25/07/2014 (23,449,343) (0.01%)

Total Unrealised (Loss) on Forward Foreign Currency Contracts (136,829,003) (0.07%)

Financials Assets designated at Fair Value through Profit or Loss 214,490,556,404 99.37%Financials Liabilities designated at Fair Value through Profit or Loss (136,854,693) (0.07%)

Other assets and liabilities 1,504,677,743 0.70%

Net assets attributable to holders of redeemable participating shares 215,858,379,454 100.00%


136


NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUNDSTATEMENT OF INVESTMENTSAs at 30 June, 2014________________________________________________________________________________________________________


USD% of

Sub-Fund

BONDS - 96.75% (31st December, 2013: 92.64%)

AUSTRALIA - 0.12% (31st December, 2013: 0.03%)Basic Materials - 0.02% (31st December, 2013: 0.03%)St Barbara Ltd, 8.875%, 15/04/18 144A 250,000 206,875 0.02%

206,875 0.02%

Industrial - 0.10% (31st December, 2013: 0.00%)Emeco Pty Ltd, 9.875%, 15/03/19 144A 600,000 615,000 0.05%Transfield Services Ltd, 8.375%, 15/05/20 144A 625,000 642,188 0.05%

1,257,188 0.10%

TOTAL AUSTRALIA 1,464,063 0.12%

AUSTRIA - 0.37% (31st December, 2013: 0.18%)Consumer Non-Cyclical - 0.37% (31st December, 2013: 0.00%)JBS Investments GmbH, 7.250%, 03/04/24 144A 1,600,000 1,656,000 0.14%JBS Investments GmbH, 7.750%, 28/10/20 144A 2,550,000 2,731,050 0.23%

4,387,050 0.37%

TOTAL AUSTRIA 4,387,050 0.37%

BERMUDA - 1.16% (31st December, 2013: 0.37%)Communications - 0.90% (31st December, 2013: 0.05%)Digicel Group Ltd, 7.125%, 01/04/22 144A 8,400,000 8,757,000 0.73%Digicel Ltd, 6.000%, 15/04/21 144A 200,000 206,500 0.02%Digicel Ltd, 8.250%, 01/09/17 144A 1,575,000 1,620,360 0.13%Pacnet Ltd, 9.000%, 12/12/18 144A 200,000 216,500 0.02%

10,800,360 0.90%

Consumer Cyclical - 0.03% (31st December, 2013: 0.05%)MISA Investments Ltd, 8.625%, 15/08/18 144A 100,000 102,375 0.01%Viking Cruises Ltd, 8.500%, 15/10/22 144A 200,000 221,000 0.02%

323,375 0.03%

Financial - 0.23% (31st December, 2013: 0.27%)Aircastle Ltd, 4.625%, 15/12/18 350,000 360,937 0.03%Aircastle Ltd, 5.125%, 15/03/21 700,000 717,500 0.06%Aircastle Ltd, 6.250%, 01/12/19 1,150,000 1,253,500 0.11%Fly Leasing Ltd, 6.750%, 15/12/20 200,000 212,500 0.02%Milestone Aviation Group Ltd/The, 8.625%, 15/12/17 144A 150,000 163,500 0.01%

2,707,937 0.23%

TOTAL BERMUDA 13,831,672 1.16%

BRITISH VIRGIN ISLANDS - 0.03% (31st December, 2013: 0.00%)Industrial - 0.03% (31st December, 2013: 0.00%)OAS Finance Ltd, 8.000%, 02/07/21 400,000 405,940 0.03%

405,940 0.03%

TOTAL BRITISH VIRGIN ISLANDS 405,940 0.03%

137


NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUNDSTATEMENT OF INVESTMENTS (CONTINUED)As at 30 June, 2014________________________________________________________________________________________________________


USD% of

Sub-Fund

CANADA - 3.61% (31st December, 2013: 2.28%)Basic Materials - 1.05% (31st December, 2013: 0.43%)AuRico Gold Inc, 7.750%, 01/04/20 144A 1,650,000 1,633,500 0.14%Cascades Inc, 5.500%, 15/07/22 144A 1,175,000 1,172,062 0.10%Catalyst Paper Corp, 11.000%, 30/10/17 64,899 58,409 0.00%Essar Steel Algoma Inc, 9.375%, 15/03/15 144A 475,000 473,812 0.04%First Quantum Minerals Ltd, 7.250%, 15/05/22 144A 2,905,000 3,021,200 0.25%IAMGOLD Corp, 6.750%, 01/10/20 144A 375,000 346,875 0.03%Kissner Milling Co Ltd, 7.250%, 01/06/19 144A 3,375,000 3,476,250 0.29%Millar Western Forest Products Ltd, 8.500%, 01/04/21 325,000 346,938 0.03%NOVA Chemicals Corp, 5.250%, 01/08/23 144A 425,000 464,313 0.04%Novelis Inc/GA, 8.750%, 15/12/20 1,150,000 1,276,500 0.11%Thompson Creek Metals Co Inc, 7.375%, 01/06/18 175,000 172,375 0.01%Thompson Creek Metals Co Inc, 12.500%, 01/05/19 75,000 84,375 0.01%

12,526,609 1.05%

Communications - 0.56% (31st December, 2013: 0.73%)MDC Partners Inc, 6.750%, 01/04/20 144A 525,000 553,875 0.05%MPL 2 Acquisition Canco Inc, 9.875%, 15/08/18 144A 1,610,000 1,734,775 0.14%Nortel Networks Ltd, 10.750%, 15/07/16 1,875,000 2,151,563 0.18%Quebecor Media Inc, 5.750%, 15/01/23 1,600,000 1,644,000 0.14%Videotron Ltd, 5.375%, 15/06/24 144A 575,000 589,375 0.05%

6,673,588 0.56%

Consumer Cyclical - 0.84% (31st December, 2013: 0.63%)Air Canada 2013-1 Class B Pass Through Trust, 5.375%, 15/05/21 144A 72,119 74,643 0.00%Air Canada 2013-1 Class C Pass Through Trust, 6.625%, 15/05/18 144A 75,000 79,031 0.01%Air Canada, 6.750%, 01/10/19 144A 350,000 381,063 0.03%Air Canada, 7.750%, 15/04/21 144A 4,625,000 4,902,500 0.41%Air Canada, 8.750%, 01/04/20 144A 1,475,000 1,648,312 0.14%Brookfield Residential Properties Inc, 6.500%, 15/12/20 144A 325,000 343,688 0.03%Garda World Security Corp, 7.250%, 15/11/21 144A 1,625,000 1,708,281 0.14%Valeant Pharmaceuticals International Inc, 6.750%, 15/08/18 144A 858,000 925,568 0.08%

10,063,086 0.84%

Consumer Non-Cyclical - 0.44% (31st December, 2013: 0.00%)Catamaran Corp, 4.750%, 15/03/21 950,000 964,250 0.08%Garda World Security Corp, 7.250%, 15/11/21 144A 1,925,000 2,023,656 0.17%Valeant Pharmaceuticals International Inc, 5.625%, 01/12/21 144A 2,175,000 2,223,938 0.19%

5,211,844 0.44%

Energy - 0.40% (31st December, 2013: 0.19%)Gibson Energy Inc, 6.750%, 15/07/21 144A 575,000 622,437 0.05%Kodiak Oil & Gas Corp, 5.500%, 01/02/22 400,000 415,000 0.03%Lightstream Resources Ltd, 8.625%, 01/02/20 144A 100,000 105,000 0.01%MEG Energy Corp, 6.375%, 30/01/23 144A 875,000 927,500 0.08%Precision Drilling Corp, 5.250%, 15/11/24 144A 475,000 477,375 0.04%Sanjel Corp, 7.500%, 19/06/19 144A 800,000 800,000 0.07%Seven Generations Energy Ltd, 8.250%, 15/05/20 144A 1,275,000 1,396,125 0.12%

4,743,437 0.40%

Financial - 0.02% (31st December, 2013: 0.00%)Mattamy Group Corp, 6.500%, 15/11/20 144A 250,000 256,250 0.02%

256,250 0.02%

Industrial - 0.30% (31st December, 2013: 0.30%)Ainsworth Lumber Co Ltd, 7.500%, 15/12/17 144A 202,000 212,605 0.02%

138




USD% of

Sub-Fund

CANADA - 3.61% (31st December, 2013: 2.28%) (continued)Industrial - 0.30% (31st December, 2013: 0.30%) (continued)Bombardier Inc, 6.000%, 15/10/22 144A 550,000 565,812 0.05%Masonite International Corp, 8.250%, 15/04/21 144A 275,000 299,750 0.02%Tervita Corp, 8.000%, 15/11/18 144A 650,000 676,000 0.06%Tervita Corp, 10.875%, 15/02/18 144A 1,775,000 1,792,750 0.15%

3,546,917 0.30%

TOTAL CANADA 43,021,731 3.61%

CAYMAN ISLANDS - 0.47% (31st December, 2013: 0.53%)Consumer Cyclical - 0.09% (31st December, 2013: 0.00%)Wynn Macau Ltd, 5.250%, 15/10/21 144A 1,000,000 1,032,500 0.09%

1,032,500 0.09%

Energy - 0.32% (31st December, 2013: 0.53%)Offshore Group Investment Ltd, 7.125%, 01/04/23 1,775,000 1,806,062 0.15%Shelf Drilling Holdings Ltd, 8.625%, 01/11/18 144A 1,875,000 2,006,250 0.17%

3,812,312 0.32%

Technology - 0.06% (31st December, 2013: 0.00%)BCP Singapore VI Cayman Financing Co LTD, 8.000%, 15/04/21 144A 750,000 759,375 0.06%

759,375 0.06%

TOTAL CAYMAN ISLANDS 5,604,187 0.47%

FRANCE - 0.78% (31st December, 2013: 0.45%)Basic Materials - 0.04% (31st December, 2013: 0.07%)SPCM SA, 6.000%, 15/01/22 144A 450,000 480,375 0.04%

480,375 0.04%

Communications - 0.45% (31st December, 2013: 0.00%)Numericable Group SA, 4.875%, 15/05/19 144A 1,400,000 1,438,500 0.12%Numericable Group SA, 6.000%, 15/05/22 144A 3,750,000 3,895,313 0.33%

5,333,813 0.45%

Consumer Non-Cyclical - 0.02% (31st December, 2013: 0.02%)Novasep Holding SAS, 8.000%, 15/12/16 144A 194,000 190,120 0.02%

190,120 0.02%

Energy - 0.05% (31st December, 2013: 0.09%)CGG SA, 6.500%, 01/06/21 625,000 620,313 0.05%

620,313 0.05%

Financial - 0.05% (31st December, 2013: 0.00%)Credit Agricole SA, 7.875%, 29/01/49 144A 200,000 219,500 0.02%Societe Generale SA, 6.000%, 27/10/49 200,000 198,500 0.02%Societe Generale SA, 6.000%, 27/10/49 144A 200,000 198,500 0.01%

616,500 0.05%

Industrial - 0.17% (31st December, 2013: 0.27%)CMA CGM SA, 8.500%, 15/04/17 144A 1,375,000 1,419,687 0.12%Rexel SA, 5.250%, 15/06/20 144A 600,000 625,500 0.05%

2,045,187 0.17%

TOTAL FRANCE 9,286,308 0.78%

139




USD% of

Sub-Fund

GERMANY - 0.22% (31st December, 2013: 0.34%)Basic Materials - 0.02% (31st December, 2013: 0.03%)Orion Engineered Carbons Bondco GmbH, 9.625%, 15/06/18 144A 160,000 172,400 0.02%

172,400 0.02%

Communications - 0.05% (31st December, 2013: 0.07%)Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH, 5.500%,15/01/23 144A 525,000 543,375 0.05%

543,375 0.05%

Financial - 0.14% (31st December, 2013: 0.22%)Commerzbank AG, 8.125%, 19/09/23 144A 1,400,000 1,709,932 0.14%

1,709,932 0.14%

Industrial - 0.01% (31st December, 2013: 0.02%)Hapag-Lloyd AG, 9.750%, 15/10/17 144A 150,000 160,125 0.01%

160,125 0.01%

TOTAL GERMANY 2,585,832 0.22%

IRELAND - 0.88% (31st December, 2013: 0.41%)Communications - 0.02% (31st December, 2013: 0.05%)Nara Cable Funding Ltd, 8.875%, 01/12/18 144A 200,000 213,500 0.02%

213,500 0.02%

Consumer Non-Cyclical - 0.10% (31st December, 2013: 0.00%)Grifols Worldwide Operations Ltd, 5.250%, 01/04/22 144A 1,200,000 1,245,000 0.10%

1,245,000 0.10%

Financial - 0.08% (31st December, 2013: 0.00%)AerCap Ireland Capital Ltd/AerCap Global Aviation Trust, 2.750%,15/05/17 144A 150,000 151,125 0.01%AerCap Ireland Capital Ltd/AerCap Global Aviation Trust, 3.750%,15/05/19 144A 750,000 755,625 0.07%

906,750 0.08%

Industrial - 0.68% (31st December, 2013: 0.36%)Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc, 3.211%,15/12/19 144A (FRN) 2,400,000 2,400,000 0.20%Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc, 6.000%,30/06/21 144A 800,000 800,000 0.07%Ardagh Packaging Finance Plc/Ardagh Holdings USA Inc, 6.250%,31/01/19 144A 3,475,000 3,570,562 0.30%Ardagh Packaging Finance Plc/Ardagh Holdings USA Inc, 6.750%,31/01/21 144A 1,000,000 1,035,000 0.09%Ardagh Packaging Finance Plc/Ardagh Holdings USA Inc, 7.000%,15/11/20 144A 269,118 278,537 0.02%

8,084,099 0.68%

TOTAL IRELAND 10,449,349 0.88%

140




USD% of

Sub-Fund

ISRAEL - 0.19% (31st December, 2013: 0.00%)Communications - 0.19% (31st December, 2013: 0.00%)B Communications Ltd, 7.375%, 15/02/21 144A 2,125,000 2,284,375 0.19%

2,284,375 0.19%

TOTAL ISRAEL 2,284,375 0.19%

ITALY - 0.37% (31st December, 2013: 0.00%)Communications - 0.37% (31st December, 2013: 0.00%)Telecom Italia SpA, 5.303%, 30/05/24 144A 4,400,000 4,405,500 0.37%

4,405,500 0.37%

TOTAL ITALY 4,405,500 0.37%

JERSEY - 0.00% (31st December, 2013: 0.00%)Financial - 0.00% (31st December, 2013: 0.00%)HBOS Capital Funding LP, 6.071%, 29/06/49 144A 25,000 25,000 0.00%

25,000 0.00%

TOTAL JERSEY 25,000 0.00%

LUXEMBOURG - 3.30% (31st December, 2013: 4.33%)Basic Materials - 0.88% (31st December, 2013: 1.16%)ArcelorMittal, 5.750%, 05/08/20 900,000 964,125 0.08%ArcelorMittal, 6.000%, 01/03/21 2,950,000 3,186,000 0.27%ArcelorMittal, 10.350%, 01/06/19 1,350,000 1,721,250 0.14%Exopack Holdings SA, 7.875%, 01/11/19 144A 1,725,000 1,845,750 0.16%INEOS Group Holdings SA, 5.875%, 15/02/19 144A 200,000 205,000 0.02%INEOS Group Holdings SA, 6.125%, 15/08/18 144A 1,375,000 1,426,563 0.12%Orion Engineered Carbons Finance & Co SCA, 9.250%, 01/08/19 144A 1,050,000 1,095,150 0.09%

10,443,838 0.88%

Communications - 0.69% (31st December, 2013: 1.06%)Altice Finco SA, 8.125%, 15/01/24 144A 200,000 221,000 0.02%Altice SA, 7.750%, 15/05/22 144A 800,000 856,000 0.07%Intelsat Jackson Holdings SA, 5.500%, 01/08/23 825,000 821,906 0.07%Intelsat Luxembourg SA, 6.750%, 01/06/18 1,175,000 1,245,500 0.11%Intelsat Luxembourg SA, 8.125%, 01/06/23 1,100,000 1,189,375 0.10%NII International Telecom SCA, 7.875%, 15/08/19 144A 425,000 367,625 0.03%NII International Telecom SCA, 11.375%, 15/08/19 144A 1,500,000 1,327,500 0.11%Wind Acquisition Finance SA, 7.375%, 23/04/21 144A 2,000,000 2,145,000 0.18%

8,173,906 0.69%

Consumer Cyclical - 0.15% (31st December, 2013: 0.34%)Capsugel SA, 7.000%, 15/05/19 144A 775,000 799,219 0.07%Gestamp Funding Luxembourg SA, 5.625%, 31/05/20 144A 350,000 365,312 0.03%Stackpole International Intermediate Co SA/Stackpole International PowderMeta, 7.750%, 15/10/21 144A 550,000 577,500 0.05%

1,742,031 0.15%

Consumer Non-Cyclical - 0.05% (31st December, 2013: 0.08%)Albea Beauty Holdings SA, 8.375%, 01/11/19 144A 425,000 462,187 0.04%

141




USD% of

Sub-Fund

LUXEMBOURG - 3.30% (31st December, 2013: 4.33%) (continued)Consumer Non-Cyclical - 0.05% (31st December, 2013: 0.08%) (continued)Atento Luxco 1 SA, 7.375%, 29/01/20 144A 150,000 154,500 0.01%

616,687 0.05%

Diversified - 0.22% (31st December, 2013: 0.36%)Nielsen Co Luxembourg SARL/The, 5.500%, 01/10/21 144A 2,575,000 2,658,688 0.22%

2,658,688 0.22%

Energy - 0.10% (31st December, 2013: 0.15%)ContourGlobal Power Holdings SA, 7.125%, 01/06/19 144A 200,000 199,600 0.01%Expro Finance Luxembourg SCA, 8.500%, 15/12/16 144A 350,000 365,750 0.03%Pacific Drilling SA, 5.375%, 01/06/20 144A 700,000 682,500 0.06%

1,247,850 0.10%

Industrial - 1.21% (31st December, 2013: 1.18%)Aguila 3 SA, 7.875%, 31/01/18 144A 425,000 448,906 0.04%ARD Finance SA, 11.125%, 01/06/18 144A 234,383 247,970 0.02%Ardagh Finance Holdings SA, 8.625%, 15/06/19 144A 5,450,000 5,613,500 0.47%Beverage Packaging Holdings Luxembourg II SA/Beverage PackagingHoldings II Is, 5.625%, 15/12/16 144A 1,675,000 1,721,063 0.14%Beverage Packaging Holdings Luxembourg II SA/Beverage PackagingHoldings II Is, 6.000%, 15/06/17 144A 2,100,000 2,157,750 0.18%CHC Helicopter SA, 9.375%, 01/06/21 450,000 480,375 0.04%Topaz Marine SA, 8.625%, 01/11/18 144A 1,300,000 1,400,750 0.12%Trinseo Materials Operating SCA/Trinseo Materials Finance Inc, 8.750%,01/02/19 2,200,000 2,370,500 0.20%

14,440,814 1.21%

TOTAL LUXEMBOURG 39,323,814 3.30%

MARSHALL ISLAND - 0.95% (31st December, 2013: 0.60%)Energy - 0.07% (31st December, 2013: 0.20%)Drill Rigs Holdings Inc, 6.500%, 01/10/17 144A 850,000 875,500 0.07%

875,500 0.07%

Industrial - 0.88% (31st December, 2013: 0.40%)Global Ship Lease Inc, 10.000%, 01/04/19 144A 800,000 860,000 0.07%Navios Maritime Acquisition Corp/Navios Acquisition Finance US Inc,8.125%, 15/11/21 144A 2,025,000 2,118,656 0.18%Navios Maritime Holdings, Inc/Navios Maritime Finance II US Inc,7.375%, 15/01/22 144A 1,050,000 1,084,125 0.09%Navios Maritime Holdings Inc/Navios Maritime Finance II US Inc,8.125%, 15/02/19 750,000 788,437 0.07%Navios South American Logistics, Inc/Navios Logistics Finance US Inc,7.250%, 01/05/22 144A 425,000 443,063 0.04%Teekay Offshore Partners LP/Teekay Offshore Finance Corp, 6.000%,30/07/19 5,100,000 5,112,750 0.43%

10,407,031 0.88%

TOTAL MARSHALL ISLAND 11,282,531 0.95%

MEXICO - 0.06% (31st December, 2013: 0.11%)Industrial - 0.06% (31st December, 2013: 0.11%)Cemex SAB de CV, 9.000%, 11/01/18 144A 675,000 729,000 0.06%

142




USD% of

Sub-Fund

MEXICO - 0.06% (31st December, 2013: 0.11%) (continued)Industrial - 0.06% (31st December, 2013: 0.11%) (continued)Corp GEO SAB de CV, 8.875%, 27/03/22 144A 200,000 23,000 0.00%

752,000 0.06%


NETHERLANDS - 1.02% (31st December, 2013: 1.31%)Basic Materials - 0.07% (31st December, 2013: 0.08%)Constellium NV, 5.750%, 15/05/24 144A 250,000 262,500 0.02%LyondellBasell Industries NV, 5.000%, 15/04/19 525,000 591,940 0.05%

854,440 0.07%

Communications - 0.09% (31st December, 2013: 0.00%)VTR Finance BV, 6.875%, 15/01/24 144A 1,000,000 1,074,337 0.09%

1,074,337 0.09%

Consumer Cyclical - 0.35% (31st December, 2013: 0.28%)Playa Resorts Holding BV, 8.000%, 15/08/20 144A 1,700,000 1,831,750 0.15%Schaeffler Finance BV, 4.250%, 15/05/21 144A 2,000,000 2,002,500 0.17%Schaeffler Holding Finance BV, 6.875%, 15/08/18 144A 325,000 342,469 0.03%

4,176,719 0.35%

Consumer Non-Cyclical - 0.02% (31st December, 2013: 0.00%)Marfrig Holding Europe BV, 6.875%, 24/06/19 144A 200,000 202,000 0.02%

202,000 0.02%

Industrial - 0.16% (31st December, 2013: 0.28%)syncreon Group BV/syncreon Global Finance US Inc, 8.625%, 01/11/21144A 1,925,000 1,953,875 0.16%

1,953,875 0.16%

Technology - 0.24% (31st December, 2013: 0.53%)NXP BV/NXP Funding LLC, 3.750%, 01/06/18 144A 2,025,000 2,030,063 0.17%NXP BV/NXP Funding LLC, 5.750%, 15/03/23 144A 770,000 809,462 0.07%

2,839,525 0.24%

Utilities - 0.09% (31st December, 2013: 0.14%)InterGen NV, 7.000%, 30/06/23 144A 800,000 826,000 0.07%LBC Tank Terminals Holding Netherlands BV, 6.875%, 15/05/23 144A 200,000 211,000 0.02%

1,037,000 0.09%

TOTAL NETHERLANDS 12,137,896 1.02%

PUERTO RICO - 0.03% (31st December, 2013: 0.00%)Financial - 0.03% (31st December, 2013: 0.00%)Popular Inc, 7.000%, 01/07/19 350,000 353,938 0.03%

353,938 0.03%

TOTAL PUERTO RICO 353,938 0.03%

SWEDEN - 0.11% (31st December, 2013: 0.08%)Basic Materials - 0.02% (31st December, 2013: 0.03%)Perstorp Holding AB, 8.750%, 15/05/17 144A 225,000 241,313 0.02%

241,313 0.02%

143




USD% of

Sub-Fund

SWEDEN - 0.11% (31st December, 2013: 0.08%) (continued)Diversified - 0.09% (31st December, 2013: 0.00%)Stena AB, 7.000%, 01/02/24 144A 1,000,000 1,067,500 0.09%

1,067,500 0.09%

TOTAL SWEDEN 1,308,813 0.11%

SWITZERLAND - 0.16% (31st December, 2013: 0.00%)Financial - 0.16% (31st December, 2013: 0.00%)Credit Suisse Group AG, 6.250%, 29/12/49 144A 1,875,000 1,893,750 0.16%

1,893,750 0.16%

TOTAL SWITZERLAND 1,893,750 0.16%

UNITED KINGDOM - 1.76% (31st December, 2013: 1.63%)Communications - 0.35% (31st December, 2013: 0.00%)Inmarsat Finance Plc, 4.875%, 15/05/22 144A 1,700,000 1,717,000 0.14%Virgin Media Finance Plc, 6.375%, 15/04/23 144A 1,975,000 2,145,344 0.18%Virgin Media Finance Plc, 8.375%, 15/10/19 293,000 310,580 0.03%

4,172,924 0.35%

Consumer Cyclical - 0.09% (31st December, 2013: 0.14%)Algeco Scotsman Global Finance Plc, 10.750%, 15/10/19 144A 700,000 722,750 0.06%Jaguar Land Rover Automotive Plc, 8.125%, 15/05/21 144A 250,000 282,187 0.03%

1,004,937 0.09%

Energy - 0.32% (31st December, 2013: 0.09%)Tullow Oil Plc, 6.000%, 01/11/20 144A 600,000 624,000 0.05%Tullow Oil Plc, 6.250%, 15/04/22 144A 3,100,000 3,216,250 0.27%

