OLD MUTUAL DUBLIN FUNDS PLC - Old Mutual Global · PDF fileOLD MUTUAL DUBLIN FUNDS PLC ... Media all performed well, while holdings in Iofina and Dialight underperformed. Our failure

OLD MUTUAL DUBLIN FUNDS PLC

Old Mutual UK Smaller Companies Focus Fund Old Mutual UK Dynamic Equity Fund

Old Mutual Global Equity Absolute Return Fund Old Mutual Global Strategic Bond Fund

Old Mutual UK Opportunities Fund

Semi-Annual Report and Financial Statements For the period ended 30th November 2013

(Unaudited)

Company Registration No. 351238

OLD MUTUAL DUBLIN FUNDS PLC Semi-Annual Report and Financial Statements

TABLE OF CONTENTS

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Page SUB-FUND: OLD MUTUAL UK SMALLER COMPANIES FOCUS FUND INVESTMENT MANAGER’S REPORT 2 SCHEDULE OF INVESTMENTS 3 STATEMENT OF CHANGES IN THE PORTFOLIO 7 OLD MUTUAL UK DYNAMIC EQUITY FUND INVESTMENT MANAGER’S REPORT 9 SCHEDULE OF INVESTMENTS 10 STATEMENT OF CHANGES IN THE PORTFOLIO 14 OLD MUTUAL GLOBAL EQUITY ABSOLUTE RETURN FUND INVESTMENT MANAGER’S REPORT 16 SCHEDULE OF INVESTMENTS 17 STATEMENT OF CHANGES IN THE PORTFOLIO 35 OLD MUTUAL GLOBAL STRATEGIC BOND FUND INVESTMENT MANAGER’S REPORT 37 SCHEDULE OF INVESTMENTS 39 STATEMENT OF CHANGES IN THE PORTFOLIO 44 OLD MUTUAL UK OPPORTUNITIES FUND INVESTMENT MANAGER’S REPORT 46 STATEMENT OF CHANGES IN THE PORTFOLIO 47 BALANCE SHEET 49 SIGNIFICANT ACCOUNTING POLICIES 55 NOTES TO THE FINANCIAL STATEMENTS 59 TOTAL EXPENSE RATIO 82 PORTFOLIO TURNOVER RATE 84 FUND PERFORMANCE 85 MANAGEMENT AND ADMINISTRATION 86


INVESTMENT MANAGER’S REPORT Old Mutual UK Smaller Companies Focus Fund For the period ended 30th November 2013

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Performance From 1st June 2013 to 30th November 2013 Old Mutual UK Smaller Companies Focus Fund 18.11% Numis Smaller Companies Index (ex Investment Trusts) 14.39% IMA UK Smaller Companies 17.32% Sector ranking 17/52 Source: Morningstar, bid to bid, basic rate tax, unadjusted Review Global macroeconomic conditions saw a steady improvement throughout the six months under review. The US and the UK in particular showed a marked pick-up in GDP growth as their domestic economies benefited from gradually falling unemployment and sharply recovering housing markets. Strength in the former prompted the US Federal Reserve Bank to indicate the likelihood of winding down their asset purchase activity during 2014. European economies finally emerged from three years of recession but recovery has so far been muted as high levels of unemployment and continuing austerity measures weigh on growth. Improving economic growth, combined with extremely accommodative monetary conditions in all major economies, is undeniably equity friendly and markets consequently performed well during the period under review. The fund rose by 18.11%, ahead of the Numis Smaller Companies Index (ex Investment Trusts), which rose by 14.39%, leaving the fund in the second quartile of its peer group over the review period. Both sector allocation and stock selection added value - at a sector level, underweights to Aerospace & Defence, Chemicals and Mining all added value as did the fund’s overweight to Construction & Materials. At a stock level, holdings in Clinigen, Utilitywise, Telecom Plus and UTV Media all performed well, while holdings in Iofina and Dialight underperformed. Our failure to own Ocado, which performed well during the review period, was also negative for index- relative performance. 2013 has seen a welcome return of the IPO market and we have participated by buying new units in the estate agency Foxtons, Abu Dhabi healthcare operator Al Noor Hospitals and debt management company Arrow Global. Reflecting what we expect to be an enduringly positive shift in investor risk appetite, we have selectively sought opportunities further down the market capitalisation spectrum, adding positions in stocks such as Dotdigital, Redcentric and Servelec. The overall effect of the review period’s activity has been to introduce a little more cyclicality and risk into the portfolio via purchases in areas such as Construction while the fund’s exposure to ‘smaller’ small caps has been augmented. Against this, the fund’s exposure to defensiveness and expensive structural growth has been reduced – the fund has sold out of the non-Life insurance sector and holdings in Perform Group, Oxford Instruments and Renishaw have been exited. Outlook Looking forward, the US and UK economic recoveries appear to be well entrenched and we expect further improvements in GDP growth in 2014, supported by a continuation of extremely low interest rates and improving consumer confidence. European economic growth will lag behind as governments continue to grapple with high levels of indebtedness. The UK stock market is currently trading in line with its twenty year average of thirteen times forward earnings. This suggests much of the anticipated re-rating has now taken place and earnings growth will be the key driver of further gains. Against this backdrop, strong stock selection has become increasingly important in delivering outperformance.


SCHEDULE OF INVESTMENTS Old Mutual UK Smaller Companies Focus Fund As at 30th November 2013 (Expressed in Sterling) Investments Nominal

Holding Fair Value

GBP % of Total

Assets Equities 95.83% (31.05.2013 – 96.51%)

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Construction & Materials – 5.20% Galliford Try PLC 223,000 2,435,160 2.19% Keller Group PLC 217,981 2,308,419 2.08% Morgan Sindall Group PLC 135,000 1,034,775 0.93% 5,778,354 5.20% Health Care Equipment & Services – 1.37% Al Noor Hospitals Group PLC 172,000 1,517,040 1.37% 1,517,040 1.37% Media – 4.09% Centaur Media PLC 182,834 100,559 0.09% Euromoney Institutional Investor PLC 115,000 1,429,450 1.29% Mecom Group PLC 406,723 286,740 0.26% Progressive Digital Media Group 228,620 508,680 0.46% UTV Media PLC 1,038,703 2,212,437 1.99% 4,537,866 4.09% Oil & Gas Producers – 2.18% Amerisur Resources PLC 2,146,000 1,073,000 0.97% Iofina PLC 821,895 1,341,744 1.21% 2,414,744 2.18% Real Estate Investment & Services – 3.81% Foxtons Group PLC 636,314 1,816,676 1.64% Helical Bar PLC 218,430 726,280 0.65% Unite Group PLC 423,801 1,685,457 1.52% 4,228,413 3.81% Software – 0.83% Servelec Group PLC 513,982 920,028 0.83% 920,028 0.83% Software & Computer Services – 9.30% Accesso Technology Group PLC 96,000 672,000 0.60% Blinkx PLC 761,332 1,524,567 1.37% Cloudbuy PLC 701,000 346,995 0.31% Dotdigital Group PLC 4,948,000 1,168,965 1.05% First Derivatives PLC 1,758 18,723 0.02% iomart Group PLC 863,000 2,230,855 2.01% Micro Focus International PLC 274,153 2,241,201 2.02% Redcentric PLC 529,000 521,065 0.47% RM PLC 176,707 198,795 0.18% WANdisco PLC 95,564 1,414,347 1.27% 10,337,513 9.30% Support Services – 20.67% Acal PLC 5,917 21,124 0.02% Ashtead Group PLC 536,698 3,732,735 3.36% Energy Assets Group PLC 267,491 1,036,862 0.93% Howden Joinery Group PLC 521,000 1,677,620 1.51% IBEX Global Solutions PLC 271,850 558,652 0.50% Interserve PLC 259,000 1,691,270 1.52% ISG PLC 260,933 697,996 0.63%


SCHEDULE OF INVESTMENTS (Continued) Old Mutual UK Smaller Companies Focus Fund As at 30th November 2013 (Expressed in Sterling) Investments (Continued) Nominal

Holding Fair Value

GBP % of Total

Assets Equities 95.83% (31.05.2013 – 96.51%) (Continued)

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Support Services – 20.67% (Continued) Lavendon Group PLC 921,000 1,662,405 1.50% Mears Group PLC 452,000 2,008,010 1.81% Northgate PLC 26,494 109,950 0.10% Regenersis PLC 187,087 674,449 0.61% Regus PLC 655,000 1,303,450 1.17% Restore PLC 694,000 1,037,530 0.93% Robert Walters PLC 21,042 66,072 0.06% Smart Metering Systems PLC 724,020 2,292,428 2.06% Synectics PLC 120,071 732,433 0.66% Tribal Group PLC 754,000 1,313,845 1.18% Utilitywise PLC 600,487 1,363,105 1.23% WS Atkins PLC 73,717 990,756 0.89% 22,970,692 20.67% Technology Hardware & Equipment – 3.36% CSR PLC 128,235 643,740 0.58% Nanoco Group PLC 592,000 874,680 0.79% Pace PLC 549,000 1,733,742 1.56% Sepura PLC 387,296 480,247 0.43% 3,732,409 3.36% Telecoms – 0.14% Telecom Plus PLC 8,933 131,762 0.12% Telecom Plus PLC Rights 5,229 21,071 0.02% 152,833 0.14% Travel & Leisure – 8.96% Enterprise Inns PLC 1,077,000 1,486,260 1.34% Greene King PLC 247,778 2,160,624 1.95% Restaurant Group PLC/The 374,000 2,156,110 1.94% Spirit Pub Co PLC 1,555,000 1,123,488 1.01% Thomas Cook Group PLC 1,737,002 3,018,909 2.72% 9,945,391 8.96% Financial Services – 0.85% Arrow Global Group PLC 351,488 938,473 0.84% W&G Investments PLC 17,037 11,415 0.01% 949,888 0.85% Chemicals – 1.44% Synthomer PLC 691,000 1,598,974 1.44% 1,598,974 1.44% General Financial – 5.97% Brewin Dolphin Holdings PLC 236,814 653,606 0.59% Close Brothers Group PLC 157,000 2,116,360 1.91% Intermediate Capital Group PLC 15,236 64,753 0.06% International Personal Finance PLC 185,410 1,101,335 0.99% Jupiter Fund Management PLC 689,000 2,684,344 2.42% 6,620,398 5.97%



Holding Fair Value

GBP % of Total

Assets Equities 95.83% (31.05.2013 – 96.51%) (Continued)

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Electronic & Electrical Equipment – 2.88% Dialight PLC 53,026 496,853 0.45% HellermannTyton Group PLC 425,000 1,269,900 1.14% XP Power Ltd 98,000 1,435,700 1.29% 3,202,453 2.88% Household Goods – 3.94% Barratt Developments PLC 594,000 1,955,448 1.76% Bellway PLC 112,841 1,627,167 1.46% Redrow PLC 284,120 799,513 0.72% 4,382,128 3.94% Life Insurance – 1.50% Phoenix Group Holdings PLC 234,676 1,666,199 1.50% 1,666,199 1.50% Industrial Engineering – 1.77% Bodycote PLC 327,000 1,966,905 1.77% 1,966,905 1.77% Alternative Energy – 0.96% Porvair PLC 385,072 1,060,873 0.96% 1,060,873 0.96% Pharmaceuticals & Biotechnology – 1.40% BTG PLC 278,932 1,550,862 1.40% 1,550,862 1.40% Food & Drug Retailers – 2.86% Clinigen Group PLC 392,000 2,210,880 1.99% Conviviality Retail PLC 597,641 971,167 0.87% 3,182,047 2.86% General Retailers – 8.00% Dixons Retail PLC 5,790,000 2,976,060 2.68% Findel PLC 842,000 2,177,623 1.96% Lookers PLC 1,048,000 1,278,560 1.15% N Brown Group PLC 177,000 958,455 0.86% Topps Tiles PLC 1,191,000 1,497,683 1.35% 8,888,381 8.00% Personal Goods – 1.15% SuperGroup PLC 105,970 1,274,819 1.15% 1,274,819 1.15% Fixed Line Telecommunications – 2.71% Telecom Plus PLC 160,000 3,004,800 2.71% 3,004,800 2.71% IT Hardware – 0.51% Redcentric PLC 611,325 489,060 0.44% Seeing Machines PLC 1,543,416 77,171 0.07% 566,231 0.51% Total Equities 106,450,241 95.85%



Holding Fair Value

GBP % of Total

Assets REIT’s 2.23% (31.05.2013 – 1.31%)

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Real Estate Investment Trusts – 2.23% Big Yellow Group PLC 267,778 1,282,121 1.15% Workspace Group PLC 238,237 1,203,097 1.08% 2,485,218 2.23% Total REIT’s 2,485,218 2.23% Total Investments 108,935,459 98.08% Cash at Bank 1,859,151 1.67% Other Net Assets 282,999 0.25% Total Net Assets Attributable to Holders of Redeemable Participating Shares 111,077,609 100.00% Analysis of total assets: Transferable securities admitted to an official stock exchange listing or traded on a regulated market 95.31% Exchange traded financial derivative instruments 0.00% Other current assets 4.69% 100.00% All of the above securities are transferable securities listed on a recognised stock exchange.


STATEMENT OF CHANGES IN THE PORTFOLIO Old Mutual UK Smaller Companies Focus Fund For the period ended 30th November 2013 (Expressed in Sterling)

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Aggregate purchases greater than one per cent of the total value of purchases Units Security Description Cost GBP 374,000 Restaurant Group PLC 2,084,367 274,154 Micro Focus International PLC 1,955,237 549,000 Pace Micro Tech PLC 1,695,604 636,314 Foxtons Group PLC 1,691,851 691,000 Synthomer PLC 1,670,906 842,000 Findel PLC 1,663,534 259,000 Interserve PLC 1,589,248 1,048,000 Lookers PLC 1,341,849 246,568 BTG PLC 1,108,633 105,970 Supergroup PLC 1,095,369 238,237 Workspace Group PLC 1,086,645 172,000 Al Noor Hospitals Group PLC 1,085,963 72,188 Aveva Group PLC 1,058,140 135,000 Morgan Sindall PLC 1,041,459 1,191,000 Topps Tiles PLC 1,005,392 812,002 Thomas Cook PLC 990,695 4,948,000 Dotdigital Group PLC 983,870 73,717 Atkins (Ws) PLC 979,542 368,667 Iomart Group PLC 973,106 513,982 Servelec Group PLC 920,028 435,031 Iofina PLC 882,396 832,000 Utilitywise PLC 841,825 427,000 Lavendon Group PLC 801,343 96,629 Xaar PLC 793,894 284,120 Redrow PLC 766,695 351,488 Arrow Global Group PLC 720,551 1,673,000 Dixons Retail PLC 717,392 100,501 Phoenix Group Holdings PLC 710,253 218,430 Helical Bar PLC 672,619 120,071 Synectics PLC 654,002 597,641 Conviviality Retail PLC 630,898 497,216 Keywords Studios PLC 612,202 82,755 Micro Focus International PLC 585,136 471,397 Enterprise Inns PLC 553,311 46,433 Dialight PLC 538,054 529,000 Redcentric PLC 523,663 211,524 Brewin Dolphin Holdings PLC 515,399 257,169 Tribal Group PLC 512,974 611,325 Redcentric PLC 489,060 1,530,000 Kenmare Resources PLC 472,474 1,712,000 Pendragon PLC 472,380 Other Purchases 6,938,750 Total Cost of Purchases for the period 46,426,709


STATEMENT OF CHANGES IN THE PORTFOLIO (Continued) Old Mutual UK Smaller Companies Focus Fund For the period ended 30th November 2013 (Expressed in Sterling)

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Aggregate sales greater than one per cent of the total value of sales Units Security Description Proceeds GBP 790,852 DS Smith PLC 2,197,869 297,000 Micro Focus International PLC 1,955,237 808,911 Lupus Capital PLC 1,811,418 72,188 Aveva Group PLC 1,801,287 323,000 Perform Group PLC 1,614,847 270,091 Countrywide PLC 1,418,022 169,000 Filtrona PLC 1,382,300 335,913 SVG Capital PLC 1,312,125 172,000 Lancashire Holdings Ltd 1,298,600 956,723 Anite PLC 1,233,025 191,000 Diploma PLC 1,204,606 77,000 Aveva Group PLC 1,058,140 71,000 Oxford Instruments PLC 1,029,766 368,000 ITE Group PLC 1,013,446 1,346,000 Low & Bonar PLC 996,243 271,600 Ophir Energy PLC 905,212 199,764 Intermediate Capital Group PLC 849,640 54,159 Bellway PLC 778,255 96,629 Xaar PLC 742,703 324,856 TalkTalk Telecom Group PLC 731,122 43,000 Telecom Plus PLC 712,214 545,704 Sepura PLC 670,193 1,712,000 Pendragon PLC 592,779 213,000 Howden Group PLC 590,354 497,216 Keywords Studios PLC 564,110 59,974 Dialight PLC 550,356 231,513 Utilitywise PLC 489,922 395,000 IGAS Energy PLC 436,474 153,998 HellermannTyton Group PLC 425,078 57,825 Phoenix Group Holdings PLC 423,420 291,250 Digital Barriers PLC 412,830 25,400 Renishaw PLC 396,882 384,702 Thomas Cook Group PLC 392,527 44,000 Hargreaves Services PLC 364,555

Other Sales 3,636,367 Total Proceeds of Sales for the period 35,991,924


INVESTMENT MANAGER’S REPORT Old Mutual UK Dynamic Equity Fund For the period ended 30th November 2013

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Performance From 1st June 2013 to 30th November 2013 Old Mutual UK Dynamic Equity Fund 13.00% FTSE 250 (ex Inv Cos) Index 10.21% IMA UK All Companies 7.39% Sector ranking 29/270 Source: Morningstar, bid to bid, basic rate tax, unadjusted Review Global macroeconomic conditions saw a steady improvement throughout the six months under review. The US and the UK in particular showed a marked pick-up in GDP growth as their domestic economies benefited from gradually falling unemployment and sharply recovering housing markets. Strength in the former prompted the US Federal Reserve Bank to indicate the likelihood of winding down their asset purchase activity during 2014. European economies finally emerged from three years of recession but recovery has so far been muted as high levels of unemployment and continuing austerity measures weigh on growth. Improving economic growth, combined with extremely accommodative monetary conditions in all major economies, is undeniably equity friendly and markets consequently performed well during the period under review. The fund rose by 13.0% putting it comfortably in the top quartile within the UK All Companies peer group and ahead of the FTSE 250 Index (excluding Investment Trusts) which delivered a gain of 10.2%. Relative to this index, both stock selection and sector allocation delivered outperformance. At a stock level, holdings in Utilitywise, WANdisco, Blinkx, HellermannTyton, Energy Assets and Thomas Cook contributed the strongest whilst underweights in the mining and aerospace & defence sectors were also beneficial. The fund has continued to take a small number of selective short positions and these contributed positively to performance during the period. 2013 has seen a welcome return of the IPO market and we have participated on a selective basis taking new units in the estate agency Foxtons, Abu Dhabi healthcare operator Al Noor Hospitals and debt management company Arrow Global. Positions in estate agency Countrywide and engineering group HellermannTyton, also obtained via IPOs, were sold after extremely strong performance. The fund has become moderately more cyclical over the period with a particular focus on both UK and US domestically exposed stocks. The fund has taken on exposure to UK construction related stocks for the first time in a number of years where we expect rising housing transaction volumes to lead to higher activity for these stocks in due course. Against this the fund’s overweight position in IT software has significantly reduced due to a takeover bid for Invensys and the sale of Anite and Aveva, both of whose growth prospects have diminished. Outlook Looking forward, the US and UK economic recoveries appear to be well entrenched and we expect further improvements in GDP growth in 2014, supported by a continuation of extremely low interest rates and improving consumer confidence. European economic growth will lag behind as governments continue to grapple with high levels of indebtedness. The UK stock market is currently trading in line with its twenty year average of thirteen times forward earnings. This suggests much of the anticipated re-rating has now taken place and earnings growth will be the key driver of further gains. Against this backdrop, strong stock selection has become increasingly important in delivering outperformance.


