Fund Financial Statements

Transcription

1 Financial Statements 2013 Muzinich s Muzinich Americayield Muzinich uropeyield Muzinich Transatlanticyield Muzinich Enhancedyield Short-Term Muzinich ShortDurationHighYield Muzinich Bondyield ESG Muzinich LongShortCreditYield Muzinich EmergingMarketsShortDuration Muzinich Global Tactical Credit New York London Cologne Paris Zurich Milan [email protected] web:

2 Contents Page General Information 2 Statement of Responsibilities of the Manager 10 Trustee s Report 11 Investment Manager s Report 12 Independent Auditors Report 15 Portfolio of Investments 16 Profit and Loss Account 93 Statement of Movement in Net Assets Attributable to Unitholders 97 Balance Sheet 101 Notes to the Financial Statements 109 Directory 171 Schedule of Significant Portfolio Changes (Unaudited) 173 Appendix I Total Expense Ratio (Unaudited) 182 Appendix II Portfolio Turnover Rate (Unaudited) 184 Appendix III Publication of Performance Data (Unaudited) 185 1

3 General Information The following information is derived from and should be read in conjunction with the full text and definitions section of the Prospectus. Muzinich s (the ) was constituted on 8 May 1998 as an open-ended umbrella unit trust. The is authorised by the Central Bank of Ireland (the Central Bank ) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the UCITS Regulations ). At 30 November 2013, the comprised of nine Sub-s. The names and initial trading dates are as follows: Sub- Launch Date Americayield 13 May 1998 uropeyield 15 June 2000 Transatlanticyield 25 July 2003 Enhancedyield Short-Term 26 November 2003 ShortDurationHighYield 4 October 2010 Bondyield ESG 14 May 2011 LongShortCreditYield 19 June 2012 EmergingMarketsShortDuration 22 July 2013 Global Tactical Credit 14 November 2013 All of the Sub-s are registered for sale in Switzerland. There is no cross liability between the Sub-s. The following Units of the Sub-s are listed on the Irish Stock Exchange: Sub- Americayield uropeyield Unit Class Hedged Accumulation Units Hedged Accumulation R Units Hedged Income Units Hedged Euro Discretionary Units Hedged Euro Accumulation Units Hedged Euro Accumulation R Units Hedged Euro Income Units Hedged GBP Income Units Hedged GBP Accumulation Units Hedged Euro Income Units Hedged Euro Accumulation Units 2

4 General Information cont/d Prices The prices for buying and selling Units in the Sub- are represented by the Net Asset Value per Unit. A subscription fee not exceeding 5% of the Net Asset Value per Unit may be added to the total subscription amount and the resultant sum shall be rounded up to the nearest cent. The subscription fee shall be paid to the Manager, or to any placing or sales agent, or agents or distributors appointed by the Manager, for its or their absolute use and benefit and shall not form part of the assets of the relevant Sub-. The Manager may at its sole discretion waive such fee or fees or differentiate between applicants as to the amount of such fee or fees within the permitted limits. There is no current intention to charge a subscription fee unless requested by an intermediary. Minimum subscriptions The minimum initial subscription for the launched units is set out below: Sub- and Unit Class Americayield Hedged Accumulation Units Hedged Accumulation R Units Hedged Accumulation S Units* Hedged Income Units Hedged Income R Units* Minimum Initial Subscription 100,000 1, ,000, ,000 1,000 Hedged Euro Discretionary Units 100,000 Hedged Euro Accumulation Units 100,000 Hedged Euro Accumulation R Units 1,000 Hedged Euro Income Units 100,000 Hedged GBP Income Units Hedged GBP Accumulation Units Hedged GBP Accumulation H Units* Hedged CHF Accumulation R Units Hedged CHF Income R Units uropeyield GBP100,000 GBP100,000 GBP8,000,000 CHF1,000 CHF1,000 Hedged Euro Income Units 100,000 Hedged Euro Accumulation Units 100,000 Hedged GBP Accumulation Units Hedged SEK Accumulation R Units Transatlanticyield Hedged GBP Accumulation Units Hedged GBP Income Units GBP100,000 SEK5,000 GBP100,000 GBP100,000 Hedged Euro Accumulation Units 100,000 Hedged Euro Accumulation R Units 1,000 Hedged Euro Discretionary S Units 100,000,000 Hedged Accumulation Units Hedged NOK Accumulation R Units* Hedged SEK Accumulation R Units* Hedged SEK Income R Units* 100,000 NOK5,000 SEK5,000 SEK5,000 3

5 General Information cont/d Minimum subscriptions cont/d Sub- and Unit Class Minimum Initial Subscription Enhancedyield Short-Term Hedged Euro Accumulation Units 100,000 Hedged Euro Accumulation R Units 1,000 Hedged Euro Income Units 100,000 Hedged Accumulation Units 100,000 Hedged Accumulation R Units 1,000 Hedged GBP Income Units GBP75,000 Hedged CHF Accumulation R Units CHF1,000 ShortDurationHighYield Hedged CAD Accumulation Units CAD100,000 Hedged CHF Accumulation Units CHF100,000 Hedged CHF Accumulation R Units CHF1,000 Hedged CHF Accumulation S Units* CHF100,000,000 Hedged CHF Income S Units* CHF100,000,000 Hedged Euro Accumulation Units 100,000 Hedged Euro Accumulation H Units* 10,000,000 Hedged Euro Accumulation R Units 1,000 Hedged Euro Income Units* 100,000 Hedged Euro Income H Units* 10,000,000 Hedged Euro Income R Units* 1,000 Hedged Euro Income S Units* 100,000,000 Hedged GBP Accumulation R Units GBP1,000 Hedged GBP Income Units GBP75,000 Hedged GBP Income H Units* GBP8,000,000 Hedged GBP Income R Units GBP1,000 Hedged GBP Income S Units 100,000,000 or GBP equivalent Hedged JPY Income S Units 100,000,000 Hedged NOK Accumulation R Units NOK5,000 Hedged SEK Accumulation R Units SEK5,000 Hedged Accumulation Units 100,000 Hedged Accumulation H Units* 10,000,000 Hedged Accumulation R Units 1,000 Hedged Accumulation S Units* 100,000,000 Hedged Income Units 100,000 Hedged Income H Units* 10,000,000 Hedged Income R Units* 1,000 Hedged Income S Units* 100,000,000 4

6 General Information cont/d Minimum subscriptions cont/d Sub- and Unit Class Minimum Initial Subscription Bondyield ESG Hedged NOK Accumulation Units NOK500,000 Hedged Euro Accumulation Units 100,000 Hedged Accumulation Units 100,000 LongShortCreditYield Hedged CHF Accumulation Units CHF100,000 Hedged Euro Accumulation Units 100,000 Hedged Euro Accumulation Non-Equalisation Units* 100,000 Hedged GBP Accumulation Units GBP75,000 Hedged Accumulation Units 100,000 EmergingMarketsShortDuration Hedged Euro Accumulation A Units* 100,000 Hedged GBP Accumulation A Units* GBP75,000 Hedged Euro Accumulation S Units* 100,000,000 Hedged Accumulation S Units* 100,000,000 Hedged Accumulation A Units* 100,000 Hedged Accumulation R Units* 1,000 Global Tactical Credit Hedged CHF Accumulation S Units* CHF100,000,000 Hedged CHF Income S Units* CHF100,000,000 Hedged Euro Income Founder Units* 100,000,000 Hedged GBP Income Founder Units* 100,000,000 Hedged Income Founder Units* 100,000,000 or GBP equivalent * These Units launched during the year. There is no minimum subscription requirement for subsequent investments. Dealing The Dealing Day for all Sub-s except the LongShortCreditYield, is each Business Day. The Dealing Day for the LongShortCreditYield is every Friday and the last Business Day of each calendar month. Applications for subscriptions and requests for redemptions of Units in the Sub- must be received by the Administrator at its registered office no later than 4.00pm (Irish time) on the Business Day immediately prior to the relevant Dealing Day. Any application received after the time aforesaid shall be deemed to be made in respect of the next Dealing Day following such relevant Dealing Day. The deadline for receipt of subscription monies is 4.00pm (Irish time), three Business Days after the relevant Dealing Day. Application and redemption requests should be addressed to the Administrator: State Street Services (Ireland) Limited 78 Sir John Rogerson s Quay Dublin 2 Ireland Tel: Fax:

7 General Information cont/d Distributions The Manager will determine the distribution policy of each Class of Units in accordance with the criteria as set out in the Supplement of the Sub-. The distributions will normally be paid in or around June and December of each year. Please refer to Note 12 for total distributions made by each Sub- during the year. The following table illustrates the distributions that were paid over the last 3 financial years by each Sub- : Americayield Date paid Distribution per Hedged Income Units Distribution per Hedged Income R Units Distribution per Hedged Euro Income Units Distribution per Hedged GBP Income Units Distribution per Hedged CHF Income R Units Total Distribution 10 June ,794,147 8 December ,178,211 7 June ,468, December ,793, June ,109,676 9 December 2013* ,297,539 uropeyield Date paid Distribution per Income Unit Total Distribution 10 June ,088 8 December ,525 7 June , December , June ,840 9 December 2013* ,639 Transatlanticyield Date paid Distribution per Hedged GBP Income Units Distribution per Hedged Euro Discretionary S Units Total Distribution 10 December , December , June ,842,910 9 December 2013* ,676,723 6

8 General Information cont/d Distributions cont/d Enhancedyield Short-Term Date paid Distribution per Hedged GBP Income Units Distribution per Hedged Euro Income Units Total Distribution 10 June ,182, December ,889, June ,038, December ,728, June ,357,937 9 December 2013* ,434,852 ShortDurationHighYield Date paid Distribution per Hedged GBP Income S Units Distribution per Hedged GBP Income R Units Distribution per Hedged GBP Income Units Distribution per Hedged Income Units Distribution per Hedged JPY Income S Units Distribution per Hedged EUR Income Units 10 June December June December June December 2013* Date paid Distribution per Hedged EUR Income H Units Distribution per Hedged EUR Income R Units Distribution per Hedged EUR Income S Units Distribution per Hedged GBP Income H Units Distribution per Hedged Income H Units Distribution per Hedged Income R Units 10 June December June December June December 2013* Date paid Distribution per Hedged Income S Units Total Distribution 10 June ,588,944 8 December ,479,482 7 June ,407, December ,596, June ,356,325 9 December 2013* ,563,765 * The distribution was declared after the year end and has not been included as a liability in these financial statements. 7

9 General Information cont/d Distributions cont/d Bondyield ESG There were no distributions paid during the year ended 30 November 2013 or during the year ended 30 November 2012, as the Sub- did not have any income class units. LongShortCreditYield The Sub- will only issue Accumulation Units. Accumulation Units will accumulate income, realised and unrealised net capital gains/losses and will not pay any distributions in respect of any accounting period. EmergingMarketsShortDuration There were no distributing Unit Classes in issue during the period ended 30 November Global Tactical Credit Date paid Distribution Distribution per Hedged per Hedged Income Euro Income Founder Units Founder Units Distribution per Hedged GBP Income Units Distribution per Hedged CHF Income Units Total Distribution 9 December 2013* ,782 Significant events during the year On 14 December 2011, the IFIA published a corporate governance code ( IFIA Code or the Code ) that may be adopted on a voluntary basis by Irish authorised collective investment schemes and management companies. The Directors adopted all corporate governance practices and procedures in the IFIA Code with effect from 31 December On 1 July 2013 the trustee fee was reduced to 0.01% p.a. of the Net Asset Value of the Sub-. The issued a revised Prospectus on 9 July The principle amendments incorporated into this revised Prospectus were as follows: Consolidation of all Supplements in issue. Appointment of Muzinich & Co. Inc. as Sub-Investment Manager and Muzinich & Co. Limited as Investment Manager. Incorporation of the Central Bank s required disclosures in relation to cross investments between Sub- s, Efficient Portfolio Management techniques and management of collateral. Revision of each Sub-'s investment policy to provide for cross-investment between Sub-s, subject to a 2% investment limit. Establishment of additional Unit Classes within each of the Sub-s. Provision for an Anti-Dilution Levy Charge inserted in each Supplement. Mr. George Muzinich resigned as a director on 3 September Ms Aiga Ronmanovsky was appointed as a Director on 3 September The Central Bank approved the launch of a new Sub-, "EmergingMarketsShortDuration " on 9 July The Central Bank approved the launch of a new Sub-, "Global Tactical Credit " on 14 November A revised Prospectus was issued on 27 September This was to provide for the launch of Global Tactical Credit which launched on 14 November

10 General Information cont/d Significant events after the year end The Sub-s paid the following dividends on 9 December These dividends were declared after the year end and are not included as a liability in these financial statements. Americayield 58,297,539 Europeyield 816,639 Transatlanticyield 4,676,723 Enhancedyield Short-Term 3,434,852 ShortDurationHighYield 42,563,765 Global Tactical Credit 76,782 9

11 Statement of Responsibilities of the Manager The Manager of the is required by the UCITS Regulations, 2011 (as amended) to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the at the end of that period, the profit or loss and the movement in net assets attributable to Unitholders resulting from operations for the period then ended. In preparing these financial statements the Manager is required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are prudent and reasonable; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the will continue in operation. The Manager is also required to manage the in accordance with the Trust Deed, the UCITS Regulations, 2011 (as amended) and any applicable regulations made by the Central Bank pursuant to the UCITS Regulations, 2011 (as amended) and to maintain proper accounting records to enable them to ensure that the financial statements comply with accounting standards generally accepted in Ireland, the UCITS Regulations, 2011 (as amended) the Listing Rules of the Irish Stock Exchange and the Trust Deed. The Manager is also responsible with respect to its duties under the Unit Trusts Act, 1990 for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under UCITS Regulations, 2011 (as amended) the assets of the shall be entrusted to the Trustee for safekeeping. The Manager has appointed State Street Custodial Services (Ireland) Limited to act as Trustee for the Sub-. Muzinich & Co. (Ireland) Limited 10

12 Trustee s Report to the Unitholders of Muzinich s We have enquired into the conduct of the Manager in respect of the Muzinich s (the ) for the year ended 30 November 2013, in our capacity as Trustee to the. This report including the opinion has been prepared for and solely for the Unitholders in the as a body, in accordance with the Central Bank's UCITS Notice 4, and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown. Responsibilities of the Trustee Our duties and responsibilities are outlined in the Central Bank's UCITS Notice 4. One of those duties is to enquire into the conduct of the in each annual accounting period and report thereon to the Unitholders. Our report shall state whether, in our opinion, the has been managed in that period in accordance with the provisions of the s Trust Deed and the UCITS Regulations (as amended). It is the overall responsibility of the Manager to comply with these provisions. If the Manager has not so complied, we as Trustee must state why this is the case and outline the steps which we have taken to rectify the situation. Basis of Trustee Opinion The Trustee conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in UCITS Notice 4 and to ensure that, in all material respects, the has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of its constitutional documentation and the appropriate regulations and (ii) otherwise in accordance with the s constitutional documentation and the appropriate regulations. Opinion In our opinion, the has been managed during the period in all material respects: (i) in accordance with the limitations imposed on the investment and borrowing powers of the Manager and the Trustee by the Trust Deed and by the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the UCITS Regulations ); and (ii) otherwise in accordance with the provisions of the Trust Deed and the Regulations. State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson s Quay Dublin 2 Ireland Date: 20 March

13 Investment Manager s Report for the year ended 30 November 2013 Credit Markets during the Fiscal Year: 1 December 2012 to 30 November 2013 During the first half of the fiscal year, US and European corporate credit markets, led by high yield, generated strong, positive performance for the period despite macro headwinds like the looming US fiscal cliff, the Cyprus bank crisis and the Italian elections. Starting in late May, however, the back half of the fiscal year saw corporate credit markets largely driven not by credit quality which generally remains attractive across both the US and Europe but by investor responses to broader macroeconomic trends. On both sides of the Atlantic, statements by the US Federal Reserve came to the forefront in initiating and driving market behavior, temporarily interrupting generally strong, positive performance. After a dubious late May and June in which global fixed income sold off after Federal Reserve (the Fed ) comments regarding a potential reduction in quantitative easing ( QE ), the market rebounded strongly in July. Investors turned to both riskier and longer-duration investments as the Federal Reserve made clear that they were not yet applying the brake pedal to QE and would, instead, look for further signs of a strong economic recovery before changing course. Markets once again dipped in August as investors feared a potential reduction of QE as a result of increasingly strong economic data, but quickly surged ahead in September and October as the Fed made clear that distractions such as the debt ceiling talks would keep QE flowing in the near term. November saw high yield returns stay positive, but muted, as investors began positioning in shorter duration and less interest rate sensitive credit risk. European credit markets saw further technical support toward year end in the form of an ECB rate cut and rhetoric from Mario Draghi suggesting the possibility of another LTRO (Long Term Refinancing Operation) facility if needed, even as talk of tapering resurfaced in the US. In the end, European credit outperformed US credit as a result of strong demand, even as European credit markets continued to grow through new issuance. Americayield The Sub- delivered attractive gross returns during the fiscal year, ahead of the BB/B high yield market in which the Sub- is invested. The Sub- underperformed its broad market benchmark, the BofA Merrill Lynch High Yield Constrained Index (JUC0), which included CCC credits in which the Sub- does not typically invest. CCC bonds outperformed in a year in which credit concerns have remained muted and default rates benign while investors hunted for yield. The Sub- derived its outperformance of similarly-rated credit markets largely from outperformance amongst credits in the BB spectrum. From an industry perspective, outperformance was concentrated in energy, wireless telecommunications, and utilities all sectors in which the Sub- s high credit selectivity and underweighting was rewarded with attractive outperformance and in chemicals, a sector in which the Sub- was both overweight and outperforming. In a year in which duration mattered a great deal at shortlived inflection points, the Sub- outperformed incrementally across every part of the duration spectrum. uropeyield The Sub- delivered attractive gross returns during the fiscal year, ahead of the European BB/B nonfinancial high yield market in which the Sub- is invested. The Sub-, however, underperformed its broad market benchmark, the BofA Merrill Lynch Euro High Yield Constrained Index (HEC0), which included CCC and banking credits in which the Sub- is underweight. The Sub- underperformance versus the broader European high yield market was primarily a function of a relative underweight of the outperforming banking sector as well as an overweight of the metals/mining sector which exhibited volatility during the year. On a duration basis, the Sub- benefitted from strong credit selection in short duration bonds. From a ratings perspective, a relative underweight of CCC- credits detracted from performance while an overweight and superior credit selection of B rated credits bolstered the Sub- s performance. 12

14 Investment Manager s Report for the year ended 30 November 2013 cont/d Transatlanticyield The Sub-fund delivered attractive gross returns during the fiscal year, ahead of its global BB/B high yield benchmark. Sub- outperformance versus the benchmark was partly a function of superior credit selection in the energy sector as well as a relative overweight and superior credit selection of the cable/satellite sectors. A relative underweight of the outperforming banking sector detracted from performance. On a duration basis, the Sub- benefitted from a relative overweight and strong credit selection in short duration bonds. From a ratings perspective, superior credit selection of B and B- credits further bolstered performance. Enhancedyield Short-Term The Sub- delivered attractive gross returns during the fiscal year, significantly ahead of its German Government 1 to 3 year benchmark. On a sector basis, absolute Sub- performance was bolstered by exposure to the automotive/auto parts and utilities sectors. The Sub- further benefitted from exposure to 1 to 3 year duration bonds and BBB rated credits. ShortDurationHighYield The Sub- generated attractive, positive performance over the fiscal year. Throughout the period, the Sub- performed as expected, underperforming the broad market during strong markets and outperforming during periods of volatility, including the delivery of modest positive performance when the broad market dipped into negative territory in August. The Sub- continued to be positioned with a very short duration, higher quality high yield mix a posture we believe will become increasingly important in distinguishing this Sub- s performance as the Fed becomes less accommodating. The better the broad economic indicators, the more important this Sub- s short duration stance is likely to become to investors. Bondyield ESG The Sub- delivered attractive gross returns during the fiscal year, outpacing similar duration, high quality European government paper and the EMU Corporate, Non-Financial BBB rated market. Outperformance was primarily a result of the Sub- s minority allocation to high yield. The Sub- also benefitted from superior credit selection in the automotive/auto parts, transportation (excluding air/rail) and energy sectors. While telecom contributed positively to absolute Sub- performance for the year, on a relative basis, it was the greatest detractor. On a duration basis, the Sub- benefitted from superior credit selection of 1 to 3 year duration bonds. LongShortCreditYield The Sub- delivered attractive returns well ahead of the broad high yield market fully net of fees and expenses during the year. As may be expected in a year in which the market delivered a coupon-like return, the Sub- benefitted most from its allocation to core long holdings. Even though less than 100% of the Sub- s NAV was typically devoted to core long positions throughout the year, strong credit selection executed particularly nimbly around brief episodes of market dislocation in names we believe were oversold led the Sub- s holdings to deliver returns far better than the market. The Sub- benefitted as well on the long side from its short maturity holdings which tend to remain more price stable than other parts of the portfolio, even in challenged markets. Short maturity holdings are selected targeting steady, incremental returns that help mitigate the cost of any shorting done in the portfolio. 13

15 Investment Manager s Report for the year ended 30 November 2013 cont/d LongShortCreditYield cont/d In the past fiscal year, the portfolio s arbitrage and credit short portfolios were positioned fairly conservatively, to provide protection and insurance against moments of market volatility in a benign default environment. In this respect, both portfolios succeeded admirably, with the arbitrage selections producing a modest positive contribution while outright shorts declined slightly. Overall, the contribution of short positions was positive again in fiscal year 2013 as holding short exposure provided the portfolio with the risk protection necessary to enable or afford the holding of more outperforming core long exposure than might otherwise feel prudent. EmergingMarketsShortDuration The Sub- was launched in July 2013, completing four full months of performance within the 2013 financial year. The Sub- generated attractive gross and net returns during this period, outperforming broad Emerging Market credit markets. The Sub- maintained an approximate 50%-50% split between Investment Grade and High Yield rated bonds and a duration of approximately two years. The Sub- benefited from this short duration positioning as well as from a consistent regional overweight in Asia. The Sub- s largest positions by country moved between Brazil, Russia and China, with a focus on the energy and homebuilder/real estate sectors. The Sub- avoided investing in banks and financial services. Relatively small positions in underperforming countries such as Turkey, Ukraine and Indonesia helped performance. Global Tactical Credit The Sub- was launched just days before the end of the financial year. The Sub- was invested relatively quickly, approaching just 15% cash by year end, with a portfolio well-diversified by geography, currency, and rating. Overall, holdings were skewed toward shorter duration higher yielding instruments. Outlook As we move into 2014, it behooves us to look back at the key trends of European corporates outperformed their US counterparts, with European high yield leading the way US high yield new issuance surpassed 2012 s record, but the European high yield market grew much faster than that of the US and at EUR370 billion, now weighs in at approximately 35% of the size of the US high yield market. Many of Europe s record new issuance came from first time issuers as disintermediation a trend to which we have pointed since the credit crisis accelerated. As in the previous year, new issue proceeds on both sides of the Atlantic were primarily used for lender-friendly refinancing of existing debt, pushing out the debt maturity wall beyond Corporate fundamentals remain strong and the default outlook for Muzinich portfolio companies remains benign given the limited refinancing risk facing most companies. As we move into the New Year, Central Bank policy in Europe and US Federal Reserve policy should remain key drivers of rate movements and fixed income performance in We anticipate increased volatility around economic releases with downturns potentially representing attractive buying opportunities based on our positive view of credit fundamentals. Soft Commission Arrangements There were no soft commission arrangements in place during the period and there are no plans to introduce such programs. Muzinich & Co. Ltd Investment Manager Date: January

16 Independent Auditors Report to the Unitholders of Muzinich s We have audited the financial statements of Muzinich s for the year ended 30 November 2013 which comprise the Profit and Loss Account, the Statement of Movement in Net Assets Attributable to Unitholders, the Balance Sheet, and the related notes 1 to 23. The financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland). This report is made solely to the s Unitholders, as a body, in accordance with the requirements of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended), and the Trust Deed. Our audit work has been undertaken so that we might state to the Unitholders those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the s Unitholders as a body, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of directors and auditors As explained more fully in the Statement of Responsibilities of the Manager, the Manager is responsible for the preparation of the financial statements giving a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s ( APB s ) Ethical Standards for Auditors. Scope of the audit of the financial statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion on financial statements In our opinion the financial statements: give a true and fair view, in accordance with Generally Accepted Accounting Practice in Ireland of the state of the affairs of the as at 30 November 2013 and of the profit for the year then ended; and have been properly prepared in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, (as amended) and the Trust Deed. Chartered Accountants and Statutory Audit Firm Dublin Date: 20 March

17 Portfolio of Investments as at 30 November 2013 Americayield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 93.78%) Aerospace and Defence % (2012: 0.85%) 21,775,000 Bombardier Inc /03/ ,714, ,975,000 Bombardier Inc /03/ ,721, ,650,000 Bombardier Inc /01/ ,591, ,082,000 Meccanica Holdings USA /07/ ,041, Airlines % (2012: Nil) American Airlines Class B Pass 11,575,000 Through Trust /01/ ,575, Apparel and Textiles % (2012: 1.39%) 19,775,000 Hanesbrands Inc /12/ ,604, ,900,000 Levi Strauss & Co /05/ ,949, ,100,000 Levi Strauss & Co /05/ ,236, ,810,000 Phillips-van Heusen /05/ ,272, ,725,000 Wolverine World Wide /10/ ,516, Automotive and Auto Parts % (2012: 5.12%) 9,825,000 American Axle & Manufacturing Inc /03/ ,316, ,475,000 American Axle & Manufacturing Inc /10/ ,422, ,121,000 Cooper-Standard Automotive Inc /05/ ,249, ,225,000 General Motors Financial Co /05/2016 3,265, ,700,000 General Motors Financial Co /05/2018 3,709, ,549,000 General Motors Financial Co /06/2018 8,549, ,050,000 General Motors Financial Co /05/2023 1,000, ,010,000 Gestamp Lux SA /05/ ,220, ,900,000 Goodyear Tire & Rubber Co /08/ ,262, ,022,000 Oshkosh Corp /03/ ,664, ,100,000 Schaeffler Finance BV /02/ ,515, ,075,000 Schaeffler Finance BV /05/ ,019, Broadcasting % (2012: 2.80%) 17,725,000 Allbritton Communications /05/ ,921, ,000,000 Belo Corp /11/2016 2,085, ,845,000 Belo Corp /06/2027 9,331, ,190,000 Belo Corp /09/2027 2,206, ,750,000 Lin Television Corp /04/ ,903, ,675,000 Lin Television Corp /01/ ,955, ,175,000 Sinclair Television Group /10/ ,450, ,575,000 Sinclair Television Group /04/ ,326, ,650,000 Sinclair Television Group /11/2021 5,805, ,475,000 Sirius XM Radio /08/2021 5,543, ,050,000 Sirius XM Radio /05/2023 4,507,

18 Portfolio of Investments as at 30 November 2013 cont/d Americayield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 93.78%) CONT/D Building Materials % (2012: 2.69%) 19,750,000 Building Materials Corp /08/ ,083, ,500,000 Building Materials Corp /02/2020 1,612, ,800,000 Building Materials Corp /03/ ,179, ,600,000 Cemex Finance Llc /10/2022 9,524, ,100,000 Cemex Sab De Cv /06/ ,459, ,500,000 Cemex Sab De Cv /03/2019 3,430, ,200,000 Cemex Sab De Cv /12/2019 2,227, ,980,000 Masco Corp /10/ ,587, ,950,000 Vulcan Materials /12/ ,324, ,682,000 Vulcan Materials /11/2017 6,250, ,484,000 Vulcan Materials /06/ ,626, Cable and Satellite TV % (2012: 6.25%) 21,650,000 Cablevision Systems Corp /09/ ,059, ,925,000 Cablevision Systems Corp /04/ ,436, ,284,000 Cco Holdings Llc & Capital Corp /01/ ,087, ,550,000 Cco Holdings Llc & Capital Corp /04/ ,710, ,425,000 Cco Holdings Llc & Capital Corp /06/2020 9,162, ,150,000 Cco Holdings Llc & Capital Corp /03/2021 4,969, ,775,000 Cco Holdings Llc & Capital Corp /02/2023 9,139, ,425,000 Cequel Communications Holdings I Llc /09/ ,121, ,382,000 CSC Holdings Inc /02/2019 3,990, ,704,000 Dish DBS Corp /02/ ,932, ,774,000 Dish DBS Corp /09/ ,093, ,275,000 Dish DBS Corp /03/2023 5,024, ,575,000 Iac/Interactivecorp /11/2018 8,757, ,550,000 Midcontinent Communications & Midcontinent Finance /08/ ,708, ,700,000 Nara Cable ing Ltd /12/ ,765, ,370,000 Upc Holding BV /04/ ,757, ,975,000 Virgin Media Finance /04/2023 9,266, Capital Goods % (2012: 1.85%) 12,710,000 Amsted Industries /03/ ,409, ,320,000 Case New Holland Inc /12/ ,028, ,075,000 CNH Capital Llc /11/2015 2,139, ,375,000 CNH Capital Llc /11/ ,386, ,750,000 Griffon Corp /04/2018 9,340, Chemicals % (2012: 2.44%) 23,000,000 Celanese US Holdings Llc /06/ ,552, ,805,000 Ferro Corp /08/ ,173, ,775,000 Huntsman International Llc /03/ ,221,

19 Portfolio of Investments as at 30 November 2013 cont/d Americayield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 93.78%) CONT/D Chemicals % (2012: 2.44%) cont/d 7,075,000 Lsb Industries Inc /08/2019 7,375, ,831,000 Orion Engineered Carbons Bondco GmbH /06/ ,598, ,053,000 Petrologistics Finance /04/ ,090, ,300,000 Tpc Group Inc /12/ ,229, Consumer Products % (2012: 2.00%) 11,280,000 Jarden Corp /05/ ,056, ,608,000 Libbey Glass Inc /05/ ,661, ,756,000 Nbty Inc /10/ ,931, ,625,000 Spectrum Brands Holdings /11/ ,770, ,100,000 Spectrum Brands Holdings /11/ ,756, Containers % (2012: 2.56%) 21,125,000 Ardagh Packaging Finance /10/ ,728, ,702,000 Ball Corp /09/ ,358, ,950,000 Ball Corp /11/2023 6,237, ,250,000 Crown Americas Llc /01/ ,781, ,798,000 Greif Inc /08/ ,605, ,100,000 Reynolds Group Issuer Inc /04/ ,997, ,600,000 Reynolds Group Issuer Inc /10/ ,915, ,850,000 Sealed Air Corp /09/ ,380, ,100,000 Sealed Air Corp /12/2020 3,363, ,150,000 Sealed Air Corp /09/ ,201, Diversified Financial Services % (2012: 2.43%) 26,790,000 Aircastle Ltd /12/ ,933, ,313,000 FTI Consulting Inc /10/ ,684, ,200,000 International Lease Finance Corp /03/ ,407, ,875,000 International Lease Finance Corp /05/ ,082, ,925,000 International Lease Finance Corp /12/ ,160, Diversified Media % (2012: 3.68%) 9,625,000 Block Communications Inc /02/ ,202, ,525,000 Clear Channel Worldwide Holdings /03/ ,287, ,363,000 Clear Channel Worldwide Holdings /11/ ,998, ,525,000 Nielsen Luxembourg Sarl /10/2021 5,649, ,571,000 Quebecor Media Inc /01/2023 9,283,

20 Portfolio of Investments as at 30 November 2013 cont/d Americayield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 93.78%) CONT/D Energy % (2012: 13.99%) 9,450,000 Amerigas Finance Llc & Corp /05/ ,300, ,750,000 Amerigas Finance Llc & Corp /05/ ,719, ,575,000 Antero Resources Finance /12/2020 8,982, ,825,000 Antero Resources Finance /11/2021 5,883, ,850,000 Atlas Pipeline Finance Corp /11/ ,736, ,175,000 Atlas Pipeline Finance Corp /08/ ,209, ,040,000 Basic Energy Services /02/ ,594, ,775,000 Basic Energy Services /10/ ,044, ,395,000 Berry Petroleum Co /11/ ,970, ,700,000 Berry Petroleum Co /09/2022 7,854, ,735,000 Calumet Specialty Products Parteners Lp /05/2019 9,674, ,575,000 Calumet Specialty Products Parteners Lp /08/ ,439, ,225,000 Calumet Specialty Products Parteners Lp /01/2022 3,249, ,503,000 Chesapeake Energy Corp /12/ ,528, ,325,000 Chesapeake Energy Corp /08/2020 4,844, ,550,000 Chesapeake Energy Corp /11/ ,598, ,825,000 Chesapeake Energy Corp /03/ ,168, ,225,000 Concho Resources Inc /04/2023 6,318, ,600,000 Crestwood Midstream Partners LP /12/ ,065, ,586,000 Crosstex Energy Lp /02/ ,278, ,911,000 Eagle Rock Energy Partners Lp /06/ ,778, ,000 El Paso Corp /06/ , ,988,000 El Paso Corp /09/ ,785, ,950,000 Energy XXI Gulf Coast /12/ ,612, ,932,000 Expo Finance Luxembourg /12/ ,177, ,700,000 Ferrellgas Partners Lp /10/2017 9,096, ,450,000 Forum Energy Technologies /10/2021 8,809, ,325,000 Genesis Energy Lp /12/ ,590, ,675,000 Gibson Energy /07/ ,315, ,300,000 Kinder Morgan Inc/Delawa /02/2021 4,264, ,100,000 Kinder Morgan Inc/Delawa /11/2023 9,936, ,700,000 Linn Energy Llc /05/2019 4,735, ,150,000 Linn Energy Llc /11/ ,074, ,500,000 Linn Energy Llc /04/ ,515, ,455,000 Linn Energy Llc /02/2021 4,622, ,604,000 Newfield Exploration Co /01/2022 8,969, ,550,000 Nustar Logistics /02/2021 8,806, ,600,000 Offshore Group Investment Ltd /11/ ,586, ,100,000 Offshore Group Investment Ltd /04/2023 7,313,

21 Portfolio of Investments as at 30 November 2013 cont/d Americayield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 93.78%) CONT/D Energy % (2012: 13.99%) cont/d 14,300,000 Pacific Drilling SA /06/ ,443, ,450,000 Penn Virginia Resource Partners Lp /04/ ,017, ,915,000 Penn Virginia Resource Partners Lp /06/ ,376, ,200,000 RKI Exploration & Production Llc / RKI Finance /08/ ,839, ,225,000 Sabine Pass Liquefaction Llc /03/ ,164, ,550,000 Sandridge Energy Inc /03/2021 3,718, ,000,000 Sandridge Energy Inc /02/ ,280, ,997,000 Sm Energy Co /02/ ,596, ,700,000 Sm Energy Co /01/2023 7,102, ,494,000 Suburban Propane Partners Lp /10/2018 6,972, ,421,000 Suburban Propane Partners Lp /08/2021 3,698, ,037,000 Unit Corp /05/ ,988, Entertainment % (2012:1.21%) 19,050,000 Live Nation Entertainment Inc /09/ ,574, ,400,000 Nai Entertainment Holdings Llc /08/2018 4,543, ,033,000 National Cinemedia Llc /07/ ,736, ,125,000 National Cinemedia Llc /04/2022 6,339, Environmental 0.47% (2012: 0.27%) 900,000 Covanta Holding Corp /12/ , ,675,000 Covanta Holding Corp /10/ ,243, Food and Drug Retail % (2012: Nil) 23,230,000 Tops Holding Corp / Tops Markets /12/ ,494, Food, Beverage and Tobacco % (2012: 0.47%) 13,175,000 B&G Foods Inc /06/ ,582, ,675,000 Barry Callebaut Services NV /06/2023 9,847, ,161,000 Chiquita Brands International / Chiquita Brands Llc /02/2021 5,528, ,775,000 Jbs Investments GmbH /10/2020 6,825, ,500,000 Jbs Usa Llc /06/ ,893, Gaming % (2012: 0.82%) 1,700,000 GLP Capital / GLP Financing II /11/2018 1,734, ,575,000 GLP Capital / GLP Financing II /11/2020 3,566, ,150,000 GLP Capital / GLP Financing II /11/2023 6,989, ,160,000 Scientific Games Corp /09/ ,240, Healthcare % (2012: 7.26%) 30,200,000 Biomet /08/ ,012, ,900,000 CHS/Community Health Systems /08/2018 6,136,

22 Portfolio of Investments as at 30 November 2013 cont/d Americayield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 93.78%) CONT/D Healthcare % (2012: 7.26%) cont/d 28,671,000 CHS/Community Health Systems /11/ ,179, ,950,000 CHS/Community Health Systems /07/2020 2,018, ,400,000 Davita Inc /11/ ,220, ,700,000 Fresenius Medical Care Us Finance II Inc /07/ ,636, ,540,000 HCA Inc /04/ ,745, ,575,000 HCA Inc /02/2020 9,464, ,950,000 HCA Inc /09/2020 8,685, ,297,000 HCA Inc /02/ ,786, ,875,000 HCA Inc /02/ ,098, ,925,000 Healthsouth Corp /02/ ,117, ,314,000 Healthsouth Corp /09/2022 4,745, ,525,000 Ims Health Inc /11/ ,182, ,950,000 Lifepoint Hospitals /12/2021 3,969, ,625,000 Tenet Healthcare /10/ ,058, ,075,000 Universal Hospital Services Inc /08/ ,128, ,650,000 Valeant Pharmaceuticals International /12/ ,349, ,625,000 Valeant Pharmaceuticals International /10/ ,109, ,075,000 Valeant Pharmaceuticals International /12/2021 8,115, ,875,000 Wellcare Health Plans /11/2020 7,064, Homebuilders and Real Estate % (2012: 0.71%) 5,450,000 Aviv Healthcare Properties /02/2019 5,858, ,050,000 Aviv Healthcare Properties / Aviv Healthcare Capital /10/2021 5,176, ,235,000 CB Richard Ellis Services /10/ ,745, ,725,000 Sabra Health Capital Corp /11/2018 8,362, ,362,000 Taylor Morrison Communities Inc /04/ ,631, Hotels % (2012: Nil%) 8,300,000 Hilton Worldwide Finance Llc /10/2021 8,466, Leisure % (2012: Nil%) 6,625,000 Activision Blizzard /09/2021 6,881, ,025,000 Activision Blizzard /09/2023 3,168, ,575,000 Six Flags Entertainment /01/ ,323, Metals and Mining % (2012: 6.83%) 29,975,000 Alcoa Inc /08/ ,017, ,325,000 Aleris International Inc /11/ ,256, ,525,000 Arch Coal Inc /10/ ,966, ,073,000 Consol Energy Inc /04/2017 3,249,

23 Portfolio of Investments as at 30 November 2013 cont/d Americayield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 93.78%) CONT/D Metals and Mining % (2012: 6.83%) cont/d 23,300,000 Consol Energy Inc /04/ ,338, ,550,000 FMG Resources August /02/2016 4,726, ,100,000 FMG Resources August /04/2017 5,406, ,225,000 FMG Resources August /02/ ,387, ,200,000 FMG Resources August /11/ ,103, ,625,000 FMG Resources August /04/2022 6,075, ,575,000 Kaiser Aluminum Corp /06/2020 6,313, ,075,000 Novelis Inc /12/ ,037, ,450,000 Novelis Inc /12/ ,424, ,450,000 Peabody Energy Corp /11/ ,040, ,335,000 Peabody Energy Corp /09/ ,068, ,200,000 Peabody Energy Corp /11/ ,497, ,539,000 Plains Exploration & Production Co /06/2019 3,861, ,349,000 Plains Exploration & Production Co /05/ ,224, ,425,000 Rain CII Carbon Llc /01/ ,010, Paper % (2012: 0.49%) 20,630,000 Clearwater Paper Corp /11/ ,177, ,100,000 Sappi Papier Holding GmbH /06/2019 7,739, Publishing and Printing % (2012: Nil%) 9,125,000 Gannett /07/2020 9,307, ,800,000 Gannett /10/ ,216, Restaurants % (2012: 0.30%) 10,850,000 Seminole Hard Rock Ent I /05/ ,633, Services % (2012: 2.97%) 6,525,000 Adt Corp /10/2021 6,810, ,000,000 Adt Corp /07/ ,505, ,900,000 Adt Corp /06/2023 3,452, ,675,000 Algeco Scotsman Global Finance Plc /10/2018 9,369, ,075,000 Apx Group /12/2019 5,125, ,100,000 Digitalglobe Inc /02/2021 4,972, ,175,000 Geo Group /01/2022 7,175, ,240,000 H&E Equipment Services Inc /09/ ,574, ,025,000 Iron Mountain Inc /08/ ,723, ,525,000 PHH Corp /09/2019 9,207, ,650,000 PHH Corp /08/2021 9,710, ,110,000 Reliance Intermediate Holdings /12/ ,189, ,350,000 Safway Group Holding Finance /05/ ,079,