3,840,250 0.32%

Financial - 1.00% (31st December, 2013: 1.40%)Barclays Bank Plc, 7.625%, 21/11/22 850,000 973,250 0.08%Barclays Bank Plc, 7.750%, 10/04/23 1,850,000 2,077,781 0.18%Barclays Plc, 8.250%, 29/12/49 5,050,000 5,390,875 0.45%LBG Capital No.1 Plc, 8.000%, 29/12/49 144A 40,000 44,220 0.00%Lloyds Banking Group Plc, 7.500%, 30/04/49 800,000 850,000 0.07%Royal Bank of Scotland Group Plc, 7.640%, 29/03/49 2,450,000 2,609,250 0.22%

11,945,376 1.00%


UNITED STATES - 81.16% (31st December, 2013: 79.99%)Basic Materials - 3.12% (31st December, 2013: 3.00%)AK Steel Corp, 8.375%, 01/04/22 1,200,000 1,272,000 0.11%Aleris International Inc, 7.875%, 01/11/20 350,000 363,125 0.03%Allegheny Technologies Inc, 5.875%, 15/08/23 150,000 164,347 0.01%Appvion Inc, 9.000%, 01/06/20 144A 800,000 797,000 0.07%Axalta Coating Systems US Holdings Inc/Axalta Coating Systems DutchHolding B, 7.375%, 01/05/21 144A 200,000 218,500 0.02%Axiall Corp, 4.875%, 15/05/23 144A 1,450,000 1,446,375 0.12%Coeur Mining Inc, 7.875%, 01/02/21 850,000 852,125 0.07%Commercial Metals Co, 4.875%, 15/05/23 1,725,000 1,681,875 0.14%Compass Minerals International Inc, 4.875%, 15/07/24 144A 1,575,000 1,575,000 0.13%

144




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Basic Materials - 3.12% (31st December, 2013: 3.00%) (continued)Eagle Spinco Inc, 4.625%, 15/02/21 500,000 499,375 0.04%Essar Steel Minnesota LLC, 11.500%, 15/05/20 144A 225,000 227,531 0.02%Global Brass & Copper Inc, 9.500%, 01/06/19 725,000 826,500 0.07%Hecla Mining Co, 6.875%, 01/05/21 2,475,000 2,450,250 0.20%Hexion US Finance Corp, 6.625%, 15/04/20 1,775,000 1,881,500 0.16%Hexion US Finance Corp/Hexion Nova Scotia Finance ULC, 9.000%,15/11/20 9,300,000 9,497,625 0.80%Noranda Aluminum Acquisition Corp, 11.000%, 01/06/19 825,000 820,875 0.07%PolyOne Corp, 7.375%, 15/09/20 125,000 135,937 0.01%Resolute Forest Products Inc, 5.875%, 15/05/23 5,250,000 5,145,000 0.43%Signode Industrial Group Lux SA/Signode Industrial Group US Inc,6.375%, 01/05/22 144A 1,625,000 1,645,313 0.14%Steel Dynamics Inc, 6.125%, 15/08/19 1,100,000 1,196,250 0.10%Steel Dynamics Inc, 6.375%, 15/08/22 450,000 489,375 0.04%Steel Dynamics Inc, 7.625%, 15/03/20 625,000 669,531 0.06%TPC Group Inc, 8.750%, 15/12/20 144A 175,000 193,813 0.02%Unifrax I LLC/Unifrax Holding Co, 7.500%, 15/02/19 144A 1,925,000 2,011,625 0.17%United States Steel Corp, 6.875%, 01/04/21 675,000 715,500 0.06%Verso Paper Holdings LLC/Verso Paper Inc, 11.750%, 15/01/19 275,000 288,750 0.02%Verso Paper Holdings LLC/Verso Paper Inc, 8.750%, 01/02/19 375,000 161,250 0.01%

37,226,347 3.12%

Communications - 13.71% (31st December, 2013: 17.41%)Affinion Group Holdings Inc, 13.750%, 15/09/18 144A 850,000 833,000 0.07%Alcatel-Lucent USA Inc, 4.625%, 01/07/17 144A 2,400,000 2,484,000 0.21%Alcatel-Lucent USA Inc, 6.500%, 15/01/28 675,000 669,938 0.06%Alcatel-Lucent USA Inc, 6.750%, 15/11/20 144A 400,000 427,000 0.04%AMC Networks Inc, 4.750%, 15/12/22 1,450,000 1,450,000 0.12%Ancestry.com Inc, 11.000%, 15/12/20 1,900,000 2,227,750 0.19%Ancestry.com Inc, 9.625%, 15/10/18 144A 3,725,000 3,836,750 0.32%Avaya Inc, 10.500%, 01/03/21 144A 4,750,000 4,381,875 0.37%Baker & Taylor Acquisitions Corp, 15.000%, 01/04/17 144A 325,000 305,500 0.03%Bankrate Inc, 6.125%, 15/08/18 144A 950,000 1,008,187 0.08%Brightstar Corp, 9.500%, 01/12/16 144A 1,000,000 1,072,500 0.09%Cablevision Systems Corp, 5.875%, 15/09/22 775,000 789,531 0.07%Cablevision Systems Corp, 8.625%, 15/09/17 200,000 233,250 0.02%CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp,5.250%, 15/02/22 144A 1,175,000 1,207,312 0.10%CBS Outdoor Americas Capital LLC/CBS Outdoor Americas Capital Corp,5.625%, 15/02/24 144A 350,000 361,375 0.03%CCO Holdings LLC/CCO Holdings Capital Corp, 5.125%, 15/02/23 1,750,000 1,758,750 0.15%CCO Holdings LLC/CCO Holdings Capital Corp, 5.250%, 30/09/22 3,600,000 3,654,000 0.31%CCO Holdings LLC/CCO Holdings Capital Corp, 5.750%, 01/09/23 1,825,000 1,891,156 0.16%CCO Holdings LLC/CCO Holdings Capital Corp, 5.750%, 15/01/24 425,000 435,625 0.04%CCO Holdings LLC/CCO Holdings Capital Corp, 6.500%, 30/04/21 3,000,000 3,187,500 0.27%CCO Holdings LLC/CCO Holdings Capital Corp, 8.125%, 30/04/20 175,000 189,437 0.02%CenturyLink Inc, 6.750%, 01/12/23 450,000 495,000 0.04%CenturyLink Inc, 7.600%, 15/09/39 6,700,000 6,733,500 0.56%Cequel Communications Holdings I LLC/Cequel Capital Corp, 5.125%,15/12/21 144A 2,975,000 2,960,125 0.25%Cequel Communications Holdings I LLC/Cequel Capital Corp, 6.375%,15/09/20 144A 2,075,000 2,199,500 0.18%Clear Channel Communications Inc, 10.000%, 15/01/18 144A 700,000 677,250 0.06%

145




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UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Communications - 13.71% (31st December, 2013: 17.41%) (continued)Clear Channel Communications Inc, 10.750%, 01/08/16 300,000 301,500 0.02%Clear Channel Communications Inc, 11.000%, 01/08/16 656,384 659,666 0.06%Clear Channel Communications Inc, 11.250%, 01/03/21 425,000 481,711 0.04%Clear Channel Communications Inc, 14.000%, 01/02/21 350,000 362,250 0.03%Clear Channel Communications Inc, 9.000%, 15/12/19 1,850,000 1,974,875 0.17%Clear Channel Worldwide Holdings Inc Series B, 7.625%, 15/03/20 1,525,000 1,645,094 0.14%Clear Channel Worldwide Holdings Inc, 6.500%, 15/11/22 350,000 373,625 0.03%Clearwire Communications LLC/Clearwire Finance Inc, 14.750%,01/12/16 144A 200,000 261,000 0.02%CommScope Holding Co Inc, 6.625%, 01/06/20 144A 1,300,000 1,387,750 0.12%CommScope Inc, 5.000%, 15/06/21 144A 1,775,000 1,810,500 0.15%CommScope Inc, 5.500%, 15/06/24 144A 1,775,000 1,810,500 0.15%Consolidated Communications Finance Co, 10.875%, 01/06/20 1,225,000 1,430,187 0.12%Crown Castle International Corp, 5.250%, 15/01/23 375,000 390,937 0.03%CSC Holdings LLC, 5.250%, 01/06/24 144A 1,875,000 1,849,219 0.15%CyrusOne LP/CyrusOne Finance Corp, 6.375%, 15/11/22 1,525,000 1,643,187 0.14%DISH DBS Corp, 4.250%, 01/04/18 450,000 468,000 0.04%DISH DBS Corp, 5.000%, 15/03/23 3,325,000 3,383,187 0.28%DISH DBS Corp, 5.125%, 01/05/20 200,000 211,000 0.02%DISH DBS Corp, 5.875%, 15/07/22 1,275,000 1,383,375 0.12%EarthLink Holdings Corp, 8.875%, 15/05/19 900,000 895,500 0.07%Equinix Inc, 5.375%, 01/04/23 6,835,000 6,988,787 0.59%Frontier Communications Corp, 7.125%, 15/01/23 175,000 185,062 0.02%Frontier Communications Corp, 7.625%, 15/04/24 575,000 618,125 0.05%Gannett Co Inc, 5.125%, 15/10/19 144A 400,000 416,000 0.03%Gannett Co Inc, 6.375%, 15/10/23 144A 400,000 428,000 0.04%GCI Inc, 6.750%, 01/06/21 275,000 278,437 0.02%Gray Television Inc, 7.500%, 01/10/20 2,850,000 3,063,750 0.26%IAC/InterActiveCorp, 4.750%, 15/12/22 1,700,000 1,676,625 0.14%inVentiv Health Inc, 9.000%, 15/01/18 144A 1,000,000 1,070,000 0.09%inVentiv Health Inc, 11.000%, 15/08/18 144A 125,000 117,500 0.01%inVentiv Health Inc, 11.000%, 15/08/18 144a 675,000 632,812 0.05%Lee Enterprises Inc/IA, 9.500%, 15/03/22 144A 1,075,000 1,147,562 0.10%Level 3 Communications Inc, 8.875%, 01/06/19 525,000 572,906 0.05%Level 3 Financing Inc, 3.823%, 15/01/18 144A (FRN) 725,000 737,687 0.06%Level 3 Financing Inc, 6.125%, 15/01/21 144A 1,225,000 1,312,281 0.11%Level 3 Financing Inc, 8.125%, 01/07/19 1,875,000 2,048,437 0.17%Level 3 Financing Inc, 8.625%, 15/07/20 1,225,000 1,372,000 0.11%LIN Television Corp, 6.375%, 15/01/21 300,000 315,750 0.03%LIN Television Corp, 8.375%, 15/04/18 250,000 261,875 0.02%Local Insight Regatta Holdings Inc, 11.000%, 01/12/17 75,000 94 0.00%Mediacom Broadband LLC/Mediacom Broadband Corp, 5.500%, 15/04/21144A 1,150,000 1,164,375 0.10%Mediacom Broadband LLC/Mediacom Broadband Corp, 6.375%, 01/04/23 775,000 815,688 0.07%NeuStar Inc, 4.500%, 15/01/23 1,525,000 1,315,313 0.11%Nielsen Finance LLC/Nielsen Finance Co, 5.000%, 15/04/22 144A 1,825,000 1,843,250 0.15%NII Capital Corp, 7.625%, 01/04/21 740,000 212,750 0.02%NII Capital Corp, 8.875%, 15/12/19 650,000 253,500 0.02%NII Capital Corp, 10.000%, 15/08/16 3,050,000 945,500 0.08%PAETEC Holding Corp, 9.875%, 01/12/18 3,178,000 3,424,295 0.29%ProQuest LLC/ProQuest Notes Co, 9.000%, 15/10/18 144A 650,000 687,375 0.06%RCN Telecom Services LLC/RCN Capital Corp, 8.500%, 15/08/20 144A 900,000 963,000 0.08%SBA Communications Corp, 4.875%, 15/07/22 144A 3,950,000 3,895,688 0.33%

146




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Communications - 13.71% (31st December, 2013: 17.41%) (continued)SBA Communications Corp, 5.625%, 01/10/19 775,000 819,563 0.07%Sinclair Television Group Inc, 5.375%, 01/04/21 725,000 730,438 0.06%Sinclair Television Group Inc, 6.375%, 01/11/21 2,350,000 2,499,813 0.21%Sirius XM Radio Inc, 4.625%, 15/05/23 144A 425,000 406,938 0.03%Sirius XM Radio Inc, 5.875%, 01/10/20 144A 750,000 793,125 0.07%Sirius XM Radio Inc, 6.000%, 15/07/24 144A 3,875,000 4,030,000 0.34%Sorenson Communications Inc, 9.000%, 31/10/20 144A 153,061 136,990 0.01%Sorento Holdings LLC/Sorenson Finance Corp, 13.000%, 31/10/21 144A 116,326 106,438 0.01%Sprint Capital Corp, 6.875%, 15/11/28 1,525,000 1,549,781 0.13%Sprint Capital Corp, 6.900%, 01/05/19 975,000 1,073,719 0.09%Sprint Capital Corp, 8.750%, 15/03/32 5,200,000 6,032,000 0.51%Sprint Communications Inc, 9.125%, 01/03/17 125,000 146,563 0.01%Sprint Corp, 7.125%, 15/06/24 144A 2,900,000 3,110,250 0.26%Sprint Corp, 7.250%, 15/09/21 144A 675,000 745,875 0.06%Sprint Corp, 7.875%, 15/09/23 144A 3,775,000 4,237,438 0.36%T-Mobile USA Inc, 5.250%, 01/09/18 2,325,000 2,441,250 0.20%T-Mobile USA Inc, 6.125%, 15/01/22 1,300,000 1,384,500 0.12%T-Mobile USA Inc, 6.250%, 01/04/21 1,100,000 1,171,500 0.10%T-Mobile USA Inc, 6.464%, 28/04/19 250,000 264,375 0.02%T-Mobile USA Inc, 6.542%, 28/04/20 700,000 754,250 0.06%T-Mobile USA Inc, 6.625%, 01/04/23 1,125,000 1,222,031 0.10%T-Mobile USA Inc, 6.731%, 28/04/22 625,000 675,781 0.06%T-Mobile USA Inc, 6.836%, 28/04/23 1,000,000 1,086,250 0.09%tw telecom holdings inc, 5.375%, 01/10/22 700,000 764,750 0.06%tw telecom holdings inc, 6.375%, 01/09/23 1,200,000 1,363,500 0.11%VeriSign Inc, 4.625%, 01/05/23 591,000 580,658 0.05%ViaSat Inc, 6.875%, 15/06/20 650,000 700,375 0.06%Visant Corp, 10.000%, 01/10/17 825,000 769,313 0.06%Wave Holdco LLC/Wave Holdco Corp, 8.250%, 15/07/19 144A 800,000 821,000 0.07%West Corp, 5.375%, 15/07/22 144A 3,400,000 3,366,000 0.28%WideOpenWest Finance LLC/WideOpenWest Capital Corp, 10.250%,15/07/19 400,000 447,000 0.04%Windstream Corp, 6.375%, 01/08/23 5,550,000 5,640,188 0.47%Windstream Corp, 7.500%, 01/06/22 2,125,000 2,313,594 0.19%Windstream Corp, 7.500%, 01/04/23 350,000 378,875 0.03%Windstream Corp, 7.750%, 15/10/20 1,150,000 1,246,313 0.10%Windstream Corp, 7.750%, 01/10/21 325,000 355,063 0.03%Windstream Corp, 7.875%, 01/11/17 508,000 584,835 0.05%Windstream Corp, 8.125%, 01/09/18 745,000 782,995 0.07%Windstream Holding of the Midwest Inc, 6.750%, 01/04/28 900,000 886,500 0.07%

163,377,125 13.71%

Consumer Cyclical - 17.74% (31st December, 2013: 21.11%)24 Hour Holdings III LLC, 8.000%, 01/06/22 144A 150,000 149,625 0.01%99 Cents Only Stores, 11.000%, 15/12/19 800,000 886,000 0.07%Accuride Corp, 9.500%, 01/08/18 1,795,000 1,890,853 0.16%Affinia Group Inc, 7.750%, 01/05/21 1,375,000 1,447,187 0.12%Affinity Gaming/Affinity Gaming Finance Corp, 9.000%, 15/05/18 500,000 527,500 0.04%Alere Inc, 6.500%, 15/06/20 550,000 581,625 0.05%Allegiant Travel Co, 5.500%, 15/07/19 500,000 508,750 0.04%Allegion US Holding Co Inc, 5.750%, 01/10/21 144A 300,000 315,750 0.03%AMC Entertainment Inc, 5.875%, 15/02/22 725,000 754,000 0.06%

147




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Consumer Cyclical - 17.74% (31st December, 2013: 21.11%) (continued)American Airlines 2013-2 Class B Pass Through Trust, 5.600%, 15/07/20144A 194,889 204,633 0.02%American Axle & Manufacturing Inc, 6.250%, 15/03/21 400,000 430,000 0.04%APX Group Inc, 6.375%, 01/12/19 150,000 155,625 0.01%Asbury Automotive Group Inc, 8.375%, 15/11/20 275,000 305,250 0.03%Ashtead Capital Inc, 6.500%, 15/07/22 144A 875,000 952,656 0.08%Ashton Woods USA LLC/Ashton Woods Finance Co, 6.875%, 15/02/21144A 4,650,000 4,650,000 0.39%AutoNation Inc, 5.500%, 01/02/20 375,000 413,906 0.03%AV Homes Inc, 8.500%, 01/07/19 144A 1,200,000 1,206,000 0.10%Avis Budget Car Rental LLC/Avis Budget Finance Inc, 4.875%, 15/11/17 350,000 364,437 0.03%Avis Budget Car Rental LLC/Avis Budget Finance Inc, 5.500%, 01/04/23 550,000 563,750 0.05%Beazer Homes USA Inc, 5.750%, 15/06/19 144A 1,700,000 1,700,000 0.14%Beazer Homes USA Inc, 7.250%, 01/02/23 975,000 1,010,344 0.08%Beazer Homes USA Inc, 8.125%, 15/06/16 700,000 773,500 0.06%BI-LO LLC/BI-LO Finance Corp, 8.625%, 15/09/18 144A 2,000,000 2,030,000 0.17%Brand Energy & Infrastructure Services Inc, 8.500%, 01/12/21 144A 1,200,000 1,278,000 0.11%Buffalo Thunder Development Authority, 9.375%, 15/12/14 144A 350,000 141,750 0.01%Building Materials Holding Corp, 9.000%, 15/09/18 144A 2,275,000 2,457,000 0.21%Burlington Holdings LLC/Burlington Holding Finance Inc, 9.000%,15/02/18 144A 89,000 91,227 0.01%Caesars Entertainment Operating Co Inc, 8.500%, 15/02/20 400,000 337,500 0.03%Caesars Entertainment Operating Co Inc, 9.000%, 15/02/20 2,375,000 1,990,547 0.17%Caesars Entertainment Operating Co Inc, 9.000%, 15/02/20 Series * 450,000 376,875 0.03%Caesars Entertainment Operating Co Inc, 11.250%, 01/06/17 1,425,000 1,311,000 0.11%Carmike Cinemas Inc, 7.375%, 15/05/19 850,000 924,375 0.08%CEC Entertainment Inc, 8.000%, 15/02/22 144A 875,000 901,250 0.08%Cedar Fair LP/Canada's Wonderland Co/Magnum Management Corp,5.250%, 15/03/21 675,000 695,250 0.06%Cedar Fair LP/Canada's Wonderland Co/Magnum Management Corp,5.375%, 01/06/24 144A 4,175,000 4,216,750 0.35%Cedar Fair LP/Canada's Wonderland Co/Magnum Management Corp,9.125%, 01/08/18 1,050,000 1,104,600 0.09%Century Communities Inc, 6.875%, 15/05/22 144A 525,000 536,812 0.05%Ceridian HCM Holding Inc, 11.000%, 15/03/21 144A 550,000 635,250 0.05%Chassix Holdings Inc, 10.000%, 15/12/18 144A 775,000 780,812 0.07%Chinos Intermediate Holdings A Inc, 7.750%, 01/05/19 144A 825,000 829,125 0.07%Choctaw Resort Development Enterprise, 7.250%, 15/11/19 144A 2,150,000 2,123,125 0.18%Choice Hotels International Inc, 5.750%, 01/07/22 500,000 536,630 0.04%Chrysler Group LLC/CG Co-Issuer, Inc, 8.000%, 15/06/19 4,000,000 4,345,000 0.36%Chrysler Group LLC/CG Co-Issuer Inc, 8.250%, 15/06/21 2,850,000 3,216,937 0.27%Churchill Downs Inc, 5.375%, 15/12/21 144A 700,000 717,500 0.06%Cinemark USA Inc, 5.125%, 15/12/22 1,200,000 1,231,500 0.10%Cinemark USA Inc, 7.375%, 15/06/21 375,000 413,437 0.03%Claire's Stores Inc, 8.875%, 15/03/19 975,000 840,937 0.07%Conn's Inc, 7.250%, 15/07/22 144A 800,000 801,000 0.07%Continental Airlines 2012-2 Class B Pass Through Trust, 5.500%, 29/10/20 47,555 49,695 0.00%Continental Airlines 2012-3 Class C Pass Thru Certificates, 6.125%,29/04/18 175,000 187,250 0.02%Dana Holding Corp, 5.375%, 15/09/21 1,575,000 1,645,875 0.14%Dana Holding Corp, 6.000%, 15/09/23 4,958,000 5,255,480 0.44%Dave & Buster's Inc, 11.000%, 01/06/18 150,000 158,625 0.01%DirectBuy Holdings Inc 144A, 12.000%, 31/10/19 73,794 55,346 0.00%

148




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Consumer Cyclical - 17.74% (31st December, 2013: 21.11%) (continued)DR Horton Inc, 3.750%, 01/03/19 1,175,000 1,183,812 0.10%DR Horton Inc, 5.750%, 15/08/23 750,000 806,250 0.07%DriveTime Automotive Group Inc/DT Acceptance Corp, 8.000%, 01/06/21144A 1,425,000 1,453,500 0.12%Exide Technologies, 8.625%, 01/02/18 975,000 585,000 0.05%Express LLC/Express Finance Corp, 8.750%, 01/03/18 1,825,000 1,911,687 0.16%Ferrellgas LP/Ferrellgas Finance Corp, 6.750%, 15/01/22 144A 1,875,000 1,959,375 0.16%Ferrellgas Partners LP/Ferrellgas Partners Finance Corp, 8.625%, 15/06/20 133,000 141,977 0.01%First Cash Financial Services Inc, 6.750%, 01/04/21 144A 600,000 639,000 0.05%Fresenius Medical Care US Finance II Inc, 5.875%, 31/01/22 144A 125,000 137,500 0.01%General Motors Co, 6.250%, 02/10/43 144A 200,000 227,000 0.02%Global Partners LP/GLP Finance Corp, 6.250%, 15/07/22 144A 575,000 575,000 0.05%GLP Capital LP/GLP Financing II Inc, 4.875%, 01/11/20 144A 350,000 360,500 0.03%GLP Capital LP/GLP Financing II Inc, 5.375%, 01/11/23 144A 425,000 440,937 0.04%Golden Nugget Escrow Inc, 8.500%, 01/12/21 144A 2,725,000 2,840,812 0.24%Graton Economic Development Authority, 9.625%, 01/09/19 144A 125,000 142,187 0.01%Group 1 Automotive Inc, 5.000%, 01/06/22 144A 800,000 800,000 0.07%Guitar Center Inc, 6.500%, 15/04/19 144A 750,000 741,562 0.06%Guitar Center Inc, 9.625%, 15/04/20 144A 225,000 214,312 0.02%Gymboree Corp, 9.125%, 01/12/18 1,350,000 907,875 0.08%Hawaiian Airlines 2013-1 Class B Pass Through Certificates, 4.950%,15/01/22 150,000 149,250 0.01%Hillman Group Inc/The, 6.375%, 15/07/22 144A 2,600,000 2,600,000 0.22%Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp, 5.625%,15/10/21 144A 425,000 451,562 0.04%Icon Health & Fitness Inc, 11.875%, 15/10/16 144A 1,525,000 1,505,937 0.13%Inn of the Mountain Gods Resort & Casino, 9.250%, 30/11/20 144A 475,000 472,625 0.04%Intrepid Aviation Group Holdings LLC/Intrepid Finance Co, 6.875%,15/02/19 144A 800,000 844,000 0.07%Isle of Capri Casinos Inc, 5.875%, 15/03/21 375,000 378,750 0.03%JBS USA LLC/JBS USA Finance Inc, 7.250%, 01/06/21 144A 825,000 884,812 0.07%JC Penney Corp. Inc, 6.375%, 15/10/36 400,000 322,000 0.03%JC Penney Corp. Inc, 7.400%, 01/04/37 300,000 258,000 0.02%JC Penney Corp. Inc, 7.950%, 01/04/17 700,000 705,250 0.06%K Hovnanian Enterprises Inc, 6.250%, 15/01/16 675,000 705,375 0.06%K Hovnanian Enterprises Inc, 7.000%, 15/01/19 144A 950,000 969,000 0.08%K Hovnanian Enterprises Inc, 7.500%, 15/05/16 100,000 106,750 0.01%K Hovnanian Enterprises Inc, 11.875%, 15/10/15 450,000 501,750 0.04%KB Home, 4.750%, 15/05/19 325,000 328,250 0.03%KB Home, 7.000%, 15/12/21 1,450,000 1,580,500 0.13%KeHE Distributors LLC/KeHE Finance Corp, 7.625%, 15/08/21 144A 1,150,000 1,253,500 0.11%L Brands Inc, 5.625%, 15/02/22 225,000 243,000 0.02%L Brands Inc, 7.000%, 01/05/20 1,325,000 1,523,750 0.13%L Brands Inc, 8.500%, 15/06/19 800,000 980,000 0.08%Landry's Holdings II Inc, 10.250%, 01/01/18 144A 3,200,000 3,392,000 0.28%Landry's Inc, 9.375%, 01/05/20 144A 1,175,000 1,292,500 0.11%Lear Corp, 5.375%, 15/03/24 950,000 977,312 0.08%Lear Corp, 5.750%, 01/08/14 50,000 1,250 0.00%Lennar Corp, 4.750%, 15/11/22 850,000 843,625 0.07%Lennar Corp, 6.950%, 01/06/18 2,085,000 2,356,050 0.20%Lennar Corp, 12.250%, 01/06/17 125,000 158,750 0.01%LKQ Corp, 4.750%, 15/05/23 275,000 269,844 0.02%Men's Wearhouse Inc/The, 7.000%, 01/07/22 144A 100,000 103,500 0.01%

