Kleinwort Benson Investors Institutional Fund Plc … Benson Investors Institutional Fund Plc Annual Report and Audited Financial Statements 2014 4 Background to the Company (Continued)

Kleinwort Benson Investors Institutional Fund Plc

ANNUAL REPORT &

AUDITED FINANCIAL STATEMENTS

For the year ended 31 August 2014

Kleinwort Benson Investors Institutional Fund Plc Annual Report and Audited

Financial Statements 2014

Contents Page

Organisation 1

Background to the Company 2

Investment Manager's Reports 8

Directors' Report 25

Report of the Custodian to the Shareholders 29

Independent Auditor's Report 30

Statement of Comprehensive Income 31

Statement of Financial Position 34

Statement of Changes in Net Assets Attributable

to Holders of Redeemable Participating Shares 37

Statement of Cash Flows 40

Notes to the Financial Statements 43

Performance Data (Unaudited) 112

Portfolio Turnover Rates (Unaudited) 114

Schedule of Total Expense Ratios (Unaudited) 115

Schedule of Investments (Unaudited) 118

Schedule of Material Portfolio Changes (Unaudited) 214

Other notes to the Financial Statements (Unaudited) 225



1

Organisation

Directors of the Company Registered Office

Frank Joseph Close (Independent) 3rd

Floor

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

Padraig Sheehy International Financial Services Centre

Gerard Solan Dublin 1

Derval Murray Ireland

Patrick Cassells

Investment Manager and Distributor Custodian

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

3rd

Floor George's Court

2 Harbourmaster Place 54-62 Townsend Street

International Financial Services Centre Dublin 2

Dublin 1 Ireland

Ireland

Administrator, Registrar and Transfer Agent Legal Advisers

Northern Trust International Fund Administration Dillon Eustace

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

George‟s Court Dublin 2

54-62 Townsend Street Ireland

Dublin 2

Ireland

Secretary Independent Auditors

Effective from 10 April 2014: Deloitte & Touche

Andrea Oman Chartered Accountants and Statutory Audit Firm

3rd

Floor Earlsfort Terrace

2 Harbourmaster Place Dublin 2

International Financial Services Centre Ireland

Dublin 1

Ireland

Effective to 10 April 2014: Sub-Investment Manager

Patrick Cassells (KBI Institutional Long Bond Fund)

3rd

Floor KBC Asset Management SA

2 Harbourmaster Place 5 Place de la Gare

International Financial Services Centre L - 1616

Dublin 1 Luxembourg (Lëtzebuerg)

Ireland Luxembourg

Registered No: 387058



2

Background to the Company

Description

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

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

under the Companies Acts, 1963 to 2013, and established as an Undertaking for Collective Investment in

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

Transferable Securities) Regulations, 2011 (as amended).

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

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

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

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

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

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

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

At the year end, there are eleven Funds in existence:

Launch Date Base Currency

KBI Institutional Long Bond Fund 14 October 2004 EUR

KBI Institutional Agri Fund 22 April 2008 EUR

KBI Institutional Alternative Energy Fund 10 April 2008 EUR

KBI Institutional Water Fund 10 April 2008 USD

KBI Institutional GESS Fund 3 July 2009 EUR

KBI Institutional Dividend Plus Emerging Markets Fund 30 July 2010 EUR

KBI Institutional Dividend Plus Developed Equity Fund 8 December 2010 EUR

KBI Institutional Dividend Plus Global Fund 14 March 2011 EUR

KBI Institutional Dividend Plus 50/50 Fund 23 March 2011 EUR

KBI Institutional Dividend Plus Eurozone Fund 21 March 2011 EUR

KBI Institutional Dividend Plus North America Equity Fund 23 October 2013 USD

Investment Objective and Policy

KBI Institutional Long Bond Fund

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

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

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

KBI Institutional Agri Fund

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

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

reflected in its pursuit of capital gains and income.

KBI Institutional Alternative Energy Fund


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

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

KBI Institutional Water Fund


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


KBI Institutional GESS Fund


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




3

Background to the Company (Continued)

Investment Objective and Policy (Continued)

KBI Institutional Dividend Plus Emerging Markets Fund

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

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


KBI Institutional Dividend Plus Developed Equity Fund


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

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

KBI Institutional Dividend Plus Global Fund

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

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

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

and primarily covered by the MSCI World Index.

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

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

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

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

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

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

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

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

EMU Index.

KBI Institutional Dividend Plus North America Equity Fund

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

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

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

Net Asset Value

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

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

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

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

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

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

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

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

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

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

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

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

month.

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

Institutional GESS Fund, KBI Institutional Dividend Plus Emerging Markets Fund, KBI Institutional Dividend Plus

Developed Equity Fund, KBI Institutional Dividend Plus Global Fund, KBI Institutional Dividend Plus Eurozone Fund,

KBI Institutional Dividend Plus 50/50 Fund and KBI Institutional Dividend Plus North America Equity Fund,

Business Day means every day, other than a Saturday or Sunday, which are bank business days in Ireland and in such

other market or markets to which the Fund has, in the reasonable opinion of the Investment Manager, a substantial

exposure or such other day or days as the Directors may determine and notify in advance to Shareholders.



4


Dividend Policy

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

Institutional GESS Fund and KBI Institutional Dividend Plus 50/50 Fund are accumulating Funds and therefore, it is

not currently intended to distribute dividends to the Shareholders. The income, earnings and gains of each Fund will

be accumulated and reinvested on behalf of Shareholders.


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

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

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

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

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

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

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

previous financial year.

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

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

Unclaimed dividends would not accrue interest against the Fund.


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

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

(Distributing), Euro Class I (Distributing), Euro Class J (Distributing) and US Dollar Class C (Distributing) Shares, all

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

accumulating Share Classes will be accumulated and reinvested on behalf of the relevant Shareholders. The Directors

may declare a dividend once a year (or more frequently at their discretion) out of the income available for

distribution in relation to the Sterling Class A (Distributing), Sterling Class B (Distributing), Sterling Class C

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

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

Dollar Class C (Distributing) Shares (whether in the form of dividends, interest or otherwise), subject to certain

adjustments.

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

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

bear interest against the Fund.



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

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

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

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

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

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

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

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

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

the same basis.

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

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



5


Dividend Policy (Continued)



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

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

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

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

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

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

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

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

basis.



KBI Institutional Dividend Plus Eurozone Fund


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

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

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

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

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

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

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

interest or otherwise), subject to certain adjustments.




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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



6


Subscriptions


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

As at 28 February 2014, there was only Class A Shares in issue.


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

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

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

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

Dollar Class D in the Fund. As at 31 August 2014, there were Euro Class A, Euro Class B, Euro Class C, Euro Class

D, Euro Class F, Euro Class H, Euro Class I and Sterling Class C Shares in issue.





Euro Class I or Euro Class J in the Fund. As at 31 August 2014, there were Euro Class A, Euro Class B, Euro Class C,

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


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



Euro Class I, Euro Class J in the Fund. As at 31 August 2014, there were Euro Class A, Euro Class C, Euro Class D,

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

Dollar Class C and Swiss Franc Class A Shares in issue.





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

Dollar Class D in the Fund. As at 31 August 2014, there were Euro Class A, Euro Class D and Euro Class I Shares in

issue.


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

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

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

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

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

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

Class B, Canadian Dollar Class C and Canadian Dollar Class D in the Fund. As at 31 August 2014, there were Euro

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

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

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



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

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

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

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

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

Canadian Dollar Class D in the Fund. As at 31 August 2014, there were Euro Class A, Euro Class B, Euro Class C, Euro

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

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

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



7


Subscriptions (Continued)





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

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

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

Class C and Canadian Dollar Class D in the Fund. As at 31 August 2014, there were Euro Class A, Euro Class B, Euro

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

KBI Institutional Dividend Plus 50/50 Fund


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

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

Fund. As at 31 August 2014, there were Euro Class C Shares in issue.





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

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

Sterling Class D and Sterling Class D (Distributing) in the Fund. As at 31 August 2014, there were Euro Class A, Euro

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



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

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

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

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

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

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

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

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

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

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

2014, there were Euro Class D (Distributing), Sterling Class A, Sterling Class A (Distributing), US Dollar Class B, US

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



8

Investment Manager’s Report


At the beginning of the reporting period, all eyes were focused on the other side of the Atlantic where United States

(US) Republicans and Democrats continued their fight concerning the debt ceiling. A complete shutdown of the

government due to a lack of funds was avoided and a final agreement was ratified by the Congress in February.

Meanwhile the American economy continued its recovery only hampered by a very harsh winter depressing Q1

activity. By the end of the reporting period, its growth rate rose above 4 % on an annual basis.

Bond markets behaved gently during the remainder of 2013 with a sharp rally on both the US and the European bond

markets. In Europe, the important German parliamentary elections gave Mrs. Merkel a landslide victory but not an

absolute majority in the Bundestag. The grand coalition with the Socialist SPD took time to be established, but by the

middle of December, the new German government was a fact.

Meanwhile the leading economic indicators in Europe were pointing to a moderate economic recovery although Q3

Gross Domestic Product (GDP) growth was somewhat better than expected. But in early 2014 the outlook started to

cloud as the positive effect of a very mild winter disappeared and exports suffered from the strong euro, while

domestic demand remained subdued due to a lack of wage growth and better employment figures.

The gradual decline in Eurozone inflation figures, both on the headline and the core figure raised more and more

concerns about the possibility of a Japanese style deflation scenario. The European Central Bank (ECB) eager to

support the economic recovery and quell the deflation scare, lowered its key interest rate at the beginning of

November to just 0.25%. In June the ECB cut rates again and even imposed a negative deposit rate on excess bank

reserves. But headline inflation figures continued to move lower, pushed down by weak food and energy prices,

exacerbated by the strength of the euro. The August inflation figure was a mere 0.3%.

The ECB moves added more fuel to rally in the bond market in the first half of 2014, with long term rates declining

sharply. German 10 year yields dropped below the psychologically important 1% level. The peripheral markets were

the star performers. Spain did very well helped by better economic data with exports lifting the country out of

recession and prompting Moody‟s one notch upgrade to Baa2.

In Italy, the economic performance continued to be lackluster but the replacement of Prime Minister Letta by the

mayor of Firenze Mr. Renzi has raised high hopes that Italy will start reforming its labor market. With the profound

reform of the Senate, a first step has been taken but more has to be done e.g. the financial sector, the very slow legal

system.

But the number one performer was Ireland, where the government announced early this year that the EU backstop

facility was no longer needed and the country is now able to access the financial markets based solely on its own

credentials. Irish yields dropped firmly below the Italian and even Spanish level.

Investment Policy

The fund remained invested in long dated European government bonds. The portfolio mimics the characteristics of

its benchmark using a stratified sampling approach.

Kleinwort Benson Investors Dublin Limited

31 August 2014



9

Investment Manager’s Report (Continued)


The KBI Institutional Agri Fund returned 16% for the year ended 31 August 2014, underperforming the MSCI

World by 5.3% which was up 21.2%.

The agri theme came under pressure during the year. The main reason for this tough environment for the Fund was

the significant weakness in emerging markets and their currencies. We also saw agri commodity prices weakening

on record harvest expectations and market sentiment regarding agri cycle peaking did not help either. The

agribusiness theme experienced a “perfect storm”, significantly underperforming broader equity markets. Due to

benign weather conditions globally, the huge supply expectations for agri commodities continued to help the agri

infrastructure and processor names. But on the other hand big harvest expectations kept downward pressure on the

commodity prices and that weighed on the agri commodity investor sentiment. It put pressure on the Supplier sector,

which is most dependent on commodity prices in terms of farmer income. Farmer income in turn impacts farmer

decision to invest in inputs. Big ticket machineries are the first ones to come under pressure and that was reflected in

the share price performances and management guidance from that sector.

Regarding the demand for agri commodity we have seen exports to countries like China and India holding up. Feed

demand is steady due to supportive protein prices. Infrastructure and weather issues drove ethanol profitability to

record levels. We have seen most of the company-specific catalysts playing out in terms of the announcement of cost

cuttings, increase in productivity and improvement in efficiencies, Mergers and acquisitions M&A, and management

focus towards generating shareholder value.

Overall the Processors sector significantly outperformed the broader market while the Producer and Suppliers

underperformed with Producers being the weakest sector.

Investment Outlook

Downward trajectory in crop prices continues as benign weather globally is helping farmers to produce another

record crop in 2014. Agri commodity prices are down between 15% and 25% year to date. But this should still be

favourable for the Fund as at these pricing levels farmers are still investing in yield enhancing inputs while demand

for the agri commodities remain healthy. The falling crop prices will keep a lid on input costs for farmers particularly

for the likes of fertilisers.

We remain bullish on the Processors and Services sectors, which are now positioned to improve margins and

earnings. The scenario is particularly bullish for the feed and ethanol sectors. The environment for ethanol processors

has been ideal due to strong supply coupled with strong consumption and is very likely to persist throughout 2014/15

and probably into 2015/16. They are benefiting from a well-balanced bio fuel market and stock levels that are neither

too tight nor exceedingly loose. Record new-crop corn harvests should continue to help ethanol margins given the

lowest feed costs in a half-decade, elevated refinery/blender demand and robust export sales. Ethanol prices are

unlikely to collapse because record run-rates and supply growth are supported by domestic and international demand.

We remain positive on the food and feed names as well under Processors as they start to benefit from material

decline in grain prices, specific cost cutting initiatives and efficiency improvements. Protein and related names

benefit from this trend while their pricings are holding up well due to strong demand.

Grain merchandising operations should benefit from increased crop volumes to leverage against their origination,

storage, and transportation assets. We are already seeing positive outlook statements from the industry players.

Those particularly exposed to Latin America should continue to benefit as farmers keep expanding their planted

areas despite tighter margins. This is because farmers remain capitalised from the last few years‟ weaker BRL

currency benefiting the farmers as they sell in USD and higher storage capacity that has being built in recent years

will enable the farmers to hold on to inventories for better pricing at a later date.

http://www.google.ie/url?url=http://en.wikipedia.org/wiki/Mergers_and_acquisitions&rct=j&frm=1&q=&esrc=s&sa=U&ei=DrcaVMecNMG3yATfg4HICg&ved=0CBIQFjAA&usg=AFQjCNFlim1BVilrYMtduwxxbYF0wr7_-Q



10


KBI Institutional Agri Fund (Continued)

Investment Outlook (continued)

These two sectors also support our agri secular themes of agri infrastructure build out and improved processing

efficiency to reduce waste and ultimately increase food supply. Within the processing sector we also like the food

processing machinery sector due to its secular growth fundamentals. According to reports, the global food processing

industry is set to grow at a significant pace with accelerated growth coming from Asia Pacific. Demand for global

food safety equipment for processing dairy, proteins and other food products is set to increase significantly.

However, this increase in supply is putting pressure on the Supplier and Producer sectors. We remain cautious on the

upstream Supplier sector. Anecdotes from the latest Farm Progress Show in US this month, show that farmers seem

clear in their desire to prioritise other spending over machineries. Due to various governments‟ support farmers are

not yet feeling the full pressure of low crop prices but if the prices remain low for next few harvests, we can see

further downside, which are not yet priced in this sector. However, Precision Ag has the potential to bring

transformational change in the industry and players with access to the „Big Data‟ are expected to be the winners.

This lucrative new market can become the next „parts market‟ in coming years and we expect collaborations between

various players in the space.

Within fertilisers, we feel that the long term oversupply situation will keep potash prices range-bound, albeit some

demand increase in the short term. Nitrogen remains strong as plant shutdowns in Ukraine create supply tightness.

Phosphates remain in a best position out of the three nutrients due to better supply/demand dynamics. Also

Phosphate prices have a stronger floor than its peers nitrogen and potash due to a large non-integrated capacity at the

high end of the cost curve and the rising cost of production. More than 40% of global Diammonium phosphate

(DAP) capacity has a cash production cost of c.$380/t (FOB) which should provide a stronger floor of c.$420-450/t

India CFR. We remain selective on stock picks in the fertiliser sector favouring companies with lower cost positions,

a portfolio of speciality higher margin products, management focus for shareholder return and companies with self-

help/recent merger integration levers to pull.

Seed demand and pricing should be holding up well in normal weather conditions as farmers look for yield

enhancing inputs. Crop protection demand remains steady with positive outlook for fungicides in particular as

delayed planting is giving rise to some disease pressure.

Overall we are also watching geopolitical situations particularly Ukraine, which might have cost and demand

implications for various commodities and products in the agri space.


31 August 2014



11



The Alternative Energy Fund invests in companies involved in developing technologies that reduce our reliance on

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

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

solar, tidal, biomass and fuel cell energy production.

The period from September 2013 to August 2014 was generally characterised by strong positive market returns. The

KBI Institutional Alternative Energy Fund gained 17.9% over the 1 year period to the end of August;

underperforming the MSCI World Equity Index which gained 21.2%.

The biggest positive contribution to performance over the course of the year came from the Renewable Energy

sector. Developers of renewable assets explored new financing structures such as securitisation of assets and yield

structures to lower their cost of financing. The strong demand for shares of a number of yieldcos launched during the

year at high valuation multiples led to a re-rating of renewable assets. This was to the benefit of our strategy as we

had favoured renewable developers with attractive growth pipelines. Our largest position in solar, SunEdison, rallied

strongly prior to the successful launch of its yieldco. As did two other holdings, Abengoa and Nextera Energy who

also launched successful yieldcos that were heavily oversubscribed. Elsewhere, the solar sector was strong as

company‟s earnings generally showed higher operating margins on the back of prices stabilising and strong demand

from key markets such as China, US and Japan. With strengthening solar fundamentals, we increased our weighting

by adding to the low cost manufacturers in China as the supply/demand dynamics turn more favourable. We added to

the leading polysilicon/wafer producer, GCL Poly, and also increased Canadian Solar – a low-cost module

manufacturer and a solar farm developer. The biomass names were also strong with the waste to energy player

Covanta surprising investors with more cost cutting and a higher dividend.

The energy efficiency sector underperformed the market as key holdings were sold off as macro data continues to be

mixed on a regional basis. Even those companies delivering in-line results and maintaining guidance sold off as

investors had baked in high expectations. European construction related stocks in particular underperformed

including SIG and Saint Gobain. ABB reported profits below expectations impacted mainly by charges and poor

execution in their Power Systems division. Weather effects had a negative impact on some US Building Efficiency

names earlier in the year, such as the insulation play Owens Corning, which although was expected still caused

shares to sell off. We took advantage of weakness to build up position in key holdings as recent leading indicators

were particularly favourable of a pick-up in US end markets. During the year, we increased our exposure to light-

emitting diode (LED) lighting players as the adoption of LED in general lighting is increasing faster than expectation

to the detriment of traditional lighting options.

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

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

stocks.

Investment Outlook

The Fund continues to be leveraged to the recovery in the global macro economy, with the added impetus of

renewable and energy efficiency themes continuing to be in the forefront of policies from the US to China. The

strategy‟s largest sector is Energy Efficiency where we see the most attractive investment opportunities supported by

secular growth trends. Recent leading indicators related to US capital spending and construction spending have been

showing signs of acceleration, which is supportive of our positions. While the pace of European recovery has been

slow so far, we have added to industrial and early cycle exposure such as Prysmian which would benefit as markets

recover. The fund has increased exposure to electrical transmission spend in the US, through a holding in Quanta

which is forecasting double digit earnings growth due to the investment required in grid stability, integration of

renewable assets to the grid and shutdown of inefficient coal plants. Legislative mandates driving demand for more

fuel efficient and cleaner emissions solutions continues to come into place in 2014/15. These higher revenue/higher

margins solutions can drive earnings growth for market leaders such as Johnson Matthey and Johnson Controls.



12


KBI Institutional Alternative Energy Fund (Continued)

Investment Outlook (Continued)

With strengthening solar fundamentals, we have increased our weighting in solar stocks. We prefer the low cost

manufacturers in China as they are well poised to take advantage of a potential 14GW domestic market - as targeted

by central government for 2014. Following the success of a number of yield co launches in the renewable energy

sector, we expect additional consideration of YieldCo as well as other securitisation of assets in the year ahead.

These financing structures help to lower companies cost of capital, further enabling the lower cost of renewable

development throughout the world. We would look for opportunities that offer strong cash-generating assets in

secure regulatory environments, growth visibility and attractive dividend yields.


31 August 2014



13



The KBI Water fund was up 27.7% between August 2013 and August 2014, outperforming the broader equity

market, which was up 21.2%.

The period from September 2013 to August 2014 was generally characterised by strong positive market returns. In

the period, economic activity in the United States (US) appeared to be improving while Europe and Emerging

Markets have had mixed economic data.

The Water Fund performed strongly in this environment, outperforming the broad equity market (MSCI World

Index). Throughout the period, the Water Fund maintained an overweight position in the more cyclical Water

Infrastructure sector. The Water Infrastructure segment did well in the latter months of 2013 when much of our

relative outperformance in the period occurred. However, the segment leadership changed to Water Utilities for

much of 2014, with particular strong performance and contributions by United Utilities.

Top 3 Contributors:

United Utilities: United Utilities is a regulated United Kingdom (UK) utility. The stock had been trading close to

regulated asset base earlier this year amid uncertainty surrounding what the allowed rate of return for the sector

would be for the next 5 year regulatory period starting March 2015. Clarity around this key parameter provided by

the regulator on January 27 has set a floor under returns for the sector and hence better visibility going forward.

Xylem: Xylem is a global water equipment supplier, providing pumps, water treatment, and water testing equipment.

The upgrade to earnings in the back end of the year accompanied by a CEO change reignited interest in the stock and

saw upgrades to full year earnings estimates.

Flowserve: Flowserve is a US based leader in engineered pumps, valves, and seals into the global process industries.

The company is expected to be a primary beneficiary of the increased downstream process plant capital spending

cycle that is just underway. The potential for future upgrades to earnings continue to drive this stock.

Top 3 Detractors:

Sulzer: Sulzer manufactures industrial pumps and does rotating equipment maintenance. Recent earnings have been

disappointing as is the lack of insight into how they plan to deploy their significant cash balance. The company

seems to be leaning towards Mergers and Acquisitions (M&A), a strategy that investors are wary about.

Itron: Itron is a global metering company in the water, gas and electricity space. The company took the opportunity

at their Q4 results to revise estimates for 2014 downwards based on the backlog momentum to date. This was clearly

disappointing and the lack of visibility continues to weigh on the thesis.

Nuverra Environmental Solutions: Nuverra provides water logistics and treatment solutions for oil and gas

companies. The company is in transition, as it has been for years, with plans to sell-off unrelated businesses and

move into higher margin service offerings. The recent news from the company continues to demonstrate the

complexity of the transformation.

Outlook and Strategy

We feel particularly good about the earnings growth and visibility in the portfolio given the most recent earnings

season and economic data. While our more cyclical Water Infrastructure sector has bounced back a bit, we feel that

the risk-reward outlook is as attractive as it‟s been for some time.

During the month we have continued to structure the portfolio to benefit from continued cyclical growth in Water

Infrastructure companies‟ earnings. We have paid for this portfolio shift through the reduction of exposure to

predominantly the Utility sector. It is worth noting that on average for the last five years of the fund‟s life, the most

meaningful part of our relative outperformance tends to come in the back half of the year.



14


KBI Institutional Water Fund (Continued)

Outlook and Strategy (Continued)

We haven‟t gone “all in” though and it‟s not all about just Infrastructure in the Water Strategy. We need to point out

that we continue to manage the volatility and downside in the portfolio, both through lower risk stocks and portfolio

risk management. Interestingly, we are finding our best defence ideas in companies with unique business models

such as Enercare in the Technology sector (water heater rental and sub-metering).

We continue to be optimistic about the return potential in the water strategy over the next 18 months. The portfolio is

expected to have mid-teens earnings growth, in both 2014 and 2015, combined with an approximate 2% dividend

yield, which can provide a strong total return next year. Obviously market multiples and the degree to which

company specific investment theses play out will impact the result. For 2014, we have a wider breadth of exposures

and investment theses than in the previous few years, giving us multiple ways to generate performance.

This month we continued along the trend of previous months where we sold down our Water Utilities, which have

performed well and are, as a result, less attractive on a risk-reward basis, and continued to increase our exposure to

Water Infrastructure stocks and to a lesser extent Technology stocks, with attractive end market exposures. We

remain at the high end of the range in terms of exposure to the Water Infrastructure sector at just over 55% of the

portfolio.

HD Supply, a US based distributor, was added to the portfolio at attractive levels after selling off post its IPO mid

2013 and we built it into being the stock‟s largest holding today at an attractive valuation. We also initiated a

position in Travis Perkins, the UK building materials distributor, earlier in the year, which now appears in our top 5.

Advanced Drainage Systems came to the market and we participated in the IPO at the lower end of the range. They

make plastic pipes for storm water management and drainage solutions. In terms of meaningful sales in the period,

we reduced our holding in UK regulated utility United Utilities after a strong Q1 2014 performance and sold out of

pump company SPX on the basis of valuation. We also sold out of our holding in Kurita, acknowledging that the

stock may have become somewhat of a value trap in the medium term.

HD Supply: HD Supply is a North American distributor. The highly levered company is a leader in its end markets

and continues to gain market share. Those end markets are particularly attractive to us, comprising mostly of non-

residential building construction and water utility capital spending. In addition to strong top line and significant EPS

growth, we do not believe the market is fully accounting for value accretive debt restructuring over the next few

years.

Wolseley: Wolseley is a specialist trade distributor for plumbing and heating products to professional contractors and

a supplier of building materials in North America, UK and Europe. The company has significant US residential

market exposure, and the outlook remains positive for this and other end markets. In addition, the company

continues to take share through growth initiatives and via trialling various sales and delivery models throughout its

network.

Calgon Carbon: Calgon Carbon Corporation manufactures and sells products for water and air purification. Seldom

has Calgon Carbon had more shots at goal than it does right now, driven by a combination of regulatory driven

growth markets over the next few years (e.g. air mercury reduction & ballast water treatment) and self-help

initiatives (e.g. lowering cost base & growing production capacity).

Travis Perkins: Travis Perkins is the largest builders merchant in the UK. Travis Perkins gives us high quality

exposure to the UK housing recovery, which is being helped by government initiatives and a recovering economy.

In addition, there is an element of a 'self help' angle to the story with a new management team in place since mid

2013, which is keenly focused on returns.

Enercare: Enercare is a Canadian based company that manages a water heater rental business and also provides sub-

metering services. In July, Enercare announced the purchase of the Direct Energy home services business from

Centrica, a deal which should be 25% accretive to their distributable cash flow in 2015. The target company was

acting as a channel partner in its water heater rental business, and actually used to be part of Enercare awhile back

before separating into two businesses for financial engineering purposes. Still yielding over 5%, we believe the

company has a very attractive cash generative business model and long term growth opportunities ahead.



15



Outlook and Strategy (Continued)

The water strategy has access to attractive investment themes of infrastructure spending, natural resource scarcity,

demographic shifts and climate change. The long term drivers behind the water strategy continue marching forward.

These can be broadly classified as:

• Population growth

• Urbanisation

• Industrialisation

• Increasing regulation

• Infrastructure rehabilitation

In addition, because the supply of water on earth is constant – arguably declining due to pollution and aquifer

depletion – and demand for water grows approximately two times the rate of population growth, the supply/demand

wedge continues to expand. As a result, the investment thesis behind investing in companies providing solutions to

global water problems becomes stronger over time. These solutions include increasing supply/access to water,

lowering demand, improving water and wastewater quality, and building out new and maintaining installed

infrastructure.

Participating in the water investment theme covers a broad range of business models and geographies, leading to a

well diversified global investment portfolio. The reason for this is due to the importance of water in the global

economy. Water, and the way in which we are able to participate in it through publicly traded investments, touch a

large variety of end markets, and this gives us the ability to manage risks and rewards through multiple market

environments.

With a 13 year track record of strong outperformance versus the MSCI World index, having outperformed in 11 of

the past 13 years, we continue to be optimistic that we will be able to continue to benefit from such long term secular

trends.


31 August 2014



16



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

positive performance of 19.6% over the year. It did however underperform the MSCI World which rose 21.2%.


the period, economic activity in the US appeared to be improving while Europe and Emerging Markets have had

mixed economic data.

The Water sector produced a stellar return and was the best performing sector, strongly outperforming the broader

equity market. Whilst Agribusiness and Energy Solutions showed strong absolute returns, they both underperformed

the broader equity market. As a result, the portfolio showed strong absolute returns overall but slightly

underperformed MSCI World.


the period, economic activity in the United States (US) appeared to be improving while Europe and Emerging

Markets have had mixed economic data.

Water performed very strongly over the period, both in absolute terms but also relative to the broader market.

Throughout the period, the sector maintained an overweight position in the more cyclical Water Infrastructure

segment. The Water Infrastructure segment did well in the latter months of 2013 when much of our relative

outperformance in the period occurred. However, the segment leadership changed to Water Utilities for much of

2014, with particular strong performance and contributions by United Utilities.

The Energy Solutions sector showed strong positive returns, although it did underperform the broader equity market.

Within Energy Solutions, the Renewable Energy sector showed a positive contribution. Developers of renewable

assets explored new financing structures such as securitisation of assets and yield structures to lower their cost of

financing. The strong demand for shares of a number of yieldcos launched during the year at high valuation multiples

led to a re-rating of renewable assets. This was to the benefit of our strategy as we had favoured renewable

developers with attractive growth pipelines. Our largest position in solar, SunEdison, rallied strongly prior to the

successful launch of its yieldco. Elsewhere, the solar sector was strong as company earnings generally showed higher

operating margins on the back of prices stabilising and strong demand from key markets such as China, US and

Japan. With strengthening solar fundamentals, we increased our weighting by adding to the low cost manufacturers

in China as the supply/demand dynamics turn more favourable. We added to the leading polysilicon/wafer producer,

GCL Poly, and also increased Canadian Solar, a low-cost module manufacturer and a solar farm developer. The

biomass names were also strong with the waste to energy player Covanta surprising investors with more cost cutting

and higher dividend.

The Energy Efficiency sub-sector underperformed the market as key holdings sold off as macro data continues to be

mixed on a regional basis. Even those companies delivering in-line results and maintaining guidance sold off as

investors had baked in high expectations. European construction related stocks in particular underperformed

including SIG and Saint Gobain. ABB reported profits below expectations impacted mainly by charges and poor

execution in their Power Systems division. Weather effects had a negative impact on some US Building Efficiency

names earlier in the year, such as the insulation play Owens Corning, which although was expected still caused

shares to sell off. During the year, we increased our exposure to light-emitting diode (LED) lighting players as the

adoption of LED in general lighting is increasing faster than expectation to the detriment of traditional lighting

options.

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

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

stocks.



17


KBI Institutional GESS Fund (Continued)

The Agribusiness sector showed strong positive returns, although it did underperform the broader equity market. The

main pressure point came from the significant weakness in emerging market and their currencies. Additionally, we

also saw agri commodity prices weakening on record harvest expectations and market sentiment of agri cycle

peaking did not help either. Due to benign weather conditions globally, the huge supply expectations for agri

commodities continued to help the agri infrastructure and processor names. On the other hand big harvest

expectations kept downward pressure on the commodity prices and that weighed on the agri commodity investor

sentiment, putting pressure on the Supplier sub-sector, which is most dependent on commodity prices in terms of

farmer income. Farmer income in turn impacts farmer decision to invest in inputs. Big ticket machineries are the first

ones to come under pressure and that was reflected in the share price performances and management guidance from

that sector.

On the demand for agri commodity front we have seen exports to the likes of China and India holding up. Feed

demand is steady due to supportive protein prices. Infrastructure and weather issues drove ethanol profitability to

record levels. We have seen most of the company specific catalysts playing out, in terms of announcement of cost

cuttings, increase in productivity, and improvement in efficiencies, Mergers and Acquisitions (M&A) and

management focus towards generating shareholder value.

Overall, the Processors sub-sector significantly outperformed the broader market while the Producer and Suppliers

sub-sectors underperformed. Producers was the weakest sub-sector, given its high emerging market exposure.

Investment Outlook

The combination of upside surprises to economic data in the US and recent European Central Bank (ECB) action to

counter weaker than expected economic data in the Euro Zone gives support to our thesis of further market gains in

the second half of the year. A combination of this market backdrop and a positioning within our environmental

strategies to benefit from this market backdrop underpins our optimism for the return of the GESS strategy for 2014.

The downward trajectory in agri commodity prices continued as benign weather globally is helping farmers to

produce another record crop in 2014. Agri commodity prices are down between 15% and 25% year to date. But this

should still be favourable for Agribusiness as at these pricing levels farmers are still investing in yield enhancing

inputs while demand for the agri commodities remain healthy. The falling crop prices will keep a lid on input costs

for farmers particularly the likes of fertilisers.

We remain bullish on the Processors and Services sectors, which are now positioned to improve margins and

earnings. The scenario is particularly bullish for the feed and ethanol sector. The environment for ethanol processors

has been ideal due to strong supply coupled with strong consumption and is very likely to persist throughout 2014/15

and probably into 2015/16. They are benefiting from a well-balanced bio fuel market and stock levels that are neither

too tight nor exceedingly loose. Record new-crop corn harvests should continue to help ethanol margins given the

lowest feed costs in a half-decade, elevated refinery/blender demand and robust export sales. Ethanol prices are

unlikely to collapse because record run-rates and supply growth are supported by domestic and international demand.

We remain positive on the food and feed names as well under Processors as they start to benefit from material

decline in grain prices, specific cost cutting initiatives and efficiency improvements. Protein and related names

benefit from this trend while their pricing are holding up well due to strong demand.

Within Renewable Energy, we maintain Energy Efficiency as the largest weight. We are satisfied that recent macro

data points regarding construction end markets in the US remains quite positive. We believe energy efficiency

spending could pick up pace in the second half of 2014 supported by new non-residential construction trends,

compelling economics on retrofit activity and new favourable legislation. LED lighting demand will continue to take

share from traditional incandescent and fluorescent applications; LED lighting products already offer a compelling

economic case and quick payback for many commercial and industrial applications. Further price declines will

accelerate LED adoption in the second half of 2014 in both the residential and non-residential end markets.

Improving economics and a more favourable financing environment continues to support growth in new Renewable

energy capacity. Costs have declined to such an extent that renewable energy can now compete without subsidies in

certain geographies. For instance, Solar in Chile and Wind energy in Brazil are two end markets where the project

economics work without subsidy support. Regulation continues to play a supportive role but the renewable energy

sector is no longer reliant on government subsidies to drive growth.



18


KBI Institutional GESS Fund (Continued)

Following the success of a number of yield co launches in the renewable energy sector in the first half of 2014, we

expect additional consideration of YieldCo as well as other securitisation of assets. These financing structures help to

lower companies cost of capital, further enabling the lower cost of renewable development throughout the world. We

would look for opportunities that offer strong cash-generating assets in secure regulatory environments, growth

visibility and attractive dividend yields.

We feel particularly good about the earnings growth and visibility for Water given the most recent earnings season

and economic data. While our more cyclical Water Infrastructure sector has bounced back a bit, we feel that the risk-

reward outlook is as attractive as it‟s been for some time.

During the month we have continued to structure the portfolio to benefit from continued cyclical growth in Water

Infrastructure companies‟ earnings. We have paid for this portfolio shift through the reduction of exposure to

predominantly the Utility sector.

We haven‟t gone “all in” though and it‟s not all about just Infrastructure. We continue to manage the volatility and

downside in the portfolio, both through lower risk stocks and portfolio risk management. Interestingly, we are

finding our best defense ideas in companies with unique business models such as Enercare in the Technology sector

(water heater rental and sub-metering).

We continue to be optimistic about the return potential in the water strategy over the next 18 months. The

portfolio is expected to experience earnings growth combined with an approximate 2% dividend yield. Obviously

market multiples and the degree to which company specific investment theses play out will impact the result. For

2014, we have a wider breadth of exposures and investment theses than in the previous few years, giving us

multiple ways to generate performance.


31 August 2014



19



The KBI Institutional Dividend Plus Emerging Markets Fund generated a return of 18.2% during the period under

review. Emerging markets were under pressure at the beginning of the period as the reduction in liquidity support

from the Federal Reserve put the spotlight on those countries running current account deficits given their reliance on

global liquidity to fund the deficits. Chinese initiatives to clamp down on the shadow banking sector only added to

the air of uncertainty across the region.

As this year progressed however a number of governments introduced self-help measures to dampen the impact of

the global liquidity withdrawal while the rally in global bond markets also alleviated some of the liquidity concerns

across the region. Positive election results in Indonesia and India supported the reform agenda while the emergence

of Marina Silva as a credible Presidential candidate in Brazil gave that market a significant boost. China introduced a

broad ranging reform programme while at the same time continuing to target corruption and shadow bank lending.

Escalating tensions between Russia and the Ukraine dampened investor optimism towards the end of the period. The

overall impact on markets was well contained.

The fund underperformed the benchmark by 2.3% during the period under review. The main contributor to

underperformance was stock selection in China. The underweight position in Chinese internet stock Tencent

Holdings detracted from performance as it registered a rise of 56.8% during the period under review. The

underweight position in major Brazilian banks Banco Bradesco and Itau Unibanco also contributed negatively to

performance. Stock selection was positive in Korea driven by defensive stocks such as Korea Tobacco and Ginseng

and SK Telecom.

Investment Outlook

Interestingly the initial withdrawal of liquidity support exposed specific areas of weakness across emerging markets

and forced the authorities in many countries to adopt self-help measures rather than simply relying on a pick-up in

global growth to rescue the region.

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

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

generate superior returns. There are also some early signs of improving capital discipline as management teams

finally focus on earnings rather than sales.

The strategy will continue to invest in companies which consistently deliver higher Return on Equity (ROE) and

Return on Invested Capital (ROIC) than the market given the prudent and efficient way in which the management

teams finance their businesses. We believe it is these companies (who have the financial capacity to both sustain and

grow their dividends) which will outperform given the need to improve overall profitability and capital management

discipline across the region.


31 August 2014



20



The KBI Institutional Dividend Plus Developed Equity Fund generated a return of 21.4% during the period under

review. Equity markets delivered strong positive returns over the period buoyed by increased confidence in the

sustainability of the United States (US) economic recovery. Economic data was less reassuring in Europe and Japan;

however the prospect of additional monetary stimulus measures enabled investors to look through the short term

weakness.

Economic activity continued to rebound in the US following the weather induced slowdown during the first quarter

of 2014. Despite the improvement in the economic data the Federal Reserve maintained a very supportive monetary

stance given excess capacity in the economy and the absence of significant inflationary pressures. In Europe the

European Central Bank (ECB) was forced to introduce a number of additional measures due to the weak growth and

inflation outlook across the Euro area. The consumption tax hike in Japan created some short term volatility in the

economic data however the government has continued with their programme of general administrative reforms and

this should support future economic performance.

The fund outperformed the benchmark by 0.6% during the period under review. Stock selection was positive in food,

beverage and tobacco driven by merger activity involving Lorillard, Reynolds American and Imperial Tobacco.

Merger activity also contributed to strong relative performance in pharmaceuticals as Pfizer attempted to acquire

AstraZeneca although the initial approach was unsuccessful. Stock selection was disappointing in software as the

defensive nature of the fund with a significant emphasis on free cash flow generation caused us to miss out on the

very strong performance generated by growth stocks such as Google and Facebook.

Investment Outlook

We anticipate that liquidity support will continue to be gradually reduced in the United States as economic activity

returns to a more self-sustaining path. Corporate confidence is clearly improving and is reflected in the increased

level of merger and acquisition activity while corporate capital investment is also recovering gradually.

Outside the US however growth will remain relatively muted in nominal terms and thus we continue to believe that

the search for yield and income will prevail and consequently we will focus on companies that are delivering high,

growing and sustainable dividends. As economic conditions normalise we will increasingly focus our attention on

dividend growth.

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

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

future growth opportunities.


31 August 2014



21



The KBI Institutional Dividend Plus Global Fund generated a return of 21.3% during the period under review.

Developed equity markets delivered strong positive returns over the period buoyed by increased confidence in the

sustainability of the US economic recovery. Economic data was less reassuring in Europe and Japan; however the

prospect of additional monetary stimulus measures enabled investors to look through the short term weakness.

Emerging markets struggled at the beginning of the period due to concerns over defaults in the Chinese shadow

banking sector although they rebounded strongly following the introduction of a number of economic reform

measures across the region.



stance given excess capacity in the economy and the absence of significant inflationary pressures. In Europe the

European Central Bank (ECB) was forced to introduce a number of additional measures due to the weak growth and

inflation outlook across the Euro area. The consumption tax hike in Japan created some short term volatility in the

economic data however the government has continued with their programme of general administrative reforms and

this should support future economic performance. The rebound in United States (US) economic activity is likely to

support export growth across emerging markets while the continued strength in global bond markets has alleviated

some of the liquidity concerns across the region.



Merger activity also contributed to strong relative performance in pharmaceuticals as Pfizer attempted to acquire

AstraZeneca although the initial approach was unsuccessful. Stock selection was disappointing in software as the

defensive nature of the fund with a significant emphasis on free cash flow generation caused us to miss out on the

very strong performance generated by growth stocks such as Google and Facebook.

Investment Outlook



level of merger and acquisition activity while corporate capital investment is also recovering gradually.

Outside the US however growth will remain relatively muted in nominal terms and thus we continue to believe that

the search for yield and income will prevail and consequently we will focus on companies that are delivering high,

growing and sustainable dividends. As economic conditions normalise we will increasingly focus our attention on

dividend growth.





31 August 2014



22



The KBI Institutional Dividend Plus 50/50 Fund generated a return of 20.7% during the period under review.




Economic activity continued to rebound in the United States (US) following the weather induced slowdown during

the first quarter of 2014. Despite the improvement in the economic data the Federal Reserve maintained a very

supportive monetary stance given excess capacity in the economy and the absence of significant inflationary

pressures. In Europe the European Central Bank (ECB) was forced to introduce a number of additional measures due

to the weak growth and inflation outlook across the Euro area. The consumption tax hike in Japan created some short

term volatility in the economic data however the government has continued with their programme of general

administrative reforms and this should support future economic performance.



Positive relative stock selection was delivered in utilities with Spanish utility Enagas and EDP from Portugal

performing strongly. Stock selection was also rewarded in capital goods led by Bouygues in France and Metso in

Finland. Stock selection was disappointing in banks due to the underweight position in Spanish Banco Santander and

the overweight position in Raiffeisen Bank.

Investment Outlook



level of merger and acquisition activity while corporate capital investment is also improving gradually.

Outside the United States (US) however growth will remain relatively muted in nominal terms and thus we continue

to believe that the search for yield and income will prevail and consequently we will focus on companies that are

delivering high, growing and sustainable dividends. As economic conditions normalise we will increasingly focus

our attention on dividend growth.





31 August 2014



23



The KBI Institutional Dividend Plus Eurozone Fund generated a return of 21.4% during the period under review.




While the Eurozone has benefited from the recovery in global economic conditions there are still very few signs of

improving consumer or corporate demand within the region. The European Central Bank (ECB) were forced to

introduce a number of additional measures due to the weak growth and inflation outlook across the Euro area. These

measures included additional interest rate cuts, a targeted long term refinancing operation to support bank lending to

the real economy and the potential purchase of asset backed securities.

While corporate earnings have continued to disappoint across the region, investors are optimistic that the measures

introduced thus far will generate an economic and earnings recovery. Peripheral markets such as Italy and Spain

generated significant equity returns although core countries such as France, Germany and the Netherlands failed to

match the gains recorded by the periphery.

The fund outperformed by 3.9% during the period under review. Positive relative stock selection was generated in

utilities with Spanish utility Enagas and EDP from Portugal performing strongly. Stock selection was also rewarded

in capital goods led by Bouygues in France and Metso in Finland. Stock selection was disappointing in banks due to

the underweight position in Spanish Banco Santander and the overweight position in Raiffeisen Bank.

Investment Outlook

The recovery in the United States (US) economy should continue to support Eurozone exporters. The introduction of

additional monetary support measures should underpin internal growth across the region and should also lead to a

depreciation of the currency. We may finally get to witness the much anticipated recovery in corporate earnings.

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

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

Merger and Acquisition (M&A) activity is less certain however given excess capacity in a number of industries and

the lackluster outlook for revenue growth.





31 August 2014



24



The KBI Institutional Dividend Plus North America Equity Fund was launched on 24 October 2013. The Fund

generated a return of 13.0% during the period under review. Equity markets delivered strong positive returns over the

period buoyed by increased confidence in the sustainability of the United States (US) economic recovery. Economic

data was less reassuring in Europe and Japan; however the prospect of additional monetary stimulus measures

enabled investors to look through the short term weakness.



stance given excess capacity in the economy and the absence of significant inflationary pressures. North American

companies continued to focus on earnings generation despite relatively limited top line growth through the

combination of cost control, capital discipline and share buyback activity.

The Fund underperformed the benchmark by 3.0% during the period under review. The defensive nature of the Fund

with a significant emphasis on free cash flow generation caused us to miss out on some of the very strong

performance generated by growth stocks such as Google and Facebook. Stock selection was particularly

disappointing in diversified financials due to the overweight position in Canadian stock IGM Financial coupled with

underweight positions in more growth oriented stocks such as Morgan Stanley and Berkshire Hathaway. In energy

overweight positions in defensive stocks such as Exxon and Chevron detracted from performance. Stock selection

was positive in food, beverage and tobacco due to the merger agreement between Lorillard and Reynolds American.

Investment Outlook

While we expect that liquidity support will continue to be gradually reduced in the United States we believe that this

reflects a normalisation of economic activity. Corporate confidence is clearly improving and is reflected in the

increased level of merger and acquisition activity while corporate capital investment is also recovering gradually.

As economic conditions have normalised we have increased our emphasis on dividend growth and will continue to

do so over the coming months.


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

growth opportunities.


31 August 2014



25

Directors' Report

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

ended 31 August 2014.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Annual Report and the Company‟s financial statements, in

accordance with applicable law and regulations.

Company law requires the Directors to prepare Company financial statements for each financial year. Under that law

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

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

The Company‟s financial statements are required by law and IFRS as adopted by the EU, to present fairly the

financial position and performance of the Company. The Companies Acts, 1963 to 2013 require the Directors to

prepare financial statements for each financial year which give a true and fair view of the state of affairs of the

Company and of the profit or loss of the Company for that period.

In preparing each of the financial statements, the Directors are required to:

● select suitable accounting policies and then apply them consistently;

● make judgments and estimates that are reasonable and prudent; and

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

Company will continue in business.

The Directors are responsible for keeping proper books of account that disclose with reasonable accuracy at any time

the financial position of the Company and to enable them to ensure that its financial statements are prepared in

accordance with IFRS as adopted by the EU and comply with the Companies Acts 1963 to 2013 and the European

Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended). They

are also responsible for safeguarding the assets of the company. In this regard they have entrusted the assets of the

Company to Northern Trust Fiduciary Services (Ireland) Limited trustee for safekeeping. They have general

responsibility for taking such steps as are reasonably open to them to prevent and detect fraud and other irregularities.

The Directors are also responsible for preparing a Directors‟ Report that complies with the requirements of the

Companies Acts.

Principal Activities

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

Act, 1990.

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

Review of Business and Future Developments

A review of business and future developments is included in the Background to the Company on pages 2 and 3 and the

Investment Manager's Reports on pages 8 to 24.

Results and Dividends

The results and dividends for the year are set out in the Statement of Comprehensive Income on pages 31 to 33.



26

Directors' Report (Continued)

Risk Management objectives and policies

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

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

Events during the year

The Prospectus of the Company was updated on 11 October 2013 providing for the launch of the KBI Institutional

Dividend Plus North America Equity Fund in October 2013, the offering of Swiss Franc share classes on some Sub-

Funds as well as regulatory and taxation updates as required.

