GLG INVESTMENTS PLC

GLG INVESTMENTS PLC (An Investment Company with Variable Capital)

Annual Report and Audited Financial Statements for the year ended 31 December 2013

ADDITIONAL INFORMATION FOR INVESTORS IN GERMANY

The Bundesanstalt für Finanzdienstleistungsaufsicht (Federal Agency for Financial Services Supervision) has been notified of the intention to distribute Shares of the Company’s Portfolios in the Federal Republic of Germany. Note: It should be noted that for the following Portfolios GLG UK Select Equity, GLG Global Emerging Markets Equity, GLG MENA Equity no notification has been filed and that the shares of these Portfolios may not be distributed to investors within the scope of applicability of the Investment The Paying and Information Agent in Germany is BHF-BANK Aktiengesellschaft Bockenheimer Landstrasse 10 60323 Frankfurt am Main Redemption and switching requests for the Shares of the Portfolios which are authorised for distribution in Germany can be lodged at the Paying Agent. Redemption proceeds, possible dividends and all other payments can be paid upon request of the Shareholders through the Paying Agent and may also be paid out in cash to the Shareholders. The latest available Prospectus, the Key Investor Information Documents, the Memorandum and Articles of Association, Annual and Semi-Annual Reports as well as the Issue, Redemption and Switching Prices can be obtained free of charge in hardcopy form at the Information Agent. The Management Agreement, the Investment Management Agreement, the Administration Agreement, the Distribution Agreement, the Custodian Agreement, the Administrative Services Agreement, the UCITS Regulations, and a list of past and current directorships and partnerships held by each Director over the last five years, can be inspected and obtained by Shareholders at the Information Agent. Issue, Redemption and Switching Prices will be published on the Fund’s website https://www.man.com/DE/all-prices. Any other documents and information that must be published in Ireland, with the exception of the agreements mentioned above, the UCITS Regulations, and the list of past and current directorships and partnerships held by each Director over the last five years, will be published for investors in Germany by way of investor letter.

The statement of changes in the composition of the investment portfolio is also available free of charge upon request at the office of the German Paying and Information Agent.

In accordance with § 298 (2) of the Investment Code investors in Germany are informed by way of investor letter and publication in the electronic Federal Gazette (Bundesanzeiger) under the following circumstances:

Suspension of the redemption of a Portfolio’s Shares,

Termination of the management or winding-up of a Portfolio,

Any amendments to the articles of association of the company which are inconstant with the previous investment principles, which affect material investor rights or which relate to remuneration and reimbursement of expenses that may be paid or made out of the asset pool,

Merger of Portfolios,

Conversion of a Portfolio in a feeder fund or the amendments to a master fund.

GLG Investments plc may elect to comply with the reporting duties pursuant to § 5 (1) Investment Tax Act which have to be observed as prerequisites for the taxation according to §§ 2 and 4 Investment Tax Act with respect to the share classes of any Portfolio. Prior to investing in a Portfolio, investors may contact the Administrator or the Paying and Information Agent in Germany for details of the share classes and Portfolios in respect of which such election has been made. GLG Investments plc can, however, not guarantee that the tax effects resulting from the compliance with these reporting duties will be achieved at the investor level. Failure to comply with the duties may in addition result in negative tax consequences for investors taxable in Germany investing in the Portfolio. Investors taxable in Germany should not invest in other share classes or other Portfolios as substantial tax charges can be the consequence. Before investing in a Portfolio of GLG Investments plc investors taxable in Germany should therefore discuss

https://www.man.com/DE/all-prices

with their tax advisers the implications of acquiring, holding, transferring and redeeming Shares in such Portfolio. Investors taxable in Germany are strongly advised to ask for tax advice before investing into Portfolios and share classes which do not fulfill the requirements of the Investment Tax Act.

GLG Investments plc

Fund and Class of SharesFund and Class of SharesFund and Class of SharesFund and Class of Shares ISIN:ISIN:ISIN:ISIN:

GLG Global Equity Class D USD IE00B01D9881 GLG Global Equity Class D H EUR IE00B01D9B17 GLG Global Equity Class I USD IE00B29Z0874 GLG Global Equity Class D H GBP IE00B06GXG83 GLG Global Equity Class I GBP IE00B7BXNN07 GLG Global Equity Class I EUR IE0033281415 GLG Global Equity Class I H EUR IE00B29Z0981 GLG Global Equity Class I H GBP IE00B4VSNG77 GLG Global Convertible UCITS Class DL H EUR IE00B01D9113 GLG Global Convertible UCITS Class DL USD IE00B01D8Z85 GLG Global Convertible UCITS Class IL H EUR IE00B29Z0C19 GLG Global Convertible UCITS Class IL USD IE00B29Z0B02 GLG Global Convertible UCITS Class IM USD IE00B4Q68161 GLG Global Convertible UCITS Class IM H EUR IE00B4Q68831 GLG Global Convertible UCITS Class IM H GBP IE00B4Q69243 GLG Global Convertible UCITS Class DL H GBP IE00B7510G27 GLG European Equity Class D EUR IE00B01D9G61 GLG European Equity Class I EUR IE00B29Z0J87 GLG European Equity Class D H GBP IE00B08F1W51 GLG European Equity Class D H NOK IE00B3S8HZ08 GLG European Equity Class D H USD IE00B01D9D31 GLG European Equity Class I H USD IE00B29Z0H63 GLG Global Sustainability Equity Class D EUR IE00B1KKKK60 GLG Global Sustainability Equity Class IH GBP IE00B3ZS9W47 GLG Japan CoreAlpha Equity Class I JPY IE00B5649G90 GLG Japan CoreAlpha Equity Class D JPY IE00B5649C52 GLG Japan CoreAlpha Equity Class DH USD IE00B56CKP98 GLG Japan CoreAlpha Equity Class IH USD IE00B5646799 GLG Japan CoreAlpha Equity Class IH EUR IE00B578XK25 GLG Japan CoreAlpha Equity Class DH EUR IE00B5648R31 GLG Japan CoreAlpha Equity Class IH GBP IE00B64XDT64 GLG Japan CoreAlpha Equity Class DH GBP IE00B665M716 GLG Japan CoreAlpha Equity Class I GBP IE00B62QF466 GLG Japan CoreAlpha Equity Class I USD IE00B3QXQG18 GLG Japan CoreAlpha Equity Class I EUR IE00B45R5B91 GLG Japan CoreAlpha Equity Class IH CHF IE00B464TQ22 GLG Japan CoreAlpha Equity Class DH CHF IE00B46RNT22 GLG Global Emerging Markets Equity Class I H GBP IE00B44QRP58 GLG MENA Equity Class I H GBP IE00B44FHD08 GLG MENA Equity Class D USD IE00B3XSQF82 GLG Global Investment Grade Bond Class D USD IE00B6XF2K76 GLG Global Investment Grade Bond Class I USD IE00B78S6B73

GLG Investments plc Contents

1

Page

General Information 2

Investment Manager’s Report 3

Directors’ Report 9

Statement of Assets and Liabilities 13

Statement of Operations 26

Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares 30

Notes to the Financial Statements 34

Independent Auditor’s Report 97

Statement of Custodian’s Responsibilities and Custodian’s Report 99

Portfolio Statements 100

GLG Global Equity 100

GLG Global Convertible UCITS 104

GLG European Equity 114

GLG Global Sustainability Equity 118

GLG Japan Core Alpha Equity 122

GLG Global Investment Grade Bond 125

GLG MENA Equity 129

Statements of Significant Purchases and Sales 132

GLG Global Equity 132

GLG Global Convertible UCITS 134

GLG European Equity 136

GLG Global Sustainability Equity 138

GLG Japan CoreAlpha Equity 140

GLG Global Emerging Markets Equity 142

GLG MENA Equity 144

GLG Global Investment Grade Bond 146

GLG Investments plc General Information

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Directors:Directors:Directors:Directors: Aniello Bianco (American) (resigned on 30 June 2013)

Alun Davies (British) (resigned on 30 June 2013) Michael Jackson (Irish) John Morton (British) (appointed on 6 June 2013) Gerald O’Mahony (Irish) (resigned on 30 June 2013) Victoria Parry (British) John Walley (Irish) (appointed on 24 May 2013)

Secretary Secretary Secretary Secretary andandandand RegisteredRegisteredRegisteredRegistered Office:Office:Office:Office:

Matsack Trust Limited, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland.

Manager:Manager:Manager:Manager: GLG Partners Asset Management Limited, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland.

Investment Investment Investment Investment Manager and Manager and Manager and Manager and Distributor: Distributor: Distributor: Distributor:

GLG Partners LP, One Curzon Street, London W1J 5HB, England.

Custodian:Custodian:Custodian:Custodian:

BNY Mellon Trust Company (Ireland) Limited, Guild House, Guild Street, IFSC, Dublin 1, Ireland.

Administrator:Administrator:Administrator:Administrator:

BNY Mellon Fund Services (Ireland) Limited, Guild House, Guild Street, IFSC, Dublin 1, Ireland.

Legal Advisers as to Legal Advisers as to Legal Advisers as to Legal Advisers as to matters of Irish law:matters of Irish law:matters of Irish law:matters of Irish law:

Matheson, 70 Sir John Rogerson’s Quay, Dublin 2, Ireland.

IndependentIndependentIndependentIndependent Auditor:Auditor:Auditor:Auditor:

Ernst & Young, Chartered Accountants, Ernst & Young Building, Harcourt Centre, Harcourt Street, Dublin 2, Ireland.

Sponsoring IrishSponsoring IrishSponsoring IrishSponsoring Irish Stock ExchangeStock ExchangeStock ExchangeStock Exchange Broker:Broker:Broker:Broker:

Davy Stockbrokers Davy House, 49 Dawson Street, Dublin 2, Ireland.

Any capitalized terms used but not defined herein shall have the meaning given to them in the prospectus of GLG Investments plc dated 29 January 2014 (“the Prospectus”).

GLG Investments plc Investment Manager’s Report

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GLG Global Equity – Annual Report Commentary Our market view does not materially differ much from consensus, unfortunately! We share the common view that the US economy will accelerate towards a 3% real GDP growth rate as the fiscal headwinds fade and as the labour market recovery becomes more entrenched. We also believe that this will mean the US Federal Reserve continues with its taper, reducing the rate of asset purchase by say $10bn per FOMC meeting, meaning that by some time in Q4 they will have tapered to zero asset purchase. This should support the US dollar, which in turn should put downward pressure on most other major currencies (especially the Yen and the Euro), as well as the current account deficit emerging markets which are already seeing their currencies correct substantially. This contains within it the seeds of potential serious trouble in some EMs, where we remain underweight. The biggest negative risks we see are either that the US acceleration does not finally come to pass, and / or that core inflation continues to decelerate to below 1%. The latter would be substantially worse for equities than the former. If US growth is stuck at 2%, we would view that as the perfect situation or a Goldilocks scenario (not too cold, not too hot, just right). Janet Yellen (chairman of the US Federal Reserve), would presumably put the taper on hold and we would have more of the same, ie very accommodative monetary policy and growth that’s just enough to support earnings. If we have a deflation (fear) shock, then we would see equities down quite sharply – a 20% correction would be perfectly possible. So that’s the main risk we are watching. All eyes on US import inflation and US average hourly earnings growth. Among the Among the Among the Among the bbbbest performers during the year:est performers during the year:est performers during the year:est performers during the year: Cheniere Energy: has been supported by its non-FTA approval for natural gas exports, the announcement of their 20-year LNG import deal for the UK market signed with Centrica (supplying 89bcf of annual volume) and continued optimism around the earnings greater than from LNG exports accelerating in the coming years from their Sabine Pass & Corpus Christi operations. EDF: benefitted from a variety of encouraging datapoints over the year, including a regulated domestic tariff increase of 5% as of 1st August 2013 (and another 5% in August 2014), a deal with the UK government to build 2 new nuclear plants in the UK and potential extension of French nuclear plant accounting lifetimes (possibly worth ~10% on 2014-15e EPS). EADS: as the order backlog improved over the first few months of the year, Airbus’s order book is now >5,000 aircraft, giving much better visibility on a strong growth profile out to 2015e. Meanwhile, execution on the A350 has improved, with potential first delivery towards end-2014e or early-2015e. Investors also became more confident in margin expansion potential at Airbus. PPG Industries: the stock benefitted from the attractive deal for Akzo Nobel’s North American paint business (and upgrades to the synergy target), healthy Auto OEM trends out of China and the US, a robust balance sheet (offering upside optionality on acquisitions or cash returns) and margin expansion potential (from innovation and raw material cost trends etc). Visa: continued to perform on secular growth trends in payments, growth in emerging (including electronic) payments businesses and international expansion. The stock also benefitted from strong results through the year, with robust card spending trends. Among the wAmong the wAmong the wAmong the worst performers during the year:orst performers during the year:orst performers during the year:orst performers during the year: Honda Motor: was hit after disappointing the market with forward guidance, missing consensus earnings forecasts and on lacklustre unit sales growth out of the US in May. We since sold the position. NCR Corp: suffered after disappointing on revenues at the Q3 results and an outlook downgrade from Moody's (to Negative). We have since closed the position. VMware: fell after giving disappointing calendar 2013 earnings guidance with their Q4 results in January. The disappointment was attributable to weaker-than-anticipated demand from corporate and federal customers. Management’s license growth expectations of 8-11% for the year were significantly below the Street’s forecasts (+14%). We have since sold the position. Vopak: concerns around management’s guidance downgrades (including the cut in EBITDA to €730-780m (previously €760-800m)), as well as weak utilisation rates in the Netherlands and their announced €350m equity issue saw the stock significantly underperform. We have since closed the position. Canadian Pacific Railway: slower yield growth, derailments, disappointing coal export volumes and lower coal prices hurt the stock. We have since closed our position.

GLG Global Convertible UCITS – Annual Report Commentary 2013 was a year of very strong equity performance in developed markets with the Nikkei the standout performer as it rallied 59%. US equities also rose as concerns over the impact of the ‘taper’ faded into year end and the US economy continued to recover despite government spending cuts due to the budget sequestration. However, the picture in fixed income markets was more mixed. Government bonds, with the exception of the European periphery, performed poorly as central banks looked to reduce the extremely accommodative monetary policy that has been the key feature of the last five years. While credit spreads continued to tighten it was only the high yield segment that posted gains on the year. The two big loss making asset classes were emerging markets and commodities. In emerging markets it was Latin America that was the biggest driver of the underperformance with only India and Russia managing positive returns. In the commodity space the losses were generated by soft commodities, such as wheat and corn, and precious metals while oil did rise over the year. Volatility remained low throughout the year with both the VIX and monthly realised volatility rarely venturing above 15%.

GLG Investments plc Investment Manager’s Report (continued)

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GLG Global Convertible UCITS – Annual Report Commentary (continued) The convertible market was dominated by technical flows as the universe as a whole had slightly more redemptions than issuance during the year but it was estimated that there was about an 18% inflow into long only funds. This inflow tended to go into more balanced names which outperformed and richened significantly while the deeply in the money and high yield type issues lagged in comparison. The medium term technical outlook is also supportive with 24bn USD of US, 17bn USD of European and 8bn USD of Asian convertible bonds maturing or being put in 2014 and the inflows to the asset class look set to continue; to balance this somewhat we have seen a recent pick up in issuance with 40% of US deals coming in Q4, the pipeline is being described as strong and there are signs of investors becoming more price sensitive. Another key feature of the universe is that it has become significantly more equity sensitive during the year. We remain constructive on a more fundamental level as well as we believe the current low levels of volatility are unlikely to continue and the asset class offers an attractive way to participate in any equity rally given the higher equity exposure. In addition, the higher equity deltas means that the exposure to interest rates moves is much lower than in comparable bond funds. The fund ended the year slightly underinvested and light equity exposure with the UBS Global Convertible focus index at 42% and the fund at 33%. The yield on the fund was -1.1% compared to the index at -2.6%. On a regional basis the fund remained significantly overweight Japan, inline in Europe and underweight the US and Asia. On a sector basis the fund was underweight technology and the consumer, both cyclicals and staples, while it was overweight Financials, Materials and Energy. It was pleasing that stock selection was once again the key driver of performance but conservative positioning from the equity hedges and overweight cash position held back returns, although the interest rate hedges did add to performance. Stock selection was strongest in the US and Asia. The regional allocation was a positive contributor to performance with the overweight in Japan and underweight Asia helping returns. Sector allocation held back returns mainly due to the underweight technology and overweight financials. On a relative single name basis China Green, a distressed food manufacturing company, was the best performer as it completed its restructuring. Also, performing well was JinkoSolar which benefitted from a dramatic improvement in profitability and strengthened its balance sheet through an equity raise. OTP bank performed well as both long bonds and short equity positions were positive with the equity struggling on weak earnings while the bonds rallied on strong hedge fund demand and an improving capital situation. On the downside, apart from the S&P hedges, the largest loser was Nokia which was a name the fund did not own that performed very strongly as they sold their mobile business to Microsoft. Illumina was a position where the fund was underweight and the stock rallied strongly on better than expected results. Finally, the underweight in MGM resorts held back relative returns as the casino operator rallied on Asian and Japanese expansion rumors as well as strong revenues in the US.

GLG European Equity – Annual Report Commentary Our market view does not materially differ much from consensus, unfortunately! We share the common view that the US economy will accelerate towards a 3% real GDP growth rate as the fiscal headwinds fade and as the labour market recovery becomes more entrenched. We also believe that this will mean the US Federal Reserve continues with its taper, reducing the rate of asset purchase by say $10bn per FOMC meeting, meaning that by some time in Q4 they will have tapered to zero asset purchase. This should support the US dollar, which in turn should put downward pressure on most other major currencies (especially the Yen and the Euro), as well as the current account deficit emerging markets which are already seeing their currencies correct substantially. This contains within it the seeds of potential serious trouble in some EMs, where we remain underweight. The biggest negative risks we see are either that the US acceleration does not finally come to pass, and / or that core inflation continues to decelerate to below 1%. The latter would be substantially worse for equities than the former. If US growth is stuck at 2%, we would view that as the perfect situation or a Goldilocks scenario (not too cold, not too hot, just right). Janet Yellen (chairman of the US Federal Reserve), would presumably put the taper on hold and we would have more of the same, i.e. very accommodative monetary policy and growth that’s just enough to support earnings. If we have a deflation (fear) shock, then we would see equities down quite sharply – a 20% correction would be perfectly possible. So that’s the main risk we are watching. All eyes on US import inflation and US average hourly earnings growth. Among the bAmong the bAmong the bAmong the best performers during the year:est performers during the year:est performers during the year:est performers during the year: EDF: benefitted from a variety of encouraging data points over the year, including a regulated domestic tariff increase of 5% as of 1st August 2013 (and another 5% in August 2014), a deal with the UK government to build 2 new nuclear plants in the UK and potential extension of French nuclear plant accounting lifetimes (possibly worth ~10% on 2014-15e EPS).

EADS: as the order backlog improved over the first few months of the year, Airbus’s order book is now greater than 5,000 aircraft, giving much better visibility on a strong growth profile out to 2015e. Meanwhile, execution on the A350 has improved, with potential first delivery towards end-2014e or early-2015e. Investors also became more confident in margin expansion potential at Airbus.

GN Store Nord: delivered strong results, showing encouraging growth in the US market and market share gains for the ReSound business. New product launches in both ReSound and Netcom encouraged investors that healthy double-digit earnings growth is sustainable, while confidence increased in the SMART restructuring programme, which is delivering solid margin expansion.

ING Group: acceleration in restructuring, with encouraging progress on insurance divestments (including the €1.24bn sale of the Korean life insurance business), optimism around state aid repayment and resumption of dividends and solid progress made on margins supported the stock through the year.

Assa Abloy: robust results over the course of the year reassured the investor community that organic sales growth, margin and cash flow momentum was still healthy. Meanwhile, optimism around an EMEA recovery, restructuring potential and product innovation also boosted the share price.


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GLG European Equity – Annual Report Commentary (continued) Among the wAmong the wAmong the wAmong the worst performers duorst performers duorst performers duorst performers during the year:ring the year:ring the year:ring the year: Vopak: concerns around management’s guidance downgrades (including the cut in EBITDA to €730-780m (previously €760-800m)), as well as weak utilisation rates in the Netherlands and their announced €350m equity issue saw the stock significantly underperform. We have since closed the position.

Carnival: was plagued by concerns over possible demand and/or pricing weakness in the wake of the engine fire on its Triumph cruise ship in February. We have since closed our position.

UBS: after a healthy performance in the first half of the year, the stock suffered in October & early-November on disappointment around the pushback of profitability targets to 2016 and worries around potentially stricter regulation on leverage ratios. We still like the RWA deleveraging story and anticipate a significant improvement in capital.

Anheuser-Busch InBev: declined after the DoJ announced it had filed a lawsuit to block ABI’s purchase of Grupo Modelo. We have since sold our position.

Roche: disappointed in June after Avastin failed to extend survival in brain cancer and suffered as some investors worried that the valuation was too expensive without factoring in upside from the pipeline. We think the stock is a very high-quality business with a promising pipeline and we think immuno-oncology could offer a very exciting new leg of growth for the oncology franchise.

GLG Global Sustainability Equity – Annual Report Commentary The Fund was up 25.03% for the twelve months ending 31 December 2013, outperforming its benchmark (MSCI World ACWI). Market ReviewMarket ReviewMarket ReviewMarket Review: 2013 represented began and ended on systemically significant markers. Hamstrung by the potential of midyear tapering and a spike in 10 year yields, the US economic recovery limped through the second half of the year with inconsistent economic leading indicators, weak housing data and a wider re-pricing of the cost of the capital. This move accelerated asset reallocation away from bond proxies and yield plays towards more cyclical areas. Markets, however, ended well in Q4 on the Fed’s formal tapering announcement of a tapering schedule, led by strong thematic rotations into Technology and procyclical sectors like Industrials. Though weak in the first half of the year, Europe closed its underperformance gap to the US in the second half on nascent signs of an economic recovery, vocal ECB support and a compelling discounted valuation and releveraging gap to the US. The picture in China and emerging markets as a whole finished less clear. Despite bouts of government stimulus spending, China wrestles with an overall GDP slowdown complicated by the need for emergency liquidity injections and questions over default risk of its trust sector. In Japan, Abenomic policies continue to stress monetary easing as the backdraft of a weaker Yen lifted markets higher in the second half. Outlook and PositioningOutlook and PositioningOutlook and PositioningOutlook and Positioning: We finish 2013 and enter with 2014 with a view that doesn’t differ materially from consensus. We share the common view that the US economy will accelerate towards a 3% real GDP growth rate as the fiscal headwinds fade and as the labour market recovery becomes more entrenched. We also believe that this will mean the US Federal Reserve continues with its taper, reducing the rate of asset purchase by say $10bn per FOMC meeting, meaning that by some time in Q4 they will have tapered to zero asset purchase. The greatest negative risks we see are either that the US acceleration does not finally come to pass, and / or that core inflation continues to decelerate to below 1%. If US growth is stuck at 2%, we would view that as the perfect situation or a Goldilocks scenario (not too cold, not too hot, just right). Janet Yellen (chairman of the US Federal Resetve), would presumably put the taper on hold and we would have more of the same, i.e. very accommodative monetary policy and growth that’s just enough to support earnings. Among the Fund’s outperforming positions were:Among the Fund’s outperforming positions were:Among the Fund’s outperforming positions were:Among the Fund’s outperforming positions were: Asos Plc: Consistently raised guidance on better top line growth. PPG Industries: Benefited from a strong volume demand in the US housing and non-residential sector for paint and coatings, as well as reshuffled its assets to deliver and return cash to shareholders. GN Store Nord: GN’s technological edge in 2.4GHz hearing aids drove results and guidance higher on better average selling prices and margin expansion. Among the Fund’s underperforming positions were:Among the Fund’s underperforming positions were:Among the Fund’s underperforming positions were:Among the Fund’s underperforming positions were: NCR Corp: Despite a strong restructuring story that rebased margins and integrated higher growth acquisitions, poor communication and cashflow conversion hit the stock in the second half. Toray Industries: Despite benefiting from a weaker currency as a a Japanese export, Toray’s diversity and exposure to chemicals and IT-related products dragged down overall earnings. Nuverra Environmental Solutions: Sold off as the new management and ownership transition meant a steeper rebasing of Street expectations.


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GLG Japan CoreAlpha Equity – Annual Report Commentary There was only one story in Japan in 2013: Abenomics. From the coffee shop to the boardroom, the dominant topic of conversation was what Prime Minister Abe’s policies meant, how they would be implemented, whether they would be successful. And share prices responded. In 2013, the Nikkei Stock Average had its best year since 1972, while TOPIX gained 54.4%, including dividends. For foreign currency investors, the gains were muted by yen weakness. Share prices finished the year trending up, though there was a mid-year hiccup, when the first flush of excitement that had preceded then greeted Mr Abe’s assumption of power in 2012 waned. Nonetheless, 2013 will be remembered as a year of strength in Japan’s stock markets. Stock market Stock market Stock market Stock market Behind the eye-catching headline figures, the story of the market was one of unusual uniformity. Breaking the market down using the Russell Nomura indices shows remarkable similarity of performance, with little difference between value and growth, or between large and small companies. As a result, the three big opportunities that the Japan CoreAlpha strategy is positioned to exploit remain in place. Top Cap is still at 30-year lows relative to Small Cap, big banks are at long-term lows relative to the market, and low price to book is historically cheap. The Fund’s market sensitivity in 2013 led to significant outperformance in the rising market, though this sensitivity was reduced over the course of the year. By contrast, the low price to book ratio - usually the main source of alpha - did not revert to the mean in 2013 and therefore remains in place. FundFundFundFund In 2013, GLG Japan CoreAlpha Equity (the “Fund”), outperformed TOPIX by 5.8%. The strongest contributors were a reversal of the big detractors of 2012. Sony and Panasonic were comfortably the most successful stocks in the portfolio. Above benchmark (TOPIX) proportion in the Banks and Chemicals sectors also assisted performance. Negative sector performance impacts included Information & Communication and Glass & Ceramics. Air Transport was also a negative, but not enough to spoil a satisfying year. As at the year end, the Fund's largest positions included Mitsubishi UFJ Financial and Mizuho Financial following reductions of previous winners, notably Nomura, Panasonic, Sony, and Ricoh. Activity during the year picked up. Twelve new holdings were added to the CoreAlpha Model during the year, with twelve sold. Significant additions were Canon and Nikon (Electronics/Precisions) and three Wholesale Trade (commodity, energy related) companies. This marked a symbolic change for the Fund, which had held little exposure to commodities at previously inflated prices. The largest disposals were Toyota Motor (4.2% at the start of the year), Takeda Pharmaceutical (1.8%) and Daiwa Securities (1.4%). In addition, many other positions were adjusted with cash being re-deployed as normal from outperforming stocks into those with more potential for recovery. Total changes in weightings amounted to 30% of the Model, roughly twice the scale of changes made in 2012. The current shape of the CoreAlpha Model is the best guide to where we see opportunities in the market. The large company and low price to book emphases remain, though the market sensitivity of the Fund has reduced. This reduction of ‘beta’ is a normal consequence of the contrarian process during a rising market, as outperforming stocks are sold into underperformers. It has proved repeatedly to enhance performance in the past. The largest sector exposures relative to benchmark are Banks, Other Products, Chemicals, and Electric Appliances. Transport Equipment continues to be the largest underweight, followed by Machinery, Foods and Pharmaceutical. The performance of the Fund will be determined primarily by the relative performance of large, low price to book companies and by the sector exposures, particularly the interest rate-sensitive financial sectors. As for the Japanese market outlook, equity valuations remain relatively low and the economy seems to be in a relatively strong position, albeit in part dependent upon the continued laxity of its government.

GLG Global Emerging Markets Equity Fund – Annual Report Commentary Emerging Markets had a difficult first half of the year, with the MSCI Global Emerging Markets Index down 6.83% to 24th July 2013 when the fund closed. In terms of country performance, the fund’s underweights in South Africa, South Korea and Brazil were positive contributors, while the overweights in Peru & China and the underweight in Malaysia were detractors. For the same period, the GLG Global Emerging Markets Equity Fund was down 6.8%, outperforming its benchmark, the MSCI Global Emerging Markets Index, by 0.03%. Positive contributions came from the Fund’s positions in Real Estate (with good performance from Melco International Development and SM Investments) and Consumer (including the Russian discount supermarket chain, Magnit and Prince Frog in Chinese HPC). On the other hand, Materials sector exposure (through Vale and Jiangxi Copper Co) and Samsung Electronics (on worries over deteriorating momentum in high-end smartphone shipments) were negative contributors.


7

GLG MENA Equity – Annual Report Commentary For the period from inception to December 31st, 2013 the GLG MENA Equity fund closed up +21.22% vs. the S&P Pan Arab Composite which closed up +16.83%. UAE closed up approximately +35.79%, the Saudi Tadawul All share Index closed up +18.84%, Qatar closed up +15.89% and Kuwait closed down -1.74%. Egypt closed up +17.94%. Brent crude closed higher, up approximately +8.80% for December at US$110.53 per barrel. During the period, we significantly increased our exposure to the UAE banking and real estate sectors, while reducing our exposure in some Kuwaiti and Qatari names selectively. Markets in the region mostly rallied higher with the UAE, Qatar, Egypt and Saudi Arabia rising by double digits, with Kuwait the sole decliner over the period. We continue to see value in select Saudi, Abu Dhabi and Qatari names and expect their markets to do well going forward, especially given the fact these markets remain reasonably valued overall despite healthy YTD returns. We are now looking to potentially trim some names, given the strength of the rally in 2013. We continue to avoid Egypt with no clear end in sight to the ongoing clashes between supporters of the Muslim Brotherhood and security forces. For the period, the largest gains were due to our positions in Dubai Islamic Bank, Al Tayyar Travel and SABIC. The largest losers for the period were Burgan Bank and Industries Qatar. Sector wise the outperformers were Telecommunications, Financials and Consumer Discretionary, while Consumer Staples and Utilities detracted from performance. Our country positioning in the United Arab Emirates, Qatar and our underweight in Kuwait contributed positively while the absence of Egyptian exposure detracted from performance relative to the index. We continue to keep a close eye on the political environment and stability in the wider region. The current oil price however, is still very supportive of the oil producers in the region and many holdings within the fund. We also remain optimistic about the core oil & gas exporting countries within MENA. We view any short term sell off, particularly in Saudi Arabia and Qatar, as a buying opportunity and will add to some of our core holdings in that event. Our favourite markets continue to be Saudi Arabia, Qatar and the UAE very selectively. All National performance data, other than Saudi Arabia, refer to MSCI price indices and are in USD.

