NOMURA FUNDS IRELAND PLC

Interim Report and Unaudited Financial Statements for the half year ended 30th June, 2015

Company Registration No. 418598 NOMURA FUNDS IRELAND PLC

TABLE OF CONTENTS

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MANAGEMENT AND ADMINISTRATION 3

GENERAL INFORMATION 4

INVESTMENT MANAGER’S REPORT 15 NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKET EQUITY FUND 15 NOMURA FUNDS IRELAND - INDIA EQUITY FUND 16 NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND 18 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND 19 NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND 21 NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUND 23 NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND 25 NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUND 27 NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND 29 NOMURA FUNDS IRELAND - GLOBAL FRONTIER EMERGING MARKET EQUITY FUND 30 NOMURA FUNDS IRELAND - DIVERSIFIED GROWTH FUND 31 NOMURA FUNDS IRELAND - GLOBAL DYNAMIC BOND FUND 33 NOMURA FUNDS IRELAND - EMERGING MARKET LOCAL CURRENCY DEBT FUND 34 NOMURA FUNDS IRELAND - ASIA HIGH YIELD BOND FUND 36 NOMURA FUNDS IRELAND - ASIA HIGH DIVIDEND FUND 37 NOMURA FUNDS IRELAND - ASIA INVESTMENT GRADE BOND FUND 38 NOMURA FUNDS IRELAND - CHINA FUND 40

STATEMENT OF FINANCIAL POSITION 42

STATEMENT OF COMPREHENSIVE INCOME 48

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 54

STATEMENT OF CASH FLOWS 60

NOTES TO THE FINANCIAL STATEMENTS 68

STATEMENT OF INVESTMENTS NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKET EQUITY FUND 108 NOMURA FUNDS IRELAND - INDIA EQUITY FUND 114 NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND 116 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND 165 NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND 170 NOMURA FUNDS IRELAND - NEWS EMERGING MARKETS SMALL CAP EQUITY FUND 197 NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUND 198 NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND 200 NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUND 202 NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND 204 NOMURA FUNDS IRELAND - GLOBAL FRONTIER EMERGING MARKET EQUITY FUND 221 NOMURA FUNDS IRELAND - DIVERSIFIED GROWTH FUND 227 NOMURA FUNDS IRELAND - GLOBAL DYNAMIC BOND FUND 229 NOMURA FUNDS IRELAND - EMERGING MARKET LOCAL CURRENCY DEBT FUND 245 NOMURA FUNDS IRELAND - ASIA HIGH YIELD BOND FUND 248 NOMURA FUNDS IRELAND - ASIA HIGH DIVIDEND FUND 252 NOMURA FUNDS IRELAND - ASIA INVESTMENT GRADE BOND FUND 257 NOMURA FUNDS IRELAND - CHINA FUND 261

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TABLE OF CONTENTS (CONTINUED)

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STATEMENT OF CHANGES IN THE PORTFOLIO NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKET EQUITY FUND 264 NOMURA FUNDS IRELAND - INDIA EQUITY FUND 266 NOMURA FUNDS IRELAND - ASIA EX JAPAN FUND 268 NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND 270 NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND 272 NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND 274 NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUND 276 NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND 278 NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUND 280 NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND 282 NOMURA FUNDS IRELAND - GLOBAL FRONTIER EMERGING MARKET EQUITY FUND 284 NOMURA FUNDS IRELAND - DIVERSIFIED GROWTH FUND 286 NOMURA FUNDS IRELAND - GLOBAL DYNAMIC BOND FUND 288 NOMURA FUNDS IRELAND - EMERGING MARKET LOCAL CURRENCY DEBT FUND 290 NOMURA FUNDS IRELAND - ASIA HIGH YIELD BOND FUND 292 NOMURA FUNDS IRELAND - ASIA HIGH DIVIDEND FUND 294 NOMURA FUNDS IRELAND - ASIA INVESTMENT GRADE BOND FUND 296 NOMURA FUNDS IRELAND - CHINA FUND 298

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MANAGEMENT AND ADMINISTRATION

DIRECTORS REGISTERED OFFICE OF THE COMPANY David Dillon - Irish* 33 Sir John Rogerson’s Quay Mark Roxburgh - British (Chairman) Dublin 2 John Walley - Irish** Ireland

* Non-Executive Director ** Independent Non-Executive Director

ADMINISTRATOR COMPANY SECRETARY Brown Brothers Harriman Fund Administration Tudor Trust Limited Services (Ireland) Limited 33 Sir John Rogerson’s Quay 30 Herbert Street Dublin 2 Dublin 2 Ireland Ireland

CUSTODIAN DISTRIBUTOR Brown Brothers Harriman Trustee Services (Ireland) Limited Nomura Asset Management U.K. Limited 30 Herbert Street Nomura House Dublin 2 1 Angel Lane Ireland London EC4R 3AB England

AUDITORS LEGAL ADVISERS Ernst & Young Dillon Eustace Block 1 33 Sir John Rogerson’s Quay Harcourt Centre Dublin 2 Harcourt Street Ireland Dublin 2 Ireland

INVESTMENT MANAGER SUB-INVESTMENT MANAGER Nomura Asset Management U.K. Limited Nomura Asset Management Hong Kong Limited Nomura House 32nd Floor, Two International Finance Centre 1 Angel Lane 8 Finance Street London EC4R 3AB Central, Hong Kong England

SUB-INVESTMENT MANAGER SUB-INVESTMENT MANAGER Nomura Asset Management Co. Ltd Nomura Asset Management Singapore Limited 1-12-1, Nihonbashi 10 Marina Boulevard Chuo-Ku Marina Bay Financial Centre Tower 2 Tokyo 103-8260 33-03 Singapore 018983 Japan Singapore

SUB-INVESTMENT MANAGER Nomura Corporate Research and Asset Management Inc. 2 World Financial Centre Building B New York, NY 10281-1198 United States of America

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GENERAL INFORMATION

Nomura Funds Ireland Plc (the “Fund”) is structured as an open-ended umbrella investment company with variable capital, incorporated under the laws of Ireland on 13th April, 2006 as a public limited company pursuant to the Companies Act 2014. The Fund has been authorised by the Central Bank of Ireland as an Undertaking for Collective Investment in Transferable Securities pursuant to the provisions of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”). The Fund commenced operations on 18th December, 2006.

At the period end, there were redeemable participating shares of seventeen sub-funds in issue, the Nomura Funds Ireland - Global Emerging Market Equity Fund, the Nomura Funds Ireland - India Equity Fund, the Nomura Funds Ireland - Fundamental Index Global Equity Fund, the Nomura Funds Ireland - Japan Strategic Value Fund, the Nomura Funds Ireland - US High Yield Bond Fund, the Nomura Funds Ireland - Asian Smaller Companies Fund, the Nomura Funds Ireland - Japan High Conviction Fund, the Nomura Funds Ireland - Asia Ex Japan High Conviction Fund, the Nomura Funds Ireland - Global High Yield Bond Fund, the Nomura Funds Ireland - Global Frontier Emerging Market Equity Fund, the Nomura Funds Ireland - Diversified Growth Fund, the Nomura Funds Ireland - Global Dynamic Bond Fund, the Nomura Funds Ireland - Emerging Market Local Currency Debt Fund, the Nomura Funds Ireland - Asia High Yield Bond Fund, the Nomura Funds Ireland - Asia High Dividend Fund, the Nomura Funds Ireland - Asia Investment Grade Bond Fund and the Nomura Funds Ireland - China Fund (the “Sub-Funds”). The Fund has segregated liability between its Sub-Funds and accordingly any liability incurred on behalf of or attributable to any Sub- Fund shall be discharged solely out of the assets of that Sub-Fund. The Fund had in issue the following share classes in each of the Sub-Funds at the period end:

Sub-Fund Share Class Currency Launch Date Launch Price

Nomura Funds Ireland - Global Emerging Market Equity Fund Class I US$ USD 17th December, 2013 USD 100

Nomura Funds Ireland - India Equity Fund Class A Euro EUR 16th November, 2011 EUR 100 Class S JPY JPY 12th March, 2010 JPY 10,000 Class Z US$ USD 12th January, 2007 INR 10,000

Nomura Funds Ireland - Fundamental Index Global Equity Fund Class A Euro EUR 16th November, 2011 EUR 100 Class A US$ USD 30th December, 2010 USD 100 Class I Euro EUR 4th January, 2011 EUR 100 Class I US$ USD 19th December, 2008 USD 100

Nomura Funds Ireland - Japan Strategic Value Fund Class A Euro EUR 16th November, 2011 EUR 100 Class A Euro Hedged EUR 15th May, 2013 EUR 100 Class A JPY JPY 4th January, 2010 JPY 10,000 Class A US$ USD 10th November, 2011 USD 100 Class A US$ Hedged USD 30th December, 2013 USD 100 Class AD Sterling GBP 6th March, 2014 GBP 100 Class AD Sterling Hedged GBP 6th March, 2014 GBP 100 Class I Euro EUR 14th February, 2011 EUR 100 Class I Euro Hedged EUR 13th April, 2012 EUR 100

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GENERAL INFORMATION (CONTINUED)

Sub-Fund Share Class Currency Launch Date Launch Price

Nomura Funds Ireland - Japan Strategic Value Fund (continued) Class I JPY JPY 26th August, 2009 JPY 10,000 Class I Sterling GBP 25th March, 2010 GBP 100 Class I US$ USD 30th December, 2013 USD 100 Class I US$ Hedged USD 10th April, 2013 USD 100 Class ID Euro EUR 19th February, 2015 EUR 100 Class ID Sterling GBP 6th March, 2014 GBP 100 Class ID Sterling Hedged GBP 6th March, 2014 GBP 100 Class ID US$ USD 2nd May, 2014 USD 100 Class ID US$ Hedged USD 2nd May, 2014 USD 100

Nomura Funds Ireland - US High Yield Bond Fund Class A Euro EUR 16th November, 2011 EUR 100 Class A Euro Hedged EUR 11th April, 2012 EUR 100 Class A US$ USD 14th November, 2011 USD 100 Class D US$ USD 18th April, 2012 USD 100 Class I CHF Hedged CHF 24th April, 2014 CHF 100 Class I Euro Hedged EUR 6th December, 2012 EUR 100 Class I Sterling Hedged GBP 20th June, 2013 GBP 100 Class I US$ USD 31st March, 2009 USD 100 Class ID Sterling Hedged GBP 15th May, 2015 GBP 100 Class TD AUD AUD 2nd October, 2014 AUD 100 Class TD US$ USD 2nd October, 2014 USD 100

Nomura Funds Ireland - Asian Smaller Companies Fund Class A Euro EUR 22nd August, 2013 EUR 100 Class Z US$ USD 12th March, 2013 USD 100

Nomura Funds Ireland - Japan High Conviction Fund Class A Euro EUR 12th May, 2015 EUR 100 Class A JPY JPY 8th Ocotber, 2014 JPY 10,000 Class A US$ USD 12th May, 2015 USD 100 Class I JPY JPY 7th August, 2013 JPY 10,000 Class I US$ USD 12th May, 2015 USD 100

Nomura Funds Ireland - Asia Ex Japan High Conviction Fund Class I US$ USD 4th September, 2013 USD 100

Nomura Funds Ireland - Global High Yield Bond Fund Class A Euro EUR 14th April, 2014 EUR 100 Class I US$ USD 14th April, 2014 USD 100

Nomura Funds Ireland - Global Frontier Emerging Market Equity Fund Class A Euro EUR 16th July, 2014 EUR 100 Class I US$ USD 16th July, 2014 USD 100

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GENERAL INFORMATION (CONTINUED)

Sub-Fund Share Class Currency Launch Date Launch Price

Nomura Funds Ireland - Diversified Growth Fund Class I Sterling Hedged GBP 28th November, 2014 GBP 100 Class I US$ USD 7th November, 2014 USD 100

Nomura Funds Ireland - Global Dynamic Bond Fund Class A Euro Hedged EUR 30th January, 2015 EUR 100 Class I Sterling Hedged GBP 30th January, 2015 GBP 100 Class I US$ USD 30th January, 2015 USD 100 Class ID Euro Hedged EUR 12th February, 2015 EUR 100 Class ID Sterling Hedged GBP 30th January, 2015 GBP 100 Class RD Sterling Hedged GBP 26th May, 2015 GBP 100

Nomura Funds Ireland - Emerging Market Local Currency Debt Fund Class A Euro EUR 27th February, 2015 EUR 100 Class I US$ USD 27th February, 2015 USD 100

Nomura Funds Ireland - Asia High Yield Bond Fund Class A Euro EUR 6th March, 2015 EUR 100 Class I US$ USD 6th March, 2015 USD 100

Nomura Funds Ireland - Asia High Dividend Fund Class A Euro EUR 10th March, 2015 EUR 100 Class I US$ USD 10th March, 2015 USD 100

Nomura Funds Ireland - Asia Investment Grade Bond Fund Class A Euro EUR 13th March, 2015 EUR 100 Class I US$ USD 13th March, 2015 USD 100

Nomura Funds Ireland - China Fund Class I US$ USD 27th April, 2015 USD 100

Nomura Funds Ireland - Global Emerging Market Equity Fund

The investment objective of the Nomura Funds Ireland - Global Emerging Market Equity Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in an actively managed portfolio of global emerging market securities.

The Sub-Fund shall invest, under normal market conditions, primarily in equity and equity-related securities listed or traded on a recognised exchange in the countries covered by the MSCI Emerging Markets (Total Return Net) Index (the “Index Countries”). The Sub-Fund may invest in equity and equity-related securities listed or traded on any recognised exchange in non-Index Countries provided that the business activities of the issuers of such securities are in the Index Countries or in other emerging countries. The Sub-Fund may invest up to 20% of its net assets in equity and equity-related securities listed or traded on any recognised exchange in non-Index Countries.

The Sub-Fund may also hold exposure to the Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) and which may be listed on any recognised exchange in a non-Index Country.

It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).

Investment in equity and equity-related securities in Russia is not expected to exceed twice the percentage weighting of Russian securities held by the MSCI Emerging Markets (Total Return Net) Index (the “Index”).

The performance of the Sub-Fund’s portfolio of investments will be measured against the Index which is a free float-adjusted market capitalisation index that is designed to measure equity market performance in the global emerging markets.

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GENERAL INFORMATION (CONTINUED)

Nomura Funds Ireland - Global Emerging Market Equity Fund (continued)

The Investment Manager is, however, entitled at any time to change the Index where, for reasons outside the Investment Manager's control, the Index has been replaced by another index or where another index may reasonably be considered by the Investment Manager to have become the industry standard for the relevant exposure. A change in Index proposed by the Directors will be subject to shareholder approval and disclosure in a revised supplement for the Sub-Fund.

Nomura Funds Ireland - India Equity Fund

The investment objective of the Nomura Funds Ireland - India Equity Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in an actively managed portfolio of Indian securities.

The Sub-Fund invests, under normal market conditions, primarily in equity and equity-related securities listed or traded on a recognised exchange in India. The Sub-Fund may invest in equity and equity-related securities listed or traded on any recognised exchange outside India provided that the business activities of the issuers of such securities are in India. The Sub-Fund may also hold exposure to India through investment in such instruments as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) and which may be listed on any recognised exchange outside India.

It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).

The performance of the Sub-Fund’s portfolio of investments will be measured against the MSCI India Index (the “Index”). The Investment Manager is, however, entitled at any time to change the Index where, for reasons outside the Investment Manager's control, the Index has been replaced by another index or where another index may reasonably be considered by the Investment Manager to have become the industry standard for the relevant exposure. A change in Index proposed by the Directors will be subject to shareholder approval and disclosure in a revised supplement for the Sub-Fund.

Nomura Funds Ireland - Fundamental Index Global Equity Fund

The investment objective of the Nomura Funds Ireland - Fundamental Index Global Equity Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in a portfolio of global equity securities.

The Sub-Fund invests, under normal market conditions, primarily in equity and equity-related securities listed or traded on a recognised exchange in the countries covered by the MSCI All Countries World Index (the “Index Countries”). The Sub-Fund may invest up to 20% of its net assets in equity and equity-related securities listed or traded on any recognised exchange in non- Index Countries, provided that the business activities of the issuers of such securities are in the Index Countries. The Sub-Fund may also hold exposure to the Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) and which may be listed on any recognised exchange in a non-Index Country. It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).

The Sub-Fund seeks to outperform the MSCI All Countries World Index (the “Index”) by 2% (gross of investment management fees) per annum. In seeking to outperform the Index, the Sub-Fund uses the Research Affiliates Fundamental Index (“RAFI”) methodology. The weights of individual securities in the Index are based on the market capitalisation of the securities. The RAFI methodology believes that such indices are flawed in their construction since they overweight over-valued securities and underweight under-valued securities.

The Sub-Fund intends to achieve its investment objective by creating a portfolio with individual security weights based on a composite of four fundamental factors, being book value (current year), cash flow (5-year average), dividends (5-year average), and net sales (5-year average), rather than their market capitalisation weights within the Index.

The RAFI methodology does not explicitly target specific industry, capitalisation or style allocations within the Sub-Fund. Such allocations are all results of the security selection and weighting methodology.

The Sub-Fund normally invests in approximately 1,500 equity and equity-related securities in developed and emerging countries currently classified as the Index Countries, but is not constrained to invest in only constituent securities of the Index.

Under the terms of the prospectus, investment in equity and equity-related securities in emerging markets, including Russia will not exceed 30% of the net asset value of the Sub-Fund. The Sub-Fund may also invest up to 10% in other collective investment schemes including equity exchange-traded funds.

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GENERAL INFORMATION (CONTINUED)

Nomura Funds Ireland - Japan Strategic Value Fund

The investment objective of the Nomura Funds Ireland - Japan Strategic Value Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in a portfolio of Japanese equity securities.

The Sub-Fund invests, under normal market conditions, primarily in equity and equity-related securities listed or traded on a recognised exchange in Japan. The Sub-Fund may invest up to 30% of its net assets in equity and equity-related securities listed or traded on any recognised exchange outside Japan, provided that the business activities of the issuers of such securities are in Japan. It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).

The Sub-Fund seeks to identify equity and equity-related securities, whose valuations are, in the opinion of the Sub-Investment Manager, low in comparison to assets and profitability, and which may be expected to rise in the future. In addition to these valuation opportunities, the Sub-Fund seeks investments based on other strategic features as detailed below:

a) equity and equity-related securities where changes to financial conditions, such as changes in operations, strategy and dividend and share buy-back policies, are expected; b) equity and equity-related securities where potential for growth has been identified, including improved results and increasing market share, as new business operations are developed and the underlying economy improves; and c) equity and equity-related securities relating to companies that have been identified as candidates for business restructuring, corporate governance reform or attractive merger and acquisition opportunities.

While it is intended to monitor the performance of the Sub-Fund as against the Topix Index (the “Index”), the Sub-Fund may, by the nature of the bottom-up stock picking investment approach adopted by the Sub-Investment Manager, take positions in equity and equity-related securities which differ significantly from the weight of such equity and equity-related securities in the Index.

The Sub-Fund is managed so as to maintain a near fully invested position, other than during periods where the Investment Manager believes that a larger cash position is warranted.

Nomura Funds Ireland - US High Yield Bond Fund

The investment objective of the Nomura Funds Ireland - US High Yield Bond Fund (the “Sub-Fund”) is to achieve current yield and capital gains, through investment in a diversified portfolio of primarily high yielding US Dollar denominated debt and debt- related securities issued principally by companies in the United States and Canada.

The Sub-Fund may invest in debt and debt related securities issued by United States or non-United States corporations, limited liability companies or limited partnerships and other forms of enterprise.

The Sub-Fund may hold equity and equity-related securities that it receives in connection with its ownership of certain debt and debt-related securities, such as defaulted high yield securities in the course of reorganisation which are subsequently converted into equity and equity-related securities.

Under normal circumstances, the Sub-Fund invests at least 80% of its net assets in debt and debt-related securities that are rated below investment grade by at least one rating agency or are unrated.

No more than 30% of the Sub-Fund’s net assets may be invested in debt and debt-related securities with a rating of lower than B3/B- by both Moody’s and S&P, respectively or which are deemed to be of equivalent quality by the Investment Manager.

The Sub-Fund may invest up to 25% of its net assets in debt and debt-related securities issued by companies, governments or governmental agencies in countries other than the United States or Canada.

No more than 5% of the Sub-Fund’s net assets may be invested in the debt and debt-related securities of any one issuer and no more than 25% of the Sub-Fund’s net assets may be invested in debt and debt-related securities in any one industry. The Sub- Fund may invest up to 20% of its net assets in debt and debt-related securities not denominated in US Dollar.

The performance of the Sub-Fund’s portfolio of investments is measured against the Bank of America Merrill Lynch US High Yield Master II Constrained Index (the “Index”). The Investment Manager is, however, entitled at any time to change the Index where, for reasons outside the Investment Manager's control, the Index has been replaced by another index or where another index may reasonably be considered by the Investment Manager to have become the industry standard for the relevant exposure.

A change in Index proposed by the Directors will be subject to shareholder approval and disclosure in a revised supplement for the Sub-Fund.

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GENERAL INFORMATION (CONTINUED)

Nomura Funds Ireland - Asian Smaller Companies Fund

The investment objective of the Nomura Funds Ireland - Asian Smaller Companies Fund (the “Sub-Fund”) is to achieve long- term capital growth through investment in a portfolio of small capitalisation equity and equity-related securities listed in Asian countries excluding Japan.

The Sub-Fund invests, under normal market conditions, primarily in small capitalisation equity and equity-related securities listed or traded on a recognised exchange in the countries covered by the MSCI All Countries Far East ex Japan Small Cap Index (the “Index Countries”).

The Sub-Fund may invest up to 20% of net assets in small capitalisation equity and equity-related securities listed or traded on any recognised exchange in non-Index Countries, provided that the business activities of the issuers of such securities are in the Index Countries. The Sub-Fund may also hold exposure to the Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) and which may be listed on any recognised exchange in a non-Index Country.

The Sub-Fund may also seek to invest up to 20% of net assets in equity and equity-related securities of mid sized companies in Asian countries excluding Japan.

The Sub-Fund seeks to identify equity and equity-related securities, whose valuations are, in the opinion of the Sub-Investment Manager, low in comparison to assets and profitability, and which may be expected to rise in the future. In addition to these valuation opportunities, the Sub-Fund will seek investments based on other strategic features as detailed below:

(a) equity and equity-related securities where changes to financial conditions, operations, strategy, dividend and share buy-back policies, are expected; (b) equity and equity-related securities where potential for growth has been identified, including improved results and increasing market share, as new business operations are developed and the underlying economy improves; and (c) equity and equity-related securities relating to companies that have been identified as candidates for business restructuring, corporate governance reform or attractive merger and acquisition opportunities.

While it is intended to monitor the performance of the Sub-Fund as against the MSCI All Countries Far East ex Japan Small Cap Index (the “Index”), the Sub-Fund will not replicate the Index and may, by the nature of the bottom-up stock picking investment approach adopted by the Sub-Investment Manager, take positions in equity and equity-related securities which differ significantly from the weight of such equity and equity-related securities in the Index.

Investors should note that due to the general nature of emerging markets, the Sub-Fund is likely to have a moderate annualised volatility.

Nomura Funds Ireland - Japan High Conviction Fund

The investment objective of the Nomura Funds Ireland - Japan High Conviction Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in a concentrated, actively managed portfolio of Japanese equity securities.

The Sub-Fund shall invest, under normal market conditions, primarily in equity and equity-related securities listed or traded on a recognised exchange in Japan.

The Sub-Fund may invest up to 20% of its net assets in equity and equity-related securities listed or traded on any recognised exchange outside Japan, provided that the business activities of the issuers of such securities are in Japan. It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).

While it is intended to monitor the performance of the Sub-Fund as against the Topix Index (the “Index”), the Sub-Fund will not replicate the Index and may, by the nature of the bottom-up stock picking investment approach adopted by the Sub-Investment Manager, take positions in equity and equity-related securities which differ significantly from the weight of such equity and equity-related securities in the Index.

Investors should note that due to the highly concentrated nature of the portfolio, the Sub-Fund is likely to have a high annualised volatility.

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GENERAL INFORMATION (CONTINUED)

Nomura Funds Ireland - Asia Ex Japan High Conviction Fund

The investment objective of the Nomura Funds Ireland - Asia Ex Japan High Conviction Fund (the “Sub-Fund”) is to achieve long-term capital growth through investment in a concentrated, actively managed portfolio of Asian (excluding Japan) equity securities.

The Sub-Fund shall invest, under normal market conditions, primarily in equity and equity-related securities listed or traded on a recognised exchange in the countries covered by the MSCI All Countries Asia Ex Japan Index (the “Index Countries”).

The Sub-Fund may invest up to 20% of its net assets in equity and equity-related securities listed or traded on any recognised exchange in non-Index Countries, provided that the business activities of the issuers of such securities are in the Index Countries.

The Sub-Fund may also hold exposure to the Index Countries through investment in such instruments as American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) or Non-Voting Depositary Receipts (“NVDRs”) and which may be listed on any recognised exchange in a non-Index Country. It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).

The Sub-Fund will seek to outperform the MSCI All Countries Asia Ex Japan Index (or any other index which replaces it or is considered by the Sub-Investment Manager to be the market standard in place of it and any such change in that index will be notified to shareholders in the semi-annual and annual accounts).

Investors should note that due to the general nature of Asian markets, and the highly concentrated nature of the portfolio, the Sub- Fund is likely to have a high annualised volatility.

Nomura Funds Ireland - Global High Yield Bond Fund

The investment objective of the Nomura Funds Ireland - Global High Yield Bond Fund (the “Sub-Fund”) is to achieve current yield and capital gains through investment in a diversified portfolio of primarily high yielding globally issued debt and debt related securities.

The Sub-Fund shall invest in a diversified portfolio of primarily high yielding debt and debt-related securities issued globally principally by companies, which are listed or traded on a recognised exchange. Investors should note that high yielding securities generally have a high volatility.

The Sub-Fund may invest in debt and debt-related securities issued by corporations, limited liability companies or limited partnerships, other forms of enterprise and in sovereign and quasi-sovereign debt and debt-related securities.

The Sub-Fund may hold equity and equity-related securities, which are listed or traded on a recognised exchange, that it receives or purchases in connection with its ownership of certain debt and debt-related securities, such as defaulted high yield securities in the course of reorganisation which are subsequently converted into equity and equity-related securities.

Under normal circumstances, the Sub-Fund will invest at least 80% of its net assets in debt and debt-related securities that are rated below investment grade by at least one rating agency or are unrated. No more than 30% of the Sub-Fund’s net assets may be invested in debt and debt-related securities with a rating lower than B3/B - by both Moody’s and S&P, respectively or which are deemed to be of equivalent quality by the Investment Manager.

Subject to Section 2.1 of Appendix 1 to the Prospectus, the Sub-Fund may invest up to 10% of its net assets in loans, loan participations and/or loan assignments, which constitute transferable securities.

No more than 5% of the Sub-Fund’s net assets may be invested in the debt and debt-related securities of any one issuer and no more than 25% of the Sub-Fund’s net assets may be invested in debt and debt-related securities in any one industry (as defined by reference to Merrill Lynch Level 4 Industry Classification which comprises a detailed sector classification for every constituent of the Merrill Lynch global fixed income universe covering close to 50,000 securities).

The performance of the Sub-Fund’s portfolio of investments will be measured against the BofA Merrill Lynch Global High Yield Constrained Index. The Investment Manager is, however, entitled at any time to change the Index where, for reasons outside the Investment Manager's control, the Index has been replaced by another index or where another index may reasonably be considered by the Investment Manager to have become the industry standard for the relevant exposure. A change in Index proposed by the Directors will be subject to Shareholder approval and disclosure in a revised Supplement for the Sub-Fund.

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GENERAL INFORMATION (CONTINUED)

Nomura Funds Ireland - Global High Yield Bond Fund (continued)

The Sub-Fund may also employ spot foreign exchange transactions, forward foreign exchange contracts and currency futures to seek to hedge the foreign exchange exposure of the assets of the Sub-Fund from the impact of fluctuations in the relevant exchange rates.

Nomura Funds Ireland - Global Frontier Emerging Market Equity Fund

The investment objective of the Nomura Funds Ireland - Global Frontier Emerging Market Equity Fund (The “Sub-Fund”) is to achieve capital growth primarily through investment in Equity and Equity-Related Securities of companies listed, traded or incorporated in global Frontier Countries.

The Sub-Fund will primarily invest in Equity and Equity-Related Securities listed or traded on a Recognised Exchange in the countries covered by the MSCI Frontier Markets Index, S&P Frontier BMI Index and/or S&P Extended Frontier 150, (the “Frontier Countries”), provided that the Sub-Fund may also invest in Equity and Equity-Related Securities of companies based in the Frontier Countries listed or traded on any Recognised Exchange in non-Frontier Countries.

The Sub-Fund may invest in Equity and Equity-Related Securities listed or traded on any Recognised Exchange in other countries provided that the business activities of the issuers of such securities are in the Frontier Countries as defined above.

Nomura Funds Ireland - Diversified Growth Fund

The investment objective of the Nomura Funds Ireland - Diversified Growth Fund (The “Sub-Fund”) is to deliver a positive absolute return by investing in a multi asset portfolio containing a diversified range of traditional and alternative investments, while managing risk efficiently. The target return is cash plus 5% per annum gross of investment management fee expense.

The Sub-Fund aims to achieve its investment objective by investing principally in Equity and Equity-Related Securities, Debt and Debt-Related Securities, Exchange Traded Funds (ETF) and other Collective Investment Schemes (CIS), indirect holdings in property and commodities, cash and financial derivative contracts (including futures, forward currency contracts, non-deliverable forward contracts (“NDFs”).

The Sub-Fund will have a well-diversified risk profile and aims to maximise portfolio efficiency by using the most efficient products in the market place that provide liquid, low cost exposure to the relevant asset class.

Nomura Funds Ireland - Global Dynamic Bond Fund

The investment objective of the Nomura Funds Ireland - Global Dynamic Bond Fund is to provide a combination of income and growth through investing principally in Debt and Debt-Related Securities with fixed or variable rates of income.

The Sub-Fund shall invest principally in Debt and Debt-Related Securities with fixed or variable (linked to inflation or other indices) rates of income, issued by corporations, limited liability companies, limited partnerships, sovereign, government agencies, supranational or other issuers, which are listed or traded on Recognised Exchanges. In addition to direct investment in Debt and Debt-Related Securities, the Sub-Fund may also gain exposure to Debt and Debt Related Securities indirectly through investment in financial derivative instruments.

There are no geographical restrictions as to the Debt and Debt-Related Securities that may be held, but a maximum of 30% of the Net Asset Value of the Sub-Fund may be invested in Debt and Debt-Related Securities of emerging market issuers.

The Sub-Fund may invest either in investment grade or sub-investment grade Debt and Debt-Related Securities, which have been rated as such by at least one rating agency (either Standard & Poors or Moody’s). The Sub-Fund may also invest up to 30% of its Net Asset Value in unrated securities (which are not rated by a rating agency), if the Investment Manager determines that the security is of comparable quality to a rated security that the Sub-Fund may purchase.

No investment shall be made in equity securities provided, however, that equity securities up to 10% of the Net Asset Value may be held as a result of investments in preferred securities, which have equity/warrant characteristics or as a result of acquisitions of equity securities upon conversion or exercise of convertible bonds.

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GENERAL INFORMATION (CONTINUED)

Nomura Funds Ireland - Emerging Market Local Currency Debt Fund

The investment objective of the Nomura Funds Ireland - Emerging Market Local Currency Debt Fund is to generate a total return through a combination of capital gains and income gains.

The Sub-Fund seeks to achieve its objective principally by investing in local currency denominated emerging Debt and Debt- Related Securities and derivative instruments comprising forward currency contracts, non-deliverable forward contracts (“NDFs”), futures, interest rate swaps, cross currency swaps, credit default swaps, FX options and interest rate options. The Sub-Fund may, without limitation, also invest in non-local currency denominated emerging Debt and Debt-Related Securities and non-emerging Debt and Debt-Related Securities.

The Sub-Fund may invest in Debt and Debt-Related Securities issued by corporations, limited liability companies or limited partnerships and other forms of enterprise, and in sovereign, quasi-sovereign and supranational bonds which are listed or traded on a Recognised Exchange.

The Sub-Fund will not invest in Debt and Debt-Related Securities rated below B3 or B- by Moody’s or S&P respectively. If any Debt and Debt-Related Securities are downgraded, then they will be held within the portfolio until upgraded, or, disposed of within 6 months, if not upgraded. The Sub-Fund may purchase unrated securities (which are not rated by a rating agency) if the Investment Manager determines that the security is of comparable quality to a rated security that the Sub-Fund may purchase. Unrated securities may be less liquid than comparable rated securities and involve the risk that the Investment Manager may not accurately evaluate the security’s comparative credit rating.

No investment shall be made in equity securities provided, however, that equity securities up to10% of the Net Asset Value may be held as a result of investments in hybrid preferred securities which have equity/warrant characteristics or as a result of acquisitions of equity securities upon conversion or exercise of convertible bonds or upon allotments to the bondholders.

Nomura Funds Ireland - Asia High Yield Bond Fund

The investment objective of the Nomura Funds Ireland - Asia High Yield Bond Fund is to generate income and capital growth through investing primarily in a diversified portfolio of primarily high yielding Debt and Debt-Related Securities in Asia.

The Sub-Fund shall invest primarily in a diversified portfolio of high yielding Debt and Debt-Related Securities issued in countries covered by the Index (the “Index Countries”) or issued in other countries provided that the business activities of the issuers of such securities are in the Index countries as defined above.

The Sub-Fund may invest in Debt and Debt- Related Securities issued by corporations, financial institutions, limited liability companies or limited partnerships, other forms of enterprise and in sovereign and quasi-sovereign Debt and Debt-Related Securities, which are listed on Recognised Exchanges.

Under normal circumstances, the Sub-Fund will invest at least 80% of its net assets in Debt and Debt- Related Securities that are rated below investment grade by at least one rating agency or are unrated. From time to time, the Sub-Fund may invest in investment grade Debt and Debt-Related Securities provided that no more than 20% of the Sub-Fund’s net assets may be invested in non-benchmark Debt and Debt- Related Securities which are rated as investment grade. The Sub-Fund will take a higher rating of either Standard & Poors or Moody’s when determining a rating constraint. Investors should note that high yielding Debt and Debt- Related securities which are rated non-investment grade and/or unrated will generally have a high volatility.

The Sub-Fund may hold Equity and Equity-Related Securities that it receives in connection with its ownership of certain Debt and Debt Related Securities, such as defaulted securities in the course of reorganisation which are subsequently converted into Equity and Equity-Related Securities. While certain Debt and Debt-Related Securities (i.e. convertible bonds) and Equity and Equity-Related Securities (i.e. convertible shares) may embed a derivative component (such as an option, which would give the holder the option to buy the underlying asset at a predetermined price), they will not embed any leverage.

The Sub-Fund shall primarily consist of securities denominated in US Dollars as well as the various Asian currencies included of the Index countries.

Nomura Funds Ireland - Asia High Dividend Fund

The investment objective of the Nomura Funds Ireland - Asia High Dividend Fund is to achieve income and long term capital growth by investing in an actively managed portfolio of Asian (Ex-Japan) companies which offer an enhanced dividend yield with the potential for further dividend growth.

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GENERAL INFORMATION (CONTINUED)

Nomura Funds Ireland - Asia High Dividend Fund (continued)

The Sub-Fund shall invest primarily in a diversified portfolio of Equity and Equity-Related Securities listed or traded on a Recognised Exchange in the countries covered by the Index (the “Index Countries”). The Investment Manager will select companies that they believe offer superior dividend yields in comparison to similar companies in the Index Countries. The Sub-Fund shall also target companies whose management activities are expected to support the potential for dividend growth in the medium to long term. The Sub-Fund may invest up to 20% of its net assets in Equity and Equity-Related Securities listed or traded on any Recognised Exchange in non-Index Countries, provided that the business activities of the issuers of such securities are in the Index Countries.

The Sub-Fund may also hold exposure to the Index Countries through investment in such instruments as American Depositary Receipts (ADRs), Global Depositary Receipts (GDRs), Non-Voting Depositary Receipts (NVDRs) or Participatory Notes (P-Notes) and which may be listed on any Recognised Exchange in a non-Index Country. While such P-Notes may embed a derivative component (such as an option, which would give the holder the option to buy the underlying asset at a predetermined price), they will not embed any leverage.

In order to gain exposure to the asset class, the Sub-Fund may hold REITs (including REITs structured as collective investment schemes), Stapled Securities and Business Trusts, which may be listed or dealt on a Recognised Exchange.

Nomura Funds Ireland - Asia Investment Grade Bond Fund

The investment objective of the Nomura Funds Ireland - Asia Investment Grade Bond Fund is to generate income and capital growth by investing primarily in a diversified portfolio of primarily investment grade Debt and Debt-Related Securities in Asia.

The Sub-Fund shall invest primarily in a diversified portfolio of investment grade Debt and Debt-Related Securities issued in the countries covered by the Index (the “Index Countries”) or issued in other countries provided that the business activities of the issuers of such securities are in the Index countries, as defined above.

The Sub-Fund may invest in Debt and Debt-Related Securities issued by corporations, financial institutions, limited liability companies or limited partnerships, other forms of enterprise and in sovereign and quasi-sovereign Debt and Debt-Related Securities, which are listed or traded on Recognised Exchanges.

Under normal circumstances, the Sub-Fund will invest at least 80% of its net assets in investment grade Debt and Debt- Related Securities. Investors should note that investment grade Debt and Debt-Related Securities may be subject to ratings downgrades by the rating agencies during the holding period of the Debt and Debt- Related Securities. In the instance of one or more downgrades to below investment grade or otherwise, the Sub-Fund may continue to hold such securities. Such downgrades might affect the net asset value of the Sub-Fund. No more than 30% of the Sub-Fund’s net assets may be invested in Debt and Debt-Related Securities which have a rating of below investment grade or are unrated. The Sub-Fund will take a higher rating of either Standard & Poors or Moody’s when determining a rating constraint.

The Sub-Fund shall primarily consist of Debt and Debt-Related securities denominated in US Dollars as well as the various Asian currencies included in the Index countries.

The Sub-Fund may hold Equity and Equity-Related Securities that it receives in connection with its ownership of certain Debt and Debt-Related Securities, such as defaulted securities in the course of reorganisation which are subsequently converted into Equity and Equity- Related Securities.

While certain Debt and Debt-Related Securities (i.e. convertible bonds) and Equity and Equity-Related Securities (i.e. convertible shares) may embed a derivative component (such as an option, which would give the holder the option to buy the underlying asset at a predetermined price), they will not embed any leverage.

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GENERAL INFORMATION (CONTINUED)

Nomura Funds Ireland - China Fund

The investment objective of the Nomura Funds Ireland - China Fund is to achieve long term capital growth through investment in an actively managed portfolio of Chinese securities.

The Sub-Fund shall invest, under normal market conditions, primarily in Equity and Equity-Related Securities of companies listed or traded on Recognised Exchanges in the People's Republic of China (“PRC”), comprising Hong Kong Special Administrative Region ("SAR"). The Sub-Fund may also invest in Equity and Equity-Related Securities listed or traded on any Recognised Exchange outside the PRC, provided that the companies issuing such securities carry out a significant part of their business activities in the PRC. The Sub-Fund may also hold exposure to China through investment in such instruments as American Depositary Receipts (“ADRs”) and Global Depositary Receipts (“GDRs”) and which may be listed on any Recognised Exchange outside China.

It is anticipated that the Sub-Fund will invest across the entire range of capitalisations (from small cap to large cap).

The Sub-Fund may also invest in "A" shares of companies in the PRC. "A" Shares of companies in the PRC are shares denominated in Renminbi (the official currency of the PRC) and issued by companies in the PRC and listed on PRC stock exchanges.

The Sub-Fund may also invest from time to time in Debt and Debt-Related Securities issued by corporations, financial institutions, limited liability companies or limited partnerships, other forms of enterprise and in sovereign and quasi-sovereign Debt and Debt-Related Securities, which are listed or traded on a Recognised Exchange. Such Debt and Debt-Related Securities will be rated investment grade (BBB) by at least one rating agency (either Standard & Poors or Moody’s).

While certain Debt and Debt-Related Securities (i.e. convertible bonds) and Equity and Equity-Related Securities (i.e. convertible shares) may embed a derivative component (such as an option, which would give the holder the option to buy the underlying asset at a predetermined price), they will not embed any leverage.

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NOMURA FUNDS IRELAND - GLOBAL EMERGING MARKET EQUITY FUND INVESTMENT MANAGER’S REPORT For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Year To Date 1 Year Since Inception* Fund -3.44 1.88 3.11 -5.31 1.11 Benchmark -2.60 0.69 2.95 -5.12 1.99 Out/(Under) Performance -0.84 1.19 0.16 -0.19 -0.88 Source BBH, % Returns in USD. Benchmark is MSCI Emerging Markets Index. *Since Inception date is 17th December, 2013.

Performance Commentary

For the half year ended June 2015, on a net basis, the Fund recorded a return of 3.11%, compared with the benchmark return of 2.95%, and therefore outperformed the benchmark by 0.16%. Relative gains were primarily generated by holdings in China, Russia and Egypt. Korea proved to be a challenging market, primarily due to weakness in the technology and auto sectors.

Investment Outlook

The outlook for emerging markets remains challenging. We are probably in the final phase of significant cyclical and structural adjustment in many emerging markets. The general macro backdrop of weak commodity prices, strong dollar and Fed tightening, does not usually bode well for the emerging equity asset category. In fact, many investors and pundits are throwing in the towel on the emerging markets asset category, as the FT recently highlighted Time to Move Beyond ‘Emerging Markets.’

We have maintained that many of the traditional linkages of emerging markets as defined by index providers may be outdated and inappropriate and we are likely to see significant deviation form the MSCI EM benchmark. Furthermore, much concern has been priced in with emerging markets trading close to four year lows and 2016 sell side consensus earnings expectations that have been revised down by 23% over the past 12 months. We prefer to focus on bottom up stock investing rather than weigh in on pedantic debate about the merits of the asset category. We can still find companies that should be able to sustain or improve returns relative to market expectations and any significant volatility should provide opportunities.

Our key areas of focus currently include long term secular and structural opportunities, including Indian health care and consumer staples in North Asia. In some areas, we note the market may be too pessimistic, including the prognosis of China’s short term growth trajectory, which has led to significant corrections in Chinese autos and property—we have added to existing holdings in both sectors. In other areas, the market may be too optimistic. EM financials, in many markets have seem limited earnings downgrades in markets such as Brazil and South Africa despite deteriorating economies and rising risks of increased provisioning. We continue to seek opportunities in health care and non bank financial companies, especially insurers, which may be more insulated from macro concerns.

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NOMURA FUNDS IRELAND - INDIA EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Year To Date 1 Year 3 Year Since Inception* Fund 0.68 -2.16 6.72 16.44 49.75 57.26 Benchmark 0.29 -3.61 1.59 3.26 40.36 40.27 Out/(Under) Performance 0.39 1.45 5.13 13.18 9.39 16.99 Source BBH; % Returns in USD. Benchmark is MSCI India Index. *Since Inception date is 13th January, 2007.

Performance Commentary

For the half year ended June 2015, the Fund recorded a return of 6.72%, compared with the benchmark return of 1.59%, and therefore outperformed the benchmark by 5.13%.

The Indian equity markets recorded new lifetime highs in early March before correcting, though still up marginally over the period under review. Markets have re-rated over the last year with the new government taking measures to improve sustainable growth. At the same time, there has been a sharp improvement in the Current Account and the FX Reserves position. These have ensured that the currency has seen relatively less volatility and downside even as there is a lot of turmoil globally. Over this period the currency is down 0.95% vs the USD.

Another important feature of the markets has been the return of the domestic retail and institutional investor base. Inflows into Mutual Funds have been positive every month in the last 12 months, after being on the negative side since mid 2008. Over the last two quarters, domestic equity inflows have been ~ US$ 4.2 billion compared to FII equity inflows of ~ US$ 6.2 billion. This has supported the markets during periods of weakness and has also resulted in the outperformance of mid caps relative to the narrower indices.

On the economic front, growth has clearly bottomed as indicated by the data - India’s GDP grew 7.5% (yoy) in the final quarter of FY15. Growth for the full fiscal year was at a four-year high of 7.3% (yoy), up from 6.9% in the previous year. CPI has remained in the 4.5% - 5.5% band YTD, lower than levels yoy. This has afforded the RBI an opportunity to cut interest rates thrice this year by a cumulative 75 bps. Banks have passed on a portion of this already. India’s monsoon season began well (Jun- Sep), with cumulative rainfall for 1-29 June at 18% above the long-term average, and better than official predictions. Sowing has been better than in 2014 (a below-normal year), albeit slower than 2013. The jury is still out, as rains in July matter the most for food-grain production.

The portfolio has been positioned with a pro-cyclical stance, towards quality private sector names in Financials, Industrials and Consumer Discretionary. The key underweights are traditionally defensive sectors of Staples and Healthcare which are trading at elevated valuations and also IT Services which is hurting from demand weakness and cross currency issues. In addition, we remain underweight sectors subject to global macro and domestic policy uncertainties viz Materials, Utilities and competition, viz Telecom. Our positioning has added significant value over the period.

Investment Outlook

We find no reason to change our long standing positive view of the global equity markets. Central Banks are generally expected to maintain their accommodative monetary policies, whilst individual companies continue to focus on delivering shareholder value through buy-backs, higher dividends and merger and acquisition activities.

As is always the case, there are areas of concern. The Greek debt situation is one such, although we judge that the market has already factored in much of the potential impact of a default scenario. We acknowledge that the US will finally begin increasing policy interest rates sometime in the second half of this year. However, the pace will be slow and gradual and the current steepness of the yield curve already suggests that the impact has been priced into financial assets.

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NOMURA FUNDS IRELAND - INDIA EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Outlook (continued)

We believe India is favourably positioned in this global macro environment. The sharp improvement in the Current Account and the FX reserves have ensured that the currency has seen relatively less volatility and downside even as there is a lot of turmoil globally. We expect that India's currency should be able to weather this global volatility much better than other peers with larger Deficits and much better than in 2013.

The new Central government led by Mr Modi implemented a host of administrative reforms in its first year. An important one was the elimination of the retail fuel subsidies which helped shore up government finances and removed pressure on the fiscal deficit. This is being extended to other subsidies as well. Food subsidies in future will directly be credited to Bank accounts, eliminating leakages. The government has also addressed the coal shortage issue by better co-ordination among ministries, enabling Coal India’s production to ramp up significantly. Corporates have reported much easier dealings with the bureaucracy and significantly reduced red-tape. All these measures have bolstered the sustainable growth outlook for India and led to us moving to further overweight domestic growth oriented sectors such as Consumer Discretionary, Financials and Industrials.

We are therefore positive on the medium term outlook. We expect that market returns would be driven largely by fundamental improvements in the economy (which is already happening) and in the corporate profitability (which is now bottoming). Both these effects should drive a sharp uptick in corporate EPS growth which in turn would drive market returns. In addition, given the valuation de-rating in the last few weeks, there is also room for valuations to normalize.

Sales growth for corporates came off sharply in the last few years due to the weak economy and in particular, the weak investment cycle. The new government has made investment recovery a key driver of its economic agenda. This is already yielding fruit - some key successes have been a big increase in production of Coal India (now growing production at 10%), fast pace of project approvals (for example project awards in Roads in FY2015 was 7,900 km - more than double that of FY2014) and a sharp pickup in FDI (US$ 33 bn in FY2015 compared to US$ 22 bn in FY2014) etc.

We expect these measures to lead to a pickup in the sales growth trajectory for corporates. In the last 2 quarters, the fall in commodity prices has also dented the topline growth which should now be in the base going ahead.

The profitability for corporates is also expected to improve due to multiple factors. Gross Margins should be higher due to the fall in commodity prices being reflected in financials. The pickup in sales growth will provide an operating leverage impact boosting margins further. Besides, with interest rate cuts now starting to flow through the system, we expect a sharp financial leverage impact to flow through.

While FY2017 will mark the full year impact of all these, we will see these partly reflected from FY2016 itself. Current estimates of EPS growth for the next 2 years are ~ 15%. Over the next few quarters of this fiscal, we believe these estimates can potentially start to get upgraded.

We are quite optimistic on the medium term outlook for Indian markets at this stage.

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Year To Date 1 Year 3 Year Since Inception* Fund -1.86 2.09 3.13 -1.54 41.97 99.97 Benchmark -2.35 0.35 2.07 0.71 44.34 113.82 Out/(Under) Performance 0.49 1.74 1.06 -2.25 -2.37 -13.85 Source BBH; % Returns in USD. Benchmark is MSCI AC World Total Return Net Index. *Since Inception date is 19th December, 2008.

Performance Commentary

For the half year ended June 2015, the Fund recorded a return of 3.13%, compared with the benchmark return of 2.07%, and therefore outperformed the benchmark by 1.06%.

Global equity markets advanced during the first quarter of 2015. Stocks declined through mid-January amid sharply falling oil prices, uncertainty surrounding the election in Greece, negative wage growth in the US, and weak earnings reports from major US banks. Afterwards, stocks rallied as it responded well to ECB’s QE announcement and recovery in oil prices. Toward mid-March, expectations for a resolution to the Greek debt impasse and a ceasefire agreement in Ukraine supported the market. Moreover, the strong performance of Chinese stocks which was led by the monetary easing and the government’s supportive stance contributed to the overall equity performance. However, profit taking weighed on the markets at the end of the quarter.

Our overweight position in the Automobiles & Components of Consumer Discretionary sector contributed positively to the fund performance as shares such as Volkswagen AG, Fiat Chrysler Automobiles N.V., and Peugeot SA surged during the quarter. On the other hand, underweight position in the Health Care sector had a negative impact, as Pharmaceuticals Biotechnology & Life Sciences names were favored through the quarter.

As for regional allocations, Emerging Markets and Developed Markets both detracted from the fund’s performance.

Global equity markets slightly advanced during the second quarter of 2015. The equity markets advanced through May as investors reassessed their concerns regarding a possible early rate hike by the Federal Reserve. A short rebound in oil prices also lifted the markets. In addition, expectations for continued QE by the ECB supported the markets despite the lack of progress in bailout negotiations between Greece and the EU. Stocks retreated in June following the release of US employment figures that were stronger than forecast, which raised expectations that the Federal Reserve Bank might bring forward the timing of its first policy interest rate hike. At the end of the quarter, global equities fell over concerns on Greek debt talks.

Our overweight position in the Financials sector contributed positively to the fund performance as Chinese bank shares surged higher during the second quarter. On the other hand, stock selection within the Consumer Discretionary sector, especially the underweight positions in some e-commerce stocks detracted from the fund’s performance as the market now expects stronger business performance through rising demand. As for regional allocations, the overweight exposure to Emerging Markets contributed positively, while the underweight position in Developed Markets had a negative effect.

Investment Outlook

As the Fundamental Index Strategy calculates its portfolio weights by using company reported fundamental data, it is not designed to rely on any top-down decisions or provide any specific economic projections. We review our target weights once a year based on the fundamental measures of size, by using historical fundamental factors such as Sales, Cash flow, Dividends, and Book Value. Based on these measures of fundamental value, the fund currently holds overweight positions relative to the MSCI All Country World Index in the Energy, Telecommunication Services, and Financials sectors. Key underweight positions are held in the Information Technology, Health Care, and Consumer Discretionary sectors.

As for country allocation, the fund is currently overweight in China, Japan, France, and Russia, while holding underweight exposures to the United States, Switzerland, the United Kingdom and Denmark. Overall, the fund is overweight in emerging countries and underweight in developed countries.

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NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Year To Date 1 Year 3 Year Since Inception* Fund -2.13 7.60 17.21 31.09 124.90 99.26 Benchmark -2.42 5.84 16.98 31.55 124.97 88.99 Out/(Under) Performance 0.29 1.76 0.23 -0.46 -0.07 10.27 Source BBH; % Returns in USD. Benchmark is Topix Index. *Since Inception date is 26th August, 2009.

Performance Commentary

For the half year ended June 2015, the Fund recorded a return of 17.21% compared with the benchmark return of 16.98%, and therefore outperformed the benchmark by 0.23%.

Starting in January, the investor sentiment was pulled in different directions in response to unfolding events in Europe. Foreign exchange markets were stunned by the Swiss central bank’s abrupt scrapping of the franc’s cap against the euro but this was followed in short order by the more welcome announcement that the European Central Bank would embark on a programme of quantitative easing. However, celebrations were short-lived as within a few days the Greek election had produced a Syriza government. These events caused an unwelcome, if temporary, rise in the yen which resumed its old role as a safe haven. However as January turned into February investor sentiment in Japan took a turn for the better as a result of hopes of an improvement in the domestic economy and encouraging corporate earnings results for the October-December period. The rally continued through March as investors focussed on the resilient earnings outlook.

April began in a bullish mood as sentiment was buoyed by signs of an improvement in the Japanese domestic economy, ongoing weakness in the yen and hopes for encouraging corporate earnings reports for the fiscal year ending in March. In the event, reported earnings did not disappoint, coming in slightly above expectations, and corporate guidance for the current fiscal year was encouraging. The market faltered in June, suffering its first monthly decline of the year as investor sentiment took a turn for the worse in reaction to the debt default by Greece and a steep correction in the Chinese equity market, albeit after an unsustainably strong bull phase. With Japanese economic releases over the month proving somewhat mixed and few major positive surprises in terms of corporate news, many investors moved to lock in their profits following the strong market gains of recent weeks. This certainly applied to foreign investors who turned net sellers in June after having been consistence supporters of Japanese equities for most of the year.

Japanese economic releases over the first half of the year showed gradual recovery however overall it was decidedly mixed. Real GDP growth for the January-March quarter of 2015 came in at 3.9% quarter on quarter, annualised, with strong private capital expenditure and private consumption notable contributors to the numbers. With consumer spending, spirits were raised by a sixth consecutive monthly increase in cash wages in May; +0.6% year on year, and a favourable outcome of the spring wage negotiations. Japan’s unemployment rate also showed positive signs, declining to 3.5% in May, its lowest level since February 1997, and the active job opening ratio also improved to its highest level in 20 years. By contrast, production data was rather mixed and headline CPI has remained disappointing, increasing by 0.5% in May, well below the Bank of Japan’s 2% target. Industrial Production index failed to paint a picture of a robust expansion, the May increase of in was below the consensus figure of 0.9% and analysis of production forecasts only suggested a slow recovery in activity over the next couple of months as the economy continues to adjust to the consumption tax increase at the beginning of April.

There were no major changes to monetary or fiscal policy over the first half of the year although many investors are looking for more easing by the Bank of Japan should inflation numbers slip further. The Government Pension Investment Fund (GPIF) has continued to add to its holding of domestic equities, albeit at a more moderate pace than in the previous quarters.

In terms of sectors, Financial sectors were the outstanding performers, with the Insurance sector the single best performer as longer-term earnings expectations were revised up on an uptick in bond yields and ongoing merger and acquisition activity within the sector. Banks and the Other Financing sector were also strong performers.

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NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Performance Commentary (continued)

With the yen declining by only a very small amount against the dollar over the period, there was little incentive for the export- orientated sectors such as Electric Appliances, Transportation Equipment and Machinery, all of which lagged the wider market. Most defensive sectors including the Pharmaceutical and Food sectors performed strongly over the first half of the year.

Over the first half of 2015 the fund underperformed the benchmark. On an attribution basis, both sector allocation and stock selection were negative. Stock selection was most effective in the Information & Communication, Machinery, and Services sectors. Results were most disappointing in the Electric Appliance, Chemicals, Transportation Equipment, and Glass & Ceramics and Chemical sectors.

As far as individual stocks were concerned, the positions contributing the most to performance over the period included overweights in telecommunications giant NTT as the company outperformed on the back of a better than expected full year results of the company and its subsidiaries, Sumitomo Electric Industries, NSK, and Sohgo Security Services. The detractors during the period included Mazda Motor which underperformed as the euro tumbled against the yen, Hitachi and Asahi Kasei.

Investment Outlook

In the long-term we believe that corporate earnings results and future prospects will continue to be the main drivers of Japanese stock prices. The last full year reporting season was a positive one and we believe that the outlook for earnings over the coming months looks encouraging, with the risk remaining on the upside.

Aside from earnings numbers, over the coming months, investors will be looking for further progress in the government’s structural reform programme. Recent developments in respect of corporate governance have been encouraging and are an important element in the reform programme, however, it is only one element and we should not neglect the other initiatives which will also contribute to raising corporate profitability and ultimately shareholder returns.

Our primary focus remains on the long-term investment theme of improving returns at a corporate level. However, it would be unrealistic to expect all companies to embrace this challenging new world and make the, often radical and painful, changes necessary to significantly lift profitability. Hence, we remain highly selective in our stock picking, employing a disciplined and research focused approach in order to identify the winners and avoid the losers.

We aim to find opportunities in stocks that are significantly undervalued in relation to their potential and where the combination of a competitive core business and progressive management means that there are good prospects for that potential being realised. In essence, we want to see management that both understand the potential of their respective business and that are not afraid to undertake the restructuring necessary to raise returns.

Given our ‘bottom-up’ approach we look for attractive individual investment opportunities across the market and hence our sector allocation is purely a reflection of our stock decisions. That having been said, at the end of June, relative to the benchmark, the portfolio was significantly overweight the Insurance, Nonferrous Metals and Machinery sectors. The largest underweight positions were in the Pharmaceutical, Food and Land Transportation sectors.

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NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Year To Date 1 Year 3 Year Since Inception* Fund -1.81 -0.32 1.84 -1.31 27.47 142.96 Benchmark -1.51 -0.05 2.49 -0.54 21.85 134.65 Out/(Under) Performance -0.30 -0.27 -0.65 -0.77 5.62 8.31 Source BBH; % Returns in USD. Benchmark shown is B of A Merrill Lynch US High Yield Master II Constrained Index. *Since Inception date is 31st March, 2009.

Performance Commentary

For the half year ended June 2015, the Fund recorded a return of 1.84%, compared with the benchmark return of 2.49%, and therefore underperformed the benchmark by 0.65%.

Dynegy Holdings has been a strong contributor to relative performance. Dynegy priced a $5.1bln 3-tranche deal on October 10th. The deal will finance the majority of the acquisition of coal and gas assets from Duke Energy and private equity firm Energy Capital Partners.

Tenet Health also added to performance. Tenet Health and other hospitals led a rally among health-care companies as the US Supreme Court upheld a key piece of President Barack Obama’s Affordable Care Act, lifting the main threat hanging over the industry’s prospects. Boyd Gaming also added to performance as Las Vegas casino revenues increased in June.

Other issuer contributors to performance have included Frontier Communications, California Resources, and Intelsat.

From a sector perspective, an underweight and positive issuer selection in the Specialty Retail and Packaging sectors contributed to relative performance. Negative security selection and asset weighting in the Energy – Exploration & Production and Metals/Mining Excluding Steel sectors detracted from performance YTD.

Investment Outlook

High yield bond prices got a boost in the first half of April thanks to record highs for stocks, a permissive Federal Reserve (Fed), and a steady bid in the energy sector – which eventually subsided alongside a surge in global bond yields, rising ETF outflows, and better two-way flow in energy bonds. 1Q15 GDP came in well below expectations, growing at an annualised rate of 0.2% q-o-q. Stripping out inventory investment, which contributed 0.7pp to growth, real final sales contracted by 0.5% q-o- q. Net exports and business investment in structures were the primary reasons for the slowdown, subtracting 1.25pp and 0.75pp from growth, respectively. The west coast port disruptions in the first half of Q1, rapid declines in investment in the oil and gas sector, the stronger dollar, weak foreign growth, and inclement weather all weighed on 1Q15 economic activity.

Oil rallied strongly thanks to the falling rig count, leading to a particular rally in energy bonds. Euro high yield continued its QE related strength and is up 4.91% YTD, though it is weakening a little as European government bond yields rise. As European government yields moved back up, US Treasury yields also moved up, muting the returns of both US and European BBs in the rally. Emerging markets, both sovereign and corporate, were very strong as a dovish Fed encourages flows back to EM, and many countries benefit from stronger oil. Oil exporters like Venezuela and Russia had strong rallies, and Brazil also rallied.

High yield bonds provided carry-like performance in May despite heightened volatility across Treasuries, FX, commodities, and equities. Both high yield bonds and leveraged loans performed well compared to other fixed income asset classes in May, but returns were subdued over strong primary market issuance and outflows from mutual funds. In May, high yield new issue volume totaled $35.0bn, a 7% month-over-month decrease and the fourth highest monthly total over the last twelve months. Weekly volume began the month strong, with $11.4bn pricing out of the gate (the 4th highest total YTD), but declined to $8.2bn, $6.5bn, and $6.7bn over the next three weeks. High yield bond mutual funds reported a third consecutive outflow in May.

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NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Outlook (continued)

The continuing trend of investment grade (IG) debt issuance to fund share buybacks has been a concern for most market participants. Activist shareholders have pressured companies to either split up, or engage in debt-financed repurchases. We think that this is a negative trend not only for the IG market, but also for the overall economy, as companies have used cash and debt to buy back shares to the detriment of capital expenditure spending and investment. High yield new issuance continues to be focused on re-financing, which we view as positive. In our opinion, the overall quality of supply in high yield remains strong as companies continue to refinance higher-coupon debt, lower their overall cost of capital, and extend maturities. Further, CCC- rated issuance has dropped to 13% YTD 2015, down from the peak of 33% in 2007.

High-yield bond prices came under pressure in June amid a rise in Treasury yields, deteriorating technicals, and heightened volatility in equities. Spreads widened during the month due to weakness in the oil and commodity sectors, compounded by fears about Greece late in the month. In a sudden turn of events, the Greek government announced that a referendum would be held on Sunday, July 5th, on the draft deal submitted by the European Union (EU), European Central Bank (ECB), and International Monetary Fund (IMF) on June 25th. The news of a Greek referendum saw global equities drop sharply, whereas global government bond yields were retracing the entirety of the previous week’s sharp increase. This move by the Greek government introduced a new element of instability given the expiration of the program and the IMF repayment due on June 30th. The Euro group turned down a request for a short-term extension to the existing program and the ECB voted to maintain the current ELA cap, events which led to an imposition of capital controls.

Aside from Greek related volatility, the fundamentals of the US high yield market remain positive. The US economy has steady momentum and the US consumer and corporate sectors have delivered. We feel that the overall quality of supply in high yield remains strong as companies continue to refinance higher-coupon debt, lower their overall cost of capital, and extend maturities. CCC-rated issuance has dropped to 13% YTD 2015, down from the peak of 33% in 2007. Refinancing, and moderately levered M&A in the cable and health care sectors, are the primary use of proceeds (UOP), and regulators have pressured major US underwriters to avoid excessively levered transactions (i.e. discouraging the issuance of bonds >6.0x debt/EBIDTA). Interest coverage is much improved in high yield and the maturity wall has been pushed out beyond 2019. We also think that there will be steady demand for high yield as global monetary easing outside of the US persists. Pension plans, insurance companies, and other long-term investors view the asset class as attractive at yields of 6.51%, OAS of 490bps, and duration of 3.95, as of June 30, 2015.

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NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Year to date 1 Year Since Inception* Fund -4.37 5.22 10.68 6.19 16.62 Benchmark -5.46 6.65 12.50 5.00 13.45 Out/(Under) Performance 1.09 -1.43 -1.82 1.19 3.17 Source BBH; % Returns in USD. Benchmark is MSCI All Countries Far East ex Japan Small Cap Index. *Since Inception date is 12th March, 2013.

Performance Commentary

For the semi-annual review period ending June 2015, the Fund recorded a return of 10.68%, compared with the benchmark return of 12.50%, and therefore underperformed the benchmark by 1.82%.

Attribution analysis shows that the country allocation effect has detracted significantly from the relative performance, while the stock selection effect was positive.

Country allocation results from the underweight exposures to Taiwan and China were positive. However, the underweight exposure to Korea and the overweight positions in Thailand, Malaysia, Indonesia, the Philippines and Singapore detracted from the relative performance.

In terms of stock selection, Taiwan, Hong Kong, the Philippines, China, Thailand and Malaysia all added value, while stock selection outcomes in other countries were negative.

The residual cash balance had a negative effect during this review period.

Positive stock selection contributors such as Boer Power (China), Wasion Group (China) and Lotte Chilsung (South Korea) contributed significantly to the relative performance. However, stocks such as Boustead Singapore (Singapore), PT Arwana Citramulia (Indonesia) and Pan-United (Singapore) detracted from the portfolio’s performance.

Investment Outlook

The Asian investment team recently completed a two-day Extended Pacific Basin Investment Meeting in Singapore. This investment strategy discussion was attended by Pacific Basin investment professionals located in Malaysia, Hong Kong, Shanghai, Tokyo and Frankfurt. It was concluded that, on balance, there was no reason to change our long standing positive view of the global equity markets. Central Banks are generally expected to maintain their accommodative monetary policies, whilst individual companies continue to focus on delivering shareholder value through buy-backs, higher dividends and merger and acquisition activities.

There were some areas of concern. The Greek debt situation was highlighted although we judged that the market had already factored in much of the potential impact of a default scenario. We also acknowledged that the US will finally begin increasing policy interest rates sometime in the second half of this year. However, the pace will be slow and gradual and the current steepness of the yield curve already suggests that the impact has been priced into financial assets.

For the Asia ex-Japan markets, the discussions focused as always on China and Hong Kong. Having added to the country exposures at the right time, we have maintained small overweight positions in these two markets. Both have been major beneficiaries of spectacular moves in the China A-share market. We acknowledge that valuations are high and that recent volatility could suggest the bull market is over. However, our judgment is that nine months is too short a period; therefore, while short-term volatility cannot be ruled out, further gains are likely. This is a bull market, sanctioned and supported by the Chinese Government to help transition the economy away from an emphasis on Fixed Asset Investment (FAI) towards consumption and services. The government still has considerable policy levers available to it. Real interest rates are too high and can be cut aggressively, while the reserve requirement ratio can also be reduced. Most institutional savings polls indicate very little exposure to equities, but this is likely to rise. Furthermore, equities have replaced property and wealth management product as savings vehicles for individual investors.

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NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Outlook (continued)

However, our view is that the key beneficiary of growth in both financial services and the stock market will be Hong Kong, where most of the capital raising and financial services will be conducted. Stocks are also reasonably valued, so we have increased the weight further. Property and banks are our preferred sectors.

Funds for these purchases will be sourced from our cash holdings, which have grown from recent dividend payments, and from the decision to move from over to underweight in Thailand. Two years ago, our main market call was to hold a 7% point overweight exposure to the ASEAN markets. We are now 1.5% points underweight. Thailand has held up well so far in spite of a sharp deceleration in the economy, but the political impasse is an obstacle that could delay the implementation of much needed infrastructure projects. Falling agricultural prices are also adversely impacting rural areas where household debt levels are already uncomfortably high. However, structural issues have concerned us most. Thailand is aging rapidly and the cost of labour is rising. Unfortunately, the education system is not producing a sufficiently skilled workforce and corporate R&D expenditure remains relatively low. As such, Thailand in general is not equipped to move up the value chain except in activities such as healthcare and tourism. The Philippines is now our only overweight position in the ASEAN markets. Our positive view rests on the strong economic growth prospects and relatively low consumer debt. However, the Presidential election due next year could cause short term weakness. We will use this as an opportunity to raise the exposure further.

Our sector allocation remains underweight in higher yielding bond proxies such as utilities, as we believe the global interest rate cycle has turned and consumer staples now look very expensive. We also believe it is too early to add to late cycle sectors such as energy and resources. Rather, the bulk of our investments are in the financials, property and consumer sectors – the mid-cycle beneficiaries.

24 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Year To Date 1 Year Since Inception* Fund -1.44 1.81 16.02 32.87 47.69 Benchmark -2.42 5.84 16.98 31.55 46.62 Out/(Under) Performance 0.98 -4.03 -0.96 1.32 1.28 Source BBH; % Returns in USD. Benchmark is Topix Index. *Since Inception date is 7th August, 2013.

Performance Commentary

For the half year ended June 2015, the fund recorded a return of 16.02% return while the Tokyo Stock Price Index (TOPIX) recorded a return of 16.98% thus underperforming the index by 0.96%. Monetary easing measures implemented around the world while anticipation for improved shareholder returns by Japanese companies lead to inflow of assets to the Japanese economy. Announcement of equity purchase programmed by the Government Pension Investment Fund (GPIF) and Postal Bank also assisted with the demand recovery.

Monetary easing measures around the world as well as steady corporate earnings result for FY2014 supported the steady performance of the equity market. However, at the end of the half year, the equity market plummeted due to the appreciation of Yen and the global impact over the Greek debt crisis. Although the Japanese Equity market fell back in June after consecutive rise from January to May, it ended with an overall positive return over the half year from January to June.

In the January to March quarter, Consumption and Information/System sectors outperformed the market on the back of positive prospects for domestic demand. The Medical sector also surged due to reports of potential breakthrough drugs. Meanwhile, many investors focused on potential changes in corporate attention to shareholder value. Companies that recently announced plans to lift their pay-out ratio, like Fanuc saw their share prices soar accordingly. By April to June quarter, Financials and Communication sectors that had fallen in March picked up, and outperformed the market. Large cap stocks with attractive valuations received steady inflows from overseas investors. In the Financial sector, the major banking groups and insurance companies benefitted from the improved domestic economic conditions.

Economic data from Japan have been rather mixed during the April to June quarter. Machinery orders in April increased by 3.8% (mom) despite the consensus view of -2.1%. On the other hand, figures relating to production activity have so far failed to show a return to steady growth. The Industrial Production Index fell by -2.2% (mom) in May. Export volume in May also declined by -3.8% (yoy), while exporters have yet to capitalise fully on the supportive yen exchange rates. Domestic demand figures seem to offer brighter prospects than production activity, as Household Spending in real terms increased by 4.8%(yoy) in May, outpacing the consensus of 3.6%. Total cash wages in May increased by 0.6% (yoy) to support consumption activity.

MonotaRO was the top contributor to the portfolio performance over the January to June period. Their share price soared with the recent announcement of growth in expected profits as a result of recent change in their pricing structure. NIDEC was a top contributor to the portfolio performance over the April to June quarter, and the second top for the half year. Their automotive, household electronics as well as industrial products sales have expanded steadily, and had a substantial effect on their share price. Meanwhile, Unicharm had the biggest negative impact on the portfolio performance, as their share price plunged with declined overseas profits in January to March quarter due to depreciation of the Rupiah and increased sales cost. Nevertheless we continue to hold the view that they will grow in the medium run from double-digit expansion of sales growth in Japan and China.

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NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Outlook

The most recent GDP release for Japan showed that growth for the first quarter 2015 (1Q15) had accelerated to a revised 1.0% (qoq), giving a much stronger than expected annualised growth rate of 3.9% for the quarter. Growth will continue, although not at such a rapid pace, so our real GDP growth forecast for the second quarter of 2015 is 1.1% (qoq, ann.), with an annual growth forecast for the fiscal year ending March 2016 of 1.7%. Although these figures represent a small downward revision from our April forecast, we have upheld our broadly positive outlook partly based on the prospect of rising household real income.

Although private sector demand was surprisingly strong at 6.4% (qoq, ann.) real demand growth was just over 2% annualised, with inventory building pushing the growth rate up by more than two percentage points. This relatively tepid underlying growth rate is attributed to a temporarily faltering demand recovery and the failure of inventories to decline as expected. However, personal consumption has continued to expand steadily since bottoming out during the July-September 2014 quarter, while capital spending was revised up from 1.4% (qoq, ann.) to a remarkably strong 11% growth rate. Capital expenditure growth looks set to continue according to the July Tankan business sentiment report, which indicated a 9.3% average rise in capital expenditure across large businesses in the year to March 2016. This figure contrasts with the corporate spending survey from last quarter, which in the case of large non-manufacturers was actually negative. In the manufacturing sectors, companies have started to bring production capacity back onshore in response to the weaker yen, while investment plans centred on renewal investment are positive too.

Inbound tourism has also been making a rare contribution to economic growth. In the January-March quarter, there were 4.13 million foreign visitors to Japan, an increase of roughly 44% (yoy). Direct purchases (actual) in Japan by non-resident consumers increased by ¥277bn to ¥2.315tn (qoq, ann.). Tourist spending could continue to boost economic growth, with an estimated contribution to real GDP growth of roughly 0.3 to 0.4 percentage points (qoq, ann).

Beginning from the April-June quarter, we forecast the start of a recovery in household sector real income, which could reach the upper 2% (yoy) growth range thanks to wage increases and the accompanying increase in the pace of capital spending. April wage growth was 0.7% (yoy), with fixed salary including overtime rising by 0.4% and special salary (bonus payments) rising by 10.9%. Surveys also indicate rising wages for the large number of part-time and non-regular employees too, with rising labour demand and a shift towards regular employment to aid labour retention. Moreover, a tightening labour market brought the unemployment rate down to 3.3% in April, the lowest since 1997. The non-active sector of the labour force (those of working age but not seeking employment) has also started to decline since 2013, with more vacancies and higher wages drawing people back into the labour pool.

The Bank of Japan is expected to keep its existing monetary stance for the time being. At the 30 April Monetary Policy Board meeting, the BOJ revised its intended deadline for reaching the inflation target rate of 2% from the middle of Fiscal Year 2015 to the first half of FY2016. At the 22 May meeting, the BOJ then revised its economic outlook upward slightly, in light of improvements seen in consumption and housing investment. Governor Kuroda subsequently announced that the economy and prices were moving in line with the central bank’s forecast. The decision to push back the inflation target date means the BOJ is less likely to implement further easing steps in the short term, and the existing monetary policy settings are likely to be maintained.

The Japanese government also announced new economic reform proposals in June, aimed at improving supply side conditions. These measures include plans for further cuts in corporate taxation, efforts to raise service sector productivity by encouraging IT investment, accelerated regulatory reforms to create national strategic development zones, and policies to attract direct inward investment and tourism.

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NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Year To Date Since Inception* Fund -3.89 1.78 5.64 24.00 Benchmark -3.71 0.56 5.46 18.07 Out/(Under) Performance -0.18 1.22 0.18 5.93 Source BBH; % Returns in USD. Benchmark is MSCI All Countries Asia Ex Japan Index. *Since Inception date is 5th September, 2013.

Performance Commentary

For the semi-annual review period ended June 2015, the Fund recorded a positive return of 5.64%, compared with the benchmark return of 5.46%, and therefore outperformed the benchmark by 0.18%. In terms of asset allocation, the underweight positions in Malaysia and Korea added value. The Malaysia market weakened along with a slowdown in macroeconomic growth, while Korea also weakened due to a tougher competitive environment, especially for exporters due to the weakening Japanese yen. Stock selection added value especially in Hong Kong and Singapore. In Hong Kong, the overweight position in Hong Kong Exchanges & Clearing contributed positively. The share price strengthened following the announcement of further potential stock market connect agreements between China and Hong Kong. In Singapore, the overweight position in ComfortDelGro worked positively. The share price strengthened, given expectations of developments in public transportation reform in Singapore.

Investment Outlook

Global central banks are generally expected to maintain their accommodative monetary policies, whilst individual companies continue to focus on delivering shareholder value through buy-backs, higher dividends and merger and acquisition activities.

Areas of concern include the Greek debt situation, although we judge that the market has already factored in much of the potential impact of a default scenario. We also acknowledge that the US will finally begin increasing policy interest rates sometime in the second half of this year. However, the pace will be slow and gradual and the current steepness of the yield curve already suggests that the impact has been priced into financial assets. In terms of country allocation, exposures to China and Hong Kong will be overweight. Both have been major beneficiaries of spectacular moves in the China A-share market. We acknowledge that valuations are high and that recent volatility could suggest the bull market is over. However, our judgment is that nine months is too short a period; therefore, while short-term volatility cannot be ruled out, further gains are likely. This is a bull market, sanctioned and supported by the Chinese Government to help transition the economy away from an emphasis on Fixed Asset Investment (FAI) towards consumption and services. The government still has considerable policy levers available to it. Real interest rates are too high and can be cut aggressively, while the reserve requirement ratio can also be reduced. Most institutional savings polls indicate very little exposure to equities, but this is likely to rise. Furthermore, equities have replaced property and wealth management products as savings vehicles for individual investors.

However, our view is that the key beneficiary of growth in both financial services and the stock market will be Hong Kong, where most of the capital raising and financial services will be conducted.

We will keep our position in India. Although implementation of reform measures has been disappointingly slow, we believe considerable progress has been made behind the scenes. Valuations relative to other emerging markets have fallen sharply. The demographic dividend remains favorable and a growing middle class population is discovering equities as a source of wealth accumulation. The main reason to be overweight India is the quality of selected companies. We can find well managed businesses gaining market share locally and diversifying overseas successfully across a wide range of industries.

Meanwhile, we will reduce the position in Thailand. Thailand has held up well so far in spite of a sharp deceleration in the economy, but the political impasse is an obstacle that could delay the implementation of much needed infrastructure projects. Falling agricultural prices are also adversely impacting rural areas where household debt levels are already uncomfortably high. However, structural issues have concerned us most.

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NOMURA FUNDS IRELAND - ASIA EX JAPAN HIGH CONVICTION FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Outlook (continued)

Thailand is aging rapidly and the cost of labor is rising. Unfortunately, the education system is not producing a sufficiently skilled workforce and corporate R&D expenditure remains relatively low. As such, Thailand in general is not equipped to move up the value chain except in activities such as healthcare and tourism.

The Philippines is now our only overweight position in the ASEAN markets. Our positive view rests on the strong economic growth prospects and relatively low consumer debt. However, the Presidential election due next year could cause short term weakness. We will use this as an opportunity to raise the exposure further.

28 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Year To Date 1 Year Since Inception* Fund -1.01 1.59 2.26 -4.28 -1.76 Benchmark -1.08 1.42 1.77 -3.95 -1.67 Out/(Under) Performance 0.07 0.17 0.49 -0.33 -0.09 Source BBH; % Returns in USD. Benchmark shown is the B of A Merrill Lynch Global High Yield Constrained Index *Since Inception date is 14th April 2014

Performance Commentary

For the semi-annual review period ended June 2015, the Fund recorded a positive return of 2.26%, compared with the benchmark return of 1.77%, and therefore outperformed the benchmark by 0.49%.

Outperformance was primarily driven by credit selection in each region. The target allocation of the fund was held steady during this period at roughly 65% US high yield, 20% Euro high yield, 10% emerging markets (excluding Asia), and 5% Asian high yield.

Investment Outlook

The Nomura Global High Yield Fund returned -1.01% on an NAV basis during June compared to -1.08% for the index, bringing its YTD performance to 2.26% compared to 1.77% for the index. Looking at each region, US high-yield bond prices came under pressure in June amid a rise in Treasury yields, deteriorating technicals, and heightened volatility in equities. Spreads widened during the month due to weakness in the oil and commodity sectors, compounded by fears about Greece late in the month. Aside from Greek related volatility, the fundamentals of the US high yield market remain positive. The US economy has steady momentum and the US consumer and corporate sectors have delivered. We feel that the overall quality of supply in high yield remains strong as companies continue to refinance higher-coupon debt, lower their overall cost of capital, and extend maturities.

Over to Europe, despite continued evidence of a slowly improving economy, the European high yield market was dominated by the crisis in Greece particularly in the second half of the month. As the risk of a failure to reach an agreement rose late in the month, most investors stayed on the sidelines until a path forward materialized. This caused the market to fade into the end of the month and into July. Concerns of slower Chinese growth also weighed on the market, particularly in the commodity space. In the portfolio we continued to maintain zero exposure to Greek credits which has helped performance YTD. Additionally we remain overweight Bs vs. BBs relative to the benchmark, where we see better relative value. Finally we increased the duration of the fund as we found some attractive opportunities to buy certain longer duration securities of high quality credits which had sold off with the selloff of German government bonds April and May. We expect to take profits on some of the longer duration assets we purchased in recent months and redeploy in improving credits where we see capital appreciation opportunity.

EM HY corporates had a negative month in June 2015, returning -1.06% for the EMUH index. Latin America fared the worst, and concerns continue about Brazil’s growth as well as Venezuela, which continues to be under pressure in light of oil prices and economic difficulties. Asia and emerging Europe fared the best, despite concerns about the Chinese stock market and Greece, both of which are considered to be containable risks. Shorter duration bonds outperformed as US Treasury bond yields rose throughout the month. Finally, more defensive sectors outperformed on the month as investors sought safety. Key outperforming positions included our overweight in Asia, the overweight in a Brazilian beef name, an overweight in an Indian commodities producer, certain Russian and Turkish banks, and the portfolio cash overweight. Key underperforming positions included a Colombian oil company that had a potential acquisition fall through, a Russian bank, and an Indonesia textile producer.

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NOMURA FUNDS IRELAND - GLOBAL FRONTIER EMERGING MARKET EQUITY FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Year To Date Since Inception* Fund -0.46 3.15 0.45 -13.54 Benchmark -0.09 -0.05 -3.15 -15.82 Out/(Under) Performance -0.37 3.20 3.60 -2.28 Source BBH; % Returns in USD. Benchmark is MSCI Frontier Markets Index (net total return). *Since Inception date is 16th July, 2014.

Performance Commentary

For the half year ended June 2015, the Fund recorded a return of 0.45%, compared with the benchmark return of -3.15%, and therefore outperformed the benchmark by 3.60%. Relative performance has been broad based and almost entirely generated by stock selection rather than asset allocation. Some of the most significant performance has been generated by our holdings in Pakistan, including Engro, Lucky Cement and Hum Networks. Furthermore, off-benchmark investments in recent Egyptian IPOs EDITA and Integrated Diagnostics were initially mispriced and have generated solid returns. In addition, our health care holdings have performed well. Our main detractors have been unsurprisingly in the more cyclical areas of energy and industrials, although we generally are less exposed than to more secular and structural areas of growth and returns.

Investment Outlook

We continue to favour investments from a bottom up rather than top down perspective. At a geographic level, we will likely maintain a preference for Asian securities relative to the benchmark suggested allocation. We continue to find intrinsic value upside in Pakistan and Vietnam and have recently added to our positions in Bangladesh. Nigeria’s oil price vulnerability and FX volatility may provide opportunities to add to preferred staples names. In Argentina, Scioli, outgoing President Christina Fernandez’s preferred candidate, has been gaining in the polls and tempering reform optimism.

We continue to look for new opportunities and will invest opportunistically when they arise, provided we have time to conduct proper analysis and due diligence.

30 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - DIVERSIFIED GROWTH FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Year To Date Since Inception* Fund -1.98 -1.72 -0.93 -0.60 Benchmark 0.02 0.05 0.09 0.11 Out/(Under) Performance -2.00 -1.77 -1.02 -0.71 Source BBH; % Returns in USD. Benchmark is USD LIBOR 1 Month. *Since Inception date is 7th November, 2014.

Performance Commentary

For the semi-annual review period ending June 2015, the Fund recorded a return of -0.93% compared with the benchmark return of 0.09%, and therefore underperformed the benchmark by 1.02%.

Government bonds of developed economies have weakened since the end of 2014, with a particularly steep rise in German bond yields. On the other hand, equity markets rallied, especially in Japan and Europe. The Japanese equity market advanced steadily amid further yen depreciation and hopes of progress from recent governance reforms. Additional monetary easing measures from the European Central Bank (ECB) supported the European equity markets. Regional bond markets were supported through mid- April thanks to the monetary easing measures by the ECB, and weak economic growth figures in the US. ECB President Draghi’s remarks that the market had to “get used” to high volatility then triggered a steep rise in bond yields across Europe. The ECB continued its monetary easing measures, while the Federal Reserve (FRB) appears to be edging close to implementing a first interest rate hike, which has driven up the value of the USD against other major currencies.

At the beginning of this year, we upheld the view that although risk asset prices would be supported by steady economic growth in the US as well as worldwide monetary easing policies, in the short run, the deteriorating liquidity concerns would raise market volatility. Therefore, we decided to disperse our asset allocation more evenly between equity, fixed income and alternative products in order to keep the equity sensitivity, (S&P500 beta) to around 0.35, while we continued with daily position adjustment trades. We purchased JPY in the foreign exchange market in order to hedge against tail risk.

The fund increased the equity risk exposure, mainly in the US and Japanese markets at the beginning of the review period. In February, the US S&P 500 moved towards the top of our predicted range, which prompted us to reduce our equity risk to the same level as bonds. Looking ahead, although liquidity remains supportive, we think there is little scope for equity prices to increase much further and any resurgence of concern over Greek debt financing over the coming weeks could, together with dollar appreciation, result in a significant increase in volatility. Consequently, we have been taking steps to reduce overall portfolio risk. In March, when ample market liquidity was expected to persist for some time, we added a new position in Hong Kong equities, which were likely to benefit from supportive policies. We reduced the exposure to Japanese equities after BOJ Governor Kuroda‘s announcement in June about the limits of yen weakness. In return, since the US economy has begun to recover, we increased the exposure to US equities, mainly through small-cap stocks.

The Net Asset Value of the fund fell during this half year, largely due to our positions in REITS, US Treasuries and European government bonds. On the other hand, positive contributors included Japanese equities, which recently rallied, as well as our positions in Hong Kong and European equities.

Investment Outlook

Big Picture for the 2H 2015

 The FRB has strongly indicated that it will soon implement its first interest rate hike since 2004. This is a sign that the world economy has regained its strength, and suggests the investment environment has normalised.  Meanwhile, as they have learned from past experiences of disruption caused by monetary tightening, the FRB is likely to take a cautious approach to raising interest rates, paying close attention to market conditions.  Furthermore, since monetary easing policies remain in place in other regions, including Europe, Japan and China, we assume the US equity market will continue to rise steadily and there will be no noticeable surge in bond yields; similar to the relatively stable response to the 2004 rate hike. In 2004, the FRB implemented rate hikes as it began to reverse the monetary easing measures in place since the bursting of the technology bubble market. The US equity market momentarily adjusted prior to the rate hike, as anticipated. However, equities rose steadily as the FRB raised interest rates gradually over the span of two years

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NOMURA FUNDS IRELAND - DIVERSIFIED GROWTH FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Outlook (continued)

from June 2004 to 2006. Federal funds rates were raised by 4.25 percentage points in a total of 17 incremental rate hikes, while bond yields in the US remained rather flat.  As the timing and the pace of the US rate hike becomes more certain, the equity market could advance further. During this transition phase where the FRB is preparing for the rate hike, the stock market appears to be building up momentum for a potential future rally. Yet this transition period will likely bring volatility given that investor concerns and the risk of unprecedented events, which we call “catalysts”, could have a strong impact on equity prices.

Investment Strategy for 2H 2015 (by asset class and risk segment）

 There is no change to our ‘Big Picture’ overview, as markets have begun to price in a rate hike. We expect to increase the degree of sensitivity to equities (defined by β of S&P 500) to near 0.4  Along with increasing our sensitivity to equities, so long as rates remain relatively stable and the economy does not accelerate, we plan to add alternative assets such as REITs and US High Yield bonds. However, if the economy accelerates then we would sell off our alternative assets and shift into equities.  Looking at other strategies that might add value, we will select equities such as Nasdaq stocks, small-caps, or European stocks depending on the situation and we also expect to take strategic positions in additional currencies such as the GBP and AUD.  In addition to the main scenario noted above, we have also examined a worst-case scenario as well. An example of that would be if the ECB and BOJ mention about scaling back their monetary easing measures as the FRB rate normalisation plans progressed. With that in mind, we will formulate our Big Picture outlook, and develop our investment strategy accordingly.

We believe that a diversified beta exposure to different asset classes can provide stable positive overall portfolio returns over the long-term. As market conditions are constantly changing, an active, judgmental approach across various asset classes is necessary to keep ahead of market moves and enables us to continually refine our investment process. We therefore seek to generate stable absolute returns by actively allocating across a broad range of asset classes. The allocation decision is a function of our analysis of the global investment environment adjusted for our assessment of portfolio risk. Non-traditional assets (including REITs, Commodities, Gold and High Yield Bonds) are included to enhance the risk/return profiles of traditional assets such as fixed income and equities.As well as receiving the returns generated by the asset price increase with the development of the world economy, we seek additional investment opportunities in order to achieve returns of 5% or more in a stable manner.