SCHEDULE OF INVESTMENTS Old Mutual UK Dynamic Equity Fund As at 30th November 2013 (Expressed in Sterling)

Investments Nominal Holding

Fair Value GBP

% of Total Assets

Equities 18.51% (31.05.2013: 11.90%)

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Construction & Materials – 0.17% Keller Group PLC 47,812 507,285 0.17% 507,285 0.17% Health Care Equipment & Services – 1.27% Al Noor Hospitals Group PLC 442,545 3,878,907 1.27% 3,878,907 1.27% Media – 0.96% Centaur Media PLC 796,001 436,805 0.14% UTV Media PLC 1,180,632 2,511,794 0.82% 2,948,599 0.96% Oil & Gas Producers – 1.94% Iofina PLC 3,430,000 5,569,462 1.82% Ophir Energy PLC 109,923 371,320 0.12% 5,940,782 1.94% Real Estate Investment & Services – 1.50% Foxtons Group PLC 883,061 2,465,948 0.81% Helical Bar PLC 633,729 2,120,616 0.69% 4,586,564 1.50% Software – 0.73% Servelec Group PLC 1,247,587 2,233,181 0.73% 2,233,181 0.73% Software & Computer Services – 3.36% iomart Group PLC 2,174,000 5,660,552 1.85% WANdisco PLC 310,000 4,603,500 1.51% 10,264,052 3.36% Support Services – 5.54% Acal PLC 16,980 60,979 0.02% Energy Assets Group PLC 900,000 3,487,500 1.14% Mears Group PLC 1,590,000 7,119,225 2.33% Regenersis PLC 715,000 2,506,075 0.82% Robert Walters PLC 34,911 109,490 0.04% Utilitywise PLC 1,610,432 3,623,472 1.19% 16,906,741 5.54% Technology Hardware & Equipment – 0.50% Nanoco Group PLC 1,033,183 1,526,528 0.50% 1,526,528 0.50% Telecoms – 0.49% Telecom Plus PLC 100,558 1,483,231 0.49% 1,483,231 0.49% Travel & Leisure – 0.29% Thomas Cook Group PLC 498,801 885,871 0.29% 885,871 0.29%


SCHEDULE OF INVESTMENTS (Continued) Old Mutual UK Dynamic Equity Fund As at 30th November 2013 (Expressed in Sterling)

Investments (Continued) Nominal Holding

Fair Value GBP

% of Total Assets

Equities 18.51% (31.05.2013: 11.90%) (Continued)

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Financial Services – 1.76% Arrow Global Group PLC 2,046,758 5,352,272 1.75% W&G Investments PLC 37,080 24,844 0.01% 5,377,116 1.76% Total Equities 56,538,857 18.51% Certificate of Deposit – 13.12% (31.05.2013: 22.14%) Deutsche Bank AG 10,000,000 10,000,294 3.28% ING Bank NV 10,000,000 10,000,269 3.28% Nordea Bank Finland PLC 10,000,000 10,000,011 3.28% Bank of Tokyo Mitsubishi 10,000,000 10,000,269 3.28% 40,000,843 13.12% Total Certificate of Deposit 40,000,843 13.12% Bonds – 34.26% (31.05.2013: 47.17%) Sovereign – 34.26% United Kingdom Treasury Bill 0.00% 02/12/2013 29,580,000 29,579,260 9.69% United Kingdom Treasury Bill 0.00% 16/12/2013 25,000,000 24,997,125 8.19% United Kingdom Treasury Bill 0.00% 09/12/2013 18,000,000 17,999,010 5.90% United Kingdom Treasury Bill 0.00% 06/01/2014 15,000,000 14,996,400 4.91% United Kingdom Treasury Bill 0.00% 20/01/2014 11,000,000 10,995,875 3.60% United Kingdom Treasury Bill 0.00% 30/12/2013 6,000,000 5,998,188 1.97% 104,565,858 34.26% Contracts For Difference 0.25% (31.05.2013: 0.59%))**

Nominal Holding

Unrealised Gain GBP

% of Total Assets

Unrealised Gain on Contracts For Difference 0.88% (31.05.2013: 0.33%) Al Noor Hospitals Group PLC 285,000 92,625 0.03% Ashtead Group PLC 2,460,000 159,900 0.05% Aviva PLC 2,150,000 35,475 0.01% BTG PLC 262,635 5,267 0.00% Close Brothers Group PLC 338,000 27,040 0.01% Dialight PLC 165,502 4,551 0.00% Dixons Retail PLC 17,150,000 162,925 0.05% Findel PLC 2,025,781 5,064 0.00% First Derivatives PLC 3,400 - 0.00% Greene King PLC 891,241 31,193 0.01% International Personal Finance PLC 644,639 61,241 0.02% Interserve PLC 993,000 116,677 0.04% Keller Group PLC 820,000 65,600 0.02% Mecom Group PLC 705,534 4,410 0.00% Micro Focus International PLC 683,077 10,246 0.00%




Unrealised Gain GBP

% of Total Assets

Contracts For Difference 0.25% (31.05.2013: 0.59%))** (Continued)

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Unrealised Gain on Contracts For Difference 0.88% (31.05.2013: 0.33%) (Continued) Phoenix Group Holdings PLC 733,365 12,834 0.00% Regus PLC 2,516,000 50,320 0.02% Smart Metering Systems PLC 1,368,000 37,620 0.01% Synthomer PLC 2,012,000 42,252 0.01% Thomas Cook Group PLC 4,657,000 1,136,308 0.37% Workspace Group PLC 781,246 68,359 0.02% WS Atkins PLC 207,412 11,408 0.00% St. James Place PLC 1,700,000 182,750 0.06% DS Smith PLC 2,249,000 113,574 0.04% 3I Group PLC 1,470,000 113,190 0.04% Spectris PLC 126,900 71,699 0.02% Rightmove Group PLC 270,000 62,100 0.02% Filtrona PLC 399,290 38,931 0.01% Dart Group PLC (270,933) 21,675 0.01% ITV PLC 1,736,000 17,360 0.01% Renishaw PLC (53,118) 7,702 0.00% Restaurant Group PLC 1,082,000 - 0.00% Total Unrealised Gain on Contracts For Difference 2,770,296 0.88%

Nominal Holding

Unrealised (Loss) GBP

% of Total Assets

Unrealised (Loss) on Contracts For Difference (0.63%) (31.05.2013: (0.92%)) Amerisur Resources PLC 8,996,809 (33,738) (0.01%) Barratt Developments PLC 4,034,000 (689,814) (0.23%) Blinkx PLC 2,160,000 (67,500) (0.02%) Bodycote PLC 1,193,000 (11,930) 0.00% Brewin Dolphin Holdings PLC 667,770 (23,371) (0.01%) Enterprise Inns PLC 3,002,000 (112,575) (0.04%) Foxtons Group PLC 801,678 (117,245) (0.04%) Galliford Try PLC 900,000 (301,500) (0.10%) Howden Joinery Group PLC 964,000 (52,056) (0.02%) Morgan Sindall Group PLC 404,000 (75,750) (0.02%) Ophir Energy PLC 547,800 (13,694) 0.00% Pace PLC 1,488,000 (7,021) 0.00% SuperGroup PLC 422,141 (10,554) 0.00% Synectics PLC 273,510 (13,676) 0.00% Persimmon PLC 389,000 (326,760) (0.11%) Travis Perkins PLC 248,000 (93,000) (0.03%) Capital & Counties Properties PLC 2,705,000 (13,525) 0.00% Borders & Southern Petroleum PLC (3,042,198) (3,803) 0.00% Associated British Foods PLC (69,000) (690) 0.00% Total Unrealised Gain on Contracts For Difference (1,968,202) (0.63%) Total Unrealised Gain on Contracts For Difference 802,094 0.25%




Unrealised Gain GBP

% of Total Assets

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Forward Currency Exchange Contracts (0.00%) (31.05.2013: 0.00%)* Settlement Date

Buy Currency

Amount Bought

Sell Currency Amount Sold

Unrealised Gain

% of Total Net Assets

Unrealised (Loss) on Forward Currency Exchange Contracts 0% (30.05.2013: 0.00%) 31/12/2013 EUR 2,591,435 GBP 2,159,103 (5,474) 0.00% Total Unrealised (Loss) on Forward Currency Exchange Contracts (5,474) 0.00% Net Unrealised (Loss) on Forward Currency Exchange Contracts (5,474) 0.00% Total Investments 201,902,178 66.14% Cash at Bank 82,845,992 27.15% Other Net Assets 20,457,381 6.71% Total Net Assets Attributable to Holders of Redeemable Participating Shares 305,205,551 100.00% Analysis of total assets: Transferable securities admitted to an official stock exchange listing or traded on a regulated market 64.09% Exchange traded financial derivative instruments 0.88% Other current assets 35.03% 100.00% All of the above securities are transferable securities listed on a recognised stock exchange. *The counterparty for the Forward Currency Exchange Contracts is Citibank N.A. London Branch. **The counterparty for the Contracts For Difference is Merrill Lynch International Ltd. ***UK Treasury Bills are bought at a discount to their redemption amount.


STATEMENT OF CHANGES IN THE PORTFOLIO Old Mutual UK Dynamic Equity Fund For the period ended 30th November 2013 (Expressed in Sterling)

14

Aggregate purchases greater than one per cent of the total value of purchases During the period, the investment manager primarily used contracts for differences to achieve its investment objective of investing in equities listed on recognised exchanges. The aggregate purchases listed below reflect the way the cash has been managed rather than exposure to equities. More information around the material holdings within the fund are listed in the monthly fund factsheets found on the investment manager’s website: http://www.omglobalinvestors.com/. Units Security Description Coupon Maturity Date Cost GBP 39,000,000 United Kingdom Treasury Bill 0.00% 2-Sep-13 38,988,512 32,000,000 United Kingdom Treasury Bill 0.00% 5-Aug-13 31,986,401 30,000,000 United Kingdom Treasury Bill 0.00% 16-Sep-13 29,983,957 29,580,000 United Kingdom Treasury Bill 0.00% 2-Dec-13 29,572,029 29,000,000 United Kingdom Treasury Bill 0.00% 22-Jul-13 28,987,936 28,000,000 United Kingdom Treasury Bill 0.00% 21-Oct-13 27,991,405 25,000,000 United Kingdom Treasury Bill 0.00% 16-Dec-13 24,989,818 20,000,000 United Kingdom Treasury Bill 0.00% 9-Dec-13 19,993,476 20,000,000 United Kingdom Treasury Bill 0.00% 11-Nov-13 19,993,295 20,000,000 United Kingdom Treasury Bill 0.00% 27-Aug-13 19,992,376 15,000,000 United Kingdom Treasury Bill 0.00% 28-Oct-13 14,995,514 15,000,000 United Kingdom Treasury Bill 0.00% 6-Jan-14 14,994,172 14,550,000 United Kingdom Treasury Bill 0.00% 7-Oct-13 14,543,752 11,000,000 United Kingdom Treasury Bill 0.00% 20-Jan-14 10,995,782 10,000,000 United Kingdom Treasury Bill 0.81% 7-Nov-13 9,998,504 10,000,000 United Kingdom Treasury Bill 0.52% 11-Dec-13 9,998,411 10,000,000 United Kingdom Treasury Bill 0.50% 11-Nov-13 9,997,891 1,673,000 Mears Group PLC 6,902,004 6,000,000 United Kingdom Treasury Bill 0.53% 10-Dec-13 5,998,343 2,500,000 Just Retirement Group PLC 5,653,126 2,046,758 Arrow Global Group PLC 4,195,855 Other Purchases 28,367,070 Total Cost of Purchases for the period 409,119,629 UK Treasury Bills are bought at a discount to their redemption amount.


STATEMENT OF CHANGES IN THE PORTFOLIO Old Mutual UK Dynamic Equity Fund For the period ended 30th November 2013 (Expressed in Sterling)

15

Aggregate sales greater than one per cent of the total value of sales Units Security Description Coupon Maturity date Proceeds GBP 49,000,000 United Kingdom Treasury Bill 0.00% 3-Jun-13 49,000,000 39,000,000 United Kingdom Treasury Bill 0.00% 2-Sep-13 39,000,000 32,000,000 United Kingdom Treasury Bill 0.00% 5-Aug-13 32,000,000 30,000,000 United Kingdom Treasury Bill 0.00% 16-Sep-13 30,000,000 29,000,000 United Kingdom Treasury Bill 0.00% 22-Jul-13 29,000,000 28,000,000 United Kingdom Treasury Bill 0.00% 21-Oct-13 28,000,000 25,000,000 United Kingdom Treasury Bill 0.00% 15-Jul-13 25,000,000 24,000,000 United Kingdom Treasury Bill 0.00% 8-Jul-13 24,000,000 22,000,000 United Kingdom Treasury Bill 0.00% 17-Jun-13 22,000,000 20,000,000 United Kingdom Treasury Bill 0.00% 27-Aug-13 20,000,000 20,000,000 United Kingdom Treasury Bill 0.00% 11-Nov-13 20,000,000 15,000,000 United Kingdom Treasury Bill 0.00% 28-Oct-13 15,000,000 14,550,000 United Kingdom Treasury Bill 0.00% 7-Oct-13 14,550,000 10,000,000 United Kingdom Treasury Bill 0.46% 10-Jul-13 10,000,000 10,000,000 United Kingdom Treasury Bill 0.40% 25-Jul-13 10,000,000 10,000,000 United Kingdom Treasury Bill 1.00% 24-Jun-13 10,000,000 10,000,000 United Kingdom Treasury Bill 0.48% 22-Aug-13 10,000,000 2,698,767 Tyman PLC 6,047,398 1,823,593 HellermannTyton Group PLC 5,612,704 2,500,000 Just Retirement PLC 4,752,890 Other Sales 17,540,234 Total Proceeds of Sales for the period 421,503,226 The fund invests its surplus liquidity in treasury bills issued by the UK government in order to minimise exposure to the banking system. These are short-term securities issued at a discount to their face value and are typically held to maturity. All bills matured within 2 months of purchase. Bills held to maturity are shown as sales in the above table. The fund holds bank certificates of deposit on a similar basis.


INVESTMENT MANAGER’S REPORT Old Mutual Global Equity Absolute Return Fund For the period ended 30th November 2013

16

Performance From 1st June 2013 to 30th November 2013 Old Mutual Global Equity Absolute Return Fund USD 2.63% Sector ranking 56/62 Source: Morningstar, bid to bid, basic rate tax, unadjusted Review Returns were generally positive for global equities in the review period, in particular from the European periphery. The period began with both equity and bond markets suffering setbacks, as investors became nervous about remarks from Federal Reserve officials hinting at a ‘tapering’ in the US central bank’s quantitative easing (QE) programme. Japanese equities succumbed to a big correction in the second half of May, amid growing worries that the new Shinzo Abe government would not sufficiently deliver on the package of economic restructuring that had been expected after its election win. Emerging stock markets underperformed in the face of growing worries that China’s government would not do enough to address concerns about sub-par economic growth. Chinese growth figures released in April disappointed. Commodity markets also languished during the period, though a fall in oil prices was good news for the economic outlook. Although markets remained unsettled during much of June, economic data showed improvement in a number of areas, notably in the US. Though Europe’s economy remained weak, there were some glimmers of improvement even there. Mervyn King, in his final inflation report before leaving as the governor of the Bank of England, suggested the UK economy had turned a corner. Despite market concerns over government policies, there was good news for Japan’s economy with first quarter GDP of 3.5% proving much stronger than expected. House prices strengthened in the US, while consumer sentiment and employment data continued to improve. Markets advanced in July on good economic news out of the US. Data from the Eurozone showed the long recession came to an end in the second quarter (although some countries within the region remained in recession). But economic news remained rather lumpy with US data in September suggesting that growth might be softening. Market moves were also affected by political developments over much of the period. This was especially true in August, as tensions rapidly mounted between the US and Syria over reports that President Assad had deployed chemical weapons. However, stock markets reacted very well to an apparent last minute diplomatic solution to the standoff. Markets were also pleasantly surprised when the US Federal Reserve decided to maintain the existing level of quantitative easing, after earlier remarks from Fed officials about tapering led investors to expect the US central bank to soon begin cutting back on bond purchases. This gave a big boost to both equity and bond markets in September. However, the government shutdown in the US, with Republicans and Democrats unable to reach a compromise on a funding measure to keep the government running, prompted jitters in the markets as the period drew to a close. Performance in the fund was positive over the six months to the end of November and in line with the expected return profile of the fund. Returns were predominantly found in the long book, on a market relative basis. Both sector selection and stock selection within sectors were positive. The short position to materials stocks and the long to consumer discretionary stocks were of note in sector selection. Stock selection within sectors was particularly strong in the consumer discretionary and consumer staples sectors. The characteristics used within stock selection were positive, with analyst sentiment (measures used to find mis-priced stocks through newsflow) and market dynamics (where the behaviour of stock prices is used in forecasting future price movements) of particular note. Outlook Performance of the portfolio remains strong over the short and medium term. The current emergency economic policies implemented globally have run their course and the next period will likely be one of higher volatility as this stimulus is withdrawn. The portfolio remains well placed to weather the storm given the diverse investment tools utilised, together with strong risk management.


SCHEDULE OF INVESTMENTS Old Mutual Global Equity Absolute Return Fund As at 30th November 2013 (Expressed in US Dollars)

17

Investments Nominal Holding

Fair Value USD


Equities 78.41% (31.05.2013: 78.96%) Airlines 3.72% Alaska Air Group Inc 33,127 2,590,034 0.49% Deutsche Lufthansa AG 231,404 5,039,239 0.94% International Consolidated Airlines Group SA 729,834 4,393,545 0.82% Japan Airlines Co Ltd 48,400 2,462,822 0.46% Norwegian Air Shuttle AS 135,048 5,044,400 0.95% Qantas Airways Ltd 285,184 317,138 0.06%

19,847,178 3.72% Apparel 1.02% Hanesbrands Inc 21,883 1,541,329 0.29% Michael Kors Holdings Ltd 47,479 3,886,156 0.73%

5,427,485 1.02% Auto Manufacturers 2.51% Fuji Heavy Industries Ltd 179,600 5,075,997 0.95% Great Wall Motor Co Ltd 65,000 5,072,603 0.95% Hino Motors Ltd 186,700 2,932,282 0.55% Shinmaywa Industries Ltd 31,000 303,422 0.06%

13,384,304 2.51% Auto Parts&Equipment 5.28% Aisin Seiki Co Ltd 23,200 935,576 0.18% Calsonic Kansei Corp 55,000 276,909 0.05% Continental AG 25,796 5,408,641 1.01% Delphi Automotive PLC 82,054 4,760,773 0.89% FCC Co Ltd 7,900 164,464 0.03% Georg Fischer AG 1,101 768,161 0.14% Keihin Corp 15,800 261,969 0.05% Magna International Inc 65,652 5,385,137 1.01% Musashi Seimitsu Industry Co Ltd 7,400 162,194 0.03% Nissin Kogyo Co Ltd 46,900 938,780 0.18% NOK Corp 15,400 246,981 0.05% Takata Corp 23,500 631,208 0.12% Tokai Rika Co Ltd 100,000 2,029,524 0.38% Toyoda Gosei Co Ltd 21,700 533,961 0.10% TS Tech Co Ltd 29,000 1,019,210 0.19% WABCO Holdings Inc 50,456 4,455,013 0.84% Xinyi Glass Holdings Ltd 140,000 147,984 0.03%

28,126,485 5.28% Banks 5.88% 77 Bank Ltd/The 135,000 667,148 0.12% Bank of Kyoto Ltd/The 24,000 206,237 0.04% China CITIC Bank Corp Ltd 4,909,000 2,865,173 0.54% Chongqing Rural Commercial Bank 5,399,000 2,820,380 0.53% DNB ASA 19,251 344,623 0.06% Fukuoka Financial Group Inc 843,000 3,782,746 0.71% Gunma Bank Ltd/The 31,000 175,623 0.03%


SCHEDULE OF INVESTMENTS (Continued) Old Mutual Global Equity Absolute Return Fund As at 30th November 2013 (Expressed in US Dollars)

18


Fair Value USD


Equities 78.41% (31.05.2013: 78.96%) (Continued) Banks 5.88% (Continued) Hokuhoku Financial Group Inc 158,000 323,600 0.06% Industrial & Commercial Bank of China Ltd 7,466,000 5,373,551 1.01% Joyo Bank Ltd/The 34,000 173,673 0.03% Juroku Bank Ltd/The 56,000 211,868 0.04% Jyske Bank A/S 10,463 564,657 0.11% Mitsubishi UFJ Financial Group Inc 811,600 5,220,774 0.98% Nishi-Nippon City Bank Ltd/The 95,000 248,436 0.05% North Pacific Bank Ltd 39,800 152,523 0.03% Resona Holdings Inc 721,400 3,589,723 0.67% UBS AG 226,401 4,356,227 0.82% Yamaguchi Financial Group Inc 26,000 240,581 0.05%

31,317,543 5.88% Beverages 1.39% Coca-Cola West Co Ltd 80,800 1,789,544 0.34% Green Mountain Coffee Roasters Inc 83,212 5,618,058 1.05%

7,407,602 1.39% Biotechnology 3.53% Celgene Corp 33,316 5,381,200 1.01% CSL Ltd 18,957 1,186,576 0.22% Genmab A/S 50,813 2,118,212 0.40% Gilead Sciences Inc 73,625 5,494,266 1.03% Myriad Genetics Inc 151,784 4,650,662 0.87%

18,830,916 3.53% Building Materials 0.79% Lennox International Inc 35,539 2,946,894 0.55% Noritz Corp 8,400 182,223 0.04% Sanwa Holdings Corp 35,000 226,171 0.04% TOTO Ltd 59,000 867,495 0.16%

4,222,783 0.79% Chemicals 0.93% Asahi Kasei Corp 138,000 1,088,728 0.20% Denki Kagaku Kogyo KK 155,000 662,944 0.13% Lonza Group AG 15,619 1,462,473 0.28% Methanex Corp 7,769 480,629 0.09% Nippon Paint Co Ltd 34,000 551,931 0.10% Nippon Synthetic Chemical Industry Co Ltd/The 52,000 473,028 0.09% Tokuyama Corp 57,000 225,125 0.04%

4,944,858 0.93%



19


Fair Value USD


Equities 78.41% (31.05.2013: 78.96%) (Continued) Commercial Services 2.04% Booz Allen Hamilton Holding Corp 15,033 263,002 0.05% Deluxe Corp 6,194 309,917 0.06% Ezion Holdings Ltd 99,600 166,178 0.03% Gartner Inc 16,373 1,073,905 0.20% Kanamoto Co Ltd 15,000 374,597 0.07% MasterCard Inc 6,777 5,152,011 0.97% SEI Investments Co 18,325 619,293 0.12% VistaPrint NV 50,096 2,881,522 0.54%

10,840,425 2.04% Computers 0.42% Manhattan Associates Inc 16,484 1,991,102 0.37% Obic Co Ltd 4,400 129,475 0.03% Tieto OYJ 4,644 101,005 0.02%

2,221,582 0.42% Cosmetics/Personal Care 0.02% Mandom Corp 2,900 92,849 0.02%

92,849 0.02% Distribution/Wholesale 2.81% ITOCHU Corp 247,100 3,122,269 0.59% Marubeni Corp 723,000 5,255,164 0.99% Mitsui & Co Ltd 188,900 2,620,483 0.49% Sojitz Corp 2,140,900 3,966,181 0.74%

14,964,097 2.81% Diversified Financial Services 1.02% Credit Acceptance Corp 1,597 202,731 0.04% MarketAxess Holdings Inc 4,692 322,059 0.06% Platinum Asset Management Ltd 29,034 163,615 0.03% Portfolio Recovery Associates Inc 39,343 2,282,878 0.43% Waddell & Reed Financial Inc 38,571 2,471,437 0.46%

5,442,720 1.02% Electric 1.05% Atco Ltd/Canada 31,211 1,428,220 0.27% Huaneng Power International Inc 1,532,000 1,466,229 0.28% Portland General Electric Co 90,374 2,683,656 0.50%

5,578,105 1.05% Electronics 1.13% Celestica Inc 13,782 140,032 0.03% Enplas Corp 60,800 4,006,180 0.75% Fujitsu General Ltd 65,000 746,970 0.14% Japan Aviation Electronics Industry Ltd 22,000 247,336 0.05% Nippon Electric Glass Co Ltd 164,000 883,410 0.16%

6,023,928 1.13% Engineering&Construction 0.10% Downer EDI Ltd 79,304 343,742 0.06% Maeda Road Construction Co Ltd 13,000 200,103 0.04%

543,845 0.10%



20


Fair Value USD


Equities 78.41% (31.05.2013: 78.96%) (Continued) Entertainment 1.18% Avex Group Holdings Inc 134,200 2,941,407 0.55% Heiwa Corp 65,200 1,054,903 0.20% Lions Gate Entertainment Corp 69,106 2,200,681 0.41% Toei Co Ltd 18,000 104,878 0.02%

6,301,869 1.18% Environmental Control 0.04% Transpacific Industries Group Ltd 227,244 237,203 0.04%

237,203 0.04% Food 3.19% Delhaize Group SA 77,615 4,563,029 0.86% Kesko OYJ 22,115 828,944 0.16% Koninklijke Ahold NV 13,266 241,630 0.04% Kroger Co/The 102,985 4,312,497 0.81% Megmilk Snow Brand Co Ltd 10,300 131,003 0.02% Metro AG 3,208 161,713 0.03% Morinaga Milk Industry Co Ltd 151,000 436,954 0.08% SUPERVALU Inc 124,964 807,892 0.15% Tyson Foods Inc 175,006 5,538,065 1.04%

17,021,727 3.19% Forest Products&Paper 2.41% Canfor Corp 33,988 745,393 0.14% Hokuetsu Kishu Paper Co Ltd 139,500 660,065 0.13% Holmen AB 4,725 165,277 0.03% KapStone Paper and Packaging Corp 42,186 2,253,998 0.42% Nippon Paper Industries Co Ltd 190,900 3,482,447 0.65% Stora Enso OYJ 190,812 1,893,247 0.36% UPM-Kymmene OYJ 186,670 3,095,809 0.58% West Fraser Timber Co Ltd 6,105 541,033 0.10%

