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OLD MUTUAL GLOBAL INVESTORS SERIES PLC An investment company with variable capital incorporated with limited liability in Ireland, established as an umbrella fund with segregated liability between funds and authorised pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (Registered Number 271517) Interim Report and Unaudited Financial Statements for the period ended 30 June 2015 Old Mutual Global Investors Series Plc Interim Report and Unaudited Financial Statements for the period ended 30 June 2015 CONTENTS PAGE Directory 4-8 General Information 9-12 Investment Advisers’ Reports: Old Mutual Greater China Equity Fund 13 Old Mutual Global Bond Fund 14 Old Mutual World Equity Fund 15 Old Mutual Pacific Equity Fund 16 Old Mutual European Equity Fund 17 Old Mutual Japanese Equity Fund 18 Old Mutual US Dividend Fund 19 Old Mutual North American Equity Fund 20 Old Mutual Total Return USD Bond Fund 21 Old Mutual Emerging Market Debt Fund 22 Old Mutual European Best Ideas Fund 23 Old Mutual Investment Grade Corporate Bond Fund 24 Old Mutual Global Emerging Markets Fund 25 Old Mutual Asian Equity Fund 26 Old Mutual Local Currency Emerging Market Debt Fund 27 Old Mutual UK Alpha Fund (IRL) 28 Old Mutual UK Smaller Companies Focus Fund 29 Old Mutual UK Dynamic Equity Fund 30 Old Mutual Global Equity Absolute Return Fund 31 Old Mutual Global Strategic Bond Fund 32 Old Mutual Pan African Fund 33 Old Mutual Monthly Income High Yield Bond Fund 34 Old Mutual Europe (ex UK) Smaller Companies Fund 35 Portfolio of Investments: Old Mutual Greater China Equity Fund 36-37 Old Mutual Global Bond Fund 38 Old Mutual World Equity Fund 39-50 Old Mutual Pacific Equity Fund 51-54 Old Mutual European Equity Fund 55-56 Old Mutual Japanese Equity Fund 57-61 Old Mutual US Dividend Fund 62-63 Old Mutual North American Equity Fund 64-68 Old Mutual Total Return USD Bond Fund 69-77 Old Mutual Emerging Market Debt Fund 78-82 Old Mutual European Best Ideas Fund 83-85 Old Mutual Investment Grade Corporate Bond Fund 86-90 Old Mutual Global Emerging Markets Fund 91-93 Old Mutual Asian Equity Fund 94-98 Old Mutual Local Currency Emerging Market Debt Fund 99-101 Old Mutual UK Alpha Fund (IRL) 102-103 Old Mutual UK Smaller Companies Focus Fund 104-105 Old Mutual UK Dynamic Equity Fund 106-108 Old Mutual Global Equity Absolute Return Fund 109-127 Old Mutual Global Strategic Bond Fund 128-129 Old Mutual Pan African Fund 130-131 Old Mutual Monthly Income High Yield Bond Fund 132-134 Old Mutual Europe (ex UK) Smaller Companies Fund 135-136 2 Old Mutual Global Investors Series Plc Interim Report and Unaudited Financial Statements for the period ended 30 June 2015 CONTENTS (continued) PAGE Statement of Operations 137-143 Statement of Financial Position 144-159 Statement of Changes in Net Assets 160-177 Notes to the Financial Statements 178-224 Significant Purchases and Sales Old Mutual Greater China Equity Fund 225-226 Old Mutual Global Bond Fund 227-228 Old Mutual World Equity Fund 229-230 Old Mutual Pacific Equity Fund 231-232 Old Mutual European Equity Fund 233-234 Old Mutual Japanese Equity Fund 235-236 Old Mutual US Dividend Fund 237-238 Old Mutual North American Equity Fund 239-240 Old Mutual Total Return USD Bond Fund 241-242 Old Mutual Emerging Market Debt Fund 243-244 Old Mutual European Best Ideas Fund 245-246 Old Mutual Investment Grade Corporate Bond Fund 247-248 Old Mutual Global Emerging Markets Fund 249-250 Old Mutual Asian Equity Fund 251-252 Old Mutual Local Currency Emerging Market Debt Fund 253-254 Old Mutual UK Alpha Fund (IRL) 255-256 Old Mutual UK Smaller Companies Focus Fund 257-258 Old Mutual UK Dynamic Equity Fund 259-260 Old Mutual Global Equity Absolute Return Fund 261-262 Old Mutual Global Strategic Bond Fund 263-264 Old Mutual Pan African Fund 265-266 Old Mutual Monthly Income High Yield Bond Fund 267-268 Old Mutual Europe (ex UK) Smaller Companies Fund 269-270 Total Expense Ratios 271-275 Fund Performance 276-277 Significant Events 278 Post Statement of Financial Position events 279 3 Old Mutual Global Investors Series Plc Interim Report and Unaudited Financial Statements for the period ended 30 June 2015 DIRECTORY Board of Directors Bronwyn Wright (Irish)* Paul Nathan (British) Tom Murray (Irish)* Adrian Waters (Irish)* Jessica Brescia (British) * Independent, Non-Executive Directors Investment Manager, Distributor and Promoter Old Mutual Global Investors (UK) Limited 2 Lambeth Hill London EC4P 4WR United Kingdom Investment Adviser to the Investment Manager Old Mutual Global Investors (UK) Limited for the Old Mutual World Equity Fund, 2 Lambeth Hill for the Old Mutual North American Equity Fund, London EC4P 4WR for the Old Mutual European Equity Fund, United Kingdom for the Old Mutual Japanese Equity