24 Portfolio of Investments as at 30 November 2013 cont/d Americayield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 93.78%) CONT/D Steel % (2012: 2.93%) 14,925,000 Arcelormittal /06/ ,212, ,275,000 Arcelormittal /06/ ,959, ,250,000 Arcelormittal /02/2022 7,857, ,650,000 Steel Dynamics /08/ ,895, ,975,000 Steel Dynamics /08/2022 4,322, ,800,000 US Steel Corp /02/2018 3,031, ,299,000 US Steel Corp /04/2020 6,708, ,000,000 US Steel Corp /03/2022 7,428, Super Retail % (2012: 2.66%) 20,100,000 Claire's Stores Inc /03/ ,486, ,031,000 Limited Brands Inc /06/ ,087, ,725,000 Limited Brands Inc /04/2021 3,000, ,370,000 Michaels Stores Inc /11/ ,463, ,000,000 Rent-a-center Inc /11/ ,747, ,425,000 Rent-a-center Inc /05/2021 3,210, ,364,000 Sally Holdings Llc /11/ ,677, Technology % (2012: 4.81%) 14,950,000 Advanced Micro Devices /08/ ,389, ,875,000 Audatex North America /06/ ,544, ,300,000 Audatex North America /11/2023 5,472, ,625,000 Corelogic Inc /06/ ,554, ,700,000 Denali Borrower Llc / Denali Finance /10/ ,539, ,725,000 Equinix Inc /07/2021 5,173, ,138,000 Lender Processing Services Inc /04/ ,943, ,565,000 Rexel SA /12/ ,867, ,425,000 Rexel SA /06/2020 6,505, Telecommunications % (2012: 9.67%) 3,075,000 Centurylink Inc /04/2020 3,128, ,025,000 Centurylink Inc /03/ ,762, ,650,000 Centurylink Inc /12/2023 7,822, ,050,000 Cyrusone / Cyrusone Finance /11/ ,301, ,430,000 Frontier Communications Corp /04/ ,974, ,625,000 Frontier Communications Corp /10/2018 9,961, ,025,000 Frontier Communications Corp /03/ ,357, ,325,000 Frontier Communications Corp /04/2020 8,387, ,850,000 Frontier Communications Corp /08/ ,931, ,610,000 GCI Inc /11/ ,898,

25 Portfolio of Investments as at 30 November 2013 cont/d Americayield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 93.78%) CONT/D Telecommunications % (2012: 9.67%) cont/d 19,075,000 Inmarsat Finance Plc /12/ ,838, ,075,000 Intelsat Jackson Holdings /04/ ,762, ,275,000 Intelsat Jackson Holdings /11/2019 5,782, ,400,000 Intelsat Jackson Holdings /10/ ,194, ,750,000 Metropcs Wireless Inc /11/ ,910, ,150,000 Metropcs Wireless Inc /04/ ,076, ,575,000 Metropcs Wireless Inc /04/ ,102, ,550,000 Softbank Corp /04/ ,446, ,800,000 Sprint Capital Corp /05/2019 8,463, ,470,000 Sprint Capital Corp /11/ ,896, ,775,000 Sprint Nextel Corp /03/ ,714, ,225,000 Sprint Nextel Corp /08/ ,816, ,425,000 Sprint Nextel Corp /11/ ,309, ,055,000 Telesat Canada /05/ ,907, ,500,000 Wind Acquisition Finance SA /07/ ,093, ,975,000 Windstream Corp /11/ ,888, ,825,000 Windstream Corp /09/ ,973, ,850,000 Windstream Corp /10/ ,609, ,375,000 Windstream Corp /08/2023 5,133, Transportation Excluding Air and Rail % (2012: 0.81%) 8,615,200 Awas Aviation Capital Ltd /10/2016 8,938, Utilities % (2012: 3.52%) 6,775,000 Aes Corp /04/2016 7,977, ,850,000 Aes Corp /10/ ,721, ,000 Aes Corp /07/ , ,030,000 Calpine Corp /07/ ,552, ,246,000 Calpine Corp /02/2021 5,718, ,500,000 Dynegy Inc /06/ ,630, ,475,784 Indiantown Cogeneration /12/2020 4,838, ,950,000 Intergen NV /06/ ,533, ,750,515 Mirant Mid Atlantic Llc /06/2017 8,448, ,975,000 NRG Energy Inc /01/2018 7,951, ,100,000 NRG Energy Inc /05/ ,918, ,188,000 NSG Holdings Llc /12/ ,630, Total Transferable Securities (Corporate Bonds) 4,019,430,

26 Portfolio of Investments as at 30 November 2013 cont/d Americayield NOMINAL SECURITY FAIR VALUE % of NET ASSETS COLLECTIVE INVESTMENT SCHEMES 0.24% (2012: Nil) 100,000 Muzinich s EmergingMarketsShortDuration 10,152, Total Collective Investment Schemes 10,152, Investments at fair value (Cost: 3,953,055,033) 4,029,582, Financial Derivative Instruments* % (2012: 0.33%) Forward Foreign Currency Exchange Contracts 0.75% (2012: 0.33%) MATURITY DATE SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD NUMBER OF CONTRACTS UNREALISED GAIN/(LOSS) % of NET ASSETS 09/12/2013 State Street Bank CHF 28,029,421 30,168, , /02/2014 State Street Bank CHF 41,322,889 45,375, , /01/2014 State Street Bank CHF 34,635,599 38,104, , /12/2013 State Street Bank EUR 660,320, ,558, ,497, /01/2014 State Street Bank EUR 571,561, ,225, ,990, /02/2014 State Street Bank EUR 291,933, ,508, ,997, /12/2013 State Street Bank GBP 32,153,238 50,861, ,804, /01/2014 State Street Bank GBP 37,941,832 60,492, ,638, /02/2014 State Street Bank GBP 31,340,511 49,979, ,330, /01/2014 State Street Bank 26,837,587 EUR 19,583, , /02/2014 State Street Bank 4,850,500 CHF 4,426, (50,675) (0.00) 15/01/2014 State Street Bank 2,030,165 CHF 1,843,794 6 (11,054) (0.00) 09/12/2013 State Street Bank 1,997,694 CHF 1,808,294 6 (3,526) (0.00) 12/02/2014 State Street Bank 54,285,609 EUR 40,259,930 9 (533,625) (0.01) 09/12/2013 State Street Bank 23,251,104 EUR 17,235, (215,775) (0.01) 09/12/2013 State Street Bank 4,333,976 GBP 2,700, (89,199) (0.00) 12/02/2014 State Street Bank 3,481,555 GBP 2,156, (49,541) (0.00) 15/01/2014 State Street Bank 1,635,658 GBP 1,024, (42,314) (0.00) Unrealised gain on forward foreign currency exchange contracts 32,907, Unrealised loss on forward foreign currency exchange contracts (995,709) (0.02) Net unrealised gain on forward foreign currency exchange contracts 31,911, Total Financial Derivative Instruments 31,911,

27 Portfolio of Investments as at 30 November 2013 cont/d Americayield FAIR VALUE % of NET ASSETS Portfolio of Investments 4,061,493, Cash at bank (2012: 5.36%) 122,075, Debtors (2012: 6.50%) 88,142, Total Assets 4,271,711, Creditors (2012: (6.37%)) (34,070,011) (0.80) Net Asset Value at fair value prices at 30/11/2013 4,237,641, Adjustments from bid market prices to last traded market prices 17,207, Net Asset Value at dealing prices at 30/11/2013 4,254,849, Net Asset Value at 30/11/ /11/ /11/ /11/2011 4,254,849,090 3,142,162,757 2,193,359,096 Net Asset Value attributed to each Unit Class at dealing prices -Hedged Accumulation Units 548,668, ,520, ,566,041 -Hedged Accumulation R Units 320,519, ,202, ,096,175 -Hedged Accumulation S Units** 510,162, Hedged Income Units 615,617, ,698, ,859,297 -Hedged Income R Units** 3,783, Hedged Euro Discretionary Units 9,685,814 12,092,329 9,415,328 -Hedged Euro Accumulation Units 294,633, ,583, ,208,469 -Hedged Euro Accumulation R Units 137,035, ,130,983 32,943,649 -Hedged Euro Income Units 1,020,676, ,288, ,443,580 -Hedged GBP Income Units GBP88,590,917 GBP100,804,958 GBP62,806,931 -Hedged GBP Accumulation Units GBP7,983,974 GBP9,763,005 GBP2,991,812 -Hedged GBP Accumulation H Units** GBP37, Hedged CHF Accumulation R Units CHF70,958,359 CHF72,685,551 CHF55,921,312 -Hedged CHF Income R Units CHF25,956,992 CHF23,262,340 - Number of Units in issue -Hedged Accumulation Units 2,311,840 3,153,994 3,060,677 -Hedged Accumulation R Units 1,435,828 1,582,611 1,234,554 -Hedged Accumulation S Units** 4,887, Hedged Income Units 6,123,720 5,202,183 2,449,481 -Hedged Income R Units** 36, Hedged Euro Discretionary Units 39,563 52,409 46,183 -Hedged Euro Accumulation Units 1,126,273 1,182,656 1,148,272 -Hedged Euro Accumulation R Units 553, , ,284 26

28 Portfolio of Investments as at 30 November 2013 cont/d Americayield 30/11/ /11/ /11/2011 Number of Units in issue -Hedged Euro Income Units 7,505,523 4,191,226 3,326,912 -Hedged GBP Income Units 837, , ,181 -Hedged GBP Accumulation Units 52,874 68,977 24,047 -Hedged GBP Accumulation H Units** Hedged CHF Accumulation R Units 573, , ,212 -Hedged CHF Income R Units 249, ,827 - Net Asset Value per Unit -Hedged Accumulation Units Hedged Accumulation R Units Hedged Accumulation S Units** Hedged Income Units Hedged Income R Units** Hedged Euro Discretionary Units Hedged Euro Accumulation Units Hedged Euro Accumulation R Units Hedged Euro Income Units Hedged GBP Income Units GBP GBP GBP Hedged GBP Accumulation Units GBP GBP GBP Hedged GBP Accumulation H Units** GBP Hedged CHF Accumulation R Units CHF CHF CHF Hedged CHF Income R Units CHF CHF Classification: * All Financial Derivative Instruments are Over the Counter ( OTC ) Financial Derivative Instruments. ** These Units launched during the year. All transferable securities are admitted to official stock exchange listing or traded on a regulated market. % of TOTAL Analysis of Total Assets (unaudited) ASSETS Transferable securities admitted to an official stock exchange listing or traded on a regulated market Collective Investment Schemes 0.24 OTC financial derivative instruments 0.75 Other current assets 4.92 Total assets

29 Portfolio of Investments as at 30 November 2013 uropeyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 92.22%) Aerospace and Defence % (2012: 1.59%) 1,850,000 Bombardier Inc /05/2021 1,991, ,300,000 Finmeccanica Finance /12/2019 3,107, ,300,000 Meccanica Holdings USA /07/2019 2,520, Apparel and Textiles % (2012: Nil) 700,000 Boardriders SA /12/ , Automotive and Auto Parts % (2012: 8.58%) 1,550,000 Banque PSA Finance SA /01/2015 1,581, ,000 Banque PSA Finance SA /09/ , ,000,000 Banque PSA Finance SA /02/2016 3,120, ,242,000 Banque PSA Finance SA /04/2016 2,460, ,300,000 Continental Rubber of America /09/2019 3,342, ,000 Fiat Finance & Trade /04/ , ,000 Fiat Finance & Trade /10/ , ,612,000 Fiat Finance & Trade /03/2017 3,960, ,700,000 Gestamp Lux SA /05/2020 2,846, ,000 Goodyear Dunlop Tires Europe /04/ , ,250,000 Jaguar Land Rover Plc /03/2020 1,694, ,200,000 Peugeot SA /03/2018 2,444, ,325,000 Schaeffler Finance BV /08/2018 4,604, Banking Nil (2012: 2.00%) Broadcasting % (2012: 3.14%) 1,500,000 CET 21 Spol Sro /11/2017 1,556, ,095,000 Cyfrowy Polsat Finance AB /05/2018 2,241, ,775,000 Polish Television Holding BV /01/2021 1,894, ,715,000 TVN Finance Corp III AB /11/2018 1,817, ,100,000 TVN Finance Corp III AB /12/2020 2,229, Building Materials % (2012: 5.89%) 1,810,000 Buzzi Unicem SpA /09/2018 2,024, ,000 Cemex Finance LLC /12/ , ,000 Cemex SAB de CV /01/ , ,375,000 Grohe Holding GmbH /12/2017 3,463, ,625,000 Heidelberg Cement AG /10/2019 7,186, ,000,000 Lafarge SA /05/2017 1,434, ,000 Lafarge SA /07/ , ,100,000 Lafarge SA /12/2019 2,407, ,175,000 Lafarge SA /09/2020 1,231, ,219,000 Xella Holdco Finance SA /09/2018 3,350,

30 Portfolio of Investments as at 30 November 2013 cont/d uropeyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 92.22%) CONT/D Cable and Satellite TV % (2012: 7.45%) 3,850,000 Altice Financing SA /12/2019 4,143, ,480,000 Nara Cable ing Ltd /12/2018 4,851, ,000 Norcell Sweden Holding /09/2019 1,006, ,300,000 Numericable Finance /02/2019 1,545, ,900,000 Telenet Finance III Luxembourg /02/2021 4,192, ,550,000 Telenet Finance V Luxembourg /08/2022 3,747, ,015,000 Unitymedia Hessen GmbH /03/2019 3,270, ,425,000 Unitymedia Kabel BW GmbH /03/2021 3,967, ,070,000 UPC Holding BV /08/2020 4,483, ,405,000 UPC Holding BV /09/2022 1,420, ,125,000 UPCB Finance Ltd /07/2020 2,263, ,335,000 Virgin Media Secured Finance Plc /04/2021 2,882, ,705,000 Ziggo Bond Co BV /05/2018 5,012, ,275,000 Ziggo Finance BV /11/2017 1,314, Capital Goods % (2012: 0.72%) 3,175,000 GCS Holdco Finance I SA /11/2018 3,254, ,925,000 Loxam SAS /01/2020 2,043, Chemicals % (2012: 3.06%) 2,040,000 Ciech Group Financing AB /11/2019 2,295, ,000 Orion Engineered Carbons Bondco GmbH /06/ , Consumer Products % (2012: 0.60%) 825,000 Magnolia BC SA /08/ , Containers % (2012: 6.85%) 1,659,067 ARD Finance SA /06/2018 1,596, ,475,000 Ardagh Packaging Finance Ltd /10/2017 3,716, ,600,000 Beverage Packaging Holdings /06/2017 2,696, ,750,000 GCL Holdings SCA /04/2018 1,891, ,050,000 Greif Luxembourg Finance /07/2021 5,833, Diversified Financial Services % (2012: 1.39%) 850,000 Galaxy Bidco Ltd /11/2020 1,021, ,725,000 Galaxy Finco Ltd /11/2021 2,071, ,025,000 International Personal Finance Plc /08/2015 4,553, ,375,000 Jerrold Finco Plc /09/2018 3,102, Diversified Media % (2012: Nil) 1,275,000 Cable Communications Systems NV /11/2020 1,302,

31 Portfolio of Investments as at 30 November 2013 cont/d uropeyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 92.22%) CONT/D Energy % (2012: 1.37%) 1,322,000 Chesapeake Energy Corp /01/2017 1,439, ,000,000 Cores /04/2016 2,051, ,650,000 Ence Energia Y Celulosa SA /02/2020 1,790, Entertainment % (2012: 1.20%) 1,800,000 Vougeot Bidco Plc /07/2020 2,278, Environmental % (2012: 1.35%) 4,975,000 Infinis Plc /02/2019 6,298, ,408,000 Zinc Capital SA /05/2018 3,682, Food and Drug Retail % (2012: Nil) 2,200,000 Casino Guichard Perrachon SA /01/2019 2,186, Food, Beverage and Tobacco % (2012: 3.80%) 1,290,000 Agrokor DD /12/2016 1,362, ,320,000 Agrokor DD /05/2019 1,481, ,000 Agrokor DD /02/ , ,850,000 Albain Bidco Norway AS /11/2020 2,914, ,300,000 Bakkavor Finance 2 Plc /06/2020 1,705, ,708,000 Boparan Finance Plc /04/2018 3,581, ,760,000 Campofrio Food SA /10/2016 6,055, Gaming % (2013: 2.05%) 3,775,000 Cirsa Finance Luxembourg SA /05/2018 3,989, ,075,000 William Hill Plc /06/2020 1,246, Healthcare % (2012: 1.70%) 3,100,000 MPT Finance Corp /10/2020 3,245, Home Builders and Real Estate % (2012: 1.50%) 678,000 Obrascon Huarte Lain SA /03/ , ,000 RPG Byty Sro /05/ , Insurance % (2012: Nil) 500,000 Hastings Insurance Group Finance Plc /10/ , Leisure Nil (2012: 0.34%) Metals and Mining % (2012: 1.31%) 4,775,000 Rain CII Carbon LLC /01/2021 4,840,

32 Portfolio of Investments as at 30 November 2013 cont/d uropeyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 92.22%) CONT/D Paper % (2012: 1.40%) 1,325,000 WEPA Hygieneprodukte GmbH /05/2020 1,420, Services % (2012: 2.41%) 1,000,000 Abengoa SA /07/2014 1,019, ,300,000 Abengoa SA /02/2017 4,294, ,850,000 Astaldi SpA /12/2020 1,921, ,975,000 Deutsche Raststaetten Gruppe IV GmbH /12/2020 2,037, ,425,000 Geo Debt Finance SCA /08/2018 2,575, ,475,000 Geo Travel Finance SCA /05/2019 1,600, ,000 Techem GmbH /10/ , Steel Nil (2012: 0.30%) Super Retail % (2012: 5.91%) 1,325,000 DFS Furniture Holdings Plc /08/2018 1,612, ,320,000 Dixons Retail Plc /09/2017 4,609, ,950,000 Edcon (Pty) Ltd /03/2018 2,031, ,875,000 Phones4u Finance Plc /04/2018 6,160, Technology % (2012: Nil) 1,575,000 Interxion Holding NV /07/2020 1,649, ,125,000 Stampos BV /05/2019 1,143, Telecommunications % (2012: 10.59%) 1,300,000 Arqiva Broadcast Finance Plc /03/2020 1,727, ,200,000 Eaccess Ltd /04/2018 1,329, ,385,000 Eileme /01/2020 6,522, ,800,000 Enel SpA /09/2075 3,551, ,625,000 Koninklijke KPN NV /09/2018 4,848, ,955,000 Matterhorn Mobile SA /05/2019 2,611, ,575,000 Portugal Telecom International Finance /05/2020 1,600, ,000 Portugal Telecom SGPS SA /07/ , ,225,000 Softbank Corp /04/2020 2,323, ,860,000 Sunrise Communications International SA /12/2017 3,263, ,550,000 Sunrise Communications International SA /12/2017 1,327, ,050,000 Telecom Italia SpA /12/2018 3,322, ,300,000 Telecom Italia SpA /01/2019 1,366, ,700,000 Telecom Italia SpA /06/2019 3,362, ,300,000 Telefonica Europe /09/2018 5,634, ,000,000 Telefonica Europe /11/2020 2,434, ,525,000 Wind Acquisition Finance SA /07/2017 1,618, ,505,000 Wind Acquisition Finance SA /02/2018 5,810,

33 Portfolio of Investments as at 30 November 2013 cont/d uropeyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 92.22%) CONT/D Transportation Excluding Air and Rail % (2012: 4.92%) 4,700,000 Brisa Concessao Rodoviaria SA /04/2018 5,137, ,200,000 Heathrow Finance Plc /03/2017 5,539, Utilities % (2012: 10.80%) 5,665,000 Anglian Water Osprey Financing /01/2018 7,328, ,565,000 EDP Finance BV /08/2017 3,349, ,350,000 EDP Finance BV /01/2021 2,346, ,650,000 EDP Finance BV /01/2024 3,701, ,275,000 REN Finance BV /10/2020 3,374, ,650,000 Southern Water Greensands Financing Plc /04/2019 6,202, ,000 Thames Water Kemble Finance Plc /04/2019 1,207, ,308,000 Viridian Group co II /04/2017 2,552, Total Transferable Securities (Corporate Bonds) (2012: 92.22%) 331,302, Collective Investment Schemes 0.58% (2012: Nil) 20,000 Muzinich s EmergingMarketsShortDuration 2,029, Total Collective Investment Schemes 2,029, Investments at fair value (Cost: 318,594,002) 333,331, Financial Derivative Instruments* - (0.44%) (2012: 0.15%) Forward Foreign Currency Exchange Contracts (0.44%) (2012: 0.15%) MATURITY DATE SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD NUMBER OF CONTRACTS UNREALISED GAIN/(LOSS) % of NET ASSETS 12/02/2014 State Street Bank CHF 549,857 EUR 446, /12/2013 State Street Bank EUR 122,560 SEK 1,068, , /02/2014 State Street Bank EUR 35,822 SEK 315, /01/2014 State Street Bank EUR 41,503 SEK 365, /12/2013 State Street Bank EUR 6,903,967 9,249, , /02/2014 State Street Bank EUR 4,398,117 5,934, , /01/2014 State Street Bank EUR 7,060,714 9,607, , /02/2014 State Street Bank GBP 14,497,641 EUR 17,225, , /12/2013 State Street Bank GBP 9,411,015 EUR 11,176, , /01/2014 State Street Bank GBP 4,709,080 EUR 5,533, ,

34 Portfolio of Investments as at 30 November 2013 cont/d uropeyield Financial Derivative Instruments* - (0.44%) (2012: 0.15%) cont/d Forward Foreign Currency Exchange Contracts (0.44%) (2012: 0.15%) cont/d MATURITY DATE SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD NUMBER OF CONTRACTS UNREALISED GAIN/(LOSS) % of NET ASSETS 15/01/2014 State Street Bank EUR 5,123,053 CHF 6,307,318 1 (5,381) (0.00) 12/02/2014 State Street Bank EUR 2,517,778 CHF 3,098,749 2 (2,259) (0.00) 09/12/2013 State Street Bank EUR 115,241 CHF 142,540 1 (618) (0.00) 15/01/2014 State Street Bank EUR 41,421,271 GBP 35,180, (889,565) (0.25) 09/12/2013 State Street Bank EUR 38,007,738 GBP 31,997,554 5 (486,217) (0.14) 12/02/2014 State Street Bank EUR 21,652,214 GBP 18,310,915 3 (364,253) (0.10) 09/12/2013 State Street Bank SEK 74,476,872 EUR 8,569, (201,709) (0.06) 12/02/2014 State Street Bank SEK 94,460,045 EUR 10,731, (132,745) (0.04) 15/01/2014 State Street Bank SEK 61,336,390 EUR 6,956, (70,672) (0.02) 09/12/2013 State Street Bank 3,111,660 EUR 2,307,373 4 (21,986) (0.01) 12/02/2014 State Street Bank 367,097 EUR 272,685 2 (3,085) (0.00) Unrealised gain on forward foreign currency exchange contracts 639, Unrealised loss on forward foreign currency exchange contracts (2,178,490) (0.62) Net unrealised loss on forward foreign currency exchange contracts (1,539,316) (0.44) Total Financial Derivative Instruments (1,539,316) (0.44) FAIR VALUE % of NET ASSETS Portfolio of Investments 331,791, Cash at bank (2012: 5.60%) 12,917, Debtors (2012: 3.80%) 8,214, Total Assets 352,923, Creditors (2012: (2.26%)) (5,661,123) (1.63) Net Asset Value at fair value prices at 30/11/ ,262, Adjustments from bid market prices to last traded market prices (2012: 0.49%) 1,300, Net Asset Value at dealing prices at 30/11/ ,563,

35 Portfolio of Investments as at 30 November 2013 cont/d uropeyield 30/11/ /11/ /11/2011 Net Asset Value at 30/11/ ,563, ,495, ,095,462 Net Asset Value attributed to each Unit Class at dealing prices -Hedged Euro Income Units 30,059,466 20,709,047 6,563,110 -Hedged Euro Accumulation Units 278,792, ,501, ,305,400 -Hedged GBP Accumulation Units GBP11,370,023 GBP9,479,226 GBP6,884,170 -Hedged SEK Accumulation R Units SEK231,720,422 SEK126,509,554 SEK47,041,134 Number of Units in issue -Hedged Euro Income Units 377, ,565 96,630 -Hedged Euro Accumulation Units 1,521,544 1,669,863 1,126,728 -Hedged GBP Accumulation Units 85,708 78,581 70,018 -Hedged SEK Accumulation R Units 1,894,224 1,137, ,636 Net Asset Value per Unit -Hedged Euro Income Units Hedged Euro Accumulation Units Hedged GBP Accumulation Units GBP GBP GBP Hedged SEK Accumulation R Units SEK SEK SEK90.18 Classification: * All Financial Derivative Instruments are Over the Counter ( OTC ) Financial Derivative Instruments. All transferable securities are admitted to official stock exchange listing or traded on a regulated market. % of TOTAL Analysis of Total Assets (unaudited) ASSETS Transferable securities admitted to an official stock exchange listing or traded on a regulated market Collective Investment Schemes 0.57 Other current assets 5.96 Total assets

36 Portfolio of Investments as at 30 November 2013 Transatlanticyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 89.92%) Aerospace and Defence % (2012: 0.75%) 1,300,000 Bombardier Inc /03/2018 1,475, ,575,000 Bombardier Inc /03/2020 2,929, ,000 Bombardier Inc /05/ , ,775,000 Bombardier Inc /01/2023 1,766, ,275,000 Finmeccanica Finance /12/2019 4,185, Airlines % (2012: Nil) 1,400,000 American Airlines /07/2020 1,400, Apparel and Textiles % (2012: 1.03%) 1,425,000 Hanesbrands Inc /12/2020 1,556, ,650,000 Levi Strauss & Co /05/2018 2,390, ,625,000 Levi Strauss & Co /05/2022 1,775, ,900,000 Wolverine World Wide Inc /10/2020 3,095, Automotive and Auto Parts % (2012: 4.16%) 1,750,000 American Axle & Manufacturing Inc /03/2021 1,837, ,125,000 American Axle & Manufacturing Inc /10/2022 2,247, ,000 General Motors Financial Co /05/ , ,000 General Motors Financial Co /05/ , ,000 General Motors Financial Co /05/ , ,000 Gestamp Lux SA /05/ , ,000 Goodyear Tire & Rubber Co /08/ , ,225,000 Schaeffler Finance BV /02/2017 1,910, ,000 Schaeffler Finance BV /02/2019 1,006, Banking % (2012: 1.84%) 3,375,000 Ally Financial Inc /12/2017 3,775, ,425,000 Ally Financial Inc /03/2020 5,310, Broadcasting % (2012: 3.55%) 700,000 Belo Corp /06/ , ,000 Belo Corp /09/ , ,800,000 Lin Television Corp /01/2021 1,847, ,275,000 Nexstar Broadcasting /11/2020 2,405, ,325,000 Sinclair Television Group /10/2018 2,534, ,525,000 Sinclair Television Group /04/2021 1,502, ,675,000 Sinclair Television Group /11/2021 1,721, ,000 Sirius XM Radio /08/ , ,000 Sirius XM Radio /05/ , ,375,000 Tvn Finance III /12/2020 3,433,

37 Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 89.92%) CONT/D Building Materials % (2012: 3.16%) 2,550,000 Building Materials Corp /08/2018 2,722, ,200,000 Building Materials Corp /03/2020 3,448, ,000 Cemex Espana Luxembourg /04/ , ,000 Cemex Finance Llc /10/ , ,750,000 Cemex Sab De Cv /06/2018 1,964, ,000 Cemex Sab De Cv /03/ , ,000 Cemex Sab De Cv /12/ , ,150,000 Heidelberg Cement Ag /10/2019 3,740, ,709,000 Xella Holdco Finance /09/2018 2,422, Cable and Satellite TV % (2012: 7.67%) 3,925,000 Cablevision Systems Corp /09/2017 4,543, ,850,000 Cablevision Systems Corp /04/2018 2,072, ,025,000 CCO Holdings Llc & Capital Corp /01/2019 1,082, ,450,000 CCO Holdings Llc & Capital Corp /04/2020 1,584, ,000 CCO Holdings Llc & Capital Corp /03/ , ,775,000 CCO Holdings Llc & Capital Corp /04/2021 1,852, ,100,000 Cco Holdings Llc & Capital Corp /02/2023 1,028, ,350,000 Cequel Communications Holdings I Llc /09/2020 3,458, ,000 Dish DBS Corp /02/2016 1,049, ,125,000 Dish DBS Corp /09/2019 5,932, ,000 Dish DBS Corp /03/ , ,075,000 IAC/Interactivecorp /11/2018 1,097, ,225,000 Midcontinent Communications & Midcontinent Finance /08/2021 1,243, ,250,000 Nara Cable ing Ltd /12/2018 2,413, ,000 Telenet Finance Luxembourg /11/ , ,000 Telenet Finance III Luxembourg /02/2021 1,353, ,200,000 Telenet Finance V Luxembourg /08/2022 1,724, ,986,000 Unitymedia Kabel Bw GmbH /12/2019 9,014, ,203,000 UPC Holding BV /08/2020 3,304, ,525,000 UPCB Finance Ltd /01/2020 5,180, ,175,000 Virgin Media Finance Plc /10/2019 2,090, ,100,000 Virgin Media Finance Plc /04/2023 3,573, ,475,000 Ziggo Bond Company /05/2018 3,589, Capital Goods % (2012: 0.95%) 1,250,000 Griffon Corp /04/2018 1,334, ,650,000 Loxam SAS /01/2020 2,385,

38 Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 89.92%) CONT/D Chemicals % (2012: 2.77%) 1,600,000 Huntsman International Llc /03/2020 1,768, ,000 LSB Industries Inc /08/ , ,385,000 Orion Engineered Carbons Bondco GmbH /06/2018 3,601, ,825,000 Petrologistics Finance /04/2020 1,831, ,025,000 TPC Group Inc /12/2020 4,251, Consumer Products % (2012: 1.13%) 2,370,000 Libbey Glass Inc /05/2020 2,529, ,390,000 Nbty Inc /10/2018 2,629, ,450,000 Spectrum Brands Holdings /11/2020 1,544, ,000 Spectrum Brands Holdings /11/ , Containers % (2012: 2.60%) 275,000 Ardagh Glass Finance /07/ , ,925,000 Ardagh Packaging Finance Ltd /10/2017 2,803, ,775,000 Ball Corp /09/2019 2,997, ,000 Ball Corp /11/ , ,025,000 Beverage Packaging Holdings Group /12/2016 1,395, ,025,000 Crown Americas Llc /01/2023 1,878, ,000 Greif Luxembourg Finance /07/2021 1,336, ,050,000 Reynolds Group Issuer Inc /04/2019 1,123, ,000 Sealed Air Corp /09/ , ,829,000 Sealed Air Corp /09/2021 3,239, Diversified Financial Services % (2012: 2.44%) 2,250,000 Aircastle Ltd /12/2019 2,430, ,800,000 FTI Consulting Inc /10/2020 1,921, ,000 FTI Consulting Inc /11/ , ,000 Galaxy Finco /11/2021 1,144, ,750,000 International Lease Finance Corp /03/2017 4,410, ,000 International Lease Finance Corp /05/ , ,650,000 International Lease Finance Corp /12/2020 4,334, Diversified Media % (2012: 2.16%) 1,325,000 Clear Channel Worldwide Holdings /03/2020 1,394, ,525,000 Clear Channel Worldwide Holdings /11/2022 2,608,

39 Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 89.92%) CONT/D Energy % (2012: 11.39%) 1,250,000 Amerigas Finance Llc & Corp /05/2020 1,362, ,425,000 Amerigas Finance Llc & Corp /05/2022 1,542, ,000 Antero Resources Finance /12/ , ,000 Antero Resources Finance /11/ , ,000 Atlas Pipeline Finance Corp /10/ , ,025,000 Atlas Pipeline Finance Corp /11/2021 1,873, ,350,000 Atlas Pipeline Finance Corp /08/2023 2,279, ,000 Berry Petroleum Co /11/ , ,425,000 Berry Petroleum Co /09/2022 1,453, ,275,000 Calumet Specialty Products Parteners Lp /05/2019 1,412, ,000 Calumet Specialty Products Parteners Lp /08/ , ,000 Calumet Specialty Products Parteners Lp /01/ , ,050,000 Chesapeake Energy Corp /12/2018 1,207, ,000 Chesapeake Energy Corp /08/ , ,225,000 Chesapeake Energy Corp /11/2020 2,500, ,450,000 Chesapeake Energy Corp /03/2023 1,500, ,000 Concho Resources Inc /04/ , ,675,000 Crestwood Midstream Partners LP /12/2020 2,738, ,000 El Paso Inc /06/ , ,000 El Paso Inc /09/ , ,550,000 Energy XXI Gulf Coast /12/2021 1,623, ,688,000 Expro Finance Luxembourg /12/2016 2,812, ,000,000 Forum Energy Technologies /10/2021 1,042, ,250,000 Genesis Energy Lp /12/2018 1,346, ,225,000 Gibson Energy Inc /07/2021 1,298, ,000 Kinder Morgan Inc/Delawa /02/ , ,250,000 Kinder Morgan Inc/Delawa /11/2023 1,229, ,125,000 Legacy Reserves Lp /12/2020 2,194, ,425,000 Legacy Reserves Lp /12/2021 1,375, ,000 Linn Energy Llc /05/ , ,700,000 Linn Energy Llc /11/2019 1,691, ,150,000 Linn Energy Llc /04/2020 2,300, ,000 Linn Energy Llc /02/ , ,350,000 Memorial Production Partners / Memorial Production Finance /05/2021 2,414, ,025,000 Nustar Logistics Lp /02/2021 1,055, ,400,000 Offshore Group Investment Ltd /11/2019 1,519, ,000 Offshore Group Investment Ltd /04/ , ,775,000 Pacific Drilling SA /06/2020 1,792, ,500,000 Penn Virginia Resource Partners Lp /04/2018 1,590, ,125,000 Penn Virginia Resource Partners Lp /06/2020 1,243,

40 Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 89.92%) CONT/D Energy % (2012: 11.39%) cont/d 275,000 Range Resources Corp /08/ , ,075,000 Rex Energy Corp /12/2020 2,266, ,328,000 RKI Exploration & Production Llc / RKI Finance /08/2021 1,387, ,975,000 Sabine Pass Liquefaction Llc /03/2022 2,967, ,300,000 Samson Investment Co /02/2020 2,486, ,000 Sandridge Energy Inc /03/ , ,850,000 Sandridge Energy Inc /02/2023 1,887, ,000 Sm Energy Co /11/ , ,425,000 Sm Energy Co /01/2023 1,510, ,000 Suburban Propane Partners Lp /10/ , ,000 Suburban Propane Partners Lp /08/ , ,375,000 Unit Corp /05/2021 2,493, Entertainment - Nil (2012: 0.89%) Environmental % (2012: 0.43%) 1,075,000 Infinis Plc /02/2019 1,852, ,825,000 Zinc Capital SA /05/2018 2,684, Food and Drug Retail - Nil (2012: 0.40%) Food, Beverage and Tobacco % (2012: 0.95%) 700,000 Barry Callebaut Services NV /06/ , ,000 JBS Investments GmbH /10/ , ,300,000 JBS USA Llc /06/2021 2,386, ,325,000 Post Holdings Inc /12/2021 2,371, Gaming % (2012: 0.36%) 225,000 GLP Capital / GLP Financing II /11/ , ,000 GLP Capital / GLP Financing II /11/ , ,000 GLP Capital / GLP Financing II /11/ , Healthcare % (2012: 6.35%) 2,475,000 Biomet /08/2020 2,623, ,200,000 Community Health Systems Inc /08/2018 3,328, ,850,000 Community Health Systems Inc /11/2019 3,099, ,000 Community Health Systems Inc /07/ , ,325,000 Davita Inc /11/2018 2,441, ,000 HCA Inc /02/2020 1,048, ,000 HCA Inc /09/ , ,000 HCA Inc /02/ , ,050,000 HCA Inc /05/2021 3,335, ,025,000 HCA Inc /02/2022 1,140,

41 Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 89.92%) CONT/D Healthcare % (2012: 6.35%) cont/d 1,000,000 Healthsouth Corp /02/2020 1,100, ,000 Healthsouth Corp /09/ , ,000 Lifepoint Hospitals /12/ , ,125,000 Omega Healthcare Investors /02/2020 1,219, ,425,000 Tenet Healthcare Corp /02/2020 2,509, ,100,000 Tenet Healthcare Corp /10/2020 1,149, ,125,000 Universal Hospital Services Inc /08/2020 3,281, ,175,000 Valeant Pharmaceuticals International /12/2018 1,260, ,975,000 Valeant Pharmaceuticals International /10/2020 3,134, ,000,000 Valeant Pharmaceuticals International /12/2021 1,005, ,000 Wellcare Health Plans Inc /11/ , Home Buildings and Real Estate - Nil (2012: 0.27%) Hotels % (2012: Nil) 1,200,000 Hilton Worldwide Finance Llc /10/2021 1,224, Leisure % (2012: Nil) 775,000 Activision Blizzard /09/ , ,000 Activision Blizzard /09/ , ,650,000 Six Flags Entertainment /01/2021 1,617, Metals and Mining % (2012: 6.34%) 3,550,000 Alcoa Inc /08/2020 3,791, ,225,000 Aleris International Inc /11/2020 1,304, ,525,000 Arch Coal Inc /06/2019 1,166, ,825,000 Arch Coal Inc /10/2020 3,642, ,000 Arch Coal Inc /06/ , ,000 Consol Energy Inc /04/ , ,900,000 Consol Energy Inc /04/2020 3,153, ,300,000 FMG Resources August /02/2016 1,350, ,700,000 FMG Resources August /02/2018 1,797, ,150,000 FMG Resources August /11/2019 4,637, ,000 Kaiser Aluminum Corp /06/ , ,200,000 Molycorp Inc /06/2020 1,179, ,725,000 Novelis Inc /12/2017 1,841, ,875,000 Novelis Inc /12/2020 3,220, ,000 Peabody Energy Corp /11/2018 1,009, ,275,000 Peabody Energy Corp /09/2020 1,345, ,125,000 Peabody Energy Corp /11/2021 2,172, ,375,000 Plains Exploration & Production Co /06/2019 1,500, ,000 Rain CII Carbon Llc /01/ , ,000 Rain CII Carbon Llc /01/ ,

42 Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 89.92%) CONT/D Paper % (2012: 0.66%) 1,725,000 Clearwater Paper Corp /11/2018 1,854, ,455,000 Smurfit Kappa ing Plc /11/2019 2,160, Publishing and Printing % (2012: Nil) 1,050,000 Gannett /07/2020 1,071, ,150,000 Gannett /10/2023 1,198, Restaurants % (2012: 0.33%) 950,000 Seminole Hard Rock Ent I /05/ , Services % (2012: 3.62%) 1,275,000 ADT Corp /10/2021 1,330, ,225,000 ADT Corp /07/2022 1,072, ,000 ADT Corp /06/ , ,250,000 Algeco Scotsman Global Finance Plc /10/2018 1,350, ,000 Algeco Scotsman Global Finance Plc /10/ , ,000 Algeco Scotsman Global Finance Plc /10/ , ,275,000 Apx Group /12/2019 1,287, ,000 Astaldi /12/2020 1,237, ,025,000 Deutsche Raststaetten Gruppe IV GmbH /12/2020 1,440, ,000 Geo Group /01/ , ,035,000 H&E Equipment Services Inc /09/2022 2,223, ,525,000 Hertz Corp /10/2018 1,648, ,000 Iron Mountain Inc /10/2018 1,030, ,175,000 Iron Mountain Inc /10/2019 1,304, ,375,000 Iron Mountain Inc /08/2024 2,220, ,050,000 Novalis Sas /06/2018 1,506, ,725,000 PHH Corp /09/2019 1,863, ,000 PHH Corp /08/ , ,425,000 Reliance Intermediate Holdings /12/2019 2,643, ,400,000 Safway Group Holding Finance /05/2018 1,466, Steel % (2012: 3.07%) 1,375,000 Arcelormittal /06/2018 1,493, ,325,000 Arcelormittal /06/2019 4,197, ,225,000 Arcelormittal /02/2022 1,327, ,725,000 Jmc Steel Group /03/2018 2,711, ,250,000 Steel Dynamics Inc /08/2019 1,356, ,000 Steel Dynamics Inc /08/ , ,550,000 Tms International /10/2021 1,635, ,000 US Steel Corp /02/ ,