12,837,269 2.41% Healthcare-Products 0.99% Boston Scientific Corp 452,408 5,295,436 0.99%

5,295,436 0.99% Healthcare-Services 1.30% Aetna Inc 38,351 2,641,809 0.49% Cigna Corp 42,915 3,777,164 0.71% Primary Health Care Ltd 117,355 533,226 0.10%

6,952,199 1.30% Home Builders 0.14% Sekisui House Ltd 53,000 732,384 0.14%

732,384 0.14% Home Furnishings 0.55% Whirlpool Corp 19,127 2,913,520 0.55%

2,913,520 0.55%



21


Fair Value USD


Equities 78.41% (31.05.2013: 78.96%) (Continued) Household Products/Wares 0.04% Biostime International Holdings Ltd 25,500 212,724 0.04%

212,724 0.04% Housewares 0.12% Toro Co/The 10,137 621,905 0.12%

621,905 0.12% Insurance 6.18% Allianz SE 1,368 237,860 0.04% Amtrust Financial Services Inc 83,634 3,490,883 0.66% Assurant Inc 47,775 3,094,387 0.58% CNO Financial Group Inc 56,236 953,481 0.18% Everest Re Group Ltd 20,898 3,296,346 0.62% Genworth Financial Inc 69,782 1,061,733 0.20% Genworth MI Canada Inc 34,746 1,136,053 0.21% Hannover Rueck SE 18,165 1,514,066 0.28% Hanover Insurance Group Inc/The 5,128 310,449 0.06% Hartford Financial Services Group Inc 128,278 4,622,498 0.87% Lincoln National Corp 52,635 2,713,071 0.51% StanCorp Financial Group Inc 32,249 2,070,708 0.39% Storebrand ASA 158,321 973,825 0.18% Swiss Life Holding AG 24,058 4,989,632 0.94% Symetra Financial Corp 111,228 2,113,888 0.40% XL Group PLC 10,514 337,552 0.06%

32,916,432 6.18% Internet 3.21% carsales.com Ltd 102,737 913,053 0.17% MercadoLibre Inc 1,821 203,205 0.04% Monex Group Inc 262,200 1,059,925 0.20% priceline.com Inc 3,528 4,189,324 0.79% Shutterstock Inc 28,327 2,150,019 0.40% United Internet AG 102,601 4,134,612 0.78% Yahoo Japan Corp 921,900 4,452,231 0.83%

17,102,369 3.21% Investment Companies 0.03% Pargesa Holding SA 2,219 172,000 0.03%

172,000 0.03% Iron/Steel 0.42% Arrium Ltd 1,474,608 2,105,962 0.39% Sanyo Special Steel Co Ltd 33,000 157,273 0.03%

2,263,235 0.42% Leisure Time 0.68% Flight Centre Travel Group Ltd 81,777 3,631,272 0.68%

3,631,272 0.68%



22


Fair Value USD


Equities 78.41% (31.05.2013: 78.96%) (Continued) Lodging 2.48% Galaxy Entertainment Group Ltd 672,000 5,259,183 0.99% MGM China Holdings Ltd 796,800 2,831,458 0.53% Sands China Ltd 674,400 5,101,816 0.96%

13,192,457 2.48% Machinery-Diversified 0.24% Duerr AG 3,044 266,501 0.05% Komori Corp 31,600 495,208 0.09% Krones AG 3,274 280,220 0.05% Manitowoc Co Inc/The 11,714 240,196 0.05%

1,282,125 0.24% Mining 0.30% Kadokawa Corp 12,700 438,274 0.08% SKY Perfect JSAT Holdings Inc 58,600 301,336 0.06% Viacom Inc 10,938 873,345 0.16%

1,612,955 0.30% Metal Fabricate/Hardware 0.13% NTN Corp 154,000 701,574 0.13%

701,574 0.13% Miscellaneous Manufactur 1.13% FUJIFILM Holdings Corp 186,700 5,105,094 0.96% Hexpol AB 1,835 130,884 0.02% Trelleborg AB 40,741 793,794 0.15%

6,029,772 1.13% Office/Business Equip 0.04% Toshiba TEC Corp 30,000 190,928 0.04%

190,928 0.04% Oil&Gas 0.32% Bonanza Creek Energy Inc 26,891 1,222,734 0.23% Japan Petroleum Exploration Co 12,300 473,470 0.09%

1,696,204 0.32% Oil&Gas Services 0.05% Fred Olsen Energy ASA 6,439 253,222 0.05%

253,222 0.05% Packaging&Containers 0.18% Packaging Corp of America 12,380 762,051 0.14% Rengo Co Ltd 35,000 188,533 0.04%

950,584 0.18%



23


Fair Value USD


Equities 78.41% (31.05.2013: 78.96%) (Continued) Pharmaceuticals 7.10% Actelion Ltd 64,262 5,414,701 1.02% Alfresa Holdings Corp 21,800 1,133,796 0.21% AmerisourceBergen Corp 29,926 2,109,633 0.40% Grifols SA 47,686 2,200,862 0.41% Kissei Pharmaceutical Co Ltd 30,700 700,497 0.13% Medipal Holdings Corp 162,000 2,161,796 0.41% Merck KGaA 21,270 3,689,618 0.69% Mochida Pharmaceutical Co Ltd 2,600 156,066 0.03% Nichi-iko Pharmaceutical Co Ltd 6,200 122,921 0.02% Otsuka Holdings Co Ltd 184,600 5,403,193 1.01% Questcor Pharmaceuticals Inc 93,875 5,422,220 1.02% Sino Biopharmaceutical Ltd 6,080,000 4,791,638 0.90% Stada Arzneimittel AG 32,642 1,688,152 0.32% Suzuken Co Ltd/Aichi Japan 52,300 1,779,295 0.33% Toho Holdings Co Ltd 60,600 1,037,647 0.20%

37,812,035 7.10% Real Estate 1.30% Daikyo Inc 196,000 536,514 0.10% Greentown China Holdings Ltd 606,500 1,049,056 0.20% REA Group Ltd 55,916 2,044,478 0.38% Shimao Property Holdings Ltd 1,326,500 3,307,336 0.62%

6,937,384 1.30% Retail 8.79% ABC-Mart Inc 2,900 132,540 0.02% Adastria Holdings Co Ltd 3,330 132,334 0.02% Aoyama Trading Co Ltd 66,500 1,788,460 0.34% DCM Holdings Co Ltd 25,900 176,228 0.03% Domino's Pizza Inc 6,234 432,110 0.08% GameStop Corp 109,962 5,252,335 0.99% Gap Inc/The 6,989 285,011 0.05% Home Depot Inc/The 65,119 5,252,824 0.99% HSN Inc 29,906 1,737,987 0.33% JB Hi-Fi Ltd 72,446 1,343,052 0.25% Lumber Liquidators Holdings Inc 13,426 1,358,442 0.25% Matsumotokiyoshi Holdings Co Ltd 28,100 861,214 0.16% Nu Skin Enterprises Inc 45,174 5,752,683 1.08% O'Reilly Automotive Inc 38,552 4,810,518 0.90% Pandora A/S 78,669 4,079,727 0.77% PetSmart Inc 64,468 4,739,043 0.89% Rite Aid Corp 896,660 5,223,044 0.98% SA International Holdings Ltd 1,046,000 1,217,638 0.23% Shimachu Co Ltd 22,900 516,923 0.10% Superior Plus Corp 74,199 780,526 0.15% TJX Cos Inc 15,526 982,252 0.18%

46,854,891 8.79%



24

Investments (Continued) Coupon Maturity

Date Nominal Holding

Fair Value USD


Equities 78.41% (31.05.2013: 78.96%) (Continued) Semiconductors 0.07% Marvell Technology Group Ltd 11,373 162,634 0.03% Shinko Electric Industries Co Ltd 22,100 184,833 0.04%

347,467 0.07% Shipbuilding 0.24% Huntington Ingalls Industries Inc 13,033 1,078,155 0.20% Yangzijiang Shipbuilding Holdings Ltd 209,000 194,328 0.04%

1,272,483 0.24% Software 0.16% Aspen Technology Inc 17,317 686,619 0.13% Opera Software ASA 15,421 190,223 0.03%

876,842 0.16% Telecommunications 0.90% Hitachi Kokusai Electric Inc 13,000 170,173 0.03% NeuStar Inc 29,699 1,438,174 0.27% Nippon Telegraph & Telephone Corp 5,500 276,102 0.05% Verizon Communications Inc 58,874 2,939,284 0.55%

4,823,733 0.90% Transportation 0.86% Central Japan Railway Co 8,700 1,047,419 0.20% Kawasaki Kisen Kaisha Ltd 737,000 1,754,419 0.33% Seino Holdings Co Ltd 137,000 1,569,695 0.29% TransForce Inc 8,946 211,148 0.04%

4,582,681 0.86%

Total Equities 417,845,586 78.41%

Bonds 13.89% (31.05.2013: 12.35%)

Sovereign 13.89% United Kingdom Treasury Bill 0.000% 09/12/2013 30,000,000 49,015,804 9.20% United States Treasury Bill 0.000% 12/12/2013 25,000,000 24,999,800 4.69%

74,015,604 13.89%

Total Bonds 74,015,604 13.89%



25

Investments (Continued)

Contracts For Difference (0.24%) (31.05.2013: 0.66%)** Nominal Holding

Unrealised Gain USD


Unrealised Gain on Contracts For Difference 0.53% (31.05.2013: 1.37%) Vanguard International Semi 3,016,000 339,605 0.07% NHN Corp 4,897 141,279 0.03% Peugeot SA 305,426 139,259 0.03% Thomas Cook Group PLC 236,135 94,143 0.02% Oil Search Ltd (374,196) 93,606 0.02% Freeport-Mcmoran Copper (134,071) 86,476 0.02% Imperial Tobacco Group PLC (139,253) 80,774 0.02% Man Group PLC 2,873,937 77,482 0.02% Laredo Petroleum Holdings (48,394) 74,769 0.02% Asos PLC 55,942 69,926 0.01% Louis Moet Hennessy (26,564) 65,079 0.01% Hong Kong Exchanges & Clearing (302,053) 63,790 0.01% Banco Popolare Di Milano SpA 5,824,421 63,419 0.01% Williams Cos Inc (115,948) 57,394 0.01% Esprit Holdings Ltd (1,235,300) 55,010 0.01% Dixons Retail PLC 3,397,202 52,733 0.01% Coca-Cola Amatil Ltd (459,244) 51,798 0.01% Remy Cointreau (9,630) 46,660 0.01% Cap Gemini UK PLC 75,668 46,345 0.01% Cheniere Energy Inc (128,173) 44,220 0.01% Amp Ltd (873,418) 43,698 0.01% Sainsbury(J) Sbry Ln 756,025 42,000 0.01% Cobalt International Energy (84,889) 36,314 0.01% Smurfit Kappa Group 155,319 31,709 0.01% Heineken NV (57,267) 29,618 0.01% Clean Harbors Inc (75,266) 28,977 0.01% ITV PLC 1,755,576 28,685 0.01% Zynga Inc (494,457) 27,195 0.01% Servicenow Inc (35,385) 26,539 0.01% Ashtead Group PLC 234,763 24,933 0.01% Ryland Group Inc/The (61,013) 24,100 0.01% Siemens AG (26,550) 23,308 0.01% Largan Precision Co Ltd 53,000 22,070 0.01% Tokyo Tatemono Co Ltd (536,000) 20,998 0.01% SK Telecom 20,011 20,819 0.01% Oci Co Ltd (2,425) 20,537 0.01% Azimut Holding Spa 118,466 20,155 0.01% Swedish Match (91,706) 19,620 0.00% H2O Retailing Corp (60,000) 18,184 0.00% E-Mart Co Ltd 1,672 18,015 0.00% GCL Poly Energy Holdings Ltd (6,872,000) 17,728 0.00% Golden Eagle Retail Group (905,000) 17,510 0.00%



26


Contracts For Difference (0.24%) (31.05.2013: 0.66%)** (Continued) Nominal Holding

Unrealised Gain USD


Unrealised Gain on Contracts For Difference 0.53% (31.05.2013: 1.37%) (Continued) Melrose PLC (569,777) 17,223 0.00% Athabasca Oil Sands Corp (325,415) 16,901 0.00% Merida Industry Co Ltd 291,000 16,845 0.00% British American Tobacco PLC (69,347) 15,863 0.00% Schibsted ASA (34,889) 15,081 0.00% Sino Land Co (682,000) 14,075 0.00% Aberdeen Asset Mgmt PLC 161,692 13,738 0.00% Smiths Group (72,149) 13,557 0.00% Jardine Matheson Holdings Ltd (5,600) 13,293 0.00% Softbank Corp (65,800) 12,865 0.00% Altisource Portfolio Sol (15,591) 12,707 0.00% JSR Corp (80,700) 12,455 0.00% Li & Fung Ltd (2,282,000) 11,774 0.00% China National Building Ma-H (1,210,000) 11,705 0.00% Tempur-Pedic International (113,111) 10,746 0.00% Shimizu Corp (366,000) 10,734 0.00% Melco International Develop. (658,000) 10,609 0.00% Kingspan Group 19,259 10,354 0.00% Capita Group PLC 33,765 10,207 0.00% Nestle SA (68,910) 9,528 0.00% Forest City Enterprises-Cl A (138,830) 9,024 0.00% Genting Singapore PLC (1,501,000) 8,965 0.00% Topcon Corp (22,200) 8,790 0.00% Sba Communications Corp (55,895) 8,664 0.00% Cochlear Ltd (63,252) 8,654 0.00% Hms Holdings Corp (153,915) 8,465 0.00% Lafarge SA (19,827) 7,691 0.00% Thales Group PLC 7,423 7,325 0.00% Eads NV 21,495 7,314 0.00% Ladbrokes PLC (661,374) 7,024 0.00% Adidas AG (25,098) 7,003 0.00% Close Brothers Group PLC 51,564 6,740 0.00% China Shenhua Energy Co-H (222,500) 6,657 0.00% Komatsu Ltd (18,300) 6,619 0.00% QEP Resources Inc (9,835) 6,196 0.00% Plastic Omnium 55,941 5,710 0.00% Concur Technologies Inc (4,773) 5,250 0.00% Transalta Corp (164,894) 4,671 0.00% Ashmore Group PLC 39,096 4,631 0.00% Elisa Corporation (31,955) 4,567 0.00% St.James Place PLC 25,572 4,492 0.00% Tabcorp Holdings Ltd (89,105) 4,458 0.00%



27



Unrealised Gain USD


Unrealised Gain on Contracts For Difference 0.53% (31.05.2013: 1.37%) (Continued) Talisman Energy Inc (70,217) 3,978 0.00% Yum! Brands Inc (68,698) 3,778 0.00% Rightmove Group PLC 9,867 3,708 0.00% New World Development (705,000) 3,637 0.00% Federal-Mogul Corp (11,573) 3,530 0.00% Jupiter Fund Management PLC 139,128 3,523 0.00% Loomis Ab-B (5,818) 3,334 0.00% Ophir Energy PLC (76,571) 3,128 0.00% Dynegy Inc (82,010) 3,055 0.00% Telecity Group 41,287 3,036 0.00% Hays PLC 181,104 2,959 0.00% Capital & Counties Properties PLC (359,262) 2,935 0.00% Ansaldo STS (37,073) 2,775 0.00% Bonterra Energy Corp (3,123) 2,743 0.00% Duet Group (116,247) 2,644 0.00% Gjensidige Forsikring Asa (11,651) 2,566 0.00% Campari (31,164) 2,545 0.00% Inchcape PLC (154,723) 2,528 0.00% Mcdermott Intl Inc (223,804) 2,405 0.00% IMI PLC 40,253 2,302 0.00% Qinetiq Group 45,421 2,264 0.00% Verbund AG (8,090) 1,729 0.00% Cnh Industrial NV 42,232 1,724 0.00% Zijin Mining Group Co Ltd-H (2,664,000) 1,718 0.00% Barry Callebaut AG (1,549) 1,713 0.00% Veresen Inc (27,656) 1,306 0.00% Vulcan Materials Co (6,352) 1,270 0.00% Obayashi Corp (249,000) 1,217 0.00% Navitas Ltd (32,490) 1,101 0.00% Aeon Financial Service Co Ltd (21,600) 1,056 0.00% Vodafone Group (1,246,901) 1,019 0.00% S.A. D'Ieteren N.V. (1,563) 1,005 0.00% Ipsen Promesses 3,158 924 0.00% Silver Wheaton Corp (34,621) 817 0.00% Fabege AB (13,983) 801 0.00% IGM Financial Inc (3,209) 636 0.00% Mercury General Corp (3,348) 603 0.00% CLP Holdings Ltd (169,000) 545 0.00% Takara Holdings Inc (18,000) 528 0.00% Oracle Corp Japan (6,800) 499 0.00% De Longhi 8,035 492 0.00% Hyundai Heavy Industries (594) 464 0.00% Hunting PLC (13,514) 442 0.00%



28



Unrealised Gain USD


Unrealised Gain on Contracts For Difference 0.53% (31.05.2013: 1.37%) (Continued) Terna SpA (261,468) 356 0.00% Abertis Infrastructure (103,643) 353 0.00% Jardine Cycle & Carriage Ltd (78,000) 311 0.00% Air Liquide SA (8,349) 284 0.00% Ubm PLC 62,196 254 0.00% Waste Connections Inc (5,457) 246 0.00% Apa Group (25,256) 230 0.00% Itron Inc (9,672) 145 0.00% National Grid (423,150) - 0.00% Targa Resources Corp (48,380) - 0.00% Toyo Engineering Corp (41,000) - 0.00% Total Unrealised Gain on Contracts For Difference 2,802,810 0.53%

Nominal Holding

Unrealised (Loss) USD


Unrealised (Loss) on Contracts For Difference (0.77%) (31.05.2013: (0.71%)) Hulic Co Ltd (310,300) (204,763) (0.04%) Fresnillo PLC (384,155) (189,876) (0.04%) Konami Corp (127,900) (186,305) (0.03%) Fast Retailing Co Ltd (15,400) (176,899) (0.03%) Barratt Developments PLC 564,086 (157,609) (0.03%) Formosa Plastics Corp (2,070,160) (152,901) (0.03%) J.C. Penney Co Inc (173,675) (124,178) (0.02%) Hankook Tire Worldwide Co Ltd 35,381 (85,201) (0.02%) Randgold Resources Ltd (78,063) (72,704) (0.01%) Ferrovial SA (285,962) (72,004) (0.01%) Saipem (231,973) (71,039) (0.01%) Athenahealth Inc (35,103) (68,977) (0.01%) Shire 116,997 (65,953) (0.01%) Riverbed Technology Inc (283,149) (63,709) (0.01%) Digitalglobe Inc (114,544) (62,902) (0.01%) Kajima Corp (806,000) (59,097) (0.01%) Shin-Etsu Chemical Co Ltd (91,300) (57,080) (0.01%) Antofagasta (122,111) (50,380) (0.01%) Beam Inc (67,029) (49,937) (0.01%) China Cosco Holdings-H (1,765,500) (48,960) (0.01%) Easyjet 229,490 (48,747) (0.01%) Olympus Corp (109,000) (47,952) (0.01%) U-Ming Marine Transport Corp (432,000) (47,321) (0.01%) Citic Securities Co Ltd-H (2,079,500) (42,916) (0.01%) Nippon Steel & Sumitomo Metal (1,243,000) (42,531) (0.01%) Dentsu Inc (130,000) (38,127) (0.01%) Mitsubishi Estate Co Ltd (192,000) (37,150) (0.01%)



29



Unrealised Gain USD


Unrealised (Loss) on Contracts For Difference (0.77%) (31.05.2013: (0.71%)) (Continued) Deutsche Wohnen AG (127,896) (36,555) (0.01%) Dr Horton Inc (262,756) (35,472) (0.01%) Alnylam Pharmaceuticals Inc (81,209) (35,326) (0.01%) Hill (William) (400,080) (34,647) (0.01%) Guidewire Software Inc (97,353) (33,587) (0.01%) Accor (23,737) (33,519) (0.01%) Pennon Group PLC (226,903) (31,514) (0.01%) Allegheny Technologies Inc (161,104) (31,309) (0.01%) Conagra Foods Inc (84,196) (30,732) (0.01%) Shimano Inc (17,200) (28,585) (0.01%) LG Uplus Corp 140,050 (27,561) (0.01%) ASM Pacific Technology (98,800) (27,080) (0.01%) ACI Worldwide Inc (36,247) (25,735) (0.01%) Kt&G Corp (14,182) (25,719) (0.01%) First Quantum Minerals Ltd (39,367) (24,906) (0.01%) Darden Restaurants Inc (99,695) (24,903) (0.01%) CRH PLC (194,456) (24,481) (0.01%) Severn Trent (146,818) (23,989) (0.01%) James Hardie Industries (109,515) (23,909) (0.01%) Penta-Ocean Construction Co (118,500) (23,749) (0.01%) Aeon Mall Co Ltd (75,330) (23,566) (0.01%) Kuehne & Nagel AG (17,040) (23,561) (0.01%) Eclat Textile Company Ltd 64,000 (23,390) (0.01%) Arubis AG (14,003) (22,394) (0.01%) Iron Mountain Inc (176,152) (21,766) (0.01%) Formosa Chemicals & Fibre (573,770) (21,058) (0.01%) Hermes Microvision 169,000 (20,722) (0.01%) Park24 Co Ltd (66,000) (20,647) (0.01%) China Petrochemical Dev Corp (950,000) (19,991) (0.01%) Advanced Micro Devices (164,010) (18,861) (0.01%) Adobe Systems Inc (87,108) (17,857) (0.01%) Advantest (147,300) (17,844) (0.01%) Howden Joinery Group PLC 200,189 (17,663) (0.01%) Shinsegae Co Ltd (16,267) (17,654) (0.01%) Reckitt Benckiser Group PLC (34,169) (17,587) 0.00% Itochu Techno-Solutions Corp (31,000) (17,426) 0.00% Samsung Engineer (11,818) (17,259) 0.00% Advisory Board Co/The (15,376) (17,221) 0.00% Kansai Paint Co Ltd (92,000) (17,192) 0.00% Dish Network Corp-A (34,791) (17,069) 0.00% SSAB (74,977) (16,270) 0.00%