GLG Global Investment Grade Bond – Annual Report Commentary Performance SummarPerformance SummarPerformance SummarPerformance Summaryyyy GLG Global Investment Grade Bond returned +0.93% over the reporting period from its launch on 4th January to 31st December 2013. Market Update:Market Update:Market Update:Market Update: Broadly speaking, the macroeconomic picture continued to improve over 2013. Pockets of concern however certainly remain. The year was dominated by government intervention, the US Federal Reserve (the Fed) and in particular a lack of Fed transparency and associated speculation in bond markets. This Fed uncertainty permeated almost all regions, especially emerging markets where it sparked heightened volatility. In its mid-December meeting, the Fed stated that it would indeed begin to cut its asset purchase programme to $75 billion from $85 billion, starting in January 2014. Looking to Europe, in addition to central bank intervention we have been through two major electoral cycles, in Germany and Italy, without a great deal of associated noise, however uncertainty and nervousness very much remains with regard to peripheral Europe. Emerging markets saw heightened volatility on the back of tapering talk. Fund performance:Fund performance:Fund performance:Fund performance: The Fund started the year relatively strongly and ended the year slightly up. Over the course of 2013, increasing fixed income volatility created headwinds for the sector as a whole. Overall for the fixed income sector, the year began supported by accommodative Fed policy, strong investor demand, and low inflation rates. In subsequent months however, volatility increased within the fixed income universe due to the Fed’s tapering talk causing long term treasury yields to spike, weighing on the asset class. Improving economic growth indicators, led by the U.S recovery in the housing market also increased pressure on the sector. There was a short lived rally around September/October in line with the Fed’s surprise announcement that tapering would not begin at that time however data flow in the subsequent months supported the likelihood of tapering being imminent and yields again edged higher, 10-year treasuries ended 2013 over 3%. Fund Outlook and KFund Outlook and KFund Outlook and KFund Outlook and Key Positionsey Positionsey Positionsey Positions On a Fund level we continue to seek out the best risk adjusted opportunities from our global opportunity set with a focus on idiosyncratic opportunities and sector selection. The fund remains overweight financials particularly the insurance sector, focused in the more senior parts of the capital structure. Exposure to the more junior subordinated elements remains very tactical and extremely selective. We remain underweight in utilities in comparison to the benchmark on both a valuation and credit fundamentals basis. In line with our constructive view on global default rates in the light of financial repression by central banks globally we remain overweight BBB’s vs. single A’s in comparison to the benchmark. We still feel there is value to be sought in the lower end of the investment grade ratings spectrum however this exposure is very idiosyncratic in nature and focuses on our top picks and the best risk adjusted opportunities when weighing fundamentals against valuations and breakeven durations.


8

GLG Global Investment Grade Bond – Annual Report Commentary (continued) We continue to be cautious on US investment grade debt given both the liquidity profile and value dynamics in that sector and geography. Whilst core Europe remains an area in which we see value we are also defensively positioned with respect to peripheral Europe. Again we believe that the European debt crisis is far from over and whilst we took advantage of the attractive yields earlier in 2013 the risk reward profile has become increasingly negatively asymmetric for the moment and we await a more attractive entry point. Looking ahead to 2014 we expect a number of potential challenges and continue to see financial repression and significant central bank intervention as persisting themes. We are cognisant that 2014 will bring its own challenges, a number of which are set out above, and continue to manage and position the portfolio with respect to these. Ensuring we are in a position to be able to take advantage of volatility as and when it occurs. GLG Partners LP,GLG Partners LP,GLG Partners LP,GLG Partners LP, One Curzon Street,One Curzon Street,One Curzon Street,One Curzon Street, LondonLondonLondonLondon,,,, W1J 5HB,W1J 5HB,W1J 5HB,W1J 5HB, England.England.England.England. FebruaryFebruaryFebruaryFebruary 2012012012014444 **** * The above Investment Manager’s Reports are commentaries for the year from 1 January 2013 to 31 December 2013. They do not include or take account of any movements, returns or market information for subsequent periods.

GLG Investments plc Directors’ Report for the year ended 31 December 2013

9

The Directors of GLG Investments plc (the “Fund”) herewith submit their annual report together with the audited financial statements for the year ended 31 December 2013. Principal activities and review of the development of the businessPrincipal activities and review of the development of the businessPrincipal activities and review of the development of the businessPrincipal activities and review of the development of the business The Fund was incorporated as an investment company with variable capital and with segregated liability between sub-funds under the laws of Ireland as a public limited company on 1 August 1996 under registration number 252520. The Fund has been authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”), pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the “Regulations”). The Fund is structured as an umbrella fund with segregated liability between sub-funds (each a “Portfolio”), and as at 31 December 2013 the Fund was comprised of thirteen Portfolios: GLG Balanced, GLG Capital Appreciation, GLG Global Equity, GLG Global Convertible UCITS, GLG European Equity, GLG North American Equity, GLG UK Select Equity, GLG Japan CoreAlpha Equity, GLG Global Sustainability Equity, GLG Global Emerging Markets Equity, GLG MENA Equity, GLG Frontier Markets Equity and GLG Global Investment Grade Bond. On 12 December 2013, the approvals for GLG Emerging Europe Equity, GLG Latin American Equity and GLG Emerging Asian Equity were, at the request for the Fund, withdrawn by the Central Bank. On 3 January 2014, the approval for GLG Frontier Markets Equity was, at the request for the Fund, withdrawn by the Central Bank. As at 31 December 2013 there were seven Portfolios in operation: GLG Global Equity, GLG Global Convertible UCITS, GLG European Equity, GLG Global Sustainability Equity, GLG Japan CoreAlpha Equity, GLG MENA Equity and GLG Global Investment Grade Bond. Results for the Results for the Results for the Results for the yearyearyearyear and state of affairs at 3and state of affairs at 3and state of affairs at 3and state of affairs at 31111 DecemberDecemberDecemberDecember 2013201320132013 For a detailed commentary on the results for the year and the state of affairs of the Fund at 31 December 2013 see the Investment Manager’s Report, the Statement of Assets and Liabilities, the Statement of Operations and the Portfolio Statements. At the year end the Fund’s Net Assets Attributable to Holders of Redeemable Participating Shares (the “Shareholders”) amounted to US$139,831,895 (2012: US$134,582,829) for GLG Global Equity, US$328,451,367 (2012: US$329,751,511) for GLG Global Convertible UCITS, €36,506,891 (2012: €17,110,773) for GLG European Equity, €30,609,013 (2012: €25,107,658) for GLG Global Sustainability Equity, ¥385,756,852,737 (2012: ¥134,039,513,064) for GLG Japan CoreAlpha Equity, US$Nil (2012: US$31,786,584) for GLG Global Emerging Markets Equity, US$37,070,444 (2012: Nil) for GLG MENA Equity and US$21,404,867 (2012: n/a) for GLG Global Investment Grade Bond. The returns of the classes of all the sub-funds for the year end are disclosed in the tables below:

2012012012013333 2012201220122012

GLG Global Equity Class D H T GBP Shares 30.57% 14.16% Class I USD Shares 31.21% 15.03% Class D USD Shares 30.21% 14.16% Class D H EUR Shares 30.04% 13.46% Class I EUR Shares 23.72% 1.29% Class I H EUR Shares 30.96% 9.77% Class I GBP Shares - -1.18% Class I H GBP Shares 31.54% 2.92% GLG Global Convertible UCITS Class DL USD Shares 7.83% 11.08% Class DL H EUR Shares 8.18% 11.13% Class DL H GBP Shares 8.18% 5.34% Class IL USD Shares 8.85% 12.66% Class IL H EUR Shares 8.74% 12.11% Class IM USD Shares 11.02% 13.27% Class IM H EUR Shares 10.80% 12.58% Class IM H GBP Shares 11.27% 12.91% GLG European Equity Class D EUR Shares 28.89% 12.34%Class D H T GBP Shares 29.58% 12.99%Class I EUR Shares 29.99% 13.19%Class I H USD Shares 30.17% 10.39%Class D H USD Shares 29.21% 0.73%Class D H NOK Shares - 9.41% GLG Global Sustainability Equity Class D EUR Shares 23.55% 13.79%Class I H GBP Shares 25.03% 15.06%

GLG Investments plc Directors’ Report for the year ended 31 December 2013 (continued)

10

Results for the Results for the Results for the Results for the yearyearyearyear and state of affairs at 3and state of affairs at 3and state of affairs at 3and state of affairs at 31111 DecemberDecemberDecemberDecember 2012012012013333 (continued)(continued)(continued)(continued)

2020202011113333 2012201220122012 GLG Japan CoreAlpha Equity Class D JPY Shares 63.43% 16.17% Class I JPY Shares 64.57% 17.07%

Class D H USD Shares 59.01% 14.63% Class I H USD Shares 59.97% 15.52% Class D H EUR Shares 58.42% 12.71% Class I H EUR Shares 59.63% 13.56% Class D H GBP Shares 59.76% 14.23% Class I H GBP Shares 60.91% 15.12% Class I GBP Shares 33.00% -0.46% Class I USD Shares 35.34% 2.07% Class I EUR Shares 29.45% 2.38%

Class I H CHF Shares 60.46% 17.01% Class D H CHF Shares 59.13% 14.46% GLG Global Emerging Markets Equity Class I H GBP Shares - 22.01% GLG MENA Equity Class I H GBP Shares 21.22% - Class D USD 7.11% -

GLG Global Investment Grade Bond Class D USD 0.93% - Class I USD 1.67% - DividendsDividendsDividendsDividends

The Directors do not propose the payment of a dividend at this time (2012: US$Nil).

Future developments Future developments Future developments Future developments

The Fund will continue to pursue the Portfolios’ investment objectives as outlined in note 1.

Significant evenSignificant evenSignificant evenSignificant events during the ts during the ts during the ts during the yearyearyearyear

Board of Directors

With effect from 30 June 2013, Mr Aniello Bianco, Mr Alun Davies and Mr Gerard O’Mahony resigned as directors of the Fund. Mr John Morton and Mr John Walley were appointed as directors of the Fund on 6 June 2013 and on 24 May 2013 respectively.

Prospectus

The Prospectus was last issued on 18 February 2013. The amendments to the Prospectus reflected an amendment of the same date to the Administrative Services Agreement to permit the delegation of such services, updates to the minimum initial subscription, minimum incremental subscription and minimum on-going shareholding for certain un-launched share classes, updates to certain bank account details and other minor amendments.

Portfolios

GLG Global Investment Grade Bond was launched and commenced operations on 7 January 2013. GLG MENA Equity was fully redeemed on 13 November 2012 and it was re-launched on 8 May 2013. GLG Global Emerging Markets Equity was fully redeemed on 25 July 2013 and the Portfolio ceased its operations.

Share Classes

The following new Share Classes of GLG Global Investment Grade Bond have been launched and listed on the Irish Stock Exchange on 8 January 2013: Class D USD and Class I USD.

De-listing of Share Classes

All the Share Classes of GLG Emerging Asia Equity were delisted with effect from 9 January 2013.

Share Class I H GBP of GLG Frontier Markets Equity has been delisted from the Irish Stock Exchange with effect from 10 January 2013.

Withdrawal of approval of sub-funds

On 12 December 2013, the approvals for GLG Emerging Europe Equity, GLG Latin American Equity and GLG Emerging Asian Equity were, at the request for the Fund, withdrawn by the Central Bank.

SignificantSignificantSignificantSignificant events since the events since the events since the events since the yearyearyearyear endendendend

Portfolios

On 3 January 2014, the approval of GLG Frontier Markets Equity was, at the request of the Fund, withdrawn by the Central Bank.

Prospectus

On 29 January 2014, a new Prospectus was issued. The amendments to the Prospectus reflected the establishment of new share classes in certain of the sub-funds, the update of the Efficient Portfolio Management section to reflect the ESMA Guidelines on ETFs and other UCITS issues, updates to reflect changes to the board of directors of the Fund and the Manager, removal of the definition of “Institutional Investor”, updates in respect of the dealing procedures, updates of certain of the investment risks.

GLG Investments plc Directors’ Report for the year ended 31 December 2013 (continued)

11

Investment objectivesInvestment objectivesInvestment objectivesInvestment objectives

The Fund’s investment objectives are as stated in note 1 to the financial statements. Investment in the Fund carries with it a degree of risk including but not limited to the risks referred to in note 11 to the financial statements. For a more detailed description of risks associated with investment in the Fund, please refer to the Prospectus.

DirectorsDirectorsDirectorsDirectors

The names of the persons who are Directors of the Fund at the date of this report are listed on page 2.

Directors’ interests Directors’ interests Directors’ interests Directors’ interests

Neither the Directors, nor their families, nor the secretary (Matsack Trust Limited), nor the Investment Manager had any interests in the Shares of the Fund during the year ended 31 December 2013.

The Fund has adopted the corporate governance code for collective investment schemes and management companies issued by the Irish Funds Industry Association (the “IFIA Code”). The Directors are satisfied that they act independently and in the interests of the Fund as a whole and have determined that John Walley and Victoria Parry are independent directors as that term is defined in the IFIA Code.

Directors’ responsibilitiesDirectors’ responsibilitiesDirectors’ responsibilitiesDirectors’ responsibilities

The Directors are responsible for preparing the Directors’ Report and the financial statements in accordance with Irish law and regulations.

Irish company law requires the Directors to prepare financial statements giving a true and fair view of the state of affairs of the Fund and the profit or loss of the Fund for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with Irish Generally Accepted Accounting Practice (accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland and Irish law) (“Irish GAAP”).

In preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently; • make judgments and accounting estimates that are reasonable and prudent; and • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Fund will continue in

business.

The Directors are responsible for keeping proper books of account that disclose with reasonable accuracy at any time the financial position of the Fund and enable them to ensure that the financial statements comply with the Companies Acts 1963 to 2013 (together the “Companies Act”). They are also responsible for safeguarding the assets of the Fund and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Books of accountBooks of accountBooks of accountBooks of account

The Directors are responsible for ensuring that proper books and accounting records as outlined in Section 202 of the Companies Act, 1990 are kept by the Fund. To achieve this, the Directors have appointed an experienced third party fund administrator to ensure that the requirements of Section 202 of the Companies Act, 1990 are complied with. The books and accounting records are maintained at the Administrator’s office.

Independent AuditorIndependent AuditorIndependent AuditorIndependent Auditor

The Independent Auditor, Ernst & Young, Chartered Accountants, will continue in office in accordance with Section 160 (2) of the Companies Act 1963.

Corporate governanceCorporate governanceCorporate governanceCorporate governance

The European Communities (Directive 2006/46/EC) Regulations (S.I. 450 of 2009 and S.I. 83 of 2010) (the “Governance Regulations”) requires the inclusion of a corporate governance statement in the Directors’ Report.

Although there is no specific statutory corporate governance code applicable to Irish collective investment schemes whose shares are admitted to trading on the Irish Stock Exchange, the Fund is subject to corporate governance practices imposed by:

i) The Irish Companies Acts, 1963-2013 which are available for inspection at the registered office of the Fund; ii) The Articles of Association of the Fund which are available for inspection at the registered office of the Fund; iii) The Central Bank in their UCITS Notices and Guidance Notes which can be obtained from the Central Bank website at:

http://www.financialregulator.ie/industry-sectors/funds/Pages/default.aspx and are available for inspection at the registered office of the Fund; and

iv) The Irish Stock Exchange (“ISE”) through the ISE Code of Listing Requirements and Procedures which can be obtained from the ISE’s website at:- http://www.ise.ie/index.asp?locID=7&docID=-1.

The Irish Funds Industry Association (“IFIA”) has published the IFIA Code that may be adopted on a voluntary basis by Irish authorized collective investment schemes. It should be noted that the IFIA Code reflects existing corporate governance practices imposed on Irish authorized collective investment schemes, as noted above. If the IFIA Code is adopted on a voluntary basis, it can be referred to in the disclosures made in the Directors’ Report in compliance with the provisions of the Governance Regulations.

GLG Investments plc Statement of Assets and Liabilities as at 31 December 2013

13

GLGGLGGLGGLG

GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG GlobalGlobalGlobalGlobalGLGGLGGLGGLG Global Global Global Global GLGGLGGLGGLG GlobalGlobalGlobalGlobal JapanJapanJapanJapan EmergingEmergingEmergingEmerging

GlobalGlobalGlobalGlobal ConvertibleConvertibleConvertibleConvertible EuropeanEuropeanEuropeanEuropean SustainabilitySustainabilitySustainabilitySustainability Core Alpha Core Alpha Core Alpha Core Alpha MarketsMarketsMarketsMarketsEquityEquityEquityEquity UCITSUCITSUCITSUCITS EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity Equity ~Equity ~Equity ~Equity ~

NotesNotesNotesNotes US$US$US$US$ US$US$US$US$ €€€€ €€€€ ¥¥¥¥ US$US$US$US$AssetsAssetsAssetsAssets

Financial assets held at fair value through profit and loss:

Equities and managed funds 3,4 105,770,478 13,599,066 18,970,583 24,654,546 382,258,806,981 -

Interest bearing securities 3,4 - 299,281,942 - - - -

Derivatives 3,4,8 4,909,117 3,599,103 1,762,548 811,971 5,405,664,712 - Cash 12 29,149,057 12,734,442 14,667,990 5,214,855 3,877,893,217 18,631 Due from brokers 12 894,144 5,026,918 1,806,382 532,966 - -

Accrued income 125,302 1,743,814 32,189 12,712 270,245,820 - Other receivables 6 - 357,448 - 27 - 46,135 Total AssetsTotal AssetsTotal AssetsTotal Assets 140,848,098 336,342,733 37,239,692 31,227,077 391,812,610,730 64,766

LiabilitiesLiabilitiesLiabilitiesLiabilitiesFinancial liabilities held at fair value through profit and loss:

Derivatives 3,4,8 527,569 2,906,849 376,962 70,620 704,251,377 - Due to brokers 12 84 1,558,130 3,304 377,386 4,911,097,567 - Accrued expenses 488,550 3,416,363 352,535 167,025 440,409,049 64,766 Other payables 7 - 10,024 - 3,033 - -

Liabilities (excluding Net Assets Attributable to Holders of Liabilities (excluding Net Assets Attributable to Holders of Liabilities (excluding Net Assets Attributable to Holders of Liabilities (excluding Net Assets Attributable to Holders of

Redeemable Participating Shares)Redeemable Participating Shares)Redeemable Participating Shares)Redeemable Participating Shares) 1,016,203 7,891,366 732,801 618,064 6,055,757,993 64,766

Net Assets Attributable to Holders of Redeemable Net Assets Attributable to Holders of Redeemable Net Assets Attributable to Holders of Redeemable Net Assets Attributable to Holders of Redeemable

Participating SharesParticipating SharesParticipating SharesParticipating Shares 139,831,895 328,451,367 36,506,891 30,609,013 385,756,852,737 -

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

GLG Investments plc Statement of Assets and Liabilities as at 31 December 2013 (continued)

14

GLGGLGGLGGLG

GLGGLGGLGGLG GlobalGlobalGlobalGlobalMENAMENAMENAMENA InvestmentInvestmentInvestmentInvestment CombinedCombinedCombinedCombined

Equity #Equity #Equity #Equity # Grade Bond *Grade Bond *Grade Bond *Grade Bond * CompanyCompanyCompanyCompanyNotesNotesNotesNotes US$US$US$US$ US$US$US$US$ US$US$US$US$

AssetsAssetsAssetsAssetsFinancial assets held at fair value through profit and loss:

Equities and managed funds 3,4 34,368,277 - 3,850,774,686

Interest bearing securities 3,4 - 20,828,553 320,110,495

Derivatives 3,4,8 843,394 30,909 64,361,199

Cash 12 2,025,953 1,239,577 109,460,864 Due from brokers 12 - 39,105 9,183,697 Accrued income - 292,792 4,794,978 Other receivables 6 1,489 1,091 406,200

Total AssetsTotal AssetsTotal AssetsTotal Assets 37,239,113 22,432,027 4,359,092,119


Derivatives 3,4,8 1 52,216 10,803,841 Due to brokers 12 153 823,576 49,632,151 Accrued expenses 168,515 151,368 9,195,677 Other payables 7 - - 14,203

Liabilities (excluding Net Assets Attributable to Holders of Liabilities (excluding Net Assets Attributable to Holders of Liabilities (excluding Net Assets Attributable to Holders of Liabilities (excluding Net Assets Attributable to Holders of

Redeemable Participating Shares)Redeemable Participating Shares)Redeemable Participating Shares)Redeemable Participating Shares) 168,669 1,027,160 69,645,872


Participating SharesParticipating SharesParticipating SharesParticipating Shares 37,070,444 21,404,867 4,289,446,247

# GLG MENA Equity was fully redeemed on 13 November 2012 and the Portfolio was re-launched on 8 May 2013. * GLG Global Investment Grade Bond commenced its operations on 7 January 2013 and, as such, there are no comparatives presented for 31 December 2012.

~ GLG Global Emerging Markets Equity was fully redeemed on 25 July 2013 and the Portfolio ceased its operations.



15

GLGGLGGLGGLG GLGGLGGLGGLG

GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG GlobalGlobalGlobalGlobal GlobalGlobalGlobalGlobal

GLGGLGGLGGLG GlobalGlobalGlobalGlobal GLGGLGGLGGLG GlobalGlobalGlobalGlobal JapanJapanJapanJapan EmergingEmergingEmergingEmerging GLGGLGGLGGLG InvestmentInvestmentInvestmentInvestment

GlobalGlobalGlobalGlobal ConvertibleConvertibleConvertibleConvertible EuropeanEuropeanEuropeanEuropean SustainabilitySustainabilitySustainabilitySustainability CoreAlphaCoreAlphaCoreAlphaCoreAlpha MarketsMarketsMarketsMarkets MENAMENAMENAMENA Grade BondGrade BondGrade BondGrade Bond

Net Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating Shares NotesNotesNotesNotes EquityEquityEquityEquity UCITS UCITS UCITS UCITS EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity Equity #Equity #Equity #Equity # Equity *Equity *Equity *Equity *

Number of Class D EUR Redeemable Participating Shares in Issue 9 - - 37,756 5,419 - - - -

Net Asset Value per Class D EUR Redeemable Participating Share 14 - - €153.01 €77.94 - - - -

Number of Class D H CHF Redeemable Participating Shares in Issue 9 - - - - 155,643 - - -

Net Asset Value per Class D H CHF Redeemable Participating Share 14 - - - - CHF182.14 - - -

Number of Class D H EUR Redeemable Participating Shares in Issue 9 127,060 - - - 1,868,703 - - -

Net Asset Value per Class D H EUR Redeemable Participating Share 14 €141.16 - - - €139.35 - - -

Number of Class D H GBP Redeemable Participating Shares in Issue 9 - - - - 779,616 - - -

Net Asset Value per Class D H GBP Redeemable Participating Share 14 - - - - 132.52 - - -

Number of Class D H T GBP Redeemable Participating Shares in Issue 9 1,345 - 172,163 - - - - -

Net Asset Value per Class D H T GBP Redeemable Participating Share 14 GBP152.14 - GBP123.55 - - - - -

Number of Class D H USD Redeemable Participating Shares in Issue 9 - - 49,718 - 856,098 - - -

Net Asset Value per Class D H USD Redeemable Participating Share 14 - - US$130.15 - 140.82 - - -

Number of Class D JPY Redeemable Participating Shares in Issue 9 - - - - 363,479 - - -

Net Asset Value per Class D JPY Redeemable Participating Share 14 - - - - 14,924 - - -

Number of Class D USD Redeemable Participating Shares in Issue 9 164,165 - - - - - 1,000 58,957

Net Asset Value per Class D USD Redeemable Participating Share 14 US$158.60 - - - - - US$107.11 US$100.93



16

GLGGLGGLGGLG GLGGLGGLGGLG

GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG GlobalGlobalGlobalGlobal GlobalGlobalGlobalGlobal

GLGGLGGLGGLG GlobalGlobalGlobalGlobal GLGGLGGLGGLG GlobalGlobalGlobalGlobal JapanJapanJapanJapan EmergingEmergingEmergingEmerging GLGGLGGLGGLG InvestmentInvestmentInvestmentInvestment

GlobalGlobalGlobalGlobal ConvertibleConvertibleConvertibleConvertible EuropeanEuropeanEuropeanEuropean SustainabilitySustainabilitySustainabilitySustainability CoreAlphaCoreAlphaCoreAlphaCoreAlpha MarketsMarketsMarketsMarkets MENAMENAMENAMENA Grade BondGrade BondGrade BondGrade Bond

Net Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating Shares NotesNotesNotesNotes EquityEquityEquityEquity UCITS UCITS UCITS UCITS EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity Equity #Equity #Equity #Equity # Equity *Equity *Equity *Equity *

Number of Class DL H EUR Redeemable Participating Shares in Issue 9 - 520,099 - - - - - -

Net Asset Value per Class DL H EUR Redeemable Participating Share 14 - €127.98 - - - - - -

Number of Class DL H GBP Redeemable Participating Shares in Issue 9 - 6,747 - - - - - -

Net Asset Value per Class DL H GBP Redeemable Participating Share 14 - GBP113.95 - - - - - -

Number of Class DL USD Redeemable Participating Shares in Issue 9 - 402,160 - - - - - -

Net Asset Value per Class DL USD Redeemable Participating Share 14 - US$141.65 - - - - - -

Number of Class I EUR Redeemable Participating Shares in Issue 9 348,788 - 4,035 - 188,825 - - -

Net Asset Value per Class I EUR Redeemable Participating Share 14 €125.32 - €101.95 - €128.98 - - -

Number of Class I GBP Redeemable Participating Shares in Issue 9 - - - - 679,805 - - -

Net Asset Value per Class I GBP Redeemable Participating Share 14 - - - - 121.92 - - -

Number of Class I JPY Redeemable Participating Shares in Issue 9 - - - - 4,146,863 - - -

Net Asset Value per Class I JPY Redeemable Participating Share 14 - - - - 15,361 - - -

Number of Class I H GBP Redeemable Participating Shares in Issue 9 75,442 - - 211,978 5,230,631 - 169,584 -

Net Asset Value per Class I H GBP Redeemable Participating Share 14 GBP135.39 - - GBP118.48 142.76 - GBP131.60 -

Number of Class I H EUR Redeemable Participating Shares in Issue 9 19,774 - - - 1,712,880 - - -

Net Asset Value per Class I H EUR Redeemable Participating Share 14 €143.76 - - - €143.81 - - -

Number of Class I H USD Redeemable Participating Shares in Issue 9 - - 541 - 3,436,804 - - -

Net Asset Value per Class I H USD Redeemable Participating Share 14 - - US$143.70 - 147.70 - - -


GLG Investments plc Statement of Assets and Liabilities as at 31 December 2012

18

GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG

GLGGLGGLGGLG GlobalGlobalGlobalGlobal GLGGLGGLGGLG GlobalGlobalGlobalGlobal JapanJapanJapanJapan EmergingEmergingEmergingEmerging EmergingEmergingEmergingEmergingGlobalGlobalGlobalGlobal ConvertibleConvertibleConvertibleConvertible EuropeanEuropeanEuropeanEuropean SustainabilitySustainabilitySustainabilitySustainability CoreAlpha CoreAlpha CoreAlpha CoreAlpha AsiaAsiaAsiaAsia EuropeEuropeEuropeEuropeEquityEquityEquityEquity UCITSUCITSUCITSUCITS EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity

NotesNotesNotesNotes US$US$US$US$ US$US$US$US$ €€€€ €€€€ ¥¥¥¥ US$US$US$US$ US$US$US$US$AssetsAssetsAssetsAssetsFinancial assets held at fair value through profit and loss:

Equities and managed funds 3,4 105,223,777 16,853,115 7,933,246 23,090,779 129,559,023,052 - -

Interest bearing securities 3,4 - 305,950,740 - - - - -

Derivatives 3,4,8 3,575,521 3,526,654 654,173 531,341 4,683,060,939 - -Cash 12 26,520,674 6,521,366 8,645,096 2,126,402 279,624,785 1,435 -Due from brokers 12 972,194 4,669,526 271,240 393,894 129,419,977 - -Accrued income 28,398 2,006,183 792 17,107 54,411,634 - -Other receivables 6 23,186 37,942 - 92 91,838,737 - -Total AssetsTotal AssetsTotal AssetsTotal Assets 136,343,750 339,565,526 17,504,547 26,159,615 134,797,379,124 1,435 -


Derivatives. 3,4,8 960,733 4,119,217 174,553 134,055 96,830,791 - -Due to brokers 12 450,029 577,111 8,744 839,904 234,536,713 - -Due to Lehman and associated entities - 2,753,135 - - - - -Accrued expenses 349,520 1,655,463 208,772 76,664 175,059,610 1,435 -Other payables 7 639 709,089 1,705 1,334 251,438,946 - -Liabilities (excluding Net Assets Attributable to Holders of Liabilities (excluding Net Assets Attributable to Holders of Liabilities (excluding Net Assets Attributable to Holders of Liabilities (excluding Net Assets Attributable to Holders of

Redeemable Participating Shares)Redeemable Participating Shares)Redeemable Participating Shares)Redeemable Participating Shares) 1,760,921 9,814,015 393,774 1,051,957 757,866,060 1,435 -


