Fund Financial Statements

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: info@muzinich.com web: www.muzinich.com

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

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

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 1,000 100,000,000 100,000 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

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

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: +353-1-853-8693 Fax: +353-1-523-3710 5

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 2011 3.0810-5.7785 5.1414-26,794,147 8 December 2011 3.0573-5.8388 5.0640-30,178,211 7 June 2012 2.9330-5.2371 4.9266 1.3275 33,468,815 10 December 2012 2.8690-4.9223 4.7712 2.4726 40,793,246 11 June 2013 2.7931 2.3417 4.9736 4.5710 2.8377 65,109,676 9 December 2013* 2.7277 2.5332 4.9325 4.5061 2.7886 58,297,539 uropeyield Date paid Distribution per Income Unit Total Distribution 10 June 2011 2.508 265,088 8 December 2011 2.675 258,525 7 June 2012 2.360 495,315 10 December 2012 2.265 608,330 11 June 2013 2.169 795,840 9 December 2013* 2.165 816,639 Transatlanticyield Date paid Distribution per Hedged GBP Income Units Distribution per Hedged Euro Discretionary S Units Total Distribution 10 December 2012 2.6549-233,467 17 December 2012-2.8073 280,729 11 June 2013 4.7063 8.2871 2,842,910 9 December 2013* 4.5117 4.8373 4,676,723 6

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 2011 2.9734-1,182,365 08 December 2011 3.1587-1,889,649 07 June 2012 3.1627-2,038,129 10 December 2012 3.2249 2.3017 2,728,780 11 June 2013 2.9548 2.5100 3,357,937 9 December 2013* 2.8160 2.3906 3,434,852 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 2011 - - 5.154 - - - 8 December 2011 1.163 2.353 3.341 - - - 7 June 2012 5.857 5.062 5.345 2.260 - - 10 December 2012 5.683 5.023 5.208 3.492 0.00005-11 June 2013 5.346 4.640 4.869 3.198 0.00036 4.085 9 December 2013* 4.8863 4.2065 4.4309 2.8770 0.0003 3.8505 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 2011 - - - - - - 8 December 2011 - - - - - - 7 June 2012 - - - - - - 10 December 2012 - - - - - - 11 June 2013 2.802 1.372 0.187 3.995 2.144 1.428 9 December 2013* 3.9989 3.6762 4.0819 4.6783 3.0030 2.7760 Date paid Distribution per Hedged Income S Units Total Distribution 10 June 2011-2,588,944 8 December 2011-11,479,482 7 June 2012-22,407,131 10 December 2012-29,596,570 11 June 2013-33,356,325 9 December 2013* 1.0810 42,563,765 * The distribution was declared after the year end and has not been included as a liability in these financial statements. 7

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 2013. 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* 0.0658 0.0935 0.1065 0.0708 76,782 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 2012. 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 2013. 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 2013. Ms Aiga Ronmanovsky was appointed as a Director on 3 September 2013. The Central Bank approved the launch of a new Sub-, "EmergingMarketsShortDuration " on 9 July 2013. The Central Bank approved the launch of a new Sub-, "Global Tactical Credit " on 14 November 2013. A revised Prospectus was issued on 27 September 2013. This was to provide for the launch of Global Tactical Credit which launched on 14 November 2013. 8

General Information cont/d Significant events after the year end The Sub-s paid the following dividends on 9 December 2013. 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

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

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 2014 11

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

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

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 2013. European corporates outperformed their US counterparts, with European high yield leading the way. 2013 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 2016. 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 2014. 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 2014 14

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 2014 15

Portfolio of Investments as at 30 November 2013 Americayield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 94.46% (2012: 93.78%) Aerospace and Defence - 1.98% (2012: 0.85%) 21,775,000 Bombardier Inc 7.500 15/03/2018 24,714,625 0.58 19,975,000 Bombardier Inc 7.750 15/03/2020 22,721,563 0.54 11,650,000 Bombardier Inc 6.125 15/01/2023 11,591,750 0.27 24,082,000 Meccanica Holdings USA 6.250 15/07/2019 25,041,210 0.59 Airlines - 0.27% (2012: Nil) American Airlines 2013-2 Class B Pass 11,575,000 Through Trust 5.600 15/01/2022 11,575,000 0.27 Apparel and Textiles - 2.08% (2012: 1.39%) 19,775,000 Hanesbrands Inc 6.375 15/12/2020 21,604,187 0.51 10,900,000 Levi Strauss & Co 7.625 15/05/2020 11,949,125 0.28 23,100,000 Levi Strauss & Co 6.875 01/05/2022 25,236,750 0.59 15,810,000 Phillips-van Heusen 7.375 15/05/2020 17,272,425 0.41 11,725,000 Wolverine World Wide 6.125 15/10/2020 12,516,438 0.29 Automotive and Auto Parts - 3.46% (2012: 5.12%) 9,825,000 American Axle & Manufacturing Inc 6.250 15/03/2021 10,316,250 0.24 16,475,000 American Axle & Manufacturing Inc 6.625 15/10/2022 17,422,312 0.41 16,121,000 Cooper-Standard Automotive Inc 8.500 01/05/2018 17,249,470 0.41 3,225,000 General Motors Financial Co 2.750 15/05/2016 3,265,313 0.08 3,700,000 General Motors Financial Co 3.250 15/05/2018 3,709,250 0.09 7,549,000 General Motors Financial Co 6.750 01/06/2018 8,549,243 0.20 1,050,000 General Motors Financial Co 4.250 15/05/2023 1,000,125 0.02 21,010,000 Gestamp Lux SA 5.625 31/05/2020 21,220,100 0.50 10,900,000 Goodyear Tire & Rubber Co 8.250 15/08/2020 12,262,500 0.29 16,022,000 Oshkosh Corp 8.500 01/03/2020 17,664,255 0.41 11,100,000 Schaeffler Finance BV 8.500 15/02/2019 12,515,250 0.29 22,075,000 Schaeffler Finance BV 4.750 15/05/2021 22,019,812 0.52 Broadcasting - 2.59% (2012: 2.80%) 17,725,000 Allbritton Communications 8.000 15/05/2018 18,921,437 0.45 2,000,000 Belo Corp 8.000 15/11/2016 2,085,000 0.05 8,845,000 Belo Corp 7.750 01/06/2027 9,331,475 0.22 2,190,000 Belo Corp 7.250 15/09/2027 2,206,425 0.05 17,750,000 Lin Television Corp 8.375 15/04/2018 18,903,750 0.44 10,675,000 Lin Television Corp 6.375 15/01/2021 10,955,219 0.26 14,175,000 Sinclair Television Group 8.375 15/10/2018 15,450,750 0.36 16,575,000 Sinclair Television Group 5.375 01/04/2021 16,326,375 0.38 5,650,000 Sinclair Television Group 6.375 01/11/2021 5,805,375 0.14 5,475,000 Sirius XM Radio 5.750 01/08/2021 5,543,438 0.13 5,050,000 Sirius XM Radio 4.625 15/05/2023 4,507,125 0.11 16

Portfolio of Investments as at 30 November 2013 cont/d Americayield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 94.46% (2012: 93.78%) CONT/D Building Materials - 2.90% (2012: 2.69%) 19,750,000 Building Materials Corp 6.875 15/08/2018 21,083,125 0.50 1,500,000 Building Materials Corp 7.000 15/02/2020 1,612,500 0.04 17,800,000 Building Materials Corp 7.500 15/03/2020 19,179,500 0.45 8,600,000 Cemex Finance Llc 9.375 12/10/2022 9,524,500 0.22 11,100,000 Cemex Sab De Cv 9.500 15/06/2018 12,459,750 0.29 3,500,000 Cemex Sab De Cv 5.875 25/03/2019 3,430,000 0.08 2,200,000 Cemex Sab De Cv 6.500 10/12/2019 2,227,500 0.05 13,980,000 Masco Corp 6.125 03/10/2016 15,587,700 0.37 11,950,000 Vulcan Materials 6.500 01/12/2016 13,324,250 0.31 5,682,000 Vulcan Materials 6.400 30/11/2017 6,250,200 0.15 16,484,000 Vulcan Materials 7.000 15/06/2018 18,626,920 0.44 Cable and Satellite TV - 6.18% (2012: 6.25%) 21,650,000 Cablevision Systems Corp 8.625 15/09/2017 25,059,875 0.59 20,925,000 Cablevision Systems Corp 7.750 15/04/2018 23,436,000 0.55 14,284,000 Cco Holdings Llc & Capital Corp 7.000 15/01/2019 15,087,475 0.35 12,550,000 Cco Holdings Llc & Capital Corp 8.125 30/04/2020 13,710,875 0.32 8,425,000 Cco Holdings Llc & Capital Corp 7.375 01/06/2020 9,162,188 0.22 5,150,000 Cco Holdings Llc & Capital Corp 5.250 15/03/2021 4,969,750 0.12 9,775,000 Cco Holdings Llc & Capital Corp 5.125 15/02/2023 9,139,625 0.21 21,425,000 Cequel Communications Holdings I Llc 6.375 15/09/2020 22,121,312 0.52 3,382,000 CSC Holdings Inc 8.625 15/02/2019 3,990,760 0.09 11,704,000 Dish DBS Corp 7.125 01/02/2016 12,932,920 0.30 33,774,000 Dish DBS Corp 7.875 01/09/2019 39,093,405 0.92 5,275,000 Dish DBS Corp 5.000 15/03/2023 5,024,438 0.12 8,575,000 Iac/Interactivecorp 4.875 30/11/2018 8,757,219 0.21 10,550,000 Midcontinent Communications & Midcontinent Finance 6.250 01/08/2021 10,708,250 0.25 14,700,000 Nara Cable ing Ltd 8.875 01/12/2018 15,765,750 0.37 32,370,000 Upc Holding BV 9.875 15/04/2018 34,757,287 0.82 8,975,000 Virgin Media Finance 6.375 15/04/2023 9,266,687 0.22 Capital Goods - 1.42% (2012: 1.85%) 12,710,000 Amsted Industries 8.125 15/03/2018 13,409,050 0.32 20,320,000 Case New Holland Inc 7.875 01/12/2017 24,028,400 0.56 2,075,000 CNH Capital Llc 3.875 01/11/2015 2,139,844 0.05 10,375,000 CNH Capital Llc 6.250 01/11/2016 11,386,562 0.27 8,750,000 Griffon Corp 7.125 01/04/2018 9,340,625 0.22 Chemicals - 3.20% (2012: 2.44%) 23,000,000 Celanese US Holdings Llc 5.875 15/06/2021 24,552,500 0.57 22,805,000 Ferro Corp 7.875 15/08/2018 24,173,300 0.57 13,775,000 Huntsman International Llc 8.625 15/03/2020 15,221,375 0.36 17

Portfolio of Investments as at 30 November 2013 cont/d Americayield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 94.46% (2012: 93.78%) CONT/D Chemicals - 3.20% (2012: 2.44%) cont/d 7,075,000 Lsb Industries Inc 7.750 01/08/2019 7,375,687 0.17 16,831,000 Orion Engineered Carbons Bondco GmbH 9.625 15/06/2018 18,598,255 0.44 10,053,000 Petrologistics Finance 6.250 01/04/2020 10,090,699 0.24 34,300,000 Tpc Group Inc 8.750 15/12/2020 36,229,375 0.85 Consumer Products - 1.95% (2012: 2.00%) 11,280,000 Jarden Corp 7.500 01/05/2017 13,056,600 0.31 15,608,000 Libbey Glass Inc 6.875 15/05/2020 16,661,540 0.39 21,756,000 Nbty Inc 9.000 01/10/2018 23,931,600 0.56 17,625,000 Spectrum Brands Holdings 6.375 15/11/2020 18,770,625 0.44 10,100,000 Spectrum Brands Holdings 6.625 15/11/2022 10,756,500 0.25 Containers - 4.17% (2012: 2.56%) 21,125,000 Ardagh Packaging Finance 7.375 15/10/2017 22,728,437 0.54 20,702,000 Ball Corp 7.375 01/09/2019 22,358,160 0.52 6,950,000 Ball Corp 4.000 15/11/2023 6,237,625 0.15 20,250,000 Crown Americas Llc 4.500 15/01/2023 18,781,875 0.44 20,798,000 Greif Inc 7.750 01/08/2019 23,605,730 0.55 27,100,000 Reynolds Group Issuer Inc 7.125 15/04/2019 28,997,000 0.68 12,600,000 Reynolds Group Issuer Inc 5.750 15/10/2020 12,915,000 0.30 19,850,000 Sealed Air Corp 8.125 15/09/2019 22,380,875 0.53 3,100,000 Sealed Air Corp 6.500 01/12/2020 3,363,500 0.08 14,150,000 Sealed Air Corp 8.375 15/09/2021 16,201,750 0.38 Diversified Financial Services - 2.80% (2012: 2.43%) 26,790,000 Aircastle Ltd 6.250 01/12/2019 28,933,200 0.68 20,313,000 FTI Consulting Inc 6.750 01/10/2020 21,684,128 0.51 18,200,000 International Lease Finance Corp 8.750 15/03/2017 21,407,750 0.50 12,875,000 International Lease Finance Corp 6.250 15/05/2019 14,082,031 0.33 27,925,000 International Lease Finance Corp 8.250 15/12/2020 33,160,937 0.78 Diversified Media - 1.44% (2012: 3.68%) 9,625,000 Block Communications Inc 7.250 01/02/2020 10,202,500 0.24 15,525,000 Clear Channel Worldwide Holdings 7.625 15/03/2020 16,287,125 0.38 19,363,000 Clear Channel Worldwide Holdings 6.500 15/11/2022 19,998,955 0.47 5,525,000 Nielsen Luxembourg Sarl 5.500 01/10/2021 5,649,313 0.13 9,571,000 Quebecor Media Inc 5.750 15/01/2023 9,283,870 0.22 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) - 94.46% (2012: 93.78%) CONT/D Energy - 14.53% (2012: 13.99%) 9,450,000 Amerigas Finance Llc & Corp 6.750 20/05/2020 10,300,500 0.24 11,750,000 Amerigas Finance Llc & Corp 7.000 20/05/2022 12,719,375 0.30 8,575,000 Antero Resources Finance 6.000 01/12/2020 8,982,313 0.21 5,825,000 Antero Resources Finance 5.375 01/11/2021 5,883,250 0.14 14,850,000 Atlas Pipeline Finance Corp 4.750 15/11/2021 13,736,250 0.32 32,175,000 Atlas Pipeline Finance Corp 5.875 01/08/2023 31,209,750 0.73 13,040,000 Basic Energy Services 7.750 15/02/2019 13,594,200 0.32 10,775,000 Basic Energy Services 7.750 15/10/2022 11,044,375 0.26 14,395,000 Berry Petroleum Co 6.750 01/11/2020 14,970,800 0.35 7,700,000 Berry Petroleum Co 6.375 15/09/2022 7,854,000 0.19 8,735,000 Calumet Specialty Products Parteners Lp 9.375 01/05/2019 9,674,013 0.22 16,575,000 Calumet Specialty Products Parteners Lp 9.625 01/08/2020 18,439,687 0.43 3,225,000 Calumet Specialty Products Parteners Lp 7.625 15/01/2022 3,249,188 0.08 13,503,000 Chesapeake Energy Corp 7.250 15/12/2018 15,528,450 0.37 4,325,000 Chesapeake Energy Corp 6.625 15/08/2020 4,844,000 0.11 16,550,000 Chesapeake Energy Corp 6.875 15/11/2020 18,598,062 0.44 9,825,000 Chesapeake Energy Corp 5.750 15/03/2023 10,168,875 0.24 6,225,000 Concho Resources Inc 5.500 01/04/2023 6,318,375 0.15 19,600,000 Crestwood Midstream Partners LP 6.000 15/12/2020 20,065,500 0.47 12,586,000 Crosstex Energy Lp 8.875 15/02/2018 13,278,230 0.31 28,911,000 Eagle Rock Energy Partners Lp 8.375 01/06/2019 29,778,330 0.70 836,000 El Paso Corp 7.000 15/06/2017 946,105 0.02 9,988,000 El Paso Corp 6.500 15/09/2020 10,785,542 0.25 13,950,000 Energy XXI Gulf Coast 7.500 15/12/2021 14,612,625 0.34 26,932,000 Expo Finance Luxembourg 8.500 15/12/2016 28,177,605 0.66 8,700,000 Ferrellgas Partners Lp 9.125 01/10/2017 9,096,981 0.21 8,450,000 Forum Energy Technologies 6.250 01/10/2021 8,809,125 0.21 16,325,000 Genesis Energy Lp 7.875 15/12/2018 17,590,187 0.41 10,675,000 Gibson Energy 6.750 15/07/2021 11,315,500 0.27 4,300,000 Kinder Morgan Inc/Delawa 5.000 15/02/2021 4,264,086 0.10 10,100,000 Kinder Morgan Inc/Delawa 5.625 15/11/2023 9,936,451 0.23 4,700,000 Linn Energy Llc 6.500 15/05/2019 4,735,250 0.11 15,150,000 Linn Energy Llc 7.000 01/11/2019 15,074,250 0.35 14,500,000 Linn Energy Llc 8.625 15/04/2020 15,515,000 0.37 4,455,000 Linn Energy Llc 7.750 01/02/2021 4,622,063 0.11 8,604,000 Newfield Exploration Co 5.750 30/01/2022 8,969,670 0.21 8,550,000 Nustar Logistics 6.750 01/02/2021 8,806,500 0.21 11,600,000 Offshore Group Investment Ltd 7.500 01/11/2019 12,586,000 0.30 7,100,000 Offshore Group Investment Ltd 7.125 01/04/2023 7,313,000 0.17 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) - 94.46% (2012: 93.78%) CONT/D Energy - 14.53% (2012: 13.99%) cont/d 14,300,000 Pacific Drilling SA 5.375 01/06/2020 14,443,000 0.34 9,450,000 Penn Virginia Resource Partners Lp 8.250 15/04/2018 10,017,000 0.23 13,915,000 Penn Virginia Resource Partners Lp 8.375 01/06/2020 15,376,075 0.36 14,200,000 RKI Exploration & Production Llc / RKI Finance 8.500 01/08/2021 14,839,000 0.35 24,225,000 Sabine Pass Liquefaction Llc 6.250 15/03/2022 24,164,437 0.57 3,550,000 Sandridge Energy Inc 7.500 15/03/2021 3,718,625 0.09 14,000,000 Sandridge Energy Inc 7.500 15/02/2023 14,280,000 0.34 9,997,000 Sm Energy Co 6.625 15/02/2019 10,596,820 0.25 6,700,000 Sm Energy Co 6.500 01/01/2023 7,102,000 0.17 6,494,000 Suburban Propane Partners Lp 7.500 01/10/2018 6,972,933 0.16 3,421,000 Suburban Propane Partners Lp 7.375 01/08/2021 3,698,956 0.09 19,037,000 Unit Corp 6.625 15/05/2021 19,988,850 0.47 Entertainment - 1.18% (2012:1.21%) 19,050,000 Live Nation Entertainment Inc 7.000 01/09/2020 20,574,000 0.48 4,400,000 Nai Entertainment Holdings Llc 5.000 01/08/2018 4,543,000 0.11 17,033,000 National Cinemedia Llc 7.875 15/07/2021 18,736,300 0.44 6,125,000 National Cinemedia Llc 6.000 15/04/2022 6,339,375 0.15 Environmental 0.47% (2012: 0.27%) 900,000 Covanta Holding Corp 7.250 01/12/2020 983,032 0.02 18,675,000 Covanta Holding Corp 6.375 01/10/2022 19,243,971 0.45 Food and Drug Retail - 0.60% (2012: Nil) 23,230,000 Tops Holding Corp / Tops Markets 8.875 15/12/2017 25,494,925 0.60 Food, Beverage and Tobacco - 1.07% (2012: 0.47%) 13,175,000 B&G Foods Inc 4.625 01/06/2021 12,582,125 0.29 9,675,000 Barry Callebaut Services NV 5.500 15/06/2023 9,847,602 0.23 5,161,000 Chiquita Brands International / Chiquita Brands Llc 7.875 01/02/2021 5,528,721 0.13 6,775,000 Jbs Investments GmbH 7.750 28/10/2020 6,825,813 0.16 10,500,000 Jbs Usa Llc 7.250 01/06/2021 10,893,750 0.26 Gaming - 0.67% (2012: 0.82%) 1,700,000 GLP Capital / GLP Financing II 4.375 01/11/2018 1,734,000 0.04 3,575,000 GLP Capital / GLP Financing II 4.875 01/11/2020 3,566,062 0.08 7,150,000 GLP Capital / GLP Financing II 5.375 01/11/2023 6,989,125 0.17 15,160,000 Scientific Games Corp 8.125 15/09/2018 16,240,150 0.38 Healthcare - 6.65% (2012: 7.26%) 30,200,000 Biomet 6.500 01/08/2020 32,012,000 0.75 5,900,000 CHS/Community Health Systems 5.125 15/08/2018 6,136,000 0.14 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) - 94.46% (2012: 93.78%) CONT/D Healthcare - 6.65% (2012: 7.26%) cont/d 28,671,000 CHS/Community Health Systems 8.000 15/11/2019 31,179,712 0.73 1,950,000 CHS/Community Health Systems 7.125 15/07/2020 2,018,250 0.05 16,400,000 Davita Inc 6.375 01/11/2018 17,220,000 0.41 11,700,000 Fresenius Medical Care Us Finance II Inc 5.625 31/07/2019 12,636,000 0.30 17,540,000 HCA Inc 8.500 15/04/2019 18,745,875 0.44 8,575,000 HCA Inc 6.500 15/02/2020 9,464,656 0.22 7,950,000 HCA Inc 7.250 15/09/2020 8,685,375 0.20 10,297,000 HCA Inc 6.250 15/02/2021 10,786,108 0.25 10,875,000 HCA Inc 7.500 15/02/2022 12,098,438 0.29 11,925,000 Healthsouth Corp 8.125 15/02/2020 13,117,500 0.31 4,314,000 Healthsouth Corp 7.750 15/09/2022 4,745,400 0.11 12,525,000 Ims Health Inc 6.000 01/11/2020 13,182,562 0.31 3,950,000 Lifepoint Hospitals 5.500 01/12/2021 3,969,750 0.09 9,625,000 Tenet Healthcare 6.000 01/10/2020 10,058,125 0.24 21,075,000 Universal Hospital Services Inc 7.625 15/08/2020 22,128,750 0.52 9,650,000 Valeant Pharmaceuticals International 6.875 01/12/2018 10,349,625 0.24 27,625,000 Valeant Pharmaceuticals International 6.375 15/10/2020 29,109,844 0.69 8,075,000 Valeant Pharmaceuticals International 5.625 01/12/2021 8,115,375 0.19 6,875,000 Wellcare Health Plans 5.750 15/11/2020 7,064,063 0.17 Homebuilders and Real Estate - 1.38% (2012: 0.71%) 5,450,000 Aviv Healthcare Properties 7.750 15/02/2019 5,858,750 0.14 5,050,000 Aviv Healthcare Properties / Aviv Healthcare Capital 6.000 15/10/2021 5,176,250 0.12 23,235,000 CB Richard Ellis Services 6.625 15/10/2020 24,745,275 0.58 7,725,000 Sabra Health Capital Corp 8.125 01/11/2018 8,362,313 0.20 13,362,000 Taylor Morrison Communities Inc 7.750 15/04/2020 14,631,390 0.34 Hotels - 0.20% (2012: Nil%) 8,300,000 Hilton Worldwide Finance Llc 5.625 15/10/2021 8,466,000 0.20 Leisure - 0.53% (2012: Nil%) 6,625,000 Activision Blizzard 5.625 15/09/2021 6,881,719 0.16 3,025,000 Activision Blizzard 6.125 15/09/2023 3,168,688 0.08 12,575,000 Six Flags Entertainment 5.250 15/01/2021 12,323,500 0.29 Metals and Mining - 6.45% (2012: 6.83%) 29,975,000 Alcoa Inc 6.150 15/08/2020 32,017,616 0.75 14,325,000 Aleris International Inc 7.875 01/11/2020 15,256,125 0.36 14,525,000 Arch Coal Inc 7.250 01/10/2020 10,966,375 0.26 3,073,000 Consol Energy Inc 8.000 01/04/2017 3,249,698 0.08 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) - 94.46% (2012: 93.78%) CONT/D Metals and Mining - 6.45% (2012: 6.83%) cont/d 23,300,000 Consol Energy Inc 8.250 01/04/2020 25,338,750 0.60 4,550,000 FMG Resources August 2006 6.375 01/02/2016 4,726,313 0.11 5,100,000 FMG Resources August 2006 6.000 01/04/2017 5,406,000 0.13 20,225,000 FMG Resources August 2006 6.875 01/02/2018 21,387,937 0.50 16,200,000 FMG Resources August 2006 8.250 01/11/2019 18,103,500 0.43 5,625,000 FMG Resources August 2006 6.875 01/04/2022 6,075,000 0.14 5,575,000 Kaiser Aluminum Corp 8.250 01/06/2020 6,313,688 0.15 29,075,000 Novelis Inc 8.375 15/12/2017 31,037,562 0.73 16,450,000 Novelis Inc 8.750 15/12/2020 18,424,000 0.43 9,450,000 Peabody Energy Corp 6.000 15/11/2018 10,040,625 0.24 13,335,000 Peabody Energy Corp 6.500 15/09/2020 14,068,425 0.33 13,200,000 Peabody Energy Corp 6.250 15/11/2021 13,497,000 0.32 3,539,000 Plains Exploration & Production Co 6.125 15/06/2019 3,861,590 0.09 9,349,000 Plains Exploration & Production Co 6.625 01/05/2021 10,224,487 0.24 23,425,000 Rain CII Carbon Llc 8.250 15/01/2021 24,010,625 0.56 Paper - 0.70% (2012: 0.49%) 20,630,000 Clearwater Paper Corp 7.125 01/11/2018 22,177,250 0.52 7,100,000 Sappi Papier Holding GmbH 8.375 15/06/2019 7,739,000 0.18 Publishing and Printing - 0.46% (2012: Nil%) 9,125,000 Gannett 5.125 15/07/2020 9,307,500 0.22 9,800,000 Gannett 6.375 15/10/2023 10,216,500 0.24 Restaurants - 0.25% (2012: 0.30%) 10,850,000 Seminole Hard Rock Ent I 5.875 15/05/2021 10,633,000 0.25 Services - 3.63% (2012: 2.97%) 6,525,000 Adt Corp 6.250 15/10/2021 6,810,469 0.16 12,000,000 Adt Corp 3.500 15/07/2022 10,505,268 0.25 3,900,000 Adt Corp 4.125 15/06/2023 3,452,799 0.08 8,675,000 Algeco Scotsman Global Finance Plc 8.500 15/10/2018 9,369,000 0.22 5,075,000 Apx Group 6.375 01/12/2019 5,125,750 0.12 5,100,000 Digitalglobe Inc 5.250 01/02/2021 4,972,500 0.12 7,175,000 Geo Group 5.875 15/01/2022 7,175,000 0.17 25,240,000 H&E Equipment Services Inc 7.000 01/09/2022 27,574,700 0.65 20,025,000 Iron Mountain Inc 5.750 15/08/2024 18,723,375 0.44 8,525,000 PHH Corp 7.375 01/09/2019 9,207,000 0.22 9,650,000 PHH Corp 6.375 15/08/2021 9,710,312 0.23 23,110,000 Reliance Intermediate Holdings 9.500 15/12/2019 25,189,900 0.59 15,350,000 Safway Group Holding Finance 7.000 15/05/2018 16,079,125 0.38 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) - 94.46% (2012: 93.78%) CONT/D Steel - 2.31% (2012: 2.93%) 14,925,000 Arcelormittal 6.125 01/06/2018 16,212,281 0.38 29,275,000 Arcelormittal 10.350 01/06/2019 36,959,687 0.87 7,250,000 Arcelormittal 6.750 25/02/2022 7,857,188 0.19 14,650,000 Steel Dynamics 6.125 15/08/2019 15,895,250 0.37 3,975,000 Steel Dynamics 6.375 15/08/2022 4,322,812 0.10 2,800,000 US Steel Corp 7.000 01/02/2018 3,031,000 0.07 6,299,000 US Steel Corp 7.375 01/04/2020 6,708,435 0.16 7,000,000 US Steel Corp 7.500 15/03/2022 7,428,750 0.17 Super Retail - 2.52% (2012: 2.66%) 20,100,000 Claire's Stores Inc 9.000 15/03/2019 22,486,875 0.53 20,031,000 Limited Brands Inc 8.500 15/06/2019 24,087,278 0.57 2,725,000 Limited Brands Inc 6.625 01/04/2021 3,000,906 0.07 25,370,000 Michaels Stores Inc 7.750 01/11/2018 27,463,025 0.64 13,000,000 Rent-a-center Inc 6.625 15/11/2020 13,747,500 0.32 3,425,000 Rent-a-center Inc 4.750 01/05/2021 3,210,937 0.07 12,364,000 Sally Holdings Llc 6.875 15/11/2019 13,677,675 0.32 Technology - 2.92% (2012: 4.81%) 14,950,000 Advanced Micro Devices 7.500 15/08/2022 14,389,375 0.34 14,875,000 Audatex North America 6.000 15/06/2021 15,544,375 0.37 5,300,000 Audatex North America 6.125 01/11/2023 5,472,250 0.13 10,625,000 Corelogic Inc 7.250 01/06/2021 11,554,687 0.27 10,700,000 Denali Borrower Llc / Denali Finance 5.625 15/10/2020 10,539,500 0.25 4,725,000 Equinix Inc 7.000 15/07/2021 5,173,875 0.12 20,138,000 Lender Processing Services Inc 5.750 15/04/2023 20,943,520 0.49 32,565,000 Rexel SA 6.125 15/12/2019 33,867,600 0.80 6,425,000 Rexel SA 5.250 15/06/2020 6,505,312 0.15 Telecommunications - 10.11% (2012: 9.67%) 3,075,000 Centurylink Inc 5.625 01/04/2020 3,128,813 0.07 21,025,000 Centurylink Inc 5.800 15/03/2022 20,762,187 0.49 7,650,000 Centurylink Inc 6.750 01/12/2023 7,822,125 0.18 10,050,000 Cyrusone / Cyrusone Finance 6.375 15/11/2022 10,301,250 0.24 9,430,000 Frontier Communications Corp 8.250 15/04/2017 10,974,163 0.26 8,625,000 Frontier Communications Corp 8.125 01/10/2018 9,961,875 0.23 14,025,000 Frontier Communications Corp 7.125 15/03/2019 15,357,375 0.36 7,325,000 Frontier Communications Corp 8.500 15/04/2020 8,387,125 0.20 10,850,000 Frontier Communications Corp 9.000 15/08/2031 10,931,375 0.26 20,610,000 GCI Inc 8.625 15/11/2019 21,898,125 0.51 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) - 94.46% (2012: 93.78%) CONT/D Telecommunications - 10.11% (2012: 9.67%) cont/d 19,075,000 Inmarsat Finance Plc 7.375 01/12/2017 19,838,000 0.47 33,075,000 Intelsat Jackson Holdings 7.250 01/04/2019 35,762,344 0.84 5,275,000 Intelsat Jackson Holdings 8.500 01/11/2019 5,782,719 0.14 19,400,000 Intelsat Jackson Holdings 7.250 15/10/2020 21,194,500 0.50 19,750,000 Metropcs Wireless Inc 6.625 15/11/2020 20,910,312 0.49 23,150,000 Metropcs Wireless Inc 6.250 01/04/2021 24,076,000 0.56 17,575,000 Metropcs Wireless Inc 6.625 01/04/2023 18,102,250 0.42 16,550,000 Softbank Corp 4.500 15/04/2020 16,446,562 0.39 7,800,000 Sprint Capital Corp 6.900 01/05/2019 8,463,000 0.20 11,470,000 Sprint Capital Corp 6.875 15/11/2028 10,896,500 0.26 10,775,000 Sprint Nextel Corp 9.125 01/03/2017 12,714,500 0.30 21,225,000 Sprint Nextel Corp 7.000 15/08/2020 22,816,875 0.54 15,425,000 Sprint Nextel Corp 6.000 15/11/2022 15,309,313 0.36 20,055,000 Telesat Canada 6.000 15/05/2017 20,907,337 0.49 9,500,000 Wind Acquisition Finance SA 11.750 15/07/2017 10,093,750 0.24 12,975,000 Windstream Corp 7.875 01/11/2017 14,888,813 0.35 14,825,000 Windstream Corp 8.125 01/09/2018 15,973,937 0.37 10,850,000 Windstream Corp 7.750 15/10/2020 11,609,500 0.27 5,375,000 Windstream Corp 6.375 01/08/2023 5,133,125 0.12 Transportation Excluding Air and Rail - 0.21% (2012: 0.81%) 8,615,200 Awas Aviation Capital Ltd 7.000 17/10/2016 8,938,270 0.21 Utilities - 3.18% (2012: 3.52%) 6,775,000 Aes Corp 9.750 15/04/2016 7,977,563 0.19 10,850,000 Aes Corp 8.000 15/10/2017 12,721,625 0.30 175,000 Aes Corp 7.375 01/07/2021 197,750 0.00 16,030,000 Calpine Corp 7.875 31/07/2020 17,552,850 0.41 5,246,000 Calpine Corp 7.500 15/02/2021 5,718,140 0.13 14,500,000 Dynegy Inc 5.875 01/06/2023 13,630,000 0.32 4,475,784 Indiantown Cogeneration 9.770 15/12/2020 4,838,654 0.11 17,950,000 Intergen NV 7.000 30/06/2023 18,533,375 0.44 7,750,515 Mirant Mid Atlantic Llc 9.125 30/06/2017 8,448,061 0.20 6,975,000 NRG Energy Inc 7.625 15/01/2018 7,951,500 0.19 13,100,000 NRG Energy Inc 7.625 15/05/2019 13,918,750 0.33 22,188,000 NSG Holdings Llc 7.750 15/12/2025 23,630,220 0.56 Total Transferable Securities (Corporate Bonds) 4,019,430,149 94.46 24