32 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - GLOBAL DYNAMIC BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Since Inception* Fund -2.39 -3.70 -2.51 Benchmark N/A N/A N/A Out/(Under) Performance N/A N/A N/A Source BBH; % Returns in USD. This Fund has no Benchmark. *Since Inception date is 30th January 2015.

Performance Commentary

For the semi-annual review period ending June 2015 since its inception on 30th January 2015 the Fund recorded a return of - 2.51%. This Fund has no Benchmark.

The vast majority of the negative performance was recorded in the month of June, when volatility surged and a broad sell-off of risk assets impacted the Fund’s holdings in a range of credits globally and a modest position in peripheral European government bonds in particular.

Throughout the period, the fixed income markets were dominated by two key considerations; firstly, the potential for a 2015 hike in interest rates by the Federal Reserve and, secondly, Greece’s ongoing debt crisis.

The end of the period covered by this report coincided with the very peak of the Greek debt woes, with the ruling Syriza party calling a referendum to vote on as-yet-unfinalised bailout proposals from the European Union. It was only in July that Greece capitulated and agreed to the bailout terms, in line with our view. Prior to this (albeit temporary) resolution, volatility of all risk assets, and particularly peripheral European bonds, was very high. Our exposures to Portuguese, Italian and Spanish bonds contributed negatively to returns, as did our exposures to high yield credit (across European, US and UK markets) and subordinated financial credits.

These risk asset positions were supported by our view not only of a resolution in Greece, but also a continued benign environment for credit markets, supported by liquidity injection from the ECB, small (if any) tightening measures in the US and continued low default rates.

The risk positions were hedged throughout the period using a combination of primarily option-driven hedges against interest rate rises in the US and the UK, and credit spread rises, particularly in European credits. However, in June, the size of the hedges proved to be insufficient to offset the impact on our bond portfolio from the broad-based risk sell-off.

Investment Outlook

We continue to have a constructive view of credit markets globally over the medium term. We believe that the risk to the consensus view of gradual US interest rate rises in the second half of 2015 and 2016 is to the downside. We believe that if the Fed does act to increase interest rates, it will be primarily driven by a need to back up recent rhetoric with action, rather than by a convincing economic case and a need to control inflation. Economic numbers continue to suggest a gradual recovery in the US, but with corporate profits falling, capex being scaled back as commodity prices fall, the consumer receiving regular newsflow over the threat of rising rates and increased healthcare costs and continued slack in the US labour market leading to continued anaemic wage growth, we do not see a strong case for inflation accelerating past the Fed’s target.

We therefore believe that over the medium term, our existing allocations to high yield and subordinated financial credit will be rewarded as the financial system continues to improve its health. At the same time, we are concerned that a wave of credit market issuance (some of which is pent-up supply delayed during the worst of the Greek crisis) could put short term pressure on the secondary market and lead to volatility, particularly given the levels of liquidity we observe in the bond markets at present. For this reason we have substantial hedges in place to protect our credit portfolio.

Within interest rates, we are hedging duration at the short end of the curve, resulting in a flattening position for the portfolio, as we believe rises in interest rates will primarily impact the short end of the curve.

33 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - EMRGING MARKET LOCAL CURRENCY DEBT FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Since Inception* Fund -1.33 -0.53 -2.96 Benchmark -1.22 -0.96 -3.91 Out/(Under) Performance 0.11 0.43 0.95 Source BBH % Returns in USD. Benchmark shown is the JPMorgan GBI-EM Global Diversified USD Total Return Index. *Since Inception date is 27th February 2015.

Performance Commentary

In the period from the fund inception on 27th February 2015 to the end of June, the Fund recorded a return of -2.96%, compared with the benchmark return of -3.91%, and therefore outperformed the benchmark by 0.95%

Our interest rate strategy was the largest contributor to our relative outperformance. We were very cautious in our weighted duration exposure in Turkey and Indonesia, despite the large benchmark weights and high carry of both markets, believing the vulnerabilities in the countries’ external positions would warrant much higher interests. Moreover, we also underweight bonds of Central and Eastern European countries where we judged the ultra-low interests would not be enough to compensate the FX and credit risks. These underweight positions paid off well during the period.

Our FX strategy also contributed positively to our performance. We maintained US Dollar overweight throughout the period and benefited from our significant underweights in several of the worst performing currencies such as in the Hungarian Forint, the Thai Baht and the Turkish Lira. Notably we have zero allocation in Russia throughout the period despite a sharp rally in that market in March, as we believed the rally was technical in nature and the extreme low tradability and high volatility caused by heightened geopolitical risk and reliance on energy exports deemed it a market we would rather stay out of.

Finally, we have benefited from our off-benchmark positions in the Serbian Dinar and continue to hold positions in Ghana Cedi and Uruguay Peso for attractive carry opportunities.

Overall our defensive positioning with high conviction worked well in the environment of rising volatilities of both FX and rates.

Investment Outlook

The year 2015 started weakly for EM economies as growth momentum struggling to gain traction and global commodities prices racing for new cycle lows. China, which had served as the engine of global growth, is also slowing markedly despite various stimulative measures announced by authorities, splitting over into weakenings in regional trades and global commodities demand. As such, EM countries remain vulnerable to both external shocks from global markets and continuous domestic challenges. Nevertheless, it is our opinion that after significant adjustments in EM FX and in interest rates in some countries, relative value opportunities are emerging and we are watchful for key levels to enter new positions.

On the global market environment, we think the Fed is likely to hike policy rate within the year as communicated to maintain credibility. However, recent activity data that has confirmed a slowdown and still subdued inflation indicators are all pointing to a very gradual hiking cycle. On the other hand, we think the ECB will continue its Quantitative Easing programme and the EU is likely to face continuous headwinds on the ongoing tough negotiations with Greece. Commodity prices are also expected to remain volatile because of heightened uncertainties of global demand. Despite the bulk of simulative measures, China will struggle to grow with its enormous excess production capacity and continue to export deflation aboard. Whereas these external drivers are hardly positive for EM assets, we see more a controlled risk-off and relatively limited downside for EM as a whole given the extensive correction in valuation so far in the year, although we hold the view some countries such as Turkey and Indonesia remain extremely vulnerable to external shocks. We are also seeing signs of economic rebalancing happening in some markets such as Malaysia and India and would take opportunities to add exposure at times when external factors bring prices to be fundamentally cheap.

Our FX strategy is expected to be more positive towards EM in the coming month but remain defensive in nature. We are mindful that several currencies such as the Malaysia Ringgit and Colombian Peso have reached attractive levels versus the US Dollar and would continue to introduce overweight in such currencies.

34 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - EMRGING MARKET LOCAL CURRENCY DEBT FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Outlook (continued)

Meanwhile, we will continue to avoid completely markets where we see structural faults such as in the Nigerian Naira and Russia Ruble, aiming to avoid significant loss and contain drawdown risk for the portfolio. Moreover, we aim to enhance carry through off-benchmark allocation where potential returns could be very high because of market segmentation.

On interest rate strategy, we are turning from very defensive positioning to looking for selective duration overweight. We remain cautious over credit risks and maintain overall portfolio credit quality to be better than the benchmark. We are very selective in taking duration exposure and would only allocate to markets with exceptional value or very high tradability, such as in Colombia and Malaysia, rather than being influenced solely by benchmark weights. We also run a concentrated portfolio with bonds we consider having the best risk-return profile among the peers. Again we make efforts to actively allocate to off-benchmark markets such as in real returns bonds and in more frontier markets.

35 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - ASIA HIGH YIELD BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Since Inception* Fund 0.10 2.78 2.20 Benchmark 0.34 2.65 2.72 Out/(Under) Performance -0.24 0.13 -0.52 Source: BBH % Returns in USD. Benchmark shown is the JP Morgan Asia Credit Non-Investment Grade Index. *Since Inception date is 6th March 2015. Figures over one year are annualised. Performance Commentary

Since inception on 6th March 2015, the Fund recorded a return of 2.20% compared with the benchmark JP Morgan Asia Credit Non-Investment Grade Index return of 2.72%, and therefore underperformed the benchmark by 0.52%. Our decision to take exposure to low dollar price Energy and Mining names helped contribute positively to performance as commodity prices showed signs of stabilization. Good credit selection in Chinese property was also a positive contributor to performance. Our higher than normal level of cash holdings in March and June however was a drag to the portfolio performance. The benchmark returned 4.73% in the first half of 2015, beating US HY return of 2.76% while lagging behind CEMBI HY return of 7.15%. The current benchmark yield of 6.51% and spread of 502bps is now lower than US HY yield of 7% and spread of 549bps. The fund returned -0.56% for the month of March and underperformed the benchmark by 0.63%. The underperformance was mainly attributed to portfolio ramping up and/or starting up costs. Continued corporate governance concerns in China dragged down the performance of the benchmark. The rally in US Treasury was the main factor behind the benchmark achieving a positive monthly return 0.07% The fund returned 1.96% for the month of April and outperformed the benchmark by 0.10%. The outperformance was mainly attributed to our Oil and Gas holdings. The volatility of US Treasury yields was a drag to benchmark returns but broad based spread tightening and carry helped the benchmark achieve a monthly return of 1.86%. Asian high yield did well for this month and high Beta credits outperformed. The fund returned 0.71% for the month of May and outperformed the benchmark by 0.28%. The outperformance was mainly attributed to our Oil and Gas and B rated Chinese property holdings. The volatility of US Treasury yields was a drag to benchmark returns but the carry of the benchmark helped it achieve a monthly return of 0.43%. Commodity linked credits did well for the month of May as their performance tracked the rebound of oil. Return this month for Asia high yield was more mixed and most of the return was attributed to the carry. The fund returned 0.10% for the month of June and underperformed the benchmark by 0.24%. The underperformance was mainly attributed to our underweight in China and our higher cash holdings. The volatility of US Treasury yields continue to drag down benchmark returns but the carry of the benchmark helped it achieve a monthly return of 0.34%. Asia high yield performance remained mixed as rates sensitive high yield sovereigns underperformed while the price stability of commodity linked and property credits helped these sectors outperform. Investment Outlook We ended the half year at higher than usual level of cash holdings as we are concern that given the strong performance year to date, Asia High Yield valuation is no longer cheap relative to US and EM High yield. The market could be susceptible to a correction given ongoing uncertainty in Greece; timing of US fed fund rate hike and upcoming supply. Our cash buffer will allow us to take advantage of potential market volatility.

We continue to be positioned cautiously in China and remain underweight relative to the benchmark. Corporate governance concerns and a slowdown of economic growth might make investors demand additional yield to take China risk and we prefer to take exposure to bigger, more seasoned issuers. We have also cut our exposure to Indonesia given the slow pace of reforms and slowing down of growth. We continue to like the Macro story in Philippines and India although we have concern over their valuations.

We continue to hold a constructive view on selected energy credits although we might take profits in some of our holdings should they continue to rally. We still however keep an underweight position on Real Estate. While we remain cautious over the short term, we still remain confident that the fundamentals of Asia High Yield Bonds remain sound over the longer term and any upcoming market volatility could present us with opportunities to lock in a higher yield for our portfolios.

36 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - ASIA HIGH DIVIDEND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Since Inception* Fund -2.20 2.72 4.20 Benchmark -3.71 0.56 3.67 Out/(Under) Performance 1.51 2.16 0.53 Source BBH; % Returns in USD. Benchmark is MSCI All Countries Asia Ex Japan Index *Since Inception date is 10th March 2015. Performance Commentary

For the period ended June 2015 since inception on 10th March 2015 the Fund recorded a positive return of 4.20%, compared with the benchmark return of 3.67%, and therefore outperformed the benchmark by 0.53%.

In terms of asset allocation, the underweight positions in Korea and India added value. The Korean market weakened amid a tougher competitive environment, especially for exporters, due to weakening of the Japanese yen, while the India market also weakened due to slow growth in corporate earnings that disappointed some investors.

Stock selection added value, especially in China. The overweight position in China’s Anhui Expressway contributed positively, as the share price strengthened alongside expectations of reform in the toll road operation business. The overweight position in Bank of China also added value, as the bank is likely to benefit from recent consecutive monetary easing measures.

Investment Outlook

Global central banks are generally expected to maintain their accommodative monetary policies. Meanwhile, individual companies will continue to focus on delivering shareholder value through buy-backs, higher dividends and merger and acquisition activity.

Areas of concern include the Greek debt situation, although we judge that the market has already factored in much of the potential impact of a default scenario. We also acknowledge that the US will finally begin increasing policy interest rates sometime in the second half of this year. However, the pace will be slow and gradual and the current steepness of the yield curve already suggests that the impact has been priced into financial assets.

In terms of Asia, overall, accommodative monetary policies are expected to continue, especially in China, and they will support economic growth momentum. Also, the fall in oil prices will continue to have a positive impact on economic growth.

Current valuations for stocks in the Asia excluding Japan region are not excessive, given that the region is trading around the middle of its five-year range. Therefore, we believe we can expect some more upside in terms of the overall Asian equity market from a medium term perspective.

Our investment approach focuses on bottom up stock selection. Our stock selection is based on two main quantitative factors, as well as qualitative assessments, such as competitive analysis, an assessment of the outlook for dividend payouts, and analysis of structural themes.

37 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - ASIA INVESTMENT GRADE BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Since Inception* Fund -1.20 -1.17 -1.65 Benchmark -1.05 -1.07 -0.06 Out/(Under) Performance -0.15 -0.10 -1.59 Source: BBH % Returns in USD. Benchmark shown is the JP Morgan Asia Credit Investment Grade Index. *Since Inception date is 13h March 2015. Figures over one year are annualised.

Performance Commentary

Since inception, on 13th March 2015, the Fund recorded a return of -1.65% compared with the benchmark JP Morgan Asia Investment Grade Index return of -0.06%, and therefore underperformed the benchmark by 1.59%. We slowly ramped up the portfolio in March and we have been almost fully invested since April. Based on the relative value analysis and credit market outlook, we were overweight Chinese state owned companies as well as Indian and Indonesian names. We also have kept slightly larger duration risk than that of the benchmark to achieve a higher carry return. Our decision to overweight Chinese companies contributed to portfolio performance. However overweighting Indonesian names resulted in underperformance.

The benchmark returned 1.25% in the first half of 2015. During this period, US treasury market priced in the coming Fed rate hike in this year or early in the next year and US 10y government bond yield rose by 18bps. On the other hand the spread of the benchmark stayed around 190-210bps level during this period and credit spread contributed to the positive return of the benchmark. The benchmark yield is 4.15% and spread is 179bps at the end of the first half of the year.

The fund returned -0.49% for the month of March and underperformed the benchmark by 1.51%. The underperformance was mainly attributed to the building of the initial portfolio. During this ramping up period, our portfolio had a relatively high level of cash and the benchmark index rose due to the declining US treasury yield.

The fund returned 0.47% for the month of April and outperformed the benchmark by 0.27%. The outperformance was mainly attributed to a Chinese Real Estate name and larger exposure to BBB rating names. The volatility of US Treasury yields was a drag to benchmark returns but broad spread tightening especially in BBB rating space supported the benchmark performance. The benchmark return in April was 0.21%.

The fund returned -0.44% and underperformed the benchmark index by 0.21% in May. The underperformance was mainly attributed to the negative performance of the long end Indonesian sovereign and quasi sovereign names. These names were affected by relatively weak Indonesian economic figures released in May. However, these negative returns were offset to some extent by the portfolio's higher carry returns. The selloff in European sovereign market affected US treasury market and 10 year US Treasury yield rose by 0.09% in May. Affected by US Treasury market, JACI investment grade index also declined by 0.23% in May.

The fund return in June was -1.20% and underperformed the benchmark index by 0.15%. The underperformance was mainly attributed to the duration long position and overweight in BBB rated names. The US Treasury yield were affected by European sovereign bonds sell off and US 10 year yield rose by 23bps in June. BBB rated names underperformed due to the concern over the Greece debt problem. On the other hand, a Philippine financial name and longer duration names in our portfolio supported portfolio performance to some extent. The benchmark index declined by 0.15%, affected by the uncertainty in Greece debt problem and Chinese stock market volatility.

Investment Outlook

We expect the US recovery will be one of the driving factors for the global economy. We think the slowdown of the US economy was temporary and the US economy will continue to recover toward the end of this year and next year. We also expect that the Fed will raise the policy rate in the second half of this year. The US treasury market will be affected by this monetary policy, but we don’t expect that the treasury yield will rise significantly from the current level because the market has already priced in the rate hike to some extent and the pace of rate hikes will not be fast when compared to the previous rate hike cycle. We keep slightly larger duration risk than benchmark so that we can take advantage of the steep treasury yield curve.

38 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - ASIA INVESTMENT GRADE BOND FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Outlook (continued) In Asia, slowdown of the Chinese economy and high volatility in the Chinese stock market are the main concerns. Economic slowdown might hit company profitability and a sharp decline in the stock market will dampen the investors’ sentiment. Therefore, we think that we need to be cautious about taking too much risk in China. However, in the Chinese investment grade space, there are many companies which have strong fundamentals and some issuers have important political roles. We expect these issuers are less sensitive to the slowing down of the economy. We selectively overweigh these names as they have relatively attractive spread levels, but we are not planning to take too much exposure to small SOEs and companies with weak fundamentals.

We reduced exposure to Indonesia from overweight to benchmark neutral level because of the weak economic figures and market volatility. The pace of political/economic reforms and implementations of the infrastructure investment were slower than we expected. Possible upgrading to Investment Grade by S&P can be a catalyst for Indonesian names, but we are planning to increase exposure to Indonesia slowly after we confirm the improvement in economic fundamentals and implementation of infrastructure investment.

39 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - CHINA FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Performance

1 Month 3 Month Year To Date 1 Year Since Inception* Fund -5.56 6.27 13.30 48.54 235.56 Benchmark -5.62 6.04 14.65 51.56 289.56 Out/(Under) Performance 0.06 0.23 -1.35 -3.02 -54.00 Source BBH; % Returns in USD. Benchmark is MSCI China Index *Since Inception Date is 2nd June 2005 as the Nomura Funds Luxembourg China Opportunities Fund. The Nomura Funds Ireland China Fund was launched on 27th April 2015.

Performance Commentary

For the half year ended June 2015, the Fund recorded a return of 13.30%, compared with the benchmark return of 14.65%, and therefore underperformed the benchmark by 1.35%. Attribution analysis shows that stock selection and sector allocation both detracted from the relative performance by a similar magnitude. In sector allocation, the underweight exposure in Consumer Staples and Energy were positive, while the underweight exposure in Information Technology and the overweight exposure in Utilities were negative from the relative performance. Positive contributors to performance were the underweight positions in Shenhua Energy (Energy) and Want want (Consumer Staples) and the overweight position in Sihuan Pharmaceutical (Healthcare). Stocks such as Sound Global (Utilities) and Luye Pharma Group (Healthcare) detracted from performance. The markets have gained appreciably this year despite weak fundamentals. The first important contributor has been an expectation for policy support, especially monetary policy. As the economy was weakening, expectation for government policy support was rising because the Chinese Government is unlikely to miss GDP growth target by too much. Considering environments with low CPI and high real lending rate, the market expected continuous interest rate cut and Reserved Required Rate (RRR) cut throughout 2015, and then we actually saw those policy executions. In addition, investment deregulation between the mainland market and Hong Kong helped a liquidity rally. This is not only in relation to the HK-Shanghai stock connect programme but also deregulation of mainland funds investment into the Hong Kong market. Moreover, some of themes boosted stocks’ valuations. One-Belt-One-Road policy raised expectation of growth backed by overseas expansion and caused massive valuations re-ratings in related sectors such as railway where the merger of CSR and CNR happened. Also, SOE reform expectation made some share price rallies in several sectors such as shipping, oil, bank, and telecom etc. Combining with asset allocation change in Chinese households and its expectation, from property and wealth management products to equities, A-share market rally continued toward June, and Hong Kong market also was supported by such strong sentiment and high A-H share gap, which could justify the chase of this market rally. However, the market rally was not backed by corporate earnings recovery and the strong mainland market was partly backed by high margin finance, which was destined to reverse. Meanwhile, macro-economic data stayed weak in 1H of 2015. GDP growth was 7.0% both in 1Q and 2Q, decelerating from 7.4% of 4Q although it still managed to reach its target. Manufacturing PMI was on the slight recovery trend, but was still hovering around 50. Fixed asset investments are trending down from mid-teen to low-teen growth dragged down by property investment. Industrial production also not strong at around 7% and did not show recovery trends. Export growth was volatile but usually stayed in the range of 0-10% growth while import growth often sunk into negative growth. Retail sales were stable at around 11%. CPI and PPI remained low but these were supportive for potential additional monetary policy. We saw a few signs of stabilizing economy, but it reduced the policy support expectation. Moreover, combined with rich valuations in mainland market and profit taking activity, the market started to decline in June. The Chinese Government responded to this by providing additional monetary easing measures, but the market remained at weak sentiment toward early July.

40 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - CHINA FUND INVESTMENT MANAGER’S REPORT (CONTINUED) For the half year ended 30th June, 2015

Investment Outlook

As is always the case, there are areas of concern in global economy. The Greek debt situation was highlighted although we judged that the market had already factored in much of the potential impact of a default scenario. We also acknowledged that the US will finally begin increasing policy interest rates sometime in the second half of this year. However, the pace will be slow and gradual and the current steepness of the yield curve already suggests that the impact has been priced into financial assets.

We saw a sharp fall of the equity market in early July. Chinese Government gave out several measures to stabilize the equity market and many A-share listed companies’ were suspended, resulting in less volatility in the market. Although investors might increase confidence about Government supports, the strong rally without fundamentals recovery is unlikely to come back in the near term. It is the time to watch corporate earnings again in the coming earnings results season. Unfortunately, recent macro data and 1Q corporates’ reports do not imply solid 1H earnings. Having said that, Government monetary measures in 1H should gradually kick-in for the economy as corporate financing cost reduction take some time to be reflected in earnings and to encourage more investment activity. On the other hand, importantly, expectation of further loosening policy is held up well among low CPI environment, which support equity valuations. Lower interest rate may make turnings point in Fixed Asset Investment growth mainly on the back of developers’ recovery after the recent sign of property market stabilization. Also, income growth is still so solid that consumption-driven economy growth remains intact in the mid-term. Internet, Insurance and healthcare sectors are still growing well from low penetration rate. After the early July fall, Hong Kong listed shares came down to more attractive valuations.

The overall picture in July remains little changed with activity data remained soft, CPI inflation maintained at a low level and PPI deflation continued. The liquidity data is a good sign, but we need to watch how it plays out to the sustainable economic recovery. In response to the economic slowdown and the A-share market fall, again the Chinese government has announced the interest rate and RRR cut in order to stimulus the growth. On the other hand, despite the actual economic performance continued to show weakness, we may see the equity market to rebound in the near term due to the expectation on more supporting policy to safeguard the bottom line growth rate. Thus, we are not very pessimistic and take balanced positions in the portfolio.

41 NOMURA FUNDS IRELAND PLC

STATEMENT OF FINANCIAL POSITION

Global Emerging Global Emerging Market Equity Fund Market Equity Fund India Equity Fund India Equity Fund Asia Ex Japan Fund β Asia Ex Japan Fund As at As at As at As at As at As at 30th June, 2015 31st December, 2014 30th June, 2015 31st December, 2014 30th June, 2015 31st December, 2014 USD USD USD USD USD USD Assets Notes Cash at bank 137,206 164,415 4,546,817 3,324,078 83,581 353,361 Amounts due from broker on margin accounts – – – – – – Debtors and other receivables 119,328 110,739 424,017 2,003 273 23,736 Financial assets at fair value through profit or loss 4,903,890 4,656,671 63,733,810 62,140,327 – 17,752,745 Total assets 5,160,424 4,931,825 68,704,644 65,466,408 83,854 18,129,842

Current liabilities Financial liabilities at fair value through profit or loss – – – – – – Bank overdraft – – – – – – Creditors - amounts falling due within one year (104,997) (27,960) (1,302,381) (977,063) (83,854) (145,334) Total liabilities (104,997) (27,960) (1,302,381) (977,063) (83,854) (145,334)

Net assets attributable to holders of redeemable participating shares 3 5,055,427 4,903,865 67,402,263 64,489,345 – 17,984,508

β The Asia Ex Japan Fund was fully redeemed on 11th May, 2015.

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 42 NOMURA FUNDS IRELAND PLC

STATEMENT OF FINANCIAL POSITION (CONTINUED)

Fundamental Index Fundamental Index Japan Strategic Value Japan Strategic Value US High Yield Bond US High Yield Bond Global Equity Fund Global Equity Fund Fund Fund Fund Fund As at As at As at As at As at As at 30th June, 2015 31st December, 2014 30th June, 2015 31st December, 2014 30th June, 2015 31st December, 2014 USD USD JPY JPY USD USD Assets Notes Cash at bank 770,783 923,401 10,892,154,751 2,267,457,359 55,560,835 444,439 Amounts due from broker on margin accounts 398,874 318,445 – – – – Debtors and other receivables 119,458 49,629 10,351,089,633 2,303,006,605 60,936,111 24,862,111 Financial assets at fair value through profit or loss 26,539,953 47,117,273 429,130,214,724 339,550,437,545 2,356,754,751 1,371,587,379 Total assets 27,829,068 48,408,748 450,373,459,108 344,120,901,509 2,473,251,697 1,396,893,929

Current liabilities Financial liabilities at fair value through profit or loss (8,935) – (1,887,899,375) (195,044,352) (36,930) (8,415,307) Bank overdraft – – – – (45,056) (3,131) Creditors - amounts falling due within one year (139,175) (115,437) (13,272,773,965) (2,005,809,203) (24,451,940) (9,924,902) Total liabilities (148,110) (115,437) (15,160,673,340) (2,200,853,555) (24,533,926) (18,343,340)

Net assets attributable to holders of redeemable participating shares 3 27,680,958 48,293,311 435,212,785,768 341,920,047,954 2,448,717,771 1,378,550,589

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 43 NOMURA FUNDS IRELAND PLC

STATEMENT OF FINANCIAL POSITION (CONTINUED)

NEWS Emerging NEWS Emerging Markets Small Cap Markets Small Cap Asian Smaller Asian Smaller Japan High Japan High Equity Fund β Equity Fund Companies Fund Companies Fund Conviction Fund Conviction Fund As at As at As at As at As at As at 30th June, 2015 31st December, 2014 30th June, 2015 31st December, 2014 30th June, 2015 31st December, 2014 USD USD USD USD JPY JPY Assets Notes Cash at bank 198 1,382,171 577,015 460,308 61,876,728 9,203,637 Amounts due from broker on margin accounts – – – – – – Debtors and other receivables 72,946 505 156,689 4,322 21,976,793 2,586,251 Financial assets at fair value through profit or loss – 87,631 13,130,117 11,988,354 4,087,840,100 715,421,850 Total assets 73,144 1,470,307 13,863,821 12,452,984 4,171,693,621 727,211,738

Current liabilities Financial liabilities at fair value through profit or loss – – – – – – Bank overdraft – – – – – – Creditors - amounts falling due within one year (73,144) (1,470,307) (116,358) (35,341) (12,555,068) (4,001,473) Total liabilities (73,144) (1,470,307) (116,358) (35,341) (12,555,068) (4,001,473)

Net assets attributable to holders of redeemable participating shares 3 – – 13,747,463 12,417,643 4,159,138,553 723,210,265

β The NEWS Emerging Markets Small Cap Equity Fund was fully redeemed on 27th June, 2014.

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 44 NOMURA FUNDS IRELAND PLC

STATEMENT OF FINANCIAL POSITION (CONTINUED)

Global Frontier Global Frontier Asia Ex Japan High Asia Ex Japan High Global High Yield Global High Yield Emerging Market Emerging Market Conviction Fund Conviction Fund Bond Fund Bond Fund Equity Fund Equity Fund As at As at As at As at As at As at 30th June, 2015 31st December, 2014 30th June, 2015 31st December, 2014 30th June, 2015 31st December, 2014 USD USD USD USD USD USD Assets Notes Cash at bank 200,890 217,999 718,845 418,462 356,423 170,129 Amounts due from broker on margin accounts – – – – – – Debtors and other receivables 82,398 66,035 739,532 424,387 49,589 32,353 Financial assets at fair value through profit or loss 5,966,962 5,727,781 23,350,397 23,299,779 4,957,257 4,134,424 Total assets 6,250,250 6,011,815 24,808,774 24,142,628 5,363,269 4,336,906

Current liabilities Financial liabilities at fair value through profit or loss – – – – – – Bank overdraft – – – – – – Creditors - amounts falling due within one year (62,816) (157,149) (220,469) (101,802) (85,431) (51,856) Total liabilities (62,816) (157,149) (220,469) (101,802) (85,431) (51,856)

Net assets attributable to holders of redeemable participating shares 3 6,187,434 5,854,666 24,588,305 24,040,826 5,277,838 4,285,050

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 45 NOMURA FUNDS IRELAND PLC

STATEMENT OF FINANCIAL POSITION (CONTINUED)

Emerging Market Diversified Growth Diversified GrowthGlobal Dynamic Bond Local Currency Debt Asia High Yield Bond Asia High Dividend Fund Fund Fund Fund Fund Fund As at As at As at As at As at As at 30th June, 2015 31st December, 2014 30th June, 2015 30th June, 2015 30th June, 2015 30th June, 2015 USD USD USD USD USD USD Assets Notes Cash at bank 4,430,473 5,371,558 7,838,616 831,874 629,216 173,046 Amounts due from broker on margin accounts 732,573 462,523 1,080,402 – – – Debtors and other receivables 26,509 10,754 44,296,520 176,410 170,961 51,989 Financial assets at fair value through profit or loss 2,679,661 2,018,586 103,161,214 8,817,582 9,460,066 4,200,399 Total assets 7,869,216 7,863,421 156,376,752 9,825,866 10,260,243 4,425,434

Current liabilities Financial liabilities at fair value through profit or loss (55,671) (219) (2,926,403) (84,702) – – Bank overdraft – – – – – – Creditors - amounts falling due within one year (56,242) (33,645) (40,666,028) (53,459) (56,841) (86,034) Total liabilities (111,913) (33,864) (43,592,431) (138,161) (56,841) (86,034)

Net assets attributable to holders of redeemable participating shares 3 7,757,303 7,829,557 112,784,321 9,687,705 10,203,402 4,339,400

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 46 NOMURA FUNDS IRELAND PLC

STATEMENT OF FINANCIAL POSITION (CONTINUED)

Asia Investment Grade Bond Fund China Fund Total Total As at As at As at As at 30th June, 2015 30th June, 2015 30th June, 2015 31st December, 2014 USD USD USD USD Assets Notes Cash at bank 683,382 778,352 167,836,871 32,284,547 Amounts due from broker on margin accounts – – 2,211,849 780,968 Debtors and other receivables 132,089 583,521 192,909,855 44,882,661 Financial assets at fair value through profit or loss 14,173,971 34,631,822 6,216,837,414 4,398,281,585 Total assets 14,989,442 35,993,695 6,579,795,989 4,476,229,761

Current liabilities Financial liabilities at fair value through profit or loss (812) – (18,541,879) (10,047,901) Bank overdraft – – (45,056) (3,131) Creditors - amounts falling due within one year (252,711) (180,083) (176,563,279) (29,861,685) Total liabilities (253,523) (180,083) (195,150,214) (39,912,717)

Net assets attributable to holders of redeemable participating shares 3 14,735,919 35,813,612 6,384,645,775 4,436,317,044

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 47 NOMURA FUNDS IRELAND PLC

STATEMENT OF COMPREHENSIVE INCOME

Global Emerging Global Emerging Market Equity Fund Market Equity Fund India Equity Fund India Equity Fund Asia Ex Japan Fund β Asia Ex Japan Fund Half year ended Half year ended Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 USD USD USD USD USD USD

Operating income 84,653 76,293 309,816 422,377 112,003 331,804 VAT rebate 9 54 113 511 17,457 254

Net gain on financial assets and financial liabilities at fair value through profit or loss 125,018 273,094 3,922,830 11,280,949 1,781,313 1,231,345 Total operating profit 209,680 349,441 4,232,759 11,703,837 1,910,773 1,563,403

Operating expenses (50,722) (67,487) (297,889) (288,818) (185,083) (185,145)

Profit before finance costs 158,958 281,954 3,934,870 11,415,019 1,725,690 1,378,258

Finance costs Dividend paid from net income – – – – – – Dividend paid from capital gains – – – – – – Overdraft interest (166) (9) (52) (529) (6) – Profit for the financial period 158,792 281,945 3,934,818 11,414,490 1,725,684 1,378,258

Tax including withholding tax (7,230) (6,067) 338,100 (279,159) (13,700) (28,263)

Increase in net assets attributable to holders of redeemable participating shares from operations 151,562 275,878 4,272,918 11,135,331 1,711,984 1,349,995

β The Asia Ex Japan Fund was fully redeemed on 11th May, 2015.

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 48 NOMURA FUNDS IRELAND PLC

STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)

Fundamental Index Fundamental Index Japan Strategic Value Japan Strategic Value US High Yield Bond US High Yield Bond Global Equity Fund Global Equity Fund Fund Fund Fund Fund Half year ended Half year ended Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 USD USD JPY JPY USD USD

Operating income 750,017 1,036,645 3,923,675,185 2,220,359,036 75,178,063 32,382,880 VAT rebate 85 501 588,736 1,985,126 2,311 8,398

Net gain/(loss) on financial assets and financial liabilities at fair value through profit or loss 844,343 2,276,711 59,062,433,166 (5,543,626,456) (40,814,154) 28,520,541 Total operating profit/(loss) 1,594,445 3,313,857 62,986,697,087 (3,321,282,294) 34,366,220 60,911,819

Operating expenses (159,011) (140,538) (2,258,835,419) (1,136,587,487) (8,051,536) (3,302,163)

Profit/(Loss) before finance costs 1,435,434 3,173,319 60,727,861,668 (4,457,869,781) 26,314,684 57,609,656

Finance costs Dividend paid from net income – – (18,810,206) – (3,032,508) (774,377) Dividend paid from capital gains – – – – (1,077,701) (121,600) Overdraft interest (9) – (22,330) (1,766) (2,691) (431) Profit/(Loss) for the financial period 1,435,425 3,173,319 60,709,029,132 (4,457,871,547) 22,201,784 56,713,248

Tax including withholding tax (100,524) (121,724) (585,089,010) (330,578,304) (853,635) (120,791)

Increase/(Decrease) in net assets attributable to holders of redeemable participating shares from operations 1,334,901 3,051,595 60,123,940,122 (4,788,449,851) 21,348,149 56,592,457

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 49 NOMURA FUNDS IRELAND PLC

STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)

NEWS Emerging NEWS Emerging Markets Small Cap Markets Small Cap Asian Smaller Asian Smaller Japan High Japan High Equity Fund β Equity Fund Companies Fund Companies Fund Conviction Fund Conviction Fund Half year ended Half year ended Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 USD USD USD USD JPY JPY

Operating income 156 336,990 297,175 196,038 11,320,133 4,183,517 VAT rebate – 302 22 123 1,293 (14,468)

Net (loss)/gain on financial assets and financial liabilities at fair value through profit or loss (86,854) 2,273,848 1,119,849 523,866 249,201,773 5,439,272 Total operating (loss)/profit (86,698) 2,611,140 1,417,046 720,027 260,523,199 9,608,321

Operating expenses – (307,006) (73,386) (79,578) (14,728,663) (5,539,854)

(Loss)/Profit before finance costs (86,698) 2,304,134 1,343,660 640,449 245,794,536 4,068,467

Finance costs Dividend paid from net income – – – – – – Dividend paid from capital gains – – – – – – Overdraft interest – – – – – – (Loss)/Profit for the financial period (86,698) 2,304,134 1,343,660 640,449 245,794,536 4,068,467

Tax including withholding tax 255 (94,815) (13,840) (10,941) (1,380,767) (647,800)

(Decrease)/Increase in net assets attributable to holders of redeemable participating shares from operations (86,443) 2,209,319 1,329,820 629,508 244,413,769 3,420,667

β The NEWS Emerging Markets Small Cap Equity Fund was fully redeemed on 27th June, 2014.

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 50 NOMURA FUNDS IRELAND PLC

STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)

Global Frontier Asia Ex Japan High Asia Ex Japan High Global High Yield Global High Yield Emerging Market Diversified Growth Conviction Fund Conviction Fund Bond Fund Bond Fund Equity Fund Fund Half year ended Half year ended Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2015 USD USD USD USD USD USD

Operating income 125,482 75,827 865,552 248,609 124,049 61,637 VAT rebate 10 58 43 – 8 12

Net gain/(loss) on financial assets and financial liabilities at fair value through profit or loss 309,760 371,143 (206,708) 474,472 (69,918) (71,151) Total operating profit/(loss) 435,252 447,028 658,887 723,081 54,139 (9,502)

Operating expenses (92,547) (74,204) (110,911) (56,266) (64,673) (62,532)

Profit/(Loss) before finance costs 342,705 372,824 547,976 666,815 (10,534) (72,034)

Finance costs Dividend paid from net income – – – – – – Dividend paid from capital gains – – – – – – Overdraft interest – – (56) (35) (319) (220) Profit/(Loss) for the financial period 342,705 372,824 547,920 666,780 (10,853) (72,254)

Tax including withholding tax (9,937) (5,602) (441) (7,925) (7,443) –

Increase/(Decrease) in net assets attributable to holders of redeemable participating shares from operations 332,768 367,222 547,479 658,855 (18,296) (72,254)

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 51 NOMURA FUNDS IRELAND PLC

STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)

Emerging Market Global Dynamic Bond Local Currency Debt Asia High Yield Bond Asia High Dividend Asia Investment Fund Fund Fund Fund Grade Bond Fund China Fund Half year ended Half year ended Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2015 30th June, 2015 30th June, 2015 30th June, 2015 30th June, 2015 USD USD USD USD USD USD

Operating income 1,081,749 174,891 190,192 90,400 146,570 720,965 VAT rebate – – – – – –

Net (loss)/gain on financial assets and financial liabilities at fair value through profit or loss (383,384) (417,058) 80,960 127,966 (344,734) 8,469,079 Total operating profit/(loss) 698,365 (242,167) 271,152 218,366 (198,164) 9,190,044

Operating expenses (363,190) (59,549) (58,880) (52,000) (57,058) (115,692)

Profit/(Loss) before finance costs 335,175 (301,716) 212,272 166,366 (255,222) 9,074,352

Finance costs Dividend paid from net income (166,235) – – – – – Dividend paid from capital gains – – – – – – Overdraft interest (2,247) – – – – – Profit/(Loss) for the financial period 166,693 (301,716) 212,272 166,366 (255,222) 9,074,352

Tax including withholding tax (19,013) (9,787) (7,473) (6,330) (7,844) (58,334)

Increase/(Decrease) in net assets attributable to holders of redeemable participating shares from operations 147,680 (311,503) 204,799 160,036 (263,066) 9,016,018

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 52 NOMURA FUNDS IRELAND PLC

STATEMENT OF COMPREHENSIVE INCOME (CONTINUED)

Total Total Half year ended Half year ended 30th June, 2015 30th June, 2014 USD USD

Operating income 113,028,662 56,820,945 VAT rebate 24,976 29,436

Net gain/(loss) on financial assets and financial liabilities at fair value through profit or loss 467,500,184 (6,831,253) Total operating profit 580,553,822 50,019,128

Operating expenses (28,756,921) (15,649,349)

Profit before finance costs 551,796,901 34,369,779

Finance costs Dividend paid from net income (3,355,130) (774,377) Dividend paid from capital gains (1,077,701) (121,600) Overdraft interest (5,952) (1,021) Profit for the financial period 547,358,118 33,472,781

Tax including withholding tax (5,653,047) (3,907,721)

Increase in net assets attributable to holders of redeemable participating shares from operations 541,705,071 29,565,060

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 53 NOMURA FUNDS IRELAND PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES

Global Emerging Global Emerging Market Equity Fund Market Equity Fund India Equity Fund India Equity Fund Asia Ex Japan Fund β Asia Ex Japan Fund Half year ended Half year ended Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 USD USD USD USD USD USD Notes Net assets attributable to holders of redeemable participating shares at the beginning of the period 4,903,865 5,063,164 64,489,345 49,941,892 17,984,508 24,240,519

Notional foreign exchange adjustment 11 – – – – – –

Increase in net assets attributable to holders of redeemable participating shares from operations 151,562 275,878 4,272,918 11,135,331 1,711,984 1,349,995

Capital transactions Net proceeds from redeemable participating shares issued – – – 7,656,500 12,000 24,000

Net costs of redeemable participating shares redeemed – – (1,360,000) (10,075,972) (19,708,492) (1,991,325)

Subscription levy and redemption charges – – – – – –

Net proceeds from capital transactions – – (1,360,000) (2,419,472) (19,696,492) (1,967,325)

Net assets attributable to holders of redeemable participating shares at the end of the period 5,055,427 5,339,042 67,402,263 58,657,751 – 23,623,189

β The Asia Ex Japan Fund was fully redeemed on 11th May, 2015.

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 54 NOMURA FUNDS IRELAND PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (CONTINUED)

Fundamental Index Fundamental Index Japan Strategic Value Japan Strategic Value US High Yield Bond US High Yield Bond Global Equity Fund Global Equity Fund Fund Fund Fund Fund Half year ended Half year ended Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 USD USD JPY JPY USD USD Notes Net assets attributable to holders of redeemable participating shares at the beginning of the period 48,293,311 47,750,591 341,920,047,954 178,035,010,330 1,378,550,589 716,837,522

Notional foreign exchange adjustment 11 – – – – – –

Increase/(Decrease) in net assets attributable to holders of redeemable participating shares from operations 1,334,901 3,051,595 60,123,940,122 (4,788,449,851) 21,348,149 56,592,457

Capital transactions Net proceeds from redeemable participating shares issued – – 206,590,569,115 85,090,557,400 1,875,239,539 658,420,728

Net costs of redeemable participating shares redeemed (21,947,254) – (173,421,771,423) (42,478,738,425) (826,420,506) (240,459,017)

Subscription levy and redemption charges – – – – – –

Net proceeds from capital transactions (21,947,254) – 33,168,797,692 42,611,818,975 1,048,819,033 417,961,711

Net assets attributable to holders of redeemable participating shares at the end of the period 27,680,958 50,802,186 435,212,785,768 215,858,379,454 2,448,717,771 1,191,391,690

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 55 NOMURA FUNDS IRELAND PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (CONTINUED)

NEWS Emerging NEWS Emerging Markets Small Cap Markets Small Cap Asian Smaller Asian Smaller Japan High Japan High Equity Fund β Equity Fund Companies Fund Companies Fund Conviction Fund Conviction Fund Half year ended Half year ended Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 USD USD USD USD JPY JPY Notes Net assets attributable to holders of redeemable participating shares at the beginning of the period – 28,862,367 12,417,643 12,312,457 723,210,265 550,724,201

Notional foreign exchange adjustment 11 – – – – – –

(Decrease)/Increase in net assets attributable to holders of redeemable participating shares from operations (86,443) 2,209,319 1,329,820 629,508 244,413,769 3,420,667

Capital transactions Net proceeds from redeemable participating shares issued – 8,542 – – 3,324,365,497 –

Net costs of redeemable participating shares redeemed 86,443 (31,295,311) – – (132,850,978) –

Subscription levy and redemption charges – 215,083 – – – –

Net proceeds from capital transactions 86,443 (31,071,686) – – 3,191,514,519 –

Net assets attributable to holders of redeemable participating shares at the end of the period – – 13,747,463 12,941,965 4,159,138,553 554,144,868 β The NEWS Emerging Markets Small Cap Equity Fund was fully redeemed on 27th June, 2014.

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 56 NOMURA FUNDS IRELAND PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (CONTINUED)

Global Frontier Asia Ex Japan High Asia Ex Japan High Global High Yield Global High Yield Emerging Market Diversified Growth Conviction Fund Conviction Fund Bond Fund Bond Fund Equity Fund Fund Half year ended Half year ended Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2015 USD USD USD USD USD USD Notes Net assets attributable to holders of redeemable participating shares at the beginning of the period 5,854,666 5,596,091 24,040,826 – 4,285,050 7,829,557

Notional foreign exchange adjustment 11 – – – – – –

Increase/(Decrease) in net assets attributable to holders of redeemable participating shares from operations 332,768 367,222 547,479 658,855 (18,296) (72,254)

Capital transactions Net proceeds from redeemable participating shares issued – – – 25,026,865 1,011,084 –

Net costs of redeemable participating shares redeemed – – – – – –

Subscription levy and redemption charges – – – – – –

Net proceeds from capital transactions – – – 25,026,865 1,011,084 –

Net assets attributable to holders of redeemable participating shares at the end of the period 6,187,434 5,963,313 24,588,305 25,685,720 5,277,838 7,757,303

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 57 NOMURA FUNDS IRELAND PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (CONTINUED)

Emerging Market Global Dynamic Bond Local Currency Debt Asia High Yield Bond Asia High Dividend Asia Investment Fund Fund Fund Fund Grade Bond Fund China Fund Half year ended Half year ended Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2015 30th June, 2015 30th June, 2015 30th June, 2015 30th June, 2015 USD USD USD USD USD USD Notes Net assets attributable to holders of redeemable participating shares at the beginning of the period – – – – – –

Notional foreign exchange adjustment 11 – – – – – –

Increase/(Decrease) in net assets attributable to holders of redeemable participating shares from operations 147,680 (311,503) 204,799 160,036 (263,066) 9,016,018

Capital transactions Net proceeds from redeemable participating shares issued 119,874,548 9,999,208 9,998,603 4,179,364 14,998,985 27,187,594

Net costs of redeemable participating shares redeemed (7,237,907) – – – – (390,000)

Subscription levy and redemption charges – – – – – –

Net proceeds from capital transactions 112,636,641 9,999,208 9,998,603 4,179,364 14,998,985 26,797,594

Net assets attributable to holders of redeemable participating shares at the end of the period 112,784,321 9,687,705 10,203,402 4,339,400 14,735,919 35,813,612

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 58 NOMURA FUNDS IRELAND PLC

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (CONTINUED)

Total Total Half year ended Half year ended 30th June, 2015 30th June, 2014 USD USD Notes Net assets attributable to holders of redeemable participating shares at the beginning of the period 4,436,317,044 2,589,237,170

Notional foreign exchange adjustment 11 (81,196,791) 66,917,646

Increase in net assets attributable to holders of redeemable participating shares from operations 541,705,071 29,565,060

Capital transactions Net proceeds from redeemable participating shares issued 3,807,719,868 1,521,693,564

Net costs of redeemable participating shares redeemed (2,319,899,417) (698,451,494)

Subscription levy and redemption charges – 215,083

Net proceeds from capital transactions 1,487,820,451 823,457,153

Net assets attributable to holders of redeemable participating shares at the end of the period 6,384,645,775 3,509,177,029

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 59 NOMURA FUNDS IRELAND PLC

STATEMENT OF CASH FLOWS

Global Emerging Global Emerging Market Equity Fund Market Equity Fund India Equity Fund India Equity Fund Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 USD USD USD USD Cash flows from operating activities Call account interest income received 15 16 309 161 Bond interest income received – – – – Dividend income received 54,861 30,130 240,945 308,809 Swap interest income received – – – – Securities lending income received – – – – Miscellaneous income/(expense) (10,496) – (250) (2,260) Operating expenses paid (35,160) (43,728) (235,870) (373,570) Foreign currency gain/(loss) (978) – (7,128) (36,334) Net cash inflow/(outflow) from operating activities 8,242 (13,582) (1,994) (103,194)

Cash flows from investing activities Purchase of financial assets at fair value through profit or loss (2,046,126) (1,153,243) (13,367,970) (14,865,640) Proceeds from sale of financial assets at fair value through profit or loss 2,010,841 1,115,149 15,952,755 18,459,330 Net cash inflow/(outflow) from investing activities (35,285) (38,094) 2,584,785 3,593,690

Cash flows from financing activities Proceeds from issue of redeemable participating shares – – – 6,806,500 Payments on redemptions of redeemable participating shares – – (1,360,000) (9,582,754) Subscription levy and redemption charges – – – – Dividends paid – – – – Overdraft interest paid (166) (9) (52) (529) Net cash outflow from financing activities (166) (9) (1,360,052) (2,776,783)

Net increase/(decrease) in cash and margin for the period (27,209) (51,685) 1,222,739 713,713

Notional foreign exchange adjustment – – – –

Cash and margin at the beginning of the period 164,415 251,147 3,324,078 1,017,053

Cash and margin at the end of the period 137,206 199,462 4,546,817 1,730,766

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 60 NOMURA FUNDS IRELAND PLC

STATEMENT OF CASH FLOWS (CONTINUED)

Fundamental Index Fundamental Index Asia Ex Japan Fund β Asia Ex Japan Fund Global Equity Fund Global Equity Fund Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 USD USD USD USD Cash flows from operating activities Call account interest income received 269 73 148 203 Bond interest income received – – (5) – Dividend income received 100,571 206,654 579,449 788,238 Swap interest income received – – – – Securities lending income received 379 1,339 – – Miscellaneous income/(expense) 33 116 558 10,907 Operating expenses paid (162,851) (285,225) (140,510) (200,496) Foreign currency gain/(loss) (625) (16,313) (45,919) – Net cash inflow/(outflow) from operating activities (62,224) (93,356) 393,721 598,852

Cash flows from investing activities Purchase of financial assets at fair value through profit or loss (4,135,959) (6,193,589) (2,038,096) (4,858,967) Proceeds from sale of financial assets at fair value through profit or loss 23,624,901 8,306,228 23,519,449 4,582,473 Net cash inflow/(outflow) from investing activities 19,488,942 2,112,639 21,481,353 (276,494)

Cash flows from financing activities Proceeds from issue of redeemable participating shares 12,000 24,000 – – Payments on redemptions of redeemable participating shares (19,708,492) (1,991,325) (21,947,254) – Subscription levy and redemption charges – – – – Dividends paid – – – – Overdraft interest paid (6) – (9) – Net cash outflow from financing activities (19,696,498) (1,967,325) (21,947,263) –

Net increase/(decrease) in cash and margin for the period (269,780) 51,958 (72,189) 322,358

Notional foreign exchange adjustment – – – –

Cash and margin at the beginning of the period 353,361 565,409 1,241,846 1,458,853

Cash and margin at the end of the period 83,581 617,367 1,169,657 1,781,211

β The Asia Ex Japan Fund was fully redeemed on 11th May, 2015.

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 61 NOMURA FUNDS IRELAND PLC

STATEMENT OF CASH FLOWS (CONTINUED)

Japan Strategic Value Japan Strategic Value US High Yield Bond US High Yield Bond Fund Fund Fund Fund Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 JPY JPY USD USD Cash flows from operating activities Call account interest income received 142,074 73,833 16,137 6,152 Bond interest income received – – 64,457,096 26,770,236 Dividend income received 3,114,739,747 1,527,078,276 185,934 402,682 Swap interest income received – – – – Securities lending income received 22,935,616 16,882,262 85,556 – Miscellaneous income/(expense) (35,355,985) (238,594) 672,375 291,532 Operating expenses paid (1,837,450,704) (1,359,396,998) (5,634,500) (3,774,277) Foreign currency gain/(loss) 4,940,628,840 (434,176,869) (20,688,990) (1,891) Net cash inflow/(outflow) from operating activities 6,205,639,588 (249,778,090) 39,093,608 23,694,434

Cash flows from investing activities Purchase of financial assets at fair value through profit or loss (165,305,548,046) (93,894,584,341) (1,956,757,029) (740,572,981) Proceeds from sale of financial assets at fair value through profit or loss 138,685,613,958 50,215,640,927 940,050,308 303,567,047 Net cash outflow from investing activities (26,619,934,088) (43,678,943,414) (1,016,706,721) (437,005,934)

Cash flows from financing activities Proceeds from issue of redeemable participating shares 199,397,756,179 86,241,608,826 1,863,518,188 663,311,278 Payments on redemptions of redeemable participating shares (170,339,931,751) (39,711,488,536) (826,717,704) (239,008,667) Subscription levy and redemption charges – – – – Dividends paid (18,810,206) – (4,110,209) (895,977) Overdraft interest paid (22,330) (1,766) (2,691) (431) Net cash inflow from financing activities 29,038,991,892 46,530,118,524 1,032,687,584 423,406,203

Net increase in cash and margin for the period 8,624,697,392 2,601,397,020 55,074,471 10,094,704

Notional foreign exchange adjustment – – – –

Cash and margin at the beginning of the period 2,267,457,359 550,157,511 441,308 21,244,870

Cash and margin at the end of the period 10,892,154,751 3,151,554,531 55,515,779 31,339,574

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 62 NOMURA FUNDS IRELAND PLC

STATEMENT OF CASH FLOWS (CONTINUED)

NEWS Emerging NEWS Emerging Markets Small Cap Markets Small Cap Asian Smaller Asian Smaller Equity Fund β Equity Fund Companies Fund Companies Fund Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 USD USD USD USD Cash flows from operating activities Call account interest income received 156 67 72 56 Bond interest income received – 856 – – Dividend income received (37,156) 186,580 233,928 142,741 Swap interest income received – – – – Securities lending income received – – – – Miscellaneous income/(expense) (35,030) 21,174 (1,069) 522 Operating expenses paid (131,205) (409,266) (43,555) (85,327) Foreign currency gain/(loss) – – (720) – Net cash inflow/(outflow) from operating activities (203,235) (200,589) 188,656 57,992

Cash flows from investing activities Purchase of financial assets at fair value through profit or loss – (96,236) (1,855,815) (1,995,752) Proceeds from sale of financial assets at fair value through profit or loss 777 30,637,966 1,783,866 2,310,181 Net cash inflow/(outflow) from investing activities 777 30,541,730 (71,949) 314,429

Cash flows from financing activities Proceeds from issue of redeemable participating shares – 8,542 – – Payments on redemptions of redeemable participating shares (1,179,515) (29,875,141) – – Subscription levy and redemption charges – 215,083 – – Dividends paid – – – – Overdraft interest paid – – – – Net cash outflow from financing activities (1,179,515) (29,651,516) – –

Net increase/(decrease) in cash and margin for the period (1,381,973) 689,625 116,707 372,421

Notional foreign exchange adjustment – – – –

Cash and margin at the beginning of the period 1,382,171 511,291 460,308 227,629

Cash and margin at the end of the period 198 1,200,916 577,015 600,050 β The NEWS Emerging Markets Small Cap Equity Fund was fully redeemed on 27th June, 2014.

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 63 NOMURA FUNDS IRELAND PLC

STATEMENT OF CASH FLOWS (CONTINUED)

Japan High Japan High Asia Ex Japan High Asia Ex Japan High Conviction Fund Conviction Fund Conviction Fund Conviction Fund Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2014 JPY JPY USD USD Cash flows from operating activities Call account interest income received 1,699 183 23 18 Bond interest income received – – – – Dividend income received 4,875,854 2,979,250 35,472 44,870 Swap interest income received – – – – Securities lending income received 23,027 – 423 – Miscellaneous income/(expense) 1,252,827 – 15,740 1 Operating expenses paid (6,173,775) (6,324,125) (67,788) (78,638) Foreign currency gain/(loss) – – 1,654 – Net cash outflow from operating activities (20,368) (3,344,692) (14,476) (33,749)

Cash flows from investing activities Purchase of financial assets at fair value through profit or loss (3,325,347,074) (62,713,475) (3,672,514) (2,985,089) Proceeds from sale of financial assets at fair value through profit or loss 202,130,597 64,246,147 3,669,881 3,176,537 Net cash inflow/(outflow) from investing activities (3,123,216,477) 1,532,672 (2,633) 191,448

Cash flows from financing activities Proceeds from issue of redeemable participating shares 3,308,760,914 – – – Payments on redemptions of redeemable participating shares (132,850,978) – – – Subscription levy and redemption charges – – – – Dividends paid – – – – Overdraft interest paid – – – – Net cash inflow from financing activities 3,175,909,936 – – –

Net increase/(decrease) in cash and margin for the period 52,673,091 (1,812,020) (17,109) 157,699

Notional foreign exchange adjustment – – – –

Cash and margin at the beginning of the period 9,203,637 11,449,129 217,999 78,281

Cash and margin at the end of the period 61,876,728 9,637,109 200,890 235,980

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 64 NOMURA FUNDS IRELAND PLC

STATEMENT OF CASH FLOWS (CONTINUED)

Global Frontier Global High Yield Global High Yield Emerging Market Diversified Growth Bond Fund Bond Fund Equity Fund Fund Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2015 USD USD USD USD Cash flows from operating activities Call account interest income received 148 362 9 824 Bond interest income received 872,032 (105,512) – 8,181 Dividend income received 2,284 – 98,809 32,239 Swap interest income received – – – – Securities lending income received 257 – 382 – Miscellaneous income/(expense) (1,842) 3,811 170 4,638 Operating expenses paid (90,843) 423 (31,090) (39,923) Foreign currency gain/(loss) 2,584 2,591 (76) (12,287) Net cash inflow/(outflow) from operating activities 784,620 (98,325) 68,204 (6,328)

Cash flows from investing activities Purchase of financial assets at fair value through profit or loss (31,108,515) (34,897,904) (1,822,911) (986,823) Proceeds from sale of financial assets at fair value through profit or loss 30,624,334 10,920,135 930,236 322,336 Net cash outflow from investing activities (484,181) (23,977,769) (892,675) (664,487)

Cash flows from financing activities Proceeds from issue of redeemable participating shares – 24,999,883 1,011,084 – Payments on redemptions of redeemable participating shares – – – – Subscription levy and redemption charges – – – – Dividends paid – – – – Overdraft interest paid (56) (35) (319) (220) Net cash inflow/(outflow) from financing activities (56) 24,999,848 1,010,765 (220)

Net increase/(decrease) in cash and margin for the period 300,383 923,754 186,294 (671,035)

Notional foreign exchange adjustment – – – –

Cash and margin at the beginning of the period 418,462 – 170,129 5,834,081

Cash and margin at the end of the period 718,845 923,754 356,423 5,163,046

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 65 NOMURA FUNDS IRELAND PLC

STATEMENT OF CASH FLOWS (CONTINUED)

Emerging Market Global Dynamic Bond Local Currency Debt Asia High Yield Bond Asia High Dividend Fund Fund Fund Fund Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2015 30th June, 2015 30th June, 2015 USD USD USD USD Cash flows from operating activities Call account interest income received 1,978 – 121 29 Bond interest income received (431,886) (9,661) 13,287 – Dividend income received – – – 32,837 Swap interest income received 12,333 – – – Securities lending income received – – – – Miscellaneous income/(expense) (22,093) (1,621) (1,650) (785) Operating expenses paid (151,199) (6,114) (2,039) (7,783) Foreign currency gain/(loss) 3,036,420 48,226 (3) (1,817) Net cash inflow from operating activities 2,445,553 30,830 9,716 22,481

Cash flows from investing activities Purchase of financial assets at fair value through profit or loss (321,994,060) (9,208,453) (13,622,731) (4,332,372) Proceeds from sale of financial assets at fair value through profit or loss 214,412,666 10,289 4,243,628 303,573 Net cash outflow from investing activities (107,581,394) (9,198,164) (9,379,103) (4,028,799)

Cash flows from financing activities Proceeds from issue of redeemable participating shares 119,416,305 9,999,208 9,998,603 4,179,364 Payments on redemptions of redeemable participating shares (5,192,963) – – – Subscription levy and redemption charges – – – – Dividends paid (166,235) – – – Overdraft interest paid (2,248) – – – Net cash inflow from financing activities 114,054,859 9,999,208 9,998,603 4,179,364

Net increase in cash and margin for the period 8,919,018 831,874 629,216 173,046

Notional foreign exchange adjustment – – – –

Cash and margin at the beginning of the period – – – –

Cash and margin at the end of the period 8,919,018 831,874 629,216 173,046

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 66 NOMURA FUNDS IRELAND PLC

STATEMENT OF CASH FLOWS (CONTINUED)

Asia Investment Grade Bond Fund China Fund Total Total Half year ended Half year ended Half year ended Half year ended 30th June, 2015 30th June, 2015 30th June, 2015 30th June, 2014 USD USD USD USD Cash flows from operating activities Call account interest income received 186 – 21,601 7,880 Bond interest income received 8,925 – 64,917,968 26,665,580 Dividend income received – 83,037 27,137,555 17,209,410 Swap interest income received – – 12,333 – Securities lending income received – – 274,621 167,872 Miscellaneous income/(expense) (2,474) (3,927) 333,577 323,449 Operating expenses paid (4,007) 64,391 (21,786,646) (19,081,897) Foreign currency gain/(loss) (3) – 22,706,497 (4,334,826) Net cash inflow from operating activities 2,627 143,501 93,617,506 20,957,468

Cash flows from investing activities Purchase of financial assets at fair value through profit or loss (16,991,918) (3,309,729) (3,765,348,479) (1,734,448,500) Proceeds from sale of financial assets at fair value through profit or loss 2,673,689 4,334,279 2,403,496,163 879,054,457 Net cash inflow/(outflow) from investing activities (14,318,229) 1,024,550 (1,361,852,316) (855,394,043)

Cash flows from financing activities Proceeds from issue of redeemable participating shares 14,998,984 301 3,679,706,729 1,545,868,928 Payments on redemptions of redeemable participating shares – (390,000) (2,269,645,790) (672,187,407) Subscription levy and redemption charges – – – 215,083 Dividends paid – – (4,430,166) (895,977) Overdraft interest paid – – (5,949) (1,021) Net cash inflow/(outflow) from financing activities 14,998,984 (389,699) 1,405,624,824 872,999,606

Net increase in cash and margin for the period 683,382 778,352 137,390,014 38,563,031

Notional foreign exchange adjustment – – (448,734) 198,127

Cash and margin at the beginning of the period – – 33,062,384 31,264,436

Cash and margin at the end of the period 683,382 778,352 170,003,664 70,025,594

The accompanying notes on pages 68 to 107 form an integral part of these financial statements. 67 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS For the half year ended 30th June, 2015

1. Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below.

Basis of preparation of financial statements

The financial statements presented are unaudited condensed financial statements for the half year ended 30th June, 2015. The unaudited condensed financial statements should be read in conjunction with the financial statements for the year ended 31st December, 2014 which were prepared in accordance with the International Financial Reporting Standards (“IFRS”) and Irish statute comprising the Companies Acts 2014, and the requirements of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “UCITS Regulations”).

Financial assets and financial liabilities at fair value through profit or loss

(a) Classification The Fund classifies its financial assests and liabilities at fair value through profit or loss. The category of financial assests and liabilities at fair value through profit or loss is sub-divided into financial assets and liabilities held for trading and those designated by Directors at fair value through profit or loss on initial recognition.

Financial assets are classified as held for trading if they are acquired for the purpose of selling in the near term. This category includes equity securities, investments in managed funds, debt instruments and participatory notes. These assets are acquired principally for the purpose of generating a profit from short-term fluctuation in price. Derivatives of financial assets are also classified as held for trading. The Fund’s policy is not to apply hedge accounting.

Units or shares in collective investment schemes are valued at the bid quotation or if unavailable the latest available net asset value or, if listed or traded on a regulated market, at the latest quoted trade price or the mid quotation or, if unavailable or unrepresentative, the latest available net asset value as deemed relevant to the collective investment scheme.

(b) Recognition/Derecognition The Fund recognises a financial asset or a financial liability when, and only when, it becomes a party to the contractual provisions of the instrument. Purchases and sales of financial assets at fair value through profit or loss are recognised on trade date – the date on which the Fund commits to purchase or sell the financial instrument. Financial assets at fair value through profit or loss are derecognised when the rights to receive cash flows from the financial assets at fair value through profit or loss have expired or the Fund has transferred substantially all risks and rewards of ownership.

Realised fair value gains and losses on disposals of financial instruments are calculated using the average cost method for the Nomura Funds Ireland - India Equity Fund and the Nomura Funds Ireland - Asia Ex Japan Fund and the first in, first out method for the Nomura Funds Ireland - Global Emerging Market Equity Fund, the Nomura Funds Ireland - Fundamental Index Global Equity Fund, the Nomura Funds Ireland - Japan Strategic Value Fund, the Nomura Funds Ireland - US High Yield Bond Fund, the Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund, the Nomura Funds Ireland - Asian Smaller Companies Fund, the Nomura Funds Ireland - Japan High Conviction Fund, the Nomura Funds Ireland - Asia Ex Japan High Conviction Fund, the Nomura Funds Ireland - Global High Yield Bond Fund, the Nomura Funds Ireland - Global Frontier Emerging Market Equity Fund, the Nomura Funds Ireland - Diversified Growth Fund, the Nomura Funds Ireland – Global Dynamic Bond Fund, the Nomura Funds Ireland – Emerging Market Local Currency Debt Fund, the Nomura Funds Ireland – Asia High Yield Bond Fund, the Nomura Funds Ireland – Asia High Dividend Fund, the Nomura Funds Ireland – Asia Investment Grade Bond Fund and the Nomura Funds Ireland – China Fund. The Fund derecognises a financial liability when the obligation under the liability is discharged, cancelled or expires.

(c) Measurement Financial assets and financial liabilities at fair value through profit or loss are recorded in the Statement of Financial Position at fair value. Transaction costs are expensed in the Statement of Comprehensive Income. Transaction costs are costs incurred to acquire financial assets or liabilities at fair value through profit or loss. They include fees and commissions paid to agents, advisers and brokers. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value (see Note (d)).

Gains and losses arising from changes in the fair value of the ‘financial assets or financial liabilities at fair value through profit or loss’ category are presented in the Statement of Comprehensive Income in the period in which they arise. Dividend income from financial assets at fair value through profit or loss is recognised in the Statement of Comprehensive Income within operating income when the Fund’s right to receive payments is established. .

68 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

1. Summary of significant accounting policies (continued)

Financial assets and financial liabilities at fair value through profit or loss (continued)

(d) Determination of fair value Fair value is the amount for which an asset could be exchanged or a liability settled, between knowledgeable willing parties in an arm’s length transaction. The fair value of financial instruments traded in active markets (such as trading securities) is based on quoted market prices at 3pm (Irish time) on the relevant dealing day. For the purpose of these financial statements, the quoted market price used is the quoted market prices at 3pm (Irish time) on the relevant dealing day. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Sub-Funds use a variety of methods and make assumptions that are based on market conditions existing at each statement of financial position date.

Foreign currency translation

Functional and presentation currency The functional and presentation currency of the Nomura Funds Ireland - Global Emerging Market Equity Fund, the Nomura Funds Ireland - India Equity Fund, the Nomura Funds Ireland - Asia Ex Japan Fund, the Nomura Funds Ireland - Fundamental Index Global Equity Fund, the Nomura Funds Ireland - US High Yield Bond Fund, the Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund, the Nomura Funds Ireland - Asian Smaller Companies Fund, the Nomura Funds Ireland - Asia Ex Japan High Conviction Fund, the Nomura Funds Ireland - Global High Yield Bond Fund, the Nomura Funds Ireland - Global Frontier Emerging Equity Fund, the Nomura Funds Ireland - Diversified Growth Fund, the Nomura Funds Ireland - Global Dynamic Bond Fund, the Nomura Funds Ireland - Emerging Market Local Currency Debt Fund, the Nomura Funds Ireland - Asia High Yield Bond Fund, the Nomura Funds Ireland - Asia High Dividend Fund, the Nomura Funds Ireland - Asia Investment Grade Bond Fund, and the Nomura Funds Ireland - China Fund is US Dollar. The functional and presentation currency of the Nomura Funds Ireland - Japan Strategic Value Fund and the Nomura Funds Ireland - Japan High Conviction Fund is Japanese Yen. The presentation currency of the aggregated financial statements is US Dollar.

Transactions and balances Assets and liabilities denominated in currencies other than the functional currency of the Sub-Fund are translated into the functional currency at the exchange rates ruling at the statement of financial position date. Transactions in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions are recognised in the Statement of Comprehensive Income in determining the result for the year. Proceeds from subscriptions and amounts paid for redemptions in currencies other than the functional currency are translated into the functional currency at the exchange rates ruling at the dates of the transactions.

Futures contracts

Upon entering into a futures contract, a Sub-Fund is required to deposit with its futures broker, an amount of cash in accordance with the initial margin requirements of the broker or exchange. Futures contracts are valued using quoted daily settlement prices established by the exchange on which they trade. The Sub-Fund and the broker agree to exchange an amount of cash equal to the daily fluctuations in the value of the futures contract (“variation margin”).

For open futures, changes in the value of the contract are recognised as unrealised gains or losses by “marking-to-market” the value of the contract at the statement of financial position date. When the contract is closed, the difference between the proceeds (or cost) of the closing transactions and the original transaction is recorded as a realised gain or loss in the Statement of Comprehensive Income.

Forward foreign currency contracts

All forward foreign currency contract commitments are marked to market at the applicable translation rates and any resulting unrealised gains or losses are recorded in the Statement of Comprehensive Income. The Sub-Fund records realised gains or losses upon closing of the forward foreign currency contracts. Where the Sub-Fund enters into forward foreign currency contracts as a way of managing foreign exchange risk for specific unit classes, gains and losses from these contracts are allocated solely to the corresponding unit classes. Purchases and sales of forward foreign currency contracts having the same notional value, settlement date and counterparty are generally offset and any realised gains or losses are recognised on settlement date. Forward foreign currency contracts may result in credit exposure to the counterparty.

69 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

1. Summary of significant accounting policies (continued)

Swaps

Swap agreements are privately negotiated agreements between a Sub-Fund and a counterparty to exchange or swap investment cash flows, assets, foreign currencies, market-linked returns or other identified amounts at specified future intervals. In connection with these agreements, securities or cash may be identified as collateral in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

Interest and Inflation Rate Swaps A Sub-Fund may enter into interest and inflation rate swap contracts which are arrangements between two parties to exchange cash flows based on a notional principal amount, to manage the Sub-Fund’s exposure to interest and inflation rates. Interest and inflation rate swap contracts are marked-to-market daily, in some cases, based on quotations from counterparties and in other cases from pricing services and the change in value, if any is recorded as an unrealised gain or loss. Payments made or received are recorded as part of realised gains and losses.

Total Rate Return Swaps A Sub-Fund may enter into total rate return swaps in order to trade the return on an index which reflects the general composition of the assets of the Sub-Fund for a rate of return which will generally be at a fixed rate above or below LIBOR or another index. The rate of return to be paid or received by the Sub-Fund will be negotiated prior to entering into the swap and will remain fixed throughout the term of the swap. A Sub-Fund may not use total rate return swaps to gain exposure to investments to which it could not take direct exposure under the UCITS Regulations or under its investment policy, as described in the Prospectus.

A Sub-Fund may enter into total rate return swaps in order to gain market exposure in circumstances where it is not practical or economical to use direct investments or other forms of derivatives such as futures contracts. Swaps are marked-to-market daily based upon quotations received from counterparties or valued using a pricing service and in other cases based upon calculations using valuation models.

The significant assumptions and the formulae behind the calculations used in the valuation models are defined explicitly in the individual term sheets. Generally the total returns are determined by the daily index level or daily price multiplied by a predetermined notional amount and the financing portion is built-in to create an all-in valuation.

Changes in valuations, if any, are recorded as unrealised gains or losses. Payments received or made are recorded as realised gains or losses. [The Sub-Funds disclose outstanding total rate return swap contracts at the half year end in the Statement of Investments.]

Credit Default Swaps A credit default swap is a bilateral financial contract under which the protection buyer pays a fee, usually expressed in basis points per annum on the notional amount, in return for a payment by the protection seller contingent on the occurrence of a credit event, such as a bankruptcy, default, or restructuring, with respect to a referenced entity. The credit events and applicable settlement mechanism used to determine the contingent payment are negotiated between the counterparties at the time of trading. Once the credit event has been declared, the protection buyer has the right to settle the contract. Settlement is usually physical, with the protection buyer having the right to deliver bonds of the reference entity up to the notional amount of the contract. In return, the protection buyer receives the par value of those obligations. Selling protection is the synthetic equivalent of buying a bond or alternative form of debt. Buying protection is the equivalent of synthetically shorting or hedging a bond or other credit exposure.

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the reference entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardised terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices change periodically, usually every six months, and for most indices, each name has an equal weight in the index. The Sub-Fund may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds with a credit default swap on indices which may be less expensive than it would be to buy many credit default swaps to achieve a similar effect. Credit default swaps on indices are benchmarks for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

70 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

1. Summary of significant accounting policies (continued)

Swaps (continued)

The use of credit default swap contracts is restricted to the extent that the benefits to the Sub-Fund mirror that which could be obtained by direct investment in the underlying instruments and that the swaps do not expose the Sub-Fund to risks which it would not otherwise assume (other than the exposure to the credit default swap counterparty). The upfront payment received by a Sub-Fund, as protection seller, is recorded as a liability on the Sub-Fund’s books. An upfront payment made by a Sub- Fund, as protection buyer, is recorded as an asset on the Sub-Fund’s books.

Swaptions

When a Sub-Fund writes a swaption, an amount equal to the premium received by the Sub-Fund is recorded as a liability and is subsequently adjusted to the current fair value of the swaption written. Premiums received from the written swaptions which expire unexercised are treated by the Sub-Fund on the expiration dates as realised gains. If a written call swaption is exercised, the premium is added to the proceeds from the sale of the underlying swap in determining the realised gain or loss. If a written put swaption is exercised, the premium reduces the cost basis of the swap purchased.

When a Sub-Fund purchases a swaption, an amount equal to the premium paid by the Sub-Fund is recorded as an asset and is subsequently adjusted to the current fair value of the swaption purchased. Premiums paid for the purchase of swaptions which expire unexercised are treated on the expiration date as realised losses. If a purchased payer swaption is exercised, the premium is subtracted from the proceeds of the underlying swap in determining whether the relevant Sub-Fund has realised a gain or a loss. If a purchased receiver swaption is exercised, the premium is added to the cost basis of the floating rate investment that has been swapped.

Offsetting financial instruments

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis, or realise the asset and settle the liability simultaneously.

Due from and due to brokers

Amounts due from and to brokers represents receivables for securities sold and payables for securities purchased respectively, that have been contracted for but not yet settled or delivered on the statement of financial position date.

These amounts are recognised initially at fair value and subsequently measured at amortised cost, less provision for impairment for amounts due from brokers, if any. A provision for impairment of amounts due from brokers is established when there is objective evidence that the Fund will not be able to collect all amounts due from the relevant broker.

Cash at bank

Cash at bank includes cash in hand, deposits held on call with banks or brokers and other short-term highly liquid investments with original maturities of three months or less. Cash and other liquid assets are valued at their face value with interest accrued, where applicable, to the valuation point on the relevant dealing day, unless in the opinion of the Directors (in consultation with Nomura Asset Management U.K. Limited (the “Investment Manager”) and the Administrator), any adjustment should be made to reflect the true value thereof.

Redeemable participating shares

The Fund 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 to the Fund at any time for cash equal to a proportionate share of the particular Sub-Fund’s net asset value. The redeemable participating share is carried at the redemption amount that is payable at the statement of financial position date if the holder exercises the right to put the share back to the Fund.

Redeemable participating shares are issued and redeemed at the holder’s option at prices based on the Sub-Fund’s net asset value per share at the time of issue or redemption. The Sub-Fund’s net asset value per share is calculated by dividing the net assets attributable to the holders of redeemable participating shares with the total number of outstanding redeemable participating shares. In accordance with the provisions of the Fund’s regulations, investment positions are valued based on the last traded market price for the purpose of determining the net asset value per share for subscriptions and redemptions.

71 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

1. Summary of significant accounting policies (continued)

Income from Securities Lending

The Fund may lend portions of its securities to third parties. The volume of the securities lending transactions is kept at an appropriate level. The Fund is entitled to request the return of the securities lent in a manner that enables it, at all times, to meet its redemption obligations. It is ensured that securities lending transactions do not jeopardise the management of the Fund’s assets in accordance with its investment policy. The income earned from the securities lending programme is recorded in ‘Securities lending income’ in the Statement of Comprehensive Income. Income from securities lending is accounted for on a receipt basis.

2. Security lending

The following tables show the fair value of securities on loan at 30th June, 2015 and at 31st December, 2014 as well as the collateral held and collateral level.

In accordance with the Securities Lending Agency Agreement (SLAA), for each loan of securities Brown Brothers Harriman & Co. (“BBH”) accepts non-cash collateral on behalf of the Nomura Funds participating in the BBH Securities Lending Programme. Non-cash collateral is limited to securities issued or fully guaranteed by the United States government or issued and unconditionally guaranteed by any agencies thereof or issued or fully guaranteed by any of the G-10 sovereigns.

The sovereign debt currently accepted by BBH on behalf of the Nomura Funds which participate in the BBH Securities Lending Programme are: US, UK, Sweden, Switzerland, France, Germany and Netherlands.

Fair Collateral Collateral 30th June, 2015 value held level Sub-Fund Borrower USD USD

Japan Strategic Value Fund BNP Paribas 64,714,367 67,950,086 105.00% Citigroup Global Markets Ltd. 1,172,625 1,231,262 105.00% Credit Suisse Securities 2,916,075 3,061,883 105.00% Deutsche Bank AG 2,258,770 2,371,709 105.00% Merrill Lynch International 2,098,967 2,203,915 105.00% Morgan Stanley & Co 898,504 943,444 105.00% UBS AG 1,149,127 1,206,670 105.01% 75,208,435 78,968,969 105.00%

US High Yield Bond Fund Barclays Capital Securities Ltd. 28,475,964 29,899,762 105.00% BNP Paribas 4,149,444 4,356,917 105.00% Citigroup Global Markets Ltd. 1,542,198 1,619,316 105.00% 34,167,606 35,875,995 105.00%

Asia Ex Japan High Conviction Fund Merrill Lynch International 34,877 36,621 105.00% 34,877 36,621 105.00%

Global High Yield Bond Fund Barclays Capital Securities Ltd. 121,291 127,355 105.00% 121,291 127,355 105.00%

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

2. Security lending (continued)

Fair Collateral Collateral 31st December, 2014 value held level Sub-Fund Borrower USD USD

Japan Strategic Value Fund BNP Paribas 3,316,216 3,482,043 105.00% Citigroup Global Markets Ltd. 159,849 167,842 105.00% Credit Suisse Securities 3,169,600 3,328,642 105.02% Deutsche Bank AG 10,782,492 11,321,617 105.00% JP Morgan Securities Plc 7,074,155 7,427,862 105.00% Merrill Lynch International 8,713,803 9,149,494 105.00% Morgan Stanley & Co 329,501 345,976 105.00% UBS AG 346,806 364,191 105.01% 33,892,422 35,587,667 105.00%

US High Yield Bond Fund Barclays Capital Securities Ltd. 8,957,123 9,422,283 105.19% 8,957,123 9,422,283 105.19%

Japan High Conviction Fund Credit Suisse Securities 119,085 125,061 105.02% 119,085 125,061 105.02%

Global Frontier Emerging Market UBS AG 37,968 39,871 105.01% Equity Fund 37,968 39,871 105.01%

The Fund earns income from the security lending activities it engages in. For the half year ended 30th June, 2015, the Fund earned income of USD 411,492 (31st December, 2014: USD 450,375). Brown Brothers Harriman & Co ("BBH"), acting as securities lending agent for the Irish domiciled funds custodied at BBH, earned a fee of USD 133,620 (31st December, 2014: USD 133,026), for providing securities lending services. The net income balance of USD 277,872 has been disclosed within the Statement of Comprehensive Income under Operating Income (31st December, 2014: USD 317,349). Direct and indirect costs associated with efficient portfolio management techniques are not readily identifiable.

73 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation

The net asset value per redeemable participating share is calculated by dividing the total net assets (as calculated for shareholder dealing purposes) of the Sub-Fund by the number of redeemable participating shares of that class in issue. The net asset value per redeemable participating share reported in the Statement of Financial Position is that used for financial statement purposes.

For financial statement purposes, organisational expenses totalling USD 176,517 including fees paid to the professional advisors of the Fund were written off in the year ended 31st December, 2007 for the Nomura Funds Ireland - Global Emerging Markets Equity Fund, the Nomura Funds Ireland - India Equity Fund and the Nomura Funds Ireland - Asia Ex Japan Fund in accordance with IAS 38 “Intangible Assets”. Organisational expenses totalling USD 25,389 for the Nomura Funds Ireland - Fundamental Index Global Equity Fund and USD 6,802 for the Nomura Funds Ireland - Asia Ex Japan Fund were written off in the year ended 31st December, 2008. Organisational expenses totalling JPY 2,030,165 for the Nomura Funds Ireland - Japan Strategic Value Fund and USD 20,286 for the Nomura Funds Ireland - US High Yield Bond Fund were written off in the year ended 31st December, 2009. Organisational expenses totalling USD 18,074 were written off in the year ended 31st December, 2011 for the Nomura Funds Ireland - NEWS Emerging Markets Equity Fund. Organisational expenses totalling USD 16,369 for the Nomura Funds Ireland - Asian Smaller Companies Fund, JPY 1,819,654 for the Nomura Funds Ireland - Japan High Conviction Fund and USD 18,569 for the Nomura Funds Ireland - Asia Ex Japan High Conviction fund were written off in the year ended 31st December, 2013. Organisational expenses totalling USD 17,682 for the Nomura Funds Ireland - Global High Yield Bond Fund, USD 18,507 for the Nomura Funds Ireland - Global Frontier Emerging Market Equity Fund, USD 17,959 for the Nomura Funds Ireland - Diversified Growth Fund were written off in the year ended 31st December, 2014. Organisational expenses totalling USD 20,543 for the Nomura Funds Ireland – Global Dynamic Bond Fund, USD 15,882 for the Nomura Funds Ireland – Emerging Market Local Currency Debt Fund, USD 15,626 for the Nomura Funds Ireland – Asia High Yield Bond Fund, USD 15,435 for the Nomura Funds Ireland – Asia High Dividend Fund, USD 14,969 for the Nomura Funds Ireland – Asia Investment Grade Bond Fund amd USD 15,480 for the Nomura Funds Ireland – China Fund were written off in the half year ended 30th June, 2015. For the purpose of calculating the net asset value per share for shareholder dealing, organisational expenses are being amortised over the first five financial years of the lifetime of the Fund, USD 179,608 (31st December, 2014: USD 78,539) was amortised for the half year ended 30th June, 2015.

The amounts in the following tables are presented in the functional currency of the Sub-Fund.

