MERIAN GLOBAL INVESTORS SERIES PLC (previously Old ...

MERIAN GLOBAL INVESTORS SERIES PLC

(previously Old Mutual Global Investors Series Plc)

An investment company with variable capital incorporated with limited liability in

Ireland, established as an umbrella fund with segregated liability between Sub-Funds

and authorised pursuant to the European Communities (Undertakings for Collective

Investment in Transferable Securities) Regulations, 2011, as amended, and the Central

Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for

Collective Investment in Transferable Securities) Regulations 2015

(Registered Number 271517)

Annual Report and Audited Financial Statements

for the financial year ended 31 December 2018

This annual report may be translated into other languages. Any such translation shall be a

direct translation of the English text. In the event of any inconsistency or ambiguity in

relation to the meaning of any word or phrase in the translation, the English text will

prevail. Any disputes as to the terms thereof shall be governed by, and construed in

accordance with, the law of Ireland.

Merian Global Investors Series Plc Annual Report and Audited Financial Statements for the financial year ended 31 December 2018

CONTENTS PAGE

Directory 5 - 9

General Information 10 - 15

Directors’ Report 16 - 20

Depositary’s Report 21

Investment Advisers’ Reports:

Merian China Equity Fund 22

Merian Global Strategic Bond Fund (IRL) 23

Merian World Equity Fund 24

Merian Pacific Equity Fund 25

Merian European Equity Fund 26

Old Mutual Japanese Equity Fund^ 27

Merian US Equity Income Fund 28

Merian North American Equity Fund 29

Merian Total Return USD Bond Fund 30

Merian Emerging Market Debt Fund 31

Old Mutual European Best Ideas Fund 32

Merian Investment Grade Corporate Bond Fund 33

Merian Global Emerging Markets Fund 34

Merian Asian Equity Income Fund 35

Merian Local Currency Emerging Market Debt Fund 36

Merian UK Alpha Fund (IRL) 37

Merian UK Smaller Companies Focus Fund 38

Merian UK Dynamic Equity Fund 39

Merian Global Equity Absolute Return Fund 40

Merian Strategic Absolute Return Bond Fund^^^ 41

Old Mutual Pan African Fund^^ 42

Old Mutual Monthly Income High Yield Bond Fund^^^^ 43

Merian Europe (ex UK) Smaller Companies Fund 44

Merian Global Equity Income Fund (IRL) 45

Merian Gold & Silver Fund 46

Old Mutual Compass Portfolio 2 47




Merian UK Specialist Equity Fund 51

Merian Style Premia Absolute Return Fund 52

Merian Financials Contingent Capital Fund 53

Portfolio of Investments:

Merian China Equity Fund 54 - 55

Merian Global Strategic Bond Fund (IRL) 56 - 59

Merian World Equity Fund 60 - 71

Merian Pacific Equity Fund 72 - 78

Merian European Equity Fund 79 - 80

Merian US Equity Income Fund 81 - 85

Merian North American Equity Fund 86 - 91

Merian Total Return USD Bond Fund 92 - 97

Merian Emerging Market Debt Fund 98 - 102

Old Mutual European Best Ideas Fund 103 - 104

Merian Investment Grade Corporate Bond Fund 105 - 108

Merian Global Emerging Markets Fund 109 - 110

Merian Asian Equity Income Fund 111 - 118

Merian Local Currency Emerging Market Debt Fund 119 - 124


CONTENTS (continued) PAGE

Portfolio of Investments (continued):

Merian UK Alpha Fund (IRL) 125 - 127

Merian UK Smaller Companies Focus Fund 128 - 130

Merian UK Dynamic Equity Fund 131 - 133

Merian Global Equity Absolute Return Fund 134 - 153

Merian Strategic Absolute Return Bond Fund^^^ 154 - 158

Merian Europe (ex UK) Smaller Companies Fund 159 - 161

Merian Global Equity Income Fund (IRL) 162 - 171

Merian Gold & Silver Fund 172 - 173 Old Mutual Compass Portfolio 2 174 - 179 Old Mutual Compass Portfolio 3 180 - 185 Old Mutual Compass Portfolio 4 186 - 191 Old Mutual Compass Portfolio 5 192 - 196 Merian UK Specialist Equity Fund 197 - 200 Merian Style Premia Absolute Return Fund 201 - 209 Merian Financials Contingent Capital Fund 210 - 211

Independent Auditor’s Report 212 - 214

Audited Financial Statements:

Statement of Operations 215 - 222

Statement of Financial Position 223 - 231

Statement of Changes in Net Assets Attributable to Redeemable Participating

Shareholders 232 - 235

Notes to the Financial Statements 236 - 395

Significant Purchases and Sales (unaudited)

Merian China Equity Fund 396 - 397

Merian Global Strategic Bond Fund (IRL) 398 - 399

Merian World Equity Fund 400 - 401

Merian Pacific Equity Fund 402 - 403

Merian European Equity Fund 404 - 405

Old Mutual Japanese Equity Fund^ 406

Merian US Equity Income Fund 407 - 408

Merian North American Equity Fund 409 - 410

Merian Total Return USD Bond Fund 411 - 412

Merian Emerging Market Debt Fund 413 - 414

Old Mutual European Best Ideas Fund 415 - 416

Merian Investment Grade Corporate Bond Fund 417 - 418

Merian Global Emerging Markets Fund 419 - 420

Merian Asian Equity Income Fund 421 - 422

Merian Local Currency Emerging Market Debt Fund 423 - 424

Merian UK Alpha Fund (IRL) 425 - 426

Merian UK Smaller Companies Focus Fund 427 - 428

Merian UK Dynamic Equity Fund 429 - 430

Merian Global Equity Absolute Return Fund 431 - 432

Merian Strategic Absolute Return Bond Fund^^^ 433 - 434

Old Mutual Pan African Fund^^ 435

Old Mutual Monthly Income High Yield Bond Fund^^^^ 436 - 437

Merian Europe (ex UK) Smaller Companies Fund 438 - 439

Merian Global Equity Income Fund (IRL) 440 - 441

Merian Gold & Silver Fund 442 - 443

Old Mutual Compass Portfolio 2 444 - 445




Merian UK Specialist Equity Fund 452 - 453



Significant Purchases and Sales (unaudited) (continued)

Merian Style Premia Absolute Return Fund 454 - 455

Merian Financials Contingent Capital Fund 456 - 457

Price Record (unaudited) 458 - 462

Total Expense Ratios (unaudited) 463 - 468

Fund Performance (unaudited) 469 - 470

Significant Events During The Financial Year (unaudited) 471 - 474

Supplementary Information (unaudited) 475 - 499


DIRECTORY

5

Board of Directors Bronwyn Wright (Irish)*

Tom Murray (Irish)*

Adrian Waters (Irish)*

Jessica Brescia (British)

Paul Simpson (British) (resigned 29 June 2018)

Nicola Stronach (British) (appointed 9 August 2018)

*Independent, Non-Executive Directors

Investment Manager, Distributor and Promoter Merian Global Investors (UK) Limited

2 Lambeth Hill

London EC4P 4WR

United Kingdom

Investment Adviser to the Investment Manager (from 18 May 2018 for the Merian Pacific Equity

for the Merian Global Strategic Bond Fund (IRL) Fund and the Merian Asian Equity Income Fund)

for the Merian World Equity Fund (until 14 June 2018 for the Old Mutual European

for the Merian Pacific Equity Fund Best Ideas Fund, the Old Mutual Compass

for the Merian European Equity Fund Portfolio 2, the Old Mutual Compass Portfolio 3,

for the Merian US Equity Income Fund the Old Mutual Compass Portfolio 4 and the Old

for the Merian North American Equity Fund Mutual Compass Portfolio 5)

for the Merian Emerging Market Debt Fund Merian Global Investors (UK) Limited

for the Old Mutual European Best Ideas Fund 2 Lambeth Hill

for the Merian Investment Grade Corporate Bond Fund London EC4P 4WR

for the Merian Asian Equity Income Fund United Kingdom

for the Merian Global Emerging Markets Fund

for the Merian Local Currency Emerging Market Debt Fund

for the Merian UK Alpha Fund (IRL)

for the Merian UK Smaller Companies Focus Fund

for the Merian UK Dynamic Equity Fund

for the Merian Global Equity Absolute Return Fund

for the Merian Strategic Absolute Return Bond Fund^^^

for the Old Mutual Monthly Income High Yield Bond

Fund^^^^

for the Merian Europe (ex UK) Smaller Companies Fund

for the Merian Global Equity Income Fund (IRL)

for the Merian Gold & Silver Fund

for the Old Mutual Compass Portfolio 2




for the Merian UK Specialist Equity Fund

for the Merian Style Premia Absolute Return Fund

and for the Merian Financials Contingent Capital Fund

Investment Adviser to the Investment Manager (until 22 March 2018 for the Merian China Equity

for the Merian China Equity Fund Fund)

for the Merian Pacific Equity Fund (until 17 May 2018 for the Merian Pacific Equity

for the Old Mutual Japanese Equity Fund^ Fund and the Merian Asian Equity Income Fund)

and for the Merian Asian Equity Income Fund Merian Global Investors (Asia Pacific) Limited

Unit 2, 5/F Two Chinachem Central

26 Des Voeux Road Central

Hong Kong


DIRECTORY (continued)

6

Investment Adviser to the Investment Manager (from 23 March 2018)

for the Merian China Equity Fund Ping An of China Asset Management (Hong Kong)

Company Limited, Suite 2301, Two International

Finance Centre

8 Finance St, Central

Hong Kong

Investment Adviser to the Investment Manager Janus Capital International Limited

for the Merian Total Return USD Bond Fund 26th Floor, Citypoint

1 Ropemaker Street

London EC2Y 9HT

United Kingdom

Sub-Investment Adviser

Janus Capital Management LLC

151 Detroit Street

Denver

Colorado 80206

United States of America

Investment Advisers to the Investment Manager Liontrust Investment Partners LLP

for the Old Mutual European Best Ideas Fund 2 Savoy Court

London WC2R 0EZ

United Kingdom

Odey Asset Management LLP

12 Upper Grosvenor Square

London W1K 2ND

United Kingdom

Wellington Management International Ltd

Cardinal Place,

80 Victoria Street

London SW1E 5JL

United Kingdom

(from 15 June 2018)

Quilter Investors Limited (formerly Old Mutual

Investment Management Limited)

Millennium Bridge House, 2 Lambeth Hill

London, EC4V 4AJ

Investment Adviser to the Investment Manager Old Mutual Investment Group (Pty) Limited

for the Old Mutual Pan African Fund^^ Mutualpark, Jan Smuts Drive

Pinelands, Cape Town

7705, South Africa

Investment Adviser to the Investment Manager (from 15 June 2018)

for the Old Mutual Compass Portfolio 2 Quilter Investors Limited (formerly Old Mutual

for the Old Mutual Compass Portfolio 3 Investment Management Limited)

for the Old Mutual Compass Portfolio 4 Millennium Bridge House, 2 Lambeth Hill

for the Old Mutual Compass Portfolio 5 London, EC4V 4AJ

^ Old Mutual Japanese Equity Fund closed on 26 January 2018.

^^ Old Mutual Pan African Fund closed on 28 February 2018.

^^^ Old Mutual Absolute Return Government Bond Fund, a sub-fund of Old Mutual Global Investors Series II ICAV was merged into the Merian

Strategic Absolute Return Bond Fund on 27 July 2018 as detailed in the significant events during the financial year.

^^^^ Old Mutual Monthly Income High Yield Bond Fund closed on 14 September 2018.

The above footnotes are consistently applied throughout the document.



7

Depositary Citi Depositary Services Ireland Designated

Activity Company (formerly Citi Depositary

Services Ireland DAC)

1 North Wall Quay

Dublin 1

Ireland

Administrator, Registrar and Transfer Agent Citibank Europe plc

1 North Wall Quay

Dublin 1

D01 T8Y1

Ireland

Company Secretary Tudor Trust Limited

33 Sir John Rogerson’s Quay

Dublin 2

D02 XK09

Ireland

Registered Office 33 Sir John Rogerson’s Quay

Dublin 2

D02 XK09

Ireland

Auditor KPMG

1 Harbourmaster Place

International Financial Services Centre

Dublin 1

D01 F6F5

Ireland

Legal Advisers Dillon Eustace

33 Sir John Rogerson’s Quay

Dublin 2

D02 XK09

Ireland

Hong Kong Representative Merian Global Investors (Asia Pacific) Limited

24th Floor

Henley Building

5 Queen’s Road

Hong Kong

Paying Agent in Luxembourg BNP Paribas Securities Services

Luxembourg Branch

60 Avenue John F. Kennedy

1855 Luxembourg

Grand Duchy of Luxembourg

Paying Agent in Switzerland BNP Paribas Securities Services, Paris

Succursale de Zurich, Selnaustrasse 16

8001 Zurich

Switzerland



8

Representative in Switzerland First Independent Fund Services Limited

Klausstrasse 33

8008 Zurich

Switzerland

Facilities Agent in the United Kingdom Merian Global Investors (UK) Limited

Millennium Bridge House, 2 Lambeth Hill

London EC4P 4WR

United Kingdom

French Centralising and Financial Agent BNP Paribas Securities Services

3 Rue d’Antin

75002, Paris

France

Paying Agent in Austria

Erste Bank der Oesterreichischen Sparkassen AG,

France

Graben 21

1010 Wien

Austria

Paying Agents in Chile Cruz del Sur, Corredora de Bolsa S.A.

Augusto Leguía 70

Piso 5

Las Condes

Santiago,

Chile

Larraín Vial S.A., Corredora de Bolsa

Avenida El Bosque Norte N0 0177, piso 3

Las Condes

Santiago,

Chile

Paying Agents in Italy Allfunds Bank, S.A.U.

Via Santa Margherita

720121 Milan

Italy

BNP Paribas Securities Services

Ansperto 5

20123 Milano

Italy

SGSS. S.p.A, Milan

Via Benigno Crespi n19A

MAC2,l

Italy

Paying Agent in Sweden Skandinaviska Enskilda Banken AB (publ)

Kungsträdgårdsgatan 8

SE-106 40

Stockholm

Sweden



9

Private placement and Master Agent in Taiwan Capital Gateway Securities Investment Consulting

Enterprise

No. 171 Sung-De Road

Taipei 110

Taiwan

German Information Agent GerFIS – German Fund Information Service UG

Zum Eichhagen 4

21382 Brietlingen

Deutschland

Belgian Financial Agent Caceis Belgium SA

B – 1000 Brussels, Avenue du Port 86 C b320

Belgium

Copies of the Memorandum and Articles of Association, the Prospectus, the Key Investor Information documents,

the annual and semi-annual reports of the Company are available free of charge at the office of the

representative or agent of each jurisdiction.

Additionally, a list of the purchases and sales of each Sub-Fund made during the financial year of this report may

be obtained free of charge from the Representative in Switzerland.

The following Sub-Funds are not authorised in Hong Kong and not available to Hong Kong residents:

Merian China Equity Fund

Merian US Equity Income Fund

Old Mutual European Best Ideas Fund

Merian Investment Grade Corporate Bond Fund

Merian Global Emerging Markets Fund

Merian Local Currency Emerging Market Debt Fund

Merian UK Smaller Companies Focus Fund

Merian UK Dynamic Equity Fund

Merian Global Equity Absolute Return Fund

Merian Strategic Absolute Return Bond Fund^^^

Old Mutual Compass Portfolio 2




Merian UK Specialist Equity Fund

Merian Style Premia Absolute Return Fund

Merian Financials Contingent Capital Fund

The following Sub-Funds are not authorised in Sweden and not available to Swedish residents:

Merian Europe (ex UK) Smaller Companies Fund






GENERAL INFORMATION

10

Structure

Merian Global Investors Series Plc (previously Old Mutual Global Investors Series Plc) (the “Company”) is an

umbrella fund with segregated liability between Sub-Funds established as a self-managed open-ended

investment company with variable capital, incorporated on 2 September 1997, organised under the laws of

Ireland as a public limited company pursuant to the Companies Act 2014, the Central Bank (Supervision and

Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities)

Regulations 2015 and the European Communities (Undertakings for Collective Investment in Transferable

Securities) Regulations, 2011, as amended (the “Regulations”) and has been authorised by the Central Bank of

Ireland as a UCITS within the meaning of the Regulations.

The share capital of the Company shall at all times equal the Net Asset Value. The initial capital of the Company

was EUR 38,082 represented by 30,000 Subscriber Shares of no par value. For the period of five financial years

from the date of incorporation, the Directors are empowered to issue up to five hundred billion Shares of no par

value in the Company at the Net Asset Value per Share on such terms as they may think fit. The subscriber Shares

do not entitle the holders to participate in the assets of any Sub-Fund.

Additional information

On 28 September 2018, the Company changed its name from Old Mutual Global Investors Series Plc to Merian

Global Investors Series Plc and each of its sub-funds changed their names as set out below.

New sub-fund name Old sub-fund name

Merian China Equity Fund Old Mutual China Equity Fund

Merian Global Strategic Bond Fund (IRL) Old Mutual Global Strategic Bond Fund (IRL)

Merian World Equity Fund Old Mutual World Equity Fund

Merian Pacific Equity Fund Old Mutual Pacific Equity Fund

Merian European Equity Fund Old Mutual European Equity Fund

Old Mutual Japanese Equity Fund^

Merian US Equity Income Fund Old Mutual US Equity Income Fund

Merian North American Equity Fund Old Mutual North American Equity Fund

Merian Total Return USD Bond Fund Old Mutual Total Return USD Bond Fund

Merian Emerging Market Debt Fund Old Mutual Emerging Market Debt Fund

Old Mutual European Best Ideas Fund Old Mutual European Best Ideas Fund

Merian Investment Grade Corporate Bond Fund Old Mutual Investment Grade Corporate Bond Fund

Merian Global Emerging Markets Fund Old Mutual Global Emerging Markets Fund

Merian Asian Equity Income Fund Old Mutual Asian Equity Income Fund

Merian Local Currency Emerging Market Debt Fund Old Mutual Local Currency Emerging Market Debt Fund

Merian UK Alpha Fund (IRL) Old Mutual UK Alpha Fund (IRL)

Merian UK Smaller Companies Focus Fund Old Mutual UK Smaller Companies Focus Fund

Merian UK Dynamic Equity Fund Old Mutual UK Dynamic Equity Fund

Merian Global Equity Absolute Return Fund Old Mutual Global Equity Absolute Return Fund

Merian Strategic Absolute Return Bond Fund Old Mutual Strategic Absolute Return Bond Fund^^^

Old Mutual Pan African Fund^^

Old Mutual Monthly Income High Yield Bond Fund^^^^

Merian Europe (ex UK) Smaller Companies Fund Old Mutual Europe (ex UK) Smaller Companies Fund

Merian Global Equity Income Fund (IRL) Old Mutual Global Equity Income Fund (IRL)

Merian Gold & Silver Fund Old Mutual Gold & Silver Fund

Old Mutual Compass Portfolio 2 Old Mutual Compass Portfolio 2




Merian UK Specialist Equity Fund Old Mutual UK Specialist Equity Fund

Merian Style Premia Absolute Return Fund Old Mutual Style Premia Absolute Return Fund

Merian Financials Contingent Capital Fund Old Mutual Financials Contingent Capital Fund


GENERAL INFORMATION (continued)

11

Investment Objectives of the Sub-Funds


The objective of the Merian China Equity Fund is to seek to achieve long-term capital appreciation by investing

in a well-diversified portfolio of equity securities issued by companies with either the predominant part of their

assets in, or the predominant part of their revenues derived from, the People’s Republic of China, Hong Kong

and/or Taiwan that are listed, traded or dealt in on Regulated Markets in the People’s Republic of China, Hong

Kong, Taiwan, the United States of America (“US”), Singapore, Korea, Thailand and Malaysia or in a member

state of the Organisation for Economic Co-Operation and Development (“OECD”).

Merian Global Strategic Bond Fund (IRL)

The objective of the Merian Global Strategic Bond Fund (IRL) is to seek to achieve total return through worldwide

investment primarily in a diversified portfolio of fixed and variable rate debt securities.

Merian World Equity Fund

The objective of the Merian World Equity Fund is to seek to achieve asset growth through investment in a well-

diversified portfolio of securities of issuers worldwide. It is not proposed to concentrate investments in any one

geographical region, industry or sector.

Merian Pacific Equity Fund

The objective of the Merian Pacific Equity Fund is to seek to achieve asset growth through investment in a well-

diversified portfolio of securities of Pacific region issuers or of issuers established outside the Pacific region which

have a predominant proportion of their assets or business operations in the Pacific region. It is not proposed to

concentrate investments in any one industry or sector.

Merian European Equity Fund

The objective of the Merian European Equity Fund is to seek to achieve asset growth through investment in a

well-diversified portfolio of securities of European issuers, of issuers established outside Europe which have a

predominant proportion of their assets or business operations in Europe, or of securities listed or having a listing

on a European exchange. It is not proposed to concentrate investments in any one industry or sector.


The objective of the Old Mutual Japanese Equity Fund^ was to seek to achieve asset growth through investment

in a well-diversified portfolio of securities of Japanese issuers or of issuers established outside Japan which had a

predominant proportion of their assets or business operations in Japan. It was not proposed to concentrate

investments in any one industry or sector.


The objective of the Merian US Equity Income Fund is to seek to achieve asset growth through investment in a

diversified portfolio of equity and equity-related securities.

Merian North American Equity Fund

The objective of the Merian North American Equity Fund is to seek to achieve long term capital growth through

the active management of a diversified portfolio invested primarily in North American stock markets. It is not

proposed to concentrate investments in any one industry or sector.

Merian Total Return USD Bond Fund

The objective of the Merian Total Return USD Bond Fund is to seek to maximise total return consistent with

preservation of capital and prudent investment management.

Merian Emerging Market Debt Fund

The objective of the Merian Emerging Market Debt Fund is to seek to achieve asset growth through investment

in a well-diversified portfolio of fixed and variable rate debt securities issued in Emerging Markets.



12

Investment Objectives of the Sub-Funds (continued)


The objective of the Old Mutual European Best Ideas Fund is to seek to achieve asset growth through investment

in a well-diversified portfolio of equities or equity-related securities of European issuers or of issuers established

outside Europe which have a predominant proportion of their assets and/or business operations in Europe.


The objective of the Merian Investment Grade Corporate Bond Fund is to seek to achieve income and capital

growth predominantly through investment in a well-diversified portfolio of credit securities rated Investment

Grade.


The objective of the Merian Global Emerging Markets Fund is to seek to achieve asset growth through investment

in a well-diversified portfolio of equity securities of issuers in the Emerging Markets or of issuers established outside

of the Emerging Markets, which have a predominant proportion of their assets or business operations in the

Emerging Markets and which are listed, traded or dealt in on a Regulated Market worldwide. It is not proposed

to concentrate investments in any one industry or sector.

Merian Asian Equity Income Fund

The objective of the Merian Asian Equity Income Fund is to seek to achieve a total return through a combination

of income and capital growth.


The objective of the Merian Local Currency Emerging Market Debt Fund is to seek to achieve total return through

investment in a well-diversified portfolio of fixed and variable rate debt securities issued in the Emerging Markets

worldwide and which are primarily denominated in the local currency of the issuer.

Merian UK Alpha Fund (IRL)

The objective of the Merian UK Alpha Fund (IRL) is to seek to achieve capital appreciation.


The objective of the Merian UK Smaller Companies Focus Fund aims to provide capital growth from investing

primarily in an equity portfolio of UK smaller companies. Smaller companies are defined for this purpose as those

companies which are quoted on a Regulated Market and which have a market capitalisation no greater than

the largest company in the Numis Smaller Companies Index at the time of initial investment. The Numis Smaller

Companies Index is designed to monitor the performance of the smaller companies sector.


The investment objective of the Merian UK Dynamic Equity Fund is to achieve capital appreciation by taking

long and short positions principally in UK equities outside of the FTSE 100 Index.


The investment objective of the Merian Global Equity Absolute Return Fund is capital appreciation while closely

controlling risk. In addition, the Sub-Fund intends to deliver absolute returns that have a low correlation with equity

and bond markets.

Merian Strategic Absolute Return Bond Fund^^^ The investment objective of the Merian Strategic Absolute Return Bond Fund^^^ is to seek to deliver positive total

returns on a rolling twelve month basis with stable levels of volatility uncorrelated to bond and equity market

conditions.



13



The investment objective of the Old Mutual Pan African Fund^^ was to seek to achieve long term capital growth

by investing in companies that directly benefitted from long term economic growth opportunities in the African

continent.


The objective of the Old Mutual Monthly Income High Yield Bond Fund^^^^ was to seek to achieve a total return

through a combination of income and capital growth from a well-diversified portfolio predominantly comprising

of fixed and variable rate debt securities located worldwide.


The investment objective of the Merian Europe (ex UK) Smaller Companies Fund is to achieve long term capital

growth through investing primarily in an equity portfolio of smaller companies incorporated in Europe (excluding

the United Kingdom) or of companies incorporated outside of Europe (excluding the UK) which have a

predominant proportion of their assets and/or business operations in Europe (excluding the UK).

Merian Global Equity Income Fund (IRL)

The investment objective of the Merian Global Equity Income Fund (IRL) is to seek to achieve a total return

through a combination of income and capital growth.

Merian Gold & Silver Fund

The investment objective of the Merian Gold & Silver Fund is to seek to achieve a total return by investing

predominantly in listed equities.


The investment objective of the Old Mutual Compass Portfolio 2 is to generate a long-term total return.








The investment objective of the Merian UK Specialist Equity Fund is to seek to achieve capital appreciation by

taking long and short positions mainly in UK equities outside the FTSE 100 Index, whilst seeking to deliver absolute

returns in all market conditions.


The investment objective of the Merian Style Premia Absolute Return Fund is to seek to deliver positive total returns

on a rolling twelve month basis with stable levels of volatility uncorrelated to bond and equity market conditions.


The investment objective of the Merian Financials Contingent Capital Fund is to seek to achieve a total return

through a combination of income and capital growth from a portfolio of primarily fixed and variable rate debt

securities issued by financial institutions with minimum capital requirements, such as insurers and banks.



14

Distribution Policy

Distributions to holders of Redeemable Participating Shares are recorded in the Statement of Operations as

finance costs. Distributions paid and proposed during the financial years ended 31 December 2018, and 31

December 2017 with respect to certain share classes are outlined in Note 10. All of the other Sub-Funds’ income

and capital gains were reinvested in accordance with the investment objective and policy of the Sub-Funds.

The Company will declare a dividend in respect of the Classes of Shares of the Sub-Funds as set out in the

Prospectus of the Company. For all Classes of Shares that are not distributing, the Sub-Fund’s income and capital

gains will be reinvested in accordance with the investment objectives and investment policies of the Sub-Fund.

Dilution Adjustment

On any Dealing Day the Directors may determine when there are net inflows into a Sub-Fund or net outflows

from a Sub-Fund to apply a dilution adjustment to the dealing Net Asset Value per Share so that the price of a

Share in the Sub-Fund is above or below that which would have resulted from a latest available market valuation.

This adjustment is intended to pass the estimated costs of underlying investment activity of the Sub-Fund to the

active Shareholders by adjusting the Net Asset Value of the relevant classes of Shares and thus to protect the

Sub-Fund’s long-term Shareholders from costs associated with ongoing subscription and redemption activity.

These costs may include dealing charges, commissions and the effects of dealing at prices other than the middle

market price. The price of each Class of Share in a Sub-Fund will be calculated separately but any dilution

adjustment will affect the price of Shares of each Class in a Sub-Fund in an identical manner.

Investment Risks

An investment in any Sub-Fund involves investment risks, including possible loss of the amount invested. Moreover,

there can be no assurance that a Sub-Fund will achieve its investment objective.

Taxation

As an investment undertaking within the meaning of Section 739(B) of the Taxes Consolidation Act 1997, as

amended, the Company is generally exempt from Irish tax on its income and gains and the Company will not

be required to account for any tax in respect of Shareholders who are not Irish residents or exempt Irish residents

provided that the signed necessary declarations are in place. The Company may be required to account for

tax in respect of Shareholders who are Irish residents. Shareholders who are not Irish residents and have made

the required declaration of non-residence will not be liable to Irish tax on income from their Shares or gains made

on the disposal of their Shares, provided the Shares are not attributable to an Irish branch or agency of such

shareholder. No stamp duty or other tax is generally payable in Ireland on the subscription, issue, holding,

redemption, conversion or transfer of Shares.

Selling Restrictions

The Shares may not be purchased or held by US persons unless pursuant to an exemption under applicable US

law and may not be offered or sold in any jurisdiction in which such offer or sale is not lawful or in which the

person making such offer or sale is not qualified to do so or to anyone to whom it is unlawful to make such an

offer or sale.

Dealing Days

A Dealing Day in respect of all of the Sub-Funds means every Business Day (as defined for each Sub-Fund in the

Prospectus) or such other days as the Directors may determine provided that there shall be at least one Dealing

Day each fortnight.



15

Subscriptions and Repurchases

Certain share classes have minimum initial investment, minimum subsequent investment and minimum holding

requirements which are disclosed in the Prospectus.

An initial charge may be payable to the Company on subscriptions for certain share classes. A contingent

deferred sales charge may be payable to the Company on the subscription price for certain Shares, with the

amount of the contingent deferred sales charge payable dependent on the length of time between the date

the Shares were purchased and their repurchase. The following table outlines these charges:

Class of Shares: Initial Charge:

Contingent deferred sales charge as a

percentage of the subscription price paid

Years since purchase

0 – 1

Years

1 – 2

Years

2 – 3

Years

3 – 4

Years

4+

Years

Class A Shares Up to 5.00% of the Net Asset Value per Share Nil Nil Nil Nil Nil

Class B Shares Nil 4.00% 3.00% 2.00% 1.00% Nil

Class C Shares Up to 1.00% of the Net Asset Value per Share 1.00% Nil Nil Nil Nil

Class C2 Shares Up to 0.50% of the Net Asset Value per Share 2.00% 1.00% Nil Nil Nil

Class N Shares Up to 3.00% of the Net Asset Value per Share Nil Nil Nil Nil Nil

The other share classes are not in scope for these charges.


DIRECTORS’ REPORT

16

The Directors submit their annual report together with the audited financial statements for the financial year

ended 31 December 2018.

Principal Activities

As at 31 December 2018, the Company consisted of 32 Sub-Funds (the “Sub-Funds”) of which 29 are in operation

at financial year end (2017: 32).

Business Review, Results and Future Development

A more comprehensive overview of the Company’s investment activities and the analysis of the Company’s key

performance indicator (‘KPIs’), such as the performance of the relevant Sub-Funds is detailed in the Investment

Advisers’ Reports.

The results for the financial year are set out in the Statement of Operations and the assets and liabilities are set

out in the Statement of Financial Position. Details of the Company’s share capital and changes during the

financial year under review are disclosed in the Statement of Changes in Net Assets Attributable to Redeemable

Participating Shareholders. Significant shareholders are disclosed in Note 5.

The Company intends to continue promoting and generating interest in its business in the future.

The impact of the Brexit vote has resulted in some uncertainty for the financial industry. While it is still too soon to

judge the full impact of the UK’s decision to leave the EU, as Directors of the Company, we maintain that Europe

is a core market for distribution of the Sub-Funds and will remain so. To this end, Shareholders were notified by

way of a Shareholder Notice issued on 22nd February, of a proposal to appoint a UCITS management company,

Merian Global Investors (Europe) Limited (“MGIEL”), to act as Manager of the Company. MGIEL is authorized by

the Central Bank to act as a UCITS management company pursuant to the Regulations and an Alternative

Investment Fund Manager (AIFM) pursuant to the European Communities (Alternative Investment Fund

Managers) Regulations, 2013, as amended. The rationale for the proposed appointment is primarily to ensure

that the Company has an EU domiciled fund management company, post Brexit, so the Funds of the Company

can continue to be marketed within the EEA. It is expected that once the proposed appointment has taken

effect the Funds of the Company can continue to be marketed within the EEA on a cross-border basis by the

Manager. The proposed appointment will also have the effect of enhancing the Company’s corporate

governance structure in an evolving regulatory environment. The emergence of the management company as

the preferred organisational and corporate governance structure for UCITS funds is a reflection of the additional

regulatory obligations and requirements imposed by the Central Bank and the increasing administrative

complexity associated with the operation of UCITS funds.

There is a risk that Brexit, other political developments or developments otherwise affecting market confidence

may result in outflows of assets from investment portfolios with exposure to the UK, which could include asset

portfolios held by the company. Due to the size and importance of the UK economy in the global economy,

particularly with respect to the UK financial services market, as well as the uncertainty and unpredictability

concerning the UK’s legal, political, financial and economic relationship with the EU after Brexit, there may

continue to be instability in the national and international financial markets, significant currency fluctuations and

otherwise adverse effects on consumer confidence for the foreseeable future, including beyond the date of the

UK’s withdrawal from the EU.

Dividends

Distributions paid and proposed during the financial years ended 31 December 2018 and 31 December 2017 are

detailed in Note 10.

Principal Risks, Risk Management Objectives and Policies

The main risks arising from the Company’s financial instruments are market risk (including market price risk, interest

rate risk and currency risk), liquidity risk and credit risk. In order to manage such risks the Company shall comply

with the investment restrictions and diversification limits provided for in the Prospectus and the UCITS Regulations.

Details of the principal risks, risk management objectives and policies associated with investment in the Company

are listed in Note 11.


DIRECTORS’ REPORT (continued)

17

Significant Events During the Financial Year

The significant events during the financial year are detailed on pages 471 to 474.

Securities Financing Transactions Regulation

Securities Financing Transactions Regulation (Regulation (EU) 2015/2365) (“SFTR”) came into force on 12 January

2016 and, amongst other requirements, introduces new disclosure requirements in the Company's annual and

semi-annual reports published after 13 January 2017 detailing the Companies use of securities financing

transactions. As a result, additional disclosures have been included in the Supplemental Information (unaudited)

to the annual financial statements.

Subsequent Events

Events subsequent to the Statement of Financial Position date are detailed in Note 13.

Employees

There were no employees of the Company during the financial year under review or during the prior financial

year.

Segregated Liability of Sub-Funds

The Company is an umbrella fund with segregated liability between Sub-Funds.

Directors

The Directors of the Company during the year ended 31 December 2018 were:

Nationality

Bronwyn Wright Irish

Tom Murray Irish

Adrian Waters Irish

Jessica Brescia British

Nicola Stronach (appointed 9 August 2018) British

Paul Simpson (resigned 29 June 2018) British

The Articles of Association do not stipulate a retirement age for Directors and do not provide for retirement of

Directors by rotation.

All of the Directors have served for the entire financial year, with the exception of Nicola Stronach, who was

appointed as a director of the Company on 9 August 2018, and Paul Simpson, who resigned as a director of

the Company on 29 June 2018. Directors’ remuneration paid and payable during the financial years ended 31

December 2018 and 31 December 2017 are detailed in Note 5. All expenses paid to Directors were non-taxable

in line with Section 305 of the Companies Act 2014.

Directors' and Company Secretary's Interests in Shares and Contracts

All Directors and the Company Secretary who held office at 31 December 2018 and at 31 December 2017 had

no interest in the share capital of the Company or group undertakings of the Company.

Transactions Involving Directors

The Board of Directors are not aware of any contracts or arrangements of any significance in relation to the

business of the Company in which the Directors had any interest as defined in Section 329 of the Companies Act

2014 at any time during the financial year ended 31 December 2018 (2017: Nil).

As at 31 December 2018, Jessica Brescia and Nicola Stronach are employees of the Investment Manager,

Merian Global Investors (UK) Limited (2017: Jessica Brescia and Paul Simpson).



18

Corporate Governance Code

The Company has adopted in full the voluntary Code of Corporate Governance ("the Corporate Governance

Code") for Collective Investment Schemes and Management Companies issued by the Irish Funds (“IF”), the text

of which is available from the IF website, www.irishfunds.ie. The Company has been in compliance with the

Corporate Governance Code during the financial year ended 31 December 2018.

Connected Person Transactions

In accordance with the requirements of the Central Bank UCITS Regulations, any transaction carried out with the

Company by its Manager, Depositary, Investment Adviser and/or associated or group companies of these

entities (“connected person”) must be carried out as if negotiated at arm’s length. Such transactions must be in

the best interests of the shareholders. In addition to those transactions, there are also transactions carried out by

connected persons on behalf of the Company to which the Directors have no direct access and in respect of

which the Directors must rely upon assurances from its delegates that the connected persons carrying out these

transactions do carry them out on a similar basis.

The Board of Directors are satisfied that: (i) there are arrangements (evidenced by written procedures) in place

to ensure that the obligations set out in Central Bank of Ireland’s UCITS Regulations are applied to all transactions

with connected parties; and (ii) transactions with connected parties entered into during the financial year

complied with the obligations set out in the UCITS Regulations.

Although not deemed to be related parties under FRS 102 as they do not exercise significant influence over the

activities of the Company, UCITS Regulations also deems a “Depositary” and its “associated or group

companies” to be related parties to the Company. As such, Citi Depositary Services Ireland DAC, the Depositary,

and Citibank Europe plc, the Administrator, are related parties to the Company. During the financial year, Citi

Depositary Services Ireland DAC and Citibank Europe plc earned fees for provision of depositary and

administration services to the Company as disclosed in Note 9. Citi Depositary Services Ireland DAC were

selected by the Company to execute certain transactions on behalf of the Sub-Funds, the terms of such

transactions were negotiated by the Company and were at normal commercial terms.

Statement of Directors' Responsibilities

The Directors are responsible for preparing the Directors’ Report and the financial statements, in accordance

with applicable law and regulations.

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

have elected to prepare the financial statements in accordance with Irish law and FRS 102 The Financial

Reporting Standard applicable in the UK and in the Republic of Ireland.

Under company law the Directors must not approve the financial statements unless they are satisfied that they

give a true and fair view of the assets, liabilities and financial position of the Company and of its decrease in net

assets attributable to redeemable participating shareholders for that year. In preparing the financial statements,

the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable Accounting Standards have been followed, subject to any material departures

disclosed and explained in the financial statements;

• assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related

to going concern; and

• use the going concern basis of accounting unless they either intend to liquidate the Company or to

cease operations, or have no realistic alternative but to do so.



19

Statement of Directors' Responsibilities (continued)

The Directors are responsible for keeping adequate accounting records which disclose with reasonable

accuracy at any time the assets, liabilities, financial position and profit or loss of the Company and enable them

to ensure that the financial statements comply with the Companies Act 2014, the European Communities

(Undertakings for Collective Investment in Transferable Securities) Regulations 2011 and the Central Bank

(Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable

Securities) Regulations 2015. They have general responsibility for taking such steps as are reasonably open to

them to safeguard the assets of the Company. In this regard they have entrusted the assets of the Company to

a trustee for safe-keeping. They are responsible for such internal controls as they determine is necessary to enable

the preparation of financial statements that are free from material misstatement, whether due to fraud or error,

and to prevent and detect fraud and other irregularities. The Directors are also responsible for preparing a

Directors’ Report that complies with the requirements of the Companies Act 2014.

The Directors are responsible for the maintenance and integrity of the corporate and financial information

included on the Company’s website. Legislation in the Republic of Ireland governing the preparation and

dissemination of financial statements may differ from legislation in other jurisdictions.

Directors’ Compliance Statement

The Directors are responsible for securing the company’s compliance with its “relevant obligations” under section

225 of the Companies Act 2014 (as defined in section 225(1) thereof).

As required under section 225(3), the Directors confirm that:

a) a compliance policy statement has been drawn up setting out the Company’s compliance policies

(that, in the Directors’ opinion, are appropriate to the Company) with respect to compliance by the

Company with its relevant obligations;

b) appropriate arrangements or structures are in place that, in Directors’ opinion, are designed to secure

material compliance with the Company’s relevant obligations; and

c) a review has been conducted during the financial year ending 31 December 2018 of the arrangements

or structures referred to in paragraph b) above.

Accounting Records

The Directors are responsible for ensuring that adequate accounting records, as outlined in Sections 281 to 285

of the Companies Act 2014, are kept by the Company. To achieve this, the Directors have appointed Citibank

Europe plc, (the “Administrator”), which reports to the Board of Directors (the “Board”) to ensure that the

requirements of Sections 281 to 285 of the Companies Act 2014 are complied with. The adequate accounting

records are located at 1 North Wall Quay, Dublin 1.

Audit Information Statement

In accordance with Section 330 of the Companies Act 2014, the Directors hereby confirm that:

a) so far as the Directors are aware, there is no relevant audit information of which the Company’s statutory

auditor is unaware; and

b) the Directors have taken all the steps that ought to have taken as a Director in order to make aware of

any relevant audit information and to establish that the Company’s statutory auditor is aware of that

information.

Audit Committee

The Company has established an audit committee.

Auditor

KPMG, Chartered Accountants, have indicated their willingness to continue in office in accordance with Section

383(2) of the Companies Act 2014.

Merian Global Investors Series PicAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018

DIRECTORS' REPORT (continued)

On behalf of the Board of Directors of Merian Global Investors Series Pic

^<Tom Mui

Director

AjduarfWaters

Director

Date: 25 April 2019

20


MERIAN CHINA EQUITY FUND

INVESTMENT ADVISER’S REPORT FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018

Investment Advisers – Merian Global Investors (Asia Pacific) Limited (until 22 March 2018)

– Ping An of China Asset Management (Hong Kong) Company Limited (from 23 March 2018)

22

The Chinese equity market was volatile during 2018. At the beginning of the year, its growth was buoyed by an

upbeat consensus, but it subsequently fell on worries about the US-China trade war and economic slowdown.

China’s deleveraging drive, which aims to improve the quality of economic growth, has led to tightening liquidity

and higher financial costs for Chinese companies. China’s economic data showed growth slowing, partly

attributable to deleveraging efforts and the weakness of global trade and of domestic demand. In response to

this, China’s policymakers changed to a more accommodative approach and announced a series of monetary

and fiscal measures aiming to stimulate the economy: their effects are yet to be observed. Trade frictions between

US and China escalated during the year and the market even feared the possibility of a full-blown trade war. This

weighed on investor sentiment and was a drag on China’s equity market. In December, US president Trump and

China’s president Xi agreed to halt new trade tariffs for 90 days to allow for talks, an early sign of trade tensions

easing. However, the Huawei arrest issue may indicate that global tension is expanding beyond just trade.

We narrowed the underweight position to the real estate sector on bottom fishing and policy easing. The sector

had suffered a severe panic sell off on deleveraging policy and a weakening economy, and its valuation has

become reasonable and attractive, in our view. We increased exposure to industrials, as we saw stimulus policies

for infrastructure construction, and stabilising fixed asset investment (FAI) figures.

We trimmed exposure to the energy sector on a declining oil price and a weakening economic forecast. We

trimmed exposure to the consumer sector since channel checks showed slowing demand and increasing

inventory.

In our view, the Chinese government understands the urgency and necessity of launching reforms to improve

efficiency and unleash growth potential. In addition to stimulus policies for infrastructure construction, China has

introduced other favourable policies, such as the suspension of changes to social security contributions, allowing

a transition period for collecting tax on annual bonuses, allocation of an early quota to local governments’ bond

issuance, state-owned banks' issuance of perpetual bonds to supplement capital, and the relaxation of

regulations on the culture-related industries, for example the resumption of computer game licence approvals.

Overall, we are cautiously optimistic for 2019. Although the Chinese economy may continue to slow, market

valuations are becoming very attractive, especially for the last year’s hardest hit sectors, like consumer and

healthcare. In addition, pressure on economic growth and employment may serve as catalysts for a new round

of positive fiscal and monetary policies that could provide a favourable environment for mid to long term growth.

We will focus on high quality names with strong fundamentals in the consumer, healthcare, utility and financials

sectors, as well as trading opportunities in the energy and industrial sectors.


MERIAN GLOBAL STRATEGIC BOND FUND (IRL)


Investment Adviser – Merian Global Investors (UK) Limited

23

The fund underperformed its benchmark in 2018. The view at the beginning of the year was that there would be

a continuation of the global reconvergence trade, with strength in the US economy permeating into the rest of

the global economy, with the output gap closing, and with other major central banks starting to follow the US

Federal Reserve in moving interest rates higher, reducing the divergence with the hiking cycle in the US. However,

emerging weakness in the Chinese economy, and an increasingly bitter trade dispute between the Trump

administration and the Chinese authorities, introduced a negative effect to the global growth picture not

anticipated in the first half of the year.

The view on the Chinese economy was that mutually recognised benefits between the US and China would

bring trade talks to a more conciliatory outcome, and in the meantime the Chinese authorities would ease the

pain in their domestic economy by pausing the deleveraging trend and introducing some fiscal stimulus. This did

occur, but not to an extent sufficient to override the negative effect of souring relations on trade.

We had expected that this global backdrop would temper the US Federal Reserve’s language around the hiking

cycle, and that some concern around US credit and the health of the economy would not only lead to

something of a pause by the Fed but also to some weakness in the US dollar. We were positioned for this but too

early in the process. This picture did eventually emerge but only very close to the end of the year.

A weaker US dollar earlier in the year would have eased stresses it caused in emerging markets. The fund had

anticipated the eventual bounce in emerging market debt valuations, but entered the trade too early. Inflows

into the dollar kept going until the year end and it has only been at the turn of the year that we have seen our

anticipated scenario play out.

Overall the fund lost out from expecting European rates to tighten to US rates, European FX to appreciate versus

the US dollar, and emerging market debt and FX to rally into the second half of the year. The fund did well from

being short US and European credit and from our US rates position.

Our view going forward is that the US Fed’s hiking cycle has come to a close, or at least is very near its peak. The

front end of the US curve therefore looks attractive in our eyes, and the US yield curve is likely to steepen. In this

environment, the US dollar would seemed to have run its course, and we are now looking for it to weaken over

the next few months, meaning that emerging markets can continue to recover from their poor performance of

2018, and generally the stresses that the strong dollar has recently caused can be corrected. US credit looks

vulnerable to us, because the US economy is late cycle, and we continue to believe that inflation in the US and

elsewhere will increase as wage inflation ticks higher.


MERIAN WORLD EQUITY FUND



24

For the first three quarters, US equities powered ahead of the rest of the world, achieving dispersion of

performance not replicated since the early 1970s. The initial momentum-driven moves to the upside were

supported by investor optimism and additional liquidity courtesy of the recent US tax cuts. Following an initial

pullback in February, the next market phase saw US equities attain new highs, sustained by record levels of

buybacks that were accentuated by waning volumes and market participants. Concurrently, an ascendant US

dollar led to money being drawn out of riskier emerging markets as investors sought to book profits following a

strong run in 2017. These factors contributed to a broad sell-off in Asia equities generally. An ongoing trade

dispute with the US and a crackdown on shadow banking contributed to Chinese equities posting the worst

performance of major stock markets in 2018, shedding some US$2.3 trillion in value. Yet 2018 marks the first time

since 1948 that the S&P 500 index finished the year in negative territory after posting positive returns in each of

the first three quarters. The equity market retreat in Q4 was stoked by growing alarm about a slowing global

economy and tightening monetary policy framework.

Over the course of the year, the sub-fund’s dynamic valuation stock selection criterion contributed negatively

to performance. In terms of asset allocation, the portfolio was largely correctly positioned away from risk on

throughout the year. This was demonstrated by those occasions when it avoided the sizeable drawdowns to

value; however, for most of this time it was bereft the ‘kicker’ of quality returns. Investors demonstrated a

preference for low volatility and dividend yield to traditional balance sheet strength as their source of safe haven

assets during episodes of heightened market volatility.

Reassuringly, the recent asset allocation reduction to the sustainable growth component reaffirmed the

prevailing pessimism inherent in investor sentiment, recognising how the opportunity to avail of structural

mispricing in growth companies weakened over the course of the year, and the near-term impact on

performance in the latter stages of Q4 proved a positive contributor.

The same headwinds which weighed on the asset classes through 2018, specifically geopolitical instability and

the repercussion from tighter financial conditions, continue to pose risks, at least in the near term. While

navigating regime changes of this kind, we cannot exclude the occurrence of future left tail events or discount

the possibility of whipsawing at the portfolio level. However, as long-term investors in these markets, we maintain

confidence and conviction in the persistence and consistency of mispricing, together with our unique stock

selection process which aims to mitigate downside risk, cyclicality of returns and the effects of correlating with

market state. Our expectation is that the sub-fund should continue to provide diversification over the medium

term against equity market moves, as it has done both historically as well as in the latter stages of this month

following the implementation of these changes at the portfolio level.


MERIAN PACIFIC EQUITY FUND


Investment Advisers – Merian Global Investors (Asia Pacific) Limited (until 17 May 2018)

– Merian Global Investors (UK) Limited (from 18 May 2018)

25


performance not replicated since the early 1970s. Concurrently, an ascendant US dollar led to money being

drawn out of riskier emerging markets as investors sought to book profits following a strong run in 2017. These

factors contributed to a broad sell-off in Asia equities generally.

Liquidity in the Chinese market tightened this year following a regulatory crackdown aimed at combating a

build-up of leverage in the financial system. The reforms have focused largely on so-called shadow banking,

which before the clampdown saw lenders channel significant sums to fund managers who then invested the

money in Chinese stocks. As the year played out, investors became more concerned about the impact that a

protracted trade war with the US might have on the prospects of Chinese corporates.

Over the course of the year, dynamic valuation contributed negatively to performance. In terms of asset

allocation, the portfolio was largely correctly positioned away from risk on throughout the year. This was

demonstrated by those occasions when it avoided the sizeable drawdowns to value; however, for most of this

time it was bereft the ‘kicker’ of quality returns. Investors demonstrated a preference for low volatility and

dividend yield to traditional balance sheet strength as their source of safe haven assets during episodes of

heightened market volatility.







navigating regime changes of this kind we cannot exclude the occurrence of future left tail events, or discount





term against equity market moves, as it has done both historically as well as following the implementation of

these changes at the portfolio level.


MERIAN EUROPEAN EQUITY FUND



26

Performance of European equities for 2018 has been dominated by weak markets in the second half, and

particularly in the final quarter.

A sell-off which started in the US with a sustained push above 3% for US 10-year Treasuries, predominantly hitting

growth stocks, broadened out into a bigger market event. Among European companies, the market appears to

be moving towards a recessionary scenario, with only defensive companies spared the selling. Macroeconomic

data continues to disappoint modestly. The data has been mostly affected by uncertainty in the external

environment with regard to tariffs and the potential for a global slowdown. The worst performing sectors were

financials, consumer discretionary, real estate and industrials. Reflecting its pro-cyclical positioning, the sub-fund

performed poorly in 2018, suffering at the stock level in the consumer, financial and industrial areas. At a country

level, exposure to Germany and Sweden because of their international industrial names and the UK because of

Brexit hurt performance. The portfolio also suffered as a result of its exposure to some mid-cap names which

suffered disproportionately as the market declined. Portfolio activity has sought to lessen the cyclicality of the

portfolio while still remaining underweight in some of the more expensive defensive areas of the market.

In early 2019 there are some grounds for optimism; the headwinds to European GDP are easing, not least the

reversal of the oil price in Q4; China and the US seem to be making more concerted efforts to end their trade

dispute and the signalling from the Fed indicates that we are closer to the top of the tightening cycle than

previously thought. The asset class is moving from mid-cycle valuation to cheap very quickly. In terms of style,

sector and country positioning, the sub-fund remains tilted towards value, and is modestly pro-cyclical expressed

mostly through financial and industrial exposure. We are overweight communication services representing value

in the defensive telco sector and underweight consumer discretionary, staples, energy, utilities and real estate.

The sub-fund remains heavily exposed to the European core markets with substantial weights in France, UK,

Netherlands, Germany and Switzerland.


OLD MUTUAL JAPANESE EQUITY FUND^


Investment Adviser – Merian Global Investors (Asia Pacific) Limited

27

On 22 December 2017, a notification was sent to shareholders informing them of the intention to close the Old

Mutual Japanese Equity Fund^. This became effective on 26 January 2018.


MERIAN US EQUITY INCOME FUND



28





buybacks that were accentuated by waning volumes and market participants. Yet 2018 marks the first time since

1948 that the S&P 500 index finished the year in negative territory after posting positive returns in each of the first

three quarters. The equity market retreat in Q4 was stoked by growing alarm about a slowing global economy

and tightening monetary policy framework.


















term against equity market moves, as it has done both historically as well as in the latter stages of this month post

the implementation of these changes at the portfolio level.


MERIAN NORTH AMERICAN EQUITY FUND



29





buybacks that were accentuated by waning volumes and market participants. Yet 2018 marks the first time since

1948 that the S&P 500 index finished the year in negative territory after posting positive returns in each of the first

three quarters. The equity market retreat in Q4 was stoked by growing alarm about a slowing global economy

and tightening monetary policy framework.

Over the course of the year, the sub-fund’s dynamic valuation stock selection criterion contributed negatively

to performance. In terms of asset allocation, the portfolio was largely correctly positioned away from risk on

throughout the year. This was demonstrated by those occasions when it avoided the sizeable drawdowns to

value; however, for most of this time it was bereft the ‘kicker’ of quality returns. Investors demonstrated a

preference for low volatility and dividend yield to traditional balance sheet strength as their source of safe haven

assets during episodes of heightened market volatility.







navigating regime changes of this kind, we cannot exclude the occurrence of future left tail events or discount





term against equity market moves, as it has done both historically as well as in the latter stages of this month

following the implementation of these changes at the portfolio level.


MERIAN TOTAL RETURN USD BOND FUND


Investment Advisers – Janus Capital International Limited

– Sub-Investment Adviser: Janus Capital Management LLC

30

US and global bond benchmarks were flat to negative in 2018 as the expectation of higher interest rates pushed

yields on US Treasuries higher for much of the year and investors priced in perhaps better-than-expected

economic growth. That concern, magnified by rising wages in the US, caused many to fear inflation may run

ahead of US Federal Reserve (Fed) expectations. That scenario shifted during the autumn as emerging worries

about slowing growth came to the fore. This sent government bonds rallying, but overall market returns remained

under pressure as spreads on corporate credit widened – and in the case of high-yield issuers, significantly.

The sub-fund underperformed its index, the Bloomberg Barclays US Aggregate Bond Index.

Much of the period’s underperformance was concentrated in the sub-fund’s interest rate positioning. For much

of the early part of the year, we believed that wide spreads between German Bunds and US Treasuries were not

supported by economic fundamentals. Consequently, we structured a position aimed at benefiting from

narrowing spreads between these two securities. Rising political uncertainty, however, pushed Bund yields

significantly lower, resulting in these positions generating negative returns.

Also detracting were volatility sales on high-yield corporate credits. Throughout much of the period, we believed

that high-yield credits were richly priced, especially in light of an extended business cycle. With spreads

remaining persistently tight during much of the year. Losses, however, were narrowed late in the period and these

same bearish positions generated positive returns. Volatility in sales on stocks contributed to performance.

The sub-fund’s cash-based core generated positive returns, especially later in the period, when our focus on

shorter-duration credits performed well in the broader market sell-off. Also contributing was our allocation to

securitized credit and government debt.

Over the short run, we expect market stresses to remain elevated due to a range of concerns, including Brexit, a

slowing European – and global – economy, the ongoing US-China trade war and potential repercussions from

political upheaval in the US, including the government shutdown.

While we foresee eventual increases in service-sector inflation, goods inflation, in our view, should remain well

contained, being less linked to decreasing US unemployment. Global spare capacity should continue to make

cheap imports a viable alternative to domestic products, although the continuing trade war acting as a de

facto tax on consumers may limit otherwise cheaper imports’ effects. Payroll gains corroborate the last eight

years of stable and steady jobs growth, but inflation risks are limited.


MERIAN EMERGING MARKET DEBT FUND



31

After two years of double-digit returns and steady inflows, emerging markets (EM) had a challenging 2018. Full-

year returns were negative across hard currency sovereigns. Investors took their cues from the strong fiscal

impulse and data releases from the United States, and revised their expectations to more aggressive US Federal

Reserve (Fed) rate hikes and a stronger US dollar. Consequently, tighter global financial conditions seriously

dented investors’ confidence in EM. Fears of a protracted trade war between the US and China added to the

negative backdrop for the sector. In response, flows into EM funds reversed after April, resulting in a small outflow

of US$300m for the full year, compared to a US$63bn inflow in 2017. As investors pulled out of EM, countries with

large external funding needs saw their currencies particularly tested: the Turkish lira depreciated 29% while the

Argentine peso lost 51% of its value in 2018. Going into the fourth quarter, a sharp drop in the oil price and the

prospect of slower US and global growth caused broad-based negative sentiment across all asset classes.

High yield countries underperformed defensive investment grade countries. Off-benchmark allocations to

frontier local markets in Egypt and Nigeria added to the performance of the sub-fund. Overweight positions in

Angola, whose fiscal trajectory is improving, also contributed positively. However, overweight positions in

Argentine assets detracted, while a zero-weight position in China also detracted from the sub-fund’s

performance.

Looking ahead, EM valuations look attractive and should benefit from a more favourable external environment.

The Fed is likely to pause rate hikes, while expectations of a US-China trade deal have strengthened. Renewed

easing efforts from China would also provide support for a return of investor confidence in EM.


OLD MUTUAL EUROPEAN BEST IDEAS FUND


Investment Advisers – Liontrust Investment Partners LLP

– Odey Asset Management LLP

– Merian Global Investors (UK) Limited (until 14 June 2018)

– Quilter Investors Limited (formerly Old Mutual Investment Management Limited) (from

15 June 2018)

– Wellington Management International Limited

32

Market review

After outperforming developed markets in the first quarter of the year, emerging markets significantly

underperformed them in the second with strong US and UK equity market performance being especially notable.

By the third quarter, the US equity market was pulling away from its peers – especially those in developing markets

which by now had fallen into bear market territory. Meanwhile, European markets were tossed to and fro by

worries as to the mounting trade war, Brexit and the emergence of a new anti-European coalition after yet

another divisive Italian election.

However, all it took was some ‘hawkish’ rhetoric from the US Federal Reserve in the fourth quarter to trigger a

major reversal in investor sentiment. A chain of violent equity market sell-offs resulted culminating in the worst

December for US equities since the Great Depression in 1931. All at once investors were contending with fears of

rising US interest rates, a sudden slowdown in eurozone business confidence, weaker Chinese growth and a host

of geopolitical concerns from Brexit to political unrest in Italy and France and, of course, Mr Trump’s escalating

trade conflict with China and his decision to partially close down the US government.

Performance of the fund

Despite a promising second quarter, when the portfolio outperformed its benchmark, poor performance in the

second half of the year saw the fund significantly underperform its benchmark while delivering a negative return

to investors.

Although the mandate managed by ‘perma-bear’ Crispin Odey was a positive contributor to relative

performance due to consistent stock picking throughout the year and strong gains in the final quarter thanks to

a merger in the gold market and exposure to Argentina’s private banking sector, relative gains here were

outweighed by losses elsewhere in the portfolio.

Among the detractors over the period was the Wellington equity mandate run by Dirk Enderlein which suffered

late in the period as a number of core portfolio constituents in the UK and France racked up significant losses.

However, the biggest detractor from relative returns over the period was the UK equity mandate managed by

Dan Nickols at Merian Global Investors. After struggling with underperformance all year, the portfolio incurred

substantial further losses in November due to poor stock selection.


MERIAN INVESTMENT GRADE CORPORATE BOND FUND



33

2018 proved to be a disappointing year for risk, global corporate credit included. Global equities, however, fell

by a greater amount, highlighting the attractively low volatility of corporate credit as an asset class.

The weakness was initially due to fading hopes for stronger economic growth worldwide and particularly in

Europe, which was also beset by concerns about political fragmentation - with previously fringe parties attaining

electoral success in Italy. As the year progressed, the threat of a US-China trade war depressed the global

economic outlook. Worries over contagion led to weakness in several emerging market economies such as Brazil

and Turkey. In the second half of the year central bank balance sheets shrunk as a result of quantitative

tightening; and an increasingly strong US dollar, caused by fears that the US Federal Reserve might press ahead

with further interest rate hikes, led to a fall in risk assets around the world, including in corporate credit.

The fund continued to reduce its exposure to higher beta credit throughout the year, and the managers looked

to continue to improve the credit quality of the fund as the economic cycle grew progressively longer in the

tooth. The fund retained its exposure to subordinated financial bonds where the managers see the greatest

value, accepting that subordinated bonds will lead to slightly higher levels of volatility in the fund relative to the

benchmark. The fund also retains its overweight exposure to sterling denominated bonds, again where the

managers see opportunity to exploit the unique characteristics of the sterling corporate credit market.

During the year the managers reduced exposure to those corporates or financial companies that had exposures

either to Turkey or Brazil, as well as reducing names associated with the European periphery on the back of the

noise emanating from Italy.

While the outlook is still shrouded in uncertainty, with doubts over trade wars, central bank tightening and Brexit,

we believe that after the sell-off in risk markets, which was pronounced in the last quarter, the asset class again

offers pockets of value and return potential. The fund views the outlook for developed economies cautiously, as

headwinds remain given the difficult political backdrop on both sides of the Atlantic and a slowing Chinese

economy.

In short, given the recent tightening from the US Federal Reserve, the breakevens on bonds have materially

improved, and as a result we expect the fund to offer the relative safety of the asset class whilst benefitting from

the higher yields on offer compared to recent years.


MERIAN GLOBAL EMERGING MARKETS FUND



34

In contrast to the smooth sailing of markets in 2017, the calendar year 2018 proved to be an altogether more

challenging period for emerging market equities, and the MSCI emerging markets index fell 15% in US dollar

terms. Stocks came under pressure from unexpected strength in the value of the US dollar, fears of a trade war

between the US and China, which boiled over into each nation imposing tariffs on the other’s imports, and an

economic slowdown in China. As a result, well owned technology darlings such as Tencent and Alibaba sold off

heavily, as did other growth orientated companies. Brazil was a rare highlight and was the best performing

emerging market in the fourth quarter, with investors cheering the election of President Jair Bolsonaro.

Volatility brings opportunity and 2018 gave us the chance to buy strong businesses at knockdown prices. We

used the selloff in the second quarter to switch our position in Banks Mandiri and Rakyat into Bank Central Asia,

the best privately owned bank franchise in Indonesia. In the third quarter we bought a new stake in Banco do

Brasil, the largest bank in Brazil and majority owned by the government, where the company now has scope to

substantially improve operations and returns on equity if it is left alone from government interference and is

allowed to price lending risk appropriately. We reduced exposure to technology names such as Sunny Optical

and Win Semi on the slowdown in the smartphone market.

Emerging markets faced three principal headwinds in 2018 and we are beginning to see them ease. Firstly, there

has been a more dovish tone from the US Federal Reserve, given evidence of slowing in the US economy;

secondly, the Sino-US trade “war” tension has eased slightly following the G7 summit in Buenos Aires and renewed

talks in the first days of 2019; and thirdly, the Chinese authorities have noted the deceleration in their economy

and have initiated targeted monetary and fiscal easing to help reflate the economy and stabilise sentiment.

Current valuation ratios for emerging market equities sit at multiyear lows, whilst sentiment indicators are so weak

that only those witnessed in the crisis of 2008 are worse. We continue to see a good opportunity set of high quality

emerging market companies, across diverse countries and sectors, which are selling at less than our team’s

assessment of their intrinsic value.


MERIAN ASIAN EQUITY INCOME FUND


Investment Advisers – Merian Global Investors (Asia Pacific) Limited (until 17 May 2018)

– Merian Global Investors (UK) Limited (from 18 May 2018)

35


performance not replicated since the early 1970s. Concurrently, an ascendant US dollar led to money being

drawn out of riskier emerging markets as investors sought to book profits following a strong run in 2017. These

factors contributed to a broad sell-off in Asia equities generally.

Liquidity in the Chinese market tightened this year following a regulatory crackdown aimed at combating a

build-up of leverage in the financial system. The reforms have focused largely on so-called shadow banking,

which before the clampdown saw lenders channel significant sums to fund managers who then invested the

money in Chinese stocks. As the year played out, investors became more concerned about the impact that a

protracted trade war with the US might have on the prospects of Chinese corporates.


















term against equity market moves, as it has done both historically as well as following the implementation of

these changes at the portfolio level.


MERIAN LOCAL CURRENCY EMERGING MARKET DEBT FUND



36

After two years of double-digit returns and steady inflows, emerging markets (EM) had a challenging 2018. Full-

year returns were negative across local currency EM debt. Investors took their cues from the strong fiscal impulse

and data releases from the United States, and revised their expectations to more aggressive US Federal Reserve

(Fed) rate hikes and a stronger US dollar. Consequently, tighter global financial conditions seriously dented

investors’ confidence in EM. Fears of a protracted trade war between the US and China also added to the

negative backdrop for the sector. In response, EM fund flows reversed after April, resulting in a small outflow of

US$300m for the full year, compared to a US$63bn inflow in 2017. As investors pulled out of EM, countries with

large external funding needs saw their currencies particularly tested – the Turkish lira depreciated 29% while the

Argentine peso lost 51% of its value in 2018. Going into the fourth quarter, a sharp drop in the oil price and the

prospect of slower US and global growth brought about broad-based negative sentiment across all asset classes.

High yield countries underperformed defensive investment grade countries. Our long duration positions in South

Africa and Colombia added to the sub-fund’s performance. We took a short position in Indian rupee in 1H and

subsequently reversed to a long position when oil price declined. Both trades contributed positively. Overweight

positions in Argentine local bonds and Indonesian rates detracted from performance. Despite the high volatility,

the sub-fund benefited from actively adding to Turkey after the sharp sell-off. In addition, the sub-fund’s

overweight in Brazilian rates added to performance as we anticipated Bolsonaro winning the election.

Looking ahead, EM valuations look attractive and should benefit from a more favourable external environment.

The Fed is likely to pause rate hikes, while expectations of a US-China trade deal have strengthened. Renewed

easing efforts from China would also provide support for a return of investor confidence in EM.


MERIAN UK ALPHA FUND (IRL)



37

The FTSE All Share index lost ground over the year. Slowing economic growth against a background of tightening

monetary policy pushed equity market sharply lower in the second half. The US/China trade war and the Brexit

process contributed to the market weakness.

Trade tensions between the US and China escalated over the year as the Trump administration progressively

expanded tariffs on Chinese imports. Though the US agreed trade deals with Canada and Mexico, the trade

war impacted on global growth in the second half of the year. Europe also suffered from stricter emissions testing

procedures, slowing production in the important automotive sector. The US Federal Reserve, while recognising

the slowdown, raised interest rates while the European Central Bank ended asset purchases.

In the UK, the prime minster agreed a draft withdrawal agreement from the European Union which failed to

satisfy Leavers or Remainers and led to resignations from the government. The uncertainty over how the UK will

leave the EU pushed Sterling sharply lower at the year end.

The sub-fund posted a negative performance for the year. Positive contributions to performance came from

power generator Drax on strong operational performance and rising commodity prices. Whitbread moved

higher on the sale of its Costa Coffee division at an attractive price while Smith & Nephew, Experian and

Worldpay gained on strong business performances. Gaming group GVC fell on regulatory concerns in spite of

generating excellent growth from its online business. TP ICAP, Sage and Micro Focus moved fell following profit

warnings while the economic slowdown took its toll on paper group DS Smith.

We sold out of Shire following the Takeda takeover and took profits in Experian, International Consolidated

Airlines, Royal Dutch Shell and Worldpay. We started a position in luxury car group Aston Martin Lagonda which

plans to expand volumes significantly over the next few years through the introduction of new models giving a

strong profit growth profile. We topped up positions in DS Smith, GVC, Next, Tesco and Whitbread.

The economic slowdown is likely to see central banks slow the pace of monetary tightening which will provide

support to equity markets. The UK stock market is trading at below long-term average valuations following last

year’s fall and appears to have discounted the impact on profits of slower growth. We believe the UK stock

market can make progress in 2019.


MERIAN UK SMALLER COMPANIES FOCUS FUND



38

After strong performances over 2016 and 2017, 2018 was a disappointing year, with the fund posting a negative

return and underperforming its reference index, despite having comfortably outperformed the benchmark in the

nine months to the end of September.

This loss of performance over the fourth quarter coincided with weak stock markets, driven by fears over rising US

yields and President Donald Trump’s trade war with China. These factors triggered a significant rotation away

from structural growth stocks – where the fund was overweight – and internationally-focused cyclical names. This

led to severe share price falls for some of the fund’s best performers over the first nine months of the year, such

as Blue Prism and Fevertree.

The fund also suffered from a number of profit warnings over the year. The worst of these was Conviviality, the

drinks distributor, where accounting irregularities were uncovered in March; while value was destroyed via this

holding, the fund did successfully exit this position before the shares were suspended. Both GYG, a yacht painter,

and Ten Group, a concierge service, also warned on trading, and Purplebricks struggled against a poor UK

housing market backdrop.

On the positive side, Burford Capital and Zoo Digital made meaningful contributions, supported by a range of

other ideas.

We began to decrease the degree of thematic tilts in the fund over the back end of 2018. The most pertinent

driver of this was voting on Teresa May’s long-awaited Brexit deal being deferred, due to its unpalatability to

both sides of the debate. In our minds, this increased the possibility of a softer Brexit, and we began to rotate the

fund to close our domestic cyclical underweight. Events in early 2019 have reinforced this view, and, while the

fund still has a structural growth bias, the extent of this overweight has been reduced, with more domestic

cyclicality being added.

Brexit machinations remain a risk, albeit arguably reflected in UK stock market valuations, and we would expect

any “soft” resolution of this issue would be taken well by investors. With a more neutral positioning into 2019, the

fund’s focus is to try to identify the best stock ideas available.


MERIAN UK DYNAMIC EQUITY FUND



39

Economic growth slowed through 2018 as trade tensions between the US and China escalated, stricter emissions

testing procedures in Europe severely impacted production in the important automotive sector and the UK

continued to suffer from Brexit-related uncertainty. The US Federal Reserve (Fed), while recognising the slowdown,

raised interest rates while the European Central Bank ended asset purchases. This combination of tightening

monetary policy against a backdrop of slowing economic growth pushed equity markets sharply lower in the

final quarter.

The fund lost ground over the year and underperformed its reference index, the FTSE 250 Index. This

underperformance was the result of poor stock selection partially offset by good sector allocation and a positive

contribution from the fund’s short positions. Strong performances came from Burford, Transferwise, Homeserve,

Ascential and Fevertree amongst others. However the fund suffered from an unusually high number of profit

warnings, such as in Microfocus, Indivior, Footasylum, Victoria, Medica and TP ICAP. Not owning Ocado was

highly detrimental to relative performance.

The fund held relatively neutral sectoral positions over the year albeit with a bias towards growth stocks and an

underweight in UK domestic stocks. Both these skews were reduced in the final quarter.

New long positions, were added in JTC, Integrafin AJ Bell, S4 Capital and Gym Group via IPOs/placings and our

second unlisted equity, The Hut Group, was added. Against this we sold a range of highly rated smaller

companies such as Joules, Keywords, Globaldata, Sanne, XP Power and Purplebricks, cyclicals such as Weir,

Vesuvius and Ashtead and exited Microfocus, Victoria, TP ICAP and Indivior after poor trading updates. Sales

outweighed purchases through the final quarter and the short book was modestly increased.

We expect global growth to moderate in 2019 and this is likely to force central banks to slow, or even stop,

monetary tightening for the time being. If the Fed remains on hold and trade talks between the US and China

do not deteriorate then equity markets should perform well from what have now become quite attractive

valuation levels.

In response to moderating economic prospects, we have reduced the funds’ exposure to both internationally-

focused cyclicals and growth and increased the cash balance. We now believe that the backdrop is likely to

be supportive for the UK pound and UK domestic stocks. We have therefore reduced our longstanding

underweight in this area.


MERIAN GLOBAL EQUITY ABSOLUTE RETURN FUND



40

The elevated volatility that characterised all regions, relative to the beginning of the year, showed no sign of

dissipating through the remaining three calendar quarters. All regions graduated, in an almost linear trajectory,

through worsening phases of sentiment and volatility profiles, until by year end North America and Europe were

anchored in high volatility, pessimistic sentiment states. The continuous deterioration in sentiment brought Japan

and Asia Pacific into line with the other regions, such that they were differentiated only by their slightly more

moderate volatility profiles.

These changes in market sentiment belie the sudden, sharp moves in risk appetite which took place throughout

the period. Risk appetite globally by year end was positioned just above one third risk on, following a further

deterioration in North America, which ended at under one-tenth risk on, its lowest level all year. Risk in Europe

similarly moderated to below one-third risk on; whereas Japan and Asia Pacific sat respectively above and below

the threshold of 50/50 risk on/off; having swung between risk on and risk off states throughout the period.

Over the course of the year, dynamic valuation, company management and market dynamics contributed

negatively to performance. In the context of dynamic valuation it is worth highlighting how in terms of asset


demonstrated by those occasions when it avoided the sizeable drawdowns to value; however for most of this






mispricing in growth companies weakened over the course of the year, and the near term impact on





the possibility of whipsawing at the portfolio level. However as long term investors in these markets we maintain




term against equity market moves, as it has done both historically as well as post the implementation of these

most recent changes at the portfolio level.


MERIAN STRATEGIC ABSOLUTE RETURN BOND FUND^^^



41

The fund underperformed its benchmark in 2018. The view at the beginning of the year was that there would be

a continuation of the global reconvergence trade, with strength in the US economy permeating into the rest of

the global economy, with the output gap closing, and with other major central banks starting to follow the US

Federal Reserve in moving interest rates higher, reducing the divergence with the hiking cycle in the US. However,

emerging weakness in the Chinese economy, and an increasingly bitter trade dispute between the Trump

administration and the Chinese authorities, introduced a negative effect to the global growth picture not

anticipated in the first half of the year.

The view on the Chinese economy was that mutually recognised benefits between the US and China would

bring trade talks to a more conciliatory outcome, and in the meantime the Chinese authorities would ease the

pain in their domestic economy by pausing the deleveraging trend and introducing some fiscal stimulus. This did

occur, but not to an extent sufficient to override the negative effect of souring relations on trade.

We had expected that this global backdrop would temper the US Federal Reserve’s language around the hiking

cycle, and that some concern around US credit and the health of the economy would not only lead to

something of a pause by the Fed but also to some weakness in the US dollar. We were positioned for this but too

early in the process. This picture did eventually emerge but only very close to the end of the year.

A weaker US dollar earlier in the year would have eased stresses it caused in emerging markets. The fund had

anticipated the eventual bounce in emerging market debt valuations, but entered the trade too early. Inflows

into the dollar kept going until the year end and it has only been at the turn of the year that we have seen our

anticipated scenario play out.

Overall the fund lost out from expecting European rates to tighten to US rates, European FX to appreciate versus

the US dollar, and emerging market debt and FX to rally into the second half of the year. The fund did well from

being short US and European credit and from our US rates position.

Our view going forward is that the US Fed’s hiking cycle has come to a close, or at least is very near its peak. The

front end of the US curve therefore looks attractive in our eyes, and the US yield curve is likely to steepen. In this

environment, the US dollar would seemed to have run its course, and we are now looking for it to weaken over

the next few months, meaning that emerging markets can continue to recover from their poor performance of

2018, and generally the stresses that the strong dollar has recently caused can be corrected. US credit looks

vulnerable to us, because the US economy is late cycle, and we continue to believe that inflation in the US and

elsewhere will increase as wage inflation ticks higher.


OLD MUTUAL PAN AFRICAN FUND^^


Investment Adviser – Old Mutual Investment Group (Pty) Limited

42

Market

After a strong start to equity markets at the start of 2018, stocks in both the developed and the emerging markets

tumbled in late January and February, amid concern US interest rates would rise at a faster pace than expected.

The selloff in equities, however, was less pronounced in frontier markets in Africa.

Performance

The Old Mutual Pan African Fund^^ was officially closed on 28 February, 2018. The sub-fund invested in

companies that directly benefited from economic growth on the African continent.


OLD MUTUAL MONTHLY INCOME HIGH YIELD BOND FUND^^^^



43

Please note that the sub-fund closed on 14 September 2018.

A divergence between economic data and monetary policy was the driving force behind a poor environment

for risk assets in 2018.

Excluding the US economy, the momentum in global growth came to a halt. The pace set in the second quarter

of 2017 and first quarter of 2018 proved too quick to be maintained. A number of headwinds hit sentiment,

including Chinese deleveraging, Italian political uncertainty, truckers’ strikes in Brazil, lingering Brexit uncertainty

and the ongoing threat of a trade war. Against this, the US economy was firing on all cylinders thanks to fiscal

stimulus and deregulation which boosted pay-packets and consumer confidence.

Relative US economic strength affects the rest of the world in two ways, where one is more positive than the

other. It can boost trade as the US imports more goods from the rest of the world, though recent academic

studies suggest this effect is far less powerful than it once was. On the negative side, a relatively strong US

economy strengthens the dollar which can have global ramifications. After years of loose US monetary policy,

the rest of the world holds a lot of US dollar-denominated debt, which means that those debtholders have seen

their liabilities rise which has limited their ability to invest and forced some to deleverage. In emerging markets,

some countries were forced to hike interest rates to protect their currencies too, tightening domestic credit

conditions further. The financial channel impact dominated the price action.

The sub-fund went into 2018 positioned with greater credit beta than the benchmark because of the relatively

benign economic backdrop and fair valuations. This played out well in January, as credit markets rallied

aggressively which gave rise to profit taking opportunities. It led the managers to reduce credit exposure by

increasing both the quality of the companies and reducing credit duration. The sub-fund remained neutrally

positioned throughout the rest of the period.


MERIAN EUROPE (ex UK) SMALLER COMPANIES FUND



44

Performance of European small and mid-cap equities for 2018 has been dominated by weak markets in the

second half, and particularly in the final quarter.

A sell-off which started in the US with a sustained push above 3% for US 10-year Treasuries, predominantly hitting

growth stocks, broadened out into a bigger market event. Among European smaller companies, the market

appears to be moving towards a recessionary scenario, with only defensive companies spared the selling.

Macroeconomic data continues to disappoint modestly. The data has been mostly affected by uncertainty in

the external environment with regard to tariffs and the potential for a global slowdown. The oil price fell sharply

late in the year, and unsurprisingly, the market was dragged down by energy stocks, followed by the materials,

IT, industrial, and consumer discretionary sectors. The relative winners were utilities and real estate. Reflecting its

pro-cyclical positioning, the sub-fund performed poorly in 2018, particularly in consumer stocks such as Vapiano

and Home24 and also suffered from its skew towards smaller names as liquidity has diminished. Over the year the

sub-fund has seen reduced exposure to cyclicals and an improvement in business and financial quality.

2019 starts with many of the same issues as last year, such as slowing European growth, ongoing trade war

rhetoric and falling liquidity from central banks. These factors have clearly influenced the very weak European

small cap market and leadership within it with growth giving way to defensives in Q4. There are some grounds

for optimism on all of these fronts; the headwinds to European GDP are easing, not least the reversal of the oil

price in Q4; China and the US seem to be making more concerted efforts to end their trade dispute and the

signalling from the Fed indicates that we are closer to the top of the tightening cycle than previously thought.

The asset class is moving from mid-cycle valuation to cheap very quickly and we will look to take advantage

and add more quality names to the portfolio.


MERIAN GLOBAL EQUITY INCOME FUND (IRL)



45





buybacks that were accentuated by waning volumes and market participants. Concurrently, an ascendant US

dollar led to money being drawn out of riskier emerging markets as investors sought to book profits following a

strong run in 2017. These factors contributed to a broad sell-off in Asia equities generally. An ongoing trade

dispute with the US and a crackdown on shadow banking contributed to Chinese equities posting the worst

performance of major stock market in 2018, shedding some US$2.3 trillion in value. Yet 2018 marks the first time

since 1948 that the S&P 500 index finished the year in negative territory, after posting positive returns in each of

the first three quarters. The equity market retreat of Q4 was stoked by growing alarm about a slowing global

economy and tightening monetary policy framework.


















term against equity market moves.


MERIAN GOLD & SILVER FUND



46

Exactly like the previous year, 2018 started and ended with a rally in gold and silver prices. Subsequently the first

half of the year was broadly sideways, until mid-summer, when we hit a deep sell off in both monetary metals.

After that, and until the Fed backed off its normalisation and rate-hiking narrative, we moved back into sideways

tracking mode. It was overall yet another tough year for gold and silver and the underlying equities because

until December the market continued to believe that monetary policy normalisation and endless rate hikes were

a real and viable central bank policy.

Digging into it, the real interest rate versus gold and silver story for 2018 was one attached to this continued

promises of rate hikes, indeed delivery of rate hikes, and relatively benign headline inflation. Right up until the

stresses caused by these hikes created an environment for a genuine change in guidance, investors slavishly

followed the narrative of goldilocks – not too hot and not too cold – and trusted that central bankers were in

tight control of all levers. The policy of central bank balance sheet unwinding and lifting of base rates, however,

created real stress in lower quality credit markets in the second half of the year. Equity markets fell hard in Q4,

compounding this souring of the punchbowl and led to what looks like the end of six years of hawkish promises

by the Fed. This shift from hawkishness to a neutral stance has improved sentiment if not yet capital flows towards

monetary metals and the sub-fund. This direction of central bank policymaking and underlying macro conditions

are vital to the return profile of the sub-fund.

Mining companies, meanwhile, continued to struggle against a difficult environment of higher costs and

sideways trending lower gold and silver prices. Silver had a particularly tough year and the sub-fund was also hit

by some investors actively shorting Mexican silver mining equities as a way of playing geopolitical risk surrounding

the election of a new president who was perceived as business and mining unfriendly. Mexico accounts for

around 40% of global silver production so we had little choice but to ride this out and indeed add to holdings

such as Fresnillo in the face of this headwind. This short-term political risk has dissipated since, as we felt was likely,

but helped create a bit of a storm for silver investors in the middle of Q4.

On the positive side of the ledger, alongside the change in forward guidance at the end of 2018, we saw two

big M&A transactions. Additionally there were a handful of other mid-cap transactions during the year which

indicate that industry consolidation is now underway in meaningful fashion. This consolidation was something we

have been watching for and chimes with the improved sentiment and commentary towards gold overall.


OLD MUTUAL COMPASS PORTFOLIO 2


Investment Advisers – Merian Global Investors (UK) Limited (until 14 June 2018)

– Quilter Investors Limited (formerly Old Mutual Investment Management Limited) (from 15

June 2018)

47

Market Review

Equity markets suffered a torrid start to the year and ended the period in the same way. After UK and US stock

markets both hit record highs in January, global equities suffered two major setbacks in the first three months of

2018. Thanks to a sudden hike in US inflation and fears of a more aggressive interest-rate posture in the US, markets

sold off sharply on concerns of the global economy overheating, while the second stumble occurred on the

back of President Trump’s increased trade-war rhetoric and issues at Facebook that spread contagion fears

across the technology sector.

In the second half of the period, markets recovered strongly, driven by the US as technology stocks recovered

and overall strong corporate earnings helped push markets higher, with the S&P 500 index reaching a record bull

run in August. However, by October markets became choppy once again and the final months of the year,

particularly December, saw most markets end the period on a downwards note, with only emerging markets

managing to rally somewhat.

Fixed income had a somewhat steadier, yet uninspiring year, although the asset class was not immune from the

sell-offs in the equity space and faced disappointing periods as a result. Towards the end of the year government

bonds performed better than their credit counterparts, reversing the trend seen earlier in the period, although

emerging market debt and certain high yield bonds offered some bright spots.

In our view, the market moves we’ve witnessed this year have been outsized relative to the fundamentals, and

have been somewhat inconsistent in its reactions to things such as economic data points and central bank policy

actions. While it has affected the portfolio, these market dislocations also provide us with new and interesting

opportunities to strengthen our diversification.

Performance

The portfolio declined in the 12 month period but did a respectable job in protecting the value of our clients’

wealth during periods of market uncertainty. The equity allocation had a mixed year, starting off with some

disappointments before recovering strongly helped by the exposure to US equities. However, the indiscriminate

sell-off towards the end of the year retraced many of the earlier gains, but we used this opportunity to add to

the equity risk in the portfolio, including increasing our overweight position in Japanese equities.

Fixed income overall delivered a relatively flat performance, as the gains earlier in the year from high yield debt

were offset by the poor performance of emerging market debt, which later in the year effectively reversed.

Government bonds added some value in the period, especially towards the end of the 12 months, but not

enough to offset the disappointing end experienced by the investment grade credit managers.

The alternatives allocation has seen mixed performance, with the alternative beta strategies struggling

throughout the period as few style factors seemed to work consistently. Other alternatives exposure performed

relatively better as a whole, with macro, event driven and long/short strategies all delivering reasonable

performance.






June 2018)

48

Market Review




















Performance













performance.






June 2018)

49

Market Review




















Performance













performance.






June 2018)

50

Market Review





back of President Trump’s increasesd trade-war rhetoric and issues at Facebook that spread contagion fears















Performance







MERIAN UK SPECIALIST EQUITY FUND



51

Following a strong performance in 2017, 2018 proved a disappointing year for the sub-fund. There were two

principal factors behind this. First, the sub-fund’s long book was hit by a number of stock specific disappointments,

mainly in the first half of the year. Foremost was Conviviality Retail, a distributor of alcoholic drinks, where

accounting irregularities were discovered in March, leading to a very substantial fall in the company’s share

price. Unexpected profit warnings hit the sub-fund’s holdings in Micro Focus, a software company, Superdry, a

clothing brand, and Ten Lifestyle, a provider of concierge services. The holding in Indivior, a pharmaceutical

company, disappointed on early take-up of the company’s new delivery mechanism for opioid painkiller

addiction treatment.

On the positive side, long-standing holdings in Burford Capital, Fevertree Drinks, Homeserve and Auto Trader were

the most significant. The short book contributed positive alpha, falling by more than the FTSE 250 over the year.

The standout contribution came from a position in a provider of funeral services: the company’s strategy to raise

prices sharply every year came under pressure from emerging competition and regulator scrutiny. Warnings from

two retailers, an estate agent, a shopping centre owner, an ad-tech company, a photo booth operator, a

manufacturer of industrial tape, a logistics business and newspaper publisher were also notably helpful.

As we look into 2019, thematic tilts and gross exposure are somewhat lower than recent years. Net exposure

remains approximately at zero, both in reported terms and adjusted for beta. The sub-fund has reduced its net

short exposure to economically sensitive UK businesses, given the increasingly binary nature of the risks around

Brexit. Exposure to international cyclicality has reduced to slightly net short, given slowing economic lead

indicators. Structural growth remains a tilt on the long book, though has been reduced somewhat through sales

of lower conviction holdings, and some new shorts in this area. As ever, the focus remains on delivering returns

through stock picking on the long and short books.


MERIAN STYLE PREMIA ABSOLUTE RETURN FUND



52

2018 was a challenging year for investors, after recent year’s strong performance. As concerns over the US-China

trade relationship, the tapering of monetary stimulus and worries over global growth grew into the last quarter

with global stock markets struggling into year end. Volatility picked up after the very benign market conditions

witnessed over the previous two years. Against this backdrop the fund delivered a negative return in 2018.

The year was characterised by negative return to most strategies with the exception of equity quality, which

delivered strongly positive returns. Equity value was the most significant negative contributor, with all asset classes

negative.

From an asset class perspective, equities, fixed income and FX were negative. At an aggregate asset level, with

the exception of strong returns to quality, all styles were negative. Leverage was in line with expectations

throughout the year. While volatility was below target over the year, the last quarter saw an increase in realised

volatility.

Despite the recent market environment, the risk of greater volatility remains. Given the unpredictability of

markets, we continue to believe there is value in a strategy that can source returns from persistent styles across

multiple asset class, and the positive skew aspects of statistical arbitrage could help investors in the event markets

become especially turbulent.


MERIAN FINANCIALS CONTINGENT CAPITAL FUND



53

2018 proved to be a disappointing year for the contingent capital (CoCo) asset class. Bank equities, however,

as measured by the Stoxx 600 Bank Index fell further, once again demonstrating the very low level of volatility

exhibited by the CoCo asset class. This weakness was the result initially of the fading in hopes for stronger growth

and hence steeper yield curves around the world, which would have been very helpful for bank profitability. As

the year progressed further the threat of a US-China trade war depressed the economic outlook further. Worries

over contagion to other areas led to weakness in several emerging market economies such as Brazil and Turkey.

With the UK being almost 1/3 of the total CoCo benchmark index, the deadlock over Brexit negotiations also

had a dampening effect on the sector. In the second half of the year central bank balance sheets shrunk as a

result of quantitative tightening and an increasingly strong US dollar due to fears that the Federal Reserve might

press ahead with further rate rises led to a fall in risk assets around the world, including contingent capital.

The sub-fund retained its exposure to bonds with slightly longer call dates than the index as a whole, typically in

the 4-6 year part of the curve. The managers see the greatest value at this part of the curve, and accept that

the longer duration will lead to slightly higher levels of volatility in the sub-fund relative to the benchmark,

although still very low in absolute terms, even when compared to senior debt. The sub-fund also retains its

overweight exposure to sterling denominated bonds, again where the managers see greatest value relative to

bonds in US dollars in particular.

The early part of the year saw some heavy issuance as spreads tightened quite meaningfully. The sub-fund

participated in some of these issues, but in some the coupon reset level was unattractive and no position was

taken. The sub-fund prefers bonds will greater reset spreads, giving much more certainty over the likelihood of

call and hence more aggressive credit spread roll-down, thus increasing returns.

During the year the managers reduced exposure to banks exposed to Turkey and Brazil, such as BBVA, Unicredit

and Santander, while increasing exposure to the Spanish domestic sector where balance sheet improvement in

rapid amidst a strong housing market recovery. Holdings were also bought in bonds issued at very attractive

levels in the summer from Barclays, Credit Suisse, Bankia, Lloyds and Danske Bank.

While the outlook is still shrouded in uncertainty over trade wars and Brexit, we believe the asset class offers

excellent value and total return potential, primarily because of the underlying yield offered against continuing

improvement in bank balance sheets. In short, we expect 2019 to remain volatile as liquidity is withdrawn by

central banks; however, the yield on the asset class is sufficient to insulate investors from this volatility and provide

a healthy and positive total return.


PORTFOLIO OF INVESTMENTS – Merian China Equity Fund

Nominal Security Description Value USD

% of Net

Assets

54

Common Stock Communications - 27.40% (2017 - 22.73%)

36,189 Alibaba Group Holding Ltd (DR) 5,033,528 8.88%

9,095 Baidu Inc (DR) 1,474,936 2.60%

346,000 China Mobile Ltd 3,328,680 5.87%

305,000 HKBN Ltd 462,625 0.82%

22,460 JD.com Inc (DR) 487,607 0.86%

118,400 Tencent Holdings Ltd 4,746,724 8.37%

15,534,100 27.40%

Consumer, Cyclical - 2.83% (2017 - 7.95%) 23,000 Shenzhou International Group Holdings Ltd 260,621 0.46%

421,000 Yue Yuen Industrial Holdings Ltd 1,346,488 2.37%

1,607,109 2.83%

Consumer, Non-cyclical - 3.36% (2017 - 9.95%) 764,000 CSPC Pharmaceutical Group Ltd 1,102,261 1.94%

104,865 Jiangsu Hengrui Medicine Co Ltd 805,693 1.42%

1,907,954 3.36%

Energy - 5.17% (2017 - 3.84%) 458,500 China Shenhua Energy Co Ltd 1,004,545 1.77%

668,000 CIMC Enric Holdings Ltd 510,877 0.90%

916,000 CNOOC Ltd 1,415,121 2.50%

2,930,543 5.17%

Financial - 45.09% (2017 - 36.14%) 2,907,000 Agricultural Bank of China Ltd 1,273,069 2.25%

554,400 AIA Group Ltd 4,600,968 8.11%

5,872,000 Bank of China Ltd 2,534,051 4.47%

329,500 BOC Hong Kong Holdings Ltd 1,224,225 2.16%

2,554,000 China Construction Bank Corp 2,106,522 3.71%

312,000 China Overseas Land & Investment Ltd 1,071,568 1.89%

198,000 China Resources Land Ltd 760,929 1.34%

594,000 CITIC Securities Co Ltd 1,023,842 1.81%

84,000 CK Asset Holdings Ltd 614,535 1.08%

582,800 Guangzhou R&F Properties Co Ltd 881,016 1.55%

59,500 Hang Seng Bank Ltd 1,335,514 2.36%

19,600 Hong Kong Exchanges & Clearing Ltd 567,060 1.00%

4,161,000 Industrial & Commercial Bank of China Ltd 2,969,766 5.24%

158,000 Link REIT 1,599,716 2.82%

262,000 Ping An Insurance Group Co of China Ltd 2,313,163 4.08%

48,500 Sun Hung Kai Properties Ltd 691,065 1.22%

25,567,009 45.09%

Industrial - 4.22% (2017 - 8.64%) 638,500 China Railway Construction Corp Ltd 885,326 1.56%

3,998,000 Guangshen Railway Co Ltd 1,505,835 2.66%

2,391,161 4.22%

Technology - 1.07% (2017 - 2.66%) 2,572 NetEase Inc (DR) 609,333 1.07%

609,333 1.07%


PORTFOLIO OF INVESTMENTS – Merian China Equity Fund (continued)


% of Net

Assets

55

Common Stock (continued) Utilities - 7.12% (2017 - 0.00%)

232,500 CLP Holdings Ltd 2,627,114 4.63%

683,000 Hong Kong & China Gas Co Ltd 1,412,695 2.49%

4,039,809 7.12%

Total Common Stock 54,587,018 96.26%

Total Transferable Securities 54,587,018 96.26%

Financial Assets at Fair Value Through Profit or Loss

(Cost USD 57,642,021) (2017: USD 51,568,983) 54,587,018 96.26%

Currency Exchange Contracts - (0.00%) (2017 - (0.00%))

Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Loss USD

Citibank 02/01/2019 USD 417,749 HKD 3,272,331 (3) (0.00%)

Citibank 03/01/2019 HKD 3,657,830 USD 467,170 (175) (0.00%)

Citibank 03/01/2019 USD 833,341 HKD 6,527,590 (37) (0.00%)

Unrealised Loss on Currency Exchange Contracts at 31 December 2018 (215) (0.00%)

Value USD

Total Financial Derivative Instruments (215) (0.00%)

Financial Liabilities at Fair Value Through Profit or Loss

(Cost USD Nil) (2017: USD Nil) (215) (0.00%)

Cash at Bank 702,017 1.24%

Other Net Assets 1,417,446 2.50%

Net Assets Value as at 31 December 2018 56,706,266 100.00%

Portfolio Analysis

% of Total

Assets

Transferable securities admitted to official stock exchange listing 94.12%

Other current assets 5.88%

Total Assets 100.00%


PORTFOLIO OF INVESTMENTS – Merian Global Strategic Bond Fund (IRL)

Nominal Security Description

Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

56

Corporate Bonds - 9.23% (2017 - 12.73%) 3,850,000 Asian Development Bank 6.20 06/10/2026 52,141 0.70%

100,000 Close Brothers Group PLC 4.25 24/01/2027 134,109 1.81%

100,000 Coventry Building Society 1.88 24/10/2023 123,849 1.66%

100,000 JPMorgan Chase & Co 3.72 24/10/2023 100,745 1.36%

100,000 Nationwide Building Society 1.29 25/04/2019 128,117 1.72%

100,000 Transport for London 3.63 15/05/2045 147,351 1.98%

686,312 9.23%

Government Security – 78.61% (2017 - 84.29%) 1,000,000 Bonos de la Nacion Argentina con Ajuste por CER 3.75 08/02/2019 38,888 0.52%

261 Brazil Notas do Tesouro Nacional Serie F 10.00 01/01/2027 73,648 0.99%

285,000 Cyprus Government International Bond 2.38 25/09/2028 330,616 4.44%

145,000 Deutsche Bundesrepublik Inflation Linked Bond 0.10 15/04/2026 188,958 2.54%

110,000 French Republic Government Bond OAT 0.10 01/03/2025 135,979 1.83%



100,000 Hellenic Republic Government Bond 3.38 15/02/2025 114,095 1.53%



3,000,000,000 Indonesia Treasury Bond 6.13 15/05/2028 185,075 2.49%

155,000 Italy Buoni Poliennali Del Tesoro 1.30 15/05/2028 176,888 2.38%



42,000,000 Japanese Government CPI Linked Bond 0.10 10/03/2026 400,718 5.39%


80,000 Lebanon Government International Bond 6.85 23/03/2027 65,256 0.88%

47,200 Mexican Bonos 7.50 03/06/2027 224,269 3.01%

15,600 Mexican Bonos 8.50 18/11/2038 76,876 1.03%

105,000 Portugal Obrigacoes do Tesouro OT 2.13 17/10/2028 125,176 1.68%

590,000 Republic of South Africa Government Bond 8.75 28/02/2048 37,739 0.50%

2,000,000 Republic of South Africa Government Bond 10.50 21/12/2026 152,174 2.05%

7,000,000 Russian Federal Bond - OFZ 7.05 19/01/2028 94,265 1.27%


69,000 Spain Government Inflation Linked Bond 0.70 30/11/2033 81,114 1.09%

300,000 Turkey Government Bond 10.70 17/02/2021 51,242 0.69%

228,000 United States Treasury Inflation Indexed Bonds 0.38 15/07/2027 224,235 3.01%



250,000 United States Treasury Note/Bond 2.75 15/02/2019 252,656 3.40%


200,000 Uruguay Government International Bond 9.88 20/06/2022 6,124 0.08%

5,848,376 78.61%


Investment Funds - 6.68% (2017 - 4.45%)

53,582

Merian Global Investors Series Plc - Merian

Financials Contingent Capital Fund (UCITS) 496,941* 6.68%

496,941 6.68%

Total Investment Funds 496,941 6.68%

* This amount has been eliminated at a company level in the SOFP.


PORTFOLIO OF INVESTMENTS – Merian Global Strategic Bond Fund (IRL) (continued)

57

Futures - 0.69% (2017 - 0.32%)

Counterparty Nominal Security Description

No of

Contracts

Maturity

Date

Unrealised

Gain USD

% of

Net

Assets

Bank of America Merrill Lynch 200,918 Canada 10 Year Bond 2 20/03/2019 4,479 0.06%

Bank of America Merrill Lynch 292,733 Euro-BTP Future 2 07/03/2019 2,966 0.04%

Bank of America Merrill Lynch (1,036,339) Euro-OAT Future (6) 07/03/2019 11 0.00%

Bank of America Merrill Lynch 1,037,125 US 10 Year Ultra Future 8 20/03/2019 29,312 0.40%

Bank of America Merrill Lynch 1,485,203 US 2 Year Note Future 7 29/03/2019 7,328 0.10%

Bank of America Merrill Lynch 114,445 US 5 Year Note Future 1 29/03/2019 594 0.01%

Bank of America Merrill Lynch 145,531 US Long Bond (CBT) 1 20/03/2019 6,250 0.08%

50,940 0.69%

Swaps - 0.36% (2017 - 0.04%)

Barclays 180,000

CDX IG Credit Future Version

1 5 year 20/12/2023 3,445 0.05%

Goldman Sachs 138,132

CDX iTraxx Europe Crossover

Series 30 Version 2 5 Year 20/12/2023 9,743 0.13%

HSBC 100,000

IRS GBP/LIBOR/fixing 6M,

R:GBP 1.417 20/06/2047 4,411 0.06%

JP Morgan Securities 123,333

CDX iTraxx Europe Crossover

Series 30 Version 2 5 Year 20/12/2023 8,699 0.12%

Morgan Stanley 1,200,000

IRS USD/LIBOR/fixing 3M,

R:USD 2.748 08/05/2020 341 0.00%

26,639 0.36%

Currency Exchange Contracts - 1.22% (2017 - 0.24%)

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold ANZ 17/01/2019 USD 20,597 NZD 30,000 452 0.01%

Bank of America Merrill Lynch 17/01/2019 IDR 268,430,000 USD 18,448 173 0.00%

Bank of America Merrill Lynch 17/01/2019 JPY 47,827,354 KRW 474,582,320 9,072 0.12%

Citibank 15/01/2019 EUR 86,379 USD 98,861 180 0.00%

Citibank 17/01/2019 MXN 260,000 USD 12,669 517 0.01%

Citibank 17/01/2019 PLN 60,000 USD 15,905 86 0.00%

Citibank 17/01/2019 USD 116,457 BRL 451,923 - 0.00%

Goldman Sachs 17/01/2019 CHF 110,000 USD 111,296 693 0.01%

Goldman Sachs 17/01/2019 IDR 1,000,000,000 USD 68,418 952 0.01%

HSBC 17/01/2019 CHF 145,000 USD 146,875 747 0.01%

HSBC 17/01/2019 EUR 130,000 USD 148,614 470 0.01%

HSBC 17/01/2019 KRW 185,000,000 EUR 144,520 534 0.01%

HSBC 17/01/2019 SGD 410,000 USD 299,327 1,895 0.03%

JP Morgan Securities 17/01/2019 USD 37,003 RUB 2,500,000 1,207 0.02%

JP Morgan Securities 23/01/2019 CNY 1,000,000 USD 144,854 631 0.01%

JP Morgan Securities 23/01/2019 USD 65,597 KRW 70,000,000 2,706 0.04%

RBS 17/01/2019 CNY 615,000 USD 89,379 121 0.00%

RBS 17/01/2019 EUR 195,000 USD 220,942 2,684 0.04%

RBS 17/01/2019 JPY 12,500,000 USD 111,631 2,225 0.03%

Societe Generale 17/01/2019 USD 89,860 CAD 120,000 1,710 0.02%

Societe Generale 23/01/2019 USD 305,677 SGD 400,000 11,755 0.15%

Toronto Dominion Bank 17/01/2019 CHF 80,000 CAD 109,373 1,103 0.01%

Toronto Dominion Bank 17/01/2019 INR 6,600,000 USD 91,286 3,146 0.04%

Toronto Dominion Bank 17/01/2019 JPY 161,000,000 USD 1,423,490 42,970 0.57%

Toronto Dominion Bank 17/01/2019 SEK 1,210,000 USD 133,872 1,487 0.02%



58

Currency Exchange Contracts - 1.22% (2017 - 0.24%) (continued)

Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain USD

% of Net

Assets

Toronto Dominion Bank 17/01/2019 USD 81,628 ZAR 1,160,000 1,138 0.02%

Toronto Dominion Bank 18/01/2019 INR 5,000,000 USD 69,175 2,360 0.03%

Unrealised Gain on Currency Exchange Contracts at 31 December 2018 91,014 1.22%

Value USD

Total Financial Derivative Instruments 168,593 2.27%


(Cost USD 7,062,047) (2017: USD 11,227,441) 7,200,222 96.79%

Futures - (0.20%) (2017 - (0.22%))


No of

Contracts

Maturity

Date

Unrealised

Loss USD

Bank of America Merrill Lynch (206,828) Euro Buxl 30 Year Bond (1) 07/03/2019 (4,672) (0.05%)

Bank of America Merrill Lynch (561,809) Euro-Bund Future (3) 07/03/2019 (2,542) (0.03%)

Bank of America Merrill Lynch (471,561) Long Gilt Future (3) 27/03/2019 (4,175) (0.06%)

Bank of America Merrill Lynch (320,438) US Ultra Bond (CBT) (2) 20/03/2019 (4,625) (0.06%)

(16,014) (0.20%)

Swaps - (0.05%) (2017 - (1.28%))

Morgan Stanley 880,000

IRS CHF/LIBOR/fixing 6M, R:CHF

0.357 21/09/2021 (3,871) (0.05%)

(3,871) (0.05%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold ANZ 17/01/2019 USD 101,427 GBP 80,000 (807) (0.01%)

Citibank 17/01/2019 BRL 150,000 USD 38,793 (139) (0.00%)

Citibank 17/01/2019 EUR 130,683 SGD 205,000 (744) (0.01%)

Goldman Sachs 17/01/2019 CLP 100,800,000 USD 148,131 (2,879) (0.04%)

Goldman Sachs 17/01/2019 EUR 70,000 SEK 720,285 (300) (0.00%)

Goldman Sachs 17/01/2019 EUR 65,000 JPY 8,374,693 (1,736) (0.02%)

Goldman Sachs 17/01/2019 SEK 650,000 JPY 8,048,300 (593) (0.01%)

Goldman Sachs 17/01/2019 USD 416,786 KRW 468,500,000 (4,271) (0.06%)

Goldman Sachs 18/01/2019 USD 70,077 INR 5,000,000 (1,460) (0.02%)

HSBC 17/01/2019 BRL 450,000 JPY 13,107,735 (3,425) (0.05%)

HSBC 17/01/2019 KRW 824,894,400 JPY 83,117,811 (15,672) (0.22%)

HSBC 17/01/2019 USD 353,747 CHF 350,000 (2,578) (0.03%)

JP Morgan Securities 17/01/2019 CAD 201,909 EUR 130,000 (765) (0.01%)

JP Morgan Securities 17/01/2019 USD 36,274 CNY 250,000 (108) (0.00%)

JP Morgan Securities 17/01/2019 USD 152,630 EUR 135,000 (2,185) (0.03%)

JP Morgan Securities 17/01/2019 USD 150,111 JPY 17,000,000 (4,726) (0.07%)

Nomura 17/01/2019 GBP 30,000 JPY 4,269,663 (551) (0.01%)

RBS 17/01/2019 SGD 195,000 JPY 15,746,952 (166) (0.00%)

RBS 17/01/2019 USD 150,000 JPY 16,620,465 (1,385) (0.02%)

RBS 17/01/2019 USD 144,122 INR 10,200,000 (1,822) (0.02%)

RBS 17/01/2019 USD 467,804 EUR 410,000 (2,380) (0.03%)

Societe Generale 17/01/2019 CNY 365,000 EUR 46,529 (241) (0.00%)



59

Currency Exchange Contracts - (0.89%) (2017 - (0.36%)) (continued)

Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Loss USD

% of Net

Assets

Societe Generale 17/01/2019 NOK 775,000 USD 90,410 (1,054) (0.01%)

Societe Generale 17/01/2019 USD 131,252 IDR 1,900,000,000 (553) (0.01%)

Toronto Dominion Bank 17/01/2019 AUD 360,000 USD 260,199 (6,022) (0.09%)

Toronto Dominion Bank 17/01/2019 CAD 205,000 USD 153,387 (2,798) (0.04%)

Toronto Dominion Bank 17/01/2019 NOK 200,000 USD 23,368 (308) (0.00%)

Toronto Dominion Bank 17/01/2019 USD 75,340 CNY 520,000 (335) (0.00%)

Toronto Dominion Bank 17/01/2019 USD 200,279 MXN 4,050,000 (5,142) (0.08%)

Unrealised Loss on Currency Exchange Contracts at 31 December 2018 (65,145) (0.89%)

Value USD

Total Financial Derivative Instruments (85,030) (1.14%)


(Cost USD Nil) (2017: USD Nil) (85,030) (1.14%)

Cash at Bank 262,713 3.53%

Other Net Assets 61,574 0.82%


Portfolio Analysis

% of Total

Assets

Transferable securities dealt in on another regulated market 85.33%

UCITS 6.49%

Financial derivative instruments dealt in on a regulated market 0.67%

OTC financial derivative instruments 1.54%



The following securities have been pledged by the Sub-Fund as collateral in respect of Interest Rate Swaps:

Security Description Counterparty Nominal Market Value

French Republic Government Bond OAT Morgan Stanley 16,000 24,947

French Republic Government Bond OAT Morgan Stanley 2,000 2,461


PORTFOLIO OF INVESTMENTS – Merian World Equity Fund


% of Net

Assets

60

Common Stock Basic Materials - 4.18% (2017 - 4.67%)

25,058 Altri SGPS SA 166,425 0.04%

17,399 BHP Group PLC 366,904 0.10%

36,272 Canfor Corp 440,233 0.12%

62,166 Canfor Pulp Products Inc 739,903 0.20%

12,539 Celanese Corp 1,128,134 0.30%

176,604 Ence Energia y Celulosa SA 1,109,228 0.30%

9,729 Ferrexpo PLC 24,180 0.01%

112,353 Iluka Resources Ltd 604,256 0.16%

18,800 Ishihara Sangyo Kaisha Ltd 183,819 0.05%

26,518 LyondellBasell Industries NV 2,205,237 0.59%

10,769 Methanex Corp 519,176 0.14%

600 Mitsubishi Gas Chemical Co Inc 9,032 0.00%

18,300 Nippon Carbon Co Ltd 669,949 0.18%

371,157 Regis Resources Ltd 1,265,279 0.34%

1,768 Rio Tinto Ltd 97,919 0.03%

211,390 Sandfire Resources NL 996,650 0.27%

57,100 Showa Denko KK 1,698,277 0.47%

287,854 Silvercorp Metals Inc 602,360 0.16%

346,683 St Barbara Ltd 1,150,038 0.31%

44,300 Tokuyama Corp 975,491 0.26%

16,790 Verso Corp 376,096 0.10%

146,920 Western Forest Products Inc 203,883 0.05%

15,532,469 4.18%

Communications - 7.22% (2017 - 6.45%) 4,162 A10 Networks Inc 25,971 0.01%

1,151 Alphabet Inc - Class A 1,202,749 0.32%

3,220 Alphabet Inc - Class C 3,334,665 0.90%

2,930 Amazon.com Inc 4,400,773 1.18%

10,953 Ascom Holding AG 151,183 0.04%

57,100 Dip Corp 935,351 0.25%

4,500 En-japan Inc 139,774 0.04%

15,387 F5 Networks Inc 2,493,156 0.67%

9,666 Facebook Inc 1,267,116 0.34%

19,638 Juniper Networks Inc 528,459 0.14%

125,939 Mediaset Espana Comunicacion SA 791,728 0.21%

94,974 Moneysupermarket.com Group PLC 334,079 0.09%

55,379 MSG Networks Inc 1,304,730 0.35%

44,106 Pearson PLC 528,456 0.14%

5,336 Reply SpA 269,340 0.07%

366,137 Seven West Media Ltd 142,131 0.04%

290,747 Sirius XM Holdings Inc 1,660,166 0.46%

103,000 SmarTone Telecommunications Holdings Ltd 114,148 0.03%

10,640 Telefonaktiebolaget LM Ericsson 92,609 0.02%

60,737 Telekom Austria AG 461,812 0.12%

33,536 Telenor ASA 647,133 0.17%

56,500 T-Gaia Corp 1,067,357 0.29%

22,847 TripAdvisor Inc 1,232,367 0.33%


PORTFOLIO OF INVESTMENTS – Merian World Equity Fund (continued)


% of Net

Assets

61

Common Stock (continued)

Communications - 7.22% (2017 - 6.45%) (continued)

1,931 VeriSign Inc 286,348 0.08%

31,722 Verizon Communications Inc 1,783,411 0.49%

18,531 Vonage Holdings Corp 161,775 0.04%

13,310 Walt Disney Co 1,459,442 0.40%

26,816,229 7.22%

Consumer, Cyclical - 11.73% (2017 - 17.40%) 842 adidas AG 175,865 0.05%

45,885 Allison Transmission Holdings Inc 2,014,810 0.54%

27,143 Best Buy Co Inc 1,437,494 0.39%

160,800 Best World International Ltd 310,582 0.08%

17,307 Borussia Dortmund GmbH & Co KGaA 157,852 0.04%

70,572 Burberry Group PLC 1,563,795 0.42%

5,312 Capri Holdings Ltd 201,431 0.05%

868 Carnival PLC 41,704 0.01%

23,521 Citi Trends Inc 479,593 0.13%

3,100 cocokara fine Inc 151,130 0.04%

74,108 Crocs Inc 1,925,326 0.52%

1,928 CTS Eventim AG & Co KGaA 71,929 0.02%

11,137 Deckers Outdoor Corp 1,424,979 0.38%

11,908 Domino's Pizza Group PLC 35,441 0.01%

1,300 Exedy Corp 31,819 0.01%

5,356 Ferguson PLC 343,090 0.09%

5,276 Fossil Group Inc 82,991 0.02%

8,644 Genesco Inc 382,929 0.10%

10,400 Geo Holdings Corp 157,875 0.04%

41,853 HD Supply Holdings Inc 1,570,324 0.43%

2,146 Hermes International 1,191,340 0.32%

259,902 Howden Joinery Group PLC 1,445,508 0.39%

5,140 IMAX Corp 96,684 0.03%

27,063 International Consolidated Airlines Group SA 214,450 0.06%

3,000 Iwatani Corp 100,141 0.03%

6,648 Kering SA 3,133,356 0.84%

20,793 Kimball International Inc 295,053 0.08%

18,000 Lululemon Athletica Inc 2,188,980 0.59%

10,238 LVMH Moet Hennessy Louis Vuitton SE 3,027,016 0.81%

70,084 Moncler SpA 2,321,725 0.62%

2,775 Movado Group Inc 87,745 0.02%

3,665 Next PLC 186,758 0.05%

40,553 NIKE Inc 3,006,599 0.81%

15,321 Nu Skin Enterprises Inc 939,637 0.25%

92,000 Pacific Textiles Holdings Ltd 81,754 0.02%

2,443 Peugeot SA 52,159 0.01%

11,698 Ralph Lauren Corp 1,210,275 0.33%

214,100 Sheng Siong Group Ltd 166,670 0.04%

11,196 Shoe Carnival Inc 375,178 0.10%

74,700 Showa Corp 879,863 0.24%

18,561 Sleep Number Corp 588,941 0.16%




% of Net

Assets

62


Consumer, Cyclical - 11.73% (2017 - 17.40%) (continued)

2,500 Sugi Holdings Co Ltd 98,799 0.03%

26,323 Superior Plus Corp 187,089 0.05%

2,648 Tailored Brands Inc 36,119 0.01%

79,545 Technogym SpA 852,574 0.23%

1,266 Toro Co 70,744 0.02%

1,601 Under Armour Inc 28,290 0.01%

54,600 United Arrows Ltd 1,745,592 0.48%

25,192 Urban Outfitters Inc 836,374 0.23%

11,304 Vera Bradley Inc 96,875 0.03%

31,437 VF Corp 2,242,715 0.60%

2,632 Walmart Inc 245,171 0.07%

10,504 WH Smith PLC 230,678 0.06%

866 Winmark Corp 137,694 0.04%

9,268 WW Grainger Inc 2,616,913 0.70%

43,576,418 11.73%

Consumer, Non-cyclical - 26.85% (2017 - 19.30%) 64,724 a2 Milk Co Ltd 484,423 0.13%

6,465 ABIOMED Inc 2,101,384 0.56%

7,212 Adecco Group AG 336,685 0.09%

8,758 Align Technology Inc 1,834,188 0.49%


8,129 Amedisys Inc 951,987 0.26%

43,133 Arjo AB 136,593 0.04%

20,412 Ashtead Group PLC 426,636 0.11%

33,742 Associated British Foods PLC 880,161 0.24%

171,700 Astellas Pharma Inc 2,188,709 0.58%

5,105 Avanos Medical Inc 228,653 0.06%

4,344 Bakkafrost P/F 211,789 0.06%

41,615 Baxter International Inc 2,739,099 0.74%

1,041 Beiersdorf AG 108,667 0.03%

9,894 Biogen Inc 2,977,303 0.80%

2,111 BioMerieux 138,995 0.04%

8,080 Biotage AB 98,379 0.03%

5,053 Boston Beer Co Inc 1,216,964 0.33%

66,461 Bristol-Myers Squibb Co 3,454,642 0.93%

24,828 Bruker Corp 739,129 0.20%

35,703 Celgene Corp 2,288,205 0.62%

6,782 Chemed Corp 1,921,205 0.51%

3,100 Coca-Cola European Partners PLC 142,135 0.04%

2,370 Cochlear Ltd 290,339 0.08%

26,594 Colliers International Group Inc 1,470,143 0.40%

19,855 Credit Corp Group Ltd 262,896 0.07%

10,035 Cutera Inc 170,796 0.05%

63 DaVita Inc 3,242 0.00%

7,937 DexCom Inc 950,852 0.26%

353 DiaSorin SpA 28,578 0.01%

4,807 Edgewell Personal Care Co 179,542 0.05%




% of Net

Assets

63


Consumer, Non-cyclical - 26.85% (2017 - 19.30%) (continued)

8,738 Edwards Lifesciences Corp 1,338,400 0.36%

2,700 Eisai Co Ltd 208,790 0.06%

59,323 Fevertree Drinks PLC 1,665,602 0.45%

30,546 Fisher & Paykel Healthcare Corp Ltd 266,552 0.07%

37,388 ForFarmers NV 344,645 0.09%

12,834 FTI Consulting Inc 855,258 0.23%

1,100 Fullcast Holdings Co Ltd 17,929 0.00%

8,285 Gilead Sciences Inc 518,227 0.14%

11,831 Globus Medical Inc 512,045 0.14%

46,582 GN Store Nord A/S 1,737,920 0.47%

510,400 Golden Agri-Resources Ltd 91,836 0.02%

4,287 H Lundbeck A/S 187,619 0.05%

9,523 Haemonetics Corp 952,776 0.26%

83,286 Halozyme Therapeutics Inc 1,218,474 0.33%

300,742 Healius Ltd 473,348 0.13%

481 HealthEquity Inc 28,691 0.01%

489 Henkel AG & Co KGaA 48,016 0.01%

9,603 Humana Inc 2,751,068 0.74%

12,484 IDEXX Laboratories Inc 2,322,274 0.62%

13,539 Inghams Group Ltd 39,466 0.01%

33,485 Innoviva Inc 584,314 0.16%

12,015 Insperity Inc 1,121,720 0.30%

1,834 Interparfums SA 70,879 0.02%

4,962 Intuitive Surgical Inc 2,376,401 0.64%

44,800 Japfa Ltd 24,018 0.01%

10,593 Johnson & Johnson 1,367,027 0.37%

27,035 Kforce Inc 835,923 0.22%

13,680 L'Oreal SA 3,151,792 0.85%

17,456 Masimo Corp 1,874,250 0.50%

6,981 McKesson Corp 771,191 0.21%

12,914 Medifast Inc 1,614,508 0.43%

10,131 Medpace Holdings Inc 536,233 0.14%

9,566 METRO AG 146,729 0.04%

147,000 Microport Scientific Corp 144,518 0.04%

13,766 Monster Beverage Corp 677,563 0.18%

4,502 Mowi ASA 94,757 0.03%

47,580 Nanosonics Ltd 95,373 0.03%

7,547 National Beverage Corp 541,648 0.15%

3,184 Nestle SA 258,254 0.07%

9,700 Northgate PLC 47,038 0.01%

1,423 Norway Royal Salmon ASA 29,344 0.01%

66,382 Novo Nordisk A/S 3,032,428 0.82%

3,400 Olympus Corp 104,370 0.03%

19,362 Oriflame Holding AG 428,449 0.12%

4,541 Orkla ASA 35,595 0.01%

191,036 Pagegroup PLC 1,099,568 0.30%

1,615 Pfizer Inc 70,494 0.02%




% of Net

Assets

64



2,500 Pigeon Corp 106,872 0.03%

1,400 Pola Orbis Holdings Inc 37,806 0.01%

46,368 Procter & Gamble Co 4,262,146 1.15%

359,286 QinetiQ Group PLC 1,313,821 0.35%

1,554 Regeneron Pharmaceuticals Inc 580,419 0.16%

303 ResMed Inc 34,502 0.01%

42,044 Robert Half International Inc 2,404,917 0.65%

15,070 Roche Holding AG 3,728,249 1.00%

18,795 Salmar ASA 926,731 0.25%

13,296 Sartorius Stedim Biotech 1,329,925 0.36%

39,800 Shionogi & Co Ltd 2,270,098 0.61%

4,672 Sixt SE 370,214 0.10%

7,139 Sonova Holding AG 1,165,344 0.31%

21,538 Sprouts Farmers Market Inc 506,358 0.14%

4,945 STAAR Surgical Co 157,795 0.04%

3,081 Straumann Holding AG 1,935,313 0.51%

10,855 Surmodics Inc 513,007 0.14%

6,748 Swedish Match AB 263,142 0.07%

60,870 Swedish Orphan Biovitrum AB 1,312,277 0.35%

1,498 Synergie SA 41,941 0.01%

67,799 Tate & Lyle PLC 571,334 0.15%

9,594 Triple-S Management Corp 166,840 0.04%

13,865 Unilever PLC 727,321 0.20%

492,000 United Laboratories International Holdings Ltd 261,319 0.07%

14,739 USANA Health Sciences Inc 1,735,222 0.47%

17,170 Varian Medical Systems Inc 1,945,532 0.51%

533 Vertex Pharmaceuticals Inc 88,324 0.02%

250 WD-40 Co 45,815 0.01%

32,122 William Demant Holding A/S 910,771 0.25%

78 Wirecard AG 11,861 0.00%

220,272 Wm Morrison Supermarkets PLC 599,751 0.16%

126,400 YA-MAN Ltd 1,581,941 0.43%

99,763,804 26.85%

Diversified - 0.16% (2017 - 0.62%) 55,000 Swire Pacific Ltd 580,739 0.16%

580,739 0.16%

Energy - 2.74% (2017 - 2.86%) 17,094 Arch Coal Inc 1,418,631 0.39%

449,749 Beach Energy Ltd 426,947 0.11%

1,500 Chevron Corp 163,185 0.04%

12,752 Denbury Resources Inc 21,805 0.01%

86,676 Equinor ASA 1,834,821 0.50%

33,096 ERG SpA 625,321 0.17%

17,887 Exxon Mobil Corp 1,219,715 0.33%

25,497 Falck Renewables SpA 68,466 0.02%

15,622 FTS International Inc 111,073 0.03%




% of Net

Assets

65


Energy - 2.74% (2017 - 2.86%) (continued)

199,619 Gulf Keystone Petroleum Ltd 461,321 0.12%

1,040 Pason Systems Inc 13,966 0.00%

24,341 Phillips 66 2,096,977 0.56%

1,758 REX American Resources Corp 119,738 0.03%

41,125 Royal Dutch Shell PLC 1,228,696 0.33%

25,257 TransAlta Renewables Inc 192,309 0.05%

43,394 W&T Offshore Inc 178,783 0.05%

1,362 Whitehaven Coal Ltd 4,153 0.00%

10,185,907 2.74%

Financial - 21.48% (2017 - 20.47%) 64,800 77 Bank Ltd 1,123,959 0.30%

55,298 Abacus Property Group 127,626 0.03%

15,500 Aeon Mall Co Ltd 246,573 0.07%

67,028 Aflac Inc 3,053,796 0.82%

13,681 Allianz SE 2,743,763 0.74%

2,315 Allstate Corp 191,288 0.05%

5,127 Altisource Portfolio Solutions SA 115,307 0.03%

6,757 American Equity Investment Life Holding Co 188,790 0.05%

1,077 American Financial Group Inc/OH 97,501 0.03%

1,893 American National Insurance Co 240,865 0.06%

104,657 Apple Hospitality REIT Inc 1,492,409 0.40%

33,216 ASR Nederland NV 1,315,273 0.35%

430,739 Aviva PLC 2,065,128 0.56%

97,457 Banco Comercial Portugues SA 25,612 0.01%

18,909 Bank of America Corp 465,918 0.13%

90,800 Bank of East Asia Ltd 288,667 0.08%

91,343 Bank of Ireland Group PLC 508,341 0.14%

58,070 British Land Co PLC 395,335 0.11%

57,780 CBRE Group Inc 2,313,511 0.62%

292,000 Champion REIT 199,830 0.05%


183 Cofinimmo SA 22,737 0.01%

27,559 Comerica Inc 1,893,028 0.51%

50,658 CorePoint Lodging Inc 620,561 0.17%

237,200 Dah Sing Banking Group Ltd 418,538 0.11%

58,800 Dah Sing Financial Holdings Ltd 290,537 0.08%

26,900 Dai-ichi Life Holdings Inc 420,339 0.11%

6,300 Daito Trust Construction Co Ltd 860,380 0.23%

8,870 Derwent London PLC 323,109 0.09%

12,768 Discover Financial Services 753,057 0.20%

21,164 doBank SpA 224,052 0.06%

4,914 Dream Office Real Estate Investment Trust 80,423 0.02%

2,782 Entra ASA 36,921 0.01%

6,436 Equity Residential 424,841 0.11%

9,201 Evercore Inc 658,424 0.18%

10,566 Everest Re Group Ltd 2,300,852 0.62%

15,797 Exantas Capital Corp 158,286 0.04%




% of Net

Assets

66


Financial - 21.48% (2017 - 20.47%) (continued)

67,072 Fidelity National Financial Inc 2,108,744 0.57%

115,429 First BanCorp/Puerto Rico 992,690 0.27%

8,787 FirstService Corp 604,467 0.16%

164,785 FlexiGroup Ltd/Australia 157,594 0.04%

67,572 GDI Property Group 64,385 0.02%

23,002 Genworth Mortgage Insurance Australia Ltd 35,554 0.01%

39,800 Goldcrest Co Ltd 573,769 0.15%

2,392 Granite Real Estate Investment Trust 93,453 0.03%

213,904 Great Portland Estates PLC 1,800,085 0.49%

59,565 Great-West Lifeco Inc 1,232,454 0.33%

68,600 Gunma Bank Ltd 286,392 0.08%

3,869 Hanover Insurance Group Inc 451,783 0.12%

505,270 Hansteen Holdings PLC 597,712 0.16%

8,911 HFF Inc 295,489 0.08%

48,000 Hysan Development Co Ltd 228,286 0.06%

42,934 IG Group Holdings PLC 312,463 0.08%

10,487 Industrial Alliance Insurance & Financial Services Inc 335,488 0.09%

13,632 Jones Lang LaSalle Inc 1,725,811 0.47%

10,062 JPMorgan Chase & Co 982,252 0.26%

56,400 Keiyo Bank Ltd 362,167 0.10%

68,500 Kerry Properties Ltd 233,952 0.06%

2,683 KKR Real Estate Finance Trust Inc 51,379 0.01%

1,176 Klepierre SA 36,306 0.01%

21,538 Land Securities Group PLC 221,208 0.06%

156,900 Leopalace21 Corp 622,206 0.17%

179,115 LondonMetric Property PLC 397,928 0.11%

513 Macquarie Group Ltd 39,339 0.01%

4,724 Magellan Financial Group Ltd 78,487 0.02%

123,757 Manulife Financial Corp 1,760,103 0.48%

11,944 Mapfre SA 31,730 0.01%

24,193 Marcus & Millichap Inc 830,545 0.22%

21,625 Mastercard Inc 4,079,556 1.10%

54,625 McMillan Shakespeare Ltd 536,291 0.14%

11,000 Mebuki Financial Group Inc 29,215 0.01%

48,597 Medibank Pvt Ltd 88,150 0.02%

24,970 Mercury General Corp 1,291,198 0.35%

27,935 MetLife Inc 1,147,011 0.31%

28,230 Metrovacesa SA 358,497 0.10%

38,389 Mirvac Group 60,693 0.02%

169 Mori Trust Sogo REIT Inc 245,326 0.07%

9,600 MS&AD Insurance Group Holdings Inc 273,475 0.07%

2,804 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 611,829 0.16%

29,300 Nanto Bank Ltd 571,370 0.15%

1,763 National Western Life Group Inc 530,134 0.14%

68,324 Nib holdings Ltd/Australia 250,760 0.07%

2,546 NMI Holdings Inc 45,446 0.01%

26,025 NN Group NV 1,037,083 0.28%

10,613 NSI NV 414,415 0.11%




% of Net

Assets

67



124,179 Numis Corp PLC 379,731 0.10%

38,013 Park Hotels & Resorts Inc 987,578 0.27%

34,615 Pinnacle Investment Management Group Ltd 107,253 0.03%

34,790 Power Corp of Canada 626,600 0.17%

462 PS Business Parks Inc 60,522 0.02%

14,743 Public Storage 2,984,131 0.80%

60,225 Rayonier Inc 1,667,630 0.45%

5,221 SEI Investments Co 241,210 0.06%

1,703 SL Green Realty Corp 134,673 0.04%

13,407 Societa Cattolica di Assicurazioni SC 109,078 0.03%

6,600 Sony Financial Holdings Inc 123,362 0.03%

8,034 Spirit Realty Capital Inc 283,198 0.08%

57,687 Sun Life Financial Inc 1,918,311 0.52%

363,700 Suruga Bank Ltd 1,343,056 0.36%

19,723 Synovus Financial Corp 630,939 0.17%

25,514 T Rowe Price Group Inc 2,355,453 0.63%

36,360 TCF Financial Corp 708,656 0.19%

40,500 TOMONY Holdings Inc 149,557 0.04%

8,906 Torchmark Corp 663,764 0.18%

23,352 Travelers Cos Inc 2,796,402 0.75%

5,565 Tricon Capital Group Inc 39,594 0.01%

311 Unibail-Rodamco-Westfield 48,219 0.01%

28,802 Universal Insurance Holdings Inc 1,092,172 0.29%

4,890 Vastned Retail NV 175,266 0.05%

4,126 Vienna Insurance Group AG Wiener Versicherung Gruppe 95,817 0.03%

18,334 Visa Inc 2,418,988 0.65%

21,948 Waddell & Reed Financial Inc 396,819 0.11%

5,221 Wells Fargo & Co 240,583 0.06%

11,174 Wereldhave NV 347,906 0.09%

79,833,886 21.48%

Industrial - 7.42% (2017 - 8.45%) 43,699 AGFA-Gevaert NV 166,632 0.04%

4,550 Alphabet Inc - Class A 309,810 0.08%

4,047 Alten SA 336,908 0.09%

14,489 Ansell Ltd 225,388 0.06%

12,008 Boeing Co 3,872,580 1.04%

3,199 Canadian Pacific Railway Ltd 568,983 0.15%

2,577 CIMIC Group Ltd 78,956 0.02%

73,500 CK Infrastructure Holdings Ltd 556,487 0.15%

473,136 Cobham PLC 590,327 0.16%

404,900 ComfortDelGro Corp Ltd 639,324 0.17%

11,459 Continental Building Products Inc 291,631 0.08%

37,396 CSR Ltd 74,167 0.02%

77,300 DMG Mori Co Ltd 872,521 0.23%

49,840 Firstgroup PLC 53,073 0.01%

24,300 Fuji Corp/Aichi 285,115 0.08%

11,634 Gaztransport Et Technigaz SA 894,579 0.24%




% of Net

Assets

68


Industrial - 7.42% (2017 - 8.45%) (continued)

4,745 Go-Ahead Group PLC 92,572 0.02%

27,514 Graco Inc 1,151,461 0.31%

272,400 Hazama Ando Corp 1,798,740 0.48%

19,700 Hoya Corp 1,185,279 0.32%

17,522 JB Hunt Transport Services Inc 1,630,247 0.44%

21,284 Landstar System Inc 2,036,240 0.55%

76,234 MDU Resources Group Inc 1,817,419 0.49%

1,686 Morgan Sindall Group PLC 22,690 0.01%

107,200 Nippon Sheet Glass Co Ltd 815,128 0.22%

4,690 Old Dominion Freight Line Inc 579,168 0.16%

7,036 Raytheon Co 1,078,970 0.29%

2,731,066 Rolls-Royce Holdings PLC 3,487 0.00%

14,136 Simpson Manufacturing Co Inc 765,182 0.21%

67,800 Singapore Technologies Engineering Ltd 173,776 0.05%

114,200 Sumitomo Mitsui Construction Co Ltd 693,853 0.19%

11,800 Tokyu Construction Co Ltd 107,004 0.03%

13,289 Trex Co Inc 788,835 0.21%

36,000 Tsugami Corp 209,887 0.06%

10,847 Union Pacific Corp 1,499,381 0.40%

18,185 Wacker Neuson SE 344,007 0.09%

962,300 Yangzijiang Shipbuilding Holdings Ltd 883,395 0.24%

13,700 Yumeshin Holdings Co Ltd 98,689 0.03%

27,591,891 7.42%

Technology - 12.82% (2017 - 13.12%) 2,712 Accenture PLC 382,419 0.10%

13,489 Adobe Inc 3,051,752 0.82%

13,484 Alfa Financial Software Holdings PLC 19,903 0.01%

11,320 Altium Ltd 173,376 0.05%

16,540 ANSYS Inc 2,364,228 0.64%

38,247 Apple Inc 6,033,082 1.62%

26,804 Aspen Technology Inc 2,202,753 0.59%

12,455 AVEVA Group PLC 384,842 0.10%

8,548 Bechtle AG 664,137 0.18%

60,532 Cadence Design Systems Inc 2,631,931 0.71%

53,600 Capcom Co Ltd 1,058,886 0.28%

43,536 Cerner Corp 2,283,027 0.61%

25,090 Citrix Systems Inc 2,570,721 0.69%

34,921 CommVault Systems Inc 2,063,482 0.56%

17,379 CompuGroup Medical SE 804,784 0.22%

51,296 Computacenter PLC 658,877 0.18%

4,265 Dassault Systemes SE 506,456 0.14%

8,302 Electronic Arts Inc 655,111 0.18%

7,292 EMIS Group PLC 85,004 0.02%

36,905 Fortinet Inc 2,599,219 0.70%

14,259 Intuit Inc 2,806,884 0.76%

28,185 Manhattan Associates Inc 1,194,199 0.32%

56,082 Microsoft Corp 5,696,249 1.53%




% of Net

Assets

69


Technology - 12.82% (2017 - 13.12%) (continued)

6,151 MobileIron Inc 28,234 0.01%

969 Nemetschek SE 106,244 0.03%

14,385 Nuance Communications Inc 190,314 0.05%

30,316 Oracle Corp 1,368,767 0.37%

16,530 Paradox Interactive AB 247,794 0.07%

2,663 Pegasystems Inc 127,372 0.03%

31,093 Progress Software Corp 1,103,491 0.30%

24,647 SAP SE 2,453,450 0.66%

1,401 SimCorp A/S 95,731 0.03%

22,214 Softcat PLC 166,773 0.04%

968 Solutions 30 SE 9,888 0.00%

2,517 SPS Commerce Inc 207,351 0.06%

2,856 Synopsys Inc 240,590 0.06%

4,230 Teradata Corp 162,263 0.04%

718 Ultimate Software Group Inc 175,816 0.05%

3,575 WiseTech Global Ltd 42,643 0.01%

47,618,043 12.82%

Utilities - 5.32% (2017 - 4.16%) 310,588 A2A SpA 559,266 0.15%

56,363 AES Corp/VA 815,009 0.22%

6,826 Aqua America Inc 233,381 0.06%

76,986 CenterPoint Energy Inc 2,173,315 0.58%

1,172,263 Centrica PLC 2,019,109 0.53%

28,000 CLP Holdings Ltd 316,384 0.09%

201,111 Drax Group PLC 921,322 0.25%

26,222 Electricite de France SA 414,370 0.11%

13,824 EVN AG 199,140 0.05%

31,870 Hera SpA 97,148 0.03%

10,785 IDACORP Inc 1,003,652 0.27%

17,089 Italgas SpA 97,765 0.03%

23,676 National Fuel Gas Co 1,211,738 0.33%

20,318 Northland Power Inc 323,727 0.09%

5,595 NorthWestern Corp 332,567 0.09%

48,524 OGE Energy Corp 1,901,655 0.50%

11,379 ONE Gas Inc 905,769 0.24%

9,419 Portland General Electric Co 431,862 0.12%

158,500 Power Assets Holdings Ltd 1,102,906 0.30%

49,340 PPL Corp 1,397,802 0.38%

20,500 Shikoku Electric Power Co Inc 247,615 0.07%

82,400 Shizuoka Gas Co Ltd 638,545 0.17%

21,268 UGI Corp 1,134,648 0.31%

43,667 Valener Inc 620,081 0.17%

16,041 Verbund AG 684,045 0.18%

19,782,821 5.32%






% of Net

Assets

70

Investment Funds - 0.09% (2017 - 0.04%) 63,085 Charter Hall Group (AIF) 330,378 0.09%

330,378 0.09%



Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain USD Citibank 15/01/2019 EUR 5,854,283 USD 6,700,404 12,063 0.00%

Citibank 15/01/2019 USD 44,793 EUR 39,030 41 0.00%


Value USD



(Cost USD 387,263,664) (2017: USD 357,232,795) 371,624,689 100.01%

Futures - (0.00%) (2017 - (0.01%))


No of

Contracts

Maturity

Date

Unrealised

Loss USD

Bank of America

Merrill Lynch 340,553 DJ Euro Stoxx 50 Future 10 15/03/2019 (8,130) (0.00%)

Bank of America

Merrill Lynch 125,325 S&P 500 Emini Index Future 1 15/03/2019 (2,489) (0.00%)

(10,619) (0.00%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold Citibank 15/01/2019 USD 327,595 EUR 286,521 (925) (0.00%)


Value USD




Cash at Bank 809,021 0.22%

Other Net Liabilities (843,194) (0.23%)




71

Portfolio Analysis

% of Total

Assets



AIF 0.09%





PORTFOLIO OF INVESTMENTS – Merian Pacific Equity Fund


% of Net

Assets

72


16,843 BHP Group Ltd 406,919 0.46%

1,842,000 China BlueChemical Ltd 578,545 0.66%

63,321 Gujarat Narmada Valley Fertilizers & Chemicals Ltd 309,381 0.35%


3,188 Kumho Petrochemical Co Ltd 249,429 0.28%

34 LOTTE Fine Chemical Co Ltd 1,251 0.00%

17,622 Mineral Resources Ltd 192,410 0.22%

263,876 Regis Resources Ltd 899,557 1.02%


261,788 St Barbara Ltd 868,419 0.98%

1,002 Taekwang Industrial Co Ltd 1,185,376 1.34%

5,581,561 6.32%

Communications - 13.12% (2017 - 4.57%) 90,000 Accton Technology Corp 288,707 0.33%


12,300 Autohome Inc (DR) 978,465 1.11%

162,000 China Unicom Hong Kong Ltd 172,916 0.20%

81,880 LG Uplus Corp 1,295,201 1.47%

5,085,700 My EG Services Bhd 1,199,892 1.36%

2,859 NCSoft Corp 1,195,310 1.35%

10,988 NHN Entertainment Corp 564,271 0.64%

68,444 Nine Entertainment Co Holdings Ltd 66,665 0.08%



11,109 Sterlite Technologies Ltd 46,695 0.05%

19,722 Sun TV Network Ltd 171,688 0.19%


37,500 Yangtze Optical Fibre and Cable Joint Stock Ltd Co 102,461 0.12%

59,000 ZTE Corp 111,488 0.13%

11,585,097 13.12%

Consumer, Cyclical - 5.08% (2017 - 1.60%) 124,609 Accent Group Ltd 105,539 0.12%

72,000 Air China Ltd 62,695 0.07%

81,800 AirAsia Group Bhd 58,789 0.07%

96,000 ANTA Sports Products Ltd 460,250 0.52%


49 Bosch Ltd 13,765 0.02%

23,000 China Motor Corp 18,183 0.02%

4,000 Chow Sang Sang Holdings International Ltd 5,934 5,934

250 E-MART Inc 40,890 0.05%

121,000 Far Eastern Department Stores Ltd 61,805 0.07%

120,000 Feng TAY Enterprise Co Ltd 685,166 0.78%

78,000 IT Ltd 40,931 0.05%

2,864 LF Corp 63,784 0.07%

1,048,500 Li Ning Co Ltd 1,124,502 1.27%

1,451,200 Matahari Department Store Tbk PT 565,132 0.64%

778,000 Mercuries & Associates Holding Ltd 451,809 0.50%


PORTFOLIO OF INVESTMENTS – Merian Pacific Equity Fund (continued)


% of Net

Assets

73

Common Stock (continued) Consumer, Cyclical - 5.08% (2017 - 1.60%) (continued)

38,900 MK Restaurants Group PCL 89,306 0.10%


77 Page Industries Ltd 27,837 0.03%

2,590,800 Ramayana Lestari Sentosa Tbk PT 255,833 0.29%

92,500 Sinotruk Hong Kong Ltd 139,359 0.16%

4,488,340 5.08%


9,934 Aurobindo Pharma Ltd 104,295 0.12%

46,000 CAR Inc 34,240 0.04%

1,769,200 Charoen Pokphand Indonesia Tbk PT 888,893 1.01%

360,000 China Agri-Industries Holdings Ltd 128,239 0.15%

260,000 China Conch Venture Holdings Ltd 773,467 0.88%

671,000 China Medical System Holdings Ltd 623,687 0.71%

166,000 China Resources Beer Holdings Co Ltd 579,666 0.66%

194,000 China Shineway Pharmaceutical Group Ltd 188,495 0.21%

1,850 Cochlear Ltd 226,636 0.26%

3,506 Colgate-Palmolive India Ltd 67,473 0.08%


981 CSL Ltd 128,203 0.15%

682,000 CSPC Pharmaceutical Group Ltd 983,956 1.11%

3,938 Daesang Corp 88,409 0.10%

3,389 Divi's Laboratories Ltd 71,974 0.08%

4,260 Dr Reddy's Laboratories Ltd 159,659 0.18%

51,300 First Resources Ltd 58,019 0.07%

130,516 Fisher & Paykel Healthcare Corp Ltd 1,138,915 1.29%

12,712 Glenmark Pharmaceuticals Ltd 126,195 0.14%

10,000 Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd 35,813 0.04%

287,471 Healius Ltd 452,460 0.50%

20,500 Health & Happiness H&H International Holdings Ltd 116,997 0.13%


213 LG Household & Health Care Ltd 210,175 0.24%

6,500 Livzon Pharmaceutical Group Inc 18,880 0.02%

929,500 LT Group Inc 293,427 0.33%

4,898 Marico Ltd 26,197 0.03%


248,120 Nanosonics Ltd 497,350 0.55%

1,210 Nestle India Ltd 192,123 0.22%

462 Orion Corp/Republic of Korea 49,686 0.06%

232,000 Shandong Weigao Group Medical Polymer Co Ltd 187,798 0.21%

121,000 Sihuan Pharmaceutical Holdings Group Ltd 21,165 0.02%

1,074,000 Sino Biopharmaceutical Ltd 707,566 0.80%

778,000 SSY Group Ltd 576,130 0.65%

54,000 Standard Foods Corp 87,315 0.10%

10,912 Summerset Group Holdings Ltd 46,658 0.05%

5,000 Taiwan Secom Co Ltd 14,380 0.02%

28,151 United Breweries Ltd 555,254 0.63%


12,073,273 13.67%




% of Net

Assets

74

Common Stock (continued) Diversified - 0.80% (2017 - 0.00%)

576,600 Alliance Global Group Inc 130,486 0.15%

42,000 CK Hutchison Holdings Ltd 403,255 0.46%

15,500 Swire Pacific Ltd 163,663 0.19%

697,404 0.80%

Energy - 4.50% (2017 - 3.50%) 576,976 Beach Energy Ltd 547,724 0.62%

460,000 Beijing Jingneng Clean Energy Co Ltd 111,002 0.13%

4,048,100 Bukit Asam Tbk PT 1,210,471 1.37%

754,000 China Coal Energy Co Ltd 296,507 0.34%

48,500 China Shenhua Energy Co Ltd 106,260 0.12%

81 Coal India Ltd 279 0.00%

195,000 Formosa Petrochemical Corp 691,510 0.78%

110,200 Hengyuan Refining Co Bhd 124,267 0.14%

45,532 Oil & Natural Gas Corp Ltd 97,765 0.11%

26,118 Petronet LNG Ltd 83,858 0.09%

130,000 Shougang Fushan Resources Group Ltd 26,391 0.03%

14,000 Sinopec Engineering Group Co Ltd 11,493 0.01%

100,000 TPI Polene Power PCL 17,353 0.02%


3,982,711 4.50%

Financial - 26.63% (2017 - 33.70%) 109,961 Abacus Property Group 253,786 0.29%

52,000 Agricultural Bank of China Ltd 22,772 0.03%

100,000 AIA Group Ltd 829,901 0.94%

21,000 A-Living Services Co Ltd 28,475 0.03%

285,100 AMMB Holdings Bhd 299,415 0.34%

2,691 Australia & New Zealand Banking Group Ltd 46,457 0.05%

145,500 Bank Central Asia Tbk PT 263,070 0.30%

359,200 Bank of East Asia Ltd 1,141,953 1.29%

860,000 Capital Securities Corp 250,414 0.28%

64,000 Cathay Financial Holding Co Ltd 97,862 0.11%

169,000 Cathay Real Estate Development Co Ltd 109,690 0.12%

290,000 Champion REIT 198,461 0.22%

2,179,000 China CITIC Bank Corp Ltd 1,324,271 1.50%

1,007,000 China Construction Bank Corp 830,567 0.94%

3,948,000 China Development Financial Holding Corp 1,248,478 1.42%

409,160 China Life Insurance Co Ltd/Taiwan 370,728 0.43%

72,000 China Merchants Bank Co Ltd 263,832 0.30%

344,600 China Pacific Insurance Group Co Ltd 1,115,336 1.26%

496,000 China South City Holdings Ltd 70,294 0.08%

246,000 China Taiping Insurance Holdings Co Ltd 675,284 0.76%


8,923 Commonwealth Bank of Australia 455,902 0.52%

99,000 Country Garden Services Holdings Co Ltd 157,242 0.18%

90,000 CSI Properties Ltd 3,562 0.00%


34,000 Farglory Land Development Co Ltd 38,162 0.04%




% of Net

Assets

75

Common Stock (continued) Financial - 26.63% (2017 - 33.70%) (continued)

635,000 Filinvest Land Inc 17,027 0.02%




15,597 Growthpoint Properties Australia Ltd 41,171 0.05%

8,085 Hana Financial Group Inc 262,665 0.30%

249,473 Hanwha Life Insurance Co Ltd 943,519 1.07%

9,279 HDFC Standard Life Insurance Co Ltd 51,457 0.06%


1,376 Hyundai Marine & Fire Insurance Co Ltd 50,623 0.06%

52,532 ICICI Bank Ltd 271,001 0.31%

16,458 ICICI Lombard General Insurance Co Ltd 203,789 0.23%

38,034 Indiabulls Real Estate Ltd 47,643 0.05%

101 Indian Bank 352 0.00%

137,600 Kasikornbank PCL 781,433 0.89%


12,831 Korean Reinsurance Co 99,585 0.11%

1,874,400 Krung Thai Bank PCL 1,105,314 1.25%

8,000 Link REIT 80,998 0.09%

639,300 Lippo Karawaci Tbk PT 11,292 0.01%



284,481 Medibank Pvt Ltd 516,022 0.58%

4,663,000 Megaworld Corp 421,212 0.49%

74,128 Mirvac Group 117,196 0.13%

207,400 New China Life Insurance Co Ltd 823,535 0.93%


12,107 Orange Life Insurance Ltd 303,815 0.35%

39,385 Pendal Group Ltd 221,550 0.25%

28,000 Ping An Insurance Group Co of China Ltd 247,208 0.28%

29,921 Pinnacle Investment Management Group Ltd 92,709 0.10%

109,000 Poly Property Group Co Ltd 34,096 0.04%

25,000 Postal Savings Bank of China Co Ltd 13,183 0.01%

201,022 Punjab National Bank 224,884 0.25%

57,084 REC Ltd 99,879 0.11%

32,600 Robinsons Land Corp 12,492 0.01%

16,000 Ruentex Development Co Ltd 23,294 0.03%

73,000 Shanghai Industrial Holdings Ltd 147,635 0.17%

235,500 Shimao Property Holdings Ltd 628,420 0.71%

373,299 Shin Kong Financial Holding Co Ltd 108,940 0.12%

5,200 Shinhan Financial Group Co Ltd 184,550 0.21%

496,000 Shui On Land Ltd 110,190 0.12%

37,500 Siam Commercial Bank PCL 153,757 0.17%

20,200 Swire Properties Ltd 70,925 0.08%

601,000 Taiwan Business Bank 202,373 0.23%

635,200 Thanachart Capital PCL 970,568 1.10%

132,895 Union Bank of India 163,518 0.19%

79,636 Viva Energy REIT 126,466 0.14%

3,000 Wheelock & Co Ltd 17,141 0.02%




% of Net

Assets

76


539,000 Yuanta Financial Holding Co Ltd 270,929 0.31%

24,000 Yuzhou Properties Co Ltd 9,898 0.01%

23,519,481 26.63%

Industrial - 9.77% (2017 - 20.02%) 1,987 ABB India Ltd 38,046 0.04%

832 ACC Ltd 17,973 0.02%

15,035 ALS Ltd 71,947 0.08%

225,000 Anhui Conch Cement Co Ltd 1,091,638 1.24%

38,272 Ansell Ltd 595,353 0.67%

64,656 Bharat Heavy Electricals Ltd 67,700 0.08%

151,500 BYD Electronic International Co Ltd 190,336 0.22%

830,000 China Communications Services Corp Ltd 686,698 0.78%

43,500 China Railway Construction Corp Ltd 60,316 0.07%

798,000 China Resources Cement Holdings Ltd 718,298 0.81%

2,363 CIMIC Group Ltd 72,399 0.08%

104,500 CK Infrastructure Holdings Ltd 791,195 0.90%

17,446 Container Corp Of India Ltd 171,854 0.19%

72,712 CSR Ltd 144,210 0.16%

12,839 Daelim Industrial Co Ltd 1,179,423 1.34%

371,600 DMCI Holdings Inc 90,313 0.10%

128,509 Doosan Infracore Co Ltd 874,158 0.99%

18,518 Engineers India Ltd 33,156 0.04%

14,921 Escorts Ltd 150,914 0.17%

231,000 Evergreen International Storage & Transport Corp 101,457 0.11%

77,486 GWA Group Ltd 152,037 0.17%

470,000 HannStar Display Corp 107,649 0.12%

38,800 Hong Leong Industries Bhd 79,806 0.09%

123,000 Lonking Holdings Ltd 31,880 0.04%

342,000 Metallurgical Corp of China Ltd 82,091 0.09%

16,000 Radiant Opto-Electronics Corp 43,986 0.05%

42,200 Singapore Technologies Engineering Ltd 108,161 0.12%

96,000 TK Group Holdings Ltd 52,215 0.06%


8,639,766 9.77%

Technology - 12.25% (2017 - 13.97%) 16,754 Altium Ltd 256,602 0.29%

25,939 HCL Technologies Ltd 358,304 0.41%

101,466 Infosys Ltd 957,717 1.08%

71,000 Kingdee International Software Group Co Ltd 62,730 0.07%

14,249 Momo Inc (DR) 347,818 0.39%

5,919 Mphasis Ltd 86,348 0.10%

44,000 Novatek Microelectronics Corp 203,272 0.23%

1,979 Pearl Abyss Corp 368,735 0.42%

42,921 Pro Medicus Ltd 329,595 0.37%

57,556 Samsung Electronics Co Ltd 1,996,256 2.26%

5,459 Samsung SDS Co Ltd 998,063 1.13%

107 SK Hynix Inc 5,802 0.01%

303,106 Taiwan Semiconductor Manufacturing Co Ltd 2,223,712 2.51%

28,555 Tata Consultancy Services Ltd 774,299 0.88%

55,871 Tech Mahindra Ltd 578,734 0.66%




% of Net

Assets

77

Common Stock (continued) Technology - 12.25% (2017 - 13.97%) (continued)

20,164 Technology One Ltd 87,668 0.10%

76,265 Wipro Ltd 361,427 0.41%


10,819,173 12.25%

Utilities - 5.87% (2017 - 3.09%) 24,900 Aboitiz Power Corp 16,621 0.02%

152,000 Beijing Enterprises Holdings Ltd 805,387 0.91%

950,000 China Longyuan Power Group Corp Ltd 646,492 0.73%

118,000 China Resources Gas Group Ltd 467,042 0.53%

18,000 CLP Holdings Ltd 203,389 0.23%

700 ENN Energy Holdings Ltd 6,207 0.01%

160,732 GAIL India Ltd 829,528 0.94%

66,500 HK Electric Investments & HK Electric Investments Ltd 67,075 0.08%

282,000 Huadian Power International Corp Ltd 127,097 0.14%

20,659 Korea Electric Power Corp 612,847 0.69%

4,107,700 Perusahaan Gas Negara Persero Tbk 605,577 0.69%

41,500 Power Assets Holdings Ltd 288,773 0.33%

33,323 Reliance Infrastructure Ltd 150,928 0.17%

863,254 Reliance Power Ltd 354,264 0.40%

5,181,227 5.87%


Preferred Stock Technology - 0.49% (2017 - 0.81%)

15,108 Samsung Electronics Co Ltd 429,898 0.49%

429,898 0.49%



106,822 Charter Hall Group (AIF) 559,431 0.63%

559,431 0.63%



(Cost USD 92,827,962) (2017: USD 143,711,708) 87,557,362 99.13%

Futures - (0.02%) (2017 - (0.01%))


No of

Contracts

Maturity

Date

Unrealised

Loss USD

Bank of America

Merrill Lynch 877,275 S&P 500 Emini Index Future 7 15/03/2019 (16,531) (0.02%)

(16,531) (0.02%)

Value USD

Total Financial Derivatives (16,531) (0.02%)



78

Value USD

% of Net

Asets



Cash at Bank 1,190,701 1.35%



Portfolio Analysis

% of Total

Assets


AIF 0.62%




PORTFOLIO OF INVESTMENTS – Merian European Equity Fund

Nominal Security Description Value EUR

% of Net

Assets

79


17,880 Rio Tinto PLC 750,506 2.79%

750,506 2.79%

Communications - 10.68% (2017 - 12.34%) 15,000 Freenet AG 254,175 0.94%

131,539 Nokia OYJ 661,641 2.46%

51,000 Orange SA 721,140 2.67%

1,229,500 Telecom Italia SpA/Milano 594,217 2.21%

379,950 Vodafone Group PLC 646,827 2.40%

2,878,000 10.68%

Consumer, Cyclical - 6.46% (2017 - 14.84%) 4,680 Continental AG 565,110 2.10%

57,300 Ryanair Holdings PLC 617,981 2.29%

49,290 Volvo AB 557,508 2.07%

1,740,599 6.46%

Consumer, Non-cyclical - 25.56% (2017 - 21.28%) 34,500 Carrefour SA 513,878 1.91%

22,400 Corbion NV 542,976 2.02%

15,042 Fresenius SE & Co KGaA 637,480 2.37%

49,315 GlaxoSmithKline PLC 818,974 3.04%

282,100 Greencore Group PLC 565,552 2.10%

22,330 Novo Nordisk A/S 890,811 3.31%

26,400 Ontex Group NV 447,480 1.65%

4,210 Roche Holding AG 909,558 3.38%

10,360 Sanofi 779,797 2.89%

366,680 Tesco PLC 778,864 2.89%

6,885,370 25.56%

Energy - 4.97% (2017 - 2.03%) 23,000 Royal Dutch Shell PLC 598,176 2.22%

15,980 TOTAL SA 741,392 2.75%

1,339,568 4.97%

Financial – 25.99% (2017 - 25.53%) 31,000 ABN AMRO Group NV (DR) 631,160 2.34%

13,020 AURELIUS Equity Opportunities SE & Co KGaA 412,994 1.52%

352,000 Barclays PLC 586,921 2.18%

166,190 CaixaBank SA 526,158 1.95%

61,100 Credit Suisse Group AG 585,723 2.17%

45,317 DNB ASA 629,849 2.34%

60,394 ING Groep NV 567,220 2.11%

968,091 Lloyds Banking Group PLC 556,880 2.07%

78,717 Mediobanca Banca di Credito Finanziario SpA 580,617 2.15%

39,160 Prudential PLC 612,822 2.27%

18,580 Societe Generale SA 516,060 1.92%

10,000 Swiss Re AG 799,924 2.97%

7,006,328 25.99%

Industrial - 13.10% (2017 - 7.21%) 530 AP Moller - Maersk A/S 580,855 2.16%

24,620 CRH PLC 565,768 2.10%


PORTFOLIO OF INVESTMENTS – Merian European Equity Fund (continued)


% of Net

Assets

80

Common Stock (continued) Industrial - 13.10% (2017 - 7.21%) (continued)

77,885 Leonardo SpA 598,001 2.22%

5,948 Siemens AG 579,216 2.15%

27,700 Signify NV 575,606 2.14%

8,668 Vinci SA 629,470 2.33%

3,528,916 13.10%

Technology - 4.30% (2017 - 6.17%) 6,100 Capgemini SE 526,308 1.95%

4,560 Teleperformance 632,016 2.35%

1,158,324 4.30%

Utilities - 2.57% (2017 - 2.05%) 14,700 Rubis SCA 691,488 2.57%

691,488 2.57%




(Cost EUR 28,656,774) (2017: EUR 33,503,345) 25,979,099 96.42%

Cash at Bank 1,174,506 4.36%



% of Total

Portfolio Analysis Assets





PORTFOLIO OF INVESTMENTS – Merian US Equity Income Fund


% of Net

Assets

81


31,191 Celanese Corp 2,806,255 1.06%

10,431 Domtar Corp 366,441 0.14%

14,566 International Paper Co 587,883 0.22%


7,250,554 2.75%

Communications - 7.78% (2017 - 2.67%) 680 Alphabet Inc - Class A 710,572 0.27%


2,989 Amazon.com Inc 4,489,389 1.70%

13,768 CenturyLink Inc 208,585 0.08%

2,101 Cogent Communications Holdings Inc 94,986 0.04%

6,176 F5 Networks Inc 1,000,697 0.38%

6,896 Facebook Inc 903,996 0.34%

20,199 John Wiley & Sons Inc 948,747 0.36%

38,244 Juniper Networks Inc 1,029,146 0.39%


32,892 Viacom Inc 845,325 0.32%

20,496,787 7.78%

Consumer, Cyclical - 10.44% (2017 - 11.05%) 24,304 Allison Transmission Holdings Inc 1,067,189 0.40%

51,183 Best Buy Co Inc 2,710,651 1.03%

18,717 Buckle Inc 361,987 0.14%

37,912 Kohl's Corp 2,515,082 0.95%


95,297 Macy's Inc 2,837,945 1.08%

57,661 NIKE Inc 4,274,987 1.62%



31,771 Signet Jewelers Ltd 1,009,365 0.38%


5,843 Target Corp 386,164 0.15%

28,300 VF Corp 2,018,922 0.77%

14,311 Walmart Inc 1,333,069 0.50%

13,071 WW Grainger Inc 3,690,727 1.40%

27,537,677 10.44%

Consumer, Non-cyclical - 22.70% (2017 - 15.65%) 20,702 AbbVie Inc 1,908,517 0.72%

10,135 ABIOMED Inc 3,294,280 1.25%


34,128 Altria Group Inc 1,685,582 0.64%

5,775 Amedisys Inc 676,310 0.26%

23,750 Amgen Inc 4,623,413 1.75%


4,098 Biogen Inc 1,233,170 0.47%

134 Boston Beer Co Inc 32,273 0.01%


19,145 Celgene Corp 1,227,003 0.47%

1,244 Chemed Corp 352,401 0.13%

6,884 Colgate-Palmolive Co 409,736 0.16%


PORTFOLIO OF INVESTMENTS – Merian US Equity Income Fund (continued)


% of Net

Assets

82

Common Stock (continued) Consumer, Non-cyclical - 22.70% (2017 - 15.65%) (continued)

14,539 DexCom Inc 1,741,772 0.66%

5,074 Edwards Lifesciences Corp 777,184 0.29%

30,200 Eli Lilly & Co 3,494,744 1.33%

2,605 Estee Lauder Cos Inc 338,911 0.13%

61,104 Gilead Sciences Inc 3,822,056 1.45%



31,337 Halozyme Therapeutics Inc 458,460 0.17%

4,130 Humana Inc 1,183,162 0.45%


10,042 Insperity Inc 937,522 0.36%


9,537 Johnson & Johnson 1,230,750 0.47%

21,681 Kforce Inc 670,376 0.25%

1,996 Masimo Corp 214,311 0.08%

2,176 Medifast Inc 272,044 0.10%

1,838 Medpace Holdings Inc 97,285 0.04%

7,521 Medtronic PLC 684,110 0.26%

27,458 Merck & Co Inc 2,098,065 0.80%

5,277 Meridian Bioscience Inc 91,608 0.03%

44,691 Patterson Cos Inc 878,625 0.33%

6,749 Pfizer Inc 294,594 0.11%




926 USANA Health Sciences Inc 109,018 0.04%

2,308 Vertex Pharmaceuticals Inc 382,458 0.15%

59,861,386 22.70%

Energy - 1.92% (2017 - 5.63%) 75,297 Antero Midstream GP LP 841,821 0.32%

1,900 Arch Coal Inc 157,681 0.06%

14,641 Exxon Mobil Corp 998,370 0.38%

35,365 Phillips 66 3,046,694 1.16%

5,044,566 1.92%

Financial - 22.43% (2017 - 23.64%) 17,702 Aflac Inc 806,503 0.31%

6,570 Alphabet Inc - Class C 290,197 0.10%

27,531 American Financial Group Inc/OH 2,492,382 0.95%


174,911 Brixmor Property Group Inc 2,569,443 0.97%

32,431 Comerica Inc 2,227,685 0.84%


552 Discover Financial Services 32,557 0.01%

12,910 Dynex Capital Inc 73,845 0.03%

1,039 Evercore Inc 74,350 0.03%


244,633 Exantas Capital Corp 2,451,223 0.93%


42,474 HFF Inc 1,408,437 0.53%

31 Jones Lang LaSalle Inc 3,924 0.00%




% of Net

Assets

83


12,366 JPMorgan Chase & Co 1,207,169 0.47%

7,323 Kimco Realty Corp 107,282 0.04%

54,716 KKR Real Estate Finance Trust Inc 1,047,811 0.40%

13,651 Ladder Capital Corp 211,181 0.08%

20,349 Maiden Holdings Ltd 33,575 0.01%

27,183 Mastercard Inc 5,128,073 1.95%


76,027 MetLife Inc 3,121,669 1.18%

111,860 Park Hotels & Resorts Inc 2,906,123 1.10%

381 PS Business Parks Inc 49,911 0.02%

17,697 Public Storage 3,582,049 1.36%

8,393 Rayonier Inc 232,402 0.09%

83,021 Spirit Realty Capital Inc 2,926,491 1.11%


25,953 Tanger Factory Outlet Centers Inc 524,770 0.20%



28,382 VICI Properties Inc 533,014 0.20%

195,528 Waddell & Reed Financial Inc 3,535,146 1.34%

3,129 Weyerhaeuser Co 68,400 0.03%

103,225 Xenia Hotels & Resorts Inc 1,775,470 0.67%

59,157,769 22.43%

Industrial - 4.45% (2017 - 8.89%) 16,787 Boeing Co 5,413,807 2.05%

199 Landstar System Inc 19,039 0.01%

9,721 Louisiana-Pacific Corp 216,001 0.08%

3,309 Norfolk Southern Corp 494,828 0.19%

24,765 Simpson Manufacturing Co Inc 1,340,530 0.51%


11,734,225 4.45%

Technology - 16.66% (2017 - 20.89%) 3,578 Accenture PLC 504,534 0.19%

19,992 Adobe Inc 4,522,990 1.72%

17,083 ANSYS Inc 2,441,844 0.93%

39,164 Apple Inc 6,177,730 2.34%


2,020 Broadridge Financial Solutions Inc 194,425 0.07%


37,422 Cerner Corp 1,962,409 0.74%


15,370 Fortinet Inc 1,082,509 0.41%

36,744 International Business Machines Corp 4,176,690 1.58%

18,849 Intuit Inc 3,710,426 1.41%

12,031 Manhattan Associates Inc 509,753 0.19%

57,097 Microsoft Corp 5,799,342 2.20%

42,526 NetApp Inc 2,537,526 0.96%

39,776 Oracle Corp 1,795,886 0.68%

310,661 Pitney Bowes Inc 1,836,007 0.70%

59,550 Rudolph Technologies Inc 1,218,989 0.46%

43,915,622 16.66%




% of Net

Assets

84


Utilities - 6.83% (2017 - 7.29%) 79,021 AES Corp/VA 1,142,644 0.44%


657 Clearway Energy Inc 11,333 0.00%

59,915 Edison International 3,401,374 1.29%

1,167 IDACORP Inc 108,601 0.04%



78,256 OGE Energy Corp 3,066,853 1.16%

2,078 ONE Gas Inc 165,409 0.06%

10,004 Portland General Electric Co 458,683 0.17%

101,653 PPL Corp 2,879,830 1.09%

6,064 UGI Corp 323,514 0.12%

18,000,907 6.83%




Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain USD Citibank 15/01/2019 EUR 2,516,925 USD 2,880,714 5,170 0.00%

Citibank 15/01/2019 USD 300,216 EUR 261,427 465 0.00%


Value USD



(Cost USD 266,424,905) (2017: USD 424,984,279) 253,005,128 95.96%

Futures - (0.03%) (2017 - (0.00%))


No of

Contracts

Maturity

Date

Unrealised

Loss USD

Bank of America

Merrill Lynch 10,652,625 S&P 500 Emini Index Future 85 15/03/2019 (73,123) (0.03%)

(73,123) (0.03%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold Citibank 15/01/2019 USD 120,975 EUR 105,805 (340) (0.00%)


Value USD






85

Value USD

% of Net

Assets

Cash at Bank 4,693,942 1.78%



Portfolio Analysis

% of Total

Assets






PORTFOLIO OF INVESTMENTS – Merian North American Equity Fund


% of Net

Assets

86


153,457 Canfor Corp 1,862,508 0.14%


164,489 Celanese Corp 14,799,076 1.09%


64,977 Methanex Corp 3,132,558 0.23%

86,180 Verso Corp 1,930,432 0.14%

70,003 West Fraser Timber Co Ltd 3,466,353 0.26%


41,610,431 3.07%

Communications - 9.18% (2017 - 8.85%) 2,707 Alphabet Inc - Class A 2,828,707 0.21%


13,757 Amazon.com Inc 20,662,601 1.52%

97,481 F5 Networks Inc 15,794,846 1.16%

35,292 Facebook Inc 4,626,428 0.34%


150,031 MSG Networks Inc 3,534,731 0.26%

1,112,417 Sirius XM Holdings Inc 6,351,901 0.47%

99,750 TripAdvisor Inc 5,380,516 0.40%

6,493 VeriSign Inc 962,847 0.07%


42,027 Viacom Inc 1,080,094 0.08%

85,687 Vonage Holdings Corp 748,048 0.06%

207,339 Walt Disney Co 22,734,722 1.67%

124,573,060 9.18%

Consumer, Cyclical - 10.45% (2017 - 14.23%) 193,585 Allison Transmission Holdings Inc 8,500,317 0.63%


123,877 Best Buy Co Inc 6,560,526 0.48%

23,469 Capri Holdings Ltd 889,944 0.07%

4,810 Costco Wholesale Corp 979,845 0.07%

274,235 Crocs Inc 7,124,625 0.52%


4,618 Fossil Group Inc 72,641 0.01%

47,227 Genesco Inc 2,092,156 0.15%


3,138 IMAX Corp 59,026 0.00%


9,540 Movado Group Inc 301,654 0.02%

269,298 NIKE Inc 19,965,753 1.47%

51,043 Nu Skin Enterprises Inc 3,130,467 0.23%


8,998 Signet Jewelers Ltd 285,866 0.02%

65,413 Sleep Number Corp 2,075,555 0.15%

16,259 Toro Co 908,553 0.07%

139,206 Under Armour Inc 2,459,770 0.18%

56,425 Urban Outfitters Inc 1,873,310 0.14%

202,954 VF Corp 14,478,739 1.07%

23,300 Walgreens Boots Alliance Inc 1,592,089 0.12%


PORTFOLIO OF INVESTMENTS – Merian North American Equity Fund (continued)


% of Net

Assets

87

Common Stock (continued) Consumer, Cyclical - 10.45% (2017 - 14.23%) (continued)

185,290 Walmart Inc 17,259,764 1.27%

141,947,783 10.45%

Consumer, Non-cyclical - 25.46% (2017 - 18.78%) 45,298 ABIOMED Inc 14,723,662 1.08%


1,146 Alphabet Inc - Class C 126,599 0.01%

53,670 Amedisys Inc 6,285,293 0.46%


63,699 Biogen Inc 19,168,303 1.41%



171,802 Bruker Corp 5,114,545 0.38%

247,421 Celgene Corp 15,857,212 1.17%

42,859 Chemed Corp 12,141,098 0.89%

3,807 Church & Dwight Co Inc 250,348 0.02%

85,455 Colgate-Palmolive Co 5,086,281 0.37%


16,985 Cutera Inc 289,085 0.02%

27,396 DexCom Inc 3,282,041 0.24%

80,727 Edgewell Personal Care Co 3,015,153 0.22%


115,458 Estee Lauder Cos Inc 15,021,085 1.11%

39,174 FTI Consulting Inc 2,610,555 0.19%



59,162 Haemonetics Corp 5,919,158 0.44%

308,779 Halozyme Therapeutics Inc 4,517,437 0.33%

59,939 Humana Inc 17,171,325 1.26%


3,044 Illumina Inc 912,987 0.07%

303,249 Innoviva Inc 5,291,695 0.39%

20,540 Insperity Inc 1,917,614 0.14%


29,390 Johnson & Johnson 3,792,779 0.28%

59,979 Kforce Inc 1,854,551 0.14%

30,268 Mallinckrodt PLC 478,235 0.04%

81,121 Masimo Corp 8,709,962 0.64%

31,581 Medifast Inc 3,948,256 0.29%

43,655 Medpace Holdings Inc 2,310,659 0.17%

253,086 Monster Beverage Corp 12,456,892 0.92%

5,641 Pfizer Inc 246,229 0.02%


6,769 Regeneron Pharmaceuticals Inc 2,528,222 0.19%


205,947 Sprouts Farmers Market Inc 4,841,814 0.36%


17,627 Surmodics Inc 833,052 0.06%





% of Net

Assets

88



49,780 Vertex Pharmaceuticals Inc 8,249,044 0.60%

3,431 Zimmer Biomet Holdings Inc 355,863 0.03%

345,721,655 25.46%


242,026 Baytex Energy Corp 428,270 0.03%

437,061 Denbury Resources Inc 747,374 0.06%

52,141 Exxon Mobil Corp 3,555,495 0.27%

109,928 FTS International Inc 781,588 0.06%

196,955 Parex Resources Inc 2,364,413 0.17%

166,030 Phillips 66 14,303,485 1.05%


720,442 W&T Offshore Inc 2,968,221 0.22%

33,882,039 2.50%

Financial - 21.19% (2017 - 17.12%) 410,976 Aflac Inc 18,724,066 1.38%

70,434 Allstate Corp 5,819,962 0.43%

14,056 American Equity Investment Life Holding Co 392,725 0.03%



47,722 Brixmor Property Group Inc 701,036 0.05%

384,207 CBRE Group Inc 15,383,648 1.13%

176,617 Comerica Inc 12,131,822 0.89%

125,518 CorePoint Lodging Inc 1,537,596 0.11%

129,304 Discover Financial Services 7,626,350 0.56%

95,969 Dream Office Real Estate Investment Trust 1,570,651 0.12%

73,998 Equity Residential 4,884,608 0.36%

41,891 Evercore Inc 2,997,720 0.22%



299,863 First BanCorp/Puerto Rico 2,578,822 0.19%


21,220 Genworth MI Canada Inc 626,340 0.05%

3,303 Granite Real Estate Investment Trust 129,045 0.01%



36,057 HFF Inc 1,195,651 0.09%

40,205 Industrial Alliance Insurance & Financial Services Inc 1,286,193 0.09%





139,041 Mastercard Inc 26,230,085 1.93%


415,884 MetLife Inc 17,076,197 1.26%

628 National Western Life Group Inc 188,839 0.01%




% of Net

Assets

89


35,018 NMI Holdings Inc 625,072 0.05%


25,168 Piedmont Office Realty Trust Inc 428,863 0.03%

103,847 Power Corp of Canada 1,870,381 0.14%

6,630 Progressive Corp 399,988 0.03%

5,758 PS Business Parks Inc 754,298 0.06%

95,917 Public Storage 19,414,560 1.43%

150,085 Rayonier Inc 4,155,854 0.31%

2,832 RioCan Real Estate Investment Trust 49,489 0.00%

37,029 SEI Investments Co 1,710,740 0.13%

35,845 SL Green Realty Corp 2,834,622 0.21%



96,955 Synovus Financial Corp 3,101,591 0.23%


87,004 TCF Financial Corp 1,695,708 0.12%

30,170 Torchmark Corp 2,248,571 0.17%


9,550 Universal Insurance Holdings Inc 362,136 0.03%

205,790 Visa Inc 27,151,933 2.00%

1,929 Vornado Realty Trust 119,656 0.01%


287,713,076 21.19%

Industrial - 7.72% (2017 - 7.25%) 1,124 Agilent Technologies Inc 75,825 0.01%

2,075 AptarGroup Inc 195,196 0.01%

84,222 Boeing Co 27,161,595 2.00%

10,874 Cactus Inc 298,056 0.02%

23,860 Canadian Pacific Railway Ltd 4,243,800 0.31%

47,574 Continental Building Products Inc 1,210,758 0.09%

157,251 Expeditors International of Washington Inc 10,707,220 0.79%

27,145 Graco Inc 1,136,018 0.08%

2,754 JB Hunt Transport Services Inc 256,232 0.02%


260,271 Louisiana-Pacific Corp 5,783,221 0.43%


10,163 Norfolk Southern Corp 1,519,775 0.11%

44,274 Old Dominion Freight Line Inc 5,467,396 0.40%

69,535 Raytheon Co 10,663,192 0.79%


20,091 Trex Co Inc 1,192,602 0.09%


104,849,254 7.72%

Technology – 15.07% (2017 - 17.43%) 15,907 Accenture PLC 2,243,046 0.17%

90,407 Adobe Inc 20,453,680 1.50%

94,472 ANSYS Inc 13,503,827 0.99%

189,463 Apple Inc 29,885,893 2.20%





% of Net

Assets

90

Common Stock (continued) Technology – 15.07% (2017 - 17.43%) (continued)

2,563 Broadridge Financial Solutions Inc 246,689 0.02%


286,432 Cerner Corp 15,020,494 1.11%


6,126 Cognizant Technology Solutions Corp 388,878 0.03%

6,351 CommVault Systems Inc 375,280 0.03%

60,196 Electronic Arts Inc 4,750,067 0.35%

3,779 Enghouse Systems Ltd 184,267 0.01%

213,952 Fortinet Inc 15,068,640 1.11%

94,251 Intuit Inc 18,553,309 1.37%


257,503 Microsoft Corp 26,154,580 1.93%

87,481 NetApp Inc 5,219,991 0.38%

11,579 Nuance Communications Inc 153,191 0.01%

203,097 Oracle Corp 9,169,830 0.67%

68,380 Progress Software Corp 2,426,807 0.18%

13,674 Teradata Corp 524,535 0.04%

204,656,641 15.07%


3,718 American States Water Co 249,255 0.02%


20,330 Edison International 1,154,134 0.09%

24,874 IDACORP Inc 2,314,774 0.17%


218,432 OGE Energy Corp 8,560,350 0.62%

19,159 ONE Gas Inc 1,525,056 0.11%

422,099 PPL Corp 11,958,065 0.88%

76,001 TransAlta Corp 311,939 0.02%

58,003 UGI Corp 3,094,460 0.23%

49,861,802 3.67%

Total Common Stock 1,334,815,741 98.31%

Total Transferable Securities 1,334,815,741 98.31%

Currency Exchange Contracts – 0.05% (2017 – 0.03%)

Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain USD Citibank 15/01/2019 GBP 63,193,874 USD 80,134,246 614,444 0.05%


Value USD



(Cost USD 1,376,374,234) (2017: USD 979,549,465) 1,335,430,185 98.36%



91

Futures - (0.00%) (2017 - (0.00%))


No of

Contracts

Maturity

Date

Unrealised

Loss USD

% of Net

Assets

Bank of America


(32,371) (0.00%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Citibank 15/01/2019 USD 3,616,891 GBP 2,847,098 (21,096) (0.00%)


Value USD




Cash at Bank 9,739,601 0.72%


Net Assets Value as at 31 December 2018 1,357,714,243 100.00%

Portfolio Analysis

% of Total

Assets






PORTFOLIO OF INVESTMENTS – Merian Total Return USD Bond Fund


Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

92

Asset Backed Securities - 7.22% (2017 - 7.41%) 7,662 Alternative Loan Trust 2003-J3 6.25 25/12/2033 7,975 0.00%

1,872 American Home Mortgage Investment Trust 2004-3 4.25 25/10/2034 1,878 0.00%

101,802 Banc of America Funding 2005-D Trust 4.36 25/05/2035 106,722 0.05%

845 Bear Stearns ALT-A Trust 2003-3 3.92 25/10/2033 856 0.00%

27,938 Bear Stearns ALT-A Trust 2004-9 4.28 25/09/2034 27,745 0.01%

23,202 Bear Stearns ARM Trust 2003-5 4.25 25/08/2033 23,324 0.01%



165,925 Bear Stearns Asset Backed Securities I Trust 2007-HE7 3.51 25/10/2037 166,898 0.08%

6,159 Citigroup Mortgage Loan Trust Inc 4.24 25/09/2035 6,302 0.00%


60,723 Credit Suisse First Boston Mortgage Securities Corp 3.88 25/06/2033 60,770 0.03%

139,247 Fannie Mae Grantor Trust 2001-T12 6.50 25/08/2041 152,787 0.08%


2,078,776 Fannie Mae REMICS 2.24 25/05/2040 128,235 0.06%

8,136 Fannie Mae REMICS 2.91 25/06/2032 8,163 0.00%









9,403,392 Fannie Mae REMICS 3.64 25/01/2043 1,143,761 0.56%










3,567 Freddie Mac REMICS 2.91 15/12/2031 3,598 0.00%

2,724,403 Freddie Mac REMICS 3.59 15/04/2039 182,716 0.09%








13,399,011 Freddie Mac Strips 3.00 15/10/2027 1,168,459 0.57%

110,442 Freddie Mac Structured Pass-Through Certificates 3.56 25/07/2044 110,170 0.05%

25,942 GMACM Mortgage Loan Trust 2004-AR1 4.24 25/06/2034 26,125 0.01%

5,054 Government National Mortgage Association 2.86 16/03/2032 5,089 0.00%

1,180,368 Government National Mortgage Association 3.18 20/10/2045 154,686 0.08%




PORTFOLIO OF INVESTMENTS – Merian Total Return USD Bond Fund (continued)


Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

93

Asset Backed Securities - 7.22% (2017 - 7.41%) (continued) 71,610 Government National Mortgage Association 3.68 20/04/2043 9,881 0.00%


70,313 GSR Mortgage Loan Trust 2005-AR6 4.30 25/09/2035 72,226 0.04%


17,601 Impac CMB Trust Series 2003-9F 3.51 25/07/2033 17,621 0.01%

184,823

Nomura Asset Acceptance Corp Alternative Loan

Trust Series 2007-1 5.82 25/03/2047 191,167 0.09%

63,567 Reperforming Loan REMIC Trust 2005-R2 2.85 25/06/2035 61,276 0.03%

113,104 RFMSI Series 2004-S9 Trust 5.50 25/12/2034 115,966 0.06%

61,741 Structured Adjustable Rate Mortgage Loan Trust 4.31 25/07/2034 64,134 0.03%

9,756

Structured Asset Mortgage Investments Trust 2003-

AR1 3.31 19/10/2033 9,145 0.00%

170,000 Tobacco Settlement Finance Authority 7.47 01/06/2047 167,366 0.08%

85,780 United States Small Business Administration 4.88 01/11/2024 89,422 0.04%






182,623

WaMu Mortgage Pass-Through Certificates Series

2005-AR15 Trust 2.77 25/11/2045 177,226 0.09%

704

Washington Mutual MSC Mortgage Pass-Through

Certificates Series 2003-AR1 Trust 3.69 25/02/2033 725 0.00%

1,189

Washington Mutual MSC Mortgage Pass-Through

Certificates Series 2003-AR1 Trust 4.39 25/02/2033 1,185 0.00%

21,620 Wells Fargo Mortgage Backed Securities 2003-M Trust 4.90 25/12/2033 22,212 0.01%

6,913

Wells Fargo Mortgage Backed Securities 2004-CC

Trust 4.87 25/01/2035 7,154 0.00%

14,678,756 7.22%

Corporate Bonds - 90.12% (2017 - 78.04%) 1,400,000 ABN AMRO Bank NV 1.80 20/09/2019 1,393,641 0.69%

2,583,000 ABN AMRO Bank NV 2.10 18/01/2019 2,606,362 1.28%

571,000 ABN AMRO Bank NV 3.08 18/01/2019 574,625 0.28%

574,000

AerCap Ireland Capital DAC / AerCap Global

Aviation Trust 3.75 15/05/2019 577,137 0.28%

1,000,000

AerCap Ireland Capital DAC / AerCap Global

Aviation Trust 4.25 01/07/2020 1,023,734 0.50%

776,000 AIG Global Funding 3.28 02/07/2020 781,633 0.38%

2,486,000 Aircastle Ltd 6.25 01/12/2019 2,552,177 1.25%

2,048,000 Alibaba Group Holding Ltd 2.50 28/11/2019 2,042,567 1.00%

1,666,000 Ally Financial Inc 3.50 27/01/2019 1,690,936 0.83%

527,000 Ally Financial Inc 3.75 18/11/2019 526,341 0.26%

79,000 American Airlines Group Inc 5.50 01/10/2019 80,716 0.04%

2,000,000 American Express Credit Corp 1.88 03/05/2019 1,998,546 0.98%

7,972,000 American International Group Inc 3.30 01/03/2021 8,018,677 3.94%

638,000 Andeavor Logistics LP / Tesoro Logistics Finance Corp 6.25 15/10/2022 659,533 0.32%

683,000 AT&T Inc 2.30 11/03/2019 686,893 0.34%

1,000,000 Banco del Estado de Chile 2.67 08/01/2021 992,002 0.49%

1,658,000 Bank of America Corp 5.49 15/03/2019 1,692,204 0.83%




Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

94

Corporate Bonds - 90.12% (2017 - 78.04%) (continued) 427,000 Bank of Montreal 2.90 13/04/2021 428,598 0.21%

200,000 Banque Federative du Credit Mutuel SA 2.00 12/04/2019 200,341 0.10%

975,000 BAT Capital Corp 3.20 14/08/2020 969,319 0.48%

2,000,000 Bestfoods CP 0.00 01/04/2019 1,983,266 0.98%

880,000 Bestfoods CP 0.00 02/01/2019 879,853 0.43%

8,000,000 CA Inc 3.60 01/08/2020 8,103,176 3.98%

2,200,000 Campbell Soup Co 3.42 15/03/2021 2,175,155 1.07%

4,124,000 Capital One Bank USA NA 2.25 13/02/2019 4,155,786 2.04%

86,000 CNH Industrial Capital LLC 3.38 15/07/2019 87,115 0.04%

4,000,000 CNPC Finance CP 0.00 07/01/2019 3,997,783 1.97%

5,000,000 Comcast Corp 3.55 01/05/2028 4,859,103 2.39%

1,132,000 Comcast Corp 5.15 01/03/2020 1,177,341 0.58%

958,900 Conagra Brands Inc 2.91 09/10/2020 954,612 0.47%

700,000 Constellation Brands Inc 3.88 15/11/2019 706,722 0.35%

4,000,000 Cooperatieve Rabobank UA/NY 2.25 14/01/2019 4,040,270 1.99%

229,000 CSC Holdings LLC 8.63 15/02/2019 237,405 0.12%

867,000 CVS Health Corp 3.40 09/03/2020 867,343 0.43%

867,000 CVS Health Corp 3.49 09/03/2021 861,675 0.42%

1,000,000 CVS Health Corp 4.30 25/03/2028 986,000 0.48%

450,000 Daimler Finance North America LLC 3.13 22/02/2021 446,039 0.22%

496,000 DCP Midstream Operating LP 2.70 01/04/2019 497,141 0.24%

6,681,000 Dell International LLC / EMC Corp 3.48 01/06/2019 6,680,619 3.29%

3,877,000 Deutsche Bank AG 2.85 10/05/2019 3,875,083 1.91%

1,804,000 Deutsche Bank AG/London 2.50 13/02/2019 1,818,501 0.89%

854,000 Dominion Energy Inc 1.60 15/08/2019 850,514 0.42%

108,000 EI du Pont de Nemours & Co 3.07 01/05/2020 108,676 0.05%

1,500,000 Enable Midstream CP 0.00 02/01/2019 1,499,738 0.74%

678,000 Enable Midstream Partners LP 2.40 15/05/2019 677,202 0.33%

1,700,000 Energy Transfer LP/OL CP 0.00 02/01/2019 1,699,698 0.84%

1,881,000 Energy Transfer Operating LP 9.00 15/04/2019 1,944,800 0.96%

108,000 Entergy Mississippi LLC 6.64 01/07/2019 113,381 0.06%

270,000 Entergy Texas Inc 7.13 01/02/2019 278,759 0.14%

142,000 Express Scripts Holding Co 2.25 15/06/2019 141,406 0.07%

505,000 Ford Motor Credit Co LLC 2.26 28/03/2019 507,127 0.25%

3,363,000 Ford Motor Credit Co LLC 2.38 12/03/2019 3,381,609 1.66%


1,000,000 Ford Motor Credit Co LLC 1.90 12/08/2019 994,478 0.50%


2,000 Fortive Corp 1.80 15/06/2019 1,980 0.00%

7,925,000 General Dynamics Corp 3.75 15/05/2028 8,021,013 3.94%

484,000 General Motors Co 3.39 07/08/2020 483,743 0.24%

434,000 General Motors Financial Co Inc 2.40 09/05/2019 433,878 0.21%

1,022,000 General Motors Financial Co Inc 3.10 15/01/2019 1,036,285 0.51%


4,914,000 Glencore Funding LLC 3.13 29/04/2019 4,941,838 2.43%

1,405,000 Goldman Sachs Group Inc 2.30 13/12/2019 1,394,131 0.69%

500,000 Goldman Sachs Group Inc 2.55 23/10/2019 499,602 0.25%

124,000 HCA Inc 4.25 15/10/2019 124,555 0.06%

475,000 Hewlett Packard Enterprise Co 2.10 04/10/2019 472,190 0.23%




Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

95

Corporate Bonds - 90.12% (2017 - 78.04%) (continued) 4,202,000 Hughes Satellite Systems Corp 6.50 15/06/2019 4,258,027 2.09%

1,600,000 Hyundai Capital America 2.55 06/02/2019 1,615,343 0.79%

865,000 Hyundai Capital America 3.60 12/03/2021 863,617 0.42%

486,000

Industrial & Commercial Bank of China Ltd

/New York NY 3.34 08/11/2020 488,388 0.24%

893,000 Ingersoll-Rand Global Holding Co Ltd 2.90 21/02/2021 892,657 0.44%

105,000 International Lease Finance Corp 5.88 01/04/2019 107,056 0.05%


2,898,000 Jefferies Group LLC 8.50 15/07/2019 3,083,154 1.52%


465,000 Kinder Morgan Energy Partners LP 2.65 01/02/2019 469,864 0.23%

1,599,000 Kinder Morgan Energy Partners LP 9.00 01/02/2019 1,665,589 0.82%

2,222,000 Kraft Heinz Foods Co 3.19 10/02/2021 2,222,948 1.09%

1,458,000 LeasePlan Corp NV 2.88 22/01/2019 1,474,363 0.72%

34,000 Lennar Corp 4.50 15/06/2019 34,000 0.02%

1,200,000 Lloyds Banking Group PLC 3.10 06/07/2021 1,194,202 0.59%

163,000 Macquarie Infrastructure Corp 2.88 15/07/2019 163,925 0.08%

3,143,000 Monsanto Co 2.13 15/07/2019 3,153,601 1.55%

957,000 Morgan Stanley 3.17 10/02/2021 950,838 0.47%

21,000 Morgan Stanley 3.22 23/07/2019 21,132 0.01%

146,635 Northwest Airlines 2000-1 Class G Pass Through Trust 7.15 01/10/2019 151,935 0.07%

34,000 Nutrien Ltd 6.75 15/01/2019 35,092 0.02%

497,000 Packaging Corp of America 2.45 15/12/2020 487,489 0.24%

3,142,000 Philip Morris International Inc 1.88 01/11/2019 3,127,158 1.54%

2,846,000 Plains All American Pipeline LP / PAA Finance Corp 2.60 15/12/2019 2,808,415 1.38%

250,000 PNC Bank NA 2.50 22/01/2021 248,761 0.12%

4,000,000 Public SVC Co of NC CP 0.00 02/01/2019 3,999,256 1.97%

13,000 RELX Capital Inc 8.63 15/01/2019 13,538 0.01%

25,000 RJ Reynolds Tobacco Co/NC 8.13 23/06/2019 25,560 0.01%

847,000 Rockies Express Pipeline LLC 6.00 15/01/2019 871,351 0.43%

5,000,000 Royal Bank of Scotland Group PLC 3.88 12/09/2023 4,840,121 2.38%

5,000,000 Santander UK Group Holdings PLC 2.88 05/08/2021 4,903,447 2.41%

822,000 Shire Acquisitions Investments Ireland DAC 1.90 23/09/2019 814,800 0.40%

5,000,000 Siemens Financieringsmaatschappij NV 2.15 27/05/2020 4,934,237 2.43%

572,000 Standard Chartered PLC 2.40 08/09/2019 573,600 0.28%

5,000,000 State Grid Overseas Investment 2016 Ltd 4.25 02/05/2028 5,115,685 2.52%

537,000 Swedbank AB 2.38 27/02/2019 540,950 0.27%

2,123,000 Synchrony Financial 3.00 15/08/2019 2,136,971 1.05%

166,000 Sysco Corp 1.90 01/04/2019 166,295 0.08%

104,000 Telecom Italia Capital SA 7.18 18/06/2019 105,939 0.05%

3,074,000 Teva Pharmaceutical Finance Netherlands III BV 1.70 19/07/2019 3,057,025 1.50%

150,000 Texas-New Mexico Power Co 9.50 01/04/2019 155,809 0.08%

862,000 Time Warner Cable LLC 8.25 01/04/2019 889,622 0.44%

1,700,000 Toronto-Dominion Bank 1.45 13/08/2019 1,694,316 0.83%

358,000 Toronto-Dominion Bank 1.85 11/09/2020 353,433 0.17%

200,000 UBS AG/London 3.03 28/05/2019 200,540 0.10%

2,278,000 UBS AG/London 3.22 01/12/2020 2,271,867 1.12%

200,000 UBS AG/Stamford CT 2.38 14/08/2019 200,969 0.10%

982,000 WGL Holdings Inc 3.11 29/11/2019 984,753 0.48%

183,304,153 90.12%




Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

96

Government Security - 0.47% (2017 - 4.89%) 182,640 Argentina Treasury Bill 0.00 25/01/2019 182,536 0.09%

776,000 Korea Development Bank 3.52 06/07/2022 782,492 0.38%

965,028 0.47%


Futures - 1.84% (2017 - 0.00%)


No of

Contracts

Maturity

Date

Unrealised

Gain USD

Credit Suisse 9,977,093 US 10 Year Note Future 82 20/03/2019 67,906 0.03%

Credit Suisse 53,152,654 US 10 Year Ultra Future 410 20/03/2019 978,904 0.48%

Credit Suisse 56,175,063 US Long Bond (CBT) 386 20/03/2019 1,873,135 0.93%

Credit Suisse 54,153,938 US Ultra Bond (CBT) 338 20/03/2019 810,219 0.40%

3,730,164 1.84%


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold Citibank 15/01/2019 AUD 321 USD 226 - 0.00%

Citibank 15/01/2019 EUR 7,139,020 USD 8,170,614 14,923 0.01%

Citibank 15/01/2019 USD 82,945 ZAR 1,183,390 810 0.00%

Citibank 15/01/2019 USD 17,039 AUD 23,839 208 0.00%

Citibank 15/01/2019 ZAR 43,820,068 USD 3,030,918 10,546 0.00%


Value USD

Total Financial Derivative Instruments 3,756,651 1.85%


(Cost USD 217,869,816) (2017: USD 284,427,618) 202,704,588 99.66%

Futures - (0.52%) (2017 - (0.37%))


No of

Contracts

Maturity

Date

Unrealised

Loss USD

% of Net

Assets

Credit Suisse (57,360,992) Euro-Bobl Future (378) 07/03/2019 (116,869) (0.06%)

Credit Suisse (24,296,869) Euro-BTP Future (166) 07/03/2019 (741,338) (0.37%)

Credit Suisse (57,491,784) Euro-Bund Future (307) 07/03/2019 (189,835) (0.09%)

(1,048,042) (0.52%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Citibank 15/01/2019 AUD 2,642,562 USD 1,874,674 (8,977) (0.00%)

Citibank 15/01/2019 ZAR 459,729 USD 32,000 (92) (0.00%)


Value USD

Total Financial Derivative Instruments (1,057,111) (0.52%)


(Cost USD Nil) (2017: USD 436,339) (1,057,111) (0.52%)



97

Value USD

% of Net

Assets

Cash at Bank 5,799,411 2.85%

Other Net Liabilities (4,049,766) (1.99%)


Portfolio Analysis

% of Total

Assets







PORTFOLIO OF INVESTMENTS – Merian Emerging Market Debt Fund


Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

98

Corporate Bonds - 25.34% (2017 - 26.97%) 1,396,003 Brazil Loan Trust 1 5.48 24/07/2023 1,440,221 0.76%

300,000 Comision Federal de Electricidad 6.13 16/06/2045 290,444 0.15%

1,000,000 Corp Nacional del Cobre de Chile 4.88 04/11/2044 1,020,458 0.54%

662,000 Ecopetrol SA 4.13 16/01/2025 643,051 0.34%

925,000 Ecopetrol SA 5.38 26/06/2026 934,557 0.49%

2,800,000 Ecopetrol SA 5.88 28/05/2045 2,658,956 1.40%

73,421 EP PetroEcuador via Noble Sovereign Funding I Ltd 8.44 24/09/2019 73,229 0.04%

763,000 Eskom Holdings SOC Ltd 7.13 11/02/2025 719,341 0.38%

1,000,000 Gazprom OAO Via Gaz Capital SA 4.95 23/03/2027 970,703 0.51%

1,000,000 Georgian Railway JSC 7.75 11/07/2022 1,073,582 0.56%

1,000,000 Indonesia Asahan Aluminium Persero PT 6.53 15/11/2028 1,059,298 0.56%

2,800,000 Kazakhstan Temir Zholy Finance BV 6.95 10/07/2042 3,035,241 1.60%

800,000 KazMunayGas National Co JSC 5.75 19/04/2047 774,152 0.41%

1,200,000 MARB BondCo PLC 6.88 19/01/2025 1,153,520 0.61%

1,500,000 Pelabuhan Indonesia II PT 4.25 05/05/2025 1,431,312 0.75%

3,600,000 Pertamina Persero PT 5.63 20/05/2043 3,430,819 1.80%

800,000 Pertamina Persero PT 6.45 30/05/2044 837,632 0.44%

3,397,713 Peru Payroll Deduction Finance Ltd 0.00 01/11/2029 2,582,262 1.36%

1,000,000 Perusahaan Listrik Negara PT 6.15 21/05/2048 1,013,948 0.53%

2,600,000 Petrobras Global Finance BV 6.00 27/01/2028 2,525,837 1.33%


2,500,000 Petroleos de Venezuela SA 5.50 12/04/2037 377,563 0.20%



500,000 Petroleos del Peru SA 4.75 19/06/2032 481,261 0.25%

934,000 Petroleos Mexicanos 5.63 23/01/2046 725,196 0.38%

1,071,000 Petroleos Mexicanos 6.38 23/01/2045 891,963 0.47%

3,600,000 Petroleos Mexicanos 6.50 13/03/2027 3,457,403 1.82%

1,000,000 Petroleos Mexicanos 6.75 21/09/2047 843,938 0.44%



1,500,000 Petroleum Co of Trinidad & Tobago Ltd 9.75 14/08/2019 1,491,598 0.78%

562,500 Republic of Angola Via Northern Lights III BV 7.00 17/08/2019 570,148 0.30%

2,100,000 Southern Gas Corridor CJSC 6.88 24/03/2026 2,315,173 1.22%

2,005,000 State Oil Co of the Azerbaijan Republic 6.95 18/03/2030 2,201,784 1.16%

800,000 State Savings Bank of Ukraine Via SSB #1 PLC 9.38 10/03/2023 813,941 0.43%

210,000 Trade & Development Bank of Mongolia LLC 9.38 19/05/2020 221,015 0.12%

1,000,000 Ukreximbank Via Biz Finance PLC 9.75 22/01/2025 982,067 0.52%

811,000 YPF SA 8.75 04/04/2024 779,089 0.41%

48,167,915 25.34%

Government Security - 68.38% (2017 - 68.12%) 1,500,000 Angolan Government International Bond 8.25 09/05/2028 1,425,311 0.75%

2,600,000 Angolan Government International Bond 9.38 08/05/2048 2,455,066 1.29%

640,000 Argentina Bonar Bonds 8.75 07/05/2024 592,488 0.31%

27,500,000 Argentina Treasury Bill 0.00 31/01/2019 836,282 0.44%

5,000,000

Argentine Republic Government International

Bond 0.00 15/12/2035 199,200 0.10%

1,354,000


Bond 6.63 06/07/2028 1,041,139 0.55%


PORTFOLIO OF INVESTMENTS – Merian Emerging Market Debt Fund (continued)


Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

99

Government Security - 68.38% (2017 - 68.12%) (continued)

1,300,000


Bond 6.88 22/04/2021 1,191,939 0.63%

1,300,000


Bond 6.88 11/01/2048 945,050 0.50%

1,100,000


Bond 7.50 22/04/2026 893,337 0.47%

1,402,038


Bond 8.28 31/12/2033 1,097,950 0.58%

26,000,000 Bonos de la Nacion Argentina con Ajuste por CER 3.75 08/02/2019 1,011,089 0.53%

1,000,000 Bonos De La Nacion Argentina En Moneda Dua 4.50 21/06/2019 1,000,410 0.53%

10,000 Brazil Notas do Tesouro Nacional Serie F 10.00 01/01/2029 2,833,313 1.49%

1,000,000 Brazilian Government International Bond 4.63 13/01/2028 985,030 0.52%

1,000,000 Brazilian Government International Bond 5.63 21/02/2047 965,691 0.51%

1,700,000 Colombia Government International Bond 3.88 25/04/2027 1,638,752 0.86%


1,321,000 Costa Rica Government International Bond 4.38 30/04/2025 1,132,297 0.60%

200,000 Development Bank of Mongolia LLC 7.25 23/10/2023 199,451 0.10%

2,641,000 Dominican Republic International Bond 6.00 19/07/2028 2,704,262 1.42%


1,100,000 Ecuador Government International Bond 7.95 20/06/2024 971,804 0.51%

4,700,000 Ecuador Government International Bond 8.88 23/10/2027 4,133,075 2.17%

17,000,000 Egypt Government Bond 15.70 07/11/2027 876,699 0.46%

1,251,000 Egypt Government International Bond 6.13 31/01/2022 1,262,742 0.66%

1,000,000 Egypt Government International Bond 6.59 21/02/2028 918,231 0.48%




1,100,000 El Salvador Government International Bond 6.38 18/01/2027 1,046,086 0.55%

400,000 El Salvador Government International Bond 7.65 15/06/2035 382,347 0.20%



1,800,000 Ghana Government International Bond 7.63 16/05/2029 1,634,075 0.86%

1,000,000 Guatemala Government Bond 4.88 13/02/2028 969,802 0.51%

3,400,000 Honduras Government International Bond 6.25 19/01/2027 3,450,598 1.81%

1,200,000 Indonesia Government International Bond 3.50 11/01/2028 1,130,833 0.59%


400,000 Iraq International Bond 5.80 15/01/2028 370,603 0.19%

1,050,000 Iraq International Bond 6.75 09/03/2023 1,025,602 0.54%

2,610,925 Ivory Coast Government International Bond 5.75 31/12/2032 2,308,280 1.21%

500,000 Ivory Coast Government International Bond 6.13 15/06/2033 417,781 0.22%

2,700,000 Jamaica Government International Bond 6.75 28/04/2028 2,918,993 1.54%

1,000,000 Jamaica Government International Bond 7.88 28/07/2045 1,174,050 0.62%

1,000,000 KazAgro National Management Holding JSC 4.63 24/05/2023 965,050 0.51%

1,000,000 Kazakhstan Government International Bond 2.38 09/11/2028 1,140,129 0.60%

400,000 Kazakhstan Government International Bond 6.50 21/07/2045 492,509 0.26%


2,000,000 Lebanon Government International Bond 6.85 25/05/2029 1,549,488 0.81%


400,000 Mexico Government International Bond 5.55 21/01/2045 414,641 0.22%

1,700,000 Mexico Government International Bond 6.75 27/09/2034 1,975,965 1.04%




Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

100

Government Security - 68.38% (2017 - 68.12%) (continued) 900,000 Mongolia Government International Bond 8.75 09/03/2024 989,644 0.52%

3,000,000 Nigeria Government International Bond 7.70 23/02/2038 2,702,399 1.42%


1,000,000 Nigeria Government International Bond 9.25 21/01/2049 984,344 0.52%

890,000,000 Nigerian Government International Bond 0.00 31/01/2019 2,420,262 1.27%

887,000 Panama Government International Bond 8.13 28/04/2034 1,205,939 0.63%

416,000 Panama Government International Bond 9.38 16/01/2023 535,378 0.28%

1,000,000

Papua New Guinea Government International

Bond 8.38 04/10/2028 1,031,882 0.54%

1,000,000 Paraguay Government International Bond 4.70 27/03/2027 1,001,929 0.53%



600,000 Perusahaan Penerbit SBSN Indonesia III 4.15 29/03/2027 584,418 0.31%

1,450,000 Provincia de Buenos Aires/Argentina 7.88 15/06/2027 1,056,305 0.56%

900,000 Provincia de Neuquen Argentina 7.50 27/04/2025 734,652 0.39%

1,000,000 Provincia del Chubut Argentina 7.75 26/07/2026 842,243 0.44%

2,000,000 Qatar Government International Bond 5.10 23/04/2048 2,122,870 1.12%

1,200,000 Republic of Armenia International Bond 7.15 26/03/2025 1,286,747 0.68%

700,000 Republic of Azerbaijan International Bond 4.75 18/03/2024 709,396 0.37%

1,550,000 Republic of Belarus International Bond 6.20 28/02/2030 1,462,101 0.77%


700,000 Republic of Cameroon International Bond 9.50 19/11/2025 720,926 0.38%

900,000

Republic of South Africa Government

International Bond 4.30 12/10/2028 812,145 0.43%

500,000


International Bond 6.30 22/06/2048 476,133 0.25%

1,200,000 Republic of Tajikistan International Bond 7.13 14/09/2027 1,085,999 0.57%

4,600,000 Russian Foreign Bond - Eurobond 4.25 23/06/2027 4,387,257 2.31%


2,000,000 Saudi Government International Bond 3.63 04/03/2028 1,921,621 1.01%

3,100,000 Senegal Government International Bond 6.25 23/05/2033 2,695,601 1.42%

2,050,000 Sri Lanka Government International Bond 6.75 18/04/2028 1,894,354 1.00%

1,000,000 Sri Lanka Government International Bond 6.85 03/11/2025 945,446 0.50%

1,100,000 Turkey Government International Bond 3.25 23/03/2023 998,753 0.53%

1,200,000 Turkey Government International Bond 4.25 14/04/2026 1,047,547 0.55%



700,000 Turkey Government International Bond 5.75 22/03/2024 689,649 0.36%




1,000,000 Ukraine Government International Bond 0.00 31/05/2040 576,295 0.30%

2,500,000 Ukraine Government International Bond 7.75 01/09/2021 2,423,410 1.27%


500,000 Ukraine Government International Bond 9.75 01/11/2028 478,214 0.25%

1,500,000 Uruguay Government International Bond 5.10 18/06/2050 1,478,670 0.78%

1,600,000 Venezuela Government International Bond 9.00 07/05/2023 363,384 0.19%

1,732,000 Zambia Government International Bond 8.97 30/07/2027 1,367,691 0.72%

130,034,276 68.38%




101

Swaps - 0.09% (2017 - 0.26%)


Maturity

Date

Unrealised

Gain USD

% of Net

Assets

JP Morgan

Securities 2,000,000

CDS Russian Federation Senior, paid

fixed rate 1.00% 20/12/2023 47,911 0.03%

JP Morgan


CDS Republic of South Africa Senior,

paid fixed rate 1.00% 20/12/2023 108,525 0.06%

156,436 0.09%


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Citibank 04/03/2019 UAH 65,258,396 USD 2,143,133 122,182 0.06%

Citibank 15/01/2019 EUR 16,582,644 USD 18,978,902 34,608 0.02%

Citibank 15/01/2019 GBP 152,009 USD 192,748 1,488 0.00%

Citibank 15/01/2019 SEK 2,618,631 USD 291,721 1,165 0.00%

Citibank 15/01/2019 SGD 506,395 USD 369,765 2,259 0.00%

Citibank 15/01/2019 USD 1,662 EUR 1,448 2 0.00%

Citibank 15/01/2019 ZAR 950,547 USD 65,720 256 0.00%

Citibank 26/02/2019 IDR 28,000,000,000 USD 1,899,670 32,890 0.02%

Goldman Sachs 26/02/2019 USD 2,132,854 BRL 8,300,000 453 0.00%

HSBC 26/02/2019 USD 1,869,806 IDR 27,000,000,000 6,313 0.00%

JP Morgan

Securities 26/02/2019 IDR 26,000,000,000 USD 1,792,485 2,035 0.00%

JP Morgan

Securities 26/02/2019 INR 136,500,000 USD 1,895,070 51,283 0.03%

JP Morgan

Securities 26/02/2019 USD 1,858,966 COP 6,000,000,000 17,022 0.01%

Nomura 26/02/2019 USD 1,865,324 COP 6,000,000,000 23,400 0.01%

RBS 23/01/2019 MXN 39,000,000 USD 1,957,757 18,100 0.01%


Value USD

Total Financial Derivative Instruments

469,892 0.25%


(Cost USD 185,072,276) (2017: USD 208,422,018) 178,672,083 93.97%


Counterparty

Unrealised

Loss USD

Citibank 26/02/2019 COP 6,000,000,000 USD 1,844,230 (2,230) (0.00%)

Citibank 26/02/2019 KRW 3,000,000,000 USD 2,710,272 (14,262) (0.01%)

Citibank 26/02/2019 USD 988,036 INR 70,000,000 (10,140) (0.01%)

Citibank 26/02/2019 USD 2,669,039 KRW 3,000,000,000 (26,897) (0.01%)

Goldman Sachs 26/02/2019 COP 6,000,000,000 USD 1,871,438 (29,438) (0.02%)

HSBC 26/02/2019 USD 1,857,585 IDR 27,000,000,000 (6,000) (0.00%)

HSBC 26/02/2019 USD 909,320 INR 65,000,000 (17,595) (0.01%)

JP Morgan

Securities 04/03/2019 USD 2,032,972 UAH 65,258,396 (241,546) (0.13%)



102


Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Loss USD

% of Net

Assets

JP Morgan

Securities 23/01/2019 PLN 10,000,000 USD 2,682,100 (16,710) (0.01%)

JP Morgan

Securities 26/02/2019 BRL 15,300,000 USD 3,974,026 (43,211) (0.02%)

JP Morgan

Securities 26/02/2019 USD 1,774,767 BRL 7,000,000 (23,746) (0.01%)

Morgan Stanley 26/02/2019 USD 1,778,320 BRL 7,000,000 (20,178) (0.01%)

Nomura 26/02/2019 BRL 7,000,000 USD 1,806,125 (7,713) (0.00%)


Value USD




Cash at Bank 13,779,371 7.25%



% of Total







PORTFOLIO OF INVESTMENTS – Old Mutual European Best Ideas Fund


% of Net

Assets

103


74,363 Boliden AB 1,392,625 2.37%

37,187 Randgold Resources Ltd 2,714,230 4.61%

120,347 Stora Enso OYJ 1,213,700 2.06%

5,320,555 9.04%

Communications - 2.73% (2017 - 3.38%) 147,919 Daily Mail & General Trust PLC 954,129 1.62%

85,655 Telefonaktiebolaget LM Ericsson 651,063 1.11%

1,605,192 2.73%

Consumer, Cyclical - 5.00% (2017 - 8.81%) 361,661 Dixons Carphone PLC 484,311 0.82%

126,645 GVC Holdings PLC 945,406 1.61%

6,011,000 Pendragon PLC 1,515,861 2.57%

2,945,578 5.00%

Consumer, Non-cyclical - 30.14% (2017 - 22.70%) 486,860 Ascential PLC 2,037,877 3.46%

100,962 Ashtead Group PLC 1,839,457 3.13%

61,362 Elis SA 899,567 1.53%

20,238 Heineken NV 1,557,112 2.65%

56,266 Koninklijke Philips NV 1,739,745 2.96%

22,608 Reckitt Benckiser Group PLC 1,511,735 2.57%

625,415 Rentokil Initial PLC 2,327,738 3.95%

10,713 Roche Holding AG 2,314,511 3.93%

97,376 Smith & Nephew PLC 1,591,715 2.70%

265,066 SSP Group PLC 1,918,722 3.26%

17,738,179 30.14%

Energy - 10.61% (2017 - 3.52%) 76,925 Aker BP ASA 1,687,128 2.87%

14,570 DCC PLC 965,808 1.64%

83,646 Lundin Petroleum AB 1,806,526 3.07%

38,502 TOTAL SA 1,786,300 3.03%

6,245,762 10.61%

Financial - 20.14% (2017 - 20.78%) 242,998 3i Group PLC 2,101,455 3.57%

312,845 Arrow Global Group PLC 618,817 1.05%

601,461 Barclays PLC 1,002,869 1.71%

17,727 Deutsche Boerse AG 1,860,449 3.16%

149,065 Deutsche Pfandbriefbank AG 1,302,828 2.22%

3,298 Partners Group Holding AG 1,744,715 2.96%

162,514 St James's Place PLC 1,701,878 2.89%

139,964 UBS Group AG 1,520,015 2.58%

11,853,026 20.14%

Industrial - 15.83% (2017 - 18.16%) 94,378 Assa Abloy AB 1,456,000 2.47%

12,294 DSV A/S 706,609 1.20%

145,014 Electrocomponents PLC 825,278 1.40%

186,132 Epiroc AB 1,522,277 2.59%

178,357 HomeServe PLC 1,716,250 2.92%

27,735 Legrand SA 1,370,941 2.33%

243,435 Peab AB 1,719,266 2.92%

9,316,621 15.83%


PORTFOLIO OF INVESTMENTS – Old Mutual European Best Ideas Fund (continued)

104

Value EUR

% of Net

Assets




Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain EUR

Citibank 15/01/2019 EUR 9,090 USD 10,385 33 0.00%

Citibank 15/01/2019 USD 162 EUR 141 - 0.00%

Unrealised Gain on Currency Exchange Contracts at 31 December 2018 33 0.00%

Value EUR

Total Financial Derivative Instruments 33 0.00%


(Cost EUR 59,918,478) (2017: EUR 110,742,060) 55,024,946 93.49%


Counterparty

Unrealised

Loss EUR

Citibank 15/01/2019 USD 691,543 EUR 604,304 (1,174) (0.00%)


Value EUR



(Cost EUR Nil) (2017: EUR Nil) (1,174) (0.00%)

Cash at Bank 3,831,334 6.51%



% of Total







PORTFOLIO OF INVESTMENTS – Merian Investment Grade Corporate Bond Fund


Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

105

Asset Backed Securities - 0.91% (2017 - 0.95%)

100,000

Income Contingent Student Loans 2 2007-2009

PLC 2.50 24/07/2058 112,771 0.91%

112,771 0.91%

Corporate Bonds – 92.22% (2017 - 92.64%)

150,000 21st Century Fox America Inc 6.15 01/03/2037 189,259 1.53%

150,000 Allergan Funding SCS 1.25 01/06/2024 169,350 1.37%

200,000 Alphabet Inc 2.00 15/08/2026 182,861 1.48%

200,000 American Honda Finance Corp 2.83 12/02/2021 200,655 1.62%

200,000 Amgen Inc 2.65 11/05/2022 196,064 1.58%

100,000 Anglian Water Services Financing PLC 2.75 26/10/2029 128,852 1.04%

200,000 Anheuser-Busch InBev SA/NV 1.75 07/03/2025 247,479 2.00%

100,000 Anthem Inc 3.65 01/12/2027 95,421 0.77%

250,000 Apple Inc 2.45 04/08/2026 233,076 1.88%

100,000 Aroundtown SA 1.00 07/01/2025 107,679 0.87%

200,000 AT&T Inc 2.90 04/12/2026 251,288 2.03%

235,000 AT&T Inc 3.96 12/06/2024 228,509 1.85%

100,000 AT&T Inc 4.90 15/08/2037 94,734 0.77%

169,000 Bank of America Corp 3.42 20/12/2028 157,157 1.27%

100,000 Barclays PLC 2.00 07/02/2028 108,120 0.87%

98,000 Berkshire Hathaway Energy Co 6.13 01/04/2036 118,374 0.96%

200,000 BP Capital Markets America Inc 3.80 21/09/2025 202,702 1.64%

200,000 British Telecommunications PLC 4.50 04/12/2023 202,901 1.64%

100,000 BUPA Finance PLC 2.00 05/04/2024 126,572 1.02%

150,000 Burlington Northern Santa Fe LLC 4.38 01/09/2042 151,985 1.23%

100,000 CaixaBank SA 2.25 17/04/2030 105,864 0.86%

200,000 Celgene Corp 3.25 20/02/2023 197,019 1.59%

200,000 Channel Link Enterprises Finance PLC 2.71 30/06/2050 231,489 1.87%

200,000 Citigroup Inc 2.90 08/12/2021 196,663 1.59%

100,000 Coca-Cola Co 1.13 09/03/2027 116,248 0.94%

100,000 Columbia Pipeline Group Inc 4.50 01/06/2025 100,812 0.81%

100,000 Comcast Corp 3.04 15/04/2024 98,590 0.80%

100,000 Compass Group PLC 2.00 05/09/2025 128,886 1.04%

200,000 CRH America Inc 3.88 18/05/2025 193,673 1.57%

50,000 Duke Energy Carolinas LLC 6.05 15/04/2038 61,605 0.50%

100,000 Eli Lilly & Co 3.10 15/05/2027 96,862 0.78%

150,000 EOG Resources Inc 2.63 15/03/2023 145,370 1.18%

100,000 Florida Power & Light Co 4.13 01/02/2042 102,364 0.83%


100,000 General Electric Co 4.88 18/09/2037 116,960 0.95%


100,000 Heineken NV 3.50 29/01/2028 97,258 0.79%

100,000 Iliad SA 1.50 14/10/2024 104,866 0.85%

200,000 Intesa Sanpaolo SpA 3.88 14/07/2027 174,316 1.41%

100,000 Investec Bank PLC 4.25 24/07/2028 126,629 1.02%

200,000 Johnson & Johnson 3.40 15/01/2038 188,988 1.53%

200,000 Keurig Dr Pepper Inc 4.06 25/05/2023 199,984 1.62%

200,000 Lagardere SCA 1.63 21/06/2024 221,858 1.79%

100,000 Magellan Midstream Partners LP 5.00 01/03/2026 106,510 0.86%

200,000 Metropolitan Life Global Funding I 3.00 19/09/2027 189,935 1.54%

100,000 Microsoft Corp 3.45 08/08/2036 95,938 0.78%


PORTFOLIO OF INVESTMENTS – Merian Investment Grade Corporate Bond Fund (continued)


Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

106

Corporate Bonds – 92.22% (2017 - 92.64%) (continued) 200,000 NXP BV / NXP Funding LLC 4.13 01/06/2021 198,540 1.60%

200,000 Occidental Petroleum Corp 2.60 15/04/2022 197,027 1.59%

100,000 Oncor Electric Delivery Co LLC 2.95 01/04/2025 97,725 0.79%

150,000 Oracle Corp 3.80 15/11/2037 141,169 1.14%

100,000 PepsiCo Inc 3.00 15/10/2027 95,715 0.77%

200,000 Quilter PLC 4.48 28/02/2028 253,798 2.05%

200,000 Royal Bank of Scotland Group PLC 5.12 30/09/2157 178,766 1.45%

200,000 Santander Holdings USA Inc 3.40 18/01/2023 194,045 1.57%

100,000 Santander UK PLC 1.14 20/09/2021 127,553 1.03%

161,000 Schlumberger Investment SA 2.40 01/08/2022 156,659 1.27%

150,000 Shell International Finance BV 6.38 15/12/2038 189,524 1.53%

200,000 Siemens Financieringsmaatschappij NV 3.13 16/03/2024 197,517 1.60%

150,000 Southern Power Co 5.15 15/09/2041 146,556 1.18%

100,000 Standard Life Aberdeen PLC 5.50 04/12/2042 140,371 1.13%

200,000 Suncor Energy Inc 3.60 01/12/2024 195,941 1.58%

100,000 TC Dudgeon Ofto PLC 3.16 12/11/2038 132,578 1.07%

100,000 Tesco Corporate Treasury Services PLC 1.38 24/10/2023 112,027 0.91%

150,000 Total Capital Canada Ltd 2.75 15/07/2023 148,038 1.20%

200,000 UBS Group Funding Switzerland AG 5.00 31/01/2167 176,038 1.42%

200,000 Vinci SA 1.75 26/09/2030 229,712 1.86%

152,000 Virginia Electric & Power Co 3.10 15/05/2025 148,641 1.20%

100,000 Vodafone Group PLC 3.43 16/01/2024 98,268 0.79%

200,000 Volkswagen International Finance NV 4.13 16/11/2038 238,919 1.93%


200,000 Walmart Inc 3.05 23/06/2021 199,450 1.61%

250,000 Wells Fargo Bank NA 3.55 14/08/2023 251,893 2.04%

11,408,202 92.22%



41,204


Financials Contingent Capital Fund (UCITS) 382,142* 3.09%

382,142 3.09%


Futures - 0.28% (2017 - 0.22%)


No of

Contracts

Unrealised

Gain USD

Bank of America

Merrill Lynch 1,909,547 US 2 Year Note Future 9 29/03/2019 4,890 0.04%

Bank of America


Bank of America

Merrill Lynch 436,594 US Long Bond (CBT) 3 20/03/2019 16,406 0.13%

34,499 0.28%




107

Swaps - 0.06% (2017 - 0.13%)


Maturity

Date Value USD

% of Net

Assets

JP Morgan

Securities 150,000

CDS General Electric Company Senior,

paid fixed rate 1.00% 20/12/2023 7,207 0.06%

7,207 0.06%


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain USD

Citibank 15/01/2019 GBP 942,968 USD 1,195,689 9,228 0.07%

Citibank 15/01/2019 SEK 35,205,164 USD 3,921,921 15,670 0.13%

Citibank 15/01/2019 USD 13 GBP 10 - 0.00%

HSBC 15/01/2019 EUR 152,927 USD 175,000 345 0.00%

HSBC 15/01/2019 GBP 302,030 USD 385,000 931 0.01%


Value USD



(Cost USD 12,250,877) (2017: USD 18,673,345) 11,970,995 96.77%

Futures - (0.06%) (2017 - (0.08%))


No of

Contracts

Maturity

Date

Unrealised

Loss USD

Bank of America

Merrill Lynch (1,062,242) Euro-Bobl Future (7) 03/07/2019 (3,607) (0.03%)

Bank of America

Merrill Lynch (187,269) Euro-Bund Future (1) 03/07/2019 (492) (0.00%)

Bank of America

Merrill Lynch (1,414,683) Long Gilt Future (9) 27/03/2019 (3,218) (0.03%)

(7,317) (0.06%)

Swaps - (0.06%) (2017 - (0.55%)) Citibank 1,280,000 CDX IG Credit Future Version 1 5 year 20/12/2023 (7,582) (0.06%)

(7,582) (0.06%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Citibank 15/01/2019 USD 9,272 SEK 83,338 (49) (0.00%)

HSBC 15/01/2019 USD 2,376,669 EUR 2,088,215 (17,637) (0.14%)

HSBC 15/01/2019 USD 2,248,524 GBP 1,776,262 (21,155) (0.17%)


Value USD






108

Value USD

% of Net

Assets

Cash at Bank 538,396 4.35%



% of Total



UCITS 2.78%






PORTFOLIO OF INVESTMENTS – Merian Global Emerging Markets Fund


% of Net

Assets

109


159,647 Ternium SA (DR) 4,318,451 3.45%

1,457,100 TOA Paint Thailand PCL 1,476,813 1.18%

5,795,264 4.63%

Communications - 18.34% (2017 - 16.70%) 40,462 Alibaba Group Holding Ltd (DR) 5,627,860 4.50%

20,737 Baidu Inc (DR) 3,362,919 2.68%


9,489,302 Telekomunikasi Indonesia Persero Tbk PT 2,474,573 1.98%


22,955,501 18.34%

Consumer, Cyclical - 10.08% (2017 - 11.06%) 710,540 ANTA Sports Products Ltd 3,406,522 2.72%

5,719 Eicher Motors Ltd 1,897,108 1.52%

1,625,045 JNBY Design Ltd 2,278,140 1.82%

5,542,400 Matahari Department Store Tbk PT 2,158,344 1.72%

1,493,329 Nexteer Automotive Group Ltd 2,127,808 1.70%

888,700 Padini Holdings Bhd 754,830 0.60%

12,622,752 10.08%

Consumer, Non-cyclical - 19.88% (2017 - 15.55%) 624,305 Arca Continental SAB de CV 3,446,018 2.75%

697,153 Estacio Participacoes SA 4,273,852 3.42%

283,208 Godrej Consumer Products Ltd 3,288,541 2.63%

116,882 Gruma SAB de CV 1,310,412 1.05%

39,578 Kweichow Moutai Co Ltd 3,401,180 2.72%

3,116 LG Household & Health Care Ltd 3,074,676 2.46%

374,041 Localiza Rent a Car SA 2,871,119 2.29%

6,190 Medy-Tox Inc 3,205,404 2.56%

24,871,202 19.88%

Energy - 3.26% (2017 - 1.83%) 312,900 Petroleo Brasileiro SA (DR) 4,077,087 3.26%

4,077,087 3.26%

Financial - 30.94% (2017 - 27.95%) 113,808 Ayala Corp 1,947,858 1.56%

322,400 Banco do Brasil SA 3,867,226 3.09%

2,144,300 Bank Central Asia Tbk PT 3,876,980 3.10%


1,400,411 China Overseas Land & Investment Ltd 4,809,727 3.84%

61,380 HDFC Bank Ltd (DR) 6,330,733 5.06%

164,991 Indiabulls Housing Finance Ltd 2,017,930 1.61%

63,750 KB Financial Group Inc 2,656,732 2.12%


583,904 Sberbank of Russia PJSC 1,560,680 1.25%

1,137,943 Transaction Capital Ltd 1,345,948 1.08%

38,713,225 30.94%

Technology - 11.81% (2017 - 11.67%) 469,000 Advantech Co Ltd 3,211,903 2.57%


191,391 Taiwan Semiconductor Manufacturing Co Ltd (DR) 7,108,262 5.68%

14,776,918 11.81%



PORTFOLIO OF INVESTMENTS – Merian Global Emerging Markets Fund (continued)

110

Value USD

% of Net

Assets



(Cost USD 126,323,634) (2017: USD 232,823,967) 123,811,949 98.94%

Cash at Bank 694,032 0.55%



% of Total






PORTFOLIO OF INVESTMENTS – Merian Asian Equity Income Fund


% of Net

Assets

111


1,530,722 Alumina Ltd 2,484,882 0.78%

156,174 BHP Group Ltd 3,773,091 1.18%

9,230,000 China BlueChemical Ltd 2,899,008 0.91%

998,000 Formosa Plastics Corp 3,279,362 1.03%



274,500 Kingboard Laminates Holdings Ltd 226,406 0.07%


30,041 LOTTE Fine Chemical Co Ltd 1,105,203 0.35%

828,000 Maanshan Iron & Steel Co Ltd 364,722 0.11%


1,504,000 Oriental Union Chemical Corp 1,262,423 0.40%

1,796,600 PTT Global Chemical PCL 3,931,502 1.23%


2,796 Rio Tinto Ltd 154,854 0.05%


4,042,000 Sinopec Shanghai Petrochemical Co Ltd 1,770,122 0.56%

102,430 South32 Ltd 242,189 0.08%

20,699 St Barbara Ltd 68,664 0.02%

23,389,001 7.34%

Communications - 10.96% (2017 - 4.50%) 161,000 Accton Technology Corp 516,464 0.16%


10,400 Autohome Inc (DR) 827,320 0.26%

7,869 Cheil Worldwide Inc 158,678 0.05%

61,000 China Mobile Ltd 586,848 0.18%

218,000 China Unicom Hong Kong Ltd 232,689 0.07%

78,500 HKBN Ltd 119,069 0.04%

86,939 LG Uplus Corp 1,375,226 0.44%


9,793 NCSoft Corp 4,094,322 1.28%

1,751 NHN Entertainment Corp 89,920 0.03%


1,075 PLDT Inc 22,999 0.01%


7,101 SK Telecom Co Ltd 1,715,114 0.54%

273,392 SKY Network Television Ltd 339,502 0.11%


8,766 Sterlite Technologies Ltd 36,847 0.01%

54,960 Sun TV Network Ltd 478,449 0.15%

2,307,100 Surya Citra Media Tbk PT 300,015 0.09%

469,495 Telstra Corp Ltd 944,403 0.30%


26,200 Weibo Corp (DR) 1,541,608 0.49%

163,000 Yangtze Optical Fibre and Cable Joint Stock Ltd Co 445,363 0.14%

34,940,016 10.96%


PORTFOLIO OF INVESTMENTS – Merian Asian Equity Income Fund (continued)


% of Net

Assets

112

Common Stock (continued) Consumer, Cyclical - 5.30% (2017 - 2.68%)

231,698 Accent Group Ltd 196,239 0.06%

43,700 Air New Zealand Ltd 90,934 0.03%

264,900 AirAsia Group Bhd 190,382 0.06%

622,000 ANTA Sports Products Ltd 2,982,037 0.94%

4,117 Asiana Airlines Inc 15,257 0.00%

16,076 Bata India Ltd 261,198 0.08%


19,000 Cathay Pacific Airways Ltd 27,024 0.01%

660,000 China Dongxiang Group Co Ltd 101,120 0.03%

33,000 Chow Sang Sang Holdings International Ltd 48,959 0.02%


1,047,700 Genting Singapore Ltd 750,198 0.24%

1,504,000 Giordano International Ltd 710,497 0.22%

148,349 Harvey Norman Holdings Ltd 330,867 0.10%

4,773 Hero MotoCorp Ltd 212,233 0.07%

244,000 IT Ltd 128,040 0.04%

21,708 JB Hi-Fi Ltd 339,218 0.11%

5,960,700 Matahari Department Store Tbk PT 2,321,240 0.73%


1,593,000 Pacific Textiles Holdings Ltd 1,415,591 0.44%

501 Page Industries Ltd 181,122 0.06%

174,400 Ramayana Lestari Sentosa Tbk PT 17,221 0.01%

3,480,000 Sa Sa International Holdings Ltd 1,315,175 0.41%

334,100 Shanghai Pharmaceuticals Holding Co Ltd 679,098 0.21%


733,500 Sinotruk Hong Kong Ltd 1,105,083 0.35%

270,232 Super Retail Group Ltd 1,340,830 0.42%

598,000 Texwinca Holdings Ltd 195,458 0.06%

51,400 VTech Holdings Ltd 425,256 0.13%

288,000 Weichai Power Co Ltd 329,100 0.10%

16,897,904 5.30%


35,417 Adani Ports & Special Economic Zone Ltd 196,685 0.06%

20,850 Aurobindo Pharma Ltd 218,899 0.07%

526,592 Australian Pharmaceutical Industries Ltd 512,903 0.16%

8,400 Carlsberg Brewery Malaysia Bhd 40,003 0.01%

1,423,500 Charoen Pokphand Indonesia Tbk PT 715,204 0.22%

36,000 China Agri-Industries Holdings Ltd 12,824 0.00%

1,220,410 China Conch Venture Holdings Ltd 3,630,566 1.14%

1,600,000 China Medical System Holdings Ltd 1,487,182 0.48%


4,854 Cochlear Ltd 594,643 0.19%

1,470 Coles Group Ltd 12,181 0.00%


5,905 CSL Ltd 771,700 0.24%

636,000 CSPC Pharmaceutical Group Ltd 917,589 0.29%




% of Net

Assets

113


9,667 Dabur India Ltd 59,632 0.02%

186,500 Dali Foods Group Co Ltd 137,870 0.04%


17,019 Dr Reddy's Laboratories Ltd 637,851 0.20%

25,761 Elders Ltd 128,366 0.04%

176,901 Estia Health Ltd 285,922 0.09%


10,202 Glenmark Pharmaceuticals Ltd 101,278 0.03%

4,000 Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd 14,325 0.00%

146,558 Healius Ltd 230,673 0.07%

32,740 Hindustan Unilever Ltd 853,357 0.27%

84,242 IPH Ltd 321,668 0.10%

242 LG Household & Health Care Ltd 238,791 0.07%

14,400 Livzon Pharmaceutical Group Inc 41,827 0.01%

195,800 LT Group Inc 61,811 0.02%

166,047 Metcash Ltd 287,130 0.09%


26,788 Nanosonics Ltd 53,696 0.02%

282,289 Navitas Ltd 1,008,152 0.32%

1,475 Nestle India Ltd 234,200 0.07%

711 Pfizer Ltd/India 29,070 0.01%

491 S-1 Corp 44,224 0.01%

588,000 Shandong Weigao Group Medical Polymer Co Ltd 475,970 0.15%

2,317,000 Sihuan Pharmaceutical Holdings Group Ltd 405,284 0.13%

635,000 Sino Biopharmaceutical Ltd 418,346 0.13%

44,400 Sinopharm Group Co Ltd 186,505 0.06%

44,529 Sonic Healthcare Ltd 694,886 0.22%

150,000 SSY Group Ltd 111,079 0.03%


7,817 Sun Pharmaceutical Industries Ltd 48,203 0.02%

131,900 Unilever Indonesia Tbk PT 416,424 0.13%

10,114 United Breweries Ltd 199,490 0.06%


19,648,431 6.16%

Diversified - 0.16% (2017 - 0.00%) 16,000 CK Hutchison Holdings Ltd 153,621 0.05%


517,903 0.16%

Energy - 7.04% (2017 - 5.44%) 626,000 Beijing Jingneng Clean Energy Co Ltd 151,060 0.05%

12,246,000 Bukit Asam Tbk PT 3,661,823 1.15%

2,827 Caltex Australia Ltd 50,840 0.02%


1,308,500 China Shenhua Energy Co Ltd 2,866,841 0.90%

301,000 CNOOC Ltd 465,012 0.15%

332,651 Coal India Ltd 1,147,148 0.36%




% of Net

Assets

114

Common Stock (continued) Energy - 7.04% (2017 - 5.44%) (continued)

529,000 Formosa Petrochemical Corp 1,875,943 0.58%

855,500 Indo Tambangraya Megah Tbk PT 1,204,702 0.38%

628,489 Oil & Natural Gas Corp Ltd 1,349,471 0.42%

658,500 PTT Exploration & Production PCL 2,295,482 0.72%

2,805,500 Sinopec Engineering Group Co Ltd 2,303,212 0.72%

4,649,200 Star Petroleum Refining PCL 1,370,792 0.43%

2,630,300 TPI Polene Power PCL 456,432 0.14%

522,184 Whitehaven Coal Ltd 1,592,168 0.50%

432,757 Z Energy Ltd 1,594,780 0.50%

22,447,839 7.04%

Financial - 33.71% (2017 - 35.41%) 242,821 Abacus Property Group 560,423 0.18%

102,000 Agile Group Holdings Ltd 119,942 0.04%

6,784,000 Agricultural Bank of China Ltd 2,970,931 0.93%

254,400 AIA Group Ltd 2,111,267 0.66%

623,923 Argosy Property Ltd 502,570 0.16%

4,108 Australia & New Zealand Banking Group Ltd 70,920 0.02%

66,200 Bank of East Asia Ltd 210,460 0.07%

12,110,700 Bank Rakyat Indonesia Persero Tbk PT 3,082,372 0.97%

52,911 BWP Trust 131,826 0.04%

69,181 Canara Bank 272,560 0.09%

1,341,000 Cathay Financial Holding Co Ltd 2,050,520 0.64%


1,887,000 Champion REIT 1,291,366 0.41%

176,670 Charter Hall Education Trust 369,093 0.12%

13,388 Charter Hall Retail REIT 42,333 0.01%




247,000 China Life Insurance Co Ltd 524,763 0.16%


1,038,800 China Pacific Insurance Group Co Ltd 3,362,192 1.05%

1,479,000 China Reinsurance Group Corp 302,135 0.09%

1,504,000 China South City Holdings Ltd 213,149 0.07%

161,400 China Taiping Insurance Holdings Co Ltd 443,052 0.14%

858,200 China Vanke Co Ltd 2,914,626 0.91%

478,000 CK Asset Holdings Ltd 3,496,996 1.10%

24,596 Commonwealth Bank of Australia 1,256,680 0.39%

976,000 Country Garden Holdings Co Ltd 1,187,560 0.37%

84,000 Country Garden Services Holdings Co Ltd 133,417 0.04%

222,387 Dexus 1,666,923 0.52%

12,703 DLF Ltd 32,307 0.01%

365,100 Far East Hospitality Trust 162,219 0.05%

1,718,000 Filinvest Land Inc 46,066 0.01%







% of Net

Assets

115


43,650 Goodman Group 327,491 0.10%

20,524 Goodman Property Trust 21,078 0.01%


1,540 Hana Financial Group Inc 50,031 0.02%

465,846 Hanwha Life Insurance Co Ltd 1,761,852 0.55%


45,657 Hyundai Marine & Fire Insurance Co Ltd 1,679,713 0.53%

144,806 ICICI Bank Ltd 747,024 0.23%


319,915 Industrial Bank of Korea 4,028,335 1.26%



460,000 Kerry Properties Ltd 1,571,065 0.49%

111,500 Kiatnakin Bank PCL 226,873 0.07%

80,526 Korean Reinsurance Co 624,984 0.20%

3,193,200 Krung Thai Bank PCL 1,882,997 0.59%

145,500 Link REIT 1,473,156 0.46%

636,000 Logan Property Holdings Co Ltd 796,597 0.25%

130,500 Longfor Group Holdings Ltd 389,887 0.12%

54,274 Macquarie Group Ltd 4,162,011 1.31%

95,087 Magellan Financial Group Ltd 1,579,826 0.50%

1,185,000 Mapletree North Asia Commercial Trust 992,105 0.31%


742,383 Medibank Pvt Ltd 1,346,613 0.42%

1,175,000 Megaworld Corp 106,139 0.03%

1,535,383 Mirvac Group 2,427,428 0.76%

80,000 New China Life Insurance Co Ltd 317,660 0.10%


120,787 Orange Life Insurance Ltd 3,031,048 0.95%

104,300 Oversea-Chinese Banking Corp Ltd 862,496 0.27%

439,785 Pendal Group Ltd 2,473,890 0.78%

95,266 Perpetual Ltd 2,183,914 0.69%

1,262,000 PICC Property & Casualty Co Ltd 1,290,638 0.40%


464,455 Platinum Asset Management Ltd 1,593,168 0.50%

1,691,000 Poly Property Group Co Ltd 528,959 0.17%

63,226 Punjab National Bank 70,731 0.02%

764,854 REC Ltd 1,338,247 0.42%

359,000 Red Star Macalline Group Corp Ltd 308,018 0.10%

236,523 Scentre Group 651,058 0.20%

259,000 Shanghai Industrial Holdings Ltd 523,803 0.16%

1,060,000 Shimao Property Holdings Ltd 2,828,556 0.89%

15,422 Shinhan Financial Group Co Ltd 547,332 0.17%

831,216 Shopping Centres Australasia Property Group 1,496,014 0.47%

3,201,500 Shui On Land Ltd 711,239 0.22%

212,000 Sino-Ocean Group Holding Ltd 93,383 0.03%

276,868 Stockland 687,855 0.22%





% of Net

Assets

116


76,342 Union Bank of India 93,934 0.03%

219,300 United Overseas Bank Ltd 3,957,111 1.24%

30,329 Vicinity Centres 55,656 0.02%

524,968 Viva Energy REIT 833,675 0.26%

32,470 Westpac Banking Corp 573,850 0.18%

53,000 Wheelock & Co Ltd 302,818 0.09%

10,694 Woori Bank 149,513 0.05%



107,440,201 33.71%

Industrial - 8.84% (2017 - 18.68%) 5,925 ACC Ltd 127,992 0.04%


36,094 Ansell Ltd 561,472 0.18%

1,281,000 Asia Cement Corp 1,414,902 0.45%

168,525 Bharat Heavy Electricals Ltd 176,460 0.06%

91,000 BYD Electronic International Co Ltd 114,327 0.04%

668,000 China Communications Services Corp Ltd 552,668 0.17%

60,000 China Lesso Group Holdings Ltd 30,030 0.01%


3,630,000 China Resources Cement Holdings Ltd 3,267,446 1.02%

31,490 CIMIC Group Ltd 964,815 0.30%

178,000 CK Infrastructure Holdings Ltd 1,347,682 0.42%

1,569,100 ComfortDelGro Corp Ltd 2,477,556 0.78%

474,000 Coretronic Corp 586,773 0.18%

773,503 CSR Ltd 1,534,087 0.49%

5,775 Daelim Industrial Co Ltd 530,506 0.17%

1,102,900 DMCI Holdings Inc 268,046 0.08%

95,621 Engineers India Ltd 171,209 0.05%

72,000 Guangshen Railway Co Ltd 27,119 0.01%

587,925 GWA Group Ltd 1,153,582 0.36%

57,671 KEPCO Plant Service & Engineering Co Ltd 1,715,972 0.54%

37,100 Lingkaran Trans Kota Holdings Bhd 37,257 0.01%

2,804,000 Lonking Holdings Ltd 726,753 0.23%

483,000 MTR Corp Ltd 2,540,721 0.80%


1,143,000 Singapore Technologies Engineering Ltd 2,929,585 0.92%

157,000 Taiwan Cement Corp 181,839 0.06%

301,000 Taiwan Glass Industry Corp 126,326 0.04%

240,000 Xinyi Glass Holdings Ltd 265,364 0.08%

3,000 Yageo Corp 31,135 0.01%


28,166,468 8.84%

Technology - 12.14% (2017 - 10.72%) 1,272 Altium Ltd 19,482 0.01%

401,000 Gigabyte Technology Co Ltd 524,455 0.16%




% of Net

Assets

117

Common Stock (continued) Technology - 12.14% (2017 - 10.72%) (continued)