43 Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 89.92%) CONT/D Steel % (2012: 3.07%) cont/d 475,000 US Steel Corp /04/ , ,000 US Steel Corp /03/ , Super Retail % (2012: 2.40%) 3,150,000 Limited Brands Inc /06/2019 3,787, ,805,000 Michaels Stores Inc /11/2018 1,953, ,675,000 Rent-A-Center Inc /11/2020 2,828, ,000,000 Sally Holdings Llc /11/2019 1,106, Technology % (2012: 4.98%) 1,800,000 ACI Worldwide /08/2020 1,869, ,900,000 Advanced Micro Devices /08/2022 1,828, ,800,000 Amkor Technology Inc /10/2022 1,818, ,800,000 Audatex North America /06/2021 1,881, ,650,000 Corelogic Inc /06/2021 1,794, ,350,000 Denali Borrower Llc / Denali Finance /10/2020 1,329, ,350,000 Equinix Inc /07/2021 2,573, ,175,000 Lender Processing Services Inc /04/2023 2,262, ,000 Rexel SA /12/2018 1,306, ,425,000 Rexel SA /12/2019 2,522, ,825,000 Sunedison Inc /04/2019 1,907, Telecommunications % (2012: 9.73%) 225,000 Centurylink Inc /04/ , ,150,000 Centurylink Inc /03/2022 3,110, ,000 Centurylink Inc /12/ , ,100,000 Frontier Communications Corp /10/2018 1,270, ,625,000 Frontier Communications Corp /03/2019 2,874, ,200,000 Frontier Communications Corp /04/2020 2,519, ,525,000 Frontier Communications Corp /08/2031 1,536, ,000,000 GCI Inc /11/2019 2,125, ,925,000 Inmarsat Finance Plc /12/2017 2,002, ,765,000 Intelsat Jackson Holdings /04/2019 1,908, ,000 Intelsat Jackson Holdings /11/2019 1,014, ,425,000 Intelsat Jackson Holdings /10/2020 3,741, ,200,000 Matterhorn Mobile SA /05/2019 3,850, ,975,000 Metropcs Wireless Inc /11/2020 3,149, ,025,000 Metropcs Wireless Inc /04/2021 3,146, ,275,000 Metropcs Wireless Inc /04/2023 2,343, ,250,000 Softbank Corp /04/2020 1,777, ,225,000 Sprint Capital Corp /05/2019 1,329, ,825,000 Sprint Capital Corp /11/2028 1,733, ,000 Sprint Communications Inc /03/ ,

44 Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 89.92%) CONT/D Telecommunications % (2012: 9.73%) cont/d 975,000 Sprint Communications Inc /08/2017 1,131, ,425,000 Sprint Communications Inc /08/2020 2,606, ,450,000 Sprint Communications Inc /11/2022 1,439, ,825,000 Telesat Canada /05/2017 1,902, ,000 Wind Acquisition Finance SA /07/ , ,400,000 Wind Acquisition Finance SA /02/2018 2,012, ,100,000 Windstream Corp /11/2017 2,409, ,075,000 Windstream Corp /09/2018 1,158, ,000,000 Windstream Corp /10/2020 3,210, ,000 Windstream Corp /08/ , Transportation Excluding Air and Rail % (2012: 0.54%) 950,000 Navios Maritime Holdings /02/ , Utilities % (2012: 3.00%) 750,000 AES Corp /10/ , ,000 AES Corp /07/2021 1,073, ,000 Anglian Water/Osprey Financing Plc /01/ , ,175,000 Dynegy Inc /06/2023 1,104, ,000 EDP Finance BV /01/2024 1,806, ,456 Indiantown Cogeneration /12/ , ,775,000 Intergen NV /06/2023 1,832, ,136,047 Mirant Mid Atlantic Llc /06/2017 1,238, ,175,000 NRG Energy Inc /05/2019 1,248, ,263,000 NSG Holdings Llc /12/2025 2,410, ,800,000 Southern Water Greensands Financing /04/2019 3,268, Total Transferable Securities (Corporate Bonds) 504,555, Collective Investment Schemes 0.50% (2012: Nil) 26,000 Muzinich s EmergingMarketsShortDuration 2,639, Total Collective Investment Schemes 2,639, Investments at fair value (Cost: 492,327,616) 507,195,

45 Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield Financial Derivative Instruments* % (2012: 0.03%) Forward Foreign Currency Exchange Contracts 1.48% (2012: 0.03%) MATURITY DATE SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD NUMBER OF CONTRACTS UNREALISED GAIN/(LOSS) % of NET ASSETS 09/12/2013 State Street Bank CHF 48,047 52, /12/2013 State Street Bank EUR 36,244,568 48,373, , /01/2014 State Street Bank EUR 82,553, ,738, , /02/2014 State Street Bank EUR 53,793,461 72,689, , /12/2013 State Street Bank EUR 1,037,875 1,408, , /12/2013 State Street Bank GBP 65,306, ,506, ,460, /02/2014 State Street Bank GBP 80,908, ,027, ,435, /01/2014 State Street Bank GBP 25,992,847 41,482, ,081, /12/2013 State Street Bank SEK 250,000,000 38,865,742 1 (620,739) (0.13) 15/01/2014 State Street Bank SEK 3,944, ,759 1 (16,849) (0.00) 09/12/2013 State Street Bank 1,151,876 CHF 1,070,268 2 (32,579) (0.01) 15/01/2014 State Street Bank 2,729,800 CHF 2,485,360 2 (21,681) (0.00) 09/12/2013 State Street Bank 37,794,199 EUR 28,307, (747,864) (0.14) 12/02/2014 State Street Bank 24,977,105 EUR 18,477, (183,005) (0.03) 15/01/2014 State Street Bank 47,459,935 EUR 34,945, (120,482) (0.02) 12/02/2014 State Street Bank 15,874,127 GBP 9,900,440 2 (334,716) (0.07) 09/12/2013 State Street Bank 6,115,785 GBP 3,832,651 4 (162,015) (0.03) 15/01/2014 State Street Bank 4,705,035 GBP 2,940,124 3 (109,514) (0.02) Unrealised gain on forward foreign currency exchange contracts 10,177, Unrealised loss on forward foreign currency exchange contracts (2,349,444) (0.45) Net unrealised gain on forward foreign currency exchange contracts 7,828, Total Financial Derivative Instruments 7,828, FAIR VALUE % OF NET ASSETS Portfolio of Investments 515,023, Cash at bank (2012: 10.62%) 5,113, Debtors (2012: 2.83%) 10,783, Total Assets 530,920, Creditors (2012: (3.79%)) (5,355,142) (1.02) Net Asset Value at fair value prices at 30/11/ ,565, Adjustments from bid market prices to last traded market prices 2,141, Net Asset Value at dealing prices at 30/11/ ,706,

46 Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield 30/11/ /11/ /11/2011 Net Asset Value at 30/11/ ,706, ,224, ,606,492 Net Asset Value attributed to each Unit Class at dealing prices -Hedged GBP Accumulation Units GBP159,711,379 GBP134,291,645 GBP39,643,653 -Hedged GBP Income Units GBP9,365,725 GBP9,053, Hedged Euro Accumulation Units 96,896, ,009, ,686,308 -Hedged Euro Accumulation R Units 14,834,150 22,738,279 18,048,579 -Hedged Euro Discretionary S Units 32,736,338 10,761, Hedged SEK Accumulation Units** SEK257,800, Hedged Accumulation Units 14,610,785 13,403,494 - Number of Units in issue -Hedged GBP Accumulation Units 782, , ,291 -Hedged GBP Income Units 88,657 87, Hedged Euro Accumulation Units 356, , ,251 -Hedged Euro Accumulation R Units 56,738 92,417 84,422 -Hedged Euro Discretionary S Units 300, , Hedged SEK Accumulation Units** 2,500, Hedged Accumulation Units 135, ,090 - Net Asset Value per Unit -Hedged GBP Accumulation Units GBP GBP GBP Hedged GBP Income Units GBP GBP Hedged Euro Accumulation Units Hedged Euro Accumulation R Units Hedged Euro Discretionary S Units Hedged SEK Accumulation Units** SEK Hedged Accumulation Units Classification: * All Financial Derivative Instruments are Over the Counter ( OTC ) Financial Derivative Instruments. ** These Units launched during the year. All transferable securities are admitted to official stock exchange listing or traded on a regulated market. % of TOTAL Analysis of Total Assets (unaudited) ASSETS Transferable securities admitted to an official stock exchange listing or traded on a regulated market Collective Investment Schemes 0.50 OTC financial derivative instruments 1.47 Other current assets 3.00 Total assets

47 Portfolio of Investments as at 30 November 2013 Enhancedyield Short-Term NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 90.88%) Aerospace and Defence % (2012: 1.53%) 5,000,000 BAE Systems Plc /11/2014 6,539, ,625,000 Bombardier Inc /01/ ,527, Airlines % (2012: Nil) 19,068,000 British Airways Plc /08/ ,887, Apparel and Textiles (Nil) (2012: 0.07%) Automotive and Auto Parts % (2012: 11.27%) 500,000 Banque PSA Finance SA /01/ , ,900,000 Banque PSA Finance SA /07/2014 7,073, ,300,000 Banque PSA Finance SA /01/ ,526, ,000,000 Banque PSA Finance SA /06/2015 5,144, ,425,000 Banque PSA Finance SA /02/ ,447, ,384,000 Banque PSA Finance SA /04/2016 6,364, ,240,000 Continental Rubber of America Corp /09/ ,500, ,900,000 FCE Bank Plc /01/2015 8,237, ,150,000 FCE Bank Plc /11/ ,576, ,000,000 FCE Bank Plc /09/2016 6,052, ,481,000 FGA Capital Ireland /02/ ,610, ,950,000 FGA Capital Ireland /09/2014 6,074, ,000,000 Fiat Finance & Trade /04/ ,708, ,500,000 Fiat Finance & Trade /10/ ,323, ,700,000 Fiat Finance & Trade /03/ ,309, ,000,000 Jaguar Land Rover Automotive Plc /03/ ,557, ,000,000 Pirelli & C Spa /02/2016 2,129, ,649,000 RCI Banque SA /01/2015 1,710, ,600,000 RCI Banque SA /03/ ,300, ,400,000 RCI Banque SA /10/2015 9,070, ,000,000 RCI Banque SA /04/2016 1,559, ,000,000 RCI Banque SA /07/2016 9,104, ,875,000 Schaeffler Finance BV /02/2019 4,407, Banking % (2012: 6.54%) 12,500,000 Banco Bilbao Vizcaya Argentaria /07/ ,749, ,721,000 Bank of Scotland Plc /11/ ,212, ,000,000 Barclays Bank Plc /09/2015 3,793, ,000,000 Bbva Senior Finance SA /03/2016 6,232, ,961,000 Gmac International Finance BV /04/ ,540, ,400,000 HSBC Finance Corp /11/2015 1,473, ,000,000 JPMorgan Chase & Co /06/ ,701, ,000,000 Morgan Stanley /11/ ,784,

48 Portfolio of Investments as at 30 November 2013 cont/d Enhancedyield Short-Term NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 90.88%) CONT/D Banking % (2012: 6.54%) cont/d 10,000,000 Morgan Stanley /10/ ,836, ,000,000 Royal Bank of Scotland Group Plc /11/ ,072, ,400,000 Santander International Debt SA /03/ ,736, ,300,000 Unicredit Spa /01/2015 8,634, ,000,000 Wells Fargo & Co /08/ ,898, Broadcasting % (2012: Nil) 14,700,000 Cet 21 Spol SRO /11/ ,251, ,645,000 Itv Plc /01/ ,970, ,650,000 TVN Finance Corp III AB /11/ ,229, Building Materials % (2012: 4.77%) 15,785,000 Aggregate Industries Plc /05/ ,319, ,300,000 Cemex Sab De CV /01/2018 7,479, ,050,000 Cie de St-Gobain /12/ ,020, ,882,000 CRH Finance Ltd /05/ ,478, ,973,000 CRH Finance UK Plc /04/ ,690, ,950,000 Grohe Holding GmbH /12/ ,369, ,300,000 Holcim Finance Luxembourg SA /03/2014 5,435, ,000,000 Holcim Gb Finance Ltd /04/2017 1,451, ,000,000 La Farge SA /05/2015 2,131, ,000 Xefin Lux Sca /06/ , Cable and Satellite TV % (2012: 1.92%) 18,850,000 Numericable Finance & Co ScA /02/ ,402, ,200,000 Unitymedia Kabelbw GmbH /03/2021 6,023, ,750,000 Virgin Media Secured Finance Plc /01/ ,186, ,150,000 Ziggo Bond Co BV /05/2018 9,747, Capital Goods % (2012: Nil) 11,864,000 Hutchison Ports UK Finance Plc /12/ ,723, Chemicals % (2012: 0.69%) 1,260,000 Akzo Nobel NV /04/2016 1,732, ,625,000 Rhodia SA /09/ ,585, ,000,000 Styrolution Group GmbH /05/ ,477, Consumer Products % (2012: 0.85%) 21,400,000 Carrefour Banque /09/ ,152,

49 Portfolio of Investments as at 30 November 2013 cont/d Enhancedyield Short-Term NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 90.88%) CONT/D Containers % (2012: 2.19%) 11,500,000 Ardagh Glass Finance /07/ ,131, ,000,000 Guala Closures SpA /11/ ,101, ,978,000 Mondi Consumer Packaging International AG /07/ ,700, Diversified Financial Services % (2012: 1.64%) 5,000,000 Equiniti Newco 2 Plc /12/2018 6,080, ,700,000 Galaxy Bidco Ltd /11/2019 8,066, ,000,000 Ge Capital Euro ing /09/2015 5,185, ,000,000 Ge Capital Euro ing /10/2015 2,017, ,949,000 Ge Capital UK ing /03/ ,043, ,476,000 General Electric Capital Corp /09/2015 3,739, ,835,000 General Electric Capital Corp /09/2015 2,215, ,025,000 International Personal Finance Plc /08/ ,997, Diversified Media % (2012: 1.68%) 8,908,000 Publicis Groupe SA /03/2015 9,318, Energy % (2012: 5.50%) 6,417,000 BP Capital Markets /12/2014 7,955, ,900,000 Cores /04/ ,800, ,300,000 Gazprom (Gaz Capital SA) /02/2015 2,473, ,835,000 Gazprom (Gaz Capital SA) /11/2015 7,652, ,000,000 Gazprom (Gaz Capital SA) /05/ ,266, ,325,000 Gazprom (White Nights Finance BV) /03/ ,096, ,000,000 Repsol International Finance /02/ ,266, ,000,000 Repsol International Finance /02/2017 7,691, Environmental % (2012: 1.07%) 29,952,000 Rentokil Initial Plc /03/ ,891, ,500,000 Befesa Zinc SA (via Zinc Capital SA) /05/2018 4,862, Food and Drug Retail % (2012: 1.74%) 10,000,000 Casino Guichard Perrachon /04/ ,786, ,000,000 Metro AG /03/2015 7,583, ,450,000 Picard Groupe SA /08/2019 3,516, Food, Beverage and Tobacco % (2012: 3.65%) 7,690,000 Agrokor Dd /12/2016 8,120, ,086,000 Bakkavor Finance 2 Plc /02/ ,594, ,000 Boparan Finance Plc /04/ , ,775,000 Campofrio Food SA /10/ ,943, ,630,000 Imperial Tobacco Finance Plc /02/2016 9,988,

50 Portfolio of Investments as at 30 November 2013 cont/d Enhancedyield Short-Term NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 90.88%) CONT/D Gaming % (2012: 0.10%) 14,250,000 Cirsa ing Luxembourg SA /05/ ,058, ,695,000 William Hill Plc /11/ ,901, Healthcare % (2012: 1.01%) 2,000,000 Convatec Healthcare E SA /12/2018 2,242, ,545,000 Roche Holdings Inc /03/2015 4,506, Homebuilders and Real Estate % (2012:4.68%) 2,150,000 Bouygues SA /10/2014 2,221, ,450,000 Bouygues SA /05/2016 9,239, ,700,000 Deutsche Annington Finance BV /07/ ,496, ,200,000 Gecina /02/ ,213, ,548,000 Hammerson Plc /06/ ,539, ,111,000 Prologis International ing /10/ ,232, ,668,000 Segro Plc /09/2015 3,456, ,000,000 Societe Fonciere Lyonnaise SA /05/ ,054, ,900,000 Taylor Wimpey Plc /12/ ,595, ,700,000 Unibail-Rodamco SE /03/2015 2,791, Insurance % (2012: 0.14%) 15,000,000 Hastings Insurance Group Finance Plc /10/ ,927, Leisure Nil (2012: 3.57%) Metals and Mining % (2012: 3.99%) 1,000,000 Glencore Finance (Europe) SA /04/2015 1,083, ,000,000 Glencore ing Llc /05/ ,222, ,450,000 Xstrata Canada Financial Corp /05/2015 2,636, ,248,000 Xstrata Finance Canada Ltd /11/ ,511, Paper Nil (2012: 1.45%) Publishing and Printing % (2012: 1.13%) 5,300,000 Reed Elsevier Investment Plc /10/2016 7,046, ,650,000 Ubm Plc /11/ ,922, Services % (2012: 2.19%) 9,300,000 Abengoa SA /07/2014 9,478, ,750,000 Abengoa SA /02/ ,733, ,150,000 Thomas Cook Group Plc /06/ ,539,

51 Portfolio of Investments as at 30 November 2013 cont/d Enhancedyield Short-Term NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 90.88%) CONT/D Steel % (2012: 2.82%) 1,850,000 Arcelormittal /02/2015 1,396, ,585,000 Arcelormittal /06/ ,006, ,500,000 Thyssenkrupp Finance Nederland /02/ ,159, Super Retail % (2012: 0.28%) 10,954,000 DFS Furniture Holdings Plc /08/ ,331, ,232,000 Kingfisher Plc /12/2014 1,538, ,000,000 Phones4u Finance Plc /04/ ,163, Technology % (2012: 1.47%) 3,000,000 Hellermantyton Finance Plc /12/2017 3,022, ,093,000 Hewlett-Packard Co /05/2014 4,471, ,000,000 Hewlett-Packard Co /03/2015 7,473, ,000,000 Hewlett-Packard Co /09/2015 8,238, ,970,000 Hewlett-Packard Co /06/2016 7,534, ,425,000 Stampos BV /05/2019 3,481, Telecommunications % (2012: 7.00%) 6,717,000 British Telecommunications Plc /12/2016 9,616, ,350,000 GE Capital UK ing /12/ ,370, ,500,000 Inmarsat Finance Plc /12/2017 7,256, ,000 Koninklijke Kpn NV /06/ , ,500,000 Koninklijke Kpn NV /01/2016 2,780, ,152,000 Koninklijke Kpn NV /03/ ,111, ,500,000 Orange SA /05/ ,602, ,000,000 Portugal Telecom International Finance /08/2014 9,164, ,350,000 Portugal Telecom International Finance /02/ ,088, ,000,000 Sunrise Communications International /12/2017 1,005, ,9000,000 Telefonica Emisiones Sau /01/ ,831, ,989,000 Telefonica Emisiones Sau /02/2016 2,116, ,300,000 Telefonica Emisiones Sau /02/ ,016, ,950,000 Tpsa Eurofinance France /05/2014 8,142, ,850,000 Verizon Communications Inc /09/2016 9,800, ,175,000 Wind Acquisition Finance SA /07/2017 6,555, ,000 Wind Acquisition Finance SA /02/ ,

52 Portfolio of Investments as at 30 November 2013 cont/d Enhancedyield Short-Term NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 90.88%) CONT/D Transportation Excluding Air and Rail % (2013: 7.83%) 34,850,000 Abertis Infraestructuras /10/ ,847, ,235,000 Atlantia SpA /05/ ,173, ,550,000 Autoroutes Paris-Rhin-Rhone /01/ ,601, ,000,000 Brisa Concessao Rodoviaria SA /12/2016 3,111, ,263,000 Heathrow ing Ltd /09/ ,118, ,318,000 Heathrow ing Ltd /06/2017 9,019, ,245,000 Heathrow ing Ltd /03/ ,166, ,589,000 National Express Group Plc /01/ ,627, ,500,000 Postnl /06/2015 4,680, ,768,000 Romulus Finance Sarl /02/ ,193, Utilities % (2012: 8.11%) 18,421,000 A2A SpA /11/ ,834, ,000,000 Anglian Water Services Financing /10/ ,619, ,100,000 EDP Finance BV /03/2015 8,208, ,000,000 EDP Finance BV /06/2015 5,112, ,362,000 EDP Finance BV /02/ ,313, ,000,000 Enel SpA /01/2015 5,232, ,434,000 Enel SpA /02/2016 5,665, ,600,000 Enel Finance International NV /10/2014 1,203, ,000,000 Enel Finance International NV /06/2015 5,263, ,509,000 Enel Finance International NV /09/ ,545, ,475,000 Enw Capital Finance /06/ ,457, ,900,000 Gas Natural Capital Markets /07/2014 1,948, ,000 Gdf Suez /01/ , ,000,000 Iberdrola Finance Ireland /09/2014 7,506, ,100,000 Iberdrola Finanzas Sau /01/2016 1,186, ,643,000 Nederlandse Gasunie NV /06/2016 1,784, ,055,000 Snam SpA /11/ ,433, ,600,000 Snam SpA /07/2016 9,281, ,007,000 United Utilities Water Plc /12/ ,119, ,534,000 Verbund International Finance GmbH /04/2015 1,617, Total Transferable Securities (Corporate Bonds) 2,260,861, Collective Investment Schemes 0.33% (2012: Nil) 76,0000 Muzinich s EmergingMarketsShortDuration 7,710, Total Collective Investment Schemes 7,710, Investments at fair value (Cost: 2,274,005,816) 2,268,572,

53 Portfolio of Investments as at 30 November 2013 cont/d Enhancedyield Short-Term Financial Derivative Instruments* - (0.33%) (2012: 0.04%) Forward Foreign Currency Exchange Contracts (0.33%) (2012: 0.04%) MATURITY DATE SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD NUMBER OF CONTRACTS UNREALISED GAIN/(LOSS) % of NET ASSETS 09/12/2013 State Street Bank CHF 67,119,815 EUR 54,263, , /02/2014 State Street Bank CHF 101,650,369 EUR 82,588, , /01/2014 State Street Bank CHF 57,342,285 EUR 46,557, , /12/2013 State Street Bank EUR 117,435, ,123, ,034, /01/2014 State Street Bank EUR 77,473, ,815, , /02/2014 State Street Bank EUR 52,524,078 70,953, , /02/2014 State Street Bank GBP 48,138,324 EUR 56,978, , /01/2014 State Street Bank GBP 34,973,246 EUR 41,230, , /12/2013 State Street Bank GBP 40,365,873 EUR 47,853, , /12/2013 State Street Bank EUR 14,146,160 CHF 17,492, (71,858) (0.00) 12/02/2014 State Street Bank EUR 821,623 CHF 1,011,083 9 (633) (0.00) 15/01/2014 State Street Bank EUR 480,666 CHF 591,850 3 (563) (0.00) 15/01/2014 State Street Bank EUR 240,492,932 GBP 204,162, (5,051,286) (0.21) 09/12/2013 State Street Bank EUR 252,200,506 GBP 212,322, (3,229,088) (0.14) 12/02/2014 State Street Bank EUR 176,683,061 GBP 149,259, (2,781,403) (0.12) 09/12/2013 State Street Bank 91,038,318 EUR 68,268, (1,404,653) (0.06) 12/02/2014 State Street Bank 129,655,459 EUR 95,958, (737,576) (0.03) 15/01/2014 State Street Bank 81,145,630 EUR 59,986, (389,438) (0.02) Unrealised gain on forward foreign currency exchange contracts 5,818, Unrealised loss on forward foreign currency exchange contracts (13,666,498) (0.58) Net unrealised loss on forward foreign currency exchange contracts (7,847,541) (0.33) Total Financial Derivative Instruments (7,847,541) (0.33) 52

54 Portfolio of Investments as at 30 November 2013 cont/d Enhancedyield Short-Term FAIR VALUE % of NET ASSETS Portfolio of Investments 2,260,725, Cash at bank (2012: 3.44%) 19,574, Debtors (2012: 6.60%) 77,879, Total Assets 2,358,179, Creditors (2012: (1.22%)) (10,900,014) (0.46) Net Asset Value at fair value prices at 30/11/2013 2,347,279, Adjustments from bid market prices to last traded market prices 4,361, Net Asset Value at dealing prices at 30/11/2013 2,351,640, /11/ /11/ /11/2011 Net Asset Value at 30/11/2013 2,351,640,612 1,518,698, ,420,066 Net Asset Value attributed to each Unit Class at dealing prices - Hedged Euro Accumulation Units 1,315,985, ,602, ,217,692 - Hedged Euro Accumulation R Units 509,527, ,180, ,059,924 - Hedged Euro Income Units 50,338,915 29,758, Hedged Accumulation Units 206,641, ,049,985 45,196,888 - Hedged Accumulation R Units 75,514,967 61,642,888 22,344,426 - Hedged GBP Income Units GBP81,940,253 GBP66,168,504 GBP60,027,000 - Hedged CHF Accumulation Units** CHF23,281, Hedged CHF Accumulation R Units CHF185,877,756 CHF110,381,891 CHF92,949,899 Number of Units in issue - Hedged Euro Accumulation Units 8,804,345 5,339,174 3,623,028 - Hedged Euro Accumulation R Units 3,822,700 3,045,784 1,684,956 - Hedged Euro Income Units 493, , Hedged Accumulation Units 1,342, , ,808 - Hedged Accumulation R Units 692, , ,845 - Hedged GBP Income Units 802, , ,236 - Hedged CHF Accumulation Units** 230, Hedged CHF Accumulation R Units 1,654,011 1,012, ,332 53

55 Portfolio of Investments as at 30 November 2013 cont/d Enhancedyield Short-Term 30/11/ /11/ /11/2011 Net Asset Value per Unit - Hedged Euro Accumulation Units Hedged Euro Accumulation R Units Hedged Euro Income Units Hedged Accumulation Units Hedged Accumulation R Units Hedged GBP Income Units GBP GBP GBP Hedged CHF Accumulation Units** CHF Hedged CHF Accumulation R Units CHF CHF CHF Classification: * All Financial Derivative Instruments are Over the Counter ( OTC ) Financial Derivative Instruments. ** These Units launched during the year. All transferable securities are admitted to official stock exchange listing or traded on a regulated market. % of TOTAL Analysis Of Total Assets (unaudited) ASSETS Transferable securities admitted to an official stock exchange listing or traded on a regulated market Collective Investment Schemes 0.33 Other current assets 4.12 Total assets

56 Portfolio of Investments as at 30 November 2013 ShortDurationHighYield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 95.31%) Aerospace and Defence % (2012: Nil) 99,145,000 Bombardier Inc /01/ ,606, ,453,000 TransDigm Inc /12/ ,211, Apparel and Textiles % (2012: 0.92%) 20,967,000 Hanesbrands Inc /12/ ,858, ,919,000 Levi Strauss & Co /05/ ,750, Automotive and Auto Parts % (2012: 3.93%) 15,965,000 American Axle & Manufacturing Inc /01/ ,836, ,379,000 Banque PSA Finance /01/ ,429, ,042,000 Banque PSA Finance /04/ ,161, ,240,000 Banque PSA Finance /04/2014 8,565, ,650,000 Banque PSA Finance /09/ ,854, ,978,000 CNH Industrial FIN EUR /03/ ,861, ,010,000 Dana Holding Corp /02/ ,180, ,260,000 Ford Motor Credit Co Llc /05/ ,004, ,170,000 General Motors Financial Co /05/ ,647, ,429,000 Oshkosh Corp /03/ ,258, ,678,000 Schaeffler Finance BV /02/ ,286, ,950,000 Schaeffler Finance BV /02/ ,544, ,521,000 Tomkins Llc /10/ ,651, ,782,000 Visteon Corp /04/ ,580, Banking % (2012: 1.19%) 22,900,000 Ally Financial Inc /02/ ,014, ,000,000 Ally Financial Inc /12/2014 2,010, ,350,000 Ally Financial Inc /12/ ,914, ,309,000 Ally Financial Inc /06/ ,781, Broadcasting % (2012: 3.61%) 44,626,000 Allbritton Communications /05/ ,638, ,743,000 Belo Corp /11/ ,964, Building Materials % (2012: 1.13%) 40,161,000 Building Materials Corp /08/ ,871, ,614,000 Cemex SAB De CV /01/ ,902, ,550,000 Cemex SAB De CV /10/ ,953, ,549,000 Grohe Holding GmbH /09/ ,863, ,250,000 Masco Corp /06/ ,296, ,639,000 Masco Corp /10/ ,887, ,239,000 USG Corp /10/ ,120, ,303,000 Xefin Lux SCA /06/ ,090,

57 Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 95.31%) CONT/D Cable and Satellite TV 8.47% (2012: 7.22%) 59,017,000 CCO Holdings Llc /10/ ,410, ,007,000 CCO Holdings Llc /01/ ,901, ,749,000 Dish DBS Corp /10/ ,415, ,550,000 Dish DBS Corp /05/ ,063, ,303,000 Dish DBS Corp /02/ ,009, ,195,000 Kabel Deutschland Holding AG /07/ ,368, ,000,000 Kabel Deutschland Vertrieb und Service GmbH /06/ ,419, ,575,000 Numericable Finance & Co SCA /10/ ,992, ,594,454 Unitymedia Hessen GmbH & Co KG /12/ ,699, ,520,000 Unitymedia Hessen GmbH & Co KG /03/ ,165, ,008,000 UPC Holding BV /04/ ,516, ,599,000 Virgin Media Finance Plc /10/ ,303, ,393,000 Virgin Media Secured Finance Plc /01/ ,673, ,418,000 Ziggo Bond Company /05/ ,403, Capital Goods % (2012: 2.59%) 16,546,000 CNH America Llc /01/ ,200, ,272,000 CNH Capital Llc /11/ ,655, ,813,000 Manitowoc Company Inc /02/ ,537, Chemicals % (2012: 2.28%) 66,897,000 Ashland Inc /03/ ,234, ,769,000 Celanese US Holdings Llc /10/ ,168, ,502,000 NOVA Chemicals Corp /11/ ,395, ,820,000 Polypore International Inc /11/ ,069, Consumer Products % (2012: 2.30%) 19,162,000 Easton-Bell Sports Inc /12/ ,024, ,622,000 NBTY Inc /10/ ,584, Containers % (2012: 1.99%) 23,050,000 Ardagh Glass Finance /07/ ,105, ,601,000 Ardagh Packaging Finance /10/ ,205, ,547,000 Owens-Brockway /05/ ,797, ,770,000 Reynolds Group Issuer /04/ ,643, Diversified Financial Services % (2012: 1.54%) 69,871,000 Aircastle Ltd /08/ ,683, ,500,000 International Lease Finance Corp /06/ ,119, ,450,000 International Lease Finance Corp /04/ ,148, ,157,000 International Lease Finance Corp /09/ ,568, ,500,000 International Lease Finance Corp /06/ ,725,

58 Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 95.31%) CONT/D Diversified Media % (2012: 4.05%) 8,913,000 Lamar Media Corp /04/2014 9,183, ,436,000 Lamar Media Corp /04/ ,735, ,608,000 Nielsen Finance Llc /10/ ,586, ,174,000 Quebecor Media /03/ ,737, Energy % (2012: 11.46%) 79,804,000 Antero Resources Finance Corp /12/ ,545, ,676,000 Antero Resources Finance Corp /08/ ,740, ,724,000 Berry Petroleum Co /06/ ,431, ,150,000 Chesapeake Energy Corp /02/ ,333, ,910,000 Crosstex Energy Lp /02/ ,130, ,319,000 Energy XXI Gulf Coast Inc /12/ ,165, ,665,000 Expro Finance Luxembourg /12/ ,690, ,876,000 Ferrellgas Lp /10/ ,239, ,833,000 Forest Oil Corp /06/ ,526, ,725,000 Genesis Energy Lp /12/ ,951, ,440,000 Kinder Morgan Finance Ulc /01/ ,613, ,225,000 Midcontinent Express Pipeline Llc /09/ ,558, ,961,000 Newfield Exploration Co /05/ ,238, ,076,000 Oasis Petroleum Inc /02/ ,786, ,293,000 Penn Virginia Resource Partners Lp /04/ ,390, ,995,000 Petrohawk Energy Corp /08/ ,498, ,350,000 Petrohawk Energy Corp /06/ ,808, ,481,000 Range Resources Corp /05/ ,372, ,665,000 Regency Energy Partners Lp /12/ ,599, ,246,000 SESI Llc /05/ ,951, ,120,000 Suburban Propane Partners Lp /10/ ,775, Entertainment % (2012: Nil) 37,934,000 Regal Entertainment Group /08/ ,442, Environmental - Nil (2012: 0.55%) Food and Drug Retail 2.40% (2012: 3.03%) 42,350,000 BI-LO Llc / BI-LO Finance Corp /02/ ,690, ,356,000 Stater Brothers Holdings /04/ ,417, ,380,000 Stater Brothers Holdings /11/ ,885, ,031,000 Campofrio Food Group SA /10/ ,535, ,142,000 Constellation Brands Inc /12/ ,788, ,061,000 Constellation Brands Inc /09/ ,873, ,604,000 Pilgrim's Pride Corp /12/ ,078, ,700,000 Refresco Group BV /05/2018 5,037,

59 Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 95.31%) CONT/D Gaming % (2012: 1.87%) 17,933,000 Scientific Games Corp /09/ ,210, ,815,000 Scientific Games International /06/ ,365, ,100,000 William Hill Plc /11/ ,403, Healthcare % (2012: 7.96%) 99,297,000 DaVita HealthCare Partners Inc /11/ ,261, ,122,000 Fresenius U.S. Finance II Inc /07/ ,231, ,425,000 Grifols /02/ ,221, ,787,000 HCA Inc /01/ ,188, ,905,000 HCA Inc /04/ ,367, ,862,000 Health Management Association Inc /04/ ,974, ,591,000 HealthSouth Corp /10/ ,678, ,827,000 Valeant Pharmaceuticals International /07/ ,007, ,180,000 Warner Chilcott Llc /09/ ,047, Homebuilders and Real Estate % (2012: 0.98%) 21,068,000 Prologis International ing /10/ ,917, Hotels 0.11% (2012: 1.22%) 10,541,000 Host Hotels & Resorts Lp /06/ ,692, Leisure 1.18% (2012: 2.69%) 70,972,000 Cedar Fair /08/ ,359, ,625,000 Royal Caribbean Cruises /01/ ,800, Metals and Mining 6.72% (2012: 7.04%) 3,000,000 Aleris International Inc /02/2018 3,180, ,429,000 Arch Coal Inc /08/ ,864, ,825,000 Calcipar SA /07/ ,470, ,932,000 Cloud Peak Energy Resources Llc /12/ ,854, ,142,000 Consol Energy Inc /04/ ,682, ,630,000 FMG Resources August /11/ ,437, ,129,000 Novelis Inc /12/ ,697, ,568,000 Peabody Energy Corp /11/ ,800, ,998,000 Rain CII Carbon Llc /12/ ,747, Paper % (2012: 2.66%) 12,442,000 Ainsworth Lumber Co Ltd /12/ ,406, ,000,000 Smurfit Kappa Acquisitions /11/ ,354, ,860,000 Smurfit Kappa Acquisitions /11/ ,581, ,000,000 Smurfit Kappa Acquisitions /10/ ,814,

60 Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 95.31%) CONT/D Restaurants % (2012: 1.79%) 47,268,000 Burger King Corp /10/ ,644, ,877,000 Dineequity /10/ ,223, Services % (2012: 3.24%) 100,902,000 Hertz Corp /10/ ,100, ,850,000 Hertz Corp /04/ ,310, ,915,000 Iron Mountain Inc /04/ ,797, Steel % (2012: 1.88%) 71,421,000 ArcelorMittal /02/ ,385, ,400,000 ArcelorMittal /08/ ,619, Super Retail % (2012: 2.03%) 120,265,000 Michaels Stores /11/ ,186, ,016,000 QVC Inc /10/ ,300, ,563,000 Sally Holdings LLC /11/ ,916, Technology 2.64% (2012: 3.42%) 66,240,000 Advanced Micro Devices /12/ ,055, ,885,000 Amkor Technology Inc /05/ ,465, ,227,000 CommScope Inc /01/ ,349, ,500,000 Hewlett-Packard Co /09/ ,707, ,775,000 Hewlett-Packard Co /06/ ,955, ,436,000 Sensata Technologies BV /05/ ,864, Telecommunications % (2012: 6.55%) 38,703,000 Crown Castle International Corp /11/ ,911, ,789,000 Frontier Communications Corp /03/ ,028, ,040,000 Frontier Communications Corp /04/ ,067, ,865,000 Inmarsat Finance Plc /12/ ,259, ,867,000 Intelsat Jackson Holdings SA /04/ ,412, ,345,000 Intelsat Jackson Holdings SA /11/ ,169, ,273,000 MetroPCS Wireless Inc /09/ ,214, ,921,000 PAETEC Holding Corp /12/ ,199, ,084,000 Qwest Communications International Inc /04/ ,755, ,061,000 SBA Telecommunications /08/2019 7,625, ,075,000 Sprint Comunications Corp /12/ ,669, ,975,000 Telesat Canada /05/ ,798, ,000,000 Verizon Communications Inc /09/ ,360, Transportation Excluding Air and Rail % (2012: 0.57%) 41,278,200 AWAS Aviation Capital Ltd /10/ ,826,

61 Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) 88.42% (2012: 95.31%) CONT/D Utilities 2.25% (2012: 1.59%) 17,471,000 AES Corp /03/ ,733, ,613,000 AES Corp /10/ ,037, ,801,000 Calpine Corp /10/ ,180, ,405,000 NRG Energy Inc /05/ ,742, Total Transferable Securities (Corporate Bonds) 8,595,648, Collective Investment Schemes 0.10% (2012: Nil) 100,000 Muzinich s EmergingMarketsShortDuration 10,152, Total Collective Investment Schemes 10,152, BANK LOANS 6.01% (2012: Nil) Cable and Satellite TV 0.76% (2012: Nil) 74,875,000 CSC Holdings Llc /04/ ,025, Food, Beverage and Tobacco 1.34% (2012: Nil) 129,742,500 HJ Heinz Co /06/ ,553, Hotels 0.96% (2012: Nil) 93,396,381 Hilton Worldwide Finance Llc /10/ ,656, Leisure 0.97% (2012: Nil) 94,075,000 Activision Blizzard /10/ ,281, Metals and Mining 0.51% (2012: Nil) 49,050,000 Peabody Energy Corp /09/ ,264, Technology 0.95% (2012: Nil) 93,645,000 Dell International Llc /04/ ,666, Utilities 0.52% (2012: Nil) 50,876,831 NRG Energy Inc /07/ ,769, Total Bank Loans 585,217, Investments at fair value (Cost: 9,198,292,018) 9,191,018,

62 Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield Financial Derivative Instruments* % (2012: 0.14%) Forward Foreign Currency Exchange Contracts 0.80% (2012: 0.14%) MATURITY DATE SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD NUMBER OF CONTRACTS UNREALISED GAIN/(LOSS) % of NET ASSETS 09/12/2013 State Street Bank CHF 194,987, ,722, ,067, /02/2014 State Street Bank CHF 104,885, ,154, , /01/2014 State Street Bank CHF 77,411,747 85,114, , /12/2013 State Street Bank CHF /12/2013 State Street Bank EUR 1,158,341,016 1,542,469, ,665, /02/2014 State Street Bank EUR 1,281,677,936 1,731,756, ,417, /01/2014 State Street Bank EUR 1,214,486,131 1,643,652, ,944, /12/2013 State Street Bank EUR 7,614,542 10,284, , /12/2013 State Street Bank EUR 1,655,729 2,247, , /01/2014 State Street Bank GBP 247,387, ,241, ,863, /02/2014 State Street Bank GBP 258,716, ,729, ,837, /12/2013 State Street Bank GBP 121,518, ,178, ,866, /12/2013 State Street Bank GBP 299, , , /12/2013 State Street Bank GBP /12/2013 State Street Bank NOK 50,608 8, /02/2014 State Street Bank SEK 229,731,146 34,966, , /12/2013 State Street Bank 1,463,416 JPY 143,469, , /01/2014 State Street Bank 815,532 JPY 80,000, , /01/2014 State Street Bank 841,002 NOK 4,973, , /12/2013 State Street Bank 798,644 SEK 5,104, , /12/2013 State Street Bank 794,626 CAD 822, , /01/2014 State Street Bank 1,103,022 SEK 7,166, , /12/2013 State Street Bank 250,402 NOK 1,489, , /02/2014 State Street Bank 179,738 JPY 17,712, , /02/2014 State Street Bank 386,196 CAD 405, , /12/2013 State Street Bank 432,811 NOK 2,637, , /12/2013 State Street Bank 355,628 CAD 374, , /01/2014 State Street Bank 57,027 CAD 59, /12/2013 State Street Bank CAD 23,032,344 22,248,611 4 (497,107) (0.01) 15/01/2014 State Street Bank CAD 8,960,318 8,610,460 5 (156,191) (0.00) 12/02/2014 State Street Bank CAD 3,893,797 3,724,365 6 (53,008) (0.00) 15/01/2014 State Street Bank JPY 959,484,699 9,751,118 3 (374,727) (0.01) 12/02/2014 State Street Bank JPY 713,438,431 7,237,739 1 (264,819) (0.00) 09/12/2013 State Street Bank JPY 595,674,479 5,961,621 2 (142,190) (0.00) 09/12/2013 State Street Bank NOK 70,398,210 11,860, (352,280) (0.00) 12/02/2014 State Street Bank NOK 61,337,300 10,214, (211,958) (0.00) 15/01/2014 State Street Bank NOK 49,641,418 8,193,831 9 (90,160) (0.00) 12/02/2014 State Street Bank 2,144,144 CHF 1,961,304 8 (27,684) (0.00) 09/12/2013 State Street Bank 2,720,214 CHF 2,481,965 7 (26,550) (0.00) 15/01/2014 State Street Bank 1,062,345 CHF 965,589 5 (6,634) (0.00) 03/12/2013 State Street Bank 417,139 CHF 378,762 1 (2,008) (0.00) 04/12/2013 State Street Bank 74,655 CHF 67,798 1 (373) (0.00) 02/12/2013 State Street Bank 7,085 CHF 6,460 1 (64) (0.00) 12/02/2014 State Street Bank 575,761,523 EUR 426,023, (4,326,176) (0.05) 09/12/2013 State Street Bank 181,999,066 EUR 136,062,381 9 (3,256,155) (0.03) 61