Global Emerging Global Emerging Market Equity Fund Market Equity Fund India Equity Fund India Equity Fund 30th June, 2015 31st December, 2014 30th June, 2015 30th June, 2015 Class I US$ Class I US$ Class A Euro Class S JPY USD USD EUR JPY Net Asset Value for Financial Statement Purposes 5,055,427 4,903,865 30,212 3,244,828,571

Shares Outstanding 50,000 50,000 186 195,766

Net Asset Value per Share for Financial Statement Purposes 101.1085 98.0773 162.4301 16,575.0364

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 5,055,427 4,903,865 30,212 3,244,828,571

Shares Outstanding 50,000 50,000 186 195,766

Net Asset Value Per Share for Shareholder Dealing 101.1085 98.0773 162.4301 16,575.0364

74 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

India Equity Fund India Equity Fund India Equity Fund India Equity Fund 30th June, 2015 31st December, 2014 31st December, 2014 31st December, 2014 Class Z US$ Class A Euro Class S JPY Class Z US$ USD EUR JPY USD Net Asset Value for Financial Statement Purposes 40,850,743 26,373 2,982,747,507 39,515,896

Shares Outstanding 114,595 186 195,766 118,295

Net Asset Value per Share for Financial Statement Purposes 356.4793 141.7903 15,236.2898 334.0454

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 40,850,743 26,373 2,982,747,507 39,515,896

Shares Outstanding 114,595 186 195,766 118,295

Net Asset Value Per Share for Shareholder Dealing 356.4793 141.7903 15,236.2898 334.0454

Fundamental Index Fundamental Index Asia Ex Japan Fund Asia Ex Japan Fund Global Equity Fund Global Equity Fund 31st December, 2014 31st December, 2014 30th June, 2015 30th June, 2015 Class A US$ Class J JPY Class A Euro Class A US$ USD JPY EUR USD Net Asset Value for Financial Statement Purposes 677,370 2,069,766,225 32,064 658,616

Shares Outstanding 6,187 121,482 186 5,110

Net Asset Value per Share for Financial Statement Purposes 109.4828 17,037.6371 172.3871 128.8877

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 677,370 2,069,766,225 32,064 658,616

Shares Outstanding 6,187 121,482 186 5,110

Net Asset Value Per Share for Shareholder Dealing 109.4828 17,037.6371 172.3871 128.8877

75 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

Fundamental Index Fundamental Index Fundamental Index Fundamental Index Global Equity Fund Global Equity Fund Global Equity Fund Global Equity Fund 30th June, 2015 30th June, 2015 31st December, 2014 31st December, 2014 Class I Euro Class I US$ Class A Euro Class A US$ EUR USD EUR USD Net Asset Value for Financial Statement Purposes 24,023,859 30,395 28,722 639,901

Shares Outstanding 155,644 152 186 5,110

Net Asset Value per Share for Financial Statement Purposes 154.3513 199.9671 154.4194 125.2252

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 24,023,859 30,395 28,722 639,901

Shares Outstanding 155,644 152 186 5,110

Net Asset Value Per Share for Shareholder Dealing 154.3513 199.9671 154.4194 125.2252

Japan Strategic Fundamental Index Fundamental Index Japan Strategic Value Fund Global Equity Fund Global Equity Fund Value Fund 30th June, 2015 31st December, 2014 31st December, 2014 30th June, 2015 Class A Euro Class I Euro Class I US$ Class A Euro Hedged EUR USD EUR EUR Net Asset Value for Financial Statement Purposes 39,105,126 29,473 131,914,806 307,887,863

Shares Outstanding 283,378 152 743,116 2,329,945

Net Asset Value per Share for Financial Statement Purposes 137.9963 193.9013 177.5158 132.1438

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 39,105,126 29,473 131,914,806 307,887,863

Shares Outstanding 283,378 152 743,116 2,329,945

Net Asset Value Per Share for Shareholder Dealing 137.9963 193.9013 177.5158 132.1438

76 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

Japan Strategic Japan Strategic Japan Strategic Japan Strategic Value Fund Value Fund Value Fund Value Fund 30th June, 2015 30th June, 2015 30th June, 2015 30th June, 2015 Class A JPY Class A US$ Class A US$ Hedged Class AD Sterling JPY USD USD GBP Net Asset Value for Financial Statement Purposes 21,992,462,592 6,600,669 106,342,715 8,943

Shares Outstanding 1,072,498 44,801 851,334 75

Net Asset Value per Share for Financial Statement Purposes 20,505.8309 147.3331 124.9130 119.2400

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 21,992,462,592 6,600,669 106,342,715 8,943

Shares Outstanding 1,072,498 44,801 851,334 75

Net Asset Value Per Share for Shareholder Dealing 20505.8309 147.3331 124.9130 119.2400

Japan Strategic Japan Strategic Value Fund Japan Strategic Japan Strategic Value Fund 30th June, 2015 Value Fund Value Fund 30th June, 2015 Class AD Sterling 30th June, 2015 30th June, 2015 Class ID Euro Hedged Class I Euro Class I Euro Hedged EUR GBP EUR EUR Net Asset Value for Financial Statement Purposes 47,045,897 47,519 367,194,346 358,528,240

Shares Outstanding 430,207 359 2,381,125 1,801,411

Net Asset Value per Share for Financial Statement Purposes 109.3564 132.3649 154.2104 199.0263

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 47,045,897 47,519 367,194,346 358,528,240

Shares Outstanding 430,207 359 2,381,125 1,801,411

Net Asset Value Per Share for Shareholder Dealing 109.3564 132.3649 154.2104 199.0263

77 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

Japan Strategic Japan Strategic Japan Strategic Japan Strategic Value Fund Value Fund Value Fund Value Fund 30th June, 2015 30th June, 2015 30th June, 2015 30th June, 2015 Class I JPY Class I Sterling Class I US$ Class I US$ Hedged JPY GBP USD USD Net Asset Value for Financial Statement Purposes 116,475,392,120 240,602,204 44,597,346 500,144,976

Shares Outstanding 5,845,285 1,677,816 406,430 3,282,206

Net Asset Value per Share for Financial Statement Purposes 19,926.3838 143.4020 109.7295 152.3807

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 116,475,392,120 240,602,204 44,597,346 500,144,976

Shares Outstanding 5,845,285 1,677,816 406,430 3,282,206

Net Asset Value Per Share for Shareholder Dealing 19,926.3838 143.4020 109.7295 152.3807

Japan Strategic Japan Strategic Japan Strategic Value Fund Japan Strategic Value Fund Value Fund 30th June, 2015 Value Fund 30th June, 2015 30th June, 2015 Class ID Sterling 30th June, 2015 Class ID US$ Class ID Sterling Hedged Class ID US$ Hedged GBP GBP USD USD Net Asset Value for Financial Statement Purposes 8,971 17,026,059 29,342 571,331

Shares Outstanding 75 128,172 250 4,135

Net Asset Value per Share for Financial Statement Purposes 119.6133 132.8376 117.3680 138.1695

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 8,971 17,026,059 29,342 571,331

Shares Outstanding 75 128,172 250 4,135

Net Asset Value Per Share for Shareholder Dealing 119.6133 132.8376 117.3680 138.1695

78 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

Japan Strategic Japan Strategic Value Fund Japan Strategic Japan Strategic Value Fund 31st December, 2014 Value Fund Value Fund 31st December, 2014 Class A Euro 31st December, 2014 31st December, 2014 Class A Euro Hedged Class A JPY Class A US$ EUR EUR JPY USD Net Asset Value for Financial Statement Purposes 20,036,103 40,052,869 15,510,278,767 5,933,331

Shares Outstanding 139,741 353,401 884,166 45,967

Net Asset Value per Share for Financial Statement Purposes 143.3803 113.3355 17,542.2701 129.0781

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 20,036,103 40,052,869 15,510,278,767 5,933,331

Shares Outstanding 139,741 353,401 884,166 45,967

Net Asset Value Per Share for Shareholder Dealing 143.3803 113.3355 17,542.2701 129.0781

Japan Strategic Japan Strategic Japan Strategic Value Fund Japan Strategic Value Fund Value Fund 31st December, 2014 Value Fund 31st December, 2014 31st December, 2014 Class AD Sterling 31st December, 2014 Class A US$ Hedged Class AD Sterling Hedged Class I Euro USD GBP GBP EUR Net Asset Value for Financial Statement Purposes 102,431,021 7,966 38,928 147,539,239

Shares Outstanding 957,373 75 342 1,187,672

Net Asset Value per Share for Financial Statement Purposes 106.9918 106.2133 113.8246 124.2256

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 102,431,021 7,966 38,928 147,539,239

Shares Outstanding 957,373 75 342 1,187,672

Net Asset Value Per Share for Shareholder Dealing 106.9918 106.2133 113.8246 124.2256

79 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

Japan Strategic Japan Strategic Japan Strategic Japan Strategic Value Fund Value Fund Value Fund Value Fund 31st December, 2014 31st December, 2014 31st December, 2014 31st December, 2014 Class I Euro Hedged Class I JPY Class I Sterling Class I US$ EUR JPY GBP USD Net Asset Value for Financial Statement Purposes 300,867,039 132,961,375,171 230,799,216 11,543,475

Shares Outstanding 1,764,754 7,821,099 1,816,499 120,409

Net Asset Value per Share for Financial Statement Purposes 170.4867 17,000.3442 127.0572 95.8689

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 300,867,039 132,961,375,171 230,799,216 11,543,475

Shares Outstanding 1,764,754 7,821,099 1,816,499 120,409

Net Asset Value Per Share for Shareholder Dealing 170.4867 17,000.3442 127.0572 95.8689

Japan Strategic Japan Strategic Japan Strategic Value Fund Japan Strategic Value Fund Value Fund 31st December, 2014 Value Fund 31st December, 2014 31st December, 2014 Class ID Sterling 31st December, 2014 Class I US$ Hedged Class ID Sterling Hedged Class ID US$ USD GBP GBP USD Net Asset Value for Financial Statement Purposes 496,522,078 8,002 15,990,448 25,673

Shares Outstanding 3,812,207 75 140,132 250

Net Asset Value per Share for Financial Statement Purposes 130.2453 106.6933 114.1099 102.6920

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 496,522,078 8,002 15,990,448 25,673

Shares Outstanding 3,812,207 75 140,132 250

Net Asset Value Per Share for Shareholder Dealing 130.2453 106.6933 114.1099 102.6920

80 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

Japan Strategic US High Yield Bond Value Fund US High Yield Bond Fund US High Yield Bond 31st December, 2014 Fund 30th June, 2015 Fund Class ID US$ 30th June, 2015 Class A Euro 30th June, 2015 Hedged Class A Euro Hedged Class A US$ USD EUR EUR USD Net Asset Value for Financial Statement Purposes 29,590 1,192,555 57,895,929 69,274,482

Shares Outstanding 250 7,190 456,585 503,003

Net Asset Value per Share for Financial Statement Purposes 118.3600 165.8630 126.8021 137.7218

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 29,590 1,192,555 57,895,929 69,274,482

Shares Outstanding 250 7,190 456,585 503,003

Net Asset Value Per Share for Shareholder Dealing 118.3600 165. 8630 126.8021 137.7218

US High Yield Bond US High Yield Bond US High Yield Bond US High Yield Bond Fund Fund Fund Fund 30th June, 2015 30th June, 2015 30th June, 2015 30th June, 2015 Class ID Sterling Class TD US$ Class TD AUD Class D US$ Hedged USD AUD USD GBP Net Asset Value for Financial Statement Purposes 42,932,736 2,395,546 104,431,087 3,363,835

Shares Outstanding 448,549 21,902 973,941 34,314

Net Asset Value per Share for Financial Statement Purposes 95.7147 109.3757 107.2253 98.0310

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 42,932,736 2,395,546 104,431,087 3,363,835

Shares Outstanding 448,549 21,902 973,941 34,314

Net Asset Value Per Share for Shareholder Dealing 95.7147 109.3757 107.2253 98.0310

81 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

US High Yield Bond US High Yield Bond US High Yield Bond Fund US High Yield Bond Fund Fund 30th June, 2015 Fund 30th June, 2015 30th June, 2015 Class I Sterling 30th June, 2015 Class I CHF Hedged Class I Euro Hedged Hedged Class I US$ CHF EUR GBP USD Net Asset Value for Financial Statement Purposes 108,451,675 192,592,499 333,333,803 1,300,492,261

Shares Outstanding 1,087,859 1,654,813 3,013,371 5,352,783

Net Asset Value per Share for Financial Statement Purposes 99.6928 116.3832 110.6182 242.9563

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 108,451,675 192,592,499 333,333,803 1,300,492,261

Shares Outstanding 1,087,859 1,654,813 3,013,371 5,352,783

Net Asset Value Per Share for Shareholder Dealing 99.6928 116.3832 110.6182 242.9563

US High Yield Bond US High Yield Bond Fund US High Yield Bond US High Yield Bond Fund 31st December, 2014 Fund Fund 31st December, 2014 Class A Euro 31st December, 2014 31st December, 2014 Class A Euro Hedged Class A US$ Class TD US$ EUR EUR USD USD Net Asset Value for Financial Statement Purposes 583,916 25,223,329 60,097,693 65,956,711

Shares Outstanding 3,867 201,569 443,301 674,846

Net Asset Value per Share for Financial Statement Purposes 150.9997 125.1350 135.5686 97.7359

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 583,916 25,223,329 60,097,693 65,956,711

Shares Outstanding 3,867 201,569 443,301 674,846

Net Asset Value Per Share for Shareholder Dealing 150.9997 125.1350 135.5686 97.7359

82 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

US High Yield Bond US High Yield Bond US High Yield Bond US High Yield Bond Fund Fund Fund Fund 31st December, 2014 31st December, 2014 31st December, 2014 31st December, 2014 Class TD AUD Class D US$ Class I CHF Hedged Class I Euro Hedged AUD USD CHF EUR Net Asset Value for Financial Statement Purposes 7,383,082 56,972,108 4,422,893 133,556,327

Shares Outstanding 70,410 526,504 44,927 1,166,598

Net Asset Value per Share for Financial Statement Purposes 104.8584 108.2083 98.4462 114.4836

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – – –

Total NAV Share Base 7,383,082 56,972,108 4,422,893 133,556,327

Shares Outstanding 70,410 526,504 44,927 1,166,598

Net Asset Value Per Share for Shareholder Dealing 104.8584 108.2083 98.4462 114.4836

US High Yield Bond Fund US High Yield Bond Asian Smaller Asian Smaller 31st December, 2014 Fund Companies Fund Companies Fund Class I Sterling 31st December, 2014 30th June, 2015 30th June, 2015 Hedged Class I US$ Class A Euro Class Z US$ GBP USD EUR USD Net Asset Value for Financial Statement Purposes 262,185,976 582,933,597 27,363 13,716,770

Shares Outstanding 2,414,011 2,443,510 200 117,709

Net Asset Value per Share for Financial Statement Purposes 108.6101 238.5640 136.8150 116.5312

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off – – 21 10,505

Total NAV Share Base 262,185,976 582,933,597 27,384 13,727,275

Shares Outstanding 2,414,011 2,443,510 200 117,709

Net Asset Value Per Share for Shareholder Dealing 108.6101 238.5640 136.9200 116.6204

83 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

Asian Smaller Asian Smaller Japan High Japan High Companies Fund Companies Fund Conviction Fund Conviction Fund 31st December, 2014 31st December, 2014 30th June, 2015 30th June, 2015 Class A Euro Class Z US$ Class A Euro Class A JPY EUR USD EUR JPY Net Asset Value for Financial Statement Purposes 23,023 12,389,705 25,570.00 82,534,906

Shares Outstanding 200 117,709 250.00 6,478

Net Asset Value per Share for Financial Statement Purposes 115.1150 105.2571 102.2800 12,740.8006

Add: Swing Pricing Adjustment – – – Add: Organisational Expenses Written Off 23 12,442 – 24,973

Total NAV Share Base 23,046 12,402,147 25570 82,559,879

Shares Outstanding 200 117,709 250 6,478

Net Asset Value Per Share for Shareholder Dealing 115.2300 105.3628 102.2800 12,744.6556

Japan High Japan High Japan High Japan High Conviction Fund Conviction Fund Conviction Fund Conviction Fund 30th June, 2015 30th June, 2015 30th June, 2015 31st December, 2014 Class A US$ Class I JPY Class I US$ Class A JPY USD JPY USD JPY Net Asset Value for Financial Statement Purposes 25,542 4,066,841,243 25,559 87,945,480

Shares Outstanding 250 275,444 250 8,000

Net Asset Value per Share for Financial Statement Purposes 102.1680 14,764.6754 102.2360 10,993.1850

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off 8 1,230,536 8 173,240

Total NAV Share Base 25,550 4,068,071,779 25,567 88,118,720

Shares Outstanding 250 275,444 250 8,000

Net Asset Value Per Share for Shareholder Dealing 102.2000 14,769.1428 102.2680 11,014.8400

84 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

Japan High Asia Ex Japan High Asia Ex Japan High Global High Yield Conviction Fund Conviction Fund Conviction Fund Bond Fund 31st December, 2014 30th June, 2015 31st December, 2014 30th June, 2015 Class I JPY Class I US$ Class I US$ Class A Euro JPY USD USD EUR Net Asset Value for Financial Statement Purposes 635,264,784 6,187,460 5,854,666 44,538

Shares Outstanding 50,000 50,000 50,000 371

Net Asset Value per Share for Financial Statement Purposes 12,705.2957 123.7492 117.0933 120.0485

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off 1,251,384 12,602 14,598 28

Total NAV Share Base 636,516,168 6,200,062 5,869,264 44,566

Shares Outstanding 50,000 50,000 50,000 371

Net Asset Value Per Share for Shareholder Dealing 12,730.3234 124.0012 117.3853 120.1240

Global Frontier Global High Yield Global High Yield Global High Yield Emerging Market Bond Fund Bond Fund Bond Fund Equity Fund 30th June, 2015 31st December, 2014 31st December, 2014 30th June, 2015 Class I US$ Class A Euro Class I US$ Class A Euro USD EUR USD EUR Net Asset Value for Financial Statement Purposes 24,538,342 40,365 23,991,842 18,099

Shares Outstanding 249,926 371 249,926 175

Net Asset Value per Share for Financial Statement Purposes 98.1824 108.8005 95.9958 103.4229

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off 15,594 30 17,646 56

Total NAV Share Base 24,553,936 40,395 24,009,488 18,155

Shares Outstanding 249,926 371 249,926 175

Net Asset Value Per Share for Shareholder Dealing 98.2448 108.8814 96.0664 103.7429

85 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

Global Frontier Global Frontier Global Frontier Emerging Market Emerging Market Emerging Market Diversified Growth Equity Fund Equity Fund Equity Fund Fund 30th June, 2015 31st December, 2014 31st December, 2014 30th June, 2015 Class I US$ Class A Euro Class I US$ Class I US$ USD EUR USD USD Net Asset Value for Financial Statement Purposes 5,257,581 16,686 4,264,801 7,737,140

Shares Outstanding 61,000 175 49,750 78,000

Net Asset Value per Share for Financial Statement Purposes 86.1899 95.3486 85.7246 99.1941

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off 16,371 72 18,420 16,015

Total NAV Share Base 5,273,952 16,758 4,283,221 7,753,155

Shares Outstanding 61,000 175 49,750 78,000

Net Asset Value Per Share for Shareholder Dealing 86.4582 95.7600 86.0949 99.3994

Diversified Growth Diversified Growth Global Dynamic Fund Diversified Growth Fund Bond Fund 30th June, 2015 Fund 31st December, 2014 30th June, 2015 Class I Sterling 31st December, 2014 Class I Sterling Class I Sterling Hedged Class I US$ Hedged Hedged GBP USD GBP GBP Net Asset Value for Financial Statement Purposes 12,811 7,809,455 12,926 1,575,142

Shares Outstanding 130 78,000 130 16,143

Net Asset Value per Share for Financial Statement Purposes 98.5462 100.1212 99.4308 97.5743

Add: Swing Pricing Adjustment – – – 2,977 Add: Organisational Expenses Written Off 27 17,910 30 287

Total NAV Share Base 12,838 7,827,365 12,956 1,578,406

Shares Outstanding 130 78,000 130 16,143

Net Asset Value Per Share for Shareholder Dealing 98.7538 100.3508 99.6615 97.7765

86 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

Global Dynamic Global Dynamic Bond Fund Global Dynamic Bond Fund Global Dynamic 30th June, 2015 Bond Fund 30th June, 2015 Bond Fund Class ID Euro 30th June, 2015 Class ID Sterling 30th June, 2015 Hedged Class A Euro Hedge Hedged Class I US$ EUR EUR GBP USD Net Asset Value for Financial Statement Purposes 7,755,407 34,609 53,776,237 12,236,117

Shares Outstanding 80,000 357 553,243 125,925

Net Asset Value per Share for Financial Statement Purposes 96.9426 96.9442 97.2018 97.1699

Add: Swing Pricing Adjustment 13,882 62 100,975 37,855 Add: Organisational Expenses Written Off 1,415 6 9,813 2,236

Total NAV Share Base 7,770,704 34,677 53,887,025 12,276,208

Shares Outstanding 80,000 357 553,243 125,925

Net Asset Value Per Share for Shareholder Dealing 97.1338 97.1345 97.4021 97.4883

Global Dynamic Emerging Market Emerging Market Bond Fund Local Currency Local Currency Asia High Yield 30th June, 2015 Debt Fund Debt Fund Bond Fund Class RD Sterling 30th June, 2015 30th June, 2015 30th June, 2015 Hedged Class A Euro Class I US$ Class A Euro GBP EUR USD EUR Net Asset Value for Financial Statement Purposes 2,601,070 17,419 9,668,185 17,790

Shares Outstanding 26,705 180 99,790 180

Net Asset Value per Share for Financial Statement Purposes 97.4001 96.7722 96.8853 98.8333

Add: Swing Pricing Adjustment 5,226 – – – Add: Organisational Expenses Written Off 475 29 15,824 27

Total NAV Share Base 2,606,771 17,448 9,684,009 17,817

Shares Outstanding 26,705 180 99,790 180

Net Asset Value Per Share for Shareholder Dealing 97.6136 96.9333 97.0439 98.9833

87 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

3. Net asset value per redeemable participating share reconciliation (continued)

Asia High Yield Asia High Dividend Asia High Dividend Asia Investment Bond Fund Fund Fund Grade Bond Fund 30th June, 2015 30th June, 2015 30th June, 2015 30th June, 2015 Class I US$ Class A Euro Class I US$ Class A Euro USD EUR USD EUR Net Asset Value for Financial Statement Purposes 10,183,464 17,889 4,319,383 17,473

Shares Outstanding 99,790 180 41,600 190

Net Asset Value per Share for Financial Statement Purposes 102.0489 99.3833 103.8313 91.9632

Add: Swing Pricing Adjustment – – – – Add: Organisational Expenses Written Off 15,572 63 15,309 18

Total NAV Share Base 10,199,036 17,952 4,334,692 17,491

Shares Outstanding 99,790 180 41,600 190

Net Asset Value Per Share for Shareholder Dealing 102.2050 99.7333 104.1993 92.0579

Asia Investment Grade Bond Fund China Fund 30th June, 2015 30th June, 2015 Class I US$ Class I US$ USD USD Net Asset Value for Financial Statement Purposes 14,716,328 35,813,620

Shares Outstanding 149,790 400,089

Net Asset Value per Share for Financial Statement Purposes 98.2464 89.5141

Add: Swing Pricing Adjustment – – Add: Organisational Expenses Written Off 14,934 15,480

Total NAV Share Base 14,731,262 35,829,100

Shares Outstanding 149,790 400,089

Net Asset Value Per Share for Shareholder Dealing 98.3461 89.5528

88 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

4. Management expense and performance expense

Nomura Asset Management U.K. Limited, the Investment Manager earned a fee of USD 22,341,356 for the half year ended 30th June, 2015 (31st December, 2014: USD 27,287,640), of which USD 12,551,246 (31st December, 2014: USD 8,082,893) was due at the year end.

The Investment Management Fee is calculated and accrued daily and payable quarterly in arrears. The Investment Manager is entitled to be reimbursed by the Sub-Funds for reasonable out-of-pocket expenses incurred by it and any VAT on fees and expenses payable to or by it. The Investment Manager may from time to time, at its sole discretion, and out of its own resources, rebate to affiliated entities/intermediaries and/or shareholders, part or all of the Investment Management Fee and/or the Incentive Fee.

There have been no changes to the management or incentive fees since the prior year end audited financial statements. The Management Fees for the share classes that launched during the half year ended 30th June, 2015 are as follows:

Nomura Funds Ireland - Japan Strategic Value Fund

The Investment Manager is entitled to receive out of the net assets of the Sub-Fund an annual fee equal to the following percentage of the net asset value of the Sub-Fund:

Class ID Euro 0.85%

Nomura Funds Ireland - US High Yield Bond Fund

The Investment Manager is entitled to receive out of the net assets of the Sub-Fund an annual fee equal to the following percentage of the net asset value of the Sub-Fund:

Class ID Sterling Hedged 0.50%

Nomura Funds Ireland - Japan High Conviction Fund

The Investment Manager is entitled to receive out of the net assets of the Sub-Fund an annual fee equal to the following percentage of the net asset value of the Sub-Fund:

Class A Euro 1.50% Class A US$ 1.50% Class I US$ 1.00%

Nomura Funds Ireland - Global Dynamic Bond Fund

The Investment Manager is entitled to receive out of the net assets of the Sub-Fund an annual fee equal to the following percentage of the net asset value of the Sub-Fund:

Class A Euro Hedged 1.20% Class I Sterling Hedged 0.60% Class I US$ 0.60% Class ID Euro Hedged 0.60% Class ID Sterling Hedged 0.60% Class RD Sterling Hedged 0.50%

Nomura Funds Ireland - Emerging Market Local Currency Debt Fund

The Investment Manager is entitled to receive out of the net assets of the Sub-Fund an annual fee equal to the following percentage of the net asset value of the Sub-Fund:

Class A Euro 1.20% Class I US$ 0.70%

89 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

4. Management expense and performance expense (continued)

Nomura Funds Ireland - Asia High Yield Bond Fund

The Investment Manager is entitled to receive out of the net assets of the Sub-Fund an annual fee equal to the following percentage of the net asset value of the Sub-Fund:

Class A Euro 1.40% Class I US$ 0.70%

Nomura Funds Ireland - Asia High Dividend Fund

The Investment Manager is entitled to receive out of the net assets of the Sub-Fund an annual fee equal to the following percentage of the net asset value of the Sub-Fund:

Class A Euro 1.40% Class I US$ 0.85%

Nomura Funds Ireland - Asia Investment Grade Bond Fund

The Investment Manager is entitled to receive out of the net assets of the Sub-Fund an annual fee equal to the following percentage of the net asset value of the Sub-Fund:

Class A Euro 1.00% Class I US$ 0.50%

Nomura Funds Ireland - China Fund

The Investment Manager is entitled to receive out of the net assets of the Sub-Fund an annual fee equal to the following percentage of the net asset value of the Sub-Fund:

Class I US$ 1.00%

5. Financial risk management - Fair value estimation

The Fund has classified fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

(i) Level 1: Investments, whose values are based on quoted market prices in active markets, and therefore classified within level 1, include active listed equities and exchange traded derivatives. Quoted prices for these instruments are not adjusted.

(ii) Level 2: Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. These include investment-grade corporate bonds, listed equities and over-the-counter derivatives. As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information.

(iii) Level 3: Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the Instrument. The inputs into the determination of fair value require significant management judgement or estimation. As observable prices are not available for these securities, the Fund has used valuation techniques to derive the fair value, if applicable.

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.

90 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

5. Financial risk management - Fair value estimation (continued)

Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the financial asset or liability.

The determination of what constitutes ‘observable’ requires significant judgement by the Directors in consultation with the Investment Manager. The Directors 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 following tables analyse within the fair value hierarchy the Sub-Funds’ financial assets and financial liabilities measured at fair value at 30th June, 2015 and 31st December, 2014:

Nomura Funds Ireland - Global Emerging Market Equity Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 4,574,495 – – 4,574,495 Participatory Notes 329,395 – – 329,395

Total Assets 4,903,890 – – 4,903,890

Nomura Funds Ireland - Global Emerging Market Equity Fund

31st December, 2014 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 4,336,316 – – 4,336,316 Participatory Notes 320,355 – – 320,355

Total Assets 4,656,671 – – 4,656,671

Nomura Funds Ireland - India Equity Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 63,733,810 – – 63,733,810

Total Assets 63,733,810 – – 63,733,810

Nomura Funds Ireland - India Equity Fund

31st December, 2014 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 62,140,327 – – 62,140,327

Total Assets 62,140,327 – – 62,140,327

91 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

5. Financial risk management - Fair value estimation (continued)

Nomura Funds Ireland - Asia Ex Japan Fund

31st December, 2014 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 15,900,366 – – 15,900,366 Collective Investment Schemes 30,588 – – 30,588 Participatory Notes 1,821,791 – – 1,821,791

Total Assets 17,752,745 – – 17,752,745

Nomura Funds Ireland - Fundamental Index Global Equity Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 26,221,429 – – 26,221,429 Collective Investment Schemes 318,089 – – 318,089 Futures 435 – – 435

Total Assets 26,539,953 – – 26,539,953 Financial Liabilities at Fair Value through Profit or Loss Futures (8,935) – – (8,935)

Total Liabilities (8,935) – – (8,935)

Nomura Funds Ireland - Fundamental Index Global Equity Fund

31st December, 2014 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 46,598,928 177 – 46,599,105 Collective Investment Schemes 467,948 – – 467,948 Futures 50,220 – – 50,220

Total Assets 47,117,096 177 – 47,117,273

Nomura Funds Ireland - Japan Strategic Value Fund

30th June, 2015 Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial Assets at Fair Value through Profit or Loss Equities 429,130,214,724 – – 429,130,214,724

Total Assets 429,130,214,724 – – 429,130,214,724 Financial Liabilities at Fair Value through Profit or Loss Hedge Share Class Forward Foreign Currency Contracts – (1,887,899,375) – (1,887,899,375)

Total Liabilities – (1,887,899,375) – (1,887,899,375)

92 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

5. Financial risk management - Fair value estimation (continued)

Nomura Funds Ireland - Japan Strategic Value Fund

31st December, 2014 Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial Assets at Fair Value through Profit or Loss Equities 338,188,157,271 – – 338,188,157,271 Hedge Share Class Forwar Foreign Currency Contracts – 1,362,280,274 – 1,362,280,274

Total Assets 338,188,157,271 1,362,280,274 – 339,550,437,545 Financial Liabilities at Fair Value through Profit or Loss Hedge Share Class Forwar Foreign Currency Contracts – (195,044,352) – (195,044,352)

Total Liabilities – (195,044,352) – (195,044,352)

Nomura Funds Ireland - US High Yield Bond Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 15,625,101 – – 15,625,101 Bonds – 2,339,871,650 – 2,339,871,650 Participatory Notes 413,983 – – 413,983 Hedge Share Class Forwar Foreign Currency Contracts – 843,977 – 843,977 Term Loans – 40 – 40

Total Assets 16,039,084 2,340,715,667 – 2,356,754,751 Financial Liabilities at Fair Value through Profit or Loss Hedge Share Class Forwar Foreign Currency Contracts – (36,930) – (36,930)

Total Liabilities – (36,930) – (36,930)

Nomura Funds Ireland - US High Yield Bond Fund

31st December, 2014 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 18,455,675 – – 18,455,675 Bonds – 1,352,256,086 – 1,352,256,086 Participatory Notes 875,578 – – 875,578 Term Loans – 40 – 40

Total Assets 19,331,253 1,352,256,126 – 1,371,587,379 Financial Liabilities at Fair Value through Profit or Loss Hedge Share Class Forwar Foreign Currency Contracts – (8,415,307) – (8,415,307)

Total Liabilities – (8,415,307) – (8,415,307)

93 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

5. Financial risk management - Fair value estimation (continued)

Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund

31st December, 2014 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 87,631 – – 87,631

Total Assets 87,631 – – 87,631

Nomura Funds Ireland - Asian Smaller Companies Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 13,130,117 – – 13,130,117

Total Assets 13,130,117 – – 13,130,117

Nomura Funds Ireland - Asian Smaller Companies Fund

31st December, 2014 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 11,988,354 – – 11,988,354

Total Assets 11,988,354 – – 11,988,354

Nomura Funds Ireland - Japan High Conviction Fund

30th June, 2015 Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial Assets at Fair Value through Profit or Loss Equities 4,087,840,100 – – 4,087,840,100

Total Assets 4,087,840,100 – – 4,087,840,100

Nomura Funds Ireland - Japan High Conviction Fund

31st December, 2014 Level 1 Level 2 Level 3 Total JPY JPY JPY JPY Financial Assets at Fair Value through Profit or Loss Equities 715,421,850 – – 715,421,850

Total Assets 715,421,850 – – 715,421,850

Nomura Funds Ireland - Asia Ex Japan High Conviction Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 5,408,784 – – 5,408,784 Participatory Notes 558,178 – – 558,178

Total Assets 5,966,962 – – 5,966,962

94 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

5. Financial risk management - Fair value estimation (continued)

Nomura Funds Ireland - Asia Ex Japan High Conviction Fund

31st December, 2014 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 5,202,148 – – 5,202,148 Participatory Notes 525,633 – – 525,633

Total Assets 5,727,781 – – 5,727,781

Nomura Funds Ireland - Global High Yield Bond Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 73,450 – – 73,450 Bonds – 23,073,139 – 23,073,139 Participatory Notes 29,498 – – 29,498 Term Loans – 174,310 – 174,310

Total Assets 102,948 23,247,449 – 23,350,397

Nomura Funds Ireland - Global High Yield Bond Fund

31st December, 2014 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 87,484 – – 87,484 Bonds – 23,139,721 – 23,139,721 Participatory Notes 72,574 – – 72,574

Total Assets 160,058 23,139,721 – 23,299,779

Nomura Funds Ireland - Global Frontier Emerging Market Equity Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 4,417,351 – – 4,417,351 Participatory Notes 539,906 – – 539,906

Total Assets 4,957,257 – – 4,957,257

Nomura Funds Ireland - Global Frontier Emerging Market Equity Fund

31st December, 2014 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 3,665,656 – – 3,665,656 Participatory Notes 468,768 – – 468,768

Total Assets 4,134,424 – – 4,134,424

95 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

5. Financial risk management - Fair value estimation (continued)

Nomura Funds Ireland - Diversified Growth Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 1,545,333 – – 1,545,333 Bonds 1,128,368 – – 1,128,368 Futures 5,960 – – 5,960

Total Assets 2,679,661 – – 2,679,661 Financial Liabilities at Fair Value through Profit or Loss Hedge Share Class Forward Foreign Currency Contracts – (1) – (1) Futures (55,670) – – (55,670)

Total Liabilities (55,670) (1) – (55,671)

Nomura Funds Ireland - Diversified Growth Fund

31st December, 2014 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 1,126,235 – – 1,126,235 Bonds – 803,000 – 803,000 Futures 89,351 – – 89,351

Total Assets 1,215,586 803,000 – 2,018,586

Financial Liabilities at Fair Value through Profit or Loss Hedge Share Class Forward Foreign Currency Contracts (211) – – (211) Futures (8) – – (8)

Total Liabilities (219) – – (219)

Nomura Funds Ireland - Global Dynamic Bond Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Bonds 8,348,849 93,615,958 – 101,964,807 Forward Foreign Currency Contracts – 317,884 – 317,884 Futures 44,531 – – 44,531 Hedge Share Class Forward Foreign Currency Contracts – 18,655 – 18,655 Swaps – 196,518 – 196,518 Swaptions 618,819 – – 618,819

Total Assets 9,012,199 94,149,015 – 103,161,214 Financial Liabilities at Fair Value through Profit or Loss Forward Foreign Currency Contracts – (2,200,994) – (2,200,994) Futures (70,801) – – (70,801) Hedge Share Class Forward Foreign Currency Contracts – (5,297) – (5,297) Swaps – (257,806) – (257,806) Swaptions (391,505) – – (391,505) Total Liabilities (462,306) (2,464,097) – (2,926,403)

96 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

5. Financial risk management - Fair value estimation (continued)

Nomura Funds Ireland - Emerging Market Local Currency Debt Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Bonds 7,888,826 869,565 – 8,758,391 Forward Foreign Currency Contracts – 59,191 – 59,191

Total Assets 7,888,826 928,756 – 8,817,582 Financial Liabilities at Fair Value through Profit or Loss Forward Foreign Currency Contracts – (84,702) – (84,702)

Total Liabilities – (84,702) – (84,702)

Nomura Funds Ireland - Asia High Yield Bond Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Bonds 700,925 8,759,141 – 9,460,066

Total Assets 700,925 8,759,141 – 9,460,066

Nomura Funds Ireland - Asia High Dividend Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 4,125,681 – – 4,125,681 Collective Investment Schemes 74,718 – – 74,718

Total Assets 4,200,399 – – 4,200,399

Nomura Funds Ireland - Asia Investment Grade Bond Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Bonds 675,000 13,498,971 – 14,173,971

Total Assets 675,000 13,498,971 – 14,173,971 Financial Liabilities at Fair Value through Profit or Loss Futures (812) – – (812)

Total Liabilities (812) – – (812)

Nomura Funds Ireland - China Fund

30th June, 2015 Level 1 Level 2 Level 3 Total USD USD USD USD Financial Assets at Fair Value through Profit or Loss Equities 34,631,822 – – 34,631,822

Total Assets 34,631,822 – – 34,631,822

97 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

5. Financial risk management - Fair value estimation (continued)

The following tables show the transfers between levels during the year for the Nomura Funds Ireland - US High Yield Bond Fund and the Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund:

Nomura Funds Ireland - US High Yield Bond Fund

As at 31st December, 2014 Level 1 Level 2 Level 3 USD USD USD Transfers between levels: Bonds (1,387,625) 1,387,625 – Participatory Notes 6,374 (6,374) –

Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund

Four securities with zero market value at 30th June, 2015 transferred from Level 1 to Level 3 on the Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund. Other than the above, there were no transfers between levels for securities held at 30th June, 2015 and 31st December, 2014 on the remaining Sub-Funds.

As at 31st December, 2014 Level 1 Level 2 Level 3 USD USD USD Transfers between levels: Equities 14,806 – (14,806)

Transfers between levels of the fair value hierarchy, for the purpose of preparing the above table, are deemed to have occurred at the end of the reporting period.

Apart from the above, there were no Level 3 securities held at either 30th June, 2015 or 31st December, 2014 on the remaining Sub-Funds.

6. Related party transactions

Under IAS 24 “Related Party Disclosures” parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions.

 Mr. Mark Roxburgh, a Director of the Fund, is also an employee of the distributor of the Fund, Nomura Asset Management U.K. Limited.

 Mr. David Dillon, a Director of the Fund, is a partner in Dillon Eustace, which acts as the Irish legal adviser to the Fund. David Dillon also sits on the board of Bridge Consulting, which provides professional servies to the Fund. Expenses of USD 30,106 were incurred by the Fund in relation to services provided by Dillon Eustace for the half year ended 30th June, 2015 (30th June, 2014: USD 43,454).

Expenses of USD 16,086 were incurred by the Fund in relation to services provided by Bridge Consulting for the half year ended 30th June, 2015 (30th June, 2014: USD 18,196).

98 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

6. Related party transactions (continued)

Related party ownership The following table shows the ownership interest in the Sub-Funds of The Nomura Trust and Banking Co Ltd, which along with the Investment Manager is a subsidiary of Nomura Holdings, Inc.

Ownership Ownership Sub-Fund 30th June, 2015 31st December, 2014 Nomura Funds Ireland - Global Emerging Market Equity Fund 100.00% 100.00% Nomura Funds Ireland - India Equity Fund 0.05% 0.05% Nomura Funds Ireland - Asia Ex Japan Fund – – Nomura Funds Ireland - Fundamental Index Global Equity Fund 0.24% 0.13% Nomura Funds Ireland - Japan Strategic Value Fund 0.003% 0.00% Nomura Funds Ireland - US High Yield Bond Fund 1.74% 4.31% Nomura Funds Ireland - NEWS Emerging Markets Small Cap Equity Fund – – Nomura Funds Ireland - Asian Smaller Companies Fund 0.22% 0.23% Nomura Funds Ireland - Japan High Conviction Fund 92.83% 87.84% Nomura Funds Ireland - Asia Ex Japan High Conviction Fund 100.00% 100.00% Nomura Funds Ireland - Global High Yield Bond Fund 99.90% 99.90% Nomura Funds Ireland - Global Frontier Emerging Market Equity Fund 81.63% 100.00% Nomura Funds Ireland - Diversified Growth Fund 100.00% 100.00% Nomura Funds Ireland - Global Dynamic Bond Fund 7.40% – Nomura Funds Ireland - Emerging Market Local Currency Debt Fund 100.00% – Nomura Funds Ireland - Asia High Yield Bond Fund 100.00% – Nomura Funds Ireland - Asia High Dividend Fund 100.00% – Nomura Funds Ireland - Asia Investment Grade Bond Fund 100.00% – Nomura Funds Ireland - China Fund – –

Additionally, the Nomura Funds Ireland - Global Emerging Market Equity Fund has an investment of USD 60,957 (31st December, 2014: USD 181,012) in Nomura Bank International Plc.

The Board of Directors are not aware of any transactions with related parties during the half year ended 30th June, 2015, other than those disclosed in the financial statements.

7. Connected party transactions

The Central Bank of Ireland UCITS Notice 14 - “Dealings by promoter, manager, trustee, investment adviser and group companies” states in paragraph 1 that, inter alia, any transaction carried out with a UCITS by a promoter, manager, trustee, investment adviser and/or associated or group companies of these (“connected parties”) must be carried out as if negotiated at arm's length. Transactions must be in the best interests of the shareholders.

The Board of Directors of the Company are satisfied that:

(i) there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in paragraph 1 of the Central Bank of Ireland UCITS Notice 14 are applied to all transactions with connected parties; and

(ii) transactions with connected parties entered into during the half year complied with the obligations set out in paragraph 1 of the Central Bank of Ireland UCITS Notice 14.

99 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

8. Efficient portfolio management

The Fund may employ (subject to the conditions and within the limits laid down by the Central Bank of Ireland) techniques and instruments relating to transferable securities, including but not limited to futures contracts, stocklending, repurchase agreements and reverse repurchase agreements and any other techniques and instruments the Investment Manager may consider appropriate for efficient portfolio management purposes.

Efficient portfolio management transactions 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). The techniques and instruments employed during the half year were futures contacts and stocklending. Details of stocklending are presented in Note 3. The following table shows the realised gains/(losses), movements in unrealised gains/(losses) and commission expenses related to futures contracts during the half year ended 30th June, 2015 and 30th June, 2014.

Fundamental Index Fundamental Index Diversified Growth Global Dynamic Asia Investment Global Equity Fund Global Equity Fund Fund Fund Grade Bond Fund 30th June, 2015 30th June, 2014 30th June, 2015 30th June, 2015 30th June, 2015 USD USD USD USD USD

Futures commission expense 210 256 985 6,979 9

Realised gain/(loss) 80,640 108,500 200,189 (417,949) –

Unrealised gain/(loss) (58,720) (31,660) (139,053) (26,270) (812)

The use of financial derivative instruments by a sub-fund may create leverage. To the extent that leverage is employed, leverage will be measured using the commitment approach of measuring risk, whereby such leverage cannot exceed 100 per cent of the net asset value of a sub-fund. Where a sub-fund invests in financial derivative instruments for such purposes, a risk management process will be submitted to the Central Bank of Ireland by the Fund, prior to a sub-fund engaging in such transactions in accordance with the Central Bank of Ireland’s requirements as set out in Guidance Note 3/03. It is expected that the use of financial derivative techniques and instruments will not increase a sub-fund’s risk level.

9. Soft commissions

The Investment Manager or its delegate may effect transactions with or through the agency of another person with whom it or its delegates (or an affiliated entity) has arrangements under which that person will, from time to time, provide to or procure for the Investment Manager or its delegate (and/or an affiliated party) goods, services or other benefits such as research and advisory services, specialised computer hardware or software. No direct payment may be made for such goods or services but the Investment Manager or its delegate may undertake to place business with that person provided that person has agreed to provide best execution with respect to such business and the services provided must be of a type which assists in the provision of investment services to the Fund.

There were no soft commission arrangements entered into by the Investment Manager or its delegate, on behalf of the Fund during the half year ended 30th June, 2015 (31st December, 2014: None).

100 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

10. Exchange rates

The following USD exchange rates were used to convert assets of the Fund at the half year ended 30th June, 2015 and the year ended 31st December, 2014:

30th June, 2015 31st December 2014 Australian Dollars (AUD) 1.2962 1.2214 Bangladeshi Taka (BDT) 77.8550 77.8950 Brazilian Real (BRL) 3.0914 2.6585 Canadian Dollars (CAD) 1.2426 1.1622 Chilean Pesos (CLP) 638.9200 606.7000 Colombian Peso (COP) 2,595.2500 2,397.9250 Czech Republic Koruny (CZK) 24.2640 22.7945 Danish Krone (DKK) 6.6499 6.1155 Dong Viet Nam (VND) 21,838.5000 21,387.5000 Egyptian Pounds (EGP) 7.6301 7.1501 Euro (EUR) 0.8912 0.8217 Ghanaian Cedi (GHS) 4.3600 - Hong Kong Dollars (HKD) 7.7524 7.7583 Hungarian Forint (HUF) 280.6500 258.7600 Indian Rupee (INR) 63.6203 63.3850 Indonesian Rupiahs (IDR) 13,332.5000 12,446.5000 Israeli New Shekels (ILS) 3.7677 3.9037 Japanese Yen (JPY) 122.3650 119.4850 Kenyan Shilling (KES) 99.2000 90.6500 Malaysian Ringgits (MYR) 3.7755 3.4980 Mauritius Rupee (MUR) 34.9500 31.7500 Mexican Pesos (MXN) 15.6537 14.7383 Naira Nigeria (NGN) 199.1500 183.0000 New Romanian Leu (RON) 3.9846 3.6945 New Taiwan Dollars (TWD) 30.8930 31.7220 New Zealand Dollar (NZD) 1.4750 1.2764 Norwegian Krone (NOK) 7.8462 7.4117 Nuevo Sol (PEN) 3.1780 2.9850 Pakistan Rupee (PKR) 101.9050 100.5250 Philippine Pesos (PHP) 45.1270 44.7650 Polish Zloty (PLN) 3.7370 3.5389 Qatari Rial (QAR) 3.6413 3.6420 Rial Omani (OMR) 0.3850 0.3850 Serbian Dinar (RSD) 107.9245 - Singapore Dollars (SGD) 1.3458 1.3225 South African Rand (ZAR) 12.1715 11.5955 South Korean Won (KRW) 1,118.9800 1,097.8800 Sri Lanka Rupee (LKR) 133.8900 131.2000 Swedish Krona (SEK) 8.2142 7.7816 Swiss Franc (CHF) 0.9304 0.9881 Thai Baht (THB) 33.7800 32.9000 Turkish New Lira (TRY) 2.6739 2.3325 United Arab Emirates Dirham (AED) 3.6729 3.6731 United Kingdom Pounds (GBP) 0.6344 0.6433 Uruguayan Peso (UYU) 27.0050 -

101 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

11. Notional foreign exchange adjustment

For the purposes of reporting the combined results of the Fund at 30th June, 2015, the results of the Nomura Funds Ireland - Japan Strategic Value Fund and the Nomura Funds Ireland - Japan High Conviction Fund have been translated into US Dollars at the closing rate at the half year end date 1 USD = 122.3650 JPY (31st December, 2014: 1 USD = 119.4850 JPY) for Statement of Financial Position items and the average rate for the half year from 1st January, 2015 to 30th June, 2015: 1 USD = 120.2800 JPY (1st January, 2014 to 31st December, 2014: 1 USD = 105.9000 JPY) for the Statement of Comprehensive Income and Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares. A notional currency adjustment of USD 81,196,791 (31st December, 2014: USD 380,138,856) arises from the translation of the opening net assets, the Statement of Comprehensive Income and the Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares. The method of translation has no effect on the value of net assets allocated to the individual Sub-Funds.

12. Swing pricing adjustment

In calculating the Net Asset Value of any Fund the Investment Manager may, at its discretion, on any Dealing Day when there are net subscriptions or net redemptions adjust the Net Asset Value by applying a swing factor to cover dealing costs and to preserve the value of the underlying assets of the above mentioned funds. The purpose of the swing pricing adjustment is to protect existing Shareholders from bearing the costs of subscriptions or redemptions and it is not operated with the intention of deriving a profit for the Fund, the Investment Manager or any other party. On the 30th June, 2015 the swing pricing adjustment was applied only to the Nomura Funds Ireland - Global Dynamic Bond Fund.

13. Events during the half year

Details of dividends declared and paid on the Class AD Sterling, Class AD Sterling Hedged, Class ID Sterling, Class ID Sterling Hedged, Class ID US$ and Class ID US$ Hedged shares of the Nomura Funds Ireland - Japan Strategic Value Fund; the Class D Sterling, Class D US$, Class ID Sterling Hedged, Class TD AUD and Class TD US$ shares of the Nomura Funds Ireland - US High Yield Bond Fund; the Class ID Euro Hedged and Class ID Sterling Hedged shares of the Nomura Funds Ireland - Global Dynamic Bond Fund for the half year ended 30th June, 2015 are included in the table below.

Nomura Funds Ireland - Japan Strategic Value Fund Class AD Sterling Rate per Share Declaration Date Payment Date GBP

30th December, 2014 8th January, 2015 0.2863

Nomura Funds Ireland - Japan Strategic Value Fund Class AD Sterling Hedged Rate per Share Declaration Date Payment Date GBP

30th December, 2014 8th January, 2015 0.2687

Nomura Funds Ireland - Japan Strategic Value Fund Class ID Sterling Rate per Share Declaration Date Payment Date GBP

30th December, 2014 8th January, 2015 0.7208

102 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

13. Events during the half year (continued)

Nomura Funds Ireland - Japan Strategic Value Fund Class ID Sterling Hedged Rate per Share Declaration Date Payment Date GBP

30th December, 2014 8th January, 2015 0.7212

Nomura Funds Ireland - Japan Strategic Value Fund Class ID US$ Rate per Share Declaration Date Payment Date USD

30th December, 2014 8th January, 2015 0.1470

Nomura Funds Ireland - Japan Strategic Value Fund Class ID US$ Hedged Rate per Share Declaration Date Payment Date USD

30th December, 2014 8th January, 2015 0.1450

Nomura Funds Ireland - US High Yield Bond Fund Class D Sterling Rate per Share Declaration Date Payment Date GBP

31st March, 2015 8th April, 2015 0.5573 30th April, 2015 7th May, 2015 0.4465

Nomura Funds Ireland - US High Yield Bond Fund Class D US$ Rate per Share Declaration Date Payment Date USD

31st December, 2014 7th January, 2015 0.4630 30th January, 2015 5th February, 2015 0.4650 27th February, 2015 5th March, 2015 0.3670 31st March, 2015 8th April, 2015 0.3930 30th April, 2015 7th May, 2015 0.4860 29th May, 2015 5th June, 2015 0.4320

103 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

13. Events during the half year (continued)

Nomura Funds Ireland - US High Yield Bond Fund Class ID Sterling Hedged Rate per Share Declaration Date Payment Date GBP 29th May, 2015 5th June, 2015 0.2219

Nomura Funds Ireland - US High Yield Bond Fund Class TD AUD Rate per Share Declaration Date Payment Date AUD

31st December, 2014 7th January, 2015 0.5410 30th January, 2015 5th February, 2015 0.5410 27th February, 2015 5th March, 2015 0.5410 31st March, 2015 8th April, 2015 0.5410 30th April, 2015 7th May, 2015 0.5410 29th May, 2015 5th June, 2015 0.5410

Nomura Funds Ireland - US High Yield Bond Fund Class TD US$ Rate per Share Declaration Date Payment Date USD

31st December, 2014 2nd January, 2015 0.5410 30th January, 2015 5th February, 2015 0.5410 27th February, 2015 5th March, 2015 0.5410 31st March, 2015 8th April, 2015 0.5410 30th April, 2015 7th May, 2015 0.5410 29th May, 2015 5th June, 2015 0.5410

Nomura Funds Ireland - Global Dynamic Bond Fund Class ID Euro Hedged Rate per Share Declaration Date Payment Date EUR

31st March, 2015 8th April, 2015 0.1935

Nomura Funds Ireland - Global Dynamic Bond Fund Class ID Sterling Hedged Rate per Share Declaration Date Payment Date GBP

31st March, 2015 8th April, 2015 0.2239

104 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

13. Events during the half year (continued)

A new Sub-Fund, the Nomura Funds Ireland - Global Dynamic Bond Fund launched on 30th January, 2015. Class A Euro Hedged shares of the Nomura Funds Ireland - Global Dynamic Bond Fund launched on 30th January, 2015. Class I Sterling Hedged shares of the Nomura Funds Ireland - Global Dynamic Bond Fund launched on 30th January, 2015. Class I US$ shares of the Nomura Funds Ireland - Global Dynamic Bond Fund launched on 30th January, 2015. Class ID Sterling Hedged shares of the Nomura Funds Ireland - Global Dynamic Bond Fund launched on 30th January, 2015. Class Z US$ shares of the Nomura Funds Ireland - US High Yield Bond Fund launched on 3rd February, 2015 and fully redeemed on 15th May, 2015. Class ID Euro Hedged shares of the Nomura Funds Ireland - Global Dynamic Bond Fund launched on 12th February, 2015. Class ID Euro shares of the Nomura Funds Ireland - Japan Strategic Value Fund launched on 19th February, 2015. Class D Sterling shares of the Nomura Funds Ireland - US High Yield Bond Fund launched on 20th February, 2015 and fully redeemed on 15th May, 2015. A new Sub-Fund, Nomura Funds Ireland - Emerging Market Local Currency Debt Fund launched on 27th February, 2015. Class A Euro shares of the Nomura Funds Ireland - Emerging Market Local Currency Debt Fund launched on 27th February, 2015. Class I US$ shares of the Nomura Funds Ireland - Emerging Market Local Currency Debt Fund launched on 27th February, 2015. A new Sub-Fund, the Nomura Funds Ireland - Asia High Yield Bond Fund launched on 6th March, 2015. Class A Euro shares of the Nomura Funds Ireland - Asia High Yield Bond Fund launched on 6th March, 2015. Class I US$ shares of the Nomura Funds Ireland - Asia High Yield Bond Fund launched on 6th March, 2015. A new Sub-Fund, the Nomura Funds Ireland - Asia High Dividend Fund launched on 10th March, 2015. Class A Euro shares of the Nomura Funds Ireland - Asia High Dividend Fund launched on 10th March, 2015. Class I US$ shares of the Nomura Funds Ireland - Asia High Dividend Fund launched on 10th March, 2015. A new Sub-Fund, the Nomura Funds Ireland - Asia Investment Grade Bond Fund launched on 13th March, 2015. Class A Euro shares of the Nomura Funds Ireland - Asia Investment Grade Bond Fund launched on 13th March, 2015. Class I US$ shares of the Nomura Funds Ireland - Asia Investment Grade Bond Fund launched on 13th March, 2015. A new Supplement to the Prospectus of Nomura Funds Ireland Plc dated 18th February, 2015 was issued for the Nomura Funds Ireland - Japan Strategic Value Fund. A new Supplement to the Prospectus of Nomura Funds Ireland Plc dated 15th April, 2015 was issued for the Nomura Funds Ireland - US High Yield Bond Fund. A new Supplement to the Prospectus of Nomura Funds Ireland Plc dated 15th April, 2015 was issued for the Nomura Funds Ireland - Global Dynamic Bond Fund. A new Sub-Fund, the Nomura Funds Ireland - China Fund launched on 27th April, 2015. Class I US$ shares of the Nomura Funds Ireland – China Fund launched on 27th April, 2015. The Asia Ex Japan Fund was fully redeemed on 11th May, 2015. Class A US$ shares of the Nomura Funds Ireland – Asia Ex Japan Fund fully redeemed on 11th May, 2015. Class J JPY shares of the Nomura Funds Ireland – Asia Ex Japan Fund fully redeemed on 11th May, 2015. Class A Euro shares of the Nomura Funds Ireland - Japan High Conviction Fund launched on 12th May, 2015.

105 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

13. Events during the half year (continued)

Class A US$ shares of the Nomura Funds Ireland - Japan High Conviction Fund launched on 12th May, 2015. Class I US$ shares of the Nomura Funds Ireland - Japan High Conviction Fund launched on 12th May, 2015. Class ID Sterling Hedged shares of the Nomura Funds Ireland - US High Yield Bond Fund launched on 15th May, 2015. Class RD Sterling Hedged shares of the Nomura Funds Ireland - Global Dynamic Bond Fund launched on 26th May, 2015. Other than the above, there have been no other significant events during the half year. 14. Events since the half year end

Details of dividends declared and paid on the Class D US$, Class ID Sterling Hedged, Class TD AUD and Class TD US$ shares of the Nomura Funds Ireland - US High Yield Bond Fund; the Class ID Euro Hedged, Class ID Sterling Hedged and Class RD Sterling Hedged shares of the Nomura Funds Ireland - Global Dynamic Bond Fund since the half year ended 30th June, 2015 are included in the table below.

Nomura Funds Ireland - US High Yield Bond Fund Class D US$ Rate per Share Declaration Date Payment Date USD

30th June, 2015 6th July, 2015 0.4910

Nomura Funds Ireland - US High Yield Bond Fund Class ID Sterling Hedged Rate per Share Declaration Date Payment Date GBP

30th June, 2015 6th July, 2015 0.5011

Nomura Funds Ireland - US High Yield Bond Fund Class TD AUD Rate per Share Declaration Date Payment Date AUD

30th June, 2015 6th July, 2015 0.5410

Nomura Funds Ireland - US High Yield Bond Fund Class TD US$ Rate per Share Declaration Date Payment Date USD

30th June, 2015 6th July, 2015 0.5410

106 NOMURA FUNDS IRELAND PLC

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) For the half year ended 30th June, 2015

14. Events since the half year end (continued)

Nomura Funds Ireland - Global Dynamic Bond Fund Class ID Euro Hedged Rate per Share Declaration Date Payment Date EUR

30th June, 2015 14th July, 2015 0.4287

Nomura Funds Ireland - Global Dynamic Bond Fund Class ID Sterling Hedged Rate per Share Declaration Date Payment Date GBP

30th June, 2015 14th July, 2015 0.4288

Nomura Funds Ireland - Global Dynamic Bond Fund Class RD Sterling Hedged Rate per Share Declaration Date Payment Date GBP

30th June, 2015 14th July, 2015 0.2119

Class I Sterling shares of the Nomura Funds Ireland - Global Frontier Emerging Market Equity Fund launched on 1st July, 2015. Class I Euro shares of the Nomura Funds Ireland - Emerging Market Local Currency Debt Fund launched on 13th July, 2015. Class ID US$ shares of the Nomura Funds Ireland - US High Yield Bond Fund launched on 20th July, 2015. Other than the above, there have been no other significant events since the half year end. 15. Comparative period

The comparative figures stated in the financial statements are those for the half year ended 30th June, 2014 for the Statement of Comprehensive Income, the Statement of Changes in Net Assets attributable to holders of Redeemable Participating Shares and the Statement of Cash Flows and for the year ended 31st December, 2014 for the Statement of Financial Position.

16. Approval of the financial statements

The Directors approved the financial statements on 26th August, 2015.

107 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND – GLOBAL EMERGING MARKET EQUITY FUND STATEMENT OF INVESTMENTS As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund

EQUITIES - 90.49% (31st December, 2014: 88.43%)

BRAZIL - 4.97% (31st December, 2014: 7.63%) Consumer Non-Cyclical - 2.86% (31st December, 2014: 5.26%) AMBEV SA 9,900 61,167 1.21% Cielo SA 6,000 83,323 1.65% 144,490 2.86% Financial - 2.11% (31st December, 2014: 2.37%) BB Seguridade Participacoes SA 9,600 106,921 2.11% 106,921 2.11% TOTAL BRAZIL 251,411 4.97%

CHILE - 1.35% (31st December, 2014: 0.00%) Communications - 1.35% (31st December, 2014: 0.00%) Empresa Nacional de Telecomunicaciones SA 6,183 68,225 1.35% 68,225 1.35% TOTAL CHILE 68,225 1.35%

CHINA - 23.24% (31st December, 2014: 19.72%) Communications - 4.52% (31st December, 2014: 4.11%) Baidu Inc - Sponsored ADR 700 141,757 2.80% China Telecom Corp Ltd 148,000 86,864 1.72% 228,621 4.52% Consumer Cyclical - 2.02% (31st December, 2014: 0.00%) Chongqing Changan Automobile Co Ltd 40,000 102,317 2.02% 102,317 2.02% Consumer Non-Cyclical - 3.24% (31st December, 2014: 4.61%) Hengan International Group Co Ltd 6,500 77,180 1.53% WuXi PharmaTech Cayman Inc - Sponsored ADR 2,050 86,571 1.71% 163,751 3.24% Energy - 1.12% (31st December, 2014: 0.00%) CNOOC Ltd - Sponsored ADR 400 56,724 1.12% 56,724 1.12% Financial - 7.40% (31st December, 2014: 4.28%) Bank of China Ltd 123,000 80,124 1.59% Industrial & Commercial Bank of China Ltd 243,000 192,774 3.81% Ping An Insurance Group Co of China Ltd 7,500 101,002 2.00% 373,900 7.40% Industrial - 4.94% (31st December, 2014: 6.72%) Anhui Conch Cement Co Ltd 22,500 78,944 1.56% Hollysys Automation Technologies Ltd 3,700 87,838 1.74% Sunny Optical Technology Group Co Ltd 38,000 82,741 1.64% 249,523 4.94% TOTAL CHINA 1,174,836 23.24%

108 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND – GLOBAL EMERGING MARKET EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund CYPRUS - 1.01% (31st December, 2014: 0.75%) Consumer Non-Cyclical - 1.01% (31st December, 2014: 0.00%) QIWI Plc - Sponsored ADR 1,800 50,940 1.01% 50,940 1.01% TOTAL CYPRUS 50,940 1.01%

EGYPT - 1.50% (31st December, 2014: 0.00%) Consumer Non-Cyclical - 1.50% (31st December, 2014: 0.00%) Edita Food Industries SAE 20,000 76,015 1.50% 76,015 1.50% TOTAL EGYPT 76,015 1.50%

GEORGIA - 1.72% (31st December, 2014: 1.86%) Financial - 1.72% (31st December, 2014: 1.86%) Bank of Georgia Holdings Plc 2,817 87,127 1.72% 87,127 1.72% TOTAL GEORGIA 87,127 1.72%

HONG KONG - 7.01% (31st December, 2014: 8.35%) Financial - 4.11% (31st December, 2014: 3.21%) China Overseas Land & Investment Ltd 26,000 92,062 1.82% Shanghai Industrial Holdings Ltd 12,000 40,710 0.80% Shimao Property Holdings Ltd 38,000 75,193 1.49% 207,965 4.11% Industrial - 1.58% (31st December, 2014: 0.00%) Lee & Man Paper Manufacturing Ltd 125,000 79,653 1.58% 79,653 1.58% Utilities - 1.32% (31st December, 2014: 2.12%) China Resources Power Holdings Co Ltd 24,000 66,561 1.32% 66,561 1.32% TOTAL HONG KONG 354,179 7.01%

INDIA - 6.78% (31st December, 2014: 6.15%) Energy - 1.17% (31st December, 2014: 1.50%) Reliance Industries Ltd - Sponsored GDR 144A 1,900 59,090 1.17% 59,090 1.17% Financial - 2.75% (31st December, 2014: 2.85%) ICICI Bank Ltd - Sponsored ADR 13,500 139,185 2.75% 139,185 2.75% Industrial - 1.28% (31st December, 2014: 1.15%) Larsen & Toubro Ltd - Sponsored GDR 2,476 64,871 1.28% 64,871 1.28%

109 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND – GLOBAL EMERGING MARKET EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund INDIA - 6.78% (31st December, 2014: 6.15%) (continued) Technology - 1.58% (31st December, 2014: 0.65%) Infosys Ltd - Sponsored ADR 5,000 79,550 1.58% 79,550 1.58% TOTAL INDIA 342,696 6.78%

INDONESIA - 2.18% (31st December, 2014: 2.40%) Consumer Cyclical - 0.86% (31st December, 2014: 1.06%) Matahari Department Store Tbk PT 35,000 43,446 0.86% 43,446 0.86% Financial - 1.32% (31st December, 2014: 1.34%) Bank Rakyat Indonesia Persero Tbk PT 86,200 66,917 1.32% 66,917 1.32% TOTAL INDONESIA 110,363 2.18%

JERSEY - 0.91% (31st December, 2014: 0.00%) Consumer Non-Cyclical - 0.91% (31st December, 2014: 0.00%) Integrated Diagnostics Holdings Plc 144A 7,834 46,103 0.91% 46,103 0.91% TOTAL JERSEY 46,103 0.91%

MEXICO - 3.34% (31st December, 2014: 2.37%) Consumer Cyclical - 1.82% (31st December, 2014: 1.59%) Wal-Mart de Mexico SAB de CV 37,900 92,222 1.82% 92,222 1.82% Financial - 1.52% (31st December, 2014: 0.78%) Credito Real SAB de CV SOFOM ER 33,400 76,791 1.52% 76,791 1.52% TOTAL MEXICO 169,013 3.34%

PERU - 1.74% (31st December, 2014: 3.21%) Financial - 1.74% (31st December, 2014: 3.21%) Credicorp Ltd 624 87,741 1.74% 87,741 1.74% TOTAL PERU 87,741 1.74%

PHILIPPINES - 1.82% (31st December, 2014: 3.20%) Financial - 1.82% (31st December, 2014: 3.20%) Ayala Corp 5,240 91,732 1.82% 91,732 1.82% TOTAL PHILIPPINES 91,732 1.82%

110 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND – GLOBAL EMERGING MARKET EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund RUSSIA - 6.40% (31st December, 2014: 4.10%) Basic Materials - 1.27% (31st December, 2014: 1.10%) MMC Norilsk Nickel PJSC - Sponsored ADR 3,800 64,258 1.27% 64,258 1.27% Communications - 1.28% (31st December, 2014: 0.00%) Yandex NV 4,300 64,887 1.28% 64,887 1.28% Consumer Non-Cyclical - 0.85% (31st December, 2014: 0.75%) Magnit PJSC 212 43,007 0.85% 43,007 0.85% Energy - 1.58% (31st December, 2014: 1.14%) Lukoil OAO - Sponsored ADR 1,813 79,772 1.58% 79,772 1.58% Financial - 1.42% (31st December, 2014: 1.11%) Sberbank of Russia - Sponsored ADR 3,803 19,699 0.39% Sberbank of Russia - Sponsored ADR Convertible 10,000 51,980 1.03% 71,679 1.42% TOTAL RUSSIA 323,603 6.40%

SOUTH AFRICA - 3.87% (31st December, 2014: 2.47%) Basic Materials - 0.79% (31st December, 2014: 0.00%) AngloGold Ashanti Ltd 4,500 40,155 0.79% 40,155 0.79% Communications - 2.15% (31st December, 2014: 1.34%) Naspers Ltd 700 108,867 2.15% 108,867 2.15% Consumer Non-Cyclical - 0.93% (31st December, 2014: 1.13%) Life Healthcare Group Holdings Ltd 15,000 46,769 0.93% 46,769 0.93% TOTAL SOUTH AFRICA 195,791 3.87%

SOUTH KOREA - 11.61% (31st December, 2014: 13.11%) Consumer Cyclical - 2.10% (31st December, 2014: 2.47%) Hyundai Mobis Co Ltd 561 106,286 2.10% 106,286 2.10% Financial - 2.24% (31st December, 2014: 2.32%) KB Financial Group Inc 3,430 113,109 2.24% 113,109 2.24% Technology - 7.27% (31st December, 2014: 8.32%) Samsung Electronics Co Ltd 180 203,971 4.04% SK Hynix Inc 4,322 163,382 3.23% 367,353 7.27% TOTAL SOUTH KOREA 586,748 11.61%

111 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND – GLOBAL EMERGING MARKET EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund TAIWAN - 6.38% (31st December, 2014: 7.94%) Financial - 1.07% (31st December, 2014: 2.22%) Yuanta Financial Holding Co Ltd 100,000 54,058 1.07% 54,058 1.07% Industrial - 1.62% (31st December, 2014: 0.00%) Delta Electronics Inc 16,000 81,831 1.62% 81,831 1.62% Technology - 3.69% (31st December, 2014: 5.72%) Taiwan Semiconductor Manufacturing Co Ltd 41,000 186,466 3.69% 186,466 3.69% TOTAL TAIWAN 322,355 6.38%

TURKEY - 1.36% (31st December, 2014: 1.54%) Financial - 1.36% (31st December, 2014: 1.54%) Turkiye Garanti Bankasi AS 22,051 68,943 1.36% 68,943 1.36% TOTAL TURKEY 68,943 1.36%

UNITED ARAB EMIRATES - 1.61% (31st December, 2014: 0.89%) Financial - 1.61% (31st December, 2014: 0.89%) Emaar Properties PJSC 37,901 81,314 1.61% 81,314 1.61% TOTAL UNITED ARAB EMIRATES 81,314 1.61%

UNITED STATES - 1.69% (31st December, 2014: 0.00%) Consumer Cyclical - 1.69% (31st December, 2014: 0.00%) Nexteer Automotive Group Ltd 82,000 85,360 1.69% 85,360 1.69% TOTAL UNITED STATES 85,360 1.69%

TOTAL EQUITIES 4,574,495 90.49%

PARTICIPATORY NOTES - 6.51% (31st December, 2014: 6.53%) UNITED KINGDOM - 6.51% (31st December, 2014: 6.53%) Energy - 1.66% (31st December, 2014: 0.00%) Coal India Ltd, 02/11/20 13,121 84,036 1.66% 84,036 1.66% Financial - 3.92% (31st December, 2014: 5.48%) HSBC Bank Plc, 20/03/17 2,850 74,470 1.47% Nomura Bank International Plc 07/10/16 20,000 60,957 1.21% Shriram Transport Finance Co Ltd, 21/11/23 4,600 62,750 1.24% 198,177 3.92%

112 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND – GLOBAL EMERGING MARKET EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED KINGDOM - 6.51% (31st December, 2014: 6.53%) (continued) Industrial - 0.93% (31st December, 2014: 1.05%) Jain Irrigation Systems Ltd, 16/05/16 47,000 47,182 0.93% 47,182 0.93% TOTAL UNITED KINGDOM 329,395 6.51%

TOTAL PARTICIPATORY NOTES 329,395 6.51%

Financials Assets designated at Fair Value through Profit or Loss 4,903,890 97.00%

Other assets and liabilities 151,537 3.00%

Net assets attributable to holders of redeemable participating shares 5,055,427 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

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NOMURA FUNDS IRELAND - INDIA EQUITY FUND STATEMENT OF INVESTMENTS As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund

EQUITIES - 94.56% (31st December, 2014: 96.36%) Basic Materials - 2.60% (31st December, 2014: 0.95%) Asian Paints Ltd 53,016 631,656 0.94% Castrol India Ltd 164,025 1,119,577 1.66% 1,751,233 2.60% Consumer Cyclical - 9.13% (31st December, 2014: 11.21%) Hero MotoCorp Ltd 39,686 1,569,748 2.33% Jubilant Foodworks Ltd 24,211 705,396 1.04% Maruti Suzuki India Ltd 51,628 3,259,966 4.84% Tata Motors Ltd 91,131 621,240 0.92% 6,156,350 9.13% Consumer Non-Cyclical - 10.72% (31st December, 2014: 9.48%) Gujarat Pipavav Port Ltd 586,694 2,006,204 2.98% Hindustan Unilever Ltd 95,662 1,375,830 2.04% Lupin Ltd 67,726 2,000,260 2.97% Sun Pharmaceutical Industries Ltd 133,745 1,840,299 2.73% 7,222,593 10.72% Energy - 4.27% (31st December, 2014: 3.67%) Bharat Petroleum Corp Ltd 105,735 1,459,376 2.16% Reliance Industries Ltd 90,572 1,422,210 2.11% 2,881,586 4.27% Financial - 35.07% (31st December, 2014: 40.54%) Axis Bank Ltd 461,311 4,046,060 6.00% HDFC Bank Ltd 400,000 6,701,634 9.94% Housing Development Finance Corp Ltd 189,271 3,861,562 5.73% Indiabulls Housing Finance Ltd 287,252 2,808,844 4.17% Prestige Estates Projects Ltd 322,250 1,253,385 1.86% Shriram Transport Finance Co Ltd 91,853 1,228,864 1.82% Yes Bank Ltd 281,479 3,737,698 5.55% 23,638,047 35.07% Industrial - 18.31% (31st December, 2014: 14.98%) ACC Ltd 44,944 1,023,633 1.52% Cummins India Ltd 50,425 705,408 1.05% Eveready Industries India Ltd 504,218 2,592,011 3.85% Larsen & Toubro Ltd 116,220 3,257,506 4.83% Sadbhav Engineering Ltd 524,452 2,390,606 3.55% Shree Cement Ltd 7,921 1,416,859 2.10% The Ramco Cements Ltd 177,851 953,128 1.41% 12,339,151 18.31% Technology - 14.46% (31st December, 2014: 15.53%) HCL Technologies Ltd 103,640 1,498,880 2.22% Infosys Ltd 242,166 3,758,846 5.58% Tata Consultancy Services Ltd 86,770 3,484,695 5.17% Tech Mahindra Ltd 133,784 1,002,429 1.49% 9,744,850 14.46%

TOTAL EQUITIES 63,733,810 94.56%

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Fair Value % of USD Sub-Fund

Financials Assets designated at Fair Value through Profit or Loss 63,733,810 94.56%

Other assets and liabilities 3,668,453 5.44%

Net assets attributable to holders of redeemable participating shares 67,402,263 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund

EQUITIES - 94.73% (31st December, 2014: 96.49%)

AUSTRALIA - 2.06% (31st December, 2014: 1.92%) Basic Materials - 0.50% (31st December, 2014: 0.36%) BHP Billiton Ltd 3,328 69,452 0.25% BHP Billiton Plc 2,181 43,765 0.16% Fortescue Metals Group Ltd 1,851 2,728 0.01% Incitec Pivot Ltd 1,166 3,463 0.01% Newcrest Mining Ltd 581 5,836 0.02% Orica Ltd 308 5,057 0.02% South32 Ltd 6,149 8,492 0.03% 138,793 0.50% Communications - 0.15% (31st December, 2014: 0.16%) Telstra Corp Ltd 8,604 40,757 0.15% 40,757 0.15% Consumer Cyclical - 0.03% (31st December, 2014: 0.06%) Crown Ltd 380 3,577 0.01% Qantas Airways Ltd 2,504 6,104 0.02% 9,681 0.03% Consumer Non-Cyclical - 0.25% (31st December, 2014: 0.25%) Brambles Ltd 633 5,177 0.02% Coca-Cola Amatil Ltd 606 4,278 0.01% CSL Ltd 83 5,537 0.02% Transurban Group 637 4,570 0.02% Wesfarmers Ltd 946 28,486 0.10% Woolworths Ltd 1,101 22,900 0.08% 70,948 0.25% Energy - 0.09% (31st December, 2014: 0.08%) Caltex Australia Ltd 238 5,848 0.02% Santos Ltd 881 5,322 0.02% Woodside Petroleum Ltd 490 12,940 0.05% 24,110 0.09% Financial - 0.90% (31st December, 2014: 0.86%) AMP Ltd 1,655 7,686 0.03% ASX Ltd 108 3,325 0.01% Australia & New Zealand Banking Group Ltd 1,550 38,506 0.14% Commonwealth Bank of Australia 806 52,936 0.19% Insurance Australia Group Ltd 1,225 5,274 0.02% Lend Lease Group 369 4,279 0.02% Macquarie Group Ltd 173 10,864 0.04% National Australia Bank Ltd 1,674 43,020 0.15% QBE Insurance Group Ltd 1,044 11,010 0.04% Suncorp Group Ltd 964 9,988 0.04% Westfield Corp 1,499 10,547 0.04% Westpac Banking Corp 2,060 51,096 0.18% 248,531 0.90% Industrial - 0.09% (31st December, 2014: 0.12%) Amcor Ltd/Australia 596 6,309 0.02% Aurizon Holdings Ltd 992 3,926 0.02% CIMIC Group Ltd 379 6,360 0.02%

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Fair Value % of Security Description Holding USD Sub-Fund AUSTRALIA - 2.06% (31st December, 2014: 1.92%) (continued) Industrial - 0.09% (31st December, 2014: 0.12%) (continued) Sydney Airport 1,125 4,322 0.02% WorleyParsons Ltd 447 3,590 0.01% 24,507 0.09% Utilities - 0.05% (31st December, 2014: 0.03%) AGL Energy Ltd 411 4,931 0.02% Origin Energy Ltd 952 8,791 0.03% 13,722 0.05% TOTAL AUSTRALIA 571,049 2.06%

AUSTRIA - 0.17% (31st December, 2014: 0.19%) Basic Materials - 0.03% (31st December, 2014: 0.03%) Voestalpine AG 190 8,029 0.03% 8,029 0.03% Energy - 0.08% (31st December, 2014: 0.06%) OMV AG 784 21,693 0.08% 21,693 0.08% Financial - 0.06% (31st December, 2014: 0.08%) Erste Group Bank AG 375 10,854 0.04% Immoeast AG* 2,694 0 0.00% Raiffeisen Bank International AG 527 7,716 0.02% 18,570 0.06% TOTAL AUSTRIA 48,292 0.17%

BELGIUM - 0.50% (31st December, 2014: 0.62%) Basic Materials - 0.05% (31st December, 2014: 0.05%) Solvay SA 67 9,341 0.03% Umicore SA 102 4,911 0.02% 14,252 0.05% Communications - 0.04% (31st December, 2014: 0.08%) Belgacom SA 344 12,294 0.04% 12,294 0.04% Consumer Non-Cyclical - 0.29% (31st December, 2014: 0.35%) Anheuser-Busch InBev NV 494 60,251 0.22% Colruyt SA 101 4,580 0.02% Delhaize Group SA 118 9,998 0.03% UCB SA 63 4,583 0.02% 79,412 0.29% Financial - 0.12% (31st December, 2014: 0.14%) Ageas 224 8,731 0.03% Groupe Bruxelles Lambert SA 121 9,846 0.04% KBC Groep NV 204 13,780 0.05% 32,357 0.12% TOTAL BELGIUM 138,315 0.50%

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Fair Value % of Security Description Holding USD Sub-Fund BERMUDA - 0.12% (31st December, 2014: 0.13%) Energy - 0.04% (31st December, 2014: 0.02%) Nabors Industries Ltd 400 5,892 0.02% Seadrill Ltd 471 4,928 0.02% 10,820 0.04% Financial - 0.08% (31st December, 2014: 0.11%) Arch Capital Group Ltd 100 6,681 0.02% Axis Capital Holdings Ltd 100 5,329 0.02% Everest Re Group Ltd 30 5,444 0.02% PartnerRe Ltd 45 5,779 0.02% 23,233 0.08% TOTAL BERMUDA 34,053 0.12%

BRAZIL - 2.27% (31st December, 2014: 2.25%) Basic Materials - 0.46% (31st December, 2014: 0.52%) Braskem SA PFD 1,500 6,536 0.02% Cia Siderurgica Nacional SA 3,800 6,466 0.02% Fibria Celulose SA 307 4,183 0.02% Gerdau SA PFD 2,900 7,176 0.03% Ultrapar Participacoes SA 400 8,518 0.03% Usinas Siderurgicas de Minas Gerais SA PFD 3,700 5,135 0.02% Vale SA 6,600 40,074 0.15% Vale SA Class PFD 9,300 48,074 0.17% 126,162 0.46% Communications - 0.13% (31st December, 2014: 0.13%) Oi SA PFD 1,879 3,629 0.01% Telefonica Brasil SA PFD 1,775 24,644 0.09% Tim Participacoes SA 2,442 7,947 0.03% 36,220 0.13% Consumer Non-Cyclical - 0.29% (31st December, 2014: 0.29%) AMBEV SA 5,300 32,746 0.12% BRF-Brasil Foods SA 400 8,457 0.03% CCR SA 1,100 5,423 0.02% Cia Brasileira de Distribuicao PFD 300 7,327 0.03% Cielo SA 573 7,957 0.03% JBS SA 1,800 9,369 0.03% Natura Cosmeticos SA 400 3,560 0.01% Souza Cruz SA 800 6,314 0.02% 81,153 0.29% Diversified - 0.10% (31st December, 2014: 0.11%) Itausa-Investimentos Itau SA PFD 9,088 26,253 0.10% 26,253 0.10% Energy - 0.50% (31st December, 2014: 0.47%) Cosan SA Industria e Comercio 600 4,932 0.02% Petroleo Brasileiro SA 13,000 59,673 0.21% Petroleo Brasileiro SA PFD 17,800 73,932 0.27% 138,537 0.50% Financial - 0.56% (31st December, 2014: 0.54%) Banco Bradesco SA PFD 4,765 43,976 0.16%

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Fair Value % of Security Description Holding USD Sub-Fund BRAZIL - 2.27% (31st December, 2014: 2.25%) (continued) Financial - 0.56% (31st December, 2014: 0.54%) (continued) Banco do Brasil SA 6,300 48,707 0.18% BB Seguridade Participacoes SA 400 4,455 0.02% BM&FBovespa SA 1,900 7,105 0.02% Itau Unibanco Holding SA PFD 4,598 51,062 0.18% 155,305 0.56% Industrial - 0.01% (31st December, 2014: 0.02%) Embraer SA 500 3,783 0.01% 3,783 0.01% Utilities - 0.22% (31st December, 2014: 0.17%) AES Tiete SA PFD 800 4,508 0.02% Centrais Eletricas Brasileiras SA PFD 8,400 23,613 0.08% Cia de Saneamento Basico do Estado de Sao Paulo 900 4,699 0.02% Cia Energetica de Minas Gerais PFD 1,511 5,728 0.02% Cia Energetica de Sao Paulo PFD 600 3,816 0.01% Cia Paranaense de Energia PFD 400 4,408 0.02% CPFL Energia SA 1,344 8,291 0.03% Tractebel Energia SA 600 6,648 0.02% 61,711 0.22% TOTAL BRAZIL 629,124 2.27%

CANADA - 2.81% (31st December, 2014: 2.72%) Basic Materials - 0.25% (31st December, 2014: 0.17%) Agrium Inc 100 10,288 0.04% Barrick Gold Corp 1,300 13,884 0.05% Cameco Corp 300 4,242 0.02% First Quantum Minerals Ltd 300 4,018 0.01% Goldcorp Inc 700 11,323 0.04% Kinross Gold Corp 1,300 2,909 0.01% Potash Corp of Saskatchewan Inc 400 12,432 0.04% Teck Resources Ltd 800 8,106 0.03% Yamana Gold Inc 600 1,772 0.01% 68,974 0.25% Communications - 0.27% (31st December, 2014: 0.23%) BCE Inc 634 27,058 0.10% Rogers Communications Inc 400 14,087 0.05% Shaw Communications Inc 300 6,528 0.02% TELUS Corp 800 27,370 0.10% 75,043 0.27% Consumer Cyclical - 0.11% (31st December, 2014: 0.14%) Alimentation Couche Tard Inc 200 8,577 0.03% Canadian Tire Corp Ltd 100 10,716 0.04% Magna International Inc 200 11,227 0.04% 30,520 0.11% Consumer Non-Cyclical - 0.17% (31st December, 2014: 0.17%) Empire Co Ltd 100 7,012 0.02% George Weston Ltd 200 15,927 0.06% Loblaw Cos Ltd 277 14,114 0.05% Metro Inc 200 5,374 0.02%

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Fair Value % of Security Description Holding USD Sub-Fund CANADA - 2.81% (31st December, 2014: 2.72%) (continued) Consumer Non-Cyclical - 0.17% (31st December, 2014: 0.17%) (continued) Saputo Inc 200 4,864 0.02% 47,291 0.17% Energy - 0.63% (31st December, 2014: 0.58%) ARC Resources Ltd 300 5,111 0.02% Canadian Natural Resources Ltd 700 18,985 0.07% Canadian Oil Sands Ltd 800 6,516 0.02% Cenovus Energy Inc 700 11,262 0.04% Crescent Point Energy Corp 200 4,137 0.02% Enbridge Inc 300 14,042 0.05% Encana Corp 1,100 12,093 0.04% Enerplus Corp 400 3,470 0.01% Husky Energy Inc 1,100 21,255 0.08% Imperial Oil Ltd 500 19,444 0.07% Pembina Pipeline Corp 200 6,545 0.02% Suncor Energy Inc 1,124 30,919 0.11% TransCanada Corp 500 20,498 0.08% 174,277 0.63% Financial - 1.15% (31st December, 2014: 1.22%) Bank of Montreal 500 29,818 0.11% Bank of Nova Scotia 800 41,560 0.15% Brookfield Asset Management Inc 400 14,007 0.05% Canadian Imperial Bank of Commerce/Canada 300 22,246 0.08% Fairfax Financial Holdings Ltd 13 6,547 0.02% Great-West Lifeco Inc 700 20,506 0.07% IGM Financial Inc 200 6,459 0.02% Intact Financial Corp 100 6,990 0.03% Manulife Financial Corp 1,100 20,547 0.07% National Bank of Canada 200 7,552 0.03% Onex Corp 200 11,072 0.04% Power Corp of Canada 500 12,861 0.05% Power Financial Corp 600 17,292 0.06% Royal Bank of Canada 800 49,202 0.18% Sun Life Financial Inc 400 13,463 0.05% Toronto-Dominion Bank/The 900 38,454 0.14% 318,576 1.15% Industrial - 0.11% (31st December, 2014: 0.12%) Bombardier Inc 2,500 4,708 0.02% Canadian National Railway Co 300 17,338 0.06% Canadian Pacific Railway Ltd 37 5,929 0.02% SNC-Lavalin Group Inc 100 3,384 0.01% 31,359 0.11% Technology - 0.05% (31st December, 2014: 0.05%) BlackBerry Ltd 1,100 9,047 0.03% CGI Group Inc 100 3,943 0.02% 12,990 0.05% Utilities - 0.07% (31st December, 2014: 0.04%) Atco Ltd/Canada 200 6,273 0.03% Canadian Utilities Ltd 200 5,675 0.02%

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Fair Value % of Security Description Holding USD Sub-Fund CANADA - 2.81% (31st December, 2014: 2.72%) (continued) Utilities - 0.07% (31st December, 2014: 0.04%) (continued) Fortis Inc/Canada 200 5,605 0.02% 17,553 0.07% TOTAL CANADA 776,583 2.81%

CHILE - 0.29% (31st December, 2014: 0.23%) Basic Materials - 0.02% (31st December, 2014: 0.02%) Empresas CMPC SA 1,727 4,649 0.01% Sociedad Quimica y Minera de Chile SA PFD 135 2,135 0.01% 6,784 0.02% Communications - 0.01% (31st December, 2014: 0.01%) ENTEL Chile SA 327 3,608 0.01% 3,608 0.01% Consumer Cyclical - 0.04% (31st December, 2014: 0.03%) Latam Airlines Group SA 460 3,218 0.01% SACI Falabella 976 6,874 0.03% 10,092 0.04% Consumer Non-Cyclical - 0.02% (31st December, 2014: 0.01%) Cencosud SA 2,152 5,086 0.02% 5,086 0.02% Diversified - 0.03% (31st December, 2014: 0.03%) Empresas COPEC SA 918 9,598 0.03% 9,598 0.03% Financial - 0.08% (31st December, 2014: 0.05%) Banco de Chile - Sponsored ADR 116 7,517 0.03% Banco de Credito e Inversiones 108 4,733 0.02% Banco Santander Chile - Sponsored ADR 419 8,443 0.03% 20,693 0.08% Utilities - 0.09% (31st December, 2014: 0.08%) Empresa Nacional de Electricidad SA/Chile - Sponsored ADR 200 8,194 0.03% Enersis SA - Sponsored ADR 1,100 17,171 0.06% 25,365 0.09% TOTAL CHILE 81,226 0.29%

CHINA - 6.81% (31st December, 2014: 7.63%) Basic Materials - 0.10% (31st December, 2014: 0.10%) Aluminum Corp of China Ltd 12,000 6,068 0.02% Fosun International Ltd 2,000 4,700 0.02% Jiangxi Copper Co Ltd 4,000 6,708 0.02% Sinopec Shanghai Petrochemical Co Ltd 10,000 5,431 0.02% Zijin Mining Group Co Ltd 14,000 4,930 0.02% 27,837 0.10% Communications - 0.21% (31st December, 2014: 0.30%) China Communications Services Corp Ltd 8,000 4,014 0.01% China Telecom Corp Ltd 68,000 39,911 0.14% Tencent Holdings Ltd 500 9,984 0.04%

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Fair Value % of Security Description Holding USD Sub-Fund CHINA - 6.81% (31st December, 2014: 7.63%) (continued) Communications - 0.21% (31st December, 2014: 0.30%) (continued) ZTE Corp 1,600 4,062 0.02% 57,971 0.21% Consumer Cyclical - 0.20% (31st December, 2014: 0.18%) Air China Ltd 8,000 9,060 0.03% Byd Co Ltd 1,000 5,998 0.02% China Southern Airlines Co Ltd 8,000 9,442 0.03% Dongfeng Motor Group Co Ltd 8,000 10,711 0.04% Great Wall Motor Co Ltd 1,000 4,902 0.02% Guangzhou Automobile Group Co Ltd 4,000 3,705 0.01% Shanghai Pharmaceuticals Holding Co Ltd 1,100 3,065 0.01% Sun Art Retail Group Ltd 5,000 4,515 0.02% Weichai Power Co Ltd 1,600 5,356 0.02% 56,754 0.20% Consumer Non-Cyclical - 0.08% (31st December, 2014: 0.06%) Jiangsu Expressway Co Ltd 4,000 5,263 0.02% Sinopharm Group Co Ltd 1,200 5,325 0.02% Tingyi Cayman Islands Holding Corp 4,000 8,204 0.03% Want Want China Holdings Ltd 4,000 4,231 0.01% 23,023 0.08% Energy - 2.02% (31st December, 2014: 1.89%) China Coal Energy Co Ltd 17,000 10,153 0.04% China Longyuan Power Group Corp Ltd 4,000 4,448 0.02% China Oilfield Services Ltd 4,000 6,377 0.02% China Petroleum & Chemical Corp 205,600 177,160 0.64% China Shenhua Energy Co Ltd 18,500 42,191 0.15% CNOOC Ltd 40,000 56,860 0.21% Inner Mongolia Yitai Coal Co Ltd 2,200 3,144 0.01% PetroChina Co Ltd 226,000 251,586 0.91% Yanzhou Coal Mining Co Ltd 8,000 6,285 0.02% 558,204 2.02% Financial - 3.74% (31st December, 2014: 4.44%) Agricultural Bank of China Ltd 297,000 160,523 0.58% Bank of China Ltd 237,400 154,646 0.56% Bank of Communications Co Ltd 43,425 45,260 0.16% China Cinda Asset Management Co Ltd 11,000 6,130 0.02% China Citic Bank Corp Ltd 30,000 23,915 0.09% China Construction Bank Corp 205,000 187,485 0.68% China Everbright Bank Co Ltd 22,000 13,139 0.05% China Life Insurance Co Ltd 8,000 34,673 0.13% China Merchants Bank Co Ltd 9,910 29,018 0.10% China Minsheng Banking Corp Ltd 18,400 24,114 0.09% China Pacific Insurance Group Co Ltd 2,600 12,510 0.04% China Vanke Co Ltd 3,700 9,106 0.03% Chongqing Rural Commercial Bank Co Ltd 5,000 4,031 0.01% CITIC Securities Co Ltd 2,000 7,224 0.03% Country Garden Holdings Co Ltd 11,000 4,824 0.02% Dalian Wanda Commercial Properties Co Ltd 144A 1,400 11,242 0.04% Evergrande Real Estate Group Ltd 10,000 5,946 0.02% Guangzhou R&F Properties Co Ltd 4,000 4,902 0.02% Haitong Securities Co Ltd 1,200 3,158 0.01%

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Fair Value % of Security Description Holding USD Sub-Fund

CHINA - 6.81% (31st December, 2014: 7.63%) (continued) Financial - 3.74% (31st December, 2014: 4.44%) (continued) Industrial & Commercial Bank of China Ltd 287,540 228,108 0.82% Longfor Properties Co Ltd 3,000 4,768 0.02% New China Life Insurance Co Ltd 1,200 7,175 0.03% People's Insurance Co Group of China Ltd 18,000 11,516 0.04% PICC Property & Casualty Co Ltd 6,000 13,653 0.05% Ping An Insurance Group Co of China Ltd 2,000 26,934 0.10% 1,034,000 3.74% Industrial - 0.29% (31st December, 2014: 0.54%) Anhui Conch Cement Co Ltd 2,000 7,017 0.03% China Communications Construction Co Ltd 10,000 14,912 0.05% China COSCO Holdings Co Ltd 6,500 4,209 0.02% China International Marine Containers Group Co Ltd 1,400 3,587 0.01% China National Building Material Co Ltd 6,000 5,665 0.02% China Railway Construction Corp Ltd 11,500 17,682 0.06% China Railway Group Ltd 15,000 16,273 0.06% CSR Corp Ltd 4,000 6,140 0.02% Shanghai Electric Group Co Ltd 6,000 4,876 0.02% 80,361 0.29% Technology - 0.03% (31st December, 2014: 0.04%) Lenovo Group Ltd 6,000 8,312 0.03% 8,312 0.03% Utilities - 0.14% (31st December, 2014: 0.08%) CGN Power Co Ltd 144A 16,000 8,400 0.03% Datang International Power Generation Co Ltd 14,000 7,169 0.03% Huadian Power International Corp Ltd 8,000 8,926 0.03% Huaneng Power International Inc 10,000 13,906 0.05% 38,401 0.14% TOTAL CHINA 1,884,863 6.81%

COLOMBIA - 0.22% (31st December, 2014: 0.18%) Energy - 0.16% (31st December, 2014: 0.12%) Ecopetrol SA - Sponsored ADR 3,300 43,560 0.16% 43,560 0.16% Financial - 0.05% (31st December, 2014: 0.05%) Bancolombia SA - Sponsored ADR 200 8,516 0.03% Grupo Aval Acciones y Valores SA PFD 11,888 5,817 0.02% 14,333 0.05% Industrial - 0.01% (31st December, 2014: 0.01%) Grupo Argos SA/Colombia 597 3,957 0.01% 3,957 0.01% TOTAL COLOMBIA 61,850 0.22%