30



Unrealised Gain USD


Unrealised (Loss) on Contracts For Difference (0.77%) (31.05.2013: (0.71%)) (Continued) Brembo SpA 50,544 (15,478) 0.00% Okuma Corp (130,000) (15,380) 0.00% Highwealth Construction Corp 596,000 (15,330) 0.00% Lloyds Banking Group PLC 3,267,509 (14,682) 0.00% Galp Energia (325,032) (14,378) 0.00% Sega Sammy Holdings Inc (19,600) (14,371) 0.00% Tingyi (Cayman Isln) Hldg Co (856,000) (13,801) 0.00% Vopak(Kon) (28,075) (13,661) 0.00% Beiersdorf AG (11,698) (13,613) 0.00% Eisai Co Ltd (42,300) (13,440) 0.00% C.H. Robinson Worldwide Inc (77,008) (13,091) 0.00% Partners Group Holding AG (4,627) (13,051) 0.00% Glencore International (128,235) (12,886) 0.00% Sumitomo Rlty&Dev (110,000) (12,565) 0.00% Rinnai Corp (9,500) (12,074) 0.00% Lundin Petroleum A (120,463) (11,966) 0.00% Kunlun Energy Co Ltd (2,370,000) (11,242) 0.00% Utd Utilities (228,191) (11,186) 0.00% Inmarsat (266,900) (10,903) 0.00% Quanta Computer Inc (112,000) (10,746) 0.00% Nintendo Co Ltd (40,000) (10,644) 0.00% Genesee & Wyoming Inc-Cl A (46,885) (10,549) 0.00% Sumitomo Metal Mining Co Ltd (106,000) (10,363) 0.00% Mitsui Fudosan Co Ltd (70,000) (10,333) 0.00% Mcdonald'S Holdings Co (30,900) (10,137) 0.00% General Electric Co (184,021) (10,121) 0.00% Genuine Parts Co (21,199) (10,070) 0.00% G4S PLC (491,250) (10,033) 0.00% Deutsche Boerse AG (15,667) (10,022) 0.00% Shandong Weigao Gp Medical-H (132,000) (9,705) 0.00% Hologic Inc (225,452) (9,589) 0.00% Phillips-Van Heusen (24,837) (9,314) 0.00% Belgacom (26,381) (8,976) 0.00% Daido Steel Co Ltd (43,000) (8,828) 0.00% Formosa Petrochemical Corp (98,000) (8,732) 0.00% Pou Chen (129,000) (8,691) 0.00% Wpg Holdings Ltd (340,000) (8,553) 0.00% Odakyu Electric Railway Co (426,000) (8,329) 0.00% Home Retail Group 474,662 (8,144) 0.00% Invocare Ltd (89,118) (8,107) 0.00% Ono Pharmaceutical Co Ltd (18,200) (8,007) 0.00% Fisher & Paykel He (51,178) (7,906) 0.00%



31



Unrealised Gain USD


Unrealised (Loss) on Contracts For Difference (0.77%) (31.05.2013: (0.71%)) (Continued) Mondi PLC 189,493 (7,741) 0.00% Tecnicas Reunidas (12,688) (7,253) 0.00% Tullow Oil (43,264) (7,246) 0.00% Keikyu Corp (355,000) (6,941) 0.00% Unilever NV (42,262) (6,902) 0.00% Franco-Nevada Corp (11,363) (6,760) 0.00% Pacific Metals Co Ltd (91,000) (6,672) 0.00% Nrg Energy Inc (120,327) (6,618) 0.00% Doosan Corp (2,018) (6,591) 0.00% Clarcor Inc (17,212) (6,541) 0.00% Autogrill Spa (55,220) (6,388) 0.00% Snyders-Lance Inc (19,494) (6,238) 0.00% Solera Holdings Inc (21,595) (6,155) 0.00% Swiss Prime Site (15,397) (5,961) 0.00% Lindt & Spruengli (18) (5,874) 0.00% Allscripts Healthcare Soluti Mdrx (233,531) (5,838) 0.00% Standard Life PLC (230,880) (5,659) 0.00% Sho-Bond Holdings Co Ltd (57,600) (5,631) 0.00% Brunello Cucinelli Spa (4,312) (5,458) 0.00% Mitsubishi Logistics Corp (48,000) (5,325) 0.00% Lagardere Sca 9,431 (5,070) 0.00% Realogy Holdings Corp (23,803) (4,970) 0.00% Hanwha Corporation 19,710 (4,893) 0.00% Faurecia Eo 25,127 (4,873) 0.00% Shangri-La Asia Ltd (596,000) (4,613) 0.00% New York Times Co-A (129,660) (4,538) 0.00% Orion Corp (34,124) (4,412) 0.00% Nichirei Corp (32,000) (4,380) 0.00% Sky Deutschland AG (89,169) (4,248) 0.00% China Coal Energy Co-H (2,360,000) (4,219) 0.00% Groupe Eurotunnel (21,744) (4,010) 0.00% Balfour Beatty (679,787) (3,888) 0.00% Ocado Group PLC 38,270 (3,877) 0.00% Tokyo Dome Corp (22,000) (3,871) 0.00% Ares Capital Corp (39,691) (3,771) 0.00% Consol Energy Inc (10,330) (3,770) 0.00% Fortum Oyj Fum1V Fh (60,443) (3,702) 0.00% KBR Inc (36,390) (3,457) 0.00% International Personal Finance PLC (21,523) (3,341) 0.00% Lonmin Lmi Ln (39,569) (3,330) 0.00% Saputo Inc (12,824) (3,209) 0.00% Sodexho SW (10,485) (3,068) 0.00%



32



Unrealised Gain USD


Unrealised (Loss) on Contracts For Difference (0.77%) (31.05.2013: (0.71%)) (Continued) Bg Group PLC (30,585) (2,998) 0.00% Bekaert SA (5,034) (2,998) 0.00% Salesforce.Com Inc (7,540) (2,978) 0.00% St Joe Co/The (11,379) (2,788) 0.00% Pacira Pharmaceuticals Inc (13,456) (2,758) 0.00% Healthcare Services Group (6,962) (2,750) 0.00% Fortinet Inc (59,122) (2,660) 0.00% New Jersey Resources Corp (6,070) (2,640) 0.00% Turquoise Hill Res Com (107,289) (2,533) 0.00% Dongfeng Motor Grp Co Ltd-H (224,000) (2,464) 0.00% Jc Decaux SA (5,839) (2,464) 0.00% Teradyne Inc (68,232) (2,388) 0.00% Joy Global Inc (5,292) (2,355) 0.00% Prospect Capital Corp (443,444) (2,217) 0.00% Nippon Shokubai Co Ltd (37,000) (2,170) 0.00% Unicharm Corp (21,300) (2,082) 0.00% Intercontinental Hotels Grou (17,782) (2,034) 0.00% Jazztel PLC (38,068) (1,969) 0.00% Xylem Inc (17,571) (1,933) 0.00% Carillion (35,236) (1,928) 0.00% Echostar Corp-A (3,927) (1,826) 0.00% Askul Corp (7,400) (1,808) 0.00% Stolt-Nielsen Ltd (5,172) (1,687) 0.00% Cie Financiere Richemon-Reg (29,829) (1,650) 0.00% Alexander & Baldwin Inc (4,355) (1,589) 0.00% Telefonica Deutschland Holdi (58,112) (1,424) 0.00% Celldex Therapeutics Inc (6,033) (1,418) 0.00% Tonengeneral Sekiyu (142,000) (1,363) 0.00% Qube Holdings Ltd (97,015) (1,324) 0.00% Ube Industries Ltd (268,000) (1,310) 0.00% Skanska AB (32,343) (1,235) 0.00% Michelin (Cgde) - B 2,549 (1,110) 0.00% B&G Foods Inc (3,873) (1,104) 0.00% SNC-Lavalin Group Inc (7,261) (1,063) 0.00% Aker Solutions Asa (61,281) (999) 0.00% Ruentex Development Co Ltd (66,000) (981) 0.00% Sonae SGPS SA (122,861) (920) 0.00% Pricesmart Inc (2,735) (916) 0.00% Christian Hansen Holding A/S (4,115) (901) 0.00% Hera (64,627) (791) 0.00% Michael Page Intl 26,234 (729) 0.00% Valeo SA 51,120 (696) 0.00% Danone (24,547) (668) 0.00%



33



Unrealised Gain USD


Unrealised (Loss) on Contracts For Difference (0.77%) (31.05.2013: (0.71%)) (Continued) Triumph Group Inc (15,213) (663) 0.00% Wynn Macau Ltd (182,800) (589) 0.00% Millicom Intl Cell (4,442) (509) 0.00% CNP Assurances 11,740 (439) 0.00% Vail Resorts Inc (2,272) (352) 0.00% Castellum AB (14,363) (329) 0.00% Kintetsu Corp (67,000) (327) 0.00% Maruichi Steel Tube Ltd (6,900) (236) 0.00% First Capital Realty Inc (9,803) (231) 0.00% Hamamatsu Photonics (4,000) (195) 0.00% Genivar Inc (5,481) (129) 0.00% Mizuno Corp (25,000) (122) 0.00% Suntory Beverage & Food Ltd (49,500) (23) 0.00%

Total Unrealised (Loss) on Contracts For Difference (4,082,556) (0.77%)

Net Unrealised (Loss) on Contracts For Difference (1,279,746) (0.24%)

Forward Currency Exchange Contracts 0.69% (31.05.2013: 0.39%)*

Settlement Date

Buy Currency

Amount Bought

Sell Currency

Amount Sold

Unrealised Gain USD


Unrealised Gain on Forward Currency Exchange Contracts 1.16% (31.05.2013: 0.66%)

31/12/2013 EUR 249,110,783 USD 337,036,383 2,011,861 0.38% 31/12/2013 GBP 90,288,795 USD 146,303,188 1,189,337 0.22% 13/12/2013 EUR 3,143,992 USD 4,225,000 54,155 0.01% 13/12/2013 USD 13,960,755 AUD 15,000,000 328,847 0.06% 13/12/2013 USD 12,500,000 CAD 13,129,775 106,306 0.02% 13/12/2013 USD 104,417,000 JPY 10,424,351,900 2,495,326 0.47% 13/12/2013 USD 656,883 NZD 800,000 7,057 0.00% 13/12/2013 USD 1,600,662 SGD 2,000,000 7,844 0.00% Total Unrealised Gain on Forward Currency Exchange Contracts 6,200,733 1.16% Unrealised (Loss) on Forward Currency Exchange Contracts (0.47%) (31.05.2013: (0.27%)) 09/12/2013 USD 47,778,360 GBP 30,000,000 (1,236,719) (0.23%) 13/12/2013 USD 16,814,818 CHF 15,500,000 (332,493) (0.06%) 13/12/2013 USD 6,932,720 DKK 38,499,622 (93,485) (0.02%) 13/12/2013 USD 44,676,560 EUR 33,347,772 (711,688) (0.13%) 13/12/2013 USD 4,557,000 GBP 2,822,201 (53,874) (0.01%) 13/12/2013 USD 6,400,000 NOK 39,741,777 (78,906) (0.02%) 13/12/2013 USD 1,202,345 SEK 8,000,000 (19,789) 0.00% 31/12/2013 USD 1,317,222 EUR 968,960 (1,565) 0.00% Total Unrealised (Loss) on Forward Currency Exchange Contracts (2,528,519) (0.47%) Total Unrealised (Loss) on Forward Currency Exchange Contracts 3,672,214 0.69%



34

Fair Value

USD % of Total Net Assets

Total Investments 494,253,658 92.75% Cash at Bank 52,128,064 9.78% Other Net Liabilities (13,492,492) (2.53%) Total Net Assets Attributable to Holders of Redeemable Participating Shares 532,889,230 100.00%

Analysis of total assets: Transferable securities admitted to an official stock exchange listing or traded on a regulated market 82.08% Exchange traded financial derivative instruments 1.50% Other current assets 16.52% 100.00%

All of the above securities are transferable securities listed on a recognised stock exchange. *The counterparties for the Forward Currency Exchange Contracts are Citibank N.A. London Branch, Royal Bank of Scotland and Danske Bank. **The counterparty for the Contracts For Difference is Merrill Lynch International Ltd.


STATEMENT OF CHANGES IN THE PORTFOLIO Old Mutual Global Equity Absolute Return Fund For the period ended 30th November 2013 (Expressed in US Dollars)

35

Aggregate purchases greater than one per cent of the total value of purchases More information around the material holdings within the fund are listed in the monthly fund factsheets found on the investment manager’s website, http://www.omglobalinvestors.com/. Units Security Description Coupon Maturity Date Cost

USD 50,000,000 United States Treasury Bill 0.00% 3-Oct-13 49,999,577 50,000,000 United States Treasury Bill 0.00% 12-Sep-13 49,999,494 50,000,000 United States Treasury Bill 0.00% 5-Dec-13 49,998,688 30,000,000 United Kingdom Treasury Bill 0.00% 9-Dec-13 47,893,637 45,000,000 United States Treasury Bill 0.00% 29-Aug-13 44,999,199 45,000,000 United States Treasury Bill 0.00% 8-Aug-13 44,999,192 28,200,000 United States Treasury Bill 0.00% 11-Jul-13 28,199,304 25,000,000 United States Treasury Bill 0.00% 12-Dec-13 24,998,872 20,000,000 United States Treasury Bill 0.00% 22-Aug-13 19,999,800

134,165 Green Mountain Coffee Roasters Inc 8,877,025 128,185 Gilead Sciences Inc 8,100,989

1,019,000 Mitsubishi UFJ Financial Group Inc 6,497,807 93,875 Questcor Pharmaceuticals Inc 5,568,582

452,408 Boston Scientific Corp 5,294,366 184,600 Otsuka Holdings Co Ltd 5,286,964 105,376 GameStop Corp 5,239,778 175,006 Tyson Foods Inc 5,022,343 127,221 Pandora A/S 5,012,395

586 A.P. Moller-Maersk A/S-B 5,012,222 193,905 Myriad Genetics Inc 4,903,186

Other Purchases 527,668,383 Total Cost of Purchases for the period 953,571,803


STATEMENT OF CHANGES IN THE PORTFOLIO (Continued) Old Mutual Global Equity Absolute Return Fund For the period ended 30th November 2013 (Expressed in US Dollars)

36

Aggregate sales greater than one per cent of the total value of sales Units Security Description Coupon Maturity Date Proceeds USD 50,000,000 United States Treasury Bill 0.00% 3-Oct-13 50,000,000 50,000,000 United States Treasury Bill 0.00% 12-Sep-13 50,000,000 50,000,000 United States Treasury Bill 0.00% 5-Dec-13 49,995,157 45,000,000 United States Treasury Bill 0.00% 8-Aug-13 45,000,000 45,000,000 United States Treasury Bill 0.00% 29-Aug-13 45,000,000 28,200,000 United States Treasury Bill 0.00% 11-Jul-13 28,200,000 20,000,000 United States Treasury Bill 0.00% 22-Aug-13 20,000,000 17,000,000 United States Treasury Bill 0.00% 13-Jun-13 17,000,000 586 A.P. Moller-Maersk A/S-B 5,415,778 19,529 Biogen Idec Inc 4,866,163 100,404 Seagate Technology 4,803,681 100,141 Trinity Industries Inc 4,761,571 128,969 Amadeus IT Holding SA - A Shares 4,544,660 498,906 Distribuidora International 4,430,950 23,018 Visa Inc-Class A Shares 4,330,131 115,107 General Motors Co 4,287,689 24,472 Novo-Nordisk A/S - B 4,237,061 21,895 International Business Machines Inc 4,236,358 101,863 Gap Inc/The 4,168,938 307,969 Marvell Technology Group Ltd 4,156,209 Other Sales 279,061,616 Total Proceeds of Sales for the period 638,495,962 The fund invests its surplus liquidity in treasury bills issued by the US government in order to minimise exposure to the banking system. These are short-term securities issued at a discount to their face value and are typically held to maturity. All bills matured within 2 months of purchase. Bills held to maturity are shown as sales in the above table.


INVESTMENT MANAGER’S REPORT (Continued) Old Mutual Global Strategic Bond Fund For the period ended 30th November 2013

37

Performance From 1st June 2013 to 30th November 2013 Old Mutual Global Strategic Bond Fund -1.53% GBP Libor 1m 0.09% MorningStar (IMA) Global Bond 0.25% Sector ranking 17/22 Source: Morningstar, bid to bid, basic rate tax, unadjusted Review US monetary policy dominated financial markets in the six-months to November 2013. Ambiguity surrounding the Federal Reserve’s policy stance resulted in US Treasury bond volatility spikes not seen since 2011. June-July shifts were mostly the result of Fed communication, whilst August-October moves down were due to geopolitical threats in the form of Syria and US domestic politics (Washington shutdown). Previously at May’s Joint Economic Committee of Congress in Washington, Chairman Bernanke stated premature Fed tightening would endanger recovery. In June’s Fed press conference Bernanke said higher bond yields were desirable (with respect to the mortgage market), resulting in the market pricing an end to quantitative easing and near-zero central bank interest rates. The media dubbed the event “taper-gate” as bond prices fell viciously. Further, equity and corporate bond markets experienced sharp losses on the expectation the Fed would begin to reduce its monthly $85bn purchases of Treasury and mortgage-backed securities by September 2013. In July, Bernanke, at the Fed’s semi-annual testimony to Congress, suggested policy would remain at the status quo to bolster the economy (without regard to comments made the prior month) – despite Fed minutes showing broad support for “tapering”. By mid-August, following impressive employment data, market consensus was for “tapering” to be formally announced in September. A threat of US military intervention in Syria saw another layer of uncertainty for markets. To boot, politicians in Washington failed to raise the statutory debt limit in September resulting in a government shutdown. Consequently the Fed did not announce “tapering”. Whilst the US government reopened in October, the shutdown was expected to have placed a speed-hump in the economic recovery thereby pushing market expectations for “tapering” to 2014. Away from the US, Japan appeared to embrace “Abenomics”, posting stellar improvements in data, although long-term reform remains deficient. In a welcome break from past form Europe, save for Silvio Berlusconi’s attempt to derail the coalition in Italy formed earlier this year, remained relatively quiet. Confidence improved (albeit from a low point), and generally pointed to stabilisation. Summer 2013 saw a remarkable turnaround in perceptions from a universal sense that growth in the UK was weak, fragile and insufficient to gain momentum; to a world where growth was firmly back on the agenda. The appointment of the Bank of England’s new governor, Mark Carney, was preceded by an expectation that more QE, more exceptional stimulus, would be needed. However the governor proved much more bullish on the economy than expected and subsequent data proved him correct. China once again avoided a slowdown, although it did experience a liquidity crunch. In general emerging market momentum eased. The majority of government bond market yields rose. Only Japan, Italy and Spain fell. Corporate spreads tightened on a chase for yield with sub-investment grade performing very well. Equity markets rose. Flows into Europe turned very positive as investors looked to cheaper valuations and prospects for stabilisation in Europe. Currencies saw GBP and EUR performing well, whilst AUD dropped sharply. A combination of central bank rate cuts, falling commodity prices (weaker China/emerging market demand, reduced investor appetite) and domestic central bank rhetoric saw commodity-linked currencies punished. This was also true of twin-deficit emerging market currencies. Falling inflation expectations also resulted in declining breakeven inflation rates. Within the commodity complex agriculture and precious materials were the fallers whilst Brent crude oil rose.


INVESTMENT MANAGER’S REPORT (Continued) Old Mutual Global Strategic Bond Fund For the period ended 30th November 2013

38

Review (Continued) Fund performance was -1.53% against the IMA-Global Bond sector (average 0.25%). Corporate bonds added to return. Government bonds and currency detracted. Within government bonds, index-linked bonds in the US were the principal drag. Currency-wise, AUD & NOK fell against the fund’s base currency (USD) resulting in a drag to headline return. Duration management overall was mixed with returns from US Treasuries and gilts benign (given neutral-short positioning) and slippage from short positioning in Italy which rallied despite the political issues. The fund has run an outright negative duration strategy for the period expecting bond yields to rise – the exception being earlier in June prior to the Fed meeting where internal indicators showed lower bond yields were justified. During episodic events, such as Syria and the US shutdown, the magnitude of the negative duration position was reduced to protect the fund’s unit price. Activity has focused on reducing the maturity and exposure of the index-linked holdings as inflation expectations should rise in the nearer-term given growth prospects. Further, corporate holdings were reduced, banking profits. In currencies there has been a focus on holding base USD and USD-growth linked currencies to benefit from a US upswing and reduction in dollar supply. Outlook Looking forward we are in a three-speed global economy with divergent central bank policies. US monetary policymakers have clearly signalled their wish to stop balance sheet expansion and the economy appears to be hitting “escape velocity”, suggesting higher yields are justified. The latter is also true of the UK. Japan looks intent to devalue their way to prosperity, overlooking structural impedances. Meanwhile Europe by many metrics is mired in a period of painful adjustment and emerging market momentum has waned. Both also remain at the mercy of US monetary policy. Long-term strategic positioning continues with negative duration, holding index-linked government bonds given credit growth expectations and its inflation corollary. Robust corporates are attractive only selectively and currency dynamics remain positive for the US dollar, despite its own longer-term issues.