The KBI Institutional Dividend Plus North America Equity Fund launched on 23 October 2013.

Mr Patrick Cassells resigned as Company Secretary and was replaced by Ms Andrea Oman on 10 April 2014.

The following Share Classes launched during the period:

KBI Institutional Alternative Energy Fund US Dollar Class C Shares

KBI Institutional Water Fund US Dollar Class A Shares

KBI Institutional Water Fund US Dollar Class C Shares

KBI Institutional Water Fund Sterling Class E Shares

KBI Institutional Water Fund Swiss Franc Class A Shares

KBI Institutional Dividend Plus Emerging Markets Fund Sterling Class E Shares

KBI Institutional Dividend Plus Emerging Markets Fund Sterling Class E (Distributing) Shares

KBI Institutional Dividend Plus Emerging Markets Fund Euro Class B Shares

KBI Institutional Dividend Plus Emerging Markets Fund US Dollar Class B Shares

KBI Institutional Dividend Plus Emerging Markets Fund Canadian Dollar Class A Shares

KBI Institutional Dividend Plus Developed Equity Fund Euro Class B Shares

KBI Institutional Dividend Plus Developed Equity Fund US Dollar Class B (Distributing) Shares

KBI Institutional Dividend Plus Developed Equity Fund Sterling Class A Shares

KBI Institutional Dividend Plus Developed Equity Fund Sterling Class A (Distributing) Shares

KBI Institutional Dividend Plus Developed Equity Fund Euro Class D (Distributing) Shares

KBI Institutional Dividend Plus Developed Equity Fund Canadian Dollar Class A Shares

KBI Institutional Dividend Plus North America Equity Fund US Dollar Class D Shares

KBI Institutional Dividend Plus North America Equity Fund Sterling Class A Shares

KBI Institutional Dividend Plus North America Equity Fund Sterling Class A (Distributing) Shares

KBI Institutional Dividend Plus North America Equity Fund Euro Class D (Distributing) Shares

KBI Institutional Dividend Plus North America Equity Fund US Dollar Class B Shares

KBI Institutional Dividend Plus North America Equity Fund US Dollar Class B (Distributing) Shares

The following Share Classes closed during the period:

KBI Institutional Agri Fund Sterling Class C Shares

KBI Institutional Dividend Plus Developed Equity Fund Euro Class H (Distributing) Shares

Events since the year end

Fiona Mulcahy was appointed director on 7 October 2014.

Directors

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

Frank Joseph Close

Padraig Sheehy Gerard Solan Derval Murray

Patrick Cassells



27


Directors (Continued)

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

KBI KBI

Institutional KBI Institutional

KBI Dividend Institutional Dividend

KBI Institutional KBI KBI Plus Dividend Plus

Institutional Alternative Institutional Institutional Emerging Plus Global Eurozone

Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Fund

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

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

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

Derval Murray 48 594 388 - - 115 173

Patrick Cassells - - - 532 744 12,222 -

Andrea Oman - 1,043 154 - - 408 500

The table below shows the Directors' and Secretary's interests in the Funds of the Company at 31 August 2013:

KBI KBI

Institutional KBI Institutional

KBI Dividend Institutional Dividend

KBI Institutional KBI KBI Plus Dividend Plus

Institutional Alternative Institutional Institutional Emerging Plus Global Eurozone

Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Fund

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

Padraig Sheehy 225 964 774 - 5,116 - 2,166

Gerard Solan 70 - 3,178 - 7,017 22,730 -

Derval Murray 48 599 391 - - 116 174

Patrick Cassells - - - 532 745 12,222 -

Andrea Oman - 852 132 - - 346 417

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

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

Transactions Involving Directors

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

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

Secretary had any interest as defined in the Companies Act, 1990, at any time during the financial year.

Accounting Records

The Directors believe that they have complied with the requirements of Section 202 of the Companies Act, 1990,

with regard to the books of account by employing accounting personnel with appropriate expertise and by providing

adequate resources to the financial function. The Directors have appointed Northern Trust International Fund

Administration Services (Ireland) Limited to maintain proper books of account. The address at which this business

is located is as follows:

George‟s Court

54-62 Townsend Street

Dublin 2

Ireland



28


Transactions with connected parties

Any transaction carried out with a UCITS by a promoter, manager, trustee, investment adviser and/or associated or

group companies of these (“connected parties”) must be carried out as if negotiated at arm‟s length. Transactions must

be in the best interests of the unitholders.

(i) the board of directors are satisfied that there are arrangements (evidenced by written procedures) in place, to

ensure that the obligations set out in paragraph 1 of UCITS 14.5 are applied to all transactions with connected

parties; and

(ii) the board of directors are satisfied that transactions with connected parties entered into during the period

complied with the obligations set out in paragraph 1 of UCITS 14.5.

Independent Auditors

In accordance with Section 160 (2) of the Companies Act, 1963, Deloitte & Touche Chartered Accountants and

Statutory Audit Firm, will continue in office.

On Behalf of the Board of Directors

Director Director

10 December 2014



29

Report of the Custodian to the Shareholders

We have enquired into the conduct of Kleinwort Benson Investors Institutional Fund Plc ("the Company") for the

year from 1 September 2013 to 31 August 2014, in our capacity as Custodian to the Company.

This report including the opinion, has been prepared for and solely for the shareholders in the Company as a body, in

accordance with the Central Bank of Ireland UCITS 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 Custodian

Our duties and responsibilities are outlined in the Central Bank of Ireland UCITS Notice 4. One of those duties is to

enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders.

Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the

provisions of the Company‟s Memorandum and Articles of Association and the UCITS Regulations. It is the overall

responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Custodian

must state why this is the case and outline the steps which we have taken to rectify the situation.

Basis of Custodian Opinion

The Custodian 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 Company 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 Company‟s constitutional

documentation and the appropriate regulations.

Opinion

In our opinion, the Company has been managed during the year, in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by

the Memorandum & Articles of Association and by the European Communities UCITS (Undertakings for

Collective Investments in Transferable Securities) Regulations 2011 (as amended) (the “Regulations”),

as may be amended from time to time.

(ii) otherwise in accordance with the provisions of the Memorandum & Articles of Association and the

Regulations.

For and on behalf of

Northern Trust Fiduciary Services (Ireland) Limited

10 December 2014



30

Independent Auditors` Report to the Shareholders of Kleinwort Benson Investors Institutional Fund Plc

We have audited the financial statements of Kleinwort Benson Investors Institutional Fund Plc (the “Company”) for

the year ended 31 August 2014 which comprise the Statement of Comprehensive Income, the Statement of Financial

Position, the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares and the

Statement of Cash Flows and the related notes 1 to 26. The financial reporting framework that has been applied in

their preparation is Irish law and International Financial Reporting Standards (IFRS) as adopted by the European

Union.

This report is made solely to the company's members, as a body, in accordance with Section 193 of the Companies

Act, 1990. Our audit work has been undertaken so that we might state to the company‟s members those matters we are

required to state to them in an auditors‟ report and for no other purpose. To the fullest extent permitted by law, we do

not accept or assume responsibility to anyone other than the company and the company‟s members as a body, for our

audit work, for this report, or for the opinions we have formed.

Respective responsibilities of directors and auditors

As explained more fully in the Statement of Directors‟ Responsibilities, the directors are responsible for the preparation

of the financial statements 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 Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give

reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or

error. This includes an assessment of: whether the accounting policies are appropriate to the Company‟s circumstances

and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates

made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and

non-financial information in the Annual Report and Audited Financial Statements to identify material inconsistencies

with the audited financial statements and to identify any information that is apparently materially incorrect based on, or

materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware

of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion on financial statements

In our opinion the financial statements:

give a true and fair view, in accordance with IFRSs as adopted by the European Union, of the state of the affairs

of the Company as at 31 August 2014 and of the profit for the year then ended; and

have been properly prepared in accordance with the Companies Acts, 1963 to 2013, and the European

Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, as amended.

Matters on which we are required to report by the Companies Acts, 1963 to 2013

We have obtained all the information and explanations which we consider necessary for the purposes of our audit.

In our opinion proper books of account have been kept by the Company.

The financial statements are in agreement with the books of account.

In our opinion the information given in the directors‟ report is consistent with the financial statements.

Matters on which we are required to report by exception

We have nothing to report in respect of the provisions in the Companies Acts, 1963 to 2013 which require us to report

to you if, in our opinion, the disclosures of directors‟ remuneration and transactions specified by law are not made.

Michael Hartwell

For and on behalf of Deloitte & Touche

Chartered Accountants and Statutory Audit Firm

Dublin

10 December 2014

31



Statement of Comprehensive Income


KBI

KBI KBI Institutional KBI KBI

Cross Holdings Institutional Institutional Alternative Institutional Institutional

Total Company Adjustment Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund

(Note 24)

Year ended Year ended Year ended Year ended Year ended Year ended Year ended

Notes 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014

EUR EUR EUR EUR EUR USD EUR

Income

Operating income 3 39,981,002 - 2,291,683 758,886 1,143,877 3,770,192 1,118,794

Net gains/(losses) on financial assets and liabilities

at fair value through profit or loss 4 174,565,475 (1,158,730) 11,724,785 4,966,782 7,213,634 31,093,009 8,573,384

Total investment income/(loss) 214,546,477 (1,158,730) 14,016,468 5,725,668 8,357,511 34,863,201 9,692,178

Operating expenses 5 (5,543,872) - (114,794) (232,892) (641,456) (1,400,721) (100,502)

Net income/(expense) 209,002,605 (1,158,730) 13,901,674 5,492,776 7,716,055 33,462,480 9,591,676

Finance costs

Distributions to holders of

redeemable participating shares 15 (3,859,867) - - - - - -

Interest expense on financial liabilities

not at fair value through profit or loss (15,233) - - (422) (251) (1,030) (1,586)

Profit/(loss) for the period before tax 205,127,505 (1,158,730) 13,901,674 5,492,354 7,715,804 33,461,450 9,590,090

Non-reclaimable withholding tax (7,165,351) - (12) (125,497) (151,536) (731,231) (191,775)

Profit/(loss) for the period after tax 197,962,154 (1,158,730) 13,901,662 5,366,857 7,564,268 32,730,219 9,398,315

Increase/(decrease) in net assets

attributable to holders of redeemable

participating shares 197,962,154 (1,158,730) 13,901,662 5,366,857 7,564,268 32,730,219 9,398,315

Movement in adjustment from bid to dealing prices 1 b) (730,739) - - (77,343) (90,726) (88,901) (99,793)



participating shares 197,231,415 (1,158,730) 13,901,662 5,289,514 7,473,542 32,641,318 9,298,522

There are no recognised gains or losses arising in the year other than the increase/(decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares of the Company. In arriving at the results of the financial year, all amounts above relate to continuing operations.

The accompanying notes form an integral part of the financial statements



32


For the year ended 31 August 2014 (Continued)

KBI Institutional KBI Institutional KBI Institutional

Dividend Plus Dividend Plus KBI Institutional KBI Institutional KBI Institutional Dividend Plus

Emerging Developed Equity Dividend Plus Dividend Plus Dividend Plus North America

Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund Equity Fund*

Year ended Year ended Year ended Year ended Year ended Period ended

Notes 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014

EUR EUR EUR EUR EUR USD

Income

Operating income 3 6,193,003 16,468,030 2,455,084 797,901 3,083,294 3,944,834

Net gains on financial assets and liabilities

at fair value through profit or loss 4 20,789,132 61,486,885 10,696,169 3,688,584 12,519,846 15,254,704

Total investment income 26,982,135 77,954,915 13,151,253 4,486,485 15,603,140 19,199,538

Operating expenses 5 (423,208) (1,663,703) (386,357) (142,859) (434,456) (509,032)

Net income 26,558,927 76,291,212 12,764,896 4,343,626 15,168,684 18,690,506

Finance costs


redeemable participating shares 15 (797,184) (2,248,519) - - - (1,107,724)


not at fair value through profit or loss (6,580) (3,798) (454) (44) (424) (1,248)

Profit for the period before tax 25,755,163 74,038,895 12,764,442 4,343,582 15,168,260 17,581,534

Non-reclaimable withholding tax (725,348) (3,366,735) (507,668) (164,297) (665,407) (992,710)

Profit for the period after tax 25,029,815 70,672,160 12,256,774 4,179,285 14,502,853 16,588,824

Increase in net assets


participating shares 25,029,815 70,672,160 12,256,774 4,179,285 14,502,853 16,588,824

Movement in adjustment from bid to dealing prices 1 b) (242,055) (105,177) (17,017) (11,306) (19,901) -




There are no recognised gains or losses arising in the year other than the increase in Net Assets Attributable to Holders of Redeemable Participating Shares of the Company. In arriving at the results of the financial year, all amounts above

relate to continuing operations.

The accompanying notes form an integral part of the financial statements.

* Fund launched on 23 October 2013.


Director Director 10 December 2014



33



KBI KBI Institutional KBI Institutional

KBI KBI Institutional KBI KBI Dividend Plus Dividend Plus KBI Institutional KBI Institutional KBI Institutional

Cross Holdings Institutional Institutional Alternative Institutional Institutional Emerging Developed Equity Dividend Plus Dividend Plus Dividend Plus

Total Company Adjustment Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund

(Note 24)

Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended

Notes 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013

EUR EUR EUR EUR EUR USD EUR EUR EUR EUR EUR EUR

Income

Operating income 3 29,614,185 - 2,709,482 699,877 1,054,973 1,718,067 1,075,144 5,191,799 11,083,198 1,876,738 1,531,510 3,077,514

Net gains/(losses) on financial assets and liabilities

at fair value through profit or loss 4 63,525,571 149,981 1,755,091 (1,813,763) 8,151,391 17,828,335 2,903,382 (7,886,855) 28,332,348 3,742,914 4,143,496 10,412,767

Total investment income/(loss) 93,139,756 149,981 4,464,573 (1,113,886) 9,206,364 19,546,402 3,978,526 (2,695,056) 39,415,546 5,619,652 5,675,006 13,490,281

Operating expenses 5 (3,708,989) - (118,940) (263,483) (503,734) (952,967) (78,418) (268,246) (863,940) (266,954) (219,058) (397,402)

Net income/(expense) 89,430,767 149,981 4,345,633 (1,377,369) 8,702,630 18,593,435 3,900,108 (2,963,302) 38,551,606 5,352,698 5,455,948 13,092,879

Finance costs


redeemable participating shares 15 (1,257,864) - - - - - - (357,053) (900,811) - - -


not at fair value through profit or loss (13,391) - (20) (274) - (386) (140) (4,575) (5,570) (1,419) (22) (1,076)

Profit/(loss) for the year before tax 88,159,512 149,981 4,345,613 (1,377,643) 8,702,630 18,593,049 3,899,968 (3,324,930) 37,645,225 5,351,279 5,455,926 13,091,803

Non-reclaimable withholding tax (4,222,572) - (367) (99,237) (87,276) (193,286) (110,955) (630,651) (1,830,067) (301,210) (300,284) (714,703)

Profit/(loss) for the year after tax 83,936,940 149,981 4,345,246 (1,476,880) 8,615,354 18,399,763 3,789,013 (3,955,581) 35,815,158 5,050,069 5,155,642 12,377,100



participating shares at bid prices 83,936,940 149,981 4,345,246 (1,476,880) 8,615,354 18,399,763 3,789,013 (3,955,581) 35,815,158 5,050,069 5,155,642 12,377,100

Movement in adjustment from bid to dealing prices 1 (b) 110,742 - - (35,748) 16,060 (20,142) 32,735 76,667 44,501 848 (1,325) (3,913)



participating shares 84,047,682 149,981 4,345,246 (1,512,628) 8,631,414 18,379,621 3,821,748 (3,878,914) 35,859,659 5,050,917 5,154,317 12,373,187

There are no recognised gains or losses arising in the year other than the increase/(decrease) in Net Assets Attributable to Holders of Redeemable Participating Shares of the Company. In arriving at the results of the financial year, all

amounts above relate to continuing operations.




34

Statement of Financial Position

As at 31 August 2014

KBI




(Note 24)

As at As at As at As at As at As at As at

Notes 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014


Assets

Financial assets at fair value through

profit or loss - held for trading

Transferable securities

Equity investments 1 1,304,008,134 - - 40,667,064 55,069,127 185,698,084 54,125,331

Preference shares 1 8,468,373 - - - - - -

Bonds 1 66,207,794 - 66,207,794 - - - -

Collective Investment Schemes 1 - (7,375,804) - - - - -

Loans and receivables

Cash and cash equivalents 6 12,667,548 - 12,224 291,507 966,643 2,082,828 237,259

Other receivables 7 10,116,150 - 1,955,921 275,784 1,061,290 1,199,682 743,559

Total assets 1,401,467,999 (7,375,804) 68,175,939 41,234,355 57,097,060 188,980,594 55,106,149

Liabilities (excluding net assets attributable to

holders of redeemable participating shares)

Financial liabilities measured at amortised cost

Other payables 9 (4,609,018) - (1,141,146) (329,420) (596,609) (1,064,741) (1,047,004)

Total liabilities (excluding net assets attributable to

holders of redeemable participating shares) (4,609,018) - (1,141,146) (329,420) (596,609) (1,064,741) (1,047,004)

Net assets attributable to holders of

redeemable participating shares 1,396,858,981 (7,375,804) 67,034,793 40,904,935 56,500,451 187,915,853 54,059,145




35


As at 31 August 2014 (Continued)





As at As at As at As at As at As at

Notes 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014


Assets




Equity investments 1 162,192,944 521,555,000 70,761,747 20,116,122 67,521,854 225,267,009

Preference shares 1 8,468,373 - - - - -

Bonds 1 - - - - - -

Collective Investment Schemes 1 - - 6,471,302 904,502 - -


Cash and cash equivalents 6 335,498 4,823,646 332,502 97,848 387,144 4,744,586

Other receivables 7 464,136 3,374,179 631,087 44,094 164,965 645,894

Total assets 171,460,951 529,752,825 78,196,638 21,162,566 68,073,963 230,657,489




Other payables 9 (87,951) (330,834) (61,530) (27,301) (59,142) (157,727)


holders of redeemable participating shares) (87,951) (330,834) (61,530) (27,301) (59,142) (157,727)


redeemable participating shares 171,373,000 529,421,991 78,135,108 21,135,265 68,014,821 230,499,762

*Fund launched on 23 October 2013.



Director Director 10 December 2014



36







(Note 24)

As at As at As at As at As at As at As at As at As at As at As at As at

Notes 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013


Assets




Equity investments 1 746,376,860 - - 32,388,514 40,589,209 98,581,211 46,887,296 117,149,265 283,723,019 45,930,985 34,234,814 70,711,739

Preference shares 1 6,836,049 - - - - - - 4,007,355 - - 507,191 2,321,503

Bonds 1 67,775,427 - 67,775,427 - - - - - - - - -

Collective Investment Schemes 1 - (4,843,666) - - - - - - - 3,452,465 1,391,201 -

Warrants 1 501 - - - 501 - - - - - - -


Cash and cash equivalents 6 9,942,923 - 9,723 492,483 151,938 2,313,892 - 2,512,513 2,334,056 1,711,667 360,096 615,638

Other receivables 7 8,649,496 - 1,869,396 213,521 392,885 879,408 2,235,178 697,435 1,052,399 263,295 80,867 1,177,595

Total assets 839,581,256 (4,843,666) 69,654,546 33,094,518 41,134,533 101,774,511 49,122,474 124,366,568 287,109,474 51,358,412 36,574,169 74,826,475




Bank overdraft 8 (41,087) - - - - - (41,087) - - - - -

Other payables 9 (6,023,189) - (421,681) (35,884) (456,756) (578,981) (2,093,136) (1,560,241) (894,496) (37,170) (31,813) (52,924)


holders of redeemable participating shares) (6,064,276) - (421,681) (35,884) (456,756) (578,981) (2,134,223) (1,560,241) (894,496) (37,170) (31,813) (52,924)


redeemable participating shares at bid prices 833,516,980 (4,843,666) 69,232,865 33,058,634 40,677,777 101,195,530 46,988,251 122,806,327 286,214,978 51,321,242 36,542,356 74,773,551

Adjustment from bid to dealing prices 730,739 - - 77,343 90,726 88,901 99,793 242,055 105,177 17,017 11,306 19,901


redeemable participating shares 834,247,719 (4,843,666) 69,232,865 33,135,977 40,768,503 101,284,431 47,088,044 123,048,382 286,320,155 51,338,259 36,553,662 74,793,452


37



Statement of Changes in Net Assets Attributable to Holders of Redeemable

Participating Shares


KBI




(Note 24)


31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014


Net assets attributable to holders of redeemable

participating shares at beginning of year 834,247,719 (4,843,666) 69,232,865 33,135,977 40,768,503 101,284,431 47,088,044

Increase/(decrease) in net assets resulting from operations 197,231,415 (1,158,730) 13,901,662 5,289,514 7,473,542 32,641,318 9,298,522

Amounts received on issue of redeemable participating shares 581,165,711 (2,156,978) 3,052,296 9,244,262 17,080,974 134,133,726 10,997,301

Amounts paid on redemption of redeemable participating shares (223,543,579) 783,570 (19,152,030) (6,764,818) (8,822,568) (80,143,622) (13,324,722)


resulting from share transactions 357,622,132 (1,373,408) (16,099,734) 2,479,444 8,258,406 53,990,104 (2,327,421)

Notional exchange adjustment†

7,757,715 - - - - - -

Net increase/(decrease) in shareholders' funds 562,611,262 (2,532,138) (2,198,072) 7,768,958 15,731,948 86,631,422 6,971,101


participating shares 1,396,858,981 (7,375,804) 67,034,793 40,904,935 56,500,451 187,915,853 54,059,145

†The Notional Exchange Adjustment arises from the retranslation of the KBI Institutional Water Fund and KBI institutional Dividend Plus North America Equity Fund‟s Statement of Comprehensive Income, Net Assets at the start of the year and Capital Transactions, to the presentation currency of the Company using the exchange rate as at 31 August 2014.




38








Year ended Year ended Year ended Year ended Year ended Period ended

31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014



participating shares at beginning of year 123,048,382 286,320,155 51,338,259 36,553,662 74,793,452 -

Increase in net assets resulting from operations 24,787,760 70,566,983 12,239,757 4,167,979 14,482,952 16,588,824

Amounts received on issue of redeemable participating shares 44,654,212 207,793,144 18,199,284 872,170 3,811,770 229,977,448

Amounts paid on redemption of redeemable participating shares (21,117,354) (35,258,291) (3,642,192) (20,458,546) (25,073,353) (16,066,510)

Increase in net assets

resulting from share transactions 23,536,858 172,534,853 14,557,092 (19,586,376) (21,261,583) 213,910,938

Notional exchange adjustment†

- - - - - -

Net increase in shareholders' funds 48,324,618 243,101,836 26,796,849 (15,418,397) (6,778,631) 230,499,762




†The Notional Exchange Adjustment arises from the retranslation of the KBI Institutional Water Fund and KBI Institutional Dividend Plus North America Equity Fund‟s Statement of Comprehensive Income, Net Assets at the start of the

year and Capital Transactions, to the presentation currency of the Company using the exchange rate as at 31 August 2014.




39








(Note 24)


31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013



participating shares at beginning of year at bid prices 599,300,577 (4,150,379) 72,815,495 29,958,704 32,456,616 100,172,055 39,274,843 87,771,575 132,610,439 38,442,304 30,598,458 60,056,031

Increase/(decrease) in net assets resulting from operations 83,936,940 149,981 4,345,246 (1,476,880) 8,615,354 18,399,763 3,789,013 (3,955,581) 35,815,158 5,050,069 5,155,642 12,377,100

Amounts received on issue of redeemable participating shares 315,625,023 (843,268) 6,113,978 9,359,090 7,645,668 29,542,765 10,878,378 55,659,876 175,125,197 12,884,156 963,638 15,244,486

Amounts paid on redemption of redeemable participating shares (161,840,997) - (14,041,854) (4,782,280) (8,039,861) (46,919,053) (6,953,983) (16,669,543) (57,335,816) (5,055,287) (175,382) (12,904,066)


resulting from share transactions 153,784,026 (843,268) (7,927,876) 4,576,810 (394,193) (17,376,288) 3,924,395 38,990,333 117,789,381 7,828,869 788,256 2,340,420

Notional exchange adjustment† (3,504,563) - - - - - - - - - - -

Net increase/(decrease) in shareholders' funds 234,216,403 (693,287) (3,582,630) 3,099,930 8,221,161 1,023,475 7,713,408 35,034,752 153,604,539 12,878,938 5,943,898 14,717,520


participating shares at end of year at bid prices 833,516,980 (4,843,666) 69,232,865 33,058,634 40,677,777 101,195,530 46,988,251 122,806,327 286,214,978 51,321,242 36,542,356 74,773,551

Adjustment from bid to dealing prices 730,739 - - 77,343 90,726 88,901 99,793 242,055 105,177 17,017 11,306 19,901


participating shares 834,247,719 (4,843,666) 69,232,865 33,135,977 40,768,503 101,284,431 47,088,044 123,048,382 286,320,155 51,338,259 36,553,662 74,793,452

†The Notional Exchange Adjustment arises from the retranslation of the KBI Institutional Water Fund‟s Statement of Comprehensive Income, Net Assets at the start of the year and Capital Transactions, to the presentation currency of the Company using the exchange rate as at 31 August 2013.




40

Statement of Cash Flows


KBI




(Note 24)


31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014


Cash flows from operating activities

Proceeds from sale of investments 752,429,761 783,570 50,601,483 16,384,849 39,907,734 163,194,965 64,477,109

Purchase of investments (1,132,478,030) (2,156,978) (37,266,813) (19,668,388) (47,355,452) (218,990,002) (64,269,352)

Interest received 1,604 - - 18 431 93 -

Dividends received 28,209,931 - - 657,719 876,659 2,949,261 865,685

Other income 3,891,173 - 2,879,696 17,803 72,732 61,067 32,717

Operating expenses paid (5,060,503) - (112,233) (232,223) (622,294) (1,308,334) (93,013)

Net cash (outflow)/inflow from operating activities (353,006,064) (1,373,408) 16,102,133 (2,840,222) (7,120,190) (54,092,950) 1,013,146

Cash flows from financing activities

Distributions paid (4,959,302) - - - - - -

Interest paid (14,800) - (12) (413) (251) (1,030) (1,601)

Share transactions

Amounts received on issue of redeemable participating shares 586,203,026 2,156,978 3,052,296 9,397,215 16,748,673 134,081,451 12,586,353

Amounts paid on redemption of redeemable participating shares (225,233,972) (783,570) (19,152,030) (6,762,821) (8,785,925) (80,135,219) (13,324,722)

Net cash inflow/(outflow) from financing activities 355,994,952 1,373,408 (16,099,746) 2,633,981 7,962,497 53,945,202 (739,970)

Net increase/(decrease) in cash and cash equivalents 2,988,888 - 2,387 (206,241) 842,307 (147,748) 273,176

Cash and cash equivalents at beginning of year* 9,901,836 - 9,723 492,483 151,938 2,313,892 (41,087)

Exchange from cash and cash equivalents (223,176) - 114 5,265 (27,602) (83,316) 5,170

Cash and cash equivalents at end of year 12,667,548 - 12,224 291,507 966,643 2,082,828 237,259

*Cash and Cash Equivalents includes cash at bank, cash held and bank overdraft




41






Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund Equity Fund**

Year ended Year ended Year ended Year ended Year ended Year ended

31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014



Proceeds from sale of investments 87,432,832 218,491,104 29,944,735 30,502,512 60,421,668 45,627,770

Purchase of investments (117,113,326) (394,597,988) (47,136,614) (11,697,572) (42,390,532) (255,609,724)

Interest received 962 113 5 2 - 7

Dividends received 5,447,372 11,806,592 1,805,488 639,406 2,296,332 2,240,863

Other income 37,575 540,439 63,698 25,422 128,169 65,360

Operating expenses paid (394,028) (1,465,865) (356,725) (147,451) (416,857) (351,305)

Net cash (outflow)/inflow from operating activities (24,588,613) (165,225,605) (15,679,413) 19,322,319 20,038,780 (208,027,029)


Distributions paid (1,135,452) (3,009,687) - - - (1,107,724)

Interest paid (6,166) (3,762) (453) (44) (424) (1,248)

Share transactions

Amounts received on issue of redeemable participating shares 44,868,863 206,225,146 17,904,446 877,797 4,806,405 229,977,448

Amounts paid on redemption of redeemable participating shares (21,285,423) (35,258,291) (3,642,192) (20,458,546) (25,073,353) (16,066,510)

Net cash inflow/(outflow) from financing activities 22,441,822 167,953,406 14,261,801 (19,580,793) (20,267,372) 212,801,966

Net (decrease)/increase in cash and cash equivalents (2,146,791) 2,727,801 (1,417,612) (258,474) (228,592) 4,774,937

Cash and cash equivalents at beginning of year* 2,512,513 2,334,056 1,711,667 360,096 615,638 -

Exchange from cash and cash equivalents (30,224) (238,211) 38,447 (3,774) 98 (30,351)

Cash and cash equivalents at end of year 335,498 4,823,646 332,502 97,848 387,144 4,744,586

* Cash and Cash Equivalents includes cash at bank, cash held and bank overdraft.

**Fund launched on 23 October 2013.




42







(Note 24)





Proceeds from sale of investments 517,776,459 - 27,957,260 17,364,615 31,568,309 142,335,670 51,451,577 55,986,218 133,268,593 24,946,247 18,966,032 47,411,613

Purchase of investments (684,108,877) (843,267) (23,029,191) (21,598,332) (33,225,594) (124,151,804) (55,451,307) (95,854,187) (257,381,198) (32,477,255) (20,435,249) (48,864,025)

Interest received 230 - - 31 216 - 3 (40) 2 12 6 -

Dividends received 20,835,526 - (367) 525,992 758,047 1,444,804 862,020 4,296,070 8,455,533 1,495,447 1,161,587 2,176,235

Other income 4,146,811 - 3,117,075 30,662 172,433 28,944 77,528 71,749 355,952 63,897 63,806 171,573

Operating expenses paid (3,575,261) - (122,382) (269,830) (500,688) (961,197) (71,219) (205,846) (791,758) (264,569) (215,303) (398,558)

Net cash (outflow)/inflow from operating activities (144,925,112) (843,267) 7,922,395 (3,946,862) (1,227,277) 18,696,417 (3,131,398) (35,706,036) (116,092,876) (6,236,221) (459,121) 496,838


Distributions paid (158,428) - - - - - - (18,785) (139,643) - - -

Interest paid (21,474) - (20) (274) - (386) (6,054) (6,750) (5,570) (1,413) (22) (1,076)

Share transactions

Amounts received on issue of redeemable participating shares 313,245,246 - 6,113,978 9,206,137 7,638,781 29,542,765 9,289,326 55,445,225 175,053,195 12,836,537 956,799 14,111,444

Amounts paid on redemption of redeemable participating shares (161,671,088) 843,267 (14,041,854) (4,803,837) (8,060,544) (46,919,053) (6,953,983) (17,288,674) (57,335,816) (5,067,274) (175,382) (12,904,066)

Net cash inflow/(outflow) from financing activities 151,394,256 843,267 (7,927,896) 4,402,026 (421,763) (17,376,674) 2,329,289 38,131,016 117,572,166 7,767,850 781,395 1,206,302

Net increase/(decrease) in cash and cash equivalents 6,469,144 - (5,501) 455,164 (1,649,040) 1,319,743 (802,109) 2,424,980 1,479,290 1,531,629 322,274 1,703,140

Cash and cash equivalents at beginning of year* 3,686,006 - 15,475 47,876 1,805,156 856,801 788,133 312,318 890,326 189,650 45,799 (1,088,427)

Exchange from cash and cash equivalents (253,314) - (251) (10,557) (4,178) 137,348 (27,111) (224,785) (35,560) (9,612) (7,977) 925

Cash and cash equivalents at end of year 9,901,836 - 9,723 492,483 151,938 2,313,892 (41,087) 2,512,513 2,334,056 1,711,667 360,096 615,638

*Cash and Cash Equivalents includes cash at bank, cash held and bank overdraft




43

Notes to the Financial Statements


1. Significant Accounting Policies

a) Basis of preparation

The Company is an open ended investment company with variable capital and with segregated liability

between Funds, incorporated in Ireland and authorised by the Central Bank of Ireland as a UCITS pursuant to

the UCITS Regulations. The Company is structured as an umbrella fund consisting of different Funds

comprising one or more Classes. The assets of each Fund will be separate from one another and will be

invested separately in accordance with the investment objective and policies of each Fund.

These financial statements have been prepared in accordance with IFRS as adopted by the European Union

(EU) and in accordance with the provisions of the Companies Act, 1963 to 2013 and the European

Communities Undertakings for Collective Investments in Transferable Securities, Regulation, 2011 (as

amended) (the "UCITS" Regulations).

The preparation of financial statements in conformity with IFRS requires the use of certain critical estimates

and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements

and the reported amounts of revenues and expenses during the reporting period. Although these estimates are

based on management's best knowledge of the amount, event or actions, actual results ultimately may differ

from those estimates.

In preparing the Statement of Cash Flow under IFRS, cash and cash equivalents include cash at bank and in

hand, highly liquid interest bearing securities with original maturities of three months or less and bank

overdrafts.

The financial statements have been prepared on a going concern basis.

International Financial Reporting Standards

Standards and amendments to existing standards effective 1 January 2013

The following accounting standards became effective for the Company for the first time this year:

In December 2011, the IASB amended IFRS 7 „Financial Instruments: Disclosures‟ to include offsetting

requirements for financial assets and liabilities. Simultaneously the IASB made amendments to IAS 32

„Financial Instruments: Presentation‟ to clarify the criteria for offsetting, and also to address inconsistencies in

their application. The amendments affect all entities that have financial assets and liabilities that are either (1)

offset or (2) subject to an enforceable master netting arrangement or similar agreement. This includes

payables and receivables, which may consist of broker balances and cash balances in the same institution.

Entities will be required to disclose both gross information and net information about such financial assets and

liabilities to enable users of financial statements to understand the effect of those arrangements on its financial

position.

The amendments to IFRS 7 are effective for annual periods beginning on or after 1 January 2013, and interim

periods within those annual periods. The amendments to IAS 32 are effective for annual periods beginning on

or after 1 January 2014, and interim periods within those annual periods. These amendments are not expected

to have a significant impact on the Company‟s financial position or performance.

The Company adopted IFRS 10, „Consolidated financial statements‟, which builds on existing principles by

identifying the concept of control as the determining factor in whether an entity should be included within the

consolidated financial statements of the parent company. The standard provides additional guidance to assist

in the determination of control where this is difficult to assess. This standard does not have any impact on the

Company‟s financial position or performance.

The Company adopted IFRS 11, „Joint Arrangements‟, which provides for a more realistic reflection of joint

arrangements by focusing on the rights and obligations of the arrangement, rather than its legal form (as was

previously the case). This standard does not have any impact on the Company‟s financial position or

performance.



44

Notes to the Financial Statements (Continued)


1. Significant Accounting Policies (Continued)

a) Basis of preparation (Continued)

International Financial Reporting Standards (Continued)

Standards and amendments to existing standards effective 1 January 2013 (Continued)

IFRS 12 requires entities to disclose significant judgements and assumptions made in determining whether the

entity controls, jointly controls, significantly influences or has some other interests in other entities. Entities

will also be required to provide more disclosures around certain „structured entities‟. IFRS 12 introduces new

disclosure requirements related to interests in other entities. The adoption of IFRS 12 has impacted the

Company‟s level of disclosures, but has not impacted the Company‟s financial position or results of

operations.

The Company adopted IFRS 13 „Fair Value Measurement‟, which replaces the fair value measurement

guidance spread throughout various IFRS‟s with a single source. IFRS 13 is effective for annual periods

beginning on or after 1 January 2013. The standard defines fair value as the price that would be received to

sell an asset or transfer a liability in an orderly transaction in the principal market, establishes a framework for

measurement and sets out disclosure requirements. The standard does not create any new requirements to

measure assets and liabilities at fair value. The disclosure requirements under IFRS 13 are primarily

disclosures previously effective within IFRS 7. The standard removes the previously existing requirement to

use bid prices for long positions and offer prices for short positions when determining valuations in the

financial statements, and this change has been applied prospectively on adoption of this standard. The

adoption of IFRS 13 requires the Company to provide disclosures on financial assets/liabilities, not at fair

value through profit or loss which are disclosed in Note 3.

New standards, amendments and interpretations effective for annual periods beginning on or after 1 January

2014 and have not been early adopted

The following new standards, amendments and interpretations are not yet effective but will be applied, where

relevant, from their EU endorsed effective date. Where EU effective date differs from the IASB effective date,

these are explained below:

IFRS 9 'Financial Instruments' does not currently have a mandatory effective date and amends IAS 39. IFRS 9

specifies how an entity should classify and measure financial assets, including some hybrid contracts. They

require all financial assets to be classified on the basis of the entity‟s business model for managing the

financial assets and the contractual cash flow characteristics of the financial asset; this classification

includes financial assets initially measured at fair value plus, in the case of a financial asset not at fair value

through profit or loss, particular transaction costs; subsequently measured at amortised costs or fair value.

These requirements improve and simplify the approach for classification and measurement of financial assets

compared with the requirements of IAS 39. They apply a consistent approach to classifying financial assets

and replace the numerous categories of financial assets in IAS 39, each of which had its own classification

criteria. They also result in one impairment method, replacing the numerous impairment methods in IAS 39

that arise from the different classification.

Amendments to IAS 32: „Offsetting financial assets and financial liabilities‟ is effective for annual periods

beginning on or after 1 January 2014. These amendments clarify the offsetting criteria in IAS 32 and address

inconsistencies in their application. This includes clarifying the meaning of „currently has a legally

enforceable right of set-off‟ and that some gross settlement systems may be considered equivalent to net

settlement.



45




a) Basis of preparation (Continued)

International Financial Reporting Standards (Continued)

New standards, amendments and interpretations effective for annual periods beginning on or after 1 January

2014 and have not been early adopted

The amendments to IFRS 10 for Investment Entities defines an investment entity and introduces an

exemption to consolidate particular subsidiaries for investment entities. These amendments require an

investment entity to measure those subsidiaries at fair value through profit or loss in its financial statements.

The amendments also introduce new disclosure requirements for investment entities in IFRS 12, „Disclosure

of Interests in Other Entities”, and IAS 27, “Consolidated and Separate Financial Statements‟. The

amendment is effective from 1 January 2014 and has not been early adopted.

The amendments are not expected to have any impact on the Company‟s financial position or performance. b) Investments

(i) Classification, Recognition and Derecognition

IAS 39 (Revised) sets out the requirements for recognition and measurement of all financial assets

and financial liabilities including derivative instruments. The Company has classified all financial

instruments as financial assets or financial liabilities at fair value through profit or loss on adoption

of IAS39.

The category of financial assets and financial liabilities at fair value through profit or loss

comprises:

Financial instruments held for trading. All derivatives in a net receivable position (positive fair

value) are reported as financial assets held for trading.

Financial instruments designated at fair value through profit or loss upon initial recognition.

These include equities, preference shares, REITs, rights issues, American Depositary Receipts

(“ADRs”), warrants and bonds.

Financial assets that are classified as held to maturity include time deposits. Loans and receivables

include balances due from brokers, deposits and accounts receivable.

Financial liabilities carried at amortised cost include bank overdraft, accounts and other payables.

Financial liabilities arising from Redeemable Shares issued by a Fund are carried at the redemption

amount, representing the Investor's right to a residual interest in that Fund`s assets.

The Company recognises financial assets and financial liabilities on the date it becomes a party to the

contractual provisions of the instrument, and all significant rights and access to the benefits from the

assets, and the exposure to the risks inherent in those benefits, are transferred to the Company. The

Company derecognises financial assets and financial liabilities when all such benefits and risks are

transferred from the Company.



46




b) Investments (Continued)

(i) Classification, Recognition and Derecognition (Continued)

A regular way purchase of financial assets is recognised using trade date accounting. From this date,

any gains and losses, arising from changes in fair value of the financial assets or financial liabilities, are

recorded on an average cost basis.

(ii) Measurement

Financial instruments are measured initially at fair value (transaction price) plus, in the case of a

financial asset or financial liability not at fair value through profit or loss, transaction costs that are

directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction

costs on financial assets and financial liabilities at fair value through profit or loss are expensed

immediately, while on other financial instruments they are amortised.

Subsequent to initial recognition, all instruments classified at fair value through profit or loss are

measured at fair value with changes in their fair value recognised in the Statement of Comprehensive

Income.

Financial assets and financial liabilities, other than those at fair value through profit or loss, are

measured at amortised cost using the effective interest rate method, less impairment loss, if any.

Financial liabilities arising from the redeemable participating shares issued by a Fund, are carried at the

redemption amount, representing the Investors' right to a residual interest in that Fund's assets.

(iii) Fair value measurement principles

The fair value of financial instruments is based on their quoted market prices at the statement of

financial position date without any deduction for estimated future selling costs. Financial assets

and financial liabilities are priced at current mid prices. Prior to 1 January 2013, the quoted market

price used for financial assets held by the Fund was the current bid price; the quoted market price for

financial liabilities was the current asking price. The Fund adopted IFRS 13, „Fair Value measurement‟,

from 1 January 2013; it changed its fair valuation input to utilise the last traded market price for both

financial assets and financial liabilities where the last traded price falls within the bid-ask spread. In

circumstances where the last traded price is not within the bid-ask spread, management will determine

the point within the bid-ask spread that is most representative of fair value.

If a quoted market price is not available on a recognised stock exchange or from a broker/dealer for non-

exchange-traded financial instruments, the fair value of the instrument is estimated using valuation

techniques, including use of recent arm's length market transactions, reference to the current fair

value of another instrument that is substantially the same, discounted cash flow techniques, option

pricing models or any other valuation technique that provides a reliable estimate of prices obtained

in actual market transactions.



47




b) Investments (Continued)

(iv) Impairment

Financial assets that are stated at cost or amortised cost are reviewed at each statement of financial

position date to determine whether there is objective evidence of impairment. If any such indication

exists, an impairment loss is recognised in the Statement of Comprehensive Income as the difference

between the asset‟s carrying amount and the present value of estimated future cash flows discounted

at the financial asset‟s original effective interest rate.

If in a subsequent period the amount of an impairment loss recognised on a financial asset carried at

amortised cost decreases and the decrease can be linked objectively to an event occurring after the

write-down, the write-down is reversed through the Statement of Comprehensive Income.

(v) Offsetting Financial Instruments

Financial assets and financial liabilities are offset and the net amount reported in the Statement of

Financial Position where there is a legally enforceable right to offset the recognised amounts and

there is an intention to settle on a net basis, or realise the assets and settle the liability simultaneously.

(vi) Cash and Cash Equivalents

Cash comprises of current deposits with banks. Cash equivalents are short-term highly liquid

investments that are readily convertible to known amounts of cash, are subject to an insignificant risk

of changes in value, and are held for the purpose of meeting short-term cash commitments rather than

for investment or other purposes.

c) Income

Dividends, gross of foreign withholding taxes, where applicable, are included as income when the security is

declared to be ex-dividend. Bank interest income is accounted for on an effective interest rate. Swap

interest income is credited to the Statement of Comprehensive Income on an accruals basis. Interest income

on fixed and floating rate securities is accounted for on an effective yield basis. Income received arising on

fixed interest securities is recognised as a component of operating income. Further analysis of this

operating income is in Note 3.

d) Fees and charges

Investment management fees, administration fees, custody fees, sub-custody fees and other operating

expenses are charged to the Statement of Comprehensive Income on an accruals basis.

e) Derivative Instruments

There are no open derivative contracts as at 31 August 2014 or 31 August 2013.

f) Collective Investment Schemes

Collective investment schemes which are traded in active markets are valued using quoted market prices at the

statement of financial position date. Collective Investment Schemes which are not publicly traded are normally

valued at the underlying audited net asset value as advised by the managers or administrators of these

Collective Investment Schemes, unless the Investment Manager is aware of good reasons why such a valuation

would not be the most appropriate indicator of fair value.



48




g) Redeemable Participating Shares

Redeemable Participating Shares are redeemable at the Shareholder‟s option and are classified as financial

liabilities. Any distributions on these redeemable participating shares are recognised in the Statement of

Comprehensive Income as finance costs.

h) Gains and Losses on Investments

Realised gains or losses on disposal of investments and financial derivative instruments during the year and

unrealised gains and losses on valuation of investments and financial derivative instruments held at the year

end are dealt with in the Statement of Comprehensive Income.

i ) Taxation

Dividend and interest income received by the Company may be subject to withholding tax imposed in the

country of origin. Investment income is recorded gross of such taxes.

j) Securities Lending

The Company has a securities lending agreement with the Northern Trust Company who act as agent. The agent

in turn has entered into a securities lending agreement with each borrower on terms that the borrower shall deliver

to the Escrow agent, concurrently with or prior to the delivery of the loaned securities, collateral having a market

value at the time of delivery at least such value as determined by the lender or, in the absence of such

determination, at least equal to or in excess of 105% of the market value of the loaned Securities unless the

borrowed securities and collateral are denominated in the same currency then a collateral level of 102% will

apply. The Company uses J.P. Morgan chase Bank, The Bank of New York Mellon and euroclear Bank S.A. as

Escrow agents.

During the year ended 31 August 2014, all Funds were engaged in this programme. Details of their lending is

summarised in Note 12 to the financial statements.

The legal title of the securities on loan remains with the Funds of the Company and therefore these securities

form part of the financial assets at fair value through profit or loss on the Statement of Financial Position.

k ) Distributions

As outlined in the "Background to the Company", KBI Institutional Agri Fund, KBI Institutional Dividend

Plus Emerging Markets Fund, KBI Institutional Dividend Plus Developed Equity Fund, KBI Institutional

Dividend Plus Global Fund, KBI Institutional Dividend Plus Eurozone Fund and KBI Institutional

Dividend Plus North America Equity Fund may distribute. Where applicable, distributions are classified

as Finance Costs in the Statement of Comprehensive Income. See Note 15 for details of distributions.



49




l) Foreign Exchange

The functional and presentational currency of the Company is Euro. The Directors have determined that this

reflects the Company's primary economic environment, as the majority of the Company's Net Assets

Attributable to Holders of Redeemable Participating Shares are in Euro.

Foreign exchange gains and losses on financial assets and financial liabilities at fair value through profit and

loss are recognised together with other changes in the fair value. Net currency gains/(losses) as set out in

Note 4, are net foreign exchange gains and losses on monetary financial assets and financial liabilities other

than those classified at fair value through profit or loss.

Assets and liabilities denominated in foreign currencies, other than the functional currency of the Company,

have been translated at the rate of exchange ruling at 31 August 2014. Transactions in foreign currencies are

translated into Euro at the exchange rate ruling at the date of the transaction. Gains and losses on foreign

exchange transactions are recognised in the Statement of Comprehensive Income in determining the result for

the year.

For the purposes of aggregating the financial statements of the KBI Institutional Water Fund and the KBI

Institutional Dividend Plus North America Equity Fund, the Funds‟ Statement of Comprehensive Income and

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares have been

retranslated into Euro at the average US Dollar exchange rate. The Statement of Financial Position has been

retranslated into the Euro value at the year end US Dollar exchange rate. This method of translation has no

effect on the Net Asset Value of the individual Funds.