CZECH REPUBLIC - 0.09% (31st December, 2014: 0.09%) Financial - 0.02% (31st December, 2014: 0.02%) Komercni Banka AS 26 5,772 0.02% 5,772 0.02%

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Fair Value % of Security Description Holding USD Sub-Fund CZECH REPUBLIC - 0.09% (31st December, 2014: 0.09%) (continued) Utilities - 0.07% (31st December, 2014: 0.07%) CEZ AS 809 18,681 0.07% 18,681 0.07% TOTAL CZECH REPUBLIC 24,453 0.09%

DENMARK - 0.34% (31st December, 2014: 0.34%) Communications - 0.03% (31st December, 2014: 0.03%) TDC A/S 1,071 7,908 0.03% 7,908 0.03% Consumer Non-Cyclical - 0.11% (31st December, 2014: 0.09%) Carlsberg A/S 99 9,059 0.03% ISS A/S 158 5,249 0.02% Novo Nordisk A/S 313 17,142 0.06% 31,450 0.11% Energy - 0.02% (31st December, 2014: 0.01%) Vestas Wind Systems A/S 83 4,176 0.02% 4,176 0.02% Financial - 0.05% (31st December, 2014: 0.08%) Danske Bank A/S 472 14,011 0.05% 14,011 0.05% Industrial - 0.13% (31st December, 2014: 0.13%) AP Moller-Maersk A/S 20 36,662 0.13% 36,662 0.13% TOTAL DENMARK 94,207 0.34%

FINLAND - 0.34% (31st December, 2014: 0.41%) Basic Materials - 0.07% (31st December, 2014: 0.09%) Stora Enso OYJ 804 8,394 0.03% UPM-Kymmene OYJ 544 9,760 0.04% 18,154 0.07% Communications - 0.08% (31st December, 2014: 0.11%) Nokia OYJ 3,331 22,949 0.08% 22,949 0.08% Energy - 0.02% (31st December, 2014: 0.04%) Neste Oil OYJ 264 6,760 0.02% 6,760 0.02% Financial - 0.05% (31st December, 2014: 0.04%) Sampo OYJ 278 13,213 0.05% 13,213 0.05% Industrial - 0.06% (31st December, 2014: 0.06%) Kone OYJ 183 7,497 0.03% Metso OYJ 160 4,416 0.01% Wartsila OYJ Abp 97 4,581 0.02% 16,494 0.06%

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Fair Value % of Security Description Holding USD Sub-Fund FINLAND - 0.34% (31st December, 2014: 0.41%) (continued) Utilities - 0.06% (31st December, 2014: 0.07%) Fortum OYJ 889 16,010 0.06% 16,010 0.06% TOTAL FINLAND 93,580 0.34%

FRANCE - 4.83% (31st December, 2014: 5.07%) Basic Materials - 0.08% (31st December, 2014: 0.08%) Air Liquide SA 146 18,823 0.07% Arkema SA 52 3,781 0.01% 22,604 0.08% Communications - 0.49% (31st December, 2014: 0.58%) Alcatel-Lucent/France 1,301 4,820 0.02% Eutelsat Communications SA 105 3,465 0.01% France Telecom SA 4,607 72,112 0.26% Lagardere SCA 252 7,492 0.03% Numericable-SFR SAS 110 5,912 0.02% Publicis Groupe SA 82 6,143 0.02% Vivendi SA 1,400 35,863 0.13% 135,807 0.49% Consumer Cyclical - 0.58% (31st December, 2014: 0.54%) Accor SA 104 5,342 0.02% Christian Dior SA 90 17,889 0.06% Cie Generale des Etablissements Michelin 124 13,197 0.05% Hermes International 20 7,564 0.03% Kering 76 13,827 0.05% LVMH Moet Hennessy Louis Vuitton SE 193 34,465 0.12% Peugeot SA 1,072 22,481 0.08% Renault SA 259 27,361 0.10% Rexel SA 351 5,758 0.02% Sodexo SA 85 8,231 0.03% Valeo SA 36 5,724 0.02% 161,839 0.58% Consumer Non-Cyclical - 0.67% (31st December, 2014: 0.70%) Carrefour SA 962 31,341 0.11% Casino Guichard Perrachon SA 218 16,782 0.06% Danone SA 293 19,256 0.07% Essilor International SA 45 5,448 0.02% L'Oreal SA 162 29,229 0.11% Pernod-Ricard SA 92 10,762 0.04% Sanofi 726 72,964 0.26% 185,782 0.67% Diversified - 0.04% (31st December, 2014: 0.04%) Bollore SA 1,138 6,164 0.02% Wendel SA 36 4,492 0.02% 10,656 0.04%

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Fair Value % of Security Description Holding USD Sub-Fund FRANCE - 4.83% (31st December, 2014: 5.07%) (continued) Energy - 0.55% (31st December, 2014: 0.59%) Technip SA 81 5,092 0.02% Total SA 2,989 147,467 0.53% 152,559 0.55% Financial - 1.01% (31st December, 2014: 1.07%) AXA SA 2,698 69,022 0.25% BNP Paribas SA 1,314 81,105 0.29% CNP Assurances 1,263 21,385 0.08% Credit Agricole SA 2,234 33,840 0.12% Eurazeo 52 3,481 0.01% Natixis SA 2,102 15,368 0.06% SCOR SE 179 6,406 0.02% Societe Generale SA 1,042 49,550 0.18% 280,157 1.01% Industrial - 0.67% (31st December, 2014: 0.67%) Aeroports de Paris 40 4,607 0.02% Airbus Group NV 364 24,048 0.09% Alstom SA 329 9,474 0.03% Bouygues SA 527 20,108 0.07% Cie de St-Gobain 572 26,196 0.09% Imerys SA 45 3,477 0.01% Lafarge SA 236 15,819 0.06% Legrand SA 99 5,669 0.02% Safran SA 158 10,894 0.04% Schneider Electric SE 302 21,297 0.08% Thales SA 124 7,594 0.03% Vallourec SA 215 4,465 0.02% Vinci SA 523 30,838 0.11% 184,486 0.67% Technology - 0.04% (31st December, 2014: 0.05%) AtoS 50 3,796 0.02% Cap Gemini SA 71 6,383 0.02% 10,179 0.04% Utilities - 0.70% (31st December, 2014: 0.75%) Electricite de France SA 2,936 66,365 0.24% GDF Suez 5,000 94,364 0.34% Suez Environnement Co 670 12,784 0.05% Veolia Environnement SA 943 19,659 0.07% 193,172 0.70% TOTAL FRANCE 1,337,241 4.83% GERMANY - 3.91% (31st December, 2014: 3.96%) Basic Materials - 0.43% (31st December, 2014: 0.32%) BASF SE 642 57,239 0.21% Brenntag AG 71 4,139 0.01% Evonik Industries AG 341 13,103 0.05% K+S AG 147 6,237 0.02% Lanxess AG 76 4,541 0.02% Linde AG 87 16,693 0.06% ThyssenKrupp AG 593 15,763 0.06% 117,715 0.43%

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Fair Value % of Security Description Holding USD Sub-Fund

GERMANY - 3.91% (31st December, 2014: 3.96%) (continued) Communications - 0.41% (31st December, 2014: 0.42%) Axel Springer SE 66 3,518 0.01% Deutsche Telekom AG 4,991 87,334 0.32% ProSiebenSat1 Media AG 145 7,248 0.03% Telefonica Deutschland Holding AG 2,429 14,213 0.05% 112,313 0.41% Consumer Cyclical - 1.07% (31st December, 2014: 1.05%) Adidas AG 110 8,520 0.03% Bayerische Motoren Werke AG 473 52,415 0.19% Continental AG 75 17,857 0.07% Daimler AG 690 63,811 0.23% Deutsche Lufthansa AG 1,126 14,719 0.05% Porsche Automobil Holding SE PFD 165 14,152 0.05% TUI AG 412 6,729 0.02% Volkswagen AG PFD 505 118,795 0.43% 296,998 1.07% Consumer Non-Cyclical - 0.41% (31st December, 2014: 0.42%) Bayer AG 267 38,033 0.14% Beiersdorf AG 61 5,129 0.02% Fresenius Medical Care AG & Co KGaA 107 8,943 0.03% Fresenius SE & Co KGaA 240 15,592 0.05% Henkel AG & Co KGaA PFD 118 13,346 0.05% Merck KGaA 106 10,650 0.04% Metro AG 690 22,088 0.08% 113,781 0.41% Diversified - 0.01% (31st December, 2014: 0.01%) GEA Group AG 77 3,474 0.01% 3,474 0.01% Financial - 0.67% (31st December, 2014: 0.74%) Allianz SE 428 67,713 0.25% Commerzbank AG 1,496 19,522 0.07% Deutsche Bank AG 1,368 41,705 0.15% Deutsche Boerse AG 89 7,470 0.03% Hannover Rueckversicherung SE 93 9,125 0.03% Muenchener Rueckversicherungs AG 220 39,447 0.14% 184,982 0.67% Industrial - 0.39% (31st December, 2014: 0.48%) Deutsche Post AG 885 26,221 0.10% Fraport AG Frankfurt Airport Services Worldwide 59 3,766 0.01% HeidelbergCement AG 129 10,401 0.04% MAN SE 86 8,926 0.03% Siemens AG 580 59,385 0.21% 108,699 0.39% Technology - 0.10% (31st December, 2014: 0.09%) Infineon Technologies AG 330 4,156 0.02% SAP SE 326 22,997 0.08% 27,153 0.10%

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Fair Value % of Security Description Holding USD Sub-Fund

GERMANY - 3.91% (31st December, 2014: 3.96%) (continued) Utilities - 0.42% (31st December, 2014: 0.43%) E.ON SE 5,479 73,834 0.27% RWE AG 1,978 43,057 0.15% 116,891 0.42% TOTAL GERMANY 1,082,006 3.91%

GREECE - 0.07% (31st December, 2014: 0.06%) Communications - 0.02% (31st December, 2014: 0.02%) Hellenic Telecommunications Organization SA 619 5,695 0.02% 5,695 0.02% Consumer Cyclical - 0.02% (31st December, 2014: 0.01%) OPAP SA 685 6,003 0.02% 6,003 0.02% Financial - 0.01% (31st December, 2014: 0.02%) Alpha Bank AE 8,053 2,909 0.01% Piraeus Bank SA 3,193 1,433 0.00% 4,342 0.01% Utilities - 0.02% (31st December, 2014: 0.01%) Public Power Corp SA 824 4,355 0.02% 4,355 0.02% TOTAL GREECE 20,395 0.07%

HONG KONG - 2.34% (31st December, 2014: 2.34%) Basic Materials - 0.10% (31st December, 2014: 0.03%) Citic Ltd 16,000 28,771 0.10% 28,771 0.10% Communications - 0.73% (31st December, 2014: 0.97%) China Mobile Ltd 12,500 160,274 0.58% China Unicom Hong Kong Ltd 22,000 34,565 0.13% HKT Trust & HKT Ltd 5,000 5,869 0.02% 200,708 0.73% Consumer Cyclical - 0.17% (31st December, 2014: 0.13%) Belle International Holdings Ltd 4,000 4,592 0.02% Cathay Pacific Airways Ltd 4,000 9,834 0.03% China Resources Enterprise Ltd 4,000 12,925 0.05% Galaxy Entertainment Group Ltd 1,000 3,979 0.01% Li & Fung Ltd 8,000 6,347 0.02% SJM Holdings Ltd 4,000 4,319 0.02% Yue Yuen Industrial Holdings Ltd 1,500 5,002 0.02% 46,998 0.17% Consumer Non-Cyclical - 0.02% (31st December, 2014: 0.00%) WH Group Ltd 144A 8,000 5,459 0.02% 5,459 0.02% Diversified - 0.24% (31st December, 2014: 0.33%) China Merchants Holdings International Co Ltd 2,000 8,591 0.03%

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Fair Value % of Security Description Holding USD Sub-Fund

HONG KONG - 2.34% (31st December, 2014: 2.34%) (continued) Diversified - 0.24% (31st December, 2014: 0.33%) (continued) Noble Group Ltd 28,818 16,275 0.06% Swire Pacific Ltd 1,500 18,875 0.07% Wharf Holdings Ltd 3,400 22,630 0.08% 66,371 0.24% Energy - 0.01% (31st December, 2014: 0.01%) Kunlun Energy Co Ltd 4,000 4,071 0.01% 4,071 0.01% Financial - 0.82% (31st December, 2014: 0.66%) AIA Group Ltd 2,400 15,649 0.06% Bank of East Asia Ltd 1,060 4,642 0.02% BOC Hong Kong Holdings Ltd 5,000 20,897 0.07% Cheung Kong Property Holdings Ltd 1,236 10,220 0.04% China Overseas Land & Investment Ltd 4,000 14,163 0.05% China Resources Land Ltd 2,000 6,488 0.02% China Taiping Insurance Holdings Co Ltd 1,400 5,029 0.02% CK Hutchison Holdings Ltd 1,736 25,618 0.09% Hang Lung Properties Ltd 3,000 8,939 0.03% Hang Seng Bank Ltd 900 17,588 0.06% Henderson Land Development Co Ltd 1,993 13,690 0.05% Hong Kong Exchanges and Clearing Ltd 200 7,059 0.02% Kerry Properties Ltd 1,500 5,882 0.02% New World Development Co Ltd 6,000 7,879 0.03% Shimao Property Holdings Ltd 2,000 3,958 0.01% Sino Land Co Ltd 4,800 8,037 0.03% Sun Hung Kai Properties Ltd 2,000 32,481 0.12% Swire Properties Ltd 3,100 9,877 0.04% Wheelock & Co Ltd 2,000 10,216 0.04% 228,312 0.82% Industrial - 0.07% (31st December, 2014: 0.07%) Cheung Kong Infrastructure Holdings Ltd 1,000 7,759 0.03% MTR Corp Ltd 2,500 11,674 0.04% 19,433 0.07% Utilities - 0.18% (31st December, 2014: 0.14%) Beijing Enterprises Holdings Ltd 500 3,757 0.02% China Resources Power Holdings Co Ltd 4,000 11,093 0.04% CLP Holdings Ltd 2,000 17,027 0.06% Hong Kong & China Gas Co Ltd 3,822 8,026 0.03% Power Assets Holdings Ltd 1,000 9,120 0.03% 49,023 0.18% TOTAL HONG KONG 649,146 2.34%

HUNGARY - 0.05% (31st December, 2014: 0.03%) Energy - 0.03% (31st December, 2014: 0.02%) MOL Hungarian Oil and Gas Plc 179 9,229 0.03% 9,229 0.03%

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Fair Value % of Security Description Holding USD Sub-Fund

HUNGARY - 0.05% (31st December, 2014: 0.03%) (continued) Financial - 0.02% (31st December, 2014: 0.01%) OTP Bank Plc 229 4,529 0.02% 4,529 0.02% TOTAL HUNGARY 13,758 0.05%

INDIA - 0.99% (31st December, 2014: 1.09%) Basic Materials - 0.08% (31st December, 2014: 0.09%) Hindalco Industries Ltd 3,199 5,624 0.02% Vedanta Ltd 1,709 4,681 0.02% Tata Steel Ltd 2,176 10,476 0.04% 20,781 0.08% Communications - 0.05% (31st December, 2014: 0.05%) Bharti Airtel Ltd 1,648 10,883 0.04% Reliance Communications Ltd 3,861 3,760 0.01% 14,643 0.05% Consumer Cyclical - 0.07% (31st December, 2014: 0.09%) Hero MotoCorp Ltd 85 3,362 0.01% Mahindra & Mahindra Ltd 203 4,105 0.01% Tata Motors Ltd 1,838 12,530 0.05% 19,997 0.07% Consumer Non-Cyclical - 0.05% (31st December, 2014: 0.05%) Hindustan Unilever Ltd 323 4,645 0.02% ITC Ltd 1,603 7,961 0.03% 12,606 0.05% Energy - 0.39% (31st December, 2014: 0.35%) Bharat Petroleum Corp Ltd 660 9,109 0.03% Cairn India Ltd 1,731 4,925 0.02% Coal India Ltd 2,270 15,011 0.06% Oil & Natural Gas Corp Ltd 7,615 37,087 0.13% Oil India Ltd 492 3,463 0.01% Reliance Industries Ltd 2,366 37,152 0.14% 106,747 0.39% Financial - 0.14% (31st December, 2014: 0.21%) Housing Development Finance Corp Ltd 224 4,570 0.02% ICICI Bank Ltd 2,304 11,154 0.04% Power Finance Corp Ltd 859 3,453 0.01% State Bank of India 4,972 20,554 0.07% 39,731 0.14% Industrial - 0.04% (31st December, 2014: 0.05%) Bharat Heavy Electricals Ltd 1,488 5,771 0.02% Larsen & Toubro Ltd 189 5,298 0.02% 11,069 0.04% Technology - 0.10% (31st December, 2014: 0.13%) Infosys Ltd 562 8,723 0.03%

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Fair Value % of Security Description Holding USD Sub-Fund

INDIA - 0.99% (31st December, 2014: 1.09%) (continued) Technology - 0.10% (31st December, 2014: 0.13%) (continued) Tata Consultancy Services Ltd 310 12,450 0.05% Wipro Ltd 770 6,599 0.02% 27,772 0.10% Utilities - 0.07% (31st December, 2014: 0.07%) GAIL India Ltd 978 6,034 0.02% NTPC Ltd 6,310 13,652 0.05% 19,686 0.07% TOTAL INDIA 273,032 0.99%

INDONESIA - 0.22% (31st December, 2014: 0.18%) Communications - 0.04% (31st December, 2014: 0.05%) Telekomunikasi Indonesia Persero Tbk PT 55,100 12,109 0.04% 12,109 0.04% Consumer Cyclical - 0.04% (31st December, 2014: 0.03%) Astra International Tbk PT 22,200 11,781 0.04% 11,781 0.04% Consumer Non-Cyclical - 0.01% (31st December, 2014: 0.01%) Unilever Indonesia Tbk PT 1,300 3,852 0.01% 3,852 0.01% Financial - 0.09% (31st December, 2014: 0.07%) Bank Central Asia Tbk PT 5,700 5,772 0.02% Bank Mandiri Persero Tbk PT 9,000 6,784 0.03% Bank Negara Indonesia Persero Tbk PT 10,000 3,975 0.01% Bank Rakyat Indonesia Persero Tbk PT 9,200 7,142 0.03% 23,673 0.09% Industrial - 0.02% (31st December, 2014: 0.01%) United Tractors Tbk PT 2,600 3,973 0.02% 3,973 0.02% Utilities - 0.02% (31st December, 2014: 0.01%) Perusahaan Gas Negara Persero Tbk PT 13,000 4,207 0.02% 4,207 0.02% TOTAL INDONESIA 59,595 0.22%

IRELAND - 0.28% (31st December, 2014: 0.26%) Consumer Non-Cyclical - 0.12% (31st December, 2014: 0.10%) Experian Plc 294 5,409 0.02% Kerry Group Plc 46 3,441 0.01% Medtronic Plc 326 24,130 0.09% 32,980 0.12% Financial - 0.03% (31st December, 2014: 0.03%) Irish Bank Resolution Corp Ltd/Old* 14,576 0 0.00%

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Fair Value % of Security Description Holding USD Sub-Fund

IRELAND - 0.28% (31st December, 2014: 0.26%) (continued) Financial - 0.03% (31st December, 2014: 0.03%) (continued) XL Group Plc 200 7,436 0.03% 7,436 0.03% Health Care - 0.01% (31st December, 2014: 0.03%) Shire Plc 54 4,341 0.01% 4,341 0.01% Industrial - 0.05% (31st December, 2014: 0.05%) CRH Plc 492 14,011 0.05% 14,011 0.05% Technology - 0.07% (31st December, 2014: 0.05%) Accenture Plc 200 19,478 0.07% 19,478 0.07% TOTAL IRELAND 78,246 0.28%

ISRAEL - 0.21% (31st December, 2014: 0.24%) Basic Materials - 0.04% (31st December, 2014: 0.02%) Israel Chemicals Ltd 1,353 9,416 0.04% 9,416 0.04% Communications - 0.03% (31st December, 2014: 0.04%) Bezeq The Israeli Telecommunication Corp Ltd 4,212 7,210 0.03% 7,210 0.03% Consumer Non-Cyclical - 0.07% (31st December, 2014: 0.10%) Teva Pharmaceutical Industries Ltd 338 20,113 0.07% 20,113 0.07% Financial - 0.07% (31st December, 2014: 0.08%) Bank Hapoalim BM 835 4,521 0.01% Bank Leumi Le-Israel BM 1,102 4,685 0.02% Delek Group Ltd 17 5,117 0.02% Israel Corp Ltd/The 17 6,051 0.02% 20,374 0.07% TOTAL ISRAEL 57,113 0.21%

ITALY - 1.59% (31st December, 2014: 1.50%) Communications - 0.13% (31st December, 2014: 0.14%) Telecom Italia SpA 29,065 37,243 0.13% 37,243 0.13% Consumer Cyclical - 0.02% (31st December, 2014: 0.01%) Pirelli & C SpA 249 4,258 0.02% 4,258 0.02% Consumer Non-Cyclical - 0.06% (31st December, 2014: 0.08%) Atlantia SpA 406 10,113 0.04% Luxottica Group SpA 101 6,789 0.02% 16,902 0.06%

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Fair Value % of Security Description Holding USD Sub-Fund

ITALY - 1.59% (31st December, 2014: 1.50%) (continued) Energy - 0.43% (31st December, 2014: 0.33%) Eni SpA 6,115 110,330 0.40% Saipem SpA 689 7,410 0.03% 117,740 0.43% Financial - 0.55% (31st December, 2014: 0.55%) Assicurazioni Generali SpA 1,740 31,863 0.11% Banca Monte dei Paschi di Siena SpA 2,418 4,772 0.02% Banco Popolare SC 279 4,689 0.02% Exor SpA 607 29,355 0.11% Intesa Sanpaolo SpA 8,840 32,693 0.12% Mediobanca SpA 519 5,154 0.02% UniCredit SpA 4,708 32,250 0.12% Unione di Banche Italiane SCPA 807 6,583 0.02% UnipolSai SpA 1,607 4,046 0.01% 151,405 0.55% Industrial - 0.04% (31st December, 2014: 0.05%) Finmeccanica SpA 651 8,262 0.03% Prysmian SpA 147 3,241 0.01% 11,503 0.04% Utilities - 0.36% (31st December, 2014: 0.34%) Enel Green Power SpA 2,985 5,918 0.02% Enel SpA 16,356 75,354 0.27% Snam SpA 2,604 12,617 0.05% Terna Rete Elettrica Nazionale SpA 1,439 6,452 0.02% 100,341 0.36% TOTAL ITALY 439,392 1.59%

JAPAN - 10.47% (31st December, 2014: 9.44%) Basic Materials - 0.61% (31st December, 2014: 0.58%) Asahi Kasei Corp 2,000 16,435 0.06% JFE Holdings Inc 800 17,760 0.06% Kobe Steel Ltd 5,000 8,417 0.03% Kuraray Co Ltd 300 3,670 0.01% Mitsubishi Chemical Holdings Corp 2,200 13,853 0.05% Mitsubishi Materials Corp 2,000 7,682 0.03% Mitsui Chemicals Inc 2,000 7,437 0.03% Nippon Steel & Sumitomo Metal Corp 9,000 23,345 0.08% Nitto Denko Corp 100 8,221 0.03% Oji Holdings Corp 2,000 8,695 0.03% Shin-Etsu Chemical Co Ltd 300 18,630 0.07% Sumitomo Chemical Co Ltd 2,000 12,030 0.04% Sumitomo Metal Mining Co Ltd 1,000 15,229 0.06% Teijin Ltd 2,000 7,764 0.03% 169,168 0.61% Communications - 0.92% (31st December, 2014: 0.87%) Dentsu Inc 200 10,363 0.04% KDDI Corp 1,400 33,797 0.12% Nippon Telegraph & Telephone Corp 3,000 108,695 0.39% NTT DOCOMO Inc 3,200 61,299 0.22% Rakuten Inc 300 4,848 0.02%

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Fair Value % of Security Description Holding USD Sub-Fund

JAPAN - 10.47% (31st December, 2014: 9.44%) (continued) Communications - 0.92% (31st December, 2014: 0.87%) (continued) SoftBank Corp 500 29,457 0.11% Yahoo Japan Corp 1,300 5,248 0.02% 253,707 0.92% Consumer Cyclical - 2.95% (31st December, 2014: 2.96%) Aeon Co Ltd 1,600 22,719 0.08% Aisin Seiki Co Ltd 300 12,773 0.05% ANA Holdings Inc 4,000 10,856 0.04% Bridgestone Corp 500 18,500 0.07% Daihatsu Motor Co Ltd 600 8,547 0.03% Daiwa House Industry Co Ltd 500 11,658 0.04% Denso Corp 500 24,909 0.09% Fast Retailing Co Ltd 100 45,405 0.16% Fuji Heavy Industries Ltd 300 11,052 0.04% Hino Motors Ltd 400 4,949 0.02% Honda Motor Co Ltd 1,800 58,274 0.21% Isetan Mitsukoshi Holdings Ltd 300 5,364 0.02% Isuzu Motors Ltd 600 7,882 0.03% ITOCHU Corp 1,700 22,465 0.08% J Front Retailing Co Ltd 300 5,649 0.02% Japan Airlines Co Ltd 200 6,979 0.03% JTEKT Corp 300 5,683 0.02% Lawson Inc 100 6,848 0.03% Marubeni Corp 3,300 18,940 0.07% Mazda Motor Corp 400 7,839 0.03% Mitsubishi Corp 1,800 39,600 0.14% Mitsubishi Motors Corp 1,100 9,367 0.03% Mitsui & Co Ltd 2,500 33,966 0.12% Nintendo Co Ltd 100 16,729 0.06% Nissan Motor Co Ltd 4,500 46,888 0.17% Oriental Land Co Ltd/Japan 100 6,387 0.02% Panasonic Corp 2,100 28,858 0.10% Sekisui Chemical Co Ltd 1,000 12,283 0.04% Sekisui House Ltd 500 7,943 0.03% Sharp Corp/Japan 4,000 4,871 0.02% Sony Corp 1,200 33,946 0.12% Sumitomo Corp 1,800 20,947 0.08% Sumitomo Electric Industries Ltd 700 10,852 0.04% Sumitomo Rubber Industries Ltd 300 4,651 0.02% Suzuki Motor Corp 400 13,517 0.05% Takashimaya Co Ltd 1,000 9,071 0.03% Toray Industries Inc 2,000 16,925 0.06% Toyota Industries Corp 200 11,408 0.04% Toyota Motor Corp 2,100 140,778 0.51% Toyota Tsusho Corp 700 18,792 0.07% Yamada Denki Co Ltd 1,600 6,407 0.02% Yamaha Motor Co Ltd 200 4,375 0.02% 815,852 2.95% Consumer Non-Cyclical - 1.29% (31st December, 2014: 0.95%) Ajinomoto Co Inc 1,000 21,669 0.08% Alfresa Holdings Corp 400 6,231 0.02% Asahi Group Holdings Ltd 300 9,543 0.03%

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Fair Value % of Security Description Holding USD Sub-Fund

JAPAN - 10.47% (31st December, 2014: 9.44%) (continued) Consumer Non-Cyclical - 1.29% (31st December, 2014: 0.95%) (continued) Astellas Pharma Inc 900 12,838 0.05% Chugai Pharmaceutical Co Ltd 200 6,906 0.02% Dai Nippon Printing Co Ltd 1,000 10,334 0.04% Daiichi Sankyo Co Ltd 600 11,101 0.04% Eisai Co Ltd 200 13,429 0.05% Japan Tobacco Inc 700 24,945 0.09% Kao Corp 200 9,305 0.03% Kirin Holdings Co Ltd 1,000 13,778 0.05% Kyowa Hakko Kirin Co Ltd 1,000 13,084 0.05% Medipal Holdings Corp 500 8,160 0.03% MEIJI Holdings Co Ltd 100 12,912 0.05% Mitsubishi Tanabe Pharma Corp 400 5,998 0.02% NH Foods Ltd 1,000 22,833 0.08% Olympus Corp 200 6,914 0.03% Otsuka Holdings Co Ltd 400 12,760 0.05% Recruit Holdings Co Ltd 300 9,157 0.03% Secom Co Ltd 100 6,493 0.02% Seven & I Holdings Co Ltd 700 30,090 0.11% Shionogi & Co Ltd 200 7,756 0.03% Shiseido Co Ltd 300 6,811 0.02% Suntory Beverage & Food Ltd 200 7,968 0.03% Suzuken Co Ltd/Aichi Japan 230 7,368 0.03% Takeda Pharmaceutical Co Ltd 600 28,984 0.10% Terumo Corp 200 4,800 0.02% Toppan Printing Co Ltd 1,000 8,368 0.03% Yamazaki Baking Co Ltd 1,000 16,663 0.06% 357,198 1.29% Energy - 0.27% (31st December, 2014: 0.26%) Idemitsu Kosan Co Ltd 600 11,783 0.04% Inpex Corp 1,300 14,783 0.05% JX Holdings Inc 7,150 30,864 0.11% Showa Shell Sekiyu KK 900 7,870 0.03% TonenGeneral Sekiyu KK 1,000 9,308 0.04% 74,608 0.27% Financial - 1.55% (31st December, 2014: 1.35%) Bank of Yokohama Ltd/The 1,000 6,134 0.02% Chiba Bank Ltd/The 1,000 7,625 0.03% Dai-ichi Life Insurance Co Ltd/The 800 15,733 0.06% Daito Trust Construction Co Ltd 100 10,363 0.04% Daiwa Securities Group Inc 2,000 14,991 0.05% Fukuoka Financial Group Inc 1,000 5,189 0.02% Mitsubishi Estate Co Ltd 1,000 21,546 0.08% Mitsubishi UFJ Financial Group Inc 10,300 74,057 0.27% Mitsubishi UFJ Lease & Finance Co Ltd 1,100 6,023 0.02% Mitsui Fudosan Co Ltd 1,000 28,006 0.10% Mizuho Financial Group Inc 20,200 43,746 0.16% MS&AD Insurance Group Holdings Inc 500 15,580 0.05% ORIX Corp 900 13,394 0.05% Resona Holdings Inc 2,400 13,112 0.05% Shizuoka Bank Ltd/The 1,000 10,452 0.04% Sompo Japan Nipponkoa Holdings Inc 300 11,012 0.04%

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Fair Value % of Security Description Holding USD Sub-Fund

JAPAN - 10.47% (31st December, 2014: 9.44%) (continued) Financial - 1.55% (31st December, 2014: 1.35%) (continued) Sony Financial Holdings Inc 300 5,261 0.02% Sumitomo Mitsui Financial Group Inc 1,100 49,074 0.18% Sumitomo Mitsui Trust Holdings Inc 3,000 13,744 0.05% Sumitomo Realty & Development Co Ltd 1,000 35,088 0.12% T&D Holdings Inc 600 8,949 0.03% Tokio Marine Holdings Inc 400 16,652 0.06% Tokyu Fudosan Holdings Corp 500 3,857 0.01% 429,588 1.55% Industrial - 2.10% (31st December, 2014: 1.74%) Asahi Glass Co Ltd 2,000 12,013 0.04% Central Japan Railway Co 200 36,130 0.13% Daikin Industries Ltd 100 7,199 0.03% East Japan Railway Co 300 26,993 0.10% FANUC Corp 100 20,496 0.07% FUJIFILM Holdings Corp 400 14,297 0.05% Hankyu Hanshin Holdings Inc 1,000 5,908 0.02% Hitachi Construction Machinery Co Ltd 300 5,256 0.02% Hitachi Ltd 6,000 39,560 0.14% Hoya Corp 200 8,020 0.03% IHI Corp 1,000 4,658 0.02% JGC Corp 1,000 18,894 0.07% Kajima Corp 2,000 9,398 0.03% Kawasaki Heavy Industries Ltd 2,000 9,333 0.03% Keyence Corp 100 53,986 0.19% Kintetsu Corp 2,000 6,816 0.02% Komatsu Ltd 700 14,055 0.05% Konica Minolta Inc 400 4,671 0.02% Kubota Corp 1,000 15,866 0.06% Kyocera Corp 300 15,600 0.06% LIXIL Group Corp 300 5,958 0.02% Mitsubishi Electric Corp 2,000 25,857 0.09% Mitsubishi Heavy Industries Ltd 3,000 18,258 0.07% Mitsui OSK Lines Ltd 3,000 9,611 0.03% Murata Manufacturing Co Ltd 100 17,456 0.06% NEC Corp 4,000 12,128 0.04% Nidec Corp 100 7,490 0.03% Nikon Corp 500 5,786 0.02% Nippon Electric Glass Co Ltd 1,000 5,067 0.02% Nippon Express Co Ltd 2,000 9,839 0.04% Nippon Yusen KK 3,000 8,360 0.03% NSK Ltd 300 4,636 0.02% Obayashi Corp 1,000 7,298 0.03% Omron Corp 100 4,348 0.02% Shimizu Corp 1,000 8,426 0.03% SMC Corp/Japan 100 30,127 0.11% Taisei Corp 2,000 11,490 0.04% Tobu Railway Co Ltd 1,000 4,299 0.01% Tokyu Corp 1,000 6,701 0.02% Toshiba Corp 7,000 24,084 0.09% Toyo Seikan Kaisha Ltd 300 4,810 0.02% West Japan Railway Co 200 12,806 0.05%

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Fair Value % of Security Description Holding USD Sub-Fund

JAPAN - 10.47% (31st December, 2014: 9.44%) (continued) Industrial - 2.10% (31st December, 2014: 1.74%) (continued) Yamato Holdings Co Ltd 400 7,746 0.03% 581,730 2.10% Technology - 0.37% (31st December, 2014: 0.36%) Canon Inc 1,100 35,801 0.13% Fujitsu Ltd 3,000 16,779 0.06% NTT Data Corp 300 13,117 0.05% Ricoh Co Ltd 1,000 10,379 0.04% Rohm Co Ltd 100 6,709 0.02% Seiko Epson Corp 300 5,323 0.02% TDK Corp 100 7,657 0.03% Tokyo Electron Ltd 100 6,331 0.02% 102,096 0.37% Utilities - 0.41% (31st December, 2014: 0.37%) Chubu Electric Power Co Inc 1,200 17,892 0.06% Chugoku Electric Power Co Inc/The 600 8,757 0.03% Electric Power Development Co Ltd 200 7,069 0.03% Hokuriku Electric Power Co 300 4,472 0.02% Kansai Electric Power Co Inc/The 1,700 18,832 0.07% Kyushu Electric Power Co Inc 800 9,283 0.03% Osaka Gas Co Ltd 3,000 11,849 0.04% Shikoku Electric Power Co Inc 300 4,494 0.02% Tohoku Electric Power Co Inc 700 9,485 0.03% Tokyo Electric Power Co Inc 1,000 5,451 0.02% Tokyo Gas Co Ltd 3,000 15,936 0.06% 113,520 0.41% TOTAL JAPAN 2,897,467 10.47%

LUXEMBOURG - 0.27% (31st December, 2014: 0.25%) Basic Materials - 0.13% (31st December, 2014: 0.14%) ArcelorMittal 3,679 36,554 0.13% 36,554 0.13% Communications - 0.10% (31st December, 2014: 0.08%) Millicom International Cellular SA 96 7,141 0.03% RTL Group SA 155 14,213 0.05% SES SA 171 5,793 0.02% 27,147 0.10% Industrial - 0.04% (31st December, 2014: 0.03%) Tenaris SA 752 10,226 0.04% 10,226 0.04% TOTAL LUXEMBOURG 73,927 0.27%

MACAU - 0.05% (31st December, 2014: 0.04%) Consumer Cyclical - 0.05% (31st December, 2014: 0.04%) MGM China Holdings Ltd 2,400 3,925 0.01% Sands China Ltd 1,600 5,376 0.02%

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Fair Value % of Security Description Holding USD Sub-Fund

MACAU - 0.05% (31st December, 2014: 0.04%) (continued) Consumer Cyclical - 0.05% (31st December, 2014: 0.04%) (continued) Wynn Macau Ltd 3,200 5,317 0.02% 14,618 0.05% TOTAL MACAU 14,618 0.05%

MALAYSIA - 0.40% (31st December, 2014: 0.38%) Basic Materials - 0.03% (31st December, 2014: 0.02%) Petronas Chemicals Group Bhd 4,800 8,035 0.03% 8,035 0.03% Communications - 0.09% (31st December, 2014: 0.08%) Axiata Group Bhd 4,500 7,628 0.03% DiGi.Com Bhd 3,100 4,401 0.02% Maxis Bhd 4,800 8,099 0.03% Telekom Malaysia Bhd 2,300 3,984 0.01% 24,112 0.09% Consumer Cyclical - 0.02% (31st December, 2014: 0.02%) Genting Bhd 2,900 6,191 0.02% 6,191 0.02% Consumer Non-Cyclical - 0.02% (31st December, 2014: 0.01%) IOI Corp Bhd 4,000 4,301 0.02% 4,301 0.02% Diversified - 0.05% (31st December, 2014: 0.04%) Sime Darby Bhd 4,100 9,252 0.03% YTL Corp Bhd 9,100 3,736 0.02% 12,988 0.05% Energy - 0.01% (31st December, 2014: 0.01%) Petronas Dagangan Bhd 700 3,816 0.01% 3,816 0.01% Financial - 0.11% (31st December, 2014: 0.09%) CIMB Group Holdings Bhd 5,600 8,113 0.03% Malayan Banking Bhd 4,900 11,862 0.04% Public Bank Bhd 1,500 7,438 0.03% RHB Capital Bhd 1,800 3,514 0.01% 30,927 0.11% Industrial - 0.01% (31st December, 2014: 0.03%) MISC Bhd 1,900 3,885 0.01% 3,885 0.01% Utilities - 0.06% (31st December, 2014: 0.08%) Petronas Gas Bhd 600 3,379 0.01% Tenaga Nasional Bhd 2,675 8,956 0.03% YTL Power International Bhd 8,725 3,697 0.02% 16,032 0.06% TOTAL MALAYSIA 110,287 0.40%

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Fair Value % of Security Description Holding USD Sub-Fund

MEXICO - 0.53% (31st December, 2014: 0.54%) Basic Materials - 0.08% (31st December, 2014: 0.07%) Fresnillo Plc 360 3,929 0.01% Grupo Mexico SAB de CV 4,671 13,965 0.05% Industrias Penoles SAB de CV 315 5,253 0.02% 23,147 0.08% Communications - 0.18% (31st December, 2014: 0.24%) America Movil SAB de CV 41,248 43,504 0.16% Grupo Televisa SAB 800 6,173 0.02% 49,677 0.18% Consumer Cyclical - 0.05% (31st December, 2014: 0.03%) Wal-Mart de Mexico SAB de CV 5,800 14,113 0.05% 14,113 0.05% Consumer Non-Cyclical - 0.09% (31st December, 2014: 0.08%) Arca Continental SAB de CV 600 3,491 0.01% Coca-Cola Femsa SAB de CV 600 4,767 0.02% Fomento Economico Mexicano SAB de CV 1,300 11,621 0.04% Grupo Bimbo SAB de CV 1,700 4,400 0.02% 24,279 0.09% Diversified - 0.04% (31st December, 2014: 0.04%) Alfa SAB de CV 2,800 5,420 0.02% Grupo Carso SAB de CV 1,300 5,348 0.02% 10,768 0.04% Financial - 0.07% (31st December, 2014: 0.05%) Grupo Financiero Banorte SAB de CV 1,000 5,404 0.02% Grupo Financiero Inbursa SAB de CV 2,300 5,074 0.02% Grupo Financiero Santander Mexico SAB de CV 4,700 8,686 0.03% 19,164 0.07% Industrial - 0.02% (31st December, 2014: 0.03%) Cemex SAB de CV 7,531 6,899 0.02% 6,899 0.02% TOTAL MEXICO 148,047 0.53%

NETHERLANDS - 1.67% (31st December, 2014: 1.58%) Basic Materials - 0.07% (31st December, 2014: 0.09%) Akzo Nobel NV 139 10,289 0.04% Koninklijke DSM NV 132 7,743 0.03% 18,032 0.07% Communications - 0.09% (31st December, 2014: 0.09%) Koninklijke KPN NV 5,375 20,843 0.08% Wolters Kluwer NV 122 3,697 0.01% 24,540 0.09% Consumer Non-Cyclical - 0.14% (31st December, 2014: 0.14%) Heineken Holding NV 241 17,074 0.06% Koninklijke Ahold NV 811 15,461 0.05% Randstad Holding NV 113 7,446 0.03% 39,981 0.14%

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Fair Value % of Security Description Holding USD Sub-Fund

NETHERLANDS - 1.67% (31st December, 2014: 1.58%) (continued) Energy - 0.93% (31st December, 2014: 0.94%) Royal Dutch Shell Plc A Share 5,539 157,825 0.57% Royal Dutch Shell Plc B Share 3,480 100,200 0.36% 258,025 0.93% Financial - 0.36% (31st December, 2014: 0.23%) Aegon NV 2,519 18,787 0.07% Delta Lloyd NV 210 3,505 0.01% ING Groep NV 3,771 63,342 0.23% NN Group NV 523 14,876 0.05% 100,510 0.36% Industrial - 0.06% (31st December, 2014: 0.06%) Koninklijke Philips Electronics NV 589 15,197 0.06% 15,197 0.06% Technology - 0.02% (31st December, 2014: 0.03%) ASML Holding NV 63 6,605 0.02% 6,605 0.02% TOTAL NETHERLANDS 462,890 1.67%

NEW ZEALAND - 0.01% (31st December, 2014: 0.02%) Communications - 0.01% (31st December, 2014: 0.02%) Spark New Zealand Ltd 1,968 3,729 0.01% 3,729 0.01% TOTAL NEW ZEALAND 3,729 0.01%

NORWAY - 0.52% (31st December, 2014: 0.55%) Basic Materials - 0.06% (31st December, 2014: 0.07%) Norsk Hydro ASA 1,707 7,221 0.02% Yara International ASA 198 10,311 0.04% 17,532 0.06% Communications - 0.07% (31st December, 2014: 0.06%) Telenor ASA 872 19,049 0.07% 19,049 0.07% Consumer Non-Cyclical - 0.03% (31st December, 2014: 0.02%) Orkla ASA 963 7,572 0.03% 7,572 0.03% Energy - 0.29% (31st December, 2014: 0.33%) Statoil ASA 4,473 80,211 0.29% 80,211 0.29% Financial - 0.07% (31st December, 2014: 0.07%) DNB ASA 944 15,701 0.05% Gjensidige Forsikring ASA 309 4,958 0.02% 20,659 0.07% TOTAL NORWAY 145,023 0.52%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

- Fair Value % of Security Description Holding USD Sub-Fund PERU - 0.02% (31st December, 2014: 0.03%) Financial - 0.02% (31st December, 2014: 0.03%) Credicorp Ltd 34 4,781 0.02% 4,781 0.02% TOTAL PERU 4,781 0.02% PHILIPPINES - 0.05% (31st December, 2014: 0.05%) Communications - 0.03% (31st December, 2014: 0.04%) Philippine Long Distance Telephone Co 145 9,029 0.03% 9,029 0.03% Consumer Cyclical - 0.02% (31st December, 2014: 0.01%) SM Investments Corp 205 4,066 0.02% 4,066 0.02% TOTAL PHILIPPINES 13,095 0.05%

POLAND - 0.30% (31st December, 2014: 0.25%) Basic Materials - 0.04% (31st December, 2014: 0.02%) KGHM Polska Miedz SA 369 10,486 0.04% 10,486 0.04% Communications - 0.02% (31st December, 2014: 0.03%) Orange Polska SA 3,122 6,792 0.02% 6,792 0.02% Energy - 0.08% (31st December, 2014: 0.04%) Grupa Lotos SA 519 4,132 0.02% Polski Koncern Naftowy Orlen SA 550 10,803 0.04% Polskie Gornictwo Naftowe i Gazownictwo SA 3,615 6,384 0.02% 21,319 0.08% Financial - 0.10% (31st December, 2014: 0.11%) Bank Pekao SA 143 6,871 0.03% Bank Zachodni WBK SA 38 3,416 0.01% Powszechna Kasa Oszczednosci Bank Polski SA 1,033 8,592 0.03% Powszechny Zaklad Ubezpieczen SA 75 8,706 0.03% 27,585 0.10% Utilities - 0.06% (31st December, 2014: 0.05%) PGE Polska Grupa Energetyczna SA 2,570 12,785 0.05% Tauron Polska Energia SA 3,737 4,350 0.01% 17,135 0.06% TOTAL POLAND 83,317 0.30%

PORTUGAL - 0.12% (31st December, 2014: 0.09%) Consumer Non-Cyclical - 0.02% (31st December, 2014: 0.01%) Jeronimo Martins SGPS SA 407 5,291 0.02% 5,291 0.02%

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Fair Value % of Security Description Holding USD Sub-Fund

PORTUGAL - 0.12% (31st December, 2014: 0.09%) (continued) Energy - 0.03% (31st December, 2014: 0.02%) Galp Energia SGPS SA 767 9,088 0.03% 9,088 0.03% Utilities - 0.07% (31st December, 2014: 0.06%) EDP-Energias de Portugal SA 4,620 17,692 0.07% 17,692 0.07% TOTAL PORTUGAL 32,071 0.12%

QATAR - 0.27% (31st December, 2014: 0.18%) Basic Materials - 0.08% (31st December, 2014: 0.05%) Industries Qatar QSC 531 20,999 0.08% 20,999 0.08% Communications - 0.05% (31st December, 2014: 0.04%) Ooredoo QSC 582 13,906 0.05% 13,906 0.05% Financial - 0.14% (31st December, 2014: 0.09%) Commercial Bank of Qatar QSC/The 570 8,594 0.03% Qatar Islamic Bank SAQ 271 8,031 0.03% Qatar National Bank SAQ 420 22,250 0.08% 38,875 0.14% TOTAL QATAR 73,780 0.27%

RUSSIA - 1.86% (31st December, 2014: 1.35%) Basic Materials - 0.11% (31st December, 2014: 0.12%) MMC Norilsk Nickel OJSC - Sponsored ADR 1,089 18,458 0.07% Severstal PAO - Sponsored GDR 758 7,982 0.03% Uralkali PJSC - Sponsored GDR 220 2,840 0.01% 29,280 0.11% Communications - 0.15% (31st December, 2014: 0.07%) MegaFon OAO - Sponsored GDR 1,008 13,911 0.05% Mobile Telesystems OJSC - Sponsored ADR 1,550 15,004 0.06% Rostelecom OJSC - Sponsored ADR 386 3,713 0.01% Sistema JSFC (GB) - Sponsored GDR 920 8,096 0.03% 40,724 0.15% Consumer Non-Cyclical - 0.02% (31st December, 2014: 0.02%) Magnit PJSC - Sponsored GDR 98 5,335 0.02% 5,335 0.02% Energy - 1.36% (31st December, 2014: 1.00%) Gazprom OAO - Sponsored ADR 35,259 180,526 0.65% Lukoil OAO - Sponsored ADR 1,552 68,273 0.24% NovaTek OAO - Sponsored GDR 101 10,241 0.04% Rosneft OAO - Sponsored GDR 16,839 69,074 0.25% Surgutneftegas OAO - Sponsored ADR 5,977 35,503 0.13% Tatneft OAO - Sponsored ADR 424 13,509 0.05% 377,126 1.36%

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Fair Value % of Security Description Holding USD Sub-Fund

RUSSIA - 1.86% (31st December, 2014: 1.35%) (continued) Financial - 0.20% (31st December, 2014: 0.13%) Sberbank of Russia - Sponsored ADR 8,135 42,286 0.15% VTB Bank OJSC - Sponsored GDR 5,236 14,236 0.05% 56,522 0.20% Utilities - 0.02% (31st December, 2014: 0.01%) RusHydro JSC - Sponsored ADR 5,000 4,975 0.02% 4,975 0.02% TOTAL RUSSIA 513,962 1.86%

SINGAPORE - 0.56% (31st December, 2014: 0.50%) Communications - 0.10% (31st December, 2014: 0.11%) Singapore Telecommunications Ltd 8,900 27,842 0.10% 27,842 0.10% Consumer Cyclical - 0.10% (31st December, 2014: 0.09%) City Developments Ltd 600 4,360 0.01% Genting Singapore Plc 6,700 4,456 0.02% Jardine Cycle & Carriage Ltd 300 7,379 0.03% Jardine Cycle & Carriage Ltd (Rights), 15/07/15 33 174 0.00% Singapore Airlines Ltd 1,500 11,960 0.04% 28,329 0.10% Consumer Non-Cyclical - 0.06% (31st December, 2014: 0.05%) Golden Agri-Resources Ltd 11,000 3,351 0.01% Wilmar International Ltd 5,600 13,649 0.05% 17,000 0.06% Diversified - 0.03% (31st December, 2014: 0.02%) Keppel Corp Ltd 1,300 7,941 0.03% 7,941 0.03% Financial - 0.20% (31st December, 2014: 0.18%) CapitaLand Ltd 2,400 6,242 0.03% DBS Group Holdings Ltd 1,300 19,987 0.07% Oversea-Chinese Banking Corp Ltd 1,800 13,616 0.05% United Overseas Bank Ltd 800 13,714 0.05% 53,559 0.20% Industrial - 0.07% (31st December, 2014: 0.05%) Hutchison Port Holdings Trust 8,200 5,166 0.02% SembCorp Industries Ltd 1,800 5,203 0.02% SembCorp Marine Ltd 2,000 4,221 0.01% Singapore Technologies Engineering Ltd 2,000 4,904 0.02% 19,494 0.07% TOTAL SINGAPORE 154,165 0.56%

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Fair Value % of Security Description Holding USD Sub-Fund SOUTH AFRICA - 0.65% (31st December, 2014: 0.57%) Basic Materials - 0.09% (31st December, 2014: 0.06%) Anglo American Platinum Ltd 183 4,178 0.01% AngloGold Ashanti Ltd 257 2,293 0.01% Gold Fields Ltd 1,056 3,360 0.01% Impala Platinum Holdings Ltd 1,201 5,328 0.02% Kumba Iron Ore Ltd 429 5,248 0.02% Mondi Plc 260 5,640 0.02% 26,047 0.09% Communications - 0.17% (31st December, 2014: 0.13%) MTN Group Ltd 1,266 23,741 0.09% Naspers Ltd 30 4,666 0.02% Telkom SA SOC Ltd 1,186 6,231 0.02% Vodacom Group Ltd 1,071 12,229 0.04% 46,867 0.17% Consumer Cyclical - 0.02% (31st December, 2014: 0.02%) Steinhoff International Holdings Ltd 766 4,842 0.02% 4,842 0.02% Consumer Non-Cyclical - 0.04% (31st December, 2014: 0.04%) Bidvest Group Ltd 236 5,964 0.02% Shoprite Holdings Ltd 293 4,157 0.02% 10,121 0.04% Diversified - 0.03% (31st December, 2014: 0.03%) Imperial Holdings Ltd 255 3,886 0.01% Remgro Ltd 235 4,930 0.02% 8,816 0.03% Energy - 0.09% (31st December, 2014: 0.07%) Exxaro Resources Ltd 529 3,774 0.01% Sasol Ltd 593 21,763 0.08% 25,537 0.09% Financial - 0.21% (31st December, 2014: 0.22%) Barclays Africa Group Ltd 703 10,580 0.04% FirstRand Ltd 2,357 10,411 0.04% Investec Plc 555 5,048 0.02% Liberty Holdings Ltd 272 3,248 0.01% Nedbank Group Ltd 341 6,791 0.03% Sanlam Ltd 1,057 5,807 0.02% Standard Bank Group Ltd 1,142 14,937 0.05% 56,822 0.21% TOTAL SOUTH AFRICA 179,052 0.65%

SOUTH KOREA - 2.25% (31st December, 2014: 2.18%) Basic Materials - 0.19% (31st December, 2014: 0.14%) Hyundai Steel Co 110 6,655 0.02% LG Chem Ltd 45 11,200 0.04% Lotte Chemical Corp 22 5,682 0.02% POSCO 144 28,826 0.11% 52,363 0.19%

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Fair Value % of Security Description Holding USD Sub-Fund

SOUTH KOREA - 2.25% (31st December, 2014: 2.18%) (continued) Communications - 0.13% (31st December, 2014: 0.14%) KT Corp 518 13,170 0.05% LG Uplus Corp 531 4,679 0.01% Samsung SDI Co Ltd 48 4,762 0.02% SK Telecom Co Ltd 65 14,522 0.05% 37,133 0.13% Consumer Cyclical - 0.47% (31st December, 2014: 0.41%) Daewoo International Corp 147 3,389 0.01% E-Mart Co Ltd 21 4,335 0.02% Hankook Tire Co Ltd 106 3,979 0.01% Hanwha Corp 209 8,816 0.03% Hyundai Mobis Co Ltd 69 13,073 0.05% Hyundai Motor Co 336 40,837 0.15% Kia Motors Corp 480 19,432 0.07% Korean Air Lines Co Ltd 129 4,669 0.02% LG Corp 138 7,622 0.03% Lotte Shopping Co Ltd 43 9,011 0.03% Samsung C&T Corp 121 7,158 0.03% SK Networks Co Ltd 780 6,260 0.02% 128,581 0.47% Consumer Non-Cyclical - 0.02% (31st December, 2014: 0.03%) KT&G Corp 62 5,258 0.02% 5,258 0.02% Diversified - 0.03% (31st December, 2014: 0.03%) CJ Corp 22 5,820 0.02% LS Corp 75 2,912 0.01% 8,732 0.03% Energy - 0.22% (31st December, 2014: 0.20%) GS Holdings Corp 150 6,669 0.02% SK Holdings Co Ltd 163 28,842 0.11% SK Innovation Co Ltd 157 17,118 0.06% S-Oil Corp 134 8,095 0.03% 60,724 0.22% Financial - 0.28% (31st December, 2014: 0.32%) Hana Financial Group Inc 354 9,190 0.03% Hanwha Life Insurance Co Ltd 851 6,031 0.02% Industrial Bank of Korea 599 7,735 0.03% KB Financial Group Inc 348 11,476 0.04% Samsung Card Co Ltd 109 3,604 0.01% Samsung Fire & Marine Insurance Co Ltd 21 5,518 0.02% Samsung Life Insurance Co Ltd 92 8,839 0.03% Shinhan Financial Group Co Ltd 426 15,818 0.06% Woori Bank 1,136 9,949 0.04% 78,160 0.28%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund SOUTH KOREA - 2.25% (31st December, 2014: 2.18%) (continued) Industrial - 0.22% (31st December, 2014: 0.21%) Daewoo Shipbuilding & Marine Engineering Co Ltd 281 3,340 0.01% Doosan Corp 46 4,481 0.02% Doosan Heavy Industries & Construction Co Ltd 154 3,303 0.01% Hyundai Engineering & Construction Co Ltd 99 3,632 0.01% Hyundai Heavy Industries Co Ltd 123 12,201 0.04% LG Display Co Ltd 513 11,851 0.04% LG Electronics Inc 355 14,974 0.06% Samsung Electro-Mechanics Co Ltd 72 3,288 0.01% Samsung Heavy Industries Co Ltd 262 3,992 0.02% 61,062 0.22% Technology - 0.56% (31st December, 2014: 0.55%) Samsung Electronics Co Ltd 124 140,514 0.51% SK C&C Co Ltd 27 6,672 0.02% SK Hynix Inc 236 8,921 0.03% 156,107 0.56% Utilities - 0.13% (31st December, 2014: 0.15%) Korea Electric Power Corp 675 27,628 0.10% Korea Gas Corp 195 7,528 0.03% 35,156 0.13% TOTAL SOUTH KOREA 623,276 2.25%

SPAIN - 1.84% (31st December, 2014: 1.58%) Communications - 0.34% (31st December, 2014: 0.34%) Telefonica SA 6,544 94,611 0.34% 94,611 0.34% Consumer Cyclical - 0.07% (31st December, 2014: 0.07%) Inditex SA 578 19,077 0.07% 19,077 0.07% Consumer Non-Cyclical - 0.06% (31st December, 2014: 0.05%) Abertis Infraestructuras SA 597 9,961 0.04% Distribuidora Internacional de Alimentacion SA 690 5,351 0.02% 15,312 0.06% Energy - 0.14% (31st December, 2014: 0.14%) Repsol SA 2,217 39,640 0.14% 39,640 0.14% Financial - 0.65% (31st December, 2014: 0.60%) Banco Bilbao Vizcaya Argentaria SA 4,289 42,817 0.16% Banco de Sabadell SA 2,710 6,653 0.02% Banco Popular Espanol SA 1,464 7,218 0.03% Banco Santander SA 11,556 82,298 0.30% Bankia SA 7,325 9,361 0.03% CaixaBank 3,693 17,424 0.06% Mapfre SA 4,157 14,478 0.05% 180,249 0.65% Industrial - 0.11% (31st December, 2014: 0.09%) ACS Actividades de Construccion y Servicios SA 494 16,033 0.06% Aena SA 144A 40 4,192 0.01%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund SPAIN - 1.84% (31st December, 2014: 1.58%) (continued) Industrial - 0.11% (31st December, 2014: 0.09%) (continued) Ferrovial SA 478 10,534 0.04% 30,759 0.11% Technology - 0.02% (31st December, 2014: 0.02%) Amadeus IT Holding SA 98 3,969 0.02% 3,969 0.02% Utilities - 0.45% (31st December, 2014: 0.27%) Enagas SA 151 4,161 0.01% Endesa SA 3,120 60,441 0.22% Gas Natural SDG SA 926 21,258 0.08% Iberdrola SA 5,067 34,653 0.12% Red Electrica Corp SA 64 5,186 0.02% 125,699 0.45% TOTAL SPAIN 509,316 1.84% SWEDEN - 0.96% (31st December, 2014: 0.94%) Basic Materials - 0.01% (31st December, 2014: 0.02%) Boliden AB 182 3,375 0.01% 3,375 0.01% Communications - 0.20% (31st December, 2014: 0.20%) Tele2 AB 730 8,616 0.03% Telefonaktiebolaget LM Ericsson 2,102 22,071 0.08% TeliaSonera AB 4,250 25,327 0.09% 56,014 0.20% Consumer Cyclical - 0.19% (31st December, 2014: 0.19%) Autoliv Inc 43 5,032 0.02% Electrolux AB 207 6,557 0.02% Hennes & Mauritz AB 605 23,569 0.09% Volvo AB 1,402 17,631 0.06% 52,789 0.19% Consumer Non-Cyclical - 0.05% (31st December, 2014: 0.06%) Securitas AB 282 3,770 0.01% Svenska Cellulosa AB 405 10,408 0.04% 14,178 0.05% Diversified - 0.02% (31st December, 2014: 0.01%) Industrivarden AB 260 4,985 0.02% 4,985 0.02% Financial - 0.34% (31st December, 2014: 0.30%) Investment AB Kinnevik 182 5,849 0.02% Investor AB 432 16,419 0.06% Nordea Bank AB 2,318 29,376 0.11% Skandinaviska Enskilda Banken AB 1,033 13,381 0.05% Svenska Handelsbanken AB 1,011 14,979 0.05% Swedbank AB 524 12,363 0.05% 92,367 0.34% Industrial - 0.15% (31st December, 2014: 0.16%) Alfa Laval AB 185 3,299 0.01% Assa Abloy AB 268 5,113 0.02%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund SWEDEN - 0.96% (31st December, 2014: 0.94%) (continued) Industrial - 0.15% (31st December, 2014: 0.16%) (continued) Atlas Copco AB 381 10,779 0.04% Sandvik AB 778 8,709 0.03% Skanska AB 391 8,016 0.03% SKF AB 245 5,655 0.02% 41,571 0.15% TOTAL SWEDEN 265,279 0.96%

SWITZERLAND - 2.37% (31st December, 2014: 2.67%) Basic Materials - 0.25% (31st December, 2014: 0.26%) Givaudan SA 3 5,266 0.02% Glencore Plc 12,910 52,618 0.19% Syngenta AG 28 11,491 0.04% 69,375 0.25% Communications - 0.06% (31st December, 2014: 0.07%) Swisscom AG 32 18,092 0.06% 18,092 0.06% Consumer Cyclical - 0.10% (31st December, 2014: 0.09%) Cie Financiere Richemont SA 145 11,923 0.04% Swatch Group AG/The 17 6,690 0.03% Wolseley Plc 126 8,112 0.03% 26,725 0.10% Consumer Non-Cyclical - 1.01% (31st December, 2014: 1.18%) Adecco SA 109 8,928 0.03% Coca-Cola HBC AG 217 4,714 0.02% Nestle SA 1,354 99,110 0.36% Novartis AG 853 84,213 0.30% Roche Holding AG 264 74,914 0.27% SGS SA 4 7,365 0.03% 279,244 1.01% Energy - 0.03% (31st December, 2014: 0.04%) Weatherford International Plc 600 7,380 0.03% 7,380 0.03% Financial - 0.63% (31st December, 2014: 0.71%) ACE Ltd 200 20,378 0.07% Baloise Holding AG 44 5,420 0.02% Credit Suisse Group AG 1,356 37,648 0.13% Pargesa Holding SA 79 5,362 0.02% Swiss Life Holding AG 33 7,644 0.03% Swiss Re AG 274 24,444 0.09% UBS Group AG 1,506 32,262 0.12% Zurich Insurance Group AG 134 41,236 0.15% 174,394 0.63% Industrial - 0.27% (31st December, 2014: 0.30%) ABB Ltd 1,194 25,270 0.09% Garmin Ltd 100 4,408 0.01% Geberit AG 10 3,375 0.01% Holcim Ltd 214 15,952 0.06%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

SWITZERLAND - 2.37% (31st December, 2014: 2.67%) (continued) Industrial - 0.27% (31st December, 2014: 0.30%) (continued) Kuehne + Nagel International AG 54 7,232 0.03% Schindler Holding AG 33 5,441 0.02% TE Connectivity Ltd 200 12,912 0.05% 74,590 0.27% Technology - 0.02% (31st December, 2014: 0.02%) STMicroelectronics NV 787 6,522 0.02% 6,522 0.02% TOTAL SWITZERLAND 656,322 2.37%

TAIWAN - 1.18% (31st December, 2014: 1.20%) Basic Materials - 0.17% (31st December, 2014: 0.16%) China Steel Corp 13,351 10,653 0.04% Formosa Chemicals & Fibre Corp 5,549 13,328 0.05% Formosa Plastics Corp 4,862 11,426 0.04% Nan Ya Plastics Corp 4,544 10,649 0.04% 46,056 0.17% Communications - 0.12% (31st December, 2014: 0.11%) Chunghwa Telecom Co Ltd 5,696 18,143 0.06% Far EasTone Telecommunications Co Ltd 2,000 4,830 0.02% HTC Corp 2,102 4,899 0.02% Taiwan Mobile Co Ltd 1,500 5,001 0.02% 32,873 0.12% Consumer Cyclical - 0.03% (31st December, 2014: 0.04%) Far Eastern New Century Corp 5,377 5,692 0.02% Pou Chen Corp 3,000 4,273 0.01% 9,965 0.03% Consumer Non-Cyclical - 0.02% (31st December, 2014: 0.02%) Uni-President Enterprises Corp 3,474 6,151 0.02% 6,151 0.02% Energy - 0.06% (31st December, 2014: 0.04%) Formosa Petrochemical Corp 6,270 16,074 0.06% 16,074 0.06% Financial - 0.10% (31st December, 2014: 0.10%) Cathay Financial Holding Co Ltd 4,734 8,259 0.03% Chinatrust Financial Holding Co Ltd 6,363 5,005 0.02% Fubon Financial Holding Co Ltd 3,927 7,805 0.03% Mega Financial Holding Co Ltd 6,814 6,132 0.02% 27,201 0.10% Industrial - 0.24% (31st December, 2014: 0.28%) AU Optronics Corp 14,510 6,411 0.02% Delta Electronics Inc 1,040 5,319 0.02% Hon Hai Precision Industry Co Ltd 12,469 39,151 0.14% Pegatron Corp 3,236 9,459 0.04% Taiwan Cement Corp 4,000 5,043 0.02% 65,383 0.24%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

TAIWAN - 1.18% (31st December, 2014: 1.20%) (continued) Technology - 0.44% (31st December, 2014: 0.45%) Acer Inc 12,005 5,810 0.02% Advanced Semiconductor Engineering Inc 3,772 5,104 0.02% Asustek Computer Inc 906 8,813 0.03% Compal Electronics Inc 10,273 7,815 0.03% Innolux Corp 12,653 6,594 0.02% Inventec Corp 6,260 4,326 0.02% Lite-On Technology Corp 4,200 4,921 0.02% MediaTek Inc 1,004 13,715 0.05% Quanta Computer Inc 5,080 12,004 0.04% Taiwan Semiconductor Manufacturing Co Ltd 9,119 41,473 0.15% United Microelectronics Corp 15,000 6,336 0.02% Wistron Corp 8,442 6,394 0.02% 123,305 0.44% TOTAL TAIWAN 327,008 1.18%

THAILAND - 0.35% (31st December, 2014: 0.35%) Basic Materials - 0.03% (31st December, 2014: 0.01%) PTT Global Chemical Pcl 3,897 7,989 0.03% 7,989 0.03% Communications - 0.04% (31st December, 2014: 0.04%) Advanced Info Service Pcl 1,500 10,657 0.04% 10,657 0.04% Consumer Non-Cyclical - 0.01% (31st December, 2014: 0.01%) Charoen Pokphand Foods Pcl 6,100 4,334 0.01% 4,334 0.01% Diversified - 0.03% (31st December, 2014: 0.03%) Siam Cement Pcl 500 7,697 0.03% 7,697 0.03% Energy - 0.18% (31st December, 2014: 0.19%) PTT Exploration & Production Pcl 2,900 9,358 0.03% PTT Pcl 3,400 36,134 0.13% Thai Oil Pcl 3,100 5,047 0.02% 50,539 0.18% Financial - 0.06% (31st December, 2014: 0.07%) Kasikornbank Pcl 900 5,036 0.02% Krung Thai Bank Pcl 8,600 4,353 0.02% Siam Commercial Bank Pcl 1,500 6,905 0.02% 16,294 0.06% TOTAL THAILAND 97,510 0.35%

TURKEY - 0.41% (31st December, 2014: 0.39%) Basic Materials - 0.01% (31st December, 2014: 0.02%) Eregli Demir ve Celik Fabrikalari TAS 2,274 3,657 0.01% 3,657 0.01% Communications - 0.07% (31st December, 2014: 0.07%) Turk Telekomunikasyon AS 4,819 12,633 0.04%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

TURKEY - 0.41% (31st December, 2014: 0.39%) (continued) Communications - 0.07% (31st December, 2014: 0.07%) (continued) Turkcell Iletisim Hizmetleri AS 1,594 7,422 0.03% 20,055 0.07% Consumer Cyclical - 0.03% (31st December, 2014: 0.04%) Ford Otomotiv Sanayi AS 283 3,757 0.01% Turk Hava Yollari 1,223 4,025 0.02% 7,782 0.03% Diversified - 0.08% (31st December, 2014: 0.07%) Haci Omer Sabanci Holding AS 1,731 6,519 0.02% KOC Holding AS 3,218 15,044 0.06% 21,563 0.08% Energy - 0.03% (31st December, 2014: 0.03%) Tupras Turkiye Petrol Rafinerileri AS 379 9,596 0.03% 9,596 0.03% Financial - 0.17% (31st December, 2014: 0.15%) Akbank TAS 3,108 8,997 0.03% Turkiye Garanti Bankasi AS 3,202 10,011 0.04% Turkiye Halk Bankasi AS 1,354 6,203 0.02% Turkiye Is Bankasi 5,160 10,922 0.04% Turkiye Vakiflar Bankasi Tao 2,848 4,580 0.02% Yapi ve Kredi Bankasi AS 4,075 5,989 0.02% 46,702 0.17% Industrial - 0.02% (31st December, 2014: 0.01%) Enka Insaat ve Sanayi AS 2,313 4,386 0.02% 4,386 0.02% TOTAL TURKEY 113,741 0.41%

UNITED ARAB EMIRATES - 0.20% (31st December, 2014: 0.11%) Consumer Non-Cyclical - 0.04% (31st December, 2014: 0.02%) DP World Ltd 514 11,000 0.04% 11,000 0.04% Financial - 0.16% (31st December, 2014: 0.09%) Abu Dhabi Commercial Bank PJSC 4,311 9,026 0.03% Emaar Properties PJSC 4,810 10,319 0.04% First Gulf Bank PJSC 3,169 13,115 0.05% National Bank of Abu Dhabi PJSC 3,700 11,081 0.04% 43,541 0.16% TOTAL UNITED ARAB EMIRATES 54,541 0.20%

UNITED KINGDOM - 5.52% (31st December, 2014: 5.76%) Basic Materials - 0.40% (31st December, 2014: 0.36%) Anglo American Plc 1,778 26,081 0.09% Antofagasta Plc 926 10,123 0.04% Johnson Matthey Plc 109 5,273 0.02% Rio Tinto Plc 1,662 69,377 0.25% 110,854 0.40%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

UNITED KINGDOM - 5.52% (31st December, 2014: 5.76%) (continued) Communications - 0.56% (31st December, 2014: 0.70%) BT Group Plc 3,043 21,797 0.08% Liberty Global Plc 300 15,276 0.06% Pearson Plc 481 9,251 0.03% Reed Elsevier Plc 253 4,160 0.02% Sky Plc 575 9,436 0.03% Vodafone Group Plc 22,795 83,259 0.30% WPP Plc 507 11,469 0.04% 154,648 0.56% Consumer Cyclical - 0.35% (31st December, 2014: 0.38%) Compass Group Plc 676 11,381 0.04% Delphi Automotive Plc 100 8,474 0.03% easyJet Plc 209 5,117 0.02% Fiat Chrysler Automobiles NV 2,052 30,369 0.11% GKN Plc 731 3,873 0.01% InterContinental Hotels Group Plc 111 4,541 0.02% International Consolidated Airlines Group SA 1,490 11,671 0.04% Kingfisher Plc 1,657 9,171 0.03% Marks & Spencer Group Plc 1,089 9,305 0.03% Next Plc 36 4,248 0.02% 98,150 0.35% Consumer Non-Cyclical - 1.39% (31st December, 2014: 1.37%) Associated British Foods Plc 228 10,398 0.04% AstraZeneca Plc 743 47,501 0.17% British American Tobacco Plc 776 42,002 0.15% Bunzl Plc 117 3,229 0.01% Capita Plc 184 3,605 0.01% Diageo Plc 717 20,893 0.08% G4S Plc 1,000 4,272 0.01% GlaxoSmithKline Plc 2,907 61,178 0.22% Imperial Tobacco Group Plc 430 20,912 0.08% J Sainsbury Plc 3,672 15,409 0.06% Reckitt Benckiser Group Plc 216 18,728 0.07% SABMiller Plc 469 24,413 0.09% Smith & Nephew Plc 249 4,243 0.01% Tesco Plc 13,473 45,175 0.16% Unilever NV 1,222 51,438 0.19% WM Morrison Supermarkets Plc 4,354 12,444 0.04% 385,840 1.39% Energy - 0.72% (31st December, 2014: 0.76%) BG Group Plc 1,625 27,346 0.10% BP Plc 24,435 163,187 0.59% Ensco Plc 200 4,550 0.01% Subsea 7 SA 263 2,576 0.01% Tullow Oil Plc 386 2,077 0.01% 199,736 0.72% Financial - 1.58% (31st December, 2014: 1.66%) Aon Plc 100 10,075 0.04% Aviva Plc 2,652 20,765 0.07% Barclays Plc 13,726 56,810 0.21% Direct Line Insurance Group Plc 957 5,078 0.02%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

UNITED KINGDOM - 5.52% (31st December, 2014: 5.76%) (continued) Financial - 1.58% (31st December, 2014: 1.66%) (continued) HSBC Holdings Plc 15,386 139,269 0.50% Legal & General Group Plc 3,440 13,606 0.05% Lloyds Banking Group Plc 34,517 46,659 0.17% Old Mutual Plc 3,506 11,264 0.04% Prudential Plc 1,164 28,368 0.10% Royal Bank of Scotland Group Plc 9,152 51,332 0.19% RSA Insurance Group Plc 998 6,291 0.02% Standard Chartered Plc 1,963 31,796 0.11% Standard Life Plc 1,542 10,936 0.04% Willis Group Holdings Plc 100 4,824 0.02% 437,073 1.58% Industrial - 0.23% (31st December, 2014: 0.21%) BAE Systems Plc 2,126 15,239 0.06% CNH Industrial NV 1,789 16,500 0.06% Pentair Plc 119 8,056 0.03% Rexam Plc 518 4,548 0.02% Rolls-Royce Holdings Plc 627 8,659 0.03% Rolls-Royce Holdings Plc - ENTITL 178,788 282 0.00% Royal Mail Plc 767 6,239 0.02% Smiths Group Plc 207 3,691 0.01% 63,214 0.23% Utilities - 0.29% (31st December, 2014: 0.32%) Centrica Plc 5,734 23,980 0.09% National Grid Plc 1,988 25,748 0.09% Severn Trent Plc 126 4,183 0.02% SSE Plc 811 19,714 0.07% United Utilities Group Plc 379 5,407 0.02% 79,032 0.29% TOTAL UNITED KINGDOM 1,528,547 5.52%

UNITED STATES - 31.39% (31st December, 2014: 34.00%) Basic Materials - 1.03% (31st December, 2014: 1.04%) Air Products & Chemicals Inc 100 13,753 0.05% Alcoa Inc 900 10,125 0.04% Ashland Inc 31 3,800 0.01% CF Industries Holdings Inc 175 11,055 0.04% Dow Chemical Co/The 700 35,826 0.13% Eastman Chemical Co 100 8,268 0.03% Ecolab Inc 100 11,323 0.04% EI du Pont de Nemours & Co 400 25,552 0.09% Freeport-McMoRan Inc 1,300 24,739 0.09% International Paper Co 300 14,397 0.05% LyondellBasell Industries NV 300 31,041 0.11% MeadWestvaco Corp 100 4,745 0.02% Monsanto Co 130 13,650 0.05% Mosaic Co/The 200 9,258 0.03% Newmont Mining Corp 500 11,610 0.04% Nucor Corp 300 13,419 0.05% PPG Industries Inc 100 11,494 0.04% Praxair Inc 100 11,959 0.04%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

UNITED STATES - 31.39% (31st December, 2014: 34.00%) (continued) Basic Materials - 1.03% (31st December, 2014: 1.04%) (continued) Sherwin-Williams Co/The 18 4,991 0.02% Southern Copper Corp 519 15,606 0.06% 286,611 1.03% Communications - 3.44% (31st December, 2014: 3.84%) Amazon.com Inc 74 32,200 0.12% AT&T Inc 4,800 171,816 0.62% Cablevision Systems Corp 200 4,824 0.02% CBS Corp 200 11,128 0.04% CenturyLink Inc 617 18,306 0.07% Charter Communications Inc 38 6,445 0.02% Cisco Systems Inc 1,700 46,580 0.17% Comcast Corp 900 53,910 0.19% DIRECTV 200 18,648 0.07% Discovery Communications Inc 200 6,202 0.02% DISH Network Corp 200 13,536 0.05% eBay Inc 300 17,862 0.06% Facebook Inc 200 17,240 0.06% Frontier Communications Corp 1,456 7,243 0.03% Gannett Co Inc 50 695 0.00% Google Inc Class A 83 44,970 0.16% Google Inc Class C 100 52,287 0.19% Harris Corp 100 7,720 0.03% Juniper Networks Inc 200 5,218 0.02% Level 3 Communications Inc 100 5,281 0.02% Liberty Interactive Corp 300 8,379 0.03% Liberty Media Corp 200 7,196 0.03% Motorola Solutions Inc 142 8,155 0.03% News Corp 300 4,311 0.01% Nielsen NV 100 4,485 0.02% Omnicom Group Inc 200 13,890 0.05% Priceline Group Inc/The 11 12,448 0.04% Sprint Corp 2,904 13,199 0.05% Symantec Corp 300 6,975 0.02% TEGNA Inc 100 3,172 0.01% Thomson Reuters Corp 500 19,070 0.07% Time Warner Cable Inc 135 23,875 0.09% Time Warner Inc 333 29,111 0.10% T-Mobile US Inc 300 11,781 0.04% Twenty-First Century Fox Inc 600 19,482 0.07% Verizon Communications Inc 3,400 159,426 0.58% Viacom Inc 200 12,858 0.05% Walt Disney Co/The 400 45,556 0.16% Yahoo! Inc 200 7,892 0.03% 953,372 3.44% Consumer Cyclical - 3.71% (31st December, 2014: 4.30%) American Airlines Group Inc 200 8,034 0.03% AutoNation Inc 100 6,300 0.02% AutoZone Inc 16 10,651 0.04% Bed Bath & Beyond Inc 100 6,903 0.02% Best Buy Co Inc 400 13,156 0.05% CarMax Inc 100 6,652 0.02% Carnival Corp 400 19,696 0.07%

154 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

UNITED STATES - 31.39% (31st December, 2014: 34.00%) (continued) Consumer Cyclical - 3.71% (31st December, 2014: 4.30%) (continued) Coach Inc 100 3,472 0.01% Costco Wholesale Corp 300 40,715 0.15% CVS Health Corp 500 52,690 0.19% Darden Restaurants Inc 100 7,147 0.03% Delta Air Lines Inc 400 16,636 0.06% Dollar General Corp 100 7,812 0.03% Dollar Tree Inc 100 7,922 0.03% Family Dollar Stores Inc 100 7,894 0.03% Ford Motor Co 3,300 49,830 0.18% GameStop Corp 100 4,285 0.02% Gap Inc/The 300 11,463 0.04% General Motors Co 1,600 53,472 0.19% Genuine Parts Co 100 8,969 0.03% Goodyear Tire & Rubber Co/The 200 5,970 0.02% Harley-Davidson Inc 100 5,613 0.02% Hilton Worldwide Holdings Inc 300 8,247 0.03% Home Depot Inc/The 400 44,600 0.16% Johnson Controls Inc 300 14,961 0.05% Kohl's Corp 200 12,524 0.04% L Brands Inc 200 17,136 0.06% Las Vegas Sands Corp 200 10,394 0.04% Lowe's Cos Inc 400 27,084 0.10% Macy's Inc 200 13,566 0.05% Marriott International Inc/DE 103 7,629 0.03% Mattel Inc 300 7,719 0.03% McDonald's Corp 400 38,320 0.14% MGM Resorts International 300 5,436 0.02% Mohawk Industries Inc 24 4,560 0.02% NIKE Inc 200 21,632 0.08% Nordstrom Inc 100 7,464 0.03% O'Reilly Automotive Inc 21 4,783 0.02% PACCAR Inc 200 12,748 0.05% Ralph Lauren Corp 32 4,251 0.01% Rite Aid Corp 900 7,524 0.03% Ross Stores Inc 200 9,726 0.03% Royal Caribbean Cruises Ltd 100 7,820 0.03% Southwest Airlines Co 300 10,068 0.04% Staples Inc 700 10,738 0.04% Starbucks Corp 200 10,696 0.04% Starwood Hotels & Resorts Worldwide Inc 100 8,097 0.03% Target Corp 400 32,928 0.12% TJX Cos Inc 200 13,276 0.05% United Continental Holdings Inc 300 16,203 0.06% VF Corp 200 13,934 0.05% Walgreens Boots Alliance Inc 400 33,872 0.12% Wal-Mart Stores Inc 2,800 200,032 0.72% Whirlpool Corp 44 7,660 0.03% WW Grainger Inc 28 6,645 0.02% Wynn Resorts Ltd 100 9,805 0.03% Yum! Brands Inc 100 8,977 0.03% 1,026,337 3.71%

155 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

UNITED STATES - 31.39% (31st December, 2014: 34.00%) (continued) Consumer Non-Cyclical - 5.84% (31st December, 2014: 6.82%) Abbott Laboratories 900 44,397 0.16% AbbVie Inc 300 20,259 0.07% ADT Corp/The 150 5,073 0.02% Aetna Inc 177 22,645 0.08% Allergan Plc 131 39,233 0.14% Altria Group Inc 700 34,153 0.12% AmerisourceBergen Corp 200 21,336 0.08% Amgen Inc 200 30,530 0.11% Anthem Inc 200 32,932 0.12% Aramark 200 6,234 0.02% Archer-Daniels-Midland Co 600 29,388 0.11% Automatic Data Processing Inc 200 16,166 0.06% Baxter International Inc 300 21,285 0.08% Becton Dickinson and Co 115 16,334 0.06% Biogen Idec Inc 28 11,210 0.04% Boston Scientific Corp 400 7,136 0.03% Bristol-Myers Squibb Co 500 33,025 0.12% Brown-Forman Corp 100 10,037 0.04% Bunge Ltd 200 17,708 0.06% Campbell Soup Co 200 9,490 0.03% Cardinal Health Inc 300 25,350 0.09% Celgene Corp 100 11,545 0.04% Centene Corp 100 8,058 0.03% Cigna Corp 100 16,463 0.06% Clorox Co/The 100 10,484 0.04% Coca-Cola Co/The 1,500 58,980 0.21% Coca-Cola Enterprises Inc 200 8,698 0.03% Colgate-Palmolive Co 300 19,710 0.07% ConAgra Foods Inc 300 13,161 0.05% Constellation Brands Inc 43 4,997 0.02% DaVita HealthCare Partners Inc 100 7,981 0.03% Dr Pepper Snapple Group Inc 100 7,324 0.03% Eli Lilly & Co 400 33,600 0.12% Estee Lauder Cos Inc/The 100 8,631 0.03% Express Scripts Holding Co 353 31,527 0.11% General Mills Inc 300 16,821 0.06% Gilead Sciences Inc 200 23,576 0.08% HCA Holdings Inc 300 27,213 0.10% Hershey Co/The 100 8,879 0.03% Hertz Global Holdings Inc 400 7,476 0.03% Hormel Foods Corp 100 5,665 0.02% Humana Inc 100 19,175 0.07% JM Smucker Co/The 100 10,869 0.04% Johnson & Johnson 1,078 105,892 0.38% Kellogg Co 200 12,544 0.04% Kimberly-Clark Corp 200 21,264 0.08% Kraft Foods Group Inc 129 11,181 0.04% Kroger Co/The 400 29,208 0.11% Laboratory Corp of America Holdings 38 4,568 0.02% Manpower Inc 100 8,923 0.03% Mastercard Inc 160 14,910 0.05% McGraw Hill Financial Inc 100 10,138 0.04% McKesson Corp 154 34,713 0.13%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

UNITED STATES - 31.39% (31st December, 2014: 34.00%) (continued) Consumer Non-Cyclical - 5.84% (31st December, 2014: 6.82%) (continued) Merck & Co Inc 1,119 64,096 0.23% Molson Coors Brewing Co 100 7,042 0.03% Mondelez International Inc 889 36,485 0.13% Mylan NV 100 6,784 0.02% PepsiCo Inc 497 46,658 0.17% Pfizer Inc 2,885 96,705 0.35% Philip Morris International Inc 700 56,126 0.20% Procter & Gamble Co/The 1,100 86,537 0.31% Quest Diagnostics Inc 100 7,202 0.03% Reynolds American Inc 258 19,347 0.07% St Jude Medical Inc 100 7,325 0.03% Stryker Corp 100 9,560 0.03% Sysco Corp 400 14,488 0.05% Tyson Foods Inc 300 13,035 0.05% UnitedHealth Group Inc 400 48,536 0.18% Valeant Pharmaceuticals International Inc 20 4,407 0.02% Western Union Co/The 200 4,082 0.01% Whole Foods Market Inc 200 7,956 0.03% Zimmer Holdings Inc 100 10,932 0.04% 1,615,398 5.84% Diversified - 0.02% (31st December, 2014: 0.01%) Leucadia National Corp 200 4,880 0.02% 4,880 0.02% Energy - 4.11% (31st December, 2014: 3.59%) Anadarko Petroleum Corp 300 23,628 0.09% Apache Corp 500 28,740 0.10% Baker Hughes Inc 260 16,003 0.06% Cameron International Corp 100 5,201 0.02% Chesapeake Energy Corp 1,100 12,430 0.04% Chevron Corp 2,000 193,900 0.70% Concho Resources Inc 44 4,981 0.02% ConocoPhillips 1,400 85,918 0.31% CONSOL Energy Inc 200 4,340 0.02% Continental Resources Inc/OK 100 4,233 0.01% Devon Energy Corp 300 17,790 0.06% Diamond Offshore Drilling Inc 300 7,776 0.03% EOG Resources Inc 200 17,346 0.06% EQT Corp 100 8,191 0.03% Exxon Mobil Corp 3,425 285,919 1.03% Halliburton Co 400 17,244 0.06% Helmerich & Payne Inc 100 7,062 0.03% Hess Corp 400 26,768 0.10% HollyFrontier Corp 200 8,496 0.03% Kinder Morgan Inc/DE 400 15,392 0.06% Marathon Oil Corp 900 24,039 0.09% Marathon Petroleum Corp 500 26,070 0.09% Murphy Oil Corp 300 12,447 0.04% National Oilwell Varco Inc 300 14,610 0.05% Noble Energy Inc 200 8,570 0.03%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

UNITED STATES - 31.39% (31st December, 2014: 34.00%) (continued) Energy - 4.11% (31st December, 2014: 3.59%) (continued) Occidental Petroleum Corp 600 46,656 0.17% ONEOK Inc 200 7,884 0.03% Phillips 66 950 76,418 0.28% Pioneer Natural Resources Co 43 5,904 0.02% Schlumberger Ltd 439 37,745 0.14% Southwestern Energy Co 300 6,825 0.02% Spectra Energy Corp 400 12,988 0.05% Tesoro Corp 100 8,570 0.03% Valero Energy Corp 600 37,463 0.14% Whiting Petroleum Corp 100 3,446 0.01% Williams Cos Inc/The 300 17,148 0.06% 1,138,141 4.11% Financial - 5.59% (31st December, 2014: 5.85%) Aflac Inc 300 18,612 0.07% Alleghany Corp 18 8,412 0.03% Allstate Corp/The 300 19,518 0.07% Ally Financial Inc 900 20,205 0.07% American Express Co 400 31,152 0.11% American International Group Inc 1,200 74,376 0.27% Ameriprise Financial Inc 100 12,476 0.04% Assurant Inc 100 6,674 0.02% Bank of America Corp 6,545 110,807 0.40% Bank of New York Mellon Corp/The 500 21,030 0.08% BB&T Corp 400 16,216 0.06% Berkshire Hathaway Inc 1,300 178,256 0.64% BlackRock Inc 66 22,875 0.08% Capital One Financial Corp 300 26,460 0.10% Charles Schwab Corp/The 300 9,726 0.03% Chubb Corp/The 200 18,992 0.07% Cincinnati Financial Corp 100 4,993 0.02% CIT Group Inc 200 9,322 0.03% Citigroup Inc 1,620 89,343 0.32% Citizens Financial Group Inc 400 10,880 0.04% CME Group Inc/IL 200 18,590 0.07% Comerica Inc 100 5,145 0.02% Crown Castle International Corp 100 8,088 0.03% Discover Financial Services 200 11,538 0.04% E*TRADE Financial Corp 100 2,947 0.01% Fifth Third Bancorp 400 8,344 0.03% FNF Group 200 7,334 0.03% Franklin Resources Inc 300 14,769 0.05% Goldman Sachs Group Inc/The 300 62,751 0.23% Hartford Financial Services Group Inc 300 12,447 0.04% Huntington Bancshares Inc/OH 400 4,492 0.02% IntercontinentalExchange Group Inc 51 11,402 0.04% Invesco Ltd 200 7,530 0.03% JPMorgan Chase & Co 2,300 155,526 0.56% KeyCorp 400 6,028 0.02% Lincoln National Corp 200 11,820 0.04% Loews Corp 300 11,535 0.04% M&T Bank Corp 100 12,540 0.05% Marsh & McLennan Cos Inc 200 11,406 0.04%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