297,963 Infosys Ltd 2,812,413 0.88%

34,500 Momo Inc (DR) 842,145 0.26%

15,537 Mphasis Ltd 226,658 0.07%

200 NetEase Inc (DR) 47,382 0.01%

709,000 Novatek Microelectronics Corp 3,275,458 1.03%

749 Pearl Abyss Corp 139,557 0.04%

207,000 Phison Electronics Corp 1,535,475 0.48%

7,542 Pro Medicus Ltd 57,916 0.02%

93,000 Realtek Semiconductor Corp 432,670 0.14%


8,696 Samsung SDS Co Ltd 1,589,880 0.50%

293,200 Silverlake Axis Ltd 89,361 0.03%

71,000 Sino-American Silicon Products Inc 141,367 0.04%

46,851 SK Hynix Inc 2,540,323 0.80%


79,416 Tata Consultancy Services Ltd 2,153,448 0.68%


225,651 Wipro Ltd 1,069,382 0.34%

38,714,579 12.14%

Utilities - 6.13% (2017 - 4.35%) 416,900 Aboitiz Power Corp 278,279 0.09%

48,481 AGL Energy Ltd 704,889 0.22%

225,692 AusNet Services 247,701 0.08%

50,000 Beijing Enterprises Holdings Ltd 264,930 0.08%

31,000 China Longyuan Power Group Corp Ltd 21,096 0.01%


1,358,000 China Resources Power Holdings Co Ltd 2,611,184 0.82%

400,000 CLP Holdings Ltd 4,519,766 1.42%

457,361 GAIL India Ltd 2,360,411 0.74%

155,600 Glow Energy PCL 425,326 0.13%

196,000 Guangdong Investment Ltd 378,874 0.12%

65,500 HK Electric Investments & HK Electric Investments Ltd 66,066 0.02%

6,643,380 Huadian Fuxin Energy Corp Ltd 1,620,075 0.51%

5,396 Infratil Ltd 13,221 0.00%

29,395 Korea Electric Power Corp 871,999 0.27%

624,632 Mercury NZ Ltd 1,528,291 0.49%



170,249 Reliance Infrastructure Ltd 771,100 0.24%

309,403 Torrent Power Ltd 1,160,268 0.36%

19,554,085 6.13%


Preferred Stock Technology - 0.47% (2017 - 0.60%)


1,503,590 0.47%




% of Net

Assets

118


Investment Funds - 0.90% (2017 - 0.00%) 545,496 Charter Hall Group (AIF) 2,856,782 0.90%

2,856,782 0.90%

Total Investment Funds 2,856,782 0.90%


(Cost USD 341,564,755) (2017: USD 315,903,162) 316,076,799 99.15%

Futures - (0.00%) (2017 - (0.02%))


No of

Contracts

Maturity

Date

Unrealised

Loss USD

Bank of America


(12,259) (0.00%)

Value USD




Cash at Bank 2,206,373 0.69%



Portfolio Analysis

% of Total

Assets


AIF 0.89%




PORTFOLIO OF INVESTMENTS – Merian Local Currency Emerging Market Debt Fund


Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

119

Corporate Bonds - 4.26% (2017 - 3.44%) 18,380,000 America Movil SAB de CV 6.00 09/06/2019 923,965 0.24%

533,500,000 Development Bank of Kazakhstan JSC 9.50 14/12/2020 1,355,915 0.36%

20,100,000 ESLA PLC 19.00 23/10/2024 4,105,585 1.08%

81,900,000

European Bank for Reconstruction &

Development 5.15 20/01/2020 1,202,550 0.32%

14,000,000

European Bank for Reconstruction &

Development 27.50 18/09/2020 3,096,751 0.82%

27,280,000 International Finance Corp 7.50 18/01/2028 1,343,910 0.35%

472,800 Petroleos Mexicanos 7.19 12/09/2024 1,932,901 0.51%



16,143,281 4.26%

Government Security - 90.44% (2017 - 91.68%) 100,000,000 Argentina Treasury Bill 0.00 31/01/2019 3,041,026 0.80%

2,848,000,000 Bogota Distrito Capital 9.75 26/07/2028 979,381 0.26%

51,820,600

Bonos de la Nacion Argentina con Ajuste por

CER 3.75 08/02/2019 2,015,201 0.53%

1,800,000

Bonos De La Nacion Argentina En Moneda

Dua 4.50 21/06/2019 1,800,738 0.49%

665,000,000

Bonos de la Tesoreria de la Republica en

pesos 4.50 01/03/2026 989,595 0.26%

680,000,000

Bonos de la Tesoreria de la Republica en

pesos 5.00 01/03/2035 1,037,397 0.27%

6,386 Brazil Letras do Tesouro Nacional 0.00 01/01/2019 1,647,268 0.43%









250,000,000 Chile Government International Bond 5.50 05/08/2020 378,224 0.10%

13,800,000,000 Colombian TES 6.00 28/04/2028 4,203,636 1.11%

8,300,000,000 Colombian TES 7.00 04/05/2022 2,779,014 0.73%

21,200,000,000 Colombian TES 7.50 26/08/2026 7,058,778 1.86%

15,943,000,000 Colombian TES 7.75 18/09/2030 5,330,489 1.41%

19,100,000,000 Colombian TES 10.00 24/07/2024 7,188,732 1.90%

66,000,000 Dominican Republic Bond 11.25 05/02/2027 1,420,598 0.37%

64,553,000 Egypt Government Bond 15.70 07/11/2027 3,329,032 0.88%


32,950,000 Egypt Treasury Bills 0.00 30/04/2019 1,728,018 0.46%

933,000,000 Hungary Government Bond 2.50 24/10/2024 3,385,456 0.89%

1,210,000 Hungary Government Bond 7.50 12/11/2020 4,914 0.00%

37,600,000,000 Indonesia Treasury Bond 5.63 15/05/2023 2,427,476 0.64%






PORTFOLIO OF INVESTMENTS – Merian Local Currency Emerging Market Debt Fund (continued)


Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

120

Government Security - 90.44% (2017 - 91.68%) (continued) 31,000,000,000 Indonesia Treasury Bond 8.25 15/06/2032 2,154,762 0.57%








9,802,000 Malaysia Government Bond 3.48 15/03/2023 2,365,278 0.62%


3,183,000 Malaysia Government Bond 3.76 15/03/2019 779,471 0.21%





6,460,000 Malaysia Government Investment Issue 3.74 26/08/2021 1,586,254 0.42%

373,500 Mexican Bonos 6.50 10/06/2021 1,821,131 0.49%

308,400 Mexican Bonos 6.50 09/06/2022 1,479,320 0.39%

1,110,000 Mexican Bonos 7.50 03/06/2027 5,274,126 1.39%

257,810 Mexican Bonos 7.75 29/05/2031 1,218,010 0.32%

245,500 Mexican Bonos 7.75 23/11/2034 1,139,722 0.30%

490,570 Mexican Bonos 7.75 13/11/2042 2,219,786 0.59%

1,316,600 Mexican Bonos 8.00 07/12/2023 6,566,837 1.73%

701,200 Mexican Bonos 8.00 07/11/2047 3,232,190 0.85%

365,000 Mexican Bonos 8.50 31/05/2029 1,829,844 0.48%

1,024,620 Mexican Bonos 8.50 18/11/2038 5,049,276 1.33%

5,092,000 Peru Government Bond 6.15 12/08/2032 1,571,953 0.41%

18,616 Peru Government Bond 6.35 12/08/2028 5,930,455 1.57%




28,000,000 Republic of Poland Government Bond 2.50 25/01/2023 7,779,079 2.05%





59,261,113 Republic of South Africa Government Bond 6.50 28/02/2041 2,969,430 0.78%










27,280,000 Republic of Zambia Treasury Bills 0.00 18/03/2019 2,220,638 0.59%

22,350,000 Romania Government Bond 3.25 29/04/2024 5,319,041 1.40%




Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

121

Government Security - 90.44% (2017 - 91.68%) (continued) 18,000,000 Romania Government Bond 3.40 08/03/2022 4,455,717 1.18%


413,381,000 Russian Federal Bond - OFZ 7.00 16/08/2023 5,804,491 1.53%





156,000,000 Serbia Treasury Bonds 5.88 08/02/2028 1,715,175 0.45%

202,730,000 Thailand Government Bond 3.40 17/06/2036 6,570,573 1.73%

57,000,000 Thailand Government Bond 3.78 25/06/2032 1,940,818 0.51%

23,094,000 Thailand Government Bond 4.88 22/06/2029 856,468 0.23%

23,500,000 Turkey Government Bond 1.00 02/03/2022 3,896,725 1.03%









13,640,000 Zambia Government Bond 1.00 31/08/2019 1,087,867 0.29%

4,550,000 Zambia Government Bond 1.00 29/08/2021 295,771 0.08%

342,611,188 90.44%


Swaps - 0.03% (2017 - 0.22%)


Unrealised

Gain USD

HSBC 130,000,000 IRS THB/THBFIX/fixing 6M, R:THB 2.185 16/10/2027 20,568 0.01%



100,755 0.03%


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold Citibank 15/01/2019 AUD 37,660 USD 26,587 2 0.00%

Citibank 15/01/2019 USD 258,740 AUD 364,029 1,730 0.00%

Citibank 15/01/2019 USD 27,180 ZAR 390,390 84 0.00%

Citibank 15/01/2019 ZAR 557,056,610 USD 38,529,242 134,945 0.04%

Citibank 23/01/2019 CZK 353,502,773 USD 15,630,124 117,010 0.03%

Citibank 23/01/2019 MXN 151,000,000 USD 7,436,970 213,143 0.06%

Citibank 26/02/2019 KRW 4,000,000,000 USD 3,580,668 14,012 0.00%

Citibank 26/02/2019 USD 7,286,399 CLP 5,000,000,000 76,346 0.02%

Citibank 04/03/2019 UAH 118,655,575 USD 3,896,735 222,156 0.06%

Goldman Sachs 23/01/2019 THB 860,215,386 USD 26,255,697 170,980 0.05%

Goldman Sachs 26/02/2019 PEN 2,729,700 USD 804,798 1,144 0.00%



122


Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain USD

% of Net

Assets

Goldman Sachs 26/02/2019 USD 7,264,893 BRL 28,000,000 71,550 0.02%

Goldman Sachs 26/02/2019 USD 5,948,398 CLP 4,000,000,000 180,273 0.05%

Goldman Sachs 26/02/2019 USD 3,776,019 PHP 199,000,000 3,188 0.00%

HSBC 23/01/2019 CZK 85,000,000 USD 3,772,344 14,066 0.00%

HSBC 26/02/2019 INR 665,000,000 USD 9,311,769 170,466 0.04%

HSBC 26/02/2019 USD 4,155,125 IDR 60,000,000,000 14,030 0.00%

JP Morgan Securities 23/01/2019 TRY 20,000,000 USD 3,664,977 64,643 0.02%

JP Morgan Securities 23/01/2019 USD 2,977,253 RUB 205,000,000 45,486 0.01%

JP Morgan Securities 23/01/2019 USD 1,865,623 RON 7,600,000 1,298 0.00%

JP Morgan Securities 26/02/2019 INR 320,146,000 USD 4,444,682 120,280 0.03%

JP Morgan Securities 26/02/2019 USD 5,653,799 COP 18,000,000,000 128,215 0.03%

Nomura 23/01/2019 HUF 3,462,610,152 USD 12,226,554 143,586 0.04%

Nomura 23/01/2019 PLN 68,304,499 USD 18,108,816 96,997 0.03%

Nomura 23/01/2019 USD 17,920,583 ZAR 257,457,333 69,980 0.02%

Societe Generale 23/01/2019 THB 41,000,000 USD 1,255,508 4,053 0.00%

Societe Generale 23/01/2019 ZAR 124,161,534 USD 8,570,534 38,206 0.01%

Societe Generale 26/02/2019 IDR 157,500,000,000 USD 10,723,871 146,779 0.04%

Societe Generale 26/02/2019 KRW 3,000,000,000 USD 2,668,351 27,659 0.01%

Toronto Dominion

Bank 23/01/2019 HUF 530,544,694 USD 1,870,761 24,604 0.01%

Toronto Dominion

Bank 23/01/2019 MXN 91,489,107 USD 4,505,506 129,607 0.03%

Toronto Dominion

Bank 23/01/2019 PLN 5,675,425 USD 1,505,174 7,548 0.00%

Toronto Dominion

Bank 25/02/2019 USD 9,592,870 TRY 42,000,000 1,952,947 0.52%

Toronto Dominion

Bank 26/02/2019 PHP 261,268,410 USD 4,945,455 7,932 0.00%

Toronto Dominion

Bank 26/02/2019 TWD 175,000,000 USD 5,751,093 13,932 0.00%

Toronto Dominion

Bank 26/02/2019 USD 3,738,810 RUB 250,000,000 181,741 0.05%

Toronto Dominion

Bank 26/02/2019 USD 8,129,264 COP 25,940,970,182 165,925 0.04%

Toronto Dominion

Bank 26/02/2019 USD 5,343,695 BRL 20,194,892 155,968 0.04%

Unrealised Gain on Currency Exchange Contracts at 31 December 2018 4,932,511 1.30%

Value USD



(Cost USD 368,343,672) (2017: USD 346,364,228) 363,787,735 96.03%

Swaps - (0.00%) (2017 - (0.02%))


Maturity

Date

Unrealised

Loss USD

HSBC 2,275,000

CDS Petroleo Brasileiro SA Petrobras

Senior, paid fixed rate 1.00% 20/12/2019 (3,327) (0.00%)

HSBC 1,365,000

CDS Petroleo Brasileiro SA Petrobras

Senior, paid fixed rate 1.00% 20/12/2019 (1,996) (0.00%)

(5,323) (0.00%)



123


Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Loss USD

% of Net

Assets

Citibank 15/01/2019 AUD 20,178,203 USD 14,314,699 (68,525) (0.02%)

Citibank 15/01/2019 USD 63,271 ZAR 915,069 (242) (0.00%)

Citibank 15/01/2019 ZAR 25,051,188 USD 1,742,794 (4,041) (0.00%)

Citibank 23/01/2019 ZAR 53,000,000 USD 3,727,797 (53,042) (0.01%)

Citibank 26/02/2019 CLP 10,251,513,646 USD 15,286,849 (504,166) (0.13%)

Citibank 26/02/2019 COP 12,000,000,000 USD 3,688,460 (4,460) (0.00%)

Citibank 26/02/2019 KRW 7,000,000,000 USD 6,323,968 (33,278) (0.01%)

Citibank 26/02/2019 USD 3,739,389 INR 265,000,000 (39,425) (0.01%)

Goldman Sachs 23/01/2019 ZAR 160,000,000 USD 11,144,425 (50,825) (0.01%)

Goldman Sachs 26/02/2019 USD 7,371,668 BRL 29,000,000 (79,233) (0.02%)

Goldman Sachs 26/02/2019 USD 2,225,396 KRW 2,500,000,000 (21,221) (0.01%)

HSBC 23/01/2019 USD 7,028,479 MXN 141,796,456 (155,928) (0.04%)

HSBC 23/01/2019 USD 2,007,863 RON 8,208,321 (5,691) (0.00%)

HSBC 26/02/2019 CNY 40,000,000 USD 5,837,030 (23,470) (0.01%)

HSBC 26/02/2019 USD 7,425,157 INR 531,000,000 (147,039) (0.04%)

HSBC 26/02/2019 USD 6,678,669 IDR 98,000,000,000 (85,933) (0.02%)

HSBC 26/02/2019 USD 7,524,775 THB 247,000,000 (70,390) (0.02%)

JP Morgan Securities 23/01/2019 RUB 893,098,642 USD 13,393,660 (620,563) (0.17%)

JP Morgan Securities 23/01/2019 TRY 20,000,000 USD 3,740,128 (10,508) (0.00%)

JP Morgan Securities 23/01/2019 USD 5,903,564 ZAR 85,200,000 (3,789) (0.00%)

JP Morgan Securities 26/02/2019 BRL 37,400,000 USD 9,714,286 (105,627) (0.03%)

JP Morgan Securities 26/02/2019 COP 45,000,000,000 USD 13,969,973 (154,973) (0.04%)

JP Morgan Securities 26/02/2019 IDR 54,000,000,000 USD 3,733,665 (6,585) (0.00%)

JP Morgan Securities 26/02/2019 USD 7,981,554 KRW 9,000,000,000 (106,186) (0.03%)

JP Morgan Securities 26/02/2019 USD 5,441,066 IDR 80,000,000,000 (81,140) (0.02%)

JP Morgan Securities 04/03/2019 USD 3,696,436 UAH 118,655,575 (439,189) (0.12%)

Nomura 23/01/2019 USD 20,407,495 TRY 112,399,999 (560,653) (0.14%)

Nomura 26/02/2019 CLP 2,500,000,000 USD 3,691,290 (86,290) (0.02%)

Nomura 26/02/2019 USD 4,588,700 COP 15,000,000,000 (16,354) (0.00%)

Societe Generale 25/02/2019 TRY 21,000,000 USD 4,871,266 (1,021,588) (0.28%)

Societe Generale 26/02/2019 USD 6,379,262 KRW 7,177,000,303 (70,301) (0.02%)

Societe Generale 26/02/2019 USD 5,489,346 CNY 38,000,000 (33,608) (0.01%)

Toronto Dominion

Bank 25/02/2019 TRY 21,000,000 USD 3,972,157 (122,479) (0.03%)

Toronto Dominion

Bank 26/02/2019 IDR 26,000,000,000 USD 1,796,296 (1,776) (0.00%)

Toronto Dominion

Bank 26/02/2019 USD 3,691,961 INR 269,000,000 (144,365) (0.04%)

Unrealised Loss on Currency Exchange Contracts at 31 December 2018 (4,932,883) (1.30%)

Value USD



(Cost USD Nil) (2017: USD Nil) (4,938,206) (1.30%)

Cash at Bank 15,150,049 4.00%





124

Portfolio Analysis

% of Total

Assets






PORTFOLIO OF INVESTMENTS – Merian UK Alpha Fund (IRL)

Nominal Security Description Value GBP

% of Net

Assets

125

Common Stock Automobiles & Parts - 1.41% (2017 - 0.00%)

106,948 Aston Martin Lagonda Global Holdings PLC 1,318,883 1.41%

1,318,883 1.41%

Banks - 11.46% (2017 - 12.35%) 1,985,234 Barclays PLC 2,968,719 3.17%

664,339 HSBC Holdings PLC 4,282,994 4.57%

6,749,005 Lloyds Banking Group PLC 3,481,812 3.72%

10,733,525 11.46%

Construction & Materials - 4.38% (2017 - 4.60%) 89,183 CRH PLC 1,839,845 1.96%

1,393,773 Melrose Industries PLC 2,260,700 2.42%

4,100,545 4.38%

Electricity - 2.62% (2017 - 1.59%) 681,273 Drax Group PLC 2,449,858 2.62%

2,449,858 2.62%

Financial Services - 1.49% (2017 - 2.13%) 464,543 TP ICAP PLC 1,396,881 1.49%

1,396,881 1.49%

Food & Drug Retailers - 3.46% (2017 - 2.75%) 1,698,571 Tesco PLC 3,235,778 3.46%

3,235,778 3.46%

Food Producers - 1.85% (2017 - 1.59%) 261,307 Tate & Lyle PLC 1,732,988 1.85%

1,732,988 1.85%

General Industrials - 1.70% (2017 - 0.98%) 536,386 DS Smith PLC 1,594,676 1.70%

1,594,676 1.70%

General Retailers - 3.26% (2017 - 2.75%) 42,095 Next PLC 1,678,328 1.79%

1,175,508 Pets at Home Group PLC 1,374,169 1.47%

3,052,497 3.26%

Health Care Equipment & Services - 3.06% (2017 - 2.45%) 195,757 Smith & Nephew PLC 2,869,798 3.06%

2,869,798 3.06%

Life Insurance - 8.77% (2017 - 9.98%) 680,578 Aviva PLC 2,554,209 2.73%

208,459 Prudential PLC 2,925,722 3.12%


8,216,863 8.77%

Mining - 7.28% (2017 - 7.89%) 1,109,325 Glencore PLC 3,249,768 3.47%

94,748 Rio Tinto PLC 3,566,788 3.81%

6,816,556 7.28%

Mobile Telecommunications - 2.88% (2017 - 3.58%) 1,765,433 Vodafone Group PLC 2,695,463 2.88%

2,695,463 2.88%

Oil & Gas Producers - 8.77% (2017 - 9.50%) 919,874 BP PLC 4,582,812 4.89%


8,211,109 8.77%


PORTFOLIO OF INVESTMENTS – Merian UK Alpha Fund (IRL) (continued)


% of Net

Assets

126

Common Stock (continued) Personal Goods - 1.89% (2017 - 1.59%)


1,772,098 1.89%

Pharmaceuticals & Biotechnology - 7.65% (2017 - 7.54%) 52,995 AstraZeneca PLC 3,090,668 3.30%

273,544 GlaxoSmithKline PLC 4,074,164 4.35%

7,164,832 7.65%

Software & Computer Services - 5.31% (2017 - 6.23%) 85,668 Micro Focus International PLC 1,180,505 1.26%

633,302 Sage Group PLC 3,788,413 4.05%

4,968,918 5.31%

Support Services - 6.05% (2017 - 6.23%) 142,116 Experian PLC 2,697,362 2.88%

48,994 Worldpay Inc 2,971,976 3.17%

5,669,338 6.05%

Travel & Leisure - 15.11% (2017 - 14.28%) 402,333 GVC Holdings PLC 2,693,619 2.88%

251,801 International Consolidated Airlines Group SA 1,553,612 1.65%

702,992 Merlin Entertainments PLC 2,239,733 2.39%

592,953 SSP Group PLC 3,849,451 4.11%

83,235 Whitbread PLC 3,817,989 4.08%

14,154,404 15.11%




Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain GBP Citibank 15/01/2019 GBP 18 EUR 21 - 0.00%

Citibank 15/01/2019 GBP 21,260 USD 27,015 118 0.00%

Unrealised Gain on Currency Exchange Contracts at 31 December 2018 118 0.00%

Value GBP

Total Financial Derivative Instruments 118 0.00%


(Cost GBP 91,552,409) (2017: GBP 106,361,789) 92,155,128 98.40%


Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Loss GBP Citibank 15/01/2019 EUR 911 GBP 822 (5) (0.00%)

Citibank 15/01/2019 USD 1,265,091 GBP 997,822 (7,762) (0.01%)


Value GBP



PORTFOLIO OF INVESTMENTS – Merian UK Alpha Fund (IRL) (continued)

127

Value GBP

% of Net

Assets


(Cost GBP Nil) (2017: GBP Nil) (7,767) (0.01%)

Cash at Bank 1,429,194 1.53%



Portfolio Analysis

% of Total

Assets






PORTFOLIO OF INVESTMENTS – Merian UK Smaller Companies Focus Fund


% of Net

Assets

128

Common Stock Beverages - 4.13% (2017 - 5.37%)


13,414,714 4.13%

Chemicals - 1.46% (2017 - 1.27%) 1,331,431 Synthomer PLC 4,758,534 1.46%

4,758,534 1.46%

Construction & Materials - 3.81% (2017 - 2.58%) 2,666,120 Marshalls PLC 12,392,126 3.81%

12,392,126 3.81%

E-Commerce Discretionary - 2.93% (2017 - 2.53%) 21,470 The Hut Group 9,506,701 2.93%

9,506,701 2.93%

Electronic & Electrical Equipment - 1.57% (2017 - 1.54%) 7,105,000 Elektron Technology PLC 3,090,675 0.95%

95,549 XP Power Ltd 2,011,306 0.62%

5,101,981 1.57%

Equity Investment Instruments - 0.70% (2017 - 0.00%) 2,205,360 Merian Chrysalis Investment Co Ltd 2,271,521 0.70%

2,271,521 0.70%

Financial Services - 20.53% (2017 - 16.14%) 2,556,921 AFH Financial Group PLC 8,770,239 2.70%

860,775 AJ Bell PLC 2,071,455 0.64%

1,718,713 Alpha FX Group PLC 9,710,728 2.99%

615,191 Aquis Exchange PLC 3,521,968 1.08%

524,000 Burford Capital Ltd 8,677,440 2.67%

4,248,000 Charter Court Financial Services Group PLC 10,620,000 3.27%

1,528,097 Draper Esprit PLC 8,251,724 2.54%

2,351,916 Fairfx Group PLC 2,810,540 0.86%

842,339 IntegraFin Holdings PLC 2,585,981 0.80%

2,766,830 OneSavings Bank PLC 9,683,905 2.98%

66,703,980 20.53%

General Industrials - 1.18% (2017 - 1.43%) 755,000 Vesuvius PLC 3,824,075 1.18%

3,824,075 1.18%

General Retailers - 4.81% (2017 - 7.19%) 7,628,407 Boohoo Group PLC 12,319,877 3.79%

1,448,556 Joules Group PLC 3,309,950 1.02%

15,629,827 4.81%

Health Care Equipment & Services - 0.47% (2017 - 2.97%) 5,760,581 Kromek Group PLC 1,526,554 0.47%

1,526,554 0.47%

Household Goods & Home Construction - 3.16% (2017 - 3.89%) 139,000 Bellway PLC 3,495,850 1.07%

1,015,000 Crest Nicholson Holdings PLC 3,331,230 1.03%

178,000 Persimmon PLC 3,435,400 1.06%

10,262,480 3.16%


PORTFOLIO OF INVESTMENTS – Merian UK Smaller Companies Focus Fund (continued)


% of Net

Assets

129

Common Stock (continued) Industrial Engineering - 1.96% (2017 - 1.45%)

610,438 Bodycote PLC 4,434,832 1.36%

629,000 Somero Enterprises Inc 1,934,175 0.60%

6,369,007 1.96%

Industrial Transportation - 0.17% (2017 - 1.93%) 1,488,958 GYG PLC 558,359 0.17%

558,359 0.17%

Leisure Goods - 1.16% (2017 - 1.84%) 722,037 Gear4Music Holdings PLC 3,754,592 1.16%

3,754,592 1.16%

Media - 5.90% (2017 - 4.39%) 2,367,319 Ascential PLC 8,924,793 2.75%

7,646,979 Huntsworth PLC 8,258,737 2.54%

1,662,352 S4 Capital PLC 1,978,199 0.61%

19,161,729 5.90%

Mobile Telecommunications - 1.16% (2017 - 0.00%) 518,000 Gamma Communications PLC 3,781,400 1.16%

3,781,400 1.16%

Oil Equipment, Services & Distribution - 0.78% (2017 - 0.00%) 528,000 Hunting PLC 2,534,400 0.78%

2,534,400 0.78%

Other Financial Services - 3.25% (2017 - 1.86%) 192,680 Transferwise 8,491,778 2.61%

8,491,778 2.61%

Personal Goods - 0.69% (2017 - 0.83%) 997,288 Swallowfield PLC 2,243,898 0.69%

2,243,898 0.69%

Pharmaceuticals & Biotechnology - 3.37% (2017 - 4.76%) 1,452,254 Clinigen Group PLC 10,949,995 3.37%

10,949,995 3.37%

Real Estate Investment & Services - 2.94% (2017 - 3.09%) 1,401,279 Helical PLC 4,470,080 1.38%

3,424,303 Purplebricks Group PLC 5,074,817 1.56%

9,544,897 2.94%

Real Estate Investment Trusts - 1.55% (2017 - 1.82%) 633,251 Workspace Group PLC 5,024,847 1.55%

5,024,847 1.55%

Software & Computer Services - 17.26% (2017 - 12.72%) 1,547,877 Blue Prism Group PLC 17,119,520 5.27%

5,880,455 Castleton Technology PLC 5,512,927 1.70%

1,874,205 Funding Circle Holdings PLC 6,466,007 1.99%

1,457,000 GRC International Group PLC 1,704,690 0.52%

822,250 Gresham Technologies PLC 559,130 0.17%

1,202,780 IMImobile PLC 2,850,589 0.88%

2,999,784 IQGEO Group PLC 2,024,854 0.62%

6,829,392 Learning Technologies Group PLC 4,739,598 1.46%

701,376 LoopUp Group PLC 2,033,990 0.63%


PORTFOLIO OF INVESTMENTS – Merian UK Smaller Companies Focus Fund (continued)


% of Net

Assets

130


Software & Computer Services - 17.26% (2017 - 12.72%) (continued)

2,801,775 Microgen PLC 9,568,062 2.94%

3,355,334 Zoo Digital Group PLC 3,506,324 1.08%

56,085,691 17.26%

Support Services - 10.38% (2017 - 9.05%) 5,174,967 1Spatial PLC 1,785,364 0.54%

3,910,659 Boku Inc 2,757,015 0.85%

821,148 Electrocomponents PLC 4,159,936 1.28%

1,763,710 Keystone Law Group PLC 6,278,808 1.93%

2,962,732 Knights Group Holdings PLC 5,362,545 1.65%

4,426,040 Mind Gym Ltd 6,816,102 2.10%

1,196,623 Robert Walters PLC 6,581,427 2.03%

33,741,197 10.38%

Travel & Leisure - 0.38% (2017 - 1.97%) 17,108 Secret Escapes 2,092,651 0.64%

2,770,515 Ten Lifestyle Group PLC 1,232,879 0.38%

3,325,530 1.02%




(Cost GBP 283,971,019) (2017: GBP 261,788,068) 310,959,813 95.70%

Cash at Bank 14,494,524 4.46%



Portfolio Analysis

% of Total

Assets


Transferable securities other than the type referred to in Regulation 68(1) 6.16%




PORTFOLIO OF INVESTMENTS – Merian UK Dynamic Equity Fund


% of Net

Assets

131

Common Stock Beverages - 3.03% (2017 - 3.65%)


13,669,148 3.03%

Chemicals - 1.84% (2017 - 1.47%) 2,321,013 Synthomer PLC 8,304,585 1.84%

8,304,585 1.84%

Construction & Materials - 1.74% (2017 - 3.77%) 4,837,157 Melrose Industries PLC 7,845,869 1.74%

7,845,869 1.74%


19,481,432 4.31%

Financial Services - 12.83% (2017 - 12.77%) 1,172,423 AJ Bell PLC 2,793,415 0.62%

1,112,453 Burford Capital Ltd 18,355,475 4.06%



2,010,000 JTC PLC 7,798,800 1.73%


114,528 Plus500 Ltd 1,564,452 0.35%

57,952,592 12.83%

General Retailers - 10.75% (2017 - 10.74%) 1,833,400 Applegreen PLC 9,167,000 2.03%

19,972,496 Boohoo Group PLC 32,205,650 7.13%

2,070,724 JD Sports Fashion PLC 7,187,483 1.59%

48,560,133 10.75%

Household Goods & Home Construction - 2.08% (2017 - 3.42%) 484,000 Persimmon PLC 9,382,340 2.08%

9,382,340 2.08%

Industrial Engineering - 1.24% (2017 - 1.15%) 773,137 Bodycote PLC 5,597,512 1.24%

5,597,512 1.24%

Life Insurance - 1.69% (2017 - 1.95%) 813,000 St James's Place PLC 7,635,696 1.69%

7,635,696 1.69%


825,426 Future PLC 3,953,791 0.88%

2,986,887 S4 Capital PLC 3,627,574 0.80%

26,637,033 5.90%

Mining - 0.53% (2017 - 0.00%) 445,000 KAZ Minerals PLC 2,382,530 0.53%

2,382,530 0.53%

Other Financial Services - 2.95% (2017 - 1.90%) 303,388 Transferwise 13,337,381 2.95%

13,337,381 2.95%

Pharmaceuticals & Biotechnology - 3.21% (2017 - 6.58%)

1,926,050 Clinigen Group PLC 14,503,546 3.21%

14,503,546 3.21%


PORTFOLIO OF INVESTMENTS – Merian UK Dynamic Equity Fund (continued)


% of Net

Assets

132

Common Stock (continued) Real Estate Investment Trusts - 2.84% (2017 - 2.61%)

1,616,864 Workspace Group PLC 12,821,732 2.84%

12,821,732 2.84%

Software & Computer Services - 5.79% (2017 - 8.97%) 1,025,343 Blue Prism Group PLC 12,263,102 2.71%



1,191,927 Microgen PLC 4,088,310 0.91%

26,172,501 5.79%

Support Services - 12.94% (2017 - 15.25%) 1,544,105 Boku Inc 1,088,594 0.24%

1,815,919 Electrocomponents PLC 9,268,451 2.05%

2,150,575 HomeServe PLC 18,559,462 4.11%

300,972 Johnson Service Group PLC 352,739 0.08%

1,405,000 Pagegroup PLC 6,359,030 1.41%


2,487,136 Smart Metering Systems PLC 12,709,265 2.81%

58,475,070 12.94%

Travel & Leisure - 8.77% (2017 - 6.72%) 2,602,324 GVC Holdings PLC 17,422,559 3.86%

2,272,147 Gym Group PLC 6,066,632 1.34%

2,493,336 SSP Group PLC 16,186,737 3.57%

39,675,928 8.77%



Contracts For Difference - 0.10% (2017 - 0.03%)


Unrealised

Gain GBP

Citibank 147,000 Berkeley Group Holdings PLC 152,880 0.03%

Citibank 50,893 Derwent London PLC 32,063 0.01%

Citibank (280,000) GB115 11,200 0.00%

Citibank (90,343) GB228 3,162 0.00%

Citibank 220,808 Great Portland Estates PLC 13,248 0.00%

Citibank 656,654 Howden Joinery Group PLC 90,618 0.02%

Citibank 4,323,272 Taylor Wimpey PLC 159,961 0.04%

463,132 0.10%


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold GBP

Citibank 15/01/2019 GBP 493,138 EUR 545,791 3,387 0.00%


Value GBP

% of Net

Assets



PORTFOLIO OF INVESTMENTS – Merian UK Dynamic Equity Fund (continued)

133

Value GBP

% of Net

Assets


(Cost GBP 327,018,764) (2017: GBP 381,325,341) 372,901,547 82.54%

Contracts For Difference - (0.07%) (2017 - (0.05%))


Unrealised

Loss GBP

Citibank (266,000) GB097 (67,830) (0.02%)

Citibank (50,000) GB107 (22,000) (0.00%)

Citibank (478,000) GB160 (78,870) (0.03%)

Citibank (65,635) GB164 (5,907) (0.00%)

Citibank (1,317,000) GB199 (35,822) (0.01%)

Citibank (859,063) GB219 (6,873) (0.00%)

Citibank (28,824) GB221 (56,207) (0.01%)

Citibank (102,000) GB222 (9,180) (0.00%)

Citibank (50,128) GB223 (21,054) (0.00%)

Citibank (5,222,065) GB224 (5,901) (0.00%)

Citibank (42,780) IE017 (14,493) (0.00%)

(324,137) (0.07%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Citibank 15/01/2019 EUR 5,155,527 GBP 4,653,905 (27,740) (0.01%)


Value GBP



(Cost GBP Nil) (2017: GBP Nil) (351,877) (0.08%)

Cash at Bank 61,434,089 13.60%



Portfolio Analysis

% of Total

Assets







The following securities have been received by the Sub-Fund as collateral in respect of Contracts For

DIfference:


United Kingdom Treasury Bill Citibank 52,000 102,044

United Kingdom Treasury Bill Citibank 382,000 382,099


PORTFOLIO OF INVESTMENTS – Merian Global Equity Absolute Return Fund


% of Net

Assets

134


77,635 Celanese Corp 6,947,556 0.05%

1,791,388 Covestro AG 88,575,928 0.68%

3,325,689 Iluka Resources Ltd 17,886,207 0.14%

3,503,379 Lynas Corp Ltd 3,919,206 0.03%


20,448,000 Maanshan Iron & Steel Co Ltd 9,007,051 0.07%

73,881 Methanex Corp 3,543,921 0.03%

1,879,373 Mineral Resources Ltd 20,520,359 0.16%

169,400 Nippon Carbon Co Ltd 6,201,603 0.05%

2,490,544 Northern Star Resources Ltd 16,242,312 0.12%

853,285 Novozymes A/S 38,063,389 0.29%

1,513,438 OZ Minerals Ltd 9,400,024 0.07%

3,339,400 Showa Denko KK 99,320,950 0.76%

9,891,368 South32 Ltd 23,387,447 0.18%

3,641,292 Stora Enso OYJ 42,050,854 0.32%

1,603,985 Svenska Cellulosa AB SCA 12,312,558 0.09%

682,700 Tokuyama Corp 15,033,128 0.11%

1,284,400 Tosoh Corp 16,728,923 0.13%

504,291 UPM-Kymmene OYJ 12,790,819 0.10%


534,757,583 4.08%

Communications - 5.24% (2017 - 3.84%) 221,900 51job Inc (DR) 13,691,230 0.10%

1,613,000 Autohome Inc (DR) 128,314,150 0.98%

13,860,000 China Unicom Hong Kong Ltd 14,793,883 0.11%

756,192 F5 Networks Inc 121,467,121 0.93%


13,527 Proofpoint Inc 1,151,554 0.01%

13,123,573 Telefonaktiebolaget LM Ericsson 114,226,238 0.86%

2,891,275 Telenor ASA 55,791,980 0.43%

1,702,729 TripAdvisor Inc 91,181,138 0.70%

55,656 VeriSign Inc 8,174,753 0.06%

113,172 Viacom Inc 2,930,023 0.02%

378,300 Vipshop Holdings Ltd (DR) 2,118,480 0.02%

139,078 Walt Disney Co 14,923,069 0.11%

438,720 Weibo Corp (DR) 25,814,285 0.20%

1,014,789 Wolters Kluwer NV 59,798,315 0.46%

13,988,600 ZTE Corp 26,433,133 0.20%

687,282,424 5.24%

Consumer, Cyclical - 9.99% (2017 - 14.55%)

594,972 adidas AG 124,269,565 0.95%


6,940,000 ANTA Sports Products Ltd 33,272,243 0.25%

430,790 Aristocrat Leisure Ltd 6,640,487 0.05%

933,635 Best Buy Co Inc 47,932,821 0.37%

1,565,700 Best World International Ltd 3,024,118 0.02%

142,406 Capri Holdings Ltd 5,294,655 0.04%

15,784 Costco Wholesale Corp 3,188,999 0.02%



PORTFOLIO OF INVESTMENTS – Merian Global Equity Absolute Return Fund (continued)


% of Net

Assets

135


Consumer, Cyclical - 9.99% (2017 - 14.55%) (continued) 1,163,518 Fossil Group Inc 18,883,897 0.14%

10,079,000 Galaxy Entertainment Group Ltd 64,085,453 0.50%

26,063,800 Genting Singapore Ltd 18,662,800 0.14%

1,374,400 Haseko Corp 14,438,424 0.11%


517,245 HUGO BOSS AG 31,936,668 0.24%

1,429,231 International Consolidated Airlines Group SA 11,266,440 0.09%

7,901,500 Li Ning Co Ltd 8,474,254 0.06%

1,155,052 Lululemon Athletica Inc 140,223,313 1.07%

5,142,900 Marubeni Corp 36,130,587 0.28%

657,600 Mitsui & Co Ltd 10,111,175 0.08%

1,701,309 NIKE Inc 124,774,002 0.95%


162,694 Pandora A/S 6,618,787 0.05%

2,490 Puma SE 1,217,505 0.01%


10,000 Shenzhou International Group Holdings Ltd 113,313 0.00%

49,303 Signet Jewelers Ltd 1,543,677 0.01%

5,425,000 Sinotruk Hong Kong Ltd 8,173,243 0.06%


3,411,300 Sumitomo Corp 48,449,196 0.37%

199,220 Swatch Group AG 58,053,939 0.44%

577,249 Tailored Brands Inc 8,093,031 0.06%

1,475,635 Under Armour Inc 25,853,125 0.20%


843,035 VF Corp 59,492,980 0.46%

37,756 Volvo AB 489,014 0.00%

75,143 Walmart Inc 6,922,925 0.05%

540,172 WW Grainger Inc 152,042,213 1.16%

1,309,909,384 9.99%

Consumer, Non-cyclical - 20.70% (2017 - 14.96%)

1,485,361 a2 Milk Co Ltd 11,117,092 0.08%

411,737 ABIOMED Inc 131,002,361 1.00%

244,417 Adecco Group AG 11,410,349 0.09%


22,475 Amedisys Inc 2,579,905 0.02%

6,681,600 Astellas Pharma Inc 85,172,274 0.65%

2,134,895 Baxter International Inc 139,216,503 1.06%

750,292 Beiersdorf AG 78,320,968 0.60%

163,563 Biogen Inc 48,009,012 0.37%


2,161,397 Bristol-Myers Squibb Co 110,101,563 0.84%

43,349 Carl Zeiss Meditec AG 3,390,340 0.03%

265,730 Carlsberg A/S 28,222,319 0.22%

195,480 Celgene Corp 12,203,816 0.09%

16,243 Chemed Corp 4,533,909 0.03%


1,857,000 China Medical System Holdings Ltd 1,726,060 0.01%

9,274,000 China Resources Beer Holdings Co Ltd 32,384,492 0.25%




% of Net

Assets

136


Consumer, Non-cyclical - 20.70% (2017 - 14.96%) (continued) 278,000 Coca-Cola European Partners PLC 12,657,340 0.10%

273,824 Cochlear Ltd 33,545,002 0.26%

352,443 Coloplast A/S 32,697,450 0.25%

282,784 CSL Ltd 36,955,889 0.28%

55,217,000 CSPC Pharmaceutical Group Ltd 79,664,332 0.61%

316,775 DexCom Inc 37,468,147 0.29%


2,113,784 Elekta AB 24,874,822 0.19%


75,227 Fresenius Medical Care AG & Co KGaA 4,879,108 0.04%

131,144 FTI Consulting Inc 8,401,085 0.06%

197,036 Genmab A/S 32,253,963 0.25%

1,048,301 Getinge AB 9,356,159 0.07%

40,780 Globus Medical Inc 1,751,501 0.01%

540,665 GN Store Nord A/S 20,171,583 0.15%

702,000 Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd 2,514,101 0.02%

483,029 H Lundbeck A/S 21,139,601 0.16%


22,987 Humana Inc 6,488,770 0.05%


194,377 Insperity Inc 17,806,877 0.14%


61,400 Kirin Holdings Co Ltd 1,283,623 0.01%


12,200 Kose Corp 1,915,249 0.01%

75,531 Mallinckrodt PLC 1,204,719 0.01%

423,183 Masimo Corp 44,671,197 0.34%

102,860 Medifast Inc 12,769,040 0.10%

61,797 Medpace Holdings Inc 3,200,467 0.02%

26,309 Monster Beverage Corp 1,290,193 0.01%

589,461 Mowi ASA 12,406,840 0.09%

108,035 National Beverage Corp 7,728,824 0.06%

27,640 Nestle SA 2,241,878 0.02%

3,530,705 Novo Nordisk A/S 161,287,814 1.23%

80,200 Pigeon Corp 3,428,443 0.03%

1,425,510 Procter & Gamble Co 129,978,002 0.99%

389,224 QIAGEN NV 13,228,388 0.10%


1,302,951 Robert Half International Inc 73,486,436 0.56%

537,077 Roche Holding AG 132,870,385 1.01%

116,887 Salmar ASA 5,763,384 0.04%

1,596 SGS SA 3,585,058 0.03%

1,731,300 Shionogi & Co Ltd 98,749,248 0.75%

43,495 Siemens Healthineers AG 1,820,165 0.01%

53,519,500 Sino Biopharmaceutical Ltd 35,259,359 0.27%



3,568,000 SSY Group Ltd 2,642,199 0.02%





% of Net

Assets

137



1,496,188 Swedish Match AB 58,344,625 0.44%


263,617 Treasury Wine Estates Ltd 2,753,701 0.02%

275,279 UCB SA 22,456,414 0.17%




387,939 Weight Watchers International Inc 16,018,001 0.12%

692,284 William Demant Holding A/S 19,628,668 0.15%

905,566 Wirecard AG 137,708,770 1.05%

546,600 YA-MAN Ltd 6,840,892 0.05%

2,713,875,454 20.70%

Diversified - 0.25% (2017 - 0.31%) 1,586,500 CK Hutchison Holdings Ltd 15,232,479 0.12%

1,661,000 Swire Pacific Ltd 17,538,313 0.13%

32,770,792 0.25%


15,009,766 Beach Energy Ltd 14,248,786 0.11%

359,753 Caltex Australia Ltd 6,469,720 0.05%

34,809,000 China Shenhua Energy Co Ltd 76,264,337 0.58%

1,397,830 Denbury Resources Inc 2,404,268 0.02%

3,869,309 DNO ASA 5,594,286 0.04%

4,666,487 Equinor ASA 98,783,627 0.75%


558,557 Neste OYJ 43,083,700 0.33%

2,565,440 Santos Ltd 9,922,568 0.08%

180,687 TGS NOPEC Geophysical Co ASA 4,346,353 0.03%

7,443,494 Whitehaven Coal Ltd 22,695,630 0.17%

307,046,871 2.34%

Financial - 14.69% (2017 - 12.99%) 4,350,840 Aegon NV 20,172,713 0.15%

2,494,618 Aflac Inc 112,133,079 0.86%

666,791 Allianz SE 133,726,811 1.02%

62,607 Apple Hospitality REIT Inc 898,410 0.01%

436,930 ASR Nederland NV 17,431,446 0.13%

24,892,538 Banco Comercial Portugues SA 6,550,322 0.05%

293,591 Brixmor Property Group Inc 4,342,211 0.03%

1,259,238 CBRE Group Inc 50,231,004 0.38%


2,930,000 China Life Insurance Co Ltd 6,224,918 0.05%

24,759,400 China Pacific Insurance Group Co Ltd 80,136,570 0.61%

13,968,400 China Taiping Insurance Holdings Co Ltd 38,344,033 0.29%

5,998,000 CK Asset Holdings Ltd 43,880,721 0.33%

281,771 Comerica Inc 19,126,615 0.15%

3,269,000 Country Garden Services Holdings Co Ltd 5,192,159 0.04%

1,555,300 Dai-ichi Life Holdings Inc 24,303,118 0.19%

547,600 Daito Trust Construction Co Ltd 74,784,819 0.56%

627,009 Evercore Inc 44,348,347 0.34%





% of Net

Assets

138


Financial - 14.69% (2017 - 12.99%) (continued) 371,257 Fidelity National Financial Inc 11,549,805 0.09%


1,609,000 Leopalace21 Corp 6,380,683 0.05%

1,540,000 Logan Property Holdings Co Ltd 1,928,868 0.01%


2,503,364 Manulife Financial Corp 35,125,565 0.27%

752,844 Mastercard Inc 140,149,439 1.07%

9,751,054 Medibank Pvt Ltd 17,687,495 0.13%

398,052 MetLife Inc 16,168,872 0.12%

19,454,647 Mirvac Group 30,757,641 0.23%

168,400 MS&AD Insurance Group Holdings Inc 4,797,208 0.04%

577,770

Muenchener Rueckversicherungs-Gesellschaft AG in

Muenchen 126,068,724 0.96%

8,179,900 New China Life Insurance Co Ltd 32,480,376 0.25%

1,703,997 NN Group NV 67,825,344 0.51%


3,250,000 PICC Property & Casualty Co Ltd 3,323,752 0.03%

671,168 Public Storage 135,508,819 1.03%

514,676 Rayonier Inc 14,210,204 0.11%

2,851,384 Scentre Group 7,848,777 0.06%

109,111 SEI Investments Co 4,971,097 0.04%

56,753 Simon Property Group Inc 9,540,179 0.07%

108,880 SL Green Realty Corp 8,691,890 0.07%

116,900 Sony Financial Holdings Inc 2,184,998 0.02%



2,869,000 Sunac China Holdings Ltd 9,340,785 0.07%

3,141,800 Suruga Bank Ltd 11,601,903 0.09%

1,214,304 T Rowe Price Group Inc 110,914,527 0.85%

164,300 T&D Holdings Inc 1,911,317 0.01%

108,178 Tanger Factory Outlet Centers Inc 2,239,285 0.02%

1,093,396 Travelers Cos Inc 129,283,143 0.99%

209,916 Unibail-Rodamco-Westfield 32,426,562 0.25%

556,662 Visa Inc 72,889,322 0.55%

32,667 Vornado Realty Trust 2,028,947 0.02%

1,925,657,143 14.69%

Industrial - 5.83% (2017 - 10.45%) 763,856 ACS Actividades de Construccion y Servicios SA 29,608,307 0.23%

1,421,038 Alfa Laval AB 30,103,942 0.23%

20,559,000 Anhui Conch Cement Co Ltd 99,746,635 0.76%

2,989,372 Atlas Copco AB 70,290,543 0.54%

106,598 Axon Enterprise Inc 4,586,912 0.03%

173,660 Boeing Co 54,942,551 0.43%

39,142 Canadian Pacific Railway Ltd 6,938,616 0.05%

19,697,000 China Railway Group Ltd 17,930,908 0.14%


49,101 CIMIC Group Ltd 1,504,395 0.01%

7,700,500 ComfortDelGro Corp Ltd 12,158,831 0.09%

2,106,100 DMG Mori Co Ltd 23,772,532 0.18%




% of Net

Assets

139



821,121 DSV A/S 54,042,632 0.41%

3,788,605 Epiroc AB 35,480,966 0.27%

189,564 Expeditors International of Washington Inc 12,583,258 0.10%

1,962,600 Hoya Corp 118,082,710 0.90%

19,590 JB Hunt Transport Services Inc 1,826,376 0.01%


89,883 MTU Aero Engines AG 16,303,324 0.12%

29,935 Norfolk Southern Corp 4,430,679 0.03%

172,489 Old Dominion Freight Line Inc 21,148,876 0.16%

8,681 Rockwell Automation Inc 1,292,775 0.01%

7,363 Rockwool International A/S 1,919,435 0.01%

4,100,443 Sandvik AB 57,872,316 0.45%

134,700 Signify NV 3,205,210 0.02%


4,748 SKF AB 71,308 0.00%

1,245,000 Techtronic Industries Co Ltd 6,612,647 0.05%

169,578 Trex Co Inc 9,862,656 0.08%

32,014,000 Yangzijiang Shipbuilding Holdings Ltd 29,388,972 0.22%

764,420,188 5.83%

Technology - 10.60% (2017 - 12.79%) 631,958 Adobe Inc 141,008,789 1.08%

449,300 Advantest Corp 9,170,308 0.07%

1,271,527 AIXTRON SE 12,242,263 0.09%

452,722 Altium Ltd 6,933,827 0.05%

831,678 Amadeus IT Group SA 58,036,482 0.44%

603,247 ANSYS Inc 86,258,289 0.66%

290,954 ASM International NV 12,020,825 0.09%


130,193 Autodesk Inc 16,564,455 0.13%

2,565,497 Cadence Design Systems Inc 111,188,640 0.85%

666,500 Capcom Co Ltd 13,166,934 0.10%

1,306,289 Cerner Corp 67,940,091 0.51%

1,236,904 Citrix Systems Inc 125,916,827 0.96%


1,353,786 Computershare Ltd 16,425,082 0.13%

32,523 Dropbox Inc 676,153 0.01%

528,972 Electronic Arts Inc 41,947,480 0.32%

1,607,245 Fortinet Inc 113,053,613 0.86%

9,386,100 GungHo Online Entertainment Inc 17,074,179 0.13%

875,263 Intuit Inc 171,420,259 1.31%

923,000 Kingdee International Software Group Co Ltd 815,493 0.01%


1,121,700 Mixi Inc 23,485,873 0.18%

3,428,400 Momo Inc (DR) 83,687,244 0.63%

403,075 NetApp Inc 23,817,702 0.18%

484,360 Nuance Communications Inc 6,330,585 0.05%

614,394 Oracle Corp 27,537,139 0.21%

51,556 Pegasystems Inc 2,441,692 0.02%




% of Net

Assets

140



845,284 SAP SE 84,142,564 0.64%

12,581 ServiceNow Inc 2,268,732 0.02%

110,382 Siltronic AG 9,125,967 0.07%

22,280 SimCorp A/S 1,522,404 0.01%

279,176 Software AG 10,098,831 0.08%

46,926 SPS Commerce Inc 3,819,307 0.03%

32,828 Synopsys Inc 2,745,734 0.02%

30,123 Tableau Software Inc 3,562,346 0.03%

65,736 Temenos AG 7,877,495 0.06%

14,158 Ultimate Software Group Inc 3,436,713 0.03%

50,400 Ulvac Inc 1,462,332 0.01%

1,390,202,200 10.60%


600,500 Beijing Enterprises Holdings Ltd 3,181,807 0.02%

5,414,000 China Resources Gas Group Ltd 21,428,542 0.16%

132,500 CLP Holdings Ltd 1,497,172 0.01%

1,954,567 Endesa SA 45,703,527 0.35%

371,200 ENN Energy Holdings Ltd 3,291,493 0.03%

358,502 Fortum OYJ 7,840,944 0.06%


929,641 Naturgy Energy Group SA 23,845,515 0.18%

38,797 OGE Energy Corp 1,515,023 0.01%

5,639,500 Power Assets Holdings Ltd 39,241,877 0.30%

34,163 PPL Corp 968,521 0.01%

1,474,000 Tokyo Electric Power Co Holdings Inc 8,754,580 0.07%

1,026,950 UGI Corp 53,884,067 0.41%

27,335 Verbund AG 1,165,661 0.01%

222,118,374 1.69%


Coupon

Rate

Maturity

Date

Government Security - 17.52% (2017 - 18.17%) 350,000,000 United States Treasury Bill 0.00 03/01/2019 349,936,265 2.67%

350,000,000 United States Treasury Bill 0.00 10/01/2019 349,803,195 2.67%







2,296,778,010 17.52%

Total Transferable Securities 12,184,818,423 92.93%



141



Unrealised

Gain USD

% of Net

Assets

Bank of America Merrill Lynch 9,725,000 Accton Technology Corp 594,305 0.01%

Bank of America Merrill Lynch (20,827) AE001 46,270 0.00%

Bank of America Merrill Lynch (8,432,703) AS009 1,785,541 0.01%

Bank of America Merrill Lynch (8,020,877) AS010 1,754,952 0.01%

Bank of America Merrill Lynch 13,337,878 Aselsan Elektronik Sanayi Ve Ticaret AS 1,462,655 0.01%

Bank of America Merrill Lynch (470,092) AU013 179,167 0.00%


Bank of America Merrill Lynch (3,354,741) AU018 899,755 0.01%

Bank of America Merrill Lynch (397,832) AU020 - 0.00%




Bank of America Merrill Lynch (2,776,344) AU043 1,057,270 0.01%

Bank of America Merrill Lynch 19,973,839 Aviva PLC 1,734,177 0.01%

Bank of America Merrill Lynch 3,911,741 BAE Systems PLC 279,693 0.00%

Bank of America Merrill Lynch 659,860 Barloworld Ltd 117,652 0.00%

Bank of America Merrill Lynch (80,408,000) BE004 2,053,250 0.02%

Bank of America Merrill Lynch 1,789,345 BIM Birlesik Magazalar AS 16,916 0.00%

Bank of America Merrill Lynch 152,240 Boohoo Group PLC 6,609 0.00%

Bank of America Merrill Lynch (1,324,600) BR04 365,690 0.00%



Bank of America Merrill Lynch 4,177,999 Burberry Group PLC 1,013,549 0.01%

Bank of America Merrill Lynch (1,246,629) CA020 3,139,569 0.02%

Bank of America Merrill Lynch (246,450) CA021 290,831 0.00%



Bank of America Merrill Lynch 288,278 Capitec Bank Holdings Ltd 1,202,725 0.01%

Bank of America Merrill Lynch (4,843,276) CL001 791,539 0.01%

Bank of America Merrill Lynch (59,952,000) CN001 1,301,264 0.01%





Bank of America Merrill Lynch (510,500) CN031 309,601 0.00%


Bank of America Merrill Lynch (5,950,000) CN035 683,710 0.01%










Bank of America Merrill Lynch 157,060 Coca-Cola HBC AG 36,096 0.00%

Bank of America Merrill Lynch 38,920 DiaSorin SpA 22,159 0.00%

Bank of America Merrill Lynch 4,845,292

Emlak Konut Gayrimenkul Yatirim

Ortakligi AS - 0.00%

Bank of America Merrill Lynch 1,522,779 Ferguson PLC 2,274,813 0.02%



142

Contracts For Difference - 3.79% (2017 - 1.03%) (continued)


Unrealised

Gain USD

% of Net

Assets

Bank of America Merrill Lynch 12,303,851 FirstRand Ltd 2,241,536 0.02%

Bank of America Merrill Lynch 3,732,000 Formosa Plastics Corp 256,993 0.00%

Bank of America Merrill Lynch (87,489) GB049 235,700 0.00%




Bank of America Merrill Lynch (2,246,014) GB076 688,251 0.01%


Bank of America Merrill Lynch (3,407,387) GB085 1,474,837 0.01%







Bank of America Merrill Lynch 3,351,627 Hays PLC 19,729 0.00%

Bank of America Merrill Lynch (602,700) HK005 117,379 0.00%

Bank of America Merrill Lynch (12,939,454) HK023 759,953 0.01%

Bank of America Merrill Lynch (42,137,500) HK024 3,335,594 0.03%







Bank of America Merrill Lynch 2,359,589 Howden Joinery Group PLC 581,456 0.01%

Bank of America Merrill Lynch 1,833,506 IG Group Holdings PLC 948,113 0.01%

Bank of America Merrill Lynch 2,830,813 Imperial Logistics Ltd 738,152 0.01%

Bank of America Merrill Lynch (2,597,758) IS001 571,391 0.01%

Bank of America Merrill Lynch (655,768) IT004 167,159 0.00%

Bank of America Merrill Lynch (3,452,448) IT006 774,866 0.01%

Bank of America Merrill Lynch (2,167,662) IT009 2,983,114 0.02%




Bank of America Merrill Lynch 1,684,372 J Sainsbury PLC 15,054 0.00%

Bank of America Merrill Lynch (3,765,000) JP002 16,831,126 0.13%

Bank of America Merrill Lynch (1,106,400) JP007 317,532 0.00%

Bank of America Merrill Lynch (615,900) JP011 2,632,890 0.02%



Bank of America Merrill Lynch (540,700) JP028 393,433 0.00%











143



Unrealised

Gain USD

% of Net

Assets

















Bank of America Merrill Lynch 929,976 Korea Electric Power Corp 217,627 0.00%

Bank of America Merrill Lynch (354,543) KR002 2,614,608 0.02%

Bank of America Merrill Lynch 164,616 Kumho Petrochemical Co Ltd 439,482 0.00%

Bank of America Merrill Lynch (31,900) KY002 4,335 0.00%

Bank of America Merrill Lynch 2,282,515 LG Uplus Corp 598,701 0.00%

Bank of America Merrill Lynch 2,009,968 Moncler SpA 4,366,228 0.03%

Bank of America Merrill Lynch 1,280,078 Mondi PLC 849,890 0.01%

Bank of America Merrill Lynch 1,391,941 Moneysupermarket.com Group PLC 125,828 0.00%

Bank of America Merrill Lynch 2,567,214 Mr Price Group Ltd 2,729,437 0.02%

Bank of America Merrill Lynch (418,100) NL007 992,623 0.01%

Bank of America Merrill Lynch (48,900) NL028 13,299 0.00%

Bank of America Merrill Lynch 22,332,981 Old Mutual Ltd 1,009,400 0.01%

Bank of America Merrill Lynch 169,584 Pearl Abyss Corp 4,947,322 0.04%

Bank of America Merrill Lynch 222,996 Petrofac Ltd 95,382 0.00%

Bank of America Merrill Lynch 281,892,488 Rolls-Royce Holdings PLC 2,299,371 0.02%

Bank of America Merrill Lynch 77,030 Samsung SDS Co Ltd 500,561 0.00%

Bank of America Merrill Lynch (38,479,000) SG004 3,613,736 0.03%

Bank of America Merrill Lynch (14,765,700) SG005 542,199 0.00%





Bank of America Merrill Lynch (374,743) SK008 1,972,290 0.02%

Bank of America Merrill Lynch 1,501,819 Smith & Nephew PLC 38,868 0.00%

Bank of America Merrill Lynch 5,896,644 Standard Chartered PLC 1,460,594 0.01%

Bank of America Merrill Lynch (40,874,594) SZ043 - 0.00%

Bank of America Merrill Lynch 2,135,631 Taylor Wimpey PLC 156,789 0.00%

Bank of America Merrill Lynch 45,292,229 Tesco PLC 144,573 0.00%

Bank of America Merrill Lynch 4,091,281 Truworths International Ltd 1,357,004 0.01%

Bank of America Merrill Lynch 9,100,908 Turkiye Garanti Bankasi AS 400,290 0.00%

Bank of America Merrill Lynch (49,257,400) TW004 2,713 0.00%


Bank of America Merrill Lynch (101,816) US005 364,744 0.00%

Bank of America Merrill Lynch (595,673) US017 4,352,170 0.03%



144



Unrealised

Gain USD

% of Net

Assets




Bank of America Merrill Lynch (1,314,261) US067 2,865,089 0.02%



Bank of America Merrill Lynch (1,591,132) US082 127,291 0.00%




















Bank of America Merrill Lynch (11,167) US348 657 0.00%


























145



Unrealised

Gain USD

% of Net

Assets










Citibank (539,763) CA026 67,374 0.00%

Citibank (2,133,237) CN056 1,874,833 0.01%

Citibank (963,400) CN058 500,968 0.01%

Citibank 1,781,289 Exxaro Resources Ltd 398,835 0.00%

Citibank (480,007) GB203 806,412 0.01%

Citibank (145,700) HK039 713,930 0.01%

Citibank (223,615) IE010 344,367 0.00%

Citibank 2,939,000 Novatek Microelectronics Corp 58,307 0.00%

Citibank 546,000 Pixart Imaging Inc 51,040 0.00%

Citibank 123,017 Samsung Electro-Mechanics Co Ltd 120,379 0.00%

Citibank 1,729,783 Sanlam Ltd 324,757 0.00%

Citibank (108,260) SK004 299,416 0.00%

Citibank (41,572) SK009 199,707 0.00%

Citibank (17,771) SK018 17,937 0.00%

Citibank (4,029,912) SK019 756,402 0.01%

Citibank (2,385,225) SK021 314,472 0.00%

Citibank (319,975) SK022 1,627,048 0.01%

Citibank (8,636,000) TW023 1,963,541 0.01%

Citibank (7,567,000) TW024 327,371 0.00%

Citibank (908,902) US003 154,513 0.00%

Citibank (2,750,561) US010 872,060 0.01%

Citibank (3,096,109) US047 - 0.00%

Citibank (415,741) US120 168,219 0.00%

Citibank (496,635) US123 1,683,593 0.01%

Citibank (1,677,472) US141 738,088 0.01%

Citibank (1,161,763) US157 975,881 0.01%

Citibank (1,897,926) US191 379,585 0.00%

Citibank (936,310) US261 2,003,703 0.02%

Citibank (379,926) US263 702,863 0.01%

Citibank (13,366,214) US336 6,014,796 0.05%

Citibank (1,620,029) US372 518,409 0.01%

Citibank (1,572,764) US475 346,008 0.00%

Citibank (336,055) US521 137,783 0.00%

Citibank (2,032,870) US530 8,599,040 0.07%

Citibank (95,542) US531 28,663 0.00%

Citibank (2,772,834) US576 5,601,125 0.04%

Citibank (4,811,332) US581 1,683,966 0.01%

Citibank (684,862) US587 184,913 0.00%

Morgan Stanley 259,583 Atos SE 1,087,929 0.01%

Morgan Stanley (1,486,178) BE002 4,220,520 0.03%

Morgan Stanley (463,230) BE006 1,787,599 0.01%

Morgan Stanley (716,087) BE007 183,747 0.00%



146



Unrealised

Gain USD

% of Net

Assets

Morgan Stanley 276,636 Carrefour SA 67,508 0.00%

Morgan Stanley 370,227 Dassault Systemes SE 473,180 0.00%

Morgan Stanley (1,032,465) DE001 3,901,510 0.03%


Morgan Stanley (85,676) DE009 610,229 0.01%


Morgan Stanley (1,548,226) DE016 957,352 0.01%

Morgan Stanley (979,587) DE019 3,183,514 0.02%









Morgan Stanley (67,042) DK001 5,304,767 0.04%


Morgan Stanley (1,742,140) DK013 7,827,450 0.06%


Morgan Stanley (50,676) DK016 144,539 0.00%

Morgan Stanley (1,276,240) ES005 2,572,103 0.02%


Morgan Stanley (722,825) ES007 223,481 0.00%

Morgan Stanley (1,293,092) ES009 814,396 0.01%


Morgan Stanley (489,382) FI001 162,513 0.00%




Morgan Stanley (15,824,893) FI014 6,911,660 0.05%

Morgan Stanley (1,244,554) FR001 1,425,139 0.01%

Morgan Stanley (872,534) FR009 3,619,331 0.03%

Morgan Stanley (1,140,422) FR013 557,045 0.01%

Morgan Stanley (707,505) FR014 712,944 0.01%








Morgan Stanley (89,817) GB217 62,738 0.00%

Morgan Stanley 116,899 Hermes International 562,216 0.01%

Morgan Stanley 365,023 Kering SA 2,298,933 0.02%

Morgan Stanley (2,201,912) LU002 1,689,344 0.01%

Morgan Stanley 474,792 LVMH Moet Hennessy Louis Vuitton SE 3,751,422 0.03%

Morgan Stanley (904,105) NL001 838,585 0.01%

Morgan Stanley (1,227,308) NL018 2,411,650 0.02%




147



Unrealised

Gain USD

% of Net

Assets


Morgan Stanley (1,448,428) NO001 901,069 0.01%

Morgan Stanley (869,459) NO002 390,644 0.00%


Morgan Stanley 282,910 Peugeot SA 163,600 0.00%

Morgan Stanley 290,948 Ryanair Holdings PLC 85,724 0.00%

Morgan Stanley (5,650,420) SE003 10,591,014 0.08%


Morgan Stanley (449,045) SE006 107,843 0.00%








Morgan Stanley (11,909,955) SZ006 3,367,751 0.03%

Morgan Stanley (407,087) SZ009 1,117,177 0.01%

Morgan Stanley (23,375) SZ014 40,390 0.00%








Morgan Stanley 123,049 Ubisoft Entertainment SA 197,265 0.00%

497,391,071 3.79%


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

ANZ 22/01/2019 JPY 4,678,060,800 USD 42,000,000 626,677 0.00%

ANZ 22/01/2019 USD 26,202,744 AUD 36,000,000 781,995 0.01%

ANZ 22/01/2019 USD 42,400,000 GBP 33,122,309 60,445 0.00%

Citibank 15/01/2019 CHF 124,942,352 USD 126,543,773 633,047 0.00%

Citibank 15/01/2019 CNH 3,024,587 USD 437,630 2,242 0.00%

Citibank 15/01/2019 EUR 5,343,398,902 USD 6,115,368,802 11,324,288 0.09%

Citibank 15/01/2019 GBP 3,091,087,697 USD 3,919,549,253 30,220,968 0.23%

Citibank 15/01/2019 SEK 593,647,828 USD 66,131,638 266,091 0.00%

Citibank 15/01/2019 SGD 16,605,385 USD 12,125,538 73,658 0.00%

Citibank 15/01/2019 USD 39,775,116 EUR 34,633,795 64,236 0.00%

Citibank 22/01/2019 ZAR 159,446,958 USD 11,000,000 56,690 0.00%

Danske Bank 22/01/2019 CHF 59,669,704 USD 60,500,000 278,427 0.00%

Danske Bank 22/01/2019 USD 11,000,000 ZAR 157,587,410 72,458 0.00%

HSBC 22/01/2019 USD 28,278,563 DKK 183,000,000 158,274 0.00%

HSBC 22/01/2019 USD 11,000,000 HKD 85,976,605 15,361 0.00%

HSBC 22/01/2019 USD 17,000,000 NZD 25,267,651 31,849 0.00%

HSBC 22/02/2019 USD 251,582,876 AUD 348,000,000 5,725,881 0.05%

JP Morgan

Securities 22/01/2019 USD 349,000,000 HKD 2,728,482,000 400,684 0.00%



148


Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain USD

% of Net

Assets

JP Morgan

Securities 22/02/2019 USD 612,195,216 HKD 4,778,000,000 1,168,357 0.01%

RBS 22/01/2019 USD 32,500,000 AUD 45,532,173 348,572 0.00%

RBS 22/01/2019 USD 72,581,502 CAD 95,600,000 2,344,989 0.02%

RBS 22/02/2019 USD 41,140,581 NOK 350,000,000 719,788 0.01%

Societe Generale 22/01/2019 GBP 38,463,003 USD 48,600,000 566,372 0.00%

Toronto Dominion

Bank 22/01/2019 USD 162,000,000 NOK 1,370,552,076 3,935,544 0.04%

Toronto Dominion

Bank 22/02/2019 USD 23,948,995 CAD 32,000,000 422,206 0.00%


Value USD



(Cost USD 13,080,055,641) (2017: USD 10,589,350,725) 12,742,508,593 97.18%



Unrealised

Loss USD Bank of America Merrill Lynch (6,255) AR001 (18,185) (0.00%)

Bank of America Merrill Lynch (18,421,127) AS001 (1,170,147) (0.01%)

Bank of America Merrill Lynch (782,254) AS003 (38,648) (0.00%)


Bank of America Merrill Lynch (657,915) AS007 (349,143) (0.00%)


Bank of America Merrill Lynch 4,774,092 Ashtead Group PLC (1,191,981) (0.01%)

Bank of America Merrill Lynch 32,543 ASOS PLC (139,403) (0.00%)

Bank of America Merrill Lynch 458,491 Associated British Foods PLC (342,373) (0.00%)

Bank of America Merrill Lynch (510,422) AU003 (19,250) (0.00%)


Bank of America Merrill Lynch 1,266,175 B&M European Value Retail SA (67,899) (0.00%)

Bank of America Merrill Lynch 705,863 Barclays PLC (29,741) (0.00%)

Bank of America Merrill Lynch (53,100) BR01 (150,707) (0.00%)


Bank of America Merrill Lynch (4,081,600) BR03 (3,896,522) (0.03%)

Bank of America Merrill Lynch (836,500) BR06 (1,176,271) (0.01%)

Bank of America Merrill Lynch (7,285,200) BR08 (471,393) (0.00%)


Bank of America Merrill Lynch 4,633,836 British Land Co PLC (665,158) (0.01%)

Bank of America Merrill Lynch 1,373,966 BT Group PLC (209,304) (0.00%)

Bank of America Merrill Lynch (503,921) CA015 (88,800) (0.00%)




Bank of America Merrill Lynch 25,458,000 Cathay Financial Holding Co Ltd (414,015) (0.00%)

Bank of America Merrill Lynch 26,349,649 Centrica PLC (63,343) (0.00%)

Bank of America Merrill Lynch (486,200) CN011 (214,075) (0.00%)

Bank of America Merrill Lynch (6,500) CN036 (4,863) (0.00%)

Bank of America Merrill Lynch 836,000 Delta Electronics Inc (25,849) (0.00%)

Bank of America Merrill Lynch 3,527,503 Doosan Infracore Co Ltd (1,321,596) (0.01%)



149

Contracts For Difference - (1.52%) (2017 - (1.85%)) (continued)


Unrealised

Loss USD

% of Net

Assets

Bank of America Merrill Lynch 1,632,000 Epistar Corp (65,676) (0.00%)

Bank of America Merrill Lynch 1,876,188 Eregli Demir ve Celik Fabrikalari TAS (131,557) (0.00%)

Bank of America Merrill Lynch 5,890,000 Estacio Participacoes SA (736,453) (0.01%)

Bank of America Merrill Lynch 616,358 Fevertree Drinks PLC (644,865) (0.01%)

Bank of America Merrill Lynch 1,145,000 Formosa Petrochemical Corp (112,797) (0.00%)

Bank of America Merrill Lynch (2,890,766) GB059 (1,801,174) (0.01%)

Bank of America Merrill Lynch (300,728) GB078 (501,999) (0.01%)



Bank of America Merrill Lynch (2,083,606) GB137 (287,318) (0.00%)












Bank of America Merrill Lynch 134,966 GS Engineering & Construction Corp (404,198) (0.00%)

Bank of America Merrill Lynch 75,320 Hikma Pharmaceuticals PLC (161,557) (0.00%)

Bank of America Merrill Lynch (1,832,000) HK028 (409,332) (0.00%)


Bank of America Merrill Lynch 782,052 Hotel Shilla Co Ltd (712,274) (0.01%)

Bank of America Merrill Lynch (498,021) IE003 (149,691) (0.00%)

Bank of America Merrill Lynch (4,249,615) IE015 (851,868) (0.01%)

Bank of America Merrill Lynch (4,532,680) IT001 (441,182) (0.00%)

Bank of America Merrill Lynch 2,658,800 JBS SA (202,149) (0.00%)

Bank of America Merrill Lynch (675,700) JP160 (265,147) (0.00%)

Bank of America Merrill Lynch (808,440) KR003 (2,612,925) (0.02%)

Bank of America Merrill Lynch 3,049,001 Land Securities Group PLC (1,006,031) (0.01%)

Bank of America Merrill Lynch 460,847 Leonardo SpA (180,479) (0.00%)

Bank of America Merrill Lynch 4,031,297 Meggitt PLC (185,298) (0.00%)

Bank of America Merrill Lynch 152,824 NCSoft Corp (942,534) (0.01%)

Bank of America Merrill Lynch 1,495,910 Next PLC (2,991,145) (0.02%)

Bank of America Merrill Lynch (4,781,310) NZ001 (160,473) (0.00%)

Bank of America Merrill Lynch 5,687,651 Pearson PLC (595,483) (0.01%)

Bank of America Merrill Lynch 2,213,267 Petkim Petrokimya Holding AS (41,847) (0.00%)

Bank of America Merrill Lynch 1,366,617 Premier Oil PLC (872) (0.00%)

Bank of America Merrill Lynch 38,837 Reckitt Benckiser Group PLC (65,100) (0.00%)

Bank of America Merrill Lynch 4,421,868 Rightmove PLC (2,188) (0.00%)

Bank of America Merrill Lynch (372,882) SA001 (66,653) (0.00%)

Bank of America Merrill Lynch (2,586,272) SA002 (3,014,433) (0.02%)




Bank of America Merrill Lynch 41,621,059 Shin Kong Financial Holding Co Ltd (621,133) (0.01%)

Bank of America Merrill Lynch 14,833,000 Sino-American Silicon Products Inc (4,585,508) (0.03%)

Bank of America Merrill Lynch 1,297,301 SK Hynix Inc (680,010) (0.01%)



150



Unrealised

Loss USD

% of Net

Assets

Bank of America Merrill Lynch 102,285 SK Telecom Co Ltd (337,404) (0.00%)

Bank of America Merrill Lynch (16,302) SK011 (161,141) (0.00%)



Bank of America Merrill Lynch (189,998) SK016 (2,529,362) (0.02%)

Bank of America Merrill Lynch (4,271,859) SZ040 (229,081) (0.00%)

Bank of America Merrill Lynch (22,315) SZ049 (329) (0.00%)

Bank of America Merrill Lynch 1,042,997 Tate & Lyle PLC (206,609) (0.00%)

Bank of America Merrill Lynch 1,347,343 Tekfen Holding AS (532,417) (0.01%)

Bank of America Merrill Lynch 345,285 Terna Rete Elettrica Nazionale SpA (72,554) (0.00%)

Bank of America Merrill Lynch (54,927,829) TU001 (4,465,685) (0.03%)

Bank of America Merrill Lynch (12,944,000) TW007 (132,754) (0.00%)

Bank of America Merrill Lynch (4,624,000) TW008 (302,914) (0.00%)

Bank of America Merrill Lynch (506,000) TW022 (41,280) (0.00%)

Bank of America Merrill Lynch 1,058,000 Unimicron Technology Corp (1,921) (0.00%)

Bank of America Merrill Lynch (443,347) US037 (1,120,339) (0.01%)

Bank of America Merrill Lynch (89,039) US109 (13,296) (0.00%)

Bank of America Merrill Lynch (1,643,480) US302 (986,088) (0.01%)





Bank of America Merrill Lynch (1,062,451) US487 (2,978,106) (0.02%)











Bank of America Merrill Lynch 9,263,483 Wm Morrison Supermarkets PLC (1,058,572) (0.01%)

Citibank 2,711,000 Asia Cement Corp (14,824) (0.00%)

Citibank (1,463,291) CA002 (279,346) (0.00%)

Citibank (704,026) CA011 (41,354) (0.00%)

Citibank 1,020,641 Clicks Group Ltd (135,553) (0.00%)

Citibank (1,839,712) CN021 (5,684,710) (0.04%)

Citibank (2,002,240) CN057 (4,384,906) (0.03%)

Citibank 49,303 Coway Co Ltd (162,219) (0.00%)

Citibank 74,015 Daelim Industrial Co Ltd (103,150) (0.00%)

Citibank 7,553 E-MART Inc (37,162) (0.00%)

Citibank (6,468,425) GB188 (2,652,054) (0.02%)

Citibank 8,356 Hana Financial Group Inc (8,624) (0.00%)

Citibank (50,629) KR007 (301,629) (0.00%)

Citibank (5,644,805) KY004 (10,160,649) (0.08%)

Citibank 7,398 LG Household & Health Care Ltd (45,111) (0.00%)

Citibank (868,815) SA004 (5,425,696) (0.04%)

Citibank (12,044,171) SA006 (351,746) (0.00%)

Citibank (28,089) SK020 (46,740) (0.00%)

Citibank (11,386) SK023 (19,839) (0.00%)



151



Unrealised

Loss USD

% of Net

Assets

Citibank (903,235) SK024 (283,353) (0.00%)

Citibank (91,900) SK025 (8,241) (0.00%)

Citibank 30,904,095 Turk Hava Yollari AO (2,495,768) (0.02%)

Citibank (956,810) US034 (612,358) (0.01%)

Citibank (237,861) US111 (4,398,050) (0.03%)

Citibank (1,174,422) US149 (704,653) (0.01%)

Citibank (1,763,313) US167 (1,974,911) (0.02%)

Citibank (1,352,453) US185 (892,619) (0.01%)

Citibank (3,177,524) US188 (1,080,358) (0.01%)

Citibank (178,500) US297 (66,045) (0.00%)

Citibank (1,889,416) US330 (5,139,212) (0.04%)

Citibank (28,416) US369 (36,941) (0.00%)

Citibank (1,248,425) US370 (87,390) (0.00%)

Citibank (5,264,078) US373 (368,485) (0.00%)

Citibank (170,446) US378 (151,697) (0.00%)

Citibank (1,093,151) US386 (1,309,444) (0.01%)

Citibank (364,346) US392 (54,652) (0.00%)

Citibank (2,644,609) US395 (52,892) (0.00%)

Citibank (1,717,944) US404 (927,690) (0.01%)

Citibank (1,211,319) US407 (641,999) (0.01%)

Citibank (2,543,356) US418 (1,424,279) (0.01%)

Citibank (914,349) US419 (64,004) (0.00%)

Citibank (653,789) US464 (7,649,331) (0.06%)

Citibank (2,162,795) US478 (5,236,370) (0.04%)

Citibank (332,878) US496 (515,961) (0.01%)

Citibank (1,434,747) US503 (1,090,408) (0.01%)

Citibank (1,118,242) US523 (6,134,361) (0.05%)

Citibank (2,282,518) US526 (591,999) (0.01%)

Citibank (598,087) US549 (299,044) (0.00%)

Citibank (59,817) US558 (27,670) (0.00%)

Citibank (43,915) US579 (29,862) (0.00%)

Citibank (70,754) US582 (29,009) (0.00%)

Citibank (944,191) US588 (538,189) (0.01%)

Citibank (2,398,602) US589 (7,027,904) (0.05%)

Citibank (526,955) US590 (7,214,014) (0.06%)

Citibank (2,827,871) US606 (1,781,559) (0.01%)

Citibank (21,407) US607 (2,569) (0.00%)

Citibank (1,471,542) US610 (132,439) (0.00%)

Citibank 3,700,000 Wafer Works Corp (36,588) (0.00%)

Citibank 570,000 Walsin Technology Corp (16,959) (0.00%)

Morgan Stanley 983,119 Airbus SE (4,401,759) (0.03%)

Morgan Stanley (2,027,184) AS017 (1,895,623) (0.01%)

Morgan Stanley (54,707) DE007 (70,789) (0.00%)




Morgan Stanley (1,085,116) DE051 (333,061) (0.00%)

Morgan Stanley (684,458) DE053 (2,071,570) (0.02%)


Morgan Stanley 1,567,722 Electricite de France SA (720,132) (0.01%)

Morgan Stanley 7,461,097 Engie SA (3,588,355) (0.03%)

Morgan Stanley (503,133) FR002 (604,944) (0.01%)



152



Unrealised

Loss USD

% of Net

Assets

Morgan Stanley (1,500,861) FR008 (785,191) (0.01%)





Morgan Stanley (3,669,845) FR055 (5,883,275) (0.04%)


Morgan Stanley (2,787,830) IE008 (1,532,325) (0.01%)

Morgan Stanley 30,761 Ipsen SA (237,765) (0.00%)

Morgan Stanley 180,556 Klepierre SA (271,069) (0.00%)

Morgan Stanley 630,411 L'Oreal SA (2,237,839) (0.02%)

Morgan Stanley (868,015) NL014 (854,809) (0.01%)

Morgan Stanley (3,982,638) NL021 (43,325) (0.00%)

Morgan Stanley (1,704,372) NL027 (1,295,913) (0.01%)

Morgan Stanley 12,194 Sartorius Stedim Biotech (34,908) (0.00%)

Morgan Stanley (165,157) SZ048 (368,815) (0.00%)

Morgan Stanley 13,200 Thales SA (18,894) (0.00%)

Morgan Stanley (55,225) US565 (23,195) (0.00%)

(199,332,051) (1.52%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Citibank 15/01/2019 CHF 7,854 USD 8,015 (20) (0.00%)

Citibank 15/01/2019 USD 69,627,387 EUR 60,866,825 (161,756) (0.00%)

Citibank 15/01/2019 USD 5,305,516 GBP 4,184,771 (41,722) (0.00%)

Citibank 15/01/2019 USD 4,880,664 CHF 4,821,015 (26,531) (0.00%)

Citibank 22/01/2019 HKD 332,421,145 USD 42,500,000 (28,877) (0.00%)

Danske Bank 22/01/2019 CAD 8,745,976 USD 6,500,000 (74,532) (0.00%)

Danske Bank 22/01/2019 SEK 365,960,424 USD 41,000,000 (43,539) (0.00%)

Danske Bank 22/01/2019 USD 130,080,103 CHF 130,000,000 (2,330,460) (0.02%)

Danske Bank 22/01/2019 USD 6,500,000 ZAR 94,215,954 (33,403) (0.00%)

Danske Bank 22/02/2019 USD 254,483,734 SEK 2,290,000,000 (2,400,484) (0.02%)

HSBC 22/01/2019 USD 223,474,785 JPY 25,200,000,000 (6,137,436) (0.05%)

HSBC 22/02/2019 USD 127,826,514 DKK 834,000,000 (666,375) (0.01%)

JP Morgan

Securities 22/01/2019 USD 62,000,000 SGD 85,218,591 (616,009) (0.00%)

JP Morgan

Securities 22/02/2019 USD 617,838,793 JPY 69,500,000,000 (16,855,433) (0.12%)

RBS 22/01/2019 EUR 30,477,796 USD 35,000,000 (32,246) (0.00%)

RBS 22/01/2019 USD 1,056,000,000 EUR 926,955,090 (7,498,656) (0.06%)

Toronto

Dominion Bank 22/01/2019 USD 272,801,104 DKK 1,787,000,000 (1,787,420) (0.01%)

Toronto

Dominion Bank 22/01/2019 USD 261,566,254 SEK 2,355,000,000 (1,989,794) (0.02%)

Toronto

Dominion Bank 22/01/2019 USD 29,856,832 GBP 23,600,000 (310,146) (0.00%)

Toronto

Dominion Bank 22/02/2019 USD 445,099,246 EUR 389,000,000 (2,322,852) (0.02%)

Toronto

Dominion Bank 22/02/2019 USD 251,454,517 CHF 247,000,000 (834,820) (0.01%)




153

Value USD

% of Net

Assets




Cash at Bank 285,754,862 2.18%


Net Assets Value as at 31 December 2018 13,111,897,789 100.00%

% of Total








The following securities have been pledged by the Sub-Fund as collateral in respect of Contracts For

Difference:


Tokuyama Corp Merrill Lynch 273,200 6,028,818

Tosoh Corp Merrill Lynch 1,001,500 13,072,259

Weibo Corp (DR) Merrill Lynch 416,000 24,306,880

Best Buy Co Inc Merrill Lynch 288,000 15,252,480

Fossil Group Inc Merrill Lynch 856,000 13,464,880

Haseko Corp Merrill Lynch 1,067,000 11,233,189

Astellas Pharma Inc Merrill Lynch 400,000 5,109,869

Baxter International Inc Merrill Lynch 1,729,900 113,862,018

Shionogi & Co Ltd Merrill Lynch 946,000 54,073,516

Aflac Inc Merrill Lynch 2,480,000 112,988,800

CBRE Group Inc Merrill Lynch 1,250,000 50,050,000

Mastercard Inc Merrill Lynch 300,000 56,595,000

Hoya Corp Merrill Lynch 1,947,000 117,395,777

Intuit Inc Merrill Lynch 739,048 145,481,599

Momo Inc (DR) Merrill Lynch 3,388,000 80,465,000

United States Treasury Bill Citibank 154,180,000 150,845,858




PORTFOLIO OF INVESTMENTS – Merian Strategic Absolute Return Bond Fund^^^


Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

154

Corporate Bonds - 5.61% (2017 - 9.30%) 34,150,000 Asian Development Bank 6.20 06/10/2026 462,501 0.31%

200,000 Cooperatieve Rabobank UA 4.00 10/04/2029 194,398 0.13%


810,000 Credit Suisse Group AG 1.25 17/07/2025 912,793 0.61%

200,000 Digital Stout Holding LLC 3.30 19/07/2029 251,482 0.17%

1,250,000 Intesa Sanpaolo SpA 7.75 29/07/2049 1,554,879 1.04%

950,000 Morgan Stanley 3.65 20/01/2022 956,625 0.64%

69,000 Philip Morris International Inc 1.88 25/02/2021 67,363 0.05%

200,000 Phoenix Group Holdings PLC 5.38 06/07/2027 178,032 0.12%


300,000 TP ICAP PLC 5.25 26/01/2024 367,782 0.25%

1,390,000 UBS Group Funding Switzerland AG 3.87 23/05/2023 1,384,242 0.93%


8,373,830 5.61%

Government Security - 83.32% (2017 - 83.64%) 1,600,000 Angolan Government International Bond 9.38 08/05/2048 1,510,810 1.01%

22,000,000

Bonos de la Nacion Argentina con Ajuste por

CER 3.75 08/02/2019 855,537 0.57%


6,295,000 Cyprus Government International Bond 2.38 25/09/2028 7,302,558 4.89%

3,240,000

Deutsche Bundesrepublik Inflation Linked

Bond 0.10 15/04/2026 4,222,238 2.83%

6,400,000 French Republic Government Bond OAT 0.10 01/03/2028 7,900,578 5.29%


2,250,000 Hellenic Republic Government Bond 3.38 15/02/2025 2,567,126 1.72%




3,475,000 Italy Buoni Poliennali Del Tesoro 1.30 15/05/2028 3,965,710 2.66%


844,800,000 Japanese Government CPI Linked Bond 0.10 10/03/2026 8,060,152 5.40%



1,047,100 Mexican Bonos 7.50 03/06/2027 4,975,259 3.33%

309,000 Mexican Bonos 8.50 18/11/2038 1,522,736 1.02%

800,000 Nigeria Government International Bond 7.63 28/11/2047 681,247 0.46%


2,320,000 Portugal Obrigacoes do Tesouro OT 2.13 17/10/2028 2,765,797 1.85%



2,850,000


International Bond 4.30 12/10/2028 2,571,793 1.72%





4,435,500 United States Treasury Inflation Indexed Bonds 0.38 15/07/2027 4,362,253 2.92%



1,500,000 Uruguay Government International Bond 9.88 20/06/2022 45,934 0.03%

124,393,116 83.32%



PORTFOLIO OF INVESTMENTS – Merian Strategic Absolute Return Bond Fund^^^ (continued)


% of Net

Assets

155


1,192,135


Financials Contingent Capital Fund (UCITS) 11,056,337* 7.41%

11,056,337 7.41%


Futures - 0.13% (2017 - 0.49%)


No of

Contracts

Unrealised

Gain USD

Bank of America

Merrill Lynch 3,951,900 Euro-BTP Future 27 07/03/2019 40,777 0.03%

Bank of America


191,650 0.13%

Swaps - 0.30% (2017 - 0.03%) Value USD

Barclays 3,750,000 CDX IG Credit Future Version 1 5 year 20/12/2023 71,767 0.05%

HSBC 550,000 IRS GBP/LIBOR/fixing 6M, R:GBP 1.417 20/06/2047 24,263 0.02%

JP Morgan


CDX iTraxx Europe Crossover Series 30

Version 2 5 Year 20/12/2023 194,856 0.13%

Morgan Stanley 10,000,000 IRS USD/LIBOR/fixing 3M, R:USD 2.748 08/05/2020 2,843 0.00%



454,160 0.30%


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain USD ANZ 17/01/2019 USD 89,252 NZD 130,000 1,960 0.00%

Bank of America

Merrill Lynch 17/01/2019 JPY 1,055,983,772 KRW 10,478,339,004 200,296 0.14%

Citibank 15/01/2019 EUR 30,272,394 USD 34,646,876 63,178 0.04%

Citibank 15/01/2019 GBP 88,503,495 USD 112,222,992 866,156 0.58%

Citibank 15/01/2019 USD 4,999 EUR 4,352 9 0.00%

Citibank 15/01/2019 USD 23 GBP 18 - 0.00%

Citibank 17/01/2019 MXN 5,300,000 USD 258,260 10,545 0.01%

Citibank 17/01/2019 PLN 310,000 USD 82,173 442 0.00%

Citibank 17/01/2019 USD 2,728,952 BRL 10,589,972 1 0.00%

Goldman Sachs 17/01/2019 CHF 2,200,000 USD 2,225,914 13,868 0.01%

Goldman Sachs 17/01/2019 GBP 1,080,000 USD 1,371,381 8,785 0.01%

Goldman Sachs 17/01/2019 IDR 22,000,000,000 USD 1,505,200 20,940 0.01%

HSBC 17/01/2019 CHF 3,000,000 USD 3,038,787 15,462 0.01%

HSBC 17/01/2019 EUR 2,600,000 USD 2,972,276 9,402 0.01%

HSBC 17/01/2019 KRW 7,460,000,000 EUR 5,827,670 21,536 0.01%

HSBC 17/01/2019 SGD 2,740,000 USD 2,000,378 12,664 0.01%

JP Morgan

Securities 17/01/2019 USD 747,451 RUB 50,500,000 24,389 0.02%

JP Morgan

Securities 23/01/2019 CNY 21,700,000 USD 3,143,333 13,691 0.01%




156


Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain USD

% of Net

Assets

JP Morgan

Securities 23/01/2019 USD 1,433,766 KRW 1,530,000,000 59,150 0.04%

RBS 17/01/2019 CNY 14,550,000 USD 2,114,580 2,867 0.00%

RBS 17/01/2019 EUR 4,020,000 USD 4,554,805 55,327 0.04%

RBS 17/01/2019 JPY 252,500,000 USD 2,254,945 44,938 0.03%

Societe Generale 17/01/2019 USD 4,889,869 CAD 6,530,000 93,026 0.06%

Societe Generale 23/01/2019 USD 2,368,995 SGD 3,100,000 91,098 0.06%

Toronto Dominion

Bank 17/01/2019 CHF 1,500,000 CAD 2,050,752 20,676 0.01%

Toronto Dominion

Bank 17/01/2019 INR 170,000,000 USD 2,351,314 81,046 0.05%

Toronto Dominion

Bank 17/01/2019 SEK 21,100,000 USD 2,334,456 25,938 0.02%

Toronto Dominion

Bank 17/01/2019 USD 1,807,786 ZAR 25,690,000 25,210 0.02%

Toronto Dominion

Bank 18/01/2019 INR 110,000,000 USD 1,521,859 51,911 0.03%


Value USD



(Cost USD 143,406,413) (2017: USD 88,879,655) 146,303,604 98.00%

Futures - (0.64%) (2017 - (0.08%))


No of

Contracts

Maturity

Date

Unrealised

Loss USD

Bank of America

Merrill Lynch (8,479,947) Euro Buxl 30 Year Bond (41) 07/03/2019 (164,590) (0.11%)

Bank of America

Merrill Lynch (18,352,426) Euro-Bund Future (98) 07/03/2019 (125,262) (0.08%)

Bank of America

Merrill Lynch (37,471,790) Euro-OAT Future (217) 07/03/2019 (4,831) (0.00%)

Bank of America

Merrill Lynch (36,068,229)

Japan 10 Year Bond

(TSE) (26) 13/03/2019 (125,335) (0.08%)

Bank of America

Merrill Lynch (23,106,466) Long Gilt Future (147) 27/03/2019 (204,582) (0.14%)

Bank of America

Merrill Lynch (23,117,655) US 10 Year Note Future (190) 20/03/2019 (232,343) (0.17%)

Bank of America

Merrill Lynch (8,972,250) US Ultra Bond (CBT) (56) 20/03/2019 (91,719) (0.06%)

(948,662) (0.64%)

Swaps - (0.12%) (2017 - (1.01%))

Barclays 13,100,000 IRS JPY/LIBOR/fixing 6M, R:JPY 0.066 07/10/2026 (256) (0.00%)

HSBC 19,600,000 IRS CHF/LIBOR/fixing 6M, R:CHF 0.357 21/09/2021 (86,202) (0.05%)

HSBC 715,000 IRS GBP/LIBOR/fixing 6M, R:GBP 1.625 27/07/2047 (13,802) (0.01%)

Morgan Stanley 21,800,000 IRS JPY/LIBOR/fixing 6M, R:JPY 0.075 18/10/2026 (308) (0.00%)

Morgan Stanley 9,000,000 IRS USD/LIBOR/fixing 3M, R:USD 2.877 31/07/2020 (23,987) (0.02%)


(179,451) (0.12%)



157


Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Loss USD

% of Net

Assets

ANZ 17/01/2019 USD 88,951 JPY 10,060,000 (2,676) (0.00%)

Citibank 15/01/2019 USD 166,135 GBP 130,917 (1,146) (0.00%)

Citibank 15/01/2019 USD 333,244 EUR 291,387 (857) (0.00%)

Citibank 17/01/2019 BRL 3,000,000 USD 775,855 (2,779) (0.00%)

Citibank 17/01/2019 EUR 2,613,652 SGD 4,100,000 (14,878) (0.01%)

Goldman Sachs 17/01/2019 CLP 2,240,000,000 USD 3,291,810 (63,970) (0.04%)

Goldman Sachs 17/01/2019 EUR 1,350,000 JPY 173,935,930 (36,057) (0.02%)

Goldman Sachs 17/01/2019 EUR 1,300,000 SEK 13,376,725 (5,567) (0.00%)

Goldman Sachs 17/01/2019 SEK 14,000,000 JPY 173,348,000 (12,775) (0.01%)

Goldman Sachs 17/01/2019 USD 7,446,553 KRW 8,365,000,000 (71,372) (0.04%)

Goldman Sachs 18/01/2019 USD 1,541,696 INR 110,000,000 (32,112) (0.02%)

HSBC 17/01/2019 BRL 10,570,000 JPY 307,886,131 (80,446) (0.05%)

HSBC 17/01/2019 KRW 15,382,558,000 JPY 1,549,973,600 (292,242) (0.21%)

HSBC 17/01/2019 USD 8,894,198 CHF 8,800,000 (64,826) (0.04%)

HSBC 17/01/2019 USD 76,458 IDR 1,112,700,000 (731) (0.00%)

JP Morgan

Securities 17/01/2019 CAD 4,038,178 EUR 2,600,000 (15,294) (0.01%)

JP Morgan

Securities 17/01/2019 USD 3,090,527 JPY 350,000,000 (97,291) (0.07%)

JP Morgan

Securities 17/01/2019 USD 3,052,590 EUR 2,700,000 (43,702) (0.03%)

JP Morgan

Securities 17/01/2019 USD 761,753 CNY 5,250,000 (2,276) (0.00%)

Nomura 17/01/2019 GBP 600,000 JPY 85,393,260 (11,026) (0.01%)

RBS 17/01/2019 SGD 4,470,000 JPY 360,968,592 (3,808) (0.00%)

RBS 17/01/2019 USD 42,068,154 EUR 36,870,000 (214,008) (0.15%)

RBS 17/01/2019 USD 3,108,504 INR 220,000,000 (39,300) (0.03%)

RBS 17/01/2019 USD 3,000,000 JPY 332,409,300 (27,694) (0.02%)

Societe

Generale 17/01/2019 CNY 7,750,000 EUR 987,945 (5,117) (0.00%)

Societe

Generale 17/01/2019 NOK 18,000,000 USD 2,099,849 (24,485) (0.02%)

Societe

Generale 17/01/2019 USD 2,100,695 KRW 2,367,000,000 (26,595) (0.02%)

Societe

Generale 17/01/2019 USD 2,694,114 IDR 39,000,000,000 (11,343) (0.01%)

State Street 17/01/2019 USD 2,167,504 EUR 1,900,000 (11,397) (0.01%)

Toronto

Dominion Bank 17/01/2019 AUD 4,710,000 USD 3,404,270 (78,784) (0.05%)

Toronto

Dominion Bank 17/01/2019 CAD 2,010,000 USD 1,503,941 (27,437) (0.02%)

Toronto

Dominion Bank 17/01/2019 NOK 1,640,000 USD 191,615 (2,527) (0.00%)

Toronto

Dominion Bank 17/01/2019 USD 4,745,374 MXN 95,960,000 (121,842) (0.08%)

Toronto

Dominion Bank 17/01/2019 USD 1,521,298 CNY 10,500,000 (6,762) (0.00%)


Value USD




158

Value USD

% of Net

Assets



Cash at Bank 3,058,115 2.05%



% of Total



UCITS 7.19%





The following securities have been pledged by the Sub-Fund as collateral in respect of Interest Rate

Swaps:


Deutsche Bundesrepublik

Inflation Linked Bond

Morgan

Stanley 447,000

581,471


PORTFOLIO OF INVESTMENTS – Merian Europe (ex UK) Smaller Companies Fund


% of Net

Assets

159

Common Stock Communications - 10.26% (2017 - 2.21%)

436,961 Ascom Holding AG 5,267,082 2.15%

748,989 Cerved Group SpA 5,359,016 2.19%

306,100 Freenet AG 5,186,865 2.12%

344,000 Home24 SE 3,839,728 1.57%

128,622 Stroeer SE & Co KGaA 5,425,276 2.23%

25,077,967 10.26%

Consumer, Cyclical - 20.46% (2017 - 28.78%) 138,994 Akasol AG 4,753,595 1.94%

930,612 Byggmax Group AB 2,904,959 1.19%

1,219,384 Dalata Hotel Group PLC 5,804,268 2.38%

241,624 De' Longhi SpA 5,339,890 2.18%

948,684 Dometic Group AB 5,089,858 2.08%

289,544 EDAG Engineering Group AG 4,592,168 1.88%

2,413,000 Europris ASA 5,619,950 2.30%

101,496 Fnac Darty SA 5,704,075 2.33%

96,700 KTM Industries AG 5,201,478 2.13%

368,243 Takkt AG 5,022,835 2.05%

50,033,076 20.46%

Consumer, Non-cyclical - 14.84% (2017 - 15.49%) 1,361,511 AcadeMedia AB 5,219,575 2.13%

570,287 BioArctic AB 4,561,721 1.87%

197,248 Corbion NV 4,781,292 1.96%

250,477 Dermapharm Holding SE 5,685,828 2.33%

353,200 Ontex Group NV 5,986,740 2.44%

1,294,400 Prosegur Cia de Seguridad SA 5,682,416 2.32%

63,192 Sixt SE 4,372,886 1.79%

36,290,458 14.84%

Energy - 3.40% (2017 - 3.85%) 389,953 SBM Offshore NV 5,057,690 2.07%

279,385 SIF Holding NV 3,268,805 1.33%

8,326,495 3.40%

Financial - 17.21% (2017 - 15.42%) 161,200 AURELIUS Equity Opportunities SE & Co KGaA 5,113,264 2.09%

277,260 Banca Generali SpA 5,026,724 2.06%

164,100 Corestate Capital Holding SA 4,972,230 2.03%

989,132 EFG International AG 5,048,353 2.06%

396,400 Intertrust NV 5,747,800 2.36%

130,158 Nexity SA 5,136,035 2.10%

714,160 Sbanken ASA 5,388,662 2.20%

266,807 VIB Vermoegen AG 5,656,308 2.31%

42,089,376 17.21%

Industrial - 18.97% (2017 - 21.39%) 72,532 Alten SA 5,294,836 2.17%

58,634 Barco NV 5,834,083 2.39%

134,882 FLSmidth & Co A/S 5,294,147 2.16%

91,000 IMA Industria Macchine Automatiche SpA 4,950,400 2.02%

408,482 Koninklijke Volkerwessels NV 5,604,373 2.29%

236,606 Signify NV 4,916,673 2.01%

349,210 Vaisala OYJ 5,761,965 2.36%


PORTFOLIO OF INVESTMENTS – Merian Europe (ex UK) Smaller Companies Fund (continued)


% of Net

Assets

160


Industrial - 18.97% (2017 - 21.39%) (continued) 747,200 va-Q-tec AG 3,870,496 1.58%

270,422 Wienerberger AG 4,867,596 1.99%

46,394,569 18.97%

Technology - 7.85% (2017 - 6.09%) 214,100 BE Semiconductor Industries NV 3,955,283 1.62%

127,885 CompuGroup Medical SE 5,171,669 2.11%

67,000 Sopra Steria Group 5,423,650 2.22%

1,094,000 X-Fab Silicon Foundries SE 4,644,030 1.90%

19,194,632 7.85%

Utilities - 2.47% (2017 - 2.07%) 128,245 Rubis SCA 6,032,645 2.47%

6,032,645 2.47%




Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain EUR Citibank 15/01/2019 EUR 20,740 USD 23,735 40 0.00%

Citibank 15/01/2019 GBP 1,620,480 EUR 1,795,411 10,497 0.00%


Value EUR



(Cost EUR 286,266,457) (2017: EUR 397,096,370) 233,449,755 95.46%


Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Loss EUR Citibank 15/01/2019 EUR 52,740 GBP 47,625 (334) (0.00%)

Citibank 15/01/2019 USD 1,448,562 EUR 1,265,822 (2,459) (0.00%)


Value EUR



(Cost EUR Nil) (2017: EUR Nil) (2,793) (0.00%)

Cash at Bank 11,011,524 4.50%




PORTFOLIO OF INVESTMENTS – Merian Europe (ex UK) Smaller Companies Fund (continued)

161

% of Total







PORTFOLIO OF INVESTMENTS – Merian Global Equity Income Fund (IRL)


% of Net

Assets

162

Common Stock

Basic Materials - 4.74% (2017 - 3.87%)

102,802 Altri SGPS SA 682,768 0.42%

7,769 BHP Group PLC 163,829 0.10%

5,146 Celanese Corp 462,986 0.28%

88,000 China Oriental Group Co Ltd 52,358 0.03%

3,968 Domtar Corp 139,396 0.08%

75,042 Ence Energia y Celulosa SA 471,329 0.28%

86,835 Ferrexpo PLC 215,810 0.13%

52,237 Labrador Iron Ore Royalty Corp 929,714 0.56%

2,655 LOTTE Fine Chemical Co Ltd 97,677 0.06%

11,612 LyondellBasell Industries NV 965,654 0.58%

534,000 Maanshan Iron & Steel Co Ltd 235,219 0.14%

16,379 Merck & Co Inc 1,251,519 0.75%

346 Methanex Corp 16,681 0.01%

197,904 Navigator Co SA 815,831 0.50%

300 Nippon Carbon Co Ltd 10,983 0.01%

52,700 PTT Global Chemical PCL 115,323 0.07%


1,605 Rio Tinto Ltd 88,892 0.05%


21,400 Showa Denko KK 636,482 0.39%

128,265 Sidi Kerir Petrochemicals Co 122,556 0.07%

8,150 Vale SA 107,244 0.06%


7,870,926 4.74%

Communications - 9.17% (2017 - 4.07%)

6,000 Accton Technology Corp 19,247 0.01%

226 Alphabet Inc - Class A 236,161 0.14%


1,093 Amazon.com Inc 1,641,653 0.99%

151,840 America Movil SAB de CV 107,863 0.06%

23,550 Ascom Holding AG 325,059 0.20%

17,223 AT&T Inc 491,545 0.30%

30,141 CenturyLink Inc 456,636 0.28%

33,336 Cisco Systems Inc 1,444,449 0.87%


1,000 Dip Corp 16,381 0.01%

4,137 DNA OYJ 80,913 0.05%

4,052 F5 Networks Inc 656,546 0.40%

3,069 Facebook Inc 402,315 0.24%

2,495 John Wiley & Sons Inc 117,190 0.07%

30,053 Juniper Networks Inc 808,726 0.50%

15,043 LG Uplus Corp 237,954 0.14%

133,949 Mediaset Espana Comunicacion SA 842,084 0.51%


3,890,400 My EG Services Bhd 917,879 0.55%

681 NCSoft Corp 284,717 0.17%


2,409 Sanoma OYJ 23,406 0.01%

694 SK Telecom Co Ltd 167,623 0.10%


PORTFOLIO OF INVESTMENTS – Merian Global Equity Income Fund (IRL) (continued)


% of Net

Assets

163




79,690 Telecom Egypt Co 56,396 0.03%

2,185 Telekom Austria AG 16,614 0.01%

51,956 Telenor ASA 1,002,578 0.60%

6,900 T-Gaia Corp 130,350 0.08%


15,211,242 9.17%


182,751 888 Holdings PLC 408,339 0.25%

96,505 Accent Group Ltd 81,736 0.05%

505,440 Aeroflot PJSC 733,712 0.44%


6,359 Allison Transmission Holdings Inc 279,224 0.17%

12,887 Bed Bath & Beyond Inc 145,881 0.09%

14,526 Best Buy Co Inc 769,297 0.46%


43,023 Buckle Inc 832,064 0.50%

3,311 Burberry Group PLC 73,368 0.04%

255 Carnival PLC 12,252 0.01%

13,534 Cineplex Inc 252,803 0.15%

4,487 DFS Furniture PLC 10,415 0.01%

2,200 Exedy Corp 53,847 0.03%


31,168 Ford Otomotiv Sanayi AS 294,650 0.18%

362,000 Giordano International Ltd 171,011 0.10%

54,370 Harvey Norman Holdings Ltd 121,263 0.07%

44,600 Haseko Corp 468,534 0.28%

1,134 Home Depot Inc 194,843 0.12%

1,481 HUGO BOSS AG 91,443 0.06%

420,000 IT Ltd 220,396 0.13%

2,547 Kering SA 1,200,460 0.72%

19,144 Kindred Group PLC (DR) 174,497 0.11%

14,249 Kohl's Corp 945,279 0.57%

31,002 Macy's Inc 923,240 0.56%

118,700 Marubeni Corp 833,907 0.50%

983,300 Matahari Department Store Tbk PT 382,921 0.23%

35,500 Mitsui & Co Ltd 545,844 0.33%

2,442 Moncler SpA 80,898 0.05%

28,640 National CineMedia Inc 185,587 0.11%

896 Next PLC 45,658 0.03%

2,559 NIKE Inc 189,724 0.11%



333 Pandora A/S 13,547 0.01%

4,331 Ralph Lauren Corp 448,085 0.27%

6,039 Redrow PLC 37,889 0.02%

268,000 Sa Sa International Holdings Ltd 101,284 0.06%

13,000 Showa Corp 153,122 0.09%

15,484 Signet Jewelers Ltd 491,927 0.30%




% of Net

Assets

164




60,700 Sojitz Corp 210,900 0.13%

1,400 Subaru Corp 30,051 0.02%

66,600 Sumitomo Corp 945,891 0.57%

40,632 Super Retail Group Ltd 201,607 0.12%



141,675 Taylor Wimpey PLC 246,464 0.15%

30,000 Texwinca Holdings Ltd 9,806 0.01%

13,153 Toro Co 734,990 0.44%

1,500 United Arrows Ltd 47,956 0.03%

13,016 VF Corp 928,561 0.56%

3,533 WW Grainger Inc 997,578 0.60%

18,928,900 11.41%


2,942 a2 Milk Co Ltd 22,019 0.01%

17,144 AbbVie Inc 1,580,505 0.95%

2,154 ABIOMED Inc 700,136 0.42%

3,266 Adecco Group AG 152,470 0.09%

2,111 Align Technology Inc 442,107 0.27%

23,387 Altria Group Inc 1,155,084 0.70%

3,612 Amadeus Fire AG 337,092 0.20%

172 Amedisys Inc 20,143 0.01%

8,132 Amgen Inc 1,583,056 0.95%

73,054 Arjo AB 231,346 0.14%

2,028 Ashtead Group PLC 42,388 0.03%

69,300 Astellas Pharma Inc 883,387 0.53%


311 BioGaia AB 11,030 0.01%

9,584 Biotage AB 116,691 0.07%


80,171 C&C Group PLC 250,165 0.15%

5,076 Cardinal Health Inc 226,390 0.14%

39 Chemed Corp 11,048 0.01%

673,000 China Medical System Holdings Ltd 625,546 0.38%


458 Cochlear Ltd 56,108 0.03%

811 Coloplast A/S 75,239 0.05%

22,165 Dean Foods Co 84,448 0.05%

2,875 DexCom Inc 344,425 0.21%

1,189 DiaSorin SpA 96,260 0.06%

12,307 Elekta AB 144,828 0.09%

11,949 Eli Lilly & Co 1,382,738 0.83%

6,383 Ennis Inc 122,873 0.07%

73,900 Estacio Participacoes SA 453,039 0.27%

113,645 Estia Health Ltd 183,682 0.11%

7,662 Extendicare Inc 35,724 0.02%

2,357 ForFarmers NV 21,727 0.01%

1,100 Fullcast Holdings Co Ltd 17,929 0.01%




% of Net

Assets

165



3,009 Getinge AB 26,856 0.02%


595 GN Store Nord A/S 22,199 0.01%

20,315 H Lundbeck A/S 889,079 0.54%

1,795 Halozyme Therapeutics Inc 26,261 0.02%

473,131 Hays PLC 845,731 0.51%

34,189 Healius Ltd 53,811 0.03%

2,489 Humana Inc 713,049 0.43%

365 IDEXX Laboratories Inc 67,897 0.04%


112 Insperity Inc 10,456 0.01%

3,218 Johnson & Johnson 415,283 0.25%

7,889 Kforce Inc 243,928 0.15%

4,777 L'Oreal SA 1,100,593 0.66%

2,545 Medical Facilities Corp 28,104 0.02%

589 Medifast Inc 73,636 0.04%

14,726 Meridian Bioscience Inc 255,644 0.15%

18,700 METRO AG 286,832 0.17%

22,426 Mowi ASA 472,017 0.28%

525 Nestle SA 42,583 0.03%

11,786 Northgate PLC 57,154 0.03%

391 Norway Royal Salmon ASA 8,063 0.00%

30,015 Novo Nordisk A/S 1,371,129 0.83%


125,302 Pagegroup PLC 721,215 0.43%

39,452 Patterson Cos Inc 775,626 0.47%

32,364 Pfizer Inc 1,412,688 0.85%

2,783 Philip Morris International Inc 185,793 0.11%


41,895 QinetiQ Group PLC 153,200 0.09%

385,007 Redde PLC 835,681 0.50%

8,384 ResMed Inc 954,686 0.58%

9,110 Robert Half International Inc 521,092 0.31%

7,029 Roche Holding AG 1,738,942 1.05%

9,272 Salmar ASA 457,177 0.28%

1,611 Sartorius Stedim Biotech 161,139 0.10%

12,000 Shionogi & Co Ltd 684,452 0.41%

2,924 Siemens Healthineers AG 122,363 0.07%

10,462 Smith & Nephew PLC 195,560 0.12%

3,153 Sonova Holding AG 514,684 0.31%

350 Straumann Holding AG 219,851 0.13%

2,184 Swedish Match AB 85,166 0.05%

352 Swedish Orphan Biovitrum AB 7,589 0.00%

12,982 Tate & Lyle PLC 109,398 0.07%

5,075 Unilever PLC 266,221 0.16%

609 USANA Health Sciences Inc 71,698 0.04%

7,600 William Demant Holding A/S 215,487 0.13%

3,600 YA-MAN Ltd 45,055 0.03%

35,269,258 21.25%




% of Net

Assets

166


Diversified - 0.20% (2017 - 0.57%)

5,587 Barloworld Ltd 44,731 0.03%


67,160 Tekfen Holding AS 263,104 0.16%

328,953 0.20%

Energy - 3.65% (2017 - 5.30%)

64,603 Antero Midstream GP LP 722,261 0.45%

1,285,300 Bukit Asam Tbk PT 384,333 0.23%

174 Chevron Corp 18,929 0.01%


12,710 CVR Energy Inc 438,241 0.26%

12,901 ERG SpA 243,753 0.15%

109,804 Exxaro Resources Ltd 1,052,668 0.63%

5,932 Exxon Mobil Corp 404,503 0.24%

14,061 Gulf Keystone Petroleum Ltd 32,495 0.02%

1,919 LUKOIL PJSC 137,577 0.08%

11,015 Occidental Petroleum Corp 676,101 0.41%

11,300 Petroleo Brasileiro SA 74,055 0.04%

14,493 Royal Dutch Shell PLC 433,009 0.26%

66,000 Shougang Fushan Resources Group Ltd 13,398 0.01%

18,948 TransAlta Renewables Inc 144,272 0.09%

3,313 Valero Energy Corp 248,375 0.15%


6,061,396 3.65%

Financial - 23.90% (2017 - 25.60%)

5,782 Aflac Inc 263,428 0.16%

1,740 Alaris Royalty Corp 21,706 0.01%

6,096 Allianz SE 1,222,570 0.74%



179,870 Aviva PLC 862,366 0.52%


10,100 BB Seguridade Participacoes SA 71,898 0.04%

1,580 Brixmor Property Group Inc 23,210 0.01%



1,644,000 China CITIC Bank Corp Ltd 999,129 0.60%

2,800,000 China Development Financial Holding Corp 885,445 0.53%



11,846 Comerica Inc 813,701 0.49%

19,950 Commercial International Bank Egypt SAE 82,483 0.05%



14,944 doBank SpA 158,204 0.10%

642,950 Ecopetrol SA 523,786 0.32%

2,441 Evercore Inc 174,678 0.11%

3,759 Everest Re Group Ltd 818,560 0.49%





% of Net

Assets

167



345,213 Fibra Uno Administracion SA de CV 383,381 0.23%

27,216 Fidelity National Financial Inc 855,671 0.52%

24,736 First Hawaiian Inc 556,807 0.34%


14,445 Gaming and Leisure Properties Inc 466,718 0.28%



4,700 Goldcrest Co Ltd 67,757 0.04%

21,144 Great-West Lifeco Inc 437,489 0.26%


24,939 HFF Inc 826,977 0.50%


968 Hyundai Marine & Fire Insurance Co Ltd 35,613 0.02%


12,628 James River Group Holdings Ltd 461,427 0.28%



9,743 KKR Real Estate Finance Trust Inc 186,578 0.11%

727,000 Krung Thai Bank PCL 428,704 0.26%

17,687 Ladder Capital Corp 273,618 0.16%

224,400 Leopalace21 Corp 889,885 0.54%




7,435 Manulife Financial Corp 105,742 0.06%

213,167 Mapfre SA 566,306 0.34%

8,546 Mastercard Inc 1,612,203 0.97%



25,574 MetLife Inc 1,050,069 0.63%

17,890 Moelis & Co 615,058 0.37%



21,924 Navient Corp 193,150 0.12%

7,466 NN Group NV 297,516 0.18%

50 Norwegian Finans Holding ASA 386 0.00%

3,426 NSI NV 133,779 0.08%

33,427 Orange Life Insurance Ltd 838,822 0.51%


10,680 Pendal Group Ltd 60,077 0.04%

10,891 Phillips 66 938,259 0.57%

129,000 Poly Property Group Co Ltd 40,352 0.02%


16,661 Principal Financial Group Inc 735,916 0.44%

2,699 Prudential Financial Inc 220,103 0.13%

5,610 Public Storage 1,135,520 0.68%

8,755 REC Ltd 15,318 0.01%

57,942 Regions Financial Corp 775,264 0.47%

11,218 Sabre Insurance Group PLC 39,103 0.02%




% of Net

Assets

168



14,033 Selvaag Bolig ASA 65,394 0.04%


192,500 Shui On Land Ltd 42,765 0.03%

41,514 Societa Cattolica di Assicurazioni SC 337,755 0.20%

18,176 Spirit Realty Capital Inc 640,704 0.39%

20,500 Sul America SA 151,274 0.09%

1,000 Sun Hung Kai & Co Ltd 472 0.00%

5,638 SunTrust Banks Inc 284,381 0.17%

162,300 Suruga Bank Ltd 599,334 0.36%

18,575 Synovus Financial Corp 594,214 0.36%

10,258 T Rowe Price Group Inc 947,019 0.57%

12,300 Takara Leben Co Ltd 33,786 0.02%

9,467 Tanger Factory Outlet Centers Inc 191,423 0.12%



10,658 VICI Properties Inc 200,157 0.12%

585 Visa Inc 77,185 0.05%


143 Wells Fargo & Co 6,590 0.00%

38,363 Xenia Hotels & Resorts Inc 659,844 0.40%



39,659,624 23.90%

Industrial - 6.58% (2017 - 7.39%)

159,000 Anhui Conch Cement Co Ltd 771,424 0.46%

640 Ansell Ltd 9,956 0.01%

5,781 Boeing Co 1,864,373 1.12%



89,459 CSR Ltd 177,424 0.11%


46,300 DMG Mori Co Ltd 522,610 0.31%

1,800 Fujimi Inc 34,528 0.02%


39,671 Go-Ahead Group PLC 773,962 0.47%

267,579 GWA Group Ltd 525,023 0.32%

89,200 Hazama Ando Corp 589,015 0.35%

4,500 Hoya Corp 270,749 0.16%

15,358 KEPCO Plant Service & Engineering Co Ltd 456,970 0.28%

12,049 Koninklijke BAM Groep NV 34,687 0.02%



717 Louisiana-Pacific Corp 15,932 0.01%

3,100 Nippon Sheet Glass Co Ltd 23,572 0.01%

83,320 Nobina AB 557,495 0.34%


5,315 Raytheon Co 815,055 0.50%

663,596 Rolls-Royce Holdings PLC 847 0.00%




% of Net

Assets

169



21,315 Signify NV 499,628 0.30%


32,331 Stagecoach Group PLC 54,696 0.03%

128,000 TK Group Holdings Ltd 69,620 0.04%

2,228 Union Pacific Corp 307,977 0.19%

80,400 Yumeshin Holdings Co Ltd 579,170 0.35%

10,922,226 6.58%

Technology - 10.44% (2017 - 12.53%)

2,630 Accenture PLC 370,857 0.22%

3,488 Adobe Inc 789,125 0.48%

3,800 Advantest Corp 77,559 0.05%

2,083 ANSYS Inc 297,744 0.18%

14,360 Apple Inc 2,265,147 1.36%

1,778 Aspen Technology Inc 146,116 0.09%

2,742 Cadence Design Systems Inc 119,222 0.07%

1,600 Capcom Co Ltd 31,609 0.02%

3,221 Cerner Corp 168,909 0.10%

8,143 Citrix Systems Inc 834,331 0.50%

3,000 CompuGroup Medical SE 138,924 0.08%

4,158 Computacenter PLC 53,408 0.03%

8,708 EMIS Group PLC 101,511 0.06%

719 Fortinet Inc 50,639 0.03%


13,616 Infosys Ltd 128,519 0.08%

87,000 Infosys Ltd (DR) 828,240 0.50%

11,459 International Business Machines Corp 1,302,545 0.78%

6,477 Intuit Inc 1,274,997 0.77%

416 Manhattan Associates Inc 17,626 0.01%

18,340 Microsoft Corp 1,862,794 1.12%

38,400 Mixi Inc 804,010 0.48%

13,276 NetApp Inc 792,179 0.48%

10,740 NetEnt AB 43,849 0.03%

114,000 Novatek Microelectronics Corp 526,660 0.32%

3,493 Oracle Corp 157,709 0.10%


12,677 Paychex Inc 825,907 0.50%

131,428 Pitney Bowes Inc 776,740 0.47%

40,758 Rudolph Technologies Inc 834,316 0.50%



2,939 Tieto OYJ 79,357 0.05%

4,700 Tokyo Electron Ltd 535,000 0.32%

17,336,113 10.44%

Utilities - 7.37% (2017 - 5.69%)

371,460 A2A SpA 668,877 0.40%

71,312 AES Corp/VA 1,031,171 0.62%

1,006,182 AES Gener SA 279,687 0.17%

22,161 CenterPoint Energy Inc 625,605 0.38%




% of Net

Assets

170


Utilities - 7.37% (2017 - 5.69%) (continued)

449,943 Centrica PLC 774,983 0.47%

21,428 CEZ AS 510,319 0.31%


36,000 China Resources Power Holdings Co Ltd 69,221 0.04%

45,708 Clearway Energy Inc 788,463 0.48%

5,480 Edison International 311,099 0.19%

45,345 Endesa SA 1,045,242 0.63%

75,997 Engie SA 1,089,978 0.66%

149,600,000 Federal Grid Co Unified Energy System PJSC 317,912 0.19%

3,007 GAIL India Ltd 15,519 0.01%

3,821 Italgas SpA 21,860 0.01%

16,114 National Fuel Gas Co 824,715 0.50%

152,050 NHPC Ltd 56,627 0.03%

45,689 Northland Power Inc 727,965 0.44%


11,146 OGE Energy Corp 436,811 0.26%


30,292 PPL Corp 858,172 0.51%

1,485 UGI Corp 79,225 0.05%

54,941 Valener Inc 780,174 0.47%

12,238,267 7.37%


Preferred Stock

Financial - 0.03% (2017 - 0.00%)

9,100 Banco do Estado do Rio Grande do Sul SA 52,077 0.03%

52,077 0.03%

Technology - 0.06% (2017 - 0.08%)


98,170 0.06%



(Cost USD 174,096,619) (2017: USD 153,498,135) 163,977,152 98.80%

Futures - (0.02%) (2017 - (0.03%))


No of

Contracts

Maturity

Date

Unrealised

Loss USD Bank of America

Merrill Lynch 612,995 DJ Euro Stoxx 50 Future 18 15/03/2019 (14,634) (0.01%)

Bank of America


(37,038) (0.02%)




171

Value USD

% of Net

Assets



Cash at Bank 2,899,151 1.75%



Portfolio Analysis

% of Total

Assets






PORTFOLIO OF INVESTMENTS – Merian Gold & Silver Fund


% of Net

Assets

172

Common Stock

Basic Materials - 77.24% (2017 - 80.65%)

321,183 Agnico Eagle Mines Ltd 12,993,997 4.46%

222,083 Americas Silver Corp 363,629 0.12%

8,510,870 Apollo Minerals Ltd 901,046 0.31%

6,505,500 Cartier Resources Inc 597,076 0.20%

1,019,665 Continental Gold Inc 1,684,530 0.58%

1,612,392 Dacian Gold Ltd 2,845,066 0.98%

2,450,717 Endeavour Silver Corp 5,290,286 1.81%

5,190,714 Evolution Mining Ltd 13,518,706 4.64%

2,885,000 Falco Resources Ltd 614,303 0.21%

1,675,000 First Majestic Silver Corp 9,863,427 3.38%

2,794,096 Fortuna Silver Mines Inc 10,257,699 3.52%

160,000 Franco-Nevada Corp 11,246,222 3.86%

989,790 Fresnillo PLC 10,868,369 3.73%

5,064,053 Gold Road Resources Ltd 2,323,236 0.80%

5,000,000 Harte Gold Corp 1,413,414 0.49%

4,050,811 Hecla Mining Co 9,559,914 3.28%

6,151,794 Hochschild Mining PLC 12,257,119 4.20%

1,490,648 IAMGOLD Corp 5,483,420 1.88%

46,785,810 Investigator Resources Ltd 528,343 0.18%

447,000 Kirkland Lake Gold Ltd 11,684,124 4.01%

815,732 Lundin Gold Inc 2,988,730 1.02%

1,287,475 MAG Silver Corp 9,453,170 3.24%

14,040,553 Millennium Minerals Ltd 1,783,768 0.61%

2,011,228 New Pacific Metals Corp 2,141,253 0.73%

317,600 Newmont Mining Corp 11,004,840 3.77%


5,203,350 Osisko Mining Inc 11,728,975 4.02%

790,102 Pan American Silver Corp 11,535,489 3.96%

2,340,887 Rupert Resources Ltd 1,984,916 0.68%

11,961,574 S2 Resources Ltd 751,381 0.26%

1,561,616 Sabina Gold & Silver Corp 1,410,321 0.48%

254,916 Seabridge Gold Inc 3,372,539 1.16%

4,537,510 Silver Lake Resources Ltd 1,777,429 0.61%

4,466,667 Silver Mines Ltd 176,544 0.06%

4,964,414 Silvercorp Metals Inc 10,388,468 3.56%

12,924,253 SolGold PLC 6,064,369 2.08%

625,703 Wheaton Precious Metals Corp 12,243,457 4.20%

225,243,431 77.24%


2,107,029 Mene Inc 928,240 0.32%

928,240 0.32%

Financial - 0.92% (2017 - 8.82%)

2,134,559 GoldMoney Inc 2,695,723 0.92%

2,695,723 0.92%

Industrial - 0.63% (2017 - 0.00%)

1,957,757 Alexco Resource Corp 1,825,581 0.63%

1,825,581 0.63%



PORTFOLIO OF INVESTMENTS – Merian Gold & Silver Fund (continued)


% of Net

Assets

173

Warrants

Basic Materials - 0.01% (2017 - 0.00%)


30,491 0.01%


662,500 Mene Inc 44,995 0.02%

44,995 0.02%



20,000 Quadriga Investors - Igneo Fund (UCITS) 2,193,600 0.75%

2,056,242 Sprott Physical Gold and Silver Trust (AIF) 25,785,275 8.84%

1,809,400 Sprott Physical Gold Trust (AIF) 18,654,914 6.40%

2,400,230 Sprott Physical Silver Trust (AIF) 13,417,286 4.60%

60,051,075 20.59%



(Cost USD 323,383,639) (2017: USD 245,688,751) 290,819,536 99.73%


Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Loss USD

Citibank 02/01/2019 USD 651,336 SEK 5,836,589 (687) (0.00%)


Value USD

Total Financial Derivative Instruments (687) (0.00%)


(Cost USD Nil) (2017: USD Nil) (687) (0.00%)

Cash at Bank 1,298,206 0.45%



Portfolio Analysis

% of Total

Assets


AIF 19.51%




PORTFOLIO OF INVESTMENTS – Old Mutual Compass Portfolio 2


% of Net

Assets

174

Common Stock

Basic Materials - 0.06% (2017 - 0.27%)

196 BASF SE 13,556 0.06%

13,556 0.06%

Communications - 0.10% (2017 - 0.36%)


185 Telenor ASA 3,570 0.01%

24,504 0.10%


68 Continental AG 9,402 0.04%

301 Gap Inc 7,712 0.03%

8 Hermes International 4,406 0.02%

15 LVMH Moet Hennessy Louis Vuitton SE 4,414 0.02%

807 Newell Brands Inc 14,833 0.06%

165 NIKE Inc 12,101 0.05%

162 Walgreens Boots Alliance Inc 11,024 0.04%

63,892 0.26%


785 Altria Group Inc 38,379 0.16%

74 Amgen Inc 14,114 0.06%

28 L'Oreal SA 6,419 0.03%

194 Medtronic PLC 17,316 0.07%

102 Nestle SA 8,273 0.03%

147 Novo Nordisk A/S 6,715 0.03%

38 Roche Holding AG 9,401 0.04%

264 S&P Global Inc 44,431 0.18%

145,048 0.60%

Energy - 0.23% (2017 - 0.00%)

1,000 TechnipFMC PLC 19,670 0.08%

113 TOTAL SA 6,003 0.02%

405 Valero Energy Corp 29,759 0.13%

55,432 0.23%

Financial - 1.40% (2017 - 1.47%)

1,417 Aegon NV 6,570 0.03%

84,500 AEW UK Long Lease REIT PLC 96,453 0.40%

146 American Express Co 13,785 0.06%

245 American International Group Inc 9,462 0.04%

385 AXA SA 8,314 0.03%

3,041 Banco Santander SA 13,798 0.06%

4,913 Barclays PLC 9,381 0.04%

100,000 Catco Reinsurance Opportunities Fund Ltd 42,000 0.16%

719 DNB ASA 11,443 0.05%

1,210 Invesco Ltd 20,026 0.08%

123 JPMorgan Chase & Co 11,910 0.05%

376 Marsh & McLennan Cos Inc 29,655 0.12%

61 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 13,310 0.06%

167 Visa Inc 21,867 0.09%

398 Wells Fargo & Co 18,220 0.08%

42 Zurich Insurance Group AG 12,512 0.05%

338,706 1.40%


PORTFOLIO OF INVESTMENTS – Old Mutual Compass Portfolio 2 (continued)


% of Net

Assets

175


Industrial - 0.46% (2017 - 0.50%)

113 3M Co 21,399 0.09%

110 Boeing Co 34,802 0.15%

301 Cie de Saint-Gobain 10,046 0.04%

471 Eaton Corp PLC 32,141 0.13%

13 Geberit AG 5,051 0.02%

546 SKF AB 8,200 0.03%

111,639 0.46%

Technology - 0.33% (2017 - 0.19%)

239 Apple Inc 37,339 0.15%

46 ASML Holding NV 7,221 0.03%

149 Intuit Inc 29,182 0.13%

59 SAP SE 5,873 0.02%

79,615 0.33%

Utilities - 0.02% (2017 - 0.04%)

704 Enel SpA 4,066 0.02%

4,066 0.02%

Total Common Stock 836,458 3.46%

Coupon Maturity

Corporate Bonds - 2.07% (2017 - 2.92%) Rate Date

469,000 European Investment Bank 1.75 15/05/2020 464,249 1.92%

2,600,000 Inter-American Development Bank 5.50 23/08/2021 36,607 0.15%

500,856 2.07%

Government Security - 11.30% (2017 - 11.25%)

472,000 Kommunekredit 1.63 12/06/2020 469,154 1.94%

300,000 State of North Rhine-Westphalia Germany 2.73 22/05/2019 300,851 1.25%

500,000 United States Treasury Floating Rate Note 2.55 30/04/2019 501,874 2.07%




2,734,343 11.30%

Preferred Stock


31 Henkel AG & Co KGaA 3,387 0.01%

3,387 0.01%



4,637 Ashmore SICAV - Emerging Markets Short Duration Fund (UCITS) 638,764 2.64%

271,538

Baillie Gifford Investment Funds II ICVC - Japanese Income Growth

Fund (AIF) 425,747 1.76%

21,933

BlackRock Global Funds - Natural Resources Growth & Income

Fund (UCITS) 163,180 0.67%

336

BlackRock Strategic Funds - Latin American Opportunities Fund

(UCITS) 34,778 0.14%

37,046 BNY Mellon U.S. Equity Income Fund (UCITS) 47,059 0.19%




% of Net

Assets

176

Investment Funds - 82.68% (2017 - 73.43%) (continued)

6,073 Boussard & Gavaudan Holding Ltd (AIF) 117,526 0.50%

258 CZ Absolute Alpha UCITS Fund (UCITS) 351,625 1.45%

114 Goldman Sachs Funds PLC - US$ Liquid Reserves Fund (UCITS) 1,439,268 5.95%

4,046 HarbourVest Global Private Equity Ltd (AIF) 69,327 0.29%

53,864 Hermes Asia Ex-Japan Equity Fund (UCITS) 167,484 0.69%

95,400 Highbridge Multi-Strategy Fund Ltd (AIF) 250,331 1.03%

384 IPM Systematic Macro UCITS Fund (UCITS) 450,419 1.86%

862 iShares Continental European Equity Index Fund UK (UCITS) 2,466 0.01%

25,989 iShares Diversified Commodity Swap UCITS ETF (UCITS) 123,526 0.51%

86,348 iShares Emerging Markets Equity Index Fund UK (UCITS) 167,027 0.69%

952 iShares Japan Equity Index Fund UK (UCITS) 2,479 0.01%

579 iShares North American Equity Index Fund UK (UCITS) 2,484 0.01%

934 iShares UK Equity Index Fund UK (UCITS) 2,452 0.01%

41,171 Janus Henderson Absolute Return Income Fund (UCITS) 428,179 1.77%

356,216 M&G Optimal Income Fund (UCITS) 643,065 2.66%

6,218

Merian Global Investors Series Plc - Merian Asian Equity Income

Fund (UCITS) 91,531* 0.38%

1,550

Merian Global Investors Series Plc - Merian Europe (ex UK) Smaller

Companies Fund (UCITS) 28,290* 0.12%

38,140

Merian Global Investors Series Plc - Merian Financials Contingent

Capital Fund (UCITS) 352,813* 1.47%

3,482

Merian Global Investors Series Plc - Merian Global Emerging

Markets Fund (UCITS) 65,104* 0.27%

39,200

Merian Global Investors Series Plc - Merian Global Equity Income

Fund (IRL) (UCITS) 669,005* 2.76%

11,969

Merian Global Investors Series Plc - Merian Local Currency

Emerging Market Debt Fund (UCITS) 138,560* 0.57%

33,998

Merian Global Investors Series Plc - Merian Style Premia Absolute

Return Fund (UCITS) 331,916* 1.37%

31,795

Merian Global Investors Series Plc - Merian UK Specialist Equity Fund

(UCITS) 475,117* 1.96%

11,652

Merian Investment Funds Series I - Merian UK Equity Income Fund

(UCITS) 13,634* 0.06%

4,283

Merrill Lynch Investment Solutions - AQR Global Relative Value

UCITS Fund (UCITS) 547,189 2.26%

817 Mirabaud - Convertible Bonds Europe (UCITS) 104,309 0.43%

2,122

Montlake UCITS Platform ICAV - Mygale Event Driven UCITS Fund

(UCITS) 307,784 1.27%

5,789

Merian Global Investors Series Plc - Old Mutual European Best

Ideas Fund (UCITS) 89,905* 0.37%

9,427 Pershing Square Holdings Ltd/Fund (AIF) 121,420 0.50%

17,718 PIMCO GIS Dynamic Bond Fund (UCITS) 235,195 0.97%

11,730 PIMCO GIS Income Fund (UCITS) 131,849 0.54%

5,620 Polar Capital Funds PLC - Financial Opportunities Fund (UCITS) 65,087 0.27%

1,568,380 Quilter Investors Bond 1 Fund (UCITS) 874,295 3.61%

925,773 Quilter Investors Bond 2 Fund (UCITS) 1,076,708 4.45%


64,069 Quilter Investors Emerging Markets Equity Growth Fund (UCITS) 132,767 0.55%

3,004 Quilter Investors Equity 1 Fund (UCITS) 5,147 0.02%

20,412 Quilter Investors Europe ex UK Equity Fund (UCITS) 33,777 0.14%

* These amounts have been eliminated at a company level in the SOFP.




% of Net

Assets

177


164 Quilter Investors Europe ex UK Equity Income Fund (UCITS) 197 0.00%

335,004 Quilter Investors Global Best Ideas Fund (UCITS) 459,385 1.90%

1,723,419 Quilter Investors Global Dynamic Equity Fund (UCITS) 2,440,312 10.08%

423,132 Quilter Investors High Yield Bond Fund (UCITS) 524,696 2.17%

16,405 Quilter Investors Japanese Equity Fund (UCITS) 34,289 0.14%

74,255 Quilter Investors US Equity Growth Fund (UCITS) 106,186 0.44%

4,200 Riverstone Energy Ltd (AIF) 57,701 0.24%

115,557 Schroder US Mid Cap Fund (UCITS) 173,954 0.72%

100,296 Sequoia Economic Infrastructure Income Fund Ltd (AIF) 146,018 0.60%

8,419 Skyline Umbrella Fund ICAV - Usonian Japan Value Fund (UCITS) 97,542 0.40%

206,024

Wellington Management Funds Ireland PLC - Wellington Global

Credit Plus Fund (UCITS) 2,585,518 10.68%

724 Wells Fargo Lux Worldwide Fund - US High Yield Bond (UCITS) 140,996 0.58%

9,702

Wells Fargo Lux Worldwide Fund - US Short Term High Yield Bond

Fund (UCITS) 1,140,829 4.71%

20,013,162 82.68%


Futures - 0.34% (2017 - 0.04%)


No of

Contracts

Maturity

Date

Unrealised

Gain USD Bank of America

Merrill Lynch (204,332) DJ Euro Stoxx 50 Future (6) 15/03/2019 5,153 0.02%

Bank of America

Merrill Lynch (170,043) FTSE 100 Index Future (2) 15/03/2019 793 0.00%

Bank of America

Merrill Lynch (135,295) Topix Index Future (1) 07/03/2019 8,595 0.04%

Bank of America

Merrill Lynch 365,016 US 10 Year Note Future 3 20/03/2019 7,828 0.03%

Bank of America

Merrill Lynch 1,426,047 US 10 Year Ultra Future 11 20/03/2019 40,219 0.17%

Bank of America


80,807 0.34%

Options - 0.18% (2017 - 0.03%) Strike Exercise

Price Date

Bank of America

Merrill Lynch 48

CALL Euro Stoxx 50(Price)

Index (non-covered) 3,125.00 15/02/2019 15,280 0.05%

Bank of America

Merrill Lynch 31

CALL CBOE VIX Future

(non-covered) 30.00 15/01/2019 2,325 0.01%

Bank of America

Merrill Lynch 23 DAX Index (non-covered) 11,200.00 15/02/2019 10,969 0.05%

Bank of America

Merrill Lynch 2

S&P 500 Index (non-

covered) 2,625.00 20/06/2019 15,860 0.07%

44,434 0.18%



178

Options on Futures - 0.01% (2017 - 0.00%)


No of

Contracts

Maturity

Date

Unrealised

Gain USD

% of Net

Assets

Bank of America

Merrill Lynch 14

PUT US 10 Year Note Future

(covered) 120.00 22/02/2019 2,844 0.01%

2,844 0.01%


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Citibank 15/01/2019 EUR 1,425,157 USD 1,631,098 2,974 0.01%

Citibank 15/01/2019 GBP 12,577,945 USD 15,948,922 123,088 0.51%

Citibank 15/01/2019 SGD 1,553,177 USD 1,134,116 6,930 0.03%

HSBC 16/01/2019 USD 93,282 GBP 72,000 1,275 0.01%

RBS 16/01/2019 JPY 7,278,000 USD 65,197 1,089 0.00%

RBS 16/01/2019 USD 257,353 AUD 360,000 3,180 0.01%

RBS 16/01/2019 USD 146,309 EUR 124,000 4,114 0.02%

RBS 16/01/2019 USD 175,106 GBP 133,000 5,146 0.02%

RBS 16/01/2019 USD 199,172 MXN 3,817,493 5,535 0.02%

Toronto Dominion Bank 16/01/2019 EUR 77,000 USD 88,206 89 0.00%

Toronto Dominion Bank 16/01/2019 MXN 3,817,493 USD 184,155 9,495 0.04%

Toronto Dominion Bank 16/01/2019 USD 4,656 EUR 3,922 158 0.00%


Value USD

% of Net

Assets



(Cost USD 24,808,381) (2017: USD 20,212,763) 24,379,364 100.72%

Futures - (0.01%) (2017 - (0.05%))


No of

Contracts

Maturity

Date

Unrealised


Merrill Lynch (374,539) Euro-Bund Future (2) 07/03/2019 (2,061) (0.01%)

Bank of America

Merrill Lynch (125,325) S&P 500 Emini Index Future (1) 15/03/2019 (628) (0.00%) (2,689) (0.01%)

Options - (0.21%) (2017 - (0.01%)) Strike Exercise

Price Date

Bank of America

Merrill Lynch (31)

CALL CBOE VIX Future (non-

covered) 35.00 15/01/2019 (1,488) (0.01%)

Bank of America

Merrill Lynch (29)


Index (non-covered) 3,175.00 15/02/2019 (5,513) (0.02%)

Bank of America

Merrill Lynch (10)



Bank of America

Merrill Lynch (14) DAX Index (non-covered) 11,250.00 15/02/2019 (5,795) (0.02%)

Bank of America


Bank of America

Merrill Lynch (2) S&P 500 Index (non-covered) 2,375.00 20/06/2019 (19,000) (0.09%)

(49,889) (0.21%)



179

Options on Futures - (0.01%) (2017 - (0.00%))


Strike

Price

Exercise

Date

Unrealised

Loss USD

%of Net

Assets

Bank of America

Merrill Lynch (7)

US 10 Year Note Future

(covered) 121.00 22/02/2019 (3,391) (0.01%) (3,391) (0.01%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Citibank 15/01/2019 AUD 1,290,640 USD 915,591 (4,375) (0.02%)

Citibank 15/01/2019 USD 202,166 GBP 159,181 (1,234) (0.01%)

Citibank 15/01/2019 USD 13,845 SGD 19,014 (124) (0.00%)

Citibank 31/01/2019 USD 223,513 EUR 195,064 (466) (0.00%)

Citibank 31/01/2019 USD 5,902,881 GBP 4,652,418 (46,964) (0.19%)

RBS 16/01/2019 EUR 62,000 USD 71,251 (156) (0.00%)

RBS 16/01/2019 USD 181,185 EUR 159,000 (1,138) (0.00%)

RBS 16/01/2019 USD 223,218 JPY 24,730,200 (2,015) (0.01%)


Value USD



(Cost USD 56,181) (2017: USD 1,601) (112,441) (0.46%)

Cash at Bank 60,654 0.25%



% of Total




AIF 4.83%

UCITS 76.56%








% of Net

Assets

180


3,599 BASF SE 248,921 0.11%

248,921 0.11%


3,394 Telenor ASA 65,493 0.03%

692,454 0.29%


9,014 Gap Inc 230,939 0.10%



24,152 Newell Brands Inc 443,914 0.20%

4,916 NIKE Inc 360,539 0.15%

4,818 Walgreens Boots Alliance Inc 327,865 0.14%

1,698,230 0.72%

Consumer, Non-cyclical - 1.62% (2017 - 1.73%) 23,525 Altria Group Inc 1,150,137 0.49%

2,215 Amgen Inc 422,467 0.18%

512 L'Oreal SA 117,376 0.05%

5,814 Medtronic PLC 518,958 0.22%

1,870 Nestle SA 151,676 0.06%

2,701 Novo Nordisk A/S 123,386 0.05%


6,859 S&P Global Inc 1,154,370 0.50%

3,810,805 1.62%

Energy - 0.66% (2017 - 0.00%) 28,400 TechnipFMC PLC 558,628 0.24%

2,071 TOTAL SA 110,026 0.05%


1,559,085 0.66%

Financial - 2.24% (2017 - 1.60%) 25,945 Aegon NV 120,294 0.05%


2,282 American Express Co 215,466 0.09%

3,827 American International Group Inc 147,799 0.06%

7,058 AXA SA 152,413 0.06%


76,515 Barclays PLC 146,092 0.06%


11,186 DNB ASA 178,030 0.08%

36,188 Invesco Ltd 598,911 0.25%


8,874 Marsh & McLennan Cos Inc 699,892 0.30%


4,991 Visa Inc 653,522 0.28%

11,957 Wells Fargo & Co 547,391 0.23%


5,294,982 2.24%




% of Net

Assets

181


Industrial - 1.30% (2017 - 0.92%) 3,399 3M Co 643,669 0.27%

3,293 Boeing Co 1,041,839 0.44%

5,507 Cie de Saint-Gobain 183,790 0.08%

14,062 Eaton Corp PLC 959,591 0.41%

226 Geberit AG 87,818 0.04%

9,995 SKF AB 150,110 0.06%

3,066,817 1.30%

Technology - 0.95% (2017 - 0.36%) 7,152 Apple Inc 1,117,357 0.47%

851 ASML Holding NV 133,582 0.06%

4,460 Intuit Inc 873,491 0.37%

1,077 SAP SE 107,208 0.05%

2,231,638 0.95%

Utilities - 0.03% (2017 - 0.09%) 12,902 Enel SpA 74,520 0.03%

74,520 0.03%


Coupon Maturity

Rate Date Corporate Bonds - 1.44% (2017 - 2.18%)

3,176,000 European Investment Bank 1.75 15/05/2020 3,143,829 1.34%


3,388,814 1.44%

Government Security - 7.89% (2017 - 8.60%) 3,209,000 Kommunekredit 1.63 12/06/2020 3,189,651 1.35%

2,500,000

State of North Rhine-Westphalia

Germany 2.73 22/05/2019 2,507,094 1.06%

5,000,000

United States Treasury Floating Rate

Note 2.55 30/04/2019 5,018,738 2.13%

6,420,000

United States Treasury Inflation Indexed

Bonds 0.13 15/04/2020 6,778,723 2.88%

736,900


Bonds 0.13 15/07/2026 730,030 0.31%

394,000


Bonds 0.75 15/02/2045 381,344 0.16%

18,605,580 7.89%

Preferred Stock Consumer, Non-cyclical - 0.03% (2017 - 0.00%)

559 Henkel AG & Co KGaA 61,067 0.03%

61,067 0.03%


Investment Funds - 80.15% (2017 - 71.54%) 29,175 Ashmore SICAV - Emerging Markets Short Duration Fund (UCITS) 4,019,142 1.71%

3,796,178


Fund (AIF) 5,952,067 2.52%

118,364

BlackRock Global Funds - Natural Resources Growth & Income Fund

(UCITS) 880,632 0.37%




% of Net

Assets

182


6,668


(UCITS) 690,569 0.29%

1,879,785 BNY Mellon U.S. Equity Income Fund (UCITS) 2,387,869 1.01%

67,354 Boussard & Gavaudan Holding Ltd (AIF) 1,303,447 0.54%

1,789 CZ Absolute Alpha UCITS Fund (UCITS) 2,435,510 1.03%


76,868 HarbourVest Global Private Equity Ltd (AIF) 1,317,107 0.56%

940,863 Hermes Asia Ex-Japan Equity Fund (UCITS) 2,925,511 1.24%

655,898 Highbridge Multi-Strategy Fund Ltd (AIF) 1,721,087 0.73%

3,285 IPM Systematic Macro UCITS Fund (UCITS) 3,848,969 1.63%

8,019 iShares Continental European Equity Index Fund UK (UCITS) 22,940 0.01%


2,082,069 iShares Emerging Markets Equity Index Fund UK (UCITS) 4,027,455 1.71%

364,810 iShares Japan Equity Index Fund UK (UCITS) 949,976 0.40%

355,870 iShares North American Equity Index Fund UK (UCITS) 1,528,288 0.65%

8,688 iShares UK Equity Index Fund UK (UCITS) 22,812 0.01%

254,105 Janus Henderson Absolute Return Income Fund (UCITS) 2,642,696 1.12%

2,160,823 M&G Optimal Income Fund (UCITS) 3,900,864 1.65%

182,389

Merian Global Investors Series Plc - Merian Asian Equity Income Fund

(UCITS) 2,684,917* 1.14%

73,482


Companies Fund (UCITS) 1,341,478* 0.57%

103,463


Capital Fund (UCITS) 957,086* 0.41%

100,352

Merian Global Investors Series Plc - Merian Global Emerging Markets

Fund (UCITS) 1,876,075* 0.80%

331,355


Fund (IRL) (UCITS) 5,655,025* 2.40%

81,830

Merian Global Investors Series Plc - Merian Local Currency Emerging

Market Debt Fund (UCITS) 947,311* 0.40%

243,289


Return Fund (UCITS) 2,375,183* 1.01%

225,803


(UCITS) 3,375,006* 1.43%

143,804


(UCITS) 168,260* 0.07%

32,011

Merrill Lynch Investment Solutions - AQR Global Relative Value UCITS

Fund (UCITS) 4,089,595 1.74%

4,864 Mirabaud - Convertible Bonds Europe (UCITS) 621,343 0.26%

13,225


(UCITS) 1,918,690 0.81%

109,739

Merian Global Investors Series Plc - Old Mutual European Best Ideas

Fund (UCITS) 1,704,292* 0.72%

184,170 Pershing Square Holdings Ltd/Fund (AIF) 2,372,110 1.01%

98,680 PIMCO GIS Dynamic Bond Fund (UCITS) 1,309,893 0.56%


111,339 Polar Capital Funds PLC - Financial Opportunities Fund (UCITS) 1,289,375 0.54%

10,069,318 Quilter Investors Bond 1 Fund (UCITS) 5,613,150 2.38%







% of Net

Assets

183


1,219,740 Quilter Investors Emerging Markets Equity Growth Fund (UCITS) 2,527,603 1.07%


925,149 Quilter Investors Europe ex UK Equity Fund (UCITS) 1,530,874 0.65%

372,385 Quilter Investors Europe ex UK Equity Income Fund (UCITS) 447,694 0.19%

5,201,577 Quilter Investors Global Best Ideas Fund (UCITS) 7,132,835 3.03%


2,833,765 Quilter Investors High Yield Bond Fund (UCITS) 3,513,948 1.49%


770,992 Quilter Investors US Equity Growth Fund (UCITS) 1,102,530 0.47%


3,003,376 Schroder US Mid Cap Fund (UCITS) 4,521,124 1.92%


171,721 Skyline Umbrella Fund ICAV - Usonian Japan Value Fund (UCITS) 1,989,507 0.84%

1,284,390



11,600 Wells Fargo Lux Worldwide Fund - US High Yield Bond (UCITS) 2,259,039 0.96%

38,075

Wells Fargo Lux Worldwide Fund - US Short Term High Yield Bond Fund

(UCITS) 4,477,188 1.90%

188,926,599 80.15%


Futures - 0.20% (2017 - 0.15%)


No of

Contracts

Maturity

Date

Unrealised


Merrill Lynch (2,826,588) DJ Euro Stoxx 50 Future (83) 15/03/2019 71,282 0.03%

Bank of America

Merrill Lynch (1,020,266) FTSE 100 Index Future (12) 15/03/2019 4,760 0.00%

Bank of America


Bank of America

Merrill Lynch 2,333,531 US 10 Year Ultra Future 18 20/03/2019 65,812 0.03%

Bank of America


Bank of America


481,398 0.20%

Options - 0.29% (2017 - 0.06%)


Strike

Price

Exercise

Date

Bank of America

Merrill Lynch 625



Bank of America

Merrill Lynch 597


(non-covered) 30.00 15/01/2019 44,775 0.02%

Bank of America


Bank of America

Merrill Lynch 38

S&P 500 Index (non-

covered) 2,625.00 20/06/2019 301,340 0.13%

677,664 0.29%



184



Strike

Price

Exercise

Date

Unrealised

Gain USD

% of Net

Assets

Bank of America

Merrill Lynch 68


(covered) 120.00 22/02/2019 13,813 0.01%

13,813 0.01%


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Citibank 15/01/2019 EUR 16,593,214 USD 18,990,886 34,745 0.01%

Citibank 15/01/2019 GBP 76,926,245 USD 97,543,027 752,792 0.33%

Citibank 15/01/2019 SGD 76,496,746 USD 55,857,362 341,200 0.15%

Citibank 15/01/2019 USD 67,661 AUD 95,598 167 0.00%

Citibank 31/01/2019 EUR 27,040 USD 30,944 104 0.00%

HSBC 16/01/2019 USD 1,741,258 GBP 1,344,000 23,792 0.01%

RBS 16/01/2019 USD 2,815,811 EUR 2,397,700 66,287 0.02%

RBS 16/01/2019 USD 1,381,102 GBP 1,049,000 40,591 0.02%

RBS 16/01/2019 USD 638,001 MXN 12,228,476 17,730 0.01%

Toronto Dominion

Bank 16/01/2019 EUR 2,560,000 USD 2,930,275 5,264 0.00%

Toronto Dominion

Bank 16/01/2019 MXN 12,228,476 USD 589,899 30,415 0.01%

Toronto Dominion

Bank 16/01/2019 USD 33,370 EUR 28,111 1,134 0.00%


Value USD



(Cost USD 238,648,643) (2017: USD 189,343,070) 232,146,608 98.49%

Futures - (0.00%) (2017 - (0.07%))


No of

Contracts

Maturity

Date

Unrealised

Loss USD

Bank of America


Bank of America

Merrill Lynch (751,950)

S&P 500 Emini Index

Future (6) 15/03/2019 (3,768) (0.00%)

(12,013) (0.00%)

Options - (0.28%) (2017 - (0.02%))

Nominal Security Description Strike Price

Exercise

Date

Bank of America

Merrill Lynch (597)


(non-covered) 35.00 15/01/2019 (28,656) (0.01%)

Bank of America

Merrill Lynch (375)



Bank of America

Merrill Lynch (125)



Bank of America

Merrill Lynch (167)

DAX Index (non-

covered) 11,250.00 15/02/2019 (69,130) (0.03%)



185

Options - (0.28%) (2017 - (0.02%)) (continued)


Strike

Price

Exercise

Date

Unrealised

Loss USD

% of Net

Assets

Bank of America


Bank of America

Merrill Lynch (30)

S&P 500 Index (non-

covered) 2,375.00 20/06/2019 (285,000) (0.11%)

(670,401) (0.28%)

Options on Futures - (0.01%) (2017 - 0.00%) Bank of America

Merrill Lynch (34)


(covered) 121.00 22/02/2019 (16,469) (0.01%)

(16,469) (0.01%)

Currency Exchange Contracts – (0.16%) (2017 – (0.10%))

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Citibank 15/01/2019 AUD 8,653,574 USD 6,138,915 (29,336) (0.01%)

Citibank 15/01/2019 USD 203,254 EUR 177,929 (757) (0.00%)

Citibank 15/01/2019 USD 1,105,097 GBP 870,250 (6,897) (0.00%)

Citibank 15/01/2019 USD 648,265 SGD 890,051 (5,611) (0.00%)

Citibank 31/01/2019 USD 1,975,951 EUR 1,724,467 (4,140) (0.00%)

Citibank 31/01/2019 USD 38,697,545 GBP 30,500,204 (308,296) (0.14%)

HSBC 16/01/2019 USD 364,058 EUR 321,000 (4,026) (0.00%)

RBS 16/01/2019 EUR 1,000,000 USD 1,149,207 (2,512) (0.00%)

RBS 16/01/2019 USD 3,011,775 EUR 2,643,000 (18,913) (0.01%)


Value USD



(Cost USD 706,712) (2017: USD 34,425) (1,079,371) (0.45%)

Cash at Bank 2,706,283 1.15%



% of Total




AIF 5.92%

UCITS 73.34%








% of Net

Assets

186


25,094 BASF SE 1,735,602 0.46%

1,735,602 0.46%

Communications - 0.58% (2017 - 1.31%) 1,647 Alphabet Inc - Class A 1,723,882 0.46%

23,838 Telenor ASA 459,994 0.12%

2,183,876 0.58%

Consumer, Cyclical - 1.61% (2017 - 2.82%) 8,752 Continental AG 1,210,146 0.32%

24,828 Gap Inc 636,093 0.17%

1,056 Hermes International 581,638 0.15%

1,901 LVMH Moet Hennessy Louis Vuitton SE 559,447 0.15%

66,522 Newell Brands Inc 1,222,674 0.32%

13,533 NIKE Inc 992,510 0.26%


6,105,395 1.61%

Consumer, Non-cyclical - 3.34% (2017 - 3.58%) 64,784 Altria Group Inc 3,167,290 0.83%

6,100 Amgen Inc 1,163,453 0.31%

3,538 L'Oreal SA 811,083 0.21%

16,018 Medtronic PLC 1,429,767 0.38%

12,992 Nestle SA 1,053,780 0.28%

19,022 Novo Nordisk A/S 868,953 0.23%

4,871 Roche Holding AG 1,205,063 0.32%

17,690 S&P Global Inc 2,977,227 0.78%

12,676,616 3.34%

Energy - 1.26% (2017 - 0.00%) 78,500 TechnipFMC PLC 1,544,095 0.41%

14,540 TOTAL SA 772,465 0.20%

33,365 Valero Energy Corp 2,451,659 0.65%

4,768,219 1.26%





49,731 AXA SA 1,073,906 0.28%


131,252 Barclays PLC 250,603 0.07%


19,189 DNB ASA 305,401 0.08%

99,641 Invesco Ltd 1,649,059 0.43%


21,701 Marsh & McLennan Cos Inc 1,711,558 0.45%


13,749 Visa Inc 1,800,294 0.47%

32,923 Wells Fargo & Co 1,507,215 0.40%

1,162 Zurich Insurance Group AG 346,173 0.09%

12,631,948 3.33%




% of Net

Assets

187


Industrial - 2.70% (2017 - 1.92%) 9,360 3M Co 1,772,503 0.47%

9,072 Boeing Co 2,870,199 0.75%

38,412 Cie de Saint-Gobain 1,281,960 0.34%

38,731 Eaton Corp PLC 2,643,003 0.70%

1,582 Geberit AG 614,726 0.16%

69,466 SKF AB 1,043,273 0.28%

10,225,664 2.70%

Technology - 1.89% (2017 - 0.74%) 19,699 Apple Inc 3,077,575 0.81%

5,869 ASML Holding NV 921,259 0.25%

12,279 Intuit Inc 2,404,842 0.63%

7,603 SAP SE 756,830 0.20%

7,160,506 1.89%

Utilities - 0.13% (2017 - 0.18%)

87,640 Enel SpA 506,199 0.13%

506,199 0.13%


Coupon Maturity

Rate Date

Corporate Bonds - 0.07% (2017 - 2.16%) 19,100,000 Inter-American Development Bank 5.50 23/08/2021 268,921 0.07%

268,921 0.07%

Government Security - 1.64% (2017 - 7.56%) 345,000 United States Treasury Inflation Indexed Bonds 0.75 15/02/2045 333,918 0.09%



6,242,517 1.64%


4,157 Henkel AG & Co KGaA 454,121 0.12%

454,121 0.12%


Investment Funds 79.88% (2017 - 66.94%) 28,037 Ashmore SICAV - Emerging Markets Short Duration Fund (UCITS) 3,862,363 1.02%

8,556,309


Fund (AIF) 13,415,526 3.54%

143,861

BlackRock Global Funds - Natural Resources Growth & Income Fund

(UCITS) 1,070,329 0.28%

22,674


(UCITS) 2,348,119 0.62%


74,448 Boussard & Gavaudan Holding Ltd (AIF) 1,440,732 0.38%


1 Goldman Sachs Funds PLC - US$ Liquid Reserves Fund (UCITS) 12,917 0.00%

192,170 HarbourVest Global Private Equity Ltd (AIF) 3,292,767 0.87%

2,445,926 Hermes Asia Ex-Japan Equity Fund (UCITS) 7,605,342 2.01%




% of Net

Assets

188

Investment Funds 79.88% (2017 - 66.94%) (continued)





5,921,969 iShares Emerging Markets Equity Index Fund UK (UCITS) 11,455,172 3.02%

1,769,539 iShares Japan Equity Index Fund UK (UCITS) 4,607,940 1.22%

2,795,694 iShares North American Equity Index Fund UK (UCITS) 12,006,154 3.17%


205,487 Janus Henderson Absolute Return Income Fund (UCITS) 2,137,060 0.56%


711,905

Merian Global Investors Series Plc - Merian Asian Equity Income Fund

(UCITS) 10,479,851* 2.76%

178,912


Companies Fund (UCITS) 3,266,189* 0.86%

258,000


Capital Fund (UCITS) 2,386,629* 0.63%

214,759

Merian Global Investors Series Plc - Merian Global Emerging Markets

Fund (UCITS) 4,014,906* 1.06%

816,413

Merian Global Investors Series Plc - Merian Global Equity Income Fund

(IRL) (UCITS) 13,933,189* 3.67%

60,644

Merian Global Investors Series Plc - Merian Local Currency Emerging

Market Debt Fund (UCITS) 702,057* 0.19%

261,778


Return Fund (UCITS) 2,555,685* 0.67%

241,222


(UCITS) 3,603,023* 0.95%

367,984 Merian Investment Funds Series I - Merian UK Equity Income Fund (UCITS) 430,564* 0.11%

31,551

Merrill Lynch Investment Solutions - AQR Global Relative Value UCITS

Fund (UCITS) 4,030,839 1.06%


14,234


(UCITS) 2,065,059 0.54%

388,097


Fund (UCITS) 6,027,285* 1.59%


80,181 PIMCO GIS Dynamic Bond Fund (UCITS) 1,064,333 0.28%






2,936,602 Quilter Investors Emerging Markets Equity Growth Fund (UCITS) 6,085,363 1.60%


2,168,592 Quilter Investors Europe ex UK Equity Fund (UCITS) 3,588,440 0.95%




2,173,320 Quilter Investors High Yield Bond Fund (UCITS) 2,694,978 0.71%


3,319,697 Quilter Investors US Equity Growth Fund (UCITS) 4,747,220 1.25%





% of Net

Assets

189


134,000 Riverstone Energy Ltd (AIF) 1,840,941 0.49%




950,150




51,999

Wells Fargo Lux Worldwide Fund - US Short Term High Yield Bond

Fund (UCITS) 6,114,524 1.61%

302,864,690 79.88%


Futures - 0.06% (2017 - 0.24%)


No of

Contracts

Maturity

Date

Unrealised



Bank of America

Merrill Lynch (1,020,266) FTSE 100 Index Future (12) 15/03/2019 4,760 0.00%

Bank of America

Merrill Lynch 751,950 S&P 500 Emini Index Future 6 15/03/2019 675 0.00%

Bank of America

Merrill Lynch 907,484 US 10 Year Ultra Future 7 20/03/2019 25,594 0.01%

Bank of America


Bank of America


221,877 0.06%


Price Date

Bank of America

Merrill Lynch 1,443


covered) 30.00 15/01/2019 108,225 0.03%

Bank of America

Merrill Lynch 1,303



Bank of America


Bank of America

Merrill Lynch 91

S&P 500 Index (non-

covered) 2,625.00 20/06/2019 721,630 0.19%

1,521,271 0.40%


Bank of America

Merrill Lynch 14


(covered) 120.00 22/02/2019 2,844 0.00%

2,844 0.00%



190


Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain USD

% of Net

Assets

Citibank 15/01/2019 EUR 32,967,093 USD 37,730,477 69,295 0.02%

Citibank 15/01/2019 GBP 135,311,799 USD 171,576,154 1,324,314 0.36%

Citibank 15/01/2019 SGD 127,756,817 USD 93,287,286 569,641 0.16%

Citibank 15/01/2019 USD 137,610 AUD 194,427 340 0.00%

Citibank 15/01/2019 USD 12 SGD 17 - 0.00%

Citibank 02/01/2019 GBP 970,082 USD 1,230,153 8,487 0.00%

HSBC 16/01/2019 USD 3,995,566 GBP 3,084,000 54,594 0.01%

RBS 16/01/2019 EUR 345,000 USD 394,298 1,311 0.00%

RBS 16/01/2019 USD 8,089,565 EUR 6,878,300 201,971 0.05%

RBS 16/01/2019 USD 1,926,170 GBP 1,463,000 56,611 0.01%

RBS 16/01/2019 USD 496,729 MXN 9,520,731 13,804 0.00%

Toronto Dominion

Bank 16/01/2019 EUR 5,480,000 USD 6,272,565 11,323 0.00%

Toronto Dominion

Bank 16/01/2019 MXN 9,520,731 USD 459,278 23,681 0.01%

Toronto Dominion

Bank 16/01/2019 USD 20,437 EUR 17,216 694 0.00%


Value USD



(Cost USD 385,667,953) (2017: USD 299,092,046) 371,906,332 98.09%

Futures - (0.00%) (2017 - (0.03%))


No of

Contracts

Maturity

Date

Unrealised



(7,214) (0.00%)

Options - (0.40%) (2017 - (0.04%)) Strike Exercise

Nominal Security Description Price Date

Bank of America

Merrill Lynch (1,443)


(non-covered) 35.00 15/01/2019 (69,264) (0.02%)

Bank of America

Merrill Lynch (782)



Bank of America

Merrill Lynch (261)



Bank of America


Bank of America


Bank of America

Merrill Lynch (73)

S&P 500 Index (non-

covered) 2,375.00 20/06/2019 (693,500) (0.18%)

(1,505,767) (0.40%)



191

Options on Futures - (0.00%) (2017 - (0.00%))


Strike

Price

Exercise

Date

Unrealised

Loss USD

% of Net

Assets

Bank of America

Merrill Lynch (7)


(covered) 121.00 22/02/2019 (3,391) (0.00%)

(3,391) (0.00%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Citibank 15/01/2019 AUD 9,253,544 USD 6,568,276 (35,108) (0.01%)

Citibank 15/01/2019 USD 1,180,603 EUR 1,032,679 (3,454) (0.00%)

Citibank 15/01/2019 USD 4,400,490 GBP 3,470,425 (33,971) (0.00%)

Citibank 15/01/2019 USD 2,016,754 SGD 2,767,917 (16,699) (0.00%)

Citibank 31/01/2019 USD 2,346,440 EUR 2,047,787 (4,897) (0.00%)

Citibank 31/01/2019 USD 32,032,098 GBP 25,246,731 (255,226) (0.08%)

Citibank 02/01/2019 USD 99,139 NOK 872,267 (1,363) (0.00%)

Citibank 02/01/2019 USD 222,132 SEK 2,006,122 (1,977) (0.00%)

RBS 16/01/2019 EUR 2,770,000 USD 3,183,303 (6,958) (0.00%)


Value USD



(Cost USD 1,535,809) (2017: USD 82,861) (1,876,025) (0.49%)

Cash at Bank 1,915,092 0.51%



% of Total




AIF 7.43%

UCITS 70.97%








% of Net

Assets

192


5,065 BASF SE 350,316 0.66%

350,316 0.66%


4,776 Telenor ASA 92,161 0.18%

329,757 0.63%


3,405 Gap Inc 87,236 0.17%



9,185 Newell Brands Inc 168,820 0.32%

1,860 NIKE Inc 136,412 0.26%


988,393 1.89%

Consumer, Non-cyclical - 3.87% (2017 - 6.16%) 8,912 Altria Group Inc 435,708 0.82%

841 Amgen Inc 160,404 0.31%

721 L'Oreal SA 165,289 0.32%

2,209 Medtronic PLC 197,175 0.38%

2,632 Nestle SA 213,481 0.41%

3,800 Novo Nordisk A/S 173,590 0.33%


2,601 S&P Global Inc 437,748 0.84%

2,026,090 3.87%

Energy - 1.34% (2017 - 0.00%) 10,800 TechnipFMC PLC 212,436 0.41%

2,915 TOTAL SA 154,865 0.29%


705,015 1.34%




9,934 AXA SA 214,518 0.41%


28,881 Barclays PLC 55,143 0.11%

4,222 DNB ASA 67,195 0.13%

13,704 Invesco Ltd 226,801 0.43%




1,894 Visa Inc 248,000 0.47%

4,524 Wells Fargo & Co 207,109 0.40%


1,985,316 3.79%




% of Net

Assets

193


Industrial - 3.05% (2017 - 3.24%) 1,290 3M Co 244,287 0.47%

1,249 Boeing Co 395,159 0.75%


5,340 Eaton Corp PLC 364,402 0.70%

319 Geberit AG 123,956 0.24%

14,068 SKF AB 211,280 0.40%

1,597,732 3.05%

Technology - 2.09% (2017 - 1.26%) 2,709 Apple Inc 423,227 0.81%

1,197 ASML Holding NV 187,893 0.36%

1,693 Intuit Inc 331,574 0.63%

1,516 SAP SE 150,908 0.29%

1,093,602 2.09%

Utilities - 0.20% (2017 - 0.31%) 18,157 Enel SpA 104,873 0.20%

104,873 0.20%



851 Henkel AG & Co KGaA 92,965 0.18%

92,965 0.18%


Investment Funds 77.76% (2017 - 63.30%)

1,377,515

Baillie Gifford Investment Funds II ICVC - Japanese Income

Growth Fund (AIF) 2,159,819 4.12%

18,608

BlackRock Global Funds - Natural Resources Growth & Income

Fund (UCITS) 138,442 0.26%

3,729


(UCITS) 386,133 0.74%

824,743 BNY Mellon U.S. Equity Income Fund (UCITS) 1,047,661 2.00%


35,400 HarbourVest Global Private Equity Ltd (AIF) 606,567 1.16%



258,605 iShares Emerging Markets Equity Index Fund UK (UCITS) 500,233 0.95%

502,899 iShares Japan Equity Index Fund UK (UCITS) 1,309,565 2.50%

413,183 iShares North American Equity Index Fund UK (UCITS) 1,774,420 3.39%


81,163

Merian Global Investors Series Plc - Merian Asian Equity Income

Fund (UCITS) 1,194,789* 2.28%

27,672


Companies Fund (UCITS) 505,170* 0.96%

75,551

Merian Global Investors Series Plc - Merian Global Emerging

Markets Fund (UCITS) 1,412,411* 2.70%

136,705


Fund (IRL) (UCITS) 2,333,057* 4.46%




% of Net

Assets

194


21,572


(UCITS) 25,241* 0.05%

114,506


Fund (UCITS) 1,778,319* 3.39%



687,076 Quilter Investors Emerging Markets Equity Growth Fund (UCITS) 1,423,791 2.72%


253,800 Quilter Investors Europe ex UK Equity Fund (UCITS) 419,971 0.80%





1,647,052 Quilter Investors US Equity Growth Fund (UCITS) 2,355,311 4.51%




40,738,292 77.76%


Futures - 0.03% (2017 - 0.42%)


No of

Contracts

Maturity

Date

Unrealised

Gain USD

Bank of America


Bank of America

Merrill Lynch (255,067) FTSE 100 Index Future (3) 15/03/2019 1,190 0.00%

Bank of America

Merrill Lynch 1,002,600 S&P 500 Emini Index Future 8 15/03/2019 900 0.00%

20,125 0.03%


Price Date

Bank of America

Merrill Lynch 270


covered) 30.00 15/01/2019 20,250 0.04%

Bank of America

Merrill Lynch 233



Bank of America


Bank of America

Merrill Lynch 15

S&P 500 Index (non-

covered) 2,625.00 20/06/2019 118,950 0.23%

263,451 0.51%

Options on Futures - 0.00% (2017 - 0.00%) Bank of America

Merrill Lynch 2


(covered) 120.00 22/02/2019 406 0.00%

406 0.00%




195


Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain USD

% of Net

Assets

Citibank 15/01/2019 EUR 4,092,172 USD 4,683,507 8,540 0.02%

Citibank 15/01/2019 GBP 26,492,784 USD 33,593,036 259,258 0.50%

Citibank 15/01/2019 SGD 1,892,609 USD 1,381,967 8,444 0.02%

Citibank 15/01/2019 USD 44,479 AUD 62,720 197 0.00%

Citibank 02/01/2019 GBP 135,720 USD 172,106 1,187 0.00%

HSBC 16/01/2019 USD 851,195 GBP 657,000 11,630 0.02%

HSBC 16/01/2019 USD 200,816 AUD 283,000 1,008 0.00%

RBS 16/01/2019 EUR 250,000 USD 285,724 950 0.00%

RBS 16/01/2019 USD 1,609,404 EUR 1,364,000 45,249 0.09%

RBS 16/01/2019 USD 581,932 GBP 442,000 17,103 0.03%

Toronto Dominion

Bank 16/01/2019 EUR 409,000 USD 467,748 1,250 0.00%


Value USD



(Cost USD 52,635,901) (2017: USD 48,074,413) 50,651,149 96.68%

Options - (0.50%) (2017 - (0.05%)) Strike Exercise Unrealised

Counterparty Nominal Security Description Price Date Loss USD

Bank of America

Merrill Lynch (270)


covered) 35.00 15/01/2019 (12,960) (0.02%)

Bank of America

Merrill Lynch (140)



Bank of America

Merrill Lynch (47)



Bank of America


Bank of America


Bank of America

Merrill Lynch (12) S&P 500 Index (non-covered) 2,375.00 20/06/2019 (114,000) (0.23%)

(260,907) (0.50%)

Options on Futures - (0.00%) (2017 - (0.00%) Bank of America

Merrill Lynch (1)


(covered) 121.00 22/02/2019 (484) (0.00%)

(484) (0.00%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Citibank 15/01/2019 AUD 2,272,234 USD 1,611,941 (7,703) (0.01%)

Citibank 15/01/2019 USD 19,042 AUD 26,978 (5) (0.00%)

Citibank 15/01/2019 USD 186,199 EUR 162,869 (542) (0.00%)

Citibank 15/01/2019 USD 1,470,432 GBP 1,157,745 (8,918) (0.02%)

Citibank 15/01/2019 USD 54,057 SGD 74,189 (445) (0.00%)

Citibank 02/01/2019 USD 13,558 NOK 119,289 (186) (0.00%)

Citibank 02/01/2019 USD 30,690 SEK 277,168 (273) (0.00%)



196


Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Loss USD

% of Net

Assets

HSBC 16/01/2019 GBP 70,000 USD 89,549 (99) (0.00%)

RBS 16/01/2019 AUD 828,700 USD 596,879 (11,789) (0.02%)

RBS 16/01/2019 EUR 1,173,520 USD 1,373,486 (27,816) (0.06%)


Value USD



(Cost USD 265,160) (2017: USD 18,814) (319,167) (0.61%)

Cash at Bank 207,782 0.40%



% of Total



AIF 7.35%

UCITS 67.36%






PORTFOLIO OF INVESTMENTS – Merian UK Specialist Equity Fund


% of Net

Assets

197

Common Stock Automobiles & Parts - 1.61% (2017 - 0.00%)

739,000 Aston Martin Lagonda Global Holdings PLC 9,113,348 1.61%

9,113,348 1.61%

Beverages - 2.17% (2017 - 4.53%) 561,833 Fevertree Drinks PLC 12,304,143 2.17%

12,304,143 2.17%

Construction & Materials - 4.02% (2017 - 5.19%) 7,668,864 Breedon Group PLC 4,601,318 0.80%

2,412,405 Marshalls PLC 11,251,457 1.99%


22,808,560 4.02%


12,987,916 2.29%

Equity Investment Instruments - 0.48% (2017 - 0.00%) 2,616,023 Merian Chrysalis Investment Co Ltd 2,698,166 0.48%

2,698,166 0.48%

Financial Services - 11.31% (2017 - 12.08%) 706,895 3i Group PLC 5,482,678 0.97%

943,771 AJ Bell PLC 2,248,629 0.40%



1,215,220 IntegraFin Holdings PLC 3,719,788 0.65%

1,562,250 JTC PLC 6,061,530 1.07%

429,031 Mortgage Advice Bureau Holdings Ltd 2,265,284 0.40%


69,799 Plus500 Ltd 953,454 0.17%

64,096,607 11.31%

General Retailers - 4.73% (2017 - 8.01%) 12,273,747 Boohoo Group PLC 19,791,417 3.49%

1,193,895 Joules Group PLC 2,705,725 0.48%

249,540 WH Smith PLC 4,309,556 0.76%

26,806,698 4.73%

Industrial Engineering - 1.24% (2017 - 1.18%) 967,972 Bodycote PLC 7,008,117 1.24%

7,008,117 1.24%

Leisure Goods - 0.13% (2017 - 0.00%) 446,298 Codemasters Group Holdings PLC 722,333 0.13%

722,333 0.13%

Life Insurance - 1.04% (2017 - 2.25%) 624,891 St James's Place PLC 5,868,976 1.04%

5,868,976 1.04%


1,855,129 Auto Trader Group PLC 8,325,819 1.47%

1,032,611 Future PLC 4,946,207 0.87%

10,538,954 Huntsworth PLC 10,966,836 1.93%

2,245,026 S4 Capital PLC 2,726,584 0.49%

48,064,116 8.48%


PORTFOLIO OF INVESTMENTS – Merian UK Specialist Equity Fund (continued)


% of Net

Assets

198

Common Stock (continued) Mining - 0.34% (2017 - 0.00%)

356,582 KAZ Minerals PLC 1,909,140 0.34%

1,909,140 0.34%

Other Financial Services - 2.68% (2017 - 1.87%) 437,683 Graphcore 1,464,599 0.26%

269,583 Transferwise 11,851,263 2.09%

13,315,862 2.35%

Pharmaceuticals & Biotechnology - 2.08% (2017 - 6.89%) 1,567,495 Clinigen Group PLC 11,803,554 2.08%

11,803,554 2.08%

Real Estate Investment & Services - 1.85% (2017 - 2.55%) 2,797,265 Purplebricks Group PLC 4,162,330 0.73%

896,779 Savills PLC 6,322,292 1.12%

10,484,622 1.85%

Real Estate Investment Trusts - 2.60% (2017 - 2.77%) 1,860,716 Workspace Group PLC 14,755,478 2.60%

14,755,478 2.60%

Software & Computer Services - 4.74% (2017 - 8.27%) 943,687 Blue Prism Group PLC 11,286,497 1.99%



1,403,460 Microgen PLC 4,813,868 0.85%

26,899,960 4.74%

Support Services - 12.41% (2017 - 17.68%) 4,051,267 Alpha Financial Markets Consulting PLC 8,912,787 1.57%


1,687,061 Boku Inc 1,189,378 0.21%

95,110 DCC PLC 5,654,290 1.00%


1,870,934 HomeServe PLC 16,146,160 2.85%

496,119 Johnson Service Group PLC 581,451 0.10%


1,132,908 RWS Holdings PLC 5,426,629 0.96%


70,348,841 12.41%

Travel & Leisure - 6.61% (2017 - 7.38%)

2,308,400 GVC Holdings PLC 15,454,738 2.73%

2,511,405 Gym Group PLC 6,705,451 1.18%

15,371 Secret Escapes 1,880,181 0.33%

2,162,714 SSP Group PLC 14,040,339 2.48%


39,341,294 6.94%





Coupon

Rate

Maturity

Date Value GBP

% of Net

Assets

199

Government Security - 16.23% (2017 - 0.00%) 20,000,000 United Kingdom Treasury Bill 0.00 07/01/2019 19,997,600 3.52%

47,000,000 United Kingdom Treasury Bill 0.00 28/01/2019 46,978,850 8.29%



91,949,275 16.23%




Unrealised

Gain GBP Citibank 1,030,000 Barratt Developments PLC 131,840 0.02%

Citibank (2,695,960) GB002 37,743 0.01%

Citibank (842,665) GB022 54,773 0.01%

Citibank (816,621) GB023 26,132 0.00%

Citibank (2,204,728) GB026 39,685 0.01%

Citibank (778,527) GB071 7,785 0.00%

Citibank (1,065,117) GB115 117,163 0.02%

Citibank (3,012,537) GB126 57,238 0.01%

Citibank (615,083) GB144 103,334 0.02%

Citibank (3,631,852) GB160 199,752 0.05%

Citibank (893,894) GB163 57,209 0.01%

Citibank (381,603) GB169 5,648 0.00%

Citibank (125,738) GB177 25,148 0.00%

Citibank (2,268,780) GB213 27,225 0.00%

Citibank (1,086,940) GB216 10,869 0.00%

Citibank (1,002,832) GB219 34,096 0.01%

Citibank (6,659,178) GB224 37,425 0.01%

Citibank (225,040) GB225 24,754 0.00%

Citibank (165,129) GB228 14,036 0.00%

Citibank (16,475) GB229 878 0.00%

Citibank 2,651,239 Hays PLC 55,676 0.01%

Citibank 801,755 Howden Joinery Group PLC 183,602 0.04%

Citibank 483,137 Superdry PLC 77,302 0.01%

Citibank 2,720,018 Synthomer PLC 70,720 0.01%

Citibank 5,893,535 Taylor Wimpey PLC 117,871 0.02%

1,517,904 0.27%


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold Citibank 15/01/2019 GBP 1,819,401 USD 2,309,413 12,065 0.00%


Value GBP



(Cost GBP 483,773,895) (2017: GBP 397,520,973) 494,816,975 87.31%



200



Unrealised

Loss GBP

% of Net

Assets

Citibank 62,064 Derwent London PLC (28,549) (0.01%)

Citibank (225,594) GB035 (3,610) (0.00%)

Citibank (465,741) GB097 (83,833) (0.01%)

Citibank (307,949) GB107 (36,954) (0.01%)

Citibank (15,500) GB141 (1,616,340) (0.29%)

Citibank (1,086,236) GB159 (152,073) (0.03%)

Citibank (827,322) GB164 (140,645) (0.02%)

Citibank (964,426) GB167 (25,075) (0.00%)

Citibank (877,312) GB194 (289,513) (0.05%)

Citibank (4,535,769) GB199 (40,822) (0.01%)

Citibank (3,864,020) GB200 (695,524) (0.12%)

Citibank (2,053,960) GB211 (277,285) (0.05%)

Citibank (140,479) GB214 (286,577) (0.05%)

Citibank (65,959) GB221 (230,856) (0.04%)

Citibank (246,267) GB222 (105,895) (0.02%)

Citibank (107,072) GB223 (10,707) (0.00%)

Citibank (1,165,083) GB227 (94,372) (0.02%)

Citibank 269,340 Great Portland Estates PLC (43,633) (0.01%)

Citibank (192,246) IE017 (76,666) (0.01%)

(4,238,929) (0.75%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Citibank 15/01/2019 EUR 60,029,577 GBP 54,188,829 (323,010) (0.06%)

Citibank 15/01/2019 USD 84,935,491 GBP 66,991,646 (521,183) (0.09%)


Value GBP



(Cost GBP Nil) (2017: GBP Nil) (5,083,122) (0.90%)

Cash at Bank 78,746,989 13.89%



% of Total










PORTFOLIO OF INVESTMENTS – Merian Style Premia Absolute Return Fund


% of Net

Assets

201


9,500 Albemarle Corp 732,165 0.89%

31,000 Axalta Coating Systems Ltd 726,020 0.88%

18,000 First Quantum Minerals Ltd 145,908 0.18%

10,200 FMC Corp 754,392 0.91%

5,700 Mosaic Co 166,497 0.20%

2,524,982 3.06%

Communications - 9.64% (2017 - 2.48%) 3,900 Arista Networks Inc 821,730 1.00%

19,100 CBS Corp 835,052 1.01%

1,100 FactSet Research Systems Inc 220,143 0.27%

11,500 GrubHub Inc 883,315 1.07%

39,700 Interpublic Group of Cos Inc 819,011 0.99%

6,900 Motorola Solutions Inc 793,776 0.96%

6,800 Shopify Inc 942,599 1.14%

10,300 Twilio Inc 919,790 1.11%

25,000 Twitter Inc 718,500 0.87%

1,600 Wayfair Inc 144,128 0.17%

37,900 Zayo Group Holdings Inc 865,636 1.05%

7,963,680 9.64%

Consumer, Cyclical - 6.15% (2017 - 4.86%) 2,300 Aptiv PLC 141,611 0.17%

18,300 Aramark 530,151 0.64%

15,700 Best Buy Co Inc 831,472 1.01%

1,800 Chipotle Mexican Grill Inc 777,222 0.94%

63,900 Hanesbrands Inc 800,667 0.97%

3,700 Harley-Davidson Inc 126,244 0.15%

27,000 L Brands Inc 693,090 0.84%

19,500 MGM Resorts International 473,070 0.57%

12,800 Six Flags Entertainment Corp 712,064 0.86%

5,085,591 6.15%

Consumer, Non-cyclical - 6.54% (2017 - 4.27%) 42,100 Bausch Health Cos Inc 780,517 0.95%

1,900 Bio-Rad Laboratories Inc 441,218 0.53%

1,300 Cardinal Health Inc 57,980 0.07%

30,300 Conagra Brands Inc 647,208 0.78%

800 Constellation Brands Inc 128,656 0.16%

112,000 Coty Inc 734,720 0.89%

13,500 DaVita Inc 694,710 0.84%

29,300 H&R Block Inc 743,341 0.90%

1,200 Molina Healthcare Inc 139,464 0.17%

11,900 Philip Morris International Inc 794,444 0.96%

2,600 Square Inc 145,834 0.18%

800 Universal Health Services Inc 93,248 0.11%

5,401,340 6.54%

Energy - 5.14% (2017 - 4.37%) 124,800 Cenovus Energy Inc 879,679 1.07%

21,300 Continental Resources Inc/OK 856,047 1.04%

29,100 Devon Energy Corp 655,914 0.79%


PORTFOLIO OF INVESTMENTS – Merian Style Premia Absolute Return Fund (continued)


% of Net

Assets

202

Common Stock (continued) Energy - 5.14% (2017 - 4.37%) (continued)

16,900 Hess Corp 684,450 0.83%

39,000 Noble Energy Inc 731,640 0.89%

7,800 Targa Resources Corp 280,956 0.34%

12,800 WPX Energy Inc 145,280 0.18%

4,233,966 5.14%

Financial - 3.94% (2017 - 6.03%) 10,300 Brixmor Property Group Inc 151,307 0.18%

18,800 Brookfield Asset Management Inc 722,212 0.87%

6,300 Franklin Resources Inc 186,858 0.24%

16,200 Liberty Property Trust 678,456 0.82%

25,400 Pebblebrook Hotel Trust 719,074 0.87%

40,400 Starwood Property Trust Inc 796,284 0.96%

3,254,191 3.94%

Industrial - 6.20% (2017 - 3.12%) 500 CCL Industries Inc 18,378 0.02%

11,900 Donaldson Co Inc 516,341 0.63%

4,500 FedEx Corp 725,985 0.88%

21,100 Flowserve Corp 802,222 0.97%

300 General Dynamics Corp 47,163 0.06%

32,500 Knight-Swift Transportation Holdings Inc 814,775 0.99%

5,400 L3 Technologies Inc 937,764 1.14%

6,400 Textron Inc 294,336 0.36%

1,800 Wabtec Corp 126,450 0.15%

21,900 Westrock Co 826,944 1.00%

5,110,358 6.20%

Technology - 2.46% (2017 - 1.80%) 61,000 Hewlett Packard Enterprise Co 805,810 0.98%

3,300 Paycom Software Inc 404,085 0.49%

41,400 Xerox Corp 818,064 0.99%

2,027,959 2.46%

Utilities - 0.18% (2017 - 0.24%) 5,200 PPL Corp 147,316 0.18%

147,316 0.18%


Coupon

Rate

Maturity

Date Government Security - 47.56% (2017 - 64.65%)


5,000,000 United States Treasury Bill1 0.00 24/01/2019 4,992,549 6.05%

4,000,000 United States Treasury Bill2 0.00 31/01/2019 3,992,399 4.84%




39,258,643 47.56%




203

Swaps - 0.86% (2017 - 1.82%)


Maturity

Date

Unrealised

Gain USD

% of Net

Assets

Goldman

Sachs 6,397,037 TRS Goldman Sachs Curve Index 02/12/2019 20,425 0.02%

Goldman

Sachs 14,484,609 TRS Goldman Sachs Fixed Income Index 23/05/2019 49,460 0.06%

Goldman

Sachs 12,504,162 TRS Goldman Sachs Fixed Income Index 23/05/2019 249,441 0.30%


TRS Morgan Stanley Equity Risk Premia

Global Momentum OM Index 27/11/2019 32,873 0.04%













713,730 0.86%

Contracts For Difference - 1.63% (2017 - 1.16%) Citibank 3,559 Accor SA 683 0.00%

Citibank (260,912) AU014 38,672 0.05%

Citibank 283,722 Aurizon Holdings Ltd 5,549 0.01%

Citibank (2,110) BE010 292 0.00%

Citibank (11,551) BE011 7,794 0.01%

Citibank (12,600) CA006 7,709 0.01%

Citibank (22,500) CA013 9,207 0.01%

Citibank (3,800) CA018 3,127 0.00%

Citibank (33,900) CA042 6,901 0.01%

Citibank (10,400) CA050 26,535 0.03%

Citibank 33,515 Caltex Australia Ltd 5,706 0.01%

Citibank 119 Chocoladefabriken Lindt & Spruengli AG 3,939 0.01%

Citibank 8,200 Coca-Cola Bottlers Japan Holdings Inc 18,185 0.02%

Citibank 48,989 Direct Line Insurance Group PLC 6,016 0.01%

Citibank (7,636) DK004 2,089 0.00%

Citibank (876) DK014 2,808 0.00%

Citibank 17,719 Erste Group Bank AG 20,893 0.03%

Citibank (35,417) FR008 4,635 0.01%

Citibank (868) FR012 5,573 0.01%

Citibank (9,818) FR016 1,468 0.00%

Citibank (1,251) FR020 469 0.00%

Citibank (2,729) FR030 13,260 0.02%

Citibank (3,100) GB056 4,239 0.01%

Citibank (79,087) GB129 21,972 0.03%

Citibank (73,130) GB149 11,540 0.01%

Citibank (23,100) GB151 22,701 0.03%

Citibank (20,737) GB178 6,990 0.01%

Citibank 2,500 Hoya Corp 2,428 0.00%

Citibank 155,518 Insurance Australia Group Ltd 37,727 0.05%

Citibank 5,797 Ipsen SA 14,161 0.02%



204

Contracts For Difference - 1.63% (2017 - 1.16%) (continued) Unrealised % of Net

Counterparty Nominal Security Description Gain USD Assets

Citibank (18,200) JP032 17,206 0.02%

Citibank (20,000) JP052 9,770 0.01%

Citibank (15,000) JP054 2,862 0.00%

Citibank (1,900) JP067 586 0.00%

Citibank (11,600) JP079 56,292 0.07%

Citibank (19,600) JP081 1,034 0.00%

Citibank (35,300) JP083 51,772 0.06%

Citibank (15,500) JP106 9,601 0.01%

Citibank (34,700) JP156 12,891 0.02%

Citibank (17,800) JP158 18,634 0.02%

Citibank (2,400) JP194 3,891 0.01%

Citibank (26,700) JP203 54,397 0.07%

Citibank (700) JP218 1,468 0.00%

Citibank (5,700) JP220 8,128 0.01%

Citibank (9,000) JP224 11,260 0.01%

Citibank (10,100) JP225 4,466 0.01%

Citibank (186,500) JP226 25,364 0.03%

Citibank (7,300) JP227 5,976 0.01%

Citibank (25,100) JP228 2,649 0.00%

Citibank 683 KION Group AG 670 0.00%

Citibank 2,100 Konami Holdings Corp 2,751 0.00%

Citibank 154,207 Natixis SA 3,425 0.00%

Citibank (855) NL015 3,485 0.00%

Citibank (6,968) NL017 8,529 0.01%

Citibank 65,000 Nomura Holdings Inc 3,455 0.00%

Citibank 16,500 Nomura Research Institute Ltd 6,449 0.01%

Citibank 3,600 Oracle Corp Japan 1,658 0.00%

Citibank 8,753 Randgold Resources Ltd 245 0.00%

Citibank 2,929 REA Group Ltd 7,480 0.01%

Citibank (27,240) SE001 7,155 0.01%

Citibank (100,606) SE015 8,316 0.01%

Citibank 136,182 South32 Ltd 15,719 0.02%

Citibank (2,274) SZ013 25,050 0.03%

Citibank (1,187) SZ015 3,457 0.00%

Citibank 13,700 Trend Micro Inc/Japan 2,441 0.00%

Citibank (4,100) US045 1,177 0.00%

Citibank (2,700) US078 9,558 0.01%

Citibank (8,500) US223 210,683 0.26%

Citibank (4,400) US232 2,080 0.00%

Citibank (5,300) US241 23,281 0.03%

Citibank (8,200) US263 1,505 0.00%

Citibank (6,800) US307 1,643 0.00%

Citibank (800) US323 3,228 0.00%

Citibank (19,900) US375 1,881 0.00%

Citibank (400) US495 784 0.00%

Citibank (3,800) US530 20,950 0.03%

Citibank (7,400) US533 8,967 0.01%

Citibank (800) US551 5,598 0.01%

Citibank (15,600) US562 15,322 0.02%

Citibank (16,500) US566 26 0.00%

Citibank (86,300) US567 17,820 0.02%



205

Contracts For Difference - 1.63% (2017 - 1.16%) (continued) Unrealised % of Net

Counterparty Nominal Security Description Gain USD Assets

Citibank (40,300) US569 6,383 0.01%

Citibank (100) US572 874 0.00%

Citibank (29,500) US573 43,660 0.05%

Citibank (400) US576 1,765 0.00%

Citibank (8,500) US577 25,949 0.03%

Citibank (27,500) US596 20,543 0.02%

Citibank (6,700) US597 24,087 0.03%

Citibank (17,442) US599 129,943 0.16%

Citibank (1,100) US600 1,830 0.00%

Citibank (11,000) US601 25,988 0.03%

Citibank (7,000) US603 5,038 0.01%

Citibank (4,200) US604 4,004 0.01%

Citibank (12,000) US609 16,247 0.02%

1,342,614 1.63%


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold ANZ 04/01/2019 USD 825,677 CAD 1,100,000 17,949 0.02%

Canadian

Imperial Bank 04/01/2019 USD 6,008,582 CAD 8,000,000 134,196 0.16%

Citibank 15/01/2019 GBP 61,134,015 USD 77,518,359 598,257 0.73%

Nomura 04/01/2019 USD 1,517,902 CAD 2,000,000 49,304 0.06%


Value USD



(Cost USD 76,571,169) (2017: USD 102,349,264) 77,864,076 94.33%

Swaps - (2.02%) (2017 - (1.45%))


Maturity

Date

Unrealised

Loss USD

Goldman Sachs 13,411,638 TRS Goldman Sachs Fixed Income Index 23/05/2019 (14,552) (0.02%)



TRS Morgan Stanley CUBE Rates

Momentum Index 27/11/2019 (139,743) (0.17%)



Momentum Index 27/11/2019 (26,342) (0.03%)



Momentum Index 27/11/2019 (125,858) (0.15%)



Global Quality OM Index 27/11/2019 (20,896) (0.03%)












206

Swaps - (2.02%) (2017 - (1.45%)) (continued)


Maturity

Date

Unrealised

Loss USD

% of Net

Assets









Global Value OM Index 27/11/2019 (94,819) (0.11%)
















Morgan Stanley 3,231,437 TRS Morgan Stanley Fixed Income Index 27/11/2019 (34,971) (0.04%)

Morgan Stanley 11,547,139 TRS Morgan Stanley Fixed Income Index 27/11/2019 (124,966) (0.15%)

(1,667,239) (2.02%)

Contracts For Difference - (3.09%) (2017 - (1.75%)) Citibank 184,096 Aegon NV (31,179) (0.04%)

Citibank 40,000 Aeon Co Ltd (79,237) (0.10%)

Citibank 1,756 Akzo Nobel NV (1,206) (0.00%)

Citibank 11,014 Amundi SA (499) (0.00%)

Citibank 63,800 Astellas Pharma Inc (64,302) (0.08%)

Citibank (104,654) AU010 (26,772) (0.03%)

Citibank (21,058) AU025 (46,585) (0.06%)

Citibank (62,407) AU041 (24,275) (0.03%)

Citibank (54,752) AU042 (5,905) (0.01%)

Citibank 20,891 AXA SA (11,530) (0.01%)

Citibank (3,200) CA051 (4,685) (0.01%)

Citibank 14,955 Carnival PLC (13,255) (0.02%)

Citibank (10,357) CL001 (1,137) (0.00%)

Citibank 17,591 Coles Group Ltd (9,312) (0.01%)

Citibank 123,083 Commerzbank AG (72,800) (0.09%)

Citibank 36,800 Concordia Financial Group Ltd (4,269) (0.01%)

Citibank (5,947) DE007 (3,650) (0.01%)

Citibank (15,406) DE017 (15,966) (0.02%)

Citibank (11,632) DE023 (2,044) (0.00%)

Citibank (50,227) DE055 (20,683) (0.03%)

Citibank 19,800 Dentsu Inc (26,302) (0.03%)

Citibank 91,500 Deutsche Bank AG (3,253) (0.00%)

Citibank (6,217) DK007 (598) (0.00%)

Citibank (1,274) DK009 (115) (0.00%)

Citibank 700 Electric Power Development Co Ltd (1,266) (0.00%)

Citibank 34,672 Electrolux AB (11,259) (0.01%)

Citibank 51,757 Elekta AB (59,685) (0.07%)

Citibank (157,932) FI003 (14,106) (0.02%)

Citibank (16,638) FI013 (1,983) (0.00%)



207

Contracts For Difference - (3.09%) (2017 - (1.75%)) (continued) Unrealised % of Net

Counterparty Nominal Security Description Loss USD Assets

Citibank (15,509) FR013 (3,703) (0.01%)

Citibank (5,338) FR014 (1,110) (0.00%)

Citibank (7,528) FR036 (8,235) (0.01%)

Citibank (1,053) FR047 (3,225) (0.00%)

Citibank 8,947 Galapagos NV (81,201) (0.10%)

Citibank (35,163) GB124 (16,170) (0.02%)

Citibank (66,021) GB137 (8,475) (0.01%)

Citibank (69,148) GB150 (522) (0.00%)

Citibank (6,304) GB212 (1,960) (0.00%)

Citibank (285,321) GB226 (52,633) (0.06%)

Citibank 12,946 Goodman Group (1,096) (0.00%)

Citibank 50,604 Hennes & Mauritz AB (169,838) (0.21%)

Citibank 98,500 Inpex Corp (27,492) (0.03%)

Citibank 121,957 John Wood Group PLC (72,391) (0.09%)

Citibank (6,600) JP043 (1,201) (0.00%)

Citibank (7,300) JP102 (695) (0.00%)

Citibank (3,400) JP127 (7,526) (0.01%)

Citibank (27,600) JP131 (2,490) (0.00%)

Citibank (50,400) JP160 (46,758) (0.06%)

Citibank (18,800) JP192 (9,469) (0.01%)

Citibank (82,300) JP216 (3,397) (0.00%)

Citibank (10,800) JP221 (7,768) (0.01%)

Citibank 3,261 Julius Baer Group Ltd (300) (0.00%)

Citibank 15,800 Kikkoman Corp (37,505) (0.05%)

Citibank 13,076 Kingfisher PLC (3,084) (0.00%)

Citibank 6,300 Komatsu Ltd (9,619) (0.01%)

Citibank 51,400 Kubota Corp (112,669) (0.14%)

Citibank 2,864 Lonza Group AG (85,031) (0.10%)

Citibank 115,136 Marks & Spencer Group PLC (11,851) (0.01%)

Citibank 12,642 Micro Focus International PLC (4,060) (0.01%)

Citibank 15,337 National Grid PLC (2,490) (0.00%)

Citibank 500 Nintendo Co Ltd (4,513) (0.01%)

Citibank 140 Nippon Prologis REIT Inc (5,765) (0.01%)

Citibank (4,482) NL013 (2,569) (0.00%)

Citibank 20,692 NMC Health PLC (8,653) (0.01%)

Citibank 174,860 Origin Energy Ltd (47,460) (0.06%)

Citibank 21,500 Otsuka Corp (97,933) (0.12%)

Citibank 19,004 Pandora A/S (124,623) (0.15%)

Citibank 12,003 Porsche Automobil Holding SE (29,174) (0.04%)

Citibank 9,554 Raiffeisen Bank International AG (1,530) (0.00%)

Citibank 35,600 Recruit Holdings Co Ltd (26,246) (0.03%)

Citibank 2,295 Renault SA (6,915) (0.01%)

Citibank 3,471 SCOR SE (4,094) (0.01%)

Citibank (75,685) SE005 (2,556) (0.00%)

Citibank (4,671) SE008 (1,190) (0.00%)

Citibank 9,900 Sharp Corp/Japan (24,762) (0.03%)

Citibank 17,800 Shimadzu Corp (27,126) (0.03%)

Citibank 13,800 Showa Denko KK (17,037) (0.02%)

Citibank (3,039) SZ004 (2,718) (0.00%)

Citibank (52,900) SZ029 (15,648) (0.02%)

Citibank (14,996) SZ045 (10,787) (0.01%)

Citibank 7,495 Temenos AG (3,431) (0.00%)



208

Contracts For Difference - (3.09%) (2017 - (1.75%)) (continued) Unrealised % of Net

Counterparty Nominal Security Description Loss USD Assets

Citibank 6,800 Tokyo Electron Ltd

(95,866) (0.12%)

Citibank 30,300 Toshiba Corp

(56,508) (0.07%)

Citibank 9,899 Unilever PLC

(10,790) (0.01%)

Citibank (8,200) US033

(4,173) (0.01%)


(3,461) (0.00%)


(8,442) (0.01%)


(302) (0.00%)


(924) (0.00%)


(5,746) (0.01%)


(24,171) (0.03%)


(22,333) (0.03%)


(5,301) (0.01%)

Citibank (600) US348

(1,386) (0.00%)


(2,347) (0.00%)


(50,279) (0.06%)


(34,102) (0.04%)


(19,360) (0.02%)


(51,790) (0.06%)


(29,646) (0.04%)


(2,034) (0.00%)


(21,449) (0.03%)


(34,245) (0.04%)


(794) (0.00%)


(2,149) (0.00%)


(14,542) (0.02%)


(16,911) (0.02%)


(17,901) (0.02%)


(1,956) (0.00%)


(1,833) (0.00%)


(22,793) (0.03%)


(6,314) (0.01%)


(17,962) (0.02%)


(14,960) (0.02%)

Citibank 2,149 Vifor Pharma AG

(10,952) (0.01%)

Citibank 320,800 Yahoo Japan Corp

(120,861) (0.15%)

Citibank 1,685 Zalando SE

(2,600) (0.00%)

(2,553,735) (3.09%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold Citibank 15/01/2019 USD 815,602 GBP 643,516 (6,673) (0.00%)

HSBC 04/01/2019 CAD 2,000,000 USD 1,507,043 (38,449) (0.06%)

Nomura 04/01/2019 CAD 2,000,000 USD 1,495,223 (26,629) (0.03%)





209

Value USD

% of Net

Assets



Cash at Bank 16,232,892 19.67%



% of Total








The following securities have been pledged by the Sub-Fund as collateral in respect of Contracts For

Difference:

The following securities have been received by the Sub-Fund as collateral in respect of Contracts For

DIfference:






United States Treasury Bill Citibank 159,000 170,096


PORTFOLIO OF INVESTMENTS – Merian Financials Contingent Capital Fund


Coupon

Rate

Maturity

Date Value USD

% of Net

Assets

210

Corporate Bonds - 96.99% (2017 - 99.14%) 4,000,000 Abanca Corp Bancaria SA 7.50 02/01/2167 4,423,486 1.76%

3,800,000 ABN AMRO Bank NV 4.75 22/03/2166 3,861,109 1.53%

3,200,000 Banco de Sabadell SA 6.50 18/08/2165 3,425,745 1.36%

3,000,000 Banco Santander SA 4.75 19/06/2166 2,746,167 1.09%

4,000,000 Bankia SA 6.38 19/12/2166 4,343,351 1.73%

5,000,000 Barclays PLC 5.88 15/09/2164 5,827,439 2.32%

7,000,000 Barclays PLC 7.75 15/12/2166 6,767,570 2.69%

8,800,000 BAWAG Group AG 5.00 14/11/2166 9,183,834 3.66%

1,200,000 Belfius Bank SA 3.63 16/04/2166 1,062,031 0.42%

8,600,000 CaixaBank SA 5.25 23/06/2166 8,407,845 3.35%

5,400,000 Cooperatieve Rabobank UA 4.63 29/12/2166 5,951,016 2.37%

6,100,000 Credit Agricole SA 7.50 23/06/2026 8,105,531 3.23%


1,000,000 Credit Suisse Group AG 7.25 12/03/2167 968,924 0.39%

18,700,000 Credit Suisse Group AG 7.50 17/07/2023 18,992,567 7.55%

3,100,000 CYBG PLC 8.00 29/12/2049 3,661,862 1.46%

1,200,000 Danske Bank A/S 6.13 29/12/2049 1,068,903 0.43%

10,600,000 Danske Bank A/S 7.00 26/12/2166 9,612,576 3.83%

6,000,000 Deutsche Pfandbriefbank AG 5.75 28/04/2166 6,723,647 2.68%

3,000,000 Direct Line Insurance Group PLC 4.75 07/06/2166 3,123,206 1.24%

9,000,000 HSBC Holdings PLC 5.88 28/03/2167 11,178,691 4.45%

8,000,000 HSBC Holdings PLC 6.25 23/09/2166 7,641,808 3.04%

2,800,000 Ibercaja Banco SA 7.00 06/07/2166 2,983,234 1.19%

3,000,000 IKB Deutsche Industriebank AG 4.00 31/01/2028 3,395,421 1.35%

10,100,000 Intesa Sanpaolo SpA 7.75 29/07/2049 12,563,423 5.00%

2,000,000 KBC Group NV 4.25 24/10/2166 1,969,945 0.78%


6,400,000 Metro Bank PLC 5.50 26/06/2028 7,136,065 2.84%

45,000 Nationwide Building Society 10.25 29/06/2049 8,075,714 3.21%

3,000,000 Oaknorth Bank PLC 7.75 01/06/2028 3,808,808 1.51%

6,000,000 OneSavings Bank PLC 9.13 25/11/2165 7,745,895 3.08%

3,300,000 Phoenix Group Holdings PLC 5.75 26/10/2166 3,455,843 1.38%

4,800,000 Rothesay Life PLC 6.88 12/03/2167 5,927,667 2.36%


4,000,000 Shawbrook Group PLC 7.88 08/06/2166 4,668,784 1.86%

5,100,000 Societe Generale SA 7.38 04/04/2167 4,895,094 1.95%

7,200,000 Societe Generale SA 7.88 29/12/2049 7,159,008 2.85%

2,780,000 Stichting AK Rabobank Certificaten 6.50 29/12/2049 3,430,505 1.37%

6,000,000 Svenska Handelsbanken AB 5.25 01/03/2021 6,048,797 2.41%



2,550,000 Virgin Money Holdings UK PLC 8.75 10/11/2021 3,432,122 1.37%

243,692,709 96.99%



PORTFOLIO OF INVESTMENTS – Merian Financials Contingent Capital Fund (continued)

211


Counterparty

Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold

Unrealised

Gain USD

% of Net

Assets

Citibank 15/01/2019 GBP 112,349,689 USD 142,460,193 1,099,454 0.44%

HSBC 15/01/2019 EUR 3,142,311 USD 3,600,000 2,945 0.00%

HSBC 15/01/2019 GBP 1,412,009 USD 1,800,000 4,255 0.00%


Value USD



(Cost USD 265,920,959) (2017: USD 205,653,433) 244,799,363 97.43%

Swaps - (0.09%) (2017 - (0.00%))


Maturity

Date

Unrealised

Loss USD

Citibank 12,610,000 CDX IG Credit Future Version 1 5 year 20/12/2023 (74,695) (0.03%)

Citibank 25,140,000 CDX IG Credit Future Version 1 5 year 20/12/2023 (148,915) (0.06%)

(223,610) (0.09%)


Actual

Settle Date

Issue

Currency

Currency

Bought

Settle

Currency

Currency

Sold HSBC 15/01/2019 USD 79,782,210 EUR 70,099,136 (592,057) (0.24%)

HSBC 15/01/2019 USD 77,930,027 GBP 61,562,231 (733,190) (0.29%)

JP Morgan

Securities 15/01/2019 USD 2,800,000 EUR 2,467,890 (29,622) (0.01%)


Value USD




Cash at Bank 6,743,160 2.68%



% of Total







STATEMENT OF OPERATIONS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018

215

Merian

China Equity

Fund

Merian

Global Strategic

Bond Fund (IRL)

Merian

World

Equity Fund

Merian

Pacific

Equity Fund

Merian

European

Equity Fund

Old Mutual

Japanese

Equity Fund^

Merian

US Equity

Income Fund

Merian

North American

Equity Fund

Notes USD USD USD USD EUR JPY USD USD

Income

Investment income 3d 1,732,166 29,900 8,179,046 2,710,175 1,104,447 666,970 10,156,693 17,944,591

Other income 4,956 284,468 39,453 205,877 5,673 11,846,377 51,279 61,854

Net gain/(loss) on

financial assets/liabilities

at fair value through

profit or loss 3g (9,825,599) (476,073) (55,065,268) (38,126,323) (6,946,103) 229,111,286 (10,330,084) (142,496,989)

Net investment income (8,088,477) (161,705) (46,846,769) (35,210,271) (5,835,983) 241,624,633 (122,112) (124,490,544)

Expenses

Operating expenses 8,9 1,694,757 480,071 7,668,447 4,130,264 685,896 27,232,836 5,376,790 14,574,728

Net income (9,783,234) (641,776) (54,515,216) (39,340,535) (6,521,879) 214,391,797 (5,498,902) (139,065,272)

Finance Costs

Distributions 10 - 101,727 - - - - 2,762,619 207,689

Taxation

Foreign Tax Withheld 119,771 11,740 1,542,172 281,269 110,504 97,847 2,815,671 4,955,693

Capital Gains Tax 4 - 3,085 - 392 - - - -

119,771 14,825 1,542,172 281,661 110,504 97,847 2,815,671 4,955,693

Change in Net Assets

Attributable to

Redeemable

Participating

Shareholders (9,903,005) (758,328) (56,057,388) (39,622,196) (6,632,383) 214,293,950 (11,077,192) (144,228,654)


STATEMENT OF OPERATIONS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 (continued)

216

Merian

Total Return USD

Bond Fund

Merian Emerging

Market

Debt Fund

Old Mutual

European Best

Ideas Fund

Merian

Investment

Grade Corporate

Bond Fund

Merian Global

Emerging

Markets

Fund

Merian

Asian Equity

Income Fund

Merian Local

Currency

Emerging

Market Debt

Fund

Merian

UK Alpha

Fund (IRL)

Notes USD USD EUR USD USD USD USD GBP

Income

Investment income 3d - - 2,771,783 39,945 6,998,783 11,860,757 - 4,133,941

Other income 36,042 22,422 9,825 175,294 9,832 8,658 143,264 5,085

Net gain/(loss) on

financial

assets/liabilities at fair

value through profit or

loss 3g (6,260,201) (17,651,278) (14,940,134) (949,635) (56,777,922) (91,321,205) (46,187,289) (16,699,852)

Net investment

income (6,224,159) (17,628,856) (12,158,526) (734,396) (49,769,307) (79,451,790) (46,044,025) (12,560,826)

Expenses

Operating expenses 8,9 4,079,022 3,518,136 2,566,965 524,957 4,052,917 8,262,748 7,513,018 1,011,964

Net income (10,303,181) (21,146,992) (14,725,491) (1,259,353) (53,822,224) (87,714,538) (53,557,043) (13,572,790)

Finance Costs

Distributions 10 4,877,701 4,725,415 803,244 69,995 - 211,881 30,834,925 2,732,838

Taxation

Foreign Tax Withheld - 6,637 161,452 - 686,979 1,247,714 1,363,580 20,575

Capital Gains Tax 4 - 3,000 - - (53,513) 880 681,550 -

- 9,637 161,452 - 633,466 1,248,594 2,045,130 20,575


Attributable to

Redeemable

Participating

Shareholders (15,180,882) (25,882,044) (15,690,187) (1,329,348) (54,455,690) (89,175,013) (86,437,098) (16,326,203)



217

Merian UK

Smaller

Companies

Focus Fund

Merian

UK Dynamic

Equity Fund

Merian Global

Equity Absolute

Return Fund

Merian Strategic

Absolute Return

Bond Fund^^^

Old Mutual

Pan African

Fund^^

Merian

Monthly Income

High Yield

Bond Fund^^^^

Merian Europe

(ex UK) Smaller

Companies Fund

Merian

Global Equity

Income

Fund (IRL)

Notes GBP GBP USD USD USD USD EUR USD

Income

Investment income 3d 4,746,769 9,695,710 188,333,869 377,389 47,366 374,990 10,631,317 6,948,579

Other income (5,228) 119,063 3,430,077 120,339 39,069 44,418 (10,758) (2,564)

Net gain/(loss) on

financial

assets/liabilities at fair


loss 3g (68,003,109) (114,331,858) (961,093,762) (13,125,446) 1,264,671 (4,741,870) (101,054,447) (28,850,202)

Net investment

income (63,261,568) (104,517,085) (769,329,816) (12,627,718) 1,351,106 (4,322,462) (90,433,888) (21,904,187)

Expenses

Operating expenses 8,9 7,319,169 7,325,039 474,700,805 1,015,959 580,254 212,218 3,572,441 2,601,660

Net income (70,580,737) (111,842,124) (1,244,030,621) (13,643,677) 770,852 (4,534,680) (94,006,329) (24,505,847)

Finance Costs

Distributions 10 - - - 61,319 131,492 962,830 1,279,030 4,571,686

Taxation

Foreign Tax Withheld 83,871 77,995 34,995,886 94,231 4,280 2,261 1,637,930 1,259,020

Capital Gains Tax 4 - - - 50,091 37,828 (1,081) - (225)

83,871 77,995 34,995,886 144,322 42,108 1,180 1,637,930 1,258,795


Attributable to

Redeemable

Participating

Shareholders (70,664,608) (111,920,119) (1,279,026,507) (13,849,318) 597,252 (5,498,690) (96,923,289) (30,336,328)



218

Merian

Gold & Silver

Fund

Old Mutual

Compass

Portfolio 2

Old Mutual

Compass

Portfolio 3

Old Mutual

Compass

Portfolio 4

Old Mutual

Compass

Portfolio 5

Merian

UK Specialist

Equity Fund

Merian Style

Premia

Absolute

Return Fund

Merian

Financials

Contingent

Capital Fund

Combined

Total

December

2018

Notes USD USD USD USD USD GBP USD USD USD

Income

Investment income 3d 1,733,069 233,404 1,767,402 3,330,370 564,924 7,719,394 951,066 - 316,429,927

Other income (8,087) 122,738 1,357,345 2,330,019 358,340 31,420 124,365 59,975 9,332,371

Net gain/(loss) on



profit or loss 3g (56,344,798) (3,121,507) (35,979,747) (72,322,483) (12,138,483) (25,155,273) (11,966,966) (21,812,282) (2,117,941,041)

Net investment income (54,619,816) (2,765,365) (32,855,000) (66,662,094) (11,215,219) (17,404,459) (10,891,535) (21,752,307) (1,792,178,743)

Expenses

Operating expenses 8,9 3,080,866 512,509 3,988,584 6,414,995 1,038,049 19,944,732 2,615,877 1,574,406 615,895,763

Net income (57,700,682) (3,277,874) (36,843,584) (73,077,089) (12,253,268) (37,349,191) (13,507,412) (23,326,713) (2,408,074,506)

Finance Costs

Distributions 10 - - - - - - - 13,126,172 68,738,486

Taxation

Foreign Tax Withheld 203,679 6,057 104,811 335,772 80,590 7,174 295,017 30,201 52,948,335

Capital Gains Tax 4 - - - - - - - - 722,007

203,679 6,057 104,811 335,772 80,590 7,174 295,017 30,201 53,670,342


Attributable to

Redeemable

Participating

Shareholders (57,904,361) (3,283,931) (36,948,395) (73,412,861) (12,333,858) (37,356,365) (13,802,429) (36,483,086) (2,530,483,334)

The Company has not recognised gains and losses in the financial year other than those dealt with in the Statement of Operations.

All results are from continuing activities. The accompanying notes form an integral part of the financial statements.


STATEMENT OF OPERATIONS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017

219

Old Mutual

China

Equity Fund

Old Mutual

Global Strategic

Bond Fund (IRL)

Old Mutual

World

Equity Fund

Old Mutual

Pacific

Equity Fund

Old Mutual

European

Equity Fund

Old Mutual

Japanese

Equity Fund

Old Mutual

US Equity

Income Fund

Old Mutual

North American

Equity Fund


Income

Investment Income 3d 1,670,036 8,029 4,182,984 4,213,083 1,199,279 86,391,551 12,062,272 8,662,429

Other Income 89,316 105,338 8,349 152,263 17,718 4,242,073 20,928 11,853

Net gain/(loss) on



profit or loss 3g 21,499,976 873,474 60,232,800 54,474,135 2,778,379 857,106,578 39,924,868 131,179,671

Net investment income 23,259,328 986,841 64,424,133 58,839,481 3,995,376 947,740,202 52,008,068 139,853,953

Expenses

Operating expenses 8,9 1,579,808 348,527 4,979,805 4,471,859 903,897 112,275,000 6,054,245 8,986,831

Net income 21,679,520 638,314 59,444,328 54,367,622 3,091,479 835,465,202 45,953,823 130,867,122

Finance Costs

Distributions 10 - 67,277 - - - - 2,374,403 -

Taxation

Foreign Tax Withheld 142,655 1,463 799,335 368,934 139,032 12,323,343 3,006,589 2,399,440

Capital Gains Tax 4 - 1,480 41 192,034 - - - -

142,655 2,943 799,376 560,968 139,032 12,323,343 3,006,589 2,399,440


Attributable to

Redeemable

Participating

Shareholders 21,536,865 568,094 58,644,952 53,806,654 2,952,447 823,141,859 40,572,831 128,467,682



220

Old Mutual

Total Return

USD Bond

Fund

Old Mutual

Emerging

Market

Debt Fund

Old Mutual

European Best

Ideas Fund

Old Mutual

Investment Grade

Corporate

Bond Fund

Old Mutual

Global Emerging

Markets Fund

Old Mutual

Asian Equity

Income Fund

Old Mutual Local

Currency Emerging

Market Debt Fund

Old Mutual

UK Alpha

Fund (IRL)


Income

Investment Income 3d - - 3,117,987 49,189 4,219,244 9,118,461 - 4,010,251

Other Income 45,225 14,884 2,357 88,021 8,919 9,643 15,762 12,300

Net gain/(loss) on



profit or loss 3g 18,556,865 22,251,597 17,637,559 2,291,352 80,268,327 100,117,830 40,126,285 14,338,235

Net investment income 18,602,090 22,266,481 20,757,903 2,428,562 84,496,490 109,245,934 40,142,047 18,360,786

Expenses

Operating expenses 8,9 4,452,304 3,753,809 3,732,815 570,757 4,203,554 7,350,292 3,392,231 1,305,823

Net income 14,149,786 18,512,672 17,025,088 1,857,805 80,292,936 101,895,642 36,749,816 17,054,963

Finance Costs

Distributions 10 4,957,237 6,420,643 648,191 60,108 2 211,179 15,957,265 2,442,956

Taxation

Foreign Tax Withheld - 9,107 181,245 - 477,320 718,064 782,073 25,873

Capital Gains Tax 4 - 32,157 - - 342,611 248,598 435,938 -

- 41,264 181,245 - 819,931 966,662 1,218,011 25,873


Attributable to

Redeemable

Participating

Shareholders 9,192,549 12,050,765 16,195,652 1,797,697 79,473,003 100,717,801 19,574,540 14,586,134



221

Old Mutual UK

Smaller Companies

Focus Fund

Old Mutual

UK Dynamic

Equity Fund

Old Mutual

Global Equity

Absolute

Return Fund

Old Mutual

Strategic

Absolute Return

Bond Fund

Old Mutual

Pan African

Fund

Old Mutual

Monthly Income

High Yield

Bond Fund

Old Mutual

Europe

(ex UK) Smaller

Companies Fund

Old Mutual

Global Equity

Income Fund (IRL)


Income

Investment Income 3d 3,164,168 8,879,878 118,129,117 38,741 1,301,137 139,043 8,131,543 5,764,383

Other Income 6,293 77,669 1,372,517 79,577 7,711 30,550 3,580 4,266

Net gain/(loss) on



profit or loss 3g 101,211,681 160,379,421 1,630,093,222 5,085,094 8,734,237 16,543,470 35,418,810 38,328,515

Net investment income 104,382,142 169,336,968 1,749,594,856 5,203,412 10,043,085 16,713,063 43,553,933 44,097,164

Expenses

Operating expenses 8,9 7,161,506 22,530,295 262,238,218 403,734 461,358 614,359 3,712,971 2,241,764

Net income 97,220,636 146,806,673 1,487,356,638 4,799,678 9,581,727 16,098,704 39,840,962 41,855,400

Finance Costs

Distributions 10 40,999 - - 236,332 98,924 1,652,692 193,651 3,592,541

Taxation

Foreign Tax Withheld 26,825 66,552 23,185,330 7,721 114,178 - 1,256,655 1,090,112

Capital Gains Tax 4 - - - 7,386 - 1,081 - 51,678

26,825 66,552 23,185,330 15,107 114,178 1,081 1,256,655 1,141,790


Attributable to

Redeemable

Participating

Shareholders 97,152,812 146,740,121 1,464,171,308 4,548,239 9,368,625 14,444,931 38,390,656 37,121,069



222

Old Mutual

Gold & Silver

Fund

Old Mutual

Compass

Portfolio 2

Old Mutual

Compass

Portfolio 3

Old Mutual

Compass

Portfolio 4

Old Mutual

Compass

Portfolio 5

Old Mutual

UK Specialist

Equity Fund

Old Mutual Style

Premia Absolute

Return Fund

Old Mutual

Financials

Contingent

Capital Fund

Combined Total

December 2017


Income

Investment Income 3d 885,541 153,148 1,198,168 2,290,893 484,113 6,450,195 546,437 - 219,317,133

Other Income 12,683 106,886 904,312 1,626,858 327,221 62,363 8,207 6,090 5,328,533

Net gain/(loss) on



profit or loss 3g 20,074,467 3,079,129 29,798,770 63,222,156 15,151,489 82,123,247 9,603,587 13,547,700 2,949,692,047

Net investment income 20,972,691 3,339,163 31,901,250 67,139,907 15,962,823 88,635,805 10,158,231 13,553,790 3,174,337,713

Expenses

Operating expenses 8,9 2,161,783 456,881 2,703,075 4,294,473 911,541 22,782,584 1,199,593 400,713 408,678,600

Net income 18,810,908 2,882,282 29,198,175 62,845,434 15,051,282 65,853,221 8,958,638 13,153,077 2,765,659,113

Finance Costs

Distributions 10 - - - - - - - 3,064,742 42,881,439

Taxation

Foreign Tax Withheld 90,912 6,713 76,550 276,817 86,932 57,484 183,930 - 35,957,792

Capital Gains Tax 4 - - - - - - - - 1,313,004

90,912 6,713 76,550 276,817 86,932 57,484 183,930 - 37,270,796


Attributable to

Redeemable

Participating

Shareholders 18,719,996 2,875,569 29,121,625 62,568,617 14,964,350 65,795,737 8,774,708 10,088,335 2,685,506,878

The Company has not recognised gains and losses in the financial year other than those dealt with in the Statement of Operations.

All results are from continuing activities. The accompanying notes form an integral part of the financial statements.


STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018

223

Merian

China

Equity Fund

Merian Global

Strategic Bond

Fund (IRL)

Merian

World

Equity Fund

Merian

Pacific

Equity Fund

Merian

European

Equity Fund

Old Mutual

Japanese

Equity Fund^

Merian

US Equity

Income Fund

Merian North

American

Equity Fund


Assets

Financial Assets at Fair

Value Through Profit or

Loss:

- Transferable Securities 3b, 11 54,587,018 6,534,688 371,282,207 86,997,931 25,979,099 - 252,999,493 1,334,815,741

- Investment Funds 3b, 11 - 496,941 330,378 559,431 - - - -

- Financial Derivative

Instruments 3b, 11 - 168,593 12,104 - - - 5,635 614,444

Cash and Cash

Equivalents 7 702,017 262,713 809,021 1,190,701 1,174,506 16,266,722 4,693,942 9,739,601

Due from Broker 7 1,252,747 49,976 1,546,404 78,104 169,201 - 830,157 2,050,258

Deposits with Credit

Institutions 3b - - - - - - - 4,948

Other Assets 1,454,534 145,162 1,972,104 753,453 75,470 61,901,206 8,738,998 19,012,760

Total Assets 57,996,316 7,658,073 375,952,218 89,579,620 27,398,276 78,167,928 267,268,225 1,366,237,752

Liabilities

Financial Liabilities at Fair


Loss:


Instruments 3b, 11 215 85,030 11,544 16,531 - - 73,463 53,467

Due to Broker 7 468,534 29,329 1,513,850 12,510 169,381 - 161,032 827,119

Bank Overdraft 7 - - - - 306 - - -

Other Liabilities 821,301 104,235 2,847,852 1,223,819 285,285 78,167,928 3,379,938 7,642,923

Total Liabilities 1,290,050 218,594 4,373,246 1,252,860 454,972 78,167,928 3,614,433 8,523,509

Net Assets Attributable to

Redeemable

Participating

Shareholders 56,706,266 7,439,479 371,578,972 88,326,760 26,943,304 - 263,653,792 1,357,714,243


STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018 (continued)

224

Merian Total

Return USD

Bond Fund

Merian

Emerging Market

Debt Fund

Old Mutual

European Best

Ideas Fund

Merian Investment

Grade Corporate

Bond Fund

Merian Global

Emerging

Markets Fund

Merian

Asian Equity

Income Fund

Merian Local

Currency Emerging

Market Debt Fund

Merian

UK Alpha

Fund (IRL)


Assets



Loss:

- Transferable Securities 3b, 11 198,947,937 178,202,191 55,024,913 11,520,973 123,811,949 313,220,017 358,754,469 92,155,010

- Investment Funds 3b, 11 - - - 382,142 - 2,856,782 - -


Instruments 3b, 11 3,756,651 469,892 33 67,880 - - 5,033,266 118

Cash and Cash

Equivalents 7 5,799,411 13,779,371 3,831,334 538,396 694,032 2,206,373 15,150,049 1,429,194

Due from Broker 7 5,951,641 481,721 6,984 724,677 1,601,236 406,064 4,908,003 7,090


Institutions 3b - - - - - - - -

Other Assets 213,388 1,272,405 343,088 499,780 1,800,652 1,229,136 4,721,813 247,046

Total Assets 214,669,028 194,205,580 59,206,352 13,733,848 127,907,869 319,918,372 388,567,600 93,838,458

Liabilities



Loss:


Instruments 3b, 11 1,057,111 459,666 1,174 53,740 - 12,259 4,938,206 7,767

Due to Broker 7 8,736,018 101,544 6,961 430,618 1,600,974 223,826 2,101,409 7,046

Bank Overdraft 7 - - 29,326 - - - - -

Other Liabilities 1,478,777 3,492,384 309,924 878,482 1,163,698 894,837 2,694,486 171,180

Total Liabilities 11,271,906 4,053,594 347,385 1,362,840 2,764,672 1,130,922 9,734,101 185,993


Redeemable

Participating

Shareholders 203,397,122 190,151,986 58,858,967 12,371,008 125,143,197 318,787,450 378,833,499 93,652,465



225

Merian

UK Smaller

Companies

Focus Fund

Merian

UK Dynamic

Equity Fund

Merian Global

Equity Absolute

Return Fund

Merian Strategic

Absolute Return

Bond Fund^^^

Old Mutual

Pan African

Fund^^

Old Mutual

Monthly Income

High Yield

Bond Fund^^^^

Merian Europe

(ex UK) Smaller

Companies Fund

Merian Global

Equity Income

Fund (IRL)


Assets



Loss:

- Transferable Securities 3b, 11 310,959,813 372,435,028 12,184,818,423 132,766,946 - - 233,439,218 163,977,152

- Investment Funds 3b, 11 - - - 11,056,337 - - - -


Instruments 3b, 11 - 466,519 557,690,170 2,480,321 - - 10,537 -

Cash and Cash

Equivalents 7 14,494,524 61,434,089 285,754,862 3,058,115 - 31,770 11,011,524 2,899,151

Due from Broker 7 215,281 964,134 477,603,015 4,116,261 - - 617,019 3,138,739


Institutions 3b - 18,637,083 - - - - - -

Other Assets 437,271 415,173 84,112,458 385,140 10,249 48,603 406,689 684,659

Total Assets 326,106,889 454,352,026 13,589,978,928 153,863,120 10,249 80,373 245,484,987 170,699,701

Liabilities



Loss:


Instruments 3b, 11 - 351,877 243,524,562 2,581,235 - - 2,793 37,038

Due to Broker 7 - 492,958 109,403,746 1,625,610 - - 494,650 2,984,461

Bank Overdraft 7 - 1,313 22,595 - 3,028 - - -

Other Liabilities 1,166,224 1,768,168 125,130,236 375,769 7,221 80,373 446,081 1,710,803

Total Liabilities 1,166,224 2,614,316 478,081,139 4,582,614 10,249 80,373 943,524 4,732,302


Redeemable

Participating

Shareholders 324,940,665 451,737,710 13,111,897,789 149,280,506 - - 244,541,463 165,967,399



226

Merian Gold

& Silver Fund

Old Mutual

Compass

Portfolio 2

Old Mutual

Compass

Portfolio 3

Old Mutual

Compass

Portfolio 4

Old Mutual

Compass

Portfolio 5

Merian

UK Specialist

Equity Fund

Merian Style

Premia

Absolute

Return Fund

Merian

Financials

Contingent

Capital Fund

Combined

Total

December

2018


Assets



Loss:

- Transferable Securities 3b, 11 230,768,461 4,075,044 40,732,913 64,959,584 9,274,059 493,287,006 75,008,026 243,692,709 18,417,194,330

- Investment Funds 3b, 11 60,051,075 20,013,162 188,926,599 302,864,690 40,738,292 - - - 538,989,235


Instruments 3b, 11 - 291,158 2,487,096 4,082,058 638,798 1,529,969 2,856,050 1,106,654 584,315,730

Cash and Cash

Equivalents 7 1,298,206 60,654 2,706,283 1,915,092 207,782 78,746,989 16,232,892 6,743,160 593,747,175

Due from Broker 7 2,804,374 107,208 2,664,462 10,476,350 3,049,607 780,977 5,565,695 1,485,508 534,304,744


Institutions 3b - - - - - - - - 23,741,137

Other Assets 1,642,641 39,965 851,129 1,995,932 624,527 1,194,475 26,469 8,567 136,673,699

Total Assets 296,564,757 24,587,191 238,368,482 386,293,706 54,533,065 575,539,416 99,689,132 253,036,598 20,828,966,050

Liabilities



Loss:


Instruments 3b, 11 687 112,441 1,079,371 1,876,025 319,167 5,083,122 4,292,725 1,578,479 269,099,404

Due to Broker 7 2,152,870 95,778 1,076,439 4,279,635 1,045,411 534,821 522,499 26 141,478,235

Bank Overdraft 7 - 75,704 - - 498,606 19,615 11,676,921 - 12,337,383

Other Liabilities 2,792,999 98,894 503,989 970,519 278,534 3,155,146 652,471 205,043 169,306,047

Total Liabilities 4,946,556 382,817 2,659,799 7,126,179 2,141,718 8,792,704 17,144,616 1,783,548 592,221,069


Redeemable

Participating

Shareholders 291,618,201 24,204,374 235,708,683 379,167,527 52,391,347 566,746,712 82,544,516 251,253,050 20,236,744,981

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

Merian Global Investors Series PicAnnual Report and Audited Financial Statements for the financial year ended 31 December 2018


On behalf of the Board of Directors of Merian Global Investors Series Pic

Tom Murr&T"^ —" A<^Jan ^afersL^'

Director Director

Date: 25 April 2019

227



228

Old Mutual

China

Equity Fund

Old Mutual Global

Strategic Bond

Fund (IRL)

Old Mutual

World

Equity Fund

Old Mutual

Pacific

Equity Fund

Old Mutual

European

Equity Fund

Old Mutual

Japanese

Equity Fund

Old Mutual

US Equity

Income Fund

Old Mutual North

American

Equity Fund Notes USD USD USD USD EUR JPY USD USD

Assets



Loss:

- Transferable Securities 3b, 11 67,421,398 10,899,092 400,591,739 178,693,276 35,785,846 4,435,152,716 442,565,489 1,069,188,163

- Investment Funds 3b, 11 - 499,646 182,256 - - - - -


Instruments 3b, 11 8,291 69,018 255,704 44,268 - 4,442,715 347,904 523,276

Cash and Cash

Equivalents 7 4,319,673 124,858 7,289,388 925,577 700,842 331,879,555 3,518,103 18,766,845

Due from Broker 7 85,181 72,478 363,852 1,082,745 31,834 90,682,349 720,433 1,364,864


Institutions 3b - - - - - - - 4,948

Other Assets 2,400,853 249,847 1,833,258 5,668,300 98,595 31,986,325 1,557,893 5,421,506

Total Assets 74,235,396 11,914,939 410,516,197 186,414,166 36,617,117 4,894,143,660 448,709,822 1,095,269,602

Liabilities



Loss:


Instruments 3b, 11 - (207,717) (35,198) (22,065) - (1,396,589) (960) (35)

Due to Broker 7 (113,164) (322) (104,260) (458,809) (31,945) (60,049,674) (575,005) (780,480)

Bank Overdraft 7 (2) - - - (226) - - -

Other Liabilities (3,263,432) (473,162) (1,111,733) (6,135,578) (203,151) (153,961,501) (1,523,671) (2,541,424)

Total Liabilities (3,376,598) (681,201) (1,251,191) (6,616,452) (235,322) (215,407,764) (2,099,636) (3,321,939)


Redeemable

Participating

Shareholders 70,858,798 11,233,738 409,265,006 179,797,714 36,381,795 4,678,735,896 446,610,186 1,091,947,663



229

Old Mutual

Total Return USD

Bond Fund

Old Mutual

Emerging Market

Debt Fund

Old Mutual

European Best

Ideas Fund

Old Mutual

Investment

Grade Corporate

Bond Fund

Old Mutual

Global

Emerging

Markets Fund

Old Mutual

Asian Equity

Income Fund

Old Mutual Local

Currency Emerging

Market Debt Fund

Old Mutual

UK Alpha

Fund (IRL)


Assets



Loss:

- Transferable Securities 3b, 11 273,960,337 217,563,094 122,923,703 18,769,108 288,841,573 389,473,576 356,825,837 127,615,993

- Investment Funds 3b, 11 - - - 846,761 - - - -


Instruments 3b, 11 461,987 1,145,642 66 206,725 - 73,964 4,956,452 2

Cash and Cash

Equivalents 7 18,131,289 11,228,044 11,573,888 468,774 12,932,530 13,606,953 9,053,424 3,062,670

Due from Broker 7 19,911,791 169,151 1,021,772 158,228 1,907,540 1,791,457 2,208,323 -


Institutions 3b - - - - - - - -

Other Assets 12,705,484 3,000,038 717,646 87,300 2,281,683 1,143,244 10,221,345 508,631

Total Assets 325,170,888 233,105,969 136,237,075 20,536,896 305,963,326 406,089,194 383,265,381 131,187,296

Liabilities



Loss:


Instruments 3b, 11 (12,190,652) (263,876) (11,081) (208,610) - (92,368) (1,675,335) (8,389)

Due to Broker 7 (388,585) (90,974) (1,021,851) (313,446) (536,305) (900,365) (1,235,188) -

Bank Overdraft 7 (30) - - - - (2) (44,566) -

Other Liabilities (9,340,200) (3,960,970) (3,787,328) (179,503) (1,586,874) (3,402,566) (5,158,560) (975,089)

Total Liabilities (21,919,467) (4,315,820) (4,820,260) (701,559) (2,123,179) (4,395,301) (8,113,649) (983,478)


Redeemable

Participating

Shareholders 303,251,421 228,790,149 131,416,815 19,835,337 303,840,147 401,693,893 375,151,732 130,203,818



230

Old Mutual

UK Smaller

Companies

Focus Fund

Old Mutual

UK Dynamic

Equity Fund

Old Mutual

Global Equity

Absolute

Return Fund

Old Mutual

Strategic

Absolute Return

Bond Fund

Old Mutual

Pan African

Fund

Old Mutual

Monthly Income

High Yield Bond

Fund

Old Mutual

Europe

(ex UK) Smaller

Companies Fund

Old Mutual

Global Equity

Income

Fund (IRL)


Assets



Loss:

- Transferable Securities 3b, 11 378,949,022 556,657,288 12,038,261,985 86,947,276 51,594,085 100,484,956 432,294,710 176,432,844

- Investment Funds 3b, 11 - - - 3,955,615 - 8,652,341 - 45,909


Instruments 3b, 11 - 176,836 224,626,433 2,248,784 - 753,007 84 78,586

Cash and Cash

Equivalents 7 8,308,980 18,422,425 282,416,521 1,224,580 1,097,209 1,178,440 23,684,929 10,417,812

Due from Broker 7 60,499 2,145,312 443,514,223 1,439,836 32,300 179,908 804,043 2,053,633


Institutions 3b - 18,519,537 - - - - - -

Other Assets 2,189,203 2,843,790 175,134,310 54,570 101,372 17,543 743,353 3,541,846

Total Assets 389,507,704 598,765,188 13,163,953,472 95,870,661 52,824,966 111,266,195 457,527,119 192,570,630

Liabilities



Loss:


Instruments 3b, 11 - (301,141) (289,141,043) (2,627,697) - (317,151) (26,240) (55,291)

Due to Broker 7 - (8,016) (227,462,125) (123) (32,601) (179,187) (3,199,151) (1,609,950)

Bank Overdraft 7 - - - - - - - -

Other Liabilities (3,908,928) (5,352,901) (298,749,462) (165,817) (132,084) (271,497) (677,656) (3,044,476)

Total Liabilities (3,908,928) (5,662,058) (815,352,630) (2,793,637) (164,685) (767,835) (3,903,047) (4,709,717)


Redeemable

Participating

Shareholders 385,598,776 593,103,130 12,348,600,842 93,077,024 52,660,281 110,498,360 453,624,072 187,860,913



231

Old Mutual

Gold & Silver

Fund

Old Mutual

Compass

Portfolio 2

Old Mutual

Compass

Portfolio 3

Old Mutual

Compass

Portfolio 4

Old Mutual

Compass

Portfolio 5

Old Mutual

UK Specialist

Equity Fund

Old Mutual Style

Premia Absolute

Return Fund

Old Mutual

Financials

Contingent

Capital Fund

Combined Total

December 2017


Assets



Loss:

- Transferable Securities 3b, 11 226,845,147 4,432,186 41,941,177 89,306,902 17,142,224 534,167,387 102,989,459 215,519,619 19,776,608,432

- Investment Funds 3b, 11 25,310,971 17,397,506 166,752,035 251,291,686 40,017,871 - - - 431,402,503


Instruments 3b, 11 - 186,539 1,817,154 3,498,072 737,261 1,289,488 4,105,146 1,053,529 249,220,933

Cash and Cash

Equivalents 7 1,122,864 1,933,745 19,359,014 29,211,027 5,368,044 288,026 5,232,898 1,528,970 547,276,614

Due from Broker 7 1,107,566 353,727 3,095,980 6,355,505 1,109,343 19,123,170 1,292,027 790,000 523,048,527


Institutions 3b - - - - - - - - 25,057,252

Other Assets 1,905,448 63,949 5,081,063 4,782,556 219,771 1,050,727 74,510 2,555 248,624,751

Total Assets 256,291,996 24,367,652 238,046,423 384,445,748 64,594,514 555,918,798 113,694,040 218,894,673 21,801,239,012

Liabilities



Loss:


Instruments 3b, 11 - (55,729) (441,749) (451,296) (39,520) (9,060,444) (3,578,168) (1,361,286) (325,498,191)

Due to Broker 7 (1,117,742) (307,116) (2,338,033) (7,106,703) (1,132,003) (56,725) (59,431) - (252,569,498)

Bank Overdraft 7 (1) - - - - - - - (44,872)

Other Liabilities (1,638,993) (313,214) (2,167,399) (1,479,732) (202,680) (11,203,563) (308,145) (142,018) (383,269,021)

Total Liabilities (2,756,736) (676,059) (4,947,181) (9,037,731) (1,374,203) (20,320,732) (3,945,744) (1,503,304) (961,381,582)


Redeemable

Participating

Shareholders 253,535,260 23,691,593 233,099,242 375,408,017 63,220,311 535,598,066 109,748,296 217,391,369 20,839,857,430


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018

232

Merian

China

Equity Fund

Merian Global

Strategic Bond

Fund (IRL)

Merian

World

Equity Fund

Merian

Pacific

Equity Fund

Merian

European

Equity Fund

Old Mutual

Japanese

Equity Fund^

Merian

US Equity

Income Fund

Merian North

American

Equity Fund

USD USD USD USD EUR JPY USD USD

Value of Fund at 1 January 2018 70,858,798 11,233,738 409,265,006 179,797,714 36,381,795 4,678,735,896 446,610,186 1,091,947,663

Proceeds from Shares Issued 75,143,544 15,147,116 374,087,521 88,166,866 4,330,594 13,394,667 577,171,837 1,386,898,945

Payments for Shares Redeemed (79,393,071) (18,183,047) (355,716,167) (140,015,624) (7,136,702) (4,906,424,513) (749,051,039) (976,903,711)

66,609,271 8,197,807 427,636,360 127,948,956 33,575,687 (214,293,950) 274,730,984 1,501,942,897


Attributable to Redeemable

Participating Shares (9,903,005) (758,328) (56,057,388) (39,622,196) (6,632,383) 214,293,950 (11,077,192) (144,228,654)

Net Assets at 31 December 2018 56,706,266 7,439,479 371,578,972 88,326,760 26,943,304 - 263,653,792 1,357,714,243

Merian Total

Return USD

Bond Fund

Merian

Emerging Market

Debt Fund

Old Mutual

European Best

Ideas Fund

Merian

Investment

Grade Corporate

Bond Fund

Merian

Global Emerging

Markets Fund

Merian

Asian Equity

Income Fund

Merian Local

Currency Emerging

Market Debt Fund

Merian

UK Alpha

Fund (IRL)

USD USD EUR USD USD USD USD GBP

Value of Fund at 1 January 2018 303,251,421 228,790,149 131,416,815 19,835,337 303,840,147 401,693,893 375,151,732 130,203,818

Proceeds from Shares Issued 42,904,709 170,328,604 41,557,329 6,930,102 278,674,135 42,981,341 377,910,338 20,351,431

Payments for Shares Redeemed (127,578,126) (183,084,723) (98,424,990) (13,065,083) (402,915,395) (36,712,771) (287,791,473) (40,576,581)

218,578,004 216,034,030 74,549,154 13,700,356 179,598,887 407,962,463 465,270,597 109,978,668



Participating Shares (15,180,882) (25,882,044) (15,690,187) (1,329,348) (54,455,690) (89,175,013) (86,437,098) (16,326,203)

Net Assets at 31 December 2018 203,397,122 190,151,986 58,858,967 12,371,008 125,143,197 318,787,450 378,833,499 93,652,465


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 (continued)

233

Merian UK Smaller

Companies

Focus Fund

Merian

UK Dynamic

Equity Fund

Merian Global

Equity Absolute

Return Fund

Merian Strategic

Absolute Return

Bond Fund^^^

Old Mutual

Pan African

Fund^^

Old Mutual

Monthly Income

High Yield

Bond Fund^^^^

Merian Europe

(ex UK) Smaller

Companies Fund

Merian Global

Equity Income

Fund (IRL)

GBP GBP USD USD USD USD EUR USD

Value of Fund at 1 January 2018 385,598,776 593,103,130 12,348,600,842 93,077,024 52,660,281 110,498,360 453,624,072 187,860,913

Proceeds from Shares Issued 147,199,099 61,724,418 10,587,436,776 163,988,203 317,408 388,336 193,444,573 46,792,366

Payments for Shares Redeemed (137,192,602) (91,169,719) (8,545,113,322) (93,935,403) (53,574,941) (105,388,006) (305,603,893) (38,349,552)

395,605,273 563,657,829 14,390,924,296 163,129,824 (597,252) 5,498,690 341,464,752 196,303,727



Participating Shares (70,664,608) (111,920,119) (1,279,026,507) (13,849,318) 597,252 (5,498,690) (96,923,289) (30,336,328)

Net Assets at 31 December 2018 324,940,665 451,737,710 13,111,897,789 149,280,506 - - 244,541,463 165,967,399

Merian

Gold & Silver

Fund

Old Mutual

Compass

Portfolio 2

Old Mutual

Compass

Portfolio 3

Old Mutual

Compass

Portfolio 4

Old Mutual

Compass

Portfolio 5

Merian

UK Specialist

Equity Fund

Merian Style

Premia Absolute

Return Fund

Merian

Financials

Contingent

Capital Fund

USD USD USD USD USD GBP USD USD




349,522,562 27,488,305 272,657,078 452,580,388 64,725,205 604,103,077 96,346,945 287,736,136



Participating Shares (57,904,361) (3,283,931) (36,948,395) (73,412,861) (12,333,858) (37,356,365) (13,802,429) (36,483,086)



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017

234

Old Mutual

China

Equity Fund

Old Mutual

Global Strategic

Bond Fund (IRL)

Old Mutual

World

Equity Fund

Old Mutual

Pacific

Equity Fund

Old Mutual

European

Equity Fund

Old Mutual

Japanese

Equity Fund

Old Mutual

US Equity

Income Fund

Old Mutual

North

American

Equity Fund

USD USD USD USD EUR JPY USD USD

Value of Fund at 1 January 2017 53,790,845 8,821,883 180,084,918 154,654,411 36,909,291 4,538,165,678 407,688,407 422,916,491

Proceeds from Shares Issued 79,122,357 6,241,578 344,066,677 137,288,736 7,058,167 3,829,700,481 469,571,437 1,018,896,716

Payments for Shares Redeemed (83,591,269) (4,397,817) (173,531,541) (165,952,087) (10,538,110) (4,512,272,122) (471,222,489) (478,333,226)

49,321,933 10,665,644 350,620,054 125,991,060 33,429,348 3,855,594,037 406,037,355 963,479,981



Participating Shares 21,536,865 568,094 58,644,952 53,806,654 2,952,447 823,141,859 40,572,831 128,467,682

Net Assets at 31 December 2017 70,858,798 11,233,738 409,265,006 179,797,714 36,381,795 4,678,735,896 446,610,186 1,091,947,663

Old Mutual

Total Return

USD Bond Fund

Old Mutual

Emerging Market

Debt Fund

Old Mutual

European Best

Ideas Fund

Old Mutual

Investment Grade

Corporate

Bond Fund

Old Mutual

Global

Emerging

Markets Fund

Old Mutual

Asian

Equity Fund

Old Mutual Local

Currency Emerging

Market Debt Fund

Old Mutual

UK Alpha

Fund (IRL)

USD USD EUR USD USD USD USD GBP




294,058,872 216,739,384 115,221,163 18,037,640 224,367,144 300,976,092 355,577,192 115,617,684



Participating Shares 9,192,549 12,050,765 16,195,652 1,797,697 79,473,003 100,717,801 19,574,540 14,586,134



STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2017 (continued)

235

Old Mutual

UK Smaller

Companies

Focus Fund

Old Mutual

UK Dynamic

Equity Fund

Old Mutual

Global

Equity Absolute

Return Fund

Old Mutual

Strategic

Absolute Return

Bond Fund

Old Mutual

Pan African

Fund

Old Mutual

Monthly

Income High

Yield Bond Fund

Old Mutual

Europe (ex UK)

Smaller

Companies Fund

Old Mutual

Global Equity

Income Fund (IRL)

GBP GBP USD USD USD USD EUR USD

Value of Fund at 1 January 2017 163,726,155 447,657,307 7,313,269,757 23,794,797 41,305,547 108,867,195 250,668,176 142,785,571

Proceeds from Shares Issued 212,838,907 85,971,029 8,298,443,969 156,496,662 2,846,068 1,758,667 236,783,473 79,541,007

Payments for Shares Redeemed (88,119,098) (87,265,327) (4,727,284,192) (91,762,674) (859,959) (14,572,433) (72,218,233) (71,586,734)

288,445,964 446,363,009 10,884,429,534 88,528,785 43,291,656 96,053,429 415,233,416 150,739,844



Participating Shares 97,152,812 146,740,121 1,464,171,308 4,548,239 9,368,625 14,444,931 38,390,656 37,121,069

Net Assets at 31 December 2017 385,598,776 593,103,130 12,348,600,842 93,077,024 52,660,281 110,498,360 453,624,072 187,860,913

Old Mutual

Gold & Silver

Fund

Old Mutual

Compass

Portfolio 2

Old Mutual

Compass

Portfolio 3

Old Mutual

Compass

Portfolio 4

Old Mutual

Compass

Portfolio 5

Old Mutual UK

Specialist

Equity Fund

Old Mutual Style

Premia Absolute

Return Fund

Old Mutual

Financials

Contingent

Capital Fund

USD USD USD USD USD GBP USD

Value of Fund at 1 January 2017 110,841,063 19,647,316 150,000,135 249,198,413 50,228,263 344,559,493 49,817,937 -


Payments for Shares Redeemed (83,899,623) (14,639,863) (34,268,242) (44,736,027) (10,485,075) (69,876,945) (2,477,606) -

234,815,264 20,816,024 203,977,617 312,839,400 48,255,961 469,802,329 100,973,588 207,303,034



Participating Shares 18,719,996 2,875,569 29,121,625 62,568,617 14,964,350 65,795,737 8,774,708 10,088,335



NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018

236

1. Reporting Entity

Merian Global Investors Series Plc (the “Company”) is an open-ended investment company with variable

capital organised under the laws of Ireland. The Company is organised in the form of an umbrella fund

insofar as the share capital of the Company will be divided into different series of shares with each series

of shares representing a portfolio of assets which will comprise a separate fund (each a “Sub-Fund”). As at

31 December 2018, the Company has 29 Sub-Funds in operation (2017: 32 Sub-Funds). Old Mutual

Japanese Equity Fund, Old Mutual Pan African Fund and Old Mutual Monthly Income High Yield Bond Fund

closed during the financial year.

2. Basis of Preparation

The Company is incorporated in Ireland and authorised by the Central Bank. The financial statements are

prepared in accordance with Financial Reporting Standard 102 (“FRS 102”) applicable in the UK and

Republic of Ireland issued by the Financial Reporting Council (FRC) in September 2015 and promulgated

by the Institute of Chartered Accountants in Ireland (“ICAI”), Irish statute comprising the Companies Act

2014 (as amended) and the European Communities (Undertakings for Collective Investment in Transferable

Securities) Regulations 2011 (as amended) (“the UCITS Regulations”) and the Central Bank (Supervision and

Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities)

Regulations 2015 (the "Central Bank UCITS Regulations").

The format and certain wordings of the financial statements have been adapted from those contained in

the FRS 102 and the Companies Act 2014 so that, in the opinion of the Directors, they more appropriately

reflect the nature of the Company’s business as an investment fund.

The Company has availed of the exemption available to open-ended investment funds under FRS 102 and

are not presenting a cash flow statement.

Measurement Convention

The financial statements are prepared under the historical cost convention as modified by the revaluation

of financial assets and financial liabilities at fair value through profit or loss. The debt instruments are held in

the financial statements at an amount that includes accrued interest.

Going Concern

The financial statements have been prepared on the going concern basis.

3. Significant Accounting Policies

The principal accounting policies and estimates applied in the preparation of these financial statements

are set out below. These policies have been consistently applied to all the periods presented, unless

otherwise stated.

Estimates and Judgments

The preparation of financial statements in conformity with FRS 102 requires management to make

judgements, estimates and assumptions that may affect the reported amounts of assets, liabilities, income

and expenses.

The estimates and associated assumptions are based on historical experience and various other factors

which are believed to be reasonable under the circumstances, the results of which form the basis of making

the judgements about carrying values of assets and liabilities which are not readily apparent from others.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates

are recognised in the period in which the estimates are revised and in any future accounting periods

affected. Information about assumptions and estimation uncertainties that have a significant risk of

resulting in a material adjustment within the next financial year, as well as critical judgement in applying

accounting policies that have the most significant effect on the amounts recognised in the financial

statements are included in Note 11.


NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2018 (continued)

237

3. Significant Accounting Policies (continued)

a. Foreign Currency Translation

Functional and Presentation Currency of the Company

The Company has adopted United States Dollar (“USD”) as a substantial part of the Company’s assets and

liabilities are denominated in USD.

Functional and Presentation Currency of the Sub-Funds

Items included in the Company’s financial statements are measured using the currency of the primary

economic environment in which the respective Sub-Funds operate (the “functional currency”). The

functional currency, which is either Euro (“EUR”), Japanese Yen (“JPY”), United States Dollar (“USD”) or

Pound Sterling (“GBP”), is shown in the Statement of Financial Position for each Sub-Fund. The Sub-Funds

also adopted these functional currencies as their presentation currency.

Transactions and Balances

Transactions in foreign currencies are translated to the Sub-Fund's functional currency at the foreign

exchange rate at the date of the transaction. Assets and liabilities in foreign currencies are translated into

the functional currency at the rates prevailing at the financial year end date.

Translation of Sub-Funds for the purposes of calculating the Company Values

For the purposes of calculating the overall value of the Company, for all Sub-Funds where USD is not the

functional currency, all assets and liabilities in the Statement of Financial Position are translated to USD at

financial year end exchange rates and all income and expenses are translated to USD using an average

rate of exchange for the entire financial year.

b. Financial Instruments

The Company has chosen to implement the recognition and measurement provisions of IAS 39 and only

the disclosure requirements of Sections 11 and 12 of FRS 102.

The majority of the Company’s financial instruments are classified in categories that require measurement

at fair value through profit or loss, with the basis for arriving at this position being set out below.

Classification The Company classifies financial assets and financial liabilities into the following categories: Financial assets at fair value through profit or loss:

- Held for trading: transferable securities, investment funds and financial derivative instruments.

Financial assets at amortised cost:

- Loans and receivables: cash and cash equivalents, due from broker, collateral cash, deposits with credit institutions and other assets. Financial liabilities at fair value through profit or loss:

- Held for trading: financial derivative instruments. Financial liabilities at amortised cost:

- Other liabilities: due to broker, bank overdraft and other liabilities and Net Assets Attributable to Redeemable Participating Shareholders

A financial instrument is classified as held for trading if:

- it is acquired or incurred principally for the purpose of selling or repurchasing it in the near term; - on initial recognition, it is part of a portfolio that is managed together and for which there is evidence

of a recent pattern of short-term profit taking; or - is a derivative, other than a designated and effective hedging instrument.



238


b. Financial Instruments (continued)

Recognition and Measurement Financial assets and financial liabilities at fair value through profit or loss are recognised as of the day the transaction takes place (trade date), the date on which the Sub-Fund commits to purchase or sell the asset. Other financial assets and financial liabilities are recognised on the date in which they originated. Investments are initially recognised at fair value, and costs for all financial assets and financial liabilities carried at fair value through profit or loss are expensed as incurred. Financial assets and financial liabilities not at fair value through profit or loss are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue.

Subsequent to initial recognition, all instruments classified at fair value through profit or loss are measured

at fair value with changes in their fair value recognised in the Statement of Operations. Financial assets

and liabilities, other than those at fair value through profit or loss, are measured at amortised cost using the

effective interest rate, with other assets being measured using effective interest rate and less impairment

losses, if any. Financial liabilities arising from the redeemable shares issued by the Company are carried at

the redemption amount representing the investors’ right to a residual interest in the Company’s assets.

Fair Value Measurement ‘Fair value’ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Sub-Fund has access at that date. The fair value of a liability reflects its non-performance risk.

i) Transferable Securities When available, the Sub-Funds measure the fair value of an investment using the quoted price in an active market for that instrument. A market is regarded as ‘active’ if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. Sub-Funds measure instruments quoted in an active market at a last traded price, without any deduction for estimated future selling cost, the last traded price provides a reasonable approximation of exit price. If there is no quoted price in an active market, then the Sub-Fund uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.

ii) Investment Funds The fair value of investment funds is based on the underlying fund administrator’s calculation of the net asset value per share (market value of the Sub-Fund’s assets less liabilities divided by the number of shares) which will be the latest bid price published by the investment funds taking into account any adjustments that may be required to account for illiquidity, low trading volumes or any such factors that may indicate that the bid price may not be fair value. The fair value of any investments in closed-ended investment funds is based on the bid prices available on the principal market for such security at the valuation date taking into account any adjustments that may be required to account for illiquidity, low trading volumes or any such factors that may indicate that the bid price may not be fair value.

iii) Financial Derivative Instruments

Currency Exchange Contracts The Sub-Funds may employ currency exchange contracts to purchase or sell a specific currency at a future date at a price set at the time of the contract. The Base Currency of each Sub-Fund is either GBP, EUR, JPY or USD but securities in a Sub-Fund may be denominated in large range of currencies. Consequently, a Sub-Fund may enter into currency exchange contracts to hedge against exchange rate risk. Performance may be significantly influenced by movements in foreign exchange rates because currency positions held by a Sub-Fund may not correspond with the currency of the securities invested in. The unrealized gain or loss on open currency exchange contracts is calculated as the difference between the contract price and the spot price as at year end. Any changes in fair value are recognised in the Statement of Operations.



239



Fair Value Measurement (continued)

iii) Financial Derivative Instruments (continued)

Futures contracts Futures contracts are commitments either to purchase or sell a designated financial instrument, currency, commodity or an index at a specified future date for a specified price and may be settled in cash or another financial asset. Futures are standardised exchange-traded contracts. Initial margin requirements for futures are met in cash or other instruments, and changes in the futures contract values are settled daily. Daily fluctuations in the value of a futures contract are recorded for financial reporting purposes as unrealised gains or losses by the Sub-Funds and are recorded as a realised gain or loss when the position is closed.

Options A Sub-Fund may purchase and sell (write) call and put options on securities, securities indices and foreign currencies traded on a national securities exchange or in an over-the-counter market. When a Sub-Fund purchases a call or a put option, a premium is paid by the Sub-Fund. The premium on purchased put options exercised is subtracted from the proceeds of the sale of the underlying security or foreign currency in determining the realised gain or loss. The premium on purchased call options exercised is included in determining initial fair value of the securities or foreign currency purchased. Premiums paid on the purchase of options which expire unexercised are treated as realised losses. The option is subsequently marked-to-market to reflect the fair value of the option purchased, which is reported within financial assets at fair value through profit or loss on the Statement of Financial Position for each relevant Sub-Fund.

The over-the-counter options are valued at close of business on the dealing day at the settlement price as

provided by the counterparty/broker and the values are independently valued, at a minimum, weekly.

The fair value of exchange traded options are based upon their quoted daily settlement prices on the

relevant exchange. In the event of it being impossible or incorrect to carry out a valuation of a specific

investment in accordance with the valuation rules, or if such valuation is not representative of a security’s

fair market value, the Directors are entitled to use other generally recognised valuation methods in order

to reach a proper valuation of that specific instrument, provided that such method of valuation has been

approved by the Depositary.

Swap contracts

Swap contracts are carried at fair value based upon the fair value of the underlying assets, the risk

associated with the underlying assets, and any additional provisions of the derivative contract.

Interest rate swaps (“IRSs”) are measured initially at fair value on the date on which the derivative contract

is entered into and subsequently remeasured at fair value. Fair values are obtained from counterparties or

from quoted market prices in active markets, including recent market transactions, and from valuation

techniques using discounted cash flow models and option pricing models as appropriate. IRSs are included

in assets when the fair value is positive, and in liabilities when the fair value is negative, unless there is the

legal ability and intention to settle the asset and liability on a net basis. Revenues/payments arising on IRSs

are included in the net gain on investment activities in the Statement of Operations.

Credit default swap (“CDS”) and credit default index swap (“CDX”) contracts are valued at fair value

based on a pricing methodology utilising certain factors which include the credit risk of the reference

obligations of the underlying issuers, as well as the specific terms of the contract. Certain contracts entered

into may include upfront fees that are paid by the buyer to the seller of the contracts at the date of

transaction.



240



Fair Value Measurement (continued)

iii) Financial Derivative Instruments (continued)

Swap contracts (continued)

Such fees are reported as unrealised gains or losses in the Statement of Financial Position and as net gains

and losses in the Statement of Operations. These upfront payments represent the amounts paid or received

when initially entering into the swap agreement to compensate for differences between the stated terms

of the swap agreement and the prevailing market conditions and are included as realised gains or losses

on the Statement of Operations upon termination or maturity of the swap.

Total return swaps (“TRS’s”) involve a commitment by one party to pay interest to the other party in

exchange for a payment to it from the other party based on the return of a reference asset (e.g., a security,

basket of securities or futures contract), both based on notional amounts. To the extent the return of the

reference asset exceeds or falls short of the interest payments, one party is entitled to receive a payment

from or obligated to make a payment to the other party.

Contracts for difference

Contracts for difference may be used either as a substitute for direct investment in the underlying equity

or fixed income security or as an alternative to and for the same purposes as futures and options. Changes

in the value of open contracts for difference are recognised as unrealised gains or losses on contracts for

difference and are included in net gain/loss on financial assets and financial liabilities at fair value through

profit and loss in the Statement of Operations, until the contracts are terminated, at which time realised

gains and losses are recognised as a realised gain or loss and included in net gain/loss on financial assets

and financial liabilities at fair value through profit and loss in the Statement of Operations. Unrealised gains

or losses on contracts for difference are shown in the Statement of Financial Position.

Amortised cost measurement Financial asset and liabilities other than those classified at fair value through profit or loss are held at amortised cost. The amortised cost of the financial asset or financial liability is the amount at which the financial asset or financial liability is measured at initial recognition, minus principal repayments, plus or minus the accumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount, minus any reduction for impairment.

i) Cash and Cash Equivalents/ Due to/from Broker/Deposits with Credit Institutions/Fund Assets Cash Cash amounts held comprise of current deposits in banks which are readily available. Cash equivalents are short-term highly liquid investments that are readily convertible to known amounts of cash, are subject to an insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. Due to/from Broker is an amount which is made up of margin cash, spot contracts, pending trades and collateral pledged. The margin cash and cash collateral is held by or due to brokers for open futures contracts and represents the exchange traded futures contracts margin deposits. This amount is the minimum deemed by the brokers and counterparties for collateral requirements and is as such restricted and therefore reported separately to the unrestricted cash on the Sub-Fund’s Statements of Financial Position. Sub-Fund’s assets may be deposited by or received by the Sub-Fund for collateral purposes with counterparties in respect of OTC financial derivative instruments held by the Sub-Fund. Such assets remain in the ownership of the relevant Sub-Fund and are recorded as an asset on the Statement of Financial Position. Investments pledged by the Sub-Funds as collateral are recognised at fair value in the relevant Sub-Fund’s Portfolio of Investments and are referenced accordingly at the base of the Portfolio of Investments. Securities received by the Sub-Funds as collateral from counterparties do not form part of the Net Asset Value of the Sub-Funds and are disclosed at the end of the relevant Portfolio of Investments.



241



ii) Other Assets and Other Liabilities

Other assets and liabilities represent amounts receivable and payable respectively, for transactions

contracted for but not yet paid for by the end of the period. These amounts are held relate to subscription

and redemption monies and dividend transactions. Other assets and liabilities are primarily non-interest

bearing and short term in nature.

Fund asset cash balances, including an appropriate equal and opposing liability, are reflected at a Sub-

Fund level on the Statement of Financial Position. The Fund asset cash receivables are included in the Other

Assets and Fund asset cash payables are included in the Other Liabilities on the Statement of Financial

Position respectively. They represent umbrella cash collection account balances attributable to the

individual Sub-Funds of the Company. These amounts relate to subscription and redemption monies,

including dividend money, that are due to an individual Sub-Fund, as Sub-Fund assets, and which are held

in an umbrella cash collection account in the name of the Company.

Offsetting

Financial assets and financial liabilities are offset and the net amount presented in the Statement of

Financial Position when, and only when, the Sub-Fund has a legally enforceable right to offset the

recognised amounts and it intends either to settle on a net basis or to realise the asset and settle the liability

simultaneously. Income and expenses are presented on a net basis for gains and losses from financial

instruments at fair value through profit or loss and foreign exchange gains and losses. The Company’s

financial assets and financial liabilities are not subject to offsetting, enforceable master netting

arrangements and similar agreements.

Derecognition

Each Sub-Fund derecognises a financial asset when the contractual rights to the cash flows from the asset

expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially

all of the risks and rewards of ownership of the financial asset are transferred or in which the Sub-Fund

neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control

of the financial asset.

On derecognition of a financial asset, the difference between the carrying amount of the asset (or the

carrying amount allocated to the portion of the asset that is derecognised) and the consideration received

(including any new asset obtained less any new liability assumed) is recognised in the Statement of

Operations. Any interest in such transferred financial assets that is created or retained by the Company is

recognised as a separate asset or liability.

The Company derecognises a financial liability when its contractual obligations are discharged or

cancelled, or expire.

c. Cross Investments

During the financial year ended 31 December 2018 a number of the Sub-Funds invested in other Sub-Funds

in the Company (the “Cross Investments”). The fair value of these investments as of 31 December 2018 is

disclosed within each relevant Sub-Fund’s Portfolio of Investments. For details on how these are eliminated

at a company level, please see the Related Parties note.

For the purposes of producing the combined Company total financial statements, investments by Sub-

Funds within the Company in the units of other Sub-Funds within the Company, also known as “Cross

Investments” must be eliminated in order to prevent double counting.



242


d. Dividend income/expense

Dividend income arising on the underlying equity investments of the Company is recognised as income of

the relevant Sub-Fund on the ex-dividend date. Income is shown gross of any non-recoverable withholding

taxes, which is disclosed separately in the Statement of Operations, and net of any tax credits.

The Sub-Funds incur expenses on contract for differences equal to the dividends due on these securities.

Such dividend expense is recognised in the Statement of Operations as dividend expense on contract for

differences when the shareholders’ right to receive payment is established. Dividend expenses are

included in operating expenses in the Statement of Operations.

e. Interest income/expense

Interest income from bonds and swap contracts is recognised in the Statement of Operations as part of

net gain/loss on financial assets/liabilities at fair value through profit or loss.

All other interest income and interest expense, are recognised in the Statement of Operations using the

effective interest rate method. When calculating the effective interest rate, the Sub-Funds estimate future

cash flows considering all contractual terms but not future credit losses. Interest received or receivable and

interest paid or payable are recognised in the Statement of Operations and included in other income and

operating expenses, respectively.

f. Expenses

All expenses are recognised in the Statement of Operations on an accruals basis. Expenses arising on the

disposal of investments are deducted from the disposal proceeds.

g. Realised Gains and Losses

Net realised gains and losses from financial instruments at fair value through profit or loss include all realised

gains and losses and coupon interest earned from debt securities held by the Sub-Funds. Realised gains

and losses on sales of investments are calculated based on the average cost of the investment in local

currency and are included in net gain/loss on financial assets/liabilities at fair value through profit or loss in

the Statement of Operations.

h. Unrealised Gains and Losses

Unrealised gains and losses on investments are the difference between the average cost of the investment

and its value at the reporting period end and are included in net gain/loss on financial assets/liabilities at

fair value through profit or loss in the Statement of Operations.

i. Redeemable Participating Shares

In accordance with the Prospectus, the Company issues redeemable participating shares, which are

redeemable at the holder's option and are classified as financial liabilities. Redeemable participating

Shares can be put back into the Sub-Fund at any time for cash equal to a proportionate share of the Sub-

Fund's NAV. The redeemable participating Share is carried at the redemption amount that is payable at

the year end date if the holder exercises the right to put the Share back into the Sub-Fund.

Save as may be otherwise described in the Supplement for the relevant Fund the Net Asset Value per

redeemable participating Share is determined as at 12 noon GMT on each valuation day in accordance

with the provisions set out in the Prospectus.

An anti-dilution levy ("ADL") is applied daily where the pending deals are over a fixed percentage of the

NAV. The ADL is included within Other Income in the Statement of Operations.



243


j. Taxation

The Sub-Funds currently incur withholding taxes imposed by certain countries on investment income and

capital gains. Such income or gains are recorded gross of withholding taxes in the Statement of Operations.

Withholding taxes are shown as a separate item in the Statement of Operations.

k. Borrowing Costs

Borrowing costs are recognised as an expense in the year in which they are incurred.

4. Taxation

The Company qualifies as investment undertaking as defined in Section 739B of the Taxes Consolidated

Act 1997.

On that basis, Irish tax is not chargeable to the Company on its income or capital gains.

Irish tax can arise on the happening of a “chargeable event” in the Company. A chargeable event

includes any payments of distributions to Shareholders, any encashment, repurchase, redemption,

cancellation or transfer of Shares and any deemed disposal of Shares for Irish tax purposes arising as a result

of holding Shares in the Company for a period of eight years or more. Where a chargeable event occurs,

the Company is required to account for the Irish tax thereon.

A gain on a chargeable event may not arise in respect of:

(i) any transactions (which might otherwise be a chargeable event) in relation to Shares held in a

recognised clearing system as designated by order of the Revenue Commissioners of Ireland; or;

(ii) a transfer of Shares between spouses and any transfer of Shares between spouses or former spouses

on the occasion of judicial separation and/or divorce; or;

(iii) an exchange by a shareholder, effected by way of arm’s length bargain where no payment is made

to the shareholder, of Shares in the Company for other Shares in the Company; or;

(iv) an exchange of Shares arising on a qualifying amalgamation or reconstruction of the Company with

another Irish investment fund.

(v) a shareholder who is not an Irish resident and not ordinarily resident in Ireland at the time of the

chargeable event, provided the necessary signed statutory declarations are held by the Company;

or;

(vi) a shareholder who is an exempt Irish resident and it (or an intermediary acting on its behalf) has made

the necessary declaration to that effect.

In the absence of an appropriate declaration, the Company will be liable to Irish tax on the occurrence of

a chargeable event.

Dividends, interest and capital gains (if any) received on investments made by the Company may be

subject to withholding taxes or capital gains 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.

The Company may be subject to taxes imposed on realised and unrealised gains on securities of certain

foreign countries in which the Company invests. The foreign tax expense, if any, is recorded on an accrual

basis and is included in capital gains taxes in the Statement of Operations. The amount of foreign tax owed,

if any, is included in other liabilities in the Statement of Financial Position.

Under Brazilian, Indian and Pakistani income tax laws, capital gains tax is payable on the sale of assets,

investments and capital accumulation. Included in the capital gains tax expense in the Statement of

Operations is USD 722,007 (2017: USD 1,313,004), included in other liabilities in the Statement of Financial

Position is a payable of USD 670,875 (2017: USD 766,216).

Merian Global Investors Series Plc

Annual Report and Audited Financial Statements for the financial year ended 31 December 2018


244

5. Related Parties

Related Party Transactions

Jessica Brescia and Nicola Stronach are employees of the Investment Manager, Merian Global Investors

(UK) Limited. Paul Simpson was an employee of Merian Global Investors (UK) Limited until 30 April 2018

and a director of the Company, until 29 June 2018. Merian Global Investors (UK) Limited is the Investment

Manager and Investment Adviser of a number of Sub-Funds. The Investment Manager and all Investment

Advisers are listed in the Directory. Please see Note 9 relating to Investment Manager’s fees. In the opinion

of the Directors, there are no other related party transactions required to be disclosed in accordance

with FRS 102.

The Directors are entitled to a fee by way of remuneration for their services. The aggregate amount of

Directors’ remuneration in any one financial year shall not exceed EUR 60,000 for each of the Directors,

inclusive of sub-committee and chair fees.

The Directors may also be reimbursed for reasonable reimbursements and out of pocket expenses properly

incurred by them in attending and returning from meetings of the Board of Directors of the Company or in

connection with the business of the Company. These are paid by the Company.

Total Directors’ fees and expenses were USD 186,304 for the financial year ended 31 December 2018 (2017:

USD 179,702) and the amount payable at the financial year end for 2018 was USD Nil (2017: USD Nil).

Jessica Brescia and Nicola Stronach are not entitled to receive Director’s fees.

Distribution fees are also regarded as related party transactions, details of these transactions are

disclosed in note 9.

At the financial year end, related parties have shareholdings in the Company with a value of USD

164,188,780 (2017: USD 1,709,859,608). Subscriptions during the year with related parties amounted to USD

1,355,936,606 (2017: USD 789,855,617). Redemptions during the year with related parties amounted to USD

1,231,952,971 (2017: USD 462,404,928).

The related parties as at 31 December 2018 are noticeably different to the prior year due to the recent

transaction of the sale of Old Mutual Global Investors to TA Associates and management. The related

party disclosures above include amounts attributable to parties who were considered to be related

parties as at the date transactions took place.

Significant Shareholders

During the year, the Company in the ordinary course of business executed 22.27% of the NAV of holdings

with Clearstream Banking S.A., holding 2,206,858,741 shares and share balance of 4,523,727,179. All

transactions were entered into on an arm’s length basis. (2017: Nil).

As at 31 December 2018, the following investors held greater than 20% of the shares of the sub-funds listed

below:

Sub Fund Investor % Holding

Merian China Equity Fund Caceis Bank Luxembourg Branch 24.79%

Merian Global Strategic Bond

Fund (IRL) Pershing LLC 28.62%

Merian European Equity Fund Tokio Marine & Nichido Financial Life Insurance Co 83.85%

Merian US Equity Income Fund Clearstream Banking S.A. 56.95%

Old Mutual European Best Ideas

Fund Fundsettle EOC Nominees Ltd 24.97%

Merian Investment Grade

Corporate Bond Fund Skandiabanken Aktiebolag (Publ) 23.30%

Clearstream Banking S.A. 23.03%




245

5. Related Parties (continued)

Significant Shareholders (continued)

Sub Fund Investor % Holding

Merian Asian Equity Income Fund Fundsettle EOC Nominees Ltd - Cirilium Moderate

Fund

32.28%

Fundsettle EOC Nominees Ltd - Cirilium Dynamic

Fund

24.40% Fundsettle EOC Nominees Ltd - Cirilium Balanced

Fund

20.61%

Merian UK Alpha Fund (IRL) Schroder Bank Ag 39.49%

Merian UK Smaller Companies

Focus Fund

Clearstream Banking S.A.

26.19%

Merian Global Equity Absolute

Return Fund

Clearstream Banking S.A.

28.67%

Merian Strategic Absolute Return

Bond Fund^^^

Fundsettle EOC Nominees Ltd - Cirilium Balanced

Fund

62.83% Fundsettle EOC Nominees Ltd - Cirilium Conservative

Fund

25.70%

Old Mutual Compass Portfolio 2 Old Mutual Isle Of Man Ltd (Singapore Branch) 34.87% Old Mutual Isle Of Man Ltd 20.23%

Old Mutual Compass Portfolio 3 Old Mutual Isle Of Man Ltd (Singapore Branch) 27.47%

Old Mutual Compass Portfolio 4 Allfunds Bank SA 22.36%

Old Mutual Compass Portfolio 5 Old Mutual Wealth Life Assurance Ltd 36.35%

Merian Style Premia Absolute

Return Fund

Fundsettle EOC Nominees Ltd - Spectrum 6 Fund

21.35%

In-specie

On 27 July 2018 Old Mutual Absolute Return Government Bond Fund was merged into corresponding share

classes in Merian Strategic Absolute Return Bond Fund through an in-specie transaction. There were no in-

specie transfers during the financial year ended 31 December 2017.

Ex-specie

During the financial year ended 31 December 2018, the following ex-specie transactions took place:

21 June:

- Old Mutual Local Currency Emerging Markets Debt Fund transferred securities to Quilter Investors

Emerging Markets Bond Fund for an amount of USD 27,956,964.

28 June:

- Old Mutual Global Emerging Markets Fund transferred securities to Quilter Investors Emerging Markets

Equity Fund for an amount of USD 68,198,337.

- Old Mutual Europe (ex UK) Smaller Companies Fund transferred securities to Quilter Investors Europe (ex

UK) Small/Mid-Cap Equity Fund for an amount of EUR 29,581,745.

Investments in related entities

For the purposes of producing the combined Company financial statements, the value of investments in

related entities and the gains and losses arising at Sub-Fund level from investments in related entities during

the financial year must be eliminated in order to prevent double counting. The value of Cross Investments

eliminated on combination is USD 89,286,594 (2017: USD 83,550,094) on Statement of Financial Position and

USD 19,074,889 (2017: USD 13,563,135) on the Statement of Operations.




246


Investments in related entities (continued)

During the financial year the below Sub-Funds, in the ordinary course of business, executed purchases and sales transactions with other related parties, some

of whom were managed by the Investment Manager and Investment Advisers. All transactions were carried out on normal commercial terms, negotiated at

arm’s length and in the best interest of the Shareholders. Details of holdings at 31 December 2018 are outlined below.

Sub-fund with

investment in related

party

Related party Share Class

Investing

Sub-Fund

Currency

Number of

shares held

at 31

December

2018

Market

Value

31

December

2018

Purchases Sales

Old Mutual Compass

Portfolio 2

Merian Investment Funds Series I - Merian UK Equity

Income Fund (UCITS)** U2 (GBP) Income USD 11,652 13,634 - -

Old Mutual Absolute Return Government Bond Fund

(UCITS) F (USD) Hedged USD - - 47,855 346,433

Quilter Investors Bond 1 Fund (UCITS)*** A (GBP) Income USD 1,568,380 874,295 132,285 -

Quilter Investors Bond 2 Fund (UCITS)*** A (GBP) USD 925,773 1,076,708 264,341 -

Quilter Investors Bond 3 Fund (UCITS)*** A (GBP) Income USD 1,752,527 686,951 602,615 -

Quilter Investors Emerging Markets Equity Growth Fund

(UCITS)*** U2 (GBP) USD 64,069 132,767 151,510 -

Quilter Investors Equity 1 Fund (UCITS)*** A (GBP) USD 3,004 5,147 88 -

Quilter Investors Europe ex UK Equity Fund (UCITS)*** U2 (GBP) Income USD 20,412 33,777 126,602 74,782

Quilter Investors Europe ex UK Equity Income Fund

(UCITS)*** U2 (GBP) USD 164 197 4 -

Quilter Investors Global Best Ideas Fund (UCITS)*** A (GBP) USD 335,004 459,385 164,563 -

Quilter Investors Global Dynamic Equity Fund (UCITS)*** A (GBP) USD 1,723,419 2,440,312 531,856 52,037

Quilter Investors High Yield Bond Fund (UCITS)*** A (GBP) Income USD 423,132 524,696 547,581 -

Quilter Investors Japanese Equity Fund (UCITS)*** A (GBP) USD 16,405 34,289 40,704 -

Quilter Investors US Equity Growth Fund (UCITS)*** U2 (GBP) USD 74,255 106,186 143,267 14,586

Old Mutual Compass

Portfolio 3




(UCITS) F (USD) Hedged USD - - 168,173 2,451,926

Quilter Investors Bond 1 Fund (UCITS)*** A (GBP) Income USD 10,069,318 5,613,150 1,444,769 -

Quilter Investors Bond 2 Fund (UCITS)*** A (GBP) USD 5,847,596 6,800,972 2,878,061 -



(UCITS)*** U2 (GBP) USD 1,219,740 2,527,603 2,832,043 -




247



Sub-fund with


party


Investing

Sub-Fund

Currency

Number of

shares held

at 31

December

2018

Market

Value

31

December

2018

Purchases Sales

Old Mutual Compass

Portfolio 3 (continued)


Quilter Investors Europe ex UK Equity Fund (UCITS)*** U2 (GBP) Income USD 925,149 1,530,874 2,893,359 948,189


(UCITS)*** U2 (GBP) USD 372,385 447,694 496,108 -

Quilter Investors Global Best Ideas Fund (UCITS)*** A (GBP) USD 5,201,577 7,132,835 - -

Quilter Investors Global Dynamic Equity Fund (UCITS)*** A (GBP) USD 30,328,811 42,944,723 7,892,608 1,372,736

Quilter Investors High Yield Bond Fund (UCITS)*** A (GBP) Income USD 2,833,765 3,513,948 3,660,088 -


Quilter Investors US Equity Growth Fund (UCITS)*** U2 (GBP) USD 770,992 1,102,530 1,305,373 -

Old Mutual Compass

Portfolio 4




(UCITS) F (USD) Hedged USD - - - 2,077,600

Quilter Investors Bond 1 Fund (UCITS)*** A (GBP) Income USD 7,252,562 4,042,947 596,900 -

Quilter Investors Bond 2 Fund (UCITS)*** A (GBP) USD 4,022,016 4,677,754 1,432,204 -



(UCITS)*** U2 (GBP) USD 2,936,602 6,085,363 6,848,828 -


Quilter Investors Europe ex UK Equity Fund (UCITS)*** U2 (GBP) Income USD 2,168,592 3,588,440 4,994,441 644,412


(UCITS)*** U2 (GBP) USD 2,000 2,404 47 -

Quilter Investors Global Best Ideas Fund (UCITS)*** A (GBP) USD 11,948,780 16,385,161 1,881,356 -

Quilter Investors Global Dynamic Equity Fund (UCITS)*** A (GBP) USD 49,266,163 69,759,467 22,850,117 526,572

Quilter Investors High Yield Bond Fund (UCITS)*** A (GBP) Income USD 2,173,320 2,694,978 2,805,448 -


Quilter Investors US Equity Growth Fund (UCITS)*** U2 (GBP) USD 3,319,697 4,747,220 6,321,594 848,948

Old Mutual Compass

Portfolio 5


Income Fund (UCITS)** U2 (GBP) Income USD 21,572 25,241 - 98,349


(UCITS)*** U2 (GBP) USD 687,076 1,423,791 1,571,016 -





248



Sub-Fund with


party


Investing

Sub-Fund

Currency

Number of

shares held

at 31

December

2018

Market

Value

31

December

2018

Purchases Sales

Old Mutual Compass


Quilter Investors Europe ex UK Equity Fund (UCITS)*** U2 (GBP) Income USD 253,800 419,971 871,738 332,872


(UCITS)*** U2 (GBP) USD 391 470 9 -

Quilter Investors Global Best Ideas Fund (UCITS)*** A (GBP) USD 1,905,151 2,612,502 638,202 1,484,501

Quilter Investors Global Dynamic Equity Fund (UCITS)*** A (GBP) USD 6,933,020 9,816,957 1,265,717 1,738,780


Quilter Investors US Equity Growth Fund (UCITS)*** U2 (GBP) USD 1,647,052 2,355,311 2,783,488 -

Additionally there were purchases and sales of transferable securities during the year which are deemed to be related party transactions. Such purchases

amounted to USD 7,074,199 and sales amounted to USD 12,920,171. These are not included in the table above.

Cross Investments

Investing Sub-Fund Sub-Fund Share Class

Investing

Sub-Fund

Currency

Cost of

Investment

31

December

2018

Market

Value

31

December

2018

Purchases Sales

Net realised

and

movement

in

unrealised

gain/(loss)

Merian Global Strategic

Bond Fund (IRL)


Financials Contingent Capital Fund (UCITS) F (USD) Income USD 530,989 496,941 909,001 857,409 (54,299)

Merian Investment Grade

Corporate Bond Fund


Financials Contingent Capital Fund (UCITS) F (USD) Income USD 415,348 382,142 - - (42,210)


Monthly Income High Yield Bond Fund

(UCITS) A (USD) Income USD - - - 402,903 (19,505)

Merian Strategic Absolute

Return Bond Fund^^^


Financials Contingent Capital Fund (UCITS) F (USD) Income USD 11,601,746 11,056,337 19,256,409 11,419,835 (735,854)

Old Mutual Monthly

Income High Yield Bond

Fund


Financials Contingent Capital Fund (UCITS) F (USD) Income USD - - 1,370,395 9,443,223 (579,513)




249


Cross Investments (continued)


Investing

Sub-Fund

Currency

Cost of

Investment

31

December

2018

Market

Value

31

December

2018

Purchases Sales

Net realised

and

movement

in

unrealised

gain/(loss)

Old Mutual Compass

Portfolio 2


Asian Equity Income Fund (UCITS) A (GBP) USD 82,824 91,531 - - (24,963)


Europe (ex UK) Smaller Companies Fund

(UCITS) U2 (GBP) USD 40,810 28,290 186,767 120,851 (37,626)


Financials Contingent Capital Fund (UCITS) I (USD) Income USD 384,728 352,813 111,407 - (39,794)


Global Emerging Markets Fund (UCITS) U2 (GBP) USD 82,707 65,104 133,399 48,205 (22,423)


Global Equity Income Fund (IRL) (UCITS) R (GBP) Income USD 667,517 669,005 271,000 - (122,468)


Local Currency Emerging Market Debt

Fund (UCITS) U2 (GBP) Income USD 159,863 138,560 - - (25,947)


Style Premia Absolute Return Fund (UCITS) F (USD) USD 344,575 331,916 8,943 - (25,625)


UK Specialist Equity Fund (UCITS) F (GBP) USD 304,224 279,350 304,224 - (24,874)


UK Specialist Equity Fund (UCITS) R (GBP) USD 227,088 195,767 227,088 - (31,321)


UK Specialist Equity Fund (UCITS) X (GBP) USD - - - 227,123 3,756

Merian Global Investors Series Plc - Old

Mutual European Best Ideas Fund (UCITS) A (GBP) Income USD - - - 163,095 (15,051)


Mutual European Best Ideas Fund (UCITS) U2 (GBP) USD 105,724 89,905 163,472 59,602 (13,966)

Old Mutual Compass

Portfolio 3


Asian Equity Income Fund (UCITS) A (GBP) USD 2,476,361 2,684,917 900,003 - (597,587)



(UCITS) U2 (GBP) USD 1,939,998 1,341,478 3,861,517 1,567,650 (952,388)




250




Investing

Sub-Fund

Currency

Cost of

Investment

31

December

2018

Market

Value

31

December

2018

Purchases Sales

Net realised

and

movement

in unrealised

gain/(loss)

Old Mutual Compass



Financials Contingent Capital Fund (UCITS) I (USD) Income USD 1,042,829 957,086 - - (109,485)


Global Emerging Markets Fund (UCITS) U2 (GBP) USD 2,331,744 1,876,075 2,329,499 - (455,756)


Global Equity Income Fund (IRL) (UCITS) R (GBP) Income USD 5,134,193 5,655,025 111,672 - (1,091,110)



Fund (UCITS) U2 (GBP) Income USD 1,111,560 947,311 47,016 - (174,171)


Style Premia Absolute Return Fund (UCITS) F (USD) USD 2,465,527 2,375,183 798,843 - (159,753)


UK Specialist Equity Fund (UCITS) F (GBP) USD 2,261,923 2,076,982 2,261,923 - (184,941)


UK Specialist Equity Fund (UCITS) R (GBP) USD 1,505,696 1,298,024 1,505,696 - (207,672)


UK Specialist Equity Fund (UCITS) X (GBP) USD - - - 1,505,900 24,907


Mutual European Best Ideas Fund (UCITS) A (GBP) Income USD - - 64,327 3,223,665 (300,311)


Mutual European Best Ideas Fund (UCITS) U2 (GBP) USD 2,004,153 1,704,292 3,230,990 1,266,205 (260,494)

Old Mutual Compass

Portfolio 4


Asian Equity Income Fund (UCITS) A (GBP) USD 9,950,023 10,479,851 4,382,012 - (2,226,840)



(UCITS) U2 (GBP) USD 4,705,602 3,266,189 8,096,316 3,043,926 (1,786,202)


Financials Contingent Capital Fund (UCITS) I (USD) Income USD 2,580,000 2,386,629 - - (273,016)


Global Emerging Markets Fund (UCITS) U2 (GBP) USD 5,066,328 4,014,906 5,064,082 - (1,051,509)


Global Equity Income Fund (IRL) (UCITS) R (GBP) Income USD 12,588,867 13,933,189 315,722 1,832,905 (2,938,682)




251




Investing

Sub-Fund

Currency

Cost of

Investment

31

December

2018

Market

Value

31

December

2018

Purchases Sales

Net realised

and

movement

in unrealised

gain/(loss)

Old Mutual Compass




Fund (UCITS) U2 (GBP) Income USD 810,517 702,057 - - (131,466)


Style Premia Absolute Return Fund (UCITS) F (USD) USD 2,648,754 2,555,685 595,612 - (174,243)


UK Specialist Equity Fund (UCITS) F (GBP) USD 2,095,814 1,924,454 2,095,814 - (171,360)


UK Specialist Equity Fund (UCITS) R (GBP) USD 1,947,124 1,678,569 1,947,124 - (268,555)


UK Specialist Equity Fund (UCITS) X (GBP) USD - - - 1,947,391 32,209


Mutual European Best Ideas Fund (UCITS) A (GBP) Income USD - - 2,175,611 9,660,866 (860,005)


Mutual European Best Ideas Fund (UCITS) U2 (GBP) USD 7,087,741 6,027,285 9,682,849 2,678,348 (977,215)

Old Mutual Compass

Portfolio 5


Asian Equity Income Fund (UCITS) A (GBP) USD 1,096,571 1,194,789 319,101 457,077 (365,717)



(UCITS) U2 (GBP) USD 724,126 505,170 1,509,101 688,277 (315,654)


Global Emerging Markets Fund (UCITS) U2 (GBP) USD 1,663,816 1,412,411 1,661,571 - (251,492)


Global Equity Income Fund (IRL) (UCITS) R (GBP) Income USD 2,267,018 2,333,057 711,144 940,269 (519,524)


Mutual European Best Ideas Fund (UCITS) A (GBP) Income USD - - 346,350 2,681,095 (202,288)


Mutual European Best Ideas Fund (UCITS) U2 (GBP) USD 2,091,205 1,778,319 2,091,205 - (312,886)

* All of the above transactions are carried out on normal commercial terms, negotiated at arm’s length and in the best interest of the Shareholders.




252


Investments in related entities

Sub-Fund with


party


Investing

Sub-Fund

Currency

Number of

shares held at

31 December

2017

Market Value

31 December

2017

Purchases Sales

Old Mutual Pan African

Fund

Nedbank Group Ltd NED SJ (UCITS) Ordinalry Shares (ZAR) USD 79,360 1,651,028 1,258,990 476,566

Old Mutual Plc OML SJ (UCITS) Ordinary Shares (GBP) USD 579,245 1,788,089 878,710 -

Old Mutual Compass

Portfolio 2

Old Mutual Absolute Return Government

Bond Fund (UCITS)

F (USD) Hedged

Accumulation USD 26,759 284,540 213,438 128,843

Old Mutual Bond 1 Fund (UCITS) A (GBP) Income USD 1,349,025 858,873 255,976 7,783

Old Mutual Bond 2 Fund (UCITS) A (GBP) Accumulation USD 742,717 941,003 869,689 15,398

Old Mutual Bond 2 Fund (UCITS) A (GBP) Income USD - - 138,129 680,025

Old Mutual Bond 3 Fund (UCITS) A (GBP) Income USD 428,592 205,346 - -

Old Mutual Equity 1 Fund (UCITS) A (GBP) Accumulation USD 3,004 7,135 12,993 8,428

Old Mutual Global Best Ideas Fund (UCITS) A (GBP) Accumulation USD 229,290 356,896 24,793 22,088

Old Mutual Specialist Funds - Old Mutual

Schroder European Alpha Income Fund

(UCITS)

U2 (GBP) Accumulation

Shares USD 164 249 229 -

Old Mutual UK Equity Income Fund (UCITS) U2 (GBP) Income USD 11,652 17,586 51,575 42,421

Old Mutual Voyager Global Dynamic

Equity Fund (UCITS) A (GBP) Accumulation USD 1,427,112 2,350,528 616,448 583,147

Old Mutual Compass

Portfolio 3 Old Mutual Absolute Return Government

Bond Fund (UCITS)

F (USD) Hedged

Accumulation USD 204,721 2,176,879 342,738 -

Old Mutual Bond 1 Fund (UCITS) A (GBP) Income USD 7,756,547 4,938,298 995,332 -

Old Mutual Bond 2 Fund (UCITS) A (GBP) Accumulation USD 3,597,602 4,558,066 4,097,445 -

Old Mutual Bond 2 Fund (UCITS) A (GBP) Income USD - - 724,992 3,856,921

Old Mutual Bond 3 Fund (UCITS) A (GBP) Income USD 3,771,105 1,806,804 - -

Old Mutual Equity 1 Fund (UCITS) A (GBP) Accumulation USD 7,111 16,892 137 -

Old Mutual Global Best Ideas Fund (UCITS) A (GBP) Accumulation USD 5,201,577 8,096,384 2,615,310 402,480



(UCITS)


Shares USD 1,219 1,849 1,702 -

Old Mutual UK Equity Income Fund (UCITS) U2 (GBP) Income USD 143,804 217,034 - -


Equity Fund (UCITS) A (GBP) Accumulation USD 26,327,535 43,362,815 8,224,293 -




253



Sub-Fund with


party

Related party Share Class Investing

Sub-Fund

Currency

Number of

shares held at

31 December

2017

Market Value

31 December

2017

Purchases Sales

Old Mutual Compass

Portfolio 4

Old Mutual Absolute Return Government

Bond Fund (UCITS)

F (USD) Hedged

Accumulation USD 186,747 1,985,758 307,193 -


Old Mutual Bond 2 Fund (UCITS) A (GBP) Accumulation USD 2,943,189 3,728,942 3,323,106 -

Old Mutual Bond 2 Fund (UCITS) A (GBP) Income USD - - 537,676 3,692,584


Old Mutual Equity 1 Fund (UCITS) A (GBP) Accumulation USD 14,792 35,135 285 -

Old Mutual Global Best Ideas Fund (UCITS) A (GBP) Accumulation USD 10,754,238 16,739,238 1,569,660 189,388



(UCITS)


Shares USD 2,000 3,032 2,792 -



Equity Fund (UCITS) A (GBP) Accumulation USD 46,372,253 76,290,706 10,890,004 -

Old Mutual Compass

Portfolio 5 Old Mutual Equity 1 Fund (UCITS) A (GBP) Accumulation USD 3,286 7,804 63 -

Old Mutual Global Best Ideas Fund (UCITS) A (GBP) Accumulation USD 2,464,363 3,835,842 844,010 654,181



(UCITS)


Shares USD 391 592 546 -



Equity Fund (UCITS) A (GBP) Accumulation USD 7,239,829 11,924,375 733,027 593,507




254


Cross Investments


Investing

Sub-Fund

Currency

Cost of

Investment

31

December

2017

Market

Value

31

December

2017

Purchases Sales

Net realised

and

movement

in unrealised

gain/(loss)

Old Mutual Global

Strategic Bond Fund

(IRL)

Old Mutual Global Investors Series Plc - Old

Mutual Financials Contingent Capital Fund

(UCITS) F (USD) Income USD 485,150 499,646 485,150 - 14,496

Old Mutual

Investment Grade

Corporate Bond Fund



(UCITS) F (USD) Income USD 415,348 424,352 415,348 - 9,004


Mutual Monthly Income High Yield Bond

Fund (UCITS) A (USD) Income USD 419,720 422,409 22,891 299,345 1,890

Old Mutual Global

Strategic Absolute

Return Bond Fund



(UCITS) F (USD) Income USD 3,876,745 3,955,615 3,876,745 - 78,870

Old Mutual Monthly

Income High Yield

Bond Fund



(UCITS) F (USD) Income USD 8,401,310 8,652,341 8,401,310 - 251,031

Old Mutual Compass

Portfolio 2 Old Mutual Global Investors Series Plc - Old

Mutual Asian Equity Fund (UCITS)

A (GBP)

Accumulation USD 82,824 116,494 27,029 26,109 32,320


Mutual European Best Ideas Fund (UCITS) A (GBP) Income USD 149,902 178,146 5,018 8,599 36,662



(UCITS) I (USD) Income USD 273,321 281,200 273,322 1 7,878


Mutual Global Emerging Markets Fund

(UCITS)

U2 (GBP)

Accumulation USD 2,246 2,333 2,246 - 88


Mutual Global Equity Income Fund (IRL)

(UCITS) R (GBP) Income USD 396,517 520,473 - 116,000 117,952


Mutual Local Currency Emerging Market

Debt Fund (UCITS)

U2 (GBP)

Income USD 159,863 164,507 - 8,023 12,679




255




Investing

Sub-Fund

Currency

Cost of

Investment

31

December

2017

Market

Value

31

December

2017

Purchases Sales

Net realised

and

movement

in unrealised

gain/(loss)

Old Mutual Compass

Portfolio 2 (continued) Old Mutual Global Investors Series Plc - Old

Mutual Style Premia Absolute Return Fund

(UCITS)

F (USD)

Accumulation USD 335,632 348,598 145,634 2 11,365


Mutual UK Specialist Equity Fund (UCITS)

X (GBP)

Accumulation USD 179,637 223,367 27,818 - 53,991

Old Mutual Compass

Portfolio 3 Old Mutual Global Investors Series Plc - Old


A (GBP)

Accumulation USD 1,576,358 2,382,501 - - 628,224


Mutual European Best Ideas Fund (UCITS) A (GBP) Income USD 3,049,436 3,459,648 749,598 - 559,560



(UCITS) I (USD) Income USD 1,042,829 1,066,571 1,042,829 - 23,741



(UCITS)

U2 (GBP)




(UCITS) R (GBP) Income USD 5,022,521 6,634,463 - - 1,344,195



Debt Fund (UCITS)

U2 (GBP)

Income USD 1,064,544 1,074,466 - - 79,352



(UCITS)

F (USD)

Accumulation USD 1,666,684 1,736,093 556,684 - 60,074



X (GBP)


Old Mutual Compass

Portfolio 4



A (GBP)

Accumulation USD 5,568,011 8,324,679 - - 2,195,072


Mutual European Best Ideas Fund (UCITS) A (GBP) Income USD 7,281,101 8,345,261 1,169,395 - 1,468,409




256




Investing

Sub-Fund

Currency

Cost of

Investment

31

December

2017

Market

Value

31

December

2017

Purchases Sales

Net realised

and

movement

in unrealised

gain/(loss)

Old Mutual Compass




(UCITS) I (USD) Income USD 2,580,000 2,659,645 2,580,000 - 79,645



(UCITS)

U2 (GBP)




(UCITS) R (GBP) Income USD 13,846,635 18,389,054 - - 3,725,768



Debt Fund (UCITS)

U2 (GBP)

Income USD 810,517 833,523 - - 61,558



(UCITS)

F (USD)




X (GBP)


Old Mutual Compass

Portfolio 5



A (GBP)

Accumulation USD 1,132,819 1,698,482 - 137,740 484,458


Mutual European Best Ideas Fund (UCITS) A (GBP) Income USD 2,184,995 2,537,031 151,871 313,899 557,140



(UCITS)

U2 (GBP)




(UCITS) R (GBP) Income USD 2,388,341 3,081,707 384,788 940,326 770,577





257

6. Share Capital

Subscriber Shares

The authorised share capital of the Company is EUR 38,082 represented by 30,000 subscriber Shares of no

par value and 500,000,000,000 Shares of no par value. The Company has repurchased all but seven of the

subscriber Shares. The subscriber Shares entitle the Shareholders holding them to attend and vote at all

meetings of the Company. The subscriber Shares entitles the Shareholder to participate equally on a pro

rata basis in the dividends and net assets of the Company, this entitlement shall be limited to the amount

subscribed and any accrued income thereon.

Redeemable Participating Shares

The creation of the various share classes is intended to offer greater flexibility to both retail and institutional

clients. Each Share Class may also be distinguished by the Investment Management Fee, initial charge,

contingent deferred sales charge and redemption charges applicable and the minimum subscription

requirements. Each Share Class in each Sub-Fund has equal voting, distribution and liquidation rights in

proportion to the number of the Shares held in that Sub-Fund.

The net assets attributable to holders of Redeemable Participating Shares are at all times equal to the Net

Asset Value of the Company. The participating shares can be redeemed at the option of the shareholder.

Participating shares may be redeemed on each dealing date or such other date or dates as the Board of

Directors shall from time to time determine (Valuation Day) at the Net Asset Value per share.

Capital Management

The Company is a self-managed UCITS Company and by taking into consideration of Subscriber Shares,

has met the minimum capital requirements whereby the Company must, at all times, maintain a minimum

capital requirement equivalent to €300,000. The Company endeavours to manage itself in such a way as

to meet the Company’s investment objectives while maintaining sufficient liquidity to meet shareholders

redemptions.




258

6. Share Capital (continued)

Share Movement Merian China Equity Fund

Class A (USD) Class B (USD) Class C (USD) Class C2 (USD) Class I (USD) Class S (GBP) Class U1 (GBP)

Shares in issue at 1 January 2017 964,933 452,941 184,854 100 177,414 18,928 46,936

Subscriptions during the financial year 828,142 624,456 180,923 1,180,753 - 54,314 35,157

Redemptions during the financial year (885,682) (778,849) (196,256) (767,504) (177,414) (54,176) (42,392)

Shares in issue at 31 December 2017 907,393 298,548 169,521 413,349 - 19,066 39,701

Shares in issue at 1 January 2018 907,393 298,548 169,521 413,349 - 19,066 39,701

Subscriptions during the financial year 627,640 588,030 58,592 852,986 500,000 38,159 31,223

Redemptions during the financial year (752,746) (629,036) (74,860) (1,005,693) - (27,279) (37,539)

Shares in issue at 31 December 2018 782,287 257,542 153,253 260,642 500,000 29,946 33,385

Net Assets as at 31 December 2018 USD 38,058,745 USD 6,053,452 USD 3,301,599 USD 3,134,982 USD 4,818,566 GBP 576,738 GBP 471,913

Net Assets as at 31 December 2017 USD 51,154,795 USD 8,218,953 USD 4,294,507 USD 5,826,866 USD - GBP 399,672 GBP 609,598

Net Assets as at 31 December 2016 USD 38,023,600 USD 8,818,561 USD 3,325,954 USD 997 USD 2,568,228 GBP 303,666 GBP 551,715


Class A (EUR)

Hedged

Class A (GBP)

Income Class A (USD)

Class A (USD)

Income Class B (USD)

Class B (USD)

Income Class C (USD)

Class S (GBP)

Income

Shares in issue at 1 January 2017 34,280 100,091 1,897,480 950 15,306 30,994 180,761 42,030

Subscriptions during the financial year - 1,100 998,693 36,899 19,795 113,659 4,086 13,647

Redemptions during the financial year (7,963) (7,254) (903,815) (12,020) (24,206) (85,973) (59,187) (25,389)

Shares in issue at 31 December 2017 26,317 93,937 1,992,358 25,829 10,895 58,680 125,660 30,288

Shares in issue at 1 January 2018 26,317 93,937 1,992,358 25,829 10,895 58,680 125,660 30,288

Subscriptions during the financial year 10 25,246 4,515,506 7,165 341,233 145,667 8,139 280

Redemptions during the financial year (17,730) (9,200) (4,644,729) (17,069) (343,560) (178,312) (58,548) (6,559)

Shares in issue at 31 December 2018 8,597 109,983 1,863,135 15,925 8,568 26,035 75,251 24,009

Net Assets as at 31 December 2018 EUR 86,815 GBP 1,039,601 USD 3,348,000 USD 120,149 USD 107,114 USD 190,413 USD 956,710 GBP 235,885

Net Assets as at 31 December 2017 EUR 289,725 GBP 907,157 USD 3,781,918 USD 210,753 USD 145,762 USD 471,256 USD 1,716,152 GBP 303,717

Net Assets as at 31 December 2016 EUR 362,383 GBP 1,012,242 USD 3,369,972 USD 7,463 USD 195,003 USD 241,565 USD 2,346,794 GBP 440,428




259


Share Movement (continued)

Merian Global Strategic Bond

Fund (IRL) (continued)

Class U1 (GBP) Income

Shares in issue at 1 January 2017 34,376

Subscriptions during the financial year 183,053

Redemptions during the financial year (20,561)

Shares in issue at 31 December 2017 196,868





Net Assets as at 31 December 2018 GBP 774,703

Net Assets as at 31 December 2017 GBP 2,164,441



Class A (EUR)

Class A (EUR)

Hedged Class A (USD) Class B (USD) Class C (USD) Class C2 (USD) Class D1 (USD) Class D2 (USD)

Shares in issue at 1 January 2017 772 9,364 88,108,110 182,968 197,776 100 - -

Subscriptions during the financial year 1,208,371 1,179,228 144,085,898 951,588 600,397 200,604 100 100

Redemptions during the financial year (25,765) (5,344) (84,394,723) (1,103,574) (190,246) (164,270) - -

Shares in issue at 31 December 2017 1,183,378 1,183,248 147,799,285 30,982 607,927 36,434 100 100

Shares in issue at 1 January 2018 1,183,378 1,183,248 147,799,285 30,982 607,927 36,434 100 100

Subscriptions during the financial year 788,493 902,565 113,634,406 200,213 412,743 163,624 - -

Redemptions during the financial year (797,231) (1,572,194) (132,352,730) (191,524) (205,638) (148,212) - -

Shares in issue at 31 December 2018 1,174,640 513,619 129,080,961 39,671 815,032 51,846 100 100

Net Assets as at 31 December 2018 EUR 13,984,101 EUR 5,569,939 USD 188,896,314 USD 823,902 USD 16,390,728 USD 556,680 USD 985 USD 993

Net Assets as at 31 December 2017 EUR 15,231,613 EUR 15,038,496 USD 244,878,375 USD 737,109 USD 14,054,615 USD 448,717 USD 1,114 USD 1,117

Net Assets as at 31 December 2016 EUR 9,090 EUR 98,207 USD 117,439,890 USD 3,548,637 USD 3,737,818 USD 1,003 USD - USD -




260


Share Movement (continued) Merian World Equity Fund (continued)

Class I (EUR) Class I (USD) Class N (USD) Class S (GBP) Class U1 (GBP)

Shares in issue at 1 January 2017 260,000 3,607,818 - 21,313 72,269

Subscriptions during the financial year 751 3,456,489 - 12,883 79,548

Redemptions during the financial year (130,000) (903,929) - (2,571) (28,436)

Shares in issue at 31 December 2017 130,751 6,160,378 - 31,625 123,381

Shares in issue at 1 January 2018 130,751 6,160,378 - 31,625 123,381

Subscriptions during the financial year 3,640,191 4,210,487 4,000 9,213 122,656

Redemptions during the financial year (960,453) (4,124,080) - (12,636) (32,478)

Shares in issue at 31 December 2018 2,810,489 6,246,785 4,000 28,202 213,559

Net Assets as at 31 December 2018 EUR 35,808,291 USD 96,631,695 USD 36,057 GBP 634,725 GBP 3,160,712

Net Assets as at 31 December 2017 EUR 1,787,558 USD 107,067,394 USD - GBP 758,132 GBP 1,939,111

Net Assets as at 31 December 2016 EUR 3,224,494 USD 50,061,303 USD - GBP 448,569 GBP 996,644


Class A (EUR) Class A (USD) Class B (USD) Class C (USD) Class C2 (USD) Class I (USD) Class R (GBP) Class S (GBP)

Shares in issue at 1 January 2017 400,981 34,085,587 186,472 259,984 100 966,681 22,530 15,521

Subscriptions during the financial year 82,484 16,912,289 194,959 76,935 1,891,904 2,408,624 34,555 42,677

Redemptions during the financial year (152,313) (25,075,845) (281,481) (114,516) (1,552,559) (1,722,504) (16,864) (43,363)

Shares in issue at 31 December 2017 331,152 25,922,031 99,950 222,403 339,445 1,652,801 40,221 14,835

Shares in issue at 1 January 2018 331,152 25,922,031 99,950 222,403 339,445 1,652,801 40,221 14,835

Subscriptions during the financial year 32,978 11,641,203 299,420 52,748 1,596,017 199,988 20,958 22,207

Redemptions during the financial year (287,659) (17,241,852) (289,916) (105,761) (1,505,781) (1,739,458) (35,658) (25,139)

Shares in issue at 31 December 2018 76,471 20,321,382 109,454 169,390 429,681 113,331 25,521 11,903

Net Assets as at 31 December 2018 EUR 2,471,753 USD 69,022,452 USD 3,765,526 USD 5,619,890 USD 4,241,838 USD 1,257,876 GBP 359,490 GBP 204,616

Net Assets as at 31 December 2017 EUR 13,622,955 USD 117,274,240 USD 4,637,691 USD 9,983,722 USD 4,524,176 USD 24,291,805 GBP 707,724 GBP 319,664

Net Assets as at 31 December 2016 EUR 13,766,760 USD 113,349,371 USD 6,434,748 USD 8,708,723 USD 991 USD 10,360,964 GBP 318,959 GBP 267,927




261


Share Movement (continued) Merian Pacific Equity Fund

(continued)

Class U1 (GBP)










Net Assets as at 31 December 2017 GBP 1,011,026



Class A (EUR) Class A (USD) Class B (USD) Class C (USD) Class S (GBP) Class U1 (GBP)

Shares in issue at 1 January 2017 32,827,606 185,730 163,795 210,223 17,043 14,939

Subscriptions during the financial year 1,151,739 209,719 99,693 56,600 1,517 6,077

Redemptions during the financial year (3,325,793) (161,324) (224,045) (92,512) (5,490) (4,187)

Shares in issue at 31 December 2017 30,653,552 234,125 39,443 174,311 13,070 16,829

Shares in issue at 1 January 2018 30,653,552 234,125 39,443 174,311 13,070 16,829

Subscriptions during the financial year 1,048,255 83,615 129,549 12,501 1,046 4,791

Redemptions during the financial year (2,417,759) (136,083) (114,557) (87,913) (1,536) (5,406)

Shares in issue at 31 December 2018 29,284,048 181,657 54,435 98,899 12,580 16,214

Net Assets as at 31 December 2018 EUR 22,244,316 USD 2,895,401 USD 731,119 USD 1,291,042 GBP 193,004 GBP 169,809

Net Assets as at 31 December 2017 EUR 28,758,894 USD 4,832,893 USD 693,457 USD 2,993,385 GBP 244,192 GBP 213,932

Net Assets as at 31 December 2016 EUR 28,370,873 USD 3,115,395 USD 2,368,963 USD 2,977,983 GBP 281,706 GBP 168,820




262


Share Movement (continued) Old Mutual Japanese Equity Fund^

Class A (EUR)

Hedged Class A (GBP) Class A (JPY) Class A (USD)

Class A (USD)

Hedged Class B (USD) Class C (USD) Class R (GBP)

Shares in issue at 1 January 2017 37,391 579 7,142,348 890,884 240,926 151,935 320,844 100

Subscriptions during the financial year 7,685 115,249 22,838,396 421,875 308,507 89,251 93,987 -

Redemptions during the financial year (7,741) (103,749) (23,997,985) (467,142) (423,025) (219,549) (142,635) -

Shares in issue at 31 December 2017 37,335 12,079 5,982,759 845,617 126,408 21,637 272,196 100

Shares in issue at 1 January 2018 37,335 12,079 5,982,759 845,617 126,408 21,637 272,196 100

Subscriptions during the financial year - - 4,217 943 - - 6,926 -

Redemptions during the financial year (37,335) (12,079) (5,986,976) (846,560) (126,408) (21,637) (279,122) (100)

Shares in issue at 31 December 2018 - - - - - - - -

Net Assets as at 31 December 2018 EUR - GBP - JPY - USD - USD - USD - USD - GBP -

Net Assets as at 31 December 2017 EUR 758,026 GBP 143,293 JPY 653,109,939 USD 13,236,788 USD 1,772,902 USD 300,947 USD 3,745,169 GBP 1,195

Net Assets as at 31 December 2016 EUR 639,267 GBP 6,078 JPY 650,849,907 USD 11,182,125 USD 2,790,979 USD 1,722,655 USD 3,607,121 GBP 1,051

Old Mutual Japanese Equity Fund^ (continued)

Class S (GBP) Class U1 (GBP) Class U2 (GBP)

Shares in issue at 1 January 2017 96,524 85,123 659,687

Subscriptions during the financial year 5,139 3,552 -

Redemptions during the financial year (21,043) (9,296) (26,723)

Shares in issue at 31 December 2017 80,620 79,379 632,964


Subscriptions during the financial year - - -


Shares in issue at 31 December 2018 - - -

Net Assets as at 31 December 2018 GBP - GBP - GBP -

Net Assets as at 31 December 2017 GBP 1,586,495 GBP 1,234,118 GBP 8,738,957





263




Class A (EUR)

Class A (EUR)

Hedged Class A (GBP) Class A (USD)

Class A (USD)

Income Class B (USD)

Class B (USD)


Shares in issue at 1 January 2017 5,531 12,107 4,522 7,989,646 266,141 94,807 130,810 986,138

Subscriptions during the financial year 1,750,424 2,240,222 238,196 4,787,152 2,444,453 302,822 7,495 97,603

Redemptions during the financial year (990,512) (366,729) (235,758) (7,410,315) (1,946,703) (371,525) (104,780) (414,515)

Shares in issue at 31 December 2017 765,443 1,885,600 6,960 5,366,483 763,891 26,104 33,525 669,226

Shares in issue at 1 January 2018 765,443 1,885,600 6,960 5,366,483 763,891 26,104 33,525 669,226

Subscriptions during the financial year 708,705 2,426,865 430,042 4,730,046 4,229,329 2,431,128 149,140 220,329

Redemptions during the financial year (603,672) (4,158,070) (399,127) (7,369,518) (3,800,445) (2,412,556) (142,648) (336,342)

Shares in issue at 31 December 2018 870,476 154,395 37,875 2,727,011 1,192,775 44,676 40,017 553,213

Net Assets as at 31 December 2018 EUR 16,171,663 EUR 2,161,977 GBP 578,351 USD 72,067,451 USD 13,915,668 USD 869,901 USD 424,188 USD 11,209,770

Net Assets as at 31 December 2017 EUR 14,853,883 EUR 29,841,135 GBP 109,878 USD 155,143,079 USD 9,943,142 USD 566,039 USD 401,054 USD 15,076,267

Net Assets as at 31 December 2016 EUR 110,170 EUR 178,768 GBP 70,872 USD 208,416,768 USD 3,205,099 USD 1,881,959 USD 1,465,984 USD 20,364,982

Merian US Equity Income Fund (continued)

Class C (USD)

Income

Class C2 (USD)

Income

Class I (EUR)

Income Class I (USD)

Class I (USD)

Income Class N (USD) Class R (GBP)

Class R (GBP)

Income

Shares in issue at 1 January 2017 49,810 100 10,000 260,441 18,756 - 38,492 5,156,327

Subscriptions during the financial year 42,440 1,687,103 - 486,338 441 - 18,983 1,858,107

Redemptions during the financial year (22,445) (1,676,878) - (126,896) - - (52,660) (6,443,144)

Shares in issue at 31 December 2017 69,805 10,325 10,000 619,883 19,197 - 4,815 571,290

Shares in issue at 1 January 2018 69,805 10,325 10,000 619,883 19,197 - 4,815 571,290

Subscriptions during the financial year 5,132 3,190,320 - 278,537 - 194,503 1,196 1,796,105

Redemptions during the financial year (30,514) (2,975,927) (917) (234,740) - (17,917) (1,474) (2,060,932)

Shares in issue at 31 December 2018 44,423 224,718 9,083 663,680 19,197 176,586 4,537 306,463

Net Assets as at 31 December 2018 USD 471,818 USD 2,100,762 EUR 96,453 USD 13,939,547 USD 197,820 USD 1,616,879 GBP 61,773 GBP 4,479,945

Net Assets as at 31 December 2017 USD 841,055 USD 110,153 EUR 112,253 USD 14,135,131 USD 218,981 USD - GBP 67,399 GBP 8,735,654

Net Assets as at 31 December 2016 USD 565,295 USD 993 EUR 117,586 USD 5,321,837 USD 197,476 USD - GBP 531,677 GBP 79,580,687




264



Merian US Equity Income Fund (continued)

Class S (GBP) Class U1 (GBP)

Class U1 (GBP)

Income Class U2 (GBP)

Class U2 (GBP)

Income

Shares in issue at 1 January 2017 91,197 42,309 - 3,216,969 138

Subscriptions during the financial year 39,080 208,665 8,002,520 1,893,162 4

Redemptions during the financial year (36,189) (25,047) (598,129) (1,725,710) -

Shares in issue at 31 December 2017 94,088 225,927 7,404,391 3,384,421 142

Shares in issue at 1 January 2018 94,088 225,927 7,404,391 3,384,421 142

Subscriptions during the financial year 25,940 22,498 141,065 832,822 8,347,505

Redemptions during the financial year (33,926) (120,433) (7,537,427) (4,094,885) (1,109,764)

Shares in issue at 31 December 2018 86,102 127,992 8,029 122,358 7,237,883

Net Assets as at 31 December 2018 GBP 1,487,103 GBP 1,722,452 GBP 79,282 GBP 1,974,215 GBP 88,093,898

Net Assets as at 31 December 2017 GBP 1,672,914 GBP 3,121,356 GBP 77,237,428 GBP 56,176,309 GBP 1,807

Net Assets as at 31 December 2016 GBP 1,600,267 GBP 576,154 GBP - GBP 52,444,967 GBP 1,775


Class A (EUR) Class A (USD) Class B (USD) Class C (USD) Class C2 (USD) Class I (EUR) Class I (USD) Class N (USD)

Shares in issue at 1 January 2017 289,333 7,639,537 133,330 812,733 100 - 14,036,043 -

Subscriptions during the financial year 453,127 11,368,248 311,356 792,998 3,648,222 30,528 19,015,371 -

Redemptions during the financial year (160,292) (10,165,936) (374,664) (500,558) (3,154,418) (140) (5,928,219) -

Shares in issue at 31 December 2017 582,168 8,841,849 70,022 1,105,173 493,904 30,388 27,123,195 -

Shares in issue at 1 January 2018 582,168 8,841,849 70,022 1,105,173 493,904 30,388 27,123,195 -

Subscriptions during the financial year 674,571 15,900,495 2,127,715 868,972 3,612,488 3,512,335 22,180,215 1,699,308

Redemptions during the financial year (224,747) (16,702,640) (1,921,310) (624,512) (3,606,570) (510,318) (12,598,744) (296,182)

Shares in issue at 31 December 2018 1,031,992 8,039,704 276,427 1,349,633 499,822 3,032,405 36,704,666 1,403,126

Net Assets as at 31 December 2018 EUR 18,366,759 USD 213,464,138 USD 5,461,228 USD 27,526,383 USD 5,321,827 EUR 29,901,298 USD 536,216,459 USD 12,280,340

Net Assets as at 31 December 2017 EUR 10,936,141 USD 259,471,489 USD 1,547,694 USD 25,292,668 USD 5,905,169 EUR 313,834 USD 434,500,094 USD -

Net Assets as at 31 December 2016 EUR 5,097,791 USD 185,131,193 USD 2,466,951 USD 15,594,345 USD 1,000 EUR - USD 184,268,043 USD -




265


Share Movement (continued) Merian North American Equity Fund (continued)

Class P2 (GBP)

Income Class P2 (USD)

Class P2 (USD)

Income Class R (GBP)

Class R (GBP)

Hedged Class S (GBP) Class U1 (GBP) Class U2 (EUR)

Shares in issue at 1 January 2017 - - - 257,758 1,750,690 21,470 45,806 22,452

Subscriptions during the financial year 15,137,103 85,000 3,361,218 266,615 2,695,285 811,458 3,187,245 21,538

Redemptions during the financial year (55,770) - - (122,274) (2,051,753) (683,322) (378,601) (7,537)

Shares in issue at 31 December 2017 15,081,333 85,000 3,361,218 402,099 2,394,222 149,606 2,854,450 36,453

Shares in issue at 1 January 2018 15,081,333 85,000 3,361,218 402,099 2,394,222 149,606 2,854,450 36,453

Subscriptions during the financial year 7,622,550 4,926,248 6,141,062 273,372 4,317,374 267,042 2,185,170 7,290

Redemptions during the financial year (1,240,522) (259,833) (1,159,320) (178,953) (1,371,310) (399,643) (3,870,404) (43,743)

Shares in issue at 31 December 2018 21,463,361 4,751,415 8,342,960 496,518 5,340,286 17,005 1,169,216 -

Net Assets as at 31 December 2018 GBP 208,001,903 USD 44,537,452 USD 78,025,494 GBP 9,181,559 GBP 61,221,347 GBP 330,869 GBP 17,991,587 EUR -

Net Assets as at 31 December 2017 GBP 150,689,663 USD 869,656 USD 34,295,258 GBP 7,711,778 GBP 30,693,212 GBP 3,025,059 GBP 45,483,952 EUR 392,115

Net Assets as at 31 December 2016 GBP - USD - USD - GBP 4,453,029 GBP 18,649,753 GBP 392,037 GBP 656,766 EUR 225,391

Merian North American Equity

Fund (continued)

Class U2 (GBP)















266


Share Movement (continued) Merian Total Return USD Bond Fund

Class A (AUD)

Hedged Class A (EUR)

Class A (EUR)

Hedged

Class A (GBP)


Class A (USD)

Income

Class A (USD)

Income (F)

Class A (ZAR)

Hedged

Income (F)

Shares in issue at 1 January 2017 361,867 116 2,033,474 61,014 7,369,504 5,398,461 - -

Subscriptions during the financial year 100,603 1,618 210,383 9,304 5,533,227 5,005,769 - 1,674,985

Redemptions during the financial year (384,043) - (691,292) (2,812) (6,745,474) (4,472,099) - (673,469)

Shares in issue at 31 December 2017 78,427 1,734 1,552,565 67,506 6,157,257 5,932,131 - 1,001,516

Shares in issue at 1 January 2018 78,427 1,734 1,552,565 67,506 6,157,257 5,932,131 - 1,001,516

Subscriptions during the financial year 69,063 - 269,792 9,791 451,711 573,185 58 59,669

Redemptions during the financial year (73,238) (1,734) (1,168,854) (45,754) (1,836,899) (2,743,012) - (587,638)

Shares in issue at 31 December 2018 74,252 - 653,503 31,543 4,772,069 3,762,304 58 473,547

Net Assets as at 31 December 2018 AUD 831,828 EUR - EUR 7,148,149 GBP 328,434 USD 94,801,463 USD 36,807,218 USD 580 ZAR 4,265,903

Net Assets as at 31 December 2017 AUD 904,846 EUR 16,738 EUR 17,858,997 GBP 712,631 USD 124,997,164 USD 62,328,053 USD - ZAR 9,886,364

Net Assets as at 31 December 2016 AUD 4,006,742 EUR 1,222 EUR 22,954,062 GBP 721,013 USD 143,606,350 USD 57,659,148 USD - ZAR -

Merian Total Return USD Bond Fund (continued)

Class B (USD)

Class B (USD)


Class C (USD)

Income

Class C2 (AUD)

Hedged

Income (F)

Class C2 (USD)

Income (F)

Class C2 (ZAR)

Hedged

Income (F) Class I (USD)

Shares in issue at 1 January 2017 253,100 1,266,660 1,719,525 871,439 - 100 - 23,093

Subscriptions during the financial year 867,558 4,232,229 175,444 276,514 388,546 6,661,225 6,827,347 302,068

Redemptions during the financial year (812,461) (3,284,758) (588,590) (451,729) (23,962) (3,850,900) (583,987) (16,348)

Shares in issue at 31 December 2017 308,197 2,214,131 1,306,379 696,224 364,584 2,810,425 6,243,360 308,813

Shares in issue at 1 January 2018 308,197 2,214,131 1,306,379 696,224 364,584 2,810,425 6,243,360 308,813

Subscriptions during the financial year 391,244 402,328 190,453 54,129 12,232 1,027,072 190,568 156,749

Redemptions during the financial year (499,334) (851,430) (481,872) (181,659) (176,278) (2,134,837) (2,089,486) (89,476)

Shares in issue at 31 December 2018 200,107 1,765,029 1,014,960 568,694 200,538 1,702,660 4,344,442 376,086

Net Assets as at 31 December 2018 USD 3,077,632 USD 15,462,142 USD 15,686,363 USD 4,782,949 AUD 1,804,725 USD 15,546,258 ZAR 39,011,786 USD 3,757,734

Net Assets as at 31 December 2017 USD 4,898,788 USD 21,051,430 USD 20,961,147 USD 6,387,221 AUD 3,574,379 USD 27,826,178 ZAR 61,130,608 USD 3,136,515

Net Assets as at 31 December 2016 USD 3,904,536 USD 12,377,166 USD 26,889,400 USD 8,252,425 AUD - USD 1,009 ZAR - USD 224,587




267


Share Movement (continued) Merian Emerging Market Debt Fund

Class A (EUR)

Class A (EUR)

Hedged

Class A (GBP)

Hedged

Class A (SEK)

Hedged

Class A (SGD)

Hedged


Class A (USD)

Income

Class A (USD)

Income (F)

Shares in issue at 1 January 2017 100,037 724,571 107,676 373,419 120,269 1,241,275 1,090,199 -

Subscriptions during the financial year 7,065 548,219 18,506 12,907 10,867 1,095,339 4,626,875 -

Redemptions during the financial year (33,258) (50,976) (110,814) (62,354) (61,488) (678,316) (1,013,728) -

Shares in issue at 31 December 2017 73,844 1,221,814 15,368 323,972 69,648 1,658,298 4,703,346 -

Shares in issue at 1 January 2018 73,844 1,221,814 15,368 323,972 69,648 1,658,298 4,703,346 -

Subscriptions during the financial year 5,256 1,054,697 - 5,845 2,579 1,839,843 2,723,037 14,025

Redemptions during the financial year (25,473) (1,119,180) (1,908) (117,811) (2,965) (2,519,380) (3,492,359) (10,197)

Shares in issue at 31 December 2018 53,627 1,157,331 13,460 212,006 69,262 978,761 3,934,024 3,828

Net Assets as at 31 December 2018 EUR 1,033,929 EUR 16,586,061 GBP 152,296 SEK 2,619,159 SGD 503,833 USD 21,782,344 USD 31,336,212 USD 34,282

Net Assets as at 31 December 2017 EUR 1,485,364 EUR 19,664,856 GBP 193,139 SEK 4,501,686 SGD 595,140 USD 40,275,116 USD 43,586,782 USD -

Net Assets as at 31 December 2016 EUR 2,061,528 EUR 10,745,245 GBP 1,240,975 SEK 4,801,763 SGD 1,002,042 USD 27,173,164 USD 9,769,741 USD -

Merian Emerging Market Debt Fund (continued)

Class A (ZAR)

Hedged

Income (F) Class B (USD)

Class B (USD)


Class C (USD)

Income

Class C2 (USD)

Income (F)

Class C2 (ZAR)

Hedged


Shares in issue at 1 January 2017 - 151,692 5,158,189 373,925 2,764,573 - - 46,828

Subscriptions during the financial year - 45,511 1,033,351 49,160 11,100 - - 6,842,144

Redemptions during the financial year - (162,187) (4,895,388) (128,160) (1,462,204) - - (102,616)

Shares in issue at 31 December 2017 - 35,016 1,296,152 294,925 1,313,469 - - 6,786,356

Shares in issue at 1 January 2018 - 35,016 1,296,152 294,925 1,313,469 - - 6,786,356

Subscriptions during the financial year 34,832 1,690,797 3,303,428 115,837 9,121 379,717 101,862 1,739,693

Redemptions during the financial year (28,011) (1,596,505) (2,690,707) (204,276) (257,100) (327,745) - -

Shares in issue at 31 December 2018 6,821 129,308 1,908,873 206,486 1,065,490 51,972 101,862 8,526,049

Net Assets as at 31 December 2018 ZAR 60,708 USD 2,267,222 USD 15,772,439 USD 3,596,975 USD 9,114,872 USD 462,179 ZAR 895,639 USD 81,564,876

Net Assets as at 31 December 2017 ZAR - USD 679,897 USD 12,589,962 USD 5,707,773 USD 13,302,318 USD - ZAR - USD 70,268,751

Net Assets as at 31 December 2016 ZAR - USD 2,694,495 USD 49,106,704 USD 6,633,630 USD 27,469,859 USD - ZAR - USD 579,338




268




Class S (GBP)

Income

Class U1 (GBP)



Subscriptions during the financial year 55,450 890,242 4,079


Shares in issue at 31 December 2017 103,207 902,014 8,808


Subscriptions during the financial year 15,242 87,697 -


Shares in issue at 31 December 2018 64,556 170,976 -

Net Assets as at 31 December 2018 GBP 623,685 GBP 1,820,230 GBP -

Net Assets as at 31 December 2017 GBP 1,090,220 GBP 10,457,230 GBP 122,846

Net Assets as at 31 December 2016 GBP 932,301 GBP 4,344,801 GBP 103,511


Class A (EUR) Class A (GBP)

Class A (GBP)


Class A (USD)

Hedged Class C (USD)

Class C2 (USD)

Hedged Class I (EUR)

Shares in issue at 1 January 2017 7,372,511 87,451 572,329 1,018,407 181,196 261,993 100 8,090

Subscriptions during the financial year 659,385 59,164 95,455 185,695 56,363 40,607 181,428 -

Redemptions during the financial year (3,753,352) (21,139) (16,897) (448,377) (135,717) (91,784) (160,602) -

Shares in issue at 31 December 2017 4,278,544 125,476 650,887 755,725 101,842 210,816 20,926 8,090

Shares in issue at 1 January 2018 4,278,544 125,476 650,887 755,725 101,842 210,816 20,926 8,090

Subscriptions during the financial year 153,993 13,386 117,579 24,772 20,167 44,540 67,762 -

Redemptions during the financial year (3,018,806) (23,062) (768,466) (221,505) (52,680) (79,379) (83,113) -

Shares in issue at 31 December 2018 1,413,731 115,800 - 558,992 69,329 175,977 5,575 8,090

Net Assets as at 31 December 2018 EUR 21,645,682 GBP 1,922,465 GBP - USD 6,073,336 USD 636,424 USD 2,170,839 USD 53,093 EUR 109,537

Net Assets as at 31 December 2017 EUR 78,536,290 GBP 2,471,561 GBP 10,726,548 USD 10,313,987 USD 1,095,083 USD 3,331,401 USD 237,267 EUR 130,344

Net Assets as at 31 December 2016 EUR 120,577,209 GBP 1,485,667 GBP 8,308,786 USD 10,912,535 USD 1,711,192 USD 3,309,524 USD 1,005 EUR 115,797




269



Old Mutual European Best Ideas Fund (continued)

Class U1 (GBP) Class U2 (GBP)

Class U2 (GBP)

Income


Subscriptions during the financial year 3,261 5,085 1,262,010


Shares in issue at 31 December 2017 3,616 13,036 1,773,284

Shares in issue at 1 January 2018 3,616 13,036 1,773,284

Subscriptions during the financial year 2,472 2,201,156 12

Redemptions during the financial year (3,320) (217,792) (1,773,296)

Shares in issue at 31 December 2018 2,768 1,996,400 -

Net Assets as at 31 December 2018 GBP 32,957 GBP 24,324,135 GBP -

Net Assets as at 31 December 2017 GBP 50,777 GBP 186,781 GBP 22,283,263

Net Assets as at 31 December 2016 GBP 153,505 GBP 142,839 GBP 6,327,473


Class A (GBP)

Hedged

Income

Class A (SEK)

Hedged Class A (USD)

Class A (USD)

Income Class C (USD) Class I (USD)

Class S (GBP)

Hedged

Income

Class U1 (GBP)

Hedged

Income

Shares in issue at 1 January 2017 3,556 4,098,167 135,344 74,922 749,819 470,862 63,649 10,602

Subscriptions during the financial year 8,423 23,480 391,983 5,096 35,275 1,369 19,964 15,076

Redemptions during the financial year (1,024) (701,194) (178,424) - (139,536) (472,231) (10,731) (1,876)

Shares in issue at 31 December 2017 10,955 3,420,453 348,903 80,018 645,558 - 72,882 23,802

Shares in issue at 1 January 2018 10,955 3,420,453 348,903 80,018 645,558 - 72,882 23,802

Subscriptions during the financial year 3,193 11,667 199,099 148 338,060 38,989 16,223 874

Redemptions during the financial year 1 (680,803) (388,638) (73,623) (519,195) (35,886) (22,549) (7,093)

Shares in issue at 31 December 2018 14,149 2,751,317 159,364 6,543 464,423 3,103 66,556 17,583

Net Assets as at 31 December 2018 GBP 127,107 SEK 35,005,004 USD 1,984,294 USD 62,272 USD 5,172,338 USD 30,411 GBP 642,054 GBP 157,914

Net Assets as at 31 December 2017 GBP 105,915 SEK 45,887,429 USD 4,450,336 USD 805,934 USD 7,495,011 USD - GBP 755,879 GBP 228,819

Net Assets as at 31 December 2016 GBP 34,069 SEK 52,979,876 USD 1,628,195 USD 736,225 USD 8,344,385 USD 5,034,705 GBP 651,223 GBP 100,713




270


Share Movement (continued) Merian Investment Grade

Corporate Bond Fund (continued)

Class U2 (GBP) Hedged


Subscriptions during the financial year 731

Redemptions during the financial year (757)




Redemptions during the financial year (83)






Class A (EUR) Class A (GBP) Class A (USD) Class B (USD) Class C (USD) Class C2 (USD) Class I (USD) Class R (GBP)

Shares in issue at 1 January 2017 6,133,647 955,671 778,706 65,697 474,910 100 98,027 27,282

Subscriptions during the financial year 1,852,769 293,634 995,784 701,423 109,374 513,599 67,321 76,646

Redemptions during the financial year (1,523,635) (902,230) (1,079,233) (647,451) (259,259) (354,677) (20,665) (10,928)


Shares in issue at 1 January 2018 6,462,781 347,075 695,257 119,669 325,025 159,022 144,683 93,000

Subscriptions during the financial year 620,643 20,165 2,234,994 502,377 224,414 481,936 125,151 37,443

Redemptions during the financial year (4,464,287) (167,278) (2,034,580) (532,319) (322,354) (503,337) (25,677) (58,254)


Net Assets as at 31 December 2018 EUR 35,108,224 GBP 2,484,106 USD 10,177,337 USD 906,969 USD 1,966,903 USD 1,482,944 USD 2,578,273 GBP 939,760

Net Assets as at 31 December 2017 EUR 104,173,561 GBP 5,132,059 USD 9,976,138 USD 1,546,324 USD 3,622,457 USD 2,187,174 USD 1,910,366 GBP 1,432,954

Net Assets as at 31 December 2016 EUR 80,505,959 GBP 11,134,145 USD 8,021,887 USD 616,926 USD 3,867,884 USD 997 USD 922,544 GBP 329,715




271


Share Movement (continued) Merian Global Emerging Markets Fund (continued)

Class S (GBP) Class U1 (GBP) Class U2 (GBP) Class W (GBP)

Shares in issue at 1 January 2017 147,851 253,152 4,182,993 -

Subscriptions during the financial year 85,425 118,261 3,853,776 -

Redemptions during the financial year (41,368) (71,213) (2,013,932) -

Shares in issue at 31 December 2017 191,908 300,200 6,022,837 -

Shares in issue at 1 January 2018 191,908 300,200 6,022,837 -

Subscriptions during the financial year 68,607 159,653 3,362,298 10,150,495

Redemptions during the financial year (95,930) (141,670) (6,413,544) (10,150,495)

Shares in issue at 31 December 2018 164,585 318,183 2,971,591 -

Net Assets as at 31 December 2018 GBP 2,224,279 GBP 3,856,634 GBP 43,618,794 GBP -




Class A (EUR) Class A (GBP)

Class A (GBP)


Class A (USD)

Income Class B (USD) Class C (USD)

Class C2 (USD)

Income (F)

Shares in issue at 1 January 2017 1,920 17,605,573 105 3,035,221 318 16,068 75,660 100

Subscriptions during the financial year 80 2,789,979 15,532 2,567,904 294,936 69,011 110,723 15,185

Redemptions during the financial year - (1,755,745) - (2,438,823) (206,951) (65,062) (20,627) (1,767)


Shares in issue at 1 January 2018 2,000 18,639,807 15,637 3,164,302 88,303 20,017 165,756 13,518

Subscriptions during the financial year 166 1,855,463 3 120,008 417,813 107,866 110,803 35,441

Redemptions during the financial year (182) (624,260) - (1,176,090) (504,860) (86,781) (185,492) (20,062)


Net Assets as at 31 December 2018 EUR 21,945 GBP 228,739,173 GBP 166,540 USD 18,978,729 USD 11,982 USD 398,064 USD 787,128 USD 270,325

Net Assets as at 31 December 2017 EUR 26,969 GBP 258,034,582 GBP 205,651 USD 36,266,884 USD 1,103,922 USD 250,065 USD 1,874,865 USD 169,337

Net Assets as at 31 December 2016 EUR 21,822 GBP 197,701,778 GBP 1,150 USD 25,697,072 USD 3,025 USD 150,449 USD 647,319 USD 991




272


Share Movement (continued) Merian Asian Equity Income Fund (continued)

Class I (EUR) Class I (USD) Class R (GBP) Class U1 (GBP)

Class U1 (GBP)

Income

Class U2 (GBP)

Income

Shares in issue at 1 January 2017 - 37,742 23,116 8,247 1,345 595,605

Subscriptions during the financial year 100 302,240 28,346 30,071 16,245 6,145

Redemptions during the financial year - (50,052) (26,975) (10,219) (15,248) (130,063)

Shares in issue at 31 December 2017 100 289,930 24,487 28,099 2,342 471,687

Shares in issue at 1 January 2018 100 289,930 24,487 28,099 2,342 471,687

Subscriptions during the financial year - 18,140 16,857 15,705 1,825 625

Redemptions during the financial year - (277,232) (19,885) (24,097) (1,351) (91,955)

Shares in issue at 31 December 2018 100 30,838 21,459 19,707 2,816 380,357

Net Assets as at 31 December 2018 EUR 933 USD 327,511 GBP 237,090 GBP 241,524 GBP 30,451 GBP 3,971,765

Net Assets as at 31 December 2017 EUR 1,127 USD 3,894,193 GBP 323,800 GBP 411,994 GBP 31,101 GBP 6,026,137

Net Assets as at 31 December 2016 EUR - USD 372,739 GBP 246,942 GBP 97,726 GBP 14,825 GBP 6,271,242


Class A (AUD)

Hedged

Income (F) Class A (EUR)

Class A (GBP)


Class A (USD)

Income

Class A (USD)

Income (F)

Class A (ZAR)

Hedged

Income (F)

Class B (AUD)

Hedged

Income (F)

Shares in issue at 1 January 2017 - 140,834 209,764 122,818 169,046 - - -

Subscriptions during the financial year 159,532 2,242 19,640 5,804,122 4,111,382 438,533 12,747,676 -

Redemptions during the financial year (8,980) (32,425) (99,949) (5,190,669) (1,962,158) (62,525) (3,181,505) -

Shares in issue at 31 December 2017 150,552 110,651 129,455 736,271 2,318,270 376,008 9,566,171 -

Shares in issue at 1 January 2018 150,552 110,651 129,455 736,271 2,318,270 376,008 9,566,171 -

Subscriptions during the financial year 507,292 946,346 21,236 2,002,137 4,707,207 484,453 39,109,344 810,579

Redemptions during the financial year (376,726) (970,539) (51,005) (2,475,956) (3,848,506) (581,845) (15,533,934) (79,249)

Shares in issue at 31 December 2018 281,118 86,458 99,686 262,452 3,176,971 278,616 33,141,581 731,330

Net Assets as at 31 December 2018 AUD 2,317,060 EUR 863,555 GBP 648,935 USD 2,156,118 USD 17,303,617 USD 2,345,435 ZAR 269,573,619 AUD 5,954,125

Net Assets as at 31 December 2017 AUD 1,514,916 EUR 1,171,322 GBP 955,691 USD 6,734,745 USD 15,159,139 USD 3,808,048 ZAR 95,396,728 AUD -

Net Assets as at 31 December 2016 AUD - EUR 1,465,855 GBP 1,598,675 USD 974,348 USD 1,039,673 USD - ZAR - AUD -




273


Share Movement (continued) Merian Local Currency Emerging Market Debt Fund (continued)

Class B (USD)

Income

Class B (ZAR)

Hedged

Income (F) Class C (USD)

Class C (USD)

Income

Class C2 (AUD)

Hedged

Income (F)

Class C2

(USD) Income

(F)

Class C2 (ZAR)

Hedged


Shares in issue at 1 January 2017 474,355 - 33,352 252,742 - 100 - 1,215,022

Subscriptions during the financial year 8,461,819 - 54,772 28,176 1,291,905 3,706,637 19,095,106 514

Redemptions during the financial year (1,752,874) - (481) (107,489) (257,278) (1,063,722) (2,574,028) (29,092)

Shares in issue at 31 December 2017 7,183,300 - 87,643 173,429 1,034,627 2,643,015 16,521,078 1,186,444

Shares in issue at 1 January 2018 7,183,300 - 87,643 173,429 1,034,627 2,643,015 16,521,078 1,186,444

Subscriptions during the financial year 15,767,598 20,622,113 15,137 13,955 951,224 5,360,098 9,938,358 4,424

Redemptions during the financial year (11,525,046) (1,579,044) (1,229) (5,524) (562,589) (4,595,525) (6,686,759) (82,558)

Shares in issue at 31 December 2018 11,425,852 19,043,069 101,551 181,860 1,423,262 3,407,588 19,772,677 1,108,310

Net Assets as at 31 December 2018 USD 61,759,587 ZAR 153,582,353 USD 776,791 USD 808,296 AUD 11,593,182 USD 29,824,242 ZAR 158,897,191 USD 9,920,682

Net Assets as at 31 December 2017 USD 47,071,586 ZAR - USD 753,973 USD 939,203 AUD 10,328,272 USD 28,120,208 ZAR 164,386,374 USD 11,660,762

Net Assets as at 31 December 2016 USD 2,952,421 ZAR - USD 253,324 USD 1,306,792 AUD - USD 1,009 ZAR - USD 10,245,579

Merian Local Currency Emerging Market Debt Fund (continued)

Class U1 (GBP)


Class U2 (GBP)

Income Class W (GBP)

Shares in issue at 1 January 2017 21,031 1,318,978 10,479,130 -

Subscriptions during the financial year 53,367 1,147,177 3,972,572 -

Redemptions during the financial year (8,124) (386,893) (433,523) -

Shares in issue at 31 December 2017 66,274 2,079,262 14,018,179 -

Shares in issue at 1 January 2018 66,274 2,079,262 14,018,179 -

Subscriptions during the financial year 111,012 302,843 3,420,958 3,167,249

Redemptions during the financial year (126,470) (2,381,877) (354,145) (3,167,249)

Shares in issue at 31 December 2018 50,816 228 17,084,992 -

Net Assets as at 31 December 2018 GBP 449,495 GBP 2,706 GBP 154,332,146 GBP -

Net Assets as at 31 December 2017 GBP 658,865 GBP 26,006,780 GBP 141,964,902 GBP -

Net Assets as at 31 December 2016 GBP 214,469 GBP 15,524,895 GBP 108,173,961 GBP -




274




Class A (EUR)

Class A (EUR)

Hedged Class A (GBP)

Class A (GBP)


Class A (USD)

Hedged

Class A (USD)

Income Class F (GBP)

Shares in issue at 1 January 2017 60,065 - 125,419 47,600 228,320 47,384 14,500 572,410

Subscriptions during the financial year 103 100 27,013 66,078 50,020 42,729 580 104,456

Redemptions during the financial year (50,000) - (101,046) (31,927) (58,464) (40,867) - (112,574)

Shares in issue at 31 December 2017 10,168 100 51,386 81,751 219,876 49,246 15,080 564,292

Shares in issue at 1 January 2018 10,168 100 51,386 81,751 219,876 49,246 15,080 564,292

Subscriptions during the financial year 365 - 20,109 15,557 72,685 4,180 - 55,104

Redemptions during the financial year (5,200) - (36,104) (20,000) (148,470) (7,088) (14,500) (570,585)

Shares in issue at 31 December 2018 5,333 100 35,391 77,308 144,091 46,338 580 48,811

Net Assets as at 31 December 2018 EUR 50,521 EUR 898 GBP 375,640 GBP 701,240 USD 1,225,797 USD 534,543 USD 4,177 GBP 568,104

Net Assets as at 31 December 2017 EUR 111,004 EUR 1,038 GBP 621,403 GBP 875,912 USD 2,255,514 USD 637,992 USD 136,289 GBP 7,408,647

Net Assets as at 31 December 2016 EUR 599,860 EUR - GBP 1,342,700 GBP 467,282 USD 1,889,257 USD 540,931 USD 109,578 GBP 6,590,572

Merian UK Alpha Fund (IRL) (continued)

Class I (EUR) Class I (USD)

Class I (USD)

Hedged Class R (GBP)

Class R (GBP)

Income Class U1 (EUR) Class U1 (GBP)

Class U1 (GBP)

Income

Shares in issue at 1 January 2017 7,234 102,381 108,673 465,810 252,223 14,800 1,350,894 1,269,787

Subscriptions during the financial year 3,288 8,109 - 21,210 62,429 5,322 201,837 888,764


Shares in issue at 31 December 2017 3,707 16,428 61,082 94,247 273,636 16,102 1,311,206 1,466,871

Shares in issue at 1 January 2018 3,707 16,428 61,082 94,247 273,636 16,102 1,311,206 1,466,871

Subscriptions during the financial year 940 3,876 8,446 216 50,072 4,649 147,993 156,685


Shares in issue at 31 December 2018 3,379 12,589 61,892 45,820 307,508 7,118 1,206,975 1,209,540

Net Assets as at 31 December 2018 EUR 27,490 USD 109,366 USD 716,406 GBP 535,788 GBP 3,010,642 EUR 71,381 GBP 13,946,484 GBP 11,944,789

Net Assets as at 31 December 2017 EUR 34,530 USD 170,848 USD 787,468 GBP 1,246,404 GBP 3,140,456 EUR 184,521 GBP 17,114,869 GBP 16,968,671

Net Assets as at 31 December 2016 EUR 61,567 USD 851,367 USD 1,222,439 GBP 5,417,847 GBP 2,626,067 EUR 154,679 GBP 15,485,345 GBP 13,320,142




275




Class U1 (USD) Class U2 (EUR) Class U2 (GBP)

Class U2 (GBP)

Income Class U2 (USD)

Shares in issue at 1 January 2017 225,882 20,745 1,141,722 5,254,055 12,289

Subscriptions during the financial year - 635 668,608 1,072,520 58,153

Redemptions during the financial year (34,282) - (326,544) (1,600,412) (19,604)

Shares in issue at 31 December 2017 191,600 21,380 1,483,786 4,726,163 50,838

Shares in issue at 1 January 2018 191,600 21,380 1,483,786 4,726,163 50,838

Subscriptions during the financial year 1,428 - 150,119 1,056,440 1,734

Redemptions during the financial year (61,626) (21,380) (806,024) (1,002,859) (6,683)

Shares in issue at 31 December 2018 131,402 - 827,881 4,779,744 45,889

Net Assets as at 31 December 2018 USD 1,173,679 EUR - GBP 9,502,580 GBP 49,665,489 USD 407,262

Net Assets as at 31 December 2017 USD 2,045,389 EUR 256,001 GBP 19,223,886 GBP 57,477,826 USD 538,970

Net Assets as at 31 December 2016 USD 1,927,697 EUR 226,460 GBP 12,980,454 GBP 57,895,491 USD 104,444


Class A (GBP)

Income

Class R (GBP)

Income

Class U1 (GBP)

Income

Shares in issue at 1 January 2017 8,864,445 28,092,127 370,990

Subscriptions during the financial year 1,754,478 55,919,197 1,987,369

Redemptions during the financial year (1,151,641) (23,492,055) (338,946)

Shares in issue at 31 December 2017 9,467,282 60,519,269 2,019,413

Shares in issue at 1 January 2018 9,467,282 60,519,269 2,019,413

Subscriptions during the financial year 959,568 34,598,477 1,401,996

Redemptions during the financial year (1,229,104) (27,467,414) (1,790,548)








276


Share Movement (continued) Merian UK Dynamic Equity Fund

Class A (GBP)

Income

Class I (EUR)

Hedged

Class R (GBP)

Income


Subscriptions during the financial year 2,697,719 1,448,857 15,471,691

Redemptions during the financial year (5,018,903) (176,995) (14,174,437)



Subscriptions during the financial year 506,805 67,776 11,743,930

Redemptions during the financial year (3,901,706) (2,355,258) (12,737,657)


Net Assets as at 31 December 2018 GBP 83,843,657 EUR 4,670,216 GBP 363,705,470




Class A (CHF)

Hedged

Class A (EUR)

Hedged

Class A (GBP)

Hedged

Class A (RMB)

Hedged

Class A (SGD)


Class A2 (CHF)

Hedged Class C (USD)

Shares in issue at 1 January 2017 751,650 672,960,325 35,795,938 701 337,164 723,697,178 100 5,269,296

Subscriptions during the financial year 29,226 1,197,986,420 46,104,120 55,724 611,754 361,830,024 438,634 8,329,736

Redemptions during the financial year (259,444) (977,458,673) (19,118,831) (6,725) (156,916) (332,407,829) (2,283) (1,431,093)

Shares in issue at 31 December 2017 521,432 893,488,072 62,781,227 49,700 792,002 753,119,373 436,451 12,167,939

Shares in issue at 1 January 2018 521,432 893,488,072 62,781,227 49,700 792,002 753,119,373 436,451 12,167,939

Subscriptions during the financial year 268,485 1,380,883,638 55,574,324 193,962 715,586 497,256,698 913,564 13,475,162

Redemptions during the financial year (302,404) (1,250,468,344) (44,353,872) (24,604) (80,510) (293,737,173) (81,756) (2,593,621)

Shares in issue at 31 December 2018 487,513 1,023,903,366 74,001,679 219,058 1,427,078 956,638,898 1,268,259 23,049,480

Net Assets as at 31 December 2018 CHF 5,038,881 EUR 1,368,139,678 GBP 114,858,006 RMB 3,040,806 SGD 16,571,806 USD 1,207,520,526 CHF 12,571,868 USD 250,352,398

Net Assets as at 31 December 2017 CHF 5,660,870 EUR 1,251,419,394 GBP 101,058,941 RMB 693,643 SGD 9,451,912 USD 968,374,600 CHF 4,559,998 USD 136,733,758

Net Assets as at 31 December 2016 CHF 7,683,891 EUR 896,046,673 GBP 54,395,507 RMB 8,117 SGD 3,781,696 USD 867,106,974 CHF 995 USD 55,980,864




277


Share Movement (continued) Merian Global Equity Absolute Return Fund (continued)

Class I (CHF)

Hedged

Class I (EUR)

Hedged

Class I (SEK)

Hedged Class I (USD)

Class R (GBP)

Hedged

Class U1 (GBP)

Hedged

Class U2 (GBP)

Hedged

Class W (GBP)

Hedged

Shares in issue at 1 January 2017 3,862,751 1,585,953,660 51,796,664 471,407,499 719,042,923 201,645,808 116,446,066 -

Subscriptions during the financial year 3,253,446 1,953,241,255 22,556,564 375,658,784 450,948,343 201,869,744 127,266,085 -

Redemptions during the financial year (1,017,367) (937,632,063) (16,231,808) (174,311,124) (209,226,418) (100,385,020) (30,566,144) -

Shares in issue at 31 December 2017 6,098,830 2,601,562,852 58,121,420 672,755,159 960,764,848 303,130,532 213,146,007 -

Shares in issue at 1 January 2018 6,098,830 2,601,562,852 58,121,420 672,755,159 960,764,848 303,130,532 213,146,007 -

Subscriptions during the financial year 6,358,590 1,730,791,381 7,983,848 537,613,774 609,771,014 238,000,206 382,853,835 31,678,962

Redemptions during the financial year (2,551,286) (1,895,035,950) (13,700,478) (344,002,888) (325,451,001) (132,469,056) (255,282,765) (31,678,962)

Shares in issue at 31 December 2018 9,906,134 2,437,318,283 52,404,790 866,366,045 1,245,084,861 408,661,682 340,717,077 -

Net Assets as at 31 December 2018 CHF 102,740,479 EUR 3,913,114,504 SEK 595,905,348 USD 1,476,802,722 GBP 2,081,034,837 GBP 474,333,614 GBP 406,271,043 GBP -

Net Assets as at 31 December 2017 CHF 66,043,622 EUR 4,342,268,556 SEK 686,257,044 USD 1,159,994,664 GBP 1,650,786,162 GBP 361,513,473 GBP 261,380,948 GBP -

Net Assets as at 31 December 2016 CHF 39,680,106 EUR 2,502,793,470 SEK 578,346,014 USD 752,876,596 GBP 1,159,169,096 GBP 225,540,836 GBP 133,843,108 GBP -


Class A (EUR)

Hedged

Class A (GBP)


Class F1 (USD)

[Class I (USD)]

Class F2 (GBP)

Hedged

[Class R (GBP)

Hedged]

Class F2 (GBP)

Hedged

Income

[Class R (GBP)

Hedged

Income]

Class I (EUR)

Hedged Class I (USD)

Shares in issue at 1 January 2017 14,142 37,325 - 159,151 640,900 483,877 14,150 -

Subscriptions during the financial year - - - 3 64,615,940 1,081 - -

Redemptions during the financial year (14,142) (37,325) - (47,929) (297,239) (155,085) (14,150) -

Shares in issue at 31 December 2017 - - - 111,225 64,959,601 329,873 - -

Shares in issue at 1 January 2018 - - - 111,225 64,959,601 329,873 - -

Subscriptions during the financial year 171,757 440,446 148,834 3 2,244,945 14,502,838 5,570,987 121,650

Redemptions during the financial year (100,630) (147,645) (25,010) (100,012) (2,618,216) (14,438,235) (2,584,479) (115,147)


Net Assets as at 31 December 2018 EUR 677,850 GBP 2,865,909 USD 1,221,826 USD 11,863 GBP 65,916,808 GBP 360,472 EUR 29,108,299 USD 63,701

Net Assets as at 31 December 2017 EUR - GBP - USD - USD 119,112 GBP 68,480,411 GBP 315,689 EUR - USD -

Net Assets as at 31 December 2016 EUR 13,573 GBP 38,258 USD - USD 164,405 GBP 657,051 GBP 456,442 EUR 14,062 USD -




278


Share Movement (continued) Merian Strategic Absolute Return Bond Fund^^^ (continued)

Class R (GBP)

Hedged

Class U1 (GBP)

Hedged

Class U2 (GBP)

Hedged

Class U3 (EUR)

Hedged

Class U3 (GBP)

Hedged Class U3 (USD)

Shares in issue at 1 January 2017 - - - - - -

Subscriptions during the financial year - - - - - -

Redemptions during the financial year - - - - - -

Shares in issue at 31 December 2017 - - - - - -

Shares in issue at 1 January 2018 - - - - - -

Subscriptions during the financial year 1,099 2,228,872 100 123,985 2,705,837 64,089

Redemptions during the financial year (10) (1,079,468) - (98,181) (1,868,308) (1,635)

Shares in issue at 31 December 2018 1,089 1,149,404 100 25,804 837,529 62,454

Net Assets as at 31 December 2018 GBP 10,537 GBP 11,107,955 GBP 968 EUR 251,570 GBP 8,214,819 USD 617,792

Net Assets as at 31 December 2017 GBP - GBP - GBP - EUR - GBP - USD -

Net Assets as at 31 December 2016 GBP - GBP - GBP - EUR - GBP - USD -


Class A (GBP) Class R (GBP) Class U1 (GBP)

Class U3 (USD)

Hybrid

Shares in issue at 1 January 2017 17,400 6,461 43,181 5,262,594

Subscriptions during the financial year 6,800 108,362 88,967 12,774

Redemptions during the financial year (19,600) (1,958) (43,287) -

Shares in issue at 31 December 2017 4,600 112,865 88,861 5,275,368

Shares in issue at 1 January 2018 4,600 112,865 88,861 5,275,368

Subscriptions during the financial year 1,300 8,573 2,653 14,086

Redemptions during the financial year (5,900) (121,438) (91,514) (5,289,454)

Shares in issue at 31 December 2018 - - - -

Net Assets as at 31 December 2018 GBP - GBP - GBP - USD -

Net Assets as at 31 December 2017 GBP 50,113 GBP 1,221,508 GBP 988,548 USD 49,606,448

Net Assets as at 31 December 2016 GBP 172,688 GBP 63,255 GBP 436,120 USD 40,472,684




279


Share Movement (continued) Old Mutual Monthly Income High Yield Bond Fund^^^^

Class A (EUR)

Hedged Class A (GBP) Class A (USD)

Class A (USD)


Class C (USD)

Income Class I (USD) Class U1 (GBP)

Shares in issue at 1 January 2017 100 35,856 62,244 608,833 11,375 90,584 463,393 22,676

Subscriptions during the financial year - 27,001 33,999 18,073 - 3,605 9,811 8,223

Redemptions during the financial year - (18,158) (24,875) (421,691) - (53,862) (463,393) (26,424)

Shares in issue at 31 December 2017 100 44,699 71,368 205,215 11,375 40,327 9,811 4,475

Shares in issue at 1 January 2018 100 44,699 71,368 205,215 11,375 40,327 9,811 4,475

Subscriptions during the financial year - 11,588 6,220 5,928 - 1,554 - 3,288

Redemptions during the financial year (100) (56,287) (77,588) (211,143) (11,375) (41,881) (9,811) (7,763)

Shares in issue at 31 December 2018 - - - - - - - -

Net Assets as at 31 December 2018 EUR - GBP - USD - USD - USD - USD - USD - GBP -

Net Assets as at 31 December 2017 EUR 1,117 GBP 562,807 USD 806,444 USD 1,918,707 USD 120,230 USD 355,602 USD 109,777 GBP 57,313

Net Assets as at 31 December 2016 EUR 1,072 GBP 464,014 USD 657,982 USD 5,664,134 USD 114,643 USD 808,560 USD 4,805,299 GBP 297,919

Old Mutual Monthly Income High Yield Bond

Fund^^^^ (continued)

Class U2 (GBP)

Income

Class X (GBP)

Hedged

Class X (GBP)

Hedged

Income

Shares in issue at 1 January 2017 683,491 5,609,278 941,769

Subscriptions during the financial year - 31,316 -

Redemptions during the financial year (53,350) (217,080) -

Shares in issue at 31 December 2017 630,141 5,423,514 941,769

Shares in issue at 1 January 2018 630,141 5,423,514 941,769

Subscriptions during the financial year - - -

Redemptions during the financial year (630,141) (5,423,514) (941,769)

Shares in issue at 31 December 2018 - - -

Net Assets as at 31 December 2018 GBP - GBP - GBP -






280




Class A (EUR) Class A (GBP) Class A (USD)

Class A (USD)

Hedged

Class C (USD)

Hedged Class I (EUR) Class I (USD)

Class I (USD)

Hedged

Shares in issue at 1 January 2017 3,426 54,972 9,900 - - 729,499 - -

Subscriptions during the financial year 24,414 24,623 825,129 119,949 66,107 1,227,701 945,539 13,646

Redemptions during the financial year (16,357) (36,685) (91,886) (59,998) - (75,724) (7,197) -

Shares in issue at 31 December 2017 11,483 42,910 743,143 59,951 66,107 1,881,476 938,342 13,646

Shares in issue at 1 January 2018 11,483 42,910 743,143 59,951 66,107 1,881,476 938,342 13,646

Subscriptions during the financial year 2,729 9,044 75,707 14,605 - 182,025 138,894 70,881

Redemptions during the financial year (9,706) (23,527) (543,776) (3,932) (15,831) (1,286,228) (775,445) (19,967)


Net Assets as at 31 December 2018 EUR 53,666 GBP 362,272 USD 2,521,025 USD 547,866 USD 391,463 EUR 9,610,124 USD 2,204,974 USD 503,804

Net Assets as at 31 December 2017 EUR 184,640 GBP 730,127 USD 9,614,417 USD 610,361 USD 685,783 EUR 31,093,707 USD 9,598,960 USD 138,760

Net Assets as at 31 December 2016 EUR 48,475 GBP 796,594 USD 99,149 USD - USD - EUR 10,503,201 USD - USD -

Merian Europe (ex UK) Smaller Companies Fund (continued)

Class R (GBP)

Class R (GBP)

Hedged

Class R (GBP)

Income

Class U1

(EUR) Income Class U1 (GBP)

Class U1 (GBP)

Hedged

Class U1 (GBP)

Income Class U1 (USD)

Shares in issue at 1 January 2017 173,240 567 8,201 15,000 1,160,793 177,643 509,251 68,500

Subscriptions during the financial year 1,482,386 220,149 132,169 274,105 1,765,495 19,638 2,556,835 40,205


Shares in issue at 31 December 2017 1,414,938 218,795 71,104 287,160 2,488,433 190,731 2,918,453 43,705

Shares in issue at 1 January 2018 1,414,938 218,795 71,104 287,160 2,488,433 190,731 2,918,453 43,705

Subscriptions during the financial year 529,004 138,443 7,661 412,933 1,348,374 19,892 508,548 2,616

Redemptions during the financial year (1,499,930) (249,965) (62,524) (624,358) (1,391,703) (186,034) (2,310,610) (27,521)


Net Assets as at 31 December 2018 GBP 6,257,866 GBP 1,285,481 GBP 208,954 EUR 705,094 GBP 34,592,352 GBP 306,647 GBP 14,602,399 USD 199,637

Net Assets as at 31 December 2017 GBP 26,418,599 GBP 3,473,747 GBP 1,238,151 EUR 3,649,751 GBP 46,536,689 GBP 3,145,995 GBP 51,495,236 USD 649,324

Net Assets as at 31 December 2016 GBP 2,727,461 GBP 7,818 GBP 123,173 EUR 169,531 GBP 18,287,140 GBP 2,540,839 GBP 7,726,808 USD 781,510




281



Merian Europe (ex UK) Smaller

Companies Fund (continued)

Class U2 (GBP) Class W (GBP)

Shares in issue at 1 January 2017 10,904,648 -

Subscriptions during the financial year 3,326,888 -

Redemptions during the financial year (2,422,618) -

Shares in issue at 31 December 2017 11,808,918 -


Subscriptions during the financial year 3,484,767 5,061,684

Redemptions during the financial year (4,972,645) (5,061,684)


Net Assets as at 31 December 2018 GBP 147,414,378 GBP -




Class A (GBP)

Class A (GBP)


Class A (USD)

Income Class I (EUR)

Class I (EUR)

Income

Class I (USD)

Income Class R (GBP)

Shares in issue at 1 January 2017 6,520 144,005 - 104 - - - 46,768

Subscriptions during the financial year 3,094 20,941 - 83,340 100 - 31,723 170,577

Redemptions during the financial year (6,629) (16,962) - (5,702) - - (5) (84,473)

Shares in issue at 31 December 2017 2,985 147,984 - 77,742 100 - 31,718 132,872

Shares in issue at 1 January 2018 2,985 147,984 - 77,742 100 - 31,718 132,872

Subscriptions during the financial year 1,575 16,094 9,900 74,793 369,093 112,094 169,935 194,637

Redemptions during the financial year (994) (25,325) - (5,294) - - (5,105) (71,293)


Net Assets as at 31 December 2018 GBP 50,754 GBP 1,809,171 USD 87,195 USD 1,568,596 EUR 3,680,258 EUR 994,123 USD 1,949,403 GBP 3,740,024

Net Assets as at 31 December 2017 GBP 46,631 GBP 2,178,213 USD - USD 989,875 EUR 1,095 EUR - USD 372,523 GBP 2,112,468

Net Assets as at 31 December 2016 GBP 88,148 GBP 1,878,650 USD - USD 1,067 EUR - EUR - USD - GBP 638,326




282



Merian Global Equity Income Fund (IRL) (continued)

Class R (GBP)

Income Class S (GBP) Class U1 (GBP)

Class U1 (GBP)

Income

Shares in issue at 1 January 2017 7,061,599 1,399,821 75,354 7,644

Subscriptions during the financial year 3,780,787 74,200 112,954 131,683

Redemptions during the financial year (3,470,114) (312,881) (26,026) (7,623)

Shares in issue at 31 December 2017 7,372,272 1,161,140 162,282 131,704

Shares in issue at 1 January 2018 7,372,272 1,161,140 162,282 131,704

Subscriptions during the financial year 1,382,845 33,899 117,126 111,281

Redemptions during the financial year (1,434,814) (259,157) (90,103) (29,031)

Shares in issue at 31 December 2018 7,320,303 935,882 189,305 213,954

Net Assets as at 31 December 2018 GBP 98,127,001 GBP 13,618,282 GBP 2,770,980 GBP 2,854,821

Net Assets as at 31 December 2017 GBP 110,710,141 GBP 18,425,666 GBP 2,586,240 GBP 1,969,274

Net Assets as at 31 December 2016 GBP 93,254,768 GBP 19,076,061 GBP 1,029,485 GBP 100,716


Class A (EUR) Class A (GBP) Class A (USD) Class C (USD) Class I (EUR) Class I (USD) Class R (GBP) Class U1 (GBP)

Shares in issue at 1 January 2017 693 148,823 256,294 230,333 20,245 1,205,411 1,474,955 2,204,011

Subscriptions during the financial year 5,236 554,724 1,724,782 330,392 144,137 1,271,830 4,792,018 3,053,772

Redemptions during the financial year (4,998) (358,267) (431,654) (133,855) (45,916) (792,095) (1,396,667) (883,979)

Shares in issue at 31 December 2017 931 345,280 1,549,422 426,870 118,466 1,685,146 4,870,306 4,373,804

Shares in issue at 1 January 2018 931 345,280 1,549,422 426,870 118,466 1,685,146 4,870,306 4,373,804

Subscriptions during the financial year 69,079 457,754 1,353,706 399,939 83,510 1,232,797 3,836,030 3,277,827

Redemptions during the financial year (50,119) (397,210) (444,927) (412,142) (88,825) (1,064,540) (2,611,788) (1,154,151)

Shares in issue at 31 December 2018 19,891 405,824 2,458,201 414,667 113,151 1,853,403 6,094,548 6,497,480

Net Assets as at 31 December 2018 EUR 126,052 GBP 4,609,715 USD 25,118,815 USD 3,052,063 EUR 1,133,229 USD 19,364,769 GBP 70,802,320 GBP 75,696,191

Net Assets as at 31 December 2017 EUR 7,043 GBP 4,624,406 USD 19,748,302 USD 3,980,483 EUR 1,403,762 USD 21,793,615 GBP 66,213,757 GBP 59,565,956

Net Assets as at 31 December 2016 EUR 5,410 GBP 1,980,199 USD 2,951,879 USD 1,972,336 EUR 244,719 USD 13,978,802 GBP 19,753,335 GBP 29,540,581




283



Merian Gold & Silver Fund (continued)

Class U2 (GBP) Class U3 (GBP)


Subscriptions during the financial year 748,886 -

Redemptions during the financial year (1,057,877) -



Subscriptions during the financial year 1,852,464 293,478

Redemptions during the financial year (425,777) (2,321)

Shares in issue at 31 December 2018 3,061,139 291,157

Net Assets as at 31 December 2018 GBP 35,753,993 GBP 3,176,009




Class A (AUD)

Hedged

Class A (EUR)

Hedged

Class A (GBP)

Hedged

Class A (SGD)


Shares in issue at 1 January 2017 100 154,019 1,126,577 185,558 296,786

Subscriptions during the financial year 135,624 113,559 743,908 98,478 284,538

Redemptions during the financial year - (113,924) (788,571) (51,397) (247,148)

Shares in issue at 31 December 2017 135,724 153,654 1,081,914 232,639 334,176

Shares in issue at 1 January 2018 135,724 153,654 1,081,914 232,639 334,176

Subscriptions during the financial year 760 25,735 381,302 127,586 189,919

Redemptions during the financial year (7,416) (28,150) (171,358) (204,082) (58,070)

Shares in issue at 31 December 2018 129,068 151,239 1,291,858 156,143 466,025

Net Assets as at 31 December 2018 AUD 1,286,585 EUR 1,418,847 GBP 12,433,747 SGD 1,537,244 USD 4,667,272


Net Assets as at 31 December 2016 AUD 999 EUR 1,522,632 GBP 11,201,890 SGD 1,856,708 USD 2,973,169




284




Class A (AUD)

Hedged

Class A (EUR)

Hedged

Class A (GBP)

Hedged

Class A (SGD)


Class N (GBP)

Hedged

Class N (SGD)

Hedged Class N (USD)

Shares in issue at 1 January 2017 207,783 1,708,440 5,010,779 596,812 6,343,280 - - -

Subscriptions during the financial year 396,203 582,401 2,709,435 1,334,069 1,161,715 318,889 1,777,518 -

Redemptions during the financial year (19,398) (478,425) (733,679) (252,700) (1,442,828) (40,155) (58,899) -

Shares in issue at 31 December 2017 584,588 1,812,416 6,986,535 1,678,181 6,062,167 278,734 1,718,619 -

Shares in issue at 1 January 2018 584,588 1,812,416 6,986,535 1,678,181 6,062,167 278,734 1,718,619 -

Subscriptions during the financial year 642,932 306,090 1,652,655 1,051,891 617,511 546,127 4,334,188 17,281

Redemptions during the financial year (381,597) (403,833) (1,555,650) (343,214) (1,100,336) (93,553) (520,817) -

Shares in issue at 31 December 2018 845,923 1,714,673 7,083,540 2,386,858 5,579,342 731,308 5,531,990 17,281

Net Assets as at 31 December 2018 AUD 8,590,860 EUR 16,452,460 GBP 69,590,112 SGD 24,046,882 USD 57,223,934 GBP 6,786,758 SGD 52,075,939 USD 159,131

Net Assets as at 31 December 2017 AUD 6,573,633 EUR 19,759,501 GBP 77,134,146 SGD 18,806,030 USD 68,536,187 GBP 2,914,300 SGD 18,040,692 USD -

Net Assets as at 31 December 2016 AUD 2,094,247 EUR 17,090,036 GBP 50,350,312 SGD 6,041,946 USD 64,319,168 GBP - SGD - USD -


Class A (AUD)

Hedged

Class A (EUR)

Hedged

Class A (GBP)

Hedged

Class A (SGD)


Class N (GBP)

Hedged

Class N (SGD)

Hedged Class N (USD)

Shares in issue at 1 January 2017 175,465 3,615,868 10,003,216 661,383 7,770,594 - - -

Subscriptions during the financial year 340,356 246,188 2,357,624 1,408,307 1,573,674 707,468 3,873,555 -

Redemptions during the financial year (35,319) (447,283) (1,257,982) (182,606) (1,739,938) (17,566) (13,770) -

Shares in issue at 31 December 2017 480,502 3,414,773 11,102,858 1,887,084 7,604,330 689,902 3,859,785 -

Shares in issue at 1 January 2018 480,502 3,414,773 11,102,858 1,887,084 7,604,330 689,902 3,859,785 -

Subscriptions during the financial year 453,645 192,691 2,246,785 1,328,265 520,421 989,434 7,126,421 81,123

Redemptions during the financial year (55,282) (312,692) (1,478,397) (403,923) (1,175,882) (213,460) (597,488) (1,243)

Shares in issue at 31 December 2018 878,865 3,294,772 11,871,246 2,811,426 6,948,869 1,465,876 10,388,718 79,880

Net Assets as at 31 December 2018 AUD 9,109,259 EUR 32,384,318 GBP 119,092,339 SGD 28,993,113 USD 73,145,795 GBP 13,472,867 SGD 97,010,886 USD 712,691

Net Assets as at 31 December 2017 AUD 5,702,262 EUR 39,404,430 GBP 129,422,688 SGD 22,363,644 USD 91,053,726 GBP 7,384,713 SGD 41,512,755 USD -

Net Assets as at 31 December 2016 AUD 1,783,288 EUR 36,587,527 GBP 101,508,638 SGD 6,768,266 USD 79,744,523 GBP - SGD - USD -




285




Class A (AUD)

Hedged

Class A (EUR)

Hedged

Class A (GBP)

Hedged

Class A (SGD)


Shares in issue at 1 January 2017 100 317,998 2,754,055 74,504 1,157,131


Redemptions during the financial year (1,249) (46,598) (371,127) (783) (401,160)

Shares in issue at 31 December 2017 9,032 349,068 2,625,618 174,145 1,020,805

Shares in issue at 1 January 2018 9,032 349,068 2,625,618 174,145 1,020,805


Redemptions during the financial year (2,475) (48,499) (327,266) (34,800) (165,039)

Shares in issue at 31 December 2018 208,248 394,961 2,542,880 174,885 1,048,714


Net Assets as at 31 December 2017 AUD 113,016 EUR 4,246,519 GBP 32,220,275 SGD 2,169,083 USD 12,887,398

Net Assets as at 31 December 2016 AUD 1,020 EUR 3,225,297 GBP 27,964,673 SGD 763,448 USD 11,894,479


Class A (EUR)

Hedged Class A (GBP)

Class A (USD)

Hedged

Class F (EUR)

Hedged Class F (GBP)

Class F (USD)

Hedged

Class I (EUR)

Hedged

Class I (USD)

Hedged

Shares in issue at 1 January 2017 50,225 360,231 1,683,358 3,097,881 12,699,007 1,282,534 1,309,897 156,637

Subscriptions during the financial year 83,840 619,996 4,921,787 7,703 2,410,217 274,823 2,130,928 577,972

Redemptions during the financial year (78,368) (359,771) (2,172,562) (327,912) (591,127) (485,140) (279,214) (12,322)

Shares in issue at 31 December 2017 55,697 620,456 4,432,583 2,777,672 14,518,097 1,072,217 3,161,611 722,287

Shares in issue at 1 January 2018 55,697 620,456 4,432,583 2,777,672 14,518,097 1,072,217 3,161,611 722,287

Subscriptions during the financial year 8,480 212,227 1,325,309 75,835 1,567,390 8,190 2,900,980 851,094

Redemptions during the financial year (3,010) (140,209) (431,784) (1,330,498) (1,031,724) (326,814) (2,259,148) (668,762)

Shares in issue at 31 December 2018 61,167 692,474 5,326,108 1,523,009 15,053,763 753,593 3,803,443 904,619

Net Assets as at 31 December 2018 EUR 664,459 GBP 7,996,470 USD 63,576,688 EUR 17,486,274 GBP 177,806,627 USD 8,990,965 EUR 42,445,281 USD 10,529,950






286



Merian UK Specialist Equity

Fund (continued)

Class R (GBP) Class X (GBP)

Shares in issue at 1 January 2017 11,538,798 652,059

Subscriptions during the financial year 7,339,770 76,816

Redemptions during the financial year (2,093,511) (161,848)


Shares in issue at 1 January 2018 16,785,057 567,027

Subscriptions during the financial year 11,048,704 -

Redemptions during the financial year (5,716,818) (374,801)






Class F (GBP)

Hedged Class F (USD)

Class F2 (GBP)

Hedged Class F2 (USD) Class I (USD)

Class X (GBP)

Hedged

Shares in issue at 1 January 2017 3,802,000 254,100 100 100 100 100

Subscriptions during the financial year 3,913,359 147,141 27,437 - - -

Redemptions during the financial year (181,665) (100) - - - -

Shares in issue at 31 December 2017 7,533,694 401,141 27,537 100 100 100

Shares in issue at 1 January 2018 7,533,694 401,141 27,537 100 100 100

Subscriptions during the financial year 263,933 137,924 - - - -

Redemptions during the financial year (1,422,943) - (12,508) - - -

Shares in issue at 31 December 2018 6,374,684 539,065 15,029 100 100 100

Net Assets as at 31 December 2018 GBP 60,375,943 USD 5,271,289 GBP 142,399 USD 976 USD 961 GBP 955

Net Assets as at 31 December 2017 GBP 77,834,355 USD 4,200,571 GBP 284,057 USD 1,042 USD 1,035 GBP 1,035

Net Assets as at 31 December 2016 GBP 38,403,622 USD 2,569,543 GBP 1,010 USD 1,011 USD 1,011 GBP 1,011




287


Share Movement (continued) Merian Financials Contingent Capital Fund

Class A (USD)

Class A (USD)


Class F (GBP)

Hedged

Income

Class F (USD)

Income Class I (USD)

Class I (USD)

Income

Class R (GBP)

Hedged

Shares in issue at 1 January 2017 - - - - - - - -

Subscriptions during the financial year 77,422 100 156,479 9,784,865 7,316,286 - 388,741 272

Redemptions during the financial year - - - - - - - -

Shares in issue at 31 December 2017 77,422 100 156,479 9,784,865 7,316,286 - 388,741 272

Shares in issue at 1 January 2018 77,422 100 156,479 9,784,865 7,316,286 - 388,741 272

Subscriptions during the financial year 424,415 431,210 154,029 2,794,740 6,711,821 10,196 84,892 241,152

Redemptions during the financial year (101,153) - (80,503) (182,211) (3,973,573) - (12,000) (231,577)

Shares in issue at 31 December 2018 400,684 431,310 230,005 12,397,394 10,054,534 10,196 461,633 9,847

Net Assets as at 31 December 2018 USD 3,941,111 USD 3,870,159 USD 2,212,364 GBP 112,367,502 USD 93,267,655 USD 98,723 USD 4,271,034 GBP 95,448

Net Assets as at 31 December 2017 USD 809,171 USD 1,006 USD 1,624,021 GBP 100,360,424 USD 75,361,220 USD - USD 4,008,008 GBP 2,832

Net Assets as at 31 December 2016 USD - USD - USD - GBP - USD - USD - USD - GBP -




288

7. Cash and Cash Equivalents, Due to and from Broker, Bank Overdraft and Collateral Received

All monies are held with Citibank N.A. London in the name of Citi Depositary Services Ireland DAC as

Depositary with the exception of margin cash and collateral cash held with brokers. Details of the credit

risk associated with the Depositary and the below listed counterparties is set out at Note 11. The credit

ratings attaching to each of the below counterparties and the Depositary are disclosed in Note 11. Due

to/from Broker amounts in the Statement of Financial Position is made up of margin cash, spot contracts

and collateral pledged.

The following table details the margin cash balances held with brokers as at 31 December 2018: Sub-Fund Amount Broker

Merian Global Strategic Bond Fund (IRL) USD 17,041 Bank of America Merrill Lynch

Merian Global Strategic Bond Fund (IRL) USD (15) Goldman Sachs

Merian Global Strategic Bond Fund (IRL) USD 3,620 Morgan Stanley

Merian World Equity Fund USD 33,884 Bank of America Merrill Lynch

Merian Pacific Equity Fund USD 65,568 Bank of America Merrill Lynch

Merian European Equity Fund EUR 1 Goldman Sachs

Merian US Equity Income Fund USD 669,681 Bank of America Merrill Lynch

Merian North American Equity Fund USD 1,226,677 Bank of America Merrill Lynch

Merian Total Return USD Bond Fund USD (2,776,925) Credit Suisse

Merian Emerging Market Debt Fund USD 20 Bank of America Merrill Lynch

Merian Investment Grade Corporate Bond Fund USD 28,262 Bank of America Merrill Lynch

Merian Asian Equity Income Fund USD 180,837 Bank of America Merrill Lynch

Merian Local Currency Emerging Market Debt Fund USD 79 Bank of America Merrill Lynch

Merian Local Currency Emerging Market Debt Fund USD (8) Goldman Sachs

Merian Local Currency Emerging Market Debt Fund USD 386,838 Morgan Stanley

Merian UK Dynamic Equity Fund GBP 347,248 Citibank

Merian Global Equity Absolute Return Fund USD (54,477,994) Bank of America Merrill Lynch

Merian Global Equity Absolute Return Fund USD (17,083,242) Citibank

Merian Global Equity Absolute Return Fund USD 5,271,900 Morgan Stanley

Merian Strategic Absolute Return Bond Fund^^^ USD 2,607,296 Bank of America Merrill Lynch

Merian Strategic Absolute Return Bond Fund^^^ USD (8) Goldman Sachs

Merian Strategic Absolute Return Bond Fund^^^ USD (116,698) Morgan Stanley

Merian Global Equity Income Fund (IRL) USD 147,377 Bank of America Merrill Lynch

Old Mutual Compass Portfolio 2 USD 11,430 Bank of America Merrill Lynch

Old Mutual Compass Portfolio 3 USD 1,588,008 Bank of America Merrill Lynch



Merian UK Specialist Equity Fund GBP (18,337) Citibank

Merian Style Premia Absolute Return Fund USD 2,868,920 Citibank

Merian Financials Contingent Capital Fund USD (16) Bank of America Merrill Lynch

Company Level USD (53,466,150)

The following table details the collateral cash amounts pledged by the fund and are held with brokers as

at 31 December 2018: Sub-Fund Amount Broker

Merian Total Return USD Bond Fund USD 4,430,000 Credit Suisse

Merian Total Return USD Bond Fund USD 1,060,000 JP Morgan

Merian Emerging Market Debt Fund USD 380,000 JP Morgan

Merian Local Currency Emerging Market Debt Fund USD 300,000 Citibank

Merian Local Currency Emerging Market Debt Fund USD 1,037,000 JP Morgan

Merian Local Currency Emerging Market Debt Fund USD 160,000 Nomura

Merian Local Currency Emerging Market Debt Fund USD 920,000 Societe Generale

Merian Global Equity Absolute Return Fund USD 244,459,000 Bank of America Merrill Lynch

Merian Global Equity Absolute Return Fund USD 47,038,000 Citibank

Merian Global Equity Absolute Return Fund USD 2,660,000 Danske

Merian Global Equity Absolute Return Fund USD 10,535,000 JP Morgan

Merian Global Equity Absolute Return Fund USD 26,060,000 Morgan Stanley

Merian Global Equity Absolute Return Fund USD 654,600 Royal Bank of Scotland

Merian Style Premia Absolute Return Fund USD 950,000 Citibank

Merian Style Premia Absolute Return Fund USD 1,220,000 Morgan Stanley

Merian Financials Contingent Capital Fund USD 720,000 Citibank

Merian Financials Contingent Capital Fund USD 550,000 HSBC

Merian Financials Contingent Capital Fund USD 25,000 JP Morgan

Company Level USD 343,158,600




289

7. Cash and Cash Equivalents, Due to and from Broker, Bank Overdraft and Collateral Received (continued)

The following table details the collateral cash amounts received from the derivative counterparties as at

31 December 2018: Sub-Fund Amount Broker

Merian Emerging Market Debt Fund USD 80,000 Citibank

Merian Local Currency Emerging Market Debt Fund USD 280,000 Goldman Sachs

Merian Local Currency Emerging Market Debt Fund USD 2,280,000 Toronto Dominion Bank

Merian Global Equity Absolute Return Fund USD 1,480,000 Australia and New Zealand Bank

Merian Global Equity Absolute Return Fund USD 2,464,224 HSBC

Merian Global Equity Absolute Return Fund USD 290,000 Societe Generale

Merian Global Equity Absolute Return Fund USD 5,730,000 Toronto Dominion Bank

Merian Strategic Absolute Return Bond Fund^^^ USD 260,000 Bank of America Merrill Lynch

Merian Strategic Absolute Return Bond Fund^^^ USD 384,754 JP Morgan

Old Mutual Compass Portfolio 4 USD 263,373 Royal Bank of Scotland

Merian Style Premia Absolute Return Fund USD 270,000 Goldman Sachs


The following table details the margin cash balances held with brokers as at 31 December 2017: Sub-Fund Amount Broker

Old Mutual China Equity Fund USD 83,948 Bank of America Merrill Lynch

Old Mutual Global Strategic Bond Fund (IRL) USD 72,154 Bank of America Merrill Lynch

Old Mutual World Equity Fund USD 260,572 Bank of America Merrill Lynch

Old Mutual Pacific Equity Fund USD 496,972 Bank of America Merrill Lynch

Old Mutual European Equity Fund EUR 1 Goldman Sachs

Old Mutual Japanese Equity Fund JPY 2,940,002 Bank of America Merrill Lynch

Old Mutual US Equity Income Fund USD 147,550 Bank of America Merrill Lynch

Old Mutual North American Equity Fund USD 629,035 Bank of America Merrill Lynch

Old Mutual Total Return USD Bond Fund USD 1,090,613 Credit Suisse

Old Mutual Total Return USD Bond Fund USD 10,919,173 Goldman Sachs

Old Mutual Total Return USD Bond Fund USD 33,867 JP Morgan

Old Mutual Emerging Market Debt Fund USD 198 Citibank

Old Mutual Emerging Market Debt Fund USD 7,725 Bank of America Merrill Lynch

Old Mutual Investment Grade Corporate Bond Fund USD 43,722 Bank of America Merrill Lynch

Old Mutual Asian Equity Income Fund USD 1,106,822 Bank of America Merrill Lynch

Old Mutual Local Currency Emerging Market Debt Fund USD 12,775 Bank of America Merrill Lynch

Old Mutual Local Currency Emerging Market Debt Fund USD 962,220 Morgan Stanley

Old Mutual UK Dynamic Equity Fund GBP 2,133,602 Citibank

Old Mutual Global Equity Absolute Return Fund USD (3,283,032) Citibank

Old Mutual Global Equity Absolute Return Fund USD (4,424,075) Bank of America Merrill Lynch

Old Mutual Global Equity Absolute Return Fund USD 1,646,692 Morgan Stanley

Old Mutual Strategic Absolute Return Bond Fund USD 519,690 Bank of America Merrill Lynch

Old Mutual Strategic Absolute Return Bond Fund USD 23 Morgan Stanley

Old Mutual Monthly Income High Yield Bond Fund USD 721 Bank of America Merrill Lynch

Old Mutual Global Equity Income Fund (IRL) USD 446,823 Bank of America Merrill Lynch





Old Mutual UK Specialist Equity Fund GBP 76,382 Citibank

Old Mutual Style Premia Absolute Return Fund USD 662,596 Citibank





290

7. Cash and Cash Equivalents, Due to and from Broker, Bank Overdraft and Collateral Received (continued)

The following table details the collateral cash amounts pledged by the fund and are held with brokers as

at 31 December 2017: Sub-Fund Amount Broker

Old Mutual Total Return USD Bond Fund USD 3,250,000 Credit Suisse

Old Mutual Total Return USD Bond Fund USD 3,897,500 Goldman Sachs

Old Mutual Total Return USD Bond Fund USD 330,000 JP Morgan

Old Mutual Emerging Market Debt Fund USD 70,000 Royal Bank of Scotland

Old Mutual Global Equity Absolute Return Fund USD 145,408,000 Bank of America Merrill Lynch

Old Mutual Global Equity Absolute Return Fund USD 33,830,000 Citibank

Old Mutual Global Equity Absolute Return Fund USD 741,000 Danske

Old Mutual Global Equity Absolute Return Fund USD 8,093,389 HSBC

Old Mutual Global Equity Absolute Return Fund USD 4,330,000 JP Morgan

Old Mutual Global Equity Absolute Return Fund USD 109,370,000 Morgan Stanley

Old Mutual Global Equity Absolute Return Fund USD 1,900,000 Nomura

Old Mutual Global Equity Absolute Return Fund USD 11,198,000 Royal Bank of Scotland

Old Mutual Global Equity Absolute Return Fund USD 320,000 Societe Generale

Old Mutual Global Equity Absolute Return Fund USD 6,840,000 Toronto Dominion Bank

Old Mutual Strategic Absolute Return Bond Fund USD 650,000 Barclays

Old Mutual Strategic Absolute Return Bond Fund USD 270,000 JP Morgan

Old Mutual UK Specialist Equity Fund GBP 7,710,000 Citibank


Old Mutual Style Premia Absolute Return Fund USD 430,000 Morgan Stanley

Old Mutual Financials Contingent Capital Fund USD 790,000 Royal Bank of Scotland


The following table details the collateral cash amounts received from the derivative counterparties as at

31 December 2017: Sub-Fund Amount Broker

Old Mutual Emerging Market Debt Fund USD 480,000 HSBC

Old Mutual Local Currency Emerging Market Debt Fund USD 410,000 Bank of America Merrill Lynch

Old Mutual Local Currency Emerging Market Debt Fund USD 160,000 Goldman Sachs

Old Mutual Local Currency Emerging Market Debt Fund USD 679,748 JP Morgan

Old Mutual Local Currency Emerging Market Debt Fund USD 20,000 Morgan Stanley

Old Mutual Local Currency Emerging Market Debt Fund USD 270,000 Societe Generale

Old Mutual UK Dynamic Equity Fund GBP 2,110,000 Citibank

Old Mutual Global Equity Absolute Return Fund USD 4,841,000 Royal Bank of Scotland


Old Mutual Style Premia Absolute Return Fund USD 1,080,000 Goldman Sachs

Old Mutual Financials Contingent Capital Fund USD 296,116 JP Morgan

Old Mutual Financials Contingent Capital Fund USD 790,000 Royal Bank of Scotland


8. Auditor’s Remuneration

31 December 2018 31 December 2017

Audit services USD 311,292 USD 340,778

Tax advisory services nil nil

Other assurance services nil nil

Other non-audit services USD 25,941 USD 37,115




291

9. Fees and Expenses

Investment Management Fee

The Company pays to the Investment Manager, in arrears, a monthly Investment Management Fee. The amount of the Investment Management Fee for each

of the Classes of Shares of each Sub-Fund is set out in the Supplement for the relevant Sub-Fund. The rates applicable at the end of the financial year ended

31 December 2018 are detailed in the table below. The rates are expressed as a percentage per annum of the relevant Sub-Fund’s Net Asset Value.

Management fee charges are structured in such a way that there shall be no double charging of the Investment Management Fee as a result of a Sub-Fund

investing in other Sub-Funds of the Company.

Investment Management Fee % of Net Assets

Sub-Fund

Class A, B,

C and N

Shares

Class

D1

Shares

Class

D2

Shares

Class

F

Shares

Class

F1 and F2

Shares

Class

I

Shares

Class

P1

Shares

Class

P2

Shares

Class

P3

Shares

Merian China Equity Fund 1.50% - - - - 0.75% - - -

Merian Global Strategic Bond Fund (IRL) 1.00% - - - - - - - -

Merian World Equity Fund 1.50% 1.35% 0.90% - - 0.75% - - -

Merian Pacific Equity Fund 1.50% - - - - 0.75% - - -

Merian European Equity Fund 1.50% - - - - - - - -

Old Mutual Japanese Equity Fund^ 1.50% - - - - - - - -

Merian US Equity Income Fund 1.50% - - - - 0.75% - - -

Merian North American Equity Fund 1.50% - - - - 0.75% - 0.15% -

Merian Total Return USD Bond Fund 1.00% - - - - 0.50% - - -

Merian Emerging Market Debt Fund 1.50% - - - - 0.75% - - -

Old Mutual European Best Ideas Fund 1.50% - - - - 0.75% - - -

Merian Investment Grade Corporate Bond Fund 1.00% - - - - 0.50% - - -

Merian Global Emerging Markets Fund 1.50% - - - - 0.75% - - -

Merian Asian Equity Income Fund 1.50% - - - - 0.75% - - -

Merian Local Currency Emerging Market Debt Fund 1.75% - - - - 0.85% - - -

Merian UK Alpha Fund (IRL) 1.50% - - 0.525% - 0.75% - - -

Merian UK Smaller Companies Focus Fund 1.50% - - - - - - - -

Merian UK Dynamic Equity Fund 1.50% - - - - 1.00% - - -

Merian Global Equity Absolute Return Fund 1.50% - - - - 0.75% - - -

Merian Strategic Absolute Return Bond Fund^^^ 0.80% - - - 0.50% 0.40% - - -

Old Mutual Pan African Fund^^ 1.75% - - - - - - - -


Fund^^^^

1.25% - - - - 0.65% - - -

Merian Europe (ex UK) Smaller Companies Fund 1.50% - - - - 0.75% - - -




292

9. Fees and Expenses (continued)

Investment Management Fee (continued)


Sub-Fund

Class A, B,

C and N

Shares

Class

D1

Shares

Class

D2

Shares

Class

F

Shares

Class

F1 and F2

Shares

Class

I

Shares

Class

P1

Shares

Class

P2

Shares

Class

P3

Shares

Merian Global Equity Income Fund (IRL) 1.50% - - - - 0.75% - - -

Merian Gold & Silver Fund 1.50% - - - - 0.75% - - -

Old Mutual Compass Portfolio 2 1.35% - - - - - - - -




Merian UK Specialist Equity Fund 1.50% - - 0.75% - 1.00% - - -

Merian Style Premia Absolute Return Fund - - - 0.50% 0.20% 1.25% - - 0.25%

Merian Financials Contingent Capital Fund 1.50% - - 0.40% - 0.75% - - -


Sub-Fund

Class

R

Shares

Class

S

Shares

Class

U1

Shares

Class

U2 and W

Shares

Class

U3

Shares

Class

X

Shares

Merian China Equity Fund - 1.00% 0.675% - - -

Merian Global Strategic Bond Fund (IRL) - 0.90% 0.40% - - -

Merian World Equity Fund - 1.00% 0.675% - - -

Merian Pacific Equity Fund 0.75% 1.00% 0.675% - - -

Merian European Equity Fund - 1.00% 0.675% - - -

Old Mutual Japanese Equity Fund^ 0.75% 1.00% 0.675% 0.60% - -

Merian US Equity Income Fund 0.75% 1.00% 0.675% 0.60% - -

Merian North American Equity Fund 0.75% 1.00% 0.675% 0.60% - -

Merian Total Return USD Bond Fund - - - - - -

Merian Emerging Market Debt Fund - 1.10% 0.675% 0.60% - -

Old Mutual European Best Ideas Fund - - 0.675% 0.60% - -

Merian Investment Grade Corporate Bond Fund - 0.90% 0.45% 0.40% - -

Merian Global Emerging Markets Fund 0.75% 1.00% 0.675% 0.60% - -

Merian Asian Equity Income Fund 0.75% - 0.675% 0.60% - -

Merian Local Currency Emerging Market Debt Fund - - 0.7875% 0.70% - -




293




Sub-Fund

Class

R

Shares

Class

S

Shares

Class

U1

Shares

Class

U2 and W

Shares

Class

U3

Shares

Class

X

Shares

Merian UK Alpha Fund (IRL) 0.75% - 0.675% 0.60% - -

Merian UK Smaller Companies Focus Fund 0.75% - 0.675% - - -

Merian UK Dynamic Equity Fund 1.00% - - - - -

Merian Global Equity Absolute Return Fund 0.75% - 0.675% 0.60% - -

Merian Strategic Absolute Return Bond Fund^^^ 0.40% - 0.36% 0.32% 0.25% -

Old Mutual Pan African Fund^^ 1.00% - 0.90% -

Up to

2.00% -


Fund^^^^ - - 0.5625% 0.50% - Nil

Merian Europe (ex UK) Smaller Companies Fund 0.75% - 0.675% 0.60% - -

Merian Global Equity Income Fund (IRL) 0.75% 1.00% 0.675% - - -

Merian Gold & Silver Fund 0.75% - 0.675% 0.60% 0.15% -

Old Mutual Compass Portfolio 2 - - - - - -




Merian UK Specialist Equity Fund 1.00% - - - - Nil

Merian Style Premia Absolute Return Fund - - - - - Nil

Merian Financials Contingent Capital Fund 0.75% - - 0.60% - -

The Investment Management Fee for each Sub-Fund shall accrue on each Dealing Day. The Company will not pay the out-of pocket expenses of the

Investment Manager. Out of the Investment Management Fee, the Investment Manager shall pay the fees and commissions payable to the relevant

Investment Adviser and transition managers. The Investment Manager shall also pay those reasonable out-of-pocket expenses which the Investment Manager

has previously agreed with the relevant Investment Adviser to pay out of its Investment Management Fee.

In respect of the Old Mutual European Best Ideas Fund the fees payable to the Investment Advisers shall not be paid out of the Investment Management Fee

but shall be payable out of assets of the Old Mutual European Best Ideas Fund and such fees shall not exceed in total 1% per annum of its Net Asset Value

and shall be charged to the Sub-Fund in addition to the Investment Management Fee payable to the Investment Manager as disclosed above.




294



2018 2017

Sub-Fund CCY Expense Payable Expense Payable

Merian China Equity Fund USD 1,000,423 69,673 890,799 80,666

Merian Global Strategic Bond Fund (IRL) USD 92,803 5,705 86,631 7,517

Merian World Equity Fund USD 5,602,098 391,971 3,544,477 414,145

Merian Pacific Equity Fund USD 2,039,280 120,434 2,514,220 191,880

Merian European Equity Fund EUR 488,140 35,291 550,602 43,125

Old Mutual Japanese Equity Fund^ JPY 3,250,895 - 53,165,787 4,530,024

Merian US Equity Income Fund USD 4,046,836 244,430 4,744,870 389,771

Merian North American Equity Fund USD 11,372,003 853,663 7,056,625 708,424

Merian Total Return USD Bond Fund USD 2,384,816 171,362 2,790,645 237,436

Merian Emerging Market Debt Fund USD 2,489,189 189,458 2,331,135 216,960

Old Mutual European Best Ideas Fund EUR 1,319,901 59,336 2,012,755 145,474

Merian Investment Grade Corporate Bond Fund USD 165,414 10,670 214,520 15,906

Merian Global Emerging Markets Fund USD 2,629,104 113,395 2,851,442 247,800

Merian Asian Equity Income Fund USD 5,546,222 408,003 4,953,201 454,271

Merian Local Currency Emerging Market Debt Fund USD 4,690,789 373,985 2,315,670 312,401

Merian UK Alpha Fund (IRL) GBP 729,941 53,362 811,845 66,249

Merian UK Smaller Companies Focus Fund GBP 4,143,879 295,863 3,141,947 314,820

Merian UK Dynamic Equity Fund GBP 6,242,313 424,671 5,948,164 501,558

Merian Global Equity Absolute Return Fund USD 135,773,668 10,373,984 91,206,690 8,851,032

Merian Strategic Absolute Return Bond Fund^^^ USD 640,945 58,955 195,562 29,803

Old Mutual Pan African Fund^^ USD 16,169 - 110,902 10,296

Old Mutual Monthly Income High Yield Bond Fund ^^^^ USD 54,445 - 138,190 7,933

Merian Europe (ex UK) Smaller Companies Fund EUR 2,640,537 138,549 2,177,239 233,641

Merian Global Equity Income Fund (IRL) USD 1,473,791 115,059 1,300,521 114,396

Merian Gold & Silver Fund USD 2,183,917 183,755 1,458,657 147,568

Old Mutual Compass Portfolio 2 USD 359,969 27,825 294,585 24,985

Old Mutual Compass Portfolio 3 USD 3,433,119 272,611 2,425,926 241,671

Old Mutual Compass Portfolio 4 USD 5,507,685 440,424 3,947,541 389,109


Merian UK Specialist Equity Fund GBP 5,583,469 465,514 4,413,100 388,341

Merian Style Premia Absolute Return Fund USD 516,848 35,764 416,224 43,271

Merian Financials Contingent Capital Fund USD 1,075,019 94,702 293,239 71,118

Company Level USD 221,425,009 16,462,090 161,322,884 15,541,410

Performance Fee


The Investment Manager may be entitled to a performance fee out of the Merian North American Equity

Fund’s assets. With respect to the Merian North American Equity Fund, the performance fee is only

applicable to the following share classes: Class P1 (USD) Accumulation, Class P1 (GBP) Hedged

Accumulation, Class P1 (SGD) Hedged Accumulation, Class P1 (CHF) Hedged Accumulation, Class P1

(EUR) Hedged Accumulation, Class P2 (USD) Accumulation, Class P2 (GBP) Hedged Accumulation, Class

P2 (SGD) Hedged Accumulation Class P2 (EUR) Hedged Accumulation, Class P2 (GBP) Income, Class P2

(USD) Income and Class P2 (CHF) Hedged Accumulation.

The Performance Fee will be calculated and accrued daily and will be payable semi-annually in arrear in

respect of each Performance Period (“Performance Period of the Merian North American Equity Fund”). A

Performance Period of the Merian North American Equity Fund will comprise of each successive six month

period ending on either 31 December or 30 June as the case may be.

The “Index” is the MSCI North American Index.

“Valuation Point” shall be 12.00 noon (Irish time) on each Dealing Day.




295


Performance Fee (continued)

Merian North American Equity Fund (continued)

“The Index Performance” in respect of a Performance Period of the Merian North American Equity Fund is

the difference between the level of the Index calculated at the Valuation Point on the last Business Day of

the previous Performance Period of the Merian North American Equity Fund and the level of the Index

calculated at the Valuation Point on the last Business Day of the relevant Performance Period of the Merian

North American Equity Fund, expressed as a percentage.

The “Sub-Fund Performance” in respect of the first Performance Period of the Merian North American Equity

Fund is the difference between the opening Net Asset Value per Share and the Net Asset Value per Share

at the Valuation Point on the last Business Day of the Performance Period of the Merian North American

Equity Fund, expressed as a percentage. For each Performance Period of the Merian North American

Equity Fund thereafter, the Sub-Fund Performance is the difference between the Net Asset Value per Share

at the Valuation Point on the last Business Day of the previous Performance Period of the Merian North

American Equity Fund and the Net Asset Value per Share at the Valuation Point on the last Business Day of

the relevant Performance Period of the Merian North American Equity Fund, expressed as a percentage.

Where a fair value adjustment has been made to the Net Asset Value per Share at the Valuation Point on

the last Business Day of the previous Performance Period of the Merian North American Equity Fund then

this will be excluded for the purposes of the calculation of the Performance Fee.

For hedged share classes the Index will be the relevant hedged version of the Index, priced using the

prevailing exchange rates at the Index valuation point. The exchange rates used in calculating the net

asset values for hedged share classes will be the prevailing exchange rates at the Sub-Fund’s Valuation

Point.

In calculating the Net Asset Value per Share of each Class for Performance Fee purposes no deduction is

made on account of Performance Fees accrued in the Performance Period of the Merian North American

Equity Fund and any net income distributed to Shareholders in respect of the Performance Period of the

Merian North American Equity Fund is added back.

The “Percentage Outperformance” in respect of Performance Periods of the Merian North American Equity

Fund where Sub-Fund Performance is greater than Index Performance is the arithmetical difference

between Sub-Fund Performance and Index Performance, expressed as a percentage. In respect of

Performance Periods of the Merian North American Equity Fund where Sub-Fund Performance is less than

Index Performance, such underperformance, being the arithmetical difference between Sub-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 of 10 the Merian North American

Equity Fund unless Sub-Fund Performance measured against Index Performance has recovered any

accumulated percentage underperformance for previous periods. In the Performance Period of the

Merian North American Equity Fund 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 of the Merian North American Equity

Fund.

The amount of Performance Fee payable in respect of each Share is a US Dollar amount equivalent to the

opening Net Asset Value per Share on the first Business Day of the Performance Period of the Merian North

American Equity Fund x Percentage Outperformance x 20 %. and is payable on the average number of

Shares in issue during the Performance Period of the Merian North American Equity Fund.

For the purposes of the first calculation of the Performance Fee, the initial offer price in respect of each

Share Class was taken as the opening Net Asset Value.




296



Merian North American Equity Fund (continued)

The Performance Fee accrues and is taken into account in the calculation of the Net Asset Value per Share

on a daily basis.

The amount of the Performance Fee will be calculated by the Administrator. The calculation of the

Performance Fee shall be verified by the Depositary.

The Investment Manager may, at its discretion, waive the Performance Fee payable in respect of a

Performance Period of the Merian North American Equity Fund.

Performance Fees are payable on net realised and net unrealised gains and losses as at the end of each

Performance Period of the Merian North American Equity Fund and as a result, Performance Fees may be

paid on unrealised gains which may subsequently never be realised.

Performance Fees may also be payable during a Performance Period of the Merian North American Equity

Fund where there is a decline in the Net Asset Value per Share.

Performance Fees were USD 4,959 for the financial year ended 31 December 2018 (2017: USD Nil) and the

amount accrued at the financial year ended 31 December 2018 was USD Nil (2017: USD Nil).


The Investment Manager may be entitled to a performance fee (a portion of which may be payable to

the Investment Adviser) out of the Merian UK Smaller Companies Focus Fund’s assets. With respect to the

Merian UK Smaller Companies Focus Fund, the performance fee is only applicable to the following share

classes: Class A (GBP) Income Shares, Class R (GBP) Income Shares and Class U1 (GBP) Income Shares.

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 of the Merian UK Smaller Companies Focus

Fund”). A Performance Period of the Merian UK Smaller Companies Focus Fund will comprise of each

successive six month period ending on either 31 December or 30 June as the case may be.

“The Index” is the Numis Smaller Companies Index excluding Investment Companies.

“The Index Performance” in respect of a Performance Period of the Merian UK Smaller Companies Focus

Fund is the difference between the opening level of the Index on the first Business Day and on the closing

level of the Index on the last Business Day of the Performance Period of the Merian UK Smaller Companies

Focus Fund, expressed as a percentage.

The “Sub-Fund Performance” in respect of a Performance Period of the Merian UK Smaller Companies

Focus Fund is the difference between the opening Net Asset Value per Share on the first Business Day of

the relevant Performance Period of the Merian UK Smaller Companies Focus Fund, which reflects the

charging of a Performance Fee, if any, in respect of the previous Performance Period of the Merian UK

Smaller Companies Focus Fund, and the Net Asset Value per Share (before the deduction of any unrealised

Performance Fee) on the last Business Day of the relevant Performance Period of the Merian UK Smaller

Companies Focus Fund, expressed as a percentage.

In calculating the Net Asset Value per Share for Performance Fee purposes no deduction is made on

account of Performance Fees accrued in the Performance Period of the Merian UK Smaller Companies

Focus Fund and any net income distributed to Shareholders in respect of the period is added back.

The “Percentage Outperformance” in respect of Performance Periods of the Merian UK Smaller Companies

Focus Fund where Sub-Fund Performance is greater than Index Performance is the arithmetical difference

between Sub-Fund Performance and Index Performance, expressed as a percentage.




297



Merian UK Smaller Companies Focus Fund (continued)

In respect of Performance Periods of the Merian UK Smaller Companies Focus Fund where Sub-Fund

Performance is less than Index Performance, such underperformance, being the arithmetical difference

between Sub-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 of the Merian UK

Smaller Companies Focus Fund unless Sub-Fund Performance measured against Index Performance has

recovered any accumulated percentage underperformance for previous Performance Periods of the

Merian UK Smaller Companies Focus Fund. In the Performance Period of the Merian UK Smaller Companies

Focus Fund 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 of the Merian UK Smaller Companies Focus Fund.

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 of the Merian UK

Smaller Companies Focus Fund x Percentage Outperformance x 10% and is payable on the average

number of Shares in issue during the Performance Period of the Merian UK Smaller Companies Focus Fund.

Furthermore the amount of Performance Fee payable in respect of a Performance Period of the Merian

UK Smaller Companies Focus Fund 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 of the Merian UK Smaller Companies Focus Fund x opening number of Shares in issue on the first

Business Day of the Performance Period of the Merian UK Smaller Companies Focus Fund x 0.75%.


on a daily basis.




Performance Period of the Merian UK Smaller Companies Focus Fund.


Performance Period of the Merian UK Smaller Companies Focus Fund and as a result, Performance Fees

may be paid on unrealised gains which may subsequently never be realised.

Performance Fees may also be payable during a Performance Period of the Merian UK Smaller Companies

Focus Fund where there is a decline in the Net Asset Value per Share.

Performance Fees were GBP 2,274,722 for the financial year ended 31 December 2018 (2017: GBP

3,054,624) and the amount accrued at the financial year ended 31 December 2018 was GBP Nil (2017:

GBP 1,826,583).



the Investment Adviser) out of the Merian UK Dynamic Equity Fund’s assets. With respect to the Merian UK

Dynamic Equity Fund, the performance fee is only applicable to the following share classes: Class I (EUR)

Hedged Accumulation Shares, Class A (GBP) Income Shares and Class R (GBP) Income Shares.




298



Merian UK Dynamic Equity Fund (continued)


respect of each Performance Period (“Performance Period of the Merian UK Dynamic Equity Fund”). A

Performance Period of the Merian UK Dynamic Equity Fund will comprise of each successive six month

period ending on either 31 December or 30 June as the case may be.

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

“The Index Performance” in respect of a Performance Period of the Merian UK Dynamic Equity Fund, is the

difference between the level of the Index calculated at the Valuation Point on the last Business Day of the

previous Performance Period of the Merian UK Dynamic Equity Fund and the level of the Index calculated

at the Valuation Point on the last Business Day of the relevant Performance Period of the Merian UK

Dynamic Equity Fund, expressed as a percentage.

The “Sub-Fund Performance” in respect of the first Performance Period of the Merian UK Dynamic Equity

Fund is the difference between the opening Net Asset Value per Share and the Net Asset Value per Share

at the Valuation Point on the last Business Day of the Performance Period of the Merian UK Dynamic Equity

Fund, expressed as a percentage. For each Performance Period of the Merian UK Dynamic Equity Fund

thereafter, the Sub-Fund Performance is the difference between the Net Asset Value per Share at the

Valuation Point on the last Business Day of the previous Performance Period of the Merian UK Dynamic

Equity Fund and the Net Asset Value per Share at the Valuation Point on the last Business Day of the relevant

Performance Period of the Merian UK Dynamic Equity Fund, expressed as a percentage.

In calculating the Net Asset Value per Share of each Class for Performance Fee purposes no deduction is

made on account of Performance Fees accrued in the Performance Period of the Merian UK Dynamic

Equity Fund and any net income distributed to Shareholders in respect of the Performance Period of the

Merian UK Dynamic Equity Fund is added back.

The “Percentage Outperformance” in respect of Performance Periods of the Merian UK Dynamic Equity

Fund where Sub-Fund Performance is greater than Index Performance is the arithmetical difference

between Sub-Fund Performance and Index Performance, expressed as a percentage. In respect of

Performance Periods of the Merian UK Dynamic Equity Fund where Sub-Fund Performance is less than Index

Performance, such underperformance, being the arithmetical difference between Sub-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 of the Merian UK Dynamic Equity Fund unless Sub-

Fund Performance measured against Index Performance has recovered any accumulated percentage

underperformance for previous periods. In the Performance Period of the Merian UK Dynamic Equity Fund

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 of the Merian UK Dynamic Equity Fund.

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 of the Merian UK

Dynamic Equity Fund x Percentage Outperformance x 20% and is payable on the average number of

Shares in issue during the Performance Period of the Merian UK Dynamic Equity Fund.


Share Class was taken as the opening Net Asset Value.


on a daily basis.




299







Performance Period of the Merian UK Dynamic Equity Fund.


Performance Period of the Merian UK Dynamic Equity Fund and as a result, Performance Fees may be paid

on unrealised gains which may subsequently never be realised.

Performance Fees may also be payable during a Performance Period of the Merian UK Dynamic Equity

Fund where there is a decline in the Net Asset Value per Share.

Performance Fees were GBP Nil for the financial year ended 31 December 2018 (2017: GBP 14,881,108)

and the amount accrued at the financial year ended 31 December 2018 was GBP Nil (2017: GBP

3,727,152).



the Investment Adviser) out of the Merian Global Equity Absolute Return Fund’s assets. The Performance

Fee is applicable to all share classes with the exception of: Class A (CHF) Hedged Accumulation Shares

and Class X (GBP) Hedged Accumulation Shares.

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 which will comprise of

each successive six month period ending on either 31 December or 30 June as the case may be (a

“Performance Period of the Merian Global Equity Absolute Return Fund”).

The Performance Fee as at the end of each Performance Period of the Merian Global Equity Absolute

Return Fund 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 of the Merian Global Equity

Absolute Return Fund exceeds the “Hurdle Rate” which will be the average (1) Bank of England Base Rate

for the GBP share classes, (2) European Central Bank Base Rate for the EUR share classes, (3) Federal

Reserve Funds Base Rate for the USD share classes, (4) 3 month Swiss franc (CHF) LIBOR interest rate for the

CHF share classes, (5) Swedish National Bank Base Rate for the SEK share classes and (6) Singapore Average

Overnight Interest Rate for the SGD share classes, Performance Period of the Merian Global Equity Absolute

Return Fund multiplied by the weighted average number of total Shares in issue of each Class on each

Dealing Day during the Performance Period of the Merian Global Equity Absolute Return Fund. Where no

central bank base rate exists, an equivalent inter-bank reference rate will be used.

The initial issue price as set out in the section of the Supplement headed “Initial Offer Period and

Subscription Price” was the starting price for the calculation of the first performance fee payable of any

share class to which a performance fee is applicable.

In calculating the Net Asset Value per Share of each Class for Performance Fee purposes, no deduction is

made on account of Performance Fees accrued in the Performance Period of the Merian Global Equity

Absolute Return Fund and any net income distributed to Shareholders in respect of the period is added

back.

The Performance Fee is only payable when the Net Asset Value of each Class exceeds the Hurdle Rate. If,

during a performance fee period, the performance of the Shares does not exceed the Hurdle Rate, no

Performance Fee is payable until such unachieved performance is reclaimed.




300



Merian Global Equity Absolute Return Fund (continued)

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 of the Merian Global Equity

Absolute Return Fund 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 of the Merian

Global Equity Absolute Return Fund over the relevant Hurdle Rate during the Performance Period of the

Merian Global Equity Absolute Return Fund.




Performance Period of the Merian Global Equity Absolute Return Fund.


Performance Period of the Merian Global Equity Absolute Return Fund and as a result, Performance Fees


Performance Fees were USD 1,610,730 for the financial year ended 31 December 2018 (2017: USD

153,496,777) and the amount accrued at the financial year ended 31 December 2018 was USD Nil (2017:

USD 146,641,214).


The Investment Manager may be entitled to a performance fee out of the Merian Strategic Absolute Return

Bond Fund’s assets. In 2018, the Merian Strategic Absolute Return Bond Fund introduced Share Classes

subject to Performance Fee. Performance Fee is applicable to all Share Classes with the exception of: Class

X, Class F1, Class F2 and Class L2.


and will be payable semi-annually in arrears in respect of each Performance Period (a “Performance

Period of the Merian Strategic Absolute Return Bond Fund”). A Performance Period of the Merian Strategic

Absolute Return Bond Fund will comprise of each successive six month period ending on either 31

December or 30 June as the case may be. The first Performance Period for each Class will begin on the

date on which the first Shares of the relevant Class are issued and will end on 30 June or 31 December

respectively in that year.

The Performance Fee as at the end of each Performance Period of the Merian Strategic Absolute Return

Bond Fund shall be equal in aggregate to 10 per cent. of the amount by which any increase in the Net

Asset Value per Share of each Class during the Performance Period of the Merian Strategic Absolute Return

Bond Fund exceeds the “Hurdle Rate”. For all Share Classes, the Hurdle Rate will be the average (1) Sterling

Overnight Interbank Average Rate for the GBP Share Classes, (2) Euro Overnight Index Average Rate for

the EUR Share Classes, (3) Federal Funds Effective Overnight Rate for the USD Share Classes, and (4) Swiss

Average Overnight Rate for the CHF Share Classes, for the relevant Class currency during the Performance

Period of the Merian Strategic Absolute Return Bond Fund multiplied by the weighted average number of

total Shares in issue of each Class on each Dealing Day during the Performance Period of the Merian

Strategic Absolute Return Bond Fund. Where no central bank base rate exists, an equivalent inter-bank

reference rate will be used.

The initial issue price as set out above in the section of the Supplement headed “Initial Offer Period and


share class to which a performance fee is applicable. The first Performance Period will begin on the Business

Day after the date of this Supplement and will end on 31 December 2017.




301



Merian Strategic Absolute Return Bond Fund^^^ (continued)


made on account of Performance Fees accrued in the Performance Period of the Merian Strategic

Absolute Return Bond Fund and any net income distributed to Shareholders in respect of the period is

added back.




All Performance Fee payments shall be subject to the restriction that in paying/accruing a Performance

Fee, the Net Asset Value per Share of each Class at the relevant Performance Period of Merian Strategic

Absolute Return Bond Fund shall not be less than the Net Asset Value per Share Class on the last day that

a Performance Fee was paid (or the initial subscription price if higher) (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 of the Merian Strategic Absolute Return Bond Fund in excess of the

relevant Hurdle Rate during the Performance Period of the Merian Strategic Absolute Return Bond Fund.


Performance Period of the Merian Strategic Absolute Return Bond Fund.


Performance Period of the Merian Strategic Absolute Return Bond Fund and as a result, Performance Fees


Performance Fees were USD Nil for the financial year ended 31 December 2018 (2017: N/A) and the

amount accrued at the financial year ended 31 December 2018 was USD Nil (2017: N/A).


The Investment Manager may be entitled to a performance fee out of the Merian Gold & Silver Fund’s

assets. With respect to the Merian Gold & Silver Fund, the performance fee is only applicable to the

following share classes: Class U3 (EUR) Accumulation Shares, Class U3 (GBP) Accumulation Shares and Class

U3 (USD) Accumulation Shares.


respect of each Performance Period (“Performance Period of the Merian Gold & Silver Fund”). A

Performance Period of the Merian Gold & Silver Fund will comprise of each successive six month period

ending on either 31 December or 30 June as the case may be.

“The Index” is a composite, made up of (i) a 50:50 split between the FTSE Gold Miners Index expressed in

GBP and XAU:GBP for the U3 (GBP) Accumulation Shares, (ii) a 50:50 split between the FTSE Gold Miners

Index expressed in EUR and XAU:EUR for the U3 (EUR) Accumulation Shares and (iii) a 50:50 split between

the FTSE Gold Miners Index expressed in USD and XAU: USD for the U3 (USD) Accumulation Shares.

“The Index Performance” in respect of a Performance Period of the Merian Gold & Silver Fund, is the

difference between the level of the Index calculated at the Valuation Point on the last Business Day of the

previous Performance Period of the Merian Gold & Silver Fund and the level of the Index calculated at the

Valuation Point on the last Business Day of the relevant Performance Period of the Merian Gold & Silver

Fund, expressed as a percentage. The first Performance Period for each new class will begin on the date

on which the first Shares of the U3 (GBP) Accumulation, U3 (EUR) Accumulation and U3 (USD) Accumulation

Shares are issued respectively up to 31 December 2018.




302



Merian Gold & Silver Fund (continued)

The “Sub-Fund Performance” in respect of the first Performance Period of the Merian Gold & Silver Fund is

the difference between the opening Net Asset Value per Share and the Net Asset Value per Share at the

Valuation Point on the last Business Day of the Performance Period of the Merian Gold & Silver Fund,

expressed as a percentage. For each Performance Period of the Merian Gold & Silver Fund thereafter, the

Sub-Fund Performance is the difference between the Net Asset Value per Share at the Valuation Point on

the last Business Day of the previous Performance Period of the Merian Gold & Silver Fund and the Net Asset

Value per Share at the Valuation Point on the last Business Day of the relevant Performance Period of the

Merian Gold & Silver Fund, expressed as a percentage.

In calculating the Net Asset Value per Share of each Class U3 for Performance Fee purposes no deduction

is made on account of Performance Fees accrued in the Performance Period of the Merian Gold & Silver

Fund and any net income distributed to Shareholders in respect of the Performance Period of the Merian

Gold & Silver Fund is added back.

The “Percentage Outperformance” in respect of Performance Periods of the Merian Gold & Silver Fund

where Sub-Fund Performance is greater than Index Performance is the arithmetical difference between

Sub-Fund Performance and Index Performance, expressed as a percentage. In respect of Performance

Periods of the Merian Gold & Silver Fund where Sub-Fund Performance is less than Index Performance, such

underperformance, being the arithmetical difference between Sub-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 of the Merian Gold & Silver Fund unless Sub-Fund

Performance measured against Index Performance has recovered any accumulated percentage

underperformance for previous periods. In the Performance Period of the Merian Gold & Silver Fund 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 of the Merian Gold & Silver Fund.

The amount of Performance Fee payable in respect of each Share is a USD amount equivalent to the

opening Net Asset Value per Share on the first Business Day of the Performance Period of the Merian Gold

& Silver Fund x Percentage Outperformance x 20% and is payable based on the number of Shares in issue

for the Class U3 (EUR) Accumulation Shares, Class U3 (GBP) Accumulation Shares and Class U3 (USD)

Accumulation Shares during the Performance Period of the Merian Gold & Silver Fund.


Share Class was taken as the opening Net Asset Value. The Performance Fee accrues and is taken into

account in the calculation of the Net Asset Value per Share on a daily basis.




Performance Period of the Merian Gold & Silver Fund.


Performance Period of the Merian Gold & Silver Fund and as a result, Performance Fees may be paid on

unrealised gains which may subsequently never be realised.

Performance Fees may also be payable during a Performance Period of the Merian Gold & Silver Fund

where there is a decline in the Net Asset Value per Share.

Performance Fees were USD 15,317 for the financial year ended 31 December 2018 (2017: USD Nil) and the

amount accrued at the financial year ended 31 December 2018 was USD 15,317 (2017: USD Nil).




303





the Investment Adviser) out of the Merian UK Specialist Equity Fund’s assets. With respect to the Merian UK

Specialist Equity Fund, the performance fee is applicable to all share classes with the exception of the Class

X (GBP) Accumulation Shares.


and will be payable semi-annually in arrear in respect of each Performance Period (a “Performance Period

of the Merian UK Specialist Equity Fund”). A Performance Period of the Merian UK Specialist Equity Fund will

comprise of each successive six month period ending on either 31 December or 30 June as the case may

be. The first Performance Period for each Class will begin on the date on which the first Shares of the

relevant Class are issued and will end on 30 June or 31 December respectively in that year.

The Performance Fee as at the end of each Performance Period of the Merian UK Specialist Equity Fund

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 of the Merian UK Specialist Equity Fund

exceeds the “Hurdle Rate” which will be the average (1) Sterling Overnight Interbank Average Rate for the

GBP share classes, (2) Euro Overnight Index Average for the EUR share classes, (3) Federal Funds Effective

Overnight Rate for the USD share classes, and (4) Swiss Average Overnight Rate for the CHF share classes

for the relevant Class currency during the Performance Period of the Merian UK Specialist Equity Fund

multiplied by the weighted average number of total Shares in issue of each Class on each Dealing Day

during the Performance Period of the Merian UK Specialist Equity Fund.

The initial issue price, as set out in the section of the Supplement headed “Initial Offer Period and

Subscription Price”, was the starting price for the calculation of the first performance fee payable of any



made on account of Performance Fees accrued in the Performance Period of the Merian UK Specialist

Equity Fund and any net income distributed to Shareholders in respect of the period is added back.




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 of the Merian UK Specialist Equity

Fund 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 of the Merian UK Specialist Equity

Fund over the relevant Hurdle Rate during the Performance Period of the Merian UK Specialist Equity Fund.




Performance Period of the Merian UK Specialist Equity Fund.


Performance Period of the Merian UK Specialist Equity Fund and as a result, Performance Fees may be paid

on unrealised gains which may subsequently never be realised. Performance Fees were GBP Nil for the

financial year ended 31 December 2018 (2017: GBP 16,773,792) and the amount accrued at the financial

year ended 31 December 2018 was GBP Nil (2017: GBP 8,714,095).




304




The Investment Manager may be entitled to a performance fee out of the Merian Style Premia Absolute

Return Fund’s assets.


and will be payable semi-annually in arrears in respect of each Performance Period (a “Performance

Period of the Merian Style Premia Absolute Return Fund”). A Performance Period of the Merian Style Premia

Absolute Return Fund will comprise of each successive six month period ending on either 31 December or

30 June as the case may be. The first Performance Period for each Class will begin on the date on which

the first Shares of the relevant Class are issued and will end on 30 June or 31 December respectively in that

year.

For the P2 and P3 share classes, the Performance Fee as at the end of each Performance Period of the

Merian Style Premia Absolute Return Fund 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 of the Merian Style

Premia Absolute Return Fund exceeds the “Hurdle Rate”. For the F2 share classes, the Performance Fee as

at the end of each Performance Period of the Merian Style Premia Absolute Return Fund shall be equal in

aggregate to 10% of the amount by which any increase in the Net Asset Value per Share of each Class

during the Performance Period of the Merian Style Premia Absolute Return Fund exceeds the “Hurdle Rate”.

For all share classes, the Hurdle Rate will be the average (1) Sterling Overnight Interbank Average Rate for

the GBP share classes, (2) Euro Overnight Index Average Rate for the EUR share classes, (3) Federal Funds

Effective Overnight Rate for the USD share classes, and (4) Swiss Average Overnight Rate for the CHF share

classes for the relevant Class currency during the Performance Period of the Merian Style Premia Absolute

Return Fund multiplied by the weighted average number of total Shares in issue of each Class on each

Dealing Day during the Performance Period of the Merian Style Premia Absolute Return Fund. Where no

central bank base rate exists, an equivalent inter-bank reference rate will be used.

The initial issue price as set out in the section of the Supplement headed “Initial Offer Period and




made on account of Performance Fees accrued in the Performance Period of the Merian Style Premia

Absolute Return Fund and any net income distributed to Shareholders in respect of the period is added

back.




All Performance Fee payments shall be subject to the restriction that in paying/accruing a Performance

Fee, the Net Asset Value per Share of each Class at the relevant Performance Period of Merian Style Premia

Absolute Return Fund shall not be less than the Net Asset Value per Share Class on the last day that a

Performance Fee was paid (or the initial subscription price if higher) (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 of the Merian Style Premia Absolute Return Fund in excess of the

relevant Hurdle Rate during the Performance Period of the Merian Style Premia Absolute Return Fund.


Performance Fee shall be verified by the Depositary at each Performance Period.




305



Merian Style Premia Absolute Return Fund (continued)


Performance Period of the Merian Style Premia Absolute Return Fund.


Performance Period of the Merian Style Premia Absolute Return Fund and as a result, Performance Fees


Performance Fees were USD Nil for the financial year ended 31 December 2018 (2017: USD 372) and the

amount accrued at the financial year ended 31 December 2018 was USD Nil (2017: USD Nil).

Administration Fee, Registrar and Transfer Agency Fees

Merian Global Investors Series Plc will pay to the Administrator monthly in arrears an administration fee of

up to 3.75 basis points per annum of the combined average Net Asset Value of the Sub-Funds and in the

case of each Sub-Fund subject to a minimum fee per Sub-Fund of EUR 15,000 per annum. The

administration fee shall accrue on each Dealing Day. Additional annual fees shall be payable for the

second and each subsequent Class of Shares in each Sub-Fund which shall be charged at normal

commercial rates.

The Administrator is also entitled to transaction fees it incurs for the Sub-Funds and fees for the registrar and

transfer agency functions and maintenance services it performs payable out of Merian Global Investors

Series Plc’s assets. These services are (i) maintaining the register of each Share Class of Merian Global

Investors Series Plc and the annual shareholder account, (ii) servicing, and (iii) reporting, all of which shall

be charged at normal commercial rates.

The Administrator will also be entitled to be reimbursed by the Company out of the assets of each Sub-

Fund for all reasonable and vouched out-of-pocket expenses incurred by it and charged to it for the

benefit of the Fund in the performance of its duties to the Company. All fees will be invoiced and payable

monthly.

The Administrator is entitled to the following fees for the registrar and transfer agency functions it performs,

payable out of the Company assets: annual Fund maintenance fee of EUR 3,500 per Sub-Fund per annum;

annual account servicing fees of EUR 26 for each direct Account, EUR 12 for statutory financial statements

maintained electronically through NSCC Networking and EUR 26 for Accounts maintained electronically

through Fund settle/Vestima; transaction fees of EUR 5 for each automatic transaction and EUR 12 for each

manual transaction.

All Sub-Funds are also subject to FATCA fees. The fees are included in the Transfer Agency fees and are

recognised in the Statement of Operations on an accruals basis.




306


Administration Fee, Registrar and Transfer Agency Fees (continued)

The following are the Administrator expense and related payables for each of the Sub-Funds.

2018 2017


Merian China Equity Fund USD 207,131 56,592 59,176 41,294


Merian World Equity Fund USD 342,783 71,413 136,300 92,020

Merian Pacific Equity Fund USD 370,564 122,545 100,435 65,663


Old Mutual Japanese Equity Fund^ JPY 973,616 - 7,521,258 4,923,931

Merian US Equity Income Fund USD 419,365 73,929 185,353 111,550

Merian North American Equity Fund USD 760,038 197,015 229,357 145,240

Merian Total Return USD Bond Fund USD 472,350 131,206 143,785 86,795

Merian Emerging Market Debt Fund USD 394,697 128,872 152,912 95,024

Old Mutual European Best Ideas Fund EUR 132,525 19,948 95,340 86,385


Merian Global Emerging Markets Fund USD 283,183 64,350 142,889 81,034

Merian Asian Equity Income Fund USD 282,181 73,185 199,274 123,685

Merian Local Currency Emerging Market Debt Fund USD 803,962 143,362 144,482 93,367


Merian UK Smaller Companies Focus Fund GBP 250,204 57,932 90,847 52,915

Merian UK Dynamic Equity Fund GBP 194,457 41,343 113,825 71,120

Merian Global Equity Absolute Return Fund USD 3,822,570 591,095 1,867,916 1,081,269


Old Mutual Pan African Fund^^ USD 4,341 - 24,304 -


Fund^^^^ USD 78,878 9,709 160,156 97,542

Merian Europe (ex UK) Smaller Companies Fund EUR 324,795 72,809 162,334 91,620

Merian Global Equity Income Fund (IRL) USD 219,466 55,455 111,312 84,342

Merian Gold & Silver Fund USD 371,130 104,594 115,268 64,302





Merian UK Specialist Equity Fund GBP 262,555 48,009 159,789 89,605


Merian Financials Contingent Capital Fund USD 202,706 25,043 35,635 35,635

Company Level USD 11,842,123 2,441,088 5,476,090 3,377,543




307


Depositary Fee

Merian Global Investors Series Plc will pay to the Depositary monthly in arrears a fiduciary fee of 1 basis

point per annum of the combined average Net Asset Value of the Sub-Funds plus VAT (if any), and in the

case of each Sub-Fund subject to a minimum fee of EUR 3,500 per annum. The fiduciary fee shall accrue

on each Dealing Day.

The Depositary is also entitled to sub-depositary fees and transaction charges which shall be charged at

normal commercial rates and paid monthly in arrears. The Depositary is also entitled to be reimbursed by

Merian Global Investors Series Plc for all reasonable disbursements and out-of-pocket expenses.

Total Depositary fees were USD 4,354,880 for the financial year ended 31 December 2018 (2017: USD

3,233,496) and the amount payable at the financial year ended 31 December 2018 was USD 657,987 (2017:

USD 254,920).

2018 2017


Merian China Equity Fund USD 44,493 9,712 34,036 4,508


Merian World Equity Fund USD 253,890 30,760 170,356 -

Merian Pacific Equity Fund USD 278,012 48,706 221,959 25,181


Old Mutual Japanese Equity Fund^ JPY 162,858 - 2,389,543 436,395

Merian US Equity Income Fund USD 64,470 11,104 37,541 6,774

Merian North American Equity Fund USD 141,807 16,087 83,500 13,139

Merian Total Return USD Bond Fund USD 49,709 10,943 55,234 13,055

Merian Emerging Market Debt Fund USD 81,152 10,521 32,356 4,400

Old Mutual European Best Ideas Fund EUR 18,572 3,511 46,028 10,503


Merian Global Emerging Markets Fund USD 157,480 28,548 83,617 -

Merian Asian Equity Income Fund USD 299,118 28,498 154,013 9,997

Merian Local Currency Emerging Market Debt Fund USD 460,842 61,654 194,097 2,445


Merian UK Smaller Companies Focus Fund GBP 29,695 4,567 36,811 2,436

Merian UK Dynamic Equity Fund GBP 38,089 5,801 39,731 1,240

Merian Global Equity Absolute Return Fund USD 1,616,393 273,332 1,391,302 81,387


Old Mutual Pan African Fund^^ USD 13,896 - 35,671 3,517

Old Mutual Monthly Income High Yield Bond Fund^^^^ USD 8,316 - 35,288 12,490

Merian Europe (ex UK) Smaller Companies Fund EUR 71,215 11,009 34,185 2

Merian Global Equity Income Fund (IRL) USD 231,504 32,136 162,992 11,494

Merian Gold & Silver Fund USD 35,748 5,997 19,527 121





Merian UK Specialist Equity Fund GBP 38,006 2,578 28,339 352


Merian Financials Contingent Capital Fund USD 35,386 6,308 7,506 2,223

Company Level USD 4,354,880 657,987 3,233,496 254,920

Transaction Costs

Transaction costs are expenses incurred when buying or selling a security. Transaction costs represents the

brokers' commissions and spreads, which are the differences between the price the dealer paid for a

security and the price the buyer pays.

Transaction costs on the purchase and sale of bonds, currency exchange contracts and swaps are

included in the purchase and sale price of the investment. They cannot be practically or reliably gathered

as they are embedded in the cost of the investment and cannot be separately verified or disclosed.




308


Transaction Costs (continued) 2018 2017

Sub-Fund CCY Expense Expense

Merian China Equity Fund USD 190,285 205,224

Merian Global Strategic Bond Fund (IRL) USD - 1,507

Merian World Equity Fund USD 913,164 577,369

Merian Pacific Equity Fund USD 935,257 931,263

Merian European Equity Fund EUR 34,664 111,532

Old Mutual Japanese Equity Fund^ JPY 2,324,468 16,228,997

Merian US Equity Income Fund USD 317,849 240,125

Merian North American Equity Fund USD 1,029,637 528,377

Merian Total Return USD Bond Fund USD - -

Merian Emerging Market Debt Fund USD - -

Old Mutual European Best Ideas Fund EUR 141,935 320,371

Merian Investment Grade Corporate Bond Fund USD - -

Merian Global Emerging Markets Fund USD 697,996 714,033

Merian Asian Equity Income Fund USD 1,876,142 1,524,230

Merian Local Currency Emerging Market Debt Fund USD - 170

Merian UK Alpha Fund (IRL) GBP 36,739 77,686

Merian UK Smaller Companies Focus Fund GBP 496,800 635,178

Merian UK Dynamic Equity Fund GBP 669,832 1,284,262

Merian Global Equity Absolute Return Fund USD 14,142,398 8,897,953

Merian Strategic Absolute Return Bond Fund^^^ USD - 7,207

Old Mutual Pan African Fund^^ USD 537,822 163,526

Old Mutual Monthly Income High Yield Bond Fund^^^^ USD - -

Merian Europe (ex UK) Smaller Companies Fund EUR 317,769 1,004,882

Merian Global Equity Income Fund (IRL) USD 507,468 383,101

Merian Gold & Silver Fund USD 232,285 280,638

Old Mutual Compass Portfolio 2 USD 1,565 601

Old Mutual Compass Portfolio 3 USD 28,450 9,226



Merian UK Specialist Equity Fund GBP 897,666 1,177,422

Merian Style Premia Absolute Return Fund USD 838,306 421,398

Merian Financials Contingent Capital Fund USD - -

Company Level USD 25,765,738 20,825,301

Distribution Fee

No distribution fee shall be payable in respect of the Class A, Class D1, Class D2, Class F, Class F2, Class I,

Class R, Class S, Class U1, Class U2, Class U3, Class W or Class X Shares of any Sub-Fund. Each Sub-Fund shall

pay a distribution fee to the Investment Manager of up to 1.50% per annum of the average Net Asset Value

of that Sub-Fund attributable to the Class C Shares, and of up to 1.00% per annum of the average Net

Asset Value of that Sub-Fund attributable to the Class B, Class C2 and Class N Shares.

Total distribution fees were USD 8,153,945 for the financial year ended 31 December 2018 (2017: USD

4,648,340) and the amount payable at the financial year ended 31 December 2018 was USD 699,998 (2017:

USD 502,740).

Operating Expenses

The Company is responsible for all normal operating expenses other than those fees borne by the

Investment Manager as outlined in Note 9, including audit fees, stamp duties and charges incurred on the

acquisition and realisation of investments. General operating expenses which are not allocable to a

specific Sub-Fund are borne pro rata. The audit fees as shown in the Statement of Operations include Value

Added Tax.




309

10. Distributions

Shareholders should note that, where set out in the relevant Supplement, distributions may be payable out of the capital of each Sub-Fund. Fixed

distribution classes are denoted by an "(F)" at the end of the Share Class name, as shown in Note 6. These share classes will distribute regardless of

what income is available therefore any shortfall is paid out of capital.

It should also be noted that certain Sub-Funds and share classes including the fixed distribution share classes listed above may charge certain fees

and expenses to capital rather than income, which may result in the erosion of capital and in an increased risk that Shareholders in these share

classes may not receive back the full amount invested when redeeming their holding.

Distributions out of capital may have different tax implications from distributions of income and capital gains and if you propose to invest in one or

more of the relevant share classes, you are recommended to seek advice in this regard.

The following tables detail the distributions per share for the financial year ended 31 December 2018 and 31 December 2017.

For the financial year ended 31 December 2018



29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018

Class A (GBP) Income USD 0.068891 USD - USD - USD 0.057936 USD - USD - USD 0.094222

Class A (USD) Income USD 0.014430 USD 0.010281 USD 0.011519 USD 0.014500 USD 0.016096 USD 0.020744 USD 0.022139

Class B (USD) Income USD 0.014215 USD 0.010118 USD 0.011324 USD 0.014243 USD 0.015799 USD 0.020345 USD 0.021689

Class S (GBP) Income USD 0.071521 USD - USD - USD 0.060167 USD - USD - USD 0.097871

Class U1 (GBP) Income USD 0.078367 USD - USD - USD 0.066011 USD - USD - USD 0.107516

31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018

Class A (GBP) Income USD - USD - USD 0.072849 USD - USD - USD 0.085590

Class A (USD) Income USD 0.028687 USD 0.004759 USD 0.012207 USD 0.011969 USD 0.018660 USD 0.022975

Class B (USD) Income USD 0.028076 USD 0.004662 USD 0.011928 USD 0.011684 USD 0.018114 USD 0.022280

Class S (GBP) Income USD - USD - USD 0.075685 USD - USD - USD 0.088952

Class U1 (GBP) Income USD - USD - USD 0.083227 USD - USD - USD 0.097968




310

10. Distributions (continued)

For the financial year ended 31 December 2018 (continued)


29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018



Class C (USD) Income USD 0.025130 USD 0.011770 USD 0.026471 USD 0.022644 USD 0.012384 USD 0.025220 USD 0.024707

Class C2 (USD) Income USD 0.022231 USD 0.010422 USD 0.023454 USD 0.020075 USD 0.010982 USD 0.022379 USD 0.021933

Class I (EUR) Income USD 0.028049 USD 0.013160 USD 0.029646 USD 0.025411 USD 0.013918 USD 0.028412 USD 0.027883

Class I (USD) Income USD 0.023774 USD 0.011153 USD 0.025131 USD 0.021537 USD 0.011797 USD 0.024081 USD 0.023635

Class R (GBP) Income USD 0.042840 USD 0.020202 USD 0.045516 USD 0.039012 USD 0.021368 USD 0.043615 USD 0.042809

Class U1 (GBP) Income USD 0.029671 USD 0.013781 USD 0.031054 USD 0.026615 USD 0.014601 USD 0.029805 USD 0.029254


31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018



Class C (USD) Income USD 0.011330 USD 0.019398 USD 0.027513 USD 0.014256 USD 0.016094 USD 0.026791

Class C2 (USD) Income USD 0.010035 USD 0.017174 USD 0.024369 USD 0.012627 USD 0.014179 USD 0.023580

Class I (EUR) Income USD 0.012812 USD 0.021988 USD 0.031248 USD 0.016223 USD 0.018373 USD 0.030646

Class I (USD) Income USD 0.010860 USD 0.018636 USD 0.026488 USD 0.013748 USD 0.015573 USD 0.025976

Class R (GBP) Income USD 0.019670 USD 0.033755 USD 0.047973 USD 0.024901 USD 0.028203 USD 0.047046

Class U1 (GBP) Income USD 0.013438 USD 0.023024 USD 0.032722 USD 0.016840 USD 0.019054 USD 0.031783



29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018

Class P2 (GBP) Income USD 0.011770 USD - USD - USD - USD - USD - USD -

Class P2 (USD) Income USD 0.008967 USD - USD - USD - USD - USD - USD -

31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018

Class P2 (GBP) Income USD - USD - USD - USD - USD - USD 0.096372

Class P2 (USD) Income USD - USD - USD - USD - USD - USD 0.071288




311




29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018



Class A (USD) Income (F) USD - USD - USD - USD - USD - USD - USD -

Class A (ZAR) Hedged Income (F) USD 0.007351 USD 0.007480 USD 0.006710 USD 0.006720 USD 0.006298 USD 0.006138 USD 0.005554



Class C2 (AUD) Hedged Income (F) USD 0.035139 USD 0.035656 USD 0.029004 USD 0.028667 USD 0.027746 USD 0.027447 USD 0.026547

Class C2 (USD) Income (F) USD 0.039192 USD 0.038391 USD 0.037576 USD 0.037799 USD 0.037188 USD 0.036634 USD 0.036446

Class C2 (ZAR) Hedged Income (F) USD 0.007291 USD 0.007409 USD 0.006642 USD 0.006644 USD 0.006222 USD 0.006058 USD 0.005483

31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018



Class A (USD) Income (F) USD - USD - USD - USD - USD - USD 0.011782

Class A (ZAR) Hedged Income (F) USD 0.005722 USD 0.005154 USD 0.005243 USD 0.004990 USD 0.005353 USD 0.004828



Class C2 (AUD) Hedged Income (F) USD 0.026303 USD 0.025856 USD 0.025386 USD 0.024680 USD 0.025522 USD 0.021173

Class C2 (USD) Income (F) USD 0.035904 USD 0.036207 USD 0.035660 USD 0.035292 USD 0.035460 USD 0.036142

Class C2 (ZAR) Hedged Income (F) USD 0.005679 USD 0.005110 USD 0.005193 USD 0.004956 USD 0.005339 USD 0.004813


29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018

Class A (SGD) Hedged Income USD 0.020812 USD 0.026878 USD 0.030390 USD 0.035391 USD 0.032826 USD 0.034723 USD 0.031250


Class A (USD) Income (F) USD - USD - USD - USD - USD 0.060000 USD 0.058633 USD 0.056789

Class A (ZAR) Hedged Income (F) USD - USD - USD - USD 0.008850 USD 0.008321 USD 0.008020 USD 0.007063



Class C2 (USD) Income (F) USD - USD - USD - USD - USD 0.060000 USD 0.058534 USD 0.056670

Class C2 (ZAR) Hedged Income (F) USD - USD - USD - USD 0.008842 USD 0.008313 USD 0.008012 USD 0.007048






312




31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018

Class A (SGD) Hedged Income USD 0.033972 USD 0.026319 USD 0.029008 USD 0.036515 USD 0.031567 USD 0.033072


Class A (USD) Income (F) USD 0.057926 USD 0.055833 USD 0.056542 USD 0.054848 USD 0.053842 USD 0.054108









29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018

Class A (GBP) Income EUR 0.096833 EUR - EUR - EUR - EUR - EUR - EUR 0.306247

Class U2 (GBP) Income EUR 0.073680 EUR - EUR - EUR - EUR - EUR - EUR 0.234178

31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018

Class A (GBP) Income EUR - EUR - EUR - EUR - EUR - EUR -

Class U2 (GBP) Income EUR - EUR - EUR - EUR - EUR - EUR -


29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018

Class A (GBP) Hedged Income USD 0.108395 USD - USD - USD 0.102434 USD - USD - USD 0.098326

Class A (USD) Income USD 0.084819 USD - USD - USD 0.077011 USD - USD - USD 0.075601

Class S (GBP) Hedged Income USD 0.116278 USD - USD - USD 0.109891 USD - USD - USD 0.105515

Class U1 (GBP) Hedged Income USD 0.107728 USD - USD - USD 0.101911 USD - USD - USD 0.097943

31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018

Class A (GBP) Hedged Income USD - USD - USD 0.096904 USD - USD - USD 0.091426

Class A (USD) Income USD - USD - USD 0.078259 USD - USD - USD 0.075053

Class S (GBP) Hedged Income USD - USD - USD 0.104008 USD - USD - USD 0.098158

Class U1 (GBP) Hedged Income USD - USD - USD 0.096660 USD - USD - USD 0.091333




313




29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018

Class A (GBP) Income USD 0.027963 USD 0.008976 USD 0.006530 USD 0.013585 USD 0.007356 USD 0.063832 USD 0.074951





31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018

Class A (GBP) Income USD 0.083215 USD 0.063145 USD 0.045961 USD 0.009187 USD 0.012530 USD 0.061588






29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018

Class A (AUD) Hedged Income (F) USD 0.057377 USD 0.061828 USD 0.053522 USD 0.052400 USD 0.049801 USD 0.046841 USD 0.043281



Class A (USD) Income (F) USD 0.067517 USD 0.070259 USD 0.069137 USD 0.068909 USD 0.066590 USD 0.062405 USD 0.059367

Class A (ZAR) Hedged Income (F) USD 0.009620 USD 0.010380 USD 0.009564 USD 0.009469 USD 0.008706 USD 0.008052 USD 0.006962

Class B (AUD) Hedged Income (F) USD - USD 0.061186 USD 0.052924 USD 0.051773 USD 0.049173 USD 0.046208 USD 0.042670


Class B (ZAR) Hedged Income (F) USD - USD 0.010376 USD 0.009550 USD 0.009445 USD 0.008675 USD 0.008016 USD 0.006925


Class C2 (AUD) Hedged Income (F) USD 0.056922 USD 0.061283 USD 0.053010 USD 0.051856 USD 0.049243 USD 0.046276 USD 0.042723


Class C2 (ZAR) Hedged Income (F) USD 0.009599 USD 0.010349 USD 0.009529 USD 0.009428 USD 0.008662 USD 0.008004 USD 0.006914






314




31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018

Class A (AUD) Hedged Income (F) USD 0.044173 USD 0.039764 USD 0.039950 USD 0.038639 USD 0.040334 USD 0.035147





Class B (AUD) Hedged Income (F) USD 0.043573 USD 0.039190 USD 0.039344 USD 0.038086 USD 0.039875 USD 0.034717


Class B (ZAR) Hedged Income (F) USD 0.007388 USD 0.006070 USD 0.006300 USD 0.005979 USD 0.006520 USD 0.005842








29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018

Class A (GBP) Income GBP 0.059424 GBP - GBP - GBP 0.091326 GBP - GBP - GBP 0.141110

Class A (USD) Income GBP 0.037099 GBP - GBP - GBP 0.057023 GBP - GBP - GBP 0.088097

Class R (GBP) Income GBP 0.063579 GBP - GBP - GBP 0.097934 GBP - GBP - GBP 0.151551

Class U1 (GBP) Income GBP 0.064077 GBP - GBP - GBP 0.098723 GBP - GBP - GBP 0.152795


31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018

Class A (GBP) Income GBP - GBP - GBP 0.085090 GBP - GBP - GBP 0.055596

Class A (USD) Income GBP - GBP - GBP 0.053107 GBP - GBP - GBP 0.034628

Class R (GBP) Income GBP - GBP - GBP 0.091581 GBP - GBP - GBP 0.059937

Class U1 (GBP) Income GBP - GBP - GBP 0.092352 GBP - GBP - GBP 0.060452



29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018

Class A (GBP) Income GBP - GBP - GBP - GBP - GBP - GBP - GBP -

Class R (GBP) Income GBP - GBP - GBP - GBP - GBP - GBP - GBP -




315




31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018

Class A (GBP) Income GBP - GBP - GBP - GBP - GBP - GBP 0.003951

Class R (GBP) Income GBP - GBP - GBP - GBP - GBP - GBP 0.028956


29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018

Class F2 (GBP) Hedged Income* USD 0.002077 USD - USD - USD 0.002644 USD - USD - USD 0.005542

31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018

Class F2 (GBP) Hedged Income* USD - USD - USD 0.006081 USD - USD - USD 0.007302


29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018

Class U3 (USD) Hybrid USD 0.024926 USD - USD - USD - USD - USD - USD -

31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018

Class U3 (USD) Hybrid USD - USD - USD - USD - USD - USD -


29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018




Class X (GBP) Hedged Income USD 0.060999 USD 0.066813 USD 0.061074 USD 0.065935 USD 0.063908 USD 0.060030 USD 0.054776

31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018

Class A (USD) Income USD 0.043887 USD 0.042105 USD - USD - USD - USD -

Class C (USD) Income USD 0.041042 USD 0.039325 USD - USD - USD - USD -

Class U2 (GBP) Income USD 0.069110 USD 0.066350 USD - USD - USD - USD -

Class X (GBP) Hedged Income USD 0.058440 USD 0.054918 USD - USD - USD - USD -

* share class renamed from Class R (GBP) Hedged Income to Class F2 (GBP) Hedged Income on 16 February 2018.




316




29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018

Class R (GBP) Income EUR 0.398319 EUR - EUR - EUR - EUR - EUR - EUR -

Class U1 (EUR) Income EUR 0.257725 EUR - EUR - EUR - EUR - EUR - EUR -

Class U1 (GBP) Income EUR 0.403199 EUR - EUR - EUR - EUR - EUR - EUR -

31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018

Class R (GBP) Income EUR - EUR - EUR - EUR - EUR - EUR 0.351097

Class U1 (EUR) Income EUR - EUR - EUR - EUR - EUR - EUR 0.227472

Class U1 (GBP) Income EUR - EUR - EUR - EUR - EUR - EUR 0.355910


29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018



Class I (EUR) Income USD - USD - USD - USD - USD - USD - USD -




31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018



Class I (EUR) Income USD 0.017740 USD 0.029850 USD 0.029771 USD 0.030680 USD 0.022063 USD 0.029364





29 December

2017

31 January

2018

28 February

2018

29 March

2018

30 April

2018

31 May

2018

29 June

2018


Class F (GBP) Hedged Income USD 0.059435 USD 0.066381 USD 0.055392 USD 0.064715 USD 0.062455 USD 0.056224 USD 0.055625

Class F (USD) Income USD 0.044420 USD 0.048475 USD 0.039839 USD 0.046768 USD 0.044780 USD 0.042128 USD 0.042359





317



Merian Financials Contingent Capital Fund (continued)

31 July

2018

31 August

2018

28 September

2018

31 October

2018

30 November

2018

31 December

2018


Class F (GBP) Hedged Income USD 0.061145 USD 0.061493 USD 0.056223 USD 0.064517 USD 0.058895 USD 0.061169

Class F (USD) Income USD 0.047178 USD 0.048581 USD 0.043830 USD 0.050449 USD 0.046626 USD 0.049323


The following Sub-Funds made no distribution in the financial year ended 31 December 2018:



















318


For the financial year ended 31 December 2017

Old Mutual Global Strategic Bond Fund (IRL)

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017




Class C (USD) Income USD 0.015716 USD 0.012364 USD 0.012734 USD - USD - USD - USD -



31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017




Class C (USD) Income USD - USD - USD - USD - USD - USD -



Old Mutual US Equity Income Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017


Class B (USD) Income USD 0.055044 USD - USD - USD 0.061505 USD - USD - USD 0.060615

Class C (USD) Income USD 0.055776 USD - USD - USD 0.062239 USD - USD - USD 0.061213

Class C2 (USD) Income USD 0.007200 USD - USD - USD 0.054600 USD - USD - USD 0.053600

Class I (EUR) Income USD 0.060844 USD - USD - USD 0.068294 USD - USD - USD 0.067459

Class I (USD) Income USD 0.051598 USD - USD - USD 0.057903 USD - USD - USD 0.057189

Class R (GBP) Income USD 0.092874 USD - USD - USD 0.104446 USD - USD - USD 0.103485

Class U1 (GBP) Income USD - USD - USD - USD - USD - USD - USD 0.021422





319



Old Mutual US Equity Income Fund (continued)

31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class A (USD) Income USD - USD - USD 0.063754 USD - USD 0.049860 USD 0.027232

Class B (USD) Income USD - USD - USD 0.05885 USD - USD 0.045897 USD 0.024947

Class C (USD) Income USD - USD - USD 0.059351 USD - USD 0.046263 USD 0.025130

Class C2 (USD) Income USD - USD - USD 0.052016 USD - USD 0.040775 USD 0.022231

Class I (EUR) Income USD - USD - USD 0.065725 USD - USD 0.051488 USD 0.028049

Class I (USD) Income USD - USD - USD 0.055710 USD - USD 0.043644 USD 0.023774

Class R (GBP) Income USD - USD - USD 0.100935 USD - USD 0.079049 USD 0.042840

Class U1 (GBP) Income USD - USD - USD 0.068810 USD - USD 0.053917 USD 0.029671

Class U2 (GBP) Income USD - USD - USD 0.083778 USD - USD 0.065495 USD 0.035874

Old Mutual North American Equity Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017

Class P2 (GBP) Income USD - USD - USD - USD - USD - USD - USD -

Class P2 (USD) Income USD - USD - USD - USD - USD - USD - USD -

31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class P2 (GBP) Income USD - USD - USD - USD - USD - USD 0.011770

Class P2 (USD) Income USD - USD - USD - USD - USD - USD 0.008967

Old Mutual Total Return USD Bond Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017






Class C2 (AUD) Hedged Income (F) USD - USD - USD - USD 0.036786 USD 0.036071 USD 0.036149 USD 0.035446






320



Old Mutual Total Return USD Bond Fund (continued)

31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017









Old Mutual Emerging Market Debt Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017

Class A (GBP) Income USD 0.255457 USD - USD - USD 0.251988 USD - USD - USD 0237225

Class A (SGD) Hedged Income USD 0.037940 USD 0.038374 USD 0.036389 USD 0.038786 USD 0.035636 USD 0.038331 USD 0.034893






31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class A (GBP) Income USD - USD - USD - USD - USD - USD -

Class A (SGD) Hedged Income USD 0.035646 USD 0.028601 USD 0.033302 USD 0.032445 USD 0.032627 USD 0.020812







30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017

Class A (GBP) Income EUR 0.111066 EUR - EUR - EUR - EUR - EUR - EUR 0.275122

Class U2 (GBP) Income EUR 0.083762 EUR - EUR - EUR - EUR - EUR - EUR 0.208461

31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class A (GBP) Income EUR - EUR - EUR - EUR - EUR - EUR 0.096833

Class U2 (GBP) Income EUR - EUR - EUR - EUR - EUR - EUR 0.073680




321



Old Mutual Investment Grade Corporate Bond Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017

Class A (GBP) Hedged Income USD 0.099744 USD - USD - USD 0.096821 USD - USD - USD 0.103937


Class R (GBP) Hedged Income USD 0.099115 USD - USD - USD - USD - USD - USD -

Class S (GBP) Hedged Income USD 0.106413 USD - USD - USD 0.103413 USD - USD - USD 0.111220


31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class A (GBP) Hedged Income USD - USD - USD 0.105104 USD - USD - USD 0.108395

Class A (USD) Income USD - USD - USD 0.083220 USD - USD - USD 0.084819

Class R (GBP) Hedged Income USD - USD - USD - USD - USD - USD -

Class S (GBP) Hedged Income USD - USD - USD 0.112644 USD - USD - USD 0.116278

Class U1 (GBP) Hedged Income USD - USD - USD 0.104376 USD - USD - USD 0.107728

Old Mutual Global Emerging Markets Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017

Class U2 (GBP) Income USD 0.029008 USD - USD 0.010549 USD 0.021027 USD 0.022212 USD 0.017725 USD -

31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class U2 (GBP) Income USD - USD - USD - USD - USD - USD -

Old Mutual Asian Equity Income Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017










322



Old Mutual Asian Equity Income Fund (continued)

31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017




Class R (GBP) Income USD - USD - USD - USD - USD - USD -



Old Mutual Local Currency Emerging Market Debt Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017

Class A (AUD) Hedged Income (F) USD - USD - USD - USD 0.057357 USD 0.056500 USD 0.056782 USD 0.056742



Class A (USD) Income (F) USD - USD - USD - USD 0.066800 USD 0.067300 USD 0.067742 USD 0.067590




Class C2 (AUD) Hedged Income (F) USD - USD - USD - USD 0.057357 USD 0.056455 USD 0.056639 USD 0.056570





31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class A (AUD) Hedged Income (F) USD 0.059439 USD 0.059255 USD 0.058182 USD 0.055013 USD 0.054828 USD 0.057377















323



Old Mutual UK Alpha Fund (IRL)

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017

Class A (GBP) Income GBP 0.059556 GBP - GBP - GBP 0.076554 GBP - GBP - GBP 0.109506

Class A (USD) Income GBP 0.037260 GBP - GBP - GBP 0.047899 GBP - GBP - GBP 0.068430

Class I (USD) Hedged Income GBP 0.056957 GBP - GBP - GBP 0.073687 GBP - GBP - GBP 0.102700

Class R (GBP) Income GBP 0.063049 GBP - GBP - GBP 0.081291 GBP - GBP - GBP 0.116626



31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class A (GBP) Income GBP - GBP - GBP 0.078414 GBP - GBP - GBP 0.059424

Class A (USD) Income GBP - GBP - GBP 0.048950 GBP - GBP - GBP 0.037099

Class I (USD) Hedged Income GBP - GBP - GBP 0.071947 GBP - GBP - GBP -

Class R (GBP) Income GBP - GBP - GBP 0.083753 GBP - GBP - GBP 0.063579



Old Mutual UK Smaller Companies Focus Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017

Class R (GBP) Income GBP 0.000717 GBP - GBP - GBP - GBP - GBP - GBP -

Class U1 (GBP) Income GBP 0.056250 GBP - GBP - GBP - GBP - GBP - GBP -

31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class R (GBP) Income GBP - GBP - GBP - GBP - GBP - GBP -

Class U1 (GBP) Income GBP - GBP - GBP - GBP - GBP - GBP -

Old Mutual Global Strategic Absolute Return Bond Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017

Class A (GBP) Hedged Income USD - USD - USD - USD - USD - USD - USD 0.003083

Class R (GBP) Hedged Income USD 0.000038 USD - USD - USD 0.000749 USD - USD - USD 0.004553


31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class A (GBP) Hedged Income USD - USD - USD - USD - USD - USD -

Class R (GBP) Hedged Income USD - USD - USD 0.007893 USD - USD - USD 0.002077

Class U1 (GBP) Hedged Income USD - USD - USD 0.036957 USD - USD - USD -




324



Old Mutual Pan African Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017

Class U3 (USD) Hybrid USD 0.018798 USD - USD - USD - USD - USD - USD -

31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class U3 (USD) Hybrid USD - USD - USD - USD - USD - USD 0.024926

Old Mutual Monthly Income High Yield Bond Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017

Class A (GBP) Income USD 0.072831 USD 0.075650 USD 0.071728 USD 0.086265 USD 0.069988 USD 0.082033 USD -



Class N (USD) Income USD - USD 0.034470 USD - USD - USD - USD - USD -

Class R (GBP) Hedged Income USD 0.059999 USD 0.061599 USD 0.059099 USD 0.069799 USD 0.057999 USD 0.070299 USD 0.065515

Class U1 (GBP) Income USD 0.073723 USD 0.076803 USD 0.072787 USD 0.087407 USD 0.071036 USD 0.083509 USD -


Class X (GBP) Hedged Income USD 0.060476 USD 0.062245 USD 0.059837 USD 0.070750 USD 0.059042 USD 0.071021 USD 0.664780

31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class A (GBP) Income USD - USD - USD - USD - USD - USD -



Class N (USD) Income USD - USD - USD - USD - USD - USD -

Class R (GBP) Hedged Income USD - USD - USD - USD - USD - USD -

Class U1 (GBP) Income USD - USD - USD - USD - USD - USD -


Class X (GBP) Hedged Income USD 0.066883 USD 0.061893 USD 0.063280 USD 0.065517 USD 0.064074 USD 0.060999

Old Mutual Europe (ex UK) Smaller Companies Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017

Class R (GBP) Income EUR 0.364884 EUR - EUR - EUR - EUR - EUR - EUR -

Class UI (EUR) Income EUR 0.235543 EUR - EUR - EUR - EUR - EUR - EUR -

Class UI (GBP) Income EUR 0.367454 EUR - EUR - EUR - EUR - EUR - EUR -




325



Old Mutual Europe (ex UK) Smaller Companies Fund (continued)

31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class R (GBP) Income EUR - EUR - EUR - EUR - EUR - EUR 0.398319

Class UI (EUR) Income EUR - EUR - EUR - EUR - EUR - EUR 0.257725

Class UI (GBP) Income EUR - EUR - EUR - EUR - EUR - EUR 0.403199

Old Mutual Global Equity Income Fund (IRL)

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017



Class I (USD) Income USD - USD - USD - USD - USD 0.008438 USD 0.024987 USD 0.025102



31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017






Old Mutual Financials Contingent Capital Fund

30 December

2016

31 January

2017

28 February

2017

31 March

2017

28 April

2017

31 May

2017

30 June

2017

Class A (USD) Income USD - USD - USD - USD - USD - USD - USD -

Class I (USD) Income USD - USD - USD - USD - USD - USD - USD -

Class F (GBP) Hedged Income USD - USD - USD - USD - USD - USD - USD -

Class F (USD) Income USD - USD - USD - USD - USD - USD - USD -

31 July

2017

31 August

2017

29 September

2017

31 October

2017

30 November

2017

29 December

2017

Class A (USD) Income USD - USD - USD - USD - USD - USD 0.031800

Class I (USD) Income USD - USD 0.019621 USD 0.049219 USD 0.048738 USD 0.047766 USD 0.044469

Class F (GBP) Hedged Income USD - USD 0.025211 USD 0.065290 USD 0.064208 USD 0.062876 USD 0.059435

Class F (USD) Income USD - USD 0.020023 USD 0.049122 USD 0.048657 USD 0.047700 USD 0.044420




326


The following Sub-Funds made no distribution in the financial year ended 31 December 2017:

Old Mutual China Equity Fund

Old Mutual World Equity Fund

Old Mutual Pacific Equity Fund

Old Mutual European Equity Fund

Old Mutual Japanese Equity Fund


Old Mutual UK Dynamic Equity Fund

Old Mutual Global Equity Absolute Return Fund

Old Mutual Gold & Silver Fund





Old Mutual UK Specialist Equity Fund

Old Mutual Style Premia Absolute Return Fund

11. Financial Instruments and Associated Risks

In pursuing its investment objectives, the Company holds financial derivative instruments. The Company’s

financial derivative instruments held at 31 December 2018 and at 31 December 2017 are disclosed in the

Portfolio of Investments.

Efficient Portfolio Management (“EPM”)

The Company may employ investment techniques and instruments for efficient portfolio management

purposes and for hedging purposes, subject to the conditions and within the limits from time to time laid

down by the Central Bank under the UCITS Regulations, 2011 and in the Prospectus. These techniques and

instruments may be exchange-traded or over-the-counter derivatives and shall include futures (such as

currency future contracts), options, options on futures, currency exchange contracts, convertible

securities, hybrid securities, structured notes, credit default swaps and swap agreements. For financial

derivative instruments that were entered into during the financial year which remained open at year end

and the resulting amount of commitments/exposures, please refer to the Portfolio of Investments.

Efficient portfolio management transactions relating to the assets of a Sub-Fund may be entered into by

the Investment Manager with one of the following aims:

a) a reduction of risk;

b) a reduction of cost with no increase or a minimal increase in risk;

c) generation of additional capital or income with no, or an acceptably low level of risk (relative to the

expected return) and the diversification requirements in accordance with the Central Bank’s Regulations.

In relation to efficient portfolio management operations the Investment Manager will look to ensure that

the techniques and instruments used are economically appropriate in that they will be realised in a cost-

effective way. The use of efficient portfolio management techniques will only be used in line with the best

interests of a Sub-Fund. The use of FDI (“Financial Derivative Instruments”) and efficient portfolio

management techniques for the purposes outlined above will expose the Company to the risks including,

but not limited to, market risk, global derivative exposure as Value-at-Risk (“VaR”) approach. Please refer

to the Portfolio of Investments for range of FDIs which the Sub-Fund may have used for efficient portfolio

management purposes during the year under review.

Where necessary, the Company will accept collateral from its counterparties in order to reduce

counterparty risk exposure generated through the use of over the counter derivative instruments and EPM

techniques. The type and amount of collateral received is outlined in Note 7.




327

11. Financial Instruments and Associated Risks (continued)

Efficient Portfolio Management (“EPM”) (continued)

For UCITS which have engaged in EPM techniques disclosures are required under the Central Bank UCITS

Regulations. A UCITS is required to disclose the revenues arising from EPM techniques for the entire reporting

year together with the direct and indirect operational costs and fees incurred, unless the costs associated

with EPM techniques are embedded and not separately identifiable.

All revenues from EPM techniques, net of direct and indirect operational costs, will be returned to the

relevant Sub-Fund. Any direct and indirect operational costs/fees arising from EPM techniques do not

include hidden revenue. Any gains or losses arising from EPM techniques and investments are recognised

in the Statement of Operations.

Repurchase, reverse repurchase and stock lending arrangements are EPM techniques. The Sub-Funds did

not engage in any repurchase, reverse repurchase and stock lending arrangements during the financial

year.

Futures contracts will be used to hedge against market risk or gain exposure to an underlying market.

Currency exchange contracts will be used to hedge or gain exposure to an increase in the value of an

asset, currency, or deposit. Options will be used to hedge or achieve exposure to a particular market

instead of using a physical security. Swaps (including swaptions) will be used to achieve profit as well as to

hedge existing long positions. Currency exchange contracts will be used to reduce the risk of adverse

market changes in exchange rates or to increase exposure to foreign currencies or to shift exposure to

foreign currency fluctuations from one country to another. Credit default swaps will be used to isolate and

transfer the exposure to or transfer the credit risk associated with a reference asset or index of reference

assets.

The Company may, for the purposes of efficient portfolio management, enter into futures contracts,

currency exchange contracts, options, swaps, swaptions, convertible securities and structured notes, in

order to hedge currency and market exposure and/or for investment purposes. Futures, swaps, options,

swaptions and currency exchange contracts open as at 31 December 2018 are disclosed in the Portfolio

of Investments.

Risk is inherent in the activities of each Sub-Fund but it is managed through a process of ongoing

identification, measurement and monitoring, subject to risks limits and other controls. The main risks arising

from the Company’s financial instruments are market risk, liquidity risk and credit risk.

(a) Market Price Risk

Market price risk results mainly from uncertainty about the future prices of financial instruments held. It

represents the potential loss a Sub-Fund may suffer through holding market positions in the face of market

movements and changes in exchange rates.

The Sub-Funds manage the risk by ensuring careful selection of securities and other financial instruments

within the specified limits detailed in the Prospectus. In practice, the actual trading results may differ from

the sensitivity analysis below and the difference could be material.




328


(a) Market Price Risk (continued)

The following tables highlight the market price risk associated with the various financial instruments held by

the Company, the market price risk of futures is shown separately by Sub-Fund. Financial derivative

instruments other than Contracts for Difference and Futures do not include market price risk.

If the price of each of these investments to which the Sub-Funds had exposure at year end had increased

or decreased by 5% with all other variables held constant, this would have increased or decreased net

assets attributable to holders of redeemable shares as below.

31-Dec-18 31-Dec-18 31-Dec-17 31-Dec-17

USD USD USD USD

Merian Global

Investors

Series Plc

Impact of 5%

price increase

Merian Global

Investors

Series Plc

Impact of 5%

price increase

Fair Value Fair Value

Equities 14,801,890,137 740,094,507 16,110,027,492 805,501,375

Government Bonds 3,084,577,674 154,228,884 2,973,647,269 148,682,363

Corporate Bonds 515,934,993 25,796,750 669,826,662 33,491,333

Asset Backed Securities 14,791,527 739,576 23,107,009 1,155,350

Investment Funds 538,989,235 26,949,462 431,402,503 21,570,125

Contracts for Difference 293,559,527 (511,710,440) (113,003,083) (519,966,743)

31-Dec-18 31-Dec-18 31-Dec-17 31-Dec-17

Merian Global

Investors

Series Plc

Impact of 5%

price increase

Merian Global

Investors

Series Plc

Impact of 5%

price increase

Futures Nominal Nominal

Merian China Equity Fund - - 1,350,317 67,516

Merian Global Strategic Bond Fund (IRL) 678,982 33,949 (301,197) (15,111)

Merian World Equity Fund 465,878 23,294 7,640,232 382,012

Merian Pacific Equity Fund 877,275 43,864 9,737,953 486,898

Old Mutual Japanese Equity Fund^ - - 272,925,000 13,646,250

Merian US Equity Income Fund 10,652,625 532,631 4,041,750 202,088

Merian North American Equity Fund 21,305,250 1,065,263 22,633,800 1,131,690

Merian Total Return USD Bond Fund 34,309,102 1,715,455 162,617,887 8,130,894

Merian Emerging Market Debt Fund - - (11,771,875) (588,594)

Merian Investment Grade Corporate

Bond Fund

826,400 41,320 (8,567,679) (428,384)

Merian Asian Equity Income Fund 3,007,800 150,390 21,264,470 1,063,223

Merian Local Currency Emerging Market

Debt Fund

- - (18,750,804) (937,540)

Merian Strategic Absolute Return Bond

Fund^^^

(121,064,115) (6,053,206) (68,751,493) (3,438,091)

Merian Global Equity Income Fund (IRL) 1,740,920 87,046 11,370,556 568,528

Old Mutual Compass Portfolio 2 2,040,426 102,021 1,160,469 58,023

Old Mutual Compass Portfolio 3 33,888,903 1,694,445 26,680,477 1,334,024

Old Mutual Compass Portfolio 4 18,800,948 940,047 53,255,219 2,662,761

Old Mutual Compass Portfolio 5 32,372 1,619 11,123,927 556,196

If the price of each of the underlying investments to which the Company had exposure at 31 December

2018 and at 31 December 2017 had increased by 5%, with all other variables held constant, the impact is

as shown in the tables above. Conversely, if the price of each of the underlying investments to which the

relevant Company has exposure had decreased by 5%, this would have an equal but opposite effect on

net assets attributable to holders of redeemable participating shares.