The following EUR exchange rates were used to convert investments, assets and liabilities to the functional

currency of the Company:

As at As at

31 August 2014 31 August 2013

EUR 1=

Australian Dollar 1.4083 1.4805

Brazilian Real 2.9473 3.1346

Canadian Dollar 1.4288 1.3910

Chilean Peso 778.9920 672.2750

Colombian Peso 2,526.9822 2,553.6008

Czech Koruna 27.7525 25.7775

Danish Krone 7.4500 7.4598

Hong Kong Dollar 10.2085 10.2250

Indonesian Rupiah 15,407.9460 14,399.1120

Israeli Shekel 4.7003 4.7698

Japanese Yen 136.8373 129.3744

Korean Won 1,335.5749 1,463.7119

Malaysian Ringgit 4.1518 4.3313

Mexican Peso 17.2230 17.6059

New Zealand Dollar 1.5735 1.7046

Norwegian Krone 8.1366 8.0810

Philippine Peso 57.4299 58.8096

Polish Zloty 4.2115 4.2693



50




l) Foreign Exchange (Continued)

As at As at


EUR 1=

Pound Sterling 0.7931 0.8524

Singapore Dollar 1.6438 1.6835

South African Rand 14.0089 13.5038

Swedish Krona 9.1826 8.7531

Swiss Franc 1.2064 1.2295

Taiwan Dollar 39.3718 39.4584

Thailand Bhat 42.0714 42.4457

Turkish Lira 2.8285 2.6876

US Dollar 1.3180 1.3186

The following USD exchange rates were used to convert investments, assets and liabilities to the functional

currency of the Company:

As at As at


USD 1=




Euro 0.7592 0.7584


Japanese Yen 103.8850 98.1150

Korean Won 1,013.9500 1,110.0500








The year average exchange rates used to convert income, gains/(losses) and expenses to the functional currency

of the Company were:

Year ended Year ended

USD 1 = 31 August 2014 31 August 2013




Euro 0.7350 0.7648




51




l) Foreign Exchange (Continued)

The year average exchange rates used to convert income, gains/(losses) and expenses to the functional currency

of the Company were: (Continued)


USD 1 = 31 August 2014 31 August 2013

Japanese Yen 101.6229 91.0118

Korean Won 1,051.1114 1,105.0028








m) Transaction costs

Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss.

They include fees and commissions paid to agents, advisors, brokers and dealers, and local taxes and levies.

Transaction costs, when incurred, are included as part of the cost of such purchases.

Transaction costs are included in realised and unrealised gain/loss on investments and the amounts are

disclosed in note 22.

n) Valuation Point

As the year end fell on a Sunday, the valuation point used to value the securities for the purpose of the

financial statements is that of 29 August 2014. Reference to 31 August 2014 throughout the financial

statements is actually for 29 August 2014, the last business day of the year.

2. Financial Risk Management

Strategy in using Financial Instruments

The Company consists of eleven Funds (2013: ten). The investment objectives of the Funds are

summarised in the "Background to the Company" on pages 2 and 3.

Day-to-day risk management is undertaken by the Investment Manager, as detailed in the sections below. The

Administrator and Custodian report separately to the Directors on a quarterly basis.

The Funds are subject to a number of investment restrictions imposed by external regulators or self-

imposed by the Prospectus and Memorandum and Articles of Association. These restrictions are intended to

reduce the risks associated with the Funds' financial instruments. The Investment Manager also reports

monthly to the Directors on whether the Funds have been operated in accordance with the investment

guidelines as defined in the Prospectus as well as any self-imposed limitations.



52



2. Financial Risk Management (Continued)

Strategy in using Financial Instruments (Continued)

In pursuing its investment objective, the Company is exposed to a variety of financial risks: market risk

(including market price risk, interest rate risk and currency risk), credit risk and liquidity risk that could result

in a reduction in the Company's net assets. The Investment Manager's overall risk management programme

focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the

Funds' financial performance.

These policies for managing risk have been applied throughout the year.

Market Risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because

of changes in market prices. Market risk comprises three types of risk: foreign currency risk, interest rate risk

and market price risk.

The Investment Manager moderates market risk through a careful selection of securities and other financial

instruments within specified limits. The maximum risk resulting from financial instruments is determined by

the fair value of the financial instruments. The Funds' overall market positions are monitored on a daily basis

by the Company's Investment Manager and are reviewed on a regular basis by the Board of Directors.

At 31 August 2014, the Company's market risk is affected by three main components:

(a) changes in actual market prices ("market price risk"),

(b) foreign currency movements ("foreign currency risk"), and,

(c) interest rate movements ("interest rate risk").

(a) Market Price Risk

Market price risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate

because of changes in market prices.

The Company‟s equities, debt securities and collective investment schemes are susceptible to market price

risk arising from uncertainties about future prices of the instruments.

The Directors of the Company manage the market price risks inherent in the investment portfolio by ensuring

full and timely access to relevant information from the Investment Manager. The Board meets regularly and at

each meeting reviews investment performance and overall market positions. The Directors monitor the

Investment Managers' compliance with the Company's objectives. There were no material changes to the

Company's policies and processes for managing market risk and the methods and assumptions used to

measure risk during the year. The Sub-Funds do not currently invest in derivative instruments and are not

involved in netting or hedging arrangements. The KBI Institutional Long Bond Fund is a long-only bond

fund. The remaining Sub-Funds of the Company are long-only equity funds. The global exposure is calculated

weekly for the KBI Institutional Long Bond Fund and daily for the remaining Sub-Funds by the Funds‟

administrator in the calculation of the net asset value. In the event that a Sub-Fund is exposed to derivative

instruments or netting or hedging activity, global exposure will be calculated based on the Commitment

Approach as outlined in the Company‟s Risk Management Procedure („RMP‟) document.

Details of the nature of the Funds' investment portfolios at the statement of financial position date are

disclosed in the Schedule of Investments on pages 118 to 213.



53




Market Risk (Continued)

Market price risk - Sensitivity analysis

If equity, warrant and collective investment scheme prices had increased by 25% and bond prices had increased by 15% (2013:10%), at the Statement of Financial Position date, with all other variables held constant, this would have increased net assets attributable to holders of redeemable participating shares of the Funds as follows:

KBI KBI Institutional KBI Institutional KBI Institutional

KBI KBI Institutional KBI KBI Dividend Plus Dividend Plus KBI Institutional KBI Institutional KBI Institutional Dividend Plus

Institutional Institutional Alternative Institutional Institutional Emerging Developed Equity Dividend Plus Dividend Plus Dividend Plus North America

Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund Equity Fund

As at 31 August 2014 EUR EUR EUR USD EUR EUR EUR EUR EUR EUR USD

Investment assets

Equities - 10,166,766 13,767,282 46,424,521 13,531,333 42,665,329 130,388,750 17,690,437 5,029,031 16,880,464 56,316,752

Bonds 9,931,169 - - - - - - - - - -

Collective Investment Schemes - - - - - - - 1,617,826 226,126 - -

Total investment assets 9,931,169 10,166,766 13,767,282 46,424,521 13,531,333 42,665,329 130,388,750 19,308,263 5,255,157 16,880,464 56,316,752



Institutional Institutional Alternative Institutional Institutional Emerging Developed Equity Dividend Plus Dividend Plus Dividend Plus

Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund

As at 31 August 2013 EUR EUR EUR USD EUR EUR EUR EUR EUR EUR

Investment assets

Equities - 8,097,129 10,147,302 24,645,303 11,721,824 30,289,155 70,930,755 11,482,746 8,685,501 18,258,311

Bonds 6,777,543 - - - - - - - - -

Warrants - - 125 - - - - - - -

Collective Investment Schemes - - - - - - - 863,116 347,800 -

Total investment assets 6,777,543 8,097,129 10,147,427 24,645,303 11,721,824 30,289,155 70,930,755 12,345,862 9,033,301 18,258,311

Conversely, if equity and collective investment scheme prices had decreased by 25% and bond prices had decreased by 15% (2013: 10%), at the statement of financial position date, with all other variables held constant, this

would have decreased net assets attributable to holders of redeemable participating shares of the Funds by an equal amount. Actual trading results could differ from the above sensitivity analysis and these differences may be

material.

(NB: the above sensitivity analysis is based on the assumption that only equities, collective investment schemes and bonds are exposed to market price risk).



54





(b) Currency Risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Certain of the Funds' assets, liabilities and income are denominated in currencies other

than Euro with the exception of the KBI Institutional Water Fund and the KBI Institutional Dividend Plus North America Equity Fund whose assets, liabilities and income are denominated in currencies other than US Dollars. They are,

therefore, exposed to currency risk as the value of the securities denominated in other currencies will fluctuate due to changes in exchange rates. Income denominated in foreign currencies is converted to the base currency of the Fund on recognition (accruals basis).

In accordance with Company policy, the Investment Manager monitors the Funds' currency position on a daily basis and the Board of Directors reviews it on a regular basis.

There were no material changes to the Company‟s policies and processes for managing currency risk and the methods used to measure risk during the year.

The tables below document the Funds' exposure to currency risks as at 31 August 2014 and 31 August 2013. All figures are stated in the base currency of the Fund (noted in parentheses).


USD Total

Monetary assets 12 12

Net exposure 12 12

KBI Institutional Agri Fund (EUR'000) AUD BRL CAD CHF GBP HKD ILS NOK SGD USD ZAR Total

Monetary assets - 125 - - - - - - 2 169 - 296

Non-monetary assets 720 3,773 1,463 2,629 1,302 41 565 1,266 3,249 19,493 622 35,123

Monetary liabilities - - - - (81) - - - - - - (81)

Spot Contracts - - - - 2 - - - (2) - - -

Net exposure 720 3,898 1,463 2,629 1,223 41 565 1,266 3,249 19,662 622 35,338

CAD CHF GBP HKD TWD USD Total

Monetary assets 41 - 318 - - 920 1,279

Non-monetary assets 2,498 1,190 6,813 3,329 766 26,931 41,527

Monetary liabilities - - - - - (459) (459)

Spot Contracts - - - - - - -

Net exposure 2,539 1,190 7,131 3,329 766 27,392 42,347

KBI Institutional Water Fund (USD'000) AUD CAD CHF EUR GBP INR JPY MXN Total

Monetary assets - 54 - 289 739 - 35 - 1,117

Non-monetary assets 1,785 16,845 8,782 16,455 26,904 693 9,049 1,869 82,382

Monetary liabilities - (151) - - (119) - - - (270)

Net exposure 1,785 16,748 8,782 16,744 27,524 693 9,084 1,869 83,229

KBI Institutional Long Bond Fund (EUR'000)

KBI Institutional Alternative Energy Fund (EUR'000)



55





(b) Currency Risk (Continued)



(EUR'000) BRL CAD CHF GBP HKD JPY SGD USD Total

Monetary assets 189 19 - 108 - - - 456 772

Non-monetary assets 2,316 4,370 2,187 4,955 879 824 1,484 27,762 44,777

Monetary liabilities (91) (43) - - - - - (309) (443)

Net exposure 2,414 4,346 2,187 5,063 879 824 1,484 27,909 45,106

BRL CLP COP CZK GBP HKD IDR INR KRW MXN MYR PHP

Monetary assets 108 - - - - 117 4 - - 2 18 -

Non-monetary assets 16,160 4,666 4,666 3,650 - 34,678 4,612 11,069 23,564 6,943 4,312 754

Monetary liabilities (5) - - - (601) - - - - - - -

Net exposure 16,263 4,666 4,666 3,650 (601) 34,795 4,616 11,069 23,564 6,945 4,330 754

PLN THB TRL TWD USD ZAR Total

Monetary assets - 53 - 229 100 36 667

Non-monetary assets 1,801 4,515 3,378 24,318 7,133 14,443 170,662

Monetary liabilities - - - - - - (606)

Net exposure 1,801 4,568 3,378 24,547 7,233 14,479 170,723

AUD CAD CHF GBP HKD JPY NOK SEK SGD USD Total

Monetary assets 409 193 - 575 - 56 9 - 296 1,028 2,566

Non-monetary assets 19,709 54,145 12,527 56,004 1,477 42,339 6,000 13,281 1,080 261,945 468,507

Monetary liabilities - - - (1,290) - - - - - - (1,290)

Net exposure 20,118 54,338 12,527 55,289 1,477 42,395 6,009 13,281 1,376 262,973 469,783


Monetary assets 35 25 - 90 - 9 1 - 43 148 351

Non-monetary assets 2,654 7,413 1,704 7,618 196 5,731 786 1,802 139 35,566 63,609

Net exposure 2,689 7,438 1,704 7,708 196 5,740 787 1,802 182 35,714 63,960

KBI Institutional Dividend Plus Emerging Markets Fund (EUR'000)

KBI Institutional Dividend Plus Developed Equity Fund (EUR'000)

KBI Institutional Dividend Plus Global Fund (EUR'000)

56










Monetary assets 9 4 - 14 - 25 - - 14 25 91

Non-monetary assets 408 1,129 267 1,180 31 848 125 281 23 5,392 9,684

Net exposure 417 1,133 267 1,194 31 873 125 281 37 5,417 9,775

USD Total

Monetary assets 4 4

Net exposure 4 4

CAD EUR GBP Total

Monetary assets 819 316 - 1,135

Non-monetary assets 38,655 - - 38,655

Monetary liabilities - - (114) (114)

Net exposure 39,474 316 (114) 39,676

KBI Institutional Dividend Plus 50/50 Fund (EUR'000)

KBI Institutional Dividend Plus Eurozone Fund (EUR'000)

KBI Institutional Dividend Plus North America Equity Fund (USD'000)


KBI Institutional Long Bond

Fund (EUR'000) USD Total

Monetary assets 8 8

Net exposure 8 8

KBI Institutional Agri Fund (EUR'000) AUD BRL CAD CHF GBP HKD ILS INR MYR NOK SGD USD ZAR Total

Monetary assets - - - - 26 - 14 - - - 52 - 92

Non-monetary assets 849 2,841 783 2,206 323 144 739 224 593 1,326 2,329 16,432 517 29,306

Net exposure 849 2,841 783 2,206 349 144 753 224 593 1,326 2,329 16,484 517 29,398

AUD CAD CHF DKK GBP HKD JPY USD Total

Monetary assets - 2 - - 30 1 - 234 267

Non-monetary assets 175 1,944 1,915 266 5,665 2,787 1,317 14,593 28,662

Monetary liabilities - - - - - - - (375) (375)

Spot Contracts - - - - - - - 189 189

Net exposure 175 1,946 1,915 266 5,695 2,788 1,317 14,641 28,743


(EUR'000)

57









KBI Institutional Water Fund (USD'000) BRL CAD CHF EUR GBP HKD INR JPY PHP Total

Monetary assets 79 10 458 538 153 101 - 73 - 1,412

Non-monetary assets 2,269 7,051 7,510 9,098 5,100 314 1,042 13,033 622 46,039

Monetary liabilities (123) 11 - (57) (145) - - (73) - (387)

Spot Contracts - - (226) - - - - - - (226)

Net exposure 2,225 7,072 7,742 9,579 5,108 415 1,042 13,033 622 46,838

BRL CAD CHF GBP HKD INR JPY NOK SGD USD Total

Monetary assets - 11 - 33 - - 76 - 122 397 639

Non-monetary assets 724 2,323 3,225 3,837 1,419 205 1,883 1,097 1,491 22,966 39,170

Monetary liabilities - - (32) (350) (124) - (105) - (58) (568) (1,237)

Spot Contracts - - - (33) 124 - (28) - (122) 419 360

Net exposure 724 2,334 3,193 3,487 1,419 205 1,826 1,097 1,433 23,214 38,932

BRL CHF COP CZK GBP HKD IDR INR KRW MXN MYR PHP

Monetary assets 98 - - 34 26 157 - 1 - 11 18 -

Non-monetary assets 10,027 3,759 1,331 2,138 - 25,686 2,339 7,117 13,412 9,394 3,919 1,838

Monetary liabilities (12) - - - - (256) (48) (115) (181) - (72) (40)

Net exposure 10,113 3,759 1,331 2,172 26 25,587 2,291 7,003 13,231 9,405 3,865 1,798

PLN THB TRL TWD USD ZAR Total

Monetary assets 63 30 - 286 1,251 75 2,050

Non-monetary assets 2,604 2,933 1,321 18,971 3,336 11,275 121,400

Monetary liabilities - (13) (16) (254) - - (1,007)

Spot Contracts - - 16 - - - 16

Net exposure 2,667 2,950 1,321 19,003 4,587 11,350 122,459

AUD CAD CHF GBP HKD JPY NOK NZD SEK SGD USD Total

Monetary assets 129 102 6,960 789 - 38 - - - 20 652 8,690

Non-monetary assets 11,523 28,610 - 25,318 959 25,029 3,418 839 7,427 506 138,954 242,583

Net exposure 11,652 28,712 6,960 26,107 959 25,067 3,418 839 7,427 526 139,606 251,273

KBI Institutional GESS Fund (EUR'000)


(EUR'000)

KBI Institutional Dividend Plus Developed Equity Fund (EUR'000)



58








Monetary assets 21 16 - 46 - 40 - - - 3 1,080 1,206

Non-monetary assets 1,856 4,639 1,118 4,096 156 4,043 544 142 1,203 82 22,530 40,409

Net exposure 1,877 4,655 1,118 4,142 156 4,083 544 142 1,203 85 23,610 41,615


Monetary assets 11 7 - 19 - 3 - - - 1 51 92

Non-monetary assets 759 1,904 455 1,683 62 1,663 227 57 493 34 9,246 16,583

Net exposure 770 1,911 455 1,702 62 1,666 227 57 493 35 9,297 16,675

USD Total

Monetary assets 19 19

Net exposure 19 19

KBI Institutional Dividend Plus Eurozone Fund (EUR'000)

KBI Institutional Dividend Plus Global Fund (EUR'000)

KBI Institutional Dividend Plus 50/50 Fund (EUR'000)

59








Currency risk - Sensitivity analysis

At the statement of financial position date, had the Euro and the US Dollar changed by 15% in relation to all currencies, with all other variables held constant, net assets attributable to holders of redeemable participating shares and the

change in net assets attributable to holders of redeemable participating shares, would have changed by the amounts shown below:

KBI Institutional Long Bond Fund (EUR'000) USD Total

As at 31 August 2014 2 2


KBI Institutional Agri Fund (EUR'000) AUD BRL CAD CHF GBP HKD ILS INR MYR NOK SEK SGD USD ZAR Total

As at 31 August 2014 108 585 220 394 184 6 85 - - 190 - 487 2,949 93 5,301

As at 31 August 2013 127 426 117 331 52 22 113 34 89 199 349 - 2,473 78 4,410

KBI Institutional Alternative Energy Fund (EUR'000) AUD CAD CHF DKK GBP HKD JPY TWD USD Total

As at 31 August 2014 - 381 178 - 1,070 499 - 115 4,109 6,352

As at 31 August 2013 26 292 287 40 854 418 198 - 2,196 4,311

KBI Institutional Water Fund (USD'000) AUD BRL CAD CHF EUR GBP HKD INR JPY MXN PHP Total

As at 31 August 2014 268 - 2,512 1,317 2,511 4,129 - 104 1,363 280 - 12,484

As at 31 August 2013 - 334 1,061 1,161 1,437 766 62 156 1,955 - 93 7,025

KBI Institutional GESS Fund (EUR'000) AUD BRL CAD CHF GBP HKD INR JPY KRW NOK SGD USD Total

As at 31 August 2014 - 362 652 328 759 132 - 124 - - 223 4,186 6,766

As at 31 August 2013 - 109 350 479 523 213 31 274 - 165 215 3,482 5,841

Actual trading results could differ from the above sensitivity analysis and these differences may be material.



60






Currency risk - Sensitivity analysis (Continued)




(EUR'000) BRL CHF CLP COP CZK GBP HKD IDR INR KRW MXN MYR PHP

As at 31 August 2014 2,439 - 700 700 548 (90) 5,219 692 1,660 3,535 1,042 649 113

As at 31 August 2013 1,517 564 - 200 326 4 3,838 344 1,050 1,985 1,411 580 270


(EUR'000) (Continued) PLN THB TRL TWD USD ZAR Total

As at 31 August 2014 270 685 507 3,682 1,085 2,172 17,207

As at 31 August 2013 400 443 198 2,850 688 1,703 18,371


(EUR'000) AUD CAD CHF GBP HKD JPY NOK NZD ILS SEK SGD USD Total

As at 31 August 2014 3,018 8,151 1,879 8,293 222 6,359 901 - - 1,992 206 39,446 70,467

As at 31 August 2013 1,748 4,307 1,044 3,916 144 3,760 513 126 - 1,114 79 20,941 37,692

KBI Institutional Dividend Plus Global Fund (EUR'000) AUD CAD CHF GBP HKD ILS JPY NOK NZD SEK SGD USD Total

As at 31 August 2014 403 1,116 256 1,156 30 - 861 118 - 270 27 5,357 9,594

As at 31 August 2013 282 698 168 621 23 - 612 82 21 180 13 3,542 6,242

KBI Institutional Dividend Plus 50/50 Fund (EUR'000) AUD CAD CHF GBP HKD JPY NOK NZD SEK SGD USD Total

As at 31 August 2014 62 170 40 179 5 131 19 - 42 5 813 1,466

As at 31 August 2013 116 287 68 255 9 250 34 9 74 5 1,395 2,502

Actual trading results could differ from the above sensitivity analysis and these differences may be material.



61






Currency risk - Sensitivity analysis (Continued)



KBI Institutional Dividend Plus Eurozone Fund (EUR'000) USD Total



KBI Institutional Dividend Plus North America Equity Fund CAD EUR GBP Total

As at 31 August 2014 5,921 47 (17) 5,951

As at 31 August 2013 - - - -

(c) Interest Rate Risk

The Funds' interest bearing financial assets and financial liabilities expose them to risks associated with the effects of fluctuations in the prevailing levels of market interest rates on their financial position and cash flows.

Interest rate risk is managed, in part, by the security selection process of the Investment Manager which includes predictions of future events and their impact on interest rates, diversification and duration. In accordance with Company

policy, the Investment Manager monitors the Funds' overall interest sensitivity on a daily basis and the Board of Directors review it on a regular basis. There were no material changes to the Company's policies and processes for managing

interest rate risk and the methods used to measure risk since the prior year end.

As at the Statement of Financial Position date, only the KBI Institutional Long Bond Fund had significant exposure to interest rate risk. The tables overleaf summarise the KBI Institutional Long Bond Fund's exposure to interest rate risk. It

includes the Fund's assets and trading liabilities at fair values, categorised by the earlier of contractual re-pricing or maturity dates.

62







(c) Interest Rate Risk (Continued)

KBI Institutional Long Bond Fund Non-interest

< 1 year 1 - 5 years > 5 years bearing Total

As at 31 August 2014 EUR EUR EUR EUR EUR

Assets

Financial assets at fair value through profit or loss

Bonds - - 66,207,794 - 66,207,794


Securities Sold Receivable - - - 1,067,123 1,067,123

Other Receivables - - - 888,798 888,798

Cash and cash equivalents 12,224 - - - 12,224

Total assets 12,224 - 66,207,794 1,955,921 68,175,939

Liabilities


Other Payables - - - (20,521) (20,521)

Redeemable participating shares - - - - -

Purchase of securities awaiting settlement - - - (1,120,625) (1,120,625)

Total liabilities (excluding net assets attributable to redeemable participating shares) - - - (1,141,146) (1,141,146)

Total interest sensitivity gap 12,224 - 66,207,794 814,775 67,034,793

KBI Institutional Long Bond Fund Non-interest

< 1 year 1 - 5 years > 5 years bearing Total

As at 31 August 2013 EUR EUR EUR EUR EUR

Assets

Financial assets at fair value through profit or loss

Bonds - - 67,775,427 - 67,775,427


Securities Sold Receivable - - - 698,695 698,695

Other Receivables - - - 1,170,701 1,170,701

Cash and cash equivalents 9,723 - - - 9,723

Total assets 9,723 - 67,775,427 1,869,396 69,654,546

Liabilities


Other Payables - - - (17,960) (17,960)

Redeemable participating shares - - - - -

Purchase of securities awaiting settlement - - - (403,721) (403,721)

Total liabilities (excluding net assets attributable to redeemable participating shares) - - - (421,681) (421,681)

Total interest sensitivity gap 9,723 - 67,775,427 1,447,715 69,232,865

The sensitivity analysis of the Interest Rate Risk was performed as part of the Sensitivity Analysis of the Market Price Risk.



63




Credit Risk

The Company takes on exposure to credit risk, which is the risk that a counterparty or an issuer will be unable to pay amounts in full when due. Impairment provisions are provided for losses that have been incurred by the Statement of

Financial Position date, if any.

The carrying amounts of financial assets best represent the maximum credit risk exposure at the Statement of Financial Position date. In accordance with Company policy, the Investment Manager monitors the Funds' overall credit risk

on a daily basis and the Board of Directors review it on a regular basis. There were no material changes to the Company's policies and processes for managing credit risk and the methods used to measure risk since the prior year end.

As at the Statement of Financial Position date, the Funds' financial assets exposed to credit risk amounted to the following:

KBI

KBI Institutional KBI

KBI KBI Institutional Dividend Plus KBI KBI KBI Institutional

Institutional KBI Institutional KBI KBI Dividend Plus Developed Institutional Institutional Institutional Dividend Plus

Long Bond Institutional Alternative Institutional Institutional Emerging Equity Dividend Plus Dividend Plus Dividend Plus North America

Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund Equity Fund

EUR EUR EUR USD EUR EUR EUR EUR EUR EUR USD


Investments in debt instruments 66,207,794 - - - - - - - - - -

Cash and cash equivalents 12,224 291,507 966,643 2,082,828 237,259 335,498 4,823,646 332,502 97,848 387,144 4,744,586

Interest and other receivables 1,955,921 275,784 1,061,290 1,199,682 743,559 464,136 3,374,179 631,087 44,094 164,965 645,894

68,175,939 567,291 2,027,933 3,282,510 980,818 799,634 8,197,825 963,589 141,942 552,109 5,390,480

KBI

Institutional

Long Bond Fund

KBI

Institutional

Agri Fund

KBI

Institutional

Alternative

Energy Fund

KBI

Institutional

Water Fund

KBI

Institutional

GESS Fund

KBI

Institutional

Dividend Plus

Emerging

Markets Fund

KBI

Institutional

Dividend Plus

Developed

Equity Fund

KBI

Institutional

Dividend Plus

Global Fund

KBI

Institutional

Dividend Plus

50/50 Fund

KBI

Institutional

Dividend Plus

Eurozone Fund

EUR EUR EUR USD EUR EUR EUR EUR EUR EUR


Investments in debt instruments 67,775,427 - - - - - - - - -

Cash and cash equivalents 9,723 492,483 151,938 2,313,892 - 2,512,513 2,334,056 1,711,667 360,096 615,638

Interest and other receivables 1,869,396 213,521 392,885 897,408 2,235,178 697,435 1,052,399 263,295 80,867 1,177,595

69,654,546 706,004 544,823 3,211,300 2,235,178 3,209,948 3,386,455 1,974,962 440,963 1,793,233

The amounts in the above tables are based on the carrying value of all accounts.

All transactions in listed securities are settled/paid for upon delivery using approved brokers. The risk of default is considered minimal, as delivery of securities sold is only made once the broker has received payment. Payment is made on a purchase once the securities have been received by the broker. The trade will fail if either party fails to meet its obligation.

Each Fund's Investment Manager analyses credit concentration based on the counterparty of the financial assets that the Fund holds. Details of counterparties, where applicable, are disclosed in the Schedules of Investments.

Substantially all of the cash assets are held with the Northern Trust Company, London Branch (NTC). Cash deposited with NTC is deposited as banker and is held on its Balance Sheet. Accordingly, in accordance with usual banking

practice, NTC liability to the Fund in respect of such cash deposits shall be that of debtor and the Fund will rank as a general creditor of NTC. The financial assets are held with the Custodian, Northern Trust Fiduciary Services (Ireland) Limited. These assets are held distinct and separately from the proprietary assets of the Custodian. Securities are clearly recorded to ensure they are held on behalf of the Fund. Bankruptcy or insolvency of the Custodian and or one of its

agents or affiliates may cause the Fund‟s rights with respect to the securities held by the Custodian to be delayed.

64






Credit Risk (Continued)

Both Northern Trust Fiduciary Services (Ireland) Limited and the Northern Trust Company, London Branch are wholly owned subsidiaries of Northern Trust Corporation. As at 31 August 2014 Northern Trust Corporation had a long

term rating from Standard & Poor‟s of A+.

Risk is managed by monitoring the credit quality and financial positions of the Custodian the Company uses.

Northern Trust acts as its own sub-custodian in the U.S., the U.K., Ireland and Canada. In all other markets Northern Trust appoints a local sub - custodian. Northern Trust continually reviews its sub-custodian network to ensure clients

have access to the most efficient, creditworthy and cost-effective provider in each market.

The Company has a securities lending agreement with The Northern Trust Co. who act as agent. The agent in turn has entered into a securities lending agreement on behalf of the Company, with each borrower on terms that the

borrower shall deliver to the Escrow agent, concurrently with or prior to the delivery of the loaned securities, collateral having a market value at the time of delivery of at least equal to or in excess of 102%, where the collateral currency equals the security currency or 105% of the market value of the loaned securities in all other cases. Note 12 contains details of the securities lending agreement.

The Funds invest in debt securities, which have an investment grade as rated by a well-known rating agency. For unrated assets a rating is assigned using an approach that is consistent with rating agencies.

KBI Institutional Long Bond Fund - Portfolio by rating category 31 August 2014 31 August 2013

Rating EUR EUR

AAA 19,117,780 17,506,168

AA+ 2,837,117 19,297,581

AA 16,079,998 -

AA- - 3,349,883

A 463,410 398,903

A- 913,845 234,742

BBB+ - 724,559

BBB 7,640,355 17,625,178

BBB- - 7,611,574

BB 17,273,182 -

Not rated 1,882,107 1,026,839

66,207,794 67,775,427

Liquidity Risk

The main liability of the Funds is the redemption of any shares that investors wish to sell. The Funds‟ constitution provides for the daily creation and cancellation of shares and they are, therefore, exposed to the liquidity risk of meeting shareholder redemptions at any time.

The Funds‟ financial instruments include bonds which may not be easily liquidated at an amount close to fair value in order to meet liquidity requirements, or to respond to specific events such as deterioration in the credit worthiness of any particular issuer. The Funds‟ listed securities are considered to be readily realisable as they are all listed on major worldwide stock exchanges.

The Funds may, from time to time, invest in derivative contracts traded over the counter, which are not traded in an organised market and may be illiquid. As a result, the Funds may not be able to liquidate quickly its investments in

these instruments at an amount close to their fair value to meet its liquidity requirements or to respond to specific events such as deterioration in the creditworthiness of any particular issuer.

In accordance with Company policy, the Investment Manager monitors the Fund's liquidity position on a daily basis and the Board of Directors review it on a regular basis.

There were no material changes to the Company's policies and processes for managing liquidity risk and the methods used to measure risk since the prior year end.

65






Liquidity Risk (Continued)

The tables below analyse the Funds' financial liabilities into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. The amounts in the table are the

contractual undiscounted cash flows. Balances due within twelve months equal their carrying balances as the impact of discounting is not significant. All amounts are stated in the base currency of the Funds.

Less than From one Less than From one

one month to three months Total one month to three months Total

KBI Institutional Long Bond Fund EUR EUR EUR EUR EUR EUR

Accrued expenses - 20,521 20,521 - 17,960 17,960

Purchase of securities awaiting settlement 1,120,625 - 1,120,625 403,721 - 403,721

Net assets attributable to holders of redeemable participating shares 67,034,793 - 67,034,793 69,232,865 - 69,232,865

Total financial liabilities 68,155,418 20,521 68,175,939 69,636,586 17,960 69,654,546



KBI Institutional Agri Fund EUR EUR EUR EUR EUR EUR


Purchase of securities awaiting settlement 290,861 - 290,861 - - -





KBI Institutional Alternative Energy Fund EUR EUR EUR EUR EUR EUR


Purchase of securities awaiting settlement 459,158 - 459,158 375,110 - 375,110



As at 31 August 2014 As at 31 August 2013

66









KBI Institutional Water Fund USD USD USD USD USD USD


Purchase of securities awaiting settlement 852,183 - 852,183 467,213 - 467,213





KBI Institutional GESS Fund EUR EUR EUR EUR EUR EUR


Bank overdraft - - - - 41,087 41,087

Purchase of securities awaiting settlement 1,019,900 - 1,019,900 2,072,897 - 2,072,897





KBI Institutional Dividend Plus Emerging Markets Fund EUR EUR EUR EUR EUR EUR


Distribution payable - - - 338,679 - 338,679

Purchase of securities awaiting settlement - - - 995,153 - 995,153

Redemption of shares awaiting settlement - - - 168,069 - 168,069





KBI Institutional Dividend Plus Developed Equity Fund EUR EUR EUR EUR EUR EUR


Distribution payable - - - 761,167 - 761,167






67







KBI Institutional Dividend Plus Global Fund EUR EUR EUR EUR EUR EUR






KBI Institutional Dividend Plus 50/50 Fund EUR EUR EUR EUR EUR EUR






KBI Institutional Dividend Plus Eurozone Fund EUR EUR EUR EUR EUR EUR




Less than From one

one month to three months Total

KBI Institutional Dividend Plus North America Equity Fund USD USD USD

Accrued expenses - 157,727 157,727

Net assets attributable to holders of redeemable participating shares 230,499,762 - 230,499,762

Total financial liabilities 230,499,762 157,727 230,657,489


Redeemable participating shares are redeemed on demand at the holder's option.



68




Fair Value of Financial Assets and Liabilities

Most of the Funds' financial instruments are carried at fair value on the Statement of Financial Position. Usually the fair value of the financial instruments can be reliably determined within a reasonable range of estimates. For certain

other financial instruments, including amounts due from/to brokers, accounts payable and accrued expenses, the carrying amounts approximate fair value due to the immediate or short-term nature of these financial instruments. The carrying value of all of the Funds' financial assets and liabilities at the Statement of Financial Position date approximated their fair values.

Fair Value Disclosure

IFRS 7 "Financial Instruments: Disclosure" requires disclosure relating to the fair value hierarchy in which fair value measurements are categorised for assets and liabilities in the Statement of Financial Position.

The disclosures are based on a three-level fair value hierarchy for the inputs used in valuation techniques to measure fair value.

The fair value of financial assets and financial liabilities traded in an active market (such as traded securities) are based on latest available quoted mid-market prices for Funds priced at midday and at the closing mid prices for other

Funds.

A financial instrument is regarded as quoted in an active market if the quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent

actual and regularly occurring market transactions on an arm's length basis. The fair value of financial assets and financial liabilities that are not traded in an active market is determined by using valuation techniques. The Funds use a variety of methods and make assumptions that are based on market conditions existing at the year end date.

The Funds classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

- Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).

- Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2). - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3).

KBI Institutional Long Bond Fund Quoted Prices Significant Other Significant

in Active Market Observable Inputs Unobservable Inputs

Level 1 Level 2 Level 3 Total

Assets EUR EUR EUR EUR

Financial assets designated at fair value through profit or loss - held for trading

Bonds - 66,207,794 - 66,207,794

Total assets - 66,207,794 - 66,207,794

KBI Institutional Agri Fund Quoted Prices Significant Other Significant





Equities 40,625,788 - 41,276 40,667,064

Total assets 40,625,788 - 41,276 40,667,064

69






Fair Value Disclosure (Continued)

The following is a summary of the fair valuations according to the inputs as at 31 August 2014 in valuing the Funds' assets and liabilities:

KBI Institutional Alternative Energy Fund Quoted Prices Significant Other Significant





Equities 55,069,127 - - 55,069,127

Total assets 55,069,127 - - 55,069,127

KBI Institutional Water Fund Quoted Prices Significant Other Significant



Assets USD USD USD USD


Equities 184,517,795 - 1,180,289 185,698,084

Total assets 184,517,795 - 1,180,289 185,698,084

KBI Institutional GESS Fund Quoted Prices Significant Other Significant





Equities 54,100,936 - 24,395 54,125,331

Total assets 54,100,936 - 24,395 54,125,331

KBI Institutional Dividend Plus Emerging Markets Fund Quoted Prices Significant Other Significant





Equities 170,661,317 - - 170,661,317

Total assets 170,661,317 - - 170,661,317



70





The following is a summary of the fair valuations according to the inputs as at 31 August 2014 in valuing the Funds' assets and liabilities: (Continued)

KBI Institutional Dividend Plus Developed Equity Fund Quoted Prices Significant Other Significant





Equities 521,555,000 - - 521,555,000

Total assets 521,555,000 - - 521,555,000

KBI Institutional Dividend Plus Global Fund Quoted Prices Significant Other Significant





Equities 70,761,747 - - 70,761,747

Collective Investment Schemes - 6,471,302 - 6,471,302

Total assets 70,761,747 6,471,302 - 77,233,049

KBI Institutional Dividend Plus 50/50 Fund Quoted Prices Significant Other Significant





Equities 20,116,122 - - 20,116,122

Collective Investment Schemes - 904,502 - 904,502

Total assets 20,116,122 904,502 - 21,020,624

KBI Institutional Dividend Plus Eurozone Fund Quoted Prices Significant Other Significant





Equities 67,521,854 - - 67,521,854

Total assets 67,521,854 - - 67,521,854

KBI Institutional Dividend Plus North America Equity Fund Quoted Prices Significant Other Significant





Equities 225,267,009 - - 225,267,009

Total assets 225,267,009 - - 225,267,009



71





The following is a summary of the fair valuations according to the inputs as at 31 August 2013 in valuing the Funds' assets and liabilities:

KBI Institutional Long Bond Fund Quoted Prices Significant Other Significant





Bonds - 67,775,427 - 67,775,427

Total assets - 67,775,427 - 67,775,427

KBI Institutional Agri Fund Quoted Prices Significant Other Significant





Equities 32,244,282 - 144,232 32,388,514

Total assets 32,244,282 - 144,232 32,388,514

KBI Institutional Alternative Energy Fund Quoted Prices Significant Other Significant





Equities 40,589,209 - - 40,589,209

Warrants - 501 - 501

Total assets 40,589,209 501 - 40,589,710

KBI Institutional Water Fund Quoted Prices Significant Other Significant





Equities 98,581,211 - - 98,581,211

Total assets 98,581,211 - - 98,581,211

KBI Institutional GESS Fund Quoted Prices Significant Other Significant





Equities 46,802,050 - 85,246 46,887,296

Total assets 46,802,050 - 85,246 46,887,296

72







The following is a summary of the fair valuations according to the inputs as at 31 August 2013 in valuing the Funds' assets and liabilities: (Continued)

KBI Institutional Dividend Plus Emerging Markets Fund Quoted Prices Significant Other Significant

in Active Market Observable Inputs Unobservable Inputs Total

Level 1 Level 2 Level 3 EUR

Assets EUR EUR EUR


Equities 121,156,620 - - 121,156,620

Total assets 121,156,620 - - 121,156,620

KBI Institutional Dividend Plus Developed Equity Fund Quoted Prices Significant Other Significant



Assets EUR EUR EUR


Equities 283,723,019 - - 283,723,019

Total assets 283,723,019 - - 283,723,019

KBI Institutional Dividend Plus Global Fund Quoted Prices Significant Other Significant



Assets EUR EUR EUR


Equities 45,930,985 - - 45,930,985


Total assets 45,930,985 3,452,465 - 49,383,450

KBI Institutional Dividend Plus 50/50 Fund Quoted Prices Significant Other Significant



Assets EUR EUR EUR


Equities 34,742,005 - - 34,742,005


Total assets 34,742,005 1,391,201 - 36,133,206

KBI Institutional Dividend Plus Eurozone Fund Quoted Prices Significant Other Significant



Assets EUR EUR EUR


Equities 73,033,242 - - 73,033,242

Total assets 73,033,242 - - 73,033,242

Investments whose values are based on quoted market prices in active markets and, therefore, classified within Level 1, include active listed equities. Level 2 includes collective investment schemes. The Company does not adjust the quoted price for these instruments.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2.

The Level 2 amounts above represent bonds, collective investment schemes and equities.



73





There were no significant transfers between Level 1 and Level 2 during the year.

The following table represents the movement in Level 3 instruments for the year ended 31 August 2014.

KBI Institutional Agri KBI Institutional GESS KBI Institutional Water

Fund Fund Fund

EUR EUR EUR

Opening Value 1 September 2013 144,232 85,246 -

Purchases - - 1,486,410

Sales - - (355,744)

Realised gain - - 26,034

Unrealised loss (102,956) (60,851) 23,589

Closing Value 31 August 2014 41,276 24,395 1,180,289

Total (losses)/gains for the year included in the statement of comprehensive

income for assets held at the end of the year (988,816) (632,165) 23,589

Chaoda Modern Agriculture is a Level 3 investment held at 31 August 2014 by KBI Institutional Agri Fund and KBI Institutional GESS Fund. Chaoda Modern Agriculture shares were suspended from trading on 26 September 2011 due

to reports of a long running fraud. In May 2012 an announcement was made stating that in order for trading of the shares to resume, the company must a) address the allegations made against the company in the Anonymous report, b)

publish all outstanding financial results and reports and c) demonstrate adequate financial reporting procedure and internal control systems. On 18 August the Company announced that new auditors had been appointed and that it would

“keep its shareholders informed of the progress of the Resumption by way of announcement(s) as and when appropriate”.

Chaoda Modern Agriculture was priced at HK0.77 on 31 August 2013. Following a Pricing Committee meeting of Kleinwort Benson Investors Dublin Limited (the “Investment Manager”) on 6 November 2013, it was decided to further

write down the price of this stock by 30% of the price on suspension (HKD 1.10) thus bringing it to HK0.44.Given the lack of progress and taking into account the recommendation of the Chief Information Officer (CIO) of the

Investment Manager, it was agreed to write down the price by a further 20% of the price at suspension thus reducing the current price by 50% from HKD0.44 to HKD0.22.

Amiad Water Systems Ltd transferred into Level 3 during the period. It is held by the KBI Institutional Water Fund. The price had been static for a number of days prior to the period end. There was no dealing on the stock at 29 August

2014 and the stock is relatively illiquid.

If the Company had devalued these stocks by 30%, based on a reasonable Private versus Public company discounted percentage value and based on a recommendation by the Investment Manager, the effect on the statement of

comprehensive income would be as follows:

KBI Institutional Agri KBI Institutional GESS KBI Institutional Water

Fund Fund Fund

EUR EUR USD

Decrease in Net Assets attributable to holders of redeemable participating units of the Fund 12,383 7,319 354,087

Conversely, if the Company had revalued the stock upwards with all other variables held constant, this would have an equal but opposite effect on the fair value of Level 3 investments. Actual trading results may differ from this

sensitivity analysis and this difference may be material.

74







The following table represents the movement in Level 3 instruments for the year ended 31 August 2013.

KBI Institutional Agri KBI Institutional GESS

Fund Fund

EUR EUR

Opening Value 1 September 2012 215,492 127,363

Unrealised loss (71,260) (42,117)

Closing Value 31 August 2013 144,232 85,246

Total losses for the year included in the statement of comprehensive

income for assets held at the end of the year (885,859) (571,314)

There was one Level 3 instrument as at 31 August 2013, Chaoda Modern Agriculture. Chaoda Modern Agriculture was priced at HK1.10 on 31 August 2012. Since then it has been discounted by 20% in November 2012 and by 10% in

May 2013 bringing the price to HK0.77 at 31 August 2013. Following a Pricing Committee meeting of Kleinwort Benson Investors Dublin Limited (the “Manager”) on 6 November 2013, it was decided to further write down the price of

this stock by 30% thus bringing it to HK0.44. If the Company had devalued the stock by 30%, based on a reasonable Private versus Public company discounted percentage value and based on a recommendation by the Investment

Manager, the effect on the statement of comprehensive income would be as follows:

KBI Institutional Agri KBI Institutional GESS

Fund Fund

EUR EUR

Decrease in Net Assets attributable to holders of redeemable participating units of the Fund 43,270 25,574

Conversely, if the Company had revalued the stock upwards with all other variables held constant, this would have an equal but opposite effect on the fair value of Level 3 investments. Actual trading results may differ from this

sensitivity analysis and this difference may be material.

75






Financial assets and liabilities not measured at fair value

The financial assets and liabilities not measured at fair value through the profit or loss are short-term financial assets and financial liabilities whose carrying amounts approximate fair value.

The following table sets out the fair value of financial assets and liabilities not measured at fair value and analyses it by the level in the fair value hierarchy into which each fair value measurement is categorised.