149




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Consumer Cyclical - 17.74% (31st December, 2013: 21.11%) (continued)Meritage Homes Corp, 4.500%, 01/03/18 175,000 179,813 0.02%Meritage Homes Corp, 7.000%, 01/04/22 350,000 385,438 0.03%Meritage Homes Corp, 7.150%, 15/04/20 525,000 585,375 0.05%Meritor Inc, 6.250%, 15/02/24 325,000 338,813 0.03%MGM Resorts International, 6.625%, 15/07/15 750,000 789,375 0.07%MGM Resorts International, 6.750%, 01/10/20 1,050,000 1,170,750 0.10%MGM Resorts International, 7.750%, 15/03/22 1,735,000 2,038,625 0.17%MGM Resorts International, 8.625%, 01/02/19 775,000 920,312 0.08%MGM Resorts International, 11.375%, 01/03/18 355,000 462,388 0.04%Michaels FinCo Holdings LLC/Michaels FinCo Inc, 7.500%, 01/08/18144A 1,625,000 1,659,531 0.14%Mohegan Tribal Gaming Authority, 6.875%, 15/02/15 775,000 761,438 0.06%Mohegan Tribal Gaming Authority, 7.125%, 15/08/14 25,000 24,940 0.00%Mohegan Tribal Gaming Authority, 9.750%, 01/09/21 250,000 276,250 0.02%Monitronics International Inc, 9.125%, 01/04/20 450,000 480,375 0.04%Mustang Merger Corp, 8.500%, 15/08/21 144A 950,000 1,035,500 0.09%NAI Entertainment Holdings/NAI Entertainment Holdings Finance Corp,5.000%, 01/08/18 144A 1,125,000 1,170,000 0.10%National CineMedia LLC, 6.000%, 15/04/22 675,000 705,375 0.06%Navistar International Corp, 8.250%, 01/11/21 1,475,000 1,545,063 0.13%Neiman Marcus Group LTD LLC, 8.000%, 15/10/21 144A 1,600,000 1,728,000 0.14%Neiman Marcus Group LTD LLC, 8.750%, 15/10/21 144A 1,730,000 1,890,025 0.16%New Academy Finance Co LLC/New Academy Finance Corp, 8.000%,15/06/18 144A 525,000 536,156 0.04%OnCure Holdings Inc, 11.750%, 15/01/17 169,642 186,606 0.02%Oshkosh Corp, 5.375%, 01/03/22 144A 1,550,000 1,596,500 0.13%Palace Entertainment Holdings LLC/Palace Entertainment Holdings Corp,8.875%, 15/04/17 144A 375,000 391,406 0.03%Pantry Inc/The, 8.375%, 01/08/20 625,000 675,000 0.06%PC Nextco Holdings LLC/PC Nextco Finance Inc, 8.750%, 15/08/19 144A 3,025,000 3,085,500 0.26%Peninsula Gaming LLC/Peninsula Gaming Corp, 8.375%, 15/02/18 144A 1,100,000 1,177,000 0.10%Penn National Gaming Inc, 5.875%, 01/11/21 144A 825,000 781,688 0.07%Penske Automotive Group Inc, 5.750%, 01/10/22 875,000 914,375 0.08%Perry Ellis International Inc, 7.875%, 01/04/19 100,000 104,000 0.01%Pinnacle Entertainment Inc, 6.375%, 01/08/21 825,000 872,438 0.07%Pinnacle Entertainment Inc, 7.500%, 15/04/21 425,000 459,531 0.04%Pinnacle Entertainment Inc, 7.750%, 01/04/22 1,835,000 1,995,563 0.17%Pinnacle Merger Sub Inc, 9.500%, 01/10/23 144A 900,000 1,003,500 0.08%Pinnacle Operating Corp, 9.000%, 15/11/20 144A 650,000 705,250 0.06%Post Holdings Inc, 6.750%, 01/12/21 144A 1,475,000 1,572,793 0.13%Post Holdings Inc, 7.375%, 15/02/22 144A 225,000 244,266 0.02%Quiksilver Inc/QS Wholesale Inc, 7.875%, 01/08/18 144A 350,000 356,125 0.03%QVC Inc, 5.125%, 02/07/22 2,000,000 2,127,092 0.18%Regal Entertainment Group, 5.750%, 15/03/22 4,011,000 4,161,413 0.35%Regal Entertainment Group, 5.750%, 15/06/23 575,000 590,813 0.05%Regal Entertainment Group, 5.750%, 01/02/25 125,000 126,563 0.01%Revlon Consumer Products Corp, 5.750%, 15/02/21 1,675,000 1,729,438 0.15%Rite Aid Corp, 6.750%, 15/06/21 7,300,000 7,884,000 0.66%Rite Aid Corp, 6.875%, 15/12/28 144A 1,675,000 1,695,938 0.14%Rite Aid Corp, 7.700%, 15/02/27 775,000 871,875 0.07%Roundy's Supermarkets Inc, 10.250%, 15/12/20 144A 875,000 927,500 0.08%RR Donnelley & Sons Co, 7.000%, 15/02/22 300,000 330,750 0.03%RSI Home Products Inc, 6.875%, 01/03/18 144A 525,000 559,125 0.05%

150




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Consumer Cyclical - 17.74% (31st December, 2013: 21.11%) (continued)rue21 inc, 9.000%, 15/10/21 144A 1,150,000 853,875 0.07%Ryland Group Inc/The, 5.375%, 01/10/22 625,000 620,313 0.05%Ryland Group Inc/The, 6.625%, 01/05/20 200,000 217,000 0.02%Sabre GLBL Inc, 8.500%, 15/05/19 144A 210,000 232,848 0.02%Sally Holdings LLC/Sally Capital Inc, 5.500%, 01/11/23 475,000 489,250 0.04%Sally Holdings LLC/Sally Capital Inc, 5.750%, 01/06/22 725,000 772,125 0.06%Shea Homes LP/Shea Homes Funding Corp, 8.625%, 15/05/19 295,000 321,550 0.03%Sonic Automotive Inc, 5.000%, 15/05/23 3,825,000 3,758,063 0.32%Sonic Automotive Inc, 7.000%, 15/07/22 1,400,000 1,536,500 0.13%Spencer Spirit Holdings Inc, 9.000%, 01/05/18 144A 1,125,000 1,152,675 0.10%Standard Pacific Corp, 8.375%, 15/01/21 1,575,000 1,870,313 0.16%Suburban Propane Partners LP/Suburban Energy Finance Corp, 5.500%,01/06/24 1,250,000 1,262,500 0.11%Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming FinanceCorp, 6.375%, 01/06/21 144A 400,000 392,000 0.03%Taylor Morrison Communities, Inc/Monarch Communities Inc, 5.625%,01/03/24 144A 950,000 940,500 0.08%Tenet Healthcare Corp, 4.500%, 01/04/21 300,000 300,000 0.03%Tenet Healthcare Corp, 8.125%, 01/04/22 4,050,000 4,687,875 0.39%Tenet Healthcare Corp, 8.125%, 01/04/22 144A 225,000 260,438 0.02%Titan International Inc, 6.875%, 01/10/20 144A 800,000 814,000 0.07%TMS International Corp, 7.625%, 15/10/21 144A 225,000 239,625 0.02%Toll Brothers Finance Corp, 4.000%, 31/12/18 625,000 643,750 0.05%Tops Holding II Corp, 8.750%, 15/06/18 1,300,000 1,355,250 0.11%TransUnion Holding Co Inc, 8.125%, 15/06/18 1,025,000 1,070,100 0.09%Travelport LLC, 11.875%, 01/09/16 650,000 663,000 0.06%Travelport LLC/Travelport Holdings Inc, 13.875%, 01/03/16 144A 7,005,259 7,250,443 0.61%Travelport LLC/Travelport Holdings Inc, 6.352%, 01/03/16 144A (FRN) 3,230,015 3,262,315 0.27%United Airlines 2014-1 Class B Pass Through Trust, 4.750%, 11/04/22 375,000 381,094 0.03%United Airlines Inc, 6.750%, 15/09/15 144A 550,000 555,500 0.05%United Continental Holdings Inc, 6.375%, 01/06/18 200,000 216,000 0.02%US Airways 2012-2 Class B Pass Through Trust, 6.750%, 03/06/21 119,925 130,118 0.01%US Airways 2012-2 Class C Pass Through Trust, 5.450%, 03/06/18 125,000 129,063 0.01%US Airways Group Inc, 6.125%, 01/06/18 650,000 684,125 0.06%VWR Funding Inc, 7.250%, 15/09/17 875,000 927,500 0.08%WellCare Health Plans Inc, 5.750%, 15/11/20 1,300,000 1,384,500 0.12%Weyerhaeuser Real Estate Co, 4.375%, 15/06/19 144A 3,550,000 3,558,875 0.30%Weyerhaeuser Real Estate Co, 5.875%, 15/06/24 144A 2,825,000 2,906,219 0.24%William Lyon Homes Inc, 5.750%, 15/04/19 144A 300,000 307,500 0.03%William Lyon Homes Inc, 8.500%, 15/11/20 1,275,000 1,426,406 0.12%WMG Acquisition Corp, 5.625%, 15/04/22 144A 2,400,000 2,415,000 0.20%WMG Acquisition Corp, 6.750%, 15/04/22 144A 625,000 625,000 0.05%WMG Holdings Corp, 13.750%, 01/10/19 100,000 119,750 0.01%Woodside Homes Co LLC/Woodside Homes Finance Inc, 6.750%,15/12/21 144A 575,000 586,500 0.05%

211,364,077 17.74%

Consumer Non-Cyclical - 11.73% (31st December, 2013: 8.19%)21st Century Oncology Inc, 8.875%, 15/01/17 325,000 334,750 0.03%21st Century Oncology Inc, 9.875%, 15/04/17 150,000 138,000 0.01%Acadia Healthcare Co Inc, 5.125%, 01/07/22 144A 450,000 451,687 0.04%Alere Inc, 7.250%, 01/07/18 1,000,000 1,092,500 0.09%American Achievement Corp, 10.875%, 15/04/16 144A 2,000,000 2,065,000 0.17%

151




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Consumer Non-Cyclical - 11.73% (31st December, 2013: 8.19%) (continued)Amsurg Corp, 5.625%, 30/11/20 775,000 781,781 0.07%APX Group Inc, 8.750%, 01/12/20 2,825,000 2,895,625 0.24%APX Group Inc, 8.750%, 01/12/20 144A 300,000 306,000 0.03%Armored Autogroup Inc, 9.250%, 01/11/18 4,175,000 4,378,531 0.37%Avis Budget Car Rental LLC/Avis Budget Finance Inc, 5.125%, 01/06/22144A 2,075,000 2,069,812 0.17%Aviv Healthcare Properties LP/Aviv Healthcare Capital Corp, 6.000%,15/10/21 475,000 501,035 0.04%BakerCorp International Inc, 8.250%, 01/06/19 250,000 258,125 0.02%BioScrip Inc, 8.875%, 15/02/21 144A 800,000 834,000 0.07%C&S Group Enterprises LLC, 5.375%, 15/07/22 144A 1,050,000 1,050,000 0.09%Centene Corp, 4.750%, 15/05/22 625,000 634,375 0.05%Centene Corp, 5.750%, 01/06/17 325,000 353,437 0.03%Central Garden and Pet Co, 8.250%, 01/03/18 875,000 907,812 0.08%Century Intermediate Holding Co 2, 9.750%, 15/02/19 144A 925,000 989,750 0.08%Cenveo Corp, 6.000%, 01/08/19 144A 650,000 650,000 0.05%Cenveo Corp, 8.500%, 15/09/22 144A 525,000 521,062 0.04%Ceridian LLC/Comdata Inc, 8.125%, 15/11/17 144A 2,025,000 2,045,250 0.17%CHS/Community Health Systems Inc, 5.125%, 01/08/21 144A 425,000 436,156 0.04%CHS/Community Health Systems Inc, 6.875%, 01/02/22 144A 3,250,000 3,445,000 0.29%CHS/Community Health Systems Inc, 7.125%, 15/07/20 3,863,000 4,201,012 0.35%Cott Beverages Inc, 5.375%, 01/07/22 144A 4,725,000 4,736,812 0.40%Crimson Merger Sub Inc, 6.625%, 15/05/22 144A 3,000,000 2,970,000 0.25%DaVita HealthCare Partners Inc, 5.125%, 15/07/24 3,375,000 3,398,203 0.29%DaVita HealthCare Partners Inc, 5.750%, 15/08/22 100,000 106,875 0.01%Diamond Foods Inc, 7.000%, 15/03/19 144A 525,000 547,312 0.05%Endo Finance LLC & Endo Finco Inc, 5.375%, 15/01/23 144A 1,325,000 1,325,000 0.11%Endo Finance LLC & Endo Finco Inc, 7.250%, 15/01/22 144A 125,000 135,312 0.01%Endo Finance LLC, 5.750%, 15/01/22 144A 2,325,000 2,377,312 0.20%Envision Healthcare Corp, 5.125%, 01/07/22 144A 2,250,000 2,269,687 0.19%Forest Laboratories Inc, 5.000%, 15/12/21 144A 2,475,000 2,700,844 0.23%H&E Equipment Services Inc, 7.000%, 01/09/22 375,000 413,437 0.03%Harland Clarke Holdings Corp, 6.875%, 01/03/20 144A 475,000 503,500 0.04%Harland Clarke Holdings Corp, 9.250%, 01/03/21 144A 2,600,000 2,723,500 0.23%HCA Holdings Inc, 7.750%, 15/05/21 1,460,000 1,602,350 0.13%HCA Inc, 3.750%, 15/03/19 2,375,000 2,398,750 0.20%Hearthside Group Holdings LLC/Hearthside Finance Co, 6.500%, 01/05/22144A 1,050,000 1,044,750 0.09%Hertz Corp/The, 5.875%, 15/10/20 300,000 315,375 0.03%Hologic Inc, 6.250%, 01/08/20 1,575,000 1,669,500 0.14%Igloo Holdings Corp, 8.250%, 15/12/17 144A 875,000 899,063 0.08%INC Research LLC, 11.500%, 15/07/19 144A 175,000 198,625 0.02%Interactive Data Corp, 5.875%, 15/04/19 144A 1,875,000 1,917,188 0.16%iPayment Holdings Inc, 15.000%, 15/11/18 612,342 214,320 0.02%iPayment Inc, 10.250%, 15/05/18 1,400,000 1,218,000 0.10%Iron Mountain Inc, 5.750%, 15/08/24 2,500,000 2,581,250 0.22%JBS USA LLC/JBS USA Finance Inc, 5.875%, 15/07/24 144A 425,000 422,875 0.04%Kindred Healthcare Inc, 6.375%, 15/04/22 144A 2,750,000 2,770,625 0.23%Lender Processing Services, Inc/Black Knight Lending Solutions Inc,5.750%, 15/04/23 350,000 375,375 0.03%LifePoint Hospitals Inc, 5.500%, 01/12/21 144A 1,925,000 2,016,438 0.17%Live Nation Entertainment Inc, 5.375%, 15/06/22 144A 1,175,000 1,192,625 0.10%Modular Space Corp, 10.250%, 31/01/19 144A 950,000 988,000 0.08%

152




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Consumer Non-Cyclical - 11.73% (31st December, 2013: 8.19%) (continued)Motors Liquidation Co, 8.375%, 15/07/33* 100,000 0 0.00%MPH Acquisition Holdings LLC, 6.625%, 01/04/22 144A 7,825,000 8,235,813 0.69%NES Rentals Holdings Inc, 7.875%, 01/05/18 144A 875,000 929,688 0.08%OnCure Holdings Inc, 11.750%, 15/05/17 475,000 232,156 0.02%Par Pharmaceutical Cos Inc, 7.375%, 15/10/20 1,400,000 1,515,500 0.13%Pinnacle Foods Finance LLC/Pinnacle Foods Finance Corp, 4.875%,01/05/21 500,000 510,650 0.04%Post Holdings Inc, 6.000%, 15/12/22 144A 6,050,000 6,216,375 0.52%ResCare Inc, 10.750%, 15/01/19 125,000 136,563 0.01%Reynolds Group Issuer Inc/Reynolds Group Issuer LLC/Reynolds GroupIssuer Lu, 5.750%, 15/10/20 300,000 316,500 0.03%Reynolds Group Issuer Inc/Reynolds Group Issuer LLC/Reynolds GroupIssuer Lu, 7.125%, 15/04/19 300,000 313,500 0.03%Reynolds Group Issuer Inc/Reynolds Group Issuer LLC/Reynolds GroupIssuer Lu, 8.250%, 15/02/21 1,150,000 1,244,875 0.10%Reynolds Group Issuer Inc/Reynolds Group Issuer LLC/Reynolds GroupIssuer Lu, 8.500%, 15/05/18 1,050,000 1,098,563 0.09%Reynolds Group Issuer Inc/Reynolds Group Issuer LLC/Reynolds GroupIssuer Lu, 9.000%, 15/04/19 2,825,000 2,987,438 0.25%Reynolds Group Issuer Inc/Reynolds Group Issuer LLC/Reynolds GroupIssuer Lu, 9.875%, 15/08/19 9,607,000 10,585,713 0.89%RR Donnelley & Sons Co, 6.000%, 01/04/24 1,025,000 1,030,125 0.09%RR Donnelley & Sons Co, 6.500%, 15/11/23 921,000 962,445 0.08%Select Medical Corp, 6.375%, 01/06/21 144A 325,000 339,625 0.03%Service Corp International/US, 5.375%, 15/01/22 1,075,000 1,118,000 0.09%Service Corp International/US, 5.375%, 15/05/24 144A 575,000 588,685 0.05%Service Corp International/US, 7.000%, 15/06/17 25,000 27,970 0.00%ServiceMaster Co/TN, 7.000%, 15/08/20 200,000 213,000 0.02%ServiceMaster Co/TN, 8.000%, 15/02/20 675,000 729,844 0.06%Spectrum Brands Inc, 6.375%, 15/11/20 500,000 537,500 0.04%Spectrum Brands Inc, 6.625%, 15/11/22 125,000 135,313 0.01%Teleflex Inc, 5.250%, 15/06/24 144A 125,000 126,719 0.01%Tenet Healthcare Corp, 5.000%, 01/03/19 144A 4,425,000 4,469,250 0.38%Tenet Healthcare Corp, 6.000%, 01/10/20 350,000 381,675 0.03%United Rentals North America Inc, 5.750%, 15/11/24 8,830,000 9,183,200 0.77%United Rentals North America Inc, 6.125%, 15/06/23 600,000 644,250 0.05%United Rentals North America Inc, 7.375%, 15/05/20 925,000 1,019,234 0.09%United Rentals North America Inc, 7.625%, 15/04/22 811,000 914,403 0.08%United Rentals North America Inc, 8.250%, 01/02/21 675,000 751,781 0.06%Universal Hospital Services Inc, 7.625%, 15/08/20 900,000 942,750 0.08%US Foods Inc, 8.500%, 30/06/19 1,295,000 1,386,298 0.12%Valeant Pharmaceuticals International, 6.875%, 01/12/18 144A 475,000 497,563 0.04%Valeant Pharmaceuticals International, 7.250%, 15/07/22 144A 575,000 623,875 0.05%Vector Group Ltd, 7.750%, 15/02/21 750,000 802,500 0.07%Wells Enterprises Inc, 6.750%, 01/02/20 144A 540,000 565,002 0.05%

139,687,944 11.73%

Diversified - 0.57% (31st December, 2013: 0.49%)Carlson Travel Holdings Inc, 7.500%, 15/08/19 144A 1,600,000 1,632,000 0.14%Harbinger Group Inc, 7.750%, 15/01/22 1,650,000 1,687,125 0.14%Harbinger Group Inc, 7.875%, 15/07/19 112,000 122,500 0.01%Opal Acquisition Inc, 8.875%, 15/12/21 144A 3,150,000 3,315,375 0.28%

6,757,000 0.57%

153




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Energy - 11.31% (31st December, 2013: 10.28%)Alpha Natural Resources Inc, 6.000%, 01/06/19 1,225,000 891,187 0.07%Alpha Natural Resources Inc, 6.250%, 01/06/21 1,275,000 905,250 0.08%Alpha Natural Resources Inc, 7.500%, 01/08/20 144A 450,000 436,500 0.04%Alpha Natural Resources Inc, 9.750%, 15/04/18 850,000 784,125 0.06%Alta Mesa Holdings LP/Alta Mesa Finance Services Corp, 9.625%,15/10/18 450,000 472,500 0.04%Antero Resources Corp, 5.125%, 01/12/22 144A 525,000 538,125 0.04%Antero Resources Finance Corp, 5.375%, 01/11/21 825,000 862,125 0.07%Approach Resources Inc, 7.000%, 15/06/21 1,225,000 1,280,125 0.11%Arch Coal Inc, 7.000%, 15/06/19 700,000 530,250 0.04%Arch Coal Inc, 8.000%, 15/01/19 144A 325,000 321,750 0.03%Arch Coal Inc, 9.875%, 15/06/19 2,050,000 1,747,625 0.15%Athlon Holdings LP/Athlon Finance Corp, 6.000%, 01/05/22 144A 1,550,000 1,596,500 0.13%Berry Petroleum Co LLC, 6.375%, 15/09/22 1,300,000 1,384,500 0.12%Chaparral Energy Inc, 7.625%, 15/11/22 850,000 918,000 0.08%Chaparral Energy Inc, 9.875%, 01/10/20 200,000 226,000 0.02%Chesapeake Energy Corp, 4.875%, 15/04/22 7,250,000 7,512,812 0.63%Chesapeake Energy Corp, 5.375%, 15/06/21 850,000 907,375 0.08%Chesapeake Energy Corp, 5.750%, 15/03/23 425,000 473,875 0.04%Chesapeake Energy Corp, 6.875%, 15/11/20 300,000 348,750 0.03%Chesapeake Oilfield Operating LLC/Chesapeake Oilfield Finance Inc,6.625%, 15/11/19 100,000 107,875 0.01%Cimarex Energy Co, 4.375%, 01/06/24 10,450,000 10,606,750 0.89%Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp,6.375%, 15/03/24 1,850,000 1,933,250 0.16%Comstock Resources Inc, 7.750%, 01/04/19 200,000 213,000 0.02%Concho Resources Inc, 6.500%, 15/01/22 200,000 220,500 0.02%CONSOL Energy Inc, 5.875%, 15/04/22 144A 650,000 684,937 0.06%Continental Resources Inc/OK, 4.500%, 15/04/23 225,000 240,070 0.02%Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp,6.000%, 15/12/20 425,000 446,250 0.04%Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp,6.125%, 01/03/22 144A 475,000 499,937 0.04%CVR Refining LLC/Coffeyville Finance Inc, 6.500%, 01/11/22 375,000 395,625 0.03%Denbury Resources Inc, 4.625%, 15/07/23 325,000 313,625 0.03%Denbury Resources Inc, 5.500%, 01/05/22 3,645,000 3,736,125 0.31%El Paso LLC, 7.000%, 15/06/17 550,000 618,750 0.05%Energy Transfer Equity LP, 5.875%, 15/01/24 144A 525,000 547,312 0.05%Energy XXI Gulf Coast Inc, 6.875%, 15/03/24 144A 1,125,000 1,147,500 0.10%Energy XXI Gulf Coast Inc, 7.500%, 15/12/21 2,100,000 2,268,000 0.19%EnLink Midstream Partners LP/EnLink Midstream Finance Corp, 7.125%,01/06/22 767,000 889,241 0.07%EP Energy LLC/Everest Acquisition Finance Inc, 7.750%, 01/09/22 75,000 84,375 0.01%EXCO Resources Inc, 8.500%, 15/04/22 1,550,000 1,672,062 0.14%First Wind Capital LLC, 10.250%, 01/06/18 144A 325,000 347,750 0.03%Forbes Energy Services Ltd, 9.000%, 15/06/19 575,000 596,562 0.05%Halcon Resources Corp, 8.875%, 15/05/21 3,950,000 4,246,250 0.36%Halcon Resources Corp, 9.750%, 15/07/20 1,500,000 1,646,250 0.14%Hercules Offshore Inc, 10.250%, 01/04/19 144A 525,000 577,500 0.05%Hercules Offshore Inc, 6.750%, 01/04/22 144A 3,050,000 2,905,125 0.24%Hercules Offshore Inc, 7.500%, 01/10/21 144A 2,250,000 2,227,500 0.19%Hercules Offshore Inc, 8.750%, 15/07/21 144A 525,000 551,250 0.05%Hiland Partners LP/Hiland Partners Finance Corp, 5.500%, 15/05/22 144A 375,000 380,625 0.03%