329


(a) Market Price Risk (continued)

The above analysis is strictly a mathematical exercise and has many improbable assumptions including,

(i) stocks of financial services companies perform exactly in line with the broad equities market (ii) both

long and short positions in the portfolio perform exactly in line with stocks of financial services companies

and (iii) the Investment Manager does not change the composition of the portfolio intra-period (Investors

and prospective investors should not place any reliance on this analysis, as the actual effect of a 5%

change in equity prices will differ materially from the effect described in the above). The Investment

Manager does not believe this analysis should be used to assess the risk or potential performance of its

strategy.

Adherence to the investment guidelines and to investment and borrowing powers set out in the instrument

of incorporation, the Prospectus and the notices issued by the Central Bank mitigates the risk of excessive

exposure per industry to any particular type of security or issuer.

Each Sub-Fund’s market risk is managed on a daily basis by Merian Global Investors (UK) Limited and the

policies and processes are detailed in the Company's risk management process. Each Sub-Fund's overall

market positions are advised on a regular basis to the Board of Directors.

Emerging markets provide new investment opportunities, such as elevated economic growth rates, higher

expected returns and diversification benefits. Accordingly, these markets may be insufficiently liquid and

levels of volatility in price movements may be greater than those experienced in more developed

economies and markets. The value of the assets of a Sub-Fund investing in developing markets may be

adversely affected by uncertainties. There can be no assurance that the Sub-Funds will achieve their

investment objectives.




330


(b) Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial

liabilities. The Company’s constitutional documents provides for the creation and cancellation of Shares

on each Dealing Day and it is therefore exposed to the liquidity risk of meeting shareholder redemptions

at any time. Assets from a Sub-Fund may need to be sold if insufficient cash is available to finance

redemptions.

The Sub-Funds’ listed securities are considered to be readily realisable as they are principally listed on Major

European, Asian and US stock exchanges.

In the case of transferable securities not traded on a Regulated Market liquidity is not automatically

presumed. The Sub-Funds therefore assess the liquidity of such securities where this is necessary. If the

security is assessed as insufficiently liquid to meet foreseeable redemption requests the security must only

be bought or held if the other securities held in the portfolio are deemed sufficiently liquid so as to be able

to ensure compliance with Regulation 104(1) of the UCITS Regulations.

Therefore before making an investment, the Investment Manager may consider in relation to liquidity risk:

1. The volume and turnover in the transferable security;

2. If price is determined by supply and demand in the market, the issue size and the portion of the issue

that the investment manager plans to buy;

3. The opportunity and timeframe to buy or sell the transferable security; and

4. The quality of the secondary market in a transferable security and an analysis of the quality and

number of intermediaries and market makers available for that security.

The risks associated with securities in which the Sub-Funds have invested are assessed on an ongoing basis.

The Company considers that, as at the reporting date, all of the investments shown in the Portfolio

Statement would have been realisable at the Dealing Day, other than the Level 3 investments as detailed

in Note 11.

The Company may temporarily suspend the repurchase of Shares in any Fund. No suspensions have taken

place during the financial year. More information on this type of liquidity risk can be found in the

Prospectus.




331


(b) Liquidity risk (continued)

Inflows and Outflows from currency exchange contracts and liabilities of other derivatives are detailed in the tables below. All other liabilities disclosed in the

Statement of Financial Position on pages 223 to 231 are settled within 1 - 3 months.

31 December 2018

Sub-Fund

Sub-Fund CCY 1-3 Months 3 Months - 1 Year >1 Year

Merian Global Strategic Bond Fund (IRL) USD (16,014) - (3,871)

Merian World Equity Fund USD (10,619) - -

Merian Pacific Equity Fund USD (16,531) - -

Merian US Equity Income Fund USD (73,123) - -

Merian North American Equity Fund USD (32,371) - -

Merian Total Return USD Bond Fund USD (1,048,042) - -

Merian Investment Grade Corporate Bond Fund USD (7,317) - (7,582)

Merian Asian Equity Income Fund USD (12,259) - -

Merian Local Currency Emerging Market Debt Fund USD - (5,323) -

Merian UK Dynamic Equity Fund GBP - - (324,137)

Merian Global Equity Absolute Return Fund USD - - (199,332,051)

Merian Strategic Absolute Return Bond Fund^^^ USD (948,662) - (179,451)

Merian Global Equity Income Fund (IRL) USD (37,038) - -

Old Mutual Compass Portfolio 2 USD (35,481) (19,000) -




Merian UK Specialist Equity Fund GBP - - (4,238,929)

Merian Style Premia Absolute Return Fund USD - (1,667,239) (2,553,735)

Merian Financials Contingent Capital Fund USD - - (223,610)




332



Currency Exchange Contracts

Inflows Outflows

Sub-

Fund <1 Month 1-3 Months

3 Months

- 1 Year <1 Month 1-3 Months

3 Months

- 1 Year

Sub-Fund CCY Merian China Equity Fund USD 1,718,085 - - (1,718,300) - -

Merian Global Strategic Bond Fund (IRL) USD 9,408,985 - - (9,383,116) - -

Merian World Equity Fund USD 7,084,856 - - (7,073,677) - -

Merian US Equity Income Fund USD 3,307,073 - - (3,301,778) - -

Merian North American Equity Fund USD 84,365,582 - - (83,772,234) - -

Merian Total Return USD Bond Fund USD 13,224,816 - - (13,207,398) - -

Merian Emerging Market Debt Fund USD 24,581,540 39,784,977 - (24,540,374) (39,972,353) -

Old Mutual European Best Ideas Fund EUR 612,361 - - (613,502) - -

Merian Investment Grade Corporate Bond Fund USD 10,338,261 - - (10,350,928) - -

Merian Local Currency Emerging Market Debt Fund USD 250,234,233 250,794,978 - (250,490,072) (250,539,511) -

Merian UK Alpha Fund (IRL) GBP 1,012,154 - - (1,019,803) - -

Merian UK Dynamic Equity Fund GBP 5,119,303 - - (5,143,656) - -

Merian Global Equity Absolute Return Fund USD 13,484,964,468 2,625,570,472 - (13,453,814,148) (2,640,614,204) -

Merian Strategic Absolute Return Bond Fund^^^ USD 341,464,284 - - (341,082,895) - -

Merian Europe (ex UK) Smaller Companies Fund EUR 3,142,753 - - (3,135,009) - -

Merian Gold & Silver Fund USD 651,336 - - (652,023) - -

Old Mutual Compass Portfolio 2 USD 27,800,355 - - (27,693,754) - -




Merian UK Specialist Equity Fund GBP 122,155,682 - - (122,987,810) - -

Merian Style Premia Absolute Return Fund USD 90,221,567 - - (89,493,612) - -

Merian Financials Contingent Capital Fund USD 309,479,085 - - (309,727,300) - -




333



31 December 2017

Sub-Fund

Sub-Fund CCY 1-3 Months 3 Months - 1 Year >1 Year

Old Mutual Global Strategic Bond Fund (IRL) USD (24,976) - -

Old Mutual World Equity Fund USD (35,198) - -

Old Mutual Pacific Equity Fund USD (22,065) - -

Old Mutual Total Return USD Bond Fund USD (1,491,963) - -

Old Mutual Investment Grade Corporate Bond Fund USD (15,583) - -

Old Mutual Asian Equity Income Fund USD (92,368) - -

Old Mutual UK Dynamic Equity Fund GBP - - (300,691)

Old Mutual Global Equity Absolute Return Fund USD - - (229,043,354)

Old Mutual Global Strategic Absolute Return Bond Fund USD (75,560) - -

Old Mutual Global Equity Income Fund (IRL) USD (55,291) - -

Old Mutual Compass Portfolio 2 USD (14,927) - -




Old Mutual UK Specialist Equity Fund GBP - - (8,595,480)

Old Mutual Style Premia Absolute Return Fund USD - - (1,921,942)




334



Currency Exchange Contracts

Inflows Outflows

Sub-

Fund <1 Month 1-3 Months

3 Months

- 1 Year <1 Month 1-3 Months

3 Months -

1 Year

Sub-Fund CCY Old Mutual Global Strategic Bond Fund (IRL) USD 3,412,210 850,908 - (3,427,143) (849,242) -

Old Mutual World Equity Fund USD - 18,064,310 - - (17,889,400) -

Old Mutual Japanese Equity Fund JPY - 360,488,489 - - (361,402,363) -

Old Mutual US Equity Income Fund USD - 36,064,556 - - (35,718,145) -

Old Mutual North American Equity Fund USD - 41,475,205 - - (41,152,849) -

Old Mutual Total Return USD Bond Fund USD 28,494,193 31,006,890 - (28,599,005) (30,559,192) -

Old Mutual Emerging Market Debt Fund USD 11,927,495 24,966,868 - (11,809,261) (24,722,458) -

Old Mutual European Best Ideas Fund EUR - 1,135,956 - - (1,146,971) -

Old Mutual Investment Grade Corporate Bond Fund USD 10,489,068 7,091,412 - (10,553,141) (6,973,851) -

Old Mutual Local Currency Emerging Market Debt Fund USD 140,582,650 93,914,446 9,597,250 (139,391,383) (92,499,089) (9,794,144)

Old Mutual UK Alpha Fund (IRL) GBP - 1,047,336 - - (1,055,723) -

Old Mutual UK Dynamic Equity Fund GBP - 15,298,204 - - (15,270,753) -

Old Mutual Global Equity Absolute Return Fund USD 2,839,762,399 12,092,380,385 - (2,869,873,270) (12,024,676,903) -

Old Mutual Global Strategic Absolute Return Bond Fund USD 61,971,436 279,142,091 - (62,494,528) (278,457,041) -

Old Mutual Monthly Income High Yield Bond Fund USD 27,124,860 96,548,256 - (27,439,815) (95,797,445) -

Old Mutual Europe (Ex UK) Smaller Companies Fund EUR - 8,611,569 - - (8,637,725) -

Old Mutual Compass Portfolio 2 USD - 25,509,005 - - (25,380,047) -




Old Mutual UK Specialist Equity Fund GBP - 123,116,159 - - (123,460,501) -

Old Mutual Style Premia Absolute Return Fund USD 3,693,073 108,514,516 - (3,752,770) (107,686,780) -

Old Mutual Financials Contingent Capital Fund USD 154,840,958 134,749,797 - (156,196,597) (133,701,915) -




335


(c) Credit Risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or

commitment that it has entered into with the Sub-Fund. Credit risk is monitored in accordance with the

UCITS Regulations.

This risk exists in relation to the transactions the Company enters into with brokers, banks and other third

parties. However investments in equities are not exposed to credit risk except for exposure to the Depositary

which is periodically monitored by the Company.

Credit risk arises from receivables from investee funds relating to redemptions or transactions awaiting

settlement. Risk relating to unsettled receivables is considered small due to the short settlement period

involved and the due diligence permitted on the investee funds. The maximum exposure related to

unsettled is included in other assets and other liabilities in the Statement of Financial Position.

The Investment Manager ensures that the ratings and limits for counterparties are adhered to.

Risk exposure may be reduced where the counterparty will provide the Sub-Fund with collateral, subject

to certain conditions. The Investment Manager is responsible for ensuring this collateral meets the relevant

criteria set out in UCITS Regulations. Details of collateral pledged and received as at 31 December 2018 is

disclosed in Note 7. Cash due from/to broker balances held with counterparties at 31 December 2018 are

disclosed in Note 7. This amount is the minimum required by the brokers and counterparties for collateral

requirements.

Credit default swaps will be used to isolate and transfer the exposure to or transfer the credit risk associated

with a reference asset or index of reference assets. Credit default swaps provide a measure of protection

against defaults of debt issuers. The Sub-Funds’ use of credit default swaps does not assure their use will be

effective or will have the desired result. If a Sub-Fund is the buyer of a credit default swap, it would be

entitled to receive the agreed-upon value (or par) of a referenced debt obligation from the counterparty

to the swap on the occurrence of certain credit events in relation to the relevant reference entity. In

circumstances in which a Sub-Fund does not own the debt securities that are deliverable under a credit

default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market.

The Sub-Fund may not be able to realise the full value of the credit default swap upon a default by the

reference entity. As a seller of credit default swaps, a Sub-Fund incurs exposure to the credit of the

reference entity and is subject to many of the same risks it would incur if it were holding debt securities

issued by the reference entity. The notional amounts and counterparties for purchased and sold protection

are disclosed in the Portfolio Statements. The credit rating of the counterparties can be found below.

The Company minimises concentration of credit risk by undertaking transactions with a large number of

customers and counterparties on recognised and reputable exchanges.




336


(c) Credit Risk (continued)

The table below shows the S&P long term credit ratings of the derivative counterparties and the financial

institutions with whom deposits credit institutions are invested:

Rating

Counterparty Name 2018 2017

Australia and New Zealand Bank AA- -

Bank of America Merrill Lynch A+ -

Barclays BBB -

BNP Paribas A-1 -

Canadian Imperial Bank of Commerce A+ -

Citibank A+ -

Credit Suisse BBB+ -

Danske Bank A A

Deutsche Bank BBB+ A-

Goldman Sachs A+ A+

HSBC A AA-

ING A+ -

JP Morgan A+ -

Lloyds Bank BBB+ -

Morgan Stanley A+ A+

Nomura A-2 A-

Royal Bank of Scotland BBB- BBB-

Societe Generale A+ A

State Street A AA-

Toronto Dominion Bank AA- AA-

UBS A- -

The long term credit rating of the parent Company of the Depositary and Sub-Custodian, Citibank N.A. is

A1.




337



The Sub-Funds are also exposed to the credit risk inherent in bond instruments to which they invest. The following table sets out the credit risk at 31 December

2018:

31 December 2018 CCY

Investment grade % of

debt securities

Non-investment

grade % of debt

securities

Not rated % of debt

securities

Total % of debt

securities

Merian Global Strategic Bond Fund (IRL) USD 18.20% 11.21% 70.59% 100.00%

Merian Total Return USD Bond Fund USD 82.22% 3.98% 13.80% 100.00%

Merian Emerging Market Debt Fund USD 19.74% 52.61% 27.65% 100.00%

Merian Investment Grade Corporate Bond Fund USD 85.76% 4.99% 9.25% 100.00%

Merian Local Currency Emerging Market Debt Fund USD 31.75% 21.75% 46.50% 100.00%

Merian Global Equity Absolute Return Fund USD - - 100.00% 100.00%

Merian Strategic Absolute Return Bond Fund^^^ USD 16.67% 15.98% 67.35% 100.00%

Old Mutual Pan African Fund^^ USD - - - -

Old Mutual Monthly Income High Yield Bond Fund^^^^ USD - - - -

Old Mutual Compass Portfolio 2 USD 39.18% - 60.82% 100.00%



Old Mutual Compass Portfolio 5 USD - - - -

Merian UK Specialist Equity Fund GBP - - 100.00% 100.00%

Merian Style Premia Absolute Return Fund USD - - 100.00% 100.00%

Merian Financials Contingent Capital Fund USD 3.31% 52.54% 44.15% 100.00%




338



The following table sets out the credit risk at 31 December 2017:

31 December 2017 CCY

Investment grade % of

debt securities Non-investment grade

% of debt securities Not rated % of debt

securities Total % of debt

securities

Old Mutual Global Strategic Bond Fund (IRL) USD 23.49% - 76.51% 100.00%

Old Mutual Total Return USD Bond Fund USD 86.62% 0.10% 13.62% 100.00%

Old Mutual Emerging Market Debt Fund USD 72.52% 4.53% 22.95% 100.00%

Old Mutual Investment Grade Corporate Bond Fund USD 87.27% - 12.73% 100.00%

Old Mutual Local Currency Emerging Market Debt Fund USD 53.57% - 46.43% 100.00%

Old Mutual Global Equity Absolute Return Fund USD - - 100.00% 100.00%

Old Mutual Strategic Absolute Return Bond Fund USD 18.59% - 81.41% 100.00%

Old Mutual Pan African Fund USD - - 100.00% 100.00%

Old Mutual Monthly Income High Yield Bond Fund USD 85.06% 10.86% 4.08% 100.00%





Old Mutual Style Premia Absolute Return Fund USD - - 100.00% 100.00%

Old Mutual Financials Contingent Capital Fund USD 53.99% - 46.01% 100.00%




339


(d) Interest Rate Risk

Interest rate risk is the risk that the value of the Sub-Funds’ investments will fluctuate as a result of changes

in interest rates.

The Company’s interest-bearing financial assets and liabilities expose it to risks associated with the effects

of fluctuations in the prevailing levels of market interest rates on its financial position and cash flows. Details

of interest rates applicabe at 31 December 2018 are outlined in the Portfolio of Investments. Interest

receivable on bank deposits and payable on bank overdrafts will be affected by fluctuations in interest

rates, as will Floating Rate Bonds. All other assets and liabilities of the Sub-Funds are non-interest bearing.

The interest rate profile of each Sub-Fund’s financial assets as at 31 December 2018 was as follows:


Weighted Average Interest Rate Weighted Average Period To Maturity

Currency (In Years)

Argentina Peso 3.75% 0.11

Brazilian Real 10.00% 8.01

Euro 1.86% 8.38

Indian Rupee 6.20% 7.77

Indonesian Rupiah 6.13% 9.38

Japanese Yen 0.10% 7.51

Mexican Peso 7.75% 11.28

Pound Sterling 3.25% 13.09

Russian Ruble 7.33% 8.81

South African Rand 10.10% 12.81

Turkish Lira 10.70% 2.13

United States Dollar 1.38% 6.90

Uruguay Peso 9.88% 3.47



Currency (In Years)




Currency (In Years)



Egyptian Pound 15.70% 8.86

Euro 3.79% 8.50




Currency (In Years)

Euro 1.90% 9.32






340


(d) Interest Rate Risk (continued)



Currency (In Years)



Chilean Peso 4.87% 10.14

Colombian Peso 7.91% 7.87

Dominican Republic Peso 11.25% 8.10


Hungarian Forint 2.51% 5.81



Kazakhstan Tenge 9.50% 1.96

Malaysian Ringgit 3.84% 5.39


New Ghana Cedi 19.00% 5.82

Peruvian Nuevo Sol 6.16% 13.60

Polish Zloty 2.75% 6.29

Romanian Leu 4.19% 5.84


Serbian Dinar 5.88% 9.11


Thailand Baht 3.60% 16.10



Zambian Kwacha 11.00% 1.17



Currency (In Years)



Euro 1.88% 8.37










Uruguayan Peso 9.88% 3.47



Currency (In Years)






341





Currency (In Years)





Currency (In Years)





Currency (In Years)

Euro 6.50% 31.02

The interest rate profile of each Sub-Fund’s financial assets as at 31 December 2017 was as follows:



Currency (In Years)

Australian Dollar 2.75% 10.53

Canadian Dollar 1.00% 9.42

Euro 1.84% 10.83








Currency (In Years)




Currency (In Years)

Nigerian Naira 4.62% 5.49




Currency (In Years)

Euro 1.37% 8.20






342





Currency (In Years)



Chilean Peso 4.86% 11.25

Colombian Peso 8.19% 6.84

Dominican Republic Peso 13.44% 6.46


Hungarian Forint 3.79% 9.08



Kazakhstan Tenge 9.50% 2.96

Malaysian Ringgit 3.85% 7.01


New Ghana Cedi 19.00% 6.82

Nigerian Naira 9.50% 7.18

Peruvian Nuevo Sol 6.16% 14.62

Polish Zloty 2.80% 7.14

Romanian Leu 4.50% 7.74


Serbian Dinar 5.75% 5.56


Sri Lankan Rupee 11.35% 5.66

Thailand Baht 4.39% 13.79



Zambian Kwacha 11.00% 3.66



Currency (In Years)

Australian Dollar 2.75% 10.60

Canadian Dollar 1.00% 9.42

Euro 1.54% 9.59








343





Currency (In Years)

Euro 3.86% 5.33





Currency (In Years)






Currency (In Years)






Currency (In Years)






Currency (In Years)

Euro 0.86% 4.62





344



Sub-Funds not included in the table below have been omitted as the maximum exposure to interest rate is only applicable on the cash and cash equivalents

with all other assets and liabilities being non-interest bearing. The majority of the financial assets held by these Sub-Funds are equity shares which neither pay

interest nor have a maturity date.

31 December 2018

Fund

CCY

Less than 1

month 1 to 3 months

3 months

to 1 year 1 to 5 years

More than

5 years

Non Interest

Bearing Total

Merian Global Strategic Bond Fund (IRL) USD 262,713 291,544 128,117 877,768 5,237,259 860,672 7,658,073

Merian Total Return USD Bond Fund USD 34,272,760 17,050,029 64,442,317 55,321,689 33,660,553 9,921,680 214,669,028

Merian Emerging Market Debt Fund USD 17,035,915 1,011,088 3,135,385 18,548,919 152,250,255 2,224,018 194,205,580

Merian Investment Grade Corporate Bond Fund USD 538,396 - - 3,082,723 8,438,250 1,674,479 13,733,848

Merian Local Currency Emerging Market Debt Fund USD 19,838,343 7,034,628 7,375,293 123,862,643 215,793,611 14,663,082 388,567,600

Merian Global Equity Absolute Return Fund USD 1,934,169,782 648,363,090 - - - 10,999,527,957 13,582,060,829

Merian Strategic Absolute Return Bond Fund^^^ USD 5,657,642 855,537 - 23,667,024 105,644,858 18,038,059 153,863,120

Old Mutual Pan African Fund^^ USD - - - - - 10,249 10,249


Fund^^^^ USD

31,770 - - - - 48,603 80,373

Old Mutual Compass Portfolio 2 USD 60,654 - 802,725 2,342,649 89,825 21,291,338 24,587,191

Old Mutual Compass Portfolio 3 USD 2,706,283 - 7,525,832 13,357,188 1,111,374 213,667,805 238,368,482

Old Mutual Compass Portfolio 4 USD 1,915,092 - - 5,537,740 973,697 377,867,177 386,293,706

Old Mutual Compass Portfolio 5 USD 207,782 - - - - 54,325,283 54,533,065

Merian UK Specialist Equity Fund GBP 145,723,439 24,972,825 - - - 404,458,965 575,155,229

Merian Style Premia Absolute Return Fund USD 51,002,105 4,489,430 - - - 44,197,597 99,689,132

Merian Financials Contingent Capital Fund USD 6,743,160 - - 28,473,486 215,219,223 2,600,729 253,036,598




345



31 December 2017

Fund

CCY

Less than 1

month 1 to 3 months

3 months

to 1 year 1 to 5 years

More than

5 years

Non Interest

Bearing Total

Old Mutual Global Strategic Bond Fund (IRL) USD 124,858 - 1,427,185 2,703,223 6,768,684 890,989 11,914,939

Old Mutual Total Return USD Bond Fund USD 40,570,438 10,906,363 152,832,266 57,163,676 27,619,616 36,078,529 325,170,888

Old Mutual Emerging Market Debt Fund USD 11,228,044 - 6,721,659 21,855,943 188,985,492 4,314,831 233,105,969

Old Mutual Investment Grade Corporate Bond Fund USD 468,774 - - 2,344,553 16,424,555 1,299,014 20,536,896

Old Mutual Local Currency Emerging Market Debt

Fund USD 12,679,520 - 9,143,818 126,581,703 217,474,220 17,386,120 383,265,381

Old Mutual Global Equity Absolute Return Fund USD 582,252,401 1,047,664,010 796,627,270 - - 10,737,409,791 13,163,953,472

Old Mutual Strategic Absolute Return Bond Fund USD 1,224,580 1,306,827 24,498,458 17,178,820 43,963,171 7,698,805 95,870,661

Old Mutual Pan African Fund USD 1,097,209 - 3,654,076 - - 48,073,681 52,824,966

Old Mutual Monthly Income High Yield Bond Fund USD 1,178,440 - - 29,711,858 70,773,098 9,602,799 111,266,195

Old Mutual Compass Portfolio 2 USD 1,933,745 571,189 992,699 1,602,318 191,960 19,075,741 24,367,652

Old Mutual Compass Portfolio 3 USD 19,359,014 4,068,478 11,469,877 7,644,206 1,947,765 193,557,083 238,046,423

Old Mutual Compass Portfolio 4 USD 29,211,027 6,623,816 20,663,267 7,607,347 1,606,138 318,734,153 384,445,748

Old Mutual Compass Portfolio 5 USD 5,368,044 - 2,407,216 - - 56,819,254 64,594,514

Old Mutual Style Premia Absolute Return Fund GBP 51,217,921 24,971,461 - - - 37,504,658 113,694,040

Old Mutual Financials Contingent Capital Fund USD 1,528,970 - - 27,105,748 188,413,871 1,846,084 218,894,673




346


(e) Concentration Risk

The investments of certain Sub-Funds may be concentrated in a single market or country. A Sub-Fund

which pursues a concentrated investment strategy may be subject to a greater degree of volatility and

risk than a Sub-Fund following a more diversified strategy.

The applicable investment concentrations within the portfolio for each Sub-Fund at 31 December 2018

are disclosed in the Portfolio of Investments.

The following table shows the funds having more than 10% concentration in the countries:

Fund Name Country % of Net Assets

Merian China Equity Fund China 57.20%

Merian China Equity Fund Hong Kong 39.06%

Merian Global Strategic Bond Fund (IRL) United States 26.40%

Merian World Equity Fund United States 59.83%

Merian Pacific Equity Fund Australia 15.01%

Merian Pacific Equity Fund China 24.81%

Merian Pacific Equity Fund Hong Kong 13.83%

Merian Pacific Equity Fund South Korea 15.03%

Merian European Equity Fund United Kingdom 17.64%

Merian European Equity Fund France 21.34%

Merian European Equity Fund Netherlands 10.83%

Merian US Equity Income Fund United States 93.65%

Merian North American Equity Fund United States 92.77%

Merian Total Return USD Bond Fund United States 67.63%

Old Mutual European Best Ideas Fund United Kingdom 37.62%

Old Mutual European Best Ideas Fund Sweden 14.53%

Merian Investment Grade Corporate Bond Fund United Kingdom 17.84%

Merian Investment Grade Corporate Bond Fund United States 50.47%

Merian Global Emerging Markets Fund Brazil 12.06%

Merian Global Emerging Markets Fund China 30.60%

Merian Global Emerging Markets Fund India 10.82%

Merian Global Emerging Markets Fund South Korea 10.70%

Merian Asian Equity Income Fund Australia 16.66%

Merian Asian Equity Income Fund China 25.98%

Merian Asian Equity Income Fund Hong Kong 12.05%

Merian Asian Equity Income Fund South Korea 13.72%

Merian Local Currency Emerging Market Debt Fund Brazil 13.51%

Merian Local Currency Emerging Market Debt Fund Indonesia 10.19%

Merian UK Alpha Fund (IRL) United Kingdom 83.04%

Merian UK Smaller Companies Focus Fund United Kingdom 83.91%

Merian UK Dynamic Equity Fund United Kingdom 62.91%

Merian Global Equity Absolute Return Fund United States 51.70%

Merian Strategic Absolute Return Bond Fund^^^ United States 27.11%

Merian Europe (ex UK) Smaller Companies Fund France 11.29%

Merian Europe (ex UK) Smaller Companies Fund Germany 22.12%

Merian Europe (ex UK) Smaller Companies Fund Netherlands 13.64%

Merian Global Equity Income Fund (IRL) United States 51.80%

Merian Gold & Silver Fund Australia 14.70%

Merian Gold & Silver Fund Canada 69.26%

Old Mutual Compass Portfolio 2 United Kingdom 32.79%

Old Mutual Compass Portfolio 2 Ireland 35.89%

Old Mutual Compass Portfolio 2 Luxembourg 11.43%




347


(e) Concentration Risk (continued)

The following table shows the funds having more than 10% concentration in the countries (continued):

Fund Name Country % of Net Assets

Old Mutual Compass Portfolio 2 United States 10.08%









Merian UK Specialist Equity Fund United Kingdom 72.60%

Merian Style Premia Absolute Return Fund United States 87.42%

Merian Financials Contingent Capital Fund United Kingdom 39.51%

Merian Financials Contingent Capital Fund Spain 11.57%

Merian Financials Contingent Capital Fund Switzerland 10.40%

(f) Currency Risk

Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign

exchange rates. The Company invests in securities and other investments that are denominated in

currencies other than the Sub-Funds functional currency. Accordingly, the value of the Company’s assets

may be affected favourably or unfavourably by fluctuations in currency rates and therefore the Company

will necessarily be subject to foreign exchange risks. Equally movements in exchange rates can impact

income received by the Sub-Funds and can impact shareholders whose shares are denominated in

currencies other than the operating currency of the Sub-Fund.

The Sub-Funds may use foreign currency economic hedging activities to protect against the volatility

described above. The Company primarily utilises currency exchange contracts to hedge foreign-

currency-denominated financial instruments. Increases or decreases in the fair values of the Company’s

foreign-currency-denominated financial assets and financial liabilities are partially offset by gains and

losses on the economic hedging instruments. Foreign exchange hedging is utilised for the benefit of

hedged share classes, transactions will be clearly attributable to that class and the cost and related

liabilities and/or benefits shall be for the account of that class only. Accordingly, such costs and related

liabilities and/or benefits will be reflected in the net asset value per share for shares of any such class.




348


(f) Currency Risk (continued)

The currency risk exposures of the Sub-Funds at 31 December 2018 were as follows:


Monetary

Assets

Net Other Monetary

Assets and Liabilities

Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure

Sensitivity Analysis

(5% movement)

USD USD USD USD USD USD USD

Hong Kong Dollar - 784,203 - - (784,135) 68 (3)

Pound Sterling - 2,829 1,338,922 - - 1,341,751 (63,893)




349




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Argentina Peso 38,888 - - - - 38,888 (1,852)

Australian Dollar - 283 - - 254,177 254,460 (12,117)

Brazilian Real 73,648 - - - 38,449 112,097 (5,338)

Canadian Dollar - 6,311 - - 131,366 137,677 (6,556)

Chilean Peso - - - - 145,253 145,253 (6,917)

Chinese Yuan - - - - 176,073 176,073 (8,384)

Czech Koruna - 3 - - - 3 -

Danish Krone - 71 - - - 71 (3)

Euro 2,353,411 61,653 99,412 99,041 (316,402) 2,297,115 (109,386)

Indian Rupee 52,142 - - - (51,513) 629 (30)

Indonesian Rupiah 185,075 - - - (43,814) 141,261 (6,727)

Japanese Yen 582,806 1,199 - - 497,013 1,081,018 (51,477)

Mexican Peso 301,145 6,220 - - (192,234) 115,131 (5,482)

New Zealand Dollar - 4,349 - - (20,144) (15,795) 752

Norwegian Krone - 2,609 - - 112,416 115,025 (5,477)

Polish Zloty - 2,935 - - 15,990 18,925 (901)

Pound Sterling 533,426 (255) 2,617,681 - (64,593) 3,086,259 (146,965)

Russian Ruble 129,035 4,834 - - (35,795) 98,074 (4,670)

Singapore Dollar - 1 - - 21 22 (1)

South African Rand 189,912 327 - - (80,490) 109,749 (5,226)

South Korean Won - - - - 418 418 (20)

Swedish Krona - 68 - - 126,720 126,788 (6,038)

Swiss Franc - 6,134 - - (16,126) (9,992) 476

Turkish Lira 51,242 2,747 - - - 53,989 (2,571)

Uruguayan Peso 6,125 - - - - 6,125 (292)




350




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)


Australian Dollar - 23,668 - - - 23,668 (1,127)

Canadian Dollar - 96,203 - - - 96,203 (4,581)

Danish Krone - 24,099 - - - 24,099 (1,148)

Euro - 676 63,395,609 6,339,196 - 69,735,481 (3,320,737)

Hong Kong Dollar - 4,393 - - - 4,393 (209)

Israeli Shekel - 7,687 - - - 7,687 (366)

Japanese Yen - 85,583 - - - 85,583 (4,075)

New Zealand Dollar - 21,347 - - - 21,347 (1,017)

Norwegian Krone - 53,083 - - - 53,083 (2,528)

Pound Sterling - 55,598 4,846,009 - - 4,901,607 (233,410)

Singapore Dollar - 19,014 - - - 19,014 (905)

Swedish Krona - 12,942 - - - 12,942 (616)

Swiss Franc - 105,340 - - - 105,340 (5,016)




351




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)



Euro - 22,316 2,830,406 - - 2,852,722 (135,844)

Hong Kong Dollar - 49,979 - - - 49,979 (2,380)

Indian Rupee - (41,577) - - - (41,577) 1,980

Indonesian Rupiah - 2 - - - 2 -

Malaysian Ringgit - 41,915 - - - 41,915 (1,996)


Philippine Peso - 17 - - - 17 (1)

Pound Sterling - 9,719 1,588,772 - - 1,598,491 (76,119)

Singapore Dollar - 67,382 - - - 67,382 (3,209)

South Korean Won - 147,572 - - - 147,572 (7,027)

Taiwanese Dollar - 61,311 - - - 61,311 (2,920)

Thailand Baht - 276 - - - 276 (13)




352




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)

EUR EUR EUR EUR EUR EUR EUR Pound Sterling - 186,255 404,541 - - 590,796 (28,133)

US Dollar - (1,640) 4,294,447 - - 4,292,807 (204,419)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Euro - 8,508 21,104,386 2,464,819 - 23,577,713 (1,122,748)

Pound Sterling - 286,158 125,735,602 - - 126,021,760 (6,001,036)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Canadian Dollar - 802,322 - - - 802,322 (38,206)

Euro - (40,405) 55,271,858 - - 55,231,453 (2,630,069)

Pound Sterling - 954,535 379,609,064 77,110,704 - 457,674,303 (21,794,014)

Swedish Krona - 350 - - - 350 (17)




353




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Australian Dollar - - 1,860,899 1,849,091 - 3,709,990 (176,666)

Euro - (587,064) 8,185,352 8,185,536 - 15,783,824 (751,611)

Mexican Peso - 57 - - - 57 (3)

Pound Sterling - (129) 419,342 - - 419,213 (19,963)

South African Rand - - 3,009,190 2,991,239 - 6,000,429 (285,735)




354




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Argentina Peso 1,847,370 - - - - 1,847,370 (87,970)

Brazilian Real 2,833,312 - - - (185) 2,833,127 (134,911)

Canadian Dollar - 25,112 - - - 25,112 (1,196)

Colombian Peso - - - - 131 131 (6)

Egyptian Pound 876,699 5,218,329 - - - 6,095,028 (290,239)

Euro 2,291,871 (21,910) 20,176,663 19,011,849 - 41,458,473 (1,974,213)

Indian Rupee - - - - 21,264 21,264 (1,013)

Indonesian Rupiah - - - - 2 2 -

Mexican Peso - - - - 1,975,857 1,975,857 (94,088)

Nigerian Naira 2,420,262 - - - - 2,420,262 (115,251)

Polish Zloty - - - - 2,665,390 2,665,390 (126,923)

Pound Sterling - (2,501) 3,314,842 194,236 - 3,506,577 (166,980)

Russian Ruble - 6,729 - - - 6,729 (320)

Singapore Dollar - - 370,020 372,024 - 742,044 (35,335)

South African Rand - - 66,500 65,975 - 132,475 (6,308)

South Korean Won - - - - 74 74 (4)

Swedish Krona - 6 292,560 292,886 - 585,452 (27,879)

Turkish Lira - 31,197 - - - 31,197 (1,486)

Ukrainian Hryvna - - - - (9,202) (9,202) 438




355




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)

EUR EUR EUR EUR EUR EUR EUR Norwegian Krone - 65 - - - 65 (3)

Pound Sterling - 593,969 29,302,064 - - 29,896,033 (1,423,621)

Swedish Krona - 44 - - - 44 (2)

Swiss Franc - 515 - - - 515 (25)

US Dollar - 109,228 7,801,684 594,214 - 8,505,126 (405,006)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Australian Dollar - (1) - - - (1) -

Canadian Dollar - (12) - - - (12) 1

Euro 1,856,293 364,321 - - (2,218,961) 1,653 (79)

Pound Sterling 1,893,735 (3,420) 1,211,546 1,204,904 (1,883,747) 2,423,018 (115,382)

Swedish Krona - 476 3,910,147 3,928,270 - 7,838,893 (373,281)




356




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Brazilian Real - 15,413 - - - 15,413 (734)

Euro - 7,135 40,202,545 - - 40,209,680 (1,914,747)

Indonesian Rupiah - 10,546 - - - 10,546 (502)

Malaysian Ringgit - 5,376 - - - 5,376 (256)

Philippine Peso - 5,242 - - - 5,242 (250)

Pound Sterling - (259,900) 67,828,226 - - 67,568,326 (3,217,539)

South African Rand - 3,893 - - - 3,893 (185)

South Korean Won - 142,677 - - - 142,677 (6,794)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)



Chinese Yuan - 11 - - - 11 (1)

Euro - - 26,198 - - 26,198 (1,248)

Hong Kong Dollar - 114,821 - - - 114,821 (5,468)

Indian Rupee - (115,631) - - - (115,631) 5,506

Indonesian Rupiah - 2,573 - - - 2,573 (123)

Malaysian Ringgit - 26,216 - - - 26,216 (1,248)


Pound Sterling - 13,217 297,987,513 - - 298,000,730 (14,190,511)


South Korean Won - 844,063 - - - 844,063 (40,193)

Taiwanese Dollar - 407,396 - - - 407,396 (19,400)

Thailand Baht - 6,201 - - - 6,201 (295)




357




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)


Argentina Peso 6,652,103 - - - - 6,652,103 (316,767)

Australian Dollar - (7) 14,020,283 14,015,753 - 28,036,029 (1,335,049)

Brazilian Real 52,463,216 1,648 - - (10,223,312) 42,241,552 (2,011,502)

Chilean Peso 2,405,216 - - - 5,409,505 7,814,721 (372,130)

Chinese Yuan - - - - 290,606 290,606 (13,838)

Colombian Peso 27,540,031 - - - (594,976) 26,945,055 (1,283,098)

Czech Koruna - - - - 19,533,545 19,533,545 (930,169)

Dominican Republic

Peso 1,420,598 - - - - 1,420,598 (67,648)

Egyptian Pound 6,621,403 4,770,613 - - - 11,392,016 (542,477)

Euro - 231 988,859 - - 989,090 (47,100)

Hungarian Forint 3,390,370 - - - 14,265,506 17,655,876 (840,756)

Indian Rupee 1,202,550 - - - (1,140,139) 62,411 (2,972)

Indonesian Rupiah 39,269,873 - - - (35,654) 39,234,219 (1,868,296)

Israeli Shekel - 1 - - - 1 -

Kazakhstan Tenge 1,355,915 - - - - 1,355,915 (64,567)

Malaysian Ringgit 17,764,772 - - - - 17,764,772 (845,942)

Mexican Peso 36,212,720 (76,017) - - 5,100,818 41,237,521 (1,963,691)

New Ghana Cedi 4,105,584 1 - - - 4,105,585 (195,504)

Peruvian Nuevo Sol 12,656,814 - - - 805,941 13,462,755 (641,084)

Philippine Peso - - - - 1,180,557 1,180,557 (56,217)

Polish Zloty 19,183,246 (94) - - 19,718,535 38,901,687 (1,852,461)

Pound Sterling - 12,609 198,458,179 - - 198,470,788 (9,450,990)

Romanian Leu 15,689,019 - - - (3,877,879) 11,811,140 (562,435)

Russian Ruble 19,426,944 - - - 6,284,261 25,711,205 (1,224,343)

Serbian Dinar 1,715,174 - - - - 1,715,174 (81,675)

South African Rand 37,776,818 (176) 40,471,410 40,312,328 (380,861) 118,179,519 (5,627,596)

South Korean Won - - - - (4,202,541) (4,202,541) 200,121




358




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Taiwanese Dollar - - - - 5,765,025 5,765,025 (274,525)

Thailand Baht 9,367,860 166,399 - - 20,091,073 29,625,332 (1,410,730)

Turkish Lira 37,129,228 - - - (13,449,474) 23,679,754 (1,127,607)

Ukrainian Hryvna - - - - (16,733) (16,733) 797

Zambian Kwacha 3,604,277 - - - - 3,604,277 (171,632)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)

GBP GBP GBP GBP GBP GBP GBP

Euro - 111,355 134,787 799 - 246,941 (11,759)

US Dollar - 499 3,266,922 968,917 - 4,236,338 (201,730)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Euro - 3,431 - - - 3,431 (163)

US Dollar - 383,242 - - - 383,242 (18,250)




359




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)


Euro - 2,888 4,188,583 4,136,414 - 8,327,885 (396,566)

US Dollar - 20,953 - - - 20,953 (998)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)


Australian Dollar - (10,566,540) - - (303,429,172) (313,995,712) 14,952,177

Brazilian Real - (14,329,719) - - - (14,329,719) 682,368

Canadian Dollar - 14,339,547 - - (87,337,835) (72,998,288) 3,476,109

Chinese Yuan - (549,417) - - - (549,417) 26,163

Danish Krone - 19,762,332 - - (431,201,702) (411,439,370) 19,592,351

Euro - 87,095,326 6,047,607,541 6,017,193,068 (1,475,953,000) 10,675,942,935 (508,378,235)

Hong Kong delivered

Chinese Yuan - - 442,234 439,872 - 882,106 (42,005)

Hong Kong Dollar - 46,618,790 - - (928,139,691) (881,520,901) 41,977,186

Japanese Yen - 56,798,068 - - (821,679,769) (764,881,701) 36,422,938

New Zealand Dollar - 6,573,646 - - (16,968,151) (10,394,505) 494,976

Norwegian Krone - 11,157,660 - - (198,485,249) (187,327,589) 8,920,361

Pound Sterling - 8,186,305 3,928,111,724 3,944,422,982 (23,340,160) 7,857,380,851 (374,160,993)

Singapore Dollar - 1,506,213 12,170,385 12,199,195 (62,616,009) (36,740,216) 1,749,534

South African Rand - 2,911,110 - - (6,404,255) (3,493,145) 166,340

South Korean Won - (2,444,265) - - - (2,444,265) 116,394

Swedish Krona - 45,197,583 66,564,314 66,397,728 (479,483,806) (301,324,181) 14,348,771

Swiss Franc - 12,041,966 122,325,945 122,277,621 (323,921,474) (67,275,942) 3,203,616

Taiwanese Dollar - (1,633,797) - - - (1,633,797) 77,800

Turkish Lira - 2,538,236 - - - 2,538,236 (120,868)




360




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)


Argentina Peso 855,537 - - - - 855,537 (40,740)

Australian Dollar - (18) - - 3,325,486 3,325,468 (158,356)

Brazilian Real 1,634,922 - - - 774,758 2,409,680 (114,747)

Canadian Dollar - (27,983) - - (1,842,428) (1,870,411) 89,067

Chilean Peso - - - - 3,227,840 3,227,840 (153,707)

Chinese Yuan - - - - 4,110,806 4,110,806 (195,753)

Czech Koruna - 126 - - - 126 (6)

Euro 47,438,512 1,940,679 34,396,014 34,370,964 (44,705,952) 73,440,217 (3,497,153)

Hungarian Forint - 1 - - - 1 -

Indian Rupee 462,501 - - - (715,481) (252,980) 12,047

Indonesian Rupiah 4,318,411 - - - (1,256,508) 3,061,903 (145,805)

Japanese Yen 12,715,864 (509,608) - - (18,663,526) (6,457,270) 307,489

Mexican Peso 6,497,996 242 - - (4,598,411) 1,899,827 (90,468)

New Zealand Dollar - 1,641 - - (87,292) (85,651) 4,079

Norwegian Krone - 30 - - 2,264,453 2,264,483 (107,833)

Polish Zloty - 5,044 - - 82,616 87,660 (4,174)

Pound Sterling 1,473,823 (424,198) 112,969,310 112,921,842 2,132,985 229,073,762 (10,908,274)

Russian Ruble 2,911,478 38,391 - - (723,062) 2,226,807 (106,038)

Singapore Dollar - 3,556 - - 6,802 10,358 (493)

South African Rand 4,275,557 167,724 - - (1,782,577) 2,660,704 (126,700)

South Korean Won - - - - 160,245 160,245 (7,631)

Swedish Krona - 1,358 - - 2,410,666 2,412,024 (114,858)

Swiss Franc - (82,422) - - (2,153,961) (2,236,383) 106,494

Turkish Lira 1,178,576 32,786 - - - 1,211,362 (57,684)

Uruguayan Peso 45,934 - - - - 45,934 (2,187)




361




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)

EUR EUR EUR EUR EUR EUR EUR

Pound Sterling - 28,072 228,610,820 1,752,834 - 230,391,726 (10,971,035)

Swiss Franc - 93,862 - - - 93,862 (4,470)

US Dollar - (6,221) 5,561,759 1,242,663 - 6,798,201 (323,724)




362




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)



Brazilian Real - 5,334 - - - 5,334 (254)

Canadian Dollar - 131,272 - - - 131,272 (6,251)

Czech Koruna - 84,073 - - - 84,073 (4,003)

Danish Krone - 69,940 - - - 69,940 (3,330)

Egyptian Pound - 15,413 - - - 15,413 (734)

Euro - 312,018 5,352,637 - - 5,664,655 (269,745)

Hong Kong Dollar - 42,938 - - - 42,938 (2,045)

Hungarian Forint - 65,744 - - - 65,744 (3,131)

Israeli Shekel - 67,084 - - - 67,084 (3,194)

Japanese Yen - 971,102 - - - 971,102 (46,243)

Malaysian Ringgit - 575 - - - 575 (27)

Mexican Peso - 48,350 - - - 48,350 (2,302)


Norwegian Krone - 109,214 - - - 109,214 (5,201)

Polish Zloty - 57,768 - - - 57,768 (2,751)

Pound Sterling - 356,586 157,009,568 - - 157,366,154 (7,493,626)

Russian Ruble - 127,982 - - - 127,982 (6,094)


South African Rand - 46,395 - - - 46,395 (2,209)

South Korean Won - 77,222 - - - 77,222 (3,677)

Swedish Krona - 53,233 - - - 53,233 (2,535)

Swiss Franc - 107,800 - - - 107,800 (5,133)

Taiwanese Dollar - 2,647 - - - 2,647 (126)

Turkish Lira - 44,726 - - - 44,726 (2,130)




363




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)


Canadian Dollar - 9,846 - - - 9,846 (469)

Euro - (388) 1,441,993 - - 1,441,605 (68,648)

Pound Sterling - (222,526) 242,640,561 - - 242,418,035 (11,543,716)

Swedish Krona - 651,965 - - (652,023) (58) 3


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)


Australian Dollar - (6,936) 908,072 911,215 (254,173) 1,558,178 (74,199) Euro - (53,949) 1,624,720 1,634,072 (393,606) 2,811,237 (133,868) Indian Rupee 36,607 - - - - 36,607 (1,743) Japanese Yen - 21,757 - - (158,947) (137,190) 6,533 Mexican Peso - - - - 13 13 (1) Pound Sterling - 34,146 15,875,354 15,868,610 (6,211,810) 25,566,300 (1,217,443) Singapore Dollar - - 1,128,956 1,127,077 - 2,256,033 (107,430) Swiss Franc - 214 - - - 214 (10)




364




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)


Australian Dollar - 122,092 6,063,388 6,042,085 - 12,227,565 (582,265)

Euro - (774,138) 18,839,752 18,821,620 (4,047,340) 32,839,894 (1,563,804)

Indian Rupee 244,985 - - - - 244,985 (11,666)

Japanese Yen - 177,878 - - - 177,878 (8,470)

Mexican Peso - - - - 44 44 (2)

Pound Sterling - 848,954 97,517,796 97,183,823 (42,063,818) 153,486,755 (7,308,893)

Singapore Dollar - 176,320 55,904,682 55,544,686 - 111,625,688 (5,315,509)

Swiss Franc - 3,963 - - - 3,963 (189)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)


Australian Dollar - 557,467 6,429,298 6,395,899 - 13,382,664 (637,270)

Danish Krone - 189,535 - - - 189,535 (9,025)

Euro - (2,315,589) 37,083,253 36,615,716 (402,832) 70,980,548 (3,380,026)

Indian Rupee 268,920 - - - - 268,920 (12,806)

Japanese Yen - 572,157 - - - 572,157 (27,246)

Mexican Peso - - - - 32 32 (2)

Norwegian Krone - 100,489 - - (100,502) (13) 1

Pound Sterling - 423,603 169,258,693 168,466,007 (36,859,215) 301,289,088 (14,347,099)

Singapore Dollar - 253,862 92,537,797 91,823,463 - 184,615,122 (8,791,196)

Swedish Krona - 224,090 - - (224,110) (20) 1

Swiss Franc - 16,037 - - - 16,037 (764)




365




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)


Australian Dollar - 156,576 1,569,766 1,540,909 385,283 3,652,534 (173,930)

Danish Krone - 25,862 - - - 25,862 (1,232)

Euro - (711,320) 4,580,657 4,505,304 537,190 8,911,831 (424,373)

Hong Kong Dollar - 33,526 - - - 33,526 (1,596)

Japanese Yen - 332,607 - - - 332,607 (15,838)

Norwegian Krone - 13,743 - - (13,744) (1) -

Pound Sterling - 694,732 33,498,491 32,372,943 (1,141,651) 65,424,515 (3,115,453)

Singapore Dollar - - 1,360,524 1,335,908 - 2,696,432 (128,402)

Swedish Krona - 30,960 - - (30,963) (3) -

Swiss Franc - 5,805 - - - 5,805 (276)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)


Euro - 379 54,345,708 53,865,818 - 108,211,905 (5,152,948)

US Dollar - 2,114 65,082,512 64,663,127 - 129,747,753 (6,178,464)




366




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)



Canadian Dollar - 1,859,290 - - (5,213,526) (3,354,236) 159,726

Danish Krone - (124,117) - - - (124,117) 5,910

Euro - (87,907) - - - (87,907) 4,186

Japanese Yen - (286,582) - - - (286,582) 13,647

Norwegian Krone - 4,782 - - - 4,782 (228)

Pound Sterling - 59,904 77,271,290 77,294,343 - 154,625,537 (7,363,121)


Swedish Krona - (131,085) - - - (131,085) 6,242

Swiss Franc - (72,277) - - - (72,277) 3,442


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts Non-

Hedging

Total

Exposure


(5% movement)


Euro 74,470,759 5,800,732 - - (79,600,945) 670,546 (31,931)

Pound Sterling 76,147,629 953,000 143,592,004 143,559,647 (76,858,962) 287,393,318 (13,685,396)




367



The currency risk exposures of the Sub-Funds at 31 December 2017 were as follows:

Old Mutual China Equity Fund

Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Chinese Renminbi - 17,961 - - - 17,961 898

Euro - 16,102 - - - 16,102 805

Hong Kong Dollar - (18,476) - - - (18,476) (924)

Pound Sterling - 4,102 (1,363,677) - - (1,359,575) (67,979)




368




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Argentina Peso 96,891 3,744 - - - 100,635 5,032

Australian Dollar 523,523 19,183 - - (638,745) (96,039) (4,802)

Canadian Dollar 283,140 15,059 - - - 298,199 14,910

Czech Koruna - 2,815 - - - 2,815 141

Danish Krone - 77 - - - 77 4

Euro 2,935,215 (18,297) (347,336) 347,413 284,217 3,201,212 160,061

Indonesian Rupiah - - - - (58) (58) (3)

Japanese Yen 1,972,025 4,756 - - (111,287) 1,865,494 93,275

Mexican Peso 75,102 1,705 - - (50,576) 26,231 1,312

New Zealand Dollar - 2,935 - - - 2,935 147

Norwegian Krone - 1,986 - - 122,039 124,025 6,201

Polish Zloty - 6,061 - - - 6,061 303

Pound Sterling 1,105,505 21,181 (4,560,562) - (192,522) (3,626,398) (181,320)

Singapore Dollar - - - - (277,035) (277,035) (13,852)

South African Rand - 636 - - - 636 32

South Korean Won - - - - (138,879) (138,879) (6,944)

Swedish Krona - 2,725 - - 283,213 285,938 14,297

Swiss Franc - 8,842 - - (533,790) (524,948) (26,247)

Uruguayan Peso 7,316 - - - - 7,316 366




369




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Australian Dollar - 839,574 - - - 839,574 41,979

Canadian Dollar - 274,950 - - - 274,950 13,748

Danish Krone - 96,735 - - - 96,735 4,837

Euro - 577,906 (38,432,183) 18,064,310 - (19,789,967) (989,498)

Hong Kong Dollar - 296,802 - - - 296,802 14,840

Israeli Shekel - 8,309 - - - 8,309 415

Japanese Yen - 472,117 - - - 472,117 23,606

New Zealand Dollar - 258,261 - - - 258,261 12,913

Norwegian Krone - 363,366 - - - 363,366 18,168

Pound Sterling - 555,478 (3,644,382) - - (3,088,904) (154,445)

Singapore Dollar - 98,463 - - - 98,463 4,923

Swedish Krona - 787,381 - - - 787,381 39,369

Swiss Franc - 1,217,902 - - - 1,217,902 60,895




370



Old Mutual Pacific Equity Fund

Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)



Chinese Renminbi - 21,651 - - - 21,651 1,083

Euro - 26,315 (16,331,874) - - (16,305,559) (815,278)

Hong Kong Dollar - 126,583 - - - 126,583 6,329

Indian Rupee - 213,955 - - - 213,955 10,698

Indonesian Rupiah - (9,954) - - - (9,954) (498)

Philippine Peso - 18 - - - 18 1

Pound Sterling - 11,790 (2,754,204) - - (2,742,414) (137,121)

South Korean Won - 937,963 - - - 937,963 46,898

Taiwanese Dollar - 73,558 - - - 73,558 3,678

Vietnamese Dong - 21,939 - - - 21,939 1,097

Old Mutual European Equity Fund

Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)

EUR EUR EUR EUR EUR EUR EUR Pound Sterling - 141,784 (516,322) - - (374,538) (18,727)

US Dollar - (660) (7,106,579) - - (7,107,239) (355,362)




371




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)

JPY JPY JPY JPY JPY JPY JPY

Euro - 1,877,530 (102,249,047) 102,192,102 - 1,820,585 91,029

Pound Sterling - 135,671 (1,779,310,454) - - (1,779,174,783) (88,958,739)

Singapore Dollar 61 - - - - 61 3

US Dollar - 2,097,023 (2,144,066,456) 217,475,575 - (1,924,493,858) (96,224,693)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Euro - 14,699 (53,716,997) 35,716,724 - (17,985,574) (899,279)

Pound Sterling - 435,050 (198,785,266) - - (198,350,216) (9,917,511)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Canadian Dollar - 1,417,257 - - - 1,417,257 70,863

Euro - 24,386 (13,957,092) - - (13,932,706) (696,635)

Pound Sterling - 1,519 (321,859,286) 41,467,932 - (280,389,835) (14,019,492)

Swedish Krona - 383 - - - 383 19




372




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Australian Dollar - - (3,502,757) 3,501,080 - (1,677) (84)

Canadian Dollar - 1 - - - 1 -

Euro - 545,448 (21,430,279) 21,552,934 - 668,103 33,405

Japanese Yen 9,776,666 17,031,389 - - (26,828,182) (20,127) (1,006)

Mexican Peso - 399 - - - 399 20

New Zealand Dollar - 1 - - - 1 -

Pound Sterling 1,719,527 604 (962,868) - (1,770,821) (1,013,558) (50,678)

South African Rand - (203) (5,769,020) 5,751,704 - (17,519) (876)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Egyptian Pound 4,415,430 - - - - 4,415,430 220,772

Euro - 654,139 (25,355,890) 23,664,581 - (1,037,170) (51,859)

Nigerian Naira 3,454,042 - - - - 3,454,042 172,702

Pound Sterling - 3 (16,029,279) 259,397 - (15,769,879) (788,494)

Singapore Dollar - (42) (445,481) 443,906 - (1,617) (81)

South African Rand - - - - 2,679,082 2,679,082 133,954

Swedish Krona - 5 (548,900) 550,939 - 2,044 102




373




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)

EUR EUR EUR EUR EUR EUR EUR Norwegian Krone - 29,991 - - - 29,991 1,500

Pound Sterling - 1,190,131 (40,256,722) - - (39,066,591) (1,953,330)

Swedish Krona - 29 - - - 29 1

Swiss Franc - 495 - - - 495 25

US Dollar - 1,964 (12,493,458) 1,109,675 - (11,381,819) (569,091)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Australian Dollar - (514) - - - (514) (26)

Canadian Dollar - (12,619) - - - (12,619) (631)

Euro 3,990,750 (38,120) - - (4,003,576) (50,946) (2,547)

Japanese Yen - - - - 420 420 21

Pound Sterling 2,556,125 115,582 (1,488,829) 1,486,722 (2,496,240) 173,360 8,668

Swedish Krona - 521 (5,595,246) 5,604,609 - 9,884 494




374




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Brazilian Real - 28,746 - - - 28,746 1,437

Czech Koruna - 51,526 - - - 51,526 2,576

Euro - (97) (124,888,675) - - (124,888,772) (6,244,439)

Hong Kong Dollar - 65,950 - - - 65,950 3,298

Malaysian Ringgit - 19,641 - - - 19,641 982

Philippine Peso - 15,491 - - - 15,491 775

Pound Sterling - (340) (159,709,010) - - (159,709,350) (7,985,468)

South African Rand - 4,548 - - - 4,548 227

South Korean Won - 140,045 - - - 140,045 7,002

United Arab

Emirates Dirham - 1,464,558 - - - 1,464,558 73,228




375




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)



Chinese Renminbi - 38,198 - - - 38,198 1,910

Euro - - (33,683) - - (33,683) (1,684)

Hong Kong

delivered Chinese

Yuan - (2) - - - (2) -

Hong Kong Dollar - (126,539) - - - (126,539) (6,327)

Indian Rupee - 260,245 - - - 260,245 13,012

Indonesian Rupiah - (29,675) - - - (29,675) (1,484)

Pound Sterling - 3,740 (358,100,944) - - (358,097,204) (17,904,860)

Singapore Dollar - 7,215 - - - 7,215 361

South Korean Won - 1,678,000 - - - 1,678,000 83,900

Taiwanese Dollar - 1,788,740 - - - 1,788,740 89,437

Vietnamese Dong - 81,584 - - - 81,584 4,079




376




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Argentina Peso 9,979,006 119,115 - - - 10,098,121 504,906

Australian Dollar - (34) (9,261,369) 9,250,078 - (11,325) (566)

Brazilian Real 41,300,645 26,252 - - (2,958,657) 38,368,240 1,918,412

Chilean Peso 2,817,485 - - - 11,990,602 14,808,087 740,404

Colombian Peso 30,247,260 - - - (6,060,881) 24,186,379 1,209,319

Czech Koruna - - - - 16,654,115 16,654,115 832,706

Dominican

Republic. Peso 6,669,177 - - - - 6,669,177 333,459

Egyptian Pound 10,485,658 1,012,374 - - - 11,498,032 574,902

Euro - (107,619) (1,404,244) - - (1,511,863) (75,593)

Hungarian Forint 3,245,702 284,935 - - 9,755,440 13,286,077 664,304

Indian Rupee 3,103,868 - - - - 3,103,868 155,193

Indonesian Rupiah 37,494,777 31,841 - - 1,100,271 38,626,889 1,931,344

Kazakhstan Tenge 856,097 - - - 5,059,524 5,915,621 295,781

Malaysian Ringgit 17,855,390 - - - 8,054,674 25,910,064 1,295,503

Mexican Peso 23,561,557 (16,167) - - 2,853,957 26,399,347 1,319,967

New Ghana Cedi 1,545,257 (88) - - - 1,545,169 77,258

New Romanian Leu 4,215,767 - - - 2,485,739 6,701,506 335,075

New Turkish Lira 32,933,402 - - - (7,434,862) 25,498,540 1,274,927

Nigerian Naira 9,287,175 167,137 - - (153,575) 9,300,737 465,037

Peruvian New Sol 11,781,310 1 - - (2,069,659) 9,711,652 485,583

Philippine Peso - - - - 2,880,374 2,880,374 144,019

Polish Zloty 13,321,994 - - - 24,663,852 37,985,846 1,899,292

Pound Sterling - (185) (229,135,356) - - (229,135,541) (11,456,777)




377



Old Mutual Local Currency Emerging Market Debt Fund (continued)

Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Russian Ruble 31,203,690 (2) - - 1,242,504 32,446,192 1,622,310

Serbian Dinar 3,702,339 - - - - 3,702,339 185,117

South African Rand 33,586,081 212,237 (21,103,099) 20,667,157 2,668,303 36,030,679 1,801,534

South Korean Won - - - - 19,075 19,075 954

Sri Lankan Rupee 6,832,000 - - - - 6,832,000 341,600

Thailand Baht 2,733,509 (29,858) - - 27,753,687 30,457,338 1,522,867

Uruguayan Peso 8,625,373 - - - - 8,625,373 431,269

Zambian Kwacha 420,175 - - - - 420,175 21,009


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Euro - 116,760 (520,919) 917 - (403,242) (20,162)

US Dollar - 417 (4,864,343) 1,046,420 - (3,817,506) (190,875)




378




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Euro - 3,414 - - - 3,414 171

US Dollar - 204,768 - - - 204,768 10,238

Old Mutual UK Dynamic Equity Fund

Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Euro - 607 (15,325,649) 15,298,205 - (26,837) (1,342)

US Dollar - 39 - - - 39 2




379



Old Mutual Global Equity Absolute Return Fund

Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Australian Dollar - (2,108,929) - - (448,092,228) (450,201,157) (22,510,058)

Canadian Dollar - 14,355,559 - - (68,645,169) (54,289,610) (2,714,481)

Danish Krone - 9,080,117 - - (201,681,065) (192,600,948) (9,630,047)

Euro - 4,201,535 (6,705,906,676) 6,748,591,553 (994,423,872) (947,537,460) (47,376,873)

Hong Kong

delivered Chinese

Yuan - - (106,437) 106,978 - 541 27

Hong Kong Dollar - (20,441,030) - - (965,783,841) (986,224,871) (49,311,244)

Japanese Yen - (7,067,312) - - (810,902,316) (817,969,628) (40,898,481)

New Zealand Dollar - 61,710 - - (1) 61,709 3,085

Norwegian Krone - 6,833,847 - - (18,352,782) (11,518,935) (575,947)

Pound Sterling - 10,682,849 (3,208,550,800) 3,222,298,141 (11,250,483) 13,179,707 658,985

Singapore Dollar - 4,154,488 (7,075,033) 7,094,651 (175,957,460) (171,783,354) (8,589,168)

South Korean Won - (317,463) - - 1 (317,462) (15,873)

Swedish Krona - 23,887,612 (83,675,360) 84,203,145 (474,590,372) (450,174,975) (22,508,749)

Swiss Franc - 11,363,462 (78,183,515) 77,814,244 (238,664,464) (227,670,273) (11,383,514)




380



Old Mutual Strategic Absolute Return Bond Fund^^^

Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Argentina Peso 1,157,949 13,035 - - - 1,170,984 58,549

Australian Dollar 4,151,177 149,844 - - (6,143,187) (1,842,166) (92,108)

Canadian Dollar 360,294 83,841 - - (41,750) 402,385 20,119

Czech Koruna - 8,334 - - - 8,334 417

Euro 23,936,645 498,768 - - (22,021,285) 2,414,128 120,706

Hungarian Forint - 1 - - - 1 -

Indonesian Rupiah - - - - (297) (297) (15)

Japanese Yen 9,143,400 47,168 - - (9,145,871) 44,697 2,235

Mexican Peso - 271 - - - 271 14

New Turkish Lira - 251 - - - 251 13


Norwegian Krone - 121 - - 939,700 939,821 46,991

Polish Zloty - 620 - - - 620 31

Pound Sterling 7,239,905 173,517 (92,957,912) 93,221,285 (4,602,280) 3,074,515 153,726

Russian Ruble - 3,912 - - - 3,912 196

Singapore Dollar - 2,214 - - (2,332,339) (2,330,125) (116,506)

South African Rand - 575 - - - 575 29

South Korean Won - - - - (2,330,264) (2,330,264) (116,513)

Swedish Krona - 2,169 - - 2,132,644 2,134,813 106,741

Swiss Franc - 6,092 - - (4,757,917) (4,751,825) (237,591)

Uruguayan Peso 54,870 - - - - 54,870 2,744




381




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Botswana Pula - 14,838 - - - 14,838 742

Egyptian Pound 1,628,501 14,569 - - - 1,643,070 82,154

Mauritius Rupee - 31,420 - - - 31,420 1,571

Nigerian Naira 2,025,575 523,724 - - - 2,549,299 127,465

Pound Sterling - 27,777 (3,053,833) - - (3,026,056) (151,303)

South African Rand - 98,816 - - - 98,816 4,941


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Euro 19,653,682 (22,608) (1,339) 1,339 (19,673,285) (42,211) (2,111)

Pound Sterling 5,889,485 739,264 (107,186,261) 96,546,917 (7,258,008) (11,268,603) (563,430)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)

EUR EUR EUR EUR EUR EUR EUR

Pound Sterling - (1,098) (400,930,947) 7,404,845 - (393,527,200) (19,676,360)

Swiss Franc - 90,430 - - - 90,430 4,522

US Dollar - (3,714) (17,765,028) 1,187,038 - (16,581,704) (829,085)




382




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)



Brazilian Real - 5,202 - - - 5,202 260

Canadian Dollar - 356,991 - - - 356,991 17,850

Czech Koruna - 47,181 - - - 47,181 2,359

Danish Krone - 166,514 - - - 166,514 8,326

Egyptian Pound - 483 - - - 483 24

Euro - 1,455,487 (1,313) - - 1,454,174 72,709

Hong Kong Dollar - 163,453 - - - 163,453 8,173

Hungarian Forint - 55,731 - - - 55,731 2,787

Israeli Shekel - 1,903 - - - 1,903 95

Japanese Yen - 1,155,765 - - - 1,155,765 57,788

Malaysian Ringgit - 443 - - - 443 22

Mexican Peso - 116,378 - - - 116,378 5,819

New Turkish Lira - 119,337 - - - 119,337 5,967


Norwegian Krone - 48,923 - - - 48,923 2,446

Polish Zloty - 227,449 - - - 227,449 11,372

Pound Sterling - 216,862 (186,497,687) - - (186,280,825) (9,314,041)

Russian Ruble - 67,637 - - - 67,637 3,382

Singapore Dollar - 141,507 - - - 141,507 7,075

South African Rand - 197,314 - - - 197,314 9,866

South Korean Won - 37,849 - - - 37,849 1,892

Swedish Krona - 754,155 - - - 754,155 37,708

Swiss Franc - 299,331 - - - 299,331 14,967

Taiwanese Dollar - 2,734 - - - 2,734 137




383



Old Mutual Gold & Silver Fund

Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Australian Dollar - (7,931) - - - (7,931) (397)

Canadian Dollar - 3,390 - - - 3,390 170

Euro - (54) (1,691,351) - - (1,691,405) (84,570)

Pound Sterling - 15,618 (206,318,868) - - (206,303,250) (10,315,163)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Australian Dollar - (7,462) (1,130,196) 1,124,837 - (12,821) (641) Euro - (50,309) (1,895,637) 1,892,820 (225,389) (278,515) (13,926) Indian Rupee 40,256 - - - - 40,256 2,013 Japanese Yen - 14,703 - - - 14,703 735 Mexican Peso 196,011 14 - - (197,963) (1,938) (97) Pound Sterling - (31,532) (15,264,329) 15,221,924 (4,645,102) (4,719,039) (235,952) Singapore Dollar - - (1,841,055) 1,837,524 - (3,531) (177) Swiss Franc - 216 - - - 216 11




384




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Australian Dollar - 89,887 (5,140,555) 5,104,458 - 53,790 2,690

Euro - (719,368) (23,688,696) 23,707,842 (1,402,766) (2,102,988) (105,149)

Indian Rupee 269,403 - - - - 269,403 13,470

Japanese Yen - 655,845 - - - 655,845 32,792

Mexican Peso 627,234 10 - - (633,481) (6,237) (312)

Pound Sterling - 1,176 (108,157,413) 108,090,145 (27,522,358) (27,588,450) (1,379,423)

Singapore Dollar - - (27,581,001) 27,235,785 - (345,216) (17,261)

Swiss Franc - 3,997 - - - 3,997 200


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Australian Dollar - 452,163 (4,459,165) 4,435,634 - 428,632 21,432

Danish Krone - - - 1 - 1 -

Euro - (2,106,372) (47,240,034) 47,197,837 (1,762,109) (3,910,678) (195,534)

Indian Rupee 295,724 - - 1 - 295,725 14,786

Japanese Yen - 1,996,270 - 1 - 1,996,271 99,814

Mexican Peso 490,026 10 - 1 (494,907) (4,870) (244)

Pound Sterling - (1,755,065) (184,846,636) 184,414,207 (24,456,276) (26,643,770) (1,332,189)

Singapore Dollar - - (47,813,340) 47,434,199 - (379,141) (18,957)

Swiss Franc - 16,175 - 1 - 16,176 809




385




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Australian Dollar - 150,955 (88,378) 87,433 - 150,010 7,501

Euro - (721,943) (5,090,942) 5,070,220 - (742,665) (37,133)

Hong Kong Dollar - 33,539 - - - 33,539 1,677

Japanese Yen - 635,966 - - - 635,966 31,798

Pound Sterling - (85,348) (43,534,261) 43,245,294 - (374,315) (18,716)

Singapore Dollar - - (1,623,618) 1,608,752 - (14,866) (743)

Swiss Franc - 5,855 - - - 5,855 293

Old Mutual UK Specialist Equity Fund

Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Euro - 378 (65,590,032) 65,193,376 - (396,278) (19,814)

US Dollar - 203,730 (58,483,577) 57,872,715 - (407,132) (20,357)




386




Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Australian Dollar - (33,799) - - - (33,799) (1,690)

Canadian Dollar - (177,430) - - (3,752,770) (3,930,200) (196,510)

Danish Krone - 15,396 - - - 15,396 770

Euro - 20,132 - - - 20,132 1,007

Japanese Yen - 749,050 - - - 749,050 37,453

Norwegian Krone - 10,988 - - - 10,988 549

Pound Sterling - 344,537 (105,551,377) 106,127,414 - 920,574 46,029

Singapore Dollar - 1,325 - - - 1,325 66

Swedish Krona - 74,413 - - - 74,413 3,721

Swiss Franc - (2,722) - - - (2,722) (136)


Monetary

Assets

Net Other Monetary


Share Class

Exposure

Currency

exchange

contracts

Hedging

Currency

exchange

contracts

Non-Hedging

Total

Exposure


(5% movement)


Euro 69,961,778 172,862 - - (70,090,077) 44,563 2,228

Pound Sterling 84,113,874 571,873 (135,605,070) 134,749,797 (84,823,999) (993,525) (49,676)




387



If the exchange rates of the foreign currencies to which the Sub-Funds had exposure at year end had

increased or decreased by 5% with all other variables held constant, this would have increased or

decreased profit or loss for the financial year as follows:


+5% -5% +5% -5%

Merian China Equity Fund (63,896) 70,622 1,076,843 (1,076,843)

Merian World Equity Fund (3,575,735) 3,952,128 2,932,248 (2,932,248)

Merian Pacific Equity Fund (232,194) 256,634 2,690,333 (2,690,333)

Merian European Equity Fund (232,552) 257,032 147,622 (147,622)

Old Mutual Japanese Equity Fund^ - - 41,157,093 (41,157,093)

Merian US Equity Income Fund (7,123,784) 7,873,656 2,028,642 (2,028,642)

Merian North American Equity Fund (24,462,306) 27,037,285 6,423,384 (6,423,384)

Old Mutual European Best Ideas Fund (1,828,657) 2,021,145 809,783 (809,783)

Merian Global Emerging Markets Fund (5,141,007) 5,682,166 3,973,650 (3,973,650)

Merian Asian Equity Income Fund (14,289,021) 15,793,127 5,035,890 (5,035,890)

Merian UK Alpha Fund (IRL) (213,489) 235,962 729,307 (729,307)

Merian UK Smaller Companies Focus Fund (18,413) 20,352 4,857,641 (4,857,641)

Old Mutual Pan African Fund^^ - - 468,431 (468,431)

Merian Europe (ex UK) Smaller Companies Fund (11,299,229) 12,488,620 1,919,533 (1,919,533)

Merian Global Equity Income Fund (IRL) (7,879,938) 8,709,409 1,856,053 (1,856,053)

Merian Gold & Silver Fund (11,612,830) 12,835,233 936,000 (936,000)

In practice, the actual trading results may differ from the above sensitivity analysis and the difference

could be significant. The currency risk of other Sub-Funds is disclosed by way of VaR analysis on pages

392 to 394.

(g) Fair Value of Financial Assets and Financial Liabilities

Fair Value Estimation

The Company is required to classify fair value measurements using a fair value hierarchy that reflects

the significant of the inputs used in making the measurements. The standard requires an entity to

provide a quantitative and qualitative analysis of those instruments recognised at fair value based on

a three-level measurement hierarchy. The fair value hierarchy has the following levels:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the

asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3 – Inputs for the asset or liability that are not based on observable market data (that is,

unobservable inputs).

Furthermore, for those instruments which have significant unobservable inputs (Level 3), the

amendment requires disclosures on the transfers into and out of Level 3, a reconciliation of the opening

and closing balances, total gains and losses for the year, purchases, sales issues and settlements. The

level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is

determined on the basis of the lowest level input that is significant to the fair value measurement in its

entirety.

For this purpose, the significance of an input is assessed against the fair value measurement in its

entirety. If a fair value measurement uses observable inputs that require significant adjustment based

on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a

particular input to the fair value measurement in its entirety requires judgement, considering factors

specific to the asset or liability.




388


(g) Fair Value of Financial Assets and Financial Liabilities (continued)

The determination of what constitutes ‘observable’ requires significant judgement by the Sub-Funds.

The Sub-Funds consider observable data to be that market data that is readily available, regularly

distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources

that are actively involved in the relevant market.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk

associated with investing in those securities. The table below provides a summary within the fair value

hierarchy of the Sub-Fund’s financial assets and financial liabilities measured at last traded prices at 31

December 2018.

The financial instruments at 31 December 2018 and 31 December 2017 are classified as follows:

Investment Type Level

Equities 1

Warrants 1

Government Bonds 2

Corporate Bonds 2

Convertible Securities 2

Municipal Bonds 2

Asset Backed Securities 2

Mortgage Backed Securities 2

Investment Funds 2

Contract for Difference 2

Credit Default Swaps 2

Future Contracts 1

Interest Rate Swaps 2

Total Return Swaps 2

Open Currency Exchange Contracts 2

Rights 1

Options Purchased 2

Options Written 2

The following table details the exceptions to the above classification at 31 December 2018.

Sub-Fund Security

Investment

Type Level Currency Fair Value


Focus Fund The Hut Group Equity 3 GBP 9,506,701


Focus Fund Transferwise Equity 3 GBP 8,491,778


Focus Fund Secret Escapes Equity 3 GBP 2,092,651

Merian UK Dynamic Equity Fund The Hut Group Equity 3 GBP 19,481,432

Merian UK Dynamic Equity Fund Transferwise Equity 3 GBP 13,337,381

Merian UK Specialist Equity Fund The Hut Group Equity 3 GBP 12,987,916

Merian UK Specialist Equity Fund Transferwise Equity 3 GBP 11,851,263

Merian UK Specialist Equity Fund Secret Escapes Equity 3 GBP 1,880,181


Graphcore

Limited Equity 3 GBP 1,464,599




389



Reconcilliation of Level 3 fair value measurements of financial assets for the year 2018.

Merian

Pacific

Equity Fund

Merian

Local

Currency

Emerging

Market Debt

Fund

Merian UK

Smaller

Companies

Focus Fund

Merian Uk

Dynamic

Equity Fund

Merian UK

Specialist

Equity Fund

USD USD GBP GBP GBP

Opening Balance 669,484 1,592,559 16,887,014 11,250,704 9,997,144

Purchases - 2,002,118 4,594,842 24,005,818 21,615,296

Sales - - (2,671,951) (2,416,865) (3,169,128)

Transfers out of level 3 (655,168) (3,567,440) - - -

Net gain/(loss) on

financial assets at fair


loss

(14,316) (27,237) 1,281,225 (20,844) (259,353)

Closing Balance - - 20,091,130 32,818,813 28,183,959

Reconcilliation of Level 3 fair value measurements of financial assets for the year 2017.

Merian

Pacific

Equity Fund

Merian

Local

Currency

Emerging

Market Debt

Fund

Merian UK

Smaller

Companies

Focus Fund

Merian Uk

Dynamic

Equity Fund

Merian UK

Specialist

Equity Fund

USD USD GBP GBP GBP

Opening Balance - - - - -

Purchases 730,537 1,595,440 17,035,658 11,472,313 10,194,060

Sales - - - - -

Transfers out of level 3 - - - - -

Net gain/(loss) on

financial assets at fair


loss

(61,053) (2,881) (148,644) (221,609) (196,916)

Closing Balance 669,484 1,592,559 16,887,014 11,250,704 9,997,144

Transfers between levels are deemed to have occurred when the pricing source for a particular

security has changed, which triggers a change in levels. With effect from 5 February 2018 the pricing

of ESLA PLC was confirmed by Reuters, which transferred this investment to level 2. There were no

transfers between levels of the fair value hierarchy during the financial year ended 31 December 2017.

Assets and liabilities not carried at fair value are carried at amortised cost; their carrying values are a

reasonable approximation of fair value.




390



Sensitivity to changes in inputs

Although the Investment Manager believes that its estimates of fair value are appropriate, the use of

different methodologies or assumptions could lead to different measurements of fair value. For fair

value measurements in Level 3, in changing one or more of the assumptions used to reasonably

possible alternative assumptions by decreasing or increasing by 5% with all other variables held

constant, the impact on valuation is shown in the table below:

Fair value as at 31

December 2018

Sensitivity Change in

valuation

USD 103,281,194 5% 5,164,060

Fair value as at 31

December 2017

Sensitivity Change in

valuation

USD 53,848,978 5% 2,692,449

Level 3 valuation techniques

The following table shows the valuation techniques used for Level 3 fair values, as well as the significant

unobservable inputs used for Level 3 items.

Valuation

technique

Significant

unobservable

inputs

Inputs used

Comparable

Company

Multiples

EV/Revenue,

Last 12 months

revenue multiples,

Discounts for

illiquidity

Unaudited Accounts (Statement of Operations

/ Statement of Financial Position),

Comparable Company data (enterprise

value, market cap, LTM revenue, LTM EBITDA,

LTM EBITDA, LTM revenue growth),

Recent market transactions,

Relevant post IPO valuations for similar

companies

Last transacted

value

The fair value of

the Company’s

last transaction

is considered to

be un-

observable

Recently executed purchase price




391


(h) Leverage

Many derivative instruments have a leverage component, adverse changes in the value or level of the

underlying asset, rate or index can result in a loss substantially greater than the amount invested in the

derivative itself. Certain derivative instruments have the potential for unlimited loss regardless of the size

of the initial investment.

(i) Global Derivative Exposure

Sensitivity Analysis for Sub-Funds through commitment approach

The risk is managed through the commitment approach to quantitatively measure the Funds’ global

exposure through the use of financial derivative instruments in line with UCITS Directives and Central

Bank of Ireland regulations for Sub-Funds listed in the table below. The following Sub-Funds will not be

leveraged in excess of 100% of their Net Asset Value.

Sub-Fund




















392


(j) Value at Risk (“VaR”) method

In the case of the Sub-Funds listed below the Investment Manager uses the VaR method. The relevant Sub-

Funds use appropriate Relative and Absolute VaR analysis as outlined in the following table:

Merian Global Strategic Bond Fund (IRL) Relative

Bloomberg Barclays Global Aggregate

Index

Merian Total Return USD Bond Fund Relative Barclays Capital US Aggregate Bond Index

Merian Emerging Market Debt Fund Relative JP Morgan EMBI Global Index

Merian Investment Grade Corporate Bond Fund Relative

Barclays Capital Global Aggregate Credit

- Corporate Bond Index

Merian Local Currency Emerging Market Debt

Fund Relative JPMorgan GBI-EM Global Diversified Index

Merian UK Dynamic Equity Fund Relative FTSE 250 Index Excluding Investments Trusts

Merian Global Equity Absolute Return Fund Absolute n/a Merian Strategic Absolute Return Bond Fund^^^ Absolute n/a Old Mutual Monthly Income High Yield Bond

Fund^^^^ Relative

BofA Merrill Lynch Global High Yield Index

(USD Hedged) Old Mutual Compass Portfolio 2 Absolute n/a Old Mutual Compass Portfolio 3 Absolute n/a Old Mutual Compass Portfolio 4 Absolute n/a Old Mutual Compass Portfolio 5 Absolute n/a Merian UK Specialist Equity Fund Absolute n/a Merian Style Premia Absolute Return Fund Absolute n/a

Merian Financials Contingent Capital Fund Relative

Bloomberg Barclays Contingent Capital

Western Europe Index

The daily VaR limit for Sub-Funds using Absolute VaR limit is 4.47% (31 December 2017: 4.47%).

VaR is a statistically based estimate of the potential loss on the current portfolio from adverse market

movements. The VaR measure captures both "general" and "idiosyncratic" market risks. General market risk

factors are variables which are driven by macroeconomic, geopolitical and other market-wide

considerations, independent of any instrument or single name. They include movements in interest rates,

widening or tightening of general spread levels and directional movements in equity market indices,

exchange rates, and energy, metal and commodity prices. Changes in associated volatilities and

correlations between these risk factors – some of which may be unobservable or only indirectly observable

– are also general market risks. Idiosyncratic components are those that cannot be explained by general

market movements – broadly, changes in the prices of debt and equity instruments and derivatives linked

to them, resulting from factors and events specific to individual names.

VaR expresses potential loss, but only to a certain level of confidence and holding period of 1 and 20 days

depending on the Sub-Fund, and there is therefore a specified statistical probability (1%) that actual loss

could be greater than the VaR estimate. VaR analysis for the Company is carried out by the Administrator

whose model uses a historical simulation framework with full re-pricing. This model can integrate various risk

factors and has a proprietary methodology for integrating market and credit risk. For general market risk,

the assessment of past movements is based on historical data, using data for the last financial year, and

this data is applied directly to current positions, a method known as historical simulation.




393


(j) Value at Risk (“VaR”) method (continued)

A Sub-Fund must ensure that its global exposure relating to FDI does not exceed its total Net Asset Value. A Sub-Fund using the commitment approach to

measure its positions in FDI may not therefore be exposed in excess of 100% of its Net Asset Value.

Global exposure is calculated by the Administrator by extracting information from the Sub-Fund accounting system relating to the full exposure on FDIs. This

information is passed to the Compliance Monitoring Services Division (CMS) for the purposes of calculating the global exposure and comparing the results

against the overall value of the Sub-Fund. In 2018, FDI global exposure was calculated under the commitment approach as described, while the market risk

is calculated utilising the VaR methodology described.

31 December 2018

Confidence

Level

Holding

Period

Maximum

VaR

Minimum

VaR

Average

VaR

Average

Leverage

Total

VaR

Total VaR

Market Value

(GBP/USD/EUR/JPY)

Merian Global Strategic Bond Fund (IRL) 99.00% 1 day 1.21% 0.47% 0.74% 78.00% 0.69% 64,880

Merian Total Return USD Bond Fund 99.00% 1 day 1.68% 0.30% 0.68% - 0.81% 1,650,447

Merian Emerging Market Debt Fund 99.00% 1 day 1.13% 0.46% 0.74% 25.00% 1.05% 1,997,133

Merian Investment Grade Corporate Bond Fund 99.00% 1 day 0.43% 0.29% 0.36% 76.00% 0.39% 48,494

Merian Local Currency Emerging Market Debt Fund 99.00% 1 day 2.00% 1.02% 1.37% 130.00% 1.89% 7,160,366

Merian UK Dynamic Equity Fund 99.00% 1 day 2.60% 1.52% 1.87% 6.00% 2.43% 11,007,191

Merian Global Equity Absolute Return Fund 99.00% 1 day 1.08% 0.61% 0.77% 160.00% 1.01% 131,935,409

Merian Strategic Absolute Return Bond Fund^^^ 99.00% 1 day 0.97% 0.18% 0.40% 277.00% 0.78% 1,162,812

Old Mutual Monthly Income High Yield Bond Fund^^^^ 99.00% 1 day 0.59% 0.01% 0.44% 28.00% - -

Old Mutual Compass Portfolio 2 99.00% 1 day 0.83% 0.30% 0.55% 110.00% 0.61% 148,301

Old Mutual Compass Portfolio 3 99.00% 1 day 1.76% 0.39% 0.96% 117.00% 0.97% 2,693,182



Merian UK Specialist Equity Fund 99.00% 1 day 1.10% 0.61% 0.81% 100.00% 0.90% 5,091,792

Merian Style Premia Absolute Return Fund 99.00% 1 day 3.36% 0.29% 1.03% 365.00% 1.70% 1,389,849

Merian Financials Contingent Capital Fund 99.00% 1 day 1.93% 0.46% 1.11% 80.00% 0.97% 2,441,567

The Sub-Funds do employ leverage, calculated as sum of notionals, to achieve the Sub-Funds objective and to reduce risk, and this has not exceeded the

expected level as disclosed in the Sub-Fund’s Prospectus.




394


(j) Value at Risk (“VaR”) method (continued)

31 December 2017

Confidence

Level

Holding

Period

Maximum

VaR

Minimum

VaR

Average

VaR

Average

Leverage

Total

VaR

Total VaR

Market Value

(GBP/USD/EUR/JPY)

Old Mutual Global Strategic Bond Fund (IRL) 99.00% 1 day 1.32% 0.65% 0.92% 157.00% 0.68% 77,708

Old Mutual Total Return USD Bond Fund 99.00% 1 day 1.60% 0.14% 0.92% - 0.50% 1,503,875

Old Mutual Emerging Market Debt Fund 99.00% 1 day 1.61% 0.54% 1.27% - 0.54% 1,229,844

Old Mutual Investment Grade Corporate Bond Fund 99.00% 1 day 0.58% 0.31% 0.45% 72.00% 0.34% 66,635

Old Mutual Local Currency Emerging Market Debt Fund 99.00% 1 day 2.48% 0.80% 2.06% 89.00% 1.05% 3,849,930

Old Mutual UK Dynamic Equity Fund 99.00% 1 day 4.90% 1.51% 2.74% 8.00% 1.55% 9,314,292

Old Mutual Global Equity Absolute Return Fund 99.00% 1 day 0.91% 0.49% 0.68% 154.00% 0.83% 103,245,990

Old Mutual Strategic Absolute Return Bond Fund 95.00% 1 day 0.31% 0.13% 0.19% 51.00% 0.17% 223,697

Old Mutual Monthly Income High Yield Bond Fund 99.00% 1 day 0.78% 0.27% 0.56% 28.00% 0.31% 341,832





Old Mutual UK Specialist Equity Fund 99.00% 1 day 1.27% 0.80% 0.95% 111.00% 0.94% 5,126,951

Old Mutual Style Premia Absolute Return Fund 99.00% 1 day 1.21% 0.57% 0.86% 21.00% 0.82% 892,582

Old Mutual Financials Contingent Capital Fund 99.00% 1 day 0.34% 0.36% 0.49% 65.00% 0.56% 1,221,460

The Sub-Funds do employ leverage, calculated as sum of notionals, to achieve the Sub-Funds objective and to reduce risk, and this has not exceeded the

expected level as disclosed in the Sub-Fund’s Prospectus.

12. Charges against the assets of the Sub-Funds

A number of counterparties used by the Company hold a number of charges granting first priority security interest in relation to collateral and principal broker

securities relating to the relevant Sub-Funds’ account.




395

13. Post Statement of Financial Position Events

a) Change of Investment Policy

On 1 April 2019, a number of miscellaneous non material changes were made to the investment policy

of the Merian European Equity Fund. Shareholders were notified by letter of these changes.

b) Change in Distribution Frequency

With effect from 31 December 2018, the income distribution frequency of class P2 (USD) Income of the

Merian North American Equity Fund has changed from annual to quarterly.

c) Closure of Merian Global Strategic Bond Fund (IRL)

On 7 March 2019, Shareholders in the Merian Global Strategic Bond Fund (IRL) were notified of the

proposed closure of the Fund, this closure is due to take place on 25 April 2019.

d) Change of Investment Adviser

On 7 March 2019, Shareholders in the Merian Total Return USD Bond Fund were notified by letter of a series

of changes being made to the Merian Total Return USD Bond Fund. These include the proposed

termination of the existing Investment Adviser of the Fund, Janus Capital International Limited and their

sub-advisor Janus Capital Management LLC so that with effect from 25th April, Merian Global Investors

(UK) Limited will act as Investment Adviser to the Fund. Miscellanous other changes are being made to

the sub-fund, including:

miscellaneous changes to the investment policy;

a change to the definition of Business Day;

a change of name of the Fund from Merian Total Return USD Bond Fund to the Merian Global

Dynamic Bond Fund.

e) Changes to Supplements

The following supplements were updated post year end:

Merian US Equity Income Fund 21 March 2019;

Merian European Equity Fund 1 April 2019.

There have been no other material events affecting the Sub-Funds subsequent to 31 December 2018,

which require amendment to or disclosure in, these financial statements.

14. Financial Statements

These financial statements were approved by the Board of Directors on 25 April 2019.


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian China Equity Fund

396

Under UCITS regulations, a statement of changes in the composition of the portfolio during the reference period

is required, displaying all material changes that have occurred in the deposition of the assets of the UCITS. A

material change is defined as aggregate purchases of a security exceeding one per cent of the total value of

purchases for the period or aggregate disposals greater than one per cent of the total value of sales. If there are

fewer than 20 purchases that met the material changes definition, the UCITS shall disclose those purchases and

such number of the next largest purchases so that at least 20 purchases are disclosed. If there are fewer than 20

sales that met the material changes definition, the UCITS shall disclose those sales and such number of the next

largest sales so that at least 20 sales are disclosed.

Security Description

Issue

Currency Shares/Par

Cost

USD

BUYS

Alibaba Group Holding Ltd (DR) USD 34,052 6,335,021

AIA Group Ltd USD 590,200 4,925,463

CNOOC Ltd USD 2,893,000 4,507,821

China Mobile Ltd USD 455,000 4,247,007

Hong Kong Exchanges & Clearing Ltd USD 118,500 4,219,079

Shenzhou International Group Holdings Ltd USD 383,000 4,031,360

China Resources Beer Holdings Co Ltd USD 792,000 3,329,681

Tencent Holdings Ltd USD 58,200 2,970,076

BOC Hong Kong Holdings Ltd USD 547,500 2,748,356

Yue Yuen Industrial Holdings Ltd USD 658,500 2,709,103

Agricultural Bank of China Ltd USD 4,474,000 2,678,922

AAC Technologies Holdings Inc USD 147,000 2,677,924

Sunny Optical Technology Group Co Ltd USD 139,000 2,563,830

Guangshen Railway Co Ltd USD 3,998,000 2,480,248

CLP Holdings Ltd USD 232,500 2,409,566

PetroChina Co Ltd USD 3,098,000 2,360,869

Melco Resorts & Entertainment Ltd (DR) USD 80,658 2,293,108

China Petroleum & Chemical Corp USD 2,628,000 2,225,874

CSPC Pharmaceutical Group Ltd USD 814,000 2,102,945

Hang Seng Bank Ltd USD 75,300 1,959,229

China Resources Land Ltd USD 518,000 1,828,237

New Oriental Education & Technology Group Inc (DR) USD 17,888 1,819,413

NetEase Inc (DR) USD 6,563 1,817,131

Nine Dragons Paper Holdings Ltd USD 1,068,000 1,809,674

China Mengniu Dairy Co Ltd USD 552,000 1,803,679

Postal Savings Bank of China Co Ltd HKD 2,686,000 1,761,586

Techtronic Industries Co Ltd USD 295,500 1,754,272

Link REIT USD 158,000 1,530,446

Bank of China Ltd USD 2,597,000 1,391,079

WH Group Ltd USD 1,754,500 1,389,223

Baidu Inc (DR) USD 5,552 1,358,454

China Everbright Greentech Ltd HKD 1,255,000 1,346,018

Hong Kong & China Gas Co Ltd USD 683,000 1,334,525

Brilliance China Automotive Holdings Ltd USD 534,000 1,323,555

China Resources Pharmaceutical Group Ltd HKD 964,500 1,297,965

Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd USD 438,000 1,283,876

Yum China Holdings Inc USD 33,030 1,256,893

China Shenhua Energy Co Ltd USD 480,000 1,195,137

Lifestyle International Holdings Ltd USD 565,500 1,174,440

Sino Biopharmaceutical Ltd USD 721,000 1,171,010


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian China Equity Fund (continued)

397


Issue

Currency Shares/Par

Proceeds

USD

SELLS

Ping An Insurance Group Co of China Ltd USD 433,500 4,592,798

Shenzhou International Group Holdings Ltd USD 360,000 4,188,149

CSPC Pharmaceutical Group Ltd USD 1,600,000 3,893,103

China Construction Bank Corp USD 3,454,000 3,405,580

YY Inc (DR) USD 28,973 3,396,401

CNOOC Ltd USD 1,977,000 3,394,361

West China Cement Ltd USD 19,554,000 3,362,962

China Resources Beer Holdings Co Ltd USD 792,000 3,257,695

Baidu Inc (DR) USD 12,735 3,213,006

Hong Kong Exchanges & Clearing Ltd USD 98,900 2,927,766



China Life Insurance Co Ltd USD 845,000 2,510,832



KWG Group Holdings Ltd USD 1,517,500 2,290,438


AAC Technologies Holdings Inc USD 147,000 2,109,609

Xiabuxiabu Catering Management China Holdings Co Ltd HKD 1,060,500 2,087,943

Shanghai Jin Jiang International Hotels Group Co Ltd USD 4,858,000 2,016,202

Melco Resorts & Entertainment Ltd (DR) USD 80,658 1,965,739

China Shenhua Energy Co Ltd USD 676,500 1,891,058

China Mengniu Dairy Co Ltd USD 552,000 1,861,273

Huayu Automotive Systems Co Ltd CNY 420,513 1,815,933

Postal Savings Bank of China Co Ltd HKD 2,686,000 1,704,029

Huatai Securities Co Ltd HKD 797,000 1,654,878

Nine Dragons Paper Holdings Ltd USD 1,068,000 1,641,905

Techtronic Industries Co Ltd USD 295,500 1,632,416

Shanghai Haohai Biological Technology Co Ltd HKD 303,500 1,614,357

China Cinda Asset Management Co Ltd USD 4,027,000 1,498,724

New Oriental Education & Technology Group Inc (DR) USD 17,888 1,493,024

China BlueChemical Ltd USD 4,706,000 1,465,099

China Resources Pharmaceutical Group Ltd HKD 964,500 1,455,065

China Overseas Land & Investment Ltd USD 412,000 1,451,378

Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd USD 438,000 1,424,486

China Railway Construction Corp Ltd USD 1,308,500 1,395,199

WH Group Ltd USD 1,754,500 1,385,019

China Everbright Greentech Ltd HKD 1,255,000 1,249,062

China Resources Land Ltd USD 320,000 1,214,584


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Global Strategic Bond Fund (IRL)

398


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS

United States Treasury Note/Bond 1.75 31/01/2023 USD 1,990,000 1,917,222


United States Treasury Inflation Indexed Bonds 0.38 15/07/2027 USD 1,230,000 1,205,009

Mexican Bonos 7.50 03/06/2027 MXN 243,100 1,197,850



Republic of South Africa Government Bond 0.50 21/12/2026 ZAR 13,050,000 1,026,259

French Republic Government Bond OAT 0.10 01/03/2025 EUR 750,000 1,005,299

Italy Buoni Poliennali Del Tesoro 1.30 15/05/2028 EUR 805,000 976,889

United States Treasury Note/Bond 2.88 15/08/2028 USD 980,000 960,488


Financials Contingent Capital Fund (UCITS) USD 90,660 909,001


Indonesia Treasury Bond 6.13 15/05/2028 IDR 13,410,000,000 860,265



Japanese Government CPI Linked Bond 0.10 10/03/2027 JPY 83,000,000 797,801

Hellenic Republic Government Bond 3.50 30/01/2023 EUR 650,000 763,251


United States Treasury Inflation Indexed Bonds 0.75 15/07/2028 USD 743,000 725,313


Bundesrepublik Deutschland Bundesanleihe 0.00 15/08/2026 EUR 620,000 715,307








Bundesobligation 0.25 16/10/2020 EUR 400,000 472,372

French Republic Government Bond OAT 0.10 01/03/2028 EUR 360,000 471,481

United States Treasury Bill 0.00 03/01/2019 USD 470,000 466,142



Lebanon Government International Bond 6.85 23/03/2027 USD 500,000 451,875

Spain Government Bond 1.95 30/07/2030 EUR 365,000 437,288


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Global Strategic Bond Fund (IRL) (continued)

399


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS



French Republic Government Bond OAT 0.10 01/03/2025 EUR 930,000 1,202,782


Mexican Bonos 7.50 03/06/2027 MXN 210,900 1,109,409


Italy Buoni Poliennali Del Tesoro 1.30 15/05/2028 EUR 840,000 1,024,665


Bonds 0.38 15/07/2027 USD 1,002,000 990,689




Bonds 0.13 15/04/2022 USD 870,000 875,528


Financials Contingent Capital Fund (UCITS) USD 85,593 857,409

Republic of South Africa Government Bond 0.50 21/12/2026 ZAR 11,050,000 840,530


Bundesrepublik Deutschland Bundesanleihe 0.00 15/08/2026 EUR 710,000 822,369

Japanese Government CPI Linked Bond 0.10 10/03/2027 JPY 82,000,000 806,698


Bonds 0.25 15/01/2025 USD 770,000 788,686


Indonesia Treasury Bond 6.13 15/05/2028 IDR 10,410,000,000 671,792








Bonds 0.13 15/01/2023 USD 560,000 590,761

Japan Government Ten Year Bond 0.10 20/09/2026 JPY 65,000,000 580,063






Spain Government Bond 2.35 30/07/2033 EUR 380,000 490,227







SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian World Equity Fund

400


Issue

Currency Shares/Par

Cost

USD

BUYS

Roche Holding AG USD 54,834 13,056,217

Procter & Gamble Co USD 99,050 8,881,492

Bristol-Myers Squibb Co USD 150,986 8,594,248

L'Oreal SA USD 30,968 7,380,733

SAP SE USD 65,010 7,252,929

Celgene Corp USD 69,798 6,365,516

BP PLC USD 752,911 5,611,026

NVIDIA Corp USD 23,381 5,595,769

Repsol SA USD 288,956 5,562,977

Verizon Communications Inc USD 98,016 5,360,845

Valero Energy Corp USD 46,679 5,239,078

Facebook Inc USD 29,514 5,136,410

Eni SpA USD 251,985 4,813,804

LVMH Moet Hennessy Louis Vuitton SE USD 13,759 4,762,647

Chevron Corp USD 36,706 4,700,219

Amgen Inc USD 25,046 4,518,031

Agilent Technologies Inc USD 65,309 4,329,889

Astellas Pharma Inc USD 288,100 4,280,237

Biogen Inc USD 12,377 4,201,711

Kering SA USD 7,789 4,126,460


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian World Equity Fund (continued)

401


Issue

Currency Shares/Par

Proceeds

USD

SELLS


NVIDIA Corp USD 37,591 8,898,152


Exxon Mobil Corp USD 79,373 6,261,607


Repsol SA USD 308,915 5,565,768

BP PLC USD 752,911 5,509,819


Fiat Chrysler Automobiles NV USD 236,523 5,204,131

L'Oreal SA USD 20,375 4,846,735

SAP SE USD 40,363 4,821,127


Sumitomo Corp USD 289,500 4,558,827


Amgen Inc USD 25,046 4,493,975

Eni SpA USD 251,985 4,493,140


Fastenal Co USD 73,871 4,186,624

Adobe Inc USD 17,115 4,153,299

Electronic Arts Inc USD 39,287 4,127,293


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Pacific Equity Fund

402


Issue

Currency Shares/Par

Cost

USD

BUYS


CSL Ltd USD 25,890 3,590,037

Samsung Electronics Co Ltd USD 177,082 3,271,925


NCSoft Corp USD 8,765 2,903,430

SK Hynix Inc USD 34,562 2,731,619

Public Bank Bhd USD 438,700 2,661,573


CK Asset Holdings Ltd USD 304,000 2,420,283

Genting Singapore Ltd USD 2,481,800 2,386,414

Infosys Ltd (DR) USD 128,500 2,334,739

DBS Group Holdings Ltd USD 107,500 2,328,709

United Overseas Bank Ltd USD 101,200 2,209,026

Galaxy Entertainment Group Ltd USD 256,000 2,171,234

Syndicate Bank USD 1,778,338 2,163,006

Perusahaan Gas Negara Persero Tbk USD 15,181,700 2,137,575

Macquarie Group Ltd USD 24,099 2,095,556

Sino Biopharmaceutical Ltd USD 1,349,000 2,032,449

Weibo Corp (DR) USD 20,100 2,004,442

Thanachart Capital PCL THB 1,216,000 1,958,434


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Pacific Equity Fund (continued)

403


Issue

Currency Shares/Par

Proceeds

USD

SELLS

Jindal Steel & Power Ltd USD 1,996,784 7,144,251



China Life Insurance Co Ltd USD 1,849,000 4,834,068


Industrial & Commercial Bank of China Ltd USD 5,177,000 4,443,825

China Suntien Green Energy Corp Ltd HKD 12,143,000 4,257,441

Hua Hong Semiconductor Ltd HKD 1,742,296 3,664,496


QBE Insurance Group Ltd USD 419,658 3,372,124


CSL Ltd USD 24,909 3,312,452

KB Financial Group Inc KRW 63,303 3,201,348

State Bank of India INR 813,177 3,129,438

China Cinda Asset Management Co Ltd USD 8,515,000 2,904,444

Bank Negara Indonesia Persero Tbk PT USD 4,157,400 2,816,437

Baidu Inc (DR) USD 13,417 2,760,684

Primax Electronics Ltd TWD 1,395,000 2,723,555

Momo Inc (DR) USD 95,786 2,682,701



SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian European Equity Fund

404


Issue

Currency Shares/Par

Cost

EUR

BUYS

Credit Suisse Group AG USD 61,100 775,424

Bank of Ireland Group PLC USD 99,500 754,941

ABN AMRO Group NV (DR) USD 31,000 752,901

Atresmedia Corp de Medios de Comunicacion SA USD 91,000 744,560

Signify NV USD 27,700 723,873

Cargotec OYJ USD 15,000 683,088

AP Moller - Maersk A/S USD 530 678,625

Rubis SCA USD 14,700 674,104

Royal Dutch Shell PLC USD 23,000 657,250

Fresenius SE & Co KGaA USD 15,042 628,558

Carrefour SA USD 34,500 602,793

Ontex Group NV USD 26,400 527,839

Freenet AG USD 15,000 295,208

Greencore Group PLC USD 194,000 280,855

Telecom Italia SpA/Milano USD 434,500 255,749

Leonardo SpA USD 24,800 218,531

Barclays PLC USD 94,100 191,030

Continental AG USD 900 121,799

Ryanair Holdings PLC USD 10,300 121,463

Teleperformance USD 800 114,467


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian European Equity Fund (continued)

405


Issue

Currency Shares/Par

Proceeds

EUR

SELLS

Covestro AG USD 9,693 884,481

ArcelorMittal EUR 32,675 849,270

Publicis Groupe SA USD 13,150 791,891

Glanbia PLC USD 52,300 762,936

Shire PLC USD 14,130 726,797

Bank of Ireland Group PLC USD 99,500 702,677

CECONOMY AG USD 60,470 695,596

Red Electrica Corp SA USD 40,261 694,482

UBS Group AG USD 49,860 680,479

Pandora A/S USD 9,350 625,486

Aegon NV USD 110,724 588,648

ProSiebenSat.1 Media SE EUR 28,565 575,450

Renault SA USD 9,660 540,291

Intrum AB USD 24,700 524,853

Suedzucker AG USD 40,000 521,152

Greencore Group PLC USD 226,900 484,713

Atresmedia Corp de Medios de Comunicacion SA USD 91,000 430,008

Teleperformance USD 2,500 424,288

Cargotec OYJ USD 15,000 417,175

Technicolor SA USD 227,170 333,363

Micro Focus International PLC USD 24,056 261,299

Capgemini SE USD 2,200 243,268

Telecom Italia SpA/Milano USD 221,000 189,170

Corbion NV USD 6,600 177,216


SIGNIFICANT PURCHASES AND SALES (unaudited) – Old Mutual Japanese Equity Fund^

406


Issue

Currency Shares/Par

Proceeds

JPY

SELLS

Toyota Motor Corp USD 27,300 209,444,480

Mitsubishi UFJ Financial Group Inc USD 226,200 196,584,429

Keyence Corp USD 2,100 148,057,434

SoftBank Group Corp USD 13,700 127,389,778

Mizuho Financial Group Inc USD 578,700 124,130,544

Shiseido Co Ltd USD 19,900 115,791,233

Shin-Etsu Chemical Co Ltd USD 9,300 115,589,430

Komatsu Ltd USD 25,100 107,613,870

Mitsubishi Electric Corp USD 50,000 104,086,583

Canon Inc USD 23,500 101,628,715

Daikin Industries Ltd USD 7,300 101,190,882

Yaskawa Electric Corp USD 16,800 97,405,977

Mitsui & Co Ltd USD 45,200 87,741,586

JFE Holdings Inc USD 28,800 77,030,944

Tokai Carbon Co Ltd USD 45,000 73,927,374

Showa Denko KK USD 14,000 73,194,485

Sompo Holdings Inc USD 15,300 71,183,396

Koito Manufacturing Co Ltd USD 8,400 68,891,040

Japan Airlines Co Ltd USD 16,000 68,745,864

Nitto Denko Corp USD 6,700 67,784,894

Haseko Corp USD 37,500 67,598,538

COMSYS Holdings Corp USD 21,100 67,128,523

Nissin Electric Co Ltd USD 50,000 66,765,018

Alps Electric Co Ltd USD 20,400 66,089,943

Denso Corp USD 9,200 65,330,523

Modec Inc USD 20,900 63,127,474

Taoka Chemical Co Ltd JPY 21,000 62,866,855

Open House Co Ltd USD 9,400 62,365,505

Takeda Pharmaceutical Co Ltd USD 9,000 58,970,605

Japan Tobacco Inc USD 16,000 58,556,912

Kyocera Corp USD 7,200 54,656,414

Sekisui House Ltd USD 24,900 53,435,173

Fujitsu Ltd USD 64,000 52,155,214

Comture Corp JPY 14,700 50,035,575

LINE Corp USD 10,100 50,027,827

Murata Manufacturing Co Ltd USD 3,100 49,855,813

There were no significant purchases during the year due to the fund closing on 26 January 2018.


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian US Equity Income Fund

407


Issue

Currency Shares/Par

Cost

USD

BUYS

AbbVie Inc USD 177,637 17,441,038

Merck & Co Inc USD 242,294 14,302,322



Gilead Sciences Inc USD 176,091 12,688,765


Cisco Systems Inc USD 250,015 11,207,312

Amgen Inc USD 60,057 10,945,642

Altria Group Inc USD 187,901 10,943,055


Biogen Inc USD 30,203 10,116,961

Eaton Corp PLC USD 115,739 9,021,325

eBay Inc USD 224,119 8,688,194

Gaming and Leisure Properties Inc USD 247,730 8,364,130


FirstEnergy Corp USD 236,644 8,018,714

Kinder Morgan Inc/DE USD 453,090 7,413,485

HP Inc USD 312,115 6,947,396

3M Co USD 28,929 6,890,246

McDonald's Corp USD 43,203 6,824,433


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian US Equity Income Fund (continued)

408


Issue

Currency Shares/Par

Proceeds

USD

SELLS

Merck & Co Inc USD 357,050 22,577,564



AbbVie Inc USD 156,935 14,900,749





NVIDIA Corp USD 50,502 12,050,368

Pfizer Inc USD 296,772 11,328,262

Fastenal Co USD 198,850 11,298,696


Kinder Morgan Inc/DE USD 640,445 10,924,389


Intel Corp USD 181,067 9,358,738

HP Inc USD 372,572 9,198,884



Philip Morris International Inc USD 77,433 8,464,102

eBay Inc USD 224,119 8,439,618


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian North American Equity Fund

409


Issue

Currency Shares/Par

Cost

USD

BUYS



Visa Inc USD 279,488 39,814,227


NVIDIA Corp USD 144,178 34,087,467





MetLife Inc USD 610,617 26,719,975


Raytheon Co USD 132,926 26,276,047

Walmart Inc USD 269,767 25,287,842

Biogen Inc USD 74,494 25,023,074

Estee Lauder Cos Inc USD 176,261 24,404,400

Masco Corp USD 626,550 24,359,111

Cerner Corp USD 369,755 23,731,250

eBay Inc USD 586,655 23,139,649

Walt Disney Co USD 207,339 23,082,551

Occidental Petroleum Corp USD 272,529 22,525,649


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian North American Equity Fund (continued)

410


Issue

Currency Shares/Par

Proceeds

USD

SELLS

NVIDIA Corp USD 211,032 50,887,845






Skyworks Solutions Inc USD 280,354 26,294,309



Red Hat Inc USD 145,152 24,360,624

Walmart Inc USD 258,346 23,187,245

Texas Instruments Inc USD 220,514 23,089,368

Eli Lilly & Co USD 196,399 22,718,933

Cognizant Technology Solutions Corp USD 282,448 22,405,006

Electronic Arts Inc USD 195,267 22,243,960

Cigna Holding Co USD 106,831 22,117,531

Masco Corp USD 626,550 21,944,623

Estee Lauder Cos Inc USD 155,221 21,887,598

Alphabet Inc - Class A USD 19,875 21,733,649

KLA-Tencor Corp USD 195,555 20,700,930


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Total Return USD Bond Fund

411


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS


Enable Midstream CP 0.00 30/10/2018 USD 10,750,000 10,744,558

Energy Transfer Partners CP 0.00 22/02/2018 USD 10,150,000 10,149,436

Amerisourcebergen Corp CP 0.00 21/02/2018 USD 10,000,000 9,999,503

Newell Brands Inc CP 0.00 31/05/2018 USD 10,000,000 9,999,389

General Dynamics Corp 3.75 15/05/2028 USD 7,925,000 7,923,574

Cabot Corp CP 0.00 04/01/2018 USD 6,800,000 6,799,664

ABN AMRO Bank NV 2.50 30/10/2018 USD 6,250,000 6,269,125

Plains Midstream CP 0.00 12/04/2018 USD 6,022,000 6,021,532

Cabot Corp CP 0.00 23/01/2018 USD 6,000,000 5,999,715

Dell International LLC / EMC Corp 3.48 01/06/2019 USD 5,889,000 5,923,228

Cabot Corp CP 0.00 17/01/2018 USD 5,500,000 5,499,737

Autonation Inc CP 0.00 30/05/2018 USD 5,500,000 5,499,649

Enbridge (US) Inc CP 0.00 10/04/2018 USD 5,500,000 5,499,601

Pentair Finance S.a.r.l. CP 0.00 05/09/2018 USD 5,500,000 5,499,588


Energy Transfer LP CP 0.00 13/04/2018 USD 5,250,000 5,249,621


Cooperatieve Rabobank UA/NY 2.25 14/01/2019 USD 5,000,000 5,005,300

State Grid Overseas Investment 2016 Ltd 4.25 02/05/2028 USD 5,000,000 5,005,100


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Total Return USD Bond Fund (continued)

412


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS


Hewlett Packard Enterprise Co 2.85 05/10/2018 USD 13,483,000 13,584,761

CITIC Ltd 6.88 21/01/2018 USD 12,167,000 12,167,000

Enable Midstream CP 0.00 30/10/2018 USD 10,750,000 10,750,000


Amerisourcebergen Corp CP 0.00 21/02/2018 USD 10,000,000 10,000,000

Newell Brands Inc CP 0.00 31/05/2018 USD 10,000,000 10,000,000

Japan Treasury Discount Bill 0.00 10/01/2018 JPY 1,100,000,000 9,763,886

EMC Corp 1.88 01/06/2018 USD 7,708,000 7,708,000

Edwards Lifesciences Corp 2.88 15/10/2018 USD 7,014,000 7,014,000

Cabot Corp CP 0.00 04/01/2018 USD 6,800,000 6,800,000

International Lease Finance Corp 7.13 01/09/2018 USD 6,754,000 6,754,000

ABN AMRO Bank NV 2.50 30/10/2018 USD 6,250,000 6,260,163

ICBCIL Finance Co Ltd 2.60 13/11/2018 USD 6,076,000 6,104,523


Cabot Corp CP 0.00 23/01/2018 USD 6,000,000 6,000,000

CNH Industrial Capital LLC 3.63 15/04/2018 USD 5,910,000 5,910,000

Autonation Inc CP 0.00 30/05/2018 USD 5,500,000 5,500,000

Enbridge (US) Inc CP 0.00 10/04/2018 USD 5,500,000 5,500,000

Cabot Corp CP 0.00 17/01/2018 USD 5,500,000 5,500,000


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Emerging Market Debt Fund

413


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS

Sri Lanka Government International Bond 6.75 18/04/2028 USD 8,150,000 7,735,160

Gabon Government International Bond 6.95 16/06/2025 USD 7,200,000 7,284,300

Ecuador Government International Bond 8.88 23/10/2027 USD 7,300,000 6,886,690

Russian Foreign Bond - Eurobond 5.25 23/06/2047 USD 7,000,000 6,880,010

Nigeria Government International Bond 7.70 23/02/2038 USD 6,700,000 6,583,520

Pakistan Government International Bond 6.88 05/12/2027 USD 7,000,000 6,541,150

Zambia Government International Bond 8.97 30/07/2027 USD 6,800,000 6,349,510

Turkey Government International Bond 6.13 24/10/2028 USD 6,600,000 6,244,485

Senegal Government International Bond 6.25 23/05/2033 USD 6,500,000 5,927,180

Ghana Government International Bond 8.13 18/01/2026 USD 5,400,000 5,890,500

Ivory Coast Government International Bond 5.75 31/12/2032 USD 6,500,000 5,598,142

Lebanon Government International Bond 6.10 04/10/2022 USD 5,900,000 5,553,315

Argentine Republic Government International Bond 6.88 11/01/2048 USD 6,600,000 5,526,720

Angolan Government International Bond 8.25 09/05/2028 USD 5,400,000 5,437,951

Egypt Government International Bond 7.90 21/02/2048 USD 5,673,000 5,412,530


Petroleos Mexicanos 6.50 13/03/2027 USD 4,800,000 5,091,372

Republic of Cameroon International Bond 9.50 19/11/2025 USD 4,500,000 5,041,500

Petrobras Global Finance BV 6.00 27/01/2028 USD 5,200,000 4,984,820

Citigroup Global Markets Holdings Inc/United States 13.59 12/03/2019 UAH 124,000,000 4,785,906

Egypt Treasury Bills 0.00 25/12/2018 EGP 93,500,000 4,723,820


Costa Rica Government International Bond 4.38 30/04/2025 USD 4,700,000 4,430,150


Mongolia Government International Bond 8.75 09/03/2024 USD 3,900,000 4,340,530

Petrobras Global Finance BV 7.25 17/03/2044 USD 4,300,000 4,275,550





SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Emerging Market Debt Fund (continued)

414


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS

Gabon Government International Bond 6.95 16/06/2025 USD 9,682,000 9,624,788

Pakistan Government International Bond 6.88 05/12/2027 USD 7,700,000 7,401,120


Republic of Cameroon International Bond 9.50 19/11/2025 USD 5,240,000 6,033,403

Ghana Government International Bond 8.13 18/01/2026 USD 5,400,000 5,741,033

Sri Lanka Government International Bond 6.75 18/04/2028 USD 6,100,000 5,718,117

Lebanon Government International Bond 6.10 04/10/2022 USD 6,270,000 5,647,344

Mongolia Government International Bond 8.75 09/03/2024 USD 4,900,000 5,483,204

Zambia Government International Bond 8.97 30/07/2027 USD 6,155,000 5,392,263






Citigroup Global Markets Holdings Inc/United States 13.59 12/03/2019 UAH 124,000,000 4,604,448




Ukraine Government International Bond 7.75 01/09/2027 USD 4,400,000 4,368,818



Ivory Coast Government International Bond 5.75 31/12/2032 USD 4,500,000 4,114,024






SIGNIFICANT PURCHASES AND SALES (unaudited) – Old Mutual European Best Ideas Fund

415


Issue

Currency Shares/Par

Cost

EUR

BUYS

Boliden AB USD 124,265 3,555,258

Deutsche Boerse AG USD 29,622 3,356,477


Koninklijke Philips NV USD 94,023 3,266,265

Weir Group PLC USD 127,620 3,166,797

Lundin Petroleum AB USD 139,779 3,129,501

Indivior PLC USD 620,500 2,918,080

St James's Place PLC USD 197,000 2,530,042

SSP Group PLC USD 311,996 2,469,147

Boliden AB EUR 75,511 2,269,098

Epiroc AB USD 237,509 1,896,196

Elis SA USD 87,863 1,867,137

Industria de Diseno Textil SA USD 65,930 1,809,225

Peab AB USD 163,200 1,189,928

Ingenico Group SA USD 15,566 1,188,265

DCC PLC USD 14,676 966,711

Associated British Foods PLC USD 31,500 840,096

Randgold Resources Ltd USD 12,782 829,918

Partners Group Holding AG USD 1,334 798,580

Arrow Global Group PLC USD 312,845 790,171

Telefonaktiebolaget LM Ericsson USD 85,655 690,462

Sodexo SA USD 8,182 686,593

Stora Enso OYJ USD 39,204 596,897

Dixons Carphone PLC USD 361,661 539,521

Deutsche Pfandbriefbank AG USD 41,621 522,295

TOTAL SA USD 9,656 491,843


SIGNIFICANT PURCHASES AND SALES (unaudited) – Old Mutual European Best Ideas Fund (continued)

416


Issue

Currency Shares/Par

Proceeds

EUR

SELLS

Sky Ltd USD 253,500 4,882,451

Kone OYJ USD 86,973 3,547,577

Melrose Industries PLC USD 1,244,700 3,158,733


Software AG USD 63,115 2,565,925

TP ICAP PLC USD 666,000 2,474,913

HomeServe PLC USD 238,999 2,356,356

ING Groep NV USD 170,540 2,328,764

Weir Group PLC USD 127,620 2,299,287

Loomis AB USD 76,213 2,287,898

Stora Enso OYJ USD 154,409 2,275,903

Boliden AB EUR 75,511 2,269,098

Nokian Renkaat OYJ USD 66,354 2,243,250

Reckitt Benckiser Group PLC USD 29,526 2,135,110

Ingenico Group SA USD 29,635 2,122,810

Endesa SA USD 117,827 2,115,000

Randgold Resources Ltd USD 30,481 1,978,938

UBS Group AG USD 138,008 1,904,851

Amadeus IT Group SA USD 30,902 1,883,131

Assa Abloy AB USD 108,358 1,825,893

Novo Nordisk A/S USD 44,988 1,785,759

Vinci SA USD 21,400 1,777,774

Indivior PLC USD 620,500 1,730,667

Legrand SA USD 28,470 1,696,475

Partners Group Holding AG USD 2,627 1,651,924

Air Liquide SA USD 15,657 1,639,110

OVS SpA EUR 296,001 1,592,891

Smith & Nephew PLC USD 102,968 1,587,863

Lundin Petroleum AB USD 56,133 1,576,023

Heineken NV USD 18,343 1,539,141


Ascential PLC USD 326,140 1,516,941

EssilorLuxottica SA USD 13,416 1,502,808

Micro Focus International PLC USD 120,000 1,450,394

GVC Holdings PLC USD 169,244 1,415,711

Cerved Group SpA USD 143,000 1,391,507

Geberit AG USD 3,864 1,382,449

TOTAL SA USD 25,836 1,381,057

Electrocomponents PLC USD 190,084 1,376,559

Koninklijke Philips NV USD 37,757 1,373,817

Sodexo SA USD 16,423 1,352,542

Deutsche Boerse AG USD 11,895 1,339,287

Rentokil Initial PLC USD 358,085 1,283,039

DSV A/S USD 18,148 1,280,431

Peab AB USD 163,364 1,224,188

Deutsche Pfandbriefbank AG USD 100,034 1,200,377

Banca IFIS SpA USD 36,100 1,161,873

Barclays PLC USD 537,870 1,154,051

Boliden AB USD 49,902 1,147,569

Ashtead Group PLC USD 51,038 1,143,731

Man Group PLC USD 691,737 1,128,230

Savencia SA USD 15,200 1,006,641


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Investment Grade Corporate Bond Fund

417


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS

AT&T Inc 4.90 15/08/2037 USD 348,000 347,343

Bank of America Corp 3.42 20/12/2028 USD 338,166 335,313

Quilter PLC 4.48 28/02/2028 GBP 200,000 287,231

Barclays PLC 3.25 17/01/2033 GBP 200,000 270,860

Investec Bank PLC 4.25 24/07/2028 GBP 200,000 263,405

Santander UK PLC 1.14 20/09/2021 GBP 200,000 260,010

AT&T Inc 2.90 04/12/2026 GBP 200,000 258,169

Svenska Handelsbanken AB 3.16 24/05/2021 USD 250,000 250,000

AbbVie Inc 2.13 17/11/2028 EUR 200,000 249,792

Wells Fargo Bank NA 3.55 14/08/2023 USD 250,000 249,593

Anheuser-Busch InBev SA/NV 1.75 07/03/2025 GBP 200,000 247,304

BPCE SA 3.25 11/01/2028 USD 250,000 247,303

Credit Agricole Assurances SA 2.63 29/01/2048 EUR 200,000 245,128

Santander UK Group Holdings PLC 0.54 27/03/2024 EUR 200,000 244,930

AT&T Inc 3.96 12/06/2024 USD 235,000 235,612

Volkswagen Financial Services AG 0.04 16/07/2020 EUR 200,000 235,190

Vinci SA 1.75 26/09/2030 EUR 200,000 233,063


Volkswagen International Finance NV 4.13 16/11/2038 EUR 200,000 224,025

NXP BV / NXP Funding LLC 4.13 01/06/2021 USD 200,000 203,750


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Investment Grade Corporate Bond Fund (continued)

418


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS


Mutual Monthly Income High Yield Bond

Fund (UCITS) USD 45,219 402,903

Amazon.com Inc 3.88 22/08/2037 USD 400,000 402,576

UBS AG 4.75 12/02/2026 EUR 200,000 284,070

National Australia Bank Ltd 1.13 10/11/2021 GBP 200,000 275,690

Stichting AK Rabobank Certificaten 6.50 29/12/2049 EUR 190,000 271,661

Barclays PLC 3.25 17/01/2033 GBP 200,000 265,896

Svenska Handelsbanken AB 3.16 24/05/2021 USD 250,000 250,883

AbbVie Inc 2.13 17/11/2028 EUR 200,000 247,570

AT&T Inc 4.90 14/08/2037 USD 248,000 247,532

American Honda Finance Corp 0.75 17/01/2024 EUR 200,000 245,646

Brighthouse Financial Inc 3.70 22/06/2027 USD 260,000 244,227

Illinois Tool Works Inc 1.25 22/05/2023 EUR 200,000 242,641

Credit Agricole Assurances SA 2.63 29/01/2048 EUR 200,000 240,872

AT&T Inc 4.90 15/08/2037 USD 248,000 239,737

Santander UK Group Holdings PLC 0.54 27/03/2024 EUR 200,000 238,417

TSB Banking Group PLC 5.75 06/05/2026 GBP 150,000 236,360


BPCE SA 3.25 11/01/2028 USD 250,000 231,713


Royal Bank of Scotland Group PLC 5.50 29/11/2049 EUR 200,000 228,690


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Global Emerging Markets Fund

419


Issue

Currency Shares/Par

Cost

USD

BUYS



Baidu Inc (DR) USD 41,504 9,758,382


Estacio Participacoes SA USD 1,281,546 8,747,188


Future Retail Ltd INR 958,134 8,228,911

Taiwan Semiconductor Manufacturing Co Ltd (DR) USD 193,100 7,958,403

LG Household & Health Care Ltd USD 6,475 7,800,364

China Yongda Automobiles Services Holdings Ltd USD 6,706,000 7,747,565


Nexteer Automotive Group Ltd USD 4,305,000 6,955,414

Sberbank of Russia PJSC USD 1,800,441 6,871,132

HDFC Bank Ltd (DR) USD 67,200 6,801,503

Advantech Co Ltd USD 904,000 6,463,635

Ternium SA (DR) USD 193,131 6,417,560

KRUK SA USD 84,691 5,930,769

Smiles Fidelidade SA BRL 269,056 5,646,717

Grupo Supervielle SA (DR) USD 195,945 5,597,539

China Overseas Land & Investment Ltd USD 1,546,000 5,570,882

Telekomunikasi Indonesia Persero Tbk PT USD 19,061,800 5,321,411


Localiza Rent a Car SA USD 740,900 5,190,487

Copa Holdings SA USD 41,581 5,092,708

Godrej Consumer Products Ltd INR 360,352 5,032,881

Petroleo Brasileiro SA (DR) USD 328,200 4,792,743

Bank Central Asia Tbk PT USD 2,971,900 4,567,186

JNBY Design Ltd HKD 2,544,500 4,270,494

Kweichow Moutai Co Ltd CNY 45,116 4,171,969

Banco do Brasil SA USD 401,600 3,978,424

Medy-Tox Inc KRW 7,187 3,941,454

ANTA Sports Products Ltd USD 806,000 3,830,451

Matahari Department Store Tbk PT IDR 7,384,700 3,770,414

Win Semiconductors Corp TWD 404,000 3,745,822

Tofas Turk Otomobil Fabrikasi AS USD 658,032 3,624,965

Transaction Capital Ltd ZAR 2,506,288 3,569,917

My EG Services Bhd USD 11,668,600 2,933,511


SIGNIFICANT PURCHASES AND SALES (unaudited)– Merian Global Emerging Markets Fund (continued)

420


Issue

Currency Shares/Par

Proceeds

USD

SELLS



Taiwan Semiconductor Manufacturing Co Ltd (DR) USD 394,609 15,160,505

Sberbank of Russia PJSC USD 4,138,223 14,993,339


ANTA Sports Products Ltd USD 2,426,460 12,818,837

Localiza Rent a Car SA USD 1,860,259 12,353,672

HDFC Bank Ltd (DR) USD 120,309 12,258,049

LG Household & Health Care Ltd USD 9,486 10,651,890

Ternium SA (DR) USD 281,031 9,753,193

Hollysys Automation Technologies Ltd USD 395,907 9,308,001

Copa Holdings SA USD 98,118 9,051,601

Smiles Fidelidade SA BRL 583,125 8,860,230




Banco Bradesco SA (DR) USD 682,300 7,961,884

Bank Mandiri Persero Tbk PT USD 15,625,600 7,522,770

Baidu Inc (DR) USD 32,128 7,373,883

JNBY Design Ltd HKD 3,162,955 7,208,295

Future Retail Ltd INR 958,134 6,903,117

Win Semiconductors Corp TWD 847,000 6,840,457

Aspen Pharmacare Holdings Ltd USD 350,661 6,736,861

Gruma SAB de CV USD 564,362 6,519,804

Telekomunikasi Indonesia Persero Tbk PT USD 26,502,598 6,497,415

China Overseas Land & Investment Ltd USD 2,007,589 6,394,282

Bank Rakyat Indonesia Persero Tbk PT USD 30,806,600 5,994,105

Grupo Supervielle SA (DR) USD 380,766 5,868,424

China Yongda Automobiles Services Holdings Ltd USD 6,706,000 5,837,052

Medy-Tox Inc KRW 8,286 5,403,695

Ayala Corp USD 298,152 5,384,477

Bank Polska Kasa Opieki SA USD 132,216 5,347,992

Abu Dhabi National Oil Co for Distribution PJSC AED 8,003,107 5,027,745

Ultrapar Participacoes SA USD 357,700 4,829,926

KRUK SA USD 84,691 4,608,529

Nien Made Enterprise Co Ltd TWD 478,274 4,557,273

Padini Holdings Bhd USD 3,258,600 4,464,231

Nexteer Automotive Group Ltd USD 2,811,671 4,196,413

Adecoagro SA USD 445,094 4,193,469


SIGNIFICANT PURCHASES AND SALES (unaudited)– Merian Asian Equity Income Fund

421


Issue

Currency Shares/Par

Cost

USD

BUYS





Weibo Corp (DR) USD 75,900 7,703,516

SK Hynix Inc USD 92,946 7,351,552

BHP Group Ltd USD 280,706 7,062,660

CSL Ltd USD 48,447 6,926,111

DBS Group Holdings Ltd USD 286,600 6,215,429

Wesfarmers Ltd USD 175,223 5,972,989




NCSoft Corp USD 17,308 5,776,154

United Overseas Bank Ltd USD 257,000 5,643,939

Sino Biopharmaceutical Ltd USD 2,927,500 5,637,227

Macquarie Group Ltd USD 64,855 5,633,920

Galaxy Entertainment Group Ltd USD 651,000 5,607,433




SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Asian Equity Income Fund (continued)

422


Issue

Currency Shares/Par

Proceeds

USD

SELLS

Jindal Steel & Power Ltd USD 3,790,181 13,143,607


China Life Insurance Co Ltd USD 3,542,000 10,126,386

China Suntien Green Energy Corp Ltd HKD 27,646,000 9,874,892

Advanced Wireless Semiconductor Co TWD 4,253,000 9,688,831


Baidu Inc (DR) USD 34,455 8,308,853

State Bank of India INR 2,114,870 8,071,235


Xinyi Solar Holdings Ltd USD 17,270,000 7,606,030

QBE Insurance Group Ltd USD 940,401 7,572,217


Hana Financial Group Inc USD 183,825 7,370,451


Wesfarmers Ltd USD 175,223 6,463,149

Westpac Banking Corp USD 270,431 6,432,490

GAIL India Ltd USD 1,048,872 6,242,138

Fortescue Metals Group Ltd USD 1,738,476 6,198,623

KB Financial Group Inc KRW 122,716 6,005,369

CSL Ltd USD 42,542 5,850,503


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Local Currency Emerging Market Debt Fund

423


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS

Russian Federal Bond - OFZ 7.05 19/01/2028 RUB 2,129,000,000 30,318,025


Bond 0.50 21/12/2026 ZAR 343,000,000 27,620,861

Brazil Notas do Tesouro Nacional Serie F 0.00 01/01/2027 BRL 80,600 22,412,203


Bond 8.50 31/01/2037 ZAR 265,500,000 18,926,214

Turkey Government Bond 0.60 11/02/2026 TRY 98,700,000 17,552,723

Mexican Bonos 7.50 03/06/2027 MXN 3,480,000 17,342,926



Bond 8.25 31/03/2032 ZAR 209,000,000 14,763,134



Republic of Poland Government Bond 2.75 25/04/2028 PLN 50,600,000 13,104,738


Bond 8.75 31/01/2044 ZAR 165,000,000 12,120,508

Indonesia Treasury Bond 9.00 15/03/2029 IDR 146,000,000,000 11,847,657

Brazil Letras do Tesouro Nacional 0.00 01/07/2021 BRL 49,000 10,647,028




Hungary Government Bond 2.50 24/10/2024 HUF 2,700,000,000 9,577,256




Nigeria T-Bill 0.00 01/11/2018 NGN 2,800,000,000 7,571,426



Russian Federal Bond - OFZ 8.15 03/02/2027 RUB 407,000,000 6,616,018


Bond 7.75 28/02/2023 ZAR 95,000,000 6,443,454



Bond 8.75 28/02/2048 ZAR 87,000,000 6,352,264


SIGNIFICANT PURCHASES AND SALES (unaudited)– Merian Local Currency Emerging Market Debt Fund

(continued)

424


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS

Russian Federal Bond - OFZ 7.05 19/01/2028 RUB 1,964,446,000 28,417,738


Bond 0.50 21/12/2026 ZAR 318,970,533 26,679,804






Bond 8.50 31/01/2037 ZAR 181,942,958 12,436,778








Bond 8.25 31/03/2032 ZAR 115,625,683 8,027,513


Nigeria T-Bill 0.00 01/11/2018 NGN 2,800,000,000 7,714,000


Bond 8.75 31/01/2044 ZAR 111,000,000 7,481,238










International Finance Corp 6.30 25/11/2024 INR 439,090,000 6,204,547




Bond 6.25 31/03/2036 ZAR 103,150,000 6,124,311


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian UK Alpha Fund (IRL)

425


Issue

Currency Shares/Par

Cost

GBP

BUYS


Worldpay Inc USD 76,483 2,302,712

Aston Martin Lagonda Global Holdings PLC USD 106,948 2,009,643

SSP Group PLC USD 663,940 1,809,610

DS Smith PLC USD 310,516 1,693,569

Whitbread PLC USD 32,230 1,294,491

DS Smith PLC - Rights GBP 238,578 747,236

Next PLC USD 13,529 649,368

Tesco PLC USD 229,349 495,762

Pets at Home Group PLC USD 130,123 227,661


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian UK Alpha Fund (IRL) (continued)

426


Issue

Currency Shares/Par

Proceeds

GBP

SELLS

Ladbrokes Coral Group Ltd USD 2,549,713 3,370,692

Worldpay Group Ltd USD 1,138,154 2,928,697

Royal Dutch Shell PLC USD 102,994 2,358,882

Shire PLC USD 58,092 2,294,308

SSP Group Ltd GBP 762,739 2,289,771

International Consolidated Airlines Group SA USD 289,712 1,832,476

Worldpay Inc USD 27,489 1,715,726

Glencore PLC USD 385,032 1,508,856

HSBC Holdings PLC USD 167,915 1,177,441

BP PLC USD 206,761 1,035,203

Experian PLC USD 57,569 1,027,579

DS Smith PLC - Rights GBP 238,578 747,235

GlaxoSmithKline PLC USD 49,710 705,069

Smith & Nephew PLC USD 51,597 696,657

Prudential PLC USD 39,243 684,945

Rio Tinto PLC USD 17,893 675,158

Aviva PLC USD 134,001 642,085

AstraZeneca PLC USD 10,969 579,175

Lloyds Banking Group PLC USD 842,262 527,714

Sage Group PLC USD 79,034 523,367

Tesco PLC USD 240,050 516,730

St James's Place PLC USD 46,616 513,792

Barclays PLC USD 247,752 478,597

SSP Group PLC USD 70,987 463,386

Vodafone Group PLC USD 220,322 423,612

Melrose Industries PLC USD 173,940 352,918


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian UK Smaller Companies Focus Fund

427

Security Description Issue Currency Shares/Par

Cost

GBP

BUYS

Funding Circle Holdings PLC USD 1,900,804 8,084,480

Huntsworth PLC USD 7,756,456 7,620,932

Mind Gym Ltd GBP 4,426,040 6,828,676

Learning Technologies Group PLC USD 6,829,392 6,813,081

Draper Esprit PLC USD 1,528,097 6,418,008

JTC PLC GBP 2,166,000 6,281,400

Superdry PLC USD 380,140 6,006,672

Alliance Pharma PLC USD 6,015,730 5,615,978

Keystone Law Group PLC GBP 1,814,000 5,519,762

Codemasters Group Holdings PLC GBP 2,506,587 5,481,796

Castleton Technology PLC GBP 6,045,970 5,322,923

Helical PLC USD 1,401,279 5,274,962

AFH Financial Group PLC GBP 1,406,921 5,221,105

Blue Prism Group PLC USD 306,075 4,990,097

Transferwise GBP 26,403 4,594,842

Knights Group Holdings PLC GBP 2,994,732 4,473,745

Boohoo Group PLC USD 2,614,000 4,395,541

Somero Enterprises Inc GBP 1,154,000 4,168,412

IMImobile PLC GBP 1,310,246 4,086,113

Gamma Communications PLC GBP 518,000 4,016,508

Hunting PLC USD 528,000 3,722,923

Bellway PLC USD 139,000 3,668,633

Persimmon PLC USD 178,000 3,522,647

GRC International Group PLC GBP 1,457,000 3,148,509

Clinigen Group PLC USD 349,032 3,125,724

Purplebricks Group PLC USD 1,430,152 3,092,312

Zoo Digital Group PLC USD 2,744,240 3,011,383

DFS Furniture PLC GBP 1,440,000 2,910,326

Marshalls PLC USD 651,000 2,881,612

LoopUp Group PLC USD 701,376 2,838,104

Fenner PLC USD 612,000 2,830,994

Breedon Group PLC GBP 3,621,511 2,770,456

Boku Inc GBP 2,313,582 2,677,267

Albert Technologies Ltd USD 7,173,784 2,654,300

Hilton Food Group PLC GBP 297,219 2,472,603

Elektron Technology PLC USD 7,105,000 2,437,114

1Spatial PLC GBP 14,257,967 2,309,083

Topps Tiles PLC USD 2,485,673 2,217,562

Merian Chrysalis Investment Co Ltd GBP 2,205,360 2,205,360

Aquis Exchange PLC GBP 818,191 2,200,934

Robert Walters PLC GBP 336,000 2,189,731

Cloudcall Group PLC USD 1,254,000 2,154,002

Fevertree Drinks PLC USD 75,000 2,140,748

Nucleus Financial Group PLC GBP 1,147,196 2,099,370


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian UK Smaller Companies Focus Fund (continued)

428


Issue

Currency Shares/Par

Proceeds

GBP

SELLS



Johnson Service Group PLC USD 7,516,419 9,392,653

Alpha FX Group PLC GBP 1,505,644 7,548,353

Victoria PLC USD 1,187,023 7,240,251

JTC PLC GBP 2,166,000 6,593,763

Medica Group PLC GBP 4,806,686 6,399,812

Keywords Studios PLC USD 384,809 5,587,125

Applegreen PLC EUR 1,032,000 5,405,837

Sanne Group PLC USD 825,489 5,279,005

Ascential PLC USD 1,328,041 5,119,497

Eco Animal Health Group PLC USD 1,089,647 5,068,052

Hilton Food Group PLC GBP 537,000 4,992,241

TP ICAP PLC USD 1,189,378 4,829,129

Zoo Digital Group PLC USD 3,513,906 4,685,353

FDM Group Holdings PLC USD 491,848 4,596,986

Superdry PLC USD 380,140 4,590,288

Sabre Insurance Group PLC GBP 1,639,357 4,444,642

Alliance Pharma PLC USD 6,015,730 4,319,245

Burford Capital Ltd USD 342,000 3,961,137

Codemasters Group Holdings PLC GBP 2,506,587 3,932,777


Conviviality PLC GBP 3,294,228 3,739,677

Fenner PLC USD 612,000 3,726,286

Purplebricks Group PLC USD 867,617 2,984,499


Rio Tinto PLC USD 75,000 2,834,301

Glencore PLC USD 792,000 2,775,818

DFS Furniture PLC GBP 1,440,000 2,722,681

GlobalData PLC GBP 462,708 2,709,696

Hotel Chocolat Group Ltd USD 813,506 2,564,898

GYG PLC GBP 4,015,042 2,535,721

XP Power Ltd USD 77,725 2,520,771

Microgen PLC USD 496,225 2,272,840

Mortgage Advice Bureau Holdings Ltd GBP 347,246 2,013,019


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian UK Dynamic Equity Fund

429


Issue

Currency

Shares/Par

Cost

GBP

BUYS

The Hut Group GBP 43,997 24,005,818

Persimmon PLC GBP 484,000 12,675,919

JTC PLC GBP 4,020,000 11,658,000

Funding Circle Holdings PLC GBP 2,574,478 10,949,738

Indivior PLC GBP 2,557,704 10,910,210

Pagegroup PLC GBP 1,891,000 10,330,328

Superdry PLC GBP 579,090 9,152,201

Plus500 Ltd GBP 553,931 8,598,809

Ashtead Group PLC GBP 404,000 8,109,590

GVC Holdings PLC GBP 849,267 7,842,594

SSP Group PLC GBP 2,638,838 7,512,784

Clinigen Group PLC GBP 841,050 7,367,257

KAZ Minerals PLC GBP 678,000 6,537,232

Gym Group PLC GBP 2,320,168 6,443,306

Robert Walters PLC GBP 798,000 5,195,539

Learning Technologies Group PLC GBP 5,053,547 4,995,756

Avast PLC GBP 1,974,740 4,936,850

Future PLC GBP 1,081,500 4,931,911

Bodycote PLC GBP 465,000 4,693,168

S4 Capital PLC GBP 2,986,887 3,285,578

Electrocomponents PLC GBP 488,000 3,040,124

Synthomer PLC GBP 539,000 2,944,544

Boku Inc GBP 1,793,000 2,893,884

IntegraFin Holdings PLC GBP 1,303,216 2,554,303

Future PLC - Rights GBP 927,000 2,320,935

Weir Group PLC GBP 97,778 2,126,672

Blue Prism Group PLC GBP 121,622 2,040,330


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian UK Dynamic Equity Fund (continued)

430


Issue

Currency Shares/Par

Proceeds

GBP

SELLS

Melrose Industries PLC GBP 6,173,395 13,267,027

Indivior PLC GBP 5,591,000 11,719,332

Fevertree Drinks PLC GBP 394,588 11,329,426

3i Group PLC GBP 1,283,059 11,020,317

Micro Focus International PLC GBP 789,175 10,736,280

Eco Animal Health Group PLC GBP 2,093,699 9,772,942

Vesuvius PLC GBP 1,741,000 9,310,945

Blue Prism Group PLC GBP 427,999 8,973,676

Victoria PLC GBP 1,830,147 8,966,917

Sanne Group PLC GBP 1,294,192 8,619,375

Purplebricks Group PLC GBP 3,629,147 8,224,899

TP ICAP PLC GBP 2,874,000 7,937,394

FDM Group Holdings PLC GBP 826,749 7,727,099

Rentokil Initial PLC GBP 2,564,000 7,606,235

HomeServe PLC GBP 789,425 7,374,133

Ashtead Group PLC GBP 404,000 7,317,365

Superdry PLC GBP 579,090 6,992,664

SSP Group Ltd GBP 2,640,000 6,931,403


Johnson Service Group PLC GBP 4,822,396 6,630,841

JTC PLC GBP 2,010,000 5,829,000

Plus500 Ltd GBP 439,403 5,783,138


GlobalData PLC GBP 887,061 5,179,904

Crest Nicholson Holdings PLC GBP 1,080,000 5,117,023

Mortgage Advice Bureau Holdings Ltd GBP 863,136 5,003,685

Ascential PLC GBP 1,255,903 4,944,057

Avast PLC GBP 1,974,740 4,742,243

GVC Holdings PLC GBP 592,000 4,149,048

XP Power Ltd GBP 115,000 4,042,328

Microgen PLC GBP 811,073 3,561,348

Clinigen Group PLC GBP 299,000 3,278,995

Bodycote PLC GBP 441,521 3,192,994

Learning Technologies Group PLC GBP 3,093,607 3,188,809

Electrocomponents PLC GBP 553,040 3,039,988

Joules Group PLC GBP 977,460 2,833,551


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Global Equity Absolute Return Fund

431


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS

United States Treasury Bill 0.00 15/11/2018 USD 550,000,000 546,912,022





Roche Holding AG CHF 1,846,072 438,132,197




Boeing Co USD 1,034,821 367,943,053

Texas Instruments Inc USD 3,200,445 351,768,968







Mastercard Inc USD 1,607,400 323,909,953

Bristol-Myers Squibb Co USD 5,799,585 312,730,535

adidas AG EUR 1,297,281 304,433,116


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Global Equity Absolute Return Fund (continued)

432


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS





Boeing Co USD 1,324,202 445,401,183




Texas Instruments Inc USD 3,200,445 354,794,874





Roche Holding AG CHF 1,308,995 305,226,403





BASF SE EUR 2,767,138 282,629,018

Exxon Mobil Corp USD 3,171,366 259,990,024


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Strategic Absolute Return Bond Fund^^^

433


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS




Bonds 0.38 15/07/2027 USD 24,430,000 24,033,554






Financials Contingent Capital Fund (UCITS) USD 1,970,452 19,256,409


Hellenic Republic Government Bond 3.50 30/01/2023 EUR 14,820,000 17,404,653


Bonds 0.63 15/04/2023 USD 16,120,000 16,112,100


Bonds 0.75 15/07/2028 USD 16,358,000 15,968,812







French Republic Government Bond OAT 0.10 01/03/2028 EUR 9,800,000 12,645,557

Italy Buoni Poliennali Del Tesoro 1.30 15/05/2028 EUR 10,465,000 12,200,511



Bundesobligation 1.00 22/02/2019 EUR 9,300,000 10,710,096





Japanese Government CPI Linked Bond 0.10 10/03/2026 JPY 989,800,000 9,449,315


Australia Government Bond 2.75 21/06/2035 AUD 10,880,000 7,633,579


International Bond 4.30 12/10/2028 USD 8,550,000 7,568,958



Cyprus Government International Bond 2.38 25/09/2028 EUR 6,295,000 7,405,805


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Strategic Absolute Return Bond Fund^^^ (continued)

434


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS








Bonds 0.38 15/07/2027 USD 19,994,500 19,741,924








Financials Contingent Capital Fund (UCITS) USD 1,162,402 11,419,835



Bonds 0.13 15/04/2022 USD 10,790,000 10,888,241









Japanese Government CPI Linked Bond 0.10 10/03/2026 JPY 900,000,000 8,462,770


Bonds 0.25 15/01/2025 USD 8,010,000 8,209,697


Kreditanstalt fuer Wiederaufbau 0.00 15/09/2023 EUR 6,750,000 7,955,549


Australia Government Bond 2.75 21/06/2035 AUD 10,880,000 7,665,969








SIGNIFICANT PURCHASES AND SALES (unaudited) – Old Mutual Pan African Fund^^

435


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS

Naspers Ltd USD 17,879 4,929,854

Barclays Africa Group Ltd USD 207,070 3,281,193

Shoprite Holdings Ltd USD 137,831 2,734,018

British American Tobacco PLC USD 40,245 2,599,984

Aspen Pharmacare Holdings Ltd USD 111,188 2,439,959

Remgro Ltd USD 118,979 2,284,034

Sasol Ltd USD 62,796 2,150,440

Netcare Ltd USD 1,009,118 2,143,630

Merian PLC USD 579,245 1,927,813

Blue Label Telecoms Ltd ZAR 1,880,500 1,905,636

Eastern Tobacco USD 69,608 1,899,082

Nedbank Group Ltd USD 79,360 1,837,928

Integrated Diagnostics Holdings PLC USD 401,160 1,832,545

Egypt Kuwait Holding Co SAE USD 1,815,266 1,756,318


Label Vie MAD 8,224 1,591,984

Societe Des Brasseries du Maroc USD 4,280 1,373,908

Mondi Ltd USD 52,178 1,363,340

Sechaba Breweries Holdings Ltd BWP 520,825 1,050,237

SBM Holdings Ltd MUR 4,243,393 1,009,953

Credit Agricole Egypt SAE EGP 395,815 988,088

Reinet Investments SCA EUR 46,285 979,537

Long4Life Ltd ZAR 2,041,546 898,170

AngloGold Ashanti Ltd USD 84,831 891,636

Nigeria Treasury Bills 0.00 15/11/2018 NGN 350,000,000 869,339

Combined Motor Holdings Ltd ZAR 381,027 841,084

Societe de Limonaderies et Brasseries USD 3,300 733,543

Nigeria OMO Bills 0.00 07/06/2018 NGN 260,000,000 690,450

Exxaro Resources Ltd USD 57,762 685,051

Gold Fields Ltd USD 165,167 684,092

Italtile Ltd USD 524,789 626,320

Transaction Capital Ltd ZAR 402,668 571,411


SIGNIFICANT PURCHASES AND SALES (unaudited) – Old Mutual Monthly Income High Yield Bond Fund^^^^

436


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS






Cabot Financial Luxembourg SA 7.50 01/10/2023 GBP 2,400,000 3,142,023

Arrow Global Finance PLC 5.13 15/09/2024 GBP 2,200,000 3,043,696

Rusal Capital DAC 4.85 01/02/2023 USD 1,800,000 1,800,000

Virgin Media Receivables Financing Notes II DAC 5.75 15/04/2023 GBP 1,150,000 1,638,907

KME AG 6.75 01/02/2023 EUR 1,200,000 1,479,723

EC Finance PLC 2.38 15/11/2022 EUR 1,200,000 1,380,102


Financials Contingent Capital Fund (UCITS) USD 130,000 1,370,395

Grupo-Antolin Irausa SA 3.38 30/04/2026 EUR 1,000,000 1,237,450

Premier Foods Finance PLC 6.25 15/10/2023 GBP 900,000 1,213,380

Lennar Corp 4.75 29/11/2027 USD 1,100,000 1,100,000

Cimpress NV 7.00 15/06/2026 USD 1,100,000 1,100,000

CSN Resources SA 7.63 13/02/2023 USD 1,100,000 1,088,813

Investec Bank PLC 4.25 24/07/2028 GBP 800,000 1,053,618

Wagamama Finance PLC 4.13 01/07/2022 GBP 800,000 1,042,328

Phoenix Group Holdings PLC 6.63 18/12/2025 GBP 700,000 1,023,407


SIGNIFICANT PURCHASES AND SALES (unaudited) – Old Mutual Monthly Income High Yield Bond Fund^^^^

(continued)

437


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS




Financials Contingent Capital Fund (UCITS) USD 970,131 9,443,223




Cabot Financial Luxembourg SA 7.50 01/10/2023 GBP 2,400,000 3,139,310

Arrow Global Finance PLC 5.13 15/09/2024 GBP 2,200,000 2,863,811

Lennar Corp 4.75 29/11/2027 USD 2,200,000 2,144,878

Altice Finco SA 7.63 15/02/2025 USD 2,300,000 2,132,978

Ziggo Bond Co BV 5.88 15/01/2025 USD 2,000,000 1,922,287

Cimpress NV 7.00 01/04/2022 USD 1,750,000 1,871,479

Virgin Media Secured Finance PLC 5.00 15/04/2027 GBP 1,300,000 1,853,708

Vedanta Resources PLC 6.38 30/07/2022 USD 1,800,000 1,810,894

Tenneco Inc 5.00 15/07/2024 EUR 1,300,000 1,617,640

Antero Resources Corp 5.00 01/03/2025 USD 1,600,000 1,612,336

Virgin Media Receivables Financing Notes II DAC 5.75 15/04/2023 GBP 1,150,000 1,556,961

ARD Finance SA 6.63 15/09/2023 EUR 1,200,000 1,479,372

First Quantum Minerals Ltd 7.50 01/04/2025 USD 1,500,000 1,474,863

Tenet Healthcare Corp 6.75 15/06/2023 USD 1,400,000 1,424,728


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Europe (ex UK) Smaller Companies Fund

438


Issue

Currency Shares/Par

Cost

EUR

BUYS

Ontex Group NV USD 610,167 12,865,377

FLSmidth & Co A/S USD 186,953 10,875,621

Signify NV USD 409,300 10,743,442

Atresmedia Corp de Medios de Comunicacion SA USD 1,304,100 10,689,497

CompuGroup Medical SE USD 254,000 10,642,880

Dermapharm Holding SE USD 362,100 10,013,743

De' Longhi SpA USD 403,000 10,007,476

EFG International AG USD 1,434,681 9,399,464

KappAhl AB SEK 3,771,700 9,118,256

Cargotec OYJ USD 173,781 8,528,873

Home24 SE EUR 360,292 8,076,000

KTM Industries AG EUR 113,600 7,629,733

Stroeer SE & Co KGaA USD 149,800 7,571,658

Intertrust NV USD 443,000 7,092,510

Akasol AG EUR 146,000 7,085,274

Corestate Capital Holding SA EUR 169,000 7,070,283

Freenet AG USD 306,100 5,817,761

va-Q-tec AG EUR 427,845 5,303,280

Barco NV USD 54,019 5,290,569

IMA Industria Macchine Automatiche SpA USD 91,000 4,903,200

Leoni AG USD 85,700 4,617,964

Intrum AB USD 183,000 4,480,556

SBM Offshore NV USD 329,775 4,311,337

Byggmax Group AB USD 882,100 4,273,139

X-Fab Silicon Foundries SE EUR 576,151 4,251,726

Boozt AB SEK 593,803 3,952,433

BE Semiconductor Industries NV USD 214,100 3,942,460

Banca Generali SpA EUR 144,200 3,719,183

Viscofan SA USD 65,200 3,476,267

Ascom Holding AG USD 191,500 3,363,372

Tarkett SA USD 115,100 3,294,982

Europris ASA USD 1,117,100 3,230,855

BioArctic AB SEK 826,168 2,913,601

Sbanken ASA USD 362,400 2,826,519


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Europe (ex UK) Smaller Companies Fund (continued)

439


Issue

Currency Shares/Par

Proceeds

EUR

SELLS

BioArctic AB SEK 3,614,513 26,812,650

Teleperformance USD 77,200 12,478,312

Amer Sports OYJ USD 447,800 11,662,462

Moncler SpA USD 325,800 11,132,880

Viscofan SA USD 188,200 10,789,840

Intrum AB USD 462,000 9,476,822

Hibernia REIT PLC USD 6,165,800 9,406,186

Leoni AG USD 224,700 9,201,835

Tarkett SA USD 381,100 9,111,357

KappAhl AB USD 1,853,900 8,896,203

Sydbank A/S USD 277,200 8,828,974

Encavis AG EUR 1,416,640 8,741,457

MARR SpA USD 343,320 8,225,829

Cargotec OYJ USD 232,800 7,625,095

Distribuidora Internacional de Alimentacion SA USD 2,224,560 7,527,820

SBM Offshore NV USD 525,122 7,511,000

Bekaert SA USD 320,100 7,449,251

Matas A/S USD 880,740 6,983,636

Atresmedia Corp de Medios de Comunicacion SA USD 1,304,100 6,807,205

SRP Groupe SA EUR 1,349,300 6,469,250

EVS Broadcast Equipment SA USD 306,200 6,407,234

KappAhl AB SEK 3,771,700 6,394,378

Ontex Group NV USD 256,967 6,241,920

Sixt SE USD 63,308 6,197,093

Sbanken ASA USD 661,440 5,889,139

CompuGroup Medical SE USD 126,115 5,833,746

Alten SA USD 67,968 5,762,274

EDAG Engineering Group AG EUR 307,056 5,638,944

Corbion NV USD 190,052 5,308,200

Wienerberger AG USD 239,508 5,152,662

Byggmax Group AB USD 1,413,488 4,743,054

Technicolor SA USD 3,210,400 4,697,703

Barco NV USD 44,385 4,651,545

Vapiano SE USD 441,900 4,538,020

X-Fab Silicon Foundries SE EUR 489,251 4,482,587

Boozt AB SEK 593,803 4,451,252

Europris ASA USD 1,461,000 4,210,432

De' Longhi SpA USD 161,376 4,186,534

Dometic Group AB USD 457,268 3,968,466

Signify NV USD 172,694 3,887,190

SIF Holding NV EUR 261,817 3,755,562

Ascom Holding AG USD 219,709 3,721,123


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Global Equity Income Fund (IRL)

440


Issue

Currency Shares/Par

Cost

USD

BUYS



L'Oreal SA USD 12,685 3,037,071



Merck & Co Inc USD 41,685 2,649,004



Weibo Corp (DR) USD 20,600 2,577,300

TOTAL SA USD 40,269 2,420,213



Infosys Ltd (DR) USD 167,600 2,058,288

AbbVie Inc USD 19,186 1,907,565


Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen USD 8,115 1,805,917

Mastercard Inc USD 8,546 1,769,193


BP PLC USD 221,787 1,666,234

International Business Machines Corp USD 12,041 1,639,380


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Global Equity Income Fund (IRL) (continued)

441


Issue

Currency Shares/Par

Proceeds

USD

SELLS

Weibo Corp (DR) USD 29,400 3,463,481

Fastenal Co USD 46,481 2,539,268


TOTAL SA USD 40,269 2,397,486

Fortum OYJ USD 99,327 2,296,027

ITOCHU Corp USD 118,700 2,248,285



Repsol SA USD 112,280 2,025,299



Intel Corp USD 38,339 1,981,111


L'Oreal SA USD 7,908 1,899,741


Taylor Wimpey PLC USD 819,473 1,832,883

Merck & Co Inc USD 26,414 1,827,225

Philip Morris International Inc USD 15,051 1,642,663


Texas Instruments Inc USD 15,842 1,586,644


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Gold & Silver Fund

442


Issue

Currency Shares/Par

Cost

USD

BUYS

Sprott Physical Gold and Silver Trust (AIF) USD 2,330,242 29,778,397

Coeur Mining Inc USD 1,709,866 13,463,236

First Majestic Silver Corp USD 2,328,440 12,798,673

Wheaton Precious Metals Corp USD 585,703 10,960,703

Fresnillo PLC USD 761,700 10,256,619

Franco-Nevada Corp USD 160,000 10,255,343

Hecla Mining Co USD 2,966,600 9,642,798

Sprott Physical Gold Trust (AIF) USD 940,000 9,634,451

Kirkland Lake Gold Ltd USD 447,000 8,786,908

Hochschild Mining PLC USD 3,086,000 7,960,385

MAG Silver Corp USD 715,816 6,763,954

Osisko Mining Inc USD 3,603,350 6,719,872

Pan American Silver Corp USD 410,802 6,449,598

Agnico Eagle Mines Ltd USD 158,416 6,233,567

Newmont Mining Corp USD 136,600 5,206,619

Fortuna Silver Mines Inc USD 929,660 4,057,846

Silvercorp Metals Inc USD 1,527,000 3,878,231

GoldMoney Inc USD 1,480,559 3,587,122

Lundin Gold Inc USD 815,732 3,340,802

Sprott Physical Silver Trust (AIF) USD 530,000 3,281,181

Apollo Minerals Ltd AUD 17,021,740 2,998,694

Evolution Mining Ltd USD 1,333,714 2,949,379

IAMGOLD Corp USD 640,648 2,902,825

New Pacific Metals Corp USD 2,011,228 2,325,319

Quadriga Investors - Igneo Fund (UCITS) USD 20,000 2,000,000


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Gold & Silver Fund (continued)

443


Issue

Currency Shares/Par

Proceeds

USD

SELLS

Central Fund of Canada Ltd (AIF) USD 1,439,242 18,560,290

Coeur Mining Inc USD 2,899,726 16,616,092

St Barbara Ltd USD 2,820,000 8,646,760

Gold Fields Ltd (DR) USD 1,790,000 6,920,517

First Majestic Silver Corp USD 1,098,240 6,347,491

Hecla Mining Co USD 1,300,000 3,855,143

Kirkland Lake Gold Ltd USD 250,000 3,843,422

Fresnillo PLC USD 350,000 3,785,008

Wheaton Precious Metals Corp USD 182,000 3,610,445

Sprott Physical Gold and Silver Trust (AIF) USD 274,000 3,420,753

Pan American Silver Corp USD 183,100 3,247,734

Northern Star Resources Ltd USD 500,000 2,965,995

Silvercorp Metals Inc USD 1,050,000 2,577,186

MAG Silver Corp USD 300,000 2,408,231

Newmont Mining Corp USD 70,000 2,192,592

Guyana Goldfields Inc USD 1,370,000 1,944,112

Bitcoin Tracker One - SEK (AIF) USD 77,557 1,666,473

Apollo Minerals Ltd AUD 8,510,870 1,499,347

Fortuna Silver Mines Inc USD 300,000 1,313,182

Breaker Resources NL USD 6,180,000 1,202,997

Hochschild Mining PLC USD 500,000 1,035,817


SIGNIFICANT PURCHASES AND SALES (unaudited) – Old Mutual Compass Portfolio 2

444


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS

Goldman Sachs - PLC - GS US$ Liquid Reserves Fund

(UCITS) USD 92 1,158,101

Quilter Investors Bond 3 Fund (UCITS) GBP 1,323,935 602,615

Quilter Investors High Yield Bond Fund (UCITS) GBP 423,132 547,581

Quilter Investors Global Dynamic Equity Fund (UCITS) GBP 328,206 531,856

Merian Global Investors Series Plc - Merian UK

Specialist Equity Fund (UCITS) GBP 31,795 531,312

United States Treasury Floating Rate Note 2.49 30/04/2019 USD 500,000 500,677

Kommunekredit 1.63 12/06/2020 USD 472,000 463,838

European Investment Bank 1.75 15/05/2020 USD 469,000 462,889

Janus Henderson Absolute Return Income Fund

(UCITS) USD 41,171 426,120

Ashmore SICAV - Emerging Markets Short Duration

Fund (UCITS) USD 2,893 391,024

State of North Rhine-Westphalia Germany 2.73 22/05/2019 USD 300,000 300,143


Wells Fargo Lux Worldwide Fund - US Short Term High

Yield Bond Fund (UCITS) USD 2,391 278,974

Wellington Management Funds Ireland PLC -

Wellington Global Credit Plus Fund (UCITS) USD 22,031 274,870

Merian Global Investors Series Plc - Merian Global

Equity Income Fund (IRL) (UCITS) GBP 13,642 271,000

Quilter Investors Bond 2 Fund (UCITS) GBP 183,056 264,341

PIMCO GIS Dynamic Bond Fund (UCITS) USD 17,718 234,411

Highbridge Multi-Strategy Fund Ltd (AIF) GBP 60,450 189,441

Merian Global Investors Series Plc - Merian Europe

(ex UK) Smaller Companies Fund (UCITS) GBP 7,093 186,767

iShares Emerging Markets Equity Index Fund UK

(UCITS) GBP 86,347 175,339

Baillie Gifford Investment Funds II ICVC - Japanese

Income Growth Fund (UCITS) GBP 96,693 169,855

Quilter Investors Global Best Ideas Fund (UCITS) GBP 105,714 164,563

Merian Global Investors Series Plc - Old Mutual

European Best Ideas Fund (UCITS) GBP 8,951 163,472

Quilter Investors Emerging Markets Equity Growth

Fund (UCITS) GBP 64,069 151,510

European Bank for Reconstruction & Development 1.63 15/11/2018 USD 150,000 149,565

Quilter Investors US Equity Growth Fund (UCITS) GBP 84,617 143,267

iShares Diversified Commodity Swap UCITS ETF

(UCITS) USD 25,989 137,114


Emerging Markets Fund (UCITS) GBP 5,580 133,399

Quilter Investors Bond 1 Fund (UCITS) GBP 219,355 132,285

Skyline Umbrella Fund ICAV - Usonian Japan Value

Fund (UCITS) GBP 9,611 128,353

Quilter Investors Europe ex UK Equity Fund (UCITS) GBP 63,457 126,602


SIGNIFICANT PURCHASES AND SALES (unaudited) – Old Mutual Compass Portfolio 2 (continued)

445


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS


(UCITS) USD 118 1,491,753


European Investment Bank 1.00 15/03/2018 USD 450,000 450,000

Wells Fargo Lux Worldwide Fund - US High Yield Bond

(UCITS) USD 2,229 446,477


(UCITS) USD 31,139 346,433


Yield Bond Fund (UCITS) USD 2,684 315,160


Kommuninvest I Sverige AB 1.38 07/09/2018 USD 240,000 240,000


Specialist Equity Fund (UCITS) GBP 12,145 227,123


European Best Ideas Fund (UCITS) GBP 11,148 222,697

Svensk Exportkredit AB 2.44 04/10/2018 USD 200,000 200,000

Mexican Bonos 6.50 10/06/2021 MXN 40,000 191,864

European Bank for Reconstruction & Development 1.63 15/11/2018 USD 150,000 150,000

SQN Asset Finance Income Fund Ltd (AIF) GBP 112,952 139,659

Schroder US Mid Cap Fund (UCITS) GBP 81,020 136,582

Pareto SICAV - Pareto Nordic Corporate Bond

(UCITS) GBP 868 128,808



Caisse d'Amortissement de la Dette Sociale 1.25 12/03/2018 USD 120,000 120,000

Nordea 1 SICAV - European High Yield Bond Fund

(UCITS) USD 7,044 108,058


BNY Mellon U.S. Equity Income Fund (UCITS) GBP 66,837 91,624


Polar Capital Funds PLC - Income Opportunities

Fund (UCITS) GBP 40,677 77,505



446


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS


(UCITS) USD 683 8,594,486

Quilter Investors Global Dynamic Equity Fund

(UCITS) GBP 4,848,898 7,892,608

Kreditanstalt fuer Wiederaufbau 1.38 14/05/2018 USD 6,000,000 5,994,300

iShares North American Equity Index Fund UK

(UCITS) GBP 1,192,251 5,892,256

United States Treasury Floating Rate Note 2.49 30/04/2019 USD 5,000,000 5,006,770


(UCITS) GBP 2,082,069 4,222,947


Income Growth Fund (UCITS) GBP 2,392,363 4,071,289


(ex UK) Smaller Companies Fund (UCITS) GBP 146,264 3,861,517


Specialist Equity Fund (UCITS) GBP 225,803 3,767,619

Quilter Investors High Yield Bond Fund (UCITS) GBP 2,833,765 3,660,088


European Best Ideas Fund (UCITS) GBP 179,674 3,295,317

Quilter Investors Bond 3 Fund (UCITS) GBP 7,232,184 3,294,230

Kommunekredit 1.63 12/06/2020 USD 3,209,000 3,153,444

European Investment Bank 1.75 15/05/2020 USD 3,176,000 3,134,531

Quilter Investors Europe ex UK Equity Fund (UCITS) GBP 1,450,254 2,893,359



Fund (UCITS) GBP 1,219,740 2,832,043

Janus Henderson Absolute Return Income Fund

(UCITS) USD 254,105 2,629,991

State of North Rhine-Westphalia Germany 2.73 22/05/2019 USD 2,500,000 2,501,190


Fund (UCITS) USD 18,039 2,438,640


Emerging Markets Fund (UCITS) GBP 100,252 2,329,499


Fund (UCITS) GBP 171,721 2,243,548

Wells Fargo Lux Worldwide Fund - US High Yield

Bond (UCITS) USD 10,440 2,086,832


Wellington Global Credit Plus Fund (UCITS) USD 166,631 2,084,974

Polar Capital Funds PLC - Financial Opportunities

Fund (UCITS) GBP 108,759 1,554,809


Apple Inc USD 7,152 1,387,788

S&P Global Inc USD 6,859 1,380,962



447


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS

Goldman Sachs - PLC - GS US$ Liquid Reserves

Fund (UCITS) USD 1,893 23,847,010







(UCITS) GBP 836,381 3,518,188



Bond (UCITS) USD 15,106 3,022,386

Old Mutual Absolute Return Government Bond

Fund (UCITS) USD 220,394 2,451,926

Wells Fargo Lux Worldwide Fund - US Short Term

High Yield Bond Fund (UCITS) USD 16,650 1,954,999

Kommuninvest I Sverige AB 1.38 07/09/2018 USD 1,720,000 1,720,000

Svensk Exportkredit AB 2.44 04/10/2018 USD 1,600,000 1,600,000


Europe (ex UK) Smaller Companies Fund (UCITS) GBP 72,782 1,567,650


Fund (UCITS) GBP 817,580 1,557,803



Quilter Investors Global Dynamic Equity Fund

(UCITS) GBP 847,621 1,372,736

Kroger Co USD 38,770 1,179,223

Quilter Investors Europe ex UK Equity Fund

(UCITS) GBP 525,104 948,189

Caisse d'Amortissement de la Dette Sociale 1.25 12/03/2018 USD 860,000 860,000

Cisco Systems Inc USD 16,880 762,304



448


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS

iShares North American Equity Index Fund UK (UCITS) GBP 4,229,832 20,606,185


(UCITS) GBP 5,921,968 11,983,571

Quilter Investors Global Dynamic Equity Fund (UCITS) GBP 7,251,398 11,932,708







(UCITS) USD 635 7,899,801


Income Growth Fund (UCITS) GBP 4,655,416 7,885,136


Fund (UCITS) GBP 2,936,602 6,848,828

iShares Japan Equity Index Fund UK (UCITS) GBP 2,203,896 6,399,896

Quilter Investors US Equity Growth Fund (UCITS) GBP 3,881,006 6,321,594


Fund (UCITS) GBP 428,580 5,602,325




Quilter Investors Europe ex UK Equity Fund (UCITS) GBP 2,503,390 4,994,441


Fund (UCITS) GBP 339,438 4,852,282

Merian Global Investors Series Plc - Merian Asian

Equity Income Fund (UCITS) GBP 267,580 4,382,012


Apple Inc USD 20,924 4,058,417



S&P Global Inc USD 18,668 3,776,678


Boeing Co USD 9,636 3,367,479

HarbourVest Global Private Equity Ltd (AIF) USD 192,170 3,293,183




Fund (UCITS) USD 21,872 2,950,262

Quilter Investors High Yield Bond Fund (UCITS) GBP 2,173,320 2,805,448

Intuit Inc USD 13,047 2,766,998

BASF SE USD 34,619 2,765,091



449


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS

Goldman Sachs - PLC - GS US$ Liquid Reserves

Fund (UCITS) USD 2,039 25,641,455







(UCITS) GBP 1,434,138 6,032,614




Fund (UCITS) GBP 2,539,113 4,837,979


Kroger Co USD 128,078 3,888,621

Schroder US Mid Cap Fund (UCITS) GBP 2,054,836 3,553,825



Kommuninvest I Sverige AB 1.38 07/09/2018 USD 2,820,000 2,820,000

Svensk Exportkredit AB 2.44 04/10/2018 USD 2,600,000 2,612,472

BNY Mellon U.S. Equity Income Fund (UCITS) GBP 1,816,966 2,563,629


Kommunekredit 1.63 12/06/2020 USD 2,459,000 2,424,063

JPMorgan Chase & Co USD 21,091 2,394,897



Bond (UCITS) USD 11,450 2,289,247



Walgreens Boots Alliance Inc USD 29,114 2,172,712

Old Mutual Absolute Return Government Bond

Fund (UCITS) USD 186,747 2,077,600





450


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS

iShares North American Equity Index Fund UK (UCITS) GBP 970,236 4,634,903


(UCITS) USD 303 3,799,283

Quilter Investors US Equity Growth Fund (UCITS) GBP 1,647,053 2,783,488




(UCITS) GBP 866,486 1,757,509




Fund (UCITS) GBP 687,077 1,571,016

iShares Japan Equity Index Fund UK (UCITS) GBP 526,155 1,527,841


Fund (UCITS) GBP 106,330 1,519,965






Income Growth Fund (UCITS) GBP 760,598 1,318,201

Quilter Investors Global Dynamic Equity Fund (UCITS) GBP 772,244 1,265,717

Schroder US Mid Cap Fund (UCITS) GBP 691,002 1,196,067

S&P Global Inc USD 4,773 966,569


Fund (UCITS) GBP 69,977 925,299

Boeing Co USD 2,505 874,023

Quilter Investors Europe ex UK Equity Fund (UCITS) GBP 441,442 871,738

Apple Inc USD 4,308 856,094

Polar Capital Funds PLC - Income Opportunities Fund

(UCITS) GBP 392,159 802,641

Altria Group Inc USD 14,172 789,174

Intuit Inc USD 3,392 719,258




Valero Energy Corp USD 6,825 642,882

Eaton Corp PLC USD 8,472 640,482

Quilter Investors Global Best Ideas Fund (UCITS) GBP 418,861 638,202

HarbourVest Global Private Equity Ltd (AIF) USD 35,400 606,644

Alphabet Inc - Class A USD 455 559,019

BASF SE USD 6,704 546,147



451


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS


(UCITS) USD 606 7,596,869



iShares North American Equity Index Fund UK (UCITS) GBP 557,054 2,458,236

Schroder US Mid Cap Fund (UCITS) GBP 1,341,854 2,319,308

Quilter Investors Global Dynamic Equity Fund (UCITS) GBP 1,079,052 1,738,780


Fund (UCITS) GBP 843,177 1,612,594

Quilter Investors Global Best Ideas Fund (UCITS) GBP 978,073 1,484,501




(UCITS) GBP 607,881 1,128,574

Kroger Co USD 36,382 1,105,184





BNY Mellon U.S. Equity Income Fund (UCITS) GBP 554,525 796,510

Walgreens Boots Alliance Inc USD 9,818 720,118


Cisco Systems Inc USD 15,375 693,649



JPMorgan Chase & Co USD 6,020 683,651

Verizon Communications Inc USD 11,750 629,471

3M Co USD 2,959 614,617

Industria de Diseno Textil SA USD 16,805 557,886


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian UK Specialist Equity Fund

452


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

GBP

BUYS

United Kingdom Treasury Bill 0.00 06/08/2018 GBP 47,000,000 46,962,931







The Hut Group GBP 29,332 16,004,243

Indivior PLC USD 3,236,673 13,897,919

Aston Martin Lagonda Global Holdings PLC USD 739,000 13,519,492




Ashtead Group PLC USD 550,622 11,891,259

Huntsworth PLC USD 10,725,403 10,855,780


JTC PLC GBP 3,124,500 9,061,050

Funding Circle Holdings PLC USD 2,123,650 9,032,281

SSP Group PLC USD 2,327,703 8,052,683

Gym Group PLC USD 2,511,405 6,958,813

Savills PLC USD 896,779 6,725,277

Future PLC USD 1,450,655 6,516,495

Alpha Financial Markets Consulting PLC GBP 3,015,804 6,486,133


Plus500 Ltd USD 380,868 5,912,309

DCC PLC USD 95,110 5,773,732


Learning Technologies Group PLC USD 5,459,122 5,480,121


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian UK Specialist Equity Fund (continued)

453


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

GBP

SELLS







Indivior PLC USD 5,879,000 12,944,417




Melrose Industries PLC USD 6,107,444 12,728,278

Johnson Service Group PLC USD 7,949,183 10,930,221

Micro Focus International PLC USD 700,291 9,774,192

Victoria PLC USD 1,639,019 9,555,307

Eco Animal Health Group PLC USD 1,975,994 9,222,858


Sanne Group PLC USD 1,236,099 8,407,029

Ascential PLC USD 1,995,006 8,122,061

SSP Group Ltd GBP 2,405,294 8,052,683

TP ICAP PLC USD 2,347,248 7,455,763

Greencore Group PLC USD 3,514,154 6,944,040

HomeServe PLC USD 758,827 6,873,725

Vesuvius PLC USD 1,286,890 6,676,717

St James's Place PLC USD 519,110 5,879,332

FDM Group Holdings PLC USD 622,941 5,822,233

Restore PLC GBP 1,112,294 5,746,619


3i Group PLC USD 638,614 5,485,105



SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Style Premia Absolute Return Fund

454


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS





Wayfair Inc USD 178,000 17,802,602


Under Armour Inc USD 971,700 16,883,919



Coty Inc USD 1,344,200 16,351,402

Knight-Swift Transportation Holdings Inc USD 435,300 15,996,953








Shopify Inc USD 106,300 14,598,281



SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Style Premia Absolute Return Fund (continued)

455


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS





Wayfair Inc USD 176,400 17,628,659

Under Armour Inc USD 1,004,300 17,292,107









Coty Inc USD 1,232,200 15,447,439

Knight-Swift Transportation Holdings Inc USD 402,800 15,013,599






SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Financials Contingent Capital Fund

456


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Cost

USD

BUYS

Credit Suisse Group AG 7.50 17/07/2023 USD 18,700,000 18,916,000

Lloyds Banking Group PLC 7.50 27/12/2066 USD 12,000,000 12,000,000

HSBC Holdings PLC 5.88 28/03/2067 GBP 9,000,000 11,927,700

Banco Santander SA 4.75 19/06/2066 EUR 9,000,000 11,133,069

BAWAG Group AG 5.00 14/11/2066 EUR 8,800,000 10,887,360

CaixaBank SA 5.25 23/06/2066 EUR 9,000,000 10,656,414

Danske Bank A/S 7.00 26/12/2066 USD 10,600,000 10,545,900

Intesa Sanpaolo SpA 7.75 29/07/2049 EUR 6,500,000 8,762,874

UBS Group Funding Switzerland AG 5.00 31/01/2067 USD 9,000,000 8,628,600

HSBC Holdings PLC 6.25 23/09/2066 USD 8,000,000 8,000,000

Metro Bank PLC 5.50 26/06/2028 GBP 6,400,000 7,912,481

Deutsche Pfandbriefbank AG 5.75 28/04/2066 EUR 6,000,000 7,132,039

Barclays PLC 7.75 15/12/2066 USD 7,000,000 7,000,000

Royal Bank of Scotland Group PLC 8.00 10/08/2025 USD 6,000,000 6,381,000

Cooperatieve Rabobank UA 4.63 29/12/2066 EUR 5,400,000 6,252,352

Ibercaja Banco SA 7.00 06/07/2066 EUR 5,000,000 6,199,000

Rothesay Life PLC 6.88 12/03/2067 GBP 4,800,000 6,139,602

Svenska Handelsbanken AB 5.25 01/03/2021 USD 6,000,000 5,809,650

Nationwide Building Society 0.25 29/06/2049 GBP 25,000 5,675,810

UniCredit SpA 6.63 03/12/2066 EUR 4,100,000 5,445,765

Societe Generale SA 7.38 04/04/2067 USD 5,100,000 5,089,920

KBC Group NV 4.25 24/10/2066 EUR 4,000,000 4,949,000


Bankia SA 6.38 19/12/2066 EUR 4,000,000 4,641,600

Abanca Corp Bancaria SA 7.50 02/01/2067 EUR 4,000,000 4,462,666

Phoenix Group Holdings PLC 5.75 26/10/2066 GBP 3,300,000 3,985,836

Oaknorth Bank PLC 7.75 01/06/2028 GBP 3,000,000 3,961,865

IKB Deutsche Industriebank AG 4.00 31/01/2028 EUR 3,000,000 3,676,200

Direct Line Insurance Group PLC 4.75 07/06/2066 GBP 3,000,000 3,526,828

Banco de Sabadell SA 6.50 18/08/2065 EUR 2,400,000 3,205,417

UniCredit SpA 8.00 03/04/2049 USD 2,600,000 2,554,500


SIGNIFICANT PURCHASES AND SALES (unaudited) – Merian Financials Contingent Capital Fund (continued)

457


Coupon

Rate %

Maturity

Date

Issue

Currency Shares/Par

Proceeds

USD

SELLS



HSBC Holdings PLC 4.75 04/07/2029 EUR 7,000,000 8,792,353

Lloyds Banking Group PLC 7.63 27/06/2023 GBP 5,600,000 8,096,188

Royal Bank of Scotland Group PLC 5.50 29/11/2049 EUR 6,600,000 7,546,770



Coventry Building Society 6.38 01/11/2019 GBP 3,600,000 5,532,680


Nationwide Building Society 6.88 11/03/2049 GBP 3,460,000 5,160,336

Jyske Bank A/S 4.75 21/03/2066 EUR 4,300,000 4,837,069


HSBC Holdings PLC 6.00 22/11/2065 USD 4,600,000 4,553,000

Bankinter SA 8.63 10/05/2021 EUR 3,000,000 4,390,285

Direct Line Insurance Group PLC 4.75 07/06/2066 GBP 3,400,000 4,169,269

Santander UK Group Holdings PLC 6.75 10/04/2029 GBP 2,800,000 3,828,176

Investec PLC 6.75 05/12/2065 GBP 3,000,000 3,759,481

Australia & New Zealand Banking Group

Ltd/United Kingdom 6.75 15/06/2026 USD 3,600,000 3,708,225

Bankia SA 6.00 18/07/2022 EUR 2,800,000 3,554,185

QBE Insurance Group Ltd 5.25 16/05/2066 USD 3,600,000 3,368,558

Standard Chartered PLC 7.75 29/12/2049 USD 3,000,000 3,356,000

Barclays PLC 7.88 15/09/2022 GBP 2,300,000 3,227,284


Barclays PLC 7.25 15/03/2023 GBP 2,200,000 2,988,294


Ibercaja Banco SA 7.00 06/07/2066 EUR 2,200,000 2,718,172

Banco Bilbao Vizcaya Argentaria SA 5.88 24/05/2022 EUR 2,200,000 2,689,401

KBC Group NV 4.25 24/10/2066 EUR 2,000,000 2,474,500

UniCredit SpA 8.00 03/04/2049 USD 2,600,000 2,441,256

Societe Generale SA 8.00 29/12/2049 USD 2,200,000 2,421,014

BNP Paribas SA 7.38 19/02/2066 USD 2,200,000 2,393,493

Nordea Bank Abp 3.50 12/03/2066 EUR 2,000,000 2,198,575

Credit Agricole SA 7.50 23/06/2031 GBP 1,500,000 2,160,283

ING Groep NV 6.50 29/12/2049 USD 2,000,000 2,082,767

Westpac Banking Corp/New Zealand 5.00 21/09/2062 USD 2,300,000 2,053,836

Danske Bank A/S 5.88 06/10/2065 EUR 1,400,000 2,036,720

ASR Nederland NV 4.63 19/04/2066 EUR 1,500,000 2,004,120



458

SUB-FUND PRICE RECORD – HONG KONG INVESTORS SECTION (unaudited)

The additional information in this section is for the Sub-Funds which are authorised by the Hong Kong Securities and Futures Commission (“SFC”) as at 31 December

2018 to meet the disclosure requirements in Hong Kong.

Note: SFC authorization is not a recommendation or endorsement of a product nor does it guarantee the commercial merits of a product or its performance. It

does not mean the product is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

The details of ten years highest and lowest Net Asset Value per share are outlined below:

Merian Global Strategic Bond Fund (IRL) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

High A (USD) 1.890 1.980 2.050 2.086 2.067 1.990 1.893 1.950 1.921 1.933 A (USD) Income - - 10.624 10.349 10.045 9.200 8.654 8.694 8.306 8.292 A (EUR) Hedged 12.269 12.643 13.025 13.110 12.951 12.284 11.636 11.702 11.236 13.915 I (USD) - 10.000 10.613 10.862 - - - - - -

Low A (USD) 1.579 1.761 1.864 1.981 1.926 1.888 1.802 1.757 1.763 1.749 A (USD) Income - - 9.875 10.026 9.103 8.646 8.191 7.773 7.787 7.365 A (EUR) Hedged 10.380 11.319 11.848 12.511 11.981 11.635 10.937 10.470 10.487 11.112 I (USD) - 9.606 9.621 10.284 - - - - - -

Merian World Equity Fund 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

High A (USD) 0.825 0.921 1.005 0.929 1.130 1.217 1.306 1.340 1.657 1.784 A (EUR) Hedged - - - - - - 10.124 10.579 12.710 16.922 I (USD) - - - 10.560 11.490 12.460 13.423 13.945 17.380 18.731 A (GBP) Hedged Income - - - - - - - - - - A (USD) Income - - - - - - - - - - I (USD) Income - - - - - - - - - -

Low A (USD) 0.485 0.726 0.721 0.803 0.919 1.071 1.142 1.059 1.328 1.418 A (EUR) Hedged - - - - - - 9.689 8.490 10.444 11.988 I (USD) - - - 9.143 10.000 10.899 11.776 10.945 13.826 14.989 A (GBP) Hedged Income - - - - - - - - - - A (USD) Income - - - - - - - - - - I (USD) Income - - - - - - - - - -


459

SUB-FUND PRICE RECORD – HONG KONG INVESTORS SECTION (unaudited) (continued)

Merian Pacific Equity Fund 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

High A (USD) 2.499 3.024 3.191 3.309 3.445 3.589 4.017 3.490 4.524 4.922 A (EUR) 18.884 25.030 25.430 27.733 28.950 31.449 41.277 35.555 41.339 53.655 A (EUR) Hedged - - - - - - - - - - A (AUD) Hedged - - - - - - - - - - I (USD) - 10.328 10.947 11.467 11.974 12.599 14.169 11.220 14.697 15.998

Low A (USD) 1.377 2.185 2.498 2.636 2.938 2.955 2.843 2.559 3.355 3.327 A (EUR) 11.916 17.682 20.568 22.914 24.463 23.857 27.234 24.755 35.135 36.267 A (EUR) Hedged - - - - - - - - - - A (AUD) Hedged - - - - - - - - - - I (USD) - 9.642 8.582 9.101 10.222 10.329 9.289 8.185 10.815 10.862

Merian European Equity Fund 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

High A (USD) 14.972 16.237 17.730 16.389 20.614 21.671 21.186 18.034 20.642 17.770 A (EUR) 0.538 0.631 0.659 0.667 0.809 0.879 1.035 0.898 0.958 0.968 I (EUR) - - - - - - - - - -

Low A (USD) 8.365 11.657 12.016 12.843 16.211 17.747 17.917 14.963 16.828 13.776 A (EUR) 0.352 0.507 0.476 0.555 0.668 0.754 0.837 0.737 0.869 0.752 I (EUR) - - - - - - - - - -

Merian North American Equity Fund 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

High A (USD) 11.574 13.618 14.775 15.379 18.471 21.359 22.173 24.401 29.398 31.828

Low A (USD) 7.371 10.458 11.309 12.856 14.422 17.415 19.574 18.508 24.049 25.444

Merian Total Return USD Bond Fund 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

High A (USD) 15.319 17.023 17.120 18.436 18.640 18.928 19.350 20.193 20.538 20.284 A (USD) Income 10.860 11.727 11.459 11.786 11.805 11.445 11.584 11.348 10.800 10.459 A (EUR) 11.482 12.300 - - - - - 10.722 10.782 11.562 A (EUR) Hedged - 10.185 10.263 11.012 11.110 11.214 11.453 11.804 11.737 14.127 A (AUD) Hedged - - - 10.087 10.223 10.548 10.852 11.482 11.669 9.217 A (AUD) Hedged Income - - - - - - - - - - I (USD) - 10.914 - - - - - 10.036 10.260 10.149

Low A (USD) 12.694 15.243 16.415 16.822 17.543 18.038 18.694 18.902 19.525 19.029 A (USD) Income 9.328 10.741 10.893 11.047 10.990 11.197 10.870 10.558 10.468 9.441 A (EUR) 10.149 11.341 - - - - - 9.801 9.652 10.846 A (EUR) Hedged - 9.755 9.840 10.087 10.437 10.716 11.018 11.124 11.290 11.951


460


Merian Total Return USD Bond Fund (continued) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Low A (AUD) Hedged - - - 10.000 9.605 9.916 10.514 10.686 11.097 7.625

A (AUD) Hedged Income - - - - - - - - - -

I (USD) - 9.989 - - - - - 9.610 9.747 9.560


High A (USD) 15.952 18.811 19.480 21.945 22.187 21.704 21.180 22.928 24.287 24.407 A (USD) Income 10.080 11.169 11.044 11.513 11.464 10.351 9.737 9.581 9.333 9.282 A (EUR) 11.101 14.429 14.691 17.088 17.008 16.914 19.826 20.941 21.558 24.234 A (EUR) Hedged 11.410 13.304 13.763 15.390 15.530 15.110 14.658 15.624 16.133 20.063 A (AUD) Hedged - - - 10.202 10.342 10.191 10.067 11.006 11.128 - A (AUD) Hedged Income - - - - - - - - - - I (USD) - 10.176 10.596 12.063 12.227 12.074 11.851 12.948 13.372 10.408

Low A (USD) 11.314 15.695 17.846 19.011 19.276 19.153 19.354 18.898 21.925 21.783 A (USD) Income 7.441 9.758 10.012 10.482 9.675 8.920 8.708 8.352 8.917 7.843 A (EUR) 8.169 11.012 12.534 14.552 14.328 14.352 16.584 16.886 19.531 21.624 A (EUR) Hedged 8.191 11.259 12.590 13.429 13.465 13.316 13.357 13.023 14.847 15.866 A (AUD) Hedged - - - 9.965 8.984 9.066 9.220 9.043 10.515 - A (AUD) Hedged Income - - - - - - - - - - I (USD) - 9.700 9.692 10.374 10.651 10.686 10.863 10.632 9.967 9.355

Merian Asian Equity Income Fund 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

High A (USD) - - 10.683 9.252 9.714 9.521 10.195 8.854 11.461 12.595 A (USD) Income - - - - - 10.665 12.013 9.987 12.502 13.716 A (AUD) Hedged Income - - - - - - 10.312 9.797 - -

Low A (USD) - - 7.247 7.791 7.745 8.011 7.252 6.475 8.548 8.778 A (USD) Income - - - - - 9.925 8.416 7.515 9.592 9.331 A (AUD) Hedged Income - - - - - - 9.628 8.406 - -


461


Merian UK Alpha Fund (IRL) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

High A (USD) - - - - 10.302 10.665 10.671 8.964 10.258 7.919 A (USD) Income - - - - - - 10.008 8.369 9.038 6.874 A (USD) Hedged - - - - - 10.709 11.449 11.432 12.955 10.392 A (USD) Hedged Income - - - - - - - - - - A (EUR) Hedged - - - - - - - - 10.382 9.465 A (EUR) Hedged Income - - - - - - - - - - A (GBP) - - - - - 10.126 10.832 10.721 12.093 12.613 A (GBP) Income - - - - - - 10.564 9.831 10.714 11.011 A (SGD) Hedged - - - - - 10.707 11.469 10.196 - - A (AUD) Hedged - - - - - - - - - - I (USD) - - - - - 10.539 10.598 8.974 10.400 8.052 I (USD) Income - - - - - - - - - - I (USD) Hedged - - - - - 10.206 11.119 11.251 12.892 10.392 I (USD) Hedged Income - - - - - - 10.102 11.717 12.561 -

Low A (USD) - - - - 10.000 8.988 8.533 7.068 8.321 6.598 A (USD) Income - - - - - - 8.178 6.599 7.554 5.589 A (USD) Hedged - - - - - 9.954 9.425 8.704 11.451 8.487 A (USD) Hedged Income - - - - - - - - - - A (EUR) Hedged - - - - - - - - 10.000 8.019 A (EUR) Hedged Income - - - - - - - - - - A (GBP) - - - - - 8.951 8.943 8.263 10.731 10.511 A (GBP) Income - - - - - - 8.605 7.820 9.743 8.982 A (SGD) Hedged - - - - - 9.952 9.442 8.753 - - A (AUD) Hedged - - - - - - - - - - I (USD) - - - - - 8.900 8.496 7.077 8.364 6.737 I (USD) Income - - - - - - - - - - I (USD) Hedged - - - - - 9.627 9.178 8.500 11.284 8.461 I (USD) Hedged Income - - - - - - 9.711 9.381 11.645 -


462


Merian Europe (ex UK) Smaller Companies Fund 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

High A (USD) - - - - - 10.000 - 10.370 13.114 11.250 A (EUR) - - - - - 10.392 12.951 14.173 16.610 16.762 A (GBP) - - - - - - 11.328 14.771 17.740 19.991 A (USD) Hedged - - - - - - - - 10.455 8.842 A (GBP) Hedged - - - - - - - - - - A (AUD) Hedged - - - - - - - - - -

Low A (USD) - - - - - 9.822 - 8.775 10.010 7.848 A (EUR) - - - - - 9.881 10.305 10.656 14.075 11.677 A (GBP) - - - - - - 9.865 9.901 14.499 13.932 A (USD) Hedged - - - - - - - - 9.599 6.658 A (GBP) Hedged - - - - - - - - - - A (AUD) Hedged - - - - - - - - - -

Merian Global Equity Income Fund (IRL) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

High A (USD) - - - - - - - - - 9.760 A (USD) Income - - - - - - 10.082 10.404 12.733 13.545

Low A (USD) - - - - - - - - - 8.566 A (USD) Income - - - - - - 9.052 8.491 10.239 10.361

Merian Gold & Silver Fund 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

High A (USD) - - - - - - - 16.429 13.934 13.208 A (EUR) - - - - - - - 10.460 9.341 9.398 A (GBP) - - - - - - - 17.984 15.813 18.752

Low A (USD) - - - - - - - 9.758 11.178 9.203 A (EUR) - - - - - - - 7.088 6.920 6.542 A (GBP) - - - - - - - 9.797 12.046 13.061


463

TOTAL EXPENSE RATIOS (unaudited) – SWISS INVESTORS SECTION

This Section is for Swiss Investors:

The Total Expense Ratio measures the total costs associated with managing and operating each Sub-Fund.

These costs consist primarily of Investment Management Fees and additional expenses such as legal fees,

auditor fees and other operational expenses. This disclosure is a requirement for Sub-Funds approved for public

distribution in Switzerland.

The total expense ratios of the Sub-Funds for the financial year from 1 January 2018 to 31 December 2018 are

as follows:

Excluding

Performance

Fees

Including

Performance

Fees

Sub-Fund Share Class TER TER

Merian China Equity Fund Class A (USD) 1.95% 1.95%

Class B (USD) 3.03% 3.03%

Class C (USD) 3.49% 3.49%

Class C2 (USD) 3.09% 3.09%

Class I (USD) 1.20% 1.20%

Class S (GBP) 1.36% 1.36%

Class U1 (GBP) 1.13% 1.13%

Merian Global Strategic Bond Fund (IRL) Class A (EUR) Hedged 1.51% 1.51%

Class A (GBP) Income 1.45% 1.45%

Class A (USD) 1.45% 1.45%

Class A (USD) Income 1.45% 1.45%

Class B (USD) 3.04% 3.04%

Class B (USD) Income 3.16% 3.16%

Class C (USD) 3.54% 3.54%

Class S (GBP) Income 1.35% 1.35%

Class U1 (GBP) Income 0.85% 0.85%

Merian World Equity Fund Class A (EUR) 1.60% 1.60%

Class A (EUR) Hedged 1.67% 1.67%

Class A (USD) 1.63% 1.63%

Class B (USD) 2.82% 2.82%

Class C (USD) 3.11% 3.11%

Class C2 (USD) 2.90% 2.90%

Class D1 (USD) 1.47% 1.47%

Class D2 (USD) 1.02% 1.02%

Class I (EUR) 0.86% 0.86%

Class I (USD) 0.88% 0.88%

Class N (USD)* 2.63% 2.63%

Class S (GBP) 1.18% 1.18%

Class U1 (GBP) 0.91% 0.91%

Merian Pacific Equity Fund Class A (EUR) 1.95% 1.95%

Class A (USD) 1.95% 1.95%

Class B (USD) 3.15% 3.15%

Class C (USD) 3.44% 3.44%

Class C2 (USD) 3.19% 3.19%

Class I (USD) 1.16% 1.16%

Class R (GBP) 1.20% 1.20%

Class S (GBP) 1.45% 1.45%

Class U1 (GBP) 1.13% 1.13%

Merian European Equity Fund Class A (EUR) 1.77% 1.77%

Class A (USD) 1.95% 1.95%

Class B (USD) 2.97% 2.97%

Class C (USD) 3.45% 3.45%

Class S (GBP) 1.45% 1.45%

Class U1 (GBP) 1.13% 1.13%


464

TOTAL EXPENSE RATIOS (unaudited) – SWISS INVESTORS SECTION (continued)


Excluding

Performance

Fees

Including

Performance

Fees


Merian US Equity Income Fund Class A (EUR) 1.63% 1.63%


Class A (GBP) 1.68% 1.68%

Class A (USD) 1.64% 1.64%


Class B (USD) 3.50% 3.50%


Class C (USD) 3.23% 3.23%

Class C (USD) Income 3.26% 3.26%

Class C2 (USD) Income 3.71% 3.71%

Class I (EUR) Income 0.87% 0.87%

Class I (USD) 0.89% 0.89%

Class I (USD) Income 0.89% 0.89%

Class N (USD)* 2.65% 2.65%

Class R (GBP) 1.15% 1.15%

Class R (GBP) Income 0.88% 0.88%

Class S (GBP) 1.18% 1.18%

Class U1 (GBP) 0.94% 0.94%


Class U2 (GBP) 0.80% 0.80%


Merian North American Equity Fund Class A (EUR) 1.57% 1.57%

Class A (USD) 1.57% 1.57%

Class B (USD) 2.79% 2.79%

Class C (USD) 3.07% 3.07%

Class C2 (USD) 3.05% 3.05%

Class I (EUR) 0.80% 0.80%

Class I (USD) 0.80% 0.80%

Class N (USD)* 2.57% 2.57%

Class P2 (GBP) Income 0.21% 0.21%

Class P2 (USD) 0.21% 0.23%

Class P2 (USD) Income 0.27% 0.28%

Class R (GBP) 0.90% 0.90%

Class R (GBP) Hedged 0.87% 0.87%

Class S (GBP) 1.06% 1.06%

Class U1 (GBP) 0.73% 0.73%

Class U2 (EUR)** 0.87% 0.87%

Class U2 (GBP) 0.70% 0.70%

Merian Total Return USD Bond Fund Class A (AUD) Hedged 1.72% 1.72%

Class A (EUR)* 1.24% 1.24%



Class A (USD) 1.24% 1.24%


Class A (USD) Income (F)* 1.24% 1.24%

Class A (ZAR) Hedged Income (F) 2.77% 2.77%

Class B (USD) 2.33% 2.33%


Class C (USD) 2.77% 2.77%


Class C2 (AUD) Hedged Income (F) 2.50% 2.50%


465



Excluding

Performance

Fees

Including

Performance

Fees


Merian Total Return USD Bond Fund Class C2 (USD) Income (F) 2.39% 2.39%

(continued) Class C2 (ZAR) Hedged Income (F) 2.55% 2.55%

Class I (USD) 0.71% 0.71%

Merian Emerging Market Debt Fund Class A (EUR) 1.80% 1.80%


Class A (GBP) Hedged 1.81% 1.81%

Class A (SEK) Hedged 1.84% 1.84%

Class A (SGD) Hedged Income 1.90% 1.90%

Class A (USD) 1.74% 1.74%



Class A (ZAR) Hedged Income (F)* 1.80% 1.80%

Class B (USD) 3.04% 3.04%


Class C (USD) 3.45% 3.45%


Class C2 (USD) Income (F)* 2.74% 2.74%

Class C2 (ZAR) Hedged Income (F)* 2.80% 2.80%

Class I (USD) 0.93% 0.93%



Class U2 (GBP)** 1.07% 1.07%

Merian Investment Grade Corporate Bond Class A (GBP) Hedged Income 1.51% 1.51%

Fund Class A (SEK) Hedged 1.51% 1.51%

Class A (USD) 1.45% 1.45%


Class C (USD) 3.40% 3.40%

Class I (USD)* 0.95% 0.95%

Class S (GBP) Hedged Income 1.41% 1.41%

Class U1 (GBP) Hedged Income 0.96% 0.96%

Class U2 (GBP) Hedged 0.91% 0.91%

Merian Global Emerging Markets Fund Class A (EUR) 1.68% 1.68%

Class A (GBP) 1.72% 1.72%

Class A (USD) 1.95% 1.95%

Class B (USD) 3.05% 3.05%

Class C (USD) 3.69% 3.69%

Class C2 (USD) 3.04% 3.04%

Class I (USD) 0.99% 0.99%

Class R (GBP) 1.13% 1.13%

Class S (GBP) 1.23% 1.23%

Class U1 (GBP) 0.96% 0.96%

Class U2 (GBP) 0.80% 0.80%

Merian Asian Equity Income Fund Class A (EUR) 1.95% 1.95%

Class A (GBP) 1.67% 1.67%


Class A (USD) 1.68% 1.68%


Class B (USD) 2.89% 2.89%

Class C (USD) 4.07% 4.07%

Class C2 (USD) Income (F) 2.96% 2.96%


466



Excluding

Performance

Fees

Including

Performance

Fees


Merian Asian Equity Income Fund (continued) Class I (EUR) 1.04% 1.04%

Class I (USD) 0.92% 0.92%

Class R (GBP) 1.18% 1.18%

Class U1 (GBP) 1.13% 1.13%



Merian Local Currency Emerging Market Debt Class A (AUD) Hedged Income (F) 2.67% 2.67%

Fund Class A (EUR) 2.07% 2.07%


Class A (USD) 2.20% 2.20%


Class A (USD) Income (F) 2.20% 2.20%


Class B (AUD) Hedged Income (F)* 3.03% 3.03%


Class B (ZAR) Hedged Income (F)* 3.07% 3.07%

Class C (USD) 3.41% 3.41%




Class C2 (ZAR) Hedged Income (F) 3.28% 3.28%

Class I (USD) 1.07% 1.07%


Class U2 (GBP) 0.93% 0.93%


Merian UK Alpha Fund (IRL) Class A (EUR) 1.75% 1.75%


Class A (GBP) 1.69% 1.69%


Class A (USD) 1.70% 1.70%

Class A (USD) Hedged 1.78% 1.78%


Class F (GBP) 0.65% 0.65%

Class I (EUR) 1.20% 1.20%

Class I (USD) 0.99% 0.99%

Class I (USD) Hedged 0.97% 0.97%

Class R (GBP) 0.96% 0.96%


Class U1 (EUR) 0.89% 0.89%

Class U1 (GBP) 0.86% 0.86%


Class U1 (USD) 0.85% 0.85%

Class U2 (EUR)*** 1.30% 1.30%

Class U2 (GBP) 0.78% 0.78%


Class U2 (USD) 0.79% 0.79%

Merian UK Smaller Companies Focus Fund Class A (GBP) Income 1.58% 2.15%



Merian UK Dynamic Equity Fund Class A (GBP) Income 1.55% 1.55%

Class I (EUR) Hedged 1.12% 1.12%


467



Excluding

Performance

Fees

Including

Performance

Fees


Merian UK Dynamic Equity Fund (continued) Class R (GBP) Income 1.05% 1.05%

Merian Global Equity Absolute Return Fund Class A (CHF) Hedged 1.59% 1.59%



Class A (RMB) Hedged 1.56% 1.56%

Class A (SGD) Hedged 1.60% 1.60%

Class A (USD) 1.54% 1.54%

Class A2 (CHF) Hedged 1.57% 1.57%

Class C (USD) 2.98% 2.98%

Class I (CHF) Hedged 0.84% 0.84%


Class I (SEK) Hedged 0.85% 0.90%

Class I (USD) 0.79% 0.85%




Merian Strategic Absolute Return Bond Fund^^^ Class A (EUR) Hedged* 0.99% 0.99%

Class A (GBP) Hedged* 0.99% 0.99%

Class A (USD)* 0.93% 0.93%

[Class I (USD)] Class F1 (USD) 0.63% 0.63%

[Class R (GBP) Hedged] Class F2 (GBP) Hedged 0.70% 0.70%

[Class R (GBP) Hedged Income] Class F2 (GBP) Hedged Income 0.67% 0.67%

Class I (EUR) Hedged* 0.59% 0.59%

Class I (USD)* 0.53% 0.53%

Class R (GBP) Hedged* 0.59% 0.59%

Class U1 (GBP) Hedged* 0.55% 0.55%


Class U3 (EUR) Hedged* 0.44% 0.44%


Class U3 (USD)* 0.38% 0.38%

Merian Europe (ex UK) Smaller Companies Class A (EUR) 1.76% 1.76%

Fund Class A (GBP) 1.75% 1.75%

Class A (USD) 1.66% 1.66%


Class C (USD) Hedged 3.18% 3.18%

Class I (EUR) 0.85% 0.85%

Class I (USD) 0.88% 0.88%


Class R (GBP) 0.92% 0.92%



Class U1 (EUR) Income 0.79% 0.79%

Class U1 (GBP) 0.81% 0.81%



Class U1 (USD) 0.79% 0.79%

Class U2 (GBP) 0.70% 0.70%

Merian Global Equity Income Fund (IRL) Class A (GBP) 1.95% 1.95%


Class A (USD)* 1.77% 1.77%



468



Excluding

Performance

Fees

Including

Performance

Fees


Merian Global Equity Income Fund (IRL) Class I (EUR) 1.08% 1.08%

(continued) Class I (EUR) Income* 1.02% 1.02%


Class R (GBP) 1.20% 1.20%


Class S (GBP) 1.26% 1.26%

Class U1 (GBP) 1.13% 1.13%


Merian Gold & Silver Fund Class A (EUR) 1.88% 1.88%

Class A (GBP) 1.76% 1.76%

Class A (USD) 1.69% 1.69%

Class C (USD) 3.25% 3.25%

Class I (EUR) 1.03% 1.03%

Class I (USD) 0.94% 0.94%

Class R (GBP) 0.99% 0.99%

Class U1 (GBP) 0.88% 0.88%

Class U2 (GBP) 0.78% 0.78%

Class U3 (GBP)* 0.39% 0.39%

Merian UK Specialist Equity Fund Class A (EUR) Hedged 1.62% 1.62%

Class A (GBP) 1.54% 1.54%


Class F (EUR) Hedged 0.87% 0.87%

Class F (GBP) 0.80% 0.80%

Class F (USD) Hedged 0.87% 0.87%



Class R (GBP) 1.05% 1.05%

Class X (GBP) 0.10% 0.10%

Merian Style Premia Absolute Return Fund Class F (GBP) Hedged 0.75% 0.75%

Class F (USD) 0.69% 0.69%

Class F2 (GBP) Hedged 0.53% 0.53%

Class F2 (USD) 0.31% 0.31%

Class I (USD) 1.36% 1.36%

Class X (GBP) Hedged 0.15% 0.15%

Merian Financials Contingent Capital Fund Class A (USD) 1.63% 1.63%


Class C (USD) 3.12% 3.12%

Class F (GBP) Hedged Income 0.59% 0.59%

Class F (USD) Income 0.53% 0.53%

Class I (USD)* 0.88% 0.88%



* Estimated TER for class that launched during the financial year.

** Share classes redeemed during the financial year. This is the last calculated TER as at the end of May.

*** Share class redeemed during the financial year. This is the last calculated TER as at the end of April.


SUB-FUND PERFORMANCE (unaudited) – SWISS INVESTORS SECTION


469

The information above has been derived from sources believed to be accurate as of 31 December 2018. 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. These performance data do not take account of the commissions and costs incurred on

the issue and redemption of Shares.

Base

Currency 2018* 2017** 2016**

3 Financial

Years

2016- 31

December

2018**

Merian China Equity Fund USD (14.56%) 43.07% 2.51% 7.81%

MSCI Zhong Hua 10/40 Index (15.92%) 48.08% 1.44% 8.09%

Merian Global Strategic Bond Fund (IRL) USD (5.33%) 6.88% (2.07%) (0.31%)

JPM GBI Global Traded Bond Index (0.66%) 6.83% 1.57% 2.53%

Merian World Equity Fund USD (12.23%) 24.30% 7.75% 5.54%

MSCI World Index (8.71%) 22.40% 7.51% 6.30%

Merian Pacific Equity Fund USD (24.92%) 36.05% 8.62% 3.52%

MSCI AC Asia Pac ex Japan (13.92%) 36.98% 6.75% 7.97%

Merian European Equity Fund EUR (19.04%) 8.56% (6.27%) (4.65%)

MSCI Europe (10.57%) 10.24% 2.58% 2.10%

Old Mutual Japanese Equity Fund^ JPY - 19.80% (2.50%) -

TOPIX - 22.23% (0.64%) 4.15%

Merian US Equity Income Fund USD (9.41%) 10.82% 13.18% -

Russell 1000 Value (8.27%) 13.66% 17.34% 6.95%

Merian North American Equity Fund USD (10.43%) 21.10% 13.64% 7.22%

MSCI North America (5.73%) 20.89% 11.57% 8.33%

Merian Total Return USD Bond Fund USD (2.14%) 4.18% 3.39% 1.77%

Barclays Capital US Aggregate Bond Index 0.01% 3.54% 2.65% 2.06%

Merian Emerging Market Debt Fund USD (8.37%) 10.94% 11.05% 4.13%

JP Morgan EMBI Global Diversified (4.26%) 10.26% 10.15% 5.15%

Old Mutual European Best Ideas Fund EUR (16.59%) 12.23% (5.79%) (2.45%)

MSCI Europe (10.57%) 10.24% 2.58% 2.10%

Merian Investment Grade Corporate Bond Fund USD (2.38%) 6.03% 3.81% 2.42%

Barclays Capital Global Aggregate Credit (1.00%) 5.70% 6.22% 3.59%

Corporate Bond (USD Hedged)

Merian Global Emerging Markets Fund USD (20.81%) 39.29% 3.53% 4.52%

MSCI Emerging Markets (14.58%) 37.28% 11.19% 9.25%

Merian Asian Equity Income Fund USD (21.45%) 35.38% 8.81% 4.98%

MSCI AC Asia Pacific ex Japan (13.92%) 36.98% 6.75% 7.97%

Merian Local Currency Emerging Market Debt Fund USD (10.19%) 15.30% 6.87% 3.44%

JPM GBI-EM Global Diversified (6.21%) 15.21% 9.94% 5.91%

Merian UK Alpha Fund (IRL) GBP (11.35%) 14.03% 13.50% (0.29%)

FTSE All Share (9.47%) 13.10% 16.75% 1.08%

Merian UK Smaller Companies Focus Fund GBP (17.38%) 50.77% 23.94% 10.08%

NUMIS Smaller Companies Index (15.35%) 19.50% 11.08% (0.98%)

Merian Europe (ex UK) Smaller Companies Fund GBP (24.52%) 18.59% 29.61% 0.09%

EMIX Smaller Europe x UK (12.68%) 23.33% 23.24% 4.67%

Merian UK Dynamic Equity Fund GBP (19.40%) 32.39% 10.45% 0.61%

FTSE 250 Index Excluding Investments Trusts (15.15%) 18.24% 5.08% (3.06%)

Merian Global Equity Absolute Return Fund USD (1.14%) 7.96% 2.90% 3.17%

ICE LIBOR 1 Month USD 2.00% 1.06% 0.48% 1.18%

Merian Strategic Absolute Return Bond Fund^^^ USD (1.23%) 3.67% 4.27% 2.20%


SUB-FUND PERFORMANCE (unaudited) – SWISS INVESTORS SECTION (continued)


470

Base

Currency 2018* 2017** 2016**

3 Financial

Years

2016-31

December

2018**

JPM GBI Global Unhedged in USD (0.66%) 6.83% 1.57% 2.53%

Merian Global Equity Income Fund (IRL) USD (14.26%) 10.27% 9.72% -

MSCI ACWI Index (9.42%) 23.97% 7.86% 6.60%

Merian Financials Contingent Capital Fund I USD Inc USD (5.17%) -

BBrg Barc Cont Cap Western Eur USD (Hdg) (3.09%) -

Merian Gold & Silver Fund USD (19.81%) 11.52% 15.97% -

Gold Spot Rate (1.55%) 13.11% -

Merian Style Premia Absolute Return Fund I USD Acc USD (7.68%) 2.38% -

None

Merian US Equity Income A USD Acc USD (9.41%) 10.82% 13.18% 4.35%

UK Specialist Equity UCITS Fund GBP (7.17%) 15.82% 8.94% -

SONIA 0.56% 0.25% 0.21% -

Old Mutual Compass 2 USD (4.05%) 2.20% 0.18% -

None


None


None


None

* Calculated as performance information for the financial year ended 31 December 2018.

** Calculated as performance information for the calendar financial year. Performance figures refer to Class

A1 Shares showing the annual average performance and are sourced from Morningstar.


SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (unaudited)

471

1. Sub-Fund Closure

Old Mutual Japanese Equity Fund^ closed on 26 January 2018.

Old Mutual Pan African Fund^^ closed on 28 February 2018.

Old Mutual Monthly Income High Yield Bond Fund^^^^ closed on 14 September 2018.

2. Share Class rename and launches\deactivations

With effect from 16 February 2018 Merian Strategic Absolute Return Bond Fund^^^ re-named the

following share classes:

Previous Name New Name

Class I (USD) Accumulation Class F1 (USD) Accumulation

Class R (GBP) Hedged Accumulation Class F2 (GBP) Hedged Accumulation

Class R (GBP) Hedged Income Class F2 (GBP) Hedged Income

The following share classes were launched during the financial year:

Date Sub-Fund Share Class name

3 January 2018 Merian Local Currency Emerging Market Debt Fund

Class B (AUD) Hedged

Income (F)

Class B (ZAR) Hedged

Income (F)

9 January 2018 Merian North American Equity Fund Class N (USD)

27 March 2018 Merian Emerging Market Debt Fund

Class A (ZAR) Hedged

Income (F)

Class C2 (ZAR) Hedged

Income (F)

9 April 2018 Merian Strategic Absolute Return Bond Fund Class I (USD)

Class R (GBP) Hedged



11 April 2018 Merian Global Emerging Markets Fund Class W (GBP)

Merian Local Currency Emerging Market Debt Fund Class W (GBP)

Merian Global Equity Absolute Return Fund Class W (GBP) Hedged

Merian Europe (ex UK) Smaller Companies Fund Class W (GBP)

25 April 2018 Merian Emerging Market Debt Fund Class A (USD) Income (F)

Class C2 (USD) Income (F)

3 July 2018 Merian Global Equity Income Fund (IRL) Class I (EUR) Income

19 July 2018 Merian Strategic Absolute Return Bond Fund Class A (USD)

Class U3 (EUR) Hedged


Class U3 (USD)

4 September 2018 Old Mutual Compass Portfolio 3 Class N (USD)

Old Mutual Compass Portfolio 4 Class N (USD)

11 October 2018 Merian Global Equity Income Fund (IRL) Class A (USD)

17 October 2018 Merian World Equity Fund Class N (USD)

7 November 2018 Merian US Equity Income Fund Class N (USD)

12 November 2018 Merian Financials Contingent Capital Fund Class I (USD)

28 November 2018 Merian Gold & Silver Fund Class U3 (GBP)

24 December 2018 Merian Total Return USD Bond Fund Class A (USD) Income (F)


SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR (unaudited) (continued)

472

2. Share Class rename and launches\deactivations (continued)

The following share classes were deactivated during the financial year:

Date Sub-Fund name Share Class name

1 February 2018


Fund^^^^

Class A (EUR) Hedged

Accumulation

31 May 2018 Merian UK Alpha Fund (IRL) Class U2 (EUR) Accumulation

15 June 2018 Merian Emerging Market Debt Fund Class U2 (GBP) Accumulation

19 June 2018 Merian North American Equity Fund Class U2 (EUR) Accumulation

26 September 2018 Merian Emerging Market Debt Fund Class U2 (GBP) Income

30 October 2018 Old Mutual European Best Ideas Fund Class A (GBP) Income

Class U2 (GBP) Income

3. Investment Adviser Change

With effect from 23 March 2018 the Investment Adviser on the Merian China Equity Fund changed from

Merian Global Investors (Asia Pacific) Limited to Ping An of China Asset Management (Hong Kong)

Company Limited.

With effect from 18 May 2018 the Investment Adviser on the Merian Pacific Equity Fund and the Merian

Asian Equity Income Fund changed from Merian Global Investors (Asia Pacific) Limited to Merian Global

Investors (UK) Limited.

With effect from 15 June 2018 the Investment Adviser on the following Sub-Funds changed from Merian

Global Investors (UK) Limited to Old Mutual Investment Management Limited:






Old Mutual Investment Management Limited changed its name to Quilter Investors Limited on 29 June

2018.

4. Change in Investment Manager, Distributor and Promoter

On 29 September 2018 the Investment Manager, Distributor and Promoter changed from Old Mutual

Global Investors (UK) Limited to Merian Global Investors (UK) Limited.

5. Initial Charge

With effect from 16 February 2018 the Initial Charge for Share Class A, which was set at a maximum of

6.25% reduced to a maximum of 5.00% of the Net Asset Value per share for all Sub-Funds.

6. Change of Definition of Business Day

Merian Pacific Equity Fund and Merian Asian Equity Income fund the definition of Business Day in respect

of the Fund has changed from a day (excluding Saturdays, Sundays and public holidays) on which retail

banks are open for business in Dublin, London and Hong Kong. The amendment is to remove Hong Kong

from the definition. This change is made because the Fund will now be managed by OMGI UK which is

based in London, and generally will result in an increase in the number of Dealing Days of the Fund.



473

7. Merian Reorganisation

In early 2016, Old Mutual plc announced the proposed separation of its four underlying business units, one

of which was Quilter plc (formerly Old Mutual Wealth Management Limited) and its subsidiaries (the

“Managed Separation”). In addition, Old Mutual Global Investors, which previously consisted of two

distinct business lines, a Single-Strategy Business and a Multi-Asset Business, announced that it would be

split into two separate and distinct businesses and Quilter plc agreed to sell the entire Single-Strategy

Business resulting in Quilter plc ceasing to be the ultimate controlling shareholder of Merian Global

Investors (UK) Limited. Members of the management that currently run the Single-Strategy Business and

certain funds managed by TA Associates, a global private equity firm became the ultimate controlling

shareholder of OMGI UK. The Managed Separation was completed on 25 June 2018, and the sale of the

Single Strategy Business was completed on 29 June 2018.

8. Director Resignation and Appointment

On 29 June 2018 Paul Simpson resigned as Director.

Nicola Stronach was appointed to the Board of Directors with effect from 9 August 2018.

9. Merger of Funds

On 27 July 2018, Old Mutual Absolute Return Government Bond Fund, a Sub-Fund of Old Mutual Global

Investors Series II ICAV, merged into the Merian Strategic Absolute Return Bond Fund^^^.

10. Changes to Benchmark

The following Sub-Funds changed their benchmark on 3 December 2018:

Merian Emerging Market Debt Fund changed bench from JP Morgan EMBI Global to JP Morgan EMBI

Global Diversified.

11. Revision of the Memorandum and Articles of Association

On 26 September 2018 the Memorandum and Articles of Association were revised and approved by the

Board of Directors.



474

12. Miscellaneous changes to the Prospectus

A copy of the revised Prospectus is available upon request from the registered office of the Administrator

of the Fund.

An updated Prospectus was filed with the Central Bank of Ireland on 28 September 2018. The Prospectus

was amended to reflect the following:

a) Change of name of Old Mutual Global Investors Series Plc to Merian Global Investors Series plc, and

change of name of the Investment Manager and all Sub-Funds, save for Compass- and European

Best Ideas Fund;

b) Update to reflect the resignation of Paul Simpson and the appointment of Nicola Stronach;

c) Inclusion of detail on Class W Shares;

d) Update to the definition of Emerging Markets;

e) Update to detail the reduction of the Initial Charge for Class A Shares to 5.00%;

f) Update to reflect that Old Mutual Global Investors (UK) Limited is no longer part of the Old Mutual

plc group;

g) Enhancement of disclosure on Paying Agents;

h) Addition of the Saudi Stock Exchange to the Regulated Markets section;

i) Enhancement of disclosures on tax to include the new German tax requirements, setting out more

explicitly their equity exposure so that they can be classified as Equity Funds under this new German

tax act. Wording is added to the Old Mutual World Equity Fund, Old Mutual Europe (ex UK) Smaller

Companies Fund, Old Mutual China Equity Fund, Old Mutual Global Equity Absolute Return Fund,

Old Mutual UK Specialist Equity Fund, Old Mutual North American Equity Fund, Old Mutual UK Alpha

Fund (IRL) and the Old Mutual US Equity Income Fund. Such update does not result in any change

in the investment objective and policies of the Sub-Funds;

j) Update to reflect that Old Mutual Asian Equity Income Fund is now permitted to practice Income

Smoothing. As this is a change to the distribution terms, investors are provided one month’s notice;

k) Inclusion of detail on benchmark revisions: Old Mutual UK Smaller Companies Focus Fund - revising

“Numis Smaller Companies Index excluding Investment Trusts” to “Numis Smaller Companies Index

excluding Investment Companies”. Old Mutual Europe (ex UK) Smaller Companies Fund -

“Euromoney Smaller Europe (Exc. UK) Index” has changed name to “EMIX Smaller Europe ex UK

Companies Index”;

l) Inclusion of the new P2 Share Class for Old Mutual North American Equity Fund.


SUPPLEMENTARY INFORMATION (unaudited)

Cybersecurity Risk

475

Cybersecurity breaches may occur allowing an unauthorized party to gain access to assets of the Sub-Funds,

Shareholder data, or proprietary information, or may cause the Company, the Investment Manager, the

Distributor, the Administrator or the Depositary to suffer data corruption or lose operational functionality.

The Sub-Funds may be affected by intentional cybersecurity breaches which include unauthorized access to

systems, networks, or devices (such as through “hacking” activity); infection from computer viruses or other

malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business

processes, or website access or functionality. In addition, unintentional incidents can occur, such as the

inadvertent release of confidential information (possibly resulting in the violation of applicable privacy laws).

Notwithstanding the existence of policies and procedures designed to detect and prevent such breaches and

ensure the security, integrity and confidentiality of such information as well as the existence of business continuity

and disaster recovery measures designed to mitigate any such breach or disruption at the level of the Company

and its delegates, such a cybersecurity breach could result in the loss or theft of Shareholder data or Sub-Funds,

the inability to access electronic systems, loss or theft of proprietary information or corporate data, physical

damage to a computer or network system, or costs associated with system repairs.

Such incidents could cause the Company, the Investment Manager, the Distributor, the Administrator, the

Depositary, or other service providers to incur regulatory penalties, reputational damage, additional compliance

costs, or financial loss. Consequently, Shareholders may lose some or all of their invested capital. In addition, such

incidents could affect issuers in which a Sub-Fund invests, and thereby cause a Sub-Fund’s investments to lose

value, as a result of which investors, including the relevant Sub-Fund and its Shareholders, could potentially lose

all or a portion of their investment with that issuer.

Soft Commission Arrangements

Some Investment Advisers did enter into soft commission arrangements (including commission-sharing

arrangements) on behalf of the Company for the financial year ended 31 December 2018 and 31 December

2017. Where these arrangements have been entered into it has been confirmed that the Sub-Funds’

Shareholders have not been disadvantaged as a result of the arrangements and that best execution has been

provided in all cases. Also it has been confirmed that the benefits provided under the arrangements have

assisted in the provision of investment services to the Sub-Funds’ concerned. The benefits received were related

to covering costs relating to execution of trades or the purchase of research services from the brokers or third

parties. The following Sub-Funds used soft commission arrangements;





SUPPLEMENTARY INFORMATION (unaudited) (continued)

Exchange Rates

476

The USD exchange rates used in this report are as follows:


Argentina Peso 37.6605 18.8249

Australian Dollar 1.4205 1.2785

Botswana Pula 10.7296 9.8280

Brazilian Real 3.8757 3.3171

Canadian Dollar 1.3658 1.2530

CFA Franc BCEAO 573.8154 546.2660

Chilean Peso 693.9625 615.0062

Chinese Renminbi 6.8657 6.5120

Colombian Peso 3,246.7532 2,985.0746

Czech Koruna 22.5139 21.2599

Danish Krone 6.5280 6.2004

Dominican Republic Peso 49.9850 48.3957

Egyptian Pound 17.9199 17.7800

Euro 0.8748 0.8328

Hong Kong delivered Chinese Yuan 6.8703 6.5121

Hong Kong Dollar 7.8293 7.8173

Hungarian Forint 280.6281 258.3318

Indian Rupee 69.8129 63.8284

Indonesian Rupiah 14,380.2100 13,566.6802

Israeli Shekel 3.7368 3.4717

Japanese Yen 109.7200 112.6500

Kazakhstan Tenge 381.0300 332.7101

Kenyan Shilling 101.8537 103.2525

Malaysian Ringgit 4.1325 4.0470

Mauritius Rupee 34.3997 33.7998

Mexican Peso 19.6936 19.5656

Moroccan Dirham 9.5743 9.3466

New Ghana Cedi 4.8600 4.5225

New Turkish Lira 5.3199 3.7916

New Zealand Dollar 1.4913 1.4061

Nigerian Naira 363.5042 359.9712

Norwegian Krone 8.6591 8.1794

Pakistani Rupee 138.7925 110.3509

Peruvian Nuevo Sol 3.3785 3.2405

Philippine Peso 52.5845 49.9201

Polish Zloty 3.7567 3.4748

Pound Sterling 0.7852 0.7392

Romanian Leu 4.0721 3.8880

Russian Ruble 69.3722 57.5705

Serbian Dinar 103.4800 98.4800

Singapore Dollar 1.3630 1.3364

South African Rand 14.3850 12.3801

South Korean Won 1115.7975 1,070.5492

Sri Lankan Rupee 182.9157 153.4919

Swedish Krona 8.8659 8.1875

Swiss Franc 0.9858 0.9745

Taiwanese Dollar 30.7371 29.7584

Thai Baht 32.5595 32.5903

Tunisian Dinar 2.9925 2.4971

Ugandan Shilling 3,714.9900 3,644.9790



Exchange Rates (continued)

477

The USD exchange rates used in this report are as follows: (continued)


United Arab Emirates Dirham 3.6731 3.6728

Uruguayan Peso 32.4149 28.7704

Vietnamese Dong 23,196.4700 22,706.6303

Zambian Kwacha 11.9300 9.9750

The EUR exchange rates used in this report are as follows:


Danish Krone 7.4624 7.4454

Norwegian Krone 9.8987 9.8218


Swedish Krona 10.1350 9.8316

Swiss Franc 1.1269 1.1702

United States Dollar 1.1432 1.2008

The GBP exchange rates used in this report are as follows:


Euro 1.1141 1.1265


The JPY exchange rates used in this report are as follows:


Euro 0.0080 0.0074


Singapore Dollar 0.0124 0.0119




478

Directed brokerage expenses

The amounts paid under Brokerages arrangements/services are:

2018 2017

Sub-Fund CCY Expense Expense

Merian China Equity Fund USD 606 485

Merian Global Strategic Bond Fund (IRL) USD 2,757 2,184

Merian World Equity Fund USD 24,963 29,609

Merian Pacific Equity Fund USD 6,613 32,198

Old Mutual Japanese Equity Fund^ JPY 12,000 353,099

Merian US Equity Income Fund USD 18,810 1,586

Merian North American Equity Fund USD 32,524 30,354

Merian Total Return USD Bond Fund USD 105,180 65,652

Merian Emerging Market Debt Fund USD 729 783

Merian Investment Grade Corporate Bond Fund USD 1,033 1,367

Merian Asian Equity Income Fund USD 18,836 60,278

Merian Local Currency Emerging Market Debt Fund USD 1,585 1,117

Merian Strategic Absolute Return Bond Fund^^^ USD 37,654 6,789

Old Mutual Monthly Income High Yield Bond Fund ^^^^ USD 28 225

Merian Europe (ex UK) Smaller Companies Fund EUR - -

Merian Global Equity Income Fund (IRL) USD 4,667 4,008

Merian Gold & Silver Fund USD - -

Old Mutual Compass Portfolio 2 USD 979 1




Merian Financials Contingent Capital Fund USD 58 -

Company Level USD 303,371 269,509

Net Asset Value Reconciliation

Quoted financial assets at fair value through profit or loss are valued at bid price at close of business on the

last trading date rather than mid-market price which is taken at 2pm for European markets and at previous

day close for U.S. markets for the purposes of the dealing NAV. A reconciliation between the dealing NAV

and reporting NAV is required for the Sub-Funds outlined below to account for these differences and any late

trade adjustments.