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 10,152,000 0.24 Total Collective Investment Schemes 10,152,000 0.24 Investments at fair value (Cost: 3,953,055,033) 4,029,582,149 94.70 Financial Derivative Instruments* - 0.75% (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 30,168,529 7 851,338 0.02 12/02/2014 State Street Bank CHF 41,322,889 45,375,965 7 382,469 0.01 15/01/2014 State Street Bank CHF 34,635,599 38,104,269 10 239,945 0.01 09/12/2013 State Street Bank EUR 660,320,414 879,558,860 12 19,497,908 0.46 15/01/2014 State Street Bank EUR 571,561,729 774,225,243 13 3,990,953 0.09 12/02/2014 State Street Bank EUR 291,933,213 394,508,365 10 2,997,414 0.07 09/12/2013 State Street Bank GBP 32,153,238 50,861,547 7 1,804,760 0.04 15/01/2014 State Street Bank GBP 37,941,832 60,492,623 9 1,638,373 0.04 12/02/2014 State Street Bank GBP 31,340,511 49,979,763 7 1,330,426 0.03 15/01/2014 State Street Bank 26,837,587 EUR 19,583,292 6 173,738 0.00 12/02/2014 State Street Bank 4,850,500 CHF 4,426,085 10 (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 17,235,462 12 (215,775) (0.01) 09/12/2013 State Street Bank 4,333,976 GBP 2,700,387 17 (89,199) (0.00) 12/02/2014 State Street Bank 3,481,555 GBP 2,156,810 12 (49,541) (0.00) 15/01/2014 State Street Bank 1,635,658 GBP 1,024,695 10 (42,314) (0.00) Unrealised gain on forward foreign currency exchange contracts 32,907,324 0.77 Unrealised loss on forward foreign currency exchange contracts (995,709) (0.02) Net unrealised gain on forward foreign currency exchange contracts 31,911,615 0.75 Total Financial Derivative Instruments 31,911,615 0.75 25

Portfolio of Investments as at 30 November 2013 cont/d Americayield FAIR VALUE % of NET ASSETS Portfolio of Investments 4,061,493,764 95.45 Cash at bank (2012: 5.36%) 122,075,202 2.88 Debtors (2012: 6.50%) 88,142,680 2.07 Total Assets 4,271,711,646 100.40 Creditors (2012: (6.37%)) (34,070,011) (0.80) Net Asset Value at fair value prices at 30/11/2013 4,237,641,635 99.60 Adjustments from bid market prices to last traded market prices 17,207,455 0.40 Net Asset Value at dealing prices at 30/11/2013 4,254,849,090 100.00 Net Asset Value at 30/11/2013 30/11/2013 30/11/2012 30/11/2011 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 548,668,987 702,520,624 600,566,041 -Hedged Accumulation R Units 320,519,884 333,202,920 230,096,175 -Hedged Accumulation S Units** 510,162,386 - - -Hedged Income Units 615,617,572 519,698,082 229,859,297 -Hedged Income R Units** 3,783,595 - - -Hedged Euro Discretionary Units 9,685,814 12,092,329 9,415,328 -Hedged Euro Accumulation Units 294,633,017 291,583,837 250,208,469 -Hedged Euro Accumulation R Units 137,035,794 132,130,983 32,943,649 -Hedged Euro Income Units 1,020,676,073 568,288,333 426,443,580 -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** GBP37,804 - - -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** 4,887,081 - - -Hedged Income Units 6,123,720 5,202,183 2,449,481 -Hedged Income R Units** 36,960 - - -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 553,859 563,819 158,284 26

Portfolio of Investments as at 30 November 2013 cont/d Americayield 30/11/2013 30/11/2012 30/11/2011 Number of Units in issue -Hedged Euro Income Units 7,505,523 4,191,226 3,326,912 -Hedged GBP Income Units 837,185 959,773 637,181 -Hedged GBP Accumulation Units 52,874 68,977 24,047 -Hedged GBP Accumulation H Units** 360 - - -Hedged CHF Accumulation R Units 573,123 619,708 534,212 -Hedged CHF Income R Units 249,227 223,827 - Net Asset Value per Unit -Hedged Accumulation Units 237.33 222.74 196.22 -Hedged Accumulation R Units 223.23 210.54 186.38 -Hedged Accumulation S Units** 104.39 - - -Hedged Income Units 100.53 99.90 93.84 -Hedged Income R Units** 102.37 - - -Hedged Euro Discretionary Units 244.82 230.73 203.87 -Hedged Euro Accumulation Units 261.60 246.55 217.90 -Hedged Euro Accumulation R Units 247.42 234.35 208.13 -Hedged Euro Income Units 135.99 135.59 128.18 -Hedged GBP Income Units GBP105.82 GBP105.03 GBP98.57 -Hedged GBP Accumulation Units GBP151.00 GBP141.54 GBP124.41 -Hedged GBP Accumulation H Units** GBP105.01 - - -Hedged CHF Accumulation R Units CHF123.81 CHF117.29 CHF104.68 -Hedged CHF Income R Units CHF104.15 CHF103.93 - 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 94.09 Collective Investment Schemes 0.24 OTC financial derivative instruments 0.75 Other current assets 4.92 Total assets 100.00 27

Portfolio of Investments as at 30 November 2013 uropeyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 95.05% (2012: 92.22%) Aerospace and Defence - 2.19% (2012: 1.59%) 1,850,000 Bombardier Inc 6.125 15/05/2021 1,991,839 0.57 2,300,000 Finmeccanica Finance 8.000 16/12/2019 3,107,705 0.89 3,300,000 Meccanica Holdings USA 6.250 15/07/2019 2,520,247 0.73 Apparel and Textiles - 0.21% (2012: Nil) 700,000 Boardriders SA 8.875 15/12/2017 742,910 0.21 Automotive and Auto Parts - 8.30% (2012: 8.58%) 1,550,000 Banque PSA Finance SA 3.875 14/01/2015 1,581,047 0.45 575,000 Banque PSA Finance SA 4.875 25/09/2015 600,760 0.17 3,000,000 Banque PSA Finance SA 4.250 25/02/2016 3,120,600 0.89 3,242,000 Banque PSA Finance SA 4.375 04/04/2016 2,460,924 0.71 4,300,000 Continental Rubber of America 4.500 15/09/2019 3,342,286 0.96 750,000 Fiat Finance & Trade 6.375 01/04/2016 803,123 0.23 448,000 Fiat Finance & Trade 7.750 17/10/2016 499,632 0.14 3,612,000 Fiat Finance & Trade 7.000 23/03/2017 3,960,088 1.14 2,700,000 Gestamp Lux SA 5.875 31/05/2020 2,846,367 0.82 880,000 Goodyear Dunlop Tires Europe 6.750 15/04/2019 960,300 0.28 1,250,000 Jaguar Land Rover Plc 8.250 15/03/2020 1,694,745 0.49 2,200,000 Peugeot SA 7.375 06/03/2018 2,444,310 0.70 4,325,000 Schaeffler Finance BV 6.875 15/08/2018 4,604,525 1.32 Banking Nil (2012: 2.00%) Broadcasting - 2.80% (2012: 3.14%) 1,500,000 CET 21 Spol Sro 9.000 01/11/2017 1,556,325 0.45 2,095,000 Cyfrowy Polsat Finance AB 7.125 20/05/2018 2,241,860 0.65 1,775,000 Polish Television Holding BV 11.000 15/01/2021 1,894,990 0.54 1,715,000 TVN Finance Corp III AB 7.875 15/11/2018 1,817,900 0.52 2,100,000 TVN Finance Corp III AB 7.375 15/12/2020 2,229,507 0.64 Building Materials - 6.65% (2012: 5.89%) 1,810,000 Buzzi Unicem SpA 6.250 28/09/2018 2,024,177 0.58 600,000 Cemex Finance LLC 9.625 14/12/2017 633,000 0.18 700,000 Cemex SAB de CV 9.000 11/01/2018 562,961 0.16 3,375,000 Grohe Holding GmbH 8.750 15/12/2017 3,463,661 0.99 5,625,000 Heidelberg Cement AG 8.500 31/10/2019 7,186,894 2.06 1,000,000 Lafarge SA 10.000 30/05/2017 1,434,140 0.41 800,000 Lafarge SA 5.875 09/07/2019 895,000 0.26 2,100,000 Lafarge SA 6.750 16/12/2019 2,407,902 0.69 1,175,000 Lafarge SA 4.750 30/09/2020 1,231,847 0.36 3,219,000 Xella Holdco Finance SA 9.125 15/09/2018 3,350,979 0.96 28

Portfolio of Investments as at 30 November 2013 cont/d uropeyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 95.05% (2012: 92.22%) CONT/D Cable and Satellite TV - 12.65% (2012: 7.45%) 3,850,000 Altice Financing SA 8.000 15/12/2019 4,143,562 1.19 4,480,000 Nara Cable ing Ltd 8.875 01/12/2018 4,851,482 1.39 900,000 Norcell Sweden Holding 10.750 29/09/2019 1,006,902 0.29 1,300,000 Numericable Finance 12.375 15/02/2019 1,545,024 0.44 3,900,000 Telenet Finance III Luxembourg 6.625 15/02/2021 4,192,500 1.20 3,550,000 Telenet Finance V Luxembourg 6.250 15/08/2022 3,747,557 1.07 3,015,000 Unitymedia Hessen GmbH 7.500 15/03/2019 3,270,129 0.94 3,425,000 Unitymedia Kabel BW GmbH 9.500 15/03/2021 3,967,212 1.14 4,070,000 UPC Holding BV 8.375 15/08/2020 4,483,919 1.28 1,405,000 UPC Holding BV 6.375 15/09/2022 1,420,272 0.41 2,125,000 UPCB Finance Ltd 6.375 01/07/2020 2,263,678 0.65 2,335,000 Virgin Media Secured Finance Plc 6.000 15/04/2021 2,882,674 0.83 4,705,000 Ziggo Bond Co BV 8.000 15/05/2018 5,012,378 1.44 1,275,000 Ziggo Finance BV 6.125 15/11/2017 1,314,359 0.38 Capital Goods - 1.52% (2012: 0.72%) 3,175,000 GCS Holdco Finance I SA 6.500 15/11/2018 3,254,851 0.93 1,925,000 Loxam SAS 7.375 24/01/2020 2,043,715 0.59 Chemicals - 0.92% (2012: 3.06%) 2,040,000 Ciech Group Financing AB 9.500 30/11/2019 2,295,857 0.66 810,000 Orion Engineered Carbons Bondco GmbH 10.000 15/06/2018 898,428 0.26 Consumer Products - 0.25% (2012: 0.60%) 825,000 Magnolia BC SA 9.000 01/08/2020 860,417 0.25 Containers - 4.51% (2012: 6.85%) 1,659,067 ARD Finance SA 11.125 01/06/2018 1,596,557 0.46 3,475,000 Ardagh Packaging Finance Ltd 7.375 15/10/2017 3,716,374 1.07 2,600,000 Beverage Packaging Holdings 9.500 15/06/2017 2,696,460 0.77 1,750,000 GCL Holdings SCA 9.375 15/04/2018 1,891,662 0.54 5,050,000 Greif Luxembourg Finance 7.375 15/07/2021 5,833,002 1.67 Diversified Financial Services - 3.08% (2012: 1.39%) 850,000 Galaxy Bidco Ltd 6.375 15/11/2020 1,021,787 0.29 1,725,000 Galaxy Finco Ltd 7.875 15/11/2021 2,071,594 0.59 4,025,000 International Personal Finance Plc 11.500 06/08/2015 4,553,281 1.31 2,375,000 Jerrold Finco Plc 9.750 15/09/2018 3,102,323 0.89 Diversified Media - 0.37% (2012: Nil) 1,275,000 Cable Communications Systems NV 7.500 01/11/2020 1,302,757 0.37 29

Portfolio of Investments as at 30 November 2013 cont/d uropeyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 95.05% (2012: 92.22%) CONT/D Energy - 1.51% (2012: 1.37%) 1,322,000 Chesapeake Energy Corp 6.250 15/01/2017 1,439,394 0.41 2,000,000 Cores 3.250 19/04/2016 2,051,600 0.59 1,650,000 Ence Energia Y Celulosa SA 7.250 15/02/2020 1,790,993 0.51 Entertainment - 0.65% (2012: 1.20%) 1,800,000 Vougeot Bidco Plc 7.875 15/07/2020 2,278,753 0.65 Environmental - 2.87% (2012: 1.35%) 4,975,000 Infinis Plc 7.000 15/02/2019 6,298,281 1.81 3,408,000 Zinc Capital SA 8.875 15/05/2018 3,682,412 1.06 Food and Drug Retail - 0.63% (2012: Nil) 2,200,000 Casino Guichard Perrachon SA 4.870 31/01/2019 2,186,976 0.63 Food, Beverage and Tobacco - 4.96% (2012: 3.80%) 1,290,000 Agrokor DD 10.000 07/12/2016 1,362,253 0.39 1,320,000 Agrokor DD 9.875 01/05/2019 1,481,700 0.42 150,000 Agrokor DD 9.125 01/02/2020 166,407 0.05 2,850,000 Albain Bidco Norway AS 6.750 01/11/2020 2,914,638 0.84 1,300,000 Bakkavor Finance 2 Plc 8.750 15/06/2020 1,705,151 0.49 2,708,000 Boparan Finance Plc 9.875 30/04/2018 3,581,022 1.03 5,760,000 Campofrio Food SA 8.250 31/10/2016 6,055,603 1.74 Gaming - 1.50% (2013: 2.05%) 3,775,000 Cirsa Finance Luxembourg SA 8.750 15/05/2018 3,989,307 1.14 1,075,000 William Hill Plc 4.250 05/06/2020 1,246,232 0.36 Healthcare - 0.93% (2012: 1.70%) 3,100,000 MPT Finance Corp 5.750 01/10/2020 3,245,390 0.93 Home Builders and Real Estate - 0.48% (2012: 1.50%) 678,000 Obrascon Huarte Lain SA 7.625 15/03/2020 730,843 0.21 925,000 RPG Byty Sro 6.750 01/05/2020 934,250 0.27 Insurance - 0.18% (2012: Nil) 500,000 Hastings Insurance Group Finance Plc 8.000 21/10/2020 612,739 0.18 Leisure Nil (2012: 0.34%) Metals and Mining - 1.39% (2012: 1.31%) 4,775,000 Rain CII Carbon LLC 8.500 15/01/2021 4,840,656 1.39 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) - 95.05% (2012: 92.22%) CONT/D Paper - 0.41% (2012: 1.40%) 1,325,000 WEPA Hygieneprodukte GmbH 6.500 15/05/2020 1,420,241 0.41 Services - 4.14% (2012: 2.41%) 1,000,000 Abengoa SA 6.875 24/07/2014 1,019,210 0.29 4,300,000 Abengoa SA 4.500 03/02/2017 4,294,324 1.23 1,850,000 Astaldi SpA 7.125 01/12/2020 1,921,928 0.55 1,975,000 Deutsche Raststaetten Gruppe IV GmbH 6.750 30/12/2020 2,037,963 0.59 2,425,000 Geo Debt Finance SCA 7.500 01/08/2018 2,575,641 0.74 1,475,000 Geo Travel Finance SCA 10.375 01/05/2019 1,600,375 0.46 900,000 Techem GmbH 6.125 01/10/2019 975,708 0.28 Steel Nil (2012: 0.30%) Super Retail - 4.13% (2012: 5.91%) 1,325,000 DFS Furniture Holdings Plc 6.517 15/08/2018 1,612,537 0.46 3,320,000 Dixons Retail Plc 8.750 15/09/2017 4,609,326 1.32 1,950,000 Edcon (Pty) Ltd 9.500 01/03/2018 2,031,705 0.58 4,875,000 Phones4u Finance Plc 9.500 01/04/2018 6,160,245 1.77 Technology - 0.80% (2012: Nil) 1,575,000 Interxion Holding NV 6.000 15/07/2020 1,649,813 0.47 1,125,000 Stampos BV 5.238 15/05/2019 1,143,653 0.33 Telecommunications - 15.34% (2012: 10.59%) 1,300,000 Arqiva Broadcast Finance Plc 9.500 31/03/2020 1,727,438 0.50 1,200,000 Eaccess Ltd 8.375 01/04/2018 1,329,000 0.38 7,385,000 Eileme 2 11.625 31/01/2020 6,522,318 1.87 2,800,000 Enel SpA 7.750 10/09/2075 3,551,465 1.02 4,625,000 Koninklijke KPN NV 6.125 14/09/2018 4,848,943 1.39 2,955,000 Matterhorn Mobile SA 6.750 15/05/2019 2,611,590 0.75 1,575,000 Portugal Telecom International Finance 4.625 08/05/2020 1,600,247 0.46 750,000 Portugal Telecom SGPS SA 6.250 26/07/2016 804,847 0.23 2,225,000 Softbank Corp 4.625 15/04/2020 2,323,946 0.67 3,860,000 Sunrise Communications International SA 5.625 31/12/2017 3,263,243 0.94 1,550,000 Sunrise Communications International SA 7.000 31/12/2017 1,327,692 0.38 3,050,000 Telecom Italia SpA 6.125 14/12/2018 3,322,830 0.95 1,300,000 Telecom Italia SpA 5.375 29/01/2019 1,366,937 0.39 2,700,000 Telecom Italia SpA 6.375 24/06/2019 3,362,259 0.96 5,300,000 Telefonica Europe 6.500 18/09/2018 5,634,907 1.62 2,000,000 Telefonica Europe 6.750 26/11/2020 2,434,740 0.70 1,525,000 Wind Acquisition Finance SA 11.750 15/07/2017 1,618,848 0.46 5,505,000 Wind Acquisition Finance SA 7.375 15/02/2018 5,810,802 1.67 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) - 95.05% (2012: 92.22%) CONT/D Transportation Excluding Air and Rail - 3.06% (2012: 4.92%) 4,700,000 Brisa Concessao Rodoviaria SA 6.875 02/04/2018 5,137,711 1.47 4,200,000 Heathrow Finance Plc 7.125 01/03/2017 5,539,268 1.59 Utilities - 8.62% (2012: 10.80%) 5,665,000 Anglian Water Osprey Financing 7.000 31/01/2018 7,328,566 2.10 2,565,000 EDP Finance BV 6.625 09/08/2017 3,349,367 0.96 2,350,000 EDP Finance BV 4.125 20/01/2021 2,346,451 0.67 2,650,000 EDP Finance BV 8.625 04/01/2024 3,701,671 1.06 3,275,000 REN Finance BV 4.750 16/10/2020 3,374,167 0.97 4,650,000 Southern Water Greensands Financing Plc 8.500 15/04/2019 6,202,410 1.78 925,000 Thames Water Kemble Finance Plc 7.750 01/04/2019 1,207,661 0.35 2,308,000 Viridian Group co II 11.125 01/04/2017 2,552,256 0.73 Total Transferable Securities (Corporate Bonds) (2012: 92.22%) 331,302,113 95.05 Collective Investment Schemes 0.58% (2012: Nil) 20,000 Muzinich s EmergingMarketsShortDuration 2,029,200 0.58 Total Collective Investment Schemes 2,029,200 0.58 Investments at fair value (Cost: 318,594,002) 333,331,313 95.63 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 446,886 1 282 0.00 09/12/2013 State Street Bank EUR 122,560 SEK 1,068,656 3 2,488 0.00 12/02/2014 State Street Bank EUR 35,822 SEK 315,282 1 447 0.00 15/01/2014 State Street Bank EUR 41,503 SEK 365,984 1 415 0.00 09/12/2013 State Street Bank EUR 6,903,967 9,249,489 3 110,596 0.03 12/02/2014 State Street Bank EUR 4,398,117 5,934,888 4 39,461 0.01 15/01/2014 State Street Bank EUR 7,060,714 9,607,779 6 4,270 0.00 12/02/2014 State Street Bank GBP 14,497,641 EUR 17,225,771 11 205,737 0.06 09/12/2013 State Street Bank GBP 9,411,015 EUR 11,176,633 12 145,081 0.04 15/01/2014 State Street Bank GBP 4,709,080 EUR 5,533,156 6 130,397 0.04 32

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 35,180,233 20 (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 8,569,749 21 (201,709) (0.06) 12/02/2014 State Street Bank SEK 94,460,045 EUR 10,731,280 18 (132,745) (0.04) 15/01/2014 State Street Bank SEK 61,336,390 EUR 6,956,814 17 (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 639,174 0.18 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 331,791,997 95.19 Cash at bank (2012: 5.60%) 12,917,079 3.71 Debtors (2012: 3.80%) 8,214,684 2.36 Total Assets 352,923,760 101.26 Creditors (2012: (2.26%)) (5,661,123) (1.63) Net Asset Value at fair value prices at 30/11/2013 347,262,637 99.63 Adjustments from bid market prices to last traded market prices (2012: 0.49%) 1,300,568 0.37 Net Asset Value at dealing prices at 30/11/2013 348,563,205 100.00 33

Portfolio of Investments as at 30 November 2013 cont/d uropeyield 30/11/2013 30/11/2012 30/11/2011 Net Asset Value at 30/11/2013 348,563,205 326,495,129 174,095,462 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 278,792,507 279,501,669 154,305,400 -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 377,205 268,565 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 1,137,369 521,636 Net Asset Value per Unit -Hedged Euro Income Units 79.69 77.11 67.92 -Hedged Euro Accumulation Units 183.23 167.38 136.95 -Hedged GBP Accumulation Units GBP132.66 GBP120.63 GBP98.32 -Hedged SEK Accumulation R Units SEK122.33 SEK111.23 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 93.47 Collective Investment Schemes 0.57 Other current assets 5.96 Total assets 100.00 34

Portfolio of Investments as at 30 November 2013 Transatlanticyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 95.62% (2012: 89.92%) Aerospace and Defence - 2.07% (2012: 0.75%) 1,300,000 Bombardier Inc 7.500 15/03/2018 1,475,500 0.28 2,575,000 Bombardier Inc 7.750 15/03/2020 2,929,062 0.56 375,000 Bombardier Inc 6.125 15/05/2021 549,728 0.10 1,775,000 Bombardier Inc 6.125 15/01/2023 1,766,125 0.34 2,275,000 Finmeccanica Finance 8.000 16/12/2019 4,185,304 0.79 Airlines - 0.27% (2012: Nil) 1,400,000 American Airlines 5.600 15/07/2020 1,400,000 0.27 Apparel and Textiles - 1.67% (2012: 1.03%) 1,425,000 Hanesbrands Inc 6.375 15/12/2020 1,556,813 0.29 1,650,000 Levi Strauss & Co 7.750 15/05/2018 2,390,113 0.45 1,625,000 Levi Strauss & Co 6.875 01/05/2022 1,775,312 0.34 2,900,000 Wolverine World Wide Inc 6.125 15/10/2020 3,095,750 0.59 Automotive and Auto Parts - 1.90% (2012: 4.16%) 1,750,000 American Axle & Manufacturing Inc 6.250 15/03/2021 1,837,500 0.35 2,125,000 American Axle & Manufacturing Inc 6.625 15/10/2022 2,247,187 0.43 425,000 General Motors Financial Co 2.750 15/05/2016 430,313 0.08 475,000 General Motors Financial Co 3.250 15/05/2018 476,187 0.09 425,000 General Motors Financial Co 4.250 15/05/2023 404,813 0.08 600,000 Gestamp Lux SA 5.875 31/05/2020 861,216 0.16 761,000 Goodyear Tire & Rubber Co 8.250 15/08/2020 856,125 0.16 1,225,000 Schaeffler Finance BV 7.750 15/02/2017 1,910,395 0.36 650,000 Schaeffler Finance BV 8.750 15/02/2019 1,006,696 0.19 Banking - 1.72% (2012: 1.84%) 3,375,000 Ally Financial Inc 6.250 01/12/2017 3,775,781 0.71 4,425,000 Ally Financial Inc 8.000 15/03/2020 5,310,000 1.01 Broadcasting - 3.02% (2012: 3.55%) 700,000 Belo Corp 7.750 01/06/2027 738,500 0.14 500,000 Belo Corp 7.250 15/09/2027 503,750 0.10 1,800,000 Lin Television Corp 6.375 15/01/2021 1,847,250 0.35 2,275,000 Nexstar Broadcasting 6.875 15/11/2020 2,405,812 0.46 2,325,000 Sinclair Television Group 8.375 15/10/2018 2,534,250 0.48 1,525,000 Sinclair Television Group 5.375 01/04/2021 1,502,125 0.28 1,675,000 Sinclair Television Group 6.375 01/11/2021 1,721,063 0.33 650,000 Sirius XM Radio 5.750 01/08/2021 658,125 0.12 650,000 Sirius XM Radio 4.625 15/05/2023 580,125 0.11 2,375,000 Tvn Finance III 7.375 15/12/2020 3,433,103 0.65 35

Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 95.62% (2012: 89.92%) CONT/D Building Materials - 3.06% (2012: 3.16%) 2,550,000 Building Materials Corp 6.875 15/08/2018 2,722,125 0.51 3,200,000 Building Materials Corp 7.500 15/03/2020 3,448,000 0.65 125,000 Cemex Espana Luxembourg 9.875 30/04/2019 192,957 0.04 750,000 Cemex Finance Llc 9.375 12/10/2022 830,625 0.16 1,750,000 Cemex Sab De Cv 9.500 15/06/2018 1,964,375 0.37 650,000 Cemex Sab De Cv 5.875 25/03/2019 637,000 0.12 200,000 Cemex Sab De Cv 6.500 10/12/2019 202,500 0.04 2,150,000 Heidelberg Cement Ag 8.500 31/10/2019 3,740,165 0.71 1,709,000 Xella Holdco Finance 9.125 15/09/2018 2,422,292 0.46 Cable and Satellite TV - 11.20% (2012: 7.67%) 3,925,000 Cablevision Systems Corp 8.625 15/09/2017 4,543,188 0.86 1,850,000 Cablevision Systems Corp 7.750 15/04/2018 2,072,000 0.39 1,025,000 CCO Holdings Llc & Capital Corp 7.000 15/01/2019 1,082,656 0.20 1,450,000 CCO Holdings Llc & Capital Corp 8.125 30/04/2020 1,584,125 0.30 625,000 CCO Holdings Llc & Capital Corp 5.250 15/03/2021 603,125 0.11 1,775,000 CCO Holdings Llc & Capital Corp 6.500 30/04/2021 1,852,656 0.35 1,100,000 Cco Holdings Llc & Capital Corp 5.125 15/02/2023 1,028,500 0.19 3,350,000 Cequel Communications Holdings I Llc 6.375 15/09/2020 3,458,875 0.66 950,000 Dish DBS Corp 7.125 01/02/2016 1,049,750 0.20 5,125,000 Dish DBS Corp 7.875 01/09/2019 5,932,188 1.12 800,000 Dish DBS Corp 5.000 15/03/2023 762,000 0.14 1,075,000 IAC/Interactivecorp 4.875 30/11/2018 1,097,844 0.21 1,225,000 Midcontinent Communications & Midcontinent Finance 6.250 01/08/2021 1,243,375 0.24 2,250,000 Nara Cable ing Ltd 8.875 01/12/2018 2,413,125 0.46 375,000 Telenet Finance Luxembourg 6.375 15/11/2020 547,813 0.10 925,000 Telenet Finance III Luxembourg 6.625 15/02/2021 1,353,891 0.26 1,200,000 Telenet Finance V Luxembourg 6.250 15/08/2022 1,724,784 0.33 5,986,000 Unitymedia Kabel Bw GmbH 9.625 01/12/2019 9,014,409 1.71 2,203,000 UPC Holding BV 8.375 15/08/2020 3,304,543 0.63 3,525,000 UPCB Finance Ltd 7.625 15/01/2020 5,180,446 0.98 1,175,000 Virgin Media Finance Plc 8.875 15/10/2019 2,090,715 0.40 2,100,000 Virgin Media Finance Plc 7.000 15/04/2023 3,573,373 0.68 2,475,000 Ziggo Bond Company 8.000 15/05/2018 3,589,988 0.68 Capital Goods - 0.70% (2012: 0.95%) 1,250,000 Griffon Corp 7.125 01/04/2018 1,334,375 0.25 1,650,000 Loxam SAS 7.375 24/01/2020 2,385,103 0.45 36

Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 95.62% (2012: 89.92%) CONT/D Chemicals - 2.34% (2012: 2.77%) 1,600,000 Huntsman International Llc 8.625 15/03/2020 1,768,000 0.33 850,000 LSB Industries Inc 7.750 01/08/2019 886,125 0.17 2,385,000 Orion Engineered Carbons Bondco GmbH 10.000 15/06/2018 3,601,804 0.68 1,825,000 Petrologistics Finance 6.250 01/04/2020 1,831,844 0.35 4,025,000 TPC Group Inc 8.750 15/12/2020 4,251,406 0.81 Consumer Products - 1.43% (2012: 1.13%) 2,370,000 Libbey Glass Inc 6.875 15/05/2020 2,529,975 0.48 2,390,000 Nbty Inc 9.000 01/10/2018 2,629,000 0.50 1,450,000 Spectrum Brands Holdings 6.375 15/11/2020 1,544,250 0.29 800,000 Spectrum Brands Holdings 6.625 15/11/2022 852,000 0.16 Containers - 3.14% (2012: 2.60%) 275,000 Ardagh Glass Finance 9.250 01/07/2016 394,971 0.08 1,925,000 Ardagh Packaging Finance Ltd 7.375 15/10/2017 2,803,037 0.53 2,775,000 Ball Corp 7.375 01/09/2019 2,997,000 0.57 900,000 Ball Corp 4.000 15/11/2023 807,750 0.15 1,025,000 Beverage Packaging Holdings Group 8.000 15/12/2016 1,395,631 0.26 2,025,000 Crown Americas Llc 4.500 15/01/2023 1,878,187 0.36 850,000 Greif Luxembourg Finance 7.375 15/07/2021 1,336,760 0.25 1,050,000 Reynolds Group Issuer Inc 7.125 15/04/2019 1,123,500 0.21 550,000 Sealed Air Corp 8.125 15/09/2019 620,125 0.12 2,829,000 Sealed Air Corp 8.375 15/09/2021 3,239,205 0.61 Diversified Financial Services - 3.00% (2012: 2.44%) 2,250,000 Aircastle Ltd 6.250 01/12/2019 2,430,000 0.46 1,800,000 FTI Consulting Inc 6.750 01/10/2020 1,921,500 0.36 825,000 FTI Consulting Inc 6.000 15/11/2022 837,375 0.16 700,000 Galaxy Finco 7.875 15/11/2021 1,144,582 0.22 3,750,000 International Lease Finance Corp 8.750 15/03/2017 4,410,938 0.84 675,000 International Lease Finance Corp 6.250 15/05/2019 738,281 0.14 3,650,000 International Lease Finance Corp 8.250 15/12/2020 4,334,375 0.82 Diversified Media - 0.76% (2012: 2.16%) 1,325,000 Clear Channel Worldwide Holdings 7.625 15/03/2020 1,394,375 0.26 2,525,000 Clear Channel Worldwide Holdings 6.500 15/11/2022 2,608,125 0.50 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) - 95.62% (2012: 89.92%) CONT/D Energy - 13.31% (2012: 11.39%) 1,250,000 Amerigas Finance Llc & Corp 6.750 20/05/2020 1,362,500 0.26 1,425,000 Amerigas Finance Llc & Corp 7.000 20/05/2022 1,542,563 0.29 850,000 Antero Resources Finance 6.000 01/12/2020 890,375 0.17 725,000 Antero Resources Finance 5.375 01/11/2021 732,250 0.14 475,000 Atlas Pipeline Finance Corp 6.625 01/10/2020 503,500 0.09 2,025,000 Atlas Pipeline Finance Corp 4.750 15/11/2021 1,873,125 0.35 2,350,000 Atlas Pipeline Finance Corp 5.875 01/08/2023 2,279,500 0.43 600,000 Berry Petroleum Co 6.750 01/11/2020 624,000 0.12 1,425,000 Berry Petroleum Co 6.375 15/09/2022 1,453,500 0.27 1,275,000 Calumet Specialty Products Parteners Lp 9.375 01/05/2019 1,412,063 0.27 600,000 Calumet Specialty Products Parteners Lp 9.625 01/08/2020 667,500 0.13 400,000 Calumet Specialty Products Parteners Lp 7.625 15/01/2022 403,000 0.08 1,050,000 Chesapeake Energy Corp 7.250 15/12/2018 1,207,500 0.23 200,000 Chesapeake Energy Corp 6.625 15/08/2020 224,000 0.04 2,225,000 Chesapeake Energy Corp 6.875 15/11/2020 2,500,344 0.47 1,450,000 Chesapeake Energy Corp 5.750 15/03/2023 1,500,750 0.28 750,000 Concho Resources Inc 5.500 01/04/2023 761,250 0.14 2,675,000 Crestwood Midstream Partners LP 6.000 15/12/2020 2,738,531 0.52 175,000 El Paso Inc 7.000 15/06/2017 198,048 0.04 400,000 El Paso Inc 6.500 15/09/2020 431,940 0.08 1,550,000 Energy XXI Gulf Coast 7.500 15/12/2021 1,623,625 0.31 2,688,000 Expro Finance Luxembourg 8.500 15/12/2016 2,812,320 0.53 1,000,000 Forum Energy Technologies 6.250 01/10/2021 1,042,500 0.20 1,250,000 Genesis Energy Lp 7.875 15/12/2018 1,346,875 0.25 1,225,000 Gibson Energy Inc 6.750 15/07/2021 1,298,500 0.25 525,000 Kinder Morgan Inc/Delawa 5.000 15/02/2021 520,615 0.10 1,250,000 Kinder Morgan Inc/Delawa 5.625 15/11/2023 1,229,759 0.23 2,125,000 Legacy Reserves Lp 8.000 01/12/2020 2,194,062 0.42 1,425,000 Legacy Reserves Lp 6.625 01/12/2021 1,375,125 0.26 625,000 Linn Energy Llc 6.500 15/05/2019 629,688 0.12 1,700,000 Linn Energy Llc 7.000 01/11/2019 1,691,500 0.32 2,150,000 Linn Energy Llc 8.625 15/04/2020 2,300,500 0.44 400,000 Linn Energy Llc 7.750 01/02/2021 415,000 0.08 2,350,000 Memorial Production Partners / Memorial Production Finance 7.625 01/05/2021 2,414,625 0.46 1,025,000 Nustar Logistics Lp 6.750 01/02/2021 1,055,750 0.20 1,400,000 Offshore Group Investment Ltd 7.500 01/11/2019 1,519,000 0.29 900,000 Offshore Group Investment Ltd 7.125 01/04/2023 927,000 0.18 1,775,000 Pacific Drilling SA 5.375 01/06/2020 1,792,750 0.34 1,500,000 Penn Virginia Resource Partners Lp 8.250 15/04/2018 1,590,000 0.30 1,125,000 Penn Virginia Resource Partners Lp 8.375 01/06/2020 1,243,125 0.24 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) - 95.62% (2012: 89.92%) CONT/D Energy - 13.31% (2012: 11.39%) cont/d 275,000 Range Resources Corp 5.000 15/08/2022 270,188 0.05 2,075,000 Rex Energy Corp 8.875 01/12/2020 2,266,937 0.43 1,328,000 RKI Exploration & Production Llc / RKI Finance 8.500 01/08/2021 1,387,760 0.26 2,975,000 Sabine Pass Liquefaction Llc 6.250 15/03/2022 2,967,562 0.56 2,300,000 Samson Investment Co 10.500 15/02/2020 2,486,875 0.47 275,000 Sandridge Energy Inc 7.500 15/03/2021 288,063 0.05 1,850,000 Sandridge Energy Inc 7.500 15/02/2023 1,887,000 0.36 925,000 Sm Energy Co 6.500 15/11/2021 989,750 0.19 1,425,000 Sm Energy Co 6.500 01/01/2023 1,510,500 0.29 919,000 Suburban Propane Partners Lp 7.500 01/10/2018 986,776 0.19 329,000 Suburban Propane Partners Lp 7.375 01/08/2021 355,731 0.07 2,375,000 Unit Corp 6.625 15/05/2021 2,493,750 0.47 Entertainment - Nil (2012: 0.89%) Environmental - 0.86% (2012: 0.43%) 1,075,000 Infinis Plc 7.000 15/02/2019 1,852,981 0.35 1,825,000 Zinc Capital SA 8.875 15/05/2018 2,684,908 0.51 Food and Drug Retail - Nil (2012: 0.40%) Food, Beverage and Tobacco - 1.21% (2012: 0.95%) 700,000 Barry Callebaut Services NV 5.500 15/06/2023 712,488 0.13 925,000 JBS Investments GmbH 7.750 28/10/2020 931,937 0.18 2,300,000 JBS USA Llc 7.250 01/06/2021 2,386,250 0.45 2,325,000 Post Holdings Inc 6.750 01/12/2021 2,371,500 0.45 Gaming - 0.30% (2012: 0.36%) 225,000 GLP Capital / GLP Financing II 4.375 01/11/2018 229,500 0.04 450,000 GLP Capital / GLP Financing II 4.875 01/11/2020 448,875 0.09 900,000 GLP Capital / GLP Financing II 5.375 01/11/2023 879,750 0.17 Healthcare - 6.69% (2012: 6.35%) 2,475,000 Biomet 6.500 01/08/2020 2,623,500 0.50 3,200,000 Community Health Systems Inc 5.125 15/08/2018 3,328,000 0.63 2,850,000 Community Health Systems Inc 8.000 15/11/2019 3,099,375 0.59 400,000 Community Health Systems Inc 7.125 15/07/2020 414,000 0.08 2,325,000 Davita Inc 6.375 01/11/2018 2,441,250 0.46 950,000 HCA Inc 6.500 15/02/2020 1,048,563 0.20 125,000 HCA Inc 7.250 15/09/2020 136,563 0.03 850,000 HCA Inc 6.250 15/02/2021 890,375 0.17 3,050,000 HCA Inc 7.750 15/05/2021 3,335,937 0.63 1,025,000 HCA Inc 7.500 15/02/2022 1,140,312 0.22 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) - 95.62% (2012: 89.92%) CONT/D Healthcare - 6.69% (2012: 6.35%) cont/d 1,000,000 Healthsouth Corp 8.125 15/02/2020 1,100,000 0.21 757,000 Healthsouth Corp 7.750 15/09/2022 832,700 0.16 500,000 Lifepoint Hospitals 5.500 01/12/2021 502,500 0.09 1,125,000 Omega Healthcare Investors 7.500 15/02/2020 1,219,219 0.23 2,425,000 Tenet Healthcare Corp 6.750 01/02/2020 2,509,875 0.47 1,100,000 Tenet Healthcare Corp 6.000 01/10/2020 1,149,500 0.22 3,125,000 Universal Hospital Services Inc 7.625 15/08/2020 3,281,250 0.62 1,175,000 Valeant Pharmaceuticals International 6.875 01/12/2018 1,260,187 0.24 2,975,000 Valeant Pharmaceuticals International 6.375 15/10/2020 3,134,906 0.59 1,000,000 Valeant Pharmaceuticals International 5.625 01/12/2021 1,005,000 0.19 850,000 Wellcare Health Plans Inc 5.750 15/11/2020 873,375 0.16 Home Buildings and Real Estate - Nil (2012: 0.27%) Hotels - 0.23% (2012: Nil) 1,200,000 Hilton Worldwide Finance Llc 5.625 15/10/2021 1,224,000 0.23 Leisure - 0.53% (2012: Nil) 775,000 Activision Blizzard 5.625 15/09/2021 805,031 0.15 350,000 Activision Blizzard 6.125 15/09/2023 366,625 0.07 1,650,000 Six Flags Entertainment 5.250 15/01/2021 1,617,000 0.31 Metals and Mining - 6.86% (2012: 6.34%) 3,550,000 Alcoa Inc 6.150 15/08/2020 3,791,911 0.72 1,225,000 Aleris International Inc 7.875 01/11/2020 1,304,625 0.25 1,525,000 Arch Coal Inc 7.000 15/06/2019 1,166,625 0.22 4,825,000 Arch Coal Inc 7.250 01/10/2020 3,642,875 0.69 300,000 Arch Coal Inc 7.250 15/06/2021 226,500 0.04 475,000 Consol Energy Inc 8.000 01/04/2017 502,313 0.10 2,900,000 Consol Energy Inc 8.250 01/04/2020 3,153,750 0.60 1,300,000 FMG Resources August 2006 6.375 01/02/2016 1,350,375 0.26 1,700,000 FMG Resources August 2006 6.875 01/02/2018 1,797,750 0.34 4,150,000 FMG Resources August 2006 8.250 01/11/2019 4,637,625 0.88 825,000 Kaiser Aluminum Corp 8.250 01/06/2020 934,313 0.18 1,200,000 Molycorp Inc 10.000 01/06/2020 1,179,000 0.22 1,725,000 Novelis Inc 8.375 15/12/2017 1,841,438 0.35 2,875,000 Novelis Inc 8.750 15/12/2020 3,220,000 0.61 950,000 Peabody Energy Corp 6.000 15/11/2018 1,009,375 0.19 1,275,000 Peabody Energy Corp 6.500 15/09/2020 1,345,125 0.25 2,125,000 Peabody Energy Corp 6.250 15/11/2021 2,172,812 0.41 1,375,000 Plains Exploration & Production Co 6.125 15/06/2019 1,500,335 0.28 825,000 Rain CII Carbon Llc 8.250 15/01/2021 845,625 0.16 425,000 Rain CII Carbon Llc 8.500 15/01/2021 586,615 0.11 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) - 95.62% (2012: 89.92%) CONT/D Paper - 0.76% (2012: 0.66%) 1,725,000 Clearwater Paper Corp 7.125 01/11/2018 1,854,375 0.35 1,455,000 Smurfit Kappa ing Plc 7.750 15/11/2019 2,160,618 0.41 Publishing and Printing - 0.43% (2012: Nil) 1,050,000 Gannett 5.125 15/07/2020 1,071,000 0.20 1,150,000 Gannett 6.375 15/10/2023 1,198,875 0.23 Restaurants - 0.18% (2012: 0.33%) 950,000 Seminole Hard Rock Ent I 5.875 15/05/2021 931,000 0.18 Services - 5.04% (2012: 3.62%) 1,275,000 ADT Corp 6.250 15/10/2021 1,330,781 0.25 1,225,000 ADT Corp 3.500 15/07/2022 1,072,413 0.20 475,000 ADT Corp 4.125 15/06/2023 420,533 0.08 1,250,000 Algeco Scotsman Global Finance Plc 8.500 15/10/2018 1,350,000 0.26 400,000 Algeco Scotsman Global Finance Plc 9.000 15/10/2018 588,097 0.11 675,000 Algeco Scotsman Global Finance Plc 10.750 15/10/2019 702,000 0.13 1,275,000 Apx Group 6.375 01/12/2019 1,287,750 0.24 875,000 Astaldi 7.125 01/12/2020 1,237,676 0.24 1,025,000 Deutsche Raststaetten Gruppe IV GmbH 6.750 30/12/2020 1,440,080 0.27 850,000 Geo Group 5.875 15/01/2022 850,000 0.16 2,035,000 H&E Equipment Services Inc 7.000 01/09/2022 2,223,238 0.42 1,525,000 Hertz Corp 7.500 15/10/2018 1,648,906 0.31 750,000 Iron Mountain Inc 6.750 15/10/2018 1,030,762 0.20 1,175,000 Iron Mountain Inc 7.750 01/10/2019 1,304,250 0.25 2,375,000 Iron Mountain Inc 5.750 15/08/2024 2,220,625 0.42 1,050,000 Novalis Sas 6.000 15/06/2018 1,506,027 0.29 1,725,000 PHH Corp 7.375 01/09/2019 1,863,000 0.35 400,000 PHH Corp 6.375 15/08/2021 402,500 0.08 2,425,000 Reliance Intermediate Holdings 9.500 15/12/2019 2,643,250 0.50 1,400,000 Safway Group Holding Finance 7.000 15/05/2018 1,466,500 0.28 Steel - 2.86% (2012: 3.07%) 1,375,000 Arcelormittal 6.125 01/06/2018 1,493,594 0.28 3,325,000 Arcelormittal 10.350 01/06/2019 4,197,812 0.79 1,225,000 Arcelormittal 6.750 25/02/2022 1,327,594 0.25 2,725,000 Jmc Steel Group 8.250 15/03/2018 2,711,375 0.51 1,250,000 Steel Dynamics Inc 6.125 15/08/2019 1,356,250 0.26 475,000 Steel Dynamics Inc 6.375 15/08/2022 516,562 0.10 1,550,000 Tms International 7.625 15/10/2021 1,635,250 0.31 400,000 US Steel Corp 7.000 01/02/2018 433,000 0.08 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) - 95.62% (2012: 89.92%) CONT/D Steel - 2.86% (2012: 3.07%) cont/d 475,000 US Steel Corp 7.375 01/04/2020 505,875 0.10 875,000 US Steel Corp 7.500 15/03/2022 928,594 0.18 Super Retail - 1.83% (2012: 2.40%) 3,150,000 Limited Brands Inc 8.500 15/06/2019 3,787,875 0.72 1,805,000 Michaels Stores Inc 7.750 01/11/2018 1,953,913 0.37 2,675,000 Rent-A-Center Inc 6.625 15/11/2020 2,828,812 0.53 1,000,000 Sally Holdings Llc 6.875 15/11/2019 1,106,250 0.21 Technology - 4.00% (2012: 4.98%) 1,800,000 ACI Worldwide 6.375 15/08/2020 1,869,750 0.35 1,900,000 Advanced Micro Devices 7.500 15/08/2022 1,828,750 0.35 1,800,000 Amkor Technology Inc 6.375 01/10/2022 1,818,000 0.34 1,800,000 Audatex North America 6.000 15/06/2021 1,881,000 0.36 1,650,000 Corelogic Inc 7.250 01/06/2021 1,794,375 0.34 1,350,000 Denali Borrower Llc / Denali Finance 5.625 15/10/2020 1,329,750 0.25 2,350,000 Equinix Inc 7.000 15/07/2021 2,573,250 0.49 2,175,000 Lender Processing Services Inc 5.750 15/04/2023 2,262,000 0.43 875,000 Rexel SA 7.000 17/12/2018 1,306,024 0.25 2,425,000 Rexel SA 6.125 15/12/2019 2,522,000 0.48 1,825,000 Sunedison Inc 7.750 01/04/2019 1,907,125 0.36 Telecommunications - 11.03% (2012: 9.73%) 225,000 Centurylink Inc 5.625 01/04/2020 228,938 0.04 3,150,000 Centurylink Inc 5.800 15/03/2022 3,110,625 0.59 950,000 Centurylink Inc 6.750 01/12/2023 971,375 0.18 1,100,000 Frontier Communications Corp 8.125 01/10/2018 1,270,500 0.24 2,625,000 Frontier Communications Corp 7.125 15/03/2019 2,874,375 0.55 2,200,000 Frontier Communications Corp 8.500 15/04/2020 2,519,000 0.48 1,525,000 Frontier Communications Corp 9.000 15/08/2031 1,536,438 0.29 2,000,000 GCI Inc 8.625 15/11/2019 2,125,000 0.40 1,925,000 Inmarsat Finance Plc 7.375 01/12/2017 2,002,000 0.38 1,765,000 Intelsat Jackson Holdings 7.250 01/04/2019 1,908,406 0.36 925,000 Intelsat Jackson Holdings 8.500 01/11/2019 1,014,031 0.19 3,425,000 Intelsat Jackson Holdings 7.250 15/10/2020 3,741,812 0.71 3,200,000 Matterhorn Mobile SA 6.750 15/05/2019 3,850,624 0.73 2,975,000 Metropcs Wireless Inc 6.625 15/11/2020 3,149,781 0.60 3,025,000 Metropcs Wireless Inc 6.250 01/04/2021 3,146,000 0.60 2,275,000 Metropcs Wireless Inc 6.625 01/04/2023 2,343,250 0.44 1,250,000 Softbank Corp 4.625 15/04/2020 1,777,623 0.34 1,225,000 Sprint Capital Corp 6.900 01/05/2019 1,329,125 0.25 1,825,000 Sprint Capital Corp 6.875 15/11/2028 1,733,750 0.33 550,000 Sprint Communications Inc 9.125 01/03/2017 649,000 0.12 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) - 95.62% (2012: 89.92%) CONT/D Telecommunications - 11.03% (2012: 9.73%) cont/d 975,000 Sprint Communications Inc 8.375 15/08/2017 1,131,000 0.22 2,425,000 Sprint Communications Inc 7.000 15/08/2020 2,606,875 0.49 1,450,000 Sprint Communications Inc 6.000 15/11/2022 1,439,125 0.27 1,825,000 Telesat Canada 6.000 15/05/2017 1,902,562 0.36 375,000 Wind Acquisition Finance SA 11.750 15/07/2017 542,002 0.10 1,400,000 Wind Acquisition Finance SA 7.375 15/02/2018 2,012,058 0.38 2,100,000 Windstream Corp 7.875 01/11/2017 2,409,750 0.46 1,075,000 Windstream Corp 8.125 01/09/2018 1,158,313 0.22 3,000,000 Windstream Corp 7.750 15/10/2020 3,210,000 0.61 550,000 Windstream Corp 6.375 01/08/2023 525,250 0.10 Transportation Excluding Air and Rail - 0.19% (2012: 0.54%) 950,000 Navios Maritime Holdings 8.125 15/02/2019 969,000 0.19 Utilities - 3.03% (2012: 3.00%) 750,000 AES Corp 8.000 15/10/2017 879,375 0.17 950,000 AES Corp 7.375 01/07/2021 1,073,500 0.20 212,000 Anglian Water/Osprey Financing Plc 7.000 31/01/2018 373,412 0.07 1,175,000 Dynegy Inc 5.875 01/06/2023 1,104,500 0.21 950,000 EDP Finance BV 8.625 04/01/2024 1,806,796 0.34 675,456 Indiantown Cogeneration 9.770 15/12/2020 730,218 0.14 1,775,000 Intergen NV 7.000 30/06/2023 1,832,688 0.35 1,136,047 Mirant Mid Atlantic Llc 9.125 30/06/2017 1,238,291 0.23 1,175,000 NRG Energy Inc 7.625 15/05/2019 1,248,438 0.24 2,263,000 NSG Holdings Llc 7.750 15/12/2025 2,410,095 0.46 1,800,000 Southern Water Greensands Financing 8.500 15/04/2019 3,268,991 0.62 Total Transferable Securities (Corporate Bonds) 504,555,627 95.62 Collective Investment Schemes 0.50% (2012: Nil) 26,000 Muzinich s EmergingMarketsShortDuration 2,639,520 0.50 Total Collective Investment Schemes 2,639,520 0.50 Investments at fair value (Cost: 492,327,616) 507,195,147 96.12 43

Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield Financial Derivative Instruments* - 1.48% (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 52,727 1 445 0.00 09/12/2013 State Street Bank EUR 36,244,568 48,373,624 13 975,031 0.18 15/01/2014 State Street Bank EUR 82,553,418 111,738,579 18 662,941 0.13 12/02/2014 State Street Bank EUR 53,793,461 72,689,204 14 557,727 0.11 10/12/2013 State Street Bank EUR 1,037,875 1,408,863 6 4,251 0.00 09/12/2013 State Street Bank GBP 65,306,070 103,506,550 5 3,460,379 0.65 12/02/2014 State Street Bank GBP 80,908,522 129,027,081 3 3,435,073 0.65 15/01/2014 State Street Bank GBP 25,992,847 41,482,160 7 1,081,980 0.21 09/12/2013 State Street Bank SEK 250,000,000 38,865,742 1 (620,739) (0.13) 15/01/2014 State Street Bank SEK 3,944,192 619,759 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 28,307,568 17 (747,864) (0.14) 12/02/2014 State Street Bank 24,977,105 EUR 18,477,899 18 (183,005) (0.03) 15/01/2014 State Street Bank 47,459,935 EUR 34,945,488 16 (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 10,177,827 1.93 Unrealised loss on forward foreign currency exchange contracts (2,349,444) (0.45) Net unrealised gain on forward foreign currency exchange contracts 7,828,383 1.48 Total Financial Derivative Instruments 7,828,383 1.48 FAIR VALUE % OF NET ASSETS Portfolio of Investments 515,023,530 97.60 Cash at bank (2012: 10.62%) 5,113,482 0.97 Debtors (2012: 2.83%) 10,783,581 2.04 Total Assets 530,920,593 100.61 Creditors (2012: (3.79%)) (5,355,142) (1.02) Net Asset Value at fair value prices at 30/11/2013 525,565,451 99.59 Adjustments from bid market prices to last traded market prices 2,141,228 0.41 Net Asset Value at dealing prices at 30/11/2013 527,706,679 100.00 44

Portfolio of Investments as at 30 November 2013 cont/d Transatlanticyield 30/11/2013 30/11/2012 30/11/2011 Net Asset Value at 30/11/2013 527,706,679 518,224,324 266,606,492 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 GBP9,053,114 - -Hedged Euro Accumulation Units 96,896,488 178,009,308 133,686,308 -Hedged Euro Accumulation R Units 14,834,150 22,738,279 18,048,579 -Hedged Euro Discretionary S Units 32,736,338 10,761,000 - -Hedged SEK Accumulation Units** SEK257,800,000 - - -Hedged Accumulation Units 14,610,785 13,403,494 - Number of Units in issue -Hedged GBP Accumulation Units 782,362 706,575 242,291 -Hedged GBP Income Units 88,657 87,937 - -Hedged Euro Accumulation Units 356,355 699,145 607,251 -Hedged Euro Accumulation R Units 56,738 92,417 84,422 -Hedged Euro Discretionary S Units 300,692 100,000 - -Hedged SEK Accumulation Units** 2,500,000 - - -Hedged Accumulation Units 135,260 133,090 - Net Asset Value per Unit -Hedged GBP Accumulation Units GBP204.14 GBP190.06 GBP163.62 -Hedged GBP Income Units GBP105.64 GBP102.95 - -Hedged Euro Accumulation Units 271.91 254.61 220.15 -Hedged Euro Accumulation R Units 261.45 246.04 213.79 -Hedged Euro Discretionary S Units 108.87 107.61 - -Hedged SEK Accumulation Units** SEK103.12 - - -Hedged Accumulation Units 108.02 100.71 - 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 95.03 Collective Investment Schemes 0.50 OTC financial derivative instruments 1.47 Other current assets 3.00 Total assets 100.00 45