154




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Energy - 11.31% (31st December, 2013: 10.28%) (continued)Hiland Partners LP/Hiland Partners Finance Corp, 7.250%, 01/10/20 144A 875,000 953,750 0.08%Hilcorp Energy I LP/Hilcorp Finance Co, 5.000%, 01/12/24 144A 1,850,000 1,856,937 0.16%James River Coal Co, 7.875%, 01/04/19 175,000 21,437 0.00%Kinder Morgan Inc/DE, 5.000%, 15/02/21 144A 275,000 285,312 0.02%Kinder Morgan Inc/DE, 5.625%, 15/11/23 144A 1,025,000 1,058,312 0.09%Laredo Petroleum Inc, 5.625%, 15/01/22 900,000 924,750 0.08%Laredo Petroleum Inc, 7.375%, 01/05/22 400,000 447,000 0.04%Laredo Petroleum Inc, 9.500%, 15/02/19 250,000 274,375 0.02%Linn Energy LLC/Linn Energy Finance Corp, 8.625%, 15/04/20 500,000 539,375 0.04%Lonestar Resources America Inc, 8.750%, 15/04/19 144A 650,000 656,500 0.05%Magnum Hunter Resources Corp, 9.750%, 15/05/20 3,200,000 3,536,000 0.30%MarkWest Energy Partners LP/MarkWest Energy Finance Corp, 6.250%,15/06/22 850,000 928,625 0.08%Memorial Resource Development Corp, 5.875%, 01/07/22 144A 1,575,000 1,586,813 0.13%Midstates Petroleum Co Inc/Midstates Petroleum Co LLC, 10.750%,01/10/20 2,100,000 2,383,500 0.20%Midstates Petroleum Co Inc/Midstates Petroleum Co LLC, 9.250%,01/06/21 750,000 823,125 0.07%Murray Energy Corp, 8.625%, 15/06/21 144A 575,000 622,438 0.05%Northern Oil & Gas Inc, 8.000%, 01/06/20 300,000 321,000 0.03%Oasis Petroleum Inc, 6.500%, 01/11/21 100,000 107,250 0.01%Parker Drilling Co, 6.750%, 15/07/22 144A 650,000 676,000 0.06%Parsley Energy LLC/Parsley Finance Corp, 7.500%, 15/02/22 144A 250,000 266,875 0.02%Peabody Energy Corp, 6.250%, 15/11/21 750,000 750,938 0.06%Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp,6.500%, 15/05/21 3,425,000 3,733,250 0.31%Pioneer Energy Services Corp, 6.125%, 15/03/22 144A 650,000 673,563 0.06%Plains Exploration & Production Co, 8.625%, 15/10/19 275,000 294,250 0.02%Quicksilver Resources Inc, 9.125%, 15/08/19 375,000 346,875 0.03%Range Resources Corp, 5.000%, 15/03/23 2,175,000 2,316,375 0.19%Regency Energy Partners LP/Regency Energy Finance Corp, 4.500%,01/11/23 150,000 149,625 0.01%Regency Energy Partners LP/Regency Energy Finance Corp, 5.875%,01/03/22 1,900,000 2,066,250 0.17%Rose Rock Midstream LP/Rose Rock Finance Corp, 5.625%, 15/07/22144A 1,900,000 1,900,000 0.16%Rosetta Resources Inc, 5.875%, 01/06/24 1,375,000 1,430,000 0.12%Sabine Pass Liquefaction LLC, 5.625%, 01/02/21 850,000 898,875 0.07%Sabine Pass Liquefaction LLC, 5.625%, 15/04/23 1,575,000 1,645,875 0.14%Sabine Pass Liquefaction LLC, 5.625%, 15/04/23 144A 300,000 313,500 0.03%Sabine Pass Liquefaction LLC, 5.750%, 15/05/24 144A 4,300,000 4,493,500 0.38%Sabine Pass Liquefaction LLC, 6.250%, 15/03/22 144A 1,875,000 2,039,063 0.17%Samson Investment Co, 10.750%, 15/02/20 144A 1,300,000 1,374,750 0.11%Sanchez Energy Corp, 6.125%, 15/01/23 144A 5,725,000 5,911,063 0.50%SandRidge Energy Inc, 7.500%, 15/02/23 1,225,000 1,326,063 0.11%SandRidge Energy Inc, 7.500%, 15/03/21 950,000 1,029,563 0.09%SandRidge Energy Inc, 8.125%, 15/10/22 2,700,000 2,970,000 0.25%SandRidge Energy Inc, 8.750%, 15/01/20 1,525,000 1,639,375 0.14%Seitel Inc, 9.500%, 15/04/19 525,000 564,375 0.05%SESI LLC, 7.125%, 15/12/21 400,000 452,000 0.04%Seventy Seven Energy Inc, 6.500%, 15/07/22 144A 3,750,000 3,843,750 0.32%Sidewinder Drilling Inc, 9.750%, 15/11/19 144A 925,000 938,875 0.08%SM Energy Co, 6.500%, 01/01/23 600,000 649,500 0.05%

155




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Energy - 11.31% (31st December, 2013: 10.28%) (continued)SM Energy Co, 6.500%, 15/11/21 300,000 324,750 0.03%Southern Star Central Corp, 5.125%, 15/07/22 144A 2,225,000 2,241,688 0.19%Summit Midstream Holdings LLC/Summit Midstream Finance Corp,7.500%, 01/07/21 750,000 817,500 0.07%SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp,7.375%, 01/02/20 144A 250,000 266,875 0.02%SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp,7.375%, 01/02/20 144a 700,000 747,250 0.06%Talos Production LLC/Talos Production Finance Inc, 9.750%, 15/02/18144A 1,350,000 1,431,000 0.12%Tesoro Corp, 5.125%, 01/04/24 1,600,000 1,612,000 0.13%Tesoro Logistics LP/Tesoro Logistics Finance Corp, 5.875%, 01/10/20 480,000 504,000 0.04%Tesoro Logistics LP/Tesoro Logistics Finance Corp, 6.125%, 15/10/21 950,000 1,007,000 0.08%Unit Corp, 6.625%, 15/05/21 200,000 213,000 0.02%United Refining Co, 10.500%, 28/02/18 427,000 466,498 0.04%Williams Cos Inc/The, 4.550%, 24/06/24 350,000 352,449 0.03%Williams Cos Inc/The, 5.750%, 24/06/44 550,000 552,758 0.05%

134,798,765 11.31%

Financial - 9.95% (31st December, 2013: 6.90%)AAF Holdings LLC/AAF Finance Co, 12.000%, 01/07/19 144A 1,025,000 1,051,906 0.09%Affinion Investments LLC, 13.500%, 15/08/18 144A 779,500 810,680 0.07%Air Lease Corp, 4.750%, 01/03/20 150,000 161,625 0.01%Ally Financial Inc, 2.750%, 30/01/17 5,000,000 5,056,250 0.42%Ally Financial Inc, 3.500%, 27/01/19 1,500,000 1,515,000 0.13%Ally Financial Inc, 4.750%, 10/09/18 2,000,000 2,127,500 0.18%Ally Financial Inc, 5.500%, 15/02/17 3,850,000 4,172,437 0.35%Ally Financial Inc, 8.000%, 15/03/20 725,000 884,500 0.07%Ally Financial Inc, 8.000%, 01/11/31 3,600,000 4,621,500 0.39%American Capital Ltd, 6.500%, 15/09/18 144A 600,000 639,000 0.05%Ares Capital Corp, 4.875%, 30/11/18 150,000 159,624 0.01%Bank of America Corp, 5.200%, 29/12/49 1,975,000 1,893,531 0.16%Capmark Financial Group Inc, 0.000%, 31/12/49 150,000 2,775 0.00%Capmark Financial Group Inc, 7.875%, 10/05/15 200,000 3,700 0.00%CBRE Services Inc, 6.625%, 15/10/20 125,000 132,656 0.01%CIT Group Inc, 3.875%, 19/02/19 830,000 842,948 0.07%CIT Group Inc, 5.000%, 01/08/23 1,075,000 1,100,531 0.09%CIT Group Inc, 5.500%, 15/02/19 144A 460,000 498,525 0.04%Citigroup Inc, 5.350%, 29/04/49 2,050,000 1,973,125 0.17%Citigroup Inc, 5.950%, 29/07/49 2,325,000 2,358,131 0.20%CNG Holdings Inc/OH, 9.375%, 15/05/20 144A 725,000 602,656 0.05%Cogent Communications Finance Inc, 5.625%, 15/04/21 144A 2,375,000 2,357,187 0.20%Community Choice Financial Inc, 10.750%, 01/05/19 925,000 797,812 0.07%Denver Parent Corp, 12.250%, 15/08/18 144A 1,075,000 1,032,000 0.09%DuPont Fabros Technology LP, 5.875%, 15/09/21 500,000 522,500 0.04%Forestar USA Real Estate Group Inc, 8.500%, 01/06/22 144A 200,000 207,000 0.02%General Motors Financial Co Inc, 3.250%, 15/05/18 100,000 101,500 0.01%General Motors Financial Co Inc, 4.250%, 15/05/23 825,000 823,969 0.07%Geo Group Inc/The, 5.875%, 15/01/22 1,400,000 1,470,000 0.12%Goldman Sachs Group Inc/The, 5.700%, 29/12/49 275,000 282,546 0.02%Hockey Merger Sub 2 Inc, 7.875%, 01/10/21 144A 2,975,000 3,186,969 0.27%Hunt Cos Inc, 9.625%, 01/03/21 144A 1,150,000 1,204,625 0.10%Icahn Enterprises LP/Icahn Enterprises Finance Corp, 4.875%, 15/03/19 1,150,000 1,183,781 0.10%

156




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Financial - 9.95% (31st December, 2013: 6.90%) (continued)Icahn Enterprises LP/Icahn Enterprises Finance Corp, 3.500%, 15/03/17 4,050,000 4,095,563 0.34%Icahn Enterprises LP/Icahn Enterprises Finance Corp, 5.875%, 01/02/22 1,250,000 1,309,375 0.11%Icahn Enterprises LP/Icahn Enterprises Finance Corp, 6.000%, 01/08/20 1,550,000 1,666,250 0.14%ILFC E-Capital Trust I, 5.020%, 21/12/65 144A 200,000 195,750 0.02%International Lease Finance Corp, 5.875%, 01/04/19 550,000 605,000 0.05%International Lease Finance Corp, 8.625%, 15/01/22 300,000 378,000 0.03%International Lease Finance Corp, 8.875%, 01/09/17 200,000 236,750 0.02%iStar Financial Inc, 3.875%, 01/07/16 275,000 279,812 0.02%iStar Financial Inc, 4.000%, 01/11/17 800,000 804,000 0.07%iStar Financial Inc, 5.000%, 01/07/19 1,200,000 1,200,000 0.10%Jefferies Finance LLC/JFIN Co-Issuer Corp, 6.875%, 15/04/22 144A 400,000 404,000 0.03%JPMorgan Chase & Co, 5.000%, 29/12/49 3,650,000 3,637,247 0.31%JPMorgan Chase & Co, 5.150%, 29/12/49 925,000 883,375 0.07%JPMorgan Chase & Co, 6.000%, 29/12/49 4,425,000 4,513,500 0.38%JPMorgan Chase & Co, 6.125%, 29/12/49 3,025,000 3,092,110 0.26%JPMorgan Chase & Co, 6.750%, 29/01/49 1,275,000 1,372,219 0.11%KCG Holdings Inc, 8.250%, 15/06/18 144A 4,000,000 4,245,000 0.36%Kennedy-Wilson Inc, 5.875%, 01/04/24 1,420,000 1,441,300 0.12%Kennedy-Wilson Inc, 8.750%, 01/04/19 350,000 379,750 0.03%Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp,7.375%, 01/10/17 900,000 969,750 0.08%Lehman Brothers Holdings Inc, 6.875%, 02/05/18 1,875,000 375,000 0.03%MBIA Inc, 7.150%, 15/07/27 225,000 245,250 0.02%MBIA Insurance Corp, 11.486%, 15/01/33 144A 1,500,000 1,185,000 0.10%MPT Operating Partnership LP/MPT Finance Corp, 6.375%, 15/02/22 525,000 563,063 0.05%National Financial Partners Corp, 9.000%, 15/07/21 144A 200,000 218,000 0.02%Nationstar Mortgage LLC/Nationstar Capital Corp, 7.875%, 01/10/20 195,000 205,238 0.02%Nationstar Mortgage LLC/Nationstar Capital Corp, 6.500%, 01/06/22 1,725,000 1,716,375 0.14%Nationstar Mortgage LLC/Nationstar Capital Corp, 6.500%, 01/07/21 1,675,000 1,670,813 0.14%Nationstar Mortgage LLC/Nationstar Capital Corp, 6.500%, 01/08/18 675,000 695,250 0.06%Nationstar Mortgage LLC/Nationstar Capital Corp, 9.625%, 01/05/19 175,000 195,125 0.02%Navient Corp, 5.500%, 15/01/19 1,575,000 1,669,500 0.14%Navient Corp, 5.500%, 25/01/23 1,600,000 1,586,000 0.13%Navient Corp, 6.125%, 25/03/24 4,025,000 4,080,344 0.34%Navient Corp, 8.000%, 25/03/20 2,350,000 2,717,188 0.23%Nuveen Investments Inc, 9.125%, 15/10/17 144A 1,675,000 1,815,281 0.15%Oppenheimer Holdings Inc, 8.750%, 15/04/18 194,000 207,095 0.02%Outerwall Inc, 5.875%, 15/06/21 144A 1,950,000 1,964,625 0.16%Prospect Holding Co LLC/Prospect Holding Finance Co, 10.250%,01/10/18 144A 675,000 668,250 0.06%Radian Group Inc, 5.500%, 01/06/19 925,000 943,500 0.08%Realogy Group LLC/Realogy Co-Issuer Corp, 4.500%, 15/04/19 144A 6,675,000 6,658,313 0.56%RHP Hotel Properties LP/RHP Finance Corp, 5.000%, 15/04/21 250,000 249,375 0.02%Sabra Health Care LP/Sabra Capital Corp, 5.500%, 01/02/21 525,000 551,250 0.05%Sophia Holding Finance LP/Sophia Holding Finance Inc, 9.625%, 01/12/18144A 1,425,000 1,482,000 0.12%Springleaf Finance Corp, 6.000%, 01/06/20 2,450,000 2,535,750 0.21%Springleaf Finance Corp, 6.900%, 15/12/17 4,500,000 4,983,750 0.42%Springleaf Finance Corp, 7.750%, 01/10/21 375,000 421,875 0.04%Springleaf Finance Corp, 8.250%, 01/10/23 375,000 427,500 0.04%TMX Finance LLC/TitleMax Finance Corp, 8.500%, 15/09/18 144A 625,000 662,500 0.06%USI Inc/NY, 7.750%, 15/01/21 144A 1,575,000 1,618,313 0.14%

157




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Financial - 9.95% (31st December, 2013: 6.90%) (continued)Wells Fargo & Co, 5.900%, 29/12/49 700,000 742,000 0.06%

118,540,763 9.95%

Industrial - 6.53% (31st December, 2013: 5.73%)Actuant Corp, 5.625%, 15/06/22 100,000 105,000 0.01%ADS Waste Holdings Inc, 8.250%, 01/10/20 775,000 837,000 0.07%Amsted Industries Inc, 5.000%, 15/03/22 144A 350,000 350,000 0.03%Artesyn Escrow Inc, 9.750%, 15/10/20 144A 1,325,000 1,301,812 0.11%Associated Materials LLC/AMH New Finance Inc, 9.125%, 01/11/17 225,000 233,437 0.02%B/E Aerospace Inc, 5.250%, 01/04/22 1,450,000 1,576,875 0.13%Ball Corp, 5.000%, 15/03/22 2,425,000 2,485,625 0.21%Belden Inc, 5.250%, 15/07/24 144A 1,725,000 1,737,937 0.15%BlueLine Rental Finance Corp, 7.000%, 01/02/19 144A 550,000 587,812 0.05%BOE Intermediate Holding Corp, 9.000%, 01/11/17 144A 904,585 948,684 0.08%BOE Merger Corp, 9.500%, 01/11/17 144A 1,200,000 1,264,500 0.11%Boise Cascade Co, 6.375%, 01/11/20 375,000 403,125 0.03%Builders FirstSource Inc, 7.625%, 01/06/21 144A 850,000 909,500 0.08%Case New Holland Industrial Inc, 7.875%, 01/12/17 550,000 640,750 0.05%CBC Ammo LLC/CBC FinCo Inc, 7.250%, 15/11/21 144A 475,000 490,437 0.04%Cemex Finance LLC, 6.000%, 01/04/24 144A 1,200,000 1,249,500 0.11%CNH Industrial Capital LLC, 3.375%, 15/07/19 144A 825,000 818,812 0.07%CNH Industrial Capital LLC, 3.625%, 15/04/18 275,000 280,844 0.02%Colt Defense LLC/Colt Finance Corp, 8.750%, 15/11/17 1,850,000 1,517,000 0.13%Consolidated Container Co LLC/Consolidated Container Capital Inc,10.125%, 15/07/20 144A 375,000 379,688 0.03%Constellation Enterprises LLC, 10.625%, 01/02/16 144A 25,000 23,125 0.00%Covanta Holding Corp, 5.875%, 01/03/24 975,000 1,009,125 0.08%CPG Merger Sub LLC, 8.000%, 01/10/21 144A 1,475,000 1,552,437 0.13%CTP Transportation Products LLC/CTP Finance Inc, 8.250%, 15/12/19144A 275,000 296,312 0.02%Dynacast International LLC/Dynacast Finance Inc, 9.250%, 15/07/19 325,000 359,125 0.03%Exopack Holding Corp, 10.000%, 01/06/18 144A 225,000 241,875 0.02%FGI Operating Co LLC/FGI Finance, Inc, 7.875%, 01/05/20 125,000 133,125 0.01%Flexi-Van Leasing Inc, 7.875%, 15/08/18 144A 1,150,000 1,244,875 0.10%Florida East Coast Holdings Corp, 6.750%, 01/05/19 144A 525,000 554,531 0.05%Florida East Coast Holdings Corp, 9.750%, 01/05/20 144A 725,000 765,781 0.06%Gates Global LLC/Gates Global Co, 6.000%, 15/07/22 144A 3,500,000 3,500,000 0.29%GenCorp Inc, 7.125%, 15/03/21 2,175,000 2,376,188 0.20%Gibraltar Industries Inc, 6.250%, 01/02/21 200,000 207,500 0.02%GrafTech International Ltd, 6.375%, 15/11/20 325,000 334,750 0.03%Griffon Corp, 5.250%, 01/03/22 1,675,000 1,662,438 0.14%Hawker Beechcraft Acquisition Co LLC/Hawker Beechcraft Notes Co,9.750%, 01/04/17 50,000 63 0.00%Headwaters Inc, 7.250%, 15/01/19 144A 375,000 397,500 0.03%Huntington Ingalls Industries Inc, 7.125%, 15/03/21 325,000 354,250 0.03%Interline Brands Inc, 10.000%, 15/11/18 975,000 1,043,250 0.09%Jack Cooper Holdings Corp, 9.250%, 01/06/20 144A 1,475,000 1,622,500 0.14%JCH Parent Inc, 10.500%, 15/03/19 144A 1,450,000 1,453,625 0.12%Jurassic Holdings III Inc, 6.875%, 15/02/21 144A 1,500,000 1,533,750 0.13%Kenan Advantage Group Inc/The, 8.375%, 15/12/18 144A 575,000 615,250 0.05%Louisiana-Pacific Corp, 7.500%, 01/06/20 575,000 632,500 0.05%Manitowoc Co Inc/The, 5.875%, 15/10/22 250,000 273,125 0.02%

158




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Industrial - 6.53% (31st December, 2013: 5.73%) (continued)Marquette Transportation Co/Marquette Transportation Finance Corp,10.875%, 15/01/17 100,000 105,950 0.01%Martin Midstream Partners LP/Martin Midstream Finance Corp, 7.250%,15/02/21 850,000 901,000 0.08%Masco Corp, 6.125%, 03/10/16 975,000 1,073,719 0.09%Michael Baker Holdings LLC/Micahel Baker Finance Corp, 8.875%,15/04/19 144A 625,000 625,000 0.05%Michael Baker International LLC/CDL Acquisition Co Inc, 8.250%,15/10/18 144A 275,000 291,500 0.02%Milacron LLC/Mcron Finance Corp, 7.750%, 15/02/21 144A 1,575,000 1,724,625 0.14%NANA Development Corp, 9.500%, 15/03/19 144A 650,000 633,750 0.05%Neovia Logistics Intermediate Holdings LLC/Logistics IntermediateFinance Corp, 10.000%, 15/02/18 144A 1,075,000 1,109,938 0.09%New Enterprise Stone & Lime Co Inc, 11.000%, 01/09/18 450,000 429,750 0.04%New Enterprise Stone & Lime Co Inc, 13.000%, 15/03/18 640,754 717,644 0.06%Nortek Inc, 8.500%, 15/04/21 1,300,000 1,439,750 0.12%Polymer Group Inc, 6.875%, 01/06/19 144A 2,475,000 2,515,219 0.21%Sanmina Corp, 4.375%, 01/06/19 144A 1,875,000 1,877,344 0.16%Sealed Air Corp, 5.250%, 01/04/23 144A 950,000 964,250 0.08%Sealed Air Corp, 8.125%, 15/09/19 144A 275,000 304,563 0.03%Spirit AeroSystems Inc, 5.250%, 15/03/22 144A 1,275,000 1,294,125 0.11%Spirit AeroSystems Inc, 6.750%, 15/12/20 925,000 994,375 0.08%Summit Materials LLC/Summit Materials Finance Corp, 10.500%,31/01/20 725,000 813,813 0.07%Swift Services Holdings Inc, 10.000%, 15/11/18 4,925,000 5,312,844 0.45%Terex Corp, 6.000%, 15/05/21 300,000 321,000 0.03%TRAC Intermodal LLC/TRAC Intermodal Corp, 11.000%, 15/08/19 700,000 801,500 0.07%TransDigm Inc, 6.000%, 15/07/22 144A 2,400,000 2,460,000 0.21%TransDigm Inc, 6.500%, 15/07/24 144A 2,950,000 3,068,000 0.26%TransDigm Inc, 7.500%, 15/07/21 1,300,000 1,443,000 0.12%Triumph Group Inc, 5.250%, 01/06/22 144A 900,000 906,750 0.08%Vander Intermediate Holding II Corp, 9.750%, 01/02/19 144A 400,000 429,000 0.04%Watco Cos LLC/Watco Finance Corp, 6.375%, 01/04/23 144A 425,000 433,500 0.04%Waterjet Holdings Inc, 7.625%, 01/02/20 144A 450,000 477,000 0.04%Wise Metals Group LLC/Wise Alloys Finance Corp, 8.750%, 15/12/18144A 2,900,000 3,146,500 0.26%Wise Metals Intermediate Holdings LLC/Wise Holdings Finance Corp,9.750%, 15/06/19 144A 800,000 816,000 0.07%

77,736,747 6.53%

Technology - 4.55% (31st December, 2013: 4.33%)Activision Blizzard Inc, 5.625%, 15/09/21 144A 525,000 567,000 0.05%Activision Blizzard Inc, 6.125%, 15/09/23 144A 2,600,000 2,860,000 0.24%Advanced Micro Devices Inc, 6.750%, 01/03/19 144A 1,550,000 1,650,750 0.14%Advanced Micro Devices Inc, 7.000%, 01/07/24 144A 5,275,000 5,380,500 0.45%Amkor Technology Inc, 6.375%, 01/10/22 175,000 186,812 0.02%Amkor Technology Inc, 6.625%, 01/06/21 1,075,000 1,147,562 0.10%Audatex North America Inc, 6.000%, 15/06/21 144A 975,000 1,038,375 0.09%Audatex North America Inc, 6.125%, 01/11/23 144A 1,475,000 1,574,562 0.13%BMC Software Finance Inc, 8.125%, 15/07/21 144A 2,725,000 2,793,125 0.23%Boxer Parent Co Inc, 9.000%, 15/10/19 144A 1,075,000 1,048,125 0.09%Brocade Communications Systems Inc, 4.625%, 15/01/23 225,000 217,125 0.02%Compiler Finance Sub Inc, 7.000%, 01/05/21 144A 525,000 532,875 0.04%