Participating SharesParticipating SharesParticipating SharesParticipating Shares 134,582,829 329,751,511 17,110,773 25,107,658 134,039,513,064 - -



19

GLGGLGGLGGLGGLGGLGGLGGLG GlobalGlobalGlobalGlobal GLGGLGGLGGLG

FrontierFrontierFrontierFrontier EmergingEmergingEmergingEmerging LatinLatinLatinLatin GLGGLGGLGGLGMarketsMarketsMarketsMarkets Markets Markets Markets Markets America America America America MENAMENAMENAMENA CombinedCombinedCombinedCombinedEquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity CompanyCompanyCompanyCompany

NotesNotesNotesNotes US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$AssetsAssetsAssetsAssetsFinancial assets held at fair value through profit and loss:

Equities and managed funds 3,4 - 28,676,748 - - 1,690,653,350

Interest bearing securities 3,4 - - - - 305,950,740

Derivatives 3,4,8 - 624,897 - - 63,473,059 Cash and cash equivalents 12 108,052 2,561,204 - 66,404 53,215,446 Due from brokers 12 - - - - 8,016,016 Accrued income 354 35,573 - 244 2,723,892 Other receivables 6 339 - 21 5 1,124,188 Total AssetsTotal AssetsTotal AssetsTotal Assets 108,745 31,898,422 21 66,653 2,125,156,691


Derivatives. 3,4,8 - 40,264 - - 6,647,412

Due to brokers 12 4,219 3 21 108 4,863,929 Due to Lehman and associated entities - - - - 2,753,135 Accrued expenses 104,526 71,564 - 66,545 4,650,810 Other payables 7 - 7 - - 3,622,892 Liabilities (excluding Net Assets Attributable to Holders of Liabilities (excluding Net Assets Attributable to Holders of Liabilities (excluding Net Assets Attributable to Holders of Liabilities (excluding Net Assets Attributable to Holders of

Redeemable Participating Shares)Redeemable Participating Shares)Redeemable Participating Shares)Redeemable Participating Shares) 108,745 111,838 21 66,653 22,538,178


Participating SharesParticipating SharesParticipating SharesParticipating Shares - 31,786,584 - - 2,102,618,513



20

Net Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating Shares NotesNotesNotesNotes

GLG GLG GLG GLG

Global Global Global Global

EquityEquityEquityEquity

GLG GLG GLG GLG


Convertible Convertible Convertible Convertible

UCITSUCITSUCITSUCITS

GLG GLG GLG GLG

European European European European


GLG GLG GLG GLG


SusSusSusSustainability tainability tainability tainability


GLG GLG GLG GLG

Japan Japan Japan Japan

CoreAlpha CoreAlpha CoreAlpha CoreAlpha


GLG GLG GLG GLG

Emerging Emerging Emerging Emerging

Asia Asia Asia Asia


GLG GLG GLG GLG


Europe Europe Europe Europe


GLG GLG GLG GLG

Frontier Frontier Frontier Frontier

MarketsMarketsMarketsMarkets


Number of Class D EUR Redeemable Participating Shares in Issue 9 - - 96,626 5,419 - - - -

Net Asset Value per Class D EUR Redeemable Participating Share 14 - - €118.71 €63.09 - - - -

Number of Class D H CHF Redeemable Participating Shares in Issue 9 - - - - 244,763 - - -

Net Asset Value per Class D H CHF Redeemable Participating Share 14 - - - - CHF114.46 - - -

Number of Class D H EUR Redeemable Participating Shares in Issue 9 147,158 - - 831,406 - -

Net Asset Value per Class D H EUR Redeemable Participating Share 14 €108.55 - - € 87.96 - -

Number of Class D H EUR2 Redeemable Participating Shares in Issue 9 - - - - - - - -

Net Asset Value per Class D H EUR2 Redeemable Participating Share 14 - - - - - - - -

Number of Class D H GBP Redeemable Participating Shares in Issue 9 836 - 318 - 1,171,729 - -

Net Asset Value per Class D H GBP Redeemable Participating Share 14 GBP116.52 - GBP95.35 - GBP 82.95 - -

Number of Class D H USD Redeemable Participating Shares in Issue 9 - - 40,711 482,625 - - -

Net Asset Value per Class D H USD Redeemable Participating Share 14 - - US$100.73 US$88.56 - - -

Number of Class D JPY Redeemable Participating Shares in Issue 9 - - - - 231,681 - - -

Net Asset Value per Class D JPY Redeemable Participating Share 14 - - - - ¥ 9,132 - - -

Number of Class D USD Redeemable Participating Shares in Issue 9 155,394 - - - - - -

Net Asset Value per Class D USD Redeemable Participating Share 14 US$121.80 - - - - - -



21

Net Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating Shares (continued)(continued)(continued)(continued) NotesNotesNotesNotes

GLG GLG GLG GLG


EEEEquityquityquityquity

GLG GLG GLG GLG




GLG GLG GLG GLG



GLG GLG GLG GLG


Sustainability Sustainability Sustainability Sustainability


GLG GLG GLG GLG




GLG GLG GLG GLG


Asia Asia Asia Asia


GLG GLG GLG GLG




GLG GLG GLG GLG




Number of Class DL H EUR Redeemable Participating Shares in Issue 9 - 460,612 - - - - - -

Net Asset Value per Class DL H EUR Redeemable Participating Share 14 - €118.30 - - - - - -

Number of Class DL H GBP Redeemable Participating Shares in Issue 9 - 6,053 - - - - - -

Net Asset Value per Class DL H GBP Redeemable Participating Share 14 - GBP105.34 - - - - - -

Number of Class DL USD Redeemable Participating Shares in Issue 9 - 402,167 - - - - - -

Net Asset Value per Class DL USD Redeemable Participating Share 14 - US$131.36 - - - - - -

Number of Class I EUR Redeemable Participating Shares in Issue 9 305,829 - 4,109 - 231,552 - - -

Net Asset Value per Class I EUR Redeemable Participating Share 14 €101.29 - €78.43 - € 99.64 - - -

Number of Class I GBP Redeemable Participating Shares in Issue 9 217,587 - - - 192,592 - - -

Net Asset Value per Class I GBP Redeemable Participating Share 14 GBP98.82 - - - GBP91.67 - - -

Number of Class I H CHF Redeemable Participating Shares in Issue 9 - - - - 10,000 - - -

Net Asset Value per Class I H CHF Redeemable Participating Share 14 - - - - CHF117.01 - - -

Number of Class I H GBP Redeemable Participating Shares in Issue 9 75,442 - - 211,978 3,595,134 - - -

Net Asset Value per Class I H GBP Redeemable Participating Share 14 GBP102.92 - - GBP94.76 GBP88.72 - - -

Number of Class I H EUR Redeemable Participating Shares in Issue 9 12,988 - - - 933,090 - - -

Net Asset Value per Class I H EUR Redeemable Participating Share 14 €109.77 - - - € 90.09 - - -

Number of Class I H USD Redeemable Participating Shares in Issue 9 - - 540 - 2,680,460 - - -

Net Asset Value per Class I H USD Redeemable Participating Share 14 - - US$110.39 - US$ 92.33 - - -

Number of Class I JPY Redeemable Participating Shares in Issue 9 - - - - 2,413,730 - - -

Net Asset Value per Class I JPY Redeemable Participating Share 14 - - - - ¥ 9,334 - - -



22

Net Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating Shares (continued(continued(continued(continued)))) NotesNotesNotesNotes

GLG GLG GLG GLG



GLG GLG GLG GLG




GLG GLG GLG GLG



GLG GLG GLG GLG


Sustainability Sustainability Sustainability Sustainability


GLG GLG GLG GLG




GLG GLG GLG GLG


Asia Asia Asia Asia


GLG GLG GLG GLG




GLG GLG GLG GLG




Number of Class I USD Redeemable Participating Shares in Issue 9 60,915 - - - 2,710 - - -

Net Asset Value per Class I USD Redeemable Participating Share 14 US$ 67.99 - - - US$ 88.12 - - -

Number of Class IH Redeemable Participating Shares in Issue 9 - - - - - - - -

Net Asset Value per Class IH Redeemable Participating Share 14 - - - - - - - -

Number of Class IL H EUR Redeemable Participating Shares in Issue 9 - 896,414 - - - - - -

Net Asset Value per Class IL H EUR Redeemable Participating Share 14 - € 99.76 - - - - - -

Number of Class IL H JPY Redeemable Participating Shares in Issue 9 - - - - - - - -

Net Asset Value per Class IL H JPY Redeemable Participating Share 14 - - - - - - - -

Number of Class IL USD Redeemable Participating Shares in Issue 9 - 17,972 - - - - - -

Net Asset Value per Class IL USD Redeemable Participating Share 14 - US$104.57 - - - - - -

Number of Class IM H EUR Redeemable Participating Shares in Issue 9 - 432,103 - - - - - -

Net Asset Value per Class IM H EUR Redeemable Participating Share 14 - €130.28 - - - - - -

Number of Class IM H GBP Redeemable Participating Shares in Issue 9 - 9,537 - - - - - -

Net Asset Value per Class IM H GBP Redeemable Participating Share 14 - GBP133.35 - - - - - -

Number of Class IM USD Redeemable Participating Shares in Issue 9 - 60,180 - - - - - -

Net Asset Value per Class IM USD Redeemable Participating Share 14 - US$132.55 - - - - - -

Number of Class N Redeemable Participating Shares in Issue 9 - - - - - - - -

Net Asset Value per Class N Redeemable Participating Share 14 - - - - - - - -

Number of Class DH NOK Redeemable Participating Shares in Issue 9 - - 142,491 - - - - -

Net Asset Value per Class DH NOK Redeemable Participating Share 14 - - NOK109.41 - - - - -



23

Net Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating Shares (continued)(continued)(continued)(continued) NoteNoteNoteNotessss

GLG GLG GLG GLG





GLG GLG GLG GLG

Latin Latin Latin Latin

American American American American


GLG GLG GLG GLG

MENA MENA MENA MENA


Number of Class D EUR Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class D EUR Redeemable Participating Share 14 ---- ---- ----

Number of Class D H CHF Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class D H CHF Redeemable Participating Share 14 ---- ---- ----

Number of Class D H EUR Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class D H EUR Redeemable Participating Share 14 ---- ---- ----

Number of Class D H EUR2 Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class D H EUR2 Redeemable Participating Share 14 ---- ---- ----

Number of Class D H GBP Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class D H GBP Redeemable Participating Share 14 ---- ---- ----

Number of Class D H T GBP Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class D H T GBP Redeemable Participating Share 14 ---- ---- ----

Number of Class D H USD Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class D H USD Redeemable Participating Share 14 ---- ---- ----

Number of Class D T JPY Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class D T JPY Redeemable Participating Share 14 ---- ---- ----

Number of Class D USD Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class D USD Redeemable Participating Share 14 ---- ---- ----

Number of Class DL H EUR Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class DL H EUR Redeemable Participating Share 14 ---- ---- ----

Number of Class DL H GBP Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class DL H GBP Redeemable Participating Share 14 ---- ---- ----



24

Net Asset Value per Redeemable PartiNet Asset Value per Redeemable PartiNet Asset Value per Redeemable PartiNet Asset Value per Redeemable Participating Sharescipating Sharescipating Sharescipating Shares (continued)(continued)(continued)(continued) NotesNotesNotesNotes

GLG GLG GLG GLG





GLG GLG GLG GLG




GLG GLG GLG GLG

MENA MENA MENA MENA


Number of Class DL USD Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class DL USD Redeemable Participating Share 14 ---- ---- ----

Number of Class I EUR Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class I EUR Redeemable Participating Share 14 ---- ---- ----

Number of Class I GBP Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class I GBP Redeemable Participating Share 14 ---- ---- ----

Number of Class I H CHF Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class I H CHF Redeemable Participating Share 14 ---- ---- ----

Number of Class I H GBP Redeemable Participating Shares in Issue 9 206,749 ----

Net Asset Value per Class I H GBP Redeemable Participating Share 14 GBP94.58 ----

Number of Class I H EUR Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class I H EUR Redeemable Participating Share 14 - - -

Number of Class I H USD Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class I H USD Redeemable Participating Share 14 - - -

Number of Class I T JPY Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class I T JPY Redeemable Participating Share 14 - - -

Number of Class I USD Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class I USD Redeemable Participating Share 14 - - -

Number of Class IH Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class IH Redeemable Participating Share 14 - - -

Number of Class IL H EUR Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class IL H EUR Redeemable Participating Share 14 - - -



25

Net Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating SharesNet Asset Value per Redeemable Participating Shares (continued)(continued)(continued)(continued) NotesNotesNotesNotes

GLG GLG GLG GLG





GLG GLG GLG GLG




GLG GLG GLG GLG

MENA MENA MENA MENA


Number of Class IL H JPY Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class IL H JPY Redeemable Participating Share 14 - - -

Number of Class IL USD Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class IL USD Redeemable Participating Share 14 - - -

Number of Class IM H EUR Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class IM H EUR Redeemable Participating Share 14 - - -

Number of Class IM H GBP Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class IM H GBP Redeemable Participating Share 14 - - -

Number of Class IM USD Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class IM USD Redeemable Participating Share 14 - - -

Number of Class N Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class N Redeemable Participating Share 14 - - -

Number of Class DH NOK Redeemable Participating Shares in Issue 9 ---- ---- ----

Net Asset Value per Class DH NOK Redeemable Participating Share 14 - - -


GLG Investments plc Statement of Operations for the year ended 31 December 2013

26

GLGGLGGLGGLGGLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG GlobalGlobalGlobalGlobal

GLGGLGGLGGLG Global Global Global Global GLGGLGGLGGLG GlobalGlobalGlobalGlobal JapanJapanJapanJapan EmergingEmergingEmergingEmergingGlobalGlobalGlobalGlobal ConvertibleConvertibleConvertibleConvertible EuropeanEuropeanEuropeanEuropean SustainabilitySustainabilitySustainabilitySustainability CoreAlpha CoreAlpha CoreAlpha CoreAlpha MarketsMarketsMarketsMarketsequityequityequityequity UCITSUCITSUCITSUCITS EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity

NotesNotesNotesNotes US$US$US$US$ US$US$US$US$ €€€€ €€€€ ¥¥¥¥ US$US$US$US$IncomeIncomeIncomeIncomeNet gain/(loss) on financial assets and liabilities at fair value

through profit or loss 15 38,842,111 53,179,836 6,609,876 5,937,835 144,902,308,968 (1,678,031)

Interest income on due from brokers 1,034,737 33,767 435,139 147,592 310,365,804 7,188 Total incomeTotal incomeTotal incomeTotal income 39,876,848 53,213,603 7,045,015 6,085,427 145,212,674,772 (1,670,843)

ExpensesExpensesExpensesExpensesManagement fees 5 1,278,815 5,300,124 372,648 212,663 2,088,743,567 101,345 Administration fees 5 409,847 1,071,068 75,157 81,744 686,388,465 45,896 Performance fees 5 - 4,547,020 - - - -

Interest expenses on overdraft 33,023 514,278 23,171 5,445 9,237,730 24,411 Legal fees 146,338 281,329 89,381 24,639 25,171,859 11,199 Custody fees 5 18,618 138,403 41,863 34,981 88,715,163 25,726 Other expenses 71,671 184,353 51,380 49,324 54,683,379 11,599

Interest expense on due to brokers 809,458 573 468,201 158,451 24,638,869 17,718 Audit fees 25,514 30,999 17,893 14,541 6,548,053 (3,401) Directors' fees 5,317 4,000 6,862 3,009 4,425,889 (708) Setup costs - - - - - - Total expensesTotal expensesTotal expensesTotal expenses 2,798,601 12,072,147 1,146,556 584,797 2,988,552,974 233,785

Increase/(Decrease) in Net Assets Attributable to Holders of Increase/(Decrease) in Net Assets Attributable to Holders of Increase/(Decrease) in Net Assets Attributable to Holders of Increase/(Decrease) in Net Assets Attributable to Holders of

Redeemable Participating Shares from OperationsRedeemable Participating Shares from OperationsRedeemable Participating Shares from OperationsRedeemable Participating Shares from Operations 37,078,247 41,141,456 5,898,459 5,500,630 142,224,121,798 (1,904,628)

All recognised gains and losses for the year arose solely from continuing operations.


GLG Investments plc Statement of Operations for the year ended 31 December 2012

28

GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLGGLGGLGGLGGLG GlobalGlobalGlobalGlobal GLGGLGGLGGLG GlobalGlobalGlobalGlobal JapanJapanJapanJapan EmergingEmergingEmergingEmerging EmergingEmergingEmergingEmerging

GlobalGlobalGlobalGlobal ConvertibleConvertibleConvertibleConvertible EuropeanEuropeanEuropeanEuropean SustainabilitySustainabilitySustainabilitySustainability CoreAlpha CoreAlpha CoreAlpha CoreAlpha Asia Asia Asia Asia EuropeEuropeEuropeEuropeEquityEquityEquityEquity UCITSUCITSUCITSUCITS EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity

NotesNotesNotesNotes US$US$US$US$ US$US$US$US$ €€€€ €€€€ ¥¥¥¥ US$US$US$US$ US$US$US$US$IncomeIncomeIncomeIncomeNet gain/(loss) on financial assets and liabilities at fair value

through profit or loss 15 10,195,378 44,650,730 3,557,415 4,268,749 27,222,262,550 1,520,896 1,727,658Interest income on due from brokers 88,190 216,320 30,680 9,446 91,416,453 18 -Total incomeTotal incomeTotal incomeTotal income 10,283,568 44,867,050 3,588,095 4,278,195 27,313,679,003 1,520,914 1,727,658

ExpensesExpensesExpensesExpensesManagement fees 5 942,932 4,338,035 239,702 174,369 906,439,856 17,819 9,734Administration fees 5 281,686 902,489 68,759 69,907 296,627,908 15,375 10,763Custody fees 5 61,215 111,350 36,991 41,631 37,729,704 31,396 16,291Legal fees 110,194 190,725 96,225 25,700 30,104,063 18,127 5,602Other expenses 116,792 182,432 74,721 64,044 15,659,399 (4,705) (2,024)Audit fees 25,435 66,375 45,426 21,081 14,369,721 (10,662) 760

Performance fees 5 - 972,526 - - - - -Directors' fees 5,147 2,167 6,806 3,017 327,731 (218) (788)Distribution fees 828 18,874 1,411 - - - -Interest expense on due to brokers 91,061 286 63,120 4,063 4,875,758 690 786Interest expense on overdraft 65,125 780,745 11,385 16,263 3,065 16 5Liquidation cost - - - - - -Total expensesTotal expensesTotal expensesTotal expenses 1,700,415 7,566,004 644,546 420,075 1,306,137,205 67,838 41,129


Redeemable Participating Shares from OperationsRedeemable Participating Shares from OperationsRedeemable Participating Shares from OperationsRedeemable Participating Shares from Operations 8,583,153 37,301,046 2,943,549 3,858,120 26,007,541,798 1,453,076 1,686,529



GLG Investments plc Statement of Operations for the year ended 31 December 2012 (continued)

29

GLGGLGGLGGLGGLGGLGGLGGLG GlobalGlobalGlobalGlobal GLG GLG GLG GLG

FrontierFrontierFrontierFrontier EmergingEmergingEmergingEmerging LatinLatinLatinLatin GLG GLG GLG GLG Markets Markets Markets Markets Markets Markets Markets Markets American American American American MENAMENAMENAMENA CombinedCombinedCombinedCombined

EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity CompanyCompanyCompanyCompanyNotesNotesNotesNotes US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$

IncomeIncomeIncomeIncomeNet gain/(loss) on financial assets and liabilities at fair value

through profit or loss 15 1,289,132 4,695,333 1,949,195 2,471,304 251,438,705Interest income on due from brokers 213 67 5,174 21 1,507,931Total incomeTotal incomeTotal incomeTotal income 1,289,345 4,695,400 1,954,369 2,471,325 252,946,636

ExpensesExpensesExpensesExpensesManagement fees 5 64,346 47,362 11,177 120,009 17,450,284Administration fees 5 47,313 28,964 12,251 48,004 5,244,756Custody fees 5 89,152 47,311 5,544 65,990 1,002,415Legal fees 48,204 20,446 5,895 17,161 950,543Other expenses 63,266 259 (3,840) 62,945 789,821

Audit fees 25,275 9,449 2,062 10,000 394,357Performance fees 5 - - - - 972,526Directors' fees 7,311 1,781 (188) 127 32,072Distribution fees - (15,992) - - 5,523Interest expense on due to brokers 215 - - 1,111 241,627Interest expense on overdraft 9,579 4,287 347 1,746 897,418Liquidation cost 7,000 - - - 7,000Total expensesTotal expensesTotal expensesTotal expenses 361,661 143,867 33,248 327,093 27,988,343


Redeemable Participating Shares from OperationsRedeemable Participating Shares from OperationsRedeemable Participating Shares from OperationsRedeemable Participating Shares from Operations 927,684 4,551,533 1,921,121 2,144,232 224,958,293



GLG Investments plc Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year ended 31 December 2013

30

GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLGGLGGLGGLGGLG Global Global Global Global GLGGLGGLGGLG GlobalGlobalGlobalGlobal JapanJapanJapanJapan GlobalGlobalGlobalGlobal

GlobalGlobalGlobalGlobal ConvertibleConvertibleConvertibleConvertible EuropeanEuropeanEuropeanEuropean SustainabilitySustainabilitySustainabilitySustainability CoreAlphaCoreAlphaCoreAlphaCoreAlpha EmergingEmergingEmergingEmergingEquityEquityEquityEquity UCITSUCITSUCITSUCITS EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity Markets EquityMarkets EquityMarkets EquityMarkets Equity

NoteNoteNoteNote US$US$US$US$ US$US$US$US$ €€€€ €€€€ ¥¥¥¥ US$US$US$US$Net assets attributable to redeemable participating Net assets attributable to redeemable participating Net assets attributable to redeemable participating Net assets attributable to redeemable participating

shareholders at beginning of the yearshareholders at beginning of the yearshareholders at beginning of the yearshareholders at beginning of the year 134,582,829 329,751,511 17,110,773 25,107,658 134,039,513,064 31,786,584

Increase/(Decrease) in Net Assets Attributable to Holders of

Redeemable Participating Shares from Operations 37,078,247 41,141,456 5,898,459 5,500,630 142,224,121,798 (1,904,628)

Subscriptions 9 36,608,230 144,538,582 29,472,275 37,646 282,491,191,331 -

Redemptions 9 (68,437,411) (186,980,182) (15,974,616) (36,921) (172,997,973,456) (29,881,956)

Net Assets Attributable to Redeemable Participating Net Assets Attributable to Redeemable Participating Net Assets Attributable to Redeemable Participating Net Assets Attributable to Redeemable Participating

Shareholders at end of yearShareholders at end of yearShareholders at end of yearShareholders at end of year 139,831,895 328,451,367 36,506,891 30,609,013 385,756,852,737 -


GLG Investments plc Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year ended 31 December 2013 (continued)

31

GLGGLGGLGGLGGLGGLGGLGGLG GlobalGlobalGlobalGlobal

MENAMENAMENAMENA InvestmentInvestmentInvestmentInvestment CombinedCombinedCombinedCombinedEquity #Equity #Equity #Equity # Grade Bond *Grade Bond *Grade Bond *Grade Bond * CompanyCompanyCompanyCompany

NoteNoteNoteNote US$US$US$US$ US$US$US$US$ US$US$US$US$Net assets attributable to redeemable participating Net assets attributable to redeemable participating Net assets attributable to redeemable participating Net assets attributable to redeemable participating

shareholders at beginning of the yearshareholders at beginning of the yearshareholders at beginning of the yearshareholders at beginning of the year - - 2,102,618,513


Redeemable Participating Shares from Operations 7,088,488 286,400 1,097,464,469

Subscriptions 9 29,981,956 21,403,102 3,172,893,303

Redemptions 9 - (284,635) (2,083,530,038)


Shareholders at end of yearShareholders at end of yearShareholders at end of yearShareholders at end of year 37,070,444 21,404,867 4,289,446,247

# GLG MENA Equity was fully redeemed on 13 November 2012 and the Portfolio was re-launched on 8 May 2013. * GLG Global Investment Grade Bond commenced its operations on 7 January 2013 and, as such, there are no comparatives presented for 31 December 2012.


GLG Investments plc Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year ended 31 December 2012

32

GLGGLGGLGGLG GLGGLGGLGGLGGLGGLGGLGGLG GlobalGlobalGlobalGlobal GLGGLGGLGGLG GlobalGlobalGlobalGlobal JapanJapanJapanJapan EmergingEmergingEmergingEmerging

GlobalGlobalGlobalGlobal ConvertibleConvertibleConvertibleConvertible EuropeanEuropeanEuropeanEuropean SustainabilitySustainabilitySustainabilitySustainability CoreAlpha CoreAlpha CoreAlpha CoreAlpha Asia Asia Asia AsiaEquityEquityEquityEquity UCITSUCITSUCITSUCITS EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity

NoteNoteNoteNote US$US$US$US$ US$US$US$US$ €€€€ €€€€ ¥¥¥¥ US$US$US$US$

Net assets attributable to redeemable participating shareholders Net assets attributable to redeemable participating shareholders Net assets attributable to redeemable participating shareholders Net assets attributable to redeemable participating shareholders

at beginning of yearat beginning of yearat beginning of yearat beginning of year 34,557,328 273,810,767 23,010,705 20,342,436 85,984,461,314 10,487,379


Redeemable Participating Shares from Operations 8,583,153 37,301,046 2,943,549 3,858,120 26,007,541,798 1,453,076

Subscriptions 9 123,019,721 222,053,072 19,127,710 1,324,580 75,784,187,959 -

Redemptions 9 (31,577,373) (203,413,374) (27,971,191) (417,478) (53,736,678,007) (11,940,455)


Shareholders at end of yearShareholders at end of yearShareholders at end of yearShareholders at end of year 134,582,829 329,751,511 17,110,773 25,107,658 134,039,513,064 -


GLG Investments plc Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year ended 31 December 2012 (continued)

33

GLGGLGGLGGLGGLGGLGGLGGLG GLGGLGGLGGLG GlobalGlobalGlobalGlobal GLG GLG GLG GLG

EmergingEmergingEmergingEmerging FrontierFrontierFrontierFrontier EmergingEmergingEmergingEmerging LatinLatinLatinLatin GLG GLG GLG GLG Europe Europe Europe Europe Markets Markets Markets Markets Markets Markets Markets Markets American American American American MENAMENAMENAMENA CombinedCombinedCombinedCombinedEquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity CompanyCompanyCompanyCompany

NoteNoteNoteNote US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$Net assets attributable to redeemable participating shareholders Net assets attributable to redeemable participating shareholders Net assets attributable to redeemable participating shareholders Net assets attributable to redeemable participating shareholders

at beginning of yearat beginning of yearat beginning of yearat beginning of year 9,401,241 12,005,793 10,493,264 10,528,036 - 1,535,114,607


Redeemable Participating Shares from Operations 1,686,529 927,684 4,551,533 1,921,121 2,144,232 224,958,293

Subscriptions 9 - - 28,775,870 - 23,726,885 1,374,192,150

Redemptions 9 (11,087,770) (12,933,477) (12,034,083) (12,449,157) (25,871,117) (1,031,646,537)


Shareholders at end of yearShareholders at end of yearShareholders at end of yearShareholders at end of year - - 31,786,584 - - 2,102,618,513


GLG Investments plc Notes to the Financial Statements for the year ended 31 December 2013

34

1.1.1.1. Establishment

GLG Investments plc (the “Fund”) was incorporated as an investment company with variable capital and with segregated liability between sub-funds under the laws of Ireland as a public limited company on 1 August 1996 under registration number 252520. The Fund has been authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”), pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011 (as amended) (the “Regulations”).The Fund’s investment manager is GLG Partners LP (the “Investment Manager”). The Fund’s registered office is at 70 Sir John Rogerson’s Quay, Dublin 2, Ireland. The Fund has no employees.

The Fund is structured as an umbrella fund with segregated liability between sub-funds (each a “Portfolio”) which means that different Portfolios may be created from time to time by the Directors with the approval of the Central Bank. Each Portfolio will be represented by a different series of Redeemable Participating Shares (the “Shares”) and will be invested in accordance with the investment objectives and policies applicable to such Portfolio. As at 31 December 2013 the Fund was comprised of thirteen Portfolios: GLG Global Equity, GLG Global Convertible UCITS, GLG European Equity, GLG Global Sustainability Equity, GLG Japan CoreAlpha Equity, GLG MENA Equity, GLG Global Investment Grade Bond, GLG Global Emerging Markets Equity (ceased operations on 24 July 2012), GLG Frontier Markets Equity (ceased operations on 13 November 2012), GLG Balanced (ceased operations on 6 December 2011), GLG Capital Appreciation (ceased operations on 6 December 2011), GLG North American Equity (ceased operations on 6 December 2011), GLG UK Select Equity (ceased operations on 10 October 2011). On 12 December 2013, the approvals for GLG Emerging Europe Equity, GLG Latin American Equity and GLG Emerging Asian Equity were, at the request for the Fund, withdrawn by the Central Bank. On 3 January 2014, the approval for GLG Frontier Markets Equity was, at the request for the Fund, withdrawn by the Central Bank.

As at 31 December 2013 seven Portfolios were in operations. The investment objectives and policies of each active Portfolio are detailed below. GLG Global Equity

GLG Global Equity’s investment objective is to provide a high total return, measured in US Dollars, (for Class I USD, Class B, Class D USD and Class DH USD shares), in Euro (for Class I EUR, Class DH EUR and Class IH EUR Shares) and in Sterling (for Class I GBP, Class IH GBP and Class D H T GBP Shares) for a suitable long term appreciation of the investor’s capital. The Portfolio invests primarily in common stock and other equity securities but also invests in money market instruments, government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps.