63 Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield Financial Derivative Instruments* % (2012: 0.14%) cont/d Forward Foreign Currency Exchange Contracts 0.80% (2012: 0.14%) cont/d MATURITY DATE SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD NUMBER OF CONTRACTS UNREALISED GAIN/(LOSS) % of NET ASSETS 15/01/2014 State Street Bank 453,667,311 EUR 334,822, (2,214,329) (0.02) 03/12/2013 State Street Bank 3,137,391 EUR 2,313,625 1 (12,725) (0.00) 02/12/2013 State Street Bank 23,503 EUR 17,401 1 (190) (0.00) 12/02/2014 State Street Bank 118,139,710 GBP 73,453, (2,117,169) (0.02) 15/01/2014 State Street Bank 71,727,229 GBP 44,983,898 6 (1,935,381) (0.02) 09/12/2013 State Street Bank 26,283,468 GBP 16,598,473 8 (904,472) (0.01) 02/12/2013 State Street Bank 533,473 GBP 330,242 1 (7,480) (0.00) 03/12/2013 State Street Bank 273,697 GBP 169,137 1 (3,357) (0.00) 12/02/2014 State Street Bank 130,632 NOK 801,443 3 (61) (0.00) 12/02/2014 State Street Bank 304,128 SEK 2,025,750 2 (5,360) (0.00) 09/12/2013 State Street Bank SEK 134,893,801 20,778, (142,461) (0.00) 15/01/2014 State Street Bank SEK 86,204,525 13,242, (64,921) (0.00) 03/12/2013 State Street Bank 331,932 SEK 2,183,251 1 (2,105) (0.00) 04/12/2013 State Street Bank 161,580 SEK 1,061,763 1 (867) (0.00) 02/12/2013 State Street Bank 41,397 SEK 272,474 1 (292) (0.00) Unrealised gain on forward foreign currency exchange contracts 94,650, Unrealised loss on forward foreign currency exchange contracts (17,199,254) (0.17) Net unrealised gain on forward foreign currency exchange contracts 77,450, FAIR VALUE % of NET ASSETS Portfolio of Investments 9,268,469, Cash at bank (2012: 5.61%) 641,146, Debtors (2012: 2.90%) 284,648, Total Assets 10,194,264, Creditors (2012: (4.36%)) (503,109,995) (5.17) Net Asset Value at fair value prices at 30/11/2013 9,691,154, Adjustments from bid market prices to last traded market prices 31,134, Net Asset Value at dealing prices at 30/11/2013 9,722,288,

64 Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield Net Asset Value at 30/11/ /11/ /11/ /11/2011 9,722,288,553 5,668,547,691 2,373,311,194 Net Asset Value attributed to each Unit Class at dealing prices - Hedged CAD Accumulation Units CAD35,033,222 CAD32,874,811 CAD16,253,987 - Hedged CHF Accumulation Units CHF154,289,237 CHF56,434,806 CHF13,504,814 - Hedged CHF Accumulation R Units CHF129,965,560 CHF107,899,579 CHF51,604,536 - Hedged CHF Accumulation S Units** CHF93,535, Hedged Euro Accumulation Units 1,746,330,011 1,252,475, ,293,439 - Hedged Euro Accumulation H Units** 70,592, Hedged Euro Accumulation R Units 1,235,909, ,580, ,282,890 - Hedged Euro Accumulation S Units** 182,422, Hedged Euro Income Units** 81,454, Hedged Euro Income H Units** 9,292, Hedged Euro Income R Units** 13,085, Hedged Euro Income S Units** 157,347, Hedged GBP Accumulation A Units** GBP785, Hedged GBP Accumulation R Units GBP22,788,078 GBP13,237,615 GBP2,608,816 - Hedged GBP Income Units GBP142,155,231 GBP243,596,070 GBP168,582,804 - Hedged GBP Income H Units** GBP15,188, Hedged GBP Income R Units GBP13,797,889 GBP15,460,738 GBP11,323,070 - Hedged GBP Income S Units GBP402,095,680 GBP279,411,297 GBP121,362,271 - Hedged JPY Income S Units JPY2,052,423,194 JPY1,029,957, Hedged NOK Accumulation R Units NOK174,506,443 NOK125,421,726 NOK64,565,916 - Hedged SEK Accumulation R Units SEK438,635,993 SEK254,383,094 SEK180,798,860 - Hedged Accumulation Units 1,612,898,150 1,153,091, ,776,124 - Hedged Accumulation H Units** 24,325, Hedged Accumulation R Units 1,390,569, ,427, ,463,674 - Hedged Accumulation S Units** 193,232, Hedged Income Units 127,602,198 33,728, Hedged Income H Units** 3,463, Hedged Income R Units** 14,889, Hedged Income S Units** 50,218, Number of Units in issue - Hedged CAD Accumulation Units 293, , ,615 - Hedged CHF Accumulation Units 1,402, , ,564 - Hedged CHF Accumulation R Units 1,148, , ,246 - Hedged CHF Accumulation S Units** 932, Hedged Euro Accumulation Units 14,992,531 11,167,857 5,824,703 - Hedged Euro Accumulation H Units** 685, Hedged Euro Accumulation R Units 10,723,731 6,671,879 2,598,754 - Hedged Euro Accumulation S Units** 1,773, Hedged Euro Income Units** 810, Hedged Euro Income H Units** 91, Hedged Euro Income R Units** 129, Hedged Euro Income S Units** 1,549, Hedged GBP Accumulation A Units** 7, Hedged GBP Accumulation R Units 205, ,029 26,357 63

65 Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield 30/11/ /11/ /11/2011 Number of Units in issue - Hedged GBP Income Units 1,443,640 2,417,827 1,688,868 - Hedged GBP Income H Units** 150, Hedged GBP Income R Units 140, , ,386 - Hedged GBP Income S Units 3,890,621 2,642,687 1,186,221 - Hedged JPY Income S Units 2,035,528,309 1,029,957, Hedged NOK Accumulation R Units 1,518,768 1,148, ,401 - Hedged SEK Accumulation R Units 3,853,092 2,339,370 1,814,703 - Hedged Accumulation Units 13,855,323 10,325,883 4,087,558 - Hedged Accumulation H Units** 235, Hedged Accumulation R Units 12,069,867 6,490,689 1,636,364 - Hedged Accumulation S Units** 1,876, Hedged Income Units 1,272, , Hedged Income H Units** 34, Hedged Income R Units** 147, Hedged Income S Units** 497, Net Asset Value per Unit - Hedged CAD Accumulation Units CAD CAD CAD Hedged CHF Accumulation Units CHF CHF CHF Hedged CHF Accumulation R Units CHF CHF CHF Hedged CHF Accumulation S Units** CHF Hedged Euro Accumulation Units Hedged Euro Accumulation H Units** Hedged Euro Accumulation R Units Hedged Euro Accumulation S Units** Hedged Euro Income Units** Hedged Euro Income H Units** Hedged Euro Income R Units** Hedged Euro Income S Units** Hedged GBP Accumulation A Units** GBP Hedged GBP Accumulation R Units GBP GBP GBP Hedged GBP Income Units GBP98.47 GBP GBP Hedged GBP Income H Units** GBP Hedged GBP Income R Units GBP98.46 GBP GBP Hedged GBP Income S Units GBP GBP GBP Hedged JPY Income S Units JPY1.01 JPY Hedged NOK Accumulation R Units NOK NOK NOK Hedged SEK Accumulation R Units SEK SEK SEK Hedged Accumulation Units Hedged Accumulation H Units** Hedged Accumulation R Units Hedged Accumulation S Units** Hedged Income Units Hedged Income H Units** Hedged Income R Units** Hedged Income S Units**

66 Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield Classification: * All Financial Derivative Instruments are Over the Counter ( OTC ) Financial Derivative Instruments. ** These Units launched during the year. All transferable securities are admitted to official stock exchange listing or traded on a regulated market. % of TOTAL Analysis of Total Assets (unaudited) ASSETS Transferable securities admitted to an official stock exchange listing or traded on a regulated market Collective Investment Schemes 0.10 OTC financial derivative instruments 0.76 Other current assets 9.08 Total assets

67 Portfolio of Investments as at 30 November 2013 Bondyield ESG NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 94.91%) Aerospace and Defence % (2012: Nil) 500,000 Bombardier Inc /03/ , Airlines % (2012: Nil) 500,000 Brussels Airport Co NV/SA /07/ , Apparel and Textiles - Nil (2012: 0.80%) Automotive and Auto Parts % (2012: 10.40%) 700,000 Banque PSA Finance SA /02/ , ,205,000 Continental Rubber of America Corp /09/ , ,000 Daimler AG /04/ , ,000 FCE Bank /11/ , ,000 FGA Capital Ireland Plc /02/ , ,000,000 FGA Capital Ireland Plc /10/2018 1,032, ,000 Fiat Finance & Trade /03/ , ,000 Fiat Finance & Trade /03/ , ,000,000 RCI Banque SA /04/2018 1,220, ,000 Schaeffler Finance BV /02/ , ,000 Schaeffler Finance BV /05/ , ,000 Valeo SA /05/ , Banking % (2012: 2.42%) 500,000 Banco Santander SA /07/ , ,000 Santander International Debt SA /03/ , ,000,000 Unicredit SpA /01/2015 1,040, Building Materials % (2012: 4.39%) 500,000 Cie De St-Gobain /12/ , ,000 CRH America Inc /07/ , ,000 Holcim GB Finance /04/ , Cable and Satellite TV % (2012: 4.24%) 500,000 Eutelsat SA /01/ , ,000 UPCB Finance Li Ltd /07/ , ,000,000 Virgin Media Secured Finance /01/2018 1,249, Capital Goods - Nil (2012: 2.39%) Chemicals % (2012: 2.59%) 600,000 Bayer AG /07/ , ,000 Linde Finance BV /07/ , ,000 Rhodia SA /09/ , ,000 SABIC Capital I BV /11/ ,

68 Portfolio of Investments as at 30 November 2013 cont/d Bondyield ESG NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 94.91%) CONT/D Consumer Products % (2012: 0.67%) 650,000 Luxottica Group SpA /03/ , Containers % (2012: 3.49%) 275,000 Ardagh Packaging Finance Ltd /10/ , ,000 Greif Luxembourg Finance /07/ , ,000 Mondi Consumer Packaging International AG /07/ , Diversified Financial Services % (2012: 0.32%) 300,000 International Personal Finance Plc /08/ , ,000 Transurban Finance Co Ply Ltd /10/ , Diversified Media % (2012: 0.77%) 400,000 JCDecaux SA /02/ , Energy % (2012: 8.04%) 1,300,000 Bord Gais Eireann /12/2017 1,388, ,000 Cores /04/ , ,000 Gazprom Oao Via Gaz Capital /03/ , ,000 Gazprom Oao Via Gaz Capital /09/ , ,100,000 Repsol International Finance /02/2019 1,237, Environmental % (2012: Nil) 500,000 Infinis Plc /02/ , ,000 Rentokil Initial Plc /09/ , ,000 Rentokil Initial Plc /10/ , Food and Drug Retail % (2012: 1.12%) 300,000 Casino Guichard Perrachon /03/ , Food, Beverage and Tobacco % (2012: 1.54%) 750,000 Boparan Finance Plc /04/ , Healthcare % (2012: Nil) 400,000 MPT Operating Partnership LP /10/ , Homebuilders and Real Estate % (2012: 8.45%) 700,000 Brandywine Operating Partners /05/ , ,000 Corio NV /01/ , ,000 Deutsche Annington Finance BV /07/ , ,000 Ferrovie Dello Stato /07/ , ,000 Ferrovial Emisiones /01/ , ,000 Ferrovial Emisiones /06/ , ,000 Fonciere Lyonnaise /11/ ,

69 Portfolio of Investments as at 30 November 2013 cont/d Bondyield ESG NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 94.91%) CONT/D Homebuilders and Real Estate % (2012: 8.45%) cont/d 900,000 Gecina /04/2019 1,007, ,000 GELF Bond Issuer I SA /04/ , ,000 Prologis /01/ , ,000 Prologis International ing /10/ , ,000 Prologis International ing II /10/ , ,000 RPG Byty Sro /05/ , ,000 Unibail-Rodamco SE /11/ , Hotels % (2012: 1.36%) 1,400,000 Accor SA /03/2019 1,414, Insurance - Nil (2012: 0.89%) Metals and Mining % (2012: 2.77%) 1,000,000 Alcoa Inc /04/ , ,000 FMG Resources August /11/ , ,000 Vale SA /03/ , Paper % (2012: 1.34%) 600,000 Mondi Finance /09/ , Publishing and Printing % (2012: 2.58%) 1,365,000 UBM Plc /11/2020 1,034, Services % (2012: 1.00%) 550,000 Adecco International Financial Services /04/ , ,000 Adecco International Financial Services /11/ , ,000 Deutsche Raststaetten Gruppe IV GmbH /12/ , ,000 G4S International Finance Plc /05/ , Steel % (2012: 1.16%) 75,000 Arcelormittal /03/ , Super Retail % (2012: 1.96%) 800,000 DFS Furniture Holdings Plc /08/ , ,000,000 Macy s Retail Holdings Inc /07/ , Technology % (2012: 2.24%) 1,000,000 Computer Sciences Corp /03/ , ,000 Hewlett-Packard Co /06/ ,

70 Portfolio of Investments as at 30 November 2013 cont/d Bondyield ESG NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % (2012: 94.91%) CONT/D Telecommunications % (2012: 9.97%) 850,000 Everything Everywhere Finance Plc /02/ , ,000 Koninklijke KPN /05/ , ,000 Matterhorn Mobile SA /05/ , ,000 Orange SA /12/ , ,000 Telecom Italia SpA /06/ , ,000 Telefonica Emisiones SAU /02/ , ,000 Telefonica Emisiones SAU /04/ , ,000 Telefonica Emisiones SAU /02/ , ,000 Telefonica Emisiones SAU /11/ , ,000 Wind Acquisition Finance SA /02/ , Transportation Excluding Air and Rail % (2012: 6.77%) 200,000 ADP Group /06/ , ,000 Atlantia SpA /05/ , ,000 Atlantia SpA /06/ , ,000 Brisa Concessao Rodoviaria SA /04/ , ,000 DAA Finance Plc /07/ , ,000,000 Heathrow ing Ltd /07/ , ,200,000 Hit Finance BV /03/2018 1,386, ,000 PostNL /08/ , ,000 Romulus Finance Sarl /02/ , Utilities % (2012: 11.24%) 1,050,000 A2A SpA /01/2021 1,119, ,000,000 ACEA SpA /09/2018 1,055, ,000 Anglian Water Osprey Financing /01/ , ,000 EDP Finance BV /02/ , ,080,000 Enel SpA /06/2019 1,457, ,250,000 EP Energy AS /11/2019 1,357, ,500,000 ESB Finance Ltd /03/2020 2,050, ,000 Hera SpA /10/ , ,000 Linea Group Holding SpA /11/ , ,200,000 Madrilena Red De Gas Finance BV /09/2018 1,255, ,000 Snam SpA /06/ , ,000 Snam SpA /03/ , ,000 Southern Water Greensands Financing /04/ , ,000 Thames Water Kemble Finance Plc /04/ , Total Transferable Securities (Corporate Bonds) 73,082,

71 Portfolio of Investments as at 30 November 2013 cont/d Bondyield ESG Financial Derivative Instruments* - (0.97%) (2012: 0.26%) Forward Foreign Currency Exchange Contracts (0.97%) (2012: 0.26%) MATURITY DATE SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD NUMBER OF CONTRACTS UNREALISED GAIN/(LOSS) % of NET ASSETS 12/02/2014 State Street Bank CHF 441,800 EUR 358, /02/2014 State Street Bank EUR 8,277,116 11,186, , /12/2013 State Street Bank EUR 2,956,291 3,955, , /12/2013 State Street Bank EUR 64,069 NOK 505, , /02/2014 State Street Bank EUR 86,032 NOK 693, , /01/2014 State Street Bank EUR 157,240 NOK 1,289, , /12/2013 State Street Bank EUR 13,717 CHF 16, /12/2013 State Street Bank GBP 2,093,338 EUR 2,477, , /02/2014 State Street Bank GBP 793,592 EUR 939, , /01/2014 State Street Bank GBP 411,583 EUR 485, , /02/2014 State Street Bank EUR 482,838 CHF 594,285 1 (460) (0.00) 15/01/2014 State Street Bank EUR 291,530 CHF 358,911 2 (298) (0.00) 09/12/2013 State Street Bank EUR 12,229,386 GBP 10,301,387 6 (163,472) (0.22) 15/01/2014 State Street Bank EUR 7,413,562 GBP 6,292,940 3 (154,880) (0.21) 12/02/2014 State Street Bank EUR 1,531,232 GBP 1,285,111 2 (13,945) (0.02) 15/01/2014 State Street Bank EUR 865,534 1,184,306 2 (4,280) (0.01) 12/02/2014 State Street Bank NOK 55,896,460 EUR 6,937,003 1 (242,726) (0.33) 09/12/2013 State Street Bank NOK 15,544,698 EUR 1,969,609 1 (103,278) (0.14) 15/01/2014 State Street Bank NOK 49,448,682 EUR 6,027,353 2 (98,711) (0.13) 09/12/2013 State Street Bank 6,308,754 EUR 4,726,030 5 (92,508) (0.12) 12/02/2014 State Street Bank 1,877,377 EUR 1,392,941 2 (14,172) (0.02) 15/01/2014 State Street Bank 1,570,058 EUR 1,163,682 2 (10,552) (0.01) Unrealised gain on forward foreign currency exchange contracts 186, Unrealised loss on forward foreign currency exchange contracts (899,282) (1.21) Net unrealised loss on forward foreign currency exchange contracts (712,857) (0.97) Total Financial Derivative Instruments (712,857) (0.97) 70

72 Portfolio of Investments as at 30 November 2013 cont/d Bondyield ESG Fair Value % of Net Assets Portfolio of Investments 72,369, Cash at bank (2012: 2.10%) 1,246, Debtors (2012: 5.71%) 1,492, Total Assets 75,108, Creditors (2012: (3.24%)) (1,062,736) (1.43) Net Asset Value at fair value prices at 30/11/ ,046, Adjustments from bid market prices to last traded market prices 190, Net Asset Value at dealing prices at 30/11/ ,236, /11/ /11/ /11/2011 Net Asset Value at 30/11/ ,236, ,562,622 57,802,836 Net Asset Value attributed to each Unit Class at dealing prices -Institutional Hedged Euro Accumulation Units 56,022,326 87,743,160 57,802,836 -Institutional Hedged Accumulation Units 5,240,500 5,002, Hedged NOK Accumulation Units NOK119,636,135 NOK110,300,038 - Number of Units in issue -Institutional Hedged Euro Accumulation Units 485, , ,406 -Institutional Hedged Accumulation Units 50,000 50, Hedged NOK Accumulation Units 1,055,644 1,030,360 - Net Asset Value per Unit -Institutional Hedged Euro Accumulation Units Institutional Hedged Accumulation Units Hedged NOK Accumulation Units NOK NOK Classification: * All Financial Derivative Instruments are Over the Counter ( OTC ) Financial Derivative Instruments. All transferable securities are admitted to official stock exchange listing or traded on a regulated market. % of TOTAL Analysis of Total Assets (unaudited) ASSETS Transferable securities admitted to an official stock exchange listing or traded on a regulated market Other current assets 3.61 Total assets

73 Portfolio of Investments as at 30 November 2013 LongShortCreditYield NOMINAL SECURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES 81.89% (2012: 82.36%) Equity 0.56% (2012: Nil) 31,900 Macy's Inc 1,698, ,250 Vantage Drilling Co 508, Total Equity 2,207, NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS CORPORATE BONDS 81.33% (2012: 82.36%) Aerospace and Defence Nil (2012: 1.25%) Airlines % (2012: Nil) American Airlines Class B Pass 3,825,000 Through Trust /07/2020 3,825, Automotive and Auto Parts % (2012: Nil) 1,759,000 Oshkosh Corp /03/2017 1,860, Broadcasting % (2012: 4.58%) 1,625,000 Allbritton Communications Co /05/2018 1,734, ,850,000 Belo Corp /11/2016 2,971, ,792,000 Crown Media Holdings Inc /07/2019 3,158, ,000 Sinclair Television Group /10/ , ,850,000 Sirius Xm Radio Inc /05/2023 2,543, Building Materials 3.27% (2012: 2.82%) 4,575,000 Brand Energy & Infrastructure Services Inc /12/2021 4,666, ,800,000 Cemex SAB De CV /12/2019 3,847, ,069,000 Xella Holdco Finance SA /09/2018 4,349, Cable and Satellite TV % (2012: 4.20%) 1,775,000 CCO Holdings Llc /09/2022 1,672, ,225,000 DISH DBS Corp /10/2014 3,362, ,100,000 DISH DBS Corp /05/2015 6,656, ,000,000 IAC/InterActiveCorp /11/2018 2,042, ,225,000 UPC Holding BV /03/2023 3,086, ,975,000 Videotron Ltd /12/2015 1,977, ,875,000 Videotron Ltd /04/2018 3,029, ,000 Virgin Media Finance Plc /10/ , Capital Goods Nil (2012: 2.70%) 72

74 Portfolio of Investments as at 30 November 2013 cont/d LongShortCreditYield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES 81.89% (2012: 82.36%) CONT/D CORPORATE BONDS 81.33% (2012: 82.36%) CONT/D Chemicals % (2012: Nil) 3,650,000 TPC Group Inc /12/2020 3,855, Commercial Services and Supplies 0.10% (2012: Nil) 75,000 Service Corp International /04/ , ,000 Service Corp International /04/ , Consumer Products 1.19% (2012: 2.88%) 4,560,000 Alphabet Holding Co Inc /11/2017 4,708, Containers % (2012: 0.80%) 375,000 Ardagh Packaging Finance Ltd /10/ , Diversified Financial Services % (2012: 2.29%) 1,325,000 Galaxy Finco Ltd /11/2021 2,166, Diversified Media 4.78% (2012: 2.08%) 8,990,000 Lamar Media Corp /04/2014 9,262, ,406,000 Quebecor Media Inc /03/2016 9,594, Energy 13.71% (2012: 23.44%) 2,675,000 Basic Energy Services Inc /02/2019 2,788, ,900,000 Breitburn Energy Partners LP /04/2022 6,032, ,725,000 Calumet Specialty Products Partners LP /08/2020 3,031, ,000 Calumet Specialty Products Partners LP /01/ , ,875,000 Energy XXI Gulf Coast Inc /12/2021 5,106, ,700,000 Forum Energy Technologies Inc /10/2021 1,772, ,500,000 Legacy Reserves /12/2020 1,548, ,341,000 Linn Energy Llc /02/2021 5,541, ,500,000 Meg Energy Corp /01/2023 1,515, ,700,000 Memorial Production Partners LP /05/2021 3,801, ,675,000 Pacific Rubiales Energy Corp /01/2019 1,675, ,599,000 Petrohawk Energy Corp /08/2014 4,681, ,380,000 Rex Energy Corp /12/2020 2,600, ,650,000 Rki Exploration & Production Llc /08/2021 2,769, ,875,000 Samson Investment Co /02/2020 3,108, ,775,000 Seadrill Ltd /09/2020 6,775, ,000 Tervita Corp /02/ ,

75 Portfolio of Investments as at 30 November 2013 cont/d LongShortCreditYield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES 81.89% (2012: 82.36%) CONT/D CORPORATE BONDS 81.33% (2012: 82.36%) CONT/D Environmental 0.34% (2012: Nil) 775,000 Infinis Plc /02/2019 1,335, Food and Drug Retail 1.53% (2012: 2.30%) 5,250,000 BI-LO Llc /09/2018 5,440, ,000 Stater Brothers Holdings Inc /04/ , Food, Beverage and Tobacco 1.59% (2012: Nil) 1,675,000 JBS Investments GmbH /10/2020 1,687, ,425,000 JBS USA Llc /06/2021 4,590, Healthcare % (2012: 1.32%) 3,925,000 Fresenius US Finance II Inc /07/2015 4,376, ,800,000 HCA Inc /01/2015 2,947, ,525,000 LifePoint Hospitals Inc /12/2021 1,532, ,625,000 Universal Hospital Services Inc /08/2020 3,806, Hotels % (2012: Nil) 2,984,000 Host Hotels & Resorts LP /06/2016 3,026, Metals and Mining % (2012: 7.21%) 3,975,000 Arch Coal Inc /06/2021 3,001, ,425,000 Plains Exploration & Production Co /02/2022 2,649, ,275,000 Rain CII Carbon Llc /01/2021 2,331, ,900,000 Wise Metals Group Llc / Wise Alloys Finance /12/2018 2,979, Paper % (2012: 1.24%) 543,000 Tekni-Plex Inc /06/ , Pharmaceuticals % (2012: Nil) 3,225,000 Capsugel SA /05/2019 3,281, Pipelines 4.72% (2012: Nil) 110,000 El Paso Corp /06/ , ,375,000 Kinder Morgan Inc /11/2023 6,271, ,125,000 Sabine Pass Liquefaction Llc /03/2022 8,104, ,070,000 Southern Star Central Corp /03/2016 4,110, Publishing and Printing 0.87% (2012: Nil) 3,250,000 Gannett Co Inc /11/2017 3,416,

76 Portfolio of Investments as at 30 November 2013 cont/d LongShortCreditYield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES 81.89% (2012: 82.36%) CONT/D CORPORATE BONDS 81.33% (2012: 82.36%) CONT/D Restaurant 0.55% (2012: Nil) 1,875,000 NPC International Inc /01/2020 2,163, Services 9.98% (2012: 7.32%) 2,125,000 Ahern Rentals Inc /06/2018 2,284, ,300,000 Algeco Scotsman Global Finance Plc /10/2019 1,352, ,500,000 APX Group Inc /12/2020 3,596, ,425,000 Astaldi SpA /12/2020 2,015, ,550,000 Deutsche Raststaetten Gruppe IV GmbH /12/2020 2,177, ,900,000 Geo Group Inc /01/2022 3,900, ,722,000 Iron Mountain Inc /04/2014 4,459, ,250,000 Iron Mountain Inc /10/2018 4,466, ,170,000 Iron Mountain Inc /08/2024 4,833, ,375,000 Monitronics International Inc /04/2020 4,615, ,915,000 Reliance Intermediate Holdings LP /12/2019 3,177, ,350,000 Safway Group Holding Finance /05/2018 2,461, Steel % (2012: 4.46%) 300,000 ArcelorMittal /02/ , ,950,000 ArcelorMittal /08/2015 4,088, ,975,000 JMC Steel Group Inc /03/2018 3,955, Super Retail 5.04% (2012: 6.22%) 600,000 Academy Ltd /08/ , ,725,000 Chinos Intermediate Holdings A Inc /05/2019 1,737, ,485,000 New Academy Finance Llc /06/2018 6,639, ,000 Party City Holdings Inc /08/2020 1,032, ,225,000 PC Nextco Holdings Llc /08/2019 2,297, ,125,000 Petco Animal Supplies Inc /12/2018 1,206, ,160,000 Petco Holdings Inc /10/2017 6,267, Technology % (2012: 1.72%) 2,025,000 Advanced Micro Devices Inc /08/2022 1,949, ,650,000 Denali Borrower Llc /10/2020 5,565, Telecommunications % (2012: 2.25%) 2,650,000 CenturyLink Inc /12/2023 2,709, ,950,000 Inmarsat Finance Plc /12/2017 2,028, ,525,000 IPCS Inc /05/2014 2,525, ,575,000 Qwest Communications Inc /04/2018 7,872, ,875,000 Sprint Corp /09/2023 5,338, ,575,000 T-Mobile USA Inc /01/2024 1,594, ,425,000 Telesat Canada /05/2017 2,528,

77 Portfolio of Investments as at 30 November 2013 cont/d LongShortCreditYield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES 81.89% (2012: 82.36%) CONT/D CORPORATE BONDS 81.33% (2012: 82.36%) CONT/D Transportation Excluding Air and Rail % (2012: Nil) 3,506,600 Awas Aviation Capital Ltd /10/2016 3,638, Utilities % (2012: 1.28%) 2,975,000 AES Corp /10/2015 3,287, ,650,000 Energy Future Intermediate Holding Co Llc /12/2020 2,815, ,250,000 InterGen NV /06/2023 3,355, ,700,000 NSG Holdings Llc /12/2025 2,875, Total Corporate Bonds 320,534, Total Transferable Securities 322,741, BANK LOANS 6.73% (2012: 8.78%) Broadcasting 0.95% (2012: Nil) 3,750,000 Tribune /11/2020 3,732, Cable and Satellite TV 0.17% (2012: Nil) 666,650 Univision Communications Inc /03/ , Capital Goods 0.10% (2012: Nil) 400,000 Terex Corp /04/ , Chemicals 2.65% (2012: Nil) 3,400,000 Huntsman /10/2020 3,401, ,050,000 Ineos /05/2018 7,063, Containers 0.19% (2012: Nil) 748,125 Pact Group Inc /05/ , Diversified Media Nil (2012: 0.27%) Energy 0.51% (2012: 1.69%) 675,000 EMG Utica Llc /03/ , ,300,000 Fieldwood Energy Llc /09/2020 1,324, Food and Drug Retail 0.21% (2012: Nil) 845,750 Albertson s Llc /03/ , Gaming 0.24% (2012: Nil) 947,625 Pinnacle Entertainment Inc /08/ ,

78 Portfolio of Investments as at 30 November 2013 cont/d LongShortCreditYield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS BANK LOANS 6.73% (2012: 8.78%) CONT/D Services 0.69% (2012: 0.96%) 1,632,407 Garda World Security Corp /11/2019 1,640, ,593 Garda World Security Corp /11/ , ,312 Hertz Corp /03/ , Super Retail Nil (2012: 2.94%) Technology Nil (2012: 0.77%) Telecommunications Nil (2012: 2.15%) Utilities 1.02% (2012: Nil) 1,596,000 Calpine Construction Finance Company LP /05/2020 1,578, ,800 Drillships Financing Holding Inc /07/ , ,077,300 Drillships Financing Holding Inc /03/2021 1,097, ,383 La Frontera Generation Llc /09/ , Total Bank Loans 26,522, Total Investments (Cost: 354,887,013) 349,264, Financial Derivative Instruments* % (2012: (0.67)%) Forward Foreign Currency Exchange Contracts 1.33% (2012: (0.02)%) MATURITY SUB-FUND NUMBER OF UNREALISED % of NET DATE COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD CONTRACTS GAIN/(LOSS) ASSETS 15/01/2014 State Street Bank CHF 15,267,345 16,780, , /12/2013 State Street Bank CHF 1,084,404 1,165, , /12/2013 State Street Bank EUR 49,130,434 65,783, ,109, /02/2014 State Street Bank EUR 69,292,141 93,425, , /01/2014 State Street Bank EUR 53,803,285 72,855, , /12/2013 State Street Bank EUR 1,569,125 2,130, , /01/2014 State Street Bank GBP 27,771,695 44,297, ,179, /12/2013 State Street Bank GBP 18,403,692 29,092, ,052, /02/2014 State Street Bank GBP 18,339,941 29,252, , /01/2014 State Street Bank 937,112 CAD 975, , /01/2014 State Street Bank CAD 975, ,842 1 (14,472) (0.00) 15/01/2014 State Street Bank 54,461 CHF 50,009 1 (903) (0.00) 12/02/2014 State Street Bank 13,252,902 EUR 9,800, (91,827) (0.02) 15/01/2014 State Street Bank 7,769,521 EUR 5,727,324 6 (28,580) (0.01) 77

79 Portfolio of Investments as at 30 November 2013 cont/d LongShortCreditYield Financial Derivative Instruments* % (2012: (0.67)%) cont/d Forward foreign currency exchange contracts 1.33% (2012: 0.02%) cont/d MATURITY DATE SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD NUMBER OF CONTRACTS UNREALISED GAIN/(LOSS) % of NET ASSETS 09/12/2013 State Street Bank 1,987,663 EUR 1,475,968 5 (21,936) (0.01) 15/01/2014 State Street Bank 6,586,409 GBP 4,087,799 5 (107,496) (0.03) 12/02/2014 State Street Bank 2,287,944 GBP1,423,409 2 (42,439) (0.01) 09/12/2013 State Street Bank 846,985 GBP 529,514 2 (20,348) (0.01) Unrealised gain on forward foreign currency exchange contracts 5,619, Unrealised loss on forward foreign currency exchange contracts (328,001) (0.09) Net unrealised gain on forward foreign currency exchange contracts 5,291, Credit Default Swaps 0.01% (2012: (0.63)%) Buy Protection 0.21% (2012: 0.12%) CCY NOTIONAL AMOUNT SUB-FUND PAYS SUB-FUND RECEIVES EXPIRATION DATE COUNTER- PARTY UNREALISED GAIN % of NET ASSETS SECURITY NAME Frontier Communications Corporation ** 5.00% 20/12/2018 Deutsche Bank 100, ,000,000 Levi Strauss & 2,000,000 Company ** 5.00% 20/12/2018 JP Morgan 289, ,000,000 Olin Corporation 1.00% ** 20/12/2013 Deutsche Bank 17, Hertz 3,250,000 Corporation ** 5.00% 20/12/2018 JP Morgan 432, Unrealised gain on buy protection 839, Sell Protection (0.20%) (30/11/2012: (0.75)%) CCY NOTIONAL AMOUNT (3,250,000) SUB-FUND SUB-FUND EXPIRATION COUNTER- UNREALISED LOSS % of NET SECURITY NAME PAYS RECEIVES DATE PARTY ASSETS Avis Budget Group Inc 5.00% *** 20/12/2018 JP Morgan (427,325) (0.11) Advanced Micro Devices Inc *** 5.00% 20/12/2018 JP Morgan (17,495) (0.00) (1,000,000) (2,000,000) L Brands Inc *** 1.00% 20/12/2018 JP Morgan (56,507) (0.01) Goodyear Tire and Rubber (2,500,000) Company 5.00% *** 20/12/2018 Deutsche Bank (278,149) (0.07) (1,800,000) Advanced Micro Devices Inc *** 5.00% 20/12/2018 Deutsche Bank (31,490) (0.01) Unrealised loss on sell protection (810,966) (0.20) Net unrealised gain on credit default swaps 28,

80 Portfolio of Investments as at 30 November 2013 cont/d LongShortCreditYield Financial Derivative Instruments* % (2012: (0.67)%) cont/d Total Return Swaps**** - (0.10)% (2012: (0.10)%) CCY NOTIONAL AMOUNT SECURITY NAME SUB-FUND PAYS SUB-FUND RECEIVES EXPIRATION DATE UNREALISED GAIN/(LOSS) % of NET ASSETS 24,000 CDR DB Sub Inc 7.75% *** 23/07/ , ,250 Stater Bros Holdings *** 7.75% 23/07/ , ,500 Frontier Communications Corp *** 8.25% 23/07/ , ,000 HCA Inc *** 6.38% 23/07/ , ,500 DISH DBS Corp *** 6.63% 23/07/ , ,250 Terex Corp 6.00% *** 23/07/ , ,000 Hanesbrands Inc *** 8.00% 23/07/2014 9, ,500 Chesapeake Energy *** 9.50% 23/07/2014 2, ,210 Quebecor Media *** 7.75% 23/07/2014 2, ,000 Petrohawk Energy *** 7.88% 23/07/ EUR 3,750 Heidelbergcement 8.00% *** 15/08/2014 (1,317) (0.00) 34,000 Ashland Inc 4.75% *** 23/07/2014 (28,269) (0.01) 25,000 Accudyne Industries 7.75% *** 23/07/2014 (50,732) (0.01) 12,500 Avis Budget 8.25% *** 23/07/2014 (6,304) (0.00) 29,750 BC Mountain 7.00% *** 23/07/2014 (33,303) (0.01) 16,610 Berry Petroleum *** 10.25% 23/07/2014 (68,002) (0.02) 27,500 Dana Holding Corp 6.75% *** 23/07/2014 (20,293) (0.01) 26,500 FREESCALE SEMICO % *** 23/07/2014 (24,356) (0.01) 5,000 Hertz Corp 6.75% *** 23/07/2014 (3,975) (0.00) 27,000 Hexion US Finance 8.88% *** 23/07/2014 (28,896) (0.01) 6,680 Host Hotels Resorts *** 6.75% 23/07/2014 (17,767) (0.00) 32,250 Huntsman International 8.63% *** 23/07/2014 (26,738) (0.01) 32,500 Ineos Finance Plc 7.50% *** 23/07/2014 (22,550) (0.01) 26,250 Intelsat Jackson Holdings 5.50% *** 23/07/2014 (36,490) (0.01) 17,000 Manitowoc Co Inc 8.50% *** 23/07/2014 (13,766) (0.00) 15,750 Mediacom Broadband 6.38% *** 23/07/2014 (16,088) (0.00) 30,000 NRG Energy Inc 6.63% *** 23/07/2014 (7,261) (0.00) 7,000 Pinnacle 8.75% *** 23/07/2014 (4,203) (0.00) 25,250 Serta Simmons 8.50% *** 23/07/2014 (45,138) (0.01) 37,500 United Rentals 7.63% *** 23/07/2014 (37,929) (0.01) 25,000 WMG Acquisition Corp 6.00% *** 23/07/2014 (15,392) (0.00) 79

81 Portfolio of Investments as at 30 November 2013 cont/d LongShortCreditYield Financial Derivative Instruments* % (2012: (0.67)%) cont/d Total Return Swaps**** - (0.10)% (2012: (0.10)%) cont/d CCY NOTIONAL AMOUNT 16,500 SUB-FUND PAYS SUB-FUND RECEIVES EXPIRATION DATE UNREALISED GAIN/(LOSS) % of NET ASSETS SECURITY NAME Petrohawk Energy Corp *** 10.50% 23/07/2014 (55,306) (0.01) Total return swaps at positive fair value 159, Total return swaps at negative fair value (564,075) (0.14) Total return swaps at fair value (404,499) (0.10) Options Purchased 0.02% (2012: 0.04%) COUNTERPARTY EXPIRATION DESCRIPTION SSB GmbH 19/04/2014 NOTIONAL AMOUNT STRIKE PRICE FAIR VALUE % of NET ASSETS CURRENCY Memorial Production Partners LP 120, , Options purchased at fair value 66, Total Financial Derivative Instruments (2012: (0.67)%) 4,982, Portfolio of Investments 349,264, Cash at bank (2012: 18.66%) 39,566, Debtors (2012: 7.10%) 48,007, Total Assets 441,820, Creditors (2012: (16.58)%) (48,883,658) (12.40) Net Asset Value at fair value prices at 30/11/ ,936, Adjustments from bid market prices to last traded market prices 1,172, Net Asset Value at dealing prices at 30/11/ ,109,

82 Portfolio of Investments as at 30 November 2013 cont/d LongShortCreditYield 30/11/ /11/2012 Net Asset Value at dealing prices 394,109,009 65,341,749 Net Asset Value attributed to each Unit Class at dealing prices - Hedged Euro Accumulation Units 167,570,327 20,086,347 - Hedged GBP Accumulation Units GBP64,362,500 GBP21,585,348 - Hedged Accumulation Units 38,984,470 2,447,549 - Hedged CHF Accumulation Units CHF16,424,311 CHF2,016,600 - Hedged Euro Non-Equalisation Units* 2,467,520 - Number of Units in issue - Hedged Euro Accumulation Units 1,421, ,498 - Hedged GBP Accumulation Units 542, ,110 - Hedged Accumulation Units 332,632 23,160 - Hedged CHF Accumulation Units 147,409 20,000 - Hedged Euro Non-Equity Units* 24,572 - Net Asset Value per Unit - Hedged Euro Accumulation Units Hedged GBP Accumulation Units GBP GBP Hedged Accumulation Units Hedged CHF Accumulation Units CHF CHF Hedged Euro Non-Equity Units* Classification: * All Financial Derivative Instruments are Over the Counter ( OTC ) Financial Derivative Instruments. ** The Sub- will have to pay compensation in the event of the relevant credit events occurring. *** The Sub- will receive compensation in the event of the relevant credit events occurring. **** Deutsche Bank acts as counterparty for the Total Return Swaps. ***** The Sub- will receive the economic benefit from the underlying assets pertaining the Total Return Swap. ****** The Sub- will pay out the economic benefit from the underlying assets pertaining the Total Return Swap. % of TOTAL Analysis of Total Assets (unaudited) ASSETS Transferable securities admitted to an official stock exchange listing or traded on a regulated market OTC financial derivative instruments 1.40 Other current assets Total assets