Merian World

Equity Fund

Merian US

Equity

Income

Fund

Merian North

American

Equity Fund

Merian

Global Equity

Income Fund

(IRL)

Merian

Gold &

Silver Fund

Merian Style

Premia

Absolute

Return Fund

USD USD USD USD USD GBP

Dealing NAV 369,434,613 261,255,541 1,342,755,566 164,858,268 289,685,279 82,095,622

Last traded price

adjustment 2,144,359 2,398,251 14,958,677

1,109,131 1,932,922 448,894

Reporting NAV 371,578,972 263,653,792 1,357,714,243 165,967,399 291,618,201 82,544,516



479

Net Asset Value per Share Reconciliation

The NAV per share impact of the dealing NAV and reporting NAV for the largest share class is outlined below:

Merian World

Equity Fund

Merian US

Equity

Income

Fund

Merian North

American

Equity Fund

Merian

Global Equity

Income Fund

(IRL)

Merian

Gold &

Silver Fund

Merian Style

Premia

Absolute

Return Fund

Class A

(USD)

Class U2

(GBP)

Income

Class I

(USD)

Class R

(GBP)

Income

Class U1

(GBP)

Class F

(GBP)

Hedged

Dealing NAV per

share for the

largest share class 1.454 12.062 14.462

13.338 11.563 9.420

Last traded price

adjustment 0.009 0.109 0.147

0.067 0.087 0.051

Reporting NAV

per share for the

largest share class 1.463 12.171 14.609

13.405 11.650 9.471



480

Net Asset Value per Share

Net Assets per Share as

at 31 December 2018


at 31 December 2017


at 31 December 2016


Class A (USD) USD 48.651 USD 56.376 USD 39.405

Class B (USD) USD 23.505 USD 27.530 USD 19.470

Class C (USD) USD 21.543 USD 25.333 USD 17.992

Class C2 (USD) USD 12.028 USD 14.097 USD 9.973

Class I (USD) USD 9.637 USD - USD 14.476

Class S (GBP) GBP 19.259 GBP 20.963 GBP 16.043

Class U1 (GBP) GBP 14.136 GBP 15.355 GBP 11.755


Class A (EUR) Hedged EUR 10.098 EUR 11.009 EUR 10.571

Class A (GBP) Income GBP 9.452 GBP 9.657 GBP 10.113


Class A (USD) Income USD 7.544 USD 8.159 USD 7.858


Class B (USD) Income USD 7.314 USD 8.031 USD 7.794


Class S (GBP) Income GBP 9.825 GBP 10.028 GBP 10.479

Class U1 (GBP) Income GBP 10.827 GBP 10.994 GBP 11.520


Class A (EUR) EUR 11.905 EUR 12.871 EUR 11.773






Class D1 (USD) USD 9.846 USD 11.136 USD -

Class D2 (USD) USD 9.932 USD 11.170 USD -

Class I (EUR) EUR 12.741 EUR 13.672 EUR 12.402

Class I (USD) USD 15.469 USD 17.380 USD 13.876

Class N (USD) USD 9.014 USD - USD -










Class R (GBP) GBP 14.086 GBP 17.596 GBP 14.157








481

Net Asset Value per Share (continued)


at 31 December 2018


at 31 December 2017


at 31 December 2016

Merian European Equity Fund (continued)






Class A (EUR) Hedged EUR - EUR 20.303 EUR 17.097

Class A (GBP) GBP - GBP 11.863 GBP 10.491

Class A (JPY) JPY - JPY 109.165 JPY 91.125

Class A (USD) USD - USD 15.653 USD 12.552

Class A (USD) Hedged USD - USD 14.025 USD 11.584

Class B (USD) USD - USD 13.909 USD 11.338

Class C (USD) USD - USD 13.759 USD 11.243

Class R (GBP) GBP - GBP 11.952 GBP 10.508

Class S (GBP) GBP - GBP 19.679 GBP 17.239

Class U1 (GBP) GBP - GBP 15.547 GBP 13.587





Class A (GBP) GBP 15.270 GBP 15.787 GBP 15.674






Class C (USD) Income USD 10.621 USD 12.049 USD 11.349

Class C2 (USD) Income USD 9.348 USD 10.669 USD 9.930

Class I (EUR) Income EUR 10.619 EUR 11.225 EUR 11.759


Class I (USD) Income USD 10.305 USD 11.407 USD 10.528



Class R (GBP) Income GBP 14.618 GBP 15.291 GBP 15.434



Class U1 (GBP) Income GBP 9.874 GBP 10.431 GBP -











482



at 31 December 2018


at 31 December 2017


at 31 December 2016


(continued)

Class I (EUR) EUR 9.861 EUR 10.328 EUR -



Class P2 (GBP) Income GBP 9.691 GBP 9.992 GBP -

Class P2 (USD) USD 9.374 USD 10.231 USD -

Class P2 (USD) Income USD 9.352 USD 10.203 USD -


Class R (GBP) Hedged GBP 11.464 GBP 12.820 GBP 10.653



Class U2 (EUR) EUR - EUR 10.757 EUR 10.039



Class A (AUD) Hedged AUD 11.203 AUD 11.538 AUD 11.072

Class A (EUR) EUR - EUR 9.652 EUR 10.538





Class A (USD) Income (F) USD 10.049 USD - USD -

Class A (ZAR) Hedged Income (F) ZAR 9.008 ZAR 9.871 ZAR -





Class C2 (AUD) Hedged Income (F) AUD 8.999 AUD 9.804 AUD -

Class C2 (USD) Income (F) USD 9.131 USD 9.901 USD 10.090

Class C2 (ZAR) Hedged Income (F) ZAR 8.980 ZAR 9.791 ZAR -





Class A (GBP) Hedged GBP 11.315 GBP 12.567 GBP 11.525

Class A (SEK) Hedged SEK 12.354 SEK 13.895 SEK 12.859

Class A (SGD) Hedged Income SGD 7.274 SGD 8.545 SGD 8.332



Class A (USD) Income (F) USD 8.956 USD - USD -

Class A (ZAR) Hedged Income (F) ZAR 8.901 ZAR - ZAR -







483



at 31 December 2018


at 31 December 2017


at 31 December 2016


(continued)

Class C2 (USD) Income (F) USD 8.893 USD - USD -

Class C2 (ZAR) Hedged Income (F) ZAR 8.793 ZAR - ZAR -


Class S (GBP) Income GBP 9.661 GBP 10.563 GBP 11.198






Class A (GBP) Income GBP - GBP 16.480 GBP 14.518


Class A (USD) Hedged USD 9.180 USD 10.753 USD 9.444


Class C2 (USD) Hedged USD 9.523 USD 11.338 USD 10.050




Class U2 (GBP) Income GBP - GBP 12.566 GBP 10.971

Merian Investment Grade Corporate

Bond Fund

Class A (GBP) Hedged Income GBP 8.984 GBP 9.668 GBP 9.581

Class A (SEK) Hedged SEK 12.723 SEK 13.416 SEK 12.928




Class I (USD) USD 9.801 USD - USD 10.693

Class S (GBP) Hedged Income GBP 9.647 GBP 10.371 GBP 10.231

Class U1 (GBP) Hedged Income GBP 8.981 GBP 9.613 GBP 9.500

Class U2 (GBP) Hedged GBP 10.860 GBP 11.250 GBP 10.769













Class W (GBP) GBP - GBP - GBP -



484



at 31 December 2018


at 31 December 2017


at 31 December 2016
















Merian Local Currency Emerging Market

Debt Fund

Class A (AUD) Hedged Income (F) AUD 8.242 AUD 10.062 AUD -





Class A (USD) Income (F) USD 8.418 USD 10.128 USD -

Class A (ZAR) Hedged Income (F) ZAR 8.134 ZAR 9.972 ZAR -

Class B (AUD) Hedged Income (F) AUD 8.141 AUD - AUD -


Class B (ZAR) Hedged Income (F) ZAR 8.065 ZAR - ZAR -



Class C2 (AUD) Hedged Income (F) AUD 8.146 AUD 9.983 AUD -


Class C2 (ZAR) Hedged Income (F) ZAR 8.036 ZAR 9.950 ZAR -








Class A (EUR) Hedged EUR 8.984 EUR 10.382 EUR -








485



at 31 December 2018


at 31 December 2017


at 31 December 2016


Class F (GBP) GBP 11.639 GBP 13.129 GBP 11.514



Class I (USD) Hedged USD 11.575 USD 12.892 USD 11.249



Class U1 (EUR) EUR 10.029 EUR 11.460 EUR 10.451



Class U1 (USD) USD 8.932 USD 10.675 USD 8.534

Class U2 (EUR) EUR - EUR 11.974 EUR 10.917










Class I (EUR) Hedged EUR 3.965 EUR 4.984 EUR 3.797



Class A (CHF) Hedged CHF 10.336 CHF 10.856 CHF 10.223



Class A (RMB) Hedged RMB 13.881 RMB 13.957 RMB 11.575

Class A (SGD) Hedged SGD 11.612 SGD 11.934 SGD 11.216


Class A2 (CHF) Hedged CHF 9.913 CHF 10.448 CHF 9.952


Class I (CHF) Hedged CHF 10.371 CHF 10.829 CHF 10.273


Class I (SEK) Hedged SEK 11.371 SEK 11.807 SEK 11.166





Class W (GBP) Hedged GBP - GBP - GBP -


Class A (EUR) Hedged EUR 9.530 EUR - EUR 0.960

Class A (GBP) Hedged GBP 9.788 GBP - GBP 1.025

Class A (USD) USD 9.867 USD - USD -

Class F1 (USD)

[Class I (USD)] USD 1.058 USD 1.071 USD 1.033



486



at 31 December 2018


at 31 December 2017


at 31 December 2016

Merian Strategic Absolute Return Bond

Fund^^^ (continued) Class F2 (GBP) Hedged

[Class R (GBP) Hedged] GBP 1.021 GBP 1.054 GBP 1.025

Class F2 (GBP) Hedged Income

[Class R (GBP) Hedged Income] GBP 0.914 GBP 0.957 GBP 0.943

Class I (EUR) Hedged EUR 9.747 EUR - EUR 0.994

Class I (USD) USD 9.795 USD - USD -

Class R (GBP) Hedged GBP 9.675 GBP - GBP -

Class U1 (GBP) Hedged GBP 9.664 GBP - GBP -


Class U3 (EUR) Hedged EUR 9.749 EUR - EUR -


Class U3 (USD) USD 9.892 USD - USD -



Class R (GBP) GBP - GBP 10.823 GBP 9.791


Class U3 (USD) Hybrid USD - USD 9.403 USD 7.691


Class A (EUR) Hedged EUR - EUR 11.172 EUR 10.719


Class A (USD) USD - USD 11.300 USD 10.571

Class A (USD) Income USD - USD 9.350 USD 9.303

Class C (USD) USD - USD 10.570 USD 10.079

Class C (USD) Income USD - USD 8.818 USD 8.926

Class I (USD) USD - USD 11.189 USD 10.370


Class U2 (GBP) Income GBP - GBP 10.852 GBP 11.775

Class X (GBP) Hedged GBP - GBP 11.604 GBP 10.848

Class X (GBP) Hedged Income GBP - GBP 9.488 GBP 9.450





Class A (USD) Hedged USD 7.758 USD 10.181 USD -

Class C (USD) Hedged USD 7.786 USD 10.374 USD -


Class I (USD) USD 7.306 USD 10.230 USD -

Class I (USD) Hedged USD 7.804 USD 10.169 USD -




Class U1 (EUR) Income EUR 9.310 EUR 12.710 EUR 11.302





487



at 31 December 2018


at 31 December 2017


at 31 December 2016

Merian Europe (ex UK) Smaller Companies Fund (continued)








Class A (USD) USD 8.808 USD - USD -



Class I (EUR) Income EUR 8.869 EUR - EUR -

Class I (USD) Income USD 9.918 USD 11.745 USD -
















Class U3 (GBP) GBP 10.908 GBP - GBP -













Class N (GBP) Hedged GBP 9.280 GBP 10.456 GBP -

Class N (SGD) Hedged SGD 9.414 SGD 10.497 SGD -




488



at 31 December 2018


at 31 December 2017


at 31 December 2016







Class N (GBP) Hedged GBP 9.191 GBP 10.704 GBP -

Class N (SGD) Hedged SGD 9.338 SGD 10.755 SGD -












Class F (EUR) Hedged EUR 11.481 EUR 12.506 EUR 10.868

Class F (GBP) GBP 11.811 GBP 12.690 GBP 10.928

Class F (USD) Hedged USD 11.931 USD 12.647 USD 10.771


Class I (USD) Hedged USD 11.640 USD 12.371 USD 10.592


Class X (GBP) GBP 12.788 GBP 13.644 GBP 11.247


Class F (GBP) Hedged GBP 9.471 GBP 10.332 GBP 10.101

Class F (USD) USD 9.779 USD 10.472 USD 10.112

Class F2 (GBP) Hedged GBP 9.475 GBP 10.315 GBP 10.098

Class F2 (USD) USD 9.763 USD 10.419 USD 10.106


Class X (GBP) Hedged GBP 9.547 GBP 10.350 GBP 10.110


Class A (USD) USD 9.836 USD 10.451 USD -

Class A (USD) Income USD 8.973 USD 10.062 USD -

Class C (USD) USD 9.619 USD 10.379 USD -

Class F (GBP) Hedged Income GBP 9.064 GBP 10.257 GBP -

Class F (USD) Income USD 9.276 USD 10.300 USD -

Class I (USD) USD 9.682 USD - USD -

Class I (USD) Income USD 9.252 USD 10.310 USD -

Class R (GBP) Hedged GBP 9.693 GBP 10.413 GBP -



489

Investments in Investment Funds

Jurisdiction Management Performance Subscription Redemption

Underlying Sub-Funds of Sub-Funds Manager fee % fee % fee % fee %


Fund (UCITS) Luxembourg

Northern Trust Luxembourg

Management Co SA 0.65% - 5.00% -

Aubrey Capital Management Access - Aubrey Glbl

Emerging Mkts Opportunities Fund (UCITS) Luxembourg Andrew Dalrymple 0.60% N/A N/A -


Income Growth Fund (AIF)

United

Kingdom Matthew Brett 0.60% N/A 1.00% -

Bitcoin Tracker One - SEK (AIF) Sweden XBT Provider AB 2.50% N/A N/A N/A

BlackRock Global Funds - Natural Resources Growth &

Income Fund (UCITS) Luxembourg Alastair T Bishop 1.50% N/A 5.00% -

BlackRock Strategic Funds - Latin American

Opportunities Fund (UCITS) Luxembourg Ed Kuczma 2.00% 20.00% 5.00% -

BNY Mellon U.S. Equity Income Fund (UCITS) Ireland John C Bailer 0.45% N/A 5.00% -

Boussard & Gavaudan Holding Ltd (AIF) Guernsey

Boussard & Gavaudan

Investment Management

LLP - - - -

Charter Hall Group (AIF) Australia Charter Hall Group N/A N/A N/A N/A

CZ Absolute Alpha UCITS Fund (UCITS) Ireland FundLogic SAS/France - - - -

Duet Emerging Europe Fund (UCITS) Ireland Michel Danechi 0.06% - N/A N/A


(UCITS) Ireland

Goldman Sachs Asset

Management Global

Services Ltd 0.20% - - -

Goldman Sachs - SICAV I - GS Emerging Markets Debt

Ptf (UCITS) Luxembourg Ricardo H Penfold 0.75% - - -

HarbourVest Global Private Equity Ltd (AIF) Guernsey Richard Hickman N/A N/A N/A N/A

Hermes Asia Ex-Japan Equity Fund (UCITS) Ireland Jonathan Pines 0.75% N/A 5.25% N/A

Highbridge Multi-Strategy Fund Ltd (AIF) Guernsey

Highbridge Capital

Management LLC - - - -

IPM Systematic Macro UCITS Fund (UCITS) Ireland

Informed Portfolio

Management AB - - - -



490

Investments in Investment Funds (continued)



iShares Continental European Equity Index Fund UK

(UCITS)

United

Kingdom Kieran Doyle 0.20% - - -

iShares Diversified Commodity Swap UCITS ETF (UCITS) Ireland

BlackRock Asset

Management Ireland Ltd 0.19% N/A N/A N/A

iShares Emerging Markets Equity Index Fund UK (UCITS)

United


iShares Japan Equity Index Fund UK (UCITS)

United


iShares North American Equity Index Fund UK (UCITS)

United


iShares UK Equity Index Fund UK (UCITS)

United


iShares USD TIPS UCITS ETF (UCITS) Ireland

BlackRock Asset

Management Ireland Ltd N/A - - -

Janus Henderson Absolute Return Income Fund (UCITS) Ireland Jason England 0.55% N/A 2.00% -

JPMorgan Fund ICVC - US Equity Income Fund (UCITS)

United

Kingdom Clare Hart 0.75% - - -

M&G Optimal Income Fund (UCITS)

United

Kingdom Richard Woolnough 1.25% - 3.00% -

Melchior European Enhanced Absolute Return Fund

(UCITS) Luxembourg Leonard Charlton 2.00% - - -

Melchior European Enhanced Absolute Return Fund

(UCITS) Luxembourg Leonard Charlton 2.00% - - -

Merian Global Investors Series Plc - Merian Asian Equity

Income Fund (UCITS) Ireland Dr Ian Heslop 1.50% - 5.00% -

Merian Global Investors Series Plc - Merian Europe (ex

UK) Smaller Companies Fund (UCITS) Ireland Ian Ormiston 0.60% - - -

Merian Global Investors Series Plc - Merian Financials

Contingent Capital Fund (UCITS) Ireland Lloyd Harris 0.40% - N/A N/A



491




Merian Global Investors Series Plc - Merian Financials

Contingent Capital Fund (UCITS) Ireland Lloyd Harris 0.75% N/A - N/A


Emerging Markets Fund (UCITS) Ireland Nick Payne 0.60% - - -


Equity Income Fund (IRL) (UCITS) Ireland Dr Ian Heslop 0.75% - - -

Merian Global Investors Series Plc - Merian Local

Currency Emerging Market Debt Fund (UCITS) Ireland Delphine Arrighi 0.70% - - -

Merian Global Investors Series Plc - Merian Local

Currency Emerging Market Debt Fund (UCITS) Ireland Delphine Arrighi 1.75% - 5.00% -

Merian Global Investors Series Plc - Old Mutual Monthly

Income High Yield Bond Fund (UCITS) Ireland Deepa Abraham 1.25% - 5.00% -

Merian Global Investors Series Plc - Merian Style Premia

Absolute Return Fund (UCITS) Ireland John Dow - - - -

Merian Global Investors Series Plc - Merian UK Specialist

Equity Fund (UCITS) Ireland Tim Service 1.00% 20.00% - -


Equity Fund (UCITS) Ireland Tim Service 0.75% 20.00% - -


Equity Fund (UCITS) Ireland Tim Service - - - -


Income Fund (UCITS)

United

Kingdom Ed Meier 0.60% - - -

Merrill Lynch Investment Solutions - AQR Global

Relative Value UCITS Fund (UCITS) Luxembourg

CM Investment Solutions

Ltd 1.00% 15.00% - -

Mirabaud - Convertible Bonds Europe (UCITS) Luxembourg Nicolas Cremieux 0.70% 20.00% - -

Mirabaud - Convertible Bonds Europe (UCITS) Luxembourg Nicolas Cremieux N/A 20.00% - -

Montlake UCITS Platform ICAV - Mygale Event Driven

UCITS Fund (UCITS) Ireland

ML Capital Asset

Management Ltd 0.30% 20.00% - N/A

Morgan Stanley Investment Funds - Diversified Alpha

Plus Fund (UCITS) Luxembourg Cyril Moulle-Berteaux 0.80% - 1.00% -



492





(UCITS) Luxembourg Sandro Naef 0.50% - 3.00% -


(UCITS) Luxembourg Sandro Naef 1.00% N/A 3.00% -


(UCITS) Ireland Paul Shanta 0.30% 15.00% - -


(UCITS) Ireland Paul Shanta 0.30% 15.00% - -

Old Mutual Global Investors Series Plc - European Best

Ideas Fund (UCITS) Ireland Lee Freeman-Shor 0.60% - - -


European Best Ideas Fund (UCITS) Ireland Lee Freeman-Shor 1.50% - 5.00% -

P2P Global Investments PLC/Fund (AIF)

United

Kingdom Stuart Cruickshank 1.00% 15.00% N/A N/A

Pareto SICAV - Pareto Nordic Corporate Bond (UCITS) Luxembourg Oyvind Hamre 0.40% N/A 0.50% 0.50%

Pershing Square Holdings Ltd/Fund (AIF) Guernsey William A Ackman "Bill" N/A N/A N/A N/A

PIMCO GIS Dynamic Bond Fund (UCITS) Ireland Marc P Seidner 0.90% - 5.00% -

PIMCO GIS Income Fund (UCITS) Ireland Daniel J Ivascyn 0.55% - N/A -

Polar Capital Funds PLC - Financial Opportunities Fund

(UCITS) Ireland John Yakas 1.00% 10.00% N/A N/A

Polar Capital Funds PLC - Income Opportunities Fund

(UCITS) Ireland Nick Brind 0.75% 10.00% N/A -

Polar Capital Global Financials Trust PLC (AIF)

United

Kingdom Polar Capital LLP 0.85% - N/A N/A

Quadriga Investors - Igneo Fund (UCITS) Luxembourg

Quadriga Asset Managers

Sgiic SA N/A N/A N/A N/A

Quilter Investors Bond 1 Fund (UCITS)

United

Kingdom Quilter Investors Ltd N/A - 5.00% -


United




493





United



United



(UCITS)

United

Kingdom Quilter Investors Ltd N/A - - -

Quilter Investors Equity 1 Fund (UCITS)

United


Quilter Investors Europe ex UK Equity Fund (UCITS)

United

Kingdom Quilter Investors Ltd N/A - - -


(UCITS)

United

Kingdom Quilter Investors Ltd N/A N/A - -

Quilter Investors Global Best Ideas Fund (UCITS)

United

Kingdom Lee Freeman-Shor 1.50% - 5.00% -

Quilter Investors Global Dynamic Equity Fund (UCITS)

United

Kingdom Anthony Gillham 1.50% - 5.00% -

Quilter Investors High Yield Bond Fund (UCITS)

United


Quilter Investors Japanese Equity Fund (UCITS)

United


Quilter Investors US Equity Growth Fund (UCITS)

United

Kingdom Quilter Investors Ltd N/A N/A - -

Riverstone Energy Ltd (AIF) Guernsey

Riverstone International

Ltd N/A N/A N/A N/A

Rogge Short Duration Global Real Estate Bond Fund

(UCITS) Ireland

Allianz Global Investors

GmbH 0.20% N/A - -

Schroder Tokyo Fund (UCITS)

United

Kingdom Andrew W Rose 0.75% - - -

Schroder US Mid Cap Fund (UCITS)

United

Kingdom Jenny B Jones 0.75% - - -

Sequoia Economic Infrastructure Income Fund Ltd (AIF) Guernsey Robert Jennings 0.08% - N/A N/A



494





Fund (UCITS) Ireland Usonian Investments LLC - - - -

Sprott Physical Gold and Silver Trust (AIF) Canada

Sprott Asset Management

LP N/A N/A N/A N/A

Sprott Physical Gold Trust (AIF) Canada


LP 0.35% N/A - -

Sprott Physical Silver Trust (AIF) Canada


LP - N/A - -

SQN Asset Finance Income Fund Ltd (AIF)

United

Kingdom SQN Capital Management - - -

SQN Asset Finance Income Fund Ltd (AIF) Guernsey

SQN Capital Management

LLC 1.00% - N/A N/A

Vanguard FTSE Emerging Markets UCITS ETF (UCITS) Ireland

Vanguard Group Ireland

Ltd 0.25% N/A N/A N/A


Wellington Global Credit Plus Fund (UCITS) Ireland Louis Chabrier 0.30% - - -


Wellington Global Credit Plus Fund (UCITS) Ireland Louis Chabrier 0.30% - - -

Wells Fargo Lux Worldwide Fund - US High Yield Bond

(UCITS) Luxembourg Philip Susser "Phil" 0.65% N/A - -


Yield Bond Fund (UCITS) Luxembourg Thomas M Price 0.50% N/A - -

Xtrackers FTSE Vietnam Swap UCITS ETF (UCITS) Luxembourg DWS Investment SA N/A N/A 3.00% 3.00%



Remuneration Policy

495

The Company

Merian Global Investors Series Plc (the “Company”) is authorised by the Central Bank of Ireland (the "Central Bank")

as a self-managed Undertaking for Collective Investment in Transferable Securities (“UCITS”) pursuant to the

European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 as may

be amended, consolidated or substituted from time to time (the “UCITS Regulations”).

The Company is managed and its affairs supervised by its Board of Directors. For details on each of the Directors

please refer the Prospectus of the Company.

1. The Policy

The Company established a remuneration policy in accordance with the requirements of Directive

(Directive 2009/65/EC), as amended (the “UCITS Directive”) to the extent that is appropriate to its size,

internal organisation and the nature, scope and complexity of its activities.

The European Securities and Markets Association (“ESMA”) published “Guidelines on sound remuneration

policies under the UCITS Directive and AIFMD” (the “ESMA Guidelines”). As at the date of this remuneration

policy, the ESMA Guidelines have been finalised and published, this remuneration policy has been

reviewed and updated as necessary in accordance with the ESMA Guidelines.

This remuneration policy is adopted by the non-executive members of the Board of Directors in their

supervisory function, who have expertise in risk management and remuneration and any revisions to the

remuneration policy require approval of such members.

It is the Company’s policy to maintain remuneration arrangements that (i) are consistent with and promote

sound and effective risk management, (ii) do not encourage risk-taking that is inconsistent with the risk

profile of the Company, (iii) do not impair compliance with the Company’s duty to act in the best interests

of its shareholders and (iv) are consistent with the principles outlined in Appendix 1 to the remuneration

policy. The Company’s remuneration policy is designed to ensure that any relevant conflicts of interest can

be managed appropriately at all times.

The remuneration policy is subjected to central and independent review at least annually to ensure

compliance with and adherence to the policy.

The remuneration policy itself is reviewed on an annual basis by the non-executive members of the Board

in their supervisory function, who have expertise in risk management and remuneration.

2. Persons subject to the Policy

The Company will apply the provisions of this policy for its ‘Identified Staff’ being “those categories of staff,

including senior management, risk takers, control functions and any employee receiving total

remuneration that falls within the remuneration bracket of senior management and risk takers whose

professional activities have a material impact on the risk profiles of the management companies or of the

UCITS that they manage”.

The Company has determined that the following staff members would fall within the definition of “Identified

staff”:

- Members of the Board of Directors

- Designated Persons responsible for the monitoring of certain management functions of the Company.



Remuneration Policy (continued)

496

2. Persons subject to the Policy (continued)

Pursuant to the ESMA Guidelines, the UCITS remuneration principles are not required to be applied to

delegates performing investment management functions when such delegates are subject to regulatory

requirements on remuneration that are "equally as effective" as the UCITS remuneration principles.

It is noted that the ESMA Guidelines provide that entities that are subject to the remuneration rules under

AIFMD or MiFID/CRD IV (Directive 2013/36/EU) can be considered to meet this condition.

Based on prior guidance issued by the Central Bank on the corresponding and identical requirement in the

context of the AIFMD remuneration principles and in the absence of further specific guidance or legal

clarification from the European Commission, ESMA or the Central Bank in the context of the UCITS

remuneration requirements, the Fund considers that the following categories of delegate entities also meet

this condition:

(i) CRD/MiFID firms (including firms still subject to CRD III and which have availed of the CRD IV

exemptions); and

(ii) non-EU firms which are subject to group remuneration policies that are equally as effective as MiFID or

CRD.

This approach will be reviewed and reassessed, as necessary for subsequent financial periods following the

issuance of any further regulatory guidance or legal clarification that conflicts with this current position.

3. Remuneration of Identified Staff

With the exception of those Company Directors who are employed by Merian Global Investors (UK)

Limited (the Investment Manager, Distributor and Promoter), the Company’s Directors will accept a fee in

accordance with the Company’s Articles of Association and as outlined in the ‘Directors’ Fees’ section of

the Prospectus. This is a fixed fee with no variable component. Any remaining Director, who is employed

by the Investment Manager, will waive this fee.

The Directors of the Company receive a fixed fee only and do not receive performance-based

remuneration, thereby avoiding a potential conflict of interest. The basic fee of a Board member is set at

a level that is on par with the rest of the market and reflects the qualifications and contribution required in

view of the Company’s complexity, the extent of the responsibilities and the number of board meetings.

No pension contributions are payable on Board members’ fees.

Duff & Phelps Financial Services (Ireland) Limited receives an annual fixed fee for providing the relevant

‘Designated Persons’ services. Their fee is set at a level that is considered on par with the rest of the market

for such services, and does not include any variable or performance related element.

4. Proportionality Principle

As noted above, the Company must comply with the UCITS Directive remuneration principles in a way

and to the extent that is appropriate to its size, its internal organisation and the nature scope and

complexity of its activities. Accordingly, some UCITS can determine to meet the remuneration

requirements through very sophisticated policies whereas others can do so in a simple and less

burdensome way.

The Company does not pay any variable remuneration to any of its Identified Staff. Accordingly, the

principles in respect of variable remuneration as outlined in the UCITS Directive are not applicable.



Remuneration Policy (continued)

497

4. Proportionality Principle (continued)

With respect to the remuneration committee, the Board has determined the remuneration committee

requirement does not apply taking into account the below factors:

(a) all of the above proportionality criteria (i.e. the Company’s size, internal organisation nature, the scope

and complexity of its activities); and

(b) Article 14b(4) of UCITS V outlines a remuneration committee will be, where appropriate, set up in

accordance with the ESMA Guidelines (which are still to be finalised).

5. Disclosure

The general principles of the Company’s remuneration policy and the specific provisions for Identified Staff

are disclosed internally and documented in the remuneration policy.

Total remuneration during the financial year ended 31 December 2018

Fixed remuneration USD 271,884

Number of beneficiaries 4



Securities Financing Transactions Regulations

498

The following disclosure follows the requirements of EU Securities Financing Transactions Regulation (“SFTR”) which

came into effect on 12 January 2016.

A Securities Financing Transaction (“SFT”) is defined as per Article 3(11) of the SFTR as:

a repurchase transaction;

securities or commodities lending and securities or commodities borrowing;

a buy-sell back transaction or sell-buy back transaction; or

a margin lending transaction.

There were no securities and commodities on loan as a proportion of total lendable assets (excluding cash and

cash equivalents) as at 31 December 2018.

GLOBAL DATA:


Type of Asset Absolute Amount (USD) Proportion of AUM* (USD)

Total Return Swaps 249,021,686 301.72%

CONCENTRATION DATA:

The top ten counterparties across all SFTs and total return swaps are as follows :

Merian Style Premia Absolute Return Fund Counterparty

Gross volume of

outstanding trades**

(USD)

TRS Goldman Sachs

61,051,282

TRS Morgan Stanley

187,970,404

* Net Asset Value of the relevant Sub-Funds is considered to be the most appropriate representation of Assets

under Management (“AUM”) for the purposes of this disclosure.

** Volume is considered to be the monetary value of relevant transactions.

AGGREGATE TRANSACTION DATA:

Merian Style

Premia Absolute

Return Fund

Type of

collateral Quality Currency

Maturity tenor

(collateral)

Maturity tenor

(STFs/Total

Return Swaps)

Country of

counterparty

establishment

Settlement

and

clearing

TRS

Goldman Sachs Cash N/A-Cash USD N/A-Cash > 1 year US Bilateral

Morgan Stanley Cash N/A-Cash USD N/A-Cash > 1 year US Bilateral

COLLATERAL REUSE:

Collateral is only used for the purpose of hypothecating back into other collateral, as such returns on reinvested

collateral were nil during the financial year ended 31 December 2018.



Securities Financing Transactions Regulations (continued)

499

SAFEKEEPING:

Collateral cash received is held with Citi Depositary Services Ireland DAC under the same safe-custody

arrangements as all other cash within the Sub-Fund.

Detailed in the table below are the number and names of the depositaries who are responsible for the safe-

keeping of the collateral received in relation to each of the TRS’s held on Merian Style Premia Absolute Return

Fund.

Total Value of Collateral pledged

Counterparty Goldman Sachs Morgan Stanley

% held in segregated accounts 0.00% 0.00%

% held in pooled accounts 100.00% 100.00%

% held in other accounts 0.00% 0.00%

Total 100.00% 100.00%

RETURN/COSTS:

All returns generated by the TRS belong solely to the Sub-Funds themselves. Transaction costs on the purchase

and sales of TRS are included in the purchase and sale price of the investment and are not separately

identifiable.

(Losses)

(USD)

% overall

returns

Total Return Swaps:

Merian Style Premia Absolute Return Fund (4,511,413) 100%

RE-INVESTMENT OF COLLATERAL RECEIVED:

Stock Collateral re-invested 0%

Permitted re-investment of Stock Collateral 100%

Returns on Cash Collateral re-invested n/a

OLD MUTUAL GLOBAL INVESTORS SERIES PLC

An investment company with variable capital incorporated with limited liability in Ireland, establishedas an umbrella fund with segregated liability between Sub-Funds and authorised pursuant to the

European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations,2011, as amended, and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1))

(Undertakings for Collective Investment in Transferable Securities) Regulations 2015

(Registered Number 271517)

Interim Report and Unaudited Financial Statementsfor the financial period ended 30 June 2018

Old Mutual Global Investors Series PlcInterim Report and Unaudited Financial Statements for the financial period ended 30 June 2018

CONTENTS PAGE

Directory 4 - 8

General Information 9 - 12

Investment Advisers’ Reports:Old Mutual China Equity Fund 13Old Mutual Global Strategic Bond Fund (IRL) 14Old Mutual World Equity Fund 15Old Mutual Pacific Equity Fund 16Old Mutual European Equity Fund 17Old Mutual Japanese Equity Fund^ 18Old Mutual US Equity Income Fund 19Old Mutual North American Equity Fund 20Old Mutual Total Return USD Bond Fund 21Old Mutual Emerging Market Debt Fund 22Old Mutual European Best Ideas Fund 23Old Mutual Investment Grade Corporate Bond Fund 24Old Mutual Global Emerging Markets Fund 25Old Mutual Asian Equity Income Fund 26Old Mutual Local Currency Emerging Market Debt Fund 27Old Mutual UK Alpha Fund (IRL) 28Old Mutual UK Smaller Companies Focus Fund 29Old Mutual UK Dynamic Equity Fund 30Old Mutual Global Equity Absolute Return Fund 31Old Mutual Strategic Absolute Return Bond Fund^^^ 32Old Mutual Pan African Fund^^ 33Old Mutual Monthly Income High Yield Bond Fund 34Old Mutual Europe (ex UK) Smaller Companies Fund 35Old Mutual Global Equity Income Fund (IRL) 36Old Mutual Gold & Silver Fund 37Old Mutual Compass Portfolio 2 38Old Mutual Compass Portfolio 3 39Old Mutual Compass Portfolio 4 40Old Mutual Compass Portfolio 5 41Old Mutual UK Specialist Equity Fund 42Old Mutual Style Premia Absolute Return Fund 43Old Mutual Financials Contingent Capital Fund 44

Portfolio of Investments:Old Mutual China Equity Fund 45 - 46Old Mutual Global Strategic Bond Fund (IRL) 47 - 50Old Mutual World Equity Fund 51 - 62Old Mutual Pacific Equity Fund 63 - 69Old Mutual European Equity Fund 70 - 71Old Mutual US Equity Income Fund 72 - 75Old Mutual North American Equity Fund 76 - 82Old Mutual Total Return USD Bond Fund 83 - 89Old Mutual Emerging Market Debt Fund 90 - 93Old Mutual European Best Ideas Fund 94 - 95Old Mutual Investment Grade Corporate Bond Fund 96 - 99Old Mutual Global Emerging Markets Fund 100 - 101Old Mutual Asian Equity Income Fund 102 - 108Old Mutual Local Currency Emerging Market Debt Fund 109 - 114Old Mutual UK Alpha Fund (IRL) 115 - 117Old Mutual UK Smaller Companies Focus Fund 118 - 121Old Mutual UK Dynamic Equity Fund 122 - 125Old Mutual Global Equity Absolute Return Fund 126 - 144Old Mutual Strategic Absolute Return Bond Fund^^^ 145 - 148Old Mutual Monthly Income High Yield Bond Fund 149 - 153Old Mutual Europe (ex UK) Smaller Companies Fund 154 - 156Old Mutual Global Equity Income Fund (IRL) 157 - 166



Portfolio of Investments (continued):Old Mutual Gold & Silver Fund 167 - 168Old Mutual Compass Portfolio 2 169 - 174Old Mutual Compass Portfolio 3 175 - 180Old Mutual Compass Portfolio 4 181 - 186Old Mutual Compass Portfolio 5 187 - 190Old Mutual UK Specialist Equity Fund 191 - 195Old Mutual Style Premia Absolute Return Fund 196 - 205Old Mutual Financials Contingent Capital Fund 206 - 207

Financial Statements:Statement of Operations 208 - 215Statement of Financial Position 216 - 223Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 224 - 227Notes to the Financial Statements 228 - 327

Significant Purchases and SalesOld Mutual China Equity Fund 328 - 329Old Mutual Global Strategic Bond Fund (IRL) 330 - 331Old Mutual World Equity Fund 332 - 333Old Mutual Pacific Equity Fund 334 - 335Old Mutual European Equity Fund 336 - 337Old Mutual Japanese Equity Fund^ 338Old Mutual US Equity Income Fund 339 - 340Old Mutual North American Equity Fund 341 - 342Old Mutual Total Return USD Bond Fund 343 - 344Old Mutual Emerging Market Debt Fund 345 - 346Old Mutual European Best Ideas Fund 347 - 348Old Mutual Investment Grade Corporate Bond Fund 349 - 350Old Mutual Global Emerging Markets Fund 351 - 352Old Mutual Asian Equity Income Fund 353 - 354Old Mutual Local Currency Emerging Market Debt Fund 355 - 356Old Mutual UK Alpha Fund (IRL) 357 - 358Old Mutual UK Smaller Companies Focus Fund 359 - 360Old Mutual UK Dynamic Equity Fund 361 - 362Old Mutual Global Equity Absolute Return Fund 363 - 364Old Mutual Strategic Absolute Return Bond Fund^^^ 365 – 366Old Mutual Pan African Fund^^ 367Old Mutual Monthly Income High Yield Bond Fund 368 – 369Old Mutual Europe (ex UK) Smaller Companies Fund 370 – 371Old Mutual Global Equity Income Fund (IRL) 372 – 373Old Mutual Gold & Silver Fund 374 – 375Old Mutual Compass Portfolio 2 376 – 377Old Mutual Compass Portfolio 3 378 – 379Old Mutual Compass Portfolio 4 380 – 381Old Mutual Compass Portfolio 5 382 – 383Old Mutual UK Specialist Equity Fund 384 – 385Old Mutual Style Premia Absolute Return Fund 386 – 387Old Mutual Financials Contingent Capital Fund 388 – 389

Total Expense Ratios 390 – 396

Fund Performance 397 – 398

Significant Events During The Financial Period 399 - 400

Supplementary Information 401 - 408


DIRECTORY

4

Board of Directors Bronwyn Wright (Irish)*Tom Murray (Irish)*Adrian Waters (Irish)*Jessica Brescia (British)Paul Simpson (British) (resigned 29 June 2018)

Investment Manager, Distributor and Promoter Old Mutual Global Investors (UK) Limited2 Lambeth HillLondon EC4P 4WRUnited Kingdom

Investment Adviser to the Investment Manager (from 18 May 2018 for the Old Mutual Pacific Equityfor the Old Mutual Global Strategic Bond Fund (IRL) Fund and the Old Mutual Asian Equity Income Fund)for the Old Mutual World Equity Fund (until 14 June 2018 for the Old Mutual European Bestfor the Old Mutual Pacific Equity Fund Ideas Fund, the Old Mutual Compass Portfolio 2, the Oldfor the Old Mutual European Equity Fund Mutual Compass Portfolio 3, the Old Mutual Compassfor the Old Mutual US Equity Income Fund Portfolio 4 and the Old Mutual Compass Portfolio 5)for the Old Mutual North American Equity Fund Old Mutual Global Investors (UK) Limitedfor the Old Mutual Emerging Market Debt Fund 2 Lambeth Hillfor the Old Mutual European Best Ideas Fund London EC4P 4WRfor the Old Mutual Investment Grade Corporate Bond Fund United Kingdomfor the Old Mutual Asian Equity Income Fundfor the Old Mutual Global Emerging Markets Fundfor the Old Mutual Local Currency Emerging Market Debt Fundfor the Old Mutual UK Alpha Fund (IRL)for the Old Mutual UK Smaller Companies Focus Fundfor the Old Mutual UK Dynamic Equity Fundfor the Old Mutual Global Equity Absolute Return Fundfor the Old Mutual Strategic Absolute Return Bond Fund^^^for the Old Mutual Monthly Income High Yield Bond Fundfor the Old Mutual Europe (ex UK) Smaller Companies Fundfor the Old Mutual Global Equity Income Fund (IRL)for the Old Mutual Gold & Silver Fund





for the Old Mutual UK Specialist Equity Fundfor the Old Mutual Style Premia Absolute Return Fundand for the Old Mutual Financials Contingent Capital Fund

Investment Adviser to the Investment Manager (until 22 March 2018 for the Old Mutual China Equityfor the Old Mutual China Equity Fund Fund)for the Old Mutual Pacific Equity Fund (until 17 May 2018 for the Old Mutual Pacific Equityfor the Old Mutual Japanese Equity Fund^ Fund and the Old Mutual Asian Equity Income Fund)and for the Old Mutual Asian Equity Income Fund Old Mutual Global Investors (Asia Pacific) Limited

Unit 2, 5/F Two Chinachem Central26 Des Voeux Road CentralHong Kong

Investment Adviser to the Investment Manager (from 23 March 2018)for the Old Mutual China Equity Fund Ping An of China Asset Management (Hong Kong) Company

Limited, Suite 2301, Two International Finance Centre8 Finance St, CentralHong Kong

*Independent, Non-Executive Directors^ Old Mutual Japanese Equity Fund closed on 26 January 2018.^^ Old Mutual Pan African Fund closed on 28 February 2018.^^^ Old Mutual Absolute Return Government Bond Fund, a sub-fund of Old Mutual Global Investors Series II ICAV was merged into the Old Mutual Strategic AbsoluteReturn Bond Fund on 27 July 2018 as detailed in Note 12.

The above footnotes are consistently applied throughout the document.



5

Investment Adviser to the Investment Manager Janus Capital International Limitedfor the Old Mutual Total Return USD Bond Fund 26th Floor, Citypoint

1 Ropemaker StreetLondon EC2Y 9HTUnited Kingdom

Sub-Investment AdviserJanus Capital Management LLC151 Detroit StreetDenverColorado 80206United States of America

Investment Advisers to the Investment Manager Liontrust Investment Partners LLPfor the Old Mutual European Best Ideas Fund 2 Savoy Court

London WC2R 0EZUnited Kingdom

Odey Asset Management LLP12 Upper Grosvenor SquareLondon W1K 2NDUnited Kingdom

(from 15 June 2018)Quilter Investors Limited (formerly Old Mutual InvestmentManagement Limited)Millennium Bridge House, 2 Lambeth HillLondon, EC4V 4AJ

Wellington Management International LtdCardinal Place,80 Victoria StreetLondon SW1E 5JLUnited Kingdom

Investment Adviser to the Investment Manager Old Mutual Investment Group (Pty) Limitedfor the Old Mutual Pan African Fund^^ Mutualpark, Jan Smuts Drive

Pinelands, Cape Town7705, South Africa

Investment Adviser to the Investment Manager (from 15 June 2018)for the Old Mutual Compass Portfolio 2 Quilter Investors Limited (formerly Old Mutual Investmentfor the Old Mutual Compass Portfolio 3 Management Limited)for the Old Mutual Compass Portfolio 4 Millennium Bridge House, 2 Lambeth Hillfor the Old Mutual Compass Portfolio 5 London, EC4V 4AJ

Administrator, Registrar and Transfer Agent Citibank Europe plc1 North Wall QuayDublin 1D01 T8Y1Ireland

Company Secretary Tudor Trust Limited33 Sir John Rogerson’s QuayDublin 2D02 XK09Ireland



6

Registered Office 33 Sir John Rogerson’s QuayDublin 2D02 XK09Ireland

Auditors KPMG1 Harbourmaster PlaceInternational Financial Services CentreDublin 1D01 F6F5Ireland

Legal Advisers Dillon Eustace33 Sir John Rogerson’s QuayDublin 2D02 XK09Ireland

Hong Kong Representative Old Mutual Global Investors (Asia Pacific) Limited24th FloorHenley Building5 Queen’s RoadHong Kong

Paying Agent in Luxembourg BNP Paribas Securities ServicesLuxembourg Branch60 Avenue John F. Kennedy1855 LuxembourgGrand Duchy of Luxembourg

Paying Agent in Switzerland BNP Paribas Securities Services, ParisSuccursale de Zurich, Selnaustrasse 168001 ZurichSwitzerland

Representative in Switzerland First Independent Fund Services LimitedKlausstrasse 338008 ZurichSwitzerland

Facilities Agent in the United Kingdom Old Mutual Global Investors (UK) LimitedMillennium Bridge House, 2 Lambeth HillLondon EC4P 4WRUnited Kingdom

French Centralising and Financial Agent BNP Paribas Securities Services3 Rue d’Antin75002, ParisFrance

Paying Agent in Austria Erste Bank der Oesterreichischen Sparkassen AG, FranceGraben 211010 WienAustria



7

Paying Agents in Chile Cruz del Sur, Corredora de Bolsa S.A.Augusto Leguía 70Piso 5Las CondesSantiago,Chile

Larraín Vial S.A., Corredora de BolsaAvenida El Bosque Norte N0 0177, piso 3Las CondesSantiago,Chile

Paying Agents in Italy Allfunds Bank, S.A.Via Santa Margherita720121 MilanItaly

BNP Paribas Securities ServicesAnsperto 520123 MilanoItaly

SGSS. S.p.A, MilanVia Benigno Crespi n19AMAC2,lItaly

Paying Agent in Sweden Skandinaviska Enskilda Banken AB (publ)Kungsträdgårdsgatan 8SE-106 40StockholmSweden

German Information Agent Skandia Portfolio Management GmbHKaiserin-Augusta-Allee 10810553 BerlinGermany

Belgian Financial Agent Caceis Belgium SAB – 1000 Brussels, Avenue du Port 86 C b320Belgium

Copies of the Memorandum and Articles of Association, the Prospectus, the Key Investor Information documents, the annual and semi-annual reports of the Company are available free of charge at the office of the representative or agent of each jurisdiction.

Additionally, a list of the purchases and sales of each Sub-Fund made during the financial period of this report may be obtained free ofcharge from the Representative in Switzerland.



8

The following Sub-Funds are not authorised in Hong Kong and not available to Hong Kong residents:

Old Mutual China Equity FundOld Mutual US Equity Income FundOld Mutual European Best Ideas FundOld Mutual Investment Grade Corporate Bond FundOld Mutual Global Emerging Markets FundOld Mutual Local Currency Emerging Market Debt FundOld Mutual UK Smaller Companies Focus FundOld Mutual UK Dynamic Equity FundOld Mutual Global Equity Absolute Return FundOld Mutual Strategic Absolute Return Bond Fund^^^Old Mutual Compass Portfolio 2Old Mutual Compass Portfolio 3Old Mutual Compass Portfolio 4Old Mutual Compass Portfolio 5Old Mutual UK Specialist Equity FundOld Mutual Style Premia Absolute Return FundOld Mutual Financials Contingent Capital Fund

The following Sub-Funds are not authorised in Sweden and not available to Swedish residents:

Old Mutual Europe (ex UK) Smaller Companies FundOld Mutual Compass Portfolio 2Old Mutual Compass Portfolio 3Old Mutual Compass Portfolio 4Old Mutual Compass Portfolio 5

.


GENERAL INFORMATION

9

StructureOld Mutual Global Investors Series Plc (the “Company”) is an umbrella fund with segregated liability between Sub-Funds establishedas a self-managed open-ended investment company with variable capital, incorporated on 2 September 1997, organised under the lawsof Ireland as a public limited company pursuant to the Companies Act 2014, the Central Bank (Supervision and Enforcement) Act 2013(Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 and the European Communities(Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, as amended (the “Regulations”) and has beenauthorised by the Central Bank of Ireland as a UCITS within the meaning of the Regulations.

The share capital of the Company shall at all times equal the Net Asset Value. The initial capital of the Company was EUR 38,082represented by 30,000 Subscriber Shares of no par value. For the period of five financial years from the date of incorporation, theDirectors are empowered to issue up to five hundred billion Shares of no par value in the Company at the Net Asset Value per Share onsuch terms as they may think fit. The subscriber Shares do not entitle the holders to participate in the assets of any Sub-Fund.

Investment Objectives of the Sub-Funds

Old Mutual China Equity FundThe objective of the Old Mutual China Equity Fund is to seek to achieve long-term capital appreciation by investing in a well-diversifiedportfolio of equity securities issued by companies with either the predominant part of their assets in, or the predominant part of theirrevenues derived from, the People’s Republic of China, Hong Kong and/or Taiwan that are listed, traded or dealt in on RegulatedMarkets in the People’s Republic of China, Hong Kong, Taiwan, the United States of America (“US”), Singapore, Korea, Thailand andMalaysia or in a member state of the Organisation for Economic Co-Operation and Development (“OECD”).

Old Mutual Global Strategic Bond Fund (IRL)The objective of the Old Mutual Global Strategic Bond Fund (IRL) is to seek to achieve total return through worldwide investmentprimarily in a diversified portfolio of fixed and variable rate debt securities.

Old Mutual World Equity FundThe objective of the Old Mutual World Equity Fund is to seek to achieve asset growth through investment in a well-diversified portfolioof securities of issuers worldwide. It is not proposed to concentrate investments in any one geographical region, industry or sector.

Old Mutual Pacific Equity FundThe objective of the Old Mutual Pacific Equity Fund is to seek to achieve asset growth through investment in a well-diversified portfolioof securities of Pacific region issuers or of issuers established outside the Pacific region which have a predominant proportion of theirassets or business operations in the Pacific region. It is not proposed to concentrate investments in any one industry or sector.

Old Mutual European Equity FundThe objective of the Old Mutual European Equity Fund is to seek to achieve asset growth through investment in a well-diversifiedportfolio of securities of European issuers, of issuers established outside Europe which have a predominant proportion of their assets orbusiness operations in Europe, or of securities listed or having a listing on a European exchange. It is not proposed to concentrateinvestments in any one industry or sector.

Old Mutual Japanese Equity Fund^The objective of the Old Mutual Japanese Equity Fund^ is to seek to achieve asset growth through investment in a well-diversifiedportfolio of securities of Japanese issuers or of issuers established outside Japan which have a predominant proportion of their assets orbusiness operations in Japan. It is not proposed to concentrate investments in any one industry or sector.

Old Mutual US Equity Income FundThe objective of the Old Mutual US Equity Income Fund is to seek to achieve asset growth through investment in a diversified portfolioof equity and equity-related securities.

Old Mutual North American Equity FundThe objective of the Old Mutual North American Equity Fund is to seek to achieve long term capital growth through the activemanagement of a diversified portfolio invested primarily in North American stock markets. It is not proposed to concentrate investmentsin any one industry or sector.



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Old Mutual Total Return USD Bond FundThe objective of the Old Mutual Total Return USD Bond Fund is to seek to maximise total return consistent with preservation of capitaland prudent investment management.

Old Mutual Emerging Market Debt FundThe objective of the Old Mutual Emerging Market Debt Fund is to seek to achieve asset growth through investment in a well-diversifiedportfolio of fixed and variable rate debt securities issued in Emerging Markets.

Old Mutual European Best Ideas FundThe objective of the Old Mutual European Best Ideas Fund is to seek to achieve asset growth through investment in a well-diversifiedportfolio of equities or equity-related securities of European issuers or of issuers established outside Europe which have a predominantproportion of their assets and/or business operations in Europe.

Old Mutual Investment Grade Corporate Bond FundThe objective of the Old Mutual Investment Grade Corporate Bond Fund is to seek to achieve income and capital growth predominantlythrough investment in a well-diversified portfolio of credit securities rated Investment Grade.

Old Mutual Global Emerging Markets FundThe objective of the Old Mutual Global Emerging Markets Fund is to seek to achieve asset growth through investment in a well-diversified portfolio of equity securities of issuers in the Emerging Markets or of issuers established outside of the Emerging Markets,which have a predominant proportion of their assets or business operations in the Emerging Markets and which are listed, traded ordealt in on a Regulated Market worldwide. It is not proposed to concentrate investments in any one industry or sector.

Old Mutual Asian Equity Income FundThe objective of the Old Mutual Asian Equity Income Fund is to seek to achieve a total return through a combination of income andcapital growth.

Old Mutual Local Currency Emerging Market Debt FundThe objective of the Old Mutual Local Currency Emerging Market Debt Fund is to seek to achieve total return through investment in awell-diversified portfolio of fixed and variable rate debt securities issued in the Emerging Markets worldwide and which are primarilydenominated in the local currency of the issuer.

Old Mutual UK Alpha Fund (IRL)The objective of the Old Mutual UK Alpha Fund (IRL) is to seek to achieve capital appreciation. The Old Mutual UK Alpha Fund (IRL)seeks to achieve its objective through investment in a well-diversified portfolio of equities of predominantly United Kingdom (“UK”)issuers or of issuers established outside the UK which have a predominant proportion of their assets and/or business operations in theUK or securities listed on a UK exchange.

Old Mutual UK Smaller Companies Focus FundThe Sub-Fund’s investment objective aims to provide capital growth from investing primarily in an equity portfolio of UK smallercompanies. Smaller companies are defined for this purpose as those companies which are quoted on a Regulated Market and whichhave a market capitalisation no greater than the largest company in the Numis Smaller Companies Index at the time of initial investment.The Numis Smaller Companies Index is designed to monitor the performance of the smaller companies sector.

Old Mutual UK Dynamic Equity FundThe investment objective of the Old Mutual UK Dynamic Equity Fund is to achieve capital appreciation by taking long and shortpositions principally in UK equities outside of the FTSE 100 Index.

Old Mutual Global Equity Absolute Return FundThe investment objective of the Old Mutual Global Equity Absolute Return Fund is capital appreciation while closely controlling risk.In addition, the Sub-Fund intends to deliver absolute returns that have a low correlation with equity and bond markets.

Old Mutual Strategic Absolute Return Bond Fund^^^The investment objective of the Old Mutual Strategic Absolute Return Bond Fund^^^ is to seek to deliver positive total returns on arolling twelve month basis with stable levels of volatility uncorrelated to bond and equity market conditions.



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Old Mutual Pan African Fund^^The investment objective of the Old Mutual Pan African^^ Fund is to seek to achieve long term capital growth by investing in companiesthat directly benefit from long term economic growth opportunities in the African continent.

Old Mutual Monthly Income High Yield Bond FundThe objective of the Old Mutual Monthly Income High Yield Bond Fund is to seek to achieve a total return through a combination ofincome and capital growth from a well-diversified portfolio predominantly comprising of fixed and variable rate debt securities locatedworldwide.

Old Mutual Europe (ex UK) Smaller Companies FundThe investment objective of the Old Mutual Europe (ex UK) Smaller Companies Fund is to achieve long term capital growth throughinvesting primarily in an equity portfolio of smaller companies incorporated in Europe (excluding the United Kingdom) or of companiesincorporated outside of Europe (excluding the UK) which have a predominant proportion of their assets and/or business operations inEurope (excluding the UK).

Old Mutual Global Equity Income Fund (IRL)The investment objective of the Old Mutual Global Equity Income Fund (IRL) is to seek to achieve a total return through a combinationof income and capital growth.

Old Mutual Gold & Silver FundThe investment objective of the Old Mutual Gold & Silver Fund is to seek to achieve a total return by investing predominantly in listedequities.

Old Mutual Compass Portfolio 2The investment objective of the Old Mutual Compass Portfolio 2 is to generate a long-term total return.




Old Mutual UK Specialist Equity FundThe investment objective of the Old Mutual UK Specialist Equity Fund is to seek to achieve capital appreciation by taking long andshort positions mainly in UK equities outside the FTSE 100 Index, whilst seeking to deliver absolute returns in all market conditions.

Old Mutual Style Premia Absolute Return FundThe investment objective of the Old Mutual Style Premia Absolute Return Fund is to seek to deliver positive total returns on a rollingtwelve month basis with stable levels of volatility uncorrelated to bond and equity market conditions.

Old Mutual Financials Contingent Capital FundThe Old Mutual Financials Contingent Capital Fund aims to generate a total return.

Distribution PolicyDistributions to holders of Redeemable Participating Shares are recorded in the Statement of Operations as finance costs. Distributionspaid and proposed during the financial periods ended 30 June 2018 and 30 June 2017 with respect to certain Share Classes are outlinedin Note 9. All of the other Sub-Funds’ income and capital gains were reinvested in accordance with the investment objective and policyof the Sub-Funds.

Dilution AdjustmentOn any Dealing Day the Directors may determine when there are net inflows into a Sub-Fund or net outflows from a Sub-Fund to applya dilution adjustment to the dealing Net Asset Value per Share so that the price of a Share in the Sub-Fund is above or below that whichwould have resulted from a latest available market valuation. This adjustment is intended to pass the estimated costs of underlyinginvestment activity of the Sub-Fund to the active Shareholders by adjusting the Net Asset Value of the relevant classes of Shares andthus to protect the Sub-Fund’s long-term Shareholders from costs associated with ongoing subscription and redemption activity. Thesecosts may include dealing charges, commissions and the effects of dealing at prices other than the middle market price.



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Dilution Adjustment (continued)The price of each Class of Share in a Sub-Fund will be calculated separately but any dilution adjustment will affect the price of Sharesof each Class in a Sub-Fund in an identical manner.

Investment RisksAn investment in any Sub-Fund involves investment risks, including possible loss of the amount invested. Moreover, there can be noassurance that a Sub-Fund will achieve its investment objective.

Subscriptions and RepurchasesCertain Share Classes have minimum initial investment, minimum subsequent investment and minimum holding requirements whichare disclosed in the Prospectus.

An initial charge may be payable to the Company on subscriptions for Shares. A contingent deferred sales charge may be payable tothe Company on the subscription price for certain Shares, with the of the contingent deferred sales charge payable dependent on thelength of time between the date the Shares were purchased and their repurchase. The following table outlines these charges:

Class of Shares: Initial Charge:Contingent deferred sales charge as a percentage of

the subscription price paidYears since purchase

0 – 1Years

1 – 2Years

2 – 3Years

3 – 4Years

4+Years

Class A Shares Up to 5.00% of the Net Asset Value per Share Nil Nil Nil Nil NilClass B Shares Nil 4.00% 3.00% 2.00% 1.00% NilClass C Shares Up to 1.00% of the Net Asset Value per Share 1.00% Nil Nil Nil NilClass C2 Shares Up to 0.50% of the Net Asset Value per Share 2.00% 1.00% Nil Nil NilClass D1 Shares Nil Nil Nil Nil Nil NilClass D2 Shares Nil Nil Nil Nil Nil NilClass F Shares Nil Nil Nil Nil Nil NilClass F2 Shares Nil Nil Nil Nil Nil NilClass I Shares Nil Nil Nil Nil Nil NilClass N Shares Up to 3.00% of the Net Asset Value per Share Nil Nil Nil Nil NilClass P1 Shares Nil Nil Nil Nil Nil NilClass P2 Shares Nil Nil Nil Nil Nil NilClass P3 Shares Nil Nil Nil Nil Nil NilClass R Shares Nil Nil Nil Nil Nil NilClass S Shares Nil Nil Nil Nil Nil NilClass U1 Shares Nil Nil Nil Nil Nil NilClass U2 Shares Nil Nil Nil Nil Nil NilClass U3 Shares Nil Nil Nil Nil Nil NilClass X Shares Nil Nil Nil Nil Nil Nil

TaxationAs an investment undertaking within the meaning of Section 739(B) of the Taxes Consolidation Act 1997, as amended, the Companyis generally exempt from Irish tax on its income and gains and the Company will not be required to account for any tax in respect ofShareholders who are not Irish residents or exempt Irish residents provided that the signed necessary declarations are in place. TheCompany may be required to account for tax in respect of Shareholders who are Irish residents. Shareholders who are not Irish residentsand have made the required declaration of non-residence will not be liable to Irish tax on income from their Shares or gains made onthe disposal of their Shares, provided the Shares are not attributable to an Irish branch or agency of such shareholder. No stamp duty orother tax is generally payable in Ireland on the subscription, issue, holding, redemption, conversion or transfer of Shares.

Selling RestrictionsThe Shares may not be purchased or held by US persons unless pursuant to an exemption under applicable US law and may not beoffered or sold in any jurisdiction in which such offer or sale is not lawful or in which the person making such offer or sale is notqualified to do so or to anyone to whom it is unlawful to make such an offer or sale.

Dealing DaysA Dealing Day in respect of all of the Sub-Funds means every Business Day (as defined for each Sub-Fund in the Prospectus) or suchother days as the Directors may determine provided that there shall be at least one Dealing Day each fortnight.


OLD MUTUAL CHINA EQUITY FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual China Equity Fund – Old Mutual Global Investors (Asia Pacific) Limited (until 22 March 2018)– Ping An of China Asset Management (Hong Kong) Company Limited (from 23 March 2018)

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Market

The majority of global equity markets continued their ascent in January following a strong year in 2017. However, subsequent tradeconcerns and geopolitical risks weighed over the course of the next few months, especially with regards to China’s stock market. The USFederal Reserve raised interest rates twice in the first half of 2018, with investors expecting two more rate hikes this year. Over the courseof the period, the US dollar strengthened on the normalisation of monetary policy and strong economic growth. The firmer dollar alsonegatively impacted emerging market currencies and shares, with emerging market equities dropping sharply in the period under review.The deleveraging policy in China and the default of several onshore bonds resulted in a tightening in liquidity conditions, subsequentlyraising the cost of finance for Chinese corporations. Trade friction between the US and China is still uncertain and yet to be resolved. Theeffect of all these actions was to dent investor sentiment, with China’s A-share market being one of the biggest losers among globalmarkets.

Performance

Against this background, the sub-fund outperformed its benchmark index. The top three contributing stocks were Shenzhou International,CR Beer and CNOOC. The main detractors were Yue Yuen (due to the failure to list its subsidiary on the stock market and poor resultsguidance), Agricultural Bank of China and AAC Technologies. Management of the sub-fund was outsourced on 23 March 2018 to PingAn of China Asset Management (Hong Kong) Company Limited, a specialist China asset manager with extensive research teams locallyin the region.

Outlook

The managers believe that the stock market may continue to be under pressure in the short run due to trade war concerns and Chinadeleveraging, which, in turn, may hurt China’s economic growth. However, the managers also think that trade disputes will have only alimited impact on China’s economy this year and that companies’ earnings growth for the first half of the year should be on track. Eventhough the authorities are likely to initiate stimulatory measures, overall liquidity conditions towards the end of the year should be morepromising. In addition, even though the renminbi has started to weaken the managers do not believe the currency will depreciate to thesame extent as 2015 given China’s steady growth is still intact. Overall, the managers are cautious on their asset class in the short-termbut positive in the mid to long- run and believe there may be buying opportunities as we enter the second half of 2018. The managerscontinue to focus on high quality companies with strong fundamentals in the consumer, financial, healthcare and energy sectors.


OLD MUTUAL GLOBAL STRATEGIC BOND FUND (IRL)INVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Global Strategic Bond Fund (IRL) – Old Mutual Global Investors (UK) Limited

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Market

Markets started the year in a sweet spot, continuing the positive momentum built up in 2017. Boosted by strong, synchronised globalgrowth, a weak US dollar and US President Trump’s fiscal package agreed in December, risk assets had a ‘melt up’ in January –everything rallied as investors, predominantly retail ones, piled into anything that wasn’t government debt. The S&P 500 Index hit newhighs while the 10-year US Treasury approached 3%. Sentiment in the market then changed for three main reasons. First, valuations inmany asset classes were justifiable only in the context of expensive government debt, but as government debt cheapened up there wasan alternative to buying risk. Second, the synchronised global growth story hit a speed bump as Chinese and European data failed tomatch economists’ arguably overly enthusiastic forecasts. Third, geopolitical risks rose as the Trump administration upped the ante onperceived trade injustices and introduced, or threatened, tariffs on some goods. Consensus trades began to unravel. Short volatility fundsbegan the slide and equities, credit, subordinated bank debt, short US dollar trades and emerging markets all followed. The onlyconsensus trade left standing was shorting US Treasuries as foreign investors balked at the rising deficits and high hedging costs, andthe US Federal Reserve stayed on its tightening path.

Performance

The sub-fund is a collection of the best ideas in fixed income and currencies, scaled into a risk-efficient portfolio. Return is generatedfrom the active management of interest rate risk, currencies, corporate bonds and associated investments in both developed and emergingmarkets. The sub-fund has been positioned for a higher yield environment that would lead to greater volatility, so we have been shortduration and underweight credit. The currency positions that worked well towards the end of 2017 detracted from performance in thefirst four months of 2018.

Outlook

We believe the strength in the US dollar seen for much of the period was a US dollar squeeze. The structural bear market for the dollarremains in place in our view. Weakness in emerging markets where fundamentals are strong and value has been created is being usedto add exposure to the asset class in the portfolio. We remain cautious on prospects for credit.


OLD MUTUAL WORLD EQUITY FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual World Equity Fund – Old Mutual Global Investors (UK) Limited

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Market

The New Year began with many indices posting historic highs, but this initial burst of market performance was quickly replaced byincreased market volatility, which also characterised most of the first half of 2018 (1H2018). Equity markets recoiled at the increasingprospect of large scale protectionist measures being deployed by the US variously against China, NAFTA and the EU. The managers’proprietary risk appetite measure continued to track movements in investor sentiment, and indicated that the deterioration in marketenvironment, seen from the outset of 2018, accelerated towards the end of 1H2018.

Performance

All of the sub-fund’s five stock selection criteria made a positive contribution to the sub-fund’s returns during 1H2018. Despite thenegative impact on the market of a series of pronounced sector and style rotations, the Market Dynamics criterion was a good source ofalpha for the sub-fund over 1H2018. There was also a positive contribution from the Company Management criterion, which focuseson isolating conservative management teams. The sub-fund’s Dynamic Valuation criterion also contributed positively over the period,as the underlying mix between exposure to attractively valued stocks and those possessing more defensive characteristics consistentlyreflected the continually evolving risk appetite levels across the various parts of the investable universe. The Analyst Sentiment criterionproved impactful in identifying companies whose share price had not always fully priced in the most recent and salient availablecorporate information. The Sustainable Growth criterion, which isolates high quality growth companies from those offering lesssustainable growth prospects, also contributed to performance.

Outlook

The period ended with investors pondering the impact of prospective trade wars, higher interest rates and regulatory challenges to thetechnology sector. There has been a pattern of market rotation, which might be driven by known macroeconomic and geopolitical driversor which might be more of an effect of profit taking. We continue to espouse judicious risk management, which requires offsettingopportunities against the risks inherent in the market. Firstly, there are risks and opportunities inherent in the path towards monetarynormalisation, as central banks continue to wrestle with the timing and form of their respective exit strategies. Secondly, there areongoing effects flowing from the proliferation of structural distortions embedded into the framework of the market, due in part to thegargantuan shift toward passive investing over a relatively short period of time. Such phenomena have been manifest through an increasein the frequency and impact of style and sector rotations. Thirdly, elevated political instability within developed markets should not bediscounted, particularly given how unfamiliar a risk this is for many current market participants. In all of these circumstances, themanagers feel it is important to maintain diversification in terms of stock selection techniques, while achieving a balanced approach toinvestment style exposures across the portfolio.


OLD MUTUAL PACIFIC EQUITY FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Pacific Equity Fund – Old Mutual Global Investors (Asia Pacific) Limited (until 17 May 2018)– Old Mutual Global Investors (UK) Limited (from 18 May 2018)

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Market

During the period, rising US interest rates started drawing investment capital out of some markets in the Pacific region, sending monetaryauthorities on the defensive against runaway currency depreciation. In May, Indonesia's central bank raised its policy rate for the firsttime since November 2014. The Hong Kong dollar, which is pegged to its US counterpart, logged its weakest value against the greenbackin around 35 years in mid-April. Australia’s S&P/ASX index was the regional index that most bucked the second quarter blues. It loggeda gain of more than 7% on the back of strong financial, commodity and energy sectors amid higher oil prices. Despite Australia’s usualstatus as a proxy for the Chinese economic cycle, it demonstrated remarkable resilience to the latest bout instability, doubtless bolsteredby the fact it does not belong to the emerging market universe, which, after a strong start in January, sold off over the period. India’srelative lack of dependence on exports and its adequate foreign exchange reserves helped its market remain resilient amid the globaleconomic uncertainty. Conversely, China’s Shanghai Composite moved into bear market territory, declining more than 20% from itsJanuary peak. The selloff in Chinese equities and a weakening renminbi continued as the asset class generally has been under pressurefrom worries of the impact of US tariffs on Chinese exports, compounded by existing concerns around credit tightening and mediocreeconomic readings.

Performance

The sub-fund’s manager was changed on 18 May 2018. The change followed a fund range review, during which OMGI concluded thatinvestors in the sub-fund would benefit from the management of the global equities team. Following the change, the investment approachof the sub-fund was amended to reflect the systematic investment process employed by OMGI’s global equities team. Under that process,stocks are assessed in terms of the attractiveness of their valuation, quality, price trends, stable growth prospects, sentiment and companymanagement, as opposed to the bottom-up approach that was used prior to 18 May. There was no change to the sub-fund’s objective orongoing fees.

Outlook

The new managers espouse judicious risk management, which requires offsetting opportunities against the risks inherent in the market.Firstly, there are risks and opportunities inherent in the path towards monetary normalisation, as central banks continue to wrestle withthe timing and form of their respective exit strategies. Secondly, there are ongoing effects flowing from the proliferation of structuraldistortions embedded into the framework of the market, due in part to the gargantuan shift toward passive investing over a relativelyshort period of time. Such phenomena have been manifest through an increase in the frequency and impact of style and sector rotations.Thirdly, elevated political instability within developed markets should not be discounted, particularly given how unfamiliar a risk thisis for many current market participants. The global equities team’s measures of volatility profile indicate that at the end of the periodthe Asia Pacific region was almost in line with North America, the region which has consistently demonstrated the most advanced stateof volatility. In all of these circumstances, the managers feel it is important to maintain diversification in terms of stock selectiontechniques, while achieving a balanced approach to investment style exposures across the portfolio.


OLD MUTUAL EUROPEAN EQUITY FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual European Equity Fund – Old Mutual Global Investors (UK) Limited

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Market

European equity markets have gone nowhere in the first half of 2018 but unsurprisingly volatility has increased markedly from therecord lows of 2017. This shift in mood has come as we approach the end of central bank ultra-loose monetary policy after the EuropeanCentral Bank (ECB) announced plans to taper asset purchases and indicated when it expects to start hiking interest rates. The MSCIEurope Index declined by 0.5% during the half in euro terms, led higher by energy stocks after the oil price climbed from US$64 toUS$79 in the period. Healthcare was also strong, while the clear laggards were telecommunications and financials

Performance

Portfolio performance has been poor in this half year with the major drag caused by stock selection. The sub-fund has a modest valuebias to it, and value has been struggling because the market has been led by quality growth and momentum. Sector allocation was alsonegative largely as a result of an underweight in the energy sector, but also from an underweight in telcos and an overweight in financials.There was no single theme in terms of the company level disappointments: Technicolor, Pandora and Micro Focus issued profit warningsand were sold. Other poor performers included Intrum, Suedzucker, Vodafone, ING, Mediobanca and Prosieben. There was a real mixof sectors and type of company amongst the outperformers which included Nokia, Teleperformance, Tesco, Glaxo, Cap Gemini andTotal. In terms of portfolio activity we have cut the positions in several of our underperformers and have invested in new names suchas Cargotec, Credit Suisse, AP Moeller Maersk and Signify. The portfolio retains its pro-cyclical skew.

Outlook

The new coalition in Italy, the fall of the government in Spain and continued tensions in the coalition in Germany have unsettledinvestors who worry that we are returning to the dark days of the euro crisis. Whilst the headlines have turned ugly again this year thereare reasons to remain cheerful. The rate of economic growth has moderated but shows no signs of turning negative with uncertaintyoffset by a central bank that remains very accommodative and very positive pro-market developments in France. Worries about a globaltrade war are valid but have been partly offset by the weakness of the euro versus the US dollar. European markets have seen smalldeclines in the first half of 2018, which combined with rising earnings has left valuations looking very reasonable. The benchmarktrades below 14x forward earnings. The portfolio trades at a discount to the market which leaves us feeling positive with at least acouple more years of solid earnings growth according to consensus.


OLD MUTUAL JAPANESE EQUITY FUND^INVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Japanese Equity Fund^ – Old Mutual Global Investors (Asia Pacific) Limited

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On 22 December 2017, a notification was sent to shareholders informing them of the intention to close the Old Mutual Japanese EquityFund. This became effective on 26 January 2018.


OLD MUTUAL US EQUITY INCOME FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual US Equity Income Fund – Old Mutual Global Investors (UK) Limited

19

Market


Performance

Most of the sub-fund’s five stock selection criteria made a positive contribution to performance during the period. The Analyst Sentimentcriterion proved impactful in identifying companies whose share price had not always fully priced in the most recent and salient availablecorporate information. There was also a positive contribution from the Company Management criterion, a highly qualitative alphasource, which focuses on isolating conservative management teams. Despite the negative impact of a series of pronounced sector andstyle rotations in the market, the Market Dynamics criterion was flat over 1H2018. The Dynamic Valuation criterion, which seeks tocapture the optimal underlying mix between exposure to attractively valued stocks and those with more defensive characteristics didnot contribute positively over this period: in the latter stages of 2Q18, the drawdown seen to value (that is, to relatively cheaper stocks)was, unusually, not offset by positive returns to the quality signals. The Sustainable Growth criterion, which isolates high quality growthcompanies from those offering less sustainable growth prospects, further contributed negatively to performance.

Outlook

The period ended with investors pondering the impact of prospective trade wars, higher interest rates and regulatory challenges to thetechnology sector. There has been a pattern of market rotation, which might be driven by known macroeconomic and geopolitical driversor which might be more of an effect of profit taking. The managers continue to espouse judicious risk management, which requiresoffsetting opportunities against the risks inherent in the market. Firstly, there are risks and opportunities inherent in the path towardsmonetary normalisation, as central banks continue to wrestle with the timing and form of their respective exit strategies. Secondly, thereare ongoing effects flowing from the proliferation of structural distortions embedded into the framework of the market, due in part tothe gargantuan shift toward passive investing over a relatively short period of time. Such phenomena have been manifest through anincrease in the frequency and impact of style and sector rotations. Thirdly, elevated political instability within developed markets shouldnot be discounted, particularly given how unfamiliar a risk this is for many current market participants. In all of these circumstances,the managers feel it is important to maintain diversification in terms of stock selection techniques, while achieving a balanced approachto investment style exposures across the portfolio.


OLD MUTUAL NORTH AMERICAN EQUITY FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual North American Equity Fund – Old Mutual Global Investors (UK) Limited

20

Market


Performance

Four out of the sub-fund’s five stock selection criteria made a positive contribution to the sub-fund’s returns during 1H2018. However,the Sustainable Growth criterion, which seeks to isolate high quality growth companies from those offering less sustainable growthprospects, was negative during this period. The other four stock selection criteria were slightly positive during the period. The CompanyManagement criterion, which focuses on isolating conservative management teams, and the Dynamic Valuation criterion, which seeksto capture the optimal underlying mix between exposure to attractively valued stocks and those with more defensive characteristics,both made small positive contributions. The Market Dynamics criterion, which uses price information, predominantly driven by industryand stock level momentum, and the Analyst Sentiment criterion, which seeks to identify companies whose share price has not alwaysfully priced in the most recent and salient available corporate information, were both marginally positive.

Outlook

The period ended with investors pondering the impact of prospective trade wars, higher interest rates and regulatory challenges to thetechnology sector. There has been a pattern of market rotation, which might be driven by known macroeconomic and geopolitical driversor which might be more of an effect of profit taking. The managers continue to espouse judicious risk management, which requiresoffsetting opportunities against the risks inherent in the market. Firstly, there are risks and opportunities inherent in the path towardsmonetary normalisation, as central banks continue to wrestle with the timing and form of their respective exit strategies. Secondly, thereare ongoing effects flowing from the proliferation of structural distortions embedded into the framework of the market, due in part tothe gargantuan shift toward passive investing over a relatively short period of time. Such phenomena have been manifest through anincrease in the frequency and impact of style and sector rotations. Thirdly, elevated political instability within developed markets shouldnot be discounted, particularly given how unfamiliar a risk this is for many current market participants. In all of these circumstances,the managers feel it is important to maintain diversification in terms of stock selection techniques, while achieving a balanced approachto investment style exposures across the portfolio.


OLD MUTUAL TOTAL RETURN USD BOND FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Total Return USD Bond Fund – Janus Capital International LimitedSub-Investment Adviser: Janus Capital Management LLC

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Market

Global bond markets lost ground during the six-month period, as volatility returned early in the year. While the moves were morepronounced in risk assets – namely equities – bonds also suffered, given that the source of investor trepidation was the possibility of anacceleration in inflation. The reaction was different in Europe as concerns about softening eurozone economic data caused investors topile into safe-haven German Bunds. During the spring, price movements in Europe, the US and emerging markets diverged as theywere largely driven by regional developments.

Performance

For the period, the sub-fund’s cash-based core generated positive returns. The sub-fund’s positioning in shorter-duration corporatecredits was able to withstand spread widening, resulting in these securities contributing to performance, as did our allocation tosecuritized products. The sub-fund’s core allocation to US Treasuries also aided performance. The period’s underperformance wasconcentrated in the sub-fund’s Bund positioning. Given the managers’ view that the magnitude of the variance between Bunds andTreasuries is not merited by the economic fundamentals of the two countries, the sub-fund constructed a directional position aimed atbenefiting from a potential convergence, namely via rising Bund yields. We believe that despite some softening of economic data duringthe first half of the year, there is little rationale for yields to be negative for up to seven years on German sovereign debt. Conversely,we believe that the US economy will have difficulty accelerating, as labour markets are extremely tight and the spectre of a trade warcould limit new sources of growth. While Europe continues to face threats from populist movements and the lengths to which politiciansare willing to go to institute pro-growth structural reform are up for debate, our view is that the European economy is largely on trackin its emergence from its debt crisis. Although we maintain our convergence view, during the latter part of the period, we scaled backour positioning in recognition of the factors that have kept a steady bid on Bund prices.

Outlook

The US Federal Reserve has already raised interest rates twice in 2018, and according to its most recent dot plot survey, it anticipatesat least one more hike this year. The market – based on futures prices – is slightly more cautious on the remaining number of increases.With an eye toward the future, we must repeat that past financial crises have been caused by excess leverage. Over the past decade theaggregate global debt burden – as measured by credit growth of corporations, governments and households – has not contracted, and inmany regions has expanded. The most notable development in the global debt situation is the reshuffling of liabilities from householdsand corporations to governments – and more recently, back to corporations. At some point, there will be a level of interest rates thatcauses the system to buckle. While we cannot specifically state exactly what that level is or when we will reach it, financial conditionsare tightening. Consequently, investors should be vigilant.


OLD MUTUAL EMERGING MARKET DEBT FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Emerging Market Debt Fund – Old Mutual Global Investors (UK) Limited

22

Market

After a very strong start to the year, emerging markets took a turn for the worse in February, sending the sub-fund’s benchmarkJPMorgan EMBIG Index down 5% year to date. The fiscal loosening by US President Donald Trump’s administration and relativelystrong economic data led to a re-pricing of inflation expectations and a re-steepening of the US yield curve. The market then startedrevising its expectations for more aggressive interest rate hikes, all of which contributed to a stronger US dollar. The tightening of globalconditions had seriously dented investors’ confidence in emerging markets, particularly towards those countries with large externalvulnerabilities such as in Argentina and Turkey which both have substantial refinancing needs. Fears of a protracted trade wars sparkedby President Trump didn’t help either and raised fears of a slowdown in global growth. The confidence crisis quickly spread throughoutthe market and investors were forced to liquidate some of their popular overweight positions adding to redemptions pressure that resultedin almost US$10bn leaving the asset class since April.

Performance

The sub-fund under-performed its benchmark in the first half of the year from its overweight positions in Argentina and high-beta oilproducers like Gabon and Nigeria. In Argentina, heavy investor positioning, heavy issuance, a widening current account deficit andconfusion around the central bank’s independence led to a massive unwind of positions in the local market which accelerating thepressure on the currency. Local authorities acted quickly to try and restore market confidence, bringing the policy rate to 40% andnegotiating a US$50bn package with the International Monetary Fund (IMF), but bonds continued to underperform until the end ofJune, in line with other high beta names. Despite stronger oil prices throughout the period, oil exporters also underperformed given theheavy positioning from emerging market investors.

Outlook

With the sub-fund’s benchmark JPM EMBIG Index spread widening by 100 basis points from its trough in January, some value hasbeen recreated in emerging markets. Uncertainty around global growth given the heightened risks from a trade war could see the USFederal Reserve adopt a less hawkish stance, which would improve the backdrop for the asset class. We are therefore adding riskselectively, with a still strong oil outlook favouring underperforming names like Nigeria and Gabon. We also believe that the measuresput in place by the government in Argentina are credible enough. The lack of external issuance until 2020 should help US dollar bondsrebound in the second half. We have also maintained our overweight positions in IMF-backed countries like Egypt which continues tomake progress on its reform agenda. We see further upside in oil prices and therefore have maintained our underweight positions in oilimporters like Kenya.


OLD MUTUAL EUROPEAN BEST IDEAS FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual European Best Ideas Fund – Liontrust Investment Partners LLP– Odey Asset Management LLP– Old Mutual Global Investors (UK) Limited (until 14 June 2018)– Quilter Investors Limited (formerly Old Mutual Investment Management Limited)(from 15 June 2018)– Wellington Management International Limited

23

Market Review

Economic growth still looks healthy and corporate earnings continue to grow strongly, however, Europe’s chief concern remains itspolitics. Italy has appointed a populist coalition government containing numerous anti-EU elements while Brexit continues to rage,Chancellor Merkel fights a constant rear-guard action at home and President Trump’s trade antics continue to escalate.

Political risks are among the most difficult to predict which augurs for a more balanced and well diversified approach from our managersin the second half of the year as we explore the later stages of this already very mature economic cycle.

Performance

After losing ground in line with European equity markets and underperforming its benchmark during the first half of the period, thesubsequent recovery seen in the second quarter of 2018 helped the fund to outperform its index benchmark. Even so, it still delivered anegative return to investors during the first half of 2018, underperforming its Morningstar sector average, which was a modest positivereturn.

After the ignominy of being the worst performing developed equity market in the first quarter, the UK bounced back strongly, buoyedby extreme sterling weakness, to significantly outperform other European markets in the second half of the period.

In general, European stock markets managed to overcome trade war fears to deliver modest positive returns for sterling investors in thesecond quarter of 2018, however, this was not sufficient to redress losses from the first three months of the year.


OLD MUTUAL INVESTMENT GRADE CORPORATE BOND FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Investment Grade Corporate Bond Fund – Old Mutual Global Investors (UK) Limited

24

Market

Economic and policy divergence was the driving force behind a poor first six months of the year for risk assets. Outside of the US,growth momentum came to a halt. The pace set in the first quarter of 2018 was too quick to be maintained and a number of headwindshit sentiment – Chinese deleveraging, Italian political uncertainty, truckers’ strikes in Brazil, lingering Brexit uncertainty and, of course,the ongoing threat of a trade war. That said, the US economy was firing on all cylinders as fiscal stimulus and deregulation helped toboost pay packets and confidence, and rippled its way through the economy. Relative US economic strength affects the rest of the worldin two ways. On the positive front, it normally boosts trade as the country imports more goods from the rest of the world – althoughrecent academic studies suggest this effect is far less powerful than it was in previous years. On the negative side, a relatively strongAmerican economy boosts the US dollar and, after years of loose US monetary policy, the rest of the world holds a lot of US dollar-denominated debt – these debtholders are seeing their liabilities rise, limiting their ability to invest and forcing some to delever. Someemerging market countries have been forced to hike interest rates to protect their currencies too, tightening domestic credit conditionsfurther. This financial channel impact has been dominating market sentiment in recent months.

Performance

We went into the start of the 2018 positioned with greater credit beta, or sensitivity to market volatility, than the benchmark given therelatively benign economic backdrop and fair valuations. This played out well in January as the credit markets rallied aggressivelywhich gave rise to profit taking opportunities leading us to reduce credit exposure. This was done by increasing both the quality of thecompanies and reducing credit duration, or the sensitivity of portfolio holdings to interest rate changes. The portfolio remained neutrallypositioned throughout the rest of the period under review while looking to take advantage of selective attractive new issue premiumson offer in a relatively weak market. We continue to like the risk/reward on offer in financials and technology while shunning bricksand mortar retail and real estate exposed to this sector.

Outlook

The moves seen in markets – flattening yield curves, US strength, risk asset weakness – have been typical of late-cycle behaviour. Themarket can be ‘end of cycle’ for a long time, however, and given strong US household balance sheets, high employment and a labourmarket that has undergone huge structural changes, it seems too early to call time on the cycle – near-term recession risk is low in ouropinion. We expect a recovery in growth outside of America and for inflationary pressures to be contained, while longer-term structuralforces point to US dollar weakness.


OLD MUTUAL GLOBAL EMERGING MARKETS FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Global Emerging Markets Fund – Old Mutual Global Investors (UK) Limited

25

Market

In contrast to the smooth sailing of markets in 2017, the first half of 2018 proved to be an altogether more challenging period foremerging market equities. Stock markets came under pressure from geopolitical events and the unexpected strength of the US dollar.Optimism on a breakthrough summit on North Korea gave way to fears of a trade war as simmering trade tensions between the US andChina boiled over into each nation imposing tariffs on the other’s imports. Given the dollar’s strength, particular pressure was exertedon those countries with significant dollar denominated debt, such as Turkey and Argentina – the latter saw a slide in the value of thepeso and was forced to ask the IMF for an emergency US$50bn credit line in order to restore market confidence. Despite the noisygeopolitical background, first quarter profits from corporates across the emerging world were generally positive.

Performance

Against this background, the sub-fund underperformed its benchmark index. Detractors were concentrated in Latin America and Turkey.Banco Supervielle (Argentine bank), Smiles Fidelidade (Brazilian loyalty points provider), Ultrapar (Brazilian fuel distributor), Copaholdings (airline based in Panama) and Arcelik and Turk Traktor in Turkey were the largest negative detractors. By contrast, positivecontributions came from JNBY and ANTA sports in China and Padini in Malaysia. Elsewhere, Sunny Optical (optical component makerin China), Medy-Tox (a South Korean manufacturer of Botox), Ternium (Steel in Mexico and Argentina) and HDFC bank (India’spremier private bank franchise) also contributed. In terms of portfolio activity, we exited Banco Supervielle, Ultrapar and Smiles inArgentina and Brazil, Turk Traktor in Turkey, Bank Rakyat in Indonesia and Metro Pacific in the Philippines. Positions in WinSemiconductor and Nien Made were exited in Taiwan. New purchases included MYEG in Malaysia, Tofas in Turkey, Estacio in Braziland China Construction Bank.

Outlook

Whilst it is tempting to say that the backdrop for emerging market shares has become more challenging in recent months, the managerbelieves that the underlying factors making the asset class attractive remain in place – good global economic growth, the early stagesof a recovery in corporate profitability in our universe, combined with cheap valuations and a sceptical investor base. The most obviousrisk to the asset class remains the threat of an escalation of the trade wars between the USA and other nations – tariffs themselves areless the issue, more the uncertainty that could cause businesses to postpone or change investment plans impacting global supply chains.The manager continues to see a good opportunity set of high-quality companies across a range of emerging market countries and sectorsthat, he believes, sell at less than the team’s assessment of their intrinsic value, or real worth.


OLD MUTUAL ASIAN EQUITY INCOME FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Asian Equity Income Fund – Old Mutual Global Investors (Asia Pacific) Limited (until 17 May 2018)– Old Mutual Global Investors (UK) Limited (from 18 May 2018)

26

Market

Asian company shares were subjected to considerable share price fluctuations for the period under review. The benchmark indexregistered a fall of 3% over the six months in sterling terms, with two overriding factors dominating investor sentiment. After a strongstart to the year, weakness set in during February, on the back of US Treasury bonds breaching a psychologically important level. Thisresulted in some investors taking advantage of the relatively more attractive US interest rates on offer. Escalation of a trade war betweenthe US and China dampened sentiment further, especially in relation to the US administration’s targeting of China’s intellectualproperty.

Performance

The sub-fund’s manager was changed on 18 May 2018. The change followed a fund range review, during which OMGI concluded thatinvestors in the sub-fund would benefit from the management of the global equities team. Following the change, the investment approachof the sub-fund was amended to reflect the systematic investment process employed by OMGI’s global equities team. Under thatprocess, stocks are assessed in terms of the attractiveness of their valuation, quality, price trends, stable growth prospects, sentimentand company management, as opposed to the bottom-up approach that was used prior to 18 May. There was no change to the sub-fund’sobjective or ongoing fees.

Outlook

The period under review saw investors pondering the impact of prospective Sino-US trade wars and higher US interest rates, leading toa stronger US dollar and subsequent effects on dollar denominated debt. The new mangers of the sub-fund identify a pattern of marketrotation, which might be driven by known macroeconomic and geopolitical drivers, or which might be more the effect of profit taking.The new managers espouse judicious risk management, which requires offsetting opportunities against the risks inherent in the market.They also feel it is important to maintain diversification in terms of their stock selection techniques, while achieving a balanced approachto investment style exposures across the portfolio.


OLD MUTUAL LOCAL CURRENCY EMERGING MARKET DEBT FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Local Currency Emerging Market Debt Fund – Old Mutual Global Investors (UK) Limited

27

Market

After a very strong start to the year, emerging markets took a turn for the worse which saw currencies coming under pressure. Fiscalloosening by US President Donald Trump’s administration and relatively strong economic data led to a re-pricing of inflationexpectations and a re-steepening of the US yield curve. The market then started revising its expectations for more aggressive interestrate hikes, all of which contributed to a stronger US dollar. The tightening of global conditions seriously dented investors’ confidencein emerging markets, particularly towards those countries with large external vulnerabilities such as in Argentina and Turkey. Fears ofa protracted trade wars, sparked by Trump, did not help either and raised fears of a slowdown in global growth. The confidence crisisquickly spread throughout the market and investors were forced to liquidate some of their popular overweight positions amidstredemption pressure that resulted in almost US$10bn leaving the asset class since April.

Performance

The sub-fund underperformed its benchmark over the period given its overweight positions in Argentina local rates and currency thatlost more than 40% in three months. Exposure to popular overweight positions like Indonesia and South Africa also detracted fromperformance as offshore investors unwound their positions, which saw close to US$4bn leaving local markets in the period. The sub-fund however benefited from its short position in Central European currencies that underperformed year-to-date, and a short position inthe Turkish lira and rates, where the currency lost close to 25% year-to-date amid deteriorating current account dynamic and lack ofcredible response from the central bank. The sub-fund also benefited from its overweight position in Colombian rates and currenciesthat outperformed in the period amid rising oil prices and the victory in the presidential elections by market-friendly president IvanDuque.

Outlook

With the yield on the sub-fund’s benchmark JPM GBI-EM Global Diversified Index having now widened by close to 70 basis pointssince its trough in March, some value has been re-created in the emerging market space. We believe the correction in currencies is notin line with still robust fundamentals and should therefore leave room for some retracement in the months ahead. We continue to favouroil exporting currencies like the Colombian Peso and relative value trades like long Mexican Peso/short Brazilian Real given the carrydifferential and political cycle. We are also turning selectively long Central European currencies amid stronger growth. In the ratesspace, we see value in places like Indonesia where real rates have increased after substantial offshore outflows and pre-emptive ratehikes by the central bank.


OLD MUTUAL UK ALPHA FUND (IRL)INVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual UK Alpha Fund (IRL) – Old Mutual Global Investors (UK) Limited

28

Market

The trend of economic data, positive for much of 2017, reversed at the start of the year, most notably in Europe. Political instability inItaly and Angela Merkel’s struggle with her coalition partners on European immigration policy cast a cloud over Continental Europe.In the bond markets, yields rose in anticipation of rising US interest rates, putting additional pressure on global equity markets. Investorssaw further fluctuations in share prices following President Donald Trump’s decision to impose a series of tariffs on imports into theUnited States, with a view to targeting China in particular. Yet investor nerves gave way to some recovery in the second quarter. Thedollar moved sharply higher in the second part of the review period, driven by the relative strength of the US economy and tighteningof monetary policy. Consequently, emerging market currencies fell sharply, given that emerging market debt is dollar denominated.The oil price also rose as the United States pulled out of the nuclear agreement with Iran and re-imposed sanctions. In spite of theseissues, the equity market rebounded to leave the index slightly higher by the end of the period.

Performance

Against this background, the sub-fund marginally underperformed its benchmark index. Software groups Sage and Micro Focus werethe biggest detractors following profit warnings, while Pets at Home moved lower on concerns over costs at the groups vets business.By contrast, positive contributions came from Next, Tesco and gaming group GVC. Generator group, Drax, benefited from positivetrading statements and profits upgrades. In terms of portfolio activity, we reduced holdings in payments group Worldpay and RoyalShell Dutch Shell following strong performance. We sold out of our holding in pharmaceutical group, Shire, following the approachfrom Japanese peer Takeda. We added to positions in retailer Next on our belief that the market is underestimating the resilience of thebusiness and the online operation. We also added to packaging group DS Smith and Whitbread.

Outlook

It is clear that the US economy is growing strongly, whilst economic activity in China and Europe are slightly softer. In bond markets,the US yield curve (the curve that plots the path of short and long-dated yields) is flattening, suggesting that, eventually, interest raterises will slow the US economy sufficiently to cause a downturn in 2019/20. In the UK, by contrast, activity has strengthened somewhat,with the growth in inflation- adjusted wages likely to support the economy through the balance of this year. Any interest rate rise, webelieve, will be sufficiently modest so as not to knock growth off track. However, this later cycle environment can be a tricky one forinvestors, with fluctuating share prices a feature. We stick to our belief that valuation ultimately drives future returns, whilst seeking tofind diversified sources of return, such as ‘self-help’ situations like Tesco and Smith & Nephew.


OLD MUTUAL UK SMALLER COMPANIES FOCUS FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual UK Smaller Companies Focus Fund – Old Mutual Global Investors (UK) Limited

29

Market

After a sharp fall in the first quarter, the FTSE All Share Index recovered strongly to deliver a total return of 1.7% over the first sixmonths of the year. The trend of economic data, which for much of 2017 had shown mainly positive surprises, reversed at the start ofthe year, most notably in Europe; this, combined with rising bond yields, which spiked higher in expectation of central bank tightening,put pressure on global equity markets in the first quarter. Elsewhere, trade war rhetoric ramped up between the US and China, and oilprices generally recovered over the period. In the UK, the government agreed a transition period post-Brexit that would ease theadjustment process for businesses. Interest rates were raised twice in the United States, while the European Central Bank announced itwould curtail asset purchases at the end of the year (but not raise interest rates for at least a year). The US dollar moved sharply higherin the second quarter driven by the relative strength of the US economy and the associated tightening of monetary policy. In spite of allthese issues the equity market rebounded in the second quarter to leave the index slightly higher by the end of the period.

Performance

The sub-fund outperformed its benchmark over the period. Of the outperformance, about one fifth was driven by sector allocation, withthe overweight to technology more than offsetting the underweight to oil and gas. On the stock front, the key performers were: BluePrism and Fever-tree, which both continued to deliver upgrades to trading expectations, as well as Ascential, which rerated followingmarket concerns over Cannes Lions abating. Below these names there were a number of good performers, including microcap names:Zoo Digital, Alpha FX and Aquis Exchange (a new addition). Unfortunately, the sub-fund suffered a number of profit warnings,including: Conviviality (position exited); Medica Group and Footasylum (position exited). Despite a number of unpleasant profitwarnings, the bulk of the portfolio has performed well over 1H18. Over this period, we have found a number of interesting new namesin the microcap space, which is partly responsible for the number of companies held by the sub-fund rising, although still within thetypical level of 50-70.

Outlook

Looking into 2H18 we are optimistic over the prospects for our larger holdings, as well as the outlook for these new names. The additionof these smaller names – where we typically favour “growth” names – and the difficult UK trading environment, has meant the portfoliohas become more exposed to growth than at the start of the year. Given the stock specific reasons for this swing, we are comfortable withthis, but continue to search for strong, cyclical ideas to complement where we can.


OLD MUTUAL UK DYNAMIC EQUITY FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual UK Dynamic Equity Fund – Old Mutual Global Investors (UK) Limited

30

Market

Global equity markets were volatile during the first half of 2018. Economic indicators, which had positively surprised marketsthroughout much of 2017, turned more mixed. Bond yields climbed higher on expectation of further central bank tightening and tradewar rhetoric progressively ramped up between the US and China. These factors helped push the US dollar higher which in turn putpressure on the more indebted emerging markets. In the UK, the Brexit plan remains opaque.

Performance

Strong performances came from a variety of stocks - Fevertree, Blue Prism and Burford continued to deliver results materially ahead ofmarket expectations whilst Ascential, GVC and Charter Court benefitted from upward re-rating. The fund suffered from profit warningsin Microfocus, Footasylum, Medica and TP ICAP. Our decision to not own Ocado was detrimental to relative performance after thestock rose 162%. The short book benefitted from another profit warning by Countrywide, accompanied by the announcement of a rightsissue to shore up their overstretched balance sheet. We added new long positions in JTC, Integrafin, Learning Technologies and GymGroup via IPO or share placings. We increased the weighting to recruitment stocks by adding to our Robert Walters holding and boughta new unit in Page Group to take advantage of buoyant employment market conditions. Elsewhere, Kaz Minerals was added to neutralisethe fund’s mining exposure and the fund purchased its second unlisted equity, The Hut Group. Against this, we sold a range of highly-rated smaller companies such as Joules, Keywords, Globaldata, Sanne and XP Power and exited from Microfocus, Footasylum, Lucecoand Superdry after poor trading updates. We also added a new short position in New River Retail, however the short book as a wholeremains negligible.

Outlook

Leading economic indicators are supportive of continued steady global growth. In the UK, we have the added complexity of ongoingBrexit negotiations which are likely to continue to modestly constrain growth relative to other Western economies. Central banks willcontinue their path of gradual interest rate tightening but they are likely to step cautiously as they exit the decade-long era of very loosemonetary policy. Meanwhile, the growing threat of an escalating trade war between US and China is becoming a more pressing themein the nearer term. Against this backdrop we are maintaining our relatively balanced sector exposures. At a thematic level, we remainoverweight structural growth, broadly neutral in those areas of the market sensitive to global economic expansion, and retain ourunderweight in UK consumer cyclical stocks. This broad framework has been in place since the closing months of 2016.


OLD MUTUAL GLOBAL EQUITY ABSOLUTE RETURN FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Global Equity Absolute Return Fund – Old Mutual Global Investors (UK) Limited

31

Market


Performance

Almost all of the sub-fund’s five stock selection criteria made a positive contribution to its returns during 1H2018. The sub-fund’sAnalyst Sentiment criterion proved impactful in identifying companies whose share price had not always fully priced in the most recentand salient available corporate information. Despite the negative impact of a series of pronounced sector and style rotations in themarket, the Market Dynamics criterion was a robust source of alpha for the sub-fund over 1H2018. The Sustainable Growth criterion,which isolates high quality growth companies from those offering less sustainable growth prospects, further contributed positively toperformance. The sub-fund’s Dynamic Valuation criterion also contributed positively over the period, as the underlying mix betweenexposure to attractively valued stocks and those possessing more defensive characteristics consistently reflected continually evolvinglevels of risk appetite levels across markets. There was a slightly negative contribution over the period from the Company Managementcriterion: the impact of this highly qualitative alpha source, which focuses on isolating conservative management teams, is typicallymore impactful when the market demonstrates a preference for fundamental considerations.

Outlook

The period ended with investors pondering the impact of prospective trade wars, higher interest rates and regulatory challenges to thetechnology sector. There has been a pattern of market rotation, which might be driven by known macroeconomic and geopolitical driversor which might be more of an effect of profit taking. The managers continue to espouse judicious risk management, which requiresoffsetting opportunities against the risks inherent in the market. Firstly, there are risks and opportunities inherent in the path towardsmonetary normalisation, as central banks continue to wrestle with the timing and form of their respective exit strategies. Secondly, thereare ongoing effects flowing from the proliferation of structural distortions embedded into the framework of the market, due in part tothe gargantuan shift toward passive investing over a relatively short period of time. Such phenomena have been manifest through anincrease in the frequency and impact of style and sector rotations. Thirdly, elevated political instability within developed markets shouldnot be discounted, particularly given how unfamiliar a risk this is for many current market participants. In all of these circumstances,the managers feel it is important to maintain diversification in terms of the managers’ stock selection techniques, while achieving abalanced approach to investment style exposures across the managers’ portfolio.


OLD MUTUAL STRATEGIC ABSOLUTE RETURN BOND FUND^^^INVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Strategic Absolute Return Bond Fund^^^ – Old Mutual Global Investors (UK) Limited

32

Market

Markets started the year in a sweet sport, continuing the positive momentum built up in 2017. Boosted by strong, synchronised globalgrowth, a weak US dollar and US President Trump’s fiscal package agreed in December, risk assets had a ‘melt up’ in January –everything rallied as investors, predominantly retail ones, piled into anything that was not government debt. The S&P 500 Index hitnew highs while the 10-year US Treasury approached 3%. Sentiment in the market then changed for three main reasons. First, valuationsin many asset classes were justifiable only in the context of expensive government debt, but as government debt cheapened up therewas an alternative to buying risk. Second, the synchronised global growth story hit a speed bump as Chinese and European data failedto match economists’ arguably overly enthusiastic forecasts. Third, geopolitical risks rose as the Trump administration upped the anteon perceived trade injustices and introduced, or threatened, tariffs on some goods. Consensus trades began to unravel. Short volatilityfunds began the slide and equities, credit, subordinated bank debt, short US dollar trades and emerging markets all followed. The onlyconsensus trade left standing was shorting US Treasuries as foreign investors balked at the rising deficits and high hedging costs, andthe Federal Reserve stayed on its tightening path.

Performance

The sub-fund is a collection of the best ideas in fixed income and currencies, scaled into a risk-efficient portfolio. Return is generatedfrom the active management of interest rate risk, currencies, corporate bonds and associated investments in both developed and emergingmarkets. The sub-fund has been positioned for a higher yield environment that would lead to greater volatility, so we have been shortduration and underweight credit.

Outlook

We believe the strength in the US dollar seen for much of the period was a US dollar squeeze. The structural bear market for the dollarremains in place in our view. Weakness in emerging markets where fundamentals are strong and value has been created is being usedto add exposure to the asset class in the portfolio. We remain cautious on prospects for credit.


OLD MUTUAL PAN AFRICAN FUND^^INVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Pan African Fund^^ – Old Mutual Investment Group (Pty) Limited

33

Market

After a strong start to equity markets at the start of 2018, stocks in both the developed and the emerging markets tumbled in lateJanuary and February, amid concern US interest rates would rise at a faster pace than expected. The selloff in equities, however, wasless pronounced in frontier markets in Africa.

Performance

The Old Mutual Pan African Fund was officially closed on 28 February, 2018. The sub-fund invested in companies that directlybenefited from economic growth on the African continent.


OLD MUTUAL MONTHLY INCOME HIGH YIELD BOND FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Monthly Income High Yield Bond Fund – Old Mutual Global Investors (UK) Limited

34

Market

A divergence between economic data and monetary policy was the driving force behind a poor first half for risk assets. Excluding theUS economy, the momentum in global growth came to a halt. The pace set in the second quarter of 2017 and first quarter of 2018 provedtoo quick to be maintained. A number of headwinds hit sentiment including Chinese deleveraging, Italian political uncertainty, truckers’strikes in Brazil, lingering Brexit uncertainty and the ongoing threat of a trade war. Against this, the US economy was firing on allcylinders thanks to fiscal stimulus and deregulation which boosted pay-packets and consumer confidence.

Performance

Relative US economic strength affects the rest of the world in two ways, where one is more positive than the other. It can boost tradeas the US imports more goods from the rest of the world, though recent academic studies suggest this effect is far less powerful than itonce was. On the negative side, a relatively strong US economy strengthens the dollar which can have global ramifications. After yearsof loose US monetary policy, the rest of the world holds a lot of US dollar-denominated debt, which means that those debtholders haveseen their liabilities rise which has limited their ability to invest and forced some to deleverage. In the emerging markets, some countrieshave been forced to hike interest rates to protect their currencies too, tightening domestic credit conditions further. The financial channelimpact has dominated the price action in recent months. The moves seen in markets – flattening yield curves, US dollar strength,weakness in risk assets – have been typical of late cycle behaviour, but we can be stuck in this period for a long time. Given the strengthin US household balance sheets, high employment and a labour market that has undergone huge structural changes, it’s too early to calltime on this cycle. We believe that the risk of a near-term recession risk is low. We expect to see global economic growth recoveroutside of the US and inflationary pressures to be contained. The longer-term structural forces also point to weakness in the US dollar.

Outlook

We went into 2018 positioned with greater credit beta than the benchmark because of the relatively benign economic backdrop and fairvaluations. This played out well in January, as the credit markets rallied aggressively which gave rise to profit taking opportunities. Itled us to reduce credit exposure by increasing both the quality of the companies and reducing credit duration. We remained neutrallypositioned throughout the rest of the period, whilst we looked to take advantage of selective attractive new issue premiums on offer ina relatively weak market. We continue to like the risk reward in financial and technology companies and are avoiding bricks and mortarretailers and any real estate that is exposed to this sector.


OLD MUTUAL EUROPE (ex UK) SMALLER COMPANIES FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Europe (ex UK) Smaller Companies Fund – Old Mutual Global Investors (UK) Limited

35

Market

European equity markets have gone nowhere in the first half of 2018, but unsurprisingly volatility has increased markedly from therecord lows of 2017. This shift in mood comes as we approach the end of ultra-loose monetary policy after the European Central Bank(ECB) announced plans to taper asset purchases and indicated when it expects to start raising interest rates again. The EMIX (ex UK)Smaller European Companies Index advanced 0.7% in sterling terms over the period, led by energy stocks after the oil price climbedfrom US$64 to US$79 a barrel in the period. Healthcare was also strong, while the clear laggards were cyclicals with consumerdiscretionary and industrial companies both down close to 5%.

Performance

Portfolio performance has been poor in this half year with the major drag caused by stock selection. Sector allocation was also negative,largely as a result of the sub-fund’s overweight in the consumer discretionary sector, but also from an underweight in telco andhealthcare. There was no single theme in terms of disappointments at the company level either. Technicolor issued a profit warning andwas sold off, Ascom saw profit taking after a previously strong performance and va-Q-tec has seen a delay in both growth andprofitability, which after speaking to management we are prepared to be patient with. Other poor performers include Intrum,AcadeMedia, EVS, Byggmax, Tarkett and KappAhl. The sub-fund’s strong performers fit in one bracket, which is quality growth. Ofour holdings, Sixt, Teleperformance and Moncler were the standout contributors. In terms of portfolio activity, we have cut positionsin several of our underperforming companies and have shifted the tone towards structural growth and away from cyclicals and to alesser extent defensive names.

Outlook

The new coalition in Italy, the fall of the government in Spain and continued tensions in the coalition in Germany have unsettledinvestors who worry that we are returning to the dark days of the euro crisis. Whilst the headlines have turned ugly again this year, thereare reasons to remain cheerful. The rate of economic growth has moderated but shows no signs of turning negative. Investor uncertaintyis being offset by a ECB that remains very accommodative as well as very positive pro-market developments in France. Worries abouta global trade war are valid, but they have been partly offset by the weakness in the euro versus the US dollar. European smallercompanies have seen small declines in the first half of 2018, which when combined with rising earnings, have left valuations lookingmore reasonable from the elevated levels in late 2017. The portfolio trades at a discount to the market, which leaves us feeling positivewith at least a couple more years of solid earnings growth according to consensus.


OLD MUTUAL GLOBAL EQUITY INCOME FUND (IRL)INVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Global Equity Income Fund (IRL) – Old Mutual Global Investors (UK) Limited

36

Market


Performance

Performance across the sub-fund’s five stock selection criteria was negative during this period. The most significant detractor was theDynamic Valuation criterion. During the period there was a drawdown to value (that is, to relatively cheaper stocks); unusually, thisfall was not offset by positive returns to quality signals. This is why the Dynamic Valuation criterion had a negative impact, even thoughthe portfolio was correctly positioned away from risky value throughout the period. The other four stock selection criteria were slightlynegative during the period. The Analyst Sentiment criterion contributed positively during the second quarter, but this was not enoughto offset its negative contribution during the first quarter. The Sustainable Growth criterion, which isolates high quality growthcompanies from those offering less sustainable growth prospects, also added to performance during the second quarter, but was negativeover the first half of the year. The managers’ use of price information, predominantly driven by industry and stock level momentum,detracted from the sub-fund’s performance during the first half, because increased market instability impacted negatively on returns toprevious winners found within the Market Dynamics criterion. This resulted in areas of the sub-fund which had generated large returnsover the recent 12 months giving up a portion of those returns in the latter stages of the period, as market leadership rotated. There wasa slightly negative contribution over the period from the Company Management criterion: the impact of this highly qualitative alphasource, which focuses on isolating conservative management teams, is typically more impactful when the market demonstrates apreference for fundamental considerations.

Outlook

The period ended with investors pondering the impact of prospective trade wars, higher interest rates and regulatory challenges to thetechnology sector. There has been a pattern of market rotation, which might be driven by known macroeconomic and geopolitical driversor which might be more of an effect of profit taking. The managers continue to espouse judicious risk management, which requiresoffsetting opportunities against the risks inherent in the market. The managers feel it is important to maintain diversification in termsof stock selection techniques, while achieving a balanced approach to investment style exposures across the portfolio.


OLD MUTUAL GOLD & SILVER FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Gold & Silver Fund – Old Mutual Global Investors (UK) Limited

37

Market

The gold and silver US dollar prices were down 3.9% and 4.8% respectively in the period, during which financial conditions tightenedas the US central bank contracted its balance sheet and interest rates were raised by 0.5 percentage points. Various geopoliticaldevelopments are worth noting. In March, the Shanghai International Energy Exchange’s yuan-denominated oil futures contract finallycame into existence. This contact was the final part of the oil-for-yuan-for-gold mechanism which facilitates trade outside of thepetrodollar system. In June, the secretary-general of the European Commission acknowledged the vulnerability arising from relianceon a US-centric fiat regime at a time when the American administration is flexing its muscle more. He said that the European authoritiesreacted to the US’s decision to cease the dollar convertibility to gold at Bretton Woods in 1971 by forming a new monetary union thatled to the creation of the euro. He added that “Europe needs to take its destiny in its own hands”. Later that month Kyrgyzstan’s centralbank revealed its plan to grow the share of gold in its reserves to 50% and commented: “The rules of the game are changing.”

Performance

It was a busy six months for sub-fund’s managers, who met senior management at over 40 gold and silver companies in the period. Forinstance, we visited some Mexican mines owned by businesses held in the portfolio to see first-hand the utilisation of new high pressuregrind technology that is also being installed elsewhere. Maintaining an intimate knowledge of all of the companies owned by the sub-fund is very important. We have identified potential operational problems at some businesses and divested holdings accordingly. Interms of positioning, the portfolio is allocated 18% to bullion and 80% to miners, being slightly overweight gold versus silver. From atechnical perspective, we believe the outlook is bullish for both gold and silver.

Outlook

We were encouraged to see the gold/silver ratio trend lower after reaching the top of the narrow range it has been trading in for manyyears and expect the ratio to fall further. The new chair of the Federal Reserve (Fed), Jerome Powell, has noted some risks, includingthose associated with fiscal and trade policies. It would not be surprising to see the US central bank point to these risks in order to justifyholding back further rate increases or otherwise slow policy tightening this year. Similarly, it is conceivable that the impact of tradetariffs could interrupt the rate hiking cycle despite inflation of more than 2%. The Fed chair has also spoken about having a “symmetric”inflation objective, implying that he will tolerate inflation persistently overshooting, or undershooting, the 2% target level. Allowinginflation to run hot will ultimately hurt real yields and, in our view, be bullish for gold.


OLD MUTUAL COMPASS PORTFOLIO 2INVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Compass Portfolio 2 – Old Mutual Global Investors (UK) Limited (until 14 June 2018)Quilter Investors Limited (formerly Old Mutual Investment Management Limited) (from 15June 2018)

38

Market review

Equity and bond markets suffered a torrid start to the year. After UK and US stock markets both hit record highs in January, globalequities suffered two major setbacks in the first three months of 2018. Thanks to a sudden hike in US inflation and fears of a moreaggressive interest-rate posture in the US, markets sold off sharply on concerns of the global economy overheating.

After briefly recovering ground, markets tumbled a second time as President Trump’s trade-war rhetoric sparked worries of a globaleconomic slowdown, and a data scandal at Facebook triggered a steep fall in tech-sector share prices.

In the second half of the period, markets recovered strongly, driven by the US as technology stocks recovered and overall strongcorporate earnings helped push markets higher, with the Nasdaq index gaining almost 13% in the three months to 30 June.

Emerging markets, in contrast, had a disappointing six months, as the MSCI Emerging Markets index declined 4.2% in sterling termsover the period, driven by trade war rhetoric with the US, China concerns and weakening corporate fundamentals.

Performance

The portfolio declined in the six month period but did a respectable job in protecting the value of our clients’ wealth during a period ofmarket uncertainty. The equity allocation had a disappointing start to the year, but recovered in the final three months of the period asUS equities delivered particularly strong returns, helped by positive performances from well-known names such as Nike and Kroger.

Meanwhile, in Japan, we created a slight overweight to small cap stocks by adding to the Usonian Japan Value fund, a fund introducedto the portfolio at the start of the year, as valuations within small cap Japanese stocks are a bit more interesting than larger capopportunities, although this is currently only a small position.

Fixed income overall delivered a flat performance, as a neutral performance from government and global bonds, was dragged lower byemerging market debt, with the Old Mutual Local Currency Emerging Market Debt Fund, proving to be a large detractor in the secondhalf of the period. Within credit, high yield exposure continued to deliver reasonable returns, and we continue to prefer taking creditrisk rather than duration risk, although there are signs that a lot of the spread benefit of being in high yield has now reduced.

The main story within the alternatives allocation has been the underperformance of alternative beta, with few style factors workingacross the quarter. Other alternatives exposure performed better in contrast, with macro, event driven and long/short all deliveringreasonable performance, while our commodity allocation benefited in the second half of the period from the uplift in crude oil prices.




39

Market review





Performance








40

Market review





Performance








41

Market review





Performance



Fixed income overall delivered a flat performance, as a neutral performance from government and global bonds, was dragged lower byemerging market debt, with the Old Mutual Local Currency Emerging Market Debt Fund, proving to be a large detractor in the secondhalf of the period.


OLD MUTUAL UK SPECIALIST EQUITY FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual UK Specialist Equity Fund – Old Mutual Global Investors (UK) Limited

42

Market

UK stock markets were broadly flat over the first half of the year with notable volatility. Economic data continued to be supportive inmost regions of the world, albeit sentiment surveys dipped from very high levels. Much of the macroeconomic debate centred on thepace of interest rate rises, particularly in the US, and the likely impact this would have on growth. Over the period, the US administrationincreased its hostile rhetoric on trade tariffs, particularly with China. In continental Europe there was some political instability, notablyin Germany and Italy. Emerging markets came under pressure in the latter half of the period, in part due to the strength of the US dollar,the currency in which many emerging market governments borrow money.

Performance

During the period, the sub-fund’s net exposure averaged very close to zero, as is normal for this strategy. Gross exposure averaged closeto 200%. Positions in the short book delivered positive alpha, while the long book delivered negative alpha that more than offset this.The key issues on the long book were predominantly stock specific, rather than thematic or sector led. The primary disappointment onthe long book was a position in alcohol distributor and retailer Conviviality whose trading profits and cash position were affected byirregularities in its internal accounting. We sold the position, but at a substantial loss. It was the biggest single negative driver of the fallin the sub-fund’s NAV over the period. Three other long positions were also weak – Micro Focus, a software business, Superdry, thefashion brand, and Footasylum, a fast growing UK retailer of sportswear. All three announced disappointing trading updates. The shortbook delivered pleasing returns, anticipating a number of significant profit warnings. Notable contributions came from Dignity, Photo-Me, Debenhams, Countrywide, McBride and PZ Cussons. The main drags came from UBM and BCA Marketplace, which both receivedtakeover approaches, and Rightmove where the shares re-rated sharply despite slowing revenue growth.

Outlook

The outlook for the UK economy remains challenged, as Brexit negotiations continue. Globally, the growth outlook is fairly stable,with the principal risks coming from monetary policy and trade tensions. Equity market valuations are slightly above long-termaverages: stretched in small areas, but not extreme versus historical levels in aggregate. Our approach remains to run a relativelybalanced portfolio, albeit one with a moderate skew towards structural growth stocks. Despite the wider uncertainty, we continue tofind excellent UK businesses to invest in and the initial public offering pipeline remains interesting. The key driver of performance inthe second half of 2018, and beyond, will be continued careful stock picking on the long and short books. We will remain relativelyagnostic as to overall market direction.


OLD MUTUAL STYLE PREMIA ABSOLUTE RETURN FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Style Premia Absolute Return Fund – Old Mutual Global Investors (UK) Limited

43

Market

The year started strongly for equities, in a similar vein to 2017, until a sharp spike in volatility in February hit sentiment and draggeddown markets. Growing concerns of a trade war between the the world’s two largest economies, the US and China, led to further fallsin March. The second half of the period saw something of a bounce in equities, aided by improved economic data, particularly from theUS. The sub-fund delivered a negative return in the period. The first half of 2018 saw very strong returns to Equity Quality and positivereturns to Equity Momentum. These were offset by negative returns to the strategies other style factors, especially Equity Value, FixedIncome Value and FX Momentum. All asset classes delivered a negative return with no single asset class dominating.

Performance

From a style perspective, the sub-fund saw strong positive returns to Quality at an aggregate asset level. Value, Momentum, StatisticalArbitrage and Carry were negative at an aggregate asset level. Value delivered the most significant negative contribution. Realisedvolatility was below target against the benign market. Leverage was in line with expectations throughout the period.

Outlook

The risk of more elevated volatility levels, and surprise spikes, cannot be ruled out in coming months after the spike in volatility seenin February, after which volatility reverted to lower levels. Given the unpredictability of markets we continue to believe there is valuein a strategy that can source returns from persistent styles across many asset classes. Furthermore, the positive skew aspects of StatisticalArbitrage could help investors if markets become especially turbulent.


OLD MUTUAL FINANCIALS CONTINGENT CAPITAL FUNDINVESTMENT ADVISER’S REPORT FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

Old Mutual Financials Contingent Capital Fund – Old Mutual Global Investors (UK) Limited

44

Market

Economic and policy divergence was the driving force behind a poor first six months of the year for risk assets. Outside of the US,growth momentum came to a halt. The pace set in the first quarter of 2018 was too quick to be maintained and a number of headwindshit sentiment – Chinese deleveraging, Italian political uncertainty, truckers’ strikes in Brazil, lingering Brexit uncertainty and, of course,the ongoing threat of a trade war. That said, the US economy was firing on all cylinders as fiscal stimulus and deregulation helped toboost pay packets and confidence, and rippled its way through the economy. Relative US economic strength affects the rest of the worldin two ways. On the positive front, it normally boosts trade as the country imports more goods from the rest of the world – althoughrecent academic studies suggest this effect is far less powerful than it was in previous years. On the negative side, a relatively strongAmerican economy boosts the US dollar and, after years of loose US monetary policy, the rest of the world holds a lot of US dollar-denominated debt – these debtholders are seeing their liabilities rise, limiting their ability to invest and forcing some to delever. Someemerging market countries have been forced to hike interest rates to protect their currencies too, tightening domestic credit conditionsfurther. This financial channel impact has been dominating market sentiment in recent months.

Performance

We went into the start of the 2018 positioned with greater credit beta, or sensitivity to market volatility, than the benchmark, given therelatively benign economic backdrop and fair valuations. This played out well in January as the credit markets rallied aggressivelywhich gave rise to profit-taking opportunities against an increasingly attractive new issue market. Given credit fundamentals remainexceptionally strong in developed market banks, we continued to be comfortable taking opportunities to selectively add positions to theportfolio during the period under review. In our view, this unerring focus on the fundamental credit health of the names in the portfoliopositions the sub-fund attractively for the future.

Outlook

The moves seen in markets – flattening yield curves, US strength, risk asset weakness – have been typical of late economic cyclebehaviour. The market can be ‘end of cycle’ for a long time, however, and given strong US household balance sheets, high employmentand a labour market that has undergone huge structural changes, it seems too early to call time on the cycle: near-term recession risk islow, in our opinion. We expect a recovery in growth outside of America and for inflationary pressures to be contained, while longer-term structural forces point to US dollar weakness.


PORTFOLIO OF INVESTMENTS – Old Mutual China Equity Fund

Nominal Security Description Value USD% of Net

Assets

45

Common Stock

Communications - 27.68% (2017 - 22.73%)


9,095 Baidu Inc (DR) 2,202,900 3.24%

398,500 China Mobile Ltd 3,539,953 5.19%

15,553 Ctrip.com International Ltd (DR) 746,700 1.10%


18,837,246 27.68%


353,000 Geely Automobile Holdings Ltd 915,536 1.35%

264,000 Haier Electronics Group Co Ltd 903,409 1.33%

565,500 Lifestyle International Holdings Ltd 1,199,285 1.76%

229,000 Luk Fook Holdings International Ltd 947,080 1.39%

98,000 Shenzhou International Group Holdings Ltd 1,209,657 1.78%

382,500 Yue Yuen Industrial Holdings Ltd 1,079,796 1.58%

6,254,763 9.19%


396,000 China Resources Beer Holdings Co Ltd 1,922,900 2.83%

464,000 CSPC Pharmaceutical Group Ltd 1,401,531 2.06%

161,900 Inner Mongolia Yili Industrial Group Co Ltd 681,784 1.00%

56,764 Jiangsu Hengrui Medicine Co Ltd 649,096 0.95%

6,700 Kweichow Moutai Co Ltd 739,709 1.09%

11,873 New Oriental Education & Technology Group Inc (DR) 1,114,637 1.64%


22,406 TAL Education Group (DR) 843,810 1.24%

8,134,520 11.96%

Energy - 7.38% (2017 - 3.84%)

876,000 China Petroleum & Chemical Corp 782,634 1.15%


1,062,000 CNOOC Ltd 1,832,650 2.69%

1,860,000 PetroChina Co Ltd 1,415,219 2.08%

5,020,086 7.38%

Financial - 33.84% (2017 - 36.14%)


453,000 AIA Group Ltd 3,960,580 5.82%

7,049,000 Bank of China Ltd 3,494,729 5.14%

517,500 BOC Hong Kong Holdings Ltd 2,437,032 3.57%


176,000 China Resources Land Ltd 593,301 0.87%


28,600 Hang Seng Bank Ltd 715,157 1.05%

60,700 Hong Kong Exchanges & Clearing Ltd 1,825,732 2.69%



23,021,529 33.84%


PORTFOLIO OF INVESTMENTS – Old Mutual China Equity Fund (continued)


Assets

46


Industrial - 5.06% (2017 - 8.64%)

28,500 AAC Technologies Holdings Inc 401,369 0.59%

3,998,000 Guangshen Railway Co Ltd 2,252,172 3.32%

42,200 Sunny Optical Technology Group Co Ltd 785,239 1.15%

3,438,780 5.06%

Technology - 1.22% (2017 - 2.66%)

3,363 NetEase Inc (DR) 829,417 1.22%

829,417 1.22%

Utilities - 3.35% (2017 - 0.00%)

211,500 CLP Holdings Ltd 2,277,737 3.35%

2,277,737 3.35%


Financial Assets at Fair Value Through Profit or Loss(Cost USD 63,901,831) (2017: USD 51,568,983) 67,814,078 99.68%

Cash at Bank 720,812 1.06%


Net Assets Value as at 30 June 2018 68,030,467 100.00%

% of Total


Transferable securities admitted to official stock exchange listing 95.36%Other current assets 4.64%



PORTFOLIO OF INVESTMENTS – Old Mutual Global Strategic Bond Fund (IRL)

Nominal Security DescriptionCoupon

RateMaturity

Date Value USD% of Net

Assets

47

Corporate Bonds - 9.66% (2017 - 12.73%)

3,850,000 Asian Development Bank 6.20 06/10/2026 51,934 0.50%



40,000 Ecopetrol SA 7.38 18/09/2043 44,817 0.44%


100,000 Nationwide Building Society 1.24 25/04/2019 132,134 1.29%

40,000 Petrobras Global Finance BV 7.25 17/03/2044 37,802 0.37%


100,000 Stadshypotek AB 0.90 17/08/2018 131,591 1.28%

100,000 Transport for London 3.63 15/05/2045 161,194 1.56%

992,139 9.66%


61,055Old Mutual Global Investors Series Plc - Old MutualFinancial Contingent Capital Fund (UCITS) 588,436* 5.73%

588,436 5.73%



3,000,000 Argentina Bonar Bonds 34.28 03/04/2022 105,471 1.03%

35,000 Argentine Republic Government International Bond 6.88 26/01/2027 32,462 0.32%





1,300,000 Egypt Treasury Bills 0.00 02/10/2018 69,276 0.67%

950,000 Egypt Treasury Bills 0.00 28/05/2019 45,263 0.44%

















65,000 Mexican Bonos 7.50 03/06/2027 328,757 3.20%




200,000 Republic of South Africa Government International Bond 4.30 12/10/2028 180,443 1.76%


165,000 Spain Government Bond 1.95 30/07/2030 203,176 1.98%

85,000 United Kingdom Gilt 1.50 22/07/2047 106,814 1.04%



PORTFOLIO OF INVESTMENTS – Old Mutual Global Strategic Bond Fund (IRL) (continued)


RateMaturity


Assets

48


40,000 United Kingdom Gilt 4.25 07/12/2027 66,614 0.65%






200,000 Uruguay Government International Bond 9.88 20/06/2022 6,337 0.06%

8,500,245 82.71%

Futures - 0.47% (2017 - 0.32%)

Counterparty Nominal Security DescriptionNo of

ContractsUnrealisedGain USD

Bank of America Merrill Lynch 162,350 Euro-Bund Future 1 06/09/2018 1,199 0.01%

Bank of America Merrill Lynch 961,750 US 10 Year Note Future 8 19/09/2018 8,125 0.08%

Bank of America Merrill Lynch 1,282,813 US 10 Year Ultra Future 10 19/09/2018 12,031 0.12%

Bank of America Merrill Lynch 4,431,983 US 5 Year Note Future 39 28/09/2018 14,538 0.14%


48,393 0.47%

Swaps - 0.07% (2017 - 0.04%)

HSBC 100,000IRS GBP/LIBOR/fixing 6M, R:GBP1.417 20/06/2047 5,969 0.06%

HSBC 1,000,000IRS USD/LIBOR/fixing 3M, R:USD2.822 21/05/2020 983 0.01%

6,952 0.07%


CounterpartyActualSettle Date

IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Canadian Imperial Bank ofCommerce 24/07/2018 EUR 42,977 USD 50,000 120 0.00%

Citibank 24/07/2018 NOK 1,660,000 USD 202,487 1,222 0.01%

Citibank 24/07/2018 USD 105,277 GBP 80,000 40 0.00%

Citibank 24/07/2018 USD 101,960 ZAR 1,400,000 861 0.01%

Citibank 31/07/2018 EUR 147,858 USD 172,448 78 0.00%

Goldman Sachs 28/08/2018 USD 53,356 BRL 200,000 1,934 0.02%

HSBC 24/07/2018 MXN 180,000 USD 8,705 383 0.00%

JP Morgan Securities 19/07/2018 USD 102,990 IDR 1,450,000,000 1,942 0.02%

JP Morgan Securities 24/07/2018 KRW 230,000,000 USD 205,008 1,562 0.02%

JP Morgan Securities 24/07/2018 USD 423,934 ZAR 5,820,000 3,649 0.03%

JP Morgan Securities 23/01/2019 USD 65,597 KRW 70,000,000 2,226 0.02%

Royal Bank of Scotland 24/07/2018 RUB 4,270,000 USD 66,551 1,261 0.01%

Societe Generale 24/07/2018 EUR 57,049 GBP 50,000 756 0.01%

Societe Generale 24/07/2018 MXN 4,500,000 USD 215,612 11,598 0.12%

Societe Generale 23/01/2019 USD 305,677 SGD 400,000 11,070 0.11%

Toronto Dominion Bank 24/07/2018 AUD 380,000 USD 280,012 125 0.00%

Toronto Dominion Bank 24/07/2018 CAD 200,000 USD 150,682 310 0.00%

Toronto Dominion Bank 24/07/2018 EUR 43,131 USD 50,000 300 0.00%

Toronto Dominion Bank 24/07/2018 USD 89,642 NZD 130,000 1,797 0.02%

Unrealised Gain on Currency Exchange Contracts at 30 June 2018 41,234 0.40%



49

Value USD% of Net

AssetsFinancial Assets at Fair Value Through Profit or Loss(Cost USD 10,310,578) (2017: USD 11,227,441) 10,177,399 99.04%

Futures - (0.46%) (2017 - (0.22%))


ContractsMaturity

DateUnrealisedLoss USD

Bank of America Merrill Lynch (388,544) Australian 10 year Bond (3) 17/09/2018 (4,474) (0.04%)

Bank of America Merrill Lynch (710,320) Euro Buxl 30 Year Bond (4) 06/09/2018 (14,940) (0.15%)

Bank of America Merrill Lynch (1,585,440) Euro-Bobl Future (12) 06/09/2018 (6,007) (0.06%)

Bank of America Merrill Lynch (462,960) Euro-OAT Future (3) 06/09/2018 (1,164) (0.01%)

Bank of America Merrill Lynch (123,210) Long Gilt Future (1) 26/09/2018 (920) (0.01%)

Bank of America Merrill Lynch (799,688) US Ultra Bond (CBT) (5) 19/09/2018 (19,594) (0.19%)

(47,099) (0.46%)

Swaps - (0.04%) (2017 - (1.28%))

Barclays 100,000CDS Commonwealth Bank ofAustralia, paid fixed rate 1.00% 20/12/2022 (1,623) (0.02%)

Morgan Stanley 1,200,000IRS USD/LIBOR/fixing 3M, R:USD2.748 05/08/2020 (443) (0.00%)

HSBC 500,000IRS GBP/LIBOR/fixing 6M, R:GBP1.349 25/06/2023 (1,996) (0.02%)

(4,062) (0.04%)



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 28/08/2018 COP 320,000,000 USD 112,761 (4,601) (0.05%)

Goldman Sachs 24/07/2018 ZAR 2,326,402 MXN 3,395,000 (3,427) (0.03%)

HSBC 24/07/2018 JPY 57,840,000 USD 526,548 (2,799) (0.02%)

HSBC 24/07/2018 SGD 420,000 USD 309,241 (1,287) (0.01%)

HSBC 24/07/2018 USD 171,317 CHF 170,000 (145) (0.00%)

Royal Bank of Scotland 24/07/2018 USD 205,804 KRW 230,000,000 (766) (0.01%)

Royal Bank of Scotland 28/08/2018 KRW 215,000,000 USD 194,530 (1,202) (0.01%)

Toronto Dominion Bank 24/07/2018 GBP 105,200 EUR 120,000 (1,554) (0.02%)

Toronto Dominion Bank 24/07/2018 JPY 750,000 USD 6,802 (11) (0.00%)

Toronto Dominion Bank 24/07/2018 PLN 90,000 USD 24,149 (174) (0.00%)

Toronto Dominion Bank 24/07/2018 SEK 3,580,000 USD 401,198 (1,387) (0.01%)

Toronto Dominion Bank 24/07/2018 USD 555,801 EUR 480,000 (3,972) (0.05%)

Toronto Dominion Bank 24/07/2018 USD 273,373 MXN 5,700,000 (14,483) (0.14%)

Toronto Dominion Bank 24/07/2018 ZAR 2,290,000 USD 167,618 (2,244) (0.02%)

Unrealised Loss on Currency Exchange Contracts at 30 June 2018 (38,052) (0.37%)

Value USDFinancial Liabilities at Fair Value Through Profit or Loss(Cost USD Nil) (2017: USD Nil) (89,213) (0.87%)

Cash at Bank 178,155 1.73%





50

% of Total


Transferable securities admitted to official stock exchange listing 77.21%Transferable securities dealt in on another regulated market 12.56%UCITS 5.56%Financial derivative instruments dealt in on a regulated market 0.46%OTC financial derivative instruments 0.46%Other current assets 3.75%



PORTFOLIO OF INVESTMENTS – Old Mutual World Equity Fund


Assets

51

Common Stock

Basic Materials - 5.49% (2017 - 4.67%)

11,628 Air Products & Chemicals Inc 1,814,317 0.37%

31,739 Altri SGPS SA 322,906 0.07%

2,020 BASF SE 192,625 0.04%

17,399 BHP Billiton PLC 391,890 0.08%

31,192 BlueScope Steel Ltd 396,862 0.08%

31,126 Canfor Corp 724,833 0.15%


31,350 Covestro AG 2,769,816 0.57%

2,583 EMS-Chemie Holding AG 1,655,969 0.34%

118,587 Ence Energia y Celulosa SA 1,042,901 0.21%

169,195 Ferrexpo PLC 414,726 0.09%

1,500 Fujimi Inc 33,288 0.01%


13,590 Interfor Corp 250,326 0.05%

20,700 Ishihara Sangyo Kaisha Ltd 195,352 0.04%

507,764 Lynas Corp Ltd 875,858 0.18%



36,300 Mitsubishi Gas Chemical Co Inc 823,621 0.17%

25,007 Mondi PLC 677,202 0.14%

9,946 Navigator Co SA 59,220 0.01%

2,662 NewMarket Corp 1,066,530 0.22%

73,000 Nippon Soda Co Ltd 404,511 0.08%

1,220 Novozymes A/S 61,529 0.01%

7,217 Nutrien Ltd 385,575 0.08%

32,260 OZ Minerals Ltd 224,012 0.05%

1,768 Rio Tinto Ltd 108,746 0.02%


21,562 Semapa-Sociedade de Investimento e Gestao 573,518 0.12%

2,075 Sensient Technologies Corp 148,612 0.03%

368 Siegfried Holding AG 146,852 0.03%

344,753 Silvercorp Metals Inc 905,328 0.19%

33,369 Stora Enso OYJ 650,429 0.13%

69,389 Synthomer PLC 481,397 0.10%

79,000 Tokai Carbon Co Ltd 1,421,822 0.29%

25,400 Tosoh Corp 394,231 0.08%

33,807 UPM-Kymmene OYJ 1,208,138 0.25%

6,387 Venator Materials PLC 103,916 0.02%

4,124 Wacker Chemie AG 527,580 0.11%

8,693 West Fraser Timber Co Ltd 574,701 0.12%


26,697,295 5.49%

Communications - 7.42% (2017 - 6.45%)



3,305 Amazon.com Inc 5,623,292 1.16%


PORTFOLIO OF INVESTMENTS – Old Mutual World Equity Fund (continued)


Assets

52



10,853 Auto Trader Group PLC 60,663 0.01%

1,781 Booking Holdings Inc 3,596,712 0.74%

196,551 Domain Holdings Australia Ltd 466,538 0.10%

77,794 eBay Inc 2,811,475 0.58%

7,900 en-japan Inc 399,196 0.08%

12,986 F5 Networks Inc 2,246,318 0.46%

42,117 Facebook Inc 8,264,619 1.70%

73,829 Gocompare.Com Group PLC 129,796 0.03%

104,912 Groupon Inc 438,532 0.09%

44,500 Gurunavi Inc 365,252 0.08%

31,300 Kakaku.com Inc 707,911 0.15%

330,082 Moneysupermarket.com Group PLC 1,365,757 0.28%

56,852 MSG Networks Inc 1,381,504 0.28%

2,230 Rightmove PLC 155,237 0.03%

1,059 Scout24 AG 55,917 0.01%

2,700 Start Today Co Ltd 97,993 0.02%

40,500 T-Gaia Corp 1,036,068 0.21%

13,691 Wolters Kluwer NV 768,961 0.16%

13,246 XO Group Inc 423,872 0.09%

36,069,545 7.42%


13,827 adidas AG 3,013,849 0.61%

15,704 Allison Transmission Holdings Inc 627,061 0.13%

80,663 Aristocrat Leisure Ltd 1,837,337 0.38%

43,213 Autogrill SpA 534,208 0.11%

17,596 Big Lots Inc 739,032 0.15%

1,032 BRP Inc/CA 50,035 0.01%


10,603 Canada Goose Holdings Inc 615,601 0.13%

868 Carnival PLC 49,498 0.01%

1,712 Choice Hotels International Inc 128,571 0.03%

13,461 Citi Trends Inc 378,254 0.08%

36,411 Copart Inc 2,039,380 0.42%

67,471 Crocs Inc 1,197,610 0.25%


25,917 Dollarama Inc 1,007,383 0.21%

2,862 Ferguson PLC 232,250 0.05%

690 Flight Centre Travel Group Ltd 32,375 0.01%

273,000 Galaxy Entertainment Group Ltd 2,113,710 0.44%

1,848 Galenica AG 97,459 0.02%

238,300 Genting Singapore Ltd 213,064 0.04%

1,113 Great Canadian Gaming Corp 39,415 0.01%

93,000 Haseko Corp 1,287,078 0.26%


11,749 Hilton Grand Vacations Inc 400,641 0.08%

224,420 Howden Joinery Group PLC 1,578,180 0.32%




Assets

53



6,641 HUGO BOSS AG 603,594 0.12%

1,935 Interface Inc 44,215 0.01%

24,800 Iwatani Corp 865,338 0.18%

12,218 JPJ Group PLC 154,438 0.03%

2,918 Kering SA 1,646,040 0.34%

62,278 Kimball International Inc 1,005,790 0.21%

902 Lululemon Athletica Inc 112,696 0.02%


3,420 Maisons du Monde SA 128,269 0.03%

7,104 Marriott Vacations Worldwide Corp 771,992 0.16%

25,600 Melco Resorts & Entertainment Ltd (DR) 716,032 0.15%

29,280 Michael Kors Holdings Ltd 1,960,589 0.40%

24,140 Moncler SpA 1,088,600 0.22%

4,405 MSC Industrial Direct Co Inc 375,174 0.08%

1,064 Next PLC 84,749 0.02%


793 NVR Inc 2,349,040 0.48%

15,073 PulteGroup Inc 427,320 0.09%

70 Puma SE 40,579 0.01%

455 Ralph Lauren Corp 57,758 0.01%

4,684 RH 664,379 0.14%

1,000 Ryohin Keikaku Co Ltd 352,542 0.07%


69,200 Sega Sammy Holdings Inc 1,187,269 0.24%


1,639 Shoe Carnival Inc 54,972 0.01%

30,100 Showa Corp 495,205 0.10%

30,300 Singapore Airlines Ltd 237,381 0.05%

19,801 Sleep Number Corp 590,466 0.12%

4,323 Swatch Group AG 2,030,974 0.42%


5,171 Technogym SpA 60,795 0.01%

949,690 Thomas Cook Group PLC 1,338,938 0.28%

35,405 Toro Co 2,122,530 0.44%

1,403 Trigano SA 248,894 0.05%

11,200 United Arrows Ltd 419,146 0.09%


866 Winmark Corp 126,479 0.03%

8,568 WW Grainger Inc 2,635,174 0.53%

23,600 Wynn Macau Ltd 75,947 0.02%

16,220 Yum! Brands Inc 1,263,376 0.26%

54,868,651 11.29%


90,354 A2 Milk Co Ltd 699,658 0.14%

2,518 ABIOMED Inc 1,042,301 0.21%

10,528 Adecco Group AG 624,093 0.13%




Assets

54




19,784 Altus Group Ltd/Canada 436,675 0.09%

50,834 Arjo AB 180,472 0.04%

178,500 Astellas Pharma Inc 2,725,302 0.56%

4,067 Avery Dennison Corp 409,303 0.08%


7,948 Beiersdorf AG 899,282 0.19%

1,627 Boston Beer Co Inc 486,961 0.10%


7,739 Brown-Forman Corp 381,301 0.08%

43,293 Bruker Corp 1,258,095 0.26%

1,262 Cantel Medical Corp 123,285 0.03%

5,177 Chemed Corp 1,659,953 0.34%

17,507 Cigna Corp 2,971,988 0.61%

699 Cochlear Ltd 103,141 0.02%


3,765 Coloplast A/S 375,885 0.08%

2,936 Corbion NV 93,712 0.02%

21,567 Corcept Therapeutics Inc 340,543 0.07%

8,427 Costa Group Holdings Ltd 51,249 0.01%

5,602 CSL Ltd 795,427 0.16%

13,050 Cutera Inc 512,213 0.11%

13,396 Danaher Corp 1,321,114 0.27%

12,602 Diageo PLC 455,025 0.09%

2,845 DiaSorin SpA 322,065 0.07%

2,551 Eagle Pharmaceuticals Inc/DE 193,697 0.04%


2,996 Elekta AB 39,123 0.01%


120,141 Exelixis Inc 2,546,989 0.52%



2,900 Fukuda Denshi Co Ltd 190,581 0.04%

10,493 Genmab A/S 1,610,385 0.33%


45,835 GN Store Nord A/S 2,090,419 0.43%

33,457 Greggs PLC 430,390 0.09%


96,500 Health and Happiness H&H International Holdings Ltd 665,367 0.14%

489 Henkel AG & Co KGaA 54,190 0.01%

9,603 Humana Inc 2,851,995 0.59%


3,103 Idorsia Ltd 81,073 0.02%

29,888 Innoviva Inc 411,259 0.08%

10,774 Insperity Inc 1,010,601 0.21%

5,209 Interparfums SA 217,984 0.04%





Assets

55



1,540 Ipsen SA 240,841 0.05%

6,025 Johnson & Johnson 735,050 0.15%

1,591 Kelly Services Inc 35,543 0.01%

14,960 Kforce Inc 513,876 0.11%

1,170 Ligand Pharmaceuticals Inc 243,337 0.05%

13,512 L'Oreal SA 3,303,015 0.68%

18,143 Masimo Corp 1,790,714 0.37%

14,569 Medifast Inc 2,291,267 0.47%

13,200 Meitec Corp 634,793 0.13%

146,138 Mitie Group PLC 295,708 0.06%

139 Myriad Genetics Inc 5,164 0.00%


3,184 Nestle SA 244,504 0.05%

2,700 Nihon M&A Center Inc 78,468 0.02%

731 Novo Nordisk A/S 33,762 0.01%

13,800 Ono Pharmaceutical Co Ltd 323,965 0.07%


103,571 Pagegroup PLC 761,407 0.16%

1,615 Pfizer Inc 58,721 0.01%

19,000 Pola Orbis Holdings Inc 837,288 0.17%


5,248 RELX PLC 112,192 0.02%


2,829 Roche Holding AG 623,399 0.13%

8,353 Royal Unibrew A/S 661,460 0.14%

8,404 Sartorius Stedim Biotech 872,126 0.18%

74,205 Savills PLC 850,702 0.18%

25 SGS SA 66,375 0.01%

51,300 Shionogi & Co Ltd 2,639,081 0.54%

800 Shiseido Co Ltd 63,624 0.01%

1,943 Siemens Healthineers AG 81,502 0.02%

15,389 Smith & Nephew PLC 284,197 0.06%



181,357 SSP Group PLC 1,526,035 0.31%

70,732 Stock Spirits Group PLC 211,899 0.04%


10,159 Surmodics Inc 560,269 0.12%


3,493 Synergie SA 174,433 0.04%

8,902 Treasury Wine Estates Ltd 114,115 0.02%

13,865 Unilever PLC 768,978 0.16%

9,091 United Therapeutics Corp 1,013,374 0.21%








Assets

56



1,196 WellCare Health Plans Inc 293,474 0.06%


6,851 Wirecard AG 1,104,923 0.23%

129,000 YA-MAN Ltd 2,166,617 0.45%

108,432,363 22.32%

Diversified - 0.50% (2017 - 0.62%)

12,800 Jardine Strategic Holdings Ltd 466,944 0.10%

19,372 Seven Group Holdings Ltd 271,750 0.06%

6,307 Sofina SA 1,086,566 0.22%


2,391,879 0.50%

Energy - 7.78% (2017 - 2.86%)

16,860 Arch Coal Inc 1,321,150 0.27%

914,509 Beach Energy Ltd 1,183,099 0.24%

224,922 BP PLC 1,712,928 0.36%

69,197 Cabot Oil & Gas Corp 1,637,201 0.34%


42,482 Chevron Corp 5,338,288 1.10%

20,579 Cimarex Energy Co 2,076,833 0.44%

50,601 DNO ASA 94,350 0.02%

172,015 Eni SpA 3,177,715 0.65%

92,034 Equinor ASA 2,430,239 0.50%

8,098 Etablissements Maurel et Prom 59,010 0.01%

76,023 Exxon Mobil Corp 6,231,605 1.28%

515 Koninklijke Vopak NV 23,776 0.00%

6,459 Neste OYJ 503,897 0.10%

9,092 OMV AG 514,466 0.11%

11,744 PrairieSky Royalty Ltd 233,072 0.05%

149,457 Repsol SA 2,937,575 0.60%



19,323 SolarEdge Technologies Inc 956,489 0.20%


7,520 Warrior Met Coal Inc 198,829 0.04%


37,790,281 7.78%

Financial - 17.21% (2017 - 20.47%)

48,400 77 Bank Ltd 1,057,472 0.22%

12,860 Affiliated Managers Group Inc 1,947,390 0.40%

60,742 Aflac Inc 2,624,662 0.54%

34,160 AGF Management Ltd 175,801 0.04%

15,592 Allstate Corp 1,424,329 0.29%

9,275 Alm Brand A/S 91,266 0.02%

1,893 American National Insurance Co 223,809 0.05%




Assets

57



4,100 Anicom Holdings Inc 154,549 0.03%

265,147 Ashmore Group PLC 1,291,830 0.27%

9,183 Athene Holding Ltd 400,287 0.08%


130,304 Brewin Dolphin Holdings PLC 609,176 0.13%

55,932 CBRE Group Inc 2,648,380 0.55%

12,789 Citizens Financial Group Inc 505,293 0.10%

35,781 CNO Financial Group Inc 677,334 0.14%

64,659 CNP Assurances 1,468,446 0.30%

21,695 Coface SA 242,439 0.05%

28,776 Comerica Inc 2,628,400 0.54%

2,818 Commerce Bancshares Inc/MO 182,522 0.04%




38,600 DBS Group Holdings Ltd 752,763 0.15%


9,856 doBank SpA 126,202 0.03%

3,185 Dream Office Real Estate Investment Trust 56,528 0.01%

35,368 East West Bancorp Inc 2,335,703 0.49%

8,365 Erste Group Bank AG 349,081 0.07%

33,271 Essent Group Ltd 1,198,421 0.25%

7,681 Evercore Inc 814,954 0.17%


3,305 EXOR NV 221,521 0.05%

12,700 First American Financial Corp 651,510 0.13%


26,268 FNF Group 979,008 0.20%

33,599 GAM Holding AG 464,962 0.10%




37,900 Goldcrest Co Ltd 617,706 0.13%

75,292 Great Portland Estates PLC 700,325 0.14%

28,561 Great-West Lifeco Inc 694,412 0.14%

3,098 Greenlight Capital Re Ltd 43,992 0.01%

73,700 Hachijuni Bank Ltd 315,786 0.06%

816 Hanover Insurance Group Inc 96,965 0.02%

58,000 Hopewell Holdings Ltd 198,107 0.04%

19,000 Ichiyoshi Securities Co Ltd 206,102 0.04%




67,163 Jupiter Fund Management PLC 395,002 0.08%

643,000 K Wah International Holdings Ltd 370,413 0.08%

11,123 Kemper Corp 837,006 0.17%





Assets

58



209,000 Leopalace21 Corp 1,146,784 0.24%




24,101 Mastercard Inc 4,750,307 0.98%

3,413 Metrovacesa SA 58,998 0.01%



13,491 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 2,847,956 0.59%

1,763 National Western Life Group Inc 538,085 0.11%

21,348 NMI Holdings Inc 347,972 0.07%

5,603 NSI NV 233,168 0.05%

13,574 OFG Bancorp 192,072 0.04%

119,568 Old Mutual Ltd 238,927 0.05%

41,504 Old Republic International Corp 828,005 0.17%


3,864 Pendal Group Ltd 28,227 0.01%

19,304 PJT Partners Inc 1,039,520 0.21%

120,813 Platinum Asset Management Ltd 512,970 0.11%

18,896 Plus500 Ltd 404,455 0.08%

15,398 Prologis Inc 1,003,180 0.21%

1,997 Public Storage 457,173 0.09%

2,920 Rayonier Inc 112,741 0.02%

9,792 Realogy Holdings Corp 224,139 0.05%

147,413 Regions Financial Corp 2,651,960 0.55%

7,257 St Modwen Properties PLC 39,534 0.01%

30,115 State Street Corp 2,838,640 0.58%

19,073 Sun Life Financial Inc 753,594 0.16%


2,800 Swissquote Group Holding SA 154,428 0.03%


78,100 TOMONY Holdings Inc 335,345 0.07%

2,455 Topdanmark A/S 107,672 0.02%

12,723 Torchmark Corp 1,032,471 0.21%

24,000 Tosei Corp 254,698 0.05%


29,008 Tricon Capital Group Inc 241,004 0.05%

3,821 United Fire Group Inc 207,633 0.04%

30,900 United Overseas Bank Ltd 605,998 0.12%



3,871 Walker & Dunlop Inc 216,273 0.04%

5,221 Wells Fargo & Co 280,002 0.06%

11,625 Weyerhaeuser Co 419,779 0.09%

77,000 Wheelock & Co Ltd 536,312 0.11%

197,000 Yamaguchi Financial Group Inc 2,222,428 0.47%

6,833 Zurich Insurance Group AG 2,017,715 0.42%

83,600,744 17.21%




Assets

59


Industrial - 9.31% (2017 - 8.45%)

16,753 Advanced Energy Industries Inc 970,669 0.20%

40,880 Agilent Technologies Inc 2,505,535 0.51%

400 Alten SA 41,044 0.01%

43,294 AO Smith Corp 2,534,431 0.51%

9,614 Armstrong World Industries Inc 599,433 0.12%

14,236 Boeing Co 4,764,077 0.98%

16,363 Brady Corp 629,157 0.13%

209 Bucher Industries AG 69,498 0.01%


5,623 CIMIC Group Ltd 175,333 0.04%


344 Dassault Aviation SA 649,503 0.13%

71,100 DMG Mori Co Ltd 987,848 0.20%

27,499 Electro Scientific Industries Inc 437,509 0.09%

2,024 Epiroc AB 21,103 0.00%

18,100 Fuji Corp/Aichi 324,941 0.07%

19,156 Garmin Ltd 1,167,750 0.24%


2,452 Generac Holdings Inc 125,788 0.03%

4,597 Gentex Corp 106,375 0.02%

43,273 Graco Inc 1,948,583 0.40%

22,000 Hitachi Ltd 155,437 0.03%

23,400 Hoya Corp 1,332,399 0.27%

1,464 Huntington Ingalls Industries Inc 315,931 0.07%

17,224 Illinois Tool Works Inc 2,386,557 0.49%

5,637 Keller Group PLC 75,845 0.02%

12,023 Kloeckner & Co SE 126,938 0.03%



144 LEM Holding SA 215,072 0.04%

4,772 Lennox International Inc 925,243 0.19%


14,144 Masco Corp 525,308 0.11%

1,278 Mersen SA 51,547 0.01%

4,459 Mettler-Toledo International Inc 2,553,580 0.53%


1,173 Oshkosh Corp 80,972 0.02%

2,067 Prima Industrie SpA 88,424 0.02%

16,357 Raytheon Co 3,155,592 0.65%

1,385 Renishaw PLC 95,268 0.02%

6,000 Sakai Moving Service Co Ltd 298,305 0.06%

13,733 Signify NV 358,564 0.07%

19,779 Sika AG 2,725,186 0.56%


6,582 Stoneridge Inc 235,965 0.05%

21,791 Sturm Ruger & Co Inc 1,251,893 0.26%

13,464 Terex Corp 553,640 0.11%

16,222 Trex Co Inc 1,020,850 0.21%




Assets

60



1,661 Trinseo SA 117,433 0.02%

25,000 Tsugami Corp 222,147 0.05%

22,690 Wacker Neuson SE 585,296 0.12%


45,251,760 9.31%

Technology - 15.53% (2017 - 13.12%)

17,128 Adobe Systems Inc 4,107,466 0.85%

42,016 AIXTRON SE 539,463 0.11%

620 Akamai Technologies Inc 44,938 0.01%

25,627 Altium Ltd 425,235 0.09%

15,484 ANSYS Inc 2,677,648 0.55%

46,147 Apple Inc 8,560,269 1.76%

20,302 Applied Materials Inc 919,478 0.19%

9,500 ASM Pacific Technology Ltd 120,108 0.02%


30,768 AVEVA Group PLC 1,079,417 0.22%


59,500 Capcom Co Ltd 1,468,339 0.30%

14,419 CDK Global Inc 945,021 0.19%


7,072 CommVault Systems Inc 471,702 0.10%

100 Constellation Software Inc/Canada 76,531 0.02%

1,948 Dassault Systemes SE 274,376 0.06%

6,158 EMIS Group PLC 72,013 0.01%

3,645 Fair Isaac Corp 699,731 0.14%

38,535 Fortinet Inc 2,406,511 0.50%

448,300 GungHo Online Entertainment Inc 1,142,785 0.24%

16,767 Intuit Inc 3,420,803 0.70%

24,785 KLA-Tencor Corp 2,523,361 0.52%

2,208 Lam Research Corp 377,281 0.08%


107,860 Marvell Technology Group Ltd 2,348,112 0.48%

2,409 MAXIMUS Inc 151,285 0.03%

2,117 Melexis NV 202,195 0.04%

55,421 Microsoft Corp 5,466,173 1.13%

33,400 Mixi Inc 846,586 0.17%

125,200 Nexon Co Ltd 1,820,988 0.37%

37,618 Nordic Semiconductor ASA 240,264 0.05%

11,637 NVIDIA Corp 2,802,888 0.58%


5,205 Pegasystems Inc 285,234 0.06%

1,472 Progress Software Corp 60,249 0.01%

19,823 Red Hat Inc 2,669,960 0.55%


15,108 SAP SE 1,733,146 0.36%

5,673 Siltronic AG 817,533 0.17%

8,783 SimCorp A/S 710,601 0.15%




Assets

61



1,862 Skyworks Solutions Inc 179,795 0.04%

4,922 Software AG 229,407 0.05%

278 Splunk Inc 27,297 0.01%

46,325 STMicroelectronics NV 1,040,745 0.21%

17,892 Synopsys Inc 1,520,641 0.31%

22,348 Syntel Inc 714,689 0.15%

7,151 Temenos AG 1,077,400 0.22%

34,440 Texas Instruments Inc 3,757,404 0.77%

16,200 Tokyo Electron Ltd 2,785,302 0.57%

10,383 VMware Inc 1,517,164 0.31%


4,108 Workiva Inc 101,878 0.02%

18,853 Zynga Inc 76,166 0.02%

75,437,202 15.53%

Utilities - 0.98% (2017 - 4.16%)

24,873 CenterPoint Energy Inc 685,500 0.14%

27,964 ERG SpA 608,713 0.13%

33,550 Just Energy Group Inc 118,230 0.02%

3,629 MDU Resources Group Inc 104,261 0.02%

5,413 NRG Energy Inc 166,233 0.03%

11,330 PNM Resources Inc 441,304 0.09%

27,100 Shizuoka Gas Co Ltd 248,891 0.05%

25,187 TransAlta Corp 121,830 0.03%

14,892 UGI Corp 775,426 0.17%

26,845 Valener Inc 410,008 0.08%

15,328 Verbund AG 493,882 0.10%

25,793 Vistra Energy Corp 606,136 0.12%

4,780,414 0.98%




183,439 0.04%

Futures - 0.00% (2017 - 0.02%)


ContractsMaturity

DateUnrealisedGain USD

Bank of America MerrillLynch 2,745,090

Euro Stoxx Banks IndexFuture 81 21/09/2018 4,848 0.00%


S&P 500 Emini IndexFuture 48 21/09/2018 1,450 0.00%

6,298 0.00%



62



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain USD

% of NetAssets

Citibank 31/07/2018 EUR 4,574,253 USD 5,334,707 2,696 0.00%

Citibank 31/07/2018 USD 97,615 EUR 83,431 265 0.00%


Value USDFinancial Assets at Fair Value Through Profit or Loss(Cost USD 438,986,710) (2017: USD 357,232,795) 475,512,832 97.87%

Cash at Bank 5,786,004 1.19%



Portfolio Analysis% of Total

AssetsTransferable securities admitted to official stock exchange listing 95.84%Transferable securities dealt in on another regulated market 0.07%AIF 0.04%Other current assets 4.05%



PORTFOLIO OF INVESTMENTS – Old Mutual Pacific Equity Fund


Assets

63

Common Stock

Basic Materials - 10.44% (2017 - 14.07%)

33,032 BlueScope Steel Ltd 420,273 0.31%

209,010 Chemfab Alkalis Ltd 533,838 0.40%

2,188,000 China BlueChemical Ltd 805,901 0.60%

3,134,000 China Petrochemical Development Corp 1,336,297 1.00%



723,000 Indorama Ventures PCL 1,194,811 0.90%

500,422 Jindal Steel & Power Ltd 1,629,081 1.22%

16,692 JSW Steel Ltd 79,615 0.06%

9,582,199 Krakatau Steel Persero Tbk PT 304,903 0.23%


61,000 LCY Chemical Corp 94,335 0.07%


440,614 Lynas Corp Ltd 760,029 0.57%

77,079 Newcrest Mining Ltd 1,238,650 0.93%

129,000 Oriental Union Chemical Corp 139,202 0.10%

83,775 OZ Minerals Ltd 581,730 0.44%

594,300 PTT Global Chemical PCL 1,309,500 0.98%


762,000 Sinopec Shanghai Petrochemical Co Ltd 464,215 0.35%

1,530 Taekwang Industrial Co Ltd 1,906,830 1.43%

13,926,833 10.44%

Communications - 12.19% (2017 - 4.57%)

8,000 51job Inc (DR) 756,320 0.57%


1,400 Autohome Inc (DR) 141,358 0.11%

12,078 Baidu Inc (DR) 2,925,412 2.19%

233,660 Fairfax Media Ltd 129,182 0.10%

3,954,200 My EG Services Bhd 944,621 0.71%

583,500 Surya Citra Media Tbk PT 83,876 0.06%


29,156 Trade Me Group Ltd 91,805 0.07%

16,000 Weibo Corp (DR) 1,406,880 1.05%

10,740 YY Inc (DR) 1,106,650 0.83%

16,263,331 12.19%



13,601 Aristocrat Leisure Ltd 309,803 0.23%

66,456 Ashok Leyland Ltd 122,017 0.09%

11,000 Aurora Corp/Taiwan 32,579 0.02%

23,337 Bata India Ltd 292,715 0.22%


405,900 Bloomberry Resorts Corp 74,156 0.06%

2,383 Crown Resorts Ltd 23,714 0.02%

789 Eicher Motors Ltd 329,232 0.25%

16,000 Fairwood Holdings Ltd 61,176 0.05%


PORTFOLIO OF INVESTMENTS – Old Mutual Pacific Equity Fund (continued)


Assets

64



270,000 Far Eastern Department Stores Ltd 173,130 0.13%

1,334 Flight Centre Travel Group Ltd 62,591 0.05%

18,000 Formosa International Hotels Corp 87,967 0.07%


36,300 Genting Malaysia Bhd 43,853 0.03%



1,827 Hotel Shilla Co Ltd 202,453 0.15%

5,891 Jet Airways India Ltd 29,826 0.02%

944 LF Corp 23,801 0.02%

7,941 LG Electronics Inc 591,387 0.44%

702,500 Li Ning Co Ltd 774,460 0.58%

88 Lotte Shopping Co Ltd 16,581 0.01%



24,000 Mercuries & Associates Holding Ltd 19,089 0.01%


139,200 Ramayana Lestari Sentosa Tbk PT 14,473 0.01%


266,400 Sands China Ltd 1,424,304 1.07%

550 Shinsegae Inc 198,137 0.15%




30,124 Titan Co Ltd 386,241 0.29%

388,400 Wynn Macau Ltd 1,249,905 0.94%

12,698,096 9.52%


1,217 A2 Milk Co Ltd 9,424 0.01%

50,767 Bellamy's Australia Ltd 581,552 0.43%

8,700 Carlsberg Brewery Malaysia Bhd 41,567 0.03%

465,403 China Conch Venture Holdings Ltd 1,702,345 1.28%


1,381 Cochlear Ltd 203,774 0.15%

3,017 Colgate-Palmolive India Ltd 52,173 0.04%

20,451 CSL Ltd 2,903,834 2.18%

568,000 CSPC Pharmaceutical Group Ltd 1,715,667 1.28%


36,568 Estia Health Ltd 88,686 0.07%


40,000 Health and Happiness H&H International Holdings Ltd 275,800 0.21%

594 Hindustan Unilever Ltd 14,228 0.01%

2,097 Hyundai Greenfood Co Ltd 26,812 0.02%

129,245 Lix Detergent JSC 234,767 0.18%

163,600 LT Group Inc 55,425 0.04%

1,952 Medy-Tox Inc 1,343,889 1.01%





Assets

65



1,210 Nestle India Ltd 173,246 0.13%

454,200 Perusahaan Perkebunan London Sumatra Indonesia Tbk PT 31,377 0.02%



392,000 SSY Group Ltd 435,152 0.33%


109,852 Treasury Wine Estates Ltd 1,408,197 1.06%

25,700 Westports Holdings Bhd 21,568 0.02%

15,743,020 11.80%

Diversified - 1.07% (2017 - 0.00%)


31,500 Jardine Strategic Holdings Ltd 1,149,120 0.85%

20,500 Malaysian Pacific Industries Bhd 51,967 0.04%

9,000 Melco International Development Ltd 27,701 0.02%

564 Seven Group Holdings Ltd 7,912 0.01%


1,428,046 1.07%

Energy - 4.75% (2017 - 3.50%)

526,847 Beach Energy Ltd 681,581 0.52%

428,700 Bukit Asam Tbk PT 118,761 0.09%


1,767,000 China Coal Energy Co Ltd 731,908 0.55%

7,237 Coal India Ltd 27,922 0.02%

17,589 Deep Industries Ltd 21,782 0.02%

81,000 Formosa Petrochemical Corp 325,448 0.24%

635,100 Harum Energy Tbk PT 109,907 0.08%

352,500 Hengyuan Refining Co Bhd 545,395 0.41%

5,456 Hindustan Petroleum Corp Ltd 20,640 0.02%

51,700 Indo Tambangraya Megah Tbk PT 80,721 0.06%

22,021 New Zealand Refining Co Ltd 36,306 0.03%

246,000 PetroChina Co Ltd 187,174 0.14%

268,700 Petron Corp 44,710 0.03%

19,692 Petronet LNG Ltd 62,999 0.05%


685,500 Star Petroleum Refining PCL 268,985 0.20%


68,838 Z Energy Ltd 352,110 0.26%

6,338,456 4.75%

Financial - 22.88% (2017 - 33.70%)


92,200 AIA Group Ltd 806,105 0.60%

712,300 Alam Sutera Realty Tbk PT 16,303 0.01%



82,355 BNK Financial Group Inc 690,907 0.52%




Assets

66



212,641 Canara Bank 780,684 0.59%

82,000 China Cinda Asset Management Co Ltd 26,336 0.02%

292,000 China CITIC Bank Corp Ltd 182,726 0.14%

633,000 China Construction Bank Corp 584,895 0.44%

1,271,000 China Development Financial Holding Corp 464,816 0.35%

363,000 China Life Insurance Co Ltd 936,846 0.70%


827,000 China Overseas Grand Oceans Group Ltd 304,607 0.23%

687,000 China Reinsurance Group Corp 150,599 0.11%

22,400 China Vanke Co Ltd 78,366 0.06%


8,923 Commonwealth Bank of Australia 479,309 0.36%

158,000 Country Garden Holdings Co Ltd 277,890 0.21%

107,500 DBS Group Holdings Ltd 2,096,427 1.57%

635,000 Filinvest Land Inc 16,658 0.01%

20,842 Folkestone Education Trust 41,328 0.03%



7,200 Hong Kong Exchanges & Clearing Ltd 216,561 0.16%

14,400 Huatai Securities Co Ltd 22,904 0.02%


52,532 ICICI Bank Ltd 211,150 0.16%

147,000 Industrial & Commercial Bank of China Ltd 109,974 0.08%


2,670 ING Life Insurance Korea Ltd 100,259 0.08%



227,500 Kerry Properties Ltd 1,088,749 0.82%

48,000 Liu Chong Hing Investment Ltd 75,858 0.06%




259,422 Medibank Pvt Ltd 558,400 0.42%

873,000 Megaworld Corp 70,013 0.05%

83,400 Oversea-Chinese Banking Corp Ltd 711,452 0.52%

175,053 Pendal Group Ltd 1,278,790 0.96%



84,000 Postal Savings Bank of China Co Ltd 54,706 0.04%

5,086 Power Finance Corp Ltd 5,738 0.00%

205,400 Public Bank Bhd 1,187,805 0.89%

35,269 Rural Electrification Corp Ltd 53,869 0.04%

788,000 Shin Kong Financial Holding Co Ltd 303,686 0.23%

9,883 Shriram Transport Finance Co Ltd 187,436 0.14%

978,000 SinoPac Financial Holdings Co Ltd 352,852 0.26%

73,070 State Bank of India 276,586 0.21%






Assets

67



47,000 Value Partners Group Ltd 37,139 0.03%

55,101 Viva Energy REIT 91,390 0.07%

19,000 Wheelock & Co Ltd 132,337 0.10%

2,200 Yirendai Ltd (DR) 44,132 0.03%

1,401,000 Yuanta Financial Holding Co Ltd 638,724 0.48%

30,533,530 22.88%

Industrial - 9.54% (2017 - 20.02%)

550,220 Access Engineering PLC 55,264 0.04%


43,641 Ansell Ltd 874,701 0.66%

39,000 China Lesso Group Holdings Ltd 24,753 0.02%

634,507 China Machinery Engineering Corp 304,061 0.23%


88,000 China Railway Group Ltd 66,396 0.05%


10,181 CIMIC Group Ltd 317,458 0.24%

62,920 Cleanaway Waste Management Ltd 78,385 0.06%


4,056 Container Corp Of India Ltd 38,611 0.03%


115,188 Doosan Infracore Co Ltd 996,329 0.75%

3 FECON Corp 2 0.00%

4,397,586 GMR Infrastructure Ltd 981,996 0.74%

5,263 GS Engineering & Construction Corp 217,225 0.16%

154,000 Guangshen Railway Co Ltd 86,752 0.07%

2,572,000 HannStar Display Corp 768,511 0.58%

4,110 Havells India Ltd 32,593 0.02%

5,173,640 Holcim Indonesia Tbk PT 203,974 0.15%

920,900 Indika Energy Tbk PT 219,771 0.16%

117,914 IRB Infrastructure Developers Ltd 362,949 0.27%

43,000 Micro-Star International Co Ltd 132,856 0.10%

278,500 MTR Corp Ltd 1,540,463 1.15%

9,800 Riverstone Holdings Ltd/Singapore 7,182 0.01%

463,000 Sany Heavy Equipment International Holdings Co Ltd 170,536 0.13%

84,200 Sunny Optical Technology Group Co Ltd 1,566,756 1.17%

119,000 Synnex Technology International Corp 179,542 0.13%

1,375,000 Taiwan Glass Industry Corp 775,696 0.58%

1,027,227 Tokyo Cement Co Lanka PLC 207,648 0.16%

28,100 United Tractors Tbk PT 61,962 0.05%

7,000 Walsin Technology Corp 95,740 0.07%


12,732,359 9.54%

Technology - 15.08% (2017 - 13.97%)

2,292 Altium Ltd 38,032 0.03%

120,600 ASM Pacific Technology Ltd 1,524,739 1.14%

519,000 Gigabyte Technology Co Ltd 1,147,329 0.85%




Assets

68



82,000 Globalwafers Co Ltd 1,363,586 1.02%


11,849 Infosys Ltd 226,062 0.17%

41,149 Momo Inc (DR) 1,827,839 1.37%

2,261 Mphasis Ltd 35,778 0.03%

237,000 Nanya Technology Corp 646,744 0.48%

25,402 Pro Medicus Ltd 150,175 0.11%



34,455 SK Hynix Inc 2,649,424 1.99%




120,794 WiseTech Global Ltd 1,394,418 1.04%

81,000 Wistron Corp 60,175 0.05%

20,126,771 15.08%

Utilities - 1.01% (2017 - 3.09%)

32,179 Contact Energy Ltd 127,199 0.10%

160,732 GAIL India Ltd 798,187 0.60%

115,624 Mercury NZ Ltd 263,288 0.20%


1,351,899 1.01%




434,670 0.33%

Preferred Stock

Technology - 0.49% (2017 - 0.81%)


647,564 0.49%


Futures - (0.02%) (2017 - (0.01%))


ContractsMaturity


Bank of America Merrill Lynch 1,908,375S&P 500 Emini IndexFuture 14 21/09/2018 (27,632) (0.02%)

(27,632) (0.02%)



69

Value USD% of Net

AssetsFinancial Liabilities at Fair Value Through Profit or Loss(Cost USD Nil) (2017: USD Nil) (27,632) (0.02%)

Cash at Bank 2,099,626 1.57%




AssetsTransferable securities admitted to official stock exchange listing 94.84%AIF 0.31%Other current assets 4.85%



PORTFOLIO OF INVESTMENTS – Old Mutual European Equity Fund

Nominal Security Description Value EUR% of Net

Assets

70

Common Stock

Basic Materials - 4.54% (2017 - 6.91%)

25,425 ArcelorMittal 643,634 1.96%

17,880 Rio Tinto PLC 850,995 2.58%

1,494,629 4.54%

Communications - 11.66% (2017 - 12.34%)

91,000 Atresmedia Corp de Medios de Comunicacion SA 682,500 2.07%

131,539 Nokia OYJ 648,750 1.97%

51,000 Orange SA 733,380 2.23%

22,865 ProSiebenSat.1 Media SE 501,658 1.52%

937,000 Telecom Italia SpA/Milano 591,622 1.80%

328,250 Vodafone Group PLC 680,424 2.07%

3,838,334 11.66%


3,780 Continental AG 742,770 2.26%

9,660 Renault SA 704,311 2.14%

47,000 Ryanair Holdings PLC 736,960 2.24%

49,290 Volvo AB 669,755 2.03%

2,853,796 8.67%


29,000 Corbion NV 795,180 2.43%

52,300 Glanbia PLC 830,001 2.52%

49,315 GlaxoSmithKline PLC 850,013 2.58%

428,900 Greencore Group PLC 896,128 2.72%

22,330 Novo Nordisk A/S 885,975 2.69%

4,210 Roche Holding AG 796,973 2.42%

10,360 Sanofi 716,705 2.18%

14,130 Shire PLC 681,606 2.07%

40,000 Suedzucker AG 544,400 1.65%

366,680 Tesco PLC 1,072,827 3.26%

8,069,808 24.52%

Energy - 2.54% (2017 - 2.03%)

15,980 TOTAL SA 835,115 2.54%

835,115 2.54%

Financial - 24.44% (2017 - 25.53%)

13,020 AURELIUS Equity Opportunities SE & Co KGaA 666,624 2.03%

99,500 Bank of Ireland Group PLC 678,590 2.06%

287,600 Barclays PLC 615,899 1.87%

166,190 CaixaBank SA 618,061 1.88%

50,000 Credit Suisse Group AG 646,075 1.96%

45,317 DNB ASA 759,064 2.31%

53,394 ING Groep NV 661,872 2.01%

968,091 Lloyds Banking Group PLC 688,437 2.09%

78,717 Mediobanca Banca di Credito Finanziario SpA 630,523 1.92%


PORTFOLIO OF INVESTMENTS – Old Mutual European Equity Fund (continued)


Assets

71



39,160 Prudential PLC 770,234 2.34%

15,580 Societe Generale SA 564,308 1.71%

10,000 Swiss Re AG 743,386 2.26%

8,043,073 24.44%

Industrial - 13.82% (2017 - 7.21%)

530 AP Moller - Maersk A/S 556,399 1.68%

15,000 Cargotec OYJ 643,800 1.96%

24,620 CRH PLC 746,971 2.27%

77,885 Leonardo SpA 659,997 2.01%

5,348 Siemens AG 604,324 1.83%

27,700 Signify NV 621,311 1.89%

8,668 Vinci SA 717,537 2.18%

4,550,339 13.82%

Technology - 5.49% (2017 - 6.17%)

7,500 Capgemini SE 861,000 2.61%

6,260 Teleperformance 947,138 2.88%

1,808,138 5.49%


Financial Assets at Fair Value Through Profit or Loss(Cost EUR 30,909,329) (2017: EUR 33,503,345) 31,493,232 95.68%

Cash at Bank 1,489,451 4.53%




AssetsTransferable securities admitted to official stock exchange listing 92.26%Transferable securities dealt in on another regulated market 1.86%Other current assets 5.88%



PORTFOLIO OF INVESTMENTS – Old Mutual US Equity Income Fund


Assets

72

Common Stock

Basic Materials - 3.02% (2017 - 3.38%)


2,294 Cabot Corp 140,852 0.04%

43,022 Kronos Worldwide Inc 934,438 0.26%


10,843,835 3.02%

Communications - 8.62% (2017 - 2.67%)


3,858 Amazon.com Inc 6,564,194 1.83%


109,911 eBay Inc 3,972,184 1.11%

17,069 Facebook Inc 3,349,450 0.93%


30,984,277 8.62%


54,552 Best Buy Co Inc 4,090,854 1.14%

8,171 Buckle Inc 223,068 0.06%

39,408 Dine Brands Global Inc 3,058,849 0.85%

3,б Guess? Inc 73,732 0.02%

22,038 Kohl's Corp 1,624,421 0.46%

22,735 MSC Industrial Direct Co Inc 1,936,340 0.54%

215 NVR Inc 636,877 0.18%


4,760 Toro Co 285,362 0.08%

71,718 Wingstop Inc 3,771,650 1.05%

15,977 WW Grainger Inc 4,913,886 1.37%

21,779,043 6.07%


60,198 AbbVie Inc 5,564,101 1.55%


7,200 Altria Group Inc 412,488 0.11%

33,989 Amgen Inc 6,231,543 1.74%

3,097 Avery Dennison Corp 311,682 0.09%



7,404 Danaher Corp 730,182 0.20%

4,206 Eli Lilly & Co 359,571 0.10%


4,821 Exelixis Inc 102,205 0.03%

94,364 H&R Block Inc 2,144,894 0.60%


13,508 Insperity Inc 1,267,050 0.35%

10,349 Johnson & Johnson 1,262,578 0.35%

113,359 Merck & Co Inc 6,835,548 1.90%

25,758 Pfizer Inc 936,561 0.26%



PORTFOLIO OF INVESTMENTS – Old Mutual US Equity Income Fund (continued)


Assets

73






63,788,764 17.76%

Energy - 8.10% (2017 - 5.63%)

553 Arch Coal Inc 43,333 0.01%

66,501 Chevron Corp 8,356,516 2.34%

121,932 Exxon Mobil Corp 9,994,766 2.78%

67,192 Occidental Petroleum Corp 5,603,813 1.56%

7,787 Phillips 66 870,119 0.24%


29,069,173 8.10%

Financial - 26.84% (2017 - 23.64%)

93,716 Annaly Capital Management Inc 974,646 0.27%



28,038 BrightSphere Investment Group PLC 402,065 0.11%


111,839 Cohen & Steers Inc 4,563,031 1.27%

22,009 Comerica Inc 2,010,302 0.56%

31,986 Dynex Capital Inc 207,909 0.06%

11,209 Equity Residential 709,530 0.20%


115,795 Exantas Capital Corp 1,185,741 0.33%

78,884 Federated Investors Inc 1,833,264 0.51%

20,727 First American Financial Corp 1,063,295 0.30%

131,035 FNF Group 4,883,674 1.36%

22,709 Forest City Realty Trust Inc 523,897 0.15%

135,619 Gaming and Leisure Properties Inc 4,864,654 1.35%

81,362 Janus Henderson Group PLC 2,472,591 0.69%

1,718 Jones Lang LaSalle Inc 282,972 0.08%


24,320 Legg Mason Inc 850,714 0.24%

2,188 Macerich Co 124,760 0.03%


38,088 Mastercard Inc 7,507,145 2.09%


58,100 MetLife Inc 2,552,914 0.71%

25,939 MGM Growth Properties LLC 800,218 0.22%

55,381 Moelis & Co 3,267,479 0.91%

49,736 National Health Investors Inc 3,710,803 1.03%


10,516 PennyMac Mortgage Investment Trust 200,435 0.06%

10,850 PotlatchDeltic Corp 545,213 0.15%

36,332 Prologis Inc 2,367,030 0.66%

18,856 Prudential Financial Inc 1,764,733 0.50%




Assets

74



24,803 Public Storage 5,678,151 1.58%



26,547 Sunstone Hotel Investors Inc 439,884 0.12%




1,549 Walker & Dunlop Inc 86,543 0.02%

18,400 Weyerhaeuser Co 664,424 0.19%

113,454 Xenia Hotels & Resorts Inc 2,768,278 0.77%

96,364,446 26.84%

Industrial - 6.14% (2017 - 8.89%)

21,395 Boeing Co 7,159,837 1.99%

78,436 Garmin Ltd 4,781,459 1.33%

2,438 Gentex Corp 56,415 0.02%

36,785 Graco Inc 1,656,429 0.47%


36,459 Louisiana-Pacific Corp 981,841 0.27%

1,132 Oshkosh Corp 78,142 0.02%

7,132 Raytheon Co 1,375,905 0.38%

11,065 Trinseo SA 782,296 0.22%

22,054,468 6.14%

Technology - 19.27% (2017 - 20.89%)


3,349 ANSYS Inc 579,143 0.16%

54,362 Apple Inc 10,084,151 2.81%

102,709 Applied Materials Inc 4,651,691 1.30%



735 CDK Global Inc 48,172 0.01%

7,787 Citrix Systems Inc 811,250 0.23%

54,273 HP Inc 1,230,369 0.34%

26,667 Intuit Inc 5,440,601 1.51%

47,183 KLA-Tencor Corp 4,803,701 1.34%

27,409 Lam Research Corp 4,683,376 1.30%

12,031 Manhattan Associates Inc 561,607 0.16%

74,384 Microsoft Corp 7,336,494 2.04%

32,395 Red Hat Inc 4,363,283 1.22%


5,674 Seagate Technology PLC 319,787 0.09%

15,596 Skyworks Solutions Inc 1,505,950 0.42%

2,420 Splunk Inc 237,620 0.07%


69,201,944 19.27%




Assets

75


Utilities - 1.87% (2017 - 7.29%)


17,217 FirstEnergy Corp 623,083 0.17%

27,965 MDU Resources Group Inc 803,434 0.22%

741 UGI Corp 38,584 0.01%

6,697,725 1.87%


Futures - 0.01% (2017 - 0.00%)


ContractsMaturity



S&P 500 Emini IndexFuture 18 21/09/2018 21,312 0.01%

21,312 0.01%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 31/07/2018 EUR 15,011,229 USD 17,506,218 9,424 0.00%

Citibank 31/07/2018 USD 398,253 EUR 340,383 1,079 0.00%



Cash at Bank 2,396,888 0.67%




AssetsTransferable securities admitted to official stock exchange listing 95.86%Financial derivative instruments dealt in on a regulated market 0.01%Other current assets 4.13%



PORTFOLIO OF INVESTMENTS – Old Mutual North American Equity Fund


Assets

76

Common Stock

Basic Materials - 3.91% (2017 - 3.24%)


99,728 Canfor Corp 2,322,371 0.15%

15,321 Chemours Co 673,971 0.04%

29,108 Huntsman Corp 851,700 0.06%

126,593 Interfor Corp 2,331,825 0.16%

126,032 Labrador Iron Ore Royalty Corp 2,170,276 0.14%


8,000 NewMarket Corp 3,205,200 0.21%

112,071 Nutrien Ltd 5,987,493 0.40%

79,317 PPG Industries Inc 8,385,393 0.56%

12,550 Sensient Technologies Corp 898,831 0.06%

113,404 Venator Materials PLC 1,845,083 0.12%


646,914 Western Forest Products Inc 1,288,751 0.09%

58,794,209 3.91%

Communications - 9.56% (2017 - 8.85%)



10,868 Amazon.com Inc 18,491,359 1.23%


457,829 eBay Inc 16,545,940 1.10%

65,814 F5 Networks Inc 11,384,506 0.76%

210,650 Facebook Inc 41,335,850 2.74%

877,667 Groupon Inc 3,668,648 0.24%

3,570 Liberty Global PLC 99,674 0.01%

179,519 MSG Networks Inc 4,362,312 0.29%

3,499 Stamps.com Inc 868,977 0.06%

15,217 TripAdvisor Inc 862,043 0.06%

16,412 XO Group Inc 525,184 0.03%

52,583 Yelp Inc 2,057,047 0.14%

143,842,358 9.56%



44,655 Best Buy Co Inc 3,348,678 0.22%

12,154 BRP Inc/CA 589,265 0.04%

12,911 Canada Goose Holdings Inc 749,602 0.05%

397 Choice Hotels International Inc 29,815 0.00%

9,456 Columbia Sportswear Co 860,307 0.06%

201,854 Copart Inc 11,305,843 0.75%

226,912 Crocs Inc 4,027,688 0.27%


193,749 Dollarama Inc 7,530,946 0.50%

38,541 Gildan Activewear Inc 1,074,041 0.07%

15,742 Great Canadian Gaming Corp 557,480 0.04%

15,446 Hilton Grand Vacations Inc 526,709 0.04%

23,036 Interface Inc 526,373 0.03%


PORTFOLIO OF INVESTMENTS – Old Mutual North American Equity Fund (continued)


Assets

77




20,246 Marriott Vacations Worldwide Corp 2,200,133 0.15%




4,703 NVR Inc 13,931,321 0.93%

240,732 PulteGroup Inc 6,824,752 0.45%

7,766 PVH Corp 1,175,539 0.08%


2,736 RH 388,074 0.03%


4,227 Spin Master Corp 186,662 0.01%


161,316 Toro Co 9,670,894 0.64%

29,292 Ulta Beauty Inc 7,020,414 0.47%


51,080 WW Grainger Inc 15,710,165 1.04%

204,308 Yum! Brands Inc 15,913,550 1.06%

142,142,476 9.45%


17,459 ABIOMED Inc 7,226,978 0.49%


41,122 Altus Group Ltd/Canada 907,650 0.06%

60,639 Avery Dennison Corp 6,102,709 0.41%

33,359 Avon Products Inc 54,042 0.00%




13,549 Brown-Forman Corp 667,559 0.04%

231,503 Bruker Corp 6,727,477 0.46%

3,714 Cantel Medical Corp 362,821 0.02%

34,012 Chemed Corp 10,905,608 0.73%

99,655 Cigna Corp 16,917,433 1.12%


136,261 Corcept Therapeutics Inc 2,151,561 0.14%

29,097 Cutera Inc 1,142,057 0.08%

185,658 Danaher Corp 18,309,592 1.22%


12,566 Empire Co Ltd 252,894 0.02%


440,370 Exelixis Inc 9,335,844 0.62%

6,526 FTI Consulting Inc 399,000 0.03%



57,851 Humana Inc 17,181,168 1.14%


259,230 Innoviva Inc 3,567,005 0.24%




Assets

78



41,410 Insperity Inc 3,884,258 0.26%


29,390 Johnson & Johnson 3,585,580 0.24%

39,346 Kforce Inc 1,351,535 0.09%

3,915 Ligand Pharmaceuticals Inc 814,242 0.05%

76,571 Masimo Corp 7,557,558 0.50%

17,073 Medifast Inc 2,685,071 0.18%

1,940 Merck & Co Inc 116,982 0.01%


477 Orthofix International NV 27,661 0.00%





17,627 Surmodics Inc 972,129 0.06%






1,236 WellCare Health Plans Inc 303,290 0.02%

302,930,686 20.14%

Energy - 8.16% (2017 - 5.38%)

85,330 Arch Coal Inc 6,686,459 0.45%

46,166 Baytex Energy Corp 151,889 0.01%


226,113 Chevron Corp 28,413,360 1.89%


402,041 Exxon Mobil Corp 32,955,301 2.19%


66,797 Parex Resources Inc 1,230,895 0.08%

6,702 Phillips 66 748,881 0.05%

68,876 PrairieSky Royalty Ltd 1,366,917 0.09%


102,156 SolarEdge Technologies Inc 5,056,722 0.34%

56,558 Suncor Energy Inc 2,258,991 0.15%


73,999 Warrior Met Coal Inc 1,956,534 0.13%

122,667,544 8.16%

Financial - 15.95% (2017 - 17.12%)

50,434 Affiliated Managers Group Inc 7,637,221 0.51%

318,610 Aflac Inc 13,767,138 0.92%


90,918 Allstate Corp 8,305,359 0.55%

290,042 CBRE Group Inc 13,733,489 0.91%

151,821 CNO Financial Group Inc 2,873,972 0.19%




Assets

79



166,588 Comerica Inc 15,216,148 1.01%


79,973 Dream Office Real Estate Investment Trust 1,419,382 0.09%

16,231 Equity Residential 1,027,422 0.07%

103,168 Essent Group Ltd 3,716,111 0.25%

34,673 Evercore Inc 3,678,805 0.24%




144,854 FNF Group 5,398,709 0.36%


48,401 Genworth MI Canada Inc 1,546,407 0.10%





24,208 Kemper Corp 1,821,652 0.12%


45,356 Marcus & Millichap Inc 1,776,595 0.12%

129,260 Mastercard Inc 25,477,146 1.69%

628 National Western Life Group Inc 191,672 0.01%

111,282 NMI Holdings Inc 1,813,897 0.12%

91,626 Old Republic International Corp 1,827,939 0.12%

23,479 PJT Partners Inc 1,264,344 0.08%


3,966 Power Financial Corp 91,099 0.01%

106,010 Prologis Inc 6,906,552 0.47%

15,117 Public Storage 3,460,735 0.23%

38,150 Rayonier Inc 1,472,972 0.10%

75,111 Realogy Holdings Corp 1,719,291 0.11%


39,811 SBA Communications Corp 6,566,028 0.44%


22,016 Sun Life Financial Inc 869,874 0.06%


23,980 Torchmark Corp 1,945,977 0.13%




27,285 Walker & Dunlop Inc 1,524,413 0.10%

130,182 Weyerhaeuser Co 4,700,872 0.31%

239,832,480 15.95%

Industrial - 10.38% (2017 - 7.25%)

46,585 Advanced Energy Industries Inc 2,699,135 0.18%

237,742 Agilent Technologies Inc 14,571,207 0.97%

228,496 AO Smith Corp 13,376,156 0.89%

44,587 Armstrong World Industries Inc 2,779,999 0.18%




Assets

80



76,968 Boeing Co 25,757,341 1.71%

46,656 Brady Corp 1,793,923 0.12%

2,656 BWX Technologies Inc 164,300 0.01%

59,774 Electro Scientific Industries Inc 951,004 0.06%

29,091 Garmin Ltd 1,773,387 0.12%

11,149 Generac Holdings Inc 571,944 0.04%

36,186 Gentex Corp 837,344 0.06%

144,942 Graco Inc 6,526,738 0.43%

5,604 Huntington Ingalls Industries Inc 1,209,343 0.08%



34,886 Lennox International Inc 6,764,047 0.45%

5,369 Lockheed Martin Corp 1,585,144 0.11%


120,694 Masco Corp 4,482,575 0.30%



19,046 Oshkosh Corp 1,314,745 0.09%

93,035 Raytheon Co 17,948,312 1.19%


16,966 Stoneridge Inc 608,231 0.04%

18,176 Sturm Ruger & Co Inc 1,044,211 0.07%

48,984 Terex Corp 2,014,222 0.13%

64,488 Trex Co Inc 4,058,230 0.27%

24,611 Trinseo SA 1,739,998 0.12%

156,101,597 10.38%

Technology - 18.64% (2017 - 17.43%)


111,557 Akamai Technologies Inc 8,085,651 0.54%

75,367 ANSYS Inc 13,033,215 0.87%

180,411 Apple Inc 33,466,241 2.22%




86,807 CDK Global Inc 5,689,331 0.38%


4,763 Constellation Software Inc/Canada 3,645,175 0.24%

15,602 Fair Isaac Corp 2,995,116 0.20%

159,389 Fortinet Inc 9,953,843 0.66%

87,703 Intuit Inc 17,893,166 1.19%

143,794 KLA-Tencor Corp 14,639,667 0.97%

26,108 Lam Research Corp 4,461,074 0.30%


345,696 Marvell Technology Group Ltd 7,525,802 0.50%

12,904 MAXIMUS Inc 810,371 0.05%

6,331 Mellanox Technologies Ltd 534,020 0.04%

220,204 Microsoft Corp 21,718,721 1.44%




Assets

81



84,980 NVIDIA Corp 20,468,283 1.36%

19,915 Pegasystems Inc 1,091,342 0.07%

119,637 Red Hat Inc 16,113,908 1.07%



24,405 Splunk Inc 2,396,327 0.16%

47,512 Synopsys Inc 4,038,045 0.27%

106,442 Syntel Inc 3,404,015 0.23%


280,452,967 18.64%

Utilities - 1.54% (2017 - 5.64%)




209,806 NRG Energy Inc 6,443,142 0.43%

29,140 UGI Corp 1,517,320 0.10%

225,027 Vistra Energy Corp 5,288,135 0.35%

23,171,575 1.54%




IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain USD

Citibank 31/07/2018 GBP 497,735 USD 652,814 2,155 0.00%

Citibank 31/07/2018 USD 1,167,526 GBP 880,421 8,968 0.00%


Value USDFinancial Assets at Fair Value Through Profit or Loss(Cost USD 1,363,455,728) (2017: USD 979,549,465) 1,469,947,015 97.73%

Futures – (0.00%) (2017 – (0.00%))


ContractsMaturity



S&P 500 Emini IndexFuture 182 21/09/2018 (30,288) (0.00%)

(30,288) (0.00%)



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 31/07/2018 GBP 38,911,930 USD 51,477,127 (272,919) (0.02%)




82

Value USD% of Net


Cash at Bank 16,355,437 1.09%


Net Assets Value as at 30 June 2018 1,504,107,880 100.00%


AssetsTransferable securities admitted to official stock exchange listing 96.43%Other current assets 3.57%



PORTFOLIO OF INVESTMENTS – Old Mutual Total Return USD Bond Fund


RateMaturity


Assets

83


8,395 Alternative Loan Trust 2003-J3 6.25 25/12/2033 8,835 0.00%

2,585 American Home Mortgage Investment Trust 2004-3 3.75 25/10/2034 2,601 0.00%

120,452 Banc of America Funding 2005-D Trust 3.91 25/05/2035 124,833 0.05%






632,595 Bear Stearns Asset Backed Securities I Trust 2005-AQ1 2.74 25/03/2035 634,580 0.26%

182,815 Bear Stearns Asset Backed Securities I Trust 2007-HE7 3.09 25/10/2037 185,551 0.08%



74,047 Credit Suisse First Boston Mortgage Securities Corp 3.71 25/06/2033 73,997 0.03%






























5,727,061 Freddie Mac REMICS 5.13 15/08/2035 1,029,744 0.44%


14,824,920 Freddie Mac Strips 3.00 15/10/2027 1,480,487 0.61%

123,219 Freddie Mac Structured Pass-Through Certificates 2.84 25/07/2044 123,095 0.05%

26,549 GMACM Mortgage Loan Trust 2004-AR1 4.24 25/06/2034 27,196 0.01%



PORTFOLIO OF INVESTMENTS – Old Mutual Total Return USD Bond Fund (continued)


RateMaturity


Assets

84

Asset Backed Securities - 7.02% (2017 - 7.41%) (continued)








19,742 Impac CMB Trust Series 2003-9F 3.09 25/07/2033 19,972 0.01%

200,819Nomura Asset Acceptance Corp Alternative Loan TrustSeries 2007-1 5.82 25/03/2047 212,177 0.09%

70,311 Reperforming Loan REMIC Trust 2005-R2 2.43 25/06/2035 68,402 0.03%

119,750 RFMSI Series 2004-S9 Trust 5.50 25/12/2034 125,181 0.05%

68,923 Structured Adjustable Rate Mortgage Loan Trust 3.93 25/07/2034 71,227 0.03%

13,341 Structured Asset Mortgage Investments Trust 2003-AR1 2.92 19/10/2033 12,862 0.01%

170,000 Tobacco Settlement Finance Authority 7.47 01/06/2047 171,094 0.07%







197,604WaMu Mortgage Pass-Through Certificates Series 2005-AR15 Trust 2.35 25/11/2045 195,779 0.08%

847Washington Mutual MSC Mortgage Pass-ThroughCertificates Series 2003-AR1 Trust 3.43 25/02/2033 874 0.00%

1,219Washington Mutual MSC Mortgage Pass-ThroughCertificates Series 2003-AR1 Trust 3.82 25/02/2033 1,250 0.00%

23,592 Wells Fargo Mortgage Backed Securities 2003-M Trust 3.73 25/12/2033 24,589 0.01%

9,425 Wells Fargo Mortgage Backed Securities 2004-CC Trust 3.75 25/01/2035 9,796 0.00%

16,976,674 7.02%

Corporate Bonds - 89.20% (2017 - 78.04%)

2,583,000 ABN AMRO Bank NV 2.10 18/01/2019 2,599,337 1.07%

571,000 ABN AMRO Bank NV 3.00 18/01/2019 575,262 0.24%

500,000AerCap Ireland Capital DAC / AerCap Global AviationTrust 3.75 15/05/2019 505,230 0.21%

434,000 Agricultural Bank of China Ltd 2.13 20/10/2018 434,574 0.18%

776,000 AIG Global Funding 2.82 02/07/2020 781,987 0.32%

2,745,000 Aircastle Ltd 4.63 15/12/2018 2,767,315 1.14%

217,000 Aircastle Ltd 6.25 01/12/2019 225,921 0.09%





79,000 American Airlines Group Inc 5.50 01/10/2019 81,312 0.03%

7,972,000 American International Group Inc 3.30 01/03/2021 8,060,423 3.33%

638,000 Andeavor Logistics LP / Tesoro Logistics Finance Corp 6.25 15/10/2022 672,306 0.28%

683,000 AT&T Inc 2.30 11/03/2019 685,002 0.28%

2,938,000 Aviation Capital Group LLC 2.88 17/09/2018 2,962,758 1.22%

1,000,000 Banco del Estado de Chile 2.67 08/01/2021 989,335 0.41%




RateMaturity


Assets

85

Corporate Bonds - 89.20% (2017 - 78.04%) (continued)

427,000 Bank of Montreal 2.80 13/04/2021 430,511 0.18%

2,000,000 Bank of Nova Scotia 1.95 15/01/2019 2,010,780 0.83%

200,000 Banque Federative du Credit Mutuel SA 2.00 12/04/2019 199,605 0.08%

975,000 BAT Capital Corp 2.95 14/08/2020 980,716 0.41%

474,000 Best Buy Co Inc 5.00 01/08/2018 484,586 0.20%

8,000,000 CA Inc 3.60 01/08/2020 8,149,573 3.37%

1,349,000 Canadian Pacific Railway Co 7.25 15/05/2019 1,410,545 0.58%



282,500 CIT Group Inc 3.88 19/02/2019 287,159 0.12%

829,000 CNH Industrial Capital CP 0.00 30/07/2018 827,165 0.34%

4,000,000 CNH Industrial Capital CP 0.00 06/08/2018 3,988,727 1.65%

86,000 CNH Industrial Capital LLC 3.38 15/07/2019 87,445 0.04%

5,000,000 Comcast Corp 3.55 01/05/2028 4,802,144 1.98%

1,807,000 Commonwealth Bank of Australia 1.38 06/09/2018 1,810,574 0.75%

958,900 Conagra Brands Inc 2.83 09/10/2020 960,619 0.40%

5,000,000 Cooperatieve Rabobank UA/NY 2.25 14/01/2019 5,038,526 2.08%

867,000 CVS Health Corp 2.96 09/03/2020 871,803 0.36%

867,000 CVS Health Corp 3.05 09/03/2021 873,443 0.36%

1,000,000 CVS Health Corp 4.30 25/03/2028 999,149 0.41%

450,000 Daimler Finance North America LLC 2.78 22/02/2021 451,015 0.19%

123,000 DCP Midstream Operating LP 9.75 15/03/2019 131,868 0.05%

2,889,000 Dell International LLC / EMC Corp 3.48 01/06/2019 2,906,235 1.20%

1,000,000 Deutsche Bank AG 2.85 10/05/2019 996,552 0.41%

1,804,000 Deutsche Bank AG/London 2.50 13/02/2019 1,809,247 0.75%

546,000 Dillard's Inc 7.13 01/08/2018 563,407 0.23%

854,000 Dominion Energy Inc 1.60 15/08/2019 846,492 0.35%

581,000 Dow Chemical Co 8.55 15/05/2019 615,069 0.25%

7,014,000 Edwards Lifesciences Corp 2.88 15/10/2018 7,057,270 2.92%

108,000 EI du Pont de Nemours & Co 2.89 01/05/2020 109,208 0.05%

2,800,000 Enbridge (U.S.) Inc CP 0.00 26/07/2018 2,794,344 1.15%

308,000 Enbridge Energy CP 0.00 24/07/2018 307,354 0.13%

1,881,000 Energy Transfer Partners LP 9.00 15/04/2019 2,000,329 0.83%

108,000 Entergy Mississippi Inc 6.64 01/07/2019 115,262 0.05%

270,000 Entergy Texas Inc 7.13 01/02/2019 284,230 0.12%

759,000 Expedia Group Inc 7.46 15/08/2018 783,801 0.32%

142,000 Express Scripts Holding Co 2.25 15/06/2019 141,280 0.06%

1,000,000 Ford Motor Credit Co LLC 1.90 12/08/2019 993,703 0.41%





15,000 Fortive Corp 1.80 15/06/2019 14,841 0.01%

7,925,000 General Dynamics Corp 3.75 15/05/2028 8,045,175 3.32%

2,348,000 General Mills Inc 6.59 15/10/2018 2,413,735 1.00%



1,022,000 General Motors Financial Co Inc 3.10 15/01/2019 1,037,462 0.44%




RateMaturity


Assets

86



665,000 GFI Group Inc 8.38 19/07/2018 695,243 0.29%

4,914,000 Glencore Funding LLC 3.13 29/04/2019 4,933,575 2.04%


2,186,000 Goldman Sachs Group Inc 7.50 15/02/2019 2,310,573 0.95%

1,222,000 HCA Inc 3.75 15/03/2019 1,239,454 0.51%

124,000 HCA Inc 4.25 15/10/2019 126,111 0.05%



2,202,000 Hughes Satellite Systems Corp 6.50 15/06/2019 2,258,487 0.93%




865,000 Hyundai Capital America 3.15 12/03/2021 867,603 0.36%

6,076,000 ICBCIL Finance Co Ltd 2.60 13/11/2018 6,085,200 2.52%

2,000,000 ICBCIL Finance Co Ltd 4.03 13/11/2018 2,018,566 0.83%

486,000 Industrial & Commercial Bank of China Ltd/New York NY 3.11 08/11/2020 488,570 0.20%

893,000 Ingersoll-Rand Global Holding Co Ltd 2.90 21/02/2021 893,789 0.37%


6,754,000 International Lease Finance Corp 7.13 01/09/2018 6,958,697 2.87%

829,000 Juniper Networks Inc 3.13 26/02/2019 838,669 0.35%

465,000 Kinder Morgan Energy Partners LP 2.65 01/02/2019 468,960 0.19%

1,599,000 Kinder Morgan Energy Partners LP 9.00 01/02/2019 1,712,536 0.71%

89,000 Kraft Heinz Foods Co 2.00 02/07/2018 89,874 0.04%

2,222,000 Kraft Heinz Foods Co 2.92 10/02/2021 2,232,980 0.92%

1,458,000 LeasePlan Corp NV 2.88 22/01/2019 1,473,299 0.61%

34,000 Lennar Corp 4.50 15/06/2019 34,326 0.01%


3,143,000 Monsanto Co 2.13 15/07/2019 3,146,858 1.30%

957,000 Morgan Stanley 2.90 10/02/2021 963,341 0.40%

21,000 Morgan Stanley 3.10 23/07/2019 21,230 0.01%

138,000 NextEra Energy Capital Holdings Inc 1.65 01/09/2018 138,477 0.06%

214,465 Northwest Airlines 2000-1 Class G Pass Through Trust 7.15 01/10/2019 225,720 0.09%

34,000 Nutrien Ltd 6.75 15/01/2019 35,728 0.01%

1,083,000 ONEOK Partners LP 3.20 15/09/2018 1,094,249 0.45%

497,000 Packaging Corp of America 2.45 15/12/2020 488,578 0.20%


3,142,000 Philip Morris International Inc 1.88 01/11/2019 3,113,216 1.29%

250,000 PNC Bank NA 2.50 22/01/2021 248,481 0.10%

250,000 Regions Bank/Birmingham AL 2.25 14/09/2018 251,405 0.10%

1,762,000 Ricoh Finance Corp CP 0.00 09/07/2018 1,760,679 0.73%

847,000 Rockies Express Pipeline LLC 6.00 15/01/2019 882,602 0.36%

597,000 Royal Bank of Canada 2.20 27/07/2018 602,564 0.25%


5,000,000 Santander UK Group Holdings PLC 2.88 05/08/2021 4,907,839 2.03%

4,139,000 Seagate HDD Cayman 3.75 15/11/2018 4,168,318 1.72%

5,000,000 Siemens Financieringsmaatschappij NV 2.15 27/05/2020 4,924,950 2.03%

2,184,000 SK Broadband Co Ltd 2.88 29/10/2018 2,192,645 0.91%




RateMaturity


Assets

87


113,000 Spectra Energy Partners LP 2.95 25/09/2018 113,930 0.05%

572,000 Standard Chartered PLC 2.40 08/09/2019 570,413 0.24%

1,702,000 Stanley Black & Decker Inc 2.45 17/11/2018 1,704,986 0.70%

5,000,000 State Grid Overseas Investment 2016 Ltd 4.25 02/05/2028 5,050,220 2.09%

500,000 Sumitomo Mitsui Banking Corp 1.95 23/07/2018 503,978 0.21%

537,000 Swedbank AB 2.38 27/02/2019 540,118 0.22%

166,000 Sysco Corp 1.90 01/04/2019 165,693 0.07%

104,000 Telecom Italia Capital SA 7.18 18/06/2019 107,166 0.04%

150,000 Texas-New Mexico Power Co 9.50 01/04/2019 160,722 0.07%

1,236,000 Time Warner Cable LLC 6.75 01/07/2018 1,277,382 0.53%

94,000 Toll Brothers Finance Corp 4.00 31/12/2018 96,140 0.04%

1,700,000 Toronto-Dominion Bank 1.45 13/08/2019 1,684,626 0.70%

358,000 Toronto-Dominion Bank 1.85 11/09/2020 350,563 0.14%

200,000 UBS AG/London 2.64 28/05/2019 200,742 0.08%

2,278,000 UBS AG/London 2.78 01/12/2020 2,282,374 0.94%

2,890,000 Volkswagen International Finance NV 2.13 20/11/2018 2,890,136 1.19%

982,000 WGL Holdings Inc 2.72 29/11/2019 984,374 0.41%

215,943,728 89.20%


776,000 Korea Development Bank 3.05 06/07/2022 781,248 0.33%

1,400,000 Korea Gas Corp 2.88 29/07/2018 1,416,829 0.58%

300,000 Korea Hydro & Nuclear Power Co Ltd 2.88 02/10/2018 301,885 0.12%

2,499,962 1.03%

Futures - 0.13% (2017 - 0.00%)


ContractsMaturity


Credit Suisse 47,464,063 US 10 Year Ultra Future 370 19/09/2018 121,511 0.05%

Credit Suisse 16,700,156 US Long Bond (CBT) 115 19/09/2018 182,958 0.08%

304,469 0.13%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

BNP Paribas 09/08/2018 USD 1,651,612 GBP 1,240,000 19,190 0.01%

Citibank 31/07/2018 AUD 766 USD 563 1 0.00%

Citibank 31/07/2018 EUR 15,171,592 USD 17,694,734 8,026 0.00%

Citibank 31/07/2018 USD 8,773 EUR 7,500 22 0.00%

Morgan Stanley 13/07/2018 MXN 119,113,834 USD 5,774,376 250,401 0.10%





88

Futures - (0.24%) (2017 - (0.37%))


ContractsMaturity


% of NetAssets

Credit Suisse (8,455,680) Euro-Bobl Future (64) 06/09/2018 (44,700) (0.02%)

Credit Suisse (17,371,450) Euro-Bund Future (107) 06/09/2018 (185,584) (0.08%)

Credit Suisse 37,748,688 US 10 Year Note Future 314 19/09/2018 (83,406) (0.03%)



(592,073) (0.24%)

Currency Option – (0.00%) (2017 - (0.07%))

Counterparty Nominal Security DescriptionStrikePrice

ExerciseDate

Citibank (22,985,053)PUT USD Euro FXOption (covered) 1.15 05/07/2018 (10,872) (0.00%)

(10,872) (0.00%)

Swaps - (2.59%) (2017 - (3.48%))Maturity

Date

Bank of America Merrill Lynch 7,439,000 CDX IG Credit Future Version 1 5 year 20/12/2022 (478,719) (0.20%)

BNP Paribas 10,711,000 CDX IG Credit Future Version 1 5 year 20/12/2022 (689,281) (0.28%)

BNP Paribas 23,079,000 CDX IG Credit Future Version 1 5 year 20/06/2023 (1,346,246) (0.56%)

BNP Paribas 23,030,000 CDX IG Credit Future Version 1 5 year 20/06/2023 (1,343,388) (0.55%)

Credit Suisse 4,872,000CDX BP Markit North America HighYield Index 20/06/2023 (284,194) (0.12%)

Credit Suisse 10,268,000 CDX IG Credit Future Version 1 5 year 20/12/2022 (660,773) (0.27%)

Credit Suisse 19,585,000 CDX IG Credit Future Version 1 5 year 20/06/2023 (1,142,434) (0.47%)

Societe Generale 5,221,000 CDX IG Credit Future Version 1 5 year 20/12/2022 (335,985) (0.14%)

(6,281,020) (2.59%)



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 31/07/2018 AUD 2,970,683 USD 2,193,446 (3,384) (0.00%)

Citibank 31/07/2018 USD 10,960 EUR 9,400 (8) (0.00%)

Citibank 31/07/2018 ZAR 49,768,516 USD 3,624,629 (33,930) (0.01%)

Morgan Stanley 09/08/2018 GBP 1,240,000 USD 1,647,916 (15,531) (0.02%)

Morgan Stanley 13/07/2018 USD 5,725,202 MXN 119,113,834 (300,245) (0.12%)


Value USDFinancial Liabilities at Fair Value Through Profit or Loss(Cost USD 31,675) (2017: USD 436,339) (7,237,063) (2.99%)

Cash at Bank 2,219,505 0.92%





89


AssetsTransferable securities admitted to official stock exchange listing 81.82%Transferable securities dealt in on another regulated market 10.45%Financial derivative instruments dealt in on a regulated market 0.12%OTC financial derivative instruments 0.11%Other current assets 7.50%



PORTFOLIO OF INVESTMENTS – Old Mutual Emerging Market Debt Fund


RateMaturity

DateValueUSD

% of NetAssets

90

Corporate Bonds - 25.95% (2017 - 26.97%)

1,500,141 Brazil Loan Trust 1 5.48 24/07/2023 1,567,395 0.74%

1,230,000 Brazil Minas SPE via State of Minas Gerais 5.33 15/02/2028 1,201,959 0.57%

1,200,000 Caixa Economica Federal 3.50 07/11/2022 1,120,567 0.52%

30,000,000 Citigroup Global Markets Holdings Inc/United States 0.00 01/08/2018 1,127,304 0.54%


300,000 Comision Federal de Electricidad 6.13 16/06/2045 309,729 0.15%

2,500,000 Corp Nacional del Cobre de Chile 4.88 04/11/2044 2,605,292 1.24%

662,000 Ecopetrol SA 4.13 16/01/2025 652,279 0.31%

925,000 Ecopetrol SA 5.38 26/06/2026 951,152 0.45%

1,400,000 Ecopetrol SA 5.88 28/05/2045 1,333,198 0.63%

122,368 EP PetroEcuador via Noble Sovereign Funding I Ltd 7.97 24/09/2019 120,622 0.06%

600,000 ESAL GmbH 6.25 05/02/2023 575,250 0.27%

1,763,000 Eskom Holdings SOC Ltd 7.13 11/02/2025 1,742,335 0.83%

1,000,000 Georgian Railway JSC 7.75 11/07/2022 1,089,416 0.51%

700,000 KazMunayGas National Co JSC 5.75 19/04/2047 678,062 0.32%

400,000 Majapahit Holding BV 7.88 29/06/2037 501,377 0.24%

1,200,000 MARB BondCo PLC 6.88 19/01/2025 1,181,317 0.56%

1,500,000 Pelabuhan Indonesia II PT 4.25 05/05/2025 1,446,069 0.69%



3,599,990 Peru Payroll Deduction Finance Ltd 0.00 01/11/2029 2,771,992 1.32%

1,000,000 Perusahaan Listrik Negara PT 6.15 21/05/2048 1,017,431 0.48%

1,000,000 Petrobras Global Finance BV 5.75 01/02/2029 899,777 0.43%




6,000,000 Petroleos de Venezuela SA 6.00 16/05/2024 1,284,750 0.61%


500,000 Petroleos del Peru SA 4.75 19/06/2032 480,765 0.23%








1,200,000 Petroleum Co of Trinidad & Tobago Ltd 9.75 14/08/2019 1,279,875 0.61%

937,500 Republic of Angola Via Northern Lights III BV 7.00 17/08/2019 951,628 0.45%

1,200,000 Southern Gas Corridor CJSC 6.88 24/03/2026 1,320,159 0.63%

1,105,000 State Oil Co of the Azerbaijan Republic 6.95 18/03/2030 1,205,558 0.57%

800,000 State Savings Bank of Ukraine Via SSB #1 PLC 9.38 10/03/2023 831,713 0.39%

500,000 TC Ziraat Bankasi AS 5.13 29/09/2023 452,973 0.22%

210,000 Trade & Development Bank of Mongolia LLC 9.38 19/05/2020 223,472 0.11%

1,000,000 Ukreximbank Via Biz Finance PLC 9.75 22/01/2025 1,048,621 0.50%

1,511,000 YPF SA 8.75 04/04/2024 1,529,357 0.73%

54,668,391 25.95%


300,000 Angolan Government International Bond 8.25 09/05/2028 304,526 0.14%




PORTFOLIO OF INVESTMENTS – Old Mutual Emerging Market Debt Fund (continued)


RateMaturity

DateValueUSD

% of NetAssets

91



5,000,000 Argentine Republic Government International Bond 0.00 15/12/2035 300,000 0.14%

3,300,000 Argentine Republic Government International Bond 6.63 06/07/2028 2,952,600 1.40%





20,000,000 Bonos de la Nacion Argentina con Ajuste por CER 4.00 06/03/2020 721,786 0.34%

628,000 Brazilian Government International Bond 5.00 27/01/2045 512,050 0.24%

841,000 Brazilian Government International Bond 5.63 21/02/2047 735,738 0.35%

1,900,000 Brazilian Government International Bond 6.00 07/04/2026 1,979,523 0.94%


3,600,000 Costa Rica Government International Bond 4.38 30/04/2025 3,355,914 1.59%


700,000 Ecuador Government International Bond 7.88 23/01/2028 611,783 0.29%



17,000,000 Egypt Government Bond 15.70 07/11/2027 887,702 0.42%


1,000,000 Egypt Government International Bond 6.59 21/02/2028 948,671 0.45%



373,000 Egypt Government International Bond 7.90 21/02/2048 354,752 0.17%








500,000 Gabon Government International Bond 6.38 12/12/2024 452,130 0.21%

2,482,000 Gabon Government International Bond 6.95 16/06/2025 2,273,164 1.08%

1,000,000 Ghana Government International Bond 7.63 16/05/2029 988,227 0.47%

950,000 Ghana Government International Bond 8.13 18/01/2026 1,008,664 0.48%

1,000,000 Ghana Government International Bond 8.63 16/06/2049 989,161 0.47%

600,000 Ghana Government International Bond 10.75 14/10/2030 743,047 0.35%





781,000 Indonesia Government International Bond 8.50 12/10/2035 1,067,183 0.51%





1,000,000 KazAgro National Management Holding JSC 4.63 24/05/2023 968,136 0.46%

2,500,000 Kazakhstan Government International Bond 6.50 21/07/2045 3,022,446 1.43%

1,000,000 Kenya Government International Bond 6.88 24/06/2024 990,809 0.47%






RateMaturity

DateValueUSD

% of NetAssets

92




1,000,000 Mexico Government International Bond 4.15 28/03/2027 995,152 0.47%

1,060,000 Mexico Government International Bond 4.35 15/01/2047 968,732 0.46%




1,700,000 Mongolia Government International Bond 8.75 09/03/2024 1,869,876 0.89%

794,000,000 Nigeria Government Bond 13.98 23/02/2028 2,323,924 1.10%

654,000,000 Nigeria Government Bond 16.25 18/04/2037 2,153,063 1.02%




890,000,000 Nigeria Treasury Bills 0.00 31/01/2019 2,285,702 1.08%

1,250,000 Pakistan Government International Bond 8.25 15/04/2024 1,225,414 0.58%

887,000 Panama Government International Bond 8.13 28/04/2034 1,200,792 0.57%

416,000 Panama Government International Bond 9.38 16/01/2023 531,508 0.25%


600,000 Perusahaan Penerbit SBSN Indonesia III 4.15 29/03/2027 585,203 0.28%


1,000,000 Provincia de Mendoza Argentina 8.38 19/05/2024 934,306 0.44%

1,000,000 Provincia del Chubut Argentina 7.75 26/07/2026 832,588 0.40%

1,200,000 Republic of Armenia International Bond 7.15 26/03/2025 1,278,916 0.61%

700,000 Republic of Azerbaijan International Bond 4.75 18/03/2024 703,294 0.33%



2,000,000 Republic of South Africa Government International Bond 4.30 12/10/2028 1,804,428 0.86%


2,600,000 Republic of Suriname 9.25 26/10/2026 2,525,088 1.20%

2,300,000 Republic of Tajikistan International Bond 7.13 14/09/2027 2,106,699 1.00%



3,300,000 Sri Lanka Government International Bond 6.75 18/04/2028 3,162,493 1.50%









1,600,000 Venezuela Government International Bond 9.00 07/05/2023 439,837 0.21%

3,500,000 Venezuela Government International Bond 11.95 05/08/2031 1,160,425 0.55%

500,000 Zambia Government International Bond 8.50 14/04/2024 457,181 0.22%

3,487,000 Zambia Government International Bond 8.97 30/07/2027 3,234,178 1.54%

143,906,916 68.31%



93

Swaps - 0.11% (2017 - 0.26%)

Counterparty Nominal Security DescriptionMaturity


% of NetAssets

JP Morgan Securities 6,000,000CDX Wellington Opportunistic EmergingMarkets Debt Fund Version 1 5 year 20/06/2023 237,285 0.11%

237,285 0.11%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 31/07/2018 EUR 23,736,343 USD 27,683,863 12,557 0.01%

JP Morgan Securities 24/07/2018 USD 1,756,272 ARS 49,000,000 49,928 0.02%

Nomura 24/07/2018 TRY 9,800,000 USD 2,050,705 62,939 0.03%





IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedLoss USD

Citibank 31/07/2018 GBP 156,372 USD 206,867 (1,097) (0.00%)

Citibank 31/07/2018 SEK 3,068,068 USD 345,517 (2,691) (0.00%)

Citibank 31/07/2018 SGD 545,438 USD 400,336 (350) (0.00%)

Citibank 31/07/2018 ZAR 412,960 USD 30,076 (282) (0.00%)

Goldman Sachs 24/07/2018 ZAR 29,000,000 USD 2,138,488 (44,224) (0.02%)

JP Morgan Securities 24/07/2018 USD 2,071,082 TRY 10,000,000 (86,628) (0.05%)




Cash at Bank 17,817,418 8.46%




AssetsTransferable securities admitted to official stock exchange listing 83.97%Transferable securities dealt in on another regulated market 6.61%OTC financial derivative instruments 0.17%Other current assets 9.25%



PORTFOLIO OF INVESTMENTS – Old Mutual European Best Ideas Fund


Assets

94

Common Stock

Basic Materials - 8.84% (2017 - 7.10%)

89,730 Boliden AB 2,482,762 2.36%

54,886 Randgold Resources Ltd 3,597,046 3.42%

192,339 Stora Enso OYJ 3,220,717 3.06%

9,300,525 8.84%

Communications - 5.43% (2017 - 3.38%)

185,705 Daily Mail & General Trust PLC 1,545,941 1.47%

253,500 Sky PLC 4,169,125 3.96%

5,715,066 5.43%


295,889 GVC Holdings PLC 3,513,878 3.34%

6,011,000 Pendragon PLC 1,696,267 1.61%

5,210,145 4.95%


564,000 Ascential PLC 2,871,197 2.73%


83,679 Elis SA 1,635,088 1.55%

27,231 Heineken NV 2,360,928 2.24%

620,500 Indivior PLC 2,669,943 2.53%

47,360 Reckitt Benckiser Group PLC 3,340,105 3.17%

774,000 Rentokil Initial PLC 3,057,851 2.91%

17,122 Roche Holding AG 3,241,277 3.08%

15,200 Savencia SA 1,143,040 1.09%

143,753 Smith & Nephew PLC 2,280,632 2.17%

26,194,133 24.88%

Energy - 9.65% (2017 - 3.52%)

101,900 Aker BP ASA 3,268,794 3.11%


61,532 TOTAL SA 3,215,662 3.05%

10,159,682 9.65%

Financial - 18.86% (2017 - 20.78%)

271,000 3i Group PLC 2,764,095 2.63%

434,149 Barclays PLC 929,735 0.88%

28,330 Deutsche Boerse AG 3,229,620 3.07%

238,236 Deutsche Pfandbriefbank AG 2,830,244 2.69%

691,737 Man Group PLC 1,377,358 1.31%


535,000 TP ICAP PLC 2,529,715 2.40%

216,253 UBS Group AG 2,847,598 2.71%

19,849,516 18.86%

Industrial - 22.74% (2017 - 18.16%)

166,884 Assa Abloy AB 3,035,489 2.88%

25,240 DSV A/S 1,757,674 1.67%



PORTFOLIO OF INVESTMENTS – Old Mutual European Best Ideas Fund (continued)


Assets

95



320,000 HomeServe PLC 3,252,678 3.09%

62,228 Kone OYJ 2,708,163 2.57%


40,477 Legrand SA 2,554,099 2.43%

389,059 Peab AB 2,503,568 2.38%

127,620 Weir Group PLC 2,854,435 2.71%

23,942,020 22.74%




IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain EUR

Citibank 31/07/2018 USD 164 EUR 140 - 0.00%

Unrealised Gain on Currency Exchange Contracts at 30 June 2018 - 0.00%

Value EURFinancial Assets at Fair Value Through Profit or Loss(Cost EUR 92,648,563) (2017: EUR 110,742,060) 100,371,087 95.35%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedLoss EUR

Citibank 31/07/2018 EUR 2,380 USD 2,785 (7) (0.00%)

Citibank 31/07/2018 USD 1,109,926 EUR 951,772 (545) (0.00%)

Unrealised Loss on Currency Exchange Contracts at 30 June 2018 (552) (0.00%)

Value EURFinancial Liabilities at Fair Value Through Profit or Loss(Cost EUR Nil) (2017: EUR Nil) (552) (0.00%)

Cash at Bank 5,340,768 5.07%




AssetsTransferable securities admitted to official stock exchange listing 94.79%Other current assets 5.21%



PORTFOLIO OF INVESTMENTS – Old Mutual Investment Grade Corporate Bond Fund


RateMaturity


Assets

96

Corporate Bonds - 94.98% (2017 - 92.64%)

150,000 21st Century Fox America Inc 6.15 01/03/2037 182,100 1.07%

200,000 ABN AMRO Bank NV 4.40 27/03/2028 198,785 1.17%

150,000 Allergan Funding SCS 3.80 15/03/2025 147,441 0.87%

200,000 Alphabet Inc 2.00 15/08/2026 180,911 1.06%

200,000 Amazon.com Inc 3.88 22/08/2037 198,084 1.16%

200,000 American Honda Finance Corp 2.57 12/02/2021 200,538 1.18%

200,000 Amgen Inc 2.65 11/05/2022 194,791 1.14%

200,000 Anglo American Capital PLC 3.63 11/09/2024 191,656 1.13%

100,000 Anthem Inc 3.65 01/12/2027 94,958 0.56%

250,000 Apple Inc 2.45 04/08/2026 231,534 1.36%

100,000 Aroundtown SA 1.00 07/01/2025 112,268 0.66%

100,000 Aroundtown SA 2.13 17/01/2067 106,946 0.63%

100,000 AT&T Inc 4.25 01/03/2027 99,177 0.58%

248,000 AT&T Inc 4.90 15/08/2037 240,814 1.42%

169,000 Bank of America Corp 3.42 20/12/2028 158,635 0.93%

100,000 Bank of Montreal 1.07 16/04/2023 131,672 0.77%

100,000 Barclays PLC 2.00 07/02/2028 112,285 0.66%

98,000 Berkshire Hathaway Energy Co 6.13 01/04/2036 122,276 0.72%

100,000 BP Capital Markets PLC 2.27 03/07/2026 132,033 0.78%

200,000 BP Capital Markets PLC 3.22 28/11/2023 197,071 1.16%

250,000 BPCE SA 3.25 11/01/2028 234,689 1.38%

130,000 Brighthouse Financial Inc 3.70 22/06/2027 115,727 0.68%

100,000 BUPA Finance PLC 2.00 05/04/2024 130,805 0.77%

150,000 Burlington Northern Santa Fe LLC 4.38 01/09/2042 154,083 0.91%

100,000 CaixaBank SA 2.25 17/04/2030 110,495 0.65%

50,000 Caterpillar Financial Services Corp 2.84 15/05/2023 50,157 0.29%

200,000 Celgene Corp 3.25 20/02/2023 197,204 1.16%

200,000 Channel Link Enterprises Finance PLC 2.71 30/06/2050 247,716 1.46%

200,000 Citigroup Inc 2.90 08/12/2021 196,487 1.15%

200,000 Citigroup Inc 3.58 01/07/2026 200,093 1.18%

200,000 Citigroup Inc 3.88 24/01/2039 185,094 1.09%


100,000 Coca-Cola Co 1.13 09/03/2027 117,136 0.69%

100,000 Columbia Pipeline Group Inc 4.50 01/06/2025 100,219 0.59%

100,000 CPUK Finance Ltd 3.59 28/08/2025 140,654 0.83%

200,000 Credit Agricole SA 8.13 19/09/2033 206,582 1.21%

200,000 CRH America Inc 3.88 18/05/2025 198,132 1.16%

200,000 Deutsche Telekom International Finance BV 4.38 21/06/2028 199,080 1.17%

115,000 Digital Realty Trust LP 3.70 15/08/2027 110,979 0.65%


50,000 Duke Energy Carolinas LLC 6.05 15/04/2038 63,034 0.37%

100,000 Dwr Cymru Financing Ltd 2.50 31/03/2036 131,007 0.77%

100,000 DXC Technology Co 2.75 15/01/2025 132,550 0.78%

100,000 Eli Lilly & Co 3.10 15/05/2027 96,223 0.57%

150,000 EOG Resources Inc 2.63 15/03/2023 145,291 0.85%

200,000 Fairfax Financial Holdings Ltd 4.85 17/04/2028 199,767 1.17%





PORTFOLIO OF INVESTMENTS – Old Mutual Investment Grade Corporate Bond Fund (continued)


RateMaturity


Assets

97



100,000 Hannover Rueck SE 1.13 18/04/2028 114,676 0.67%

100,000 Heineken NV 3.50 29/01/2028 97,806 0.57%

100,000 HSBC Holdings PLC 2.18 27/06/2023 130,940 0.77%

200,000 HSBC Holdings PLC 3.33 18/05/2024 200,470 1.18%

100,000 Iberdrola Finanzas SA 1.25 13/09/2027 115,919 0.68%

100,000 Iliad SA 1.88 25/04/2025 113,110 0.66%

200,000 Illinois Tool Works Inc 1.25 22/05/2023 242,156 1.42%

100,000 innogy Finance BV 1.25 19/10/2027 115,007 0.68%

80,000 innogy Finance BV 1.50 31/07/2029 90,971 0.53%

200,000 Intesa Sanpaolo SpA 3.88 14/07/2027 175,164 1.03%

100,000 JAB Holdings BV 1.75 25/06/2026 116,296 0.68%

200,000 Johnson & Johnson 3.40 15/01/2038 192,865 1.13%

200,000 Lagardere SCA 1.63 21/06/2024 229,621 1.35%

100,000 Landesbank Baden-Wuerttemberg 0.89 18/05/2021 131,599 0.77%

100,000 Magellan Midstream Partners LP 5.00 01/03/2026 107,137 0.63%

100,000 Mapfre SA 1.63 19/05/2026 116,751 0.69%

200,000 Maple Escrow Subsidiary Inc 4.06 25/05/2023 201,557 1.18%

200,000 Metropolitan Life Global Funding I 3.00 19/09/2027 188,395 1.11%

100,000 Microsoft Corp 3.45 08/08/2036 96,995 0.57%

100,000 New York Life Global Funding 1.75 15/12/2022 132,689 0.78%

200,000 NXP BV / NXP Funding LLC 4.13 01/06/2021 200,767 1.18%

200,000 Occidental Petroleum Corp 2.60 15/04/2022 196,454 1.15%

100,000 OI European Group BV 3.13 15/11/2024 118,164 0.69%

100,000 Oncor Electric Delivery Co LLC 2.95 01/04/2025 96,541 0.57%

150,000 Oracle Corp 3.80 15/11/2037 142,507 0.84%

100,000 PepsiCo Inc 3.00 15/10/2027 95,758 0.56%


100,000 Principality Building Society 2.38 23/11/2023 130,176 0.77%

100,000 Prologis LP 2.25 30/06/2029 128,115 0.75%

100,000 Prudential PLC 5.00 20/07/2055 136,143 0.80%

200,000 Quilter PLC 4.48 28/02/2028 269,364 1.58%



200,000 Santander Holdings USA Inc 3.40 18/01/2023 197,116 1.16%

161,000 Schlumberger Investment SA 2.40 01/08/2022 156,163 0.92%

150,000 Shell International Finance BV 6.38 15/12/2038 193,806 1.14%

200,000 Siemens Financieringsmaatschappij NV 3.13 16/03/2024 197,135 1.16%

200,000 Skandinaviska Enskilda Banken AB 5.63 13/05/2022 193,954 1.14%

150,000 Southern Power Co 5.15 15/09/2041 155,792 0.92%

100,000 Standard Life Aberdeen PLC 5.50 04/12/2042 145,757 0.86%

100,000 Stichting AK Rabobank Certificaten 6.50 29/12/2049 138,153 0.81%

200,000 Suncor Energy Inc 3.60 01/12/2024 198,372 1.17%

250,000 Svenska Handelsbanken AB 2.80 24/05/2021 250,863 1.47%

100,000 Telefonica Emisiones SAU 1.46 13/04/2026 115,132 0.68%

100,000 Thermo Fisher Scientific Inc 3.00 15/04/2023 97,688 0.57%

150,000 Total Capital Canada Ltd 2.75 15/07/2023 147,102 0.86%


100,000 United Technologies Corp 2.65 01/11/2026 90,781 0.53%

152,000 Virginia Electric & Power Co 3.10 15/05/2025 147,277 0.87%




RateMaturity


Assets

98


200,000 Vodafone Group PLC 3.29 16/01/2024 200,025 1.18%

100,000 Volkswagen Bank GmbH 0.38 08/12/2021 116,635 0.69%


200,000 Walmart Inc 2.57 23/06/2021 200,167 1.18%

200,000 Walmart Inc 3.55 26/06/2025 201,073 1.18%

16,162,338 94.98%


41,204Old Mutual Global Investors Series Plc - Old MutualFinancial Contingent Capital Fund (UCITS) 397,115* 2.33%

45,219Old Mutual Global Investors Series Plc - Old MutualMonthly Income High Yield Bond Fund (UCITS) 402,729* 2.37%

799,844 4.70%

Futures - 0.10% (2017 - 0.22%)


ContractsMaturity


Bank of America Merrill Lynch 411,300 Canada 10 Year Bond 3 19/09/2018 7,584 0.04%

Bank of America Merrill Lynch 360,656 US 10 Year Note Future 3 19/09/2018 469 0.00%


16,397 0.10%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Canadian Imperial Bank ofCommerce 16/07/2018 EUR 164,078 USD 190,000 1,233 0.01%

Citibank 16/07/2018 USD 3,329,018 EUR 2,779,107 89,848 0.53%

Citibank 31/07/2018 GBP 31 USD 42 - 0.00%

Citibank 31/07/2018 USD 39 GBP 30 - 0.00%

HSBC 16/07/2018 EUR 25,000 USD 28,954 183 0.00%

HSBC 16/07/2018 USD 2,343,995 GBP 1,724,861 75,792 0.45%

JP Morgan Securities 16/07/2018 GBP 61,076 USD 80,000 313 0.00%

Societe Generale 16/07/2018 USD 135,600 GBP 100,000 4,099 0.02%



Futures - (0.08%) (2017 - (0.08%))


ContractsMaturity


Bank of America Merrill Lynch (1,321,200) Euro-Bobl Future (10) 06/09/2018 (9,894) (0.06%)

Bank of America Merrill Lynch (162,350) Euro-Bund Future (1) 06/09/2018 (2,165) (0.01%)

Bank of America Merrill Lynch (246,420) Long Gilt Future (2) 26/09/2018 (1,945) (0.01%)

(14,004) (0.08%)




99



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedLoss USD

% of NetAssets

Citibank 31/07/2018 GBP 1,006,235 USD 1,331,163 (7,058) (0.05%)

Citibank 31/07/2018 SEK 39,476,967 USD 4,445,781 (34,624) (0.20%)

Societe Generale 16/07/2018 GBP 151,473 USD 200,000 (817) (0.00%)



Cash at Bank 57,411 0.34%




AssetsTransferable securities admitted to official stock exchange listing 92.07%UCITS 4.56%Financial derivative instruments dealt in on a regulated market 0.09%OTC financial derivative instruments 0.98%Other current assets 2.30%



PORTFOLIO OF INVESTMENTS – Old Mutual Global Emerging Markets Fund


Assets

100

Common Stock

Basic Materials - 3.30% (2017 - 2.56%)

188,711 Ternium SA (DR) 6,535,062 3.30%

6,535,062 3.30%

Communications - 16.65% (2017 - 16.70%)


17,471 Baidu Inc (DR) 4,231,651 2.14%


19,977,802 Telekomunikasi Indonesia Persero Tbk PT 5,227,691 2.64%


32,976,236 16.65%


4,701,519 Abu Dhabi National Oil Co for Distribution PJSC 3,033,528 1.52%

930,540 ANTA Sports Products Ltd 4,927,680 2.49%

263,730 Arcelik AS 881,447 0.45%

3,848,141 China Yongda Automobiles Services Holdings Ltd 3,781,306 1.91%

51,142 Copa Holdings SA 4,820,134 2.43%

870,405 Future Retail Ltd 7,301,372 3.69%

2,115,045 JNBY Design Ltd 4,846,695 2.45%

2,470,329 Nexteer Automotive Group Ltd 3,652,155 1.84%

2,356,900 Padini Holdings Bhd 3,483,270 1.76%

438,828 Tofas Turk Otomobil Fabrikasi AS 2,338,244 1.18%

39,065,831 19.72%


697,305 Arca Continental SAB de CV 4,317,464 2.18%

101,113 Aspen Pharmacare Holdings Ltd 1,849,163 0.93%

552,726 Estacio Participacoes SA 3,429,860 1.73%

387,743 Gruma SAB de CV 4,721,140 2.38%

2,531 LG Household & Health Care Ltd 3,170,267 1.60%

677,441 Localiza Rent a Car SA 4,154,656 2.10%

7,047 Medy-Tox Inc 4,851,631 2.45%

26,494,181 13.37%

Financial - 24.38% (2017 - 27.95%)

115,518 Ayala Corp 1,991,410 1.01%

6,642,359 Bank Mandiri Persero Tbk PT 3,175,001 1.60%


1,870,411 China Overseas Land & Investment Ltd 6,162,175 3.11%

93,380 HDFC Bank Ltd (DR) 9,864,663 4.98%


51,284 KRUK SA 2,713,571 1.37%


1,005,892 Sberbank of Russia PJSC 3,444,426 1.74%

1,537,316 Transaction Capital Ltd 1,925,762 0.97%

48,303,342 24.38%


PORTFOLIO OF INVESTMENTS – Old Mutual Global Emerging Markets Fund (continued)


Assets

101


Industrial - 2.59% (2017 - 6.33%)


5,122,585 2.59%

Technology - 14.30% (2017 - 11.67%)

721,000 Advantech Co Ltd 4,753,264 2.40%


315,691 Taiwan Semiconductor Manufacturing Co Ltd (DR) 11,345,935 5.73%

28,314,840 14.30%





IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedLoss USD

Citibank 05/07/2018 USD 2,516,183 MYR 10,172,600 (610) (0.00%)

Unrealised Gain on Currency Exchange Contracts at 30 June 2018 (610) (0.00%)

Value USDFinancial Liabilities at Fair Value Through Profit or Loss(Cost USD Nil) (2017: USD Nil) (610) (0.00%)

Cash at Bank 21,903,927 11.06%



% of Total

Portfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 47.18%Other current assets 52.82%



PORTFOLIO OF INVESTMENTS – Old Mutual Asian Equity Income Fund


Assets

102

Common Stock

Basic Materials - 9.78% (2017 - 11.71%)

1,255,341 Alumina Ltd 2,591,049 0.70%

173,412 BHP Billiton Ltd 4,334,738 1.17%

9,272,000 China BlueChemical Ltd 3,415,134 0.92%

182,000 China Synthetic Rubber Corp 279,070 0.08%

956,000 Formosa Plastics Corp 3,527,532 0.95%



1,920,700 IRPC PCL 336,252 0.09%

1,263,401 Jindal Steel & Power Ltd 4,112,894 1.11%

7,381 JSW Steel Ltd 35,205 0.01%

16,000 Kingboard Chemical Holdings Ltd 58,525 0.02%

2,410,500 Kingboard Laminates Holdings Ltd 2,976,921 0.81%

21,562,785 Krakatau Steel Persero Tbk PT 686,121 0.19%

859,000 LCY Chemical Corp 1,328,420 0.36%

633 Lotte Chemical Corp 197,652 0.05%


3,048,000 Maanshan Iron & Steel Co Ltd 1,355,741 0.37%


794,000 Nan Ya Plastics Corp 2,270,898 0.61%


1,656,800 PTT Global Chemical PCL 3,650,646 0.99%

24,106 Rio Tinto Ltd 1,482,707 0.40%

3,320,000 Sinopec Shanghai Petrochemical Co Ltd 2,022,565 0.55%

38,443 Vedanta Ltd 132,526 0.04%

36,091,835 9.78%

Communications - 8.61% (2017 - 4.50%)


3,800 Autohome Inc (DR) 383,686 0.10%

2,455 Baidu Inc (DR) 594,626 0.16%


104,500 HKBN Ltd 160,887 0.04%

960,000 HKT Trust & HKT Ltd 1,225,957 0.33%

355,300 My EG Services Bhd 84,878 0.02%

5,090 NCSoft Corp 1,694,377 0.46%


5,715 PLDT Inc 138,143 0.04%

24,407 SKY Network Television Ltd 42,879 0.01%

571,600 Surya Citra Media Tbk PT 82,166 0.02%


77,086 Trade Me Group Ltd 242,725 0.07%

36,600 Weibo Corp (DR) 3,218,238 0.87%

31,877,470 8.61%




19,248 Ashok Leyland Ltd 35,340 0.01%


PORTFOLIO OF INVESTMENTS – Old Mutual Asian Equity Income Fund (continued)


Assets

103



555,500 BAIC Motor Corp Ltd 530,984 0.14%

3,890 Bajaj Auto Ltd 159,554 0.04%

12,228 Bata India Ltd 153,375 0.04%


90,000 Cafe de Coral Holdings Ltd 217,938 0.06%

399,000 China Dongxiang Group Co Ltd 73,227 0.02%

24,962 Crown Resorts Ltd 248,410 0.07%

11,500 Fairwood Holdings Ltd 43,970 0.01%

3,662 Flight Centre Travel Group Ltd 171,820 0.05%



454,000 Giordano International Ltd 285,838 0.08%


1,618 Lotte Shopping Co Ltd 304,871 0.08%





1,332,000 Sa Sa International Holdings Ltd 845,415 0.23%

836,800 Sands China Ltd 4,473,939 1.21%



210,356 Super Retail Group Ltd 1,256,018 0.34%

10,879 Titan Co Ltd 139,487 0.04%

148,000 VSTECS Holdings Ltd 74,129 0.02%

1,214,000 Wynn Macau Ltd 3,906,758 1.06%

24,791,743 6.72%


5,696 Bellamy's Australia Ltd 65,249 0.02%

4,794 Biocon Ltd 43,349 0.01%



494,512 Coca-Cola Amatil Ltd 3,353,672 0.91%

3,791 Cochlear Ltd 559,382 0.15%

4,029 CSL Ltd 572,077 0.15%

5,051 Dabur India Ltd 28,857 0.01%

120,112 Estia Health Ltd 291,298 0.08%


5,075 Hindustan Unilever Ltd 121,559 0.03%

204,260 Lix Detergent JSC 371,028 0.10%

607 Medy-Tox Inc 417,900 0.11%

40,358 Metcash Ltd 77,647 0.02%

606,000 Perusahaan Perkebunan London Sumatra Indonesia Tbk PT 41,864 0.01%



13,460 Sonic Healthcare Ltd 243,388 0.07%


72,176 Treasury Wine Estates Ltd 925,227 0.25%




Assets

104



173,753 Wesfarmers Ltd 6,322,129 1.71%

81,700 Westports Holdings Bhd 68,564 0.02%

418,000 WH Group Ltd 340,419 0.09%

151,684 Woolworths Group Ltd 3,412,559 0.92%

25,216,250 6.81%

Diversified - 0.65% (2017 - 0.00%)


192,500 CK Hutchison Holdings Ltd 2,041,223 0.55%


2,410,405 0.65%

Energy - 8.63% (2017 - 5.44%)

36,686 APA Group 266,374 0.07%

23,855 Bharat Petroleum Corp Ltd 129,970 0.04%

10,673,000 Bukit Asam Tbk PT 2,956,705 0.80%



5,458,000 China Petroleum & Chemical Corp 4,876,273 1.32%


132,503 Coal India Ltd 511,222 0.14%

36,082 Deep Industries Ltd 44,683 0.01%

291,000 Formosa Petrochemical Corp 1,169,202 0.32%


52,889 Hindustan Petroleum Corp Ltd 200,080 0.05%

45,772 Indian Oil Corp Ltd 104,215 0.03%


61,093 New Zealand Refining Co Ltd 100,725 0.03%


160,000 PetroChina Co Ltd 121,739 0.03%


768,300 PTT PCL 1,113,138 0.30%

2,732,000 Sinopec Engineering Group Co Ltd 2,855,163 0.77%

4,428 SK Innovation Co Ltd 802,560 0.22%

1,668 S-Oil Corp 163,881 0.04%

6,075,800 Star Petroleum Refining PCL 2,384,095 0.65%

318,100 Thai Oil PCL 746,519 0.20%


102,615 Woodside Petroleum Ltd 2,682,288 0.73%

411,896 Z Energy Ltd 2,106,868 0.57%

31,829,088 8.63%

Financial - 31.03% (2017 - 35.41%)

64,840 Abacus Property Group 180,194 0.05%

238,400 Accordia Golf Trust 107,450 0.03%



254,400 AIA Group Ltd 2,224,220 0.60%




Assets

105



1,330,100 Alam Sutera Realty Tbk PT 30,443 0.01%


3,653,500 Bank of China Ltd 1,811,320 0.49%



433,782 Canara Bank 1,592,575 0.43%


59,547 Charter Hall Long Wale REIT 193,138 0.05%

49,960 Charter Hall Retail REIT 154,309 0.04%

12,191,000 China Cinda Asset Management Co Ltd 3,915,402 1.06%




99,000 China Evergrande Group 252,349 0.07%

596,000 China Huarong Asset Management Co Ltd 172,428 0.05%


6,368,000 China Overseas Grand Oceans Group Ltd 2,345,510 0.62%

1,062,600 China Vanke Co Ltd 3,717,480 1.01%

1,981,000 Chongqing Rural Commercial Bank Co Ltd 1,179,065 0.32%

2,610,000 CIFI Holdings Group Co Ltd 1,659,883 0.45%


24,596 Commonwealth Bank of Australia 1,321,202 0.36%


286,600 DBS Group Holdings Ltd 5,589,171 1.50%

222,387 Dexus 1,591,785 0.43%

549,700 Far East Hospitality Trust 255,815 0.07%

1,718,000 Filinvest Land Inc 45,069 0.01%

176,670 Folkestone Education Trust 350,325 0.09%

278,000 Fubon Financial Holding Co Ltd 465,936 0.13%


62,373 Goodman Property Trust 61,111 0.02%


57,302 Hana Financial Group Inc 2,203,124 0.60%

94,000 Hang Seng Bank Ltd 2,350,516 0.63%

292,811 Hanwha Life Insurance Co Ltd 1,392,456 0.38%

41,800 Huatai Securities Co Ltd 66,486 0.02%

144,806 ICICI Bank Ltd 582,042 0.16%

3,106 Indiabulls Housing Finance Ltd 51,792 0.01%



34,713 ING Life Insurance Korea Ltd 1,303,485 0.35%

28,053 IOOF Holdings Ltd 185,907 0.05%




335,000 Kiatnakin Bank PCL 685,064 0.19%


130,500 Longfor Properties Co Ltd 351,769 0.10%






Assets

106



1,837,200 Malayan Banking Bhd 4,093,272 1.11%

103,500 Mapletree Commercial Trust 119,088 0.03%

1,743,100 Mapletree North Asia Commercial Trust 1,456,309 0.39%

603,849 Medibank Pvt Ltd 1,299,772 0.35%

1,460,541 Mirvac Group 2,336,304 0.63%

271,100 Oversea-Chinese Banking Corp Ltd 2,312,644 0.63%

382,181 Pendal Group Ltd 2,791,892 0.76%


327,249 Platinum Asset Management Ltd 1,389,494 0.38%


475,600 Public Bank Bhd 2,750,340 0.74%

88,028 Rural Electrification Corp Ltd 134,451 0.04%


417,825 Shopping Centres Australasia Property Group 754,599 0.20%

825,088 State Bank of India 3,123,134 0.85%

60,000 Sun Hung Kai Properties Ltd 905,398 0.25%


13,800 Tisco Financial Group PCL 34,989 0.01%


712,000 Value Partners Group Ltd 562,611 0.15%

654,280 Vicinity Centres 1,249,163 0.34%

396,668 Viva Energy REIT 657,909 0.18%

57,376 Westpac Banking Corp 1,239,235 0.34%

32,000 Wheelock & Co Ltd 222,883 0.06%


4,936,000 Yuexiu Property Co Ltd 943,632 0.26%

114,638,505 31.03%

Industrial - 6.67% (2017 - 18.68%)

995,332 Access Engineering PLC 99,971 0.03%


146,000 Asia Cement Corp 160,420 0.04%

146,193 Aurizon Holdings Ltd 466,628 0.13%

233,000 China Communications Construction Co Ltd 225,093 0.06%

8,273,889 China Machinery Engineering Corp 3,964,916 1.07%



20,785 CIMIC Group Ltd 648,106 0.18%


1,102,900 DMCI Holdings Inc 216,994 0.06%

11,662,579 GMR Infrastructure Ltd 2,604,295 0.70%



194,000 Micro-Star International Co Ltd 599,395 0.16%

355,500 MTR Corp Ltd 1,966,372 0.53%


603,800 Singapore Technologies Engineering Ltd 1,455,846 0.39%

641,000 Synnex Technology International Corp 967,111 0.26%

3,091,000 Taiwan Glass Industry Corp 1,743,765 0.48%




Assets

107



1,847,784 Tokyo Cement Co Lanka PLC 373,518 0.10%

78,000 Tripod Technology Corp 214,387 0.06%

21,000 Walsin Lihwa Corp 14,258 0.00%

2,420,900 Waskita Karya Persero Tbk PT 325,191 0.09%


24,652,434 6.67%

Technology - 14.27% (2017 - 10.72%)