UNITED STATES - 31.39% (31st December, 2014: 34.00%) (continued) Financial - 5.59% (31st December, 2014: 5.85%) (continued) MetLife Inc 700 39,081 0.14% Morgan Stanley 1,000 38,660 0.14% Navient Corp 300 5,490 0.02% New York Community Bancorp Inc 300 5,505 0.02% Northern Trust Corp 100 7,663 0.03% PNC Financial Services Group Inc/The 299 28,743 0.10% Principal Financial Group Inc 200 10,256 0.04% Progressive Corp/The 400 11,168 0.04% Prudential Financial Inc 300 26,295 0.09% Regions Financial Corp 700 7,242 0.03% Seritage Growth Properties (Rights), 02/07/15 500 1,610 0.01% State Street Corp 200 15,326 0.06% SunTrust Banks Inc 300 12,896 0.05% Synchrony Financial 500 16,465 0.06% T Rowe Price Group Inc 100 7,796 0.03% TD Ameritrade Holding Corp 200 7,372 0.03% Travelers Cos Inc/The 300 28,857 0.10% Unum Group 200 7,172 0.03% US Bancorp/MN 700 30,492 0.11% Visa Inc 300 20,139 0.07% Voya Financial Inc 200 9,316 0.03% Wells Fargo & Co 1,956 110,279 0.40% WR Berkley Corp 100 5,218 0.02% 1,547,598 5.59% Industrial - 3.12% (31st December, 2014: 3.46%) 3M Co 200 30,903 0.11% AGCO Corp 100 5,576 0.02% Agilent Technologies Inc 200 7,784 0.03% Arrow Electronics Inc 200 11,248 0.04% Avnet Inc 200 8,290 0.03% Boeing Co/The 300 41,736 0.15% Caterpillar Inc 400 34,224 0.13% CH Robinson Worldwide Inc 100 6,239 0.02% Corning Inc 700 13,923 0.05% Crown Holdings Inc 100 5,379 0.02% CSX Corp 400 12,988 0.05% Cummins Inc 100 13,172 0.05% Danaher Corp 200 17,038 0.06% Deere & Co 200 19,072 0.07% Dover Corp 100 7,044 0.03% Eaton Corp Plc 254 17,130 0.06% Emerson Electric Co 400 22,460 0.08% FedEx Corp 100 17,148 0.06% Flextronics International Ltd 800 9,264 0.03% Fluor Corp 200 10,628 0.04% General Dynamics Corp 200 28,376 0.10% General Electric Co 5,700 152,646 0.55% Honeywell International Inc 300 30,735 0.11% Illinois Tool Works Inc 200 18,356 0.07% Ingersoll-Rand Plc 110 7,454 0.03% Jacobs Engineering Group Inc 200 8,164 0.03% L-3 Communications Holdings Inc 100 11,378 0.04%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

UNITED STATES - 31.39% (31st December, 2014: 34.00%) (continued) Industrial - 3.12% (31st December, 2014: 3.46%) (continued) Lockheed Martin Corp 135 25,192 0.09% Norfolk Southern Corp 200 17,406 0.06% Northrop Grumman Corp 100 15,904 0.06% Parker Hannifin Corp 100 11,633 0.04% Precision Castparts Corp 50 10,094 0.04% Raytheon Co 200 19,228 0.07% Republic Services Inc 200 7,832 0.03% Rock-Tenn Co 100 6,093 0.02% Rockwell Automation Inc 40 4,965 0.02% Stanley Black & Decker Inc 127 13,364 0.05% Textron Inc 200 8,960 0.03% Thermo Fisher Scientific Inc 100 13,055 0.05% TransDigm Group Inc 41 9,284 0.03% Tyco International Plc 300 11,538 0.04% Union Pacific Corp 240 22,893 0.08% United Parcel Service Inc 400 39,120 0.14% United Technologies Corp 400 44,812 0.16% Waste Management Inc 300 13,932 0.05% 863,660 3.12% Technology - 2.94% (31st December, 2014: 3.39%) Activision Blizzard Inc 300 7,329 0.03% Adobe Systems Inc 100 8,150 0.03% Analog Devices Inc 100 6,422 0.02% Apple Inc 1,360 170,313 0.62% Applied Materials Inc 500 9,600 0.03% Broadcom Corp 200 10,278 0.04% CA Inc 300 8,742 0.03% Cognizant Technology Solutions Corp 100 6,129 0.02% Computer Sciences Corp 100 6,614 0.02% EMC Corp/MA 700 18,340 0.07% Fidelity National Information Services Inc 100 6,210 0.02% Fiserv Inc 100 8,320 0.03% Hewlett-Packard Co 1,700 50,558 0.18% Intel Corp 2,500 75,975 0.27% International Business Machines Corp 500 81,570 0.29% Intuit Inc 100 10,101 0.04% KLA-Tencor Corp 100 5,604 0.02% Lam Research Corp 100 8,135 0.03% Maxim Integrated Products Inc 200 6,924 0.03% Microchip Technology Inc 100 4,748 0.02% Micron Technology Inc 400 7,508 0.03% Microsoft Corp 3,000 132,510 0.48% NetApp Inc 200 6,306 0.02% NVIDIA Corp 200 4,044 0.01% Oracle Corp 1,000 40,285 0.15% Paychex Inc 200 9,380 0.03% QUALCOMM Inc 500 31,475 0.11% Salesforce.com inc 100 6,997 0.03% SanDisk Corp 100 5,945 0.02% Seagate Technology Plc 200 9,762 0.04% Texas Instruments Inc 300 15,501 0.06% VMware Inc 100 8,600 0.03%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

UNITED STATES - 31.39% (31st December, 2014: 34.00%) (continued) Technology - 2.94% (31st December, 2014: 3.39%) (continued) Western Digital Corp 100 8,104 0.03% Xerox Corp 1,093 11,804 0.04% Xilinx Inc 100 4,403 0.02% 812,686 2.94% Utilities - 1.59% (31st December, 2014: 1.70%) AES Corp/VA 700 9,233 0.03% Alliant Energy Corp 100 5,761 0.02% Ameren Corp 300 11,295 0.04% American Electric Power Co Inc 400 21,232 0.08% American Water Works Co Inc 100 4,883 0.02% Calpine Corp 300 5,409 0.02% CenterPoint Energy Inc 400 7,644 0.03% CMS Energy Corp 200 6,324 0.02% Consolidated Edison Inc 300 17,352 0.06% Dominion Resources Inc/VA 300 20,076 0.07% DTE Energy Co 200 14,930 0.05% Duke Energy Corp 475 33,568 0.12% Edison International 300 16,695 0.06% Entergy Corp 200 14,028 0.05% Eversource Energy 231 10,504 0.04% Exelon Corp 923 29,241 0.11% FirstEnergy Corp 500 16,330 0.06% Integrys Energy Group Inc 100 6,966 0.03% MDU Resources Group Inc 200 3,902 0.01% NextEra Energy Inc 300 29,541 0.11% NiSource Inc 200 9,100 0.03% NRG Energy Inc 400 9,312 0.03% OGE Energy Corp 200 5,728 0.02% Pepco Holdings Inc 200 5,366 0.02% PG&E Corp 400 19,756 0.07% Pinnacle West Capital Corp 100 5,656 0.02% PPL Corp 500 14,730 0.05% Public Service Enterprise Group Inc 400 15,652 0.06% SCANA Corp 100 5,073 0.02% Sempra Energy 130 12,867 0.05% Southern Co/The 700 29,358 0.11% Wisconsin Energy Corp 200 9,088 0.03% Xcel Energy Inc 400 12,876 0.05% 439,476 1.59% TOTAL UNITED STATES 8,688,159 31.39%

TOTAL EQUITIES 26,221,429 94.73%

COLLECTIVE INVESTMENT SCHEMES - 1.15% (31st December, 2014: 0.97%) AUSTRALIA - 0.10% (31st December, 2014: 0.13%) Financial - 0.10% (31st December, 2014: 0.13%) Goodman Group 790 3,822 0.01% GPT Group 1,322 4,365 0.02% Mirvac Group 2,515 3,590 0.01%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

AUSTRALIA - 0.10% (31st December, 2014: 0.13%) (continued) Financial - 0.10% (31st December, 2014: 0.13%) (continued) Scentre Group 3,422 9,900 0.04% Stockland 2,095 6,627 0.02% 28,304 0.10% TOTAL AUSTRALIA 28,304 0.10%

CANADA - 0.03% (31st December, 2014: 0.01%) Financial - 0.03% (31st December, 2014: 0.01%) RioCan Real Estate Investment Trust 300 6,393 0.03% 6,393 0.03% TOTAL CANADA 6,393 0.03%

FRANCE - 0.12% (31st December, 2014: 0.11%) Financial - 0.12% (31st December, 2014: 0.11%) Fonciere Des Regions 45 3,879 0.01% Gecina SA 44 5,505 0.02% ICADE 55 3,990 0.02% Klepierre 83 3,703 0.01% Unibail-Rodamco SE 65 16,756 0.06% 33,833 0.12% TOTAL FRANCE 33,833 0.12%

HONG KONG - 0.03% (31st December, 2014: 0.02%) Financial - 0.03% (31st December, 2014: 0.02%) Link REIT/The 1,500 8,794 0.03% 8,794 0.03% TOTAL HONG KONG 8,794 0.03%

JAPAN - 0.02% (31st December, 2014: 0.01%) Financial - 0.02% (31st December, 2014: 0.01%) Nippon Building Fund Inc 1 4,380 0.02% 4,380 0.02% TOTAL JAPAN 4,380 0.02%

SINGAPORE - 0.01% (31st December, 2014: 0.02%) Financial - 0.01% (31st December, 2014: 0.02%) CapitaMall Trust 2,200 3,515 0.01% 3,515 0.01% TOTAL SINGAPORE 3,515 0.01%

UNITED KINGDOM - 0.07% (31st December, 2014: 0.06%) Financial - 0.07% (31st December, 2014: 0.06%) British Land Co Plc 528 6,654 0.02% Hammerson Plc 478 4,642 0.02%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

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Fair Value % of Security Description Holding USD Sub-Fund

UNITED KINGDOM - 0.07% (31st December, 2014: 0.06%) (continued) Financial - 0.07% (31st December, 2014: 0.06%) (continued) Land Securities Group Plc 457 8,717 0.03% 20,013 0.07% TOTAL UNITED KINGDOM 20,013 0.07%

UNITED STATES - 0.77% (31st December, 2014: 0.60%) Financial - 0.77% (31st December, 2014: 0.60%) American Capital Agency Corp 500 9,360 0.03% American Realty Capital Properties Inc 600 4,986 0.02% American Tower Corp 100 9,373 0.03% Annaly Capital Management Inc 2,100 19,509 0.07% AvalonBay Communities Inc 103 16,507 0.06% Boston Properties Inc 100 12,128 0.04% Digital Realty Trust Inc 100 6,645 0.02% Equity Residential 110 7,764 0.03% General Growth Properties Inc 200 5,162 0.02% HCP Inc 300 11,031 0.04% Health Care REIT Inc 200 13,226 0.05% Host Hotels & Resorts Inc 321 6,279 0.02% Kimco Realty Corp 200 4,540 0.02% Macerich Co/The 100 7,529 0.03% Prologis Inc 235 8,789 0.03% Public Storage 100 18,421 0.07% Realty Income Corp 100 4,466 0.02% Simon Property Group Inc 102 17,641 0.06% Ventas Inc 200 12,504 0.04% Vornado Realty Trust 105 10,014 0.04% Weyerhaeuser Co 221 6,983 0.03% 212,857 0.77% TOTAL UNITED STATES 212,857 0.77%

TOTAL COLLECTIVE INVESTMENT SCHEMES 318,089 1.15%

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NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

FUTURES CONTRACTS - (0.03%) (31st December, 2014: 0.10%)

Unrealised Number of Gain/(Loss) % of Contracts Description Counterparty USD Sub-Fund

5 Mini MSCI EAFE Futures September 15 JP Morgan (5,375) (0.02%) 3 Mini MSCI Emerging Market Futures September 15 JP Morgan 435 0.00% 4 S&P 500 Emini Futures September 15 JP Morgan (3,560) (0.01%)

Total Unrealised (Loss) on Futures Contracts (8,500) (0.03%)

Financials Assets designated at Fair Value through Profit or Loss 26,539,953 95.88% Financials Liabilities designated at Fair Value through Profit or Loss (8,935) (0.03%)

Other assets and liabilities 1,149,940 4.15%

Net assets attributable to holders of redeemable participating shares 27,680,958 100.00%

* Delisted

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

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NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND STATEMENT OF INVESTMENTS As at 30th June, 2015 ______

Fair Value % of Security Description Holding JPY Sub-Fund

EQUITIES - 98.60% (31st December, 2014: 98.91%)

JAPAN - 98.60% (31st December, 2014: 98.91%) Basic Materials - 9.63% (31st December, 2014: 9.56%) ADEKA Corp 465,000 792,907,073 0.18% Arakawa Chemical Industries Ltd 136,600 204,633,553 0.05% Asahi Kasei Corp 4,089,000 4,121,513,311 0.95% Chubu Steel Plate Co Ltd 344,000 185,763,529 0.04% Daicel Corp 2,634,300 4,141,620,675 0.95% DIC Corp 9,819,000 3,012,501,112 0.69% Hitachi Metals Ltd 1,052,000 1,982,142,341 0.45% Kobe Steel Ltd 4,595,000 946,676,016 0.22% Kuraray Co Ltd 651,800 977,759,513 0.22% Kureha Corp 4,135,000 1,996,832,916 0.46% Kyoei Steel Ltd 364,200 826,573,550 0.19% Mitsui Chemicals Inc 8,569,000 3,899,491,531 0.90% Nippon Steel & Sumitomo Metal Corp 19,721,000 6,260,202,785 1.44% NOF Corp 2,124,000 2,088,086,174 0.48% Oji Holdings Corp 1,521,000 810,820,283 0.19% Osaka Steel Co Ltd 367,900 839,526,910 0.19% Sekisui Jushi Corp 217,500 347,430,660 0.08% Shikoku Chemicals Corp 654,000 689,347,709 0.16% Sumitomo Bakelite Co Ltd 1,455,000 809,178,811 0.18% Sumitomo Chemical Co Ltd 2,819,000 2,074,989,404 0.48% Sumitomo Metal Mining Co Ltd 1,075,000 2,003,490,872 0.46% Teijin Ltd 4,400,000 2,094,913,590 0.48% Zeon Corp 718,000 811,401,662 0.19% 41,917,803,980 9.63% Communications - 6.47% (31st December, 2014: 5.89%) Dentsu Inc 525,000 3,329,095,802 0.76% KDDI Corp 1,492,300 4,424,692,580 1.02% Moshi Moshi Hotline Inc 402,400 552,703,855 0.13% Nippon Telegraph & Telephone Corp 2,888,000 12,837,519,952 2.95% NTT DOCOMO Inc 875,800 2,058,452,862 0.47% SBI Holdings Inc/Japan 1,762,600 2,972,245,825 0.68% SKY Perfect JSAT Holdings Inc 3,030,700 1,996,165,745 0.46% 28,170,876,621 6.47% Consumer Cyclical - 29.07% (31st December, 2014: 27.41%) Aisin Seiki Co Ltd 1,611,300 8,416,154,003 1.93% Alpine Electronics Inc 282,800 669,063,172 0.15% Arcland Sakamoto Co Ltd 335,900 930,139,062 0.21% Bridgestone Corp 1,377,700 6,252,101,399 1.44% Citizen Holdings Co Ltd 3,513,700 3,006,713,202 0.69% Daihatsu Motor Co Ltd 348,600 607,655,978 0.14% Denso Corp 328,300 2,005,997,880 0.46% Doutor Nichires Holdings Co Ltd 140,800 302,178,857 0.07% Exedy Corp 670,300 2,054,531,060 0.47% Fuji Heavy Industries Ltd 186,000 840,989,210 0.19% Heiwado Co Ltd 266,600 812,109,242 0.19% Hino Motors Ltd 518,400 787,165,866 0.18% Hitachi High-Technologies Corp 906,800 3,134,694,173 0.72% Honda Motor Co Ltd 515,500 2,049,462,117 0.47%

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NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding JPY Sub-Fund JAPAN - 98.60% (31st December, 2014: 98.91%) (continued) Consumer Cyclical - 29.07% (31st December, 2014: 27.41%) (continued) Isetan Mitsukoshi Holdings Ltd 1,466,100 3,215,426,142 0.74% Isuzu Motors Ltd 1,332,900 2,148,484,006 0.49% J Front Retailing Co Ltd 1,401,000 3,234,221,008 0.74% Japan Airlines Co Ltd 505,700 2,165,534,144 0.50% Koito Manufacturing Co Ltd 862,900 4,132,865,116 0.95% Komatsu Wall Industry Co Ltd 87,400 212,388,371 0.05% K's Holdings Corp 367,800 1,622,111,540 0.37% Marubeni Corp 1,071,900 752,860,863 0.17% Marui Group Co Ltd 536,900 888,132,948 0.21% Matsuya Co Ltd 304,800 703,113,676 0.16% Mazda Motor Corp 1,750,400 4,197,954,500 0.97% Mitsubishi Corp 2,326,100 6,262,368,411 1.44% Mitsubishi Motors Corp 829,600 864,510,627 0.20% Mitsui & Co Ltd 499,000 829,667,970 0.19% Namco Bandai Holdings Inc 841,100 1,994,943,427 0.46% NGK Insulators Ltd 324,000 1,024,556,795 0.24% NGK Spark Plug Co Ltd 912,100 3,104,658,476 0.71% Nintendo Co Ltd 98,800 2,022,735,321 0.47% Nissan Motor Co Ltd 655,200 838,008,941 0.19% Panasonic Corp 1,181,200 1,991,141,352 0.46% Press Kogyo Co Ltd 1,102,000 631,533,771 0.15% Saizeriya Co Ltd 324,900 882,841,575 0.20% Sekisui House Ltd 430,200 838,387,027 0.19% Shimachu Co Ltd 224,600 794,617,128 0.18% Shinmaywa Industries Ltd 907,000 1,016,860,876 0.23% Sony Corp 1,091,100 3,777,371,408 0.87% St Marc Holdings Co Ltd 151,300 610,739,582 0.14% Sumitomo Corp 1,192,200 1,697,852,383 0.39% Sumitomo Electric Industries Ltd 4,830,000 9,179,249,906 2.11% Sumitomo Rubber Industries Ltd 428,300 813,680,266 0.19% Suzuki Motor Corp 173,700 720,203,139 0.17% Tokai Corp/Gifu 41,600 184,757,615 0.04% Toray Industries Inc 6,438,000 6,667,175,656 1.53% Toyota Industries Corp 291,700 2,041,779,201 0.47% Toyota Motor Corp 2,303,900 18,944,872,704 4.35% Toyota Tsusho Corp 322,400 1,061,586,615 0.25% Xebio Co Ltd 400,400 957,039,255 0.22% Yamaha Corp 649,700 1,609,509,087 0.37% 126,504,696,049 29.07% Consumer Non-Cyclical - 5.87% (31st December, 2014: 5.19%) Ajinomoto Co Inc 652,000 1,733,260,722 0.40% Belc Co Ltd 134,100 512,747,112 0.12% Dai Nippon Printing Co Ltd 784,000 991,468,129 0.23% Fuji Oil Co Ltd/Osaka 362,000 778,986,789 0.18% Kewpie Corp 365,700 949,295,388 0.22% Kyowa Hakko Kirin Co Ltd 1,245,000 1,998,186,254 0.46% MEIJI Holdings Co Ltd 100,300 1,588,570,317 0.37% NH Foods Ltd 255,000 714,433,567 0.16% Nippon Shinyaku Co Ltd 350,000 1,312,715,250 0.30% Recruit Holdings Co Ltd 278,900 1,043,981,138 0.24% Seven & I Holdings Co Ltd 1,594,300 8,386,948,848 1.93% Sohgo Security Services Co Ltd 647,500 3,139,246,667 0.72%

166 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding JPY Sub-Fund JAPAN - 98.60% (31st December, 2014: 98.91%) (continued) Consumer Non-Cyclical - 5.87% (31st December, 2014: 5.19%) (continued) Toppan Printing Co Ltd 1,969,000 2,020,935,730 0.46% Tosho Printing Co Ltd 893,000 368,542,929 0.08% 25,539,318,840 5.87% Energy - 1.19% (31st December, 2014: 1.92%) Inpex Corp 2,226,900 3,099,028,828 0.71% JX Holdings Inc 3,948,640 2,085,838,502 0.48% 5,184,867,330 1.19% Financial - 17.13% (31st December, 2014: 15.25%) Acom Co Ltd 2,006,600 946,699,934 0.22% Century Tokyo Leasing Corp 208,700 828,830,529 0.19% Chiba Bank Ltd/The 4,487,000 4,196,857,859 0.97% Dai-ichi Life Insurance Co Ltd/The 2,199,900 5,312,276,209 1.22% Fukuoka Financial Group Inc 4,826,000 3,074,466,593 0.71% Hiroshima Bank Ltd/The 1,111,000 816,073,984 0.19% Hitachi Capital Corp 643,900 2,090,281,212 0.48% Jaccs Co Ltd 1,283,000 757,429,614 0.17% Mitsubishi UFJ Financial Group Inc 18,844,700 16,634,578,056 3.82% Mitsubishi UFJ Lease & Finance Co Ltd 3,068,700 2,062,534,276 0.47% Mitsui Fudosan Co Ltd 1,194,000 4,104,191,259 0.94% Mizuho Financial Group Inc 15,428,100 4,099,648,843 0.94% MS&AD Insurance Group Holdings Inc 524,500 2,004,640,308 0.46% ORIX Corp 1,097,900 2,005,961,479 0.46% Resona Holdings Inc 1,443,000 967,325,285 0.22% Ricoh Leasing Co Ltd 193,000 726,217,334 0.17% Sompo Japan Nipponkoa Holdings Inc 689,800 3,098,574,408 0.71% Sony Financial Holdings Inc 361,300 777,661,893 0.18% Starts Corp Inc 491,600 940,490,545 0.22% Sumitomo Mitsui Financial Group Inc 563,600 3,086,620,886 0.71% Sumitomo Mitsui Trust Holdings Inc 7,677,000 4,317,231,294 0.99% T&D Holdings Inc 1,678,000 3,071,356,371 0.71% Tokio Marine Holdings Inc 1,684,300 8,610,222,517 1.98% 74,530,170,688 17.13% Industrial - 21.07% (31st December, 2014: 25.27%) Alps Electric Co Ltd 221,700 840,394,055 0.19% Bunka Shutter Co Ltd 1,438,400 1,391,388,281 0.32% Daifuku Co Ltd 372,900 705,350,700 0.16% Ebara Corp 3,402,000 2,017,577,652 0.46% Hamamatsu Photonics KK 174,000 629,811,481 0.14% Hitachi Ltd 9,041,000 7,311,369,292 1.68% Icom Inc 62,500 193,090,921 0.04% JSP Corp 275,900 544,389,349 0.13% Kajima Corp 3,558,000 2,049,992,846 0.47% Kinden Corp 633,000 1,024,896,688 0.24% Komori Corp 1,042,000 1,733,102,461 0.40% Konica Minolta Inc 726,200 1,040,013,488 0.24% LIXIL Group Corp 337,700 820,688,137 0.19% Mabuchi Motor Co Ltd 411,300 3,191,312,417 0.73% Makino Milling Machine Co Ltd 1,575,000 1,949,945,020 0.45% Maruwa Co Ltd/Aichi 79,900 206,951,554 0.05% Mitsubishi Electric Corp 2,573,000 4,070,795,357 0.94% Mitsubishi Heavy Industries Ltd 11,266,000 8,411,846,955 1.93%

167 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding JPY Sub-Fund JAPAN - 98.60% (31st December, 2014: 98.91%) (continued) Industrial - 21.07% (31st December, 2014: 25.27%) (continued) Modec Inc 135,300 254,104,580 0.06% Murata Manufacturing Co Ltd 46,700 1,000,359,897 0.23% Nabtesco Corp 188,500 578,734,930 0.13% NEC Corp 8,505,000 3,162,905,765 0.73% Nichias Corp 876,000 664,919,904 0.15% Nidec Corp 100,800 925,627,006 0.21% Nippo Corp 402,000 843,479,496 0.19% Nippon Express Co Ltd 6,597,000 3,981,044,487 0.92% Nippon Hume Corp 160,600 134,270,461 0.03% Nippon Yusen KK 9,039,000 3,088,078,311 0.71% Noritz Corp 261,800 604,532,470 0.14% NSK Ltd 3,151,700 5,960,591,803 1.37% Obayashi Corp 2,404,000 2,151,509,926 0.49% Oiles Corp 477,000 1,108,572,388 0.25% Penta-Ocean Construction Co Ltd 7,329,100 3,708,791,614 0.85% Rengo Co Ltd 825,000 418,318,082 0.10% Sankyo Tateyama Inc 410,600 850,115,970 0.20% Sanwa Holdings Corp 1,111,900 1,148,736,152 0.26% Seino Holdings Co Ltd 2,202,300 3,028,384,316 0.70% Shimizu Corp 777,000 802,696,384 0.18% Taisei Corp 4,355,000 3,068,380,044 0.71% Takara Standard Co Ltd 574,000 497,696,320 0.11% Takasago Thermal Engineering Co Ltd 459,400 683,830,984 0.16% Toshiba Corp 10,034,000 4,224,225,289 0.97% Toshiba Machine Co Ltd 2,966,000 1,664,072,425 0.38% Toyo Tanso Co Ltd 252,900 516,492,022 0.12% Tsubakimoto Chain Co 3,420,000 4,101,227,450 0.94% UACJ Corp 6,391,000 1,981,433,877 0.46% Yaskawa Electric Corp 405,100 637,075,712 0.15% Yokogawa Electric Corp 657,000 1,036,892,539 0.24% Yusen Logistics Co Ltd 511,700 727,193,323 0.17% 91,687,210,581 21.07% Technology - 6.76% (31st December, 2014: 6.91%) Fuji Soft Inc 631,000 1,573,263,905 0.36% Fujitsu Ltd 2,928,000 2,004,354,043 0.46% IT Holdings Corp 839,900 2,187,460,471 0.50% NEC Networks & System Integration Corp 248,600 666,445,546 0.15% NS Solutions Corp 513,700 2,080,674,324 0.48% NTT Data Corp 309,100 1,657,318,146 0.38% OBIC Business Consultants Ltd 252,600 1,164,538,402 0.27% Ricoh Co Ltd 573,500 730,809,719 0.17% Rohm Co Ltd 251,200 2,069,487,738 0.48% Sanken Electric Co Ltd 1,273,000 963,800,731 0.22% SCSK Corp 1,158,500 4,327,339,333 1.00% Seiko Epson Corp 919,000 1,995,324,573 0.46% Shindengen Electric Manufacturing Co Ltd 1,166,000 714,794,453 0.16% TDK Corp 558,500 5,233,950,904 1.20% Transcosmos Inc 432,500 1,410,105,095 0.32% Zuken Inc 542,200 660,772,622 0.15% 29,440,440,005 6.76%

168 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding JPY Sub-Fund JAPAN - 98.60% (31st December, 2014: 98.91%) (continued) Utilities - 1.41% (31st December, 2014: 1.51%) Chubu Electric Power Co Inc 1,127,300 2,056,939,845 0.47% Electric Power Development Co Ltd 945,800 4,097,890,785 0.94% 6,154,830,630 1.41% TOTAL JAPAN 429,130,214,724 98.60%

TOTAL EQUITIES 429,130,214,724 98.60%

HEDGE SHARE CLASS FORWARD FOREIGN CURRENCY CONTRACTS (0.43%) (31st December, 2014: 0.34%) Amount Amount Unrealised Currency CurrencyCurrency Currency Maturity (Loss) % of Bought Bought Sold Sold Counterparty Date JPY Sub-Fund

Brown Brothers Harriman EUR 373,717,636 JPY51,313,395,701 & Co. 29/01/2015 (498,432,821) (0.11%) Brown Brothers Harriman EUR 319,336,314 JPY43,846,554,245 & Co. 29/01/2015 (417,589,661) (0.09%) Brown Brothers Harriman GBP 17,780,989 JPY 3,428,008,067 & Co. 29/01/2015 (40,811,310) (0.01%) Brown Brothers Harriman USD 596,782 JPY 72,999,760 & Co. 29/01/2015 (874,254) 0.00% Brown Brothers Harriman GBP 49,630 JPY 9,568,227 & Co. 29/01/2015 (113,847) 0.00% Brown Brothers Harriman USD 111,105,608 JPY13,590,689,885 & Co. 29/01/2015 (162,452,294) (0.04%) Brown Brothers Harriman USD 525,326,819 JPY64,259,167,645 & Co. 29/01/2015 (767,625,188) (0.18%)

Total Unrealised (Loss) on Hedge Share Class Forward Foreign Currency Contracts (1,887,899,375) (0.43%)

Financials Assets designated at Fair Value through Profit or Loss 429,130,214,724 98.60% Financials Liabilities designated at Fair Value through Profit or Loss (1,887,899,375) (0.43%)

Other assets and liabilities 7,970,470,419 1.83%

Net assets attributable to holders of redeemable participating shares 435,212,785,768 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

169 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund BONDS - 95.55% (31st December, 2014: 98.10%)

AUSTRALIA - 0.15% (31st December, 2014: 0.28%) Basic Materials - 0.10% (31st December, 2014: 0.20%) FMG Resources August 2006 Pty Ltd, 8.250%, 01/11/19 144A 2,725,000 2,325,106 0.09% St Barbara Ltd, 8.875%, 15/04/18 144A 250,000 237,500 0.01% 2,562,606 0.10% Industrial - 0.05% (31st December, 2014: 0.08%) Emeco Pty Ltd, 9.875%, 15/03/19 144A 600,000 438,000 0.02% Transfield Services Ltd, 8.375%, 15/05/20 144A 625,000 665,625 0.03% 1,103,625 0.05% TOTAL AUSTRALIA 3,666,231 0.15%

AUSTRIA - 0.18% (31st December, 2014: 0.31%) Consumer Non-Cyclical - 0.18% (31st December, 2014: 0.31%) JBS Investments GmbH, 7.250%, 03/04/24 144A 1,600,000 1,653,120 0.07% JBS Investments GmbH, 7.750%, 28/10/20 144A 2,550,000 2,776,313 0.11% 4,429,433 0.18% TOTAL AUSTRIA 4,429,433 0.18%

BERMUDA - 1.49% (31st December, 2014: 1.11%) Communications - 0.73% (31st December, 2014: 0.24%) Digicel Group Ltd, 7.125%, 01/04/22 144A 3,400,000 3,230,000 0.13% Digicel Group Ltd, 8.250%, 30/09/20 144A 7,500,000 7,537,500 0.31% Digicel Ltd, 6.000%, 15/04/21 144A 1,150,000 1,121,250 0.05% Digicel Ltd, 6.750%, 01/03/23 144A 6,100,000 5,947,500 0.24% 17,836,250 0.73% Consumer Cyclical - 0.39% (31st December, 2014: 0.53%) NCL Corp Ltd, 5.250%, 15/11/19 144A 6,525,000 6,716,639 0.28% Viking Cruises Ltd, 6.250%, 15/05/25 144A 1,725,000 1,694,813 0.07% Viking Cruises Ltd, 8.500%, 15/10/22 144A 975,000 1,072,500 0.04% 9,483,952 0.39% Energy - 0.12% (31st December, 2014: 0.00%) Kosmos Energy Ltd, 7.875%, 01/08/21 144A 3,000,000 2,902,500 0.12% 2,902,500 0.12% Financial - 0.25% (31st December, 2014: 0.34%) Aircastle Ltd, 4.625%, 15/12/18 350,000 360,045 0.01% Aircastle Ltd, 5.125%, 15/03/21 1,200,000 1,213,500 0.05% Aircastle Ltd, 6.250%, 01/12/19 1,150,000 1,244,875 0.05% Fly Leasing Ltd, 6.750%, 15/12/20 3,220,000 3,348,800 0.14% 6,167,220 0.25% TOTAL BERMUDA 36,389,922 1.49%

CANADA - 4.31% (31st December, 2014: 3.18%) Basic Materials - 1.09% (31st December, 2014: 0.86%) AuRico Gold Inc, 7.750%, 01/04/20 144A 1,650,000 1,658,250 0.07% Cascades Inc, 5.750%, 15/07/23 144A 2,825,000 2,726,125 0.11% First Quantum Minerals Ltd, 6.750%, 15/02/20 144A 1,525,000 1,471,777 0.06%

170 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund CANADA - 4.31% (31st December, 2014: 3.18%) (continued) Basic Materials - 1.09% (31st December, 2014: 0.86%) (continued) First Quantum Minerals Ltd, 7.000%, 15/02/21 144A 875,000 840,000 0.04% First Quantum Minerals Ltd, 7.250%, 15/10/19 144A 7,145,000 7,127,137 0.29% First Quantum Minerals Ltd, 7.250%, 15/05/22 144A 3,605,000 3,442,775 0.14% IAMGOLD Corp, 6.750%, 01/10/20 144A 375,000 314,063 0.01% Kissner Milling Co Ltd, 7.250%, 01/06/19 144A 7,815,000 7,951,763 0.33% Lundin Mining Corp, 7.875%, 01/11/22 144A 400,000 428,000 0.02% Millar Western Forest Products Ltd, 8.500%, 01/04/21 325,000 315,250 0.01% Thompson Creek Metals Co Inc, 7.375%, 01/06/18 325,000 266,500 0.01% Thompson Creek Metals Co Inc, 12.500%, 01/05/19 75,000 69,375 0.00% 26,611,015 1.09% Communications - 0.39% (31st December, 2014: 0.50%) MDC Partners Inc, 6.750%, 01/04/20 144A 525,000 521,062 0.02% MPL 2 Acquisition Canco Inc, 9.875%, 15/08/18 144A 5,336,000 5,622,810 0.23% Nortel Networks Ltd, 10.750%, 15/07/16* 2,075,000 1,883,063 0.08% Quebecor Media Inc, 5.750%, 15/01/23 1,600,000 1,606,000 0.06% 9,632,935 0.39% Consumer Cyclical - 0.99% (31st December, 2014: 0.96%) 1011778 BC ULC/New Red Finance Inc, 4.625%, 15/01/22 144A 7,350,000 7,184,625 0.29% 1011778 BC ULC/New Red Finance Inc, 6.000%, 01/04/22 144A 3,450,000 3,544,875 0.15% Air Canada 2013-1 Class B Pass Through Trust, 5.375%, 15/05/21 144A 66,357 69,011 0.00% Air Canada, 6.750%, 01/10/19 144A 350,000 370,125 0.02% Air Canada, 7.750%, 15/04/21 144A 5,625,000 5,990,625 0.24% Air Canada, 8.750%, 01/04/20 144A 1,475,000 1,631,719 0.07% Brookfield Residential Properties Inc, 6.375%, 15/05/25 144A 2,600,000 2,564,250 0.11% Brookfield Residential Properties Inc, 6.500%, 15/12/20 144A 325,000 327,438 0.01% Garda World Security Corp, 7.250%, 15/11/21 144A 1,625,000 1,576,250 0.06% Valeant Pharmaceuticals International Inc, 6.750%, 15/08/18 144A 858,000 898,755 0.04% 24,157,673 0.99% Consumer Non-Cyclical - 0.80% (31st December, 2014: 0.36%) Catamaran Corp, 4.750%, 15/03/21 950,000 1,052,125 0.04% Concordia Healthcare Corp, 7.000%, 15/04/23 144A 5,600,000 5,607,000 0.23% Garda World Security Corp, 7.250%, 15/11/21 144A 1,925,000 1,867,250 0.08% Valeant Pharmaceuticals International Inc, 5.375%, 15/03/20 144A 7,225,000 7,414,656 0.30% Valeant Pharmaceuticals International Inc, 5.875%, 15/05/23 144A 3,575,000 3,664,375 0.15% 19,605,406 0.80% Energy - 0.68% (31st December, 2014: 0.29%) Gibson Energy Inc, 6.750%, 15/07/21 144A 575,000 591,531 0.02% Ithaca Energy Inc, 8.125%, 01/07/19 144A 1,400,000 1,218,000 0.05% MEG Energy Corp, 6.375%, 30/01/23 144A 875,000 813,750 0.03% MEG Energy Corp, 6.500%, 15/03/21 144A 1,300,000 1,261,000 0.05% MEG Energy Corp, 7.000%, 31/03/24 144A 8,325,000 7,950,375 0.32% Paramount Resources Ltd, 6.875%, 30/06/23 144A 2,675,000 2,678,344 0.11% Precision Drilling Corp, 5.250%, 15/11/24 475,000 406,125 0.02% Sanjel Corp, 7.500%, 19/06/19 144A 2,500,000 1,831,250 0.08% 16,750,375 0.68% Financial - 0.01% (31st December, 2014: 0.02%) Mattamy Group Corp, 6.500%, 15/11/20 144A 250,000 241,250 0.01% 241,250 0.01%

171 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund CANADA - 4.31% (31st December, 2014: 3.18%) (continued) Industrial - 0.35% (31st December, 2014: 0.19%) Bombardier Inc, 7.500%, 15/03/25 144A 5,775,000 5,262,584 0.22% Norbord Inc, 6.250%, 15/04/23 144A 1,025,000 1,040,375 0.04% Novelis Inc/GA, 8.750%, 15/12/20 1,150,000 1,214,688 0.05% Tervita Corp, 8.000%, 15/11/18 144A 350,000 318,500 0.01% Tervita Corp, 10.875%, 15/02/18 144A 1,075,000 736,375 0.03% 8,572,522 0.35% TOTAL CANADA 105,571,176 4.31%

CAYMAN ISLANDS - 1.24% (31st December, 2014: 0.31%) Communications - 0.22% (31st December, 2014: 0.00%) UPCB Finance IV Ltd, 5.375%, 15/01/25 144A 5,600,000 5,334,000 0.22% 5,334,000 0.22% Consumer Cyclical - 0.18% (31st December, 2014: 0.14%) Nexteer Automotive Group Ltd, 5.875%, 15/11/21 144A 1,000,000 1,010,000 0.04% Wynn Macau Ltd, 5.250%, 15/10/21 144A 3,606,000 3,407,670 0.14% 4,417,670 0.18% Energy - 0.81% (31st December, 2014: 0.11%) Offshore Group Investment Ltd, 7.500%, 01/11/19 2,350,000 1,432,043 0.06% Shelf Drilling Holdings Ltd, 8.625%, 01/11/18 144A 1,875,000 1,668,750 0.07% Transocean Inc, 5.550%, 15/12/16 1,375,000 1,417,625 0.05% Transocean Inc, 6.000%, 15/03/18 2,000,000 2,010,000 0.08% Transocean Inc, 6.500%, 15/11/20 6,950,000 6,359,250 0.26% Transocean Inc, 6.875%, 15/12/21 6,000,000 5,370,000 0.22% Transocean Inc, 7.500%, 15/04/31 2,125,000 1,684,063 0.07% 19,941,731 0.81% Technology - 0.03% (31st December, 2014: 0.06%) BCP Singapore VI Cayman Financing Co LTD, 8.000%, 15/04/21 144A 750,000 754,687 0.03% 754,687 0.03% TOTAL CAYMAN ISLANDS 30,448,088 1.24%

FRANCE - 0.92% (31st December, 2014: 0.81%) Communications - 0.84% (31st December, 2014: 0.54%) Numericable Group SA, 4.875%, 15/05/19 144A 1,681,000 1,655,785 0.07% Numericable Group SA, 6.000%, 15/05/22 144A 19,200,000 18,912,000 0.77% 20,567,785 0.84% Consumer Cyclical - 0.03% (31st December, 2014: 0.04%) Rexel SA, 5.250%, 15/06/20 144A 600,000 624,000 0.03% 624,000 0.03% Consumer Non-Cyclical - 0.01% (31st December, 2014: 0.01%) Novasep Holding SAS, 8.000%, 15/12/16 144A 194,000 185,755 0.01% 185,755 0.01% Energy - 0.02% (31st December, 2014: 0.04%) CGG SA, 6.500%, 01/06/21 625,000 515,625 0.02% 515,625 0.02% Financial - 0.02% (31st December, 2014: 0.04%) Credit Agricole SA, 7.875%, 29/01/49 144A 200,000 206,348 0.01%

172 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund FRANCE - 0.92% (31st December, 2014: 0.81%) (continued) Financial - 0.02% (31st December, 2014: 0.04%) (continued) Societe Generale SA, 6.000%, 27/10/49 200,000 187,000 0.01% Societe Generale SA, 6.000%, 27/10/49 144A 200,000 187,000 0.00% 580,348 0.02% TOTAL FRANCE 22,473,513 0.92%

GERMANY - 0.24% (31st December, 2014: 0.43%) Communications - 0.17% (31st December, 2014: 0.30%) Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH, 5.000%, 15/01/25 144A 1,100,000 1,086,250 0.05% Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH, 5.500%, 15/01/23 144A 525,000 532,875 0.02% Unitymedia KabelBW GmbH, 6.125%, 15/01/25 144A 2,400,000 2,502,000 0.10% 4,121,125 0.17% Financial - 0.07% (31st December, 2014: 0.12%) Commerzbank AG, 8.125%, 19/09/23 144A 1,400,000 1,629,096 0.07% 1,629,096 0.07% Industrial - 0.00% (31st December, 2014: 0.01%) Hapag-Lloyd AG, 9.750%, 15/10/17 144A 150,000 152,250 0.00% 152,250 0.00% TOTAL GERMANY 5,902,471 0.24%

IRELAND - 0.58% (31st December, 2014: 0.71%) Consumer Non-Cyclical - 0.09% (31st December, 2014: 0.09%) Grifols Worldwide Operations Ltd, 5.250%, 01/04/22 2,080,000 2,085,200 0.09% 2,085,200 0.09% Diversified - 0.04% (31st December, 2014: 0.00%) James Hardie International Finance Ltd, 5.875%, 15/02/23 144A 1,000,000 1,030,000 0.04% 1,030,000 0.04% Financial - 0.03% (31st December, 2014: 0.06%) AerCap Ireland Capital Ltd/AerCap Global Aviation Trust, 3.750%, 15/05/19 144A 750,000 742,500 0.03% 742,500 0.03% Industrial - 0.42% (31st December, 2014: 0.56%) Ardagh Packaging Finance Plc/Ardagh Holdings USA Inc, 3.286%, 15/12/19 144A (FRN) 2,400,000 2,334,000 0.10% Ardagh Packaging Finance Plc/Ardagh Holdings USA Inc, 6.000%, 30/06/21 144A 800,000 798,000 0.03% Ardagh Packaging Finance Plc/Ardagh Holdings USA Inc, 6.250%, 31/01/19 144A 5,775,000 5,861,625 0.24% Ardagh Packaging Finance Plc/Ardagh Holdings USA Inc, 6.750%, 31/01/21 144A 1,000,000 1,020,000 0.04% Ardagh Packaging Finance Plc/Ardagh Holdings USA Inc, 7.000%, 15/11/20 144A 269,118 274,500 0.01% 10,288,125 0.42% TOTAL IRELAND 14,145,825 0.58%

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NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund ISRAEL - 0.09% (31st December, 2014: 0.16%) Communications - 0.09% (31st December, 2014: 0.16%) B Communications Ltd, 7.375%, 15/02/21 144A 2,125,000 2,279,062 0.09% 2,279,062 0.09% TOTAL ISRAEL 2,279,062 0.09%

ITALY - 0.01% (31st December, 2014: 0.23%) Communications - 0.01% (31st December, 2014: 0.23%) Telecom Italia SpA, 5.303%, 30/05/24 144A 200,000 199,250 0.01% 199,250 0.01% TOTAL ITALY 199,250 0.01%

LUXEMBOURG - 4.12% (31st December, 2014: 3.58%) Basic Materials - 0.50% (31st December, 2014: 0.94%) ArcelorMittal, 5.750%, 05/08/20 2,275,000 2,397,281 0.10% ArcelorMittal, 6.250%, 01/03/21 2,100,000 2,186,625 0.09% ArcelorMittal, 7.750%, 15/10/39 6,125,000 6,079,063 0.25% INEOS Group Holdings SA, 5.875%, 15/02/19 144A 200,000 201,500 0.01% INEOS Group Holdings SA, 6.125%, 15/08/18 144A 1,375,000 1,402,500 0.05% 12,266,969 0.50% Communications - 2.22% (31st December, 2014: 0.77%) Altice Finco SA, 7.625%, 15/02/25 144A 6,200,000 5,983,000 0.24% Altice SA, 7.625%, 15/02/25 144A 16,600,000 15,562,500 0.64% Altice SA, 7.750%, 15/05/22 144A 1,600,000 1,536,000 0.06% Intelsat Jackson Holdings SA, 7.250%, 01/04/19 1,775,000 1,794,969 0.07% Intelsat Jackson Holdings SA, 7.500%, 01/04/21 11,000,000 10,848,750 0.44% Intelsat Luxembourg SA, 6.750%, 01/06/18 1,175,000 1,116,250 0.05% Intelsat Luxembourg SA, 8.125%, 01/06/23 2,225,000 1,830,062 0.08% NII International Telecom SCA, 7.875%, 15/08/19 144A* 3,875,000 3,410,000 0.14% NII International Telecom SCA, 11.375%, 15/08/19 144A* 6,550,000 5,895,000 0.24% Wind Acquisition Finance SA, 7.375%, 23/04/21 144A 6,400,000 6,448,000 0.26% 54,424,531 2.22% Consumer Cyclical - 0.18% (31st December, 2014: 0.09%) Capsugel SA, 7.000%, 15/05/19 144A 4,200,000 4,273,983 0.18% 4,273,983 0.18% Consumer Non-Cyclical - 0.17% (31st December, 2014: 0.17%) Albea Beauty Holdings SA, 8.375%, 01/11/19 144A 425,000 456,875 0.02% Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 4.875%, 15/04/20 144A 825,000 838,406 0.03% Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.500%, 15/04/25 144A 3,050,000 2,966,125 0.12% 4,261,406 0.17% Diversified - 0.18% (31st December, 2014: 0.31%) Nielsen Co Luxembourg SARL/The, 5.500%, 01/10/21 144A 4,300,000 4,316,125 0.18% 4,316,125 0.18% Energy - 0.10% (31st December, 2014: 0.04%) CHC Helicopter SA, 9.375%, 01/06/21 292,500 198,900 0.01% ContourGlobal Power Holdings SA, 7.125%, 01/06/19 144A 200,000 209,500 0.01%

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NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund LUXEMBOURG - 4.12% (31st December, 2014: 3.58%) (continued) Energy - 0.10% (31st December, 2014: 0.04%) (continued) Gazprom OAO Via Gaz Capital SA, 6.510%, 07/03/22 144A 2,000,000 2,005,000 0.08% 2,413,400 0.10% Financial - 0.11% (31st December, 2014: 0.19%) Consolidated Energy Finance SA, 6.750%, 15/10/19 144A 2,600,000 2,639,000 0.11% 2,639,000 0.11% Industrial - 0.66% (31st December, 2014: 1.07%) Aguila 3 SA, 7.875%, 31/01/18 144A 425,000 420,750 0.02% Ardagh Finance Holdings SA, 8.625%, 15/06/19 144A 7,364,316 7,622,067 0.31% Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Is, 5.625%, 15/12/16 144A 1,675,000 1,666,625 0.07% Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Is, 6.000%, 15/06/17 144A 2,100,000 2,089,500 0.08% Coveris Holdings SA, 7.875%, 01/11/19 144A 1,725,000 1,716,375 0.07% Topaz Marine SA, 8.625%, 01/11/18 144A 1,300,000 1,282,125 0.05% Trinseo Materials Operating SCA/Trinseo Materials Finance Inc, 6.750%, 01/05/22 144A 1,400,000 1,428,000 0.06% 16,225,442 0.66% TOTAL LUXEMBOURG 100,820,856 4.12%

MARSHALL ISLAND - 0.27% (31st December, 2014: 0.49%) Industrial - 0.27% (31st December, 2014: 0.49%) Global Ship Lease Inc, 10.000%, 01/04/19 144A 800,000 838,000 0.03% Navios Maritime Holdings, Inc/Navios Maritime Finance II US Inc, 7.375%, 15/01/22 144A 225,000 192,375 0.01% Navios Maritime Holdings Inc/Navios Maritime Finance II US Inc, 8.125%, 15/02/19 750,000 585,000 0.02% Navios South American Logistics, Inc/Navios Logistics Finance US Inc, 7.250%, 01/05/22 144A 425,000 405,875 0.02% Teekay Offshore Partners LP/Teekay Offshore Finance Corp, 6.000%, 30/07/19 5,100,000 4,590,000 0.19% 6,611,250 0.27% TOTAL MARSHALL ISLAND 6,611,250 0.27%

MEXICO - 0.12% (31st December, 2014: 0.07%) Industrial - 0.12% (31st December, 2014: 0.07%) Cemex SAB de CV, 5.700%, 11/01/25 144A 1,000,000 954,700 0.04% Cemex SAB de CV, 6.125%, 05/05/25 144A 2,100,000 2,068,500 0.08% Corp GEO SAB de CV, 8.875%, 27/03/22 144A* 200,000 4,000 0.00% 3,027,200 0.12% TOTAL MEXICO 3,027,200 0.12%

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NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund MULTINATIONAL - 0.12% (31st December, 2014: 0.22%) Industrial - 0.12% (31st December, 2014: 0.22%) Navios Maritime Acquisition Corp/Navios Acquisition Finance US Inc, 8.125%, 15/11/21 144A 3,025,000 2,964,500 0.12% 2,964,500 0.12% TOTAL MULTINATIONAL 2,964,500 0.12%

NETHERLANDS - 1.22% (31st December, 2014: 1.53%) Communications - 0.08% (31st December, 2014: 0.07%) VTR Finance BV, 6.875%, 15/01/24 144A 1,000,000 1,026,500 0.04% Ziggo Bond Finance BV, 5.875%, 15/01/25 144A 1,000,000 992,500 0.04% 2,019,000 0.08% Consumer Cyclical - 0.26% (31st December, 2014: 0.67%) Schaeffler Finance BV, 4.250%, 15/05/21 144A 700,000 682,500 0.03% Schaeffler Finance BV, 4.750%, 15/05/21 144A 1,500,000 1,507,500 0.06% Schaeffler Holding Finance BV, 6.250%, 15/11/19 144A 3,900,000 4,104,750 0.17% 6,294,750 0.26% Consumer Non-Cyclical - 0.23% (31st December, 2014: 0.01%) JLL/Delta Dutch Pledgeco BV, 8.750%, 01/05/20 144A 5,425,000 5,506,375 0.22% Marfrig Holding Europe BV, 6.875%, 24/06/19 144A 200,000 190,600 0.01% 5,696,975 0.23% Industrial - 0.11% (31st December, 2014: 0.20%) Constellium NV, 5.750%, 15/05/24 144A 500,000 445,000 0.02% Constellium NV, 8.000%, 15/01/23 144A 750,000 761,250 0.03% syncreon Group BV/syncreon Global Finance US Inc, 8.625%, 01/11/21 144A 1,925,000 1,458,187 0.06% 2,664,437 0.11% Technology - 0.50% (31st December, 2014: 0.51%) NXP BV/NXP Funding LLC, 3.750%, 01/06/18 144A 12,225,000 12,316,688 0.50% 12,316,688 0.50% Utilities - 0.04% (31st December, 2014: 0.07%) InterGen NV, 7.000%, 30/06/23 144A 800,000 712,000 0.03% LBC Tank Terminals Holding Netherlands BV, 6.875%, 15/05/23 144A 200,000 206,500 0.01% 918,500 0.04% TOTAL NETHERLANDS 29,910,350 1.22%

SWEDEN - 0.03% (31st December, 2014: 0.06%) Basic Materials - 0.03% (31st December, 2014: 0.02%) Perstorp Holding AB, 8.750%, 15/05/17 144A 625,000 650,000 0.03% 650,000 0.03% TOTAL SWEDEN 650,000 0.03%

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NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund SWITZERLAND - 0.15% (31st December, 2014: 0.13%) Financial - 0.15% (31st December, 2014: 0.13%) Credit Suisse Group AG, 6.250%, 29/12/49 144A 3,875,000 3,721,937 0.15% 3,721,937 0.15% TOTAL SWITZERLAND 3,721,937 0.15%

UNITED KINGDOM - 2.01% (31st December, 2014: 2.48%) Basic Materials - 0.03% (31st December, 2014: 0.00%) Petra Diamonds US Treasury Plc, 8.250%, 31/05/20 144A 800,000 816,000 0.03% 816,000 0.03% Communications - 0.27% (31st December, 2014: 0.44%) Inmarsat Finance Plc, 4.875%, 15/05/22 144A 1,700,000 1,640,500 0.07% Virgin Media Finance Plc, 5.750%, 15/01/25 144A 2,900,000 2,914,500 0.12% Virgin Media Finance Plc, 6.000%, 15/10/24 144A 240,000 243,900 0.01% Virgin Media Finance Plc, 6.375%, 15/04/23 144A 1,775,000 1,837,125 0.07% 6,636,025 0.27% Consumer Cyclical - 0.75% (31st December, 2014: 0.59%) Algeco Scotsman Global Finance Plc, 10.750%, 15/10/19 144A 7,800,000 6,045,000 0.25% International Game Technology Plc, 5.625%, 15/02/20 144A 2,000,000 1,960,000 0.08% International Game Technology Plc, 6.250%, 15/02/22 144A 3,700,000 3,515,000 0.15% Jaguar Land Rover Automotive Plc, 4.250%, 15/11/19 144A 800,000 810,000 0.03% MU Finance Plc, 8.375%, 01/02/17 144A 5,839,083 5,961,353 0.24% 18,291,353 0.75% Energy - 0.26% (31st December, 2014: 0.30%) Tullow Oil Plc, 6.000%, 01/11/20 144A 2,500,000 2,268,750 0.09% Tullow Oil Plc, 6.250%, 15/04/22 144A 4,575,000 4,048,875 0.17% 6,317,625 0.26% Financial - 0.66% (31st December, 2014: 1.08%) Barclays Bank Plc, 7.625%, 21/11/22 1,850,000 2,115,938 0.09% Barclays Bank Plc, 7.750%, 10/04/23 2,950,000 3,197,062 0.13% Barclays Plc, 8.250%, 29/12/49 6,050,000 6,393,325 0.26% LBG Capital No.1 Plc, 8.000%, 29/12/49 144A 40,000 45,500 0.00% Lloyds Banking Group Plc, 7.500%, 30/04/49 2,800,000 2,884,000 0.12% Royal Bank of Scotland Group Plc, 7.640%, 29/03/49 1,475,000 1,576,038 0.06% 16,211,863 0.66% Utilities - 0.04% (31st December, 2014: 0.07%) Abengoa Yield Plc, 7.000%, 15/11/19 144A 1,000,000 1,032,500 0.04% 1,032,500 0.04% TOTAL UNITED KINGDOM 49,305,366 2.01%

UNITED STATES - 78.30% (31st December, 2014: 82.00%) Basic Materials - 2.50% (31st December, 2014: 3.81%) AK Steel Corp, 7.625%, 15/05/20 800,000 684,000 0.03% AK Steel Corp, 7.625%, 01/10/21 650,000 531,375 0.02% AK Steel Corp, 8.375%, 01/04/22 3,125,000 2,562,500 0.10% Aleris International Inc, 7.875%, 01/11/20 350,000 363,125 0.02% Appvion Inc, 9.000%, 01/06/20 144A 800,000 504,000 0.02% Aruba Investments Inc, 8.750%, 15/02/23 144A 4,300,000 4,386,000 0.18%

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NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Basic Materials - 2.50% (31st December, 2014: 3.81%) (continued) Axalta Coating Systems US Holdings Inc/Axalta Coating Systems Dutch Holding B, 7.375%, 01/05/21 144A 200,000 214,000 0.01% Chemours Co/The, 7.000%, 15/05/25 144A 1,950,000 1,886,625 0.08% Coeur Mining Inc, 7.875%, 01/02/21 850,000 724,625 0.03% Commercial Metals Co, 4.875%, 15/05/23 1,725,000 1,627,969 0.07% Compass Minerals International Inc, 4.875%, 15/07/24 144A 1,575,000 1,559,250 0.06% Eco Services Operations LLC/Eco Finance Corp, 8.500%, 01/11/22 144A 1,250,000 1,256,250 0.05% Global Brass & Copper Inc, 9.500%, 01/06/19 725,000 793,875 0.03% Hecla Mining Co, 6.875%, 01/05/21 3,675,000 3,493,087 0.14% Hexion US Finance Corp, 6.625%, 15/04/20 2,525,000 2,316,687 0.09% Hexion US Finance Corp/Hexion Nova Scotia Finance ULC, 8.875%, 01/02/18 2,525,000 2,283,559 0.09% Hexion US Finance Corp/Hexion Nova Scotia Finance ULC, 9.000%, 15/11/20 11,972,000 8,679,700 0.35% Huntsman International LLC, 5.125%, 15/11/22 144A 3,075,000 3,036,562 0.12% Mercer International Inc, 7.000%, 01/12/19 1,075,000 1,128,750 0.05% Mercer International Inc, 7.750%, 01/12/22 1,075,000 1,163,688 0.05% Noranda Aluminum Acquisition Corp, 11.000%, 01/06/19 1,650,000 1,188,000 0.05% Platform Specialty Products Corp, 6.500%, 01/02/22 144A 4,350,000 4,502,250 0.18% Resolute Forest Products Inc, 5.875%, 15/05/23 3,975,000 3,637,125 0.15% Signode Industrial Group Lux SA/Signode Industrial Group US Inc, 6.375%, 01/05/22 144A 1,698,000 1,655,550 0.07% Steel Dynamics Inc, 6.125%, 15/08/19 1,100,000 1,155,000 0.05% Steel Dynamics Inc, 6.375%, 15/08/22 450,000 470,250 0.02% TPC Group Inc, 8.750%, 15/12/20 144A 1,850,000 1,725,125 0.07% Unifrax I LLC/Unifrax Holding Co, 7.500%, 15/02/19 144A 1,925,000 1,939,438 0.08% United States Steel Corp, 6.875%, 01/04/21 675,000 675,000 0.03% Univar Inc, 6.750%, 15/07/23 144A 3,100,000 3,123,250 0.13% Verso Paper Holdings LLC/Verso Paper Inc, 11.750%, 15/01/19 Series* 275,000 163,625 0.01% Verso Paper Holdings LLC/Verso Paper Inc, 11.750%, 15/01/19 Series** 875,000 500,938 0.02% Verso Paper Holdings LLC/Verso Paper Inc, 13.000%, 01/08/20 144A 223,101 49,082 0.00% WR Grace & Co-Conn, 5.125%, 01/10/21 144A 1,250,000 1,265,625 0.05% 61,245,885 2.50% Communications - 15.22% (31st December, 2014: 14.37%) Affinion Investments LLC, 13.500%, 15/08/18 779,500 342,980 0.01% Alcatel-Lucent USA Inc, 6.500%, 15/01/28 675,000 693,562 0.03% Alcatel-Lucent USA Inc, 6.750%, 15/11/20 144A 2,546,000 2,673,300 0.11% Alliance Data Systems Corp, 5.375%, 01/08/22 144A 10,918,000 10,781,525 0.44% AMC Networks Inc, 7.750%, 15/07/21 1,000,000 1,083,750 0.04% Ancestry.com Inc, 9.625%, 15/10/18 144A 3,425,000 3,484,937 0.14% Ancestry.com Inc, 11.000%, 15/12/20 4,865,000 5,509,612 0.23% Avaya Inc, 9.000%, 01/04/19 144A 400,000 410,000 0.02% Avaya Inc, 10.500%, 01/03/21 144A 12,930,000 10,602,600 0.43% Bankrate Inc, 6.125%, 15/08/18 144A 2,227,000 2,160,190 0.09% Blue Coat Holdings Inc, 8.375%, 01/06/23 144A 4,175,000 4,237,625 0.17% Cablevision Systems Corp, 5.875%, 15/09/22 775,000 752,719 0.03% Cablevision Systems Corp, 8.625%, 15/09/17 200,000 218,500 0.01% CCO Holdings LLC/CCO Holdings Capital Corp, 5.375%, 01/05/25 144A 1,800,000 1,741,500 0.07% CCO Holdings LLC/CCO Holdings Capital Corp, 5.875%, 01/05/27 144A 200,000 195,000 0.01% CCO Holdings LLC/CCO Holdings Capital Corp, 6.500%, 30/04/21 7,415,000 7,748,675 0.32% CCO Holdings LLC/CCO Holdings Capital Corp, 6.625%, 31/01/22 300,000 312,189 0.01% CCO Holdings LLC/CCO Holdings Capital Corp, 7.000%, 15/01/19 1,222,000 1,269,352 0.05%

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NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Communications - 15.22% (31st December, 2014: 14.37%) (continued) CenturyLink Inc, 5.625%, 01/04/20 2,425,000 2,404,024 0.10% CenturyLink Inc, 6.150%, 15/09/19 4,340,000 4,578,700 0.19% CenturyLink Inc, 7.600%, 15/09/39 23,186,000 20,983,330 0.86% Cequel Communications Holdings I LLC/Cequel Capital Corp, 5.125%, 15/12/21 144A 2,640,000 2,389,200 0.10% Cequel Communications Holdings I LLC/Cequel Capital Corp, 5.125%, 15/12/21 144a 1,425,000 1,289,625 0.05% Cequel Communications Holdings I LLC/Cequel Capital Corp, 6.375%, 15/09/20 144A 5,060,000 5,009,400 0.20% Cincinnati Bell Inc, 8.375%, 15/10/20 500,000 525,600 0.02% Clear Channel Communications Inc, 14.000%, 01/02/21 1,302,900 931,573 0.04% Clear Channel Worldwide Holdings Inc, 6.500%, 15/11/22 350,000 357,000 0.01% Clear Channel Worldwide Holdings Inc Series B, 7.625%, 15/03/20 1,075,000 1,122,031 0.05% Cogent Communications Group Inc, 5.375%, 01/03/22 144A 1,800,000 1,777,500 0.07% CommScope Holding Co Inc, 6.625%, 01/06/20 144A 1,300,000 1,342,250 0.05% CommScope Inc, 5.000%, 15/06/21 144A 1,775,000 1,721,750 0.07% CommScope Inc, 5.500%, 15/06/24 144A 1,850,000 1,799,125 0.07% Consolidated Communications Finance Co, 10.875%, 01/06/20 350,000 400,750 0.02% Consolidated Communications Inc, 6.500%, 01/10/22 144A 3,925,000 3,768,000 0.15% CSC Holdings LLC, 5.250%, 01/06/24 1,875,000 1,800,000 0.07% CyrusOne LP/CyrusOne Finance Corp, 6.375%, 15/11/22 1,258,000 1,295,740 0.05% DISH DBS Corp, 4.250%, 01/04/18 450,000 458,100 0.02% DISH DBS Corp, 5.000%, 15/03/23 6,550,000 6,050,562 0.25% DISH DBS Corp, 5.125%, 01/05/20 200,000 200,500 0.01% DISH DBS Corp, 5.875%, 15/07/22 1,650,000 1,619,062 0.07% DISH DBS Corp, 5.875%, 15/11/24 5,350,000 5,095,875 0.21% DISH DBS Corp, 7.875%, 01/09/19 1,225,000 1,359,750 0.06% EarthLink Holdings Corp, 8.875%, 15/05/19 1,898,000 1,964,430 0.08% Equinix Inc, 5.375%, 01/01/22 5,015,000 5,021,269 0.21% Equinix Inc, 5.375%, 01/04/23 4,535,000 4,523,662 0.18% Frontier Communications Corp, 6.250%, 15/09/21 550,000 506,000 0.02% Frontier Communications Corp, 7.125%, 15/01/23 175,000 154,875 0.01% Frontier Communications Corp, 7.625%, 15/04/24 575,000 511,750 0.02% GCI Inc, 6.750%, 01/06/21 275,000 279,125 0.01% Gray Television Inc, 7.500%, 01/10/20 2,850,000 2,999,625 0.12% Harron Communications LP/Harron Finance Corp, 9.125%, 01/04/20 144A 11,829,000 12,790,106 0.52% iHeartCommunications Inc, 9.000%, 15/12/19 6,650,000 6,251,000 0.26% iHeartCommunications Inc, 10.000%, 15/01/18 3,000,000 2,407,500 0.10% iHeartCommunications Inc, 10.625%, 15/03/23 144A 2,150,000 2,026,375 0.08% Lee Enterprises Inc/IA, 9.500%, 15/03/22 144A 1,075,000 1,097,844 0.04% Level 3 Communications Inc, 5.750%, 01/12/22 3,700,000 3,690,750 0.15% Level 3 Financing Inc, 3.914%, 15/01/18 (FRN) 725,000 732,250 0.03% Level 3 Financing Inc, 5.125%, 01/05/23 144A 1,750,000 1,713,906 0.07% Level 3 Financing Inc, 5.625%, 01/02/23 144A 6,025,000 6,107,542 0.25% Level 3 Financing Inc, 6.125%, 15/01/21 1,225,000 1,284,657 0.05% LIN Television Corp, 6.375%, 15/01/21 300,000 307,500 0.01% Mediacom Broadband LLC/Mediacom Broadband Corp, 5.500%, 15/04/21 4,592,000 4,477,200 0.18% Mediacom Broadband LLC/Mediacom Broadband Corp, 6.375%, 01/04/23 775,000 775,000 0.03% Netflix Inc, 5.500%, 15/02/22 144A 3,475,000 3,587,938 0.15% Netflix Inc, 5.750%, 01/03/24 2,835,000 2,941,312 0.12% Nexstar Broadcasting Inc, 6.125%, 15/02/22 144A 2,900,000 2,943,500 0.12% Nielsen Finance LLC/Nielsen Finance Co, 5.000%, 15/04/22 144A 12,925,000 12,601,875 0.51% NII Capital Corp, 10.000%, 15/08/16* 3,200,000 1,424,000 0.06%

179 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Communications - 15.22% (31st December, 2014: 14.37%) (continued) NII Capital Corp, 7.625%, 01/04/21* 2,915,000 714,175 0.03% NII Capital Corp, 8.875%, 15/12/19* 650,000 279,500 0.01% Outfront Media Capital LLC/Outfront Media Capital Corp, 5.250%, 15/02/22 1,175,000 1,186,750 0.05% Outfront Media Capital LLC/Outfront Media Capital Corp, 5.625%, 15/02/24 144A 1,100,000 1,128,875 0.05% RCN Telecom Services LLC/RCN Capital Corp, 8.500%, 15/08/20 144A 3,925,000 4,121,250 0.17% Sinclair Television Group Inc, 5.375%, 01/04/21 725,000 730,438 0.03% Sinclair Television Group Inc, 5.625%, 01/08/24 144A 625,000 610,938 0.03% Sinclair Television Group Inc, 6.375%, 01/11/21 2,350,000 2,432,250 0.10% Sirius XM Radio Inc, 5.875%, 01/10/20 144A 2,750,000 2,832,500 0.12% Sirius XM Radio Inc, 6.000%, 15/07/24 144A 4,467,000 4,500,503 0.18% Sorenson Communications Inc, 9.000%, 31/10/20 144A 153,061 150,000 0.01% Sorento Holdings LLC/Sorenson Finance Corp, 13.000%, 31/10/21 144A 116,326 119,816 0.01% Sprint Capital Corp, 6.875%, 15/11/28 4,900,000 4,189,500 0.17% Sprint Capital Corp, 6.900%, 01/05/19 975,000 992,063 0.04% Sprint Capital Corp, 8.750%, 15/03/32 19,460,000 18,924,850 0.77% Sprint Communications Inc, 11.500%, 15/11/21 600,000 709,500 0.03% Sprint Corp, 7.125%, 15/06/24 15,300,000 14,152,500 0.58% Sprint Corp, 7.250%, 15/09/21 4,550,000 4,459,000 0.18% Sprint Corp, 7.625%, 15/02/25 550,000 517,344 0.02% Sprint Corp, 7.875%, 15/09/23 23,900,000 23,045,814 0.94% TEGNA Inc, 4.875%, 15/09/21 144A 400,000 397,000 0.02% TEGNA Inc, 6.375%, 15/10/23 400,000 417,468 0.02% T-Mobile USA Inc, 5.250%, 01/09/18 1,325,000 1,361,438 0.06% T-Mobile USA Inc, 6.000%, 01/03/23 4,675,000 4,762,656 0.19% T-Mobile USA Inc, 6.125%, 15/01/22 1,300,000 1,345,500 0.06% T-Mobile USA Inc, 6.250%, 01/04/21 1,100,000 1,127,500 0.05% T-Mobile USA Inc, 6.375%, 01/03/25 5,325,000 5,433,524 0.22% T-Mobile USA Inc, 6.464%, 28/04/19 250,000 257,500 0.01% T-Mobile USA Inc, 6.500%, 15/01/24 4,075,000 4,207,438 0.17% T-Mobile USA Inc, 6.542%, 28/04/20 700,000 734,125 0.03% T-Mobile USA Inc, 6.625%, 15/11/20 3,100,000 3,216,250 0.13% T-Mobile USA Inc, 6.625%, 01/04/23 1,125,000 1,177,875 0.05% T-Mobile USA Inc, 6.731%, 28/04/22 1,525,000 1,591,719 0.07% Townsquare Media Inc, 6.500%, 01/04/23 144A 3,275,000 3,242,250 0.13% Tribune Media Co, 5.875%, 15/07/22 144A 1,825,000 1,834,125 0.08% Visant Corp, 10.000%, 01/10/17 675,000 536,625 0.02% Wave Holdco LLC/Wave Holdco Corp, 8.250%, 15/07/19 144A 800,000 814,160 0.03% West Corp, 5.375%, 15/07/22 144A 10,350,000 9,729,000 0.40% Windstream Corp, 7.500%, 01/06/22 2,600,000 2,268,500 0.09% Windstream Corp, 7.500%, 01/04/23 3,285,000 2,825,100 0.12% Windstream Corp, 7.750%, 01/10/21 9,850,000 8,914,250 0.36% Windstream Holding of the Midwest Inc, 6.750%, 01/04/28 900,000 848,250 0.03% Windstream Services LLC, 6.375%, 01/08/23 6,090,000 4,932,900 0.20% Windstream Services LLC, 7.750%, 15/10/20 1,025,000 1,007,063 0.04% Zayo Group LLC/Zayo Capital Inc, 6.000%, 01/04/23 144A 13,500,000 13,297,500 0.54% Zayo Group LLC/Zayo Capital Inc, 6.375%, 15/05/25 144A 5,050,000 4,898,500 0.20% 372,594,236 15.22% Consumer Cyclical - 15.78% (31st December, 2014: 16.65%) 99 Cents Only Stores, 11.000%, 15/12/19 3,185,000 2,882,425 0.12% Accuride Corp, 9.500%, 01/08/18 3,650,000 3,713,875 0.15%

180 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Consumer Cyclical - 15.78% (31st December, 2014: 16.65%) (continued) Affinia Group Inc, 7.750%, 01/05/21 1,900,000 1,985,500 0.08% Affinity Gaming/Affinity Gaming Finance Corp, 9.000%, 15/05/18 3,275,000 3,258,625 0.13% Alere Inc, 6.500%, 15/06/20 550,000 567,875 0.02% AMC Entertainment Inc, 5.750%, 15/06/25 144A 1,150,000 1,121,250 0.05% AMC Entertainment Inc, 5.875%, 15/02/22 725,000 734,932 0.03% American Airlines Group Inc, 4.625%, 01/03/20 144A 4,825,000 4,673,012 0.19% American Airlines Group Inc, 5.500%, 01/10/19 144A 275,000 277,750 0.01% American Greetings Corp, 7.375%, 01/12/21 4,425,000 4,690,500 0.19% Ashtead Capital Inc, 6.500%, 15/07/22 144A 875,000 931,875 0.04% Ashton Woods USA LLC/Ashton Woods Finance Co, 6.875%, 15/02/21 144A 4,650,000 4,347,750 0.18% AV Homes Inc, 8.500%, 01/07/19 1,200,000 1,161,000 0.05% AVINTIV Specialty Materials Inc, 6.875%, 01/06/19 144A 2,475,000 2,295,563 0.09% Beazer Homes USA Inc, 5.750%, 15/06/19 1,700,000 1,676,625 0.07% Beazer Homes USA Inc, 7.250%, 01/02/23 6,800,000 6,596,000 0.27% Beazer Homes USA Inc, 8.125%, 15/06/16 700,000 735,000 0.03% BI-LO LLC/BI-LO Finance Corp, 8.625%, 15/09/18 144A 500,000 467,500 0.02% Boyd Gaming Corp, 6.875%, 15/05/23 18,475,000 18,984,910 0.78% Brightstar Corp, 9.500%, 01/12/16 144A 1,000,000 1,027,500 0.04% Building Materials Holding Corp, 9.000%, 15/09/18 144A 6,100,000 6,542,250 0.27% Caesars Entertainment Operating Co Inc, 8.500%, 15/02/20* 750,000 615,000 0.02% Caesars Entertainment Operating Co Inc, 9.000%, 15/02/20* 1,025,000 830,250 0.03% Carmike Cinemas Inc, 6.000%, 15/06/23 144A 3,000,000 3,026,100 0.12% Carrols Restaurant Group Inc, 8.000%, 01/05/22 144A 2,000,000 2,090,000 0.09% Cedar Fair LP/Canada's Wonderland Co/Magnum Management Corp, 5.375%, 01/06/24 3,885,000 3,923,850 0.16% Century Communities Inc, 6.875%, 15/05/22 525,000 519,750 0.02% Century Communities Inc, 6.875%, 15/05/22 144A 1,250,000 1,237,500 0.05% Ceridian HCM Holding Inc, 11.000%, 15/03/21 144A 550,000 580,250 0.02% Chassix Holdings Inc, 10.000%, 15/12/18 144A* 816,656 77,582 0.00% Chassix Inc, 9.250%, 01/08/18 144A* 1,909,000 1,718,100 0.07% Choctaw Resort Development Enterprise, 7.250%, 15/11/19 144A 12,061,000 11,940,390 0.49% Churchill Downs Inc, 5.375%, 15/12/21 700,000 719,250 0.03% Cinemark USA Inc, 5.125%, 15/12/22 1,176,000 1,176,776 0.05% Cinemark USA Inc, 7.375%, 15/06/21 375,000 396,562 0.02% Claire's Stores Inc, 8.875%, 15/03/19 775,000 341,000 0.01% Continental Airlines 2012-3 Class C Pass Thru Certificates, 6.125%, 29/04/18 175,000 182,437 0.01% Dana Holding Corp, 5.500%, 15/12/24 2,175,000 2,131,500 0.09% Dana Holding Corp, 6.000%, 15/09/23 7,958,000 8,276,320 0.34% Dana Holding Corp, 6.750%, 15/02/21 3,000,000 3,157,500 0.13% DirectBuy Holdings Inc 144A, 12.000%, 31/10/19 83,054 24,916 0.00% DR Horton Inc, 3.750%, 01/03/19 3,248,000 3,280,480 0.13% DriveTime Automotive Group Inc/DT Acceptance Corp, 8.000%, 01/06/21 144A 1,975,000 1,876,250 0.08% Exide Technologies, 7.000%, 30/04/25 278,055 191,858 0.01% Exide Technologies, 11.000%, 30/04/20 12,638 10,648 0.00% Felcor Lodging LP, 6.000%, 01/06/25 144A 875,000 890,312 0.04% Ferrellgas LP/Ferrellgas Finance Corp, 6.750%, 15/01/22 2,204,000 2,215,020 0.09% Ferrellgas LP/Ferrellgas Finance Corp, 6.750%, 15/06/23 144A 2,500,000 2,506,250 0.10% Ferrellgas Partners LP/Ferrellgas Partners Finance Corp, 8.625%, 15/06/20 133,000 137,987 0.01% First Cash Financial Services Inc, 6.750%, 01/04/21 265,000 279,575 0.01% General Motors Co, 5.000%, 01/04/35 525,000 515,279 0.02%

181 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Consumer Cyclical - 15.78% (31st December, 2014: 16.65%) (continued) Global Partners LP/GLP Finance Corp, 6.250%, 15/07/22 575,000 551,281 0.02% GLP Capital LP/GLP Financing II Inc, 4.875%, 01/11/20 175,000 179,319 0.01% Golden Nugget Escrow Inc, 8.500%, 01/12/21 144A 2,350,000 2,426,375 0.10% Graton Economic Development Authority, 9.625%, 01/09/19 144A 125,000 134,375 0.01% Group 1 Automotive Inc, 5.000%, 01/06/22 1,900,000 1,890,500 0.08% Gymboree Corp/The, 9.125%, 01/12/18 5,325,000 2,076,750 0.08% H&E Equipment Services Inc, 7.000%, 01/09/22 375,000 388,125 0.02% HD Supply Inc, 5.250%, 15/12/21 144A 4,175,000 4,216,750 0.17% HD Supply Inc, 7.500%, 15/07/20 2,950,000 3,119,625 0.13% HD Supply Inc, 11.500%, 15/07/20 8,850,000 10,266,000 0.42% Hillman Group Inc/The, 6.375%, 15/07/22 144A 2,600,000 2,457,000 0.10% Icon Health & Fitness Inc, 11.875%, 15/10/16 144A 5,325,000 5,325,000 0.22% Inn of the Mountain Gods Resort & Casino, 9.250%, 30/11/20 144A 2,000,000 1,865,000 0.08% Interline Brands Inc, 10.000%, 15/11/18 765,000 799,425 0.03% Intrepid Aviation Group Holdings LLC/Intrepid Finance Co, 6.875%, 15/02/19 144A 1,375,000 1,278,750 0.05% Isle of Capri Casinos Inc, 5.875%, 15/03/21 3,910,000 4,006,968 0.16% JBS USA LLC/JBS USA Finance Inc, 7.250%, 01/06/21 144A 825,000 870,375 0.04% JC Penney Corp Inc, 6.375%, 15/10/36 1,200,000 882,000 0.04% JC Penney Corp Inc, 7.400%, 01/04/37 300,000 244,500 0.01% JC Penney Corp Inc, 7.950%, 01/04/17 464,000 486,040 0.02% JC Penney Corp Inc, 8.125%, 01/10/19 250,000 248,125 0.01% K Hovnanian Enterprises Inc, 6.250%, 15/01/16 675,000 678,375 0.03% K Hovnanian Enterprises Inc, 7.000%, 15/01/19 144A 835,000 758,806 0.03% K Hovnanian Enterprises Inc, 7.500%, 15/05/16 100,000 101,000 0.00% K Hovnanian Enterprises Inc, 8.000%, 01/11/19 144A 900,000 830,250 0.03% K Hovnanian Enterprises Inc, 11.875%, 15/10/15 450,000 460,687 0.02% KB Home, 4.750%, 15/05/19 325,000 324,594 0.01% KB Home, 7.000%, 15/12/21 1,450,000 1,497,125 0.06% KeHE Distributors LLC/KeHE Finance Corp, 7.625%, 15/08/21 144A 1,150,000 1,216,125 0.05% L Brands Inc, 5.625%, 15/02/22 225,000 236,954 0.01% L Brands Inc, 7.000%, 01/05/20 1,325,000 1,497,250 0.06% L Brands Inc, 8.500%, 15/06/19 800,000 946,000 0.04% Landry's Holdings II Inc, 10.250%, 01/01/18 144A 3,975,000 4,124,062 0.17% Landry's Inc, 9.375%, 01/05/20 144A 1,175,000 1,260,187 0.05% Lear Corp, 5.375%, 15/03/24 950,000 959,500 0.04% Lennar Corp, 4.750%, 15/11/22 425,000 419,156 0.02% Lennar Corp, 6.950%, 01/06/18 2,085,000 2,283,075 0.09% Lennar Corp, 12.250%, 01/06/17 125,000 147,656 0.01% LTF Merger Sub Inc, 8.500%, 15/06/23 144A 8,450,000 8,133,125 0.33% Meritage Homes Corp, 4.500%, 01/03/18 175,000 178,500 0.01% Meritage Homes Corp, 7.000%, 01/04/22 2,345,000 2,503,287 0.10% Meritage Homes Corp, 7.150%, 15/04/20 525,000 567,000 0.02% MGM Resorts International, 6.625%, 15/07/15 28,450,000 28,450,000 1.16% MGM Resorts International, 6.625%, 15/12/21 1,900,000 1,976,000 0.08% MGM Resorts International, 7.750%, 15/03/22 1,735,000 1,888,981 0.08% MGM Resorts International, 8.625%, 01/02/19 7,400,000 8,362,000 0.34% MGM Resorts International, 10.000%, 01/11/16 4,950,000 5,370,750 0.22% MGM Resorts International, 11.375%, 01/03/18 779,000 917,272 0.04% MPG Holdco I Inc, 7.375%, 15/10/22 1,000,000 1,062,500 0.04% Mustang Merger Corp, 8.500%, 15/08/21 144A 950,000 964,250 0.04% Nathan's Famous Inc, 10.000%, 15/03/20 144A 3,125,000 3,351,563 0.14% National CineMedia LLC, 6.000%, 15/04/22 675,000 697,748 0.03%

182 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Consumer Cyclical - 15.78% (31st December, 2014: 16.65%) (continued) Navistar International Corp, 8.250%, 01/11/21 1,730,000 1,647,825 0.07% Neiman Marcus Group LTD LLC, 8.000%, 15/10/21 144A 7,725,000 8,188,500 0.33% Neiman Marcus Group LTD LLC, 8.750%, 15/10/21 144A 1,430,000 1,531,887 0.06% Outerwall Inc, 5.875%, 15/06/21 3,350,000 3,186,688 0.13% Palace Entertainment Holdings LLC/Palace Entertainment Holdings Corp, 8.875%, 15/04/17 144A 375,000 375,000 0.02% Peninsula Gaming LLC/Peninsula Gaming Corp, 8.375%, 15/02/18 144A 1,760,000 1,830,400 0.07% Penn National Gaming Inc, 5.875%, 01/11/21 2,450,000 2,462,250 0.10% Penske Automotive Group Inc, 5.750%, 01/10/22 875,000 911,750 0.04% Petco Holdings Inc, 8.500%, 15/10/17 144A 2,124,000 2,171,790 0.09% Pinnacle Entertainment Inc, 6.375%, 01/08/21 3,618,000 3,835,804 0.16% Pinnacle Entertainment Inc, 7.500%, 15/04/21 425,000 448,906 0.02% Pinnacle Entertainment Inc, 7.750%, 01/04/22 725,000 798,406 0.03% Post Holdings Inc, 6.750%, 01/12/21 144A 1,250,000 1,246,875 0.05% PriSo Acquisition Corp, 9.000%, 15/05/23 144A 7,325,000 7,178,500 0.29% QVC Inc, 5.125%, 02/07/22 2,000,000 2,059,544 0.08% Radio Systems Corp, 8.375%, 01/11/19 144A 1,400,000 1,494,500 0.06% Regal Entertainment Group, 5.750%, 15/03/22 4,011,000 4,086,206 0.17% Regal Entertainment Group, 5.750%, 15/06/23 575,000 575,000 0.02% Revlon Consumer Products Corp, 5.750%, 15/02/21 1,425,000 1,400,063 0.06% Rite Aid Corp, 6.125%, 01/04/23 144A 7,375,000 7,577,813 0.31% Rite Aid Corp, 6.750%, 15/06/21 10,925,000 11,416,625 0.47% Rite Aid Corp, 6.875%, 15/12/28 144A 4,025,000 4,508,000 0.18% Rite Aid Corp, 7.700%, 15/02/27 1,700,000 1,989,000 0.08% Rite Aid Corp, 9.250%, 15/03/20 2,055,000 2,224,538 0.09% Roundy's Supermarkets Inc, 10.250%, 15/12/20 144A 1,375,000 1,161,875 0.05% RSI Home Products Inc, 6.500%, 15/03/23 144A 4,900,000 4,924,500 0.20% rue21 inc, 9.000%, 15/10/21 144A 3,575,000 3,128,125 0.13% Ryland Group Inc/The, 5.375%, 01/10/22 625,000 631,250 0.03% Ryland Group Inc/The, 6.625%, 01/05/20 1,700,000 1,895,500 0.08% Sally Holdings LLC/Sally Capital Inc, 5.750%, 01/06/22 794,000 829,730 0.03% Scientific Games International Inc, 10.000%, 01/12/22 4,475,000 4,257,068 0.17% Shea Homes LP/Shea Homes Funding Corp, 5.875%, 01/04/23 144A 1,625,000 1,645,313 0.07% Shea Homes LP/Shea Homes Funding Corp, 6.125%, 01/04/25 144A 1,625,000 1,637,188 0.07% Sonic Automotive Inc, 5.000%, 15/05/23 4,075,000 3,993,500 0.16% Speedway Motorsports Inc, 5.125%, 01/02/23 1,575,000 1,547,438 0.06% Spencer Spirit Holdings Inc, 9.000%, 01/05/18 144A 1,786,000 1,811,718 0.07% Suburban Propane Partners LP/Suburban Energy Finance Corp, 5.500%, 01/06/24 1,250,000 1,246,875 0.05% Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp, 6.375%, 01/06/21 144A 400,000 378,000 0.02% Tenet Healthcare Corp, 4.500%, 01/04/21 300,000 294,750 0.01% Tenet Healthcare Corp, 8.125%, 01/04/22 5,775,000 6,309,188 0.26% Tenet Healthcare Corp, 8.125%, 01/04/22 144A 225,000 245,813 0.01% Titan International Inc, 6.875%, 01/10/20 1,575,000 1,441,125 0.06% TMS International Corp, 7.625%, 15/10/21 144A 225,000 219,375 0.01% Toll Brothers Finance Corp, 4.000%, 31/12/18 625,000 640,625 0.03% Tops Holding II Corp, 8.750%, 15/06/18 774,000 774,968 0.03% TransUnion Holding Co Inc, 8.125%, 15/06/18 1,025,000 1,047,960 0.04% TRI Pointe Holdings Inc, 4.375%, 15/06/19 5,859,000 5,741,820 0.23% TRI Pointe Holdings Inc, 5.875%, 15/06/24 2,825,000 2,761,438 0.11% United Continental Holdings Inc, 6.000%, 01/12/20 5,450,000 5,640,750 0.23% United Continental Holdings Inc, 6.375%, 01/06/18 200,000 209,500 0.01%