Portfolio of Investments as at 30 November 2013 Enhancedyield Short-Term NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 96.14% (2012: 90.88%) Aerospace and Defence - 0.85% (2012: 1.53%) 5,000,000 BAE Systems Plc 10.750 24/11/2014 6,539,514 0.28 17,625,000 Bombardier Inc 4.250 15/01/2016 13,527,321 0.57 Airlines - 1.10% (2012: Nil) 19,068,000 British Airways Plc 8.750 23/08/2016 25,887,414 1.10 Apparel and Textiles (Nil) (2012: 0.07%) Automotive and Auto Parts - 11.71% (2012: 11.27%) 500,000 Banque PSA Finance SA 3.500 17/01/2014 500,925 0.02 6,900,000 Banque PSA Finance SA 6.000 16/07/2014 7,073,397 0.30 11,300,000 Banque PSA Finance SA 3.875 14/01/2015 11,526,339 0.49 5,000,000 Banque PSA Finance SA 4.000 24/06/2015 5,144,050 0.22 25,425,000 Banque PSA Finance SA 4.250 25/02/2016 26,447,085 1.12 8,384,000 Banque PSA Finance SA 4.375 04/04/2016 6,364,093 0.27 39,240,000 Continental Rubber of America Corp 4.500 15/09/2019 30,500,304 1.30 7,900,000 FCE Bank Plc 4.750 19/01/2015 8,237,853 0.35 19,150,000 FCE Bank Plc 5.125 16/11/2015 24,576,213 1.04 6,000,000 FCE Bank Plc 1.625 09/09/2016 6,052,500 0.26 13,481,000 FGA Capital Ireland 5.250 28/02/2014 13,610,822 0.58 5,950,000 FGA Capital Ireland 4.375 18/09/2014 6,074,831 0.26 10,000,000 Fiat Finance & Trade 6.375 01/04/2016 10,708,300 0.45 24,500,000 Fiat Finance & Trade 7.750 17/10/2016 27,323,625 1.16 16,700,000 Fiat Finance & Trade 7.000 23/03/2017 18,309,379 0.78 10,000,000 Jaguar Land Rover Automotive Plc 8.250 15/03/2020 13,557,959 0.58 2,000,000 Pirelli & C Spa 5.125 22/02/2016 2,129,980 0.09 1,649,000 RCI Banque SA 4.375 27/01/2015 1,710,730 0.07 29,600,000 RCI Banque SA 5.625 13/03/2015 31,300,763 1.33 8,400,000 RCI Banque SA 5.625 05/10/2015 9,070,792 0.39 2,000,000 RCI Banque SA 4.600 12/04/2016 1,559,252 0.07 9,000,000 RCI Banque SA 1.750 06/07/2016 9,104,097 0.39 3,875,000 Schaeffler Finance BV 8.750 15/02/2019 4,407,812 0.19 Banking - 7.89% (2012: 6.54%) 12,500,000 Banco Bilbao Vizcaya Argentaria 4.250 15/07/2014 12,749,375 0.54 7,721,000 Bank of Scotland Plc 4.875 08/11/2016 10,212,015 0.43 5,000,000 Barclays Bank Plc 2.500 21/09/2015 3,793,562 0.16 6,000,000 Bbva Senior Finance SA 3.250 21/03/2016 6,232,980 0.26 34,961,000 Gmac International Finance BV 7.500 21/04/2015 37,540,423 1.60 1,400,000 HSBC Finance Corp 3.750 04/11/2015 1,473,228 0.06 10,000,000 JPMorgan Chase & Co 3.750 15/06/2016 10,701,652 0.46 14,000,000 Morgan Stanley 4.000 17/11/2015 14,784,263 0.63 46

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) - 96.14% (2012: 90.88%) CONT/D Banking - 7.89% (2012: 6.54%) cont/d 10,000,000 Morgan Stanley 4.375 12/10/2016 10,836,282 0.46 22,000,000 Royal Bank of Scotland Group Plc 1.500 28/11/2016 22,072,380 0.94 33,400,000 Santander International Debt SA 4.625 21/03/2016 35,736,313 1.52 8,300,000 Unicredit Spa 5.300 31/01/2015 8,634,822 0.37 10,000,000 Wells Fargo & Co 4.375 01/08/2016 10,898,651 0.46 Broadcasting - 1.97% (2012: Nil) 14,700,000 Cet 21 Spol SRO 9.000 01/11/2017 15,251,985 0.65 15,645,000 Itv Plc 6.125 05/01/2017 20,970,879 0.89 9,650,000 TVN Finance Corp III AB 7.875 15/11/2018 10,229,000 0.43 Building Materials - 4.34% (2012: 4.77%) 15,785,000 Aggregate Industries Plc 7.250 31/05/2016 21,319,578 0.91 9,300,000 Cemex Sab De CV 9.000 11/01/2018 7,479,343 0.32 9,050,000 Cie de St-Gobain 5.625 15/12/2016 12,020,582 0.51 18,882,000 CRH Finance Ltd 7.375 28/05/2014 19,478,105 0.83 11,973,000 CRH Finance UK Plc 8.250 24/04/2015 15,690,761 0.67 15,950,000 Grohe Holding GmbH 8.750 15/12/2017 16,369,006 0.69 5,300,000 Holcim Finance Luxembourg SA 9.000 26/03/2014 5,435,892 0.23 1,000,000 Holcim Gb Finance Ltd 8.750 24/04/2017 1,451,054 0.06 2,000,000 La Farge SA 6.125 28/05/2015 2,131,000 0.09 620,000 Xefin Lux Sca 8.000 01/06/2018 669,618 0.03 Cable and Satellite TV - 2.57% (2012: 1.92%) 18,850,000 Numericable Finance & Co ScA 12.375 15/02/2019 22,402,848 0.95 5,200,000 Unitymedia Kabelbw GmbH 9.500 15/03/2021 6,023,212 0.26 17,750,000 Virgin Media Secured Finance Plc 7.000 15/01/2018 22,186,170 0.94 9,150,000 Ziggo Bond Co BV 8.000 15/05/2018 9,747,770 0.42 Capital Goods - 0.67% (2012: Nil) 11,864,000 Hutchison Ports UK Finance Plc 6.750 07/12/2015 15,723,282 0.67 Chemicals - 2.50% (2012: 0.69%) 1,260,000 Akzo Nobel NV 8.000 06/04/2016 1,732,828 0.08 33,625,000 Rhodia SA 6.875 15/09/2020 27,585,389 1.17 28,000,000 Styrolution Group GmbH 7.625 15/05/2016 29,477,280 1.25 Consumer Products - 0.94% (2012: 0.85%) 21,400,000 Carrefour Banque 2.875 25/09/2015 22,152,796 0.94 47

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) - 96.14% (2012: 90.88%) CONT/D Containers - 2.25% (2012: 2.19%) 11,500,000 Ardagh Glass Finance 9.250 01/07/2016 12,131,005 0.52 10,000,000 Guala Closures SpA 5.593 15/11/2019 10,101,000 0.43 27,978,000 Mondi Consumer Packaging International AG 9.750 15/07/2017 30,700,819 1.30 Diversified Financial Services - 2.31% (2012: 1.64%) 5,000,000 Equiniti Newco 2 Plc 6.268 15/12/2018 6,080,533 0.26 6,700,000 Galaxy Bidco Ltd 5.525 15/11/2019 8,066,099 0.34 5,000,000 Ge Capital Euro ing 2.875 17/09/2015 5,185,806 0.22 2,000,000 Ge Capital Euro ing 1.250 15/10/2015 2,017,419 0.09 7,949,000 Ge Capital UK ing 5.125 03/03/2015 10,043,838 0.43 3,476,000 General Electric Capital Corp 5.125 02/09/2015 3,739,863 0.16 2,835,000 General Electric Capital Corp 4.375 21/09/2015 2,215,739 0.09 15,025,000 International Personal Finance Plc 11.500 06/08/2015 16,997,031 0.72 Diversified Media - 0.40% (2012: 1.68%) 8,908,000 Publicis Groupe SA 4.250 31/03/2015 9,318,659 0.40 Energy - 5.41% (2012: 5.50%) 6,417,000 BP Capital Markets 4.000 29/12/2014 7,955,148 0.34 34,900,000 Cores 3.250 19/04/2016 35,800,420 1.52 2,300,000 Gazprom (Gaz Capital SA) 8.125 04/02/2015 2,473,343 0.11 9,835,000 Gazprom (Gaz Capital SA) 5.092 29/11/2015 7,652,454 0.33 17,000,000 Gazprom (Gaz Capital SA) 4.950 23/05/2016 13,266,129 0.56 21,325,000 Gazprom (White Nights Finance BV) 10.500 25/03/2014 16,096,141 0.68 34,000,000 Repsol International Finance 4.250 12/02/2016 36,266,012 1.54 7,000,000 Repsol International Finance 4.750 16/02/2017 7,691,463 0.33 Environmental - 1.86% (2012: 1.07%) 29,952,000 Rentokil Initial Plc 5.750 31/03/2016 38,891,578 1.65 4,500,000 Befesa Zinc SA (via Zinc Capital SA) 8.875 15/05/2018 4,862,340 0.21 Food and Drug Retail - 0.93% (2012: 1.74%) 10,000,000 Casino Guichard Perrachon 4.472 04/04/2016 10,786,045 0.46 7,000,000 Metro AG 7.625 05/03/2015 7,583,048 0.32 3,450,000 Picard Groupe SA 4.480 01/08/2019 3,516,758 0.15 Food, Beverage and Tobacco - 2.69% (2012: 3.65%) 7,690,000 Agrokor Dd 10.000 07/12/2016 8,120,717 0.34 16,086,000 Bakkavor Finance 2 Plc 8.250 15/02/2018 20,594,563 0.88 500,000 Boparan Finance Plc 9.750 30/04/2018 549,115 0.02 22,775,000 Campofrio Food SA 8.250 31/10/2016 23,943,813 1.02 8,630,000 Imperial Tobacco Finance Plc 8.375 17/02/2016 9,988,417 0.43 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) - 96.14% (2012: 90.88%) CONT/D Gaming - 1.83% (2012: 0.10%) 14,250,000 Cirsa ing Luxembourg SA 8.750 15/05/2018 15,058,973 0.64 20,695,000 William Hill Plc 7.125 11/11/2016 27,901,091 1.19 Healthcare - 0.29% (2012: 1.01%) 2,000,000 Convatec Healthcare E SA 10.875 15/12/2018 2,242,540 0.10 3,545,000 Roche Holdings Inc 5.500 04/03/2015 4,506,110 0.19 Homebuilders and Real Estate - 7.52% (2012:4.68%) 2,150,000 Bouygues SA 4.375 29/10/2014 2,221,681 0.09 8,450,000 Bouygues SA 4.750 24/05/2016 9,239,171 0.39 41,700,000 Deutsche Annington Finance BV 2.125 25/07/2016 42,496,749 1.81 15,200,000 Gecina 4.250 03/02/2016 16,213,986 0.69 16,548,000 Hammerson Plc 4.875 19/06/2015 17,539,556 0.75 26,111,000 Prologis International ing 5.875 23/10/2014 27,232,729 1.16 2,668,000 Segro Plc 6.250 30/09/2015 3,456,667 0.15 40,000,000 Societe Fonciere Lyonnaise SA 4.625 25/05/2016 43,054,892 1.83 9,900,000 Taylor Wimpey Plc 10.375 31/12/2015 12,595,316 0.53 2,700,000 Unibail-Rodamco SE 3.375 11/03/2015 2,791,454 0.12 Insurance - 0.76% (2012: 0.14%) 15,000,000 Hastings Insurance Group Finance Plc 6.578 21/10/2019 17,927,234 0.76 Leisure Nil (2012: 3.57%) Metals and Mining - 2.02% (2012: 3.99%) 1,000,000 Glencore Finance (Europe) SA 7.125 23/04/2015 1,083,240 0.05 37,000,000 Glencore ing Llc 1.700 27/05/2016 27,222,003 1.16 2,450,000 Xstrata Canada Financial Corp 6.250 27/05/2015 2,636,371 0.11 20,248,000 Xstrata Finance Canada Ltd 5.800 15/11/2016 16,511,246 0.70 Paper Nil (2012: 1.45%) Publishing and Printing - 0.85% (2012: 1.13%) 5,300,000 Reed Elsevier Investment Plc 5.625 20/10/2016 7,046,090 0.30 9,650,000 Ubm Plc 6.500 23/11/2016 12,922,492 0.55 Services - 2.71% (2012: 2.19%) 9,300,000 Abengoa SA 6.875 24/07/2014 9,478,653 0.40 12,750,000 Abengoa SA 4.500 03/02/2017 12,733,170 0.54 39,150,000 Thomas Cook Group Plc 6.750 22/06/2015 41,539,325 1.77 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) - 96.14% (2012: 90.88%) CONT/D Steel - 2.53% (2012: 2.82%) 1,850,000 Arcelormittal 4.250 25/02/2015 1,396,111 0.06 36,585,000 Arcelormittal 10.625 03/06/2016 44,006,999 1.87 12,500,000 Thyssenkrupp Finance Nederland 8.500 25/02/2016 14,159,750 0.60 Super Retail - 1.28% (2012: 0.28%) 10,954,000 DFS Furniture Holdings Plc 6.517 15/08/2018 13,331,115 0.57 1,232,000 Kingfisher Plc 5.625 15/12/2014 1,538,159 0.07 12,000,000 Phones4u Finance Plc 9.500 01/04/2018 15,163,682 0.64 Technology - 1.45% (2012: 1.47%) 3,000,000 Hellermantyton Finance Plc 5.349 15/12/2017 3,022,500 0.13 6,093,000 Hewlett-Packard Co 0.638 30/05/2014 4,471,775 0.19 10,000,000 Hewlett-Packard Co 2.350 15/03/2015 7,473,342 0.31 11,000,000 Hewlett-Packard Co 2.125 13/09/2015 8,238,709 0.35 9,970,000 Hewlett-Packard Co 2.650 01/06/2016 7,534,590 0.32 3,425,000 Stampos BV 5.238 15/05/2019 3,481,787 0.15 Telecommunications - 8.83% (2012: 7.00%) 6,717,000 British Telecommunications Plc 8.500 07/12/2016 9,616,013 0.41 34,350,000 GE Capital UK ing 5.625 29/12/2015 43,370,677 1.84 9,500,000 Inmarsat Finance Plc 7.375 01/12/2017 7,256,435 0.31 810,000 Koninklijke Kpn NV 4.000 22/06/2015 848,217 0.03 2,500,000 Koninklijke Kpn NV 6.500 15/01/2016 2,780,138 0.12 16,152,000 Koninklijke Kpn NV 5.750 18/03/2016 21,111,545 0.90 10,500,000 Orange SA 5.000 12/05/2016 13,602,177 0.58 9,000,000 Portugal Telecom International Finance 4.125 28/08/2014 9,164,880 0.39 11,350,000 Portugal Telecom International Finance 5.625 08/02/2016 12,088,885 0.51 1,000,000 Sunrise Communications International 4.971 31/12/2017 1,005,050 0.04 13,9000,000 Telefonica Emisiones Sau 5.888 31/01/2014 16,831,973 0.72 1,989,000 Telefonica Emisiones Sau 4.375 02/02/2016 2,116,913 0.09 39,300,000 Telefonica Emisiones Sau 4.750 07/02/2017 43,016,035 1.83 7,950,000 Tpsa Eurofinance France 6.000 22/05/2014 8,142,867 0.35 12,850,000 Verizon Communications Inc 2.500 15/09/2016 9,800,608 0.42 6,175,000 Wind Acquisition Finance SA 11.750 15/07/2017 6,555,009 0.28 225,000 Wind Acquisition Finance SA 7.375 15/02/2018 237,499 0.01 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) - 96.14% (2012: 90.88%) CONT/D Transportation Excluding Air and Rail - 7.68% (2013: 7.83%) 34,850,000 Abertis Infraestructuras 4.625 14/10/2016 37,847,787 1.61 9,235,000 Atlantia SpA 5.625 06/05/2016 10,173,576 0.43 14,550,000 Autoroutes Paris-Rhin-Rhone 7.500 12/01/2015 15,601,728 0.66 3,000,000 Brisa Concessao Rodoviaria SA 4.500 05/12/2016 3,111,510 0.13 27,263,000 Heathrow ing Ltd 4.600 30/09/2016 28,118,240 1.20 7,318,000 Heathrow ing Ltd 3.000 08/06/2017 9,019,059 0.38 18,245,000 Heathrow ing Ltd 12.450 31/03/2018 27,166,857 1.16 24,589,000 National Express Group Plc 6.250 13/01/2017 32,627,815 1.39 4,500,000 Postnl 3.875 01/06/2015 4,680,630 0.20 12,768,000 Romulus Finance Sarl 1.122 20/02/2015 12,193,440 0.52 Utilities - 8.00% (2012: 8.11%) 18,421,000 A2A SpA 4.500 02/11/2016 19,834,817 0.84 9,000,000 Anglian Water Services Financing 5.250 30/10/2015 11,619,271 0.49 8,100,000 EDP Finance BV 3.250 16/03/2015 8,208,135 0.35 5,000,000 EDP Finance BV 3.750 22/06/2015 5,112,600 0.22 27,362,000 EDP Finance BV 5.875 01/02/2016 29,313,184 1.25 5,000,000 Enel SpA 5.250 14/01/2015 5,232,380 0.22 5,434,000 Enel SpA 3.500 26/02/2016 5,665,760 0.24 1,600,000 Enel Finance International NV 3.875 07/10/2014 1,203,726 0.05 5,000,000 Enel Finance International NV 4.625 24/06/2015 5,263,352 0.22 15,509,000 Enel Finance International NV 4.000 14/09/2016 16,545,663 0.70 13,475,000 Enw Capital Finance 6.750 20/06/2015 17,457,910 0.74 1,900,000 Gas Natural Capital Markets 5.250 09/07/2014 1,948,659 0.08 812,000 Gdf Suez 5.625 18/01/2016 896,797 0.04 10,000,000 Iberdrola Finance Ireland 3.800 11/09/2014 7,506,151 0.32 1,100,000 Iberdrola Finanzas Sau 4.750 25/01/2016 1,186,645 0.05 1,643,000 Nederlandse Gasunie NV 4.250 20/06/2016 1,784,868 0.08 21,055,000 Snam SpA 2.000 13/11/2015 21,433,809 0.91 8,600,000 Snam SpA 4.375 11/07/2016 9,281,371 0.40 13,007,000 United Utilities Water Plc 6.125 29/12/2015 17,119,066 0.73 1,534,000 Verbund International Finance GmbH 4.750 17/04/2015 1,617,906 0.07 Total Transferable Securities (Corporate Bonds) 2,260,861,880 96.14 Collective Investment Schemes 0.33% (2012: Nil) 76,0000 Muzinich s EmergingMarketsShortDuration 7,710,960 0.33 Total Collective Investment Schemes 7,710,960 0.33 Investments at fair value (Cost: 2,274,005,816) 2,268,572,840 96.47 51

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 54,263,970 14 292,235 0.01 12/02/2014 State Street Bank CHF 101,650,369 EUR 82,588,210 10 78,280 0.00 15/01/2014 State Street Bank CHF 57,342,285 EUR 46,557,904 15 66,685 0.00 09/12/2013 State Street Bank EUR 117,435,220 157,123,850 19 2,034,180 0.09 15/01/2014 State Street Bank EUR 77,473,757 104,815,626 8 491,806 0.02 12/02/2014 State Street Bank EUR 52,524,078 70,953,088 11 415,244 0.02 12/02/2014 State Street Bank GBP 48,138,324 EUR 56,978,582 13 901,424 0.04 15/01/2014 State Street Bank GBP 34,973,246 EUR 41,230,136 17 831,759 0.04 09/12/2013 State Street Bank GBP 40,365,873 EUR 47,853,934 23 707,344 0.03 09/12/2013 State Street Bank EUR 14,146,160 CHF 17,492,249 10 (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 204,162,899 18 (5,051,286) (0.21) 09/12/2013 State Street Bank EUR 252,200,506 GBP 212,322,226 20 (3,229,088) (0.14) 12/02/2014 State Street Bank EUR 176,683,061 GBP 149,259,114 18 (2,781,403) (0.12) 09/12/2013 State Street Bank 91,038,318 EUR 68,268,573 21 (1,404,653) (0.06) 12/02/2014 State Street Bank 129,655,459 EUR 95,958,165 12 (737,576) (0.03) 15/01/2014 State Street Bank 81,145,630 EUR 59,986,934 13 (389,438) (0.02) Unrealised gain on forward foreign currency exchange contracts 5,818,957 0.25 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

Portfolio of Investments as at 30 November 2013 cont/d Enhancedyield Short-Term FAIR VALUE % of NET ASSETS Portfolio of Investments 2,260,725,299 96.14 Cash at bank (2012: 3.44%) 19,574,278 0.83 Debtors (2012: 6.60%) 77,879,623 3.31 Total Assets 2,358,179,200 100.28 Creditors (2012: (1.22%)) (10,900,014) (0.46) Net Asset Value at fair value prices at 30/11/2013 2,347,279,186 99.82 Adjustments from bid market prices to last traded market prices 4,361,426 0.18 Net Asset Value at dealing prices at 30/11/2013 2,351,640,612 100.00 30/11/2013 30/11/2012 30/11/2011 Net Asset Value at 30/11/2013 2,351,640,612 1,518,698,649 882,420,066 Net Asset Value attributed to each Unit Class at dealing prices - Hedged Euro Accumulation Units 1,315,985,597 770,602,983 484,217,692 - Hedged Euro Accumulation R Units 509,527,816 393,180,257 202,059,924 - Hedged Euro Income Units 50,338,915 29,758,833 - - Hedged Accumulation Units 206,641,451 136,049,985 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** CHF23,281,744 - - - 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 493,132 287,998 - - Hedged Accumulation Units 1,342,874 918,140 329,808 - Hedged Accumulation R Units 692,925 585,625 228,845 - Hedged GBP Income Units 802,549 640,609 598,236 - Hedged CHF Accumulation Units** 230,216 - - - Hedged CHF Accumulation R Units 1,654,011 1,012,585 913,332 53

Portfolio of Investments as at 30 November 2013 cont/d Enhancedyield Short-Term 30/11/2013 30/11/2012 30/11/2011 Net Asset Value per Unit - Hedged Euro Accumulation Units 149.47 144.33 133.65 - Hedged Euro Accumulation R Units 133.29 129.09 119.92 - Hedged Euro Income Units 102.08 103.33 - - Hedged Accumulation Units 153.88 148.18 137.04 - Hedged Accumulation R Units 108.98 105.26 97.64 - Hedged GBP Income Units GBP102.10 GBP103.29 GBP100.34 - Hedged CHF Accumulation Units** CHF101.13 - - - Hedged CHF Accumulation R Units CHF112.38 CHF109.01 CHF101.77 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 95.55 Collective Investment Schemes 0.33 Other current assets 4.12 Total assets 100.00 54

Portfolio of Investments as at 30 November 2013 ShortDurationHighYield NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 88.42% (2012: 95.31%) Aerospace and Defence - 1.77% (2012: Nil) 99,145,000 Bombardier Inc 4.250 15/01/2016 103,606,525 1.07 63,453,000 TransDigm Inc 7.750 15/12/2018 68,211,975 0.70 Apparel and Textiles - 0.55% (2012: 0.92%) 20,967,000 Hanesbrands Inc 8.000 15/12/2016 21,858,307 0.22 21,919,000 Levi Strauss & Co 7.750 15/05/2018 31,750,837 0.33 Automotive and Auto Parts - 6.48% (2012: 3.93%) 15,965,000 American Axle & Manufacturing Inc 9.250 15/01/2017 16,836,689 0.17 8,379,000 Banque PSA Finance 3.500 17/01/2014 11,429,534 0.12 38,042,000 Banque PSA Finance 3.375 04/04/2014 38,161,452 0.39 6,240,000 Banque PSA Finance 3.625 29/04/2014 8,565,231 0.09 59,650,000 Banque PSA Finance 4.875 25/09/2015 84,854,961 0.87 56,978,000 CNH Industrial FIN EUR 5.250 11/03/2015 80,861,519 0.83 31,010,000 Dana Holding Corp 6.500 15/02/2019 33,180,700 0.34 100,260,000 Ford Motor Credit Co Llc 12.000 15/05/2015 116,004,129 1.19 38,170,000 General Motors Financial Co 2.750 15/05/2016 38,647,125 0.40 14,429,000 Oshkosh Corp 8.250 01/03/2017 15,258,667 0.16 59,678,000 Schaeffler Finance BV 8.500 15/02/2019 67,286,945 0.69 22,950,000 Schaeffler Finance BV 8.750 15/02/2019 35,544,116 0.37 32,521,000 Tomkins Llc 9.000 01/10/2018 35,651,146 0.37 44,782,000 Visteon Corp 6.750 15/04/2019 47,580,875 0.49 Banking - 1.33% (2012: 1.19%) 22,900,000 Ally Financial Inc 4.500 11/02/2014 23,014,500 0.24 2,000,000 Ally Financial Inc 2.439 01/12/2014 2,010,842 0.02 50,350,000 Ally Financial Inc 6.750 01/12/2014 52,914,918 0.54 49,309,000 Ally Financial Inc 4.625 26/06/2015 51,781,205 0.53 Broadcasting - 0.80% (2012: 3.61%) 44,626,000 Allbritton Communications 8.000 15/05/2018 47,638,255 0.49 28,743,000 Belo Corp 8.000 15/11/2016 29,964,577 0.31 Building Materials - 4.32% (2012: 1.13%) 40,161,000 Building Materials Corp 6.875 15/08/2018 42,871,867 0.44 34,614,000 Cemex SAB De CV 9.000 11/01/2018 37,902,330 0.39 56,550,000 Cemex SAB De CV 4.999 15/10/2018 58,953,375 0.61 75,549,000 Grohe Holding GmbH 4.224 15/09/2017 102,863,748 1.06 23,250,000 Masco Corp 4.800 15/06/2015 24,296,250 0.25 45,639,000 Masco Corp 6.125 03/10/2016 50,887,485 0.52 54,239,000 USG Corp 8.375 15/10/2018 59,120,510 0.61 29,303,000 Xefin Lux SCA 8.000 01/06/2018 43,090,500 0.44 55

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 Cable and Satellite TV 8.47% (2012: 7.22%) 59,017,000 CCO Holdings Llc 7.250 30/10/2017 62,410,477 0.64 87,007,000 CCO Holdings Llc 7.000 15/01/2019 91,901,144 0.95 62,749,000 Dish DBS Corp 6.625 01/10/2014 65,415,832 0.67 27,550,000 Dish DBS Corp 7.750 31/05/2015 30,063,937 0.31 35,303,000 Dish DBS Corp 7.125 01/02/2016 39,009,815 0.40 39,195,000 Kabel Deutschland Holding AG 6.500 31/07/2017 57,368,403 0.59 10,000,000 Kabel Deutschland Vertrieb und Service GmbH 6.500 29/06/2018 14,419,905 0.15 39,575,000 Numericable Finance & Co SCA 8.102 15/10/2018 54,992,264 0.57 14,594,454 Unitymedia Hessen GmbH & Co KG 8.125 01/12/2017 20,699,704 0.21 64,520,000 Unitymedia Hessen GmbH & Co KG 7.500 15/03/2019 70,165,500 0.72 34,008,000 UPC Holding BV 9.875 15/04/2018 36,516,090 0.38 40,599,000 Virgin Media Finance Plc 8.375 15/10/2019 44,303,659 0.46 57,393,000 Virgin Media Secured Finance Plc 7.000 15/01/2018 97,673,451 1.00 95,418,000 Ziggo Bond Company 8.000 15/05/2018 138,403,825 1.42 Capital Goods - 1.32% (2012: 2.59%) 16,546,000 CNH America Llc 7.250 15/01/2016 18,200,600 0.19 44,272,000 CNH Capital Llc 3.875 01/11/2015 45,655,500 0.47 60,813,000 Manitowoc Company Inc 9.500 15/02/2018 64,537,796 0.66 Chemicals - 2.54% (2012: 2.28%) 66,897,000 Ashland Inc 3.000 15/03/2016 68,234,940 0.70 86,769,000 Celanese US Holdings Llc 6.625 15/10/2018 93,168,214 0.96 57,502,000 NOVA Chemicals Corp 8.625 01/11/2019 63,395,955 0.65 20,820,000 Polypore International Inc 7.500 15/11/2017 22,069,200 0.23 Consumer Products - 0.88% (2012: 2.30%) 19,162,000 Easton-Bell Sports Inc 9.750 01/12/2016 20,024,482 0.21 59,622,000 NBTY Inc 9.000 01/10/2018 65,584,200 0.67 Containers - 3.24% (2012: 1.99%) 23,050,000 Ardagh Glass Finance 9.250 01/07/2016 33,105,755 0.34 73,601,000 Ardagh Packaging Finance 7.375 15/10/2017 91,205,077 0.94 48,547,000 Owens-Brockway 7.375 15/05/2016 54,797,426 0.56 126,770,000 Reynolds Group Issuer 7.125 15/04/2019 135,643,900 1.40 Diversified Financial Services - 2.25% (2012: 1.54%) 69,871,000 Aircastle Ltd 9.750 01/08/2018 76,683,422 0.79 28,500,000 International Lease Finance Corp 5.650 01/06/2014 29,119,875 0.30 17,450,000 International Lease Finance Corp 4.875 01/04/2015 18,148,000 0.19 65,157,000 International Lease Finance Corp 8.625 15/09/2015 72,568,609 0.74 22,500,000 International Lease Finance Corp 2.204 15/06/2016 22,725,000 0.23 56