83 Portfolio of Investments as at 30 November 2013 EmergingMarketsShortDuration NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % Aerospace and Defence % 700,000 Embraer Overseas /01/ , Airlines % 800,000 Emirates Airline /06/ , Apparel and Textiles % 600,000 Texhong Textile Group /01/ , Automotive and Auto Parts % 300,000 Hyundai Capital America /04/ , ,000 Jaguar Land Rover Automotive /03/ , ,000 Jaguar Land Rover Automotive /05/ , Broadcasting % 300,000 Cet 21 Spol SRO /11/ , ,000 Tvn Finance Corp III AB /11/ , Building Materials % 235,000 Cemex Espana Luxembourg /05/ , ,000 Cemex Finance Europe BV /03/ , ,000 Cemex Sab De CV /09/ , ,000 China Shanshui Cement Group /05/ , ,000 Votorantim Cimentos /04/2017 1,174, Cable and Satellite TV % 330,000 Altice Financing SA /12/ , ,000 Myriad Int Holding /07/ , ,000 NET Servicos DE Comunicacao /01/ , Capital Goods % 900,000 Hutchison Whampoa International /12/ , ,000 Lonking Holdings /06/ , ,000 Noble Group /08/ , ,000 Swire Pacific MTN Financing /03/ , Chemicals % 800,000 Fufeng Group /04/ , Containers % 550,000 Guala Closures SpA /11/ , Diversified Media % 700,000 Globo Comunicacao E Participacoes /12/ ,

84 Portfolio of Investments as at 30 November 2013 cont/d EmergingMarketsShortDuration NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % CONT/D Energy % 300,000 Anton Oilfield Services Group /11/ , ,000 China Oil & Gas Group /04/ , ,100,000 Gazprom OAO /11/2016 1,215, ,000 Kazmunaygas National JSC /01/ , ,000 MIE Holdings /05/ , ,000 MOL Hungarian Oil & Gas Plc /10/ , ,000 Pacific Rubiales Energy /01/ , ,000,000 Petrobras International Finance /01/2016 1,033, ,000 Petroleos De Venezuela /10/ , ,000 Raizen Fuels Finance /08/ , ,100,000 Rosneft Finance /07/2016 1,234, ,000 TMK OAO /01/ , Food % 700,000 Agrokor DD /12/2016 1,006, ,000,000 JBS SA /08/2016 1,117, ,000 Marfrig Holding Europe /07/ , ,000 Yasar Holdings /10/ , Gaming % 450,000 Cirsa ing Luxembourg /05/ , ,000 Intralot Finance Luxembourg /08/ , Homebuilders and Real Estate % 900,000 Agile Property Hldgs /04/ , ,200,000 Bestgain Real Estate /03/2018 1,125, ,000 Central China Real Estate /06/ , ,000 China Resources Land /05/ , ,000 Country Garden Holdings /08/ , ,000 Dubai Holding Commercial Operations MTN /01/ , ,000 Dubai Holding Commercial Operations MTN /02/ , ,000 Shimao Property Holdings /08/ , ,000 Wheelock Finance /02/ , Metals and Mining % 400,000 Alrosa Finance /11/ , ,000 Dtek Finance /04/ , ,000 Kazatomprom Natsionalnaya Atomnaya Kompaniya AO /05/ , ,000 Vedanta Resources /06/ , ,000 Yancoal International Resources Development /05/ ,

85 Portfolio of Investments as at 30 November 2013 cont/d EmergingMarketsShortDuration NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % CONT/D Paper % 400,000 Sappi Papier Holding GmbH /04/ , Quasi and Foreign Government % Banco Nacional De Desenvolvimento 850,000 Economico E Social /09/2017 1,198, ,000 Emirate of Dubai Government International Bonds /10/ , ,000 Export-import Bank of India /02/ , ,000 Lebanese Republic /01/ , ,000 Republic of Lithuania /01/ , ,000 Russian Agricultural Bank OJSC /06/ , ,000 Sberbank of Russia /07/ , ,000 Veb-Leasing /05/ , ,000 Venezuela Government International Bond /10/ , Railroads % 1,050,000 Brunswick Rail Finance /11/2017 1,071, ,000 Indian Railway Finance /03/ , ,000 Kazakhstan Temir Zholy Finance /05/2016 1,042, ,000 RZD Capital Plc /04/ , Steel % 200,000 China Oriental Group /08/ , ,000 Gtl Trade Finance /10/ , ,000 Severstal OAO /07/ , Super Retail % 900,000 Lotte Shopping /04/ , Technology % 625,000 Advanced Micro Devices /12/ , ,000 Stampos /05/2019 1,280, ,000 Stats Chippac /03/ , ,000 Tencent Holdings /12/ , Telecommunications % 250,000 Digicel /02/ , ,000 Eileme /01/2020 1,082, ,000 Indosat Palapa /07/ , ,000 PCCW-HKT Capital No /02/ , ,000 Telefonica Moviles Chile /11/ , ,000 Vimpel Communications OJSC /05/ ,

86 Portfolio of Investments as at 30 November 2013 cont/d EmergingMarketsShortDuration NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) % CONT/D Transportation Excluding Air and Rail % 1,200,000 DP World Sukuk /07/2017 1,318, ,000 Korea Expressway /03/ , Utilities % 600,000 Abu Dhabi National Energy /10/ , ,000 Dubai Electricity & Water Authority /04/ , ,000 Empresa Nacional De Electricidad SA /08/ , ,000 Israel Electric /02/ , ,000 Korea Electric Power /10/ , ,000 Majapahit Holding /10/ , ,000 NTPC Ltd /03/ , ,000 SMC Global Power Holdings /01/ , Total Transferable Securities (Corporate Bonds) 63,158, Investments at fair value (Cost: 63,071,424) 63,158, Financial Derivative Instruments* - (0.02%) Forward Foreign Currency Exchange Contracts (0.02%) MATURITY DATE SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD NUMBER OF CONTRACTS UNREALISED GAIN/(LOSS) % of NET ASSETS 12/02/2014 State Street Bank EUR 4,589,594 6,199, , /12/2013 State Street Bank EUR 3,172,161 4,288, , /01/2014 State Street Bank GBP 1,180,900 1,906, , /01/2014 State Street Bank 6,307,664 EUR 4,620, , /02/2014 State Street Bank 4,003,898 EUR 2,965,042 6 (33,400) (0.06) 09/12/2013 State Street Bank 1,920,605 EUR 1,420,615 2 (13,628) (0.02) 15/01/2014 State Street Bank 542,228 GBP 337,941 2 (11,160) (0.02) 12/02/2014 State Street Bank 523,635 GBP 325,650 1 (9,514) (0.01) 15/01/2014 State Street Bank EUR 13,935,947 19,032, (58,259) (0.09) 15/01/2014 State Street Bank EUR 1,530,000 2,092,673 1 (9,484) (0.01) Unrealised gain on forward foreign currency exchange contracts 123, Unrealised loss on forward foreign currency exchange contracts (135,445) (0.21) Net unrealised loss on forward foreign currency exchange contracts (11,868) (0.02) Total Financial Derivative Instruments (11,868) (0.02) 85

87 Portfolio of Investments as at 30 November 2013 cont/d EmergingMarketsShortDuration FAIR VALUE % of NET ASSETS Portfolio of Investments 63,146, Cash at bank 657, Debtors 1,510, Total Assets 65,313, Creditors (422,570) (0.65) Net Asset Value at fair value prices at 30/11/ ,890, Adjustments from bid market prices to last traded market prices 277, Net Asset Value at dealing prices at 30/11/ ,168, Net Asset Value at 30/11/ /11/ ,168,104 Net Asset Value attributed to each Unit Class at dealing prices -Hedged GBP Accumulation Units** GBP1,186,805 -Hedged Euro Accumulation Units** 10,005,816 -Hedged Euro Accumulation S Units** 11,152,277 -Hedged Accumulation Units** 3,012,000 -Hedged Accumulation S Units** 31,403,355 Number of Units in issue -Hedged GBP Accumulation Units** 11,809 -Hedged Euro Accumulation Units** 99,600 -Hedged Euro Accumulation S Units** 109,853 -Hedged Accumulation Units** 30,000 -Hedged Accumulation S Units** 309,149 Net Asset Value per Unit -Hedged GBP Accumulation Units** GBP Hedged Euro Accumulation Units** Hedged Euro Accumulation S Units** Hedged Accumulation Units** Hedged Accumulation S Units** Classification: * All Financial Derivative Instruments are Over the Counter ( OTC ) Financial Derivative Instruments. ** These Units launched during the period. All transferable securities are admitted to official stock exchange listing or traded on a regulated market. 86

88 Portfolio of Investments as at 30 November 2013 cont/d EmergingMarketsShortDuration % of TOTAL Analysis of Total Assets (unaudited) ASSETS Transferable securities admitted to an official stock exchange listing or traded on a regulated market Other current assets 3.32 Total assets

89 Portfolio of Investments as at 30 November 2013 Global Tactical Credit NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) 78.37% CORPORATE BONDS 78.37% Airlines 1.44% 650,000 American Airlines Class B Pass Through Trust /07/ , ,000,000 TAM Capital 3 Inc /06/2021 1,045, Apparel and Textiles % 2,000,000 Levi Strauss & Co /05/2020 2,192, Broadcasting % 1,000,000 Tvn Finance Corp III AB /12/2020 1,445, Building Materials % 1,125,000 Brand Energy & Infrastructure Services Inc /12/2021 1,147, ,200,000 Cemex SAB De CV /01/2018 1,314, ,000,000 Xella Holdco Finance SA /09/2018 1,417, Cable and Satellite TV % 1,000,000 Altice Financing SA /12/2019 1,465, ,000,000 Dish Dbs Corp /09/2019 2,315, ,000,000 Iac/InterActiveCorp /11/2018 1,021, ,000,000 UPC Holding BV /08/2020 1,500, ,000,000 Ziggo Finance BV /11/2017 1,403, Capital Goods % 1,250,000 Case New Holland Inc /12/2017 1,478, ,000,000 GCS Holdco Finance I SA /11/2018 1,395, Consumer Products % 2,000,000 Jarden Corp /05/2017 2,315, Containers % 1,000,000 Ardagh Packaging Finance Plc /10/2017 1,456, Diversified Financial Services % 1,500,000 Aircastle Ltd /04/2017 1,665, ,000,000 Galaxy Bidco Ltd /11/2019 1,639, ,000,000 International Lease Finance Corp /09/2017 2,390, ,000 Jerrold Finco Plc /09/2018 1,422, Energy % 800,000 Anton Oilfield Services Group/Hong Kong /11/ ,

90 Portfolio of Investments as at 30 November 2013 cont/d Global Tactical Credit NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) 78.37% CONT/D CORPORATE BONDS 78.37% cont/d Energy % cont/d 1,100,000 Basic Energy Services Inc /02/2019 1,146, ,850,000 Breitburn Energy Partners LP /04/2022 1,891, ,000 Calumet Specialty Products Parteners LP /01/ , ,000,000 Energy XXI Gulf Coast Inc /12/2021 2,095, ,000,000 Expro Finance Luxembourg SCA /12/2016 1,046, ,500,000 Legacy Reserves LP /12/2020 1,548, ,000,000 Linn Energy Llc /02/2021 1,037, ,000,000 Memorial Production Partners LP /05/2021 1,027, ,500,000 Offshore Group Investment Ltd /11/2019 1,627, ,100,000 Pacific Drilling V Ltd /12/2017 1,193, ,000 Pacific Rubiales Energy Corp /01/ , ,000,000 Pacific Rubiales Energy Corp /12/2021 1,052, ,075,000 Sabine Pass Liquefaction Llc /03/2022 2,069, ,000,000 Samson Investment Co /02/2020 1,081, Environmental % 800,000 Infinis Plc /02/2019 1,378, Food and Drug Retail % 1,000,000 Bi-Lo Llc /09/2018 1,036, ,000,000 Bi-Lo Llc /02/2019 1,102, Food, Beverage and Tobacco % 1,000,000 Agrokor Dd /12/2016 1,437, ,000 JBS SA /08/ , ,000,000 Post Holdings Inc /02/2022 2,120, Gaming % 1,000,000 Cirsa ing Luxembourg SA /05/2018 1,438, Healthcare % 750,000 LifePoint Hospitals Inc /12/ , ,000,000 MPT Operating Partnership LP /10/2020 1,425, ,500,000 Valeant Pharmaceuticals International /08/2018 1,651, Homebuilders and Real Estate % 1,000,000 Country Garden Holdings Co Ltd /09/2014 1,061, ,000 Dubai Holding Commercial Operations MTN Ltd /02/2017 1,011, ,000,000 Shimao Property Holdings Ltd /08/2017 1,080,

91 Portfolio of Investments as at 30 November 2013 cont/d Global Tactical Credit NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) 78.37% CONT/D CORPORATE BONDS 78.37% cont/d Metals and Mining % 1,000,000 Vedanta Resources Plc /06/2016 1,035, ,000 Wise Metals Group Llc /12/ , Railroads % 1,000,000 Brunswick Rail Finance Ltd /11/2017 1,020, Services % 500,000 Astaldi SpA /12/ , ,000 Deutsche Raststaetten Gruppe IV GmbH /12/ , ,000,000 Hertz Corp /04/2019 1,077, ,000,000 Techem GmbH /10/2019 1,476, Steel % 1,400,000 Severstal OAO Via Steel Capital SA /10/2017 1,506, Super Retail % 800,000 Phones4u Finance Plc /04/2018 1,376, Technology % 1,400,000 STATS ChipPAC Ltd /03/2016 1,442, Telecommunications % 1,000,000 Eileme 2 AB /01/2020 1,646, ,000 Enel SpA /09/2075 1,381, ,500,000 Frontier Communications Corp /04/2020 1,717, ,000,000 Intelsat Jackson Holdings SA /11/2019 1,096, ,000,000 Sprint Communications Inc /08/2017 2,320, ,000,000 Telefonica Europe BV /12/2049 1,657, ,200,000 Vimpel Communications OJSC Via UBS Luxembourg SA /05/2016 1,329, ,000 Wind Acquisition Finance SA /02/ , ,500,000 Windstream Corp /11/2017 1,721, Transportation Excluding Air and Rail % 1,400,000 DP World Sukuk Ltd /07/2017 1,538, Utilities % 1,000,000 Israel Electric Corp Ltd /02/2017 1,083, Total Transferable Securities (Corporate Bonds) 91,751, Investment at fair value (Cost: 91,515,617) 91,751,

92 Portfolio of Investments as at 30 November 2013 cont/d Global Tactical Credit Financial Derivative Instruments* % Forward Foreign Currency Exchange Contracts 1.33% MATURITY DATE SUB-FUND COUNTERPARTY AMOUNT BOUGHT AMOUNT SOLD NUMBER OF CONTRACTS UNREALISED GAIN/(LOSS) % of NET ASSETS 12/02/2014 State Street Bank CHF 2,489,500 2,710, , /02/2014 State Street Bank EUR 23,654,960 31,837, , /12/2013 State Street Bank EUR 530, , , /02/2014 State Street Bank GBP 42,575,335 68,225, ,478, /02/2014 State Street Bank 17,381,395 EUR 12,869, (141,467) (0.12) 04/12/2013 State Street Bank 24,498 EUR 18,047 1 (74) (0.00) 12/02/2014 State Street Bank 9,869,978 GBP 6,124,266 9 (156,574) (0.13) 04/12/2013 State Street Bank 4,774,762 GBP 2,933,351 1 (30,178) (0.03) 03/12/2013 State Street Bank 923,435 GBP 570,656 1 (11,327) (0.01) 02/12/2013 State Street Bank 321,182 GBP 198,825 1 (4,503) (0.00) Unrealised gain on forward foreign currency exchange contracts 1,898, Unrealised loss on forward foreign currency exchange contracts (344,123) (0.29) Net unrealised gain on forward foreign currency exchange contracts 1,554, Total Financial Derivative Instruments 1,554, Fair Value % of NET ASSETS Portfolio of Investments 93,305, Cash at bank 28,553, Debtors 8,066, Total Assets 129,925, Creditors (13,232,916) (11.30) Net Asset Value at fair value prices at 30/11/ ,692, Adjustments from bid market prices to last traded market prices 373, Net Asset Value at dealing prices at 30/11/ ,065,

93 Portfolio of Investments as at 30 November 2013 cont/d Global Tactical Credit Net Asset Value at 30/11/ /11/ ,065,770 Net Asset Value attributed to each Unit Class at dealing prices -Hedged CHF Income Founder Units** CHF2,498,213 -Hedged Euro Income Founder Units** 23,734,323 -Hedged GBP Accumulation Founder Units** GBP1,824,457 -Hedged GBP Income Founder Units** GBP40,892,184 -Hedged Income Founder Units** 12,011,888 Number of Units in issue -Hedged CHF Income Founder Units** 24,895 -Hedged Euro Income Founder Units** 236,539 -Hedged GBP Accumulation Founder Units** 18,190 -Hedged GBP Income Founder Units** 407,455 -Hedged Income Founder Units** 119,688 Net Asset Value per Unit -Hedged CHF Income Founder Units** CHF Hedged Euro Income Founder Units** Hedged GBP Accumulation Founder Units** GBP Hedged GBP Income Founder Units** GBP Hedged Income Founder Units** Classification: * All Financial Derivative Instruments are Over the Counter ( OTC ) Financial Derivative Instruments. ** These Units launched during the period. All transferable securities are admitted to official stock exchange listing or traded on a regulated market. % of TOTAL Analysis of Total Assets (unaudited) ASSETS Transferable securities admitted to an official stock exchange listing or traded on a regulated market OTC financial derivative instruments 1.20 Other current assets Total assets

94 Profit and Loss Account for the year ended 30 November 2013 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term ShortDuration HighYield Note Net gains on financial assets at fair value through profit or loss 8 106,760,569 11,668,138 24,640,524 3,276, ,421,160 Interest income 9 243,452,257 21,736,463 32,336,156 63,840, ,742,644 Other income 16,062 3,211 4,703 12,388 9, ,228,888 33,407,812 56,981,383 67,129, ,173,329 Expenses 11 (43,576,354) (3,715,624) (5,474,781) (11,109,652) (70,914,852) Net gain for the year 306,652,534 29,692,188 51,506,602 56,019, ,258,477 Finance Costs Interest expense (750) (714) (362) (6,297) (60) Distributions and equalisation 12 (91,880,505) (1,230,608) (2,519,099) (5,736,328) (56,291,873) Profit for the financial year before withholding tax 214,771,279 28,460,866 48,987,141 50,277, ,966,544 Less: Withholding tax 4 (714,215) (64,639) (41,760) (32,031) (6,099,101) Net increase in net assets attributable to Unitholders resulting from operations at fair value prices 214,057,064 28,396,227 48,945,381 50,245, ,867,443 All activities arose from continuing operations. There are no gains or losses other than those dealt with in the Profit and Loss Account. The accompanying notes form an integral part of these financial statements. 93

95 Profit and Loss Account for the year ended 30 November 2013 cont/d Bondyield ESG LongShortCreditYield EmergingMarkets ShortDuration * Global Tactical Credit * Note Net (losses)/gains on financial assets at fair value through profit or loss 8 (674,727) 21,527, ,656 1,837,554 Interest income 9 3,127,828 11,569, , ,378 Dividend income - 25, Other income - 50, ,453,101 33,172,057 1,033,339 1,937,932 Expenses 11 (806,977) (4,435,387) (171,066) (21,013) Net gain for the year 1,646,124 28,736, ,273 1,916,919 Finance Costs Interest expense (675) (5,787) (177) - Profit for the financial year before withholding tax 1,645,449 28,730, ,096 1,916,919 Less: Withholding tax 4 (7,035) (87,388) - (4,328) Net increase in net assets attributable to Unitholders resulting from operations at fair value prices 1,638,414 28,643, ,096 1,912,591 * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. All activities arose from continuing operations. There are no gains or losses other than those dealt with in the Profit and Loss Account. The accompanying notes form an integral part of these financial statements. On Behalf of the Manager: Mark Clark Michael Ludwig Date: 20 March

96 Profit and Loss Account for the year ended 30 November 2012 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term ShortDuration HighYield Note Net gains on financial assets at fair value through profit or loss 8 134,554,238 30,890,437 26,278,321 50,704,099 49,593,778 Interest income 9 179,182,785 17,911,005 25,092,692 51,133, ,570,348 Securities lending income 10 59,278-5, Other income/(losses) 574,064 (51,401) 3,180 (130,667) 152, ,370,365 48,750,041 51,379, ,706, ,316,975 Expenses 11 (30,405,220) (2,591,735) (4,030,223) (7,564,211) (35,335,739) Net gain for the year 283,965,145 46,158,306 47,349,195 94,142, ,981,236 Finance Costs Interest expense - (828) (64,846) (1,356) (2,666) Distributions and equalisation 12 (58,908,987) (624,939) - (3,408,003) (32,169,842) Profit for the financial year before withholding tax 225,056,158 45,532,539 47,284,349 90,733, ,808,728 Less: Withholding tax 4 (822,536) (129,877) (70,243) (262,743) (2,403,539) Net increase in net assets attributable to Unitholders resulting from operations at fair value prices 224,233,622 45,402,662 47,214,106 90,470, ,405,189 All activities arose from continuing operations. There are no gains or losses other than those dealt with in the Profit and Loss Account. The accompanying notes form an integral part of these financial statements. 95

97 Profit and Loss Account for the year ended 30 November 2012 cont/d Bondyield ESG LongShortCreditYield * Note Net gains on financial assets at fair value through profit or loss 8 7,524,796 3,744,339 Interest income 9 3,584,093 1,325,103 Securities lending income Other (losses) (10,684) - 11,098,205 5,069,442 Expenses 11 (779,585) (647,459) Net gain for the year 10,318,620 4,421,983 Finance Costs Interest expense (399) (25,876) Profit for the financial year before withholding tax 10,318,221 4,396,107 Less: Withholding tax 4 (37,765) (1,941) Net increase in net assets attributable to Unitholders resulting from operations at fair value prices 10,280,456 4,394,166 * This Sub- launched during the year ended 30 November All activities arose from continuing operations. There are no gains or losses other than those dealt with in the Profit and Loss Account. The accompanying notes form an integral part of these financial statements. 96

98 Statement of Movement in Net Assets Attributable to Unitholders for the year ended 30 November 2013 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term ShortDuration HighYield Net assets attributable to Unitholders at the start of the year 3,129,734, ,900, ,222,720 1,514,761,748 5,645,729,905 Movement due to the sale and repurchase of Units Amounts received on sale of Units 2,655,639, ,671, ,852,206 1,800,480,037 7,729,574,912 Less: Amounts paid on repurchase of Units (1,761,788,688) (191,705,839) (256,454,856) (1,018,207,668) (4,137,017,711) Net increase/(decrease) resulting from Unit transactions 893,850,432 (6,034,247) (39,602,650) 782,272,369 3,592,557,201 Net increase in net assets attributable to Unitholders resulting from operations 214,057,064 28,396,227 48,945,381 50,245, ,867,443 Net assets attributable to Unitholders at the end of the year (at fair value prices) 4,237,641, ,262, ,565,451 2,347,279,186 9,691,154,549 The accompanying notes form an integral part of these financial statements. 97

99 Statement of Movement in Net Assets Attributable to Unitholders for the year ended 30 November 2013 cont/d Bondyield ESG LongShortCreditYield EmergingMarkets ShortDuration * Global Tactical Credit * Net assets attributable to Unitholders at the start of the year 106,281,567 65,115, Movement due to the sale and repurchase of Units Amounts received on sale of Units 4,589, ,960,504 64,028, ,827,094 Less: Amounts paid on repurchase of Units (38,463,039) (40,782,930) - (46,982) Net (decrease)/increase resulting from Unit transactions (33,873,827) 299,177,574 64,028, ,780,112 Net increase in net assets attributable to Unitholders resulting from operations 1,638,414 28,643, ,096 1,912,591 Net assets attributable to Unitholders at the end of the year (at fair value prices) 74,046, ,936,651 64,890, ,692,703 * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. The accompanying notes form an integral part of these financial statements. 98

100 Statement of Movement in Net Assets Attributable to Unitholders for the year ended 30 November 2012 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term ShortDuration HighYield Net assets attributable to Unitholders at the start of the year 2,183,822, ,560, ,158, ,388,327 2,361,992,772 Movement due to the sale and repurchase of Units Amounts received on sale of Units 1,903,367, ,548, ,087,303 1,021,148,105 4,572,649,565 Less: Amounts paid on repurchase of Units (1,181,690,246) (68,611,049) (86,237,621) (475,245,356) (1,501,317,621) Net increase resulting from Unit transactions 721,677, ,937, ,849, ,902,749 3,071,331,944 Net increase in net assets attributable to Unitholders resulting from operations 224,233,622 45,402,662 47,214,106 90,470, ,405,189 Net assets attributable to Unitholders at the end of the year (at fair value prices) 3,129,734, ,900, ,222,720 1,514,761,748 5,645,729,905 The accompanying notes form an integral part of these financial statements. 99

101 Statement of Movement in Net Assets Attributable to Unitholders for the year ended 30 November 2012 cont/d Bondyield ESG LongShortCreditYield * Net assets attributable to Unitholders at the start of the year 57,489,157 - Movement due to the sale and repurchase of Units Amounts received on sale of Units 38,790,026 62,426,490 Less: Amounts paid on repurchase of Units (278,072) (1,705,074) Net increase resulting from Unit transactions 38,511,954 60,721,416 Net increase in net assets attributable to Unitholders resulting from operations 10,280,456 4,394,166 Net assets attributable to Unitholders at the end of the year (at fair value prices) 106,281,567 65,115,582 * This Sub- launched during the year ended 30 November The accompanying notes form an integral part of these financial statements. 100

102 Balance Sheet as at 30 November 2013 Assets Financial assets at fair value through profit or loss: Note Americayield uropeyield Transatlanticyield Enhancedyield Short-Term ShortDuration HighYield Investments at fair value 1 4,029,582, ,331, ,195,147 2,268,572,840 9,191,018,202 Net unrealised gain on forward foreign currency exchange contracts 31,911,615-7,828,383-77,450,869 Cash at bank ,075,202 12,917,079 5,113,482 19,574, ,146,949 Debtors 14 88,142,680 8,214,684 10,783,581 77,879, ,648,524 Total Assets 4,271,711, ,463, ,920,593 2,366,026,741 10,194,264,544 Liabilities Net unrealised loss on forward foreign currency exchange contracts - (1,539,316) - (7,847,541) - Financial liabilities at fair value through profit or loss: Creditors 15 (34,070,011) (5,661,123) (5,355,142) (10,900,014) (503,109,995) Total Liabilities (excluding net assets attributable to Unitholders) (34,070,011) (7,200,439) (5,355,142) (18,747,555) (503,109,995) The accompanying notes form an integral part of these financial statements. 101

103 Balance Sheet as at 30 November 2013 cont/d Note Americayield uropeyield Transatlanticyield Enhancedyield Short-Term ShortDuration HighYield Net assets attributable to Unitholders (at fair value prices) 4,237,641, ,262, ,565,451 2,347,279,186 9,691,154,549 Fair Value Reconciliation: Adjustments from bid market prices to published Net Asset Value 17,207,455 1,300,568 2,141,228 4,361,426 31,134,004 Net assets attributable to Unitholders (at dealing prices) 4,254,849, ,563, ,706,679 2,351,640,612 9,722,288,553 The accompanying notes form an integral part of these financial statements. 102

104 Balance Sheet as at 30 November 2013 cont/d Assets Financial assets at fair value through profit or loss: Note Bondyield ESG LongShortCreditYield EmergingMarkets ShortDuration * Global Tactical Credit * Investments at fair value 1 73,082, ,264,273 63,158,201 91,751,330 Net unrealised gain on forward foreign currency exchange contracts - 5,291,853-1,554,252 Unrealised gain on credit default swaps - 839, Options purchased at fair value - 66, Cash at bank 13 1,246,227 39,566, ,202 28,553,102 Debtors 14 1,492,831 48,007,174 1,510,024 8,066,935 Total Assets 75,821, ,035,774 65,325, ,925,619 Liabilities Net unrealised loss on forward foreign currency exchange contracts (712,857) - (11,868) - Financial liabilities at fair value through profit or loss: Unrealised loss on credit default swaps - (810,966) - - Total return swaps at negative fair value - (404,499) - - Creditors 15 (1,062,736) (48,883,658) (422,570) (13,232,916) Total Liabilities (excluding net assets attributable to Unitholders) (1,775,593) (50,099,123) (434,438) (13,232,916) The accompanying notes form an integral part of these financial statements. 103

105 Balance Sheet as at 30 November 2013 cont/d Note Bondyield ESG LongShortCreditYield EmergingMarkets ShortDuration * Global Tactical Credit * Net assets attributable to Unitholders (at fair value prices) 74,046, ,936,651 64,890, ,692,703 Fair Value Reconciliation: Adjustments from bid market prices to published Net Asset Value 190,588 1,172, , ,067 Net assets attributable to Unitholders (at dealing prices) 74,236, ,109,009 65,168, ,065,770 * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. The accompanying notes form an integral part of these financial statements. On Behalf of the Manager: Mark Clark Michael Ludwig Date: 20 March

106 Balance Sheet as at 30 November 2012 Assets Financial assets at fair value through profit or loss: Note Americayield uropeyield Transatlanticyield Enhancedyield Short-Term ShortDuration HighYield Investments at fair value 1 2,945,964, ,092, ,975,645 1,380,201,555 5,402,956,359 Net unrealised gain on forward foreign currency exchange contracts 11,120, , , ,644 7,405,178 Cash at bank ,473,049 18,270,371 55,059,200 52,275, ,114,818 Debtors ,464,568 12,434,971 14,674, ,214, ,322,477 Total Assets 3,330,022, ,271, ,878,233 1,533,314,992 5,892,798,832 Liabilities Creditors 15 (200,288,503) (7,371,302) (19,655,513) (18,553,244) (247,068,927) Total Liabilities (excluding net assets attributable to Unitholders) (200,288,503) (7,371,302) (19,655,513) (18,553,244) (247,068,927) The accompanying notes form an integral part of these financial statements. 105

107 Balance Sheet as at 30 November 2012 cont/d Note Americayield uropeyield Transatlanticyield Enhancedyield Short-Term ShortDuration HighYield Net assets attributable to Unitholders (at fair value prices) 3,129,734, ,900, ,222,720 1,514,761,748 5,645,729,905 Fair Value Reconciliation: Adjustments from bid market prices to published Net Asset Value 12,428,618 1,594,472 2,001,604 3,936,901 22,817,786 Net assets attributable to Unitholders (at dealing prices) 3,142,162, ,495, ,224,324 1,518,698,649 5,668,547,691 The accompanying notes form an integral part of these financial statements. 106

108 Balance Sheet as at 30 November 2012 cont/d Assets Financial assets at fair value through profit or loss: Note Bondyield ESG LongShortCreditYield * Investments at fair value 1 101,141,422 59,552,146 Net unrealised gain on forward foreign currency exchange contracts 280,248 10,811 Unrealised gain on credit default swaps - 80,038 Total return swaps at positive fair value - 19,467 Options purchased at fair value - 34,800 Cash at bank 13 2,232,830 12,192,627 Debtors 14 6,083,851 4,636,644 Total Assets 109,738,351 76,526,533 Liabilities Financial liabilities at fair value through profit or loss: Unrealised loss on credit default swaps - (492,388) Total return swaps at negative fair value - (85,744) Creditors 15 (3,456,784) (10,832,819) Total Liabilities (excluding net assets attributable to Unitholders) (3,456,784) (11,410,951) The accompanying notes form an integral part of these financial statements. 107

109 Balance Sheet as at 30 November 2012 cont/d Note Bondyield ESG LongShortCreditYield * Net assets attributable to Unitholders (at fair value prices) 106,281,567 65,115,582 Fair Value Reconciliation: Adjustments from bid market prices to published Net Asset Value 281, ,167 Net assets attributable to Unitholders (at dealing prices) 106,562,622 65,341,749 *This Sub- was launched on 30 November The accompanying notes form an integral part of these financial statements. 108

110 Notes to the financial statements for the year ended 30 November Significant accounting policies Basis of accounting The financial statements are prepared under the historical cost convention, as modified by the inclusion of securities at fair value and in accordance with accounting standards generally accepted in Ireland, the provisions of the UCITS Regulations, 2011 (as amended), the Listing Rules of the Irish Stock Exchange and the Trust Deed. Accounting standards generally accepted in Ireland giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Financial Reporting Council. i) Financial instruments at fair value through profit or loss In accordance with FRS 26 "Financial Instruments: Recognition and Measurement", financial assets at fair value through profit or loss have two sub-categories: financial assets and liabilities held for trading, and those designated by the Manager at fair value through profit or loss at inception. All instruments on the Portfolios of Investments are designated at fair value through profit and loss. Subsequent to initial recognition, all instruments classified at fair value through profit or loss have changes in their fair value recognised in the Profit and Loss Account. ii) Valuation of securities Investments in debt securities are valued at fair value through profit or loss. For securities held long, quoted bid value is taken as the measure of fair value. The Sub-s had no securities held short with the exception of LongShortCreditYield. The value of any investment which is not normally quoted, listed or traded on or under the rules of a recognised exchange or market is valued at its probable realisation value, as determined by the Manager, having been approved for such purposes by the Trustee, in good faith and in consultation with the Investment Manager and subject to the approval of the Trustee. All investments held at the year end have quoted bid prices. iii) Forward foreign currency exchange contracts The value of open forward foreign currency exchange contracts is calculated as the difference between the contracted rate and the current forward rate that would close out the contract on the Balance Sheet date. Gains or losses on open forward foreign currency exchange contracts are included in the unrealised gain or loss on forward foreign currency exchange contracts, as appropriate, on the Balance Sheet and are shown in the Portfolio of Investments of the relevant Sub-. iv) Accounting for investment transactions and income Purchases and sales of investments are recognised on trade date the date on which the Sub- commits to purchase or sell the asset. Investments are initially recognised at fair value, and transaction costs for all financial assets and financial liabilities carried at fair value through profit or loss are expensed as incurred. Investments are derecognised when the right to receive cash flows from the investments has expired or the Sub-s have transferred substantially all risks and rewards of ownership. Realised gains and losses on investment transactions are calculated using the average cost method. Income on interest bearing securities is accounted for on an accrual basis using the effective interest rate method. Deposit interest is accounted for on a receipts basis. Income which suffers a deduction of tax at source is shown gross of such withholding tax. When calculating the effective interest rate, the Sub-s estimate cash flows considering all contractual terms of the financial instrument but does not consider future credit losses. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. 109

111 Notes to the financial statements for the year ended 30 November 2013 cont/d 1. Significant accounting policies cont/d... iv) Accounting for investment transactions and income cont/d... Realised gains and losses on sales of investments are calculated based on the average book cost of the investment and are included in net gains or losses on financial assets at fair value through profit or loss in the Profit and Loss Account. Unrealised gains and losses on investments arising during the year are also included in net gains or losses on financial assets at fair value through profit or loss in the Profit and Loss Account. The unrealised gain or loss on open forward foreign currency exchange contracts is calculated by reference to the difference between the contractual rate and the rate to close out the contract at the Balance Sheet date. Gains and losses relating to forward foreign currency exchange contracts are included in net gains or losses on financial assets at fair value through profit or loss in the Profit and Loss Account. v) Foreign exchange In accordance with FRS 23 ( Functional Currency ), items included in the individual Sub- s financial statements are measured using the currency of the primary economic environment in which it operates, the functional currency. The functional currency assessment is done on a Sub- by Sub- basis. All Sub- s base currencies equated to their respective functional currencies when assessed under FRS 23. The functional currency (and presentational currency) of Americayield, Transatlanticyield, ShortDurationHighYield, LongShortCreditYield, EmergingMarketsShortDuration and Global Tactical Credit is US Dollars (). The functional currency (and presentational currency) of uropeyield, Enhancedyield Short-Term and Bondyield ESG is Euro. Foreign currency denominated assets and liabilities, including investments, are translated to the functional currency of the relevant Sub- at the exchange rate prevailing at the year end date. Transactions in foreign currencies are translated to the functional currency of the relevant Sub- at the exchange rates ruling at the dates of the transactions. The foreign exchange gain or loss based on the translation of the original cost of investments is included in net gains or losses on financial assets at fair value through profit or loss in the Profit and Loss Account. The foreign exchange gain or loss on the translation of other assets or liabilities is included in other gains or losses in the Profit and Loss Account. vi) Net assets attributable to Unitholders The liability to Unitholders is presented in the Balance Sheet as "Net assets attributable to Unitholders" and is determined based on the residual assets of the relevant Sub- after deducting all other liabilities. The prices at which Units may be issued or redeemed are calculated by reference to the relevant Sub- s Net Asset Value calculated daily in accordance with the Prospectus and the Trust Deed. vii) Expenses All expenses, including Management and Trustee Fees, are recognised in the Profit and Loss Account on an accruals basis. Fees and charges which are identifiable with a particular Sub- are charged to it and other charges are borne pro-rata to the net assets of each Sub-. viii) Critical accounting estimates and judgements The Manager makes estimates and assumptions concerning the future. The resulting accounting estimates may not equal the actual results. 110

112 Notes to the financial statements for the year ended 30 November 2013 cont/d 1. Significant accounting policies cont/d... ix) Swaps Some Sub-s may enter into swap agreements. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. In a credit default swap, one party makes a stream of payments to another party in exchange for the right to receive a specified return in the event of a default by a third party on its obligation. The Sub- may use credit default swaps to provide a measure of protection against defaults of sovereign or corporate issues (i.e. to reduce risk where the Sub- owns or has exposure to the issuer). The maximum exposure the Sub- has in selling credit protection is equal to the notional amount of such credit default swap contracts. For credit default swaps on corporate or sovereign issuers, a credit event may be triggered by events such as bankruptcy, failure to pay, obligation acceleration, repudiation, moratorium or restructuring. The Investment Manager monitors a variety of factors including credit ratings, cash flow assumptions, market activity, market sentiment and valuation as part of its ongoing process of assessing payment and performance risk. In connection with these agreements, cash or securities may be set aside as collateral by the Custodian in accordance with the terms of the swap agreement. Swaps (including credit default swaps) are marked-to-market daily using standard models that incorporate quotations from market makers and the change in value, if any, is recorded as unrealised gain or loss in the Profit and Loss Account. Interest rate swaps are valued on the basis of present value of expected future cash flows. These are markedto-market using data from industry sources. Payments received or made on swap contracts are recorded as realised gains or losses in the Profit and Loss Account. Gains or losses are realised upon termination of the swap agreements. These financial instruments are not actively traded on exchanges. The values assigned to these instruments are based upon the best available information and because of the uncertainty of the valuation, these values may differ significantly from the values that would have been realised had a ready market for these instruments existed and the differences could be material. Entering into these agreements involves, to varying degrees, elements of credit, legal, market and documentation risk in excess of the amounts recognised in the Profit and Loss Account. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparties to the agreements may default on their obligations to perform or disagree as to the meaning of contractual terms in the agreements, or that there may be unfavorable changes in interest rates or the price of the index or security underlying these transactions. In a total return swap, one party pays the other the total economic performance of a specified asset(s), the Reference Obligation(s), for another cash flow, typically LIBOR plus a spread. The performance or Total Return comprises the sum of interest, dividends, fee payments, and any payment due to the change in value of the Reference Obligation. Payments due to change in value are equal to the appreciation (or depreciation) in the marked to market value of the Reference Obligation. A net depreciation in value (i.e. a negative total return) results in a payment to the Total Return Payer. A total return swap may provide for acceleration of its termination date upon the occurrence of one or more referenced events with respect to a Reference Obligation. 111

113 Notes to the financial statements for the year ended 30 November 2013 cont/d 1. Significant accounting policies cont/d... ix) Swaps cont/d... To mitigate the counterparty risk resulting from swap transactions, the relevant Sub- will only enter into swap transactions with highly rated financial institutions specialised in this type of transaction and in accordance with the standard terms laid down by the International Securities Dealers Association. x) Options Call and put options may be used to gain long and short exposure to specific securities and to hedge against downside risk. Options may also be purchased to hedge against currency and interest rate risk and the Investment Manager may write put options and covered call options to generate additional revenues for a Sub-. The Investment Manager will not write uncovered call options. xi) Securities lending programme During the year ended 30 November 2012 Americayield and Transatlanticyield participated in a securities lending programme pursuant to the Securities Lending Authorisation Agreement dated 23 May 2007, as amended (the Securities Lending Programme ). The Securities Lending Agreement is an agreement among the Manager of the Sub-, State Street Bank and Trust Company and State Street Bank GmbH, London Branch. The accounting policies for securities lending income and cash received as collateral from the relevant counterparties are detailed below. Both Sub-s suspended their securities lending activities during Therefore the Sub-s had no securities on loan at 30 November 2013 or at 30 November They also did not hold any cash collateral relating to securities lending at 30 November 2013 or 30 November Collateral Under this agreement State Street Bank GmbH, London Branch acted on behalf of the relevant Sub-. State Street Bank GmbH, London Branch received and held, on behalf of the relevant Sub-, collateral from counterparties to secure the obligations of those counterparties pursuant to the lending transactions. As such, the collateral was not shown in the Balance Sheet of the relevant Sub-. The collateral had a market value of not less than 100% of the market value of the securities that participated in the Securities Lending Programme. There was no transfer of ownership in relation to securities held by the relevant Sub- which participated in the Securities Lending Programme. As such the relevant Sub- continued to enjoy the risks and rewards of ownership in regard to the loaned securities. The collateral received from the relevant counterparties to the securities lending programme was in the form of cash. This cash was re-invested in SSgA Cash Management Plc. Income Income generated from the investment of cash collateral in addition to fees earned in regard to securities lending was reported as securities lending income in the Profit and Loss Account on an accruals basis. xii) Transactions costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. Transaction costs on the purchase and sale of bonds and financial derivative instruments are expensed on the date of the purchase or sale of the relevant investment. Transaction costs are shown separately in Note 11 to the financial statements. 112