KBI Institutional Long Bond Fund KBI Institutional Long Bond Fund

As at 31 August 2014 Level 1 Level 2 Level 3 As at 31 August 2013 Level 1 Level 2 Level 3

Assets EUR EUR EUR Assets EUR EUR EUR

Financial assets Financial assets

Cash and cash equivalents - 12,224 - Cash and cash equivalents - 9,723 -

Debtors - 1,955,921 - Debtors - 1,869,396 -

- 1,968,145 - - 1,879,119 -

Financial liabilities Financial liabilities

Creditors (amounts falling due within one year) - (1,141,146) - Creditors (amounts falling due within one year) - (421,681) -

- (1,141,146) - - (421,681) -

KBI Institutional Agri Fund KBI Institutional Agri Fund





Debtors - 275,784 - Debtors - 213,521 -

- 567,291 - - 706,004 -


Creditors (amounts falling due within one year) - (329,420) - Creditors (amounts falling due within one year) - (35,884) -

- (329,420) - - (35,884) -

76






Financial assets and liabilities not measured at fair value (Continued)

KBI Institutional Alternative Energy Fund KBI Institutional Alternative Energy Fund





Debtors - 1,061,290 - Debtors - 392,885 -

- 2,027,933 - - 544,823 -



- (596,609) - - (456,756) -

KBI Institutional Water Fund KBI Institutional Water Fund


Assets USD USD USD Assets USD USD USD


Cash and cash equivalents - 2,082,828 - Cash and cash equivalents - 2,313,892 -

Debtors - 1,199,682 - Debtors - 879,408 -

- 3,282,510 - - 3,193,300 -


Creditors (amounts falling due within one year) - (1,064,741) - Creditors (amounts falling due within one year) - (578,981) -

- (1,064,741) - - (578,981) -

KBI Institutional GESS Fund KBI Institutional GESS Fund




Cash and cash equivalents - 237,259 - Cash and cash equivalents - - -

Debtors - 743,559 - Debtors - 2,235,178 -

- 980,818 - - 2,235,178 -


Creditors (amounts falling due within one year) - (1,047,004) - Bank Overdraft - (41,087)

- (1,047,004) - Creditors (amounts falling due within one year) - (2,093,136) -

- (2,134,223) -

77







KBI Institutional Dividend Plus Emerging Markets Fund KBI Institutional Dividend Plus Emerging Markets Fund




Cash and cash equivalents - 335,498 - Cash and cash equivalents - 2,512,513 -

Debtors - 464,136 - Debtors - 697,435 -

- 799,634 - - 3,209,948 -


Creditors (amounts falling due within one year) - (87,951) - Creditors (amounts falling due within one year) - (1,560,241) -

- (87,951) - - (1,560,241) -

KBI Institutional Dividend Plus Developed Equity Fund KBI Institutional Dividend Plus Developed Equity Fund




Cash and cash equivalents - 4,823,646 - Cash and cash equivalents - 2,334,056 -

Debtors - 3,374,179 - Debtors - 1,052,399 -

- 8,197,825 - - 3,386,455 -



- (330,834) - - (894,496) -

78







KBI Institutional Dividend Plus Global Fund KBI Institutional Dividend Plus Global Fund




Cash and cash equivalents - 332,502 - Cash and cash equivalents - 1,711,667 -

Debtors - 631,087 - Debtors - 263,295 -

- 963,589 - - 1,974,962 -



- (61,530) - - (37,170) -

KBI Institutional Dividend Plus 50/50 Fund KBI Institutional Dividend Plus 50/50 Fund





Debtors - 44,094 - Debtors - 80,867 -

- 141,942 - - 440,963 -

79







KBI Institutional Dividend Plus Eurozone Fund KBI Institutional Dividend Plus Eurozone Fund





Debtors - 164,965 - Debtors - 1,177,595 -

- 552,109 - - 1,793,233 -



- (59,142) - - (52,924) -


As at 31 August 2014 Level 1 Level 2 Level 3

Assets USD USD USD

Financial assets

Cash and cash equivalents - 4,744,586 -

Debtors - 645,894 -

- 5,390,480 -

Financial liabilities

Creditors (amounts falling due within one year) - (157,727) -

- (157,727) -

80





3. Operating Income

KBI KBI Institutional KBI Institutional KBI KBI KBI KBI Institutional

KBI KBI Institutional KBI KBI Dividend Plus Dividend Plus Institutional Institutional Institutional Dividend Plus

Total Institutional Institutional Alternative Institutional Institutional Emerging Developed Equity Dividend Plus Dividend Plus Dividend Plus North America

Company Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund Equity Fund*

Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Period ended


EUR EUR EUR EUR USD EUR EUR EUR EUR EUR EUR USD

Investment income from financial assets

at fair value through profit or loss

Bond income 2,287,896 2,287,896 - - - - - - - - - -

Dividend income 36,676,220 - 741,065 1,070,714 3,709,032 1,086,077 6,154,464 15,927,462 2,391,382 772,477 2,955,125 3,879,467

Income from financial assets that are not


Deposit interest 1,621 - 18 431 93 - 964 129 4 2 - 7

Securities lending income 843,283 3,787 14,670 70,938 54,213 31,080 31,582 391,281 61,945 24,919 128,169 61,315

Sundry income 171,982 - 3,133 1,794 6,854 1,637 5,993 149,158 1,753 503 - 4,045

39,981,002 2,291,683 758,886 1,143,877 3,770,192 1,118,794 6,193,003 16,468,030 2,455,084 797,901 3,083,294 3,944,834

Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended

31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013 31 August 2013

EUR EUR EUR EUR USD EUR EUR EUR EUR EUR EUR

Investment income from financial assets


Bond income 2,700,178 2,700,178 - - - - - - - - -

Dividend income 25,874,706 - 669,188 882,324 1,689,123 997,614 5,120,050 10,727,246 1,812,831 1,467,698 2,905,941

Income from financial assets that are not


Deposit interest 261 - 27 216 - 2 - - 10 6 -

Securities lending income 1,026,054 9,304 30,026 172,433 28,384 76,842 66,908 354,413 60,161 62,686 171,573

Sundry income 12,986 - 636 - 560 686 4,841 1,539 3,736 1,120 -

29,614,185 2,709,482 699,877 1,054,973 1,718,067 1,075,144 5,191,799 11,083,198 1,876,738 1,531,510 3,077,514


81





4. Net Gains/(Losses) on Financial Assets and

Liabilities at Fair Value Through Profit or Loss


Cross KBI KBI Institutional KBI KBI Dividend Plus Dividend Plus Institutional Institutional Institutional Dividend Plus

Total Holdings Institutional Institutional Alternative Institutional Institutional Emerging Developed Equity Dividend Plus Dividend Plus Dividend Plus North America

Company Adjustment Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund Equity Fund*

Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Period ended

31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014

EUR EUR EUR EUR EUR USD EUR EUR EUR EUR EUR EUR USD

Realised gains/(losses) on investments 73,535,591 (1,881) 3,875,969 1,266,652 3,885,165 18,147,542 4,593,570 (106,884) 26,537,072 3,991,936 4,183,632 10,708,606 1,719,119

Net currency (losses)/gains (334,673) - 114 5,265 (27,612) (83,440) 4,793 (30,157) (238,211) 38,447 (3,774) 98 (30,351)

Net change in unrealised appreciation/

(depreciation) on investments 101,364,557 (1,156,849) 7,848,702 3,694,865 3,356,081 13,028,907 3,975,021 20,926,173 35,188,024 6,665,786 (491,274) 1,811,142 13,565,936

174,565,475 (1,158,730) 11,724,785 4,966,782 7,213,634 31,093,009 8,573,384 20,789,132 61,486,885 10,696,169 3,688,584 12,519,846 15,254,704




Realised gains/(losses) on investments 42,333,813 - 1,586,365 1,687,276 1,694,187 15,164,121 3,818,621 (3,105,489) 15,079,672 2,858,473 2,186,278 4,931,158

Net currency (losses)/gains (209,661) - (251) (10,443) (4,010) 137,472 (26,734) (224,852) (31,530) (9,612) (8,290) 925

Net change in unrealised appreciation/

(depreciation) on investments 21,401,419 149,981 168,977 (3,490,596) 6,461,214 2,526,742 (888,505) (4,556,514) 13,284,206 894,053 1,965,508 5,480,684

63,525,571 149,981 1,755,091 (1,813,763) 8,151,391 17,828,335 2,903,382 (7,886,855) 28,332,348 3,742,914 4,143,496 10,412,767




82



5. Operating Expenses




Company Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund Equity Fund*




Administration fees 380,994 19,731 13,495 18,247 57,782 18,712 48,486 137,289 22,235 6,991 25,621 37,712

Auditor's fees 49,013 4,514 4,514 4,514 2,910 4,514 4,905 4,905 4,905 4,905 4,612 6,240

Custodian fees 679,834 - 25,062 33,887 107,310 34,752 102,737 254,966 38,017 12,484 47,582 70,036

Directors' fees 15,024 1,364 1,364 1,364 1,870 1,364 1,364 1,364 1,364 1,364 1,364 1,869

Investment management fees 3,488,211 78,923 137,681 395,082 902,207 4,326 161,749 1,109,423 274,121 99,897 314,002 340,000

Legal fees 46,014 1,700 2,584 8,599 17,973 2,584 2,328 6,832 2,328 1,699 1,699 3,335

Regulatory fees 35,826 713 4,754 3,482 9,171 3,482 5,824 7,169 2,070 419 713 625

Professional fees (Tax services) 30,285 - 2,703 2,561 6,304 2,608 7,527 4,651 2,561 484 2,077 652

Trustee fees 103,217 - 3,856 5,213 16,509 5,346 13,853 39,225 6,353 1,998 7,320 10,775

UK distributor status fee 55,420 - 9,490 5,885 33,686 - 6,345 8,480 - - - 628

Other fees 278,185 4,964 19,822 17,741 64,608 15,548 23,953 75,659 24,830 9,708 25,847 17,180

Professional VAT fees 21,368 1,722 2,107 2,107 3,093 1,806 2,107 2,107 1,806 1,806 1,806 2,341

Printing/publishing fees 3,685 - 402 402 1,122 402 401 851 402 - - -

Vat paid to Revenue 768 59 - - - - - - - - 709 -

Preliminary expenses 9,965 - - - - - - - - - - 13,558

Registration fee 45,632 - 3,954 3,954 12,965 3,954 8,448 9,678 4,261 - - 2,522

Transaction costs 32,077 - - - - - 32,077 - - - - -

Secretarial fees 12,199 1,104 1,104 1,104 1,520 1,104 1,104 1,104 1,104 1,104 1,104 1,559

Taiwan charges 84,645 - - 41,173 59,146 - - - - - - -

Taiwan distribution fee 171,510 - - 96,141 102,545 - - - - - - -

5,543,872 114,794 232,892 641,456 1,400,721 100,502 423,208 1,663,703 386,357 142,859 434,456 509,032

Transaction costs comprise fees and agent charges charged by the custodian to any sub-custodian.




83



5. Operating Expenses (Continued)

KBI KBI Institutional KBI Institutional KBI KBI KBI

KBI KBI Institutional KBI KBI Dividend Plus Dividend Plus Institutional Institutional Institutional

Total Institutional Institutional Alternative Institutional Institutional Emerging Developed Equity Dividend Plus Dividend Plus Dividend Plus

Company Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund




Administration fees 258,677 21,782 10,988 12,622 34,819 14,509 38,162 83,613 15,532 11,894 22,946

Auditor's fees 47,414 2,576 4,982 4,982 6,514 4,982 4,982 4,982 4,982 4,982 4,982

Custodian fees 454,293 - 20,407 23,441 64,663 26,707 88,457 155,280 26,649 21,285 42,614

Directors' fees 15,000 1,500 1,500 1,500 1,961 1,500 1,500 1,500 1,500 1,500 1,500

Investment management fees 2,438,647 87,128 184,965 379,929 697,910 3,885 55,566 531,768 186,340 169,914 305,402

Legal fees 63,556 2,712 8,430 361 9,138 8,430 8,235 13,798 8,965 2,856 2,780

FSA fees 24,036 499 1,626 4,342 9,630 3,609 865 4,464 741 566 (41)

Professional fees (Tax services) 30,327 - 2,189 1,389 3,808 1,389 19,340 2,055 2,055 (501) (501)

Trustee fees 67,683 - 3,140 3,606 9,948 4,145 10,903 23,889 4,438 3,398 6,556

UK distributor status fee 29,572 - 8,857 4,512 6,401 - 6,778 4,530 - - -

Other fees 107,346 - 11,605 7,777 26,559 4,730 8,755 31,512 10,679 1,740 10,234

Professional VAT fees 12,689 - 1,754 1,753 3,531 1,508 1,754 1,754 1,877 419 (830)

Printing/publishing fees 2,993 - 371 - 1,071 356 327 793 327 - -

Vat paid to Revenue 3,996 1,647 - 1,593 - - - - - - 756

Registration fee 13,199 - 1,575 1,575 4,411 1,575 1,864 1,373 1,864 - -

Transaction costs 21,202 - - - - - 19,664 1,538 - - -

Secretarial fees 10,622 1,096 1,094 1,094 1,368 1,093 1,094 1,091 1,005 1,005 1,004

Taiwan payment fees 107,737 - - 53,258 71,235 - - - - - -

3,708,989 118,940 263,483 503,734 952,967 78,418 268,246 863,940 266,954 219,058 397,402

Transaction costs comprise fees and agent charges charged by the custodian to any sub-custodian.



84



6. Cash and Cash Equivalents

KBI Institutional KBI Institutional KBI KBI KBI

KBI

Institutional



Company Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund Equity Fund




Northern Trust Fiduciary Services (Ireland) Limited 12,667,548 12,224 291,507 966,643 2,082,828 237,259 335,498 4,823,646 332,502 97,848 387,144 4,744,586

12,667,548 12,224 291,507 966,643 2,082,828 237,259 335,498 4,823,646 332,502 97,848 387,144 4,744,586

As at As at As at As at As at As at As at As at As at As at As at



Northern Trust Fiduciary Services (Ireland) Limited 9,942,923 9,723 492,483 151,938 2,313,892 - 2,512,513 2,334,056 1,711,667 360,096 615,638

9,942,923 9,723 492,483 151,938 2,313,892 - 2,512,513 2,334,056 1,711,667 360,096 615,638



85



7. Other Receivables








Bond income receivable 888,798 888,798 - - - - - - - - - -

Deposit interest receivable 61 - - - - 1 42 17 1 - - -

Dividend income receivable 3,186,782 - 18,417 102,587 92,896 68,227 421,177 1,708,252 241,143 39,542 26,558 645,894

Prepaid expenses 2,305 - - - - - - - 2,225 80 - -

Sale of securities awaiting settlement 3,411,583 1,067,123 257,367 615,135 1,054,511 671,388 - - - - - -

Subscriptions of Shares awaiting settlement 2,546,226 - - 339,203 52,275 - - 1,640,000 387,718 1,212 138,407 -

Reclaims receivable 80,395 - - 4,365 - 3,943 42,917 25,910 - 3,260 - -

10,116,150 1,955,921 275,784 1,061,290 1,199,682 743,559 464,136 3,374,179 631,087 44,094 164,965 645,894




Bond income receivable 1,170,701 1,170,701 - - - - - - - - -

Currency receivable 1,091 - - 10 124 987 - - - - -

Deposit interest receivable 41 - - - - - 40 1 - - -

Dividend income receivable 1,869,500 - 60,568 60,085 64,356 39,615 439,337 954,220 162,917 70,780 33,172

Prepaid expenses 19,642 - - - - - 394 369 7,498 - 11,381

Sale of securities awaiting settlement 2,239,846 698,695 - 321,540 814,928 601,586 - - - - -

Subscriptions of Shares awaiting settlement 3,268,321 - 152,953 6,902 - 1,589,052 214,651 72,002 92,880 6,839 1,133,042

Reclaims receivable 80,354 - - 4,348 - 3,938 43,013 25,807 - 3,248 -

8,649,496 1,869,396 213,521 392,885 879,408 2,235,178 697,435 1,052,399 263,295 80,867 1,177,595

8. Bank Overdraft

There was no bank overdraft held at 31 August 2014. At 31 August 2013 the KBI Institutional GESS Fund held a bank overdraft of EUR 41,087 with Northern Trust Fidicuary Services (Ireland) Limited.



86



9. Other Payables








Administration fees 113,570 4,756 3,490 4,762 16,422 4,629 14,004 41,137 6,539 1,823 6,047 18,330

Auditor's fees 53,319 4,921 4,841 4,883 5,513 4,898 4,959 5,016 4,995 4,941 4,942 6,240

Custodian fees 204,366 - 6,481 8,844 30,497 8,358 29,673 76,397 11,141 3,245 11,230 34,042

Regulatory fees 4,406 400 400 400 531 400 400 400 400 400 400 531

Investment management fees 390,582 6,211 10,243 29,920 82,703 358 22,445 140,724 26,382 8,174 22,646 79,943

Other fees 148,729 4,051 8,314 10,705 30,182 6,168 4,273 53,979 9,236 7,851 11,798 12,431

Overdraft interest 520 - 9 - - 3 414 36 1 26 31 -

Payment fee 24,203 - - 11,298 16,999 - - - - - - -

Printing/publishing fees 3,552 - 402 402 1,016 402 402 771 402 - - -

Professional VAT fees 4,943 - 685 685 1,164 384 685 439 384 138 138 687

Purchase of securities awaiting settlement 3,537,509 1,120,625 290,861 459,158 852,183 1,019,900 - - - - - -

Redemptions of Shares awaiting settlement 63,850 - 2,515 54,956 8,403 - - - - - - -

Secretarial fees 1,999 182 182 182 190 182 182 182 182 182 182 286

Transaction charges 6,513 - - - - - 6,513 - - - - -

Trustee fees 31,089 - 997 1,361 4,692 1,322 4,001 11,753 1,868 521 1,728 5,237

Taiwan charges 19,868 - - 9,053 14,246 - - - - - - -

4,609,018 1,141,146 329,420 596,609 1,064,741 1,047,004 87,951 330,834 61,530 27,301 59,142 157,7270



87



9. Other Payables (Continued)


KBI KBI Institutional KBI KBI Dividend Plus Dividend Plus Institutional Institutional Institutional

Total Institutional Institutional Alternative Institutional Institutional Emerging Developed Equity Dividend Plus Dividend Plus Dividend Plus

Company Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund




Administration fees 71,357 5,198 2,912 3,506 9,253 3,819 10,351 24,821 4,482 3,169 6,082

Auditor's fees 54,187 5,392 5,312 5,371 9,489 5,370 5,039 5,096 5,075 5,021 5,315

Custodian fees 124,558 - 5,408 6,511 17,184 6,855 21,932 46,097 7,753 5,675 11,295

Distributions payable 1,099,846 - - - - - 338,679 761,167 - - -

Regulatory fees 4,754 59 166 1,439 1,634 1,439 - - - 353 59

Investment management fees 214,916 6,904 14,692 32,882 54,687 327 9,105 48,715 17,872 15,249 27,696

Other fees 12,365 407 5,744 2,259 505 411 - 1,208 408 1,135 409

Overdraft interest 96 - - 44 - 17 - - - 5 30

Payment fee 22,132 - - 10,019 15,972 - - - - - -

Professional VAT fees 2,703 - 300 300 400 300 300 300 300 300 300

Purchase of securities awaiting settlement 4,201,206 403,721 - 375,110 467,213 2,072,897 995,153 - - - -

Redemptions of Shares awaiting settlement 186,900 - 518 18,313 - - 168,069 - - - -

Spot contracts payable 610 - - - - 610 - - - - -

Transaction charges 8,656 - - - - - 8,656 - - - -

Trustee fees 18,903 - 832 1,002 2,644 1,091 2,957 7,092 1,280 906 1,738

6,023,189 421,681 35,884 456,756 578,981 2,093,136 1,560,241 894,496 37,170 31,813 52,9240



88



10. Share Capital


The authorised share capital of the Company is 500,000,000,000 Shares of no par value and 300,000 redeemable non-participating shares of EUR 1 each. Non-participating shares do not entitle the holders thereof to any dividend and on a winding up entitle the holders thereof to receive the amount paid up thereon but do not otherwise entitle them to participate in the assets of the Company. The Directors have the power to allot shares up to the authorised share capital of the

Company. There are 300,000 non-participating shares of EUR1 each currently in issue which were taken by the subscribers to the Company and are held by the Investment Manager and its nominees. The Investment Manager may redeem these

Shares shortly after the Company is launched provided that the Company maintains a minimum capital amount of EUR300,000 at all times.

Variation of rights

The rights attached to any class may be varied or abrogated with the consent in writing of the holders of three-fourths in number of the issued shares of that class, or with the sanction of a special resolution passed at a separate general meeting of the holders of the shares of the class, and may be so varied or abrogated either whilst the Company is a going concern or during or in contemplation of a winding-up.

Voting rights Subject to disenfranchisement in the event of non-compliance with any notice requiring disclosure of the beneficial ownership of shares and subject to any rights or restrictions for the time being attached to any class or classes of shares, on a

show of hands at a general meeting or class meeting of the Company, every Shareholder holding shares who is present in person or by proxy shall have one vote and on a poll every Shareholder present in person or by proxy shall have one

vote for every share of which he/she is the holder.

Distribution on winding up

Subject to the provisions of the Companies Acts, if the Company shall be wound up the liquidator shall apply the assets of each Sub-Fund in such manner and order as he thinks fit in satisfaction of creditors' claims relating to that Sub-Fund.

The assets available for distribution amongst the holders shall be applied as follows:

(i) firstly, in the payment to the Shareholders of each Class or Fund of a sum in the Functional Currency (or in any other currency selected and at such rate of exchange as determined by the liquidator) as nearly as possible equal to the Net

Asset Value of the Shares of the relevant Class or Fund held by such Shareholders respectively as at the date of commencement of winding up;

(ii) secondly, in the payment to the holders of non-participating shares of sums up to the nominal amount paid up thereon out of the assets of the Company not comprised within any Fund provided that if there are insufficient assets to enable such payment in full to be made, no recourse shall be had to the assets comprised within any of the Funds;

(iii) thirdly, in the payment to the Shareholders of each Class or Fund of any balance then remaining in the relevant Fund, in proportion to the number of Shares held in the relevant Class or Fund; and,

(iv) fourthly, any balance then remaining and not attributable to any Fund or Class shall be apportioned between the Funds and Classes pro-rata to the Net Asset Value of each Fund or attributable to each Class immediately prior to any distribution to Shareholders and the amounts so apportioned shall be paid to Shareholders pro-rata to the number of Shares in that Fund or Class held by them.



Number of Shares 31 August 2014 31 August 2013

Issued and Fully Paid

Balance at beginning of year 455,370 508,027

Issued during year 19,530 40,535

Redeemed during year (118,723) (93,192)

Total number of Shares

in issue at end of year 356,177 455,370

Class A Shares

89





10. Share Capital (Continued)


Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended

Number of Shares 31 August 2014 31 August 2013 31 August 2014 31 August 2013 31 August 2014 31 August 2013 31 August 2014 31 August 2013 31 August 2014 31 August 2013


Balance at beginning of year 160,803 112,614 5,881 8,183 SC7 18,345 18,345 sc10 6,449 8,522 14,524 14,524

Issued during year 76,369 48,669 - 30 SC8 - - sc11 9 132 - -

Redeemed during year (24,876) (480) (3,286) (2,332) SC9 (391) - sc12 (2,312) (2,205) - -


in issue at end of year 212,296 160,803 2,595 5,881 TS3 17,954 18,345 4,146 6,449 14,524 14,524


Number of Shares 31 August 2014 31 August 2013 31 August 2014 31 August 2013 31 August 2014 31 August 2013


Balance at beginning of year 30,003 7,500 5,788 3,923 3,072 16,746

Issued during year - 23,882 300 3,232 - 285

Redeemed during year - (1,379) (3,062) (1,367) (3,072) (13,959)


in issue at end of year 30,003 30,003 3,026 5,788 - 3,072





Balance at beginning of year 703,404 30,530 SC4 145,243 145,243 SC7 814,989 913,990 SC10 578,775 295,382 SC19 111,190 136,447

Issued during year 2,434,955 674,136 SC5 - - SC8 100,637 22,550 SC11 151,835 324,017 SC20 6,528 9,910

Redeemed during year (37,646) (1,262) SC6 - - SC9 (19,488) (121,551) SC12 (298,678) (40,624) SC21 (24,284) (35,167)


in issue at end of year 3,100,713 703,404 TS2 145,243 145,243 TS3 896,138 814,989 431,932 578,775 93,434 111,190

Year ended Year ended Year ended Year ended Period ended

Number of Shares 31 August 2014 31 August 2013 31 August 2014 31 August 2013 31 August 2014


Balance at beginning of year/period 6,860 25 SC4 112,715 108,825 -

Issued during year/period 3,624 6,835 SC5 2,105 5,975 4,604

Redeemed during year/period (1,414) - SC6 (8,625) (2,085) (33)


in issue at end of year/period 9,070 6,860 TS2 106,195 112,715 4,571





Balance at beginning of year SC7 1,366,118 1,352,070 SC13 613,800 563,402 SC19 316,056 148,970 SC22 25,471 58,075 SC22 121,158 117,814

Issued during year SC8 1,421,939 19,263 SC14 108,659 60,933 SC20 155,999 190,139 SC23 8,582 5,664 SC23 127,555 6,700

Redeemed during year SC9 (456,413) (5,215) SC15 (21,352) (10,535) SC21 (257,012) (23,053) SC24 (14,441) (38,268) SC24 (114,458) (3,356)


in issue at end of year TS2 2,331,644 1,366,118 701,107 613,800 215,043 316,056 19,612 25,471 134,255 121,158

Euro Class C Shares

Euro Class F Shares

Euro Class D Shares Euro Class F Shares

Euro Class H Shares

Euro Class A Shares Euro Class B Shares

Euro Class D Shares

Euro Class I Shares

Euro Class A Shares Euro Class C Shares Euro Class D Shares

Sterling Class A SharesEuro Class I Shares

Euro Class G Shares Euro Class F Shares

USD Class C Shares ^

Euro Class A Shares Euro Class B Shares

Sterling Class C Shares

Euro Class C Shares

^ Please see Note 21 Events during the year



90





Year ended Year ended Year ended Year ended Year ended Year ended Period ended Period ended

Number of Shares 31 August 2014 31 August 2013 31 August 2014 31 August 2013 31 August 2014 31 August 2013 31 August 2014 31 August 2014


Balance at beginning of year SC4 1,114,214 442,000 SC16 1,660 125 343,604 357,692 SC10 - SC10 -

Issued during year SC5 1,218,803 1,133,073 SC17 16,096 1,569 91,614 3,145 SC11 172,434 SC11 3,593,110

Redeemed during year SC6 (1,419,297) (460,859) SC18 - (34) (27,958) (17,233) SC12 (2,000) SC12 (859,043)


in issue at end of year TS3 913,720 1,114,214 17,756 1,660 407,260 343,604 TS4 170,434 TS4 2,734,067

Period ended Year ended



Balance at beginning of period SC4 - SC13 - SC16

Issued during period SC5 1,392,018 SC14 241,904 SC17

Redeemed during period SC6 (387,177) SC15 (81,880) SC18


in issue at end of period TS3 1,004,841 160,024



Number of Shares 31 August 2014 31 August 2013 31 August 2014 31 August 2013 31 August 2014 31 August 2013


Balance at beginning of year 378,228 348,385 sc7 5,359 5,359 SC19 3 3

Issued during year 83,896 86,413 SC8 - - SC20 - -

Redeemed during year (99,205) (56,570) SC9 - - SC21 - -


in issue at end of year 362,919 378,228 5,359 5,359 TS3 3 3

Sterling Class B (Distributing) Shares

Year ended Year ended Period ended Year ended Year ended Year ended Year ended Year ended Period ended

Number of Shares 31 August 2014 31 August 2013 31 August 2014 31 August 2014 31 August 2013 31 August 2014 31 August 2013 31 August 2014 31 August 2013


Balance at beginning of year/period 7,368,830 7,018,329 SC25 - 484,148 225,000 25 25 778,657 -

Issued during year/period 1,486,876 1,207,826 SC26 39,800 472 334,148 4 76 650,531 780,073

Redeemed during year/period (1,567,020) (857,325) SC28 - (190,000) (75,000) - (76) (95,223) (1,416)


in issue at end of year/period 7,288,686 7,368,830 39,800 294,620 484,148 29 25 1,333,965 778,657

Sterling Class D (Distributing) Shares Sterling Class E (Distributing) Shares ^

Year ended Year ended Year ended Period ended Period ended Period ended Year ended Period ended



Balance at beginning of year/period 1,297,578 477,944 SC25 496,058 - - - 498,753 -

Issued during year/period - 1,297,577 SC26 33,659 496,058 100 100 1,353,362 498,753

Redeemed during year/period - (477,943) SC28 - - - - - -


in issue at end of year/period 1,297,578 1,297,578 529,717 496,058 100 100 1,852,115 498,753

Sterling Class E Shares ^

Sterling Class A Shares Sterling Class E Shares ^

KBI Institutional Dividend Plus Emerging

Markets Fund

Euro Class I Shares

Euro Class B Shares ^

USD Class A Shares

Euro Class I Shares

USD Class A Shares ^

USD Class C Shares ^

Euro Class H Shares

Swiss Franc Class A Shares ^

Sterling Class D Shares

Euro Class A Shares

Euro Class A Shares Euro Class D Shares

Euro Class H Shares

Euro Class I Shares




91




Period ended Year ended Year ended Period ended

Number of Shares 31 August 2014 31 August 2014 31 August 2013 31 August 2014


Balance at beginning of period/year - SC25 959,328 496,916 -

Issued during period/year 820,906 SC26 179,395 462,412 240,000

Redeemed during period/year (38,602) SC28 - - -


in issue at end of period/year 782,304 1,138,723 959,328 240,000

Euro Class D (Distributing) Shares ^

Year ended Year ended Year ended Year ended Year ended Period ended Year ended Period ended



Balance at beginning of year SC7 620,316 203,052 - 6,875,943 7,592,613 - 368,084 -

Issued during year SC8 101,521 417,264 390,853 58,514 168,670 539,477 11,920,570 368,084

Redeemed during year SC9 (120,186) - - (826,854) (885,340) - - -


in issue at end of year 601,651 620,316 390,853 6,107,603 6,875,943 539,477 12,288,654 368,084

Sterling Class A (Distributing) Shares ^

Year ended Period ended Year ended Year ended Period ended Period ended Year ended Year ended



Balance at beginning of year/period 374,439 - 204 25 - - 18,080 12,100

Issued during year/period 513,553 374,439 166,059 181 100 100 157,077 11,580

Redeemed during year/period (887,992) - (179) (2) - - (1,401) (5,600)


in issue at end of year/period - 374,439 166,084 204 100 100 173,756 18,080

Sterling Class D (Distributing) Shares US Dollar Class B (Distributing) Shares ^

Year ended Year ended Year ended Year ended Year ended Period ended Year ended Period ended Period ended

Number of Shares 31 August 2014 31 August 2013 31 August 2014 31 August 2013 31 August 2014 31 August 2013 31 August 2014 31 August 2013 31 August 2014


Balance at beginning of period 848,493 282,978 7,915,031 2,903,358 3,725,589 - 330,899 - -

Issued during period 991,556 687,661 - 7,915,031 - 3,725,589 18,985 330,899 458,995

Redeemed during period (440,675) (122,146) - (2,903,358) (28,143) - (317,538) - (249,626)


in issue at end of period 1,399,374 848,493 7,915,031 7,915,031 3,697,446 3,725,589 32,346 330,899 209,369

Period ended

Number of Shares 31 August 2014


Balance at beginning of year - sc13 SC10

Issued during year 2,760,000 sc14 SC11

Redeemed during year - sc15 SC12


in issue at end of year 2,760,000

Euro Class B Shares ^

USD Class D Shares

Sterling Class C (Distributing) Shares

USD Class B Shares^ CAD Class A Shares ^

Sterling Class D Shares

Sterling Class A Shares ^

Euro Class A SharesKBI Institutional Dividend Plus Developed

Equity Fund

Euro Class I Shares

KBI Institutional Dividend Plus Emerging

Markets Fund (Continued)

Sterling Class C Shares

CAD Class A Shares ^

US Dollar Class B Shares

Euro Class H Shares

Euro Class H (Distributing) Shares

Euro Class C Shares




92




Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended



Balance at beginning of year 138,296 126,924 1,857,371 1,389,810 1,597,096 1,767,735 26,249 26,692

Issued during year 18,474 17,844 475,468 600,750 243,887 15,035 8 -

Redeemed during year (16,057) (6,472) (130,862) (133,189) (101,462) (185,674) (8,533) (443)


in issue at end of year 140,713 138,296 2,201,977 1,857,371 1,739,521 1,597,096 17,724 26,249

Year ended Year ended Year ended Period ended Year ended Year ended Year ended Period ended



Balance at beginning of year/period 4,884 5,570 20 - 195 25 494,748 -

Issued during year/period - - 652,857 100,020 - 170 - 494,748

Redeemed during year/period (1,755) (686) - (100,000) (170) - - -


in issue at end of year/period 3,129 4,884 652,877 20 25 195 494,748 494,748




Balance at beginning of year 2,955,331 2,888,046

Issued during year 62,991 82,596

Redeemed during year (1,602,591) (15,311)


in issue at end of year 1,415,731 2,955,331 T5

Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year ended



Balance at beginning of year 585,439 130,521 SC4 700,045 1,166,784 SC7 5,315,972 5,099,965 SC10 34,386 62,208

Issued during year 82,981 456,566 SC5 198,733 67,006 SC8 9,327 896,173 SC11 6 -

Redeemed during year (201,430) (1,648) SC6 (104,448) (533,745) SC9 (1,623,205) (680,166) SC12 (6,729) (27,822)


in issue at end of year 466,990 585,439 T2 794,330 700,045 T3 3,702,094 5,315,972 T4 27,663 34,386

Euro Class F Shares

Euro Class C Shares Euro Class E Shares

US Dollar Class A Shares

KBI Institutional Dividend Plus 50/50 Fund Euro Class C Shares

Euro Class E SharesKBI Institutional Dividend Plus Global Fund Euro Class A Shares Euro Class B Shares Euro Class C Shares

Euro Class H Shares Euro Class I Shares

KBI Institutional Dividend Plus Eurozone Fund Euro Class A Shares Euro Class B Shares



93




Euro Class D (Distributing) Shares ^ Sterling Class A (Distributing) Shares ^ US Dollar Class B (Distributing) Shares ^

Period ended Period ended Period ended Period ended Period ended

Number of Shares 31 August 2014 31 August 2014 31 August 2014 31 August 2014 31 August 2014


Balance at beginning of period - SC4 - SC7 - - SC4 -

Issued during period 112,025 SC5 7,733,577 SC8 133,603 5,000 SC5 273,010

Redeemed during period - SC6 (159,013) SC9 (6,915) - SC6 (17,675)


in issue at end of period 112,025 T2 7,574,564 T3 126,688 5,000 T2 255,335

Period ended

Number of Shares 31 August 2014


Balance at beginning of period -

Issued during period 9,335,920

Redeemed during period (1,263,837)


in issue at end of period 8,072,083

US Dollar Class D Shares ^

KBI Institutional Dividend Plus North America

Equity Fund*

Sterling Class A Shares ^ US Dollar Class B Shares ^



11. Net Asset Value

Net Asset Value Net Asset Value Net Asset Value

Net Asset Value per Share Net Asset Value per Share Net Asset Value per Share


Class A Shares €67,034,793 €188.21 €69,232,865 €152.04 €72,815,495 €143.33

KBI Institutional Agri Fund 0 0 0 0 0 0

Euro Class A Shares €28,164,878 €132.67 €18,395,323 €114.40 €13,287,733 €118.00

Euro Class B Shares €1,536,580 €592.07 €3,045,857 €517.89 €4,434,278 €541.90

Euro Class C Shares €2,543,128 €141.66 €2,254,227 €122.88 €2,339,011 €127.50

Euro Class D Shares €2,615,608 €630.88 €3,559,657 €551.97 €4,920,004 €577.30

Euro Class F Shares €2,086,343 €143.65 €1,826,189 €125.73 €1,911,938 €131.60

Euro Class H Shares €3,630,348 €121.00 €3,149,289 €104.96 €816,793 €108.90

Euro Class I Shares €341,302 €112.81 €573,245 €99.05 €407,977 €104.00

Sterling Class C Shares - - £298,444 £97.14 £1,569,918 £93.75

As at 31 August 2014 As at 31 August 2013 As at 31 August 2012



94



11. Net Asset Value (Continued)




Euro Class A Shares €18,287,854 €5.90 €3,519,716 €5.00 €118,599 €3.89

Euro Class B Shares €1,393,840 €9.60 €1,200,341 €8.26 €945,918 €6.51



Euro Class F Shares €23,673,970 €253.38 €24,352,227 €219.01 €23,533,110 €172.50

Euro Class I Shares €128,441 €14.16 €83,908 €12.23 €241 €9.65

Sterling Class A Shares £899,517 £8.47 £875,175 £7.76 £615,387 £5.66

USD Class C Shares ^ $45,157 $9.88 - - - -





Euro Class F Shares €19,848,369 €1,012.07 €20,652,455 €810.84 €41,158,432 €708.72

Euro Class G Shares €2,303,740 €17.16 €1,660,095 €13.65 €1,412,696 €11.99

Euro Class H Shares €14,019,225 €15.34 €13,515,868 €12.08 €4,648,858 €10.52

Euro Class I Shares €256,727 €14.46 €19,202 €11.52 €1,267 €10.14

Sterling Class A Shares £7,247,345 £17.80 £5,192,080 £15.11 £4,366,795 £12.21

Sterling Class E Shares ^ £1,821,853 £10.69 - - - -

USD Class A Shares ^ $30,759,018 $11.25 - - - -

USD Class C Shares ^ $10,930,477 $10.88 - - - -

CHF Class A Shares ^ CHF 1,754,139 CHF 10.96 - - - -



Euro Class D Shares €621,957 €116.07 €524,109 €97.81 €478,648 €89.32

Euro Class I Shares €328 €131.08 €279 €111.49 €256 €102.50

€ 0.00 € 0.00



Euro Class B Shares ^ €459,919 €11.56 - - - -

Euro Class H Shares €3,218,372 €10.92 €4,502,828 €9.30 €2,152,686 €9.57

Euro Class I Shares €306 €10.56 €226 €9.06 €235 €9.39

Sterling Class B Distributing Shares £13,763,876 £10.32 £7,596,380 £9.76 - -

Sterling Class D Shares £13,629,135 £10.50 £12,369,621 £9.53 £4,337,701 £9.08

Sterling Class D Distributing Shares £5,070,448 £9.57 £4,459,947 £8.99 - -

Sterling Class E Shares ^ £1,080 £10.80 - - - -

Sterling Class E Distributing Shares ^ £1,080 £10.80 - - - -

USD Class A Shares $21,082,025 $11.38 $4,839,543 $9.70 - -

USD Class B Shares ^ $8,532,796 $10.91 - - - -

USD Class D Shares $15,182,869 $13.33 $10,823,007 $11.28 €5,481,270 €11.03

CAD Class A Shares ^ CAD $2,425,788 CAD $10.11 - - - -

As at 31 August 2012As at 31 August 2014 As at 31 August 2013




95



11. Net Asset Value (Continued)





Euro Class B Shares ^ €4,415,632 €11.30 - - - -


Euro Class D (Distributing) Shares ^ €5,964,119 €11.06 - - - -

Euro Class H Shares €164,434,052 €13.38 €4,080,110 €11.09 - -

Euro Class H (Distributing) Shares - - €3,781,887 €10.10 - -

Euro Class I Shares €2,320,754 €13.97 €2,379 €11.66 €257 €10.30

Sterling Class A Shares ^ £1,061 £10.61 - - - -

Sterling Class A (Distributing) Shares ^ £1,061 £10.61 - - - -

Sterling Class C Shares £2,534,722 £14.59 £234,076 £12.97 £127,590 £10.55

Sterling Class C (Distributing) Shares £18,238,451 £13.03 £10,068,203 £11.87 £2,864,523 £10.13

Sterling Class D Shares £116,175,165 £14.68 £102,601,790 £12.96 £30,500,424 £10.52

Sterling Class D (Distributing) Shares £40,532,235 £10.96 £37,180,755 £9.98 - -

US Dollar Class B Shares $453,724 $14.03 $3,851,064 $11.64 - -

US Dollar Class B (Distributing) Shares ^ $2,242,991 $10.71 - - - -

CAD Class A Shares ^ $27,644,625 $10.02 - - - -





Euro Class E Shares €275,093 €15.52 €339,282 €12.93 €306,881 €11.50

Euro Class F Shares €47,737 €15.26 €62,355 €12.77 €63,574 €11.41

Euro Class H Shares €8,534,829 €13.07 €219 €10.82 - -

Euro Class I Shares €343 €13.72 €2,236 €11.47 €256 €10.23

US Dollar Class A Shares $6,045,521 $12.22 $5,013,920 $10.13 - -







Euro Class E Shares €369,520 €13.36 €382,153 €11.11 €573,935 €9.23


Euro Class D (Distributing) Shares^ €1,255,661 €11.21 - - - -

Sterling Class A Shares^ £1,347,779 £10.64 - - - -

Sterling Class A (Distributing) Shares^ £79,875,367 £10.55 - - - -

US Dollar Class B Shares^ $52,135 $10.43 - - - -

US Dollar Class B (Distributing) Shares^ $2,733,058 $10.70 - - - -

US Dollar Class D Shares^ $91,180,830 $11.30 - - - -

As at 31 August 2014 As at 31 August 2013 As at 31 August 2012




96



12. Securities Lending Income

The Sub-Funds were engaged in securities lending activities during the year ended 31 August 2014. Securities used in securities lending activities were held at fair value and were recorded on the Global Securities System of Northern Trust

Fiduciary Services (Ireland) Limited.

The following table shows the securities lending position of the Company at 31 August 2014:

Aggregate value of securities on loan Value of collateral held Gross Earnings Direct Costs

As at 31 August 2014 As at 31 August 2014 Collaterised As at 31 August 2014 As at 31 August 2014

Fund Name USD USD % USD USD

KBI Institutional Long Bond Fund 6,431,681 6,625,871 103.02% 5,772 2,307

KBI Institutional Agri Fund 3,990,104 4,123,254 103.34% 30,941 12,373

KBI Institutional Alternative Energy Fund 8,543,310 8,867,347 103.79% 136,828 54,723

KBI Institutional Water Fund 13,604,680 17,121,892 125.85% 90,168 36,065

KBI Institutional GESS Fund 4,685,953 4,815,174 102.76% 68,711 27,480

KBI Institutional Dividend Plus Emerging Markets Fund 5,571,839 5,963,649 107.03% 62,849 25,132

KBI Institutional Dividend Plus Developed Equity Fund 70,950,357 74,836,285 105.48% 864,688 345,843

KBI Institutional Dividend Plus Global Fund 10,375,618 10,912,601 105.18% 135,259 54,086

KBI Institutional Dividend Plus 50/50 Fund 2,947,961 3,077,006 104.38% 52,044 20,803

KBI Institutional Dividend Plus Eurozone Fund 4,981,627 5,205,463 104.49% 283,253 113,290

KBI Institutional Dividend Plus North America Equity Fund 24,843,839 26,040,487 104.82% 102,182 40,867

156,926,969 167,589,029 1,832,695 732,969

Securities used in the stock lending programme were held at fair value and were recorded on the Global Securities Lending System of The Northern Trust Company.

The following borrowers were used in the securities lending programme at 31 August 2014:

Borrower Name Borrower Name Borrower Name Borrower Name

ABN Amro Bank N.V. Citigroup Global Markets Limited HSBC Bank Plc Morgan Stanley And Co. LLC

ABN Amro Securities (USA) LLC Credit Suisse Securities (Europe) Limited ING Bank NV, London Branch Morgan Stanley Securities Limited

Barclays Capital Inc. Credit Suisse Securities (USA) LLC ING Financial Markets LLC Nomura International Plc

Barclays Capital Securities Ltd. Deutsche Bank Ag, London Branch J.P. Morgan Clearing Corp. Nomura Securities International Inc.

BMO Capital Markets Corp. Deutsche Bank Securities Inc. Merrill Lynch International Societe Generale, Paris Branch

Citigroup Global Markets Inc. Goldman Sachs International Morgan Stanley & Co. International Plc UBS Ag, London Branch



97



12. Securities Lending Income (Continued)

The following table shows the security lending position of the relevant Sub-Funds as at 31 August 2013: :

Aggregate value of securities on loan Value of collateral held Gross Earnings Direct Costs

As at 31 August 2013 As at 31 August 2013 Collaterised As at 31 August 2013 As at 31 August 2013

Fund Name USD USD % USD USD

KBI Institutional Long Bond Fund 14,394,558 14,788,408 102.74% 17,594 7,034

KBI Institutional Agri Fund 4,175,328 4,428,606 106.07% 64,632 25,850

KBI Institutional Alternative Energy Fund 6,017,294 6,335,585 105.29% 379,616 151,840

KBI Institutional Water Fund 373,816 389,598 104.22% 42,202 16,877

KBI Institutional GESS Fund 4,110,316 4,334,775 105.46% 148,859 59,540

KBI Institutional Dividend Plus Emerging Markets Fund 13,062,396 14,405,819 110.28% 137,034 54,805

KBI Institutional Dividend Plus Developed Equity Fund 36,147,029 38,145,139 105.53% 779,706 311,863

KBI Institutional Dividend Plus Global Fund 6,264,926 6,649,851 106.14% 131,794 52,704

KBI Institutional Dividend Plus 50/50 Fund 4,245,229 4,475,395 105.42% 136,694 54,662

KBI Institutional Dividend Plus Eurozone Fund 7,283,200 7,596,321 104.30% 370,060 148,015

96,074,092 101,549,497 2,208,191 883,190

Securities used in the stock lending programme were held at fair value and were recorded on the Global Securities Lending System of The Northern Trust Company.

The following borrowers were used in the securities lending programme at 31 August 2013:

Borrower Name Borrower Name Borrower Name Borrower Name

ABN Amro Bank N.V. Credit Suisse Securities (Europe) Limited ING Financial Markets LLC Morgan Stanley Securities Limited

ABN Amro Securities (USA) LLC Credit Suisse Securities (USA) LLC J.P. Morgan Clearing Corp. Nomura International Plc

Barclays Bank Plc Deutsche Bank AG, London Branch J.P. Morgan Securities Plc Nomura Securities International Inc.

Barclays Capital Inc. Deutsche Bank Securities Inc. Merrill Lynch International Societe Generale, Paris Branch

Barclays Capital Securities Ltd. Goldman Sachs International Mizuho Securities USA Inc. The Royal Bank of Scotland Plc

Citigroup Global Markets Inc. HSBC Bank Plc Morgan Stanley & Co. International Plc UBS AG, London Branch

Citigroup Global Markets Limited ING Bank NV, London Branch

98





13. Fees

Investment Management Fee

Under the provisions of the discretionary investment management agreement, the Company will pay

the Investment Manager a fee of up to 0.12% per annum of the Net Asset Value (plus VAT, if any) of

KBI Institutional Long Bond Fund as of the relevant valuation date, up to 2.5% per annum of the Net Asset

Value (plus VAT, if any) of the KBI Institutional Dividend Plus North America Equity Fund, up to 2% per

annum of the Net Asset Value (plus VAT, if any) of KBI Institutional Agri Fund, KBI Institutional Water

Fund, KBI Institutional GESS Fund, KBI Institutional Dividend Plus Emerging Markets Fund, KBI

Institutional Dividend Plus Global Fund, KBI Institutional Dividend Plus Developed Equity Fund, KBI

Institutional Alternative Energy Fund, and KBI Institutional Dividend Plus Eurozone Fund and up to

1.5% per annum of the Net Asset Value (plus VAT, if any) of KBI Institutional Dividend Plus 50/50

Fund. Within these maximum permitted limits, the Investment Manager's fee may differ between Sub-

Funds and between classes of the same Sub-Fund. This fee shall be accrued weekly on each dealing day and

payable monthly in arrears.

Investment Management fees of EUR 3,488,211 (31 August 2013: EUR 2,438,647) were charged during

the year, EUR 390,582 of which were outstanding at the year end (31 August 2013: EUR 214,916).

Administration Fee

Under the provisions of the administration agreement, the Company shall pay to the Administrator out of

the assets of each Sub-Fund attributable to each Class an annual fee which shall be accrued weekly on

each Dealing Day and payable monthly in arrears, at a rate which will not exceed 0.03% of the Net

Asset Value of KBI Institutional Long Bond Fund (plus VAT, if any), 0.035% of the KBI Institutional

Agri Fund, KBI Institutional Water Fund, KBI Institutional Alternative Energy Fund, KBI Institutional

GESS Fund, KBI Institutional Dividend Plus Emerging Markets Fund, KBI Institutional Dividend Plus

Global Fund, KBI Institutional Dividend Plus Developed Equity Fund, KBI Dividend Plus 50/50 Fund,

KBI Institutional Dividend Plus Eurozone Fund and KBI Institutional Dividend Plus North America

Equity Fund (plus VAT, if any).

The Administrator shall also be entitled to be repaid out of the assets of the Sub-Fund all of its reasonable

out-of-pocket expenses incurred on behalf of the Sub-Fund, which shall include legal fees, couriers'

fees and telecommunication costs and expenses.

Administration fees of EUR 380,994 (31 August 2013: EUR 258,677) were charged during the year,

EUR 113,570 of which were outstanding at the year end (31 August 2013: EUR 71,357).

Custodian Fee

Under the provisions of the custodian agreement, the Company shall pay to the Custodian out of the

assets of each Sub-Fund attributable to each Class an annual fee which shall be accrued weekly on each

Dealing Day and payable monthly in arrears, at a rate which will not exceed 0.03% of the Net Asset

Value of KBI Institutional Long Bond Fund (plus VAT, if any), and 0.065% of the Net Asset Value of

KBI Institutional Agri Fund, KBI Institutional Water Fund, KBI Institutional Alternative Energy Fund,

KBI Institutional Dividend Plus Global Fund, KBI Institutional Dividend Plus 50/50 Fund, KBI

Institutional Dividend Plus Developed Equity Fund, KBI Institutional Dividend Plus Eurozone Fund, KBI

Institutional GESS Fund and KBI Institutional Dividend Plus North America Equity Fund (plus VAT, if

any), 0.074% of the Net Asset Value of KBI Institutional Dividend Plus Emerging Markets Fund (plus

VAT, if any) and 0.10% of the Net Asset Value of KBI Institutional Dividend Plus North America Equity

Fund (plus VAT if any).