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 Diversified Media - 2.28% (2012: 4.05%) 8,913,000 Lamar Media Corp 9.750 01/04/2014 9,183,064 0.09 67,436,000 Lamar Media Corp 7.875 15/04/2018 71,735,045 0.74 102,608,000 Nielsen Finance Llc 7.750 15/10/2018 111,586,200 1.15 28,174,000 Quebecor Media 7.750 15/03/2016 28,737,480 0.30 Energy - 11.62% (2012: 11.46%) 79,804,000 Antero Resources Finance Corp 9.375 01/12/2017 83,545,212 0.86 14,676,000 Antero Resources Finance Corp 7.250 01/08/2019 15,740,010 0.16 15,724,000 Berry Petroleum Co 10.250 01/06/2014 16,431,580 0.17 113,150,000 Chesapeake Energy Corp 9.500 15/02/2015 123,333,500 1.27 94,910,000 Crosstex Energy Lp 8.875 15/02/2018 100,130,050 1.03 94,319,000 Energy XXI Gulf Coast Inc 9.250 15/12/2017 105,165,685 1.08 108,665,000 Expro Finance Luxembourg 8.500 15/12/2016 113,690,756 1.17 29,876,000 Ferrellgas Lp 9.125 01/10/2017 31,239,242 0.32 40,833,000 Forest Oil Corp 7.250 15/06/2019 40,526,753 0.42 28,725,000 Genesis Energy Lp 7.875 15/12/2018 30,951,188 0.32 108,440,000 Kinder Morgan Finance Ulc 5.700 05/01/2016 116,613,773 1.20 17,225,000 Midcontinent Express Pipeline Llc 5.450 15/09/2014 17,558,958 0.18 30,961,000 Newfield Exploration Co 7.125 15/05/2018 32,238,141 0.33 22,076,000 Oasis Petroleum Inc 7.250 01/02/2019 23,786,890 0.24 18,293,000 Penn Virginia Resource Partners Lp 8.250 15/04/2018 19,390,580 0.20 27,995,000 Petrohawk Energy Corp 10.500 01/08/2014 28,498,910 0.29 18,350,000 Petrohawk Energy Corp 7.875 01/06/2015 18,808,750 0.19 44,481,000 Range Resources Corp 8.000 15/05/2019 47,372,265 0.49 63,665,000 Regency Energy Partners Lp 6.875 01/12/2018 68,599,037 0.71 26,246,000 SESI Llc 6.375 01/05/2019 27,951,990 0.29 63,120,000 Suburban Propane Partners Lp 7.500 01/10/2018 67,775,100 0.70 Entertainment - 0.43% (2012: Nil) 37,934,000 Regal Entertainment Group 9.125 15/08/2018 41,442,895 0.43 Environmental - Nil (2012: 0.55%) Food and Drug Retail 2.40% (2012: 3.03%) 42,350,000 BI-LO Llc / BI-LO Finance Corp 9.250 15/02/2019 46,690,875 0.48 24,356,000 Stater Brothers Holdings 7.750 15/04/2015 24,417,134 0.25 27,380,000 Stater Brothers Holdings 7.375 15/11/2018 28,885,900 0.30 22,031,000 Campofrio Food Group SA 8.250 31/10/2016 31,535,721 0.33 37,142,000 Constellation Brands Inc 8.375 15/12/2014 39,788,367 0.41 13,061,000 Constellation Brands Inc 7.250 01/09/2016 14,873,214 0.15 38,604,000 Pilgrim's Pride Corp 7.875 15/12/2018 42,078,360 0.43 3,700,000 Refresco Group BV 4.218 15/05/2018 5,037,735 0.05 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) - 88.42% (2012: 95.31%) CONT/D Gaming - 1.14% (2012: 1.87%) 17,933,000 Scientific Games Corp 8.125 15/09/2018 19,210,726 0.20 45,815,000 Scientific Games International 9.250 15/06/2019 49,365,663 0.51 23,100,000 William Hill Plc 7.125 11/11/2016 42,403,466 0.43 Healthcare - 7.96% (2012: 7.96%) 99,297,000 DaVita HealthCare Partners Inc 6.375 01/11/2018 104,261,850 1.07 53,122,000 Fresenius U.S. Finance II Inc 9.000 15/07/2015 59,231,030 0.61 109,425,000 Grifols 8.250 01/02/2018 117,221,531 1.21 64,787,000 HCA Inc 6.375 15/01/2015 68,188,317 0.70 64,905,000 HCA Inc 8.500 15/04/2019 69,367,219 0.71 56,862,000 Health Management Association Inc 6.125 15/04/2016 62,974,665 0.65 42,591,000 HealthSouth Corp 7.250 01/10/2018 45,678,848 0.47 121,827,000 Valeant Pharmaceuticals International 6.500 15/07/2016 126,007,372 1.30 111,180,000 Warner Chilcott Llc 7.750 15/09/2018 121,047,225 1.24 Homebuilders and Real Estate - 0.31% (2012: 0.98%) 21,068,000 Prologis International ing 5.875 23/10/2014 29,917,451 0.31 Hotels 0.11% (2012: 1.22%) 10,541,000 Host Hotels & Resorts Lp 6.750 01/06/2016 10,692,316 0.11 Leisure 1.18% (2012: 2.69%) 70,972,000 Cedar Fair 9.125 01/08/2018 77,359,480 0.79 27,625,000 Royal Caribbean Cruises 5.625 27/01/2014 37,800,886 0.39 Metals and Mining 6.72% (2012: 7.04%) 3,000,000 Aleris International Inc 7.625 15/02/2018 3,180,000 0.03 57,429,000 Arch Coal Inc 8.750 01/08/2016 58,864,725 0.61 18,825,000 Calcipar SA 1.424 01/07/2014 25,470,986 0.26 43,932,000 Cloud Peak Energy Resources Llc 8.250 15/12/2017 45,854,025 0.47 131,142,000 Consol Energy Inc 8.000 01/04/2017 138,682,665 1.43 132,630,000 FMG Resources August 2006 7.000 01/11/2015 137,437,838 1.41 112,129,000 Novelis Inc 8.375 15/12/2017 119,697,707 1.23 64,568,000 Peabody Energy Corp 7.375 01/11/2016 72,800,420 0.75 49,998,000 Rain CII Carbon Llc 8.000 01/12/2018 51,747,930 0.53 Paper - 0.75% (2012: 2.66%) 12,442,000 Ainsworth Lumber Co Ltd 7.500 15/12/2017 13,406,255 0.14 13,000,000 Smurfit Kappa Acquisitions 7.250 15/11/2017 19,354,291 0.20 13,860,000 Smurfit Kappa Acquisitions 7.750 15/11/2019 20,581,559 0.21 14,000,000 Smurfit Kappa Acquisitions 3.727 15/10/2020 19,814,639 0.20 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) - 88.42% (2012: 95.31%) CONT/D Restaurants - 1.41% (2012: 1.79%) 47,268,000 Burger King Corp 9.875 15/10/2018 52,644,735 0.54 75,877,000 Dineequity 9.500 30/10/2018 84,223,470 0.87 Services - 1.57% (2012: 3.24%) 100,902,000 Hertz Corp 7.500 15/10/2018 109,100,287 1.12 18,850,000 Hertz Corp 6.750 15/04/2019 20,310,875 0.21 13,915,000 Iron Mountain Inc 7.250 15/04/2014 22,797,340 0.24 Steel - 1.42% (2012: 1.88%) 71,421,000 ArcelorMittal 4.250 25/02/2015 73,385,077 0.75 63,400,000 ArcelorMittal 4.250 05/08/2015 65,619,000 0.67 Super Retail - 1.89% (2012: 2.03%) 120,265,000 Michaels Stores 7.750 01/11/2018 130,186,863 1.34 17,016,000 QVC Inc 7.500 01/10/2019 18,300,061 0.19 31,563,000 Sally Holdings LLC 6.875 15/11/2019 34,916,569 0.36 Technology 2.64% (2012: 3.42%) 66,240,000 Advanced Micro Devices 8.125 15/12/2017 69,055,200 0.71 44,885,000 Amkor Technology Inc 7.375 01/05/2018 47,465,887 0.49 61,227,000 CommScope Inc 8.250 15/01/2019 67,349,700 0.69 10,500,000 Hewlett-Packard Co 2.125 13/09/2015 10,707,533 0.11 40,775,000 Hewlett-Packard Co 2.650 01/06/2016 41,955,803 0.43 18,436,000 Sensata Technologies BV 6.500 15/05/2019 19,864,790 0.21 Telecommunications - 7.95% (2012: 6.55%) 38,703,000 Crown Castle International Corp 7.125 01/11/2019 41,911,479 0.43 24,789,000 Frontier Communications Corp 6.625 15/03/2015 26,028,450 0.27 30,040,000 Frontier Communications Corp 7.875 15/04/2015 32,067,700 0.33 84,865,000 Inmarsat Finance Plc 7.375 01/12/2017 88,259,600 0.91 92,867,000 Intelsat Jackson Holdings SA 7.250 01/04/2019 100,412,444 1.03 29,345,000 Intelsat Jackson Holdings SA 8.500 01/11/2019 32,169,456 0.33 128,273,000 MetroPCS Wireless Inc 7.875 01/09/2018 138,214,157 1.42 44,921,000 PAETEC Holding Corp 9.875 01/12/2018 50,199,218 0.52 17,084,000 Qwest Communications International Inc 7.125 01/04/2018 17,755,401 0.18 7,061,000 SBA Telecommunications 8.250 15/08/2019 7,625,880 0.08 121,075,000 Sprint Comunications Corp 6.000 01/12/2016 131,669,062 1.35 89,975,000 Telesat Canada 6.000 15/05/2017 93,798,938 0.97 12,000,000 Verizon Communications Inc 1.773 15/09/2016 12,360,048 0.13 Transportation Excluding Air and Rail - 0.44% (2012: 0.57%) 41,278,200 AWAS Aviation Capital Ltd 7.000 17/10/2016 42,826,132 0.44 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) 88.42% (2012: 95.31%) CONT/D Utilities 2.25% (2012: 1.59%) 17,471,000 AES Corp 7.750 01/03/2014 17,733,065 0.18 32,613,000 AES Corp 7.750 15/10/2015 36,037,365 0.37 120,801,000 Calpine Corp 7.250 15/10/2017 125,180,036 1.29 37,405,000 NRG Energy Inc 7.625 15/05/2019 39,742,812 0.41 Total Transferable Securities (Corporate Bonds) 8,595,648,930 88.42 Collective Investment Schemes 0.10% (2012: Nil) 100,000 Muzinich s EmergingMarketsShortDuration 10,152,000 0.10 Total Collective Investment Schemes 10,152,000 0.10 BANK LOANS 6.01% (2012: Nil) Cable and Satellite TV 0.76% (2012: Nil) 74,875,000 CSC Holdings Llc 2.737 17/04/2020 74,025,169 0.76 Food, Beverage and Tobacco 1.34% (2012: Nil) 129,742,500 HJ Heinz Co 3.500 05/06/2020 130,553,391 1.34 Hotels 0.96% (2012: Nil) 93,396,381 Hilton Worldwide Finance Llc 4.000 26/10/2020 93,656,958 0.96 Leisure 0.97% (2012: Nil) 94,075,000 Activision Blizzard 3.250 12/10/2020 94,281,024 0.97 Metals and Mining 0.51% (2012: Nil) 49,050,000 Peabody Energy Corp 4.250 24/09/2020 49,264,839 0.51 Technology 0.95% (2012: Nil) 93,645,000 Dell International Llc 4.500 29/04/2020 92,666,410 0.95 Utilities 0.52% (2012: Nil) 50,876,831 NRG Energy Inc 2.750 02/07/2018 50,769,481 0.52 Total Bank Loans 585,217,272 6.01 Investments at fair value (Cost: 9,198,292,018) 9,191,018,202 94.53 60

Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield Financial Derivative Instruments* - 0.80% (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 194,987,039 209,722,637 17 6,067,474 0.06 12/02/2014 State Street Bank CHF 104,885,898 115,154,806 12 989,407 0.01 15/01/2014 State Street Bank CHF 77,411,747 85,114,496 12 586,132 0.01 02/12/2013 State Street Bank CHF 11 12 1-0.00 09/12/2013 State Street Bank EUR 1,158,341,016 1,542,469,206 20 34,665,634 0.36 12/02/2014 State Street Bank EUR 1,281,677,936 1,731,756,833 24 13,417,625 0.14 15/01/2014 State Street Bank EUR 1,214,486,131 1,643,652,909 11 9,944,118 0.10 02/12/2013 State Street Bank EUR 7,614,542 10,284,582 1 82,999 0.00 04/12/2013 State Street Bank EUR 1,655,729 2,247,569 1 6,788 0.00 15/01/2014 State Street Bank GBP 247,387,032 394,241,370 15 10,863,013 0.11 12/02/2014 State Street Bank GBP 258,716,467 412,729,448 14 10,837,066 0.11 09/12/2013 State Street Bank GBP 121,518,213 192,178,027 16 6,866,169 0.07 04/12/2013 State Street Bank GBP 299,333 487,239 1 3,080 0.00 02/12/2013 State Street Bank GBP 577 933 1 13 0.00 03/12/2013 State Street Bank NOK 50,608 8,272 1 3 0.00 12/02/2014 State Street Bank SEK 229,731,146 34,966,608 18 131,001 0.00 09/12/2013 State Street Bank 1,463,416 JPY 143,469,807 3 61,790 0.00 15/01/2014 State Street Bank 815,532 JPY 80,000,000 2 33,746 0.00 15/01/2014 State Street Bank 841,002 NOK 4,973,075 3 29,177 0.00 09/12/2013 State Street Bank 798,644 SEK 5,104,214 3 17,801 0.00 09/12/2013 State Street Bank 794,626 CAD 822,751 3 17,628 0.00 15/01/2014 State Street Bank 1,103,022 SEK 7,166,815 2 7,500 0.00 09/12/2013 State Street Bank 250,402 NOK 1,489,510 3 6,912 0.00 12/02/2014 State Street Bank 179,738 JPY 17,712,122 1 6,626 0.00 12/02/2014 State Street Bank 386,196 CAD 405,126 2 4,213 0.00 04/12/2013 State Street Bank 432,811 NOK 2,637,051 1 1,651 0.00 03/12/2013 State Street Bank 355,628 CAD 374,850 1 1,571 0.00 15/01/2014 State Street Bank 57,027 CAD 59,396 3 986 0.00 09/12/2013 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 11,860,294 14 (352,280) (0.00) 12/02/2014 State Street Bank NOK 61,337,300 10,214,351 10 (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 426,023,658 24 (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

Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield Financial Derivative Instruments* - 0.80% (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 334,822,765 17 (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 73,453,481 15 (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 20,778,517 20 (142,461) (0.00) 15/01/2014 State Street Bank SEK 86,204,525 13,242,177 15 (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 94,650,123 0.97 Unrealised loss on forward foreign currency exchange contracts (17,199,254) (0.17) Net unrealised gain on forward foreign currency exchange contracts 77,450,869 0.80 FAIR VALUE % of NET ASSETS Portfolio of Investments 9,268,469,071 95.33 Cash at bank (2012: 5.61%) 641,146,949 6.59 Debtors (2012: 2.90%) 284,648,524 2.93 Total Assets 10,194,264,544 104.85 Creditors (2012: (4.36%)) (503,109,995) (5.17) Net Asset Value at fair value prices at 30/11/2013 9,691,154,549 99.68 Adjustments from bid market prices to last traded market prices 31,134,004 0.32 Net Asset Value at dealing prices at 30/11/2013 9,722,288,553 100.00 62

Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield Net Asset Value at 30/11/2013 30/11/2013 30/11/2012 30/11/2011 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** CHF93,535,721 - - - Hedged Euro Accumulation Units 1,746,330,011 1,252,475,163 606,293,439 - Hedged Euro Accumulation H Units** 70,592,959 - - - Hedged Euro Accumulation R Units 1,235,909,998 742,580,133 269,282,890 - Hedged Euro Accumulation S Units** 182,422,289 - - - Hedged Euro Income Units** 81,454,043 - - - Hedged Euro Income H Units** 9,292,275 - - - Hedged Euro Income R Units** 13,085,426 - - - Hedged Euro Income S Units** 157,347,539 - - - Hedged GBP Accumulation A Units** GBP785,058 - - - 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** GBP15,188,729 - - - 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 JPY1,029,957,401 - - 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 1,153,091,355 422,776,124 - Hedged Accumulation H Units** 24,325,522 - - - Hedged Accumulation R Units 1,390,569,377 719,427,969 168,463,674 - Hedged Accumulation S Units** 193,232,754 - - - Hedged Income Units 127,602,198 33,728,157 - - Hedged Income H Units** 3,463,954 - - - Hedged Income R Units** 14,889,243 - - - Hedged Income S Units** 50,218,731 - - Number of Units in issue - Hedged CAD Accumulation Units 293,386 289,340 155,615 - Hedged CHF Accumulation Units 1,402,247 532,203 136,564 - Hedged CHF Accumulation R Units 1,148,410 986,285 504,246 - Hedged CHF Accumulation S Units** 932,002 - - - Hedged Euro Accumulation Units 14,992,531 11,167,857 5,824,703 - Hedged Euro Accumulation H Units** 685,302 - - - Hedged Euro Accumulation R Units 10,723,731 6,671,879 2,598,754 - Hedged Euro Accumulation S Units** 1,773,156 - - - Hedged Euro Income Units** 810,730 - - - Hedged Euro Income H Units** 91,939 - - - Hedged Euro Income R Units** 129,610 - - - Hedged Euro Income S Units** 1,549,764 - - - Hedged GBP Accumulation A Units** 7,831 - - - Hedged GBP Accumulation R Units 205,298 124,029 26,357 63

Portfolio of Investments as at 30 November 2013 cont/d ShortDurationHighYield 30/11/2013 30/11/2012 30/11/2011 Number of Units in issue - Hedged GBP Income Units 1,443,640 2,417,827 1,688,868 - Hedged GBP Income H Units** 150,637 - - - Hedged GBP Income R Units 140,137 153,426 114,386 - Hedged GBP Income S Units 3,890,621 2,642,687 1,186,221 - Hedged JPY Income S Units 2,035,528,309 1,029,957,401 - - Hedged NOK Accumulation R Units 1,518,768 1,148,761 645,401 - 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** 235,211 - - - Hedged Accumulation R Units 12,069,867 6,490,689 1,636,364 - Hedged Accumulation S Units** 1,876,775 - - - Hedged Income Units 1,272,586 328,063 - - Hedged Income H Units** 34,195 - - - Hedged Income R Units** 147,287 - - - Hedged Income S Units** 497,560 - - Net Asset Value per Unit - Hedged CAD Accumulation Units CAD119.41 CAD113.62 CAD104.45 - Hedged CHF Accumulation Units CHF110.03 CHF106.04 CHF98.89 - Hedged CHF Accumulation R Units CHF113.17 CHF109.40 CHF102.34 - Hedged CHF Accumulation S Units** CHF100.36 - - - Hedged Euro Accumulation Units 116.48 112.15 104.09 - Hedged Euro Accumulation H Units** 103.01 - - - Hedged Euro Accumulation R Units 115.25 111.30 103.62 - Hedged Euro Accumulation S Units** 102.88 - - - Hedged Euro Income Units** 100.47 - - - Hedged Euro Income H Units** 101.07 - - - Hedged Euro Income R Units** 100.96 - - - Hedged Euro Income S Units** 101.53 - - - Hedged GBP Accumulation A Units** GBP100.25 - - - Hedged GBP Accumulation R Units GBP111.00 GBP106.73 GBP98.98 - Hedged GBP Income Units GBP98.47 GBP100.75 GBP99.82 - Hedged GBP Income H Units** GBP100.83 - - - Hedged GBP Income R Units GBP98.46 GBP100.77 GBP98.99 - Hedged GBP Income S Units GBP103.35 GBP105.73 GBP102.31 - Hedged JPY Income S Units JPY1.01 JPY1.00 - - Hedged NOK Accumulation R Units NOK114.90 NOK109.18 NOK100.04 - Hedged SEK Accumulation R Units SEK113.84 SEK108.74 SEK99.63 - Hedged Accumulation Units 116.41 111.67 103.43 - Hedged Accumulation H Units** 103.42 - - - Hedged Accumulation R Units 115.21 110.84 102.95 - Hedged Accumulation S Units** 102.96 - - - Hedged Income Units 100.27 102.81 - - Hedged Income H Units** 101.30 - - - Hedged Income R Units** 101.09 - - - Hedged Income S Units** 100.93 - - 64

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 90.06 Collective Investment Schemes 0.10 OTC financial derivative instruments 0.76 Other current assets 9.08 Total assets 100.00 65

Portfolio of Investments as at 30 November 2013 Bondyield ESG NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 98.45% (2012: 94.91%) Aerospace and Defence - 0.56% (2012: Nil) 500,000 Bombardier Inc 7.500 15/03/2018 416,804 0.56 Airlines - 0.71% (2012: Nil) 500,000 Brussels Airport Co NV/SA 3.250 01/07/2020 525,795 0.71 Apparel and Textiles - Nil (2012: 0.80%) Automotive and Auto Parts - 9.05% (2012: 10.40%) 700,000 Banque PSA Finance SA 4.250 25/02/2016 728,140 0.98 1,205,000 Continental Rubber of America Corp 4.500 15/09/2019 936,617 1.26 250,000 Daimler AG 2.625 02/04/2019 262,729 0.35 500,000 FCE Bank 3.250 19/11/2020 597,947 0.81 200,000 FGA Capital Ireland Plc 5.250 28/02/2014 201,926 0.27 1,000,000 FGA Capital Ireland Plc 4.000 17/10/2018 1,032,030 1.39 300,000 Fiat Finance & Trade 7.000 23/03/2017 328,911 0.44 550,000 Fiat Finance & Trade 6.625 15/03/2018 597,481 0.81 1,000,000 RCI Banque SA 3.250 25/04/2018 1,220,484 1.64 240,000 Schaeffler Finance BV 7.750 15/02/2017 274,894 0.37 300,000 Schaeffler Finance BV 4.250 15/05/2018 310,740 0.42 200,000 Valeo SA 4.875 11/05/2018 226,091 0.31 Banking - 2.85% (2012: 2.42%) 500,000 Banco Santander SA 4.500 29/07/2016 541,162 0.73 500,000 Santander International Debt SA 4.625 21/03/2016 534,975 0.72 1,000,000 Unicredit SpA 5.300 31/01/2015 1,040,340 1.40 Building Materials - 2.90% (2012: 4.39%) 500,000 Cie De St-Gobain 5.625 15/12/2016 664,121 0.90 600,000 CRH America Inc 8.125 15/07/2018 545,063 0.73 650,000 Holcim GB Finance 8.750 24/04/2017 943,185 1.27 Cable and Satellite TV - 2.95% (2012: 4.24%) 500,000 Eutelsat SA 5.000 14/01/2019 565,969 0.76 350,000 UPCB Finance Li Ltd 6.375 01/07/2020 372,841 0.50 1,000,000 Virgin Media Secured Finance 7.000 15/01/2018 1,249,925 1.69 Capital Goods - Nil (2012: 2.39%) Chemicals - 2.90% (2012: 2.59%) 600,000 Bayer AG 5.000 29/07/2105 624,932 0.84 400,000 Linde Finance BV 7.375 14/07/2066 452,673 0.61 700,000 Rhodia SA 6.875 15/09/2020 574,269 0.77 500,000 SABIC Capital I BV 2.750 20/11/2020 502,865 0.68 66

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) - 98.45% (2012: 94.91%) CONT/D Consumer Products - 0.95% (2012: 0.67%) 650,000 Luxottica Group SpA 3.625 19/03/2019 708,123 0.95 Containers - 1.45% (2012: 3.49%) 275,000 Ardagh Packaging Finance Ltd 7.375 15/10/2017 294,102 0.40 200,000 Greif Luxembourg Finance 7.375 15/07/2021 231,010 0.31 500,000 Mondi Consumer Packaging International AG 9.750 15/07/2017 548,660 0.74 Diversified Financial Services - 1.34% (2012: 0.32%) 300,000 International Personal Finance Plc 11.500 06/08/2015 339,375 0.45 650,000 Transurban Finance Co Ply Ltd 2.500 08/10/2020 658,775 0.89 Diversified Media - 0.55% (2012: 0.77%) 400,000 JCDecaux SA 2.000 08/02/2018 406,280 0.55 Energy - 6.30% (2012: 8.04%) 1,300,000 Bord Gais Eireann 3.625 04/12/2017 1,388,757 1.87 500,000 Cores 3.250 19/04/2016 512,900 0.69 750,000 Gazprom Oao Via Gaz Capital 3.755 15/03/2017 781,575 1.05 600,000 Gazprom Oao Via Gaz Capital 5.338 25/09/2020 756,585 1.02 1,100,000 Repsol International Finance 4.875 19/02/2019 1,237,016 1.67 Environmental - 1.84% (2012: Nil) 500,000 Infinis Plc 7.000 15/02/2019 632,993 0.85 220,000 Rentokil Initial Plc 3.375 24/09/2019 230,158 0.31 500,000 Rentokil Initial Plc 3.250 07/10/2021 504,055 0.68 Food and Drug Retail - 0.44% (2012: 1.12%) 300,000 Casino Guichard Perrachon 3.994 09/03/2020 326,368 0.44 Food, Beverage and Tobacco - 1.11% (2012: 1.54%) 750,000 Boparan Finance Plc 9.750 30/04/2018 823,672 1.11 Healthcare - 0.56% (2012: Nil) 400,000 MPT Operating Partnership LP 5.750 01/10/2020 418,760 0.56 Homebuilders and Real Estate - 12.84% (2012: 8.45%) 700,000 Brandywine Operating Partners 5.700 01/05/2017 570,429 0.77 850,000 Corio NV 4.625 22/01/2018 932,533 1.26 800,000 Deutsche Annington Finance BV 3.125 25/07/2019 827,929 1.11 225,000 Ferrovie Dello Stato 4.000 22/07/2020 237,116 0.32 600,000 Ferrovial Emisiones 3.375 30/01/2018 628,535 0.85 400,000 Ferrovial Emisiones 3.375 07/06/2021 404,877 0.55 800,000 Fonciere Lyonnaise 3.500 28/11/2017 851,226 1.15 67