The Portfolio may invest in securities listed or traded on Recognised Markets in OECD member states and other countries. The Portfolio will be diversified with no more than 15% of the Portfolio’s investment in securities listed or traded on Recognised Markets in non-OECD countries and with no country outside the G-8 countries amounting to more than 15% of the Portfolio’s investments. The Portfolio may also hold ancillary liquid assets. The Portfolio’s net asset allocation can respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities. The Investment Manager aims to achieve performance through owning a limited number of concentrated investments, subject to the restrictions described in the Prospectus of the Fund. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes.

As at 31 December 2013, Classes D USD, I USD, I EUR, D H EUR, I H EUR, D H T GBP, I GBP and I H GBP were in operation and listed on the official list of the Irish Stock Exchange. GLG Global Convertible UCITS

GLG Global Convertible UCITS’s investment objective is to achieve compounded appreciation of the investor’s capital measured in US Dollars (for Class IL USD, Class DL USD, and Class IM USD Shares), in Euro (for Class DL H EUR, Class IL H EUR and Class IM H EUR Shares), in Sterling (for Class DL H GBP and Class IM H GBP Shares) and in Japanese Yen (for Class DL H JPY and Class IL H JPY Shares) through investing globally in an actively managed portfolio of convertible bonds, convertible preference shares, debt securities, warrants and other equity-linked securities, which may include but are not limited to such instruments as stock options and equity swaps, with less volatility than a portfolio of the underlying equities in the international securities markets.

The Portfolio invests primarily in securities listed or traded on Recognised Markets in OECD member states and other countries. The Portfolio will be diversified with no more than 30% of the Portfolio’s investments in securities listed or traded on Recognised Markets in non-OECD countries. The Investment Manager will seek to reduce the Portfolio’s volatility through diversification and through active management of the three principal risk parameters; credit rating, conversion premium and premium to yield support. The Portfolio’s investments will be in accordance with the concentration and other restrictions described in the Prospectus of the Fund. In addition, the Directors have determined that no more than 30% of the net assets of the Portfolio will be held in non-investment grade securities. For the avoidance of doubt, the exposure will take into account direct or indirect exposure to non-investment grade securities, including convertible bonds and convertible preference securities, and shall be reduced by any relevant hedges, including synthetic short equity exposures. For these purposes, “investment grade” is defined as a rating of at least BBB- by S&P or Baa3 by Moodys or, where no such rating exists, as determined by the Investment Manager in good faith. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes.

The Portfolio may from time to time invest in asset swapped convertible options transactions (“ASCOTs”). An ASCOT consists of an option on a convertible bond that is used to separate the convertible bond into its two constituent parts, i.e. the bond and the option to acquire stock.

ASCOTs will be used by the Investment Manager in an effort to protect the Portfolio against the potential impact of credit risk or interest rate risk in a particular convertible bond. In an ASCOT transaction, the Investment Manager sells a convertible bond in return for a combination of a cash payment and a call option which entitles the Investment Manager to repurchase the convertible bond on demand. The convertible bond is repurchased when the Investment Manager determines that it wishes to realise the value of any gain or loss on this call option.

GLG Investments plc Notes to the Financial Statements for the year ended 31 December 2013 (continued)

35

1.1.1.1. Establishment (continued) GLG Global Convertible UCITS (continued)

As at 31 December 2013, Classes DL USD, IL USD, IM USD, DL H EUR, IL H EUR, IM H EUR, DL H GBP and IM H GBP were in operation and listed on the official list of the ISE. GLG European Equity

GLG European Equity’s investment objective is to provide a high total return for a suitable long term appreciation of the investor’s capital measured in US Dollars (for Class I H USD and Class D H USD Shares), in Euro (for Class I EUR, Class D EUR, Class J Shares), in Sterling (for Class D H T GBP Shares) and in NOK (for Class DH NOK Shares). The Portfolio invests at least two thirds of the net assets (after deduction of ancillary liquid assets) in equity securities (excluding securities convertible into equity securities) of issuers with a registered office in Europe or of issuers which derive a predominant part of their revenues from activities in Europe.

The Portfolio invests primarily in securities listed or traded on Recognised Markets in OECD member states and other countries. The Portfolio invests predominantly in common stocks and other equity securities.

The Portfolio invests not more than one third of its net assets (after deducting if ancillary liquid assets) in transferable money market securities (including certificates of deposit, commercial paper and bankers acceptances), government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps, listed or traded on Recognised Markets. The Portfolio will be diversified with no more than 30% of the Portfolio’s investments in securities listed or traded on Recognised Markets in non-OECD countries. The Portfolio may also hold ancillary liquid assets such as time deposits. The Portfolio’s net asset allocation can respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities.

The Investment Manager aims to achieve performance through owning a limited number of concentrated investments, subject to the restrictions described in the Prospectus. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share Classes.

As at 31 December 2013, Classes I H USD, D H USD, D EUR, I EUR and D H T GBP were in operation and listed on the official list of the ISE. GLG Global Sustainability Equity

GLG Global Sustainability Equity’s investment objective is to provide investors with long term capital appreciation measured in Euro (for Class D and Class DT Shares) and in Sterling (for Class IH Shares).

The Portfolio seeks to achieve its investment objective by investing primarily in securities of issuers with exposure to capital investment in sustainability themes or who stand to benefit from such capital investment. For the purposes of this investment policy, "sustainability" is defined as the capital investment required to address demographic and environmental change through functional and cost efficiencies on a long-term basis. Sustainable companies are viewed as those best able to benefit economically both from industry trends, regulatory change, product cycle innovation and cost efficiencies as a result of the better management of energy, resources, environmental and demographic trends.

There will be an emphasis on investment in securities of companies with exposure to sustainability themes that include (without limitation): (i) transportation, (ii) energy, (iii) food and agriculture, (iv) waste and water management, (v) manufacturing and industrials efficiencies, (vi) materials, (vii) resources management and (viii) demographic driven change.

The Portfolio seeks to achieve its investment objective through a strategy of investment in listed equities. The Portfolio shall invest primarily in mid-to large-capitalisation common stocks and other equity and equity-linked securities (which may include but are not limited to such instruments as options and swaps) which are listed, traded or dealt on Recognised Markets and are issued by entities which the Investment Manager determines will stand to benefit from investment in sustainability strategies. The Portfolio will have a global focus and will not prioritise investment in any one geographical region.

As at 31 December 2013, Classes D EUR and I H GBP were in operation and listed on the official list of the ISE. GLG Japan CoreAlpha Equity

The GLG Japan CoreAlpha Equity’s investment objective is to provide a high total return for a suitable long term appreciation of the investor’s capital measured in US Dollars (for Class D H USD, Class I USD and Class I H USD), in Euro (for Class D H EUR, Class I EUR and Class I H EUR), in Yen (for Class D JPY and Class I JPY) and in Sterling (for Class D H GBP, Class I GBP and Class I H GBP). The Portfolio invests primarily in securities of issuers in Japan or of issuers which derive a substantial part of their revenues from activities in Japan.

The Portfolio invests predominantly in common stocks, ADRs and other equity securities but may also invest in transferable money market securities (including certificates of deposit, commercial paper and bankers acceptances), fixed and floating rate government and corporate bonds, bonds convertible into common stock, preferred shares and other fixed income and equity linked investments, which may include but are not limited to such instruments as stock options and equity swaps, listed or traded on Recognised Markets. The Portfolio will be diversified with no more than 30% of the Portfolio’s investments in securities listed or traded on Recognised Markets in non-OECD countries. The Portfolio may also hold ancillary liquid assets such as time deposits.

The Portfolio’s net asset allocation can respond dynamically to the Investment Manager’s analysis of changing market trends and opportunities. The Investment Manager aims to achieve performance through owning a limited number of concentrated investments, subject to the restrictions described in the Prospectus. The Portfolio may use currency transactions including forward currency contracts, currency swaps, foreign currency and other currency derivatives to alter the foreign currency exposure characteristics of the Portfolio or to maintain an active currency hedging strategy in respect of the Portfolio’s Share classes.


36

1.1.1.1. Establishment (continued) GLG Japan CoreAlpha Equity (continued)

As at 31 December 2013, Classes D H USD, I H USD, I USD, D H EUR, I H EUR, I EUR, D H GBP, I H GBP, I GBP, I H GBP Dist, I H USD Dist, D JPY, I JPY, Class I H CHF and Class D H CHF were in operation and were listed on the official list of the ISE. GLG MENA Equity

GLG MENA Equity’s investment objective is to provide long term capital appreciation of the investor’s capital measured in Sterling (for Class I H GBP).

The Portfolio will seek to achieve its investment objective by investing primarily in securities of issuers in Middle Eastern and North African countries (“MENA Countries”), including without limitation, Saudi Arabia, Kuwait, Egypt, Qatar, the United Arab Emirates, Morocco, Oman, Lebanon, Jordan, Bahrain, and Tunisia or of issuers which derive a substantial part of their revenues from activities in MENA Countries. The Portfolio will seek to achieve its investment objective by investing primarily in common stock and other equity and equity-linked securities (which may include but are not limited to warrants, convertible bonds, depository receipts, unleveraged participation notes designed to provide a return directly linked to the performance of a particular security, options and swaps) which are listed, traded or dealt on Recognised Markets and relate to a MENA Country. In determining whether a particular security or issuer relates to a MENA Country, the Investment Manager may have regard not only to the principal trading market for the stock or the place or incorporation of the issuer but also the location of its principal activities and business interests, source or revenue and location of its substantial assets. The Portfolio may invest the remainder in issuers or markets located outside MENA Countries.

On 13 November 2012 GLG MENA Equity Shares were fully redeemed and the Portfolio was re-launched on 8 May 2013. As at 31 December 2013, Class I H GBP and Class D USD were in operation. GLG Global Investment Grade Bond (commenced operations on 8 January 2013)

GLG Global Investment Grade Bond’s investment objective is to provide long term capital appreciation measured in US Dollars (for Classes D USD and I USD). The Portfolio will seek to achieve its investment objective by investing primarily, either directly or indirectly through the use of derivatives, in a global portfolio of investment grade debt securities and foreign currencies. For these purposes, “investment grade” is defined as a rating of at least BBB- by S&P or Baa3 by Moody’s or, where no such rating exists, as determined by the Investment Manager in good faith to be equivalent. The Portfolio has a global focus in so far as it does not limit its investments to any region or country. Investment by the Portfolio in issuers in emerging market countries will not exceed 10% of the Net Asset Value of the Portfolio. For the avoidance of doubt, the Portfolio may have significant currency exposures. As at 31 December 2013, Classes D USD and I USD were in operation and were listed on the official list of the ISE.

2.2.2.2. Accounting Policies

(a) Accounting Convention The financial statements are prepared in accordance with Irish GAAP.. The financial statements have been prepared on a historical cost basis except for financial assets and liabilities held at fair value through profit or loss, that have been prepared based on fair value.

(b) Changes in Accounting Policy and Disclosure On 14 March 2013, the Financial Reporting Council (“FRC”) issued The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”), which replaces existing accounting standards in the UK & Irish Generally Accepted Accounting Principles. The overriding objective of the FRC in implementing FRS 102 was to enable users of financial statements to receive high-quality understandable financial reports proportionate to the size and complexity of the relevant entity and the users’ information needs. FRS 102 is mandatory for accounting periods beginning on or after 1 January 2015 with early adoption permitted. FRS 102 has not been applied or early adopted in the preparation of these financial statements.

(c) Use of Estimates The preparation of financial statements in conformity with Irish GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The estimates and associated assumptions are based on historical experience and various other factors such as judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.

(d) Going Concern The Fund’s management has made an assessment of the Fund’s ability to continue as a going concern and is satisfied that the Fund has resources to continue in business for the foreseeable future. Furthermore, the management is not aware of any material uncertainties that may cast significant doubt upon the Fund’s ability to continue as a going concern, therefore, the financial statements continue to be prepared on a going concern basis.


37

2.2.2.2. Accounting Policies (continued)

(e) Income Recognition Interest and dividends on financial instruments held at fair value through profit or loss for the year are credited to net gain or loss on financial assets and liabilities at fair value through profit or loss in the Statement of Operations on an accruals basis and ex-dividend basis respectively, net of withholding tax.

(f) Valuation of Investments Financial assets and liabilities at fair value through profit or loss

This category has two sub-categories: (a) financial assets and liabilities held for trading, and (b) those designated by management at fair value through profit or loss at inception. Financial assets or liabilities held for trading are acquired or incurred principally for the purpose of selling or repurchasing in the short term. Derivatives are also categorised as held for trading as the Fund does not designate any derivatives as hedges in a hedging relationship.

Regular-way purchases and sales of investments are recognised on the trade date, which is the date on which the Fund commits to purchase or sell the asset. Investments are initially recognised at fair value. Investments are derecognised when the rights to receive cash flows from the investments have expired or the Fund has transferred substantially all risks and rewards of ownership.

The fair value of financial instruments traded in active markets (such as publicly traded derivatives and trading securities) is based on quoted market prices at the Statement of Assets and Liabilities date. The quoted market price used for financial assets held by the Fund is the current ‘bid’ price, whilst the ‘ask’ price is used for financial liabilities. When the Fund holds derivatives with offsetting market risks it uses mid-market prices as a basis for establishing fair values for the offsetting risk positions and applies the bid or asking price to the net open position, as appropriate. The Fund may from time to time invest in financial instruments that are not traded in an active market (for example, over-the-counter derivatives and private placements of both equities and fixed income securities). The Directors have appointed an Independent Pricing Committee ("IPC") to undertake certain services concerning the valuation policies and procedures relating to the Fund. The IPC is an independent body set up to: (1) establish a pricing matrix (a table which lays out a pricing source for certain assets and liabilities) which the Directors have adopted for the Fund and which is used by the Administrator to calculate the value of the assets and liabilities held by the Fund; and (2) to establish the prices of any positions held in the Fund that do not have an independently ascertainable value as per the pricing matrix. In addition, the IPC provides general governance and oversight of the valuation process. Exchange traded derivative instruments (including, but not limited to, swaps and futures) dealt on a market are valued at the settlement price on the relevant Valuation Day for such instruments on such market. If the settlement price is not available, their probable realisation value shall be as determined with care and in good faith by the Directors and approved for that purpose by BNY Mellon Trust Company (Ireland) Limited (the “Custodian”). After initial measurement, the Fund measures financial instruments, which are classified as at fair value through profit or loss, at their fair values. FRS 26 indicates that for listed assets and liabilities the best evidence of fair value is usually the last bid price for securities held and offer price for securities sold short.

According to the Fund’s Prospectus the fair values of listed assets and liabilities included in the Fund’s Net Asset Value at which Shareholder transactions are processed are based on the quoted last traded prices for equities and mid-market prices for derivatives on a recognised stock exchange, or sourced from a reputable broker/counterparty, in the case of non-exchange traded instruments, without any deduction for estimated future selling costs.

The Directors have determined that, as at 31 December 2013, the valuation of the financial assets and liabilities in accordance with the Prospectus approximates to that produced by FRS 26 and consequently have utilised the former in the financial statements.

(g) Offsetting Financial Instruments Financial assets and liabilities are offset and the net amount reported in the Statement of Assets and Liabilities when there is a legally enforceable right to set-off the recognised amounts and there is an intention to settle on a net basis or realise the assets and settle the liability simultaneously.

(h) Contracts for Difference (“CFDs”) The Fund may enter into contracts with a market maker whereby the market maker notionally buys or sells a specified security from/to the Fund. Certain market makers require that the Fund deposits an amount equal to the value of the securities notionally purchased (‘Fully Funded CFDs’). Fully Funded CFDs have characteristics similar to equities, except in relation to credit risk, and are treated equities in the financial statements. Unfunded CFDs are treated and disclosed as for any other derivative.

(i) Realised and Unrealised Gains and Losses All realised and unrealised gains and losses on securities and derivatives are recognised as net gain/ (loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Operations. The cost of securities sold is accounted for on a weighted average basis. The unrealised gain or loss on open derivative contracts is calculated as the difference between the contracted rate and the rate to close out the contract. Realised gains or losses only include net gains on contracts which have been settled or offset by other contracts.


38

2.2.2.2. Accounting Policies (continued)

(j) Transaction Costs Transaction costs are incremental costs, which are separately identifiable and directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. Transaction costs incurred by the Fund during the year are recognised in the Statement of Operations.

(k) Foreign Currency Items included in the Fund’s financial statements are measured using the currency of the primary economic environment in which it operates (the “Functional Currency”). The financial statements are expressed in the Functional Currency of each Portfolio, being either US Dollars (US$), Euro (€), Sterling (£) or Japanese Yen (¥). The combined Fund balances are expressed in US$, being the Functional Currency of the Fund as a whole. The Fund has also selected US$ as the currency in which it presents its financial statements and not the local currency of Ireland reflecting the fact that transactions are denominated primarily in US$.

Transactions during the year denominated in foreign currencies have been translated at the rates of exchange ruling at the dates of the transactions. Assets and liabilities denominated in foreign currencies are translated at the rates of exchange ruling at the Statement of Assets and Liabilities date (see note 13). For foreign currency investment transactions and for foreign currency investments held at the year end, the resulting profits or losses are recognised as a net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Operations. For all other foreign currency transactions and assets and liabilities, the resulting profits or losses are recognised as a net gain/ (loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Operations.

Gains and losses on forward foreign exchange contracts taken out to mitigate the value of non US Dollars Share Classes are included in the net gain/(loss) on financial assets and liabilities at fair value through profit or loss in the Statement of Operations and allocated to the relevant Share Class.

(l) Taxation The Fund qualifies as an investment undertaking as defined in Section 739 B of the Taxes (Consolidation) Acts 1997. It is not chargeable to Irish tax on its income or capital gains. Tax may arise on the happening of a chargeable event. A chargeable event includes any distribution payments to Shareholders or any encashment, redemption or transfer of Shares. No tax will arise on the Fund in respect of chargeable events regarding:

(i) a Shareholder who is not Irish resident and not ordinarily resident in Ireland at the time of the chargeable event, provided the necessary signed statutory declarations are held by the Fund; or

(ii) certain exempted Irish resident investors who have provided the Fund with the necessary signed statutory declarations; or (iii) Shares held in a recognised clearing system as designated by the order of the Irish Revenue Commissioners. Following legislative changes in the Finance Act 2006, the holding of shares at the end of a Relevant Period (as defined below) will, in respect of Irish Resident investors, also constitute a chargeable event. To the extent that any tax issues arise on such a chargeable event, such tax will be allowed as a credit against any tax payable on the subsequent encashment, redemption, cancellation or transfer of the relevant shares. “Relevant Period” is defined as a period of 8 years beginning with the acquisition of a share by a Shareholder and each subsequent period of 8 years beginning immediately after the preceding relevant period.

(m) Securities Sold under Agreements to Repurchase and Securities Purchased under Agreements to Resell Securities sold under agreement to repurchase at a specified future date (“Repurchase Agreements”) are not derecognised from the Statement of Assets and Liabilities as the Fund retains substantially all the risks and rewards of ownership. The corresponding cash received is recognised in the Statement of Assets and Liabilities with a corresponding obligation to repay it, reflecting its economic substance as a loan to the Fund. The difference between the sale and repurchase prices is treated as interest expense and is accrued over the life of the agreement using the effective interest method and included in the Statement of Operations as interest expense. Where the counterparty has the right to sell or pledge the securities sold to it then the assets are separately disclosed as Financial Assets at fair value through profit or loss pledged as collateral. Securities purchased under agreements to resell at a specified future date (“Reverse Repurchase Agreements”) are not recognised in the Statement of Assets and Liabilities unless they are subsequently sold to third parties (‘rehypothecation’) in which case, the obligation to return the securities is recorded as a short sale within trading liabilities and measured at fair value with any gains or losses included in the Statement of Operations. The corresponding cash paid is derecognised and a corresponding receivable is recorded in the Statement of Assets and Liabilities reflecting the Fund’s right to receive it back. The difference between the purchase and resale prices is treated as interest revenue and is accrued over the life of the agreement using the effective interest method and include in the Statement of Operations as interest income.

(n) Cash, due from/due to brokers Cash and cash equivalents in the Statement of Financial Position comprise cash on hand, demand deposits, short-term deposits in banks and short-term highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, with original maturities of three months or less. Short-term investments that are not held for the purpose of meeting short-term cash commitments and restricted margin accounts are not considered as ‘cash and cash equivalents’.

(o) Cash Flow Statement The Fund has availed of the exemption available to open ended investment funds under FRS 1 not to prepare a cash flow statement as the Fund fulfils the three conditions relating to: (i) the liquidity of investments held; (ii) whether they are held at market value; and (iii) whether a statement of changes in net assets is provided.


39

2.2.2.2. Accounting Policies (continued) (p) Stock Borrowing As part of its trading strategy the Fund may take short positions and accordingly pay stock borrowing fees which are recorded in the Statement of Operations.

(q) Combined fund balance "The Combined Fund balances are expressed in US$, being the presentation currency of the Fund as a whole. For combined fund balances in Statement of Assets and Liabilities, the non US dollar Portfolios are translated using the exchange rate at the date of Statement of Assets and Liabilities. For combined fund balances in Statement of Operations, the non US dollar Portfolios are translated at the average exchange rate prevailing during the year. The combined subscriptions and redemptions in the statement of changes in net assets are also translated at the average rate prevailing during the current year. The translation gain resulting from the preparation of the combined Fund balances in the financial statements amounting to US$462,000,484 (2012: US$168,485,362) has been shown in the combined Fund column of Statement of Operations. The gain does not have any affect on the individual Portfolios".

3.3.3.3. Financial Instruments held at fair value through profit or loss The following tables summarise financial assets and liabilities at fair value through profit or loss as at 31 December 2013:

2013201320132013 2012201220122012GLG Global Equity Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value

NoteNoteNoteNote US$US$US$US$ US$US$US$US$Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossHeld for Trading:Held for Trading:Held for Trading:Held for Trading:

Equities and managed funds Equity securities 105,770,478 103,338,956 Collective investment schemes - 1,884,821

Total equities and managed funds 105,770,478 105,223,777

Derivatives Contracts for difference - unfunded 8 3,306,549 2,019,584 Forward currency contracts 8 1,576,313 1,555,937 Future contracts 8 26,255 -

Total derivatives 4,909,117 3,575,521

Total financial assets held at fair value through profit or lossTotal financial assets held at fair value through profit or lossTotal financial assets held at fair value through profit or lossTotal financial assets held at fair value through profit or loss 110,679,595 108,799,298

Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossHeld for Trading:Held for Trading:Held for Trading:Held for Trading:Derivatives Forward currency contracts 8 (448,165) (683,998) Contracts for difference - unfunded 8 (79,404) (276,735)

Total derivatives (527,569) (960,733)

Total financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or loss (527,569) (960,733)


40

3.3.3.3. Financial Instruments held at fair value through profit or loss (continued)

2013201320132013 2012201220122012GLG Global Convertible UCITS Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value

NoteNoteNoteNote US$US$US$US$ US$US$US$US$Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossHeld for trading:Held for trading:Held for trading:Held for trading:Equities and managed fundsEquity securities 7,709,818 10,833,415 Warrants 5,595,128 2,905,087 Preferred stocks 294,120 3,114,613


Interest bearing securitiesConvertible bonds 299,224,200 305,950,740 Corporate bonds 57,742 -

Total interest bearing securities 299,281,942 305,950,740

DerivativesForward currency contracts 8 1,591,378 1,457,268 ASCOTs 8 1,239,438 73,200 Contracts for difference - unfunded 8 338,027 852,839 Future contracts 8 287,500 187,544 Options 8 142,760 735,231 Credit default swaps 8 - 220,572

Total derivatives 3,599,103 3,526,654


Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossHeld for trading:Held for trading:Held for trading:Held for trading:DerivativesContracts for difference - unfunded 8 (2,313,440) (1,504,661) Future contracts 8 (302,800) (76,000) Forward currency contracts 8 (189,143) (2,503,055) Credit default swaps 8 (101,466) (35,501)

Total derivatives (2,906,849) (4,119,217)

Total financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or loss (2,906,849) (4,119,217)

The Portfolio holds private investments and other similar securities amounting to 0.34% of net assets (2012: 2.22%). Such investment positions in general do not have readily assessable market values. In these circumstances the IPC determines the fair value of the securities as outlined in note 2(f). The valuation of illiquid securities is inherently subjective and such valuations may vary from similar valuations performed by independent third parties for similar types of securities. There is no guarantee that the value determined represents the value that will be realised by the Fund on the eventual disposition of these investment positions.


41


2013201320132013 2012201220122012GLG European Equity Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value

NoteNoteNoteNote €€€€ €€€€Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss

Held for trading:Held for trading:Held for trading:Held for trading:Equities and managed fundsEquity securities 18,970,583 7,933,246


DerivativesContracts for difference - unfunded 8 1,530,187 630,845 Forward currency contracts 8 194,641 23,028 Future contracts 8 37,720 300

Total derivatives 1,762,548 654,173


Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossHeld for trading:Held for trading:Held for trading:Held for trading:DerivativesForward currency contracts 8 (199,497) (79,506) Contracts for difference - unfunded 8 (177,465) (95,047)

Total derivatives (376,962) (174,553)

Total financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or loss (376,962) (174,553)

2013201320132013 2012201220122012

GLG Global Sustainability Equity Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value Note Note Note Note €€€€ €€€€

Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss Held for trading: Held for trading: Held for trading: Held for trading: Equities and managed funds

Equity securities 24,654,546 23,090,779


Derivatives Contract for difference - unfunded 8 523,546 189,374 Forward currency contracts 8 288,425 341,967

Toral derivatives 811,971 531,341

Total financial assets held at fair value through profit or loss Total financial assets held at fair value through profit or loss Total financial assets held at fair value through profit or loss Total financial assets held at fair value through profit or loss 25,466,517 23,622,120

Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss Held for trading: Held for trading: Held for trading: Held for trading:

Derivatives

Forward currency contracts 8 (51,645) (122,306)

Contracts for difference - unfunded 8 (18,975) (11,749) Total derivatives (70,620) (134,055)

Total financial liabilities at fair value through profit or loss Total financial liabilities at fair value through profit or loss Total financial liabilities at fair value through profit or loss Total financial liabilities at fair value through profit or loss (70,620) (134,055)


42


2013201320132013 2012201220122012Japan CoreAlpha Equity Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value

NoteNoteNoteNote ¥¥¥¥ ¥¥¥¥Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossHeld for trading:Held for trading:Held for trading:Held for trading:Equities and managed fundsEquity securities 382,258,806,981 129,559,023,052

Total equities and managed funds 382,258,806,981 129,559,023,052

DerivativesForward currency contracts 8 5,405,664,712 4,683,060,939

Toral derivatives 5,405,664,712 4,683,060,939

Total financial assets held at fair value through profit or lossTotal financial assets held at fair value through profit or lossTotal financial assets held at fair value through profit or lossTotal financial assets held at fair value through profit or loss 387,664,471,693 134,242,083,991

Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossHeld for trading:Held for trading:Held for trading:Held for trading:DerivativesForward currency contracts 8 (704,251,377) (96,830,791)

Total derivatives (704,251,377) (96,830,791)

Total financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or loss (704,251,377) (96,830,791)

GLG Global Emerging Markets Equity Fund 2013201320132013 2012201220122012

Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value

US$US$US$US$ US$US$US$US$

Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or loss

Held for TradingHeld for TradingHeld for TradingHeld for Trading

Equities and managed funds

Equity securities - - - - 25,270,764

Preferred stocks - - - - 2,100,110

Warrants - - - - 1,305,874

Total equities and managed funds - - - - 28,676,748

Derivatives

Forward currency contracts - - - - 518,062

Total return swaps - - - - 106,835

Total derivatives - - - - 624,897

Total financial assets at fair value through profit or lossTotal financial assets at fair value through profit or lossTotal financial assets at fair value through profit or lossTotal financial assets at fair value through profit or loss - - - - 29,301,645

Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or loss

Held for TradingHeld for TradingHeld for TradingHeld for Trading

Derivatives

Forward currency contracts - - - - (13,329)

Total return swaps - - - - (26,935)

Total derivatives - - - - (40,264)

Total financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or loss - - - - (40,264)


43


2013201320132013GLG MENA Equity Fair ValueFair ValueFair ValueFair Value

NoteNoteNoteNote US$US$US$US$Financial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossFinancial assets at fair value through profit or lossHeld for trading:Held for trading:Held for trading:Held for trading:Equities and managed fundsEquity securities 18,165,308 Promissory notes 16,202,969

Total equities and managed funds 34,368,277

DerivativesForward currency contracts 8 843,394

Total derivatives 843,394

Total financial assets held at fair value through profit or lossTotal financial assets held at fair value through profit or lossTotal financial assets held at fair value through profit or lossTotal financial assets held at fair value through profit or loss 35,211,671

Financial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossFinancial liabilities at fair value through profit or lossHeld for trading:Held for trading:Held for trading:Held for trading:DerivativesForward currency contracts 8 (1)

Total derivatives (1)

Total financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or loss (1)

The Portfolio was fully redeemed on 13 November 2012 and was re-launched on 8 May 2013 and, as such, there are no comparatives presented for 31 December 2012.

2013201320132013

GLG Global Investment Grade Bond Fair ValueFair ValueFair ValueFair Value

NoteNoteNoteNote US$US$US$US$


Held for trading:Held for trading:Held for trading:Held for trading:

Interest bearing securitiesCorporate bonds 17,680,341

Variable rate bonds 2,735,944

Asset backed securities 412,268

Total interest bearing securities 20,828,553

Derivatives

Futures contracts 8 20,277

Forward currency contracts 8 10,632

Toral derivatives 30,909

Total financial assets held at fair value through profit or lossTotal financial assets held at fair value through profit or lossTotal financial assets held at fair value through profit or lossTotal financial assets held at fair value through profit or loss 20,859,462


Held for trading:Held for trading:Held for trading:Held for trading:

Derivatives

Forward currency contracts 8 (44,528)

Futures contracts 8 (7,688)

Total derivatives (52,216)

Total financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or loss (52,216)

The Portfolio holds private investments and other similar securities amounting to 1.93% of net assets. Such investment positions in general do not have readily assessable market values. In these circumstances the IPC determines the fair value of the securities as outlined in note 2(f). The valuation of illiquid securities is inherently subjective and such valuations may vary from similar valuations performed by independent third parties for similar types of securities. There is no guarantee that the value determined represents the value that will be realised by the Fund on the eventual disposition of these investment positions. The Portfolio commenced its operations on 7 January 2013 and, as such, there are no comparatives presented for 31 December 2012.