22,188 Computershare Ltd 301,439 0.08%

1,604,000 Gigabyte Technology Co Ltd 3,545,887 0.96%

241,000 Globalwafers Co Ltd 4,007,611 1.08%


40,279 Infosys Ltd 768,466 0.21%

32,000 MediaTek Inc 314,870 0.09%

36,000 Momo Inc (DR) 1,599,120 0.43%

4,401 Mphasis Ltd 69,641 0.02%

208,970 MYOB Group Ltd 445,182 0.12%

1,229,000 Nanya Technology Corp 3,353,790 0.91%

387,000 Novatek Microelectronics Corp 1,745,317 0.48%

6,000 Phison Electronics Corp 47,427 0.01%

25,345 Pro Medicus Ltd 149,838 0.04%

526,000 Qisda Corp 370,924 0.10%


208,400 Silverlake Axis Ltd 80,183 0.02%


92,946 SK Hynix Inc 7,147,100 1.93%


58,658 Tata Consultancy Services Ltd 1,581,884 0.43%


14,144 Wipro Ltd 53,982 0.01%


1,246,000 Wistron Corp 925,650 0.25%

52,713,041 14.27%

Utilities - 3.79% (2017 - 4.35%)

137,300 Aboitiz Power Corp 89,402 0.02%

267,207 AusNet Services 316,139 0.09%

283,500 CLP Holdings Ltd 3,053,136 0.83%

264,637 Contact Energy Ltd 1,046,069 0.28%

457,361 GAIL India Ltd 2,271,231 0.61%

92,168 Genesis Energy Ltd 151,958 0.04%

13,115,380 Huadian Fuxin Energy Corp Ltd 3,075,637 0.83%

105,109 Infratil Ltd 240,055 0.06%

744,294 Mercury NZ Ltd 1,694,839 0.46%

634,754 Torrent Power Ltd 2,104,371 0.57%

14,042,837 3.79%





Assets

108


433,898 Charter Hall Group (AIF) 2,085,408 0.56%

2,085,408 0.56%

Preferred Stock

Technology - 0.48% (2017 - 0.60%)


1,785,066 0.48%


Futures - (0.04%) (2017 - (0.02%))


ContractsMaturity


Bank of America Merrill Lynch 7,088,250S&P 500 Emini IndexFuture 52 21/09/2018 (136,313) (0.04%)

(136,313) (0.04%)


Cash at Bank 7,551,448 2.04%



% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 95.20%Transferable securities dealt in on another regulated market 0.09%AIF 0.55%Other current assets 4.16%



PORTFOLIO OF INVESTMENTS – Old Mutual Local Currency Emerging Market Debt Fund


RateMaturity


Assets

109

Corporate Bonds - 7.31% (2017 - 3.44%)

18,380,000 America Movil SAB de CV 06.00 09/06/2019 6.00 09/06/2019 911,708 0.23%

37,000,000 America Movil SAB de CV 0.00 01/08/2018 1,390,342 0.35%






20,100,000 Development Bank of Kazakhstan JSC 19.00 23/10/2024 4,341,184 1.10%

81,900,000 ESLA PLC 5.15 20/01/2020 1,181,065 0.30%

36,400,000 European Bank for Reconstruction & Development 6.38 07/08/2018 560,577 0.14%

109,110,000 International Bank for Reconstruction & Development 5.85 25/11/2022 1,502,900 0.38%


472,800 International Finance Corp 7.19 12/09/2024 2,172,103 0.54%




28,924,399 7.31%


40,459,030 Argentina Bonar Bonds 34.28 03/04/2022 1,422,414 0.36%

31,821,709 Argentina POM Politica Monetaria 40.00 21/06/2020 1,176,589 0.30%

27,275,750 Argentina Treasury Bill 0.00 14/09/2018 1,020,563 0.26%

32,730,900 Argentina Treasury Bill 0.00 12/10/2018 1,189,522 0.30%

19,093,025 Argentina Treasury Bond BONCER 2.50 22/07/2021 918,961 0.23%

2,848,000,000 Bogota Distrito Capital 9.75 26/07/2028 1,147,355 0.29%

21,820,600 Bonos de la Nacion Argentina con Ajuste por CER 3.75 08/02/2019 945,151 0.24%


665,000,000 Bonos de la Tesoreria de la Republica en pesos 4.50 01/03/2026 1,034,911 0.26%

680,000,000 Bonos de la Tesoreria de la Republica en pesos 5.00 01/03/2035 1,055,720 0.27%










250,000,000 Chile Government International Bond 5.50 05/08/2020 408,439 0.10%

3,910,000,000 Colombia Government International Bond 4.38 21/03/2023 1,271,577 0.32%

8,943,000,000 Colombian TES 7.75 18/09/2030 3,429,801 0.87%

12,800,000,000 Colombian TES 6.00 28/04/2028 4,201,633 1.06%

16,600,000,000 Colombian TES 7.00 04/05/2022 5,916,703 1.49%

20,200,000,000 Colombian TES 7.50 26/08/2026 7,675,328 1.94%

19,100,000,000 Colombian TES 10.00 24/07/2024 8,300,923 2.10%

11,750,000,000 Colombian TES 11.00 24/07/2020 4,830,072 1.22%

66,000,000 Dominican Republic Bond 11.25 05/02/2027 1,507,253 0.38%




PORTFOLIO OF INVESTMENTS – Old Mutual Local Currency Emerging Market Debt Fund (continued)


RateMaturity


Assets

110


















3,183,000 Malaysia Government Bond 3.76 15/03/2019 798,410 0.20%







12,860,000 Malaysia Government Investment Issue 3.74 26/08/2021 3,216,469 0.81%

473,200 Mexican Bonos 5.75 05/03/2026 2,185,146 0.55%

517,810 Mexican Bonos 7.75 29/05/2031 2,655,263 0.67%

245,500 Mexican Bonos 7.75 23/11/2034 1,258,228 0.32%

490,570 Mexican Bonos 7.75 13/11/2042 2,518,974 0.64%

373,500 Mexican Bonos 6.50 10/06/2021 1,840,006 0.46%

1,808,400 Mexican Bonos 6.50 09/06/2022 8,819,128 2.23%

972,800 Mexican Bonos 7.50 03/06/2027 4,921,805 1.24%

332,900 Mexican Bonos 8.00 11/06/2020 1,703,110 0.43%

1,316,600 Mexican Bonos 8.00 07/12/2023 6,795,567 1.72%

101,200 Mexican Bonos 8.00 07/11/2047 534,266 0.13%

484,000 Mexican Bonos 8.50 31/05/2029 2,631,010 0.66%

504,620 Mexican Bonos 8.50 18/11/2038 2,788,531 0.70%

188,300 Mexican Bonos 10.00 20/11/2036 1,179,972 0.30%

1,704,735,000 Nigeria Government Bond 13.98 23/02/2028 4,989,514 1.26%

1,574,720,000 Nigeria Government Bond 16.25 18/04/2037 5,184,207 1.31%

731,900,000 Nigeria Treasury Bills 0.00 06/12/2018 1,915,767 0.48%


5,092,000 Peru Government Bond 6.15 12/08/2032 1,625,715 0.41%




20,000,000 Republic of Ghana Government Bonds 16.50 22/03/2021 4,238,528 1.07%







RateMaturity


Assets

111














27,280,000 Republic of Zambia Treasury Bills 0.00 18/03/2019 2,507,472 0.63%




















22,730,000 Uruguay Notas del Tesoro 3.90 29/07/2020 827,860 0.21%

13,640,000 Zambia Government Bond 1.00 31/08/2019 1,268,868 0.32%

4,550,000 Zambia Government Bond 1.00 29/08/2021 383,715 0.10%

366,522,349 92.56%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain USD

Bank of America MerrillLynch 28/08/2018 USD 4,621,926 KRW 5,000,000,000 125,655 0.03%

Citibank 24/07/2018 USD 9,830,141 HUF 2,700,000,000 272,698 0.07%

Citibank 24/07/2018 USD 6,579,156 PLN 24,541,737 41,467 0.01%

Citibank 24/07/2018 USD 132,276 ZAR 1,802,000 2,150 0.00%

Citibank 28.08.2018 USD 204,603 BRL 776,837 4,852 0.00%

Citibank 31/07/2018 AUD 1,484 USD 1,091 3 0.00%

Citibank 31/07/2018 USD 512 AUD 693 1 0.00%

Citibank 31/07/2018 USD 1,814 ZAR 24,685 34 0.00%

Goldman Sachs 24/07/2018 MXN 67,000,000 USD 3,348,913 33,984 0.01%



112

Currency Exchange Contracts – 0.92% (2017 – 1.07%) (continued)


IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain USD

% of NetAssets

Goldman Sachs 28/08/2018 KRW 2,800,000,000 USD 2,514,090 3,670 0.00%

Goldman Sachs 28/08/2018 USD 7,106,027 COP 20,300,000,200 245,351 0.06%

Goldman Sachs 28/08/2018 USD 6,732,134 INR 460,000,000 78,937 0.02%

HSBC 24/07/2018 TRY 12,000,000 USD 2,583,945 4,191 0.00%

HSBC 24/07/2018 USD 73,956 HUF 20,845,955 169 0.00%

HSBC 28/08/2018 USD 9,130,829 IDR 131,000,000,000 82,173 0.02%

HSBC 28/08/2018 USD 4,382,150 TWD 131,000,000 64,473 0.02%

JP Morgan Securities 24/07/2018 RUB 3,673,172 USD 57,651 682 0.00%

JP Morgan Securities 24/07/2018 USD 12,007,168 ARS 335,000,000 341,344 0.10%

JP Morgan Securities 24/07/2018 USD 6,318,222 CZK 140,741,628 8,624 0.00%

JP Morgan Securities 28/08/2018 USD 1,176,929 CLP 751,704,300 19,304 0.00%

Royal Bank of Scotland 28/08/2018 USD 4,409,372 CLP 2,800,000,000 97,372 0.02%

Societe Generale 24/07/2018 RUB 271,000,000 USD 4,284,335 19,416 0.00%

Societe Generale 24/07/2018 USD 8,050,049 THB 262,488,149 122,043 0.03%

Societe Generale 24/07/2018 USD 4,645,692 ZAR 63,000,000 96,396 0.02%

Societe Generale 28/08/2018 USD 2,729,854 KRW 3,000,000,000 32,184 0.01%

Toronto Dominion Bank 24/07/2018 MXN 6,982,704 USD 340,570 11,994 0.00%

Toronto Dominion Bank 24/07/2018 RUB 11,893,200 USD 185,856 3,020 0.00%

Toronto Dominion Bank 24/07/2018 TRY 16,567,892 USD 3,481,806 91,524 0.02%

Toronto Dominion Bank 24/07/2018 USD 2,101,150 HUF 592,356,190 4,421 0.00%

Toronto Dominion Bank 24/07/2018 USD 4,327,516 THB 141,000,000 68,850 0.02%

Toronto Dominion Bank 24/07/2018 USD 4,706,161 ZAR 63,030,998 154,817 0.04%

Toronto Dominion Bank 28/08/2018 PHP 14,596,200 USD 271,456 661 0.00%

Toronto Dominion Bank 25/02/2019 TRY 21,000,000 USD 3,972,157 161,441 0.04%

Toronto Dominion Bank 25/02/2019 USD 9,592,870 TRY 42,000,000 1,468,324 0.38%

Unrealised Gain on Currency Exchange Contracts at 30 June 2018 3,662,225 0.92%


Swaps - (0.07%) (2017 - (0.02%))



HSBC 1,365,000CDS Petroleo Brasileiro SA PetrobrasSenior, paid fixed rate 1.00% 20/12/2019 (17,112) (0.00%)

HSBC 2,275,000CDS Petroleo Brasileiro SA PetrobrasSenior, paid fixed rate 1.00% 20/12/2019 (28,520) (0.01%)

HSBC 120,000,000IRS THB/THBFIX/fixing 6M, R:THB2.235 29/06/2027 (62,772) (0.02%)



(292,289) (0.07%)



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Bank of America MerrillLynch 24/07/2018 CZK 518,775,000 USD 23,738,163 (480,961) (0.12%)Bank of America MerrillLynch 28/08/2018 CLP 8,343,000,000 USD 13,109,679 (261,459) (0.08%)



113

Currency Exchange Contracts – (1.45%) (2017 – (0.43%)) (continued)


IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedLoss USD

% of NetAssets

Citibank 24/07/2018 HUF 243,270,000 USD 867,675 (6,589) (0.00%)

Citibank 24/07/2018 PLN 110,802,847 USD 30,415,025 (898,254) (0.24%)

Citibank 24/07/2018 ZAR 20,000,000 USD 1,511,357 (67,037) (0.02%)

Citibank 31/07/2018 AUD 23,085,245 USD 17,045,346 (26,329) (0.00%)

Citibank 31/07/2018 USD 214,860 AUD 292,166 (532) (0.00%)

Citibank 31/07/2018 USD 435,558 ZAR 6,045,948 (648) (0.00%)

Citibank 31/07/2018 ZAR 553,432,739 USD 40,305,350 (376,284) (0.09%)

Citibank 28/08/2018 BRL 8,621,946 USD 2,309,223 (91,874) (0.02%)

Citibank 28/08/2018 PEN 3,000,000 USD 914,411 (1,169) (0.00%)

Citibank 28/08/2018 USD 82,218 PEN 270,300 (65) (0.00%)

Goldman Sachs 24/07/2018 RON 39,100,413 USD 9,866,797 (111,400) (0.02%)

Goldman Sachs 24/07/2018 USD 869,477 RON 3,522,947 (9,495) (0.00%)

Goldman Sachs 28/08/2018 COP 13,829,030,018 USD 4,734,388 (60,176) (0.01%)

Goldman Sachs 28/08/2018 INR 41,446,000 USD 604,257 (4,741) (0.00%)

HSBC 24/07/2018 HUF 231,364,650 USD 852,576 (33,631) (0.01%)

HSBC 28/08/2018 TWD 11,803,100 USD 389,028 (33) (0.00%)

JP Morgan Securities 24/07/2018 ARS 30,183,500 USD 1,066,555 (14,781) (0.00%)

JP Morgan Securities 24/07/2018 CZK 8,469,400 USD 381,058 (1,367) (0.00%)

JP Morgan Securities 24/07/2018 PLN 12,000,000 USD 3,199,742 (3,062) (0.00%)

JP Morgan Securities 24/07/2018 RUB 181,000,000 USD 2,904,844 (30,383) (0.01%)

JP Morgan Securities 24/07/2018 TRY 9,000,000 USD 1,951,515 (10,413) (0.00%)

JP Morgan Securities 24/07/2018 USD 3,504,803 RUB 221,767,730 (17,134) (0.00%)


JP Morgan Securities 24/07/2018 ZAR 5,406,000 USD 396,334 (5,935) (0.00%)

JP Morgan Securities 28/08/2018 CLP 252,280,000 USD 394,990 (6,479) (0.00%)

JP Morgan Securities 28/08/2018 KRW 450,500,000 USD 408,062 (2,972) (0.00%)

Societe Generale 24/07/2018 THB 1,246,999,435 USD 38,805,905 (1,142,781) (0.30%)

Societe Generale 24/07/2018 ZAR 5,676,300 USD 413,607 (3,687) (0.00%)

Societe Generale 28/08/2018 KRW 270,300,000 USD 244,240 (1,186) (0.00%)

Societe Generale 25/02/2019 TRY 21,000,000 USD 4,871,266 (737,668) (0.19%)

Toronto Dominion Bank 24/07/2018 HUF 6,574,430,520 USD 24,164,739 (893,688) (0.24%)

Toronto Dominion Bank 24/07/2018 THB 12,704,100 USD 385,381 (1,680) (0.00%)

Toronto Dominion Bank 24/07/2018 USD 3,723,637 MXN 77,499,489 (190,148) (0.05%)

Toronto Dominion Bank 24/07/2018 USD 2,077,994 RUB 132,000,000 (18,346) (0.00%)

Toronto Dominion Bank 24/07/2018 USD 6,495,537 TRY 31,000,000 (192,549) (0.05%)

Toronto Dominion Bank 24/07/2018 ZAR 5,679,093 USD 413,461 (3,340) (0.00%)

Toronto Dominion Bank 28/08/2018 USD 3,019,009 PHP 162,000,000 (1,163) (0.00%)

Unrealised Loss on Currency Exchange Contracts at 30 June 2018 (5,726,554) (1.45%)

Value USDFinancial Liabilities at Fair Value Through Profit or Loss(Cost USD Nil) (2017: USD Nil) (6,018,843) (1.52%)

Cash at Bank 10,923,970 2.76%





114

% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 82.68%Transferable securities dealt in on another regulated market 8.98%OTC financial derivative instruments 0.85%Other current assets 7.49%



PORTFOLIO OF INVESTMENTS – Old Mutual UK Alpha Fund (IRL)

Nominal Security Description Value GBP% of Net

Assets

115

Common Stock

Banks - 11.91% (2017 - 12.35%)

2,060,352 Barclays PLC 3,908,900 3.46%

721,385 HSBC Holdings PLC 5,147,803 4.55%

7,004,378 Lloyds Banking Group PLC 4,412,758 3.90%

13,469,461 11.91%

Construction & Materials - 4.93% (2017 - 4.60%)

92,558 CRH PLC 2,488,885 2.20%


5,571,400 4.93%

Electricity - 2.20% (2017 - 1.59%)

766,226 Drax Group PLC 2,485,637 2.20%

2,485,637 2.20%

Financial Services - 1.79% (2017 - 2.13%)

482,121 TP ICAP PLC 2,019,605 1.79%

2,019,605 1.79%

Food & Drug Retailers - 3.62% (2017 - 2.75%)

1,577,126 Tesco PLC 4,087,911 3.62%

4,087,911 3.62%

Food Producers - 1.55% (2017 - 1.59%)

271,194 Tate & Lyle PLC 1,750,286 1.55%

1,750,286 1.55%

General Industrials - 2.40% (2017 - 0.98%)

556,662 DS Smith PLC 2,712,006 2.40%

2,712,006 2.40%

General Retailers - 3.73% (2017 - 2.75%)

43,688 Next PLC 2,648,367 2.34%

1,219,988 Pets at Home Group PLC 1,575,005 1.39%

4,223,372 3.73%

Health Care Equipment & Services - 2.63% (2017 - 2.45%)

211,328 Smith & Nephew PLC 2,970,215 2.63%

2,970,215 2.63%

Life Insurance - 9.76% (2017 - 9.98%)

729,579 Aviva PLC 3,682,915 3.26%

216,347 Prudential PLC 3,769,846 3.33%


11,039,542 9.76%

Mining - 8.09% (2017 - 7.89%)

1,350,643 Glencore PLC 4,883,925 4.32%

101,141 Rio Tinto PLC 4,264,610 3.77%

9,148,535 8.09%


PORTFOLIO OF INVESTMENTS – Old Mutual UK Alpha Fund (IRL) (continued)


Assets

116


Mobile Telecommunications - 2.98% (2017 - 3.58%)

1,832,234 Vodafone Group PLC 3,364,715 2.98%

3,364,715 2.98%

Oil & Gas Producers - 8.98% (2017 - 9.50%)

973,351 BP PLC 5,641,542 4.99%


10,157,072 8.98%

Personal Goods - 2.04% (2017 - 1.59%)


2,302,261 2.04%


56,861 AstraZeneca PLC 3,005,672 2.66%

298,263 GlaxoSmithKline PLC 4,554,476 4.03%

7,560,148 6.69%

Software & Computer Services - 4.71% (2017 - 6.23%)

88,910 Micro Focus International PLC 1,189,616 1.05%

657,265 Sage Group PLC 4,135,511 3.66%

5,325,127 4.71%

Support Services - 5.51% (2017 - 6.23%)

153,264 Experian PLC 2,878,298 2.54%

53,774 Worldpay Inc 3,354,960 2.97%

6,233,258 5.51%

Travel & Leisure - 15.42% (2017 - 14.28%)

361,264 GVC Holdings PLC 3,800,801 3.36%

482,168 International Consolidated Airlines Group SA 3,215,096 2.84%

729,592 Merlin Entertainments PLC 2,833,735 2.51%

646,467 SSP Group PLC 4,139,975 3.66%

86,384 Whitbread PLC 3,444,994 3.05%

17,434,601 15.42%




IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain GBP

Citibank 31/07/2018 EUR 1,040 GBP 917 5 0.00%

Citibank 31/07/2018 USD 1,446,332 GBP 1,093,420 5,700 0.00%


Value GBPFinancial Assets at Fair Value Through Profit or Loss(Cost GBP 95,002,022) (2017: GBP 106,361,789) 111,860,857 98.94%


PORTFOLIO OF INVESTMENTS – Old Mutual UK Alpha Fund (IRL) (continued)

117

% of Net

Value GBP Assets

Cash at Bank 170,371 0.15%




AssetsTransferable securities admitted to official stock exchange listing 98.23%Transferable securities dealt in on another regulated market 0.37%OTC financial derivative instruments 0.01%Other current assets 1.39%



PORTFOLIO OF INVESTMENTS – Old Mutual UK Smaller Companies Focus Fund


Assets

118

Common Stock

Beverages - 5.58% (2017 - 5.37%)


24,120,562 5.58%

Chemicals - 1.46% (2017 - 1.27%)

1,196,431 Synthomer PLC 6,305,191 1.46%

6,305,191 1.46%


2,563,120 Marshalls PLC 10,457,530 2.42%

10,457,530 2.42%

E-Commerce Discretionary - 2.71% (2017 – 2.53%)

21,470 The Hut Group 11,711,670 2.71%

11,711,670 2.71%

Electronic & Electrical Equipment - 1.68% (2017 - 1.54%)

7,105,000 Elektron Technology PLC 2,628,850 0.61%

61,669 Oxford Instruments PLC 616,690 0.14%

114,000 XP Power Ltd 4,024,200 0.93%

7,269,740 1.68%


1,326,000 AFH Financial Group PLC 4,282,980 0.99%

1,543,933 Alpha FX Group PLC 8,491,632 1.97%

727,191 Aquis Exchange PLC 3,290,539 0.76%



1,528,097 Draper Esprit PLC 7,716,890 1.79%

3,582,214 Fairfx Group PLC 4,101,635 0.95%

2,250,449 FFI Holdings PLC 1,789,107 0.41%


1,083,000 JTC PLC 4,158,720 0.96%



71,812,471 16.62%

Food Producers - 1.51% (2017 - 1.32%)

486,000 Hilton Food Group PLC 4,830,840 1.12%

426,502 Hotel Chocolat Group Ltd 1,695,345 0.39%

6,526,185 1.51%


947,000 Vesuvius PLC 5,663,060 1.31%

5,663,060 1.31%


PORTFOLIO OF INVESTMENTS – Old Mutual UK Smaller Companies Focus Fund (continued)


Assets

119



922,400 Applegreen PLC 5,091,648 1.18%

6,448,407 boohoo.com PLC 12,542,152 2.90%

1,502,673 Joules Group PLC 5,619,997 1.30%

23,253,797 5.38%


5,760,581 Kromek Group PLC 1,368,138 0.32%

1,169,853 Medica Group PLC 1,525,488 0.35%

2,893,626 0.67%

Household Goods & Home Construction - 2.76% (2017 - 3.89%)

1,015,000 Crest Nicholson Holdings PLC 3,956,470 0.92%

959,752 Victoria PLC 7,927,552 1.84%

11,884,022 2.76%

Industrial Engineering - 2.28% (2017 - 1.45%)

610,438 Bodycote PLC 5,979,240 1.39%

1,022,000 Somero Enterprises Inc 3,858,050 0.89%

9,837,290 2.28%

Industrial Transportation - 1.66% (2017 - 1.93%)

5,417,600 GYG PLC 7,178,320 1.66%

7,178,320 1.66%

Leisure Goods - 2.43% (2017 - 1.84%)

2,327,611 Codemasters Group Holdings PLC 5,272,039 1.22%

722,037 Gear4Music Holdings PLC 5,220,328 1.21%

10,492,367 2.43%

Media - 4.79% (2017 - 4.39%)

2,838,360 Ascential PLC 12,846,417 2.97%

6,509,137 Huntsworth PLC 7,843,510 1.82%

20,689,927 4.79%

Mining - 0.90% (2017 - 1.85%)

497,000 Glencore PLC 1,799,140 0.42%

49,000 Rio Tinto PLC 2,058,490 0.48%

3,857,630 0.90%

Nonlife Insurance - 1.03% (2017 - 0.96%)

1,639,357 Sabre Insurance Group PLC 4,442,657 1.03%

4,442,657 1.03%

Oil Equipment, Services & Distribution - 0.95% (2017 - 0.00%)

528,000 Hunting PLC 4,097,280 0.95%

4,097,280 0.95%




Assets

120


Other Financial Services - 1.69% (2017 - 1.86%)

228,000 Transferwise 7,312,527 1.69%

7,312,527 1.69%

Personal Goods - 1.24% (2017 - 0.83%)

194,023 Superdry PLC 2,176,938 0.50%

997,288 Swallowfield PLC 3,216,254 0.74%

5,393,192 1.24%


6,015,730 Alliance Pharma PLC 5,883,384 1.37%


892,044 Eco Animal Health Group PLC 4,772,435 1.10%

22,669,419 5.25%

Real Estate Investment & Services - 2.62% (2017 - 3.09%)

1,200,000 Helical PLC 4,068,000 0.94%


11,314,295 2.62%

Real Estate Investment Trusts - 1.58% (2017 - 1.82%)

633,251 Workspace Group PLC 6,839,111 1.58%

6,839,111 1.58%


7,173,784 Albert Technologies Ltd 3,335,810 0.77%

1,861,433 Blue Prism Group PLC 33,952,538 7.86%

3,753,999 Castleton Technology PLC 3,247,209 0.75%

1,254,000 Cloudcall Group PLC 2,150,610 0.50%

295,910 FDM Group Holdings PLC 2,896,959 0.67%

290,000 GRC International Group PLC 928,000 0.21%

1,125,000 Gresham Technologies PLC 2,221,875 0.51%

701,376 LoopUp Group PLC 3,278,933 0.76%

3,002,073 Microgen PLC 13,209,121 3.06%

2,585,774 Ubisense Group PLC 2,133,264 0.50%

4,541,811 Zoo Digital Group PLC 4,269,302 0.99%

71,623,621 16.58%


5,503,000 1Spatial PLC 220,120 0.05%

3,796,019 Boku Inc 3,985,820 0.92%


6,844,784 Johnson Service Group PLC 9,432,112 2.18%

1,414,000 Keystone Law Group PLC 4,751,040 1.10%

2,984,025 Knights Group Holdings PLC 5,222,044 1.21%


2,859,593 Mind Gym Ltd 5,075,778 1.17%


825,489 Sanne Group PLC 5,563,796 1.29%

54,239,288 12.56%




Assets

121


Travel & Leisure - 1.13% (2017 - 1.97%)


4,872,149 1.13%


Financial Assets at Fair Value Through Profit or Loss(Cost GBP 304,248,424) (2017: GBP 261,788,068) 426,756,927 98.79%

Cash at Bank 9,768,251 2.26%



% of Total



Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 4.34%




PORTFOLIO OF INVESTMENTS – Old Mutual UK Dynamic Equity Fund


Assets

122

Common Stock

E-Commerce Discretionary - 3.98% (2017 - 0.00%)

43,997 The Hut Group 23,999,924 3.98%

23,999,924 3.98%

Beverages - 3.99% (2017 - 3.65%)


24,070,735 3.99%

Chemicals - 2.03% (2017 - 1.47%)

2,321,013 Synthomer PLC 12,254,949 2.03%

12,254,949 2.03%



10,954,516 1.81%


1,283,059 3i Group PLC 11,593,721 1.92%



1,450,012 FFI Holdings PLC 1,145,509 0.19%


2,010,000 JTC PLC 7,919,400 1.31%



2,874,000 TP ICAP PLC 12,039,186 1.99%

88,187,712 14.61%


1,741,000 Vesuvius PLC 10,402,475 1.72%

10,402,475 1.72%


1,643,000 Applegreen PLC 9,036,500 1.50%

19,429,496 boohoo.com PLC 38,402,399 6.36%

2,070,724 JD Sports Fashion PLC 9,148,459 1.51%

56,587,358 9.37%


972,836 Medica Group PLC 1,259,044 0.21%

1,259,044 0.21%


438,000 Persimmon PLC 11,116,440 1.84%

1,563,078 Victoria PLC 12,799,605 2.12%

23,916,045 3.96%


PORTFOLIO OF INVESTMENTS – Old Mutual UK Dynamic Equity Fund (continued)


Assets

123



749,658 Bodycote PLC 7,331,655 1.21%

97,778 Weir Group PLC 1,937,471 0.33%

9,269,126 1.54%

Life Insurance - 1.45% (2017 - 1.95%)


8,740,000 1.45%

Media - 4.24% (2017 - 4.98%)

5,679,000 Ascential PLC 25,612,290 4.24%

25,612,290 4.24%

Mining - 0.95% (2017 - 0.00%)

678,000 KAZ Minerals PLC 5,710,116 0.95%

5,710,116 0.95%


359,000 Transferwise 11,569,229 1.92%

11,569,229 1.92%

Personal Goods - 0.55% (2017 - 0.00%)

295,565 Superdry PLC 3,336,929 0.55%

3,336,929 0.55%



1,714,015 Eco Animal Health Group PLC 8,882,883 1.48%

5,591,000 Indivior PLC 21,312,892 3.53%

42,351,243 7.02%



9,592,548 1.59%



17,381,288 2.88%




1,191,927 Microgen PLC 5,387,510 0.89%

32,796,859 5.43%



2,702,000 HomeServe PLC 24,331,510 4.03%





Assets

124


Support Services - 14.29% (2017 - 15.25%) (continued)


1,136,000 Pagegroup PLC 6,355,920 1.05%


142,504 Sanne Group PLC 944,802 0.16%


86,276,936 14.29%

Travel & Leisure - 7.50% (2017 - 6.72%)

2,449,324 GVC Holdings PLC 25,768,946 4.27%

1,151,980 Gym Group PLC 3,162,761 0.52%

2,554,838 SSP Group PLC 16,361,183 2.71%

45,292,890 7.50%



Counterparty Nominal Security DescriptionUnrealisedGain GBP

Citibank 150 FTSE 350 Mining Index 5,853 0.00%

Citibank (1,382,714) GB043 147,176 0.02%

153,029 0.02%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 31/07/2018 EUR 6,914,481 GBP 6,096,554 34,658 0.01%




Counterparty Nominal Security DescriptionUnrealisedLoss GBP

Citibank (974,000) GB160 (24,350) (0.00%)

Citibank 846,991 Inmarsat PLC (69,453) (0.01%)

Citibank 4,323,272 Taylor Wimpey PLC (2,162) (0.00%)

Citibank 728,000 Weir Group PLC (50,960) (0.01%)

(146,925) (0.02%)

Value GBPFinancial Liabilities at Fair Value Through Profit or Loss(Cost GBP Nil) (2017: GBP Nil) (146,925) (0.02%)



125

% of Net

Value GBP Assets

Cash at Bank 35,859,804 5.94%



% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 84.74%

Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 5.86%Financial derivative instruments dealt in on a regulated market 0.03%OTC financial derivative instruments 0.01%Other current assets 9.36%



PORTFOLIO OF INVESTMENTS – Old Mutual Global Equity Absolute Return Fund


Assets

126

Common Stock

Basic Materials - 4.42% (2017 - 4.30%)

11,501,688 Alumina Ltd 23,739,714 0.15%

1,008,143 BASF SE 96,135,484 0.60%

161,561 BHP Billiton Ltd 4,038,501 0.03%

4,027,141 BlueScope Steel Ltd 51,238,157 0.32%

1,227,859 Covestro AG 108,483,056 0.69%

2,145,545 Iluka Resources Ltd 17,682,159 0.11%

1,259,436 Lynas Corp Ltd 2,172,440 0.01%


2,041,057 Mineral Resources Ltd 24,088,088 0.15%

1,951,012 Newcrest Mining Ltd 31,352,509 0.20%

380,173 Novozymes A/S 19,173,550 0.12%

244,941 Nutrien Ltd 13,086,192 0.08%

1,443,137 OZ Minerals Ltd 10,021,076 0.06%

3,084,624 Stora Enso OYJ 60,125,544 0.38%

1,025,700 Tokai Carbon Co Ltd 18,460,286 0.12%

574,000 Tokuyama Corp 18,445,835 0.12%

1,702,200 Tosoh Corp 26,419,688 0.17%

1,976,083 UPM-Kymmene OYJ 70,617,964 0.45%

241,787 Wacker Chemie AG 30,931,592 0.20%

698,297,105 4.42%

Communications - 5.28% (2017 - 3.84%)

39,016 1&1 Drillisch AG 2,211,787 0.01%

50,900 51job Inc (DR) 4,812,086 0.03%

1,121,200 Autohome Inc (DR) 113,207,564 0.72%

32,600 Baidu Inc (DR) 7,896,046 0.05%


4,327,097 eBay Inc 156,381,286 0.99%

402,623 F5 Networks Inc 69,645,727 0.45%

2,676,183 Groupon Inc 11,186,445 0.07%

25,079 Stamps.com Inc 6,228,370 0.04%

394,073 Telenor ASA 8,130,474 0.05%

1,802,520 Weibo Corp (DR) 158,495,584 1.00%

562,057 Wolters Kluwer NV 31,568,163 0.20%

1,028,900 YY Inc (DR) 106,017,856 0.67%

834,266,924 5.28%


730,034 adidas AG 159,124,316 1.01%

279,652 Ahlsell AB 1,622,501 0.01%

1,401,000 ANTA Sports Products Ltd 7,419,004 0.05%

2,064,823 Aristocrat Leisure Ltd 47,032,404 0.30%

97,339 Best Buy Co Inc 7,299,452 0.05%

476,754 Big Lots Inc 20,023,668 0.13%

56,761 Cie Financiere Richemont SA 4,780,354 0.03%

876,381 Crown Resorts Ltd 8,721,327 0.06%

67,800 Daiwa House Industry Co Ltd 2,314,241 0.01%


798,119 Deutsche Lufthansa AG 19,101,277 0.12%

742,902 Dollarama Inc 28,876,304 0.18%


PORTFOLIO OF INVESTMENTS – Old Mutual Global Equity Absolute Return Fund (continued)


Assets

127



1,285,753 Electrolux AB 28,663,806 0.18%

60,571 Evolution Gaming Group AB 3,689,786 0.02%

485,737 Flight Centre Travel Group Ltd 22,790,585 0.14%

17,053,000 Galaxy Entertainment Group Ltd 132,033,309 0.84%


11,531 Georg Fischer AG 14,738,694 0.09%

1,699,300 Haseko Corp 23,517,549 0.15%

123,963 Hilton Grand Vacations Inc 4,227,138 0.03%

413,446 HUGO BOSS AG 37,577,703 0.24%

2,103,709 International Consolidated Airlines Group SA 18,429,838 0.12%


56,910 Marriott Vacations Worldwide Corp 6,184,410 0.04%

4,079,000 Melco Resorts & Entertainment Ltd (DR) 114,089,630 0.72%



28,670 NVR Inc 84,926,847 0.53%

71,098 Pandora A/S 4,911,652 0.03%

319,210 PetMed Express Inc 14,252,727 0.09%

16,982 Puma SE 9,844,413 0.06%


46,983 RH 6,664,069 0.04%

34,100 Ryohin Keikaku Co Ltd 12,021,698 0.08%

756,200 Singapore Airlines Ltd 5,924,350 0.04%



258,755 Swatch Group AG 121,564,822 0.77%


293,803 Toro Co 17,613,490 0.11%

94,593 Ulta Beauty Inc 22,671,104 0.14%


3,819,270 Volvo AB 60,410,033 0.38%

313,703 WW Grainger Inc 96,482,495 0.61%

1,385,600 Wynn Macau Ltd 4,458,982 0.03%

379,621 Yum! Brands Inc 29,568,680 0.19%

1,480,019,162 9.37%


1,065,860 A2 Milk Co Ltd 8,253,510 0.05%

11,797 ABIOMED Inc 4,883,250 0.03%

258,186 Adecco Group AG 15,305,105 0.10%


175,318 Ambu A/S 5,832,562 0.04%

6,478,700 Astellas Pharma Inc 98,915,496 0.63%

10,725 Avery Dennison Corp 1,079,364 0.01%

2,315,984 Baxter International Inc 170,919,619 1.08%

584,466 Beiersdorf AG 66,129,791 0.42%

590,542 Bellamy's Australia Ltd 6,764,842 0.04%


14,376 Chemed Corp 4,609,521 0.03%




Assets

128



431,185 Cigna Corp 73,197,966 0.46%

209,884 Cochlear Ltd 30,969,500 0.20%

305,171 Coloplast A/S 30,467,250 0.19%

1,116,559 CSL Ltd 158,540,026 1.00%

13,756,000 CSPC Pharmaceutical Group Ltd 41,550,566 0.26%

625,308 Danaher Corp 61,667,875 0.39%


955,869 Elekta AB 12,482,081 0.08%

1,131,897 Estee Lauder Cos Inc 161,351,917 1.02%

1,541,346 Exelixis Inc 32,676,535 0.21%


485,149 Genmab A/S 74,456,930 0.48%

450,636 Getinge AB 4,070,724 0.03%


361,461 GN Store Nord A/S 16,485,325 0.10%


529,311 Humana Inc 157,200,074 0.99%


99,682 Insperity Inc 9,350,172 0.06%


865,864 Marine Harvest ASA 17,445,139 0.11%

416,948 Masimo Corp 41,152,768 0.26%

1,919,576 Metcash Ltd 3,693,190 0.02%


3,511,016 Novo Nordisk A/S 162,157,619 1.03%

24,600 Ono Pharmaceutical Co Ltd 577,503 0.00%

36,500 Pola Orbis Holdings Inc 1,608,475 0.01%

63,807 QIAGEN NV 2,309,195 0.01%

250,141 Randstad NV 14,599,596 0.09%


258,249 Roche Holding AG 56,907,816 0.36%

16,259 Royal Unibrew A/S 1,287,523 0.01%

4,040 SGS SA 10,726,165 0.07%

1,822,900 Shionogi & Co Ltd 93,777,412 0.59%

82,000 Shiseido Co Ltd 6,521,457 0.04%

187,083 Siemens Healthineers AG 7,847,485 0.05%



1,545,745 Sprouts Farmers Market Inc 34,593,773 0.22%

2,260,000 SSY Group Ltd 2,508,783 0.02%


80,163 Swedish Match AB 3,954,865 0.03%


3,146,754 Treasury Wine Estates Ltd 40,338,361 0.26%



1,064,906 Vertex Pharmaceuticals Inc 157,169,477 0.99%





Assets

129




227,428 Wirecard AG 36,679,389 0.23%

476,000 YA-MAN Ltd 7,994,650 0.05%

2,882,584,878 18.24%

Diversified - 0.11% (2017 - 0.31%)

1,698,000 Swire Pacific Ltd 17,983,538 0.11%

17,983,538 0.11%

Energy - 2.56% (2017 - 1.81%)

27,926 Arch Coal Inc 2,188,281 0.01%

3,009,553 Beach Energy Ltd 3,893,453 0.02%


596,702 Caltex Australia Ltd 14,313,008 0.09%

93,152 Chevron Corp 11,705,480 0.07%


3,218,339 Equinor ASA 84,983,093 0.55%

191,404 Exxon Mobil Corp 15,689,386 0.10%


142,097 Neste OYJ 11,085,645 0.07%

137,683 OMV AG 7,790,720 0.05%

3,108,000 PetroChina Co Ltd 2,364,786 0.01%

8,393,020 Repsol SA 164,964,676 1.04%

55,064 SolarEdge Technologies Inc 2,725,668 0.02%


44,298 Warrior Met Coal Inc 1,171,239 0.01%

3,494,570 Whitehaven Coal Ltd 14,889,409 0.09%

405,451,816 2.56%

Financial - 13.59% (2017 - 12.99%)

3,235,197 Aflac Inc 139,792,862 0.88%

12,132,000 Agile Group Holdings Ltd 20,657,383 0.13%

530,295 Athene Holding Ltd 23,115,559 0.15%

24,892,538 Banco Comercial Portugues SA 7,403,409 0.05%

1,629,840 CBRE Group Inc 77,172,924 0.49%

16,568,000 China Evergrande Group 42,231,501 0.27%

8,354,100 China Vanke Co Ltd 29,226,610 0.18%

379,742 CNO Financial Group Inc 7,188,516 0.05%

54,793 Comerica Inc 5,004,793 0.03%

64,606,000 Country Garden Holdings Co Ltd 113,628,787 0.72%


6,122,900 DBS Group Holdings Ltd 119,406,617 0.76%

267,390 Erste Group Bank AG 11,158,504 0.07%

483,601 Evercore Inc 51,310,066 0.32%


82,860 First American Financial Corp 4,250,718 0.03%

714,938 FNF Group 26,645,739 0.17%

240,124 GAM Holding AG 3,322,971 0.02%


132,387 Kemper Corp 9,962,122 0.06%

1,609,000 Leopalace21 Corp 8,828,594 0.06%




Assets

130



9,712,000 Logan Property Holdings Co Ltd 13,145,273 0.08%


2,223,275 Manulife Financial Corp 39,643,814 0.25%

317,396 Mastercard Inc 62,558,752 0.40%

2,757,542 Medibank Pvt Ltd 5,935,548 0.04%

16,604,514 Mirvac Group 26,560,838 0.17%

288,900 MS&AD Insurance Group Holdings Inc 8,994,096 0.06%


1,453,490 Old Republic International Corp 28,997,126 0.18%

4,993,200 Oversea-Chinese Banking Corp Ltd 42,594,968 0.27%


3,433,000 Ping An Insurance Group Co of China Ltd 31,589,841 0.20%

231,316 Prologis Inc 15,070,237 0.10%

98,110 Public Storage 22,460,322 0.14%

218,235 Rayonier Inc 8,426,053 0.05%

1,501,901 Realogy Holdings Corp 34,378,514 0.22%

2,918,357 Regions Financial Corp 52,501,242 0.33%

51,185 SBA Communications Corp 8,441,942 0.05%

1,671,174 State Street Corp 157,524,861 1.00%


53,378 Swiss Life Holding AG 18,560,885 0.12%

1,358,023 T Rowe Price Group Inc 157,096,101 0.99%

82,300 Tokio Marine Holdings Inc 3,863,358 0.02%

155,795 Torchmark Corp 12,642,764 0.08%

1,222,548 Travelers Cos Inc 149,701,003 0.95%

3,060,800 United Overseas Bank Ltd 60,027,107 0.38%


764,000 Wheelock & Co Ltd 5,321,327 0.03%


2,146,977,283 13.59%

Industrial - 6.84% (2017 - 10.45%)

109,362 Advanced Energy Industries Inc 6,336,434 0.04%

1,596,508 Agilent Technologies Inc 97,849,975 0.61%

5,031,500 Anhui Conch Cement Co Ltd 28,856,684 0.18%

108,721 AO Smith Corp 6,364,527 0.04%

603,271 Assa Abloy AB 12,773,151 0.08%

3,064,840 Atlas Copco AB 88,550,112 0.55%

481,681 Boeing Co 161,194,547 1.02%

9,663 Bucher Industries AG 3,213,219 0.02%

26,222,000 China Railway Group Ltd 19,784,449 0.13%

111,639 DSV A/S 9,049,749 0.06%

2,969,107 Epiroc AB 30,957,760 0.20%

648,231 Garmin Ltd 39,516,162 0.25%

41,323 Gentex Corp 956,214 0.01%

478,199 Graco Inc 21,533,301 0.14%

214,000 Hitachi Ltd 1,511,977 0.01%

2,114,800 Hoya Corp 120,416,977 0.76%

1,528,649 Koninklijke Philips NV 64,940,074 0.41%





Assets

131



115,286 Leoni AG 5,781,279 0.04%



6,285 Oshkosh Corp 433,854 0.00%

177,233 Raytheon Co 34,191,790 0.22%

7,040,534 Sandvik AB 124,192,575 0.79%

449,070 Signify NV 11,725,057 0.07%

535,339 Sika AG 73,759,957 0.47%

1,978,108 SKF AB 36,447,619 0.23%


221,392 Trex Co Inc 13,932,199 0.09%

26,463,100 Yangzijiang Shipbuilding Holdings Ltd 17,551,557 0.11%

1,080,339,910 6.84%

Technology - 12.10% (2017 - 12.79%)


1,594,130 AIXTRON SE 20,467,787 0.13%

32,102 Akamai Technologies Inc 2,326,753 0.01%

82,365 Altium Ltd 1,366,703 0.01%

408,574 ANSYS Inc 70,654,702 0.45%

382,203 ASM International NV 21,168,504 0.13%


6,806 ASML Holding NV 1,348,018 0.01%


342,239 BE Semiconductor Industries NV 9,138,913 0.06%

2,565,497 Cadence Design Systems Inc 110,572,921 0.70%

436,200 Capcom Co Ltd 10,764,531 0.07%

484,986 CDK Global Inc 31,785,982 0.20%

1,271,712 Citrix Systems Inc 132,486,956 0.83%


1,121,676 Computershare Ltd 15,238,725 0.10%

8,196 Constellation Software Inc/Canada 6,272,487 0.04%

54,968 Fair Isaac Corp 10,552,207 0.07%

845,104 Fortinet Inc 52,776,745 0.33%

7,197,400 GungHo Online Entertainment Inc 18,347,275 0.12%

883,208 Intuit Inc 180,192,096 1.14%

5,534 Jack Henry & Associates Inc 716,155 0.00%

491,740 KLA-Tencor Corp 50,064,049 0.32%


890,000 Mixi Inc 22,558,739 0.14%

3,454,600 Momo Inc (DR) 153,453,332 0.97%

1,332,400 Nexon Co Ltd 19,379,273 0.12%

53,549 Pegasystems Inc 2,934,485 0.02%

1,183,318 Red Hat Inc 159,381,101 1.01%

1,384,546 SAP SE 158,831,140 1.01%

177,315 Siltronic AG 25,552,756 0.16%


124,458 Software AG 5,800,808 0.04%

55,023 Splunk Inc 5,402,708 0.03%




RateMaturity


Assets

132



478,893 Synopsys Inc 40,701,116 0.26%

381,540 Temenos AG 57,484,426 0.36%

1,270,160 Texas Instruments Inc 138,574,456 0.88%


271,700 Ulvac Inc 10,413,634 0.07%

1,911,490,086 12.10%

Utilities - 1.11% (2017 - 2.96%)

2,098,994 CenterPoint Energy Inc 57,848,275 0.37%

1,697,871 Endesa SA 37,571,492 0.24%

463,777 Fortum OYJ 11,013,136 0.07%

169,268 PNM Resources Inc 6,592,989 0.04%

923,841 UGI Corp 48,104,401 0.30%

589,583 Vistra Energy Corp 13,855,201 0.09%

174,985,494 1.11%

















2,940,854,365 18.61%


Counterparty Nominal Security DescriptionUnrealisedGain USD

Bank of America Merrill Lynch (17,131,545) AS001 651,581 0.00%

Bank of America Merrill Lynch (321,560) AS002 61,242 0.00%












133



% of NetAssets

Bank of America Merrill Lynch 7,276,921 Auto Trader Group PLC 105,177 0.00%

Bank of America Merrill Lynch (42,788,000) BE004 1,600,923 0.01%

Bank of America Merrill Lynch 20,899,440 BP PLC 2,141,944 0.01%

Bank of America Merrill Lynch 2,458,184 Burberry Group PLC 102,199 0.00%

Bank of America Merrill Lynch (1,031,245) CA029 2,163,342 0.01%

Bank of America Merrill Lynch (2,774,829) CA040 167,512 0.00%

Bank of America Merrill Lynch (125,667) CA043 3,187,192 0.02%















Bank of America Merrill Lynch (44,100) CN045 397,782 0.00%





Bank of America Merrill Lynch 5,951,309 Compass Group PLC 1,994,029 0.01%

Bank of America Merrill Lynch 1,605,812 Diageo PLC 509,547 0.00%

Bank of America Merrill Lynch 1,004,151 Electrocomponents PLC 168,884 0.00%

Bank of America Merrill Lynch 8,933,911 Eni SpA 3,515,037 0.02%

Bank of America Merrill Lynch 689,702 Experian PLC 135,837 0.00%

Bank of America Merrill Lynch 1,128,219 Ferguson PLC 4,172,914 0.03%

Bank of America Merrill Lynch 317,507 Fevertree Drinks PLC 438,048 0.00%

Bank of America Merrill Lynch 5,157,000 Formosa Plastics Corp 802,333 0.01%














Bank of America Merrill Lynch 99,633 GS Engineering & Construction Corp 130,297 0.00%






134



% of NetAssets











Bank of America Merrill Lynch 211,064 Hotel Shilla Co Ltd 407,500 0.00%

Bank of America Merrill Lynch 1,231,908 Howden Joinery Group PLC 116,544 0.00%

Bank of America Merrill Lynch 125,205 Intertek Group PLC 145,909 0.00%
















Bank of America Merrill Lynch (380,333) KR002 3,321,765 0.02%

Bank of America Merrill Lynch (1,029,855) KR003 8,941,975 0.07%

Bank of America Merrill Lynch 6,996 Kumho Petrochemical Co Ltd 2,533 0.00%

Bank of America Merrill Lynch 28,075 Medy-Tox Inc 508,161 0.00%

Bank of America Merrill Lynch 2,636,759 Mondi PLC 672,093 0.00%

Bank of America Merrill Lynch 95,232 NCSoft Corp 928,446 0.01%

Bank of America Merrill Lynch 943,472 Next PLC 14,962 0.00%

Bank of America Merrill Lynch 11,162 Pearl Abyss Corp 83,672 0.00%

Bank of America Merrill Lynch 374,225 Plus500 Ltd 197,283 0.00%

Bank of America Merrill Lynch 333,872 Rightmove PLC 552,751 0.00%

Bank of America Merrill Lynch 4,745,848 Royal Dutch Shell PLC 5,403,182 0.03%

Bank of America Merrill Lynch (1,246,467) SA001 216,189 0.00%

Bank of America Merrill Lynch (38,188,500) SG004 2,654,179 0.02%


Bank of America Merrill Lynch 39,966 Shinsegae Inc 242,818 0.00%

Bank of America Merrill Lynch 2,111,823 SK Hynix Inc 1,743,605 0.01%

Bank of America Merrill Lynch (15,982) SK011 369,029 0.00%





Bank of America Merrill Lynch 5,078,993 Smith & Nephew PLC 3,570,345 0.02%

Bank of America Merrill Lynch 1,947,258 Snam SpA 256,138 0.00%



135



% of NetAssets

Bank of America Merrill Lynch (403,261) SZ043 100,409 0.00%

Bank of America Merrill Lynch 27,051,599 Tesco PLC 893,043 0.01%

Bank of America Merrill Lynch (7,753,019) TW003 1,495,460 0.01%









Bank of America Merrill Lynch (451,000) TW021 2,482,690 0.02%










































136



% of NetAssets













Bank of America Merrill Lynch 50,487 Whitbread PLC 18,882 0.00%

Citibank (174,516) CA011 161,142 0.00%

Citibank (3,560) CA019 24,392 0.00%

Citibank (955,300) CN011 1,585,798 0.01%

Citibank (1,797,112) CN021 1,186,094 0.01%

Citibank (603,800) CN036 4,952,264 0.03%

Citibank (466,500) CN056 1,600,927 0.01%

Citibank (51,800) CN057 260,083 0.00%

Citibank (777,700) CN058 4,292,904 0.03%

Citibank (832,589) GB065 1,307,165 0.01%

Citibank (7,619,062) SZ017 609,525 0.00%

Citibank (842,099) US017 23,578,772 0.16%

Citibank (2,276,265) US026 1,711,204 0.01%

Citibank (109,014) US046 255,093 0.00%

Citibank (2,718,144) US087 1,494,979 0.01%

Citibank (1,058,715) US105 1,111,651 0.01%

Citibank (559,478) US111 6,875,985 0.05%

Citibank (1,430,020) US115 943,813 0.01%

Citibank (3,438,976) US134 790,964 0.01%

Citibank (1,708,476) US141 990,916 0.01%

Citibank (1,219,615) US149 1,707,461 0.01%

Citibank (1,567,855) US157 1,175,891 0.01%

Citibank (1,725,566) US167 4,745,307 0.03%

Citibank (9,809) US168 73,568 0.00%

Citibank (1,776,596) US170 71,064 0.00%

Citibank (4,049,430) US188 6,438,594 0.05%

Citibank (1,897,926) US191 2,087,719 0.01%

Citibank (192,021) US195 631,225 0.00%

Citibank (1,187,364) US199 3,645,207 0.02%

Citibank (5,747,044) US200 3,045,933 0.02%

Citibank (24,680) US209 63,921 0.00%

Citibank (9,067,360) US225 228,006 0.00%

Citibank (9,855) US258 42,771 0.00%

Citibank (683,087) US263 40,420 0.00%

Citibank (4,097,067) US278 4,383,862 0.03%

Citibank (549,250) US284 1,164,410 0.01%

Citibank (2,311,746) US289 2,334,863 0.01%

Citibank (168,671) US330 214,557 0.00%

Citibank (1,641,310) US370 1,066,852 0.01%



137



% of NetAssets

Citibank (2,237,580) US373 2,483,714 0.02%

Citibank (160,663) US376 465,923 0.00%

Citibank (181,358) US378 1,568,747 0.01%

Citibank (555,546) US381 1,182,026 0.01%

Citibank (701,545) US386 2,981,566 0.02%

Citibank (158,625) US387 301,388 0.00%

Citibank (646,396) US392 2,469,073 0.02%

Citibank (1,000,349) US404 2,998,415 0.02%

Citibank (1,211,319) US407 666,225 0.00%

Citibank (2,543,356) US418 25,434 0.00%

Citibank (228,871) US419 968,124 0.01%

Citibank (171,198) US456 295,805 0.00%

Citibank (573,034) US464 8,887,007 0.07%

Citibank (449,769) US475 292,350 0.00%

Citibank (1,728,231) US478 15,294,844 0.11%

Citibank (462,393) US503 2,344,333 0.01%

Citibank (681,229) US506 635,578 0.00%

Citibank (515,548) US521 4,727,575 0.03%

Citibank (31,630) US524 416,251 0.00%

Citibank (50,640) US531 4,365 0.00%

Citibank (557,431) US548 183,990 0.00%

Morgan Stanley (255,077) AS017 2,110,772 0.01%



















Morgan Stanley (831,615) DK010 493,582 0.00%


Morgan Stanley (285,587) ES007 225,632 0.00%




Morgan Stanley (27,595,768) FI003 6,825,383 0.05%







138



% of NetAssets
















Morgan Stanley (1,317,914) IE008 1,881,449 0.01%

Morgan Stanley (1,083,909) IE016 315,784 0.00%

Morgan Stanley 663,667 L'Oreal SA 1,063,233 0.01%

Morgan Stanley (163,852) LU004 667,562 0.00%

Morgan Stanley (4,240,593) NL008 324,681 0.00%


Morgan Stanley (3,753,266) NL021 1,005,387 0.01%


Morgan Stanley (1,390,745) NO008 446,641 0.00%


Morgan Stanley 96,801 Pernod Ricard SA 59,356 0.00%

Morgan Stanley (7,119,778) SE003 142,852 0.00%








Morgan Stanley 11,114 Thales SA 14,209 0.00%

496,049,001 3.14%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain USD

% of NetAssets

Bank of America MerrillLynch 14/08/2018 USD 369,093,010 AUD 485,000,000 11,521,693 0.07%Bank of America MerrillLynch 14/08/2018 USD 153,206,614 CHF 150,000,000 1,625,061 0.01%Bank of America MerrillLynch 14/08/2018 USD 71,568,266 DKK 450,000,000 1,017,531 0.01%Canadian Imperial Bankof Commerce 14/08/2018 USD 47,039,510 GBP 35,000,000 951,589 0.01%Canadian Imperial Bankof Commerce 17/07/2018 USD 19,000,000 GBP 14,365,090 109,329 0.00%



139



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain USD

% of NetAssets

Citibank 17/07/2018 USD 18,406,977 NOK 150,000,000 4,973 0.00%

Citibank 31/07/2018 CHF 3,280,769 USD 3,299,577 11,451 0.00%

Citibank 31/07/2018 EUR 7,372,612,690 USD 8,598,696,468 3,933,433 0.03%

Citibank 31/07/2018 GBP 6,540,498 USD 8,578,321 28,321 0.00%

Citibank 31/07/2018 SGD 160,432 USD 117,479 170 0.00%

Citibank 31/07/2018 USD 31,453 CHF 31,088 78 0.00%

Citibank 31/07/2018 USD 19,041,811 EUR 16,278,809 46,999 0.00%

Citibank 31/07/2018 USD 8,020 SGD 10,926 7 0.00%

Danske Bank 17/07/2018 EUR 57,546,982 USD 67,000,000 76,244 0.00%

Danske Bank 17/07/2018 HKD 150,000,000 USD 19,113,078 9,072 0.00%

Danske Bank 17/07/2018 USD 129,758,751 SEK 1,120,000,000 4,739,008 0.03%

Danske Bank 14/08/2018 USD 79,485,365 DKK 500,000,000 1,095,789 0.01%

HSBC 17/07/2018 USD 115,328,136 AUD 154,000,000 1,802,656 0.01%

HSBC 17/07/2018 USD 256,575,668 JPY 28,000,000,000 3,152,746 0.02%

HSBC 14/08/2018 USD 355,285,200 EUR 300,000,000 4,826,849 0.03%

HSBC 14/08/2018 USD 253,428,389 JPY 27,820,000,000 1,130,993 0.01%

JP Morgan Securities 17/07/2018 HKD 439,468,193 USD 56,000,000 23,845 0.00%

JP Morgan Securities 17/07/2018 USD 112,950,000 AUD 150,000,000 2,373,210 0.02%

JP Morgan Securities 17/07/2018 USD 124,607,242 CAD 159,000,000 4,582,776 0.03%

JP Morgan Securities 17/07/2018 USD 418,878,556 EUR 351,000,000 9,743,217 0.06%

JP Morgan Securities 17/07/2018 USD 74,694,297 SGD 100,000,000 1,381,314 0.01%

JP Morgan Securities 14/08/2018 USD 30,821,525 CAD 40,000,000 611,613 0.00%

JP Morgan Securities 14/08/2018 USD 173,663,945 CHF 170,000,000 1,871,397 0.01%

JP Morgan Securities 14/08/2018 USD 378,933,088 EUR 320,000,000 5,110,979 0.03%

JP Morgan Securities 14/08/2018 USD 273,412,345 JPY 30,000,000,000 1,344,296 0.01%

Morgan Stanley 17/07/2018 USD 154,206,852 DKK 960,000,000 4,047,551 0.03%

Nomura 14/08/2018 USD 296,907,101 SEK 2,550,000,000 11,607,253 0.06%Royal Bank ofScotland 14/08/2018 USD 40,018,859 NOK 320,000,000 713,816 0.00%

Societe Generale 17/07/2018 HKD 596,295,913 USD 76,000,000 16,399 0.00%

Societe Generale 17/07/2018 USD 270,464,678 HKD 2,120,000,000 204,907 0.00%

Societe Generale 17/07/2018 USD 110,543,736 SGD 148,000,000 2,040,523 0.01%Toronto DominionBank 17/07/2018 CAD 37,331,112 USD 28,000,000 179,801 0.00%Toronto DominionBank 17/07/2018 USD 18,454,825 AUD 25,000,000 25,374 0.00%Toronto DominionBank 17/07/2018 USD 445,844,300 EUR 373,163,062 10,874,398 0.07%Toronto DominionBank 17/07/2018 USD 59,266,934 NOK 475,000,000 993,205 0.01%Toronto DominionBank 17/07/2018 USD 58,184,547 SEK 500,000,000 2,371,812 0.02%Toronto DominionBank 17/07/2018 USD 97,200,767 SGD 130,000,000 1,893,856 0.01%Toronto DominionBank 14/08/2018 USD 16,346,814 CHF 16,000,000 178,096 0.00%Toronto DominionBank 14/08/2018 USD 510,248,338 HKD 4,000,000,000 60,292 0.00%




140

Value USD% of Net

AssetsFinancial Assets at Fair Value Through Profit or Loss(Cost USD 13,928,081,859) (2017: USD 10,589,350,725) 15,167,633,484 95.99%


Counterparty Nominal Security DescriptionUnrealisedLoss USD

Bank of America Merrill Lynch 57,923 3i Group PLC (37,902) (0.00%)

Bank of America Merrill Lynch (26,411) AE001 (5,552) (0.00%)

Bank of America Merrill Lynch (1,843,511) AS003 (131,588) (0.00%)


Bank of America Merrill Lynch (2,023,465) AS006 (212,545) (0.00%)


Bank of America Merrill Lynch 2,331,330 Ashtead Group PLC (2,236,173) (0.01%)

Bank of America Merrill Lynch (2,563,259) AU006 (585,747) (0.00%)






Bank of America Merrill Lynch 3,591,324 Aviva PLC (179,315) (0.00%)

Bank of America Merrill Lynch 3,778,166 B&M European Value Retail SA (541,111) (0.00%)

Bank of America Merrill Lynch 4,461,050 Barratt Developments PLC (2,297,746) (0.01%)

Bank of America Merrill Lynch 714,760 Bellway PLC (2,451,205) (0.02%)

Bank of America Merrill Lynch 549,552 Berkeley Group Holdings PLC (2,653,075) (0.02%)

Bank of America Merrill Lynch 3,761,000 Cathay Financial Holding Co Ltd (85,235) (0.00%)

Bank of America Merrill Lynch 14,945 Celltrion Inc (56,023) (0.00%)

Bank of America Merrill Lynch (16,816,000) CN007 (235,750) (0.00%)




Bank of America Merrill Lynch 571,351 Coca-Cola HBC AG (594,960) (0.00%)

Bank of America Merrill Lynch 79,624 Direct Line Insurance Group PLC (4,708) (0.00%)

Bank of America Merrill Lynch 1,720,464 Doosan Infracore Co Ltd (255,236) (0.00%)

Bank of America Merrill Lynch 194,520 EXOR NV (697,408) (0.00%)

Bank of America Merrill Lynch 769,158 Ferrari NV (10,117,324) (0.07%)




















141



% of NetAssets




Bank of America Merrill Lynch 2,046,000 Gigabyte Technology Co Ltd (518,377) (0.00%)

Bank of America Merrill Lynch 1,432,000 Global Unichip Corp (1,406,546) (0.01%)

Bank of America Merrill Lynch 3,940,000 Globalwafers Co Ltd (2,213,064) (0.01%)

Bank of America Merrill Lynch 3,556,040 Hiwin Technologies Corp (2,474,333) (0.02%)


Bank of America Merrill Lynch (42,137,500) HK024 (1,181,484) (0.01%)






Bank of America Merrill Lynch (4,918,517) IE015 (303,746) (0.00%)

Bank of America Merrill Lynch 857,081 IG Group Holdings PLC (53,593) (0.00%)

Bank of America Merrill Lynch 244,677 Industrial Bank of Korea (217,931) (0.00%)

Bank of America Merrill Lynch 1,024,878 InterContinental Hotels Group PLC (2,392,208) (0.02%)

Bank of America Merrill Lynch (2,348,432) IT001 (1,927,059) (0.01%)





Bank of America Merrill Lynch (679,586) JO001 (1,071,530) (0.01%)

Bank of America Merrill Lynch 178,882 Johnson Matthey PLC (336,110) (0.00%)

Bank of America Merrill Lynch (2,069,900) JP023 (2,264,027) (0.01%)


Bank of America Merrill Lynch (17,869,600) JP052 (4,765,228) (0.03%)


Bank of America Merrill Lynch (24,880,000) JP154 (44,508) (0.00%)




Bank of America Merrill Lynch 996,141 Jupiter Fund Management PLC (191,096) (0.00%)

Bank of America Merrill Lynch 177,819 LG Corp (616,044) (0.00%)

Bank of America Merrill Lynch 1,508,366 LG Electronics Inc (9,416,701) (0.07%)

Bank of America Merrill Lynch 7,788 LG Household & Health Care Ltd (383,579) (0.00%)

Bank of America Merrill Lynch 44,960 Lotte Shopping Co Ltd (197,987) (0.00%)

Bank of America Merrill Lynch (463,363) LU003 (355,989) (0.00%)

Bank of America Merrill Lynch 40,268,000 Macronix International (6,253,322) (0.04%)

Bank of America Merrill Lynch 4,140,702 Man Group PLC (372,686) (0.00%)

Bank of America Merrill Lynch 371,000 Micro-Star International Co Ltd (183,518) (0.00%)

Bank of America Merrill Lynch 1,013,761 Moncler SpA (2,949,371) (0.02%)

Bank of America Merrill Lynch 15,292,000 Nanya Technology Corp (5,331,411) (0.03%)

Bank of America Merrill Lynch (4,814,347) NZ001 (227,714) (0.00%)

Bank of America Merrill Lynch 171,733 OCI Co Ltd (527,953) (0.00%)

Bank of America Merrill Lynch 16,383,504 Old Mutual Ltd (4,378,226) (0.03%)

Bank of America Merrill Lynch 1,563,855 Persimmon PLC (3,219,878) (0.02%)

Bank of America Merrill Lynch 3,124,004 Sage Group PLC (1,029,333) (0.01%)

Bank of America Merrill Lynch 16,598 Samsung SDS Co Ltd (28,420) (0.00%)

Bank of America Merrill Lynch (13,107,500) SG005 (288,182) (0.00%)



142



% of NetAssets

Bank of America Merrill Lynch (749,300) SG006 (38,440) (0.00%)

Bank of America Merrill Lynch (6,448,900) SG008 (94,524) (0.00%)

Bank of America Merrill Lynch (241,300) SG009 (1,768) (0.00%)

Bank of America Merrill Lynch 37,222,000 Shin Kong Financial Holding Co Ltd (610,050) (0.00%)

Bank of America Merrill Lynch 13,476,000 Sino-American Silicon Products Inc (3,147,559) (0.02%)







Bank of America Merrill Lynch (2,557,175) SZ040 (43,680) (0.00%)

Bank of America Merrill Lynch 4,532,816 Taylor Wimpey PLC (464,560) (0.00%)

Bank of America Merrill Lynch (606,000) TW017 (542,886) (0.00%)























Bank of America Merrill Lynch 906,000 Walsin Lihwa Corp (17,761) (0.00%)

Bank of America Merrill Lynch 5,688,915 William Hill PLC (642,846) (0.00%)

Bank of America Merrill Lynch 6,925,000 Wistron Corp (212,248) (0.00%)

Citibank (5,566,216) IE011 (2,226,486) (0.01%)

Citibank (518,642) SZ038 (326,051) (0.00%)

Citibank (166,084) US123 (224,744) (0.00%)

Citibank (86,616) US198 (5,197) (0.00%)

Citibank (1,738,734) US261 (486,846) (0.00%)

Citibank (287,249) US389 (31,597) (0.00%)

Citibank (267,044) US473 (60,975) (0.00%)

Citibank (254,692) US496 (147,721) (0.00%)

Citibank (170,166) US507 (850,830) (0.01%)

Citibank (196,430) US512 (155,180) (0.00%)

Citibank (187,914) US513 (63,891) (0.00%)

Citibank (216,978) US527 (111,922) (0.00%)



143



% of NetAssets

Citibank (1,870,214) US530 (3,970,466) (0.03%)

Citibank (232,131) US549 (38,502) (0.00%)

Citibank (37,123) US551 (94,664) (0.00%)

Morgan Stanley 403,644 Accor SA (365,466) (0.00%)

Morgan Stanley 97,871 AXA SA (51,267) (0.00%)

Morgan Stanley (693,767) BE006 (3,084,954) (0.02%)

Morgan Stanley 1,402,682 Cie de Saint-Gobain (3,221,334) (0.02%)

Morgan Stanley 429,643 Dassault Systemes SE (2,227,238) (0.01%)





Morgan Stanley (210,919) DK011 (224,015) (0.00%)

Morgan Stanley (542,810) DK014 (916,276) (0.01%)

Morgan Stanley 175,497 Engie SA (5,535) (0.00%)

Morgan Stanley (1,276,240) ES005 (178,273) (0.00%)




Morgan Stanley (512,803) FR009 (2,997,236) (0.02%)





Morgan Stanley 93,048 Hermes International (2,721,707) (0.02%)

Morgan Stanley 268,635 Kering SA (6,892,519) (0.04%)

Morgan Stanley (2,440,122) LU002 (1,533,829) (0.01%)

Morgan Stanley 489,481 LVMH Moet Hennessy Louis Vuitton SE (6,465,368) (0.04%)

Morgan Stanley (2,973,012) NL001 (104,707) (0.00%)

Morgan Stanley (142,413) NL014 (36,840) (0.00%)

Morgan Stanley (11,348,936) NL023 (77,546,979) (0.50%)

Morgan Stanley (1,598,724) NO001 (152,202) (0.00%)

Morgan Stanley (355,364) NO007 (1,363,555) (0.01%)

Morgan Stanley (5,349,282) SE005 (1,240,603) (0.01%)

Morgan Stanley (1,487,696) SE006 (409,496) (0.00%)




Morgan Stanley 3,453,219 STMicroelectronics NV (11,416,004) (0.08%)

Morgan Stanley (28) SZ003 (36,634) (0.00%)

Morgan Stanley (4,554,721) SZ029 (331,054) (0.00%)

Morgan Stanley (169,265) SZ039 (17,036) (0.00%)

Morgan Stanley 97,344 Ubisoft Entertainment SA (509,910) (0.00%)

(392,826,293) (2.49%)



144



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedLoss USD

% of NetAssets

Canadian Imperial Bankof Commerce 17/07/2018 GBP 20,000,000 USD 26,510,360 (209,680) (0.00%)Canadian Imperial Bankof Commerce 17/07/2018 USD 18,279,023 SGD 25,000,000 (49,085) (0.00%)

Citibank 17/07/2018 USD 27,434,402 DKK 176,000,000 (93,626) (0.00%)

Citibank 31/07/2018 CHF 131,238,793 USD 132,730,667 (281,461) (0.00%)

Citibank 31/07/2018 CNH 1,688,540 USD 255,283 (972) (0.00%)

Citibank 31/07/2018 GBP 3,104,430,472 USD 4,106,913,175 (21,793,117) (0.15%)

Citibank 31/07/2018 SEK 567,546,961 USD 63,915,480 (497,782) (0.00%)

Citibank 31/07/2018 SGD 15,200,316 USD 11,156,613 (9,765) (0.00%)

Citibank 31/07/2018 USD 186,276 CHF 185,561 (993) (0.00%)

Citibank 31/07/2018 USD 3,608 CNH 23,967 (1) (0.00%)

Citibank 31/07/2018 USD 148,096,288 EUR 127,495,106 (667,991) (0.01%)

Citibank 31/07/2018 USD 41,793,425 GBP 31,883,937 (162,405) (0.00%)

Citibank 31/07/2018 USD 153,582 SGD 209,971 (396) (0.00%)

Danske Bank 17/07/2018 USD 99,306,011 CHF 99,000,000 (483,368) (0.00%)

HSBC 17/07/2018 GBP 48,981,487 USD 65,000,000 (587,680) (0.00%)

HSBC 17/07/2018 USD 45,759,620 CHF 45,559,788 (163,530) (0.00%)

HSBC 17/07/2018 USD 16,000,000 DKK 102,395,216 (15,614) (0.00%)

JP Morgan Securities 17/07/2018 SEK 410,065,365 USD 46,069,111 (298,025) (0.00%)

JP Morgan Securities 17/07/2018 USD 52,166,876 EUR 45,000,000 (284,343) (0.00%)

Royal Bank of Scotland 17/07/2018 EUR 16,144,225 USD 18,859,005 (41,442) (0.00%)

Societe Generale 17/07/2018 SGD 33,952,750 USD 25,000,000 (108,390) (0.00%)

Toronto Dominion Bank 17/07/2018 CAD 19,840,425 USD 15,000,000 (23,237) (0.00%)

Toronto Dominion Bank 17/07/2018 GBP 12,132,223 USD 16,000,000 (45,714) (0.00%)

Toronto Dominion Bank 17/07/2018 USD 24,075,428 CHF 24,000,000 (115,938) (0.00%)



Cash at Bank 576,814,409 3.65%


Net Assets Value as at 30 June 2018 15,801,986,684 100.00%

% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 80.76%Transferable securities dealt in on another regulated market 5.82%Financial derivative instruments dealt in on a regulated market 2.91%OTC financial derivative instruments 0.62%Other current assets 9.89%



PORTFOLIO OF INVESTMENTS – Old Mutual Strategic Absolute Return Bond Fund^^^


RateMaturity


Assets

145


350,000 Income Contingent Student Loans 1 2002-2006 PLC 2.50 24/07/2056 436,984 0.45%

436,984 0.45%

Corporate Bonds - 8.07% (2017 - 9.30%)

34,150,000 Asian Development Bank 6.20 06/10/2026 460,659 0.48%

200,000 Cooperatieve Rabobank UA 4.00 10/04/2029 194,976 0.20%


350,000 Credit Suisse Group AG 1.25 17/07/2025 406,986 0.42%


370,000 Ecopetrol SA 7.38 18/09/2043 414,558 0.43%

2,360,000 Kreditanstalt fuer Wiederaufbau 0.00 15/09/2023 2,743,951 2.83%

410,000 Morgan Stanley 3.54 20/01/2022 419,025 0.43%



200,000 Phoenix Group Holdings 5.38 06/07/2027 186,083 0.19%



300,000 TP ICAP PLC 5.25 26/01/2024 414,928 0.43%



7,816,875 8.07%


442,057Old Mutual Global Investors Series Plc - Old MutualFinancial Contingent Capital Fund (UCITS) 4,260,457* 4.40%

4,260,457 4.40%





17,450,000 Argentina Bonar Bonds 34.28 03/04/2022 613,488 0.63%

510,000 Argentine Republic Government International Bond 6.88 26/01/2027 473,013 0.49%


1,700 Brazil Notas do Tesouro Nacional Serie F 10.00 01/01/2027 423,240 0.44%

108,100 Bundesrepublik Deutschland Bundesanleihe 0.00 15/08/2026 124,490 0.13%


1,240,000 Cyprus Government International Bond 4.25 04/11/2025 1,688,942 1.74%
















PORTFOLIO OF INVESTMENTS – Old Mutual Strategic Absolute Return Bond Fund^^^ (continued)


RateMaturity


Assets

146





594,500 Mexican Bonos 7.50 03/06/2027 3,006,858 3.10%

750,000 Nigeria Government International Bond 7.63 28/11/2047 690,374 0.71%






3,869,600 United Kingdom Gilt 1.25 22/07/2018 5,114,235 5.28%





10,400,000 United States Treasury Note/Bond 1.75 31/01/2023 10,041,037 10.37%


1,500,000 Uruguay Government International Bond 9.88 20/06/2022 47,524 0.05%

76,163,209 78.64%

Futures - 0.08% (2017 - 0.49%)


ContractsUnrealisedGain USD

Bank of America MerrillLynch 2,693,906 US 10 Year Ultra Future 21 19/09/2018 14,672 0.02%Bank of America MerrillLynch 25,000,932 US 5 Year Note Future 220 28/09/2018 66,893 0.06%

81,565 0.08%

Swaps - 0.04% (2017 - 0.03%)

HSBC 550,000IRS GBP/LIBOR/fixing 6M, R:GBP1.417 20/06/2047 32,828 0.03%

HSBC 10,000,000IRS USD/LIBOR/fixing 3M, R:USD2.822 21/05/2020 9,829 0.01%

42,657 0.04%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 24/07/2018 NOK 16,030,000 USD 1,955,337 11,801 0.01%

Citibank 24/07/2018 USD 9,777,636 GBP 7,430,000 3,697 0.00%

Citibank 24/07/2018 USD 932,208 ZAR 12,800,000 7,869 0.01%

Citibank 31/07/2018 EUR 17,902 USD 20,880 9 0.00%

Citibank 31/07/2018 GBP 3,796 USD 4,978 16 0.00%

Goldman Sachs 28/08/2018 USD 480,205 BRL 1,800,000 17,405 0.02%

HSBC 24/07/2018 MXN 5,650,000 USD 273,248 12,026 0.01%

JP Morgan Securities 19/07/2018 USD 958,875 IDR 13,500,000,000 18,083 0.02%

JP Morgan Securities 24/07/2018 KRW 2,145,000,000 USD 1,911,918 14,571 0.02%

JP Morgan Securities 24/07/2018 USD 3,602,394 ZAR 49,430,000 32,863 0.03%

JP Morgan Securities 23/01/2019 USD 1,433,766 KRW 1,530,000,000 48,648 0.05%

Royal Bank of Scotland 24/07/2018 RUB 53,500,000 USD 833,837 15,797 0.02%



147



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain USD

% of NetAssets

Societe Generale 24/07/2018 MXN 40,000,000 USD 1,916,547 103,093 0.11%

Societe Generale 23/01/2019 USD 2,368,995 SGD 3,100,000 85,790 0.09%

Toronto Dominion Bank 24/07/2018 AUD 1,670,000 USD 1,230,578 551 0.00%

Toronto Dominion Bank 24/07/2018 USD 10,442,948 JPY 1,144,450,000 79,667 0.08%

Toronto Dominion Bank 24/07/2018 USD 27,582 NZD 40,000 553 0.00%



Futures - (0.64%) (2017 - (0.08%))


ContractsMaturity


Bank of America MerrillLynch (3,237,869) Australian 10 year Bond (25) 17/09/2018 (37,281) (0.04%)Bank of America MerrillLynch (3,016,200) Canada 10 Year Bond (22) 19/09/2018 (4,980) (0.01%)Bank of America MerrillLynch (6,392,880) Euro Buxl 30 Year Bond (36) 06/09/2018 (137,334) (0.13%)Bank of America MerrillLynch (7,795,080) Euro-Bobl Future (59) 06/09/2018 (29,532) (0.03%)Bank of America MerrillLynch (2,286,900) Euro-BTP Future (18) 06/09/2018 (24,264) (0.03%)Bank of America MerrillLynch (9,903,350) Euro-Bund Future (61) 06/09/2018 (74,557) (0.08%)Bank of America MerrillLynch (8,024,640) Euro-OAT Future (52) 06/09/2018 (79,538) (0.08%)Bank of America MerrillLynch (1,659,460,000)

Japan 10 Year Bond(TSE) (11) 09/12/2018 (23,864) (0.02%)

Bank of America MerrillLynch (2,957,040) Long Gilt Future (24) 26/09/2018 (25,806) (0.03%)Bank of America MerrillLynch (11,180,344) US 10 Year Note Future (93) 19/09/2018 (67,664) (0.07%)Bank of America MerrillLynch (1,016,531) US Long Bond (CBT) (7) 19/09/2018 (18,156) (0.02%)Bank of America MerrillLynch (3,998,438) US Ultra Bond (CBT) (25) 19/09/2018 (93,469) (0.10%)

(616,445) (0.64%)

Swaps - (0.07%) (2017 - (1.01%))


Date

Barclays 530,000CDS Commonwealth Bank of Australia,paid fixed rate 1.00% 20/12/2022 (8,603) (0.01%)

Barclays 13,100,000 IRS JPY/LIBOR/fixing 6M, R:JPY 0.066 10/07/2026 (1,237) (0.00%)

Barclays 80,000,000 IRS JPY/LIBOR/fixing 6M, R:JPY 0.907 13/07/2047 (29,951) (0.04%)

HSBC 4,600,000 IRS GBP/LIBOR/fixing 6M, R:GBP 1.349 25/06/2023 (18,361) (0.02%)

Morgan Stanley 21,800,000 IRS JPY/LIBOR/fixing 6M, R:JPY 0.075 18/10/2026 (1,936) (0.00%)


(63,776) (0.07%)



148



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedLoss USD

% of NetAssets

Citibank 31/07/2018 GBP 73,991,592 USD 97,889,281 (523,747) (0.54%)

Citibank 28/08/2018 COP 2,935,000,000 USD 1,034,226 (42,196) (0.04%)

Goldman Sachs 24/07/2018 ZAR 19,803,542 MXN 28,900,000 (29,173) (0.03%)

HSBC 24/07/2018 SGD 3,120,000 USD 2,297,219 (9,560) (0.01%)

HSBC 24/07/2018 USD 1,371,460 CAD 1,820,000 (2,561) (0.00%)

HSBC 24/07/2018 USD 2,630,219 CHF 2,610,000 (2,220) (0.00%)

Royal Bank of Scotland 24/07/2018 GBP 2,276,784 USD 3,000,000 (4,961) (0.01%)

Royal Bank of Scotland 24/07/2018 USD 1,919,343 KRW 2,145,000,000 (7,139) (0.01%)

Royal Bank of Scotland 28/08/2018 KRW 1,530,000,000 USD 1,384,327 (8,551) (0.01%)

Toronto Dominion Bank 24/07/2018 GBP 1,052,004 EUR 1,200,000 (15,544) (0.02%)

Toronto Dominion Bank 24/07/2018 JPY 5,200,000 USD 47,160 (74) (0.00%)

Toronto Dominion Bank 24/07/2018 SEK 24,420,000 USD 2,736,663 (9,462) (0.01%)

Toronto Dominion Bank 24/07/2018 USD 21,201,479 EUR 18,310,000 (151,527) (0.16%)

Toronto Dominion Bank 24/07/2018 USD 2,589,852 MXN 54,000,000 (137,209) (0.14%)

Toronto Dominion Bank 24/07/2018 ZAR 21,290,000 USD 1,558,358 (20,880) (0.02%)


Value USDFinancial Liabilities at Fair Value Through Profit or Loss(Cost USD Nil) (2017: USD Nil) (1,645,025) (1.7

Cash at Bank 8,416,554

Other Net Assets 847,771


% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 73.93%Transferable securities dealt in on another regulated market 10.71%UCITS 4.27%Financial derivative instruments dealt in on a regulated market 0.08%OTC financial derivative instruments 0.50%Other current assets 10.51%



PORTFOLIO OF INVESTMENTS – Old Mutual Monthly Income High Yield Bond Fund


RateMaturity


Assets

149

Corporate Bonds - 87.46% (2017 - 90.64%)

1,000,000 AECOM 5.13 15/03/2027 956,681 0.93%

995,000 AK Steel Corp 6.38 15/10/2025 939,508 0.91%

200,000Albertsons Cos LLC / Safeway Inc / New Albertsons LP /Albertson's LLC 5.75 15/03/2025 180,221 0.17%

300,000 Almaviva-The Italian Innovation Co SpA 7.25 15/10/2022 349,797 0.34%

2,300,000 Altice Finco SA 7.63 15/02/2025 2,151,614 2.08%

200,000 AMAG Pharmaceuticals Inc 7.88 01/09/2023 217,413 0.21%

524,000 AMC Entertainment Holdings Inc 5.75 15/06/2025 515,674 0.50%

150,000 AMC Networks Inc 5.00 01/04/2024 150,146 0.15%

425,000 American Axle & Manufacturing Inc 6.25 01/04/2025 429,006 0.42%

1,600,000 Antero Resources Corp 5.00 01/03/2025 1,621,112 1.57%

1,200,000 ARD Finance SA 6.63 15/09/2023 1,449,285 1.40%

500,000 Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc 6.00 15/02/2025 499,292 0.48%

1,100,000 Arrow Global Finance PLC 5.13 15/09/2024 1,364,615 1.32%

500,000 AT Securities BV 5.25 21/07/2165 484,638 0.47%

500,000 Avis Budget Car Rental LLC / Avis Budget Finance Inc 5.25 15/03/2025 465,083 0.45%

800,000 Barclays PLC 7.88 15/09/2022 1,120,301 1.08%

150,000 BCD Acquisition Inc 9.63 15/09/2023 164,284 0.16%

1,000,000 Beacon Roofing Supply Inc 4.88 01/11/2025 932,542 0.90%

500,000 Beazer Homes USA Inc 5.88 15/10/2027 440,648 0.43%

500,000 Beazley Insurance DAC 5.88 04/11/2026 505,228 0.49%

500,000 Belden Inc 2.88 15/09/2025 573,179 0.55%

400,000 BMC Software Finance Inc 8.13 15/07/2021 424,556 0.41%

250,000 Bombardier Inc 7.50 01/12/2024 263,725 0.26%

500,000 Bombardier Inc 8.75 01/12/2021 555,590 0.54%

500,000 BWAY Holding Co 4.75 15/04/2024 584,094 0.57%

500,000 Caesars Resort Collection LLC / CRC Finco Inc 5.25 15/10/2025 479,146 0.46%

300,000 Calpine Corp 5.50 01/02/2024 282,423 0.27%

102,000 Cascades Inc 5.75 15/07/2023 104,034 0.10%

200,000 Century Aluminum Co 7.50 01/06/2021 203,833 0.20%

900,000 CenturyLink Inc 5.80 15/03/2022 907,205 0.88%

1,100,000 Cimpress NV 7.00 15/06/2026 1,126,135 1.09%

1,000,000 CMA CGM SA 5.25 15/01/2025 966,603 0.94%

200,000 CMA CGM SA 6.50 15/07/2022 224,808 0.22%

700,000 CNX Resources Corp 5.88 15/04/2022 710,221 0.69%

300,000 Colfax Corp 3.25 15/05/2025 352,636 0.34%

250,000 CONSOL Energy Inc 11.00 15/11/2025 278,674 0.27%

100,000 Constellium NV 4.25 15/02/2026 115,603 0.11%

250,000 Corral Petroleum Holdings AB 11.75 15/05/2021 322,939 0.31%

200,000 Crown European Holdings SA 2.88 01/02/2026 223,625 0.22%

300,000 CSN Islands XI Corp 6.88 21/09/2019 301,020 0.29%

1,100,000 CSN Resources SA 7.63 13/02/2023 1,015,311 0.98%

300,000 CTC BondCo GmbH 5.25 15/12/2025 343,332 0.33%

300,000 Dana Inc 5.50 15/12/2024 298,767 0.29%

400,000 Darling Global Finance BV 3.63 15/05/2026 469,906 0.45%

700,000 DaVita Inc 5.13 15/07/2024 692,718 0.67%

400,000 Diamond Resorts International Inc 7.75 01/09/2023 429,061 0.42%

100,000 Diebold Nixdorf Inc 8.50 15/04/2024 97,872 0.09%

900,000 Digicel Group Ltd 8.25 30/09/2020 700,241 0.68%

400,000 EC Finance PLC 2.38 15/11/2022 460,377 0.45%


PORTFOLIO OF INVESTMENTS – Old Mutual Monthly Income High Yield Bond Fund (continued)


RateMaturity


Assets

150


400,000 Energo-Pro AS 4.00 07/12/2022 470,888 0.46%

800,000 Energo-Pro AS 4.50 04/05/2024 902,349 0.87%

600,000 Equinix Inc 2.88 01/10/2025 665,303 0.64%

400,000 ESH Hospitality Inc 5.25 01/05/2025 390,717 0.38%

250,000 Europcar Groupe SA 4.13 15/11/2024 287,255 0.28%

250,000 Federal-Mogul LLC / Federal-Mogul Financing Corp 4.88 15/04/2022 304,049 0.29%

1,300,000 Federal-Mogul LLC / Federal-Mogul Financing Corp 5.00 15/07/2024 1,611,103 1.56%

200,000 Ferrellgas LP / Ferrellgas Finance Corp 6.75 15/06/2023 175,525 0.17%

1,500,000 First Quantum Minerals Ltd 7.50 01/04/2025 1,477,605 1.43%

450,000 Freeport-McMoRan Inc 4.55 14/11/2024 432,133 0.42%

800,000 Genesis Energy LP / Genesis Energy Finance Corp 6.50 01/10/2025 782,971 0.76%

600,000 Griffon Corp 5.25 01/03/2022 592,715 0.57%

1,000,000 Grupo-Antolin Irausa SA 3.38 30/04/2026 1,078,764 1.04%

300,000 Gulfport Energy Corp 6.38 15/05/2025 294,302 0.28%

250,000 Hapag-Lloyd AG 5.13 15/07/2024 297,495 0.29%

120,000 Herc Rentals Inc 7.50 01/06/2022 128,500 0.12%

300,000 Hilcorp Energy I LP / Hilcorp Finance Co 5.00 01/12/2024 294,771 0.29%

1,200,000 Inmarsat Finance PLC 4.88 15/05/2022 1,187,650 1.15%

200,000 InterGen NV 7.00 30/06/2023 204,086 0.20%

800,000 Iron Mountain Inc 3.00 15/01/2025 937,297 0.91%

150,000 iStar Inc 6.50 01/07/2021 158,151 0.15%

1,300,000 Ithaca Energy Inc 8.13 01/07/2019 1,347,611 1.30%

600,000 Itron Inc 5.00 15/01/2026 588,583 0.57%

150,000 Kennedy-Wilson Inc 5.88 01/04/2024 148,592 0.14%

300,000 Kindred Healthcare Inc 6.38 15/04/2022 313,527 0.30%

1,200,000 KME AG 6.75 01/02/2023 1,425,664 1.38%

250,000 Kraton Polymers LLC / Kraton Polymers Capital Corp 5.25 15/05/2026 296,560 0.29%

800,000 Laredo Petroleum Inc 5.63 15/01/2022 807,500 0.78%

900,000 Lee Enterprises Inc 9.50 15/03/2022 965,763 0.93%

1,100,000 Lennar Corp 4.75 29/11/2027 1,036,979 1.00%

500,000 Level 3 Financing Inc 5.38 15/01/2024 501,735 0.49%

700,000 LKQ European Holdings BV 3.63 01/04/2026 811,237 0.78%

200,000 Loxam SAS 6.00 15/04/2025 249,110 0.24%

150,000 LSC Communications Inc 8.75 15/10/2023 150,260 0.15%

500,000 Matterhorn Telecom SA 4.00 15/11/2027 549,157 0.53%

290,000 McClatchy Co 9.00 15/12/2022 303,914 0.29%

200,000McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance 7.88 15/05/2024 187,425 0.18%

600,000 Metro Bank PLC 5.50 26/06/2028 763,977 0.74%

250,000 Moss Creek Resources Holdings Inc 7.50 15/01/2026 255,052 0.25%

200,000 Nabors Industries Inc 4.63 15/09/2021 198,672 0.19%

500,000 Navient Corp 6.13 25/03/2024 499,247 0.48%

200,000Navios South American Logistics Inc / Navios LogisticsFinance US Inc 7.25 01/05/2022 196,158 0.19%

200,000 Neptune Energy Bondco PLC 6.63 15/05/2025 196,558 0.19%

100,000 New Enterprise Stone & Lime Co Inc 6.25 15/03/2026 103,045 0.10%

500,000 Newfield Exploration Co 5.75 30/01/2022 533,638 0.52%

281,000 Noble Holding International Ltd 7.75 15/01/2024 275,993 0.27%

500,000 Novafives SAS 5.00 15/06/2025 556,404 0.54%

200,000 Novelis Corp 6.25 15/08/2024 205,288 0.20%




RateMaturity


Assets

151


500,000 NRG Energy Inc 7.25 15/05/2026 537,243 0.52%

95,000 Oasis Petroleum Inc 6.88 15/03/2022 98,787 0.10%

200,000 Oasis Petroleum Inc 6.88 15/01/2023 210,389 0.20%

300,000 OCI NV 5.00 15/04/2023 359,412 0.35%

1,000,000 OI European Group BV 3.13 15/11/2024 1,181,639 1.14%

400,000Ortho-Clinical Diagnostics Inc / Ortho-Clinical DiagnosticsSA 6.63 15/05/2022 397,882 0.38%

200,000 Oshkosh Corp 5.38 01/03/2025 209,930 0.20%

500,000 Paprec Holding SA 4.00 31/03/2025 582,609 0.56%

100,000 PBF Logistics LP / PBF Logistics Finance Corp 6.88 15/05/2023 101,903 0.10%

179,000 Perstorp Holding AB 8.50 30/06/2021 189,213 0.18%

300,000 Petroleum Co of Trinidad & Tobago Ltd 9.75 14/08/2019 319,969 0.31%

100,000 Pilgrim's Pride Corp 5.88 30/09/2027 94,702 0.09%

200,000 Pinewood Finco PLC 3.75 01/12/2023 264,234 0.26%

600,000 Pinnacle Bidco PLC 6.38 15/02/2025 817,330 0.79%

250,000 Plastipak Holdings Inc 6.25 15/10/2025 235,623 0.23%

500,000 Platform Specialty Products Corp 5.88 01/12/2025 493,222 0.48%

150,000 Platform Specialty Products Corp 6.50 01/02/2022 157,290 0.15%

300,000 Post Holdings Inc 5.00 15/08/2026 284,396 0.28%

500,000 Post Holdings Inc 5.63 15/01/2028 485,903 0.47%

500,000 Precision Drilling Corp 7.13 15/01/2026 535,849 0.51%

900,000 Premier Foods Finance PLC 6.25 15/10/2023 1,216,943 1.18%

300,000 ProGroup AG 3.00 31/03/2026 343,229 0.33%

300,000 QEP Resources Inc 5.38 01/10/2022 311,120 0.30%

200,000 Quad/Graphics Inc 7.00 01/05/2022 207,131 0.20%

600,000 Rackspace Hosting Inc 8.63 15/11/2024 609,700 0.59%

1,100,000 Range Resources Corp 5.00 15/03/2023 1,085,914 1.05%

200,000 Rayonier AM Products Inc 5.50 01/06/2024 189,272 0.18%

272,526 Rio Oil Finance Trust Series 2014-1 9.25 06/07/2024 298,096 0.29%

600,000 Rothesay Life PLC 8.00 30/10/2025 996,279 0.96%

800,000 SCHMOLZ + BICKENBACH Luxembourg Finance SA 5.63 15/07/2022 967,445 0.94%

500,000 Scientific Games International Inc 5.50 15/02/2026 564,487 0.55%

250,000 SemGroup Corp 7.25 15/03/2026 250,751 0.24%

1,000,000 Sisal Group SpA 7.00 31/07/2023 1,188,858 1.15%

300,000 Six Flags Entertainment Corp 4.88 31/07/2024 298,198 0.29%

200,000 SM Energy Co 5.00 15/01/2024 193,831 0.19%

600,000 Smurfit Kappa Acquisitions ULC 2.88 15/01/2026 693,596 0.67%

200,000 Southwestern Energy Co 4.10 15/03/2022 193,994 0.19%

300,000 Stena International SA 5.75 01/03/2024 282,383 0.27%

250,000 Superior Industries International Inc 6.00 15/06/2025 286,565 0.28%

250,000 Takko Luxembourg 2 SCA 5.38 15/11/2023 265,808 0.26%

150,000Targa Resources Partners LP / Targa Resources PartnersFinance Corp 5.88 15/04/2026 152,874 0.15%

150,000 TEGNA Inc 5.50 15/09/2024 152,246 0.15%

1,400,000 Tenet Healthcare Corp 6.75 15/06/2023 1,395,801 1.35%

100,000 TransDigm Inc 6.38 15/06/2026 99,376 0.10%

250,000 TransMontaigne Partners LP / TLP Finance Corp 6.13 15/02/2026 258,431 0.25%

400,000 Triumph Group Inc 4.88 01/04/2021 392,167 0.38%

800,000 Tronox Finance PLC 5.75 01/10/2025 788,689 0.76%

300,000 United Group BV 4.88 01/07/2024 364,387 0.35%




RateMaturity


Assets

152


800,000 Univision Communications Inc 5.13 15/05/2023 776,126 0.75%

1,300,000 UPCB Finance IV Ltd 5.38 15/01/2025 1,273,332 1.23%

250,000USA Compression Partners LP / USA Compression FinanceCorp 6.88 01/04/2026 263,833 0.26%

1,000,000 VEON Holdings BV 4.95 16/06/2024 947,579 0.92%

750,000 Viking Cruises Ltd 5.88 15/09/2027 726,667 0.70%

1,150,000 Virgin Media Receivables Financing Notes II DAC 5.75 15/04/2023 1,557,920 1.50%

200,000 Vistra Energy Corp 5.88 01/06/2023 206,789 0.20%

800,000 Vistra Energy Corp 8.13 30/01/2026 897,903 0.87%


1,300,000 VTR Finance BV 6.88 15/01/2024 1,350,335 1.31%

800,000 Wagamama Finance PLC 4.13 01/07/2022 1,043,820 1.01%

750,000 Warrior Met Coal Inc 8.00 01/11/2024 783,667 0.76%

250,000 Waste Pro USA Inc 5.50 15/02/2026 246,590 0.24%

1,000,000 Weight Watchers International Inc 8.63 01/12/2025 1,107,125 1.07%

400,000 Western Digital Corp 4.75 15/02/2026 396,348 0.38%

250,000 Whiting Petroleum Corp 6.63 15/01/2026 266,498 0.26%

324,000 Windstream Services LLC / Windstream Finance Corp 6.38 01/08/2023 200,462 0.19%

610,000 XPO Logistics Inc 6.13 01/09/2023 639,403 0.62%

975,000 Ziggo Bond Finance BV 5.88 15/01/2025 941,995 0.91%

90,396,668 87.46%


970,131Old Mutual Global Investors Series Plc - Old MutualFinancial Contingent Capital Fund (UCITS) 9,349,930* 9.05%

9,349,930 9.05%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain USD

Citibank 16/07/2018 USD 24,682,800 EUR 20,605,518 666,175 0.65%

HSBC 16/07/2018 USD 806,853 EUR 692,000 324 0.01%

HSBC 16/07/2018 USD 7,298,081 GBP 5,372,705 232,943 0.22%

JP Morgan Securities 16/07/2018 USD 1,538,126 GBP 1,147,000 29,830 0.02%

Royal Bank of Scotland 16/07/2018 EUR 910,762 GBP 800,000 9,511 0.01%





IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedLoss USD

Citibank 31/07/2018 GBP 69,981,022 USD 92,578,874 (490,847) (0.47%)





153

Value USD% of Net


Cash at Bank 3,840,963 3.72%



% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 85.86%Transferable securities dealt in on another regulated market 0.48%UCITS 8.93%OTC financial derivative instruments 0.90%Other current assets 3.83%



PORTFOLIO OF INVESTMENTS – Old Mutual Europe (ex UK) Smaller Companies Fund


Assets

154

Common Stock

Communications - 7.85% (2017 - 2.21%)

523,952 Ascom Holding AG 8,163,248 2.18%

1,104,064 Atresmedia Corp de Medios de Comunicacion SA 8,280,480 2.21%

823,820 Cerved Group SpA 7,542,072 2.01%

183,708 Home24 SE 5,422,142 1.45%

29,407,942 7.85%


145,000 Akasol AG 7,250,000 1.94%

1,859,666 Byggmax Group AB 7,025,167 1.88%

1,176,288 Dalata Hotel Group PLC 8,045,810 2.15%

340,874 De' Longhi SpA 8,228,698 2.20%

879,637 Dometic Group AB 7,387,164 1.97%

364,923 EDAG Engineering Group AG 6,043,125 1.61%

3,390,526 Europris ASA 8,783,864 2.35%

96,245 Fnac Darty SA 7,940,213 2.12%

133,387 MARR SpA 3,006,543 0.80%

329,897 Matas A/S 2,275,218 0.60%

1,063,725 SRP Groupe SA 7,509,899 2.01%

459,166 Takkt AG 7,190,540 1.92%

382,320 Vapiano SE 7,665,478 2.05%

88,351,719 23.60%


1,626,873 AcadeMedia AB 7,610,144 2.03%

3,637,908 BioArctic AB 7,315,528 1.95%

302,484 Corbion NV 8,294,111 2.22%

307,209 Dermapharm Holding SE 8,253,170 2.20%

328,318 Ontex Group NV 6,303,706 1.68%

1,399,799 Prosegur Cia de Seguridad SA 7,845,873 2.10%

81,530 Sixt SE 7,859,492 2.10%

53,482,024 14.28%

Energy - 3.36% (2017 - 3.85%)

682,419 Encavis AG 4,230,998 1.13%

625,625 SBM Offshore NV 8,333,325 2.23%

12,564,323 3.36%

Financial - 12.23% (2017 - 15.42%)

130,391 AURELIUS Equity Opportunities SE & Co KGaA 6,676,019 1.78%

380,352 Banca Generali SpA 8,040,641 2.15%

1,117,865 EFG International AG 7,181,164 1.92%

150,347 Nexity SA 8,081,151 2.16%

874,702 Sbanken ASA 7,830,013 2.09%

364,109 VIB Vermoegen AG 7,973,987 2.13%

45,782,975 12.23%

Industrial - 26.14% (2017 - 21.39%)

85,342 Alten SA 7,522,897 2.01%

72,547 Barco NV 7,588,416 2.03%


PORTFOLIO OF INVESTMENTS – Old Mutual Europe (ex UK) Smaller Companies Fund (continued)


Assets

155



273,284 Bekaert SA 7,657,418 2.05%

197,128 Cargotec OYJ 8,460,734 2.26%

147,747 FLSmidth & Co A/S 7,557,065 2.02%

400,098 Koninklijke Volkerwessels NV 8,794,154 2.35%

170,094 Leoni AG 7,327,650 1.95%

467,570 SIF Holding NV 7,864,527 2.10%

345,729 Signify NV 7,754,701 2.07%

131,909 Tarkett SA 3,276,620 0.87%

381,664 Vaisala OYJ 8,167,610 2.18%

663,199 va-Q-tec AG 7,659,948 2.05%

390,526 Wienerberger AG 8,224,478 2.20%

97,856,218 26.14%

Technology - 8.86% (2017 - 6.09%)

188,622 CompuGroup Medical SE 8,299,368 2.22%

46,717 Sopra Steria Group 8,133,430 2.17%

56,399 Teleperformance 8,533,169 2.27%

933,589 X-Fab Silicon Foundries SE 8,224,919 2.20%

33,190,886 8.86%

Utilities - 1.99% (2017 - 2.07%)

138,929 Rubis SCA 7,439,648 1.99%

7,439,648 1.99%




IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain EUR

Citibank 31/07/2018 EUR 1,392,360 GBP 1,228,131 7,341 0.00%

Citibank 31/07/2018 EUR 21,227 USD 24,635 113 0.00%


Value EURFinancial Assets at Fair Value Through Profit or Loss(Cost EUR 372,522,913) (2017: EUR 397,096,370) 368,083,189 98.31%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedLoss EUR

Citibank 31/07/2018 EUR 28,460 USD 33,307 (86) (0.00%)

Citibank 31/07/2018 GBP 7,499,113 EUR 8,506,350 (49,217) (0.01%)

Citibank 31/07/2018 USD 2,005,426 EUR 1,719,671 (985) (0.00%)



PORTFOLIO OF INVESTMENTS – Old Mutual Europe (ex UK) Smaller Companies Fund (continued)

156

Value EUR% of Net

AssetsFinancial Liabilities at Fair Value Through Profit or Loss(Cost EUR Nil) (2017: EUR Nil) (50,288) (0.01%)

Cash at Bank 19,872,968 5.31%



% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 74.48%Transferable securities dealt in on another regulated market 5.29%Other current assets 20.23%



PORTFOLIO OF INVESTMENTS – Old Mutual Global Equity Income Fund (IRL)


Assets

157

Common Stock

Basic Materials - 6.72% (2017 - 3.87%)

3,682 Air Products & Chemicals Inc 574,502 0.31%

902,877 Alexandria Mineral Oils Co 591,486 0.32%

99,228 Altri SGPS SA 1,009,526 0.55%

71,836 Alumina Ltd 148,271 0.08%

7,769 BHP Billiton PLC 174,987 0.09%

1,574 Cabot Corp 96,644 0.05%


10,995 Covestro AG 971,424 0.53%

433 EMS-Chemie Holding AG 277,598 0.15%

28,623 Ence Energia y Celulosa SA 251,722 0.14%

48,860 Ferrexpo PLC 119,764 0.06%

9,400 Fujimi Inc 208,606 0.11%

241,500 Kingboard Laminates Holdings Ltd 298,248 0.16%

30,150 Kronos Worldwide Inc 654,858 0.35%

40,345 Kumba Iron Ore Ltd 839,496 0.46%

55,069 Labrador Iron Ore Royalty Corp 948,290 0.51%

16,000 LCY Chemical Corp 24,744 0.01%




3,749 Mondi PLC 101,525 0.06%

21,833 Navigator Co SA 129,996 0.07%


127,700 PTT Global Chemical PCL 281,378 0.15%

1,605 Rio Tinto Ltd 98,720 0.05%

770,000 Sinopec Shanghai Petrochemical Co Ltd 469,089 0.25%

4,918 Stora Enso OYJ 95,862 0.05%

32,300 Tokai Carbon Co Ltd 581,327 0.33%

1,600 Tosoh Corp 24,833 0.01%

27,418 UPM-Kymmene OYJ 979,819 0.53%

11,050 Vale SA 140,371 0.08%

1,009 Wacker Chemie AG 129,080 0.07%


12,411,039 6.72%

Communications - 6.52% (2017 - 4.07%)



932 Amazon.com Inc 1,585,751 0.86%

200 Autohome Inc (DR) 20,194 0.01%


27,812 eBay Inc 1,005,126 0.54%

13,330 Facebook Inc 2,615,746 1.42%


66,400 Gurunavi Inc 545,005 0.30%

900 Kakaku.com Inc 20,355 0.01%


614,700 My EG Services Bhd 146,846 0.08%

145 NCSoft Corp 48,268 0.03%


PORTFOLIO OF INVESTMENTS – Old Mutual Global Equity Income Fund (IRL) (continued)


Assets

158



24,100 NTT DOCOMO Inc 614,891 0.33%

719 Rightmove PLC 50,052 0.03%

1,900 T-Gaia Corp 48,606 0.03%


4,400 Weibo Corp (DR) 386,892 0.21%

314 Wolters Kluwer NV 17,636 0.01%

12,038,186 6.52%


77,458 888 Holdings PLC 274,001 0.15%

4,822 adidas AG 1,051,043 0.56%



3,530 Autogrill SpA 43,639 0.02%

2,645 Bata India Ltd 33,176 0.02%

325 Berkeley Group Holdings PLC 16,099 0.01%

3,659 Best Buy Co Inc 274,388 0.15%


10,944 Big Lots Inc 459,648 0.25%

23,468 Brinker International Inc 1,155,330 0.63%

32,356 Buckle Inc 883,319 0.48%

2,075 Burberry Group PLC 59,028 0.03%

255 Carnival PLC 14,541 0.01%

4,003 Chico's FAS Inc 33,625 0.02%

2,784 Countryside Properties PLC 12,554 0.01%

9,800 Daiwa House Industry Co Ltd 334,507 0.18%

4,257 DFS Furniture PLC 11,523 0.01%

11,394 Dine Brands Global Inc 884,402 0.48%

16,829 Europris ASA 50,751 0.03%

20,365 Extended Stay America Inc 437,644 0.24%

3,569 Fastenal Co 173,989 0.09%

18,000 Galaxy Entertainment Group Ltd 139,365 0.08%

7,227 Games Workshop Group PLC 286,302 0.16%

4,200 Guararapes Confeccoes SA 100,031 0.05%

4,526 Guess? Inc 97,264 0.05%

70,200 Haseko Corp 971,536 0.52%


3,873 Hostelworld Group PLC 16,081 0.01%

2,182 HUGO BOSS AG 198,320 0.11%

1,412 Jacquet Metal Service SA 44,871 0.02%

4,828 JPJ Group PLC 61,027 0.03%

296 Kering SA 166,973 0.09%

15,248 Kohl's Corp 1,123,930 0.61%

13,862 Las Vegas Sands Corp 1,048,244 0.56%

1,224 LF Corp 30,861 0.02%


199 Maisons du Monde SA 7,464 0.00%

40,100 Marubeni Corp 306,337 0.17%





Assets

159



13,700 Mitsubishi Corp 381,185 0.21%

698 Moncler SpA 31,477 0.02%


55,255 N Brown Group PLC 123,279 0.07%

650 Next PLC 51,774 0.03%



157,200 Sands China Ltd 840,468 0.46%


66,600 Sumitomo Corp 1,095,702 0.58%



128 Swatch Group AG 60,135 0.03%


8,200 Target Corp 619,920 0.34%

140,185 Taylor Wimpey PLC 329,527 0.18%

8,471 Thomas Cook Group PLC 11,943 0.01%

2,606 Titan Co Ltd 33,413 0.02%

13,365 Toro Co 801,232 0.43%

75 Trigano SA 13,305 0.01%

12,751 Truworths International Ltd 71,301 0.04%

1,149 VF Corp 93,747 0.05%

3,828 Walmart Inc 328,672 0.18%

1,673 WH Smith PLC 44,141 0.02%

17,719 Wingstop Inc 931,842 0.50%

1,980 WW Grainger Inc 608,969 0.33%

276,000 Wynn Macau Ltd 888,192 0.48%

22,586,597 12.24%


15,442 AbbVie Inc 1,427,304 0.77%

15,723 Adecco Group AG 932,050 0.51%

194 Align Technology Inc 66,697 0.04%

13,380 Altria Group Inc 766,540 0.42%

1,031 Amadeus Fire AG 110,653 0.06%

8,132 Amgen Inc 1,490,921 0.81%

18,900 Astellas Pharma Inc 288,561 0.16%

284 Avery Dennison Corp 28,582 0.02%



603 Bruker Corp 17,523 0.01%

943 Brunel International NV 16,026 0.01%


220 Cochlear Ltd 32,462 0.02%

5,852 Coloplast A/S 584,244 0.32%

1,277 Danaher Corp 125,938 0.07%

7,083 Ennis Inc 142,014 0.08%

56,700 Estacio Participacoes SA 351,844 0.19%




Assets

160




30,815 Estia Health Ltd 74,733 0.04%


200 Fukuda Denshi Co Ltd 13,144 0.01%

239 Genmab A/S 36,680 0.02%

4,846 Greggs PLC 62,339 0.03%

38,999 H&R Block Inc 886,447 0.48%

65,799 Hays PLC 160,291 0.09%

335 IDEXX Laboratories Inc 72,852 0.04%

112 Insperity Inc 10,506 0.01%

3,218 Johnson & Johnson 392,596 0.21%

4,611 L'Oreal SA 1,127,161 0.61%

18,910 Marine Harvest ASA 380,992 0.21%

5,200 Meitec Corp 250,070 0.14%

25,273 Merck & Co Inc 1,523,962 0.83%

525 Nestle SA 40,316 0.02%

12,534 Novo Nordisk A/S 578,888 0.31%


12,671 Pagegroup PLC 93,152 0.05%

36,851 Pfizer Inc 1,339,902 0.73%

200 Pola Orbis Holdings Inc 8,814 0.00%

862 Randstad NV 50,311 0.03%

91,456 Redde PLC 208,372 0.11%

1,368 RELX PLC 29,245 0.02%

479 Robert Half International Inc 31,030 0.02%

4,545 Roche Holding AG 1,001,537 0.54%

1,592 Royal Unibrew A/S 126,068 0.07%

738 Savills PLC 8,461 0.00%

4,800 Shionogi & Co Ltd 246,932 0.13%

3,314 Smith & Nephew PLC 61,202 0.03%

215 Sonova Holding AG 38,354 0.02%

2,034 SSP Group PLC 17,115 0.01%

4,900 Stock Spirits Group PLC 14,679 0.01%

893 Straumann Holding AG 680,355 0.37%

208 Taro Pharmaceutical Industries Ltd 23,970 0.01%

5,075 Unilever PLC 281,469 0.15%

883 Varian Medical Systems Inc 101,051 0.05%


308 William Demant Holding A/S 12,402 0.01%

22,112,665 12.00%

Diversified - 0.02% (2017 - 0.57%)


37,069 0.02%

Energy - 9.16% (2017 - 5.30%)

111,548 BP PLC 849,511 0.46%

506,600 Bukit Asam Tbk PT 140,342 0.08%





Assets

161


Energy - 9.16% (2017 - 5.30%) (continued)

14,900 Chevron Corp 1,872,334 1.01%

8,382 Coal India Ltd 32,339 0.02%

630,118 Ecopetrol SA 637,626 0.35%

61,005 Eni SpA 1,126,974 0.61%

28,239 Exxon Mobil Corp 2,314,751 1.25%

99,940 Gazprom PJSC 222,408 0.12%



12,770 Jastrzebska Spolka Weglowa SA 264,497 0.14%

64,947 Kinder Morgan Inc/DE 1,135,274 0.62%

1,919 LUKOIL PJSC 130,452 0.07%



11,300 Petroleo Brasileiro SA 55,318 0.03%

54,020 Repsol SA 1,061,762 0.58%


1,212,300 Star Petroleum Refining PCL 475,697 0.26%

17,355 TOTAL SA 1,055,761 0.56%



4,160 Z Energy Ltd 21,279 0.01%

16,905,628 9.16%

Financial - 24.92% (2017 - 25.60%)



1,716,000 Agricultural Bank of China Ltd 802,638 0.44%

8,766 Aircastle Ltd 180,054 0.10%

162,000 Alliance Bank Malaysia Bhd 162,020 0.09%

55,124 Alm Brand A/S 542,419 0.29%

4,002 Annaly Capital Management Inc 41,621 0.02%


43,949 Artis Real Estate Investment Trust 434,449 0.24%

23,555 Artisan Partners Asset Management Inc 701,939 0.38%

43,860 Ashmore Group PLC 213,691 0.12%

30,427 AXA SA 748,394 0.41%


4,036 BB&T Corp 204,423 0.11%


3,894 BNP Paribas SA 240,556 0.13%

75,301 Brewin Dolphin Holdings PLC 352,035 0.19%

1,173 CBRE Group Inc 55,542 0.03%

573 Cembra Money Bank AG 44,694 0.02%

937,000 China CITIC Bank Corp Ltd 586,351 0.32%

558,000 China Development Financial Holding Corp 204,066 0.11%

77,000 China Evergrande Group 196,271 0.11%

20,520 CI Financial Corp 365,278 0.20%


12,200 Coface SA 136,334 0.07%




Assets

162



22,849 Cohen & Steers Inc 932,239 0.51%

9,766 Comerica Inc 892,026 0.48%

29,684 Cominar Real Estate Investment Trust 287,163 0.16%

150,361 Concentradora Fibra Danhos SA de CV 226,381 0.12%




43,100 DBS Group Holdings Ltd 840,521 0.46%

14,261 doBank SpA 182,606 0.10%

2,359 Erste Group Bank AG 98,444 0.05%

132,467 esure Group PLC 378,047 0.20%

1,870 Evercore Inc 198,407 0.11%

4,225 Everest Re Group Ltd 978,003 0.53%


11,928 Federated Investors Inc 277,207 0.15%

238 First American Financial Corp 12,209 0.01%

1,305 First Hawaiian Inc 38,132 0.02%

24,923 FNF Group 928,880 0.50%

5,520 Franklin Resources Inc 175,536 0.10%

7,480 GAM Holding AG 103,512 0.06%


33,547 Genworth MI Canada Inc 1,071,823 0.58%


4,700 Goldcrest Co Ltd 76,602 0.04%

862 Granite Real Estate Investment Trust 34,833 0.02%

157 Great-West Lifeco Inc 3,817 0.00%


10,684 IGM Financial Inc 304,589 0.17%

54,156 Industrial Bank of Korea 748,317 0.41%

5,014 ING Life Insurance Korea Ltd 188,277 0.10%

14,864 James River Group Holdings Ltd 586,979 0.32%

28,930 Janus Henderson Group PLC 879,183 0.48%



126,796 Jupiter Fund Management PLC 745,718 0.40%

97,000 K Wah International Holdings Ltd 55,879 0.03%

2,737 Legg Mason Inc 95,740 0.05%

141,400 Leopalace21 Corp 775,863 0.42%


4,427 Macerich Co 252,428 0.14%



177,305 Man Group PLC 410,959 0.22%

18,546 Mercury General Corp 839,392 0.45%

6,377 MetLife Inc 280,205 0.15%

12,922 MGM Growth Properties LLC 398,644 0.22%

129,885 MMI Holdings Ltd/South Africa 164,492 0.09%

18,667 Moelis & Co 1,101,353 0.60%





Assets

163





13,063 National Health Investors Inc 974,630 0.52%


6,785 Pebblebrook Hotel Trust 261,969 0.14%

57,687 Pendal Group Ltd 421,413 0.23%


29,810 Plus500 Ltd 638,061 0.35%



5,280 Powszechny Zaklad Ubezpieczen SA 53,542 0.03%

14,577 Principal Financial Group Inc 772,144 0.42%

3,625 Public Storage 829,871 0.45%

100,488 Rand Merchant Investment Holdings Ltd 269,959 0.15%

5,696 Ratos AB 18,921 0.01%

53,920 Regions Financial Corp 970,021 0.52%

15,260 RMB Holdings Ltd 82,920 0.04%


473,000 Sun Hung Kai & Co Ltd 265,850 0.14%


5,205 T Rowe Price Group Inc 602,114 0.33%

31,606 Technopolis OYJ 140,725 0.08%

17,900 Tokio Marine Holdings Inc 840,269 0.46%

19,112 Topdanmark A/S 838,217 0.45%

1,500 Tosei Corp 15,919 0.01%

8,040 Travelers Cos Inc 984,498 0.53%

1,898 Two Harbors Investment Corp 30,083 0.02%

5,400 United Overseas Bank Ltd 105,903 0.06%

2,892 Universal Insurance Holdings Inc 101,365 0.05%


143 Wells Fargo & Co 7,669 0.00%

38,363 Xenia Hotels & Resorts Inc 936,057 0.50%

15,000 Yamaguchi Financial Group Inc 169,220 0.09%


45,981,406 24.92%

Industrial - 6.72% (2017 - 7.39%)

15,900 Agilent Technologies Inc 974,511 0.53%

7,500 Anhui Conch Cement Co Ltd 43,014 0.02%

85 Basler AG 16,167 0.01%

5,781 Boeing Co 1,934,612 1.05%



6,121 Cummins Inc 815,562 0.44%


9,000 DMG Mori Co Ltd 125,044 0.07%

13,454 Eaton Corp PLC 1,001,516 0.54%

17,090 Garmin Ltd 1,041,806 0.56%




Assets

164




240 Graco Inc 10,807 0.01%

138,000 Hitachi Ltd 975,013 0.53%

4,500 Hoya Corp 256,231 0.14%


1,072 Inficon Holding AG 547,005 0.30%

2,750 Koninklijke Philips NV 116,826 0.06%

15 LEM Holding SA 22,403 0.01%


717 Louisiana-Pacific Corp 19,309 0.01%

496 Mersen SA 20,006 0.01%

8,226 Norbord Inc 333,211 0.18%

24,400 Riverstone Holdings Ltd/Singapore 17,882 0.01%

31,028 Signify NV 810,130 0.44%

1,374 TE Connectivity Ltd 122,904 0.07%

773,495 Trakya Cam Sanayii AS 698,156 0.38%

4,920 Trinseo SA 347,844 0.19%

10,000 Walsin Lihwa Corp 6,789 0.00%


12,388,986 6.72%

Technology - 12.69% (2017 - 12.53%)

5,317 Accenture PLC 874,647 0.47%

14,076 Apple Inc 2,611,098 1.42%


5,500 ASM Pacific Technology Ltd 69,536 0.04%

683 Aspen Technology Inc 64,380 0.03%

25,185 BE Semiconductor Industries NV 672,523 0.36%

2,742 Cadence Design Systems Inc 118,180 0.06%

2,600 Capcom Co Ltd 64,163 0.03%

848 Citrix Systems Inc 88,345 0.05%

5,718 CyberArk Software Ltd 359,205 0.19%

495 Dassault Systemes SE 69,721 0.04%

4,000 Global Unichip Corp 35,882 0.02%

56,000 Globalwafers Co Ltd 931,229 0.50%

11,000 GungHo Online Entertainment Inc 28,041 0.02%


52,876 HP Inc 1,198,699 0.65%

6,808 Infosys Ltd 129,887 0.07%

3,700 Infosys Ltd (DR) 70,300 0.04%

1,636 Intel Corp 80,573 0.04%

3,451 International Business Machines Corp 483,278 0.26%

6,477 Intuit Inc 1,321,438 0.72%

9,373 KLA-Tencor Corp 954,265 0.52%

5,324 Lam Research Corp 909,712 0.50%

245,000 Macronix International 348,752 0.19%

416 Manhattan Associates Inc 19,419 0.01%

16,147 Microsoft Corp 1,592,579 0.86%

28,300 Mixi Inc 717,317 0.39%




Assets

165



227,000 Nanya Technology Corp 619,455 0.34%

3,800 NSD Co Ltd 86,700 0.05%

815 Paradox Interactive AB 16,897 0.01%


22 Samsung Electronics Co Ltd 921 0.00%

15,846 Seagate Technology PLC 893,081 0.48%

5,508 Siltronic AG 793,755 0.43%

328 SimCorp A/S 26,537 0.01%


16,234 SK Hynix Inc 1,248,316 0.68%

2,894 Skyworks Solutions Inc 279,445 0.15%





23,420,353 12.69%

Utilities - 2.96% (2017 - 5.69%)

6,748 Ameren Corp 410,548 0.22%

83,779 Ascopiave SpA 292,569 0.16%


16,909 ERG SpA 368,071 0.20%

27,055 FirstEnergy Corp 979,120 0.53%

35,478 Fortum OYJ 842,483 0.47%

3,090 GAIL India Ltd 15,345 0.01%


510,104 NHPC Ltd 174,585 0.09%

23,331 Snam SpA 96,766 0.05%

459 UGI Corp 23,900 0.01%

52,349 Valener Inc 799,535 0.43%

5,464,473 2.96%


Preferred Stock

Basic Materials - 0.14% (2017 - 0.00%)

5,486 Sociedad Quimica y Minera de Chile SA 262,045 0.14%

262,045 0.14%

Energy - 0.50% (2017 - 0.00%)

33,234 Bashneft PJSC 910,141 0.50%

910,141 0.50%

Technology - 0.06% (2017 - 0.08%)


116,547 0.06%

Total Preferred Stock 1,288,733 0.70%



166

Value USD% of Net

AssetsFinancial Assets at Fair Value Through Profit or LossCost USD 164,059,854) (2017: USD 153,498,135) 174,635,135 94.65%

Futures - (0.06%) (2017 - (0.03%))


ContractsMaturity



Euro Stoxx Banks IndexFuture 41 21/09/2018 (38,658) (0.02%)


S&P 500 Emini IndexFuture 28 21/09/2018 (78,825) (0.04%)

(117,483) (0.06%)



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 03/07/2018 COP 17,772,103 USD 6,045 (21) (0.00%)

Unrealised Loss on Currency Exchange Contracts at 30 June 2018 (21) (0.00%)


Cash at Bank 5,093,007 2.76%



% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 92.13%Transferable securities dealt in on another regulated market 0.44%Other current assets 7.43%



PORTFOLIO OF INVESTMENTS – Old Mutual Gold & Silver Fund


Assets

167

Common Stock

Basic Materials - 79.22% (2017 - 80.65%)

262,767 Agnico Eagle Mines Ltd 11,736,475 4.06%

1,920,000 Alexco Resource Corp 2,463,024 0.85%

222,083 Americas Silver Corp 670,338 0.23%

8,510,870 Apollo Minerals Ltd 1,474,340 0.51%

3,180,000 Breaker Resources NL 609,476 0.21%

6,505,500 Cartier Resources Inc 589,088 0.20%

1,798,860 Coeur Mining Inc 13,437,484 4.65%

1,000,000 Continental Gold Inc 2,829,761 0.98%

790,000 Dacian Gold Ltd 1,659,693 0.57%

2,109,239 Endeavour Silver Corp 6,398,385 2.22%

4,257,000 Evolution Mining Ltd 11,014,547 3.81%

2,885,000 Falco Resources Ltd 1,132,055 0.39%

1,098,240 First Majestic Silver Corp 8,121,605 2.81%

2,164,436 Fortuna Silver Mines Inc 12,135,344 4.20%

873,090 Fresnillo PLC 13,169,817 4.56%

4,966,389 Gold Road Resources Ltd 2,709,121 0.94%

1,220,000 Guyana Goldfields Inc 4,584,666 1.59%

5,000,000 Harte Gold Corp 1,396,016 0.49%

3,499,211 Hecla Mining Co 12,037,286 4.17%

5,195,794 Hochschild Mining PLC 12,967,912 4.50%

1,050,000 IAMGOLD Corp 6,021,732 2.09%


800,000 Lundin Gold Inc 2,662,239 0.92%

1,179,659 MAG Silver Corp 12,489,144 4.32%

13,769,771 Millennium Minerals Ltd 1,928,573 0.67%

1,972,440 New Pacific Metals Corp 2,351,686 0.81%

356,000 Newmont Mining Corp 13,172,000 4.56%


4,203,000 Osisko Mining Inc 5,359,998 1.86%

549,300 Pan American Silver Corp 9,645,708 3.34%

2,340,887 Rupert Resources Ltd 1,731,112 0.60%

11,961,574 S2 Resources Ltd 969,922 0.34%

1,531,500 Sabina Gold & Silver Corp 1,745,068 0.60%

250,000 Seabridge Gold Inc 2,737,500 0.95%

4,450,000 Silver Lake Resources Ltd 1,968,191 0.68%

4,466,667 Silver Mines Ltd 128,412 0.04%

4,887,414 Silvercorp Metals Inc 12,834,439 4.45%

12,675,000 SolGold PLC 3,547,369 1.23%

2,820,000 St Barbara Ltd 10,040,425 3.49%

290,000 Wheaton Precious Metals Corp 6,293,691 2.18%

228,778,344 79.22%

Financial - 1.15% (2017 - 8.82%)

1,554,000 GoldMoney Inc 3,318,608 1.15%

3,318,608 1.15%



PORTFOLIO OF INVESTMENTS – Old Mutual Gold & Silver Fund (continued)


Assets

168


67,557 Bitcoin Tracker One - SEK (AIF) 1,903,303 0.66%

1,843,242 Sprott Physical Gold and Silver Trust (AIF) 23,003,660 7.97%

1,499,400 Sprott Physical Gold Trust (AIF) 15,173,928 5.25%

2,400,230 Sprott Physical Silver Trust (AIF) 13,921,334 4.82%

54,002,225 18.70%


Cash at Bank 1,592,403 0.55%



% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 79.85%AIF 18.58%Other current assets 1.57%





Assets

169

Common Stock

Basic Materials - 0.17% (2017 - 0.27%)

111 Air Liquide SA 13,884 0.05%

422 ArcelorMittal 12,435 0.04%

149 Praxair Inc 23,345 0.08%

49,664 0.17%

Communications - 0.25% (2017 - 0.36%)

649 Cisco Systems Inc 27,868 0.10%

162 Publicis Groupe SA 11,164 0.04%

581 Verizon Communications Inc 29,550 0.11%

68,582 0.25%


123 Bayerische Motoren Werke AG 11,139 0.04%

932 Gap Inc 31,231 0.11%

748 Industria de Diseno Textil SA 25,494 0.09%

126 Marriott International Inc/MD 15,783 0.06%

174 McDonald's Corp 27,200 0.10%

209 NIKE Inc 14,985 0.05%

141 Sodexo SA 14,089 0.05%

420 Walgreens Boots Alliance Inc 25,074 0.09%

164,995 0.59%


131 Amgen Inc 24,018 0.09%

72 Bayer AG 7,960 0.03%

72 Beiersdorf AG 8,146 0.03%

319 Bureau Veritas SA 8,507 0.03%

311 Colgate-Palmolive Co 20,193 0.07%

79 Essilor International Cie Generale d'Optique SA 11,132 0.04%

126 Heineken NV 12,716 0.05%

864 Kroger Co 24,564 0.08%

178 Nestle SA 13,669 0.05%

281 Novo Nordisk A/S 12,978 0.05%

205 PepsiCo Inc 22,279 0.08%

73 S&P Global Inc 14,869 0.05%

104 Stryker Corp 17,573 0.06%

198,604 0.71%

Financial - 1.48% (2017 - 1.47%)



245 American International Group Inc 13,041 0.05%


4,913 Barclays PLC 12,247 0.04%


719 DNB ASA 14,019 0.05%


504 Marsh & McLennan Cos Inc 40,839 0.15%





Assets

170



138 Visa Inc 18,318 0.07%


413,215 1.48%

Industrial - 0.44% (2017 - 0.50%)

227 3M Co 44,485 0.16%

25 Geberit AG 10,719 0.04%

52 Kuehne + Nagel International AG 7,837 0.03%

164 Union Pacific Corp 23,076 0.08%

182 United Technologies Corp 22,677 0.08%

135 Vinci SA 13,009 0.05%

121,803 0.44%

Technology - 0.15% (2017 - 0.19%)

147 Amadeus IT Group SA 11,526 0.04%

155 Ingenico Group SA 13,850 0.05%

366 Oracle Corp 16,045 0.06%

41,421 0.15%


CouponRate

MaturityDate

Corporate Bonds - 3.00% (2017 - 2.92%)

150,000 European Bank for Reconstruction & Development 1.63 15/11/2018 149,960 0.54%

455,000 European Investment Bank 1.75 15/05/2020 448,371 1.61%


200,000 Svensk Exportkredit AB 2.44 04/10/2018 201,196 0.72%

837,096 3.00%


455,000 Kommunekredit 1.63 12/06/2020 445,718 1.60%

240,000 Kommuninvest I Sverige AB 1.38 07/09/2018 240,614 0.85%

40,000 Mexican Bonos 6.50 10/06/2021 197,056 0.70%


300,000 United States Treasury Bill 0.00 19/07/2018 299,756 1.07%






4,006,149 14.34%


2,031 Ashmore SICAV - Emerging Markets Short Duration Fund (UCITS) 270,940 0.97%

227,983Baillie Gifford Investment Funds II ICVC - Japanese Income Growth Fund(UCITS) 418,782 1.50%

21,933 BlackRock Global Funds - Natural Resources Growth & Income Fund (UCITS) 195,640 0.70%

336 BlackRock Strategic Funds - Latin American Opportunities Fund (UCITS) 31,483 0.11%




Assets

171


98,392 BNY Mellon U.S. Equity Income Fund (UCITS) 136,432 0.49%


235 CZ Absolute Alpha UCITS Fund (UCITS) 327,574 1.17%


53,864 Hermes Asia Ex-Japan Equity Fund (UCITS) 186,583 0.67%

93,920 Highbridge Multi-Strategy Fund Ltd (AIF) 280,132 1.00%

384 IPM Systematic Macro UCITS Fund (UCITS) 461,558 1.65%


356,216 M&G Optimal Income Fund (UCITS) 685,834 2.46%

4,283Merrill Lynch Investment Solutions - AQR Global Relative Value UCITS Fund(UCITS) 602,110 2.16%

817 Mirabaud - Convertible Bonds Europe (UCITS) 115,122 0.41%

2,122 Montlake UCITS Platform ICAV - Mygale Event Driven UCITS Fund (UCITS) 314,007 1.12%

6,218 Old Mutual Global Investors Series Plc - Old Mutual Asian Equity Fund (UCITS) 102,532* 0.37%

7,092Old Mutual Global Investors Series Plc - Old Mutual Europe (ex UK) SmallerCompanies Fund (UCITS) 162,403* 0.58%

7,986Old Mutual Global Investors Series Plc - Old Mutual European Best Ideas Fund(UCITS) 169,998* 0.61%

38,140Old Mutual Global Investors Series Plc - Old Mutual Financial Contingent CapitalFund (UCITS) 367,295* 1.32%

3,188Old Mutual Global Investors Series Plc - Old Mutual Global Emerging MarketsFund (UCITS) 67,431* 0.24%

28,069Old Mutual Global Investors Series Plc - Old Mutual Global Equity Income Fund(IRL) (UCITS) 551,836* 1.98%

11,969Old Mutual Global Investors Series Plc - Old Mutual Local Currency EmergingMarket Debt Fund (UCITS) 144,397* 0.51%

31,139Old Mutual Global Investors Series Plc - Old Mutual Strategic Absolute ReturnGovernment Bond Fund (UCITS) 346,218* 1.24%

33,998Old Mutual Global Investors Series Plc - Old Mutual Style Premia AbsoluteReturn Fund (UCITS) 337,839* 1.21%

31,795Old Mutual Global Investors Series Plc - Old Mutual UK Specialist Equity Fund(UCITS) 513,039* 1.84%

63,457 Old Mutual Henderson European Growth Fund (UCITS) 119,817* 0.43%

11,652 Old Mutual Investment Funds Series I - UK Equity Income Fund (UCITS) 16,811* 0.06%

868 Pareto SICAV - Pareto Nordic Corporate Bond (UCITS) 129,485 0.46%


11,730 PIMCO Funds Global Investors Series PLC - Income Fund (UCITS) 133,297 0.48%

242 Polar Capital Funds PLC - Financial Opportunities Fund (UCITS) 3,375 0.01%

40,677 Polar Capital Funds PLC - Income Opportunities Fund (UCITS) 77,296 0.28%


925,773 Quilter Investors Bond 2 Fund (UCITS) 1,120,931 4.01%





335,004 Quilter Investors Global Best Ideas Fund (UCITS) 516,329 1.85%



121,855 Schroder US Mid Cap Fund (UCITS) 204,542 0.73%






Assets

172



46,119 SQN Asset Finance Income Fund Ltd (AIF) 54,787 0.20%

206,024Wellington Management Funds Ireland PLC - Wellington Global Credit PlusFund (UCITS) 2,561,393 9.17%

2,953 Wells Fargo Lux Worldwide Fund - US High Yield Bond (UCITS) 588,218 2.11%

11,555Wells Fargo Lux Worldwide Fund - US Short Term High Yield Bond Fund(UCITS) 1,347,214 4.82%

20,667,390 74.00%

Futures - 0.12% (2017 - 0.04%)


ContractsMaturity


Bank of America MerrillLynch (146,338) EUR Currency Future (1) 17/09/2018 2,015 0.01%Bank of America MerrillLynch (169,450)

Euro Stoxx Banks IndexFuture (5) 21/09/2018 3,550 0.01%

Bank of America MerrillLynch (152,160) FTSE 100 Index Future (2) 21/09/2018 1,669 0.01%Bank of America MerrillLynch (340,781) JPY Currency Future (3) 17/09/2018 2,438 0.01%Bank of America MerrillLynch (136,313) S&P 500 Emini Index Future (1) 21/09/2018 900 0.00%Bank of America MerrillLynch (34,530,000) Topix Index Future (2) 13/09/2018 8,190 0.03%Bank of America MerrillLynch 1,154,531 US 10 Year Ultra Future 9 19/09/2018 13,500 0.04%Bank of America MerrillLynch 1,483,125 US 2 Year Note Future 7 28/09/2018 547 0.00%Bank of America MerrillLynch 454,562 US 5 Year Note Future 4 28/09/2018 1,531 0.01%

34,340 0.12%

Options - 0.02% (2017 - 0.03%)

Strike Exercise

Price DateBank of America MerrillLynch 60

CALL Euro Stoxx Banks(Price) Index (covered) 120.00 20/07/2018 524 0.00%

Bank of America MerrillLynch 60

PUT Euro Stoxx Banks (Price)Index (covered) 105.00 20/07/2018 3,667 0.02%


CALL S&P 500 Index(covered) 2,855.00 19/07/2018 330 0.00%

4,521 0.02%

Options on Futures - 0.01% (2017 - 0.00%)Bank of America MerrillLynch 30

PUT US 10 Year Note Future(covered) 118.50 27/07/2018 1,406 0.01%

1,406 0.01%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 31/07/2018 EUR 1,552,696 USD 1,810,920 821 0.00%

Citibank 31/07/2018 USD 6,184,294 GBP 4,675,139 32,232 0.12%




173

Value USD% of Net


Futures - (0.03%) (2017 - (0.05%))


ContractsMaturity


Bank of America MerrillLynch 165,330 Emin Russell 2000 Futures 2 21/09/2018 (2,300) (0.01%)Bank of America MerrillLynch (324,700) Euro-Bund Future (2) 06/09/2018 (3,143) (0.01%)Bank of America MerrillLynch (123,210) Long Gilt Future (1) 26/09/2018 (2,365) (0.01%)

(7,808) (0.03%)

Options - (0.01%) (2017 - (0.01%))

Strike Exercise

Price DateBank of America MerrillLynch (3)

PUT S&P 500 Index(covered) 2,600.00 19/07/2018 (2,520) (0.01%)

(2,520) (0.01%)

Options on Futures - (0.01%) (2017 – (0.00%))Bank of America MerrillLynch (10)

PUT US 10 Year Note Future(covered) 119.50 27/07/2018 (2,188) (0.01%)

Bank of America MerrillLynch (1)

CALL US Treasury 2 YearFuture (covered) 106.00 24/08/2018 (281) (0.00%)

(2,469) (0.01%)



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Canadian Imperial Bank ofCommerce 19/09/2018 SEK 1,202,000 EUR 118,362 (3,784) (0.02%)

Citibank 31/07/2018 AUD 1,428,903 USD 1,055,051 (1,628) (0.01%)

Citibank 31/07/2018 EUR 2,516 USD 2,945 (9) (0.00%)

Citibank 31/07/2018 GBP 13,620,618 USD 18,018,945 (95,574) (0.33%)

Citibank 31/07/2018 SGD 2,739,518 USD 2,010,731 (1,760) (0.01%)

Citibank 31/07/2018 USD 220,958 EUR 189,533 (195) (0.00%)

Citibank 31/07/2018 USD 22,157 SGD 30,284 (51) (0.00%)

Citibank 19/09/2018 USD 186,107 MXN 3,950,000 (11,672) (0.04%)


Value USDFinancial Liabilities at Fair Value Through Profit or Loss(Cost USD 7,669) (2017: USD 1,601) (127,470) (0.46%)

Cash at Bank 745,934 2.67%





174

% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 18.91%Transferable securities dealt in on another regulated market 1.95%AIF 2.55%UCITS 70.50%Financial derivative instruments dealt in on a regulated market 0.14%OTC financial derivative instruments 0.12%Other current assets 5.83%





Assets

175

Common Stock

Basic Materials - 0.35% (2017 - 0.50%)

2,105 Air Liquide SA 263,287 0.10%

8,036 ArcelorMittal 236,804 0.09%

2,643 Praxair Inc 414,105 0.16%

914,196 0.35%

Communications - 0.47% (2017 - 0.64%)

11,539 Cisco Systems Inc 495,485 0.19%

3,085 Publicis Groupe SA 212,593 0.08%

10,325 Verizon Communications Inc 525,130 0.20%

1,233,208 0.47%


2,345 Bayerische Motoren Werke AG 212,370 0.08%

16,567 Gap Inc 555,160 0.21%

14,232 Industria de Diseno Textil SA 485,075 0.19%

2,246 Marriott International Inc/MD 281,334 0.11%

3,092 McDonald's Corp 483,341 0.19%

3,711 NIKE Inc 266,079 0.10%

2,682 Sodexo SA 267,991 0.10%


2,997,309 1.15%


2,332 Amgen Inc 427,549 0.17%

1,414 Bayer AG 156,317 0.06%

1,377 Beiersdorf AG 155,802 0.06%

6,063 Bureau Veritas SA 161,690 0.06%


1,503 Essilor International Cie Generale d'Optique SA 211,785 0.08%

2,399 Heineken NV 242,115 0.09%

15,349 Kroger Co 436,372 0.17%

3,385 Nestle SA 259,939 0.10%

5,337 Novo Nordisk A/S 246,491 0.09%

3,636 PepsiCo Inc 395,160 0.15%

1,157 S&P Global Inc 235,669 0.09%

1,850 Stryker Corp 312,595 0.12%

3,599,768 1.38%

Financial - 1.96% (2017 - 1.60%)





76,515 Barclays PLC 190,739 0.07%


11,186 DNB ASA 218,104 0.08%







Assets

176



2,460 Visa Inc 326,540 0.13%


5,070,901 1.96%

Industrial - 0.85% (2017 - 0.92%)

4,040 3M Co 791,719 0.30%

484 Geberit AG 207,512 0.08%



3,229 United Technologies Corp 402,333 0.15%

2,570 Vinci SA 247,645 0.10%

2,209,480 0.85%

Technology - 0.29% (2017 - 0.36%)

2,789 Amadeus IT Group SA 218,687 0.08%

2,940 Ingenico Group SA 262,696 0.10%

6,510 Oracle Corp 285,398 0.11%

766,781 0.29%


CouponRate

MaturityDate

Corporate Bonds - 1.87% (2017 - 2.18%)



1,600,000 Svensk Exportkredit AB 2.44 04/10/2018 1,609,567 0.62%

4,856,699 1.87%


3,040,000 Kommunekredit 1.63 12/06/2020 2,977,984 1.14%

1,720,000 Kommuninvest I Sverige AB 1.38 07/09/2018 1,724,404 0.66%

128,000 Mexican Bonos 6.50 10/06/2021 630,578 0.24%

2,500,000 State of North Rhine-Westphalia Germany 2.38 22/05/2019 2,507,411 0.96%

5,000,000 United States Treasury Floating Rate Note 1.98 30/04/2019 5,018,671 1.93%





24,835,737 9.54%


13,788 Ashmore SICAV - Emerging Markets Short Duration Fund (UCITS) 1,839,449 0.71%

1,873,154Baillie Gifford Investment Funds II ICVC - Japanese Income Growth Fund(UCITS) 3,440,801 1.32%

118,364 BlackRock Global Funds - Natural Resources Growth & Income Fund (UCITS) 1,055,811 0.41%

6,668 BlackRock Strategic Funds - Latin American Opportunities Fund (UCITS) 625,148 0.24%






Assets

177



1,957 Goldman Sachs Funds PLC - US$ Liquid Reserves Fund (UCITS) 24,509,616 9.42%






32,011Merrill Lynch Investment Solutions - AQR Global Relative Value UCITS Fund(UCITS) 4,500,067 1.73%


12,851 Montlake UCITS Platform ICAV - Mygale Event Driven UCITS Fund (UCITS) 1,902,138 0.73%

127,164 Old Mutual Global Investors Series Plc - Old Mutual Asian Equity Fund (UCITS) 2,096,969* 0.81%

131,728Old Mutual Global Investors Series Plc - Old Mutual Europe (ex UK) SmallerCompanies Fund (UCITS) 3,016,539* 1.16%

157,842Old Mutual Global Investors Series Plc - Old Mutual European Best Ideas Fund(UCITS) 3,360,114* 1.29%

103,463Old Mutual Global Investors Series Plc - Old Mutual Financial Contingent CapitalFund (UCITS) 996,371* 0.38%

81,162Old Mutual Global Investors Series Plc - Old Mutual Global Emerging MarketsFund (UCITS) 1,716,606* 0.66%

327,905Old Mutual Global Investors Series Plc - Old Mutual Global Equity Income Fund(IRL) (UCITS) 6,446,657* 2.48%


220,394Old Mutual Global Investors Series Plc - Old Mutual Strategic Absolute ReturnGovernment Bond Fund (UCITS) 2,450,405* 0.94%

181,605Old Mutual Global Investors Series Plc - Old Mutual Style Premia AbsoluteReturn Fund (UCITS) 1,804,608* 0.69%

225,803Old Mutual Global Investors Series Plc - Old Mutual UK Specialist Equity Fund(UCITS) 3,644,259* 1.40%

1,450,254 Old Mutual Henderson European Growth Fund (UCITS) 2,738,291* 1.05%


4,487 Pareto SICAV - Pareto Nordic Corporate Bond (UCITS) 669,611 0.26%


55,948 PIMCO Funds Global Investors Series PLC - Income Fund (UCITS) 635,772 0.24%


817,581 Polar Capital Funds PLC - Income Opportunities Fund (UCITS) 1,553,595 0.60%


















Assets

178


1,284,390Wellington Management Funds Ireland PLC - Wellington Global Credit Plus Fund(UCITS) 15,968,181 6.14%



199,650,729 76.72%

Futures - 0.07% (2017 - 0.15%)


ContractsMaturity


Bank of America MerrillLynch (2,634,075) EUR Currency Future (18) 17/09/2018 36,272 0.02%Bank of America MerrillLynch (2,202,850)


Bank of America MerrillLynch (912,960) FTSE 100 Index Future (12) 21/09/2018 4,088 0.00%Bank of America MerrillLynch 1,232,200 SPI 200 Index Future 8 20/09/2018 23,441 0.01%Bank of America MerrillLynch (69,060,000) Topix Index Future (4) 13/09/2018 16,380 0.01%Bank of America MerrillLynch 2,309,063 US 10 Year Ultra Future 18 19/09/2018 27,000 0.01%Bank of America MerrillLynch 33,688,125 US 2 Year Note Future 159 28/09/2018 12,422 0.00%Bank of America MerrillLynch 2,954,656 US 5 Year Note Future 26 28/09/2018 9,952 0.00%

175,710 0.07%

Options - 0.03% (2017 - 0.06%)

Strike Exercise

Price DateBank of America MerrillLynch 1,158

CALL Euro Stoxx Banks(Price) Index (covered) 120.00 20/07/2018 10,110 0.00%

Bank of America MerrillLynch 1,158



CALL S&P 500 Index(covered) 2,855.00 19/07/2018 4,510 0.00%

85,388 0.03%



9,141 0.00%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 31/07/2018 EUR 19,697,945 USD 22,973,851 10,420 0.00%

Citibank 31/07/2018 GBP 8,000 USD 10,493 35 0.00%

Citibank 31/07/2018 SGD 707,593 USD 518,148 751 0.00%

Citibank 31/07/2018 USD 36,751,867 GBP 27,782,696 192,332 0.08%

Citibank 31/07/2018 USD 526,498 SGD 717,008 694 0.00%




179

Value USD% of Net


Futures - (0.16%) (2017 - (0.07%))


ContractsMaturity


Bank of America MerrillLynch 2,479,950 Emin Russell 2000 Futures 30 21/09/2018 (34,500) (0.01%)Bank of America MerrillLynch (1,461,150) Euro-Bund Future (9) 06/09/2018 (14,143) (0.01%)Bank of America MerrillLynch 113,594 JPY Currency Future 1 17/09/2018 (775) (0.00%)Bank of America MerrillLynch (616,050) Long Gilt Future (5) 26/09/2018 (11,825) (0.00%)Bank of America MerrillLynch 2,699,940 MSCI Emerging Market Index 51 21/09/2018 (186,533) (0.08%)Bank of America MerrillLynch 6,543,000 S&P 500 Emini Index Future 48 21/09/2018 (135,000) (0.05%)Bank of America MerrillLynch 958,620 USD Currency Future 13 17/09/2018 (30,615) (0.01%)

(413,391) (0.16%)

Options - (0.01%) (2017 - (0.02%))

Strike Exercise



(34,440) (0.01%)



(14,219) (0.01%)



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold


Citibank 31/07/2018 AUD 11,031,642 USD 8,145,368 (12,565) (0.00%)

Citibank 31/07/2018 EUR 16,199 USD 18,960 (58) (0.00%)

Citibank 31/07/2018 GBP 87,446,786 USD 115,686,059 (614,833) (0.24%)

Citibank 31/07/2018 SGD 68,434,456 USD 50,229,055 (44,017) (0.02%)

Citibank 31/07/2018 USD 90,349 AUD 122,625 (53) (0.00%)

Citibank 31/07/2018 USD 1,645,625 EUR 1,412,638 (2,686) (0.00%)

Citibank 31/07/2018 USD 929,364 GBP 706,396 (183) (0.00%)

Citibank 19/09/2018 USD 596,012 MXN 12,650,000 (37,380) (0.01%)




180

Value USD% of Net

AssetsFinancial Liabilities at Fair Value Through Profit or Loss(Cost USD 67,926) (2017: USD 34,425) (1,201,904) (0.46%)

Cash at Bank 10,574,160 4.06%








Assets

181

Common Stock

Basic Materials - 0.89% (2017 - 1.05%)

9,384 Air Liquide SA 1,173,724 0.29%

35,820 ArcelorMittal 1,055,541 0.26%

9,085 Praxair Inc 1,423,438 0.34%

3,652,703 0.89%

Communications - 1.08% (2017 - 1.31%)

39,660 Cisco Systems Inc 1,703,000 0.41%



4,455,526 1.08%



56,938 Gap Inc 1,907,992 0.46%

63,443 Industria de Diseno Textil SA 2,162,352 0.53%


10,624 McDonald's Corp 1,660,744 0.40%

12,752 NIKE Inc 914,318 0.22%

11,953 Sodexo SA 1,194,368 0.29%

25,673 Walgreens Boots Alliance Inc 1,532,678 0.37%

11,286,206 2.74%


8,016 Amgen Inc 1,469,653 0.36%

6,308 Bayer AG 697,348 0.17%

6,139 Beiersdorf AG 694,601 0.17%


18,964 Colgate-Palmolive Co 1,231,333 0.30%


10,693 Heineken NV 1,079,171 0.26%

52,753 Kroger Co 1,499,768 0.36%

15,087 Nestle SA 1,158,553 0.28%

23,791 Novo Nordisk A/S 1,098,796 0.27%

12,491 PepsiCo Inc 1,357,522 0.33%

1,987 S&P Global Inc 404,732 0.10%

6,358 Stryker Corp 1,074,311 0.26%

13,430,384 3.27%

Financial - 2.71% (2017 - 2.47%)




231,398 Banco Santander SA 1,243,630 0.30%

131,252 Barclays PLC 327,188 0.08%


19,189 DNB ASA 374,146 0.09%


25,079 Marsh & McLennan Cos Inc 2,032,151 0.50%





RateMaturity


Assets

182



8,454 Visa Inc 1,122,184 0.27%


11,134,638 2.71%

Industrial - 2.00% (2017 - 1.92%)

13,882 3M Co 2,720,456 0.66%

2,159 Geberit AG 925,658 0.23%

4,435 Kuehne + Nagel International AG 668,419 0.16%


11,096 United Technologies Corp 1,382,562 0.34%

11,458 Vinci SA 1,104,094 0.27%

8,211,385 2.00%

Technology - 0.76% (2017 - 0.74%)


13,127 Ingenico Group SA 1,172,930 0.28%

22,375 Oracle Corp 980,920 0.24%

3,128,491 0.76%


Corporate Bonds - 1.23% (2017 - 2.16%)



2,600,000 Svensk Exportkredit AB 2.44 04/10/2018 2,615,546 0.64%

5,044,700 1.23%


2,185,000 Kommunekredit 1.63 12/06/2020 2,140,426 0.51%

2,820,000 Kommuninvest I Sverige AB 1.38 07/09/2018 2,827,220 0.69%

100,000 Mexican Bonos 6.50 10/06/2021 492,639 0.12%

4,100,000 State of North Rhine-Westphalia Germany 2.38 22/05/2019 4,112,153 1.00%






32,189,484 7.83%


9,313 Ashmore SICAV - Emerging Markets Short Duration Fund (UCITS) 1,242,487 0.30%

4,638,898Baillie Gifford Investment Funds II ICVC - Japanese Income Growth Fund(UCITS) 8,521,202 2.07%

143,861 BlackRock Global Funds - Natural Resources Growth & Income Fund (UCITS) 1,283,244 0.31%

22,674 BlackRock Strategic Funds - Latin American Opportunities Fund (UCITS) 2,125,669 0.52%




2,040 Goldman Sachs Funds PLC - US$ Liquid Reserves Fund (UCITS) 25,553,216 6.21%




Assets

183


2,186,964 Hermes Asia Ex-Japan Equity Fund (UCITS) 7,575,570 1.84%



193,351 iShares Diversified Commodity Swap UCITS ETF (UCITS) 1,021,860 0.25%


31,551Merrill Lynch Investment Solutions - AQR Global Relative Value UCITS Fund(UCITS) 4,435,413 1.08%


13,548 Montlake UCITS Platform ICAV - Mygale Event Driven UCITS Fund (UCITS) 2,005,214 0.50%




258,000Old Mutual Global Investors Series Plc - Old Mutual Financial Contingent CapitalFund (UCITS) 2,484,592* 0.60%

195,242Old Mutual Global Investors Series Plc - Old Mutual Global Emerging MarketsFund (UCITS) 4,129,428* 1.00%



186,747Old Mutual Global Investors Series Plc - Old Mutual Strategic Absolute ReturnGovernment Bond Fund (UCITS) 2,076,312* 0.50%

202,930Old Mutual Global Investors Series Plc - Old Mutual Style Premia AbsoluteReturn Fund (UCITS) 2,016,514* 0.49%

241,222Old Mutual Global Investors Series Plc - Old Mutual UK Specialist Equity Fund(UCITS) 3,890,880* 0.95%

2,503,390 Old Mutual Henderson European Growth Fund (UCITS) 4,726,766* 1.15%


3,048 Pareto SICAV - Pareto Nordic Corporate Bond (UCITS) 454,802 0.11%


44,899 PIMCO Funds Global Investors Series plc - Income Fund (UCITS) 510,222 0.12%


2,539,113 Polar Capital Funds PLC - Income Opportunities Fund (UCITS) 4,824,911 1.17%




989,343 Quilter Investors Emerging Markets Equity Growth Fund (UCITS) 2,224,210 0.54%










997,471Wellington Management Funds Ireland PLC - Wellington Global Credit Plus Fund(UCITS) 12,401,062 3.02%





Assets

184




299,471,109 72.83%

Futures - 0.11% (2017 - 0.24%)


ContractsMaturity




Bank of America MerrillLynch 4,466,725 SPI 200 Index Future 29 20/09/2018 84,975 0.02%Bank of America MerrillLynch 897,969 US 10 Year Ultra Future 7 19/09/2018 10,500 0.00%Bank of America MerrillLynch 897,969 US 2 Year Note Future 84 28/09/2018 6,563 0.00%Bank of America MerrillLynch 3,522,859 US 5 Year Note Future 31 28/09/2018 11,866 0.00%

472,629 0.11%

Options - 0.05% (2017 - 0.10%)

Strike Exercise

Price DateBank of America MerrillLynch 2,751


Bank of America MerrillLynch 2,751



CALL S&P 500 Index(covered) 2,855.00 19/07/2018 11,440 0.00%

203,578 0.05%



6,328 0.00%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 31/07/2018 EUR 37,986,753 USD 44,304,216 20,095 0.00%

Citibank 31/07/2018 GBP 692 USD 908 3 0.00%

Citibank 31/07/2018 SGD 149,797 USD 109,692 159 0.00%

Citibank 31/07/2018 USD 29,965,397 GBP 22,654,234 154,459 0.04%





185

Futures - (0.29%) (2017 - (0.03%))


ContractsMaturity


% of NetAssets

Bank of America MerrillLynch 6,282,540 Emin Russell 2000 Futures 76 21/09/2018 (87,400) (0.02%)Bank of America MerrillLynch (1,136,450) Euro-Bund Future (7) 06/09/2018 (11,000) (0.00%)Bank of America MerrillLynch (912,960) FTSE 100 Index Future (12) 21/09/2018 (3,811) (0.00%)Bank of America MerrillLynch 2,839,844 JPY Currency Future 25 17/09/2018 (19,375) (0.00%)Bank of America MerrillLynch (1,355,310) Long Gilt Future (11) 26/09/2018 (26,015) (0.01%)Bank of America MerrillLynch 6,088,100 MSCI Emerging Market Index 115 21/09/2018 (420,613) (0.10%)Bank of America MerrillLynch 26,444,625 S&P 500 Emini Index Future 194 21/09/2018 (489,962) (0.12%)Bank of America MerrillLynch 172,650,000 Topix Index Future 10 13/09/2018 (40,949) (0.01%)Bank of America MerrillLynch 3,392,040 USD Currency Future 46 17/09/2018 (108,330) (0.03%)

(1,207,455) (0.29%)

Options - (0.02%) (2017 - (0.04%))

Strike Exercise



(87,360) (0.02%)



(9,844) (0.00%)



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold


Citibank 31/07/2018 AUD 7,527,334 USD 5,557,913 (8,574) (0.00%)

Citibank 31/07/2018 EUR 18,925 USD 22,150 (68) (0.00%)

Citibank 31/07/2018 GBP 145,518,613 USD 192,509,482 (1,021,540) (0.26%)

Citibank 31/07/2018 SGD 120,357,188 USD 88,338,919 (77,383) (0.02%)

Citibank 31/07/2018 USD 83,541 AUD 113,599 (207) (0.00%)

Citibank 31/07/2018 USD 2,193,122 EUR 1,882,799 (3,787) (0.00%)

Citibank 31/07/2018 USD 2,336,792 GBP 1,776,195 (502) (0.00%)

Citibank 31/07/2018 USD 1,367,758 SGD 1,869,816 (3,432) (0.00%)

Citibank 19/09/2018 USD 464,089 MXN 9,850,000 (29,106) (0.01%)




186

Value USD% of Net

AssetsFinancial Liabilities at Fair Value Through Profit or Loss(Cost USD 116,327) (2017: USD 82,861) (2,478,048) (0.60%)

Cash at Bank 10,028,515 2.44%








Assets

187

Common Stock

Basic Materials - 1.52% (2017 - 1.77%)

2,105 Air Liquide SA 263,287 0.44%

8,037 ArcelorMittal 236,834 0.40%

2,592 Praxair Inc 406,115 0.68%

906,236 1.52%

Communications - 2.03% (2017 - 2.23%)

11,315 Cisco Systems Inc 485,866 0.81%


10,125 Verizon Communications Inc 514,958 0.86%

1,213,417 2.03%



16,245 Gap Inc 544,370 0.91%

14,234 Industria de Diseno Textil SA 485,143 0.81%


3,031 McDonald's Corp 473,806 0.79%

3,639 NIKE Inc 260,916 0.44%

2,682 Sodexo SA 267,991 0.46%


2,957,813 4.96%


2,287 Amgen Inc 419,299 0.70%

1,414 Bayer AG 156,317 0.26%

1,377 Beiersdorf AG 155,802 0.26%




2,399 Heineken NV 242,115 0.41%

15,051 Kroger Co 427,900 0.72%

3,385 Nestle SA 259,939 0.44%

5,338 Novo Nordisk A/S 246,538 0.41%

3,566 PepsiCo Inc 387,553 0.65%

437 S&P Global Inc 89,013 0.15%

1,814 Stryker Corp 306,512 0.51%

3,415,826 5.73%

Financial - 4.03% (2017 - 3.52%)




28,881 Barclays PLC 71,995 0.12%

4,222 DNB ASA 82,320 0.14%







Assets

188



2,412 Visa Inc 320,169 0.54%


2,406,765 4.03%

Industrial - 3.65% (2017 - 3.24%)

3,960 3M Co 776,041 1.30%

484 Geberit AG 207,512 0.35%



3,166 United Technologies Corp 394,484 0.66%

2,571 Vinci SA 247,742 0.42%

2,178,030 3.65%

Technology - 1.28% (2017 - 1.26%)


2,945 Ingenico Group SA 263,143 0.44%

6,384 Oracle Corp 279,875 0.47%

761,705 1.28%


CouponRate

MaturityDate

Corporate Bonds - 0.84% (2017 - 0.79%)

500,000 Svensk Exportkredit AB 2.44 04/10/2018 502,990 0.84%

502,990 0.84%



500,000 United States Treasury Bill 0.00 02/08/2018 499,227 0.83%



3,710,004 6.22%


863,505Baillie Gifford Investment Funds II ICVC - Japanese Income Growth Fund(UCITS) 1,586,174 2.66%

18,608 BlackRock Global Funds - Natural Resources Growth & Income Fund (UCITS) 165,981 0.28%

4,428 BlackRock Strategic Funds - Latin American Opportunities Fund (UCITS) 415,101 0.70%

821,626 BNY Mellon U.S. Equity Income Fund (UCITS) 1,139,277 1.91%






40,606Old Mutual Global Investors Series Plc - Old Mutual Global Emerging MarketsFund (UCITS) 858,837* 1.44%




Assets

189



400,353 Old Mutual Henderson European Growth Fund (UCITS) 755,926* 1.27%




794,591 Polar Capital Funds PLC - Income Opportunities Fund (UCITS) 1,509,909 2.52%









39,951,976 66.97%

Futures - 0.14% (2017 - 0.42%)


ContractsMaturity




Bank of America MerrillLynch 924,150 SPI 200 Index Future 6 20/09/2018 17,581 0.03%

84,871 0.14%

Options - 0.07% (2017 - 0.12%)

Strike Exercise

Price DateBank of America MerrillLynch 556





CALL S&P 500 Index(covered) 2,855.00 19/07/2018 880 0.00%

39,713 0.07%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 31/07/2018 EUR 4,542,481 USD 5,297,928 2,403 0.00%

Citibank 31/07/2018 USD 21,811 GBP 16,490 111 0.00%






190

Futures - (0.44%) (2017 - (0.01%))


ContractsMaturity


% of NetAssets

Bank of America MerrillLynch 1,239,975 Emin Russell 2000 Futures 15 21/09/2018 (17,250) (0.03%)Bank of America MerrillLynch (304,320) FTSE 100 Index Future (4) 21/09/2018 (4,561) (0.01%)Bank of America MerrillLynch 908,750 JPY Currency Future 8 17/09/2018 (6,200) (0.01%)Bank of America MerrillLynch 1,270,560 MSCI Emerging Market Index 24 21/09/2018 (87,780) (0.15%)Bank of America MerrillLynch 5,179,875 S&P 500 Emini Index Future 38 21/09/2018 (106,875) (0.17%)Bank of America MerrillLynch 86,325,000 Topix Index Future 5 13/09/2018 (20,475) (0.03%)Bank of America MerrillLynch 663,660 USD Currency Future 9 17/09/2018 (21,195) (0.04%)

(264,336) (0.44%)

Options - (0.01%) (2017 - (0.05%))

Strike Exercise



(6,720) (0.01%)



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 31/07/2018 AUD 2,567,008 USD 1,895,386 (2,924) (0.00%)

Citibank 31/07/2018 GBP 29,672,444 USD 39,254,092 (208,123) (0.36%)

Citibank 31/07/2018 SGD 1,889,512 USD 1,386,850 (1,214) (0.00%)

Citibank 31/07/2018 USD 20,466 AUD 27,777 (12) (0.00%)

Citibank 31/07/2018 USD 62,143 EUR 53,530 (317) (0.00%)

Citibank 31/07/2018 USD 447,484 GBP 340,186 (167) (0.00%)

Citibank 31/07/2018 USD 15,624 SGD 21,319 (10) (0.00%)


Value USDFinancial Liabilities at Fair Value Through Profit or Loss(Cost USD 7,332) (2017: USD 18,814) (483,823) (0.81%)

Cash at Bank 1,265,434 2.12%



% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 27.55%Transferable securities dealt in on another regulated market 1.79%AIF 1.56%UCITS 63.38%Financial derivative instruments dealt in on a regulated market 0.20%Other current assets 5.52%



PORTFOLIO OF INVESTMENTS – Old Mutual UK Specialist Equity Fund


Assets

191

Common Stock

Beverages - 3.59% (2017 - 4.53%)


22,976,432 3.59%


2,362,186 Marshalls PLC 9,680,238 1.52%


21,370,829 3.34%

E-Commerce Discretionary - 2.50% (2017 - 0.00%)

29,332 The Hut Group 16,000,313 2.50%

16,000,313 2.50%


1,345,509 3i Group PLC 12,158,019 1.90%




1,562,250 JTC PLC 6,155,265 0.96%



1,597,755 TP ICAP PLC 6,692,996 1.04%

80,910,311 12.62%

Food Producers - 0.34% (2017 - 2.24%)

551,009 Hotel Chocolat Group Ltd 2,148,935 0.34%

2,148,935 0.34%


1,286,890 Vesuvius PLC 7,689,168 1.20%

7,689,168 1.20%


16,366,202 boohoo.com PLC 32,347,798 5.05%

1,193,895 Joules Group PLC 4,441,289 0.69%

36,789,087 5.74%


895,503 Medica Group PLC 1,158,960 0.18%

1,158,960 0.18%


1,365,487 Victoria PLC 11,181,588 1.75%

11,181,588 1.75%


1,009,183 Bodycote PLC 9,869,810 1.54%

89,222 Weir Group PLC 1,767,934 0.28%

11,637,744 1.82%


PORTFOLIO OF INVESTMENTS – Old Mutual UK Specialist Equity Fund (continued)


Assets

192


Industrial Transportation - 0.35% (2017 - 0.00%)

1,602,257 Eddie Stobart Logistics PLC 2,251,171 0.35%

2,251,171 0.35%

Leisure Goods - 0.60% (2017 - 0.00%)

1,692,898 Codemasters Group Holdings PLC 3,849,650 0.60%

3,849,650 0.60%

Life Insurance - 1.12% (2017 - 2.25%)


7,186,247 1.12%

Media - 6.83% (2017 - 7.66%)

5,801,354 Ascential PLC 26,164,107 4.08%

1,855,129 Auto Trader Group PLC 7,891,719 1.23%

7,693,605 Huntsworth PLC 9,722,401 1.52%

43,778,227 6.83%

Mining - 0.47% (2017 - 0.00%)

356,582 KAZ Minerals PLC 3,003,134 0.47%

3,003,134 0.47%

Nonlife Insurance - 0.89% (2017 - 0.97%)

2,117,096 Sabre Insurance Group PLC 5,716,159 0.89%

5,716,159 0.89%


319,000 Transferwise 10,280,178 1.60%

10,280,178 1.60%



1,617,654 Eco Animal Health Group PLC 8,383,492 1.31%

5,879,000 Indivior PLC 22,410,748 3.50%

43,864,390 6.85%



8,981,297 1.40%



20,002,697 3.12%




1,403,460 Microgen PLC 6,343,639 0.99%

29,862,300 4.66%




RateMaturity

Date Value GBP% of Net

Assets

193



1,084,093 Alpha Financial Markets Consulting PLC 2,645,187 0.42%



2,186,186 HomeServe PLC 19,686,605 3.07%



767,319 Restore PLC 3,990,059 0.62%


2,039,900 RWS Holdings PLC 8,771,570 1.37%

860,335 Sanne Group PLC 5,704,021 0.89%


98,981,618 15.45%

Travel & Leisure - 6.92% (2017 - 7.38%)

1,983,406 GVC Holdings PLC 20,867,097 3.26%

1,202,020 Gym Group PLC 3,300,146 0.51%

2,327,703 SSP Group PLC 14,906,610 2.33%


44,338,818 6.92%





59,795,119 9.33%



Citibank 470 FTSE 350 Mining Index 67,140 0.01%

Citibank (2,701,346) GB035 91,846 0.01%

Citibank (2,279,809) GB043 1,261,738 0.21%

Citibank (412,795) GB081 169,246 0.03%

Citibank (145,994) GB107 218,991 0.03%

Citibank (1,906,234) GB115 19,062 0.00%

Citibank (2,355,636) GB126 132,929 0.02%

Citibank (313,772) GB129 71,179 0.01%

Citibank (1,977,809) GB130 235,359 0.04%

Citibank (1,408,794) GB136 94,953 0.01%

Citibank (849,071) GB137 315,854 0.05%

Citibank (16,950) GB141 2,574,738 0.41%

Citibank (398,797) GB145 50,248 0.01%

Citibank (708,398) GB159 109,518 0.02%

Citibank (3,040,042) GB160 364,805 0.06%

Citibank (362,106) GB163 86,905 0.01%

Citibank (805,103) GB164 24,311 0.00%

Citibank (14,789,294) GB166 323,886 0.05%

Citibank (1,062,379) GB169 573,685 0.09%



194



% of NetAssets

Citibank (1,602,257) GB190 - 0.00%

Citibank (481,000) GB194 173,160 0.03%

Citibank (349,385) GB197 20,264 0.00%

Citibank (2,832,528) GB199 402,219 0.06%

Citibank (754,098) GB205 154,590 0.02%

Citibank 2,651,239 Hays PLC 34,466 0.01%

Citibank (732,511) IE014 153,827 0.02%

Citibank (1,150,640) IL001 17,260 0.00%

7,742,179 1.21%



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain GBP

% of NetAssets

Citibank 31/07/2018 EUR 88,491,941 GBP 78,024,052 443,571 0.07%

Citibank 31/07/2018 GBP 1,293,166 USD 1,696,078 4,261 0.00%

Citibank 31/07/2018 USD 92,442,419 GBP 69,885,897 364,439 0.06%





Citibank 1,030,000 Barratt Developments PLC (218,360) (0.03%)

Citibank (2,695,960) GB002 (48,527) (0.01%)

Citibank (1,663,733) GB021 (22,460) (0.00%)

Citibank (794,012) GB022 (28,461) (0.00%)

Citibank (3,721,922) GB026 (215,871) (0.03%)

Citibank (4,571,637) GB028 (246,868) (0.04%)

Citibank (978,873) GB033 (69,011) (0.01%)

Citibank (5,934) GB041 (3,815) (0.00%)

Citibank (202,480) GB052 (14,174) (0.00%)

Citibank (1,291,753) GB068 (49,087) (0.01%)

Citibank (1,056,023) GB071 (183,748) (0.03%)

Citibank (631,664) GB076 (72,725) (0.01%)

Citibank (98,000) GB095 (58,800) (0.01%)

Citibank (54,596) GB097 (1,638) (0.00%)

Citibank (3,066,068) GB134 (19,010) (0.00%)

Citibank (139,340) GB144 (6,131) (0.00%)

Citibank (161,752) GB154 (59,848) (0.01%)

Citibank (2,814,149) GB167 (70,354) (0.01%)

Citibank (794,633) GB171 (18,277) (0.00%)

Citibank (290,624) GB177 (494,061) (0.09%)

Citibank (386,580) GB185 (193,290) (0.03%)

Citibank (753,776) GB196 (43,719) (0.01%)

Citibank (4,366,354) GB198 (52,396) (0.01%)

Citibank 586,731 Inmarsat PLC (388,304) (0.07%)

Citibank 527,166 Superdry PLC (263,583) (0.04%)

Citibank 2,720,018 Synthomer PLC (272,002) (0.04%)



195



% of NetAssets

Citibank 5,893,535 Taylor Wimpey PLC (279,943) (0.04%)

Citibank 434,232 Weir Group PLC (106,387) (0.02%)

(3,500,850) (0.55%)



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Citibank 31/07/2018 GBP 270,383 EUR 306,606 (1,490) (0.00%)


Value GBPFinancial Liabilities at Fair Value Through Profit or Loss(Cost GBP Nil) (2017: GBP Nil) (3,502,340) (0.55%)

Cash at Bank 45,263,419 7.06%



% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 78.07%Transferable securities dealt in on another regulated market 9.19%Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and (c) 4.04%Financial derivative instruments dealt in on a regulated market 1.19%OTC financial derivative instruments 0.12%Other current assets 7.39%



PORTFOLIO OF INVESTMENTS – Old Mutual Style Premia Absolute Return Fund


Assets

196

Common Stock

Basic Materials - 3.39% (2017 - 2.02%)

12,100 Albemarle Corp 1,133,044 1.13%

31,000 Axalta Coating Systems Ltd 943,640 0.94%

5,300 Newmont Mining Corp 196,100 0.20%

10,600 PPG Industries Inc 1,120,632 1.12%

3,393,416 3.39%

Communications - 7.25% (2017 - 2.48%)

13,200 BCE Inc 532,901 0.52%

10,800 CBS Corp 606,204 0.61%

65,200 CenturyLink Inc 1,219,240 1.22%

1,600 FactSet Research Systems Inc 315,968 0.32%

15,600 GoDaddy Inc 1,088,256 1.09%

10,600 GrubHub Inc 1,119,148 1.12%

20,500 Rogers Communications Inc 966,680 0.97%

7,900 Shaw Communications Inc 159,526 0.16%

10,500 Wayfair Inc 1,245,720 1.24%

7,253,643 7.25%


14,600 BorgWarner Inc 638,458 0.64%

8,600 Canadian Tire Corp Ltd 1,118,415 1.12%

1,000 Chipotle Mexican Grill Inc 428,360 0.43%

4,700 Dolby Laboratories Inc 290,319 0.29%

39,800 Gildan Activewear Inc 1,109,126 1.11%

15,300 Kohl's Corp 1,127,763 1.13%

12,300 MGM Resorts International 349,074 0.35%

27,900 PulteGroup Inc 790,965 0.79%

25,700 Tapestry Inc 1,203,274 1.20%

7,500 United Continental Holdings Inc 520,800 0.51%

7,576,554 7.57%


11,600 AbbVie Inc 1,072,188 1.07%

19,300 Boston Scientific Corp 627,250 0.62%

28,900 Campbell Soup Co 1,177,675 1.18%

36,900 Canopy Growth Corp 1,127,995 1.13%

8,000 Coca-Cola European Partners PLC 322,160 0.32%

600 Cooper Cos Inc 140,874 0.14%

6,000 Ecolab Inc 840,480 0.84%

41,900 H&R Block Inc 952,387 0.95%

10,900 Kimberly-Clark Corp 1,139,377 1.14%

3,200 STERIS PLC 331,072 0.33%

700 United Rentals Inc 103,229 0.10%

9,000 Universal Health Services Inc 1,009,260 1.01%

8,843,947 8.83%


PORTFOLIO OF INVESTMENTS – Old Mutual Style Premia Absolute Return Fund (continued)


Assets

197


Energy - 8.96% (2017 - 4.37%)

1,400 Chevron Corp 175,924 0.18%

8,700 Concho Resources Inc 1,195,380 1.19%

16,600 ConocoPhillips 1,135,606 1.13%

29,200 Devon Energy Corp 1,272,536 1.27%

15,000 HollyFrontier Corp 1,004,700 1.00%

35,300 Imperial Oil Ltd 1,152,338 1.15%

500 Keyera Corp 13,907 0.01%

10,700 Occidental Petroleum Corp 892,380 0.90%

1,800 Phillips 66 201,132 0.20%

23,600 Targa Resources Corp 1,184,956 1.18%

55,000 Transocean Ltd 737,000 0.75%

8,965,859 8.96%

Financial - 4.41% (2017 - 6.03%)

100 Fairfax Financial Holdings Ltd 55,786 0.06%


6,900 Lincoln National Corp 429,525 0.43%

29,300 Old Republic International Corp 584,535 0.58%

17,300 Prologis Inc 1,127,095 1.13%

1,200 Regency Centers Corp 74,952 0.07%

43,600 RioCan Real Estate Investment Trust 800,803 0.80%

6,100 Simon Property Group Inc 1,044,381 1.04%

4,414,617 4.41%

Industrial - 7.03% (2017 - 3.12%)

63,800 Arconic Inc 1,083,962 1.08%

13,200 Donaldson Co Inc 595,452 0.59%

7,100 Fortive Corp 538,180 0.54%

20,000 Fortune Brands Home & Security Inc 1,067,800 1.07%

9,100 General Electric Co 125,853 0.13%

4,800 Kansas City Southern 505,200 0.50%

11,200 Kirby Corp 935,200 0.93%

29,500 Knight-Swift Transportation Holdings Inc 1,122,475 1.12%

6,500 Rockwell Automation Inc 1,070,160 1.07%

7,044,282 7.03%

Technology - 1.91% (2017 - 1.80%)

15,600 Black Knight Inc 828,360 0.83%

4,900 ServiceNow Inc 844,809 0.84%

1,100 Tyler Technologies Inc 242,748 0.24%

1,915,917 1.91%

Utilities - 0.98% (2017 - 0.24%)

11,500 American Water Works Co Inc 983,365 0.98%

983,365 0.98%





RateMaturity


Assets

198








45,436,868 45.38%

Swaps - 0.29% (2017 - 1.82%)



Goldman Sachs 18,340,772 TRS Goldman Sachs Fixed Income Index 23/05/2019 94,100 0.08%

Morgan Stanley 12,216,839TRS Morgan Stanley Equity Risk PremiaGlobal Quality OM Index 27/11/2019 25,512 0.03%









Morgan Stanley 11,789,889 TRS Morgan Stanley Fixed Income Index 27/11/2019 17,237 0.02%

288,119 0.29%



Citibank 655 Aeroports de Paris 13,495 0.01%

Citibank 47,788 Amcor Ltd/Australia 17,613 0.02%

Citibank (19,473) AS019 31,735 0.03%

Citibank 22,400 Asahi Group Holdings Ltd 25,716 0.03%

Citibank (2,644) AU025 7,102 0.01%

Citibank (85,456) AU039 74,963 0.07%

Citibank 17,087 Australia & New Zealand Banking Group Ltd 19,901 0.02%

Citibank 154 Axel Springer SE 233 0.00%

Citibank (20,003) BE007 5,588 0.01%

Citibank (16,600) CA002 4,134 0.00%

Citibank (4,300) CA011 1,363 0.00%

Citibank (33,100) CA029 90,668 0.09%

Citibank (1,100) CA031 139 0.00%

Citibank (29,400) CA034 2,621 0.00%

Citibank (7,300) CA043 88,964 0.09%

Citibank (1,600) CA046 10,275 0.01%



199



% of NetAssets

Citibank 13,541 Computershare Ltd 7,686 0.01%

Citibank 16,131 Crown Resorts Ltd 1,108 0.00%

Citibank (21,221) DE010 37,499 0.04%

Citibank (6,461) DE019 38,683 0.04%

Citibank (1,841) DE024 4,793 0.00%

Citibank (4,471) DE026 17,955 0.02%

Citibank (6,242) DE036 21,435 0.02%

Citibank (7,057) DE045 72,618 0.07%

Citibank (4,293) DE046 10,394 0.01%

Citibank (660) DK001 181,843 0.19%

Citibank (5,664) DK007 1,239 0.00%

Citibank 29,585 Essity AB 9,563 0.01%

Citibank 566 Eurofins Scientific SE 35,578 0.04%

Citibank 1,900 Fast Retailing Co Ltd 9,142 0.01%

Citibank (1,158) FI006 5,203 0.01%

Citibank (5,963) FI009 7,341 0.01%

Citibank (18,695) FR015 18,280 0.02%

Citibank (65,808) FR029 22,598 0.02%

Citibank (10,639) FR047 19,320 0.02%

Citibank (3,232) FR051 47,544 0.05%

Citibank (3,010) FR057 18,570 0.02%

Citibank (3,751) GB048 3,746 0.00%

Citibank (33,723) GB061 7,223 0.01%

Citibank (88,199) GB076 12,748 0.01%

Citibank (21,962) GB093 10,389 0.01%

Citibank (33,877) GB137 14,673 0.01%

Citibank (2,877) GB146 21,018 0.02%

Citibank (113,749) GB162 8,865 0.01%

Citibank (20,737) GB178 4,196 0.00%

Citibank (81,592) GB186 13,620 0.01%

Citibank (39,117) GB206 16,036 0.02%

Citibank (129,889) GB207 12,584 0.01%

Citibank (23,311) GB208 45,944 0.05%

Citibank 2,567 Genmab A/S 12,269 0.01%

Citibank 34,850 Halma PLC 2,059 0.00%

Citibank 8,400 Idemitsu Kosan Co Ltd 18,603 0.02%

Citibank 5,281 Informa PLC 1,038 0.00%

Citibank 77,549 J Sainsbury PLC 8,000 0.01%

Citibank (400) JP009 124 0.00%

Citibank (21,000) JP018 8,163 0.01%

Citibank (285,700) JP037 16,529 0.02%

Citibank (20,600) JP066 84,914 0.08%

Citibank (2,600) JP074 9,871 0.01%

Citibank (17,400) JP075 48,759 0.05%

Citibank (4,100) JP079 6,301 0.01%

Citibank (14,500) JP111 43,516 0.04%

Citibank (3,000) JP118 32,542 0.03%

Citibank (40,300) JP126 8,014 0.01%

Citibank (5,100) JP157 74,685 0.07%

Citibank (19,800) JP158 56,917 0.06%



200



% of NetAssets

Citibank (11,200) JP161 6,398 0.01%

Citibank (17,300) JP162 14,700 0.01%

Citibank (9,000) JP180 1,787 0.00%

Citibank (40,600) JP184 16,882 0.02%

Citibank (51,700) JP188 11,216 0.01%

Citibank (3,100) JP206 5,044 0.01%

Citibank (5,600) JP208 13,111 0.01%

Citibank (35,700) JP209 25,494 0.03%

Citibank (100) JP211 172 0.00%

Citibank (2,400) JP212 24,252 0.02%

Citibank (500) JP213 63 0.00%

Citibank 22,843 Koninklijke Ahold Delhaize NV 9,016 0.01%

Citibank 32,300 LINE Corp 185,406 0.20%

Citibank 24,324 Marks & Spencer Group PLC 2,365 0.00%

Citibank 7,100 Murata Manufacturing Co Ltd 47,701 0.05%

Citibank 7,900 Nippon Paint Holdings Co Ltd 9,998 0.01%

Citibank 15,300 Nitto Denko Corp 17,235 0.02%

Citibank (407,299) NL008 41,858 0.04%

Citibank (2,193) NL015 14,040 0.01%

Citibank (16,449) NL022 32,359 0.03%

Citibank (6,696) NL024 19,330 0.02%

Citibank 4,824 NMC Health PLC 8,620 0.01%

Citibank (22,382) NO009 9,055 0.01%

Citibank 10,600 Oracle Corp Japan 13,366 0.01%

Citibank 11,300 Oriental Land Co Ltd/Japan 39,837 0.04%

Citibank 155,872 Origin Energy Ltd 43,052 0.04%

Citibank 200 Otsuka Holdings Co Ltd 92 0.00%

Citibank 15,541 Publicis Groupe SA 44,403 0.04%

Citibank 6,689,833 Rolls-Royce Holdings PLC 8,789 0.01%

Citibank 145,407 Royal Mail PLC 35,728 0.04%

Citibank (24,042) SE001 34,839 0.03%

Citibank (8,756) SE016 1,562 0.00%

Citibank (7,400) SE017 124,468 0.13%

Citibank (36,821) SE021 24,010 0.02%

Citibank (10,286) SE023 23,390 0.02%

Citibank (21,873) SE024 24,625 0.02%

Citibank (30,378) SE027 6,282 0.01%

Citibank (36,100) SG004 3,968 0.00%

Citibank 436 SGS SA 11,848 0.01%

Citibank 20,766 Shire PLC 75,172 0.08%

Citibank 22,488 Smiths Group PLC 4,982 0.00%

Citibank 23,400 Square Enix Holdings Co Ltd 14,521 0.01%

Citibank 39,400 Sumitomo Dainippon Pharma Co Ltd 4,300 0.00%

Citibank (2,613) SZ026 34,188 0.03%

Citibank (3,899) SZ041 3,279 0.00%

Citibank (2,156) SZ042 26,080 0.03%

Citibank 158,217 Telefonaktiebolaget LM Ericsson 91,354 0.09%

Citibank 3,418 Teleperformance 7,933 0.01%

Citibank 21,600 Tokyo Gas Co Ltd 7,335 0.01%

Citibank (100) US034 1,770 0.00%

Citibank (9,100) US057 2,632 0.00%



201



% of NetAssets

Citibank (6,700) US061 30,714 0.03%

Citibank (2,100) US112 1,680 0.00%

Citibank (4,500) US121 16,065 0.02%

Citibank (20,200) US132 4,646 0.00%

Citibank (13,200) US165 10,168 0.01%

Citibank (9,300) US192 38,330 0.04%

Citibank (4,400) US210 68,112 0.07%

Citibank (47,900) US211 84,580 0.08%

Citibank (1,200) US218 408 0.00%

Citibank (8,600) US223 26,316 0.03%

Citibank (7,700) US241 21,442 0.02%

Citibank (15,000) US243 36,600 0.04%

Citibank (11,700) US290 38,961 0.04%

Citibank (16,900) US292 61,685 0.06%

Citibank (22,500) US333 144,898 0.15%

Citibank (600) US358 11,928 0.01%

Citibank (10,800) US401 4,832 0.00%

Citibank (40,700) US436 7,326 0.01%

Citibank (500) US452 1,655 0.00%

Citibank (8,100) US459 116,640 0.13%

Citibank (17,100) US470 10,602 0.01%

Citibank (11,300) US498 40,680 0.04%

Citibank (200) US502 1,462 0.00%

Citibank (10,700) US524 123,371 0.13%

Citibank (1,800) US526 1,101 0.00%

Citibank (8,300) US529 9,711 0.01%

Citibank (41,100) US532 72,336 0.07%

Citibank (11,100) US536 25,530 0.03%

Citibank (13,700) US537 83,844 0.08%

Citibank (20,100) US538 128,037 0.14%

Citibank (5,500) US539 33,330 0.03%

Citibank (19,600) US540 37,632 0.04%

Citibank (4,200) US542 2,071 0.00%

Citibank (28,700) US543 40,180 0.04%

Citibank (8,000) US546 59,360 0.06%

Citibank (2,200) US547 55,000 0.05%

Citibank (4,500) US550 8,491 0.01%

Citibank (8,900) US552 21,538 0.02%

Citibank (400) US553 549 0.00%

Citibank (28,400) US554 107,672 0.11%

Citibank (2,000) US555 14,760 0.01%

Citibank 24,415 Vonovia SE 3,410 0.00%

Citibank 20,315 William Demant Holding A/S 50,768 0.05%

Citibank 183,269 Wm Morrison Supermarkets PLC 12,396 0.01%

4,486,972 4.48%




202

Swaps - (2.63%) (2017 - (1.45%))



% of NetAssets

Morgan Stanley 18,347,277TRS Morgan Stanley Equity Risk Premia GlobalValue OM Index 27/11/2019 (371,585) (0.37%)

Morgan Stanley 10,754,424TRS Morgan Stanley Equity Risk Premia GlobalMomentum OM Index 27/11/2019 (251,267) (0.25%)

Morgan Stanley 5,316,750 TRS Morgan Stanley CUBE Rates Momentum Index 27/11/2019 (20,001) (0.02%)

Goldman Sachs 8,253,407 TRS Goldman Sachs Curve Index 12/02/2019 (19) (0.00%)



Goldman Sachs 7,380,309TRS Goldman Sachs FX EM & G10 3 Month CarryIndex 12/02/2019 (17) (0.00%)










Morgan Stanley 492,308 TRS Morgan Stanley CUBE Rates Momentum Index 27/11/2019 (1,852) (0.00%)









(2,629,944) (2.63%)



Citibank 50,790 3i Group PLC (42,577) (0.04%)

Citibank 22,219 Accor SA (33,623) (0.03%)

Citibank 125,600 Acom Co Ltd (28,384) (0.03%)

Citibank 1,756 Akzo Nobel NV (4,906) (0.00%)

Citibank 16,456 AMP Ltd (849) (0.00%)

Citibank 2,002 ams AG (27,926) (0.03%)

Citibank 20,616 ArcelorMittal (24,788) (0.02%)

Citibank (14,127) AS005 (29,265) (0.03%)

Citibank (9,115) AS011 (12,531) (0.01%)



203



% of NetAssets

Citibank (3,898) AU007 (9,856) (0.01%)

Citibank (260,912) AU014 (73,086) (0.07%)

Citibank (257,082) AU015 (455) (0.00%)

Citibank (37,117) AU029 (54,174) (0.05%)

Citibank (13,068) AU031 (30,730) (0.03%)

Citibank (11,723) AU040 (8,296) (0.01%)

Citibank 116,573 Barratt Developments PLC (68,131) (0.07%)

Citibank (200) BD002 (560) (0.00%)

Citibank (5,976) BE010 (22,626) (0.02%)

Citibank 36,065 BHP Billiton PLC (23,409) (0.02%)

Citibank 163,865 Brambles Ltd (21,743) (0.02%)

Citibank (16,400) CA015 (16,773) (0.02%)

Citibank (37,800) CA047 (12,646) (0.01%)

Citibank (19,800) CA048 (22,774) (0.02%)

Citibank (9,800) CA049 (1,555) (0.00%)

Citibank 56,400 CapitaLand Mall Trust (413) (0.00%)

Citibank 21,409 Carrefour SA (26,167) (0.03%)

Citibank 52,070 Challenger Ltd/Australia (29,555) (0.03%)

Citibank 6,600 Chiba Bank Ltd (4,002) (0.00%)

Citibank 20,800 Chugai Pharmaceutical Co Ltd (20,682) (0.02%)

Citibank 280 Cie Financiere Richemont SA (2,418) (0.00%)

Citibank 108,276 Commerzbank AG (83,656) (0.08%)

Citibank 11,600 Daifuku Co Ltd (76,023) (0.08%)

Citibank 15,449 Daimler AG (120,849) (0.13%)

Citibank 16,000 Daiwa House Industry Co Ltd (14,316) (0.01%)

Citibank 12,917 Danone SA (16,559) (0.02%)

Citibank 2,750 DCC PLC (9,214) (0.01%)

Citibank (3,451) DE044 (3,415) (0.00%)

Citibank (1,312) DE048 (4,673) (0.00%)

Citibank 3,160 Deutsche Bank AG (1,648) (0.00%)

Citibank 13,800 Don Quijote Holdings Co Ltd (48,651) (0.05%)

Citibank 16,567 Electrolux AB (29,177) (0.03%)

Citibank (48,004) FI010 (11,176) (0.01%)

Citibank (9,596) FR018 (7,819) (0.01%)

Citibank (10,295) FR021 (13,612) (0.01%)

Citibank (3,271) FR059 (1,523) (0.00%)

Citibank 34,000 Fujitsu Ltd (5,317) (0.01%)

Citibank (42,641) GB053 (28,574) (0.03%)

Citibank (11,797) GB095 (51,775) (0.05%)

Citibank (18,100) GB151 (41,811) (0.04%)

Citibank (264,590) GB157 (5,215) (0.01%)

Citibank (333) GB180 (61) (0.00%)

Citibank 7,045 GEA Group AG (23,454) (0.02%)

Citibank 1,534 Groupe Bruxelles Lambert SA (1,599) (0.00%)

Citibank 63,833 Hennes & Mauritz AB (12,233) (0.01%)

Citibank 1,642 Hermes International (79,513) (0.08%)

Citibank 44,600 Hongkong Land Holdings Ltd (7,582) (0.01%)

Citibank 1,860 ISS A/S (930) (0.00%)

Citibank 8,200 JGC Corp (1,557) (0.00%)

Citibank (15,900) JP015 (17,264) (0.02%)



204



% of NetAssets

Citibank (137,600) JP052 (44,474) (0.04%)

Citibank (65,900) JP058 (21,664) (0.02%)

Citibank (24,200) JP064 (46,814) (0.05%)

Citibank (21,500) JP090 (7,774) (0.01%)

Citibank (16,100) JP105 (8,732) (0.01%)

Citibank (12,800) JP130 (2,314) (0.00%)

Citibank (400) JP134 (249) (0.00%)

Citibank (12,800) JP160 (463) (0.00%)

Citibank (33,600) JP165 (122,099) (0.13%)

Citibank (26,000) JP200 (29,808) (0.03%)

Citibank (12,400) JP210 (705) (0.00%)

Citibank (41,700) JP214 (6,408) (0.01%)

Citibank 39,571 KAZ Minerals PLC (88,546) (0.09%)

Citibank 11,700 Koito Manufacturing Co Ltd (67,688) (0.07%)

Citibank 19,200 Kubota Corp (17,616) (0.02%)

Citibank 42,324 Melrose Industries PLC (13,291) (0.01%)

Citibank 7,704 Merck KGaA (9,506) (0.01%)

Citibank 227,584 Mirvac Group (3,355) (0.00%)

Citibank 11,100 Mitsubishi Electric Corp (9,582) (0.01%)

Citibank 6,300 Mitsui Fudosan Co Ltd (1,908) (0.00%)

Citibank 11,232 Mondi PLC (5,313) (0.01%)

Citibank 800 Nippon Express Co Ltd (4,565) (0.00%)

Citibank 22,900 Nippon Steel & Sumitomo Metal Corp (24,323) (0.02%)

Citibank (196) NL019 (71) (0.00%)

Citibank 19,064 OC Oerlikon Corp AG (15,541) (0.02%)

Citibank 122,000 Oji Holdings Corp (66,507) (0.07%)

Citibank 11,057 OMV AG (27,672) (0.03%)

Citibank 3,061 Pandora A/S (28,734) (0.03%)

Citibank 26,100 Pola Orbis Holdings Inc (41,288) (0.04%)

Citibank 11,466 Renault SA (141,345) (0.15%)

Citibank 221,372 Royal Bank of Scotland Group PLC (31,705) (0.03%)

Citibank 29,906 Sage Group PLC (16,425) (0.02%)

Citibank 4,137 SAP SE (11,122) (0.01%)

Citibank 2,029 Schindler Holding AG (14,854) (0.01%)

Citibank (12,530) SE004 (11,592) (0.01%)

Citibank (2,045) SE025 (798) (0.00%)

Citibank (28,726) SE026 (39,225) (0.04%)

Citibank 36,600 Seibu Holdings Inc (8,186) (0.01%)

Citibank 42,300 Sharp Corp/Japan (75,710) (0.08%)

Citibank 11,700 Shin-Etsu Chemical Co Ltd (119,000) (0.12%)

Citibank 15,300 SoftBank Group Corp (3,247) (0.00%)

Citibank 11,187 Standard Life Aberdeen PLC (1,490) (0.00%)

Citibank 47,231 STMicroelectronics NV (69,899) (0.07%)

Citibank 42,873 Stockland (5,373) (0.01%)

Citibank 12,468 Stora Enso OYJ (14,632) (0.01%)

Citibank 6,300 Suntory Beverage & Food Ltd (5,125) (0.01%)

Citibank 83,137 Sydney Airport (15,273) (0.02%)

Citibank (733) SZ021 (48,321) (0.05%)

Citibank 149,802 Telstra Corp Ltd (14,471) (0.01%)

Citibank 2,400 Tokyo Electron Ltd (36,664) (0.04%)

Citibank 56,379 Treasury Wine Estates Ltd (21,702) (0.02%)



205



% of NetAssets

Citibank 800 Trend Micro Inc/Japan (612) (0.00%)

Citibank (9,300) US008 (20,274) (0.02%)

Citibank (1,100) US029 (5,555) (0.01%)

Citibank (31,100) US299 (13,639) (0.01%)

Citibank (53,500) US350 (36,915) (0.04%)

Citibank (1,300) US355 (156) (0.00%)

Citibank (5,900) US420 (267) (0.00%)

Citibank (3,000) US433 (20,460) (0.02%)

Citibank (9,100) US451 (64,701) (0.06%)

Citibank (46,900) US460 (78,792) (0.08%)

Citibank (1,100) US517 (429) (0.00%)

Citibank (33,400) US519 (119,572) (0.13%)

Citibank (37,100) US528 (14,163) (0.01%)

Citibank (4,800) US533 (79,440) (0.08%)

Citibank (12,200) US534 (51,606) (0.05%)

Citibank (22,200) US535 (39,294) (0.04%)

Citibank (1,200) US541 (3,648) (0.00%)

Citibank (24,300) US544 (49,544) (0.05%)

Citibank (200) US545 (221) (0.00%)

Citibank (1,600) US556 (21,904) (0.02%)

Citibank (23,800) US557 (12,495) (0.01%)

Citibank 4,216 voestalpine AG (26,992) (0.03%)

Citibank 28,357 Volvo AB (22,126) (0.02%)

Citibank 6,704 Wacker Chemie AG (68,283) (0.07%)

Citibank 11,210 Yara International ASA (26,385) (0.03%)

(3,574,738) (3.57%)



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

Canadian Imperial Bankof Commerce 27/07/2018 USD 7,071,524 CAD 9,400,000 (25,444) (0.03%)

Citibank 31/07/2018 GBP 72,469,729 USD 95,871,213 (508,297) (0.50%)



Cash at Bank 13,338,885 13.32%



% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 76.08%Transferable securities dealt in on another regulated market 5.99%Financial derivative instruments dealt in on a regulated market 3.84%OTC financial derivative instruments 0.25%Other current assets 13.84%



PORTFOLIO OF INVESTMENTS – Old Mutual Financials Contingent Capital Fund


RateMaturity


Assets

206

Corporate Bonds - 97.80% (2017 - 99.14%)4,800,000 ABN AMRO Bank NV 4.75 22/03/2166 5,411,234 2.35%

3,600,000Australia & New Zealand Banking Group Ltd/UnitedKingdom 6.75 15/06/2026 3,679,177 1.60%

2,200,000 Banco Bilbao Vizcaya Argentaria SA 5.88 24/05/2022 2,646,053 1.15%

3,200,000 Banco de Sabadell SA 6.50 18/08/2165 3,755,192 1.63%9,000,000 Banco Santander SA 4.75 19/06/2166 9,722,685 4.22%

6,000,000 Banco Santander SA 5.25 29/12/2066 6,915,155 3.00%

1,000,000 Bankia SA 6.00 18/07/2022 1,180,625 0.51%

6,000,000 Barclays PLC 5.88 15/09/2164 7,546,455 3.27%2,200,000 Barclays PLC 7.25 15/03/2023 2,981,226 1.29%

2,300,000 Barclays PLC 7.88 15/09/2022 3,220,865 1.40%

8,800,000 BAWAG Group AG 5.00 14/11/2166 9,511,141 4.12%

1,200,000 Belfius Bank SA/NV 3.63 16/04/2166 1,208,438 0.52%5,600,000 CaixaBank SA 5.25 23/06/2166 5,991,289 2.60%

1,500,000 CNP Assurances 4.75 27/12/2166 1,718,402 0.75%


3,100,000 CYBG PLC 8.00 29/12/2049 4,134,711 1.79%1,200,000 Danske Bank A/S 6.13 29/12/2049 1,154,019 0.50%

6,000,000 Danske Bank A/S 7.00 26/12/2166 5,924,746 2.57%

3,600,000 Deutsche Pfandbriefbank AG 5.75 28/04/2166 3,978,201 1.73%

400,000 HSBC Holdings PLC 4.75 04/07/2029 471,608 0.20%8,000,000 HSBC Holdings PLC 6.25 23/09/2166 7,948,333 3.45%

2,800,000 Ibercaja Banco SA 7.00 06/07/2166 3,248,196 1.41%

3,000,000 IKB Deutsche Industriebank AG 4.00 31/01/2028 3,471,266 1.51%

7,700,000 Intesa Sanpaolo SpA 7.75 29/07/2049 10,006,218 4.34%3,000,000 Investec PLC 6.75 05/12/2165 3,967,004 1.72%

1,600,000 Julius Baer Group Ltd 4.75 12/03/2166 1,467,552 0.64%

4,300,000 Jyske Bank A/S 4.75 21/03/2166 5,015,870 2.17%

2,000,000 KBC Group NV 4.25 24/10/2166 2,153,310 0.93%4,600,000 Lloyds Banking Group PLC 7.63 27/06/2023 6,627,676 2.87%

3,400,000 Metro Bank PLC 5.50 26/06/2028 4,329,204 1.88%

45,000 Nationwide Building Society 10.25 29/06/2049 9,039,394 3.92%

2,000,000 Nordea Bank AB 3.50 12/03/2166 2,151,009 0.93%3,000,000 Oaknorth Bank PLC 7.75 01/06/2028 3,929,661 1.70%

6,000,000 OneSavings Bank PLC 9.13 25/11/2165 8,183,704 3.55%

3,600,000 QBE Insurance Group Ltd 5.25 16/05/2166 3,269,266 1.43%

4,500,000 Royal Bank of Scotland Group PLC 5.50 29/11/2049 5,426,629 2.35%2,800,000 Santander UK Group Holdings PLC 6.75 10/04/2029 3,817,870 1.66%

4,000,000 Shawbrook Group PLC 7.88 08/06/2166 4,934,701 2.14%

1,600,000 Skandinaviska Enskilda Banken AB 5.63 13/05/2022 1,551,628 0.67%

5,800,000 Societe Generale SA 7.88 29/12/2049 5,983,352 2.59%2,200,000 Societe Generale SA 8.00 29/12/2049 2,339,078 1.01%

3,280,000 Stichting AK Rabobank Certificaten 6.50 29/12/2049 4,531,425 1.96%


6,000,000 UBS Group Funding Switzerland AG 6.88 29/12/2049 6,329,718 2.74%4,800,000 UniCredit SpA 5.38 03/06/2166 5,026,459 2.18%

4,100,000 UniCredit SpA 6.63 03/06/2023 4,765,271 2.07%

2,600,000 UniCredit SpA 8.00 03/04/2049 2,456,182 1.07%

3,050,000 Virgin Money Holdings UK PLC 8.75 10/11/2021 4,230,822 1.83%2,300,000 Westpac Banking Corp/New Zealand 5.00 21/09/2162 2,016,493 0.87%

225,537,849 97.80%


PORTFOLIO OF INVESTMENTS – Old Mutual Financials Contingent Capital Fund (continued)

207



IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain USD

% of NetAssets

Canadian ImperialBank of Commerce 16/07/2018 USD 2,349,158 EUR 2,000,000 18,129 0.01%

Citibank 16/07/2018 USD 111,651,453 EUR 93,208,065 3,013,412 1.32%

HSBC 16/07/2018 EUR 679,455 GBP 600,000 2,921 0.00%

HSBC 16/07/2018 USD 84,652,934 GBP 62,329,848 2,688,837 1.16%JP MorganSecurities 16/07/2018 EUR 4,648,984 USD 5,413,595 4,809 0.00%JP MorganSecurities 16/07/2018 USD 3,248,688 EUR 2,719,089 79,482 0.03%





IssueCurrency

CurrencyBought

SettleCurrency

CurrencySold

UnrealisedGain USD

Canadian ImperialBank of Commerce 16/07/2018 GBP 976,539 USD 1,294,570 (10,448) (0.00%)

Citibank 16/07/2018 GBP 112,027 USD 150,000 (2,688) (0.00%)

Citibank 31/07/2018 GBP 97,916,984 USD 129,535,795 (686,835) (0.30%)

Citibank 31/07/2018 USD 32,664 GBP 24,832 (12) (0.00%)

HSBC 16/07/2018 EUR 6,900,000 USD 8,071,937 (29,966) (0.01%)

HSBC 16/07/2018 GBP 2,314,963 USD 3,057,703 (13,591) (0.01%)JP MorganSecurities 16/07/2018 EUR 927,393 USD 1,100,000 (19,121) (0.01%)



Cash at Bank 168,079 0.07%



% of TotalPortfolio Analysis AssetsTransferable securities admitted to official stock exchange listing 97.02%OTC financial derivative instruments 2.50%Other current assets 0.48%



STATEMENT OF OPERATIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

208

Old MutualChina Equity

Fund

Old MutualGlobal Strategic

Bond Fund (IRL)

Old MutualWorld

Equity Fund

Old MutualPacific

Equity Fund

Old MutualEuropean

Equity Fund

Old MutualJapanese

Equity Fund^

Old MutualUS Equity

Income Fund

Old MutualNorth American

Equity Fund

Old MutualTotal Return

USD Bond FundNotes USD USD USD USD EUR JPY USD USD USD

IncomeInvestment income 908,031 15,140 4,743,707 1,231,558 828,064 666,970 5,935,649 7,845,023 -Other income 2,892 62,058 36,987 5,412 1,926 - 49,282 45,811 23,588Net gain/loss on financialassets/liabilities at fair valuethrough profit or loss (166,982) (366,399) 6,321,279 (19,763,063) (2,433,840) 226,595,033 18,302,069 35,319,440 (11,291,192)Net investment income 743,941 (289,201) 11,101,973 (18,526,093) (1,603,850) 227,262,003 24,287,000 43,210,274 (11,267,604)

ExpensesOperating expenses 7,8 960,816 167,802 3,762,924 2,260,108 362,012 13,055,694 3,014,109 6,516,316 2,225,589

Net income (216,875) (457,003) 7,339,049 (20,786,201) (1,965,862) 214,206,309 21,272,891 36,693,958 (13,493,193)

Finance CostsDistributions 9 - 51,593 - - - - 1,376,115 207,689 2,766,333

TaxationForeign Tax Withheld 50,827 5,340 836,444 133,655 90,492 97,847 1,625,611 2,135,192 -Capital Gains Tax 2 - 967 - 392 - - - - -

50,827 6,307 836,444 134,047 90,492 97,847 1,625,611 2,135,192 -

Change in Net AssetsAttributable to RedeemableParticipating Shareholders (267,702) (514,903) 6,502,605 (20,920,248) (2,056,354) 214,108,462 18,271,165 34,351,077 (16,259,526)


STATEMENT OF OPERATIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018 (continued)

209

Old MutualEmerging

MarketDebt Fund

Old MutualEuropeanBest Ideas

Fund

Old MutualInvestment

Grade CorporateBond Fund

Old MutualGlobal Emerging

MarketsFund

Old MutualAsian EquityIncome Fund

Old MutualLocal Currency

EmergingMarket

Debt Fund

Old MutualUK Alpha

Fund (IRL)

Old MutualUK SmallerCompanies

Focus Fund

Old MutualUK DynamicEquity Fund

Notes USD EUR USD USD USD USD GBP GBP GBPIncomeInvestment income - 2,121,268 23,225 5,456,441 4,553,101 - 2,620,607 3,094,015 6,447,748Other income 8,362 8,694 59,184 128,727 5,991 20,551 4,280 10,969 73,598Net gain/loss on financialassets/liabilities at fair valuethrough profit or loss (16,600,501) (1,632,433) (994,998) (34,780,544) (43,555,572) (43,772,067) (1,706,770) 18,945,248 5,473,844Net investment income (16,592,139) 497,529 (912,589) (29,195,376) (38,996,480) (43,751,516) 918,117 22,050,232 11,995,190

ExpensesOperating expenses 7,8 1,807,749 1,416,554 239,748 2,620,526 4,747,474 3,613,039 492,041 4,789,533 3,827,646

Net income (18,399,888) (919,025) (1,152,337) (31,815,902) (43,743,954) (47,364,555) 426,076 17,260,699 8,167,544

Finance CostsDistributions 9 2,400,957 193,683 37,326 - 64,992 15,615,852 1,086,718 - -

TaxationForeign Tax Withheld 6,637 159,042 - 529,610 450,784 683,106 14,209 45,860 2,426Capital Gains Tax 2 - - - - 880 160,812 - - -

6,637 159,042 - 529,610 451,664 843,918 14,209 45,860 2,426

Change in Net AssetsAttributable to RedeemableParticipating Shareholders (20,807,482) (1,271,750) (1,189,663) (32,345,512) (44,260,610) (63,824,325) (674,851) 17,214,839 8,165,118



210

Old MutualGlobal Equity

AbsoluteReturn Fund

Old MutualStrategic

Absolute ReturnBond Fund^^^

Old MutualPan African

Fund^^

Old MutualMonthly Income

High YieldBond Fund

Old MutualEurope (ex UK)

SmallerCompanies Fund


IncomeFund (IRL)

Old MutualGold & Silver

Fund

Old MutualCompass

Portfolio 2

Old MutualCompass

Portfolio 3Notes USD USD USD USD EUR USD USD USD USD

IncomeInvestment income 113,024,751 106,312 47,366 252,678 9,979,233 3,593,198 896,497 114,120 889,732Other income 1,756,291 18,589 52,175 36,813 3,505 496 516 55,329 671,392Net gain/loss on financialassets/liabilities at fair valuethrough profit or loss (309,754,289) (4,457,632) 1,846,157 (5,193,164) (41,558,070) (4,061,535) (25,387,146) (1,373,945) (14,433,832)Net investment income (194,973,247) (4,332,731) 1,945,698 (4,903,673) (31,575,332) (467,841) (24,490,133) (1,204,496) (12,872,708)

ExpensesOperating expenses 7,8 258,010,437 373,430 1,174,846 136,006 2,069,305 1,229,725 1,485,011 244,449 1,971,498

Net income (452,983,684) (4,706,161) 770,852 (5,039,679) (33,644,637) (1,697,566) (25,975,144) (1,448,945) (14,844,206)

Finance CostsDistributions 9 - 21,764 131,492 684,283 1,279,030 2,101,912 - - -

TaxationForeign Tax Withheld 19,426,574 84,157 4,280 2,261 1,586,078 608,299 90,431 3,507 59,346Capital Gains Tax 2 - 1,851 37,828 - - - - - -

19,426,574 86,008 42,108 2,261 1,586,078 608,299 90,431 3,507 59,346

Change in Net AssetsAttributable to RedeemableParticipating Shareholders (472,410,258) (4,813,933) 597,252 (5,726,223) (36,509,745) (4,407,777) (26,065,575) (1,452,452) (14,903,552)



211

Old MutualCompass

Portfolio 4

Old MutualCompass

Portfolio 5

Old MutualUK SpecialistEquity Fund

Old Mutual StylePremia Absolute

Return Fund

Old MutualFinancials

ContingentCapital Fund

Combined TotalJune 2018

Notes USD USD GBP USD USD USDIncomeInvestment income 1,810,053 335,673 4,669,118 60,876 - 190,439,505Other income 1,152,268 189,440 26,393 55,025 22,393 4,634,147Net gain/loss on financialassets/liabilities at fair valuethrough profit or loss (26,859,678) (4,282,777) (6,729,602) (7,736,859) (14,720,201) (565,225,802)Net investment income (23,897,357) (3,757,664) (2,034,091) (7,620,958) (14,697,808) (370,152,150)

ExpensesOperating expenses 7,8 3,138,643 522,002 10,493,181 815,411 761,617 333,355,633

Net income (27,036,000) (4,279,666) (12,527,272) (8,436,369) (15,459,425) (703,507,783)

Finance CostsDistributions 9 - - - - 6,080,294 34,800,916

TaxationForeign Tax Withheld 206,317 53,265 (47,582) 155,177 - 29,383,953Capital Gains Tax 2 - - - - - 202,730

206,317 53,265 (47,582) 155,177 - 29,586,683

Change in Net AssetsAttributable to RedeemableParticipating Shareholders (27,242,317) (4,332,931) (12,479,690) (8,591,546) (21,539,719) (767,895,382)

The Company has not recognised gains and losses in the financial period other than those dealt with in the Statement of Operations.All results are from continuing activities. The accompanying notes form an integral part of the financial statements.


STATEMENT OF OPERATIONS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2017

212

Old MutualChina

Equity Fund

Old MutualGlobal

Strategic BondFund (IRL)

Old MutualWorld

Equity Fund

Old MutualPacific

Equity Fund

Old MutualEuropean

Equity Fund

Old MutualJapanese

Equity Fund^

Old MutualUS Equity

Income Fund


Equity Fund


USDBond Fund

Notes USD USD USD USD EUR JPY USD USD USDIncomeInvestment Income 904,951 - 2,003,256 1,994,858 912,855 50,407,507 5,728,631 3,501,256 -Other Income 64,728 31,543 24,279 137,632 8,394 1,922,416 9,723 6,653 27,929Net gain on financialassets/liabilities at fair valuethrough profit or loss 10,883,005 523,186 22,337,700 22,778,027 2,039,618 288,980,241 21,466,539 47,034,769 13,100,072Net investment income 11,852,684 554,729 24,365,235 24,910,517 2,960,867 341,310,164 27,204,893 50,542,678 13,128,001

ExpensesOperating expenses 7,8 697,184 165,622 1,994,842 2,099,639 476,817 56,452,335 2,930,112 3,882,418 2,107,576

Net income 697,184 165,622 1,994,842 2,099,639 476,817 56,452,335 2,930,112 3,882,418 2,107,576

Finance CostsDistribution 9 - 25,623 - - - - 1,071,225 - 2,252,196

TaxationForeign Tax Withheld 78,243 718 384,976 150,816 120,897 6,925,735 1,418,081 996,939 -Capital Gains Tax 2 - 83 - 184,345 - - - - -

78,243 801 384,976 335,161 120,897 6,925,735 1,418,081 996,939 -

Change in Net AssetsAttributable toRedeemable ParticipatingShareholders 11,077,257 362,683 21,985,417 22,475,717 2,363,153 277,932,094 21,785,475 45,663,321 8,768,229



213

Old MutualEmerging

Market DebtFund

Old MutualEuropean Best

Ideas Fund


GradeCorporate

Bond Fund

Old MutualGlobal

EmergingMarkets Fund



EmergingMarket Debt

Fund

Old MutualUK Alpha

Fund (IRL)


Focus Fund


Notes USD EUR USD USD USD USD GBP GBP GBPIncomeInvestment Income - 2,319,752 22,892 2,406,494 5,235,708 - 2,337,361 1,552,346 5,019,108Other Income 10,733 1,082 32,715 3,635 9,391 6,852 5,112 1,230 41,909Net gain on financialassets/liabilities at fair valuethrough profit or loss 11,633,541 12,275,314 1,379,672 40,873,460 39,521,395 23,381,688 4,988,280 56,809,953 95,456,866Net investment income 11,644,274 14,596,148 1,435,279 43,283,589 44,766,494 23,388,540 7,330,753 58,363,529 100,517,883

ExpensesOperating expenses 7,8 1,866,698 1,962,414 290,066 1,852,118 3,424,779 1,153,316 678,511 2,945,953 14,965,426

Net income 1,866,698 1,962,414 290,066 1,852,118 3,424,779 1,153,316 678,511 2,945,953 14,965,426

Finance CostsDistribution 9 3,503,501 111,876 28,470 2 90,461 6,105,488 1,051,485 40,999 -

TaxationForeign Tax Withheld - 136,098 - 254,182 356,254 286,532 14,059 6,387 20,146Capital Gains Tax 2 19,782 - - 79,533 237,366 246,576 - - -

19,782 136,098 - 333,715 593,620 533,108 14,059 6,387 20,146

Change in Net AssetsAttributable toRedeemable ParticipatingShareholders 6,254,293 12,385,760 1,116,743 41,097,754 40,657,634 15,596,628 5,586,698 55,370,190 85,532,311



214


AbsoluteReturn Fund

Old MutualStrategicAbsolute

ReturnBond Fund


Fund^^

Old MutualMonthly Income

High YieldBond Fund


SmallerCompanies

Fund


IncomeFund (IRL)


Fund

Old MutualCompass

Portfolio 2

Old MutualCompass


IncomeInvestment Income 64,441,794 - 716,430 - 5,747,160 2,993,346 325,837 65,728 573,748Other Income 509,463 55,900 6,202 11,160 2,746 3,996 88 41,786 404,851Net gain on financialassets/liabilities at fair valuethrough profit or loss 504,037,393 2,002,533 2,749,695 8,980,284 29,398,622 15,459,492 12,644,313 1,788,535 14,576,956Net investment income 568,988,650 2,058,433 3,472,327 8,991,444 35,148,528 18,456,834 12,970,238 1,896,049 15,555,555

ExpensesOperating expenses 7,8 54,704,320 158,323 203,170 328,586 1,589,528 1,067,259 903,380 229,253 1,227,988

Net income 54,704,320 158,323 203,170 328,586 1,589,528 1,067,259 903,380 229,253 1,227,988

Finance CostsDistribution 9 - 20,893 98,924 865,009 193,651 1,509,267 - - -

TaxationForeign Tax Withheld 12,527,401 4,668 60,891 - 1,032,512 569,883 42,308 4,579 45,686Capital Gains Tax 2 - 275 - 125 - 11,588 - - -

12,527,401 4,943 60,891 125 1,032,512 581,471 42,308 4,579 45,686

Change in Net AssetsAttributable toRedeemable ParticipatingShareholders 501,756,929 1,874,274 3,109,342 7,797,724 32,332,837 15,298,837 12,024,550 1,662,217 14,281,881



215

Old MutualCompass

Portfolio 4

Old MutualCompass

Portfolio 5


Old MutualStyle Premia

Absolute ReturnFund

CombinedTotal

June 2017Notes USD USD GBP USD USD

IncomeInvestment Income 1,175,631 276,095 2,999,194 171,164 117,962,042Other Income 742,265 152,060 52,646 2,001 2,454,540Net gain on financialassets/liabilities at fair valuethrough profit or loss 30,649,596 7,506,203 39,539,770 5,857,518 1,156,634,914Net investment income 32,567,492 7,934,358 42,591,610 6,030,683 1,277,051,496

ExpensesOperating expenses 7,8 1,963,552 441,069 11,102,143 471,773 126,854,230

Net income 1,963,552 441,069 11,102,143 471,773 126,854,229

Finance CostsDistribution 9 - - - - 17,295,278

TaxationForeign Tax Withheld 169,465 56,312 12,255 80,106 19,027,662Capital Gains Tax 2 - - - - 779,673

169,465 56,312 12,255 80,106 19,807,335

Change in Net AssetsAttributable toRedeemable ParticipatingShareholders 30,434,475 7,436,977 31,477,212 5,478,804 1,113,094,654

The Company has not recognised gains and losses in the financial period other than those dealt with in the Statement of Operations.All results are from continuing activities. The accompanying notes form an integral part of the financial statements.


STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018

216

Old MutualChina

Equity Fund

Old MutualGlobal


Old MutualWorld

Equity Fund

Old MutualPacific

Equity Fund

Old MutualEuropean

Equity Fund

Old MutualJapanese

Equity Fund^

Old MutualUS Equity

Income Fund

Old MutualNorth

AmericanEquity Fund


USD BondFund

Notes USD USD USD USD EUR JPY USD USD USD

Assets

Financial Assets at Fair ValueThrough Profit or Loss:

- Transferable Securities 10 67,814,078 9,492,384 475,320,134 131,789,905 31,493,232 - 350,783,675 1,469,935,892 235,420,364

- Investment Funds 10 - 588,436 183,439 434,670 - - - - -- Financial Derivative

Instruments 10 - 96,579 9,259 - - - 31,815 11,123 582,109

Cash and Cash Equivalents 6 720,812 178,155 5,786,004 2,099,626 1,489,451 13,328,540 2,396,888 16,355,437 2,219,505

Due from Broker 12,610 155,208 8,540,530 2,798,664 823 - 3,568,266 14,719,467 12,821,917Deposits with CreditInstitutions - - - - - - - 4,948 -

Other Assets 2,563,603 64,234 5,740,922 1,839,977 477,160 36,760,230 9,139,693 23,303,874 4,111,270Total Assets 71,111,103 10,574,996 495,580,288 138,962,842 33,460,666 50,088,770 365,920,337 1,524,330,741 255,155,165

Liabilities

Financial Liabilities at FairValue Through Profit or Loss:- Financial Derivative

Instruments 10 - 89,213 - 27,632 - - - 303,207 7,237,063

Due to Broker 12,626 103,062 6,734,640 2,548,838 818 - 3,488,463 12,673,022 3,984,453

Bank Overdraft 6 - 1,694 40,987 - - 23 - - -

Other Liabilities 3,068,010 105,414 2,934,241 2,944,896 545,594 50,088,747 3,357,423 7,246,632 1,843,487Total Liabilities 3,080,636 299,383 9,709,868 5,521,366 546,412 50,088,770 6,845,886 20,222,861 13,065,003

Net Assets Attributable toRedeemable ParticipatingShareholders 68,030,467 10,275,613 485,870,420 133,441,476 32,914,254 - 359,074,451 1,504,107,880 242,090,162


STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2018 (continued)

217

Old MutualEmerging

MarketDebt Fund

Old MutualEuropean

BestIdeas Fund


GradeCorporate

Bond Fund

Old MutualGlobal



Old MutualLocal

CurrencyEmerging

MarketDebt Fund

Old MutualUK Alpha

Fund (IRL)


Focus Fund


Notes USD EUR USD USD USD USD GBP GBP GBP

Assets


- Transferable Securities 10 198,575,307 100,371,087 16,162,336 186,812,077 360,048,674 395,446,748 111,855,152 426,756,927 549,562,212

- Investment Funds 10 - - 799,846 - 2,085,408 - - - -- Financial Derivative

Instruments 10 362,709 - 187,865 - - 3,662,225 5,705 - 187,687

Cash and Cash Equivalents 6 17,817,418 5,340,768 57,411 21,903,927 7,551,448 10,923,970 170,371 9,768,251 35,859,804

Due from Broker 250,955 71,268 151,378 185,351,538 5,943,949 17,960,208 679,646 - 466,663Deposits with CreditInstitutions - - - - - - - - 18,570,591

Other Assets 2,204,042 99,245 195,987 1,924,764 2,212,451 3,437,113 736,320 1,907,671 1,908,240Total Assets 219,210,431 105,882,368 17,554,823 395,992,306 377,841,930 431,430,264 113,447,194 438,432,849 606,555,197

Liabilities


Instruments 10 143,544 552 56,503 610 136,313 6,018,843 - - 146,925

Due to Broker 1,479,556 9,194 248,181 99,083,351 7,516,263 24,663,273 5,570 1,287,160 1,271,941

Bank Overdraft 6 2,276,622 284,249 - 48,057 - 166,103 - - 462,991

Other Liabilities 4,639,845 327,772 234,319 98,779,661 705,498 4,624,940 380,855 5,157,878 1,045,934Total Liabilities 8,539,567 621,767 539,003 197,911,679 8,358,074 35,473,159 386,425 6,445,038 2,927,791

Net Assets Attributable toRedeemable ParticipatingShareholders 210,670,864 105,260,601 17,015,820 198,080,627 369,483,856 395,957,105 113,060,769 431,987,811 603,627,406



218


AbsoluteReturn Fund


ReturnBond Fund


Fund^^

Old MutualMonthly

Income HighYield

Bond Fund

Old MutualEurope (ex

UK) SmallerCompanies

Fund


IncomeFund (IRL)


Fund

Old MutualCompass

Portfolio 2

Old MutualCompass

Portfolio 3

Notes USD USD USD USD EUR USD USD USD USD

Assets


- Transferable Securities 10 14,573,250,561 84,417,068 - 90,396,669 368,075,735 174,635,135 232,096,952 5,901,530 46,484,079

- Investment Funds 10 - 4,260,457 - 9,349,929 - - 54,002,225 20,667,389 199,650,729- Financial Derivative

Instruments 10 594,382,923 576,661 - 938,783 7,454 - - 73,320 474,471

Cash and Cash Equivalents 6 576,814,409 8,416,554 - 3,840,963 19,872,968 5,093,007 1,592,403 745,934 10,574,160

Due from Broker 895,615,711 1,910,070 - 174,949 72,440,752 3,697,353 1,215,838 319,289 5,133,397Deposits with CreditInstitutions - - - - - - - - -

Other Assets 193,395,075 172,604 53,173 35 1,011,010 5,252,354 1,744,406 582,266 1,709,514Total Assets 16,833,458,679 99,753,414 53,173 104,701,328 461,407,919 188,677,849 290,651,824 28,289,728 264,026,350

Liabilities


Instruments 10 418,760,848 1,645,025 - 490,847 50,288 117,504 - 127,470 1,201,904

Due to Broker 413,257,610 952,629 - 756,514 46,277,764 3,655,331 1,216,030 148,263 2,189,615

Bank Overdraft 6 22,595 18,992 26,214 - 1 - - - -

Other Liabilities 199,430,942 263,282 26,959 97,267 40,655,631 398,151 636,377 84,634 400,414Total Liabilities 1,031,471,995 2,879,928 53,173 1,344,628 86,983,684 4,170,986 1,852,407 360,367 3,791,933

Net Assets Attributable toRedeemable ParticipatingShareholders 15,801,986,684 96,873,486 - 103,356,700 374,424,235 184,506,863 288,799,417 27,929,361 260,234,417



219

Old MutualCompass

Portfolio 4

Old MutualCompass

Portfolio 5



AbsoluteReturn Fund




Notes USD USD GBP USD USD USD

Assets


- Transferable Securities 10 92,533,519 18,052,787 593,754,372 95,828,468 225,537,849 22,328,536,377

- Investment Funds 10 299,471,107 39,951,975 - - - 525,473,554- Financial Derivative

Instruments 10 857,251 127,098 8,554,450 4,775,091 5,807,590 624,459,232

Cash and Cash Equivalents 6 10,028,515 1,265,434 45,263,419 13,338,885 168,079 870,737,226

Due from Broker 12,220,615 1,998,310 1,562,451 2,752,169 931,249 1,266,208,237Deposits with CreditInstitutions - - - - - 24,404,621

Other Assets 3,535,626 124,346 1,165,974 83,948 877 273,085,309Total Assets 418,646,633 61,519,950 650,300,666 116,778,561 232,445,644 25,912,904,556

Liabilities


Instruments 10 2,478,048 483,823 3,502,340 6,738,423 762,661 451,673,384

Due to Broker 4,262,196 937,274 2,260,201 475,140 503,395 651,108,446

Bank Overdraft 6 - - - 9,193,224 406,538 13,140,214

Other Liabilities 693,521 447,850 3,805,591 234,261 175,539 395,818,117Total Liabilities 7,433,765 1,868,947 9,568,132 16,641,048 1,848,133 1,511,740,161

Net Assets Attributable toRedeemable ParticipatingShareholders 411,212,868 59,651,003 640,732,534 100,137,513 230,597,511 24,401,164,395

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



220

Old MutualChina

Equity Fund


Bond Fund(IRL)

Old MutualWorld

Equity Fund

Old MutualPacific

Equity Fund

Old MutualEuropean

Equity Fund

Old MutualJapanese

Equity Fund^

Old MutualUS Equity

Income Fund

Old MutualNorth

AmericanEquity Fund


USD BondFund

Notes USD USD USD USD EUR JPY USD USD USDAssetsFinancial Assets at Fair ValueThrough Profit or Loss:- Transferable Securities 10 67,421,398 10,899,092 400,591,739 178,693,276 35,785,846 4,435,152,716 442,565,489 1,069,188,163 273,960,337- Investment Funds 10 - 499,646 182,256 - - - - - -- Financial DerivativeInstruments 10 8,291 69,018 255,704 44,268 - 4,442,715 347,904 523,276 461,987Cash and Cash Equivalents 6 4,319,673 124,858 7,289,388 925,577 700,842 331,879,555 3,518,103 18,766,845 18,131,289Due from Broker 85,181 72,478 363,852 1,082,745 31,834 90,682,349 720,433 1,364,864 19,911,791Deposits with CreditInstitutions - - - - - - - 4,948 -Other Assets 2,400,853 249,847 1,833,258 5,668,300 98,595 31,986,325 1,557,893 5,421,506 12,705,484Total Assets 74,235,396 11,914,939 410,516,197 186,414,166 36,617,117 4,894,143,660 448,709,822 1,095,269,602 325,170,888

LiabilitiesFinancial Liabilities at FairValue Through Profit or Loss:- Financial DerivativeInstruments 10 - (207,717) (35,198) (22,065) - (1,396,589) (960) (35) (12,190,652)Due to Broker (113,164) (322) (104,260) (458,809) (31,945) (60,049,674) (575,005) (780,480) (388,585)Bank Overdraft 6 (2) - - - (226) - - - (30)Other Liabilities (3,263,432) (473,162) (1,111,733) (6,135,578) (203,151) (153,961,501) (1,523,671) (2,541,424) (9,340,200)Total Liabilities (3,376,598) (681,201) (1,251,191) (6,616,452) (235,322) (215,407,764) (2,099,636) (3,321,939) (21,919,467)

Net Assets Attributable toRedeemable ParticipatingShareholders 70,858,798 11,233,738 409,265,006 179,797,714 36,381,795 4,678,735,896 446,610,186 1,091,947,663 303,251,421



221

Old MutualEmerging

MarketDebt Fund

Old MutualEuropean

BestIdeas Fund


GradeCorporate

Bond Fund

Old MutualGlobal


Old MutualAsian Equity

IncomeFund


EmergingMarket

Debt Fund

Old MutualUK Alpha

Fund (IRL)


Focus Fund


Notes USD EUR USD USD USD USD GBP GBP GBPAssetsFinancial Assets at Fair ValueThrough Profit or Loss:- Transferable Securities 10 217,563,094 122,923,703 18,769,108 288,841,573 389,473,576 356,825,837 127,615,993 378,949,022 556,657,288- Investment Funds 10 - - 846,761 - - - - - -- Financial DerivativeInstruments 10 1,145,642 66 206,725 - 73,964 4,956,452 2 - 176,836Cash and Cash Equivalents 6 11,228,044 11,573,888 468,774 12,932,530 13,606,953 9,053,424 3,062,670 8,308,980 18,422,425Due from Broker 169,151 1,021,772 158,228 1,907,540 1,791,457 2,208,323 - 60,499 2,145,312Deposits with CreditInstitutions - - - - - - - - 18,519,537Other Assets 3,000,038 717,646 87,300 2,281,683 1,143,244 10,221,345 508,631 2,189,203 2,843,790Total Assets 233,105,969 136,237,075 20,536,896 305,963,326 406,089,194 383,265,381 131,187,296 389,507,704 598,765,188

LiabilitiesFinancial Liabilities at FairValue Through Profit or Loss:- Financial DerivativeInstruments 10 (263,876) (11,081) (208,610) - (92,368) (1,675,335) (8,389) - (301,141)Due to Broker (90,974) (1,021,851) (313,446) (536,305) (900,365) (1,235,188) - - (8,016)Bank Overdraft 6 - - - - (2) (44,566) - - -Other Liabilities (3,960,970) (3,787,328) (179,503) (1,586,874) (3,402,566) (5,158,560) (975,089) (3,908,928) (5,352,901)Total Liabilities (4,315,820) (4,820,260) (701,559) (2,123,179) (4,395,301) (8,113,649) (983,478) (3,908,928) (5,662,058)

Net Assets Attributable toRedeemable ParticipatingShareholders 228,790,149 131,416,815 19,835,337 303,840,147 401,693,893 375,151,732 130,203,818 385,598,776 593,103,130



222


AbsoluteReturn Fund


ReturnBond Fund


Fund

Old MutualMonthly

Income HighYield

Bond Fund

Old MutualEurope (ex

UK) SmallerCompanies

Fund


IncomeFund (IRL)


Fund

Old MutualCompass

Portfolio 2

Old MutualCompass


AssetsFinancial Assets at Fair ValueThrough Profit or Loss:- Transferable Securities 10 12,038,261,985 86,947,276 51,594,085 100,484,956 432,294,710 176,432,844 226,845,147 4,432,186 41,941,177- Investment Funds 10 - 3,955,615 - 8,652,341 - 45,909 25,310,971 17,397,506 166,752,035- Financial DerivativeInstruments 10 224,626,433 2,248,784 - 753,007 84 78,586 - 186,539 1,817,154Cash and Cash Equivalents 6 282,416,521 1,224,580 1,097,209 1,178,440 23,684,929 10,417,812 1,122,864 1,933,745 19,359,014Due from Broker 443,514,223 1,439,836 32,300 179,908 804,043 2,053,633 1,107,566 353,727 3,095,980Deposits with CreditInstitutions - - - - - - - - -Other Assets 175,134,310 54,570 101,372 17,543 743,353 3,541,846 1,905,448 63,949 5,081,063Total Assets 13,163,953,472 95,870,661 52,824,966 111,266,195 457,527,119 192,570,630 256,291,996 24,367,652 238,046,423

LiabilitiesFinancial Liabilities at FairValue Through Profit or Loss:- Financial DerivativeInstruments 10 (289,141,043) (2,627,697) - (317,151) (26,240) (55,291) - (55,729) (441,749)Due to Broker (227,462,125) (123) (32,601) (179,187) (3,199,151) (1,609,950) (1,117,742) (307,116) (2,338,033)Bank Overdraft 6 - - - - - - (1) - -Other Liabilities (298,749,462) (165,817) (132,084) (271,497) (677,656) (3,044,476) (1,638,993) (313,214) (2,167,399)Total Liabilities (815,352,630) (2,793,637) (164,685) (767,835) (3,903,047) (4,709,717) (2,756,736) (676,059) (4,947,181)

Net Assets Attributable toRedeemable ParticipatingShareholders 12,348,600,842 93,077,024 52,660,281 110,498,360 453,624,072 187,860,913 253,535,260 23,691,593 233,099,242



223

Old MutualCompass

Portfolio 4

Old MutualCompass

Portfolio 5



AbsoluteReturn Fund



CombinedTotal

December2017

Notes USD USD GBP USD USD USDAssetsFinancial Assets at Fair ValueThrough Profit or Loss:- Transferable Securities 10 89,306,902 17,142,224 534,167,387 102,989,459 215,519,619 19,776,608,432- Investment Funds 10 251,291,686 40,017,871 - - - 431,402,503- Financial DerivativeInstruments 10 3,498,072 737,261 1,289,488 4,105,146 1,053,529 249,220,933Cash and Cash Equivalents 6 29,211,027 5,368,044 288,026 5,232,898 1,528,970 547,276,614Due from Broker 6,355,505 1,109,343 19,123,170 1,292,027 790,000 523,048,527Deposits with CreditInstitutions - - - - - 25,057,252Other Assets 4,782,556 219,771 1,050,727 74,510 2,555 248,624,751Total Assets 384,445,748 64,594,514 555,918,798 113,694,040 218,894,673 21,801,239,012

LiabilitiesFinancial Liabilities at FairValue Through Profit or Loss:- Financial DerivativeInstruments 10 (451,296) (39,520) (9,060,444) (3,578,168) (1,361,286) (325,498,191)Due to Broker (7,106,703) (1,132,003) (56,725) (59,431) - (252,569,498)Bank Overdraft 6 - - - - - (44,872)Other Liabilities (1,479,732) (202,680) (11,203,563) (308,145) (142,018) (383,269,021)Total Liabilities (9,037,731) (1,374,203) (20,320,732) (3,945,744) (1,503,304) (961,381,582)

Net Assets Attributable toRedeemable ParticipatingShareholders 375,408,017 63,220,311 535,598,066 109,748,296 217,391,369 20,839,857,430


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS FOR THE FINANCIAL PERIOD ENDED 30 JUNE2018

224

Old MutualChina

Equity Fund

Old MutualGlobal


Old MutualWorld

Equity Fund

Old MutualPacific

Equity Fund

Old MutualEuropean

Equity Fund

Old MutualJapanese

Equity Fund^

Old MutualUS Equity

Income Fund

Old MutualNorth

AmericanEquity Fund


USDBond Fund

USD USD USD USD EUR JPY USD USD USD

Value of Fund at 1 January 2018 70,858,798 11,233,738 409,265,006 179,797,714 36,381,795 4,678,735,896 446,610,186 1,091,947,663 303,251,421Proceeds from Shares Issued 59,418,170 14,619,397 218,819,732 56,842,837 2,179,433 13,394,667 351,254,968 711,623,475 22,645,840Payments for Shares Redeemed (61,978,799) (15,062,619) (148,716,923) (82,278,827) (3,590,620) (4,906,239,025) (457,061,868) (333,814,335) (67,547,573)

68,298,169 10,790,516 479,367,815 154,361,724 34,970,608 (214,108,462) 340,803,286 1,469,756,803 258,349,688Change in Net Assets Attributable to

Redeemable Participating Shares (267,702) (514,903) 6,502,605 (20,920,248) (2,056,354) 214,108,462 18,271,165 34,351,077 (16,259,526)

Net Assets at 30 June 2018 68,030,467 10,275,613 485,870,420 133,441,476 32,914,254 - 359,074,451 1,504,107,880 242,090,162

Old MutualEmerging

MarketDebt Fund

Old MutualEuropeanBest Ideas

Fund


GradeCorporate

Bond Fund

Old MutualGlobal

EmergingMarkets

Fund



EmergingMarket

Debt Fund

Old MutualUK Alpha

Fund (IRL)


Focus Fund


USD EUR USD USD USD USD GBP GBP GBP

Value of Fund at 1 January 2018 228,790,149 131,416,815 19,835,337 303,840,147 401,693,893 375,151,732 130,203,818 385,598,776 593,103,130Proceeds from Shares Issued 95,349,285 5,540,752 2,522,341 240,539,161 28,835,071 293,167,547 9,504,447 109,166,425 42,470,295Payments for Shares Redeemed (92,661,088) (30,425,216) (4,152,195) (313,953,169) (16,784,498) (208,537,849) (25,972,645) (79,992,229) (40,111,137)

231,478,346 106,532,351 18,205,483 230,426,139 413,744,466 459,781,430 113,735,620 414,772,972 595,462,288Change in Net Assets Attributable to

Redeemable Participating Shares (20,807,482) (1,271,750) (1,189,663) (32,345,512) (44,260,610) (63,824,325) (674,851) 17,214,839 8,165,118

Net Assets at 30 June 2018 210,670,864 105,260,601 17,015,820 198,080,627 369,483,856 395,957,105 113,060,769 431,987,811 603,627,406


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS FOR THE FINANCIAL PERIOD ENDED 30 JUNE2018 (continued)

225


AbsoluteReturn Fund


ReturnBond Fund


Fund^^

Old MutualMonthly

Income HighYield

Bond Fund


SmallerCompanies

Fund


IncomeFund (IRL)


Fund

Old MutualCompass

Portfolio 2

Old MutualCompass

Portfolio 3

USD USD USD USD EUR USD USD USD USD

Value of Fund at 1 January 2018 12,348,600,842 93,077,024 52,660,281 110,498,360 453,624,072 187,860,913 253,535,260 23,691,593 233,099,242Proceeds from Shares Issued 7,237,679,056 16,366,636 606,654 242,650 172,683,054 21,819,819 109,897,021 7,782,699 63,272,306Payments for Shares Redeemed (3,311,882,956) (7,756,241) (53,864,187) (1,658,087) (215,373,146) (20,766,092) (48,567,289) (2,092,479) (21,233,579)

16,274,396,942 101,687,419 (597,252) 109,082,923 410,933,980 188,914,640 314,864,992 29,381,813 275,137,969Change in Net Assets Attributable to

Redeemable Participating Shares (472,410,258) (4,813,933) 597,252 (5,726,223) (36,509,745) (4,407,777) (26,065,575) (1,452,452) (14,903,552)

Net Assets at 30 June 2018 15,801,986,684 96,873,486 - 103,356,700 374,424,235 184,506,863 288,799,417 27,929,361 260,234,417

Old MutualCompass

Portfolio 4

Old MutualCompass

Portfolio 5



AbsoluteReturn Fund



USD USD GBP USD USD

Value of Fund at 1 January 2018 375,408,017 63,220,311 535,598,066 109,748,296 217,391,369Proceeds from Shares Issued 87,238,542 6,798,481 158,910,238 3,326,834 48,868,125Payments for Shares Redeemed (24,191,374) (6,034,858) (41,296,080) (4,346,071) (14,122,264)

438,455,185 63,983,934 653,212,224 108,729,059 252,137,230Change in Net Assets Attributable to

Redeemable Participating Shares (27,242,317) (4,332,931) (12,479,690) (8,591,546) (21,539,719)

Net Assets at 30 June 2018 411,212,868 59,651,003 640,732,534 100,137,513 230,597,511


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS FOR THE FINANCIAL PERIOD ENDED 30 JUNE2017

226

Old MutualChina

Equity Fund

Old MutualGlobal


Old MutualWorld

Equity Fund

Old MutualPacific

Equity Fund

Old MutualEuropean

Equity Fund

Old MutualJapanese

Equity Fund^

Old MutualUS Equity

Income Fund

Old MutualNorth

AmericanEquity Fund


USDBond Fund

USD USD USD USD EUR JPY USD USD USD

Value of Fund at 1 January 2017 53,790,845 8,821,883 180,084,918 154,654,411 36,909,291 4,538,165,678 407,688,407 422,916,491 280,936,641Proceeds from Shares Issued 19,927,067 2,232,307 154,800,816 73,962,961 4,173,432 2,165,619,249 258,864,652 382,745,755 115,009,689Payments for Shares Redeemed (29,565,249) (1,735,480) (88,277,767) (63,296,849) (6,324,915) (2,294,491,002) (273,335,474) (175,427,402) (134,295,903)

44,152,663 9,318,710 246,607,967 165,320,523 34,757,808 4,409,293,925 393,217,585 630,234,844 261,650,427

Change in Net Assets Attributable to

Redeemable Participating Shares 11,077,257 362,683 21,985,417 22,475,717 2,363,153 277,932,094 21,785,475 45,663,321 8,768,229

Net Assets at 30 June 2017 55,229,920 9,681,393 268,593,384 187,796,240 37,120,961 4,687,226,019 415,003,060 675,898,165 270,418,656

Old MutualEmerging

MarketDebt Fund


Ideas Fund


GradeCorporate

Bond Fund

Old MutualGlobal


Old MutualAsian

Equity Fund

Old Mutual

Local CurrencyEmerging

MarketDebt Fund

Old Mutual

UK Alpha

Fund (IRL)

Old Mutual

UK SmallerCompanies

Focus Fund

Old Mutual

UK Dynamic

Equity Fund

USD EUR USD USD USD USD GBP GBP GBP

Value of Fund at 1 January 2017 146,443,976 154,952,115 22,574,867 187,814,669 278,292,062 172,767,988 122,467,593 163,726,155 447,657,307Proceeds from Shares Issued 62,306,444 29,251,057 3,429,403 48,046,297 47,122,527 85,768,580 19,310,148 83,353,589 61,899,131Payments for Shares Redeemed (66,051,282) (50,472,368) (2,063,615) (30,827,014) (26,918,211) (44,499,762) (23,897,626) (30,295,323) (51,522,630)

142,699,138 133,730,804 23,940,655 205,033,952 298,496,378 214,036,806 117,880,115 216,784,421 458,033,808


Redeemable Participating Shares 6,254,293 12,385,760 1,116,743 41,097,754 40,657,634 15,596,628 5,586,698 55,370,190 85,532,311

Net Assets at 30 June 2017 148,953,431 146,116,564 25,057,398 246,131,706 339,154,012 229,633,434 123,466,813 272,154,611 543,566,119


STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO REDEEMABLE PARTICIPATING SHAREHOLDERS FOR THE FINANCIAL PERIOD ENDED 30 JUNE2017 (continued)

227

Old Mutual

Global Equity

Absolute

Return Fund

Old Mutual

Strategic

Absolute

Return

Bond Fund^^^


Fund

Old Mutual

Monthly

Income High

Yield

Bond Fund

Old Mutual

Europe (ex UK)

Smaller

Companies

Fund

Old Mutual

Global

Equity Income

Fund (IRL)


Fund

Old MutualCompass

Portfolio 2

Old Mutual

Compass

Portfolio 3

USD USD USD USD EUR USD USD USD USD

Value of Fund at 1 January 2017 7,313,269,757 23,794,797 41,305,547 108,867,195 250,668,176 142,785,571 110,841,063 19,647,316 150,000,135Proceeds from Shares Issued 3,511,839,566 26,572,918 839,277 1,217,398 98,903,391 61,716,148 103,439,886 8,348,428 30,287,982Payments for Shares Redeemed (1,930,518,180) (312,791) (538,965) (8,446,853) (46,012,400) (54,585,075) (25,452,193) (9,062,383) (17,203,879)

8,894,591,143 50,054,924 41,605,859 101,637,740 303,559,167 149,916,644 188,828,756 18,933,361 163,084,238


Redeemable Participating Shares 501,756,929 1,874,274 3,109,342 7,797,724 32,332,837 15,298,837 12,024,550 1,662,217 14,281,881

Net Assets at 30 June 2017 9,396,348,072 51,929,198 44,715,201 109,435,464 335,892,004 165,215,481 200,853,306 20,595,578 177,366,119

Old Mutual

Compass

Portfolio 4

Old MutualCompass

Portfolio 5

Old Mutual

UK Specialist

Equity Fund


AbsoluteReturn Fund

USD USD GBP USD

Value of Fund at 1 January 2017 249,198,413 50,228,263 344,559,493 49,817,937Proceeds from Shares Issued 27,417,510 2,670,597 132,628,161 53,332,635Payments for Shares Redeemed (21,503,131) (4,604,016) (40,439,682) (881,639)

255,112,792 48,294,844 436,747,972 102,268,933


Redeemable Participating Shares 30,434,475 7,436,977 31,477,212 5,478,804Net Assets at 30 June 2017 285,547,267 55,731,821 468,225,184 107,747,737


NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018

228

1. Significant Accounting Policies

The condensed interim financial statements for the six months ended 30 June 2018 have been prepared in accordance with FRS104, Interim Financial Reporting. These financial statements were prepared on the same basis of accounting policies set out inthe audited financial statements for the year ended 31 December 2017.