SCHEDULE OF INVESTMENTS Old Mutual Global Strategic Bond Fund As at 30th November 2013 (Expressed in US Dollars)

39

Investments Coupon Maturity


Fair Value USD


Bonds 97.57% (31.05.2013: 93.55% ) Aerospace/Defense - 0.46% BAE Systems PLC 4.125 08/06/2022 600,000 1,003,933 0.46%

1,003,933 0.46% Agriculture - 0.26% Imperial Tobacco Finance PLC 3.500 11/02/2023 600,000 568,995 0.26%

568,995 0.26% Auto Parts&Equipment - 0.43% GKN Holdings PLC 5.375 19/09/2022 300,000 520,905 0.24% Rhino Bondco S.P.A 5.780 15/12/2019 300,000 407,880 0.19%

928,785 0.43% Banks - 7.79% Abbey National Treasury Services PLC/London 3.050 23/08/2018 280,000 290,839 0.13% ABN AMRO Bank NV 7.125 06/07/2022 700,000 1,148,322 0.53% Bank of America Corp 7.000 31/07/2028 400,000 838,220 0.39% Bank of America Corp 3.300 11/01/2023 400,000 379,094 0.18% Bank of America Corp 5.200 01/06/2023 622,000 565,709 0.26% Barclays Bank PLC 10.000 21/05/2021 450,000 963,258 0.45% Barclays Bank PLC 7.625 21/11/2022 600,000 630,195 0.29% BPCE SA 5.700 22/10/2023 200,000 206,028 0.09% Citigroup Inc 3.500 15/05/2023 750,000 696,469 0.32% Citigroup Inc 5.500 13/09/2025 600,000 634,503 0.29% Credit Suisse AG 5.750 18/09/2025 800,000 1,149,717 0.53% Deutsche Bank AG 4.296 24/05/2028 1,200,000 1,098,144 0.51% ING Bank NV 5.800 25/09/2023 1,000,000 1,043,905 0.48% JPMorgan Chase & Co 3.375 01/05/2023 1,200,000 1,115,994 0.52% JPMorgan Chase & Co 5.150 01/05/2023 1,150,000 1,038,283 0.48% LBG Capital No.1 PLC 7.588 12/05/2020 600,000 1,027,183 0.47% Royal Bank of Scotland Group PLC 6.100 10/06/2023 1,150,000 1,165,456 0.54% Royal Bank of Scotland PLC/The 9.500 16/03/2022 500,000 584,448 0.27% Santander UK PLC 5.000 07/11/2023 800,000 800,180 0.37% Societe Generale SA 4.000 07/06/2023 500,000 684,649 0.32% UBS AG 4.750 22/05/2023 800,000 793,112 0.37%

16,853,708 7.79% Building Materials - 0.27% Cemex SAB de CV 5.875 25/03/2019 600,000 590,259 0.27%

590,259 0.27% Chemicals - 0.52% Solvay Finance SA 5.425 12/11/2023 800,000 1,120,977 0.52%

1,120,977 0.52% Computers - 0.07% Oberthur Technologies Holding SAS 9.250 30/04/2020 100,000 142,132 0.07%

142,132 0.07% Cosmetics/Personal Care - 0.27% Albea Beauty Holdings SA 8.750 01/11/2019 400,000 575,879 0.27%

575,879 0.27%


SCHEDULE OF INVESTMENTS (Continued) Old Mutual Global Strategic Bond Fund As at 30th November 2013 (Expressed in US Dollars)

40



Fair Value USD


Bonds 97.57% (31.05.2013: 93.55% ) (Continued) Distribution/Wholesale - 0.17% Matalan Finance PLC 9.625 31/03/2017 250,000 378,772 0.17%

378,772 0.17% Diversified Financial Services - 0.87% Arrow Global Finance PLC 7.875 01/03/2020 400,000 684,625 0.32% GE Capital UK Funding 4.375 31/07/2019 676,000 1,195,295 0.55%

1,879,920 0.87% Electric - 1.13% Electricite de France 5.250 29/01/2023 1,200,000 1,184,016 0.55% NGG Finance PLC 5.625 18/06/2073 500,000 825,913 0.38% RWE AG 7.000 12/10/2072 400,000 436,492 0.20%

2,446,421 1.13% Engineering&Construction - 0.40% Abengoa Finance SAU 8.875 05/02/2018 400,000 578,188 0.27% Astaldi SpA 7.125 01/12/2020 200,000 283,173 0.13%

861,361 0.40% Food - 0.26% R&R Pik PLC 9.250 10/05/2018 400,000 561,842 0.26%

561,842 0.26% Gas - 0.16% Wales & West Utilities Finance PLC 4.625 13/12/2023 200,000 350,075 0.16%

350,075 0.16% Holding Companies-Diversified - 0.49% AA PIK Co LTD 9.500 07/11/2019 300,000 491,354 0.23% GCS Holdco Finance I SA 6.500 15/11/2018 400,000 558,967 0.26%

1,050,321 0.49% Insurance - 3.22% Aviva PLC 6.1250 16/11/2036 400,000 703,056 0.33% Aviva PLC 6.6250 03/06/2041 350,000 642,527 0.30% Direct Line Insurance Group PLC 9.2500 27/04/2042 400,000 824,619 0.38% Friends Life Group PLC 7.8750 08/11/2049 1,000,000 1,080,225 0.50% Legal & General Group PLC 10.0000 23/07/2041 300,000 670,291 0.31% RL Finance Bonds No. 2 PLC 6.1250 30/11/2043 500,000 828,282 0.38% Scottish Widows PLC 5.5000 16/06/2023 700,000 1,169,231 0.54% Standard Life PLC 5.5000 04/12/2042 600,000 1,033,354 0.48%

6,951,585 3.22% Iron/Steel - 0.24% Glencore Funding LLC 4.125 30/05/2023 550,000 515,204 0.24%

515,204 0.24% Miscellaneous Manufacturer - 0.28% Bombardier Inc 6.125 15/01/2023 600,000 597,750 0.28%

597,750 0.28%



41



Fair Value USD


Bonds 97.57% (31.05.2013: 93.55% ) (Continued) Oil & Gas - 0.72% Petrobras Global Finance BV 4.375 20/05/2023 934,000 849,127 0.39% Petroleos Mexicanos 8.250 02/06/2022 350,000 706,246 0.33%

1,555,373 0.72% Regional - 3.47% Queensland Treasury Corp 6.000 14/09/2017 4,150,000 4,119,558 1.91% Queensland Treasury Corp 6.000 14/09/2017 3,400,000 3,375,354 1.56%

7,494,912 3.47% Retail - 0.80% Edcon Pty Ltd 9.500 01/03/2018 400,000 569,398 0.26% New Look Bondco I PLC 8.750 14/05/2018 400,000 689,527 0.32% Phosphorus Holdco PLC 10.000 01/04/2019 300,000 466,318 0.22%

1,725,243 0.80%

Savings&Loans - 0.52% Nationwide Building Society 4.125 20/03/2023 800,000 1,122,028 0.52%

1,122,028 0.52% Sovereign - 73.08% United Kingdom Gilt Inflation Linked 1.604 22/11/2017 10,850,000 25,696,269 11.89% United Kingdom Gilt Inflation Linked 2.268 22/11/2022 4,390,000 10,668,277 4.94% United Kingdom Treasury Bill 0.000 02/12/2013 14,000,000 22,874,728 10.58% United Kingdom Treasury Bill 0.000 06/01/2014 15,000,000 24,503,368 11.34% United Kingdom Treasury Bill 0.000 16/12/2013 5,000,000 8,168,810 3.78% United Kingdom Treasury Bill 0.000 27/01/2014 3,000,000 4,899,742 2.27% United States Treasury Bill 0.000 12/12/2013 41,000,000 40,999,672 18.97% United States Treasury Inflation Indexed Bonds 0.126 15/04/2018 19,250,000 20,122,649 9.31%

157,933,515 73.08% Telecommunications - 1.16% Matterhorn Financing & CY SCA 9.000 15/04/2019 500,000 698,814 0.32% Mobile Challenger Intermediate Group SA 8.750 15/03/2019 500,000 700,175 0.32% UPC Holding BV 6.375 15/09/2022 400,000 552,891 0.26% Wind Acquisition Holdings Finance SA 12.250 15/07/2017 400,000 566,028 0.26%

2,517,908 1.16% Transportation -0.23% Topaz Marine SA 8.625 01/11/2018 500,000 503,738 0.23%

503,738 0.23% Water - 0.30% Anglian Water Services Financing PLC 4.500 22/02/2026 400,000 644,482 0.30%

644,482 0.30%

Total Bonds 210,875,118 97.57%



42


Open Futures Contracts (0.80%) (31.05.2013: (0.24%))**

Maturity Date

No. of Contracts



Unrealised (Loss) on Open Futures Contracts - (0.80%) (31.05.2013: (0.51%)) Long Gilt Future 27/03/2014 (359) (181,842) (0.08%) Euro BTP Future 06/12/2013 (139) (1,135,116) (0.53%) US Long Bond (CBT) 20/03/2014 (566) (168,627) (0.08%) Japan 10 Year Bond 11/12/2013 (12) (239,866) (0.11%) Total Unrealised (Loss) on Open Futures Contracts (1,725,451) (0.80%)

Net Unrealised (Loss) on Open Futures Contracts (1,725,451) (0.80%)

Forward Currency Exchange Contracts - (0.42)% (31.05.2013: 0.19%)*

Settlement Date

Buy Currency

Amount Bought

Sell Currency

Amount Sold

Unrealised Gain USD


Unrealised Gain on Forward Currency Exchange Contracts 0.38% (31.05.2013: 0.68%) 19/12/2013 CHF 419,933 USD 461,460 3,135 0.00% 19/12/2013 USD 5,874,523 AUD 6,254,150 193,202 0.10% 19/12/2013 USD 5,461,163 CAD 5,719,143 63,492 0.03% 19/12/2013 USD 395,697 JPY 39,531,948 9,155 0.00% 31/12/2013 CHF 31,122 USD 34,208 227 0.00% 31/12/2013 EUR 33,031,477 USD 44,688,025 268,938 0.12% 31/12/2013 GBP 22,331,090 USD 36,191,089 288,175 0.13% Total Unrealised Gain on Forward Currency Exchange Contracts 826,324 0.38%

Settlement Date Buy Currency

Amount Bought

Sell Currency

Amount Sold



Unrealised (Loss) on Forward Currency Exchange Contracts (0.80%) (31.05.2013: (0.49%)) 31/12/2013 USD 251,682 EUR 185,810 (1,213) 0.00% 31/12/2013 USD 722,020 GBP 445,802 (6,228) 0.00% 19/12/2013 CAD 11,001,312 USD 10,550,064 (167,071) (0.07%) 19/12/2013 MXN 70,014,258 USD 5,422,712 (82,514) (0.04%) 19/12/2013 USD 16,034,405 EUR 11,841,820 (82,869) (0.04%) 19/12/2013 USD 104,001,157 GBP 64,517,648 (1,402,302) (0.65%) Total Unrealised (Loss) on Forward Currency Exchange Contracts (1,742,197) (0.80%)

Net Unrealised (Loss) on Forward Currency Exchange Contracts (915,873) (0.42%)



43


Forward Currency Exchange Contracts - (0.42)% (31.05.2013: 0.19%)* (Continued)

Settlement Date

Buy Currency

Amount Bought

Sell Currency

Amount Sold



Unrealised (Loss) on Forward Currency Exchange Contracts (0.80%) (31.05.2013: (0.49%)) 31/12/2013 USD 251,682 EUR 185,810 (1,213) 0.00% 31/12/2013 USD 722,020 GBP 445,802 (6,228) 0.00% 19/12/2013 CAD 11,001,312 USD 10,550,064 (167,071) (0.07%) 19/12/2013 MXN 70,014,258 USD 5,422,712 (82,514) (0.04%) 19/12/2013 USD 16,034,405 EUR 11,841,820 (82,869) (0.04%) 19/12/2013 USD 104,001,157 GBP 64,517,648 (1,402,302) (0.65%) Total Unrealised (Loss) on Forward Currency Exchange Contracts (1,742,197) (0.80%)

Net Unrealised (Loss) on Forward Currency Exchange Contracts (915,873) (0.42%)

Swap Contracts (0.39%) (31.05.2013: Nil)

Unrealised (Loss) on Swap Contracts (0.39%) (31.05.2013: Nil) Swap contract no.34 (841,575) (0.39%) Total Unrealised (Loss) on Swap Contracts (841,575) (0.39%)

Net Unrealised (Loss) on Swap Contracts (841,575) (0.39%)

Total Investments 207,392,219 95.96%

Cash at Bank 25,730,855 11.91% Other Net Assets (17,004,996) (7.87%)

Total Net Assets Attributable to Holders of Redeemable Participating Shares 216,118,078 100.00%

Analysis of total assets: Transferable securities admitted to an official stock exchange listing or traded on a regulated market 84.78% Exchange traded financial derivative instruments 0.33% Other current assets 14.89% 100.00% All of the above securities are transferable securities listed on a recognised stock exchange. *The counterparties for the Forward Exchange Contracts are Citibank N.A. London Branch, Royal Bank of Scotland, Westpac Banking Corporation, Danske Bank, State Street Securities and JP Morgan Securities. **The counterparty for the Open Futures Contracts is Merrill Lynch.


STATEMENT OF CHANGES IN THE PORTFOLIO Old Mutual Global Strategic Bond Fund As at 30th November 2013 (Expressed in US Dollars)

44

Aggregate purchases greater than one per cent of the total value of purchases Units Security Description Coupon Maturity date Cost USD 41,000,000 United States Treasury Bill 0.00% 12-Dec-13 40,998,953 37,000,000 United States Treasury Bill 0.00% 29-Aug-13 36,999,334 34,090,000 United States Treasury Inflation Indexed Bonds 0.13% 15-Apr-18 35,041,788 25,000,000 United States Treasury Bill 0.00% 8-Aug-13 24,999,900 25,000,000 United States Treasury Bill 0.00% 26-Sep-13 24,999,319 15,000,000 United Kingdom Treasury Bill 0.00% 6-Jan-14 24,471,414 14,000,000 United Kingdom Treasury Bill 0.00% 11-Nov-13 22,506,244 14,000,000 United Kingdom Treasury Bill 0.00% 2-Dec-13 22,488,465 21,000,000 United States Treasury Bill 0.00% 21-Nov-13 21,000,000 21,000,000 United States Treasury Bill 0.00% 19-Sep-13 20,999,726 11,644,900 United Kingdom Treasury Bill 0.00% 27-Aug-13 18,025,087 10,000,000 United Kingdom Treasury Bill 0.00% 18-Nov-13 16,128,087 10,000,000 United Kingdom Treasury Bill 0.00% 28-Oct-13 16,084,415 10,000,000 United Kingdom Treasury Bill 0.00% 23-Sep-13 15,600,000 10,000,000 United Kingdom Treasury Bill 0.00% 30-Sep-13 15,498,730 10,000,000 United Kingdom Treasury Bill 0.00% 2-Sep-13 15,143,747 9,500,000 United Kingdom Treasury Bill 0.00% 22-Jul-13 14,587,044 7,920,000 United Kingdom Treasury Bill 0.00% 5-Aug-13 12,157,740 12,000,000 United States Treasury Bill 0.00% 15-Aug-13 11,999,964 5,000,000 United Kingdom Treasury Bill 0.00% 16-Dec-13 8,101,565 3,500,000 United Kingdom Gilt Inflation Linked 1.25% 22-Nov-17 7,871,976 5,000,000 United Kingdom Treasury Bill 0.00% 12-Aug-13 7,665,782 6,000,000 United States Treasury Bill 0.00% 22-Aug-13 5,999,950 2,460,000 United States Treasury Inflation Indexed Bonds 3.63% 15-Apr-28 5,136,323 3,000,000 United Kingdom Treasury Bill 0.00% 27-Jan-14 4,858,972 Other Purchases 33,462,240 Total Cost of Purchases for the period 482,826,765


STATEMENT OF CHANGES IN THE PORTFOLIO (Continued) Old Mutual Global Strategic Bond Fund As at 30th November 2013 (Expressed in US Dollars)

45

Aggregate sales greater than one per cent of the total value of sales Units Security Description Coupon Maturity date Proceeds USD 25,860,000 United States Treasury Inflation Indexed Bonds 3.63% 15-Apr-28 51,160,118 37,000,000 United States Treasury Bill 0.00% 29-Aug-13 37,000,000 15,290,000 United States Treasury Inflation Indexed Bonds 3.38% 15-Apr-32 27,869,681 26,540,000 United States Treasury Inflation Indexed Bonds 0.13% 15-Apr-18 27,623,369 25,000,000 United States Treasury Bill 0.00% 8-Aug-13 25,000,000 25,000,000 United States Treasury Bill 0.00% 26-Sep-13 24,999,890 14,000,000 United Kingdom Treasury Bill 0.00% 11-Nov-13 22,503,600 9,460,000 United Kingdom Gilt Inflation Linked 1.88% 22-Nov-22 22,088,135 21,000,000 United States Treasury Bill 0.00% 21-Nov-13 21,000,000 21,000,000 United States Treasury Bill 0.00% 19-Sep-13 21,000,000 11,644,900 United Kingdom Treasury Bill 0.00% 27-Aug-13 18,133,438 10,000,000 United Kingdom Treasury Bill 0.00% 28-Oct-13 16,197,000 10,000,000 United Kingdom Treasury Bill 0.00% 30-Sep-13 16,087,500 10,000,000 United Kingdom Treasury Bill 0.00% 18-Nov-13 16,076,500 10,000,000 United Kingdom Treasury Bill 0.00% 23-Sep-13 16,027,000 10,000,000 United Kingdom Treasury Bill 0.00% 2-Sep-13 15,502,000 9,500,000 United Kingdom Treasury Bill 0.00% 22-Jul-13 14,491,775 5,520,000 United Kingdom Gilt Inflation Linked 1.25% 22-Nov-27 13,177,227 12,000,000 United States Treasury Bill 0.00% 15-Aug-13 12,000,000 7,920,000 United Kingdom Treasury Bill 0.00% 5-Aug-13 11,996,424 5,000,000 United Kingdom Treasury Bill 0.00% 12-Aug-13 7,766,250 6,000,000 United States Treasury Bill 0.00% 22-Aug-13 6,000,000 Other Sales 62,572,256 Total Proceeds of Sales for the period 506,272,163 The fund invests its surplus liquidity in treasury bills issued by the US and UK governments in order to minimise exposure to the banking system. These are short-term securities issued at a discount to their face value and are typically held to maturity. All bills matured within 3 months of purchase. Bills held to maturity are shown as sales in the above table.


INVESTMENT MANAGER’S REPORT Old Mutual UK Opportunities Fund For the period ended 30th November 2013

46

The fund was closed during the period and investors transferred to an alternative, UK domiciled fund.


STATEMENT OF CHANGES IN THE PORTFOLIO (Continued) Old Mutual UK Opportunities Fund For the period ended 30th November 2013 (Expressed in Sterling)

47

Aggregate purchases greater than one per cent of the total value of purchases During the period, the investment manager primarily used contracts for differences to achieve its investment objective of investing in equities listed on recognised exchanges. The aggregate purchases listed below reflect the way the cash has been managed rather than exposure to equities. More information around the material holdings within the fund are listed in the monthly fund factsheets found on the investment manager’s website, http://www.omglobalinvestors.com/. Units Security Description Coupon Maturity Date Cost GBP 1,000,000 United Kingdom Treasury Bill 0.00% 27-Aug-13 999,770 1,000,000 United Kingdom Treasury Bill 0.00% 2-Sep-13 999,678 1,000,000 United Kingdom Treasury Bill 0.00% 5-Aug-13 999,584 1,000,000 United Kingdom Treasury Bill 0.00% 22-Jul-13 999,584 1,000,000 United Kingdom Treasury Bill 0.00% 16-Sep-13 999,465 15,270 Carphone Warehouse Group PLC 33,899 1,225 Keller Group PLC 10,904 Other Purchases - Total Cost of Purchases for the period 5,042,884


STATEMENT OF CHANGES IN THE PORTFOLIO (Continued) Old Mutual UK Opportunities Fund For the period ended 30th November 2013 (Expressed in Sterling)

48

Aggregate sales greater than one per cent of the total value of sales Units Security Description Coupon Maturity Date Proceeds GBP 1,000,000 United Kingdom Treasury Bill 0.00% 2-Sep-13 1,000,000 1,000,000 United Kingdom Treasury Bill 0.00% 22-Jul-13 1,000,000 1,000,000 United Kingdom Treasury Bill 0.00% 17-Jun-13 1,000,000 1,000,000 United Kingdom Treasury Bill 0.00% 15-Jul-13 1,000,000 1,000,000 United Kingdom Treasury Bill 0.00% 27-Aug-13 1,000,000 1,000,000 United Kingdom Treasury Bill 0.00% 3-Jun-13 1,000,000 1,000,000 United Kingdom Treasury Bill 0.00% 16-Sep-13 1,000,000 1,000,000 United Kingdom Treasury Bill 0.00% 8-Jul-13 1,000,000 1,000,000 United Kingdom Treasury Bill 0.00% 5-Aug-13 999,942 Total Proceeds of Sales for the period 8,999,942 The fund invests its surplus liquidity in treasury bills issued by the UK government in order to minimise exposure to the banking system. These are short-term securities issued at a discount to their face value and are typically held to maturity. All bills matured within 2 months of purchase. Bills held to maturity are shown as sales in the above table.


BALANCE SHEET As at 30th November 2013

49

Old Mutual UK Smaller Companies

Focus Fund Old Mutual UK

Dynamic Equity Fund

Old Mutual Global Equity Absolute

Return Fund Old Mutual Global

Strategic Bond Fund *Old Mutual UK

Opportunities Fund Total

As at 30th November

2013 As at 30th November



2013 As at 30th

November 2013 As at 30th November

2013 GBP GBP USD USD GBP GBP Notes Assets Equities 106,450,241 56,538,857 417,845,586 - - 418,716,376 REITS 2,485,218 - - - - 2,485,218 Certificates of Deposit - 40,000,843 - - - 40,000,843 Bonds - 104,565,858 74,015,604 210,875,118 - 278,922,920 Unrealised gain on forward currency exchange contracts - - 6,200,733 826,324 - 4,300,656 Unrealised gain on contracts for difference - 2,770,296 2,802,810 - - 4,485,654 Cash at Bank 2 1,859,151 82,845,992 53,157,453 25,730,855 3,011,320 135,997,199 Margin held with Brokers - 24,641,403 6,223,694 8,285,445 54,391 33,575,588 Debtors - Amounts falling due within one year 3 3,505,325 2,444,643 38,996,399 3,015,017 3,196,406 34,857,942 Total Assets 114,299,935 313,807,892 599,242,279 248,732,759 6,262,117 953,342,396 Liabilities Unrealised (loss) on swaps - - - 841,575 - 515,056 Unrealised loss on forward currency exchange contracts - 5,474 2,528,519 1,742,197 - 2,619,211 Unrealised loss on open futures contracts - - - 1,725,451 - 1,056,000 Unrealised loss on contracts for difference - 1,968,202 4,082,556 - - 4,466,783 Bank Overdraft - - 1,029,389 - - 630,000 Margin held with Brokers - 168,579 6,365,813 - - 4,064,545 Creditors - Amounts falling due within one year 4 3,222,326 6,460,086 52,346,772 28,305,458 6,262,117 65,304,809 Total Liabilities 3,222,326 8,602,341 66,353,049 32,614,681 6,262,117 78,656,404 Net Assets Attributable to Holders of Redeemable Participating Shares (for financial statement purposes) 111,077,609 305,205,551 532,889,230 216,118,078 - 874,685,992 *The Net Assets of Old Mutual UK Opportunities Fund were transferred to Old Mutual UK Opportunities a sub-fund of Old Mutual Investment Fund Series I on 2nd August, 2013.


BALANCE SHEET (Continued) As at 30th November 2013

50


Focus Fund Old Mutual UK

Dynamic Equity Fund


Return Fund Old Mutual Global

Strategic Bond Fund

*Old Mutual UK Opportunities

Fund Total

As at 30th November




2013 As at 30th

November 2013 As at 30th November

2013 GBP GBP USD USD GBP GBP Notes Reconciliation to dealing Net Asset Value: Net Assets Attributable to Holders of Redeemable Participating Shares (for shareholder dealing purposes) 111,077,609 305,205,551 532,889,230 216,147,612 - 874,704,067 Adjustment for Preliminary Expenses - - - (29,534) - (18,075) Adjustment from Mid Market Prices to Bid/Offer Prices - - - - - - Net Assets Attributable to Holders of Redeemable Participating Shares (for financial statement purposes) 111,077,609 305,205,551 532,889,230 216,118,078 - 874,685,992 Shares in Issue at 30th November 2013 Class A (EUR) Hedged Accumulation - - 43,172,007 3,575,141 - Class A (GBP) Hedged Accumulation - - 17,898,808 216,666 - Class A (GBP) Hedged Income - - - 1,797 - Class A (GBP) Income 12,188,151 30,435,763 - - - Class A (USD) Accumulation - - 25,716,591 - - Class I (CHF) Hedged Accumulation - - - 30,203 - Class I (EUR) Hedged Accumulation - 1,028,908 142,351,110 27,137,421 - Class I (USD) Accumulation - - 14,856,844 124,617,493 - Class R (GBP) Hedged Accumulation - - 47,801,995 12,032,541 - Class R (GBP) Hedged Income - - - 8,425,223 - Class R (GBP) Income 15,102,276 86,544,454 - - - *The Net Assets of Old Mutual UK Opportunities Fund were transferred to Old Mutual UK Opportunities a sub-fund of Old Mutual Investment Fund Series I on 2nd August, 2013.