159




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Technology - 4.55% (31st December, 2013: 4.33%) (continued)Eagle Midco Inc, 9.000%, 15/06/18 144A 325,000 336,375 0.03%Entegris Inc, 6.000%, 01/04/22 144A 325,000 334,750 0.03%First Data Corp, 10.625%, 15/06/21 2,875,000 3,356,563 0.28%First Data Corp, 11.750%, 15/08/21 8,576,250 10,195,017 0.86%First Data Holdings Inc, 14.500%, 24/09/19 144A 4,402,506 4,908,794 0.41%Freescale Semiconductor Inc, 6.000%, 15/01/22 144A 2,350,000 2,508,625 0.21%iGATE Corp, 4.750%, 15/04/19 144A 150,000 152,625 0.01%IMS Health Inc, 6.000%, 01/11/20 144A 620,000 655,650 0.05%Infor Software Parent LLC/Infor Software Parent Inc, 7.125%, 01/05/21144A 1,825,000 1,866,063 0.16%Infor US Inc, 9.375%, 01/04/19 900,000 1,002,375 0.08%Micron Technology Inc, 5.875%, 15/02/22 144A 2,525,000 2,714,375 0.23%NCR Corp, 5.000%, 15/07/22 300,000 303,750 0.03%NCR Corp, 5.875%, 15/12/21 144A 375,000 396,563 0.03%NCR Corp, 6.375%, 15/12/23 144A 1,400,000 1,519,000 0.13%Southern Graphics Inc, 8.375%, 15/10/20 144A 650,000 689,000 0.06%SRA International Inc, 11.000%, 01/10/19 150,000 160,875 0.01%Sungard Availability Services Capital Inc, 8.750%, 01/04/22 144A 1,200,000 1,116,000 0.09%SunGard Data Systems Inc, 6.625%, 01/11/19 675,000 712,125 0.06%SunGard Data Systems Inc, 7.375%, 15/11/18 2,000,000 2,110,000 0.18%Unisys Corp, 6.250%, 15/08/17 125,000 135,625 0.01%

54,170,961 4.55%

Utilities - 1.95% (31st December, 2013: 2.55%)AES Corp/VA, 3.229%, 01/06/19 (FRN) 750,000 757,500 0.06%AES Corp/VA, 5.500%, 15/03/24 2,600,000 2,678,780 0.23%Calpine Corp, 5.875%, 15/01/24 144A 900,000 947,250 0.08%Calpine Corp, 6.000%, 15/01/22 144A 1,025,000 1,107,000 0.09%Dynegy Inc, 5.875%, 01/06/23 2,975,000 2,997,312 0.25%Energy Future Intermediate Holding Co LLC/EFIH Finance Inc, 11.250%,01/12/18 144A 47,562 57,550 0.00%Energy Future Intermediate Holding Co LLC/EFIH Finance Inc, 11.750%,01/03/22 144A 1,250,000 1,537,500 0.13%GenOn Americas Generation LLC, 8.500%, 01/10/21 550,000 574,062 0.05%GenOn Energy Inc, 9.500%, 15/10/18 1,250,000 1,375,625 0.12%GenOn Energy Inc, 9.875%, 15/10/20 1,600,000 1,740,000 0.15%Illinois Power Generating Co, 7.000%, 15/04/18 1,500,000 1,481,250 0.12%NGL Energy Partners LP/NGL Energy Finance Corp, 5.125%, 15/07/19144A 350,000 352,188 0.03%NRG Energy Inc, 6.250%, 15/07/22 144A 1,275,000 1,357,875 0.11%NRG Energy Inc, 6.250%, 01/05/24 144A 925,000 971,250 0.08%NRG Energy Inc, 7.875%, 15/05/21 1,300,000 1,443,000 0.12%NRG Energy Inc, 8.250%, 01/09/20 500,000 546,250 0.05%Texas Competitive Electric Holdings Co LLC/TCEH Finance Inc Series A,10.250%, 01/11/15 3,275,000 483,063 0.04%Texas Competitive Electric Holdings Co LLC/TCEH Finance Inc Series B,10.250%, 01/11/15 1,425,000 208,406 0.02%

160




USD% of

Sub-Fund

UNITED STATES - 81.16% (31st December, 2013: 79.99%) (continued)Utilities - 1.95% (31st December, 2013: 2.55%) (continued)Texas Competitive Electric Holdings Co LLC/TCEH Finance Inc,11.500%, 01/10/20 144A 2,900,000 2,617,250 0.22%

23,233,111 1.95%


TOTAL BONDS 1,152,660,076 96.75%


CANADA - 0.00% (31st December, 2013: 0.00%)Basic Materials - 0.00% (31st December, 2013: 0.00%)Catalyst Paper Corp 3,745 10,486 0.00%

10,486 0.00%


MARSHALL ISLAND - 0.18% (31st December, 2013: 0.00%)Industrial - 0.18% (31st December, 2013: 0.00%)Seaspan Corp, 6.375%, 30/04/19 PFD 82,630 2,127,723 0.18%

2,127,723 0.18%

TOTAL MARSHALL ISLAND 2,127,723 0.18%

UNITED STATES - 1.45% (31st December, 2013: 1.54%)Basic Materials - 0.00% (31st December, 2013: 0.00%)New Penhall Holding Class A Common 100 10,000 0.00%New Penhall Holding Class B Common 33 3,300 0.00%

13,300 0.00%

Consumer Cyclical - 0.00% (31st December, 2013: 0.00%)DirectBuy Holdings Inc 693 35 0.00%

35 0.00%

Consumer Non-Cyclical - 0.01% (31st December, 2013: 0.00%)Beech Holdings LLC 1,262 8,998 0.00%Merisant Co 99 10,431 0.00%Merisant Co PFD 22 2,310 0.00%Physiotherapy Associates Holdings Inc 1,750 70,000 0.01%

91,739 0.01%

Energy - 0.00% (31st December, 2013: 0.00%)Geokinetics Holdings USA Inc 500 0 0.00%

0 0.00%

Financial - 1.32% (31st December, 2013: 1.47%)Ally Financial Inc, 7.000% PFD 144A 7,826 7,881,271 0.66%Ally Financial Inc, 8.500%, 31/12/49 PFD 69,121 1,904,975 0.16%Ambac Financial Group Inc 9,969 270,160 0.02%Capmark Financial Group Inc 5,008 24,039 0.00%Citigroup Inc, 6.875% PFD 20,657 561,251 0.05%EME Reorganization Trust 3,305,109 495,766 0.04%GMAC Capital Trust I, 8.125%, 15/02/40 PFD 159,981 4,359,482 0.37%

161




USD% of

Sub-Fund

UNITED STATES - 1.45% (31st December, 2013: 1.54%) (continued)Financial - 1.32% (31st December, 2013: 1.47%) (continued)Regions Financial Corp, 6.375% PFD 7,600 189,696 0.02%

15,686,640 1.32%

Industrial - 0.09% (31st December, 2013: 0.07%)General Finance Corp, 8.125%, 31/07/21 PFD 21,742 549,203 0.05%Nortek Inc 6,038 535,389 0.04%

1,084,592 0.09%

Utilities - 0.03% (31st December, 2013: 0.00%)NRG Energy Inc 10,866 404,867 0.03%

404,867 0.03%




UNITED STATES - 0.00% (31st December, 2013: 0.00%)Communications - 0.00% (31st December, 2013: 0.00%)Affinion Group Holdings Inc Series A, 12/12/23 11,527 6,793 0.00%Affinion Group Holdings Inc Series B, 12/12/23 59,965 23,424 0.00%

30,217 0.00%

Consumer Cyclical - 0.00% (31st December, 2013: 0.00%)General Motors Co, 10/07/16 Class A 387 10,399 0.00%General Motors Co, 10/07/19 387 7,275 0.00%Global Aviation Holdings Inc, 01/02/17 3,187 6,374 0.00%

24,048 0.00%


TOTAL PARTICIPATORY NOTES 54,265 0.00%

TERM LOANS - 0.00% (31st December, 2013: 0.00%)

UNITED STATES - 0.00% (31st December, 2013: 0.00%)Consumer Cyclical - 0.00% (31st December, 2013: 0.00%)Global Aviation Holdings Inc, 13/07/17 1,980 49 0.00%

49 0.00%

TOTAL UNITED STATES 49 0.00%

TOTAL TERM LOANS 49 0.00%

FORWARD FOREIGN CURRENCY CONTRACTS 0.21% (31st December, 2013: 0.14%)Amount Amount Unrealised

Currency CurrencyCurrency Currency Maturity Gain % ofBought Bought Sold Sold Counterparty Date USD Sub-Fund

CHF 42,748,844 USD 48,050,158Brown Brothers Harriman &Co. 25/07/2014 219,489 0.02%

EUR 56,174,140 USD 76,740,918Brown Brothers Harriman &Co. 25/07/2014 293,555 0.03%

162




USD% of

Sub-Fund

FORWARD FOREIGN CURRENCY CONTRACTS 0.21% (31st December, 2013: 0.14%) (continued)Amount Amount Unrealised

Currency CurrencyCurrency Currency Maturity Gain % ofBought Bought Sold Sold Counterparty Date USD Sub-Fund

GBP 72,441,635 USD 123,510,972Brown Brothers Harriman &Co. 25/07/2014 708,392 0.06%

EUR 154,245,187 USD 210,718,264Brown Brothers Harriman &Co. 25/07/2014 806,056 0.07%

GBP 40,381,598 USD 68,849,501Brown Brothers Harriman &Co. 25/07/2014 394,884 0.03%

Total Unrealised Gain on Forward Foreign Currency Contracts 2,422,376 0.21%

Financials Assets designated at Fair Value through Profit or Loss 1,174,556,148 98.59%


Net assets attributable to holders of redeemable participating shares 1,191,391,690 100.00%

* Defaulted


163


NOMURA FUNDS IRELAND - NEWS EMERGING MARKETS SMALL CAP EQUITY FUNDSTATEMENT OF INVESTMENTSAs at 30 June, 2014________________________________________________________________________________________________________


USD% of

Sub-Fund


CHINA - 0.00% (31st December, 2013: 26.14%)Basic Materials - 0.00% (31st December, 2013: 2.68%)Inner Mongolia Eerduosi Resourses Co Ltd 46,720 37,469 0.00%Sinopec Yizheng Chemical Fibre Co Ltd 210,000 47,958 0.00%

85,427 0.00%

Consumer Cyclical - 0.00% (31st December, 2013: 6.28%)Sijia Group Co 61,000 5,391 0.00%

5,391 0.00%

Industrial - 0.00% (31st December, 2013: 7.26%)Guangzhou Shipyard International Co Ltd 57,200 101,314 0.00%

101,314 0.00%

TOTAL CHINA 192,132 0.00%

HONG KONG - 0.00% (31st December, 2013: 11.56%)Basic Materials - 0.00% (31st December, 2013: 1.13%)China Lumena New Materials Corp 452,000 72,897 0.00%

72,897 0.00%

Communications - 0.00% (31st December, 2013: 0.29%)DBA Telecommunication Asia Holdings Ltd 72,000 9,429 0.00%

9,429 0.00%

Industrial - 0.00% (31st December, 2013: 1.82%)China Metal Recycling Holdings Ltd* 121,200 0 0.00%

0 0.00%


TOTAL EQUITIES 274,458 0.00%

Financials Assets designated at Fair Value through Profit or Loss 274,458 0.00%

Other assets and liabilities (274,458) 0.00%

Net assets attributable to holders of redeemable participating shares 0 0.00%

* Defaulted


164


NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUNDSTATEMENT OF INVESTMENTSAs at 30th June, 2014________________________________________________________________________________________________________



Basic Materials - 1.10% (31st December, 2013: 0.00%)Scientex BHD 77,600 142,343 1.10%

142,343 1.10%Communications - 3.96% (31st December, 2013: 5.50%)CJ E&M Corp 2,416 101,607 0.79%Media Prima Bhd 181,000 145,431 1.12%SBS Media Holdings Co Ltd 37,700 133,398 1.03%VTech Holdings Ltd 3,800 50,548 0.39%Wins Co Ltd 8,748 82,141 0.63%

513,125 3.96%Consumer Cyclical - 16.11% (31st December, 2013: 18.60%)Formosa International Hotels Corp 13,000 157,955 1.22%Future Bright Holdings Ltd 114,000 55,157 0.43%Giant Manufacturing Co Ltd 16,000 124,517 0.96%Gwangju Shinsegae Co Ltd 304 74,517 0.58%Major Cineplex Group Pcl 157,400 91,675 0.71%Makalot Industrial Co Ltd 22,000 118,927 0.92%Mandarin Oriental International Ltd 123,000 234,315 1.81%Minth Group Ltd 198,000 385,240 2.98%Nexteer Automotive Group Ltd 131,000 91,270 0.70%Padini Holdings Bhd 269,100 165,097 1.28%Poya Co Ltd 39,960 233,403 1.80%Qingling Motors Co Ltd 434,000 122,631 0.95%Robinson Department Store Pcl 57,400 100,826 0.78%Sri Rejeki Isman Tbk PT 6,266,800 94,623 0.73%Tan Chong Motor Holdings Bhd 21,500 34,015 0.26%

2,084,168 16.11%Consumer Non-Cyclical - 17.29% (31st December, 2013: 17.44%)AMOREPACIFIC Group 248 183,104 1.42%BW Plantation Tbk PT 573,300 59,482 0.46%Chularat Hospital Pcl 296,900 121,688 0.94%CKD Bio Corp 953 12,904 0.10%Consun Pharmaceutical Group Ltd 152,000 113,746 0.88%Dalian Port PDA Co Ltd 466,000 111,230 0.86%Golden Meditech Holdings Ltd 981,000 159,479 1.23%Goldpac Group Ltd 72,000 73,667 0.57%Hyundai Greenfood Co Ltd 12,720 221,901 1.71%i-SENS Inc 2,199 111,716 0.86%Lotte Chilsung Beverage Co Ltd 109 189,397 1.46%Lung Yen Life Service Corp 54,000 155,084 1.20%Premier Marketing Pcl 515,200 160,355 1.24%Raffles Medical Group Ltd 107,359 350,107 2.71%St Shine Optical Co Ltd 6,000 148,215 1.14%Super Group Ltd/Singapore 58,000 65,526 0.51%

2,237,601 17.29%Diversified - 4.41% (31st December, 2013: 4.16%)Boustead Singapore Ltd 279,785 422,575 3.27%Magnificent Estates 2,940,000 147,937 1.14%

570,512 4.41%

165


NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUNDSTATEMENT OF INVESTMENTS (CONTINUED)As at 30th June, 2014________________________________________________________________________________________________________


Energy - 5.15% (31st December, 2013: 7.18%)Anhui Tianda Oil Pipe Co Ltd 670,000 139,176 1.08%Dayang Enterprise Holdings Bhd 240,750 269,916 2.08%Hilong Holding Ltd 519,000 257,806 1.99%

666,898 5.15%Financial - 12.05% (31st December, 2013: 10.94%)AEON Thana Sinsap Thailand Pcl 54,500 170,470 1.32%Amata Corp Pcl 234,000 121,867 0.94%Ciputra Development Tbk PT 1,308,500 102,097 0.79%Clipan Finance Indonesia Tbk PT 1,134,700 40,870 0.31%Filinvest Land Inc 4,755,000 177,442 1.37%Hopefluent Group Holdings Ltd 410,000 118,494 0.91%King's Town Bank 162,000 156,168 1.21%Land & General Bhd 610,000 104,484 0.81%OSK Holdings Bhd 434,100 241,993 1.87%Prince Housing & Development Corp 215,900 96,837 0.75%Shun Tak Holdings Ltd 452,000 229,190 1.77%

1,559,912 12.05%Industrial - 31.50% (31st December, 2013: 29.21%)Adhi Karya Persero Tbk PT 269,500 63,312 0.49%Arwana Citramulia Tbk PT 3,609,000 307,473 2.38%Asahimas Flat Glass Tbk PT 139,500 84,135 0.65%Boer Power Holdings Ltd 226,000 278,468 2.15%Dynasty Ceramic Pcl 88,900 159,582 1.23%Favelle Favco Bhd 384,000 430,520 3.33%First Tractor Co Ltd 210,000 137,641 1.07%Haitian International Holdings Ltd 201,000 466,284 3.60%Pan-United Corp Ltd 461,000 397,080 3.07%SITC International Holdings Co Ltd 822,000 335,138 2.59%Sunspring Metal Corp 72,000 127,007 0.98%Techtronic Industries Co 80,500 258,099 1.99%TXC Corp 232,000 361,487 2.79%Wasion Group Holdings Ltd 522,000 393,322 3.04%WT Microelectronics Co Ltd 181,000 276,569 2.14%

4,076,117 31.50%Technology - 4.11% (31st December, 2013: 5.42%)Duksan Hi-Metal Co Ltd 6,359 108,419 0.84%Silverlake Axis Ltd 334,000 321,141 2.48%Tong Hsing Electronic Industries Ltd 19,000 102,392 0.79%

531,952 4.11%






166


NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUNDSTATEMENT OF INVESTMENTSAs at 30th June, 2014________________________________________________________________________________________________________


JPY% of

Sub-Fund


JAPAN - 98.63% (31st December, 2013: 98.53%)Basic Materials - 4.70% (31st December, 2013: 4.26%)Nitto Denko Corp 2,500 11,867,500 2.14%Shin-Etsu Chemical Co Ltd 2,300 14,163,400 2.56%

26,030,900 4.70%

Communications - 12.02% (31st December, 2013: 6.54%)Kakaku.com Inc 11,700 20,767,500 3.75%M3 Inc 13,000 20,956,000 3.78%MonotaRO Co Ltd 4,300 12,040,000 2.17%SoftBank Corp 1,700 12,823,100 2.32%

66,586,600 12.02%

Consumer Cyclical - 16.35% (31st December, 2013: 19.51%)Bridgestone Corp 7,000 24,815,000 4.48%Cosmos Pharmaceutical Corp 1,100 11,759,000 2.12%Daihatsu Motor Co Ltd 6,900 12,426,900 2.24%Fast Retailing Co Ltd 100 3,333,000 0.60%Honda Motor Co Ltd 4,000 14,148,000 2.56%Isuzu Motors Ltd 36,000 24,120,000 4.35%

90,601,900 16.35%

Consumer Non-Cyclical - 21.21% (31st December, 2013: 18.32%)Japan Tobacco Inc 7,100 26,220,300 4.73%Message Co Ltd 2,800 10,808,000 1.95%Paramount Bed Holdings Co Ltd 2,800 8,960,000 1.62%Park24 Co Ltd 6,600 12,157,200 2.19%Sysmex Corp 4,600 17,503,000 3.16%Terumo Corp 4,100 9,286,500 1.68%Unicharm Corp 5,400 32,599,800 5.88%

117,534,800 21.21%

Industrial - 44.35% (31st December, 2013: 47.36%)Daikin Industries Ltd 4,000 25,568,000 4.61%FANUC Corp 900 15,723,000 2.84%Hamamatsu Photonics KK 1,700 8,449,000 1.52%JGC Corp 5,000 15,390,000 2.78%Keyence Corp 600 26,517,000 4.79%Komatsu Ltd 7,100 16,699,200 3.01%Kubota Corp 13,000 18,668,000 3.37%Makita Corp 3,200 20,032,000 3.62%Mitsubishi Electric Corp 13,000 16,250,000 2.93%Nabtesco Corp 4,600 10,304,000 1.86%Nidec Corp 6,200 38,539,200 6.95%Rinnai Corp 1,500 14,670,000 2.65%SMC Corp/Japan 700 18,977,000 3.42%

245,786,400 44.35%

TOTAL JAPAN 546,540,600 98.63%

TOTAL EQUITIES 546,540,600 98.63%

167


NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUNDSTATEMENT OF INVESTMENTS (CONTINUED)As at 30th June, 2014_______________________________________________________________________________________________________

Fair ValueJPY

% ofSub-Fund





168


NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUNDSTATEMENT OF INVESTMENTSAs at 30th June, 2014_______________________________________________________________________________________________________



Basic Materials - 4.06% (31st December, 2013: 2.81%)PTT Global Chemical Pcl-Foreign 78,200 162,666 2.73%Vale Indonesia Tbk PT 264,300 79,256 1.33%

241,922 4.06%

Communications - 4.94% (31st December, 2013: 6.94%)NCSoft Corp 657 118,510 1.99%Tencent Holdings Ltd 11,500 175,825 2.95%

294,335 4.94%

Consumer Cyclical - 15.49% (31st December, 2013: 17.46%)Formosa International Hotels Corp 11,000 133,655 2.23%Galaxy Entertainment Group Ltd 18,000 143,524 2.41%Giant Manufacturing Co Ltd 28,000 217,904 3.65%Hyundai Motor Co PFD 1,524 228,204 3.83%Nexteer Automotive Group Ltd 134,000 93,361 1.57%Youngone Corp 2,390 107,364 1.80%

924,012 15.49%

Consumer Non-Cyclical - 12.17% (31st December, 2013: 15.11%)Consun Pharmaceutical Group Ltd 127,000 95,038 1.59%Kalbe Farma Tbk PT 536,100 75,068 1.26%Shanghai Fosun Pharmaceutical Group Co Ltd 43,500 162,481 2.73%SIA Engineering Co Ltd 54,000 218,501 3.66%St Shine Optical Co Ltd 4,000 98,810 1.66%Tenwow International Holdings Ltd 213,000 75,575 1.27%

725,473 12.17%

Diversified - 1.70% (31st December, 2013: 1.58%)Alliance Global Group Inc 152,200 101,397 1.70%

101,397 1.70%

Energy - 2.96% (31st December, 2013: 3.25%)PetroChina Co Ltd 140,000 176,657 2.96%

176,657 2.96%

Financial - 25.39% (31st December, 2013: 25.40%)Amata Corp Pcl 164,200 85,515 1.44%Ayala Land Inc 74,000 51,671 0.87%Cheung Kong Holdings Ltd 18,000 319,098 5.35%China Pacific Insurance Group Co Ltd 53,000 187,366 3.14%Dongbu Insurance Co Ltd 5,920 304,265 5.10%Haitong Securities Co Ltd 67,200 104,044 1.74%Hong Kong Exchanges and Clearing Ltd 9,800 182,582 3.06%Industrial & Commercial Bank of China Ltd 442,000 279,436 4.69%

1,513,977 25.39%

Industrial - 5.51% (31st December, 2013: 5.60%)ComfortDelGro Corp Ltd 112,000 224,350 3.76%Pacc Offshore Services Holdings Ltd 74,000 67,297 1.13%Semen Indonesia Persero Tbk PT 29,000 36,877 0.62%

328,524 5.51%

Technology - 15.01% (31st December, 2013: 14.49%)King Slide Works Co Ltd 17,000 242,975 4.07%Posiflex Technology Inc 16,000 100,685 1.69%SK Hynix Inc 8,770 420,839 7.05%

169


NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUNDSTATEMENT OF INVESTMENTS (CONTINUED)As at 30th June, 2014_______________________________________________________________________________________________________


Technology - 15.01% (31st December, 2013: 14.49%) (continued)United Microelectronics Corp 262,000 131,107 2.20%

895,606 15.01%TOTAL EQUITIES 5,201,903 87.23%


Energy - 2.28% (31st December, 2013: 0.00%)Coal India Ltd, 04/08/16 144A 21,400 135,715 2.28%

135,715 2.28%

Financial - 6.65% (31st December, 2013: 4.46%)ICICI Bank Ltd, 06/02/17 17,197 396,666 6.65%

396,666 6.65%TOTAL PARTICIPATORY NOTES 532,381 8.93%





170


NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUNDSTATEMENT OF INVESTMENTSAs at 30th June, 2014________________________________________________________________________________________________________


USD% of

Sub-Fund

BONDS - 97.90%

ARGENTINA - 0.81%Energy - 0.81%YPF SA, 8.750%, 04/04/24 200,000 207,250 0.81%

207,250 0.81%

TOTAL ARGENTINA 207,250 0.81%

AUSTRALIA - 0.10%Industrial - 0.10%Transfield Services Ltd, 8.375%, 15/05/20 144A 25,000 25,687 0.10%

25,687 0.10%

TOTAL AUSTRALIA 25,687 0.10%

AUSTRIA - 2.96%Consumer Non-Cyclical - 2.40%ESAL GmbH, 6.250%, 05/02/23 200,000 196,000 0.76%JBS Investments GmbH, 7.250%, 03/04/24 200,000 207,000 0.81%JBS Investments GmbH, 7.750%, 28/10/20 144A 200,000 214,200 0.83%

617,200 2.40%

Industrial - 0.56%Wienerberger AG, 6.500%, 29/12/49 100,000 142,064 0.56%

142,064 0.56%

TOTAL AUSTRIA 759,264 2.96%

AZERBAIJAN - 0.78%Energy - 0.78%State Oil Co of the Azerbaijan Republic, 4.750%, 13/03/23 200,000 199,500 0.78%

199,500 0.78%

TOTAL AZERBAIJAN 199,500 0.78%

BERMUDA - 0.70%Communications - 0.40%Digicel Ltd, 8.250%, 01/09/17 144A 100,000 102,880 0.40%

102,880 0.40%

Financial - 0.30%Aircastle Ltd, 5.125%, 15/03/21 75,000 76,875 0.30%

76,875 0.30%

TOTAL BERMUDA 179,755 0.70%

BRITISH VIRGIN ISLANDS - 0.79%Industrial - 0.79%OAS Finance Ltd, 8.000%, 02/07/21 200,000 202,970 0.79%

202,970 0.79%

TOTAL BRITISH VIRGIN ISLANDS 202,970 0.79%

171


NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUNDSTATEMENT OF INVESTMENTS (CONTINUED)As at 30th June, 2014_______________________________________________________________________________________________________


USD% of

Sub-Fund

CANADA - 3.48%Basic Materials - 1.11%Cascades Inc, 5.500%, 15/07/22 144A 25,000 24,937 0.10%First Quantum Minerals Ltd, 7.250%, 15/05/22 144A 200,000 208,000 0.81%Kissner Milling Co Ltd, 7.250%, 01/06/19 144A 50,000 51,500 0.20%