114 Notes to the financial statements for the year ended 30 November 2013 cont/d 2. Basis of presentation of financial statements The is exempt from preparing a Cash Flow Statement in accordance with FRS 1 (revised), Cash Flow Statements (revised). The has availed of the exemption available to open-ended investment funds under FRS 1 (revised) not to prepare a Cash Flow Statement. In order to avail of this exemption the must meet all the following conditions: i) substantially all of the entity s investments are highly liquid; ii) substantially all of the entity s investments are carried at market value; and iii) the entity provides a Statement of Movement in Net Assets. The information required by FRS 3 "Reporting Financial Performance", to be included in a Statement of Total Recognised Gains and Losses and a Reconciliation of Movements in Unitholders s is, in the opinion of the Manager, contained in the Profit and Loss Account and the Statement of Movement in Net Assets Attributable to Unitholders. In arriving at the results for the year, all amounts in the Profit and Loss Account relate to continuing activities. In accordance with FRS 23 "The Effects of Changes in Foreign Exchange Rates", items included in the relevant Sub- s financial statements are measured using the currency of the primary economic environment in which it operates (functional currency). The Sub-s have also adopted its functional currency as the presentation currency (see "Note 1 v) Foreign exchange" above). 3. Significant agreements Manager Muzinich & Co. (Ireland) Limited has been appointed Manager of the pursuant to the Trust Deed. Maximum fees rates are set out in the Prospectus and Supplement for the relevant Sub-. Details of the current fee rates in operation are as follows: Sub- Unit Class Management Fee Rate Per Annum Americayield Hedged Accumulation S Units 0.55% Hedged GBP Accumulation H Units 0.75% Hedged Euro Accumulation Units 1.00% Hedged Euro Discretionary Units 1.00% Hedged Euro Income Units 1.00% Hedged GBP Accumulation Units 1.00% Hedged GBP Income Units 1.00% Hedged Accumulation Units 1.00% Hedged Income Units 1.00% Hedged CHF Accumulation R Units 1.50% Hedged CHF Income R Units 1.50% Hedged Euro Accumulation R Units 1.50% Hedged Accumulation R Units 1.50% Hedged Income R Units 1.50% 113

115 Notes to the financial statements for the year ended 30 November 2013 cont/d 3. Significant agreements cont/d... Manager cont/d... Sub- Unit Class Management Fee Rate Per Annum uropeyield Hedged Euro Income Units 1.00% Hedged Euro Accumulation Units 1.00% Hedged GBP Accumulation Units 1.00% Hedged SEK Accumulation R Units 1.50% Transatlanticyield Hedged Euro Discretionary S Units 0.55% Hedged Euro Accumulation Units 1.00% Hedged GBP Accumulation Units 1.00% Hedged GBP Income Units 1.00% Hedged Accumulation Units 1.00% Hedged Euro Accumulation R Units 1.50% Hedged NOR Accumulation R Units 1.50% Hedged SEK Accumulation R Units 1.50% Hedged SEK Income R Units 1.50% Enhancedyield Short-Term Hedged Euro Accumulation Units 0.45% Hedged Accumulation Units 0.45% Hedged GBP Income Units 0.45% Hedged Euro Income Units Units 0.45% Hedged Euro Accumulation R Units 0.75% Hedged CHF Accumulation R Units 0.75% Hedged Accumulation R Units 0.75% ShortDurationHighYield Hedged CHF Income S Units 0.50% Hedged Euro Income S Units 0.50% Hedged GBP Income S Units 0.50% Hedged JPY Income S Units 0.50% Hedged Income S Units 0.50% Hedged CHF Accumulation S Units 0.50% Hedged Accumulation S Units 0.50% Hedged GBP Income H Units 0.60% Hedged Euro Accumulation H Units 0.60% Hedged Income H Units 0.60% Hedged Accumulation H Units 0.60% Hedged Euro Income H Units 0.60% Hedged Accumulation Units 0.80% Hedged CAD Accumulation Units 0.80% Hedged CHF Accumulation Units 0.80% Hedged Euro Accumulation Units 0.80% Hedged Euro Income Units 0.80% Hedged GBP Income Units 0.80% Hedged Income Units 0.80% Hedged Accumulation R Units 1.10% 114

116 Notes to the financial statements for the year ended 30 November 2013 cont/d 3. Significant agreements cont/d... Manager cont/d... Sub- Unit Class Management Fee Rate Per Annum ShortDurationHighYield cont/d... Hedged CHF Accumulation R Units 1.10% Hedged Euro Accumulation R Units 1.10% Hedged GBP Accumulation R Units 1.10% Hedged GBP Income R Units 1.10% Hedged NOK Accumulation R Units 1.10% Hedged SEK Accumulation R Units 1.10% Hedged Income R Units 1.10% Hedged Euro Income R Units 1.10% Bondyield ESG All Accumulation Units 0.80% LongShortCreditYield All Accumulation Units 1.00% Non-Equalisation Units 1.50% EmergingMarketsShortDuration * Hedged Euro Accumulation S Units 0.50% Hedged Accumulation S Units 0.50% Hedged Euro Accumulation A Units* 0.80% Hedged GBP Accumulation A Units* 0.80% Hedged Accumulation A Units* 0.80% Hedged Accumulation R Units 1.10% Global Tactical Credit * Hedged CHF Income Founder Units* 0.29% Hedged Euro Income Founder Units* 0.29% Hedged GBP Accumulation Founder Units* 0.29% Hedged GBP Income Founder Units* 0.29% Hedged Income Founder Units* 0.29% * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. Such fees are accrued on each Dealing Day and payable monthly in arrears, subject to a minimum fee of 4,167 per month per Sub-. The Manager pays the fees of the Investment Manager and Administrator out of its own fee. Investment Manager s Performance Fee A performance fee will be payable out of the assets of the LongShortCreditYield calculated on a Unit-by- Unit basis for each class of Units so that each issued Unit is charged a performance fee which equates with that issued Unit s performance. The performance in respect of each issued Unit will be equal to 10% of the increase in the Net Asset Value per Unit in each case in excess of the high water mark (the High Water Mark ). 115

117 Notes to the financial statements for the year ended 30 November 2013 cont/d 3. Significant agreements cont/d... Investment Manager s Performance Fee cont/d... The High Water Mark at any Valuation Day is the greater of: (i) (ii) The highest Net Asset Value per Unit on the last day of any preceding Performance Period; or The Initial Issue Price per Share at the end of the initial offer period. The use of a High Water Mark ensures that investors will not be charged a performance fee until any previous losses are recovered. The performance fee is payable annually in arrears in respect of each Performance Period. The performance fee will accrue weekly and be taken into account in the calculation of the Net Asset Value per Unit as at each Valuation Point. In the event that a Unitholder redeems Units prior to the end of a Performance Period, the amount of any accrued but unpaid performance fee in respect of such Units will be paid to the Investment Manager. Trustee State Street Custodial Services (Ireland) Limited has been appointed Trustee pursuant to the Trust Deed. For this service, the Trustee s fee is 0.01% p.a. (0.02% p.a. up to 30 June 2013) of the Net Asset Value of the relevant Sub- accrued on each Dealing Day and payable monthly in arrears. The Manager has, for the time being, agreed to pay the fees of the Trustee out of its fee. The Sub- pays a transaction charge on the purchase and sale of each investment, and transaction fees associated with financial derivative instruments. 4. Taxation Under current law and practice the qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. On that basis, it is not chargeable to Irish tax on its income and gains. However, Irish tax may arise on the happening of a chargeable event. A chargeable event includes any distribution payments to Unitholders or any encashment, redemption, cancellation or transfer of Units, or the holding of Units at the end of each eight year period beginning with the acquisition of such Units. No Irish tax will arise on the in respect of chargeable events relating to: i) a Unitholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as amended, are held by the ; and ii) certain exempted Irish tax resident Unitholders who have provided the with the necessary signed statutory declarations. Dividends, interest and capital gains (if any) received on investments made by the may be subject to withholding taxes imposed by the country from which the investments income/gains are received, and such taxes may not be recoverable by the and its Unitholders. 5. Equalisation Income equalisation arrangements apply to the Sub-s. The arrangements are intended to ensure that the income per Unit which is distributed in respect of the distribution period is not affected by changes in the number of Units in issue during the period. The arrangements have no effect on the Net Asset Value of any Unit Class. 116

118 Notes to the financial statements for the year ended 30 November 2013 cont/d 5. Equalisation cont/d Equalisation in relation to the income Units is included within the distributions and equalisation expense in the Profit and Loss Account. The calculation of equalisation is based on total accumulated undistributed net income. Equalisation on all other Unit Classes is included in amounts received on sale of Units and amounts paid on repurchase of Units in the Statement of Movements in Net Assets Attributable to Unitholders for the year ended 30 November 2013 and 30 November Performance fees - LongShortCreditYield A performance fee will be payable out of the assets of the Sub- calculated on a Unit-by-Unit basis for each class of Units so that each issued Unit is charged a performance fee which equates with that issued Unit s performance. The performance fee in respect of each issued Unit will be equal to 10% of the increase in the Net Asset Value per Unit in each case in excess of the high water mark (hereinafter called the High Water Mark ). Deficit Subscriptions If Units are issued at a time when the Net Asset Value per Unit is less than the High Water Mark (hereinafter called a Deficit Subscription ), the adjustments set out below will be made by the Administrator to reduce inequities that could otherwise result for a Unitholder or the Investment Manager. When a Deficit Subscription occurs, the Unitholder will be required to pay a Performance Fee with respect to any subsequent appreciation in the value of those Units from the Net Asset Value per Unit at the date of issue, calculated to the Valuation Day up to the High Water Mark. The Performance Fee will be charged at the end of the Performance Period by redeeming such number of the Unitholder s Units as have an aggregate Net Asset Value (after accrual of any Performance Fee) equal to the applicable percentage of any such appreciation (a Performance Fee Redemption ). The aggregate Net Asset Value of the Units so redeemed will be paid to the Investment Manager as a Performance Fee. Performance Fee Redemptions are employed to ensure that the Sub- maintains a uniform Net Asset Value per Unit. As regards the Unitholder s remaining Units, any appreciation in the Net Asset Value per Unit of those Units above the High Water Mark will be charged a Performance Fee in the normal manner. Premium Subscriptions When Units are purchased when the Net Asset Value per Unit is greater than the High Water Mark for the Units (hereinafter called a Premium Subscription ), the prospective Unitholder is required to pay an additional sum equal to the accrued performance fee per Unit (hereinafter called the Performance Fee Credit ). The Performance Fee Credit is designed to ensure that all holders of Units have the same amount of capital at risk per Unit. The Performance Fee Credit will be at risk in the LongShortCreditYield and may depreciate based on the performance of the Sub- subsequent to the subscription. In the event of a decline in the Net Asset Value per Unit, the Performance Fee Credit due to the Unitholder will reduce in line with the performance fee accrual for other Units until the Performance Fee Credit is exhausted. Subsequent appreciation in the Net Asset Value per Unit will result in a recapture of any Performance Fee Credit lost due to such reductions, but only to the extent of the previously lost Performance Fee Credit up to the amount paid at subscription. At the end of the Performance Period, an amount equal to the lower of the Performance Fee Credit paid at the time of the Premium Subscription calculated to the Valuation Day (less any Performance Fee Credit previously applied) or 10% of the excess of the Net Asset Value per Unit over the High Water Mark is applied in the subscription for additional Units for the Unitholder. Such subscription is calculated using the Net Asset Value per Unit (net of Performance Fees) on the Valuation Day. 117

119 Notes to the financial statements for the year ended 30 November 2013 cont/d 5. Equalisation cont/d Premium Subscriptions If the Unitholder redeems Units subscribed at the time of the Premium Subscription (hereinafter called Premium Units ) before the last day in any Performance Period, the Unitholder will receive additional redemption proceeds equal to any Performance Fee Credit then remaining multiplied by a fraction, the numerator of which is the number of Premium Units being redeemed and the denominator of which is the number of Premium Units owned by the Unitholder immediately prior to the redemption. 6. Net Asset Value per Unit The Net Asset Value per Unit of each Unit Class is determined by dividing the net assets of the Unit Class by the total number of Units in issue for that Unit Class. The Net Asset Value per Unit and the number of Units outstanding at the year end is set out in the Portfolios of Investments. 7. Number of Units in issue and net assets attributable to Unitholders Each Unit will represent an individual beneficial interest in the relevant Sub-. The return on an investment in the relevant Sub- will depend solely upon the investment performance of the assets in that Sub- and the increase or decrease (as the case may be) in the Net Asset Value of the Units. The amount payable to a Unitholder in respect of each Unit upon liquidation of a Sub- will equal the Net Asset Value per Unit at the date of liquidation. The Units in issue are shown in the Portfolios of Investments. In accordance with the provisions of the s Prospectus, listed investments and investments with prices quoted in over the counter markets or by market makers are stated at the last traded price on the valuation day for the purpose of determining Net Asset Value per Unit for subscriptions and redemptions and for various fee calculations. However, as stated in Note 1, the accounting policy of the for the purpose of compliance with FRS 26 and for reporting purposes is to value its investments at the relevant quoted bid market prices at the Balance Sheet date. As at 30 November 2013, the difference between the valuation method stated in the financial statements and the valuation methodology indicated in the s Prospectus, resulted in the following adjustments at 30 November 2013 and 30 November 2012: Sub- 30 November November 2012 Americayield 17,207,455 12,428,618 uropeyield 1,300,568 1,594,472 Transatlanticyield 2,141,228 2,001,604 Enhancedyield Short-Term 4,361,426 3,936,901 ShortDurationHighYield 31,134,004 22,817,786 Bondyield ESG 190, ,055 LongShortCreditYield 1,172, ,167 EmergingMarketsShortDuration * 277,115 - Global Tactical Credit * 373,067 - * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. Net assets attributable to Unitholders represents a liability in the Balance Sheet, carried at the redemption amount that would be payable at the Balance Sheet date if the Unitholder exercised the right to redeem the Units in the relevant Sub-. Units in a Sub- may be designated as one or more Classes of Units, the respective rights of which may differ. The Classes of Units in issue at 30 November 2013 are shown in the Portfolios of Investment. 118

120 Notes to the financial statements for the year ended 30 November 2013 cont/d 7. Number of Units in issue and net assets attributable to Unitholders cont/d... Discretionary Units This Class of Unit will pay distributions (if any) out of interest income earned and realised and unrealised net capital gains after the deduction of expenses in respect of any accounting period. Any sums not distributed will be accumulated and reflected in the Net Asset Value per Unit. Income Units This Class of Units will distribute interest income earned after the deduction of expenses in respect of each annual and interim accounting period. It is not intended that this Class of Units will pay distributions from realised and unrealised net capital gains. Any sums not distributed will be accumulated and reflected in the Net Asset Value of the Unit. Accumulation Units This Class of Units will accumulate the income, realised and unrealised net capital gains/losses and will not pay any distributions in respect of any accounting period. The Accumulation R Units are charged higher management fees than other Accumulation Units (see Note 3). Hedged Accumulation Units This Class of Units will be hedged against exchange rate fluctuations between the Denominated Class Currency and the Base Currency of the relevant Sub-. The Investment Manager will try to mitigate the risk of depreciation by using forward foreign currency exchange contracts. Hedged Euro Discretionary S Units This Class of Units may pay distributions out of interest income earned and realised and unrealised net capital gains after the deduction of expenses in respect of each accounting period and interim accounting period as may from time to time be determined by the Manager, in his absolute discretion. The amount of the distribution for any accounting period will be determined by the Directors of the Manager, subject to a minimum distribution payment of 1% per accounting period and interim accounting period for a minimum annual distribution of 2%. Any sums not distributed will be accumulated and reflected in the Net Asset Value of the Unit. The following tables shows the movement in subscriptions and redemptions of each type of Unit that was in issue during the year ended 30 November 2013: Americayield 30/11/2012 Subscriptions Redemptions 30/11/2013 Unit Class Units Units Units Units Hedged Accumulation Units 3,153, ,923 (1,762,077) 2,311,840 Hedged Accumulation R Units 1,582, ,466 (1,051,249) 1,435,828 Hedged Accumulation S Units* - 4,958,142 (71,061) 4,887,081 Hedged Income Units 5,202,183 1,509,825 (588,288) 6,123,720 Hedged Income R Units* - 43,471 (6,511) 36,960 Hedged Euro Discretionary Units 52,409 12,573 (25,419) 39,563 Hedged Euro Accumulation Units 1,182, ,728 (817,111) 1,126,273 Hedged Euro Accumulation R Units 563, ,580 (237,540) 553,859 Hedged Euro Income Units 4,191,226 6,864,848 (3,550,551) 7,505,523 Hedged GBP Income Units 959, ,891 (251,479) 837,185 Hedged GBP Accumulation Units 68,977 18,748 (34,851) 52,874 Hedged GBP Accumulation H Units* Hedged CHF Accumulation R Units 619, ,589 (173,174) 573,123 Hedged CHF Income R Units 223,827 66,942 (41,542) 249,

121 Notes to the financial statements for the year ended 30 November 2013 cont/d 7. Number of Units in issue and net assets attributable to Unitholders cont/d... uropeyield 30/11/2012 Subscriptions Redemptions 30/11/2013 Unit Class Units Units Units Units Hedged Euro Income Units 268, ,298 (206,658) 377,205 Hedged Euro Accumulation Units 1,669, ,548 (995,867) 1,521,544 Hedged GBP Accumulation Units 78,581 19,132 (12,005) 85,708 Hedged SEK Accumulation R Units 1,137, ,600 (88,745) 1,894,224 Transatlantic Yield 30/11/2012 Subscriptions Redemptions 30/11/2013 Unit Class Units Units Units Units Hedged GBP Accumulation Units 706, ,445 (74,658) 782,362 Hedged GBP Income Units 87, ,657 Hedged Euro Accumulation Units 699, ,127 (519,917) 356,355 Hedged Euro Accumulation R Units 92,417 30,602 (66,281) 56,738 Hedged Euro Discretionary S Units 100, ,950 (211,258) 300,692 Hedged SEK Accumulation Units* - 2,500,000-2,500,000 Hedged Accumulation Units 133,090 3,120 (950) 135,260 Enhancedyield Short-Term 30/11/2012 Subscriptions Redemptions 30/11/2013 Unit Class Units Units Units Units Hedged Euro Accumulation Units 5,339,174 7,228,903 (3,763,732) 8,804,345 Hedged Euro Accumulation R Units 3,045,784 2,709,165 (1,932,249) 3,822,700 Hedged Euro Income Units 287, ,773 (252,639) 493,132 Hedged Accumulation Units 918, ,970 (561,236) 1,342,874 Hedged Accumulation R Units 585, ,923 (461,623) 692,925 Hedged GBP Income Units 640, ,876 (401,936) 802,549 Hedged CHF Accumulation Units - 244,482 (14,266) 230,216 Hedged CHF Accumulation R Units 1,012,585 1,082,848 (441,422) 1,654,011 ShortDurationHighYield 30/11/2012 Subscriptions Redemptions 30/11/2013 Unit Class Units Units Units Units Hedged CAD Accumulation Units 289,340 99,896 (95,850) 293,386 Hedged CHF Accumulation Units 532,203 1,943,714 (1,073,670) 1,402,247 Hedged CHF Accumulation R Units 986, ,622 (494,497) 1,148,410 Hedged CHF Accumulation S Units* - 933,791 (1,789) 932,002 Hedged Euro Accumulation Units 11,167,857 12,784,533 (8,959,859) 14,992,531 Hedged Euro Accumulation H Units* - 721,052 (35,750) 685,302 Hedged Euro Accumulation R Units 6,671,879 8,240,595 (4,188,743) 10,723,731 Hedged Euro Accumulation S Units* - 1,866,864 (93,708) 1,773,156 Hedged Euro Income Units* - 894,229 (83,499) 810,730 Hedged Euro Income H Units* - 92,920 (981) 91,939 Hedged Euro Income R Units* - 132,829 (3,219) 129,610 Hedged Euro Income S Units* - 1,549,764-1,549,

122 Notes to the financial statements for the year ended 30 November 2013 cont/d 7. Number of Units in issue and net assets attributable to Unitholders cont/d... ShortDurationHighYield cont/d 30/11/2012 Subscriptions Redemptions 30/11/2013 Unit Class Units Units Units Units Hedged GBP Accumulation A Units* - 7,831-7,831 Hedged GBP Accumulation R Units 124, ,804 (60,535) 205,298 Hedged GBP Income Units 2,417,827 1,235,106 (2,209,293) 1,443,640 Hedged GBP Income H Units* - 152,068 (1,431) 150,637 Hedged GBP Income R Units 153,426 20,687 (33,976) 140,137 Hedged GBP Income S Units 2,642,687 2,178,382 (930,448) 3,890,621 Hedged JPY Income S Units 1,029,957,401 1,751,072,574 (745,501,666) 2,035,528,309 Hedged NOK Accumulation R Units 1,148,761 1,132,541 (762,534) 1,518,768 Hedged SEK Accumulation R Units 2,339,370 2,678,676 (1,164,954) 3,853,092 Hedged Accumulation Units 10,325,883 11,150,776 (7,621,336) 13,855,323 Hedged Accumulation H Units* - 245,361 (10,150) 235,211 Hedged Accumulation R Units 6,490,689 9,403,511 (3,824,333) 12,069,867 Hedged Accumulation S Units* - 1,994,722 (117,947) 1,876,775 Hedged Income Units 328,063 1,275,354 (330,831) 1,272,586 Hedged Income H Units* - 34,365 (170) 34,195 Hedged Income R Units* - 209,701 (62,414) 147,287 Hedged Income S Units* - 498,555 (995) 497,560 Bondyield ESG 30/11/2012 Subscriptions Redemptions 30/11/2013 Unit Class Units Units Units Units Institutional Hedged Euro Accumulation Units 794,847 36,054 (345,060) 485,841 Institutional Hedged Accumulation Units 50, ,000 Hedged NOK Accumulation Units 1,030,360 37,439 (12,155) 1,055,644 LongShortCreditYield 30/11/2012 Subscriptions Redemptions 30/11/2013 Unit Class Units Units Units Units Hedged Euro Accumulation Units 188,498 1,388,819 (156,025) 1,421,292 Hedged GBP Accumulation Units 202, ,859 (75,375) 542,594 Hedged Accumulation Units 23, ,828 (26,356) 332,632 Hedged CHF Accumulation Units 20, ,120 (1,711) 147,409 Hedged Euro Non-Equalisation Units* - 24,572-24,

123 Notes to the financial statements for the year ended 30 November 2013 cont/d 7. Number of Units in issue and net assets attributable to Unitholders cont/d... EmergingMarketsShortDuration ** 30/11/2012 Subscriptions Redemptions 30/11/2013 Unit Class Units Units Units Units Hedged GBP Accumulation Units* - 11,809-11,809 Hedged Euro Accumulation Units* - 99,600-99,600 Hedged Euro Accumulation S Units* - 109, ,853 Hedged Accumulation Units* - 30,000-30,000 Hedged Accumulation S Units* - 309, ,149 Global Tactical Credit ** 30/11/2012 Subscriptions Redemptions 30/11/2013 Unit Class Units Units Units Units Hedged CHF Income Founder Units* - 24,895-24,895 Hedged Euro Income Founder Units* - 236,739 (200) 236,539 Hedged GBP Accumulation Founder Units* - 18,190-18,190 Hedged GBP Income Founder Units* - 407,577 (122) 407,455 Hedged Income Founder Units* - 119, ,688 * These Units launched during the year ended 30 November ** These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. The following tables shows the movement in subscriptions and redemptions of each type of Unit that was in issue during the year ended 30 November 2012: Americayield 30/11/2011 Subscriptions Redemptions 30/11/2012 Unit Class Units Units Units Units Hedged Accumulation Units 3,060,677 1,777,275 (1,683,958) 3,153,994 Hedged Accumulation R Units 1,234,554 1,094,998 (746,941) 1,582,611 Hedged Income Units 2,449,481 2,863,563 (110,861) 5,202,183 Hedged Euro Discretionary Units 46,183 55,133 (48,907) 52,409 Hedged Euro Accumulation Units 1,148,272 1,338,686 (1,304,302) 1,182,656 Hedged Euro Accumulation R Units 158, ,565 (134,030) 563,819 Hedged Euro Income Units 3,326,912 1,775,601 (911,287) 4,191,226 Hedged GBP Income Units 637, ,858 (169,266) 959,773 Hedged GBP Accumulation Units 24,047 61,811 (16,881) 68,977 Hedged CHF Accumulation R Units 534, ,215 (251,719) 619,708 Hedged CHF Income R Units* - 224,077 (250) 223,

124 Notes to the financial statements for the year ended 30 November 2013 cont/d 7. Number of Units in issue and net assets attributable to Unitholders cont/d... uropeyield 30/11/2011 Subscriptions Redemptions 30/11/2012 Unit Class Units Units Units Units Hedged Euro Income Units 96, ,944 (42,009) 268,565 Hedged Euro Accumulation Units 1,126, ,905 (413,770) 1,669,863 Hedged GBP Accumulation Units 70,018 25,560 (16,997) 78,581 Hedged SEK Accumulation R Units 521, ,895 (43,162) 1,137,369 Transatlanticyield 30/11/2011 Subscriptions Redemptions 30/11/2012 Unit Class Units Units Units Units Hedged GBP Accumulation Units 242, ,877 (64,593) 706,575 Hedged GBP Income Units* - 87,937-87,937 Hedged Euro Accumulation Units 607, ,247 (207,353) 699,145 Hedged Euro Accumulation R Units 84,422 21,988 (13,993) 92,417 Hedged Euro Discretionary S Units* - 100, ,000 Hedged Accumulation Units* - 133, ,090 Enhancedyield Short-Term 30/11/2011 Subscriptions Redemptions 30/11/2012 Unit Class Units Units Units Units Hedged Euro Accumulation Units 3,623,028 3,470,388 (1,754,242) 5,339,174 Hedged Euro Accumulation R Units 1,684,956 2,326,445 (965,617) 3,045,784 Hedged Euro Income Units* - 291,398 (3,400) 287,998 Hedged Accumulation Units 329, ,814 (204,482) 918,140 Hedged Accumulation R Units 228, ,319 (167,539) 585,625 Hedged GBP Income Units 598, ,505 (238,132) 640,609 Hedged CHF Accumulation R Units 913, ,288 (447,035) 1,012,585 ShortDurationHighYield 30/11/2011 Subscriptions Redemptions 30/11/2012 Unit Class Units Units Units Units Hedged CAD Accumulation Units 155, ,105 (10,380) 289,340 Hedged CHF Accumulation Units 136, ,415 (8,776) 532,203 Hedged CHF Accumulation R Units 504, ,444 (182,405) 986,285 Hedged Euro Accumulation Units 5,824,703 9,864,922 (4,521,768) 11,167,857 Hedged Euro Accumulation R Units 2,598,754 5,245,037 (1,171,912) 6,671,879 Hedged GBP Accumulation R Units 26, ,697 (23,025) 124,029 Hedged GBP Income Units 1,688,868 1,549,539 (820,580) 2,417,827 Hedged GBP Income R Units 114,386 73,942 (34,902) 153,426 Hedged GBP Income S Units 1,186,221 1,758,111 (301,645) 2,642,687 Hedged JPY Income S Units* - 1,029,957,401-1,029,957,401 Hedged NOK Accumulation R Units 645, ,476 (270,116) 1,148,761 Hedged SEK Accumulation R Units 1,814,703 1,412,022 (887,355) 2,339,370 Hedged Accumulation Units 4,087,558 9,383,131 (3,144,806) 10,325,883 Hedged Accumulation R Units 1,636,364 5,903,368 (1,049,043) 6,490,689 Hedged Income Units* - 406,740 (78,677) 328,

125 Notes to the financial statements for the year ended 30 November 2013 cont/d 7. Number of Units in issue and net assets attributable to Unitholders cont/d... Bondyield ESG 30/11/2011 Subscriptions Redemptions 30/11/2012 Unit Class Units Units Units Units Institutional Hedged Euro Accumulation Units 596, ,261 (820) 794,847 Institutional Hedged Accumulation Units* - 50,000-50,000 Hedged NOK Accumulation Units* - 1,043,477 (13,117) 1,030,360 LongShortCreditYield ** 30/11/2011 Subscriptions Redemptions 30/11/2012 Unit Class Units Units Units Units Hedged Euro Accumulation Units* - 199,722 (11,224) 188,498 Hedged GBP Accumulation Units* - 203,180 (1,070) 202,110 Hedged Accumulation Units* - 23,160-23,160 Hedged CHF Accumulation Units* - 20,000-20,000 * These Units launched during the year ended 30 November ** This Sub- launched during the year ended 30 November

126 Notes to the financial statements for the year ended 30 November 2013 cont/d 8. Net gains/(losses) on financial assets at fair value through profit or loss Year ended 30 November 2013 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term ShortDuration HighYield Net gains/(losses) realised on investments sold during the year 41,800,782 5,381,411 9,074,398 7,893,030 (11,635,642) Net movement in unrealised (depreciation)/appreciation on investments during the year (11,238,230) 5,089,272 2,658,661 2,999, ,581,755 Net movement in unrealised gains/(losses) on forward foreign currency exchange contracts 25,209,196 (1,954,521) 7,477,903 (7,616,355) - Realised gains on forward foreign currency exchange contracts 50,988,821 3,151,976 5,429,562-89,475,047 Net gains on financial assets at fair value through profit or loss 106,760,569 11,668,138 24,640,524 3,276, ,421,

127 Notes to the financial statements for the year ended 30 November 2013 cont/d 8. Net gains/(losses) on financial assets at fair value through profit or loss cont/d... Year ended 30 November 2013 Bondyield ESG LongShortCreditYield EmergingMarkets ShortDuration * Global Tactical Credit * Net gains realised on investments sold during the year 1,632,215 9,292,229 1,336 12,375 Net movement in unrealised (depreciation)/appreciation on investments during the year (1,528,768) 2,834,391 86, ,714 Net movement in unrealised (losses)/gains on forward foreign currency exchange contracts (946,625) 5,279,295 (10,986) 1,599,016 Net movement in unrealised (losses) on total return swaps - (1,582,420) - - Net movement in unrealised (losses) on credit default swaps - (136,061) - - Realised gains/(losses) on forward foreign currency exchange contracts 168,451 5,839, ,529 (9,551) Net (losses)/gains on financial assets at fair value through profit or loss (674,727) 21,527, ,656 1,837,554 * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. 126

128 Notes to the financial statements for the year ended 30 November 2013 cont/d 8. Net gains/(losses) on financial assets at fair value through profit or loss cont/d... Year ended 30 November 2012 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term ShortDuration HighYield Net gains realised on investments sold during the year 22,127, ,398 1,107,667 2,920,470 (9,758,439) Net movement in unrealised appreciation on investments during the year 148,730,345 30,323,185 27,072,584 46,491,365 63,320,640 Net movement in unrealised gains/(losses) on forward foreign currency exchange contracts 1,955, ,918 (582,151) (315,621) (381,985) Realised (losses)/gains on forward foreign currency exchange contracts (38,259,719) (416,064) (1,319,779) 1,607,885 (3,586,438) Net gains on financial assets at fair value through profit or loss 134,554,238 30,890,437 26,278,321 50,704,099 49,593,778 Year ended 30 November 2012 Bondyield ESG LongShortCreditYield * Net gains realised on investments sold during the year 1,312,675 1,807,776 Net movement in unrealised appreciation on investments during the year 5,521, ,522 Net movement in unrealised gains on forward foreign currency exchange contracts 320,376 10,811 Net movement in unrealised (losses) on total return swaps - (45,500) Net movement in unrealised (losses) on credit default swaps - (58,750) Realised gains on forward foreign currency exchange contracts 369,748 1,575,480 Net gains on financial assets at fair value through profit or loss 7,524,796 3,744,339 * This Sub- launched during the year ended 30 November

129 Notes to the financial statements for the year ended 30 November 2013 cont/d 9. Interest Income Year ended 30 November 2013 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Interest income from financial assets at fair value through profit or loss 243,452,257 21,736,270 32,335,946 63,839,802 Bank Interest ,452,257 21,736,463 32,336,156 63,840,334 Year ended 30 November 2013 ShortDuration HighYield Bondyield ESG LongShortCredit Yield EmergingMarkets ShortDuration * Interest income from financial assets at fair value through profit or loss 397,742,644 3,127,828 11,569, ,683 Bank Interest ,742,644 3,127,828 11,569, ,683 Year ended 30 November 2013 Global Tactical Credit * Interest income from financial assets at fair value through profit or loss 100,378 Bank Interest - 100,378 * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. Year ended 30 November 2012 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Interest income from financial assets at fair value through profit or loss 179,172,912 17,908,949 25,092,029 51,127,085 Bank Interest 9,873 2, , ,182,785 17,911,005 25,092,692 51,133,

130 Notes to the financial statements for the year ended 30 November 2013 cont/d 9. Interest Income cont/d... Year ended 30 November 2012 ShortDuration HighYield Bondyield ESG LongShortCredit Yield * Interest income from financial assets at fair value through profit or loss 232,561,718 3,583,902 1,325,103 Bank Interest 8, ,570,348 3,584,093 1,325,103 * This Sub- launched during the year ended 30 November Securities lending income As detailed in Note 1 x), the suspended its securities lending activities during Therefore no securities lending income received in respect of the year ended 30 November The following amounts were earned by Sub-s engaged in securities lending during the year ended 30 November 2012: Sub- Americayield 59,278 Transatlanticyield 5,225 The above Sub-s participated in a securities lending programme pursuant to the Securities Lending Authorisation Agreement dated 23 May 2007, as amended (the Securities Lending Programme ). The Securities Lending Agreement is an agreement among the Manager of the Sub-, State Street Bank and Trust Company and State Street Bank GmbH, London Branch. The Sub-s suspended their securities lending activities during As such the Sub-s had no securities on loan at 30 November 2013 (30 November 2012: Nil) or held no cash collateral in regard to securities lending at 30 November 2013 (30 November 2012: Nil). 129

131 Notes to the financial statements for the year ended 30 November 2013 cont/d 11. Expenses Year ended 30 November 2013 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Payable to Manager (43,023,451) (3,502,621) (5,213,362) (10,523,231) Other expenses Audit fees** (27,240) (19,944) (27,089) (19,944) Transaction costs - (21,235) - - Other (including set up fees) (525,663) (171,824) (234,330) (566,477) (552,903) (213,003) (261,419) (586,421) Total expenses (43,576,354) (3,715,624) (5,474,781) (11,109,652) Year ended 30 November 2013 ShortDuration HighYield Bondyield ESG LongShortCredit Yield EmergingMarkets ShortDuration * Payable to Manager (69,497,518) (659,628) (2,189,603) (102,509) Other expenses Performance fees - - (1,873,696) - Audit fees** (27,315) (19,779) (45,563) (24,921) Transaction costs - - (26,144) (11,771) Other (including set up fees) (1,390,019) (127,570) (300,381) (31,865) (1,417,334) (147,349) (2,245,784) (68,557) Total expenses (70,914,852) (806,977) (4,435,387) (171,066) Year ended 30 November 2013 Global Tactical Credit * Payable to Manager (15,426) Other expenses Audit fees** (3,176) Transaction costs (1,096) Other (including set up fees) (1,315) (5,587) Total expenses (21,013) * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. ** Fees and expenses paid to the statutory auditors, Deloitte & Touche, in respect of the financial year, entirely relate to the audit of the financial statements of the Sub-s. There were no fees and expenses paid in respect of other assurance, tax advisory or non-audit services provided by the auditors for the year ended 30 November

132 Notes to the financial statements for the year ended 30 November 2013 cont/d 11. Expenses cont/d... Year ended 30 November 2012 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Payable to Manager (29,615,294) (2,402,642) (3,776,311) (7,015,706) Other expenses Audit fees** (26,012) (20,000) (26,012) (20,000) Transaction costs (54,710) (16,282) (25,159) (32,250) Other (including set up fees) (709,204) (152,811) (202,741) (496,255) (789,926) (189,093) (253,912) (548,505) Total expenses (30,405,220) (2,591,735) (4,030,223) (7,564,211) Year ended 30 November 2012 ShortDuration HighYield Bondyield ESG LongShortCredit Yield * Payable to Manager (34,371,092) (658,406) (229,765) Other expenses Performance fees - - (323,073) Audit fees** (26,012) (20,000) (26,012) Transaction costs (56,725) (4,012) (4,465) Other (including set up fees) (881,910) (97,167) (64,144) (964,647) (121,179) (417,694) Total expenses (35,335,739) (779,585) (647,459) * This Sub- launched during the year ended 30 November ** Fees and expenses paid to the statutory auditors, Deloitte & Touche, in respect of the financial year, entirely relate to the audit of the financial statements of the Sub-s. There were no fees and expenses paid in respect of other assurance, tax advisory or non-audit services provided by the auditors for the year ended 30 November

133 Notes to the financial statements for the year ended 30 November 2013 cont/d 12. Distributions The Manager will determine the distribution policy of each Unit Class in accordance with the criteria for each Unit Class. The distributions will normally be paid in or around June and December in each year. Any sums not distributed will be accumulated and reflected in the Net Asset Value of each Unit. Year ended 30 November 2013 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Interim distributions - current year (65,109,676) (795,840) (2,519,099) (3,357,937) Final distributions - previous year (40,793,246) (608,329) - (2,728,780) Income received on the creation of Units 25,699, , ,827 Income paid on the redemption of Units (11,677,454) (100,448) - (632,438) (91,880,505) (1,230,608) (2,519,099) (5,736,328) Year ended 30 November 2013 ShortDuration HighYield Global Tactical Credit * Interim distributions - current year (33,365,325) - Final distributions - previous year (29,596,594) - Income received on the creation of Units 6,670,046 - Income paid on the redemption of Units - - (56,291,873) - All other Sub- s had only Accumulation Units in issue during the year, therefore no distributions were paid on these Sub- s. * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. Year ended 30 November 2012 Americayield uropeyield Enhancedyield Short-Term ShortDuration HighYield Interim distributions - current year (33,468,815) (495,315) (2,038,129) (22,407,131) Final distributions - previous year (30,178,211) (258,525) (1,889,649) (11,479,482) Income received on the creation of Units 6,400, , ,406 2,266,512 Income paid on the redemption of Units (1,662,481) (62,149) (128,631) (549,741) (58,908,987) (624,939) (3,408,003) (32,169,842) All other Sub - s had only Accumulation Units in issue during the year, and therefore no distributions were paid on these Sub- s. * This Sub- launched during the year ended 30 November

134 Notes to the financial statements for the year ended 30 November 2013 cont/d 13. Cash at bank Year ended 30 November 2013 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Cash at bank 122,075,202 12,917,079 5,113,482 19,574, ,075,202 12,917,079 5,113,482 19,574,278 Year ended 30 November 2013 ShortDuration HighYield Bondyield ESG LongShortCredit Yield EmergingMarkets ShortDuration * Cash at bank 641,146,949 1,246,227 30,335, ,202 Cash held as collateral with Deutsche Bank - - 8,971,077 - Cash held as collateral with JP Moran Chase , ,146,949 1,246,227 39,566, ,202 Year ended 30 November 2013 Global Tactical Credit * Cash at bank 28,553,102 28,553,102 * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. Year ended 30 November 2012 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Cash at bank 168,473,049 18,270,371 55,029,200 52,275, ,473,049 18,270,371 55,029,200 52,275,739 Year ended 30 November 2012 ShortDuration HighYield Bondyield ESG LongShortCredit Yield * Cash at bank 318,114,818 2,232,830 9,779,046 Cash held as collateral with Deutsche Bank - - 2,413, ,114,818 2,232,830 12,192,627 * This Sub- launched during the year ended 30 November All cash at bank balances at 30 November 2013 and 30 November 2012 were held with State Street Bank and Trust Company. 133

135 Notes to the financial statements for the year ended 30 November 2013 cont/d 14. Debtors Year ended 30 November 2013 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Accrued interest income 65,608,810 5,998,982 8,276,215 52,936,879 Amounts receivable for subscription of Units 10,533, , ,649 24,930,543 Receivable for investments sold 12,000,800 1,624,852 1,578,717 - Other receivables ,201 88,142,680 8,214,684 10,783,581 77,879,623 Year ended 30 November 2013 ShortDuration HighYield Bondyield ESG LongShortCredit Yield EmergingMarkets ShortDuration * Accrued interest income 149,849,955 1,482,280 6,034, ,314 Amounts receivable for subscription of Units 66,604,833 10,551 5,307, ,710 Receivable for investments sold 68,193,736-36,665,315 - Other receivables ,648,524 1,492,831 48,007,174 1,510,024 Year ended 30 November 2013 Global Tactical Credit * Accrued interest income 1,373,811 Amounts receivable for subscription of Units 6,089,374 Receivable for investments sold 603,750 Other receivables - 8,066,935 * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. Year ended 30 November 2012 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Accrued interest income 54,153,697 6,441,678 7,813,912 41,292,080 Amounts receivable for subscription of Units 119,860,248 5,993,293 3,389,473 7,518,984 Receivable for investments sold 30,450,623-3,471,371 51,402,990 Other receivables ,464,568 12,434,971 14,674, ,214,