BALANCE SHEET (Continued) As at 30th November 2013

51


Focus Fund

Old Mutual UK Dynamic Equity

Fund


Return Fund

Old Mutual Global Strategic Bond

Fund *Old Mutual UK

Opportunities Fund

As at 30th

November 2013 As at 30th




November 2013 GBP GBP USD USD GBP Net Asset Value Per Share at 30th November 2013 Class A (EUR) Hedged Accumulation - - 1.62 1.43 - Class A (GBP) Hedged Accumulation - - 2.18 1.80 - Class A (GBP) Hedged Income - - - 1.64 - Class A (GBP) Income 7.55 2.57 - - - Class A (USD) Accumulation - - 1.05 - - Class I (CHF) Hedged Accumulation - - - 1.16 - Class I (EUR) Hedged Accumulation - 2.16 1.88 1.46 - Class I (USD) Accumulation - - 1.37 1.09 - Class R (GBP) Hedged Accumulation - - 2.27 1.77 - Class R (GBP) Hedged Income - - - 1.67 - Class R (GBP) Income 1.26 2.60 - -

*The Net Assets of Old Mutual UK Opportunities Fund were transferred to Old Mutual UK Opportunities a sub-fund of Old Mutual Investment Fund Series I on 2nd August, 2013. The accompanying notes form an integral part of the financial statements.


BALANCE SHEET As at 31st May 2013

52


Focus Fund


Fund


Return Fund


Fund Old Mutual UK

Opportunities Fund Total As at 31st May 2013 As at 31st May 2013 As at 31st May 2013 As at 31st May 2013 As at 31st May 2013 As at 31st May 2013 GBP GBP USD USD GBP GBP Notes Assets Equities 81,745,031 32,816,725 108,721,851 - 37,889 186,311,175 REITS 1,107,530 - - - - 1,107,530 Certificates of Deposit - 61,000,923 - - - 61,000,923 Bonds - 158,967,471 16,999,915 237,239,308 3,999,205 330,659,588 Unrealised gain on forward currency exchange contracts - 28 919,210 1,748,580 - 1,759,668 Unrealised gain on open futures contracts - - - 697,610 - 460,135 Unrealised gain on contracts for difference - 871,509 1,881,193 - 41,668 2,153,988 Cash at Bank 2 2,337,792 53,770,860 12,295,267 8,318,321 1,843,152 71,548,260 Margin held with Brokers - 18,532,890 1,677,733 10,109,511 27,076 26,334,680 Debtors - Amounts falling due within one year 3 232,740 3,002,373 9,884,402 24,586,487 99,532 26,071,199 Total Assets 85,423,093 328,962,779 152,379,571 282,699,817 6,048,522 707,407,146 Liabilities Unrealised loss on forward currency exchange contracts - 572 388,028 1,268,485 - 1,093,186 Unrealised loss on open futures contracts - - - 1,308,813 - 863,276 Unrealised loss on contracts for difference - 2,504,161 977,900 - 44,989 3,194,160 Margin held with Brokers - - 2,168,323 - - 1,430,198 Creditors - Amounts falling due within one year 4 720,081 50,888,485 11,194,492 26,553,480 108,016 76,614,657 Total Liabilities 720,081 53,393,218 14,728,743 29,130,778 153,005 83,195,477 Net Assets Attributable to Holders of Redeemable Participating Shares (for financial statement purposes) 84,703,012 275,569,561 137,650,828 253,569,039 5,895,517 624,211,669


BALANCE SHEET (Continued) As at 31st May 2013

53


Focus Fund


Fund


Return Fund


Fund Old Mutual UK

Opportunities Fund Total As at 31st May 2013 As at 31st May 2013 As at 31st May 2013 As at 31st May 2013 As at 31st May 2013 As at 31st May 2013 GBP GBP USD USD GBP GBP Notes Reconciliation to dealing Net Asset Value: Net Assets Attributable to Holders of Redeemable Participating Shares (for shareholder dealing purposes) 84,703,012 275,569,561 137,650,828 253,612,061 5,915,721 624,260,250 Adjustment for Preliminary Expenses - - - (43,022) (20,204) (48,581) Adjustment from Mid Market Prices to Bid/Offer Prices - - - - - - Net Assets Attributable to Holders of Redeemable Participating Shares (for financial statement purposes) 84,703,012 275,569,561 137,650,828 253,569,039 5,895,517 624,211,669

Shares in Issue at 31st May 2013 Class A (EUR) Hedged Accumulation Shares - - 14,468,156 10,739,340 - Class A (GBP) Accumulation Shares - - - - 3,084,654 Class A (GBP) Hedged Accumulation Shares - - 10,334,353 68,761 - Class A (GBP) Hedged Income Shares - - - 52,072 - Class A (GBP) Income Shares 12,815,348 34,956,593 - - - Class A (USD) Accumulation shares - - 1,734,167 - - Class I (CHF) Hedged Accumulation Shares - - - 48,178 - Class I (EUR) Hedged Accumulation Shares - 119,600 11,227,669 47,037,350 - Class I (SEK) Hedged Accumulation Shares - - - 14,991,854 - Class I (USD) Accumulation Shares - - 21,574,058 105,971,124 - Class R (GBP) Accumulation Shares - - - - 2,100,876 Class R (GBP) Hedged Accumulation Shares - - 22,308,603 10,828,215 - Class R (GBP) Hedged Income Shares - - - 8,481,468 - Class R (GBP) Income Shares 2,339,423 85,388,523 - - -


BALANCE SHEET (Continued) As at 31st May 2013

54


Focus Fund


Fund


Return Fund


Fund Old Mutual UK

Opportunities Fund As at 31st May 2013 As at 31st May 2013 As at 31st May 2013 As at 31st May 2013 As at 31st May 2013 GBP GBP USD USD GBP Net Asset Value Per Share at 31st May 2013 Class A (EUR) Hedged Accumulation Shares - - 1.50 1.40 - Class A (GBP) Accumulation Shares - - - - 1.14 Class A (GBP) Hedged Accumulation Shares - - 1.97 1.70 - Class A (GBP) Hedged Income Shares - - - 1.56 - Class A (GBP) Income Shares 6.41 2.27 - - - Class A (USD) Accumulation shares - - 1.01 - - Class I (CHF) Hedged Accumulation Shares - - - 1.13 - Class I (EUR) Hedged Accumulation Shares - 1.96 1.74 1.42 - Class I (SEK) Hedged Accumulation Shares - - - 1.53 - Class I (USD) Accumulation Shares - - 1.34 1.11 - Class R (GBP) Accumulation Shares - - - - 1.15 Class R (GBP) Hedged Accumulation Shares - - 2.04 1.68 - Class R (GBP) Hedged Income Shares - - - 1.59 - Class R (GBP) Income Shares 1.07 2.29 - - -

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


SIGNIFICANT ACCOUNTING POLICIES For the period ended 30th November 2013

55

Accounting Policies: The significant accounting policies adopted by the Company are as follows:

Basis of Preparation of Financial Statements The financial statements have been prepared in accordance with Generally Accepted Accounting Practice in Ireland and in accordance with the Companies Acts, 1963 to 2012, and all Regulations to be construed as one with those Acts, and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations (the “UCITS Regulations”). Accounting Standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Accounting Standards Board. The financial statements are prepared under the historical cost convention as modified to include investments at their fair value.

The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgement about carrying values of assets and liabilities, that are not readily available from other sources.

The Company has availed of the exemption available to open-ended investment funds under FRS 1 “Cash Flow Statements” not to prepare a cash flow statement.

Valuation of Financial Instruments Classification In accordance with FRS 26, “Financial Instruments - Measurement”, the Company has classified its investments as financial assets at fair value through profit or loss.

Initial Measurement Purchases and sales of financial instruments are accounted for at trade date. Realised gains and losses on disposals of financial instruments are calculated using the average cost method. Financial instruments categorised at fair value through profit or loss, are measured initially at fair value, with transaction costs for such instruments being recognised directly in the Profit and Loss Account.

Subsequent Measurement After initial measurement, the Company measures financial instruments which are classified as at fair value through profit or loss at their fair values. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction.

The fair value of financial instruments is based on their quoted market prices on a recognised exchange or sourced from a reputable broker/counterparty in the case of non-exchange traded instruments, at the balance sheet date without any deduction for estimated future selling costs. Financial assets are valued at their quoted mid price for the purpose of pricing subscriptions and redemptions and at their bid prices for financial reporting purposes.

If a quoted market price is not available on a recognised stock exchange or from a broker/counterparty, the fair value of the financial instruments may be estimated by the Directors using valuation techniques, including the 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. There were no investments priced in this manner as at 30th November 2013 (31st May 2013: GBP Nil).

Subsequent changes in the fair value of financial instruments at fair value through profit or loss are recognised in the Profit and Loss Account.


SIGNIFICANT ACCOUNTING POLICIES (Continued) For the period ended 30th November 2013

56

Valuation of Financial Instruments (continued) Subsequent Measurement (continued) All of the investments held by the five Funds are equity securities, forwards, term deposits, money market instruments, fixed interest securities and contracts for difference.

Impairment Financial assets that are stated at cost or amortised cost are reviewed at each Balance Sheet date to determine whether there is objective evidence of impairment. If any such indication exists, an impairment loss is recognised in the Profit and Loss Account 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. Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the financial asset and the transfer qualifies for derecognition in accordance with FRS 26. The Company uses the weighted average method to determine realised gains and realised losses on derecognition. A financial liability is derecognised when the obligation specified in the contract is discharged, cancelled or expired.

Offsetting Financial Instruments Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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. Transaction costs Transaction costs for all financial assets and liabilities carried at fair value through profit or loss are expensed as incurred. Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. These include transaction costs paid to custodians, identifiable brokerage charges and commissions, identifiable transaction related market taxes and other market charges and separately identifiable transaction costs related to financial derivative instruments. Cash and Other Liquid Assets Cash, deposits and similar property are valued at their face value (together with accrued interest). Realised and Unrealised Gains on Investments Realised gains and losses on sales of investments are calculated based on an average cost basis. The associated foreign exchange movement between the date of purchase and the date of sale on the sale of investments is included in Net Gains/(Losses) on Financial Assets at Fair Value through Profit or Loss in the Profit and Loss Account. Unrealised gains and losses on investments arising during the period are taken to the Profit and Loss Account.

Forward Currency Exchange Contracts A forward currency contract involves an obligation to purchase or sell a specific currency at a future date, at a price set at the time the contract is made. Forward currency exchange contracts are valued by reference to the forward price at which a new forward contract of the same size and maturity could be undertaken at the valuation date. The unrealised gain or loss on open forward currency contracts is calculated as the difference between the contract rate and this forward price and is taken to the Profit and Loss Account. Contract for Difference A contract for difference (CFD) is an agreement between two parties to exchange the difference between the opening and closing value of a position in a specific financial instrument, such as quoted securities, index and foreign exchange. The daily changes in contract value are recorded as unrealised gains or losses and the Company recognises a realised gain or loss when the contract is closed.



57

Futures Contracts A futures contract is an agreement between two parties to buy and sell a security, index or currency at a specific price or rate at a future date. Upon entering into a futures contract, the Company is required to deposit with a broker an amount of cash or cash equivalents equal to a certain percentage of the contract amount. This is known as the initial cash margin. Subsequent payments (variation margin) are made or received by the Company each day, depending upon the daily fluctuation in the value of the contract. The daily changes in contract value are recorded as unrealised gains or losses and the Company recognises a realised gain or loss when the contract is closed. Realised and unrealised gains and losses on futures contracts are recognised in the Profit and Loss Account.

Equalisation The Fund will maintain an equalisation account with a view to ensure that the level of dividends payable on Distributing Shares is not affected by the issue and redemption of such Shares during an accounting period. The subscription price of such Shares will therefore be deemed to include an equalisation payment calculated by reference to the accrued income of the Fund and the equalisation payment will be refunded to the Shareholders as part of their first distribution, but for tax purposes will be treated as a return of capital. The redemption price of each Share will also include an equalisation payment in respect of the accrued income of the Fund up to the date of redemption.

Expenses All expenses, including management fees, administration fees and custodian fees are recognised in the Profit and Loss Account on an accruals basis. Taxation Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B(1) of the Taxes Consolidation Act 1997, as amended. It is not chargeable to Irish tax in respect of its income and gains. However, tax may arise on the happening of a “chargeable event” in the Company. A chargeable event includes any distribution payments to shareholders, or any encashment, redemption, cancellation or transfer of shares. Any tax arising on a chargeable event is a liability of the shareholders, albeit it is paid by the Company (although if the Company fails to deduct the tax or the correct amount of tax, it becomes ultimately a liability of the Company).

No Irish tax will arise on the Company in respect of chargeable events of a shareholder who is:

(i) neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997 as amended are in place; and

(ii) an exempted Irish investor (as defined in Section 739D of the Taxes Consolidation Act, 1997, as amended) who has

provided the Company with the necessary signed statutory declarations. A chargeable event does not include any transaction in relation to, or in respect of, shares which are held in a recognised clearing system designated by the Irish Revenue Commissioners. There were no chargeable events during the year under review.

Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders. Foreign Exchange Translation Functional Currency The functional and presentation currency of the Company is Sterling. This is considered to be the currency of the primary economic environment of the Company.

Transactions and Balances Assets and liabilities denominated in currencies other than the functional currency of the Funds are translated into the functional currency at the exchange rates ruling at the Balance Sheet date. Transactions in currencies other than the functional currency of the fund are translated into the functional currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions are recognised in the Profit and Loss Account in determining the results for the period. Proceeds from subscriptions and amounts paid on the redemption of Redeemable Participating Shares are translated at the rates prevailing at the dates of the transactions.



58

Redeemable Participating Shares Redeemable participating shares give the shareholders the right to require redemption for cash at the value proportionate to the investor’s share in the Company’s net assets at the redemption date and, accordingly, are classified as financial liabilities. The liability to redeemable participating shareholders is presented in the Balance Sheet as “Net Assets Attributable to Holders of Redeemable Participating Shares”.

OLD MUTUAL DUBLIN FUNDS PLC Semi-Annual Report and Audited Financial Statements

NOTES TO THE FINANCIAL STATEMENTS For the period ended 30th November 2013

59

1 General Information

Old Mutual Dublin Funds Plc (the “Company”) is an open ended umbrella investment company with variable capital and segregated liability between its sub-funds, incorporated with limited liability in Ireland pursuant to the European Communities (Undertakings for Collective Investments in Transferable Securities) Regulations, and accordingly, the Company is supervised by the Central Bank of Ireland (the “Central Bank”).

The Company has the following five sub-funds, four of which are currently operational::

Old Mutual UK Smaller Companies Focus Fund Old Mutual UK Dynamic Equity Fund Old Mutual Global Equity Absolute Return Fund Old Mutual Global Strategic Bond Fund *Old Mutual UK Opportunities Fund *The Net Assets of Old Mutual UK Opportunities Fund were transferred to Old Mutual UK Opportunities a sub-fund of Old Mutual Investment Fund Series I on 2nd August, 2013. The investment objective of the Old Mutual UK Smaller Companies Focus Fund is to provide capital growth from investing primarily in an equity portfolio of UK Smaller companies. The investment objective of the Old Mutual UK Dynamic Equity Fund is aiming to achieve capital appreciation by taking long and short positions principally in United Kingdom equities outside of the FTSE 100 Index. The investment objective of the Old Mutual Global Equity Absolute Return Fund is capital appreciation while closely controlling risk. In addition, the Fund intends to deliver absolute returns that have a low correlation with equity and bond markets. The investment objective of the Old Mutual Global Strategic Bond Fund is to optimise total returns from income and capital growth through investment in debt securities and related instruments.


NOTES TO THE FINANCIAL STATEMENTS (Continued) For the period ended 30th November 2013

60

2 Cash at Bank

Cash at Bank Old Mutual UK Smaller

Companies Focus Old Mutual UK Dynamic

Equity

Old Mutual Global Equity

Absolute Return Fund Fund Fund

As at 30th November



2013 GBP GBP USD

Current Deposits with Banks: Citibank, London 1,859,151 72,807,294 53,157,453 Royal Bank of Scotland - - (1,029,389) Sumitomo Bank Limited, Brussels - 10,038,698 - 1,859,151 82,845,992 52,128,064

Cash at Bank


Fund

Old Mutual UK Opportunities

Fund Total

As at 30th November



2013 USD GBP GBP

Current Deposits with Banks: Citibank, London 25,730,855 1,007,892 123,325,072 Royal Bank of Scotland - - (630,000) Sumitomo Bank Limited, Brussels - 2,003,428 12,042,126 25,730,855 3,011,320 135,367,198

Cash at Bank Old Mutual UK Smaller

Companies Focus Old Mutual UK Dynamic

Equity


Absolute Return Fund Fund Fund As at 31st May 2013 As at 31st May 2013 As at 31st May 2013 GBP GBP USD

Current Deposits with Banks: Citibank, London 2,337,792 23,709,786 12,295,267 Sumitomo Bank Limited, Brussels - 30,061,074 - 2,337,792 53,770,860 12,295,267

Cash at Bank


Fund


Fund Total As at 31st May 2013 As at 31st May 2013 As at 31st May 2013 USD GBP GBP

Current Deposits with Banks: Citibank, London 8,318,321 840,857 40,484,891 Sumitomo Bank Limited, Brussels - 1,002,295 31,063,369 8,318,321 1,843,152 71,548,260



61

3 Debtors – Amounts falling due within one year

Old Mutual UK Smaller Companies Focus Fund

Old Mutual UK Dynamic Equity Fund


Return Fund

As at 30th November



2013 GBP GBP USD Dividends receivable 73,705 93,781 706,667 Due from Broker 3,266,670 2,148,209 11,174,982 Due from Shareholders 164,950 151,002 9,195,838 Interest receivable - 51,651 43,365 Other assets - - 9,592 Spot FX contracts awaiting settlement - - 17,865,955 Total Debtors 3,505,325 2,444,643 38,996,399

Old Mutual Global Strategic Bond Fund

Old Mutual UK Opportunities Fund Total

As at 30th November



2013 GBP GBP GBP Dividends receivable - 20,791 620,767 Due from Broker - 3,050,102 15,304,224 Due from Shareholders 897,445 - 6,493,181 Interest receivable 766,077 211 547,252 Other assets - 125,302 131,172 Spot FX contracts awaiting settlement 1,351,495 - 11,761,345 Total Debtors 3,015,017 3,196,406 34,857,942 Total

As at 31st May

2013 GBP Dividends receivable 1,047,373 Due from Broker 3,136,388 Due from Shareholders 8,923,135 Interest receivable 975,725 Other assets - Rebates receivable 76,570 Spot FX contracts awaiting settlement 11,912,008 26,071,199



62

4 Creditors – Amounts falling due within one year

Old Mutual UK Smaller

Companies Focus Fund

Old Mutual UK Dynamic

Equity Fund


Absolute Return Fund

Old Mutual Global

Strategic Bond Fund

As at 30th




November 2013 GBP GBP USD USD Administration fees payable 11,800 25,080 18,614 25,996 Audit fees payable 3,802 3,802 5,532 5,532 Custodian fees payable 6,532 1,044 - 2,280 Director's insurance payable 23,967 56,884 9,525 33,021 Dividends payable - - 711,628 - Due to Broker 2,985,257 3,789,204 28,297,017 24,775,116 Due to Shareholders 5,450 343,070 2,009,044 1,811,457 Investment Manager's fees payable 132,083 286,789 394,467 116,800 Legal fees payable 9,025 6,917 1,642 2,430 Directors fees and expenses payable 11,855 10,211 20,343 17,295 Other fees payable 8,994 33,878 22,587 43,356 Performance fees payable 18,802 1,877,847 2,899,991 - Spot FX Contracts Awaiting Settlement - - 17,892,369 1,346,274 Transfer Agent fees payable 736 12,748 - 18,827 Trustee expenses payable 4,023 6,983 9,375 7,831 Interest payable - 5,629 54,638 99,243 Payable for securities purchased - - - - Total Creditors 3,222,326 6,460,086 52,346,772 28,305,458


Fund Total Total

As at 30th


November 2013 As at 31st May 2013

GBP GBP GBP Administration fees payable 7,965 72,147 47,162 Audit fees payable 17,401 31,776 42,885 Custodian fees payable 165 9,136 20,536 Director's insurance payable 1,263 108,153 98,470 Dividends payable 941 436,467 295,948 Due to Broker - 39,255,340 25,027,859 Due to Shareholders 6,135,163 8,821,882 6,781,200 Investment Manager's fees payable 17,716 749,490 586,755 Legal fees payable 8,533 26,967 67,932 Directors fees and expenses payable 10,966 56,067 42,569 Other fees payable 21,419 104,651 31,370 Performance fees payable 37,603 3,709,087 2,629,171 Spot FX Contracts Awaiting Settlement - 11,774,316 11,903,765

Transfer Agent fees payable 1,625 26,631 25,979 Trustee expenses payable 1,357 22,893 16,904 Interest payable - 99,806 8,216 Payable for securities purchased - - 28,987,936 Total Creditors 6,262,117 65,304,809 76,614,657



63

5 Share Capital

The authorised share capital of the Company is Euro 40,000 divided into 40,000 Management Shares of Euro 1 each and 500,000,000,000 Redeemable Participating Shares of no par value, initially designated as unclassified shares. The share capital of the Company shall at all times equal its Net Asset Value.

Redeemable Participating Shares are redeemable at the Shareholder’s option and are classified as financial liabilities. The Redeemable Participating Shares can be put back to the Company at any time for cash equal to a proportionate share of the Company’s Net Asset Value. The Redeemable Participating Shares are carried at the redemption amount that is payable at the balance sheet date if the Shareholders exercised their right to put the shares back to the Company.

The Company strives to invest the subscriptions of Redeemable Participating Shares in investments that meet the Funds’ investment objectives while maintaining sufficient liquidity to meet shareholder redemptions. The Funds also invest in short term deposits and disposes of listed securities, when necessary, to meet liquidity needs.

The Company does not have any externally imposed capital requirements.