284,437 1.11%

Consumer Cyclical - 1.57%Air Canada, 7.750%, 15/04/21 144A 225,000 238,500 0.93%Air Canada, 8.750%, 01/04/20 144A 100,000 111,750 0.43%Brookfield Residential Properties Inc, 6.500%, 15/12/20 144A 50,000 52,875 0.21%

403,125 1.57%

Consumer Non-Cyclical - 0.40%Garda World Security Corp, 7.250%, 15/11/21 144A 50,000 52,562 0.20%Valeant Pharmaceuticals International Inc, 5.625%, 01/12/21 144A 50,000 51,125 0.20%

103,687 0.40%

Energy - 0.20%Gibson Energy Inc, 6.750%, 15/07/21 144A 25,000 27,063 0.10%Precision Drilling Corp, 5.250%, 15/11/24 144A 25,000 25,125 0.10%

52,188 0.20%

Industrial - 0.20%Tervita Corp, 8.000%, 15/11/18 144A 25,000 26,000 0.10%Tervita Corp, 10.875%, 15/02/18 144A 25,000 25,250 0.10%

51,250 0.20%


CAYMAN ISLANDS - 3.30%Financial - 3.30%Agile Property Holdings Ltd, 9.875%, 20/03/17 200,000 214,250 0.83%CIFI Holdings Group Co Ltd, 12.250%, 15/04/18 200,000 220,000 0.86%Greenland Hong Kong Holdings Ltd, 4.750%, 18/10/16 200,000 202,250 0.79%Kaisa Group Holdings Ltd, 10.250%, 08/01/20 200,000 210,500 0.82%

847,000 3.30%

TOTAL CAYMAN ISLANDS 847,000 3.30%

CZECH REPUBLIC - 0.57%Diversified - 0.57%CE Energy AS, 7.000%, 01/02/21 100,000 145,138 0.57%

145,138 0.57%

TOTAL CZECH REPUBLIC 145,138 0.57%

FRANCE - 4.88%Consumer Non-Cyclical - 0.86%Holding Medi-Partenaires SAS, 7.000%, 15/05/20 150,000 220,114 0.86%

220,114 0.86%

Diversified - 0.54%Financiere Gaillon 8 SAS, 7.000%, 30/09/19 100,000 139,400 0.54%

139,400 0.54%

172


NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUNDSTATEMENT OF INVESTMENTS (CONTINUED)As at 30th June, 2014________________________________________________________________________________________________________


USD% of

Sub-Fund

FRANCE - 4.88% (continued)Financial - 1.85%BPCE SA, 4.625%, 29/07/49 100,000 138,990 0.54%Societe Generale SA, 4.196%, 29/01/49 100,000 137,215 0.54%Societe Generale SA, 6.000%, 27/10/49 200,000 198,500 0.77%

474,705 1.85%

Industrial - 1.63%CMA CGM SA, 8.750%, 15/12/18 100,000 144,796 0.56%Dry Mix Solutions Investissements SAS, 4.505%, 15/06/21 (FRN) 100,000 136,600 0.53%Novafives SAS, 4.500%, 30/06/21 100,000 138,403 0.54%

419,799 1.63%

TOTAL FRANCE 1,254,018 4.88%

GERMANY - 0.53%Industrial - 0.53%Pfleiderer GmbH, 7.875%, 01/08/19 100,000 136,259 0.53%

136,259 0.53%

TOTAL GERMANY 136,259 0.53%

IRELAND - 1.93%Basic Materials - 0.75%Metalloinvest Finance Ltd, 5.625%, 17/04/20 200,000 194,000 0.75%

194,000 0.75%

Financial - 1.18%AerCap Ireland Capital Ltd/AerCap Global Aviation Trust, 2.750%,15/05/17 144A 150,000 151,125 0.59%AerCap Ireland Capital Ltd/AerCap Global Aviation Trust, 3.750%,15/05/19 144A 150,000 151,125 0.59%

302,250 1.18%

TOTAL IRELAND 496,250 1.93%

ISLE OF MAN - 0.76%Basic Materials - 0.76%AngloGold Ashanti Holdings Plc, 5.125%, 01/08/22 200,000 194,868 0.76%

194,868 0.76%

TOTAL ISLE OF MAN 194,868 0.76%

ITALY - 1.97%Communications - 0.78%Telecom Italia SpA, 5.303%, 30/05/24 144A 200,000 200,250 0.78%

200,250 0.78%

Consumer Cyclical - 0.58%Snai SpA, 7.625%, 15/06/18 100,000 148,962 0.58%

148,962 0.58%

173




USD% of

Sub-Fund

ITALY - 1.97% (continued)Financial - 0.61%Intesa Sanpaolo SpA, 8.047%, 29/06/49 100,000 156,749 0.61%

156,749 0.61%

TOTAL ITALY 505,961 1.97%

LUXEMBOURG - 6.42%Basic Materials - 0.21%APERAM, 7.375%, 01/04/16 144A 25,000 25,719 0.10%ArcelorMittal, 6.000%, 01/03/21 25,000 27,000 0.11%

52,719 0.21%

Communications - 3.54%Altice SA, 7.750%, 15/05/22 144A 200,000 214,000 0.83%Intelsat Jackson Holdings SA, 5.500%, 01/08/23 25,000 24,906 0.10%Intelsat Luxembourg SA, 6.750%, 01/06/18 25,000 26,500 0.10%Intelsat Luxembourg SA, 8.125%, 01/06/23 25,000 27,031 0.10%NII International Telecom SCA, 11.375%, 15/08/19 144A 25,000 22,125 0.09%Play Finance 2 SA, 5.250%, 01/02/19 100,000 143,293 0.56%Telecom Italia Finance SA, 7.750%, 24/01/33 50,000 88,693 0.35%Wind Acquisition Finance SA, 7.000%, 23/04/21 100,000 147,870 0.58%Wind Acquisition Finance SA, 7.375%, 23/04/21 144A 200,000 214,500 0.83%

908,918 3.54%

Consumer Non-Cyclical - 1.14%Albea Beauty Holdings SA, 8.750%, 01/11/19 100,000 151,090 0.59%Ontex IV SA, 7.500%, 15/04/18 100,000 142,108 0.55%

293,198 1.14%

Financial - 0.63%UniCredit Bank Luxembourg SA, 8.125%, 29/12/49 100,000 162,213 0.63%

162,213 0.63%

Industrial - 0.90%Ardagh Finance Holdings SA, 8.625%, 15/06/19 144A 200,000 206,000 0.80%Beverage Packaging Holdings Luxembourg II SA/Beverage PackagingHoldings II Is, 5.625%, 15/12/16 144A 25,000 25,687 0.10%

231,687 0.90%

TOTAL LUXEMBOURG 1,648,735 6.42%

MARSHALL ISLAND - 0.39%Industrial - 0.39%Navios Maritime Acquisition Corp/Navios Acquisition Finance US Inc,8.125%, 15/11/21 144A 25,000 26,156 0.10%Teekay Offshore Partners LP/Teekay Offshore Finance Corp, 6.000%,30/07/19 75,000 75,188 0.29%

101,344 0.39%

TOTAL MARSHALL ISLAND 101,344 0.39%

NETHERLANDS - 7.08%Basic Materials - 1.57%Constellium NV, 4.625%, 15/05/21 100,000 142,064 0.55%

174




USD% of

Sub-Fund

NETHERLANDS - 7.08% (continued)Basic Materials - 1.57% (continued)Constellium NV, 5.750%, 15/05/24 144A 250,000 262,500 1.02%

404,564 1.57%

Consumer Cyclical - 1.78%Grupo Antolin Dutch BV, 4.750%, 01/04/21 125,000 177,580 0.69%PortAventura Entertainment Barcelona BV, 7.250%, 01/12/20 100,000 143,430 0.56%Samvardhana Motherson Automotive Systems Group BV, 4.125%,15/07/21 100,000 136,532 0.53%

457,542 1.78%

Consumer Non-Cyclical - 2.18%Marfrig Holding Europe BV, 6.875%, 24/06/19 200,000 202,000 0.79%Marfrig Holding Europe BV, 8.375%, 09/05/18 200,000 213,000 0.83%Stork Technical Services Holdings BV, 11.000%, 15/08/17 100,000 144,796 0.56%

559,796 2.18%

Industrial - 0.55%Selecta Group BV, 6.500%, 15/06/20 100,000 140,020 0.55%

140,020 0.55%

Technology - 1.00%InterXion Holding NV, 6.000%, 15/07/20 175,000 255,784 1.00%

255,784 1.00%

TOTAL NETHERLANDS 1,817,706 7.08%

PHILIPPINES - 0.81%Energy - 0.81%Petron Corp, 7.500%, 06/02/49 200,000 208,500 0.81%

208,500 0.81%


PUERTO RICO - 0.10%Financial - 0.10%Popular Inc, 7.000%, 01/07/19 25,000 25,281 0.10%

25,281 0.10%

TOTAL PUERTO RICO 25,281 0.10%

SOUTH AFRICA - 0.53%Consumer Cyclical - 0.53%Edcon Pty Ltd, 9.500%, 01/03/18 100,000 137,310 0.53%

137,310 0.53%


175




USD% of

Sub-Fund

SPAIN - 0.53%Financial - 0.53%Bankia SA, 4.000%, 22/05/24 100,000 136,088 0.53%

136,088 0.53%

TOTAL SPAIN 136,088 0.53%

SWEDEN - 0.55%Basic Materials - 0.55%Ovako AB, 6.500%, 01/06/19 100,000 141,723 0.55%

141,723 0.55%

TOTAL SWEDEN 141,723 0.55%

SWITZERLAND - 1.33%Financial - 1.33%Credit Suisse Group AG, 6.250%, 29/12/49 144A 200,000 202,000 0.79%UBS AG/Jersey, 4.280%, 29/04/49 100,000 138,653 0.54%

340,653 1.33%

TOTAL SWITZERLAND 340,653 1.33%

TURKEY - 0.80%Financial - 0.80%Finansbank AS/Turkey, 6.250%, 30/04/19 200,000 206,520 0.80%

206,520 0.80%


UNITED KINGDOM - 4.65%Basic Materials - 0.82%Vedanta Resources Plc, 7.125%, 31/05/23 200,000 210,500 0.82%

210,500 0.82%

Communications - 0.39%Inmarsat Finance Plc, 4.875%, 15/05/22 144A 100,000 101,000 0.39%

101,000 0.39%

Consumer Cyclical - 1.33%Stonegate Pub Co Financing Plc, 5.750%, 15/04/19 100,000 172,235 0.67%William Hill Plc, 4.250%, 05/06/20 100,000 168,842 0.66%

341,077 1.33%

Energy - 0.80%Afren Plc, 6.625%, 09/12/20 200,000 206,500 0.80%

206,500 0.80%

Financial - 1.31%Barclays Bank Plc, 4.875%, 29/12/49 150,000 200,956 0.78%Barclays Bank Plc, 7.750%, 10/04/23 25,000 28,078 0.11%Royal Bank of Scotland Group Plc, 7.640%, 29/03/49 100,000 106,500 0.42%

335,534 1.31%


176




USD% of

Sub-Fund

UNITED STATES - 49.90%Basic Materials - 2.20%AK Steel Corp, 8.375%, 01/04/22 50,000 53,000 0.21%Compass Minerals International Inc, 4.875%, 15/07/24 144A 25,000 25,000 0.10%Hecla Mining Co, 6.875%, 01/05/21 25,000 24,750 0.10%Hexion US Finance Corp, 6.625%, 15/04/20 25,000 26,500 0.10%Hexion US Finance Corp/Hexion Nova Scotia Finance ULC, 9.000%,15/11/20 125,000 127,656 0.50%Huntsman International LLC, 5.125%, 15/04/21 100,000 144,132 0.56%Noranda Aluminum Acquisition Corp, 11.000%, 01/06/19 25,000 24,875 0.10%Signode Industrial Group Lux SA/Signode Industrial Group US Inc,6.375%, 01/05/22 144A 100,000 101,250 0.39%Steel Dynamics Inc, 6.125%, 15/08/19 25,000 27,188 0.10%Verso Paper Holdings LLC/Verso Paper Inc, 8.750%, 01/02/19 25,000 10,750 0.04%

565,101 2.20%

Communications - 8.20%Affinion Group Holdings Inc, 13.750%, 15/09/18 144A 75,000 73,500 0.29%Alcatel-Lucent USA Inc, 6.500%, 15/01/28 25,000 24,813 0.10%Ancestry.com Inc, 9.625%, 15/10/18 144A 50,000 51,500 0.20%Avaya Inc, 10.500%, 01/03/21 144A 75,000 69,187 0.27%Baker & Taylor Acquisitions Corp, 15.000%, 01/04/17 144A 25,000 23,500 0.09%CCO Holdings LLC/CCO Holdings Capital Corp, 5.250%, 30/09/22 25,000 25,375 0.10%CCO Holdings LLC/CCO Holdings Capital Corp, 6.500%, 30/04/21 50,000 53,125 0.21%CenturyLink Inc, 6.750%, 01/12/23 75,000 82,500 0.32%CenturyLink Inc, 7.600%, 15/09/39 50,000 50,250 0.20%Clear Channel Communications Inc, 9.000%, 15/12/19 25,000 26,687 0.10%Clear Channel Communications Inc, 10.000%, 15/01/18 144A 25,000 24,187 0.09%Clear Channel Communications Inc, 14.000%, 01/02/21 50,000 51,750 0.20%CommScope Inc, 5.000%, 15/06/21 144A 25,000 25,500 0.10%CommScope Inc, 5.500%, 15/06/24 144A 50,000 51,000 0.20%CSC Holdings LLC, 5.250%, 01/06/24 144A 50,000 49,312 0.19%DISH DBS Corp, 5.000%, 15/03/23 75,000 76,312 0.30%Equinix Inc, 5.375%, 01/04/23 125,000 127,812 0.50%Frontier Communications Corp, 7.625%, 15/04/24 25,000 26,875 0.10%Gannett Co Inc, 5.125%, 15/07/20 144A 25,000 25,750 0.10%Gannett Co Inc, 7.125%, 01/09/18 25,000 26,094 0.10%inVentiv Health Inc, 11.000%, 15/08/18 144A 25,000 23,500 0.09%Lee Enterprises Inc/IA, 9.500%, 15/03/22 144A 50,000 53,375 0.21%Level 3 Financing Inc, 8.125%, 01/07/19 150,000 163,875 0.64%Nielsen Finance LLC/Nielsen Finance Co, 5.000%, 15/04/22 144A 100,000 101,000 0.39%NII Capital Corp, 8.875%, 15/12/19 25,000 9,750 0.04%NII Capital Corp, 10.000%, 15/08/16 100,000 31,000 0.12%PAETEC Holding Corp, 9.875%, 01/12/18 50,000 53,875 0.21%ProQuest LLC/ProQuest Notes Co, 9.000%, 15/10/18 144A 25,000 26,438 0.10%SBA Communications Corp, 4.875%, 15/07/22 144A 50,000 49,313 0.19%Sirius XM Radio Inc, 6.000%, 15/07/24 144A 25,000 26,000 0.10%Sprint Capital Corp, 6.875%, 15/11/28 100,000 101,625 0.40%Sprint Capital Corp, 8.750%, 15/03/32 100,000 116,000 0.45%Sprint Corp, 7.125%, 15/06/24 144A 25,000 26,813 0.10%T-Mobile USA Inc, 6.125%, 15/01/22 50,000 53,250 0.21%VeriSign Inc, 4.625%, 01/05/23 75,000 73,688 0.29%Visant Corp, 10.000%, 01/10/17 50,000 46,625 0.18%Wave Holdco LLC/Wave Holdco Corp, 8.250%, 15/07/19 144A 25,000 25,656 0.10%Windstream Corp, 6.375%, 01/08/23 50,000 50,813 0.20%

177




USD% of

Sub-Fund

UNITED STATES - 49.90% (continued)Communications - 8.20% (continued)Windstream Corp, 7.500%, 01/06/22 100,000 108,875 0.42%

2,106,500 8.20%

Consumer Cyclical - 6.59%Accuride Corp, 9.500%, 01/08/18 25,000 26,335 0.10%Affinia Group Inc, 7.750%, 01/05/21 25,000 26,312 0.10%Allegiant Travel Co, 5.500%, 15/07/19 25,000 25,437 0.10%American Builders & Contractors Supply Co Inc, 5.625%, 15/04/21 144A 25,000 25,875 0.10%AV Homes Inc, 8.500%, 01/07/19 144A 25,000 25,125 0.10%Caesars Entertainment Operating Co Inc, 9.000%, 15/02/20 50,000 41,875 0.16%Caesars Entertainment Operating Co Inc, 11.250%, 01/06/17 25,000 23,000 0.09%Cedar Fair LP/Canada's Wonderland Co/Magnum Management Corp,5.250%, 15/03/21 50,000 51,500 0.20%Cedar Fair LP/Canada's Wonderland Co/Magnum Management Corp,5.375%, 01/06/24 144A 75,000 75,750 0.29%Choctaw Resort Development Enterprise, 7.250%, 15/11/19 144A 25,000 24,687 0.10%Claire's Stores Inc, 8.875%, 15/03/19 50,000 43,125 0.17%Conn's Inc, 7.250%, 15/07/22 144A 25,000 25,031 0.10%Dana Holding Corp, 6.000%, 15/09/23 125,000 132,500 0.52%DriveTime Automotive Group Inc/DT Acceptance Corp, 8.000%, 01/06/21144A 25,000 25,500 0.10%Ferrellgas LP/Ferrellgas Finance Corp, 6.750%, 15/01/22 144A 25,000 26,125 0.10%First Cash Financial Services Inc, 6.750%, 01/04/21 144A 25,000 26,625 0.10%Global Partners LP/GLP Finance Corp, 6.250%, 15/07/22 144A 25,000 25,000 0.10%Group 1 Automotive Inc, 5.000%, 01/06/22 144A 25,000 25,000 0.10%Hillman Group Inc/The, 6.375%, 15/07/22 144A 50,000 50,000 0.19%Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp, 5.625%,15/10/21 144A 100,000 106,250 0.41%Icon Health & Fitness Inc, 11.875%, 15/10/16 144A 25,000 24,687 0.10%Inn of the Mountain Gods Resort & Casino, 9.250%, 30/11/20 144A 25,000 24,875 0.10%Isle of Capri Casinos Inc, 5.875%, 15/03/21 25,000 25,250 0.10%JC Penney Corp Inc, 7.400%, 01/04/37 25,000 21,500 0.08%Landry's Holdings II Inc, 10.250%, 01/01/18 144A 100,000 106,000 0.41%Landry's Inc, 9.375%, 01/05/20 144A 25,000 27,500 0.11%Lennar Corp, 6.950%, 01/06/18 50,000 56,500 0.22%MGM Resorts International, 8.625%, 01/02/19 50,000 59,375 0.23%Navistar International Corp, 8.250%, 01/11/21 25,000 26,188 0.10%Neiman Marcus Group LTD LLC, 8.000%, 15/10/21 144A 50,000 54,000 0.21%PC Nextco Holdings LLC/PC Nextco Finance Inc, 8.750%, 15/08/19 144A 50,000 51,000 0.20%Regal Entertainment Group, 5.750%, 15/03/22 25,000 25,938 0.10%Regal Entertainment Group, 5.750%, 15/06/23 25,000 25,688 0.10%Rite Aid Corp, 6.750%, 15/06/21 25,000 27,000 0.10%Rite Aid Corp, 6.875%, 15/12/28 144A 50,000 50,625 0.20%rue21 Inc, 9.000%, 15/10/21 144A 25,000 18,563 0.07%Standard Pacific Corp, 8.375%, 15/01/21 50,000 59,375 0.23%Suburban Propane Partners LP/Suburban Energy Finance Corp, 5.500%,01/06/24 25,000 25,250 0.10%Travelport LLC/Travelport Holdings Inc, 6.352%, 01/03/16 144A (FRN) 50,000 50,500 0.20%Weyerhaeuser Real Estate Co, 4.375%, 15/06/19 144A 50,000 50,125 0.20%Weyerhaeuser Real Estate Co, 5.875%, 15/06/24 144A 25,000 25,719 0.10%Woodside Homes Co LLC/Woodside Homes Finance Inc, 6.750%,15/12/21 144A 25,000 25,500 0.10%

1,692,210 6.59%

178




USD% of

Sub-Fund

UNITED STATES - 49.90% (continued)Consumer Non-Cyclical - 7.76%Acadia Healthcare Co Inc, 5.125%, 01/07/22 144A 25,000 25,094 0.10%Alere Inc, 7.250%, 01/07/18 50,000 54,625 0.21%American Achievement Corp, 10.875%, 15/04/16 144A 25,000 25,812 0.10%Amsurg Corp, 5.625%, 30/11/20 25,000 25,219 0.10%APX Group Inc, 8.750%, 01/12/20 50,000 51,250 0.20%APX Group Inc, 8.750%, 01/12/20 144A 25,000 25,500 0.10%Avis Budget Car Rental LLC/Avis Budget Finance Inc, 5.125%, 01/06/22144A 25,000 24,937 0.10%C&S Group Enterprises LLC, 5.375%, 15/07/22 144A 25,000 25,000 0.10%Centene Corp, 4.750%, 15/05/22 25,000 25,375 0.10%Central Garden and Pet Co, 8.250%, 01/03/18 25,000 25,937 0.10%Ceridian LLC/Comdata Inc, 8.125%, 15/11/17 144A 25,000 25,250 0.10%CHS/Community Health Systems Inc, 6.875%, 01/02/22 144A 100,000 106,000 0.41%Cott Beverages Inc, 5.375%, 01/07/22 144A 50,000 50,125 0.20%Crimson Merger Sub Inc, 6.625%, 15/05/22 144A 50,000 49,500 0.19%DaVita HealthCare Partners Inc, 5.125%, 15/07/24 50,000 50,344 0.20%Endo Finance LLC & Endo Finco Inc, 5.375%, 15/01/23 144A 25,000 25,000 0.10%Endo Finance LLC, 5.750%, 15/01/22 144A 25,000 25,562 0.10%Envision Healthcare Corp, 5.125%, 01/07/22 144A 50,000 50,437 0.20%Forest Laboratories Inc, 5.000%, 15/12/21 144A 25,000 27,281 0.11%Harland Clarke Holdings Corp, 9.250%, 01/03/21 144A 25,000 26,187 0.10%HCA Inc, 5.000%, 15/03/24 125,000 126,562 0.49%Hearthside Group Holdings LLC/Hearthside Finance Co, 6.500%, 01/05/22144A 75,000 74,625 0.29%Interactive Data Corp, 5.875%, 15/04/19 144A 50,000 51,125 0.20%iPayment Holdings Inc, 15.000%, 15/11/18 25,000 8,750 0.03%iPayment Inc, 10.250%, 15/05/18 25,000 21,750 0.08%Iron Mountain Inc, 5.750%, 15/08/24 25,000 25,813 0.10%Kindred Healthcare Inc, 6.375%, 15/04/22 144A 100,000 100,750 0.39%LifePoint Hospitals Inc, 5.500%, 01/12/21 144A 25,000 26,188 0.10%Live Nation Entertainment Inc, 5.375%, 15/06/22 144A 75,000 76,125 0.30%Modular Space Corp, 10.250%, 31/01/19 144A 50,000 52,000 0.20%Par Pharmaceutical Cos Inc, 7.375%, 15/10/20 25,000 27,063 0.11%Post Holdings Inc, 6.000%, 15/12/22 144A 75,000 77,063 0.30%Reynolds Group Issuer Inc/Reynolds Group Issuer LLC/Reynolds GroupIssuer Lu, 5.750%, 15/10/20 25,000 26,375 0.10%Reynolds Group Issuer Inc/Reynolds Group Issuer LLC/Reynolds GroupIssuer Lu, 9.000%, 15/04/19 50,000 52,875 0.21%Reynolds Group Issuer Inc/Reynolds Group Issuer LLC/Reynolds GroupIssuer Lu, 9.875%, 15/08/19 100,000 110,188 0.43%RR Donnelley & Sons Co, 6.500%, 15/11/23 75,000 78,375 0.30%Service Corp International/US, 5.375%, 15/05/24 144A 25,000 25,595 0.10%Shearer's Foods LLC/Chip Fin Corp, 9.000%, 01/11/19 144A 50,000 54,750 0.21%Smithfield Foods Inc, 5.250%, 01/08/18 144A 25,000 26,125 0.10%Spectrum Brands Inc, 6.625%, 15/11/22 25,000 27,063 0.11%Teleflex Inc, 5.250%, 15/06/24 144A 25,000 25,344 0.10%Tenet Healthcare Corp, 5.000%, 01/03/19 144A 75,000 75,750 0.29%United Rentals North America Inc, 5.750%, 15/11/24 75,000 78,000 0.30%

1,992,689 7.76%

Diversified - 0.90%Carlson Travel Holdings Inc, 7.500%, 15/08/19 144A 200,000 204,000 0.79%

179




USD% of

Sub-Fund

UNITED STATES - 49.90% (continued)Diversified - 0.90% (continued)WaveDivision Escrow LLC/WaveDivision Escrow Corp, 8.125%, 01/09/20144A 25,000 27,000 0.11%