Fund, for the Old Mutual Global Bond Fund, for the Old Mutual UK Alpha Fund (IRL), for the Old Mutual UK Smaller Companies Focus Fund, for the Old Mutual UK Dynamic Equity Fund, for the Old Mutual Global Equity Absolute Return Fund, for the Old Mutual Global Strategic Bond Fund, for the Old Mutual Monthly Income High Yield Bond Fund, the Old Mutual European Best Ideas Fund, the Old Mutual Europe (ex UK) Smaller Companies Fund and the Old Mutual Local Currency Emerging Market Debt Fund Investment Adviser to the Investment Manager Barrow, Hanley, Mewhinney & Strauss, LLC for the Old Mutual US Dividend Fund JP Morgan Chase Tower 2200 Ross Avenue 31st floor Dallas, TX 75201 United States of America Investment Adviser to the Investment Manager Old Mutual Global Investors (UK) Limited for the Old Mutual Pacific Equity Fund (until 30 March 2015) 2 Lambeth Hill London EC4P 4WR United Kingdom Old Mutual Global Investors (Asia Pacific) Limited (from 30 March 2015) 24th Floor Henley Building, 5 Queen’s Road Hong Kong Investment Adviser to the Investment Manager Metisq Capital Pty Limited for the Old Mutual Greater China Equity Fund (until 20 January 2015) Level 15 255 Pitt Street NSW 2000, Sydney Australia Old Mutual Global Investors (UK) Limited (from 20 January 2015 and until 30 March 2015) 2 Lambeth Hill London EC4P 4WR United Kingdom 4 Old Mutual Global Investors Series Plc Interim Report and Unaudited Financial Statements for the period ended 30 June 2015 DIRECTORY (continued) Investment Adviser to the Investment Manager Old Mutual Global Investors (Asia Pacific) Limited for the Old Mutual Greater China Equity Fund (from 30 March 2015) 24th Floor Henley Building 5 Queen’s Road Hong Kong Investment Adviser to the Investment Manager Old Mutual Global Investors (UK) Limited for the Old Mutual Asian Equity Fund (until 30 March 2015) 2 Lambeth Hill London EC4P 4WR United Kingdom Old Mutual Global Investors (Asia Pacific) Limited (from 30 March 2015) 24th Floor Henley Building, 5 Queen’s Road, Hong Kong Investment Adviser to the Investment Manager Stone Harbor Investment Partners LP for the Old Mutual Emerging Market Debt Fund and (until 20 April 2015 for Old Mutual Local Currency Emerging the Old Mutual Local Currency Emerging Market Debt Market Debt Fund) Fund 31 West 52nd Street New York, NY 10019 United States of America Investment Adviser to the Investment Manager Pacific Investment Management Company LLC for the Old Mutual Total Return USD Bond 840 Newport Centre Drive Fund Suite 300, Newport Beach CA 92660 United States of America Investment Advisers to the Investment Manager Wellington Management Company, LLP for the Old Mutual European Best Ideas Fund (until 1 January 2015) 280 Congress Street Boston MA 02210 United States of America Wellington Management International Limited (from 1 January 2015) 280 Congress Street Boston MA 02210 United States of America Financière de L’Echiquier 53, avenue d’Iéna 75116 Paris France Mandarine Gestion (until 26 January 2015) 5 rue Alfred de Vigny 75008 Paris France 5 Old Mutual Global Investors Series Plc Interim Report and Unaudited Financial Statements for the period ended 30 June 2015 DIRECTORY (continued) Investment Advisers to the Investment Manager Alken AM Limited for the Old Mutual European Best Ideas Fund 3rd Floor, 61 Conduit Street London W1S 2GB England Liontrust Investment Partners LLP 2 Savoy Court London WC2R 0EZ England Odey Asset Management LLP 12 Upper Grosvenor Square London W1K 2ND England Artemis Investment Management LLP Cassini House 57 St. Jame’s Street London SW1A 1LD England Investment Adviser to the Investment Manager Old Mutual Investment Group (Pty) Limited for the Old Mutual Pan African Fund Mutualpark, Jan Smuts Drive Pinelands, Cape Town 7705, South Africa Investment Adviser to the Investment Manager Rogge Capital Partners PLC for the Old Mutual Investment Grade Sion Hall Corporate Bond Fund 56 Victoria Embankment London EC4Y 0DZ United Kingdom Investment Adviser to the Investment Manager Fisher Asset Management, LLC for the Old Mutual Global Emerging 13100 Skyline Blvd. Markets Fund Woodside CA 94062 United States of America Custodian Citibank International Limited, Ireland Branch Ireland Branch 1 North Wall Quay Dublin 1 Ireland Administrator, Registrar and Transfer Agent Citibank Europe plc 1 North Wall Quay Dublin 1 Ireland Company Secretary Tudor Trust Limited 33 Sir John Rogerson’s Quay Dublin 2 Ireland Registered Office 33 Sir John Rogerson’s Quay Dublin 2 Ireland 6 Old Mutual Global Investors Series Plc Interim Report and Unaudited Financial Statements for the period ended 30 June 2015 DIRECTORY (continued) Auditors KPMG Chartered Accountants 1 Harbourmaster Place International Financial Services Centre
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