44

4.4.4.4. Fair Value of Financial Instruments

The Fund classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in determining the measurements in line with FRS 29. The fair value hierarchy has the following levels:

• Level 1 Quoted market price in an active market for an identical instrument. • Level 2 Valuation techniques based on observable inputs. This category includes instruments valued using: quoted

market prices in active markets for similar instruments; quoted prices for similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data.

• Level 3 Valuation techniques using significant unobservable inputs. This category includes all instruments where the valuation technique includes inputs not based on observable data and the unobservable inputs could have a significant impact on the instrument's valuation. This category includes instruments that are valued based on quoted prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instruments.

When fair values of listed equity and debt securities at the reporting date, as well as, publicly traded derivatives are based on quoted market prices or binding dealer price quotations, without any deduction for transaction costs, the instruments are included within Level 1 of the hierarchy. For all other financial instruments, fair value is determined using valuation techniques. Valuation techniques include net present value techniques, comparison to similar instruments for which market observable prices exist, options pricing models and other relevant valuation models. The Fund uses widely recognised valuation models for determining fair values of over-the-counter derivatives. For these financial instruments, inputs into models are market observable and are, therefore, included within Level 2. Instruments included in Level 3 include those for which there is currently no active market. In valuing such instruments the Fund uses a valuation model which is accepted in the industry. Some of the inputs to that model may not be market observable and, therefore, require varying degrees of judgement depending on liquidity, concentration, uncertainty of market factors, pricing assumptions and other risks affecting the specific instruments.

GLG Global Equity

31 December 201331 December 201331 December 201331 December 2013 Level 1Level 1Level 1Level 1 Level 2Level 2Level 2Level 2 Level 3Level 3Level 3Level 3 TotalTotalTotalTotalUS$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$

Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or loss:loss:loss:loss:Equities and managed funds

Equity securities 105,770,478 - - 105,770,478 Total equities and managed funds 105,770,478 - - 105,770,478

Derivatives Contracts for difference - unfunded - 3,306,549 - 3,306,549 Forward currency contracts - 1,576,313 - 1,576,313 Future contracts 26,255 - - 26,255

Total derivatives 26,255 4,882,862 - 4,909,117

Total financial assets at fair value throughTotal financial assets at fair value throughTotal financial assets at fair value throughTotal financial assets at fair value throughprofit or lossprofit or lossprofit or lossprofit or loss 105,796,733 4,882,862 - 110,679,595

Financial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profit

or loss:or loss:or loss:or loss:Derivatives Forward currency contracts - (448,165) - (448,165) Contracts for difference - unfunded - (79,404) - (79,404)

Total derivatives - (527,569) - (527,569)

Total financial liabilities at fair value throughTotal financial liabilities at fair value throughTotal financial liabilities at fair value throughTotal financial liabilities at fair value throughprofit or lossprofit or lossprofit or lossprofit or loss - (527,569) - (527,569)


45

4.4.4.4. Fair Value of Financial Instruments (continued)

GLG Global Equity (continued)


Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or loss:loss:loss:loss:Equities and managed fundsEquity securities 103,338,956 - - 103,338,956 Collective investment schemes 1,884,821 - - 1,884,821

Total equities and managed funds 105,223,777 - - 105,223,777

DerivativesContracts for difference - unfunded 2,019,584 - 2,019,584 Forward currency contracts - 1,555,937 - 1,555,937

Total derivatives - 3,575,521 - 3,575,521


Financial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitor loss:or loss:or loss:or loss:DerivativesForward currency contracts - (683,998) - (683,998)Contracts for difference - unfunded - (276,735) - (276,735)



GLG Global Convertible UCITS


Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or loss:loss:loss:loss:Equities and managed fundsEquity securities 7,709,818 - - 7,709,818 Warrants - 5,595,128 - 5,595,128 Preferred stocks 294,120 - - 294,120

Total equities and managed funds 8,003,938 5,595,128 - 13,599,066

Interest bearing securitiesConvertible bonds - 298,185,050 1,039,150 299,224,200 Corporate bonds - 57,742 - 57,742

Total interest bearing securities - 298,242,792 1,039,150 299,281,942

DerivativesForward currency contracts - 1,591,378 - 1,591,378 ASCOTs - 1,239,438 - 1,239,438 Contracts for difference - unfunded - - 338,027 338,027 Future contracts 287,500 - - 287,500 Options 142,760 - - 142,760 Credit default swaps - - - -

Total derivatives 430,260 2,830,816 338,027 3,599,103

Total financial assets at fair value throughTotal financial assets at fair value throughTotal financial assets at fair value throughTotal financial assets at fair value throughprofit or lossprofit or lossprofit or lossprofit or loss 8,434,198 306,668,736 1,377,177 316,480,111

Financial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitor loss:or loss:or loss:or loss:DerivativesContracts for difference - unfunded - (2,313,440) - (2,313,440)Future contracts (302,800) - - (302,800)Forward currency contracts - (189,143) - (189,143)Credit default swaps - (101,466) - (101,466)

Total derivatives (302,800) (2,604,049) - (2,906,849)

Total financial liabilities at fair value throughTotal financial liabilities at fair value throughTotal financial liabilities at fair value throughTotal financial liabilities at fair value throughprofit or lossprofit or lossprofit or lossprofit or loss (302,800) (2,604,049) - (2,906,849)


46

4.4.4.4. Fair Value of Financial Instruments (continued) GLG Global Convertible UCITS (continued)


Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or loss:loss:loss:loss:Equities and managed fundsEquity securities 10,833,415 - - 10,833,415 Preferred stocks 3,111,713 2,900 - 3,114,613 Warrants - 2,472,113 432,974 2,905,087

Total equities and managed funds 13,945,128 2,475,013 432,974 16,853,115

Interest bearing securitiesConvertible bonds - 299,413,885 6,536,855 305,950,740

Total interest bearing securities - 299,413,885 6,536,855 305,950,740

DerivativesForward currency contracts - 1,457,268 - 1,457,268 Contracts for difference - unfunded - 514,812 338,027 852,839 Options 48,813 686,418 - 735,231 Credit default swaps - 220,572 - 220,572 Future contracts 187,544 - - 187,544 ASCOTs - 73,200 - 73,200

Total derivatives 236,357 2,952,270 338,027 3,526,654

Total financial assets at fair value throughTotal financial assets at fair value throughTotal financial assets at fair value throughTotal financial assets at fair value throughprofit or lossprofit or lossprofit or lossprofit or loss 14,181,485 304,841,168 7,307,856 326,330,509

Financial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitor loss:or loss:or loss:or loss:DerivativesContracts for difference - unfunded - (1,504,661) - (1,504,661)Forward currency contracts - (2,503,055) - (2,503,055)Credit default swaps - (35,501) - (35,501)Future contracts (76,000) - - (76,000)

Total derivatives (76,000) (4,043,217) - (4,119,217)

Total financial liabilities at fair value throughTotal financial liabilities at fair value throughTotal financial liabilities at fair value throughTotal financial liabilities at fair value throughprofit or lossprofit or lossprofit or lossprofit or loss (76,000) (4,043,217) - (4,119,217)


47


GLG European Equity

31 December 201331 December 201331 December 201331 December 2013 Level 1Level 1Level 1Level 1 Level 2Level 2Level 2Level 2 Level 3Level 3Level 3Level 3 TotalTotalTotalTotal€€€€ €€€€ €€€€ €€€€

Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or loss:loss:loss:loss:Equities and managed funds Equity securities 18,970,583 - - 18,970,583 Total equities and managed funds 18,970,583 - - 18,970,583

Derivatives Contracts for difference - unfunded - 1,530,187 - 1,530,187 Forward currency contracts - 194,641 - 194,641 Future contracts 37,720 - - 37,720 Total derivatives 37,720 1,724,828 - 1,762,548


Financial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitor loss:or loss:or loss:or loss:Derivatives Forward currency contracts - (199,497) - (199,497) Contracts for difference - unfunded - (177,465) - (177,465) Total derivatives - (376,962) - (376,962)


31 December 201231 December 201231 December 201231 December 2012 Level 1Level 1Level 1Level 1 Level 2Level 2Level 2Level 2 Level 3Level 3Level 3Level 3 TotalTotalTotalTotal

€€€€ €€€€ €€€€ €€€€Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or loss:loss:loss:loss:Equities and managed fundsEquity securities 7,933,246 - - 7,933,246


DerivativesContracts for difference - unfunded - 630,845 - 630,845 Forward currency contracts - 23,028 - 23,028 Future contracts 300 - - 300

Total derivatives 300 653,873 - 654,173

Total financial assets at fair value throughTotal financial assets at fair value throughTotal financial assets at fair value throughTotal financial assets at fair value throughprofit or lossprofit or lossprofit or lossprofit or loss 7,933,546 653,873 - 8,587,419

Financial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitor loss:or loss:or loss:or loss:DerivativesContracts for difference - unfunded - (95,047) - (95,047)Forward currency contracts - (79,506) - (79,506)




48


GLG Global Sustainability Equity

31 December 201331 December 201331 December 201331 December 2013 Level 1Level 1Level 1Level 1 Level 2Level 2Level 2Level 2 Level 3Level 3Level 3Level 3 TotalTotalTotalTotal€€€€ €€€€ €€€€ €€€€

Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or loss:loss:loss:loss:Equities and managed fundsEquity securities 24,654,546 - - 24,654,546


DerivativesContracts for difference - unfunded - 523,546 - 523,546 Forward currency contracts - 288,425 - 288,425

Total derivatives - 811,971 - 811,971


Financial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitor loss:or loss:or loss:or loss:DerivativesForward currency contracts - (51,645) - (51,645)

Contracts for difference - unfunded - (18,975) - (18,975)Total derivatives - (70,620) - (70,620)



€€€€ €€€€ €€€€ €€€€Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or loss:loss:loss:loss:Equities and managed fundsEquity securities 23,090,779 - - 23,090,779


DerivativesForward currency contracts - 341,967 - 341,967 Contracts for difference - unfunded - 189,374 - 189,374



Financial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitor loss:or loss:or loss:or loss:DerivativesForward currency contracts - (122,306) - (122,306)Contracts for difference - unfunded - (11,749) - (11,749)




49

4.4.4.4. Fair Value of Financial Instruments (continued) GLG Japan CoreAlpha Equity

31 December 201331 December 201331 December 201331 December 2013 Level 1Level 1Level 1Level 1 Level 2Level 2Level 2Level 2 Level 3Level 3Level 3Level 3 TotalTotalTotalTotal¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥

Financial assets at fair value through Financial assets at fair value through Financial assets at fair value through Financial assets at fair value through profit or loss:profit or loss:profit or loss:profit or loss:Equities and managed fundsEquity securities 382,258,806,981 - - 382,258,806,981

Total equities and managed funds 382,258,806,981 - - 382,258,806,981

DerivativesForward currency contracts - 5,405,664,712 - 5,405,664,712

Total derivatives - 5,405,664,712 - 5,405,664,712

Total financial assets at fair valueTotal financial assets at fair valueTotal financial assets at fair valueTotal financial assets at fair value through profit or loss through profit or loss through profit or loss through profit or loss 382,258,806,981 5,405,664,712 - 387,664,471,693

Financial liabilities at fair value throughFinancial liabilities at fair value throughFinancial liabilities at fair value throughFinancial liabilities at fair value through profit or loss: profit or loss: profit or loss: profit or loss:DerivativesForward currency contracts - (704,251,377) - (704,251,377)

Total derivatives - (704,251,377) - (704,251,377)

Total financial liabilities at fair valueTotal financial liabilities at fair valueTotal financial liabilities at fair valueTotal financial liabilities at fair value through profit or loss through profit or loss through profit or loss through profit or loss - (704,251,377) - (704,251,377)


¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥Financial assets at fair value through Financial assets at fair value through Financial assets at fair value through Financial assets at fair value through profit or loss:profit or loss:profit or loss:profit or loss:Equities and managed fundsEquity securities 129,559,023,052 - - 129,559,023,052

Total equities and managed funds 129,559,023,052 - - 129,559,023,052

DerivativesForward currency contracts - 4,683,060,939 - 4,683,060,939

Total derivatives - 4,683,060,939 - 4,683,060,939

Total financial assets at fair valueTotal financial assets at fair valueTotal financial assets at fair valueTotal financial assets at fair value through profit or loss through profit or loss through profit or loss through profit or loss 129,559,023,052 4,683,060,939 - 134,242,083,991

Financial liabilities at fair value throughFinancial liabilities at fair value throughFinancial liabilities at fair value throughFinancial liabilities at fair value through profit or loss: profit or loss: profit or loss: profit or loss:DerivativesForward currency contracts - (96,830,791) - (96,830,791)

Total derivatives - (96,830,791) - (96,830,791)

Total financial liabilities at fair valueTotal financial liabilities at fair valueTotal financial liabilities at fair valueTotal financial liabilities at fair value through profit or loss through profit or loss through profit or loss through profit or loss - (96,830,791) - (96,830,791)


50

4.4.4.4. Fair Value of Financial Instruments (continued) GLG Global Emerging Markets Equity

The Fund did not hold any financial assets or liabilities at fair value through profit as at 31 December 2013 as it ceased operations on 24 July 2013.


US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$

Financial assets at fair value Financial assets at fair value Financial assets at fair value Financial assets at fair value

through profit or lossthrough profit or lossthrough profit or lossthrough profit or loss

Equities and managed funds

Equity securities 25,270,764 - 25,270,764

Preferred stocks 2,100,110 - 2,100,110

Warrants 1,305,874 1,305,874

Total equities and managed funds 27,370,874 1,305,874 - 28,676,748

Derivatives

Forward currency contracts - 518,062 - 518,062

Total return swaps - 106,835 - 106,835


Total financial assets at fair value through profit or lossTotal financial assets at fair value through profit or lossTotal financial assets at fair value through profit or lossTotal financial assets at fair value through profit or loss 27,370,874 1,930,771 - 29,301,645 -

Financial liabilities at fair value Financial liabilities at fair value Financial liabilities at fair value Financial liabilities at fair value

through profit or lossthrough profit or lossthrough profit or lossthrough profit or loss

Derivatives

Total return swaps (26,935) (26,935)

Forward currency contracts - (13,329) - (13,329)


Total financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or loss - (40,264) - (40,264)

GLG MENA Equity


Financial assets at fair value through profit or loss:Financial assets at fair value through profit or loss:Financial assets at fair value through profit or loss:Financial assets at fair value through profit or loss:Equities and managed funds Equity securities 18,165,308 - - 18,165,308 Promissory notes 16,202,969 16,202,969 Total equities and managed funds 34,368,277 - - 34,368,277

Derivatives Forward currency contracts - 843,394 - 843,394 Total derivatives - 843,394 - 843,394


Financial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitFinancial liabilities at fair value through profitor loss:or loss:or loss:or loss:Derivatives Forward currency contracts - (1) - (1) Total derivatives - (1) - (1)

Total financial liabilities at fair value throughTotal financial liabilities at fair value throughTotal financial liabilities at fair value throughTotal financial liabilities at fair value throughprofit or lossprofit or lossprofit or lossprofit or loss - (1) - (1)



51


GLG Global Investment Grade Bond

Level 1Level 1Level 1Level 1 Level 2Level 2Level 2Level 2 Level 3Level 3Level 3Level 3 TotalTotalTotalTotal


Financial assets at fair value through profit or loss:Financial assets at fair value through profit or loss:Financial assets at fair value through profit or loss:Financial assets at fair value through profit or loss:

Interest bearing securities

Corporate bonds - 17,680,341 - 17,680,341

Variable rate bonds - 2,735,944 - 2,735,944

Asset backed securities - - 412,268 412,268

Total interest bearing securities - 20,416,285 412,268 20,828,553

Derivatives - - -

Futures contracts 20,277 - - 20,277

Forward currency contracts - 10,632 - 10,632

Total derivatives 20,277 10,632 - 30,909

Total financial assets at fair value throughTotal financial assets at fair value throughTotal financial assets at fair value throughTotal financial assets at fair value throughprofit or lossprofit or lossprofit or lossprofit or loss 20,277 20,426,917 412,268 20,859,462

Financial liabilities at fair value through profit or loss:Financial liabilities at fair value through profit or loss:Financial liabilities at fair value through profit or loss:Financial liabilities at fair value through profit or loss:Derivatives

Forward currency contracts - (44,528) - (44,528)

Futures contracts (7,688) - - (7,688)

Total derivatives (7,688) (44,528) - (52,216)

Total financial liabilities at fair value throughTotal financial liabilities at fair value throughTotal financial liabilities at fair value throughTotal financial liabilities at fair value throughprofit or lossprofit or lossprofit or lossprofit or loss (7,688) (44,528) - (52,216)

The following tables show a reconciliation of all movements in the fair value of financial instruments categorised within Level 3 between the beginning and the end of the reporting period (there were no significant transfers between levels 1 and 2):

GLG Global Convertible UCITS 2013201320132013 2013201320132013 2013201320132013 2013201320132013

Equities andEquities andEquities andEquities and Interest bearingInterest bearingInterest bearingInterest bearing DerivativeDerivativeDerivativeDerivative

managed fundsmanaged fundsmanaged fundsmanaged funds securitiessecuritiessecuritiessecurities instrumentsinstrumentsinstrumentsinstruments TotalTotalTotalTotalUS$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$

Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or loss:loss:loss:loss:Opening balance 432,974 6,536,855 338,027 7,307,856 Total gains and losses - - - - - realised - (14,312,268) - (14,312,268)- unrealised - - - - Purchases - - - - Sales - 9,114,208 - 9,114,208 Transfers into Level 3 (432,974) (299,645) - (732,619)Transfers out of Level 3 - - - - Closing Balance - 1,039,150 338,027 1,377,177

2012201220122012 2012201220122012 2012201220122012 2012201220122012Equities andEquities andEquities andEquities and Interest bearingInterest bearingInterest bearingInterest bearing DerivativeDerivativeDerivativeDerivative

managed fundsmanaged fundsmanaged fundsmanaged funds securitiessecuritiessecuritiessecurities instrumentsinstrumentsinstrumentsinstruments TotalTotalTotalTotalUS$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$

Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or loss:loss:loss:loss:Opening balance - 237,760 - 237,760 Total gains and losses- realised - - - - - unrealised - - - - Purchases - - - - Sales - - - - Transfers into Level 3 432,974 6,299,095 338,027 7,070,096 Transfers out of Level 3 - - - - Closing Balance 432,974 6,536,855 338,027 7,307,856


52

4.4.4.4. Fair Value of Financial Instruments (continued) GLG Global Investment Grade Bond

2013201320132013 2013201320132013 2013201320132013 2013201320132013

Equities andEquities andEquities andEquities and Interest bearingInterest bearingInterest bearingInterest bearing DerivativeDerivativeDerivativeDerivativemanaged fundsmanaged fundsmanaged fundsmanaged funds securitiessecuritiessecuritiessecurities instrumentsinstrumentsinstrumentsinstruments TotalTotalTotalTotal

US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or loss:loss:loss:loss:Opening balance - - - - Total gains and losses - - - - - realised - - - - - unrealised - 6,672 - 6,672 Purchases - 405,596 - 405,596 Sales - - - - Transfers into Level 3 - - - - Transfers out of Level 3 - - - -

Closing Balance - 412,268 - 412,268

The Portfolio commenced its operations on 7 January 2013 and, as such, there are no comparatives presented for 31 December 2012.

GLG European Equity

2012201220122012 2012201220122012 2012201220122012 2012201220122012

Equities andEquities andEquities andEquities and Interest bearingInterest bearingInterest bearingInterest bearing DerivativeDerivativeDerivativeDerivativemanaged fundsmanaged fundsmanaged fundsmanaged funds securitiessecuritiessecuritiessecurities instrumentsinstrumentsinstrumentsinstruments TotalTotalTotalTotal

€€€€ €€€€ €€€€ €€€€Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or Financial assets at fair value through profit or loss:loss:loss:loss:Opening balance 131,600 79,705 - 211,305 Total gains and losses - - realised (2,622,014) (34,159) - (2,656,173) - unrealised 2,622,014 34,159 - 2,656,173 Purchases - - - - Sales (131,600) (79,705) - (211,305) Transfers into Level 3 - - - - Transfers out of Level 3 - - - - Closing Balance - - - -

5.5.5.5. Management, Performance, Administration, Custody and Distribution Fees The Fund has appointed GLG Partners Asset Management Limited (the “Manager”) as manager of the Fund. The Manager has delegated its administration and share registration functions to BNY Mellon Fund Services (Ireland) Limited (the “Administrator”), and its investment management and distribution functions to GLG Partners LP (the “Investment Manager” and the “Distributor”).


53

5.5.5.5. Management, Performance, Administration, Custody and Distribution Fees (continued) The Manager receives management fees of 0.5%, 0.75%, 1%, 1.25%, 1.5% and 2.25% per annum of the average Net Asset Value of each of the Portfolios by class of shares as per the table below:

0.5% 0.75% 1% 1.25% 1.5% 2.25%

GLG Balanced - - - - D USD -

GLG Capital Appreciation - - - - D USD -

GLG Global Equity -

I USD, I H EUR, I EUR, I GBP, I H CHF, I DKK, I NOK, I SEK,I H AUD, I H GBP, I USD Dist, I H GBP Dist and I H EUR Dist - -

D USD, D H EUR, D H GBP, D H CHF, D DKK, DH DKK, D NOK, D H NOK, D SEK, D H SEK, D USD Dist, D H GBP Dist and D H EUR

Dist DY H EUR, DY H EUR Dist

GLG Global Convertible UCITS - -

IL USD, IL H GBP, IL H JPY, IL H EUR, IM USD, IM H EUR,IM H GBP, IL H GBP Dist, and IM H GBP Dist - -

DL USD, DL H JPY, DL H EUR, DL H EUR Dist DL H

GBP Dist, DL H GBP Inc and DL H GBP

GLG European Equity - I EUR. I H USD, I USD, I H GBP, I H CHF, I DKK, I NOK and I SEK - -

D H USD, D EUR, D H GBP, I H AUD, D H CHF, D DKK, D H

DKK, D NOK, D H NOK, D SEK and D H SEK DY EUR, DY EUR Dist

GLG North American Equity - - - - D USD

GLG Japan CoreAlpha Equity -

I H USD, I H EUR, I JPY, I H GBP, I USD, I EUR, I GBP, I H CHF, I DKK, I NOK and I SEK, I JPY Dist, I USD Dist, I H GBP

Dist and I H USD Dist - -

D H USD, D H EUR, D JPY, D H GBP, D GBP, D H CHF, D DKK, D H DKK, D NOK, D H NOK, D SEK and D H SEK -

GLG UK Select Equity - I H EUR D H EUR, D H USD, and D

GBP - -

GLG Global Sustainability Equity - I H USD, I EUR, I H GBP, I H CHF, I DKK, I NOK and I SEK - -

D H USD, D EUR, D H GBP, D H CHF, D DKK, D H DKK, D NOK, D H NOK, D SEK and D

H SEK -

GLG Global Emerging Markets Equity -

I USD, I EUR, I H EUR, I H GBP, I H CHF, I DKK, I NOK, I SEK

and I H AUD - -

D USD, D H EUR, D H GBP, D H CHF, D DKK, D H DKK, D NOK, D H NOK, D SEK and D

H SEK -

GLG MENA Equity - I USD, I H EUR, I H GBP and I

H CHF - D USD, D H EUR, D H GBP

and D H CHF


54

5.5.5.5. Management, Performance, Administration, Custody and Distribution Fees (continued) 0.5% 0.75% 1% 1.25% 1.5% 2.25%


I USD, I USD Dist, I H EUR, I EUR, I H EUR Dist, I H GBP, I GBP, I H CHF, I CHF, I H

CHF Dist, I H NOK, I NOK, I H SEK, I SEK, I H DKK, I DKK, I H JPY and I JPY ---- ----

D USD, D USD Dist, D H EUR, D EUR, D H EUR Dist, D H GBP, D GBP, D H CHF. D CHF, D H

CHF Dist, D H NOK, D NOK, D H SEK, D SEK, D H DKK, D

DKK, D H JPY and D JPY ---- ----

The Manager only receives a performance fee for each of the Share Classes of GLG Global Convertible UCITS (except for Class I M USD, I M H EUR, I M H GBP, I M H GBP Inc, I L H GBP Dist and I M H GBP Dist) calculated as an amount equal to 20% of the aggregate appreciation in value on each investor’s relevant Shares over the amount of the investors’ benchmark return for those Shares (which is based on a 3 month LIBOR/EURIBOR rate of the functional currency of the relevant Share Class of each Portfolio).

Such performance fees are only payable in respect of Shares for which the Net Asset Value per Share is over and above its high watermark at the end of the performance year. The Manager receives a performance fee for the Class IM USD Shares, Class IM H EUR Shares, Class IM H GBP Shares, I L H GBP Dist Shares and I M H GBP Dist Shares of the Global Convertible UCITS equal to 20% of the aggregate appreciation in value on each investor’s Shares in the aforementioned classes over the amount of the investor’s benchmark for those Shares (which is based on the Global Focus Hedged Sub-Index of the UBS Global Convertible Bond Index) provided that any such appreciation is limited by the amount by which such benchmark has appreciated over the same performance year (see the Fund’s Prospectus for more detail).

The Manager pays the fees of the Investment Manager and the Distributor. The Manager may also receive distribution fees, up-front sales charges and contingent deferred sales charges as detailed in note 9.

The Fund is subject to an administration fee in respect of each Portfolio in relation to administration services provided by the Administrator and the Investment Manager. The administration fee is an amount which may not exceed 0.30% per annum of the Net Asset Value of the relevant Portfolio. The amount paid to each of the Administrator and Investment Manager is determined between the parties from time to time. The Investment Manager receives only the portion of the administration fee relating to the administrative support services it provides pursuant to the Administrative Services Agreement. Part of the administration fee is paid by the Fund to the Manager (for on-payment to the Administrator) monthly in arrears and the remainder is paid by the Fund to the Investment Manager. The Fund also reimburses the Manager out of the assets of the Fund for reasonable out-of-pocket expenses incurred by the Administrator and the Investment Manager. The Manager is responsible for reimbursing the Administrator and the Investment Manager for these expenses.

The Fund pays the Custodian a custody fee which will not exceed 0.04% per annum of the Net Asset Value of the relevant Portfolio together with value added tax, if any, applicable to such fees. The Fund also reimburses the Custodian out of the assets of the relevant Portfolio for reasonable out-of-pocket expenses and transaction fees incurred by the Custodian and for fees (which will not exceed normal commercial rates) and reasonable out of pocket expenses of any sub-custodian appointed by the Custodian and will be liable for transaction charges. The fee and expenses of the Custodian are paid monthly in arrears.

Details of custody and administration fees incurred by the Fund during the year are shown in the Statement of Operations.