231,000 0.90%

Energy - 7.52%Alpha Natural Resources Inc, 6.000%, 01/06/19 25,000 18,187 0.07%Alta Mesa Holdings LP/Alta Mesa Finance Services Corp, 9.625%,15/10/18 25,000 26,250 0.10%Antero Resources Corp, 5.125%, 01/12/22 144A 25,000 25,625 0.10%Approach Resources Inc, 7.000%, 15/06/21 25,000 26,125 0.10%Arch Coal Inc, 7.000%, 15/06/19 25,000 18,937 0.07%Athlon Holdings LP/Athlon Finance Corp, 6.000%, 01/05/22 144A 50,000 51,500 0.20%Chesapeake Energy Corp, 4.875%, 15/04/22 100,000 103,625 0.40%Chesapeake Energy Corp, 6.875%, 15/11/20 2,000 2,325 0.01%Cimarex Energy Co, 4.375%, 01/06/24 100,000 101,500 0.39%CONSOL Energy Inc, 5.875%, 15/04/22 144A 50,000 52,687 0.20%Denbury Resources Inc, 5.500%, 01/05/22 100,000 102,500 0.40%Energy Transfer Equity LP, 5.875%, 15/01/24 144A 25,000 26,062 0.10%Energy XXI Gulf Coast Inc, 6.875%, 15/03/24 144A 25,000 25,500 0.10%Forbes Energy Services Ltd, 9.000%, 15/06/19 25,000 25,937 0.10%Halcon Resources Corp, 9.750%, 15/07/20 125,000 137,188 0.53%Hercules Offshore Inc, 6.750%, 01/04/22 144A 100,000 95,250 0.37%Hiland Partners LP/Hiland Partners Finance Corp, 5.500%, 15/05/22 144A 25,000 25,375 0.10%Hilcorp Energy I LP/Hilcorp Finance Co, 5.000%, 01/12/24 144A 25,000 25,094 0.10%Kinder Morgan Inc/DE, 5.000%, 15/02/21 144A 75,000 77,813 0.30%Memorial Resource Development Corp, 5.875%, 01/07/22 144A 25,000 25,188 0.10%Midstates Petroleum Co Inc/Midstates Petroleum Co LLC, 9.250%,01/06/21 25,000 27,438 0.11%Midstates Petroleum Co Inc/Midstates Petroleum Co LLC, 10.750%,01/10/20 25,000 28,375 0.11%Parsley Energy LLC/Parsley Finance Corp, 7.500%, 15/02/22 144A 25,000 26,688 0.10%Quicksilver Resources Inc, 9.125%, 15/08/19 25,000 23,125 0.09%Rose Rock Midstream LP/Rose Rock Finance Corp, 5.625%, 15/07/22144A 25,000 25,000 0.10%Rosetta Resources Inc, 5.875%, 01/06/24 25,000 26,000 0.10%Sabine Pass Liquefaction LLC, 5.625%, 15/04/23 100,000 104,500 0.41%Sabine Pass Liquefaction LLC, 5.625%, 15/04/23 144A 100,000 104,500 0.41%Sabine Pass Liquefaction LLC, 5.750%, 15/05/24 144A 100,000 104,500 0.41%Samson Investment Co, 10.750%, 15/02/20 144A 50,000 52,875 0.21%Sanchez Energy Corp, 6.125%, 15/01/23 144A 50,000 51,625 0.20%SandRidge Energy Inc, 7.500%, 15/03/21 24,000 26,010 0.10%SandRidge Energy Inc, 8.125%, 15/10/22 25,000 27,500 0.11%SESI LLC, 7.125%, 15/12/21 50,000 56,500 0.22%Seventy Seven Energy Inc, 6.500%, 15/07/22 144A 100,000 102,500 0.40%Sidewinder Drilling Inc, 9.750%, 15/11/19 144A 25,000 25,375 0.10%Southern Star Central Corp, 5.125%, 15/07/22 144A 50,000 50,375 0.20%SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp,7.375%, 01/02/20 144A 25,000 26,688 0.10%Williams Cos Inc/The, 4.550%, 24/06/24 25,000 25,175 0.10%Williams Cos Inc/The, 5.750%, 24/06/44 25,000 25,125 0.10%

1,932,542 7.52%

Financial - 7.73%Affinion Investments LLC, 13.500%, 15/08/18 144A 25,000 26,000 0.10%

180




USD% of

Sub-Fund

UNITED STATES - 49.90% (continued)Financial - 7.73% (continued)Ally Financial Inc, 3.500%, 27/01/19 50,000 50,500 0.20%Ally Financial Inc, 5.500%, 15/02/17 75,000 81,281 0.32%Ally Financial Inc, 8.000%, 01/11/31 75,000 96,281 0.37%Ares Capital Corp, 4.875%, 30/11/18 25,000 26,604 0.10%Bank of America Corp, 5.200%, 29/12/49 100,000 95,875 0.37%CBRE Services Inc, 6.625%, 15/10/20 50,000 53,062 0.21%CIT Group Inc, 5.000%, 15/05/17 25,000 26,641 0.10%CIT Group Inc, 5.000%, 01/08/23 25,000 25,594 0.10%Citigroup Inc, 5.950%, 29/07/49 100,000 101,425 0.40%CNG Holdings Inc/OH, 9.375%, 15/05/20 144A 25,000 20,781 0.08%Forestar USA Real Estate Group Inc, 8.500%, 01/06/22 144A 25,000 25,875 0.10%Goldman Sachs Group Inc/The, 5.700%, 29/12/49 25,000 25,686 0.10%Hockey Merger Sub 2 Inc, 7.875%, 01/10/21 144A 75,000 80,344 0.31%Icahn Enterprises LP/Icahn Enterprises Finance Corp, 3.500%, 15/03/17 50,000 50,562 0.20%Icahn Enterprises LP/Icahn Enterprises Finance Corp, 5.875%, 01/02/22 50,000 52,375 0.20%International Lease Finance Corp, 5.875%, 15/08/22 75,000 81,727 0.32%iStar Financial Inc, 4.000%, 01/11/17 25,000 25,125 0.10%iStar Financial Inc, 5.000%, 01/07/19 25,000 25,000 0.10%JPMorgan Chase & Co, 5.000%, 29/12/49 50,000 49,825 0.19%JPMorgan Chase & Co, 6.125%, 29/12/49 100,000 102,218 0.40%KCG Holdings Inc, 8.250%, 15/06/18 144A 75,000 79,594 0.31%Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp,7.375%, 01/10/17 25,000 26,937 0.11%Lehman Brothers Holdings Inc, 5.375%, 17/10/12* 500,000 136,600 0.53%MBIA Insurance Corp, 11.486%, 15/01/33 144A 25,000 19,750 0.08%Nationstar Mortgage LLC/Nationstar Capital Corp, 6.500%, 01/07/21 75,000 74,813 0.29%Navient Corp, 6.125%, 25/03/24 100,000 101,375 0.39%Outerwall Inc, 5.875%, 15/06/21 144A 25,000 25,188 0.10%Radian Group Inc, 5.500%, 01/06/19 25,000 25,500 0.10%RBS Capital Trust A, 2.309%, 29/12/49 100,000 132,400 0.52%Realogy Group LLC/Realogy Co-Issuer Corp, 4.500%, 15/04/19 144A 50,000 49,875 0.19%Springleaf Finance Corp, 6.900%, 15/12/17 100,000 110,750 0.43%TMX Finance LLC/TitleMax Finance Corp, 8.500%, 15/09/18 144A 50,000 53,000 0.21%Wells Fargo & Co, 5.900%, 29/12/49 25,000 26,500 0.10%

1,985,063 7.73%

Industrial - 3.96%Alliant Techsystems Inc, 5.250%, 01/10/21 144A 25,000 25,812 0.10%Artesyn Escrow Inc, 9.750%, 15/10/20 144A 25,000 24,562 0.09%B/E Aerospace Inc, 5.250%, 01/04/22 25,000 27,187 0.10%Belden Inc, 5.250%, 15/07/24 144A 25,000 25,188 0.10%Cemex Finance LLC, 5.250%, 01/04/21 125,000 178,946 0.70%CNH Industrial Capital LLC, 3.375%, 15/07/19 144A 25,000 24,813 0.10%Florida East Coast Holdings Corp, 6.750%, 01/05/19 144A 25,000 26,406 0.10%Florida East Coast Holdings Corp, 9.750%, 01/05/20 144A 25,000 26,406 0.10%GenCorp Inc, 7.125%, 15/03/21 50,000 54,625 0.21%Greif Inc, 7.750%, 01/08/19 25,000 28,750 0.11%JCH Parent Inc, 10.500%, 15/03/19 144A 25,000 25,063 0.10%Jurassic Holdings III Inc, 6.875%, 15/02/21 144A 100,000 102,250 0.40%Masco Corp, 6.125%, 03/10/16 25,000 27,531 0.11%New Enterprise Stone & Lime Co Inc, 13.000%, 15/03/18 25,000 28,000 0.11%Nortek Inc, 8.500%, 15/04/21 25,000 27,688 0.11%Polymer Group Inc, 6.875%, 01/06/19 144A 75,000 76,219 0.30%

181




USD% of

Sub-Fund

UNITED STATES - 49.90% (continued)Industrial - 3.96% (continued)Sanmina Corp, 4.375%, 01/06/19 144A 25,000 25,031 0.10%Swift Services Holdings Inc, 10.000%, 15/11/18 75,000 80,906 0.31%TRAC Intermodal LLC/TRAC Intermodal Corp, 11.000%, 15/08/19 25,000 28,625 0.11%TransDigm Inc, 6.000%, 15/07/22 144A 50,000 51,250 0.20%TransDigm Inc, 6.500%, 15/07/24 144A 25,000 26,000 0.10%Triumph Group Inc, 5.250%, 01/06/22 144A 25,000 25,188 0.10%Wise Metals Intermediate Holdings LLC/Wise Holdings Finance Corp,9.750%, 15/06/19 144A 50,000 51,000 0.20%

1,017,446 3.96%

Technology - 2.57%Activision Blizzard Inc, 6.125%, 15/09/23 144A 50,000 55,000 0.21%Advanced Micro Devices Inc, 7.000%, 01/07/24 144A 100,000 102,000 0.40%Advanced Micro Devices Inc, 7.500%, 15/08/22 50,000 54,000 0.21%Allen Systems Group Inc, 10.500%, 15/11/16 144A* 25,000 12,875 0.05%Audatex North America Inc, 6.000%, 15/06/21 144A 25,000 26,625 0.10%Boxer Parent Co Inc, 9.000%, 15/10/19 144A 50,000 48,750 0.19%First Data Corp, 11.750%, 15/08/21 60,000 71,325 0.28%First Data Holdings Inc, 14.500%, 24/09/19 144A 50,000 55,750 0.22%Freescale Semiconductor Inc, 6.000%, 15/01/22 144A 100,000 106,750 0.42%Infor Software Parent LLC/Infor Software Parent Inc, 7.125%, 01/05/21144A 50,000 51,125 0.20%NCR Corp, 5.000%, 15/07/22 25,000 25,312 0.10%Sungard Availability Services Capital Inc, 8.750%, 01/04/22 144A 25,000 23,250 0.09%SunGard Data Systems Inc, 7.375%, 15/11/18 25,000 26,375 0.10%

659,137 2.57%

Utilities - 2.47%AES Corp/VA, 3.229%, 01/06/19 (FRN) 25,000 25,250 0.10%AES Corp/VA, 5.500%, 15/03/24 50,000 51,515 0.20%Calpine Corp, 5.875%, 15/01/24 144A 100,000 105,250 0.41%Dynegy Inc, 5.875%, 01/06/23 75,000 75,562 0.29%GenOn Americas Generation LLC, 8.500%, 01/10/21 100,000 104,375 0.41%GenOn Energy Inc, 9.875%, 15/10/20 25,000 27,187 0.11%Illinois Power Generating Co, 7.000%, 15/04/18 100,000 98,750 0.38%NRG Energy Inc, 6.250%, 01/05/24 144A 50,000 52,500 0.20%Sabine Pass LNG LP, 7.500%, 30/11/16 25,000 27,750 0.11%Texas Competitive Electric Holdings Co LLC/TCEH Finance Inc,11.500%, 01/10/20 144A* 75,000 67,688 0.26%

635,827 2.47%


VENEZUELA - 1.25%Energy - 1.25%Petroleos de Venezuela SA, 5.000%, 28/10/15 200,000 189,460 0.74%Petroleos de Venezuela SA, 6.000%, 15/11/26 200,000 131,500 0.51%

320,960 1.25%

TOTAL VENEZUELA 320,960 1.25%

TOTAL BONDS 25,145,553 97.90%

182




USD% of

Sub-Fund

EQUITIES - 0.60%

MARSHALL ISLAND - 0.02%Industrial - 0.02%Seaspan Corp, 6.375%, 30/04/19 PFD 150 3,863 0.02%

3,863 0.02%

TOTAL MARSHALL ISLAND 3,863 0.02%

UNITED STATES - 0.58%Financial - 0.55%Ally Financial Inc, 7.000% PFD 144A 112 112,791 0.44%GMAC Capital Trust I, 8.125%, 15/02/40 PFD 1,060 28,885 0.11%

141,676 0.55%

Industrial - 0.03%General Finance Corp, 8.125%, 31/07/21 PFD 320 8,083 0.03%

8,083 0.03%


TOTAL EQUITIES 153,622 0.60%




* Defaulted


183


NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKET EQUITY FUNDSTATEMENT OF CHANGES IN THE PORTFOLIOFor the half year ended 30th June, 2014

Major Purchases Nominal Cost USD

Sberbank of Russia - Sponsored ADR 12,071 142,662Hollysys Automation Technologies Ltd 5,700 111,869QIWI Plc - Sponsored ADR 2,500 98,366China Telecom Corp Ltd 150,000 76,761WuXi PharmaTech Cayman Inc - Sponsored ADR 2,050 72,674AirAsia Bhd 94,600 68,317AMBEV SA 8,000 59,577Astra International Tbk PT 86,400 58,254Life Healthcare Group Holdings Ltd 15,000 54,032Credicorp Ltd 397 52,322China Railway Group Ltd 99,000 50,415Lotte Chemical Corp 310 49,747MMC Norilsk Nickel OJSC - Sponsored ADR 2,800 45,560Bank of Georgia Holdings PLC 1,000 40,330CCR SA 5,400 36,449Mobile Telesystems OJSC - Sponsored ADR 1,563 27,539Industrial & Commercial Bank of China Ltd 40,000 24,169Anhui Conch Cement Co Ltd 6,500 23,815China Resources Power Holdings Co Ltd 8,000 19,435DAMAC Real Estate Development Ltd - Sponsored GDR 1,178 18,559Lee & Man Paper Manufacturing Ltd 28,000 18,216Baidu Inc - Sponsored ADR 100 16,427KB Financial Group Inc 440 16,256Cosan SA Industria e Comercio 800 12,733

184


NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKET EQUITY FUNDSTATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED)For the half year ended 30th June, 2014

Total Sales Nominal Proceeds USD

Tata Motors Ltd - Sponsored ADR 3,000 113,765Gudang Garam Tbk PT 20,000 95,646Lenovo Group Ltd 80,000 86,405Kasikornbank Pcl 15,000 81,815LG Uplus Corp 7,000 67,660Gazprom OAO 10,000 66,382China National Building Material Co Ltd 70,000 65,712Airtac International Group 6,000 60,927PTT Global Chemical Pcl 25,000 54,437Zenith Bank Plc 440,125 52,948Genomma Lab Internacional SAB de CV 20,000 50,797Globaltrans Investment Plc - Sponsored GDR 4,000 47,518Jiangxi Copper Co Ltd 30,000 46,680QIWI Plc - Sponsored ADR 1,000 44,274Industrial & Commercial Bank of China Ltd 49,000 28,727Anhui Conch Cement Co Ltd 6,500 28,245Larsen & Toubro Ltd - Sponsored GDR 919 21,281Credicorp Ltd 123 19,260BB Seguridade Participacoes SA 1,500 19,051ICICI Bank Ltd - Sponsored ADR 400 18,668Alfa SAB de CV 5,600 14,152Mobile Telesystems OJSC - Sponsored ADR 736 11,546

185


NOMURA FUNDS IRELAND - INDIA EQUITY FUNDSTATEMENT OF CHANGES IN THE PORTFOLIOFor the half year ended 30th June, 2014

Total Purchases Nominal Cost USD

Yes Bank Ltd 308,355 2,582,996Axis Bank Ltd 82,936 1,872,054Tata Steel Ltd 204,258 1,437,182State Bank of India 27,825 1,232,146ACC Ltd 44,944 1,103,654Sesa Sterlite Ltd 236,553 1,065,491Shriram Transport Finance Co Ltd 81,213 1,050,912The Ramco Cements Ltd 177,851 902,397Kotak Mahindra Bank Ltd 57,973 813,347Hindalco Industries Ltd 225,383 601,295Indiabulls Real Estate Ltd 400,000 596,855ICICI Bank Ltd 23,655 594,694Indiabulls Housing Finance Ltd 82,236 499,193Tech Mahindra Ltd 10,740 384,300Sun Pharmaceutical Industries 27,350 257,655Shree Cement Ltd 1,761 211,359

186


NOMURA FUNDS IRELAND - INDIA EQUITY FUNDSTATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED)For the half year ended 30th June, 2014

Major Sales Nominal Proceeds USD

Infosys Ltd 59,808 3,166,164Glenmark Pharmaceuticals Ltd 217,579 1,917,114Emami Ltd 225,000 1,689,790DEN Networks Ltd 567,370 1,497,519Reliance Industries Ltd 90,827 1,485,256Housing Development Finance Corp 59,487 916,800IDFC Ltd 599,169 916,492Jyothy Laboratories Ltd 264,462 863,518HCL Technologies Ltd 35,669 844,474Prestige Estates Projects Ltd 202,606 790,531Lupin Ltd 45,696 788,428McLeod Russel India Ltd 160,092 735,040Ipca Laboratories Ltd 46,768 666,425ITC Ltd 106,809 591,790Sadbhav Engineering Ltd 305,004 524,248Hero MotoCorp Ltd 12,830 511,663Tata Steel Ltd 55,905 418,987Tata Consultancy Services Ltd 7,917 288,122Sun Pharmaceutical Industries 27,350 285,000Tata Motors Ltd 28,733 201,081

187


NOMURA FUNDS IRELAND - ASIA EX JAPAN FUNDSTATEMENT OF CHANGES IN THE PORTFOLIOFor the half year ended 30th June, 2014


Hong Kong Exchanges and Clearing Ltd 33,100 609,970BOC Hong Kong Holdings Ltd 105,000 322,482Hon Hai Precision Industry Co Ltd 89,000 265,423China Overseas Land & Investment Ltd 96,000 240,669Tencent Holdings Ltd 8,600 239,723PetroChina Co Ltd 212,000 222,420United Microelectronics Corp 454,000 197,962Formosa Plastics Corp 70,000 179,920Public Bank Bhd 21,700 137,882Youngone Corp 3,333 137,223IHH Healthcare Bhd 94,700 129,177Bumi Armada Bhd 108,400 128,432Brogent Technologies Inc 6,000 123,771Tong Hsing Electronic Industries Ltd 23,000 123,060Posiflex Technology Inc 18,000 114,431Industrial & Commercial Bank of China Ltd 175,000 110,239Cheung Kong Holdings Ltd 7,000 108,573United Overseas Bank Ltd 6,000 108,371Inotera Memories Inc 88,000 99,315Sunspring Metal Corp 36,000 97,018Guodian Technology & Environment Group Corp Ltd 273,000 91,753Airports of Thailand Pcl 14,400 88,115Vale Indonesia Tbk PT 238,700 80,278Bank Mandiri Persero Tbk PT 98,100 72,322Pacc Offshore Services Holdings Ltd 77,000 71,080Agricultural Bank of China Ltd 153,000 67,108Noble Group Ltd 58,000 63,616Land & Houses Pcl 191,800 63,487Ourgame International Holdings Ltd 111,000 60,858Kia Motors Corp 1,099 60,728Addcn Technology Co Ltd 5,000 58,008China Machinery Engineering Corp 77,000 57,276Tenwow International Holdings Ltd 144,000 56,681Samsung Electronics Co Ltd 42 54,246

188


NOMURA FUNDS IRELAND - ASIA EX JAPAN FUNDSTATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED)For the half year ended 30th June, 2014


BOC Hong Kong Holdings Ltd 215,000 635,825Samsung Electronics Co Ltd 325 357,048Lenovo Group Ltd 258,000 298,019China Mobile Ltd 32,500 290,850Sands China Ltd 32,800 272,069Nexteer Automotive Group Ltd 388,000 269,368Luk Fook Holdings International Ltd 72,000 261,345China Life Insurance Co Ltd/Taiwan 87,000 228,786DBS Group Holdings Ltd 17,000 224,966Kasikornbank Pcl 34,600 192,390China Minsheng Banking Corp Ltd 202,500 189,529SK Hynix Inc 5,630 189,061Malayan Banking Bhd 61,432 181,292Cheung Kong Holdings Ltd 9,000 155,742CapitaMalls Asia Ltd 82,000 153,596Inotera Memories Inc 88,000 147,443PTT Pcl 16,100 144,168New World Development Co Ltd 144,000 144,117Newocean Energy Holdings Ltd 174,000 141,891Sinopharm Group Co Ltd 52,400 140,802Quanta Computer Inc 53,000 138,878Public Bank Bhd 21,700 137,726PTT Exploration & Production Pcl 27,700 132,139Axiata Group Bhd 65,400 130,627Sime Darby Bhd 43,387 130,256Airtac International Group 12,000 126,739SM Investments Corp 7,710 123,322China Resources Cement Holdings Ltd 184,000 119,207Lock & Lock Co Ltd 7,967 117,927Radiant Opto-Electronics Corp 28,000 117,281Zhongsheng Group Holdings Ltd 92,000 116,407Country Garden Holdings Co Ltd 272,000 112,944Kia Motors Corp 2,078 101,696AIA Group Ltd 19,400 93,733Prince Housing & Development Corp 190,740 92,588China Petroleum & Chemical Corp 98,000 87,956Telekomunikasi Indonesia Persero Tbk PT 517,500 87,561Lung Yen Life Service Corp 29,000 82,728China Cinda Asset Management Co Ltd 129,000 82,652Shanghai Fosun Pharmaceutical Group Co Ltd 22,500 82,044

189


NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUNDSTATEMENT OF CHANGES IN THE PORTFOLIOFor the half year ended 30th June, 2014


Gazprom OAO 45,458 367,606Berkshire Hathaway Inc 2,500 317,552Verizon Communications Inc 3,100 153,947Lukoil OAO - Sponsored ADR 2,595 144,109Industrial & Commercial Bank of China Ltd 214,000 133,022Sberbank of Russia - Sponsored ADR 8,822 89,195China Construction Bank Corp 114,000 84,792China Mobile Ltd 8,500 80,182Rosneft OAO 10,476 78,948Samsung Electronics Co Ltd 57 75,413Agricultural Bank of China Ltd 158,000 74,511AT&T Inc 2,000 70,769Bank of China Ltd 148,000 65,234Vale SA 5,500 64,338Toyota Motor Corp 1,200 63,651PetroChina Co Ltd 50,000 61,953HSBC Holdings Plc 6,002 61,771Chevron Corp 500 61,486Wal-Mart Stores Inc 800 60,564International Business Machines Corp 300 54,448Citigroup Inc 1,100 52,904

190


NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUNDSTATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED)For the half year ended 30th June, 2014


Berkshire Hathaway Inc 2 381,015Gazprom OAO 77,754 311,249Endesa SA 3,291 128,410Verizon Communications Inc 1,986 98,510Lukoil OAO 1,522 84,031France Telecom SA 4,801 77,048Banco Santander SA 7,012 74,924Intesa Sanpaolo SpA 22,195 69,185Enel SpA 11,150 65,498Nokia OYJ 7,968 61,914UniCredit SpA 6,911 59,816Total SA 779 57,811Telecom Italia SpA 40,872 51,530Deutsche Telekom AG 2,741 47,615Jardine Strategic Holdings Ltd 1,000 36,485Statoil ASA 1,130 36,048Telefonica SA 2,020 35,142ConocoPhillips 400 34,168ING Groep NV 2,419 33,961Daimler AG 356 33,499

191


NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUNDSTATEMENT OF CHANGES IN THE PORTFOLIOFor the half year ended 30th June, 2014

Major Purchases Nominal Cost JPY

Sumitomo Electric Industries Ltd 2,702,600 4,113,629,897Mitsubishi UFJ Financial Group Inc 5,504,300 3,227,221,165Dai-ichi Life Insurance Co Ltd/The 2,088,700 3,191,755,777Toyota Motor Corp 476,900 2,824,332,796Mitsubishi Heavy Industries Ltd 4,270,000 2,584,043,179Hitachi Ltd 3,360,000 2,527,505,041Sumitomo Mitsui Financial Group Inc 472,100 2,157,341,429Fukuoka Financial Group Inc 3,899,000 1,689,579,892Honda Motor Co Ltd 437,100 1,652,765,282Tokio Marine Holdings Inc 530,600 1,644,257,620Ebara Corp 2,519,000 1,634,531,249Nippon Telegraph & Telephone Corp 289,900 1,631,765,134Chiba Bank Ltd/The 2,351,000 1,621,329,324Mitsubishi Electric Corp 1,352,000 1,606,651,753Asahi Kasei Corp 2,195,000 1,585,627,656Taisei Corp 3,305,000 1,497,877,673Seven & I Holdings Co Ltd 366,100 1,471,699,617Rohm Co Ltd 273,100 1,459,548,312Denso Corp 288,400 1,443,999,130ORIX Corp 889,800 1,425,045,722Mitsui Chemicals Inc 5,157,000 1,383,907,154TDK Corp 300,700 1,379,982,747Inpex Corp 1,014,500 1,370,440,231Sumitomo Mitsui Trust Holdings Inc 2,988,000 1,358,872,232Bridgestone Corp 362,400 1,346,986,623Toray Industries Inc 1,912,000 1,310,167,807Kajima Corp 3,139,000 1,280,135,623NSK Ltd 1,050,000 1,226,364,340Nippon Steel & Sumitomo Metal Corp 3,865,000 1,202,919,531Toshiba Corp 2,555,000 1,130,035,567Makino Milling Machine Co Ltd 1,322,000 1,025,560,572UACJ Corp 2,764,000 1,006,143,765Mitsui & Co Ltd 663,800 961,521,628Credit Saison Co Ltd 422,600 953,093,690