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) - 98.45% (2012: 94.91%) CONT/D Homebuilders and Real Estate - 12.84% (2012: 8.45%) cont/d 900,000 Gecina 4.750 11/04/2019 1,007,519 1.36 650,000 GELF Bond Issuer I SA 3.125 03/04/2018 673,104 0.91 410,000 Prologis 3.000 18/01/2022 409,779 0.55 850,000 Prologis International ing 5.875 23/10/2014 886,516 1.19 500,000 Prologis International ing II 2.750 23/10/2018 506,125 0.68 700,000 RPG Byty Sro 6.750 01/05/2020 707,000 0.95 800,000 Unibail-Rodamco SE 3.875 05/11/2020 885,734 1.19 Hotels - 1.91% (2012: 1.36%) 1,400,000 Accor SA 2.500 21/03/2019 1,414,010 1.91 Insurance - Nil (2012: 0.89%) Metals and Mining - 2.41% (2012: 2.77%) 1,000,000 Alcoa Inc 5.400 15/04/2021 751,828 1.01 600,000 FMG Resources August 2006 8.250 01/11/2019 492,453 0.66 500,000 Vale SA 4.375 24/03/2018 546,906 0.74 Paper - 0.83% (2012: 1.34%) 600,000 Mondi Finance 3.375 28/09/2020 619,260 0.83 Publishing and Printing - 1.39% (2012: 2.58%) 1,365,000 UBM Plc 5.750 03/11/2020 1,034,697 1.39 Services - 2.98% (2012: 1.00%) 550,000 Adecco International Financial Services 4.750 13/04/2018 612,359 0.83 200,000 Adecco International Financial Services 2.750 15/11/2019 201,926 0.27 525,000 Deutsche Raststaetten Gruppe IV GmbH 6.750 30/12/2020 541,737 0.73 830,000 G4S International Finance Plc 2.875 02/05/2017 852,176 1.15 Steel - 0.08% (2012: 1.16%) 75,000 Arcelormittal 6.000 01/03/2021 57,770 0.08 Super Retail - 2.49% (2012: 1.96%) 800,000 DFS Furniture Holdings Plc 6.517 15/08/2018 973,607 1.31 1,000,000 Macy s Retail Holdings Inc 7.450 15/07/2017 872,262 1.18 Technology - 2.13% (2012: 2.24%) 1,000,000 Computer Sciences Corp 6.500 15/03/2018 853,391 1.15 975,000 Hewlett-Packard Co 4.300 01/06/2021 725,672 0.98 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) - 98.45% (2012: 94.91%) CONT/D Telecommunications - 8.17% (2012: 9.97%) 850,000 Everything Everywhere Finance Plc 3.500 06/02/2017 898,286 1.21 500,000 Koninklijke KPN 6.000 29/05/2019 682,368 0.92 485,000 Matterhorn Mobile SA 6.750 15/05/2019 428,637 0.58 650,000 Orange SA 8.000 20/12/2017 953,452 1.28 700,000 Telecom Italia SpA 6.375 24/06/2019 871,697 1.17 500,000 Telefonica Emisiones SAU 4.375 02/02/2016 532,155 0.72 300,000 Telefonica Emisiones SAU 5.496 01/04/2016 327,932 0.44 150,000 Telefonica Emisiones SAU 5.375 02/02/2018 194,862 0.26 300,000 Telefonica Emisiones SAU 4.693 11/11/2019 334,177 0.45 800,000 Wind Acquisition Finance SA 7.375 15/02/2018 844,440 1.14 Transportation Excluding Air and Rail - 9.17% (2012: 6.77%) 200,000 ADP Group 2.375 11/06/2019 208,114 0.28 700,000 Atlantia SpA 5.625 06/05/2016 771,143 1.04 450,000 Atlantia SpA 6.250 09/06/2022 606,354 0.82 500,000 Brisa Concessao Rodoviaria SA 6.875 02/04/2018 546,565 0.73 750,000 DAA Finance Plc 6.587 09/07/2018 881,648 1.19 1,000,000 Heathrow ing Ltd 4.875 15/07/2023 778,290 1.05 1,200,000 Hit Finance BV 5.750 09/03/2018 1,386,247 1.87 500,000 PostNL 7.500 14/08/2018 702,556 0.95 700,000 Romulus Finance Sarl 5.441 20/02/2023 922,706 1.24 Utilities - 17.59% (2012: 11.24%) 1,050,000 A2A SpA 4.375 10/01/2021 1,119,271 1.51 1,000,000 ACEA SpA 3.750 12/09/2018 1,055,050 1.42 400,000 Anglian Water Osprey Financing 7.000 31/01/2018 517,463 0.70 600,000 EDP Finance BV 5.875 01/02/2016 642,786 0.87 1,080,000 Enel SpA 6.250 20/06/2019 1,457,621 1.96 1,250,000 EP Energy AS 5.875 01/11/2019 1,357,812 1.83 1,500,000 ESB Finance Ltd 6.500 05/03/2020 2,050,053 2.76 650,000 Hera SpA 3.250 04/10/2021 661,347 0.89 800,000 Linea Group Holding SpA 3.875 28/11/2018 795,872 1.07 1,200,000 Madrilena Red De Gas Finance BV 3.779 11/09/2018 1,255,668 1.69 570,000 Snam SpA 2.375 30/06/2017 586,332 0.79 400,000 Snam SpA 3.875 19/03/2018 434,529 0.58 600,000 Southern Water Greensands Financing 8.500 15/04/2019 800,311 1.08 250,000 Thames Water Kemble Finance Plc 7.750 01/04/2019 326,396 0.44 Total Transferable Securities (Corporate Bonds) 73,082,689 98.45 69

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 358,601 1 690 0.00 12/02/2014 State Street Bank EUR 8,277,116 11,186,459 2 61,642 0.08 09/12/2013 State Street Bank EUR 2,956,291 3,955,810 6 50,910 0.07 09/12/2013 State Street Bank EUR 64,069 NOK 505,738 1 3,349 0.00 12/02/2014 State Street Bank EUR 86,032 NOK 693,521 1 2,974 0.00 15/01/2014 State Street Bank EUR 157,240 NOK 1,289,932 1 2,583 0.00 09/12/2013 State Street Bank EUR 13,717 CHF 16,870 1 5 0.00 09/12/2013 State Street Bank GBP 2,093,338 EUR 2,477,435 6 40,909 0.06 12/02/2014 State Street Bank GBP 793,592 EUR 939,874 2 14,316 0.02 15/01/2014 State Street Bank GBP 411,583 EUR 485,959 2 9,047 0.01 12/02/2014 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 186,425 0.24 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

Portfolio of Investments as at 30 November 2013 cont/d Bondyield ESG Fair Value % of Net Assets Portfolio of Investments 72,369,832 97.48 Cash at bank (2012: 2.10%) 1,246,227 1.68 Debtors (2012: 5.71%) 1,492,831 2.01 Total Assets 75,108,890 101.17 Creditors (2012: (3.24%)) (1,062,736) (1.43) Net Asset Value at fair value prices at 30/11/2013 74,046,154 99.74 Adjustments from bid market prices to last traded market prices 190,588 0.26 Net Asset Value at dealing prices at 30/11/2013 74,236,742 100.00 30/11/2013 30/11/2012 30/11/2011 Net Asset Value at 30/11/2013 74,236,742 106,562,622 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 5,002,500 - -Hedged NOK Accumulation Units NOK119,636,135 NOK110,300,038 - Number of Units in issue -Institutional Hedged Euro Accumulation Units 485,841 794,847 596,406 -Institutional Hedged Accumulation Units 50,000 50,000 - -Hedged NOK Accumulation Units 1,055,644 1,030,360 - Net Asset Value per Unit -Institutional Hedged Euro Accumulation Units 115.31 110.39 96.92 -Institutional Hedged Accumulation Units 104.81 100.05 - -Hedged NOK Accumulation Units NOK113.33 NOK107.05 - 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 96.39 Other current assets 3.61 Total assets 100.00 71

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 1,698,994 0.43 273,250 Vantage Drilling Co 508,245 0.13 Total Equity 2,207,239 0.56 NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS CORPORATE BONDS 81.33% (2012: 82.36%) Aerospace and Defence Nil (2012: 1.25%) Airlines - 0.97% (2012: Nil) American Airlines 2013-2 Class B Pass 3,825,000 Through Trust 5.600 15/07/2020 3,825,000 0.97 Automotive and Auto Parts - 0.47% (2012: Nil) 1,759,000 Oshkosh Corp 8.250 01/03/2017 1,860,143 0.47 Broadcasting - 2.68% (2012: 4.58%) 1,625,000 Allbritton Communications Co 8.000 15/05/2018 1,734,687 0.44 2,850,000 Belo Corp 8.000 15/11/2016 2,971,125 0.75 2,792,000 Crown Media Holdings Inc 10.500 15/07/2019 3,158,450 0.80 133,000 Sinclair Television Group 8.375 15/10/2018 144,970 0.04 2,850,000 Sirius Xm Radio Inc 4.625 15/05/2023 2,543,625 0.65 Building Materials 3.27% (2012: 2.82%) 4,575,000 Brand Energy & Infrastructure Services Inc 8.500 01/12/2021 4,666,500 1.19 3,800,000 Cemex SAB De CV 6.500 10/12/2019 3,847,500 0.98 3,069,000 Xella Holdco Finance SA 9.125 15/09/2018 4,349,920 1.10 Cable and Satellite TV - 5.79% (2012: 4.20%) 1,775,000 CCO Holdings Llc 5.250 30/09/2022 1,672,938 0.43 3,225,000 DISH DBS Corp 6.625 01/10/2014 3,362,063 0.85 6,100,000 DISH DBS Corp 7.750 31/05/2015 6,656,625 1.69 2,000,000 IAC/InterActiveCorp 4.875 30/11/2018 2,042,500 0.52 2,225,000 UPC Holding BV 6.750 15/03/2023 3,086,857 0.78 1,975,000 Videotron Ltd 6.375 15/12/2015 1,977,469 0.50 2,875,000 Videotron Ltd 9.125 15/04/2018 3,029,531 0.77 550,000 Virgin Media Finance Plc 8.875 15/10/2019 978,632 0.25 Capital Goods Nil (2012: 2.70%) 72

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 - 0.98% (2012: Nil) 3,650,000 TPC Group Inc 8.750 15/12/2020 3,855,313 0.98 Commercial Services and Supplies 0.10% (2012: Nil) 75,000 Service Corp International 6.750 01/04/2015 79,594 0.02 303,000 Service Corp International 6.750 01/04/2016 329,513 0.08 Consumer Products 1.19% (2012: 2.88%) 4,560,000 Alphabet Holding Co Inc 7.750 01/11/2017 4,708,200 1.19 Containers - 0.14% (2012: 0.80%) 375,000 Ardagh Packaging Finance Ltd 7.375 15/10/2017 546,046 0.14 Diversified Financial Services - 0.55% (2012: 2.29%) 1,325,000 Galaxy Finco Ltd 7.875 15/11/2021 2,166,531 0.55 Diversified Media 4.78% (2012: 2.08%) 8,990,000 Lamar Media Corp 9.750 01/04/2014 9,262,397 2.35 9,406,000 Quebecor Media Inc 7.750 15/03/2016 9,594,120 2.43 Energy 13.71% (2012: 23.44%) 2,675,000 Basic Energy Services Inc 7.750 15/02/2019 2,788,688 0.71 5,900,000 Breitburn Energy Partners LP 7.875 15/04/2022 6,032,750 1.53 2,725,000 Calumet Specialty Products Partners LP 9.625 01/08/2020 3,031,563 0.77 500,000 Calumet Specialty Products Partners LP 7.625 15/01/2022 503,750 0.13 4,875,000 Energy XXI Gulf Coast Inc 7.500 15/12/2021 5,106,562 1.29 1,700,000 Forum Energy Technologies Inc 6.250 01/10/2021 1,772,250 0.45 1,500,000 Legacy Reserves 8.000 01/12/2020 1,548,750 0.39 5,341,000 Linn Energy Llc 7.750 01/02/2021 5,541,287 1.41 1,500,000 Meg Energy Corp 6.375 30/01/2023 1,515,000 0.38 3,700,000 Memorial Production Partners LP 7.625 01/05/2021 3,801,750 0.96 1,675,000 Pacific Rubiales Energy Corp 5.375 26/01/2019 1,675,385 0.42 4,599,000 Petrohawk Energy Corp 10.500 01/08/2014 4,681,782 1.19 2,380,000 Rex Energy Corp 8.875 01/12/2020 2,600,150 0.66 2,650,000 Rki Exploration & Production Llc 8.500 01/08/2021 2,769,250 0.70 2,875,000 Samson Investment Co 10.500 15/02/2020 3,108,594 0.79 6,775,000 Seadrill Ltd 6.125 15/09/2020 6,775,000 1.72 800,000 Tervita Corp 10.875 15/02/2018 806,000 0.21 73

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 7.000 15/02/2019 1,335,870 0.34 Food and Drug Retail 1.53% (2012: 2.30%) 5,250,000 BI-LO Llc 8.625 15/09/2018 5,440,312 1.38 600,000 Stater Brothers Holdings Inc 7.750 15/04/2015 601,506 0.15 Food, Beverage and Tobacco 1.59% (2012: Nil) 1,675,000 JBS Investments GmbH 7.750 28/10/2020 1,687,563 0.43 4,425,000 JBS USA Llc 7.250 01/06/2021 4,590,937 1.16 Healthcare - 3.21% (2012: 1.32%) 3,925,000 Fresenius US Finance II Inc 9.000 15/07/2015 4,376,375 1.11 2,800,000 HCA Inc 6.375 15/01/2015 2,947,000 0.75 1,525,000 LifePoint Hospitals Inc 5.500 01/12/2021 1,532,625 0.39 3,625,000 Universal Hospital Services Inc 7.625 15/08/2020 3,806,250 0.96 Hotels - 0.77% (2012: Nil) 2,984,000 Host Hotels & Resorts LP 6.750 01/06/2016 3,026,835 0.77 Metals and Mining - 2.79% (2012: 7.21%) 3,975,000 Arch Coal Inc 7.250 15/06/2021 3,001,125 0.76 2,425,000 Plains Exploration & Production Co 6.750 01/02/2022 2,649,538 0.68 2,275,000 Rain CII Carbon Llc 8.250 15/01/2021 2,331,875 0.59 2,900,000 Wise Metals Group Llc / Wise Alloys Finance 8.750 15/12/2018 2,979,750 0.76 Paper - 0.16% (2012: 1.24%) 543,000 Tekni-Plex Inc 9.750 01/06/2019 619,020 0.16 Pharmaceuticals - 0.83% (2012: Nil) 3,225,000 Capsugel SA 7.000 15/05/2019 3,281,438 0.83 Pipelines 4.72% (2012: Nil) 110,000 El Paso Corp 6.875 15/06/2014 113,104 0.03 6,375,000 Kinder Morgan Inc 5.625 15/11/2023 6,271,770 1.59 8,125,000 Sabine Pass Liquefaction Llc 6.250 15/03/2022 8,104,687 2.06 4,070,000 Southern Star Central Corp 6.750 01/03/2016 4,110,700 1.04 Publishing and Printing 0.87% (2012: Nil) 3,250,000 Gannett Co Inc 9.375 15/11/2017 3,416,562 0.87 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 Restaurant 0.55% (2012: Nil) 1,875,000 NPC International Inc 10.500 15/01/2020 2,163,281 0.55 Services 9.98% (2012: 7.32%) 2,125,000 Ahern Rentals Inc 9.500 15/06/2018 2,284,375 0.58 1,300,000 Algeco Scotsman Global Finance Plc 10.750 15/10/2019 1,352,000 0.34 3,500,000 APX Group Inc 8.750 01/12/2020 3,596,250 0.91 1,425,000 Astaldi SpA 7.125 01/12/2020 2,015,644 0.51 1,550,000 Deutsche Raststaetten Gruppe IV GmbH 6.750 30/12/2020 2,177,682 0.55 3,900,000 Geo Group Inc 5.875 15/01/2022 3,900,000 0.99 2,722,000 Iron Mountain Inc 7.250 15/04/2014 4,459,530 1.13 3,250,000 Iron Mountain Inc 6.750 15/10/2018 4,466,633 1.13 5,170,000 Iron Mountain Inc 5.750 15/08/2024 4,833,950 1.23 4,375,000 Monitronics International Inc 9.125 01/04/2020 4,615,625 1.17 2,915,000 Reliance Intermediate Holdings LP 9.500 15/12/2019 3,177,350 0.81 2,350,000 Safway Group Holding Finance 7.000 15/05/2018 2,461,625 0.63 Steel - 2.12% (2012: 4.46%) 300,000 ArcelorMittal 9.500 15/02/2015 327,000 0.08 3,950,000 ArcelorMittal 4.250 05/08/2015 4,088,250 1.04 3,975,000 JMC Steel Group Inc 8.250 15/03/2018 3,955,125 1.00 Super Retail 5.04% (2012: 6.22%) 600,000 Academy Ltd 9.250 01/08/2019 663,000 0.17 1,725,000 Chinos Intermediate Holdings A Inc 7.750 01/05/2019 1,737,937 0.44 6,485,000 New Academy Finance Llc 8.000 15/06/2018 6,639,084 1.68 930,000 Party City Holdings Inc 8.875 01/08/2020 1,032,300 0.26 2,225,000 PC Nextco Holdings Llc 8.750 15/08/2019 2,297,313 0.59 1,125,000 Petco Animal Supplies Inc 9.250 01/12/2018 1,206,562 0.31 6,160,000 Petco Holdings Inc 8.500 15/10/2017 6,267,862 1.59 Technology - 1.91% (2012: 1.72%) 2,025,000 Advanced Micro Devices Inc 7.500 15/08/2022 1,949,062 0.50 5,650,000 Denali Borrower Llc 5.625 15/10/2020 5,565,250 1.41 Telecommunications - 6.24% (2012: 2.25%) 2,650,000 CenturyLink Inc 6.750 01/12/2023 2,709,625 0.69 1,950,000 Inmarsat Finance Plc 7.375 01/12/2017 2,028,000 0.52 2,525,000 IPCS Inc 3.492 01/05/2014 2,525,000 0.64 7,575,000 Qwest Communications Inc 7.125 01/04/2018 7,872,697 2.00 4,875,000 Sprint Corp 7.875 15/09/2023 5,338,125 1.35 1,575,000 T-Mobile USA Inc 6.500 15/01/2024 1,594,688 0.40 2,425,000 Telesat Canada 6.000 15/05/2017 2,528,062 0.64 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 Transportation Excluding Air and Rail - 0.92% (2012: Nil) 3,506,600 Awas Aviation Capital Ltd 7.000 17/10/2016 3,638,098 0.92 Utilities - 3.13% (2012: 1.28%) 2,975,000 AES Corp 7.750 15/10/2015 3,287,375 0.83 2,650,000 Energy Future Intermediate Holding Co Llc 10.000 01/12/2020 2,815,625 0.72 3,250,000 InterGen NV 7.000 30/06/2023 3,355,625 0.85 2,700,000 NSG Holdings Llc 7.750 15/12/2025 2,875,500 0.73 Total Corporate Bonds 320,534,712 81.33 Total Transferable Securities 322,741,951 81.89 BANK LOANS 6.73% (2012: 8.78%) Broadcasting 0.95% (2012: Nil) 3,750,000 Tribune 1.000 12/11/2020 3,732,413 0.95 Cable and Satellite TV 0.17% (2012: Nil) 666,650 Univision Communications Inc 4.000 01/03/2020 667,363 0.17 Capital Goods 0.10% (2012: Nil) 400,000 Terex Corp 3.500 28/04/2017 402,252 0.10 Chemicals 2.65% (2012: Nil) 3,400,000 Huntsman 1.000 15/10/2020 3,401,428 0.86 7,050,000 Ineos 1.000 04/05/2018 7,063,817 1.79 Containers 0.19% (2012: Nil) 748,125 Pact Group Inc 3.750 29/05/2020 741,115 0.19 Diversified Media Nil (2012: 0.27%) Energy 0.51% (2012: 1.69%) 675,000 EMG Utica Llc 4.750 27/03/2020 676,269 0.17 1,300,000 Fieldwood Energy Llc 8.375 30/09/2020 1,324,011 0.34 Food and Drug Retail 0.21% (2012: Nil) 845,750 Albertson s Llc 4.750 21/03/2016 845,395 0.21 Gaming 0.24% (2012: Nil) 947,625 Pinnacle Entertainment Inc 3.750 13/08/2020 950,885 0.24 76

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 4.000 13/11/2019 1,640,569 0.42 417,593 Garda World Security Corp 0.500 06/11/2020 419,422 0.11 620,312 Hertz Corp 3.750 11/03/2018 622,304 0.16 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 3.000 03/05/2020 1,578,843 0.40 478,800 Drillships Financing Holding Inc 5.500 15/07/2016 484,388 0.12 1,077,300 Drillships Financing Holding Inc 6.000 31/03/2021 1,097,165 0.28 866,383 La Frontera Generation Llc 4.500 30/09/2020 874,683 0.22 Total Bank Loans 26,522,322 6.73 Total Investments (Cost: 354,887,013) 349,264,273 88.62 Financial Derivative Instruments* - 1.26% (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 16,780,520 6 121,579 0.03 09/12/2013 State Street Bank CHF 1,084,404 1,165,536 2 34,563 0.01 09/12/2013 State Street Bank EUR 49,130,434 65,783,823 10 1,109,534 0.28 12/02/2014 State Street Bank EUR 69,292,141 93,425,053 7 925,385 0.23 15/01/2014 State Street Bank EUR 53,803,285 72,855,993 9 400,464 0.10 10/12/2013 State Street Bank EUR 1,569,125 2,130,009 6 6,426 0.00 15/01/2014 State Street Bank GBP 27,771,695 44,297,846 9 1,179,216 0.30 09/12/2013 State Street Bank GBP 18,403,692 29,092,149 6 1,052,699 0.27 12/02/2014 State Street Bank GBP 18,339,941 29,252,615 5 773,247 0.20 15/01/2014 State Street Bank 937,112 CAD 975,461 1 16,741 0.00 15/01/2014 State Street Bank CAD 975,461 934,842 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 9,800,536 12 (91,827) (0.02) 15/01/2014 State Street Bank 7,769,521 EUR 5,727,324 6 (28,580) (0.01) 77

Portfolio of Investments as at 30 November 2013 cont/d LongShortCreditYield Financial Derivative Instruments* - 1.26% (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 5,619,854 1.42 Unrealised loss on forward foreign currency exchange contracts (328,001) (0.09) Net unrealised gain on forward foreign currency exchange contracts 5,291,853 1.33 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 100,828 0.03 1,000,000 Levi Strauss & 2,000,000 Company ** 5.00% 20/12/2018 JP Morgan 289,541 0.07 1,000,000 Olin Corporation 1.00% ** 20/12/2013 Deutsche Bank 17,044 0.00 Hertz 3,250,000 Corporation ** 5.00% 20/12/2018 JP Morgan 432,316 0.11 Unrealised gain on buy protection 839,729 0.21 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 28,763 0.01 78

Portfolio of Investments as at 30 November 2013 cont/d LongShortCreditYield Financial Derivative Instruments* - 1.26% (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% *** 23/07/2014 50,184 0.02 35,250 Stater Bros Holdings *** 7.75% 23/07/2014 31,339 0.01 33,500 Frontier Communications Corp *** 8.25% 23/07/2014 24,301 0.01 28,000 HCA Inc *** 6.38% 23/07/2014 13,990 0.00 23,500 DISH DBS Corp *** 6.63% 23/07/2014 13,316 0.00 36,250 Terex Corp 6.00% *** 23/07/2014 12,446 0.00 10,000 Hanesbrands Inc *** 8.00% 23/07/2014 9,222 0.00 7,500 Chesapeake Energy *** 9.50% 23/07/2014 2,095 0.00 5,210 Quebecor Media *** 7.75% 23/07/2014 2,027 0.00 2,000 Petrohawk Energy *** 7.88% 23/07/2014 656 0.00 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 8.05 8.05% *** 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

Portfolio of Investments as at 30 November 2013 cont/d LongShortCreditYield Financial Derivative Instruments* - 1.26% (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 159,576 0.04 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 120,000 8.00 66,000 0.02 Options purchased at fair value 66,000 0.02 Total Financial Derivative Instruments (2012: (0.67)%) 4,982,117 1.26 Portfolio of Investments 349,264,273 88.62 Cash at bank (2012: 18.66%) 39,566,745 10.04 Debtors (2012: 7.10%) 48,007,174 12.18 Total Assets 441,820,309 112.10 Creditors (2012: (16.58)%) (48,883,658) (12.40) Net Asset Value at fair value prices at 30/11/2013 392,936,651 99.70 Adjustments from bid market prices to last traded market prices 1,172,358 0.30 Net Asset Value at dealing prices at 30/11/2013 394,109,009 100.00 80

Portfolio of Investments as at 30 November 2013 cont/d LongShortCreditYield 30/11/2013 30/11/2012 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 1,421,292 188,498 - Hedged GBP Accumulation Units 542,594 202,110 - 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 117.90 106.56 - Hedged GBP Accumulation Units GBP118.62 GBP106.80 - Hedged Accumulation Units 117.20 105.68 - Hedged CHF Accumulation Units CHF111.42 CHF100.83 - Hedged Euro Non-Equity Units* 100.42 - 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 78.83 OTC financial derivative instruments 1.40 Other current assets 19.77 Total assets 100.00 81

Portfolio of Investments as at 30 November 2013 EmergingMarketsShortDuration NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 96.92% Aerospace and Defence - 1.18% 700,000 Embraer Overseas 6.375 24/01/2017 766,500 1.18 Airlines - 1.29% 800,000 Emirates Airline 5.125 08/06/2016 840,000 1.29 Apparel and Textiles - 0.96% 600,000 Texhong Textile Group 7.625 19/01/2016 628,500 0.96 Automotive and Auto Parts - 1.77% 300,000 Hyundai Capital America 3.750 06/04/2016 314,645 0.48 300,000 Jaguar Land Rover Automotive 8.250 15/03/2020 553,795 0.85 250,000 Jaguar Land Rover Automotive 8.125 15/05/2021 283,125 0.44 Broadcasting - 2.09% 300,000 Cet 21 Spol SRO 9.000 01/11/2017 423,803 0.65 650,000 Tvn Finance Corp III AB 7.875 15/11/2018 938,108 1.44 Building Materials - 4.97% 235,000 Cemex Espana Luxembourg 8.875 12/05/2017 339,162 0.52 200,000 Cemex Finance Europe BV 4.750 05/03/2014 274,352 0.42 600,000 Cemex Sab De CV 5.248 30/09/2015 615,600 0.95 800,000 China Shanshui Cement Group 8.500 25/05/2016 832,000 1.28 800,000 Votorantim Cimentos 5.250 28/04/2017 1,174,299 1.80 Cable and Satellite TV - 2.92% 330,000 Altice Financing SA 8.000 15/12/2019 483,571 0.74 700,000 Myriad Int Holding 6.375 28/07/2017 770,875 1.18 600,000 NET Servicos DE Comunicacao 7.500 27/01/2020 651,000 1.00 Capital Goods - 4.51% 900,000 Hutchison Whampoa International 10 6.000 31/12/2049 951,750 1.46 900,000 Lonking Holdings 8.500 03/06/2016 931,500 1.43 800,000 Noble Group 4.875 05/08/2015 837,000 1.28 200,000 Swire Pacific MTN Financing 5.625 30/03/2016 219,243 0.34 Chemicals - 1.27% 800,000 Fufeng Group 7.625 13/04/2016 824,000 1.27 Containers - 1.16% 550,000 Guala Closures SpA 5.593 15/11/2019 756,416 1.16 Diversified Media - 1.12% 700,000 Globo Comunicacao E Participacoes 6.250 31/12/2049 728,000 1.12 82

Portfolio of Investments as at 30 November 2013 cont/d EmergingMarketsShortDuration NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 96.92% CONT/D Energy - 12.98% 300,000 Anton Oilfield Services Group 7.500 06/11/2018 309,000 0.47 650,000 China Oil & Gas Group 5.250 25/04/2018 650,000 1.00 1,100,000 Gazprom OAO 6.212 22/11/2016 1,215,500 1.87 800,000 Kazmunaygas National JSC 11.750 23/01/2015 885,200 1.36 800,000 MIE Holdings 9.750 12/05/2016 848,000 1.30 500,000 MOL Hungarian Oil & Gas Plc 3.875 05/10/2015 691,273 1.06 100,000 Pacific Rubiales Energy 5.375 26/01/2019 100,023 0.15 1,000,000 Petrobras International Finance 3.875 27/01/2016 1,033,595 1.59 600,000 Petroleos De Venezuela 4.900 28/10/2014 546,600 0.84 400,000 Raizen Fuels Finance 9.500 15/08/2014 421,200 0.65 1,100,000 Rosneft Finance 7.500 18/07/2016 1,234,750 1.89 500,000 TMK OAO 7.750 27/01/2018 522,500 0.80 Food - 5.07% 700,000 Agrokor DD 10.000 07/12/2016 1,006,467 1.54 1,000,000 JBS SA 10.500 04/08/2016 1,117,500 1.72 800,000 Marfrig Holding Europe 9.875 24/07/2017 788,000 1.21 400,000 Yasar Holdings 9.625 07/10/2015 393,800 0.60 Gaming - 2.47% 450,000 Cirsa ing Luxembourg 8.750 15/05/2018 647,480 1.00 650,000 Intralot Finance Luxembourg 9.750 15/08/2018 959,499 1.47 Homebuilders and Real Estate - 9.49% 900,000 Agile Property Hldgs 8.875 28/04/2017 949,500 1.46 1,200,000 Bestgain Real Estate 2.625 13/03/2018 1,125,912 1.73 200,000 Central China Real Estate 6.500 04/06/2018 193,987 0.30 800,000 China Resources Land 4.625 19/05/2016 833,896 1.28 900,000 Country Garden Holdings 10.500 11/08/2015 987,750 1.51 300,000 Dubai Holding Commercial Operations MTN 4.750 30/01/2014 408,465 0.63 300,000 Dubai Holding Commercial Operations MTN 6.000 01/02/2017 505,912 0.77 700,000 Shimao Property Holdings 9.650 03/08/2017 756,000 1.16 400,000 Wheelock Finance 4.750 23/02/2017 424,506 0.65 Metals and Mining - 5.27% 400,000 Alrosa Finance 8.875 17/11/2014 426,040 0.65 700,000 Dtek Finance 9.500 28/04/2015 690,550 1.06 800,000 Kazatomprom Natsionalnaya Atomnaya Kompaniya AO 6.250 20/05/2015 836,000 1.28 950,000 Vedanta Resources 6.750 07/06/2016 983,250 1.51 500,000 Yancoal International Resources Development 4.461 16/05/2017 499,572 0.77 83