183 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Consumer Cyclical - 15.78% (31st December, 2014: 16.65%) (continued) US Airways 2012-2 Class B Pass Through Trust, 6.750%, 03/06/21 112,210 120,906 0.00% US Airways 2012-2 Class C Pass Through Trust, 5.450%, 03/06/18 125,000 127,188 0.00% US Airways Group Inc, 6.125%, 01/06/18 650,000 674,700 0.03% VWR Funding Inc, 7.250%, 15/09/17 875,000 904,531 0.04% WellCare Health Plans Inc, 5.750%, 15/11/20 1,625,000 1,690,000 0.07% William Lyon Homes Inc, 5.750%, 15/04/19 300,000 300,750 0.01% William Lyon Homes Inc, 8.500%, 15/11/20 1,275,000 1,373,813 0.06% WMG Acquisition Corp, 5.625%, 15/04/22 144A 2,400,000 2,412,000 0.10% WMG Acquisition Corp, 6.750%, 15/04/22 144A 625,000 593,750 0.02% WMG Holdings Corp, 13.750%, 01/10/19 100,000 109,500 0.00% Woodside Homes Co LLC/Woodside Homes Finance Inc, 6.750%, 15/12/21 144A 1,250,000 1,181,250 0.05% 386,466,120 15.78% Consumer Non-Cyclical - 12.39% (31st December, 2014: 12.75%) Acadia Healthcare Co Inc, 5.625%, 15/02/23 144A 1,175,000 1,183,812 0.05% ACE Cash Express Inc, 11.000%, 01/02/19 144A 2,250,000 1,254,375 0.05% ADT Corp/The, 6.250%, 15/10/21 1,000,000 1,056,250 0.04% Alere Inc, 6.375%, 01/07/23 144A 2,400,000 2,434,800 0.10% Alere Inc, 8.625%, 01/10/18 3,888,000 4,024,469 0.16% American Achievement Corp, 10.875%, 15/04/16 144A 200,000 190,000 0.01% Amsurg Corp, 5.625%, 15/07/22 325,000 327,233 0.01% Amsurg Corp, 5.625%, 30/11/20 1,170,000 1,187,550 0.05% Anna Merger Sub Inc, 7.750%, 01/10/22 144A 8,275,000 8,335,407 0.34% APX Group Inc, 8.750%, 01/12/20 2,850,000 2,565,000 0.10% Aramark Services Inc, 5.750%, 15/03/20 1,250,000 1,293,750 0.05% Ashtead Capital Inc, 5.625%, 01/10/24 144A 3,150,000 3,142,125 0.13% Avis Budget Car Rental LLC/Avis Budget Finance Inc, 5.125%, 01/06/22 144A 2,075,000 2,007,562 0.08% BakerCorp International Inc, 8.250%, 01/06/19 1,075,000 919,125 0.04% BioScrip Inc, 8.875%, 15/02/21 800,000 686,000 0.03% Cardtronics Inc, 5.125%, 01/08/22 144A 275,000 269,500 0.01% CEB Inc, 5.625%, 15/06/23 144A 1,950,000 1,959,750 0.08% Century Intermediate Holding Co 2, 9.750%, 15/02/19 144A 925,000 962,000 0.04% Cenveo Corp, 8.500%, 15/09/22 144A 1,525,000 1,273,375 0.05% CHS/Community Health Systems Inc, 6.875%, 01/02/22 6,801,000 7,158,052 0.29% CHS/Community Health Systems Inc, 7.125%, 15/07/20 4,988,000 5,262,340 0.21% CHS/Community Health Systems Inc, 8.000%, 15/11/19 14,514,000 15,275,985 0.62% Cott Beverages Inc, 5.375%, 01/07/22 4,725,000 4,571,437 0.19% Cott Beverages Inc, 6.750%, 01/01/20 144A 3,250,000 3,347,500 0.14% Crimson Merger Sub Inc, 6.625%, 15/05/22 144A 5,119,000 4,491,922 0.18% DaVita HealthCare Partners Inc, 5.000%, 01/05/25 925,000 890,312 0.04% DaVita HealthCare Partners Inc, 5.125%, 15/07/24 3,725,000 3,671,453 0.15% Dean Holding Co, 6.900%, 15/10/17 5,367,000 5,689,020 0.23% Diamond Foods Inc, 7.000%, 15/03/19 144A 525,000 539,437 0.02% DJO Finco, Inc/DJO Finance LLC/DJO Finance Corp, 8.125%, 15/06/21 144A 3,200,000 3,264,000 0.13% Endo Finance LLC & Endo Finco Inc, 5.375%, 15/01/23 144A 1,440,000 1,414,800 0.06% Endo Finance LLC & Endo Finco Inc, 7.250%, 15/01/22 144A 125,000 132,969 0.01% Endo Finance LLC, 5.750%, 15/01/22 144A 2,325,000 2,374,406 0.10% Endo Finance LLC/Endo Finco Inc, 7.000%, 15/12/20 144A 1,250,000 1,312,500 0.05% Endo Finance LLC/Endo Ltd/Endo Finco Inc, 6.000%, 15/07/23 144A 2,000,000 2,042,500 0.08% Endo Finance LLC/Endo Ltd/Endo Finco, Inc, 6.000%, 01/02/25 144A 11,749,000 11,939,921 0.49%

184 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Consumer Non-Cyclical - 12.39% (31st December, 2014: 12.75%) (continued) Envision Healthcare Corp, 5.125%, 01/07/22 144A 7,558,000 7,558,000 0.31% ExamWorks Group Inc, 5.625%, 15/04/23 4,125,000 4,207,500 0.17% Forest Laboratories Inc, 5.000%, 15/12/21 144A 2,475,000 2,688,209 0.11% Fresenius Medical Care US Finance II Inc, 4.125%, 15/10/20 144A 950,000 957,125 0.04% Halyard Health Inc, 6.250%, 15/10/22 144A 1,575,000 1,645,875 0.07% Harland Clarke Holdings Corp, 6.875%, 01/03/20 144A 3,350,000 3,216,000 0.13% Harland Clarke Holdings Corp, 9.250%, 01/03/21 144A 9,877,000 8,691,760 0.36% Harland Clarke Holdings Corp, 9.750%, 01/08/18 144A 3,925,000 4,111,437 0.17% HCA Inc, 3.750%, 15/03/19 10,170,000 10,195,425 0.42% HCA Inc, 4.250%, 15/10/19 3,025,000 3,081,719 0.13% HCA Inc, 4.750%, 01/05/23 600,000 604,500 0.02% HCA Inc, 5.250%, 15/04/25 1,825,000 1,884,312 0.08% HCA Inc, 5.375%, 01/02/25 8,875,000 8,977,062 0.37% HCA Inc, 6.500%, 15/02/20 17,422,000 19,434,241 0.79% HCA Inc, 8.000%, 01/10/18 8,588,000 9,988,875 0.41% HealthSouth Corp, 5.750%, 01/11/24 5,400,000 5,454,000 0.22% Hearthside Group Holdings LLC/Hearthside Finance Co, 6.500%, 01/05/22 144A 1,050,000 1,008,000 0.04% Hologic Inc, 5.250%, 15/07/22 144A 3,050,000 3,114,812 0.13% Hologic Inc, 6.250%, 01/08/20 1,575,000 1,628,038 0.07% Igloo Holdings Corp, 8.250%, 15/12/17 144A 875,000 888,125 0.04% Interactive Data Corp, 5.875%, 15/04/19 144A 2,805,000 2,826,037 0.12% inVentiv Health Inc, 10.000%, 15/08/18 144A 491,840 510,284 0.02% inVentiv Health Inc, 11.000%, 15/08/18 144A 53,000 51,145 0.00% inVentiv Health Inc, 11.000%, 15/08/18 144a 283,000 271,680 0.01% iPayment Inc, 9.500%, 15/12/19 144A 4,461,368 4,238,300 0.17% JBS USA LLC/JBS USA Finance Inc, 5.750%, 15/06/25 144A 5,275,000 5,209,062 0.21% JBS USA LLC/JBS USA Finance Inc, 8.250%, 01/02/20 144A 2,550,000 2,715,750 0.11% Kindred Escrow Corp II, 8.000%, 15/01/20 144A 3,175,000 3,389,312 0.14% Kindred Healthcare Inc, 6.375%, 15/04/22 7,275,000 7,206,797 0.29% LifePoint Hospitals Inc, 5.500%, 01/12/21 3,385,000 3,495,013 0.14% Live Nation Entertainment Inc, 5.375%, 15/06/22 144A 1,175,000 1,177,938 0.05% Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance Inc, 7.875%, 01/10/22 144A 2,500,000 2,493,750 0.10% MPH Acquisition Holdings LLC, 6.625%, 01/04/22 144A 10,691,000 10,918,718 0.45% Multi-Color Corp, 6.125%, 01/12/22 144A 1,025,000 1,048,063 0.04% NES Rentals Holdings Inc, 7.875%, 01/05/18 144A 875,000 885,938 0.04% Omnicare Inc, 4.750%, 01/12/22 175,000 185,063 0.01% Omnicare Inc, 5.000%, 01/12/24 775,000 831,188 0.03% Par Pharmaceutical Cos Inc, 7.375%, 15/10/20 1,400,000 1,491,000 0.06% Pilgrim's Pride Corp, 5.750%, 15/03/25 144A 1,175,000 1,177,938 0.05% Post Holdings Inc, 6.000%, 15/12/22 144A 5,675,000 5,455,094 0.22% Post Holdings Inc, 7.375%, 15/02/22 325,000 331,500 0.01% PRA Holdings Inc, 9.500%, 01/10/23 144A 540,000 603,450 0.02% RR Donnelley & Sons Co, 6.000%, 01/04/24 1,525,000 1,556,628 0.06% RR Donnelley & Sons Co, 6.500%, 15/11/23 921,000 962,445 0.04% Select Medical Corp, 6.375%, 01/06/21 1,275,000 1,278,188 0.05% Service Corp International/US, 5.375%, 15/01/22 1,075,000 1,135,469 0.05% Service Corp International/US, 5.375%, 15/05/24 575,000 603,566 0.02% Shearer's Foods LLC/Chip Finance Corp, 9.000%, 01/11/19 144A 2,600,000 2,801,500 0.11% Spectrum Brands Inc, 5.750%, 15/07/25 144A 725,000 734,063 0.03% Spectrum Brands Inc, 6.125%, 15/12/24 144A 1,775,000 1,841,563 0.08% Spectrum Brands Inc, 6.375%, 15/11/20 500,000 528,750 0.02%

185 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Consumer Non-Cyclical - 12.39% (31st December, 2014: 12.75%) (continued) Spectrum Brands Inc, 6.625%, 15/11/22 125,000 133,438 0.01% Tenet Healthcare Corp, 3.786%, 15/06/20 144A (FRN) 2,475,000 2,509,031 0.10% Tenet Healthcare Corp, 5.000%, 01/03/19 144A 1,170,000 1,162,103 0.05% Tenet Healthcare Corp, 6.000%, 01/10/20 350,000 371,910 0.02% Tenet Healthcare Corp, 6.750%, 15/06/23 144A 7,950,000 8,089,125 0.33% Tenet Healthcare Corp, 8.000%, 01/08/20 789,000 821,546 0.03% United Rentals North America Inc, 5.750%, 15/11/24 3,969,000 3,889,620 0.16% United Rentals North America Inc, 7.375%, 15/05/20 925,000 987,438 0.04% Universal Hospital Services Inc, 7.625%, 15/08/20 4,732,000 4,365,270 0.18% US Foods Inc, 8.500%, 30/06/19 1,295,000 1,351,592 0.06% Valeant Pharmaceuticals International, 6.375%, 15/10/20 144A 2,025,000 2,128,781 0.09% Vector Group Ltd, 7.750%, 15/02/21 1,750,000 1,883,438 0.08% 303,434,136 12.39% Diversified - 0.91% (31st December, 2014: 0.34%) Argos Merger Sub Inc, 7.125%, 15/03/23 144A 11,675,000 12,229,562 0.50% Carlson Travel Holdings Inc, 7.500%, 15/08/19 144A 2,800,000 2,842,000 0.12% HRG Group Inc, 7.750%, 15/01/22 1,700,000 1,657,500 0.07% HRG Group Inc, 7.750%, 15/01/22 144A 2,400,000 2,340,000 0.09% HRG Group Inc, 7.875%, 15/07/19 144A 1,675,000 1,771,313 0.07% WaveDivision Escrow LLC/WaveDivision Escrow Corp, 8.125%, 01/09/20 144A 1,425,000 1,496,250 0.06% 22,336,625 0.91% Energy - 9.93% (31st December, 2014: 8.91%) Access Midstream Partners LP/ACMP Finance Corp, 4.875%, 15/05/23 5,600,000 5,512,181 0.22% Access Midstream Partners LP/ACMP Finance Corp, 4.875%, 15/03/24 6,150,000 6,088,500 0.25% Alpha Natural Resources Inc, 6.000%, 01/06/19 750,000 48,750 0.00% Alpha Natural Resources Inc, 9.750%, 15/04/18 2,750,000 195,937 0.01% Alta Mesa Holdings LP/Alta Mesa Finance Services Corp, 9.625%, 15/10/18 4,350,000 3,393,000 0.14% Antero Resources Corp, 5.125%, 01/12/22 2,275,000 2,161,250 0.09% Antero Resources Corp, 5.625%, 01/06/23 144A 8,025,000 7,704,000 0.31% Approach Resources Inc, 7.000%, 15/06/21 2,600,000 2,359,500 0.10% Arch Coal Inc, 7.000%, 15/06/19 2,200,000 313,500 0.01% Arch Coal Inc, 7.250%, 01/10/20 475,000 131,812 0.01% Arch Coal Inc, 7.250%, 15/06/21 900,000 123,750 0.00% Arch Coal Inc, 8.000%, 15/01/19 144A 4,025,000 925,750 0.04% Arch Coal Inc, 9.875%, 15/06/19 2,050,000 348,500 0.01% Blue Racer Midstream LLC/Blue Racer Finance Corp, 6.125%, 15/11/22 144A 750,000 768,750 0.03% Calfrac Holdings LP, 7.500%, 01/12/20 144A 1,125,000 1,038,825 0.04% California Resources Corp, 6.000%, 15/11/24 6,400,000 5,504,000 0.22% Carrizo Oil & Gas Inc, 6.250%, 15/04/23 1,625,000 1,629,062 0.07% Chaparral Energy Inc, 7.625%, 15/11/22 850,000 612,000 0.02% Chaparral Energy Inc, 9.875%, 01/10/20 200,000 162,000 0.01% Chesapeake Energy Corp, 4.875%, 15/04/22 10,525,000 9,097,547 0.37% Chesapeake Energy Corp, 5.375%, 15/06/21 850,000 765,000 0.03% Chesapeake Energy Corp, 5.750%, 15/03/23 3,450,000 3,105,000 0.13% Chesapeake Energy Corp, 6.875%, 15/11/20 300,000 294,000 0.01% Citgo Holding Inc, 10.750%, 15/02/20 144A 9,385,000 9,572,700 0.39% CITGO Petroleum Corp, 6.250%, 15/08/22 144A 2,825,000 2,775,562 0.11% Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp, 6.375%, 15/03/24 1,850,000 1,313,500 0.05%

186 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Energy - 9.93% (31st December, 2014: 8.91%) (continued) Cloud Peak Energy Resources LLC/Cloud Peak Energy Finance Corp, 8.500%, 15/12/19 2,100,000 1,785,000 0.07% Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp, 6.000%, 15/12/20 425,000 437,750 0.02% Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp, 6.125%, 01/03/22 748,000 762,960 0.03% Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp, 6.250%, 01/04/23 144A 650,000 676,000 0.03% CSI Compressco LP/Compressco Finance Inc, 7.250%, 15/08/22 144A 700,000 668,500 0.03% Denbury Resources Inc, 5.500%, 01/05/22 18,095,000 16,319,519 0.67% Denbury Resources Inc, 6.375%, 15/08/21 2,425,000 2,315,875 0.09% El Paso LLC, 7.000%, 15/06/17 550,000 598,507 0.02% Endeavor Energy Resources LP/EER Finance Inc, 8.125%, 15/09/23 144A 525,000 538,125 0.02% Energy Transfer Equity LP, 5.875%, 15/01/24 1,925,000 1,997,187 0.08% Energy XXI Gulf Coast Inc, 7.500%, 15/12/21 2,425,000 788,125 0.03% Energy XXI Gulf Coast Inc, 7.750%, 15/06/19 875,000 323,750 0.01% Energy XXI Gulf Coast Inc, 11.000%, 15/03/20 144A 7,650,000 6,751,125 0.28% EnLink Midstream Partners LP/EnLink Midstream Finance Corp, 7.125%, 01/06/22 633,000 701,753 0.03% EP Energy LLC/Everest Acquisition Finance Inc, 6.375%, 15/06/23 144A 4,125,000 4,130,156 0.17% EXCO Resources Inc, 7.500%, 15/09/18 350,000 231,000 0.01% EXCO Resources Inc, 8.500%, 15/04/22 2,750,000 1,457,500 0.06% Forbes Energy Services Ltd, 9.000%, 15/06/19 575,000 465,750 0.02% Halcon Resources Corp, 8.875%, 15/05/21 5,275,000 3,402,375 0.14% Halcon Resources Corp, 9.750%, 15/07/20 3,475,000 2,284,812 0.09% Hercules Offshore Inc, 6.750%, 01/04/22 144A 475,000 156,750 0.01% Hercules Offshore Inc, 7.500%, 01/10/21 144A 6,300,000 2,079,000 0.08% Hercules Offshore Inc, 8.750%, 15/07/21 144A 2,175,000 717,750 0.03% Hercules Offshore Inc, 10.250%, 01/04/19 144A 1,300,000 429,000 0.02% Hiland Partners LP/Hiland Partners Finance Corp, 5.500%, 15/05/22 144A 375,000 390,000 0.02% James River Coal Co, 7.875%, 01/04/19* 175,000 219 0.00% Laredo Petroleum Inc, 5.625%, 15/01/22 1,500,000 1,481,250 0.06% Laredo Petroleum Inc, 6.250%, 15/03/23 4,075,000 4,166,687 0.17% Laredo Petroleum Inc, 7.375%, 01/05/22 2,575,000 2,719,844 0.11% Light Tower Rentals Inc, 8.125%, 01/08/19 144A 175,000 143,500 0.01% Linn Energy LLC/Linn Energy Finance Corp, 6.250%, 01/11/19 10,158,000 8,075,610 0.33% Linn Energy LLC/Linn Energy Finance Corp, 8.625%, 15/04/20 5,475,000 4,571,625 0.19% Lonestar Resources America Inc, 8.750%, 15/04/19 144A 650,000 533,812 0.02% Magnum Hunter Resources Corp, 9.750%, 15/05/20 1,213,000 1,079,570 0.04% Matador Resources Co, 6.875%, 15/04/23 144A 1,350,000 1,378,687 0.06% Memorial Resource Development Corp, 5.875%, 01/07/22 1,325,000 1,268,687 0.05% Midstates Petroleum Co Inc/Midstates Petroleum Co LLC, 9.250%, 01/06/21 4,775,000 1,886,125 0.08% Midstates Petroleum Co Inc/Midstates Petroleum Co LLC, 10.750%, 01/10/20 7,312,000 2,888,240 0.12% Murray Energy Corp, 11.250%, 15/04/21 144A 1,675,000 1,423,750 0.06% Northern Oil & Gas Inc, 8.000%, 01/06/20 144A 1,775,000 1,615,836 0.07% Oasis Petroleum Inc, 6.500%, 01/11/21 7,825,000 7,785,875 0.32% Oasis Petroleum Inc, 6.875%, 15/03/22 4,100,000 4,171,750 0.17% Parker Drilling Co, 6.750%, 15/07/22 650,000 552,500 0.02% Parker Drilling Co, 7.500%, 01/08/20 250,000 227,500 0.01% PBF Logistics LP/PBF Logistics Finance Corp, 6.875%, 15/05/23 144A 2,900,000 2,914,500 0.12% Peabody Energy Corp, 10.000%, 15/03/22 144A 1,000,000 625,625 0.03%

187 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Energy - 9.93% (31st December, 2014: 8.91%) (continued) Peabody Energy Corp, 6.000%, 15/11/18 13,411,000 6,571,390 0.27% Peabody Energy Corp, 6.250%, 15/11/21 1,875,000 637,500 0.03% Penn Virginia Resource Partners LP/Penn Virginia Resource Finance Corp, 6.500%, 15/05/21 3,425,000 3,682,074 0.15% Pioneer Energy Services Corp, 6.125%, 15/03/22 650,000 516,750 0.02% Quicksilver Resources Inc, 9.125%, 15/08/19* 375,000 48,750 0.00% Range Resources Corp, 5.000%, 15/03/23 1,500,000 1,462,500 0.06% Rice Energy Inc, 7.250%, 01/05/23 144A 3,850,000 3,946,250 0.16% Rose Rock Midstream LP/Rose Rock Finance Corp, 5.625%, 15/07/22 1,900,000 1,871,500 0.08% Sabine Oil & Gas Corp, 7.250%, 15/06/19 800,000 168,000 0.01% Sabine Oil & Gas Corp, 9.750%, 15/02/17 2,400,000 378,000 0.02% Sabine Pass Liquefaction LLC, 5.625%, 01/02/21 1,425,000 1,457,063 0.06% Sabine Pass Liquefaction LLC, 5.625%, 15/04/23 3,000,000 2,962,500 0.12% Sabine Pass Liquefaction LLC, 6.250%, 15/03/22 1,875,000 1,931,250 0.08% Sanchez Energy Corp, 6.125%, 15/01/23 5,000,000 4,450,000 0.18% Sanchez Energy Corp, 7.750%, 15/06/21 1,400,000 1,379,000 0.06% SandRidge Energy Inc, 7.500%, 15/03/21 6,750,000 2,936,250 0.12% SandRidge Energy Inc, 7.500%, 15/02/23 2,025,000 860,625 0.04% SandRidge Energy Inc, 8.125%, 15/10/22 7,775,000 3,226,625 0.13% SandRidge Energy Inc, 8.750%, 15/01/20 2,275,000 1,228,500 0.05% SandRidge Energy Inc, 8.750%, 01/06/20 144A 575,000 515,344 0.02% Seitel Inc, 9.500%, 15/04/19 525,000 469,219 0.02% Seventy Seven Energy Inc, 6.500%, 15/07/22 4,375,000 2,800,000 0.11% Seventy Seven Operating LLC, 6.625%, 15/11/19 575,000 465,750 0.02% Sidewinder Drilling Inc, 9.750%, 15/11/19 144A 450,000 283,500 0.01% SM Energy Co, 6.500%, 01/01/23 600,000 615,000 0.02% Summit Midstream Holdings LLC/Summit Midstream Finance Corp, 5.500%, 15/08/22 1,925,000 1,843,188 0.08% Summit Midstream Holdings LLC/Summit Midstream Finance Corp, 7.500%, 01/07/21 4,475,000 4,698,750 0.19% SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp, 7.375%, 01/02/20 Series 44a 825,000 838,406 0.03% SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp, 7.375%, 01/02/20 144a 700,000 711,375 0.03% SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp, 7.375%, 01/02/20 144A 250,000 254,063 0.01% Sunoco LP/Sunoco Finance Corp, 6.375%, 01/04/23 144A 6,050,000 6,276,875 0.26% Targa Resources Partners LP/Targa Resources Partners Finance Corp, 4.125%, 15/11/19 144A 1,825,000 1,806,750 0.07% Targa Resources Partners LP/Targa Resources Partners Finance Corp, 5.000%, 15/01/18 144A 2,850,000 2,921,250 0.12% TerraForm Power Operating LLC, 5.875%, 01/02/23 144A 3,425,000 3,476,375 0.14% Tesoro Corp, 5.125%, 01/04/24 1,600,000 1,608,000 0.07% Tesoro Logistics LP/Tesoro Logistics Finance Corp, 5.500%, 15/10/19 144A 550,000 573,375 0.02% Tesoro Logistics LP/Tesoro Logistics Finance Corp, 5.875%, 01/10/20 376,000 389,160 0.02% Tesoro Logistics LP/Tesoro Logistics Finance Corp, 6.125%, 15/10/21 950,000 985,625 0.04% Unit Corp, 6.625%, 15/05/21 700,000 679,000 0.03% W&T Offshore Inc, 8.500%, 15/06/19 875,000 606,113 0.02% Warren Resources Inc, 9.000%, 01/08/22 144A 3,475,000 1,668,000 0.07% Whiting Petroleum Corp, 5.750%, 15/03/21 3,022,000 2,965,338 0.12% 243,028,820 9.93%

188 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Financial - 9.58% (31st December, 2014: 9.22%) AAF Holdings LLC/AAF Finance Co, 12.000%, 01/07/19 144A 619,125 606,742 0.02% Ally Financial Inc, 2.750%, 30/01/17 825,000 820,875 0.03% Ally Financial Inc, 3.250%, 13/02/18 3,000,000 2,977,500 0.12% Ally Financial Inc, 3.500%, 27/01/19 1,000,000 990,000 0.04% Ally Financial Inc, 4.125%, 13/02/22 10,150,000 9,744,000 0.40% Ally Financial Inc, 4.750%, 10/09/18 2,850,000 2,928,375 0.12% Ally Financial Inc, 5.125%, 30/09/24 1,075,000 1,076,344 0.04% Ally Financial Inc, 8.000%, 15/03/20 583,000 686,482 0.03% Ally Financial Inc, 8.000%, 01/11/31 7,021,000 8,427,728 0.34% American Capital Ltd, 6.500%, 15/09/18 144A 600,000 622,500 0.03% Bank of America Corp, 6.250%, 29/09/49 11,700,000 11,664,900 0.48% Bank of America Corp, 6.500%, 29/10/49 4,700,000 4,893,875 0.20% CIT Group Inc, 3.875%, 19/02/19 10,393,000 10,328,044 0.42% CIT Group Inc, 4.250%, 15/08/17 850,000 862,750 0.04% CIT Group Inc, 5.000%, 15/05/17 6,208,000 6,386,480 0.26% CIT Group Inc, 5.000%, 01/08/23 1,075,000 1,053,500 0.04% CIT Group Inc, 5.250%, 15/03/18 5,200,000 5,382,000 0.22% CIT Group Inc, 5.500%, 15/02/19 144A 935,000 974,737 0.04% Citigroup Inc, 5.350%, 29/04/49 2,050,000 1,930,075 0.08% Citigroup Inc, 5.900%, 29/12/49 4,000,000 3,905,000 0.16% Citigroup Inc, 5.950%, 29/07/49 2,600,000 2,546,362 0.10% CNG Holdings, Inc/OH, 9.375%, 15/05/20 144A 1,325,000 954,000 0.04% CNO Financial Group Inc, 5.250%, 30/05/25 550,000 556,875 0.02% Cogent Communications Finance Inc, 5.625%, 15/04/21 144A 2,375,000 2,244,375 0.09% Communications Sales & Leasing Inc, 8.250%, 15/10/23 144A 4,000,000 3,927,960 0.16% Community Choice Financial Inc, 10.750%, 01/05/19 925,000 462,500 0.02% Constellation Enterprises LLC, 10.625%, 01/02/16 144A 25,000 21,250 0.00% Denver Parent Corp, 12.250%, 15/08/18 1,200,687 108,062 0.00% DuPont Fabros Technology LP, 5.625%, 15/06/23 1,825,000 1,788,500 0.07% DuPont Fabros Technology LP, 5.875%, 15/09/21 500,000 505,000 0.02% ESH Hospitality Inc, 5.250%, 01/05/25 144A 2,875,000 2,785,156 0.11% General Motors Financial Co Inc, 4.250%, 15/05/23 825,000 836,974 0.03% General Motors Financial Co Inc, 4.375%, 25/09/21 700,000 726,967 0.03% Geo Group Inc/The, 5.875%, 15/01/22 1,400,000 1,466,500 0.06% Goldman Sachs Group, Inc/The, 5.375%, 29/12/49 1,800,000 1,773,000 0.07% Goldman Sachs Group, Inc/The, 5.700%, 29/12/49 1,200,000 1,200,000 0.05% Greystar Real Estate Partners LLC, 8.250%, 01/12/22 144A 1,750,000 1,846,250 0.08% Hub Holdings LLC/Hub Holdings Finance Inc, 8.125%, 15/07/19 144A 884,000 877,370 0.04% HUB International Ltd, 7.875%, 01/10/21 144A 4,350,000 4,437,000 0.18% Icahn Enterprises LP/Icahn Enterprises Finance Corp, 3.500%, 15/03/17 3,625,000 3,638,412 0.15% Icahn Enterprises LP/Icahn Enterprises Finance Corp, 4.875%, 15/03/19 3,150,000 3,182,130 0.13% Icahn Enterprises LP/Icahn Enterprises Finance Corp, 5.875%, 01/02/22 7,725,000 7,850,145 0.32% Icahn Enterprises LP/Icahn Enterprises Finance Corp, 6.000%, 01/08/20 1,550,000 1,604,250 0.07% ILFC E-Capital Trust I, 4.690%, 21/12/65 144A 200,000 198,200 0.01% International Lease Finance Corp, 5.875%, 01/04/19 550,000 586,437 0.02% International Lease Finance Corp, 8.625%, 15/09/15 2,650,000 2,679,680 0.11% International Lease Finance Corp, 8.625%, 15/01/22 300,000 366,000 0.01% International Lease Finance Corp, 8.875%, 01/09/17 200,000 224,000 0.01% Iron Mountain Inc, 5.750%, 15/08/24 1,850,000 1,838,437 0.08% iStar Financial Inc, 3.875%, 01/07/16 275,000 275,687 0.01% iStar Financial Inc, 4.000%, 01/11/17 800,000 785,000 0.03% Jefferies Finance LLC/JFIN Co-Issuer Corp, 6.875%, 15/04/22 144A 400,000 390,000 0.02% Jefferies Finance LLC/JFIN Co-Issuer Corp, 7.375%, 01/04/20 144A 3,000,000 2,947,500 0.12%

189 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Financial - 9.58% (31st December, 2014: 9.22%) (continued) Jefferies Finance LLC/JFIN Co-Issuer Corp, 7.500%, 15/04/21 144A 7,302,000 7,265,490 0.30% JPMorgan Chase & Co, 5.000%, 29/12/49 4,275,000 4,170,797 0.17% JPMorgan Chase & Co, 5.150%, 29/12/49 925,000 879,767 0.04% JPMorgan Chase & Co, 6.000%, 29/12/49 4,425,000 4,383,516 0.18% JPMorgan Chase & Co, 6.100%, 29/10/49 175,000 175,682 0.01% JPMorgan Chase & Co, 6.125%, 29/12/49 3,025,000 3,047,687 0.12% JPMorgan Chase & Co, 6.750%, 29/01/49 1,275,000 1,362,248 0.06% Kennedy-Wilson Inc, 5.875%, 01/04/24 4,195,000 4,175,535 0.17% Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp, 7.375%, 01/10/17 2,175,000 2,267,438 0.09% MBIA Inc, 7.150%, 15/07/27 225,000 232,705 0.01% MBIA Insurance Corp, 11.530%, 15/01/33 144A 1,500,000 795,000 0.03% MPT Operating Partnership LP/MPT Finance Corp, 6.375%, 15/02/22 525,000 556,500 0.02% National Financial Partners Corp, 9.000%, 15/07/21 144A 3,175,000 3,127,375 0.13% Nationstar Mortgage LLC/Nationstar Capital Corp, 6.500%, 01/08/18 6,175,000 6,159,563 0.25% Nationstar Mortgage LLC/Nationstar Capital Corp, 6.500%, 01/06/22 2,575,000 2,369,000 0.10% Navient Corp, 5.500%, 15/01/19 1,575,000 1,608,469 0.07% Navient Corp, 5.875%, 25/10/24 5,150,000 4,879,625 0.20% Navient Corp, 6.125%, 25/03/24 5,400,000 5,170,500 0.21% Navient Corp, 8.000%, 25/03/20 2,350,000 2,626,125 0.11% Oppenheimer Holdings Inc, 8.750%, 15/04/18 194,000 202,245 0.01% Prospect Holding Co LLC/Prospect Holding Finance Co, 10.250%, 01/10/18 144A 1,075,000 709,500 0.03% Radian Group Inc, 5.250%, 15/06/20 3,875,000 3,845,938 0.16% Realogy Group LLC/Realogy Co-Issuer Corp, 4.500%, 15/04/19 144A 2,920,000 2,938,250 0.12% Realogy Group LLC/Realogy Co-Issuer Corp, 5.250%, 01/12/21 144A 6,125,000 6,239,844 0.25% Realogy Group LLC/Sunshine Group Florida Ltd/The, 3.375%, 01/05/16 144A 13,050,000 13,082,625 0.53% RHP Hotel Properties LP/RHP Finance Corp, 5.000%, 15/04/23 144A 2,050,000 1,998,750 0.08% Sabra Health Care LP/Sabra Capital Corp, 5.500%, 01/02/21 1,550,000 1,604,250 0.07% Sophia Holding Finance LP/Sophia Holding Finance Inc, 9.625%, 01/12/18 144A 1,425,000 1,442,813 0.06% Springleaf Finance Corp, 5.250%, 15/12/19 1,975,000 1,955,250 0.08% Springleaf Finance Corp, 6.000%, 01/06/20 1,750,000 1,765,225 0.07% Springleaf Finance Corp, 6.900%, 15/12/17 5,750,000 6,102,188 0.25% Springleaf Finance Corp, 8.250%, 01/10/23 375,000 422,813 0.02% TMX Finance LLC/TitleMax Finance Corp, 8.500%, 15/09/18 144A 513,000 423,225 0.02% USI Inc/NY, 7.750%, 15/01/21 144A 3,350,000 3,404,438 0.14% Wells Fargo & Co, 5.875%, 29/12/49 600,000 613,980 0.02% Wells Fargo & Co, 5.900%, 29/12/49 700,000 700,875 0.03% 234,597,117 9.58% Industrial - 4.36% (31st December, 2014: 7.52%) Aerojet Rocketdyne Holdings Inc, 7.125%, 15/03/21 2,175,000 2,327,250 0.10% Anixter Inc, 5.125%, 01/10/21 1,000,000 1,017,500 0.04% Artesyn Escrow Inc, 9.750%, 15/10/20 144A 1,325,000 1,318,375 0.05% Associated Materials LLC/AMH New Finance Inc, 9.125%, 01/11/17 3,025,000 2,495,625 0.10% Ball Corp, 5.000%, 15/03/22 1,420,000 1,418,225 0.06% Ball Corp, 5.250%, 01/07/25 425,000 420,750 0.02% Belden Inc, 5.250%, 15/07/24 144A 1,725,000 1,686,187 0.07% BlueLine Rental Finance Corp, 7.000%, 01/02/19 144A 1,425,000 1,449,937 0.06% Boise Cascade Co, 6.375%, 01/11/20 1,380,000 1,454,175 0.06% Builders FirstSource Inc, 7.625%, 01/06/21 144A 1,925,000 1,992,375 0.08%

190 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Industrial - 4.36% (31st December, 2014: 7.52%) (continued) Building Materials Corp of America, 5.375%, 15/11/24 144A 2,200,000 2,167,000 0.09% BWAY Holding Co, 9.125%, 15/08/21 144A 1,525,000 1,566,937 0.06% Case New Holland Industrial Inc, 7.875%, 01/12/17 550,000 602,305 0.02% CBC Ammo LLC/CBC FinCo Inc, 7.250%, 15/11/21 144A 475,000 444,125 0.02% Cemex Finance LLC, 6.000%, 01/04/24 144A 1,000,000 986,250 0.04% CNH Industrial Capital LLC, 3.375%, 15/07/19 825,000 798,187 0.03% CNH Industrial Capital LLC, 3.625%, 15/04/18 275,000 274,312 0.01% Colt Defense LLC/Colt Finance Corp, 8.750%, 15/11/17* 1,250,000 350,000 0.01% Consolidated Container Co LLC/Consolidated Container Capital Inc, 10.125%, 15/07/20 144A 375,000 339,375 0.01% Covanta Holding Corp, 5.875%, 01/03/24 975,000 975,000 0.04% CPG Merger Sub LLC, 8.000%, 01/10/21 144A 1,475,000 1,519,250 0.06% CTP Transportation Products LLC/CTP Finance Inc, 8.250%, 15/12/19 144A 275,000 284,625 0.01% EnerSys, 5.000%, 30/04/23 144A 1,425,000 1,409,410 0.06% EnPro Industries Inc, 5.875%, 15/09/22 500,000 511,250 0.02% Exopack Holding Corp, 10.000%, 01/06/18 144A 225,000 236,531 0.01% Flexi-Van Leasing Inc, 7.875%, 15/08/18 144A 1,225,000 1,243,375 0.05% Florida East Coast Holdings Corp, 6.750%, 01/05/19 144A 525,000 525,000 0.02% Florida East Coast Holdings Corp, 9.750%, 01/05/20 144A 725,000 685,125 0.03% Gibraltar Industries Inc, 6.250%, 01/02/21 200,000 204,500 0.01% GrafTech International Ltd, 6.375%, 15/11/20 325,000 295,750 0.01% Graphic Packaging International Inc, 4.875%, 15/11/22 450,000 452,250 0.02% Griffon Corp, 5.250%, 01/03/22 1,675,000 1,664,531 0.07% Hardwoods Acquisition Inc, 7.500%, 01/08/21 144A 2,650,000 2,580,437 0.11% Headwaters Inc, 7.250%, 15/01/19 375,000 390,000 0.02% Huntington Ingalls Industries Inc, 7.125%, 15/03/21 325,000 345,313 0.01% Jac Holding Corp, 11.500%, 01/10/19 144A 625,000 637,500 0.03% Jack Cooper Holdings Corp, 10.25%, 01/06/20 144A 1,475,000 1,349,625 0.06% JCH Parent Inc, 10.500%, 15/03/19 144A 1,531,562 1,152,500 0.05% Jurassic Holdings III Inc, 6.875%, 15/02/21 144A 1,000,000 780,000 0.03% Kenan Advantage Group Inc/The, 8.375%, 15/12/18 144A 575,000 598,719 0.02% KLX Inc, 5.875%, 01/12/22 144A 10,825,000 10,852,063 0.44% Louisiana-Pacific Corp, 7.500%, 01/06/20 780,000 829,725 0.03% Manitowoc Co Inc/The, 5.875%, 15/10/22 775,000 836,031 0.03% Martin Midstream Partners LP/Martin Midstream Finance Corp, 7.250%, 15/02/21 850,000 837,250 0.03% Masco Corp, 6.125%, 03/10/16 975,000 1,026,773 0.04% Michael Baker Holdings LLC/Micahel Baker Finance Corp, 8.875%, 15/04/19 144A 625,000 571,875 0.02% NCI Building Systems Inc, 8.250%, 15/01/23 144A 625,000 665,625 0.03% Neovia Logistics Intermediate Holdings LLC/Logistics Intermediate Finance Corp, 10.000%, 15/02/18 144A 1,075,000 1,069,625 0.04% New Enterprise Stone & Lime Co Inc, 11.000%, 01/09/18 2,425,000 2,164,313 0.09% New Enterprise Stone & Lime Co Inc, 13.000%, 15/03/18 686,391 739,586 0.03% Nortek Inc, 8.500%, 15/04/21 1,300,000 1,384,500 0.06% NWH Escrow Corp, 7.500%, 01/08/21 144A 4,100,000 3,889,875 0.16% Owens-Brockway Glass Container Inc, 5.375%, 15/01/25 144A 1,250,000 1,215,625 0.05% PaperWorks Industries Inc, 9.500%, 15/08/19 144A 525,000 525,000 0.02% Reynolds Group Issuer Inc/Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 9.875%, 15/08/19 4,957,000 5,217,243 0.21% Sanmina Corp, 4.375%, 01/06/19 144A 1,875,000 1,886,719 0.08% SBA Communications Corp, 4.875%, 15/07/22 994,000 966,665 0.04%

191 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Industrial - 4.36% (31st December, 2014: 7.52%) (continued) SBA Communications Corp, 5.625%, 01/10/19 1,775,000 1,841,563 0.08% Sealed Air Corp, 5.125%, 01/12/24 144A 1,375,000 1,347,500 0.06% Sealed Air Corp, 5.250%, 01/04/23 144A 950,000 954,750 0.04% Sealed Air Corp, 5.500%, 15/09/25 144A 3,075,000 3,105,750 0.13% Spirit AeroSystems Inc, 5.250%, 15/03/22 1,275,000 1,316,438 0.05% Spirit AeroSystems Inc, 6.750%, 15/12/20 925,000 968,938 0.04% Summit Materials LLC/Summit Materials Finance Corp, 10.500%, 31/01/20 607,000 664,665 0.03% TRAC Intermodal LLC/TRAC Intermodal Corp, 11.000%, 15/08/19 700,000 756,000 0.03% TransDigm Inc, 5.500%, 15/10/20 1,000,000 992,500 0.04% TransDigm Inc, 6.000%, 15/07/22 1,650,000 1,625,250 0.07% TransDigm Inc, 6.500%, 15/07/24 2,200,000 2,170,300 0.09% TransDigm Inc, 7.500%, 15/07/21 1,300,000 1,394,393 0.06% Vander Intermediate Holding II Corp, 9.750%, 01/02/19 144A 400,000 393,000 0.02% Waterjet Holdings Inc, 7.625%, 01/02/20 144A 450,000 468,000 0.02% Wise Metals Group LLC/Wise Alloys Finance Corp, 8.750%, 15/12/18 144A 2,900,000 3,055,875 0.12% Wise Metals Intermediate Holdings LLC/Wise Holdings Finance Corp, 9.750%, 15/06/19 144A 800,000 856,000 0.03% XPO Logistics Inc, 6.500%, 15/06/22 144A 5,225,000 5,107,438 0.21% XPO Logistics Inc, 7.875%, 01/09/19 144A 3,950,000 4,216,625 0.17% 106,863,059 4.36% Technology - 4.55% (31st December, 2014: 4.52%) Activision Blizzard Inc, 6.125%, 15/09/23 144A 493,000 529,975 0.02% Advanced Micro Devices Inc, 6.750%, 01/03/19 2,775,000 2,497,500 0.10% Advanced Micro Devices Inc, 7.000%, 01/07/24 2,225,000 1,835,625 0.08% Amkor Technology Inc, 6.375%, 01/10/22 1,799,000 1,812,492 0.07% Amkor Technology Inc, 6.625%, 01/06/21 1,075,000 1,101,875 0.05% Audatex North America Inc, 6.000%, 15/06/21 144A 1,700,000 1,742,500 0.07% Audatex North America Inc, 6.125%, 01/11/23 144A 2,200,000 2,255,000 0.09% BMC Software Finance Inc, 8.125%, 15/07/21 144A 4,475,000 3,669,500 0.15% BMC Software Inc, 7.250%, 01/06/18 624,000 577,200 0.02% Boxer Parent Co Inc, 9.000%, 15/10/19 144A 1,550,000 1,108,250 0.05% CDW LLC/CDW Finance Corp, 5.500%, 01/12/24 2,240,000 2,228,800 0.09% Compiler Finance Sub Inc, 7.000%, 01/05/21 144A 525,000 399,000 0.02% Entegris Inc, 6.000%, 01/04/22 144A 325,000 333,125 0.01% First Data Corp, 6.750%, 01/11/20 144A 3,075,000 3,244,125 0.13% First Data Corp, 8.250%, 15/01/21 144A 1,100,000 1,153,625 0.05% First Data Corp, 8.750%, 15/01/22 144A 10,000,000 10,600,000 0.43% First Data Corp, 10.625%, 15/06/21 1,866,000 2,071,260 0.08% First Data Corp, 11.750%, 15/08/21 1,500,000 1,688,250 0.07% First Data Corp, 12.625%, 15/01/21 10,875,000 12,560,625 0.51% Freescale Semiconductor Inc, 5.000%, 15/05/21 144A 1,240,000 1,285,260 0.05% Freescale Semiconductor Inc, 6.000%, 15/01/22 144A 1,825,000 1,929,937 0.08% IMS Health Inc, 6.000%, 01/11/20 144A 1,145,000 1,182,212 0.05% Infor Software Parent LLC/Infor Software Parent Inc, 7.125%, 01/05/21 144A 3,320,000 3,322,457 0.14% Infor US Inc, 6.500%, 15/05/22 144A 9,250,000 9,388,750 0.38% Italics Merger Sub Inc, 7.125%, 15/07/23 144A 5,725,000 5,685,641 0.23% Micron Technology Inc, 5.250%, 01/08/23 144A 13,550,000 12,940,250 0.53% Micron Technology Inc, 5.250%, 15/01/24 144A 6,750,000 6,311,250 0.26% Micron Technology Inc, 5.500%, 01/02/25 144A 3,600,000 3,361,500 0.14%

192 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 78.30% (31st December, 2014: 82.00%) (continued) Technology - 4.55% (31st December, 2014: 4.52%) (continued) Micron Technology Inc, 5.625%, 15/01/26 144A 2,875,000 2,652,188 0.11% Micron Technology Inc, 5.875%, 15/02/22 600,000 606,750 0.03% NCR Corp, 5.875%, 15/12/21 2,000,000 2,060,000 0.08% NCR Corp, 6.375%, 15/12/23 2,500,000 2,637,500 0.11% Southern Graphics Inc, 8.375%, 15/10/20 144A 650,000 666,250 0.03% SRA International Inc, 11.000%, 01/10/19 150,000 159,000 0.01% SS&C Technologies Holdings Inc, 5.875%, 15/07/23 144A 2,075,000 2,075,000 0.08% Sungard Availability Services Capital Inc, 8.750%, 01/04/22 144A 1,250,000 906,250 0.04% SunGard Data Systems Inc, 6.625%, 01/11/19 675,000 696,938 0.03% SunGard Data Systems Inc, 7.375%, 15/11/18 2,000,000 2,070,900 0.08% 111,346,760 4.55% Utilities - 3.08% (31st December, 2014: 3.91%) AES Corp/VA, 3.283%, 01/06/19 (FRN) 750,000 750,000 0.03% AES Corp/VA, 5.500%, 15/03/24 825,000 798,187 0.03% Calpine Corp, 5.375%, 15/01/23 4,625,000 4,520,938 0.19% Calpine Corp, 5.500%, 01/02/24 11,875,000 11,518,750 0.47% Calpine Corp, 5.750%, 15/01/25 400,000 387,500 0.02% Calpine Corp, 5.875%, 15/01/24 144A 1,625,000 1,702,187 0.07% Calpine Corp, 6.000%, 15/01/22 144A 500,000 527,500 0.02% Calpine Corp, 7.875%, 15/01/23 144A 500,000 535,000 0.02% Dynegy Inc, 5.875%, 01/06/23 950,000 928,625 0.04% Dynegy Inc, 6.750%, 01/11/19 144A 2,625,000 2,730,000 0.11% Dynegy Inc, 7.375%, 01/11/22 144A 12,825,000 13,530,375 0.55% Dynegy Inc, 7.625%, 01/11/24 144A 400,000 423,000 0.02% Energy Future Intermediate Holding Co LLC/EFIH Finance Inc, 11.750%, 01/03/22 144A* 4,105,980 4,685,950 0.19% GenOn Americas Generation LLC, 8.500%, 01/10/21 3,050,000 2,897,500 0.12% GenOn Energy Inc, 7.875%, 15/06/17 1,600,000 1,620,000 0.07% GenOn Energy Inc, 9.500%, 15/10/18 7,475,000 7,587,125 0.31% GenOn Energy Inc, 9.875%, 15/10/20 4,870,000 4,894,350 0.20% Illinois Power Generating Co, 7.000%, 15/04/18 1,100,000 1,068,375 0.04% NGL Energy Partners LP/NGL Energy Finance Corp, 5.125%, 15/07/19 350,000 349,125 0.01% NRG Energy Inc, 6.250%, 15/07/22 1,275,000 1,299,850 0.05% NRG Energy Inc, 6.250%, 01/05/24 6,750,000 6,716,250 0.28% NRG Energy Inc, 7.875%, 15/05/21 1,300,000 1,378,000 0.06% NRG Energy Inc, 8.250%, 01/09/20 500,000 522,500 0.02% Southern Star Central Corp, 5.125%, 15/07/22 144A 2,225,000 2,280,625 0.09% Texas Competitive Electric Holdings Co LLC/TCEH Finance Inc, 11.500%, 01/10/20 144A* 2,900,000 1,790,750 0.07% 75,442,462 3.08% TOTAL UNITED STATES 1,917,355,220 78.30%

TOTAL BONDS 2,339,871,650 95.55%

193 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund EQUITIES - 0.64% (31st December, 2014: 1.34%)

CANADA - 0.00% (31st December, 2014: 0.00%) Basic Materials - 0.00% (31st December, 2014: 0.00%) Catalyst Paper Corp 3,745 11,423 0.00% 11,423 0.00% TOTAL CANADA 11,423 0.00%

MARSHALL ISLAND - 0.09% (31st December, 2014: 0.15%) Industrial - 0.09% (31st December, 2014: 0.15%) Seaspan Corp, 6.375%, 30/04/19 PFD 82,630 2,119,460 0.09% 2,119,460 0.09% TOTAL MARSHALL ISLAND 2,119,460 0.09%

UNITED KINGDOM - 0.08% (31st December, 2014: 0.18%) Consumer Cyclical - 0.08% (31st December, 2014: 0.18%) Travelport Worldwide Ltd 136,292 1,872,652 0.08% 1,872,652 0.08% TOTAL UNITED KINGDOM 1,872,652 0.08%

UNITED STATES - 0.47% (31st December, 2014: 1.01%) Basic Materials - 0.00% (31st December, 2014: 0.00%) New Penhall Holding Class A Common 100 10,500 0.00% New Penhall Holding Class B Common 33 3,465 0.00% 13,965 0.00% Communications - 0.00% (31st December, 2014: 0.00%) Bluestem Group Inc 5,103 31,383 0.00% 31,383 0.00% Consumer Cyclical - 0.00% (31st December, 2014: 0.00%) Exide Restructure 3,159 15,795 0.00% Exide Technologies 5,777 28,885 0.00% 44,680 0.00% Consumer Non-Cyclical - 0.02% (31st December, 2014: 0.01%) Beech Holdings LLC 1,262 9,307 0.00% iPayment Holdings Inc 87,282 288,031 0.01% Physiotherapy Associates Holdings Inc 1,750 73,500 0.01% 370,838 0.02% Energy - 0.00% (31st December, 2014: 0.00%) Geokinetics Holdings USA Inc 500 35,000 0.00% 35,000 0.00% Financial - 0.40% (31st December, 2014: 0.90%) Ally Financial Inc, 7.000% PFD 144A 3,623 3,680,289 0.15% Ally Financial Inc, 8.500%, 31/12/49 PFD 28,823 763,809 0.03% Citigroup Inc, 6.875% PFD 20,657 551,542 0.02% Cowen Group Inc, 8.250%, 15/10/21 PFD 17,591 479,179 0.02% EME Reorganization Trust 3,305,109 19,831 0.00% GMAC Capital Trust I, 8.125%, 15/02/40 PFD 159,981 4,157,906 0.17% Holdco Membership Interests 355 43,500 0.00%

194 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 0.47% (31st December, 2014: 1.01%) (continued) Financial - 0.40% (31st December, 2014: 0.90%) (continued) Regions Financial Corp, 6.375% PFD 7,600 190,760 0.01% 9,886,816 0.40% Industrial - 0.04% (31st December, 2014: 0.08%) General Finance Corp, 8.125%, 31/07/21 PFD 21,742 559,857 0.02% Nortek Inc 5,873 480,705 0.02% 1,040,562 0.04% Utilities - 0.01% (31st December, 2014: 0.02%) NRG Energy Inc 8,519 198,322 0.01% 198,322 0.01% TOTAL UNITED STATES 11,621,566 0.47%

TOTAL EQUITIES 15,625,101 0.64% PARTICIPATORY NOTES - 0.02% (31st December, 2014: 0.06%)

UNITED STATES - 0.02% (31st December, 2014: 0.06%) Communications - 0.01% (31st December, 2014: 0.06%) Affinion Group Holdings Inc Series A, 12/12/23 11,527 11,527 0.00% Affinion Group Holdings Inc Series A, 12/12/23 Class B 289,999 289,999 0.01% Affinion Group Holdings Inc Series B, 12/12/23 59,965 1,199 0.00% 302,725 0.01% Consumer Cyclical - 0.00% (31st December, 2014: 0.00%) General Motors Co, 10/07/16 Class A 387 9,257 0.00% General Motors Co, 10/07/19 387 6,239 0.00% 15,496 0.00% Other Financial Services - 0.01% (31st December, 2014: 0.00%) iPayment Holdings Inc, 29/12/22 239,406 95,762 0.01% 95,762 0.01% TOTAL UNITED STATES 413,983 0.02%

TOTAL PARTICIPATORY NOTES 413,983 0.02% TERM LOANS - 0.00% (31st December, 2014: 0.00%)

UNITED STATES - 0.00% (31st December, 2014: 0.00%) Consumer Cyclical - 0.00% (31st December, 2014: 0.00%) Global Aviation Holdings Inc, 13/07/17 1,980 40 0.00% 40 0.00% TOTAL UNITED STATES 40 0.00%

TOTAL TERM LOANS 40 0.00%

195 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

HEDGE SHARE CLASS FORWARD FOREIGN CURRENCY CONTRACTS 0.04% (31st December, 2014: (0.61%)) Amount Amount Unrealised Currency CurrencyCurrency Currency Maturity Gain/(Loss) % of Bought Bought Sold Sold Counterparty Date USD Sub-Fund

Brown Brothers Harriman & EUR 192,579,707 USD 216,168,377 Co. 30/07/2015 452,721 0.02% Brown Brothers Harriman & GBP 334,813,797 USD 527,695,950 Co. 30/07/2015 (36,558) 0.00% Brown Brothers Harriman & EUR 57,617,804 USD 64,675,283 Co. 30/07/2015 135,450 0.01% Brown Brothers Harriman & GBP 3,404,140 USD 5,365,223 Co. 30/07/2015 (372) 0.00% Brown Brothers Harriman & CHF 110,798,009 USD 119,225,221 Co. 30/07/2015 255,806 0.01%

Total Unrealised Gain on Forward Foreign Currency Contracts 843,977 0.04% Total Unrealised Loss on Forward Foreign Currency Contracts (36,930) 0.00%

Financials Assets designated at Fair Value through Profit or Loss 2,356,754,751 96.25% Financials Liabilities designated at Fair Value through Profit or Loss (36,930) 0.00%

Other assets and liabilities 91,999,950 3.75%

Net assets attributable to holders of redeemable participating shares 2,448,717,771 100.00%

* Defaulted All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

196 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - NEWS EMERGING MARKETS SMALL CAP EQUITY FUND STATEMENT OF INVESTMENTS As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund

EQUITIES - 0.00% (31st December, 2014: 0.00%)

CHINA - 0.00% (31st December, 2014: 0.00%) Consumer Cyclical - 0.00% (31st December, 2014: 0.00%) Sijia Group Co 61,000 0 0.00% 0 0.00% TOTAL CHINA 0 0.00%

HONG KONG - 0.00% (31st December, 2014: 0.00%) Basic Materials - 0.00% (31st December, 2014: 0.00%) China Lumena New Materials Corp 452,000 0 0.00% 0 0.00% Communications - 0.00% (31st December, 2014: 0.00%) DBA Telecommunication Asia Holdings Ltd 72,000 0 0.00% 0 0.00% Industrial - 0.00% (31st December, 2014: 0.00%) China Metal Recycling Holdings Ltd 121,200 0 0.00% 0 0.00% TOTAL HONG KONG 0 0.00%

TOTAL EQUITIES 0 0.00%

Financials Assets designated at Fair Value through Profit or Loss 0 0.00%

Other assets and liabilities 0 100.00%

Net assets attributable to holders of redeemable participating shares 0 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

197 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUND STATEMENT OF INVESTMENTS As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund

EQUITIES - 95.51% (31st December, 2014: 96.54%) Basic Materials - 2.70% (31st December, 2014: 1.58%) SAMHWA Paints Industrial Co Ltd 12,498 180,381 1.31% Scientex BHD 104,300 190,340 1.39% 370,721 2.70% Communications - 4.64% (31st December, 2014: 3.68%) CJ E&M Corp 1,693 118,467 0.86% iMarketKorea Inc 8,777 235,312 1.72% SBS Media Holdings Co Ltd 50,996 182,978 1.33% VTech Holdings Ltd 2,100 27,766 0.20% Wins Co Ltd 8,748 73,097 0.53% 637,620 4.64% Consumer Cyclical - 19.51% (31st December, 2014: 21.77%) 8990 Holdings Inc 569,700 91,527 0.67% Cuckoo Electronics Co Ltd 375 94,003 0.68% Formosa International Hotels Corp 14,300 120,351 0.88% Future Bright Holdings Ltd 114,000 19,117 0.14% Giant Manufacturing Co Ltd 4,000 33,794 0.25% Gwangju Shinsegae Co Ltd 304 86,937 0.63% Hyundai Home Shopping Network Corp 1,235 135,201 0.98% Major Cineplex Group Pcl 143,900 143,772 1.05% Makalot Industrial Co Ltd 9,935 85,383 0.62% Mandarin Oriental International Ltd 161,050 253,653 1.85% Minth Group Ltd 206,000 460,769 3.35% Nexteer Automotive Group Ltd 189,000 196,744 1.43% Padini Holdings Bhd 211,500 74,505 0.54% Poya International Co Ltd 28,359 301,555 2.18% Qingling Motors Co Ltd 714,000 241,305 1.76% Robinson Department Store Pcl 57,400 76,041 0.55% Sheng Siong Group Ltd 434,000 267,672 1.95% 2,682,329 19.51% Consumer Non-Cyclical - 16.80% (31st December, 2014: 16.16%) Century Pacific Food Inc 153,300 62,166 0.45% China Merchants Holdings Pacific Ltd 434,610 339,098 2.47% Consun Pharmaceutical Group Ltd 306,000 220,648 1.61% Dalian Port PDA Co Ltd 194,000 88,587 0.64% Goldpac Group Ltd 186,000 118,044 0.86% Hyundai Greenfood Co Ltd 19,432 366,419 2.67% i-SENS Inc 2,764 150,676 1.10% Lotte Chilsung Beverage Co Ltd 116 275,544 2.00% Lung Yen Life Service Corp 82,000 212,346 1.54% Premier Marketing Pcl 515,200 157,092 1.14% Raffles Medical Group Ltd 79,230 270,821 1.97% St Shine Optical Co Ltd 3,000 47,680 0.35% 2,309,121 16.80% Diversified - 2.39% (31st December, 2014: 3.92%) Boustead Singapore Ltd 219,526 203,907 1.48% Magnificent Estates 2,940,000 125,149 0.91% 329,056 2.39% Energy - 0.75% (31st December, 2014: 0.82%) Anhui Tianda Oil Pipe Co Ltd 449,000 102,515 0.75% 102,515 0.75%

198 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - ASIAN SMALLER COMPANIES FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund

Financial - 15.06% (31st December, 2014: 16.29%) AEON Thana Sinsap Thailand Pcl 64,200 179,125 1.30% Amata Corp Pcl 309,000 137,212 1.00% Boustead Projects Pte Ltd 65,857 43,799 0.32% Ciputra Development Tbk PT 1,281,800 121,618 0.88% Clipan Finance Indonesia Tbk PT 1,134,700 29,958 0.22% Filinvest Land Inc 5,669,000 233,659 1.70% Hopefluent Group Holdings Ltd 678,000 230,013 1.67% King's Town Bank Co Ltd 319,000 276,736 2.02% Land & General Bhd 790,000 89,975 0.65% OSK Holdings Bhd 434,100 243,754 1.77% Prince Housing & Development Corp 465,377 175,497 1.28% Shun Ho Technology Holdings Ltd 48,510 20,212 0.15% Shun Tak Holdings Ltd 364,000 201,900 1.47% Syarikat Takaful Malaysia Bhd 86,400 86,960 0.63% 2,070,418 15.06% Industrial - 31.74% (31st December, 2014: 30.49%) Adhi Karya Persero Tbk PT 552,600 83,724 0.61% Arwana Citramulia Tbk PT 1,280,000 50,884 0.37% Asahimas Flat Glass Tbk PT 205,800 110,753 0.81% Boer Power Holdings Ltd 212,000 452,859 3.28% Chin-Poon Industrial Co Ltd 118,000 179,523 1.31% Dongpeng Holdings Co Ltd 312,000 160,581 1.17% Dynasty Ceramic Pcl 1,422,400 154,956 1.13% Favelle Favco Bhd 58,000 43,475 0.32% First Tractor Co Ltd 138,000 108,408 0.79% Haitian International Holdings Ltd 137,000 320,571 2.32% Pan-United Corp Ltd 461,000 248,356 1.81% SITC International Holdings Co Ltd 899,000 587,942 4.28% Sunspring Metal Corp 98,000 158,612 1.15% Techtronic Industries Co 69,500 229,281 1.67% TXC Corp 233,000 300,555 2.19% Voltronic Power Technology Corp 16,600 209,025 1.52% Wasion Group Holdings Ltd 422,000 648,866 4.71% WT Microelectronics Co Ltd 209,816 315,814 2.30% 4,364,185 31.74% Technology - 1.92% (31st December, 2014: 1.83%) Silverlake Axis Ltd 204,000 148,556 1.08% Tong Hsing Electronic Industries Ltd 41,000 115,596 0.84% 264,152 1.92% TOTAL EQUITIES 13,130,117 95.51%

Financials Assets designated at Fair Value through Profit or Loss 13,130,117 95.51%

Other assets and liabilities 617,346 4.49%

Net assets attributable to holders of redeemable participating shares 13,747,463 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

199 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND STATEMENT OF INVESTMENTS As at 30th June, 2015 ______

Fair Value % of Security Description Holding JPY Sub-Fund

EQUITIES - 98.29% (31st December, 2014: 98.93%)

Basic Materials - 2.56% (31st December, 2014: 2.25%) Nitto Denko Corp 10,600 106,636,000 2.56% 106,636,000 2.56% Communications - 15.36% (31st December, 2014: 14.91%) Kakaku.com Inc 84,800 150,265,600 3.61% M3 Inc 70,200 172,832,400 4.16% MonotaRO Co Ltd 22,300 119,974,000 2.88% Rakuten Inc 43,900 86,812,250 2.09% SoftBank Corp 15,100 108,855,900 2.62% 638,740,150 15.36% Consumer Cyclical - 18.03% (31st December, 2014: 16.65%) Bridgestone Corp 29,600 134,014,000 3.22% Cosmos Pharmaceutical Corp 6,500 107,900,000 2.59% Fast Retailing Co Ltd 2,400 133,344,000 3.21% Isuzu Motors Ltd 132,000 212,190,000 5.10% Shimano Inc 7,800 130,260,000 3.13% St Marc Holdings Co Ltd 8,000 32,240,000 0.78% 749,948,000 18.03% Consumer Non-Cyclical - 19.84% (31st December, 2014: 18.99%) Asahi Intecc Co Ltd 9,700 81,383,000 1.96% Japan Tobacco Inc 23,700 103,343,850 2.48% Message Co Ltd 20,500 67,650,000 1.63% Paramount Bed Holdings Co Ltd 19,000 68,685,000 1.65% Park24 Co Ltd 34,700 72,765,900 1.75% Sysmex Corp 24,200 176,660,000 4.25% Unicharm Corp 87,600 254,872,200 6.12% 825,359,950 19.84% Industrial - 42.50% (31st December, 2014: 46.13%) Daikin Industries Ltd 20,100 177,060,900 4.27% FANUC Corp 4,700 117,876,000 2.83% Hamamatsu Photonics KK 22,100 79,781,000 1.92% Keyence Corp 3,300 217,998,000 5.24% Komatsu Ltd 39,300 96,560,100 2.32% Kubota Corp 71,000 137,846,500 3.31% Makita Corp 15,800 104,912,000 2.52% Mitsubishi Electric Corp 99,000 156,618,000 3.77% Nabtesco Corp 25,100 77,057,000 1.85% Nidec Corp 34,400 315,276,000 7.59% Rinnai Corp 11,700 112,905,000 2.71% SMC Corp/Japan 4,700 173,265,500 4.17% 1,767,156,000 42.50%

TOTAL EQUITIES 4,087,840,100 98.29%

200 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - JAPAN HIGH CONVICTION FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of JPY Sub-Fund

Financials Assets designated at Fair Value through Profit or Loss 4,087,840,100 98.29%

Other assets and liabilities 71,298,453 1.71%

Net assets attributable to holders of redeemable participating shares 4,159,138,553 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

201 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND – ASIA EX JAPAN HIGH CONVICTION STATEMENT OF INVESTMENTS As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund

EQUITIES - 87.42% (31st December, 2014: 88.85%)

Basic Materials - 1.44% (31st December, 2014: 1.38%) Formosa Plastics Corp 38,000 89,302 1.44% 89,302 1.44% Communications - 4.56% (31st December, 2014: 2.33%) JD.com Inc - Sponsored ADR 1,800 60,426 0.98% Tencent Holdings Ltd 11,100 221,646 3.58% 282,072 4.56% Consumer Cyclical - 5.21% (31st December, 2014: 7.63%) Haier Electronics Group Co Ltd 25,000 67,238 1.09% Hyundai Mobis Co Ltd 445 84,309 1.36% Nexteer Automotive Group Ltd 164,000 170,720 2.76% 322,267 5.21% Diversified - 0.72% (31st December, 2014: 0.00%) Wisdom Holdings Group 57,000 44,777 0.72% 44,777 0.72% Energy - 3.71% (31st December, 2014: 2.76%) PetroChina Co Ltd 206,000 229,322 3.71% 229,322 3.71% Financial - 45.52% (31st December, 2014: 48.59%) AIA Group Ltd 32,800 213,876 3.46% Ayala Land Inc 86,100 71,166 1.15% Bank Mandiri Persero Tbk PT 216,800 163,423 2.64% Cheung Kong Property Holdings Ltd 13,000 107,490 1.74% China Life Insurance Co Ltd 65,000 281,721 4.55% China Life Insurance Co Ltd/Taiwan 229,000 234,241 3.79% China Overseas Land & Investment Ltd 48,000 169,961 2.75% CK Hutchison Holdings Ltd 8,000 118,054 1.91% DBS Group Holdings Ltd 11,328 174,160 2.81% Dongbu Insurance Co Ltd 4,298 217,016 3.51% Hong Kong Exchanges and Clearing Ltd 7,900 278,811 4.51% Industrial & Commercial Bank of China Ltd 661,000 524,377 8.47% Samsung Life Insurance Co Ltd 698 67,057 1.08% Sun Hung Kai Properties Ltd 12,000 194,883 3.15% 2,816,236 45.52% Industrial - 9.40% (31st December, 2014: 4.02%) Airports of Thailand Pcl 17,000 152,487 2.46% Beijing Capital International Airport Co Ltd 60,000 69,192 1.12% ComfortDelGro Corp Ltd 97,000 225,607 3.65% Pegatron Corp 46,000 134,457 2.17% 581,743 9.40% Technology - 14.91% (31st December, 2014: 12.67%) King Slide Works Co Ltd 6,000 80,018 1.29% Samsung Electronics Co Ltd 209 236,834 3.83% SK Hynix Inc 5,436 205,493 3.32% Taiwan Semiconductor Manufacturing Co Ltd 88,000 400,220 6.47% 922,565 14.91%

202 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND – ASIA EX JAPAN HIGH CONVICTION STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund

Utilities - 1.95% (31st December, 2014: 7.78%) First Gen Corp 201,400 120,500 1.95% 120,500 1.95% TOTAL EQUITIES 5,408,784 87.42%

PARTICIPATORY NOTES - 9.02% (31st December, 2014: 8.98%)

Financial - 6.27% (31st December, 2014: 5.46%) HDFC Bank Ltd, 17/01/19 12,321 204,146 3.30% Yes Bank Ltd, 25/06/18 14,000 184,066 2.97% 388,212 6.27% Industrial - 2.75% (31st December, 2014: 0.00%) Larsen & Toubro Ltd, 29/05/18 6,032 169,966 2.75% 169,966 2.75% TOTAL PARTICIPATORY NOTES 558,178 9.02%

Financials Assets designated at Fair Value through Profit or Loss 5,966,962 96.44%

Other assets and liabilities 220,472 3.56%

Net assets attributable to holders of redeemable participating shares 6,187,434 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

203 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund BONDS - 93.84% (31st December, 2014: 96.25%)

ARGENTINA - 0.21% (31st December, 2014: 0.00%) Energy - 0.21% (31st December, 2014: 0.00%) YPF SA, 8.750%, 04/04/24 50,000 50,625 0.21% 50,625 0.21% TOTAL ARGENTINA 50,625 0.21%

AUSTRALIA - 0.11% (31st December, 2014: 0.26%) Industrial - 0.11% (31st December, 2014: 0.11%) Transfield Services Ltd, 8.375%, 15/05/20 144A 25,000 26,625 0.11% 26,625 0.11% TOTAL AUSTRALIA 26,625 0.11%

AUSTRIA - 0.47% (31st December, 2014: 2.17%) Industrial - 0.47% (31st December, 2014: 0.52%) Wienerberger AG, 6.500%, 29/12/49 100,000 116,132 0.47% 116,132 0.47% TOTAL AUSTRIA 116,132 0.47%

BELGIUM - 0.48% (31st December, 2014: 0.53%) Consumer Non-Cyclical - 0.48% (31st December, 2014: 0.53%) Ontex Group NV, 4.750%, 15/11/21 100,000 117,591 0.48% 117,591 0.48% TOTAL BELGIUM 117,591 0.48%

BERMUDA - 3.02% (31st December, 2014: 0.83%) Communications - 1.61% (31st December, 2014: 0.41%) Digicel Ltd, 6.750%, 01/03/23 144A 200,000 195,000 0.79% GCX Ltd, 7.000%, 01/08/19 200,000 200,706 0.82% 395,706 1.61% Consumer Cyclical - 0.31% (31st December, 2014: 0.11%) NCL Corp Ltd, 5.250%, 15/11/19 144A 25,000 25,734 0.10% Viking Cruises Ltd, 6.250%, 15/05/25 144A 25,000 24,563 0.10% Viking Cruises Ltd, 8.500%, 15/10/22 144A 25,000 27,500 0.11% 77,797 0.31% Energy - 0.79% (31st December, 2014: 0.00%) Kosmos Energy Ltd, 7.875%, 01/08/21 144A 200,000 193,500 0.79% 193,500 0.79% Financial - 0.31% (31st December, 2014: 0.31%) Aircastle Ltd, 5.125%, 15/03/21 75,000 75,843 0.31% 75,843 0.31% TOTAL BERMUDA 742,846 3.02%

204 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund BRITISH VIRGIN ISLANDS - 1.57% (31st December, 2014: 0.97%) Basic Materials - 0.75% (31st December, 2014: 0.70%) Yingde Gases Investment Ltd, 7.250%, 28/02/20 200,000 185,500 0.75% 185,500 0.75% Diversified - 0.82% (31st December, 2014: 0.00%) Beijing Capital Polaris Investment Co Ltd, 2.875%, 01/04/18 200,000 199,606 0.82% 199,606 0.82% TOTAL BRITISH VIRGIN ISLANDS 385,106 1.57%

CANADA - 4.94% (31st December, 2014: 3.87%) Basic Materials - 0.50% (31st December, 2014: 1.34%) AuRico Gold Inc, 7.750%, 01/04/20 144A 25,000 25,125 0.10% Kissner Milling Co Ltd, 7.250%, 01/06/19 144A 50,000 50,875 0.21% Lundin Mining Corp, 7.875%, 01/11/22 144A 25,000 26,750 0.11% Thompson Creek Metals Co Inc, 7.375%, 01/06/18 25,000 20,500 0.08% 123,250 0.50% Consumer Cyclical - 1.50% (31st December, 2014: 1.52%) 1011778 BC ULC/New Red Finance Inc, 6.000%, 01/04/22 144A 100,000 102,750 0.42% Air Canada, 7.750%, 15/04/21 144A 75,000 79,875 0.32% Air Canada, 8.750%, 01/04/20 144A 100,000 110,625 0.46% Brookfield Residential Properties Inc, 6.375%, 15/05/25 144A 25,000 24,656 0.10% Brookfield Residential Properties Inc, 6.500%, 15/12/20 144A 50,000 50,375 0.20% 368,281 1.50% Consumer Non-Cyclical - 1.26% (31st December, 2014: 0.52%) Concordia Healthcare Corp, 7.000%, 15/04/23 144A 25,000 25,031 0.10% Garda World Security Corp, 7.250%, 15/11/21 144A 50,000 48,500 0.20% Valeant Pharmaceuticals International Inc, 4.500%, 15/05/23 100,000 108,839 0.44% Valeant Pharmaceuticals International Inc, 5.375%, 15/03/20 144A 75,000 76,969 0.31% Valeant Pharmaceuticals International Inc, 6.125%, 15/04/25 144A 50,000 51,312 0.21% 310,651 1.26% Energy - 1.59% (31st December, 2014: 0.28%) Gibson Energy Inc, 6.750%, 15/07/21 144A 25,000 25,719 0.10% MEG Energy Corp, 6.500%, 15/03/21 144A 50,000 48,500 0.20% Pacific Rubiales Energy Corp, 5.625%, 19/01/25 200,000 147,000 0.60% Precision Drilling Corp, 5.250%, 15/11/24 25,000 21,375 0.09% Sanjel Corp, 7.500%, 19/06/19 144A 200,000 146,500 0.60% 389,094 1.59% Industrial - 0.09% (31st December, 2014: 0.09%) Bombardier Inc, 7.500%, 15/03/25 144A 25,000 22,782 0.09% 22,782 0.09% TOTAL CANADA 1,214,058 4.94%

CAYMAN ISLANDS - 2.72% (31st December, 2014: 1.73%) Energy - 0.50% (31st December, 2014: 0.00%) Offshore Group Investment Ltd, 7.500%, 01/11/19 50,000 30,469 0.12% Transocean Inc, 5.550%, 15/12/16 25,000 25,775 0.10% Transocean Inc, 6.875%, 15/12/21 75,000 67,125 0.28% 123,369 0.50%

205 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund CAYMAN ISLANDS - 2.72% (31st December, 2014: 1.73%) (continued) Financial - 1.68% (31st December, 2014: 1.73%) China Aoyuan Property Group Ltd, 10.875%, 26/05/18 200,000 196,896 0.80% CIFI Holdings Group Co Ltd, 12.250%, 15/04/18 200,000 217,500 0.88% 414,396 1.68% Industrial - 0.54% (31st December, 2014: 0.00%) Honghua Group Ltd, 7.450%, 25/09/19 200,000 132,000 0.54% 132,000 0.54% TOTAL CAYMAN ISLANDS 669,765 2.72%

CZECH REPUBLIC - 0.47% (31st December, 2014: 0.50%) Energy - 0.47% (31st December, 2014: 0.50%) CE Energy AS, 7.000%, 01/02/21 100,000 115,571 0.47% 115,571 0.47% TOTAL CZECH REPUBLIC 115,571 0.47%

FRANCE - 2.61% (31st December, 2014: 3.94%) Communications - 0.81% (31st December, 2014: 0.84%) Numericable-SFR SAS, 6.000%, 15/05/22 144A 200,000 197,000 0.81% 197,000 0.81% Consumer Cyclical - 0.47% (31st December, 2014: 0.00%) Autodis SA, 6.500%, 01/02/19 100,000 116,413 0.47% 116,413 0.47% Financial - 1.22% (31st December, 2014: 1.77%) BPCE SA, 4.625%, 29/07/49 100,000 112,205 0.46% Societe Generale SA, 6.000%, 27/10/49 200,000 187,000 0.76% 299,205 1.22% Industrial - 0.11% (31st December, 2014: 0.00%) CMA CGM SA, 7.750%, 15/01/21 25,000 27,981 0.11% 27,981 0.11% TOTAL FRANCE 640,599 2.61%

GERMANY - 1.41% (31st December, 2014: 1.02%) Diversified - 0.97% (31st December, 2014: 0.54%) CeramTec Group GmbH, 8.250%, 15/08/21 100,000 122,303 0.50% ProGroup AG, 5.125%, 01/05/22 100,000 114,730 0.47% 237,033 0.97% Industrial - 0.44% (31st December, 2014: 0.48%) Rapid Holding GmbH, 6.625%, 15/11/20 100,000 108,839 0.44% 108,839 0.44% TOTAL GERMANY 345,872 1.41%

206 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund IRELAND - 0.60% (31st December, 2014: 1.85%) Financial - 0.60% (31st December, 2014: 1.23%) AerCap Ireland Capital Ltd/AerCap Global Aviation Trust, 3.750%, 15/05/19 144A 150,000 148,500 0.60% 148,500 0.60% TOTAL IRELAND 148,500 0.60%

ITALY - 0.91% (31st December, 2014: 2.06%) Financial - 0.52% (31st December, 2014: 0.57%) Intesa Sanpaolo SpA, 8.047%, 29/06/49 100,000 125,810 0.52% 125,810 0.52% Industrial - 0.39% (31st December, 2014: 0.47%) Waste Italia SpA, 10.500%, 15/11/19 100,000 96,956 0.39% 96,956 0.39% TOTAL ITALY 222,766 0.91%

LUXEMBOURG - 6.30% (31st December, 2014: 7.47%) Basic Materials - 0.53% (31st December, 2014: 0.55%) ArcelorMittal, 6.125%, 01/06/25 25,000 25,045 0.10% ArcelorMittal, 6.250%, 01/03/21 25,000 26,031 0.11% ArcelorMittal, 7.750%, 15/10/39 50,000 49,625 0.20% ArcelorMittal, 10.600%, 01/06/19 25,000 29,969 0.12% 130,670 0.53% Communications - 1.79% (31st December, 2014: 3.04%) Intelsat Jackson Holdings SA, 7.500%, 01/04/21 25,000 24,656 0.10% Intelsat Luxembourg SA, 6.750%, 01/06/18 25,000 23,750 0.10% Intelsat Luxembourg SA, 8.125%, 01/06/23 25,000 20,563 0.08% NII International Telecom SCA, 7.875%, 15/08/19 144A* 50,000 44,000 0.18% NII International Telecom SCA, 11.375%, 15/08/19 144A* 25,000 22,500 0.09% Play Finance 2 SA, 5.250%, 01/02/19 100,000 115,111 0.47% Telecom Italia Finance SA, 7.750%, 24/01/33 50,000 72,610 0.30% Wind Acquisition Finance SA, 7.000%, 23/04/21 100,000 115,852 0.47% 439,042 1.79% Consumer Cyclical - 0.44% (31st December, 2014: 0.54%) Cirsa Funding Luxembourg SA, 5.875%, 15/05/23 100,000 108,289 0.44% 108,289 0.44% Consumer Non-Cyclical - 0.59% (31st December, 2014: 1.80%) Auris Luxembourg II SA, 8.000%, 15/01/23 100,000 120,679 0.49% Mallinckrodt International Finance SA/Mallinckrodt CB LLC, 5.500%, 15/04/25 144A 25,000 24,312 0.10% 144,991 0.59% Energy - 1.24% (31st December, 2014: 0.00%) Gazprom OAO Via Gaz Capital SA, 3.600%, 26/02/21 100,000 104,070 0.42% Gazprom OAO Via Gaz Capital SA, 6.510%, 07/03/22 100,000 100,250 0.41% Gazprom OAO Via Gaz Capital SA, 6.510%, 07/03/22 144A 100,000 100,250 0.41% 304,570 1.24% Financial - 1.13% (31st December, 2014: 0.58%) Sberbank of Russia Via SB Capital SA, 5.400%, 24/03/17 150,000 151,179 0.61%

207 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund LUXEMBOURG - 6.30% (31st December, 2014: 7.47%) (continued) Financial - 1.13% (31st December, 2014: 0.58%) (continued) UniCredit Bank Luxembourg SA, 8.125%, 29/12/49 100,000 128,194 0.52% 279,373 1.13% Industrial - 0.58% (31st December, 2014: 0.96%) Beverage Packaging Holdings Luxembourg II SA/Beverage Packaging Holdings II Is, 5.625%, 15/12/16 144A 25,000 24,875 0.10% SIG Combibloc Holdings SCA, 7.750%, 15/02/23 100,000 116,772 0.48% 141,647 0.58% TOTAL LUXEMBOURG 1,548,582 6.30%

MARSHALL ISLAND - 0.18% (31st December, 2014: 0.29%) Industrial - 0.18% (31st December, 2014: 0.29%) Teekay Offshore Partners LP/Teekay Offshore Finance Corp, 6.000%, 30/07/19 50,000 45,000 0.18% 45,000 0.18% TOTAL MARSHALL ISLAND 45,000 0.18%

MEXICO - 0.78% (31st December, 2014: 0.81%) Industrial - 0.78% (31st December, 2014: 0.81%) Cemex SAB de CV, 5.700%, 11/01/25 144A 200,000 190,940 0.78% 190,940 0.78% TOTAL MEXICO 190,940 0.78%

MULTINATIONAL - 0.10% (31st December, 2014: 0.10%) Industrial - 0.10% (31st December, 2014: 0.10%) Navios Maritime Acquisition Corp/Navios Acquisition Finance US Inc, 8.125%, 15/11/21 144A 25,000 24,500 0.10% 24,500 0.10% TOTAL MULTINATIONAL 24,500 0.10%

NETHERLANDS - 5.77% (31st December, 2014: 6.66%) Basic Materials - 0.46% (31st December, 2014: 0.00%) Constellium NV, 7.000%, 15/01/23 100,000 112,205 0.46% 112,205 0.46% Communications - 0.83% (31st December, 2014: 0.86%) VTR Finance BV, 6.875%, 15/01/24 200,000 205,300 0.83% 205,300 0.83% Consumer Cyclical - 0.96% (31st December, 2014: 1.91%) PortAventura Entertainment Barcelona BV, 7.250%, 01/12/20 100,000 116,894 0.48% Schaeffler Holding Finance BV, 5.750%, 15/11/21 100,000 118,225 0.48% 235,119 0.96% Consumer Non-Cyclical - 1.32% (31st December, 2014: 1.60%) JLL/Delta Dutch Pledgeco BV, 8.750%, 01/05/20 144A 25,000 25,375 0.10% Marfrig Holding Europe BV, 6.875%, 24/06/19 200,000 190,640 0.78%

208 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund NETHERLANDS - 5.77% (31st December, 2014: 6.66%) (continued) Consumer Non-Cyclical - 1.32% (31st December, 2014: 1.60%) (continued) Stork Technical Services Holdco BV, 11.000%, 15/08/17 100,000 109,411 0.44% 325,426 1.32% Energy - 0.57% (31st December, 2014: 0.00%) Petrobras Global Finance BV, 5.375%, 27/01/21 50,000 47,800 0.19% Petrobras Global Finance BV, 6.250%, 17/03/24 50,000 48,273 0.20% Petrobras Global Finance BV, 6.750%, 27/01/41 50,000 43,564 0.18% 139,637 0.57% Industrial - 0.90% (31st December, 2014: 1.39%) Constellium NV, 5.750%, 15/05/24 144A 250,000 222,500 0.90% 222,500 0.90% Technology - 0.73% (31st December, 2014: 0.90%) InterXion Holding NV, 6.000%, 15/07/20 150,000 178,406 0.73% 178,406 0.73% TOTAL NETHERLANDS 1,418,593 5.77%

NORWAY - 0.48% (31st December, 2014: 0.52%) Financial - 0.48% (31st December, 2014: 0.52%) Lock AS, 7.000%, 15/08/21 100,000 118,376 0.48% 118,376 0.48% TOTAL NORWAY 118,376 0.48%

PORTUGAL - 0.46% (31st December, 2014: 0.49%) Financial - 0.46% (31st December, 2014: 0.49%) Novo Banco SA, 4.750%, 15/01/18 100,000 113,895 0.46% 113,895 0.46% TOTAL PORTUGAL 113,895 0.46%

SINGAPORE - 0.81% (31st December, 2014: 0.00%) Consumer Cyclical - 0.81% (31st December, 2014: 0.00%) Golden Legacy PTE Ltd, 9.000%, 24/04/19 200,000 198,000 0.81% 198,000 0.81% TOTAL SINGAPORE 198,000 0.81%

SOUTH AFRICA - 0.36% (31st December, 2014: 0.40%) Consumer Cyclical - 0.36% (31st December, 2014: 0.40%) Edcon Ltd, 9.500%, 01/03/18 100,000 89,742 0.36% 89,742 0.36% TOTAL SOUTH AFRICA 89,742 0.36%

209 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund SPAIN - 0.44% (31st December, 2014: 0.49%) Financial - 0.44% (31st December, 2014: 0.49%) Bankia SA, 4.000%, 22/05/24 100,000 108,878 0.44% 108,878 0.44% TOTAL SPAIN 108,878 0.44%

SWITZERLAND - 0.78% (31st December, 2014: 1.31%) Financial - 0.78% (31st December, 2014: 1.31%) Credit Suisse Group AG, 6.250%, 29/12/49 144A 200,000 192,100 0.78% 192,100 0.78% TOTAL SWITZERLAND 192,100 0.78%

TURKEY - 0.82% (31st December, 2014: 1.71%) Financial - 0.82% (31st December, 2014: 1.71%) Finansbank AS/Turkey, 6.250%, 30/04/19 200,000 202,404 0.82% 202,404 0.82% TOTAL TURKEY 202,404 0.82%

UNITED KINGDOM - 6.96% (31st December, 2014: 5.91%) Basic Materials - 0.77% (31st December, 2014: 0.77%) Vedanta Resources Plc, 7.125%, 31/05/23 200,000 190,000 0.77% 190,000 0.77% Communications - 1.01% (31st December, 2014: 1.11%) Inmarsat Finance Plc, 4.875%, 15/05/22 144A 100,000 96,500 0.39% Virgin Media Secured Finance Plc, 4.875%, 15/01/27 100,000 151,728 0.62% 248,228 1.01% Consumer Cyclical - 2.37% (31st December, 2014: 1.74%) Algeco Scotsman Global Finance Plc, 9.000%, 15/10/18 100,000 109,521 0.45% New Look Secured Issuer Plc, 6.500%, 01/07/22 100,000 152,911 0.62% New Look Senior Issuer Plc, 8.000%, 01/07/23 100,000 153,699 0.63% Vougeot Bidco Plc, 7.875%, 15/07/20 100,000 167,104 0.67% 583,235 2.37% Consumer Non-Cyclical - 1.10% (31st December, 2014: 1.28%) Ephios Bondco Plc, 6.250%, 01/07/22 100,000 108,839 0.44% Moy Park Bondco Plc, 6.250%, 29/05/21 100,000 161,581 0.66% 270,420 1.10% Financial - 1.15% (31st December, 2014: 0.55%) Barclays Bank Plc, 7.750%, 10/04/23 25,000 27,094 0.11% Royal Bank of Scotland Group Plc, 7.640%, 29/03/49 100,000 106,850 0.43% Tesco Property Finance 3 Plc, 5.744%, 13/04/40 98,526 147,888 0.61% 281,832 1.15% Industrial - 0.56% (31st December, 2014: 0.00%) TA MFG. Ltd, 3.625%, 15/04/23 125,000 136,620 0.56% 136,620 0.56% TOTAL UNITED KINGDOM 1,710,335 6.96%

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NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 49.86% (31st December, 2014: 47.59%) Basic Materials - 2.71% (31st December, 2014: 3.08%) AK Steel Corp, 8.375%, 01/04/22 25,000 20,500 0.08% Aleris International Inc, 7.625%, 15/02/18 25,000 25,719 0.10% Compass Minerals International Inc, 4.875%, 15/07/24 144A 25,000 24,750 0.10% Hecla Mining Co, 6.875%, 01/05/21 25,000 23,762 0.10% Hexion US Finance Corp/Hexion Nova Scotia Finance ULC, 8.875%, 01/02/18 50,000 45,219 0.18% Hexion US Finance Corp/Hexion Nova Scotia Finance ULC, 9.000%, 15/11/20 75,000 54,375 0.22% Mercer International Inc, 7.000%, 01/12/19 25,000 26,250 0.11% Mercer International Inc, 7.750%, 01/12/22 25,000 27,062 0.11% Noranda Aluminum Acquisition Corp, 11.000%, 01/06/19 25,000 18,000 0.07% Platform Specialty Products Corp, 6.500%, 01/02/22 144A 50,000 51,750 0.21% PSPC Escrow Corp, 6.000%, 01/02/23 100,000 113,372 0.47% Resolute Forest Products Inc, 5.875%, 15/05/23 25,000 22,875 0.09% Signode Industrial Group Lux SA/Signode Industrial Group US Inc, 6.375%, 01/05/22 144A 100,000 97,500 0.41% Steel Dynamics Inc, 6.125%, 15/08/19 25,000 26,250 0.11% TPC Group Inc, 8.750%, 15/12/20 144A 25,000 23,313 0.10% Univar Inc, 6.750%, 15/07/23 144A 25,000 25,188 0.10% Verso Paper Holdings LLC/Verso Paper Inc, 11.750%, 15/01/19 25,000 14,313 0.06% WR Grace & Co-Conn, 5.125%, 01/10/21 144A 25,000 25,312 0.10% 665,510 2.71% Communications - 8.48% (31st December, 2014: 7.90%) Acosta Inc, 7.750%, 01/10/22 144A 50,000 50,365 0.20% Affinion Investments LLC, 13.500%, 15/08/18 25,000 11,000 0.04% Ancestry.com Inc, 9.625%, 15/10/18 144A 50,000 50,875 0.21% Avaya Inc, 10.500%, 01/03/21 144A 25,000 20,500 0.08% Bankrate Inc, 6.125%, 15/08/18 144A 25,000 24,250 0.10% Blue Coat Holdings Inc, 8.375%, 01/06/23 144A 25,000 25,375 0.10% CCO Holdings LLC/CCO Holdings Capital Corp, 5.375%, 01/05/25 144A 25,000 24,187 0.10% CCO Holdings LLC/CCO Holdings Capital Corp, 6.500%, 30/04/21 50,000 52,250 0.21% CenturyLink Inc, 6.750%, 01/12/23 25,000 24,687 0.10% CenturyLink Inc, 7.600%, 15/09/39 75,000 67,875 0.28% Cequel Communications Holdings I LLC/Cequel Capital Corp, 5.125%, 15/12/21 144A 75,000 67,875 0.29% Cincinnati Bell Inc, 8.375%, 15/10/20 25,000 26,280 0.11% Cogent Communications Group Inc, 5.375%, 01/03/22 144A 25,000 24,687 0.10% CommScope Inc, 5.000%, 15/06/21 144A 25,000 24,250 0.10% CommScope Inc, 5.500%, 15/06/24 144A 50,000 48,625 0.20% CommScope Technologies Finance LLC, 6.000%, 15/06/25 144A 25,000 24,812 0.10% Consolidated Communications Inc, 6.500%, 01/10/22 144A 50,000 48,000 0.20% CSC Holdings LLC, 5.250%, 01/06/24 50,000 48,000 0.20% CyrusOne LP/CyrusOne Finance Corp, 6.375%, 15/11/22 25,000 25,750 0.10% DISH DBS Corp, 5.000%, 15/03/23 25,000 23,094 0.09% DISH DBS Corp, 5.875%, 15/11/24 75,000 71,437 0.29% EarthLink Holdings Corp, 8.875%, 15/05/19 19,000 19,665 0.08% Equinix Inc, 5.375%, 01/04/23 75,000 74,813 0.30% Frontier Communications Corp, 7.625%, 15/04/24 25,000 22,250 0.09% Harron Communications LP/Harron Finance Corp, 9.125%, 01/04/20 144A 25,000 27,031 0.11% iHeartCommunication Inc, 9.000%, 15/12/19 50,000 47,000 0.19% Lee Enterprises Inc/IA, 9.500%, 15/03/22 144A 50,000 51,063 0.21% MHGE Parent LLC/MHGE Parent Finance Inc, 8.500%, 01/08/19 144A 25,000 25,188 0.10%