136 Notes to the financial statements for the year ended 30 November 2013 cont/d 14. Debtors cont/d... Year ended 30 November 2012 ShortDuration HighYield Bondyield ESG LongShortCredit Yield * Accrued interest income 105,429,146 2,103,062 1,228,008 Amounts receivable for subscription of Units 58,893,331 3,880,789 51,397 Receivable for investments sold - 100,000 3,357,239 Other receivables ,322,477 6,083,851 4,636,644 * This Sub- launched during the year ended 30 November Creditors Year ended 30 November 2013 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Accrued expenses (3,336,871) (293,533) (376,719) (962,211) Amount payable for redemptions of Units (15,712,232) (92,111) (571,840) (9,937,803) Payable for investments purchased (15,020,908) (5,275,479) (4,406,583) - Interest payable (34,070,011) (5,661,123) (5,355,142) (10,900,014) Year ended 30 November 2013 ShortDuration HighYield Bondyield ESG LongShortCredit Yield EmergingMarkets ShortDuration * Performance fees payable - - (1,771,683) - Accrued expenses (6,488,074) (124,231) (515,799) (65,907) Amount payable for redemptions of Units (41,247,568) - (5,218,952) - Payable for investments purchased (455,374,353) (938,505) (41,322,314) (356,663) Interest payable - - (54,910) - (503,109,995) (1,062,736) (48,883,658) (422,570) Year ended 30 November 2013 Global Tactical Credit * Accrued expenses (21,012) Amount payable for redemptions of Units (28,352) Payable for investments purchased (13,183,552) Interest payable - (13,232,916) * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. 135

137 Notes to the financial statements for the year ended 30 November 2013 cont/d 15. Creditors cont/d... Year ended 30 November 2012 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Performance fees payable Accrued expenses (2,847,111) (295,555) (425,670) (725,187) Interest payable Amount payable for redemptions of Units (165,059,157) (212,949) (482,655) - Payable for investments purchased (32,382,235) (6,862,798) (18,747,188) (17,828,057) (200,288,503) (7,371,302) (19,655,513) (18,553,244) Year ended 30 November 2012 ShortDuration HighYield Bondyield ESG LongShortCredit Yield * Performance fees payable - - (323,073) Accrued expenses (4,123,521) (107,083) (92,842) Interest payable - - (36,171) Amount payable for redemptions of Units (79,453,518) - (117,128) Payable for investments purchased (163,491,888) (3,349,701) (10,263,605) (247,068,927) (3,456,784) (10,832,819) * This Sub- launched during the year ended 30 November Efficient portfolio management The Investment Manager may, on behalf of a Sub- engage in transactions in financial derivative instruments for the purposes of efficient portfolio management and/or to protect against exchange risks within the conditions and limits laid down by the Central Bank. Efficient portfolio management transactions relating to the assets of the Sub-s may be entered into by the Investment Manager with one of the following aims; (a) a reduction of risk (including currency exposure risk); (b) a reduction of cost (with no increase or minimal increase in risk); and (c) generation of additional capital or income for a Sub- with a level of risk consistent with the risk profile of a Sub- and the diversification requirements in accordance with the Central Bank s UCITS Notice 9 Eligible Assets and Investment Restrictions and as disclosed in the Prospectus. In relation to efficient portfolio management operations the Investment Manager will look to ensure that the techniques and instruments used are economically appropriate in that they will be realised in a cost-effective way. Such techniques and instruments include but are not limited to futures, options, interest rate swaps, credit default swaps (to buy and sell protection) and forward foreign currency exchange contracts. Any direct and indirect operational costs and/or fees which arise as a result of the use of efficient portfolio management techniques is deducted from the revenue delivered to the relevant Sub- at normal commercial rates and does not include any hidden revenue. 136

138 Notes to the financial statements for the year ended 30 November 2013 cont/d 16. Efficient portfolio management cont/ Such direct or indirect costs and fees are paid to the relevant counterparty to the financial derivative instruments transaction, which, in the case of financial derivative instruments used for currency hedging purposes, includes the Trustee or entities related to the Trustee. All revenues generated through the use of efficient portfolio management techniques, net of direct and indirect operational costs and fees, is returned to the relevant Sub-. The Sub-s invest in financial derivative instruments ( FDIs ) in accordance with conditions or requirements imposed by the Central Bank. The Investment Manager employs a risk management process in respect of a Sub- which enables it to monitor and measure the risks attached to the financial derivative positions using a commitment approach and details of this process have been provided to the Central Bank. Financial derivative instruments not included in the risk management process will not be utilised until such time as a revised risk management process has been submitted to and cleared by the Central Bank. The Manager will provide on request to Unitholders supplementary information relating to the risk management methods employed by the Investment Manager in respect of the Sub-s including the quantitative limits that are applied and any recent developments on the risk and yield characteristics of the main categories of investments. All Sub-s with the exception of LongShortCreditYield use forward foreign currency exchange contracts to hedge the currency exposures of securities or other assets of a Sub- denominated in a currency other than the base currency of the relevant Sub- or the denominated currency of a hedged unit class. In relation to LongShortCreditYield, FDIs are utilised by the Sub- for both investment management and efficient portfolio management purposes. The income arising from these FDIs is disclosed within the net gains on financial assets and liabilities at fair value through profit or loss in the Profit and Loss Account. The realised and unrealised gains and losses are also disclosed in Profit and Loss Account. Counterparty transaction costs on FDIs are embedded in the price of FDIs and are therefore not separately identifiable for disclosure within the financial statements. All derivative contracts open at 30 November 2013 are disclosed in the Portfolios of Investments. There are no other instruments used on the Sub- which require any additional disclosures in relation to Efficiency Portfolio Management. 137

139 Notes to the financial statements for the year ended 30 November 2013 cont/d 17. Exchange rates The Euro exchange rates at the year end used in the annual report are: 30/11/2013 Rate 30/11/2012 Rate CHF CHF GBP GBP NOK NOK SEK SEK The exchange rates at the year end used in the annual report are: 30/11/2013 Rate 30/11/2012 Rate CAD CAD CHF CHF EUR EUR GBP GBP JPY JPY NOK NOK SEK SEK Purchases and sales of investments during the year Year ended 30 November 2013 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Total purchases 3,485,212, ,545, ,196,551 1,947,508,436 Total sales 2,383,780, ,572, ,087,996 1,085,689,430 Year ended 30 November 2013 ShortDuration HighYield Bondyield ESG LongShortCredit Yield EmergingMarkets ShortDuration * Total purchases 8,337,805,434 45,889,588 1,097,438,165 71,111,172 Total sales 4,352,725,953 72,219, ,561,619 7,746,

140 Notes to the financial statements for the year ended 30 November 2013 cont/d 18. Purchases and sales of investments during the year cont/d... Year ended 30 November 2013 Global Tactical Credit * Total purchases 98,010,867 Total sales 6,507,625 * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. Year ended 30 November 2012 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Total purchases 2,358,552, ,032, ,988,896 1,267,940,032 Total sales 1,535,536, ,974, ,035, ,206,982 Year ended 30 November 2012 ShortDuration HighYield Bondyield ESG LongShortCredit Yield * Total purchases 5,171,868,739 91,855, ,684,341 Total sales 1,977,417,251 52,603, ,442,652 * This Sub- launched during the year ended 30 November Related party transactions Muzinich & Co. (Ireland) Limited, as Manager of the, earned the following amounts from the Sub-s for providing this service: Sub- Year ended 30 November 2013 Year ended 30 November 2012 Americayield 43,023,451 29,615,294 uropeyield 3,502,621 2,402,642 Transatlanticyield 5,213,362 3,776,311 Enhancedyield Short-Term 10,523,231 7,015,706 ShortDurationHighYield 69,497,518 34,371,092 Bondyield ESG 659, ,406 LongShortCreditYield 4,063, ,838 EmergingMarketsShortDuration * 102,509 - Global Tactical Credit * 15,

141 Notes to the financial statements for the year ended 30 November 2013 cont/d 19. Related party transactions cont/d At the year end the following amounts were owed by the Sub-s to Muzinich & Co. (Ireland) Limited: Sub- 30 November November 2012 Americayield 3,309,636 2,830,679 uropeyield 280, ,365 Transatlanticyield 333, ,046 Enhancedyield Short-Term 990, ,453 ShortDurationHighYield 6,455,766 4,102,086 Bondyield ESG 85,182 82,077 LongShortCreditYield 334, ,147 EmergingMarketsShortDuration 31,375 - Global Tactical Credit 14,985 - * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. The Administrator s and Trustee fees are paid by the Manager out of the annual fee it receives. At 30 November 2013 a related Company, Muzinich & Co. Limited the 's Sub-Investment Manager and UK Facilities Agent, Sub-Investment Manager and UK Facilities Agent, held the following Units in the relevant Sub- s: Sub- 30 November November 2012 Americayield Hedged Accumulation Units 5,686 1,782 uropeyield Hedged Euro Accumulation Units 1,584 1,584 Transatlanticyield Hedged Euro Accumulation Units 1,051 1,051 Enhancedyield Short-Term Hedged Accumulation Units 3,135 3,135 ShortDurationHighYield Hedged Accumulation Units 2,972 2,972 Bondyield ESG Hedged Euro Accumulation Units 4,021 4,021 LongShortCreditYield Hedged Euro Accumulation Units - 10,000 EmergingMarketsShortDuration Hedged Euro Accumulation A Units 83,149 - Global Tactical Credit Hedged GBP Accumulation A Units 50,000 - The following Sub-s held investments in the EmergingMarketsShortDuration at 30 November 2013 (30 November 2012:Nil). All of these investments were purchased during the year and the relevant Sub-s did not make any disposals of the originally acquired holdings. Sub- Unit Class Number of Units Fair Value % of EmergingMarkets Unrealised Short Duration Gain Americayield Hedged Accumulation Units 100,000 10,152, , uropeyield Hedged Euro Accumulation Units 20,000 2,029,200 29, Transatlanticyield Hedged Euro Accumulation Units 26,000 2,639,520 39, Enhancedyield Short-Term Hedged Accumulation Units 76,000 7,710, , ShortDurationHighYield Hedged Accumulation Units 100,000 10,152, , Mr. George Muzinich, Mr. Mark Clark and Mr. Michael Ludwig are directors of the Manager and are also employees of the Investment Manager to the Sub-s. Ms. Alga Romanovsky is a director of the Manager and an employee of the Muzinich entity in Germany. 140

142 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments The Sub-s primarily invest in the following; Sub- Americayield uropeyield Transatlanticyield Enhancedyield Short-Term ShortDurationHighYield Bondyield ESG LongShortCreditYield EmergingMarketsShortDuration Global Tactical Credit Publicly traded debt securities (including notes and bonds) of United States corporate borrowers generally on regulated markets in the United States. Publicly traded debt securities (including notes and bonds) of European corporate borrowers and Euro denominated debt securities of North American corporate borrowers generally traded in regulated markets in the European Union. Publicly traded debt securities (including notes and bonds) of United States and European corporate borrowers generally traded on regulated markets in the United States, Canada and European Economic Area ( EEA ). The Sub- will at all times invest at least 10% of the portfolio invested in the EEA and the balance in the United States and Canada. Investment grade securities such as corporate bonds, US and European Treasury Bonds, US and European Agency Bonds and mortgage backed securities. The Sub- will at all times invest at least 60% of its Net Asset Value in investment grade securities. Debt securities (including notes and bonds) of corporate borrowers. Diversified portfolio of assets which will primarily consist of fixed and floating rate bonds which are listed and/or traded on a recognised exchange, which have primarily been issued by companies domiciled in or having their principal place of business in North America, the European Union or OECD Member Countries. Higher yielding fixed and/or floating rate corporate bonds issued primarily by U.S. issuers, and also European and/or emerging market issuers. Fixed and/or floating rate corporate and government debt instruments (i.e. bonds and bank loans, subject to a 10% limit in bank loans) with relatively short durations, specifically investing in select short maturity and callable issues and floating rate instruments. The Sub- s short duration profile affords investors a degree of protection against rising interest rates. Fixed and/or floating rate corporate bonds issued by U.S., European and emerging market issuers (normally less than 40% of the Net Asset Value of the Sub- will be invested in emerging market issuers), which are listed and/or traded on a recognised exchange. The Sub-s have no other liabilities other than short-term creditors and participating Units with the exception of LongShortCreditYield. The Sub-s enter into forward foreign currency exchange contracts for the purpose of currency hedging. 141

143 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d Muzinich & Co. (Ireland) Limited, as Manager of the Sub-s, is responsible for the general risk management process with respect to the Sub-s ensuring that the investment mandate and regulatory rules are adhered to. The portfolio management team within the Investment Manager is responsible on a daily basis for credit analysis of underlying assets purchased by the Sub-s and reviews average days to maturity as a means of controlling risk, and will ensure that securities, at the time of purchase, normally have a rating as follows: Sub- Americayield uropeyield LongShortCreditYield Transatlanticyield Enhancedyield Short-Term ShortDurationHighYield Bondyield ESG EmergingMarketsShortDuration Global Tactical Credit Less than A by Moody s but which have been issued by what the Investment Manager considers to be sound, well positioned enterprises possessing attractive long-term prospects. Normally have a minimum rating of "B3" by Moody s but which have been issued by what the Investment Manager considers to be sound, well positioned enterprises possessing attractive long-term prospects. Normally have a rating of at least BBB-/Baa3 or higher as rated by Standard & Poor's and/or Moody's but which have been issued by what the Investment Manager considers to be sound, well positioned enterprises possessing attractive long term prospects. The Sub- will primarily invest in bonds of BB/B rated companies with relatively short durations, specifically investing in select short maturity and callable high yield issues and floating rate instruments. Normally have a minimum credit rating of Baa3 or BBB- or better, as rated by Moody s or Standard & Poor s, or an equivalent rating (as determined by the Investment Manager). The Investment Manager will also ensure that securities purchased are issued by what the Investment Manager considers to be sound, well positioned enterprises possessing attractive long term prospects and which have a focus on environmental, social and governance ( ESG ) policies. Primarily focus on debt instruments with ratings in the B/BB/BBB ratings categories as cited by Moody's and/or Standard & Poor s (or as deemed equivalent by the Investment Manager), but may also invest in higher rated securities cited by Moody s and Standard & Poor s (or as deemed equivalent by the Investment Manager). The Sub- will invest in high yield (i.e. sub-investment grade) corporate bonds and/or investment grade corporate bonds, as rated by Standard and Poor s, Moody s and/or Fitch. The Sub- retains the flexibility to invest substantially in cash and/or money market instruments, to include but not limited to, term deposits, OECD government bills and treasury notes with investment grade ratings as well as debt instruments issued by OECD banks and corporates with a minimum A- rating or better. 142

144 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d Details of the investment strategy of the Investment Manager during the year is contained within their report for the relevant Sub-. Under the UCITS notices issued by the Central Bank, the Manager is required to employ a risk management process which enables it to accurately monitor and manage the global exposure to the relevant Sub- from derivatives. The Manager uses a methodology known as the Commitment Approach to measure the global exposure of the Sub-s and manage the potential loss to the Sub-s due to market risk. The Commitment approach is a methodology that aggregates the underlying market or notional values of derivatives to determine the exposure of the Sub-s to derivatives. In accordance with the UCITS notices, global exposure for the Sub-s to derivatives must not exceed 100% of the relevant Sub- s net asset value. During the year the Sub-s adhered to this guidance. An investment in the Sub-s involves certain substantial risks, and returns from the Sub-s may not adequately compensate Unitholders for the risks assumed. The Sub-s will be subject to those risks common to funds investing in publicly traded securities, including market volatility. The main risks relating to financial instruments are set out below. (a) Market Risk This is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk; market price risk, interest rate risk and currency risk. (i) Market price risk This is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk and currency risk), whether those changes are caused by factors specific to individual financial instruments or its issuer, or other factors affecting similar financial instruments traded in the market. The Sub-s invest in debt securities. Movements in the market prices of debt securities will affect the Net Asset Value of the Sub-s. The Sub- s are therefore exposed to market price risks in relation to its debt investments. The Sub-s overall market positions are monitored on a daily basis by the Sub-s Investment Manager. The portfolio manager for the Sub-s reviews the portfolios on a daily basis from a performance and risk perspective. All security trades are subject to pre-trade compliance checks and additionally the portfolios are monitored daily within the Investment Manager s trading system for restrictions and guidelines specific to the relevant Sub-. Within the Investment Manager is the Portfolio Risk Analytics Group ( PRAG ). This body s responsibilities are directly concerned with the relevant Sub- s strategy and compliance with its mandate. The PRAG reports directly to the executive board of the Investment Manager. The PRAG is responsible for the review of all accounts to assure their conformity with their stated guidelines, such as portfolio diversification, minimum credit rating compliance, etc. This also includes risk control surveillance that involves monitoring of currency positions to make sure that portfolios are properly hedged to limit their exposure to currency risk. 143

145 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d (i) Market price risk cont/d For Americayield, uropeyield, Transatlanticyield and Enhancedyield Short-Term a factor that is used to assess the portfolios market price risk in comparison to an index is BETA. A portfolio with a BETA of 1.5% has 50% more market risk than the index to which the portfolio is being compared. In a rising market, a portfolio with a BETA of greater than 1.0 is more likely to outperform than underperform this index, while in a falling market, such a portfolio is more likely to underperform than outperform the index (ignoring all other factors). As at 30 November 2013 the aforementioned Sub-s had a BETA as follows: Sub- 30 November November 2012 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term (0.65) 1.79 The tables below present a scenario analysis which is considered a reasonable possible change over the coming year, in which a -40% and +40% change is applied to the BETA, together with a 5% movement in the index on which the BETA is derived: Scenario of a 40% increase in BETA combined with a 5% increase in the underlying index: 30 November 2013: Sub- BETA BETA with 40% increase Initial value ( 000) New Value ( 000) Americayield ,254,849 4,537,796 uropeyield , ,158 Transatlanticyield , ,079 Enhancedyield Short-Term (0.65) (0.39) 2,351,641 2,305, November 2012: Sub- BETA BETA with 40% increase Initial value ( 000) New Value ( 000) Americayield ,142,163 3,342,318 uropeyield , ,893 Transatlanticyield , ,402 Enhancedyield Short-Term ,518,699 1,708,

146 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d (i) Market price risk cont/d The table below sets out the impact of a 10% movement in market prices of financial assets at fair value through profit or loss to the net assets attributable to Unitholders of the Sub-s not applying Beta. ShortDurationHighYield 30/11/ /11/2012 Net assets attributable to Unitholders 9,722,288,553 5,668,547,691 Financial assets at fair value through profit or loss (corporate bonds only) 9,180,866,202 5,410,361,537 Impact of a 10% movement in market prices of financial assets at fair value through profit or loss 918,086, ,036,154 Impact of a 10% decrease in market price of net assets attributable to Unitholders 8,804,201,933 5,127,511,537 Impact of a 10% increase in market price of net assets attributable to Unitholders 10,640,375,173 6,209,583,845 Bondyield ESG 30/11/ /11/2012 Net assets attributable to Unitholders 74,236, ,562,622 Financial assets at fair value through profit or loss (corporate bonds only) 73,082, ,421,670 Impact of a 10% movement in market prices of financial assets at fair value through profit or loss 7,308,269 10,142,167 Impact of a 10% decrease in market price of net assets attributable to Unitholders 66,928,473 96,420,455 Impact of a 10% increase in market price of net assets attributable to Unitholders 81,545, ,704,

147 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d (i) Market price risk cont/d LongShortCreditYield 30/11/ /11/2012 Net assets attributable to Unitholders 394,109,009 65,341,749 Financial assets at fair value through profit or loss (corporate bonds only) 320,053,471 59,552,146 Impact of a 10% movement in market prices of financial assets at fair value through profit or loss 32,005,347 5,955,215 Impact of a 10% decrease in market price of net assets attributable to Unitholders 362,103,662 59,386,534 Impact of a 10% increase in market price of net assets attributable to Unitholders 426,114,356 71,296,964 EmergingMarketsShortDuration 30/11/2013 Net assets attributable to Unitholders 65,168,104 Financial assets at fair value through profit or loss (corporate bonds only) 63,158,201 Impact of a 10% movement in market prices of financial assets at fair value through profit or loss 6,315,820 Impact of a 10% decrease in market price of net assets attributable to Unitholders 58,852,284 Impact of a 10% increase in market price of net assets attributable to Unitholders 71,483,

148 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d (i) Market price risk cont/d Global Tactical Credit 30/11/2013 Net assets attributable to Unitholders 117,065,770 Financial assets at fair value through profit or loss (corporate bonds only) 91,751,330 Impact of a 10% movement in market prices of financial assets at fair value through profit or loss 9,175,133 Impact of a 10% decrease in market price of net assets attributable to Unitholders 82,576,197 Impact of a 10% increase in market price of net assets attributable to Unitholders 100,926,463 40% decrease in BETA combined with a 5% decrease in the underlying index: 30 November 2013: Sub- BETA BETA with 40% decrease Initial value ( 000) New Value ( 000) Americayield ,254,849 4,133,586 uropeyield , ,165 Transatlanticyield , ,976 Enhancedyield Short-Term (0.65) (0.91) 2,351,641 2,458, November 2012: Sub- BETA BETA with 40% decrease Initial value ( 000) New Value ( 000) Americayield ,142,162 3,056,381 uropeyield , ,896 Transatlanticyield , ,434 Enhancedyield Short-Term ,518,699 1,437,

149 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d (ii) Interest rate risk This is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Sub-s invest mainly in fixed income securities i.e. bonds. Accordingly, the value of the investments in the Sub-s is sensitive to movements in interest rates. Longer term obligations are usually more sensitive to interest rate changes. The performance of the Sub- s may be affected by changes in economic and marketing conditions and in the legal, regulatory and tax requirements or due to an issuer s individual situation. A bond s sensitivity to interest rates can be expressed in terms of duration, which gives the estimated percentage change in the relevant portfolio value, associated with a 0.05% increase in interest rates. The table below provides duration numbers at 30 November 2013 and 30 November Also shown in the table is the estimated impact on the portfolio of 50 basis point (0.5 of 1%) increase in interest rates. The sensitivity analysis is based on a small parallel shift of the yield curve (interest rates of all maturities moving in unison): 30 November 2013: Sub- Duration Initial value ( 000) Expected return if interest rates rise by 50 basis points % Monetary effect ( 000) Americayield ,254,849 (1.71)% (72,545) uropeyield ,563 (1.44)% (5,002) Transatlanticyield ,707 (1.76)% (9,288) Enhancedyield Short-Term ,351,641 (0.86)% (20,107) ShortDurationHighYield ,722,288 (0.42)% (40,834) Bondyield ESG , % 1,429 LongShortCreditYield , % 496,577 EmergingMarketsShortDuration ,158 (1.04)% (678) Global Tactical Credit 30 November 2012: Sub- Duration Initial value ( 000) Expected return if interest rates rise by 50 basis points % Monetary effect ( 000) Americayield ,142,162 (1.76)% (55,302) uropeyield ,495 (1.58)% (5,159) Transatlanticyield ,224 (1.78)% (9,224) Enhancedyield Short-Term ,518,699 (0.74)% (11,162) ShortDurationHighYield ,668,547 (0.65)% (36,846) Bondyield ESG ,563 (1.93)% (2,057) LongShortCreditYield , % 75,

150 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (ii) Interest rate risk cont/d Interest rate profile The interest rate profile of the Sub-s Portfolios of Investments at 30 November 2013 was as follows: Americayield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 122,075, ,075,202 Transferable Securities - 960,355,739 3,059,074,410 10,152,000 4,029,582,149 Financial Derivative Instruments ,911,615 31,911,615 Other assets ,142,680 88,142,680 Total Assets 122,075, ,355,739 3,059,074, ,206,295 4,271,711,646 Total Other liabilities (34,070,011) (34,070,011) Total Liabilities (34,070,011) (34,070,011) Adjustments from bid market prices to last traded market prices 17,207,455 Total Net Assets 4,254,849,090 uropeyield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 12,917, ,917,079 Transferable Securities 1,019, ,446, ,836,338 2,029, ,331,313 Other assets ,214,684 8,214,684 Total Assets 13,936, ,446, ,836,338 10,243, ,463,076 Total Financial Derivative Instruments (1,539,316) (1,539,316) Other liabilities (5,661,123) (5,661,123) Total Liabilities (7,200,439) (7,200,439) Adjustments from bid market prices to last traded market prices 1,300,568 Total Net Assets 348,563,

151 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (ii) Interest rate risk cont/d Interest rate profile cont/d Transatlanticyield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 5,113, ,113,482 Transferable Securities - 100,302, ,252,751 2,639, ,195,147 Financial Derivative Instruments ,828,383 7,828,383 Other assets ,783,581 10,783,581 Total Assets 5,113, ,302, ,252,751 21,251, ,920,593 Total Other liabilities (5,355,142) (5,355,142) Total Liabilities (5,355,142) (5,355,142) Adjustments from bid market prices to last traded market prices 2,141,228 Total Net Assets 527,706,679 Enhancedyield Short-Term Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 19,574, ,574,278 Transferable Securities 203,880,335 1,901,088, ,893,474 7,710,961 2,268,572,840 Other assets ,879,623 77,879,623 Total Assets 223,454,613 1,901,088, ,893,474 85,590,584 2,366,026,741 Total Financial Derivative Instruments (7,847,541) (7,847,541) Other liabilities (10,900,014) (10,900,014) Total Liabilities (18,747,555) (18,747,555) Adjustments from bid market prices to last traded market prices 4,361,426 Total Net Assets 2,351,640,

152 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (ii) Interest rate risk cont/d Interest rate profile cont/d ShortDurationHighYield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 641,146, ,146,949 Transferable Securities 400,452,954 6,601,373,029 2,179,040,219 10,152,000 9,191,018,202 Financial Derivative Instruments ,450,869 77,450,869 Other assets ,648, ,648,524 Total Assets 1,041,599,903 6,601,373,029 2,179,040, ,251,393 10,194,264,544 Total Other liabilities (503,109,995) (503,109,995) Total Liabilities (503,109,995) (503,109,995) Adjustments from bid market prices to last traded market prices 31,134,004 Total Net Assets 9,722,288,553 Bondyield ESG Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 1,246, ,246,227 Transferable Securities 2,062,049 35,920,650 35,099,990-73,082,689 Financial Derivative Instruments ,492,831 1,492,831 Total Assets 3,308,276 35,920,650 35,099,990 1,492,831 75,821,747 Total Financial Derivative Instruments (712,857) (712,857) Other liabilities (1,062,736) (1,062,736) Total Liabilities (1,775,593) (1,775,593) Adjustments from bid market prices to last traded market prices 190,588 Total Net Assets 74,236,

153 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (ii) Interest rate risk cont/d Interest rate profile cont/d LongShortCreditYield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 39,566, ,566,745 Transferable Securities 24,403, ,551, ,101,740 2,207, ,264,273 Financial Derivative Instruments ,197,582 6,197,582 Other assets ,007,174 48,007,174 Total Assets 63,970, ,551, ,101,740 56,411, ,035,774 Total Financial Derivative Instruments (1,215,465) (1,215,465) Other liabilities (48,883,658) (48,883,658) Total Liabilities (50,099,123) (50,099,123) Adjustments from bid market prices to last traded market prices 1,172,358 Total Net Assets 394,109,009 EmergingMarketsShortDuration * Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 657, ,202 Transferable Securities 3,361,907 52,243,548 7,552,746-63,158,201 Other assets ,510,024 1,510,024 Total Assets 4,019,109 52,243,548 7,552,746 1,510,024 65,325,427 Total Financial Derivative Instruments (11,868) (11,868) Other liabilities (422,570) (422,570) Total Liabilities (434,438) (434,438) Adjustments from bid market prices to last traded market prices 277,115 Total Net Assets 65,168,

154 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (ii) Interest rate risk cont/d Interest rate profile cont/d Global Tactical Credit * Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 28,553, ,553,102 Transferable Securities 1,061,250 42,299,371 48,390,709-91,751,330 Financial Derivative Instruments ,554,252 1,554,252 Other assets ,066,935 8,066,935 Total Assets 29,614,352 42,299,371 48,390,709 9,621, ,925,619 Total Other liabilities (13,232,916) (13,232,916) Total Liabilities (13,232,916) (13,232,916) Adjustments from bid market prices to last traded market prices 373,067 Total Net Assets 117,065,770 * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. The interest rate profile of the Sub-s Portfolios of Investments at 30 November 2012 was as follows: Americayield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 168,473, ,473,049 Transferable Securities - 577,562,095 2,368,402,209-2,945,964,303 Financial Derivative Instruments ,120,722 11,120,722 Other assets ,464, ,464,568 Total Assets 168,473, ,562,095 2,368,402, ,585,290 3,330,022,642 Total Other liabilities (200,288,503) (200,288,503) Total Liabilities (200,288,503) (200,288,503) Adjustments from bid market prices to last traded market prices 12,428,618 Total Net Assets 3,142,162,

155 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (ii) Interest rate risk cont/d Interest rate profile cont/d uropeyield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 18,270, ,270,371 Transferable Securities 7,741, ,679, ,671, ,092,396 Financial Derivative Instruments , ,221 Other assets ,434,971 12,434,971 Total Assets 26,011, ,679, ,671,916 12,909, ,271,959 Total Other liabilities (7,371,302) (7,371,302) Total Liabilities (7,371,302) (7,371,302) Adjustments from bid market prices to last traded market prices 1,594,472 Total Net Assets 326,495,129 Transatlanticyield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 55,059, ,059,200 Transferable Securities - 87,394, ,581, ,975,645 Financial Derivative Instruments , ,632 Other assets ,674,756 14,674,756 Total Assets 55,059,200 87,394, ,581,501 14,843, ,878,233 Total Other liabilities (19,655,513) (19,655,513) Total Liabilities (19,655,513) (19,655,513) Adjustments from bid market prices to last traded market prices 2,001,604 Total Net Assets 518,224,

156 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (ii) Interest rate risk cont/d Interest rate profile cont/d Enhancedyield Short-Term Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 52,275, ,275,739 Transferable Securities 193,155,975 1,176,984,780 10,060,800-1,380,201,555 Financial Derivative Instruments , ,644 Other assets ,214, ,214,054 Total Assets 245,431,714 1,176,984,780 10,060, ,837,698 1,533,314,992 Total Other liabilities (18,553,244) (18,553,244) Total Liabilities (18,553,244) (18,553,244) Adjustments from bid market prices to last traded market prices 3,936,901 Total Net Assets 1,518,698,649 ShortDurationHighYield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 318,114, ,114,818 Transferable Securities 105,066,728 3,657,483,400 1,640,406,231-5,402,956,359 Financial Derivative Instruments ,405,178 7,405,178 Other assets ,322, ,322,477 Total Assets 423,181,546 3,657,483,400 1,640,406, ,727,655 5,892,798,832 Total Other liabilities (247,068,927) (247,068,927) Total Liabilities (247,068,927) (247,068,927) Adjustments from bid market prices to last traded market prices 22,817,786 Total Net Assets 5,668,547,

157 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (ii) Interest rate risk cont/d Interest rate profile cont/d Bondyield ESG Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 2,232, ,232,830 Transferable Securities 2,151,501 47,134,254 51,855, ,141,422 Financial Derivative Instruments , ,248 Other assets ,083,851 6,083,851 Total Assets 4,384,331 47,134,254 51,855,667 6,364, ,738,351 Total Other liabilities (3,456,784) (3,456,784) Total Liabilities (3,456,784) (3,456,784) Adjustments from bid market prices to last traded market prices 281,055 Total Net Assets 106,562,622 LongShortCreditYield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 12,192, ,192,627 Transferable Securities 804,688 24,384,635 34,362,823-59,552,146 Financial Derivative Instruments , ,116 Other assets ,636,644 4,636,644 Total Assets 12,997,315 24,384,635 34,362,823 4,781,760 76,526,533 Total Financial Derivative Instruments (578,132) (578,132) Other liabilities (10,832,819) (10,832,819) Total Liabilities (11,410,951) (11,410,951) Adjustments from bid market prices to last traded market prices 226,167 Total Net Assets 65,341,

158 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (ii) Interest rate risk cont/d Interest rate profile cont/d (iii) Currency risk Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. This risk arises on financial instruments that are denominated in a currency other than the functional currency in which they are measured. The Investment Manager will attempt to mitigate currency risk related to the hedged Unit Classes by using forward foreign currency exchange contracts in order to hedge against fluctuations in currencies other than the functional currency of the relevant Sub-. The tables below provide details of the exposure (by weight) to each currency as at 30 November 2013 at fair value prices: Americayield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % GBP CHF (51.93) Total The tables below provide details of the exposure (by weight) to each currency as at 30 November 2013 at fair value prices: uropeyield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % CHF (2.11) 0.01 GBP (19.69) 4.27 SEK (4.51) Total (0.43)

159 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (iii) Currency risk cont/d Transatlanticyield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % CHF (0.74) - GBP (77.43) 3.48 EUR (0.02) SEK Total Enhancedyield Short-Term Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % GBP (0.37) CHF EUR Total (0.33) ShortDurationHighYield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % EUR GBP CHF CAD (47.92) JPY NOK SEK Total (47.74) Bondyield ESG Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % GBP (23.69) 0.05 CHF (0.58) 0.01 NOK (6.52) 5.27 EUR Total (0.97)

160 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (iii) Currency risk cont/d LongShortCreditYield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % CHF EUR GBP (81.95) 8.41 Total EmergingMarketsShortDuration * Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % EUR GBP (31.16) Total (0.01) Global Tactical Credit * Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % CHF EUR (2.93) GBP 8.46 (1.30) (67.11) Total * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. The tables below provide details of the exposure (by weight) to each currency as at 30 November 2012 at fair value prices: Americayield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % GBP - - (0.02) (0.02) EUR 0.16 (0.13) CHF Total

161 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (iii) Currency risk cont/d uropeyield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % CHF GBP (0.11) SEK - - (0.04) (0.04) EUR Total Transatlanticyield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % CHF (0.01) 0.44 GBP 2.28 (0.08) (0.16) EUR Total Enhancedyield Short-Term Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % GBP CHF EUR Total ShortDurationHighYield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % EUR GBP (0.04) 0.93 CHF CAD - - (0.01) (0.01) JPY - - (0.01) (0.01) Total

162 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (iii) Currency risk cont/d Bondyield ESG Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % GBP (0.91) CHF NOK EUR Total LongShortCreditYield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % CHF EUR GBP - - (0.20) (0.20) Total At the 30 November 2013, had the exchange rates between foreign currencies and the relevant base currency for each Sub- increased by 5%, with all other variables held constant, the increase in net assets attributable to holders of participating Units would have amounted to approximately the following: Sub- 30 November November 2012 Americayield 111,624, ,517 uropeyield 2,030,061 4,075,153 Transatlanticyield 25,366,547 3,540,910 Enhancedyield Short-Term 4,311,036 13,813,649 ShortDurationHighYield 313,074,608 30,507,671 Bondyield ESG 906,912 1,808,971 LongShortCreditYield 11,992,583 52,329 EmergingMarketsShortDuration * 1,631,862 - Global Tactical Credit * 5,238,258 - A decrease of 5% would have had an equal, but opposite effect. * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. 161

163 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (b) Credit risk This is the risk that one party to a financial instrument or transaction will cause a financial loss for the other party by failing to discharge an obligation when it falls due. This includes counterparty risk and issuer (or investment) risk. The Sub-s are subject to the credit risk of its Trustee with respect to cash balances and settlements. The Investment Manager reviews the creditworthiness of the Trustee for these purposes. The Investment Manager reviews in detail the creditworthiness of all bond issuers before committing to a purchase using available information in the market place. The creditworthiness of issuers is also kept under constant review. The Sub- s have no impaired or past due assets. As disclosed in Note 13, all cash at bank balances are held with State Street Bank and Trust Company (30 November 2012: State Street Bank and Trust Company). State Street Bank and Trust Company currently holds a long term rating of A1 (30 November 2012: Aa2) (Moody s). The cash held as collateral is held with Deutsche Bank and JP Morgan Chase as detailed in Note 13 (30 November 2012: Deutsche Bank). State Street Bank and Trust Company also act as counterparty to the forward foreign currency exchange contracts held at 30 November 2013 and 30 November The total carrying value of assets exposed to credit risk and details of credit risk exposures and concentration are contained in the Portfolios of Investments. At 30 November 2013 and 30 November 2012, the following financial assets were exposed to credit risk as summarised in the table below: Americayield Commercial notes and bonds 30 November November November November 2012 % of Portfolio % of Portfolio BBB 51,149, ,254, BB1 278,458, ,333, BB2 903,566, ,597, BB3 899,300, ,654, B1 477,756, ,634, B2 967,856, ,056, B3 468,701, ,094, <B ,767, Cash at bank 122,075, ,473, Other net assets 85,984, ,296, Total 4,254,849, ,142,162,

164 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (b) Credit risk cont/d uropeyield Commercial notes and bonds 30 November November November November 2012 % of Portfolio % of Portfolio BBB 10,123, ,552, BB1 67,633, ,214, BB2 39,542, ,206, BB3 58,491, ,734, B1 63,497, ,498, B2 46,438, ,493, B3 37,999, ,609, <B3 10,904, ,378, Cash at bank 12,917, ,270, Other net assets 1,014, ,537, Total 348,563, ,495, Transatlanticyield Commercial notes and bonds 30 November November November November 2012 % of Portfolio % of Portfolio BBB 7,271, ,379, BB1 31,989, ,674, BB2 104,131, ,213, BB3 100,050, ,152, B1 70,781, ,432, B2 106,481, ,706, B3 72,960, ,642, <B3 15,670, ,775, Cash at bank 5,113, ,059, Other net (liabilities)/assets 13,256, (4,812,125) (0.93) Total 527,706, ,224,

165 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (b) Credit risk cont/d Enhancedyield Short - Term Commercial notes and bonds 30 November November November November 2012 % of Portfolio % of Portfolio >BBB1 235,655, ,973, BBB 1,203,647, ,129, BB1 273,035, ,396, BB2 78,463, ,466, BB3 75,385, ,563, B1 143,703, ,003, B2 191,468, ,946, B3 71,574, ,660, Cash at bank 19,574, ,275, Other net assets 59,132, ,284, Total 2,351,640, ,518,698, ShortDurationHighYield Commercial notes and bonds 30 November November November November 2012 % of Portfolio % of Portfolio BBB 650,413, ,787, BB1 837,501, ,949, BB2 1,923,691, ,851, BB3 1,702,908, ,432,946, B1 1,495,028, ,160, B2 1,692,377, ,539, B3 851,703, ,195, <B3 68,528, ,342, Cash at bank 641,146, ,114, Other net (liabilities)/assets (141,061,601) (1.45) (75,341,272) (1.33) Total 9,722,288, ,668,547,

166 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (b) Credit risk cont/d Bondyield ESG Commercial notes and bonds 30 November November November November 2012 % of Portfolio % of Portfolio >BBB1 3,844, ,953, BBB 54,629, ,695, BB1 3,194, ,237, BB2 3,105, ,699, BB3 4,643, ,251, B1 2,350, ,330, B2 1,505, B , <B Cash at bank 1,246, ,232, Other net (liabilities)/assets (282,761) (0.38) 2,907, Total 74,236, ,562, LongShortCreditYield Commercial notes and bonds 30 November November November November 2012 % of Portfolio % of Portfolio BBB 16,406, ,847, BB1 49,252, ,792, BB2 51,826, ,021, BB3 47,287, ,228, B1 54,535, ,614, B2 41,411, ,089, B3 48,478, ,058, <B3 40,779, ,126, Cash at bank 39,566, ,192, Other net assets/(liabilities) 4,510, (6,629,191) (10.15) Total 394,109, ,341,

167 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (b) Credit risk cont/d EmergingMarketsShortDuration Commercial notes and bonds 30 November November 2013 % of Portfolio >BBB1 1,306, BBB 27,752, BB1 5,931, BB2 4,427, BB3 7,123, B1 6,730, B2 7,295, B3 2,175, <B3 691, Cash at bank 657, Other net assets 1,075, Total 65,168, Global Tactical Commercial notes and bonds 30 November November 2013 % of Portfolio BBB 2,954, BB1 11,072, BB2 13,012, BB3 14,551, B1 13,507, B2 20,567, B3 10,205, <B3 6,253, Cash at bank 28,553, Other net assets (3,611,730) (3.09) Total 117,065, * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. In the event of insolvency or bankruptcy of the Trustee, the Sub-s will be treated as a general creditor. The long term credit rating of the parent company of the Trustee, State Street Corporation is A1 (30 November 2012: A1) (Moody s). 166