99



13. Fees (Continued)

Custodian Fee (Continued)

The Custodian shall also be entitled to be repaid out of the assets of each Sub-Fund all of its reasonable

out-of-pocket expenses incurred on behalf of the Sub-Fund which shall include couriers' fees and

telecommunication costs and other expenses incurred on behalf of the Sub-Fund by the Custodian in the

proper performance of its duties (plus VAT, if any).

Custodian fees of EUR 679,834 (31 August 2013: EUR 454,293) were charged during the year, EUR

204,366 of which were outstanding at the year end (31 August 2013: EUR 124,558).

14. Efficient Portfolio Management

The Investment Manager may utilise derivatives and other techniques and instruments (including, but not

limited to, options, swaps, futures and forwards) whether the intention of providing protection against risks

of gaining exposure to certain markets, sectors or securities, or otherwise of increasing the return on the

Assets of each Fund. Such derivatives and other techniques and instruments will only be used for

efficient portfolio management purposes in accordance with the conditions and limits laid down by the

Central Bank of Ireland. The Investment Manager may also, when facilities become available in the relevant

markets, lend the Portfolio securities and/or purchase securities subject to repurchase agreements. Securities

lending is dealt with separately in Note 12. No securities were purchased subject to repurchase agreements

during the year.

There are no open derivative contracts held at the Statement of Financial Position date.

15. Distributions

Details of distributions made during the year ended 31 August 2014 are as follows:

KBI Institutional Dividend Plus Emerging Markets Share Class B GBP

Date Date Rate per

Declared Paid Share No. of Shares Amount £ Relevant Period

27.02.2014 14.03.2014 0.04508 1,364,823 61,529 01.09.2013 - 28.02.2014

25.04.2014 06.05.2014 0.04317 1,369,910 59,142 01.11.2013 - 28.02.2014

28.08.2014 12.09.2014 0.26423 1,333,965 352,470 01.03.2014 - 31.08.2014

KBI Institutional Dividend Plus Emerging Markets Share Class D GBP

Date Date Rate per


27.02.2014 14.03.2014 0.08264 496,058 40,995 01.09.2013 - 28.02.2014

28.08.2014 12.09.2014 0.23688 529,717 125,480 01.03.2014 - 31.08.2014

KBI Institutional Dividend Plus Developed Equity Share Class C GBP

Date Date Rate per


27.02.2014 14.03.2014 0.10458 1,396,138 146,015 01.09.2013 - 28.02.2014

28.08.2014 12.09.2014 0.22103 1,399,374 309,298 01.03.2014 - 31.08.2014



100



15. Distributions (Continued)

Details of distributions made during the year ended 31 August 2014 are as follows: (Continued)

KBI Institutional Dividend Plus Developed Equity Share Class D GBP

Date Date Rate per


27.02.2014 14.03.2014 0.13227 3,725,589 492,765 01.09.2013 - 28.02.2014

28.08.2014 12.09.2014 0.19360 3,697,446 715,814 01.03.2014 - 31.08.2014

KBI Institutional Dividend Plus Developed Equity Share Class B USD

Date Date Rate per

Declared Paid Share No. of Shares Amount $ Relevant Period

27.02.2014 14.03.2014 0.05896 307,364 18,121 01.09.2013 - 28.02.2014

25.04.2014 06.05.2014 0.01931 209,369 4,043 01.11.2013 - 28.02.2014

28.08.2014 12.09.2014 0.14743 209,369 30,866 01.03.2014 - 31.08.2014

KBI Institutional Dividend Plus Developed Equity Share Class D EUR

Date Date Rate per

Declared Paid Share No. of Shares Amount € Relevant Period

28.08.2014 12.09.2014 0.11276 539,477 60,831 01.03.2014 - 31.08.2014

KBI Institutional Dividend Plus Developed Equity Share Class H EUR

Date Date Rate per


27.02.2014 14.03.2014 0.09655 887,991 85,738 01.09.2013 - 28.02.2014

KBI Institutional Dividend Plus North America Equity Share Class A GBP

Date Date Rate per


27.02.2014 14.03.2014 0.00834 2,029,314 16,924 01.09.2013 - 28.02.2014

25.04.2014 06.05.2014 0.00096 3,799,896 3,644 01.11.2013 - 28.02.2014

28.08.2014 12.09.2014 0.08279 7,574,564 627,128 01.03.2014 - 31.08.2014

KBI Institutional Dividend Plus North America Equity Share Class D EUR

Date Date Rate per


28.08.2014 12.09.2014 0.07308 112,025 8,187 01.03.2014 - 31.08.2014

KBI Institutional Dividend Plus North America Equity Share Class B USD

Date Date Rate per

Declared Paid Share No. of Shares Amount $ Relevant Period

28.08.2014 12.09.2014 0.08201 255,335 20,939 01.03.2014 - 31.08.2014



101



15. Distributions (Continued)

Details of distributions made during the year ended 31 August 2013 are as follows:

KBI Institutional Dividend Plus Emerging Markets Share Class B GBP

Date Date Rate per


28.02.2013 14.03.2013 0.0487 332,775 16,221 01.09.2012 - 28.02.2013

30.08.2013 13.09.2013 0.2472 778,657 192,461 01.03.2013 - 31.08.2013

KBI Institutional Dividend Plus Emerging Markets Share Class D GBP

Date Date Rate per


30.08.2013 13.09.2013 0.1944 496,058 96,437 01.03.2013 - 31.08.2013

KBI Institutional Dividend Plus Developed Equity Share Class C GBP

Date Date Rate per


31.08.2012 14.09.2012 0.2122 282,978 60,054 01.03.2012 - 31.08.2012

28.02.2013 14.03.2013 0.1263 437,810 55,310 01.09.2012 - 28.02.2013

30.08.2013 13.09.2013 0.1944 848,493 164,978 01.03.2013 - 31.08.2013

KBI Institutional Dividend Plus Developed Equity Share Class D GBP

Date Date Rate per


30.08.2013 13.09.2013 0.1227 3,725,589 457,030 01.03.2012 - 31.08.2012

KBI Institutional Dividend Plus Developed Equity Share Class H EUR

Date Date Rate per


30.08.2013 13.09.2013 0.0878 374,439 32,864 01.03.2012 - 31.08.2012

16. Related Party Transactions

IAS 24 "Related Party Transactions" requires the disclosure of information relating to material transactions with

parties who are deemed to be related to the reporting entity.

Investment Manager

Related parties include the Investment Manager, Kleinwort Benson Investors Dublin Limited. Amounts

earned by the Investment Manager and due to, the Investment Manager at year end, are disclosed in Notes

5 and 9, respectively.

Directors

The following Directors of Kleinwort Benson Investors Institutional Fund Plc are also employees of

the Investment Manager, Kleinwort Benson Investors Dublin Limited:

Derval Murray, Padraig Sheehy and Gerard Solan.

Frank Joseph Close, as a Director, earns a fee of EUR 15,000 per annum. Fiona Mulcahy, as a Director,

will earn a fee of EUR 20,000 per annum. All other directors have waived their fee for the year ended 31

August 2014 (31 August 2013: same).



102



16. Related Party Transactions (Continued)

Directors’ and Secretary's Interests in Shares and Contracts

The table below shows a reconciliation of the Directors' and Secretary's interests in the Funds of the

Company for the year ended 31 August 2014:

Frank Joseph Close KBI

Institutional

Dividend

Plus Global

Fund

Opening Balance 31 August 2013 1,168

Closing Balance 31 August 2014 1,168

KBI KBI

Institutional Institutional

Padraig Sheehy KBI Dividend Dividend

KBI Institutional KBI Plus Plus

Institutional Alternative Institutional Emerging Eurozone

Agri Fund Energy Fund Water Fund Markets Fund Fund

Opening Balance 31 August 2013 225 1,062 774 5,116 2,166

Purchases - 797 3,328 9,858 4,015

Sales (2) (14) (724) (107) (203)

Closing Balance 31 August 2014 223 1,845 3,378 14,867 5,978

Gerard Solan KBI

Institutional KBI

Dividend Institutional

KBI KBI Plus Dividend

Institutional Institutional Emerging Plus Global

Agri Fund Water Fund Markets Fund Fund

Opening Balance 31 August 2013 70 3,178 7,017 22,730

Purchases - - 781 -

Sales (1) (24) (55) (167)

Closing Balance 31 August 2014 69 3,154 7,743 22,563

KBI

KBI Institutional

Derval Murray KBI Institutional Dividend

KBI Institutional KBI Dividend Plus

Institutional Alternative Institutional Plus Global Eurozone

Agri Fund Energy Fund Water Fund Fund Fund

Opening Balance 31 August 2013 48 599 391 116 174

Sales - (5) (3) (1) (1)

Closing Balance 31 August 2014 48 594 388 115 173

KBI

KBI Institutional

Institutional Dividend

Patrick Cassells KBI Dividend Plus

Institutional Plus Global Emerging

GESS Fund Fund Markets Fund

Opening Balance 31 August 2013 532 12,222 745

Purchases 18 442 217

Sales (4) (93) (7)

Closing Balance 31 August 2014 546 12,571 955



103



16. Related Party Transactions (Continued)

Andrea Oman KBI

KBI Institutional

KBI Institutional Dividend

Institutional KBI Dividend Plus

Alternative Institutional Plus Global Eurozone

Energy Fund Water Fund Fund Fund

Opening Balance 31 August 2013 852 132 346 417

Purchases 199 23 65 87

Sales (8) (1) (3) (4)

Closing Balance 31 August 2014 1,043 154 408 500

Shareholdings

The following Funds held shares in KBI Institutional Agri Fund at 31 August 2014:

KBI Innovator Fund held 119,513 shares (31 August 2013: 134,481 shares).

KBI Diversified Growth Fund held 33,470 shares (31 August 2013: nil shares).

The following Funds held shares in KBI Institutional Alternative Energy Fund at 31 August 2014:

KBI Innovator Fund held 1,150,004 shares (31 August 2013: 662,922 shares).

The following Funds held shares in KBI Institutional Water Fund at 31 August 2014:

KBI Ethical Managed Fund held nil shares (31 August 2013: 114,458 shares).

KBI Innovator Fund held 867,927 shares (31 August 2013: 1,322,711 shares).

The following Funds held shares in KBI Institutional GESS Fund at 31 August 2014:

KBI Diversified Growth Fund held 63,461 shares (31 August 2013: 75,187 shares).

KBI Innovator Fund held 224,403 shares (31 August 2013: 299,681 shares).

The following Funds held shares in KBI Institutional Dividend Plus Emerging Markets Fund at 31 August

2014:


KBI Innovator Fund held 1,871,977 shares (31 August 2013: 2,268,963 shares).

KBI Institutional Dividend Plus Global Fund held 517,166 shares (31 August 2013: 326,012 shares).

KBI Institutional Dividend Plus 50/50 Fund held 72,285 shares (31 August 2013: 131,369 shares).

KBI International Equity Fund held 148,169 shares (31 August 2013: 126,157 shares).

KBI Managed Fund held 1,445,697 shares (31 August 2013: 1,291,536 shares).

The following Fund held shares in KBI Institutional Dividend Plus Developed Equity Fund at 31 August 2014:


The following Fund held shares in KBI Institutional Dividend Plus Eurozone Fund at 31 August 2014:


The following Funds held shares in KBI Institutional Dividend Plus North America Equity Fund at 31 August

2014:

KBI International Equity Fund held 458,392 shares (31 August 2013: N/A shares).

KBI Managed Fund held 4,467,754 shares (31 August 2013: N/A).

The KBI Institutional Dividend Plus Global Fund and KBI Institutional Dividend Plus 50/50 Fund had holdings in

the KBI Institutional Dividend Plus Emerging Markets Fund at 31 August 2014.



104



17. Auditor Remuneration

The remuneration for all work carried out by the statutory audit firm in respect of the financial year is as

follows:


31 August 2013

EUR EUR

40,500

-

-

-

40,500

Other non-audit services -

44,375

31 August 2014

Statutory audit of the Company accounts 40,500

Other assurance services -

Tax advisory services 3,875

18. Taxation

The Company will not be liable for tax in respect of its income and gains, other than on the occurrence of

a chargeable event. A chargeable event includes any distribution or any redemption or transfer of Shares.

A chargeable event does not include:

i) Any transactions in relation to Redeemable Participating Shares held in a recognised clearing

system as designated by order of the Revenue Commissioners of Ireland; or,

ii) An exchange of Redeemable Participating Shares representing one Fund for another Fund of the

Company; or,

iii) An exchange of Redeemable Participating Shares arising on a qualifying amalgamation or

reconstruction of the Company with another Fund.

A chargeable event will not occur in respect of Redeemable Participating Shareholders who are neither

resident nor ordinarily resident in Ireland and who have provided the Company with a relevant declaration

to that effect. There were no chargeable events during the year.

In the absence of an appropriate declaration, the Company will be liable for Irish tax on the occurrence of

a chargeable event and the Company reserves its right to withhold such taxes from payments to

relevant shareholders.

Capital gains, dividends and interest received may be subject to withholding taxes imposed by the

country of origin and such taxes may not be recoverable by the Company or its Shareholders. A

chargeable event includes any distribution payment to shareholders or any encashment, redemption or

transfer of shares or an ending of a Relevant Period.

19. Soft Commission Arrangements

There were no soft commission arrangements affecting the Company during the current or prior years.

20. Comparative Figures

The comparative information is supplied for the Statement of Financial Position as at 31 August 2013. The

comparative information supplied for the Statement of Comprehensive Income, the Statement of

Changes in Net Assets and the Statement of Cash Flows is for the year from 1 September 2012 to 31

August 2013.



105



21. Events During the Year

The Prospectus of the Company was updated on 11 October 2013 providing for the launch of the KBI

Institutional Dividend Plus North America Equity Fund in October 2013, the offering of Swiss Franc share

classes on some Sub-Funds as well as regulatory and taxation updates as required.

The KBI Institutional Dividend Plus North America Equity Fund launched on 23 October 2013.

Mr Patrick Cassells resigned as Company Secretary and was replaced by Ms Andrea Oman on 10 April 2014.

The following Share Classes launched during the period:

KBI Institutional Alternative Energy Fund US Dollar Class C Shares

KBI Institutional Water Fund US Dollar Class A Shares

KBI Institutional Water Fund US Dollar Class C Shares

KBI Institutional Water Fund Sterling Class E Shares

KBI Institutional Water Fund Swiss Franc Class A Shares

KBI Institutional Dividend Plus Emerging Markets Fund Sterling Class E Shares

KBI Institutional Dividend Plus Emerging Markets Fund Sterling Class E (Distributing) Shares

KBI Institutional Dividend Plus Emerging Markets Fund Euro Class B Shares

KBI Institutional Dividend Plus Emerging Markets Fund US Dollar Class B Shares

KBI Institutional Dividend Plus Emerging Markets Fund Canadian Dollar Class A Shares

KBI Institutional Dividend Plus Developed Equity Fund Euro Class B Shares

KBI Institutional Dividend Plus Developed Equity Fund US Dollar Class B (Distributing) Shares

KBI Institutional Dividend Plus Developed Equity Fund Sterling Class A Shares

KBI Institutional Dividend Plus Developed Equity Fund Sterling Class A (Distributing) Shares

KBI Institutional Dividend Plus Developed Equity Fund Euro Class D (Distributing) Shares

KBI Institutional Dividend Plus Developed Equity Fund Canadian Dollar Class A Shares

KBI Institutional Dividend Plus North America Equity Fund US Dollar Class D Shares

KBI Institutional Dividend Plus North America Equity Fund Sterling Class A Shares

KBI Institutional Dividend Plus North America Equity Fund Sterling Class A (Distributing) Shares

KBI Institutional Dividend Plus North America Equity Fund Euro Class D (Distributing) Shares

KBI Institutional Dividend Plus North America Equity Fund US Dollar Class B Shares

KBI Institutional Dividend Plus North America Equity Fund US Dollar Class B (Distributing) Shares

The following Share Classes closed during the period:

KBI Institutional Agri Fund Sterling Class C Shares

KBI Institutional Dividend Plus Developed Equity Fund Euro Class H (Distributing) Shares



106



22. Transaction Costs

The following amounts are included in realised and unrealised gain/loss on investments in relation to transaction costs.



Total Company Institutional Institutional Alternative Institutional Institutional Emerging Developed Equity Dividend Plus Dividend Plus Dividend Plus North America

Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund Equity Fund*




Transaction costs 1,453,862 - 44,079 94,938 485,337 132,695 258,437 438,453 51,629 13,936 62,980 92,087




Transaction costs 960,303 - 33,833 71,436 317,472 112,536 181,606 223,421 43,002 30,327 21,344

Transaction costs are made up of broker charges, local taxes and levies and stamp duty.




107



23. Reconciliation of Net Asset Value in accordance with IFRS

At 31 August 2014, an adjustment was required to the financial statements. This was required in order to bring the financial statements in line with IFRS. This adjustment was for the purposes of the year-end

financial statements only and did not affect the monthly reported dealing net asset value. The Net Asset Value of the Funds has been adjusted by the formation expenses written off in accordance with IFRS. The

following is the reconciliation detail as at 31 August 2014 and 31 August 2013:


KBI

Institutional


Total Company Institutional Institutional Alternative Institutional Institutional Emerging Developed Equity Dividend Plus Dividend Plus Dividend Plus North America

Long Bond Fund Agri Fund Energy Fund Water Fund GESS Fund Markets Fund Fund Global Fund 50/50 Fund Eurozone Fund Equity Fund




Net asset value originally reported 1,229,307,856 67,034,793 40,918,188 56,513,716 187,965,426 54,080,339 171,388,113 529,461,670 78,143,682 21,136,287 68,015,854 230,511,315

Formation expenses written off 150,746 - 13,252 13,265 49,573 21,194 15,113 39,679 8,574 1,022 1,033 11,553

Net assets per the financial statements 1,229,157,110 67,034,793 40,904,935 56,500,451 187,915,853 54,059,145 171,373,000 529,421,991 78,135,108 21,135,265 68,014,821 230,499,762




Net asset value originally reported 839,277,726 69,232,865 33,153,910 40,786,450 101,343,188 47,119,994 123,070,194 286,373,840 51,350,520 36,555,718 74,795,511

Formation expenses written off 186,330 - 17,933 17,947 58,757 31,950 21,812 53,685 12,261 2,056 2,059

Net assets per the financial statements 839,091,396 69,232,865 33,135,977 40,768,503 101,284,431 47,088,044 123,048,382 286,320,155 51,338,259 36,553,662 74,793,452

Note 11 shows the dealing NAV‟s per Share by Share Class prior to the adjustment described above.



108



24. Cross Investment

Basis of preparation

As at 31 August 2014, the KBI Institutional Dividend Plus Global Fund and KBI Institutional Dividend Plus

50/50 Fund held the following number of shares in the KBI Institutional Dividend Plus Emerging Markets

Fund:

Holding

KBI Institutional

Dividend Plus

Global Fund

KBI Institutional

Dividend Plus 50/50

Fund

KBI Institutional Dividend Plus Emerging Markets Fund Class A 517,166 72,285

KBI Institutional Total

KBI Institutional

Dividend Plus

Emerging Markets

Fund Class A

Dividend Plus Global Fund

Opening Cost 3,591,807 3,591,807

Issue of shares 2,041,985 2,041,985

Closing Cost 5,633,792 5,633,792

Fair Value 6,471,302 6,471,302

Unrealised gain 976,852 976,852


KBI Institutional

Dividend Plus

Emerging Markets

Fund Class A

Dividend Plus 50/50 Fund

Opening Cost 1,463,217 1,463,217

Issue of Shares 114,993 114,993

Redemptions of shares (783,571) (783,571)

1,881 1,881

Closing Cost 796,520 796,520

Fair Value 904,502 904,502

Unrealised gain 179,997 179,997

Cross Investment

KBI Institutional Dividend Plus Global Fund 6,471,302

KBI Institutional Dividend Plus 50/50 Fund 904,502

Total Fair Value 7,375,804

Realised gains 1,881

Net change in unrealised 1,156,849

Total Gains 1,158,730

Realised gains on sale of investments



109



24. Cross Investment (Continued)

Basis of preparation



Fund: (Continued)

Weighted Average Holding

KBI Institutional

Dividend Plus

Global Fund

KBI Institutional

Dividend Plus 50/50

Fund

KBI Institutional Dividend Plus Emerging Markets Fund 461,545 68,586

Average fair value of shares held

KBI Institutional

Dividend Plus

Global Fund

KBI Institutional

Dividend Plus 50/50

Fund

KBI Institutional Dividend Plus Emerging Markets Fund 5,195,334 770,129



Fund:

Holding

KBI Institutional

Dividend Plus

Global Fund

KBI Institutional

Dividend Plus 50/50

Fund

KBI Institutional Dividend Plus Emerging Markets Fund Class A 326,012 131,369


KBI Institutional

Dividend Plus

Emerging Markets

Fund Class A

Dividend Plus Global Fund

Opening Cost 3,024,188 3,024,188

Issue of shares 567,619 567,619

Redemptions of shares - -

- -

Closing Cost 3,591,807 3,591,807

Fair Value 3,452,465 3,452,465


Realised loss on sale of investments



110



24. Cross Investment (Continued)


KBI Institutional

Dividend Plus

Emerging Markets

Fund Class A

Dividend Plus 50/50 Fund

Opening Cost 1,187,568 1,187,568

Issue of Shares 275,648 275,648

Cost 1,463,216 1,463,216

Fair Value 1,391,201 1,391,201


Cross Investment

KBI Institutional Dividend Plus Global Fund 3,452,465

KBI Institutional Dividend Plus 50/50 Fund 1,391,201

Total Fair Value 4,843,666

Net change in unrealised (149,981)

Total losses (149,981)

Weighted Average Holding

KBI Institutional

Dividend Plus

Global Fund

KBI Institutional

Dividend Plus 50/50

Fund

KBI Institutional Dividend Plus Emerging Markets Fund 301,688 110,145

Average fair value of shares held

KBI Institutional

Dividend Plus

Global Fund

KBI Institutional

Dividend Plus 50/50

Fund

KBI Institutional Dividend Plus Emerging Markets Fund 3,414,103 1,245,049



111



25. Post Balance Sheet Events

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

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

Company, may have had an impact on the financial statements for the year ended 31 August 2014.

26. Approval of Financial Statements

The financial statements were approved by the board on 10 December 2014.

112



Performance Data (Unaudited)


Inception Price Price

Funds Inception Date Price 31 August 2013 31 August 2014 12 Months Since Inception * Since Inception pa*

KBI Institutional Long Bond Fund Class A 14/10/2004 100.00 152.04 188.21 23.79% 88.21% 6.61%

KBI Institutional Agri Fund Euro Class A 22/10/2010 100.00 114.40 132.67 15.97% 32.67% 7.60%

KBI Institutional Agri Fund Euro Class B 11/06/2008 500.00 517.89 592.07 14.32% 18.41% 2.75%

KBI Institutional Agri Fund Euro Class C 19/04/2010 100.00 122.88 141.66 15.28% 41.66% 8.30%

KBI Institutional Agri Fund Euro Class D 11/06/2008 500.00 551.97 630.88 14.30% 26.18% 3.81%

KBI Institutional Agri Fund Euro Class F 24/02/2010 100.00 125.73 143.65 14.25% 43.65% 8.35%

KBI Institutional Agri Fund Euro Class H 08/03/2012 100.00 104.96 121.00 15.28% 21.00% 7.99%

KBI Institutional Agri Fund Euro Class I 16/03/2012 100.00 99.05 112.81 13.89% 12.81% 5.03%

KBI Institutional Agri Fund Sterling Class C ^ 13/01/2011 100.00 97.14 - - - -

KBI Institutional Alternative Energy Euro Class A 08/04/2008 10.00 5.00 5.90 17.87% -41.02% -7.92%

KBI Institutional Alternative Energy Euro Class B 24/02/2008 10.00 8.26 9.60 16.13% -4.03% -0.63%

KBI Institutional Alternative Energy Euro Class C 21/09/2009 10.00 7.63 8.96 17.43% -10.40% -2.20%

KBI Institutional Alternative Energy Euro Class D 23/09/2009 10.00 7.58 8.88 17.16% -11.23% -2.38%

KBI Institutional Alternative Energy Euro Class F 08/10/2010 254.70 219.01 253.38 15.69% -0.52% -0.13%

KBI Institutional Alternative Energy Euro Class I 08/05/2012 10.00 12.23 14.16 15.78% 41.61% 16.24%

KBI Institutional Alternative Energy Sterling Class A 10/11/2009 10.00 7.78 8.47 8.87% -15.30% -3.40%

KBI Institutional Alternative Energy USD Class C ^ 23/01/2014 10.00 - 9.88 - -1.22% -

KBI Institutional Water Fund Euro Class A 08/04/2008 10.00 14.20 18.14 27.76% 81.44% 9.76%

KBI Institutional Water Fund Euro Class C 21/09/2009 10.00 16.66 21.20 27.28% 111.99% 16.42%

KBI Institutional Water Fund Euro Class D 23/09/2009 10.00 16.30 20.70 26.99% 107.01% 15.88%

KBI Institutional Water Fund Euro Class F 08/10/2010 568.10 807.56 1,012.07 25.32% 78.15% 15.98%

KBI Institutional Water Fund Euro Class G 12/12/2011 10.00 13.65 17.16 25.73% 71.59% 21.98%

KBI Institutional Water Fund Euro Class H 09/03/2012 10.00 12.08 15.34 27.00% 53.43% 18.87%

KBI Institutional Water Fund Euro Class I 16/03/2012 10.00 11.52 14.46 25.49% 44.58% 16.18%

KBI Institutional Water Fund Sterling Class A 24/06/2008 10.00 15.08 17.80 18.01% 77.95% 9.76%

KBI Institutional Water Fund Sterling Class E ^ 13/11/2013 10.00 - 10.69 - 6.90% -

KBI Institutional Water Fund USD Class A ^ 25/10/2013 10.00 - 11.25 - 12.50% -

KBI Institutional Water Fund USD Class C ^ 25/10/2013 10.00 - 10.88 - 8.78% -

KBI Institutional Water Fund CHF Class A ^ 19/11/2013 10.00 - 10.96 - 9.62% -

KBI Institutional GESS Fund Euro Class A 26/08/2009 100.00 123.19 147.30 19.57% 47.30% 8.03%

KBI Institutional GESS Fund Euro Class D 16/02/2011 100.00 97.81 116.07 18.67% 16.07% 4.30%

KBI Institutional GESS Fund Euro Class I 16/03/2012 100.00 111.49 131.08 17.57% 31.08% 11.64%

KBI Institutional Dividend Plus Emerging Markets Fund Euro Class A 29/07/2010 10.00 10.59 12.51 18.16% 25.13% 5.63%

KBI Institutional Dividend Plus Emerging Markets Fund Euro Class B 24/12/2013 10.00 - 11.56 - 15.66% -

KBI Institutional Dividend Plus Emerging Markets Fund Euro Class H 09/03/2012 10.00 9.30 10.92 17.45% 9.24% 3.63%

KBI Institutional Dividend Plus Emerging Markets Fund Euro Class I 16/03/2012 10.00 9.06 10.56 16.57% 5.60% 2.24%

KBI Institutional Dividend Plus Emerging Markets Fund Sterling Class B (Dist) 16/11/2012 10.00 9.78 10.32 5.55% 3.18% 1.77%

KBI Institutional Dividend Plus Emerging Markets Fund Sterling Class D 27/07/2011 10.00 9.55 10.50 9.99% 5.04% 1.60%

* Annualised if more than one year

^ Please see Note 21 Events during the year.



113

Performance Data (Unaudited)


Inception Price Price

Funds Inception Date Price 31 August 2013 31 August 2014 12 Months Since Inception * Since Inception pa*

KBI Institutional Dividend Plus Emerging Markets Fund Sterling Class D (Dist) 03/05/2012 10.00 9.01 9.57 6.26% -4.28% -1.86%

KBI Institutional Dividend Plus Emerging Markets Fund Sterling Class E ^ 14/11/2013 10.00 - 10.80 0.00% -100.00% -

KBI Institutional Dividend Plus Emerging Markets Fund Sterling Class E (Dist) ^ 14/11/2013 10.00 - 10.80 0.00% -100.00% -

KBI Institutional Dividend Plus Emerging Markets Fund USD Class A 19/07/2013 10.00 9.74 11.38 16.83% 13.83% 12.32%

KBI Institutional Dividend Plus Emerging Markets Fund USD Class B ^ 07/05/2014 10.00 - 10.91 - 9.07% -

KBI Institutional Dividend Plus Emerging Markets Fund USD Class D 19/12/2011 10.00 11.33 13.33 17.68% 33.33% 11.25%

KBI Institutional Dividend Plus Emerging Markets Fund CAD Class A ^ 23/07/2014 10.00 - 10.11 - 1.07% -

KBI Institutional Dividend Plus Developed Equity Fund Euro Class A 30/03/2011 10.00 13.24 16.07 21.42% 60.73% 14.88%

KBI Institutional Dividend Plus Developed Equity Fund Euro Class B ^ 24/12/2013 10.00 - 11.30 - 12.97% -

KBI Institutional Dividend Plus Developed Equity Fund Euro Class C 08/12/2010 10.00 13.28 16.04 20.82% 60.44% 13.52%

KBI Institutional Dividend Plus Developed Equity Fund Euro Class D (Dist) ^ 11/04/2014 10.00 - 11.06 - 10.55% -

KBI Institutional Dividend Plus Developed Equity Fund Euro Class H 18/01/2013 10.00 11.09 13.38 20.71% 33.81% 19.78%

KBI Institutional Dividend Plus Developed Equity Fund Euro Class H (Dist) ^ 10/04/2013 10.00 10.10 -

KBI Institutional Dividend Plus Developed Equity Fund Euro Class I 16/03/2012 10.00 11.66 13.97 19.82% 39.73% 14.58%

KBI Institutional Dividend Plus Developed Equity Fund Sterling Class A ^ 13/11/2013 10.00 - 10.61 - 6.09% -

KBI Institutional Dividend Plus Developed Equity Fund Sterling Class A (Dist) ^ 13/11/2013 10.00 - 10.61 - 6.10% -

KBI Institutional Dividend Plus Developed Equity Fund Sterling Class C 04/02/2011 10.00 12.97 14.59 12.46% 45.88% 11.16%

KBI Institutional Dividend Plus Developed Equity Fund Sterling Class C (Dist) 20/07/2011 10.00 11.89 13.03 9.62% 30.33% 8.88%

KBI Institutional Dividend Plus Developed Equity Fund Sterling Class D 27/07/2011 10.00 12.99 14.68 13.01% 46.78% 13.20%

KBI Institutional Dividend Plus Developed Equity Fund Sterling Class D (Dist) 03/05/2013 10.00 10.00 10.96 9.63% 9.62% 7.17%

KBI Institutional Dividend Plus Developed Equity Fund USD Class B 12/09/2012 10.00 11.69 14.03 20.04% 40.27% 18.80%

KBI Institutional Dividend Plus Developed Equity Fund USD Class B (Dist) ^ 14/11/2013 10.00 - 10.71 - 7.13% -

KBI Institutional Dividend Plus Developed Equity Fund CAD Class A ^ 23/07/2014 10.00 - 10.02 - 0.16% -

KBI Institutional Dividend Plus Global Fund Euro Class A 14/03/2011 10.00 13.26 16.08 21.27% 60.75% 14.68%

KBI Institutional Dividend Plus Global Fund Euro Class B 14/03/2011 10.00 13.13 15.87 20.85% 58.73% 14.26%

KBI Institutional Dividend Plus Global Fund Euro Class C 14/03/2011 10.00 13.10 15.80 20.66% 58.02% 14.11%

KBI Institutional Dividend Plus Global Fund Euro Class E 14/03/2011 10.00 12.93 15.52 20.07% 55.20% 13.52%

KBI Institutional Dividend Plus Global Fund Euro Class F 14/03/2011 10.00 12.77 15.26 19.49% 52.56% 12.96%

KBI Institutional Dividend Plus Global Fund Euro Class H 08/01/2013 10.00 10.82 13.07 20.87% 30.73% 17.74%

KBI Institutional Dividend Plus Global Fund Euro Class I 16/03/2012 10.00 11.47 13.72 19.63% 37.20% 13.73%

KBI Institutional Dividend Plus Global Fund USD Class A 24/04/2013 10.00 10.18 12.22 20.09% 22.19% 15.99%

KBI Institutional Dividend Plus 50/50 Fund Euro Class C 23/03/2011 10.00 12.37 14.93 20.70% 49.30% 12.35%

KBI Institutional Dividend Plus Eurozone Fund Euro Class A 21/03/2011 10.00 11.38 13.82 21.40% 38.19% 9.84%

KBI Institutional Dividend Plus Eurozone Fund Euro Class B 21/03/2011 10.00 11.29 13.66 20.97% 36.58% 9.47%

KBI Institutional Dividend Plus Eurozone Fund Euro Class C 21/03/2011 10.00 11.26 13.60 20.79% 35.99% 9.33%

KBI Institutional Dividend Plus Eurozone Fund Euro Class E 21/03/2011 10.00 11.11 13.36 20.19% 33.58% 8.76%

KBI Institutional Dividend Plus North America Equity Fund Euro Class D (Dist)^ 25/03/2014 10.00 - 11.21 - 12.09% -

KBI Institutional Dividend Plus North America Equity Fund Sterling Class A^ 13/11/2013 10.00 - 10.64 - 6.39% -

KBI Institutional Dividend Plus North America Equity Fund Sterling Class A (Dist) ^ 13/11/2013 10.00 - 10.545 - 5.45% -

KBI Institutional Dividend Plus North America Equity Fund USD Class B ^ 12/05/2014 10.00 - 10.427 - 4.27% -

KBI Institutional Dividend Plus North America Equity Fund USD Class B (Dist)^ 25/03/2014 10.00 - 10.704 - 0.0704 -

KBI Institutional Dividend Plus North America Equity Fund USD Class D ^ 23/10/2013 10.00 - 11.296 - 0.1296 -

* Annualised if more than one year




114

Portfolio Turnover Rates ("PTR") for the year ended 31 August 2014 (Unaudited)

Annualised

PTR

KBI Institutional Long Bond Fund 101.36%

KBI Institutional Agri Fund 53.29%

KBI Institutional Alternative Energy Fund 118.07%

KBI Institutional Water Fund 100.82%

KBI Institutional GESS Fund 193.20%

99.12%

93.86%

KBI Institutional Dividend Plus Global Fund 86.53%

KBI Institutional Dividend Plus 50/50 Fund 104.15%

100.74%

29.62%





The PTR for the Funds have been calculated using the international standard method which includes calculating the turnover

percentage using both sales and purchases of securities into the Funds.



115

Schedule of Total Expense Ratios for the year ended 31 August 2014 (Unaudited)

Total Expense Ratio

KBI Institutional Long Bond Fund Class A Shares 0.17%

KBI Institutional Agri Fund Euro Class A Shares 0.24%

Euro Class B Shares 1.66%

Euro Class C Shares 0.84%

Euro Class D Shares 1.70%

Euro Class F Shares 1.74%

Euro Class H Shares 0.84%

Euro Class I Shares 2.04%

Sterling Class C Shares 0.74%

KBI Institutional Alternative Energy Fund Euro Class A Shares 0.21%






Sterling Class A Shares 0.96%

USD Class C Shares^ 1.98%

KBI Institutional Water Fund Euro Class A Shares 0.20%




Euro Class G Shares 1.79%



Sterling Class A Shares 0.94%

Sterling Class E Shares^ 1.20%

USD Class A Shares^ 0.81%

USD Class C Shares^ 1.98%

CHF Class A Shares^ 0.81%

KBI Institutional GESS Fund Euro Class A Shares 0.20%




NB: the total expense ratios above have been calculated in accordance with UCITS Regulations.



116

Schedule of Total Expense Ratios for the year ended 31 August 2014 (Unaudited) (Continued)

KBI Institutional Dividend Plus Emerging Markets Fund Euro Class A Shares 0.19%

Euro Class B Shares^ 0.57%



Sterling Class B (Dist ) Shares 0.78%

Sterling Class D Shares 0.19%

Sterling Class D (Dist ) Shares 0.19%

Sterling Class E Shares^ 1.09%

Sterling Class E (Dist ) Shares^ 1.09%

USD Class A Shares 0.93%

USD Class B Shares^ 0.77%

USD Class D Shares 0.19%

CAD Class A Shares^ 0.89%

KBI Institutional Dividend Plus Developed Equity Fund Euro Class A Shares 0.14%

Euro Class B Shares^ 0.52%


Euro Class D (Distributing) Shares^ 0.75%


Euro Class H (Distributing) Shares 0.73%


Sterling Class A Shares^ 0.86%

Sterling Class A (Distributing) Shares^ 0.86%

Sterling Class C Shares 0.65%

Sterling Class C (Distributing) Shares 0.64%

Sterling Class D Shares 0.14%

Sterling Class D (Distributing) Shares 0.14%

USD Class B Shares 0.89%

USD Class B (Distributing) Shares^ 0.74%

CAD Class A Shares^ 0.89%

KBI Institutional Dividend Plus Global Fund Euro Class A Shares 0.20%



Euro Class E Shares 1.19%




USD Class A Shares 0.79%

KBI Institutional Dividend Plus 50/50 Fund Euro Class C Shares 0.72%

KBI Institutional Dividend Plus Eurozone Fund Euro Class A Shares 0.17%



Euro Class E Shares 1.16% ^ Please see Note 21 Events during the year.




117

Schedule of Total Expense Ratios for the year ended 31 August 2014 (Unaudited) (Continued)

Total Expense Ratio

KBI Institutional Dividend Plus North America Equity Fund Euro Class D (Distributing) Shares^ 0.89%

Sterling Class A Shares^ 0.89%

Sterling Class A (Distributing) Shares^ 0.89%

USD Class B Shares^ 0.89%

USD B (Distributing) Shares^ 0.89%

USD Class D Shares^ 0.14%





118


Schedule of Investments


The percentages in brackets show the equivalent sector holdings at 31 August 2013.

Fair Value % of

Holdings Financial assets at fair value through profit or loss EUR Net Assets

Bonds: 98.76% (2013: 97.90% )

Austria: 4.23% (2013: 4.01% )

Government Bonds: 4.23% (2013: 4.01% )

150,000 Austria Government Bond 2.4% 23/05/2034 168,014 0.25






Total Austria 2,837,117 4.23

Belgium: 7.42% (2013: 6.31% )


280,000 Belgium Government Bond 3% 22/06/2034 323,462 0.48

215,000 Belgium Government Bond 3.75% 22/06/2045 284,344 0.42

380,000 Belgium Government Bond 4% 28/03/2032 497,083 0.74



846,000 Belgium Government Bond 5% 28/03/2035 1,262,807 1.88

790,000 Belgium Government Bond 5.5% 28/03/2028 1,160,170 1.73

Total Belgium 4,979,968 7.42

Finland: 1.14% (2013: 1.11% )


160,000 Finland Government Bond 2.625% 04/07/2042 189,862 0.28

192,000 Finland Government Bond 2.75% 04/07/2028 224,124 0.34

271,000 Finland Government Bond 4% 04/07/2025 348,576 0.52

Total Finland 762,562 1.14

France: 23.99% (2013: 23.86% )


870,000 France Government Bond OAT 2.75% 25/10/2027 988,597 1.47

520,000 France Government Bond OAT 3.25% 25/05/2045 635,143 0.95

1,915,000 France Government Bond OAT 3.5% 25/04/2026 2,335,630 3.48



119


Schedule of Investments (Continued)


The percentages in brackets show the equivalent sector holdings at 31 August 2013. Fair Value % of


Bonds (Continued): 98.76% (2013: 97.90% )

France (Continued): 23.99% (2013: 23.86% )

Government Bonds (Continued): 23.99% (2013: 23.86% )

494,000 France Government Bond OAT 4% 25/04/2055 714,077 1.07

705,000 France Government Bond OAT 4% 25/04/2060 1,031,674 1.54

290,000 France Government Bond OAT 4% 25/10/2038 393,240 0.59


970,000 France Government Bond OAT 4.75% 25/04/2035 1,421,002 2.12



1,033,000 France Government Bond OAT 6% 25/10/2025 1,529,920 2.28

Total France 16,079,998 23.99

Germany: 17.46% (2013: 19.20% )


220,000 Bundesrepublik Deutschland 2.5% 04/07/2044 259,180 0.39



530,000 Bundesrepublik Deutschland 4% 04/01/2037 758,234 1.13

690,000 Bundesrepublik Deutschland 4.25% 04/07/2039 1,044,322 1.56


1,400,000 Bundesrepublik Deutschland 4.75% 04/07/2034 2,144,338 3.20



1,131,000 Bundesrepublik Deutschland 5.625% 04/01/2028 1,740,123 2.59


Total Germany 11,702,982 17.46

Ireland: 1.07% (2013: 1.05% )


540,000 Ireland Government Bond 5.4% 13/03/2025 714,679 1.07

Total Ireland 714,679 1.07

Italy: 25.77% (2013: 25.46% )


1,350,000 Italy Buoni Poliennali Del Tesoro 4% 01/02/2037 1,480,083 2.21



120





Fair Value % of


Bonds (Continued): 98.76% (2013: 97.90% )

Italy (Continued): 25.77% (2013: 25.46% )


930,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 1,119,618 1.67

615,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044 741,499 1.11

40,000 Italy Buoni Poliennali Del Tesoro 5% 01/03/2025 49,117 0.07




1,760,000 Italy Buoni Poliennali Del Tesoro 5.25% 01/11/2029 2,229,367 3.32





Total Italy 17,273,182 25.77

Netherlands: 5.30% (2013: 4.99% )


505,000 Netherlands Government Bond 2.5% 15/01/2033 575,602 0.86


707,000 Netherlands Government Bond 3.75% 15/01/2042 1,015,867 1.52

580,000 Netherlands Government Bond 4% 15/01/2037 827,840 1.23


Total Netherlands 3,554,375 5.30

Slovakia: 0.69% (2013: 0.58% )


100,000 Slovakia Government Bond 3.875% 08/02/2033 120,830 0.18




Total Slovakia 463,410 0.69

Slovenia: 0.29% (2013: 0.34% )


70,000 Slovenia Government Bond 4.625% 09/09/2024 82,095 0.12



121





Fair Value % of


Bonds (Continued): 98.76% (2013: 97.90% )

Slovenia (Continued): 0.29% (2013: 0.34% )


97,000 Slovenia Government Bond 5.125% 30/03/2026 117,070 0.17

Total Slovenia 199,165 0.29

Spain: 11.40% (2013: 10.99% )

Government Bonds : 11.40% (2013: 10.99% )

731,000 Spain Government Bond 4.2% 31/01/2037 848,961 1.27


830,000 Spain Government Bond 4.9% 30/07/2040 1,058,582 1.58


750,000 Spain Government Bond 5.75% 30/07/2032 1,040,348 1.55

1,660,000 Spain Government Bond 5.9% 30/07/2026 2,234,194 3.33

1,270,000 Spain Government Bond 6% 31/01/2029 1,748,219 2.61

Total Spain 7,640,356 11.40

Total Bonds 66,207,794 98.76

Total Value of Investments 66,207,794 98.76

Cash* 12,224 0.02

Other Net Assets 814,775 1.22

Net Assets Attributable to Holders of Redeemable

Participating Shares 67,034,793 100.00

*All cash holdings are held with Northern Trust Fiduciary Services (Ireland) Limited.