Management Shares

The share capital of the Company is Euro 40,000 divided into 40,000 Management Shares of Euro 1. The Management Shares entitle the holders thereof to attend and vote at all meetings of the Company but do not entitle the holders to participate in the dividends or net assets of the Company except to the extent of the initial subscription and any interest accrued thereon. As Management Shares do not form part of Redeemable Participating Shareholders’ Funds, they are being disclosed in the financial statements by way of this note only. For the period ended

30th November 2013 For the year ended

31st May 2013 Old Mutual UK Smaller Companies Focus Fund Movement of Redeemable Participating Shares Class A (GBP) Income Shares At the beginning of the period 12,815,348 13,224,344 At the end of the period 12,188,151 12,815,348 Old Mutual UK Smaller Companies Focus Fund Movement of Redeemable Participating Shares Class R (GBP) Income Shares At the beginning of the period 2,339,423 - At the end of the period 15,102,276 2,339,423 Old Mutual UK Dynamic Equity Fund Movement of Redeemable Participating Shares Class A (GBP) Income Shares At the beginning of the period 34,956,593 30,429,834 At the end of the period 30,435,763 34,956,593 Old Mutual UK Dynamic Equity Fund Movement of Redeemable Participating Shares Class I (EUR) Hedged Accumulation Shares At the beginning of the period 119,600 119,600 At the end of the period 1,028,908 119,600



64

5 Share Capital (Continued)

For the period ended 30th November 2013

For the year ended 31st May 2013

Old Mutual UK Dynamic Equity Fund Movement of Redeemable Participating Shares Class R (GBP) Income Shares At the beginning of the period 85,388,523 78,260,218 At the end of the period 86,544,454 85,388,523 Old Mutual Global Equity Absolute Return Fund Movement of Redeemable Participating Shares Class A (EUR) Hedged Accumulation Shares At the beginning of the period 14,468,156 1,743,296 At the end of the period 43,172,007 14,468,156 Old Mutual Global Equity Absolute Return Fund Movement of Redeemable Participating Shares Class A (GBP) Hedged Accumulation Shares At the beginning of the period 10,334,353 11,557,019 At the end of the period 17,898,808 10,334,353 Old Mutual Global Equity Absolute Return Fund Movement of Redeemable Participating Shares Class A (USD) Accumulation Shares At the beginning of the period 1,734,167 - At the end of the period 25,716,591 1,734,167 Old Mutual Global Equity Absolute Return Fund Movement of Redeemable Participating Shares Class I (EUR) Hedged Accumulation Shares At the beginning of the period 11,227,669 2,612,119 At the end of the period 142,351,110 11,227,669 Old Mutual Global Equity Absolute Return Fund Movement of Redeemable Participating Shares Class I (USD) Accumulation Shares At the beginning of the period 21,574,058 1,658,000 At the end of the period 14,856,844 21,574,058 Old Mutual Global Equity Absolute Return Fund Movement of Redeemable Participating Shares Class R (GBP) Hedged Accumulation Shares At the beginning of the period 22,308,603 12,732,903 At the end of the period 47,801,995 22,308,603 Old Mutual Global Strategic Bond Fund Movement of Redeemable Participating Shares Class A (EUR) Hedged Accumulation Shares At the beginning of the period 10,739,340 12,418,262 At the end of the period 3,575,141 10,739,340



65




Old Mutual Global Strategic Bond Fund Movement of Redeemable Participating Shares Class A (GBP) Hedged Accumulation Shares At the beginning of the period 68,761 26,182 At the end of the period 216,666 68,761 Old Mutual Global Strategic Bond Fund Movement of Redeemable Participating Shares Class A (GBP) Hedged Income Shares At the beginning of the period 52,072 4,284 At the end of the period 1,797 52,072 Old Mutual Global Strategic Bond Fund Movement of Redeemable Participating Shares Class I (CHF) Hedged Accumulation Shares At the beginning of the period 48,178 3,813,993 At the end of the period 30,203 48,178 Old Mutual Global Strategic Bond Fund Movement of Redeemable Participating Shares Class I (EUR) Hedged Accumulation Shares At the beginning of the period 47,037,350 21,446,501 At the end of the period 27,137,421 47,037,350 Old Mutual Global Strategic Bond Fund Movement of Redeemable Participating Shares Class I (SEK) Hedged Accumulation Shares At the beginning of the period 14,991,854 - At the end of the period - 14,991,854 Old Mutual Global Strategic Bond Fund Movement of Redeemable Participating Shares Class I (USD) Accumulation Shares At the beginning of the period 105,971,124 80,267,513 At the end of the period 124,617,493 105,971,124 Old Mutual Global Strategic Bond Fund Movement of Redeemable Participating Shares Class R (GBP) Hedged Accumulation Shares At the beginning of the period 10,828,215 8,211,705 At the end of the period 12,032,541 10,828,215 Old Mutual Global Strategic Bond Fund Movement of Redeemable Participating Shares Class R (GBP) Hedged Income Shares At the beginning of the period 8,481,468 10,265,089 At the end of the period 8,425,223 8,481,468



66




Old Mutual UK Opportunities Fund Movement of Redeemable Participating Shares Class A (GBP) Accumulation Shares At the beginning of the period 3,084,654 3,089,497 At the end of the period - 3,084,654 Old Mutual UK Opportunities Fund Movement of Redeemable Participating Shares Class R (GBP) Accumulation Shares At the beginning of the period 2,100,876 2,100,000 At the end of the period - 2,100,876

6. Investment Manager’s Fee and Performance Fee

Investment Manager’s Fee - Old Mutual UK Smaller Companies Focus Fund The Investment Manager’s annual fee is 1.50% (plus VAT, if any) for Class A shares, 0.75% (plus VAT, if any) for Class R shares, and 0.675% (plus VAT, if any) for Class U1 shares, based on the Net Asset Value of each Class. The fees are accrued on each Dealing Day and are paid monthly in arrears. Investment Manager’s Fee - Old Mutual UK Dynamic Equity Fund The Investment Manager’s annual fee is 1.50% (plus VAT, if any) for Class A shares, and 1.00% (plus VAT, if any) for Class R shares and Class I shares, based on the Net Asset Value of each Class. Investment Manager’s Fee - Old Mutual Global Equity Absolute Return Fund The Investment Manager’s annual fee is 1.50% (plus VAT, if any) for Class A shares, 0.75% (plus VAT, if any) for Class R shares and Class I shares, 0.675% (plus VAT, if any) for Class U1 shares, and 0.60% (plus VAT, if any) for Class U2 shares, based on the Net Asset Value of each Class. Investment Manager’s Fee – Old Mutual Global Strategic Bond Fund The Investment Manager’s annual fee is 1.00% (plus VAT, if any) for Class A shares, 0.50% (plus VAT, if any) for Class R shares and Class I shares, 0.45% (plus VAT, if any) for Class U1 shares, and 0.39% (plus VAT, if any) for Class U2 shares, based on the Net Asset Value of each Class. Investment Manager’s Fee – Old Mutual UK Opportunities Fund The Investment Manager’s annual fee is 1.50% (plus VAT, if any) for Class A shares, and 0.75% (plus VAT, if any) for Class R shares, based on the Net Asset Value of each Class. In addition to the above, The Investment Manager is also entitled to be paid out of the assets of the Fund reasonable out-of-pocket expenses (plus VAT, if any) in the performance of its duties. The Investment Manager earned a fee of GBP 3,837,057 for the period ended 30th November 2013 (30th November 2012: GBP 2,127,014), of which GBP 749,490 was outstanding at period end (31st May 2013: GBP 586,755).



67

6 Investment Manager’s Fee and Performance Fee (Continued) Performance Fee - Old Mutual UK Smaller Companies Focus Fund The Investment Manager is also entitled to a performance-related investment management fee (the “Performance Fee”). The Performance Fee will be calculated and accrued daily and will be payable semi-annually in arrears in respect of each Performance Period (“Performance Period”). A Performance Period will comprise of each successive six month period ending on either 30th November or 31st May as the case may be. The amount of Performance Fee payable in respect of each Redeemable Participating Share is a Sterling amount equivalent to the opening Net Asset Value per Redeemable Participating Share on the first Business Day of the Performance Period multiplied by the Percentage Outperformance multiplied by 10% and is payable on the average number of Redeemable Participating Shares in issue during the Performance Period. The “Percentage Outperformance” in respect of Performance Periods where Fund Performance is greater than Index Performance is the arithmetical difference between Fund Performance and Index Performance, expressed as a percentage. In respect of Performance Periods where Fund Performance is less than Index Performance, such underperformance, being the arithmetical difference between Fund Performance and Index Performance expressed in percentage points, will be carried forward and no Performance Fee will be payable in any subsequent Performance Period unless Fund Performance measured against Index Performance has recovered any accumulated percentage underperformance for previous periods. In the Performance Period in which any accumulated percentage underperformance is recovered, only that part of the Percentage Outperformance for such period as exceeds the accumulated percentage underperformance carried forward is taken into account for the purposes of calculating the performance fee payable for the Performance Period. “The Index Performance” in respect of a Performance Period is the difference between the opening level of the Numis SC xIT Com GBP excluding Investment Trusts (the “Index”) on the first Business Day and on the closing level of the Index on the last Business Day of the Performance Period, expressed as a percentage. The “Fund Performance” in respect of a Performance Period is the difference between the opening Net Asset Value per Redeemable Participating Share on the first Business Day of the relevant Performance Period, which reflects the charging of a Performance Fee, if any, in respect of the previous Performance Period, and the Net Asset Value per Redeemable Participating Share (before the deduction of any unrealised Performance Fee) on the last Business Day of the relevant Performance Period, expressed as a percentage. Furthermore, the amount of Performance Fee payable in respect of a Performance Period is subject to a maximum amount (the “Cap”). The Cap is a Sterling amount equivalent to the opening Net Asset Value per Redeemable Participating Share on the first Business Day of the Performance Period multiplied by the opening number of Redeemable Participating Shares in issue on the first Business Day of the Performance Period multiplied by 0.75%. Performance Fee - Old Mutual UK Dynamic Equity Fund In addition to the Investment Management Fee, the Investment Manager is also entitled to a performance related investment management fee (the “Performance Fee”) in respect of each Class.

The Performance Fee will be calculated and accrued daily and will be payable semi-annually in arrears in respect of each Performance Period (“Performance Period”). A Performance Period will comprise of each successive six month period ending on either 31st May or 30th November as the case may be. The first Performance Period ended on 30th November 2009.

“The Index” is the FTSE 250 Index Excluding Investment Trusts.



68

6 Investment Manager’s Fee and Performance Fee (Continued)

Performance Fee - Old Mutual UK Dynamic Equity Fund (Continued)

“The Index Performance” in respect of the first Performance Period is the difference between the level of the Index calculated at the close of business on the day before the first Business Day and the level of the Index calculated at the Valuation Point on the last Business Day of the first Performance Period, expressed as a percentage. For each Performance Period thereafter, the Index Performance is the difference between the level of the Index calculated at the Valuation Point on the last Business Day of the previous Performance Period and the level of the Index calculated at the Valuation Point on the last Business Day of the relevant Performance Period, expressed as a percentage.

The “Percentage Outperformance” in respect of Performance Periods where Fund Performance is greater than Index Performance is the arithmetical difference between Fund Performance and Index Performance, expressed as a percentage. In respect of Performance Periods where Fund Performance is less than Index Performance, such underperformance, being the arithmetical difference between Fund Performance and Index Performance expressed in percentage points, will be carried forward and no Performance Fee will be payable in any subsequent Performance Period unless Fund Performance measured against Index Performance has recovered any accumulated percentage underperformance for previous periods. In the Performance Period in which any accumulated percentage underperformance is recovered, only that part of the Percentage Outperformance for such period as exceeds the accumulated percentage underperformance carried forward is taken into account for the purposes of calculating the performance fee payable for the Performance Period.

The amount of Performance Fee payable in respect of each Share is a Sterling amount equivalent to the opening Net Asset Value per Share on the first Business Day of the Performance Period multiplied by Percentage Outperformance multiplied by 20% and is payable on the average number of Shares in issue during the Performance Period.

For the purposes of the first calculation of the Performance Fee, the initial offer price in respect of each Share Class shall be taken as the opening Net Asset Value.

Performance Fee - Old Mutual Global Equity Absolute Return Fund

The performance fee will accrue on a daily basis and the accrual will be reflected in the Net Asset Value and will be payable semi-annually in arrears in respect of each Performance Period (a “Performance Period”). A Performance Period will comprise of each successive six month period ending on either 31st May or 30th November as the case may be. The first Performance Period ended on 30th November 2009.

The performance fee as at the end of each Performance Period for all Share Classes shall be equal in aggregate to 20% of the amount by which any increase in the Net Asset Value per Share of each Class during the Performance Period exceeds the “Hurdle Rate” which will be the relevant central bank base rate for the relevant Class currency multiplied by the weighted average number of total Shares in issue of each Class on each Dealing Day since the last performance fee was paid.

The initial issue price of US$1 shall be taken as the starting price for the calculation of the first performance fee payable. The first performance fee period will be the period commencing on the Business Day immediately following the close of the initial offer period and ending on the payment date. For the purposes of the performance fee calculation, the Net Asset Value per Share of each Class shall be calculated before the deduction of any unrealised performance fee. Performance Fee - Old Mutual Global Strategic Bond Fund In accordance with the terms of the prospectus, there is no performance fee payable on the Old Mutual Global Strategic Bond Fund.



69

6 Investment Manager’s Fee and Performance Fee (Continued) Performance Fee – Old Mutual UK Opportunities Fund The performance fee will accrue on a daily basis and the accrual will be reflected in the Net Asset Value and will be payable semi-annually in arrears in respect of each Performance Period (a “Performance Period”). A Performance Period will comprise of each successive six month period ending on either 31st May or 30th November as the case may be. The first Performance Period ended on 31st May 2012. The performance fee as at the end of each Performance Period for all Share Classes shall be equal in aggregate to 15% of the amount by which any increase in the Net Asset Value per Share of each Class during the Performance Period exceeds the “Hurdle Rate” which shall be the six month LIBOR for the relevant Class during the Performance Period multiplied by the weighted average number of total Shares in issue of each Class on each Dealing Day during the Performance Period. All Performance Fee payments shall be subject to the restriction that in paying a Performance Fee, the Net Asset Value per Share of each Class at the relevant Performance Period shall not be less than the Net Asset Value per Share Class on the last day that a Performance Fee was paid (the “Net Asset Value High Water Mark”). The Performance Fee is only payable on the increase in the Net Asset Value per Share of each Class during the Performance Period over the relevant Hurdle Rate during the Performance Period. Furthermore, the amount of Performance Fee payable in respect of a Performance Period is subject to a maximum amount (the “Cap”). The Cap is a Sterling amount equivalent to the opening Net Asset Value per Share on the first Business Day of the Performance Period multiplied by the opening number of Shares in issue on the first Business Day of the Performance Period multiplied by 1.25%. The initial issue price of GB£1 shall be taken as the starting price for the calculation of the first performance fee payable. The first performance fee period will be the period commencing on the Business Day immediately following the close of the initial offer period and ending on the payment date. Overall, a Performance fee of GBP 3,776,296 was earned by the Investment Manager for the period ended 30th November 2013 (30th November 2012: GBP 126,549), of which GBP 3,709,087 was outstanding at period end (31st May 2013: GBP 2,629,171).

7 Administration and Registration Fees The Administrator, Citibank Europe Plc, shall be entitled to receive administration and fund accounting fees ranging between 0.03% and 0.07% per annum of the Net Asset Value of the Fund. Such fees shall accrue daily and be paid monthly in arrears and are subject to an annual minimum charge of US$40,000 per annum per Sub-Fund. The Administrator will also receive registration fees and transaction charges as agreed, and which shall be at normal commercial rates, and shall also be entitled to receive reasonable and properly vouched out-of-pocket expenses. Citibank Europe Plc earned a fee of GBP 357,782 for administration and registration services for the period ended 30th November 2013 (30th November 2012: GBP 233,652), of which GBP 98,778 was outstanding at period end (31st May 2013: GBP 73,141).

8 Custodian and Trustee Fees The Custodian, Citibank International Plc, Ireland Branch, shall be entitled to receive a trustee fee ranging from 0.025% to 0.01% of the Net Asset Value of the Sub-Funds depending on the value of the Sub-Funds’ assets calculated in accordance with the provisions on valuation of assets in the Prospectus. The Trustee’s fee shall be payable monthly in arrears and is subject to a minimum annual charge of US$7,500. The Custodian shall also be entitled to receive transaction charges and sub-custodial fees, which shall be at normal commercial rates and reasonable, properly vouched out-of-pocket expenses.



70

8 Custodian and Trustee Fees (Continued) Citibank International Plc, Ireland Branch, earned a fee of GBP 108,646 for custodial and trustee services for the period ended 30th November 2013 (30th November 2012: GBP 77,665), of which GBP 32,029 was outstanding at period end (31st May 2013: GBP 37,440).

9 Audit Fees The Fund incurred audit fees of GBP 25,758 for the period ended 30th November 2013 (30th November 2012: GBP 28,149), of which GBP 31,776 was due at 30th November 2013 inclusive of Value Added Tax (31st May 2013: GBP 42,885). The remuneration for all work carried out by the statutory audit firm at 30th November 2013 and 31st May 2013 is as follows: As at As at

30th November

2013 31st May 2013 GBP GBPStatutory Audit 25,758 36,486Other Assurance services - -Tax Advisory services - -Other Non-Audit services - -

10 Directors’ Fees and Insurance

Each Director is entitled to charge a fee for their services as the Directors may determine provided that the aggregate emoluments of each Director in respect of any twelve month period shall not exceed Euro 15,000 or such higher amounts as may be approved by the Company in a general meeting. Legal fees charged by Dillon Eustace during the period were GBP 10,188 (30th November 2012: GBP 30,801) of which GBP 26,967 was outstanding at period end (31st May 2013: GBP 67,932). Paul Nathan and Celeste Brennan are employees of Old Mutual Global Investors (UK) Limited and, as such agreed to waive their remuneration for acting as Directors of the Company. All Directors will be entitled to reimbursement by the Company of expenses properly incurred in connection with the business of the Company or the discharge of their duties. The aggregate emoluments of the Directors (including expenses) for the period ended 30th November 2013 was GBP 17,067 (30th November 2012: GBP 18,818) of which GBP 56,067 was outstanding at period end (31st May 2013: GBP 42,569). The Directors and officers indemnity and company reimbursement liability insurance for the period ended 30th November 2013 was GBP 11,648 (30th November 2012: GBP 40,815) of which GBP 108,153 was outstanding at period end (31st May 2013: GBP 98,470).

11 Other Fees The Company will also pay out of the assets of the Sub-Funds fees in respect of the publication and circulation of details of the Net Asset Value per Redeemable Participating Share, stamp duties, taxes, brokerage, the fees and expenses of auditors, tax, legal and other professional advisers.



71

12 Exchange Rates

The financial statements are prepared in Sterling (“GBP”). Exchange rates used to translate assets and liabilities in other currencies to GBP as at 30th November 2013 and at 31st May 2013 were as follows:

30th November 2013 31st May 2013 AUD/GBP 1.7925 JPY/GBP 167.6791 AUD/GBP 1.5813 JPY/GBP 153.0882 CAD/GBP 1.7342 NOK/GBP 10.0182 CAD/GBP 1.5670 NOK/GBP 8.9229 CHF/GBP 1.4802 NZD/GBP 2.0064 CHF/GBP 1.4548 NZD/GBP 1.9013 CNY/GBP 9.9810 SEK/GBP 10.7062 CNY/GBP 9.3005 SEK/GBP 10.0775 DKK/GBP 8.9739 SGD/GBP 2.0535 DKK/GBP 8.7222 SGD/GBP 1.9173 EUR/GBP 1.2031 USD/GBP 1.6381 EUR/GBP 1.1698 USD/GBP 1.5161 HKD/GBP 12.6992 ZAR/GBP 16.6533 HKD/GBP 11.7692 ZAR/GBP 15.2516 HUF/GBP 362.5352 HUF/GBP 346.6560

13 Forward Currency Exchange Contracts All details of the open forward foreign exchange contracts as at 30th November 2013 have been incorporated into the Schedule of Investments.

14 Related Parties Transactions

The Board of Directors is not aware of any transactions with connected persons during the year, other than those disclosed in these financial statements. All related party transactions are carried out on normal commercial terms and negotiated at arm’s length. The interests of the Directors in related parties are separately disclosed in Note 10. Fees earned by the Investment Manager during the period are disclosed in Note 6. Transactions with the Administrator, Trustee and Custodian are disclosed in Notes 7 and 8.

Directors are satisfied with the transaction entered into by the related parties.

15 Distributions

The Articles of Association provide for the Company to distribute in respect of each accounting period not less than eighty-five per cent of surplus net income represented by the dividends and interest received for each Sub-Fund to Redeemable Participating Shareholders of the relevant Sub-Fund, after charging expenses and various other items, as are attributable to the income of that Sub-Fund. In addition, the Company may distribute to Redeemable Participating Shareholders of the relevant Sub-Fund such part of any net realised capital gains or other profits attributable to the relevant Sub-Fund as is, in their opinion, appropriate to maintain a satisfactory level of distribution. The date by which distributions will normally be paid (the “Distribution Date”) for each Sub-Fund is as set out in the relevant Supplement although the Directors have the power under the Articles of Association to make an interim distribution in each year. Distributions paid by the Company during the period ended 30th November 2013 were GBP 365,758 (30th November 2012: GBP 2,520,746).



72

15 Distributions (Continued) The following distributions were declared for the Company during the period ended 30th November 2013:

Old Mutual UK

Smaller Companies Focus Fund


Focus Fund

Old Mutual Global Strategic

Bond Fund


Fund GBP GBP USD USD Class A (GBP)

Income Class R (GBP)

Income Class A (GBP)

Hedged Income Class R (GBP)

Hedged Income 31 May 2013 £0.0216/unit £0.0040/unit £0.0019/unit £0.0033/unit 31 August 2013 - - £0.0046/unit £0.0060/unit

During the period ended 30th November 2013, the increase in net assets attributable to holders of redeemable shares was as follows:

Old Mutual UK Smaller Companies Focus Fund

Old Mutual UK Dynamic Equity Fund


Absolute Return Fund

Old Mutual Global

Strategic Bond Fund

Old Mutual UK

Opportunities Fund

GBP GBP USD USD GBP Increase/(Decrease) in net assets attributable to holders of redeemable shares 15,833,957 36,262,392 32,621,660 (685,457) 239,646

The following distributions were proposed for the Company at 30th November 2013:

Old Mutual

Global Strategic Bond Fund


Fund Class A (GBP)

Hedged Income Class R (GBP)

Hedged Income 30 November 2013 £0.0011/unit £0.0021/unit

16 The Funds and Segregation of Liability

Under Irish law, the Company will not be liable as a whole to third parties and there will not be cross-liability between Funds. Notwithstanding the foregoing, there can be no assurance that, should an action be brought against the Company in the courts of another jurisdiction, the segregated nature of the Funds would necessarily be upheld.