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NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 49.86% (31st December, 2014: 47.59%) (continued) Communications - 8.48% (31st December, 2014: 7.90%) (continued) Nexstar Broadcasting Inc, 6.125%, 15/02/22 144A 25,000 25,375 0.10% Nielsen Finance LLC/Nielsen Finance Co, 5.000%, 15/04/22 144A 25,000 24,375 0.10% NII Capital Corp, 10.000%, 15/08/16* 25,000 11,125 0.05% Outfront Media Capital LLC/Outfront Media Capital Corp, 5.625%, 15/02/24 144A 25,000 25,656 0.10% RCN Telecom Services LLC/RCN Capital Corp, 8.500%, 15/08/20 144A 25,000 26,250 0.11% Sirius XM Radio Inc, 6.000%, 15/07/24 144A 100,000 100,750 0.41% Sprint Capital Corp, 8.750%, 15/03/32 100,000 97,250 0.40% Sprint Corp, 7.125%, 15/06/24 50,000 46,250 0.19% Sprint Corp, 7.250%, 15/09/21 25,000 24,500 0.10% Sprint Corp, 7.625%, 15/02/25 50,000 47,031 0.19% Sprint Corp, 7.875%, 15/09/23 150,000 144,639 0.60% TEGNA Inc, 4.875%, 15/09/21 144A 25,000 24,813 0.10% TEGNA Inc, 5.125%, 15/07/20 25,000 25,625 0.10% T-Mobile USA Inc, 6.000%, 01/03/23 25,000 25,469 0.10% T-Mobile USA Inc, 6.125%, 15/01/22 50,000 51,750 0.21% T-Mobile USA Inc, 6.500%, 15/01/24 25,000 25,813 0.10% T-Mobile USA Inc, 6.625%, 01/04/23 25,000 26,175 0.11% Townsquare Media Inc, 6.500%, 01/04/23 144A 25,000 24,750 0.10% Univision Communications Inc, 5.125%, 15/02/25 144A 25,000 24,031 0.10% Wave Holdco LLC/Wave Holdco Corp, 8.250%, 15/07/19 144A 25,000 25,443 0.10% Windstream Corp, 7.500%, 01/06/22 100,000 87,250 0.35% Windstream Services LLC, 6.375%, 01/08/23 25,000 20,250 0.08% Zayo Group LLC/Zayo Capital Inc, 6.000%, 01/04/23 144A 75,000 73,875 0.30% Zayo Group LLC/Zayo Capital Inc, 6.375%, 15/05/25 144A 25,000 24,250 0.10% 2,083,879 8.48% Consumer Cyclical - 9.59% (31st December, 2014: 7.24%) Accuride Corp, 9.500%, 01/08/18 25,000 25,437 0.10% Affinia Group Inc, 7.750%, 01/05/21 25,000 26,125 0.11% Affinity Gaming/Affinity Gaming Finance Corp, 9.000%, 15/05/18 25,000 24,875 0.10% AMC Entertainment Inc, 5.750%, 15/06/25 144A 25,000 24,375 0.10% American Airlines Group Inc, 4.625%, 01/03/20 144A 25,000 24,212 0.10% American Builders & Contractors Supply Co Inc, 5.625%, 15/04/21 144A 25,000 25,375 0.10% AV Homes Inc, 8.500%, 01/07/19 25,000 24,187 0.10% AVINTIV Specialty Materials Inc, 6.875%, 01/06/19 144A 75,000 69,563 0.28% Beazer Homes USA Inc, 7.250%, 01/02/23 25,000 24,250 0.10% Boyd Gaming Corp, 6.875%, 15/05/23 300,000 308,280 1.25% Building Materials Holding Corp, 9.000%, 15/09/18 144A 25,000 26,812 0.11% Caesars Entertainment Operating Co Inc, 8.500%, 15/02/20* 25,000 20,500 0.08% Carrols Restaurant Group Inc, 8.000%, 01/05/22 144A 25,000 26,125 0.11% Century Communities Inc, 6.875%, 15/05/22 144A 25,000 24,750 0.10% Chassix Inc, 9.250%, 01/08/18 144A* 75,000 67,500 0.27% Choctaw Resort Development Enterprise, 7.250%, 15/11/19 144A 24,000 23,760 0.10% Claire's Stores Inc, 8.875%, 15/03/19 25,000 11,000 0.04% DR Horton Inc, 3.750%, 01/03/19 25,000 25,250 0.10% DriveTime Automotive Group Inc/DT Acceptance Corp, 8.000%, 01/06/21 144A 25,000 23,750 0.10% Ferrellgas LP/Ferrellgas Finance Corp, 6.750%, 15/01/22 25,000 25,125 0.10% Ferrellgas LP/Ferrellgas Finance Corp, 6.750%, 15/06/23 144A 25,000 25,062 0.10% Group 1 Automotive Inc, 5.000%, 01/06/22 50,000 49,750 0.20% Gymboree Corp/The, 9.125%, 01/12/18 75,000 29,250 0.12% HD Supply Inc, 7.500%, 15/07/20 25,000 26,437 0.11%

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NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 49.86% (31st December, 2014: 47.59%) (continued) Consumer Cyclical - 9.59% (31st December, 2014: 7.24%) (continued) Hillman Group Inc/The, 6.375%, 15/07/22 144A 50,000 47,250 0.19% Icon Health & Fitness Inc, 11.875%, 15/10/16 144A 25,000 25,000 0.10% Inn of the Mountain Gods Resort & Casino, 9.250%, 30/11/20 144A 25,000 23,312 0.09% Isle of Capri Casinos Inc, 5.875%, 15/03/21 75,000 76,860 0.31% JC Penney Corp Inc, 7.400%, 01/04/37 25,000 20,375 0.08% K Hovnanian Enterprises Inc, 8.000%, 01/11/19 144A 25,000 23,062 0.09% Landry's Holdings II Inc, 10.250%, 01/01/18 144A 100,000 103,750 0.42% Landry's Inc, 9.375%, 01/05/20 144A 25,000 26,813 0.11% Lennar Corp, 6.950%, 01/06/18 50,000 54,750 0.22% LTF Merger Sub Inc, 8.500%, 15/06/23 144A 50,000 48,125 0.20% Meritage Homes Corp, 6.000%, 01/06/25 144A 25,000 25,125 0.10% MGM Resorts International, 6.625%, 15/07/15 25,000 25,000 0.10% MGM Resorts International, 8.625%, 01/02/19 75,000 84,750 0.34% MGM Resorts International, 10.000%, 01/11/16 25,000 27,125 0.11% Nathan's Famous Inc, 10.000%, 15/03/20 144A 100,000 107,250 0.45% Navistar International Corp, 8.250%, 01/11/21 25,000 23,813 0.10% Neiman Marcus Group LTD LLC, 8.750%, 15/10/21 144A 25,000 26,781 0.11% Outerwall Inc, 5.875%, 15/06/21 25,000 23,781 0.10% Pinnacle Entertainment Inc, 6.375%, 01/08/21 25,000 26,505 0.11% PriSo Acquisition Corp, 9.000%, 15/05/23 144A 50,000 49,000 0.20% Radio Systems Corp, 8.375%, 01/11/19 144A 25,000 26,688 0.11% Regal Entertainment Group, 5.750%, 15/06/23 25,000 25,000 0.10% Rite Aid Corp, 6.750%, 15/06/21 75,000 78,375 0.32% Rite Aid Corp, 6.875%, 15/12/28 144A 50,000 56,000 0.23% RSI Home Products Inc, 6.500%, 15/03/23 144A 75,000 75,375 0.32% rue21 inc, 9.000%, 15/10/21 144A 25,000 21,875 0.09% Scientific Games International Inc, 10.000%, 01/12/22 50,000 47,565 0.19% Speedway Motorsports Inc, 5.125%, 01/02/23 25,000 24,563 0.10% Standard Pacific Corp, 8.375%, 15/01/21 25,000 29,188 0.12% Suburban Propane Partners LP/Suburban Energy Finance Corp, 5.500%, 01/06/24 25,000 24,938 0.10% TRI Pointe Holdings Inc, 4.375%, 15/06/19 50,000 49,000 0.20% TRI Pointe Holdings Inc, 5.875%, 15/06/24 25,000 24,438 0.10% Woodside Homes Co LLC/Woodside Homes Finance Inc, 6.750%, 15/12/21 144A 25,000 23,625 0.10% 2,356,807 9.59% Consumer Non-Cyclical - 7.37% (31st December, 2014: 7.58%) ACE Cash Express Inc, 11.000%, 01/02/19 144A 25,000 13,937 0.06% ADT Corp/The, 6.250%, 15/10/21 50,000 52,812 0.21% American Achievement Corp, 10.875%, 15/04/16 144A 25,000 23,750 0.10% Amsurg Corp, 5.625%, 30/11/20 25,000 25,375 0.10% APX Group Inc, 8.750%, 01/12/20 25,000 22,500 0.09% BakerCorp International Inc, 8.250%, 01/06/19 25,000 21,375 0.09% Cardtronics Inc, 5.125%, 01/08/22 144A 25,000 24,500 0.10% CEB Inc, 5.625%, 15/06/23 144A 25,000 25,125 0.10% Cott Beverages Inc, 5.375%, 01/07/22 50,000 48,375 0.20% Crimson Merger Sub Inc, 6.625%, 15/05/22 144A 50,000 43,875 0.18% Endo Finance LLC & Endo Finco Inc, 5.375%, 15/01/23 144A 25,000 24,562 0.10% Endo Finance LLC, 5.750%, 15/01/22 144A 25,000 25,531 0.10% Envision Healthcare Corp, 5.125%, 01/07/22 144A 50,000 50,000 0.20% ExamWorks Group Inc, 5.625%, 15/04/23 25,000 25,500 0.10% Fresenius Medical Care US Finance II Inc, 4.125%, 15/10/20 144A 25,000 25,187 0.10%

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NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 49.86% (31st December, 2014: 47.59%) (continued) Consumer Non-Cyclical - 7.37% (31st December, 2014: 7.58%) (continued) Fresenius Medical Care US Finance II Inc, 5.625%, 31/07/19 144A 25,000 27,062 0.11% Halyard Health Inc, 6.250%, 15/10/22 144A 25,000 26,125 0.11% Harland Clarke Holdings Corp, 9.250%, 01/03/21 144A 75,000 66,000 0.27% Harland Clarke Holdings Corp, 9.750%, 01/08/18 144A 25,000 26,187 0.11% HCA Holdings Inc, 6.250%, 15/02/21 25,000 27,000 0.11% HCA Inc, 3.750%, 15/03/19 50,000 50,125 0.20% HCA Inc, 5.250%, 15/04/25 25,000 25,812 0.10% HCA Inc, 6.500%, 15/02/20 25,000 27,887 0.11% HealthSouth Corp, 5.750%, 01/11/24 25,000 25,250 0.10% Hearthside Group Holdings LLC/Hearthside Finance Co, 6.500%, 01/05/22 144A 75,000 72,000 0.29% Interactive Data Corp, 5.875%, 15/04/19 144A 50,000 50,375 0.20% inVentiv Health Inc, 10.000%, 15/08/18 144A 14,840 15,396 0.06% inVentiv Health Inc, 11.000%, 15/08/18 144A 11,000 10,615 0.04% iPayment Inc, 9.500%, 15/12/19 144A 5,669 5,386 0.02% Kindred Escrow Corp II, 8.000%, 15/01/20 144A 25,000 26,687 0.11% Kindred Healthcare Inc, 6.375%, 15/04/22 25,000 24,766 0.10% LifePoint Hospitals Inc, 5.500%, 01/12/21 50,000 51,625 0.21% Live Nation Entertainment Inc, 5.375%, 15/06/22 144A 75,000 75,188 0.31% Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance Inc, 7.875%, 01/10/22 144A 50,000 49,875 0.20% Multi-Color Corp, 6.125%, 01/12/22 144A 25,000 25,563 0.10% Omnicare Inc, 5.000%, 01/12/24 25,000 26,813 0.11% Par Pharmaceutical Cos Inc, 7.375%, 15/10/20 25,000 26,625 0.11% Post Holdings Inc, 6.000%, 15/12/22 144A 25,000 24,031 0.10% Post Holdings Inc, 6.750%, 01/12/21 144A 25,000 24,938 0.10% PRA Holdings Inc, 9.500%, 01/10/23 144A 15,000 16,763 0.07% Revlon Consumer Products Corp, 5.750%, 15/02/21 25,000 24,563 0.10% Roundy's Supermarkets Inc, 10.250%, 15/12/20 144A 25,000 21,125 0.09% RR Donnelley & Sons Co, 6.500%, 15/11/23 75,000 78,375 0.32% Service Corp International/US, 5.375%, 15/05/24 25,000 26,242 0.11% Shearer's Foods LLC/Chip Finance Corp, 9.000%, 01/11/19 144A 50,000 53,875 0.22% Smithfield Foods Inc, 5.250%, 01/08/18 144A 25,000 25,450 0.10% Spectrum Brands Inc, 6.125%, 15/12/24 144A 25,000 25,938 0.11% Spectrum Brands Inc, 6.625%, 15/11/22 25,000 26,688 0.11% Tenet Healthcare Corp, 5.000%, 01/03/19 144A 75,000 74,494 0.31% Tenet Healthcare Corp, 6.750%, 15/06/23 144A 75,000 76,313 0.31% United Rentals North America Inc, 5.750%, 15/11/24 25,000 24,500 0.10% Universal Hospital Services Inc, 7.625%, 15/08/20 25,000 23,063 0.09% Valeant Pharmaceuticals International, 6.375%, 15/10/20 144A 25,000 26,281 0.11% WellCare Health Plans Inc, 5.750%, 15/11/20 25,000 26,000 0.11% 1,813,405 7.37% Diversified - 0.63% (31st December, 2014: 0.94%) Argos Merger Sub Inc, 7.125%, 15/03/23 144A 25,000 26,187 0.11% HRG Group Inc, 7.750%, 15/01/22 144A 25,000 24,375 0.10% HRG Group Inc, 7.875%, 15/07/19 144A 50,000 52,875 0.21% WaveDivision Escrow LLC/WaveDivision Escrow Corp, 8.125%, 01/09/20 144A 50,000 52,500 0.21% 155,937 0.63% Energy - 5.94% (31st December, 2014: 6.43%) Access Midstream Partners LP/ACMP Finance Corp, 4.875%, 15/05/23 100,000 98,432 0.40% Alpha Natural Resources Inc, 6.000%, 01/06/19 50,000 3,250 0.01%

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NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 49.86% (31st December, 2014: 47.59%) (continued) Energy - 5.94% (31st December, 2014: 6.43%) (continued) Alta Mesa Holdings LP/Alta Mesa Finance Services Corp, 9.625%, 15/10/18 25,000 19,500 0.08% Antero Resources Corp, 5.125%, 01/12/22 25,000 23,750 0.10% Antero Resources Corp, 5.625%, 01/06/23 144A 50,000 48,000 0.20% Arch Coal Inc, 7.000%, 15/06/19 75,000 10,687 0.04% Arch Coal Inc, 7.250%, 01/10/20 25,000 6,937 0.03% Arch Coal Inc, 7.250%, 15/06/21 25,000 3,437 0.01% Calfrac Holdings LP, 7.500%, 01/12/20 144A 25,000 23,085 0.09% California Resources Corp, 6.000%, 15/11/24 50,000 43,000 0.17% Chesapeake Energy Corp, 6.875%, 15/11/20 2,000 1,960 0.01% CITGO Petroleum Corp, 6.250%, 15/08/22 144A 50,000 49,125 0.20% CSI Compressco LP/Compressco Finance Inc, 7.250%, 15/08/22 144A 50,000 47,750 0.19% Denbury Resources Inc, 5.500%, 01/05/22 75,000 67,641 0.28% Endeavor Energy Resources LP/EER Finance Inc, 8.125%, 15/09/23 144A 25,000 25,625 0.10% Energy XXI Gulf Coast Inc, 7.500%, 15/12/21 25,000 8,125 0.03% Energy XXI Gulf Coast Inc, 7.750%, 15/06/19 25,000 9,250 0.04% Energy XXI Gulf Coast Inc, 11.000%, 15/03/20 144A 75,000 66,188 0.28% EXCO Resources Inc, 8.500%, 15/04/22 25,000 13,250 0.05% Forbes Energy Services Ltd, 9.000%, 15/06/19 25,000 20,250 0.08% Halcon Resources Corp, 8.875%, 15/05/21 25,000 16,125 0.07% Halcon Resources Corp, 9.750%, 15/07/20 25,000 16,438 0.07% Hercules Offshore Inc, 6.750%, 01/04/22 144A 75,000 24,750 0.10% Hercules Offshore Inc, 7.500%, 01/10/21 144A 25,000 8,250 0.03% Hiland Partners LP/Hiland Partners Finance Corp, 5.500%, 15/05/22 144A 25,000 26,000 0.11% Laredo Petroleum Inc, 6.250%, 15/03/23 50,000 51,125 0.22% Light Tower Rentals Inc, 8.125%, 01/08/19 144A 25,000 20,500 0.08% Linn Energy LLC/Linn Energy Finance Corp, 6.250%, 01/11/19 25,000 19,875 0.08% Matador Resources Co, 6.875%, 15/04/23 144A 25,000 25,531 0.10% Midstates Petroleum Co Inc/Midstates Petroleum Co LLC, 10.750%, 01/10/20 75,000 29,625 0.12% Oasis Petroleum Inc, 6.875%, 15/03/22 25,000 25,438 0.10% Parker Drilling Co, 7.500%, 01/08/20 25,000 22,750 0.09% PBF Logistics LP/PBF Logistics Finance Corp, 6.875%, 15/05/23 144A 25,000 25,125 0.10% Peabody Energy Corp, 6.000%, 15/11/18 100,000 49,000 0.20% Quicksilver Resources Inc, 9.125%, 15/08/19* 25,000 3,250 0.01% Range Resources Corp, 5.000%, 15/03/23 25,000 24,375 0.10% Rose Rock Midstream LP/Rose Rock Finance Corp, 5.625%, 15/07/22 25,000 24,625 0.10% Sabine Oil & Gas Corp, 7.250%, 15/06/19 25,000 5,250 0.02% Sabine Oil & Gas Corp, 9.750%, 15/02/17 25,000 3,938 0.02% Sabine Pass LNG LP, 7.500%, 30/11/16 25,000 26,125 0.11% Sanchez Energy Corp, 6.125%, 15/01/23 25,000 22,250 0.09% Sanchez Energy Corp, 7.750%, 15/06/21 25,000 24,625 0.10% SandRidge Energy Inc, 7.500%, 15/03/21 49,000 21,315 0.09% SandRidge Energy Inc, 8.125%, 15/10/22 50,000 20,750 0.08% SandRidge Energy Inc, 8.750%, 15/01/20 25,000 13,500 0.05% Seventy Seven Energy Inc, 6.500%, 15/07/22 75,000 48,000 0.20% Sidewinder Drilling Inc, 9.750%, 15/11/19 144A 25,000 15,750 0.06% Summit Midstream Holdings LLC/Summit Midstream Finance Corp, 5.500%, 15/08/22 100,000 95,750 0.40% SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp, 7.375%, 01/02/20 144A 25,000 25,406 0.10% SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp, 7.375%, 01/02/20 144A 25,000 25,406 0.10%

215 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 49.86% (31st December, 2014: 47.59%) (continued) Energy - 5.94% (31st December, 2014: 6.43%) (continued) TerraForm Power Operating LLC, 5.875%, 01/02/23 144A 25,000 25,375 0.10% Tesoro Corp, 5.125%, 01/04/24 25,000 25,125 0.10% Triangle USA Petroleum Corp, 6.750%, 15/07/22 144A 25,000 19,250 0.08% W&T Offshore Inc, 8.500%, 15/06/19 25,000 17,318 0.07% Warren Resources Inc, 9.000%, 01/08/22 144A 50,000 24,000 0.10% 1,461,157 5.94% Financial - 6.21% (31st December, 2014: 6.18%) Alliance Data Systems Corp, 5.375%, 01/08/22 144A 25,000 24,687 0.10% Ally Financial Inc, 3.500%, 27/01/19 50,000 49,500 0.20% Ally Financial Inc, 5.125%, 30/09/24 50,000 50,062 0.20% Bank of America Corp, 6.500%, 29/10/49 25,000 26,031 0.11% CIT Group Inc, 5.000%, 01/08/23 25,000 24,500 0.10% CIT Group Inc, 5.000%, 15/05/17 25,000 25,719 0.10% Citigroup Inc, 5.950%, 29/07/49 50,000 48,968 0.20% CNG Holdings, Inc/OH, 9.375%, 15/05/20 144A 25,000 18,000 0.07% Communications Sales & Leasing Inc, 8.250%, 15/10/23 144A 50,000 49,100 0.20% ESH Hospitality Inc, 5.250%, 01/05/25 144A 75,000 72,656 0.30% Goldman Sachs Group, Inc/The, 5.375%, 29/12/49 50,000 49,250 0.20% Goldman Sachs Group, Inc/The, 5.700%, 29/12/49 25,000 25,000 0.10% Hub Holdings LLC/Hub Holdings Finance Inc, 8.125%, 15/07/19 144A 25,000 24,813 0.10% HUB International Ltd, 7.875%, 01/10/21 144A 75,000 76,500 0.31% Hunt Cos Inc, 9.625%, 01/03/21 144A 25,000 25,750 0.10% Icahn Enterprises LP/Icahn Enterprises Finance Corp, 4.875%, 15/03/19 50,000 50,510 0.21% Icahn Enterprises LP/Icahn Enterprises Finance Corp, 5.875%, 01/02/22 50,000 50,810 0.21% International Lease Finance Corp, 5.875%, 01/04/19 25,000 26,656 0.11% iStar Financial Inc, 4.000%, 01/11/17 25,000 24,531 0.10% iStar Financial Inc, 5.000%, 01/07/19 25,000 24,469 0.10% JPMorgan Chase & Co, 5.000%, 29/12/49 25,000 24,391 0.10% JPMorgan Chase & Co, 6.125%, 29/12/49 100,000 100,750 0.41% Lehman Brothers Holdings Inc, 5.375%, 17/10/12* 500,000 79,946 0.33% MBIA Insurance Corp, 11.530%, 15/01/33 144A 25,000 13,250 0.05% National Financial Partners Corp, 9.000%, 15/07/21 144A 25,000 24,625 0.10% Nationstar Mortgage LLC/Nationstar Capital Corp, 6.500%, 01/07/21 75,000 69,656 0.28% Navient Corp, 5.875%, 25/10/24 75,000 71,063 0.29% Navient Corp, 6.125%, 25/03/24 100,000 95,750 0.39% Radian Group Inc, 5.250%, 15/06/20 25,000 24,813 0.10% Realogy Group LLC/Sunshine Group Florida Ltd/The, 3.375%, 01/05/16 144A 50,000 50,125 0.20% RHP Hotel Properties LP/RHP Finance Corp, 5.000%, 15/04/23 144A 25,000 24,375 0.10% Sabra Health Care LP/Sabra Capital Corp, 5.500%, 01/02/21 25,000 25,875 0.11% Springleaf Finance Corp, 6.900%, 15/12/17 100,000 106,125 0.43% Wells Fargo & Co, 5.875%, 29/12/49 25,000 25,583 0.10% Wells Fargo & Co, 5.900%, 29/12/49 25,000 25,031 0.10% 1,528,870 6.21% Industrial - 4.66% (31st December, 2014: 4.66%) Aerojet Rocketdyne Holdings Inc, 7.125%, 15/03/21 50,000 53,500 0.22% Anixter Inc, 5.125%, 01/10/21 25,000 25,437 0.10% Artesyn Escrow Inc, 9.750%, 15/10/20 144A 25,000 24,875 0.10% Associated Materials LLC/AMH New Finance Inc, 9.125%, 01/11/17 25,000 20,625 0.08% Belden Inc, 5.250%, 15/07/24 144A 25,000 24,437 0.10% Builders FirstSource Inc, 7.625%, 01/06/21 144A 25,000 25,875 0.11% BWAY Holding Co, 9.125%, 15/08/21 144A 50,000 51,375 0.21%

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NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 49.86% (31st December, 2014: 47.59%) (continued) Industrial - 4.66% (31st December, 2014: 4.66%) (continued) CNH Industrial Capital LLC, 3.375%, 15/07/19 25,000 24,187 0.10% Florida East Coast Holdings Corp, 9.750%, 01/05/20 144A 25,000 23,625 0.10% Graphic Packaging International Inc, 4.875%, 15/11/22 25,000 25,125 0.10% Greif Inc, 7.750%, 01/08/19 25,000 27,812 0.11% Hardwoods Acquisition Inc, 7.500%, 01/08/21 144A 25,000 24,344 0.10% Jac Holding Corp, 11.500%, 01/10/19 144A 25,000 25,500 0.10% JCH Parent Inc, 10.500%, 15/03/19 144A 1,406 1,058 0.00% Jurassic Holdings III Inc, 6.875%, 15/02/21 144A 100,000 78,000 0.32% Kloeckner Pentaplast of America Inc, 7.125%, 01/11/20 100,000 112,205 0.46% Manitowoc Co Inc/The, 5.875%, 15/10/22 25,000 26,969 0.11% Masco Corp, 6.125%, 03/10/16 25,000 26,328 0.11% New Enterprise Stone & Lime Co Inc, 13.000%, 15/03/18 26,780 28,855 0.12% Nortek Inc, 8.500%, 15/04/21 25,000 26,625 0.11% NWH Escrow Corp, 7.500%, 01/08/21 144A 25,000 23,719 0.10% PaperWorks Industries Inc, 9.500%, 15/08/19 144A 75,000 75,000 0.31% Reynolds Group Issuer Inc/Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 9.000%, 15/04/19 50,000 51,938 0.21% Sanmina Corp, 4.375%, 01/06/19 144A 25,000 25,156 0.10% Sealed Air Corp, 4.500%, 15/09/23 100,000 113,641 0.45% Sealed Air Corp, 5.125%, 01/12/24 144A 25,000 24,500 0.10% TRAC Intermodal LLC/TRAC Intermodal Corp, 11.000%, 15/08/19 25,000 27,000 0.11% TransDigm Inc, 6.000%, 15/07/22 25,000 24,625 0.10% Unifrax I LLC/Unifrax Holding Co, 7.500%, 15/02/19 144A 25,000 25,188 0.10% Wise Metals Intermediate Holdings LLC/Wise Holdings Finance Corp, 9.750%, 15/06/19 144A 50,000 53,500 0.22% XPO Logistics Inc, 6.500%, 15/06/22 144A 25,000 24,438 0.10% 1,145,462 4.66% Technology - 2.37% (31st December, 2014: 1.68%) Allen Systems Group Inc, 10.500%, 15/11/16 144A* 25,000 6,500 0.03% Audatex North America Inc, 6.125%, 01/11/23 144A 25,000 25,625 0.10% BMC Software Finance Inc, 8.125%, 15/07/21 144A 100,000 82,000 0.33% First Data Corp, 8.250%, 15/01/21 144A 25,000 26,219 0.11% First Data Corp, 11.750%, 15/08/21 25,000 28,137 0.11% IMS Health Inc, 6.000%, 01/11/20 144A 25,000 25,812 0.10% Infor Software Parent LLC/Infor Software Parent Inc, 7.125%, 01/05/21 144A 50,000 50,037 0.20% Infor US Inc, 5.750%, 15/05/22 125,000 141,659 0.59% Italics Merger Sub Inc, 7.125%, 15/07/23 144A 25,000 24,828 0.10% Micron Technology Inc, 5.250%, 01/08/23 144A 25,000 23,875 0.10% Micron Technology Inc, 5.250%, 15/01/24 144A 75,000 70,125 0.29% NCR Corp, 5.000%, 15/07/22 25,000 25,063 0.10% NCR Corp, 5.875%, 15/12/21 25,000 25,750 0.10% SunGard Data Systems Inc, 7.375%, 15/11/18 25,000 25,886 0.11% 581,516 2.37% Utilities - 1.90% (31st December, 2014: 1.90%) AES Corp/VA, 3.283%, 01/06/19 (FRN) 25,000 25,000 0.10% Calpine Corp, 5.375%, 15/01/23 25,000 24,437 0.10% Calpine Corp, 5.875%, 15/01/24 144A 50,000 52,375 0.21% Dynegy Inc, 7.375%, 01/11/22 144A 25,000 26,375 0.11% GenOn Americas Generation LLC, 8.500%, 01/10/21 100,000 95,000 0.39% GenOn Energy Inc, 9.500%, 15/10/18 25,000 25,375 0.10% GenOn Energy Inc, 9.875%, 15/10/20 25,000 25,125 0.10%

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NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund UNITED STATES - 49.86% (31st December, 2014: 47.59%) (continued) Utilities - 1.90% (31st December, 2014: 1.90%) (continued) Illinois Power Generating Co, 7.000%, 15/04/18 100,000 97,125 0.39% Southern Star Central Corp, 5.125%, 15/07/22 144A 50,000 51,250 0.21% Texas Competitive Electric Holdings Co LLC/TCEH Finance Inc, 11.500%, 01/10/20 144A* 75,000 46,313 0.19% 468,375 1.90% TOTAL UNITED STATES 12,260,918 49.86%

VENEZUELA - 0.22% (31st December, 2014: 0.31%) Energy - 0.22% (31st December, 2014: 0.31%) Petroleos de Venezuela SA, 8.500%, 02/11/17 50,000 34,325 0.14% Petroleos de Venezuela SA, 9.000%, 17/11/21 50,000 20,495 0.08% 54,820 0.22% TOTAL VENEZUELA 54,820 0.22%

TOTAL BONDS 23,073,139 93.84%

EQUITIES - 0.30% (31st December, 2014: 0.36%)

MARSHALL ISLAND - 0.02% (31st December, 2014: 0.02%) Industrial - 0.02% (31st December, 2014: 0.02%) Seaspan Corp, 6.375%, 30/04/19 PFD 150 3,847 0.02% 3,847 0.02% TOTAL MARSHALL ISLAND 3,847 0.02%

UNITED KINGDOM - 0.03% (31st December, 2014: 0.04%) Consumer Cyclical - 0.03% (31st December, 2014: 0.04%) Travelport Worldwide Ltd 593 8,148 0.03% 8,148 0.03% TOTAL UNITED KINGDOM 8,148 0.03%

UNITED STATES - 0.25% (31st December, 2014: 0.30%) Consumer Non-Cyclical - 0.01% (31st December, 2014: 0.00%) iPayment Holdings Inc 1,014 3,346 0.01% 3,346 0.01% Financial - 0.21% (31st December, 2014: 0.27%) Ally Financial Inc, 7.000% PFD 144A 15 15,237 0.06% Cowen Group Inc, 8.250%, 15/10/21 PFD 260 7,083 0.03% GMAC Capital Trust I, 8.125%, 15/02/40 PFD 1,060 27,549 0.12% 49,869 0.21% Industrial - 0.03% (31st December, 2014: 0.03%) General Finance Corp, 8.125%, 31/07/21 PFD 320 8,240 0.03% 8,240 0.03% TOTAL UNITED STATES 61,455 0.25%

TOTAL EQUITIES 73,450 0.30%

218 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund PARTICIPATORY NOTES - 0.12% (31st December, 2014: 0.30%)

UNITED STATES - 0.12% (31st December, 2014: 0.30%) Communications - 0.10% (31st December, 2014: 0.30%) Affinion Group Holdings Inc Series A, 12/12/23 25,588 25,588 0.10% 25,588 0.10% Other Financial Services - 0.02% (31st December, 2014: 0.00%) iPayment Holdings Inc, 29/12/22 9,774 3,910 0.02% 3,910 0.02% TOTAL UNITED STATES 29,498 0.12%

TOTAL PARTICIPATORY NOTES 29,498 0.12%

TERM LOANS - 0.71% (31st December, 2014: 0.00%)

UNITED STATES - 0.71% (31st December, 2014: 0.00%) Communications - 0.11% (31st December, 2014: 0.00%) Townsquare Media Inc, 04/01/22 25,000 25,125 0.11% 25,125 0.11% Consumer Non-Cyclical - 0.10% (31st December, 2014: 0.00%) Post Holdings Inc, 06/02/21 25,000 24,900 0.10% 24,900 0.10% Diversified - 0.20% (31st December, 2014: 0.00%) Priso Acquisition Corporation, 05/08/22 50,000 49,688 0.20% 49,688 0.20% Health Care - 0.10% (31st December, 2014: 0.00%) 21st Century Oncology Holdings Inc, 30/04/22 25,000 24,688 0.10% 24,688 0.10% Industrial - 0.10% (31st December, 2014: 0.00%) Chemours Company,The, 05/12/22 25,000 24,927 0.10% 24,927 0.10% Technology - 0.10% (31st December, 2014: 0.00%) Informatica Corporation, 06/03/22 25,000 24,982 0.10% 24,982 0.10% TOTAL UNITED STATES 174,310 0.71%

TOTAL TERM LOANS 174,310 0.71%

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NOMURA FUNDS IRELAND - GLOBAL HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015 ______

Fair Value % of USD Sub-Fund

Financials Assets designated at Fair Value through Profit or Loss 23,350,397 94.97%

Other assets and liabilities 1,237,908 5.03%

Net assets attributable to holders of redeemable participating shares 24,588,305 100.00%

* Defaulted All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

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NOMURA FUNDS IRELAND – GLOBAL FRONTIER EMERGING MARKET EQUITY FUND STATEMENT OF INVESTMENTS As at 30th June, 2015 ______

Fair Value % of Security Description Holding USD Sub-Fund

EQUITIES - 83.70% (31st December, 2014: 85.55%)

ARGENTINA - 8.41% (31st December, 2014: 4.32%) Energy - 3.09% (31st December, 2014: 2.18%) YPF SA - Sponsored ADR 6,000 162,960 3.09% 162,960 3.09% Financial - 5.32% (31st December, 2014: 2.14%) Banco Macro SA - Sponsored ADR 4,000 183,800 3.48% Grupo Financiero Galicia SA - Sponsored ADR 5,198 97,359 1.84% 281,159 5.32% TOTAL ARGENTINA 444,119 8.41%

AUSTRALIA - 1.31% (31st December, 2014: 2.11%) Basic Materials - 1.31% (31st December, 2014: 2.11%) MMG Ltd 196,000 69,274 1.31% 69,274 1.31% TOTAL AUSTRALIA 69,274 1.31%

BANGLADESH - 5.03% (31st December, 2014: 7.24%) Consumer Non-Cyclical - 3.34% (31st December, 2014: 4.48%) British American Tobacco Bangladesh Co Ltd 2,253 88,120 1.67% Square Pharmaceuticals Ltd 26,095 87,883 1.67% 176,003 3.34% Financial - 0.66% (31st December, 2014: 1.12%) Islami Bank Bangladesh Ltd 160,000 34,937 0.66% 34,937 0.66% Industrial - 1.03% (31st December, 2014: 1.64%) Heidelberger Cement Bangladesh Ltd 7,402 54,430 1.03% 54,430 1.03% TOTAL BANGLADESH 265,370 5.03%

EGYPT - 1.69% (31st December, 2014: 0.00%) Consumer Non-Cyclical - 1.69% (31st December, 2014: 0.00%) Edita Food Industries SAE - GDR 4,829 89,336 1.69% 89,336 1.69% TOTAL EGYPT 89,336 1.69%

GEORGIA - 2.83% (31st December, 2014: 3.68%) Financial - 2.83% (31st December, 2014: 3.68%) Bank of Georgia Holdings Plc 4,829 149,356 2.83% 149,356 2.83% TOTAL GEORGIA 149,356 2.83%

221 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND – GLOBAL FRONTIER EMERGING MARKET EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

JERSEY - 0.89% (31st December, 2014: 0.00%) Consumer Non-Cyclical - 0.89% (31st December, 2014: 0.00%) Integrated Diagnostics Holdings Plc 144A 7,946 46,762 0.89% 46,762 0.89% TOTAL JERSEY 46,762 0.89%

KAZAKHSTAN - 2.21% (31st December, 2014: 2.38%) Financial - 2.21% (31st December, 2014: 2.38%) Halyk Savings Bank of Kazakhstan JSC - Sponsored GDR 13,700 116,450 2.21% 116,450 2.21% TOTAL KAZAKHSTAN 116,450 2.21%

KENYA - 8.47% (31st December, 2014: 8.49%) Communications - 2.93% (31st December, 2014: 2.54%) Safaricom Ltd 930,500 154,771 2.93% 154,771 2.93% Consumer Non-Cyclical - 2.32% (31st December, 2014: 2.31%) East African Breweries Ltd 39,900 122,676 2.32% 122,676 2.32% Financial - 3.22% (31st December, 2014: 3.64%) Kenya Commercial Bank Ltd 312,000 169,839 3.22% 169,839 3.22% TOTAL KENYA 447,286 8.47%

MAURITIUS - 1.35% (31st December, 2014: 1.45%) Diversified - 1.35% (31st December, 2014: 1.45%) MCB Group Ltd 11,447 71,073 1.35% 71,073 1.35% TOTAL MAURITIUS 71,073 1.35%

NIGERIA - 12.65% (31st December, 2014: 14.73%) Consumer Non-Cyclical - 2.87% (31st December, 2014: 4.97%) Fidson Healthcare Plc 3,394,062 60,843 1.15% Nigerian Breweries Plc 120,425 90,698 1.72% 151,541 2.87% Energy - 0.87% (31st December, 2014: 0.89%) SEPLAT Petroleum Development Co Plc 144A 25,575 45,759 0.87% 45,759 0.87% Financial - 7.59% (31st December, 2014: 7.16%) Guaranty Trust Bank Plc 1,596,687 216,553 4.10% United Bank for Africa Plc 2,060,457 51,628 0.98% Zenith Bank Plc 1,372,402 132,657 2.51% 400,838 7.59%

222 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND – GLOBAL FRONTIER EMERGING MARKET EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

NIGERIA - 12.65% (31st December, 2014: 14.73%) (continued) Industrial - 1.32% (31st December, 2014: 1.71%) Dangote Cement Plc 77,000 69,596 1.32% 69,596 1.32% TOTAL NIGERIA 667,734 12.65%

OMAN - 1.69% (31st December, 2014: 1.84%) Financial - 1.69% (31st December, 2014: 1.84%) Bank Muscat SAOG 62,500 89,294 1.69% 89,294 1.69% TOTAL OMAN 89,294 1.69%

PAKISTAN - 13.68% (31st December, 2014: 16.10%) Basic Materials - 3.41% (31st December, 2014: 3.34%) Engro Corp Ltd/Pakistan 61,900 179,799 3.41% 179,799 3.41% Communications - 1.25% (31st December, 2014: 0.00%) Hum Network Ltd 414,500 65,894 1.25% 65,894 1.25% Consumer Non-Cyclical - 0.80% (31st December, 2014: 0.00%) Shifa International Hospitals Ltd 17,200 42,196 0.80% 42,196 0.80% Energy - 0.72% (31st December, 2014: 0.91%) Oil & Gas Development Co Ltd 21,700 38,170 0.72% 38,170 0.72% Financial - 5.45% (31st December, 2014: 7.12%) MCB Bank Ltd 58,634 143,125 2.71% United Bank Ltd/Pakistan 86,300 144,603 2.74% 287,728 5.45% Industrial - 2.05% (31st December, 2014: 4.73%) Lucky Cement Ltd 21,314 108,311 2.05% 108,311 2.05% TOTAL PAKISTAN 722,098 13.68%

PANAMA - 2.60% (31st December, 2014: 4.22%) Consumer Cyclical - 0.78% (31st December, 2014: 2.43%) Copa Holdings SA 500 41,035 0.78% 41,035 0.78% Government - 1.82% (31st December, 2014: 1.79%) Banco Latinoamericano de Comercio Exterior SA 3,000 95,940 1.82% 95,940 1.82% TOTAL PANAMA 136,975 2.60%

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NOMURA FUNDS IRELAND – GLOBAL FRONTIER EMERGING MARKET EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

PORTUGAL - 0.72% (31st December, 2014: 1.28%) Industrial - 0.72% (31st December, 2014: 1.28%) Mota-Engil SGPS SA 14,881 38,070 0.72% 38,070 0.72% TOTAL PORTUGAL 38,070 0.72%

ROMANIA - 4.59% (31st December, 2014: 5.37%) Financial - 4.59% (31st December, 2014: 5.37%) Banca Transilvania 248,639 132,725 2.51% Fondul Proprietatea SA/Fund 549,455 109,695 2.08% 242,420 4.59% TOTAL ROMANIA 242,420 4.59%

SLOVENIA - 1.74% (31st December, 2014: 1.86%) Consumer Non-Cyclical - 1.74% (31st December, 2014: 1.86%) Krka dd Novo mesto 1,259 91,823 1.74% 91,823 1.74% TOTAL SLOVENIA 91,823 1.74%

SRI LANKA - 1.91% (31st December, 2014: 2.71%) Financial - 1.91% (31st December, 2014: 2.71%) Commercial Bank of Ceylon Plc 83,908 100,835 1.91% 100,835 1.91% TOTAL SRI LANKA 100,835 1.91%

UKRAINE - 1.08% (31st December, 2014: 1.17%) Consumer Non-Cyclical - 1.08% (31st December, 2014: 1.17%) MHP SA - Sponsored GDR 5,723 57,230 1.08% 57,230 1.08% TOTAL UKRAINE 57,230 1.08%

UNITED ARAB EMIRATES - 5.65% (31st December, 2014: 3.29%) Consumer Non-Cyclical - 4.,00% (31st December, 2014: 2.14%) Al Noor Hospitals Group Plc 5,463 81,641 1.55% NMC Health Plc 10,374 129,520 2.45% 211,161 4.00% Financial - 1.65% (31st December, 2014: 1.15%) Emaar Properties PJSC 40,499 86,888 1.65% 86,888 1.65% TOTAL UNITED ARAB EMIRATES 298,049 5.65%

224 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND – GLOBAL FRONTIER EMERGING MARKET EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

UNITED KINGDOM - 1.33% (31st December, 2014: 0.00%) Financial - 1.33% (31st December, 2014: 0.00%) HSBC Bank Plc, 22/01/18 4,308 69,958 1.33% 69,958 1.33% TOTAL UNITED KINGDOM 69,958 1.33%

VIETNAM - 3.87% (31st December, 2014: 1.00%) Consumer Cyclical - 1.28% (31st December, 2014: 0.00%) Mobile World Investment Corp 20,000 67,312 1.28% 67,312 1.28% Energy - 0.95% (31st December, 2014: 1.00%) PetroVietnam Gas JSC 17,670 50,166 0.95% 50,166 0.95% Financial - 1.64% (31st December, 2014: 0.00%) Bao Viet Holdings 46,000 86,361 1.64% 86,361 1.64% TOTAL VIETNAM 203,839 3.87%

TOTAL EQUITIES 4,417,351 83.70%

PARTICIPATORY NOTES - 10.23% (31st December, 2014: 10.94%)

LUXEMBOURG - 4.32% (31st December, 2014: 4.91%) Financial - 2.26% (31st December, 2014: 3.09%) National Bank of Kuwait SAKP, 28/03/18 41,850 119,266 2.26% 119,266 2.26% Telecommunication Services - 2.06% (31st December, 2014: 1.82%) Mobile Telecommunications Co KSC, 28/03/18 78,080 108,671 2.06% 108,671 2.06% TOTAL LUXEMBOURG 227,937 4.32%

UNITED KINGDOM - 5.91% (31st December, 2014: 6.03%) Financial - 5.91% (31st December, 2014: 6.03%) HSBC Bank Plc, 07/01/16 3,533 93,730 1.78% HSBC Bank Plc, 18/07/16 7,049 102,902 1.94% HSBC Bank Plc, 20/03/17 4,414 115,337 2.19% 311,969 5.91% TOTAL UNITED KINGDOM 311,969 5.91%

TOTAL PARTICIPATORY NOTES 539,906 10.23%

225 NOMURA FUNDS IRELAND PLC ______

NOMURA FUNDS IRELAND – GLOBAL FRONTIER EMERGING MARKET EQUITY FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of USD Sub-Fund

Financials Assets designated at Fair Value through Profit or Loss 4,957,257 93.93%

Other assets and liabilities 320,581 6,07%

Net assets attributable to holders of redeemable participating shares 5,277,838 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

226 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – DIVERSIFIED GROWTH FUND STATEMENT OF INVESTMENTS As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

EQUITIES - 19.92% (31st December, 2014: 14.38%)

FRANCE - 2.16% (31st December, 2014: 0.00%) Funds - 2.16% (31st December, 2014: 0.00%) LYXOR ETF Commodities Thomson Reuters/Jefferies CRB TR 8,100 167,913 2.16% 167,913 2.16% TOTAL FRANCE 167,913 2.16%

GERMANY - 1.05% (31st December, 2014: 0.00%) Funds - 1.05% (31st December, 2014: 0.00%) iShares STOXX Europe Small 200 UCITS ETF DE 2,750 81,800 1.05% 81,800 1.05% TOTAL GERMANY 81,800 1.05%

IRELAND - 16.71% (31st December, 2014: 14.38%) Funds - 16.71% (31st December, 2014: 14.38%) iShares $ High Yield Corporate Bond UCITS ETF 6,730 710,082 9.16% iShares European Property Yield UCITS ETF 3,860 146,608 1.89% iShares US Property Yield UCITS ETF 11,320 291,830 3.76% Source Energy S&P US Sector UCITS ETF 200 73,500 0.95% Source Physical Gold P-ETC 640 73,600 0.95% 1,295,620 16.71% TOTAL IRELAND 1,295,620 16.71%

TOTAL EQUITIES 1,545,333 19.92%

BONDS - 14.55% (31st December, 2014: 10.26%)

UNITED KINGDOM - 4.29% (31st December, 2014: 0.00%) Government - 4.29% (31st December, 2014: 0.00%) United Kingdom Gilt, 2.750%, 07/09/24 200,000 333,118 4.29% 333,118 4.29% TOTAL UNITED KINGDOM 333,118 4.29%

Fair Value % of Security Description Holding USD Sub-Fund

UNITED STATES - 10.26% (31st December, 2014: 10.26%) Government - 10.26% (31st December, 2014: 10.26%) United States Treasury Note/Bond, 2.250%, 15/11/24 800,000 795,250 10.26% 795,250 10.26% TOTAL UNITED STATES 795,250 10.26%

TOTAL BONDS 1,128,368 14.55%

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NOMURA FUNDS IRELAND – DIVERSIFIED GROWTH FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

FUTURES CONTRACTS - (0.64%) (31st December, 2014: 1.12%)

Unrealised Number of Gain/(Loss) % of Contracts Description Counterparty USD Sub-Fund

1 DAX Index Futures September 15 JP Morgan 5,007 0.06% 1 Euro Stoxx 50 Futures September 15 JP Morgan 640 0.01% 4 Hang Seng Index Futures July 15 JP Morgan (11,971) (0.15%) 1 JPNK Index Futures September 15 JP Morgan 33 0.00% 3 Long Gilt Futures September 15 JP Morgan (7,425) (0.10%) 2 Mini MSCI Emerging Market Futures September 15 JP Morgan 280 0.00% 7 NASDAQ 100 E-MINI Futures September 15 JP Morgan (7,623) (0.10%) 5 Russell 2000 Mini September Futures September 15 JP Morgan (15,305) (0.20%) 1 S&P 500 Emini Futures September September 15 JP Morgan (885) (0.01%) 1 US 5-Year Note (CBT) Future September 15 Goldman Sachs (86) 0.00% 11 US 10-Year Note (CBT) Future September 15 JP Morgan (12,375) (0.15%)

Total Unrealised Gain on Futures Contracts 5,960 0.07% Total Unrealised Loss on Futures Contracts (55,670) (0.71%)

HEDGE SHARE CLASS FORWARD FOREIGN CURRENCY CONTRACTS 0.00% (31st December, 2014: 0.00%) Amount Amount Unrealised Currency CurrencyCurrency Currency Maturity Gain/(Loss) % of Bought Bought Sold Sold Counterparty Date USD Sub-Fund

Brown Brothers Harriman & GBP 12,724 USD 20,054 Co. 30/07/2015 (1) 0.00%

Total Unrealised (Loss) on Hedge Share Class Forward Foreign Currency Contracts (1) 0.00%

Financials Assets designated at Fair Value through Profit or Loss 2,679,661 34.54% Financials Liabilities designated at Fair Value through Profit or Loss (55,671) (0.71%)

Other assets and liabilities 5,133,313 66.17%

Net assets attributable to holders of redeemable participating shares 7,757,303 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

228 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

BONDS - 90.41% AUSTRALIA - 2.14% Government - 1.43% Australia Government Bond, 4.250%, 21/07/17 2,000,000 1,612,697 1.43% 1,612,697 1.43% Utilities - 0.71% Origin Energy Finance Ltd, 4.000%, 16/09/74 750,000 799,461 0.71% 799,461 0.71% TOTAL AUSTRALIA 2,412,158 2.14%

AUSTRIA - 0.47% Basic Materials - 0.47% Sappi Papier Holding GmbH, 3.375%, 01/04/22 500,000 532,693 0.47% 532,693 0.47% TOTAL AUSTRIA 532,693 0.47%

BERMUDA - 0.37% Financial - 0.37% Fly Leasing Ltd, 6.750%, 15/12/20 400,000 416,000 0.37% 416,000 0.37% TOTAL BERMUDA 416,000 0.37%

CANADA - 1.53% Basic Materials - 0.64% Agrium Inc, 3.375%, 15/03/25 545,000 518,127 0.46% First Quantum Minerals Ltd, 7.250%, 15/10/19 144A 200,000 199,500 0.18% 717,627 0.64% Communications - 0.37% MPL 2 Acquisition Canco Inc, 9.875%, 15/08/18 144A 400,000 421,500 0.37% 421,500 0.37% Consumer Non-Cyclical - 0.27% Valeant Pharmaceuticals International Inc, 5.875%, 15/05/23 144A 300,000 307,500 0.27% 307,500 0.27% Energy - 0.25% MEG Energy Corp, 6.375%, 30/01/23 144A 300,000 279,000 0.25% 279,000 0.25% TOTAL CANADA 1,725,627 1.53%

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NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

CAYMAN ISLANDS - 1.82% Basic Materials - 0.27% Vale Overseas Ltd, 6.875%, 21/11/36 320,000 306,944 0.27% 306,944 0.27% Communications - 0.21% Ctrip.com International Ltd, 1.000%, 01/07/20 144A 250,000 241,250 0.21% 241,250 0.21% Consumer Non-Cyclical - 0.95% Biostime International Holdings Ltd, 0.000%, 20/02/19 2,000,000 244,120 0.22% Hengan International Group Co Ltd, 0.000%, 27/06/18 6,000,000 824,266 0.73% 1,068,386 0.95% Financial - 0.39% China Overseas Finance Cayman VI Ltd, 5.950%, 08/05/24 400,000 438,680 0.39% 438,680 0.39% TOTAL CAYMAN ISLANDS 2,055,260 1.82%

CYPRUS - 0.36% Basic Materials - 0.36% Holdgrove Ltd, 1.000%, 24/09/17 400,000 405,500 0.36% 405,500 0.36% TOTAL CYPRUS 405,500 0.36%

CZECH REPUBLIC - 0.10% Energy - 0.10% CE Energy AS, 7.000%, 01/02/21 100,000 115,571 0.10% 115,571 0.10% TOTAL CZECH REPUBLIC 115,571 0.10%

DENMARK - 1.71% Financial - 1.71% Danske Bank A/S, 5.684%, 29/12/49 850,000 1,368,816 1.21% Danske Bank A/S, 5.875%, 29/10/49 500,000 558,921 0.50% 1,927,737 1.71% TOTAL DENMARK 1,927,737 1.71%

FRANCE - 9.63% Basic Materials - 0.54% Solvay Finance SA, 5.425%, 29/11/49 500,000 603,674 0.54% 603,674 0.54%

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NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

FRANCE - 9.63% (continued) Communications - 0.30% Orange SA, 4.000%, 29/10/49 300,000 342,070 0.30% 342,070 0.30% Consumer Non-Cyclical - 0.51% Europcar Groupe SA, 5.750%, 15/06/22 500,000 572,246 0.51% 572,246 0.51% Diversified - 0.48% Novalis SAS, 3.000%, 30/04/22 500,000 540,856 0.48% 540,856 0.48% Financial - 6.22% AXA SA, 6.463%, 29/12/49 1,000,000 1,017,500 0.90% AXA SA, 6.667%, 29/07/49 550,000 881,542 0.78% BNP Paribas SA, 2.375%, 17/02/25 400,000 420,383 0.37% BNP Paribas SA, 5.945%, 29/04/49 500,000 791,353 0.70% BPCE SA, 5.250%, 16/04/29 300,000 488,644 0.44% CNP Assurances, 4.000%, 29/11/49 300,000 329,503 0.29% Credit Agricole SA, 5.136%, 29/12/49 600,000 950,711 0.84% Credit Agricole SA, 7.500%, 29/04/49 120,000 186,330 0.17% Societe Generale SA, 2.625%, 27/02/25 500,000 521,604 0.46% Societe Generale SA, 5.922%, 29/04/49 1,000,000 1,028,130 0.91% Societe Generale SA, 7.875%, 29/12/49 400,000 402,000 0.36% 7,017,700 6.22% Industrial - 0.25% Paprec Holding, 5.250%, 01/04/22 250,000 286,824 0.25% 286,824 0.25% Technology - 0.35% Ingenico Group, 26/06/22 344,300 390,185 0.35% 390,185 0.35% Utilities - 0.98% Electricite de France SA, 5.875%, 22/07/49 300,000 469,846 0.42% Veolia Environnement SA, 4.850%, 29/01/49 400,000 634,419 0.56% 1,104,265 0.98% TOTAL FRANCE 10,857,820 9.63%

GERMANY - 2.48% Communications - 0.48% Unitymedia Hessen GmbH & Co KG/Unitymedia NRW GmbH, 5.750%, 15/01/23 450,000 542,792 0.48% 542,792 0.48% Financial - 1.14% Allianz SE, 3.375%, 29/09/49 600,000 649,667 0.57%

231 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

GERMANY - 2.48% (continued) Financial - 1.14% (continued) Allianz SE, 5.500%, 28/11/49 400,000 413,648 0.37% Hannover Rueck SE, 3.375%, 29/06/49 200,000 222,856 0.20% 1,286,171 1.14% Industrial - 0.49% Rapid Holding GmbH, 6.625%, 15/11/20 500,000 544,194 0.49% 544,194 0.49% Utilities - 0.37% RWE AG, 7.000%, 12/10/72 400,000 419,088 0.37% 419,088 0.37% TOTAL GERMANY 2,792,245 2.48%

GUERNSEY - 0.73% Financial - 0.73% Credit Suisse Group Funding Guernsey Ltd, 2.750%, 26/03/20 144A 364,000 360,063 0.32% Credit Suisse Group Funding Guernsey Ltd, 3.000%, 27/05/22 300,000 458,737 0.41% 818,800 0.73% TOTAL GUERNSEY 818,800 0.73%

HUNGARY - 0.53% Financial - 0.53% Magyar Nemzeti Vagyonkezelo Zrt, 3.375%, 02/04/19 500,000 600,998 0.53% 600,998 0.53% TOTAL HUNGARY 600,998 0.53%

INDIA - 0.72% Financial - 0.36% ICICI Bank Ltd, 6.375%, 30/04/22 400,000 412,480 0.36% 412,480 0.36% Industrial - 0.36% Delhi International Airport Pvt Ltd, 6.125%, 03/02/22 400,000 404,000 0.36% 404,000 0.36% TOTAL INDIA 816,480 0.72%

IRELAND - 0.77% Financial - 0.77% Aquarius and Investments Plc for Zurich Insurance Co Ltd, 4.250%, 02/10/43 250,000 308,207 0.27%

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NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

IRELAND - 0.77% (continued) Financial - 0.77% (continued) Willow No 2 Ireland Plc for Zurich Insurance Co Ltd, 4.250%, 10/01/45 600,000 559,858 0.50% 868,065 0.77% TOTAL IRELAND 868,065 0.77%

ITALY - 6.66% Communications - 1.16% Telecom Italia SpA, 1.125%, 26/03/22 400,000 482,841 0.43% Telecom Italia SpA, 5.875%, 19/05/23 500,000 826,585 0.73% 1,309,426 1.16% Financial - 3.06% Assicurazioni Generali SpA, 6.269%, 29/06/49 300,000 475,657 0.42% Assicurazioni Generali SpA, 7.750%, 12/12/42 500,000 669,022 0.59% Banca Popolare di Vicenza, 2.750%, 20/03/20 400,000 427,287 0.38% Intesa Sanpaolo SpA, 6.625%, 13/09/23 800,000 1,065,247 0.95% Intesa Sanpaolo Vita SpA, 4.750%, 29/12/49 300,000 328,751 0.29% UniCredit SpA, 8.000%, 03/04/49 500,000 489,690 0.43% 3,455,654 3.06% Government - 1.42% Italy Buoni Poliennali Del Tesoro, 1.500%, 01/06/25 1,000,000 1,041,746 0.92% Italy Buoni Poliennali Del Tesoro, 3.250%, 01/09/46 144A 500,000 560,288 0.50% 1,602,034 1.42% Utilities - 1.02% Enel SpA, 8.750%, 24/09/73 144A 1,000,000 1,148,750 1.02% 1,148,750 1.02% TOTAL ITALY 7,515,864 6.66%

JAPAN - 2.07% Basic Materials - 0.35% Teijin Ltd, 12/12/18 40,000,000 402,076 0.35% 402,076 0.35% Consumer Cyclical - 0.72% EDION Corp, 19/06/25 100,000,000 812,119 0.72% 812,119 0.72% Financial - 0.67% Joyo Bank Ltd/The, 24/04/19 400,000 413,500 0.37% T&D Holdings Inc, 05/06/20 40,000,000 342,009 0.30%

Technology - 0.33% Nihon Unisys Ltd, 20/06/16 40,000,000 369,387 0.33% 369,387 0.33% TOTAL JAPAN 2,339,091 2.07%

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NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

JERSEY - 1.35% Basic Materials - 0.44% Vedanta Resources Jersey Ltd, 5.500%, 13/07/16 500,000 497,500 0.44% 497,500 0.44% Consumer Non-Cyclical - 0.35% AA Bond Co Ltd, 5.500%, 31/07/22 250,000 391,735 0.35% 391,735 0.35% Financial - 0.56% British Land White 2015 Ltd, 09/06/20 300,000 469,326 0.42% Hastings Insurance Group Finance Plc, 6.569%, 21/10/19 (FRN) 100,000 157,561 0.14% 626,887 0.56% TOTAL JERSEY 1,516,122 1.35%

LUXEMBOURG - 2.61% Basic Materials - 0.48% ArcelorMittal, 3.125%, 14/01/22 500,000 541,785 0.48% 541,785 0.48% Communications - 1.91% Altice Financing SA, 5.250%, 15/02/23 300,000 338,298 0.30% Altice SA, 7.750%, 15/05/22 144A 200,000 192,000 0.17% Telenet Finance V Luxembourg SCA, 6.250%, 15/08/22 500,000 603,439 0.53% Wind Acquisition Finance SA, 4.000%, 15/07/20 500,000 559,622 0.50% Wind Acquisition Finance SA, 7.000%, 23/04/21 400,000 463,407 0.41% 2,156,766 1.91% Consumer Non-Cyclical - 0.22% Picard Bondco SA, 7.750%, 01/02/20 200,000 240,119 0.22% 240,119 0.22% TOTAL LUXEMBOURG 2,938,670 2.61%

MEXICO - 0.74% Communications - 0.74% America Movil SAB de CV, 6.375%, 06/09/73 500,000 835,295 0.74% 835,295 0.74% TOTAL MEXICO 835,295 0.74%

NETHERLANDS - 8.58% Communications - 1.64% Bharti Airtel International Netherlands BV, 5.125%, 11/03/23 400,000 416,298 0.37% Koninklijke KPN NV, 6.125%, 29/03/49 400,000 476,871 0.42% Telefonica Europe BV, 5.875%, 31/03/49 500,000 593,299 0.53% UPC Holding BV, 6.375%, 15/09/22 300,000 361,020 0.32% 1,847,488 1.64% Consumer Cyclical - 1.26% Grupo Antolin Dutch BV, 5.125%, 30/06/22 400,000 455,866 0.40% Schaeffler Holding Finance BV, 6.250%, 15/11/19 144A 400,000 421,000 0.37% Volkswagen International Finance NV, 3.500%, 29/12/49 250,000 256,683 0.23%

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NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

NETHERLANDS - 8.58% (continued) Consumer Cyclical - 1.26% (continued) Volkswagen International Finance NV, 4.625%, 29/03/49 250,000 291,032 0.26% 1,424,581 1.26% Consumer Non-Cyclical - 0.87% Darling Global Finance BV, 4.750%, 30/05/22 500,000 548,402 0.49% QIAGEN NV, 0.375%, 19/03/19 400,000 430,000 0.38% 978,402 0.87% Financial - 3.35% ABN AMRO Bank NV, 2.875%, 30/06/25 400,000 451,161 0.40% ABN AMRO Bank NV, 5.000%, 29/12/49 600,000 948,204 0.84% Achmea BV, 4.250%, 29/12/49 500,000 539,194 0.48% Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 5.250%, 14/09/27 300,000 506,119 0.45% Cooperatieve Centrale Raiffeisen-Boerenleenbank BA/Netherlands, 8.400%, 29/11/49 500,000 540,525 0.48% Generali Finance BV, 6.214%, 29/06/49 500,000 792,434 0.70% 3,777,637 3.35% Industrial - 0.50% Airbus Group SE, 01/07/22 500,000 566,192 0.50% 566,192 0.50% Technology - 0.96% NXP Semiconductors NV, 1.000%, 01/12/19 144A 400,000 464,816 0.41% STMicroelectronics NV, 03/07/19 600,000 615,600 0.55% 1,080,416 0.96% TOTAL NETHERLANDS 9,674,716 8.58%

NORWAY - 0.72% Financial - 0.72% DNB Bank ASA, 6.012%, 29/01/49 500,000 815,393 0.72% 815,393 0.72% TOTAL NORWAY 815,393 0.72%

PORTUGAL - 1.14% Government - 1.14% Portugal Obrigacoes do Tesouro OT, 4.800%, 15/06/20 144A 1,000,000 1,285,645 1.14% 1,285,645 1.14% TOTAL PORTUGAL 1,285,645 1.14%

235 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

SINGAPORE - 0.66% Communications - 0.35% TBG Global Pte Ltd, 5.250%, 10/02/22 400,000 391,733 0.35% 391,733 0.35% Financial - 0.31% CapitaLand Ltd, 2.800%, 08/06/25 500,000 355,285 0.31% 355,285 0.31% TOTAL SINGAPORE 747,018 0.66%

SPAIN - 4.52% Financial - 1.11% Banco Bilbao Vizcaya Argentaria SA, 9.000%, 29/05/49 800,000 862,000 0.76% Banco Santander SA, 6.375%, 29/05/49 400,000 391,400 0.35% 1,253,400 1.11% Government - 3.41% Spain Government Bond, 1.400%, 31/01/20 2,000,000 2,272,721 2.02% Spain Government Bond, 1.600%, 30/04/25 144A 1,000,000 1,054,413 0.93% Spain Government Bond, 5.150%, 31/10/44 144A 350,000 521,339 0.46% 3,848,473 3.41% TOTAL SPAIN 5,101,873 4.52%

SWEDEN - 0.83% Consumer Non-Cyclical - 0.42% Elekta AB, 2.750%, 25/04/17 4,000,000 479,657 0.42% 479,657 0.42% Financial - 0.41% Swedbank AB, 2.375%, 26/02/24 400,000 457,661 0.41% 457,661 0.41% TOTAL SWEDEN 937,318 0.83%

SWITZERLAND - 1.49% Financial - 1.49% Credit Suisse Group AG, 6.250%, 29/12/49 200,000 190,600 0.17% UBS AG/Jersey, 7.250%, 22/02/22 500,000 525,851 0.47% UBS Group AG, 5.750%, 29/12/49 400,000 453,869 0.40% UBS Group AG, 7.000%, 29/12/49 500,000 507,451 0.45% 1,677,771 1.49% TOTAL SWITZERLAND 1,677,771 1.49%

UNITED KINGDOM - 22.26% Basic Materials - 0.47% Ineos Finance Plc, 4.000%, 01/05/23 500,000 532,974 0.47% 532,974 0.47% Communications - 0.30% Virgin Media Finance Plc, 4.500%, 15/01/25 300,000 334,090 0.30% 334,090 0.30%

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NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

UNITED KINGDOM - 22.26% (continued) Consumer Cyclical - 3.10% Enterprise Inns Plc, 6.375%, 26/09/31 100,000 156,852 0.14% Enterprise Inns Plc, 6.500%, 06/12/18 100,000 167,099 0.15% International Game Technology Plc, 4.125%, 15/02/20 600,000 666,498 0.59% Jaguar Land Rover Automotive Plc, 3.875%, 01/03/23 400,000 603,824 0.54% Jaguar Land Rover Automotive Plc, 5.000%, 15/02/22 100,000 162,032 0.14% Matalan Finance Plc, 6.875%, 01/06/19 100,000 153,699 0.14% New Look Secured Issuer Plc, 6.500%, 01/07/22 300,000 458,732 0.41% Thomas Cook Finance Plc, 6.750%, 15/06/21 400,000 466,773 0.41% Thomas Cook Group Plc, 7.750%, 22/06/17 250,000 421,687 0.37% William Hill Plc, 4.250%, 05/06/20 150,000 234,095 0.21% 3,491,291 3.10% Consumer Non-Cyclical - 0.97% Bakkavor Finance 2 Plc, 8.250%, 15/02/18 86,732 142,196 0.12% BUPA Finance Plc, 5.000%, 25/04/23 600,000 954,810 0.85% 1,097,006 0.97% Diversified - 0.15% Co-operative Group Holdings 2011 Ltd, 6.875%, 08/07/20 100,000 170,000 0.15% 170,000 0.15% Energy - 0.22% Ensco Plc, 5.200%, 15/03/25 250,000 248,331 0.22% 248,331 0.22% Financial - 14.76% Amlin Plc, 6.500%, 19/12/26 379,000 608,218 0.54% Aviva Plc, 5.902%, 29/11/49 500,000 821,699 0.73% Aviva Plc, 6.125%, 05/07/43 500,000 647,659 0.57% Aviva Plc, 6.625%, 03/06/41 250,000 431,575 0.38% Barclays Bank Plc, 14.000%, 29/11/49 300,000 616,475 0.55% Barclays Plc, 8.250%, 29/12/49 490,000 517,807 0.46% Coventry Building Society, 6.375%, 29/12/49 500,000 756,924 0.67% F&C Asset Management Plc, 6.750%, 20/12/26 500,000 817,412 0.73% HSBC Bank Plc, 5.000%, 20/03/23 804,000 1,332,068 1.18% HSBC Holdings Plc, 3.375%, 10/01/24 300,000 353,429 0.31% HSBC Holdings Plc, 6.375%, 29/12/49 500,000 502,500 0.45% Liverpool Victoria Friendly Society Ltd, 6.500%, 22/05/43 500,000 789,240 0.70% Lloyds Bank Plc, 7.625%, 22/04/25 300,000 594,957 0.53% Lloyds Banking Group Plc, 7.625%, 29/12/49 200,000 325,051 0.29% National Westminster Bank Plc, 6.500%, 07/09/21 400,000 705,775 0.63% Nationwide Building Society, 6.875%, 11/03/49 300,000 467,009 0.41% Prudential Plc, 5.000%, 20/07/55 1,000,000 1,515,724 1.34% Prudential Plc, 5.700%, 19/12/63 300,000 497,799 0.44% Prudential Plc, 7.750%, 29/01/49 250,000 260,000 0.23% Royal Bank of Scotland Plc/The, 6.875%, 17/05/25 250,000 497,450 0.44% Santander UK Group Holdings Plc, 7.375%, 29/12/49 500,000 784,092 0.70% Scottish Widows Plc, 5.125%, 29/09/49 850,000 1,339,940 1.19% Standard Chartered Bank, 8.103%, 29/05/49 500,000 812,831 0.72% Standard Chartered Plc, 6.500%, 29/12/49 144A 200,000 202,108 0.18% Tesco Property Finance 3 Plc, 5.744%, 13/04/40 295,579 443,664 0.39% 16,641,406 14.76%

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NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

UNITED KINGDOM - 22.26% (continued) Industrial - 0.58% Heathrow Finance Plc, 5.375%, 01/09/19 100,000 166,911 0.15% Heathrow Finance Plc, 5.750%, 03/03/25 200,000 323,594 0.29% Kelda Finance No 3 Plc, 5.750%, 17/02/20 100,000 164,009 0.14% 654,514 0.58% Utilities - 1.71% Anglian Water Osprey Financing Plc, 5.000%, 30/04/23 300,000 467,922 0.41% Anglian Water Osprey Financing Plc, 7.000%, 31/01/18 97,000 166,291 0.15% SSE Plc, 5.625%, 29/09/49 750,000 777,375 0.69% Thames Water Kemble Finance Plc, 7.750%, 01/04/19 300,000 517,847 0.46% 1,929,435 1.71% TOTAL UNITED KINGDOM 25,099,047 22.26%

UNITED STATES - 13.42% Basic Materials - 0.81% RPM International Inc, 2.250%, 15/12/20 400,000 467,250 0.42% Southern Copper Corp, 5.250%, 08/11/42 200,000 172,086 0.15% Southern Copper Corp, 7.500%, 27/07/35 250,000 273,675 0.24% 913,011 0.81% Communications - 3.06% AT&T Inc, 4.750%, 15/05/46 348,000 317,085 0.28% CenturyLink Inc, 5.800%, 15/03/22 300,000 284,439 0.25% Cequel Communications Holdings I LLC/Cequel Capital Corp, 6.375%, 15/09/20 144A 200,000 198,000 0.17% CommScope Technologies Finance LLC, 6.000%, 15/06/25 144A 225,000 223,312 0.20% Equinix Inc, 5.375%, 01/04/23 200,000 199,500 0.18% Nielsen Finance LLC/Nielsen Finance Co, 5.000%, 15/04/22 144A 150,000 146,250 0.13% Priceline Group Inc/The, 0.900%, 15/09/21 144A 800,000 762,000 0.68% Sirius XM Radio Inc, 6.000%, 15/07/24 144A 300,000 302,250 0.27% Sprint Communications Inc, 6.000%, 15/11/22 300,000 273,153 0.24% T-Mobile USA Inc, 6.542%, 28/04/20 200,000 209,750 0.19% Twitter Inc, 0.250%, 15/09/19 144A 600,000 530,625 0.47% 3,446,364 3.06% Consumer Cyclical - 1.84% Cinemark USA Inc, 5.125%, 15/12/22 300,000 300,198 0.27% MGM Resorts International, 6.625%, 15/12/21 300,000 312,000 0.28% Restoration Hardware Holdings Inc, 15/07/20 144A 500,000 490,625 0.43% Sally Holdings LLC/Sally Capital Inc, 5.750%, 01/06/22 400,000 418,000 0.37% ZF North America Capital Inc, 2.250%, 26/04/19 500,000 556,817 0.49% 2,077,640 1.84% Consumer Non-Cyclical - 0.96% HCA Holdings Inc, 6.250%, 15/02/21 300,000 324,000 0.29% Spectrum Brands Inc, 6.625%, 15/11/22 150,000 160,125 0.14% WellCare Health Plans Inc, 5.750%, 15/11/20 275,000 286,000 0.25% CHS/Community Health Systems Inc, 6.875%, 01/02/22 300,000 315,750 0.28% 1,085,875 0.68%

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NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

UNITED STATES - 13.42% (continued) Energy - 1.71% Denbury Resources Inc, 5.500%, 01/05/22 100,000 90,188 0.08% Parker Drilling Co, 7.500%, 01/08/20 300,000 273,000 0.24% Reliance Holding USA Inc, 5.400%, 14/02/22 400,000 431,356 0.38% Sabine Pass Liquefaction LLC, 5.625%, 15/04/23 300,000 296,250 0.26% Sanchez Energy Corp, 6.125%, 15/01/23 300,000 267,000 0.24% Summit Midstream Holdings LLC/Summit Midstream Finance Corp, 7.500%, 01/07/21 150,000 157,500 0.14% Targa Resources Partners LP/Targa Resources Partners Finance Corp, 6.875%, 01/02/21 400,000 416,000 0.37% 1,931,294 1.71% Financial - 2.37% Ares Capital Corp, 4.875%, 15/03/17 600,000 619,125 0.55% Bank of America Corp, 6.125%, 15/09/21 300,000 554,495 0.49% General Electric Capital Corp, 7.125%, 29/12/49 500,000 576,875 0.51% HSBC Finance Capital Trust IX, 5.911%, 30/11/35 200,000 201,110 0.18% Prudential Financial Inc, 5.375%, 15/05/45 143,000 140,676 0.13% Redwood Trust Inc, 4.625%, 15/04/18 600,000 577,875 0.51% 2,670,156 2.37% Industrial - 2.01% Building Materials Corp of America, 5.375%, 15/11/24 144A 300,000 295,500 0.26% Reynolds Group Issuer Inc/Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 6.875%, 15/02/21 200,000 208,750 0.19% Sealed Air Corp, 4.500%, 15/09/23 250,000 284,103 0.25% Spirit AeroSystems Inc, 5.250%, 15/03/22 150,000 154,875 0.14% XPO Logistics Inc, 5.750%, 15/06/21 1,000,000 1,102,837 0.98% XPO Logistics Inc, 6.500%, 15/06/22 144A 225,000 219,938 0.19% 2,266,003 2.01% Technology - 0.38% Micron Technology Inc, 5.250%, 15/01/24 144A 300,000 280,500 0.25% ON Semiconductor Corp, 1.000%, 01/12/20 144A 150,000 148,687 0.13% 429,187 0.38% Utilities - 0.28% Dynegy Inc, 7.375%, 01/11/22 144A 300,000 316,500 0.28% 316,500 0.28% TOTAL UNITED STATES 15,136,030 13.42%

TOTAL BONDS 101,964,807 90.41%

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NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

FUTURES CONTRACTS - (0.02%)

Unrealised Number of Gain/(Loss) % of Contracts Description Counterparty USD Sub-Fund

(30) Euro-Bobl Future September 15 Goldman Sachs (8,752) (0.01%) (60) Euro-Bund Future September 15 Goldman Sachs (33,998) (0.03%) (250) Euro-Schatz Future September 15 Goldman Sachs (28,051) (0.02%) (150) US 5-Year Note (CBT) Future September 15 Goldman Sachs 44,531 0.04%

Total Unrealised Gain on Futures Contracts 44,531 0.04% Total Unrealised Loss on Futures Contracts (70,801) (0.06%)

FORWARD FOREIGN CURRENCY CONTRACTS (1.68%) Amount Amount Unrealised Currency CurrencyCurrency Currency Maturity Gain/(Loss) % of Bought Bought Sold Sold Counterparty Date USD Sub-Fund

USD 5,992,640 GBP (4,000,000) BNP Paribas 03/08/2015 (311,527) (0.28%) USD 3,395,288 GBP (2,300,000) Deutsche Bank AG 03/08/2015 (229,608) (0.20%) USD 3,127,700 GBP (2,100,000) Citigroup 03/08/2015 (181,987) (0.16%) USD 3,216,969 EUR (3,000,000) Citigroup 03/08/2015 (150,688) (0.13%) USD 1,243,691 GBP (850,000) Citigroup 03/08/2015 (95,944) (0.08%) USD 1,592,100 EUR (1,500,000) Deutsche Bank AG 03/08/2015 (91,729) (0.08%) USD 3,064,010 GBP (2,000,000) Citigroup 03/08/2015 (88,073) (0.08%) USD 2,277,111 GBP (1,500,000) Deutsche Bank AG 03/08/2015 (86,952) (0.08%) USD 1,935,691 EUR (1,800,000) Citigroup 03/08/2015 (84,903) (0.08%) USD 2,360,703 GBP (1,550,000) Citibank 03/08/2015 (82,162) (0.07%) USD 1,603,239 EUR (1,500,000) Citigroup 03/08/2015 (80,590) (0.07%) USD 2,279,453 EUR (2,100,000) BNP Paribas 03/08/2015 (77,907) (0.07%) USD 1,327,803 EUR (1,250,000) Deutsche Bank AG 03/08/2015 (75,388) (0.07%) USD 1,192,907 GBP (800,000) Citigroup 03/08/2015 (67,926) (0.06%) USD 1,182,937 EUR (1,100,000) Deutsche Bank AG 03/08/2015 (51,871) (0.05%) USD 1,685,264 GBP (1,100,000) Citigroup 03/08/2015 (48,382) (0.04%) USD 1,857,137 GBP (1,200,000) Citigroup 03/08/2015 (34,113) (0.03%) USD 441,478 GBP (300,000) BNP Paribas 03/08/2015 (31,334) (0.03%) USD 445,127 GBP (300,000) BNP Paribas 03/08/2015 (27,686) (0.02%) USD 1,075,700 GBP (700,000) Citigroup 03/08/2015 (27,529) (0.02%) JPY 134,000,000 USD (1,117,809) BNP Paribas 03/08/2015 (22,290) (0.02%) USD 372,658 GBP (250,000) BNP Paribas 03/08/2015 (21,353) (0.02%) USD 598,428 EUR (550,000) Deutsche Bank AG 03/08/2015 (18,976) (0.02%) USD 769,183 GBP (500,000) Deutsche Bank AG 03/08/2015 (18,838) (0.02%) EUR 1,000,000 USD (1,140,626) Citigroup 03/08/2015 (18,074) (0.02%) USD 770,171 GBP (500,000) Citigroup 03/08/2015 (17,850) (0.02%) USD 375,542 EUR (350,000) Deutsche Bank AG 03/08/2015 (17,351) (0.02%) USD 378,431 GBP (250,000) Citigroup 03/08/2015 (15,580) (0.01%) USD 803,003 JPY (100,000,000) Deutsche Bank AG 03/08/2015 (14,549) (0.01%) USD 537,538 GBP (350,000) BNP Paribas 03/08/2015 (14,076) (0.01%) USD 303,631 GBP (200,000) Citigroup 03/08/2015 (11,577) (0.01%) USD 225,823 GBP (150,000) Citigroup 03/08/2015 (10,583) (0.01%)

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NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

FORWARD FOREIGN CURRENCY CONTRACTS (1.68%) (continued) Amount Amount Unrealised Currency CurrencyCurrency Currency Maturity Gain/(Loss) % of Bought Bought Sold Sold Counterparty Date USD Sub-Fund

USD 304,837 GBP (200,000) BNP Paribas 03/08/2015 (10,371) (0.01%) EUR 1,500,000 GBP (1,074,686) Deutsche Bank AG 03/08/2015 (9,920) (0.01%) USD 645,488 JPY (80,000,000) Citigroup 03/08/2015 (8,553) (0.01%) USD 549,017 SGD (750,000) Deutsche Bank AG 03/08/2015 (7,982) (0.01%) USD 2,518,774 EUR (2,250,000) Deutsche Bank AG 03/08/2015 (6,969) (0.01%) USD 1,116,301 EUR (1,000,000) BNP Paribas 03/08/2015 (6,251) (0.01%) USD 860,736 GBP (550,000) Citigroup 03/08/2015 (6,087) (0.01%) USD 467,151 GBP (300,000) Citigroup 03/08/2015 (5,662) 0.00% USD 276,395 SEK (2,300,000) BNP Paribas 03/08/2015 (3,799) 0.00% USD 1,573,191 GBP (1,000,000) Citigroup 03/08/2015 (2,851) 0.00% USD 151,723 AUD (200,000) BNP Paribas 04/08/2015 (2,276) 0.00% USD 314,209 GBP (200,000) Citigroup 03/08/2015 (1,000) 0.00% USD 1,121,954 EUR (1,000,000) Deutsche Bank AG 03/08/2015 (598) 0.00% USD 40,447 JPY (5,000,000) Deutsche Bank AG 03/08/2015 (431) 0.00% USD 547,873 HKD (4,250,000) Citigroup 03/08/2015 (330) 0.00% USD 38,213 AUD (50,000) Deutsche Bank AG 04/08/2015 (287) 0.00% USD 112,119 EUR (100,000) Deutsche Bank AG 03/08/2015 (136) 0.00% USD 1,891,201 GBP (1,200,000) Citigroup 03/08/2015 (49) 0.00% USD 515,910 HKD (4,000,000) Deutsche Bank AG 03/08/2015 (46) 0.00% USD 41,100 CAD (50,000) BNP Paribas 04/08/2015 880 0.00% USD 244,618 SEK (2,000,000) Deutsche Bank AG 03/08/2015 971 0.00% USD 79,459 AUD (100,000) BNP Paribas 04/08/2015 2,460 0.00% USD 158,309 AUD (200,000) Citigroup 04/08/2015 4,310 0.00% USD 511,295 EUR (450,000) BNP Paribas 03/08/2015 6,147 0.01% USD 568,622 EUR (500,000) BNP Paribas 03/08/2015 7,345 0.01% USD 1,131,570 EUR (1,000,000) BNP Paribas 03/08/2015 9,018 0.01% GBP 400,000 USD (620,230) Citigroup 03/08/2015 10,186 0.01% GBP 1,075,440 EUR (1,500,000) Deutsche Bank AG 03/08/2015 11,110 0.01% USD 2,630,249 AUD (3,400,000) BNP Paribas 04/08/2015 12,270 0.01% USD 462,091 JPY (55,000,000) Deutsche Bank AG 03/08/2015 12,438 0.01% EUR 2,000,000 USD (2,232,162) Deutsche Bank AG 03/08/2015 12,943 0.01% USD 1,112,281 JPY (134,000,000) Citigroup 03/08/2015 16,762 0.01% USD 2,151,885 EUR (1,900,000) Deutsche Bank AG 03/08/2015 19,035 0.02% USD 3,009,855 EUR (2,650,000) BNP Paribas 03/08/2015 35,091 0.03% USD 3,979,399 EUR (3,500,000) Citigroup 03/08/2015 50,465 0.04% USD 3,419,406 EUR (3,000,000) BNP Paribas 03/08/2015 51,749 0.05% USD 3,422,361 EUR (3,000,000) Deutsche Bank AG 03/08/2015 54,704 0.05%

Total Unrealised Gain on Forward Foreign Currency Contracts 317,884 0.28% Total Unrealised Loss on Forward Foreign Currency Contracts (2,200,994) (1.96%)

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NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

HEDGE SHARE CLASS FORWARD FOREIGN CURRENCY CONTRACTS 0.02% Amount Amount Unrealised Currency CurrencyCurrency Currency Maturity Gain/(Loss) % of Bought Bought Sold Sold Counterparty Date USD Sub-Fund

Brown Brothers Harriman & GBP 54,258,652 USD 85,516,401 Co. 30/07/2015 (4,900) 0.00% Brown Brothers Harriman & GBP 2,586,915 USD 4,077,205 Co. 30/07/2015 (222) 0.00% Brown Brothers Harriman & GBP 1,603,728 USD 2,527,617 Co. 30/07/2015 (175) 0.00% Brown Brothers Harriman & EUR 35,276 USD 39,597 Co. 30/07/2015 83 0.00% Brown Brothers Harriman & EUR 7,900,239 USD 8,867,922 Co. 30/07/2015 18,572 0.02%

Total Unrealised Gain on Hedge Share Class Forward Foreign Currency Contracts 18,655 0.02% Total Unrealised Loss on Hedge Share Class Forward Foreign Currency Contracts (5,297) 0.00%

SWAPTIONS - 0.20%

Number of Expiry Date/ Fair Value % of Contracts Description Counterparty Strike Price USD Sub-Fund

Purchased Swaptions August 20,000,000 CDX Option with Citigroup Citigroup 15/2.75% 70,635 0.06% with the right to buy protection on underlying Markit iTraxx Crossover

August 20,000,000 CDX Option with Citigroup Citigroup 15/0.75% 29,651 0.03% with the right to buy protection on underlying Markit iTraxx Senior Financial

August 20,000,000 CDX Option with Citigroup Citigroup 15/0.60% 13,856 0.01% with the right to buy protection on underlying Markit iTraxx Europe

July 40,000,000 CDX Option with BNP Paribas BNP Paribas 15/3.50% 382,861 0.34% with the right to sell protection on underlying Markit iTraxx Crossover March 5,000,000 IRS Option with BNP Paribas BNP Paribas 21/1.92% 121,816 0.11% with the right to pay fixed rate and receive LIBOR 6M GBP

Written Swaptions September (20,000,000) CDX Option with Goldman Sachs Goldman Sachs 15/1.00% (119,946) (0.11%) with obligation to buy protection on underlying Markit iTraxx Senior Financial if exercised

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NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

SWAPTIONS - 0.20% (continued)

Number of Expiry Date/ Fair Value % of Contracts Description Counterparty Strike Price USD Sub-Fund

Written Swaptions (continued)

July (40,000,000) CDX Option with BNP Paribas BNP Paribas 15/4.00% (162,768) (0.14%) with obligation to buy protection on underlying Markit iTraxx Crossover if exercised March (10,000,000) IRS Option with BNP Paribas BNP Paribas 21/2.37% (108,791) (0.10%) with obligation to receive fixed rate and receive LIBOR 6M GBP

Total Unrealised Gain on Swaption Contracts 618,819 0.55% Total Unrealised Loss on Swaption Contracts (391,505) (0.35%)

SWAPS (0.06%)

Unrealised Protection Maturity Notional Gain/(Loss) % of Position Description Counterparty Rate % Date Currency Amount USD Sub-Fund

Credit Default Swaps

Portugal Telecom Int Fin, Sell 24/03/2017, 4.375% BNP Paribas 5.00% 20/06/2020 EUR 1,000,000 2,147 0.00%

Markit iTraxx Europe Senior Buy Financial Index BNP Paribas 1.00% 20/06/2020 EUR 20,000,000 (101,082) (0.09%)

Total Unrealised Gain on Credit Default Swaps 2,147 0.00% Total Unrealised Loss on Credit Default Swaps (101,082) (0.09%)

Unrealised Notional Maturity Rate Paid Rate Received Gain/(Loss) % of Currency Amount Date Counterparty by Fund by Fund USD Sub-Fund

Inflationary Swaps

Floating USD 1,000,000 05/02/2045 BNP Paribas Fixed 2.05% CPURNSA 43,673 0.04%

Floating USD 1,000,000 13/03/2045 Citigroup Fixed 2.10% CPURNSA 37,870 0.03%

Total Unrealised Gain on Inflationary Swaps 81,543 0.07%

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NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

SWAPS (0.06%) (Continued) Unrealised Notional Maturity Rate Paid Rate Received Gain/(Loss) % of Currency Amount Date Counterparty by Fund by Fund USD Sub-Fund

Interest Rate Swaps

Floating GBP 10,250,000 15/05/2020 BNP Paribas Fixed 1.58% LIBOR 6M GBP 112,828 0.10%

Total Unrealised Gain on Interest Rate Swaps 112,828 0.10%

Total Rate Return Swaps

Floating Floating EUR 5,000,000 20/09/2015 Goldman Sachs iBoxx MJA EURIBOR 3M (125,045) (0.11%)

Floating Floating EUR 3,000,000 20/09/2015 Goldman Sachs iBoxx MJA EURIBOR 3M (31,679) (0.03%)