Going ConcernThe Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence forthe foreseeable future. Therefore the Company continues to adopt the going concern basis of accounting in preparing its financialstatements. The Old Mutual Japanese Equity Fund^ and The Old Mutual Pan African Fund^^ are not prepared on a going concernbasis as they were closed on 26 January 2018 and 28 February 2018 respectively.

2. Taxation

The Company intends generally to conduct its affairs such that its profit will be subject to taxes only in Ireland. Under currentIrish law and practice, the Company qualifies as investment undertaking as defined in Section 739B of the Taxes ConsolidatedAct 1997.

On that basis, Irish tax is not chargeable to the Sub-Fund on its income or capital gains. However, some dividend and interestincome received by the Sub-Fund may be subject to withholding tax imposed in certain countries of origin. Income that is subjectto such tax is recognised gross of the taxes and the corresponding withholding tax is recognised as tax expense in the Statementof Operations.

However, Irish tax can arise on the happening of a “chargeable event” in the Company. A chargeable event includes any paymentsof distributions to Shareholders, any encashment, repurchase, redemption, cancellation or transfer of Shares and any deemeddisposal of Shares as described below for Irish tax purposes arising as a result of holding Shares in the Company for a period ofeight years or more. Where a chargeable event occurs, the Company is required to account for the Irish tax thereon.

A chargeable event does not include:

(i) any transactions (which might otherwise be a chargeable event) in relation to Shares held in a recognised clearing systemas designated by order of the Revenue Commissioners of Ireland; or;

(ii) a transfer of Shares between spouses and any transfer of Shares between spouses or former spouses on the occasion ofjudicial separation and/or divorce; or;

(iii) an exchange by a shareholder, effected by way of arm’s length bargain where no payment is made to the shareholder, ofShares in the Company for other Shares in the Company; or;

(iv) an exchange of Shares arising on a qualifying amalgamation or reconstruction of the Company with another Irish investmentfund.

No Irish tax will arise on the Company in respect of chargeable events where:

(a) the Shareholder is neither resident nor ordinarily resident in Ireland (“Non-Irish Resident”) and it (or an intermediary actingon its behalf) has made the necessary declaration to that effect and the Company is not in possession of any informationwhich would reasonably suggest that the information contained in the declaration is not, or is no longer, materially correct;or

(b) the Shareholder is Non-Irish Resident and has confirmed that to the Company and the Company is in possession of writtennotice of approval from the Revenue Commissioners to the effect that the requirement to provide the necessary declarationof non-residence has been complied with in respect of the Shareholder and the approval has not been withdrawn; or

(c) the Shareholder is an Exempt Irish Resident and it (or an intermediary acting on its behalf) has made the necessarydeclaration to that effect.

In the absence of an appropriate declaration, the Company will be liable to Irish tax on the occurrence of a chargeable event.

Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxesimposed by the country from which the investment income/gains are received and such taxes may not be recoverable by theCompany or its Shareholders.


NOTES TO THE FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 30 JUNE 2018 (continued)

229

2. Taxation (continued)

The Company may be subject to taxes imposed on realised and unrealised gains on securities of certain foreign countries inwhich the Company invests. The foreign tax expense, if any, is recorded on an accrual basis and is included in capital gains taxesin the Statement of Operations. The amount of foreign tax owed, if any, is included in other liabilities in the Statement ofFinancial Position.

Under Brazilian, Indian and Pakistani income tax laws, capital gains tax is payable on the sale of assets, investments and capitalaccumulation. Included in the capital gains tax expense in the Statement of Operations is USD 23,197 (30 June 2017: USD779,673), included in other liabilities in the Statement of Financial Position is a payable of USD 330,034 (31 December 2017:USD 766,216).



230

3. Gains And Losses From Financial Assets And Liabilities At Fair Value Through Profit Or Loss

The following table details the gains and losses from financial assets and liabilities at fair value through profit or loss for the financial period ended 30 June 2018:

Old MutualChina Equity Fund


Bond Fund (IRL)

Old MutualWorld Equity

Fund

Old MutualPacific Equity

Fund

Old MutualEuropean Equity

Fund

Old MutualJapanese Equity

Fund^

Old MutualUS Equity Income

Fund

USD USD USD USD EUR JPY USDNet realised gain/(loss)Investments and foreign currency 11,452,156 (6,610) 13,932,546 14,354,586 (748,608) 899,973,229 18,398,931Financial derivative instruments 241,948 (176,962) (723,187) 418,080 (2,665) 14,949,310 1,889,825

11,694,104 (183,572) 13,209,359 14,772,666 (751,273) 914,922,539 20,288,756Net change in unrealised gain/(loss)Investments and foreign currency (11,852,817) (452,652) (6,676,834) (34,485,904) (1,682,567) (685,281,380) (1,671,558)Financial derivative instruments (8,269) 146,071 (211,246) (49,825) - (3,046,126) (315,129)

(11,861,086) (306,581) (6,888,080) (34,535,729) (1,682,567) (688,327,506) (1,986,687)Net gain/(loss) on financial assets at fair valuethrough profit or lossInvestments and foreign currency (400,661) (459,262) 7,255,712 (20,131,318) (2,431,175) 214,691,849 16,727,373Financial derivative instruments 233,679 (30,891) (934,433) 368,255 (2,665) 11,903,184 1,574,696Bond interest income - 123,754 - - - - -Total net gain/(loss) from financial assets andliabilities at fair value through profit or loss (166,982) (366,399) 6,321,279 (19,763,063) (2,433,840) 226,595,033 18,302,069


Equity Fund

Old MutualTotal Return USD

Bond Fund

Old MutualEmerging Market

Debt Fund


Ideas Fund

Old MutualInvestment Grade

CorporateBond Fund


Markets Fund


USD USD USD EUR USD USD USDNet realised gain/(loss)Investments and foreign currency 21,502,413 (5,937) (4,447,473) 2,701,001 238,796 8,341,420 35,573,723Financial derivative instruments 3,279,795 (18,320,139) (803,316) 63,423 (389,215) 119,742 710,031

24,782,208 (18,326,076) (5,250,789) 2,764,424 (150,419) 8,461,162 36,283,754Net change in unrealised gain/(loss)Investments and foreign currency 11,352,557 (3,903,557) (17,162,623) (4,407,321) (1,266,063) (43,241,096) (79,721,504)Financial derivative instruments (815,325) 4,669,046 (662,600) 10,464 133,248 (610) (117,822)

10,537,232 765,489 (17,825,223) (4,396,857) (1,132,815) (43,241,706) (79,839,326)Net gain/(loss) on financial assets at fair valuethrough profit or lossInvestments and foreign currency 32,854,970 (3,909,494) (21,610,096) (1,706,320) (1,027,267) (34,899,676) (44,147,781)Financial derivative instruments 2,464,470 (13,651,093) (1,465,916) 73,887 (255,967) 119,132 592,209Bond interest income - 6,269,395 6,475,511 - 288,236 - -Total net gain/(loss) from financial assets andliabilities at fair value through profit or loss 35,319,440 (11,291,192) (16,600,501) (1,632,433) (994,998) (34,780,544) (43,555,572)



231

3. Gains And Losses From Financial Assets And Liabilities At Fair Value Through Profit Or Loss (continued)


Emerging MarketDebt Fund

Old MutualUK Alpha

Fund (IRL)


Focus Fund


Old Mutual GlobalEquity Absolute

Return Fund

Old MutualStrategic



Fund^^USD GBP GBP GBP USD USD USD

Net realised gain/(loss)Investments and foreign currency (8,157,553) 2,633,301 13,306,592 24,188,926 547,538,158 (32,202) 8,878,348Financial derivative instruments (6,305,954) (709,717) 12,538 (386,004) (396,394,064) (1,460,449) (241,441)

(14,463,507) 1,923,584 13,319,130 23,802,922 151,144,094 (1,492,651) 8,636,907Net change in unrealised gain/(loss)Investments and foreign currency (38,895,097) (3,644,447) 5,626,118 (18,494,146) (701,035,068) (3,164,319) (6,790,750)Financial derivative instruments (5,637,736) 14,093 - 165,068 240,136,685 (689,446) -

(44,532,833) (3,630,354) 5,626,118 (18,329,078) (460,898,383) (3,853,765) (6,790,750)Net gain/(loss) on financial assets at fair valuethrough profit or lossInvestments and foreign currency (47,052,650) (1,011,146) 18,932,710 5,694,780 (153,496,910) (3,196,521) 2,087,598Financial derivative instruments (11,943,690) (695,624) 12,538 (220,936) (156,257,379) (2,149,895) (241,441)Bond interest income 15,224,273 - - - - 888,784 -Total net gain/(loss) from financial assets andliabilities at fair value through profit or loss (43,772,067) (1,706,770) 18,945,248 5,473,844 (309,754,289) (4,457,632) 1,846,157

Old MutualMonthly IncomeHigh Yield Bond

Fund




IncomeFund (IRL)


Fund

Old MutualCompass Portfolio

2


3


4

USD EUR USD USD USD USD USD

Net realised gain/(loss)Investments and foreign currency (68,811) (2,125,884) 8,526,755 (1,879,963) 106,978 992,570 3,405,861Financial derivative instruments (1,901,944) 115,790 (209,807) (35,485) (534,642) (5,749,166) (10,490,263)

(1,970,755) (2,010,094) 8,316,948 (1,915,448) (427,664) (4,756,596) (7,084,402)Net change in unrealised gain/(loss)Investments and foreign currency (6,170,934) (39,531,284) (12,237,683) (23,471,693) (784,847) (7,619,909) (14,944,210)Financial derivative instruments 12,082 (16,692) (140,800) (5) (193,722) (2,313,378) (5,177,625)

(6,158,852) (39,547,976) (12,378,483) (23,471,698) (978,569) (9,933,287) (20,121,835)Net gain/(loss) on financial assets at fair valuethrough profit or lossInvestments and foreign currency (6,239,745) (41,657,168) (3,710,928) (25,351,656) (677,869) (6,627,339) (11,538,349)Financial derivative instruments (1,889,862) 99,098 (350,607) (35,490) (728,364) (8,062,544) (15,667,888)Bond interest income 2,936,443 - - - 32,288 256,051 346,559Total net gain/(loss) from financial assets andliabilities at fair value through profit or loss (5,193,164) (41,558,070) (4,061,535) (25,387,146) (1,373,945) (14,433,832) (26,859,678)



232


Old MutualCompass

Portfolio 5



Return Fund




USD GBP USD USD USDNet realised gain/(loss)Investments and foreign currency 1,923,435 (3,974,954) (2,714,621) 1,092,716 735,545,818Financial derivative instruments (1,486,469) 651,318 (1,286,579) (1,970,530) (442,060,889)

436,966 (3,323,636) (4,001,200) (877,814) 293,484,929Net change in unrealised gain/(loss)Investments and foreign currency (3,601,642) (16,229,035) (1,245,348) (26,141,591) (1,146,747,475)Financial derivative instruments (1,154,344) 12,823,069 (2,490,311) 5,352,685 248,212,688

(4,755,986) (3,405,966) (3,735,659) (20,788,906) (898,534,787)Net gain/(loss) on financial assets at fair valuethrough profit or lossInvestments and foreign currency (1,678,207) (20,203,989) (3,959,969) (25,048,875) (411,201,657)Financial derivative instruments (2,640,813) 13,474,387 (3,776,890) 3,382,155 (193,848,201)Bond interest income 36,243 - - 6,946,519 39,824,056Total net gain/(loss) from financial assets andliabilities at fair value through profit or loss (4,282,777) (6,729,602) (7,736,859) (14,720,201) (565,225,802)



233


The following table details the gains and losses from financial assets and liabilities at fair value through profit or loss for the financial period ended 30 June 2017:

Old MutualChina Equity

Fund


BondFund (IRL)

Old MutualWorld Equity

Fund

Old MutualPacific Equity

Fund

Old MutualEuropean Equity

Fund

Old MutualJapanese Equity

Fund^

Old MutualUS Equity Income

Fund

USD USD USD USD EUR JPY USDNet realised gain/(loss)Investments and foreign currency 3,060,776 47,331 12,425,426 4,804,695 3,362,396 458,533,029 10,053,515Financial derivative instruments (5,730) (128,691) 140,826 (1,217,034) 8,861 (14,480,814) (91,106)

3,055,046 (81,360) 12,566,252 3,587,661 3,371,257 444,052,215 9,962,409Net change in unrealised gain/(loss)Investments and foreign currency 7,827,959 433,299 9,782,363 19,296,977 (1,331,639) (158,686,141) 11,513,498Financial derivative instruments - 79,835 (10,915) (106,611) - 3,614,167 (9,368)

7,827,959 513,134 9,771,448 19,190,366 (1,331,639) (155,071,974) 11,504,130Net gain/(loss) on financial assets at fair valuethrough profit or lossInvestments and foreign currency 10,888,735 480,630 22,207,789 24,101,672 2,030,757 299,846,888 21,567,013Financial derivative instruments (5,730) (48,856) 129,911 (1,323,645) 8,861 (10,866,647) (100,474)Bond interest income - 91,412 - - - - -Total net gain/(loss) from financial assets andliabilities at fair value through profit or loss 10,883,005 523,186 22,337,700 22,778,027 2,039,618 288,980,241 21,466,539


Equity Fund

Old MutualTotal Return USD

Bond Fund

Old MutualEmerging Market

Debt Fund


Ideas Fund

Old MutualInvestment Grade

CorporateBond Fund


Markets Fund


USD USD USD EUR USD USD USDNet realised gain/(loss)Investments and foreign currency 25,088,123 (1,239,935) 3,052,497 11,207,148 (5,100) (3,951,954) 7,264,595Financial derivative instruments 1,301,798 6,913,481 1,539,035 (141,797) 329,271 (96,658) (1,846,078)

26,389,921 5,673,546 4,591,532 11,065,351 324,171 (4,048,612) 5,418,517Net change in unrealised gain/(loss)Investments and foreign currency 19,918,676 (944,916) 3,082,448 1,185,603 1,052,950 44,922,072 34,405,188Financial derivative instruments 726,172 360,005 (793,188) 24,360 (395,883) - (302,310)

20,644,848 (584,911) 2,289,260 1,209,963 657,067 44,922,072 34,102,878Net gain/(loss) on financial assets at fair valuethrough profit or lossInvestments and foreign currency 45,006,799 (2,184,851) 6,134,945 12,392,751 1,047,850 40,970,118 41,669,783Financial derivative instruments 2,027,970 7,273,486 745,847 (117,437) (66,612) (96,658) (2,148,388)Bond interest income - 8,011,437 4,752,749 - 398,434 - -Total net gain/(loss) from financial assets andliabilities at fair value through profit or loss 47,034,769 13,100,072 11,633,541 12,275,314 1,379,672 40,873,460 39,521,395



234



Emerging MarketDebt Fund

Old MutualUK Alpha

Fund (IRL)


Focus Fund


Old Mutual GlobalEquity Absolute

Return Fund

Old MutualStrategic



Fund

USD GBP GBP GBP USD USD USDNet realised gain/(loss)Investments and foreign currency 1,465,152 1,197,603 11,450,894 34,703,424 410,850,954 839,865 (876,480)Financial derivative instruments (661,338) (51,629) (8,308) (1,316,862) (236,213,514) (203,997) 106,630

803,814 1,145,974 11,442,586 33,386,562 174,637,440 635,868 (769,850)Net change in unrealised gain/(loss)Investments and foreign currency 12,834,802 3,861,415 45,367,367 61,971,335 444,399,933 679,421 3,519,545Financial derivative instruments 1,963,430 (19,109) - 98,969 (114,999,980) 370,164 -

14,798,232 3,842,306 45,367,367 62,070,304 329,399,953 1,049,585 3,519,545Net gain/(loss) on financial assets at fair valuethrough profit or lossInvestments and foreign currency 14,299,954 5,059,018 56,818,261 96,674,759 855,250,887 1,519,286 2,643,065Financial derivative instruments 1,302,092 (70,738) (8,308) (1,217,893) (351,213,494) 166,167 106,630Bond interest income 7,779,642 - - - - 317,080 -Total net gain/(loss) from financial assets andliabilities at fair value through profit or loss 23,381,688 4,988,280 56,809,953 95,456,866 504,037,393 2,002,533 2,749,695

Old MutualMonthly IncomeHigh Yield Bond

Fund




IncomeFund (IRL)


Fund


2


3


4

USD EUR USD USD USD USD USD

Net realised gain/(loss)Investments and foreign currency 528,752 13,161,246 11,335,029 (932,259) 91,871 528,417 3,171,759Financial derivative instruments 2,283,920 (249,164) 386,229 79,409 608,686 3,652,087 8,020,278

2,812,672 12,912,082 11,721,258 (852,850) 700,557 4,180,504 11,192,037Net change in unrealised gain/(loss)Investments and foreign currency 2,603,830 16,394,886 3,750,655 13,498,736 892,124 9,675,245 18,522,455Financial derivative instruments 154,468 91,654 (12,421) (1,573) 175,019 621,244 816,321

2,758,298 16,486,540 3,738,234 13,497,163 1,067,143 10,296,489 19,338,776Net gain/(loss) on financial assets at fair valuethrough profit or lossInvestments and foreign currency 3,132,582 29,556,132 15,085,684 12,566,477 983,995 10,203,662 21,694,214Financial derivative instruments 2,438,388 (157,510) 373,808 77,836 783,705 4,273,331 8,836,599Bond interest income 3,409,314 - - - 20,835 99,963 118,783Total net gain/(loss) from financial assets andliabilities at fair value through profit or loss 8,980,284 29,398,622 15,459,492 12,644,313 1,788,535 14,576,956 30,649,596



235


Old MutualCompass

Portfolio 5



Return FundCombined Total

June 2017

USD GBP USD USDNet realised gain/(loss)Investments and foreign currency 1,252,369 8,262,180 991,430 595,242,685Financial derivative instruments 1,911,122 (46,552,154) 3,106,377 (271,616,222)

3,163,491 (38,289,974) 4,097,807 323,626,463Net change in unrealised gain/(loss)Investments and foreign currency 3,923,372 65,358,194 489,727 901,555,706Financial derivative instruments 412,410 12,471,550 1,269,984 (93,553,834)

4,335,782 77,829,744 1,759,711 808,001,872Net gain/(loss) on financial assets at fair valuethrough profit or lossInvestments and foreign currency 5,175,741 73,620,374 1,481,157 1,496,798,391Financial derivative instruments 2,323,532 (34,080,604) 4,376,361 (365,170,056)Bond interest income 6,930 - - 25,006,579Total net gain/(loss) from financial assets andliabilities at fair value through profit or loss 7,506,203 39,539,770 5,857,518 1,156,634,914

4. Related Party Transactions

Jessica Brescia is an employee of the Investment Manager, Old Mutual Global Investors (UK) Limited. Paul Simpson was an employee of Old Mutual Global Investors (UK) Limited until30 April 2018 and a director of the Company, until 29 June 2018. Old Mutual Global Investors (UK) Limited is the Investment Manager and Investment Adviser of a number of Sub-Fundsas listed in the Directory on pages 4 to 8. Please see Note 7 relating to Directors' fees and Note 8 relating to Investment Manager’s fees. In the opinion of the Directors, there are no otherrelated party transactions required to be disclosed in accordance with FRS 102. Fee arrangements are set out in Note 8.

Related Parties

At the financial period end, related parties have shareholdings in the Company with a value of USD 11,287,097. Purchases during the period with related parties amounted to USD 396,111.Sales during the period with related parties amounted to USD 12,918,273.

The related parties as at the 30 June 2018 are noticeably different to the prior period due to the recent transaction of the sale of Old Mutual Global Investors to TA Associates and management.

As a result of this transaction, Old Mutual Global Investors is no longer part of the Old Mutual Wealth group and therefore Old Mutual Wealth and their affiliates are no longer consideredrelated parties at the 30 June 2018.



236

4. Related Party Transactions (continued)

The following table outlines the related party relationships of the Sub-Funds and Investors at 30 June 2018:

Financial period ended30 June 2018

Sub-Fund with RelatedParty Investor

Related Party Investor Share Class Number of Sharesheld

30 June 2018

InvestorSub-FundCurrency

Fair Value30 June

2018

Purchases Sales

Old Mutual China EquityFund Old Mutual Global Investors (UK) Ltd

C2 (USD) 100 USD 1,410 - -

Old Mutual World EquityFund

Old Mutual Global Investors (UK) Ltd C2 (USD) 100 USD 1,249 - -

Old Mutual Global Investors (UK) Ltd D1 (USD) 100 USD 1,136 - -Old Mutual Global Investors (UK) Ltd D2 (USD) 100 USD 1,143 - -

Old Mutual Pacific EquityFund

Old Mutual Global Investors (AsiaPacific) Ltd

A (USD) 1,514 USD 6,013 - -

Old Mutual Global Investors (UK) Ltd C2 (USD) 100 USD 1,164 - -Old Mutual Global Investors (UK) Ltd I (USD) 17,214 USD 222,984 - 160,507Old Mutual Global Investors (UK) Ltd U1 (GBP) 18,464 USD 325,393 11,993 14,468

Old Mutual US EquityIncome Fund

Old Mutual Global Investors (UK) Ltd C2 (USD) Income 102 USD 1,105 11 -

Old Mutual Global Investors (UK) Ltd R (GBP) 68 USD 1,334 1,346 -

Old Mutual NorthAmerican Equity Fund

Old Mutual Global Investors (UK) Ltd C2 (USD) 100 USD 1,215 11,061

Old Mutual Global Investors (UK) Ltd I (USD) 2,914 USD 47,872 - -

Old Mutual Total ReturnUSD Bond Fund

Old Mutual Global Investors (UK) Ltd A (ZAR) Hedged Income (F) 1,475 USD 983 57 -

Old Mutual Global Investors (UK) Ltd C2 (USD) Income (F) 106 USD 973 24 -

Old Mutual Global Investors (UK) Ltd C2 (AUD) Hedged Income (F) 149 USD 999 27 -

Old Mutual Global Investors (UK) Ltd C2 (ZAR) Hedged Income (F) 1,475 USD 970 57 -



237



Sub-Fund withRelated PartyInvestor


30 June 2018


Fair Value30 June

2018

Purchases Sales

Old Mutual EmergingMarket Debt Fund

Old Mutual Global Investors (UK) Ltd A (ZAR) Hedged Inc (F) 1,239 USD 840 1,057 -

Old Mutual Global Investors (UK) Ltd A (USD) Income (F) 101 USD 952 1,012 -

Old Mutual Global Investors (UK) Ltd C2 (USD) Income (F) 101 USD 950 1,012 -

Old Mutual Global Investors (UK) Ltd C2 (ZAR) Hedged Inc(F)

1,239 USD 838 1,057 -

Nedbank - Nedgroup Trust Ltd U2 (GBP) - USD - - 161,077

Old Mutual EuropeanBest Ideas Fund

Old Mutual Global Investors (UK) Ltd C2 (USD) Hedged 100 USD 1,136 -

Old MutualInvestment GradeCorporate Bond Fund

Old Mutual Global Investors (UK) Ltd I (USD) 103 USD 1,002 1,000 -

Old Mutual Global Investors (UK) Ltd U2 (GBP) Hedged 100 USD 1,430 - -

Old Mutual GlobalEmerging MarketsFund


Old Mutual AsianEquity Income Fund

Old Mutual Global Investors (UK) Ltd A (USD) Income 103 USD 1,137 9 -

Old Mutual Global Investors (UK) Ltd A (GBP) Income 108 USD 1,702 14 -

Old Mutual Global Investors (UK) Ltd C2 (USD) Income (F) 105 USD 1,152 - -



238




Related Party Investor Share Class Number ofShares held

30 June 2018


Fair Value30 June

2018

Purchases Sales

Old Mutual AsianEquity Income Fund(continued)

Old Mutual Global Investors (UK) Ltd I (EUR) 100 USD 1,214 - -

Old Mutual Global Investors (UK) Ltd I (USD) 30,838 USD 371,661 - 133,855

Old Mutual Global Investors (UK) Ltd U1 (GBP) Income 1 USD 19 - -

Old Mutual Global Investors (UK) Ltd U2 (GBP) Income 19,754 USD 303,919 2,504 19,290

Old Mutual LocalCurrency EmergingMarket Debt Fund

Old Mutual Global Investors (UK) Ltd A (USD) Income (F) 110 USD 978 43 -

Old Mutual Global Investors (UK) Ltd A (AUD) HedgedIncome (F)

155 USD 1,005 48 -

Old Mutual Global Investors (UK) Ltd A (ZAR) Hedged Income(F)

1,533 USD 967 81 -

Old Mutual Global Investors (UK) Ltd B (AUD) HedgedIncome (F)

135 USD 861 1,051 -

Old Mutual Global Investors (UK) Ltd B (ZAR) Hedged Income(F)

1,377 USD 863 1,113 -

Old Mutual Global Investors (UK) Ltd C2 (USD) Income (F) 110 USD 1,023 46 -

Old Mutual Global Investors (UK) Ltd C2 (AUD) HedgedIncome (F)

155 USD 992 48 -

Old Mutual Global Investors (UK) Ltd C2 (ZAR) HedgedIncome (F)

1,533 USD 960 80 -

Old Mutual Global Investors (UK) Ltd U2 (GBP) 228 USD 3,538 - -

Old Mutual Global Investors (UK) Ltd W (GBP) - USD - 1,416 1,359

Old Mutual UKAlpha Fund (IRL)

Old Mutual Global Investors (UK) Ltd A (EUR) Hedged 100 USD 1,213 - -


Old Mutual Global Investors (UK) Ltd R (GBP) - USD - - 147,425

Old Mutual UKSmaller CompaniesFocus Fund

Nedbank - Nedgroup Trust Ltd U1 (GBP) Income 38,692 USD 1,055,331 - 1,946,089

Old Mutual UKDynamic Equity Fund

Old Mutual Global Investors (UK) Ltd A (GBP) Income 1,183 USD 7,825 - -

Old Mutual Global Investors (UK) Ltd R (GBP) Income 30,486 USD 208,228 147,425 1,539,693



239





30 June 2018


Fair Value30 June

2018

Purchases Sales

Old Mutual GlobalEquity AbsoluteReturn Fund

Old Mutual Global Investors (UK) Ltd A (GBP) Hedged 33,260 USD 70,237 - -

Old Mutual Global Investors (UK) Ltd A (RMB) Hedged 701 USD 1,501 - -

Old Mutual Global Investors (UK) Ltd I (USD) 638,324 USD 1,113,045 - -

Old Mutual Global Investors (UK) Ltd I (EUR) Hedged 80,213 USD 155,641 - -

Old Mutual Global Investors (UK) Ltd R (GBP) Hedged 38,348 USD 86,863 13,585 -Nedbank - Nedgroup Trust Ltd U2 (GBP) Hedged 1,268,876 USD 2,049,038 - 2,342,434

Old Mutual Global Investors (UK) Ltd U2 (GBP) Hedged 560,262 USD 904,737 - -

Old Mutual GlobalEquity AbsoluteReturn Fund(continued)

Nedbank - Nedgroup Trust Ltd I (USD) - USD - - 44,297

Old Mutual Global Investors (UK) Ltd A2 (CHF) Hedged - USD - - 1,063

Old Mutual Global Investors (UK) Ltd W (GBP) Hedged - USD - 1,416 1,341

Old Mutual StrategicAbsolute ReturnBond Fund

Old Mutual Global Investors (UK) Ltd I (USD) 100 USD 985 1,000 -

Old Mutual Global Investors (UK) Ltd R (GBP) Hedged 100 USD 1,289 1,402 -

Old Mutual Global Investors (UK) Ltd U1 (GBP) Hedged 100 USD 1,289 1,402 -

Old Mutual Global Investors (UK) Ltd U2 (GBP) Hedged 100 USD 1,289 1,402 -

Old Mutual MonthlyIncome High YieldBond Fund

Old Mutual Global Investors (UK) Ltd U1 (GBP) 100 USD 1,700 - -

Old Mutual Global Investors (UK) Ltd A (EUR) Hedged - USD - - 1,397

Old Mutual Europe(ex UK) SmallerCompanies Fund

Old Mutual Global Investors (UK) Ltd I (USD) Hedged 100 USD 955 - -



240





30 June 2018


Fair Value30 June

2018

Purchases Sales

Old Mutual Europe(ex UK) SmallerCompanies Fund(continued)

Old Mutual Global Investors (UK) Ltd U2 (GBP) 1,911 USD 43,935 - -

Old Mutual GlobalEquity IncomeFund (IRL)

Old Mutual Global Investors (UK) Ltd A (GBP) Income - USD 6 - -

Old Mutual Global Investors (UK) Ltd A (GBP) 100 USD 2,075 - -


Old Mutual Global Investors (UK) Ltd U1 (GBP) Income - USD 6 - -

Old Mutual Goldand Silver Fund




Old Mutual Global Investors (UK) Ltd A (EUR) - USD - - 883

Old MutualCompass Portfolio 2

Old Mutual Global Investors (UK) Ltd A (AUD) Hedged - USD - - 799


Old Mutual Global Investors (UK) Ltd N (GBP) Hedged - USD - - 1,379

Old Mutual Global Investors (UK) Ltd N (SGD) Hedged - USD - - 772


Old Mutual Global Investors (UK) Ltd N (GBP) Hedged - USD - - 1,410

Old Mutual Global Investors (UK) Ltd N (SGD) Hedged - USD - - 791



241





30 June 2018


Fair Value30 June

2018

Purchases Sales

Old Mutual CompassPortfolio 5

Old Mutual Global Investors (UK) Ltd A (AUD) - USD - - 940

Old Mutual UK SpecialistEquity Fund

Old Mutual Global Investors (UK) Ltd I (USD) Hedged 21,479 USD 259,934 - -

Nedbank - Nedgroup Trust Ltd R (GBP) 118,654 USD 1,912,198 - 3,129,336

Old Mutual Global Investors (UK) Ltd R (GBP) 3,152 USD 50,798 - -

Nedbank - Nedgroup Trust Ltd X (GBP) 73,917 USD 1,294,533 - 3,140,356

Old Mutual Global Investors (UK) Ltd X (GBP) 17,153 USD 300,402 - -

Old Mutual Style PremiaAbsolute Return Fund

Old Mutual Global Investors (UK) Ltd F2 (USD) 100 USD 995 - -

Old Mutual Global Investors (UK) Ltd I (USD) 100 USD 984 - -

Old Mutual Global Investors (UK) Ltd X (GBP) Hedged 100 USD 1,290 - -

Old Mutual Global Investors (UK) Ltd F2 (GBP) Hedged - USD - - 1,375Nedbank - Nedgroup Trust Ltd F2 (GBP) Hedged - USD - - 66,688

Old Mutual FinancialsContingent Capital Fund

Old Mutual Global Investors (UK) Ltd A (USD) Income 103 USD 960 25 -

Old Mutual Global Investors (UK) Ltd A (USD) Acc - USD - - 1,029Old Mutual Global Investors (UK) Ltd F (USD) Income 19,625 USD 188,884 203,347 -

Old Mutual Global Investors (UK) Ltd R (GBP) Hedged Acc - USD - - 1,375



242


The following table outlines the related party relationships of the Sub-Funds and Investors at 30 June 2017:Financial period ended

30 June 2017Sub-Fund with RelatedParty Investor


30 June 2017


Fair Value30 June

2017

Purchases Sales

Old Mutual China EquityFund

Old Mutual Global Investors (UK) Ltd A (EUR) 100 USD 1,468 - -


Old Mutual International Guernsey Ltd S (GBP) 55 USD 1,329 - -

Old Mutual International Ireland Ltd A (USD) 1,325 USD 63,439 2,996 -

Old Mutual Isle Of Man Ltd A (USD) 37,314 USD 1,785,940 180,606 216,786

Old Mutual Isle Of Man Ltd C (USD) 718 USD 15,550 4,422 -

Old Mutual Isle Of Man Ltd U1 (GBP) 739 USD 12,976 - 12,854

Old Mutual Wealth Life Assurance Ltd S (GBP) 36,126 USD 866,437 721,380 1,147,756

Old Mutual Wealth Nominees Ltd S (GBP) 1,025 USD 24,583 1,778 187

Old Mutual Wealth Nominees Ltd U1 (GBP) 27,188 USD 477,272 359,500 54,323

Skandia Colombia Retail A (USD) 168 USD 8,062 - -

Skandia Colombia Retail C (USD) 4,097 USD 88,777 620 -

Skandia House Account A (USD) 105 USD 5,041 - -

Skandia Multifunds Ltd A (USD) 2,659 USD 127,282 - -



243





30 June 2017


Fair Value30 June

2017

Purchases Sales

Old Mutual Global BondFund

Old Mutual International Guernsey Ltd S (GBP) Income 2 USD 33 - -

Old Mutual International Ireland Ltd A (GBP) Income 79 USD 1,014 21,480 -Old Mutual Isle Of Man Ltd A (EUR) Hedged 17,858 USD 221,597 - -Old Mutual Isle Of Man Ltd A (USD) 2,602 USD 4,823 - -

Old Mutual Isle Of Man Ltd C (USD) 443 USD 5,952 4,029 -

Old Mutual Wealth Life Assurance Ltd A (GBP) Income 96,658 USD 1,243,562 33,741 13,702

Old Mutual Wealth Life Assurance Ltd S (GBP) Income 30,751 USD 410,045 197,884 80,720

Old Mutual Wealth Nominees Ltd S (GBP) Income 2,283 USD 30,436 1,375 288

Old Mutual Wealth Nominees Ltd U1 (GBP) Income 12,862 USD 188,454 25,553 12,510

Skandia Colombia Retail A (USD) 155,312 USD 287,964 16,000 -

Skandia Colombia Retail C (USD) 9,002 USD 121,005 893 -


Old Mutual World EquityFund

Old Mutual Global Investors (UK) Ltd A (EUR) 100 USD 1,382 - -


Old Mutual Global Investors (UK) Ltd D1 (USD) 100 USD 998 - 1,000

Old Mutual Global Investors (UK) Ltd D2 (USD) 100 USD 998 - 1,000

Old Mutual International Guernsey Ltd S (GBP) 238 USD 6,877 30 -

Old Mutual International Ireland Ltd A (EUR) 672 USD 9,288 - -

Old Mutual International Ireland Ltd A (USD) 4,018,800 USD 5,963,899 - 4,196,928

Old Mutual Isle Of Man Ltd A (EUR) 2,531 USD 34,973 - 33,666

Old Mutual Isle Of Man Ltd A (USD) 28,415,606 USD 42,168,759 5,579,534 18,133,701

Old Mutual Isle Of Man Ltd C (USD) 1,155 USD 24,098 8,897 -

Old Mutual Wealth Life Assurance Ltd S (GBP) 18,383 USD 531,114 51,459 50,024

Old Mutual Wealth Nominees Ltd S (GBP) 6,286 USD 181,621 3,992 103,133


Skandia Colombia Retail A (USD) 211,606 USD 314,023 6,000 1,001

Skandia Colombia Retail C (USD) 37,478 USD 781,868 72,058 444,260




244





30 June 2017


Fair Value30 June

2017

Purchases Sales

Old Mutual Pacific EquityFund

Nedbank - Nedgroup Trust Ltd I (USD) 21,209 USD 261,311 93,034 166,799

Nedbank - Nedgroup Trust Ltd U1 (GBP) 6,361 USD 106,580 105,874 102,484

Old Mutual Global Investors (AsiaPacific) Ltd

A (USD) 1,514 USD 5,762 - -


Old Mutual Global Investors (UK) Ltd U1 (GBP) 12,309 USD 206,243 - -


Old Mutual International Guernsey Ltd S (GBP) 55 USD 1,350 - -

Old Mutual Isle Of Man Ltd A (USD) 223,664 USD 851,535 484,288 621,491


Old Mutual Isle Of Man Ltd R (GBP) 5,060 USD 100,885 85,903 -


Old Mutual Wealth Nominees Ltd S (GBP) 2,549 USD 62,113 3,170 28,281

Old Mutual Wealth Nominees Ltd U1 (GBP) 61,321 USD 1,027,453 327,297 1,037,743

Skandia Colombia Retail A (USD) 2,115 USD 8,053 - -

Skandia Colombia Retail C (USD) 5,765 USD 219,423 8,229 -

Old Mutual EuropeanEquity Fund

Nedbank - Nedgroup Trust Ltd U1 (GBP) 1,678 EUR 30,644 24,122 -

Old Mutual International Guernsey Ltd S (GBP) 141 EUR 3,789 13 -

Old Mutual International Ireland Ltd A (EUR) 43,969 EUR 52,748 2,272 2,167

Old Mutual Isle Of Man Ltd A (EUR) 1,253,499 EUR 1,503,788 424,708 115,319

Old Mutual Isle Of Man Ltd A (USD) 221 EUR 4,872 - -

Old Mutual Isle Of Man Ltd C (USD) 1,076 EUR 19,859 3,503 -

Old Mutual Wealth Life Assurance Ltd S (GBP) 6,343 EUR 169,882 78,177 -

Old Mutual Wealth Nominees Ltd S (GBP) 5,110 EUR 136,849 28,019 213

Old Mutual Wealth Nominees Ltd U1 (GBP) 15,226 EUR 278,061 7,246 63,621



245





30 June 2017


Fair Value30 June

2017

Purchases Sales

Old Mutual EuropeanEquity Fund (continued)

Skandia Colombia Retail A (EUR) 26,729 EUR 32,066 - -

Skandia Colombia Retail A (USD) 457 EUR 10,062 - -

Skandia Colombia Retail C (USD) 4,156 EUR 76,711 477 -

Skandia Multifunds Ltd A (EUR) 30,313 EUR 36,366 - -

Old Mutual JapaneseEquity Fund

Nedbank - Nedgroup Trust Ltd A (USD) Hedged 819 JPY 90 - 9,639

Old Mutual Global Investors (UK) Ltd A (GBP) 100 JPY 13 - -

Old Mutual Global Investors (UK) Ltd R (GBP) 100 JPY 13 - -

Old Mutual International Guernsey Ltd S (GBP) 124 JPY 26 - -

Old Mutual International Ireland Ltd A (USD) 5,639 JPY 700 - 1,246

Old Mutual Isle Of Man Ltd A (GBP) 442 JPY 56 141,355 140,743

Old Mutual Isle Of Man Ltd A (JPY) 1 JPY - - -

Old Mutual Isle Of Man Ltd A (USD) 186,461 JPY 23,156 802,947 299,935

Old Mutual Isle Of Man Ltd A (USD) Hedged 915 JPY 101 282,250 -

Old Mutual Isle Of Man Ltd C (USD) 3,264 JPY 359 1,448 -

Old Mutual Wealth Life Assurance Ltd S (GBP) 54,320 JPY 11,426 150,875 -

Old Mutual Wealth Nominees Ltd S (GBP) 2,822 JPY 594 1,423 13,230

Old Mutual Wealth Nominees Ltd U1 (GBP) 15,555 JPY 2,581 23,006 5,037

Old Mutual Wealth Nominees Ltd U2 (GBP) 52 JPY 8 561 -

Skandia Colombia Retail A (JPY) 47,007 JPY 362 - -

Skandia Colombia Retail A (USD) 410 JPY 51 - -

Skandia Colombia Retail C (USD) 148,042 JPY 16,300 264,998 54,077

Old Mutual US DividendFund

Old Mutual Global Investors (UK) Ltd C2 (USD) Income 100 USD 1,032 - -


Old Mutual International Ireland Ltd A (USD) 30,893 USD 851,111 57,249 8,789

Old Mutual International Ireland Ltd R (GBP) Income 2,987 USD 59,437 - -



246





30 June 2017


Fair Value30 June

2017

Purchases Sales

Old Mutual US DividendFund (continued)

Old Mutual Isle Of Man Ltd A (EUR) 826 USD 18,309 - -

Old Mutual Isle Of Man Ltd A (GBP) 754 USD 15,287 9,651 16,256

Old Mutual Isle Of Man Ltd A (USD) 441,070 USD 12,151,646 4,812,645 3,190,068


Old Mutual Isle Of Man Ltd R (GBP) 111 USD 1,999 - 495


Old Mutual Wealth Nominees Ltd S (GBP) 49,392 USD 1,128,077 92,476 24,758


Old Mutual Wealth Nominees Ltd U2 (GBP) 2,709,589 USD 57,651,805 29,949,148 19,638,783

Old Mutual Wealth Nominees Ltd U2 (GBP) Income 140 USD 2,307 - 25

Skandia Colombia Retail A (USD) 47,016 USD 1,295,313 9,649 -

Skandia Colombia Retail C (USD) 165,034 USD 3,570,552 611,584 36,310

Old Mutual NorthAmerican Equity Fund




Old Mutual International Ireland Ltd A (USD) 53,241 USD 1,402,437 - 1,377,340

Old Mutual Isle Of Man Ltd A (EUR) 13,781 USD 278,601 - 163,527



Old Mutual Isle Of Man Ltd R (GBP) 1,474 USD 34,154 496 19,902

Old Mutual Isle Of Man Ltd S (GBP) 10,493 USD 256,586 - 30,379

Old Mutual Isle Of Man Ltd U1 (GBP) 4,162 USD 80,109 - 29,316

Old Mutual Wealth Life Assurance Ltd S (GBP) 6,403 USD 156,565 18,778 -

Old Mutual Wealth Nominees Ltd S (GBP) 2,736 USD 66,892 1,526 169



247





30 June 2017


Fair Value30 June

2017

Purchases Sales

Old Mutual NorthAmerican Equity Fund(continued)

Old Mutual Wealth Nominees Ltd U1 (GBP) 7,196 USD 138,492 9,969 992

Skandia Colombia Retail A (USD) 27,020 USD 711,751 2,700 -

Skandia Colombia Retail C (USD) 14,493 USD 299,983 2,193 -

Skandia Multifunds Ltd A (USD) 492 USD 12,967 - -

Old Mutual Total ReturnUSD Bond Fund

Old Mutual Global Investors (UK) Ltd C2 (USD) Income (F) 101 USD 1,021 - 8

Old Mutual Global Investors (UK) Ltd A (ZAR) Hedged Income (F) 1,325 USD 1,026 - 1,043

Old Mutual Global Investors (UK) Ltd C2 (AUD) Hedged Income (F) 141 USD 1,093 - 1,091

Old Mutual Global Investors (UK) Ltd C2 (ZAR) Hedged Income (F) 1,325 USD 1,021 - 1,043

Old Mutual International Ireland Ltd A (USD) 835 USD 16,844 - -

Old Mutual Isle Of Man Ltd A (AUD) HedgedAccumulation

2,528 USD 22,274 - -

Old Mutual Isle Of Man Ltd A (EUR) Hedged 2,707 USD 35,727 84,974 -

Old Mutual Isle Of Man Ltd A (GBP) Income 11,575 USD 168,763 200 47,631


Old Mutual Isle Of Man Ltd A (USD) Income 13,563 USD 145,620 303,420 200,000


Skandia Colombia Retail A (USD) 121,461 USD 2,449,989 15,800 -

Skandia Colombia Retail C (USD) 231,980 USD 3,726,176 1,040,909 661,949

Old Mutual EmergingMarket Debt Fund

Nedbank - Nedgroup Trust Ltd U2 (GBP) 8,808 USD 158,583 49,227 73,187

Old Mutual International Guernsey Ltd S (GBP) Income 499 USD 7,052 32 262

Old Mutual International Ireland Ltd A (EUR) Hedged 805 USD 14,348 2,408 -

Old Mutual International Ireland Ltd A (GBP) Hedged 116 USD 1,826 1,304 -



248


Significant ShareholdersAs at the financial period end, there were no investors holding greater than 20% of the AUM of any of the Company’s Sub-Funds (2017: Nil). All transactions were entered into on an arm’slength basis.

Connected Person TransactionsIn accordance with the requirements of the Central Bank UCITS Regulations, any transaction carried out with the Company by its Manager, Depositary, Investment Adviser and/or associatedor group companies of these entities (“connected person”) must be carried out as if negotiated at arm’s length. Such transactions must be in the best interests of the shareholders. In additionto those transactions, there are also transactions carried out by connected persons on behalf of the Company to which the Directors have no direct access and in respect of which the Directorsmust rely upon assurances from its delegates that the connected persons carrying out these transactions do carry them out on a similar basis.

The Board of Directors are satisfied that: (i) there are arrangements (evidenced by written procedures) in place to ensure that theobligations set out in Central Bank of Ireland’s UCITS Regulations are applied to all transactions with connected parties; and (ii) transactions with connected parties entered into during thefinancial year complied with the obligations set out in the UCITS Regulations.

Although not deemed to be related parties under FRS 102 as they do not exercise significant influence over the activities of the Company, UCITS Regulations also deems a “Depositary” andits “associated or group companies” to be related parties to the Company. As such, Citi Depositary Services Ireland DAC, the Depositary, and Citibank Europe plc, the Administrator, arerelated parties to the Company. During the financial year, Citi Depositary Services Ireland DAC and Citibank Europe plc earned fees for provision of depositary and administration servicesto the Company as disclosed in Note 8. Citibank International plc Ireland Branch were selected by the Company to execute foreign exchange transactions and purchase and sell securities onbehalf of the Sub-Funds, the terms of such transactions were negotiated by the Company with such companies and were at normal commercial terms.

In-specieDuring the financial period ended 30 June 2018 there were no in-species transfers (2017: Nil).

Investments in related entitiesDuring the financial period ended 30 June 2018 a number of the Sub-Funds invested in other Sub-Funds in the Company (the “Cross Investments”). The fair value of these investments as of30 June 2018 is disclosed within each relevant Sub-Fund’s Portfolio of Investments.

For the purposes of producing the combined Company financial statements, the value of investments in related entities and the gains and losses arising at Sub-Fund level from investments inrelated entities during the financial period must be eliminated in order to prevent double counting. The value of Cross Investments eliminated on combination is USD 105,972,056 (2017:USD 83,550,094) on Statement of Financial Position and USD (6,414,738) (30 June 2017: USD 6,670,235) on the Statement of Operations.



249


Investments in related entities (continued)During the financial period the below Sub-Funds, in the ordinary course of business, executed purchases and sales transactions with other Sub-Funds managed by the Investment Managerand Investment Advisers. All transactions were entered into on an arm’s length basis. Details of holdings at 30 June 2018 are outlined below.

Investing Sub-Fund Sub-Fund Share ClassInvestingSub-FundCurrency

Cost ofInvestment

30 June 2018*

Market Value30 June 2018*

Purchases Sales

Net realisedand

movement inunrealised

gain/(loss)*Old Mutual GlobalStrategic Bond Fund(IRL)

Old Mutual Financials Contingent Capital Fund (UCITS) F (USD)Income

USD 618,185 588,436 644,803 511,767 (22,881)

Old Mutual InvestmentGrade Corporate BondFund


USD 415,348 397,116 - - (18,232)

Old Mutual Monthly Income High Yield Bond Fund(UCITS)

A (USD)Income

USD 419,720 402,730 - - (16,990)

Old Mutual StrategicAbsolute Return BondFund^^^


USD 4,475,591 4,260,457 3,761,308 3,162,463 (185,922)

Old Mutual Pan AfricanFund^^

Nedbank Group Ltd NED SJ (UCITS) OrdinaryShares(ZAR)

USD - - - 1,837,928 578,938

OLD MUTUAL PLC OML SJ (UCITS) OrdinaryShares(GBP)

USD - - - 1,927,813 441,998

Old Mutual MonthlyIncome High Yield BondFund


USD 9,771,705 9,349,929 1,370,395 - (421,776)


Old Mutual Asian Equity Fund (UCITS) A (GBP) USD 82,824 102,532 - - 19,708

Old Mutual Europe (ex UK) Smaller Companies Fund U2 (GBP) USD 186,768 162,403 186,767 - (24,365)Old Mutual European Best Ideas Fund (UCITS) A (GBP)

IncomeUSD 149,902 169,998 - - 20,096

Old Mutual Financials Contingent Capital Fund (UCITS) I (USD)Income

USD 384,728 367,295 111,407 - (17,433)

Old Mutual Global Emerging Markets Fund (UCITS) U2 (GBP) USD 76,819 67,431 127,511 52,937 (14,121)Old Mutual Global Equity Income Fund (IRL) (UCITS) R (GBP)

IncomeUSD 446,676 551,836 50,159 - 105,160

Old Mutual Local Currency Emerging Market Debt Fund(UCITS)

U2 (GBP)Income

USD 159,863 144,397 - - (15,466)

Old Mutual Style Premia Absolute Return Fund (UCITS) F (USD) USD 344,575 337,839 8,943 - (6,736)Old Mutual UK Specialist Equity Fund R (GBP) USD 227,088 211,555 227,088 - (15,533)



250




InvestingSub-FundCurrency

Cost ofInvestment

30 June 2018*


Purchases Sales

Net realisedand


gain/(loss)*Old Mutual CompassPortfolio 2 (continued)

Old Mutual UK Specialist Equity Fund F (GBP) USD 304,224 301,484 304,224 - (2,740)

Old Mutual UK Specialist Equity Fund (UCITS) X (GBP) USD - - - 179,637 47,486Old Mutual CompassPortfolio 3

Old Mutual Asian Equity Fund (UCITS) A (GBP) USD 1,576,358 2,096,969 - - 520,611

Old Mutual Europe (ex UK) Smaller Companies Fund U2 (GBP) USD 3,477,735 3,016,539 3,861,517 383,782 (503,944)Old Mutual European Best Ideas Fund (UCITS) A (GBP)

IncomeUSD 3,113,763 3,360,114 64,327 - 246,351


USD 1,042,829 996,371 - - (46,458)

Old Mutual Global Emerging Markets Fund (UCITS) U2 (GBP) USD 1,944,035 1,716,606 1,941,789 - (227,429)Old Mutual Global Equity Income Fund (IRL) (UCITS) R (GBP)

IncomeUSD 5,065,740 6,446,657 43,219 - 1,380,917


U2 (GBP)Income

USD 1,111,560 987,217 47,016 - (124,343)

Old Mutual Style Premia Absolute Return Fund (UCITS) F (USD) USD 1,841,209 1,804,608 174,525 - (36,601)Old Mutual UK Specialist Equity Fund R (GBP) USD 1,505,696 1,402,705 1,505,696 - (102,991)Old Mutual UK Specialist Equity Fund F (GBP) USD 2,261,923 2,241,554 2,261,923 - (20,369)Old Mutual UK Specialist Equity Fund (UCITS) X (GBP) USD - - - 1,216,902 288,998


Old Mutual Asian Equity Fund (UCITS) A (GBP) USD 5,568,011 7,327,000 - - 1,758,989

Old Mutual Europe (ex UK) Smaller Companies Fund U2 (GBP) USD 7,770,842 6,765,880 8,096,316 325,474 (1,040,119)Old Mutual European Best Ideas Fund (UCITS) A (GBP)

IncomeUSD 9,456,711 10,069,785 2,175,611 - 613,074


USD 2,580,000 2,484,592 - - (95,408)



251




Cost ofInvestment30 June2018*


Purchases Sales

Net realisedand movementin unrealisedgain/(loss)*

Old Mutual CompassPortfolio 4 (continued)

Old Mutual Global Emerging Markets Fund (UCITS) U2 (GBP) USD 4,676,715 4,129,428 4,674,470 - (547,287)

Old Mutual Global Equity Income Fund (IRL) (UCITS) R (GBP)Income

USD 14,162,357 18,056,966 315,722 - 3,894,609


U2 (GBP)Income

USD 810,517 731,632 - - (78,885)

Old Mutual Style Premia Absolute Return Fund (UCITS) F (USD) USD 2,053,141 2,016,514 - - (36,627)Old Mutual UK Specialist Equity Fund R (GBP) USD 1,947,124 1,813,939 1,947,124 - (133,185)Old Mutual UK Specialist Equity Fund F (GBP) USD 2,095,814 2,076,941 2,095,814 - (18,873)Old Mutual UK Specialist Equity Fund (UCITS) X (GBP) USD - - - 1,549,028 398,363


Old Mutual Asian Equity Fund (UCITS) A (GBP) USD 1,239,790 1,513,197 319,101 212,130 363,052

Old Mutual Europe (ex UK) Smaller Companies Fund U2 (GBP) USD 1,195,167 1,045,881 1,509,101 313,935 (177,008)Old Mutual European Best Ideas Fund (UCITS) A (GBP)

IncomeUSD 2,101,910 2,288,603 346,350 429,434 239,281

Old Mutual Global Emerging Markets Fund (UCITS) U2 (GBP) USD 972,553 858,837 970,308 - (113,716)Old Mutual Global Equity Income Fund (IRL) (UCITS) R (GBP)

IncomeUSD 2,790,363 3,308,083 711,144 309,122 583,481




252



Details of holdings at 30 June 2017 are outlined below.


Cost ofInvestment

30 June2017*

MarketValue

30 June2017*

Purchases Sales

Net realisedand


gain/(loss)*Old Mutual InvestmentGrade Corporate BondFund

Monthly Income High Yield Bond Fund (UCITS) A (USD) Income USD 719,065 721,921 22,891 - 966


Old Mutual Absolute Return Government Bond Fund(UCITS)

F (USD) Hedged USD 376,710 370,393 213,438 27,948 (7,146)

Old Mutual Bond 1 Fund (UCITS) A (GBP) Income USD 837,541 825,342 255,976 7,783 50,103Old Mutual Bond 2 Fund (UCITS) A (GBP) Income USD - - 138,129 680,025 (3,259)Old Mutual Bond 3 Fund (UCITS) A (GBP) Income USD 196,082 204,421 - - 8,082Old Mutual Equity 1 Fund (UCITS) A (GBP) USD 14,316 14,969 12,915 - 741Old Mutual Global Best Ideas Fund (UCITS) A (GBP) USD 314,850 344,192 21,146 - 29,209Old Mutual European Best Ideas Fund (UCITS) A (GBP) Income USD 153,483 172,284 - - 25,987Old Mutual Local Currency Emerging Market DebtFund (UCITS)

U2 (GBP) Income USD 159,863 163,849 - 8,023 12,021

Old Mutual Asian Equity Fund (UCITS) A (GBP) USD 91,881 109,705 27,029 17,053 13,641Old Mutual Global Equity Income Fund (IRL) (UCITS) R (GBP) Income USD 500,887 584,455 - 11,630 61,496Old Mutual Style Premia Absolute Return Fund(UCITS)

F (USD) USD 320,626 333,532 130,628 2 11,306

Old Mutual UK Specialist Equity Fund (UCITS) X (GBP) USD 179,637 195,226 27,818 - 25,850Old Mutual Investment Funds Series I - UK EquityIncome Fund (UCITS)

U2 (GBP) Income USD 58,329 59,052 51,575 - 1,151

Old Mutual Voyager Global Dynamic Equity Fund(UCITS)

A (GBP) USD 1,855,439 2,097,915 503,300 523,255 249,759

Old Mutual Bond 2 Fund (UCITS) A (GBP) USD 764,783 811,410 780,182 15,398 47,647Old Mutual Specialist Funds - Old Mutual SchroderEuropean Alpha Income Fund (UCITS)

U2 (GBP) USD 229 230 229 - 1



F (USD) Hedged USD 2,096,450 2,074,743 342,738 - (25,984)



253




Cost ofInvestment

30 June2017*

MarketValue

30 June2017*

Purchases Sales

Net realisedand



Old Mutual Bond 1 Fund (UCITS) A (GBP) Income USD 4,253,947 3,958,471 191,982 - 298,378

Old Mutual Bond 2 Fund (UCITS) A (GBP) Income USD - - 724,992 3,856,921 (20,497)Old Mutual Bond 3 Fund (UCITS) A (GBP) Income USD 1,849,542 1,798,666 - - 62,208Old Mutual Equity 1 Fund (UCITS) A (GBP) USD 13,586 14,693 20 - 2,749Old Mutual Global Best Ideas Fund (UCITS) A (GBP) USD 4,502,589 4,880,384 - 402,480 443,666Old Mutual European Best Ideas Fund (UCITS) A (GBP) Income USD 2,299,838 2,532,472 - - 381,982

Old Mutual Local Currency Emerging Market DebtFund (UCITS)

U2 (GBP) Income USD 1,064,544 1,070,168 - - 75,054

Old Mutual Asian Equity Fund (UCITS) A (GBP) USD 1,576,358 2,022,505 - - 268,227Old Mutual Global Equity Income Fund (IRL)(UCITS)

R (GBP) Income USD 5,022,521 5,897,666 - - 607,398

Old Mutual Style Premia Absolute Return Fund(UCITS)

F (USD) USD 1,666,684 1,736,852 556,684 - 60,833

Old Mutual UK Specialist Equity Fund (UCITS) X (GBP) USD 1,216,902 1,294,411 152,957 - 173,196Old Mutual Investment Funds Series I - UK EquityIncome Fund (UCITS)

U2 (GBP) Income USD 193,254 198,768 - - 17,766


A (GBP) USD 28,675,718 32,908,037 1,331,591 - 3,330,530

Old Mutual Bond 2 Fund (UCITS) A (GBP) USD 4,023,281 4,283,476 4,023,281 - 260,195Old Mutual Specialist Funds - Old Mutual SchroderEuropean Alpha Income Fund (UCITS)

U2 (GBP) USD 1,702 1,708 1,702 - 6



F (USD) Hedged USD 1,912,294 1,892,590 307,193 - (23,618)

Old Mutual Bond 1 Fund (UCITS) A (GBP) Income USD 4,029,054 3,804,908 - - 297,790Old Mutual Bond 2 Fund (UCITS) A (GBP) Income USD - - 537,676 3,692,584 (22,043)Old Mutual Bond 3 Fund (UCITS) A (GBP) Income USD 1,402,141 1,408,641 - - 48,719Old Mutual Equity 1 Fund (UCITS) A (GBP) USD 26,524 30,562 42 - 5,719Old Mutual Global Best Ideas Fund (UCITS) A (GBP) USD 12,525,991 13,684,107 - 189,388 1,199,620Old Mutual European Best Ideas Fund (UCITS) A (GBP) Income USD 6,111,706 6,721,245 - - 1,013,788



254




Cost ofInvestment

30 June2017*

MarketValue

30 June2017*

Purchases Sales

Net realisedand



Old Mutual Local Currency Emerging Market DebtFund (UCITS)

U2 (GBP) Income USD 810,517 830,189 - - 58,224

Old Mutual Asian Equity Fund (UCITS) A (GBP) USD 5,568,011 7,066,817 - - 937,210Old Mutual Global Equity Income Fund (IRL)(UCITS)

R (GBP) Income USD 13,846,635 16,346,841 - - 1,683,555

Old Mutual Style Premia Absolute Return Fund(UCITS)

F (USD) USD 2,053,141 2,135,248 813,142 - 71,679

Old Mutual UK Specialist Equity Fund (UCITS) X (GBP) USD 1,549,028 1,673,899 178,656 - 225,066Old Mutual Investment Funds Series I - UK EquityIncome Fund (UCITS)

U2 (GBP) Income USD 494,523 508,632 - - 45,461


A (GBP) USD 47,598,617 54,498,484 1,422,055 - 5,583,108

Old Mutual Bond 2 Fund (UCITS) A (GBP) USD 3,258,228 3,504,301 3,258,228 - 246,073Old Mutual Specialist Funds - Old Mutual SchroderEuropean Alpha Income Fund (UCITS)

U2 (GBP) USD 2,792 2,801 2,792 - 9


Old Mutual Equity 1 Fund (UCITS) A (GBP) USD 5,892 6,789 9 - 1,270

Old Mutual Global Best Ideas Fund (UCITS) A (GBP) USD 2,970,843 3,236,745 - 114,030 290,170Old Mutual European Best Ideas Fund (UCITS) A (GBP) Income USD 2,392,239 2,626,917 45,218 3 394,400Old Mutual Asian Equity Fund (UCITS) A (GBP) USD 1,204,509 1,533,086 - 66,050 214,361Old Mutual Global Equity Income Fund (IRL)(UCITS)

R (GBP) Income USD 2,880,643 3,368,216 - 63,237 353,995

Old Mutual Investment Funds Series I - UK EquityIncome Fund (UCITS)

U2 (GBP) Income USD 131,383 135,132 - - 12,078


A (GBP) USD 9,190,714 10,587,426 15,035 210,168 1,121,116

Old Mutual Specialist Funds - Old Mutual SchroderEuropean Alpha Income Fund (UCITS)

U2 (GBP) USD 546 547 546 - 2




255

5. Share Capital

Subscriber SharesThe authorised share capital of the Company is EUR 38,082 represented by 30,000 subscriber Shares of no par value and500,000,000,000 Shares of no par value. The Company has repurchased all but seven of the subscriber Shares. The subscriberShares entitle the Shareholders holding them to attend and vote at all meetings of the Company. The subscriber Shares entitlesthe Shareholder to participate equally on a pro rata basis in the dividends and net assets of the Company, this entitlement shallbe limited to the amount subscribed and any accrued income thereon.

Redeemable Participating SharesThe creation of the various Share Classes is intended to offer greater flexibility to both retail and institutional clients. Each ShareClass may also be distinguished by the Investment Management Fee, initial charge, contingent deferred sales charge andredemption charges applicable and the minimum subscription requirements. Each Share Class in each Sub-Fund has equal voting,distribution and liquidation rights in proportion to the number of the Shares held in that Sub-Fund. Please refer to the Prospectusfor the further details on Share capital. The management, performance and distribution fees applicable are disclosed in Note 8.The movement in share capital during the financial period ended 30 June 2018 and 30 June 2017 is disclosed as part of theStatement of Changes in Net Assets Attributable to Redeemable Participating Shareholders on pages 224 to 227.

The net assets attributable to holders of Redeemable Participating Shares are at all times equal to the Net Asset Value of theCompany. The participating shares which comprise the equity capital of the Company are in substance a liability of the Companyto shareholders under the terms of FRS 102 as they can be redeemed at the option of the shareholder.

Participating shares may be redeemed on each dealing date or such other date or dates as the Board of Directors shall from timeto time determine (Valuation Day) at the Net Asset Value per share.

Capital ManagementThe Company is a self-managed UCITS Company and by taking into consideration of Subscriber Shares, has met the minimumcapital requirements whereby the Company must, at all time, maintain a minimum capital requirement equivalent to €300,000.The Company endeavours to manage the investment of redeemable shares in investments that meet the Company’s investmentobjectives while maintaining sufficient liquidity to meet shareholders redemptions.



256


Share MovementOld Mutual China Equity Fund

Class A (EUR) Class A (USD) Class B (USD) Class C (USD) Class C2 (USD) Class I (USD) Class S (GBP) Class U1 (GBP)Shares in issue at 1 January 2017 100 964,933 452,941 184,854 100 177,414 18,928 46,936Subscriptions during the financial period - 366,950 45,541 14,576 59,050 - 50,608 13,043Redemptions during the financial period - (349,712) (370,589) (37,385) (41,457) (177,414) (32,330) (26,110)Shares in issue at 30 June 2017 100 982,171 127,893 162,045 17,693 - 37,206 33,869

Shares in issue at 1 January 2018 - 907,393 298,548 169,521 413,349 - 19,066 39,701Subscriptions during the financial period - 461,509 563,885 51,080 798,278 - 26,450 26,240Redemptions during the financial period - (521,314) (516,902) (51,425) (885,199) - (20,358) (23,670)Shares in issue at 30 June 2018 - 847,588 345,531 169,176 326,428 - 25,158 42,271

Net Assets as at 30 June 2018 EUR - USD 48,032,557 USD 9,513,706 USD 4,274,735 USD 4,602,130 USD - GBP 546,489 GBP 673,674Net Assets as at 31 December 2017 EUR - USD 51,154,795 USD 8,218,953 USD 4,294,507 USD 5,826,866 USD - GBP 399,672 GBP 609,598Net Assets as at 31 December 2016 EUR 1,150 USD 38,023,600 USD 8,818,561 USD 3,325,954 USD 997 USD 2,568,228 GBP 303,666 GBP 551,715

Net Assets per share as at 30 June 2018 EUR - USD 56.670 USD 27.534 USD 25.268 USD 14.098 USD - GBP 21.722 GBP 15.937Net Assets per share as at 31 December 2017 EUR - USD 56.376 USD 27.530 USD 25.333 USD 14.097 USD - GBP 20.963 GBP 15.355Net Assets per share as at 31 December 2016 EUR 11.497 USD 39.405 USD 19.470 USD 17.992 USD 9.973 USD 14.476 GBP 16.043 GBP 11.755

Old Mutual Global Strategic Bond Fund (IRL)Class A (EUR)

HedgedClass A (GBP)

Income Class A (USD)Class A (USD)

Income Class B (USD)Class B (USD)

Income Class C (USD)Class C (USD)

IncomeShares in issue at 1 January 2017 34,280 100,091 1,897,480 950 15,306 30,994 180,761 459Subscriptions during the financial period - 1,100 252,930 26,327 8,959 16,902 18 -Redemptions during the financial period (7,958) (4,454) (191,681) - (22,827) (44,643) (22,428) (459)Shares in issue at 30 June 2017 26,322 96,737 1,958,729 27,277 1,438 3,253 158,351 -

Shares in issue at 1 January 2018 26,317 93,937 1,992,358 25,829 10,895 58,680 125,660 -Subscriptions during the financial period - 6,510 4,451,958 3,985 341,233 145,667 8,139 -Redemptions during the financial period (12,195) (6,900) (4,108,105) (15,286) (325,339) (156,000) (25,670) -Shares in issue at 30 June 2018 14,122 93,547 2,336,211 14,528 26,789 48,347 108,129 -

Net Assets as at 30 June 2018 EUR 147,633 GBP 886,552 USD 4,273,388 USD 112,995 USD 343,645 USD 368,297 USD 1,412,102 USD -Net Assets as at 31 December 2017 EUR 289,725 GBP 907,157 USD 3,781,918 USD 210,753 USD 145,762 USD 471,256 USD 1,716,152 USD -Net Assets as at 31 December 2016 EUR 362,383 GBP 1,012,242 USD 3,369,972 USD 7,463 USD 195,003 USD 241,565 USD 2,346,794 USD 4,176

Net Assets per share as at 30 June 2018 EUR 10.454 GBP 9.477 USD 1.829 USD 7.778 USD 12.828 USD 7.618 USD 13.059 USD -Net Assets per share as at 31 December 2017 EUR 11.009 GBP 9.657 USD 1.898 USD 8.159 USD 13.379 USD 8.031 USD 13.657 USD -Net Assets per share as at 31 December 2016 EUR 10.571 GBP 10.113 USD 1.776 USD 7.858 USD 12.740 USD 7.794 USD 12.983 USD 9.089



257


Share Movement (continued)Old Mutual Global Strategic BondFund (IRL) (continued)

Class S (GBP)Income

Class U1 (GBP)Income

Shares in issue at 1 January 2017 42,030 34,376Subscriptions during the financial period 6,322 85,034Redemptions during the financial period (15,316) (7,203)Shares in issue at 30 June 2017 33,036 112,207

Shares in issue at 1 January 2018 30,288 196,868Subscriptions during the financial period 247 4,113Redemptions during the financial period (1,477) (56,632)Shares in issue at 30 June 2018 29,058 144,349

Net Assets as at 30 June 2018 GBP 286,089 GBP 1,562,131Net Assets as at 31 December 2017 GBP 303,717 GBP 2,164,441Net Assets as at 31 December 2016 GBP 440,428 GBP 395,993

Net Assets per share as at 30 June 2018 GBP 9.846 GBP 10.822Net Assets per share as at 31 December 2017 GBP 10.028 GBP 10.994Net Assets per share as at 31 December 2016 GBP 10.479 GBP 11.520


Class A (EUR)Class A (EUR)

Hedged Class A (USD) Class B (USD) Class C (USD) Class C2 (USD) Class D1 (USD)Shares in issue at 1 January 2017 772 9,364 88,108,110 182,968 197,776 100 -Subscriptions during the financial period 2,531 8,254 83,563,382 603,302 174,631 19,684 100Redemptions during the financial period - (350) (44,231,675) (757,356) (144,197) (4,716) -Shares in issue at 30 June 2017 3,303 17,268 127,439,817 28,914 228,210 15,068 100

Shares in issue at 1 January 2018 1,183,378 1,183,248 147,799,285 30,982 607,927 36,434 100Subscriptions during the financial period 412,579 700,524 49,586,664 120,209 311,050 107,504 -Redemptions during the financial period (529,110) (1,526,417) (51,384,649) (81,986) (69,600) (75,999) -Shares in issue at 30 June 2018 1,066,847 357,355 146,001,300 69,205 849,377 67,939 100

Net Assets as at 30 June 2018 EUR 14,416,306 EUR 4,543,409 USD 246,582,716 USD 1,669,844 USD 19,867,814 USD 848,598 USD 1,136Net Assets as at 31 December 2017 EUR 15,231,613 EUR 15,038,496 USD 244,878,375 USD 737,109 USD 14,054,615 USD 448,717 USD 1,114Net Assets as at 31 December 2016 EUR 9,090 EUR 98,207 USD 117,439,890 USD 3,548,637 USD 3,737,818 USD 1,003 USD -

Net Assets per share as at 30 June 2018 EUR 13.513 EUR 12.714 USD 1.689 USD 24.129 USD 23.391 USD 12.491 USD 11.358Net Assets per share as at 31 December 2017 EUR 12.871 EUR 12.710 USD 1.657 USD 23.792 USD 23.119 USD 12.316 USD 11.136Net Assets per share as at 31 December 2016 EUR 11.773 EUR 10.488 USD 1.333 USD 19.395 USD 18.899 USD 10.035 USD -



258


Share Movement (continued)Old Mutual World Equity Fund (continued)

Class D2 (USD) Class I (EUR) Class I (USD) Class S (GBP) Class U1 (GBP)Shares in issue at 1 January 2017 - 260,000 3,607,818 21,313 72,269Subscriptions during the financial period 100 - 1,116,174 5,775 36,712Redemptions during the financial period - (130,000) (258,462) (2,051) (14,746)Shares in issue at 30 June 2017 100 130,000 4,465,530 25,037 94,235

Shares in issue at 1 January 2018 100 130,751 6,160,378 31,625 123,381Subscriptions during the financial period - 2,701,493 3,171,488 6,106 50,734Redemptions during the financial period - (199,618) (1,118,062) (3,729) (13,086)Shares in issue at 30 June 2018 100 2,632,626 8,213,804 34,002 161,029

Net Assets as at 30 June 2018 USD 1,143 EUR 37,928,244 USD 146,057,234 GBP 856,491 GBP 2,663,689Net Assets as at 31 December 2017 USD 1,117 EUR 1,787,558 USD 107,067,394 GBP 758,132 GBP 1,939,111Net Assets as at 31 December 2016 USD - EUR 3,224,494 USD 50,061,303 GBP 448,569 GBP 996,644

Net Assets per share as at 30 June 2018 USD 11.426 EUR 14.407 USD 17.782 GBP 25.190 GBP 16.542Net Assets per share as at 31 December 2017 USD 11.170 EUR 13.672 USD 17.380 GBP 23.973 GBP 15.716Net Assets per share as at 31 December 2016 USD - EUR 12.402 USD 13.876 GBP 21.047 GBP 13.791

Old Mutual Pacific Equity FundClass A (EUR) Class A (USD) Class B (USD) Class C (USD) Class C2 (USD) Class I (USD)

Shares in issue at 1 January 2017 400,981 34,085,587 186,472 259,984 100 966,681Subscriptions during the financial period 64,159 10,709,861 37,379 42,468 84,476 2,013,668Redemptions during the financial period (64,554) (11,263,148) (179,590) (73,766) (24,837) (561,966)Shares in issue at 30 June 2017 400,586 33,532,300 44,261 228,686 59,739 2,418,383

Shares in issue at 1 January 2018 331,152 25,922,031 99,950 222,403 339,445 1,652,801Subscriptions during the financial period 14,235 5,982,092 223,869 50,501 970,866 193,826Redemptions during the financial period (84,465) (7,567,708) (173,547) (51,560) (738,311) (1,739,142)Shares in issue at 30 June 2018 260,922 24,336,415 150,272 221,344 572,000 107,485

Net Assets as at 30 June 2018 EUR 9,707,545 USD 96,684,536 USD 6,092,243 USD 8,658,580 USD 6,658,637 USD 1,392,330Net Assets as at 31 December 2017 EUR 13,622,955 USD 117,274,240 USD 4,637,691 USD 9,983,722 USD 4,524,176 USD 24,291,805Net Assets as at 31 December 2016 EUR 13,766,760 USD 113,349,371 USD 6,434,748 USD 8,708,723 USD 991 USD 10,360,964

Net Assets per share as at 30 June 2018 EUR 37.205 USD 3.973 USD 40.541 USD 39.118 USD 11.641 USD 12.954Net Assets per share as at 31 December 2017 EUR 41.138 USD 4.524 USD 46.400 USD 44.890 USD 13.328 USD 14.697Net Assets per share as at 31 December 2016 EUR 34.333 USD 3.325 USD 34.508 USD 33.497 USD 9.910 USD 10.718



259


Share Movement (continued)Old Mutual Pacific Equity Fund (continued)

Class R (GBP) Class S (GBP) Class U1 (GBP)Shares in issue at 1 January 2017 22,530 15,521 36,990Subscriptions during the financial period 27,140 37,617 66,228Redemptions during the financial period (11,455) (35,122) (20,119)Shares in issue at 30 June 2017 38,215 18,016 83,099

Shares in issue at 1 January 2018 40,221 14,835 68,348Subscriptions during the financial period 15,139 21,597 13,038Redemptions during the financial period (11,293) (12,666) (17,596)Shares in issue at 30 June 2018 44,067 23,766 63,790

Net Assets as at 30 June 2018 GBP 702,825 GBP 463,598 GBP 855,585Net Assets as at 31 December 2017 GBP 707,724 GBP 319,664 GBP 1,011,026Net Assets as at 31 December 2016 GBP 318,959 GBP 267,927 GBP 439,031

Net Assets per share as at 30 June 2018 GBP 15.949 GBP 19.507 GBP 13.412Net Assets per share as at 31 December 2017 GBP 17.596 GBP 21.548 GBP 14.792Net Assets per share as at 31 December 2016 GBP 14.157 GBP 17.262 GBP 11.869

Old Mutual European Equity FundClass A (EUR) Class A (USD) Class B (USD) Class C (USD) Class S (GBP) Class U1 (GBP)

Shares in issue at 1 January 2017 32,827,606 185,730 163,795 210,223 17,043 14,939Subscriptions during the financial period 780,613 166,901 7,680 26,369 10 4,116Redemptions during the financial period (1,737,422) (93,972) (152,956) (53,272) (5,458) (2,151)Shares in issue at 30 June 2017 31,870,797 258,659 18,519 183,320 11,595 16,904

Shares in issue at 1 January 2018 30,653,552 234,125 39,443 174,311 13,070 16,829Subscriptions during the financial period 203,240 30,030 86,752 12,096 933 3,016Redemptions during the financial period (1,040,970) (62,243) (63,346) (42,576) (739) (2,957)Shares in issue at 30 June 2018 29,815,822 201,912 62,849 143,831 13,264 16,888

Net Assets as at 30 June 2018 EUR 26,357,427 USD 3,813,044 USD 1,005,689 USD 2,242,279 GBP 233,709 GBP 202,784Net Assets as at 31 December 2017 EUR 28,758,894 USD 4,832,893 USD 693,457 USD 2,993,385 GBP 244,192 GBP 213,932Net Assets as at 31 December 2016 EUR 28,370,873 USD 3,115,395 USD 2,368,963 USD 2,977,983 GBP 281,706 GBP 168,820

Net Assets per share as at 30 June 2018 EUR 0.884 USD 18.885 USD 16.002 USD 15.590 GBP 17.620 GBP 12.007Net Assets per share as at 31 December 2017 EUR 0.938 USD 20.642 USD 17.581 USD 17.173 GBP 18.684 GBP 12.712Net Assets per share as at 31 December 2016 EUR 0.864 USD 16.774 USD 14.463 USD 14.166 GBP 16.529 GBP 11.300



260


Share Movement (continued)Old Mutual Japanese Equity Fund^

Class A (EUR)Hedged Class A (GBP) Class A (JPY) Class A (USD)

Class A (USD)Hedged Class B (USD) Class C (USD) Class R (GBP)

Shares in issue at 1 January 2017 37,391 579 7,142,348 890,884 240,926 151,935 320,844 100Subscriptions during the financial period 36 79,790 16,259,869 136,842 184,916 589 38,087 -Redemptions during the financial period (177) (71,137) (13,646,048) (166,093) (191,533) (139,372) (88,725) -Shares in issue at 30 June 2017 37,250 9,232 9,756,169 861,633 234,309 13,152 270,206 100

Shares in issue at 1 January 2018 37,335 12,079 5,982,759 845,617 126,408 21,637 272,196 100Subscriptions during the financial period - - 4,217 943 - - 6,926 -Redemptions during the financial period (37,335) (12,079) (5,986,976) (846,560) (126,408) (21,637) (279,122) (100)Shares in issue at 30 June 2018 - - - - - - - -

Net Assets as at 30 June 2018 EUR - GBP - JPY - USD - USD - USD - USD - GBP -Net Assets as at 31 December 2017 EUR 758,026 GBP 143,293 JPY 653,109,939 USD 13,236,788 USD 1,772,902 USD 300,947 USD 3,745,169 GBP 1,195Net Assets as at 31 December 2016 EUR 639,267 GBP 6,078 JPY 650,849,907 USD 11,182,125 USD 2,790,979 USD 1,722,655 USD 3,607,121 GBP 1,051

Net Assets per share as at 30 June 2018 EUR - GBP - JPY - USD - USD - USD - USD - GBP -Net Assets per share as at 31 December 2017 EUR 20.303 GBP 11.863 JPY 109.165 USD 15.653 USD 14.025 USD 13.909 USD 13.759 GBP 11.952Net Assets per share as at 31 December 2016 EUR 17.097 GBP 10.491 JPY 91.125 USD 12.552 USD 11.584 USD 11.338 USD 11.243 GBP 10.508

Old Mutual Japanese Equity Fund^ (continued)Class S (GBP) Class U1 (GBP) Class U2 (GBP)

Shares in issue at 1 January 2017 96,524 85,123 659,687Subscriptions during the financial period 561 974 -Redemptions during the financial period (8,089) (6,055) (26,671)Shares in issue at 30 June 2017 88,996 80,042 633,016

Shares in issue at 1 January 2018 80,620 79,379 632,964Subscriptions during the financial period - - -Redemptions during the financial period (80,620) (79,379) (632,964)Shares in issue at 30 June 2018 - - -

Net Assets as at 30 June 2018 GBP - GBP - GBP -Net Assets as at 31 December 2017 GBP 1,586,495 GBP 1,234,118 GBP 8,738,957Net Assets as at 31 December 2016 GBP 1,663,985 GBP 1,156,564 GBP 7,952,985

Net Assets per share as at 30 June 2018 GBP - GBP - GBP -Net Assets per share as at 31 December 2017 GBP 19.679 GBP 15.547 GBP 13.806Net Assets per share as at 31 December 2016 GBP 17.239 GBP 13.587 GBP 12.056



261


Share Movement (continued)Old Mutual US Equity Income Fund


Hedged Class A (GBP) Class A (USD)Class A (USD)

Income Class B (USD)Class B (USD)

Income Class C (USD)Shares in issue at 1 January 2017 5,531 12,107 4,522 7,989,646 266,141 94,807 130,810 986,138Subscriptions during the financial period 695,957 252,312 212,077 2,915,914 827,172 70,488 - 67,207Redemptions during the financial period (147,588) (259,871) (26,458) (3,840,778) (403,611) (145,744) (84,666) (298,968)Shares in issue at 30 June 2017 553,900 4,548 190,141 7,064,782 689,702 19,551 46,144 754,377

Shares in issue at 1 January 2018 765,443 1,885,600 6,960 5,366,483 763,891 26,104 33,525 669,226Subscriptions during the financial period 349,785 894,340 382,812 2,501,380 2,086,605 939,560 55,462 79,143Redemptions during the financial period (588,624) (1,849,280) (376,144) (2,985,140) (1,584,091) (820,494) (29,995) (118,824)Shares in issue at 30 June 2018 526,604 930,660 13,628 4,882,723 1,266,405 145,170 58,992 629,545

Net Assets as at 30 June 2018 EUR 10,822,509 EUR 14,930,015 GBP 227,520 USD 145,151,579 USD 16,776,912 USD 3,221,302 USD 714,663 USD 14,472,657Net Assets as at 31 December 2017 EUR 14,853,883 EUR 29,841,135 GBP 109,878 USD 155,143,079 USD 9,943,142 USD 566,039 USD 401,054 USD 15,076,267Net Assets as at 31 December 2016 EUR 110,170 EUR 178,768 GBP 70,872 USD 208,416,768 USD 3,205,099 USD 1,881,959 USD 1,465,984 USD 20,364,982

Net Assets per share as at 30 June 2018 EUR 20.552 EUR 16.042 GBP 16.695 USD 29.728 USD 13.248 USD 22.190 USD 12.115 USD 22.989Net Assets per share as at 31 December 2017 EUR 19.406 EUR 15.826 GBP 15.787 USD 28.910 USD 13.016 USD 21.684 USD 11.963 USD 22.528Net Assets per share as at 31 December 2016 EUR 19.918 EUR 14.765 GBP 15.674 USD 26.086 USD 12.043 USD 19.850 USD 11.207 USD 20.651

Old Mutual US Equity Income Fund (continued)Class C (USD)

IncomeClass C2 (USD)

IncomeClass I (EUR)

Income Class I (USD)Class I (USD)

Income Class R (GBP)Class R (GBP)

Income Class S (GBP)Shares in issue at 1 January 2017 49,810 100 10,000 260,441 18,756 38,492 5,156,327 91,197Subscriptions during the financial period 15,106 - - 396,676 441 18,091 945,007 23,912Redemptions during the financial period (4,812) - - (85,571) - (52,456) (5,737,417) (22,582)Shares in issue at 30 June 2017 60,104 100 10,000 571,546 19,197 4,127 363,917 92,527

Shares in issue at 1 January 2018 69,805 10,325 10,000 619,883 19,197 4,815 571,290 94,088Subscriptions during the financial period 4,419 1,412,694 - 19,184 - 261 905,657 2,963Redemptions during the financial period (26,697) (1,291,378) (917) (202,202) - (1,130) (1,114,900) (9,718)Shares in issue at 30 June 2018 47,527 131,641 9,083 436,865 19,197 3,946 362,047 87,333

Net Assets as at 30 June 2018 USD 578,307 USD 1,420,405 EUR 107,276 USD 10,281,495 USD 223,711 GBP 58,631 GBP 5,815,887 GBP 1,645,909Net Assets as at 31 December 2017 USD 841,055 USD 110,153 EUR 112,253 USD 14,135,131 USD 218,981 GBP 67,399 GBP 8,735,654 GBP 1,672,914Net Assets as at 31 December 2016 USD 565,295 USD 993 EUR 117,586 USD 5,321,837 USD 197,476 GBP 531,677 GBP 79,580,687 GBP 1,600,267

Net Assets per share as at 30 June 2018 USD 12.168 USD 10.790 EUR 11.811 USD 23.535 USD 11.654 GBP 14.857 GBP 16.064 GBP 18.846Net Assets per share as at 31 December 2017 USD 12.049 USD 10.669 EUR 11.225 USD 22.803 USD 11.407 GBP 13.998 GBP 15.291 GBP 17.780Net Assets per share as at 31 December 2016 USD 11.349 USD 9.930 EUR 11.759 USD 20.434 USD 10.528 GBP 13.813 GBP 15.434 GBP 17.547



262


Share Movement (continued)Old Mutual US Equity Income Fund (continued)

Class U1 (GBP)Class U1 (GBP)

Income Class U2 (GBP)Class U2 (GBP)

IncomeShares in issue at 1 January 2017 42,309 - 3,216,969 138Subscriptions during the financial period 69,150 7,201,337 950,367 2Redemptions during the financial period (8,989) (106,710) (1,457,747) -Shares in issue at 30 June 2017 102,470 7,094,627 2,709,589 140

Shares in issue at 1 January 2018 225,927 7,404,391 3,384,421 142Subscriptions during the financial period 16,643 141,065 808,346 7,564,132Redemptions during the financial period (84,984) (7,535,216) (4,079,243) (721,340)Shares in issue at 30 June 2018 157,586 10,240 113,524 6,842,934

Net Assets as at 30 June 2018 GBP 2,311,583 GBP 112,412 GBP 2,001,124 GBP 91,439,392Net Assets as at 31 December 2017 GBP 3,121,356 GBP 77,237,428 GBP 56,176,309 GBP 1,807Net Assets as at 31 December 2016 GBP 576,154 GBP - GBP 52,444,967 GBP 1,775

Net Assets per share as at 30 June 2018 GBP 14.669 GBP 10.978 GBP 17.627 GBP 13.363Net Assets per share as at 31 December 2017 GBP 13.816 GBP 10.431 GBP 16.599 GBP 12.710Net Assets per share as at 31 December 2016 GBP 13.618 GBP - GBP 16.303 GBP 12.844


Class A (EUR)Class A (SEK)

Hedged Class A (USD) Class B (USD) Class C (USD) Class C2 (USD) Class I (EUR)Shares in issue at 1 January 2017 289,333 81,549 7,639,537 133,330 812,733 100 -Subscriptions during the financial period 88,927 - 6,950,641 30,895 572,377 2,003,392 7,333Redemptions during the financial period (40,382) (81,549) (3,510,867) (145,098) (271,839) (1,880,765) -Shares in issue at 30 June 2017 337,878 - 11,079,311 19,127 1,113,271 122,727 7,333

Shares in issue at 1 January 2018 582,168 - 8,841,849 70,022 1,105,173 493,904 30,388Subscriptions during the financial period 310,136 - 8,467,401 926,152 679,038 1,919,251 3,221,040Redemptions during the financial period (91,155) - (6,087,182) (712,995) (210,051) (1,942,873) (39,761)Shares in issue at 30 June 2018 801,149 - 11,222,068 283,179 1,574,160 470,282 3,211,667

Net Assets as at 30 June 2018 EUR 15,836,467 SEK - USD 336,475,404 USD 6,363,469 USD 36,534,220 USD 5,713,518 EUR 35,034,470Net Assets as at 31 December 2017 EUR 10,936,141 SEK - USD 259,471,489 USD 1,547,694 USD 25,292,668 USD 5,905,169 EUR 313,834Net Assets as at 31 December 2016 EUR 5,097,791 SEK 877,307 USD 185,131,193 USD 2,466,951 USD 15,594,345 USD 1,000 EUR -

Net Assets per share as at 30 June 2018 EUR 19.767 SEK - USD 29.983 USD 22.472 USD 23.209 USD 12.149 EUR 10.908Net Assets per share as at 31 December 2017 EUR 18.785 SEK - USD 29.346 USD 22.103 USD 22.886 USD 11.956 EUR 10.328Net Assets per share as at 31 December 2016 EUR 17.619 SEK 10.758 USD 24.233 USD 18.503 USD 19.188 USD 10.005 EUR -



263


Share Movement (continued)Old Mutual North American Equity Fund (continued)

Class I (USD) Class N (USD)Class P2 (GBP)

Income Class P2 (USD)Class P2 (USD)

Income Class R (GBP)Class R (GBP)

HedgedShares in issue at 1 January 2017 14,036,043 - - - - 257,758 1,750,690Subscriptions during the financial period 6,974,957 - - - - 104,552 2,260,742Redemptions during the financial period (3,022,450) - - - - (48,604) (324,256)Shares in issue at 30 June 2017 17,988,550 - - - - 313,706 3,687,176

Shares in issue at 1 January 2018 27,123,195 - 15,081,333 85,000 3,361,218 402,099 2,394,222Subscriptions during the financial period 13,573,535 1,003,122 3,651,221 60,127 416,818 180,114 1,428,413Redemptions during the financial period (3,515,634) (71,101) (440,260) - (854,887) (100,930) (857,510)Shares in issue at 30 June 2018 37,181,096 932,021 18,292,294 145,127 2,923,149 481,283 2,965,125

Net Assets as at 30 June 2018 USD 610,862,661 USD 9,260,699 GBP 193,126,381 USD 1,525,137 USD 30,649,664 GBP 9,734,151 GBP 38,597,036Net Assets as at 31 December 2017 USD 434,500,094 USD - GBP 150,689,663 USD 869,656 USD 34,295,258 GBP 7,711,778 GBP 30,693,212Net Assets as at 31 December 2016 USD 184,268,043 USD - GBP - USD - USD - GBP 4,453,029 GBP 18,649,753

Net Assets per share as at 30 June 2018 USD 16.429 USD 9.936 GBP 10.558 USD 10.509 USD 10.485 GBP 20.225 GBP 13.017Net Assets per share as at 31 December 2017 USD 16.020 USD - GBP 9.992 USD 10.231 USD 10.203 GBP 19.179 GBP 12.820Net Assets per share as at 31 December 2016 USD 13.128 USD - GBP - USD - USD - GBP 17.276 GBP 10.653

Old Mutual North American Equity Fund (continued)Class S (GBP) Class U1 (GBP) Class U2 (EUR) Class U2 (GBP)

Shares in issue at 1 January 2017 21,470 45,806 22,452 1,475Subscriptions during the financial period 293,152 1,568,352 12,527 56,615Redemptions during the financial period (148,970) (218,234) (2,045) (15,685)Shares in issue at 30 June 2017 165,652 1,395,924 32,934 42,405

Shares in issue at 1 January 2018 149,606 2,854,450 36,453 38,911Subscriptions during the financial period 116,871 1,271,308 7,290 7,175Redemptions during the financial period (131,577) (252,963) (43,743) (3,665)Shares in issue at 30 June 2018 134,900 3,872,795 - 42,421

Net Assets as at 30 June 2018 GBP 2,872,906 GBP 65,104,775 EUR - GBP 700,243Net Assets as at 31 December 2017 GBP 3,025,059 GBP 45,483,952 EUR 392,115 GBP 608,664Net Assets as at 31 December 2016 GBP 392,037 GBP 656,766 EUR 225,391 GBP 20,768

Net Assets per share as at 30 June 2018 GBP 21.297 GBP 16.811 EUR - GBP 16.507Net Assets per share as at 31 December 2017 GBP 20.220 GBP 15.934 EUR 10.757 GBP 15.643Net Assets per share as at 31 December 2016 GBP 18.260 GBP 14.338 EUR 10.039 GBP 14.080



264


Share Movement (continued)Old Mutual Total Return USD Bond Fund

Class A (AUD)Hedged Class A (EUR)

Class A (EUR)Hedged

Class A (GBP)Income Class A (USD)

Class A (USD)Income

Class A (ZAR)Hedged Income

(F) Class B (USD)Shares in issue at 1 January 2017 361,867 116 2,033,474 61,014 7,369,504 5,398,461 - 253,100Subscriptions during the financial period 85,162 - 76,647 4,575 2,797,491 2,626,788 1,325 118,023Redemptions during the financial period (188,830) - (36,656) (2,621) (3,238,945) (2,692,298) - (254,297)Shares in issue at 30 June 2017 258,199 116 2,073,465 62,968 6,928,050 5,332,951 1,325 116,826

Shares in issue at 1 January 2018 78,427 1,734 1,552,565 67,506 6,157,257 5,932,131 1,001,516 308,197Subscriptions during the financial period 67,818 - 191,691 9,692 228,639 345,091 37,607 133,519Redemptions during the financial period (69,447) - (354,000) (29,499) (1,004,024) (1,707,299) (428,371) (190,554)Shares in issue at 30 June 2018 76,798 1,734 1,390,256 47,699 5,381,872 4,569,923 610,752 251,162

Net Assets as at 30 June 2018 AUD 846,717 EUR 16,508 EUR 15,110,975 GBP 483,706 USD 104,631,907 USD 44,857,943 ZAR 5,618,491 USD 3,803,875Net Assets as at 31 December 2017 AUD 904,846 EUR 16,738 EUR 17,858,997 GBP 712,631 USD 124,997,164 USD 62,328,053 ZAR 9,886,364 USD 4,898,788Net Assets as at 31 December 2016 AUD 4,006,742 EUR 1,222 EUR 22,954,062 GBP 721,013 USD 143,606,350 USD 57,659,148 ZAR - USD 3,904,536

Net Assets per share as at 30 June 2018 AUD 11.025 EUR 9.520 EUR 10.869 GBP 10.141 USD 19.442 USD 9.816 ZAR 9.199 USD 15.145Net Assets per share as at 31 December 2017 AUD 11.538 EUR 9.652 EUR 11.503 GBP 10.557 USD 20.301 USD 10.507 ZAR 9.871 USD 15.895Net Assets per share as at 31 December 2016 AUD 11.072 EUR 10.538 EUR 11.288 GBP 11.817 USD 19.487 USD 10.681 ZAR - USD 15.427


Class B (USD)Income Class C (USD)

Class C (USD)Income

Class C2(AUD) Hedged

Income (F)Class C2 (USD)

Income (F)

Class C2 (ZAR)Hedged Income

(F) Class I (USD)Shares in issue at 1 January 2017 1,266,660 1,719,525 871,439 - 100 - 23,093Subscriptions during the financial period 1,176,833 99,681 76,300 1,827 1,230,168 150,827 114,406Redemptions during the financial period (1,959,116) (385,839) (287,906) - (684,698) - (2,468)Shares in issue at 30 June 2017 484,377 1,433,367 659,833 1,827 545,570 150,827 135,031

Shares in issue at 1 January 2018 2,214,131 1,306,379 696,224 364,584 2,810,425 6,243,360 308,813Subscriptions during the financial period 249,711 102,690 43,318 4,763 476,038 11,602 54,464Redemptions during the financial period (571,687) (176,783) (94,683) (135,794) (1,049,532) (1,394,653) (39,973)Shares in issue at 30 June 2018 1,892,155 1,232,286 644,859 233,553 2,236,931 4,860,309 323,304

Net Assets as at 30 June 2018 USD 16,719,568 USD 18,801,435 USD 5,484,274 AUD 2,124,868 USD 20,596,499 ZAR 44,141,326 USD 3,152,411Net Assets as at 31 December 2017 USD 21,051,430 USD 20,961,147 USD 6,387,221 AUD 3,574,379 USD 27,826,178 ZAR 61,130,608 USD 3,136,515Net Assets as at 31 December 2016 USD 12,377,166 USD 26,889,400 USD 8,252,425 AUD - USD 1,009 ZAR - USD 224,587

Net Assets per share as at 30 June 2018 USD 8.836 USD 15.257 USD 8.505 AUD 9.098 USD 9.207 ZAR 9.082 USD 9.751Net Assets per share as at 31 December 2017 USD 9.508 USD 16.045 USD 9.174 AUD 9.804 USD 9.901 ZAR 9.791 USD 10.157Net Assets per share as at 31 December 2016 USD 9.771 USD 15.638 USD 9.470 AUD - USD 10.090 ZAR - USD 9.725



265


Share Movement (continued)Old Mutual Emerging Market Debt Fund

Class A (AUD)Hedged Class A (EUR)

Class A (EUR)Hedged

Class A (GBP)Hedged

Class A (GBP)Income

Class A (SEK)Hedged

Class A (SGD)Hedged Income

Shares in issue at 1 January 2017 10,209 100,037 724,571 107,676 3,523 373,419 120,269Subscriptions during the financial period - 3,968 22,488 2,263 - 3,781 6,607Redemptions during the financial period (10,209) (9,155) (39,454) (92,610) (1,916) (43,764) (652)Shares in issue at 30 June 2017 - 94,850 707,605 17,329 1,607 333,436 126,224

Shares in issue at 1 January 2018 - 73,844 1,221,814 15,368 - 323,972 69,648Subscriptions during the financial period - 2,636 892,168 - - 4,407 1,241Redemptions during the financial period - (12,612) (510,742) (1,908) - (109,235) (76)Shares in issue at 30 June 2018 - 63,868 1,603,240 13,460 - 219,144 70,813

Net Assets as at 30 June 2018 AUD - EUR 1,225,932 EUR 23,587,666 GBP 155,396 GBP - SEK 2,782,862 SGD 542,201Net Assets as at 31 December 2017 AUD - EUR 1,485,364 EUR 19,664,856 GBP 193,139 GBP - SEK 4,501,686 SGD 595,140Net Assets as at 31 December 2016 AUD 107,179 EUR 2,061,528 EUR 10,745,245 GBP 1,240,975 GBP 37,591 SEK 4,801,763 SGD 1,002,042

Net Assets per share as at 30 June 2018 AUD - EUR 19.195 EUR 14.713 GBP 11.545 GBP - SEK 12.699 SGD 7.657Net Assets per share as at 31 December 2017 AUD - EUR 20.115 EUR 16.095 GBP 12.567 GBP - SEK 13.895 SGD 8.545Net Assets per share as at 31 December 2016 AUD 10.498 EUR 20.608 EUR 14.830 GBP 11.525 GBP 10.670 SEK 12.859 SGD 8.332

Old Mutual Emerging Market Debt Fund (continued)

Class A (USD)Class A (USD)

IncomeClass A (USD)

Income (F)

Class A (ZAR)Hedged

Income (F) Class B (USD)Class B (USD)

Income Class C (USD)Shares in issue at 1 January 2017 1,241,275 1,090,199 - - 151,692 5,158,189 373,925Subscriptions during the financial period 493,779 4,297,974 - - - - 4,610Redemptions during the financial period (292,379) (146,314) - - (143,305) (4,666,885) (69,285)Shares in issue at 30 June 2017 1,442,675 5,241,859 - - 8,387 491,304 309,250

Shares in issue at 1 January 2018 1,658,298 4,703,346 - - 35,016 1,296,152 294,925Subscriptions during the financial period 864,397 863,164 302 23,689 876,582 1,581,271 8,215Redemptions during the financial period (1,490,421) (1,260,512) - - (794,625) (1,200,613) (54,219)Shares in issue at 30 June 2018 1,032,274 4,305,998 302 23,689 116,973 1,676,810 248,921

Net Assets as at 30 June 2018 USD 23,230,234 USD 35,906,418 USD 2,837 ZAR 221,719 USD 2,093,980 USD 14,583,268 USD 4,428,920Net Assets as at 31 December 2017 USD 40,275,116 USD 43,586,782 USD - ZAR - USD 679,897 USD 12,589,962 USD 5,707,773Net Assets as at 31 December 2016 USD 27,173,164 USD 9,769,741 USD - ZAR - USD 2,694,495 USD 49,106,704 USD 6,633,630

Net Assets per share as at 30 June 2018 USD 22.504 USD 8.339 USD 9.399 ZAR 9.359 USD 17.901 USD 8.697 USD 17.792Net Assets per share as at 31 December 2017 USD 24.287 USD 9.267 USD - USD - USD 19.417 USD 9.713 USD 19.353Net Assets per share as at 31 December 2016 USD 21.891 USD 8.961 USD - USD - USD 17.763 USD 9.520 USD 17.741



266


Share Movement (continued)Old Mutual Emerging Market Debt Fund (continued)

Class C (USD)Income

Class C2 (USD)Income (F)

Class C2 (ZAR)Hedged

Income (F) Class I (USD)Class S (GBP)

IncomeClass U1 (GBP)

Income Class U2 (GBP)Shares in issue at 1 January 2017 2,764,573 - - 46,828 83,256 355,078 7,528Subscriptions during the financial period 2,056 - - 55,714 40,696 599,874 4,079Redemptions during the financial period (142,032) - - (52,736) (23,076) (226,722) (2,799)Shares in issue at 30 June 2017 2,624,597 - - 49,806 100,876 728,230 8,808

Shares in issue at 1 January 2018 1,313,469 - - 6,786,356 103,207 902,014 8,808Subscriptions during the financial period 7,455 43,940 20,290 1,739,693 5,299 40,605 -Redemptions during the financial period (118,080) (31,043) - - (36,746) (477,382) (8,808)Shares in issue at 30 June 2018 1,202,844 12,897 20,290 8,526,049 71,760 465,237 -

Net Assets as at 30 June 2018 USD 10,873,460 USD 120,975 ZAR 189,483 USD 82,097,928 GBP 703,323 GBP 5,015,254 GBP -Net Assets as at 31 December 2017 USD 13,302,318 USD - ZAR - USD 70,268,751 GBP 1,090,220 GBP 10,457,230 GBP 122,846Net Assets as at 31 December 2016 USD 27,469,859 USD - ZAR - USD 579,338 GBP 932,301 GBP 4,344,801 GBP 103,511

Net Assets per share as at 30 June 2018 USD 9.040 USD 9.380 ZAR 9.339 USD 9.629 GBP 9.801 GBP 10.780 GBP -Net Assets per share as at 31 December 2017 USD 10.128 USD - ZAR - USD 10.354 GBP 10.563 GBP 11.593 GBP 13.947Net Assets per share as at 31 December 2016 USD 9.936 USD - ZAR - USD 12.372 GBP 11.198 GBP 12.236 GBP 13.750


Class A (EUR) Class A (GBP)Class A (GBP)


Hedged Class C (USD)Class C (USD)

HedgedClass C2 (USD)

HedgedShares in issue at 1 January 2017 7,372,511 87,451 572,329 1,018,407 181,196 261,993 4,979 100Subscriptions during the financial period 516,879 25,047 2,437 41,555 19,815 33,836 5,041 14,727Redemptions during the financial period (2,659,450) (17,480) - (149,719) (88,706) (39,524) - -Shares in issue at 30 June 2017 5,229,940 95,018 574,766 910,243 112,305 256,305 10,020 14,827

Shares in issue at 1 January 2018 4,278,544 125,476 650,887 755,725 101,842 210,816 - 20,926Subscriptions during the financial period 114,040 8,906 117,579 17,859 20,029 3,973 - 67,762Redemptions during the financial period (1,380,378) (12,364) (22,101) (160,585) (44,369) (18,829) - (65,151)Shares in issue at 30 June 2018 3,012,206 122,018 746,365 612,999 77,502 195,960 - 23,537

Net Assets as at 30 June 2018 EUR 55,068,250 GBP 2,389,995 GBP 12,167,473 USD 8,089,934 USD 839,659 USD 2,970,834 USD - USD 267,472Net Assets as at 31 December 2017 EUR 78,536,290 GBP 2,471,561 GBP 10,726,548 USD 10,313,987 USD 1,095,083 USD 3,331,401 USD - USD 237,267Net Assets as at 31 December 2016 EUR 120,577,209 GBP 1,485,667 GBP 8,308,786 USD 10,912,535 USD 1,711,192 USD 3,309,524 USD 45,624 USD 1,005

Net Assets per share as at 30 June 2018 EUR 18.282 GBP 19.587 GBP 16.302 USD 13.197 USD 10.834 USD 15.160 USD - USD 11.364Net Assets per share as at 31 December 2017 EUR 18.356 GBP 19.698 GBP 16.480 USD 13.648 USD 10.753 USD 15.802 USD - USD 11.338Net Assets per share as at 31 December 2016 EUR 16.355 GBP 16.989 GBP 14.518 USD 10.715 USD 9.444 USD 12.632 USD 9.163 USD 10.050



267



Old Mutual Investment Grade Corporate Bond FundClass A (GBP)

Hedged IncomeClass A (SEK)

Hedged Class A (USD)Class A (USD)

Income Class C (USD) Class I (USD)Class R (GBP)

Hedged IncomeClass S (GBP)

Hedged IncomeShares in issue at 1 January 2017 3,556 4,098,167 135,344 74,922 749,819 470,862 230 63,649Subscriptions during the financial period 1,708 8,493 248,683 - 17,996 1,368 - 2,221Redemptions during the financial period (111) (368,738) (32,312) - (90,308) (584) (230) (5,955)Shares in issue at 30 June 2017 5,153 3,737,922 351,715 74,922 677,507 471,646 - 59,915

Shares in issue at 1 January 2018 10,955 3,420,453 348,903 80,018 645,558 - - 72,882Subscriptions during the financial period 3,174 8,156 155,550 74 4,461 33,845 - 7,517Redemptions during the financial period - (378,507) (203,508) - (70,952) - - (11,148)Shares in issue at 30 June 2018 14,129 3,050,102 300,945 80,092 579,067 33,845 - 69,251

Net Assets as at 30 June 2018 GBP 129,676 SEK 39,247,193 USD 3,733,103 USD 771,786 USD 6,487,985 USD 329,740 GBP - GBP 682,165Net Assets as at 31 December 2017 GBP 105,915 SEK 45,887,429 USD 4,450,336 USD 805,934 USD 7,495,011 USD - GBP - GBP 755,879Net Assets as at 31 December 2016 GBP 34,069 SEK 52,979,876 USD 1,628,195 USD 736,225 USD 8,344,385 USD 5,034,705 GBP 2,188 GBP 651,223

Net Assets per share as at 30 June 2018 GBP 9.178 SEK 12.868 USD 12.405 USD 9.636 USD 11.204 USD 9.743 GBP - GBP 9.851Net Assets per share as at 31 December 2017 GBP 9.668 SEK 13.416 USD 12.755 USD 10.072 USD 11.610 USD - GBP - GBP 10.371Net Assets per share as at 31 December 2016 GBP 9.581 SEK 12.928 USD 12.030 USD 9.827 USD 11.129 USD 10.693 GBP 9.518 GBP 10.231

Old Mutual European Best Ideas Fund (continued)

Class I (EUR) Class U1 (GBP) Class U2 (GBP)Class U2 (GBP)

IncomeShares in issue at 1 January 2017 8,090 12,748 11,606 576,756Subscriptions during the financial period - 2,227 1,148 1,262,009Redemptions during the financial period - (112) (3,214) (24,596)Shares in issue at 30 June 2017 8,090 14,863 9,540 1,814,169

Shares in issue at 1 January 2018 8,090 3,616 13,036 1,773,284Subscriptions during the financial period - 21 5,647 -Redemptions during the financial period - (1,811) (5,192) (146,360)Shares in issue at 30 June 2018 8,090 1,826 13,491 1,626,924

Net Assets as at 30 June 2018 EUR 130,296 GBP 25,602 GBP 193,069 GBP 20,314,911Net Assets as at 31 December 2017 EUR 130,344 GBP 50,777 GBP 186,781 GBP 22,283,263Net Assets as at 31 December 2016 EUR 115,797 GBP 153,505 GBP 142,839 GBP 6,327,473

Net Assets per share as at 30 June 2018 EUR 16.106 GBP 14.020 GBP 14.310 GBP 12.487Net Assets per share as at 31 December 2017 EUR 16.112 GBP 14.041 GBP 14.328 GBP 12.566Net Assets per share as at 31 December 2016 EUR 14.313 GBP 12.042 GBP 12.307 GBP 10.971



268


Share Movement (continued)Old Mutual Investment GradeCorporate Bond Fund (continued)Class U1 (GBP)Hedged Income

Class U2 (GBP)Hedged

Shares in issue at 1 January 2017 10,602 1,029Subscriptions during the financial period 10,420 707Redemptions during the financial period (1,502) (32)Shares in issue at 30 June 2017 19,520 1,704

Shares in issue at 1 January 2018 23,802 1,003Subscriptions during the financial period 480 539Redemptions during the financial period (5,128) (46)Shares in issue at 30 June 2018 19,154 1,496

Net Assets as at 30 June 2018 GBP 175,261 GBP 16,283Net Assets as at 31 December 2017 GBP 228,819 GBP 11,288Net Assets as at 31 December 2016 GBP 100,713 GBP 11,082

Net Assets per share as at 30 June 2018 GBP 9.150 GBP 10.882Net Assets per share as at 31 December 2017 GBP 9.613 GBP 11.250Net Assets per share as at 31 December 2016 GBP 9.500 GBP 10.769

Old Mutual Global Emerging Markets FundClass A (EUR) Class A (GBP) Class A (USD) Class B (USD) Class C (USD) Class C2 (USD) Class I (USD) Class R (GBP)

Shares in issue at 1 January 2017 6,133,647 955,671 778,706 65,697 474,910 100 98,027 27,282Subscriptions during the financial period 138,462 237,606 371,020 6,807 75,090 24,476 39,958 29,247Redemptions during the financial period (351,122) (295,342) (580,848) (18,673) (164,595) (15,039) (10,628) (5,284)Shares in issue at 30 June 2017 5,920,987 897,935 568,878 53,831 385,405 9,537 127,357 51,245

Shares in issue at 1 January 2018 6,462,781 347,075 695,257 119,669 325,025 159,022 144,683 93,000Subscriptions during the financial period 126,328 18,215 1,292,611 372,166 132,806 329,858 73,626 20,004Redemptions during the financial period (232,267) (161,557) (1,370,025) (363,405) (199,346) (326,323) (15,703) (42,557)Shares in issue at 30 June 2018 6,356,842 203,733 617,843 128,430 258,485 162,557 202,606 70,447

Net Assets as at 30 June 2018 EUR 96,370,354 GBP 2,828,872 USD 8,095,609 USD 1,507,620 USD 2,609,329 USD 2,030,951 USD 2,452,046 GBP 1,023,085Net Assets as at 31 December 2017 EUR 104,173,561 GBP 5,132,059 USD 9,976,138 USD 1,546,324 USD 3,622,457 USD 2,187,174 USD 1,910,366 GBP 1,432,954Net Assets as at 31 December 2016 EUR 80,505,959 GBP 11,134,145 USD 8,021,887 USD 616,926 USD 3,867,884 USD 997 USD 922,544 GBP 329,715

Net Assets per share as at 30 June 2018 EUR 15.160 GBP 13.885 USD 13.103 USD 11.739 USD 10.095 USD 12.494 USD 12.103 GBP 14.523Net Assets per share as at 31 December 2017 EUR 16.119 GBP 14.787 USD 14.349 USD 12.922 USD 11.145 USD 13.754 USD 13.204 GBP 15.408Net Assets per share as at 31 December 2016 EUR 13.125 GBP 11.651 USD 10.302 USD 9.390 USD 8.144 USD 9.974 USD 9.411 GBP 12.086



269


Share Movement (continued)Old Mutual Global Emerging Markets Fund (continued)

Class S (GBP) Class U1 (GBP) Class U2 (GBP)Class U2 (GBP)

Income Class W (GBP)Shares in issue at 1 January 2017 147,851 253,152 4,182,993 4 -Subscriptions during the financial period 28,276 68,794 1,872,641 52 -Redemptions during the financial period (22,552) (39,834) (579,699) (56) -Shares in issue at 30 June 2017 153,575 282,112 5,475,935 - -

Shares in issue at 1 January 2018 191,908 300,200 6,022,837 - -Subscriptions during the financial period 43,974 117,467 2,734,448 - 10,150,495Redemptions during the financial period (65,755) (55,326) (6,224,504) - (10,150,495)Shares in issue at 30 June 2018 170,127 362,341 2,532,781 - -

Net Assets as at 30 June 2018 GBP 2,563,290 GBP 4,892,145 GBP 41,356,762 GBP - GBP -Net Assets as at 31 December 2017 GBP 3,071,583 GBP 4,298,598 GBP 104,266,750 GBP - GBP -Net Assets as at 31 December 2016 GBP 1,855,755 GBP 2,833,222 GBP 56,494,255 GBP 39 GBP -

Net Assets per share as at 30 June 2018 GBP 15.067 GBP 13.501 GBP 16.329 GBP - GBP -Net Assets per share as at 31 December 2017 GBP 16.006 GBP 14.319 GBP 17.312 GBP - GBP -Net Assets per share as at 31 December 2016 GBP 12.552 GBP 11.192 GBP 13.506 GBP 10.330 GBP -


Class A (EUR) Class A (GBP)Class A (GBP)


Income Class B (USD) Class C (USD)Class C2 (USD)

Income (F)Shares in issue at 1 January 2017 1,920 17,605,573 105 3,035,221 318 16,068 75,660 100Subscriptions during the financial period - 1,624,755 15,530 2,089,604 96 489 9,274 1Redemptions during the financial period - (1,364,572) - (381,304) - (8,318) (7,253) -Shares in issue at 30 June 2017 1,920 17,865,756 15,635 4,743,521 414 8,239 77,681 101

Shares in issue at 1 January 2018 2,000 18,639,807 15,637 3,164,302 88,303 20,017 165,756 13,518Subscriptions during the financial period 80 1,322,813 1 89,950 143 91,368 57,782 35,439Redemptions during the financial period - (286,582) - (428,544) (86,836) (38,580) (73,073) (17,796)Shares in issue at 30 June 2018 2,080 19,676,038 15,638 2,825,708 1,610 72,805 150,465 31,161

Net Assets as at 30 June 2018 EUR 25,823 GBP 250,393,324 GBP 187,643 USD 28,951,179 USD 17,861 USD 809,081 USD 1,508,568 USD 340,320Net Assets as at 31 December 2017 EUR 26,969 GBP 258,034,582 GBP 205,651 USD 36,266,884 USD 1,103,922 USD 250,065 USD 1,874,865 USD 169,337Net Assets as at 31 December 2016 EUR 21,822 GBP 197,701,778 GBP 1,150 USD 25,697,072 USD 3,025 USD 150,449 USD 647,319 USD 991

Net Assets per share as at 30 June 2018 EUR 12.415 GBP 12.726 GBP 11.999 USD 10.246 USD 11.093 USD 11.113 USD 10.026 USD 10.921Net Assets per share as at 31 December 2017 EUR 13.485 GBP 13.843 GBP 13.152 USD 11.461 USD 12.501 USD 12.493 USD 11.311 USD 12.527Net Assets per share as at 31 December 2016 EUR 11.364 GBP 11.230 GBP 10.997 USD 8.466 USD 9.513 USD 9.363 USD 8.556 USD 9.908



270


Share Movement (continued)Old Mutual Asian Equity Income Fund (continued)

Class I (EUR) Class I (USD) Class R (GBP)Class R (GBP)



IncomeShares in issue at 1 January 2017 - 37,742 23,116 2,037 8,247 1,345 595,605Subscriptions during the financial period - 53,543 26,414 6,564 12,200 14,525 5,864Redemptions during the financial period - (50,052) (15,238) (4,334) (2,260) (1,061) (65,289)Shares in issue at 30 June 2017 - 41,233 34,292 4,267 18,187 14,809 536,180

Shares in issue at 1 January 2018 100 289,930 24,487 - 28,099 2,342 471,687Subscriptions during the financial period - 13,843 14,928 - 14,877 580 247Redemptions during the financial period - (230,702) (6,522) - (17,224) (1,174) (37,040)Shares in issue at 30 June 2018 100 73,071 32,893 - 25,752 1,748 434,894

Net Assets as at 30 June 2018 EUR 1,043 USD 880,665 GBP 401,319 GBP - GBP 348,511 GBP 21,269 GBP 5,092,258Net Assets as at 31 December 2017 EUR 1,127 USD 3,894,193 GBP 323,800 GBP - GBP 411,994 GBP 31,101 GBP 6,026,137Net Assets as at 31 December 2016 EUR - USD 372,739 GBP 246,942 GBP 21,752 GBP 97,726 GBP 14,825 GBP 6,271,242

Net Assets per share as at 30 June 2018 EUR 10.426 USD 12.052 GBP 12.201 GBP - GBP 13.534 GBP 12.164 GBP 11.709Net Assets per share as at 31 December 2017 EUR 11.269 USD 13.432 GBP 13.223 GBP - GBP 14.662 GBP 13.278 GBP 12.776Net Assets per share as at 31 December 2016 EUR - USD 9.876 GBP 10.683 GBP 10.679 GBP 11.851 GBP 11.018 GBP 10.529

Old Mutual Local Currency Emerging Market Debt FundClass A (AUD)

Hedged Income (F) Class A (EUR)Class A (GBP)


IncomeClass A (USD)

Income (F)Class A (ZAR)

Hedged Income (F)Shares in issue at 1 January 2017 - 140,834 209,764 122,818 169,046 - -Subscriptions during the financial period 30,163 842 11,342 3,436,043 1,512,687 101 475,187Redemptions during the financial period - (24,559) (90,978) (3,257,954) (504,773) - (90,794)Shares in issue at 30 June 2017 30,163 117,117 130,128 300,907 1,176,960 101 384,393

Shares in issue at 1 January 2018 150,552 110,651 129,455 736,271 2,318,270 376,008 9,566,171Subscriptions during the financial period 472,863 944,781 17,799 1,826,177 3,709,113 423,324 27,333,947Redemptions during the financial period (154,392) (956,946) (22,817) (1,925,548) (2,346,317) (459,478) (9,137,633)Shares in issue at 30 June 2018 469,023 98,486 124,437 636,900 3,681,066 339,854 27,762,485

Net Assets as at 30 June 2018 AUD 4,130,683 EUR 982,720 GBP 829,599 USD 5,332,123 USD 21,170,490 USD 3,026,397 ZAR 241,600,247Net Assets as at 31 December 2017 AUD 1,514,916 EUR 1,171,322 GBP 955,691 USD 6,734,745 USD 15,159,139 USD 3,808,048 ZAR 95,396,728Net Assets as at 31 December 2016 AUD - EUR 1,465,855 GBP 1,598,675 USD 974,348 USD 1,039,673 USD - ZAR -

Net Assets per share as at 30 June 2018 AUD 8.807 EUR 9.978 GBP 6.667 USD 8.372 USD 5.751 USD 8.905 ZAR 8.702Net Assets per share as at 31 December 2017 AUD 10.062 EUR 10.586 GBP 7.382 USD 9.147 USD 6.539 USD 10.128 ZAR 9.972Net Assets per share as at 31 December 2016 AUD - EUR 10.408 GBP 7.621 USD 7.933 USD 6.150 USD - ZAR -



271


Share Movement (continued)Old Mutual Local Currency Emerging Market Debt Fund (continued)

Class B (AUD)Hedged Income (F) Class B (USD)

Class B (USD)Income

Class B (ZAR)Hedged Income (F) Class C (USD)

Class C (USD)Income

Class C2 (AUD)Hedged Income (F)

Shares in issue at 1 January 2017 - 5,418 474,355 - 33,352 252,742 -Subscriptions during the financial period - 1,691 283,456 - 1,228 11,694 145,123Redemptions during the financial period - (7,109) (327,415) - - (18,230) -Shares in issue at 30 June 2017 - - 430,396 - 34,580 246,206 145,123

Shares in issue at 1 January 2018 - - 7,183,300 - 87,643 173,429 1,034,627Subscriptions during the financial period 605,708 - 8,934,754 14,705,592 15,136 10,312 874,557Redemptions during the financial period (2,241) - (5,000,780) (76,116) - (5,525) (353,592)Shares in issue at 30 June 2018 603,467 - 11,117,274 14,629,476 102,779 178,216 1,555,592

Net Assets as at 30 June 2018 AUD 5,239,786 USD - USD 63,748,638 ZAR 126,645,909 USD 803,388 USD 842,406 AUD 13,523,693Net Assets as at 31 December 2017 AUD 95,396,728 USD - USD 47,071,586 ZAR 95,396,728 USD 753,973 USD 939,203 AUD 10,328,272Net Assets as at 31 December 2016 AUD - USD 41,734 USD 2,952,421 ZAR - USD 253,324 USD 1,306,792 AUD -

Net Assets per share as at 30 June 2018 AUD 8.683 USD - USD 5.734 ZAR 8.657 USD 7.817 USD 4.727 AUD 8.694Net Assets per share as at 31 December 2017 AUD 9.972 USD - USD 6.553 ZAR 9.972 USD 8.603 USD 5.415 AUD 9.983Net Assets per share as at 31 December 2016 AUD - USD 7.703 USD 6.224 ZAR - USD 7.595 USD 5.170 AUD -

Old Mutual Local Currency Emerging Market Debt Fund (continued)Class C2 (USD)

Income (F)Class C2 (ZAR)

Hedged Income (F) Class I (USD)Class U1 (GBP)


Income Class W (GBP)Shares in issue at 1 January 2017 100 - 1,215,022 21,031 1,318,978 10,479,130 -Subscriptions during the financial period 408,931 175,259 286 4,039 571,500 2,279,243 -Redemptions during the financial period (66,792) - (7,759) (5,477) (260,392) (370,146) -Shares in issue at 30 June 2017 342,239 175,259 1,207,549 19,593 1,630,086 12,388,227 -

Shares in issue at 1 January 2018 2,643,015 16,521,078 1,186,444 66,274 2,079,262 14,018,179 -Subscriptions during the financial period 3,322,737 9,216,921 4,176 82,708 302,843 2,634,962 3,167,249Redemptions during the financial period (2,678,767) (4,539,170) (66,558) (64,556) (2,381,846) (81,375) (3,167,249)Shares in issue at 30 June 2018 3,286,985 21,198,829 1,124,062 84,426 259 16,571,766 -

Net Assets as at 30 June 2018 USD 30,591,337 ZAR 183,223,603 USD 10,156,567 GBP 761,662 GBP 3,067 GBP 152,365,786 GBP -Net Assets as at 31 December 2017 USD 28,120,208 ZAR 164,386,374 USD 11,660,762 GBP 658,865 GBP 26,006,780 GBP 141,964,902 GBP -Net Assets as at 31 December 2016 USD 1,009 ZAR - USD 10,245,579 GBP 214,469 GBP 15,524,895 GBP 108,173,961 GBP -

Net Assets per share as at 30 June 2018 USD 9.307 ZAR 8.643 USD 9.036 GBP 9.022 GBP 11.833 GBP 9.194 GBP -Net Assets per share as at 31 December 2017 USD 10.639 ZAR 9.950 USD 9.828 GBP 9.942 GBP 12.508 GBP 10.127 GBP -Net Assets per share as at 31 December 2016 USD 10.093 ZAR - USD 8.432 GBP 10.198 GBP 11.770 GBP 10.323 GBP -



272


Share Movement (continued)Old Mutual UK Alpha Fund (IRL)


Hedged Class A (GBP)Class A (GBP)


HedgedClass A (USD)

Income Class F (GBP)Shares in issue at 1 January 2017 60,065 - 125,419 47,600 228,320 47,384 14,500 572,410Subscriptions during the financial period 103 - 16,819 4,327 9,489 16,809 - 43,924Redemptions during the financial period (50,000) - (49,520) - (26,030) (15,886) - (89,751)Shares in issue at 30 June 2017 10,168 - 92,718 51,927 211,779 48,307 14,500 526,583

Shares in issue at 1 January 2018 10,168 100 51,386 81,751 219,876 49,246 15,080 564,292Subscriptions during the financial period 365 - 16,124 - 62,914 4,180 - 19,645Redemptions during the financial period (5,200) - (36,104) (20,000) (56,681) (4,852) (14,500) (423,424)Shares in issue at 30 June 2018 5,333 100 31,406 61,751 226,109 48,574 580 160,513

Net Assets as at 30 June 2018 EUR 58,838 EUR 1,042 GBP 383,202 GBP 657,770 USD 2,275,875 USD 639,538 USD 5,064 GBP 2,136,754Net Assets as at 31 December 2017 EUR 111,004 EUR 1,038 GBP 621,403 GBP 875,912 USD 2,255,514 USD 637,992 USD 136,289 GBP 7,408,647Net Assets as at 31 December 2016 EUR 599,860 EUR - GBP 1,342,700 GBP 467,282 USD 1,889,257 USD 540,931 USD 109,578 GBP 6,590,572

Net Assets per share as at 30 June 2018 EUR 11.032 EUR 10.418 GBP 12.201 GBP 10.652 USD 10.065 USD 13.166 USD 8.738 GBP 13.312Net Assets per share as at 31 December 2017 EUR 10.917 EUR 10.382 GBP 12.093 GBP 10.714 USD 10.258 USD 12.955 USD 9.038 GBP 13.129Net Assets per share as at 31 December 2016 EUR 9.987 EUR - GBP 10.706 GBP 9.817 USD 8.275 USD 11.416 USD 7.557 GBP 11.514

Old Mutual UK Alpha Fund (IRL) (continued)

Class I (EUR)Class I (EUR)

Hedged Class I (USD)Class I (USD)

HedgedClass I (USD)

Hedged Income Class R (GBP)Class R (GBP)

Income Class U1 (EUR)Shares in issue at 1 January 2017 7,234 2,300 102,381 108,673 2,565 465,810 252,223 14,800Subscriptions during the financial period 3,275 - - - 1,709 1,861 34,335 4,072Redemptions during the financial period (2,451) (2,300) (69,625) (42,473) (1,119) (295,865) (30,335) (436)Shares in issue at 30 June 2017 8,058 - 32,756 66,200 3,155 171,806 256,223 18,436

Shares in issue at 1 January 2018 3,707 - 16,428 61,082 - 94,247 273,636 16,102Subscriptions during the financial period 6 - 244 479 - 215 12,445 2,315Redemptions during the financial period (1,254) - - - - (9,290) (6,574) -Shares in issue at 30 June 2018 2,459 - 16,672 61,561 - 85,172 279,507 18,417

Net Assets as at 30 June 2018 EUR 23,237 EUR - USD 170,759 USD 809,620 USD - GBP 1,140,796 GBP 3,201,188 EUR 214,157Net Assets as at 31 December 2017 EUR 34,530 EUR - USD 170,848 USD 787,468 USD - GBP 1,246,404 GBP 3,140,456 EUR 184,521Net Assets as at 31 December 2016 EUR 61,567 EUR 23,556 USD 851,367 USD 1,222,439 USD 30,020 GBP 5,417,847 GBP 2,626,067 EUR 154,679

Net Assets per share as at 30 June 2018 EUR 9.449 EUR - USD 10.243 USD 13.152 USD - GBP 13.394 GBP 11.453 EUR 11.628Net Assets per share as at 31 December 2017 EUR 9.316 EUR - USD 10.400 USD 12.892 USD - GBP 13.225 GBP 11.477 EUR 11.460Net Assets per share as at 31 December 2016 EUR 8.511 EUR 10.242 USD 8.316 USD 11.249 USD 11.705 GBP 11.631 GBP 10.412 EUR 10.451



273


Share Movement (continued)Old Mutual UK Alpha Fund (IRL) (continued)

Class U1 (GBP)Class U1 (GBP)

Income Class U1 (USD) Class U2 (EUR) Class U2 (GBP)Class U2 (GBP)

Income Class U2 (USD)Shares in issue at 1 January 2017 1,350,894 1,269,787 225,882 20,745 1,141,722 5,254,055 12,289Subscriptions during the financial period 148,258 777,059 - 635 277,449 369,993 55,837Redemptions during the financial period (131,193) (380,185) (5,200) - (218,360) (739,495) (10,515)Shares in issue at 30 June 2017 1,367,959 1,666,661 220,682 21,380 1,200,811 4,884,553 57,611

Shares in issue at 1 January 2018 1,311,206 1,466,871 191,600 21,380 1,483,786 4,726,163 50,838Subscriptions during the financial period 94,467 56,544 - - 103,994 436,245 1,734Redemptions during the financial period (129,766) (211,854) (61,626) (21,380) (697,255) (456,054) (4,077)Shares in issue at 30 June 2018 1,275,907 1,311,561 129,974 - 890,525 4,706,354 48,495

Net Assets as at 30 June 2018 GBP 16,872,068 GBP 15,146,255 USD 1,367,089 EUR - GBP 11,692,832 GBP 57,161,639 USD 506,745Net Assets as at 31 December 2017 GBP 17,114,869 GBP 16,968,671 USD 2,045,389 EUR 256,001 GBP 19,223,886 GBP 57,477,826 USD 538,970Net Assets as at 31 December 2016 GBP 15,485,345 GBP 13,320,142 USD 1,927,697 EUR 226,460 GBP 12,980,454 GBP 57,895,491 USD 104,444

Net Assets per share as at 30 June 2018 GBP 13.224 GBP 11.548 USD 10.518 EUR - GBP 13.130 GBP 12.146 USD 10.450Net Assets per share as at 31 December 2017 GBP 13.053 GBP 11.568 USD 10.675 EUR 11.974 GBP 12.956 GBP 12.162 USD 10.602Net Assets per share as at 31 December 2016 GBP 11.463 GBP 10.490 USD 8.534 EUR 10.917 GBP 11.369 GBP 11.019 USD 8.499

Old Mutual UK Smaller Companies Focus FundClass A (GBP)

IncomeClass R (GBP)


IncomeShares in issue at 1 January 2017 8,864,445 28,092,127 370,990Subscriptions during the financial period 815,232 24,184,574 803,695Redemptions during the financial period (659,504) (7,880,484) (101,059)Shares in issue at 30 June 2017 9,020,173 44,396,217 1,073,626

Shares in issue at 1 January 2018 9,467,282 60,519,269 2,019,413Subscriptions during the financial period 805,918 24,847,684 1,113,750Redemptions during the financial period (754,414) (15,979,113) (1,014,265)Shares in issue at 30 June 2018 9,518,786 69,387,840 2,118,898

Net Assets as at 30 June 2018 GBP 172,646,855 GBP 215,355,397 GBP 43,984,717Net Assets as at 31 December 2017 GBP 165,277,871 GBP 180,163,912 GBP 40,156,992Net Assets as at 31 December 2016 GBP 103,324,443 GBP 55,489,936 GBP 4,911,775




274


Share Movement (continued)Old Mutual UK Dynamic Equity Fund

Class A (GBP)Income

Class I (EUR)Hedged

Class R (GBP)Income

Shares in issue at 1 January 2017 26,742,292 2,193,629 87,786,602Subscriptions during the financial period 1,710,438 1,402,382 11,612,111Redemptions during the financial period (3,394,674) (142,506) (8,482,757)Shares in issue at 30 June 2017 25,058,056 3,453,505 90,915,956

Shares in issue at 1 January 2018 24,421,108 3,465,491 89,083,856Subscriptions during the financial period 444,660 28,364 8,001,536Redemptions during the financial period (1,605,009) (2,124,448) (4,667,013)Shares in issue at 30 June 2018 23,260,759 1,369,407 92,418,379

Net Assets as at 30 June 2018 GBP 117,089,655 EUR 6,884,422 GBP 480,421,831Net Assets as at 31 December 2017 GBP 121,435,916 EUR 17,272,699 GBP 456,341,565Net Assets as at 31 December 2016 GBP 100,828,993 EUR 8,329,427 GBP 339,678,379

Net Assets per share as at 30 June 2018 GBP 5.034 EUR 5.027 GBP 5.198Net Assets per share as at 31 December 2017 GBP 4.973 EUR 4.984 GBP 5.123Net Assets per share as at 31 December 2016 GBP 3.770 EUR 3.797 GBP 3.869

Old Mutual Global Equity Absolute Return FundClass A (CHF)

HedgedClass A (EUR)

HedgedClass A (GBP)

HedgedClass A (RMB)

HedgedClass A (SGD)

Hedged Class A (USD)Shares in issue at 1 January 2017 751,650 672,960,325 35,795,938 701 337,164 723,697,178Subscriptions during the financial period 29,226 667,198,458 9,991,951 6,725 71,452 153,966,499Redemptions during the financial period (67,141) (408,117,849) (5,509,950) - (125,478) (184,528,066)Shares in issue at 30 June 2017 713,735 932,040,934 40,277,939 7,426 283,138 693,135,611

Shares in issue at 1 January 2018 521,432 893,488,072 62,781,227 49,700 792,002 753,119,373Subscriptions during the financial period 263,085 859,857,747 49,707,740 92,600 503,545 370,839,991Redemptions during the financial period (225,116) (472,524,883) (12,711,166) (24,604) (26,552) (110,461,208)Shares in issue at 30 June 2018 559,401 1,280,820,936 99,777,801 117,696 1,268,995 1,013,498,156

Net Assets as at 30 June 2018CHF 6,036,214 EUR 1,783,799,398 GBP 160,362,871 RMB 1,670,366 SGD 15,188,470

USD1,313,592,498

Net Assets as at 31 December 2017 CHF 5,660,870 EUR 1,251,419,394 GBP 101,058,941 RMB 693,643 SGD 9,451,912 USD 968,374,600Net Assets as at 31 December 2016 CHF 7,683,891 EUR 896,046,673 GBP 54,395,507 RMB 8,117 SGD 3,781,696 USD 867,106,974

Net Assets per share as at 30 June 2018 CHF 10.791 EUR 1.393 GBP 1.607 RMB 14.192 SGD 11.969 USD 1.296Net Assets per share as at 31 December 2017 CHF 10.856 EUR 1.401 GBP 1.610 RMB 13.957 SGD 11.934 USD 1.286Net Assets per share as at 31 December 2016 CHF 10.223 EUR 1.332 GBP 1.520 RMB 11.575 SGD 11.216 USD 1.198



275


Share Movement (continued)Old Mutual Global Equity Absolute Return Fund (continued)

Class A2 (CHF)Hedged Class C (USD)

Class I (CHF)Hedged

Class I (EUR)Hedged

Class I (SEK)Hedged Class I (USD)

Shares in issue at 1 January 2017 100 5,269,296 3,862,751 1,585,953,660 51,796,664 471,407,499Subscriptions during the financial period 342,239 2,573,958 1,386,663 749,068,358 15,039,161 219,427,146Redemptions during the financial period - (848,458) (431,537) (397,883,461) (11,541,105) (84,807,848)Shares in issue at 30 June 2017 342,339 6,994,796 4,817,877 1,937,138,557 55,294,720 606,026,797

Shares in issue at 1 January 2018 436,451 12,167,939 6,098,830 2,601,562,852 58,121,420 672,755,159Subscriptions during the financial period 781,019 9,869,575 5,281,056 1,136,616,532 2,940,987 315,801,274Redemptions during the financial period (23,750) (795,292) (626,219) (473,949,073) (13,311,578) (91,512,134)Shares in issue at 30 June 2018 1,193,720 21,242,222 10,753,667 3,264,230,311 47,750,829 897,044,299

Net Assets as at 30 June 2018 CHF 12,355,717 USD 238,717,500 CHF 115,996,584 EUR 5,441,146,115 SEK 563,497,983 USD 1,564,143,779Net Assets as at 31 December 2017 CHF 4,559,998 USD 136,733,758 CHF 66,043,622 EUR 4,342,268,556 SEK 686,257,044 USD 1,159,994,664Net Assets as at 31 December 2016 CHF 995 USD 55,980,864 CHF 39,680,106 EUR 2,502,793,470 SEK 578,346,014 USD 752,876,596

Net Assets per share as at 30 June 2018 CHF 10.351 USD 11.238 CHF 10.787 EUR 1.667 SEK 11.801 USD 1.744Net Assets per share as at 31 December 2017 CHF 10.448 USD 11.237 CHF 10.829 EUR 1.669 SEK 11.807 USD 1.724Net Assets per share as at 31 December 2016 CHF 9.952 USD 10.624 CHF 10.273 EUR 1.578 SEK 11.166 USD 1.597

Old Mutual Global Equity Absolute Return Fund (continued)Class R (GBP)

HedgedClass U1 (GBP)

HedgedClass U2 (GBP)

HedgedClass W (GBP)

HedgedShares in issue at 1 January 2017 719,042,923 201,645,808 116,446,066 -Subscriptions during the financial period 206,576,636 106,870,176 51,745,832 -Redemptions during the financial period (79,882,101) (58,273,650) (12,320,617) -Shares in issue at 30 June 2017 845,737,458 250,242,334 155,871,281 -

Shares in issue at 1 January 2018 960,764,848 303,130,532 213,146,007 -Subscriptions during the financial period 341,926,549 141,698,691 345,889,991 31,678,962Redemptions during the financial period (99,201,602) (52,390,491) (242,332,911) (31,678,962)Shares in issue at 30 June 2018 1,203,489,795 392,438,732 316,703,087 -

Net Assets as at 30 June 2018 GBP 2,074,696,025 GBP 469,670,710 GBP 389,228,110 GBP -Net Assets as at 31 December 2017 GBP 1,650,786,162 GBP 361,513,473 GBP 261,380,948 GBP -Net Assets as at 31 December 2016 GBP 1,159,169,096 GBP 225,540,836 GBP 133,843,108 GBP -

Net Assets per share as at 30 June 2018 GBP 1.724 GBP 1.197 GBP 1.229 GBP -Net Assets per share as at 31 December 2017 GBP 1.718 GBP 1.193 GBP 1.226 GBP -Net Assets per share as at 31 December 2016 GBP 1.612 GBP 1.119 GBP 1.149 GBP -



276


Share Movement (continued)Old Mutual Strategic Absolute Return Bond Fund^^^

Class A (EUR)Hedged

Class A (GBP)Hedged

Class A (GBP)Hedged Income

Class I (EUR)Hedged Class F1 (USD)

Class F2 (GBP)Hedged

Shares in issue at 1 January 2017 14,142 37,325 26,404 14,150 159,151 640,900Subscriptions during the financial period - - - - 2 66,758Redemptions during the financial period (14,142) - - (14,150) - (169,132)Shares in issue at 30 June 2017 - 37,325 26,404 - 159,153 538,526

Shares in issue at 1 January 2018 - - - - 111,225 64,959,601Subscriptions during the financial period 4,829 - - - 2 396,939Redemptions during the financial period (3,000) - - - (100,013) (269,188)Shares in issue at 30 June 2018 1,829 - - - 11,214 65,087,352

Net Assets as at 30 June 2018 EUR 17,860 GBP - GBP - EUR - USD 11,913 GBP 67,469,549Net Assets as at 31 December 2017 EUR - GBP - GBP - EUR - USD 119,112 GBP 68,480,411Net Assets as at 31 December 2016 EUR 13,573 GBP 38,258 GBP 24,426 EUR 14,062 USD 164,405 GBP 657,051

Net Assets per share as at 30 June 2018 EUR 9.767 GBP - GBP - EUR - USD 1.062 GBP 1.037Net Assets per share as at 31 December 2017 EUR - GBP - GBP - EUR - USD 1.071 GBP 1.054Net Assets per share as at 31 December 2016 EUR 0.960 GBP 1.025 GBP 0.925 EUR 0.994 USD 1.033 GBP 1.025

Old Mutual Strategic Absolute Return Bond Fund^^^ (continued)Class F2 (GBP)Hedged Income Class I (USD)

Class R (GBP)Hedged


Class U1 (GBP)Hedged Income


Shares in issue at 1 January 2017 483,877 - - - 1,895,478 -Subscriptions during the financial period 166 - - - 2,143,107 -Redemptions during the financial period (39,169) - - - (1,741) -Shares in issue at 30 June 2017 444,874 - - - 4,036,844 -

Shares in issue at 1 January 2018 329,873 - - - - -Subscriptions during the financial period 11,873,671 100 100 100 - 100Redemptions during the financial period (5,584,988) - - - - -Shares in issue at 30 June 2018 6,618,556 100 100 100 - 100

Net Assets as at 30 June 2018 GBP 6,209,530 USD 985 GBP 981 GBP 981 GBP - GBP 981Net Assets as at 31 December 2017 GBP 315,689 USD - GBP - GBP - GBP - GBP -Net Assets as at 31 December 2016 GBP 456,442 USD - GBP - GBP - GBP 18,008,743 GBP -

Net Assets per share as at 30 June 2018 GBP 0.938 USD 9.854 GBP 9.811 GBP 9.810 GBP - GBP 9.812Net Assets per share as at 31 December 2017 GBP 0.957 USD - GBP - GBP - GBP - GBP -Net Assets per share as at 31 December 2016 GBP 0.943 USD - GBP - GBP - GBP 9.501 GBP -



277


Share Movement (continued)Old Mutual Pan African Fund^^

Class A (GBP) Class A (USD) Class R (GBP) Class U1 (GBP)Class U3 (USD)

HybridShares in issue at 1 January 2017 17,400 823 6,461 43,181 5,262,594Subscriptions during the financial period 5,400 - 20,202 31,022 12,774Redemptions during the financial period (18,200) - (354) (23,573) -Shares in issue at 30 June 2017 4,600 823 26,309 50,630 5,275,368

Shares in issue at 1 January 2018 4,600 - 112,865 88,861 5,275,368Subscriptions during the financial period 1,300 - 34,847 2,653 14,086Redemptions during the financial period (5,900) - (147,712) (91,514) (5,289,454)Shares in issue at 30 June 2018 - - - - -

Net Assets as at 30 June 2018 GBP - USD - GBP - GBP - USD -Net Assets as at 31 December 2017 GBP 50,113 USD - GBP 1,221,508 GBP 988,548 USD 49,606,448Net Assets as at 31 December 2016 GBP 172,688 USD 6,091 GBP 63,255 GBP 436,120 USD 40,472,684

Net Assets per share as at 30 June 2018 GBP - USD - GBP - GBP - USD -Net Assets per share as at 31 December 2017 GBP 10.894 USD - GBP 10.823 GBP 11.125 USD 9.403Net Assets per share as at 31 December 2016 GBP 9.925 USD 7.400 GBP 9.791 GBP 10.100 USD 7.691

Old Mutual Monthly Income High Yield Bond FundClass A (EUR)

Hedged Class A (GBP)Class A (GBP)


Income Class C (USD)Shares in issue at 1 January 2017 100 35,856 112 62,244 608,833 11,375Subscriptions during the financial period - 8,621 4 22,964 17,350 -Redemptions during the financial period - (18,158) (116) (17,567) (116,414) -Shares in issue at 30 June 2017 100 26,319 - 67,641 509,769 11,375

Shares in issue at 1 January 2018 100 44,699 - 71,368 205,215 11,375Subscriptions during the financial period - 3,299 - 6,220 5,633 -Redemptions during the financial period (100) (6,433) - (15,384) (29,324) (10,379)Shares in issue at 30 June 2018 - 41,565 - 62,204 181,524 996

Net Assets as at 30 June 2018 EUR - GBP 526,815 GBP - USD 688,066 USD 1,612,951 USD 10,224Net Assets as at 31 December 2017 EUR 1,117 GBP 562,807 GBP - USD 806,444 USD 1,918,707 USD 120,230Net Assets as at 31 December 2016 EUR 1,072 GBP 464,014 GBP 1,295 USD 657,982 USD 5,664,134 USD 114,643

Net Assets per share as at 30 June 2018 EUR - GBP 12.674 GBP - USD 11.061 USD 8.886 USD 10.261Net Assets per share as at 31 December 2017 EUR 11.172 GBP 12.591 GBP - USD 11.300 USD 9.350 USD 10.570Net Assets per share as at 31 December 2016 EUR 10.719 GBP 12.941 GBP 11.520 USD 10.571 USD 9.303 USD 10.079



278


Share Movement (continued)Old Mutual Monthly Income High Yield Bond Fund (continued)

Class C (USD)Income Class I (USD)

Class N (USD)Income Class R (GBP)

Class R (GBP)Hedged Income Class U1 (GBP)

Shares in issue at 1 January 2017 90,584 463,393 1 637 100 22,676Subscriptions during the financial period 2,018 9,811 3,000 403 1 7,951Redemptions during the financial period (9,221) (463,393) (3,000) (115) - (24,688)Shares in issue at 30 June 2017 83,381 9,811 1 925 101 5,939

Shares in issue at 1 January 2018 40,327 9,811 - - - 4,475Subscriptions during the financial period 1,121 - - - - 3,287Redemptions during the financial period - - - - - (5,160)Shares in issue at 30 June 2018 41,448 9,811 - - - 2,602

Net Assets as at 30 June 2018 USD 344,669 USD 107,786 USD - GBP - GBP - GBP 33,672Net Assets as at 31 December 2017 USD 355,602 USD 109,777 USD - GBP - GBP - GBP 57,313Net Assets as at 31 December 2016 USD 808,560 USD 4,805,299 USD - GBP 7,846 GBP 936 GBP 297,919

Net Assets per share as at 30 June 2018 USD 8.316 USD 10.986 USD - GBP - GBP - GBP 12.939Net Assets per share as at 31 December 2017 USD 8.818 USD 11.189 USD - GBP - GBP - GBP 12.808Net Assets per share as at 31 December 2016 USD 8.926 USD 10.370 USD - GBP 12.316 GBP 9.360 GBP 13.138

Old Mutual Monthly Income High Yield Bond Fund (continued)Class U1 (GBP)

Income Class U2 (EUR)Class U2

(GBP) HedgedClass U2 (GBP)

IncomeClass X (GBP)

HedgedClass X (GBP)

Hedged IncomeShares in issue at 1 January 2017 112 7,872 4,867 683,491 5,609,278 941,769Subscriptions during the financial period 4 2,916 - - 25,768 -Redemptions during the financial period (116) (461) (4,867) (53,350) (40,486) -Shares in issue at 30 June 2017 - 10,327 - 630,141 5,594,560 941,769

Shares in issue at 1 January 2018 - - - 630,141 5,423,514 941,769Subscriptions during the financial period - - - - - -Redemptions during the financial period - - - (39,459) (21,796) -Shares in issue at 30 June 2018 - - - 590,682 5,401,718 941,769

Net Assets as at 30 June 2018 GBP - EUR - GBP - GBP 6,288,104 GBP 61,214,966 GBP 8,473,190Net Assets as at 31 December 2017 GBP - EUR - GBP - GBP 6,838,225 GBP 62,936,080 GBP 8,935,128Net Assets as at 31 December 2016 GBP 1,313 EUR 91,511 GBP 50,992 GBP 8,047,898 GBP 60,847,768 GBP 8,900,000

Net Assets per share as at 30 June 2018 GBP - EUR - GBP - GBP 10.646 GBP 11.333 GBP 8.997Net Assets per share as at 31 December 2017 GBP - EUR - GBP - GBP 10.852 GBP 11.604 GBP 9.488Net Assets per share as at 31 December 2016 GBP 11.675 EUR 11.625 GBP 10.477 GBP 11.775 GBP 10.848 GBP 9.450



279


Share Movement (continued)Old Mutual Europe (ex UK) Smaller Companies Fund

Class A (EUR) Class A (GBP) Class A (USD)Class A (USD)

HedgedClass C (USD)

Hedged Class I (EUR) Class I (USD)Shares in issue at 1 January 2017 3,426 54,972 9,900 - - 729,499 -Subscriptions during the financial period 14,048 16,235 360,044 62,769 - 662,769 -Redemptions during the financial period (310) (30,154) (8,207) (38,032) - (24,574) -Shares in issue at 30 June 2017 17,164 41,053 361,737 24,737 - 1,367,694 -

Shares in issue at 1 January 2018 11,483 42,910 743,143 59,951 66,107 1,881,476 938,342Subscriptions during the financial period 1,782 8,163 68,679 14,605 - 179,185 117,713Redemptions during the financial period (4,900) (16,092) (324,821) - (5,000) (621,916) (685,776)Shares in issue at 30 June 2018 8,365 34,981 487,001 74,556 61,107 1,438,745 370,279

Net Assets as at 30 June 2018 EUR 124,453 GBP 549,861 USD 5,660,361 USD 710,730 USD 589,068 EUR 22,083,225 USD 3,415,974Net Assets as at 31 December 2017 EUR 184,640 GBP 730,127 USD 9,614,417 USD 610,361 USD 685,783 EUR 31,093,707 USD 9,598,960Net Assets as at 31 December 2016 EUR 48,475 GBP 796,594 USD 99,149 USD - USD - EUR 10,503,201 USD -

Net Assets per share as at 30 June 2018 EUR 14.878 GBP 15.719 USD 11.623 USD 9.533 USD 9.640 EUR 15.349 USD 9.225Net Assets per share as at 31 December 2017 EUR 16.080 GBP 17.015 USD 12.938 USD 10.181 USD 10.374 EUR 16.526 USD 10.230Net Assets per share as at 31 December 2016 EUR 14.150 GBP 14.491 USD 10.015 USD - USD - EUR 14.398 USD -

Old Mutual Europe (ex UK) Smaller Companies Fund (continued)Class I (USD)

Hedged Class R (GBP)Class R (GBP)

HedgedClass R (GBP)

IncomeClass U1 (EUR)


HedgedShares in issue at 1 January 2017 - 173,240 567 8,201 15,000 1,160,793 177,643Subscriptions during the financial period - 1,089,579 28,705 73,430 216,205 495,424 8,108Redemptions during the financial period - (55,028) - (2,150) (645) (287,309) (3,714)Shares in issue at 30 June 2017 - 1,207,791 29,272 79,481 230,560 1,368,908 182,037

Shares in issue at 1 January 2018 13,646 1,414,938 218,795 71,104 287,160 2,488,433 190,731Subscriptions during the financial period 60,011 358,473 93,979 6,623 402,495 732,656 6,085Redemptions during the financial period (5,168) (649,133) (88,281) (35,457) (18,765) (830,008) (9,600)Shares in issue at 30 June 2018 68,489 1,124,278 224,493 42,270 670,890 2,391,081 187,216

Net Assets as at 30 June 2018 USD 654,192 GBP 19,465,296 GBP 3,322,636 GBP 668,713 EUR 7,762,158 GBP 41,480,958 GBP 2,879,983Net Assets as at 31 December 2017 USD 138,760 GBP 26,418,599 GBP 3,473,747 GBP 1,238,151 EUR 3,649,751 GBP 46,536,689 GBP 3,145,995Net Assets as at 31 December 2016 USD - GBP 2,727,461 GBP 7,818 GBP 123,173 EUR 169,531 GBP 18,287,140 GBP 2,540,839

Net Assets per share as at 30 June 2018 USD 9.552 GBP 17.314 GBP 14.801 GBP 15.820 EUR 11.570 GBP 17.348 GBP 15.383Net Assets per share as at 31 December 2017 USD 10.169 GBP 18.671 GBP 15.877 GBP 17.413 EUR 12.710 GBP 18.701 GBP 16.494Net Assets per share as at 31 December 2016 USD - GBP 15.744 GBP 13.798 GBP 15.019 EUR 11.302 GBP 15.754 GBP 14.303



280


Share Movement (continued)Old Mutual Europe (ex UK) Smaller Companies Fund (continued)

Class U1 (GBP)Income Class U1 (USD) Class U2 (GBP) Class W (GBP)

Shares in issue at 1 January 2017 509,251 68,500 10,904,648 -Subscriptions during the financial period 286,599 16,805 2,022,634 -Redemptions during the financial period (49,819) (15,000) (1,810,473) -Shares in issue at 30 June 2017 746,031 70,305 11,116,809 -

Shares in issue at 1 January 2018 2,918,453 43,705 11,808,918 -Subscriptions during the financial period 407,897 2,616 3,330,180 5,061,684Redemptions during the financial period (1,784,615) - (3,528,860) (5,061,684)Shares in issue at 30 June 2018 1,541,735 46,321 11,610,238 -

Net Assets as at 30 June 2018 GBP 24,726,187 USD 620,834 GBP 203,195,418 GBP -Net Assets as at 31 December 2017 GBP 51,495,236 USD 649,324 GBP 222,699,659 GBP -Net Assets as at 31 December 2016 GBP 7,726,808 USD 781,510 GBP 173,043,681 GBP -

Net Assets per share as at 30 June 2018 GBP 16.038 USD 13.403 GBP 17.501 GBP -Net Assets per share as at 31 December 2017 GBP 17.645 USD 14.857 GBP 18.859 GBP -Net Assets per share as at 31 December 2016 GBP 15.173 USD 11.409 GBP 15.869 GBP -


Class A (GBP) Class A (GBP) IncomeClass A (USD)

Income Class I (EUR)Shares in issue at 1 January 2017 6,520 144,005 104 -Subscriptions during the financial period 1,735 11,743 3,626 -Redemptions during the financial period (4,924) (1,517) - -Shares in issue at 30 June 2017 3,331 154,231 3,730 -

Shares in issue at 1 January 2018 2,985 147,984 77,742 100Subscriptions during the financial period 1,511 5 66,961 -Redemptions during the financial period (987) (7,673) (108) -Shares in issue at 30 June 2018 3,509 140,316 144,595 100

Net Assets as at 30 June 2018 GBP 55,421 GBP 2,059,193 USD 1,785,045 EUR 1,114Net Assets as at 31 December 2017 GBP 46,631 GBP 2,178,213 USD 989,875 EUR 1,095Net Assets as at 31 December 2016 GBP 88,148 GBP 1,878,650 USD 1,067 EUR -

Net Assets per share as at 30 June 2018 GBP 15.795 GBP 14.675 USD 12.345 EUR 11.138Net Assets per share as at 31 December 2017 GBP 15.624 GBP 14.719 USD 12.733 EUR 10.951Net Assets per share as at 31 December 2016 GBP 13.520 GBP 13.046 USD 10.295 EUR -



281


Share Movement (continued)Old Mutual Global Equity Income Fund (IRL) (continued)

Class I (USD)Income Class R (GBP)

Class R (GBP)Income Class S (GBP) Class U1 (GBP)

Class U1 (GBP)Income

Shares in issue at 1 January 2017 - 46,768 7,061,599 1,399,821 75,354 7,644Subscriptions during the financial period 28,902 95,621 3,238,044 22,700 47,391 17,908Redemptions during the financial period (5) (62,134) (2,742,746) (224,881) (7,030) (4,235)Shares in issue at 30 June 2017 28,897 80,255 7,556,897 1,197,640 115,715 21,317

Shares in issue at 1 January 2018 31,718 132,872 7,372,272 1,161,140 162,282 131,704Subscriptions during the financial period 59,960 91,567 778,599 8,500 67,053 41,721Redemptions during the financial period - (30,081) (752,120) (155,857) (39,645) (11,330)Shares in issue at 30 June 2018 91,678 194,358 7,398,751 1,013,783 189,690 162,095

Net Assets as at 30 June 2018 USD 1,049,183 GBP 3,135,524 GBP 111,198,059 GBP 16,304,672 GBP 3,068,723 GBP 2,426,465Net Assets as at 31 December 2017 USD 372,523 GBP 2,112,468 GBP 110,710,141 GBP 18,425,666 GBP 2,586,240 GBP 1,969,274Net Assets as at 31 December 2016 USD - GBP 638,326 GBP 93,254,768 GBP 19,076,061 GBP 1,029,485 GBP 100,716

Net Assets per share as at 30 June 2018 USD 11.444 GBP 16.133 GBP 15.029 GBP 16.083 GBP 16.178 GBP 14.969Net Assets per share as at 31 December 2017 USD 11.745 GBP 15.899 GBP 15.017 GBP 15.869 GBP 15.937 GBP 14.952Net Assets per share as at 31 December 2016 USD - GBP 13.649 GBP 13.206 GBP 13.628 GBP 13.662 GBP 13.176

Old Mutual Gold & Silver FundClass A (EUR) Class A (GBP) Class A (USD) Class C (USD) Class I (EUR) Class I (USD)

Shares in issue at 1 January 2017 693 148,823 256,294 230,333 20,245 1,205,411Subscriptions during the financial period 5,226 236,150 1,186,455 155,005 48,472 662,325Redemptions during the financial period (2,961) (185,478) (236,264) (130,619) (100) (177,691)Shares in issue at 30 June 2017 2,958 199,495 1,206,485 254,719 68,617 1,690,045

Shares in issue at 1 January 2018 931 345,280 1,549,422 426,870 118,466 1,685,146Subscriptions during the financial period 54,675 213,814 1,142,200 347,079 31,829 896,059Redemptions during the financial period (49,312) (191,677) (191,842) (185,992) (83,014) (830,700)Shares in issue at 30 June 2018 6,294 367,417 2,499,780 587,957 67,281 1,750,505

Net Assets as at 30 June 2018 EUR 44,459 GBP 4,587,270 USD 28,885,306 USD 4,933,213 EUR 747,166 USD 20,600,915Net Assets as at 31 December 2017 EUR 7,043 GBP 4,624,406 USD 19,748,302 USD 3,980,483 EUR 1,403,762 USD 21,793,615Net Assets as at 31 December 2016 EUR 5,410 GBP 1,980,199 USD 2,951,879 USD 1,972,336 EUR 244,719 USD 13,978,802

Net Assets per share as at 30 June 2018 EUR 7.063 GBP 12.485 USD 11.555 USD 8.390 EUR 11.105 USD 11.769Net Assets per share as at 31 December 2017 EUR 7.565 GBP 13.393 USD 12.746 USD 9.325 EUR 11.850 USD 12.933Net Assets per share as at 31 December 2016 EUR 7.809 GBP 13.306 USD 11.518 USD 8.563 EUR 12.088 USD 11.597



282


Share Movement (continued)Old Mutual Gold & Silver Fund (continued)

Class R (GBP) Class U1 (GBP) Class U2 (GBP)Shares in issue at 1 January 2017 1,474,955 2,204,011 1,943,443Subscriptions during the financial period 2,181,038 1,461,319 336,174Redemptions during the financial period (457,334) (343,070) (48,758)Shares in issue at 30 June 2017 3,198,659 3,322,260 2,230,859

Shares in issue at 1 January 2018 4,870,306 4,373,804 1,634,452Subscriptions during the financial period 1,923,777 1,498,211 944,517Redemptions during the financial period (844,604) (617,434) (198,322)Shares in issue at 30 June 2018 5,949,479 5,254,581 2,380,647

Net Assets as at 30 June 2018 GBP 75,685,708 GBP 66,988,032 GBP 30,408,951Net Assets as at 31 December 2017 GBP 66,213,757 GBP 59,565,956 GBP 22,294,573Net Assets as at 31 December 2016 GBP 19,753,335 GBP 29,540,581 GBP 26,064,871


Old Mutual Compass Portfolio 2Class A (AUD)

HedgedClass A (EUR)

HedgedClass A (GBP)

HedgedClass A (SGD)

Hedged Class A (USD)Shares in issue at 1 January 2017 100 154,019 1,126,577 185,558 296,786Subscriptions during the financial period 122,235 57,126 367,689 - 205,881Redemptions during the financial period - (93,319) (426,828) (51,397) (201,628)Shares in issue at 30 June 2017 122,335 117,826 1,067,438 134,161 301,039

Shares in issue at 1 January 2018 135,724 153,654 1,081,914 232,639 334,176Subscriptions during the financial period 761 19,122 350,060 108,746 164,280Redemptions during the financial period (100) (17,811) (67,402) (78,400) (26,242)Shares in issue at 30 June 2018 136,385 154,965 1,364,572 262,985 472,214

Net Assets as at 30 June 2018 AUD 1,420,610 EUR 1,539,763 GBP 13,831,161 SGD 2,711,249 USD 4,932,182Net Assets as at 31 December 2017 AUD 1,445,261 EUR 1,581,223 GBP 11,297,236 SGD 2,459,551 USD 3,564,867Net Assets as at 31 December 2016 AUD 999 EUR 1,522,632 GBP 11,201,890 SGD 1,856,708 USD 2,973,169

Net Assets per share as at 30 June 2018 AUD 10.416 EUR 9.936 GBP 10.136 SGD 10.310 USD 10.445Net Assets per share as at 31 December 2017 AUD 10.649 EUR 10.291 GBP 10.442 SGD 10.572 USD 10.668Net Assets per share as at 31 December 2016 AUD 9.986 EUR 9.886 GBP 9.943 SGD 10.006 USD 10.018



283


Share Movement (continued)Old Mutual Compass Portfolio 3

Class A (AUD)Hedged

Class A (EUR)Hedged

Class A (GBP)Hedged

Class A (SGD)Hedged Class A (USD)

Class N (GBP)Hedged

Class N (SGD)Hedged

Shares in issue at 1 January 2017 207,783 1,708,440 5,010,779 596,812 6,343,280 - -Subscriptions during the financial period 35,351 265,730 1,285,775 789,545 410,585 - -Redemptions during the financial period (19,398) (272,069) (396,774) (104,517) (763,453) - -Shares in issue at 30 June 2017 223,736 1,702,101 5,899,780 1,281,840 5,990,412 - -

Shares in issue at 1 January 2018 584,588 1,812,416 6,986,535 1,678,181 6,062,167 278,734 1,718,619Subscriptions during the financial period 459,106 198,992 1,158,366 705,315 460,508 416,616 2,852,572Redemptions during the financial period (45,445) (143,209) (700,629) (89,557) (489,482) (30,136) (228,653)Shares in issue at 30 June 2018 998,249 1,868,199 7,444,272 2,293,939 6,033,193 665,214 4,342,538

Net Assets as at 30 June 2018 AUD 10,888,703 EUR 19,512,028 GBP 79,106,557 SGD 24,868,133 USD 66,271,626 GBP 6,687,326 SGD 44,039,418Net Assets as at 31 December 2017 AUD 6,573,633 EUR 19,759,501 GBP 77,134,146 SGD 18,806,030 USD 68,536,187 GBP 2,914,300 SGD 18,040,692Net Assets as at 31 December 2016 AUD 2,094,247 EUR 17,090,036 GBP 50,350,312 SGD 6,041,946 USD 64,319,168 GBP - SGD -

Net Assets per share as at 30 June 2018 AUD 10.908 EUR 10.444 GBP 10.627 SGD 10.841 USD 10.985 GBP 10.053 SGD 10.141Net Assets per share as at 31 December 2017 AUD 11.245 EUR 10.902 GBP 11.040 SGD 11.206 USD 11.306 GBP 10.456 SGD 10.497Net Assets per share as at 31 December 2016 AUD 10.079 EUR 10.003 GBP 10.048 SGD 10.124 USD 10.140 GBP - SGD -

Old Mutual Compass Portfolio 4Class A (AUD)

HedgedClass A (EUR)

HedgedClass A (GBP)

HedgedClass A (SGD)

Hedged Class A (USD)Class N (GBP)

HedgedClass N (SGD)

HedgedShares in issue at 1 January 2017 175,465 3,615,868 10,003,216 661,383 7,770,594 - -Subscriptions during the financial period 181,421 104,073 785,577 889,957 692,810 - -Redemptions during the financial period (14,283) (244,702) (702,379) (27,434) (832,645) - -Shares in issue at 30 June 2017 342,603 3,475,239 10,086,414 1,523,906 7,630,759 - -

Shares in issue at 1 January 2018 480,502 3,414,773 11,102,858 1,887,084 7,604,330 689,902 3,859,785Subscriptions during the financial period 210,833 143,936 1,423,729 855,512 269,793 661,199 5,032,688Redemptions during the financial period (40,349) (142,808) (717,541) (143,568) (534,938) (112,731) (151,888)Shares in issue at 30 June 2018 650,986 3,415,901 11,809,046 2,599,028 7,339,185 1,238,370 8,740,585

Net Assets as at 30 June 2018 AUD 7,436,405 EUR 37,487,801 GBP 131,532,697 SGD 29,584,996 USD 84,852,062 GBP 12,653,292 SGD 90,206,330Net Assets as at 31 December 2017 AUD 5,702,262 EUR 39,404,430 GBP 129,422,688 SGD 22,363,644 USD 91,053,726 GBP 7,384,713 SGD 41,512,755Net Assets as at 31 December 2016 AUD 1,783,288 EUR 36,587,527 GBP 101,508,638 SGD 6,768,266 USD 79,744,523 GBP - SGD -

Net Assets per share as at 30 June 2018 AUD 11.423 EUR 10.975 GBP 11.138 SGD 11.383 USD 11.562 GBP 10.218 SGD 10.320Net Assets per share as at 31 December 2017 AUD 11.867 EUR 11.539 GBP 11.657 SGD 11.851 USD 11.974 GBP 10.704 SGD 10.755Net Assets per share as at 31 December 2016 AUD 10.163 EUR 10.119 GBP 10.148 SGD 10.234 USD 10.262 GBP - SGD -



284


Share Movement (continued)Old Mutual Compass Portfolio 5

Class A (AUD)Hedged

Class A (EUR)Hedged

Class A (GBP)Hedged

Class A (SGD)Hedged Class A (USD)

Shares in issue at 1 January 2017 100 317,998 2,754,055 74,504 1,157,131Subscriptions during the financial period 3,624 13,551 85,603 17,249 109,151Redemptions during the financial period - (14,983) (225,656) - (128,252)Shares in issue at 30 June 2017 3,724 316,566 2,614,002 91,753 1,138,030

Shares in issue at 1 January 2018 9,032 349,068 2,625,618 174,145 1,020,805Subscriptions during the financial period 201,691 83,304 80,591 13,364 167,417Redemptions during the financial period (100) (44,786) (212,590) (31,516) (124,938)Shares in issue at 30 June 2018 210,623 387,586 2,493,619 155,993 1,063,284

Net Assets as at 30 June 2018 AUD 2,529,899 EUR 4,471,814 GBP 29,142,179 SGD 1,861,326 USD 12,931,232Net Assets as at 31 December 2017 AUD 113,016 EUR 4,246,519 GBP 32,220,275 SGD 2,169,083 USD 12,887,398Net Assets as at 31 December 2016 AUD 1,020 EUR 3,225,297 GBP 27,964,673 SGD 763,448 USD 11,894,479

Net Assets per share as at 30 June 2018 AUD 12.012 EUR 11.538 GBP 11.687 SGD 11.932 USD 12.162Net Assets per share as at 31 December 2017 AUD 12.513 EUR 12.165 GBP 12.272 SGD 12.456 USD 12.625Net Assets per share as at 31 December 2016 AUD 10.198 EUR 10.143 GBP 10.154 SGD 10.247 USD 10.279

Old Mutual UK Specialist Equity FundClass A (EUR)

Hedged Class A (GBP)Class A (USD)

HedgedClass F (EUR)

Hedged Class F (GBP)Class F (USD)

HedgedClass I (EUR)

HedgedShares in issue at 1 January 2017 50,225 360,231 1,683,358 3,097,881 12,699,007 1,282,534 1,309,897Subscriptions during the financial period 64,696 573,629 2,971,998 7,299 2,353,067 186,800 1,845,100Redemptions during the financial period (52,561) (334,351) (575,863) (202,345) (326,775) (410,614) (14,027)Shares in issue at 30 June 2017 62,360 599,509 4,079,493 2,902,835 14,725,299 1,058,720 3,140,970

Shares in issue at 1 January 2018 55,697 620,456 4,432,583 2,777,672 14,518,097 1,072,217 3,161,611Subscriptions during the financial period - 199,032 1,172,118 73,198 1,552,635 5,221 2,797,560Redemptions during the financial period (3,010) (61,073) (234,767) (271,261) (422,019) (227,345) (1,139,518)Shares in issue at 30 June 2018 52,687 758,415 5,369,934 2,579,609 15,648,713 850,093 4,819,653

Net Assets as at 30 June 2018 EUR 605,244 GBP 9,194,144 USD 66,819,168 EUR 31,203,988 GBP 193,291,381 USD 10,533,249 EUR 56,727,800Net Assets as at 31 December 2017 EUR 664,021 GBP 7,757,006 USD 56,525,191 EUR 34,738,117 GBP 184,241,052 USD 13,560,333 EUR 38,520,439Net Assets as at 31 December 2016 EUR 528,763 GBP 3,908,154 USD 18,415,258 EUR 33,667,154 GBP 138,775,757 USD 13,814,300 EUR 13,912,153

Net Assets per share as at 30 June 2018 EUR 11.488 GBP 12.123 USD 12.443 EUR 12.096 GBP 12.352 USD 12.391 EUR 11.770Net Assets per share as at 31 December 2017 EUR 11.922 GBP 12.502 USD 12.752 EUR 12.506 GBP 12.690 USD 12.647 EUR 12.184Net Assets per share as at 31 December 2016 EUR 10.528 GBP 10.849 USD 10.940 EUR 10.868 GBP 10.928 USD 10.771 EUR 10.621



285


Share Movement (continued)Old Mutual UK Specialist Equity Fund (continued)

Class I (USD)Hedged Class R (GBP) Class X (GBP)

Shares in issue at 1 January 2017 156,637 11,538,798 652,059Subscriptions during the financial period 255,734 4,503,867 62,136Redemptions during the financial period (8,025) (1,697,341) (145,943)Shares in issue at 30 June 2017 404,346 14,345,324 568,252

Shares in issue at 1 January 2018 722,287 16,785,057 567,027Subscriptions during the financial period 602,406 7,486,239 -Redemptions during the financial period (205,598) (792,947) (367,835)Shares in issue at 30 June 2018 1,119,095 23,478,349 199,192

Net Assets as at 30 June 2018 USD 13,542,845 GBP 287,964,939 GBP 2,654,964Net Assets as at 31 December 2017 USD 8,935,049 GBP 211,782,332 GBP 7,736,367Net Assets as at 31 December 2016 USD 1,659,016 GBP 125,703,881 GBP 7,333,463

Net Assets per share as at 30 June 2018 USD 12.102 GBP 12.265 GBP 13.329Net Assets per share as at 31 December 2017 USD 12.371 GBP 12.617 GBP 13.644Net Assets per share as at 31 December 2016 USD 10.592 GBP 10.894 GBP 11.247

Old Mutual Style Premia Absolute Return FundClass F (GBP)

Hedged Class F (USD)Class F2 (GBP)

Hedged Class F2 (USD) Class I (USD)Class X (GBP)

HedgedShares in issue at 1 January 2017 3,802,000 254,100 100 100 100 100Subscriptions during the financial period 3,892,561 145,695 27,437 - - -Redemptions during the financial period (66,521) (100) - - - -Shares in issue at 30 June 2017 7,628,040 399,695 27,537 100 100 100

Shares in issue at 1 January 2018 7,533,694 401,141 27,537 100 100 100Subscriptions during the financial period 227,342 17,392 - - - -Redemptions during the financial period (299,975) - (12,508) - - -Shares in issue at 30 June 2018 7,461,061 418,533 15,029 100 100 100

Net Assets as at 30 June 2018 GBP 72,867,704 USD 4,178,411 GBP 146,788 USD 995 USD 984 GBP 982Net Assets as at 31 December 2017 GBP 77,834,355 USD 4,200,571 GBP 284,057 USD 1,042 USD 1,035 GBP 1,035Net Assets as at 31 December 2016 GBP 38,403,622 USD 2,569,543 GBP 1,010 USD 1,011 USD 1,011 GBP 1,011

Net Assets per share as at 30 June 2018 GBP 9.766 USD 9.983 GBP 9.767 USD 9.954 USD 9.839 GBP 9.815Net Assets per share as at 31 December 2017 GBP 10.332 USD 10.472 GBP 10.315 USD 10.419 USD 10.350 GBP 10.350Net Assets per share as at 31 December 2016 GBP 10.101 USD 10.112 GBP 10.098 USD 10.106 USD 10.110 GBP 10.110



286


Share Movement (continued)Old Mutual Financials Contingent Capital Fund

Class A (USD)Class A (USD)

Income Class C (USD)Class F (GBP)

Hedged IncomeClass F (USD)

IncomeClass I (USD)

IncomeClass R (GBP)

HedgedShares in issue at 1 January 2017 - - - - - - -Subscriptions during the financial period - - - - - - -Redemptions during the financial period - - - - - - -Shares in issue at 30 June 2017 - - - - - - -

Shares in issue at 1 January 2018 77,422 100 156,479 9,784,865 7,316,286 388,741 272Subscriptions during the financial period 99,129 176,453 154,030 368,178 3,476,224 22,862 218,530Redemptions during the financial period (100) - - (144,874) (1,148,443) - (23,778)Shares in issue at 30 June 2018 176,451 176,553 310,509 10,008,169 9,644,067 411,603 195,024

Net Assets as at 30 June 2018 USD 1,759,254 USD 1,652,919 USD 3,051,329 GBP 95,020,555 USD 92,822,993 USD 3,958,426 GBP 1,927,249Net Assets as at 31 December 2017 USD 809,171 USD 1,006 USD 1,624,021 GBP 100,360,424 USD 75,361,220 USD 4,008,008 GBP 2,832Net Assets as at 31 December 2016 USD - USD - USD - GBP - USD - USD - GBP -

Net Assets per share as at 30 June 2018 USD 9.970 USD 9.362 USD 9.827 GBP 9.494 USD 9.625 USD 9.617 GBP 9.882Net Assets per share as at 31 December 2017 USD 10.451 USD 10.062 USD 10.379 GBP 10.257 USD 10.300 USD 10.310 GBP 10.413Net Assets per share as at 31 December 2016 USD - USD - USD - GBP - USD - USD - GBP -



287

6. Cash and Cash Equivalents, Margin Cash, Bank Overdraft and Collaterals

All monies are held with Citibank N.A. London in the name of Citi Depositary Services Ireland DAC as Depositary with theexception of margin cash and collateral cash held with brokers.

The following table details the margin cash balances held with brokers as at 30 June 2018:Sub-Fund Amount BrokerOld Mutual Global Strategic Bond Fund (IRL) USD 95,451 Bank of America Merrill LynchOld Mutual Global Strategic Bond Fund (IRL) USD (358) Morgan StanleyOld Mutual World Equity Fund USD 537,291 Bank of America Merrill LynchOld Mutual Pacific Equity Fund USD 110,618 Bank of America Merrill LynchOld Mutual European Equity Fund EUR 1 Goldman SachsOld Mutual US Equity Income Fund USD 85,270 Bank of America Merrill LynchOld Mutual North American Equity Fund USD 1,110,969 Bank of America Merrill LynchOld Mutual Total Return USD Bond Fund USD 1,066,859 Credit SuisseOld Mutual Total Return USD Bond Fund USD 9,465,540 Goldman SachsOld Mutual Total Return USD Bond Fund USD (1,000,665) JP MorganOld Mutual Emerging Market Debt Fund USD (191) Bank of America Merrill LynchOld Mutual Emerging Market Debt Fund USD 198 CitibankOld Mutual Investment Grade Corporate Bond Fund USD 34,591 Bank of America Merrill LynchOld Mutual Asian Equity Income Fund USD 445,035 Bank of America Merrill LynchOld Mutual Local Currency Emerging Market Debt Fund USD (991) Bank of America Merrill LynchOld Mutual Local Currency Emerging Market Debt Fund USD 1,965 Morgan StanleyOld Mutual UK Dynamic Equity Fund GBP (923,730) CitibankOld Mutual Global Equity Absolute Return Fund USD 2,975,723 CitibankOld Mutual Global Equity Absolute Return Fund USD (31,460,556) Bank of America Merrill LynchOld Mutual Global Equity Absolute Return Fund USD 82,537,864 Morgan StanleyOld Mutual Strategic Absolute Return Bond Fund^^^ USD 1,309,100 Bank of America Merrill LynchOld Mutual Strategic Absolute Return Bond Fund^^^ USD (4,277) Morgan StanleyOld Mutual Monthly Income High Yield Bond Fund USD 460 Bank of America Merrill LynchOld Mutual Global Equity Income Fund (IRL) USD 414,109 Bank of America Merrill LynchOld Mutual Compass Portfolio 2 USD 171,026 Bank of America Merrill LynchOld Mutual Compass Portfolio 3 USD 2,944,397 Bank of America Merrill LynchOld Mutual Compass Portfolio 4 USD 7,955,863 Bank of America Merrill LynchOld Mutual Compass Portfolio 5 USD 1,061,149 Bank of America Merrill LynchOld Mutual UK Specialist Equity Fund GBP (376,183) CitibankOld Mutual Style Premia Absolute Return Fund USD (173,129) CitibankOld Mutual Financials Contingent Capital Fund USD (20) Bank of America Merrill Lynch

The following table details the collateral cash amounts pledged by the fund and are held with brokers as at 30 June 2018:Sub-Fund Amount BrokerOld Mutual Total Return USD Bond Fund USD 2,100,000 Credit SuisseOld Mutual Local Currency Emerging Market Debt Fund USD 280,000 Bank of America Merrill LynchOld Mutual Local Currency Emerging Market Debt Fund USD 600,000 CitibankOld Mutual Local Currency Emerging Market Debt Fund USD 390,000 HSBCOld Mutual Local Currency Emerging Market Debt Fund USD 1,700,000 Societe GeneraleOld Mutual UK Dynamic Equity Fund GBP 460,000 CitibankOld Mutual Global Equity Absolute Return Fund USD 324,697,000 Bank of America Merrill LynchOld Mutual Global Equity Absolute Return Fund USD (200,000) CitibankOld Mutual Global Equity Absolute Return Fund USD 148,810,000 Morgan StanleyOld Mutual Strategic Absolute Return Bond Fund^^^ USD 50,000 BarclaysOld Mutual Strategic Absolute Return Bond Fund^^^ USD 320,000 Toronto Dominion BankOld Mutual Style Premia Absolute Return Fund USD 280,000 Goldman SachsOld Mutual Style Premia Absolute Return Fund USD 2,170,000 Morgan Stanley



288

6. Cash and Cash Equivalents, Margin Cash, Bank Overdraft and Collaterals (continued)

The following table details the collateral cash amounts received from the derivative counterparties as at 30 June 2018:Sub-Fund Amount BrokerOld Mutual Emerging Market Debt Fund USD 105,929 JP MorganOld Mutual Local Currency Emerging Market Debt Fund USD 50,054 Royal Bank of ScotlandOld Mutual Local Currency Emerging Market Debt Fund USD 970,000 Toronto Dominion BankOld Mutual Global Equity Absolute Return Fund USD 820,000 CIBCOld Mutual Global Equity Absolute Return Fund USD (200,000) CitibankOld Mutual Global Equity Absolute Return Fund USD 4,926,260 DanskeOld Mutual Global Equity Absolute Return Fund USD 10,156,834 HSBCOld Mutual Global Equity Absolute Return Fund USD 29,751,954 JP MorganOld Mutual Global Equity Absolute Return Fund USD 10,070,000 NomuraOld Mutual Global Equity Absolute Return Fund USD 502,870 Royal Bank of ScotlandOld Mutual Global Equity Absolute Return Fund USD 2,150,000 Societe GeneraleOld Mutual Global Equity Absolute Return Fund USD 17,790,000 Toronto Dominion BankOld Mutual Monthly Income High Yield Bond Fund USD 760,000 CitibankOld Mutual Monthly Income High Yield Bond Fund USD 52,558 HSBCOld Mutual UK Specialist Equity Fund GBP 2,740,000 CitibankOld Mutual Financials Contingent Capital Fund USD 3,408,000 CitibankOld Mutual Financials Contingent Capital Fund USD 2,510,000 HSBCOld Mutual Financials Contingent Capital Fund USD 13,969 JP Morgan

The following table details the margin cash balances held with brokers as at 31 December 2017:Sub-Fund Amount BrokerOld Mutual China Equity Fund USD 83,948 Bank of America Merrill LynchOld Mutual Global Strategic Bond Fund (IRL) USD 72,154 Bank of America Merrill LynchOld Mutual World Equity Fund USD 260,572 Bank of America Merrill LynchOld Mutual Pacific Equity Fund USD 496,972 Bank of America Merrill LynchOld Mutual European Equity Fund EUR 1 Goldman SachsOld Mutual Japanese Equity Fund^ JPY 2,940,002 Bank of America Merrill LynchOld Mutual US Equity Income Fund USD 147,550 Bank of America Merrill LynchOld Mutual North American Equity Fund USD 629,035 Bank of America Merrill LynchOld Mutual Total Return USD Bond Fund USD 1,090,613 Credit SuisseOld Mutual Total Return USD Bond Fund USD 10,919,173 Goldman SachsOld Mutual Total Return USD Bond Fund USD 33,867 JP MorganOld Mutual Emerging Market Debt Fund USD 198 CitibankOld Mutual Emerging Market Debt Fund USD 7,725 Bank of America Merrill LynchOld Mutual Investment Grade Corporate Bond Fund USD 43,722 Bank of America Merrill LynchOld Mutual Asian Equity Income Fund USD 1,106,822 Bank of America Merrill LynchOld Mutual Local Currency Emerging Market Debt Fund USD 12,775 Bank of America Merrill LynchOld Mutual Local Currency Emerging Market Debt Fund USD 962,220 Morgan StanleyOld Mutual UK Dynamic Equity Fund GBP 2,133,602 CitibankOld Mutual Global Equity Absolute Return Fund USD (3,283,032) CitibankOld Mutual Global Equity Absolute Return Fund USD (4,424,075) Bank of America Merrill LynchOld Mutual Global Equity Absolute Return Fund USD 1,646,692 Morgan StanleyOld Mutual Strategic Absolute Return Bond Fund^^^ USD 519,690 Bank of America Merrill LynchOld Mutual Strategic Absolute Return Bond Fund^^^ USD 23 Morgan StanleyOld Mutual Monthly Income High Yield Bond Fund USD 721 Bank of America Merrill LynchOld Mutual Global Equity Income Fund (IRL) USD 446,823 Bank of America Merrill LynchOld Mutual Compass Portfolio 2 USD 44,802 Bank of America Merrill LynchOld Mutual Compass Portfolio 3 USD 766,203 Bank of America Merrill LynchOld Mutual Compass Portfolio 4 USD 1,471,221 Bank of America Merrill LynchOld Mutual Compass Portfolio 5 USD 225,531 Bank of America Merrill LynchOld Mutual UK Specialist Equity Fund GBP 76,382 CitibankOld Mutual Style Premia Absolute Return Fund USD 662,596 Citibank



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6. Cash and Cash Equivalents, Margin Cash, Bank Overdraft and Collaterals (continued)

The following table details the collateral cash amounts pledged by the fund and are held with brokers as at 31 December 2017:Sub-Fund Amount BrokerOld Mutual Total Return USD Bond Fund USD 3,250,000 Credit SuisseOld Mutual Total Return USD Bond Fund USD 3,897,500 Goldman SachsOld Mutual Total Return USD Bond Fund USD 330,000 JP MorganOld Mutual Emerging Market Debt Fund USD 70,000 Royal Bank of ScotlandOld Mutual Global Equity Absolute Return Fund USD 33,830,000 CitibankOld Mutual Global Equity Absolute Return Fund USD 741,000 DanskeOld Mutual Global Equity Absolute Return Fund USD 8,093,389 HSBCOld Mutual Global Equity Absolute Return Fund USD 4,330,000 JP MorganOld Mutual Global Equity Absolute Return Fund USD 145,408,000 Bank of America Merrill LynchOld Mutual Global Equity Absolute Return Fund USD 109,370,000 Morgan StanleyOld Mutual Global Equity Absolute Return Fund USD 1,900,000 NomuraOld Mutual Global Equity Absolute Return Fund USD 11,198,000 Royal Bank of ScotlandOld Mutual Global Equity Absolute Return Fund USD 320,000 Societe GeneraleOld Mutual Global Equity Absolute Return Fund USD 6,840,000 Toronto Dominion BankOld Mutual Strategic Absolute Return Bond Fund^^^ USD 650,000 BarclaysOld Mutual Strategic Absolute Return Bond Fund^^^ USD 270,000 JP MorganOld Mutual UK Specialist Equity Fund GBP 7,710,000 CitibankOld Mutual Style Premia Absolute Return Fund USD 140,000 CitibankOld Mutual Style Premia Absolute Return Fund USD 430,000 Morgan StanleyOld Mutual Financials Contingent Capital Fund USD 790,000 Royal Bank of Scotland

The following table details the collateral cash amounts received from the derivative counterparties as at 31 December 2017:Sub-Fund Amount BrokerOld Mutual Emerging Market Debt Fund USD 480,000 HSBCOld Mutual Local Currency Emerging Market Debt Fund USD 160,000 Goldman SachsOld Mutual Local Currency Emerging Market Debt Fund USD 679,748 JP MorganOld Mutual Local Currency Emerging Market Debt Fund USD 410,000 Bank of America Merrill LynchOld Mutual Local Currency Emerging Market Debt Fund USD 20,000 Morgan StanleyOld Mutual Local Currency Emerging Market Debt Fund USD 270,000 Societe GeneraleOld Mutual UK Dynamic Equity Fund GBP 2,110,000 CitibankOld Mutual Global Equity Absolute Return Fund USD 4,841,000 Royal Bank of ScotlandOld Mutual Style Premia Absolute Return Fund USD 370,000 CitibankOld Mutual Style Premia Absolute Return Fund USD 1,080,000 Goldman SachsOld Mutual Financials Contingent Capital Fund USD 790,000 Royal Bank of ScotlandOld Mutual Financials Contingent Capital Fund USD 296,116 JP Morgan

7. Directors’ Remuneration

The Directors are entitled to a fee by way of remuneration for their services at a rate to be determined from time to time by theDirectors. The aggregate amount of Directors’ remuneration in any one financial period shall not exceed EUR 60,000 for eachof Directors, inclusive of sub-committee and chair fees.

The Directors may also be reimbursed for reasonable reimbursements and out of pocket expenses properly incurred by them inattending and returning from meetings of the Board of Directors of the Company or in connection with the business of theCompany. These are paid by the Company.

Total Directors fees and expenses were USD 76,878 for the financial period ended 30 June 2018 (30 June 2017: USD 133,486)and the amount payable at the financial period end for 2018 was USD Nil (2017: USD Nil).

Jessica Brescia and Paul Simpson are not entitled to receive Directors fees.



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8. Fees and Expenses

Investment Management Fee

The Company pays to the Investment Manager, in arrears, a monthly Investment Management Fee (“Investment Management Fee”). The amount of the Investment Management Fee for eachof the Classes of Shares of each Sub-Fund is set out in the Supplement for the relevant Sub-Fund. The rates applicable at the end of the financial period ended 30 June 2018 are detailed inthe table below. The rates are expressed as a percentage per annum of the relevant Sub-Fund’s Net Asset Value.


Sub-Fund

Class A, ClassB, Class C andClass N Shares

ClassD1

Shares

ClassD2

Shares

ClassF

Shares

ClassF2

Shares

ClassI

Shares

ClassP1

Shares

ClassP2

Shares

ClassP3

SharesOld Mutual China Equity Fund 1.50% - - - - 0.75% - - -Old Mutual Global Strategic Bond Fund (IRL) 1.00% - - - - 0.50% - - -Old Mutual World Equity Fund 1.50% 1.35% 0.90% - - 0.75% - - -Old Mutual Pacific Equity Fund 1.50% - - - - 0.75% - - -Old Mutual European Equity Fund 1.50% - - - - 0.75% - - -Old Mutual Japanese Equity Fund^ 1.50% - - - - 0.75% - - -Old Mutual US Equity Income Fund 1.50% - - - - 0.75% - - -Old Mutual North American Equity Fund 1.50% - - - - 0.75% - 0.15% -Old Mutual Total Return USD Bond Fund 1.00% - - - - 0.50% - - -Old Mutual Emerging Market Debt Fund 1.50% - - - - 0.75% - - -Old Mutual European Best Ideas Fund 1.50% - - - - 0.75% - - -Old Mutual Investment Grade Corporate Bond Fund 1.00% - - - - 0.50% - - -Old Mutual Global Emerging Markets Fund 1.50% - - - - 0.75% - - -Old Mutual Asian Equity Income Fund 1.50% - - - - 0.75% - - -Old Mutual Local Currency Emerging Market Debt Fund 1.75% - - - - 0.85% - - -Old Mutual UK Alpha Fund (IRL) 1.50% - - 0.525% - 0.75% - - -Old Mutual UK Smaller Companies Focus Fund 1.50% - - - - - - - -Old Mutual UK Dynamic Equity Fund 1.50% - - - - 1.00% - - -Old Mutual Global Equity Absolute Return Fund 1.50% - - - - 0.75% - - -Old Mutual Strategic Absolute Return Bond Fund^^^ 1.00% - - 0.50% 0.50% 0.50% - - -Old Mutual Pan African Fund^^ 1.75% - - - - 1.00% - - -Old Mutual Monthly Income High Yield Bond Fund 1.25% - - - - 0.65% - - -Old Mutual Europe (ex UK) Smaller Companies Fund 1.50% - - - - 0.75% - - -Old Mutual Global Equity Income Fund (IRL) 1.50% - - - - 0.75% - - -



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Sub-Fund

Class A, ClassB, Class C andClass N Shares

ClassD1

Shares

ClassD2

Shares

ClassF

Shares

ClassF2

Shares

ClassI

Shares

ClassP1

Shares

ClassP2

Shares

ClassP3

SharesOld Mutual Gold & Silver Fund 1.50% - - - - 0.75% - - -Old Mutual Compass Portfolio 2 1.35% - - - - - - - -Old Mutual Compass Portfolio 3 1.35% - - - - - - - -Old Mutual Compass Portfolio 4 1.35% - - - - - - - -Old Mutual Compass Portfolio 5 1.35% - - - - - - - -Old Mutual UK Specialist Equity Fund 1.50% - - 0.75% - 1.00% - - -Old Mutual Style Premia Absolute Return Fund 2.50% - - 0.50% 0.20% 1.25% - 0.50% 0.25%Old Mutual Financials Contingent Capital Fund 1.50% - - 0.40% - 0.75% - - -



292




Sub-Fund

ClassR

Shares

ClassS

Shares

ClassU1

Shares

ClassU1 Hedged

Shares

ClassU2

Shares

ClassU3

Shares

ClassW

Shares

ClassX

SharesOld Mutual China Equity Fund 0.75% 1.00% 0.675% - 0.60% - - -Old Mutual Global Strategic Bond Fund (IRL) - 0.90% 0.40% - 0.40% - - -Old Mutual World Equity Fund 0.75% 1.00% 0.675% - 0.60% - - -Old Mutual Pacific Equity Fund 0.75% 1.00% 0.675% - 0.60% - - -Old Mutual European Equity Fund 0.75% 1.00% 0.675% - 0.60% - - -Old Mutual Japanese Equity Fund^ 0.75% 1.00% 0.675% - 0.60% - - -Old Mutual US Equity Income Fund 0.75% 1.00% 0.675% - 0.60% - - -Old Mutual North American Equity Fund 0.75% 1.00% 0.675% - 0.60% - - -Old Mutual Total Return USD Bond Fund - - 0.45% - 0.40% - - -Old Mutual Emerging Market Debt Fund 0.75% 1.10% 0.675% - 0.60% - - -Old Mutual European Best Ideas Fund 0.75% - 0.675% - 0.60% - - -Old Mutual Investment Grade Corporate Bond Fund 0.50% 0.90% 0.45% - 0.40% - - -Old Mutual Global Emerging Markets Fund 0.75% 1.00% 0.675% - 0.60% - 0.60% -Old Mutual Asian Equity Income Fund 0.75% - 0.675% - 0.60% - - -Old Mutual Local Currency Emerging Market Debt Fund 0.875% - 0.7875% - 0.70% 0.65% 0.70% -Old Mutual UK Alpha Fund (IRL) 0.75% - 0.675% - 0.60% - - -Old Mutual UK Smaller Companies Focus Fund 0.75% - 0.675% - - - - -Old Mutual UK Dynamic Equity Fund 1.00% - - - - - - -Old Mutual Global Equity Absolute Return Fund 0.75% - 0.675% - 0.60% - 0.60% -Old Mutual Strategic Absolute Return Bond Fund^^^ 0.50% - 0.45% - 0.39% - - -Old Mutual Pan African Fund^^ 1.00% - 0.90% - 0.80% 0.22% - -Old Mutual Monthly Income High Yield Bond Fund 0.65% - 0.5625% - 0.50% - - -Old Mutual Europe (ex UK) Smaller Companies Fund 0.75% - 0.675% - 0.60% - 0.60% -



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Sub-Fund

ClassR

Shares

ClassS

Shares

ClassU1

Shares

ClassU1 Hedged

Shares

ClassU2

Shares

ClassU3

Shares

ClassW

Shares

ClassX

SharesOld Mutual Global Equity Income Fund (IRL) 0.75% 1.00% 0.675% - 0.60% - - -Old Mutual Gold & Silver Fund 0.75% - 0.675% - 0.60% 0.15% - -Old Mutual Compass Portfolio 2 - - - - - - - -Old Mutual Compass Portfolio 3 - - - - - - - -Old Mutual Compass Portfolio 4 - - - - - - - -Old Mutual Compass Portfolio 5 - - - - - - - -Old Mutual UK Specialist Equity Fund 1.00% - - - - - - -Old Mutual Style Premia Absolute Return Fund 1.25% - - - 1.00% - - -Old Mutual Financials Contingent Capital Fund 0.75% - - - 0.60% - - -

The Investment Management Fee for each Sub-Fund shall accrue on each Dealing Day. The Company will not pay the out-of pocket expenses of the Investment Manager. Out of the InvestmentManagement Fee, the Investment Manager shall pay the fees and commissions payable to the relevant Investment Adviser and transition managers. The Investment Manager shall also paythose reasonable out-of-pocket expenses which the Investment Manager has previously agreed with the relevant Investment Adviser to pay out of its Investment Management Fee.

In respect of the Old Mutual European Best Ideas Fund the fees payable to the Investment Advisers shall not be paid out of the Investment Management Fee but shall be payable out of assetsof the Old Mutual European Best Ideas Fund and such fees shall not exceed in total 1% per annum of its Net Asset Value and shall be charged to the Sub-Fund in addition to the InvestmentManagement Fee payable to the Investment Manager as disclosed above.



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2018 2017Sub-Fund CCY Expense Payable Expense PayableOld Mutual China Equity Fund USD 553,229 81,160 416,988 80,666Old Mutual Global Strategic Bond Fund (IRL) USD 54,395 7,268 41,968 7,517Old Mutual World Equity Fund USD 2,829,759 480,939 1,379,827 414,145Old Mutual Pacific Equity Fund USD 1,173,529 167,177 1,243,605 191,880Old Mutual European Equity Fund EUR 256,121 39,870 278,480 43,125Old Mutual Japanese Equity Fund^ JPY 3,240,965 - 26,689,751 4,530,024Old Mutual US Equity Income Fund USD 2,340,024 346,116 2,340,518 389,771Old Mutual North American Equity Fund USD 5,157,325 982,199 3,040,005 708,424Old Mutual Total Return USD Bond Fund USD 1,309,372 190,033 1,379,390 237,436Old Mutual Emerging Market Debt Fund USD 1,325,439 201,227 1,077,854 216,960Old Mutual European Best Ideas Fund EUR 789,057 113,189 1,061,289 145,474Old Mutual Investment Grade Corporate Bond Fund USD 92,187 13,469 108,803 15,906Old Mutual Global Emerging Markets Fund USD 1,744,595 248,993 1,413,791 247,800Old Mutual Asian Equity Income Fund USD 2,971,504 453,883 2,346,131 454,271Old Mutual Local Currency Emerging Market Debt Fund USD 2,454,999 398,312 798,208 312,401Old Mutual UK Alpha Fund (IRL) GBP 382,968 60,424 409,694 66,249Old Mutual UK Smaller Companies Focus Fund GBP 2,033,152 355,873 1,261,634 314,820Old Mutual UK Dynamic Equity Fund GBP 3,214,722 535,843 2,811,550 501,558Old Mutual Global Equity Absolute Return Fund USD 65,898,342 11,658,370 39,783,260 8,851,032Old Mutual Strategic Absolute Return Bond Fund^^^ USD 252,001 38,417 66,675 29,803Old Mutual Pan African Fund^^ USD 16,931 - 51,102 10,296Old Mutual Monthly Income High Yield Bond Fund USD 45,223 6,729 80,655 7,933Old Mutual Europe (ex UK) Smaller Companies Fund EUR 1,593,862 245,170 896,817 233,641Old Mutual Global Equity Income Fund (IRL) USD 726,369 117,034 611,981 114,396Old Mutual Gold & Silver Fund USD 1,090,016 190,522 601,029 147,568Old Mutual Compass Portfolio 2 USD 178,622 29,682 149,977 24,985Old Mutual Compass Portfolio 3 USD 1,721,940 283,298 1,095,844 241,671Old Mutual Compass Portfolio 4 USD 2,746,628 448,196 1,807,264 389,109Old Mutual Compass Portfolio 5 USD 433,725 66,648 357,619 66,510Old Mutual UK Specialist Equity Fund GBP 2,574,613 487,469 2,040,073 388,341Old Mutual Style Premia Absolute Return Fund USD 277,410 40,196 145,877 43,271Old Mutual Financials Contingent Capital Fund USD 519,026 82,464 - 71,118Company Level USD 110,310,934 18,887,358 71,323,173 15,541,410

Performance Fee

Old Mutual North American Equity FundThe Investment Manager may be entitled to a performance fee out of the Old Mutual North American Equity Fund’s assets. Withrespect to the Old Mutual North American Equity Fund, the performance fee is only applicable to the following share classes:Class P1 (USD) Accumulation, Class P1 (GBP) Hedged Accumulation, Class P1 (SGD) Hedged Accumulation, Class P1 (CHF)Hedged Accumulation, Class P1 (EUR) Hedged Accumulation, Class P2 (USD) Accumulation, Class P2 (GBP) HedgedAccumulation, Class P2 (SGD) Hedged Accumulation Class P2 (EUR) Hedged Accumulation, Class P2 (GBP) Income, ClassP2 (USD) Income and Class P2 (CHF) Hedged Accumulation.

The Performance Fee will be calculated and accrued daily and will be payable semi-annually in arrear in respect of eachPerformance Period (“Performance Period of the Old Mutual North American Equity Fund”). A Performance Period of the OldMutual North American Equity Fund will comprise of each successive six month period ending on either 31 December or 30June as the case may be.

The “Index” is the MSCI North American Index.

“Valuation Point” shall be 12.00 noon (Irish time) on each Dealing Day.

“The Index Performance” in respect of a Performance Period of the Old Mutual North American Equity Fund is the differencebetween the level of the Index calculated at the Valuation Point on the last Business Day of the previous Performance Period ofthe Old Mutual North American Equity Fund and the level of the Index calculated at the Valuation Point on the last BusinessDay of the relevant Performance Period of the Old Mutual North American Equity Fund, expressed as a percentage.



295



Old Mutual North American Equity Fund (continued)The “Sub-Fund Performance” in respect of the first Performance Period of the Old Mutual North American Equity Fund is thedifference between the opening Net Asset Value per Share and the Net Asset Value per Share at the Valuation Point on the lastBusiness Day of the Performance Period of the Old Mutual North American Equity Fund, expressed as a percentage. For eachPerformance Period of the Old Mutual North American Equity Fund thereafter, the Sub-Fund Performance is the differencebetween the Net Asset Value per Share at the Valuation Point on the last Business Day of the previous Performance Period ofthe Old Mutual North American Equity Fund and the Net Asset Value per Share at the Valuation Point on the last Business Dayof the relevant Performance Period of the Old Mutual North American Equity Fund, expressed as a percentage.

Where a fair value adjustment has been made to the Net Asset Value per Share at the Valuation Point on the last Business Dayof the previous Performance Period of the Old Mutual North American Equity Fund then this will be excluded for the purposesof the calculation of the Performance Fee.

For hedged share classes the Index will be the relevant hedged version of the Index, priced using the prevailing exchange ratesat the Index valuation point. The exchange rates used in calculating the net asset values for hedged share classes will be theprevailing exchange rates at the Sub-Fund’s Valuation Point.

In calculating the Net Asset Value per Share of each Class for Performance Fee purposes no deduction is made on account ofPerformance Fees accrued in the Performance Period of the Old Mutual North American Equity Fund and any net incomedistributed to Shareholders in respect of the Performance Period of the Old Mutual North American Equity Fund is added back.

The “Percentage Outperformance” in respect of Performance Periods of the Old Mutual North American Equity Fund whereSub-Fund Performance is greater than Index Performance is the arithmetical difference between Sub-Fund Performance andIndex Performance, expressed as a percentage. In respect of Performance Periods of the Old Mutual North American EquityFund where Sub-Fund Performance is less than Index Performance, such underperformance, being the arithmetical differencebetween Sub-Fund Performance and Index Performance expressed in percentage points, will be carried forward and noPerformance Fee will be payable in any subsequent Performance Period of 10 the Old Mutual North American Equity Fundunless Sub-Fund Performance measured against Index Performance has recovered any accumulated percentageunderperformance for previous periods. In the Performance Period of the Old Mutual North American Equity Fund in which anyaccumulated percentage underperformance is recovered, only that part of the Percentage Outperformance for such period asexceeds the accumulated percentage underperformance carried forward is taken into account for the purposes of calculating theperformance fee payable for the Performance Period of the Old Mutual North American Equity Fund.

The amount of Performance Fee payable in respect of each Share is a US Dollar amount equivalent to the opening Net AssetValue per Share on the first Business Day of the Performance Period of the Old Mutual North American Equity Fund xPercentage Outperformance x 20 per cent. and is payable on the average number of Shares in issue during the PerformancePeriod of the Old Mutual North American Equity Fund.

For the purposes of the first calculation of the Performance Fee, the initial offer price in respect of each Share Class was takenas the opening Net Asset Value. The first Performance Period began on 1 December 2017 and ended on 31 December 2017.

The Performance Fee accrues and is taken into account in the calculation of the Net Asset Value per Share on a daily basis.

The amount of the Performance Fee will be calculated by the Administrator. The calculation of the Performance Fee shall beverified by the Depositary.

The Investment Manager may, at its discretion, waive the Performance Fee payable in respect of a Performance Period of theOld Mutual North American Equity Fund.

Performance Fees are payable on net realised and net unrealised gains and losses as at the end of each Performance Period of theOld Mutual North American Equity Fund and as a result, Performance Fees may be paid on unrealised gains which maysubsequently never be realised.

Performance Fees may also be payable during a Performance Period of the Old Mutual North American Equity Fund where thereis a decline in the Net Asset Value per Share.

Performance Fees were USD 4,959 for the financial period ended 30 June 2018 (30 June 2017: USD Nil) and the amount accruedat the financial period ended 30 June 2018 was USD 4,959 (2017: USD Nil). This is done at a Company level on page 289.



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Old Mutual UK Smaller Companies Focus FundThe Investment Manager may be entitled to a performance fee (a portion of which may be payable to the Investment Adviser)out of the Old Mutual UK Smaller Companies Focus Fund’s assets. With respect to the Old Mutual UK Smaller CompaniesFocus Fund, the performance fee is only applicable to the following share classes: Class A (GBP) Income Shares, Class R (GBP)Income Shares and Class U1 (GBP) Income Shares.

The Performance Fee will be calculated and accrued daily and will be payable semi-annually in arrears in respect of eachPerformance Period (“Performance Period of the Old Mutual UK Smaller Companies Focus Fund”). A Performance Period ofthe Old Mutual UK Smaller Companies Focus Fund will comprise of each successive six month period ending on either 31December or 30 June as the case may be.

“The Index” is the Numis Smaller Companies Index excluding Investment Trusts.

“The Index Performance” in respect of a Performance Period of the Old Mutual UK Smaller Companies Focus Fund is thedifference between the opening level of the Index on the first Business Day and on the closing level of the Index on the lastBusiness Day of the Performance Period of the Old Mutual UK Smaller Companies Focus Fund, expressed as a percentage.

The “Sub-Fund Performance” in respect of a Performance Period of the Old Mutual UK Smaller Companies Focus Fund is thedifference between the opening Net Asset Value per Share on the first Business Day of the relevant Performance Period of theOld Mutual UK Smaller Companies Focus Fund, which reflects the charging of a Performance Fee, if any, in respect of theprevious Performance Period of the Old Mutual UK Smaller Companies Focus Fund, and the Net Asset Value per Share (beforethe deduction of any unrealised Performance Fee) on the last Business Day of the relevant Performance Period of the Old MutualUK Smaller Companies Focus Fund, expressed as a percentage.

In calculating the Net Asset Value per Share for Performance Fee purposes no deduction is made on account of PerformanceFees accrued in the Performance Period of the Old Mutual UK Smaller Companies Focus Fund and any net income distributedto Shareholders in respect of the period is added back.

The “Percentage Outperformance” in respect of Performance Periods of the Old Mutual UK Smaller Companies Focus Fundwhere Sub-Fund Performance is greater than Index Performance is the arithmetical difference between Sub-Fund Performanceand Index Performance, expressed as a percentage. In respect of Performance Periods of the Old Mutual UK Smaller CompaniesFocus Fund where Sub-Fund Performance is less than Index Performance, such underperformance, being the arithmeticaldifference between Sub-Fund Performance and Index Performance expressed in percentage points, will be carried forward andno Performance Fee will be payable in any subsequent Performance Period of the Old Mutual UK Smaller Companies FocusFund unless Sub-Fund Performance measured against Index Performance has recovered any accumulated percentageunderperformance for previous Performance Periods of the Old Mutual UK Smaller Companies Focus Fund. In the PerformancePeriod of the Old Mutual UK Smaller Companies Focus Fund in which any accumulated percentage underperformance isrecovered, only that part of the Percentage Outperformance for such period as exceeds the accumulated percentageunderperformance carried forward is taken into account for the purposes of calculating the performance fee payable for thePerformance Period of the Old Mutual UK Smaller Companies Focus Fund.

The amount of Performance Fee payable in respect of each Share is a Sterling amount equivalent to the opening Net Asset Valueper Share on the first Business Day of the Performance Period of the Old Mutual UK Smaller Companies Focus Fund xPercentage Outperformance x 10% and is payable on the average number of Shares in issue during the Performance Period ofthe Old Mutual UK Smaller Companies Focus Fund.

Furthermore the amount of Performance Fee payable in respect of a Performance Period of the Old Mutual UK SmallerCompanies Focus Fund is subject to a maximum amount (the “Cap”). The Cap is a Sterling amount equivalent to the openingNet Asset Value per Share on the first Business Day of the Performance Period of the Old Mutual UK Smaller Companies FocusFund x opening number of Shares in issue on the first Business Day of the Performance Period of the Old Mutual UK SmallerCompanies Focus Fund x 0.75%.





297



Old Mutual UK Smaller Companies Focus Fund (continued)The Investment Manager may, at its discretion, waive the Performance Fee payable in respect of a Performance Period of theOld Mutual UK Smaller Companies Focus Fund.

Performance Fees are payable on net realised and net unrealised gains and losses as at the end of each Performance Period of theOld Mutual UK Smaller Companies Focus Fund and as a result, Performance Fees may be paid on unrealised gains which maysubsequently never be realised.

Performance Fees may also be payable during a Performance Period of the Old Mutual UK Smaller Companies Focus Fundwhere there is a decline in the Net Asset Value per Share.

Performance Fees were GBP 2,274,722 for the financial period ended 30 June 2018 (30 June 2017: GBP 1,228,042) and theamount accrued at the financial period ended 30 June 2018 was GBP 2,274,722 (2017: GBP 1,826,583). This is done at aCompany level on page 289.

Old Mutual UK Dynamic Equity FundThe Investment Manager may be entitled to a performance fee (a portion of which may be payable to the Investment Adviser)out of the Old Mutual UK Dynamic Equity Fund’s assets. With respect to the Old Mutual UK Dynamic Equity Fund, theperformance fee is only applicable to the following share classes: Class I (EUR) Hedged Accumulation Shares, Class A (GBP)Income Shares and Class R (GBP) Income Shares.

The Performance Fee will be calculated and accrued daily and will be payable semi-annually in arrears in respect of eachPerformance Period (“Performance Period of the Old Mutual UK Dynamic Equity Fund”). A Performance Period of the OldMutual UK Dynamic Equity Fund will comprise of each successive six month period ending on either 31 December or 30 Juneas the case may be.

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

“The Index Performance” in respect of a Performance Period of the Old Mutual UK Dynamic Equity Fund, is the differencebetween the level of the Index calculated at the Valuation Point on the last Business Day of the previous Performance Period ofthe Old Mutual UK Dynamic Equity Fund and the level of the Index calculated at the Valuation Point on the last Business Dayof the relevant Performance Period of the Old Mutual UK Dynamic Equity Fund, expressed as a percentage.

The “Sub-Fund Performance” in respect of the first Performance Period of the Old Mutual UK Dynamic Equity Fund is thedifference between the opening Net Asset Value per Share and the Net Asset Value per Share at the Valuation Point on the lastBusiness Day of the Performance Period of the Old Mutual UK Dynamic Equity Fund, expressed as a percentage. For eachPerformance Period of the Old Mutual UK Dynamic Equity Fund thereafter, the Sub-Fund Performance is the difference betweenthe Net Asset Value per Share at the Valuation Point on the last Business Day of the previous Performance Period of the OldMutual UK Dynamic Equity Fund and the Net Asset Value per Share at the Valuation Point on the last Business Day of therelevant Performance Period of the Old Mutual UK Dynamic Equity Fund, expressed as a percentage.

In calculating the Net Asset Value per Share of each Class for Performance Fee purposes no deduction is made on account ofPerformance Fees accrued in the Performance Period of the Old Mutual UK Dynamic Equity Fund and any net income distributedto Shareholders in respect of the Performance Period of the Old Mutual UK Dynamic Equity Fund is added back.

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



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Old Mutual UK Dynamic Equity Fund (continued)The amount of Performance Fee payable in respect of each Share is a Sterling amount equivalent to the opening Net Asset Valueper Share on the first Business Day of the Performance Period of the Old Mutual UK Dynamic Equity Fund x PercentageOutperformance x 20% and is payable on the average number of Shares in issue during the Performance Period of the Old MutualUK Dynamic Equity Fund.

For the purposes of the first calculation of the Performance Fee, the initial offer price in respect of each Share Class was takenas the opening Net Asset Value.



The Investment Manager may, at its discretion, waive the Performance Fee payable in respect of a Performance Period of theOld Mutual UK Dynamic Equity Fund.

Performance Fees are payable on net realised and net unrealised gains and losses as at the end of each Performance Period of theOld Mutual UK Dynamic Equity Fund and as a result, Performance Fees may be paid on unrealised gains which maysubsequently never be realised.

Performance Fees may also be payable during a Performance Period of the Old Mutual UK Dynamic Equity Fund where thereis a decline in the Net Asset Value per Share.

Performance Fees were GBP Nil for the financial period ended 30 June 2018 (30 June 2017: GBP 11,153,957) and the amountaccrued at the financial period ended 30 June 2018 was GBP Nil (2017: GBP 3,727,152). This is done at a Company level onpage 289.

Old Mutual Global Equity Absolute Return FundThe Investment Manager may be entitled to a performance fee (a portion of which may be payable to the Investment Adviser)out of the Old Mutual Global Equity Absolute Return Fund’s assets. The Performance Fee is applicable to all Share Classes withthe exception of: Class A (CHF) Hedged Accumulation Shares and Class X (GBP) Hedged Accumulation Shares.

The Performance Fee will accrue on a daily basis and the accrual will be reflected in the Net Asset Value and will be payablesemi-annually in arrears in respect of each Performance Period which will comprise of each successive six month period endingon either 31 December or 30 June as the case may be (a “Performance Period of the Old Mutual Global Equity Absolute ReturnFund”).

The Performance Fee as at the end of each Performance Period of the Old Mutual Global Equity Absolute Return Fund for allShare Classes shall be equal in aggregate to 20% of the amount by which any increase in the Net Asset Value per Share of eachClass during the Performance Period of the Old Mutual Global Equity Absolute Return Fund exceeds the “Hurdle Rate” whichwill be the average (1) Bank of England Base Rate for the GBP Share Classes, (2) European Central Bank Base Rate for theEUR Share Classes, (3) Federal Reserve Funds Base Rate for the USD Share Classes, (4) 3 month Swiss franc (CHF) LIBORinterest rate for the CHF Share Classes, (5) Swedish National Bank Base Rate for the SEK Share Classes and (6) SingaporeAverage Overnight Interest Rate for the SGD Share Classes, Performance Period of the Old Mutual Global Equity AbsoluteReturn Fund multiplied by the weighted average number of total Shares in issue of each Class on each Dealing Day during thePerformance Period of the Old Mutual Global Equity Absolute Return Fund. Where no central bank base rate exists, an equivalentinter-bank reference rate will be used.

The initial issue price as set out in the section of the Supplement headed “Initial Offer Period and Subscription Price” was thestarting price for the calculation of the first performance fee payable of any share class to which a performance fee is applicable.

In calculating the Net Asset Value per Share of each Class for Performance Fee purposes, no deduction is made on account ofPerformance Fees accrued in the Performance Period of the Old Mutual Global Equity Absolute Return Fund and any net incomedistributed to Shareholders in respect of the period is added back.



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Old Mutual Global Equity Absolute Return Fund (continued)The Performance Fee is only payable when the Net Asset Value of each Class exceeds the Hurdle Rate. If, during a performancefee period, the performance of the Shares does not exceed the Hurdle Rate, no Performance Fee is payable until such unachievedperformance is reclaimed.

All Performance Fee payments shall be subject to the restriction that in paying a Performance Fee, the Net Asset Value per Shareof each Class at the relevant Performance Period of the Old Mutual Global Equity Absolute Return Fund shall not be less thanthe 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 PerformancePeriod of the Old Mutual Global Equity Absolute Return Fund over the relevant Hurdle Rate during the Performance Period ofthe Old Mutual Global Equity Absolute Return Fund.


The Investment Manager may, at its discretion, waive the Performance Fee payable in respect of a Performance Period of theOld Mutual Global Equity Absolute Return Fund.

Performance Fees are payable on net realised and net unrealised gains and losses as at the end of each Performance Period of theOld Mutual Global Equity Absolute Return Fund and as a result, Performance Fees may be paid on unrealised gains which maysubsequently never be realised.

Performance Fees were USD 1,610,729 for the financial period ended 30 June 2018 (30 June 2017: USD 6,855,563) and theamount accrued at the financial period ended 30 June 2018 was USD 1,610,729 (2017: USD 146,641,214). This is done at aCompany level on page 289.

Old Mutual Gold & Silver FundThe Investment Manager may be entitled to a performance fee out of the Old Mutual Gold & Silver Fund’s assets. With respectto the Old Mutual Gold & Silver Fund, the performance fee is only applicable to the following share classes: Class U3 (EUR)Accumulation Shares, Class U3 (GBP) Accumulation Shares and Class U3 (USD) Accumulation Shares.

The Performance Fee will be calculated and accrued daily and will be payable semi-annually in arrears in respect of eachPerformance Period (“Performance Period of the Old Mutual Gold & Silver Fund”). A Performance Period of the Old MutualGold & Silver Fund will comprise of each successive six month period ending on either 31 December or 30 June as the case maybe.

“The Index” is a composite, made up of (i) a 50:50 split between the FTSE Gold Miners Index expressed in GBP and XAU:GBPfor the U3 (GBP) Accumulation Shares, (ii) a 50:50 split between the FTSE Gold Miners Index expressed in EUR and XAU:EURfor the U3 (EUR) Accumulation Shares and (iii) a 50:50 split between the FTSE Gold Miners Index expressed in USD and XAU:USD for the U3 (USD) Accumulation Shares.

“The Index Performance” in respect of a Performance Period of the Old Mutual Gold & Silver Fund, is the difference betweenthe level of the Index calculated at the Valuation Point on the last Business Day of the previous Performance Period of the OldMutual Gold & Silver Fund and the level of the Index calculated at the Valuation Point on the last Business Day of the relevantPerformance Period of the Old Mutual Gold & Silver Fund, expressed as a percentage. The first Performance Period for eachnew class will begin on the date on which the first Shares of the U3 (GBP) Accumulation, U3 (EUR) Accumulation and U3(USD) Accumulation Shares are issued respectively up to 31 December 2017.

The “Sub-Fund Performance” in respect of the first Performance Period of the Old Mutual Gold & Silver Fund is the differencebetween the opening Net Asset Value per Share and the Net Asset Value per Share at the Valuation Point on the last BusinessDay of the Performance Period of the Old Mutual Gold & Silver Fund, expressed as a percentage. For each Performance Periodof the Old Mutual Gold & Silver Fund thereafter, the Sub-Fund Performance is the difference between the Net Asset Value perShare at the Valuation Point on the last Business Day of the previous Performance Period of the Old Mutual Gold & Silver Fundand the Net Asset Value per Share at the Valuation Point on the last Business Day of the relevant Performance Period of the OldMutual Gold & Silver Fund, expressed as a percentage.



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Old Mutual Gold & Silver Fund (continued)In calculating the Net Asset Value per Share of each Class U3 for Performance Fee purposes no deduction is made on accountof Performance Fees accrued in the Performance Period of the Old Mutual Gold & Silver Fund and any net income distributedto Shareholders in respect of the Performance Period of the Old Mutual Gold & Silver Fund is added back.

The “Percentage Outperformance” in respect of Performance Periods of the Old Mutual Gold & Silver Fund where Sub-FundPerformance is greater than Index Performance is the arithmetical difference between Sub-Fund Performance and IndexPerformance, expressed as a percentage. In respect of Performance Periods of the Old Mutual Gold & Silver Fund where Sub-Fund Performance is less than Index Performance, such underperformance, being the arithmetical difference between Sub-FundPerformance and Index Performance expressed in percentage points, will be carried forward and no Performance Fee will bepayable in any subsequent Performance Period of the Old Mutual Gold & Silver Fund unless Sub-Fund Performance measuredagainst Index Performance has recovered any accumulated percentage underperformance for previous periods. In thePerformance Period of the Old Mutual Gold & Silver Fund in which any accumulated percentage underperformance is recovered,only that part of the Percentage Outperformance for such period as exceeds the accumulated percentage underperformancecarried forward is taken into account for the purposes of calculating the performance fee payable for the Performance Period ofthe Old Mutual Gold & Silver Fund.

The amount of Performance Fee payable in respect of each Share is a USD amount equivalent to the opening Net Asset Valueper Share on the first Business Day of the Performance Period of the Old Mutual Gold & Silver Fund x PercentageOutperformance x 20% and is payable based on the number of Shares in issue for the Class U3 (EUR) Accumulation Shares,Class U3 (GBP) Accumulation Shares and Class U3 (USD) Accumulation Shares during the Performance Period of the OldMutual Gold & Silver Fund.

For the purposes of the first calculation of the Performance Fee, the initial offer price in respect of each Share Class was takenas the opening Net Asset Value. The Performance Fee accrues and is taken into account in the calculation of the Net Asset Valueper Share on a daily basis.


The Investment Manager may, at its discretion, waive the Performance Fee payable in respect of a Performance Period of theOld Mutual Gold & Silver Fund.

Performance Fees are payable on net realised and net unrealised gains and losses as at the end of each Performance Period of theOld Mutual Gold & Silver Fund and as a result, Performance Fees may be paid on unrealised gains which may subsequentlynever be realised.

Performance Fees may also be payable during a Performance Period of the Old Mutual Gold & Silver Fund where there is adecline in the Net Asset Value per Share.

Performance Fees were USD Nil for the financial period ended 30 June 2018 (30 June 2017: USD Nil) and the amount accruedat the financial period ended 30 June 2018 was USD Nil (2017: USD Nil). This is done at a Company level on page 289.

Old Mutual UK Specialist Equity FundThe Investment Manager may be entitled to a performance fee (a portion of which may be payable to the Investment Adviser)out of the Old Mutual UK Specialist Equity Fund’s assets. With respect to the Old Mutual UK Specialist Equity Fund, theperformance fee is applicable to all share classes with the exception of the Class X (GBP) Accumulation Shares.

The Performance Fee will accrue on a daily basis and the accrual will be reflected in the Net Asset Value and will be payablesemi-annually in arrear in respect of each Performance Period (a “Performance Period of the Old Mutual UK Specialist EquityFund”). A Performance Period of the Old Mutual UK Specialist Equity Fund will comprise of each successive six month periodending on either 31 December or 30 June as the case may be. The first Performance Period for each Class will begin on the dateon which the first Shares of the relevant Class are issued and will end on 30 June or 31 December respectively in that period.



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Old Mutual UK Specialist Equity Fund (continued)The Performance Fee as at the end of each Performance Period of the Old Mutual UK Specialist Equity Fund for all ShareClasses shall be equal in aggregate to 20%. of the amount by which any increase in the Net Asset Value per Share of each Classduring the Performance Period of the Old Mutual UK Specialist Equity Fund exceeds the “Hurdle Rate” which will be theaverage (1) Sterling Overnight Interbank Average Rate for the GBP Share Classes, (2) Euro Overnight Index Average for theEUR Share Classes, (3) Federal Funds Effective Overnight Rate for the USD Share Classes, and (4) Swiss Average OvernightRate for the CHF Share Classes for the relevant Class currency during the Performance Period of the Old MutualUK Specialist Equity Fund multiplied by the weighted average number of total Shares in issue of each Class on each DealingDay during the Performance Period of the Old Mutual UK Specialist Equity Fund.

The initial issue price, as set out in the section of the Supplement headed “Initial Offer Period and Subscription Price”, was thestarting price for the calculation of the first performance fee payable of any share class to which a performance fee is applicable.

In calculating the Net Asset Value per Share of each Class for Performance Fee purposes, no deduction is made on account ofPerformance Fees accrued in the Performance Period of the Old Mutual UK Specialist Equity Fund and any net incomedistributed to Shareholders in respect of the period is added back.

The Performance Fee is only payable when the Net Asset Value of each Class exceeds the Hurdle Rate. If, during a performancefee period, the performance of the Shares does not exceed the Hurdle Rate, no Performance Fee is payable until such unachievedperformance is reclaimed.

All Performance Fee payments shall be subject to the restriction that in paying a Performance Fee, the Net Asset Value per Shareof each Class at the relevant Performance Period of the Old Mutual UK Specialist Equity Fund shall not be less than the NetAsset Value per Share Class on the last day that a Performance Fee was paid (the “Net Asset Value High Water Mark”). ThePerformance Fee is only payable on the increase in the Net Asset Value per Share of each Class during the Performance Periodof the Old Mutual UK Specialist Equity Fund over the relevant Hurdle Rate during the Performance Period of the Old MutualUK Specialist Equity Fund.


The Investment Manager may, at its discretion, waive the Performance Fee payable in respect of a Performance Period of theOld Mutual UK Specialist Equity Fund.

Performance Fees are payable on net realised and net unrealised gains and losses as at the end of each Performance Period of theOld Mutual UK Specialist Equity Fund and as a result, Performance Fees may be paid on unrealised gains which maysubsequently never be realised.

Performance Fees were GBP Nil for the financial period ended 30 June 2018 (30 June 2017: GBP 8,059,815) and the amountaccrued at the financial period ended 30 June 2018 was GBP Nil (2017: GBP 8,714,095). This is done at a Company level onpage 289.

Old Mutual Style Premia Absolute Return FundThe Investment Manager may be entitled to a performance fee out of the Old Mutual Style Premia Absolute Return Fund’sassets.

The Performance Fee will accrue on a daily basis and the accrual will be reflected in the Net Asset Value and will be payablesemi-annually in arrears in respect of each Performance Period (a “Performance Period of the Old Mutual Style Premia AbsoluteReturn Fund”). A Performance Period of the Old Mutual Style Premia Absolute Return Fund will comprise of each successivesix month period ending on either 31 December or 30 June as the case may be. The first Performance Period for each Class willbegin on the date on which the first Shares of the relevant Class are issued and will end on 30 June or 31 December respectivelyin that period.



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Old Mutual Style Premia Absolute Return Fund (continued)For the P2 and P3 Share Classes, the Performance Fee as at the end of each Performance Period of the Old Mutual Style PremiaAbsolute Return Fund shall be equal in aggregate to 15 per cent of the amount by which any increase in the Net Asset Value perShare of each Class during the Performance Period of the Old Mutual Style Premia Absolute Return Fund exceeds the “HurdleRate”. For the F2 Share Classes, the Performance Fee as at the end of each Performance Period of the Old Mutual Style PremiaAbsolute Return Fund shall be equal in aggregate to 10% of the amount by which any increase in the Net Asset Value per Shareof each Class during the Performance Period of the Old Mutual Style Premia Absolute Return Fund exceeds the “Hurdle Rate”.For all Share Classes, the Hurdle Rate will be the average (1) Sterling Overnight Interbank Average Rate for the GBP ShareClasses, (2) Euro Overnight Index Average Rate for the EUR Share Classes, (3) Federal Funds Effective Overnight Rate for theUSD Share Classes, and (4) Swiss Average Overnight Rate for the CHF Share Classes for the relevant Class currency during thePerformance Period of the Old Mutual Style Premia Absolute Return Fund multiplied by the weighted average number of totalShares in issue of each Class on each Dealing Day during the Performance Period of the Old Mutual Style Premia AbsoluteReturn Fund. Where no central bank base rate exists, an equivalent inter-bank reference rate will be used.

The initial issue price as set out in the section of the Supplement headed “Initial Offer Period and Subscription Price” was thestarting price for the calculation of the first performance fee payable of any share class to which a performance fee is applicable.

In calculating the Net Asset Value per Share of each Class for Performance Fee purposes, no deduction is made on account ofPerformance Fees accrued in the Performance Period of the Old Mutual Style Premia Absolute Return Fund and any net incomedistributed to Shareholders in respect of the period is added back.

The Performance Fee is only payable when the Net Asset Value of each Class exceeds the Hurdle Rate. If, during a performancefee period, the performance of the Shares does not exceed the Hurdle Rate, no Performance Fee is payable until such unachievedperformance is reclaimed.

All Performance Fee payments shall be subject to the restriction that in paying/accruing a Performance Fee, the Net Asset Valueper Share of each Class at the relevant Performance Period of Old Mutual Style Premia Absolute Return Fund shall not be lessthan the Net Asset Value per Share Class on the last day that a Performance Fee was paid (or the initial subscription price ifhigher) (the “Net Asset Value High Water Mark”). The Performance Fee is only payable on the increase in the Net Asset Valueper Share of each Class during the Performance Period of the Old Mutual Style Premia Absolute Return Fund in excess of therelevant Hurdle Rate during the Performance Period of the Old Mutual Style Premia Absolute Return Fund.

The amount of the Performance Fee will be calculated by the Administrator. The calculation of the Performance Fee shall beverified by the Depositary at each Performance Period.

The Investment Manager may, at its discretion, waive the Performance Fee payable in respect of a Performance Period of theOld Mutual Style Premia Absolute Return Fund.

Performance Fees are payable on net realised and net unrealised gains and losses as at the end of each Performance Period of theOld Mutual Style Premia Absolute Return Fund and as a result, Performance Fees may be paid on unrealised gains which maysubsequently never be realised.

Performance Fees were USD Nil for the financial period ended 30 June 2018 (30 June 2017: USD 372) and the amount accruedat the financial period ended 30 June 2018 was USD Nil (2017: USD Nil). This is done at a Company level below.

Total Performance Fees were USD 4,725,659 for the financial period ended 30 July 2018 (30 June 2017: USD 32,865,624) andthe amount accrued at the financial period ended 30 June 2018 was USD 4,604,417 (2017: USD 165,942,021).

Administration Fee, Registrar and Transfer Agency Fees

Old Mutual Global Investors Series Plc will pay to the Administrator monthly in arrears an administration fee of up to 3.75 basispoints per annum of the combined average Net Asset Value of the Sub-Funds and in the case of each Sub-Fund subject to aminimum fee per Sub-Fund of EUR 15,000 per annum. The administration fee shall accrue on each Dealing Day. Additionalannual fees shall be payable for the second and each subsequent Class of Shares in each Sub-Fund which shall be charged atnormal commercial rates.



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Administration Fee, Registrar and Transfer Agency Fees (continued)

The Administrator is also entitled to transaction fees it incurs for the Sub-Funds and fees for the registrar and transfer agencyfunctions and maintenance services it performs payable out of Old Mutual Global Investors Series Plc’s assets. These servicesare (i) maintaining the register of each Share Class of Old Mutual Global Investors Series Plc and the annual shareholder account,(ii) servicing, and (iii) reporting, all of which shall be charged at normal commercial rates.

The Administrator is entitled to be reimbursed by Old Mutual Global Investors Series Plc for all reasonable out-of-pocketexpenses incurred by it. All fees will be invoiced and payable monthly.

The Administrator will also be entitled to be reimbursed by Old Mutual Global Investors Series Plc out of the assets of each Sub-Fund for all reasonable and vouched out-of-pocket expenses incurred by it and charged to it for the benefit of the Fund in theperformance of its duties to the Old Mutual Global Investors Series Plc.

Total Administration Fees were USD 5,401,463 for the financial period ended 30 June 2018 (30 June 2017: USD 2,741,666) andthe amount payable at the financial period ended 30 June 2018 was USD 2,436,677 (2017: USD 3,377,543).

The Administrator is entitled to the following fees for the registrar and transfer agency functions it performs, payable out of theCompany assets: annual Fund maintenance fee of EUR 3,500 per Sub-Fund per annum; annual account servicing fees of EUR26 for each direct Account, EUR 12 for statutory financial statements maintained electronically through NSCC Networking andEUR 26 for Accounts maintained electronically through Fundsettle/Vestima; transaction fees of EUR 5 for each automatictransaction and EUR 12 for each manual transaction.

All Sub-Funds are also subject to FATCA fees. The fees are included in the Transfer Agency fees and are recognised in theStatement of Operations on an accruals basis.

The following are the Administrator expense and related payable for each of the Sub-Funds.