% of

Analysis of Total Assets Total Assets

Transferable securities and money market instruments admitted to an official stock exchange listing or

traded on a regulated market. 97.11

Other assets 2.89

100.00



122





Fair Value % of


Equities: 99.42% (2013: 97.75% )

Australia: 1.76% (2013: 2.56% )

Agriculture: 1.76% (2013: 2.56% )

112,148 GrainCorp Ltd Class A Com NPV 720,277 1.76

Total Australia 720,277 1.76

Bermuda: 10.89% (2013: 9.21% )

Agriculture: 5.17% (2013: 5.34% )

32,893 Bunge Ltd Com USD0.01 2,113,997 5.17

Food: 4.58% (2013: 3.87% )

170,300 Cosan Ltd Class A Com USD0.01 1,875,343 4.58

Holding Companies-Diversified: 1.14% (2013: 0.00% )

565,000 Noble Group Ltd Com HKD0.25 468,313 1.14

Total Bermuda 4,457,653 10.89

Brazil: 9.22% (2013: 8.51% )

Agriculture: 5.44% (2013: 5.54% )

300,400 SLC Agricola SA Com NPV 1,762,772 4.31

484,400 Tereos Internacional SA Com NPV 462,656 1.13

Food: 3.78% (2013: 2.97% )

450,900 JBS SA Com NPV 1,548,233 3.78

Total Brazil 3,773,661 9.22

Canada: 9.62% (2013: 5.80% )

Building Materials: 2.34% (2013: 1.34% )

120,576 Vicwest Inc Com NPV 957,379 2.34

Chemicals: 4.06% (2013: 3.44% )

23,125 Agrium Inc Com NPV 1,661,605 4.06

Food: 1.98% (2013: 0.00% )

80,236 SunOpta Inc Com NPV 809,243 1.98



123





Fair Value % of


Equities (Continued): 99.42% (2013: 97.75% )

Canada (Continued): 9.62% (2013: 5.80% )

Transportation: 1.24% (2013: 1.02% )

9,251 Canadian National Railway Co Class C Com NPV 505,854 1.24

Total Canada 3,934,081 9.62

Cayman Islands: 0.10% (2013: 0.44% )

Agriculture: 0.10% (2013: 0.44% )

1,915,280 Chaoda Modern Agriculture Holdings Com HKD0.10 41,276 0.10

Total Cayman Islands 41,276 0.10

Germany: 10.68% (2013: 6.84% )

Agriculture: 2.23% (2013: 1.02% )

3,373 KWS Saat AG Class A Com EUR3.00 912,734 2.23


59,951 GEA Group AG Class A Com NPV 2,057,069 5.03

Retail: 3.42% (2013: 2.64% )

39,114 BayWa AG Com NPV 1,399,303 3.42


India: 0.00% (2013: 0.67% )

Miscellaneous Manufacturing: 0.00% (2013: 0.67% ) - -

Total India - -

Ireland: 4.66% (2013: 2.67% )

Agriculture: 2.87% (2013: 2.67% )

146,880 Origin Enterprises Plc Com EUR0.01 1,174,306 2.87

Miscellaneous Manufacturing: 1.79% (2013: 0.00% )

14,202 Pentair Plc Com USD0.01 733,982 1.79

Total Ireland 1,908,288 4.66



124





Fair Value % of



Israel: 1.38% (2013: 2.23% )

Chemicals: 1.38% (2013: 2.23% )

96,062 Israel Chemicals Ltd Com ILS1.00 564,584 1.38

Total Israel 564,584 1.38

Luxembourg: 2.87% (2013: 3.53% )

Agriculture: 2.87% (2013: 3.53% )

163,628 Adecoagro SA Com NPV 1,174,539 2.87

Total Luxembourg 1,174,539 2.87

Malaysia: 0.00% (2013: 1.79% )

Agriculture: 0.00% (2013: 1.79% ) - -

Total Malaysia - -

Maritius: 3.67% (2013: 4.26% )

Agriculture: 3.67% (2013: 4.26% )

4,813,753 Golden Agri-Resources Ltd Com USD0.03 1,500,821 3.67

Total Maritius 1,500,821 3.67

Norway: 3.10% (2013: 4.00% )

Chemicals: 3.10% (2013: 4.00% )

33,109 Yara International ASA Com NOK1.70 1,266,317 3.10

Total Norway 1,266,317 3.10

Russian Federation: 2.84% (2013: 2.36% )

Chemicals: 2.84% (2013: 2.36% )

135,484 PhosAgro OAO GDR NPV 1,161,776 2.84

Total Russian Federation 1,161,776 2.84



125





Fair Value % of



Singapore: 3.13% (2013: 2.74% )

Agriculture: 3.13% (2013: 2.74% )

2,088,000 Indofood Agri Resources Ltd Com NPV 1,101,923 2.69

313,000 Japfa Ltd Com NPV 177,560 0.44

Total Singapore 1,279,483 3.13

South Africa: 1.52% (2013: 1.54% )

Food: 1.52% (2013: 1.54% )

301,091 Illovo Sugar Ltd Com ZAR0.04 621,893 1.52

Total South Africa 621,893 1.52

Switzerland: 6.42% (2013: 6.65% )

Chemicals: 1.61% (2013: 3.35% )

2,417 Syngenta AG Com CHF0.10 660,270 1.61

Commercial Services: 2.56% (2013: 0.00% )

621 SGS SA Com CHF1.00 1,048,335 2.56

Food: 2.25% (2013: 3.30% )

13,245 Aryzta AG Class A Com CHF0.02 920,342 2.25

Total Switzerland 2,628,947 6.42

United Kingdom: 3.19% (2013: 0.94% )

Agriculture: 2.24% (2013: 0.00% )

64,586 Genus Plc Com GBP0.10 914,880 2.24

Chemicals: 0.95% (2013: 0.94% )

465,634 Plant Health Care Plc Com GBP0.01 387,473 0.95

Total United Kingdom 1,302,353 3.19

United States: 24.37% (2013: 31.01% )

Agriculture: 1.55% (2013: 2.05% )

12,178 Andersons Inc Com NPV 635,665 1.55



126





Fair Value % of



United States (Continued): 24.37% (2013: 31.01% )

Auto Parts & Equipment: 1.99% (2013: 3.68% )

73,749 Titan International Inc Com NPV 811,564 1.99

Biotechnology: 0.00% (2013: 1.76% ) - -

Chemicals: 8.19% (2013: 7.82% )

14,143 EI du Pont de Nemours & Co Com USD0.30 710,210 1.74

12,963 Monsanto Co Class C Com USD0.01 1,138,101 2.78

21,572 Mosaic Co Com USD0.01 782,255 1.91

422,268 Rentech Inc Com USD0.01 719,702 1.76

Electronics: 3.13% (2013: 2.38% )

50,775 Trimble Navigation Ltd Com NPV 1,281,903 3.13

Food: 2.07% (2013: 3.94% )

13,972 Ingredion Inc Com USD0.01 845,989 2.07

Machinery-Diversified: 3.93% (2013: 7.10% )

32,600 AGCO Corp Com USD0.01 1,208,640 2.96

6,207 Deere & Co Class C Com USD1.00 396,231 0.97

Real Estate: 1.66% (2013: 2.27% )

72,337 Gladstone Land Corp Reits USD0.001 676,580 1.66

Transportation: 1.85% (2013: 0.00% )

32,186 CSX Corp Com USD1.00 755,169 1.85

Total United States 9,962,009 24.37

Total Equities 40,667,064 99.42


Cash* 291,507 0.71

Other Net Liabilities (53,636) (0.13)






127




% of




Other assets 1.38

100.00



128





Fair Value % of


Equities: 97.47% (2013: 99.57% )

Australia: 0.19% (2013: 1.68% )

Energy-Alternate Sources: 0.19% (2013: 1.68% )

14,516,212 Ceramic Fuel Cells Ltd Com NPV 107,751 0.19


Austria: 2.27% (2013: 1.01% )

Electric: 0.00% (2013: 1.01% ) - -

Electrical Components & Equipment: 2.27% (2013: 0.00% )

80,220 Zumtobel AG Class A Com NPV 1,285,325 2.27


Belgium: 0.00% (2013: 3.04% )

Electric: 0.00% (2013: 3.04% ) - -

Total Belgium - -

Bermuda: 4.56% (2013: 7.03% )

Electric: 0.00% (2013: 2.70% ) - -

Food: 4.56% (2013: 4.33% )



Canada: 6.61% (2013: 2.49% )

Auto Parts & Equipment: 0.00% (2013: 0.79% ) - -


46,361 Canadian Solar Inc Com NPV 1,238,953 2.19


543,963 Capstone Infrastructure Corp Com NPV 1,698,267 3.01

98,634 TransAlta Renewables Inc Com NPV 799,673 1.41




129





Fair Value % of



Cayman Islands: 3.02% (2013: 3.23% )

Electronics: 0.00% (2013: 0.66% )


4,581,000 GCL-Poly Energy Holdings Ltd Com HKD0.10 1,248,188 2.21

48,124 Trina Solar Ltd ADR USD0.00001 459,219 0.81

Total Cayman Islands 1,707,407 3.02

Denmark: 0.00% (2013: 0.65% )

Chemicals: 0.00% (2013: 0.65% ) - -

Total Denmark - -

France: 3.53% (2013: 8.37% )


37,013 Cie de St-Gobain Com EUR4.00 1,432,311 2.54

Electrical Components & Equipment : 0.00% (2013: 2.83% ) - -


29,328 ALBIOMA Com EUR0.04 560,898 0.99

Total France 1,993,209 3.53

Germany: 6.26% (2013: 5.78% )

Building Materials: 0.00% (2013: 0.98% ) - -


402,048 Capital Stage AG Class A Com NPV 1,503,659 2.66

417,164 PNE Wind AG Com NPV 1,188,917 2.10

Software: 1.50% (2013: 1.93% )

70,599 PSI AG Gesellschaft Fuer Produkte und Systeme der 846,482 1.50


Guernsey: 2.53% (2013: 3.21% )

Investment Companies: 2.53% (2013: 3.21% )

1,074,946 Renewables Infrastructure Group Ltd Com NPV 1,426,775 2.53

Total Guernsey 1,426,775 2.53



130





Fair Value % of



Hong Kong: 0.00% (2013: 0.55% )

Environmental Control: 0.00% (2013: 0.55% ) - -

Total Hong Kong - -

Ireland: 3.42% (2013: 3.84% )


36,663 Eaton Corp Plc Com USD0.01 1,934,131 3.42


Isle of Man: 0.49% (2013: 1.34% )


123,794 Greenko Group Plc Com EUR0.005 278,395 0.49

Oil Equipment & Services: 0.00% (2013: 1.34% ) - -

Total Isle of Man 278,395 0.49

Italy: 5.08% (2013: 4.32% )


113,122 Prysmian SpA Com EUR0.10 1,744,341 3.09


535,302 Enel Green Power SpA Com EUR0.20 1,125,205 1.99

Total Italy 2,869,546 5.08

Japan: 0.00% (2013: 3.23% )

Electronics: 0.00% (2013: 3.23% ) - -

Total Japan - -

Jersey: 1.07% (2013: 0.00% )

Closed-end Funds: 1.07% (2013: 0.00% )

467,927 Foresight Solar Fund LTD NPV 601,946 1.07

Total Jersey 601,946 1.07



131





Fair Value % of



Netherlands: 2.55% (2013: 1.50% )

Electronics: 2.55% (2013: 1.50% )

62,087 Koninklijke Philips NV Com EUR0.20 1,438,245 2.55


People's Republic of China: 3.68% (2013: 3.88% )


753,000 China Longyuan Power Group Corp Com CNY1.00 617,721 1.09

6,406,000 China Suntien Green Energy Corp Ltd Com CNY1.00 1,463,418 2.59

Total People's Republic of China 2,081,139 3.68

Spain: 4.28% (2013: 5.43% )

Electric: 0.00% (2013: 1.04% )


303,637 EDP Renovaveis SA Com EUR5.00 1,659,528 2.94

Engineering & Construction: 1.34% (2013: 0.00% )

173,954 Abengoa SA Class B Com EUR0.01 758,091 1.34

Total Spain 2,417,619 4.28

Switzerland: 2.11% (2013: 4.69% )


68,996 ABB Ltd Com CHF1.03 1,189,582 2.11


Taiwan: 1.36% (2013: 0.00% )

Semiconductors: 1.36% (2013: 0.00% )

465,000 Epistar Corp Com TWD10.00 766,132 1.36

Total Taiwan 766,132 1.36



132





Fair Value % of



United Kingdom: 7.79% (2013: 7.95% )

Chemicals: 1.58% (2013: 2.25% )

22,391 Johnson Matthey Plc Com GBP1.05 890,460 1.58

Closed-end Funds: 1.88% (2013: 1.61% )

766,899 Greencoat UK Wind Plc/Fund GBP0.01 1,062,528 1.88

Distribution/Wholesale: 2.10% (2013: 1.22% )

503,339 SIG Plc Com GBP0.10 1,185,449 2.10

Electronics: 1.04% (2013: 0.00% )

50,274 Dialight Plc Com GBP0.02 585,062 1.04

Energy-Alternate Sources: 0.00% (2013: 0.07% ) - -

Environmental Control: 1.19% (2013: 0.00% )

514,740 Shanks Group Plc Com GBP0.10 674,310 1.19



United States: 36.67% (2013: 26.35% )


63,237 Johnson Controls Inc Com USD0.01 2,326,226 4.12


68,656 Owens Corning Com USD0.001 1,867,041 3.30


69,465 Quanta Services Inc Com USD0.00001 1,909,056 3.38

Electric: 6.08% (2013: 4.27% )

221,706 Ameresco Inc Class A Com USD0.0001 1,408,724 2.49

13,657 NextEra Energy Inc Com USD0.01 1,010,205 1.79

36,279 UIL Holdings Corp Com NPV 1,014,360 1.80


75,713 Advanced Energy Industries Inc Com USD0.001 1,091,907 1.93

44,728 SunPower Corp Com USD0.001 1,289,934 2.28

Electronics: 1.51% (2013: 3.58% )

26,726 Itron Inc Com NPV 850,405 1.51



133





Fair Value % of




252,311 FuelCell Energy Inc Com USD0.0001 475,409 0.84

95,036 Solazyme Inc Com NPV 651,060 1.15

Engineering & Construction: 0.00% (2013: 2.56% ) - -


109,564 Covanta Holding Corp Com USD0.10 1,733,368 3.07

Hand/Machine Tools: 2.49% (2013: 2.55% )

26,040 Regal-Beloit Corp Com USD0.01 1,408,966 2.49

Semiconductors: 4.81% (2013: 3.56% )

32,142 Cree Inc Com USD0.00125 1,107,794 1.96

60,424 SunEdison Inc Com USD0.01 1,011,839 1.79

22,370 Veeco Instruments Inc Com USD0.01 600,107 1.06

Transportation: 1.71% (2013: 0.00% )

41,412 CSX Corp Com USD1.00 966,338 1.71




Cash* 966,643 1.71





% of




Other assets 3.55

100.00



134





Fair Value % of

Holdings Financial assets at fair value through profit or loss USD Net Assets

Equities: 98.82% (2013: 97.33% )

Australia: 0.93% (2013: 0.00% )


256,037 ALS Ltd Com NPV 1,784,642 0.93

Total Australia 1,784,642 0.93

Brazil: 3.13% (2013: 7.03% )

Water: 3.13% (2013: 7.03% )

626,679 Cia de Saneamento Basico do Estado de Sao Paulo ADR NPV 5,875,116 3.13


Canada: 8.96% (2013: 6.93% )


87,283 EnerCare Inc Receipt NPV 1,103,513 0.59

532,161 EnerCare Inc Com NPV 6,769,791 3.60


1,104,341 Capstone Infrastructure Corp Com NPV 4,547,107 2.42


18,727 Newalta Corp Com NPV 378,719 0.20


578,437 Pure Technologies Ltd Com NPV 4,045,965 2.15

Water: 0.00% (2013: 0.19% ) - -

Total Canada 16,845,095 8.96

Finland: 0.88% (2013: 0.00% )

Chemicals: 0.88% (2013: 0.00% )

118,479 Kemira OYJ Com NPV 1,653,189 0.88

Total Finland 1,653,189 0.88

France: 6.18% (2013: 8.49% )

Water: 6.18% (2013: 8.49% )

395,047 Suez Environnement Co Com EUR4.00 7,296,713 3.88



135





Fair Value % of




Water (Continued): 6.18% (2013: 8.49% )

236,804 Veolia Environnement SA Com EUR5.00 4,323,917 2.30

Total France 11,620,630 6.18

Germany: 0.00% (2013: 0.49% )

Housewares: 0.00% (2013: 0.49% ) - -

Total Germany - -

Hong Kong: 0.00% (2013: 0.31% )


Total Hong Kong - -

India: 0.37% (2013: 1.03% )



471,672 Jain Irrigation Systems Ltd Com INR2.00 692,584 0.37

Total India 692,584 0.37

Ireland: 3.91% (2013: 0.00% )


107,115 Pentair Plc Com USD0.01 7,338,984 3.91


Israel: 0.63% (2013: 0.00% )


270,471 Amiad Water Systems Ltd Com ILS0.50 1,180,289 0.63

Total Israel 1,180,289 0.63



136





Fair Value % of



Japan: 4.81% (2013: 12.85% )



1,341,000 Ebara Corp Com NPV 7,578,640 4.03

308,498 Organo Corp Com NPV 1,470,451 0.78

Total Japan 9,049,091 4.81

Jersey: 4.94% (2013: 0.00% )


172,831 Wolseley Plc Com GBP0.11 9,279,872 4.94

Total Jersey 9,279,872 4.94

Mexico: 1.00% (2013: 0.00% )


998,500 Empresas ICA SAB de CV Com NPV 1,868,922 1.00

Total Mexico 1,868,922 1.00

Netherlands: 1.69% (2013: 0.00% )


96,332 Arcadis NV Com EUR0.02 3,181,268 1.69


Philippines: 0.00% (2013: 0.61% )

Water: 0.00% (2013: 0.61% ) - -

Total Philippines - -

Switzerland: 4.67% (2013: 10.93% )


2,232 Georg Fischer AG Com CHF1.00 1,483,647 0.79


54,902 Sulzer AG Com CHF0.01 7,298,850 3.88




137





Fair Value % of



United Kingdom: 8.75% (2013: 5.03% )

Electronics: 1.00% (2013: 0.00% )

41,403 Rotork Plc Com GBP0.05 1,883,354 1.00

Retail: 4.33% (2013: 0.00% )

281,218 Travis Perkins Plc Com GBP0.10 8,137,695 4.33

Water: 3.42% (2013: 5.03% )

84,461 Severn Trent Plc Com GBP0.98 2,736,972 1.46

253,521 United Utilities Group Plc Com GBP0.05 3,685,987 1.96


United States: 47.95% (2013: 43.63% )

Chemicals: 0.00% (2013: 3.88% ) - -


393,519 HD Supply Holdings Inc Com USD0.01 10,928,023 5.82

Electronics: 0.72% (2013: 2.14% )

26,436 Badger Meter Inc Com USD1.00 1,354,713 0.72


70,093 AECOM Technology Corp Com USD0.01 2,651,268 1.41

231,040 Aegion Corp Com USD0.01 5,620,048 2.99


395,648 Calgon Carbon Corp Com USD0.01 8,369,933 4.45

124,394 Nuverra Environmental Solutions Inc Com USD0.001 1,656,928 0.88

284,251 Tetra Tech Inc Com USD0.01 7,244,137 3.86


53,168 Franklin Electric Co Inc Com USD0.10 2,013,206 1.07


106,024 Flowserve Corp Com USD1.25 8,057,294 4.29

50,332 Xylem Inc Com USD0.01 1,875,622 1.00

Metal Fabricate/Hardware: 9.49% (2013: 2.76% )

381,393 Advanced Drainage Systems Inc Com USD0.01 7,223,583 3.84

386,581 Mueller Water Products Inc Com USD0.01 3,570,076 1.90

241,313 Rexnord Corp Com USD0.01 7,030,654 3.74



138





Fair Value % of





60,807 AO Smith Corp Com USD1.00 2,982,279 1.59

100,827 Danaher Corp Com USD0.01 7,697,637 4.10

Water: 6.29% (2013: 8.34% )

75,983 American Water Works Co Inc Com USD0.01 3,815,866 2.03

82,221 California Water Service Group Com USD0.01 1,977,826 1.05

230,885 PICO Holdings Inc Com USD0.001 5,092,169 2.71

34,729 SJW Corp Com USD1.04 940,635 0.50




Cash* 2,082,828 1.11





% of



traded on a regular market. 98.26

Other assets 1.74

100.00



139





Fair Value % of


Equities: 100.12% (2013: 99.58% )

Australia: 0.22% (2013: 1.12% )


15,814,261 Ceramic Fuel Cells Ltd Com NPV 117,640 0.22


Austria: 1.23% (2013: 0.00% )


41,680 Zumtobel Group AG Class A Com NPV 665,004 1.23

Total Austria 665,004 1.23

Belgium: 0.00% (2013: 1.65% )

Electric: 0.00% (2013: 1.65% ) - -

Total Belgium - -

Bermuda: 4.80% (2013: 4.21% )

Agriculture: 2.75% (2013: 2.52% )

23,173 Bunge Ltd Com USD0.01 1,489,303 2.75

Food: 2.05% (2013: 1.69% )



Brazil: 6.21% (2013: 3.81% )

Agriculture: 2.80% (2013: 0.00% )

258,100 SLC Agricola SA Com NPV 1,514,552 2.80

Food: 1.48% (2013: 1.53% )

233,300 JBS SA Com NPV 801,071 1.48

Water: 1.93% (2013: 2.28% )

145,039 Cia de Saneamento Basico do Estado de Sao Paulo ADR NPV 1,040,004 1.93




140





Fair Value % of



Canada: 11.66% (2013: 4.92% )


124,814 Vicwest Inc Com NPV 991,029 1.83

Chemicals: 1.22% (2013: 0.00% )

9,173 Agrium Inc Com NPV 659,109 1.22


113,213 EnerCare Inc Com NPV 1,096,607 2.03


22,730 Canadian Solar Inc Com NPV 611,736 1.13


307,807 Capstone Infrastructure Corp Com NPV 976,955 1.81

Food: 1.22% (2013: 0.00% )

65,445 SunOpta Inc Com NPV 660,064 1.22


240,389 Pure Technologies Ltd Com NPV 1,305,554 2.42

Total Canada 6,301,054 11.66

Cayman Islands: 0.05% (2013: 1.50% )

Agriculture: 0.05% (2013: 0.18% )

1,132,000 Chaoda Modern Agriculture Holdings Ltd Com HKD0.10 24,395 0.05

Electronics: 0.00% (2013: 1.32% )


France: 3.15% (2013: 3.78% )


22,169 Cie de St-Gobain Com EUR4.00 856,444 1.58

Energy-Alternate Sources: 0.00% (2013: 0.93% ) - -

Water: 1.57% (2013: 1.23% )

60,659 Suez Environnement Co Class C Com EUR4.00 850,894 1.57




141





Fair Value % of



Germany: 7.97% (2013: 4.99% )


248,124 Capital Stage AG Class A Com NPV 932,078 1.72

256,479 PNE Wind AG Com NPV 730,965 1.35


40,614 GEA Group AG Class A Com NPV 1,393,568 2.58

Retail: 2.32% (2013: 2.45% )

35,044 BayWa AG Com NPV 1,253,699 2.32

Software: 0.00% (2013: 1.05% ) - -


Guernsey: 1.87% (2013: 0.99% )


759,932 Renewables Infrastructure Group Ltd Com NPV 1,010,834 1.87

Total Guernsey 1,010,834 1.87

India: 0.00% (2013: 0.43% )


Total India - -

Ireland: 3.15% (2013: 2.68% )


18,559 Eaton Corp PLC Com USD0.01 983,675 1.82

13,961 Pentair PLC Com USD0.01 721,527 1.33


Italy: 1.77% (2013: 3.65% )


61,910 Prysmian SpA Com EUR0.10 955,581 1.77

Gas: 0.00% (2013: 2.15% ) - -

Total Italy 955,581 1.77



142





Fair Value % of



Japan: 1.52% (2013: 3.99% )



192,000 Ebara Corp Com NPV 824,337 1.52

Total Japan 824,337 1.52

Jersey: 2.03% (2013: 0.00% )


26,887 Wolseley PLC Com GBP0.11 1,097,839 2.03

Total Jersey 1,097,839 2.03

Luxembourg: 0.00% (2013: 2.71% )

Agriculture: 0.00% (2013: 2.71% ) - -

Total Luxembourg - -

Maritius: 2.74% (2013: 3.15% )

Agriculture: 2.74% (2013: 3.15% )

4,759,000 Golden Agri-Resources Ltd Com USD0.03 1,483,750 2.74

Total Maritius 1,483,750 2.74

Netherlands: 1.58% (2013: 1.02% )

Electronics: 1.58% (2013: 1.02% )

36,706 Koninklijke Philips NV Com EUR0.20 851,487 1.58

Total Netherlands 851,487 1.58

Norway: 0.00% (2013: 2.33% )

Chemicals: 0.00% (2013: 2.33% ) - -

Total Norway - -



3,737,000 China Suntien Green Energy Corp Ltd Com CNY1.00 854,768 1.58

Total People's Republic of China 854,768 1.58



143





` Fair Value % of




Chemicals: 2.38% (2013: 2.44% )

150,112 PhosAgro OAO GDR NPV 1,287,212 2.38


Spain: 1.59% (2013: 1.49% )


156,106 EDP Renovaveis SA Com EUR5.00 859,286 1.59

Total Spain 859,286 1.59

Switzerland: 4.05% (2013: 6.85% )


Chemicals: 1.13% (2013: 0.00% )

2,228 Syngenta AG Com CHF0.10 608,640 1.13


38,620 ABB Ltd Com CHF1.03 666,686 1.23

Food: 0.00% (2013: 1.56% ) - -


9,024 Sulzer AG Com CHF0.01 911,483 1.69


United Kingdom: 5.05% (2013: 5.94% )

Agriculture: 1.40% (2013: 0.00% )

53,519 Genus Plc Com GBP0.10 758,112 1.40

Chemicals: 0.63% (2013: 1.06% )

408,532 Plant Health Care Plc Com GBP0.01 339,956 0.63

Distribution/Wholesale: 0.00% (2013: 1.14% ) - -


407,977 Shanks Group Plc Com GBP0.10 544,605 1.01




144





Fair Value % of



United Kingdom (Continued): 5.05% (2013: 5.94% )

Retail: 2.01% (2013: 0.00% )

49,443 Travis Perkins Plc Com GBP0.10 1,085,628 2.01

Water: 0.00% (2013: 0.74% ) - -


United States: 35.52% (2013: 34.43% )

Agriculture: 1.24% (2013: 0.00% )

12,866 Andersons Inc Com NPV 671,578 1.24


33,445 Johnson Controls Inc Com USD0.01 1,239,207 2.29

Biotechnology: 0.00% (2013: 1.21% ) - -


34,968 Owens Corning Com USD0.001 955,567 1.77

Chemicals: 0.00% (2013: 1.23% ) - -


38,221 Quanta Services Inc Com USD0.00001 1,054,618 1.95


62,799 HD Supply Holdings Inc Com USD0.01 1,323,728 2.45

Electric: 1.93% (2013: 0.00% )

72,493 Ameresco Inc Class A Com USD0.0001 462,575 0.86

7,734 NextEra Energy Inc Com USD0.01 577,966 1.07

Electronics: 1.91% (2013: 1.26% )

40,932 Trimble Navigation Ltd Com NPV 1,033,399 1.91


77,147 Solazyme Inc Com NPV 549,084 1.02


39,324 Aegion Corp Com USD0.01 736,056 1.36



145





Fair Value % of





55,197 Calgon Carbon Corp Com USD0.01 889,848 1.65

53,995 Covanta Holding Corp Com USD0.10 860,633 1.59

62,892 Tetra Tech Inc Com USD0.01 1,217,303 2.25

Food: 0.00% (2013: 2.22% ) - -


12,070 Regal-Beloit Corp Com USD0.01 651,287 1.20


22,500 AGCO Corp Com USD0.01 834,184 1.54

18,927 Flowserve Corp Com USD1.25 1,090,544 2.02

Metal Fabricate/Hardware: 2.63% (2013: 1.50% )

45,100 Advanced Drainage Systems Inc Class I Com USD0.01 650,889 1.20

34,894 Rexnord Corp Com USD0.01 773,538 1.43


12,217 Danaher Corp Com USD0.01 710,602 1.32

Real Estate: 1.18% (2013: 1.22% )

68,235 Gladstone Land Corp Reits USD0.001 638,214 1.18

Semiconductors: 2.56% (2013: 0.46% )

20,622 Cree Inc Com USD0.00125 713,206 1.32

40,127 SunEdison Inc Com USD0.01 670,967 1.24

Transportation: 0.00% (2013: 2.69% ) - -

Water: 1.66% (2013: 3.40% )

53,413 PICO Holdings Inc Com USD0.001 895,353 1.66





146




Fair Value % of

EUR Net Assets


Cash 237,259 0.44

Other Net Liabilities (303,445) (0.56)



% of




Other Assets 1.78

100.00



147





Fair Value % of


Equities: 99.58% (2013: 98.46% )

Brazil: 9.42% (2013: 8.13% )

Agriculture: 0.18% (2013: 0.56% )

43,300 Souza Cruz SA Com NPV 307,884 0.18

Banks: 0.63% (2013: 0.10% )

47,500 Banco do Brasil SA Com NPV 534,338 0.31

105,500 Banco do Estado do Rio Grande do Sul SA Class B Pref NPV 543,880 0.32

Beverages: 1.23% (2013: 1.78% )

382,100 AMBEV SA Com NPV 2,109,420 1.23

Chemicals: 0.00% (2013: 1.25% ) - -


97,608 Cielo SA Com NPV 1,368,928 0.80

343,600 EcoRodovias Infraestrutura e Logistica SA Com NPV 1,637,684 0.95

Electric: 1.11% (2013: 1.28% )

115,600 Cia Energetica de Sao Paulo Class B Pref NPV 1,207,929 0.70

53,100 Cia Paranaense de Energia Pref NPV 703,850 0.41

Food: 0.00% (2013: 0.19% ) - -

Forest Products & Paper: 0.53% (2013: 0.00% )

1,177,200 Klabin SA Pref NPV 905,936 0.53

Home Builders: 0.00% (2013: 0.33% ) - -

Insurance: 0.37% (2013: 0.28% )

56,700 Porto Seguro SA Com NPV 630,639 0.37

Iron/Steel: 2.01% (2013: 0.00% )

388,900 Vale SA Pref NPV 3,436,846 2.01

Real Estate: 0.92% (2013: 0.28% )

74,700 BR Malls Participacoes SA Com NPV 579,037 0.34

212,100 Cyrela Brazil Realty SA Empreendimentos e Participacoes Com NPV 996,212 0.58

Retail: 0.42% (2013: 0.64% )

28,100 Lojas Renner SA Com NPV 725,075 0.42

Telecommunications: 0.27% (2013: 0.34% )

113,299 Tim Participacoes SA Com NPV 472,175 0.27

Total Brazil 16,159,833 9.42



148





Fair Value % of



Cayman Islands: 0.94% (2013: 2.49% )

Real Estate: 0.94% (2013: 0.35% )

1,770,000 Evergrande Real Estate Group Ltd Com USD0.01 561,063 0.33

350,000 Shimao Property Holdings Ltd Com HKD0.10 582,803 0.34

740,500 SOHO China Ltd Com HKD0.02 458,226 0.27

Retail: 0.00% (2013: 1.21% ) - -

Semiconductors: 0.00% (2013: 0.93% ) - -

Total Cayman Islands 1,602,092 0.94

Chile: 2.72% (2013: 3.04% )

Banks: 2.72% (2013: 3.04% )

15,292,769 Banco de Chile Com NPV 1,417,478 0.83

73,275,701 Banco Santander Chile Com NPV 3,248,394 1.89

Total Chile 4,665,872 2.72

Colombia: 2.72% (2013: 1.08% )

Banks: 0.97% (2013: 0.00% )

63,650 Banco Davivienda SA Pref COP140.00 791,152 0.46

74,696 Bancolombia SA Pref COP500.00 878,780 0.51

Oil & Gas: 1.75% (2013: 1.08% )

2,302,045 Ecopetrol SA Com COP250.00 2,995,886 1.75

Total Colombia 4,665,818 2.72

Czech Republic: 2.13% (2013: 1.73% )

Banks: 1.13% (2013: 1.20% )

11,060 Komercni Banka AS Class A Com CZK500.00 1,928,060 1.13

Electric: 1.00% (2013: 0.53% )

77,804 CEZ AS Class A Com CZK100.00 1,722,080 1.00

Total Czech Republic 3,650,140 2.13



149





Fair Value % of



Hong Kong: 3.49% (2013: 4.66% )

Coal: 0.00% (2013: 0.98% ) - -

Diversified Financial Services: 0.29% (2013: 0.00% )

808,000 Far East Horizon Ltd Com NPV 494,858 0.29

Oil & Gas: 1.34% (2013: 1.20% )

1,508,000 CNOOC Ltd Com NPV 2,291,223 1.34


339,500 China Mobile Ltd Com NPV 3,193,622 1.86

Water: 0.00% (2013: 0.49% ) - -

Total Hong Kong 5,979,703 3.49

India: 6.45% (2013: 5.79% )

Banks: 0.00% (2013: 0.37% ) - -

Coal: 0.57% (2013: 0.00% )

221,120 Coal India Ltd Com INR10.00 985,852 0.57

Computers: 2.58% (2013: 2.86% )

45,382 Infosys Ltd Com INR5.00 2,037,780 1.19

47,226 Tata Consultancy Services Ltd Com INR1.00 1,484,933 0.87

126,425 Wipro Ltd Com INR2.00 893,159 0.52


319,373 Power Finance Corp Ltd Com INR10.00 998,791 0.58

235,395 Rural Electrification Corp Ltd Com INR10.00 790,211 0.46

Electrical Components & Equipment: 0.00% (2013: 0.10% ) - -

Household Products/Wares: 0.47% (2013: 0.28% )

86,982 Hindustan Unilever Ltd Com INR1.00 804,684 0.47

Leisure Time: 0.61% (2013: 0.76% )

36,978 Bajaj Auto Ltd Com INR10.00 1,043,815 0.61



150





Fair Value % of



India (Continued): 6.45% (2013: 5.79% )

Oil & Gas: 0.46% (2013: 0.95% )

103,443 Oil India Ltd Com INR10.00 793,035 0.46

Pharmaceuticals: 0.25% (2013: 0.00% )

21,694 Divi's Laboratories Ltd Com INR2.00 422,764 0.25

Software: 0.47% (2013: 0.00% )

39,902 HCL Technologies Ltd Com INR2.00 814,266 0.47

Total India 11,069,290 6.45

Indonesia: 2.68% (2013: 1.88% )


359,800 Indocement Tunggal Prakarsa Tbk PT Com IDR500.00 565,273 0.33

577,600 Semen Indonesia Persero Tbk PT Com IDR100.00 609,337 0.35

Coal: 0.26% (2013: 0.43% )

246,600 Indo Tambangraya Megah Tbk PT Com IDR500.00 454,962 0.26

Food: 0.00% (2013: 0.28% ) - -

Gas: 0.78% (2013: 0.79% )

3,549,400 Perusahaan Gas Negara Persero Tbk PT Com IDR100.00 1,340,170 0.78

Media: 0.24% (2013: 0.00% )

1,531,700 Surya Citra Media Tbk PT Com IDR50.00 408,557 0.24


7,115,100 Telekomunikasi Indonesia Persero Tbk PT Com IDR50.00 1,233,712 0.72

Total Indonesia 4,612,011 2.68



151





Fair Value % of



Malaysia: 2.51% (2013: 3.18% ) - -

Auto Manufacturers: 1.01% (2013: 1.14% )

582,500 UMW Holdings Bhd Com MYR0.50 1,736,144 1.01

Banks: 1.27% (2013: 1.89% )

1,027,900 Alliance Financial Group Bhd Com MYR1.00 1,206,672 0.70

605,900 AMMB Holdings Bhd Com MYR1.00 976,549 0.57

Retail: 0.00% (2013: 0.15% ) - -


235,400 Axiata Group Bhd Com MYR1.00 392,143 0.23

Total Malaysia 4,311,508 2.51

Mexico: 4.04% (2013: 7.63% )

Banks: 1.07% (2013: 1.59% )

934,401 Compartamos SAB de CV Class C Com NPV 1,547,223 0.90

124,900 Grupo Financiero Inbursa SAB de CV Com MXN0.41 292,732 0.17

Beverages: 0.43% (2013: 0.00% )

102,200 Fomento Economico Mexicano SAB de CV NPV 741,765 0.43


Holding Companies-Diversfied: 0.57% (2013: 0.82% )

294,773 Alfa SAB de CV Class A Com NPV 718,701 0.42

55,400 Grupo Carso SAB de CV Class A Series A Com NPV 263,376 0.15


202,200 Kimberly-Clark de Mexico SAB de CV Class A Com NPV 417,388 0.24

Mining: 0.86% (2013: 3.80% )

540,265 Grupo Mexico SAB de CV Class B Series B Com NPV 1,470,910 0.86

Retail: 0.27% (2013: 0.60% )

225,000 Wal-Mart de Mexico SAB de CV Com NPV 464,973 0.27


1,112,900 America Movil SAB de CV Series L Com NPV 1,025,993 0.60

Total Mexico 6,943,061 4.04



152





Fair Value % of





253,000 Great Wall Motor Co Ltd Com CNY1.00 814,350 0.48

Banks: 8.79% (2013: 8.29% )

3,370,000 Agricultural Bank of China Ltd Com CNY1.00 1,181,989 0.69

11,910,000 Bank of China Ltd Com CNY1.00 4,188,950 2.44

8,870,000 China Construction Bank Corp Com CNY1.00 4,998,510 2.92

901,200 China Minsheng Banking Corp Ltd Com CNY1.00 642,311 0.37

8,077,000 Industrial & Commercial Bank of China Ltd Com CNY1.00 4,065,650 2.37

Chemicals: 0.28% (2013: 0.54% )

1,290,000 China BlueChemical Ltd Com HKD1.00 481,481 0.28

Coal: 0.87% (2013: 0.00% )

682,500 China Shenhua Energy Co Ltd Com CNY1.00 1,492,364 0.87


1,538,000 Jiangsu Expressway Co Ltd Com CNY1.00 1,328,653 0.78

1,468,000 Zhejiang Expressway Co Ltd Com CNY1.00 1,109,479 0.65

Electric: 0.79% (2013: 0.00% )

1,476,000 Huaneng Power International Inc Com CNY1.00 1,348,016 0.79


Insurance: 0.99% (2013: 0.00% )

779,000 China Life Insurance Co Ltd Com CNY1.00 1,697,656 0.99

Mining: 0.91% (2013: 1.18% )

1,165,000 Jiangxi Copper Co Ltd Com CNY1.00 1,562,636 0.91

Oil & Gas: 0.77% (2013: 1.09% )

1,708,600 China Petroleum & Chemical Corp Com CNY1.00 1,313,049 0.77

Real Estate: 0.51% (2013: 0.65% )

952,400 Guangzhou R&F Properties Co Ltd Com CNY0.25 870,749 0.51

Telecommunications: 0.00% (2013: 0.82% ) - -

Total People's Republic of China 27,095,843 15.82



153





Fair Value % of



Philippines: 0.44% (2013: 1.49% )

Banks: 0.00% (2013: 0.55% ) - -


789,020 Aboitiz Equity Ventures Inc Com PHP1.00 754,004 0.44

Total Philippines 754,004 0.44

Poland: 1.05% (2013: 2.12% )

Banks: 0.00% (2013: 1.19% ) - -

Insurance: 1.05% (2013: 0.93% )

16,147 Powszechny Zaklad Ubezpieczen SA Com PLN1.00 1,800,995 1.05

Total Poland 1,800,995 1.05

Republic of South Korea: 13.76% (2013: 10.88% )

Agriculture: 1.46% (2013: 1.99% )

35,252 KT&G Corp Com KRW5000.00 2,503,033 1.46


37,788 Halla Visteon Climate Control Corp Com KRW500.00 1,521,694 0.89

Banks: 0.70% (2013: 0.35% )

90,769 Industrial Bank of Korea Com KRW5000.00 1,192,946 0.70

Beverages: 0.50% (2013: 0.00% )

49,166 Hite Jinro Co Ltd Com KRW5000.00 848,388 0.50


12,552 S-1 Corp Com KRW500.00 695,535 0.41

Computers: 0.87% (2013: 0.00% )

9,371 SK C&C Co Ltd Com KRW200.00 1,494,386 0.87


9,230 Mirae Asset Securities Co Ltd Com KRW5000.00 333,723 0.19


24,199 LS Industrial Systems Co Ltd Com KRW5000.00 1,133,721 0.66




154





Fair Value % of



Republic of South Korea (Continued): 13.76% (2013: 10.88% )


23,998 Coway Co Ltd Com KRW500.00 1,526,290 0.89

Home Furnishings: 1.07% (2013: 0.00% )

34,421 LG Corp Com KRW5000.00 1,826,264 1.07

Insurance: 2.06% (2013: 2.88% )

23,129 Dongbu Insurance Co Ltd Com KRW500.00 1,057,648 0.62

149,502 Hanwha Life Insurance Co Ltd Com KRW5000.00 777,556 0.45

49,709 Hyundai Marine & Fire Insurance Co Ltd Class C Com KRW500.00 1,156,997 0.68

2,519 Samsung Fire & Marine Insurance Co Ltd Com KRW500.00 523,203 0.31

Lodging: 1.00% (2013: 0.89% )

63,618 Kangwon Land Inc Com KRW500.00 1,716,225 1.00


63,683 Doosan Heavy Industries & Construction Co Ltd Com KRW5000.00 1,372,716 0.80

Oil & Gas: 0.35% (2013: 0.00% )

8,557 SK Innovation Co Ltd Com KRW5000.00 601,822 0.35

Shipbuilding: 0.66% (2013: 0.91% )

55,593 Samsung Heavy Industries Co Ltd Com KRW5000.00 1,133,895 0.66


10,510 SK Telecom Co Ltd Com KRW500.00 2,147,587 1.25

Total Republic of South Korea 23,563,629 13.76


Banks: 0.60% (2013: 0.00% )

155,943 Sberbank of Russia ADR NPV - Otc Us 995,003 0.58

6,557 Sberbank of Russia ADR NPV RUB1.000- Otc Us 41,049 0.02

Chemicals: 0.00% (2013: 0.17% ) - -

Mining: 0.92% (2013: 0.00% )

105,660 MMC Norilsk Nickel OJSC ADR NPV 1,571,260 0.92



155





Fair Value % of



Russian Federation (Continued): 4.17% (2013: 2.71% )

Oil & Gas: 2.65% (2013: 2.54% )

79,556 Gazprom OAO ADR NPV 437,427 0.26

47,800 Lukoil OAO ADR RUB0.03 2,037,802 1.19

71,893 Tatneft OAO ADR NPV 2,050,465 1.20


South Africa: 8.43% (2013: 9.16% )

Banks: 2.65% (2013: 1.73% )

145,814 Barclays Africa Group Ltd Com ZAR2.00 1,738,205 1.01

509,221 FirstRand Ltd Com ZAR0.01 1,574,137 0.92

125,590 Standard Bank Group Ltd Com ZAR0.10 1,236,641 0.72

Chemicals: 1.48% (2013: 1.57% )

57,497 Sasol Ltd Com NPV 2,536,011 1.48

Diversified Financial Services: 0.00% (2013: 0.12% ) - -

Food: 0.88% (2013: 1.03% )

162,012 SPAR Group Ltd Com NPV 1,510,562 0.88


39,813 Imperial Holdings Ltd Com ZAR0.04 542,991 0.32

Iron/Steel: 0.59% (2013: 1.51% )

44,592 Kumba Iron Ore Ltd Com ZAR0.0001 1,014,211 0.59

Media: 0.30% (2013: 0.65% )

5,392 Naspers Ltd Com ZAR0.02 521,880 0.30

Office/Business Equipment: 0.00% (2013: 0.52% ) - -

Real Estate: 0.36% (2013: 0.52% )

895,999 Redefine Properties Ltd Reits NPV 610,495 0.36

Retail: 0.58% (2013: 0.32% )

54,985 Foschini Group Ltd Com ZAR0.01 454,184 0.27

98,670 Truworths International Ltd Com ZAR0.00015 524,242 0.31


126,294 MTN Group Ltd Com ZAR0.0001 2,179,769 1.27

Total South Africa 14,443,328 8.43



156





Fair Value % of



Taiwan: 14.19% (2013: 14.45% )

Apparel: 0.33% (2013: 0.00% )

653,000 Pou Chen Corp Com TWD10.00 573,140 0.33


1,104,000 China Motor Corp Com TWD10.00 801,652 0.47


1,285,000 Taiwan Cement Corp Com TWD10.00 1,547,532 0.90

Computers: 2.40% (2013: 2.50% )

150,000 Asustek Computer Inc Com TWD10.00 1,191,938 0.69

972,000 Inventec Corp Com TWD10.00 578,820 0.34

474,833 Lite-On Technology Corp Com TWD10.00 598,343 0.35

817,000 Quanta Computer Inc Com TWD10.00 1,750,222 1.02


282,000 Delta Electronics Inc Com TWD10.00 1,504,030 0.88

Electronics: 2.20% (2013: 2.23% )

236,000 Kinsus Interconnect Technology Corp Com TWD10.00 758,807 0.44

193,000 Phison Electronics Corp Com TWD10.00 1,058,729 0.62

465,670 Radiant Opto-Electronics Corp Com TWD10.00 1,526,793 0.89

432,000 WPG Holdings Ltd Com TWD10.00 427,112 0.25


646,000 CTCI Corp Com TWD10.00 874,255 0.51

Leisure Time: 0.00% (2013: 0.18% ) - -

Machinery-Diversified: 0.00% (2013: 0.81% ) - -

Metal Fabricate/Hardware: 0.00% (2013: 1.15% ) - -

Real Estate: 0.51% (2013: 1.40% )

830,000 Farglory Land Development Co Ltd Class C Com TWD10.00 873,245 0.51

Retail: 0.00% (2013: 0.71% ) - -



157





Fair Value % of



Taiwan (Continued): 14.19% (2013: 14.45% )

Semiconductors: 5.99% (2013: 4.93% )

89,000 MediaTek Inc Com TWD10.00 1,128,273 0.66

666,000 Realtek Semiconductor Corp Com TWD10.00 1,845,725 1.08

1,698,000 Taiwan Semiconductor Manufacturing Co Ltd Com TWD10.00 5,351,869 3.12

493,000 Transcend Information Inc Com TWD10.00 1,263,106 0.74

599,000 Vanguard International Semiconductor Corp Com TWD10.00 664,398 0.39

Total Taiwan 24,317,989 14.19

Thailand: 2.64% (2013: 2.37% )

Banks: 0.69% (2013: 0.78% )

265,100 Siam Commercial Bank PCL THB10.00 1,179,996 0.69

Chemicals: 0.87% (2013: 1.18% )

1,009,100 PTT Global Chemical PCL THB10.00 1,488,231 0.87

Oil & Gas: 0.63% (2013: 0.41% )

141,800 PTT PCL THB10.00 1,082,248 0.63


154,600 Advanced Info Service PCL THB1.00 765,218 0.45

Total Thailand 4,515,693 2.64

Turkey: 1.98% (2013: 1.07% )


155,457 Tofas Turk Otomobil Fabrikasi AS Com TRY1.00 729,059 0.43


97,567 TAV Havalimanlari Holding AS Class A Com TRY1.00 613,226 0.36


112,920 Arcelik AS Class A Com TRY1.00 517,692 0.30

Iron/Steel: 0.33% (2013: 0.00% )

380,263 Eregli Demir ve Celik Fabrikalari TAS Com TRY1.00 566,005 0.33


431,086 Turk Telekomunikasyon AS Class A Com TRY1.00 951,520 0.56

Total Turkey 3,377,502 1.98



158





Fair Value % of

EUR Net Assets



Cash* 335,498 0.20





% of




Other assets 0.47

100.00



159





Fair Value % of


Equities: 98.52% (2013: 99.08% )

Australia: 3.73% (2013: 4.02% )

Banks: 1.71% (2013: 1.66% )

42,267 Australia & New Zealand Banking Group Ltd Com NPV 1,000,892 0.19

46,050 Commonwealth Bank of Australia Com NPV 2,652,698 0.50

123,293 National Australia Bank Ltd Com NPV 3,072,900 0.58

94,092 Westpac Banking Corp Com NPV 2,335,775 0.44

Biotechnology: 0.00% (2013: 0.16% ) - -

Chemicals: 0.00% (2013: 0.23% ) - -


75,262 WorleyParsons Ltd Com NPV 876,314 0.17

Food: 0.39% (2013: 0.20% )

79,919 Woolworths Ltd Com NPV 2,047,069 0.39

Healthcare-Services: 0.15% (2013: 0.19% )

64,514 Sonic Healthcare Ltd Com NPV 806,244 0.15

Insurance: 0.52% (2013: 0.32% )

266,973 Suncorp Group Ltd Com NPV 2,730,224 0.52

Mining: 0.28% (2013: 0.36% )

56,639 BHP Billiton Ltd Com NPV 1,471,634 0.28

Packaging & Containers: 0.16% (2013: 0.00% )

106,250 Amcor Ltd/Australia Com NPV 859,625 0.16

Real Estate Investment Trusts: 0.35% (2013: 0.51% )

264,889 Goodman Group Reits NPV 1,048,096 0.20

617,852 Mirvac Group Reits NPV 802,126 0.15

3,723 Shopping Centres Australasia Property Group Reits NPV 4,873 -

Retail: 0.00% (2013: 0.20% ) - -


Austria: 0.00% (2013: 0.27% )

Banks: 0.00% (2013: 0.27% ) - -

Total Austria - -



160





Fair Value % of



Belgium: 0.23% (2013: 0.18% )


44,609 Belgacom SA Com NPV 1,210,242 0.23


Bermuda: 0.17% (2013: 0.40% )

Holding Companies-Diversified: 0.00% (2013: 0.17% ) - -

Oil & Gas: 0.17% (2013: 0.23% )

31,930 Seadrill Ltd Com USD2.00 889,183 0.17

Total Bermuda 889,183 0.17

Canada: 10.23% (2013: 9.98% )

Banks: 3.03% (2013: 2.84% )

36,601 Bank of Montreal Com NPV 2,125,946 0.40

27,322 Bank of Nova Scotia Com NPV 1,369,958 0.26

93,503 Canadian Imperial Bank of Commerce/Canada Com NPV 6,748,130 1.27

44,250 National Bank of Canada Com NPV 1,608,446 0.30

74,995 Royal Bank of Canada Com NPV 4,225,729 0.80

Chemicals: 0.51% (2013: 0.00% )

100,312 Potash Corp of Saskatchewan Inc Com NPV 2,684,973 0.51


188,232 IGM Financial Inc Com NPV 6,809,151 1.29

Insurance: 2.45% (2013: 2.91% )

145,610 Great-West Lifeco Inc Com NPV 3,267,711 0.62

229,866 Power Financial Corp Com NPV 5,709,840 1.08

139,862 Sun Life Financial Inc Com NPV 3,949,434 0.75

Media: 1.25% (2013: 0.89% )

347,240 Shaw Communications Inc Class B Com NPV 6,625,953 1.25

Mining: 0.00% (2013: 0.27% ) - -

Oil & Gas: 1.05% (2013: 0.61% )

339,732 Canadian Oil Sands Ltd Com NPV 5,558,625 1.05



161





Fair Value % of





88,477 H&R Real Estate Investment Trust Reits NPV 1,436,197 0.27

106,554 RioCan Real Estate Investment Trust Reits NPV 2,025,043 0.38

Total Canada 54,145,136 10.23

Cayman Islands: 0.14% (2013: 0.00% )

Lodging: 0.14% (2013: 0.00% )