168 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (b) Credit risk cont/d The Sub- s securities are maintained within the Custodian's custodial network in segregated accounts. The Custodian will ensure that any agents it appoints to assist in safekeeping the assets of the Sub- will segregate the assets of the Sub-. Thus in the event of insolvency or bankruptcy of the Custodian, the Sub- s assets are segregated and protected and this further reduces counterparty risk. The Sub- will however, be exposed to the risk of the Custodian or certain depositories used by the Custodian, in relation to the Sub- s cash held by the Custodian. In event of the insolvency or bankruptcy of the Custodian, the Sub- will be treated as a general creditor of the Custodian in relation to cash holdings of the Sub-. (c) Liquidity risk Liquidity risk is defined as the risk that the Sub-s may not be able to meet its financial liabilities when they fall due. The Sub-s investments are primarily in commercial notes and bonds. These are subject to liquidity risks because there may be no active secondary market for these types of investments. The Sub-s may not be able to quickly liquidate their investments at amounts close to their fair values in order to respond to its liquidity requirements, including those arising from the redemption of participating Units. The Investment Manager monitors the Sub-s liquidity positions on a daily basis. The main financial liability of the Sub-s is the redemption of participating Units. As part of an openended umbrella unit trust, the Sub-s are required to redeem Units at a price equivalent to the Net Asset Value per Unit, subject to settlement and dealing restrictions laid down in the Trust Deed. The Sub-s may also apply a redemption fee of up to a maximum of 1% (% of NAV per Unit). The Sub- is therefore exposed to the liquidity risk of meeting Unitholder s redemptions at any time. The Investment Manager ensures that the Sub-s have at all times a sufficient amount of liquid assets in order to meet potential redemption requests. The Investment Manager monitors this situation by reviewing liquidity in the market place. The Sub- also have the ability to limit daily redemption requests to 10% of the Units in issue. The Sub-s enter into derivative contracts traded over the counter ( OTC ), which are not traded in an organised market. The Sub-s may not be able to liquidate these OTC contracts at an amount which represents their fair value. The Sub-s enter into forward foreign currency exchange contracts for the purpose of hedging the unit classes in the relevant Sub- and LongShortCreditYield enters into other OTC derivative contracts (including credit default swaps, total return swaps and options) in order to pursue its investment objective. The Investment Manager does not consider liquidity risk in relation to OTC contracts to be significant to the Sub-s. The following tables show the contractual, undiscounted cash flows of the Sub-s financial liabilities: As at 30 November 2013 Sub- Net assets attributable to Unitholders Creditors Financial Derivative Instruments Americayield 4,254,849,090 34,070,011 - uropeyield 348,563,205 5,661,123 1,539,316 Transatlanticyield 527,706,679 5,355,142 - Enhancedyield Short-Term 2,351,640,612 10,900,014 7,847,541 ShortDurationHighYield 9,722,288, ,109,995 - Bondyield ESG 74,236,742 1,062, ,857 LongShortCreditYield 394,109,009 48,883,658 1,215,465 EmergingMarketsShortDuration 65,168, ,570 11,868 Global Tactical Credit 117,065,770 13,232,916 - All the above liabilities are payable within one month. 167

169 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (c) Liquidity risk cont/d As at 30 November 2012 Sub- Net assets attributable to Unitholders Creditors Financial Derivative Instruments Americayield 3,142,162, ,288,503 - uropeyield 326,495,129 7,371,302 - Transatlanticyield 518,224,324 19,655,513 - Enhancedyield Short-Term 1,518,698,649 18,553,244 - ShortDurationHighYield 5,668,547, ,068,927 - Bondyield ESG 106,562,622 3,456,784 - LongShortCreditYield 65,341,749 10,832, ,132 All the above liabilities are payable within one month. (d) Fair value hierarchy FRS 29 Financial Instruments: Disclosures requires the Sub-s to classify assets and liabilities in a fair value hierarchy that reflects the significance of the inputs used in making the measurements. FRS 29 establishes a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under FRS 29 are as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability either directly (that is, as prices) or indirectly (that is, derived from prices); Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs). The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The determination of what constitutes observable requires significant judgement by the Investment Manager. The Investment Manager consider observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. For each Sub- all holdings are classified as Level 2 within the fair value hierarchy with the exception of equities on the LongShortCreditYield which are classified as Level

170 Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (d) Fair value hierarchy The financial instruments at 30 November 2013 and 30 November 2012 are classified as follows: Corporate bonds 2 Bank Loans 2 Collective investment schemes 2 Equities 1 Forward foreign currency exchange contracts 2 Options 2 Credit Default Swaps 2 Total Return Swaps 2 Level Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include investment-grade corporate bonds, collective investment schemes, forward foreign currency exchange contracts, credit default swaps, total return swaps and options. As Level 2 investments include positions that are not traded in active markets and are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and non-transferability, which are generally based on available market information. The collective investment schemes held by the Sub-s are not quoted in active markets. The collective investment schemes classified as Level 2 were fair valued using the net asset value of the investee funds, as reported by the respective collective investment scheme's administrator. For these investment collective schemes, the Investment Manager believes the Sub- could have redeemed its investment at the net asset value per Unit at the Balance Sheet date. Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently. As observable prices were not available for these securities, the relevant Sub- used valuation techniques to derive the fair value. The Investment Manager fair valued the Level 3 corporate debt securities based on a comparable assessment to similar investments. There are no Level 3 investments held at 30 November 2013 or 30 November The following table shows a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 of the Transatlanticyield between the beginning and the end of the year ended 30 November 2012: Year ended 30/11/2012 Opening balance 64,521 Gains and losses recognised in the Profit and Loss Account 4,527 Purchases - Sales (69,048) Transfers out of Level 3 - Transfer into Level 3 - Closing balance - There were no transfers between Level 1 and Level 2 during the year ended 30 November 2013 or the year ended 30 November

171 Notes to the financial statements for the year ended 30 November 2013 cont/d 21. Soft commission arrangements There were no soft commission arrangements in place during the year or during the prior year and there are no plans to introduce such programs. 22. Events after the Balance Sheet date The Sub-s paid the following dividends in the post year end period. These dividends were declared after the year end and are not included as a liability in these financial statements. Pay Date Amount Americayield 9 December ,297,539 uropeyield 9 December ,639 Transatlanticyield 9 December ,676,723 Enhancedyield Short-Term 9 December ,434,852 ShortDurationHighYield 9 December ,563,765 Global Tactical Credit 9 December ,782 There have been no other significant events affecting the Sub-s since the Balance Sheet date that require amendment to or disclosure in the financial statements. 23. Approval of the financial statements The financial statements were approved by the Directors of the Manager on 20 March

172 Directory MANAGER Muzinich & Co. (Ireland) Limited 33 Sir John Rogerson s Quay Dublin 2 Ireland BOARD OF DIRECTORS OF THE MANAGER Mr. George Muzinich (American) (Resigned 3 September 2013) Mr. Mark Clark (American) Mr. Michael Francis O'Brien* (Irish) Mr. Michael Ludwig (German) Mr. Brian O Loughlin* (Irish) Ms. Aiga Romanovsky (American) (Appointed 3 September 2013) * Independent non- executive Director. INVESTMENT MANAGER Muzinich Co. Ltd (from 9 July 2013) Muzinich & Co., Inc. (up to 9 July 2013) 15 Portland Place 450 Park Avenue London W1B 1PT New York England NY10022 USA SUB-INVESTMENT MANAGER Muzinich & Co., Inc. (from 9 July 2013) Muzinich Co. Ltd (up to 9 July 2013) 450 Park Avenue 15 Portland Place New York London W1B 1PT NY10022 England USA ADMINISTRATOR State Street Services (Ireland) Limited 78 Sir John Rogerson s Quay Dublin 2 Ireland TRUSTEE State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson s Quay Dublin 2 Ireland INDEPENDENT AUDITORS Deloitte & Touche Chartered Accountants and Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin 2 Ireland 171

173 Directory cont/d LEGAL ADVISERS IN IRELAND Dillon Eustace 33 Sir John Rogerson s Quay Dublin 2 Ireland UK FACILITIES AGENT Muzinich & Co. Limited 15 Portland Place London W1B 1PT England SPONSORING BROKER J & E Davy Davy House 49 Dawson Street Dublin 2 Ireland SWISS REPRESENTATIVE Carnegie Services S.A. 11 rue du Général-Dufour 1204 Geneva Switzerland SWISS PAYING AGENT Banque Cantonale de Genève 17 quai de I lle 1204 Geneva Switzerland The Prospectus, the Key investor information documents, the Trust Deed, the annual and semi-annual financial statements as well as a list containing all purchases and sales which have been made during the reporting period can be obtained free of charge at the office of the Swiss Representative. The information contained in this report is historical and not necessarily indicative of future performance. The performance data contained in this report does not take account of any commissions or costs charged when subscribing and redeeming shares. 172

174 Schedule of Significant Portfolio Changes for the year ended 30 November 2013 (Unaudited) Americayield Major Purchases (All Bonds) Maturity Cost Continental Resources Inc 15/04/ ,514,563 SandRidge Energy Inc 15/02/ ,821,875 TPC Group Inc 15/12/ ,850,875 Alcoa Inc 15/08/ ,976,368 Atlas Pipeline Finance Corp 01/08/ ,932,328 Sabine Pass Liquefaction LLC 15/03/ ,750,000 Metropcs Wireless Inc 01/04/ ,906,188 International Lease Finance Corp 15/03/ ,875,000 Meccanica Holdings USA 15/07/ ,853,005 Intelsat Jackson Holdings 01/04/ ,291,188 Tops Holding Corp / Tops Markets 15/12/ ,219,775 Rain CII Carbon Llc 15/01/ ,166,750 Greif Inc 01/08/ ,156,678 Hewlett-Packard Co 01/06/ ,937,239 Crestwood Midstream Partners LP 15/12/ ,352,203 RBS Global & Rexnord Corp 01/05/ ,236,563 Schaeffler Finance BV 15/05/ ,228,750 H&E Equipment Services Inc 01/09/ ,150,938 Celanese US Holdings LLC 15/06/ ,497,531 Hanesbrands Inc 15/12/ ,445,739 Major Sales (All Bonds) Maturity Proceeds Continental Resources Inc 15/04/ ,159,188 Samson Investment Co 15/02/ ,710,125 Rhodia SA 15/09/ ,740,610 Hewlett-Packard Co 01/06/ ,613,034 SandRidge Energy Inc 15/02/ ,583,281 Entravision Communications 01/08/ ,330,213 Forest Oil Corp 15/06/ ,748,373 JMC Steel Group 15/03/ ,641,563 Computer Sciences Corp 15/03/ ,825,523 International Lease Finance Corp 15/09/ ,708,254 Cricket Communications Inc 15/10/ ,831,250 Chesapeake Energy Corp 15/08/ ,867,375 Plains Exploration & Production Co 15/02/ ,812,813 Arch Coal Inc 15/06/ ,237,938 Concho Resources Inc 01/04/ ,423,531 Schaeffler Finance BV 15/02/ ,381,688 Chrysler Group/CG Co-Issuer 15/06/ ,694,344 XM Satellite Radio Inc 01/11/ ,512,500 ArcelorMittal 01/03/ ,341,719 Linn Energy Llc 01/11/ ,318,563 Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 173

175 Schedule of Significant Portfolio Changes for the year ended 30 November 2013 (Unaudited) cont/d uropeyield Major Purchases (All Bonds) Maturity Cost Telecom Italia SpA 20/03/2073 7,462,425 Eileme 2 31/01/2020 6,342,009 Infinis Plc 15/02/2019 5,984,005 Virgin Media Secured Finance Plc 15/04/2021 5,752,051 Telefonica Europe 31/12/2049 5,420,650 Altice Financing SA 15/12/2019 5,092,375 Rain CII Carbon LLC 15/01/2021 5,061,125 Telefonica Emisiones SAU 02/02/2018 4,934,039 SoftBank Corp 15/04/2020 4,900,000 Koninklijke KPN NV 31/12/2049 4,685,907 Portugal Telecom International Finance 08/05/2020 4,400,000 Peugeot SA 06/03/2018 4,377,736 UPC Holding BV 15/09/2022 4,369,388 Schaeffler Holding Finance BV 15/08/2018 4,314,997 REN Finance BV 16/10/2020 4,194,120 Ziggo Bond Co BV 15/05/2018 4,116,063 Fiat Industrial Finance Europe SA 09/03/2018 4,025,244 Unitymedia Kabel BW GmbH 15/03/2021 3,907,656 Geo Debt Finance SCA 01/08/2018 3,890,500 Fiat Finance & Trade 23/03/2017 3,845,828 Major Sales (All Bonds) Maturity Proceeds Fiat Industrial Finance Europe SA 09/03/2018 9,841,375 Portugal Telecom International Finance 17/04/2018 8,644,750 Telecom Italia SpA 20/03/2073 7,548,375 Schaeffler Finance BV 15/02/2019 6,556,720 GMAC International Finance BV 21/04/2015 6,494,850 UCB SA 31/12/2049 6,387,125 Eileme 2 31/01/2020 6,252,250 Fiat Finance & Trade 15/09/2014 5,844,025 Romulus Finance Sarl 20/02/2013 5,205,000 FGA Capital Ireland PLC 18/09/2014 5,193,830 Edcon (Pty) Ltd 15/06/2015 5,123,768 Thames Water Kemble Finance Plc 01/04/2019 5,101,474 GKN Holdings Plc 19/09/2022 4,947,978 Telefonica Emisiones SAU 02/02/2018 4,729,581 Bord Gais Eireann 04/12/2017 4,638,542 Schaeffler Finance BV 15/02/2017 4,446,000 Banque PSA Finance SA 04/04/2014 4,422,254 Numericable Finance 15/02/2019 3,927,594 Odeon & UCI Finco PLC 01/08/2018 3,871,526 Unitymedia Kabel BW GmbH 01/12/2019 3,818,875 Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 174

176 Schedule of Significant Portfolio Changes for the year ended 30 November 2013 (Unaudited) cont/d Transatlanticyield Major Purchases (All Bonds) Maturity Cost Virgin Media Finance Plc 15/10/2019 5,018,146 Unitymedia Kabel Bw GmbH 01/12/2019 4,482,493 SandRidge Energy Inc 15/02/2023 4,278,375 Continental Resources Inc 15/04/2023 4,092,125 TPC Group Inc 15/12/2020 4,072,500 Finmeccanica Finance SA 16/12/2019 4,068,456 Alcoa Inc 15/08/2020 3,885,079 Sabine Pass Liquefaction Llc 15/03/2022 3,825,000 MetroPCS Wireless Inc 01/04/2021 3,504,063 Virgin Media Finance Plc 15/04/2023 3,435,924 TVN Finance III 15/12/2020 3,297,739 Community Health Systems Inc 15/08/2018 3,290,000 MetroPCS Wireless Inc 15/11/2020 3,151,031 Cequel Communications Holdings I Llc 15/09/2020 3,059,969 Dish DBS Corp 01/09/2019 2,887,797 Tenet Healthcare Corp 01/04/2022 2,850,000 Xella Holdco Finance 15/09/2018 2,838,374 Crestwood Midstream Partners LP 15/12/2020 2,756,250 Cequel Communications Holdings I Llc 15/11/2017 2,674,031 International Lease Finance Corporation 15/03/2017 2,579,375 Major Sales (All Bonds) Maturity Proceeds Rhodia SA 15/09/2020 5,545,610 XM Satellite Radio Inc 01/11/2018 5,413,750 Jabil Circuit Inc 15/03/2018 4,343,625 Vanguard Health Holdings Llc Inc 01/02/2018 4,072,688 Continental Resources Inc 15/04/2023 3,894,906 HCA Inc 15/04/2019 3,777,813 Forest Oil Corp 15/06/2019 3,711,750 Chrysler Group/CG Co-Issuer 15/06/2019 3,524,781 Odeon & UCI Finco Plc 01/08/2018 3,319,836 Edgen Murray Corp 01/11/2020 3,269,000 Masco Corp 03/10/2016 3,210,875 Chesapeake Energy Corp 15/08/2020 3,189,875 Tenet Healthcare Corp 01/04/2022 3,103,750 Computer Sciences Corp 15/03/2018 2,922,175 Virgin Media Finance PLC 15/10/2019 2,891,504 Fidelity National Information Services Inc 15/07/2017 2,768,125 SandRidge Energy Inc 15/02/2023 2,712,969 Vulcan Materials 15/06/2018 2,650,500 Hewlett-Packard Co 01/06/2021 2,587,375 Plains Exploration & Production Co 15/02/2023 2,522,188 Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 175

177 Schedule of Significant Portfolio Changes for the year ended 30 November 2013 (Unaudited) cont/d Enhancedyield Short-Term Major Purchases (All Bonds) Maturity Cost Societe Fonciere Lyonnaise SA 25/05/ ,056,322 Telefonica Emisiones Sau 02/07/ ,743,685 Thomas Cook Group Plc 22/06/ ,889,875 Deutsche Annington Finance BV 25/07/ ,717,441 Abertis Infraestructuras 14/10/ ,579,860 Cores 19/04/ ,868,219 Santander International Debt SA 21/03/ ,700,520 National Express Group Plc 13/01/ ,512,632 Iberdrola Finanzas Sau 25/01/ ,034,650 Rci Banque SA 13/03/ ,889,920 Rentokil Initial Plc 31/03/ ,066,914 Telecom Italia SpA 29/12/ ,448,074 Continental Rubber of America Corp 15/09/ ,317,534 Styrolution Group Gmbh 15/05/ ,550,000 Rhodia SA 15/09/ ,380,886 Glencore ing Llc 27/05/ ,894,180 Mondi Consumer Packaging International AG 15/07/ ,422,690 Heathrow ing Ltd 31/03/ ,998,858 Fiat Finance & Trade SA 17/10/ ,960,938 William Hill Plc 11/11/ ,694,689 Major Sales (All Bonds) Maturity Proceeds Ren Redes Energeticas 12/11/ ,195,650 Royal Caribbean Cruises Ltd 27/01/ ,218,564 Hertz Holdings Netherlands BV 31/07/ ,759,638 Fiat Finance & Trade SA 15/09/ ,975,063 SES Global Americas Holdings GP 07/09/ ,582,958 Brisa Concessao Radoviaria SA 26/09/ ,695,300 Cnh Industrial Finance Europe 03/11/ ,664,230 Carnival Plc 27/11/ ,756,458 Xstrata Canada Financial Corp 27/05/ ,298,750 Rci Banque SA 07/07/ ,554,400 Finmeccanica Finance SA 12/03/ ,620,301 Phoenix Pib Finance BV 15/07/ ,218,900 Casino Guichard Perrachon SA 04/10/ ,500,605 Autoroutes Paris-Rhin-Rhone 25/01/ ,974,400 Imperial Tobacco Finance Plc 15/09/ ,673,980 Heathrow ing Ltd 10/03/ ,285,600 Gas Natural Capital Markets SA 07/09/ ,205,800 Telefonica Emisiones Sau 31/01/ ,945,639 Rwe Finance BV 06/04/ ,170,317 Sandander International Debt S.A. 20/09/ ,074,800 Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 176

178 Schedule of Significant Portfolio Changes for the year ended 30 November 2013 (Unaudited) cont/d ShortDurationHighYield Major Purchases (All Bonds) Maturity Cost Reynolds Group Issuer Inc 15/04/ ,745,446 H J Heinz Co 05/06/ ,054,934 Sprint Communications Inc 01/12/ ,877,436 Calpine Corp 15/10/ ,483,249 RBS Global Inc / Rexnord LLC 01/05/ ,834,109 Expro Finance Luxembourg 15/12/ ,231,815 Vanguard Health Holdings LLC Inc 01/02/ ,298,452 Kinder Morgan Finance ULC 05/01/ ,702,100 DaVita HealthCare Partners Inc 01/11/ ,519,862 Energy XXI Gulf Coast Inc 15/12/ ,375,851 Bombardier Inc 15/01/ ,883,984 Crosstex Energy LP 15/02/ ,416,119 CONSOL Energy Inc 01/04/ ,947,831 Intelsat Jackson Holdings SA 01/04/ ,375,438 Grifols Inc 01/02/ ,425,756 Hilton Worldwide Finance LLC 26/10/ ,914,145 CCO Holdings LLC & Capital Corp 15/01/ ,323,746 Novelis Inc 15/12/ ,258,263 Virgin Media Secured Finance 15/01/ ,910,169 Hertz Corp 15/10/ ,521,106 Major Sales (All Bonds) Maturity Proceeds Capella Healthcare Inc 01/07/ ,965,250 Quicksilver Resources Inc 01/01/ ,031,630 Vedanta Resources 15/01/ ,225,500 Arch Coal Inc 01/08/ ,737,655 JC Penney Corp Inc 15/10/ ,509,135 Supervalu Inc 15/11/ ,622,031 Easton-Bell Sports Inc 01/12/ ,399,000 CCO Holdings LLC & Capital Corp 30/10/ ,879,000 Fiat Industrial Finance Europe SA 11/03/ ,098,765 Paetec Holding Corp 01/12/ ,968,750 American Axle & Manufacturing Inc 15/01/ ,261,875 Inmarsat Finance Plc 01/12/ ,075,000 Peabody Energy Corp 01/11/ ,237,500 Copano Energy LLC 01/06/2018 8,988,688 Dish DBS Corp 01/10/2013 8,084,180 CNH Capital LLC 01/11/2015 5,162,500 Tomkins LLC 01/10/2018 2,737,500 Frontier Communications Corp 01/05/2014 1,083,583 Frontier Communications Corp 15/03/ ,875 Vanguard Health Holdings LLC Inc 01/02/ ,750 Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 177

179 Schedule of Significant Portfolio Changes for the year ended 30 November 2013 (Unaudited) cont/d Bondyield ESG Major Purchases (All Bonds) Maturity Cost Enel SpA 20/06/2019 2,140,477 AT&T Inc 28/04/2017 1,793,255 Santander International Debt SA 21/03/2016 1,562,250 Orange SA 20/12/2017 1,477,373 Accor SA 21/03/2019 1,394,078 EP Energy AS 01/11/2019 1,368,750 Repsol International Finance 19/02/2019 1,232,880 Madrilena Red de Gas Finance BV 11/09/2018 1,204,240 RCI Banque SA 25/04/2018 1,166,441 A2A SpA 10/01/2021 1,117,998 SoftBank Corp 15/04/2020 1,075,000 ACEA SpA 12/09/2018 1,000,896 FGA Capital Ireland Plc 17/10/ ,070 Deutsche Telekom International Finance BV 04/08/ ,463 Telecom Italia SpA 15/12/ ,456 DFS Furniture Holdings Plc 15/08/ ,320 Continental Rubber of America Corp 15/09/ ,563 Romulus Finance Sarl 20/02/ ,738 Wind Acquisition Finance SA 15/02/ ,000 Boparan Finance Plc 15/02/ ,750 Major Sales (All Bonds) Maturity Proceeds AT&T Inc 28/04/2017 1,676,874 Valeo SA 11/05/2018 1,576,900 UBM Plc 03/11/2020 1,541,557 Repsol International Finance 12/02/2016 1,497,640 Accor SA 19/06/2017 1,443,750 Ziggo Finance BV 11/15/2017 1,431,638 GKN Holdings Plc 19/09/2022 1,394,295 Barry Callebaut SVCS NV 13/07/2017 1,350,000 British Telecommunications Plc 23/06/2017 1,312,132 Gecina 11/04/2019 1,308,600 FCE Bank Plc 15/02/2017 1,308,061 Orange SA 12/05/2016 1,279,630 Enel Finance International NV 15/09/2017 1,270,651 Hammerson Plc 19/06/2015 1,243,603 FGA Capital Ireland Plc 28/02/2014 1,239,500 Veolia Environnement 01/06/2018 1,152,181 Iberdrola Finance Ireland 11/09/2014 1,137,609 SoftBank Corp 15/04/2020 1,101,875 CRH America Inc 15/07/2018 1,098,240 Siemens Financieringsmaatschappij NV 14/09/2066 1,095,000 Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 178

180 Schedule of Significant Portfolio Changes for the year ended 30 November 2013 (Unaudited) cont/d LongShortCreditYield Major Purchases (All Bonds) Maturity Cost 27,000,000 United States Treasury Bill 29/11/ ,999,550 10,133,000 Host Hotels & Resorts LP 01/06/ ,344,834 10,300,000 Sabine Pass Liquefaction 15/03/ ,300,000 10,000,000 United States Treasury Bill 27/06/2013 9,999,833 9,406,000 Quebecor Media Inc 15/03/2016 9,601,420 8,990,000 Lamar Media Corp 01/04/2014 9,373,150 7,575,000 Qwest Communications International Inc 01/04/2018 7,889,188 7,291,000 Linn Energy Llc 01/02/2021 7,515,490 7,175,000 Crestwood Midstream Partners LP 01/03/2022 7,175,000 7,050,000 Ineos 04/05/2018 7,094,063 6,835,000 New Academy Finance Co Llc 15/06/2018 7,009,231 6,775,000 Seadrill Ltd 15/09/2020 6,784,625 5,050,000 Upc Holding BV 15/03/2023 6,668,998 6,100,000 DISH DBS Corp 31/05/2015 6,651,086 6,375,000 Kinder Morgan Inc 15/11/2023 6,333,125 6,250,000 Gannett Co Inc 15/10/2023 6,230,198 6,156,000 Atlas Pipeline Partners LP 01/08/2023 6,079,203 6,000,000 United States Treasury Bill 03/10/2013 5,999,965 6,000,000 United States Treasury Bill 12/09/2013 5,999,927 5,600,000 HCA Inc 15/01/2015 5,937,016 Major Sales (All Bonds) Maturity Proceeds 7,175,000 Crestwood Midstream Partners LP 01/03/2022 7,329,125 6,250,000 Gannett Co Inc 15/10/2023 6,522,625 6,100,000 Clear Channel Worldwide Holdings Inc 15/03/2020 6,467,125 6,117,000 Jo-Ann Stores Inc 15/03/2019 6,333,470 6,156,000 Atlas Pipeline Partners Lp 01/08/2023 6,157,820 6,000,000 Revlon Consumer Products Corp 15/02/2021 6,019,500 6,000,000 United States Treasury Bill 03/10/2013 6,000,000 5,450,000 Tenet Healthcare Corp 01/04/2022 5,804,500 5,050,000 Fmg Resources August 2006 Pty Ltd 01/11/2019 5,399,375 5,125,000 Metropcs Wireless Inc 01/04/2021 5,321,500 5,150,000 Sabine Pass Liquefaction Llc 01/02/2021 5,216,500 5,225,000 Rr Donnelley & Sons Co 15/11/2023 5,211,938 5,225,000 Penn National Gaming Inc 01/11/2021 5,163,688 3,950,000 Arcelormittal 01/06/2019 4,888,875 4,977,000 Quebecor Media Inc 15/01/2023 4,840,133 4,425,000 ADT Corp 15/10/2021 4,707,094 4,400,000 Windstream Corp 01/10/2021 4,515,500 4,250,000 Bmc Software Finance Inc 15/07/2021 4,323,813 4,225,000 Ally Financial Inc 10/09/2018 4,298,938 4,150,000 L Brands Inc 15/10/2023 4,243,375 Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 179

181 Schedule of Significant Portfolio Changes for the period ended 30 November 2013 (Unaudited) cont/d EmergingMarketsShortDuration Major Purchases (All Bonds) Maturity Cost DP World Sukuk Ltd 02/07/2017 1,325,760 Stampos BV 15/05/2019 1,263,160 Rosneft Finance SA 18/07/2016 1,238,100 Gazprom OAO 22/11/2016 1,211,250 Banco Nacional de Desenvolvimento Economico e Social 15/09/2017 1,184,787 Votorantim Cimentos SA 28/04/2017 1,165,279 Bestgain Real Estate 13/03/2018 1,143,050 JBS SA 04/08/2016 1,109,500 Brunswick Rail Finance Ltd 01/11/2017 1,061,313 Kazakhstan Temir Zholy Finance BV 11/05/2016 1,055,750 Eileme 2 AB 31/01/2020 1,052,250 Petrobras International Finance Co 27/01/2016 1,034,734 Agrokor DD 07/12/2016 1,021,552 Vimpel Communications OJSC 23/05/ ,250 Country Garden Holdings Co Ltd 11/08/ ,500 SMC Global Power Holdings Corp 28/01/ ,125 Vedanta Resources Plc 07/06/ ,730 Agile Property Hldgs Ltd 28/04/ ,500 Hutchison Whampoa International 10 Ltd 31/12/ ,850 Intralot Finance Luxembourg SA 15/08/ ,709 Major Sales (All Bonds)* Maturity Proceeds Marfrig Overseas Ltd 16/11/ ,000 Agrokor DD 01/05/ ,470 Eileme 2 AB 31/01/ ,585 Arcos Dorados Holdings Inc 27/09/ ,840 Ukraine Government International Bond 17/06/ ,000 Indian Railway Finance Corp Ltd 10/10/ ,000 Novatek OAO 03/02/ ,500 Metinvest BV 20/05/ ,600 BR Malls International Finance Ltd 31/12/ ,000 Union Bank of India 11/02/ ,680 National JSC Naftogaz of Ukraine 30/09/ ,750 Ukreximbank/Biz Finance Plc 27/04/ ,000 Republic of Venezuela 26/02/ ,200 * There were no other sales during the period ended 30 November Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 180

182 Schedule of Significant Portfolio Changes for the period ended 30 November 2013 (Unaudited) cont/d Global Tactical Credit Major Purchases (All Bonds) Maturity Cost Sabine Pass Liquefaction LLC 15/03/2022 2,675,000 International Lease Finance Corp 01/09/2017 2,395,000 Jarden Corp 01/05/2017 2,325,000 Sprint Communications Inc 15/08/2017 2,320,000 DISH DBS Corp 01/09/2019 2,310,000 Levi Strauss & Co 15/05/2020 2,205,000 Post Holdings Inc 15/02/2022 2,115,000 Energy XXI Gulf Coast Inc 15/12/2021 2,090,000 MetroPCS Wireless Inc 01/04/2023 2,060,000 BreitBurn Energy Partners LP 15/04/2022 1,854,625 Atlas Pipeline Partners LP 01/08/2023 1,785,250 Windstream Corp 01/11/2017 1,723,125 Frontier Communications Corp 15/04/2020 1,711,875 Aircastle Ltd 15/04/2017 1,665,000 Valeant Pharmaceuticals International 15/08/2018 1,655,625 Eileme 2 AB 31/01/2020 1,648,940 Galaxy Bidco Ltd 15/11/2019 1,644,027 Offshore Group Investment Ltd 01/11/2019 1,633,125 Telefonica Europe BV 26/11/2020 1,610,301 Legacy Reserves LP 01/12/2020 1,552,500 Major Sales (All Bonds)* Maturity Proceeds MetroPCS Wireless Inc 01/04/2023 2,055,000 Atlas Pipeline Partners LP 01/08/2023 1,780,625 CenturyLink Inc 01/12/ ,688 Valeant Pharmaceuticals International Inc 01/12/ ,750 Sabine Pass Liquefaction LLC 15/03/ ,750 T-Mobile USA Inc 15/01/ ,000 T-Mobile USA Inc 15/01/ ,813 * There were no other sales during the period ended 30 November Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 181

183 Appendix I Total Expense Ratio (TER) (Unaudited) The average Total Expense Ratio table shows the actual expenses incurred by the Sub-s during the reporting period, expressed as an annualised percentage of the average (avg.) net assets (NAV) of the Sub- for the corresponding period. Sub- and Unit Class Expense % of avg. NAV Americayield Hedged Accumulation Units 1.03 Hedged Accumulation R Units 1.52 Hedged Accumulation S Units* 0.58 Hedged Income Units 1.03 Hedged Income R Units* 1.53 Hedged Euro Discretionary Units 1.03 Hedged Euro Accumulation Units 1.03 Hedged Euro Accumulation R Units 1.53 Hedged Euro Income Units 1.03 Hedged GBP Income Units 1.03 Hedged GBP Accumulation Units 1.03 Hedged GBP Accumulation H Units* 0.77 Hedged CHF Accumulation R Units 1.53 Hedged CHF Income R Units 1.53 uropeyield Hedged Euro Income Units 1.07 Hedged Euro Accumulation Units 1.07 Hedged GBP Accumulation Units 1.07 Hedged SEK Accumulation R Units 1.57 Transatlanticyield Hedged GBP Accumulation Units 1.06 Hedged GBP Income Units 1.06 Hedged Euro Accumulation Units 1.06 Hedged Euro Accumulation R Units 1.56 Hedged Euro Discretionary S Units 0.62 Hedged Accumulation Units 1.06 Hedged SEK Accum A Units 1.06 Enhancedyield Short-Term Hedged Euro Accumulation Units 0.48 Hedged Euro Accumulation R Units 0.78 Hedged Euro Income Units 0.48 Hedged Accumulation Units 0.48 Hedged Accumulation R Units 0.79 Hedged GBP Income Units 0.48 Hedged CHF Accumulation R Units

184 Appendix I Total Expense Ratio (TER) (Unaudited) cont/d Sub- and Unit Class Expense % of avg. NAV ShortDurationHighYield Hedged CAD Accumulation Units 0.83 Hedged CHF Accumulation Units 0.83 Hedged CHF Accumulation R Units 1.13 Hedged CHF Accumulation S Units* 0.53 Hedged Euro Accumulation Units 0.83 Hedged Euro Accumulation H Units* 0.63 Hedged Euro Accumulation R Units 1.13 Hedged Euro Accumulation S Units 0.53 Hedged Euro Income Units* 0.83 Hedged Euro Income H Units* 0.63 Hedged Euro Income R Units* 1.13 Hedged Euro Income S Units* 0.53 Hedged GBP Accumulation A Units 0.83 Hedged GBP Accumulation R Units 1.13 Hedged GBP Income Units 0.83 Hedged GBP Income H Units* 0.63 Hedged GBP Income R Units 1.13 Hedged GBP Income S Units 0.53 Hedged JPY Income S Units 0.53 Hedged NOK Accumulation R Units 1.13 Hedged SEK Accumulation R Units 1.13 Hedged Accumulation Units 0.83 Hedged Accumulation H Units* 0.63 Hedged Accumulation R Units 1.13 Hedged Accumulation S Units* 0.53 Hedged Income Units 0.83 Hedged Income H Units* 0.63 Hedged Income R Units* 1.13 Hedged Income S Units* 0.53 Bondyield ESG Hedged Euro Accumulation Units 1.01 Hedged NOK Accumulation Units 1.00 Hedged Accumulation Units 1.01 LongShortCreditYield Hedged CHF Accumulation Units 1.27 Hedged Euro Accumulation Units 1.27 Hedged Euro Accumulation Non-Equalistation Units* 1.67 Hedged GBP Accumulation Units 1.27 Hedged Accumulation Units 1.26 EmergingMarketsShortDuration Hedged Euro Accumulation A Units* 1.12 Hedged Euro Accumulation S Units* 0.85 * These Units launched during the year. 183

185 Appendix I Total Expense Ratio (TER) (Unaudited) cont/d Sub- and Unit Class Expense % of avg. NAV EmergingMarketsShortDuration cont/d Hedged CHF Accumulation S Units* 0.85 Hedged GBP Accumulation A Units* 1.12 Hedged Accumulation A Units* 1.12 Hedged Accumulation S Units* 0.85 Global Tactical Credit Hedged CHF Accumulation S Units* 0.44 Hedged CHF Income S Units* 0.44 Hedged Euro Income Founder Units* 0.44 Hedged GBP Income Founder Units* 0.44 Hedged Income Founder Units* 0.44 * These Units launched during the year. Appendix II Portfolio Turnover Rate (PTR) (Unaudited) The Portfolio Turnover Rate (PTR) shows the turnover* incurred by the Sub-s, whose participating Units are registered for sale in Switzerland during the reporting period, expressed as a percentage of the average Net Asset Value of the Sub-s for the corresponding period. For the year ended 30 November 2013 the PTR was as follows: Sub- 30 November November 2012 Americayield 56.07% 61.87% uropeyield % % Transatlanticyield 91.69% 75.63% Enhancedyield Short-Term 51.06% 64.95% ShortDurationHighYield 29.67% 33.75% Bondyield ESG % % LongShortCreditYield % % EmergingMarketsShortDuration 84.44% - Global Tactical Credit (218.14)% - * Turnover being the Sub- s aggregate value of total cost of investments purchased plus total disposal proceeds of investments sold less aggregate value of the Sub- s participating Units subscriptions plus redemptions during the period. All values of the turnover calculation are in the functional currency of each Sub-. 184

186 Appendix III Publication of Performance Data (Unaudited) Below is the historical performance data for the previous 4 calendar years for each Unit Class of the Sub-: Sub- and Unit Class Return % 31 Dec 2013 Return % 31 Dec 2012 Return % 31 Dec 2011 Return % 31 Dec 2010 Americayield Hedged Accumulation Units 5.6% 12.2% 4.2% 12.3% Hedged Accumulation R Units 5.0% 11.7% 3.7% 11.7% Hedged Accumulation S Units* Hedged Income Units 5.6% 12.2% 4.2% 12.3% Hedged Income R Units* 5.0% Hedged Euro Discretionary Units 5.2% 11.8% 4.8% 12.6% Hedged Euro Accumulation Units 5.2% 11.8% 4.8% 12.6% Hedged Euro Accumulation R Units 4.6% 11.2% 4.3% 12.0% Hedged Euro Income Units 5.2% 11.8% 4.9% 12.6% Hedged GBP Income Units 5.8% Hedged GBP Accumulation Units 5.7% Hedged GBP Accumulation H Units* Hedged GBP Accumulation Units % 4.9% 12.2% Hedged GBP Income Units % 5.0% 12.3% Hedged CHF Accumulation R Units 4.6% 10.8% 3.3% - Hedged CHF Income R Units 4.6% uropeyield Hedged Euro Income Units 8.0% 23.2% -6.8% 15.5% Hedged Euro Accumulation Units 8.0% 23.2% -6.8% 15.5% Hedged GBP Accumulation Units 8.5% 23.7% -7.1% - Hedged SEK Accumulation R Units 8.5% 24.3% - - Transatlanticyield Hedged GBP Accumulation Units 6.4% 14.7% 1.9% 13.2% Hedged GBP Income Units 6.4% Hedged Euro Accumulation Units 5.8% 14.1% 2.2% 13.5% Hedged Euro Accumulation R Units 5.3% 13.5% 1.7% 13.0% Hedged Euro Discretionary S Units 6.3% Hedged Accumulation Units Hedged SEK Accum A Units Enhancedyield Short-Term Hedged Euro Accumulation Units 3.3% 7.6% 1.2% 6.6% Hedged Euro Accumulation R Units 3.0% 7.3% 0.9% 6.3% Hedged Euro Income Units 3.3% Hedged Accumulation Units 3.6% 7.9% 0.8% 6.5% Hedged Accumulation R Units 3.2% 7.6% - - Hedged GBP Income Units 3.7% 8.1% 1.1% 6.9% Hedged CHF Accumulation R Units 2.8% 6.9% (0.7)% - 185

187 Appendix III Publication of Performance Data (Unaudited) cont/d Sub- and Unit Class Return % 31 Dec 2013 Return % 31 Dec 2012 Return % 31 Dec 2011 Return % 31 Dec 2010 ShortDurationHighYield Hedged CAD Accumulation Units 4.8% 7.8% 4.7% - Hedged CHF Accumulation Units 3.4% 6.3% - - Hedged CHF Accumulation R Units 3.1% 6.0% 2.5% - Hedged CHF Accumulation S Units * Hedged Euro Accumulation Units 3.6% 6.7% 4.1% - Hedged Euro Accumulation H Units Hedged Euro Accumulation R Units 3.3% 6.4% 3.8% - Hedged Euro Accumulation S Units Hedged Euro Income Units 3.6% Hedged Euro Income H Units Hedged Euro Income R Units Hedged Euro Income S Units Hedged GBP Accumulation A Units Hedged GBP Accumulation R Units 3.7% 6.8% - - Hedged GBP Income Units 4.1% 7.1% 3.8% - Hedged GBP Income H Units Hedged GBP Income R Units 3.8% 6.8% - - Hedged GBP Income S Units 4.4% 7.4% - - Hedged JPY Income S Units 4.3% Hedged NOK Accumulation R Units 5.0% 7.9% - - Hedged SEK Accumulation R Units 4.4% 8.1% - - Hedged Accumulation Units 3.9% 7.0% 3.7% - Hedged Accumulation H Units Hedged Accumulation R Units 3.6% 6.7% 3.4% - Hedged Accumulation S Units Hedged Income Units 3.9% Hedged Income H Units Hedged Income R Units Hedged Income S Units* Bondyield ESG Hedged Euro Accumulation Units 3.4% 13.4% - - Hedged NOK Accumulation Units 4.8% Hedged Accumulation Units 3.7% LongShortCreditYield Hedged CHF Accumulation Units 9.4% Hedged Euro Accumulation Units 9.6% Hedged Euro Accumulation Non-Equalistation Units* Hedged GBP Accumulation Units 10.0% Hedged Accumulation Units 9.8%

188 Appendix III Publication of Performance Data (Unaudited) cont/d Sub- and Unit Class Return % 31 Dec 2013 Return % 31 Dec 2012 Return % 31 Dec 2011 Return % 31 Dec 2010 EmergingMarketsShortDuration Hedged Euro Accumulation A Units* Hedged Euro Accumulation S Units* Hedged CHF Accumulation S Units* Hedged GBP Accumulation A Units* Hedged Accumulation A Units* Hedged Accumulation S Units* Global Tactical Credit Hedged CHF Accumulation S Units Hedged CHF Income S Units Hedged Euro Income Founder Units Hedged GBP Income Founder Units Hedged Income Founder Units