2018 2017Sub-Fund CCY Expense Payable Expense PayableOld Mutual China Equity Fund USD 92,895 48,125 27,922 41,294Old Mutual Global Strategic Bond Fund (IRL) USD 50,547 31,234 32,767 45,356Old Mutual World Equity Fund USD 159,276 82,300 59,417 92,020Old Mutual Pacific Equity Fund USD 166,391 91,770 48,291 65,663Old Mutual European Equity Fund EUR 45,828 31,101 21,084 27,513Old Mutual Japanese Equity Fund^ JPY 954,337 - 3,747,500 4,923,931Old Mutual US Equity Income Fund USD 214,896 105,885 88,647 111,550Old Mutual North American Equity Fund USD 294,683 136,075 113,906 145,240Old Mutual Total Return USD Bond Fund USD 277,813 173,521 68,699 86,795Old Mutual Emerging Market Debt Fund USD 196,389 142,253 78,860 95,024Old Mutual European Best Ideas Fund EUR 76,168 71,470 35,368 86,385Old Mutual Investment Grade Corporate Bond Fund USD 62,606 36,266 35,468 43,282Old Mutual Global Emerging Markets Fund USD 143,995 64,037 71,986 81,034Old Mutual Asian Equity Income Fund USD 160,350 93,434 100,885 123,685Old Mutual Local Currency Emerging Market Debt Fund USD 190,849 30,598 63,976 93,367Old Mutual UK Alpha Fund (IRL) GBP 86,494 47,743 71,186 82,370Old Mutual UK Smaller Companies Focus Fund GBP 89,202 25,053 47,296 52,915Old Mutual UK Dynamic Equity Fund GBP 103,443 49,899 54,020 71,120Old Mutual Global Equity Absolute Return Fund USD 1,812,311 653,516 979,616 1,081,269Old Mutual Strategic Absolute Return Bond Fund^^^ USD 17,325 24,730 4,741 13,531Old Mutual Pan African Fund^^ USD 7,614 9,841 15,121 -Old Mutual Monthly Income High Yield Bond Fund USD 61,661 45,356 83,572 97,542Old Mutual Europe (ex UK) Smaller Companies Fund EUR 139,600 48,834 82,106 91,620Old Mutual Global Equity Income Fund (IRL) USD 74,178 32,957 51,683 84,342Old Mutual Gold & Silver Fund USD 128,252 49,184 60,037 64,302Old Mutual Compass Portfolio 2 USD 30,419 16,520 24,044 24,735Old Mutual Compass Portfolio 3 USD 81,034 30,730 47,926 54,397Old Mutual Compass Portfolio 4 USD 96,658 33,988 66,313 71,552Old Mutual Compass Portfolio 5 USD 33,368 15,242 26,632 26,968Old Mutual UK Specialist Equity Fund GBP 124,110 52,746 85,443 89,605

Old Mutual Style Premia Absolute Return Fund USD 77,035 51,746 77,863 108,037Old Mutual Financials Contingent Capital Fund USD 104,388 30,622 - 35,635Company Level USD 5,409,277 2,436,677 2,741,666 3,377,543



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Depositary Fee

Old Mutual Global Investors Series Plc will pay to the Depositary monthly in arrears a fiduciary fee of 1 basis point per annumof the combined average Net Asset Value of the Sub-Funds plus VAT (if any), and in the case of each Sub-Fund subject to aminimum fee of EUR 3,500 per annum. The fiduciary fee shall accrue on each Dealing Day.

The Depositary is also entitled to sub-depositary fees and transaction charges which shall be charged at normal commercial ratesand paid monthly in arrears. The Depositary is also entitled to be reimbursed by Old Mutual Global Investors Series Plc for allreasonable disbursements and out-of-pocket expenses.

Total Depositary fees were USD 2,212,043 for the financial period ended 30 June 2018 (30 June 2017: USD 1,598,736) and theamount payable at the financial period ended 30 June 2018 was USD 595,353 (2017: USD 254,920).

2018 2017Sub-Fund CCY Expense Payable Expense Payable

Old Mutual China Equity Fund USD 22,132 5,654 15,279 4,508Old Mutual Global Strategic Bond Fund (IRL) USD 22,459 6,762 12,215 1,803Old Mutual World Equity Fund USD 124,893 23,970 79,551 -Old Mutual Pacific Equity Fund USD 77,982 33,140 112,038 25,181Old Mutual European Equity Fund EUR 3,505 1,287 7,480 3,635Old Mutual Japanese Equity Fund^ JPY 214,792 (982,359) 993,395 436,395Old Mutual US Equity Income Fund USD 33,840 9,703 16,552 6,774Old Mutual North American Equity Fund USD 61,127 13,306 29,579 13,139Old Mutual Total Return USD Bond Fund USD 24,321 10,566 28,307 13,055Old Mutual Emerging Market Debt Fund USD 37,751 5,363 14,904 4,400Old Mutual European Best Ideas Fund EUR 4,889 2,703 23,589 10,503Old Mutual Investment Grade Corporate Bond Fund USD 12,424 5,379 10,796 5,073Old Mutual Global Emerging Markets Fund USD 91,875 22,144 45,721 -Old Mutual Asian Equity Income Fund USD 108,489 26,180 71,189 9,997Old Mutual Local Currency Emerging Market Debt Fund USD 238,880 43,809 96,727 2,445Old Mutual UK Alpha Fund (IRL) GBP 2,102 1,492 9,977 5,247Old Mutual UK Smaller Companies Focus Fund GBP 13,838 4,412 15,847 2,436Old Mutual UK Dynamic Equity Fund GBP 20,574 5,509 21,781 1,240Old Mutual Global Equity Absolute Return Fund USD 944,397 280,597 710,671 81,387Old Mutual Strategic Absolute Return Bond Fund^^^ USD 23,641 8,522 17,282 3,692Old Mutual Pan African Fund^^ USD 11,240 - 17,721 3,517Old Mutual Monthly Income High Yield Bond Fund USD 3,973 4,557 18,334 12,490Old Mutual Europe (ex UK) Smaller Companies Fund EUR 35,361 6,434 16,723 2Old Mutual Global Equity Income Fund (IRL) USD 110,021 28,239 79,397 11,494Old Mutual Gold & Silver Fund USD 19,941 5,041 10,053 121Old Mutual Compass Portfolio 2 USD 7,624 3,133 7,348 3,262Old Mutual Compass Portfolio 3 USD 23,251 6,164 17,157 3,440Old Mutual Compass Portfolio 4 USD 32,503 7,415 20,644 3,500Old Mutual Compass Portfolio 5 USD 9,804 2,975 7,061 2,578Old Mutual UK Specialist Equity Fund GBP 17,828 2,657 15,095 352Old Mutual Style Premia Absolute Return Fund USD 22,702 5,508 19,268 7,441Old Mutual Financials Contingent Capital Fund USD 19,754 6,606 - 2,223Company Level USD 2,212,043 595,353 1,598,736 254,920

Transaction Costs

Transaction costs are expenses incurred when buying or selling a security. Transaction costs represents the brokers' commissionsand spreads, which are the differences between the price the dealer paid for a security and the price the buyer pays.



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Transaction Costs (continued)2018 2017

Sub-Fund CCY Expense ExpenseOld Mutual China Equity Fund USD 163,976 62,976Old Mutual Global Strategic Bond Fund (IRL) USD -Old Mutual World Equity Fund USD 418,411 237,974Old Mutual Pacific Equity Fund USD 643,410 370,249Old Mutual European Equity Fund EUR 19,437 74,432Old Mutual Japanese Equity Fund^ JPY - 9,257,961Old Mutual US Equity Income Fund USD 184,744 73,623Old Mutual North American Equity Fund USD 478,653 221,689Old Mutual Total Return USD Bond Fund USD - -Old Mutual Emerging Market Debt Fund USD - -Old Mutual European Best Ideas Fund EUR 69,547 205,745Old Mutual Investment Grade Corporate Bond Fund USD - -Old Mutual Global Emerging Markets Fund USD 498,630 129,939Old Mutual Asian Equity Income Fund USD 1,411,966 643,539Old Mutual Local Currency Emerging Market Debt Fund USD - 170Old Mutual UK Alpha Fund (IRL) GBP 20,738 57,054Old Mutual UK Smaller Companies Focus Fund GBP 320,804 330,473Old Mutual UK Dynamic Equity Fund GBP 401,422 812,324Old Mutual Global Equity Absolute Return Fund USD 6,854,857 4,057,965Old Mutual Strategic Absolute Return Bond Fund^^^ USD -Old Mutual Pan African Fund^^ USD 1,119,259 60,127Old Mutual Monthly Income High Yield Bond Fund USD - -Old Mutual Europe (ex UK) Smaller Companies Fund EUR 186,024 431,477Old Mutual Global Equity Income Fund (IRL) USD 261,207 187,105Old Mutual Gold & Silver Fund USD 123,588 125,505Old Mutual Compass Portfolio 2 USD 469 478Old Mutual Compass Portfolio 3 USD 7,251 7,525Old Mutual Compass Portfolio 4 USD 21,113 21,786Old Mutual Compass Portfolio 5 USD 4,614 4,858Old Mutual UK Specialist Equity Fund GBP 454,397 792,173Old Mutual Style Premia Absolute Return Fund USD 396,388 150,452Old Mutual Financials Contingent Capital Fund USD - -Company Level USD 14,556,928 18,317,597

Distribution Fee

No distribution fee shall be payable in respect of the Class A, Class D1, Class D2, Class F, Class F2, Class I, Class R, Class S,Class U1, Class U2, Class U3 or Class X Shares of any Sub-Fund. Each Sub-Fund shall pay a distribution fee to the InvestmentManager of up to 1.50% per annum of the average Net Asset Value of that Sub-Fund attributable to the Class C Shares, and ofup to 1.00% per annum of the average Net Asset Value of that Sub-Fund attributable to the Class B, Class C2 and Class N Shares.

Total distribution fees were USD 3,798,759 for the financial period ended 30 June 2018 (30 June 2017: USD 2,113,712) and theamount payable at the financial period ended 30 June 2018 was USD 740,350 (2017: USD 502,740).

Operating Expenses

The Company is responsible for all normal operating expenses including audit fees, stamp duties and charges incurred on theacquisition and realisation of investments. General operating expenses which are not allocable to a specific Sub-Fund are bornepro rata.

9. Distributions

The Company will declare a dividend in respect of the Classes of Shares of the Sub-Funds as set out in the Prospectus of theCompany. For all Classes of Shares that are not distributing, the Sub-Fund’s income and capital gains will be reinvested inaccordance with the investment objectives and investment policies of the Sub-Fund.



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Dividends may also be declared and distributed out of capital in respect of distributions out of capital Share Classes. Old MutualTotal Return USD Bond Fund Class C2 (USD) Income (F), Old Mutual Asian Equity Income Fund Class C2 (USD) Income (F)and Old Mutual Local Currency Emerging Market Debt Fund Class C2 (USD) Income (F) are fixed distribution share classesand will distribute a fixed percentage each month regardless of what income is available therefore any shortfall is paid out ofcapital. Please refer to the below distribution table for the details of the distributions. During the financial period ended 30 June2018 these fixed Share Classes paid distributions out of capital.

It should also be noted that certain Sub-Funds and Share Classes including the fixed distribution Share Classes listed above maycharge certain fees and expenses to capital rather than income, which may result in the erosion of capital and in an increased riskthat Shareholders in these Share Classes may not receive back the full amount invested when redeeming their holding.

Distributions out of capital may have different tax implications from distributions of income and capital gains and if you proposeto invest in one or more of the relevant Share Classes, you are recommended to seek advice in this regard.

The following tables detail the distributions per share for the financial period ended 30 June 2018 and 30 June 2017. Thedistributions will flow in the Statement of Operations in the period subsequent to the period in which they were declared.

For the financial period ended 30 June 2018


Class A (GBP) Income Class A (USD) Income Class B (USD) Income29 December 2017 USD 0.068891 USD 0.014430 USD 0.01421531 January 2018 USD - USD 0.010281 USD 0.01011828 February 2018 USD - USD 0.011519 USD 0.01132429 March 2018 USD 0.057936 USD 0.014500 USD 0.01424330 April 2018 USD - USD 0.016096 USD 0.01579931 May 2018 USD - USD 0.020744 USD 0.02034529 June 2018 USD 0.094222 USD 0.022139 USD 0.021689

Class S (GBP) Income Class U1 (GBP) Income29 December 2017 USD 0.071521 USD 0.07836731 January 2018 USD - USD -28 February 2018 USD - USD -29 March 2018 USD 0.060167 USD 0.06601130 April 2018 USD - USD -31 May 2018 USD - USD -29 June 2018 USD 0.097871 USD 0.107516


Class A (USD) Income Class B (USD) Income Class C (USD) Income29 December 2017 USD 0.027232 USD 0.024947 USD 0.02513031 January 2018 USD 0.012723 USD 0.011691 USD 0.01177028 February 2018 USD 0.028649 USD 0.026299 USD 0.02647129 March 2018 USD 0.024539 USD 0.022508 USD 0.02264430 April 2018 USD 0.013434 USD 0.012313 USD 0.01238431 May 2018 USD 0.027400 USD 0.025091 USD 0.02522029 June 2018 USD 0.026877 USD 0.024590 USD 0.024707

Class C2 (USD) Income Class I (EUR) Income Class I (USD) Income29 December 2017 USD 0.022231 USD 0.028049 USD 0.02377431 January 2018 USD 0.010422 USD 0.013160 USD 0.01115328 February 2018 USD 0.023454 USD 0.029646 USD 0.02513129 March 2018 USD 0.020075 USD 0.025411 USD 0.02153730 April 2018 USD 0.010982 USD 0.013918 USD 0.01179731 May 2018 USD 0.022379 USD 0.028412 USD 0.02408129 June 2018 USD 0.021933 USD 0.027883 USD 0.023635



307


For the financial period ended 30 June 2018 (continued)

Old Mutual US Equity Income Fund (continued)

Class R (GBP) Income Class U1 (GBP) Income Class U2 (GBP) Income29 December 2017 USD 0.042840 USD 0.029671 USD 0.03587431 January 2018 USD 0.020202 USD 0.013781 USD 0.01676528 February 2018 USD 0.045516 USD 0.031054 USD 0.03784029 March 2018 USD 0.039012 USD 0.026615 USD 0.03243730 April 2018 USD 0.021368 USD 0.014601 USD 0.01776931 May 2018 USD 0.043615 USD 0.029805 USD 0.03627429 June 2018 USD 0.042809 USD 0.029254 USD 0.035608


Class P2 (GBP) Income Class P2 (USD) Income29 December 2017 USD 0.011770 USD 0.00896731 January 2018 USD - USD -28 February 2018 USD - USD -29 March 2018 USD - USD -30 April 2018 USD - USD -31 May 2018 USD - USD -29 June 2018 USD - USD -


Class A (GBP) Income Class A (USD) IncomeClass A (ZAR) HedgedIncome (F)

29 December 2017 USD 0.179028 USD 0.039820 USD 0.00735131 January 2018 USD - USD 0.048371 USD 0.00748028 February 2018 USD - USD 0.034391 USD 0.00671029 March 2018 USD 0.167676 USD 0.041358 USD 0.00672030 April 2018 USD - USD 0.040646 USD 0.00629831 May 2018 USD - USD 0.046035 USD 0.00613829 June 2018 USD 0.148708 USD 0.023397 USD 0.005554

Class B (USD) Income Class C (USD) IncomeClass C2 (AUD) HedgedIncome (F)

29 December 2017 USD 0.036049 USD 0.034792 USD 0.03513931 January 2018 USD 0.043752 USD 0.042207 USD 0.03565628 February 2018 USD 0.031082 USD 0.029972 USD 0.02900429 March 2018 USD 0.037350 USD 0.036002 USD 0.02866730 April 2018 USD 0.036679 USD 0.035343 USD 0.02774631 May 2018 USD 0.041498 USD 0.039965 USD 0.02744729 June 2018 USD 0.021075 USD 0.020289 USD 0.026547

Class C2 (USD) Income(F)

Class C2 (ZAR) HedgedIncome (F)

29 December 2017 USD 0.039192 USD 0.00729131 January 2018 USD 0.038391 USD 0.00740928 February 2018 USD 0.037576 USD 0.00664229 March 2018 USD 0.037799 USD 0.00664430 April 2018 USD 0.037188 USD 0.00622231 May 2018 USD 0.036634 USD 0.00605829 June 2018 USD 0.036446 USD 0.005483



308




Class A (SGD)Hedged Income Class A (USD) Income

Class A (USD) Income(F)

29 December 2017 USD 0.020812 USD 0.030918 USD -31 January 2018 USD 0.026878 USD 0.038315 USD -28 February 2018 USD 0.030390 USD 0.043518 USD -29 March 2018 USD 0.035391 USD 0.050583 USD -30 April 2018 USD 0.032826 USD 0.046932 USD 0.06000031 May 2018 USD 0.034723 USD 0.050512 USD 0.05863329 June 2018 USD 0.031250 USD 0.045791 USD 0.056789

Class A (ZAR) HedgedIncome (F) Class B (USD) Income Class C (USD) Income

29 December 2017 USD - USD 0.031739 USD 0.03354031 January 2018 USD - USD 0.040134 USD 0.04182928 February 2018 USD - USD 0.045561 USD 0.04747429 March 2018 USD 0.008850 USD 0.052917 USD 0.05511730 April 2018 USD 0.008321 USD 0.049058 USD 0.05107731 May 2018 USD 0.008020 USD 0.052753 USD 0.05489429 June 2018 USD 0.007063 USD 0.047782 USD 0.049694


Class C2 (ZAR) HedgedIncome (F) Class S (GBP) Income

29 December 2017 USD - USD - USD 0.19377331 January 2018 USD - USD - USD -28 February 2018 USD - USD - USD -29 March 2018 USD - USD 0.008842 USD 0.20268130 April 2018 USD 0.060000 USD 0.008313 USD -31 May 2018 USD 0.058534 USD 0.008012 USD -29 June 2018 USD 0.056670 USD 0.007048 USD 0.219874

Class U1 (GBP) Income29 December 2017 USD 0.21252631 January 2018 USD -28 February 2018 USD -29 March 2018 USD 0.22257930 April 2018 USD -31 May 2018 USD -29 June 2018 USD 0.241706


Class A (GBP) Income Class U2 (GBP) Income29 December 2017 EUR 0.096833 EUR 0.07368031 January 2018 EUR - EUR -28 February 2018 EUR - EUR -29 March 2018 EUR - EUR -30 April 2018 EUR - EUR -31 May 2018 EUR - EUR -29 June 2018 EUR 0.306247 EUR 0.234178



309




Class A (GBP) HedgedIncome Class A (USD) Income

Class S (GBP) HedgedIncome

29 December 2017 USD 0.108395 USD 0.084819 USD 0.11627831 January 2018 USD - USD - USD -28 February 2018 USD - USD - USD -29 March 2018 USD 0.102434 USD 0.077011 USD 0.10989130 April 2018 USD - USD - USD -31 May 2018 USD - USD - USD -29 June 2018 USD 0.098326 USD 0.075601 USD 0.105515

Class U1 (GBP) HedgedIncome

29 December 2017 USD 0.10772831 January 2018 USD -28 February 2018 USD -29 March 2018 USD 0.10191130 April 2018 USD -31 May 2018 USD -29 June 2018 USD 0.097943


Class A (GBP) Income Class A (USD) IncomeClass C2 (USD) Income(F)


Class U1 (GBP) Income Class U2 (GBP) Income29 December 2017 USD 0.028224 USD 0.02715831 January 2018 USD 0.009059 USD 0.00872428 February 2018 USD 0.006604 USD 0.00635029 March 2018 USD 0.013740 USD 0.01322030 April 2018 USD 0.007440 USD 0.00716531 May 2018 USD 0.064650 USD 0.06221929 June 2018 USD 0.075952 USD 0.073115



310




Class A (AUD) HedgedIncome (F) Class A (GBP) Income Class A (USD) Income

29 December 2017 USD 0.057377 USD 0.213792 USD 0.04598431 January 2018 USD 0.061828 USD - USD 0.04798228 February 2018 USD 0.053522 USD - USD 0.04104029 March 2018 USD 0.052400 USD 0.200735 USD 0.04359530 April 2018 USD 0.049801 USD - USD 0.04576131 May 2018 USD 0.046841 USD - USD 0.03528929 June 2018 USD 0.043281 USD 0.172271 USD 0.032796


Class A (ZAR) HedgedIncome (F)

Class B (AUD) HedgedIncome (F)

29 December 2017 USD 0.067517 USD 0.009620 USD -31 January 2018 USD 0.070259 USD 0.010380 USD 0.06118628 February 2018 USD 0.069137 USD 0.009564 USD 0.05292429 March 2018 USD 0.068909 USD 0.009469 USD 0.05177330 April 2018 USD 0.066590 USD 0.008706 USD 0.04917331 May 2018 USD 0.062405 USD 0.008052 USD 0.04620829 June 2018 USD 0.059367 USD 0.006962 USD 0.042670

Class B (USD) IncomeClass B (ZAR) HedgedIncome (F) Class C (USD) Income

29 December 2017 USD 0.046101 USD - USD 0.03810631 January 2018 USD 0.048065 USD 0.010376 USD 0.03971528 February 2018 USD 0.041076 USD 0.009550 USD 0.03392529 March 2018 USD 0.043600 USD 0.009445 USD 0.03599730 April 2018 USD 0.045728 USD 0.008675 USD 0.03773931 May 2018 USD 0.035233 USD 0.008016 USD 0.02906629 June 2018 USD 0.032716 USD 0.006925 USD 0.026979

Class C2 (AUD) HedgedIncome (F)

Class C2 USD) Income(F)



Class U1 (GBP) Income Class U2 (GBP) Income29 December 2017 USD 0.287562 USD 0.29289731 January 2018 USD - USD -28 February 2018 USD - USD -29 March 2018 USD 0.270675 USD 0.27573130 April 2018 USD - USD -31 May 2018 USD - USD -29 June 2018 USD 0.232825 USD 0.237239



311




Class A (GBP) Income Class A (USD) Income Class R (GBP) Income29 December 2017 GBP 0.059424 GBP 0.037099 GBP 0.06357931 January 2018 GBP - GBP - GBP -28 February 2018 GBP - GBP - GBP -29 March 2018 GBP 0.091326 GBP 0.057023 GBP 0.09793430 April 2018 GBP - GBP - GBP -31 May 2018 GBP - GBP - GBP -29 June 2018 GBP 0.141110 GBP 0.088097 GBP 0.151551

Class U1 (GBP) Income Class U2 (GBP) Income29 December 2017 GBP 0.064077 GBP 0.06735831 January 2018 GBP - GBP -28 February 2018 GBP - GBP -29 March 2018 GBP 0.098723 GBP 0.10380130 April 2018 GBP - GBP -31 May 2018 GBP - GBP -29 June 2018 GBP 0.152795 GBP 0.160679


Class R (GBP) HedgedIncome

29 December 2017 USD 0.00207731 January 2018 USD -28 February 2018 USD -29 March 2018 USD 0.00264430 April 2018 USD -31 May 2018 USD -29 June 2018 USD 0.005542


Class U3 (USD) Hybrid29 December 2017 USD 0.02492631 January 2018 USD -28 February 2018 USD -29 March 2018 USD -30 April 2018 USD -31 May 2018 USD -29 June 2018 USD -



312




Class A (USD) Income Class C (USD) Income Class U2 (GBP) Income29 December 2017 USD 0.044745 USD 0.042230 USD 0.07014231 January 2018 USD 0.047863 USD 0.045117 USD 0.07508428 February 2018 USD 0.042953 USD 0.040440 USD 0.06742329 March 2018 USD 0.046660 USD 0.043878 USD 0.07328430 April 2018 USD 0.044806 USD 0.042080 USD 0.07041631 May 2018 USD 0.043840 USD 0.041118 USD 0.06894529 June 2018 USD 0.040642 USD 0.038070 USD 0.063955

Class X (GBP) HedgedIncome

29 December 2017 USD 0.06099931 January 2018 USD 0.06681328 February 2018 USD 0.06107429 March 2018 USD 0.06593530 April 2018 USD 0.06390831 May 2018 USD 0.06003029 June 2018 USD 0.054776


Class R (GBP) Income Class UI (EUR) Income Class UI (GBP) Income29 December 2017 EUR 0.398319 EUR 0.257725 EUR 0.40319931 January 2018 EUR - EUR - EUR -28 February 2018 EUR - EUR - EUR -29 March 2018 EUR - EUR - EUR -30 April 2018 EUR - EUR - EUR -31 May 2018 EUR - EUR - EUR -29 June 2018 EUR - EUR - EUR -


Class A (GBP) Income Class A (USD) Income Class I (USD) Income29 December 2017 USD 0.072812 USD 0.046951 USD 0.02898431 January 2018 USD 0.014682 USD 0.009399 USD 0.00868128 February 2018 USD 0.038705 USD 0.024779 USD 0.02290629 March 2018 USD 0.048512 USD 0.031058 USD 0.02873730 April 2018 USD 0.049177 USD 0.031484 USD 0.02915031 May 2018 USD 0.049689 USD 0.031812 USD 0.02947229 June 2018 USD 0.048207 USD 0.030863 USD 0.028610

Class R (GBP) Income Class U1 (GBP) Income29 December 2017 USD 0.073881 USD 0.07365731 January 2018 USD 0.014983 USD 0.01491928 February 2018 USD 0.039527 USD 0.03936029 March 2018 USD 0.049587 USD 0.04938130 April 2018 USD 0.050300 USD 0.05009531 May 2018 USD 0.050855 USD 0.05065129 June 2018 USD 0.049369 USD 0.049173



313




Class A (USD) IncomeClass I (USD) Income

Class F (GBP) HedgedIncome


Class F (USD) Income29 December 2017 USD 0.04442031 January 2018 USD 0.04847528 February 2018 USD 0.03983929 March 2018 USD 0.04676830 April 2018 USD 0.04478031 May 2018 USD 0.04212829 June 2018 USD 0.042359

The following Sub-Funds made no distribution in the financial period ended 30 June 2018:

Old Mutual China Equity FundOld Mutual World Equity FundOld Mutual Pacific Equity FundOld Mutual European Equity FundOld Mutual Japanese Equity Fund^Old Mutual Global Emerging Markets FundOld Mutual UK Smaller Companies Focus FundOld Mutual UK Dynamic Equity FundOld Mutual Global Equity Absolute Return FundOld Mutual Gold & Silver FundOld Mutual Compass Portfolio 2Old Mutual Compass Portfolio 3Old Mutual Compass Portfolio 4Old Mutual Compass Portfolio 5Old Mutual UK Specialist Equity FundOld Mutual Style Premia Absolute Return Fund

For the financial period ended 30 June 2017


Class A (GBP) Income Class A (USD) Income Class B (USD) Income30 December 2016 USD 0.063830 USD 0.013551 USD 0.01343431 January 2017 USD - USD 0.010761 USD 0.01067328 February 2017 USD - USD 0.011129 USD 0.01095331 March 2017 USD 0.053289 USD 0.011961 USD 0.01177028 April 2017 USD - USD 0.012119 USD 0.01195531 May 2017 USD - USD 0.014467 USD 0.01427930 June 2017 USD 0.062004 USD 0.012587 USD 0.012455



314




Class C (USD) Income Class S (GBP) Income Class U1 (GBP) Income30 December 2016 USD 0.015716 USD 0.066055 USD 0.07260331 January 2017 USD 0.012364 USD - USD -28 February 2017 USD 0.012734 USD - USD -31 March 2017 USD - USD 0.055227 USD 0.06074428 April 2017 USD - USD - USD -31 May 2017 USD - USD - USD -30 June 2017 USD - USD 0.064291 USD 0.070671


Class A (USD) Income Class B (USD) Income Class C (USD) Income30 December 2016 USD 0.059072 USD 0.055044 USD 0.05577631 January 2017 USD - USD - USD -28 February 2017 USD - USD - USD -31 March 2017 USD 0.066183 USD 0.061505 USD 0.06223928 April 2017 USD - USD - USD -31 May 2017 USD - USD - USD -30 June 2017 USD 0.065436 USD 0.060615 USD 0.061213

Class C2 (USD) Income Class I (EUR) Income Class I (USD) Income30 December 2016 USD 0.007200 USD 0.060844 USD 0.05159831 January 2017 USD - USD - USD -28 February 2017 USD - USD - USD -31 March 2017 USD 0.054600 USD 0.068294 USD 0.05790328 April 2017 USD - USD - USD -31 May 2017 USD - USD - USD -30 June 2017 USD 0.053600 USD 0.067459 USD 0.057189

Class R (GBP) Income Class U1 (GBP) Income Class U2 (GBP) Income30 December 2016 USD 0.092874 USD - USD 0.07733431 January 2017 USD - USD - USD -28 February 2017 USD - USD - USD -31 March 2017 USD 0.104446 USD - USD 0.08689928 April 2017 USD - USD - USD -31 May 2017 USD - USD - USD -30 June 2017 USD 0.103485 USD 0.021422 USD 0.085754


Class A (GBP) Income Class A (USD) IncomeClass A (ZAR) HedgedIncome (F)

30 December 2016 USD 0.221164 USD 0.053795 USD -31 January 2017 USD - USD 0.050726 USD -28 February 2017 USD - USD 0.047659 USD -31 March 2017 USD 0.209770 USD 0.056561 USD 0.00705428 April 2017 USD - USD 0.046230 USD 0.00713831 May 2017 USD - USD 0.055405 USD 0.00727730 June 2017 USD 0.206068 USD 0.050712 USD 0.007096



315




Class B (USD) Income Class C (USD) IncomeClass C2 (AUD) HedgedIncome (F)

30 December 2016 USD 0.049292 USD 0.047758 USD -31 January 2017 USD 0.046389 USD 0.044948 USD -28 February 2017 USD 0.043548 USD 0.042177 USD -31 March 2017 USD 0.051639 USD 0.049995 USD 0.03678628 April 2017 USD 0.042170 USD 0.040811 USD 0.03607131 May 2017 USD 0.050493 USD 0.048845 USD 0.03614930 June 2017 USD 0.046171 USD 0.044645 USD 0.035446



30 December 2016 USD 0.039900 USD -31 January 2017 USD 0.039995 USD -28 February 2017 USD 0.040199 USD -31 March 2017 USD 0.039990 USD 0.00705428 April 2017 USD 0.040164 USD 0.00713131 May 2017 USD 0.040281 USD 0.00726230 June 2017 USD 0.040082 USD 0.007067


Class A (GBP) IncomeClass A (SGD)Hedged Income Class A (USD) Income

30 December 2016 USD 0.255457 USD 0.037940 USD 0.05852131 January 2017 USD - USD 0.038374 USD 0.05906728 February 2017 USD - USD 0.036389 USD 0.05540231 March 2017 USD 0.251988 USD 0.038786 USD 0.05872628 April 2017 USD - USD 0.035636 USD 0.05371631 May 2017 USD - USD 0.038331 USD 0.05771630 June 2017 USD 0.237225 USD 0.034893 USD 0.052181

Class B (USD) Income Class C (USD) Income Class S (GBP) Income30 December 2016 USD 0.062204 USD 0.064904 USD 0.26760031 January 2017 USD 0.062724 USD 0.065453 USD -28 February 2017 USD 0.058783 USD 0.061315 USD -31 March 2017 USD 0.062262 USD 0.064922 USD 0.26464728 April 2017 USD 0.056902 USD 0.059311 USD -31 May 2017 USD 0.061087 USD 0.063652 USD -30 June 2017 USD 0.055176 USD 0.057472 USD 0.250164

Class U1 (GBP) Income30 December 2016 USD 0.29227531 January 2017 USD -28 February 2017 USD -31 March 2017 USD 0.28932928 April 2017 USD -31 May 2017 USD -30 June 2017 USD 0.273786



316




Class A (GBP) Income Class U2 (GBP) Income30 December 2016 USD 0.111066 USD 0.08376231 January 2017 USD - USD -28 February 2017 USD - USD -31 March 2017 USD - USD -28 April 2017 USD - USD -31 May 2017 USD - USD -30 June 2017 USD 0.275122 USD 0.208461


Class A (GBP) HedgedIncome Class A (USD) Income


30 December 2016 USD 0.099744 USD 0.082222 USD 0.09911531 January 2017 USD - USD - USD -28 February 2017 USD - USD - USD -31 March 2017 USD 0.096821 USD 0.080417 USD -28 April 2017 USD - USD - USD -31 May 2017 USD - USD - USD -30 June 2017 USD 0.103937 USD 0.083834 USD -

Class S (GBP) HedgedIncome


30 December 2016 USD 0.106413 USD 0.09889431 January 2017 USD - USD -28 February 2017 USD - USD -31 March 2017 USD 0.103413 USD 0.09604228 April 2017 USD - USD -31 May 2017 USD - USD -30 June 2017 USD 0.111220 USD 0.103171


Class U2 (GBP) Income30 December 2016 USD 0.02900831 January 2017 USD -28 February 2017 USD 0.01054931 March 2017 USD 0.02102728 April 2017 USD 0.02221231 May 2017 USD 0.01772530 June 2017 USD -


Class A (GBP) Income Class A (USD) Income Class C2 (USD) Income (F)30 December 2016 USD 0.018552 USD 0.013113 USD 0.04130031 January 2017 USD 0.003247 USD 0.002264 USD 0.04410028 February 2017 USD 0.036092 USD 0.025472 USD 0.04590031 March 2017 USD 0.042677 USD 0.029976 USD 0.04660028 April 2017 USD 0.002660 USD 0.001739 USD 0.04660031 May 2017 USD 0.060252 USD 0.042440 USD 0.04600630 June 2017 USD 0.082729 USD 0.058302 USD 0.045617



317



Old Mutual Asian Equity Income Fund (continued)

Class R (GBP) Income Class U1 (GBP) Income Class U2 (GBP) Income30 December 2016 USD 0.018091 USD 0.018715 USD 0.01784731 January 2017 USD 0.003146 USD 0.003240 USD 0.00310128 February 2017 USD 0.035181 USD 0.036299 USD 0.03469431 March 2017 USD 0.041514 USD 0.042790 USD 0.04094628 April 2017 USD 0.002479 USD 0.002567 USD 0.00245131 May 2017 USD 0.058799 USD 0.060538 USD 0.05805330 June 2017 USD 0.080878 USD 0.083265 USD 0.079921


Class A (AUD) HedgedIncome (F) Class A (GBP) Income Class A (USD) Income

30 December 2016 USD - USD 0.194640 USD 0.04210831 January 2017 USD - USD - USD 0.03987028 February 2017 USD - USD - USD 0.04488331 March 2017 USD 0.057357 USD 0.198110 USD 0.04654328 April 2017 USD 0.056500 USD - USD 0.03162231 May 2017 USD 0.056782 USD - USD 0.04744430 June 2017 USD 0.056742 USD 0.181022 USD 0.040698


Class A (ZAR) HedgedIncome (F) Class B (USD) Income

30 December 2016 USD - USD - USD 0.04264331 January 2017 USD - USD - USD 0.04032928 February 2017 USD - USD - USD 0.04536631 March 2017 USD 0.066800 USD 0.009054 USD 0.04701228 April 2017 USD 0.067300 USD 0.009177 USD 0.03191931 May 2017 USD 0.067742 USD 0.009334 USD 0.04784930 June 2017 USD 0.067590 USD 0.009158 USD 0.041007

Class C (USD) IncomeClass C2 (AUD) HedgedIncome (F) Class C2 (USD) Income (F)

30 December 2016 USD 0.035438 USD - USD 0.06730031 January 2017 USD 0.033494 USD - USD 0.06828928 February 2017 USD 0.037663 USD - USD 0.06954031 March 2017 USD 0.039010 USD 0.057357 USD 0.07062428 April 2017 USD 0.026475 USD 0.056455 USD 0.07111131 May 2017 USD 0.039671 USD 0.056639 USD 0.07147130 June 2017 USD 0.033984 USD 0.056570 USD 0.071372

Class C2 (ZAR) HedgedIncome (F) Class U1 (GBP) Income Class U2 (GBP) Income

30 December 2016 USD - USD 0.259817 USD 0.26276331 January 2017 USD - USD - USD -28 February 2017 USD - USD - USD -31 March 2017 USD 0.009054 USD 0.265409 USD 0.26877028 April 2017 USD 0.009169 USD - USD -31 May 2017 USD 0.009356 USD - USD -30 June 2017 USD 0.009190 USD 0.242896 USD 0.246481



318




Class A (GBP) Income Class A (USD) IncomeClass I (USD) HedgedIncome

30 December 2016 GBP 0.059556 GBP 0.037260 GBP 0.05695731 January 2017 GBP - GBP - GBP -28 February 2017 GBP - GBP - GBP -31 March 2017 GBP 0.076554 GBP 0.047899 GBP 0.07368728 April 2017 GBP - GBP - GBP -31 May 2017 GBP - GBP - GBP -30 June 2017 GBP 0.109506 GBP 0.068430 GBP 0.102700

Class R (GBP) IncomeClass U1 (GBP)Income Class U2 (GBP) Income

30 December 2016 GBP 0.063049 GBP 0.063463 GBP 0.06664531 January 2017 GBP - GBP - GBP -28 February 2017 GBP - GBP - GBP -31 March 2017 GBP 0.081291 GBP 0.081913 GBP 0.08605528 April 2017 GBP - GBP - GBP -31 May 2017 GBP - GBP - GBP -30 June 2017 GBP 0.116626 GBP 0.117547 GBP 0.123516


Class R (GBP) IncomeClass U1 (GBP)Income

30 December 2016 GBP 0.000717 GBP 0.05625031 January 2017 GBP - GBP -28 February 2017 GBP - GBP -31 March 2017 GBP - GBP -28 April 2017 GBP - GBP -31 May 2017 GBP - GBP -30 June 2017 GBP - GBP -


Class A (GBP) HedgedIncome



30 December 2016 USD - USD 0.000038 USD 0.00183931 January 2017 USD - USD - USD -28 February 2017 USD - USD - USD -31 March 2017 USD - USD 0.000749 USD 0.00899828 April 2017 USD - USD - USD -31 May 2017 USD - USD - USD -30 June 2017 USD 0.003083 USD 0.004553 USD 0.015038

Old Mutual Pan African Fund

Class U3 (USD) Hybrid30 December 2016 USD 0.01879831 January 2017 USD -28 February 2017 USD -31 March 2017 USD -28 April 2017 USD -31 May 2017 USD -30 June 2017 USD -



319




Class A (GBP) Income Class A (USD) Income Class C (USD) Income30 December 2016 USD 0.072831 USD 0.047713 USD 0.04586631 January 2017 USD 0.075650 USD 0.049757 USD 0.04771028 February 2017 USD 0.071728 USD 0.047201 USD 0.04520331 March 2017 USD 0.086265 USD 0.056494 USD 0.05402128 April 2017 USD 0.069988 USD 0.046138 USD 0.04404831 May 2017 USD 0.082033 USD 0.054042 USD 0.05150630 June 2017 USD - USD 0.051132 USD 0.048642

Class N (USD) IncomeClass R (GBP) HedgedIncome Class U1 (GBP) Income

30 December 2016 USD - USD 0.059999 USD 0.07372331 January 2017 USD 0.034470 USD 0.061599 USD 0.07680328 February 2017 USD - USD 0.059099 USD 0.07278731 March 2017 USD - USD 0.069799 USD 0.08740728 April 2017 USD - USD 0.057999 USD 0.07103631 May 2017 USD - USD 0.070299 USD 0.08350930 June 2017 USD - USD 0.065515 USD -

Class U2 (GBP) IncomeClass X (GBP) HedgedIncome

30 December 2016 USD 0.074232 USD 0.06047631 January 2017 USD 0.077496 USD 0.06224528 February 2017 USD 0.073561 USD 0.05983731 March 2017 USD 0.088100 USD 0.07075028 April 2017 USD 0.071996 USD 0.05904231 May 2017 USD 0.084378 USD 0.07102130 June 2017 USD 0.079884 USD 0.664780


Class R (GBP) Income Class UI (EUR) Income Class UI (EUR) Income30 December 2016 USD 0.364884 USD 0.235543 USD 0.36745431 January 2017 USD - USD - USD -28 February 2017 USD - USD - USD -31 March 2017 USD - USD - USD -28 April 2017 USD - USD - USD -31 May 2017 USD - USD - USD -30 June 2017 USD - USD - USD -


Class A (GBP) Income Class A (USD) Income Class I (USD) Income30 December 2016 USD 0.036017 USD 0.023069 USD -31 January 2017 USD 0.011250 USD 0.007320 USD -28 February 2017 USD 0.027889 USD 0.017901 USD -31 March 2017 USD 0.041488 USD 0.026584 USD -28 April 2017 USD 0.042344 USD 0.027128 USD 0.00843831 May 2017 USD 0.042450 USD 0.027195 USD 0.02498730 June 2017 USD 0.042661 USD 0.027324 USD 0.025102



320



Old Mutual Global Equity Income Fund (IRL) (continued)

Class R (GBP) Income Class U1 (GBP) Income30 December 2016 USD 0.036393 USD 0.03635731 January 2017 USD 0.011392 USD 0.01136628 February 2017 USD 0.028260 USD 0.02819631 March 2017 USD 0.042087 USD 0.04195928 April 2017 USD 0.042977 USD 0.04285431 May 2017 USD 0.043122 USD 0.04295730 June 2017 USD 0.043370 USD 0.043171

The following Sub-Funds made no distribution in the financial period ended 30 June 2017:

Old Mutual China Equity FundOld Mutual World Equity FundOld Mutual Pacific Equity FundOld Mutual European Equity FundOld Mutual Japanese Equity Fund^Old Mutual North American Equity FundOld Mutual UK Smaller Companies Focus FundOld Mutual UK Dynamic Equity FundOld Mutual Global Equity Absolute Return FundOld Mutual Pan African Fund^^Old Mutual Europe (ex UK) Smaller Companies FundOld Mutual Gold & Silver FundOld Mutual Compass Portfolio 2Old Mutual Compass Portfolio 3Old Mutual Compass Portfolio 4Old Mutual Compass Portfolio 5Old Mutual UK Specialist Equity FundOld Mutual Style Premia Absolute Return Fund

10. Derivatives and other Financial Instruments

In pursuing its investment objectives, the Company holds financial derivative instruments. The Company’s financial derivativeinstruments held at 30 June 2018 and at 31 December 2017 are disclosed in the Portfolio of Investments on pages 45 to 207. Fulldetails of all risks are set out in the section of the Prospectus entitled “Risk Factors”.

Efficient Portfolio Management (“EPM”)

The Company may employ investment techniques and instruments for efficient portfolio management purposes and for hedgingpurposes, subject to the conditions and within the limits from time to time laid down by the Central Bank under the UCITSRegulations, 2011 and in the Prospectus. These techniques and instruments may be exchange-traded or over-the-counterderivatives and shall include futures (such as currency future contracts), options, options on futures, forward settled transactions,convertible securities, hybrid securities, structured notes, credit default swaps and swap agreements. For financial derivativeinstruments that were entered into during the financial period which remained open at period end and the resulting amount ofcommitments/exposures, please refer to the Portfolio of Investments.

Efficient portfolio management transactions relating to the assets of a Sub-Fund may be entered into by the Investment Managerwith one of the following aims:

a) a reduction of risk;b) a reduction of cost with no increase or a minimal increase in risk;c) generation of additional capital or income with no, or an acceptably low level of risk (relative to the expected return) and thediversification requirements in accordance with the Central Bank’s Regulations.



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10. Derivatives and other Financial Instruments (continued)

Efficient Portfolio Management (“EPM”) (continued)

In relation to efficient portfolio management operations the Investment Manager will look to ensure that the techniques andinstruments used are economically appropriate in that they will be realised in a cost-effective way. The use of efficient portfoliomanagement techniques will only be used in line with the best interests of a Sub-Fund. The use of FDI (“Financial DerivativeInstruments”) and efficient portfolio management techniques for the purposes outlined above will expose the Company to therisks including, but not limited to, market risk, global derivative exposure as Value-at-Risk (“VaR”) approach as outlined inNote 10 (a). Please refer to the Portfolio of Investments for range of FDIs which the Sub-Fund may have used for efficientportfolio management purposes during the period under review.

Where necessary, the Company will accept collateral from its counterparties in order to reduce counterparty risk exposuregenerated through the use of over the counter derivative instruments and EPM techniques. The type and amount of collateralreceived is outlined in Note 6.

For UCITS which have engaged in EPM techniques disclosures are required under the Central Bank UCITS Regulations. AUCITS is required to disclose the revenues arising from EPM techniques for the entire reporting period together with the directand indirect operational costs and fees incurred, unless the costs associated with EPM techniques are embedded and notseparately identifiable.

All revenues from EPM techniques, net of direct and indirect operational costs, will be returned to the relevant Sub-Fund. Anydirect and indirect operational costs/fees arising from EPM techniques do not include hidden revenue. Any gains or losses arisingfrom EPM techniques and investments are recognised in the Statement of Operations.

Repurchase, reverse repurchase and stock lending arrangements are EPM techniques. The Sub-Funds did not engage in anyrepurchase, reverse repurchase and stock lending arrangements during the financial period.

Futures contracts will be used to hedge against market risk or gain exposure to an underlying market. Forward contracts will beused to hedge or gain exposure to an increase in the value of an asset, currency, or deposit. Options will be used to hedge orachieve exposure to a particular market instead of using a physical security. Swaps (including swaptions) will be used to achieveprofit as well as to hedge existing long positions. Forward foreign exchange transactions will be used to reduce the risk of adversemarket changes in exchange rates or to increase exposure to foreign currencies or to shift exposure to foreign currencyfluctuations from one country to another. Credit default swaps will be used to isolate and transfer the exposure to or transfer thecredit risk associated with a reference asset or index of reference assets.

The Company may, for the purposes of efficient portfolio management, enter into futures contracts, forwards, options, swaps,swaptions, convertible securities and structured notes, in order to hedge currency and market exposure and/or for investmentpurposes. Futures, swaps, options, swaptions and forward currency contracts open as at 30 June 2018 are disclosed in thePortfolio of Investments on pages 45 to 207. The type and amount of collateral received is outlined in Note 6.

Risk is inherent in the activities of each Sub-Fund but it is managed through a process of ongoing identification, measurementand monitoring, subject to risks limits and other controls. The main risks arising from the Company’s financial instruments aremarket risk, liquidity risk and credit risk.

(a) Market Risk

Market risk embodies the potential for both losses and gains and can include various forms of risk including market (includingcurrency risk, interest rate risk and market price risk), credit risk and liquidity risk.

Market Price RiskMarket price risk is the risk of unfavourable changes in the fair values of equities or equity-linked derivatives as the result ofchanges in the levels of equity indices and the value of individual shares. The market price risk exposure arises from theCompany’s investments in equity securities, from equity securities sold short and from equity-linked derivatives. The Companymanages this risk by investing in a variety of stock exchanges.

Management's best estimate of the effect on the profit or loss for a period due to a reasonably possible change in equity indices,with all other variables held constant is indicated in the table below. There is no effect on 'other comprehensive income' as theCompany has no assets classified as 'available-for-sale' or designated hedging instruments. In practice, the actual trading resultsmay differ from the sensitivity analysis below and the difference could be material. Each Sub-Fund’s market risk is managedon a daily basis by Old Mutual Global Investors (UK) Limited and the policies and processes are detailed in the Company's riskmanagement process. Each Sub-Fund's overall market positions are advised on a regular basis to the Board of Directors.



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Concentration RiskThe investments of certain Sub-Funds may be concentrated in a single market or country. A Sub-Fund which pursues aconcentrated investment strategy may be subject to a greater degree of volatility and risk than a Sub-Fund following a morediversified strategy.

The applicable investment concentrations within the portfolio for each Sub-Fund at 31 June 2018 are disclosed in the Portfolioof Investments.

Emerging Market RiskEmerging markets provide new investment opportunities, such as elevated economic growth rates, higher expected returns anddiversification benefits. Accordingly, these markets may be insufficiently liquid and levels of volatility in price movements maybe greater than those experienced in more developed economies and markets. The value of the assets of a Sub-Fund investingin developing markets may be adversely affected by uncertainties. There can be no assurance that the Sub-Funds will achievetheir investment objectives.

Global Derivative Exposure

Sensitivity Analysis for Sub-Funds through commitment approachThe risk is managed through the commitment approach to quantitatively measure the Funds’ global exposure through the useof financial derivative instruments in line with UCITS Directives and Central Bank of Ireland regulations for Sub-Funds listedin the table below. The Sub-Funds will not be leveraged in excess of 100% of its Net Asset Value.

Sub-FundOld Mutual China Equity FundOld Mutual World Equity FundOld Mutual Pacific Equity FundOld Mutual European Equity FundOld Mutual Japanese Equity Fund^Old Mutual US Equity Income FundOld Mutual North American Equity FundOld Mutual European Best Ideas FundOld Mutual Global Emerging Markets FundOld Mutual Asian Equity Income FundOld Mutual UK Alpha Fund (IRL)Old Mutual UK Smaller Companies Focus FundOld Mutual Pan African Fund^^Old Mutual Europe (ex UK) Smaller Companies FundOld Mutual Global Equity Income Fund (IRL)Old Mutual Gold & Silver Fund



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(a) Market Risk

LeverageMany derivative instruments have a leverage component, adverse changes in the value or level of the underlying asset, rate orindex can result in a loss substantially greater than the amount invested in the derivative itself. Certain derivative instrumentshave the potential for unlimited loss regardless of the size of the initial investment.

Value at Risk (“VaR”) method

VaR is a statistically based estimate of the potential loss on the current portfolio from adverse market movements. The VaRmeasure captures both "general" and "idiosyncratic" market risks. General market risk factors are variables which are driven bymacroeconomic, geopolitical and other market-wide considerations, independent of any instrument or single name. They includemovements in interest rates, widening or tightening of general spread levels and directional movements in equity market indices,exchange rates, and energy, metal and commodity prices. Changes in associated volatilities and correlations between these riskfactors – some of which may be unobservable or only indirectly observable – are also general market risks. Idiosyncraticcomponents are those that cannot be explained by general market movements – broadly, changes in the prices of debt and equityinstruments and derivatives linked to them, resulting from factors and events specific to individual names.

VaR expresses potential loss, but only to a certain level of confidence and holding period of 1 and 20 days depending on theSub-Fund, and there is therefore a specified statistical probability (1%) that actual loss could be greater than the VaR estimate.VaR analysis for the Company is carried out by the Administrator whose model uses a historical simulation framework with fullre-pricing. This model can integrate various risk factors and has a proprietary methodology for integrating market and credit risk.For general market risk, the assessment of past movements is based on historical data, using data for the last financial period,and this data is applied directly to current positions, a method known as historical simulation.

A Sub-Fund must ensure that its global exposure relating to FDI does not exceed its total Net Asset Value. A Sub-Fund usingthe commitment approach to measure its positions in FDI may not therefore be exposed in excess of 100% of its Net Asset Value.

Global exposure is calculated by the Administrator by extracting information from the Sub-Fund accounting system relating tothe full exposure on FDIs. This information is passed to the Compliance Monitoring Services Division (CMS) for the purposesof calculating the global exposure and comparing the results against the overall value of the Sub-Fund. In 2018, FDI globalexposure was calculated under the commitment approach as described, while the market risk is calculated utilising the VaRmethodology described.

(b) Liquidity Risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. TheCompany’s constitutional documents provides for the creation and cancellation of Shares on each Dealing Day (which is definedin the Prospectus means in respect of all of the Sub-Funds every Business Day or such other days as the Directors may determineand provided that there shall be at least one Dealing Day each fortnight) and it is therefore exposed to the liquidity risk of meetingshareholder redemptions at any time.

The risks associated with securities in which the Sub-Funds have invested are assessed on an ongoing basis. Liquidity risk isconsidered when investing in any financial instrument to ensure that the portfolio complies with UCITS Regulations which setsout the general requirement for a UCITS Fund to redeem or repurchase its units at the request of any unit holder.

Therefore before making an investment, an Investment Manager to a Sub-Fund may consider:

1. The volume and turnover in the transferable security;2. If price is determined by supply and demand in the market, the issue size and the portion of the issue that the investment

manager plans to buy;3. The opportunity and timeframe to buy or sell the transferable security; and4. The quality of the secondary market in a transferable security and an analysis of the quality and number of intermediaries

and market makers available for that security.



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(b) Liquidity Risk (continued)

In the case of transferable securities not traded on a Regulated Market liquidity is not automatically presumed. The Sub-Fundstherefore assess the liquidity of such securities where this is necessary. If the security is assessed as insufficiently liquid to meetforeseeable redemption requests the security must only be bought or held if the other securities held in the portfolio are deemedsufficiently liquid so as to be able to ensure compliance with Regulation 104(1) of the UCITS Regulations.

The Sub-Funds’ listed securities are considered to be readily realisable as they are principally listed on Major European, Asianand US stock exchanges.

(c) Credit Risk

Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it hasentered into with the Sub-Fund. Credit risk is monitored in accordance with the UCITS Regulations. The purpose of imposingcounterparty limits on a UCITS is to ensure that the UCITS is not exposed to a single counterparty disproportionately. In theevent of a counterparty failure, the risk of material loss will be reduced due to risk diversification. Over-the-counter (OTC)derivative transactions give rise to counterparty risk exposure as they are bi-lateral contracts for non-exchange traded FDI.Moreover, the counterparty exposure related to OTC derivatives must be added to other non-FDI exposures that the UCITS mayhave to the counterparty in order to ensure that overall counterparty exposure limits are not breached, i.e. the total exposure to asingle counterparty arising from all activities should be captured in the risk management systems. FDI transactions that are tradedon exchanges where daily mark-to-market valuations and margining occur are deemed to be free of counterparty risk (i.e.exchange-traded derivatives). UCITS Regulations limits exposure to OTC derivative counterparties to a maximum of 5% ofNAV. This limit is raised to 10% in the case of credit institutions as defined by UCITS Regulations. A UCITS may not investmore than 10% of its assets in transferable securities or money market instruments issued by the same body.

A UCITS may not invest more than 20% of its assets in deposits made with the same body. A UCITS may only enter intotransaction with a counterparty when the counterparty is a credit institution listed in UCITS Regulations or an investment firm,authorised in accordance with the Investment Services Directive, in an EEA Member State; In the case of a counterparty whichis not a credit institution, the counterparty has a minimum credit rating of A1 or equivalent, or is deemed by the UCITS to havean implied rating of A1. Alternatively, an unrated counterparty will be acceptable where the UCITS is indemnified against lossessuffered as a result of a failure of the counterparty by an entity which has and maintains a rating of A1.

The Investment Adviser ensures that the ratings and limits for counterparties are adhered to.

UCITS Regulations states that the risk exposure to an OTC derivative counterparty may be reduced where the counterparty willprovide the UCITS with collateral, subject to certain conditions. The Investment Adviser is responsible for ensuring this collateralmeets the relevant criteria set out in UCITS Regulations. Details of collateral pledged as at 30 June 2018 is disclosed in Note 6.

The Company minimises concentration of credit risk by undertaking transactions with a large number of customers andcounterparties on recognised and reputable exchanges.



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Credit risk also arises on transactions with brokers where transactions are awaiting settlement. Risk relating to unsettledtransactions is considered small due to the short settlement period involved and the high credit quality of the brokers used. TheCompany monitors the credit rating and assets, liabilities, financial position and profit or loss of the brokers used to furthermitigate this risk. Substantially all of the assets of the Company are held by Citibank Depositary Services Ireland DAC (the“Depositary”). Bankruptcy or insolvency of the Depositary may cause a Sub-Fund’s rights with respect to securities held by theDepositary to be delayed. The Company monitors this risk by monitoring the credit quality and assets, liabilities, financialposition and profit or loss of the Depositary. The Depositary is under a duty to take into its custody and to hold the property ofeach Sub-Fund of the Company on behalf of its Shareholders. The Central Bank of Ireland requires the Depositary to hold legallyseparate the non-cash assets of each Sub-Fund and to maintain sufficient records to clearly identify the nature and amount of allassets that it holds, the ownership of each asset and where the documents of title to such assets are physically located.

When the Depositary employs a Sub-Custodian the Depositary retains responsibility for the assets of the Sub-Fund. However, itshould be noted that not all jurisdictions have the same rules and regulations as Ireland regarding the custody of assets and therecognition of the interests of a beneficial owner such as a Sub-Fund. Therefore, in such jurisdictions, there is a risk that if aSub-Custodian becomes bankrupt or insolvent, the Sub-Fund’s beneficial ownership of the assets held by such Sub-Custodianmay not be recognised and consequently the creditors of the Sub-Custodian may seek to have recourse to the assets of the Sub-Fund. In those jurisdictions where the Sub-Fund’s beneficial ownership of its assets is ultimately recognised, the Sub-Fund maysuffer delay and cost in recovering those assets.

The Sub-Funds may invest in markets where custodial and/or settlement systems are not fully developed, such as Russia andArgentina, the assets of a Sub-Fund which are traded in such markets and which have been entrusted to sub-custodians, incircumstances where the use of such sub-custodians is necessary, may be exposed to risk in circumstances whereby theDepositary will have no liability.

The Company will be exposed to the credit risk of the Depositary and any sub-custodians the depositaries has appointed. In theevent of insolvency or bankruptcy of the Depositaries or sub-Custodian, the Depositary will be treated as a general creditor. Thelong term credit rating of the parent Company of the Depositary and Sub-Custodian, Citibank N.A. is A1.

All transferable securities of the Company are held in the Custodial network. Additional credit risk on cash, receivables andfinancial derivative instruments is detailed on pages 216 to 223.

(d) Interest Rate Risk

Interest rate risk is the risk that the value of the Sub-Funds’ investments will fluctuate as a result of changes in interest rates.

Sub-Funds investing in fixed interest securities may be affected by changes to interest rates relevant to particular securities or asa result of the Directors being unable to secure similar returns on the expiry of contracts or sale of securities. The value of fixedinterest securities may be affected by such movements in the future. Interest receivable on bank deposits and payable on bankoverdrafts will be affected by fluctuations in interest rates, as will Floating Rate Bonds. All other assets and liabilities of the Sub-Funds are non-interest bearing.

(e) Currency Risk

Currency risk is the risk that the value of a financial instrument will fluctuate due to changes in foreign exchange rates. TheCompany invests in securities and other investments that are denominated in currencies other than the base currency.Accordingly, the value of the Company’s assets may be affected favourably or unfavourably by fluctuations in currency ratesand therefore the Company will necessarily be subject to foreign exchange risks.

The primary purpose of the Company’s foreign currency economic hedging activities is to protect against the volatility associatedwith investments and other assets and liabilities denominated in foreign currencies in the normal course of business. TheCompany primarily utilises forward exchange contracts to hedge foreign-currency-denominated financial instruments. Increasesor decreases in the fair values of the Company’s foreign-currency-denominated financial assets and liabilities are partially offsetby gains and losses on the economic hedging instruments.



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(f) Fair Value of Financial Assets and Liabilities

Fair Value Estimation

The Company is required to classify fair value measurements using a fair value hierarchy that reflects the significant of theinputs used in making the measurements. The standard requires an entity to provide a quantitative and qualitative analysisof those instruments recognised at fair value based on a three-level measurement hierarchy. The fair value hierarchy has thefollowing levels:

Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities.Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,either directly (that is, as prices) or indirectly (that is, derived from prices).Level 3 – Inputs for the asset or liability that are not based on observable market data (that is, unobservableinputs).

Furthermore, for those instruments which have significant unobservable inputs (Level 3), the amendment requiresdisclosures on the transfers into and out of Level 3, a reconciliation of the opening and closing balances, total gains andlosses for the period, purchases, sales issues and settlements. The level in the fair value hierarchy within which the fairvalue measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to thefair value measurement in its entirety.

For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair valuemeasurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement isa Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requiresjudgement, considering factors specific to the asset or liability.

The determination of what constitutes ‘observable’ requires significant judgement by the Sub-Funds. The Sub-Fundsconsider observable data to be that market data that is readily available, regularly distributed or updated, reliable andverifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investingin those securities. The table below provides a summary within the fair value hierarchy of the Sub-Fund’s financial assetsand liabilities measured at last traded prices at 30 June 2018.

The financial instruments at 30 June 2018 and 31 December 2017 are classified as follows:

Investment Type LevelEquities 1Government Bonds 2Corporate Bonds 2Convertible Securities 2Municipal Bonds 2Asset Backed Securities 2Mortgage Backed Securities 2Investment Funds 2Contract for Difference 2Credit Default Swaps 2Future Contracts 1Interest Rate Swaps 2Total Return Swaps 2Open Foreign Currency Contracts 2Rights 1Options Purchased 2Options Written 2



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(f) Fair Value of Financial Assets and Liabilities

Fair Value Estimation (continued)

The following table details the exceptions to the above classification at 30 June 2018.

Sub-Fund Security InvestmentType

Level Currency Fair Value

Old Mutual UK Smaller Companies Focus Fund Transferwise Equity 3 GBP 7,312,527

Old Mutual UK Smaller Companies Focus Fund The Hut Group Equity 3 GBP 11,711,670

Old Mutual UK Dynamic Equity Fund Transferwise Equity 3 GBP 11,569,229

Old Mutual UK Dynamic Equity Fund The Hut Group Equity 3 GBP 23,999,924

Old Mutual UK Specialist Equity Fund Transferwise Equity 3 GBP 10,280,178

Old Mutual UK Specialist Equity Fund The Hut Group Equity 3 GBP 16,000,313

Transfers between levels are deemed to have occurred when the pricing source for a particular security has changed, whichtriggers a change in levels. There were no transfers between levels of the fair value hierarchy during the financial periodended 30 June 2018 or period ended 31 December 2017.Assets and liabilities not carried at fair value are carried at amortised cost; their carrying values are a reasonableapproximation of fair value.

11. Charges against the assets of the Sub-Funds

A number of counterparties used by the Company hold a number of charges granting first priority security interest in relationto collateral and principal broker securities relating to the relevant Sub-Funds’ account.

12. Post Statement of Financial Position Events

On 12 July 2018 an EGM took place to approve a proposal to merge the Old Mutual Absolute Return Government Bond Fund(“ARGBF”) with the Old Mutual Strategic Absolute Return Bond Fund^^^ (“SARBF”), a sub-fund of Old Mutual GlobalInvestors Series plc. The merger was approved and as a result all remaining Shareholders in ARGBF will be merged intocorresponding share classes of the SARBF, and the ARGBF will be closed.

The following share classes were launched post period end:

Date Sub-Fund Share Class name13 July 2018 Old Mutual Compass Portfolio 3 Class N (USD)

Old Mutual Compass Portfolio 4 Class N (USD)

16 July 2018 Old Mutual Strategic Absolute Return Bond Fund^^^ Class A (USD) AccumulationClass A (GBP) Hedged AccumulationClass I (EUR) Hedged Accumulation

Class U1 (GBP) Hedged AccumulationClass U3 (GBP) Hedged AccumulationClass U3 (USD) Accumulation

Class U3 (EUR) Hedged Accumulation20 July 2018 Old Mutual World Equity Fund Class N (USD) Accumulation

Old Mutual Total Return USD Bond Fund Class A (USD) Income (F)

Old Mutual Global Equity Income Fund (IRL) Class I (USD) Accumulation

Nicola Stronach was appointed to the Board of Directors with effect from 9 August 2018.

Old Mutual Monthly Income High Yield Bond Fund closed on 14 September 2018.

There have been no other material events affecting the Sub-Funds subsequent to 30 June 2018, which require amendment toor disclosure in, these financial statements.

13. Financial Statements

These financial statements were approved by the Board of Directors on 28 August 2018.


SIGNIFICANT PURCHASES AND SALES – Old Mutual China Equity Fund

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Under UCITS regulations, a statement of changes in the composition of the portfolio during the reference period is required, displayingall material changes that have occurred in the deposition of the assets of the UCITS. A material change is defined as aggregate purchasesof a security exceeding one per cent of the total value of purchases for the period or aggregate disposals greater than one per cent of thetotal value of sales. If there are fewer than 20 purchases that met the material changes definition, the UCITS shall disclose thosepurchases and such number of the next largest purchases so that at least 20 purchases are disclosed. If there are fewer than 20 sales thatmet the material changes definition, the UCITS shall disclose those sales and such number of the next largest purchases so that at least20 purchases are disclosed.

Security DescriptionIssue

Currency Shares/ParCostUSD

BUYSAlibaba Group Holding Ltd (DR) USD 27,300 5,229,978China Mobile Ltd USD 423,500 3,938,944AIA Group Ltd USD 453,000 3,759,223Hong Kong Exchanges & Clearing Ltd USD 98,900 3,630,936CNOOC Ltd USD 2,031,000 3,064,192Agricultural Bank of China Ltd USD 4,474,000 2,678,922AAC Technologies Holdings Inc USD 147,000 2,677,924BOC Hong Kong Holdings Ltd USD 517,500 2,632,471Yue Yuen Industrial Holdings Ltd USD 620,000 2,593,755Sunny Optical Technology Group Co Ltd USD 139,000 2,563,830China Resources Beer Holdings Co Ltd USD 618,000 2,553,677Shenzhou International Group Holdings Ltd USD 257,000 2,537,425Guangshen Railway Co Ltd USD 3,998,000 2,480,248PetroChina Co Ltd USD 3,098,000 2,360,869China Petroleum & Chemical Corp USD 2,628,000 2,225,874CLP Holdings Ltd USD 211,500 2,172,616Tencent Holdings Ltd USD 35,000 2,061,649NetEase Inc (DR) USD 6,563 1,817,131Nine Dragons Paper Holdings Ltd USD 1,068,000 1,809,674China Mengniu Dairy Co Ltd USD 552,000 1,803,679Postal Savings Bank of China Co Ltd HKD 2,686,000 1,761,586Techtronic Industries Co Ltd USD 295,500 1,754,272Baidu Inc (DR) USD 5,552 1,358,454China Everbright Greentech Ltd HKD 1,255,000 1,346,018CSPC Pharmaceutical Group Ltd USD 514,000 1,339,065Brilliance China Automotive Holdings Ltd USD 534,000 1,323,555China Resources Pharmaceutical Group Ltd HKD 964,500 1,297,965Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd USD 438,000 1,283,876New Oriental Education & Technology Group Inc (DR) USD 11,873 1,231,735Lifestyle International Holdings Ltd USD 565,500 1,174,440French Republic Government Bond OAT USD 2,063,000 1,161,476China Shenhua Energy Co Ltd USD 438,500 1,096,960Melco Resorts & Entertainment Ltd (DR) USD 32,735 1,055,378Geely Automobile Holdings Ltd USD 353,000 1,029,475Luk Fook Holdings International Ltd USD 229,000 987,591Haier Electronics Group Co Ltd USD 264,000 884,647


SIGNIFICANT PURCHASES AND SALES – Old Mutual China Equity Fund (continued)

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Currency Shares/ParProceeds

USDSELLSPing An Insurance Group Co of China Ltd USD 433,500 4,592,798CSPC Pharmaceutical Group Ltd USD 1,600,000 3,893,103YY Inc (DR) USD 28,973 3,396,401West China Cement Ltd USD 19,554,000 3,362,962Baidu Inc (DR) USD 12,735 3,213,006China Construction Bank Corp USD 2,496,000 2,553,968China Life Insurance Co Ltd USD 845,000 2,510,832Alibaba Group Holding Ltd (DR) USD 12,223 2,405,447KWG Property Holding Ltd USD 1,517,500 2,290,438Xiabuxiabu Catering Management China Holdings Co Ltd HKD 1,060,500 2,087,943Shanghai Jin Jiang International Hotels Group Co Ltd USD 4,858,000 2,016,202China Shenhua Energy Co Ltd USD 676,500 1,891,058China Mengniu Dairy Co Ltd USD 552,000 1,861,273Sunny Optical Technology Group Co Ltd USD 96,800 1,851,934Shenzhou International Group Holdings Ltd USD 159,000 1,831,503Huayu Automotive Systems Co Ltd CNY 420,513 1,815,933AAC Technologies Holdings Inc USD 118,500 1,752,578Postal Savings Bank of China Co Ltd HKD 2,686,000 1,704,029China Petroleum & Chemical Corp USD 1,752,000 1,700,517Huatai Securities Co Ltd HKD 797,000 1,654,878Nine Dragons Paper Holdings Ltd USD 1,068,000 1,641,905CNOOC Ltd USD 969,000 1,633,262Techtronic Industries Co Ltd USD 295,500 1,632,416Shanghai Haohai Biological Technology Co Ltd HKD 303,500 1,614,357China Cinda Asset Management Co Ltd USD 4,027,000 1,498,724China BlueChemical Ltd USD 4,706,000 1,465,099China Resources Pharmaceutical Group Ltd HKD 964,500 1,455,065Tencent Holdings Ltd USD 28,300 1,452,653China Overseas Land & Investment Ltd USD 412,000 1,451,378Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd USD 438,000 1,424,486China Railway Construction Corp Ltd USD 1,308,500 1,395,199China Everbright Greentech Ltd HKD 1,255,000 1,249,062Hong Kong Exchanges & Clearing Ltd USD 38,200 1,144,781China Machinery Engineering Corp USD 1,841,000 1,111,530China Conch Venture Holdings Ltd USD 360,610 1,103,058Universal Medical Financial & Technical Advisory Services Co Ltd USD 1,269,500 1,059,754Sinopec Engineering Group Co Ltd USD 1,116,000 1,040,081Melco Resorts & Entertainment Ltd (DR) USD 32,735 1,018,139Momo Inc (DR) USD 37,937 1,010,340China Resources Beer Holdings Co Ltd USD 222,000 997,804Industrial & Commercial Bank of China Ltd USD 1,124,000 983,997Brilliance China Automotive Holdings Ltd USD 534,000 979,635Maanshan Iron & Steel Co Ltd USD 1,898,000 927,463PetroChina Co Ltd USD 1,238,000 917,522


SIGNIFICANT PURCHASES AND SALES – Old Mutual Global Strategic Bond Fund (IRL)

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Security DescriptionCouponRate %

MaturityDate

IssueCurrency Shares/Par

CostUSD

BUYSUnited States Treasury Note/Bond 1.75 31/01/2023 USD 1,990,000 1,917,222United States Treasury Note/Bond 1.25 31/10/2018 USD 1,500,000 1,494,024United States Treasury Note/Bond 2.63 28/02/2023 USD 1,100,000 1,099,270French Republic Government Bond OAT 0.10 01/03/2025 EUR 750,000 1,005,299United States Treasury Note/Bond 1.88 30/09/2022 USD 850,000 828,906Italy Buoni Poliennali Del Tesoro 1.30 15/05/2028 EUR 650,000 805,711Japanese Government CPI Linked Bond 0.10 10/03/2027 JPY 83,000,000 797,801United States Treasury Inflation Indexed Bonds 0.38 15/07/2027 USD 680,000 663,309United States Treasury Note/Bond 2.25 15/11/2027 USD 680,000 656,711Old Mutual Global Investors Series Plc - OldMutual Financials Contingent Capital Fund (UCITS) USD 63,133 644,803United States Treasury Note/Bond 1.75 31/05/2022 USD 650,000 633,840United States Treasury Inflation Indexed Bonds 0.13 15/01/2023 USD 560,000 590,930United States Treasury Note/Bond 2.25 31/12/2024 USD 500,000 487,832Indonesia Treasury Bond 6.13 15/05/2028 IDR 6,850,000,000 478,044Lebanon Government International Bond 6.85 23/03/2027 USD 500,000 451,875Spain Government Bond 1.95 30/07/2030 EUR 365,000 437,288Hellenic Republic Government Bond 3.38 15/02/2025 EUR 340,000 413,132Bundesrepublik Deutschland Bundesanleihe 0.50 15/02/2028 EUR 305,000 370,460United States Treasury Note/Bond 0.75 15/04/2018 USD 350,000 349,506French Republic Government Bond OAT 0.10 01/03/2028 EUR 245,000 328,699Hellenic Republic Government Bond 4.38 01/08/2022 EUR 250,000 320,045United States Treasury Inflation Indexed Bonds 0.50 15/01/2028 USD 325,000 319,995Hellenic Republic Government Bond 3.90 30/01/2033 EUR 275,000 317,380Mexican Bonos 7.50 03/06/2027 MXN 65,000 316,323United States Treasury Note/Bond 1.38 30/04/2020 USD 320,000 315,625Republic of South Africa Government Bond 0.50 21/12/2026 ZAR 2,900,000 285,125Italy Buoni Poliennali Del Tesoro 2.70 01/03/2047 EUR 240,000 284,208United States Treasury Inflation Indexed Bonds 0.25 15/01/2025 USD 250,000 257,130Spain Government Bond 1.40 30/04/2028 EUR 200,000 249,308United States Treasury Bill 0.00 19/07/2018 USD 250,000 248,928French Republic Government Bond OAT 0.75 25/05/2028 EUR 200,000 238,578Spain Government Bond 3.80 30/04/2024 EUR 160,000 233,865


SIGNIFICANT PURCHASES AND SALES – Old Mutual Global Strategic Bond Fund (IRL) (continued)

331


MaturityDate


ProceedsUSD

SELLSUnited States Treasury Note/Bond 1.75 31/01/2023 USD 2,055,000 1,977,812United States Treasury Note/Bond 1.25 31/10/2018 USD 1,500,000 1,501,721United States Treasury Note/Bond 2.63 28/02/2023 USD 1,100,000 1,104,493United States Treasury Note/Bond 0.75 15/04/2018 USD 900,000 900,635United States Treasury Note/Bond 1.88 30/09/2022 USD 850,000 830,459French Republic Government Bond OAT 0.10 01/03/2025 EUR 630,000 829,491United States Treasury Note/Bond 2.25 15/11/2027 USD 680,000 648,746United States Treasury Note/Bond 1.75 31/05/2022 USD 650,000 630,836United States Treasury Note/Bond 1.88 15/12/2020 USD 630,000 624,090United States Treasury Inflation Indexed Bonds 0.25 15/01/2025 USD 580,000 593,834United States Treasury Note/Bond 1.38 30/04/2020 USD 600,000 591,499United States Treasury Inflation Indexed Bonds 0.13 15/01/2023 USD 560,000 590,761Japan Government Ten Year Bond 0.10 20/09/2026 JPY 65,000,000 580,063Japanese Government CPI Linked Bond 0.10 10/03/2027 JPY 55,000,000 550,423United States Treasury Note/Bond 0.63 30/04/2018 USD 545,000 544,518Hellenic Republic Government Bond 3.90 30/01/2033 EUR 463,844 526,828Old Mutual Global Investors Series Plc - Old MutualFinancials Contingent Capital Fund (UCITS) USD 50,593 518,637Italy Buoni Poliennali Del Tesoro 1.30 15/05/2028 EUR 385,000 507,234Spain Government Bond 2.35 30/07/2033 EUR 380,000 490,227United States Treasury Note/Bond 2.25 31/12/2024 USD 500,000 485,732United States Treasury Note/Bond 4.50 15/02/2036 USD 335,000 405,797Canadian Government Bond 1.00 01/06/2027 CAD 569,000 403,880Deutsche Bundesrepublik Inflation Linked Bond 0.10 15/04/2026 EUR 275,000 370,623Bundesrepublik Deutschland Bundesanleihe 0.50 15/02/2028 EUR 305,000 366,736Japan Government Five Year Bond 0.10 20/12/2021 JPY 38,000,000 364,823United States Treasury Inflation Indexed Bonds 0.13 15/04/2022 USD 360,000 360,950Australia Government Bond 2.75 21/11/2028 AUD 450,000 349,298Indonesia Treasury Bond 6.13 15/05/2028 IDR 4,700,000,000 336,198Italy Buoni Poliennali Del Tesoro 2.70 01/03/2047 EUR 240,000 282,337United States Treasury Note/Bond 1.63 15/02/2026 USD 300,000 274,369Kreditanstalt fuer Wiederaufbau 0.00 15/09/2023 EUR 225,000 260,698Montenegro Government International Bond 3.88 18/03/2020 EUR 200,000 257,049United States Treasury Bill 0.00 19/07/2018 USD 250,000 249,313Bundesrepublik Deutschland Bundesanleihe 1.25 15/08/2048 EUR 205,000 247,424Spain Government Bond 1.95 30/07/2030 EUR 200,000 247,341Spain Government Bond 1.40 30/04/2028 EUR 200,000 244,567


SIGNIFICANT PURCHASES AND SALES – Old Mutual World Equity Fund

332



BUYSRoche Holding AG USD 30,809 7,244,196Repsol SA USD 267,692 5,143,170Facebook Inc USD 29,514 5,136,410Bristol-Myers Squibb Co USD 84,525 4,907,787Chevron Corp USD 35,947 4,608,000L'Oreal SA USD 19,223 4,576,014Procter & Gamble Co USD 52,682 4,561,389NVIDIA Corp USD 17,996 4,244,990LVMH Moet Hennessy Louis Vuitton SE USD 11,854 4,105,8163M Co USD 16,575 4,057,369TOTAL SA USD 64,517 4,032,846Texas Instruments Inc USD 34,440 3,773,907Booking Holdings Inc USD 1,781 3,750,514Amgen Inc USD 19,576 3,436,867ASML Holding NV USD 17,194 3,365,473adidas AG USD 13,827 3,344,367Toronto-Dominion Bank USD 58,745 3,335,006Eni SpA USD 172,015 3,326,788Astellas Pharma Inc USD 229,700 3,309,118Raytheon Co USD 16,357 3,290,625


SIGNIFICANT PURCHASES AND SALES – Old Mutual World Equity Fund (continued)

333



USDSELLSRoche Holding AG USD 27,980 6,451,838Fiat Chrysler Automobiles NV USD 236,523 5,204,131NVIDIA Corp USD 20,569 4,649,576Procter & Gamble Co USD 55,195 4,322,092Bristol-Myers Squibb Co USD 66,854 4,208,606TOTAL SA USD 64,517 3,907,134Bioverativ Inc USD 36,029 3,727,000ASML Holding NV USD 17,783 3,722,845Walmart Inc USD 41,097 3,498,655Colgate-Palmolive Co USD 52,394 3,452,017Toronto-Dominion Bank USD 58,745 3,416,675Amgen Inc USD 19,576 3,387,407Alphabet Inc - Class A USD 3,008 3,311,9523M Co USD 16,575 3,311,325BASF SE USD 27,533 3,218,796Celgene Corp USD 33,006 2,943,727Biogen Inc USD 10,738 2,933,267AXA SA USD 107,880 2,758,584Domino's Pizza Inc USD 11,453 2,637,158Citigroup Inc USD 34,751 2,636,683


SIGNIFICANT PURCHASES AND SALES – Old Mutual Pacific Equity Fund

334



BUYSAlibaba Group Holding Ltd (DR) USD 19,100 3,776,585Samsung Electronics Co Ltd USD 177,082 3,271,925CSPC Pharmaceutical Group Ltd USD 982,000 2,888,991CSL Ltd USD 20,451 2,873,172SK Hynix Inc USD 34,455 2,725,226Tencent Holdings Ltd USD 49,700 2,558,555Genting Singapore Ltd USD 2,470,200 2,375,982Infosys Ltd (DR) USD 128,500 2,334,739DBS Group Holdings Ltd USD 107,500 2,328,709Syndicate Bank USD 1,778,338 2,163,006Public Bank Bhd USD 343,700 2,127,742Macquarie Group Ltd USD 24,099 2,095,556United Overseas Bank Ltd USD 93,100 2,048,630Galaxy Entertainment Group Ltd USD 225,000 1,973,987Fortescue Metals Group Ltd USD 465,406 1,907,612Sino Biopharmaceutical Ltd USD 1,194,000 1,901,379Sihuan Pharmaceutical Holdings Group Ltd USD 4,671,000 1,885,840Metropolitan Bank & Trust Co USD 904,453 1,882,790Huatai Securities Co Ltd HKD 814,400 1,805,540PTT Global Chemical PCL THB 594,300 1,735,465Weibo Corp (DR) USD 16,000 1,713,358PTT Exploration & Production PCL USD 375,500 1,708,430Sunny Optical Technology Group Co Ltd USD 84,200 1,643,490MTR Corp Ltd USD 278,500 1,604,847ASM Pacific Technology Ltd USD 120,600 1,595,566Bank Rakyat Indonesia Persero Tbk PT USD 8,040,400 1,594,452CK Asset Holdings Ltd USD 185,500 1,590,355Anhui Conch Cement Co Ltd USD 254,500 1,576,759Momo Inc (DR) USD 41,149 1,573,518Sands China Ltd USD 266,400 1,560,949Newcrest Mining Ltd USD 97,349 1,548,365


SIGNIFICANT PURCHASES AND SALES – Old Mutual Pacific Equity Fund (continued)

335



USDSELLSJindal Steel & Power Ltd USD 1,496,362 5,659,829China Construction Bank Corp USD 4,253,000 4,451,546Industrial & Commercial Bank of China Ltd USD 5,030,000 4,336,595China Suntien Green Energy Corp Ltd HKD 12,143,000 4,257,441Hua Hong Semiconductor Ltd HKD 1,742,296 3,664,496China Life Insurance Co Ltd USD 1,269,000 3,616,752West China Cement Ltd USD 17,300,000 3,473,309French Republic Government Bond OAT USD 6,105,000 3,288,953China Cinda Asset Management Co Ltd USD 8,433,000 2,878,513QBE Insurance Group Ltd USD 359,034 2,873,197State Bank of India INR 740,107 2,853,857Primax Electronics Ltd TWD 1,395,000 2,723,555Bank Negara Indonesia Persero Tbk PT USD 3,843,500 2,653,839Xinyi Solar Holdings Ltd HKD 5,980,000 2,627,802Steel Authority of India Ltd USD 2,293,462 2,617,964GAIL India Ltd USD 440,145 2,599,742Samsung Electronics Co Ltd USD 30,145 2,592,245Tianneng Power International Ltd USD 1,788,000 2,582,112Advanced Wireless Semiconductor Co TWD 1,136,000 2,536,558Ping An Insurance Group Co of China Ltd USD 223,000 2,499,034Veeco Instruments Inc USD 148,600 2,474,750Hana Financial Group Inc USD 57,160 2,388,364Daewoong Pharmaceutical Co Ltd KRW 13,636 2,367,736India Cements Ltd USD 889,266 2,258,142Bank of India USD 980,732 2,255,500Infosys Ltd (DR) USD 128,500 2,231,372Agricultural Bank of China Ltd USD 4,134,000 2,230,789Value Partners Group Ltd USD 1,724,000 2,162,356Jindal Saw Ltd INR 955,768 1,911,725GCS Holdings Inc TWD 701,439 1,812,331KB Financial Group Inc KRW 34,371 1,804,894


SIGNIFICANT PURCHASES AND SALES – Old Mutual European Equity Fund

336


Currency Shares/ParCostEUR

BUYSBank of Ireland Group PLC USD 99,500 754,941Atresmedia Corp de Medios de Comunicacion SA USD 91,000 744,560Signify NV EUR 27,700 723,873Cargotec OYJ USD 15,000 683,088AP Moller - Maersk A/S USD 530 678,625Credit Suisse Group AG USD 50,000 654,901Greencore Group PLC USD 194,000 280,855Leonardo SpA USD 24,800 218,531Telecom Italia SpA/Milano USD 142,000 104,325Glanbia PLC USD 7,000 98,111Sanofi USD 1,400 92,302Lloyds Banking Group PLC USD 95,000 70,422Barclays PLC USD 29,700 70,120


SIGNIFICANT PURCHASES AND SALES – Old Mutual European Equity Fund (continued)

337



EURSELLSCovestro AG USD 9,693 884,481Publicis Groupe SA USD 13,150 791,891Ceconomy AG USD 60,470 695,596Red Electrica Corp SA USD 40,261 694,482UBS Group AG USD 49,860 680,479Pandora A/S USD 9,350 625,486Aegon NV USD 110,724 588,648Intrum AB USD 24,700 524,853Technicolor SA USD 227,170 333,363Micro Focus International PLC USD 24,056 261,299ArcelorMittal EUR 7,250 214,035Telecom Italia SpA/Milano USD 221,000 189,170ProSiebenSat.1 Media SE EUR 5,700 170,599Greencore Group PLC USD 80,100 169,247Nokia OYJ USD 19,717 101,237Capgemini SE USD 800 91,794


SIGNIFICANT PURCHASES AND SALES – Old Mutual Japanese Equity Fund^

338



JPYSELLSToyota Motor Corp USD 27,300 209,444,480Mitsubishi UFJ Financial Group Inc USD 226,200 196,584,429Keyence Corp USD 2,100 148,057,434SoftBank Group Corp USD 13,700 127,389,778Mizuho Financial Group Inc USD 578,700 124,130,544Shiseido Co Ltd USD 19,900 115,791,233Shin-Etsu Chemical Co Ltd USD 9,300 115,589,430Komatsu Ltd USD 25,100 107,613,870Mitsubishi Electric Corp USD 50,000 104,086,583Canon Inc USD 23,500 101,628,715Daikin Industries Ltd USD 7,300 101,190,882Yaskawa Electric Corp USD 16,800 97,405,977Mitsui & Co Ltd USD 45,200 87,741,586JFE Holdings Inc USD 28,800 77,030,944Tokai Carbon Co Ltd USD 45,000 73,927,374Showa Denko KK USD 14,000 73,194,485Sompo Holdings Inc USD 15,300 71,183,396Koito Manufacturing Co Ltd USD 8,400 68,891,040Japan Airlines Co Ltd USD 16,000 68,745,864Nitto Denko Corp USD 6,700 67,784,894Haseko Corp USD 37,500 67,598,538COMSYS Holdings Corp USD 21,100 67,128,523Nissin Electric Co Ltd USD 50,000 66,765,018Alps Electric Co Ltd USD 20,400 66,089,943Denso Corp USD 9,200 65,330,523Modec Inc USD 20,900 63,127,474Taoka Chemical Co Ltd JPY 21,000 62,866,855Open House Co Ltd USD 9,400 62,365,505Takeda Pharmaceutical Co Ltd USD 9,000 58,970,605Japan Tobacco Inc USD 16,000 58,556,912Kyocera Corp USD 7,200 54,656,414Sekisui House Ltd USD 24,900 53,435,173Fujitsu Ltd USD 64,000 52,155,214Comture Corp JPY 14,700 50,035,575LINE Corp USD 10,100 50,027,827Murata Manufacturing Co Ltd USD 3,100 49,855,813


SIGNIFICANT PURCHASES AND SALES – Old Mutual US Equity Income Fund

339



BUYSAbbVie Inc USD 135,303 13,394,953Merck & Co Inc USD 201,035 11,255,401Verizon Communications Inc USD 224,386 10,854,973Facebook Inc USD 58,510 10,371,074eBay Inc USD 223,048 8,649,290Procter & Gamble Co USD 96,543 8,449,219Bristol-Myers Squibb Co USD 127,811 7,380,584Amgen Inc USD 38,886 6,925,8733M Co USD 28,929 6,890,246McDonald's Corp USD 43,203 6,824,433Chevron Corp USD 47,325 5,962,531Biogen Inc USD 17,722 5,845,032Travelers Cos Inc USD 41,513 5,760,122Estee Lauder Cos Inc USD 37,769 5,635,199Occidental Petroleum Corp USD 83,712 5,570,837Janus Henderson Group PLC USD 155,842 5,404,981FirstEnergy Corp USD 157,976 5,264,339Public Storage USD 24,803 5,204,545Target Corp USD 72,826 5,150,686Eaton Corp PLC USD 67,384 5,136,101Regions Financial Corp USD 272,793 5,117,251General Mills Inc USD 99,068 5,087,552Agilent Technologies Inc USD 72,876 5,048,054Booking Holdings Inc USD 2,440 4,998,538Intel Corp USD 112,860 4,905,422WW Grainger Inc USD 15,977 4,869,216Williams Cos Inc USD 187,892 4,809,865Federated Investors Inc USD 139,556 4,786,415Cohen & Steers Inc USD 117,814 4,694,679TE Connectivity Ltd USD 49,472 4,647,614Forest City Realty Trust Inc USD 233,582 4,638,717Valero Energy Corp USD 38,499 4,637,834Artisan Partners Asset Management Inc USD 114,606 4,585,077Paychex Inc USD 73,165 4,549,725Gaming and Leisure Properties Inc USD 135,619 4,530,657H&R Block Inc USD 175,825 4,530,535Waddell & Reed Financial Inc USD 212,949 4,349,814HP Inc USD 196,727 4,269,983


SIGNIFICANT PURCHASES AND SALES – Old Mutual US Equity Income Fund (continued)

340



USDSELLSMerck & Co Inc USD 229,890 14,123,722Facebook Inc USD 54,726 10,555,381NVIDIA Corp USD 43,912 10,431,271FirstEnergy Corp USD 288,664 9,819,200Intel Corp USD 181,067 9,358,738Philip Morris International Inc USD 77,433 8,464,102Pfizer Inc USD 226,468 8,337,318Fastenal Co USD 137,644 7,793,242Altria Group Inc USD 126,276 7,744,949Kinder Morgan Inc/DE USD 454,436 7,702,003Procter & Gamble Co USD 96,543 7,460,418AbbVie Inc USD 75,105 7,311,507Bristol-Myers Squibb Co USD 109,419 7,249,838McDonald's Corp USD 43,203 6,944,453Accenture PLC USD 40,208 6,367,576Chevron Corp USD 54,224 6,364,802Caterpillar Inc USD 40,680 6,253,463Walmart Inc USD 73,595 6,247,592International Business Machines Corp USD 39,548 6,225,740Target Corp USD 78,780 6,069,098Cognizant Technology Solutions Corp USD 78,680 6,005,7163M Co USD 28,929 5,853,215CVS Health Corp USD 80,846 5,506,351Eaton Corp PLC USD 67,384 5,400,317Biogen Inc USD 20,153 5,390,626VMware Inc USD 39,518 5,377,396Pebblebrook Hotel Trust USD 132,864 5,336,696


SIGNIFICANT PURCHASES AND SALES – Old Mutual North American Equity Fund

341



BUYSFacebook Inc USD 169,717 29,673,539NVIDIA Corp USD 125,680 29,434,427Chevron Corp USD 226,113 28,821,092Bristol-Myers Squibb Co USD 480,030 27,223,321Booking Holdings Inc USD 10,075 21,120,461Valero Energy Corp USD 161,181 18,835,596Raytheon Co USD 93,035 18,794,976Danaher Corp USD 185,658 18,712,343eBay Inc USD 457,829 18,707,8503M Co USD 75,015 18,281,295Texas Instruments Inc USD 167,477 18,201,015Yum! Brands Inc USD 204,308 16,560,776Agilent Technologies Inc USD 237,742 16,115,476Humana Inc USD 57,851 16,099,897Citrix Systems Inc USD 150,265 16,088,801LyondellBasell Industries NV USD 147,738 15,973,539Exxon Mobil Corp USD 208,172 15,741,648Cigna Corp USD 82,265 15,530,318Celgene Corp USD 147,964 15,304,467Cabot Oil & Gas Corp USD 649,474 15,087,880Colgate-Palmolive Co USD 209,627 14,796,363WW Grainger Inc USD 49,848 14,597,640Masco Corp USD 350,505 14,290,317


SIGNIFICANT PURCHASES AND SALES – Old Mutual North American Equity Fund (continued)

342



USDSELLSNVIDIA Corp USD 107,554 24,745,316Cognizant Technology Solutions Corp USD 279,449 22,173,629Alphabet Inc - Class A USD 19,875 21,733,649Bristol-Myers Squibb Co USD 347,116 21,602,378Walmart Inc USD 218,074 19,206,377Electronic Arts Inc USD 147,960 17,443,969Colgate-Palmolive Co USD 246,339 16,189,779Chevron Corp USD 140,811 16,173,184Skyworks Solutions Inc USD 148,668 14,813,6413M Co USD 75,015 14,676,757VMware Inc USD 101,026 14,615,430Biogen Inc USD 53,269 14,445,950Domino's Pizza Inc USD 62,149 14,347,750East West Bancorp Inc USD 197,584 13,732,008Aon PLC USD 94,097 13,197,481Celgene Corp USD 147,964 13,180,410Cummins Inc USD 80,853 13,055,205CVS Health Corp USD 192,495 13,033,223Palo Alto Networks Inc USD 78,692 12,796,174Ross Stores Inc USD 160,417 12,683,518AvalonBay Communities Inc USD 73,542 11,687,714Applied Materials Inc USD 225,424 11,256,892Equity Residential USD 193,177 10,923,077


SIGNIFICANT PURCHASES AND SALES – Old Mutual Total Return USD Bond Fund

343


MaturityDate


CostUSD

BUYSUnited States Treasury Note/Bond 3.13 15/05/2048 USD 38,000,000 37,437,422Energy Transfer Partners CP 0.00 22/02/2018 USD 10,150,000 10,149,436AmerisourceBergen Corp CP 0.00 21/02/2018 USD 10,000,000 9,999,503Newell Brands Inc CP 0.00 31/05/2018 USD 10,000,000 9,999,389General Dynamics Corp 3.75 15/05/2028 USD 7,925,000 7,923,574Cabot Corp CP 0.00 04/01/2018 USD 6,800,000 6,799,664ABN AMRO Bank NV 2.50 30/10/2018 USD 6,250,000 6,269,125Plains Midstream CP 0.00 12/04/2018 USD 6,022,000 6,021,532Cabot Corp CP 0.00 23/01/2018 USD 6,000,000 5,999,715Cabot Corp CP 0.00 17/01/2018 USD 5,500,000 5,499,737Autonation Inc CP 0.00 30/05/2018 USD 5,500,000 5,499,649Enbridge (US) Inc CP 0.00 10/04/2018 USD 5,500,000 5,499,601Energy Transfer Partners CP 0.00 26/03/2018 USD 5,400,000 5,398,870Energy Transfer LP CP 0.00 13/04/2018 USD 5,250,000 5,249,621Plains Midstream CP 0.00 27/03/2018 USD 5,250,000 5,249,588Cooperatieve Rabobank UA/NY 2.25 14/01/2019 USD 5,000,000 5,005,300State Grid Overseas Investment 2016 Ltd 4.25 02/05/2028 USD 5,000,000 5,005,100Energy Transfer LP CP 0.00 01/06/2018 USD 5,000,000 4,999,653Energy Transfer LP CP 0.00 18/04/2018 USD 5,000,000 4,999,639Kinder Morgan Inc CP 0.00 29/05/2018 USD 5,000,000 4,998,667Siemens Financieringsmaatschappij NV 2.15 27/05/2020 USD 5,000,000 4,934,950Glencore Funding LLC 3.13 29/04/2019 USD 4,914,000 4,930,249Comcast Corp 3.55 01/05/2028 USD 5,000,000 4,756,900Plains All American CP 0.00 20/06/2018 USD 4,617,000 4,616,615


SIGNIFICANT PURCHASES AND SALES – Old Mutual Total Return USD Bond Fund (continued)

344


MaturityDate


ProceedsUSD

SELLSUnited States Treasury Note/Bond 3.13 15/05/2048 USD 38,000,000 38,264,864Hewlett Packard Enterprise Co 2.85 05/10/2018 USD 13,000,000 13,099,345CITIC Ltd 6.88 21/01/2018 USD 12,167,000 12,167,000Energy Transfer Partners CP 0.00 22/02/2018 USD 10,150,000 10,150,000Newell Brands Inc CP 0.00 31/05/2018 USD 10,000,000 10,000,000AmerisourceBergen Corp CP 0.00 21/02/2018 USD 10,000,000 10,000,000Japan Treasury Discount Bill 0.00 10/01/2018 JPY 1,100,000,000 9,763,886EMC Corp 1.88 01/06/2018 USD 7,708,000 7,708,000Cabot Corp CP 0.00 04/01/2018 USD 6,800,000 6,800,000ABN AMRO Bank NV 2.50 30/10/2018 USD 6,250,000 6,260,163Plains Midstream CP 0.00 12/04/2018 USD 6,022,000 6,022,000Cabot Corp CP 0.00 23/01/2018 USD 6,000,000 6,000,000CNH Industrial Capital LLC 3.63 15/04/2018 USD 5,910,000 5,910,000Autonation Inc CP 0.00 30/05/2018 USD 5,500,000 5,500,000Enbridge (US) Inc CP 0.00 10/04/2018 USD 5,500,000 5,500,000Cabot Corp CP 0.00 17/01/2018 USD 5,500,000 5,500,000Energy Transfer Partners CP 0.00 26/03/2018 USD 5,400,000 5,400,000Teva Pharmaceutical Finance Netherlands III BV 1.40 20/07/2018 USD 5,324,000 5,298,930Energy Transfer LP CP 0.00 13/04/2018 USD 5,250,000 5,250,000Plains Midstream CP 0.00 27/03/2018 USD 5,250,000 5,250,000SunTrust Banks Inc 2.35 01/11/2018 USD 5,100,000 5,106,613Energy Transfer LP CP 0.00 01/06/2018 USD 5,000,000 5,000,000Energy Transfer LP CP 0.00 18/04/2018 USD 5,000,000 5,000,000Kinder Morgan Inc CP 0.00 29/05/2018 USD 5,000,000 5,000,000NXP BV / NXP Funding LLC 3.75 01/06/2018 USD 4,828,000 4,940,653


SIGNIFICANT PURCHASES AND SALES – Old Mutual Emerging Market Debt Fund

345


MaturityDate


CostUSD

BUYSGabon Government International Bond 6.95 16/06/2025 USD 6,500,000 6,634,175Russian Foreign Bond - Eurobond 5.25 23/06/2047 USD 5,600,000 5,571,000Ghana Government International Bond 8.13 18/01/2026 USD 4,500,000 4,959,810Zambia Government International Bond 8.97 30/07/2027 USD 4,700,000 4,897,460Citigroup Global Markets Holdings Inc/United States 3.59 12/03/2019 UAH 124,000,000 4,785,906Egypt Treasury Bills 0.00 25/12/2018 EGP 93,500,000 4,723,820Costa Rica Government International Bond 4.38 30/04/2025 USD 4,700,000 4,430,150Petroleos Mexicanos 6.50 13/03/2027 USD 3,800,000 4,141,872Turkey Government International Bond 6.13 24/10/2028 USD 4,000,000 3,864,405Nigeria Government International Bond 7.70 23/02/2038 USD 3,700,000 3,798,670Pakistan Government International Bond 6.88 05/12/2027 USD 4,000,000 3,795,000Ecuador Government International Bond 7.88 23/01/2028 USD 3,900,000 3,748,470Brazil Letras do Tesouro Nacional 0.00 01/07/2020 BRL 14,000 3,620,707Argentine Republic Government International Bond 6.88 11/01/2048 USD 4,000,000 3,571,520Republic of Cameroon International Bond 9.50 19/11/2025 USD 3,000,000 3,465,000Sri Lanka Government International Bond 6.75 18/04/2028 USD 3,300,000 3,229,370Senegal Government International Bond 6.25 23/05/2033 USD 3,400,000 3,219,150Argentine Republic Government International Bond 6.63 06/07/2028 USD 3,300,000 3,145,450Kenya Government International Bond 8.25 28/02/2048 USD 3,000,000 3,125,075Kazakhstan Government International Bond 6.50 21/07/2045 USD 2,500,000 3,035,778Lebanon Government International Bond 6.10 04/10/2022 USD 3,100,000 3,032,315Ukraine Government International Bond 7.75 01/09/2021 USD 2,900,000 3,030,386Russian Foreign Bond - Eurobond 4.25 23/06/2027 USD 3,000,000 2,962,250Banque Centrale de Tunisie International Bond 5.75 30/01/2025 USD 2,700,000 2,647,850Argentine Republic Government International Bond 6.88 22/04/2021 USD 2,500,000 2,517,610Republic of Belarus International Bond 6.20 28/02/2030 USD 2,450,000 2,430,850Nigeria Government International Bond 7.63 28/11/2047 USD 2,400,000 2,411,971Republic of South Africa Government International Bond 4.30 12/10/2028 USD 2,500,000 2,394,325Ivory Coast Government International Bond 5.75 31/12/2032 USD 2,600,000 2,349,449Petrobras Global Finance BV 7.25 17/03/2044 USD 2,300,000 2,346,550Colombia Government International Bond 3.88 25/04/2027 USD 2,400,000 2,343,545Russian Federal Bond - OFZ 7.00 16/08/2023 RUB 128,000,000 2,311,803Angolan Government International Bond 8.25 09/05/2028 USD 2,300,000 2,299,701Nigeria Government Bond 3.98 23/02/2028 NGN 794,000,000 2,278,081Nigeria Treasury Bills 0.00 31/01/2019 NGN 890,000,000 2,276,604Ivory Coast Government International Bond 6.13 15/06/2033 USD 2,400,000 2,275,200Kenya Government International Bond 7.25 28/02/2028 USD 2,200,000 2,274,740Oman Government International Bond 6.50 08/03/2047 USD 2,300,000 2,267,800Russian Federal Bond - OFZ 7.10 16/10/2024 RUB 125,000,000 2,240,060Egypt Government International Bond 6.88 30/04/2040 USD 2,200,000 2,161,700Pertamina Persero PT 5.63 20/05/2043 USD 2,200,000 2,150,480Nigeria Government International Bond 7.88 16/02/2032 USD 2,000,000 2,137,500


SIGNIFICANT PURCHASES AND SALES – Old Mutual Emerging Market Debt Fund (continued)

346


MaturityDate


ProceedsUSD

SELLSGabon Government International Bond 6.95 16/06/2025 USD 6,500,000 6,628,027Republic of Cameroon International Bond 9.50 19/11/2025 USD 4,440,000 5,167,239Nigeria Government International Bond 7.63 28/11/2047 USD 4,800,000 5,007,663Egypt Treasury Bills 0.00 15/05/2018 EGP 84,000,000 4,709,880Pakistan Government International Bond 6.88 05/12/2027 USD 4,700,000 4,575,972Senegal Government International Bond 6.25 23/05/2033 USD 4,830,000 4,500,432Ghana Government International Bond 8.13 18/01/2026 USD 3,550,000 3,865,403Petrobras Global Finance BV 7.25 17/03/2044 USD 3,300,000 3,350,893Brazil Letras do Tesouro Nacional 0.00 01/07/2020 BRL 14,000 3,345,456Kenya Government International Bond 8.25 28/02/2048 USD 3,000,000 3,132,608Angolan Government International Bond 9.50 12/11/2025 USD 2,600,000 3,038,288Banque Centrale de Tunisie International Bond 5.75 30/01/2025 USD 3,200,000 3,029,490Ecuador Government International Bond 7.88 23/01/2028 USD 3,200,000 2,953,061Petroleos Mexicanos 6.50 13/03/2027 USD 2,600,000 2,837,352Russian Foreign Bond - Eurobond 5.25 23/06/2047 USD 2,600,000 2,600,092Sri Lanka Government International Bond 6.85 03/11/2025 USD 2,500,000 2,581,702Russian Foreign Bond - Eurobond 5.63 04/04/2042 USD 2,400,000 2,540,096Zambia Government International Bond 8.97 30/07/2027 USD 2,300,000 2,487,150Nigeria Treasury Bills 0.00 14/06/2018 NGN 890,000,000 2,468,860Citigroup Global Markets Holdings Inc/United States 3.59 12/03/2019 UAH 62,000,000 2,432,578Mongolia Government International Bond 8.75 09/03/2024 USD 2,000,000 2,318,800Russian Federal Bond - OFZ 7.00 16/08/2023 RUB 128,000,000 2,283,746Ukraine Government International Bond 7.75 01/09/2027 USD 2,200,000 2,281,393Republic of Belarus International Bond 6.88 28/02/2023 USD 2,100,000 2,244,682Lebanon Government International Bond 5.45 28/11/2019 USD 2,200,000 2,218,862Kenya Government International Bond 7.25 28/02/2028 USD 2,200,000 2,199,112Oman Government International Bond 6.50 08/03/2047 USD 2,300,000 2,180,049Ukraine Government International Bond 7.75 01/09/2021 USD 2,000,000 2,164,977Russian Federal Bond - OFZ 7.10 16/10/2024 RUB 125,000,000 2,161,924Argentine Republic Government International Bond 7.50 22/04/2026 USD 2,100,000 2,151,958Republic of South Africa Government International Bond 4.30 12/10/2028 USD 2,200,000 2,119,770


SIGNIFICANT PURCHASES AND SALES – Old Mutual European Best Ideas Fund

347



BUYSDeutsche Boerse AG USD 28,330 3,212,538Weir Group PLC USD 127,620 3,166,797Roche Holding AG USD 17,122 3,153,930Koninklijke Philips NV USD 89,923 3,134,724Lundin Petroleum AB USD 133,683 2,990,585Indivior PLC USD 620,500 2,918,080Boliden AB USD 89,730 2,658,755Boliden AB EUR 75,511 2,269,098Elis SA USD 87,291 1,857,780Industria de Diseno Textil SA USD 65,930 1,809,225Ingenico Group SA USD 15,566 1,188,265Peab AB USD 145,460 1,068,494Sodexo SA USD 8,182 686,593Partners Group Holding AG USD 1,094 666,376Stora Enso OYJ USD 30,434 502,392Deutsche Pfandbriefbank AG USD 30,758 412,667Reckitt Benckiser Group PLC USD 6,071 408,779TOTAL SA USD 6,850 357,595TP ICAP PLC USD 58,000 314,310Micro Focus International PLC USD 5,882 153,658


SIGNIFICANT PURCHASES AND SALES – Old Mutual European Best Ideas Fund (continued)

348



EURSELLSMelrose Industries PLC USD 1,244,700 3,158,733Industria de Diseno Textil SA USD 120,872 3,060,748Software AG USD 63,115 2,565,925ING Groep NV USD 170,540 2,328,764Loomis AB USD 76,213 2,287,898Boliden AB EUR 75,511 2,269,098Nokian Renkaat OYJ USD 66,354 2,243,250Ingenico Group SA USD 29,635 2,122,810Endesa SA USD 117,827 2,115,000Amadeus IT Group SA USD 30,902 1,883,131Novo Nordisk A/S USD 44,988 1,785,759Vinci SA USD 21,400 1,777,774Air Liquide SA USD 15,657 1,639,110OVS SpA EUR 296,001 1,592,891Essilor International Cie Generale d'Optique SA USD 13,416 1,502,808Micro Focus International PLC USD 120,000 1,450,394Cerved Group SpA EUR 143,000 1,391,507Geberit AG USD 3,864 1,382,449Sodexo SA USD 16,423 1,352,542Ascential PLC GBP 249,000 1,171,324Banca IFIS SpA USD 36,100 1,161,873Barclays PLC USD 537,870 1,154,051Stora Enso OYJ USD 73,647 1,111,587Kone OYJ USD 24,745 1,050,959Legrand SA USD 15,728 1,015,940UBS Group AG USD 61,719 1,014,657Heineken NV USD 11,350 991,734Beiersdorf AG USD 10,582 981,292HomeServe PLC USD 97,356 859,565TP ICAP PLC USD 131,000 808,673Electrocomponents PLC USD 100,971 768,385Rentokil Initial PLC USD 209,500 762,383Assa Abloy AB USD 35,852 623,310


SIGNIFICANT PURCHASES AND SALES – Old Mutual Investment Grade Corporate Bond Fund

349


MaturityDate


CostUSD

BUYSBank of America Corp 3.42 20/12/2028 USD 338,166 335,313Quilter PLC 4.48 28/02/2028 GBP 200,000 287,231Barclays PLC 3.25 17/01/2033 GBP 200,000 270,860Svenska Handelsbanken AB 2.80 24/05/2021 USD 250,000 250,000AbbVie Inc 2.13 17/11/2028 EUR 200,000 249,792AT&T Inc 4.90 15/08/2037 USD 248,000 247,532BPCE SA 3.25 11/01/2028 USD 250,000 247,303Credit Agricole Assurances SA 2.63 29/01/2048 EUR 200,000 245,128Santander UK Group Holdings PLC 0.53 27/03/2024 EUR 200,000 244,930NXP BV / NXP Funding LLC 4.13 01/06/2021 USD 200,000 203,750HSBC Holdings PLC 3.33 18/05/2024 USD 200,000 200,000Westpac Banking Corp 3.06 15/05/2023 USD 200,000 200,000Citigroup Inc 3.88 24/01/2039 USD 200,000 200,000Citigroup Inc 3.58 01/07/2026 USD 200,000 200,000Maple Escrow Subsidiary Inc 4.06 25/05/2023 USD 200,000 200,000UBS Group Funding Switzerland AG 5.00 31/01/2067 USD 200,000 200,000Vodafone Group PLC 3.29 16/01/2024 USD 200,000 200,000American Honda Finance Corp 2.57 12/02/2021 USD 200,000 200,000John Deere Capital Corp 2.57 12/03/2021 USD 200,000 200,000Walmart Inc 2.57 23/06/2021 USD 200,000 200,000Fairfax Financial Holdings Ltd 4.85 17/04/2028 USD 200,000 199,530Celgene Corp 3.25 20/02/2023 USD 200,000 199,516Amazon.com Inc 3.88 22/08/2037 USD 200,000 199,502Santander Holdings USA Inc 3.40 18/01/2023 USD 200,000 199,458Walmart Inc 3.55 26/06/2025 USD 200,000 199,424Deutsche Telekom International Finance BV 4.38 21/06/2028 USD 200,000 199,104Alibaba Group Holding Ltd 3.40 06/12/2027 USD 200,000 199,080Royal Bank of Scotland 0.00 29/03/2049 USD 200,000 198,900innogy Finance BV 1.50 31/07/2029 EUR 160,000 195,982Anglo American Capital PLC 3.63 11/09/2024 USD 200,000 193,550Barclays Bank PLC 0.00 21/05/2021 GBP 100,000 171,470Comcast Corp 4.40 15/08/2035 USD 150,000 161,843Prudential PLC 5.00 20/07/2055 GBP 100,000 152,362Prologis International Funding II SA 1.75 15/03/2028 EUR 125,000 151,845Bank of Montreal 1.07 16/04/2023 GBP 100,000 141,035New York Life Global Funding 1.75 15/12/2022 GBP 100,000 141,017Close Brothers Group PLC 2.75 26/04/2023 GBP 100,000 140,212DXC Technology Co 2.75 15/01/2025 GBP 100,000 138,389Dwr Cymru Financing Ltd 2.50 31/03/2036 GBP 100,000 136,977Landesbank Baden-Wuerttemberg 0.89 18/05/2021 GBP 100,000 135,645HSBC Holdings PLC 2.18 27/06/2023 GBP 100,000 132,910BP Capital Markets PLC 2.27 03/07/2026 GBP 100,000 130,930Brighthouse Financial Inc 3.70 22/06/2027 USD 130,000 128,023OI European Group BV 3.13 15/11/2024 EUR 100,000 125,541Bevco Lux Sarl 1.75 09/02/2023 EUR 100,000 124,113Iberdrola International BV 2.63 26/03/2067 EUR 100,000 123,400Iliad SA 1.88 25/04/2025 EUR 100,000 123,207RELX Finance BV 1.50 13/05/2027 EUR 100,000 123,082Hannover Rueck SE 1.13 18/04/2028 EUR 100,000 122,729CaixaBank SA 2.25 17/04/2030 EUR 100,000 122,669CK Hutchison Europe Finance 18 Ltd 1.25 13/04/2025 EUR 100,000 122,623DBS Group Holdings Ltd 1.50 11/04/2028 EUR 100,000 122,489Sampo OYJ 1.63 21/02/2028 EUR 100,000 122,241Capgemini SE 1.00 18/10/2024 EUR 100,000 121,881AXA SA 3.25 28/05/2049 EUR 100,000 121,777Fairfax Financial Holdings Ltd 2.75 29/03/2028 EUR 100,000 121,696GlaxoSmithKline Capital PLC 1.25 21/05/2026 EUR 100,000 119,522


SIGNIFICANT PURCHASES AND SALES – Old Mutual Investment Grade Corporate Bond Fund (continued)

350


MaturityDate


ProceedsUSD

SELLSUBS AG 4.75 12/02/2026 EUR 200,000 284,070National Australia Bank Ltd 1.13 10/11/2021 GBP 200,000 275,690Barclays PLC 3.25 17/01/2033 GBP 200,000 265,896AbbVie Inc 2.13 17/11/2028 EUR 200,000 247,570AT&T Inc 4.90 14/08/2037 USD 248,000 247,532American Honda Finance Corp 0.75 17/01/2024 EUR 200,000 245,646Credit Agricole Assurances SA 2.63 29/01/2048 EUR 200,000 240,872Santander UK Group Holdings PLC 0.53 27/03/2024 EUR 200,000 238,417TSB Banking Group PLC 5.75 06/05/2026 GBP 150,000 236,360Swedbank AB 6.00 29/12/2049 USD 200,000 206,800Alibaba Group Holding Ltd 3.60 28/11/2024 USD 200,000 206,710GE Capital International Funding Co Unlimited Co 4.42 15/11/2035 USD 200,000 206,603Oracle Corp 3.90 15/05/2035 USD 200,000 203,898Anheuser-Busch InBev Worldwide Inc 4.44 06/10/2048 USD 198,000 202,787SSE PLC 4.75 16/09/2077 USD 200,000 202,205Intel Corp 2.70 15/12/2022 USD 200,000 202,082Income Contingent Student Loans 1 2002-2006 PLC 2.50 24/07/2056 GBP 150,000 200,720John Deere Capital Corp 2.57 12/03/2021 USD 200,000 200,588Westpac Banking Corp 3.06 15/05/2023 USD 200,000 200,430Amazon.com Inc 3.88 22/08/2037 USD 200,000 199,502Santander Holdings USA Inc 3.40 18/01/2023 USD 200,000 199,458Royal Bank of Scotland 0.00 29/03/2049 USD 200,000 198,900AbbVie Inc 3.20 14/05/2026 USD 200,000 198,729Toronto-Dominion Bank 2.50 18/01/2022 USD 200,000 198,082Tennessee Valley Authority 2.88 01/02/2027 USD 200,000 196,648Enel Finance International NV 3.50 06/04/2028 USD 200,000 196,501JPMorgan Chase & Co 6.40 15/05/2038 USD 150,000 196,383Lloyds Banking Group PLC 3.57 07/11/2028 USD 200,000 191,931Alibaba Group Holding Ltd 4.00 06/12/2037 USD 200,000 189,079Alibaba Group Holding Ltd 3.40 06/12/2027 USD 200,000 188,881HSBC Holdings PLC 6.75 11/09/2028 GBP 100,000 187,131Air Liquide Finance SA 3.50 27/09/2046 USD 200,000 185,118Bank of America Corp 5.70 24/01/2022 USD 150,000 171,206Bank of America Corp 3.42 20/12/2028 USD 169,166 167,740Comcast Corp 4.25 15/01/2033 USD 150,000 164,273Barclays Bank PLC 0.00 21/05/2021 GBP 100,000 161,238Society of Lloyd's 4.88 07/02/2047 GBP 100,000 158,684BBVA Bancomer SA/Texas 4.38 10/04/2024 USD 150,000 157,963Comcast Corp 4.40 15/08/2035 USD 150,000 155,278Altria Group Inc 4.50 02/05/2043 USD 150,000 154,865Prologis International Funding II SA 1.75 15/03/2028 EUR 125,000 152,467Microsoft Corp 4.10 06/02/2037 USD 140,000 146,532Telia Co AB 3.00 07/09/2027 EUR 100,000 142,007NN Group NV 4.63 13/01/2048 EUR 100,000 141,329Stichting AK Rabobank Certificaten 6.50 29/12/2049 EUR 90,000 138,354British Telecommunications PLC 3.13 21/11/2031 GBP 100,000 137,310Canadian Imperial Bank of Commerce 1.13 30/06/2022 GBP 100,000 137,302General Electric Co 6.75 15/03/2032 USD 100,000 136,590


SIGNIFICANT PURCHASES AND SALES – Old Mutual Global Emerging Markets Fund

351



BUYSChina Construction Bank Corp USD 12,676,000 12,948,952Future Retail Ltd INR 958,134 8,228,911Baidu Inc (DR) USD 31,210 7,552,773China Yongda Automobiles Services Holdings Ltd USD 6,355,000 7,434,734Samsung Electronics Co Ltd USD 476,056 7,309,832Nexteer Automotive Group Ltd USD 4,079,000 6,599,915Estacio Participacoes SA USD 901,444 6,573,704Tencent Holdings Ltd USD 120,300 6,554,508HDFC Bank Ltd (DR) USD 58,100 5,936,574KRUK SA USD 84,691 5,930,769Sberbank of Russia PJSC USD 1,486,173 5,858,434Ping An Insurance Group Co of China Ltd USD 526,500 5,800,311Advantech Co Ltd USD 794,000 5,719,803Smiles Fidelidade SA BRL 269,056 5,646,717Grupo Supervielle SA (DR) USD 195,945 5,597,539LG Household & Health Care Ltd USD 4,451 5,487,269Alibaba Group Holding Ltd (DR) USD 29,100 5,430,639Taiwan Semiconductor Manufacturing Co Ltd (DR) USD 128,400 5,361,354Copa Holdings SA USD 40,750 5,023,363Ternium SA (DR) USD 131,633 4,626,835Telekomunikasi Indonesia Persero Tbk PT USD 16,061,500 4,577,495China Overseas Land & Investment Ltd USD 1,226,000 4,543,454Sunny Optical Technology Group Co Ltd USD 282,000 4,471,265JNBY Design Ltd HKD 2,323,500 3,859,612Win Semiconductors Corp TWD 404,000 3,745,822Localiza Rent a Car SA USD 491,000 3,744,436Tofas Turk Otomobil Fabrikasi AS USD 658,032 3,624,965Transaction Capital Ltd ZAR 2,506,288 3,569,917Medy-Tox Inc KRW 5,494 3,184,505Bank Rakyat Indonesia Persero Tbk PT USD 10,462,300 2,595,175ANTA Sports Products Ltd USD 513,000 2,465,018Ultrapar Participacoes SA USD 111,300 2,415,219My EG Services Bhd USD 9,872,700 2,348,255Pagseguro Digital Ltd USD 77,389 2,172,490


SIGNIFICANT PURCHASES AND SALES – Old Mutual Global Emerging Markets Fund (continued)

352



USDSELLSSberbank of Russia PJSC USD 3,401,967 12,785,375Alibaba Group Holding Ltd (DR) USD 72,138 12,548,520ANTA Sports Products Ltd USD 1,913,460 10,310,946Tencent Holdings Ltd USD 189,839 9,386,203Hollysys Automation Technologies Ltd USD 395,907 9,308,001LG Household & Health Care Ltd USD 8,047 9,049,589Smiles Fidelidade SA BRL 583,125 8,860,230Localiza Rent a Car SA USD 1,306,959 8,622,309HDFC Bank Ltd (DR) USD 79,209 8,258,444Samsung Electronics Co Ltd USD 190,781 8,144,217Banco Bradesco SA (DR) USD 682,300 7,961,884Taiwan Semiconductor Manufacturing Co Ltd (DR) USD 205,609 7,499,331Ternium SA (DR) USD 190,469 6,991,134Win Semiconductors Corp TWD 847,000 6,840,457Bank Rakyat Indonesia Persero Tbk PT USD 30,806,600 5,994,105JNBY Design Ltd HKD 2,451,955 5,905,668Grupo Supervielle SA (DR) USD 380,766 5,868,424Baidu Inc (DR) USD 25,100 5,854,923Sunny Optical Technology Group Co Ltd USD 303,704 5,396,610Bank Polska Kasa Opieki SA USD 132,216 5,347,992Ping An Insurance Group Co of China Ltd USD 562,618 5,230,992Ultrapar Participacoes SA USD 357,700 4,829,926Aspen Pharmacare Holdings Ltd USD 249,548 4,799,982Ayala Corp USD 260,352 4,717,989China Construction Bank Corp USD 5,000,383 4,665,358Copa Holdings SA USD 46,145 4,638,163Nien Made Enterprise Co Ltd TWD 478,274 4,557,273Bank Mandiri Persero Tbk PT USD 8,983,241 4,543,293Adecoagro SA USD 445,094 4,193,469China Overseas Land & Investment Ltd USD 1,217,589 3,972,539Medy-Tox Inc KRW 5,736 3,954,054Metro Pacific Investments Corp USD 39,176,700 3,752,902China Pacific Insurance Group Co Ltd USD 696,145 3,334,294Telekomunikasi Indonesia Persero Tbk PT USD 13,013,798 3,332,548Ctrip.com International Ltd (DR) USD 66,800 3,061,235Dali Foods Group Co Ltd USD 3,321,000 2,920,104Gruma SAB de CV USD 252,581 2,910,072Turk Traktor ve Ziraat Makineleri AS USD 243,332 2,705,948


SIGNIFICANT PURCHASES AND SALES – Old Mutual Asian Equity Income Fund

353



BUYSSamsung Electronics Co Ltd USD 472,417 12,711,896Alibaba Group Holding Ltd (DR) USD 56,900 11,224,977Tencent Holdings Ltd USD 166,700 8,581,711SK Hynix Inc USD 92,946 7,351,552Weibo Corp (DR) USD 58,900 6,330,963DBS Group Holdings Ltd USD 286,600 6,215,429Agricultural Bank of China Ltd USD 10,933,000 5,926,299Wesfarmers Ltd USD 173,753 5,920,185French Republic Government Bond OAT USD 10,795,000 5,886,872PetroChina Co Ltd USD 8,168,000 5,796,447Macquarie Group Ltd USD 64,855 5,633,920Galaxy Entertainment Group Ltd USD 621,000 5,426,716Public Bank Bhd USD 872,200 5,425,095China Petroleum & Chemical Corp USD 5,458,000 5,355,622United Overseas Bank Ltd USD 241,400 5,346,261Sino Biopharmaceutical Ltd USD 2,292,500 5,131,332Momo Inc (DR) USD 126,000 5,047,923ASM Pacific Technology Ltd USD 379,000 5,013,156Sands China Ltd USD 836,800 4,997,722Malayan Banking Bhd USD 1,837,200 4,952,446PTT Global Chemical PCL THB 1,656,800 4,817,963Huatai Securities Co Ltd HKD 2,048,200 4,559,013Gigabyte Technology Co Ltd USD 1,604,000 4,533,910BHP Billiton Ltd USD 173,412 4,453,699Wynn Macau Ltd USD 1,214,000 4,433,429Globalwafers Co Ltd TWD 241,000 4,424,653Metropolitan Bank & Trust Co USD 2,052,725 4,273,134PTT Exploration & Production PCL USD 998,800 4,240,276CSL Ltd USD 29,957 4,212,415CSPC Pharmaceutical Group Ltd USD 1,490,000 4,130,047


SIGNIFICANT PURCHASES AND SALES – Old Mutual Asian Equity Income Fund (continued)

354



USDSELLSChina Life Insurance Co Ltd USD 3,542,000 10,126,386China Suntien Green Energy Corp Ltd HKD 27,646,000 9,874,892Advanced Wireless Semiconductor Co TWD 4,253,000 9,688,831Jindal Steel & Power Ltd USD 2,526,780 9,300,217French Republic Government Bond OAT USD 15,079,000 8,141,348Agricultural Bank of China Ltd USD 14,951,000 8,062,538China Construction Bank Corp USD 7,432,000 7,798,991Xinyi Solar Holdings Ltd HKD 17,270,000 7,606,030QBE Insurance Group Ltd USD 918,352 7,387,381West China Cement Ltd USD 36,754,000 7,379,069PetroChina Co Ltd USD 8,008,000 6,605,549Baidu Inc (DR) USD 25,600 6,365,907GAIL India Ltd USD 1,048,872 6,242,138Fortescue Metals Group Ltd USD 1,738,476 6,198,623Westpac Banking Corp USD 245,525 5,929,773Ping An Insurance Group Co of China Ltd USD 520,500 5,682,507KWG Property Holding Ltd USD 3,717,000 5,678,917Steel Authority of India Ltd USD 4,948,185 5,648,303Bank Negara Indonesia Persero Tbk PT USD 8,073,900 5,574,822Veeco Instruments Inc USD 331,053 5,503,033Hua Hong Semiconductor Ltd HKD 2,564,704 5,340,302Tianneng Power International Ltd USD 3,604,000 5,256,274Hana Financial Group Inc USD 126,523 5,188,484Industrial & Commercial Bank of China Ltd USD 6,009,000 5,182,484Primax Electronics Ltd TWD 2,605,000 5,030,596State Bank of India INR 1,289,782 4,985,764India Cements Ltd USD 1,821,800 4,496,964CSPC Pharmaceutical Group Ltd USD 1,490,000 4,486,248Sino Biopharmaceutical Ltd USD 1,859,000 4,470,668Samsung Electronics Co Ltd USD 61,438 4,262,015YY Inc (DR) USD 38,488 4,126,758Jindal Saw Ltd INR 2,048,440 4,090,738Perusahaan Gas Negara Persero Tbk USD 22,116,200 3,980,103


SIGNIFICANT PURCHASES AND SALES – Old Mutual Local Currency Emerging Market Debt Fund

355


MaturityDate


CostUSD

BUYSTurkey Government Bond 0.60 11/02/2026 TRY 71,900,000 14,214,242Turkey Government Bond 1.00 24/02/2027 TRY 52,400,000 12,882,661Republic of South Africa Government Bond 8.50 31/01/2037 ZAR 153,500,000 11,775,114Republic of South Africa Government Bond 0.50 21/12/2026 ZAR 133,000,000 11,640,445Mexican Bonos 7.50 03/06/2027 MXN 1,970,000 10,337,958Republic of South Africa Government Bond 8.25 31/03/2032 ZAR 136,000,000 10,110,569Brazil Notas do Tesouro Nacional Serie F 0.00 01/01/2027 BRL 30,000 9,092,055Indonesia Treasury Bond 9.00 15/03/2029 IDR 105,000,000,000 8,870,520Republic of South Africa Government Bond 8.75 31/01/2044 ZAR 111,000,000 8,743,059Russian Federal Bond - OFZ 7.05 19/01/2028 RUB 526,000,000 8,631,964Mexican Bonos 8.00 07/12/2023 MXN 1,448,000 7,747,567Turkey Government Bond 1.00 02/03/2022 TRY 37,000,000 7,728,475Turkey Government Bond 0.70 17/02/2021 TRY 35,000,000 7,612,968Brazil Notas do Tesouro Nacional Serie F 0.00 01/01/2023 BRL 24,000 7,217,927Republic of Poland Government Bond 2.50 25/07/2027 PLN 26,000,000 7,161,386Brazil Letras do Tesouro Nacional 0.00 01/07/2021 BRL 28,000 6,174,748Mexican Bonos 6.50 09/06/2022 MXN 1,300,000 6,128,387Russian Federal Bond - OFZ 7.10 16/10/2024 RUB 332,000,000 5,660,725International Finance Corp 6.30 25/11/2024 INR 370,000,000 5,618,411Nigeria Government Bond 3.98 23/02/2028 NGN 1,875,000,000 5,426,803Malaysia Government Bond 3.80 30/09/2022 MYR 19,000,000 4,870,566Republic of Ghana Government Bonds 6.50 22/03/2021 GHS 22,000,000 4,792,156Egypt Treasury Bills 0.00 25/12/2018 EGP 94,000,000 4,757,100Republic of South Africa Government Bond 8.75 28/02/2048 ZAR 60,000,000 4,653,210Indonesia Treasury Bond 8.38 15/09/2026 IDR 58,000,000,000 4,497,407Malaysia Government Bond 4.06 30/09/2024 MYR 17,300,000 4,460,835Republic of Poland Government Bond 2.75 25/04/2028 PLN 17,000,000 4,445,587Republic of Poland Government Bond 2.25 25/04/2022 PLN 15,000,000 4,415,229Mexican Bonos 0.00 20/11/2036 MXN 664,000 4,398,431Republic of Poland Government Bond 4.00 25/10/2023 PLN 14,000,000 4,382,491Egypt Government Bond 5.70 07/11/2027 EGP 71,000,000 4,330,553Mexican Bonos 8.50 31/05/2029 MXN 720,000 4,129,821Brazil Letras do Tesouro Nacional 0.00 01/01/2022 BRL 18,600 3,991,260Serbia Treasury Bonds 5.88 08/02/2028 RSD 343,000,000 3,800,402Russian Federal Bond - OFZ 8.15 03/02/2027 RUB 209,000,000 3,745,552Colombian TES 6.00 28/04/2028 COP 11,000,000,000 3,698,164Bonos de la Nacion Argentina con Ajuste por CER 4.00 06/03/2020 ARS 78,000,000 3,676,822


SIGNIFICANT PURCHASES AND SALES – Old Mutual Local Currency Emerging Market Debt Fund (continued)

356


MaturityDate


ProceedsUSD

SELLSTurkey Government Bond 1.00 24/02/2027 TRY 63,400,000 14,410,189Turkey Government Bond 0.60 11/02/2026 TRY 66,200,000 13,052,854Republic of Poland Government Bond 2.50 25/07/2027 PLN 31,817,000 8,881,962Republic of South Africa Government Bond 0.50 21/12/2026 ZAR 88,870,533 8,398,026Republic of Poland Government Bond 4.00 25/10/2023 PLN 22,639,000 7,236,377Russian Federal Bond - OFZ 7.05 19/01/2028 RUB 401,446,000 6,491,732Brazil Letras do Tesouro Nacional 0.00 01/01/2019 BRL 21,100 6,140,303Republic of South Africa Government Bond 6.25 31/03/2036 ZAR 103,150,000 6,124,311Republic of South Africa Government Bond 8.50 31/01/2037 ZAR 77,942,958 5,914,678Mexican Bonos 7.50 03/06/2027 MXN 997,200 5,221,247Republic of South Africa Government Bond 8.75 28/02/2048 ZAR 63,351,034 4,973,725Turkey Government Bond 1.00 02/03/2022 TRY 19,500,000 4,886,403Republic of South Africa Government Bond 7.00 28/02/2031 ZAR 67,549,497 4,740,777Indonesia Treasury Bond 8.25 15/06/2032 IDR 57,000,000,000 4,572,345Egypt Treasury Bills 0.00 29/05/2018 EGP 82,000,000 4,506,898Brazil Notas do Tesouro Nacional Serie F 0.00 01/01/2025 BRL 13,000 4,085,484Hungary Government Bond 3.00 27/10/2027 HUF 1,044,430,000 4,070,110Mexican Bonos 0.00 20/11/2036 MXN 600,700 3,992,832Turkey Government Bond 9.00 24/07/2024 TRY 20,910,000 3,689,594Egypt Treasury Bills 0.00 16/01/2018 EGP 65,000,000 3,658,240International Finance Corp 6.30 25/11/2024 INR 239,890,000 3,507,276Argentina Bonar Bonds 4.79 11/03/2019 ARS 65,000,000 3,492,752Brazil Notas do Tesouro Nacional Serie F 0.00 01/01/2027 BRL 11,600 3,437,443Russian Federal Bond - OFZ 8.15 03/02/2027 RUB 189,501,000 3,366,689Sri Lanka Government Bonds 1.50 15/05/2023 LKR 500,000,000 3,294,334Indonesia Treasury Bond 8.25 15/07/2021 IDR 43,000,000,000 3,288,506Dominican Republic International Bond 5.95 04/06/2021 DOP 126,000,000 3,267,823Republic of South Africa Government Bond 8.75 31/01/2044 ZAR 44,358,800 3,237,309Peru Government Bond 6.90 12/08/2037 PEN 9,000 3,190,106Republic of South Africa Government Bond 6.50 28/02/2041 ZAR 50,918,887 3,110,232Brazil Notas do Tesouro Nacional Serie F 0.00 01/01/2021 BRL 9,783 3,035,357Russian Federal Bond - OFZ 6.40 27/05/2020 RUB 167,400,000 2,984,544Russian Federal Bond - OFZ 7.60 20/07/2022 RUB 177,909,000 2,946,605Indonesia Treasury Bond 1.00 15/09/2025 IDR 33,000,000,000 2,907,770Republic of South Africa Government Bond 8.25 31/03/2032 ZAR 39,625,683 2,896,899Republic of Poland Government Bond 2.00 25/04/2021 PLN 8,950,000 2,711,214Colombian TES 7.75 18/09/2030 COP 6,900,000,000 2,692,886


SIGNIFICANT PURCHASES AND SALES – Old Mutual UK Alpha Fund (IRL)

357


Currency Shares/ParCostGBP

BUYSGVC Holdings PLC USD 361,264 2,529,579Worldpay Inc USD 76,483 2,302,712SSP Group PLC USD 663,940 1,809,610Whitbread PLC USD 32,230 1,294,491DS Smith PLC USD 191,227 1,111,196Next PLC USD 13,529 649,368DS Smith PLC GBP 119,269 417,650Pets at Home Group PLC USD 130,123 227,661


SIGNIFICANT PURCHASES AND SALES – Old Mutual UK Alpha Fund (IRL) (continued)

358



GBPSELLSLadbrokes Coral Group PLC USD 2,549,713 3,370,692Worldpay Group Ltd USD 1,138,154 2,928,697Shire PLC USD 58,092 2,294,308SSP Group Ltd GBP 762,739 2,289,771Royal Dutch Shell PLC USD 92,962 2,114,686Worldpay Inc USD 22,709 1,385,349Experian PLC USD 46,421 816,671HSBC Holdings PLC USD 110,869 799,742BP PLC USD 153,284 750,455Glencore PLC USD 143,714 635,258Prudential PLC USD 31,355 575,237Smith & Nephew PLC USD 36,026 478,039Rio Tinto PLC USD 11,500 437,468Aviva PLC USD 85,000 436,708Lloyds Banking Group PLC USD 586,889 394,397Sage Group PLC USD 55,071 382,474International Consolidated Airlines Group SA USD 59,345 370,337Barclays PLC USD 172,634 363,923AstraZeneca PLC USD 7,103 348,848GlaxoSmithKline PLC USD 24,991 333,079Vodafone Group PLC USD 153,521 316,987St James's Place PLC USD 26,133 300,581Tesco PLC USD 132,146 281,569Melrose Industries PLC USD 121,202 271,377


SIGNIFICANT PURCHASES AND SALES – Old Mutual UK Smaller Companies Focus Fund

359



BUYSDraper Esprit PLC USD 1,528,097 6,418,008JTC PLC GBP 2,166,000 6,281,400Huntsworth PLC USD 6,509,137 6,166,427Superdry PLC USD 380,140 6,006,672Alliance Pharma PLC USD 6,015,730 5,615,978Codemasters Group Holdings PLC GBP 2,506,587 5,481,796Learning Technologies Group PLC USD 5,298,138 4,973,260LoopUp Group PLC GBP 1,174,252 4,729,608Helical PLC USD 1,200,000 4,603,172Knights Group Holdings PLC GBP 2,984,025 4,455,533Mind Gym Ltd GBP 2,859,593 4,175,006Keystone Law Group PLC GBP 1,414,000 4,019,011Hunting PLC USD 528,000 3,722,923Somero Enterprises Inc GBP 1,022,000 3,663,260Castleton Technology PLC GBP 3,753,999 3,098,599DFS Furniture PLC GBP 1,440,000 2,910,326Fenner PLC USD 612,000 2,830,994Breedon Group PLC GBP 3,621,511 2,770,456Albert Technologies Ltd USD 7,173,784 2,654,300Blue Prism Group PLC USD 164,075 2,504,691Hilton Food Group PLC GBP 297,219 2,472,603Elektron Technology PLC USD 7,105,000 2,437,114boohoo.com PLC USD 1,434,000 2,325,108Topps Tiles PLC USD 2,485,673 2,217,562Aquis Exchange PLC GBP 818,191 2,200,934Cloudcall Group PLC USD 1,254,000 2,154,002Fairfx Group PLC GBP 1,881,000 1,890,105Clinigen Group PLC USD 204,025 1,828,506Robert Walters PLC GBP 258,000 1,683,267IntegraFin Holdings PLC GBP 842,339 1,650,984Interserve PLC USD 1,370,250 1,647,594Marshalls PLC USD 376,000 1,619,860Boku Inc GBP 1,568,582 1,577,812Conviviality PLC GBP 381,000 1,308,642Oxford Instruments PLC USD 132,374 1,278,761Ubisense Group PLC USD 2,585,774 1,248,653


SIGNIFICANT PURCHASES AND SALES – Old Mutual UK Smaller Companies Focus Fund (continued)

360



GBPSELLSAlpha FX Group PLC GBP 1,472,250 7,336,196Fevertree Drinks PLC USD 226,471 5,760,389Keywords Studios PLC USD 384,809 5,587,125TP ICAP PLC USD 1,189,378 4,829,129Medica Group PLC GBP 3,636,833 4,765,206Burford Capital Ltd USD 342,000 3,961,137boohoo.com PLC USD 2,147,000 3,781,007Blue Prism Group PLC USD 241,073 3,769,021Conviviality PLC GBP 3,294,228 3,739,677Fenner PLC USD 612,000 3,726,286Ascential PLC GBP 857,000 3,337,614JTC PLC GBP 1,083,000 3,140,700Breedon Group PLC GBP 3,621,511 2,951,515DFS Furniture PLC GBP 1,440,000 2,722,681GlobalData PLC GBP 462,708 2,709,696Purplebricks Group PLC USD 633,510 2,294,809Superdry PLC USD 186,117 2,156,673XP Power Ltd USD 59,274 2,109,437LoopUp Group PLC GBP 472,876 1,891,504FDM Group Holdings PLC USD 195,938 1,723,172Topps Tiles PLC USD 2,485,673 1,718,899Footasylum PLC GBP 2,194,141 1,643,322Victoria PLC USD 184,730 1,588,778Microgen PLC USD 295,927 1,502,555Hotel Chocolat Group Ltd USD 387,004 1,311,175SRT Marine Systems PLC USD 5,207,293 1,285,372Gear4Music Holdings PLC GBP 177,500 1,233,788Workspace Group PLC GBP 128,000 1,191,731Glencore PLC USD 295,000 1,190,746Interserve PLC USD 1,370,250 1,166,251Eco Animal Health Group PLC USD 197,603 1,122,949Antofagasta PLC USD 107,000 1,055,996Rio Tinto PLC USD 26,000 1,036,046


SIGNIFICANT PURCHASES AND SALES – Old Mutual UK Dynamic Equity Fund

361



BUYSThe Hut Group GBP 43,997 24,005,818Persimmon PLC GBP 438,000 11,765,563JTC PLC GBP 4,020,000 11,658,000Indivior PLC GBP 2,557,704 10,910,210Superdry PLC GBP 579,090 9,152,201SSP Group PLC GBP 2,554,838 6,931,403KAZ Minerals PLC GBP 678,000 6,537,232Pagegroup PLC GBP 1,136,000 6,080,493Learning Technologies Group PLC GBP 5,053,547 4,995,756Avast PLC GBP 1,974,740 4,936,850Robert Walters PLC GBP 472,000 3,079,719Electrocomponents PLC GBP 488,000 3,040,124Synthomer PLC GBP 539,000 2,944,544Gym Group PLC GBP 1,151,980 2,862,185IntegraFin Holdings PLC GBP 1,303,216 2,554,303Weir Group PLC GBP 97,778 2,126,672Clinigen Group PLC GBP 215,050 1,985,880GVC Holdings PLC GBP 104,267 951,220Workspace Group PLC GBP 65,864 724,504Blue Prism Group PLC GBP 44,622 696,470


SIGNIFICANT PURCHASES AND SALES – Old Mutual UK Dynamic Equity Fund (continued)

362



GBPSELLSMelrose Industries PLC GBP 5,449,000 12,102,621Micro Focus International PLC GBP 789,175 10,736,280Sanne Group PLC GBP 1,151,688 7,625,364Rentokil Initial PLC GBP 2,564,000 7,606,235SSP Group Ltd GBP 2,640,000 6,931,403Sabre Insurance Group PLC GBP 2,824,938 6,820,358Fevertree Drinks PLC GBP 245,650 6,808,559JTC PLC GBP 2,010,000 5,829,000GlobalData PLC GBP 887,061 5,179,904Crest Nicholson Holdings PLC GBP 1,080,000 5,117,023Avast PLC GBP 1,974,740 4,742,243XP Power Ltd GBP 115,000 4,042,328Medica Group PLC GBP 3,024,340 3,962,675Microgen PLC GBP 811,073 3,561,348Johnson Service Group PLC GBP 2,545,145 3,554,287Superdry PLC GBP 283,525 3,285,416Clinigen Group PLC GBP 299,000 3,278,995FDM Group Holdings PLC GBP 329,353 2,896,494Joules Group PLC GBP 977,460 2,833,551Ascential PLC GBP 653,000 2,634,438Purplebricks Group PLC GBP 668,027 2,585,128Footasylum PLC GBP 3,420,517 2,563,072St James's Place PLC GBP 195,000 2,204,415Eco Animal Health Group PLC GBP 379,684 2,157,693Burford Capital Ltd GBP 177,454 2,067,033HomeServe PLC GBP 238,000 1,956,037Blue Prism Group PLC GBP 115,272 1,905,236Keywords Studios PLC GBP 105,753 1,719,144Luceco PLC GBP 1,697,437 1,692,875Smart Metering Systems PLC GBP 209,239 1,687,063JD Sports Fashion PLC GBP 386,000 1,572,533Victoria PLC GBP 170,245 1,496,159


SIGNIFICANT PURCHASES AND SALES – Old Mutual Global Equity Absolute Return Fund

363


MaturityDate


CostUSD

BUYSUnited States Treasury Bill 0.00 14/06/2018 USD 450,000,000 447,659,438United States Treasury Bill 0.00 09/08/2018 USD 350,000,000 348,205,564United States Treasury Bill 0.00 02/08/2018 USD 300,000,000 298,588,896United States Treasury Bill 0.00 12/07/2018 USD 300,000,000 298,547,720Roche Holding AG CHF 1,201,464 280,286,154United States Treasury Bill 0.00 31/05/2018 USD 250,000,000 248,844,349United States Treasury Bill 0.00 19/07/2018 USD 250,000,000 248,834,734United States Treasury Bill 0.00 21/06/2018 USD 250,000,000 248,762,430United States Treasury Bill 0.00 05/07/2018 USD 250,000,000 248,617,015United States Treasury Bill 0.00 06/09/2018 USD 250,000,000 248,604,302United States Treasury Bill 0.00 13/09/2018 USD 250,000,000 248,601,446United States Treasury Bill 0.00 23/08/2018 USD 250,000,000 248,589,084United States Treasury Bill 0.00 16/08/2018 USD 250,000,000 248,561,110United States Treasury Bill 0.00 30/08/2018 USD 250,000,000 248,528,889United States Treasury Bill 0.00 20/09/2018 USD 250,000,000 248,405,069United States Treasury Bill 0.00 15/11/2018 USD 250,000,000 247,987,005Boeing Co USD 677,910 239,223,828Facebook Inc USD 1,150,228 201,634,611United States Treasury Bill 0.00 01/03/2018 USD 200,000,000 199,871,649United States Treasury Bill 0.00 08/03/2018 USD 200,000,000 199,861,865


SIGNIFICANT PURCHASES AND SALES – Old Mutual Global Equity Absolute Return Fund (continued)

364


MaturityDate


ProceedsUSD

SELLSUnited States Treasury Bill 0.00 14/06/2018 USD 450,000,000 448,742,919United States Treasury Bill 0.00 01/03/2018 USD 350,000,000 349,787,629United States Treasury Bill 0.00 08/03/2018 USD 300,000,000 299,899,709United States Treasury Bill 0.00 21/06/2018 USD 250,000,000 249,796,347United States Treasury Bill 0.00 31/05/2018 USD 250,000,000 249,747,434Exxon Mobil Corp USD 2,979,962 244,348,251Roche Holding AG CHF 943,215 218,091,668Boeing Co USD 659,270 215,747,598United States Treasury Bill 0.00 28/06/2018 USD 200,000,000 200,000,000United States Treasury Bill 0.00 24/05/2018 USD 200,000,000 200,000,000United States Treasury Bill 0.00 07/06/2018 USD 200,000,000 199,935,500United States Treasury Bill 0.00 05/04/2018 USD 200,000,000 199,888,856United States Treasury Bill 0.00 10/05/2018 USD 200,000,000 199,809,279United States Treasury Bill 0.00 05/07/2018 USD 200,000,000 199,693,786Facebook Inc USD 1,150,228 195,297,869NVIDIA Corp USD 858,634 193,935,478Skyworks Solutions Inc USD 1,891,757 187,257,850Bioverativ Inc USD 1,711,050 176,998,626Colgate-Palmolive Co USD 2,605,619 169,783,858Bristol-Myers Squibb Co USD 2,933,750 167,871,387


SIGNIFICANT PURCHASES AND SALES – Old Mutual Strategic Absolute Return Bond Fund^^^

365


MaturityDate


CostUSD

BUYSUnited States Treasury Note/Bond 1.75 31/01/2023 USD 10,400,000 9,904,641United Kingdom Treasury Bill 0.00 21/05/2018 GBP 4,000,000 5,685,368Italy Buoni Poliennali Del Tesoro 1.30 15/05/2028 EUR 4,470,000 5,406,480United Kingdom Treasury Bill 0.00 18/06/2018 GBP 4,000,000 5,395,834United States Treasury Inflation Indexed Bonds 0.38 15/07/2027 USD 5,290,000 5,164,344United States Treasury Note/Bond 2.25 31/07/2018 USD 5,000,000 5,009,766United States Treasury Bill 0.00 12/07/2018 USD 5,000,000 4,980,444United States Treasury Note/Bond 2.50 31/03/2023 USD 5,000,000 4,922,461United Kingdom Treasury Bill 0.00 23/04/2018 GBP 3,500,000 4,870,691Spain Government Bond 3.80 30/04/2024 EUR 3,200,000 4,677,294United States Treasury Inflation Indexed Bonds 0.13 15/01/2023 USD 4,300,000 4,537,497Indonesia Treasury Bond 6.13 15/05/2028 IDR 54,650,000,000 3,798,985Old Mutual Global Investors Series Plc - Old MutualFinancials Contingent Capital Fund (UCITS) USD 370,374 3,761,308United States Treasury Note/Bond 1.25 31/10/2018 USD 3,500,000 3,485,508French Republic Government Bond OAT 0.10 01/03/2025 EUR 2,500,000 3,378,917Mexican Bonos 7.50 03/06/2027 MXN 594,500 2,893,869United States Treasury Inflation Indexed Bonds 0.50 15/01/2028 USD 2,900,000 2,855,340Hellenic Republic Government Bond 4.38 01/08/2022 EUR 2,000,000 2,560,513Hellenic Republic Government Bond 3.38 15/02/2025 EUR 1,960,000 2,381,587Republic of South Africa Government Bond 0.50 21/12/2026 ZAR 24,000,000 2,357,454United States Treasury Note/Bond 0.75 15/04/2018 USD 2,350,000 2,346,787Spain Government Bond 1.95 30/07/2030 EUR 1,950,000 2,324,307Spain Government Bond 1.40 30/04/2028 EUR 1,760,000 2,193,906United States Treasury Bill 0.00 19/07/2018 USD 2,000,000 1,991,425French Republic Government Bond OAT 0.10 01/03/2028 EUR 1,470,000 1,972,195United States Treasury Note/Bond 1.88 15/12/2020 USD 1,800,000 1,768,500Brazil Notas do Tesouro Nacional Serie F 0.00 01/01/2027 BRL 5,381 1,627,422Cyprus Government International Bond 4.25 04/11/2025 EUR 1,240,000 1,606,422Italy Buoni Poliennali Del Tesoro 0.10 15/05/2022 EUR 1,285,000 1,542,033Brazil Notas do Tesouro Nacional Serie F 0.00 01/01/2021 BRL 5,084 1,513,961


SIGNIFICANT PURCHASES AND SALES – Old Mutual Strategic Absolute Return Bond Fund^^^ (continued)

366


MaturityDate


ProceedsUSD

SELLSUnited States Treasury Note/Bond 0.63 30/04/2018 USD 8,860,000 8,876,284United States Treasury Note/Bond 0.75 30/09/2018 USD 7,220,000 7,190,008French Republic Government Bond OAT 0.10 01/03/2025 EUR 5,030,000 6,622,760United Kingdom Treasury Bill 0.00 21/05/2018 GBP 4,000,000 5,389,800United Kingdom Treasury Bill 0.00 18/06/2018 GBP 4,000,000 5,314,800United States Treasury Note/Bond 2.25 31/07/2018 USD 5,000,000 5,020,601United States Treasury Bill 0.00 12/07/2018 USD 5,000,000 4,991,160United States Treasury Note/Bond 2.50 31/03/2023 USD 5,000,000 4,982,161United States Treasury Note/Bond 1.88 15/12/2020 USD 5,000,000 4,949,186United Kingdom Treasury Bill 0.00 23/04/2018 GBP 3,500,000 4,908,050United States Treasury Note/Bond 0.75 15/04/2018 USD 4,730,100 4,730,100Spain Government Bond 3.80 30/04/2024 EUR 3,200,000 4,541,045United States Treasury Inflation Indexed Bonds 0.13 15/01/2023 USD 4,300,000 4,533,912United States Treasury Note/Bond 0.88 15/09/2019 USD 3,775,600 3,714,732Italy Buoni Poliennali Del Tesoro 1.30 15/05/2028 EUR 2,795,000 3,687,042United States Treasury Note/Bond 1.25 31/10/2018 USD 3,500,000 3,505,411Old Mutual Global Investors Series Plc - Old MutualFinancials Contingent Capital Fund (UCITS) USD 312,402 3,191,675Australia Government Bond 2.75 21/11/2028 AUD 3,710,000 2,879,567Deutsche Bundesrepublik Inflation Linked Bond 0.10 15/04/2026 EUR 2,035,000 2,742,611Hellenic Republic Government Bond 3.90 30/01/2033 EUR 2,366,881 2,664,780Indonesia Treasury Bond 6.13 15/05/2028 IDR 35,000,000,000 2,506,201Spain Government Bond 1.95 30/07/2030 EUR 1,950,000 2,411,555Spain Government Bond 1.40 30/04/2028 EUR 1,760,000 2,188,772United States Treasury Inflation Indexed Bonds 0.25 15/01/2025 USD 2,000,000 2,046,219United States Treasury Bill 0.00 19/07/2018 USD 2,000,000 1,997,076Republic of South Africa Government Bond 0.50 21/12/2026 ZAR 24,000,000 1,961,376Spain Government Bond 2.35 30/07/2033 EUR 1,515,000 1,930,281Kreditanstalt fuer Wiederaufbau 0.00 15/09/2023 EUR 1,300,000 1,582,959


SIGNIFICANT PURCHASES AND SALES – Old Mutual Pan African Fund^^

367


MaturityDate


ProceedsUSD

SELLSNaspers Ltd USD 17,879 4,929,854Barclays Africa Group Ltd USD 207,070 3,281,193Shoprite Holdings Ltd USD 137,831 2,734,018British American Tobacco PLC USD 40,245 2,599,984Aspen Pharmacare Holdings Ltd USD 111,188 2,439,959Remgro Ltd USD 118,979 2,284,034Sasol Ltd USD 62,796 2,150,440Netcare Ltd USD 1,009,118 2,143,630Old Mutual PLC USD 579,245 1,927,813Blue Label Telecoms Ltd ZAR 1,880,500 1,905,636Eastern Tobacco USD 69,608 1,899,082Nedbank Group Ltd USD 79,360 1,837,928Integrated Diagnostics Holdings PLC USD 401,160 1,832,545Egypt Kuwait Holding Co SAE USD 1,815,266 1,756,318Egypt Treasury Bills 0.00 24/07/2018 EGP 32,000,000 1,688,584Label Vie MAD 8,224 1,591,984Societe Des Brasseries du Maroc USD 4,280 1,373,908Mondi Ltd USD 52,178 1,363,340Sechaba Breweries Holdings Ltd BWP 520,825 1,050,237SBM Holdings Ltd MUR 4,243,393 1,009,953Credit Agricole Egypt SAE EGP 395,815 988,088Reinet Investments SCA EUR 46,285 979,537Long4Life Ltd ZAR 2,041,546 898,170AngloGold Ashanti Ltd USD 84,831 891,636Nigeria Treasury Bills 0.00 15/11/2018 NGN 350,000,000 869,339Combined Motor Holdings Ltd ZAR 381,027 841,084Societe de Limonaderies et Brasseries USD 3,300 733,543Nigeria OMO Bills 0.00 07/06/2018 NGN 260,000,000 690,450Exxaro Resources Ltd USD 57,762 685,051Gold Fields Ltd USD 165,167 684,092Italtile Ltd USD 524,789 626,320Transaction Capital Ltd ZAR 402,668 571,411


SIGNIFICANT PURCHASES AND SALES – Old Mutual Monthly Income High Yield Bond Fund

368


MaturityDate


CostUSD

BUYSArrow Global Finance PLC 5.13 15/09/2024 GBP 2,200,000 3,043,696Rusal Capital DAC* 4.85 01/02/2023 USD 1,800,000 1,800,000Virgin Media Receivables Financing Notes II DAC 5.75 15/04/2023 GBP 1,150,000 1,638,907KME AG 6.75 01/02/2023 EUR 1,200,000 1,479,723Old Mutual Global Investors Series Plc - Old MutualFinancials Contingent Capital Fund (UCITS) USD 130,000 1,370,395Grupo-Antolin Irausa SA 3.38 30/04/2026 EUR 1,000,000 1,237,450Premier Foods Finance PLC 6.25 15/10/2023 GBP 900,000 1,213,380Cimpress NV 7.00 15/06/2026 USD 1,100,000 1,100,000Lennar Corp 4.75 29/11/2027 USD 1,100,000 1,100,000CSN Resources SA 7.63 13/02/2023 USD 1,100,000 1,088,813Wagamama Finance PLC 4.13 01/07/2022 GBP 800,000 1,042,328Energo-Pro AS 4.50 04/05/2024 EUR 800,000 967,000Federal-Mogul LLC / Federal-Mogul Financing Corp 5.00 15/07/2024 EUR 700,000 903,299LKQ European Holdings BV 3.63 01/04/2026 EUR 700,000 862,295Pinnacle Bidco PLC 6.38 15/02/2025 GBP 600,000 846,107Valeant Pharmaceuticals International Inc 4.50 15/05/2023 EUR 750,000 844,020Metro Bank PLC 5.50 26/06/2028 GBP 600,000 795,120MARB BondCo PLC 6.88 19/01/2025 USD 800,000 789,128Schmolz + Bickenbach Luxembourg Finance SA 5.63 15/07/2022 EUR 600,000 707,262Smurfit Kappa Acquisitions ULC 2.88 15/01/2026 EUR 600,000 701,160Equinix Inc 2.88 01/10/2025 EUR 600,000 678,373Provident Financial PLC 7.00 04/06/2023 GBP 500,000 667,550Scientific Games International Inc 5.50 15/02/2026 EUR 500,000 620,775Novafives SAS 5.00 15/06/2025 EUR 500,000 616,300Paprec Holding SA 4.00 31/03/2025 EUR 500,000 615,075Univision Communications Inc 5.13 15/05/2023 USD 600,000 603,000Itron Inc 5.00 15/01/2026 USD 600,000 585,000Volkswagen International Finance NV 4.63 27/06/2067 EUR 500,000 578,925BWAY Holding Co 4.75 15/04/2024 EUR 500,000 578,900Viking Cruises Ltd 5.88 15/09/2027 USD 500,000 503,125Beazer Homes USA Inc 5.88 15/10/2027 USD 500,000 500,000Antero Resources Corp 5.00 01/03/2025 USD 500,000 490,000Darling Global Finance BV 3.63 15/05/2026 EUR 400,000 486,900EC Finance PLC 2.38 15/11/2022 EUR 400,000 460,034Samsonite Finco Sarl 3.50 15/05/2026 EUR 350,000 433,108Lee Enterprises Inc 9.50 15/03/2022 USD 400,000 418,938American Axle & Manufacturing Inc 6.25 01/04/2025 USD 425,000 418,861Western Digital Corp 4.75 15/02/2026 USD 400,000 400,000

*Company added to US OFAC Sanctions on the 6th April 2018.The position was exited on 24th May 2018.


SIGNIFICANT PURCHASES AND SALES – Old Mutual Monthly Income High Yield Bond Fund (continued)

369


MaturityDate


ProceedsUSD

SELLSCimpress NV 7.00 01/04/2022 USD 1,750,000 1,871,479Virgin Media Secured Finance PLC 5.00 15/04/2027 GBP 1,300,000 1,853,708Vedanta Resources PLC 6.38 30/07/2022 USD 1,800,000 1,810,894Arrow Global Finance PLC 5.13 15/09/2024 GBP 1,100,000 1,521,848Horizon Parent Holdings Sarl 8.25 15/02/2022 EUR 1,100,000 1,388,973Clear Channel Worldwide Holdings Inc 7.63 15/03/2020 USD 1,336,000 1,346,980Petrobras Global Finance BV 4.38 20/05/2023 USD 1,200,000 1,211,875MARB BondCo PLC 7.00 15/03/2024 USD 1,200,000 1,187,167Rusal Capital DAC* 4.85 01/02/2023 USD 1,800,000 1,151,337Lennar Corp 4.75 29/11/2027 USD 1,100,000 1,100,000Ziggo Bond Finance BV 5.88 15/01/2025 USD 1,025,000 1,005,842Vale Overseas Ltd 6.25 10/08/2026 USD 800,000 938,461Inter Media and Communication SpA 4.88 31/12/2022 EUR 700,000 858,306Frontier Communications Corp 7.13 15/01/2023 USD 1,200,000 855,037Jerrold Finco PLC 6.13 15/01/2024 GBP 600,000 839,552Whiting Petroleum Corp 5.75 15/03/2021 USD 800,000 829,817Aleris International Inc 7.88 01/11/2020 USD 800,000 825,202Valeant Pharmaceuticals International Inc 4.50 15/05/2023 EUR 750,000 806,011Petroleos Mexicanos 4.88 21/02/2028 EUR 600,000 799,989Mercury Bondco PLC 7.13 30/05/2021 EUR 600,000 777,816SUPERVALU Inc 6.75 01/06/2021 USD 750,000 772,927MARB BondCo PLC 6.88 19/01/2025 USD 800,000 772,206Equinix Inc 2.88 01/02/2026 EUR 600,000 687,805Provident Financial PLC 7.00 04/06/2023 GBP 500,000 683,469Picard Bondco SA 5.50 30/11/2024 EUR 500,000 622,096AES Corp/VA 4.88 15/05/2023 USD 600,000 620,726Hema Bondco II BV 8.50 15/01/2023 EUR 500,000 619,640Energo-Pro AS 4.00 07/12/2022 EUR 500,000 600,249Jaguar Land Rover Automotive PLC 4.50 01/10/2027 USD 600,000 594,597Post Holdings Inc 5.63 15/01/2028 USD 600,000 594,563Petroleos Mexicanos 3.75 16/11/2025 GBP 400,000 554,209VEON Holdings BV 5.95 13/02/2023 USD 500,000 547,810Mclaren Finance PLC 5.00 01/08/2022 GBP 400,000 532,148Beazer Homes USA Inc 5.88 15/10/2027 USD 500,000 500,000KCA Deutag UK Finance PLC 7.25 15/05/2021 USD 500,000 499,812

*Company added to US OFAC Sanctions on the 6th April 2018.The position was exited on 24th May 2018.


SIGNIFICANT PURCHASES AND SALES – Old Mutual Europe (ex UK) Smaller Companies Fund

370



BUYSSignify NV EUR 409,300 10,743,442Atresmedia Corp de Medios de Comunicacion SA USD 1,304,100 10,689,497CompuGroup Medical SE USD 254,000 10,642,880FLSmidth & Co A/S USD 175,000 10,224,087Dermapharm Holding SE EUR 362,100 10,013,743De' Longhi SpA USD 403,000 10,007,476KappAhl AB SEK 3,771,700 9,118,256Cargotec OYJ USD 170,209 8,358,777EFG International AG USD 1,233,972 8,137,215Ontex Group NV USD 372,285 7,932,686Akasol AG EUR 145,000 7,032,500Barco NV USD 54,019 5,290,569va-Q-tec AG EUR 331,100 4,722,520Leoni AG USD 85,700 4,617,964Home24 SE EUR 200,000 4,600,000Intrum AB USD 183,000 4,480,556Banca Generali SpA EUR 144,200 3,719,183Byggmax Group AB USD 693,800 3,552,081Viscofan SA USD 65,200 3,476,267Ascom Holding AG USD 191,500 3,363,372Tarkett SA USD 115,100 3,294,982Europris ASA USD 1,117,100 3,230,855X-Fab Silicon Foundries SE EUR 371,100 3,161,615SBM Offshore NV USD 208,400 2,999,566Sbanken ASA USD 362,400 2,826,519Bekaert SA USD 72,100 2,552,156SRP Groupe SA EUR 318,100 2,490,042Vaisala OYJ USD 304,276 2,258,008AcadeMedia AB SEK 381,700 2,171,205Takkt AG USD 111,200 2,013,130Prosegur Cia de Seguridad SA USD 309,100 1,929,949


SIGNIFICANT PURCHASES AND SALES – Old Mutual Europe (ex UK) Smaller Companies Fund (continued)

371



EURSELLSAmer Sports OYJ USD 447,800 11,662,462Moncler SpA USD 325,800 11,132,880Viscofan SA USD 188,200 10,789,840Intrum AB USD 462,000 9,476,822Hibernia REIT PLC USD 6,165,800 9,406,186KappAhl AB USD 1,853,900 8,896,203Sydbank A/S USD 277,200 8,828,974Distribuidora Internacional de Alimentacion SA USD 2,224,560 7,527,820EVS Broadcast Equipment SA USD 306,200 6,407,234KappAhl AB SEK 3,771,700 6,394,378Tarkett SA USD 249,191 6,185,205MARR SpA USD 209,933 5,014,543Matas A/S USD 550,843 4,782,099Technicolor SA USD 3,210,400 4,697,703Alten SA USD 55,158 4,676,725Encavis AG EUR 734,221 4,578,626Sbanken ASA USD 500,898 4,414,285Sixt SE USD 44,970 4,330,508X-Fab Silicon Foundries SE EUR 444,611 4,166,975EDAG Engineering Group AG EUR 209,777 4,046,453Dometic Group AB USD 379,952 3,402,639Dalata Hotel Group PLC USD 476,712 3,223,607Barco NV USD 30,472 3,166,681Teleperformance USD 20,801 3,063,647CompuGroup Medical SE USD 65,378 2,844,899AURELIUS Equity Opportunities SE & Co KGaA USD 49,409 2,837,751Leoni AG USD 54,606 2,830,683va-Q-tec AG EUR 174,601 2,547,925Vaisala OYJ USD 118,288 2,536,040Wienerberger AG USD 119,404 2,504,057SRP Groupe SA EUR 285,575 2,450,611Sopra Steria Group USD 13,583 2,379,563Ascom Holding AG USD 132,718 2,314,264Corbion NV USD 84,816 2,308,204SBM Offshore NV USD 168,075 2,229,908Takkt AG USD 116,794 2,175,012


SIGNIFICANT PURCHASES AND SALES – Old Mutual Global Equity Income Fund (IRL)

372



BUYSBristol-Myers Squibb Co USD 45,169 2,609,872Weibo Corp (DR) USD 20,600 2,577,300TOTAL SA USD 40,269 2,420,213Facebook Inc USD 11,939 2,110,269Roche Holding AG USD 8,412 2,030,116Novo Nordisk A/S USD 36,989 1,915,536AbbVie Inc USD 17,484 1,752,119Verizon Communications Inc USD 35,134 1,694,056Procter & Gamble Co USD 17,881 1,565,744LVMH Moet Hennessy Louis Vuitton SE USD 4,503 1,541,290FirstEnergy Corp USD 47,714 1,512,369Repsol SA USD 77,450 1,487,706Merck & Co Inc USD 25,273 1,432,442Pfizer Inc USD 37,803 1,382,068Evraz PLC USD 233,072 1,343,993BNP Paribas SA USD 16,012 1,231,305Eni SpA USD 61,005 1,187,000AXA SA USD 40,850 1,170,5253M Co USD 4,634 1,126,220L'Oreal SA USD 4,611 1,123,108


SIGNIFICANT PURCHASES AND SALES – Old Mutual Global Equity Income Fund (IRL) (continued)

373



USDSELLSWeibo Corp (DR) USD 25,000 3,072,775Intel Corp USD 36,703 1,901,036Philip Morris International Inc USD 15,051 1,642,663Evraz PLC USD 233,072 1,487,443Bristol-Myers Squibb Co USD 21,804 1,487,206NEPI Rockcastle PLC ZAR 132,486 1,393,361Abercrombie & Fitch Co USD 67,942 1,332,312Procter & Gamble Co USD 18,144 1,319,189Gilead Sciences Inc USD 17,677 1,318,230TOTAL SA USD 22,914 1,306,899AES Corp/VA USD 112,706 1,305,328Fastenal Co USD 23,681 1,282,850Novo Nordisk A/S USD 24,455 1,275,189Endesa SA USD 55,545 1,239,966BASF SE USD 10,282 1,196,165International Business Machines Corp USD 6,918 1,132,982Eregli Demir ve Celik Fabrikalari TAS USD 424,306 1,129,786CVS Health Corp USD 16,619 1,113,979TAG Immobilien AG USD 51,954 1,107,779Walmart Inc USD 12,861 1,090,005


SIGNIFICANT PURCHASES AND SALES – Old Mutual Gold & Silver Fund

374



BUYSSprott Physical Gold and Silver Trust (AIF) USD 1,959,242 25,433,202Coeur Mining Inc USD 1,509,000 12,147,701Sprott Physical Gold Trust (AIF) USD 540,000 5,784,020Wheaton Precious Metals Corp USD 250,000 5,183,715Fresnillo PLC USD 295,000 5,147,093Osisko Mining Inc USD 2,603,000 5,127,056Hochschild Mining PLC USD 1,630,000 4,743,828First Majestic Silver Corp USD 653,440 4,275,874Hecla Mining Co USD 1,115,000 4,192,499Agnico Eagle Mines Ltd USD 100,000 4,058,763Newmont Mining Corp USD 105,000 4,052,371MAG Silver Corp USD 308,000 3,408,856Lundin Gold Inc USD 800,000 3,284,097Sprott Physical Silver Trust (AIF) USD 530,000 3,281,181Apollo Minerals Ltd AUD 17,021,740 2,998,694Pan American Silver Corp USD 170,000 2,972,939GoldMoney Inc USD 900,000 2,768,061New Pacific Metals Corp USD 1,972,440 2,277,670Bitcoin Tracker One - SEK (AIF) SEK 27,000 1,527,351Silver Lake Resources Ltd USD 4,450,000 1,331,060IAMGOLD Corp USD 200,000 1,205,308Silvercorp Metals Inc USD 400,000 1,120,955


SIGNIFICANT PURCHASES AND SALES – Old Mutual Gold & Silver Fund (continued)

375



USDSELLSCentral Fund of Canada Ltd USD 1,439,242 18,560,290Coeur Mining Inc USD 900,000 7,159,926Gold Fields Ltd (DR) USD 1,790,000 6,920,517Kirkland Lake Gold Ltd USD 250,000 3,843,422Wheaton Precious Metals Corp USD 182,000 3,610,445Pan American Silver Corp USD 183,100 3,247,734Sprott Physical Gold and Silver Trust (AIF) USD 116,000 1,541,453Apollo Minerals Ltd AUD 8,510,870 1,499,347IMPACT Silver Corp USD 2,500,000 678,243Dacian Gold Ltd USD 306,750 660,446Breaker Resources NL USD 3,000,000 617,881Bitcoin Tracker One - SEK (AIF) SEK 10,000 574,771Guyana Goldfields Inc USD 150,000 574,349Agnico Eagle Mines Ltd USD 10,000 485,478GT Gold Corp USD 800,000 440,190Harte Gold Corp USD 500,000 185,874


SIGNIFICANT PURCHASES AND SALES – Old Mutual Compass Portfolio 2

376


MaturityDate


CostUSD

BUYSGoldman Sachs Funds PLC - US$ Liquid Reserves Fund(UCITS) USD 65 809,327Old Mutual Bond 3 Fund (UCITS) GBP 1,323,935 602,615Old Mutual Global Investors Series Plc - Old Mutual UKSpecialist Equity Fund (UCITS) GBP 31,795 531,312Old Mutual Voyager Global Dynamic Equity Fund (UCITS) GBP 314,049 508,848United States Treasury Floating Rate Note 2.02 30/04/2019 USD 500,000 500,677European Investment Bank 1.75 15/05/2020 USD 455,000 449,099Kommunekredit 1.63 12/06/2020 USD 455,000 447,151State of North Rhine-Westphalia Germany 2.38 22/05/2019 USD 300,000 300,143United States Treasury Bill 0.00 19/07/2018 USD 300,000 298,535Wellington Management Funds Ireland PLC - WellingtonGlobal Credit Plus Fund (UCITS) USD 22,031 274,870Old Mutual Bond 2 Fund (UCITS) GBP 183,056 244,528Old Mutual Giobal Investors Series Plc - Old Mutual Europe(ex UK) Smaller Companies Fund (UCITS) GBP 7,093 186,767Highbridge Multi-Strategy Fund Ltd (AIF) GBP 58,970 185,036Wells Fargo Lux Worldwide Fund - US Short Term High YieldBond Fund (UCITS) USD 1,560 181,059Old Mutual Global Best Ideas Fund (UCITS) GBP 105,714 164,563European Bank for Reconstruction & Development 1.63 15/11/2018 USD 150,000 149,565iShares Diversified Commodity Swap UCITS ETF (UCITS) USD 25,989 137,114Old Mutual Global Investors Series Plc - Old Mutual GlobalEmerging Markets Fund (UCITS) GBP 5,286 127,511Old Mutual Henderson European Growth Fund (UCITS) GBP 63,457 126,602Old Mutual - JPM Emerging Markets Fund (UCITS) GBP 48,370 117,607Merrill Lynch Investment Solutions - AQR Global RelativeValue UCITS Fund (UCITS) GBP 723 117,207Old Mutual Global Investors Series Plc - Old Mutual FinancialsContingent Capital Fund (UCITS) USD 10,862 111,407Skyline Umbrella Fund ICAV - Usonian Japan Value Fund(UCITS) GBP 7,029 96,707Old Mutual Bond 1 Fund (UCITS) GBP 155,648 95,488Montlake UCITS Platform PLC - Mygale Event Driven UCITSFund (UCITS) GBP 673 94,656Baillie Gifford Investment Funds II ICVC - Japanese IncomeGrowth Fund (UCITS) GBP 41,410 77,860


SIGNIFICANT PURCHASES AND SALES – Old Mutual Compass Portfolio 2 (continued)

377


MaturityDate


ProceedsUSD

SELLSEuropean Investment Bank 1.00 15/03/2018 USD 450,000 450,000Old Mutual Global Investors Series Plc - Old Mutual UKSpecialist Equity Fund (UCITS) GBP 12,145 227,123Goldman Sachs Funds PLC - US$ Liquid Reserves Fund(UCITS) USD 16 200,006Caisse d'Amortissement de la Dette Sociale 1.25 12/03/2018 USD 120,000 120,000Nordea 1 SICAV - European High Yield Bond Fund (UCITS) USD 7,044 108,058Schroder US Mid Cap Fund (UCITS) GBP 58,519 99,567United States Treasury Note/Bond 2.25 15/02/2027 USD 100,000 94,833SQN Asset Finance Income Fund Ltd (AIF) GBP 66,833 85,109Old Mutual Global Investors Series Plc - Old Mutual GlobalEmerging Markets Fund (UCITS) GBP 2,197 48,205Kroger Co USD 1,254 36,712Hermes Asia Ex Japan Equity Fund GBP (UCITS) GBP 7,739 28,658Walgreens Boots Alliance Inc USD 265 20,354JPMorgan Chase & Co USD 98 10,763Cisco Systems Inc USD 252 10,677Enagas SA USD 369 10,559NIKE Inc USD 142 9,735ArcelorMittal EUR 253 9,099Vinci SA USD 85 8,920Zurich Insurance Group AG USD 26 8,506Bayerische Motoren Werke AG USD 75 8,310



378


MaturityDate


CostUSD

BUYSOld Mutual Voyager Global Dynamic Equity Fund (UCITS) GBP 4,848,898 7,888,410Kreditanstalt fuer Wiederaufbau 1.38 14/05/2018 USD 6,000,000 5,994,300United States Treasury Floating Rate Note 2.02 30/04/2019 USD 5,000,000 5,006,770Old Mutual Giobal Investors Series Plc - Old Mutual Europe(ex UK) Smaller Companies Fund (UCITS) GBP 146,264 3,861,517Old Mutual Global Investors Series Plc - Old Mutual UKSpecialist Equity Fund (UCITS) GBP 225,803 3,767,619Old Mutual Bond 3 Fund (UCITS) GBP 7,232,184 3,294,230European Investment Bank 1.75 15/05/2020 USD 3,040,000 3,000,571Kommunekredit 1.63 12/06/2020 USD 3,040,000 2,987,560Old Mutual Henderson European Growth Fund (UCITS) GBP 1,450,254 2,893,359State of North Rhine-Westphalia Germany 2.38 22/05/2019 USD 2,500,000 2,501,190Goldman Sachs Funds PLC - US$ Liquid Reserves Fund(UCITS) USD 196 2,434,345Wells Fargo Lux Worldwide Fund - US High Yield Bond(UCITS) USD 10,440 2,086,832Wellington Management Funds Ireland PLC - WellingtonGlobal Credit Plus Fund (UCITS) USD 166,631 2,084,974Old Mutual Global Investors Series Plc - Old Mutual GlobalEmerging Markets Fund (UCITS) GBP 81,063 1,941,789Highbridge Multi-Strategy Fund Ltd (AIF) GBP 425,778 1,337,156Skyline Umbrella Fund ICAV - Usonian Japan Value Fund(UCITS) GBP 93,700 1,284,102Old Mutual Bond 1 Fund (UCITS) GBP 1,846,396 1,175,394Old Mutual - JPM Emerging Markets Fund (UCITS) GBP 396,864 989,825iShares Diversified Commodity Swap UCITS ETF (UCITS) USD 182,885 964,875Baillie Gifford Investment Funds II ICVC - Japanese IncomeGrowth Fund (UCITS) GBP 469,339 859,628CZ Absolute Alpha UCITS Fund (UCITS) GBP 500 717,140Merrill Lynch Investment Solutions - AQR Global RelativeValue UCITS Fund (UCITS) GBP 4,368 704,490



379


MaturityDate


ProceedsUSD

SELLSKreditanstalt fuer Wiederaufbau 1.38 14/05/2018 USD 6,000,000 6,000,000United States Treasury Floating Rate Note 2.03 30/04/2018 USD 4,100,000 4,100,000European Investment Bank 1.00 15/03/2018 USD 3,200,000 3,200,000Old Mutual Global Investors Series Plc - Old MutualUK Specialist Equity Fund (UCITS) GBP 80,525 1,505,900Caisse d'Amortissement de la Dette Sociale 1.25 12/03/2018 USD 860,000 860,000United States Treasury Note/Bond 2.25 15/02/2027 USD 800,000 758,635Kroger Co USD 21,944 643,554Nordea 1 SICAV - European High Yield Bond Fund(UCITS) USD 33,403 512,399Walgreens Boots Alliance Inc USD 4,546 349,168SQN Asset Finance Income Fund Ltd (AIF) GBP 273,725 348,579Old Mutual Giobal Investors Series Plc - Old MutualEurope (ex UK) Smaller Companies Fund (UCITS) GBP 14,537 341,034Enagas SA USD 7,154 204,710Baillie Gifford Investment Funds II ICVC - JapaneseIncome Growth Fund (UCITS) GBP 98,941 183,633JPMorgan Chase & Co USD 1,641 180,196Vinci SA USD 1,709 179,315Cisco Systems Inc USD 4,230 179,019ArcelorMittal EUR 4,916 177,069Zurich Insurance Group AG USD 521 170,624NIKE Inc USD 2,415 165,583Bayerische Motoren Werke AG USD 1,489 165,551



380


MaturityDate


CostUSD

BUYSOld Mutual Voyager Global Dynamic Equity Fund (UCITS) GBP 14,115,812 22,758,455United States Treasury Floating Rate Note 2.02 30/04/2019 USD 8,100,000 8,110,967Old Mutual Giobal Investors Series Plc - Old Mutual Europe(ex UK) Smaller Companies Fund (UCITS) GBP 307,830 8,096,316Goldman Sachs Funds PLC - US$ Liquid Reserves Fund(UCITS) USD 635 7,899,801BNY Mellon U.S. Equity Income Fund (UCITS) GBP 5,421,875 7,119,996Kreditanstalt fuer Wiederaufbau 1.38 14/05/2018 USD 5,000,000 4,995,250Old Mutual Henderson European Growth Fund (UCITS) GBP 2,503,390 4,994,441Old Mutual Global Investors Series Plc - Old Mutual GlobalEmerging Markets Fund (UCITS) GBP 195,143 4,674,470State of North Rhine-Westphalia Germany 2.38 22/05/2019 USD 4,100,000 4,101,952Schroder US Mid Cap Fund (UCITS) GBP 2,397,943 4,067,865Old Mutual Global Investors Series Plc - Old Mutual UKSpecialist Equity Fund (UCITS) GBP 241,222 4,042,938Skyline Umbrella Fund ICAV - Usonian Japan Value Fund(UCITS) GBP 222,270 3,046,033Wellington Management Funds Ireland PLC - WellingtonGlobal Credit Plus Fund (UCITS) USD 213,510 2,663,862Wells Fargo Lux Worldwide Fund - US High Yield Bond(UCITS) USD 12,483 2,486,429Old Mutual - JPM Emerging Markets Fund (UCITS) GBP 989,343 2,467,491Old Mutual Bond 3 Fund (UCITS) GBP 4,873,374 2,215,603Old Mutual Global Investors Series Plc - Old MutualEuropean Best Ideas Fund (UCITS) GBP 98,941 2,175,611European Investment Bank 1.75 15/05/2020 USD 2,185,000 2,156,661Kommunekredit 1.63 12/06/2020 USD 2,185,000 2,147,309Old Mutual Global Best Ideas Fund (UCITS) GBP 1,194,541 1,881,3563M Co USD 9,037 1,798,271Kroger Co USD 67,914 1,600,282Polar Capital Income Opportunities Fund (UCITS) GBP 782,341 1,597,925Industria de Diseno Textil SA USD 38,430 1,295,544



381


MaturityDate


ProceedsUSD

SELLSUnited States Treasury Floating Rate Note 2.03 30/04/2018 USD 8,600,000 8,600,000European Investment Bank 1.00 15/03/2018 USD 5,200,000 5,200,000Kreditanstalt fuer Wiederaufbau 1.38 14/05/2018 USD 5,000,000 5,000,000Schroder US Mid Cap Fund (UCITS) GBP 2,054,836 3,553,825Kroger Co USD 75,325 2,209,187Old Mutual Global Investors Series Plc - Old Mutual UKSpecialist Equity Fund (UCITS) GBP 104,133 1,947,391Caisse d'Amortissement de la Dette Sociale 1.25 12/03/2018 USD 1,410,000 1,410,000BNY Mellon U.S. Equity Income Fund (UCITS) GBP 830,488 1,198,033Walgreens Boots Alliance Inc USD 15,199 1,166,210Enagas SA USD 24,072 688,816JPMorgan Chase & Co USD 5,509 604,664Cisco Systems Inc USD 14,208 598,999United States Treasury Note/Bond 2.25 15/02/2027 USD 600,000 568,971NIKE Inc USD 8,236 563,810Vinci SA USD 4,644 484,779ArcelorMittal EUR 13,075 470,452Nordea 1 SICAV - European High Yield Bond Fund (UCITS) USD 29,826 457,535Zurich Insurance Group AG USD 1,386 457,327Bayerische Motoren Werke AG USD 3,976 442,642Ingenico Group SA USD 4,477 426,048



382


MaturityDate


CostUSD

BUYSGoldman Sachs Funds PLC - US$ Liquid Reserves Fund(UCITS) USD 146 1,815,481Old Mutual Giobal Investors Series Plc - Old MutualEurope (ex UK) Smaller Companies Fund (UCITS) GBP 57,664 1,509,101United States Treasury Floating Rate Note 2.02 30/04/2019 USD 1,400,000 1,401,896United States Treasury Bill 0.00 02/08/2018 USD 1,400,000 1,388,918Old Mutual Voyager Global Dynamic Equity Fund (UCITS) GBP 683,234 1,119,022Old Mutual Global Investors Series Plc - Old Mutual GlobalEmerging Markets Fund (UCITS) GBP 40,507 970,308Old Mutual Henderson European Growth Fund (UCITS) GBP 441,442 871,738Polar Capital Income Opportunities Fund (UCITS) GBP 392,159 802,641Old Mutual Global Investors Series Plc - Old Mutual GlobalEquity Income Fund (IRL) (UCITS) GBP 35,577 711,144State of North Rhine-Westphalia Germany 2.38 22/05/2019 USD 700,000 700,333Skyline Umbrella Fund ICAV - Usonian Japan Value Fund(UCITS) GBP 46,637 639,065Old Mutual Global Best Ideas Fund (UCITS) GBP 418,861 638,2023M Co USD 2,549 507,894Old Mutual - JPM Emerging Markets Fund (UCITS) GBP 201,261 501,954Baillie Gifford Investment Funds II ICVC - JapaneseIncome Growth Fund (UCITS) GBP 246,589 462,843Kroger Co USD 19,110 448,134Old Mutual Global Investors Series Plc - Old MutualEuropean Best Ideas Fund (UCITS) GBP 15,882 346,350Old Mutual Global Investors Series Plc - Old Mutual AsianEquity Fund (UCITS) GBP 17,319 319,101Hermes Asia Ex-Japan Equity Fund (UCITS) GBP 88,535 317,930Industria de Diseno Textil SA USD 8,121 275,630Walgreens Boots Alliance Inc USD 3,789 251,046Bayer AG USD 1,932 238,811Ingenico Group SA USD 2,025 188,289



383


MaturityDate


ProceedsUSD

SELLSGoldman Sachs Funds PLC - US$ Liquid Reserves Fund(UCITS) USD 271 3,378,126Schroder US Mid Cap Fund (UCITS) GBP 1,341,854 2,319,308Old Mutual Voyager Global Dynamic Equity Fund (UCITS) GBP 666,201 1,086,316United States Treasury Bill 0.00 02/08/2018 USD 900,000 897,117United States Treasury Floating Rate Note 2.03 30/04/2018 USD 800,000 800,000BNY Mellon U.S. Equity Income Fund (UCITS) GBP 495,116 707,599Kroger Co USD 21,331 626,023Old Mutual Global Investors Series Plc - Old MutualEuropean Best Ideas Fund (UCITS) GBP 22,100 482,025Old Mutual Global Investors Series Plc - Old Mutual GlobalEquity Income Fund (IRL) (UCITS) GBP 18,640 374,882Old Mutual Global Best Ideas Fund (UCITS) GBP 223,842 350,828Walgreens Boots Alliance Inc USD 4,322 331,963Old Mutual Global Investors Series Plc - Old Mutual AsianEquity Fund (UCITS) GBP 16,211 301,775Old Mutual Giobal Investors Series Plc - Old Mutual Europe(ex UK) Smaller Companies Fund (UCITS) GBP 11,993 286,213Enagas SA USD 6,888 197,099JPMorgan Chase & Co USD 1,575 172,960ArcelorMittal EUR 4,751 172,274Vinci SA USD 1,627 172,179Cisco Systems Inc USD 4,060 171,920Zurich Insurance Group AG USD 504 166,779NIKE Inc USD 2,417 165,745Bayerische Motoren Werke AG USD 1,416 160,453


SIGNIFICANT PURCHASES AND SALES – Old Mutual UK Specialist Equity Fund

384


MaturityDate


CostGBP

BUYSUnited Kingdom Treasury Bill 0.00 06/08/2018 GBP 47,000,000 46,962,931The Hut Group GBP 29,332 16,004,243Indivior PLC USD 3,236,673 13,897,919United Kingdom Treasury Bill 0.00 16/07/2018 GBP 12,800,000 12,782,791Ashtead Group PLC USD 471,658 10,306,195JTC PLC GBP 3,124,500 9,061,050SSP Group PLC USD 2,327,703 8,052,683Huntsworth PLC USD 7,693,605 7,287,555boohoo.com PLC USD 2,339,988 4,865,348Learning Technologies Group PLC USD 4,553,659 4,501,585Avast PLC GBP 1,722,906 4,307,265Workspace Group PLC GBP 373,099 4,146,4863i Group PLC USD 425,998 4,129,436Codemasters Group Holdings PLC GBP 1,823,069 4,068,439Electrocomponents PLC USD 582,588 3,907,183KAZ Minerals PLC USD 356,582 3,445,221GVC Holdings PLC USD 348,744 3,181,561Bodycote PLC USD 314,147 3,111,222Gym Group PLC USD 1,202,020 2,986,513HomeServe PLC USD 324,186 2,869,898Melrose Industries PLC USD 1,177,550 2,820,944Burford Capital Ltd USD 165,412 2,606,596Clinigen Group PLC USD 289,202 2,562,897Charter Court Financial Services Group PLC GBP 798,064 2,511,392IntegraFin Holdings PLC GBP 1,215,220 2,381,831Marshalls PLC USD 536,066 2,297,453Eddie Stobart Logistics PLC GBP 1,602,257 2,243,161Robert Walters PLC GBP 310,327 2,104,090


SIGNIFICANT PURCHASES AND SALES – Old Mutual UK Specialist Equity Fund (continued)

385



GBPSELLSMelrose Industries PLC USD 4,909,879 10,803,283Fevertree Drinks PLC USD 395,000 9,783,494Micro Focus International PLC USD 700,291 9,774,192SSP Group Ltd GBP 2,405,294 8,052,683Ascential PLC GBP 1,813,969 7,428,139Greencore Group PLC USD 3,514,154 6,944,040Johnson Service Group PLC USD 4,195,387 5,858,850St James's Place PLC USD 412,120 4,576,230JTC PLC GBP 1,562,250 4,530,525Conviviality PLC GBP 3,779,572 4,290,651Burford Capital Ltd USD 369,816 4,280,406Keywords Studios PLC USD 287,150 4,169,189Avast PLC GBP 1,722,906 4,137,477Pets at Home Group PLC USD 2,313,838 4,047,757GlobalData PLC GBP 675,229 3,954,256Biffa PLC USD 1,779,698 3,691,253Medica Group PLC GBP 2,783,938 3,647,687HomeServe PLC USD 443,575 3,645,584Clinigen Group PLC USD 288,101 3,159,471TP ICAP PLC USD 749,493 3,043,102CVS Group PLC USD 271,523 2,846,483Strix Group PLC GBP 2,016,000 2,776,710Auto Trader Group PLC USD 708,795 2,510,258Sanne Group PLC USD 375,764 2,487,943Footasylum PLC GBP 3,045,023 2,277,673FDM Group Holdings PLC USD 248,162 2,182,459Eco Animal Health Group PLC USD 358,340 2,036,396Restore PLC GBP 344,975 1,905,499Victoria PLC USD 211,113 1,855,317Purplebricks Group PLC USD 484,775 1,756,036Hotel Chocolat Group Ltd USD 499,987 1,693,967Blue Prism Group PLC USD 99,537 1,645,166


SIGNIFICANT PURCHASES AND SALES – Old Mutual Style Premia Absolute Return Fund

386


MaturityDate


CostUSD

BUYSUnited States Treasury Bill 0.00 09/08/2018 USD 22,000,000 21,954,185United States Treasury Bill 0.00 28/06/2018 USD 21,000,000 20,956,418United States Treasury Bill 0.00 29/03/2018 USD 19,000,000 18,970,212United States Treasury Bill 0.00 15/02/2018 USD 16,500,000 16,476,034United States Treasury Bill 0.00 22/02/2018 USD 16,000,000 15,976,480United States Treasury Bill 0.00 17/05/2018 USD 16,000,000 15,969,340United States Treasury Bill 0.00 21/06/2018 USD 16,000,000 15,968,771United States Treasury Bill 0.00 15/03/2018 USD 15,000,000 14,977,950United States Treasury Bill 0.00 05/04/2018 USD 15,000,000 14,974,450United States Treasury Bill 0.00 26/04/2018 USD 15,000,000 14,972,700United States Treasury Bill 0.00 10/05/2018 USD 14,000,000 13,973,565United States Treasury Bill 0.00 22/03/2018 USD 12,000,000 11,980,862United States Treasury Bill 0.00 03/05/2018 USD 12,000,000 11,976,480United States Treasury Bill 0.00 14/06/2018 USD 8,000,000 7,984,693Under Armour Inc USD 529,000 7,934,704United States Steel Corp USD 219,000 7,897,732United States Treasury Bill 0.00 19/07/2018 USD 7,500,000 7,484,174Cenovus Energy Inc USD 767,700 7,405,878Knight-Swift Transportation Holdings Inc USD 172,500 7,374,600Albemarle Corp USD 70,500 7,028,133


SIGNIFICANT PURCHASES AND SALES – Old Mutual Style Premia Absolute Return Fund (continued)

387


MaturityDate


ProceedsUSD

SELLSUnited States Treasury Bill 0.00 28/06/2018 USD 21,000,000 20,990,045United States Treasury Bill 0.00 29/03/2018 USD 19,000,000 18,996,480United States Treasury Bill 0.00 15/02/2018 USD 16,500,000 16,500,000United States Treasury Bill 0.00 04/01/2018 USD 16,500,000 16,500,000United States Treasury Bill 0.00 11/01/2018 USD 16,000,000 16,000,000United States Treasury Bill 0.00 22/02/2018 USD 16,000,000 16,000,000United States Treasury Bill 0.00 17/05/2018 USD 16,000,000 15,995,632United States Treasury Bill 0.00 21/06/2018 USD 16,000,000 15,993,188United States Treasury Bill 0.00 01/02/2018 USD 15,000,000 15,000,000United States Treasury Bill 0.00 05/04/2018 USD 15,000,000 15,000,000United States Treasury Bill 0.00 15/03/2018 USD 15,000,000 14,999,770United States Treasury Bill 0.00 26/04/2018 USD 15,000,000 14,998,246United States Treasury Bill 0.00 10/05/2018 USD 14,000,000 14,000,000United States Treasury Bill 0.00 22/03/2018 USD 12,000,000 12,000,000United States Treasury Bill 0.00 03/05/2018 USD 12,000,000 11,999,183United States Treasury Bill 0.00 08/02/2018 USD 10,000,000 10,000,000United States Treasury Bill 0.00 18/01/2018 USD 8,500,000 8,500,000Under Armour Inc USD 561,600 8,456,074United States Steel Corp USD 231,900 8,246,281United States Treasury Bill 0.00 14/06/2018 USD 8,000,000 7,999,646


SIGNIFICANT PURCHASES AND SALES – Old Mutual Financials Contingent Capital Fund

388


MaturityDate


CostUSD

BUYSBanco Santander SA 4.75 19/07/2066 EUR 9,000,000 11,133,069BAWAG Group AG 5.00 14/11/2066 EUR 8,800,000 10,887,360HSBC Holdings PLC 6.25 23/09/2066 USD 8,000,000 8,000,000CaixaBank SA 5.25 23/07/2066 EUR 6,000,000 7,431,000Ibercaja Banco SA 7.00 06/07/2066 EUR 5,000,000 6,199,000UBS Group Funding Switzerland AG 5.00 31/01/2067 USD 6,000,000 6,000,000Danske Bank A/S 7.00 26/12/2066 USD 6,000,000 6,000,000Nationwide Building Society 0.25 29/06/2049 GBP 25,000 5,675,810UniCredit SpA 6.63 03/12/2066 EUR 4,100,000 5,445,765KBC Group NV 4.25 24/10/2066 EUR 4,000,000 4,949,000Metro Bank PLC 5.50 26/06/2028 GBP 3,400,000 4,505,680Intesa Sanpaolo SpA 7.75 29/07/2049 EUR 2,900,000 4,481,658Deutsche Pfandbriefbank AG 5.75 28/04/2066 EUR 3,600,000 4,441,500Oaknorth Bank PLC 7.75 01/06/2028 GBP 3,000,000 3,961,865IKB Deutsche Industriebank AG 4.00 31/01/2028 EUR 3,000,000 3,676,200Banco de Sabadell SA 6.50 18/08/2065 EUR 2,400,000 3,205,417UniCredit SpA 8.00 03/04/2049 USD 2,600,000 2,554,500Banco Santander SA 5.25 29/12/2065 EUR 1,800,000 2,404,306UniCredit SpA 5.38 03/06/2066 EUR 1,800,000 2,269,028Virgin Money Holdings UK PLC 8.75 10/11/2021 GBP 1,400,000 2,087,803CYBG PLC 8.00 29/12/2049 GBP 1,200,000 1,758,272CNP Assurances 4.75 27/12/2066 EUR 1,500,000 1,734,375Belfius Bank SA/NV 3.63 16/04/2066 EUR 1,200,000 1,488,900Bankia SA 6.00 18/07/2022 EUR 1,000,000 1,350,432


389


MaturityDate


ProceedsUSD

SELLSHSBC Holdings PLC 4.75 04/07/2029 EUR 6,600,000 8,330,624Credit Suisse Group AG 7.50 11/12/2023 USD 5,800,000 6,454,305Coventry Building Society 6.38 01/11/2019 GBP 3,600,000 5,532,680Nationwide Building Society 6.88 11/03/2049 GBP 3,460,000 5,160,336HSBC Holdings PLC 6.00 22/11/2065 USD 4,600,000 4,553,000Bankinter SA 8.63 10/05/2021 EUR 3,000,000 4,390,285Direct Line Insurance Group PLC 4.75 07/06/2066 GBP 3,400,000 4,169,269Standard Chartered PLC 7.75 29/12/2049 USD 3,000,000 3,356,000UBS Group Funding Switzerland AG 6.88 29/12/2049 USD 3,000,000 3,290,938Credit Suisse Group AG 7.13 29/07/2022 USD 3,000,000 3,204,563Ibercaja Banco SA 7.00 06/07/2066 EUR 2,200,000 2,718,172Banco Santander SA 5.25 29/12/2065 EUR 2,000,000 2,653,679KBC Group NV 4.25 24/10/2066 EUR 2,000,000 2,474,500BNP Paribas SA 7.38 19/02/2066 USD 2,200,000 2,393,493Bankia SA 6.00 18/07/2022 EUR 1,800,000 2,366,991ING Groep NV 6.50 29/12/2049 USD 2,000,000 2,082,767Danske Bank A/S 5.88 06/10/2065 EUR 1,400,000 2,036,720ASR Nederland NV 4.63 19/04/2066 EUR 1,500,000 2,004,120UniCredit SpA 6.75 29/09/2049 EUR 1,400,000 1,866,450DNB Bank ASA 6.50 26/03/2022 USD 1,400,000 1,584,765UBS Group Funding Switzerland AG 7.00 19/02/2025 USD 1,400,000 1,527,944Lloyds Banking Group PLC 7.63 27/06/2023 GBP 1,000,000 1,498,424Banco de Sabadell SA 6.50 18/08/2065 EUR 1,200,000 1,478,146Pension Insurance Corp PLC 8.00 23/11/2026 GBP 800,000 1,465,315CaixaBank SA 6.75 13/09/2065 EUR 1,000,000 1,427,735


390

TOTAL EXPENSE RATIOS – SWISS INVESTORS SECTION


The Total Expense Ratio measures the total costs associated with managing and operating each Sub-Fund. These costs consistprimarily of Investment Management Fees and additional expenses such as legal fees, auditor fees and other operational expenses.This disclosure is a requirement for Sub-Funds approved for public distribution in Switzerland.

The total expense ratios of the Sub-Funds for the financial period from 1 January 2018 to 30 June 2018 are as follows:

ExcludingPerformance

Fees

IncludingPerformance

FeesSub-Fund Share Class TER TEROld Mutual China Equity Fund Class A (USD) 1.96% 1.96%

Class B (USD) 3.03% 3.03%Class C (USD) 3.52% 3.52%Class C2 (USD) 2.99% 2.99%Class S (GBP) 1.45% 1.45%Class U1 (GBP) 1.17% 1.17%

Old Mutual Global Strategic Bond Fund (IRL) Class A (EUR) Hedged 1.47% 1.47%


Class A (USD) 1.58% 1.58%


Class B (USD) 2.52% 2.52%


Class C (USD) 3.17% 3.17%



Old Mutual World Equity Fund Class A (EUR) 1.66% 1.66%


Class A (USD) 1.68% 1.68%

Class B (USD) 2.80% 2.80%

Class C (USD) 3.17% 3.17%

Class C2 (USD) 2.73% 2.73%

Class D1 (USD) 1.66% 1.66%

Class D2 (USD) 1.09% 1.09%

Class I (EUR) 0.90% 0.90%

Class I (USD) 0.92% 0.92%

Class S (GBP) 1.05% 1.05%

Class U1 (GBP) 0.85% 0.85%

Old Mutual Pacific Equity Fund Class A (EUR) 1.89% 1.89%

Class A (USD) 1.89% 1.89%

Class B (USD) 2.96% 2.96%

Class C (USD) 3.41% 3.41%

Class C2 (USD) 2.94% 2.94%

Class I (USD) 1.12% 1.12%

Class R (GBP) 1.16% 1.16%

Class S (GBP) 1.17% 1.17%

Class U1 (GBP) 1.11% 1.11%

Old Mutual European Equity Fund Class A (EUR) 1.89% 1.89%

Class A (USD) 1.92% 1.92%

Class B (USD) 3.19% 3.19%

Class C (USD) 3.44% 3.44%

Class S (GBP) 1.14% 1.14%

Class U1 (GBP) 1.18% 1.18%

Old Mutual Japanese Equity Fund^ Class A (EUR) Hedged** 2.01%

Class A (GBP)**

Class A (JPY)** 2.08% 2.08%

Class A (USD)** 2.07% 2.07%

Class A (USD) Hedged**

Class B (USD)** 3.36% 3.36%

Class C (USD)** 3.72% 3.72%

Class R (GBP** 1.32% 1.32%


391

TOTAL EXPENSE RATIOS (continued) – SWISS INVESTORS SECTION (continued)



Fees


FeesSub-Fund Share Class TER TEROld Mutual Japanese Equity Fund^ (continued) Class S (GBP)** 1.50% 1.50%

Class U1 (GBP)** 1.16% 1.16%

Class U2 (GBP)**

Old Mutual US Equity Income Fund Class A (EUR) 1.66% 1.66%


Class A (GBP) 1.66% 1.66%

Class A (USD) 1.66% 1.66%


Class B (USD) 2.75% 2.75%


Class C (USD) 3.20% 3.20%


Class C2 (USD) Income 2.79% 2.79%

Class I (EUR) Income 0.91% 0.91%

Class I (USD) 0.91% 0.91%


Class R (GBP) 0.92% 0.92%


Class S (GBP) 1.18% 1.18%

Class U1 (GBP) 0.83% 0.83%


Class U2 (GBP) 0.77% 0.77%


Old Mutual North American Equity Fund Class A (EUR) 1.60% 1.60%

Class A (USD) 1.61% 1.61%

Class B (USD) 2.64% 2.64%

Class C (USD) 3.11% 3.11%

Class C2 (USD) 2.82% 2.82%

Class I (EUR) 0.86% 0.86%

Class I (USD) 0.85% 0.85%

Class N (USD)* 2.64% 2.64%

Class P2 (GBP) Income 0.29% 0.29%

Class P2 (USD) 0.29% 0.29%

Class P2 (USD) Income 0.29% 0.29%

Class R (GBP) 0.86% 0.86%


Class S (GBP) 1.07% 1.07%

Class U1 (GBP) 0.78% 0.78%

Class U2 (EUR)** 0.87% 0.87%

Class U2 (GBP) 0.73% 0.73%

Old Mutual Total Return USD Bond Fund Class A (AUD) Hedged 1.47% 1.47%

Class A (EUR) 1.31% 1.31%



Class A (USD) 1.31% 1.31%



Class B (USD) 2.34% 2.34%


Class C (USD) 2.77% 2.77%






392




Fees


FeesSub-Fund Share Class TER TEROld Mutual Total Return USD Bond Fund (continued) Class I (USD) 0.80% 0.80%

Old Mutual Emerging Market Debt Fund Class A (EUR) 1.81% 1.81%




Class A (SGD) Hedged Income 1.81% 1.81%

Class A (USD) 1.79% 1.79%



Class A (ZAR) Hedged Income (F)* 1.82% 1.82%

Class B (USD) 2.83% 2.83%


Class C (USD) 3.37% 3.37%


Class C2 (USD) Income (F)* 2.82% 2.82%

Class C2 (ZAR) Hedged Income (F)* 2.82% 2.82%

Class I (USD) 1.04% 1.04%



Class U2 (GBP)** 1.07% 1.07%

Old Mutual European Best Ideas Fund Class A (EUR) 2.37% 2.37%

Class A (GBP) 2.36% 2.36%


Class A (USD) 2.38% 2.38%


Class C (USD) 4.01% 4.01%

Class C2 (USD) Hedged 3.43% 3.43%

Class I (EUR) 1.51% 1.51%

Class U1 (GBP) 1.46% 1.46%

Class U2 (GBP) 1.50% 1.50%


Old Mutual Investment Grade Corporate Bond Fund Class A (GBP) Hedged Income 1.45% 1.45%


Class A (USD) 1.47% 1.47%


Class C (USD) 3.05% 3.05%

Class I (USD)* 1.28% 1.28%

Class S (GBP) Hedged Income 1.30% 1.30%

Class U1 (GBP) Hedged Income 1.08% 1.08%


Old Mutual Global Emerging Markets Fund Class A (EUR) 1.70% 1.70%

Class A (GBP) 1.73% 1.73%

Class A (USD) 1.70% 1.70%

Class B (USD) 2.72% 2.72%

Class C (USD) 3.35% 3.35%

Class C2 (USD) 2.73% 2.73%

Class I (USD) 0.96% 0.96%

Class R (GBP) 0.95% 0.95%

Class S (GBP) 1.19% 1.19%

Class U1 (GBP) 0.87% 0.87%

Class U2 (GBP) 0.80% 0.80%

Class W (GBP)*/** 0.86% 0.86%

Old Mutual Asian Equity Income Fund Class A (EUR) 1.66% 1.66%

Class A (GBP) 1.68% 1.68%



393




Fees


FeesSub-Fund Share Class TER TEROld Mutual Asian Equity Income Fund (continued) Class A (USD) 1.69% 1.69%


Class B (USD) 2.67% 2.67%

Class C (USD) 3.44% 3.44%


Class I (EUR) 0.96% 0.96%

Class I (USD) 0.90% 0.90%

Class R (GBP) 0.97% 0.97%

Class U1 (GBP) 0.93% 0.93%



Old Mutual Local Currency Emerging Market Debt Class A (AUD) Hedged Income (F) 2.08% 2.08%

Fund Class A (EUR) 2.00% 2.00%


Class A (USD) 1.99% 1.99%


Class A (USD) Income (F) 1.97% 1.97%


Class B (AUD) Hedged Income (F)* 3.03% 3.03%


Class B (ZAR) Hedged Income (F)* 3.03% 3.03%

Class C (USD) 3.43% 3.43%





Class I (USD) 1.10% 1.10%


Class U2 (GBP) 0.96% 0.96%


Class W (GBP)*/** 1.00% 1.00%

Old Mutual UK Alpha Fund (IRL) Class A (EUR) 1.39% 1.39%


Class A (GBP) 1.63% 1.63%


Class A (USD) 1.72% 1.72%



Class F (GBP) 0.75% 0.75%

Class I (EUR) 1.12% 1.12%

Class I (USD) 0.66% 0.66%


Class R (GBP) 1.01% 1.01%


Class U1 (EUR) 0.81% 0.81%

Class U1 (GBP) 0.92% 0.92%


Class U1 (USD) 0.86% 0.86%

Class U2 (EUR)** 1.05% 1.05%

Class U2 (GBP) 0.84% 0.84%


Class U2 (USD) 0.84% 0.84%

Old Mutual UK Smaller Companies Focus Fund Class A (GBP) Income 1.59% 2.68%




394




Fees


FeesSub-Fund Share Class TER TEROld Mutual UK Dynamic Equity Fund Class A (GBP) Income 1.57% 2.18%



Old Mutual Global Equity Absolute Return Fund Class A (CHF) Hedged 1.58% 1.58%



Class A (RMB) Hedged 1.59% 2.96%


Class A (USD) 1.56% 2.74%

Class A2 (CHF) Hedged 1.60% 2.29%

Class C (USD) 3.05% 3.86%

Class I (CHF) Hedged 0.84% 1.89%


Class I (SEK) Hedged 0.84% 2.24%

Class I (USD) 0.81% 2.15%




Class W (GBP) Hedged*/** 0.84% 0.84%

Old Mutual Strategic Absolute Return Bond Fund^^^ Class A (EUR) Hedged* 1.30% 1.30%

Class F1 (USD) 0.46% 0.46%


Class F2 (GBP) Hedged Income 0.66% 0.66%

Class I (USD)* 0.80% 0.80%

Class R (GBP) Hedged* 0.80% 0.80%



Old Mutual Pan African Fund^^ Class A (GBP)**

Class R (GBP)**

Class U1 (GBP)**

Class U3 (USD) Hybrid**

Old Mutual Monthly Income High Yield Bond Fund Class A (EUR) Hedged** 0.91% 0.91%

Class A (GBP) 1.41% 1.41%

Class A (USD) 1.48% 1.48%


Class C (USD) 3.02% 3.02%


Class I (USD) 0.91% 0.91%

Class U1 (GBP) 1.06% 1.06%



Class X (GBP) Hedged Income 0.29% 0.29%

Old Mutual Europe (ex UK) Smaller Companies Fund Class A (EUR) 1.63% 1.63%

Class A (GBP) 1.62% 1.62%

Class A (USD) 1.61% 1.61%


Class C (USD) Hedged 3.13% 3.13%

Class I (EUR) 0.85% 0.85%

Class I (USD) 0.88% 0.88%


Class R (GBP) 0.86% 0.86%



Class U1 (EUR) Income 0.77% 0.77%

Class U1 (GBP) 0.78% 0.78%


395




Fees


FeesSub-Fund Share Class TER TEROld Mutual Europe (ex UK) Smaller Companies Fund Class U1 (GBP) Hedged 0.80% 0.80%

(continued) Class U1 (GBP) Income 0.77% 0.77%

Class U1 (USD) 0.75% 0.75%

Class U2 (GBP) 0.70% 0.70%

Class W (GBP)*/** 0.73% 0.73%

Old Mutual Global Equity Income Fund (IRL) Class A (GBP) 1.71% 1.71%



Class I (EUR) 0.90% 0.90%


Class R (GBP) 1.06% 1.06%


Old Mutual Gold & Silver Fund Class A (EUR) 1.76% 1.76%

Class A (GBP) 1.74% 1.74%

Class A (USD) 1.71% 1.71%

Class C (USD) 3.24% 3.24%

Class I (EUR) 0.95% 0.95%

Class I (USD) 0.95% 0.95%

Class R (GBP) 0.96% 0.96%

Class U1 (GBP) 0.88% 0.88%

Class U2 (GBP) 0.79% 0.79%

Old Mutual Compass Portfolio 2 Class A (AUD) Hedged 2.18% 2.18%




Class A (USD) 2.12% 2.12%





Class A (USD) 1.80% 1.80%

Class N (GBP) Hedged 2.10% 2.10%

Class N (SGD) Hedged 2.10% 2.10%





Class A (USD) 1.78% 1.78%

Class N (GBP) Hedged 2.06% 2.06%

Class N (SGD) Hedged 2.06% 2.06%





Class A (USD) 1.90% 1.90%

Old Mutual UK Specialist Equity Fund Class A (EUR) Hedged 1.61% 3.58%

Class A (GBP) 1.58% 3.18%


Class F (EUR) Hedged 0.85% 2.61%

Class F (GBP) 0.82% 2.58%

Class F (USD) Hedged 0.85% 2.68%



Class R (GBP) 1.08% 2.64%

Class X (GBP) 0.08% 0.08%


396




Fees


FeesSub-Fund Share Class TER TEROld Mutual Style Premia Absolute Return Fund Class F (GBP) Hedged 0.80% 0.80%

Class F (USD) 0.77% 0.77%


Class F2 (USD) 0.36% 0.36%

Class I (USD) 1.37% 1.37%


Old Mutual Financials Contingent Capital Fund Class A (USD) 1.67% 1.67%


Class C (USD) 3.15% 3.15%

Class F (GBP) Hedged Income 0.55% 0.55%

Class F (USD) Income 0.57% 0.57%



* Annualised TER for class that launched during the financial period.** Share class redeemed during the financial period.

It is industry practice that for on-going charges published in the KII Documents, that a 5% change of the on-going charge publishedfigure is regarded as the materiality threshold to trigger a KII Document update.


SUB-FUND PERFORMANCE – SWISS INVESTORS SECTION


397

The information above has been derived from sources believed to be accurate as of 30 June 2018. It contains general information onlyon 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. These performance data do not take account of the commissionsand costs incurred on the issue and redemption of Shares.

BaseCurrency

30 June2018* 2017** 2016**

3 FinancialYears

2015-30 June2018**

Old Mutual China Equity Fund USD - 43.07% 2.51% 10.96%MSCI Zhong Hua 10/40 Index (1.97%) 48.08% 1.44% 12.29%Old Mutual Global Strategic Bond Fund (IRL) USD (3.64%) 6.88% (2.07%) 0.04%JPM GBI Global Traded Bond Index (0.93%) 6.83% 1.57% 1.86%Old Mutual World Equity Fund USD 1.94% 24.30% 7.75% 11.07%MSCI World Index 0.43% 22.40% 7.51% 9.26%Old Mutual Pacific Equity Fund USD (12.19%) 36.05% 8.62% 8.90%MSCI AC Asia Pac ex Japan (4.16%) 36.98% 6.75% 9.84%Old Mutual European Equity Fund EUR (8.39%) 8.56% (6.27%) 2.92%MSCI Europe (3.23%) 10.24% 2.58% 6.69%Old Mutual Japanese Equity Fund^ JPY - 19.80% (2.50%) 10.96%TOPIX (3.67%) 22.23% (0.64%) 13.50%Old Mutual US Equity Income Fund USD 2.83% 10.82% 13.18% 5.75%Russell 1000 Value (1.69%) 13.66% 17.34% 8.65%Old Mutual North American Equity Fund USD 2.17% 21.10% 13.64% 11.36%MSCI North America 2.30% 20.89% 11.57% 10.15%Old Mutual Total Return USD Bond Fund USD (4.23%) 4.18% 3.39% 2.51%Barclays Capital US Aggregate Bond Index (1.62%) 3.54% 2.65% 2.24%Old Mutual Emerging Market Debt Fund USD (7.34%) 10.94% 11.05% 6.41%JP Morgan EMBI Global Diversified (5.23%) 10.26% 10.15% 7.11%Old Mutual European Best Ideas Fund EUR (3.16%) 12.23% (5.79%) 7.22%MSCI Europe (3.23%) 10.24% 2.58% 6.69%Old Mutual Investment Grade Corporate Bond Fund USD - 6.03% 3.81% 2.74%Barclays Capital Global Aggregate Credit (1.85%) 5.70% 6.22% 3.85%

Corporate Bond (USD Hedged)Old Mutual Global Emerging Markets Fund USD (8.68%) 39.29% 3.53% 8.35%MSCI Emerging Markets (6.66%) 37.28% 11.19% 9.10%Old Mutual Asian Equity Income Fund USD (10.61%) 35.38% 8.81% 8.28%MSCI AC Asia Pacific ex Japan (4.16%) 36.98% 6.75% 9.84%Old Mutual Local Currency Emerging Market DebtFund

USD(8.47%) 15.30% 6.87%

1.53%

JPM GBI-EM Global Diversified (6.44%) 15.21% 9.94% 2.53%Old Mutual UK Alpha Fund (IRL) GBP (1.04%) 14.03% 13.50% 7.99%FTSE All Share (0.75%) 13.10% 16.75% 10.06%Old Mutual UK Smaller Companies Focus Fund GBP 1.75% 50.77% 23.94% 31.78%NUMIS Smaller Companies Index (3.54%) 19.50% 11.08% 13.66%Old Mutual UK Dynamic Equity Fund GBP (0.96%) 32.39% 10.45% 21.78%FTSE 250 Index Excluding Investments Trusts (0.51%) 18.24% 5.08% 11.65%Old Mutual Global Equity Absolute Return Fund USD 1.13% 7.96% 2.90% 5.02%ICE LIBOR 1 Month USD 0.87% 1.06% 0.48% 0.57%Old Mutual Strategic Absolute Return Bond Fund^^^ USD (0.84%) 3.67% 4.27% 0.87%JPM GBI Global Unhedged in USD (0.93%) 6.83% 1.57% 1.86%Old Mutual Global Equity Income Fund (IRL) USD (1.69%) 10.27% 9.72% 0.00%

MSCI ACWI Index (0.43%) 23.97% 7.86% 9.29%


SUB-FUND PERFORMANCE – SWISS INVESTORS SECTION (continued)


398

BaseCurrency

30 June2018* 2017** 2016**

3 FinancialYears

2015-30 June2018**

Old Mutual Gold and Silver USD (9%) 11.52% 15.97% -

Gold Spot Rate (9.08%) -

UK Specialist Equity UCITS Fund GBP (2.79%) 15.82% 8.94% -

SONIA 0.23% 0.25% 0.21% -


NoneOld Mutual Compass 3 USD - 3.97% 1.40% -

NoneOld Mutual Compass 4 USD (3.44%) 6.01% 2.62% -

NoneOld Mutual Compass 5 USD (3.67%) 8.32% 2.79% -

None

* Calculated as performance information for the financial period ended 30 June 2018.** Calculated as performance information for the calendar financial period. Performance figures refer to Class A1 Shares showingthe annual average performance and are sourced from Morningstar.


SIGNIFICANT EVENTS DURING THE FINANCIAL PERIOD

399

1. Sub-Fund Closure

Old Mutual Japanese Equity Fund closed on 26 January 2018.

Old Mutual Pan African Fund closed on 28 February 2018.

2. Share Class rename and launches\deactivations

With effect from 16 February 2018 Old Mutual Strategic Absolute Return Bond Fund^^^ re-named the following share classes:

Previous Name New NameClass I (USD) Accumulation Class F1 (USD) AccumulationClass R (GBP) Hedged Accumulation Class F2 (GBP) Hedged AccumulationClass R (GBP) Hedged Income Class F2 (GBP) Hedged Income

The following share classes were launched during the period:

Date Sub-Fund Share Class name15 February 2018 Old Mutual Financials Contingent Capital Fund Class I (EUR) Hedged Accumulation

Class A (EUR) Hedged Accumulation16 February 2018 Old Mutual Strategic Absolute Return Bond Fund^^^ Class R (GBP) Accumulation

Class R (GBP) Income

Class I (USD) Accumulation

01 March 2018 Old Mutual Emerging Market Debt Fund Class A (ZAR) Hedged IncomeClass C2 (ZAR) Hedged Income

Old Mutual Global Emerging Markets Fund Class W (GBP) Accumulation

Old Mutual Local Currency Emerging Market Debt Fund Class W (GBP) AccumulationOld Mutual Global Equity Absolute Return Fund Class W (GBP) AccumulationOld Mutual Europe (ex UK) Smaller Companies Fund Class W (GBP) Accumulation

Old Mutual Global Equity Income Fund (IRL) Class A (USD) AccumulationClass C (USD) AccumulationClass I (USD) Accumulation

Old Mutual Financials Contingent Capital Fund Class R (GBP) Hedged Income06 April 2018 Old Mutual Emerging Market Debt Fund Class A (USD) Income (F)

Class C2 (USD) Income (F)

Old Mutual Strategic Absolute Return Bond Fund^^^ Class A (EUR) Hedged AccumulationClass I (CHF) Hedged AccumulationClass I (USD) Accumulation

Class R (GBP) Hedged AccumulationClass U1 (GBP) Hedged AccumulationClass U2 (GBP) Hedged Accumulation

Old Mutual Financials Contingent Capital Fund Class I (EUR) Hedged Income15 May 2018 Old Mutual North American Equity Fund Class P2 (EUR) Hedged Accumulation31 May 2018 Old Mutual Europe (ex UK) Smaller Companies Fund Class U2 (EUR) Accumulation

The following share classes were deactivated during the period:

Date Sub-Fund Name Share Class name01 February 2018 Old Mutual Monthly Income High Yield Bond Fund Class A (EUR) Hedged Accumulation31 May 2018 Old Mutual UK Alpha Fund (IRL) Class U2 (EUR) Accumulation15 June 2018 Old Mutual Emerging Market Debt Fund Class U2 (GBP) Accumulation19 June 2018 Old Mutual North American Equity Fund Class U2 (EUR) Accumulation


SIGNIFICANT EVENTS DURING THE FINANCIAL PERIOD (continued)

400

3. Investment Adviser Changee

With effect from 23 March 2018 the Investment Adviser on the Old Mutual China Equity Fund changed from Old MutualGlobal Investors (Asia Pacific) Limited to Ping An of China Asset Management (Hong Kong) Company Limited.

With effect from 18 May 2018 the Investment Adviser on the Old Mutual Pacific Equity Fund and the Old Mutual Asian EquityIncome Fund changed from Old Mutual Global Investors (Asia Pacific) Limited to Old Mutual Global Investors (UK) Limited.

With effect from 15 June 2018 the Investment Adviser on the following Sub-Funds changed from Old Mutual Global Investors(UK) Limited to Old Mutual Investment Management Limited:






Old Mutual Investment Management Limited changed its name to Quilter Investors Limited on 29 June 2018.

4. Initial Charge

With effect from 16 February 2018 the Initial Charge for Share Class A, which was set at a maximum of 6.25% reduced to amaximum of 5.00% of the Net Asset Value per share for all Sub-Funds.

5. Change of Definition of Business Day

Old Mutual Pacific Equity Fund and Old Mutual Asian Equity Income fund the definition of Business Day in respect of theFund has changed from a day (excluding Saturdays, Sundays and public holidays) on which retail banks are open for businessin Dublin, London and Hong Kong. The amendment is to remove Hong Kong from the definition. This change is made becausethe Fund will now be managed by OMGI UK which is based in London, and generally will result in an increase in the numberof Dealing Days of the Fund.

6. Old Mutual Reorganisation

In early 2016, Old Mutual plc announced the proposed separation of its four underlying business units, one of which wasQuilter plc (formerly Old Mutual Wealth Management Limited) and its subsidiaries (the “Managed Separation”). In addition,Old Mutual Global Investors, which previously consisted of two distinct business lines, a Single-Strategy Business and a Multi-Asset Business, announced that it would be split into two separate and distinct businesses and Quilter plc agreed to sell theentire Single-Strategy Business resulting in Quilter plc ceasing to be the ultimate controlling shareholder of OMGI UK.Members of the management that currently run the Single-Strategy Business and certain funds managed by TA Associates, aglobal private equity firm became the ultimate controlling shareholder of OMGI UK.The Managed Separation was completedon 25th June, 2018, and the sale of the Single Strategy Business was completed on 29th June, 2018.

7. Director Resignation

On 29 June 2018 Paul Simpson resigned as Director.


SUPPLEMENTARY INFORMATION

Cybersecurity Risk

401

Cybersecurity breaches may occur allowing an unauthorized party to gain access to assets of the Sub-Funds, Shareholder data, orproprietary information, or may cause the Company, the Investment Manager, the Distributor, the Administrator or the Depositary tosuffer data corruption or lose operational functionality.

The Sub-Funds may be affected by intentional cybersecurity breaches which include unauthorized access to systems, networks, ordevices (such as through “hacking” activity); infection from computer viruses or other malicious software code; and attacks that shutdown, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. In addition, unintentionalincidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacylaws).

Notwithstanding the existence of policies and procedures designed to detect and prevent such breaches and ensure the security, integrityand confidentiality of such information as well as the existence of business continuity and disaster recovery measures designed tomitigate any such breach or disruption at the level of the Company and its delegates, such a cybersecurity breach could result in the lossor theft of Shareholder data or Sub-Funds, the inability to access electronic systems, loss or theft of proprietary information or corporatedata, physical damage to a computer or network system, or costs associated with system repairs.

Such incidents could cause the Company, the Investment Manager, the Distributor, the Administrator, the Depositary, or other serviceproviders to incur regulatory penalties, reputational damage, additional compliance costs, or financial loss. Consequently, Shareholdersmay lose some or all of their invested capital. In addition, such incidents could affect issuers in which a Sub-Fund invests, and therebycause a Sub-Fund’s investments to lose value, as a result of which investors, including the relevant Sub-Fund and its Shareholders,could potentially lose all or a portion of their investment with that issuer.

Soft Commission Arrangements

Some Investment Advisers did enter into soft commission arrangements (including commission-sharing arrangements) on behalf of theCompany for the financial period ended 30 June 2018 and 30 June 2017. Where these arrangements have been entered into it has beenconfirmed that the Sub-Funds’ Shareholders have not been disadvantaged as a result of the arrangements and that best execution hasbeen provided in all cases. Also it has been confirmed that the benefits provided under the arrangements have assisted in the provisionof investment services to the Sub-Funds’ concerned. The benefits received were either with regard to covering costs relating to executionof trades or the purchase of research services from the brokers or third parties. The following Sub-Funds used soft commissionarrangements;

Old Mutual China Equity FundOld Mutual Pacific Equity FundOld Mutual Asian Equity Income Fund


SUPPLEMENTARY INFORMATION (continued)

Exchange Rates

402

The USD exchange rates used in this report are as follows:

30 June 2018 31 December 2017Argentina Peso 28.0599 18.8249Australian Dollar 1.3566 1.2785Botswana Pula 10.3950 9.8280Brazilian Real 3.8628 3.3171Canadian Dollar 1.3252 1.2530CFA Franc BCEAO 561.8230 546.2660Chilean Peso 649.3506 615.0062Chinese Renminbi 6.6253 6.5120Colombian Peso 2,949.8525 2,985.0746Czech Krone 22.3314 21.2599Danish Krone 6.4025 6.2004Dominican Rep. Peso 49.6352 48.3957Egyptian Pound 17.8900 17.7800Euro 0.8591 0.8328Hong Kong delivered Chinese Yuan 6.6277 6.5121Hong Kong Dollar 7.8463 7.8173Hungarian Forint 282.9700 258.3318Indian Rupee 68.5166 63.8284Indonesian Rupiah 14,330.7500 13,566.6802Israeli Shekel 3.6603 3.4717Japanese Yen 110.6200 112.6500Kazakhstan Tenge 341.3600 332.7101Kenyan Shilling 101.0509 103.2525Malaysian Ringgit 4.0395 4.0470Mauritius Rupee 34.6344 33.7998Mexican Peso 19.7266 19.5656Moroccan Dirham 9.4863 9.3466New Ghana Cedi 4.7800 4.5225New Turkish Lira 4.5868 3.7916New Zealand Dollar 1.4799 1.4061Nigerian Naira 361.5329 359.9712Norwegian Krone 8.1573 8.1794Pakistani Rupee 121.4477 110.3509Peruvian Nuevo Sol 3.2765 3.2405Philippine Peso 53.3675 49.9201Polish Zloty 3.7552 3.4748Pound Sterling 0.7611 0.7392Romanian Leu 4.0034 3.8880Russian Ruble 62.8062 57.5705Serbian Dinar 101.3300 98.4800Singapore Dollar 1.3645 1.3364South African Rand 13.8024 12.3801South Korean Won 1,114.5041 1,070.5492Sri Lankan Rupee 158.3030 153.4919Swedish Krona 8.9713 8.1875Swiss Franc 0.9936 0.9745Taiwan Dollar 30.4887 29.7584Thai Baht 33.1301 32.5903Tunisian Dinar 2.6142 2.4971Ugandan Shilling 3,880.0300 3,644.9790United Arabs Emirates Dirham 3.6731 3.6728Uruguayan Peso 31.3254 28.7704Vietnamese Dong 22,956.8400 22,706.6303Zambian Kwacha 9.9600 9.9750



Exchange Rates (continued)

403

The EUR exchange rates used in this report are as follows:

30 June 2018 31 December 2017

Danish Krone 7.4526 7.4454Norwegian Krone 9.4952 9.8218Pound Sterling 0.8859 0.8877Swedish Krona 10.4427 9.8316Swiss Franc 1.1566 1.1702United States Dollar 1.1640 1.2008

The GBP exchange rates used in this report are as follows:


Euro 1.1288 1.1265United States Dollar 1.3139 1.3528

The JPY exchange rates used in this report are as follows:


Euro 0.0078 0.0074Pound Sterling 0.0069 0.0066Singapore Dollar 0.0123 0.0119United States Dollar 0.0090 0.0089

Directed brokerage expenses

The amounts paid under Brokerages arrangements/services are:

2018 2017Sub-Fund CCY Expense ExpenseOld Mutual China Equity Fund USD 606 -Old Mutual Global Strategic Bond Fund (IRL) USD 1,391 1,288Old Mutual World Equity Fund USD 16,134 14,857Old Mutual Pacific Equity Fund USD 5,217 18,253Old Mutual Japanese Equity Fund^ JPY 12,000 193,600Old Mutual US Equity Income Fund USD 9,832 -Old Mutual North American Equity Fund USD 16,677 10,287Old Mutual Total Return USD Bond Fund USD 69,005 24,867Old Mutual Emerging Market Debt Fund USD 401 323Old Mutual Investment Grade Corporate Bond Fund USD 614 723Old Mutual Asian Equity Income Fund USD 17,468 32,512Old Mutual Local Currency Emerging Market Debt Fund USD 982 476Old Mutual Strategic Absolute Return Bond Fund^^^ USD - 2,801Old Mutual Monthly Income High Yield Bond Fund USD - 225Old Mutual Europe (ex UK) Smaller Companies Fund EUR 9,167 -Old Mutual Global Equity Income Fund (IRL) USD - 1,979Old Mutual Gold & Silver Fund USD 28 -Old Mutual Compass Portfolio 3 USD 2,718 1Old Mutual Compass Portfolio 4 USD - 4,196Old Mutual Compass Portfolio 5 USD 509 2,749Old Mutual Financials Contingent Capital Fund USD 58 -Company Level USD 180,324 117,270



404

Investments in Investment FundsJurisdiction Management Performance Subscription Redemption

Underlying Sub-Funds of Sub-Funds Manager fee % fee % fee % fee %Ashmore SICAV - Emerging Markets Short Duration Fund(UCITS) Luxembourg

Ashmore Investment ManagementLimited 0.65% - 5.00% -

Baillie Gifford Investment Funds II ICVC - Japanese IncomeGrowth Fund (UCITS) United Kingdom Baillie Gifford & Co 0.60% - - -Bitcoin Tracker One - SEK (AIF) Sweden XBT Provider AB 2.50% - - -BlackRock Global Funds - Natural Resources Growth & IncomeFund (UCITS) Luxembourg

BlackRock Investment Management,LLC 1.50% - 5.00% -

BlackRock Strategic Funds - Latin American Opportunities Fund(UCITS) Luxembourg BlackRock (Luxembourg) SA 2.00% 20.00% 5.00% -

BNY Mellon U.S. Equity Income Fund (UCITS) IrelandBNY Mellon Asset ManagementNorth America Corporation 0.45% - 5.00% -

Boussard & Gavaudan Holding Ltd (AIF) GuernseyBoussard & Gavaudan AssetManagement, LP 1.50% 2.27% - -

Charter Hall Group (AIF) Australia Charter Hall Group N/A N/A N/A N/ACZ Absolute Alpha UCITS Fund (UCITS) Ireland Cz Capital Llp 1.00% 15.00% - -Goldman Sachs Funds PLC - US$ Liquid Reserves Fund(UCITS) Ireland

Goldman Sachs Asset ManagementInternational 0.20% - - -

Hermes Asia Ex-Japan Equity Fund (UCITS) Ireland Hermes Investment Management Ltd 0.75% - - -

Highbridge Multi-Strategy Fund Ltd (AIF) GuernseyHighbridge Capital Management (UK)Ltd N/A 1.35% - -

IPM Systematic Macro Fund (UCITS) Ireland Fundlogic Alternatives PLC - - - -iShares Diversified Commodity Swap UCITS ETF (UCITS) Ireland BlackRock Advisors (UK) Limited 0.19% - - -

JPMorgan Fund ICVC - US Equity Income Fund (UCITS) United KingdomJP Morgan Asset Management (UK)Ltd 0.75% - - -

M&G Optimal Income Fund (UCITS) United Kingdom M&G Investment Management Ltd. 1.25% - - -Merrill Lynch Investment Solutions - AQR Global Relative ValueFund (UCITS) Luxembourg AQR Capital Management LLC 1.00% 15.00% - -Mirabaud - Convertible Bonds Europe (UCITS) Luxembourg Mirabaud Asset Management (France) 0.70% 20.00% - -Montlake UCITS Platform PLC - Mygale Event Driven Fund(UCITS) Ireland

ML Capital Asset ManagementLimited 0.30% 20.00% - -

Old Mutual - JPM Emerging Markets Fund (UCITS) United KingdomJP Morgan Asset Management (UK)Ltd 0.60% - 5.00% -

Old Mutual - Schroder Tokyo Fund (UCITS) United Kingdom Schroder Investment Management Ltd 1.50% - 5.00% -

Old Mutual Absolute Return Government Bond Fund (UCITS) IrelandOld Mutual Global Investors (UK)Limited 0.30% 15.00% - -



405

Investments in Investment Funds (continued)Jurisdiction Management Performance Subscription Redemption

Underlying Sub-Funds of Sub-Funds Manager fee % fee % fee % fee %Old Mutual Bond 1 Fund (UCITS) United Kingdom TwentyFour Asset Management LLP 0.90% - 5.00% -Old Mutual Bond 2 Fund (UCITS) United Kingdom FIL Pensions Management 0.90% - 5.00% -Old Mutual Bond 2 Fund (UCITS) United Kingdom FIL Pensions Management 0.90% - 5.00% -

Old Mutual Bond 3 Fund (UCITS) United KingdomJPMorgan Asset Management (UK)limited 1.10% - 5.00% -

Old Mutual Equity 1 Fund (UCITS) United KingdomOld Mutual Global Investors (UK)Limited 1.00% - 5.00% -

Old Mutual GIS PLC - Old Mutual Europe exUK SmallerCompanies Fund (UCITS) Ireland

Old Mutual Global Investors (UK)Limited 0.60% - - -

Old Mutual Global Best Ideas Fund (UCITS) United KingdomOld Mutual Global Investors (UK)Limited 1.50% - 5.00% -

Old Mutual Global Investors Series Plc - Old Mutual AsianEquity Fund (UCITS) Ireland

Old Mutual Global Investors (UK)Limited 1.50% - 5.00% -

Old Mutual Global Investors Series Plc – Old Mutual EuropeanBest Ideas Fund (UCITS) Ireland


Old Mutual Global Investors Series PLC - Old Mutual FinancialsContingent Capital Fund (UCITS) Ireland Lloyd Harris, Robert James 0.75% N/A N/A N/AOld Mutual Global Investors Series PLC - Old Mutual FinancialsContingent Capital Fund (UCITS) Ireland


Old Mutual Global Investors Series Plc – Old Mutual GlobalEmerging Markets Fund (UCITS) Ireland


Old Mutual Global Investors Series Plc - Old Mutual GlobalEquity Income Fund (IRL) (UCITS) United Kingdom Servent 0.75% - - -Old Mutual Global Investors Series Plc – Old Mutual LocalCurrency Emerging Market Debt Fund (UCITS) Ireland


Old Mutual Global Investors Series Plc – Old Mutual MonthlyIncome High Yield Bond Fund (UCITS) Ireland


Old Mutual Global Investors Series Plc - Old Mutual StylePremia Absolute Return Fund (UCITS) Ireland


Old Mutual Henderson European Growth Fund (UCITS) United Kingdom Henderson Global Investors Ltd 0.60% - 5.00% -Old Mutual Investment Funds Series I - UK Equity Income Fund(UCITS) United Kingdom


Old Mutual Specialist Funds - Old Mutual Schroder EuropeanAlpha Income Fund (UCITS) United Kingdom Schroder Investment Management Ltd 0.60% - 5.00% -



406

Investments in Investment Funds (continued)Jurisdiction Management Performance Subscription Redemption


Old Mutual UK Specialist Equity Fund (UCITS) IrelandOld Mutual Global Investors (UK)Limited 1.00% 20.00% - -

Old Mutual UK Specialist Equity Fund (UCITS) IrelandOld Mutual Global Investors (UK)Limited 0.75% 20.00% - -

Old Mutual Voyager Global Dynamic Equity Fund (UCITS) United Kingdom Lee Freeman-Shor, Anthony Gillham 1.50% - 5.00% -

Pareto SICAV - Pareto Nordic Corporate Bond (UCITS) Luxembourg SEB Fund Services SA 0.40% N/A N/A N/A

Pershing Square Holdings Ltd/Fund (AIF) United States Pershing Square Capital Management N/A N/A N/A N/APIMCO Funds Global Investors Series PLC - Income Fund(UCITS) Ireland

Pacific Investment Management CoLLC 0.55% - 5.00% -

Polar Capital Funds PLC - Financial Opportunities Fund (UCITS) Ireland Polar Capital LLP 1.00% 10.00% 5.00% -

Polar Capital Funds PLC - Income Opportunities Fund (UCITS) Ireland Polar Capital LLP 0.75% 10.00% 3.50% -

Schroder US Mid Cap Fund (UCITS) United Kingdom Schroder Investment Management Ltd 0.75% - - -

Sequoia Economic Infrastructure Income Fund Ltd (AIF) GuernseyInternational Fund ManagementLimited 0.90% N/A N/A N/A

Skyline Umbrella Fund ICAV - Usonian Japan Value Fund(UCITS) Ireland Usonian Investments LLC N/A - - -

Sprott Physical Gold and Silver Trust (AIF) Canada Sprott Asset Management 0.35% - - -

Sprott Physical Gold Trust (AIF) Canada Sprott Asset Management 0.45% - - -

Sprott Physical Silver Trust (AIF) Canada Sprott Asset Management 0.45% - - -

SQN Asset Finance Income Fund Ltd (AIF) United States SQN Capital Management, LLC 1.00% N/A - -Wellington Management Funds Ireland PLC - Wellington GlobalCredit Plus Fund (UCITS) Ireland Louis Chabrier, Joseph Ramos 0.30% - - -Wells Fargo Lux Worldwide Fund - US High Yield Bond(UCITS) Luxembourg Wells Fargo Funds Management LLC 0.65% - - -Wells Fargo Lux Worldwide Fund - US Short Term High YieldBond Fund (UCITS) Luxembourg Wells Fargo Funds Management LLC 0.50% - - -



Securities Financing Transactions Regulations

407

The following disclosure follows the requirements of EU Securities Financing Transactions Regulation (“SFTR”) which came intoeffect on 12 January 2016.

A Securities Financing Transaction (“SFT”) is defined as per Article 3(11) of the SFTR as: a repurchase transaction; securities or commodities lending and securities or commodities borrowing; a buy-sell back transaction or sell-buy back transaction; or a margin lending transaction.

There were no securities and commodities on loan as a proportion of total lendable assets (excluding cash and cash equivalents) as at30 June 2018.

GLOBAL DATA:


Type of Asset Absolute Amount (USD) Proportion of AUM* (USD)

Total Return Swaps 336,008,533 335.61%

CONCENTRATION DATA:

The top ten counterparties across all SFTs and total return swaps are as follows (continued):

Old Mutual Style Premia Absolute Return Fund Counterparty

Gross volume ofoutstanding trades**

(USD)

TRS Goldman Sachs 103,018,772

TRS Morgan Stanley 232,989,761

* Net Asset Value of the relevant Sub-Funds is considered to be the most appropriate representation of Assets under Management(“AUM”) for the purposes of this disclosure.** Volume is considered to be the monetary value of relevant transactions.

AGGREGATE TRANSACTION DATA:

Old Mutual StylePremia AbsoluteReturn Fund

Type ofcollateral Quality Currency

Maturity tenor(collateral)

Maturity tenor(STFs/TotalReturn Swaps)

Country ofcounterpartyestablishment

Settlementand clearing

TRS

Goldman Sachs Cash N/A-Cash USD N/A-Cash > 1 year US Bilateral

Morgan Stanley Cash N/A-Cash USD N/A-Cash > 1 year US Bilateral

COLLATERAL REUSE:

Collateral is only used for the purpose of hypothecating back into other collateral, as such returns on reinvested collateral were nilduring the financial period ended 30 June 2018.

SAFEKEEPING:

Collateral cash received is held with Citi Depositary Services Ireland DAC under the same safe-custody arrangements as all other cashwithin the Sub-Fund. Collateral cash is not held in any segregated or pooled account.



Securities Financing Transactions Regulations (continued)

408

RETURN/COSTS:All returns generated by the TRS belong solely to the Sub-Funds themselves. Transaction costs on the purchase and sales of TRS areincluded in the purchase and sale price of the investment.

Gains/(Losses)(USD)

% overallreturns

Total Return Swaps:Old Mutual Style Premia Absolute Return Fund (2,175,195) 100%

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