73

17 Net Asset Value per Redeemable Participating Share The Net Asset Value per Redeemable Participating Share is determined by dividing the Net Asset Value of the Company attributable to Redeemable Participating Shareholders by the total number of Redeemable Participating Shares in issue at that time. Old Mutual UK Smaller Companies Focus Fund As at As at

30th November 2013 30th November

2013

Class A (GBP) Income Class R (GBP)

Income GBP GBP Net Assets Attributable to Holders of Redeemable Participating Shares 92,017,426 19,060,183 Redeemable Participating Shares 12,188,151 15,102,276 Issued and Outstanding Net Asset Value per Redeemable Participating Share 7.55 1.26

Old Mutual UK Smaller Companies Focus Fund As at As at 31st May 2013 31st May 2012

Class A (GBP) Income Class A (GBP)

Income GBP GBP Net Assets Attributable to Holders of Redeemable Participating Shares 82,196,169 61,101,686 Redeemable Participating Shares Issued and Outstanding 12,815,348 13,224,344 Net Asset Value per Redeemable Participating Share 6.41 4.62

Old Mutual UK Dynamic Equity Fund As at As at As at

30th November 2013 30th November

2013 30th November

2013

Class I (EUR) Hedged

Accumulation Class A (GBP)


Income EUR GBP GBP Net Assets Attributable to Holders of Redeemable Participating Shares 2,219,544 78,096,587 224,889,420 Redeemable Participating Shares Issued and Outstanding 1,028,908 30,435,763 86,544,454 Net Asset Value per Redeemable Participating Share 2.16 2.57 2.60



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17 Net Asset Value per Redeemable Participating Share (Continued)

Old Mutual UK Dynamic Equity Fund As at As at As at 31st May 2013 31st May 2013 31st May 2013


Accumulation Class A (GBP)


Income EUR GBP GBP Net Assets Attributable to Holders of Redeemable Participating Shares 234,715 79,378,740 195,956,106 Redeemable Participating Shares Issued and Outstanding 119,600 34,956,593 85,388,523 Net Asset Value per Redeemable Participating Share 1.96 2.27 2.29

Old Mutual UK Dynamic Equity Fund As at As at As at 31st May 2012 31st May 2012 31st May 2012

Class I (EUR) Hedged Accumulation Shares

Class A (GBP) Income Shares

Class R (GBP) Income Shares

EUR GBP GBP Net Assets Attributable to Holders of Redeemable Participating Shares 153,735 48,766,243 126,447,940 Redeemable Participating Shares Issued and Outstanding 119,600 30,429,834 78,260,218 Net Asset Value per Redeemable Participating Share 1.29 1.60 1.62

Old Mutual Global Equity Absolute Return Fund As at As at As at

30th November

2013 30th November

2013 30th November

2013

Class A (EUR) Hedged

Accumulation


Accumulation

Class A (GBP) Hedged

Accumulation EUR EUR USD Net Assets Attributable to Holders of Redeemable Participating Shares 69,817,346 268,110,159 39,094,216 Redeemable Participating Shares Issued and Outstanding 43,172,007 142,351,110 17,898,808 Net Asset Value per Redeemable Participating Share 1.62 1.88 2.18



75


Old Mutual Global Equity Absolute Return Fund As at As at As at

30th November

2013 30th November

2013 30th November

2013

Class R (GBP) Hedged

Accumulation Class A (USD) Accumulation

Class I (USD) Accumulation

USD USD USD Net Assets Attributable to Holders of Redeemable Participating Shares 108,520,181 26,964,954 20,382,374 Redeemable Participating Shares Issued and Outstanding 47,801,995 25,716,591 14,856,844 Net Asset Value per Redeemable Participating Share 2.27 1.05 1.37

Old Mutual Global Equity Absolute Return Fund As at As at As at 31st May 2013 31st May 2013 31st May 2013


Accumulation


Accumulation





Accumulation Class A (USD) Accumulation


USD USD USD Net Assets Attributable to Holders of Redeemable Participating Shares 45,536,191 1,759,392 28,837,645 Redeemable Participating Shares Issued and Outstanding 22,308,603 1,734,167 21,574,058 Net Asset Value per Redeemable Participating Share 2.04 1.01 1.34



76




Accumulation


Accumulation



Old Mutual Global Equity Absolute Return Fund As at As at 31st May 2012 31st May 2012


Accumulation Class I (USD) Accumulation

USD USDNet Assets Attributable to Holders of Redeemable Participating Shares 23,412,241 1,951,262 Redeemable Participating Shares Issued and Outstanding 12,732,903 1,658,000 Net Asset Value per Redeemable Participating Share 1.84 1.18

Old Mutual Global Strategic Bond Fund As at As at As at As at

30th November

2013

30thNovember

2013

30th November

2013

30thNovember

2013


Accumulation


Accumulation

Class I (CHF) Hedged

Accumulation

Class A (GBP) Hedged Income

EUR EUR CHF USD Net Assets Attributable to Holders of Redeemable Participating Shares 5,125,756 39,591,806 35,179 2,946 Redeemable Participating Shares Issued and Outstanding 3,575,141 27,137,421 30,203 1,797 Net Asset Value per Redeemable Participating Share 1.43 1.46 1.16 1.64



77


Old Mutual Global Strategic Bond Fund As at As at As at As at

30th November

2013

30thNovember

2013

30th November

2013

30thNovember

2013


Accumulation

Class R (GBP) Hedged Income


Accumulation Class I (USD) Accumulation

USD USD USD USDNet Assets Attributable to Holders of Redeemable Participating Shares 389,277 14,039,971 21,334,125 135,628,552 Redeemable Participating Shares Issued and Outstanding 216,666 8,425,223 12,032,541 124,617,493 Net Asset Value per Redeemable Participating Share 1.80 1.67 1.77 1.09

Old Mutual Global Strategic Bond Fund As at As at As at As at 31st May 2013 31st May 2013 31st May 2013 31st May 2013


Accumulation


Accumulation


Accumulation

Class I (SEK) Hedged

Accumulation EUR EUR CHF SEKNet Assets Attributable to Holders of Redeemable Participating Shares 15,015,587 66,682,260 54,220 22,890,339 Redeemable Participating Shares Issued and Outstanding 10,739,340 47,037,350 48,178 14,991,854 Net Asset Value per Redeemable Participating Share 1.40 1.42 1.13 1.53




Accumulation



Accumulation USD USD USD USDNet Assets Attributable to Holders of Redeemable Participating Shares 81,285 117,130 13,489,255 18,154,320 Redeemable Participating Shares Issued and Outstanding 52,072 68,761 8,481,468 10,828,215 Net Asset Value per Redeemable Participating Share 1.56 1.70 1.59 1.68



78


Old Mutual Global Strategic Bond Fund As at 31st May 2013


USDNet Assets Attributable to Holders of Redeemable Participating Shares 117,127,665 Redeemable Participating Shares Issued and Outstanding 105,971,124 Net Asset Value per Redeemable Participating Share 1.11



Accumulation


Accumulation


Accumulation


EUR EUR CHF USDNet Assets Attributable to Holders of Redeemable Participating Shares 16,100,592 28,052,215 4,105,940 6,679 Redeemable Participating Shares Issued and Outstanding 12,418,262 21,446,501 3,813,993 4,284 Net Asset Value per Redeemable Participating Share

1.30 1.31 1.08 1.56



Accumulation



AccumulationClass I (USD) Accumulation

USD USD USD USDNet Assets Attributable to Holders of Redeemable Participating Shares 43,920 16,297,025 13,490,828 85,214,120 Redeemable Participating Shares Issued and Outstanding 26,182 10,265,089 8,211,705 80,267,513 Net Asset Value per Redeemable Participating Share

1.68 1.59 1.64

1.06



79


*Old Mutual UK Opportunities Fund As at As at As at As at 31st May 2013 31st May 2013 31st May 2012 31st May 2012

Class A (GBP) Accumulation

Class R (GBP) Accumulation

Class A (GBP) Accumulation

Class R (GBP) Accumulation

USD USD USD USDNet Assets Attributable to Holders of Redeemable Participating Shares 3,503,843 2,411,878 3,206,720 2,189,023 Redeemable Participating Shares Issued and Outstanding 3,084,654 2,100,876 3,089,497 2,100,000 Net Asset Value per Redeemable Participating Share 1.14 1.15 1.04 1.04 *The Net Assets of Old Mutual UK Opportunities Fund were transferred to Old Mutual UK Opportunities a sub-fund of Old Mutual Investment Fund Series I on 2nd August, 2013.

18 Efficient Portfolio Management

The Company may employ techniques and instruments relating to transferable securities such as securities lending, reverse repurchase transactions and derivatives for the purposes of the efficient portfolio management and/or other financial instruments under the conditions and within the limits laid down by the Central Bank provided that such instruments are used for efficient portfolio management. Techniques and instruments utilised for the purpose of efficient portfolio management may only be used in accordance with the investment objective of the Funds. Any technique or instrument must be one which is reasonably believed by the Investment Manager to be economically appropriate to the efficient portfolio management of the Funds.

The Investment Manager used derivative instruments such as contracts for difference, forward currency exchange contracts and futures contracts for the purpose of efficient portfolio management during the period ended 30th November 2013 and 31st May 2013.

19 Soft Commissions There were no soft commission arrangements entered into by the Investment Manager on behalf of the Funds during the period ended 30th November 2013 (31st May 2013: GBP Nil).

20 Significant Shareholdings At 30th November 2013 and 31st May 2013, the tables below set out the significant percentage shareholdings of the sub-Funds in the Company. At 30th November 2013 % of Shareholdings Old Mutual UK Smaller Companies Focus Fund Nortrust Nominees Limited (A/C HRE01) 45.24% QGCI Nominees Limited 18.00% Nortrust Nominees Limited (A/C HRB01) 15.10% Cofunds Nominees Limited 5.33%



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20 Significant Shareholdings (continued)

At 30th November 2013 % of Shareholdings Old Mutual UK Dynamic Equity Fund Hargreaves Lansdown Nominees Limited (A/C 15942) 33.34% Hargreaves Lansdown Nominees Limited (A/C VRA) 25.89% Hargreaves Lansdown Nominees Limited (A/C HLNOM) 19.05% Hargreaves Lansdown Nominees Limited (A/C VRADDOWN) 7.22% Cofunds Nominees Limited 5.78% Old Mutual Global Equity Absolute Return Fund Citibank (Switzerland) AG (Plc Omnibus Account) 24.78% Fundsettle EOC Nominees Limited 21.67% Berenberg Bank (Schweiz) AG 19.32% Fundsettle EOC Nominees Limited 18.32% Old Mutual Global Strategic Bond Fund Fundsettle EOC Nominees Limited 91.28%

At 31st May 2013 % of Shareholdings Old Mutual UK Smaller Companies Focus Fund Nortrust Nominees Limited (A/C HRE01) 36.38%QGCI Nominees Limited 13.55%Nortrust Nominees Limited (A/C HRB01) 12.10%Chase Nominees Ltd (Designation CCMJHK) 9.98%Chase Nominees Ltd (Designation CCMJER) 6.16%Secure Nominees Ltd 4.83%

Old Mutual UK Dynamic Equity Fund Cofunds Nominees Limited 15.40%Harewood Nominees Limited (Designation 4064470) 9.83%Nortrust Nominees Limited (A/C HRE01) 9.41%Hargreaves Lansdown Nominees (A/C 15942) 8.43%Harewood Nominees Limited (Designation 4887200) 7.04%Hargreaves Lansdown Nominees (A/C VRA) 6.72%Hargreaves Lansdown Nominees (A/C HLNOM) 6.02%

Old Mutual Global Equity Absolute Return Fund UBS Fund Sevices (Cayman) Ltd Trust 20.74%ROY Nominees Limited (A/C 880077) 8.98%Fundsettle EOC Nominees LTD for FS/BNYM-BNY/SKANDIA VITA INT FUNDS 6.49%Citibank (Switzerland) AG acting as agent - PLC Omnibus Account 6.44%TC Nominees Ltd 5.97%Cofunds Nominees Ltd 5.23% Old Mutual Global Strategic Bond Fund Investment Solutions Ltd 27.50%Citco Global Custody REF UBS AG Zurich REF SEB SA Client Assets 12.99%SBS Nominees Ltd (A/C SBCLT) 12.06% Old Mutual UK Opportunities Fund Millpencil Limited 61.32%ROY Nominees Limited 38.57%



81

21 IFIA Corporate Governance Code The Board of Directors notes the issuance by the IFIA of the Corporate Governance Code for Collective Investment

Schemes and management companies in December 2011 (the “new code”). The new code became effective from 1 January 2012 with a twelve month transitional period. The Directors adopted the new code with effect from close of business on 31 December 2012.

22 Statement of Changes in Portfolio

A statement of changes in the composition of the portfolio during the period will be made available to shareholders on request, free of charge, from the registered office of the Company.

23 Significant Events during the Period

Gerald Moloney resigned as Director of the Company with effect from 17th June 2013. The Merger between Old Mutual UK Opportunities Fund (the “Merging Fund”), a sub-fund of Old Mutual Dublin Funds plc and Old Mutual UK Opportunities Fund (the “Receiving Fund”) a sub-fund of Old Mutual Investment Fund Series I was complete with effect from 2nd August, 2013. At this date, the net assets of the Merging Fund were transferred to the Receiving Fund.

• Prospectus Updates – The Prospectus of the Company was amended to reflect: o updates to the “Investment Objectives and Policies” section to reflect updates in respect of the Central

Bank’s requirements regarding collateral; and o establishment of Class U1 and U2 Shares.

24 Post Balance Sheet Events

There were no significant events since the end of the period.

25 Approval of the Financial Statements The financial statements were approved by the Board of Directors on 20 January 2014.


TOTAL EXPENSE RATIO For the period ended 30th November 2013

82

The total expense ratio measures the total costs associated with managing and operating each Fund. These costs consist primarily of investment management fees and additional expenses such as legal fees, auditor fees and other operational expenses.

The total expense ratio for the period ended 30th November 2013 is as follows:

As at 30th November 2013 Average Net Asset

Value Total Expense

Ratio Performance Fee % of

Average Net Assets

Old Mutual UK Smaller Companies Focus Fund Class A (GBP) Income 81,259,865 1.71% 0.00% Class R (GBP) Income 5,534,489 0.93% 0.48% Old Mutual UK Dynamic Equity Fund Class I (EUR) Hedged Accumulation 795,306 1.13% 0.91% Class A (GBP) Income 74,786,872 1.64% 0.96% Class R (GBP) Income 192,216,446 1.14% 1.11%

Old Mutual Global Equity Absolute Return Fund Class A (EUR) Hedged Accumulation 24,253,600 1.71% 1.91% Class I (EUR) Hedged Accumulation 93,219,705 0.92% 1.69% Class A (GBP) Hedged Accumulation 25,368,021 1.79% 3.05% Class R (GBP) Hedged Accumulation 62,298,691 1.00% 2.77% Class A (USD) Accumulation 12,791,650 1.66% 1.49% Class I (USD) Accumulation 27,016,893 1.00% 2.66%

Old Mutual Global Strategic Bond Fund Class A (EUR) Hedged Accumulation 11,426,504 1.28% 0.00% Class I (EUR) Hedged Accumulation 43,093,039 0.78% 0.00% Class I (CHF) Hedged Accumulation 49,025 0.78% 0.00% Class I (SEK) Hedged Accumulation 33,129,298 0.69% 0.00% Class A (GBP) Hedged Income 49,452 1.28% 0.00% Class A (GBP) Hedged Accumulation 140,712 1.27% 0.00% Class R (GBP) Hedged Income 14,266,938 0.78% 0.00% Class R (GBP) Hedged Accumulation 17,087,633 0.78% 0.00% Class I (USD) Accumulation 124,825,842 0.78% 0.00%


TOTAL EXPENSE RATIO (Continued) For the period ended 30th November 2013

83

The total expense ratio for the year ended 31st May 2013 is as follows:

As at 31st May 2013 Average Net Asset

Value Total Expense

Ratio Performance Fee % of

Average Net Assets

Old Mutual UK Smaller Companies Focus Fund Class A (GBP) Income 68,010,670 1.77% 0.00% Class R (GBP) Income 2,193,171 1.18% 0.06% Old Mutual UK Dynamic Equity Fund Class I (EUR) Hedged Accumulation 188,145 1.58% 0.37% Class A (GBP) Income 61,560,499 2.07% 0.36% Class R (GBP) Income 155,114,684 1.70% 0.48%

Old Mutual Global Equity Absolute Return Fund Class A (EUR) Hedged Accumulation 5,501,426 5.23% 3.29% Class I (EUR) Hedged Accumulation 11,583,987 3.86% 2.65% Class A (GBP) Hedged Accumulation 21,328,502 4.72% 2.74% Class R (GBP) Hedged Accumulation 34,434,387 4.37% 3.16% Class A (USD) Accumulation 539,086 5.72% 0.30% Class I (USD) Accumulation 11,532,550 1.20% 0.00%

Old Mutual Global Strategic Bond Fund Class A (EUR) Hedged Accumulation 16,589,309 1.27% 0.00% Class I (EUR) Hedged Accumulation 43,085,013 0.77% 0.00% Class I (CHF) Hedged Accumulation 115,803 0.95% 0.00% Class I (SEK) Hedged Accumulation 38,393,671 0.79% 0.00% Class A (GBP) Hedged Income 54,632 1.28% 0.00% Class A (GBP) Hedged Accumulation 94,206 1.27% 0.00% Class R (GBP) Hedged Income 14,615,773 0.77% 0.00% Class R (GBP) Hedged Accumulation 14,488,722 0.77% 0.00% Class I (USD) Accumulation 105,404,053 0.77% 0.00% *Old Mutual UK Opportunities Fund Class A (GBP) Accumulation Shares 3,368,974 3.37% 1.37% Class R (GBP) Accumulation Shares 2,309,057 2.73% 1.49% *The Net Assets of Old Mutual UK Opportunities Fund were transferred to Old Mutual UK Opportunities a sub-fund of Old Mutual Investment Fund Series I on 2nd August, 2013.


PORTFOLIO TURNOVER RATE For the period ended 30th November 2013

84

Portfolio Turnover Rate

The table below outlines the portfolio turnover rate for the period ended 30th November 2013:

As at 30th November 2013 Average Net Asset Value Portfolio Turnover Rate Old Mutual UK Smaller Companies Focus Fund 85,773,024 105.43% Old Mutual UK Dynamic Equity Fund 268,509,231 215.31% Old Mutual Global Equity Absolute Return Fund 244,524,319 929.15% Old Mutual Global Strategic Bond Fund 236,229,556 2009.64% The table below outlines the portfolio turnover rate for the year ended 31st May 2013:

As at 31st May 2013 Average Net Asset Value Portfolio Turnover Rate Old Mutual UK Smaller Companies Focus Fund 68,581,362 117.47% Old Mutual UK Dynamic Equity Fund 216,863,458 229.30% Old Mutual Global Equity Absolute Return Fund 84,422,320 813.01% Old Mutual Global Strategic Bond Fund 215,133,814 1665.47% Old Mutual UK Opportunities Fund 5,678,031 409.29% The Portfolio Turnover Rate is calculated using the purchases and sales during the period. The sales include treasury bills that have matured during the period. These treasury bills are short-term securities issued at a discount to their face value and are typically held to maturity, as a means of investing surplus liquidity while minimising exposure to the banking system. Thus this turnover measure may not reflect the underlying turnover of the risk assets of the fund


FUND PERFORMANCE

85

Fund Performance

Base Currency Launch to

31st May 2013 Launch to

31st May 2012 2011 2010* Old Mutual UK Smaller Companies Focus Fund Class A (GBP) Income GBP 542.83% 363.08% 399.69% 37.03% Class R (GBP) Income**** GBP N/A N/A N/A N/A Old Mutual UK Dynamic Equity Fund Class I (EUR) Hedged Accumulation** EUR 130.35% 61.08% 62.83% 30.24% Class A (GBP) Income** GBP 129.82% 60.26% 63.30% 30.67% Class R (GBP) Income** GBP 129.36% 62.06% 64.66% 31.11% Old Mutual Global Equity Absolute Return Fund Class A (EUR) Hedged Accumulation***** EUR 16.52% 3.42% N/A N/A Class I (EUR) Hedged Accumulation** EUR 34.09% 18.96% 7.28% 0.28% Class A (GBP) Hedged Accumulation** GBP 29.44% 15.38% 5.41% (0.44%) Class R (GBP) Hedged Accumulation** GBP 34.28% 18.68% 6.93% 0.36% Class A (USD) Accumulation****** USD N/A N/A N/A N/A Class I (USD) Accumulation** USD 33.68% 17.70% 6.70% 0.26% Old Mutual Global Strategic Bond Fund Class A (EUR) Hedged Accumulation*** EUR 7.62% 4.52% (0.03%) 7.64% Class I (EUR) Hedged Accumulation*** EUR 9.11% 5.45% (0.44%) 6.90% Class I (CHF) Hedged Accumulation^ CHF N/A N/A N/A N/A Class I (SEK) Hedged Accumulation^^ SEK N/A N/A N/A N/A Class A (GBP) Hedged Income^^^ GBP N/A N/A N/A N/A Class A (GBP) Hedged Accumulation*** GBP 11.97% 8.19% 3.25% 10.98% Class R (GBP) Hedged Income*** GBP N/A N/A (1.87%) 5.77% Class R (GBP) Hedged Accumulation*** GBP 10.21% 5.96% 0.14% 7.57% Class I (USD) Accumulation*** USD 10.53% 6.16% 1.00% 8.31% * Calculated as performance information for the calendar year. ** Class launched on 1st July 2009. *** Class launched on 7th December 2009. **** Class launched on 1st March 2013. ***** Class launched on 1st June 2012. ****** Class launched on 3rd May 2013. ^ Class launched on 1st June 2012. ^^ Class launched on 29th November 2012. ^^^ Class launched on 1st June 2012. The information above has been derived from sources believed to be accurate as of 30 November 2013. It contains general information only on investment matters and should not be considered as a comprehensive statement on any matter and should not be relied upon as such. Past performance is no indication of current or future performance.


MANAGEMENT AND ADMINISTRATION For the period ended 30th November 2013

86

DIRECTORS REGISTERED OFFICE OF THE COMPANY Paul Nathan (British) 1 North Wall Quay Celeste Brennan (Portuguese) Dublin 1 Tom Murray (Irish)* Ireland Adrian Waters (Irish)* Bronwyn Wright (Irish)* Gerald Moloney (Irish)* (resigned on 17th June 2013) *Independent Non-Executive Directors ADMINISTRATOR, REGISTRAR AND TRANSFER AGENT

INVESTMENT MANAGER AND UK REPRESENTATIVE

Citibank Europe Plc Old Mutual Global Investors (UK) Limited 1 North Wall Quay 2 Lambeth Hill Dublin 1 London Ireland EC4P 4WR United Kingdom CUSTODIAN INDEPENDENT AUDITORS Citibank International Plc, Ireland Branch KPMG 1 North Wall Quay Chartered Accountants Dublin 1 1 Harbourmaster Place Ireland IFSC Dublin 1 Ireland COMPANY SECRETARY LEGAL ADVISERS Tudor Trust Limited Dillon Eustace 33 Sir John Rogerson’s Quay 33 Sir John Rogerson’s Quay Dublin 2 Dublin 2 Ireland Ireland

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OLD MUTUAL DUBLIN FUNDS PLC - Old Mutual Global · PDF fileOLD MUTUAL DUBLIN FUNDS PLC ... Media all performed well, while holdings in Iofina and Dialight underperformed. Our failure