192


NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUNDSTATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED)For the half year ended 30th June, 2014

Major Sales Nominal Proceeds JPY

Mizuho Financial Group Inc 21,312,960 4,348,297,566Sumitomo Mitsui Financial Group Inc 814,900 3,517,213,883Denso Corp 603,800 2,861,168,789NTT DOCOMO Inc 1,339,100 2,295,588,912Resona Holdings Inc 4,009,100 2,225,245,311Bridgestone Corp 448,800 1,607,979,623Nippon Telegraph & Telephone Corp 260,900 1,497,139,356ORIX Corp 853,100 1,221,782,739NSK Ltd 989,000 1,110,817,154LIXIL Group Corp 397,500 1,080,967,859NHK Spring Co Ltd 991,000 1,017,646,122Sekisui House Ltd 689,600 835,625,571ITOCHU Corp 716,300 832,252,774Aisin Seiki Co Ltd 232,100 807,215,193Toyota Motor Corp 140,100 797,851,605Sony Financial Holdings Inc 489,100 796,240,896Japan Airlines Co Ltd 156,600 787,363,147Nippon Steel & Sumitomo Metal Corp 2,866,000 772,689,646Canon Inc 244,400 772,452,774Sumitomo Mitsui Trust Holdings Inc 1,430,000 759,504,814Mitsubishi Gas Chemical Co Inc 1,081,000 746,053,917Mitsubishi Heavy Industries Ltd 1,191,000 728,992,118Hitachi Kokusai Electric Inc 572,000 726,062,979Credit Saison Co Ltd 347,600 690,570,114Seven & I Holdings Co Ltd 168,600 659,582,616Tokio Marine Holdings Inc 204,500 654,693,069Sumitomo Electric Industries Ltd 439,500 636,017,161Alpen Co Ltd 356,100 628,095,719Hitachi Zosen Corp 1,073,900 593,961,898Ryohin Keikaku Co Ltd 52,400 570,423,208Mitsubishi UFJ Financial Group Inc 895,700 531,111,357Hitachi Ltd 681,000 524,137,138

193


NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUNDSTATEMENT OF CHANGES IN THE PORTFOLIOFor the half year ended 30th June, 2014


United Rentals North America Inc, 5.750%, 15/11/24 15,750,000 15,854,094Cimarex Energy Co, 4.375%, 01/06/24 10,450,000 10,643,875First Data Holdings Inc, 14.500%, 24/09/19 144A 8,977,506 8,941,881Sprint Capital Corp, 8.750%, 15/03/32 7,700,000 8,747,344Telecom Italia SpA, 5.303%, 30/05/24 144A 8,600,000 8,600,000Digicel Group Ltd, 7.125%, 01/04/22 144A 8,400,000 8,516,000MPH Acquisition Holdings LLC, 6.625%, 01/04/22 144A 7,825,000 7,956,000Tenet Healthcare Corp, 5.000%, 01/03/19 144A 7,925,000 7,941,313Chesapeake Energy Corp, 4.875%, 15/04/22 7,250,000 7,534,188Rite Aid Corp, 6.750%, 15/06/21 6,800,000 7,404,938First Data Corp, 11.750%, 15/08/21 6,641,250 7,237,892Icahn Enterprises LP/Icahn Enterprises Finance Corp,5.875%, 01/02/22 7,125,000 7,141,906Realogy Group LLC/Realogy Co-Issuer Corp,4.500%, 15/04/19 144A 7,075,000 7,100,813Hexion US Finance Corp/Hexion Nova Scotia Finance ULC,dfULC,9.000441 9.000%,9.000%, 15/11/20 6,725,000 6,837,969Post Holdings Inc, 6.000%, 15/12/22 144A 6,050,000 6,110,406Sanchez Energy Corp, 6.125%, 15/01/23 144A 5,725,000 5,810,188Advanced Micro Devices Inc, 7.000%, 01/07/24 144A 5,725,000 5,793,938Ardagh Finance Holdings SA, 8.625%, 15/06/19 144A 5,450,000 5,467,313Numericable Group SA, 6.000%, 15/05/22 144A 5,100,000 5,173,375Teekay Offshore Partners LP/Teekay Offshore Finance Corp,6.000%,6.000%, 30/07/19 5,100,000 5,108,438

194


NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUNDSTATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED)For the half year ended 30th June, 2014


Sprint Capital Corp, 8.750%, 15/03/32 9,850,000 11,087,644United Rentals North America Inc, 5.750%, 15/11/24 6,920,000 7,178,825Sprint Communications Inc, 8.375%, 15/08/17 5,600,000 6,580,000HCA Inc, 5,000%, 15/03/24 4,800,000 4,801,813First Data Holdings Inc, 14.500%, 24/09/19 144A 4,575,000 4,511,406Telecom Italia SpA, 5.303%, 30/05/24 144A 4,200,000 4,200,000Netflix Inc, 5.750%, 01/03/24 3,900,000 4,081,781NXP BV/NXP Funding LLC, 5.750%, 15/03/23 144A 3,655,000 3,902,663DISH DBS Corp, 5.000%, 15/03/23 3,750,000 3,729,375First Data Corp, 11.750%, 15/08/21 3,350,000 3,680,656Icahn Enterprises LP/Icahn Enterprises Finance Corp,5.875%, 01/02/225.875%, 01/02/22 3,525,000 3,603,938Tenet Healthcare Corp, 5.000%, 01/03/19 144A 3,500,000 3,526,250Isle of Capri Casinos Inc, 8.875%, 15/06/20 3,300,000 3,479,594T-Mobile USA Inc, 6.500%, 15/01/24 3,025,000 3,210,344Activision Blizzard Inc, 6.125%, 15/09/23 144A 2,825,000 3,077,500Intelsat Jackson Holdings SA, 5.500%, 01/08/23 2,800,000 2,770,063Clear Channel Communications Inc, 14.000%, 01/02/21 2,700,000 2,756,469ADT Corp, 6.250%, 15/10/21 2,525,000 2,655,063CHS/Community Health Systems Inc, 6.875%, 01/02/22144A

2,475,000 2,617,125Equinix Inc, 5.375%, 01/04/23 2,550,000 2,612,625

195


NOMURA FUNDS IRELAND - NEWS EMERGING MARKETS SMALL CAP EQUITY FUNDSTATEMENT OF CHANGES IN THE PORTFOLIOFor the half year ended 30th June, 2014

Total Purchases Nominal Cost USD

There have been no purchases during the half year.

196


NOMURA FUNDS IRELAND - NEWS EMERGING MARKETS SMALL CAP EQUITY FUNDSTATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED)For the half year ended 30th June, 2014


Aurobindo Pharma Ltd 36,648 416,597Celsia SA ESP 131,249 403,779Industrias Bachoco SAB de CV 7,400 385,067B2W Cia Digital 28,600 365,403CJ E&M Corp 8,241 357,861Gruma SAB de CV 30,700 351,973X5 Retail Group NV 17,692 350,493Ezz Steel 145,907 347,109Union Bank of India 81,164 332,025Daesang Corp 7,070 325,250Magnitogorsk Iron & Steel Works 1,461,968 288,609Semiconductor Manufacturing International Corp 3,122,000 253,815Oriental Bank of Commerce 42,562 253,451Empresas ICA SAB de CV 123,500 251,373GMR Infrastructure Ltd 404,838 249,402ElSwedy Electric Co 55,488 239,339LG International Corp 8,773 235,803China South City Holdings Ltd 476,000 235,321Sino-American Silicon Products Inc 117,000 229,411SKC Co Ltd 7,422 227,299

197


NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUNDSTATEMENT OF CHANGES IN THE PORTFOLIOFor the half year ended 30th June, 2014


Sunspring Metal Corp 72,000 192,251TXC Corp 132,000 182,640King's Town Bank 162,000 156,677Formosa International Hotels Corp 13,000 149,197Sri Rejeki Isman Tbk Pt 6,266,800 139,990Scientex BHD 77,600 135,618i-SENS Inc 2,199 112,363Consun Pharmaceutical Group Ltd 145,000 111,481Tong Hsing Electronic Industries Ltd 19,000 110,628Amata Corp Pcl 234,000 108,705WT Microelectronics Co Ltd 64,000 92,022SITC International Holdings Co Ltd 164,000 72,728Makalot Industrial Co Ltd 12,000 62,872Shun Tak Holdings Ltd 112,000 56,029Future Bright Holdings Ltd 114,000 55,651Chularat Hospital Pcl 156,700 51,066OSK Holdings Bhd 97,500 50,930Pan-United Corp Ltd 60,000 43,673Goldpac Group Ltd 41,000 41,740Lung Yen Life Service Corp 13,000 37,359Dynasty Ceramic Pcl 20,900 34,238Wins Technet Co Ltd 2,335 33,968Premier Marketing Pcl 97,300 26,184Lotte Chilsung Beverage Co Ltd 16 24,379

198


NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUNDSTATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED)For the half year ended 30th June, 2014


Silverlake Axis Ltd 344,000 268,217Giordano International Ltd 248,000 175,948AMOREPACIFIC Group 245 139,327Super Group Ltd/Singapore 41,000 113,435Synnex Technology International Corp 64,000 108,143Techtronic Industries Co 34,000 105,703Simplo Technology Co Ltd 23,000 100,939KGI Securities Thailand Pcl 1,157,500 100,086AAPICO Hitech Pcl 238,080 100,040Boer Power Holdings Ltd 72,000 92,287CKD Bio Corp 6,147 85,982Haitian International Holdings Ltd 37,000 83,167BW Plantation Tbk PT 816,200 81,053Gwangju Shinsegae Co Ltd 348 78,604St Shine Optical Co Ltd 3,000 78,083Tan Chong Motor Holdings Bhd 43,600 75,898VTech Holdings Ltd 6,300 73,025Doosan Engine Co Ltd 9,240 72,101Infraware Inc 7,803 68,723Daphne International Holdings Ltd 152,000 68,219Clipan Finance Indonesia Tbk PT 1,504,300 49,331Hilong Holding Ltd 56,000 47,491Padini Holdings Bhd 76,500 38,679Giant Manufacturing Co Ltd 5,000 37,959Media Prima Bhd 47,400 35,947Chularat Hospital Pcl 75,900 31,318Hopefluent Group Holdings Ltd 86,000 26,396

199


NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUNDSTATEMENT OF CHANGES IN THE PORTFOLIOFor the half year ended 30th June, 2014

Total Purchases Nominal Cost JPY

Softbank Corp 1,700 13,020,460Japan Tobacco Inc 3,900 12,579,196MonotaRO Co Ltd 4,300 10,234,264Isuzu Motors Ltd 8,000 4,923,125Kakaku.com Inc 2,900 4,782,280JGC Corp 1,000 3,103,000Bridgestone Corp 600 2,179,868Nitto Denko Corp 400 1,921,428Rinnai Corp 200 1,668,967Komatsu Ltd 700 1,453,900Kubota Corp 1,000 1,411,642Unicharm Corp 200 1,116,700M3 Inc 800 1,087,566Cosmos Pharmaceutical Corp 100 1,078,000Paramount Bed Holdings Co Ltd 300 1,057,050Message Co Ltd 300 1,048,350

200


NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUNDSTATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED)For the half year ended 30th June, 2014

Total Sales Nominal Proceeds JPY

Mitsubishi Corp 8,000 15,372,156Canon Inc 4,200 13,653,479Nidec Corp 900 10,414,533Daikin Industries Ltd 1,400 8,326,353SMC Corp/Japan 200 5,009,428M3 Inc 14 4,360,945Terumo Corp 1,100 2,325,272Honda Motor Co Ltd 500 1,720,295Message Co Ltd 400 1,531,865Hamamatsu Photonics KK 300 1,484,142

201


NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUNDSTATEMENT OF CHANGES IN THE PORTFOLIOFor the half year ended 30th June, 2014


Hyundai Motor Co PFD 1,922 171,385Hong Kong Exchanges and Clearing Ltd 9,800 72,989Public Bank Bhd 27,000 249,022Bumi Armada Bhd 136,500 59,447PetroChina Co Ltd 140,000 34,745United Microelectronics Corp 262,000 56,071Nexteer Automotive Group Ltd 214,000 216,007Cheung Kong Holdings Ltd 7,000 159,617Posiflex Technology Inc 16,000 250,193Semen Indonesia Persero Tbk PT 68,900 17,413Youngone Corp 2,390 45,048Vale Indonesia Tbk PT 264,300 96,516Tenwow International Holdings Ltd 213,000 51,753Guodian Technology & Environment Group Corp Ltd 256,000 18,479Kalbe Farma Tbk PT 770,200 123,447Tsui Wah Holdings Ltd 108,000 166,759Pacc Offshore Services Holdings Ltd 74,000 164,377BOC Hong Kong Holdings Ltd 15,500 29,978Ayala Land Inc 74,000 178,780Amata Corp Pcl 62,300 66,230PTT Global Chemical Pcl-Foreign 12,900 60,350Industrial & Commercial Bank of China Ltd 44,000 10,419St Shine Optical Co Ltd 1,000 83,416

202


NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUNDSTATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED)For the half year ended 30th June, 2014


BOC Hong Kong Holdings Ltd 84,000 250,193Lenovo Group Ltd 228,000 249,022Kia Motors Corp 4,331 216,007Shanghai Fosun Pharmaceutical Group Co Ltd 53,000 178,780Public Bank Bhd 27,000 171,385Bumi Armada Bhd 136,500 166,759Sapurakencana Petroleum Bhd 121,600 164,377Radiant Opto-Electronics Corp 37,000 159,617Luk Fook Holdings International Ltd 34,000 123,447SM Investments Corp 6,030 96,516Telekomunikasi Indonesia Persero Tbk PT 493,000 83,416Bangkok Dusit Medical Services Pcl 18,500 72,989Consun Pharmaceutical Group Ltd 94,000 72,288Tsui Wah Holdings Ltd 108,000 66,230Guodian Technology & Environment Group Corp Ltd 256,000 60,350China Cinda Asset Management Co Ltd 93,000 59,587Hyundai Motor Co PFD 398 59,447Nexteer Automotive Group Ltd 80,000 56,659Galaxy Entertainment Group Ltd 6,000 56,071Semen Indonesia Persero Tbk PT 39,900 51,753St Shine Optical Co Ltd 2,000 45,048SK Hynix Inc 1,040 34,745Kalbe Farma Tbk PT 234,100 29,978

203


NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUNDSTATEMENT OF CHANGES IN THE PORTFOLIOFor the half year ended 30th June, 2014


Finansbank AS/Turkey, 6.250%, 30/04/19 400,000 410,800Altice SA, 7.750%, 15/05/22 144A 400,000 406,000Greenland Hong Kong Holdings Ltd, 4.750%, 18/10/16 400,000 399,360Coventry Building Society, 0.000%, 31/12/49 200,000 340,710Altice SA, 7.250%, 15/05/22 200,000 276,770InterXion Holding NV, 6.000%, 15/07/20 175,000 258,520Matalan Finance Plc, 8.875%, 01/06/20 150,000 252,420Constellium NV, 5.750%, 15/05/24 144A 250,000 250,000Air Canada, 7.750%, 15/04/21 144A 225,000 227,813Chrysler Group LLC/CG Co-Issuer Inc, 8.250%, 15/06/21 200,000 225,500First Data Corp, 11.750%, 15/08/21 210,000 222,175Holding Medi-Partenaires SAS, 7.000%, 15/05/20 150,000 218,929Premier Foods Finance Plc, 6.5000%, 15/03/21 125,000 218,436CIFI Holdings Group Co Ltd, 12.250%, 15/04/18 200,000 217,500JBS Investments GmbH, 7.250%, 03/04/24 200,000 216,250Vedanta Resources Plc, 8.250%, 07/06/21 200,000 214,500Citic Pacific Ltd, 6.800%, 17/01/23 200,000 212,500Agile Property Holdings Ltd, 9.875%, 20/03/17 200,000 211,000Matalan Finance Plc, 6.875%, 01/06/19 125,000 210,350Vedanta Resources Plc, 7.125%, 31/05/23 200,000 210,000

204


NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUNDSTATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED)For the half year ended 30th June, 2014


Coventry Building Society, 0.000%, 31/12/49 200,000 343,704Altice SA, 7.250%, 15/05/22 200,000 289,976Matalan Finance Plc, 8.875%, 01/06/20 150,000 254,944Citic Pacific Ltd, 6.800%, 17/01/23 200,000 227,700Chrysler Group LLC/CG Co-Issuer Inc, 8.250%, 15/06/21 200,000 227,250Vedanta Resources Plc, 8.250%, 07/06/21 200,000 223,500Abengoa Transmision, 6.875%, 30/04/43 200,000 219,000Premier Foods Finance Plc, 6.500%, 15/03/21 125,000 216,049Marfrig Overseas Ltd, 9.500%, 04/05/20 200,000 213,500VTR Finance BV, 6.875%, 15/01/24 200,000 212,700Braskem Finance Ltd, 6.450%, 03/02/24 200,000 212,000Matalan Finance Plc, 6.875%, 01/06/19 125,000 210,876Lenovo Group Ltd, 4.700%, 08/05/19 200,000 208,700Altice SA, 7.750%, 15/05/22 200,000 208,000Numericable Group SA, 6.250%, 15/05/24 200,000 207,500Longfor Properties, 6.875%, 18/10/19 200,000 206,750Finansbank AS/Turkey, 6.250%, 30/04/19 200,000 206,500Franshion Brilliant Ltd, 5.375%, 17/10/18 200,000 204,000Numericable Group SA, 6.000%, 15/05/22 200,000 203,000KCA Deutag UK Finance, 7.250%, 15/05/21 144A 200,000 202,750Pakuwon Prima, 7.125%, 02/07/19 200,000 202,000Ambank M Bhd, 3.125%, 03/07/19 200,000 201,180Nan Fung Treasury Ltd, 4.875%, 29/05/24 200,000 200,292GS Caltex Corp, 3.000%, 18/06/19 200,000 200,160Greenland Hong Kong Holdings Ltd, 4.750%, 18/10/16 200,000 200,100Korea Exchange Bank, 2.500%, 12/06/19 200,000 199,220Schaeffler Holding Finance BV, 4.250%, 15/06/21 200,000 199,000Gazprom Neft GPN Capital SA, 4.375%, 19/09/22 200,000 178,100CGG SA, 5.875%, 15/05/20 125,000 177,710Barclays Bank Plc, 0.000%, 29/09/49 100,000 172,868Heidelberg Cement Fin, 7.500%, 03/04/20 100,000 171,311First Data Corp, 11.750%, 15/08/21 144A 150,000 170,000R&R Ice Cream Plc, 5.500%, 15/05/20 100,000 167,680Play Finance 2 SA, 6.500%, 08/01/19 100,000 146,492Numericable Group SA, 5.625%, 15/05/24 100,000 146,068TeamSystem Holding SpA, 7.375%, 15/05/20 100,000 145,610Numericable Group SA, 5.375%, 15/05/22 100,000 145,101SGD Group, 5.625%, 15/05/19 100,000 139,582Schaeffler Holding Finance BV, 3.500%, 15/05/22 100,000 139,403Monitchem Holdco 3 SA, 5.250%, 15/06/21 100,000 139,064Novcap International, 0.000%, 01/05/19 100,000 138,779Schaeffler Holding Finance BV, 2.750%, 15/05/19 100,000 138,534Paroc Group, 6.250%, 15/05/20 100,000 138,353Galapagos Holdings SA, 7.000%, 15/06/22 100,000 137,862Ardagh Packaging Finance Plc/Ardagh MP Holdings USA Inc,8.375%, 15/06/198.375%, 15/06/19 100,000 137,588Galapagos Holdings SA, 5.375%, 15/06/21 100,000 137,547Xefin Lux SCA, 0.000%, 01/06/19 100,000 137,348Monitchem Holdco 3 SA, 0.000%, 15/06/21 100,000 137,186Schaeffler Holding Finance BV, 3.250%, 15/05/19 100,000 137,171

205


NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUNDSTATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED)For the half year ended 30th June, 2014

Major Sales (continued) Nominal Proceeds USD

Intralot Capital Lux, 6.000%, 15/05/21 100,000 137,045Novafives SAS, 0.000%, 30/06/21 100,000 136,607Crown Euro Holdings, 4.000%, 15/07/22 100,000 136,505Ardagh Packaging Finance Plc/Ardagh MP Holdings USA Inc,4.250%, 15/01/224.250%, 15/01/22 100,000 136,325Gates Global LLC, 5.750%, 15/07/22 100,000 135,752B/E Aerospace Inc, 5.250%, 01/04/2022 125,000 134,094Hydra Dutch Holdings, 0.000%, 15/04/19 100,000 133,777

206


APPENDIX 1

Total Expense Ratio

For the period ended 30th June, 2014 and year ended 31st December, 2013 Total Expense Ratios are based on the trailing 12months preceding the dates below. The calculations of Total Expense Ratio exclude transaction costs.

For the period ended 30th June, 2014 and year ended 31st December, 2013


Global Emerging Market Equity Fund Class I US$ 2.50% 2.05%

India Equity Fund Class A Euro 1.87% 1.82%Class S JPY 1.12% 1.05%Class Z US$ 0.36% 0.30%

Asia Ex Japan Fund Class A US$ 1.98% 1.97%Class J JPY 1.18% 1.09%

Fundamental Index Global Equity Fund Class A Euro 1.08% 1.13%Class A US$ 1.08% 1.12%Class I Euro 0.67% 0.73%Class I US$ 0.68% 0.55%

Japan Strategic Value Fund Class A Euro 1.55% 1.55%Class A Euro Hedged 1.57% 1.57%Class A JPY 1.55% 1.55%Class A US$ 1.55% 1.54%Class A US$ Hedged 1.56% 0.00%Class AD Sterling 1.54% N/AClass AD Sterling Hedged 1.57% N/AClass I Euro 1.00% 1.00%Class I Euro Hedged 1.02% 1.02%Class I JPY 1.00% 1.00%Class I Sterling 1.00% 1.00%Class I US$ 0.99% 0.00%Class I US$ Hedged 1.02% 1.01%Class ID Sterling 0.99% N/AClass ID Sterling Hedged 1.03% N/AClass ID US$ 1.01% N/AClass ID US$ Hedged 1.02% N/A

US High Yield Bond Fund Class A Euro 1.15% 1.17%Class A Euro Hedged 1.16% 1.17%Class A US$ 1.15% 1.16%Class D US$ 1.34% 1.36%Class I CHF Hedged 0.70% N/AClass I Euro Hedged 0.67% 0.69%Class I Sterling Hedged 0.66% 0.67%Class I US$ 0.64% 0.66%Class Z Sterling Hedged 0.14% N/A

NEWS Emerging Markets Small Cap Equity Fund Class A Euro 2.07% 2.08%Class I US$ 1.56% 1.56%

Asian Smaller Companies Fund Class A Euro 2.44% 2.23%Class Z US$ 0.91% 0.51%

207


APPENDIX 1 (CONTINUED)

Total Expense Ratio (continued)


Japan High Conviction Fund Class I JPY 2.16% 2.20%

Asia Ex Japan High Conviction Fund Class I US$ 2.09% 2.04%

Global High Yield Bond Fund Class A Euro 1.24% N/AClass I US$ 0.72% N/A

Portfolio Turnover Rates

For the period ended 30th June, 2014 and year ended 31st December, 2013 the portfolio turnover of the assets reflects theturnover ratio based on the trailing 12 months preceding the dates below:

For the period ended 30th June, 2014 and year ended 31st December, 201330th June, 2014 31st December, 2013

Global Emerging Markets Fund N/A 155%Global Emerging Market Equity Fund 44% (6%)India Equity Fund 28% 105%Asia Ex Japan Fund 37% 123%Fundamental Index Global Equity Fund 20% 14%Japan Strategic Value Fund 12% 94%US High Yield Bond Fund 15% 79%NEWS Emerging Markets Small Cap Equity Fund (6%) 95%Asian Smaller Companies Fund 24% 72%Japan High Conviction Fund 24% 14%Asia Ex Japan High Conviction Fund (3%) 27%Global High Yield Bond Fund 103% N/A

208

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NOMURA FUNDS IRELAND PLC Interim Report and Unaudited … · 2014-09-01 · NOMURA FUNDS IRELAND PLC Interim Report and Unaudited Financial Statements for the half year ended 30th