Total Unrealised Loss on Total Rate Return Swaps (156,724) (0.14%)

Total Unrealised Gain on Swaps 196,518 0.17% Total Unrealised Loss on Swaps (257,806) (0.23%)

Financials Assets designated at Fair Value through Profit or Loss 103,161,214 91.47% Financials Liabilities designated at Fair Value through Profit or Loss (2,926,403) (2.60%)

Other assets and liabilities 12,549,510 11.13%

Net assets attributable to holders of redeemable participating shares 112,784,321 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

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NOMURA FUNDS IRELAND – EMERGING MARKET LOCAL CURRENCY DEBT FUND STATEMENT OF INVESTMENTS As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

BONDS - 90.41%

BRAZIL - 9.79% Government - 9.79% Brazil Notas do Tesouro Nacional Serie B, 6.000%, 15/08/22 1,100,000 948,554 9.79% 948,554 9.79% TOTAL BRAZIL 948,554 9.79%

COLOMBIA - 8.89% Government - 8.89% Colombian TES, 7.750%, 18/09/30 2,300,000,000 861,413 8.89% 861,413 8.89% TOTAL COLOMBIA 861,413 8.89%

MALAYSIA - 10.19% Government - 10.19% Malaysia Government Bond, 3.654%, 31/10/19 1,750,000 463,860 4.79% Malaysia Government Bond, 3.795%, 30/09/22 2,000,000 523,798 5.40% 987,658 10.19% TOTAL MALAYSIA 987,658 10.19%

MEXICO - 10.21% Government - 10.21% Mexican Bonos, 6.500%, 09/06/22 15,000,000 989,433 10.21% 989,433 10.21% TOTAL MEXICO 989,433 10.21%

PERU - 2.26% Government - 2.26% Peru Government Bond, 6.000%, 12/02/29 750,000 218,608 2.26% 218,608 2.26% TOTAL PERU 218,608 2.26%

PHILIPPINES - 4.82% Government - 4.82% Philippine Government International Bond, 4.950%, 15/01/21 20,000,000 466,718 4.82% 466,718 4.82%

TOTAL PHILIPPINES 466,718 4.82%

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NOMURA FUNDS IRELAND – EMERGING MARKET LOCAL CURRENCY DEBT FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

POLAND - 15.48% Government - 15.48% Poland Government International Bond, 6.375%, 15/07/19 1,300,000 1,499,651 15.48% 1,499,651 15.48% TOTAL POLAND 1,499,651 15.48%

SERBIA - 5.07% Government - 5.07% Republic of Serbia, 5.250%, 21/11/17 475,000 490,841 5.07% 490,841 5.07% TOTAL SERBIA 490,841 5.07%

SOUTH AFRICA - 7.17% Government - 7.17% South Africa Government Bond, 8.000%, 31/01/30 9,000,000 694,141 7.17% 694,141 7.17% TOTAL SOUTH AFRICA 694,141 7.17%

SOUTH KOREA - 4.85% Government - 4.85% Export-Import Bank of Korea, 8.000%, 15/05/18 6,500,000,000 469,589 4.85% 469,589 4.85% TOTAL SOUTH KOREA 469,589 4.85%

SUPRANATIONAL - 8.97% Government - 8.97% African Development Bank, 14.000%, 25/08/15 900,000 203,594 2.10% European Bank for Reconstraction & Development, 0.500%, 10/08/16 2,000,000 665,971 6.87% 869,565 8.97% TOTAL SUPRANATIONAL 869,565 8.97%

URUGUAY - 2.71% Government - 2.71% Uruguay Government International Bond, 4.375%, 15/12/28 7,371,375 262,220 2.71% 262,220 2.71% TOTAL URUGUAY 262,220 2.71%

TOTAL BONDS 8,758,391 90.41%

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NOMURA FUNDS IRELAND – EMERGING MARKET LOCAL CURRENCY DEBT FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

FORWARD FOREIGN CURRENCY CONTRACTS (0.26%) Amount Amount Unrealised Currency CurrencyCurrency Currency Maturity Gain/(Loss) % of Bought Bought Sold Sold Counterparty Date USD Sub-Fund

MYR 2,700,000 USD 744,766 BNP Paribas 13/08/2015 (32,057) (0.32%) USD 250,000 TWD 7,837,500 Citigroup 04/03/2016 (4,492) (0.05%) USD 528,681 MYR 2,000,000 Citigroup 13/08/2015 748 0.01% PLN 5,750,000 USD 1,531,766 Citigroup 09/09/2015 3,972 0.04% USD 500,000 PHP 22,155,000 Citigroup 03/09/2015 10,760 0.11% RSD 55,000,000 USD 465,904 Citigroup 14/09/2015 43,711 0.45% NZD 685,661 USD 500,000 Deutsche Bank AG 04/03/2016 (44,112) (0.46%) USD 250,000 SGD 342,950 Goldman Sachs 04/03/2016 (4,041) (0.04%)

Total Unrealised Gain on Forward Foreign Currency Contracts 59,191 0.61% Total Unrealised Loss on Forward Foreign Currency Contracts (84,702) (0.87%)

Financials Assets designated at Fair Value through Profit or Loss 8,817,582 91.02% Financials Liabilities designated at Fair Value through Profit or Loss (84,702) (0.87%)

Other assets and liabilities 954,825 9,85%

Net assets attributable to holders of redeemable participating shares 9,687,705 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

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NOMURA FUNDS IRELAND – ASIA HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

BONDS - 92.71% BERMUDA - 3.92% Communications - 1.96% GCX Ltd, 7.000%, 01/08/19 200,000 200,706 1.96% 200,706 1.96% Utilities - 1.96% Binhai Investment Co Ltd, 3.250%, 06/05/18 200,000 199,602 1.96% 199,602 1.96% TOTAL BERMUDA 400,308 3.92%

BRITISH VIRGIN ISLANDS - 4.51% Communications - 1.93% Proven Honour Capital Ltd, 4.125%, 19/05/25 200,000 197,000 1.93% 197,000 1.93% Industrial - 2.58% Sparkle Assets Ltd, 6.875%, 30/01/20 250,000 263,298 2.58% 263,298 2.58% TOTAL BRITISH VIRGIN ISLANDS 460,298 4.51%

CAYMAN ISLANDS - 30.56% Financial - 27.33% Central China Real Estate Ltd, 8.000%, 28/01/20 200,000 197,803 1.94% China Aoyuan Property Group Ltd, 10.875%, 26/05/18 300,000 295,343 2.90% China SCE Property Holdings Ltd, 11.500%, 14/11/17 200,000 207,000 2.03% CIFI Holdings Group Co Ltd, 12.250%, 15/04/18 400,000 435,000 4.27% Country Garden Holdings Co Ltd, 7.250%, 04/04/21 200,000 202,260 1.98% Greenland Hong Kong Holdings Ltd, 4.750%, 18/10/16 200,000 202,000 1.98% KWG Property Holding Ltd, 8.975%, 14/01/19 200,000 205,566 2.01% Longfor Properties Co Ltd, 6.875%, 18/10/19 200,000 208,450 2.04% Shimao Property Holdings Ltd, 8.375%, 10/02/22 400,000 418,642 4.11% VLL International Inc, 7.375%, 18/06/22 200,000 203,082 1.99% Yuzhou Properties Co Ltd, 11.750%, 25/10/17 200,000 212,500 2.08% 2,787,646 27.33% Industrial - 3.23% Honghua Group Ltd, 7.450%, 25/09/19 500,000 330,000 3.23% 330,000 3.23% TOTAL CAYMAN ISLANDS 3,117,646 30.56%

HONG KONG - 4.23% Financial - 4.23% Bank of East Asia Ltd, 8.500%, 29/11/49 200,000 232,812 2.28%

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NOMURA FUNDS IRELAND – ASIA HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

HONG KONG - 4.23% (continued) Financial - 4.23% (continued) ICBCIL Finance Co Ltd, 3.250%, 17/03/20 200,000 199,231 1.95% 432,043 4.23% TOTAL HONG KONG 432,043 4.23%

INDIA - 4.48% Consumer Cyclical - 2.00% Tata Motors Ltd, 4.625%, 30/04/20 200,000 204,240 2.00% 204,240 2.00% Industrial - 2.48% Delhi International Airport Pvt Ltd, 6.125%, 03/02/22 250,000 252,500 2.48% 252,500 2.48% TOTAL INDIA 456,740 4.48%

JERSEY - 1.99% Industrial - 1.99% West China Cement Ltd, 6.500%, 11/09/19 200,000 202,752 1.99% 202,752 1.99% TOTAL JERSEY 202,752 1.99%

MALAYSIA - 4.91% Financial - 4.91% SBB Capital Corp, 6.620%, 29/11/49 500,000 501,253 4.91% 501,253 4.91% TOTAL MALAYSIA 501,253 4.91%

NETHERLANDS - 4.88% Consumer Non-Cyclical - 2.93% ICTSI Treasury BV, 4.625%, 16/01/23 300,000 299,400 2.93% 299,400 2.93% Financial - 1.95% Jababeka International BV, 7.500%, 24/09/19 200,000 198,666 1.95% 198,666 1.95% TOTAL NETHERLANDS 498,066 4.88%

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NOMURA FUNDS IRELAND – ASIA HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

PAKISTAN - 2.01% Government - 2.01% Pakistan Government International Bond, 6.750%, 03/12/19 200,000 205,050 2.01% 205,050 2.01% TOTAL PAKISTAN 205,050 2.01%

PHILIPPINES - 10.20% Consumer Cyclical - 2.97% SM Investments Corp, 4.250%, 17/10/19 300,000 303,207 2.97% 303,207 2.97% Energy - 5.16% Petron Corp, 7.500%, 06/02/49 500,000 526,250 5.16% 526,250 5.16% Utilities - 2.07% First Gen Corp, 6.500%, 09/10/23 200,000 211,500 2.07% 211,500 2.07% TOTAL PHILIPPINES 1,040,957 10.20%

SINGAPORE - 7.72% Consumer Cyclical - 3.79% Golden Legacy PTE Ltd, 9.000%, 24/04/19 200,000 198,000 1.94% MPM Global Pte Ltd, 6.750%, 19/09/19 200,000 189,046 1.85% 387,046 3.79% Technology - 3.93% STATS ChipPAC Ltd, 4.500%, 20/03/18 200,000 200,750 1.97% STATS ChipPAC Ltd, 5.375%, 31/03/16 200,000 200,000 1.96% 400,750 3.93% TOTAL SINGAPORE 787,796 7.72%

SRI LANKA - 5.02% Financial - 2.12% National Savings Bank, 8.875%, 18/09/18 200,000 216,760 2.12% 216,760 2.12% Government - 2.90% Sri Lanka Government International Bond, 5.875%, 25/07/22 300,000 295,875 2.90% 295,875 2.90% TOTAL SRI LANKA 512,635 5.02%

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NOMURA FUNDS IRELAND – ASIA HIGH YIELD BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

UNITED KINGDOM - 6.32% Basic Materials - 2.98% Vedanta Resources Plc, 8.250%, 07/06/21 300,000 304,125 2.98% 304,125 2.98% Financial - 3.34% ICICI Bank UK Plc, 7.000%, 23/11/20 300,000 340,397 3.34% 340,397 3.34% TOTAL UNITED KINGDOM 644,522 6.32%

VIETNAM - 1.96% Government - 1.96% Vietnam Government International Bond, 4.800%, 19/11/24 200,000 200,000 1.96% 200,000 1.96% TOTAL VIETNAM 200,000 1.96%

TOTAL BONDS 9,460,066 92.71%

Financials Assets designated at Fair Value through Profit or Loss 9,460,066 92.71%

Other assets and liabilities 743,336 7.29%

Net assets attributable to holders of redeemable participating shares 10,203,402 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

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NOMURA FUNDS IRELAND – ASIA HIGH DIVIDEND FUND STATEMENT OF INVESTMENTS As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

EQUITIES - 95.07%

CAMBODIA - 0.65% Consumer Cyclical - 0.65% NagaCorp Ltd 38,000 28,136 0.65% 28,136 0.65% TOTAL CAMBODIA 28,136 0.65%

CHINA - 22.75% Consumer Non-Cyclical - 7.96% Anhui Expressway Co Ltd 114,000 121,318 2.80% Jiangsu Expressway Co Ltd 90,000 118,416 2.73% Zhejiang Expressway Co Ltd 76,000 105,485 2.43% 345,219 7.96% Energy - 1.08% PetroChina Co Ltd 42,000 46,755 1.08% 46,755 1.08% Financial - 13.29% Agricultural Bank of China Ltd 178,000 96,206 2.22% Bank of China Ltd 237,000 154,385 3.55% China Construction Bank Corp 154,000 140,842 3.25% Industrial & Commercial Bank of China Ltd 186,000 147,555 3.40% KWG Property Holding Ltd 45,000 37,905 0.87% 576,893 13.29% Utilities - 0.42% Datang International Power Generation Co Ltd 36,000 18,436 0.42% 18,436 0.42% TOTAL CHINA 987,303 22.75%

HONG KONG - 19.77% Basic Materials - 0.45% Kingboard Laminates Holdings Ltd 40,500 19,330 0.45% 19,330 0.45% Communications - 4.01% China Mobile Ltd 6,500 83,343 1.92% China Unicom Hong Kong Ltd 30,000 47,134 1.09% HKT Trust & HKT Ltd 37,000 43,432 1.00% 173,909 4.01% Consumer Cyclical - 6.13% Digital China Holdings Ltd 16,000 21,341 0.49% Luk Fook Holdings International Ltd 7,000 20,632 0.47% Stella International Holdings Ltd 18,000 42,955 0.99% Texwinca Holdings Ltd 78,000 82,806 1.91% Yue Yuen Industrial Holdings Ltd 29,500 98,367 2.27% 266,101 6.13%

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NOMURA FUNDS IRELAND – ASIA HIGH DIVIDEND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

HONG KONG - 19.77% (continued) Consumer Non-Cyclical - 2.49% COSCO Pacific Ltd 32,000 43,342 1.00% Yuexiu Transport Infrastructure Ltd 90,000 64,664 1.49% 108,006 2.49% Financial - 5.80% BOC Hong Kong Holdings Ltd 33,000 137,919 3.18% Cheung Kong Property Holdings Ltd 2,684 22,193 0.51% CK Hutchison Holdings Ltd 1,184 17,472 0.40% Shimao Property Holdings Ltd 37,500 74,203 1.71% 251,787 5.80% Utilities - 0.89% China Power International Development Ltd 51,000 38,682 0.89% 38,682 0.89% TOTAL HONG KONG 857,815 19.77%

INDIA - 5.34% Consumer Cyclical - 0.48% Hero MotoCorp Ltd 523 20,687 0.48% 20,687 0.48% Energy - 2.86% Coal India Ltd 10,573 69,916 1.61% Oil & Natural Gas Corp Ltd 3,985 19,408 0.45% Oil India Ltd 4,949 34,834 0.80% 124,158 2.86% Financial - 2.00% Indiabulls Housing Finance Ltd - Sponsored GDR 8,274 79,364 1.83% Indiabulls Housing Finance Ltd 761 7,441 0.17% 86,805 2.00% TOTAL INDIA 231,650 5.34%

INDONESIA - 2.47% Communications - 2.00% Telekomunikasi Indonesia Persero Tbk PT 395,400 86,895 2.00% 86,895 2.00% INDONESIA - 2.47% (continued) Consumer Non-Cyclical - 0.29% Indofood Sukses Makmur Tbk PT 25,100 12,378 0.29% 12,378 0.29% Financial - 0.18% Bank Bukopin Tbk PT 160,100 7,925 0.18% 7,925 0.18% TOTAL INDONESIA 107,198 2.47%

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NOMURA FUNDS IRELAND – ASIA HIGH DIVIDEND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

MACAU - 2.53% Consumer Cyclical - 2.53% MGM China Holdings Ltd 27,600 45,144 1.04% Sands China Ltd 19,200 64,517 1.49% 109,661 2.53% TOTAL MACAU 109,661 2.53%

MALAYSIA - 3.66% Financial - 2.31% Malayan Banking Bhd 41,468 100,389 2.31% 100,389 2.31% Industrial - 1.35% Gamuda Bhd 47,300 58,506 1.35% 58,506 1.35% TOTAL MALAYSIA 158,895 3.66%

PHILIPPINES - 1.04% Communications - 0.40% Philippine Long Distance Telephone Co 280 17,435 0.40% 17,435 0.40% Financial - 0.64% Robinsons Land Corp 42,800 27,789 0.64% 27,789 0.64% TOTAL PHILIPPINES 45,224 1.04%

SINGAPORE - 8.97% Communications - 3.15% M1 Ltd/Singapore 29,600 71,264 1.64% Singapore Telecommunications Ltd 20,900 65,383 1.51% 136,647 3.15% Financial - 5.82% DBS Group Holdings Ltd 7,194 110,603 2.55% Oversea-Chinese Banking Corp Ltd 8,800 66,568 1.53% United Overseas Bank Ltd 4,400 75,429 1.74% 252,600 5.82% TOTAL SINGAPORE 389,247 8.97%

SOUTH KOREA - 7.68% Communications - 2.58% SK Telecom Co Ltd 500 111,709 2.58% 111,709 2.58% Consumer Cyclical - 1.59% Grand Korea Leisure Co Ltd 1,720 47,804 1.10% Kangwon Land Inc 646 21,361 0.49% 69,165 1.59%

254 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – ASIA HIGH DIVIDEND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

SOUTH KOREA - 7.68% (continued) Consumer Non-Cyclical - 0.65% KT&G Corp 332 28,156 0.65% 28,156 0.65% Financial - 2.86% Dongbu Insurance Co Ltd 1,011 51,048 1.18% Macquarie Korea Infrastructure Fund 10,158 73,077 1.68% 124,125 2.86% TOTAL SOUTH KOREA 333,155 7.68%

TAIWAN - 15.55% Consumer Cyclical - 1.09% Makalot Industrial Co Ltd 4,000 34,377 0.79% Merida Industry Co Ltd 2,000 12,948 0.30% 47,325 1.09% Financial - 0.29% Cathay Real Estate Development Co Ltd 23,000 12,694 0.29% 12,694 0.29% Industrial - 3.83% Synnex Technology International Corp 15,000 22,214 0.51% WPG Holdings Ltd 102,000 127,611 2.94% WT Microelectronics Co Ltd 11,000 16,557 0.38% 166,382 3.83% Technology - 10.34% Advanced Semiconductor Engineering Inc 109,000 147,483 3.41% MediaTek Inc 1,000 13,660 0.31% Quanta Computer Inc 7,000 16,541 0.38% Siliconware Precision Industries Co Ltd 86,000 131,535 3.04% Taiwan Semiconductor Manufacturing Co Ltd 23,000 104,603 2.41% United Microelectronics Corp 21,000 8,871 0.20% Vanguard International Semiconductor Corp 16,000 25,585 0.59% 448,278 10.34% TOTAL TAIWAN 674,679 15.55%

THAILAND - 4.66% Communications - 2.50% Intouch Holdings Pcl 24,000 55,418 1.27% TRUE Telecommunication Growth Infrastructure Fund 146,400 53,307 1.23% 108,725 2.50% Consumer Cyclical - 0.53% AP Thailand Pcl 107,000 22,806 0.53% 22,806 0.53% Financial - 1.34% Krung Thai Bank Pcl 23,400 11,845 0.27% Supalai Pcl 84,000 46,750 1.07% 58,595 1.34%

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NOMURA FUNDS IRELAND – ASIA HIGH DIVIDEND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

THAILAND - 4.66% (continued) Industrial - 0.29% Delta Electronics Thailand Pcl 4,700 12,592 0.29% 12,592 0.29% TOTAL THAILAND 202,718 4.66%

TOTAL EQUITIES 4,125,681 95.07%

COLLECTIVE INVESTMENT SCHEMES - 1.73%

SINGAPORE - 1.73% Financial - 1.73% AIMS AMP Capital Industrial REIT 7,800 8,665 0.20% Frasers Centrepoint Trust 3,300 5,052 0.12% Frasers Commercial Trust 36,400 41,384 0.96% Mapletree Commercial Trust 14,400 15,676 0.36% Mapletree Industrial Trust 3,400 3,941 0.09% 74,718 1.73% TOTAL SINGAPORE 74,718 1.73%

TOTAL COLLECTIVE INVESTMENT SCHEMES 74,718 1.73%

Fair Value % of USD Sub-Fund

Financials Assets designated at Fair Value through Profit or Loss 4,200,399 96.80%

Other assets and liabilities 139,001 3.20%

Net assets attributable to holders of redeemable participating shares 4,339,400 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

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NOMURA FUNDS IRELAND – ASIA INVESTMENT GRADE BOND FUND STATEMENT OF INVESTMENTS As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

BONDS - 96.19% BRITISH VIRGIN ISLANDS - 25.01% Diversified - 2.03% Beijing Capital Polaris Investment Co Ltd, 2.875%, 01/04/18 300,000 299,409 2.03% 299,409 2.03% Energy - 6.85% CNPC General Capital Ltd, 3.400%, 16/04/23 500,000 485,890 3.30% Sinopec Group Overseas Development 2013 Ltd, 4.375%, 17/10/23 500,000 523,543 3.55% 1,009,433 6.85% Financial - 9.30% Franshion Development Ltd, 6.750%, 15/04/21 500,000 563,750 3.82% Haitong International Finance Holdings 2015 Ltd, 3.500%, 21/04/20 500,000 493,766 3.35% Huarong Finance II Co Ltd, 5.500%, 16/01/25 300,000 313,156 2.13% 1,370,672 9.30% Industrial - 3.38% CCCI Treasure Ltd, 3.500%, 29/12/49 500,000 497,346 3.38% 497,346 3.38% Utilities - 3.45% CLP Power HK Finance Ltd, 4.250%, 29/05/49 500,000 508,125 3.45% 508,125 3.45% TOTAL BRITISH VIRGIN ISLANDS 3,684,985 25.01%

CANADA - 3.75% Energy - 3.75% Nexen Energy ULC, 5.875%, 10/03/35 500,000 552,710 3.75% 552,710 3.75% TOTAL CANADA 552,710 3.75%

CAYMAN ISLANDS - 11.44% Communications - 4.61% Alibaba Group Holding Ltd, 3.600%, 28/11/24 500,000 479,677 3.26% Baidu Inc, 4.125%, 30/06/25 200,000 198,968 1.35% 678,645 4.61% Financial - 6.83% Amber Circle Funding Ltd, 3.250%, 04/12/22 500,000 492,528 3.34% China Overseas Finance Cayman VI Ltd, 4.250%, 08/05/19 500,000 515,241 3.49% 1,007,769 6.83%

TOTAL CAYMAN ISLANDS 1,686,414 11.44%

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NOMURA FUNDS IRELAND – ASIA INVESTMENT GRADE BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

CHINA - 3.47% Financial - 3.47% Bank of China Ltd, 5.000%, 13/11/24 500,000 511,750 3.47% 511,750 3.47% TOTAL CHINA 511,750 3.47%

HONG KONG - 12.19% Basic Materials - 3.87% CITIC Ltd, 6.625%, 15/04/21 500,000 571,000 3.87% 571,000 3.87% Financial - 8.32% Beijing State-Owned Assets Management Hong Kong, 3.000%, 26/05/20 200,000 196,268 1.33% China Construction Bank Asia Corp Ltd, 4.250%, 20/08/24 500,000 508,750 3.45% Dah Sing Bank Ltd, 5.250%, 29/01/24 500,000 520,014 3.54% 1,225,032 8.32% TOTAL HONG KONG 1,796,032 12.19%

INDIA - 8.88% Energy - 3.26% Bharat Petroleum Corp Ltd, 4.000%, 08/05/25 500,000 481,000 3.26% 481,000 3.26% Financial - 5.62% Bank of Baroda/London, 4.875%, 23/07/19 300,000 319,615 2.17% Syndicate Bank/London, 3.875%, 04/12/19 500,000 507,907 3.45% 827,522 5.62% TOTAL INDIA 1,308,522 8.88%

INDONESIA - 11.40% Energy - 3.42% Pertamina Persero PT, 4.875%, 03/05/22 500,000 504,375 3.42% 504,375 3.42% Financial - 3.40% Bank Rakyat Indonesia Persero Tbk PT, 2.950%, 28/03/18 500,000 500,600 3.40% 500,600 3.40% Government - 4.58% Indonesia Government International Bond, 8.500%, 12/10/35 500,000 675,000 4.58% 675,000 4.58%

TOTAL INDONESIA 1,679,975 11.40%

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NOMURA FUNDS IRELAND – ASIA INVESTMENT GRADE BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

MALAYSIA - 3.44% Financial - 3.44% SSG Resources Ltd, 4.250%, 04/10/22 500,000 506,450 3.44% 506,450 3.44% TOTAL MALAYSIA 506,450 3.44%

NETHERLANDS - 5.10% Communications - 3.53% Bharti Airtel International Netherlands BV, 5.125%, 11/03/23 500,000 520,373 3.53% 520,373 3.53% Utilities - 1.57% Majapahit Holding BV, 7.875%, 29/06/37 200,000 231,000 1.57% 231,000 1.57% TOTAL NETHERLANDS 751,373 5.10%

PHILIPPINES - 3.77% Financial - 3.77% Development Bank of the Philippines, 5.500%, 25/03/21 500,000 555,000 3.77% 555,000 3.77% TOTAL PHILIPPINES 555,000 3.77%

SINGAPORE - 3.47% Financial - 3.47% Oversea-Chinese Banking Corp Ltd, 4.000%, 15/10/24 500,000 511,895 3.47% 511,895 3.47% TOTAL SINGAPORE 511,895 3.47%

THAILAND - 2.05% Energy - 2.05% PTT Exploration & Production Pcl, 4.875%, 29/12/49 300,000 302,250 2.05% 302,250 2.05% TOTAL THAILAND 302,250 2.05%

UNITED STATES - 2.22% Energy - 2.22% Reliance Holding USA Inc, 6.250%, 19/10/40 300,000 326,615 2.22% 326,615 2.22% TOTAL UNITED STATES 326,615 2.22%

TOTAL BONDS 14,173,971 96.19%

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NOMURA FUNDS IRELAND – ASIA INVESTMENT GRADE BOND FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

FUTURES CONTRACTS (0.01%) Unrealised Number of (Loss) % of Contracts Description Counterparty USD Sub-Fund

4 US 10-Year Note (CBT) Future September 15 JP Morgan (812) (0.01%)

Total Unrealised (Loss) on Futures Contracts (812) (0.01%)

Financials Assets designated at Fair Value through Profit or Loss 14,173,971 96.19% Financials Liabilities designated at Fair Value through Profit or Loss (812) (0.01%)

Other assets and liabilities 562,760 3.82%

Net assets attributable to holders of redeemable participating shares 14,735,919 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

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NOMURA FUNDS IRELAND – CHINA FUND STATEMENT OF INVESTMENTS As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

EQUITIES - 96.70%

CHINA - 72.36% Basic Materials - 1.04% Aluminum Corp of China Ltd 734,000 371,149 1.04% 371,149 1.04% Communications - 10.17% JD.com Inc - Sponsored ADR 2,000 67,140 0.19% Tencent Holdings Ltd 179,000 3,574,297 9.98% 3,641,437 10.17% Consumer Cyclical - 2.01% Air China Ltd 72,000 81,544 0.23% BAIC Motor Corp Ltd 144A 166,000 199,354 0.55% Great Wall Motor Co Ltd 33,000 161,758 0.45% Li Ning Co Ltd 422,000 192,700 0.54% Shanghai Pharmaceuticals Holding Co Ltd 30,400 84,702 0.24% 720,058 2.01% Consumer Non-Cyclical - 3.52% 3SBio Inc 144A 8,000 10,051 0.03% CAR Inc 93,000 197,460 0.55% China Conch Venture Holdings Ltd 46,500 106,768 0.30% China Mengniu Dairy Co Ltd 20,000 99,583 0.28% CSPC Pharmaceutical Group Ltd 544,000 538,923 1.51% Luye Pharma Group Ltd 67,500 72,268 0.20% Tingyi Cayman Islands Holding Corp 114,000 233,813 0.65% 1,258,866 3.52% Energy - 9.65% China Longyuan Power Group Corp Ltd 345,000 383,613 1.07% China Oilfield Services Ltd 68,000 108,416 0.30% China Petroleum & Chemical Corp 1,349,400 1,162,743 3.25% CNOOC Ltd 446,000 633,991 1.77% PetroChina Co Ltd 1,050,000 1,168,871 3.26% 3,457,634 9.65% Financial - 39.06% Agricultural Bank of China Ltd 1,044,000 564,263 1.58% Bank of China Ltd 2,564,000 1,670,229 4.66% China Construction Bank Corp 3,556,270 3,252,427 9.08% China Life Insurance Co Ltd 373,000 1,616,645 4.51% China Merchants Bank Co Ltd 276,500 809,632 2.26% China Pacific Insurance Group Co Ltd 141,200 679,376 1.90% Dalian Wanda Commercial Properties Co Ltd 144A 43,100 346,085 0.97% Haitong Securities Co Ltd 131,200 345,248 0.96% Industrial & Commercial Bank of China Ltd 3,462,650 2,746,947 7.67%

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NOMURA FUNDS IRELAND – CHINA FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

CHINA - 72.36% (continued) Financial - 39.06% (continued) People's Insurance Co Group of China Ltd/The 384,000 245,686 0.69% Ping An Insurance Group Co of China Ltd 127,000 1,710,294 4.78% 13,986,832 39.06% Industrial - 4.32% BBMG Corp 174,000 174,621 0.49% China Communications Construction Co Ltd 303,000 451,822 1.26% China Machinery Engineering Corp 97,000 104,603 0.29% China Shipping Development Co Ltd 456,000 345,278 0.96% CRRC Corp Ltd 100,000 153,502 0.43% Xinjiang Goldwind Science & Technology Co Ltd 157,200 317,955 0.89% 1,547,781 4.32% Technology - 1.26% Kingdee International Software Group Co Ltd 150,000 88,812 0.25% Lenovo Group Ltd 262,000 362,971 1.01% 451,783 1.26% Utilities - 1.33% ENN Energy Holdings Ltd 50,000 301,521 0.84% Huadian Power International Corp Ltd 158,000 176,295 0.49% 477,816 1.33% TOTAL CHINA 25,913,356 72.36%

HONG KONG - 23.47% Communications - 9.44% China Mobile Ltd 204,000 2,615,672 7.31% China Unicom Hong Kong Ltd 486,000 763,572 2.13% 3,379,244 9.44% Consumer Cyclical - 0.91% Haier Electronics Group Co Ltd 121,000 325,430 0.91% 325,430 0.91% Consumer Non-Cyclical - 2.57% China Agri-Industries Holdings Ltd 497,000 282,723 0.79% China Traditional Chinese Medicine Co Ltd 198,000 161,928 0.45% Shenzhen International Holdings Ltd 274,000 477,146 1.33% 921,797 2.57% Energy - 0.43% Canvest Environment Protection Group Co Ltd 293,000 155,337 0.43% 155,337 0.43% Financial - 8.08% AIA Group Ltd 40,000 260,824 0.73% Cheung Kong Property Holdings Ltd 37,500 310,067 0.87%

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NOMURA FUNDS IRELAND – CHINA FUND STATEMENT OF INVESTMENTS (CONTINUED) As at 30th June, 2015

Fair Value % of Security Description Holding USD Sub-Fund

HONG KONG - 23.47% (continued) Financial - 8.08% (continued) China Everbright Ltd 104,000 359,530 1.00% China Overseas Land & Investment Ltd 242,000 856,889 2.38% China Resources Land Ltd 90,000 291,976 0.82% China Taiping Insurance Holdings Co Ltd 133,486 479,543 1.34% Joy City Property Ltd 468,000 121,341 0.34% Shanghai Industrial Holdings Ltd 63,000 213,729 0.60% 2,893,899 8.08% Industrial - 0.68% Lee & Man Paper Manufacturing Ltd 382,000 243,420 0.68% 243,420 0.68% Utilities - 1.36% Beijing Enterprises Holdings Ltd 53,000 398,234 1.11% China Resources Gas Group Ltd 30,000 88,812 0.25% 487,046 1.36% TOTAL HONG KONG 8,406,173 23.47%

UNITED STATES - 0.87% Consumer Cyclical - 0.87% Nexteer Automotive Group Ltd 300,000 312,293 0.87% 312,293 0.87% TOTAL UNITED STATES 312,293 0.87%

TOTAL EQUITIES 34,631,822 96.70%

Financials Assets designated at Fair Value through Profit or Loss 34,631,822 96.70%

Other assets and liabilities 1,181,790 3.30%

Net assets attributable to holders of redeemable participating shares 35,813,612 100.00%

All investments held at the half year end are transferable securities listed on an official stock exchange or dealt in on another regulated market.

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NOMURA FUNDS IRELAND – GLOBAL EMERGING MARKET EQUITY FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

Chongqing Changan Automobile Co Ltd 40,000 145,431 Delta Electronics Inc 16,000 98,144 Naspers Ltd 700 97,826 Nexteer Automotive Group Ltd 82,000 82,870 Bank of China Ltd 123,000 80,039 Sunny Optical Technology Group Co Ltd 50,000 74,125 Edita Food Industries SAE 6,000 73,680 National Bank of Greece 50,000 71,323 Empresa Nacional de Telecomunicaciones SA 6,183 68,879 Datang International Power Generation Co Ltd 100,000 62,707 Industrial & Commercial Bank of China Ltd 81,000 59,855 CNOOC Ltd - Sponsored ADR 400 56,500 Yuanta Financial Holding Co Ltd 100,000 56,409 AngloGold Ashanti Ltd 4,500 49,836 Shanghai Industrial Holdings Ltd 12,000 49,135 Edita Food Industries SAE 20,000 48,492 Infosys Ltd - Sponsored ADR 1,500 48,270 Matahari Department Store Tbk PT 35,000 47,811 Baidu Inc - Sponsored ADR 200 42,409 Man Wah Holdings Ltd 50,000 40,565 Yandex NV 2,200 35,605 Integrated Diagnostics Holdings Plc 144A 7,834 34,861 Credito Real SAB de CV SOFOM ER 15,400 34,334 Ping An Insurance Group Co of China Ltd 3,000 31,782 Lee & Man Paper Manufacturing Ltd 57,000 30,461 Emaar Properties PJSC 15,901 30,218 Taiwan Semiconductor Manufacturing Co Ltd 6,000 26,432 Wal-Mart de Mexico SAB de CV 12,600 25,660 Sberbank of Russia - Sponsored ADR 4,000 17,400

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NOMURA FUNDS IRELAND – GLOBAL EMERGING MARKET EQUITY FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Total Sales Nominal Proceeds USD

Fubon Financial Holding Co Ltd 68,000 147,481 MediaTek Inc 7,000 100,702 Edita Food Industries SAE 6,000 89,700 Ayala Corp 4,900 84,840 China Modern Dairy Holdings Ltd 217,000 68,198 MTN Group Ltd 3,437 65,163 Luk Fook Holdings International Ltd 21,000 64,162 Man Wah Holdings Ltd 50,000 63,666 National Bank of Greece 50,000 63,465 Hollysys Automation Technologies Ltd 2,600 63,090 Estacio Participacoes SA 8,900 61,716 Datang International Power Generation Co Ltd 100,000 55,903 Anhui Conch Cement Co Ltd 15,000 55,768 Credicorp Ltd 350 51,869 Astra International Tbk PT 86,400 49,685 China Railway Group Ltd 62,000 45,819 China Resources Power Holdings Co Ltd 16,000 45,062 AMBEV SA 6,300 39,862 Mota-Engil SGPS SA 11,445 37,336 MMG Ltd 124,000 35,475 Ping An Insurance Group Co of China Ltd 2,500 35,135 Hengan International Group Co Ltd 2,500 31,019 Lee & Man Paper Manufacturing Ltd 55,000 28,359 Sunny Optical Technology Group Co Ltd 12,000 27,207 Wal-Mart de Mexico SAB de CV 10,700 27,026 Yandex NV 1,200 24,600 China Overseas Land & Investment Ltd 6,000 24,206 Industrial & Commercial Bank of China Ltd 28,000 24,109 Taiwan Semiconductor Manufacturing Co Ltd 5,000 22,956 China Telecom Corp Ltd 30,000 20,937 Reliance Industries Ltd - Sponsored GDR 144A 700 19,425 Sberbank of Russia - Sponsored ADR 3,741 18,520

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NOMURA FUNDS IRELAND - INDIA EQUITY FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

Hindustan Unilever Ltd 153,163 2,314,278 Sun Pharmaceutical Industries Ltd 133,745 1,980,942 Infosys Ltd 40,500 1,412,166 Castrol India Ltd 164,025 1,340,772 Maruti Suzuki India Ltd 21,536 1,287,558 Cummins India Ltd 50,425 710,565 Jubilant Foodworks Ltd 24,211 679,489 Housing Development Finance Corp Ltd 31,036 625,994 Axis Bank Ltd 67,781 597,544 Eveready Industries India Ltd 131,208 556,133 Gujarat Pipavav Port Ltd 159,053 524,954 Tata Consultancy Services Ltd 8,996 355,930 Yes Bank Ltd 27,205 351,344 Asian Paints Ltd 26,207 336,020 Larsen & Toubro Ltd 12,284 324,475 Hero MotoCorp Ltd 8,654 318,215 HCL Technologies Ltd 4,774 75,300

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NOMURA FUNDS IRELAND - INDIA EQUITY FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Major Sales Nominal Proceeds USD

ICICI Bank Ltd 584,685 2,991,962 Tata Motors Ltd 283,564 2,266,533 ITC Ltd 317,756 1,791,350 Lupin Ltd 50,896 1,432,627 Tech Mahindra Ltd 28,049 1,309,928 State Bank of India 278,250 1,302,374 Shree Cement Ltd 5,371 959,087 Arvind Ltd 233,703 853,945 Hindustan Unilever Ltd 57,501 773,765 Yes Bank Ltd 54,081 704,850 Tech Mahindra Ltd 54,280 473,024 Asian Paints Ltd 24,800 312,388 Shriram Transport Finance Co Ltd 21,921 297,428 HDFC Bank Ltd 11,431 220,039 Hero MotoCorp Ltd 5,299 203,454 Axis Bank Ltd 21,150 183,867 Gujarat Pipavav Port Ltd 50,000 175,343 Prestige Estates Projects Ltd 6,660 32,867

267 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - ASIA EX JAPAN FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

Hong Kong Exchanges and Clearing Ltd 22,200 513,820 Industrial & Commercial Bank of China Ltd 420,000 345,449 China Mobile Ltd 26,000 328,667 China Life Insurance Co Ltd 56,000 229,539 Hengan International Group Co Ltd 19,000 222,199 Haier Electronics Group Co Ltd 59,000 170,897 CNOOC Ltd 122,000 167,889 Pegatron Corp 59,000 158,651 Formosa Plastics Corp 57,000 143,883 Beijing Capital International Airport Co Ltd 136,000 140,889 PetroChina Co Ltd 110,000 119,080 Tencent Holdings Ltd 5,600 108,037 Tingyi Cayman Islands Holding Corp 36,000 88,338 Lotte Chemical Corp 514 83,478 Pembangunan Perumahan Persero Tbk PT 233,400 67,673 United Overseas Bank Ltd 3,400 58,754 Hyundai Mobis Co Ltd 246 56,800 China High Speed Transmission Equipment Group Co Ltd 72,000 56,624 Samsung Life Insurance Co Ltd 625 56,609 China Machinery Engineering Corp 41,000 56,517 SK Hynix Inc 1,354 56,135 China Overseas Land & Investment Ltd 14,000 53,032 Samsung Electronics Co Ltd 40 52,456 City Developments Ltd 6,600 47,929 Cuckoo Electronics Co Ltd 264 47,921 Korea Zinc Co Ltd 107 42,690

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NOMURA FUNDS IRELAND - ASIA EX JAPAN FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Major Sales Nominal Proceeds USD

Industrial & Commercial Bank of China Ltd 1,412,000 1,182,117 Taiwan Semiconductor Manufacturing Co Ltd 178,000 855,470 Hong Kong Exchanges and Clearing Ltd 22,200 801,541 Tencent Holdings Ltd 35,800 745,019 AIA Group Ltd 110,600 678,250 China Overseas Land & Investment Ltd 178,000 614,255 China Life Insurance Co Ltd 129,000 606,872 PetroChina Co Ltd 438,000 526,810 Samsung Electronics Co Ltd 416 509,284 China Mobile Ltd 36,000 503,688 Power Assets Holdings Ltd 42,000 420,593 Agricultural Bank of China Ltd 841,000 419,726 CK Hutchison Holdings Ltd 19,000 396,419 DBS Group Holdings Ltd 23,774 370,990 SK Hynix Inc 8,778 365,412 Nexteer Automotive Group Ltd 278,000 327,536 Hyundai Mobis Co Ltd 1,512 325,052 China Life Insurance Co Ltd 310,818 321,159 Shinhan Financial Group Co Ltd 7,470 307,370 Kasikornbank Pcl 47,900 303,709 Sun Hung Kai Properties Ltd 18,000 297,831 Dongbu Insurance Co Ltd 5,772 278,598 Formosa Plastics Corp 109,000 275,300 Coway Co Ltd 3,058 257,821 King Slide Works Co Ltd 17,000 250,541 Tingyi Cayman Islands Holding Corp 114,000 250,265 Korea Zinc Co Ltd 534 247,057 Giant Manufacturing Co Ltd 27,718 242,817 Bank of Communications Co Ltd 290,000 241,336 Hengan International Group Co Ltd 19,000 232,063 Haitong Securities Co Ltd 98,800 221,582

269 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

Royal Dutch Shell Plc A Share 5,539 162,419 Gazprom OAO - Sponsored ADR 30,000 141,804 Exxon Mobil Corp 1,400 121,476 Volkswagen AG PFD 505 120,599 Wal-Mart Stores Inc 1,400 107,044 Royal Dutch Shell Plc B Share 3,088 99,365 Rio Tinto Plc 1,662 72,353 Petroleo Brasileiro SA 13,000 62,183 Endesa SA 3,120 58,351 Apple Inc 400 50,917 Industrial & Commercial Bank of China Ltd 60,000 49,721 China Construction Bank Corp 49,000 47,567 BHP Billiton Plc 2,181 45,980 Vale SA 6,600 43,335 Agricultural Bank of China Ltd 80,000 42,276 PetroChina Co Ltd 32,000 35,561 Bank of China Ltd 52,000 34,850 Phillips 66 400 31,505 Chevron Corp 300 30,038 Samsung Electronics Co Ltd 26 29,189 NTPC Ltd 12,009 28,423 Berkshire Hathaway Inc 200 27,981 Microsoft Corp 600 27,480 ING Groep NV 1,669 27,016 China Petroleum & Chemical Corp 32,000 26,561 American International Group Inc 400 24,793 Bank of America Corp 1,300 22,675 Citic Ltd 12,000 22,280 HSBC Holdings Plc 2,359 22,018 Ally Financial Inc 900 21,031 JPMorgan Chase & Co 300 20,488

270 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - FUNDAMENTAL INDEX GLOBAL EQUITY FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Major Sales Nominal Proceeds USD

Royal Dutch Shell Plc B Share 12,622 384,383 Industrial & Commercial Bank of China Ltd 423,000 323,364 China Mobile Ltd 21,500 277,745 Wal-Mart Stores Inc 3,300 258,343 Exxon Mobil Corp 3,000 255,379 Bank of China Ltd 422,000 253,157 China Construction Bank Corp 284,000 252,084 Apple Inc 1,700 217,139 Gazprom OAO - Sponsored ADR 40,199 203,688 PetroChina Co Ltd 184,000 202,802 Berkshire Hathaway Inc 1,400 200,996 Volkswagen AG PFD 801 193,852 Toyota Motor Corp 2,700 192,430 JPMorgan Chase & Co 2,800 178,481 AT&T Inc 5,200 176,476 BP Plc 25,652 173,057 Petroleo Brasileiro SA 40,200 171,752 Verizon Communications Inc 3,500 170,803 General Electric Co 6,400 169,386 Agricultural Bank of China Ltd 309,000 157,102

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NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost JPY

Toyota Motor Corp 925,300 7,398,069,933 Mitsubishi UFJ Financial Group Inc 7,313,000 5,403,884,114 Bridgestone Corp 969,000 4,498,803,885 Aisin Seiki Co Ltd 943,900 4,423,312,994 Mitsubishi Heavy Industries Ltd 6,237,000 4,214,298,474 Toshiba Corp 8,689,000 4,197,378,201 Mizuho Financial Group Inc 15,428,100 4,003,025,292 Nippon Steel & Sumitomo Metal Corp 11,719,000 3,682,832,119 Nippon Telegraph & Telephone Corp 439,200 3,272,256,455 Hitachi Ltd 3,912,000 3,229,436,236 Sumitomo Electric Industries Ltd 1,910,000 2,992,610,811 Mazda Motor Corp 1,183,400 2,963,476,196 Seven & I Holdings Co Ltd 588,800 2,945,180,287 Tokio Marine Holdings Inc 656,600 2,865,619,069 Mitsui Fudosan Co Ltd 758,000 2,708,031,528 Isetan Mitsukoshi Holdings Ltd 1,179,300 2,354,508,279 Fujitsu Ltd 2,928,000 2,353,579,821 Daicel Corp 1,540,200 2,312,798,476 TDK Corp 259,400 2,240,715,280 NGK Spark Plug Co Ltd 654,000 2,187,969,256 Sumitomo Chemical Co Ltd 2,819,000 2,161,421,103 Nippon Express Co Ltd 3,239,000 2,157,677,209 Toyota Industries Corp 291,700 2,138,029,294 Toray Industries Inc 2,062,000 2,071,348,638 NTT DOCOMO Inc 875,800 1,918,677,193

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NOMURA FUNDS IRELAND - JAPAN STRATEGIC VALUE FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Major Sales Nominal Proceeds JPY

Mitsubishi Heavy Industries Ltd 9,890,000 6,975,347,634 Mitsubishi UFJ Financial Group Inc 7,496,200 5,481,834,008 Sumitomo Electric Industries Ltd 2,670,200 4,470,304,365 Nippon Telegraph & Telephone Corp 625,900 4,444,752,464 Mitsubishi Electric Corp 2,925,000 4,084,167,414 Dai-ichi Life Insurance Co Ltd/The 2,199,600 3,948,479,505 Hitachi Ltd 4,330,000 3,626,408,422 Toyota Motor Corp 430,000 3,378,080,742 Toshiba Corp 7,090,000 3,297,914,070 NGK Spark Plug Co Ltd 915,200 3,198,551,475 TDK Corp 387,400 3,171,756,148 Daicel Corp 1,937,900 2,983,838,362 Mazda Motor Corp 1,155,100 2,858,576,415 Nippon Yusen KK 8,114,000 2,844,932,072 Inpex Corp 1,713,700 2,329,768,225 Tokio Marine Holdings Inc 508,800 2,103,683,912 JFE Holdings Inc 727,600 2,042,814,680 SBI Holdings Inc/Japan 1,243,300 1,994,875,038 Mitsui & Co Ltd 1,257,600 1,891,604,855 Kajima Corp 3,868,000 1,835,050,684 Seven & I Holdings Co Ltd 360,900 1,670,594,758 Penta-Ocean Construction Co Ltd 3,614,700 1,650,398,025 NSK Ltd 1,019,200 1,628,637,319 Mitsubishi Corp 677,700 1,616,505,555 Taisei Corp 2,294,000 1,575,929,094 Yamato Kogyo Co Ltd 491,900 1,538,170,781 Koito Manufacturing Co Ltd 370,800 1,507,979,967 Sony Corp 481,800 1,454,502,897 Mitsui Chemicals Inc 4,023,000 1,453,157,994 Ricoh Co Ltd 1,108,200 1,437,229,328 Kewpie Corp 483,700 1,405,261,381 Hitachi Zosen Corp 2,115,400 1,393,175,292

273 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

MGM Resorts International, 6.625%, 15/07/15 27,700,000 28,210,625 Sprint Corp, 7.875%, 15/09/23 25,775,000 26,765,563 Boyd Gaming Corp, 6.875%, 15/05/23 24,325,000 24,531,063 First Data Corp, 12.625%, 15/01/21 19,675,000 23,323,325 Argos Merger Sub Inc, 7.125%, 15/03/23 144A 18,725,000 19,039,406 California Resources Corp, 6.000%, 15/11/24 144A 22,125,000 18,808,438 Altice SA, 7.625%, 15/02/25 144A 18,100,000 18,383,750 HCA Inc, 5.375%, 01/02/25 17,400,000 17,887,531 CHS/Community Health Systems Inc, 6.875%, 01/02/22 16,234,000 17,286,983 Level 3 Financing Inc, 8.125%, 01/07/19 16,100,000 17,107,650 Numericable-SFR, 6.000%, 15/05/22 144A 16,800,000 17,076,250 Kraft Heinz Foods Co, 4.875%, 15/02/15 144A 17,050,000 17,074,081 CenturyLink Inc, 7.600%, 15/09/39 16,200,000 16,605,000 Nielsen Finance LLC/Nielsen Finance Co, 5.000%, 15/04/22 144A 16,300,000 16,437,875 Rite Aid Corp, 6.125%, 01/04/23 144A 15,700,000 15,972,500 FMG Resources August 2006 Pty Ltd, 8.250%, 01/11/19 144A 16,775,000 15,444,750 Dollar Tree Inc, 5.750%, 01/03/23 144A 14,825,000 15,028,750 Calpine Corp, 5.500%, 01/02/24 13,650,000 13,678,219 Kraft Heinz Foods Co, 4.875%, 15/02/15 144A 13,550,000 13,627,000 Micron Technology Inc, 5.250%, 01/08/23 144A 13,550,000 13,592,406

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NOMURA FUNDS IRELAND - US HIGH YIELD BOND FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Major Sales Nominal Proceeds USD

Kraft Heinz Foods Co, 4.875%, 15/02/15 144A 30,600,000 32,414,531 MGM Resorts International, 6.000%, 15/03/23 24,600,000 25,225,055 CHS/Community Health Systems Inc, 6.875%, 01/02/22 17,408,000 18,621,359 California Resources Corp, 6.000%, 15/11/24 144A 20,725,000 18,460,250 Dollar Tree Inc, 5.750%, 01/03/23 144A 14,825,000 15,642,594 FMG Resources August 2006 Pty Ltd, 8.250%, 01/11/19 144A 16,150,000 14,926,375 Intelsat Jackson Holdings SA, 5.500%, 01/08/23 12,875,000 12,247,750 Micron Technology Inc, 5.500%, 01/02/25 144A 10,675,000 10,940,156 First Data Corp, 12.625%, 15/01/21 8,800,000 10,461,000 TransDigm Inc, 6.000%, 15/07/22 10,000,000 10,125,000 Dynegy Inc, 7.625%, 01/11/24 144A 9,450,000 10,123,313 Valeant Pharmaceuticals International Inc, 6.125%, 15/04/25 144A 9,125,000 9,477,094 Netflix Inc, 5.875%, 15/02/25 144A 8,900,000 9,180,188 HCA Inc, 5.375%, 01/02/25 8,525,000 8,949,688 Fiat Chrysler Automobiles NV, 5.250%, 15/04/23 144A 8,600,000 8,658,500 Rite Aid Corp, 6.125%, 01/04/23 144A 8,325,000 8,653,844 Endo Finance LLC/Endo Finco Inc, 7.000%, 15/07/19 144A 8,310,000 8,642,400 Argos Merger Sub Inc, 7.125%, 15/03/23 144A 7,050,000 7,409,125 Chesapeake Energy Corp, 4.875%, 15/04/22 7,425,000 6,996,000 Valeant Pharmaceuticals International Inc, 5.875%, 15/05/23 144A 6,700,000 6,905,125

275 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – ASIAN SMALLER COMPANIES FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

iMarketKorea Inc 8,777 225,258 SAMHWA Paints Industrial Co Ltd 12,498 175,670 Dongpeng Holdings Co Ltd 312,000 164,713 Chin-Poon Industrial Co Ltd 95,000 158,720 8990 Holdings Inc 569,700 108,896 King's Town Bank Co Ltd 106,000 103,088 Hopefluent Group Holdings Ltd 268,000 99,012 China Merchants Holdings Pacific Ltd 108,800 82,760 Tong Hsing Electronic Industries Ltd 22,000 67,092 Century Pacific Food Inc 153,300 63,954 Nexteer Automotive Group Ltd 58,000 60,098 Adhi Karya Persero Tbk PT 243,100 56,900 Hyundai Greenfood Co Ltd 2,986 52,527 Sunspring Metal Corp 26,000 51,116 Consun Pharmaceutical Group Ltd 64,000 45,292 Prince Housing & Development Corp 74,000 30,499 Minth Group Ltd 16,000 29,969 WT Microelectronics Co Ltd 18,000 27,016 i-SENS Inc 357 19,342 SITC International Holdings Co Ltd 35,000 18,391 Ciputra Development Tbk PT 192,300 17,593

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NOMURA FUNDS IRELAND – ASIAN SMALLER COMPANIES FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Major Sales Nominal Proceeds USD

Wasion Group Holdings Ltd 100,000 143,290 Boer Power Holdings Ltd 80,000 125,846 Arwana Citramulia Tbk PT 2,329,000 122,350 Dalian Port PDA Co Ltd 208,000 114,551 Lotte Chilsung Beverage Co Ltd 53 113,117 Giant Manufacturing Co Ltd 12,000 107,445 Makalot Industrial Co Ltd 14,000 97,443 Cuckoo Electronics Co Ltd 374 92,457 Ciputra Development Tbk PT 781,900 85,859 Poya International Co Ltd 9,000 83,441 First Tractor Co Ltd 72,000 75,473 Syarikat Takaful Malaysia Bhd 73,100 75,213 CJ E&M Corp 1,353 73,158 Boustead Singapore Ltd 49,800 65,083 REXLot Holdings Ltd 875,000 64,127 King's Town Bank Co Ltd 54,000 56,899 Major Cineplex Group Pcl 57,200 54,574 Favelle Favco Bhd 66,000 50,793 Shun Tak Holdings Ltd 88,000 50,572 i-SENS Inc 803 48,713 Media Prima Bhd 78,100 30,976 Anhui Tianda Oil Pipe Co Ltd 156,000 29,141 Amata Corp Pcl 60,900 26,961 VTech Holdings Ltd 1,700 23,868 WT Microelectronics Co Ltd 16,000 23,627 Adhi Karya Persero Tbk PT 78,300 21,453 Minth Group Ltd 8,000 20,009

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NOMURA FUNDS IRELAND – JAPAN HIGH CONVICTION FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Total Purchases Nominal Cost JPY

Nidec Corp 29,600 261,109,379 Unicharm Corp 71,000 195,047,790 Isuzu Motors Ltd 111,500 180,916,830 Keyence Corp 2,600 167,383,845 Mitsubishi Electric Corp 90,000 141,265,125 Bridgestone Corp 29,500 138,534,425 SMC Corp/Japan 3,800 137,520,686 Kakaku.com Inc 68,700 133,367,125 Daikin Industries Ltd 16,400 130,355,345 M3 Inc 56,800 128,556,093 Sysmex Corp 20,200 128,529,650 Shimano Inc 6,400 108,232,563 Kubota Corp 57,000 106,621,615 Fast Retailing Co Ltd 2,000 95,975,795 FANUC Corp 3,700 95,063,231 SoftBank Corp 12,900 94,296,891 Cosmos Pharmaceutical Corp 5,700 92,403,916 Rinnai Corp 9,900 89,879,505 Japan Tobacco Inc 21,100 89,726,937 MonotaRO Co Ltd 20,900 85,775,191 Makita Corp 13,900 85,582,074 Komatsu Ltd 34,900 83,600,132 Nitto Denko Corp 9,400 77,393,313 Rakuten Inc 35,100 72,819,167 Hamamatsu Photonics KK 18,100 67,172,572 Park24 Co Ltd 27,700 66,020,197 Asahi Intecc Co Ltd 9,000 64,699,651 Nabtesco Corp 19,900 62,439,290 Message Co Ltd 17,000 59,217,888 Paramount Bed Holdings Co Ltd 15,900 52,185,535 St Marc Holdings Co Ltd 8,000 33,301,422

278 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – JAPAN HIGH CONVICTION FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Total Sales Nominal Proceeds JPY

Bridgestone Corp 8,400 40,024,143 MonotaRO Co Ltd 5,200 24,421,051 Nidec Corp 2,300 20,813,698 Mitsubishi Electric Corp 11,000 18,072,861 Mitsubishi Electric Corp 6,000 14,751,018 Japan Tobacco Inc 3,100 14,112,361 Makita Corp 1,800 12,169,968 Komatsu Ltd 4,800 11,910,868 Nitto Denko Corp 1,200 11,691,790 Sysmex Corp 1,400 10,075,621 Rakuten Inc 1,800 3,920,138 Rinnai Corp 400 3,618,461 M3 Inc 1,400 3,584,592 Park24 Co Ltd 1,300 3,063,091 FANUC Corp 100 2,768,750 Daikin Industries Ltd 300 2,275,391 Hamamatsu Photonics KK 600 2,109,250 Cosmos Pharmaceutical Corp 100 1,810,250 Unicharm Corp 200 606,957

279 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – ASIA EX JAPAN HIGH CONVICTION FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

Samsung Electronics Co Ltd 209 261,699 Sun Hung Kai Properties Ltd 15,000 252,929 Hong Kong Exchanges and Clearing Ltd 8,800 201,171 Airports of Thailand Pcl 17,000 156,352 Taiwan Semiconductor Manufacturing Co Ltd 30,000 138,942 First Gen Corp 223,200 130,712 Pegatron Corp 46,000 129,576 Hyundai Mobis Co Ltd 528 124,049 China Life Insurance Co Ltd 26,000 111,048 HDFC Bank Ltd - Sponsored ADR 1,900 110,708 Formosa Plastics Corp 38,000 96,110 Tencent Holdings Ltd 3,900 79,047 Ayala Land Inc 86,100 77,922 Wisdom Holdings Group 139,000 76,266 Haier Electronics Group Co Ltd 25,000 75,637 Industrial & Commercial Bank of China Ltd 99,000 72,204 OBI Pharma Inc 6,000 68,728 PetroChina Co Ltd 60,000 67,390 Beijing Capital International Airport Co Ltd 60,000 66,496 JD.com Inc - Sponsored ADR 1,800 62,582 Youngone Corp 1,223 58,487 Dongbu Insurance Co Ltd 1,226 56,846 China Life Insurance Co Ltd/Taiwan 62,000 53,052 Nexteer Automotive Group Ltd 55,000 51,607 Bank Mandiri Persero Tbk PT 53,700 46,846 Cheung Kong Property Holdings Ltd 5,000 43,242 United Microelectronics Corp 75,000 37,876 China Overseas Land & Investment Ltd 10,000 31,911 SK Hynix Inc 663 29,041

280 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – ASIA EX JAPAN HIGH CONVICTION FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Total Sales Nominal Proceeds USD

Power Assets Holdings Ltd 26,500 255,759 Sun Hung Kai Properties Ltd 14,000 218,048 DBS Group Holdings Ltd 14,100 206,614 United Microelectronics Corp 431,000 194,444 Giant Manufacturing Co Ltd 21,000 178,516 Kasikornbank Pcl 28,800 173,705 Shinhan Financial Group Co Ltd 3,474 143,694 Energy Development Corp 753,400 141,411 China Overseas Land & Investment Ltd 44,000 133,244 HDFC Bank Ltd - Sponsored ADR 1,900 109,630 Formosa International Hotels Corp 10,200 104,787 Haitong Securities Co Ltd 42,800 103,045 St Shine Optical Co Ltd 6,000 96,439 Cheung Kong Holdings Ltd 5,000 89,892 CGN Power Co Ltd 194,000 87,158 China Hongqiao Group Ltd 146,000 80,662 Wisdom Holdings Group 82,000 79,996 Amata Corp Pcl 139,600 76,689 Coway Co Ltd 941 74,639 OBI Pharma Inc 6,000 65,671 Cuckoo Electronics Co Ltd 358 58,386 Youngone Corp 1,223 56,858 Industrial & Commercial Bank of China Ltd 62,000 55,307 AIA Group Ltd 8,200 49,593 Tencent Holdings Ltd 2,200 34,781 Hong Kong Exchanges and Clearing Ltd 900 33,079

281 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – GLOBAL HIGH YIELD BOND FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

Shimao Property Holdings Ltd, 8.375%, 10/02/22 550,000 555,169 Beijing Capital Polaris Investment Co Ltd, 2.875%, 01/04/18 400,000 400,368 International Game Technology Plc, 6.250%, 15/02/22 144A 400,000 400,250 Virgin Media Secured Finance Plc, 4.875%, 15/01/27 225,000 332,325 Axis Bank Ltd/Dubai, 3.250%, 21/05/20 300,000 304,383 Boyd Gaming Corp, 6.875%, 15/05/23 300,000 302,156 Times Property Holdings Ltd, 11.450%, 05/03/20 300,000 298,050 ICBCIL Finance Co Ltd, 3.250%, 17/03/20 300,000 296,871 HCA Inc, 5.375%, 01/02/25 250,000 256,719 Delhi International Airport Private Ltd, 6.125%, 03/02/22 250,000 250,000 Security Bank Corp, 3.950%, 03/02/20 250,000 250,000 China Construction Bank Corp, 3.875%, 13/05/25 250,000 248,640 Reliance Industries Ltd, 4.125%, 28/01/25 250,000 247,495 Sino-Ocean Land Treasure Finance II Ltd, 5.950%, 04/02/27 250,000 246,843 California Resources Corp, 6.000%, 15/11/24 144A 275,000 234,656 Honghua Group Ltd, 7.450%, 25/09/19 400,000 217,450 Rapid Holding GmbH, 6.625%, 15/11/20 200,000 216,810 CIFI Holdings Group Co Ltd, 12.250%, 15/04/18 200,000 215,900 Jababeka International BV, 7.500%, 24/09/19 200,000 202,750 Republic of Philippines, 3.950%, 20/01/40 200,000 200,000

282 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – GLOBAL HIGH YIELD BOND FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Total Sales Nominal Proceeds USD

Shimao Property Holdings Ltd, 8.375%, 10/02/22 550,000 562,625 International Game Technology Plc, 6.250%, 15/02/22 144A 400,000 399,500 Axis Bank Ltd/Dubai, 3.250%, 21/05/20 300,000 305,079 ICBCIL Finance Co Ltd, 3.250%, 17/03/20 300,000 299,685 Times Property Holdings Ltd, 11.450%, 05/03/20 300,000 291,720 HCA Inc, 5.375%, 01/02/25 250,000 258,000 Delhi International Airport Private Ltd, 6.125%, 03/02/22 250,000 256,900 Security Bank Corp, 3.950%, 03/02/20 250,000 254,125 Sino-Ocean Land Treasure Finance II Ltd, 5.950%, 04/02/27 250,000 253,375 Reliance Industries Ltd, 4.125%, 28/01/25 250,000 252,500 China Construction Bank Corp, 3.875%, 13/05/25 250,000 249,000 California Resources Corp, 6.000%, 15/11/24 144A 275,000 239,969 Republic of Philippines, 3.950%, 20/01/40 200,000 217,300 JBS Investments GmbH, 7.750%, 28/10/20 144A 200,000 215,500 CIFI Holdings Group Co Ltd, 12.250%, 15/04/18 200,000 215,100 Ardagh Finance Holdings SA, 8.625%, 15/06/19 144A 208,768 214,509 Endo Finance LLC/Endo Ltd/Endo Finco Inc, 6.000%, 01/02/25 200,000 214,250 Schaeffler144A Holding Finance BV, 6.250%, 15/11/19 144A 200,000 213,750 Virgin Media Finance Plc, 5.750%, 15/01/25 144A 200,000 210,000 Eskom Holdings SOC Ltd, 7.125%, 11/02/25 200,000 207,000

283 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – GLOBAL FRONTIER EMERGING MARKET EQUITY FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

Edita Food Industries SAE - GDR 10,000 122,800 Grupo Financiero Galicia SA - Sponsored ADR 5,198 116,602 Banco Macro SA - Sponsored ADR 1,900 99,768 Mobile World Investment Corp 16,000 81,660 Bao Viet Holdings 46,000 75,981 Al Noor Hospitals Group Plc 5,463 74,128 HSBC Bank Plc, 22/01/18 4,308 73,723 YPF SA - Sponsored ADR 2,400 63,430 Hum Network Ltd 414,500 58,108 Mota-Engil SGPS SA 14,881 57,295 United Bank for Africa Plc 2,060,457 48,955 Zenith Bank Plc 409,126 47,183 Shifa International Hospitals Ltd 17,200 45,552 Kenya Commercial Bank Ltd 62,000 40,754 Safaricom Ltd 230,500 40,571 East African Breweries Ltd 10,900 35,432 Integrated Diagnostics Holdings Plc 144A 7,946 35,360 MCB Bank Ltd 13,033 35,304 Emaar Properties PJSC 15,499 29,882 Guaranty Trust Bank Plc 201,833 29,014 Lucky Cement Ltd 5,361 25,407 Engro Corp Ltd/Pakistan 7,800 23,301 United Bank Ltd/Pakistan 10,900 18,994 SEPLAT Petroleum Development Co Plc 144A 8,575 17,953 Fidson Healthcare Plc 1,094,062 17,844 PetroVietnam Gas JSC 4,670 17,062 Bank of Georgia Holdings Plc 600 16,682 Banca Transilvania 27,095 16,531 Banco Latinoamericano de Comercio Exterior SA 500 15,865 Fondul Proprietatea SA/Fund 69,455 15,831

284 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – GLOBAL FRONTIER EMERGING MARKET EQUITY FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Total Sales Nominal Proceeds USD

Ternium SA - Sponsored ADR 5,700 113,652 Lucky Cement Ltd 24,747 113,433 Edita Food Industries SAE - GDR 5,171 74,736 Copa Holdings SA 600 60,851 Mota-Engil SGPS SA 16,966 55,347 Flour Mills of Nigeria Plc 200,000 37,947 NMC Health Plc 3,737 36,006 MMG Ltd 120,000 34,331 United Bank Ltd/Pakistan 19,900 33,225 Engro Corp Ltd/Pakistan 10,900 31,691 Commercial Bank of Ceylon Plc 16,582 21,296 Heidelberger Cement Bangladesh Ltd 3,598 20,841 Square Pharmaceuticals Ltd 6,105 20,494 Banca Transilvania 32,751 20,102 Bank of Georgia Holdings Plc 642 19,138 Nigerian Breweries Plc 29,088 18,389 Guaranty Trust Bank Plc 129,073 16,469 British American Tobacco Bangladesh Co Ltd 247 9,520 Bank Muscat SAOG 7,722 1,986

285 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – DIVERSIFIED GROWTH FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

iShares $ High Yield Corporate Bond UCITS ETF 8,210 891,762 United Kingdom Gilt, 2.750%, 07/09/24 200,000 334,993 iShares US Property Yield UCITS ETF 11,320 309,956 LYXOR ETF Commodities Thomson Reuters/Jefferies CRB TR 8,100 169,771 iShares European Property Yield UCITS ETF 3,860 162,064 iShares STOXX Europe Small 200 UCITS ETF DE 2,750 82,168 Source Physical Gold P-ETC 640 79,590 Source Energy S&P US Sector UCITS ETF 200 79,210

286 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – DIVERSIFIED GROWTH FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Total Sales Nominal Proceeds USD iShares $ High Yield Corporate Bond UCITS ETF 1,480 159,766

287 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

Portugal Obrigacoes do Tesouro OT, 4.800%, 15/06/20, 144A 3,425,000 4,577,752 Spain Government Bond, 1.400%, 31/01/20 3,000,000 3,475,519 Portugal Obrigacoes do Tesouro OT, 4.100%, 15/02/45 2,000,000 2,791,152 Italy Buoni Poliennali Del Tesoro, 5.000%, 01/08/34 1,500,000 2,319,241 Spain Government Bond, 1.600%, 30/04/25 144A 1,500,000 1,612,267 Italy Buoni Poliennali Del Tesoro, 1.500%, 01/06/25 1,500,000 1,593,750 Prudential Plc, 5.000%, 20/07/55 1,000,000 1,508,648 Spain Government Bond, 4.200%, 31/01/37 1,000,000 1,397,461 Portugal Obrigacoes do Tesouro OT, 4.100%, 15/04/37 1,000,000 1,350,197 HSBC Bank Plc, 5.000%, 20/03/23 804,000 1,309,662 Ineos Finance Plc, 4.000%, 01/05/23 1,200,000 1,292,220 Investec Plc, 4.500%, 05/05/22 800,000 1,205,486 Willow No 2 Ireland Plc for Zurich Insurance Co Ltd, 4.250%, 1,200,000 1,199,352 Italy01/10/45 Buoni Poliennali Del Tesoro, 1.350%, 15/04/22 1,000,000 1,138,946 XPO Logistics Inc, 5.750%, 15/06/21 1,000,000 1,119,801 AXA SA, 6.463%, 29/12/49 1,000,000 1,046,875 Restoration Hardware Holdings Inc, 0.000%, 15/07/20 144A 1,000,000 987,510 BUPA Finance Plc, 5.000%, 25/04/23 600,000 966,263 AXA SA, 6.667%, 29/07/49 550,000 879,399 Banco Bilbao Vizcaya Argentaria SA, 9.000%, 29/05/49 800,000 870,500

288 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – GLOBAL DYNAMIC BOND FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Total Sales Nominal Proceeds USD

Portugal Obrigacoes do Tesouro OT, 3.875%, 15/02/30 3,425,000 4,337,162 Spain Government Bond, 1.950%, 30/07/30 3,800,000 4,036,529 Nomura Funds Ireland - Nomura US High Yield Bond Fund 35,785 3,685,785 Portugal Obrigacoes do Tesouro OT, 4.800%, 15/06/20 2,425,000 3,108,139 Portugal Obrigacoes do Tesouro OT, 4.100%, 15/02/45 2,000,000 2,602,547 Italy Buoni Poliennali Del Tesoro, 5.000%, 01/08/34 1,500,000 2,227,319 Spain Government Bond, 4.200%, 31/01/37 1,000,000 1,338,387 Portugal Obrigacoes do Tesouro OT, 4.100%, 15/04/37 1,000,000 1,264,206 Investec Plc, 4.500%, 05/05/22 800,000 1,260,847 Spain Government Bond, 1.400%, 31/01/20 1,000,000 1,125,157 Italy Buoni Poliennali Del Tesoro, 1.350%, 15/04/22 1,000,000 1,087,731 China Overseas Land & Investment Ltd, 0.000%, 04/02/21 800,000 963,750 Australian Government Bond, 5.750%, 15/05/21 1,000,000 909,232 Banco Bilbao Vizcaya Argentaria SA, 6.750%, 31/12/49 800,000 905,995 SSE Plc, 3.850%, 31/12/49 571,000 865,690 Nationwide Building Society, 2.250%, 29/04/22 522,000 792,513 Ineos Finance Plc, 4.000%, 01/05/23 700,000 754,469 Lazard Group LLC, 3.750%, 13/02/25 750,000 719,050 Lloyds Banking Group Plc, 7.875%, 31/12/49 400,000 662,010 RWE AG, 7.000%, 31/12/49 400,000 653,984 SACE SPA, 3.875%, 31/12/49 600,000 648,119 Standard Chartered Plc, 5.125%. 06/06/34 400,000 618,849 Aviva Plc, 5.125%, 04/06/50 400,000 600,104 Willow No 2 Ireland Plc for Zurich Insurance Co Ltd, 4.250%, 600,000 598,500 Sogecap01/10/45 SA, 4.125%, 31/12/49 500,000 578,098 CapitaLand Ltd, 1.850%, 19/06/20 750,000 572,556 Nykredit Realkredit A/S, 6.250%, 31/12/49 500,000 570,858 Hengan International Group Co Ltd, 0.000%, 27/06/18 4,000,000 568,708 EnBW Energie Baden-Wuerttemberg AG, 3.625%, 02/04/76 500,000 564,115 Bayer AG, 2.375%, 02/04/75 509,000 548,474

289 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – EMERGING MARKET LOCAL CURRENCY DEBT FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

Poland Government International Bond, 6.375%, 15/07/19 1,300,000 1,522,050 Mexican Bonos, 6.500%, 09/06/22 15,000,000 1,064,550 Brazil Notas do Tesouro Nacional Serie B, 6.000%, 15/08/22 1,100,000 943,740 Colombian TES, 7.750%, 18/09/30 2,300,000,00 923,493 South Africa Government Bond, 8.000%, 31/01/30 9,000,0000 774,347 European Bank for Reconstraction & Development, 0.500%, 2,000,000 674,638 Malaysia10/08/16 Government Bond, 3.795%, 30/09/22 2,000,000 523,601 Export-Import Bank of Korea, 8.000%, 15/05/18 6,500,000,00 502,801 Republic of Serbia, 5.250%, 21/11/17 475,0000 493,525 Malaysia Government Bond, 3.654%, 31/10/19 1,750,000 485,115 Philippine Government International Bond, 4.950%, 15/01/21 20,000,000 478,187 Uruguay Government International Bond, 4.375%, 15/12/28 7,166,555 300,902 African Development Bank, 14.000%, 25/08/15 900,000 244,671 Peru Government Bond, 6.000%, 12/02/29 750,000 243,506

290 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – EMERGING MARKET LOCAL CURRENCY DEBT FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Total Sales Nominal Proceeds USD

There have been no sales during the half year.

291 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – ASIA HIGH YIELD BOND FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

VLL International Inc, 7.375%, 18/06/22 800,000 796,776 Shinsegae Co Ltd, 2.625%, 08/05/45 800,000 795,360 China Construction Bank Corp, 3.875%, 13/05/25 750,000 745,920 Petron Corp, 7.500%, 06/02/49 500,000 524,565 SBB Capital Corp, 6.620%, 29/11/49 500,000 507,650 Jababeka International BV, 7.500%, 24/09/19 500,000 506,875 CIFI Holdings Group Co Ltd, 12.250%, 15/04/18 400,000 433,040 Shimao Property Holdings Ltd, 8.375%, 10/02/22 400,000 405,966 ICICI Bank UK Plc, 7.000%, 23/11/20 300,000 339,570 SM Investments Corp, 4.250%, 17/10/19 300,000 303,285 Honghua Group Ltd, 7.450%, 25/09/19 500,000 302,425 ICTSI Treasury BV, 4.625%, 16/01/23 300,000 301,263 Sri Lanka Government International Bond, 5.875%, 25/07/22 300,000 300,075 CNOOC Finance (2015) USA LLC, 3.500%, 05/05/25 300,000 297,225 China Aoyuan Property Group Ltd, 10.875%, 26/05/18 300,000 297,201 Times Property Holdings Ltd, 11.450%, 05/03/20 300,000 291,780 Vedanta Resources Plc, 8.250%, 07/06/21 300,000 271,560 Delhi International Airport Pvt Ltd, 6.125%, 03/02/22 250,000 260,555 Sparkle Assets Ltd, 6.875%, 30/01/20 250,000 254,845 Bank of East Asia Ltd, 8.500%, 29/11/49 200,000 232,050 National Savings Bank, 8.875%, 18/09/18 200,000 218,056 Yuzhou Properties Co Ltd, 11.750%, 25/10/17 200,000 212,560 First Gen Corp, 6.500%, 09/10/23 200,000 212,180 Vietnam Government International Bond, 4.800%, 19/11/24 200,000 208,700 Longfor Properties Co Ltd, 6.875%, 18/10/19 200,000 205,550 Tata Motors Ltd, 4.625%, 30/04/20 200,000 205,550 China SCE Property Holdings Ltd, 11.500%, 14/11/17 200,000 204,320 Pakistan Government International Bond, 6.750%, 03/12/19 200,000 203,500 Greenland Hong Kong Holdings Ltd, 4.750%, 18/10/16 200,000 202,032 STATS ChipPAC Ltd, 5.375%, 31/03/16 200,000 201,364 GCX Ltd, 7.000%, 01/08/19 200,000 200,730 STATS ChipPAC Ltd, 4.500%, 20/03/18 200,000 200,008 Central China Real Estate Ltd, 8.750%, 23/01/21 200,000 200,000 Trade & Development Bank of Mongolia LLC, 9.375%, 19/05/20 200,000 200,000 Binhai Investment Co Ltd, 3.250%, 06/05/18 200,000 199,676 China Shanshui Cement Group Ltd, 7.500%, 10/03/20 200,000 199,290 CLP Power Hong Kong Financing Ltd, 3.125%, 06/05/25 200,000 199,132 MPM Global Pte Ltd, 6.750%, 19/09/19 200,000 198,250 TBG Global Pte Ltd, 5.250%, 10/02/22 200,000 198,020 Proven Honour Capital Ltd, 4.125%, 19/05/25 200,000 198,012 HKT Capital No 2 Ltd, 3.625%, 02/04/25 200,000 197,982 ICBCIL Finance Co Ltd, 3.250%, 17/03/20 200,000 197,914 Country Garden Holdings Co Ltd, 7.250%, 04/04/21 200,000 197,900 West China Cement Ltd, 6.500%, 11/09/19 200,000 196,886 KWG Property Holding Ltd, 8.975%, 14/01/19 200,000 196,630 Golden Legacy PTE Ltd, 9.000%, 24/04/19 200,000 196,314 Central China Real Estate Ltd, 8.000%, 28/01/20 200,000 193,000

292 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – ASIA HIGH YIELD BOND FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Total Sales Nominal Proceeds USD

Shinsegae Co Ltd, 2.625%, 08/05/45 800,000 793,072 China Construction Bank Corp, 3.875%, 13/05/25 750,000 747,000 VLL International Inc, 7.375%, 18/06/22 600,000 601,500 Jababeka International BV, 7.500%, 24/09/19 300,000 300,750 CNOOC Finance (2015) USA LLC, 3.500%, 05/05/25 300,000 297,642 Times Property Holdings Ltd, 11.450%, 05/03/20 300,000 295,650 Trade & Development Bank of Mongolia LLC, 9.375%, 19/05/20 200,000 213,600 HKT Capital No 2 Ltd, 3.625%, 02/04/25 200,000 200,582 Central China Real Estate Ltd, 8.750%, 23/01/21 200,000 200,500 CLP Power Hong Kong Financing Ltd, 3.125%, 06/05/25 200,000 199,822 TBG Global Pte Ltd, 5.250%, 10/02/22 200,000 199,600 China Shanshui Cement Group Ltd, 7.500%, 10/03/20 200,000 178,600

293 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – ASIA HIGH DIVIDEND FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

Advanced Semiconductor Engineering Inc 109,000 155,623 Siliconware Precision Industries Co Ltd 86,000 149,291 SK Telecom Co Ltd 581 141,255 Industrial & Commercial Bank of China Ltd 186,000 130,635 Bank of China Ltd 237,000 129,418 WPG Holdings Ltd 102,000 129,359 China Construction Bank Corp 154,000 123,473 M1 Ltd/Singapore 44,000 122,861 Yue Yuen Industrial Holdings Ltd 29,500 118,721 BOC Hong Kong Holdings Ltd 33,000 118,045 Agricultural Bank of China Ltd 239,000 113,665 Jiangsu Expressway Co Ltd 90,000 110,721 Taiwan Semiconductor Manufacturing Co Ltd 23,000 107,421 Grand Korea Leisure Co Ltd 3,386 106,445 DBS Group Holdings Ltd 7,100 101,718 Malayan Banking Bhd 40,400 100,537 Zhejiang Expressway Co Ltd 86,000 98,355 Shimao Property Holdings Ltd 45,500 92,666 Telekomunikasi Indonesia Persero Tbk PT 395,400 88,934 China Mobile Ltd 6,500 88,168 MGM China Holdings Ltd 42,800 83,512 Indiabulls Housing Finance Ltd 8,274 80,258 Sands China Ltd 19,200 79,693 Anhui Expressway Co Ltd 122,000 78,695 United Overseas Bank Ltd 4,400 72,729 Macquarie Korea Infrastructure Fund 10,158 69,684 Texwinca Holdings Ltd 78,000 68,908 Gamuda Bhd 47,300 67,013 Oversea-Chinese Banking Corp Ltd 8,800 66,243 Singapore Telecommunications Ltd 20,900 62,027 Yuexiu Transport Infrastructure Ltd 90,000 61,538 Coal India Ltd 10,573 60,903 Supalai Pcl 84,000 57,457 Intouch Holdings Pcl 24,000 56,930 TRUE Telecommunication Growth Infrastructure Fund 146,400 53,415 HKT Trust & HKT Ltd 37,000 47,927 Dongbu Insurance Co Ltd 1,011 46,439 China Unicom Hong Kong Ltd 30,000 45,758 PetroChina Co Ltd 42,000 45,484 Stella International Holdings Ltd 18,000 45,445 COSCO Pacific Ltd 32,000 44,676

294 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – ASIA HIGH DIVIDEND FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Total Sales Nominal Proceeds USD

Grand Korea Leisure Co Ltd 1,666 55,442 M1 Ltd/Singapore 14,400 35,902 Agricultural Bank of China Ltd 61,000 34,134 MGM China Holdings Ltd 15,200 28,234 SK Telecom Co Ltd 81 18,436 Shimao Property Holdings Ltd 8,000 17,081 Merida Industry Co Ltd 2,000 15,410 Zhejiang Expressway Co Ltd 10,000 14,973 Philippine Long Distance Telephone Co 230 14,466 Krung Thai Bank Pcl 24,600 13,822 Luk Fook Holdings International Ltd 4,000 11,282 Digital China Holdings Ltd 8,000 10,564 Anhui Expressway Co Ltd 8,000 9,334 KWG Property Holding Ltd 8,000 7,872 Datang International Power Generation Co Ltd 12,000 7,179

295 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – ASIA INVESTMENT GRADE BOND FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

Indonesia Government International Bond, 8.500%, 12/10/35 500,000 722,250 Majapahit Holding BV, 7.875%, 29/06/37 500,000 641,750 Nexen Energy ULC, 5.875%, 10/03/35 500,000 598,030 CITIC Ltd, 6.625%, 15/04/21 500,000 579,200 Franshion Development Ltd, 6.750%, 15/04/21 500,000 558,750 Development Bank of the Philippines, 5.500%, 25/03/21 500,000 555,000 Reliance Holding USA Inc, 5.400%, 14/02/22 500,000 551,100 Bharti Airtel International Netherlands BV, 5.125%, 11/03/23 500,000 541,300 Sinopec Group Overseas Development 2013 Ltd, 4.375%, 500,000 536,750 NTPC17/10/23 Ltd, 4.375%, 26/11/24 500,000 528,915 Bank of China Ltd, 5.000%, 13/11/24 500,000 528,760 Dah Sing Bank Ltd, 5.250%, 29/01/24 500,000 524,450 Pertamina Persero PT, 4.875%, 03/05/22 500,000 521,750 Oversea-Chinese Banking Corp Ltd, 4.000%, 15/10/24 500,000 521,625 China Overseas Finance Cayman VI Ltd, 4.250%, 08/05/19 500,000 518,690 China Construction Bank Asia Corp Ltd, 4.250%, 20/08/24 500,000 514,650 SSG Resources Ltd, 4.250%, 04/10/22 500,000 514,000 Sinochem Offshore Capital Co Ltd, 3.250%, 29/04/19 500,000 512,500 CLP Power HK Finance Ltd, 4.250%, 29/05/49 500,000 512,000 Syndicate Bank/London, 3.875%, 04/12/19 500,000 510,000 CNPC General Capital Ltd, 3.400%, 16/04/23 500,000 505,165 Amber Circle Funding Ltd, 3.250%, 04/12/22 500,000 504,525 Bank Rakyat Indonesia Persero Tbk PT, 2.950%, 28/03/18 500,000 504,325 CCCI Treasure Ltd, 3.500%, 29/12/49 500,000 500,750 Alibaba Group Holding Ltd, 3.600%, 28/11/24 500,000 500,150 PTT PCL, 3.375%, 25/10/22 500,000 500,000 Haitong International Finance Holdings 2015 Ltd, 3.500%, 500,000 499,455 Bharat21/04/20 Petroleum Corp Ltd, 4.000%, 08/05/25 500,000 495,525 Reliance Holding USA Inc, 6.250%, 19/10/40 300,000 342,975 Bank of Baroda/London, 4.875%, 23/07/19 300,000 324,480 Huarong Finance II Co Ltd, 5.500%, 16/01/25 300,000 318,549 PTT Exploration & Production Pcl, 4.875%, 29/12/49 300,000 306,000 Beijing Capital Polaris Investment Co Ltd, 2.875%, 01/04/18 300,000 300,777 Baidu Inc, 4.125%, 30/06/25 200,000 199,660 Beijing State-Owned Assets Management Hong Kong, 3.000%, 200,000 198,934 Doosan26/05/20 Heavy Industries and Construction Co Ltd, 2.125%, 200,000 198,740 27/04/20

296 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – ASIA INVESTMENT GRADE BOND FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Total Sales Nominal Proceeds USD

Reliance Holding USA Inc, 5.400%, 14/02/22 500,000 552,400 NTPC Ltd, 4.375%, 26/11/24 500,000 523,860 Sinochem Offshore Capital Co Ltd, 3.250%, 29/04/19 500,000 514,050 PTT PCL, 3.375%, 25/10/22 500,000 493,550 Majapahit Holding BV, 7.875%, 29/06/37 300,000 366,750 Doosan Heavy Industries and Construction Co Ltd, 2.125%, 200,000 198,210 27/04/20

297 NOMURA FUNDS IRELAND PLC

NOMURA FUNDS IRELAND – CHINA FUND STATEMENT OF CHANGES IN THE PORTFOLIO For the half year ended 30th June, 2015

Major Purchases Nominal Cost USD

Dalian Wanda Commercial Properties Co Ltd 144A 51,500 437,529 Xinjiang Goldwind Science & Technology Co Ltd 157,200 366,328 Lee & Man Paper Manufacturing Ltd 382,000 259,956 Li Ning Co Ltd 422,000 253,974 Cheung Kong Property Holdings Ltd 26,000 240,537 People's Insurance Co Group of China Ltd/The 384,000 239,677 Tingyi Cayman Islands Holding Corp 114,000 237,769 CAR Inc 93,000 224,086 Joy City Property Ltd 468,000 152,697 China Mobile Ltd 11,500 151,645 Canvest Environment Protection Group Co Ltd 293,000 149,002 China Taiping Insurance Holdings Co Ltd 31,800 119,379 China Mengniu Dairy Co Ltd 20,000 111,498 Kingdee International Software Group Co Ltd 150,000 101,009 Shanghai Pharmaceuticals Holding Co Ltd 30,400 96,919 China Construction Bank Corp 81,000 79,561 JD.com Inc - Sponsored ADR 2,000 68,942 3SBio Inc 144A 8,000 9,390

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NOMURA FUNDS IRELAND – CHINA FUND STATEMENT OF CHANGES IN THE PORTFOLIO (CONTINUED) For the half year ended 30th June, 2015

Total Sales Nominal Proceeds USD

China Resources Gas Group Ltd 166,000 520,713 Aluminum Corp of China Ltd 710,000 416,811 Luye Pharma Group Ltd 293,000 318,348 Hengan International Group Co Ltd 24,000 288,387 China Resources Land Ltd 78,000 248,477 Air China Ltd 208,000 242,200 Great Wall Motor Co Ltd 39,000 229,050 BAIC Motor Corp Ltd 144A 136,000 185,604 CK Hutchison Holdings Ltd 11,500 170,473 China Unicom Hong Kong Ltd 86,000 157,547 AIA Group Ltd 23,800 156,779 Ping An Insurance Group Co of China Ltd 11,000 153,580 China Communications Construction Co Ltd 89,000 151,638 Agricultural Bank of China Ltd 211,000 114,879 China Merchants Bank Co Ltd 40,000 114,406 China Singyes Solar Technologies Holdings Ltd 71,000 105,720 PetroChina Co Ltd 80,000 97,121 China Machinery Engineering Corp 78,000 84,820 ENN Energy Holdings Ltd 12,000 80,171 CRRC Corp Ltd 41,000 79,416 Wisdom Holdings Group 84,000 79,244 Tencent Holdings Ltd 3,700 75,591 Dalian Wanda Commercial Properties Co Ltd 144A 8,400 72,042 China Taiping Insurance Holdings Co Ltd 19,800 71,883 Lijun International Pharmaceutical Holding Co Ltd 158,000 61,401 Sinotrans Ltd 76,000 57,510

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