150,800 Sands China Ltd Com USD0.01 744,315 0.14


Finland: 1.83% (2013: 1.46% )


164,507 Nokian Renkaat OYJ Com NPV 4,038,647 0.76


174,272 Stora Enso OYJ Com NPV 1,143,224 0.22

113,936 UPM-Kymmene OYJ Com NPV 1,289,756 0.24


27,277 Kone OYJ Class B Com NPV 873,955 0.17

76,596 Metso OYJ Com NPV 2,307,072 0.44


France: 2.52% (2013: 3.60% )

Aerospace/Defense: 0.00% (2013: 0.17% ) - -

Banks: 0.00% (2013: 0.22% ) - -



84,702 Bouygues SA Com EUR1.00 2,358,104 0.45

Insurance: 0.28% (2013: 0.35% )

98,208 CNP Assurances Com EUR1.00 1,480,977 0.28

Oil & Gas: 0.76% (2013: 1.01% )

79,652 Total SA Com EUR2.50 4,000,920 0.76



162





Fair Value % of





24,461 Sanofi Com EUR2.00 2,033,321 0.38


44,963 Fonciere Des Regions Reits EUR3.00 3,445,065 0.65


Total France 13,318,387 2.52

Germany: 2.51% (2013: 3.04% )


35,514 Daimler AG Com NPV 2,221,046 0.42

Chemicals: 0.97% (2013: 1.05% )

65,421 BASF SE Com NPV 5,123,773 0.97


Media: 0.50% (2013: 0.72% )

86,987 ProSiebenSat.1 Media AG Com NPV 2,656,583 0.50


34,205 Siemens AG Com NPV 3,260,934 0.62


Hong Kong: 0.14% (2013: 0.17% )

Electric: 0.00% (2013: 0.17% ) - -

Lodging: 0.14% (2013: 0.00% )

384,000 SJM Holdings Ltd Com NPV 732,213 0.14

Total Hong Kong 732,213 0.14

Ireland: 0.66% (2013: 1.20% )

Computers: 0.66% (2013: 1.20% )

74,670 Seagate Technology PLC Com USD0.00001 3,515,664 0.66




163





Fair Value % of



Italy: 1.22% (2013: 1.03% )


67,716 Atlantia SpA Com EUR1.00 1,304,887 0.25

Oil & Gas: 0.97% (2013: 0.69% )

273,446 Eni SpA Com NPV 5,158,559 0.97

Total Italy 6,463,446 1.22

Japan: 7.99% (2013: 8.73% )

Advertising: 0.16% (2013: 0.00% )

106,400 Hakuhodo DY Holdings Inc Com NPV 835,439 0.16

Agriculture: 0.21% (2013: 0.17% )

43,600 Japan Tobacco Inc Com NPV 1,133,241 0.21


109,500 Daihatsu Motor Co Ltd Com NPV 1,426,844 0.27

35,400 Fuji Heavy Industries Ltd Com NPV 763,444 0.14

196,000 Isuzu Motors Ltd Com NPV 1,028,027 0.19

48,400 Toyota Motor Corp Com NPV 2,093,610 0.40


38,300 Toyota Industries Corp Com NPV 1,395,383 0.26

Banks: 0.90% (2013: 1.01% )

363,400 Mitsubishi UFJ Financial Group Inc Com NPV 1,584,794 0.30

188,700 Resona Holdings Inc Com NPV 776,541 0.15

78,100 Sumitomo Mitsui Financial Group Inc Com NPV 2,393,824 0.45

Beverages: 0.00% (2013: 0.20% ) - -

Chemicals: 0.35% (2013: 0.47% )

307,000 Asahi Kasei Corp Com NPV 1,868,745 0.35


28,300 Benesse Holdings Inc Com NPV 761,163 0.14

Computers: 0.00% (2013: 0.14% ) - -



164





Fair Value % of



Japan (Continued): 7.99% (2013: 8.73% )


77,700 Mitsubishi Corp Com NPV 1,219,473 0.23

155,500 Mitsui & Co Ltd Com NPV 1,924,170 0.36

186,800 Sumitomo Corp Com NPV 1,830,176 0.35


198,000 Daiwa Securities Group Inc Com NPV 1,222,507 0.23


63,500 Brother Industries Ltd Com NPV 934,198 0.18

Gas: 0.29% (2013: 0.36% )

492,000 Osaka Gas Co Ltd Com NPV 1,535,739 0.29

Insurance: 0.29% (2013: 0.24% )

66,300 Tokio Marine Holdings Inc Com NPV 1,533,569 0.29

Mining: 0.25% (2013: 0.20% )

116,000 Sumitomo Metal Mining Co Ltd Com NPV 1,335,555 0.25

Office/Business Equipment: 0.49% (2013: 0.39% )

104,100 Canon Inc Com NPV 2,579,891 0.49

Oil & Gas: 0.14% (2013: 0.22% )

91,900 Showa Shell Sekiyu KK Com NPV 748,064 0.14


122,100 Daiichi Sankyo Co Ltd Com NPV 1,637,339 0.31

Real Estate: 0.46% (2013: 0.43% )

25,900 Daito Trust Construction Co Ltd Com NPV 2,430,350 0.46

Retail: 0.37% (2013: 0.34% )

18,200 ABC-Mart Inc Com NPV 708,215 0.13

22,800 Lawson Inc Com NPV 1,241,435 0.24



165





Fair Value % of



Japan (Continued): 7.99% (2013: 8.73% )


23,100 Nippon Telegraph & Telephone Corp Com NPV 1,176,473 0.22

143,876 NTT DOCOMO Inc Com NPV 1,887,899 0.36

Toys/Games/Hobbies: 0.14% (2013: 0.19% )

34,200 Bandai Namco Holdings Inc Com NPV 724,905 0.14

Transportation: 0.30% (2013: 0.31% )

464,000 Nippon Express Co Ltd Com NPV 1,607,573 0.30

Total Japan 42,338,586 7.99

Netherlands: 0.24% (2013: 1.12% )


29,228 Koninklijke Boskalis Westminster NV Com EUR0.80 1,272,222 0.24

Food: 0.00% (2013: 0.55% ) - -


New Zealand: 0.00% (2013: 0.30% )


Lodging: 0.00% (2013: 0.14% ) - -

Total New Zealand - -

Norway: 0.97% (2013: 0.97% )

Chemicals: 0.58% (2013: 0.00% )

79,912 Yara International ASA Com NOK1.70 3,053,533 0.58

Insurance: 0.17% (2013: 0.53% )

57,347 Gjensidige Forsikring ASA Com NOK2.00 901,120 0.17

Oil & Gas: 0.22% (2013: 0.44% )

53,961 Statoil ASA Com NOK2.50 1,156,458 0.22

Total Norway 5,111,111 0.97



166





Fair Value % of



Portugal: 0.21% (2013: 0.21% )

Electric: 0.21% (2013: 0.21% )

309,421 EDP - Energias de Portugal SA Com EUR1.00 1,132,326 0.21

Total Portugal 1,132,326 0.21

Singapore: 0.20% (2013: 0.18% )

Shipbuilding: 0.20% (2013: 0.18% )

1,532,000 Yangzijiang Shipbuilding Holdings Ltd Com NPV 1,079,536 0.20

Total Singapore 1,079,536 0.20

Spain: 1.28% (2013: 0.78% )

Banks: 0.41% (2013: 0.39% )

234,826 Banco Bilbao Vizcaya Argentaria SA Com EUR0.49 2,165,331 0.41

Gas: 0.53% (2013: 0.39% )

110,727 Enagas SA Com EUR1.50 2,794,473 0.53

Oil & Gas: 0.34% (2013: 0.00% )

94,247 Repsol SA Com EUR1.00 1,777,263 0.34

Total Spain 6,737,067 1.28

Sweden: 2.50% (2013: 2.59% )

Banks: 0.64% (2013: 1.28% )

140,730 Nordea Bank AB Class A Com NPV 1,390,988 0.26

56,333 Svenska Handelsbanken AB Class A Com NPV 2,012,776 0.38


55,303 Electrolux AB Class B Series B Com NPV 1,063,986 0.20

Household Products/Wares: 0.00% (2013: 0.27% ) - -


58,746 Investor AB Class B Com NPV 1,652,732 0.31


94,323 Telefonaktiebolaget LM Ericsson Class B Com NPV 896,291 0.17

1,126,730 TeliaSonera AB Class A Com NPV 6,264,201 1.18

Total Sweden 13,280,974 2.50



167





Fair Value % of



Switzerland: 2.37% (2013: 2.43% )

Commercial Services: 0.00% (2013: 0.42% ) - -

Food: 0.80% (2013: 0.83% )

72,226 Nestle SA Com CHF0.10 4,252,730 0.80

Healthcare-Products: 0.00% (2013: 0.16% ) - -

Insurance: 1.35% (2013: 0.62% )

31,091 Zurich Insurance Group AG Class A Com CHF0.10 7,130,570 1.35


5,180 Roche Holding AG Com NPV 1,143,761 0.22


United Kingdom: 10.57% (2013: 9.11% )

Agriculture: 1.87% (2013: 1.76% )

137,199 British American Tobacco Plc Com GBP0.25 6,125,086 1.16

113,984 Imperial Tobacco Group Plc Com GBP0.10 3,744,270 0.71

Banks: 2.34% (2013: 1.07% )

1,287,417 HSBC Holdings Plc Com USD0.50 10,558,041 1.99

119,506 Standard Chartered Plc Com USD0.50 1,829,395 0.35


320,015 Aberdeen Asset Management Plc Com GBP0.10 1,756,999 0.33

797,181 ICAP Plc Com GBP0.10 3,805,140 0.72

Electric: 0.63% (2013: 0.21% )

176,134 SSE Plc Com GBP0.50 3,359,378 0.63

Food: 0.31% (2013: 0.00% )

48,720 Unilever Plc Com GBP0.03 1,631,361 0.31

Gas: 0.17% (2013: 0.18% )

80,524 National Grid Plc Com GBP0.11 908,475 0.17


Insurance: 0.15% (2013: 0.26% )

167,834 Standard Life Plc Com GBP0.10 808,292 0.15



168





Fair Value % of




Mining: 0.21% (2013: 0.21% )

27,194 Rio Tinto Plc Com GBP0.10 1,104,391 0.21

Oil & Gas: 0.49% (2013: 0.61% )

431,537 BP Plc Com USD0.25 2,617,816 0.49


141,595 AstraZeneca Plc Com USD0.25 8,175,790 1.54

322,770 GlaxoSmithKline Plc Com GBP0.25 5,986,607 1.13

Retail: 0.38% (2013: 0.25% )

227,456 Marks & Spencer Group Plc Com GBP0.25 1,226,496 0.23

8,944 Next Plc Com GBP0.10 795,832 0.15

Software: 0.00% (2013: 0.19% ) - -


605,730 Vodafone Group Plc Com USD0.21 1,571,010 0.30


United States: 48.81% (2013: 47.31% )

Agriculture: 3.36% (2013: 3.35% )

117,279 Altria Group Inc Com USD0.33 3,817,114 0.72

98,878 Lorillard Inc Com USD0.01 4,447,767 0.84

64,667 Philip Morris International Inc Com NPV 4,181,278 0.79

121,065 Reynolds American Inc Com USD0.0001 5,323,702 1.01


170,926 Ford Motor Co Class C Com USD0.01 2,258,320 0.43


Banks: 1.25% (2013: 1.17% )

117,610 JPMorgan Chase & Co Class C Com USD1.00 5,277,000 1.00

33,708 Wells Fargo & Co Class C Com USD1.67 1,307,707 0.25

Beverages: 0.00% (2013: 0.20% ) - -

Chemicals: 0.59% (2013: 0.79% )

62,521 EI du Pont de Nemours & Co Com USD0.30 3,136,124 0.59



169





Fair Value % of





206,336 Western Union Co Class C Com USD0.01 2,737,118 0.52

Computers: 2.24% (2013: 0.00% )

110,849 Apple Inc Com USD0.00001 8,594,506 1.62

22,503 International Business Machines Corp Com USD0.20 3,276,103 0.62

Cosmetics/Personal Care: 0.70% (2013: 0.61% )

59,091 Procter & Gamble Co Com NPV 3,720,378 0.70


50,618 Fastenal Co Class C Com USD0.01 1,735,370 0.33

52,846 Genuine Parts Co Class C Com USD1.00 3,504,301 0.66


13,315 BlackRock Inc Com USD0.01 3,320,547 0.63

Electric: 2.31% (2013: 2.34% )

29,022 DTE Energy Co Com NPV 1,714,561 0.32

94,359 Entergy Corp Com USD0.01 5,462,927 1.03

34,931 Pinnacle West Capital Corp Com NPV 1,498,840 0.28

137,340 PPL Corp Com USD0.01 3,588,012 0.68


96,012 Emerson Electric Co Class C Com USD0.50 4,679,206 0.88

Food: 0.76% (2013: 1.55% )

80,149 Safeway Inc Com USD0.01 2,113,342 0.40

65,665 Sysco Corp Com USD1.00 1,881,797 0.36


38,158 International Paper Co Class C Com USD1.00 1,396,151 0.26

574 Veritiv Corp Com NPV 19,801 -

Healthcare-Products: 1.18% (2013: 1.05% )

109,643 Baxter International Inc Com USD1.00 6,228,913 1.18


18,091 Aetna Inc Com USD0.01 1,123,580 0.21

20,697 UnitedHealth Group Inc Com USD0.01 1,355,031 0.26


63,414 Kimberly-Clark Corp Com USD1.25 5,200,155 0.98



170





Fair Value % of





36,335 Deere & Co Class C Com USD1.00 2,313,830 0.44

Media: 0.33% (2013: 0.71% )

125,160 Cablevision Systems Corp Class A Com USD0.01 1,735,262 0.33

Mining: 0.78% (2013: 0.71% )

150,784 Freeport-McMoRan Inc Com USD0.10 4,132,455 0.78


520,169 General Electric Co Class C Com USD0.06 10,264,547 1.94

Oil & Gas: 5.81% (2013: 6.23% )

103,045 Chevron Corp Com USD0.75 10,062,289 1.90

168,261 ConocoPhillips Com USD0.01 10,291,370 1.94

138,402 Exxon Mobil Corp Com NPV 10,452,691 1.97


35,005 AbbVie Inc Com USD0.01 1,476,137 0.28

96,833 Bristol-Myers Squibb Co Class C Com USD0.10 3,711,497 0.70

20,145 Cardinal Health Inc Com NPV 1,119,404 0.21

220,853 Eli Lilly & Co Class C Com NPV 10,570,835 2.00

48,228 Johnson & Johnson Com USD1.00 3,765,978 0.71

65,142 Merck & Co Inc Com USD0.50 2,964,817 0.56

236,255 Pfizer Inc Com USD0.05 5,262,153 0.99


104,214 Digital Realty Trust Inc Reits USD0.01 5,174,549 0.98

72,228 HCP Inc Reits USD1.00 2,360,684 0.45

Retail: 1.84% (2013: 1.78% )

41,701 Darden Restaurants Inc Com NPV 1,491,320 0.28

17,314 Home Depot Inc Com USD0.05 1,214,547 0.23

30,321 McDonald's Corp Com USD0.01 2,164,669 0.41

549,257 Staples Inc Com USD0.0006 4,858,083 0.92

Savings&Loans: 0.72% (2013: 0.00% )

338,378 People's United Financial Inc Com USD0.01 3,834,446 0.72

Semiconductors: 1.99% (2013: 1.69% )

332,809 Intel Corp Com USD0.001 8,745,116 1.65

75,929 Maxim Integrated Products Inc Com USD0.001 1,793,084 0.34



171





Fair Value % of




Software: 5.31% (2013: 3.30% )

516,210 CA Inc Com USD0.10 11,008,383 2.08

460,835 Microsoft Corp Com USD0.00000625 15,683,799 2.96

44,807 Paychex Inc Com USD0.01 1,419,616 0.27


218,325 AT&T Inc Com USD1.00 5,751,755 1.09

175,895 Cisco Systems Inc Com USD0.001 3,314,911 0.63

52,826 Harris Corp Com USD1.00 2,840,872 0.54

140,103 Verizon Communications Inc Com USD0.10 5,249,414 0.99


80,983 Hasbro Inc Com USD0.50 3,200,697 0.60

131,465 Mattel Inc Com USD1.00 3,459,448 0.65

Transportation: 0.72% (2013: 0.80% )

25,619 Norfolk Southern Corp Com USD1.00 2,070,441 0.39

23,966 United Parcel Service Inc Class B Com USD0.01 1,770,942 0.33




Cash* 4,823,646 0.91

Other Net Assets 3,043,345 0.57



*All cash holdings are held with Northen Trust Fiduciary Services (Ireland) Limited

% of




Other assets 1.55

100.00



172





Fair Value % of


Equities: 90.56% (2013: 89.48% )

Australia: 3.38% (2013: 3.60% )

Banks: 1.55% (2013: 1.50% )

5,721 Australia & New Zealand Banking Group Ltd Com NPV 135,475 0.17

6,290 Commonwealth Bank of Australia Com NPV 362,334 0.46

16,699 National Australia Bank Ltd Com NPV 416,198 0.53

12,365 Westpac Banking Corp Com NPV 306,953 0.39

Biotechnology: 0.00% (2013: 0.14% ) - -

Chemicals: 0.00% (2013: 0.20% ) - -



Food: 0.36% (2013: 0.17% )

10,940 Woolworths Ltd Com NPV 280,220 0.36



Insurance: 0.48% (2013: 0.29% )

36,698 Suncorp Group Ltd Com NPV 375,295 0.48

Mining: 0.24% (2013: 0.32% )

7,336 BHP Billiton Ltd Com NPV 190,609 0.24




33,934 Goodman Group Reits NPV 134,268 0.17


517 Shopping Centres Australasia Property Group Reits NPV 677 -

Retail: 0.00% (2013: 0.18% ) - -


Austria: 0.00% (2013: 0.24% )

Banks: 0.00% (2013: 0.24% ) - -

Total Austria - -



173





Fair Value % of



Belgium: 0.21% (2013: 0.16% )


6,004 Belgacom SA Com NPV 162,889 0.21

Total Belgium 162,889 0.21

Bermuda: 0.15% (2013: 0.35% )


Oil & Gas: 0.15% (2013: 0.20% )

4,076 Seadrill Ltd Com USD2.00 113,508 0.15


Canada: 9.49% (2013: 9.02% )

Banks: 2.81% (2013: 2.56% )

4,941 Bank of Montreal Com NPV 286,995 0.37

3,744 Bank of Nova Scotia Com NPV 187,729 0.24

12,856 Canadian Imperial Bank of Commerce/Canada Com NPV 927,820 1.19

6,097 National Bank of Canada Com NPV 221,620 0.28

10,139 Royal Bank of Canada Com NPV 571,300 0.73

Chemicals: 0.47% (2013: 0.00% )

13,703 Potash Corp of Saskatchewan Inc Com NPV 366,777 0.47


25,912 IGM Financial Inc Com NPV 937,347 1.20

Insurance: 2.26% (2013: 2.62% )

19,810 Great-West Lifeco Inc Com NPV 444,567 0.57

31,832 Power Financial Corp Com NPV 790,702 1.01

18,840 Sun Life Financial Inc Com NPV 532,005 0.68

Media: 1.17% (2013: 0.80% )

47,744 Shaw Communications Inc Class B Com NPV 911,040 1.17

Mining: 0.00% (2013: 0.24% ) - -

Oil & Gas: 0.99% (2013: 0.55% )

47,043 Canadian Oil Sands Ltd Com NPV 769,708 0.99



174





Fair Value % of





11,630 H&R Real Estate Investment Trust Reits NPV 188,783 0.24

14,555 RioCan Real Estate Investment Trust Reits NPV 276,616 0.35


Cayman Islands: 0.12% (2013: 0.00% )

Lodging: 0.12% (2013: 0.00% )



Finland: 1.66% (2013: 1.31% )


22,331 Nokian Renkaat OYJ Com NPV 548,226 0.70


23,445 Stora Enso OYJ Com NPV 153,799 0.20

15,512 UPM-Kymmene OYJ Com NPV 175,596 0.22


3,853 Kone OYJ Class B Com NPV 123,450 0.16

9,957 Metso OYJ Com NPV 299,905 0.38


France: 2.29% (2013: 3.27% )

Aerospace/Defence: 0.00% (2013: 0.16% ) - -

Banks: 0.00% (2013: 0.19% ) - -

Electrical Component & Equipment: 0.00% (2013: 0.26% ) - -


11,468 Bouygues SA Com EUR1.00 319,269 0.41

Insurance: 0.26% (2013: 0.32% )

13,509 CNP Assurances Com EUR1.00 203,716 0.26



175





Fair Value % of




Oil & Gas: 0.68% (2013: 0.91% )

10,564 Total SA Com EUR2.50 530,630 0.68


3,334 Sanofi Com EUR2.00 277,139 0.35


6,049 Fonciere Des Regions Reits EUR3.00 463,474 0.59

Telecommunication: 0.00% (2013: 0.42% ) - -


Germany: 2.29% (2013: 2.76% )


4,755 Daimler AG Com NPV 297,378 0.38

Chemicals: 0.89% (2013: 0.96% )

8,883 BASF SE Com NPV 695,717 0.89


Media: 0.46% (2013: 0.65% )

11,850 ProSiebenSat.1 Media AG Com NPV 361,899 0.46


4,578 Siemens AG Com NPV 436,444 0.56


Hong Kong: 0.13% (2013: 0.15% )

Electric: 0.00% (2013: 0.15% ) - -

Lodging: 0.13% (2013: 0.00% )





176





Fair Value % of



Ireland: 0.61% (2013: 1.09% )

Computers: 0.61% (2013: 1.09% )

10,173 Seagate Technology PLC Com USD0.00001 478,972 0.61


Italy: 1.13% (2013: 0.93% )


9,186 Atlantia SpA Com EUR1.00 177,014 0.23

Oil & Gas: 0.90% (2013: 0.62% )

37,228 Eni SpA Com NPV 702,306 0.90


Japan: 7.34% (2013: 7.87% )

Advertising: 0.15% (2013: 0.00% )


Agriculture: 0.20% (2013: 0.15% )

5,900 Japan Tobacco Inc Com NPV 153,351 0.20


14,300 Daihatsu Motor Co Ltd Com NPV 186,337 0.24

4,900 Fuji Heavy Industries Ltd Com NPV 105,674 0.14

26,000 Isuzu Motors Ltd Com NPV 136,371 0.17

6,600 Toyota Motor Corp Com NPV 285,492 0.37


5,300 Toyota Industries Corp Com NPV 193,095 0.25

Banks: 0.83% (2013: 0.90% )

48,600 Mitsubishi UFJ Financial Group Inc Com NPV 211,945 0.27


10,600 Sumitomo Mitsui Financial Group Inc Com NPV 324,898 0.42

Beverages: 0.00% (2013: 0.18% ) - -

Chemicals: 0.33% (2013: 0.43% )

42,000 Asahi Kasei Corp Com NPV 255,659 0.33



177





Fair Value % of



Japan (Continued): 7.34% (2013: 7.87% )


3,900 Benesse Holdings Inc Com NPV 104,895 0.13

Computers: 0.00% (2013: 0.12% ) - -


10,500 Mitsubishi Corp Com NPV 164,794 0.21

21,100 Mitsui & Co Ltd Com NPV 261,093 0.33

24,700 Sumitomo Corp Com NPV 241,999 0.31


27,000 Daiwa Securities Group Inc Com NPV 166,706 0.21



Gas: 0.25% (2013: 0.33% )

63,000 Osaka Gas Co Ltd Com NPV 196,649 0.25

Insurance: 0.26% (2013: 0.22% )

8,800 Tokio Marine Holdings Inc Com NPV 203,551 0.26

Mining: 0.24% (2013: 0.18% )

16,000 Sumitomo Metal Mining Co Ltd Com NPV 184,214 0.24


14,300 Canon Inc Com NPV 354,394 0.45

Oil & Gas: 0.12% (2013: 0.20% )



16,400 Daiichi Sankyo Co Ltd Com NPV 219,921 0.28

Real Estate: 0.42% (2013: 0.39% )

3,500 Daito Trust Construction Co Ltd Com NPV 328,426 0.42

Retail: 0.35% (2013: 0.31% )

2,700 ABC-Mart Inc Com NPV 105,065 0.13

3,100 Lawson Inc Com NPV 168,792 0.22



178





Fair Value % of



Japan (Continued): 7.34% (2013: 7.87% )


3,100 Nippon Telegraph & Telephone Corp Com NPV 157,882 0.20

19,579 NTT DOCOMO Inc Com NPV 256,910 0.33


4,700 Bandai Namco Holdings Inc Com NPV 99,621 0.13

Transportation: 0.27% (2013: 0.28% )

62,000 Nippon Express Co Ltd Com NPV 214,805 0.27

Total Japan 5,730,856 7.34

Netherlands: 0.21% (2013: 1.02% )


3,792 Koninklijke Boskalis Westminster NV Com EUR0.80 165,056 0.21

Food: 0.00% (2013: 0.50% ) - -


New Zealand: 0.00% (2013: 0.28% )


Lodging: 0.00% (2013: 0.13% ) - -

Total New Zealand - -

Norway: 0.86% (2013: 0.86% )

Chemicals: 0.52% (2013: 0.00% )

10,731 Yara International ASA Com NOK1.70 410,044 0.52

Insurance: 0.15% (2013: 0.47% )


Oil & Gas: 0.19% (2013: 0.39% )

6,918 Statoil ASA Com NOK2.50 148,262 0.19

Total Norway 672,182 0.86



179





Fair Value % of



Portugal: 0.18% (2013: 0.19% )

Electric: 0.18% (2013: 0.19% )

38,388 EDP - Energias de Portugal SA Com EUR1.00 140,481 0.18

Total Portugal 140,481 0.18

Singapore: 0.18% (2013: 0.16% )

Shipbuilding: 0.18% (2013: 0.16% )

198,000 Yangzijiang Shipbuilding Holdings Ltd Com NPV 139,522 0.18

Total Singapore 139,522 0.18

Spain: 1.18% (2013: 0.70% )

Banks: 0.38% (2013: 0.35% )

32,207 Banco Bilbao Vizcaya Argentaria SA Com EUR0.49 296,981 0.38

Gas: 0.49% (2013: 0.35% )

15,125 Enagas SA Com EUR1.50 381,717 0.49

Oil & Gas: 0.31% (2013: 0.35% )

12,716 Repsol SA Com EUR1.00 239,792 0.31

Total Spain 918,490 1.18

Sweden: 2.30% (2013: 2.35% )

Banks: 0.59% (2013: 1.17% )

19,283 Nordea Bank AB Class A Com NPV 190,595 0.24

7,695 Svenska Handelsbanken AB Class A Com NPV 274,942 0.35


7,121 Electrolux AB Class B Series B Com NPV 137,002 0.18



7,807 Investor AB Class B Com NPV 219,638 0.28



180





Fair Value % of



Sweden (Continued): 2.30% (2013: 2.35% )



154,436 TeliaSonera AB Class A Com NPV 858,607 1.10

Total Sweden 1,801,644 2.30

Switzerland: 2.19% (2013: 2.17% )


Food: 0.73% (2013: 0.75% )

9,625 Nestle SA Com CHF0.10 566,728 0.73


Insurance: 1.26% (2013: 0.55% )

4,287 Zurich Insurance Group AG Class A Com CHF0.10 983,203 1.26


697 Roche Holding AG Com NPV 153,900 0.20


United Kingdom: 9.75% (2013: 8.22% )

Agriculture: 1.71% (2013: 1.61% )

18,760 British American Tobacco Plc Com GBP0.25 837,518 1.07

15,289 Imperial Tobacco Group Plc Com GBP0.10 502,230 0.64

Banks: 2.16% (2013: 0.97% )

175,499 HSBC Holdings Plc Com USD0.50 1,439,258 1.84

16,211 Standard Chartered Plc Com USD0.50 248,158 0.32


42,721 Aberdeen Asset Management Plc Com GBP0.10 234,554 0.30

109,413 ICAP Plc Com GBP0.10 522,255 0.67

Electric: 0.58% (2013: 0.19% )

23,862 SSE Plc Com GBP0.50 455,116 0.58



181





Fair Value % of




Food: 0.27% (2013: 0.00% )

6,266 Unilever Plc Com GBP0.03 209,813 0.27

Gas: 0.16% (2013: 0.15% )


Healthcare-Products/Wares: 0.00% (2013: 0.40% ) - -

Insurance: 0.14% (2013: 0.23% )


Mining: 0.19% (2013: 0.19% )

3,598 Rio Tinto Plc Com GBP0.10 146,120 0.19

Oil & Gas: 0.46% (2013: 0.54% )

58,851 BP Plc Com USD0.25 357,006 0.46


19,396 AstraZeneca Plc Com USD0.25 1,119,938 1.43

44,412 GlaxoSmithKline Plc Com GBP0.25 823,736 1.06

Retail: 0.35% (2013: 0.23% )

29,747 Marks & Spencer Group Plc Com GBP0.25 160,403 0.21

1,235 Next Plc Com GBP0.10 109,890 0.14

Software: 0.00% (2013: 0.17% ) - -


81,954 Vodafone Group Plc Com USD0.21 212,554 0.27


United States: 44.91% (2013: 42.78% )

Agriculture: 3.09% (2013: 3.03% )

15,909 Altria Group Inc Com USD0.33 517,795 0.66

13,317 Lorillard Inc Com USD0.01 599,030 0.77

8,732 Philip Morris International Inc Com NPV 564,599 0.72

16,617 Reynolds American Inc Com USD0.0001 730,715 0.94



182





Fair Value % of





22,311 Ford Motor Co Class C Com USD0.01 294,779 0.38


Banks: 1.15% (2013: 1.05% )

15,984 JPMorgan Chase & Co Class C Com USD1.00 717,180 0.92

4,589 Wells Fargo & Co Class C Com USD1.67 178,031 0.23

Beverages: 0.00% (2013: 0.18% ) - -

Chemicals: 0.54% (2013: 0.71% )



28,185 Western Union Co Class C Com USD0.01 373,884 0.48

Computers: 2.08% (2013: 0.00% )

15,247 Apple Inc Com USD0.00001 1,182,153 1.51

3,062 International Business Machines Corp Com USD0.20 445,782 0.57


7,857 Procter & Gamble Co Com NPV 494,678 0.63


6,810 Fastenal Co Class C Com USD0.01 233,472 0.30

7,098 Genuine Parts Co Class C Com USD1.00 470,679 0.60


1,806 BlackRock Inc Com USD0.01 450,387 0.58

Electric: 2.12% (2013: 2.11% )

3,879 DTE Energy Co Com NPV 229,164 0.29

12,835 Entergy Corp Com USD0.01 743,084 0.95

4,786 Pinnacle West Capital Corp Com NPV 205,361 0.26

18,448 PPL Corp Com USD0.01 481,955 0.62


13,078 Emerson Electric Co Class C Com USD0.50 637,365 0.82



183





Fair Value % of




Food: 0.70% (2013: 1.41% )

10,981 Safeway Inc Com USD0.01 289,543 0.37

8,884 Sysco Corp Com USD1.00 254,594 0.33


5,228 International Paper Co Class C Com USD1.00 191,286 0.24

89 Veritiv Corp Com NPV 3,070 -


15,259 Baxter International Inc Com USD1.00 866,877 1.11


2,371 Aetna Inc Com USD0.01 147,256 0.19

2,689 UnitedHealth Group Inc Com USD0.01 176,049 0.23


8,609 Kimberly-Clark Corp Com USD1.25 705,966 0.90


4,909 Deere & Co Class C Com USD1.00 312,607 0.40

Media: 0.30% (2013: 0.64% )

16,887 Cablevision Systems Corp Class A Com USD0.01 234,127 0.30

Mining: 0.72% (2013: 0.63% )

20,409 Freeport-McMoRan Inc Com USD0.10 559,338 0.72



Oil & Gas: 5.37% (2013: 5.65% )





4,796 AbbVie Inc Com USD0.01 202,244 0.26

13,119 Bristol-Myers Squibb Co Class C Com USD0.10 502,836 0.64

2,553 Cardinal Health Inc Com NPV 141,863 0.18


6,542 Johnson & Johnson Com USD1.00 510,845 0.65

8,747 Merck & Co Inc Com USD0.50 398,103 0.51

32,136 Pfizer Inc Com USD0.05 715,771 0.92



184





Fair Value % of





14,331 Digital Realty Trust Inc Reits USD0.01 711,579 0.91

9,717 HCP Inc Reits USD1.00 317,588 0.41

Retail: 1.67% (2013: 1.61% )

5,745 Darden Restaurants Inc Com NPV 205,454 0.26

2,250 Home Depot Inc Com USD0.05 157,834 0.20

4,060 McDonald's Corp Com USD0.01 289,850 0.37

74,289 Staples Inc Com USD0.0006 657,073 0.84

Savings & Loans: 0.67% (2013: 0.00% )

46,028 People's United Financial Inc Com USD0.01 521,582 0.67

Semiconductors: 1.84% (2013: 1.53% )


10,280 Maxim Integrated Products Inc Com USD0.001 242,765 0.31

Software: 4.89% (2013: 3.01% )

70,053 CA Inc Com USD0.10 1,493,908 1.91


6,139 Paychex Inc Com USD0.01 194,501 0.25


30,000 AT&T Inc Com USD1.00 790,348 1.01

23,627 Cisco Systems Inc Com USD0.001 445,274 0.57

7,094 Harris Corp Com USD1.00 381,500 0.49

19,310 Verizon Communications Inc Com USD0.10 723,512 0.93


10,683 Hasbro Inc Com USD0.50 422,225 0.54

17,763 Mattel Inc Com USD1.00 467,426 0.60

Transportation: 0.66% (2013: 0.71% )

3,373 Norfolk Southern Corp Com USD1.00 272,594 0.35

3,234 United Parcel Service Inc Class B Com USD0.01 238,973 0.31





185





Fair Value % of


Collective Investment Schemes: 8.28% (2013: 6.72% )

Ireland: 8.28% (2013: 6.72% )

517,166 KBI Dividend Plus Emerging Markets Fund 6,471,302 8.28


Total Collective Investment Schemes 6,471,302 8.28


Cash * 332,502 0.43





% of




Other assets 1.23

100.00



186





Fair Value % of


Equities: 95.18% (2013: 95.04% )

Australia: 1.93% (2013: 2.06% )

Banks: 0.89% (2013: 0.85% )

889 Australia & New Zealand Banking Group Ltd Com NPV 21,052 0.10

962 Commonwealth Bank of Australia Com NPV 55,416 0.26

2,651 National Australia Bank Ltd Com NPV 66,072 0.31

1,885 Westpac Banking Corp Com NPV 46,794 0.22

Biotechnology: 0.00% (2013: 0.08% ) - -

Chemicals: 0.00% (2013: 0.12% ) - -



Food: 0.20% (2013: 0.10% )

1,607 Woolworths Ltd Com NPV 41,162 0.20



Insurance: 0.26% (2013: 0.17% )

5,315 Suncorp Group Ltd Com NPV 54,354 0.26

Mining: 0.13% (2013: 0.18% )

1,037 BHP Billiton Ltd Com NPV 26,944 0.13




6,858 Goodman Group Reits NPV 27,135 0.13


113 Shopping Centres Australasia Property Group Reits NPV 148 -

Retail: 0.00% (2013: 0.10% ) - -


Austria: 0.85% (2013: 0.73% )



187





Fair Value % of



Austria (Continued): 0.85% (2013: 0.73% )

Banks: 0.85% (2013: 0.73% )

9,132 Raiffeisen Bank International AG Com NPV 180,129 0.85

Total Austria 180,129 0.85

Belgium: 2.11% (2013: 1.13% )

Beverages: 0.31% (2013: 0.00% )

776 Anheuser-Busch InBev NV Com NPV 65,456 0.31


997 Groupe Bruxelles Lambert SA Com NPV 74,291 0.35


11,261 Belgacom SA Com NPV 305,511 1.45

Total Belgium 445,258 2.11

Bermuda: 0.09% (2013: 0.20% )


Oil & Gas: 0.09% (2013: 0.12% )

719 Seadrill Ltd Com USD2.00 20,023 0.09


Canada: 5.34% (2013: 5.20% )

Banks: 1.58% (2013: 1.48% )

774 Bank of Montreal Com NPV 44,957 0.21

603 Bank of Nova Scotia Com NPV 30,235 0.14

1,954 Canadian Imperial Bank of Commerce/Canada Com NPV 141,021 0.67

876 National Bank of Canada Com NPV 31,842 0.15

1,527 Royal Bank of Canada Com NPV 86,041 0.41

Chemicals: 0.27% (2013: 0.00% )

2,115 Potash Corp of Saskatchewan Inc Com NPV 56,610 0.27



188





Fair Value % of





3,931 IGM Financial Inc Com NPV 142,201 0.67

Insurance: 1.27% (2013: 1.50% )

2,996 Great-West Lifeco Inc Com NPV 67,235 0.32

4,834 Power Financial Corp Com NPV 120,076 0.57

2,856 Sun Life Financial Inc Com NPV 80,648 0.38

Media: 0.65% (2013: 0.47% )

7,257 Shaw Communications Inc Class B Com NPV 138,476 0.65

Mining: 0.00% (2013: 0.13% ) - -

Oil & Gas: 0.57% (2013: 0.32% )

7,350 Canadian Oil Sands Ltd Com NPV 120,259 0.57


1,707 H&R Real Estate Investment Trust Reits NPV 27,709 0.13

2,197 RioCan Real Estate Investment Trust Reits NPV 41,754 0.20


Cayman Islands: 0.07% (2013: 0.00% )

Lodging: 0.07% (2013: 0.00% )



Finland: 4.20% (2013: 4.93% )

Banks: 0.00% (2013: 0.78% )


13,928 Nokian Renkaat OYJ Com NPV 341,932 1.62



37,021 UPM-Kymmene OYJ Com NPV 419,078 1.98



189





Fair Value % of



Finland (Continued): 4.20% (2013: 4.93% )

Insurance: 0.00% (2013: 0.61% ) - -


620 Kone OYJ Class B Com NPV 19,865 0.09

1,529 Metso OYJ Com NPV 46,053 0.22

Total Finland 887,529 4.20

France: 15.71% (2013: 16.86% )

Aerospace/Defence: 0.00% (2013: 0.09% ) - -

Apparel: 0.00% (2013: 0.87% ) - -

Auto Manufacturers: 0.00% (2013: 0.67% ) - -

Banks: 2.65% (2013: 2.39% )

3,281 BNP Paribas SA Com EUR2.00 168,955 0.80

53,822 Natixis Com EUR1.60 285,041 1.35

2,724 Societe Generale SA Com EUR1.25 105,058 0.50



Computers: 0.41% (2013: 0.29% )

1,595 Cap Gemini SA Com EUR8.00 86,888 0.41


727 L'Oreal SA Com EUR0.20 92,347 0.44


Electronics: 1.03% (2013: 0.00% )

14,413 Rexel SA Com EUR5.00 217,636 1.03


11,668 Bouygues SA Com EUR1.00 324,837 1.54

1,625 Vinci SA Com EUR2.50 80,531 0.38



190





Fair Value % of




Food: 0.37% (2013: 0.00% )

1,472 Danone SA Com EUR0.25 78,553 0.37


Insurance: 1.24% (2013: 1.18% )

3,347 AXA SA Com EUR2.29 62,857 0.30

11,518 CNP Assurances Com EUR1.00 173,691 0.82

1,070 SCOR SE Com EUR7.88 24,859 0.12

Media: 0.89% (2013: 1.11% )

9,089 Lagardere SCA Com EUR6.10 189,097 0.89

Oil & Gas: 2.15% (2013: 3.41% )

9,043 Total SA Com EUR2.50 454,230 2.15


7,448 Sanofi Com EUR2.00 619,115 2.93



869 Gecina SA Reits EUR7.50 93,700 0.44

Retail: 0.07% (2013: 0.07% )

89 Kering Com EUR4.00 14,407 0.07


Total France 3,320,050 15.71

Germany: 11.78% (2013: 13.47% )

Apparel: 0.62% (2013: 0.00% )

467 Adidas AG Class A Com NPV 26,607 0.13

978 Hugo Boss AG Com NPV 104,573 0.49


544 Bayerische Motoren Werke AG Class A Com EUR1.00 48,609 0.23

7,141 Daimler AG Com NPV 446,598 2.11



191





Fair Value % of



Germany (Continued): 11.78% (2013: 13.47% )

Chemicals: 2.48% (2013: 3.34% )

6,694 BASF SE Com NPV 524,274 2.48


3,632 Deutsche Boerse AG Class A Com NPV 197,472 0.93

Food: 0.00% (2013: 0.80% ) - -


666 Fresenius Medical Care AG & Co KGaA Com NPV 35,694 0.17

Insurance: 2.08% (2013: 1.72% )

618 Allianz SE Com NPV 80,464 0.38

1,564 Hannover Rueck SE Com NPV 98,727 0.47

1,697 Muenchener Rueckversicherungs AG Com NPV 259,259 1.23

Media: 0.63% (2013: 0.56% )


Miscellaneous Manufacturers: 2.22% (2013: 2.46% )

4,915 Siemens AG Com NPV 468,571 2.22

Pharmaceuticals: 0.00% (2013: 1.04% ) - -

Software: 0.31% (2013: 0.00% )

1,091 SAP SE Com NPV 64,642 0.31


Hong Kong: 0.07% (2013: 0.09% )

Electric: 0.00% (2013: 0.09% ) - -

Lodging: 0.07% (2013: 0.00% )



Ireland: 0.33% (2013: 0.63% )



192





Fair Value % of



Ireland (Continued): 0.33% (2013: 0.63% )

Computers: 0.33% (2013: 0.63% )

1,469 Seagate Technology PLC Com USD0.00001 69,164 0.33


Italy: 3.48% (2013: 2.51% )


16,452 Atlantia SpA Com EUR1.00 317,030 1.50

Oil & Gas: 1.98% (2013: 1.11% )

22,213 Eni SpA Com NPV 419,048 1.98


Japan: 4.01% (2013: 4.54% )

Advertising: 0.09% (2013: 0.00% )


Agriculture: 0.10% (2013: 0.08% )

800 Japan Tobacco Inc Com NPV 20,793 0.10


2,000 Daihatsu Motor Co Ltd Com NPV 26,061 0.12

800 Fuji Heavy Industries Ltd Com NPV 17,253 0.08

4,000 Isuzu Motors Ltd Com NPV 20,980 0.10

1,000 Toyota Motor Corp Com NPV 43,256 0.20


900 Toyota Industries Corp Com NPV 32,790 0.16

Banks: 0.43% (2013: 0.51% )

6,800 Mitsubishi UFJ Financial Group Inc Com NPV 29,655 0.14


1,500 Sumitomo Mitsui Financial Group Inc Com NPV 45,976 0.22

Beverages: 0.00% (2013: 0.11% ) - -

Chemicals: 0.17% (2013: 0.25% )

6,000 Asahi Kasei Corp Com NPV 36,523 0.17



193





Fair Value % of



Japan (Continued): 4.01% (2013: 4.54% )


600 Benesse Holdings Inc Com NPV 16,138 0.08

Computers: 0.00% (2013: 0.07% ) - -


1,600 Mitsubishi Corp Com NPV 25,111 0.12

3,300 Mitsui & Co Ltd Com NPV 40,834 0.19

3,800 Sumitomo Corp Com NPV 37,230 0.18


4,000 Daiwa Securities Group Inc Com NPV 24,697 0.12



Gas: 0.15% (2013: 0.18% )

10,000 Osaka Gas Co Ltd Com NPV 31,214 0.15

Insurance: 0.14% (2013: 0.12% )

1,300 Tokio Marine Holdings Inc Com NPV 30,070 0.14

Mining: 0.11% (2013: 0.11% )

2,000 Sumitomo Metal Mining Co Ltd Com NPV 23,027 0.11


2,100 Canon Inc Com NPV 52,044 0.25

Oil & Gas: 0.07% (2013: 0.11% )



2,500 Daiichi Sankyo Co Ltd Com NPV 33,525 0.16

Real Estate: 0.22% (2013: 0.23% )

500 Daito Trust Construction Co Ltd Com NPV 46,918 0.22

Retail: 0.17% (2013: 0.17% )



194





Fair Value % of



Japan (Continued): 4.01% (2013: 4.54% )

Retail (Continued): 0.17% (2013: 0.17% )

400 ABC-Mart Inc Com NPV 15,565 0.07

400 Lawson Inc Com NPV 21,780 0.10


500 Nippon Telegraph & Telephone Corp Com NPV 25,465 0.12

2,855 NTT DOCOMO Inc Com NPV 37,462 0.18


700 Bandai Namco Holdings Inc Com NPV 14,837 0.07

Transportation: 0.15% (2013: 0.16% )

9,000 Nippon Express Co Ltd Com NPV 31,181 0.15

Total Japan 847,959 4.01

Luxembourg: 0.08% (2013: 0.00% )


589 SES SA Receipt NPV - En Paris 16,380 0.08

Total Luxembourg 16,380 0.08

Netherlands: 4.53% (2013: 4.86% )


Electronics: 0.13% (2013: 0.00% )



579 Koninklijke Boskalis Westminster NV Com EUR0.80 25,202 0.12

Food: 3.32% (2013: 4.09% )

17,168 Koninklijke Ahold NV Com EUR0.01 223,141 1.06

15,133 Unilever NV EUR0.16 478,581 2.26



195





Fair Value % of



Netherlands (Continued): 4.53% (2013: 4.86% )

Oil & Gas Services: 0.15% (2013: 0.00% )

1,136 Fugro NV EUR0.05 31,266 0.15


4,744 Ziggo NV Com NPV 172,243 0.81


New Zealand: 0.00% (2013: 0.15% )


Lodging: 0.00% (2013: 0.07% ) - -

Total Netherlands - -

Norway: 0.49% (2013: 0.50% )

Chemicals: 0.30% (2013: 0.00% )

1,636 Yara International ASA Com NOK1.70 62,514 0.30

Insurance: 0.08% (2013: 0.27% )


Oil & Gas: 0.11% (2013: 0.23% )

1,132 Statoil ASA Com NOK2.50 24,260 0.11

Total Norway 104,357 0.49

Portugal: 0.99% (2013: 0.75% )

Electric: 0.99% (2013: 0.75% )

56,940 EDP - Energias de Portugal SA Com EUR1.00 208,372 0.99

Total Portugal 208,372 0.99

Singapore: 0.11% (2013: 0.09% )

Shipbuilding: 0.11% (2013: 0.09% )

33,000 Yangzijiang Shipbuilding Holdings Ltd Com NPV 23,254 0.11

Total Singapore 23,254 0.11



196





Fair Value % of



Spain: 5.65% (2013: 4.35% )

Banks: 2.43% (2013: 1.23% )

55,738 Banco Bilbao Vizcaya Argentaria SA Com EUR0.49 513,960 2.43

Electric: 0.00% (2013: 0.10% ) - -

Gas: 2.85% (2013: 2.24% )

23,891 Enagas SA Com EUR1.50 602,949 2.85

Oil & Gas: 0.17% (2013: 0.00% )

1,863 Repsol SA Com EUR1.00 35,132 0.17

Retail: 0.00% (2013: 0.14% ) - -

Software: 0.20% (2013: 0.64% )

1,457 Amadeus IT Holding SA Class A Com EUR0.01 41,259 0.20

Total Spain 1,193,300 5.65

Sweden: 1.33% (2013: 1.34% )

Banks: 0.34% (2013: 0.67% )