55

5.5.5.5. Management, Performance, Administration, Custody and Distribution Fees (continued)

Amounts unpaid by the Fund at the year end relating to management, performance, administration, custody and distribution fees are shown below:

2013 Combined2013 Combined2013 Combined2013 Combined 2012 Combined2012 Combined2012 Combined2012 CombinedFundFundFundFund FundFundFundFundUS$US$US$US$ US$US$US$US$

Management fees 3,147,294 1,688,935Performance fees 2,267,069 876,446

Administration fees 2,028,191 939,195Custody fees 503,495 366,636

6.6.6.6. Other Receivable The breakdown of other receivables is as follows:

GLG GLG GLG GLG GLGGLGGLGGLG GLGGLGGLGGLG GLG GlobalGLG GlobalGLG GlobalGLG Global

GLGGLGGLGGLG GlobalGlobalGlobalGlobal GLGGLGGLGGLG GlobalGlobalGlobalGlobal JapanJapanJapanJapan GLG GlobalGLG GlobalGLG GlobalGLG Global InvestmentInvestmentInvestmentInvestment CombinedCombinedCombinedCombinedGlobalGlobalGlobalGlobal ConvertibleConvertibleConvertibleConvertible EuropeanEuropeanEuropeanEuropean SustainabilitySustainabilitySustainabilitySustainability CoreAlphaCoreAlphaCoreAlphaCoreAlpha EmergingEmergingEmergingEmerging GLGGLGGLGGLG Grade BondGrade BondGrade BondGrade Bond CompanyCompanyCompanyCompanyEquityEquityEquityEquity UCITSUCITSUCITSUCITS EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity Markets EquityMarkets EquityMarkets EquityMarkets Equity MENA EquityMENA EquityMENA EquityMENA Equity 2013201320132013 2013201320132013

2013201320132013 US$US$US$US$ US$US$US$US$ €€€€ €€€€ ¥¥¥¥ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$Subscriptions receivable - 97,005 - - - - - - 97,005Other receivable - 260,443 - 27 - 46,135 1,489 1,091 309,195

- 357,448 - 27 - 46,135 1,489 1,091 406,200

GLG GLG GLG GLG GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG

GLGGLGGLGGLG GlobalGlobalGlobalGlobal GLGGLGGLGGLG GlobalGlobalGlobalGlobal JapanJapanJapanJapan EmergingEmergingEmergingEmerging EmergingEmergingEmergingEmerging FrontierFrontierFrontierFrontier GLG GlobalGLG GlobalGLG GlobalGLG Global GLG LatinGLG LatinGLG LatinGLG Latin CombinedCombinedCombinedCombined

GlobalGlobalGlobalGlobal ConvertibleConvertibleConvertibleConvertible EuropeanEuropeanEuropeanEuropean SustainabilitySustainabilitySustainabilitySustainability CoreAlphaCoreAlphaCoreAlphaCoreAlpha AsiaAsiaAsiaAsia EuropeEuropeEuropeEurope MarketsMarketsMarketsMarkets EmergingEmergingEmergingEmerging AmericanAmericanAmericanAmerican GLGGLGGLGGLG CompanyCompanyCompanyCompany

EquityEquityEquityEquity UCITSUCITSUCITSUCITS EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity Markets EquityMarkets EquityMarkets EquityMarkets Equity EquityEquityEquityEquity MENA EquityMENA EquityMENA EquityMENA Equity 2013201320132013

2012201220122012 US$US$US$US$ US$US$US$US$ €€€€ €€€€ ¥¥¥¥ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$

Subscriptions receivable 429 25,050 - - 90,499,151 - - - - - - 1,072,554

Unrealised gain on spot

currency contracts - 11 - 92 - - - - - - - 132

Other receivable 22,757 12,881 - - 1,339,586 - - 339 - 21 5 51,502

23,186 37,942 - 92 91,838,737 - - 339 - 21 5 1,124,188


56

7.7.7.7. Other Payables

The breakdown of other payables is as follows:

GLG GLG GLG GLG GLGGLGGLGGLG GLGGLGGLGGLG GLG GlobalGLG GlobalGLG GlobalGLG Global GLG GlobalGLG GlobalGLG GlobalGLG GlobalGLGGLGGLGGLG GlobalGlobalGlobalGlobal GLGGLGGLGGLG GlobalGlobalGlobalGlobal JapanJapanJapanJapan EmergingEmergingEmergingEmerging InvestmentInvestmentInvestmentInvestment

GlobalGlobalGlobalGlobal ConvertibleConvertibleConvertibleConvertible EuropeanEuropeanEuropeanEuropean SustainabilitySustainabilitySustainabilitySustainability CoreAlphaCoreAlphaCoreAlphaCoreAlpha MarketsMarketsMarketsMarkets GLGGLGGLGGLG Grade BondGrade BondGrade BondGrade BondEquityEquityEquityEquity UCITSUCITSUCITSUCITS EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity MENA EquityMENA EquityMENA EquityMENA Equity 2013201320132013

2013201320132013 US$US$US$US$ US$US$US$US$ €€€€ €€€€ ¥¥¥¥ US$US$US$US$ US$US$US$US$ US$US$US$US$Rdemption payable - - - - - - - -Unrealised loss on spot

currency contracts - - - 230 - - - -Other payables - 10,024 - 2,803 - - - -

- 10,024 - 3,033 - - - -

GLG GLG GLG GLG GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLGGLGGLGGLGGLG GlobalGlobalGlobalGlobal GLGGLGGLGGLG GlobalGlobalGlobalGlobal JapanJapanJapanJapan EmergingEmergingEmergingEmerging EmergingEmergingEmergingEmerging FrontierFrontierFrontierFrontier GLG GlobalGLG GlobalGLG GlobalGLG Global GLG LatinGLG LatinGLG LatinGLG Latin CombinedCombinedCombinedCombined

GlobalGlobalGlobalGlobal ConvertibleConvertibleConvertibleConvertible EuropeanEuropeanEuropeanEuropean SustainabilitySustainabilitySustainabilitySustainability CoreAlphaCoreAlphaCoreAlphaCoreAlpha AsiaAsiaAsiaAsia EuropeEuropeEuropeEurope MarketsMarketsMarketsMarkets EmergingEmergingEmergingEmerging AmericanAmericanAmericanAmerican GLGGLGGLGGLG CompanyCompanyCompanyCompanyEquityEquityEquityEquity UCITSUCITSUCITSUCITS EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity Markets EquityMarkets EquityMarkets EquityMarkets Equity EquityEquityEquityEquity MENA EquityMENA EquityMENA EquityMENA Equity 2013201320132013

2012201220122012 US$US$US$US$ US$US$US$US$ €€€€ €€€€ ¥¥¥¥ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$Rdemption payable - 705,088 30 - 244,943,286 - - - - - - 3,539,121Unrealised loss on spot

currency contracts - 1,980 - 11 - - - - 7 - - 2,043Other payables 639 2,021 1,675 1,323 6,495,660 - 2 - - - - 81,728

639 709,089 1,705 1,334 251,438,946 - 2 - 7 - - 3,622,892


57

8.8.8.8. Derivative Contracts As of 31 December 2013, derivative contracts were included in the Fund’s Statement of Assets and Liabilities at fair value through profit or loss.

The following table shows the fair values of derivative financial instruments, recorded as assets or liabilities, together with their notional amounts. The notional amount, recorded gross, is the amount of a derivatives underlying asset, reference rate or index and is the basis upon which changes in the value of derivatives are measured. The notional amounts indicate the volume of transactions outstanding at the reporting dates and are indicative of neither the market risk nor the credit risk.

Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value Notional ValueNotional ValueNotional ValueNotional Value Notional ValueNotional ValueNotional ValueNotional ValueAssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilities AssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilities2013201320132013 2013201320132013 2013201320132013 2013201320132013

GLG Global Equity US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$Contracts for difference- unfunded 3,306,549 (79,404) 21,706,848 232,551 Forward currency contracts 1,576,313 (448,165) 104,298,482 25,417,157 Future contracts 26,255 - 34 -

4,909,117 (527,569) 126,005,364 25,649,708

Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value Notional ValueNotional ValueNotional ValueNotional Value Notional ValueNotional ValueNotional ValueNotional ValueAssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilities AssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilities2012201220122012 2012201220122012 2012201220122012 2012201220122012US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$

Contracts for difference- unfunded 2,019,584 (276,735) 26,287,444 2,213,657 Forward currency contracts 1,555,937 (683,998) (60,336,043) (26,676,003)

3,575,521 (960,733) (34,048,599) (24,462,346)

Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value Notional Value Notional Value Notional Value Notional Value Notional Value Notional Value Notional Value Notional ValueAssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilities AssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilities

2013201320132013 2013201320132013 2013201320132013 2013201320132013GLG Global Convertible UCITS US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ASCOTs 1,239,438 - 10,893,867 - Contracts for difference-unfunded 338,027 (2,313,440) 406,221 6,892,367 Credit default swaps - (101,466) - 5,500,000 Forward currency contracts 1,591,378 (189,143) 450,817,273 57,637,094 Future contract 287,500 (302,800) 24,150,000 14,426,000 Options 142,760 - 332 -

3,599,103 (2,906,849) 486,267,693 84,455,461


2012201220122012 2012201220122012 2012201220122012 2012201220122012US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$

ASCOTs 73,200 - 7,404,800 - Contracts for difference-unfunded 852,839 (1,504,661) (193,115) (7,712,673)Credit default swaps 220,572 (35,501) 3,500,000 3,500,000 Forward currency contracts 1,457,268 (2,503,055) (55,471,052) (331,837,062)Future contract 187,544 (76,000) (39,682,087) (11,360,000)Options 735,231 - 18,596 -

3,526,654 (4,119,217) (84,422,858) (347,409,735)

Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value Notional Value Notional Value Notional Value Notional Value Notional Value Notional Value Notional Value Notional ValueAssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilities AssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilities2013201320132013 2013201320132013 2013201320132013 2013201320132013

GLG European Equity €€€€ €€€€ €€€€ €€€€Contracts for difference - unfunded 1,530,187 (177,465) 11,645,756 3,177,564 Forward currency contracts 194,641 (199,497) 32,488,203 11,654,604 Future contract 37,720 - 41 -

1,762,548 (376,962) 44,134,000 14,832,168


€€€€ €€€€ €€€€ €€€€Contracts for difference - unfunded 630,845 (95,047) 7,172,053 1,843,760 Forward currency contracts 23,028 (79,506) (1,831,025) (7,102,802)Future contract 300 - 392,250 -

654,173 (174,553) 5,733,278 (5,259,042)


58

8.8.8.8. Derivative Contracts (continued)


2013201320132013 2013201320132013 2013201320132013 2013201320132013GLG Global Sustainability Equity €€€€ €€€€ €€€€ €€€€Contracts for difference-unfunded 523,546 (18,975) 4,666,501 508,685 Forward currency contracts 288,425 (51,645) 36,121,746 19,027,057

811,971 (70,620) 40,788,247 19,535,742


€€€€ €€€€ €€€€ €€€€Contracts for difference-unfunded 189,374 (11,749) 1,557,687 513,251 Forward currency contracts 341,967 (122,306) (23,556,942) (23,325,175)

531,341 (134,055) (21,999,255) (22,811,924)

Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value Notional Value Notional Value Notional Value Notional Value Notional Value Notional Value Notional Value Notional Value

Assets Assets Assets Assets LiabilitiesLiabilitiesLiabilitiesLiabilities Assets Assets Assets Assets LiabilitiesLiabilitiesLiabilitiesLiabilities2013201320132013 2013201320132013 2013201320132013 2013201320132013

GLG JapanCore Alpha Equity ¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥Forward currency contracts 5,405,664,712 (704,251,377) 567,006,531,614 280,861,939,882

5,405,664,712 (704,251,377) 567,006,531,614 280,861,939,882

Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value Notional Value Notional Value Notional Value Notional Value Notional Value Notional Value Notional Value Notional ValueAssets Assets Assets Assets LiabilitiesLiabilitiesLiabilitiesLiabilities Assets Assets Assets Assets LiabilitiesLiabilitiesLiabilitiesLiabilities2012201220122012 2012201220122012 2012201220122012 2012201220122012

¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥Forward currency contracts 4,683,060,939 (96,830,791) (99,500,812,391) 2,401,587,735

4,683,060,939 (96,830,791) (99,500,812,391) 2,401,587,735

GLG Global Emerging Markets Equity GLG Global Emerging Markets Equity did not hold any derivative contracts as at 31 December 2013 and the fund ceased operations on 24 July 2013.

Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value Notional valueNotional valueNotional valueNotional value Notional valueNotional valueNotional valueNotional value

Assets Assets Assets Assets LiabilitiesLiabilitiesLiabilitiesLiabilities Assets Assets Assets Assets LiabilitiesLiabilitiesLiabilitiesLiabilities

2012201220122012 2012201220122012 2012201220122012 2012201220122012


Forward currency contracts 518,062 (13,329) 32,372,303 (728,648)

Total Return Swaps 106,835 (26,935) 1,895,606 631,124

624,897 (40,264) 34,267,909 (97,524)

Fair ValueFair ValueFair ValueFair Value Fair ValueFair ValueFair ValueFair Value Notional ValueNotional ValueNotional ValueNotional Value Notional ValueNotional ValueNotional ValueNotional ValueAssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilities AssetsAssetsAssetsAssets LiabilitiesLiabilitiesLiabilitiesLiabilities2013201320132013 2013201320132013 2013201320132013 2013201320132013

GLG MENA Equity US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$Forward currency contracts 843,394 (1) 35,991,531 1,190

843,394 (1) 35,991,531 1,190



GLG Global Investment Grade Bond US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$Forward currency contracts 10,632 (44,528) 7,944,154 5,228,949 Future contracts 20,277 (7,688) 9 3

30,909 (52,216) 7,944,163 5,228,952

The Portfolio commenced its operations on 7 January 2013 and, as such, there are no comparatives presented for 31 December 2012.


59

8.8.8.8. Derivative Contracts (continued) As part of its portfolio management techniques, the Fund may use exchange-traded futures to maintain the appropriate exposure to stock markets in accordance with the Investment Manager’s recommended overall asset allocation. Futures are contracts for delayed delivery of securities or money market instruments in which the seller agrees to make delivery at a specified future date of a specified instrument, at a specified price or yield. Gains and losses on futures are recorded by the Fund based upon market fluctuations and are recorded as realised or unrealised gains or losses.

The Fund may also use forward currency contracts to economically hedge its non-functional currency liability to Shareholders, (although formal hedge accounting is not used). Forward currency contracts entered into by the Fund represent a firm commitment to buy or sell an underlying asset, or currency at a specified value and point in time based upon an agreed or contracted quantity. The realised/unrealised gain or loss is equal to the difference between the value of the contract at the commencement and the value of the contract at settlement date/year end date and are included in the Statement of Operations.

The Fund may invest in option contracts. An option contract gives the owner the right, but not the obligation, to buy (“call option”) or to sell (“put option”) a specified item at a fixed price during a specified year for a non refundable fee (“premium”). The maximum loss to a buyer of an option is the loss of the premium. The writer of a call option has to bear the risk of an unfavourable change in the value underlying the option and, unless an offsetting long position is owned, the theoretical loss is unlimited. The loss to the writer of a put option is limited to the exercise price of the option, versus the premium collected on its sale. Option contracts are held at fair value with reference to quoted market prices, when available, or based on pricing models that consider the time value of money, volatility and the current market and contractual prices of the underlying financial instruments.

The Fund may also hold investment positions through total return swaps, to reduce its long-term exposure to market risk and credit risk, details of which are shown in the Portfolio Statements. Total return swaps are contracts in which the Fund pays or receives a series of cash flows based upon the total return of a specified asset in return for paying or receiving, respectively, a fixed or floating rate of interest based upon that same specified asset.

Credit default swaps are contracts in which the Fund pays or receives an interest flow in return for the counterparty accepting or selling all or part of the risk of default or failure to pay of a reference entity on which the swap is written. Where the Fund has bought protection, the maximum potential loss is the value of the interest flows the Fund is contracted to pay until maturity of the contract. Where the Fund has sold protection, the maximum potential loss is the nominal value of the protection sold. The fund has sold protection to third parties over credit instruments with a dollar equivalent notional value of US$159,799 (2012:Nil)

An ASCOT, or Asset Swapped Convertible Option Transaction, is an option on a convertible bond that is used to separate a convertible bond into its two components: a bond and an option to acquire stock. When the bond is stripped of its conversion feature, the holder has a bond featuring fairly stable returns on debt, and a volatile, but potentially very valuable, option.

An unfunded CFD is an agreement between the Fund and third party which allows the Fund to acquire an exposure to the price movement of specific securities without actually purchasing the securities. Upon entering into an unfunded CFD, the Fund is required to deposit with a broker an initial cash margin equal to a certain percentage of the contract amount. Variation margin payments are made or received by the Fund depending upon the fluctuation in the value of the underlying securities. The changes in contract values are recorded as unrealised gains or losses and the Fund recognises a realised gain or loss when the contract is closed. CFDs are similar to total return swaps, but are more standardized and primarily used in the UK and Ireland.

9.9.9.9. Redeemable Participating Shares The Shares are redeemable at the Shareholder’s option and are classified as financial liabilities. A Share can be redeemed at any Dealing Day for cash equal to a proportionate share of the Fund’s Net Asset Value. A Share is carried at the redemption amount that is payable at the Statement of Assets and Liabilities date if the Shareholder exercised its right to redeem the Share.

The authorised share capital of the Fund is €38,092.14 divided into 30,000 Subscriber Shares of €1.269 each (“Subscriber Shares”) and 500,000,000,000 Shares of no par value initially designated as unclassified Shares. The Directors are empowered to issue up to 500,000,000,000 Shares of no par value designated as Shares of any series or class on such terms as they think fit.

The Subscriber Shares were fully issued when the Fund was launched. They entitle the holders to attend and vote at general meetings of the Fund but do not entitle the holders to participate in the profits or assets of the Fund except for a return of capital on a winding-up. The Subscriber Share capital is beneficially held by or on behalf of the Manager. All issued Shares are fully paid. The Fund’s capital is represented by these shares with no par value and with each carrying one vote. They are entitled to dividends and to payment of a proportionate share based on the Fund’s Net Asset Value per Share on the redemption date. Investors may be subject to an upfront sales charge of up to 5% of their proposed subscription, payable to the Manager in respect of any subscription for any Class of Shares.


60

9.9.9.9. Redeemable Participating Shares (continued)

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class D Class D Class D Class D Class I H Class I H Class I H Class I H Class I Class I Class I Class I Class IH Class IH Class IH Class IH

EUR EUR EUR EUR Class DH Class DH Class DH Class DH Class I Class I Class I Class I Class DHT Class DHT Class DHT Class DHT GLG Global Equity USD USD USD USD GBP GBP GBP GBP EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD USD USD USD GBP GBP GBP GBP Shares in issue 1 January 2013 155,394 75,442 305,829 12,988 147,158 60,915 836 Subscriptions for year 152,045 - 42,959 7,373 17,137 30,001 601 Redemptions for year (143,274) - - (587) (37,235) (4,847) (92)Shares in issue 31 December

2013 164,165 75,442 348,788 19,774 127,060 86,069 1,345

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class I Class I Class I Class I GLG Global Equity GBP GBP GBP GBP Shares in issue 1 January 2013 217,587 Subscriptions for year - Redemptions for year (217,587)Shares in issue 31 December

2013 -

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class IT Class IT Class IT Class IT Class DT Class DT Class DT Class DT Class IH T Class IH T Class IH T Class IH T Class DHT Class DHT Class DHT Class DHT Class DT Class DT Class DT Class DT Class D Class D Class D Class D Class I H Class I H Class I H Class I H GLG Global Equity USD USD USD USD USD 2 USD 2 USD 2 USD 2 EUR EUR EUR EUR EUR 2 EUR 2 EUR 2 EUR 2 USD USD USD USD USD USD USD USD USD USD USD USD Shares in issue 1 January 2012 9,930 2,569 10,297 1,841 42,945 15,521 - Subscriptions for year 183 - - - - 170,631 75,442 Redemptions for year (10,113) (2,569) (10,297) (1,841) (42,945) (30,758) - Shares in issue 31 December

2012 - - - - - 155,394 75,442

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class I Class I Class I Class I Class IH Class IH Class IH Class IH

EUR EUR EUR EUR Class DHT Class DHT Class DHT Class DHT Class DH Class DH Class DH Class DH Class I Class I Class I Class I Class DHT Class DHT Class DHT Class DHT Class I Class I Class I Class I GLG Global Equity EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR USD USD USD USD GBP GBP GBP GBP GBP GBP GBP GBP Shares in issue 1 January 2012 - - 109,518 48,878 28,576 445 - Subscriptions for year 305,829 12,988 - 105,472 44,123 744 217,587 Redemptions for year - - (109,518) (7,192) (11,784) (353) - Shares in issue 31 December

2012 305,829 12,988 - 147,158 60,915 836 217,587

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class DL Class DL Class DL Class DL Class DL H Class DL H Class DL H Class DL H Class IL Class IL Class IL Class IL Class IL H Class IL H Class IL H Class IL H Class DL H Class DL H Class DL H Class DL H Class IM Class IM Class IM Class IM Class IM H Class IM H Class IM H Class IM H GLG Global Convertible UCITS USD USD USD USD EUR EUR EUR EUR USD USD USD USD EUR EUR EUR EUR GBP GBP GBP GBP USD USD USD USD EUR EUR EUR EUR Shares in issue 1 January 2013 402,167 460,612 17,972 896,415 6,053 60,180 432,103 Subscriptions for year 239,721 194,690 2,881 439,206 4,314 32,789 65,549 Redemptions for year (239,728) (135,203) (2,178) (587,883) (3,620) (28,277) (226,988)Shares in issue 31 December

2013 402,161 520,099 18,675 747,738 6,747 64,691 270,664

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class IM H Class IM H Class IM H Class IM H GLG Global Convertible UCITS GBP GBP GBP GBP Shares in issue 1 January 2013 9,536 Subscriptions for year 2,521 Redemptions for year (7,017)Shares in issue 31 December

2013 5,041


61


Number of SharesNumber of SharesNumber of SharesNumber of Shares Class IL T Class IL T Class IL T Class IL T Class DL T Class DL T Class DL T Class DL T

Class IL H Class IL H Class IL H Class IL H

T T T T Class DL H T Class DL H T Class DL H T Class DL H T Class DL H T Class DL H T Class DL H T Class DL H T Class DL H Class DL H Class DL H Class DL H Class DL T Class DL T Class DL T Class DL T GLG Global Convertible UCITS USD USD USD USD USD2 USD2 USD2 USD2 EUR-B EUR-B EUR-B EUR-B EUR1 EUR1 EUR1 EUR1 EUR2 EUR2 EUR2 EUR2 EUR2 EUR2 EUR2 EUR2 USD USD USD USD Shares in issue 1 January 2012 2,681 23,210 42,037 10,114 28,146 17,520 53,280 Subscriptions for year - 1,818 26 - - 3,448 - Redemptions for year (2,681) (25,028) (42,063) (10,114) (28,146) (20,968) (53,280)Shares in issue 31 December

2012 - - - - - - -

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class DL Class DL Class DL Class DL Class IL Class IL Class IL Class IL

Class IL H Class IL H Class IL H Class IL H

T T T T Class DL H T Class DL H T Class DL H T Class DL H T Class DL H T Class DL H T Class DL H T Class DL H T Class IL H Class IL H Class IL H Class IL H Class DL H Class DL H Class DL H Class DL H GLG Global Convertible UCITS USD USD USD USD USD USD USD USD EUR EUR EUR EUR GBP GBP GBP GBP EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR Shares in issue 1 January 2012 153,943 31,105 37,099 3,812 349,893 762,524 219,044

Subscriptions for year 309,877 17,606 - 2,217 3,147 600,217 410,538 Redemptions for year (61,653) (30,739) (37,099) (6,029) (353,040) (466,326) (168,971)Shares in issue 31 December

2012 402,167 17,972 - - - 896,415 460,612

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class I MT Class I MT Class I MT Class I MT Class DL H Class DL H Class DL H Class DL H Class IM Class IM Class IM Class IM Class IM H T Class IM H T Class IM H T Class IM H T Class IM H Class IM H Class IM H Class IM H Class IM H Class IM H Class IM H Class IM H GLG Global Convertible UCITS USD USD USD USD GBP GBP GBP GBP USD USD USD USD EUR EUR EUR EUR EUR EUR EUR EUR GBP GBP GBP GBP Shares in issue 1 January 2012 2,500 - 112,859 23,885 201,182 732 Subscriptions for year - 6,425 27,166 11,500 239,223 8,883 Redemptions for year (2,500) (372) (79,845) (35,385) (8,302) (79)Shares in issue 31 December

2012 - 6,053 60,180 - 432,103 9,536

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class DClass DClass DClass D Class IClass IClass IClass I Class D H TClass D H TClass D H TClass D H T Class D HClass D HClass D HClass D H Class D HClass D HClass D HClass D H Class I HClass I HClass I HClass I HGLG European Equity EUREUREUREUR EUREUREUREUR GBPGBPGBPGBP NOKNOKNOKNOK USDUSDUSDUSD USDUSDUSDUSDShares in issue 1 January 2013 96,627 4,109 319 142,491 40,711 541 Subscriptions for year 14,688 5,929 172,904 - 12,748 - Redemptions for year (73,559) (6,003) (1,060) (142,491) (3,741) - Shares in issue 31 December

2013 37,756 4,035 172,163 - 49,718 541

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class DClass DClass DClass D Class IClass IClass IClass I Class D H TClass D H TClass D H TClass D H T Class D HClass D HClass D HClass D H Class D HClass D HClass D HClass D H Class I HClass I HClass I HClass I HGLG European Equity EUREUREUREUR EUREUREUREUR GBPGBPGBPGBP NOKNOKNOKNOK USDUSDUSDUSD USDUSDUSDUSDShares in issue 1 January 2012 35,666 121,079 469 - - 15,731 Subscriptions for year 87,678 4,918 84 142,491 76,242 (15,190)Redemptions for year (26,717) (121,888) (234) - (35,531) - Shares in issue 31 December

2012 96,627 4,109 319 142,491 40,711 541

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class I TClass I TClass I TClass I T Class D TClass D TClass D TClass D T Class I H TClass I H TClass I H TClass I H T Class DClass DClass DClass D Class D TClass D TClass D TClass D T Class D H TClass D H TClass D H TClass D H TGLG European Equity EUREUREUREUR EUR2EUR2EUR2EUR2 USDUSDUSDUSD EUR2EUR2EUR2EUR2 EUREUREUREUR USDUSDUSDUSDShares in issue 1 January 2012 1,858 3,946 8,767 4,389 48,509 34,079 Subscriptions for year 1,609 - - - 194 - Redemptions for year (3,467) (3,946) (8,767) (4,389) (48,703) (34,079)Shares in issue 31 December

2012 - - - - - -

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class IH Class IH Class IH Class IH

GLG Frontier Markets Equity GBP GBP GBP GBP Shares in issue 1 January 2012 89,615 Subscriptions for year - Redemptions for year (89,615)Shares in issue 31 December

2012 -


62

9.9.9.9. Redeemable Participating Shares (continued) Number of SharesNumber of SharesNumber of SharesNumber of Shares Class D Class D Class D Class D Class I Class I Class I Class I Class D H Class D H Class D H Class D H Class I H Class I H Class I H Class I H Class D H Class D H Class D H Class D H Class I H Class I H Class I H Class I H Class D H Class D H Class D H Class D H

GLG Japan CoreAlpha Equity JPY JPY JPY JPY JPY JPY JPY JPY USD USD USD USD USD USD USD USD EUR EUR EUR EUR EUR EUR EUR EUR GBP GBP GBP GBP Shares in issue 1 January 2013 231,681 2,413,730 482,625 2,680,460 831,406 933,090 1,171,729 Subscriptions for year 394,961 4,123,632 958,962 3,578,561 2,467,636 1,795,156 136,810 Redemptions for year (263,163) (2,390,499) (585,489) (2,822,217) (1,430,339) (1,015,366) (528,923)Shares in issue 31 December

2013 363,479 4,146,863 856,098 3,436,804 1,868,703 1,712,880 779,616

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class I H Class I H Class I H Class I H Class I Class I Class I Class I Class I Class I Class I Class I Class I Class I Class I Class I Class IH Class IH Class IH Class IH Class DH Class DH Class DH Class DH GLG Japan CoreAlpha Equity GBP GBP GBP GBP GBP GBP GBP GBP USD USD USD USD EUR EUR EUR EUR CHF CHF CHF CHF CHF CHF CHF CHF Shares in issue 1 January 2013 3,595,134 192,592 2,710 231,552 10,000 244,763 Subscriptions for year 3,890,693 890,763 186,797 140,870 286,651 159,074 Redemptions for year (2,255,196) (403,550) (12,503) (183,597) (38,778) (248,194)Shares in issue 31 December

2013 5,230,631 679,805 177,004 188,825 257,873 155,643

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class D Class D Class D Class D Class I Class I Class I Class I Class D Class D Class D Class D Class I H Class I H Class I H Class I H Class D H Class D H Class D H Class D H Class I H Class I H Class I H Class I H Class D H Class D H Class D H Class D H GLG Japan CoreAlpha Equity JPY JPY JPY JPY JPY JPY JPY JPY USD USD USD USD USD USD USD USD EUR EUR EUR EUR EUR EUR EUR EUR GBP GBP GBP GBP Shares in issue 1 January 2012 511,124 3,019,530 331,263 1,094,134 609,074 648,088 1,287,659 Subscriptions for year 137,888 1,760,401 326,278 1,941,775 621,782 1,292,890 281,723 Redemptions for year (417,331) (2,366,201) (174,916) (355,449) (399,450) (1,007,888) (397,653)Shares in issue 31 December

2012 231,681 2,413,730 482,625 2,680,460 831,406 933,090 1,171,729

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class I H Class I H Class I H Class I H Class I Class I Class I Class I Class I Class I Class I Class I Class I Class I Class I Class I Class IH Class IH Class IH Class IH Class DH Class DH Class DH Class DH GLG Japan CoreAlpha Equity GBP GBP GBP GBP GBP GBP GBP GBP USD USD USD USD EUR EUR EUR EUR CHF CHF CHF CHF CHF CHF CHF CHF Shares in issue 1 January 2012 2,627,732 242,301 321 127,931 - - Subscriptions for year 1,939,775 71,115 4,589 220,023 10,000 249,175 Redemptions for year (972,373) (120,824) (2,200) (116,402) - (4,412)Shares in issue 31 December

2012 3,595,134 192,592 2,710 231,552 10,000 244,763

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class IH Class IH Class IH Class IH Class D Class D Class D Class D GLG Global Sustainability Equity GBP GBP GBP GBP EUR EUR EUR EUR Shares in issue 1 January 2013 211,978 5,419 Subscriptions for year - 521 Redemptions for year - (521)Shares in issue 31 December

2013 211,978 5,419

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class D T Class D T Class D T Class D T Class IH Class IH Class IH Class IH Class D Class D Class D Class D GLG Global Sustainability Equity EUR EUR EUR EUR GBP GBP GBP GBP EUR EUR EUR EUR Shares in issue 1 January 2012 5,604 202,745 298 Subscriptions for year - 9,233 6,136 Redemptions for year (5,604) - (1,015)Shares in issue 31 December

2012 - 211,978 5,419


GLG Emerging Asia Equity GBP GBP GBP GBP Shares in issue 1 January 2012 87,849 Subscriptions for year - Redemptions for year (87,849)Shares in issue 31 December

2012 -


GLG Emerging Europe Equity GBP GBP GBP GBP Shares in issue 1 January 2012 86,561 Subscriptions for year - Redemptions for year (86,561)Shares in issue 31 December

2012 -


63


Number of SharesNumber of SharesNumber of SharesNumber of Shares Class IHClass IHClass IHClass IH

GLG Global Emerging Markets Equity Fund GBPGBPGBPGBPShares in issue 1 January 2013 206749Subscriptions for year - Redemptions for year (206,749) Shares in issue 31 December 2013 -

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class IHClass IHClass IHClass IH

GLG Global Emerging Markets Equity Fund GBPGBPGBPGBPShares in issue 1 January 2012 87102Subscriptions for year 206,749 Redemptions for year (87,102) Shares in issue 31 December 2012 206,749

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class IH Class IH Class IH Class IH GLG Latin American Equity GBP GBP GBP GBP Shares in issue 1 January 2012 84,179 Subscriptions for year - Redemptions for year (84,179)Shares in issue 31 December 2012 -

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class IH Class IH Class IH Class IH Class D Class D Class D Class D GLG MENA Equity GBP GBP GBP GBP USD USD USD USD Shares in issue 1 January 2013 - - Subscriptions for year 169,584 1,000 Redemptions for year - -

Shares in issue 31 December 2013 169,584 1,000

Number of SharesNumber of SharesNumber of SharesNumber of Shares Class IH Class IH Class IH Class IH GLG MENA Equity GBP GBP GBP GBP Shares in issue 1 January 2012 - Subscriptions for year 128,581 Redemptions for year (128,581)Shares in issue 31 December 2012 -

The Portfolio was fully redeemed on 13 November 2012 and was re-launched on 8 May 2013. Number of SharesNumber of SharesNumber of SharesNumber of Shares Class D Class D Class D Class D Class I Class I Class I Class I GLG Global Investment Grade Bond USD USD USD USD USD USD USD USD

Shares in issue 1 January 2013 - - Subscriptions for year 61,780 152,000 Redemptions for year (2,823) - Shares in issue 31 December 2013 58,957 152,000

The Portfolio commenced its operations on 7 January 2013 and, as such, there are no comparatives presented for 31 December 2012. As a result of the ability to issue, repurchase and resell Shares, the capital of the Fund can vary depending on the demand for the redemptions and subscription to the Fund. The Fund is not subject to externally imposed capital requirements and has no restrictions on the issue, repurchase or resale of the Shares. The Fund’s objectives for managing capital are: • To invest the capital in investments meeting the description and risk indicated in the Prospectus. • To seek to maintain sufficient liquidity to meet the expenses of the Fund, and to meet redemption requests as they arise. Refer to ‘Risk Associated with Financial Instruments’ (note 11 under Liquidity risk) for the policies and processes applied by the Fund in managing its capital and its obligation to repurchase the Shares.