Portfolio of Investments as at 30 November 2013 cont/d EmergingMarketsShortDuration NOMINAL SECURITY COUPON % MATURITY FAIR VALUE % of NET ASSETS TRANSFERABLE SECURITIES (CORPORATE BONDS) - 96.92% CONT/D Paper - 0.88% 400,000 Sappi Papier Holding GmbH 6.625 15/04/2018 575,484 0.88 Quasi and Foreign Government - 8.19% Banco Nacional De Desenvolvimento 850,000 Economico E Social 4.125 15/09/2017 1,198,414 1.84 500,000 Emirate of Dubai Government International Bonds 6.700 05/10/2015 542,500 0.83 400,000 Export-import Bank of India 4.375 02/02/2015 409,005 0.63 400,000 Lebanese Republic 8.500 19/01/2016 429,000 0.66 200,000 Republic of Lithuania 6.750 15/01/2015 212,172 0.32 400,000 Russian Agricultural Bank OJSC 9.000 11/06/2014 414,500 0.64 400,000 Sberbank of Russia 5.499 07/07/2015 422,696 0.65 800,000 Veb-Leasing 5.125 27/05/2016 837,000 1.28 900,000 Venezuela Government International Bond 8.500 08/10/2014 870,750 1.34 Railroads - 4.86% 1,050,000 Brunswick Rail Finance 6.500 01/11/2017 1,071,000 1.64 500,000 Indian Railway Finance 4.406 30/03/2016 515,200 0.79 950,000 Kazakhstan Temir Zholy Finance 7.000 11/05/2016 1,042,625 1.60 500,000 RZD Capital Plc 5.739 03/04/2017 540,000 0.83 Steel - 2.65% 200,000 China Oriental Group 8.000 18/08/2015 204,000 0.31 600,000 Gtl Trade Finance 7.250 20/10/2017 675,000 1.04 800,000 Severstal OAO 6.250 26/07/2016 849,000 1.30 Super Retail - 1.44% 900,000 Lotte Shopping 3.875 07/04/2016 940,116 1.44 Technology - 4.57% 625,000 Advanced Micro Devices 8.125 15/12/2017 651,563 1.00 925,000 Stampos 5.238 15/05/2019 1,280,315 1.96 700,000 Stats Chippac 5.375 31/03/2016 721,000 1.11 300,000 Tencent Holdings 4.625 12/12/2016 323,822 0.50 Telecommunications - 6.13% 250,000 Digicel 7.000 15/02/2020 252,500 0.39 900,000 Eileme 2 11.625 31/01/2020 1,082,250 1.66 400,000 Indosat Palapa 7.375 29/07/2020 430,000 0.66 400,000 PCCW-HKT Capital No 4 4.250 24/02/2016 421,684 0.64 800,000 Telefonica Moviles Chile 2.875 09/11/2015 813,056 1.25 900,000 Vimpel Communications OJSC 8.250 23/05/2016 996,750 1.53 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) - 96.92% CONT/D Transportation Excluding Air and Rail - 2.34% 1,200,000 DP World Sukuk 6.250 02/07/2017 1,318,560 2.02 200,000 Korea Expressway 4.500 23/03/2015 208,454 0.32 Utilities - 7.34% 600,000 Abu Dhabi National Energy 5.875 27/10/2016 668,250 1.03 700,000 Dubai Electricity & Water Authority 8.500 22/04/2015 763,875 1.17 200,000 Empresa Nacional De Electricidad SA 8.625 01/08/2015 221,956 0.34 800,000 Israel Electric 6.700 10/02/2017 866,844 1.33 200,000 Korea Electric Power 3.000 05/10/2015 206,485 0.32 500,000 Majapahit Holding 7.750 17/10/2016 551,875 0.85 500,000 NTPC Ltd 5.875 02/03/2016 528,310 0.81 950,000 SMC Global Power Holdings 7.000 28/01/2016 973,219 1.49 Total Transferable Securities (Corporate Bonds) 63,158,201 96.92 Investments at fair value (Cost: 63,071,424) 63,158,201 96.92 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 6,199,793 5 49,548 0.07 09/12/2013 State Street Bank EUR 3,172,161 4,288,947 3 30,096 0.05 15/01/2014 State Street Bank GBP 1,180,900 1,906,965 1 26,798 0.04 15/01/2014 State Street Bank 6,307,664 EUR 4,620,086 16 17,135 0.03 12/02/2014 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 19,032,901 10 (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 123,577 0.19 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

Portfolio of Investments as at 30 November 2013 cont/d EmergingMarketsShortDuration FAIR VALUE % of NET ASSETS Portfolio of Investments 63,146,333 96.90 Cash at bank 657,202 1.01 Debtors 1,510,024 2.31 Total Assets 65,313,559 100.22 Creditors (422,570) (0.65) Net Asset Value at fair value prices at 30/11/2013 64,890,989 99.57 Adjustments from bid market prices to last traded market prices 277,115 0.43 Net Asset Value at dealing prices at 30/11/2013 65,168,104 100.00 Net Asset Value at 30/11/2013 30/11/2013 65,168,104 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** GBP100.50 -Hedged Euro Accumulation Units** 100.46 -Hedged Euro Accumulation S Units** 101.52 -Hedged Accumulation Units** 100.40 -Hedged Accumulation S Units** 101.58 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

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 96.68 Other current assets 3.32 Total assets 100.00 87

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 2013-2 Class B Pass Through Trust 5.600 15/07/2020 650,000 0.55 1,000,000 TAM Capital 3 Inc 8.375 03/06/2021 1,045,000 0.89 Apparel and Textiles - 1.87% 2,000,000 Levi Strauss & Co 7.625 15/05/2020 2,192,500 1.87 Broadcasting - 1.23% 1,000,000 Tvn Finance Corp III AB 7.375 15/12/2020 1,445,517 1.23 Building Materials - 3.31% 1,125,000 Brand Energy & Infrastructure Services Inc 8.500 01/12/2021 1,147,500 0.98 1,200,000 Cemex SAB De CV 9.000 11/01/2018 1,314,000 1.12 1,000,000 Xella Holdco Finance SA 9.125 15/09/2018 1,417,374 1.21 Cable and Satellite TV - 6.58% 1,000,000 Altice Financing SA 8.000 15/12/2019 1,465,368 1.25 2,000,000 Dish Dbs Corp 7.875 01/09/2019 2,315,000 1.98 1,000,000 Iac/InterActiveCorp 4.875 30/11/2018 1,021,250 0.87 1,000,000 UPC Holding BV 8.375 15/08/2020 1,500,020 1.28 1,000,000 Ziggo Finance BV 6.125 15/11/2017 1,403,581 1.20 Capital Goods - 2.45% 1,250,000 Case New Holland Inc 7.875 01/12/2017 1,478,125 1.26 1,000,000 GCS Holdco Finance I SA 6.500 15/11/2018 1,395,793 1.19 Consumer Products - 1.98% 2,000,000 Jarden Corp 7.500 01/05/2017 2,315,000 1.98 Containers - 1.24% 1,000,000 Ardagh Packaging Finance Plc 7.375 15/10/2017 1,456,123 1.24 Diversified Financial Services - 6.08% 1,500,000 Aircastle Ltd 6.750 15/04/2017 1,665,000 1.42 1,000,000 Galaxy Bidco Ltd 5.525 15/11/2019 1,639,164 1.40 2,000,000 International Lease Finance Corp 8.875 01/09/2017 2,390,000 2.04 800,000 Jerrold Finco Plc 9.750 15/09/2018 1,422,810 1.22 Energy - 15.69% 800,000 Anton Oilfield Services Group/Hong Kong 7.500 06/11/2018 824,000 0.70 88

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 - 15.69% cont/d 1,100,000 Basic Energy Services Inc 7.750 15/02/2019 1,146,750 0.98 1,850,000 Breitburn Energy Partners LP 7.875 15/04/2022 1,891,625 1.62 325,000 Calumet Specialty Products Parteners LP 7.625 15/01/2022 327,438 0.28 2,000,000 Energy XXI Gulf Coast Inc 7.500 15/12/2021 2,095,000 1.79 1,000,000 Expro Finance Luxembourg SCA 8.500 15/12/2016 1,046,250 0.89 1,500,000 Legacy Reserves LP 8.000 01/12/2020 1,548,750 1.32 1,000,000 Linn Energy Llc 7.750 01/02/2021 1,037,500 0.89 1,000,000 Memorial Production Partners LP 7.625 01/05/2021 1,027,500 0.88 1,500,000 Offshore Group Investment Ltd 7.500 01/11/2019 1,627,500 1.39 1,100,000 Pacific Drilling V Ltd 7.250 01/12/2017 1,193,500 1.02 400,000 Pacific Rubiales Energy Corp 7.250 26/01/2019 400,092 0.34 1,000,000 Pacific Rubiales Energy Corp 5.375 12/12/2021 1,052,500 0.90 2,075,000 Sabine Pass Liquefaction Llc 6.250 15/03/2022 2,069,812 1.77 1,000,000 Samson Investment Co 10.500 15/02/2020 1,081,250 0.92 Environmental - 1.18% 800,000 Infinis Plc 7.000 15/02/2019 1,378,963 1.18 Food and Drug Retail - 1.83% 1,000,000 Bi-Lo Llc 8.625 15/09/2018 1,036,250 0.89 1,000,000 Bi-Lo Llc 9.250 15/02/2019 1,102,500 0.94 Food, Beverage and Tobacco - 3.33% 1,000,000 Agrokor Dd 10.000 07/12/2016 1,437,811 1.23 300,000 JBS SA 10.500 04/08/2016 335,250 0.29 2,000,000 Post Holdings Inc 7.375 15/02/2022 2,120,000 1.81 Gaming - 1.23% 1,000,000 Cirsa ing Luxembourg SA 8.750 15/05/2018 1,438,845 1.23 Healthcare - 3.27% 750,000 LifePoint Hospitals Inc 5.500 01/12/2021 753,750 0.64 1,000,000 MPT Operating Partnership LP 5.750 01/10/2020 1,425,407 1.22 1,500,000 Valeant Pharmaceuticals International 6.750 15/08/2018 1,651,875 1.41 Homebuilders and Real Estate - 2.70% 1,000,000 Country Garden Holdings Co Ltd 11.750 10/09/2014 1,061,250 0.91 600,000 Dubai Holding Commercial Operations MTN Ltd 6.000 01/02/2017 1,011,823 0.87 1,000,000 Shimao Property Holdings Ltd 9.650 03/08/2017 1,080,000 0.92 89

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 - 1.21% 1,000,000 Vedanta Resources Plc 6.750 07/06/2016 1,035,000 0.88 375,000 Wise Metals Group Llc 8.750 15/12/2018 385,313 0.33 Railroads - 0.87% 1,000,000 Brunswick Rail Finance Ltd 6.500 01/11/2017 1,020,000 0.87 Services - 3.42% 500,000 Astaldi SpA 7.125 01/12/2020 707,243 0.61 525,000 Deutsche Raststaetten Gruppe IV GmbH 6.750 30/12/2020 737,602 0.63 1,000,000 Hertz Corp 6.750 15/04/2019 1,077,500 0.92 1,000,000 Techem GmbH 6.125 01/10/2019 1,476,084 1.26 Steel - 1.29% 1,400,000 Severstal OAO Via Steel Capital SA 6.700 25/10/2017 1,506,750 1.29 Super Retail - 1.18% 800,000 Phones4u Finance Plc 9.500 01/04/2018 1,376,407 1.18 Technology - 1.23% 1,400,000 STATS ChipPAC Ltd 5.375 31/03/2016 1,442,000 1.23 Telecommunications - 11.52% 1,000,000 Eileme 2 AB 11.750 31/01/2020 1,646,482 1.41 800,000 Enel SpA 7.750 10/09/2075 1,381,570 1.18 1,500,000 Frontier Communications Corp 8.500 15/04/2020 1,717,500 1.47 1,000,000 Intelsat Jackson Holdings SA 8.500 01/11/2019 1,096,250 0.94 2,000,000 Sprint Communications Inc 8.375 15/08/2017 2,320,000 1.98 1,000,000 Telefonica Europe BV 6.750 31/12/2049 1,657,510 1.42 1,200,000 Vimpel Communications OJSC Via UBS Luxembourg SA 8.250 23/05/2016 1,329,000 1.13 427,000 Wind Acquisition Finance SA 7.375 15/02/2018 613,678 0.52 1,500,000 Windstream Corp 7.875 01/11/2017 1,721,250 1.47 Transportation Excluding Air and Rail - 1.31% 1,400,000 DP World Sukuk Ltd 6.250 02/07/2017 1,538,320 1.31 Utilities - 0.93% 1,000,000 Israel Electric Corp Ltd 6.700 10/02/2017 1,083,555 0.93 Total Transferable Securities (Corporate Bonds) 91,751,330 78.37 Investment at fair value (Cost: 91,515,617) 91,751,330 78.37 90

Portfolio of Investments as at 30 November 2013 cont/d Global Tactical Credit Financial Derivative Instruments* - 1.33% 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 2,710,586 1 46,133 0.04 12/02/2014 State Street Bank EUR 23,654,960 31,837,676 5 371,689 0.32 10/12/2013 State Street Bank EUR 530,625 720,297 4 2,173 0.00 12/02/2014 State Street Bank GBP 42,575,335 68,225,287 9 1,478,380 1.26 12/02/2014 State Street Bank 17,381,395 EUR 12,869,009 16 (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 1,898,375 1.62 Unrealised loss on forward foreign currency exchange contracts (344,123) (0.29) Net unrealised gain on forward foreign currency exchange contracts 1,554,252 1.33 Total Financial Derivative Instruments 1,554,252 1.33 Fair Value % of NET ASSETS Portfolio of Investments 93,305,582 79.70 Cash at bank 28,553,102 24.39 Debtors 8,066,935 6.89 Total Assets 129,925,619 110.98 Creditors (13,232,916) (11.30) Net Asset Value at fair value prices at 30/11/2013 116,692,703 99.68 Adjustments from bid market prices to last traded market prices 373,067 0.32 Net Asset Value at dealing prices at 30/11/2013 117,065,770 100.00 91

Portfolio of Investments as at 30 November 2013 cont/d Global Tactical Credit Net Asset Value at 30/11/2013 30/11/2013 117,065,770 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** CHF100.35 -Hedged Euro Income Founder Units** 100.34 -Hedged GBP Accumulation Founder Units** GBP100.30 -Hedged GBP Income Founder Units** GBP100.36 -Hedged Income Founder Units** 100.35 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 70.62 OTC financial derivative instruments 1.20 Other current assets 28.18 Total assets 100.00 92

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 3,276,655 188,421,160 Interest income 9 243,452,257 21,736,463 32,336,156 63,840,334 397,742,644 Other income 16,062 3,211 4,703 12,388 9,525 350,228,888 33,407,812 56,981,383 67,129,377 586,173,329 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 56,019,725 515,258,477 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 50,277,100 458,966,544 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 50,245,069 452,867,443 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

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) 21,527,316 293,656 1,837,554 Interest income 9 3,127,828 11,569,329 739,683 100,378 Dividend income - 25,337 - - Other income - 50,075 - - 2,453,101 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 28,736,670 862,273 1,916,919 Finance Costs Interest expense (675) (5,787) (177) - Profit for the financial year before withholding tax 1,645,449 28,730,883 862,096 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 28,643,495 862,096 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 2014 94

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 51,133,553 232,570,348 Securities lending income 10 59,278-5,225 - - Other income/(losses) 574,064 (51,401) 3,180 (130,667) 152,849 314,370,365 48,750,041 51,379,418 101,706,985 282,316,975 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 94,142,774 246,981,236 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 90,733,415 214,808,728 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 90,470,672 212,405,189 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

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 10 - - 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 2012. 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

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 3,129,734,139 324,900,657 516,222,720 1,514,761,748 5,645,729,905 Movement due to the sale and repurchase of Units Amounts received on sale of Units 2,655,639,120 185,671,592 216,852,206 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 50,245,069 452,867,443 Net assets attributable to Unitholders at the end of the year (at fair value prices) 4,237,641,635 347,262,637 525,565,451 2,347,279,186 9,691,154,549 The accompanying notes form an integral part of these financial statements. 97

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 65,115,582 - - Movement due to the sale and repurchase of Units Amounts received on sale of Units 4,589,212 339,960,504 64,028,893 114,827,094 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 64,028,893 114,780,112 Net increase in net assets attributable to Unitholders resulting from operations 1,638,414 28,643,495 862,096 1,912,591 Net assets attributable to Unitholders at the end of the year (at fair value prices) 74,046,154 392,936,651 64,890,989 116,692,703 * 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

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 2,183,822,836 172,560,869 265,158,932 878,388,327 2,361,992,772 Movement due to the sale and repurchase of Units Amounts received on sale of Units 1,903,367,927 175,548,175 290,087,303 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 721,677,681 106,937,126 203,849,682 545,902,749 3,071,331,944 Net increase in net assets attributable to Unitholders resulting from operations 224,233,622 45,402,662 47,214,106 90,470,672 212,405,189 Net assets attributable to Unitholders at the end of the year (at fair value prices) 3,129,734,139 324,900,657 516,222,720 1,514,761,748 5,645,729,905 The accompanying notes form an integral part of these financial statements. 99

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 2012. The accompanying notes form an integral part of these financial statements. 100

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 4,029,582,149 333,331,313 507,195,147 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 13 122,075,202 12,917,079 5,113,482 19,574,278 641,146,949 Debtors 14 88,142,680 8,214,684 10,783,581 77,879,623 284,648,524 Total Assets 4,271,711,646 354,463,076 530,920,593 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

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) 4,237,641,635 347,262,637 525,565,451 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) 4,254,849,090 348,563,205 527,706,679 2,351,640,612 9,722,288,553 The accompanying notes form an integral part of these financial statements. 102

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 73,082,689 349,264,273 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 - 839,729 - - Options purchased at fair value - 66,000 - - Cash at bank 13 1,246,227 39,566,745 657,202 28,553,102 Debtors 14 1,492,831 48,007,174 1,510,024 8,066,935 Total Assets 75,821,747 443,035,774 65,325,427 129,925,619 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

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) 74,046,154 392,936,651 64,890,989 116,692,703 Fair Value Reconciliation: Adjustments from bid market prices to published Net Asset Value 190,588 1,172,358 277,115 373,067 Net assets attributable to Unitholders (at dealing prices) 74,236,742 394,109,009 65,168,104 117,065,770 * 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 2014 104

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 2,945,964,303 301,092,396 465,975,645 1,380,201,555 5,402,956,359 Net unrealised gain on forward foreign currency exchange contracts 11,120,722 474,221 168,632 623,644 7,405,178 Cash at bank 13 168,473,049 18,270,371 55,059,200 52,275,739 318,114,818 Debtors 14 204,464,568 12,434,971 14,674,756 100,214,054 164,322,477 Total Assets 3,330,022,642 332,271,959 535,878,233 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

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) 3,129,734,139 324,900,657 516,222,720 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) 3,142,162,757 326,495,129 518,224,324 1,518,698,649 5,668,547,691 The accompanying notes form an integral part of these financial statements. 106

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

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 281,055 226,167 Net assets attributable to Unitholders (at dealing prices) 106,562,622 65,341,749 *This Sub- was launched on 30 November 2013. The accompanying notes form an integral part of these financial statements. 108

Notes to the financial statements for the year ended 30 November 2013 1. 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

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

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

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 2012. Therefore the Sub-s had no securities on loan at 30 November 2013 or at 30 November 2012. They also did not hold any cash collateral relating to securities lending at 30 November 2013 or 30 November 2012. 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

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

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

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

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

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 2012. 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

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 2013 30 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 190,588 281,055 LongShortCreditYield 1,172,358 226,167 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

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 3,153,994 919,923 (1,762,077) 2,311,840 Hedged Accumulation R Units 1,582,611 904,466 (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 1,182,656 760,728 (817,111) 1,126,273 Hedged Euro Accumulation R Units 563,819 227,580 (237,540) 553,859 Hedged Euro Income Units 4,191,226 6,864,848 (3,550,551) 7,505,523 Hedged GBP Income Units 959,773 128,891 (251,479) 837,185 Hedged GBP Accumulation Units 68,977 18,748 (34,851) 52,874 Hedged GBP Accumulation H Units* - 360-360 Hedged CHF Accumulation R Units 619,708 126,589 (173,174) 573,123 Hedged CHF Income R Units 223,827 66,942 (41,542) 249,227 119

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 268,565 315,298 (206,658) 377,205 Hedged Euro Accumulation Units 1,669,863 847,548 (995,867) 1,521,544 Hedged GBP Accumulation Units 78,581 19,132 (12,005) 85,708 Hedged SEK Accumulation R Units 1,137,369 845,600 (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 706,575 150,445 (74,658) 782,362 Hedged GBP Income Units 87,937 720-88,657 Hedged Euro Accumulation Units 699,145 177,127 (519,917) 356,355 Hedged Euro Accumulation R Units 92,417 30,602 (66,281) 56,738 Hedged Euro Discretionary S Units 100,000 411,950 (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 287,998 457,773 (252,639) 493,132 Hedged Accumulation Units 918,140 985,970 (561,236) 1,342,874 Hedged Accumulation R Units 585,625 568,923 (461,623) 692,925 Hedged GBP Income Units 640,609 563,876 (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 986,285 656,622 (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* - 1,549,764-1,549,764 120

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... 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 124,029 141,804 (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 - - 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 202,110 415,859 (75,375) 542,594 Hedged Accumulation Units 23,160 335,828 (26,356) 332,632 Hedged CHF Accumulation Units 20,000 129,120 (1,711) 147,409 Hedged Euro Non-Equalisation Units* - 24,572-24,572 121

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... 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* - 109,853-109,853 Hedged Accumulation Units* - 30,000-30,000 Hedged Accumulation S Units* - 309,149-309,149 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* - 119,688-119,688 * These Units launched during the year ended 30 November 2013. ** 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 158,284 539,565 (134,030) 563,819 Hedged Euro Income Units 3,326,912 1,775,601 (911,287) 4,191,226 Hedged GBP Income Units 637,181 491,858 (169,266) 959,773 Hedged GBP Accumulation Units 24,047 61,811 (16,881) 68,977 Hedged CHF Accumulation R Units 534,212 337,215 (251,719) 619,708 Hedged CHF Income R Units* - 224,077 (250) 223,827 122

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... uropeyield 30/11/2011 Subscriptions Redemptions 30/11/2012 Unit Class Units Units Units Units Hedged Euro Income Units 96,630 213,944 (42,009) 268,565 Hedged Euro Accumulation Units 1,126,728 956,905 (413,770) 1,669,863 Hedged GBP Accumulation Units 70,018 25,560 (16,997) 78,581 Hedged SEK Accumulation R Units 521,636 658,895 (43,162) 1,137,369 Transatlanticyield 30/11/2011 Subscriptions Redemptions 30/11/2012 Unit Class Units Units Units Units Hedged GBP Accumulation Units 242,291 528,877 (64,593) 706,575 Hedged GBP Income Units* - 87,937-87,937 Hedged Euro Accumulation Units 607,251 299,247 (207,353) 699,145 Hedged Euro Accumulation R Units 84,422 21,988 (13,993) 92,417 Hedged Euro Discretionary S Units* - 100,000-100,000 Hedged Accumulation Units* - 133,090-133,090 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 329,808 792,814 (204,482) 918,140 Hedged Accumulation R Units 228,845 524,319 (167,539) 585,625 Hedged GBP Income Units 598,236 280,505 (238,132) 640,609 Hedged CHF Accumulation R Units 913,332 546,288 (447,035) 1,012,585 ShortDurationHighYield 30/11/2011 Subscriptions Redemptions 30/11/2012 Unit Class Units Units Units Units Hedged CAD Accumulation Units 155,615 144,105 (10,380) 289,340 Hedged CHF Accumulation Units 136,564 404,415 (8,776) 532,203 Hedged CHF Accumulation R Units 504,246 664,444 (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 26,357 120,697 (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 645,401 773,476 (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) 328,063 123

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... Bondyield ESG 30/11/2011 Subscriptions Redemptions 30/11/2012 Unit Class Units Units Units Units Institutional Hedged Euro Accumulation Units 596,406 199,261 (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 2012. ** This Sub- launched during the year ended 30 November 2012. 124

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 2,999,980 110,581,755 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 3,276,655 188,421,160 125

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 86,777 235,714 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 5,839,882 216,529 (9,551) Net (losses)/gains on financial assets at fair value through profit or loss (674,727) 21,527,316 293,656 1,837,554 * These Sub-s launched during the year ended 30 November 2013, therefore there are no comparatives. 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 cont/d... Year ended 30 November 2012 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term ShortDuration HighYield Net gains realised on investments sold during the year 22,127,659 508,398 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 1,955,953 474,918 (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 5,521,997 454,522 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 2012. 127

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 - 193 210 532 243,452,257 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 11,569,329 739,683 Bank Interest - - - - 397,742,644 3,127,828 11,569,329 739,683 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 2,056 663 6,468 179,182,785 17,911,005 25,092,692 51,133,553 128

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 8,630 191-232,570,348 3,584,093 1,325,103 * This Sub- launched during the year ended 30 November 2012. 10. Securities lending income As detailed in Note 1 x), the suspended its securities lending activities during 2012. Therefore no securities lending income received in respect of the year ended 30 November 2013. 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 2012. 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

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 2013. 130

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 2012. ** 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 2012. 131

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 25,699,871 274,009-982,827 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 6,400,520 191,050 648,406 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 2012. 132

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 19,574,278 122,075,202 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 30,335,668 657,202 Cash held as collateral with Deutsche Bank - - 8,971,077 - Cash held as collateral with JP Moran Chase - - 260,000-641,146,949 1,246,227 39,566,745 657,202 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 52,275,739 168,473,049 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 - - 2,413,581 318,114,818 2,232,830 12,192,627 * This Sub- launched during the year ended 30 November 2012. All cash at bank balances at 30 November 2013 and 30 November 2012 were held with State Street Bank and Trust Company. 133

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 10,533,070 590,850 928,649 24,930,543 Receivable for investments sold 12,000,800 1,624,852 1,578,717 - Other receivables - - - 12,201 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 6,034,054 965,314 Amounts receivable for subscription of Units 66,604,833 10,551 5,307,805 544,710 Receivable for investments sold 68,193,736-36,665,315 - Other receivables - - - - 284,648,524 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 - - - - 204,464,568 12,434,971 14,674,756 100,214,054 134

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 - - - 164,322,477 6,083,851 4,636,644 * This Sub- launched during the year ended 30 November 2012. 15. 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

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 2012. 16. 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

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

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 1.2304 CHF 1.2049 GBP 0.8312 GBP 0.8115 NOK 8.3272 NOK 7.3659 SEK 8.8990 SEK 8.6603 1.3616 1.3006 The exchange rates at the year end used in the annual report are: 30/11/2013 Rate 30/11/2012 Rate CAD 1.0587 CAD 0.9934 CHF 0.9037 CHF 0.9264 EUR 0.7345 EUR 0.7689 GBP 0.6105 GBP 0.6240 JPY 102.3650 JPY 82.4700 NOK 6.1160 NOK 5.6635 SEK 6.5360 SEK 6.6587 18. Purchases and sales of investments during the year Year ended 30 November 2013 Americayield uropeyield Transatlanticyield Enhancedyield Short-Term Total purchases 3,485,212,024 348,545,626 412,196,551 1,947,508,436 Total sales 2,383,780,915 325,572,275 374,087,996 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 72,219,923 784,561,619 7,746,379 138

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 2,358,552,015 271,032,151 398,988,896 1,267,940,032 Total sales 1,535,536,880 156,974,870 219,035,495 716,206,982 Year ended 30 November 2012 ShortDuration HighYield Bondyield ESG LongShortCredit Yield * Total purchases 5,171,868,739 91,855,890 187,684,341 Total sales 1,977,417,251 52,603,822 128,442,652 * This Sub- launched during the year ended 30 November 2012. 19. 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 659,628 658,406 LongShortCreditYield 4,063,299 552,838 EmergingMarketsShortDuration * 102,509 - Global Tactical Credit * 15,426-139

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 2013 30 November 2012 Americayield 3,309,636 2,830,679 uropeyield 280,829 265,365 Transatlanticyield 333,527 392,046 Enhancedyield Short-Term 990,925 702,453 ShortDurationHighYield 6,455,766 4,102,086 Bondyield ESG 85,182 82,077 LongShortCreditYield 334,390 364,147 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 2013 30 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 10,152,000 152,000 0.16 uropeyield Hedged Euro Accumulation Units 20,000 2,029,200 29,200 0.03 Transatlanticyield Hedged Euro Accumulation Units 26,000 2,639,520 39,520 0.04 Enhancedyield Short-Term Hedged Accumulation Units 76,000 7,710,960 110,960 0.12 ShortDurationHighYield Hedged Accumulation Units 100,000 10,152,000 152,000 0.16 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

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

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

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

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 2013 30 November 2012 Americayield 0.95 0.91 uropeyield 1.09 0.98 Transatlanticyield 1.12 1.08 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 0.95 1.33 4,254,849 4,537,796 uropeyield 1.09 1.526 348,563 375,158 Transatlanticyield 1.12 1.568 527,707 569,079 Enhancedyield Short-Term (0.65) (0.39) 2,351,641 2,305,784 30 November 2012: Sub- BETA BETA with 40% increase Initial value ( 000) New Value ( 000) Americayield 0.91 1.27 3,142,163 3,342,318 uropeyield 0.98 1.37 326,495 348,893 Transatlanticyield 1.08 1.51 518,224 557,402 Enhancedyield Short-Term 1.79 2.51 1,518,699 1,708,992 144