2,934 Nordea Bank AB Class A Com NPV 29,000 0.14

1,162 Svenska Handelsbanken AB Class A Com NPV 41,518 0.20


1,172 Electrolux AB Class B Series B Com NPV 22,548 0.11



1,345 Investor AB Class B Com NPV 37,840 0.18



23,398 TeliaSonera AB Class A Com NPV 130,084 0.61

Total Sweden 280,926 1.33



197





Fair Value % of



Switzerland: 1.26% (2013: 1.24% )


Food: 0.43% (2013: 0.43% )

1,561 Nestle SA Com CHF0.10 91,913 0.43


Insurance: 0.72% (2013: 0.31% )

663 Zurich Insurance Group AG Class A Com CHF0.10 152,056 0.72


104 Roche Holding AG Com NPV 22,964 0.11

Total Switzerland 266,933 1.26

United Kingdom: 5.58% (2013: 4.72% )

Agriculture: 0.98% (2013: 0.92% )

2,852 British American Tobacco Plc Com GBP0.25 127,324 0.60

2,452 Imperial Tobacco Group Plc Com GBP0.10 80,546 0.38

Banks: 1.21% (2013: 0.55% )

26,779 HSBC Holdings Plc Com USD0.50 219,613 1.04

2,403 Standard Chartered Plc Com USD0.50 36,785 0.17


6,255 Aberdeen Asset Management Plc Com GBP0.10 34,342 0.16

17,068 ICAP Plc Com GBP0.10 81,470 0.39

Electric: 0.33% (2013: 0.11% )

3,705 SSE Plc Com GBP0.50 70,665 0.33

Food: 0.16% (2013: 0.00% )

1,036 Unilever Plc Com GBP0.03 34,690 0.16

Gas: 0.10% (2013: 0.09% )





198





Fair Value % of




Insurance: 0.09% (2013: 0.13% )


Mining: 0.11% (2013: 0.11% )

595 Rio Tinto Plc Com GBP0.10 24,164 0.11

Oil & Gas: 0.26% (2013: 0.30% )

9,151 BP Plc Com USD0.25 55,512 0.26


2,984 AstraZeneca Plc Com USD0.25 172,298 0.82

6,928 GlaxoSmithKline Plc Com GBP0.25 128,498 0.61

Retail: 0.20% (2013: 0.13% )

4,532 Marks & Spencer Group Plc Com GBP0.25 24,438 0.12

192 Next Plc Com GBP0.10 17,084 0.08

Software: 0.00% (2013: 0.10% ) - -


12,756 Vodafone Group Plc Com USD0.21 33,084 0.16


United States: 25.19% (2013: 24.69% )

Agriculture: 1.77% (2013: 1.76% )

2,424 Altria Group Inc Com USD0.33 78,895 0.37

2,010 Lorillard Inc Com USD0.01 90,415 0.44

1,333 Philip Morris International Inc Com NPV 86,190 0.41

2,625 Reynolds American Inc Com USD0.0001 115,432 0.55


3,506 Ford Motor Co Class C Com USD0.01 46,322 0.22

Auto Parts & Equipment's: 0.00% (2013: 0.11% ) - -

Banks: 0.64% (2013: 0.62% )

2,469 JPMorgan Chase & Co Class C Com USD1.00 110,781 0.52

657 Wells Fargo & Co Class C Com USD1.67 25,488 0.12



199





Fair Value % of




Beverages: 0.00% (2013: 0.11% ) - -

Chemicals: 0.30% (2013: 0.42% )



4,308 Western Union Co Class C Com USD0.01 57,147 0.27

Computers: 1.15% (2013: 0.00% )

2,315 Apple Inc Com USD0.00001 179,490 0.85

442 International Business Machines Corp Com USD0.20 64,349 0.30


1,224 Procter & Gamble Co Com NPV 77,063 0.36


988 Fastenal Co Class C Com USD0.01 33,872 0.16

1,082 Genuine Parts Co Class C Com USD1.00 71,749 0.34


270 BlackRock Inc Com USD0.01 67,334 0.32

Electric: 1.16% (2013: 1.22% )

548 DTE Energy Co Com NPV 32,375 0.15

2,003 Entergy Corp Com USD0.01 115,964 0.55

699 Pinnacle West Capital Corp Com NPV 29,993 0.14

2,604 PPL Corp Com USD0.01 68,030 0.32


1,974 Emerson Electric Co Class C Com USD0.50 96,204 0.46

Food: 0.40% (2013: 0.82% )

1,794 Safeway Inc Com USD0.01 47,304 0.22

1,291 Sysco Corp Com USD1.00 36,997 0.18


774 International Paper Co Class C Com USD1.00 28,320 0.13

14 Veritiv Corp Com NPV 483 -



200





Fair Value % of





2,296 Baxter International Inc Com USD1.00 130,438 0.62


390 Aetna Inc Com USD0.01 24,222 0.11

421 UnitedHealth Group Inc Com USD0.01 27,563 0.13


1,358 Kimberly-Clark Corp Com USD1.25 111,360 0.53


731 Deere & Co Class C Com USD1.00 46,550 0.22

Media: 0.17% (2013: 0.36% )

2,517 Cablevision Systems Corp Class A Com USD0.01 34,897 0.17

Mining: 0.40% (2013: 0.37% )

3,106 Freeport-McMoRan Inc Com USD0.10 85,124 0.40

Miscellaneous Manufacturers: 1.01% (2013: 0.93% )

10,779 General Electric Co Class C Com USD0.06 212,703 1.01

Oil & Gas: 3.06% (2013: 3.25% )

2,177 Chevron Corp Com USD0.75 212,583 1.01

3,501 ConocoPhillips Com USD0.01 214,132 1.01

2,924 Exxon Mobil Corp Com NPV 220,833 1.04


714 AbbVie Inc Com USD0.01 30,109 0.14

1,877 Bristol-Myers Squibb Co Class C Com USD0.10 71,943 0.34

437 Cardinal Health Inc Com NPV 24,283 0.12

4,670 Eli Lilly & Co Class C Com NPV 223,523 1.06

997 Johnson & Johnson Com USD1.00 77,853 0.37

1,300 Merck & Co Inc Com USD0.50 59,167 0.28

4,667 Pfizer Inc Com USD0.05 103,949 0.49


2,159 Digital Realty Trust Inc Reits USD0.01 107,201 0.51

1,421 HCP Inc Reits USD1.00 46,444 0.22



201





Fair Value % of




Retail: 0.91% (2013: 0.93% )

726 Darden Restaurants Inc Com NPV 25,963 0.12

355 Home Depot Inc Com USD0.05 24,903 0.12

587 McDonald's Corp Com USD0.01 41,907 0.20

11,163 Staples Inc Com USD0.0006 98,735 0.47

Savings & Loans: 0.37% (2013: 0.00% )

6,965 People's United Financial Inc Com USD0.01 78,926 0.37

Semiconductors: 1.03% (2013: 0.88% )

6,940 Intel Corp Com USD0.001 182,360 0.86

1,527 Maxim Integrated Products Inc Com USD0.001 36,061 0.17

Software: 2.76% (2013: 1.73% )

10,714 CA Inc Com USD0.10 228,480 1.08

9,659 Microsoft Corp Com USD0.00000625 328,729 1.56

819 Paychex Inc Com USD0.01 25,948 0.12


4,440 AT&T Inc Com USD1.00 116,971 0.55

3,591 Cisco Systems Inc Com USD0.001 67,676 0.32

1,081 Harris Corp Com USD1.00 58,134 0.28

3,045 Verizon Communications Inc Com USD0.10 114,091 0.54


1,614 Hasbro Inc Com USD0.50 63,790 0.30

2,598 Mattel Inc Com USD1.00 68,365 0.32

Transportation: 0.35% (2013: 0.42% )

532 Norfolk Southern Corp Com USD1.00 42,994 0.20

413 United Parcel Service Inc Class B Com USD0.01 30,518 0.15



Collective Investment Schemes: 4.28% (2013: 3.81% )

Ireland: 4.28% (2013: 3.81% )



202





Fair Value % of


Collective Investment Schemes (Continued): 4.28% (2013: 3.81% )

Ireland (Continued): 4.28% (2013: 3.81% )

72,285 KBI Dividend Plus Emerging Markets Fund 904,502 4.28


Total Collective Investment Schemes 904,502 4.28


Cash* 97,848 0.46





% of




Other assets 0.67

100.00



203





Fair Value % of


Equities: 99.27% (2013: 97.65% )

Austria: 1.90% (2013: 1.32% )

Banks: 1.90% (2013: 1.32% )

65,659 Raiffeisen Bank International AG Com NPV 1,295,124 1.90


Belgium: 4.45% (2013: 2.32% )

Beverages: 0.69% (2013: 0.00% )

5,594 Anheuser-Busch InBev NV Com NPV 471,854 0.69


7,322 Groupe Bruxelles Lambert SA Com NPV 545,599 0.80


74,261 Belgacom SA Com NPV 2,014,701 2.96


Finland: 7.28% (2013: 9.39% )


75,495 Nokian Renkaat OYJ Com NPV 1,853,402 2.72

Banks: 0.00% (2013: 1.74% ) - -



249,956 UPM-Kymmene OYJ Com NPV 2,829,502 4.16

Insurance: 0.00% (2013: 1.37% ) - -

Machinery-Diversified: 0.00% (2013: 3.19% ) - -


France: 32.33% (2013: 33.64% )

Apparel: 0.00% (2013: 1.93% ) - -



204





Fair Value % of





Banks: 5.91% (2013: 5.09% )

23,472 BNP Paribas SA Com EUR2.00 1,208,691 1.78

389,545 Natixis Com EUR1.60 2,063,030 3.03

19,353 Societe Generale SA Com EUR1.25 746,397 1.10



Computers: 0.91% (2013: 0.65% )

11,390 Cap Gemini SA Com EUR8.00 620,470 0.91


5,118 L'Oreal SA Com EUR0.20 650,114 0.96

Electronics: 2.34% (2013: 0.00% )

105,338 Rexel SA Com EUR5.00 1,590,604 2.34


71,594 Bouygues SA Com EUR1.00 1,993,177 2.93

11,600 Vinci SA Com EUR2.50 574,867 0.85

Food: 0.86% (2013: 0.00% )

10,927 Danone SA Com EUR0.25 583,119 0.86


Insurance: 2.48% (2013: 2.24% )

24,506 AXA SA Com EUR2.29 460,223 0.68

68,129 CNP Assurances Com EUR1.00 1,027,385 1.51

8,516 SCOR SE Com EUR7.88 197,848 0.29

Media: 2.01% (2013: 2.50% )

65,702 Lagardere SCA Com EUR6.10 1,366,930 2.01

Oil & Gas: 3.96% (2013: 6.49% )

53,669 Total SA Com EUR2.50 2,695,794 3.96



205





Fair Value % of





49,711 Sanofi Com EUR2.00 4,132,227 6.08



6,117 Gecina SA Reits EUR7.50 659,565 0.97

Retail: 0.15% (2013: 0.15% )

611 Kering Com EUR4.00 98,906 0.15


Total France 21,975,624 32.33

Germany: 23.64% (2013: 26.63% )

Apparel: 1.41% (2013: 0.00% )

3,349 Adidas AG Class A Com NPV 190,809 0.28

7,215 Hugo Boss AG Com NPV 771,464 1.13


4,163 Bayerische Motoren Werke AG Class A Com EUR1.00 371,985 0.55

46,267 Daimler AG Com NPV 2,893,538 4.26

Chemicals: 4.48% (2013: 6.24% )

38,940 BASF SE Com NPV 3,049,781 4.48


26,257 Deutsche Boerse AG Class A Com NPV 1,427,593 2.10

Food: 0.00% (2013: 1.79% ) - -


4,338 Fresenius Medical Care AG & Co KGaA Com NPV 232,495 0.34

Insurance: 4.63% (2013: 3.85% )

4,462 Allianz SE Com NPV 580,952 0.86

11,131 Hannover Rueck SE Com NPV 702,644 1.03

12,208 Muenchener Rueckversicherungs AG Com NPV 1,865,077 2.74



206





Fair Value % of



Germany (Continued): 23.64% (2013: 26.63% )

Media: 0.88% (2013: 0.44% )


Miscellaneous Manufacturer: 4.31% (2013: 5.14% )

30,754 Siemens AG Com NPV 2,931,933 4.31

Pharmaceuticals: 0.00% (2013: 2.35% ) - -

Software: 0.68% (2013: 0.00% )

7,809 SAP SE Com NPV 462,683 0.68


Italy: 6.39% (2013: 4.43% )


108,761 Atlantia SpA Com EUR1.00 2,095,824 3.08

Oil & Gas: 3.31% (2013: 1.67% )

119,201 Eni SpA Com NPV 2,248,727 3.31

Total Italy 4,344,551 6.39

Luxembourg: 0.20% (2013: 0.00% )


4,988 SES SA Receipt NPV 138,691 0.20

Total Luxembourg 138,691 0.20

Netherlands: 9.91% (2013: 9.59% )


Electronics: 0.32% (2013: 0.00% )




207





Fair Value % of



Netherlands (Continued): 9.91% (2013: 9.59% )

Food: 7.44% (2013: 8.54% )

123,742 Koninklijke Ahold NV Com EUR0.01 1,608,337 2.36

109,201 Unilever NV EUR0.16 3,453,482 5.08

Oil & Gas Services: 0.34% (2013: 0.00% )

8,449 Fugro NV EUR0.05 232,538 0.34


33,955 Ziggo NV Com NPV 1,232,821 1.81


Portugal: 1.95% (2013: 1.44% )

Electric: 1.95% (2013: 1.44% )

362,326 EDP - Energias de Portugal SA Com EUR1.00 1,325,932 1.95

Total Portugal 1,325,932 1.95

Spain: 11.22% (2013: 8.89% )

Banks: 4.97% (2013: 2.34% )

366,729 Banco Bilbao Vizcaya Argentaria SA Com EUR0.49 3,381,608 4.97

Electric: 0.00% (2013: 0.23% ) - -

Gas: 5.79% (2013: 4.58% )

155,899 Enagas SA Com EUR1.50 3,934,501 5.79

Retail: 0.00% (2013: 0.30% ) - -

Software: 0.46% (2013: 1.44% )

11,127 Amadeus IT Holding SA Class A Com EUR0.01 315,089 0.46

Total Spain 7,631,198 11.22




208





Fair Value % of

EUR Net Assets


Cash* 387,144 0.57





% of




Other assets 0.81

100.00



209




Fair Value % of


Equities: 97.73%

Canada: 16.77%

Banks: 4.99%

19,730 Bank of Montreal Com NPV 1,521,834 0.66

14,817 Bank of Nova Scotia Com NPV 983,611 0.43

50,788 Canadian Imperial Bank of Commerce/Canada Com NPV 4,865,769 2.11

23,832 National Bank of Canada Com NPV 1,148,264 0.50

40,069 Royal Bank of Canada Com NPV 2,982,781 1.29

Chemicals: 0.82%

53,983 Potash Corp of Saskatchewan Inc Com NPV 1,901,038 0.82

Diversified Financial Services: 2.14%

102,899 IGM Financial Inc Com NPV 4,927,010 2.14

Insurance: 3.96%

77,948 Great-West Lifeco Inc Com NPV 2,286,882 0.99

125,576 Power Financial Corp Com NPV 4,065,085 1.76

74,683 Sun Life Financial Inc Com NPV 2,783,530 1.21

Media: 2.07%

188,611 Shaw Communications Inc Class B Com NPV 4,762,439 2.07

Oil & Gas: 1.73%

185,159 Canadian Oil Sands Ltd Com NPV 3,997,625 1.73

Real Estate Investment Trusts: 1.06%

47,297 H&R Real Estate Investment Trust Reits NPV 1,007,636 0.44

56,897 RioCan Real Estate Investment Trust Reits NPV 1,421,179 0.62

Total Canada 38,654,683 16.77

Ireland: 1.08%

Computers: 1.08%

39,724 Seagate Technology Plc Com USD0.00001 2,485,928 1.08


United States: 79.88%

Agriculture: 0.00%

62,542 Altria Group Inc Com USD0.33 2,694,622 1.17

52,780 Lorillard Inc Com USD0.01 3,151,230 1.37

34,456 Philip Morris International Inc Com NPV 2,949,261 1.28

65,691 Reynolds American Inc Com USD0.0001 3,841,281 1.67



210




Fair Value % of


Equities (Continued): 97.73%

United States (Continued): 79.88%

Auto Manufacturers: 0.69%

91,834 Ford Motor Co Class C Com USD0.01 1,598,371 0.69

Banks: 2.02%

62,871 JPMorgan Chase & Co Class C Com USD1.00 3,737,367 1.62

17,988 Wells Fargo & Co Class C Com USD1.67 925,393 0.40

Chemicals: 0.96%

33,567 EI du Pont de Nemours & Co Com USD0.30 2,220,289 0.96

Commercial Services: 0.84%

111,039 Western Union Co Class C Com USD0.01 1,940,407 0.84

Computers: 3.67%

60,116 Apple Inc Com USD0.00001 6,161,890 2.67

12,047 International Business Machines Corp Com USD0.20 2,316,397 1.00

Cosmetics/Personal Care: 1.13%

31,244 Procter & Gamble Co Com NPV 2,596,533 1.13

Distribution/Wholesale: 1.61%

27,451 Fastenal Co Class C Com USD0.01 1,242,844 0.54

28,042 Genuine Parts Co Class C Com USD1.00 2,459,984 1.07

Diversified Financial Services: 1.02%

7,149 BlackRock Inc Com USD0.01 2,363,638 1.02

Electric: 3.79%

15,536 DTE Energy Co Com NPV 1,215,459 0.53

50,552 Entergy Corp Com USD0.01 3,912,472 1.70

18,944 Pinnacle West Capital Corp Com NPV 1,078,577 0.47

72,877 PPL Corp Com USD0.01 2,524,095 1.09

Electrical Components & Equipment: 1.43%

51,478 Emerson Electric Co Class C Com USD0.50 3,294,335 1.43

Food: 1.23%

42,892 Safeway Inc Com USD0.01 1,491,569 0.65

35,408 Sysco Corp Com USD1.00 1,338,953 0.58

Forest Products & Paper: 0.44%

20,694 International Paper Co Class C Com USD1.00 1,002,521 0.43

357 Veritiv Corp Com NPV 15,928 0.01

Healthcare-Products: 1.94%

59,560 Baxter International Inc Com USD1.00 4,466,107 1.94



211




Fair Value % of




Healthcare-Services: 0.77%

9,811 Aetna Inc Com USD0.01 805,826 0.35

11,045 UnitedHealth Group Inc Com USD0.01 957,325 0.42

Household Products/Wares: 1.60%

34,157 Kimberly-Clark Corp Com USD1.25 3,688,785 1.60

Machinery-Diversified: 0.71%

19,534 Deere & Co Class C Com USD1.00 1,642,516 0.71

Media: 0.54%

67,078 Cablevision Systems Corp Class A Com USD0.01 1,241,278 0.54

Mining: 1.27%

80,776 Freeport-McMoRan Inc Com USD0.10 2,938,227 1.27

Miscellaneous Manufacturing: 3.16%


Oil & Gas: 9.57%




Pharmaceuticals: 8.91%

18,984 AbbVie Inc Com USD0.01 1,049,530 0.46

51,479 Bristol-Myers Squibb Co Class C Com USD0.10 2,607,669 1.13

10,925 Cardinal Health Inc Com NPV 805,118 0.35


25,719 Johnson & Johnson Com USD1.00 2,667,703 1.16

34,935 Merck & Co Inc Com USD0.50 2,099,768 0.91

126,573 Pfizer Inc Com USD0.05 3,721,879 1.61

Real Estate Investment Trusts: 2.32%

56,175 Digital Realty Trust Inc Reits USD0.01 3,665,138 1.59

38,993 HCP Inc Reits USD1.00 1,689,372 0.73

Retail: 3.00%

22,459 Darden Restaurants Inc Com NPV 1,062,648 0.46

9,544 Home Depot Inc Com USD0.05 892,316 0.39

16,209 McDonald's Corp Com USD0.01 1,519,026 0.66

294,029 Staples Inc Com USD0.0006 3,432,789 1.49

Savings & Loans: 1.18%

181,268 People's United Financial Inc Com USD0.01 2,710,863 1.18



212




Fair Value % of




Semiconductors: 3.27%


40,693 Maxim Integrated Products Inc Com USD0.001 1,256,803 0.54

Software: 8.76%

278,660 CA Inc Com USD0.10 7,867,965 3.41


24,300 Paychex Inc Com USD0.01 1,011,973 0.44

Telecommunications: 5.34%

118,613 AT&T Inc Com USD1.00 4,146,117 1.80

93,336 Cisco Systems Inc Com USD0.001 2,332,000 1.01

28,330 Harris Corp Com USD1.00 2,022,904 0.88

76,427 Verizon Communications Inc Com USD0.10 3,806,447 1.65

Toys/Games/Hobbies: 2.04%

43,235 Hasbro Inc Com USD0.50 2,276,539 0.99

70,056 Mattel Inc Com USD1.00 2,415,881 1.05

Transportation: 1.18%

13,821 Norfolk Southern Corp Com USD1.00 1,478,778 0.64

12,844 United Parcel Service Inc Class B Com USD0.01 1,250,042 0.54




Cash* 4,744,586 2.06







213




% of




Other assets 2.34

100.00

The KBI Institutional Dividend Plus North America Equity Fund launched on 23 October 2013, therefore there are no

comparatives.



214


Schedule of Material Portfolio Changes for the year ended 31 August 2014 (Unaudited)

Largest Purchases Cost

EUR

3,860,000 Italy Buoni Poliennali Del Tesoro 7.25% 01/11/2026 5,004,259

2,150,000 Spain Government Bond 5.9% 30/07/2026 2,618,177


1,950,000 Italy Buoni Poliennali Del Tesoro 4% 01/02/2037 1,787,146

1,295,000 France Government Bond OAT 4.75% 25/04/2035 1,635,151



930,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 1,106,233

970,000 France Government Bond OAT 3.5% 25/04/2026 1,077,315

905,000 Italy Buoni Poliennali Del Tesoro 5% 01/08/2039 972,317

720,000 Bundesrepublik Deutschland 4.75% 04/07/2034 950,690

870,000 France Government Bond OAT 2.75% 25/10/2027 931,997

820,000 Spain Government Bond 4.8% 31/01/2024 866,946


690,000 Italy Buoni Poliennali Del Tesoro 5.75% 01/02/2033 796,362

635,000 France Government Bond OAT 4% 25/04/2060 754,633

510,000 France Government Bond OAT 5.75% 25/10/2032 739,442


525,000 Belgium Government Bond 4.5% 28/03/2026 637,269


Largest Sales Proceeds

EUR









887,000 Bundesrepublik Deutschland 6.5% 04/07/2027 1,353,072

1,124,000 France Government Bond OAT 4% 25/10/2038 1,285,201


890,000 France Government Bond OAT 6% 25/10/2025 1,215,293





1,180,000 Bundesrepublik Deutschland 2.5% 04/07/2044 1,181,815



711,000 Italy Buoni Poliennali Del Tesoro 9% 01/11/2023 992,102



215




EUR

647 SGS SA Com CHF1.00 1,073,492

32,768 GEA Group AG Class A Com NPV 1,053,141

147,500 SLC Agricola SA Com NPV 887,473

64,586 Genus PLC Com GBP0.10 875,067

13,446 SPX Corp Com USD10.00 809,470

320,300 JBS SA Com NPV 792,761

77,800 Cosan Ltd Class A Com USD0.01 761,523

36,944 CSX Corp Com USD1.00 737,472

19,124 BayWa AG Com NPV 710,826

14,202 Pentair PLC Com USD0.01 680,333

14,400 AGCO Corp Com USD0.01 631,662

86,870 SunOpta Inc Com NPV 603,829

10,085 Bunge Ltd Com USD0.01 583,602

24,200 Trimble Navigation Ltd Com NPV 571,537

74,394 Vicwest Inc Com NPV 560,184

8,477 Agrium Inc Com NPV 547,401

1,980 KWS Saat AG Class A Com EUR3.00 510,367

1,609,000 Golden Agri-Resources Ltd Com USD0.03 505,688

11,432 Kellogg Co Com USD0.25 502,678

5,633 Monsanto Co Class C Com USD0.01 485,058


EUR

13,446 SPX Corp Com USD10.00 975,078

14,172 Deere & Co Class C Com USD1.00 905,246

18,668 Kellogg Co Com USD0.25 856,439

290,600 JBS SA Com NPV 807,316

113,668 Adecoagro SA Com NPV 784,681

12,833 Aryzta AG Class A Com CHF0.02 778,965

140,000 Kuala Lumpur Kepong Bhd Com MYR1.00 765,219

23,087 Yara International ASA Com NOK1.70 758,631

151,367 Yongye International Inc Com USD0.001 725,861

13,157 Andersons Inc Com NPV 723,080

2,367 Syngenta AG Com CHF0.10 657,652

12,476 EI du Pont de Nemours & Co Com USD0.30 576,756

10,405 Ingredion Inc Com USD0.01 528,446

660,200 Tereos Internacional SA Com NPV 527,353

40,844 Titan International Inc Com NPV 497,993

417,149 Jain Irrigation Systems Ltd Com INR2.00 497,866

7,983 Bunge Ltd Com USD0.01 470,149

76,120 Israel Chemicals Ltd Com ILS1.00 465,354

12,100 AGCO Corp Com USD0.01 463,188

14,539 Trimble Navigation Ltd Com NPV 390,171



216




EUR

70,518 Owens Corning Com USD0.001 2,050,249

87,243 Quanta Services Inc Com USD0.00001 1,914,337

653,115 Capstone Infrastructure Corp Com NPV 1,641,467

426,724 Capital Stage AG Class A Com NPV 1,582,528

85,908 Prysmian SpA Com EUR0.10 1,454,109

25,764 Eaton Corp Plc Com USD0.01 1,312,277

40,957 Itron Inc Com NPV 1,299,581

81,774 Advanced Energy Industries Inc Com USD0.001 1,276,937

4,645,000 China Suntien Green Energy Corp Ltd Com CNY1.00 1,253,047

80,220 Zumtobel AG Class A Com NPV 1,251,573

48,927 Koninklijke Philips NV Com EUR0.20 1,233,522

48,112 SunPower Corp Com USD0.001 1,183,454

169,358 Ameresco Inc Class A Com USD0.0001 1,143,865

55,737 CSX Corp Com USD1.00 1,113,064

105,900 Cosan Ltd Class A Com USD0.01 1,106,871

24,591 Cree Inc Com USD0.00125 1,097,819

924,899 Foresight Solar Fund LTD NPV 1,083,239

58,517 Canadian Solar Inc Com NPV 1,073,747

115,220 SunEdison Inc Com USD0.01 1,050,741

29,949 Johnson Controls Inc Com USD0.01 989,931


EUR

173,991 SunEdison Inc Com USD0.01 2,249,519

81,819 Brookfield Renewable Energy Partners LP/CA NPV 1,702,737

366,262 EDP Renovaveis SA Com EUR5.00 1,675,641

46,460 Elia System Operator SA/NV Com NPV 1,614,232

86,716 ABB Ltd Com CHF1.03 1,518,112

42,290 Nexans SA Com EUR1.00 1,449,152

39,900 Kyocera Corp Com NPV 1,412,312

68,980 ALBIOMA Com EUR0.04 1,274,414

68,317 MYR Group Inc Com USD0.01 1,239,295

21,508 Eaton Corp PLC Com USD0.01 1,206,210

199,025 Invensys PLC Com GBP0.13 1,189,658

46,720 ESCO Technologies Inc Com USD0.01 1,131,146

16,069 NextEra Energy Inc Com USD0.01 1,090,338

53,896 CENTROTEC Sustainable AG Class A Com NPV 983,835

27,053 Johnson Controls Inc Com USD0.01 968,050

84,845 National Grid PLC Com GBP11.40 918,258

2,974,000 China Suntien Green Energy Corp Ltd Com CNY1.00 870,577

13,607 Rockwood Holdings Inc Com USD0.01 829,353

42,303 Prysmian SpA Com EUR0.10 786,818

399,694 Lamprell PLC Com GBP0.05 782,116



217




USD

507,425 HD Supply Holdings Inc Com USD0.01 11,667,530

360,594 Travis Perkins PLC Com GBP0.10 10,782,833

454,104 Suez Environnement Co Com EUR4.00 8,273,984

694,188 United Utilities Group PLC Com GBP0.05 7,968,477

108,633 Flowserve Corp Com USD1.25 7,762,459

51,557 Sulzer AG Com CHF0.01 7,686,979

260,354 Tetra Tech Inc Com USD0.01 7,177,195

101,924 Pentair Ltd Com USD0.17 7,082,883

166,406 American Water Works Co Inc Com USD0.01 7,001,051

1,200,000 Ebara Corp Com NPV 6,902,100

123,118 Wolseley PLC Com GBP0.11 6,466,570

644,379 Cia de Saneamento Basico do Estado de Sao Paulo ADR NPV 6,412,461

84,269 Danaher Corp Com USD0.01 6,265,639

277,498 Aegion Corp Com USD0.01 6,264,564

357,962 Veolia Environnement SA Com EUR5.00 6,241,619

381,393 Advanced Drainage Systems Inc Com USD0.01 6,093,049

129,154 AO Smith Corp Com USD1.00 5,949,075

281,565 Calgon Carbon Corp Com USD0.01 5,703,221

179,107 AECOM Technology Corp Com USD0.01 5,298,324

93,520 Wolseley PLC Com GBP0.11 5,168,895


USD

822,772 United Utilities Group PLC Com GBP0.05 11,192,403

105,798 SPX Corp Com USD10.00 10,222,303

232,540 Xylem Inc Com USD0.01 7,854,212

426,293 Suez Environnement Co Com EUR4.00 7,828,997


66,926 Ashland Inc Com USD0.01 6,336,631


276,100 Kurita Water Industries Ltd Com NPV 5,816,822

322,783 Veolia Environnement SA Com EUR5.00 5,748,357


137,686 Itron Inc Com NPV 5,335,363


31,736 Sulzer AG Com CHF0.01 4,763,065

781,000 Ebara Corp Com NPV 4,720,652

61,795 Pentair Ltd Com USD0.17 4,387,873

109,014 AECOM Technology Corp Com USD0.01 3,738,730

116,817 Severn Trent PLC Com GBP0.98 3,669,488

5,284 Georg Fischer AG Com CHF1.00 3,479,957

59,880 Agilent Technologies Inc Com USD0.01 3,396,845

278,233 Pennon Group Com GBP0.40 3,385,507



218




EUR


111,074 HD Supply Holdings Inc Com USD0.01 1,804,840

69,003 Quanta Services Inc Com USD0.00001 1,514,345

258,100 SLC Agricola SA Com NPV 1,496,602

13,440 Sulzer AG Com CHF0.01 1,453,950

65,624 Travis Perkins PLC Com GBP0.10 1,408,103

42,550 GEA Group AG Class A Com NPV 1,396,936

64,519 Tetra Tech Inc Com USD0.01 1,328,737


77,679 Aegion Corp Com USD0.01 1,268,361

147,943 United Utilities Group Plc Com GBP0.05 1,238,947

71,079 Prysmian SpA Com EUR0.10 1,196,658


17,396 NextEra Energy Inc Com USD0.01 1,109,355

20,696 Danaher Corp Com USD0.01 1,097,943

36,008 Owens Corning Com USD0.001 1,097,719


107,970 National Grid Com GBP0.11 1,079,774

278,368 Capital Stage AG Class A Com NPV 1,043,881

41,339 Koninklijke Philips NV Com EUR0.20 1,034,561


EUR

306,217 Adecoagro SA Com USD1.5 2,117,936

191,491 United Utilities Group Plc Com GBP0.05 1,931,302

87,155 CSX Corp Com USD1.00 1,744,381

44,279 Yara International ASA Com NOK1.70 1,417,584

12,672 Sulzer AG Com CHF0.01 1,364,522


19,669 SPX Corp Com USD10.00 1,325,372

26,759 Ingredion Inc Com USD0.01 1,276,713


168,919 EnerCare Inc Com NPV 1,269,860

315,184 Snam SpA Com NPV 1,255,882

715,594 Rentech Inc Com USD0.01 1,185,845


107,970 National Grid Com GBP0.11 1,169,980


46,166 Xylem Inc Com NPV 1,143,332

26,918 Clean Harbors Inc Com USD0.01 1,079,178

59,487 ABB Ltd Com CHF1.03 1,069,674

60,436 PICO Holdings Inc Com USD0.001 1,055,498

29,760 Elia System Operator Com NPV 1,017,360



219




EUR

407,500 Vale SA Pref NPV 3,714,639

1,729,224 Ecopetrol SA Com COP250.00 2,294,808

273,000 Asustek Computer Inc Com TWD10.00 1,788,182

186,858 Sberbank of Russia ADR NPV - Otc Us 1,636,945

3,024,000 China Construction Bank Corp Com CNY1.00 1,625,184

593,000 Taiwan Semiconductor Manufacturing Co Ltd Com TWD10.00 1,615,287

347,300 EcoRodovias Infraestrutura e Logistica SA Com NPV 1,589,391

779,000 China Life Insurance Co Ltd Com CNY1.00 1,573,509

682,500 China Shenhua Energy Co Ltd Com CNY1.00 1,521,220

63,683 Doosan Heavy Industries & Construction Co Ltd Com KRW5000.00 1,518,690

705,000 Realtek Semiconductor Corp Com TWD10.00 1,471,022

1,896,000 Huaneng Power International Inc Com CNY1.00 1,460,432

34,421 LG Corp Com KRW5000.00 1,457,315

118,597 MMC Norilsk Nickel OJSC ADR NPV 1,453,540

1,344,000 Taiwan Cement Corp Com TWD10.00 1,442,455

25,300 Coway Co Ltd Com KRW500.00 1,388,428

341,000 Delta Electronics Inc Com TWD10.00 1,383,893

885,200 Petronas Chemicals Group Bhd Com MYR0.10 1,359,689

25,707 Samsung Engineering Co Ltd Com KRW5000.00 1,344,364

522,969 FirstRand Ltd Com ZAR0.01 1,340,031


EUR

1,170,874 Grupo Mexico SAB de CV Class B Series B Com NPV 2,810,021

251,576 Powszechna Kasa Oszczednosci Bank Polski SA Com PLN1.00 2,353,708

658,000 Taiwan Semiconductor Manufacturing Co Ltd Com TWD10.00 2,084,643

399,000 Catcher Technology Co Ltd Com TWD10.00 1,722,340



35,725 Samsung Engineering Co Ltd Com KRW5000.00 1,539,863

1,529,000 Anta Sports Products Ltd Com HKD0.10 1,447,713

73,090 Industrias Penoles SAB de CV Class C Com NPV 1,371,692

471,000 Radiant Opto-Electronics Corp Com TWD10.00 1,368,911

221,842 Oil India Ltd Com INR10.00 1,353,340

22,517 KT&G Corp Com KRW5000.00 1,341,642

885,200 Petronas Chemicals Group Bhd Com MYR0.10 1,340,292

6,002,000 Shougang Fushan Resources Group Ltd Com NPV 1,267,379

166,000 MStar Semiconductor Inc Com TWD10.00 1,232,932

39,304 Kumba Iron Ore Ltd Com ZAR0.0001 1,194,640

7,699 SK Telecom Co Ltd Com KRW500.00 1,158,468

401,182 Power Finance Corp Ltd Com INR10.00 1,133,405

1,420,000 Teco Electric and Machinery Co Ltd Com TWD10.00 1,131,095

589,100 Grupo Financiero Inbursa SAB de CV Com MXN0.83 1,060,168



220




EUR

394,037 CA Inc Com USD0.10 8,509,931

1,001,385 HSBC Holdings PLC Com USD0.50 7,645,004

44,833 Apple Inc Com USD0.00001 7,352,790

385,095 General Electric Co Class C Com USD0.06 7,334,396

249,832 Microsoft Corp Com USD0.00000625 7,148,088

702,334 Staples Inc Com USD0.0006 6,007,461

1,091,233 TeliaSonera AB Class A Com NPV 5,851,476

131,637 Digital Realty Trust Inc Reits USD0.01 5,290,125

24,858 Zurich Insurance Group AG Class A Com CHF0.10 5,198,427

138,566 IGM Financial Inc Com NPV 5,012,369

279,111 Shaw Communications Inc Class B Com NPV 4,960,813

114,171 Eli Lilly & Co Class C Com NPV 4,668,799

164,507 Nokian Renkaat OYJ Com NPV 4,638,095

234,420 GlaxoSmithKline PLC Com GBP0.25 4,574,492

156,949 Altria Group Inc Com USD0.33 4,254,754

59,470 Exxon Mobil Corp Com NPV 4,241,332

23,867 CF Industries Holdings Inc Com USD0.01 4,204,013

351,996 Ford Motor Co Class C Com USD0.01 4,186,029

65,380 Philip Morris International Inc Com NPV 4,160,591

43,357 Chevron Corp Com USD0.75 3,985,512


EUR

155,135 Lorillard Inc Com USD0.01 5,987,269

200,535 Safeway Inc Com USD0.01 5,112,460


170,097 H&R Block Inc Com NPV 3,928,589

97,926 Seagate Technology Plc Com USD0.00001 3,891,458

196,045 Swedbank AG Com NPV 3,809,841

83,048 Eli Lilly & Co Com NPV 3,613,072

122,680 Best Buy Co Inc Com USD0.10 3,357,243

71,856 AstraZeneca Plc Com USD0.25 3,156,736

370,203 Annaly Capital Management Com USD0.01 Reits 3,129,176

202,970 H&R Real Estate Investment Trust Reits 3,054,732

60,139 Harris Corp Com USD1.00 2,964,517

247,213 UPM-Kymmene Corp NPV 2,788,781

33,287 Rockwell Automation Inc Com USD1.00 2,786,525

12,783 Roche Holding AG Com NPV 2,728,574

74,718 Avery Dennison Corp Com USD1.00 2,659,722

205,520 Western Union Co Com USD0.01 2,541,446


116,623 Vivendi SA Com EUR5.50 2,388,615




221




EUR

191,155 KBI Dividend Plus Emerging Markets Fund 2,041,985

48,525 CA Inc Com USD0.10 1,050,328

4,471 Apple Inc Com USD0.00001 984,024

129,160 HSBC Holdings PLC Com USD0.50 981,643

47,879 General Electric Co Class C Com USD0.06 903,623

96,029 Staples Inc Com USD0.0006 813,949

149,837 TeliaSonera AB Class A Com NPV 800,119

26,123 Microsoft Corp Com USD0.00000625 710,659

17,728 Digital Realty Trust Inc Reits USD0.01 709,567

3,212 Zurich Insurance Group AG Class A Com CHF0.10 665,847

3,701 CF Industries Holdings Inc Com USD0.01 655,789

22,331 Nokian Renkaat OYJ Com NPV 631,384

36,177 Shaw Communications Inc Class B Com NPV 628,032

29,716 GlaxoSmithKline PLC Com GBP0.25 583,517

48,340 Ford Motor Co Class C Com USD0.01 566,905

15,644 IGM Financial Inc Com NPV 561,407

8,732 Philip Morris International Inc Com NPV 555,604

16,135 Fastenal Co Class C Com USD0.01 551,277

19,450 Altria Group Inc Com USD0.33 512,114

21,013 Power Financial Corp Com NPV 489,474


EUR

23,184 Lorillard Inc Com USD0.01 895,632

30,053 Safeway Inc Com USD0.01 758,740

3,701 CF Industries Holdings Inc Com USD0.01 640,774

30,412 Swedbank AG Com NPV 590,136

25,382 H&R Block Inc Com NPV 587,522

14,615 Seagate Technology PLC Com USD0.00001 579,394

11,956 Eli Lilly & Co Class C Com NPV 516,565

18,538 Best Buy Co Inc Com USD0.10 511,104

33,420 H&R Real Estate Investment Trust Reits NPV 504,837

58,659 Annaly Capital Management Inc USD0.01 Reits 495,910

10,150 AstraZeneca PLC Com USD0.25 438,296

8,561 Harris Corp Com USD1.00 420,872

36,895 UPM-Kymmene OYJ Com NPV 413,359

4,858 Rockwell Automation Inc Com USD1.00 406,496

1,786 Roche Holding AG Com NPV 381,043

18,458 Vivendi SA Com EUR5.50 377,845

10,026 Avery Dennison Corp Com USD1.00 357,117

28,479 Western Union Co Com USD0.01 351,173


9,325 Fastenal Co Class C Com USD0.01 334,582



222




EUR

67,311 Banco Bilbao Vizcaya Argentaria SA Com EUR0.49 539,576

13,928 Nokian Renkaat OYJ Com NPV 437,048

5,390 Daimler AG Com NPV 308,913

16,493 Eni SpA Com NPV 289,406

3,644 Sanofi Com EUR2.00 271,375

53,822 Natixis Com EUR1.60 271,023

14,413 Rexel SA Com EUR5.00 253,328

6,546 Ziggo NV Com NPV 212,703

3,607 Deutsche Boerse AG Class A Com NPV 196,710

8,163 Raiffeisen Bank International AG Com NPV 193,418

7,523 CA Inc Com USD0.10 161,544


608 Apple Inc Com USD0.00001 149,383

11,058 CNP Assurances Com EUR1.00 147,488

19,233 HSBC Holdings PLC Com USD0.50 145,996

2,697 BNP Paribas SA Com EUR2.00 145,173

5,838 Metso OYJ Com NPV 140,873

3,901 IGM Financial Inc Com NPV 138,829

1,392 Hugo Boss AG Com NPV 134,718



EUR

14,250 Metso OYJ Com NPV 397,087

19,227 Vivendi SA Com EUR5.50 388,765

2,138 Volkswagen AG Pref NPV 374,818

4,727 BNP Paribas SA Com EUR2.00 279,500

6,223 Total SA Com EUR2.50 270,852

58,439 Natixis Com EUR1.60 211,313

13,773 H&R Real Estate Investment Trust Reits NPV 207,072

2,095 Bayer AG Com NPV 204,522

2,540 BASF SE Com NPV 183,017

18,778 Banco Bilbao Vizcaya Argentaria SA Com EUR0.49 169,399

11,409 Pohjola Bank Plc Class A Com NPV 169,341

4,222 Lorillard Inc Com USD0.01 164,131


10,807 CNP Assurances Com EUR1.00 157,994

5,725 Safeway Inc Com USD0.01 145,474

2,134 Renault SA Com EUR3.81 138,696

8,635 Suedzucker AG Com NPV 132,427

3,819 Sampo OYJ Class A Com NPV 130,746

1,749 Schneider Electric SA Com EUR4.00 122,858

859 Christian Dior SA Com EUR2.00 122,773



223




EUR

427,801 Banco Bilbao Vizcaya Argentaria SA Com EUR0.49 3,497,437

84,028 Nokian Renkaat OYJ Com NPV 2,763,513

30,476 Sanofi Com EUR2.00 2,267,811

440,176 Natixis Com EUR1.60 2,215,515

110,286 Rexel SA Com EUR5.00 1,940,188

32,882 Daimler AG Com NPV 1,899,280

101,200 Eni SpA Com NPV 1,774,766

47,386 Ziggo NV Com NPV 1,539,715

59,267 Raiffeisen Bank International AG Com NPV 1,413,113

130,349 UPM-Kymmene OYJ Com NPV 1,371,121

24,670 Deutsche Boerse AG Class A Com NPV 1,351,429

94,008 CNP Assurances Com EUR1.00 1,243,241

23,174 BNP Paribas SA Com EUR2.00 1,242,207

12,018 Hugo Boss AG Com NPV 1,163,838

47,763 Metso OYJ Com NPV 1,150,024

16,523 Hannover Rueck SE Com NPV 1,006,823

43,496 Enagas SA Com EUR1.50 849,763

8,422 Gecina SA Reits EUR7.50 848,185

19,621 Societe Generale SA Com EUR1.25 812,070

9,880 Schneider Electric SA Com EUR4.00 670,533


EUR

129,915 Metso OYJ Com NPV 3,574,134

159,285 Vivendi SA Com EUR5.50 3,195,296

48,362 BNP Paribas SA Com EUR2.00 2,811,562

61,891 Total SA Com EUR2.50 2,755,532

300,599 Banco Bilbao Vizcaya Argentaria SA Com EUR0.49 2,698,658

32,255 BASF SE Com NPV 2,434,034

12,100 Volkswagen AG Pref NPV 2,158,938

21,249 Bayer AG Com NPV 2,067,056

498,175 Natixis Com EUR1.60 1,886,656

86,977 Enagas SA Com EUR1.50 1,799,397

18,701 Siemens AG Com NPV 1,797,319

117,828 CNP Assurances Com EUR1.00 1,732,613

110,554 Pohjola Bank Plc Class A Com NPV 1,635,162

130,599 UPM-Kymmene OYJ Com NPV 1,593,171

48,920 Unilever NV EUR0.16 1,448,038

21,637 Renault SA Com EUR3.81 1,398,759

85,111 Suedzucker AG Class A Com NPV 1,379,690

18,044 Sanofi Com EUR2.00 1,374,322

8,813 Christian Dior SA Com EUR2.00 1,250,464

31,941 Sampo OYJ Class A Com NPV 1,104,721



224




USD

253,290 Microsoft Corp Com USD0.00000625 9,722,471

283,360 CA Inc Com USD0.10 8,475,388


283,649 General Electric Co Class C Com USD0.06 7,401,834

76,517 Exxon Mobil Corp Com NPV 7,292,193

95,101 ConocoPhillips Com USD0.01 6,895,853

56,510 Chevron Corp Com USD0.75 6,813,915


222,541 Shaw Communications Inc Class B Com NPV 5,305,297

26,228 Apple Inc Com USD0.00001 5,265,873



186,398 Intel Corp Com USD0.001 4,849,170

146,314 Power Financial Corp Com NPV 4,584,725

52,720 Canadian Imperial Bank of Commerce/Canada Com NPV 4,445,755

60,150 Baxter International Inc Com USD1.00 4,229,902

119,559 AT&T Inc Com USD1.00 4,117,718

130,546 Pfizer Inc Com USD0.05 3,974,516

79,258 Verizon Communications Inc Com USD0.10 3,866,283

34,842 Kimberly-Clark Corp Com USD1.25 3,783,574


USD



66,443 H&R Block Inc Com NPV 2,149,680

97,891 Ford Motor Co Class C Com USD0.01 1,682,655


32,367 Fastenal Co Class C Com USD0.01 1,594,689

133,574 Annaly Capital Management Inc Class I Reits USD0.01 1,541,039

11,983 Rockwell Automation Inc Com USD1.00 1,396,383

4,027 BlackRock Inc Com USD0.01 1,256,698

35,040 Safeway Inc Com USD0.01 1,247,821

30,050 Altria Group Inc Com USD0.33 1,239,465


69,270 Western Union Co Class C Com USD0.01 1,169,752

20,315 Ensco PLC 1,121,775

15,099 EI du Pont de Nemours & Co Com USD0.30 1,035,793

13,863 Harris Corp Com USD1.00 949,056

14,433 Cardinal Health Inc Com NPV 944,588

16,756 Seagate Technology PLC Com USD0.00001 937,577

21,128 Gap Inc Com USD0.05 874,210

10,798 UnitedHealth Group Inc Com USD0.01 866,146



225

Other notes to the Financial Statements (Unaudited)

Information in respect of underlying investments:

Underlying Fund Domiciled Investment Management Fee %

KBI Institutional Dividend Plus Emerging Markets Fund Euro

Class A Ireland

0% per annum of Net Asset Value

attributable to Euro Class

Documents

Kleinwort Benson Investors Institutional Fund Plc … Benson Investors Institutional Fund Plc Annual Report and Audited Financial Statements 2014 4 Background to the Company (Continued)