64

10.10.10.10. Related Party Transactions The Fund has adopted the corporate governance code for collective investment schemes and management companies issued by the Irish Funds Industry Association (the “IFIA Code”). The Directors are satisfied that they act independently and in the interests of the Fund as a whole and have determined that John Walley and Victoria Parry are independent directors as that term is defined in the IFIA Code. During the year Michael Jackson earned Directors’ fees of €8,000. Aniello Bianco, Alun Davies, Gerald O’Mahony and John Walley earned Directors’ fee of €4,000 each. Victoria Parry earned Directors’ fee of €5,333 as she elected to waive her right to a Directors’ fee for the year to 30 April 2013, as during that time she was the Global Head of Product Legal for Man Group plc. John Morton has elected to waive his Directors’ fee as he is the Head of UCITS and GLG Products within the Legal Department of Man Group Plc. Each of the directors is or may become involved in other financial investment and professional activities which may cause conflicts of interest with the management of the Fund. These activities include management or Administration of other companies (including those with investment objectives similar to that of the Fund), purchases and sales of securities and other investments, investment and management counselling and serving as directors, advisers and/or agents of other companies, including companies which the Fund may invest and/or which may invest into the Fund. Michael Jackson is a partner at Matheson, the legal advisers of the Fund, but is not involved in the provision of day-to-day legal assistance to the Fund. During the year fees of €53,655 (2012: €311,023) were paid to Matheson, as Legal Advisers to the Fund. The Manager, GLG Partners Asset Management Limited, receives fees as outlined in note 5.

11.11.11.11. Risks Associated with Financial Instruments In pursuing their investment objectives referred to in note 1, each of the Portfolios invests in transferable securities which expose the Portfolios to varying risks including market, credit/counterparty and liquidity risks. A description of the specific risks and the policies for managing these risks is included below. Further detail of risks that the Portfolios are exposed to is disclosed in the Prospectus. Fair value is determined in accordance with Accounting Policy note 2(f). The Portfolio Statements of the Fund at the year end are representative of the type of investments held during the year.

(a) Market price risk Market risk can include equity risk, commodity risk, interest rate risk, credit spread risk, volatility and foreign currency risk. The Portfolio’s exposure to these factors is measured and monitored using Value at Risk. Global exposure is a measure designed to limit either the incremental exposure and leverage generated by a UCITS through the use of financial derivative instruments (‘‘FDI’’) or the market risk of the UCITS portfolio. The Fund utilizes the commitment approach to monitor global exposure on a daily basis. Breaches of the exposure limits, if any, are identified using commitment approach, addressed by the investment manager and reported to the directors. An annual FDI report is provided to the Central Bank detailing any exposures breached during the year and any material changes to the risk monitoring process. During the year, there were no material breaches of the FDI exposure limits. Please see the credit risk section for a review of the risk and related measurements related to FDI counterparties as of 31 December 2013. Please refer to Note 8 of the financial statements for the level of leverage employed, i.e. the sum of the notional amounts of the derivatives used. The table below identifies the Value at Risk (“VaR”) calculated on the Portfolio as at 31 December, and the stand alone contribution to the Portfolio VaR from each of the principal risk factors. The VaR measure is a 1 day, 97.72% confidence Monte Carlo VaR, using a historic observation period of six months. This signifies that the Portfolio would not be expected to lose more than the stated amount 97.72% of the time. The results are based on historically observed correlations and volatilities which may not always be an accurate prediction of the future and relate only to the positions held as at the close of business on 31 December. These positions inevitably change over time. GLG Global Equity

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2013 2012 Fund 1 Day VaR as a % of Net Assets 1.40% 1.46% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2013 2012 Equity 1.40% 1.46% Foreign Exchange 0.02% 0.02% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts.


65

11.11.11.11. Risks Associated with Financial Instruments (continued)

(a) Market price risk (continued) GLG Global Convertible UCITS

As of 31 December the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2013 2012 Fund 1 Day VaR as a % of Net Assets 0.50% 0.60% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2013 2012 Credit Spread 0.08% 0.15% Equity 0.40% 0.44% Foreign Exchange 0.04% 0.03% Interest Rates 0.06% 0.05% Volatility 0.16% 0.13% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. GLG European Equity

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2013 2012 Fund 1 Day VaR as a % of Net Asset 1.40% 1.56% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2013 2012 Equity 1.40% 1.56% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. GLG Global Sustainability Equity

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2013 2012 Fund 1 Day VaR as a % of Net Assets 1.61% 1.05% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2013 2012 Equity 1.60% 1.04% Foreign Exchange 0.01% 0.01% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. GLG Japan CoreAlpha Equity

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2013 2012 Fund 1 Day VaR as a % of Net Assets 2.26% 1.05% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2013 2012 Equity 2.25% 1.04% Foreign Exchange 0.00% 0.01% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts.


66

11.11.11.11. Risks Associated with Financial Instruments (continued) (a) Market price risk (continued) GLG Global Emerging Markets Equity

GLG Global Emerging Markets Equity ceased operations on 24 July 2013 and therefore there were no figures present on 31 December 2013.

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2012 Fund 1 Day VaR as a % of Net Assets 1.77% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2012 Equity 1.41% Foreign Exchange 0.40% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. GLG MENA Equity

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2013 Fund 1 Day VaR as a % of Net Assets 1.64% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2013 Equity 1.64% Foreign Exchange 0.01% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. The Portfolio was fully redeemed on 13 November 2012 and was re-launched on 8 May 2013 and as such there is no VaR analysis presented as at 31 December 2012. GLG Global Investment Grade Bond

As of 31 December, the following table represents the Portfolio 1 day VaR as a percentage of Net Assets: 2013 Fund 1 Day VaR as a % of Net Assets 0.47% As of 31 December, the following table represents the Market Risk Factor Stand Alone VaR: 2013 Credit Spread 0.21% Interest Rate 0.40% Cross correlation between risk factors result in a Fund VaR number that is less than the sum of the parts. The Portfolio commenced its operations on 7 January 2013 and as such there is no VaR analysis presented as at 31 December 2012.

(i) Interest rate risk A Portfolio of the Fund may hold investments in fixed interest bearing securities. Any change to the interest rate for particular securities may result in income either increasing or decreasing. Prices of securities held will be impacted by domestic rates of interest. The Fund’s performance, therefore, will depend in part on its ability to anticipate and respond to such fluctuations in market interest rates, and to utilise appropriate strategies to maximise returns to the Portfolios, whilst attempting to minimise the associated risks to its investment capital.


67

11.11.11.11. Risks Associated with Financial Instruments (continued) (a) Market price risk (continued)

(i) Interest rate risk (continued) The interest rate profile of the Fund’s investment in securities as at 31 December was as follows: GLG Global Equity

There was no exposure to interest bearing securities at 31 December 2013 and 31 December 2012 except cash balances which are subject to agreed prevailing rates with each broker.

GLG Global Convertible UCITS Fund

Fixed interestFixed interestFixed interestFixed interest Floating interestFloating interestFloating interestFloating interest Non-interest Non-interest Non-interest Non-interest bearing securitiesbearing securitiesbearing securitiesbearing securities bearing securitiesbearing securitiesbearing securitiesbearing securities bearing securitiesbearing securitiesbearing securitiesbearing securities TotalTotalTotalTotal

CurrencyCurrencyCurrencyCurrency 2013201320132013 2013201320132013 2013201320132013 2013201320132013US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$

Chinese yuan renminbi (CNY) 4,577,302 - - 4,577,302 Euro (€) 84,212,082 416,486 139,810 84,768,378 Pound Sterling (GBP) 4,931,810 - 6,322,478 11,254,288 Hong Kong Dollar (HKD) 7,013,999 - - 7,013,999 Japanese Yen (JPY) 22,316,809 - 3,453,153 25,769,962 South African Rand (ZAR) 177,510 - - 177,510 Singapore Dollar (SGD) 7,048,729 - - 7,048,729 Swiss Franc (CHF) 1,716,868 - - 1,716,868 US Dollar (US$) 166,870,347 - 4,375,879 171,246,226

298,865,456 416,486 14,291,320 313,573,262

Fixed interest Fixed interest Fixed interest Fixed interest

bearing securitiesbearing securitiesbearing securitiesbearing securities Floating interest Floating interest Floating interest Floating interest

bearing securitiesbearing securitiesbearing securitiesbearing securities NonNonNonNon----interest interest interest interest

bearing securitiesbearing securitiesbearing securitiesbearing securities TotalTotalTotalTotal

CurrencyCurrencyCurrencyCurrency 2012201220122012 2020202012121212 2012201220122012 2012201220122012


Canadian Dollar (CAD) 1,915,062 - - 1,915,062

Chinese Yuan Renminbi (CNY) 5,339,085 - - 5,339,085

Euro (€) 62,458,847 2,967,164 5,059,157 70,485,168

Pound Sterling (GBP) 5,881,891 - 2,244,684 8,126,575

Hong Kong Dollar (HKD) 2,756,991 - - 2,756,991

Japanese Yen (JPY) 25,366,575 3,563,971 2,300,246 31,230,792

Norwegian Krone (NOK) - - 3,619 3,619

Singapore Dollar (SGD) 7,803,929 - - 7,803,929

US Dollar (US$) 184,551,850 3,345,375 6,652,846 194,550,071

296,074,230 9,876,510 16,260,552 322,211,292

GLG European Equity

There was no exposure to interest bearing securities at 31 December 2013 and 31 December 2012.


There was no exposure to fixed interest bearing securities at 31 December 2013 and 31 December 2012. GLG Japan CoreAlpha Equity

There was no exposure to fixed interest bearing securities at 31 December 2013 and 31 December 2012. GLG Global Emerging Markets Equity

There was no exposure to fixed interest bearing securities at 31 December 2013 and 31 December 2012. GLG MENA Equity

There was no exposure to fixed interest bearing securities at 31 December 2013 and 31 December 2012.


68

11.11.11.11. Risks Associated with Financial Instruments (continued) (a) Market price risk (continued)

(i) Interest rate risk (continued)


Fixed interestFixed interestFixed interestFixed interest Floating interestFloating interestFloating interestFloating interest

Non-Non-Non-Non-

interest interest interest interest

bearing securitiesbearing securitiesbearing securitiesbearing securities bearing securitiesbearing securitiesbearing securitiesbearing securities

bearing bearing bearing bearing

securitiessecuritiessecuritiessecurities TotalTotalTotalTotal

CurrencyCurrencyCurrencyCurrency 2013201320132013 2013201320132013 2013201320132013 2013201320132013

US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$Euro (€) 6,210,627 1,976,279 17,990 8,204,896 Pound Sterling (GBP) 4,804,380 408,887 (31,610) 5,181,657 US Dollar (US$) 6,156,915 1,271,466 (7,688) 7,420,693

17,171,922 3,656,632 (21,308) 20,807,246

The Portfolio commenced its operations on 7 January 2013 and and, as such, there were no comparatives presented for 31 December 2012.

(ii) Foreign currency risk

Foreign currency risk exists where assets and liabilities are denominated in currencies other than the functional currency, and also on non-functional currency redeemable participating shares. The Fund uses forward currency contracts for the purpose of economically hedging its foreign currency risk exposure. Details of forward currency contracts at the year end are disclosed in the Portfolio Statements attached to these financial statements. At the year end the balance sheet values of positions held on the Fund were as follows:

GLG Global Equity 2013201320132013 2012201220122012 Currency Currency Currency Currency US$ US$ US$ US$ US$ US$ US$ US$ Australian Dollar (AUD) 1 - Canadian Dollar (CAD) 1 1 Danish Krone (DKK) 2,246,274 3,608,219

Euro (€) 16,196,379 10,541,250 Hong Kong Dollar (HKD) - 4,098,728 Japanese Yen (JPY) 16,297,062 13,176,120 New Zealand Dollar (NZD) - 1 Norwegian Krone (NOK) - (36) Pound Sterling (GBP) 2,542,300 2,557,770

Singapore Dollar (SGD) 1,235,282 1,563,370 Swedish Krona (SEK) 10,424,057 4,549,245 Swiss Franc (CHF) 10,001,490 6,735,170 US Dollar (US$) 80,889,049 87,752,991

139,831,895 134,582,829

GLG Global Convertible UCITS 2013201320132013 2012201220122012 Currency Currency Currency Currency US$ US$ US$ US$ US$ US$ US$ US$ Canadian Dollar (CAD) 781 1,958,415 Chinese Yuan Renminbi (CNY) 4,644,187 5,394,364 Euro (€) 88,998,754 69,413,358 Hong Kong Dollar (HKD) 7,017,162 2,756,991

Japanese Yen (JPY) 26,706,375 31,176,057 Norwegian Krone (NOK) 108 3,737 Pound Sterling (GBP) 11,250,946 8,508,661Singapore Dollar (SGD) 7,061,738 7,828,251 South African Rand (ZAR) 180,993 1

Swedish Krona (SEK) - (1)Swiss Franc (CHF) 1,716,867 (1)US Dollar(US$) 180,873,456 202,711,678

328,451,367 329,751,511


69


(a) Market price risk (continued)

(ii) Foreign currency risk (continued)

GLG European Equity 2013201320132013 2012201220122012CurrencyCurrencyCurrencyCurrency € € € € € € € € Czech Koruna (CZK) - 6 Danish Krone (DKK) 1,547,759 (52,364)Euro (€) 23,938,863 17,212,306 Norwegian Krone (NOK) - 66,708 Pound Sterling (GBP) 763,152 27,800 Swedish Krona (SEK) 5,557,300 (76,593)Swiss Franc (CHF) 4,691,154 30,184 US Dollar (US$) 8,663 (97,274)

36,506,891 17,110,773

GLG Global Sustainability Equity 2013201320132013 2012201220122012CurrencyCurrencyCurrencyCurrency € € € € € € € € Danish Krone (DKK) 803,447 2,648,071 Euro (€) 7,122,250 2,868,071 Hong Kong Dollar (HKD) 1,164,829 519,373 Israel Shekel (ILS) (3) (3)Japanese Yen (JPY) 3,136,929 3,042,378 Norwegian Krone (NOK) 249,120 242,608 Pound Sterling (GBP) 562,961 135,099 Singapore Dollar(SGD) 612,118 733,657 Swedish Krona (SEK) 844,699 440,407 Swiss Franc (CHF) 525,870 - US Dollar (US$) 15,586,793 14,477,997

30,609,013 25,107,658

GLG Japan CoreAlpha Equity 2013201320132013 2012201220122012 Currency Currency Currency Currency ¥ ¥ ¥ ¥ ¥ ¥ ¥ ¥ Danish Krone (DKK) - 18

Euro (€) (548,080,527) 733,297,330

Japanese Yen (JPY) 386,390,858,084 130,561,544,089

Norwegian Krone (NOK) - 15

Pound Sterling (GBP) 1,372,135 2,645,707,774

Swedish Krona (SEK) - 11

Swiss Franc (CHF) 15,022,965 144,898,875

US Dollar (US$) (102,319,920) (45,935,048) 385,756,852,737 134,039,513,064

GLG Global Emerging Markets Equity

2012201220122012

CurrencyCurrencyCurrencyCurrency US$US$US$US$

Hong Kong Dollar (HKD) 8,086,416

US Dollar (US$) 5,800,119

Korean Won (KRW) 4,385,267

Brazilian Real (BRL) 3,686,046

Taiwan dollar (TWD) 2,829,509

Mexican Neuvo Peso (MXN) 2,254,650

South African Rand (ZAR) 1,937,465

Turkish Yeni (TRY) 874,233

Indonesia Rupiah (IDR) 782,955

Malaysian Ringgit (MYR) 593,422

Pound Sterling (GBP) 319,609

Philippine Peso (PHP) 236,704

Swiss Franc (CHF) 171

Euro (€) 18

31,786,584

GLG Global Emerging Markets Equity ceased operations on 24 July 2013 and therefore there were no figures present on 31 December 2013.


70


(a) Market price risk (continued)

(ii) Foreign currency risk (continued)

GLG MENA Equity 2013201320132013 Currency Currency Currency Currency US$ US$ US$ US$ Egyptian Pound (EGP) 59

Euro (€) 887

Kuwaiti Dinar (KWD) 2,430,511 Pound Sterling (GBP) 18,772

Qatari Riyal (QAR) 7,946,752 Swiss Franc (CHF) (11)

United Arab Emirates Dirham (AED) 7,788,045

US Dollar (US$) 18,885,429 37,070,444

The Portfolio was fully redeemed on 13 November 2012 and was re-launched on 8 May 2013 and, as such, there are no figures presented for 31 December 2012.

GLG Global Investment Grade Bond 2013201320132013 Currency Currency Currency Currency US$ US$ US$ US$ Euro (€) 7,799,173 Pound Sterling (GBP) 5,228,612 Swiss Franc (CHF) (8)US Dollar (US$) 8,377,090

21,404,867

The Portfolio commenced its operations on 7 January 2013 and, as such, there are no figures presented for 31 December 2012.

(iii) Other price risk Other price risks arise mainly from uncertainty about future prices of financial instruments held. They represent the potential loss the Fund might suffer through holding market positions in the face of price movements caused by factors specific to the individual investment or factors affecting all instruments traded in the market.

(b) Credit/counterparty risk The Fund is exposed to credit/counterparty risk on parties with whom it trades and bears the risk of settlement default. Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into with the Fund. For example, it represents the financial risk associated with a security issuer (either government or corporate) failing to discharge an obligation or commitment, or filing for bankruptcy. The Fund seeks to reduce concentrations of credit risk by undertaking transactions with several customers and counterparties on recognised and reputable exchanges. The Fund only buys and sells investments through brokers which have been approved by the Investment Manager as an acceptable counterparty.

Financial assets which potentially expose the Fund to counterparty credit risk consist principally of investments in cash balances and deposits with and receivables from brokers and other receivables. The extent of the Fund’s exposure to counterparty credit risk in respect of these financial assets approximates their carrying value as recorded in the Fund’s Statement of Assets and Liabilities. In addition, where the Fund borrows cash to finance leveraged investments, additional collateral is lodged with the counterparty to provide them with security for potential adverse movements in the collateral.

Whilst most finance providers afford some segregated protection for this collateral, this facility may not always be available to the Fund, and consequently can expose the Fund to the creditworthiness of the Counterparty. Credit risk also arising on transactions with brokers relates to transactions awaiting settlement. Risks relating to unsettled transactions are considered small due to the short settlement period involved and the high credit quality of the brokers used. Broker balances are primarily due from large reputable institutions and are, thus, considered at minimal risk for default. As delivery versus payment is the standard procedure for trade settlements, there is no significant credit risk arising from transactions settlements.

As at 31 December 2013, the majority of the Fund's assets were held with The Bank of New York Mellon (London), The Bank of New York Mellon (Brussels), Credit Suisse Securities (Europe) Limited, Morgan Stanley & Co. International Plc, Nomura, Citi and Goldman Sachs International. Each of these counterparties is considered by the Fund to be a highly rated and reputable institution and, thus, the credit risk exposure is considered to not be significant.

The following tables analyse the Fund’s maximum exposure to credit risk. The maximum exposure is shown gross, before the effect of mitigation through the use of master-netting and collateral agreements at the reporting date.

GLG Global Equity 2013201320132013 2012201220122012Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading: US$US$US$US$ US$US$US$US$

Derivatives 4,909,117 3,575,521 Cash 29,149,057 26,520,674 Due from brokers 894,144 972,194 Dividend receivables 122,226 27,942 Subscriptions receivables - 429 Other receivable 3,076 23,213 Total credit exposureTotal credit exposureTotal credit exposureTotal credit exposure 35,077,620 31,119,973


71


(b) Credit/counterparty risk (continued)

GLG Global Convertible UCITS 2013201320132013 2012201220122012Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading: US$US$US$US$ US$US$US$US$Interest bearing securities 299,281,942 305,950,740

Derivatives 3,599,103 3,526,654 Cash 12,734,442 6,521,366 Due from brokers 5,026,918 4,669,526 Interest receivables 1,741,913 2,006,178 Subscriptions receivables 97,003 25,050 Other receivable 8,346,367 12,897 Total credit exposureTotal credit exposureTotal credit exposureTotal credit exposure 330,827,688 322,712,411

GLG European Equity 2013201320132013 2012201220122012Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading: €€€€ €€€€

Derivatives 1,762,548 654,173 Cash 14,667,990 8,645,096 Due from brokers 1,806,382 271,240 Dividend receivables 32,189 679 Interest receivables - 5 Other receivable - 108 Total credit exposureTotal credit exposureTotal credit exposureTotal credit exposure 18,269,109 9,571,301

GLG Global Sustainability Equity 2013201320132013 2012201220122012Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading: €€€€ €€€€

Derivatives 811,971 531,341 Cash 5,214,855 2,126,402 Due from brokers 532,966 393,894 Dividend receivables 12,712 17,107 Other receivable 27 92 Total credit exposureTotal credit exposureTotal credit exposureTotal credit exposure 6,572,531 3,068,836

GLG Japan CoreAlpha Equity 2013201320132013 2012201220122012Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading: ¥¥¥¥ ¥¥¥¥

Derivatives 5,405,664,712 4,683,060,939 Cash 3,877,893,217 279,624,785 Due from brokers - 129,419,977 Dividend receivables 270,245,820 22,904,944 Interest receivables - 24,824,151 Subscriptions receivables - 90,499,151 Other receivable - 7,134,745 Total credit exposureTotal credit exposureTotal credit exposureTotal credit exposure 9,553,803,749 5,237,468,692


GLG Global Emerging Markets Equity ceased operations on 24 July 2013 and hence there was no credit risk exposure as at 31 December 2013.

2012201220122012

Financial assets held at fair value thrugh profit and loss Held for tradingFinancial assets held at fair value thrugh profit and loss Held for tradingFinancial assets held at fair value thrugh profit and loss Held for tradingFinancial assets held at fair value thrugh profit and loss Held for trading US$US$US$US$

Cash 2,561,204

Derivatives 624,897

Divedend receivables 19,581

3,205,682

GLG MENA Equity 2013201320132013Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading:Financial assets held at fair value through profit and loss Held for trading: US$US$US$US$Cash 2,025,953

Derivatives 843,394 Other receivable 1,489 Total credit exposureTotal credit exposureTotal credit exposureTotal credit exposure 2,870,836

The Portfolio was fully redeemed on 13 November 2012 and was re-launched on 8 May 2013 and, as such, there are no credit risk exposure presented for 31 December 2012.


72



GLGl Global Investment Grade Bond 2013201320132013Financial assets held at fair value through profit and lossFinancial assets held at fair value through profit and lossFinancial assets held at fair value through profit and lossFinancial assets held at fair value through profit and loss US$US$US$US$

Interest bearing securities 20,828,553 Derivatives 30,909 Cash and cash equivalents 1,239,577 Due from brokers 39,105 Interest receivable 292,792 Other receivables 1,091 Total credit exposureTotal credit exposureTotal credit exposureTotal credit exposure 22,432,027

The Portfolio commenced its operations on 7 January 2013 and, as such, there are no credit risk exposure presented for 31 December 2012. The below tables show the breakdown by Credit Spread of all credit securities held in the portfolio. This does not include any non-credit hedges held against these (for example equity securities) or deposits held with credit institutions. The ‘‘Credit Spread’’ is the measure which reflects the difference in yield of a credit security relative to an assumed credit risk-free security. For some security classes, the Credit Spread is the quotation method used by the market. For others, the Credit Spread is implied from the market price. GLG Global Convertible UCITS Credit SecuritiesCredit SecuritiesCredit SecuritiesCredit Securities Credit SecuritiesCredit SecuritiesCredit SecuritiesCredit SecuritiesSpreadSpreadSpreadSpread 2013201320132013 20122012201220120-25 (574,975) (18,430,570)25-100 114,890,543 111,039,210 100-200 79,136,821 77,040,370 200-300 36,553,543 20,694,577 300-400 20,819,627 17,622,830 400-500 7,019,272 11,189,631 500-700 11,851,507 18,466,565 700-1000 9,679,680 20,841,466 >1000 10,347,251 19,379,915

289,723,269 277,843,995

As at 31 December 2013, the value of the Portfolio’s assets which were considered to be past due or impaired was US$1,666,546 (2012: US$1,391,665).

The table below shows the analysis of age of financial assets which are considered to be past due:

2013201320132013 2012201220122012 <6m US$785,694 - 1y-3y - US$237,760 The following tables analyse all the securities (excluding forward currency contracts) held in the Fund’s portfolios by geographical distribution: GLG Global Equity 2013201320132013 2012201220122012United States 45% 53%European Union (excluding United Kingdom) 28% 17%Japan 15% 13%Switzerland 9% 6%United Kingdom 2% 1%Singapore 1% 2%Hong Kong - 4%Russia - 4%

100% 100%


73


(b) Credit/counterparty risk (continued) GLG Global Convertible UCITS 2013201320132013 2012201220122012European Union (excluding United Kingdom) 37% 32%United States 33% 33%Japan 10% 10%China 4% 2%

British Virgin Islands 3% 2%Jersey channel Islands 2% 4%Taiwan 2% 3%Cayman Islands 2% 3%

United Kingdom 2% 2%Hong Kong 2% - Mexico 1% 1%United Arab Emirates 1% -

Switzerland 1% - Bermuda - 3%Singapore - 2%Canada - 1%

Others - 2%

100% 100%

GLG European Equity 2013201320132013 2012201220122012European Union (excluding United Kingdom) 74% 61%Switzerland 23% 27%United Kingdom 3% 4%Russia - 4%United States - 4%

100% 100%

GLG Global Sustainability Equity 2013201320132013 2012201220122012United Kingdom 115% 1%

Bermuda 2% - Cayman Islands 2% - Japan 1% 14%Norway 1% 1%Canada 1% - European Union (excluding United Kingdom) (15%) 20%United states (5%) 59%Hong Kong (2%) 2%Singapore - 3%

100% 100%

GLG Japan CoreAlpha Equity 2013201320132013 2012201220122012Japan 100% 100%

100% 100%


74





2012201220122012

China 20%

South Korea 15%

Brazil 13%

Taiwan 10%

Mexico 8%

South Africa 7%

Hong Kong 7%

Thailand 4%

Russia 3%

Indonesia 3%

Turkey 3%

Malaysia 2%

Others 2%

European Union (excluding United Kingdom) 1%

United Kingdom 1%

United States 1%

100%

GLG MENA Equity 2013201320132013Saudi Arabia 46%Qatar 23%United Arab Emirates 23%Kuwait 7%

United States 1%100%

The Portfolio was fully redeemed on 13 November 2012 and was re-launched on 8 May 2013 and did not hold any investments as at 31 December 2012. GLG Global Investment Grade Bond 2013201320132013United States 31%United Kingdom 27%European Union (excluding United Kingdom) 26%Japan 7%Jersey channel Islands 4%Canada 2%Israel 2%

100%

The Portfolio commenced its operations on 7 January 2013 and did not hold any investments as at 31 December 2012.