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 30/11/2013 30/11/2012 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 918,086,620 541,036,154 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 30/11/2013 30/11/2012 Net assets attributable to Unitholders 74,236,742 106,562,622 Financial assets at fair value through profit or loss (corporate bonds only) 73,082,689 101,421,670 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 81,545,011 116,704,789 145

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 LongShortCreditYield 30/11/2013 30/11/2012 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 71,483,924 146

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 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 0.95 0.57 4,254,849 4,133,586 uropeyield 1.09 0.65 348,563 337,165 Transatlanticyield 1.12 0.67 527,707 509,976 Enhancedyield Short-Term (0.65) (0.91) 2,351,641 2,458,641 30 November 2012: Sub- BETA BETA with 40% decrease Initial value ( 000) New Value ( 000) Americayield 0.91 0.55 3,142,162 3,056,381 uropeyield 0.98 0.59 326,495 316,896 Transatlanticyield 1.08 0.65 518,224 501,434 Enhancedyield Short-Term 1.79 1.07 1,518,699 1,437,145 147

Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d (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 2012. 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 3.41 4,254,849 (1.71)% (72,545) uropeyield 2.87 348,563 (1.44)% (5,002) Transatlanticyield 3.52 527,707 (1.76)% (9,288) Enhancedyield Short-Term 1.71 2,351,641 (0.86)% (20,107) ShortDurationHighYield 0.83 9,722,288 (0.42)% (40,834) Bondyield ESG 3.85 74,237 1.93% 1,429 LongShortCreditYield 2.52 394,109 1.26% 496,577 EmergingMarketsShortDuration 2.08 65,158 (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 3.51 3,142,162 (1.76)% (55,302) uropeyield 3.16 326,495 (1.58)% (5,159) Transatlanticyield 3.56 518,224 (1.78)% (9,224) Enhancedyield Short-Term 1.47 1,518,699 (0.74)% (11,162) ShortDurationHighYield 1.29 5,668,547 (0.65)% (36,846) Bondyield ESG 3.86 106,563 (1.93)% (2,057) LongShortCreditYield 2.32 65,432 1.16% 75,797 148

Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (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 122,075,202 - - - 122,075,202 Transferable Securities - 960,355,739 3,059,074,410 10,152,000 4,029,582,149 Financial Derivative Instruments - - - 31,911,615 31,911,615 Other assets - - - 88,142,680 88,142,680 Total Assets 122,075,202 960,355,739 3,059,074,410 130,206,295 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 12,917,079 - - - 12,917,079 Transferable Securities 1,019,210 147,446,565 182,836,338 2,029,200 333,331,313 Other assets - - - 8,214,684 8,214,684 Total Assets 13,936,289 147,446,565 182,836,338 10,243,884 354,463,076 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 348,563,205 149

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 cont/d Interest rate profile cont/d Transatlanticyield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 5,113,482 - - - 5,113,482 Transferable Securities - 100,302,876 404,252,751 2,639,520 507,195,147 Financial Derivative Instruments - - - 7,828,383 7,828,383 Other assets - - - 10,783,581 10,783,581 Total Assets 5,113,482 100,302,876 404,252,751 21,251,484 530,920,593 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 19,574,278 - - - 19,574,278 Transferable Securities 203,880,335 1,901,088,070 155,893,474 7,710,961 2,268,572,840 Other assets - - - 77,879,623 77,879,623 Total Assets 223,454,613 1,901,088,070 155,893,474 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 2,351,640,612 150

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 cont/d ShortDurationHighYield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 641,146,949 - - - 641,146,949 Transferable Securities 400,452,954 6,601,373,029 2,179,040,219 10,152,000 9,191,018,202 Financial Derivative Instruments - - - 77,450,869 77,450,869 Other assets - - - 284,648,524 284,648,524 Total Assets 1,041,599,903 6,601,373,029 2,179,040,219 372,251,393 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 1,246,227 - - - 1,246,227 Transferable Securities 2,062,049 35,920,650 35,099,990-73,082,689 Financial Derivative Instruments - - - 1,492,831 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 74,236,742 151

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 LongShortCreditYield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 39,566,745 - - - 39,566,745 Transferable Securities 24,403,875 112,551,419 210,101,740 2,207,239 349,264,273 Financial Derivative Instruments - - - 6,197,582 6,197,582 Other assets - - - 48,007,174 48,007,174 Total Assets 63,970,620 112,551,419 210,101,740 56,411,995 443,035,774 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 - - - 657,202 Transferable Securities 3,361,907 52,243,548 7,552,746-63,158,201 Other assets - - - 1,510,024 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 65,168,104 152

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 Global Tactical Credit * Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 28,553,102 - - - 28,553,102 Transferable Securities 1,061,250 42,299,371 48,390,709-91,751,330 Financial Derivative Instruments - - - 1,554,252 1,554,252 Other assets - - - 8,066,935 8,066,935 Total Assets 29,614,352 42,299,371 48,390,709 9,621,187 129,925,619 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 168,473,049 - - - 168,473,049 Transferable Securities - 577,562,095 2,368,402,209-2,945,964,303 Financial Derivative Instruments - - - 11,120,722 11,120,722 Other assets - - - 204,464,568 204,464,568 Total Assets 168,473,049 577,562,095 2,368,402,209 215,585,290 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 3,142,162,757 153

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 uropeyield Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 18,270,371 - - - 18,270,371 Transferable Securities 7,741,233 108,679,247 184,671,916-301,092,396 Financial Derivative Instruments - - - 474,221 474,221 Other assets - - - 12,434,971 12,434,971 Total Assets 26,011,604 108,679,247 184,671,916 12,909,192 332,271,959 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 55,059,200 - - - 55,059,200 Transferable Securities - 87,394,144 378,581,501-465,975,645 Financial Derivative Instruments - - - 168,632 168,632 Other assets - - - 14,674,756 14,674,756 Total Assets 55,059,200 87,394,144 378,581,501 14,843,388 535,878,233 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 518,224,324 154

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 Enhancedyield Short-Term Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 52,275,739 - - - 52,275,739 Transferable Securities 193,155,975 1,176,984,780 10,060,800-1,380,201,555 Financial Derivative Instruments - - - 623,644 623,644 Other assets - - - 100,214,054 100,214,054 Total Assets 245,431,714 1,176,984,780 10,060,800 100,837,698 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 318,114,818 - - - 318,114,818 Transferable Securities 105,066,728 3,657,483,400 1,640,406,231-5,402,956,359 Financial Derivative Instruments - - - 7,405,178 7,405,178 Other assets - - - 164,322,477 164,322,477 Total Assets 423,181,546 3,657,483,400 1,640,406,231 171,727,655 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 5,668,547,691 155

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 Bondyield ESG Up to 1 year 1 5 years Over 5 years Non-interest bearing Cash at bank 2,232,830 - - - 2,232,830 Transferable Securities 2,151,501 47,134,254 51,855,667-101,141,422 Financial Derivative Instruments - - - 280,248 280,248 Other assets - - - 6,083,851 6,083,851 Total Assets 4,384,331 47,134,254 51,855,667 6,364,099 109,738,351 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 12,192,627 - - - 12,192,627 Transferable Securities 804,688 24,384,635 34,362,823-59,552,146 Financial Derivative Instruments - - - 145,116 145,116 Other assets - - - 4,636,644 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 65,341,749 156

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 (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 - - 3.69 3.69 - - 46.48 46.48 CHF - - 2.51 2.51 95.09 4.16 (51.93) 47.32 Total 95.09 4.16 0.75 100.00 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 2.07 0.05 (2.11) 0.01 GBP 23.56 0.40 (19.69) 4.27 SEK - - 7.39 7.39 4.44 0.09 (4.51) 0.02 66.49 3.33 18.49 88.31 Total 96.56 3.87 (0.43) 100.00 157

Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (iii) Currency risk cont/d Transatlanticyield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % CHF 0.73 0.01 (0.74) - GBP 3.48 0.08 48.46 52.02 78.98 1.93 (77.43) 3.48 EUR 13.32 (0.02) 23.81 37.11 SEK - - 7.39 7.39 Total 96.51 2.00 1.49 100.00 Enhancedyield Short-Term Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % GBP 26.44 0.76 (0.37) 26.83 60.63 2.64-63.27 CHF - - 0.02 0.02 EUR 9.76 0.10 0.02 9.88 Total 96.83 3.50 (0.33) 100.00 ShortDurationHighYield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % EUR 9.84 0.13 38.84 48.81 GBP 1.68 0.05 8.32 10.05 CHF - - 4.24 4.24 CAD - - 0.33 0.33 83.32 (47.92) - 35.40 JPY - - 0.20 0.20 NOK - - 0.29 0.29 SEK - - 0.68 0.68 Total 94.84 (47.74) 52.90 100.00 Bondyield ESG Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % GBP 23.12 0.62 (23.69) 0.05 CHF 0.58 0.01 (0.58) 0.01 NOK - - 19.16 19.16 11.62 0.17 (6.52) 5.27 EUR 63.36 1.49 10.66 75.51 Total 98.68 2.29 (0.97) 100.00 158

Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (a) Market Risk cont/d... (iii) Currency risk cont/d LongShortCreditYield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % CHF - 0.06 4.59 4.65 EUR 4.24 1.13 54.33 59.70 GBP 2.28 0.59 24.37 27.24 82.30 8.06 (81.95) 8.41 Total 88.82 9.84 1.34 100.00 EmergingMarketsShortDuration * Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % EUR 17.19 0.27 29.84 47.30 GBP 1.63 0.05 1.31 2.99 78.50 2.37 (31.16) 49.71 Total 97.32 2.69 (0.01) 100.00 Global Tactical Credit * Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % CHF - - 2.35 2.35 EUR 16.77 (2.93) 13.74 27.58 GBP 8.46 (1.30) 52.40 59.56 53.46 24.16 (67.11) 10.51 Total 78.69 19.93 1.38 100.00 * 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) 0.35 0.38 CHF - - 0.03 0.03 93.96 5.65-99.61 Total 94.12 5.52 0.36 100.00 159

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 uropeyield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % CHF 1.37 0.05-1.42 GBP 19.79 0.51 (0.11) 20.19 SEK - - (0.04) (0.04) 3.21 0.31-3.52 EUR 68.33 6.28 0.30 74.91 Total 92.70 7.15 0.15 100.00 Transatlanticyield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % CHF 0.44 0.01 (0.01) 0.44 GBP 2.28 (0.08) (0.16) 2.04 76.52 9.76-86.28 EUR 11.02 0.02 0.20 11.24 Total 90.26 9.71 0.03 100.00 Enhancedyield Short-Term Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % GBP 9.88 2.07 0.02 11.97 3.91 2.35-6.26 CHF - - 0.01 0.01 EUR 77.33 4.43-81.76 Total 91.12 8.85 0.03 100.00 ShortDurationHighYield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % EUR 9.53 0.18 0.15 9.86 GBP 0.94 0.03 (0.04) 0.93 CHF - - 0.03 0.03 CAD - - (0.01) (0.01) 85.23 3.97-89.20 JPY - - (0.01) (0.01) Total 95.70 4.18 0.12 100.00 160

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 Bondyield ESG Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % GBP 13.90 (0.91) 0.13 13.12 CHF 0.89 0.01-0.90 NOK - - 0.03 0.03 19.68 0.21 0.11 20.00 EUR 60.69 5.26-65.95 Total 95.16 4.57 0.27 100.00 LongShortCreditYield Currency Investments Other Assets/Liabilities Currency Forwards Total % % % % CHF - - 0.02 0.02 EUR 1.57 0.02 0.19 1.78 GBP - - (0.20) (0.20) 89.21 9.19-98.40 Total 90.78 9.21 0.01 100.00 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 2013 30 November 2012 Americayield 111,624,147 593,517 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

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 2012. 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 2013 30 November 2013 30 November 2012 30 November 2012 % of Portfolio % of Portfolio BBB 51,149,563 1.20 107,254,846 3.42 BB1 278,458,662 6.54 268,333,366 8.54 BB2 903,566,658 21.24 480,597,074 15.30 BB3 899,300,036 21.14 506,654,622 16.12 B1 477,756,594 11.23 488,634,453 15.55 B2 967,856,339 22.75 631,056,092 20.08 B3 468,701,751 11.01 455,094,488 14.48 <B3-0.00 20,767,980 0.66 Cash at bank 122,075,202 2.87 168,473,049 5.36 Other net assets 85,984,284 2.02 15,296,787 0.49 Total 4,254,849,090 100.00 3,142,162,757 100.00 162

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 2013 30 November 2013 30 November 2012 30 November 2012 % of Portfolio % of Portfolio BBB 10,123,731 2.90 31,552,939 9.66 BB1 67,633,202 19.40 39,214,065 12.01 BB2 39,542,754 11.35 50,206,115 15.38 BB3 58,491,660 16.78 31,734,625 9.72 B1 63,497,358 18.22 60,498,382 18.53 B2 46,438,953 13.32 30,493,099 9.34 B3 37,999,464 10.90 37,609,165 11.52 <B3 10,904,758 3.13 21,378,478 6.55 Cash at bank 12,917,079 3.71 18,270,371 5.60 Other net assets 1,014,246 0.29 5,537,890 1.69 Total 348,563,205 100.00 326,495,129 100.00 Transatlanticyield Commercial notes and bonds 30 November 2013 30 November 2013 30 November 2012 30 November 2012 % of Portfolio % of Portfolio BBB 7,271,827 1.38 16,379,204 3.16 BB1 31,989,253 6.06 45,674,580 8.81 BB2 104,131,449 19.73 69,213,835 13.36 BB3 100,050,273 18.96 78,152,201 15.08 B1 70,781,150 13.41 78,432,987 15.13 B2 106,481,917 20.18 92,706,292 17.90 B3 72,960,279 13.83 74,642,371 14.40 <B3 15,670,226 2.97 12,775,779 2.47 Cash at bank 5,113,482 0.97 55,059,200 10.62 Other net (liabilities)/assets 13,256,823 2.51 (4,812,125) (0.93) Total 527,706,679 100.00 518,224,324 100.00 163

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 2013 30 November 2013 30 November 2012 30 November 2012 % of Portfolio % of Portfolio >BBB1 235,655,838 10.02 139,973,150 9.22 BBB 1,203,647,273 51.18 720,129,574 47.42 BB1 273,035,444 11.61 184,396,010 12.14 BB2 78,463,494 3.34 114,466,090 7.54 BB3 75,385,995 3.21 37,563,271 2.47 B1 143,703,586 6.11 125,003,736 8.23 B2 191,468,441 8.14 10,946,554 0.72 B3 71,574,194 3.04 51,660,071 3.40 Cash at bank 19,574,278 0.83 52,275,739 3.44 Other net assets 59,132,067 2.52 82,284,454 5.42 Total 2,351,640,612 100.00 1,518,698,649 100.00 ShortDurationHighYield Commercial notes and bonds 30 November 2013 30 November 2013 30 November 2012 30 November 2012 % of Portfolio % of Portfolio BBB 650,413,041 6.69 245,787,569 4.33 BB1 837,501,409 8.61 540,949,682 9.54 BB2 1,923,691,013 19.79 730,851,778 12.89 BB3 1,702,908,958 17.52 1,432,946,951 25.28 B1 1,495,028,600 15.38 964,160,066 17.01 B2 1,692,377,173 17.41 892,539,847 15.75 B3 851,703,564 8.76 563,195,356 9.94 <B3 68,528,449 0.70 55,342,896 0.98 Cash at bank 641,146,949 6.59 318,114,818 5.61 Other net (liabilities)/assets (141,061,601) (1.45) (75,341,272) (1.33) Total 9,722,288,553 100.00 5,668,547,691 100.00 164

Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (b) Credit risk cont/d Bondyield ESG Commercial notes and bonds 30 November 2013 30 November 2013 30 November 2012 30 November 2012 % of Portfolio % of Portfolio >BBB1 3,844,269 5.18 10,953,627 10.28 BBB 54,629,531 73.59 71,695,549 67.28 BB1 3,194,533 4.30 6,237,482 5.85 BB2 3,105,703 4.18 5,699,943 5.35 BB3 4,643,749 6.26 2,251,579 2.11 B1 2,350,392 3.17 4,330,740 4.06 B2 1,505,101 2.03 - - B3-0.00 253,557 0.24 <B3-0.00 Cash at bank 1,246,227 1.68 2,232,830 2.10 Other net (liabilities)/assets (282,761) (0.38) 2,907,315 2.73 Total 74,236,742 100.00 106,562,622 100.00 LongShortCreditYield Commercial notes and bonds 30 November 2013 30 November 2013 30 November 2012 30 November 2012 % of Portfolio % of Portfolio BBB 16,406,236 4.18 1,847,150 2.83 BB1 49,252,925 12.50 5,792,519 8.86 BB2 51,826,725 13.15 5,021,378 7.68 BB3 47,287,150 12.00 6,228,900 9.53 B1 54,535,086 13.84 8,614,055 13.18 B2 41,411,625 10.51 14,089,748 21.58 B3 48,478,991 12.30 8,058,117 12.33 <B3 40,779,394 10.34 10,126,446 15.50 Cash at bank 39,566,745 10.04 12,192,627 18.66 Other net assets/(liabilities) 4,510,132 1.14 (6,629,191) (10.15) Total 394,109,009 100.00 65,341,749 100.00 165

Notes to the financial statements for the year ended 30 November 2013 cont/d 20. Financial instruments cont/d (b) Credit risk cont/d EmergingMarketsShortDuration Commercial notes and bonds 30 November 2013 30 November 2013 % of Portfolio >BBB1 1,306,768 2.01 BBB 27,752,951 42.59 BB1 5,931,202 9.10 BB2 4,427,785 6.79 BB3 7,123,786 10.93 B1 6,730,487 10.33 B2 7,295,061 11.19 B3 2,175,831 3.34 <B3 691,445 1.06 Cash at bank 657,202 1.01 Other net assets 1,075,586 1.65 Total 65,168,104 100.00 Global Tactical Commercial notes and bonds 30 November 2013 30 November 2013 % of Portfolio BBB 2,954,061 2.52 BB1 11,072,338 9.46 BB2 13,012,676 11.12 BB3 14,551,491 12.43 B1 13,507,162 11.54 B2 20,567,230 17.57 B3 10,205,764 8.72 <B3 6,253,676 5.34 Cash at bank 28,553,102 24.39 Other net assets (3,611,730) (3.09) Total 117,065,770 100.00 * 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

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 9,722,288,553 503,109,995 - Bondyield ESG 74,236,742 1,062,736 712,857 LongShortCreditYield 394,109,009 48,883,658 1,215,465 EmergingMarketsShortDuration 65,168,104 422,570 11,868 Global Tactical Credit 117,065,770 13,232,916 - All the above liabilities are payable within one month. 167

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 3,142,162,757 200,288,503 - 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 5,668,547,691 247,068,927 - Bondyield ESG 106,562,622 3,456,784 - LongShortCreditYield 65,341,749 10,832,819 578,132 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 1. 168

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 2012. 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 2012. 169

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 2013 58,297,539 uropeyield 9 December 2013 816,639 Transatlanticyield 9 December 2013 4,676,723 Enhancedyield Short-Term 9 December 2013 3,434,852 ShortDurationHighYield 9 December 2013 42,563,765 Global Tactical Credit 9 December 2013 76,782 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 2014. 170

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

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

Schedule of Significant Portfolio Changes for the year ended 30 November 2013 (Unaudited) Americayield Major Purchases (All Bonds) Maturity Cost Continental Resources Inc 15/04/2023 43,514,563 SandRidge Energy Inc 15/02/2023 36,821,875 TPC Group Inc 15/12/2020 34,850,875 Alcoa Inc 15/08/2020 32,976,368 Atlas Pipeline Finance Corp 01/08/2023 31,932,328 Sabine Pass Liquefaction LLC 15/03/2022 30,750,000 Metropcs Wireless Inc 01/04/2021 24,906,188 International Lease Finance Corp 15/03/2017 24,875,000 Meccanica Holdings USA 15/07/2019 24,853,005 Intelsat Jackson Holdings 01/04/2019 24,291,188 Tops Holding Corp / Tops Markets 15/12/2017 24,219,775 Rain CII Carbon Llc 15/01/2021 24,166,750 Greif Inc 01/08/2019 24,156,678 Hewlett-Packard Co 01/06/2021 22,937,239 Crestwood Midstream Partners LP 15/12/2020 22,352,203 RBS Global & Rexnord Corp 01/05/2018 22,236,563 Schaeffler Finance BV 15/05/2021 22,228,750 H&E Equipment Services Inc 01/09/2022 22,150,938 Celanese US Holdings LLC 15/06/2021 21,497,531 Hanesbrands Inc 15/12/2020 21,445,739 Major Sales (All Bonds) Maturity Proceeds Continental Resources Inc 15/04/2023 41,159,188 Samson Investment Co 15/02/2020 37,710,125 Rhodia SA 15/09/2020 35,740,610 Hewlett-Packard Co 01/06/2021 23,613,034 SandRidge Energy Inc 15/02/2023 23,583,281 Entravision Communications 01/08/2017 23,330,213 Forest Oil Corp 15/06/2019 22,748,373 JMC Steel Group 15/03/2018 22,641,563 Computer Sciences Corp 15/03/2018 20,825,523 International Lease Finance Corp 15/09/2015 20,708,254 Cricket Communications Inc 15/10/2020 19,831,250 Chesapeake Energy Corp 15/08/2020 18,867,375 Plains Exploration & Production Co 15/02/2023 18,812,813 Arch Coal Inc 15/06/2021 18,237,938 Concho Resources Inc 01/04/2023 17,423,531 Schaeffler Finance BV 15/02/2017 17,381,688 Chrysler Group/CG Co-Issuer 15/06/2019 16,694,344 XM Satellite Radio Inc 01/11/2018 16,512,500 ArcelorMittal 01/03/2021 16,341,719 Linn Energy Llc 01/11/2019 16,318,563 Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 173

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

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

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 25/05/2016 43,056,322 Telefonica Emisiones Sau 02/07/2017 42,743,685 Thomas Cook Group Plc 22/06/2015 41,889,875 Deutsche Annington Finance BV 25/07/2016 41,717,441 Abertis Infraestructuras 14/10/2016 37,579,860 Cores 19/04/2016 34,868,219 Santander International Debt SA 21/03/2016 34,700,520 National Express Group Plc 13/01/2017 32,512,632 Iberdrola Finanzas Sau 25/01/2016 32,034,650 Rci Banque SA 13/03/2015 31,889,920 Rentokil Initial Plc 31/03/2016 38,066,914 Telecom Italia SpA 29/12/2015 30,448,074 Continental Rubber of America Corp 15/09/2019 30,317,534 Styrolution Group Gmbh 15/05/2016 29,550,000 Rhodia SA 15/09/2020 28,380,886 Glencore ing Llc 27/05/2016 27,894,180 Mondi Consumer Packaging International AG 15/07/2017 27,422,690 Heathrow ing Ltd 31/03/2016 26,998,858 Fiat Finance & Trade SA 17/10/2016 26,960,938 William Hill Plc 11/11/2016 26,694,689 Major Sales (All Bonds) Maturity Proceeds Ren Redes Energeticas 12/11/2013 44,195,650 Royal Caribbean Cruises Ltd 27/01/2014 32,218,564 Hertz Holdings Netherlands BV 31/07/2015 27,759,638 Fiat Finance & Trade SA 15/09/2014 25,975,063 SES Global Americas Holdings GP 07/09/2014 24,582,958 Brisa Concessao Radoviaria SA 26/09/2013 23,695,300 Cnh Industrial Finance Europe 03/11/2015 21,664,230 Carnival Plc 27/11/2013 20,756,458 Xstrata Canada Financial Corp 27/05/2015 20,298,750 Rci Banque SA 07/07/2014 18,554,400 Finmeccanica Finance SA 12/03/2013 17,620,301 Phoenix Pib Finance BV 15/07/2014 16,218,900 Casino Guichard Perrachon SA 04/10/2014 15,500,605 Autoroutes Paris-Rhin-Rhone 25/01/2016 14,974,400 Imperial Tobacco Finance Plc 15/09/2014 12,673,980 Heathrow ing Ltd 10/03/2014 12,285,600 Gas Natural Capital Markets SA 07/09/2014 12,205,800 Telefonica Emisiones Sau 31/01/2014 11,945,639 Rwe Finance BV 06/04/2013 11,170,317 Sandander International Debt S.A. 20/09/2013 11,074,800 Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 176

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 15/04/2019 135,745,446 H J Heinz Co 05/06/2020 131,054,934 Sprint Communications Inc 01/12/2016 129,877,436 Calpine Corp 15/10/2017 126,483,249 RBS Global Inc / Rexnord LLC 01/05/2018 123,834,109 Expro Finance Luxembourg 15/12/2016 115,231,815 Vanguard Health Holdings LLC Inc 01/02/2018 110,298,452 Kinder Morgan Finance ULC 05/01/2016 107,702,100 DaVita HealthCare Partners Inc 01/11/2018 106,519,862 Energy XXI Gulf Coast Inc 15/12/2017 106,375,851 Bombardier Inc 15/01/2016 102,883,984 Crosstex Energy LP 15/02/2018 102,416,119 CONSOL Energy Inc 01/04/2017 101,947,831 Intelsat Jackson Holdings SA 01/04/2019 101,375,438 Grifols Inc 01/02/2018 97,425,756 Hilton Worldwide Finance LLC 26/10/2020 93,914,145 CCO Holdings LLC & Capital Corp 15/01/2019 93,323,746 Novelis Inc 15/12/2017 93,258,263 Virgin Media Secured Finance 15/01/2018 92,910,169 Hertz Corp 15/10/2018 91,521,106 Major Sales (All Bonds) Maturity Proceeds Capella Healthcare Inc 01/07/2017 52,965,250 Quicksilver Resources Inc 01/01/2016 37,031,630 Vedanta Resources 15/01/2014 26,225,500 Arch Coal Inc 01/08/2016 22,737,655 JC Penney Corp Inc 15/10/2015 19,509,135 Supervalu Inc 15/11/2014 17,622,031 Easton-Bell Sports Inc 01/12/2016 16,399,000 CCO Holdings LLC & Capital Corp 30/10/2017 15,879,000 Fiat Industrial Finance Europe SA 11/03/2015 14,098,765 Paetec Holding Corp 01/12/2018 13,968,750 American Axle & Manufacturing Inc 15/01/2017 12,261,875 Inmarsat Finance Plc 01/12/2017 12,075,000 Peabody Energy Corp 01/11/2016 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 15/03/2015 266,875 Vanguard Health Holdings LLC Inc 01/02/2018 211,750 Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 177

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 17/10/2018 997,070 Deutsche Telekom International Finance BV 04/08/2022 985,463 Telecom Italia SpA 15/12/2017 975,456 DFS Furniture Holdings Plc 15/08/2018 959,320 Continental Rubber of America Corp 15/09/2019 936,563 Romulus Finance Sarl 20/02/2023 925,738 Wind Acquisition Finance SA 15/02/2018 840,000 Boparan Finance Plc 15/02/2018 828,750 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

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 29/11/2013 26,999,550 10,133,000 Host Hotels & Resorts LP 01/06/2016 10,344,834 10,300,000 Sabine Pass Liquefaction 15/03/2022 10,300,000 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

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 23/05/2016 998,250 Country Garden Holdings Co Ltd 11/08/2015 997,500 SMC Global Power Holdings Corp 28/01/2016 997,125 Vedanta Resources Plc 07/06/2016 996,730 Agile Property Hldgs Ltd 28/04/2017 963,500 Hutchison Whampoa International 10 Ltd 31/12/2049 954,850 Intralot Finance Luxembourg SA 15/08/2018 945,709 Major Sales (All Bonds)* Maturity Proceeds Marfrig Overseas Ltd 16/11/2016 850,000 Agrokor DD 01/05/2019 814,470 Eileme 2 AB 31/01/2020 804,585 Arcos Dorados Holdings Inc 27/09/2023 712,840 Ukraine Government International Bond 17/06/2016 552,000 Indian Railway Finance Corp Ltd 10/10/2017 475,000 Novatek OAO 03/02/2016 424,500 Metinvest BV 20/05/2015 416,600 BR Malls International Finance Ltd 31/12/2049 402,000 Union Bank of India 11/02/2016 401,680 National JSC Naftogaz of Ukraine 30/09/2014 196,750 Ukreximbank/Biz Finance Plc 27/04/2015 192,000 Republic of Venezuela 26/02/2016 175,200 * There were no other sales during the period ended 30 November 2013. Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 180

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 01/12/2023 737,688 Valeant Pharmaceuticals International Inc 01/12/2021 603,750 Sabine Pass Liquefaction LLC 15/03/2022 600,750 T-Mobile USA Inc 15/01/2022 404,000 T-Mobile USA Inc 15/01/2024 325,813 * There were no other sales during the period ended 30 November 2013. Note: Copies of all the portfolio changes are available, free of charge, from the Administrator. 181

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 0.78 182

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

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 2013 30 November 2012 Americayield 56.07% 61.87% uropeyield 134.19% 115.49% Transatlanticyield 91.69% 75.63% Enhancedyield Short-Term 51.06% 64.95% ShortDurationHighYield 29.67% 33.75% Bondyield ESG 100.90% 133.36% LongShortCreditYield 787.79% 493.28% 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

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 - 12.3% 4.9% 12.2% Hedged GBP Income Units - 12.3% 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

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% - - - 186

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 - - - - 187