75


(b) Credit/counterparty risk (continued) The following tables analyse all the securities (excluding forward currency contracts) held in the Fund’s portfolios by industrial distribution: GLG Global Equity 2013201320132013 2012201220122012Financials 27% 40%Consumer, Cyclical 20% 11%Consumer, Non-cyclical 17% 19%Telecommunication Services 11% 10%Industrials 8% 2%Information Technology 6% 11%Materials 6% 5%Energy 3% - Utilities 2% 2%

100% 100%

GLG Global Convertible UCITS 2013201320132013 2012201220122012Financials 35% 26%Energy 13% 15%Industrials 13% 8%Information Technology 11% 14%Consumer, Non-cyclical 10% 16%Consumer, Cyclical 7% 7%Telecommunication Services 6% 7%Materials 5% 7%

100% 100%

GLG European Equity 2013201320132013 2012201220122012Consumer, Non-cyclical 31% 28%Financials 23% 43%Industrials 15% 4%Telecommunication Services 8% 11%Materials 8% 7%Consumer, Cyclical 8% - Utilities 5% - Information Technology 2% 7%

100% 100%

GLG Global Sustainability Equity 2013201320132013 2012201220122012Industrials 38% 12%Consumer, Non-cyclical 17% 31%Financials 13% 10%Consumer, Cyclical 11% 16%Materials 8% 11%Telecommunication Services 5% 9%Energy 4% - Information Technology 4% 7%Utilities - 4%

100% 100%

GLG Japan CoreAlpha Equity 2013201320132013 2012201220122012Financials 28% 32%Consumer, Cyclical 19% 24%Industrials 16% 15%Information Technology 11% 8%Telecommunication Services 9% 7%Materials 8% 7%Energy 4% 2%Consumer, Non-cyclical 3% 4%Utilities 2% 1%

100% 100%


76





2012201220122012

Financials 29%

Energy 10%

Materials 12%

Telecommunication Services 8%

Consumer, Cyclical 10%

Information Technology 12%

Consumer, Non-cyclical 10%

Industrials 7%

Utilities 2%

100%

GLG MENA Equity 2013201320132013Financials 74%Energy 8%Consumer, Non-cyclical 6%Industrial 4%Materials 4%Telecommunication Services 4%

100%

The Portfolio was fully redeemed on 13 November 2012 and was re-launched on 8 May 2013 and, as such, no comparative figures have been presented for 31 December 2012. GLG Global Investment Grade Bond 2013201320132013Financials 66%Consumer, Non-cyclical 12%Consumer, Cyclical 9%Telecommunications 4%Industrials 3%Utilities 2%

Energy 2%Information Technology 2%

100%

The Portfolio commenced its operations on 7 January 2013 and, as such, no comparative figures have been presented for 31 December 2012. (c) Liquidity risk Liquidity risk is defined as the risk that the Fund will encounter difficulty in meeting its obligations associated with financial liabilities that are settled by delivering cash or another financial asset. Exposure to liquidity risk arises because of the possibility that the Fund could be required to pay its liabilities or redeem its Shares earlier than expected. The Fund is exposed to cash redemptions of its Shares on a regular basis. Shares are redeemable at the holder’s option based on the Fund’s Net Asset Value per Share at the time of redemption calculated in accordance with the Fund’s Prospectus. The Fund manages its obligation to repurchase the Shares when required to do so and its overall liquidity risk by:

•••• Allowing for redemptions during each business day of each calendar month. •••• Requiring a 1 day notice period before redemptions. The Fund’s policy is to satisfy redemption requests typically by any one of the following means or as may otherwise be provided in the Fund’s Prospectus:

•••• Withdrawal of cash deposits. •••• Disposal of assets. The Fund invests primarily in market securities and other financial instruments, which under normal market conditions are readily convertible to cash. In addition, the Fund’s policy is to maintain sufficient cash and cash equivalents to meet the normal operating requirements and expected redemption requests.


77


(c) Liquidity risk (continued) GLG Global Equity As at 31 December 2013, there were no securities whose value may not be readily realisable (2012: US$ Nil). The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2013:

Maturity onMaturity onMaturity onMaturity on Less than 1Less than 1Less than 1Less than 1 1 to 31 to 31 to 31 to 3 3 to 6 3 to 6 3 to 6 3 to 6 6 to 12 6 to 12 6 to 12 6 to 12 1 to 51 to 51 to 51 to 5 Over 5Over 5Over 5Over 5

demanddemanddemanddemand monthmonthmonthmonth monthsmonthsmonthsmonths monthsmonthsmonthsmonths monthsmonthsmonthsmonths yearsyearsyearsyears yearsyearsyearsyears TotalTotalTotalTotal

US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$Financial LiabilitiesFinancial LiabilitiesFinancial LiabilitiesFinancial LiabilitiesForward currency contracts - 448,165 - - - - - 448,165 Contracts for difference -

unfunded 79,404 - - - - - - 79,404 Due to brokers - 84 - - - - - 84 Other liabilities 488,550 - - - - - - 488,550 Total 567,954 448,249 - - - - - 1,016,203

Redeemable sharesRedeemable sharesRedeemable sharesRedeemable shares - 139,831,895 - - - - - 139,831,895

Liquidity exposureLiquidity exposureLiquidity exposureLiquidity exposure 567,954 140,280,144 - - - - - 140,848,098

The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2012:

Maturity on Maturity on Maturity on Maturity on

demanddemanddemanddemand Less than 1 Less than 1 Less than 1 Less than 1

monthmonthmonthmonth 1 to 3 1 to 3 1 to 3 1 to 3

monthsmonthsmonthsmonths 3 to 6 3 to 6 3 to 6 3 to 6

monthsmonthsmonthsmonths 6 to 12 6 to 12 6 to 12 6 to 12 monthsmonthsmonthsmonths

1 to 5 1 to 5 1 to 5 1 to 5 yearsyearsyearsyears

Over 5 Over 5 Over 5 Over 5 yearsyearsyearsyears TotalTotalTotalTotal

US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ Financial liabilitiesFinancial liabilitiesFinancial liabilitiesFinancial liabilities

Forward currency contracts - 683,998 - - - - - 683,998 Contracts for difference - unfunded - - - - - - 276,735 276,735

Due to brokers - 450,029 - - - - - 450,029

Other liabilities 350,159 - - - - - - 350,159

Total 350,159 1,134,027 - - - - 276,735 1,760,921

Redeemable shRedeemable shRedeemable shRedeemable sharesaresaresares - 134,582,829 - - - - - 134,582,829

Liquidity exposureLiquidity exposureLiquidity exposureLiquidity exposure 350,159 135,716,856 - - - - 276,735 136,343,750

There are no other known significant concentrations of liquidity risk.


78


(c) Liquidity risk (continued) GLG Global Convertible UCITS As at 31 December 2013 there were no securities whose value may not be readily realisable (2012: Nil). The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2013:



US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$Financial LiabilitiesFinancial LiabilitiesFinancial LiabilitiesFinancial LiabilitiesContracts for difference -

unfunded 2,313,440 - - - - - - 2,313,440 Forward currency contracts - 189,143 - - - - - 189,143 Future contracts - - 302,800 - - - - 302,800 Due to brokers - 1,558,130 - - - - - 1,558,130 Other liabilities 3,426,387 - - - - - - 3,426,387 Total 5,739,827 1,747,273 302,800 - - - - 7,789,900

Gross settled derivativesGross settled derivativesGross settled derivativesGross settled derivativesCredit default swaps - - 21,207 80,259 - - - 101,466 Total - - 21,207 80,259 - - - 101,466


Liquidity exposureLiquidity exposureLiquidity exposureLiquidity exposure 5,739,827 330,198,640 324,007 80,259 - - - 336,342,733



demanddemanddemanddemand Less than 1Less than 1Less than 1Less than 1

monthmonthmonthmonth 1 to 1 to 1 to 1 to 3333



1111----5 5 5 5 YearsYearsYearsYears

Over 5 Over 5 Over 5 Over 5 yearyearyearyear TotalTotalTotalTotal

US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ Financial liabilitiesFinancial liabilitiesFinancial liabilitiesFinancial liabilities Contracts for difference- unfunded - - - - - 1,504,661 1,504,661 Forward currency contracts - 2,503,055 - - - - - 2,503,055 Future contract - - 76,000 - - - - 76,000 Due to brokers - 577,111 - - - - - 577,111 Due to Lehman and associated entities - 2,753,135 - - - - - 2,753,135 Other liabilities 2,364,552 - - - - - - 2,364,552 Total 2,364,552 5,833,301 76,000 - - - 1,504,661 9,778,514

Gross settled derivativesGross settled derivativesGross settled derivativesGross settled derivatives Credit default swap - - 35,501 - - - - 35,501 Total - - 35,501 - - - - 35,501


1

Liquidity exposureLiquidity exposureLiquidity exposureLiquidity exposure 2,364,552 335,584,812 111,501 - - - 1,504,661 339,565,526



79


(c) Liquidity risk (continued) GLG European Equity As at 31 December 2013 there were no securities whose value may not be readily realisable (2012: Nil). The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2013:

Maturiity onMaturiity onMaturiity onMaturiity on Less than 1Less than 1Less than 1Less than 1 1 to 31 to 31 to 31 to 3 3 to 6 3 to 6 3 to 6 3 to 6 6 to 12 6 to 12 6 to 12 6 to 12 1 to 51 to 51 to 51 to 5 Over 5Over 5Over 5Over 5demanddemanddemanddemand monthmonthmonthmonth monthsmonthsmonthsmonths monthsmonthsmonthsmonths monthsmonthsmonthsmonths yearsyearsyearsyears yearsyearsyearsyears TotalTotalTotalTotal

€€€€ €€€€ €€€€ €€€€ €€€€ €€€€ €€€€ €€€€Financial LiabilitiesFinancial LiabilitiesFinancial LiabilitiesFinancial LiabilitiesContracts for difference -

unfunded 177,465 - - - - - - 177,465 Forward currency contracts - 199,497 - - - - - 199,497 Due to brokers - 3,304 - - - - - 3,304 Other liabilities 352,535 - - - - - - 352,535 Total 530,000 202,801 - - - - - 732,801




MaturityMaturityMaturityMaturity onononon







€€€€ €€€€ €€€€ €€€€ €€€€ €€€€ €€€€ €€€€ Financial liabilitiesFinancial liabilitiesFinancial liabilitiesFinancial liabilities Contracts for difference- unfunded - - - - - - 95,047 95,047 Forward currency contracts - 79,506 - - - - - 79,506 Due to brokers - 8,744 - - - - - 8,744 Other liabilities 210,477 - - - - - - 210,477 Total 210,477 88,250 - - - - 95,047 393,774 Redeemable sharesRedeemable sharesRedeemable sharesRedeemable shares - 17,110,773 - - - - - 17,110,773 Liquidity exposureLiquidity exposureLiquidity exposureLiquidity exposure 210,477 17,199,023 - - - - 95,047 17,504,547

There are no other known significant concentrations of liquidity risk. GLG Global Sustainability Equity As at 31 December 2013 there were no securities whose value may not be readily realisable (2012: Nil). The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2013:

Maturi ty onMaturi ty onMaturi ty onMaturi ty on Less than 1Less than 1Less than 1Less than 1 1 to 31 to 31 to 31 to 3 3 to 6 3 to 6 3 to 6 3 to 6 6 to 12 6 to 12 6 to 12 6 to 12 1 to 51 to 51 to 51 to 5 Over 5Over 5Over 5Over 5


€€€€ €€€€ €€€€ €€€€ €€€€ €€€€ €€€€ €€€€Financial LiabilitiesFinancial LiabilitiesFinancial LiabilitiesFinancial LiabilitiesForward currency contracts - 51,645 - - - - - 51,645 Contracts for difference -

unfunded 18,975 - - - - - - 18,975 Due to brokers - 377,386 - - - - - 377,386 Other liabilities 170,058 - - - - - - 170,058 Total 189,033 429,031 - - - - - 618,064




80


(c) Liquidity risk (continued) GLG Global Sustainability Equity (continued) The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2012:








€€€€ €€€€ €€€€ €€€€ €€€€ €€€€ €€€€ €€€€ Financial liabilitiesFinancial liabilitiesFinancial liabilitiesFinancial liabilities Forward currency contracts - 122,306 - - - - 122,306 Contracts for difference - unfunded - - - - - - 11,749 11,749 Due to brokers - 839,904 - - - - - 839,904 Other liabilities 77,998 - - - - - - 77,998 Total 77,998 962,210 - - - - 11,749 1,051,957 RedeemabRedeemabRedeemabRedeemable sharesle sharesle sharesle shares - 25,107,658 - - - - - 25,107,658 Liquidity exposureLiquidity exposureLiquidity exposureLiquidity exposure 77,998 26,069,868 - - - - 11,749 26,159,615

There are no other known significant concentrations of liquidity risk. GLG Japan CoreAlpha Equity As at 31 December 2013 there were no securities whose value may not be readily realisable (2012: Nil). The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2013:

Maturiity onMaturiity onMaturiity onMaturiity on Less than 1Less than 1Less than 1Less than 1 1 to 31 to 31 to 31 to 3 3 to 6 3 to 6 3 to 6 3 to 6 6 to 12 6 to 12 6 to 12 6 to 12 1 to 51 to 51 to 51 to 5 Over 5Over 5Over 5Over 5


¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥Financial LiabilitiesFinancial LiabilitiesFinancial LiabilitiesFinancial Liabilities

Forward currency contracts - 704,251,377 - - - - - 704,251,377 Due to brokers - 4,911,097,567 - - - - - 4,911,097,567 Other liabilities 440,409,049 - - - - - - 440,409,049 Total 440,409,049 5,615,348,944 - - - - - 6,055,757,993

Redeemable sharesRedeemable sharesRedeemable sharesRedeemable shares - 385,756,852,737 - - - - - 385,756,852,737

Liquidity exposureLiquidity exposureLiquidity exposureLiquidity exposure 440,409,049 391,372,201,681 - - - - - 391,812,610,730


Maturity Maturity Maturity Maturity

on demandon demandon demandon demand Less than 1Less than 1Less than 1Less than 1






¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥ ¥¥¥¥

Financial liabilitFinancial liabilitFinancial liabilitFinancial liabilit iesiesiesies Forward currency contracts - 96,830,791 - - - - - 96,830,791 Due to brokers - 234,536,713 - - - - - 234,536,713 Other liabilities 426,498,556 - - - - - - 426,498,556 Total 426,498,556 331,367,504 - - - - - 757,866,060 Redeemable Redeemable Redeemable Redeemable sharessharessharesshares - 134,039,513,064 - - - - - 134,039,513,064 Liquidity exposureLiquidity exposureLiquidity exposureLiquidity exposure 426,498,556 134,370,880,568 - - - - - 134,797,379,124



81


(c) Liquidity risk (continued) GLG Global Emerging Markets Equity GLG Global Emerging Markets Equity ceased operations on 24 July 2013 and did not hold any positions as at 31 December 2013. The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2012:








US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$

Financial lFinancial lFinancial lFinancial liabilitiesiabilitiesiabilitiesiabilities Forward currency contracts - 13,329 - - - - - 13,329 Due to brokers - 3 - - - - - 3 Other liabilities 71,571 - - - - - - 71,571 Total 71,571 13,332 - - - - - 84,903

Gross settled derivativesGross settled derivativesGross settled derivativesGross settled derivatives

Total return swaps - - - - - - 26,935 26,935

Total - - - - - - 26,935 26,935


Liquidity exposureLiquidity exposureLiquidity exposureLiquidity exposure 71,571 31,799,916 - - - - 26,935 31,898,422

There are no other known significant concentrations of liquidity risk. GLG MENA Equity As at 31 December 2013 there were no securities whose value may not be readily realizable. The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2013:



US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$Financial LiabilitiesFinancial LiabilitiesFinancial LiabilitiesFinancial LiabilitiesForward currency contracts - 1 - - - - - 1 Due to brokers - 153 - - - - - 153 Other liabilities 168,515 - - - - - - 168,515 Total 168,515 154 - - - - - 168,669



The Portfolio was fully redeemed on 13 November 2012 and was re-launched on 8 May 2013 as such no comparative are presented for 31 December 2012.


82


(c) Liquidity risk (continued) GLG Global Investment Grade Bond As at 31 December 2013 there were no securities whose value may not be readily realizable. The table below summarizes the maturity profile of the Portfolio’s financial liabilities on contractual undiscounted cash flows at 31 December 2013:

Maturity on Maturity on Maturity on Maturity on Less than Less than Less than Less than 1 to 3 1 to 3 1 to 3 1 to 3 3 to 6 3 to 6 3 to 6 3 to 6 Up to 1 Up to 1 Up to 1 Up to 1 1 to 5 1 to 5 1 to 5 1 to 5 Over 5 Over 5 Over 5 Over 5 demand demand demand demand 1 month 1 month 1 month 1 month months months months months months months months months year year year year years years years years years years years years Total Total Total Total

US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ Fianacial LiabilitiesFianacial LiabilitiesFianacial LiabilitiesFianacial LiabilitiesDue to brokers - 823,576 - - - - - 823,576 Future contracts - - 7,688 - - - - 7,688 Forward currency contracts - 44,528 - - - - - 44,528 Other liabilities 151,368 - - - - - - 151,368 Total 151,368 868,104 7,688 - - - - 1,027,160


Liquidity exposureLiquidity exposureLiquidity exposureLiquidity exposure 151,368 22,272,971 7,688 - - - - 22,432,027

The Portfolio commenced its operations on 7 January 2013 and as such no comparative are presented for 31 December 2012.

(d) Option writing As a writer of options, the Fund receives a premium at the outset and then bears the risk of unfavourable changes in the price of the financial instrument underlying the option. As a result of writing option contracts, the Fund is obligated to purchase or sell, at the holder’s option, the underlying financial instrument at a fixed price which may differ from the prevailing market price at that date. Writing options may incur losses which greatly exceed the premium income owned.

(e) Securities sold short Securities sold short are those in which a security is sold that the Fund does not own in anticipation of a decline in the market value of the security. The Fund’s risk is that the value of the security will increase rather than decrease. Consequently, the settlement amount of the liability for securities sold short may exceed the amount recorded in the statement of financial position, as the Fund is obligated to purchase the security in the market at prevailing prices to settle its obligations.

12.12.12.12. Cash and Cash Equivalents and Due from/to Brokers All cash balances at the year end were held at The Bank of New York Mellon (London branch). The due from brokers and due to brokers balances were held with The Bank of New York Mellon (Brussels), Credit Suisse Securities (Europe) Limited, Morgan Stanley & Co. International Plc, JP Morgan Clearing Corp, Deutsche Bank AG and Goldman Sachs International. These includes amounts transferred as collateral against open futures and forward contracts and other derivatives. Amounts receivable from short sales and collateral may be restricted in whole or in part until the related securities are purchased. To the extent that securities are purchased on margin, the margin debt may be secured on the related securities.

GLG Global Equity 2013201320132013 2012201220122012Due from brokersDue from brokersDue from brokersDue from brokers US$US$US$US$ US$US$US$US$Margin balances 894,144 969,690 Securities sold receivable - 2,504

894,144 972,194

GLG Global Convertible UCITS 2013201320132013 2012201220122012Due from brokersDue from brokersDue from brokersDue from brokers US$US$US$US$ US$US$US$US$Margin balances 5,026,918 4,669,526 Securities sold receivable - -

5,026,918 4,669,526

GLG European Equity 2013201320132013 2012201220122012Due from brokersDue from brokersDue from brokersDue from brokers €€€€ €€€€Margin balances 1,806,382 270,483 Securities sold receivable - 757

1,806,382 271,240


83

12.12.12.12. Cash and Cash Equivalents and Due from/to Brokers (continued)

GLG Global Sustainability Equity 2013201320132013 2012201220122012Due from brokersDue from brokersDue from brokersDue from brokers €€€€ €€€€Margin balances 382,266 142,459 Securities sold receivable 150,700 251,435

532,966 393,894

GLG Japan CoreAlpha Equity 2013201320132013 2012201220122012Due from brokersDue from brokersDue from brokersDue from brokers ¥¥¥¥ ¥¥¥¥Securities sold receivable - 129,419,977

- 129,419,977


Due from brokersDue from brokersDue from brokersDue from brokers US$US$US$US$ US$US$US$US$

Margin balances - -

Securities sold receivable - -

- -

GLG MENA Equity 2013201320132013 2012201220122012Due from brokersDue from brokersDue from brokersDue from brokers US$US$US$US$ US$US$US$US$Margin balances - 66,404

- 66,404

GLG Global Investment Grade Bond 2013201320132013Due from brokersDue from brokersDue from brokersDue from brokers US$US$US$US$Margin balances 39,105 Securities sold receivable -

39,105

The Portfolio commenced its operations on 7 January 2013 and, as such, no comparative are presented for 31 December 2012.

GLG Global Equity 2013201320132013 2012201220122012Due to brokersDue to brokersDue to brokersDue to brokers US$US$US$US$ US$US$US$US$Overdrafts 84 450,029

84 450,029

GLG Global Convertible UCITS 2013201320132013 2012201220122012Due to brokersDue to brokersDue to brokersDue to brokers US$US$US$US$ US$US$US$US$Overdrafts 1,558,130 577,111

1,558,130 577,111

GLG European Equity 2013201320132013 2012201220122012Due to brokersDue to brokersDue to brokersDue to brokers €€€€ €€€€Overdrafts 3,304 8,744

3,304 8,744

GLG Global Sustainability Equity 2013201320132013 2012201220122012Due to brokersDue to brokersDue to brokersDue to brokers €€€€ €€€€Overdrafts 22 76 Securities purchased payable 377,364 839,828

377,386 839,904

GLG Japan CoreAlpha Equity 2013201320132013 2012201220122012Due to brokersDue to brokersDue to brokersDue to brokers ¥¥¥¥ ¥¥¥¥Overdrafts 650,400,447 543,671 Securities purchased payable 4,260,697,120 233,993,042

4,911,097,567 234,536,713


84

12.12.12.12. Cash and Cash Equivalents and Due from/to Brokers (continued)

GLG Emerging Europe Equity 2012201220122012Due to brokersDue to brokersDue to brokersDue to brokers US$US$US$US$Overdrafts 2

2

The Portfolio ceased operations on 23 February 2012 and do not hold any overdraft balances as at 31 December 2013.

GLG Frontier Markets Equity 2012201220122012Due to brokersDue to brokersDue to brokersDue to brokers US$US$US$US$Overdrafts 4,219

4,219

Portfolio ceased operations on 13 November 2012 and do not hold any overdraft balances on 31 December 2013.

GLG Latin American Equity 2012201220122012Due to brokersDue to brokersDue to brokersDue to brokers US$US$US$US$Overdrafts 21

21

The Portfolio ceased operations on 13 November 2012 and therefore no comparative figures have been presented for 31 December 2013.


Due to brokersDue to brokersDue to brokersDue to brokers US$US$US$US$ US$US$US$US$

Overdrafts - 3

- 3

GLG MENA Equity 2013201320132013 2012201220122012Due to brokersDue to brokersDue to brokersDue to brokers US$US$US$US$ US$US$US$US$Overdrafts 153 108

153 108

GLG Global Investment Grade Bond 2013201320132013Due to brokersDue to brokersDue to brokersDue to brokers US$US$US$US$Overdrafts 19 Securities purchased payable 823,557

823,576

The Portfolio commenced its operations on 7 January 2013 and therefore no comparative figures have been presented for 31 December 2012.

13.13.13.13. Exchange Rates The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Global Equity, GLG Global Convertible UCITS, GLG Emerging Europe Equity, GLG Global Emerging Markets Equity and GLG Global Investment Grade Bond at 31 December 2013:

US$1 = AUD0.89465 US$1 = HUF215.59205 US$1 = £0.60377

US$1 = CAD0.94118 US$1 = ILS3.4710 US$1 = SEK0.15570

US$1 = CHF0.88935 US$1 = JPY105.10500 US$1 = SGD1.26260

US$1 = CNY6.0539 US$1 = KWD0.28240 US$1 = THB32.86000

US$1 = DKK5.4141 US$1 = MYR3.27550 US$1 = ZAR10.47375

US$1 = €0.72572 US$1 = NOK6.06685

US$1 = HKD7.75375 US$1 = PHP44.38250 The following exchange rates were used to translate foreign currency assets and liabilities in the GLG European Equity and GLG Global Sustainability Equity at 31 December 2013:

€1 = CHF1.22548 €1 = ILS4.78286 €1 = SEK8.85002

€1 = CZK27.37248 €1 = JPY144.82938 €1 = US$1.37795

€1 = DKK7.46036 €1 = NOK8.35981

€1 = HKD10.68428 €1 = £0.83197


85

13.13.13.13. Exchange Rates (continued) The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Japan CoreAlpha Equity at 31 December 2013:

JPY1 = CHF0.00846 JPY1 = €0.00690 JPY1 = US$0.00951

JPY1 = DKK0.05151 JPY1 = £0.00574 The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Balanced, GLG Capital Appreciation, GLG Global Equity, GLG Global Convertible UCITS, GLG North American Equity, GLG Emerging Asia Equity, GLG Emerging Europe Equity, GLG Frontier Markets Equity, GLG Global Emerging Markets Equity and GLG Latin American Equity at 31 December 2012:

US$1 = AUD0.96321 US$1 = HUF220.88525 US$1 = £0.61520

US$1 = CAD0.99570 US$1 = ILS3.73110 US$1 = SEK6.50545

US$1 = CHF0.91535 US$1 = JPY86.46500 US$1 = SGD1.221500

US$1 = CNY6.23030 US$1 = KWD0.28120 US$1 = THB30.59000

US$1 = DKK5.65910 US$1 = MYR3.05800 US$1 = ZAR8.48440

US$1 = €0.75850 US$1 = NOK5.56525

US$1 = HKD7.75085 US$1 = PHP41.06250 The following exchange rates were used to translate foreign currency assets and liabilities in the GLG European Equity and GLG Global Sustainability Equity at 31 December 2012:

€1 = CHF1.20680 €1 = ILS4.91908 €1 = SEK8.57679

€1 = CZK25.09555 €1 = JPY113.99548 €1 = US$1.31840

€1 = DKK7.46096 €1 = NOK7.33723

€1 = HKD10.21872 €1 = £0.81107 The following exchange rates were used to translate foreign currency assets and liabilities in the GLG Japan CoreAlpha Equity at 31 December 2012:

JPY1 = CHF0.01058 JPY1 = €0.00877 JPY1 = US$0.01156

JPY1 = DKK0.06544 JPY1 = £0.00711


86

14.14.14.14. Net Asset Valuation Comparison

GLG Global Equity

Class IT USD Class IT USD Class IT USD Class IT USD NAVNAVNAVNAV

Class IT USDClass IT USDClass IT USDClass IT USD NAV NAV NAV NAV

per Shareper Shareper Shareper Share

Class Class Class Class DT DT DT DT USD 2USD 2USD 2USD 2 NAVNAVNAVNAV

Class DT USD 2 Class DT USD 2 Class DT USD 2 Class DT USD 2 NAV NAV NAV NAV


Class IClass IClass IClass I EUR EUR EUR EUR NAVNAVNAVNAV

Class IClass IClass IClass I EUR EUR EUR EUR NAV NAV NAV NAV


Class IH EUR Class IH EUR Class IH EUR Class IH EUR NAVNAVNAVNAV

Class IH EUR Class IH EUR Class IH EUR Class IH EUR NAV NAV NAV NAV


Class IHT Class IHT Class IHT Class IHT EUR NAVEUR NAVEUR NAVEUR NAV

Class IHT Class IHT Class IHT Class IHT EUR NAV EUR NAV EUR NAV EUR NAV per Shareper Shareper Shareper Share

Class DHT Class DHT Class DHT Class DHT EUR 2EUR 2EUR 2EUR 2 NAVNAVNAVNAV

Class DHT Class DHT Class DHT Class DHT EUR 2 EUR 2 EUR 2 EUR 2 NAV NAV NAV NAV

per Shareper Shareper Shareper Share 31 December 2013 - - - - €43,709,576 €125.32 €2,842,820 €143.76 31 December 2012 - - - - €30,978,080 €101.29 €1,425,740 €109.77 - - - - 31 December 2011 US$2,561,016 US$257.92 US$339,778 US$132.27 - - - - €1,639,151 €159.20 €210,338 €114.23

GLG Global Equity

Class DClass DClass DClass DT USDT USDT USDT USD NAVNAVNAVNAV

Class DT Class DT Class DT Class DT USDUSDUSDUSD NAV NAV NAV NAV


Class D USDClass D USDClass D USDClass D USD NAVNAVNAVNAV

Class D USDClass D USDClass D USDClass D USD NAV NAV NAV NAV


Class DHT Class DHT Class DHT Class DHT EUREUREUREUR NAVNAVNAVNAV

Class DHT Class DHT Class DHT Class DHT EUREUREUREUR NAV NAV NAV NAV per Shareper Shareper Shareper Share

Class DH Class DH Class DH Class DH EUREUREUREUR NAVNAVNAVNAV

Class DH Class DH Class DH Class DH EUREUREUREUR NAV NAV NAV NAV


Class I USD Class I USD Class I USD Class I USD NAVNAVNAVNAV

Class I USD Class I USD Class I USD Class I USD NAV NAV NAV NAV


31 December 2013 - - US$ 26,036,994 USD158.60 - - €17,935,134 €141.16 US$7,678,207 US$89.21 31 December 2012 - - US$18,927,083 US$121.80 - - €15,974,144 €108.55 US$4,141,758 US$67.99 31 December 2011 US$4,999,412 US$116.41 US$1,655,845 US$106.69 €11,377,628 €103.89 €4,676,373 €95.67 US$1,689,139 US$59.11

GLG Global Equity

Class Class Class Class I I I I GBP GBP GBP GBP NAVNAVNAVNAV

Class Class Class Class IIII GBP GBP GBP GBP NAV NAV NAV NAV


Class Class Class Class IHIHIHIH GBP GBP GBP GBP NAVNAVNAVNAV

Class Class Class Class IHIHIHIH GBP GBP GBP GBP NAV NAV NAV NAV


Class DHT GBP Class DHT GBP Class DHT GBP Class DHT GBP NAVNAVNAVNAV

Class DHT Class DHT Class DHT Class DHT GBP GBP GBP GBP NAV NAV NAV NAV

per Shareper Shareper Shareper Share 31 December 2013 - - GBP10,213,908 GBP135.39 GBP204,606 GBP152.14 31 December 2012 GBP21,502,941 GBP98.82 GBP7,764,776 GBP102.92 GBP97,438 GBP116.52 31 December 2011 - - - - GBP45,384 GBP102.07

GLG Global Convertible

UCITS

Class IL T Class IL T Class IL T Class IL T USD USD USD USD NAVNAVNAVNAV

Class IL T USDClass IL T USDClass IL T USDClass IL T USD NAV NAV NAV NAV


Class DL T Class DL T Class DL T Class DL T USD2USD2USD2USD2 NAVNAVNAVNAV

Class DL T Class DL T Class DL T Class DL T USD2USD2USD2USD2 NAV NAV NAV NAV

per Shper Shper Shper Shareareareare

Class IL H T Class IL H T Class IL H T Class IL H T EUREUREUREUR----BBBB NAVNAVNAVNAV

Class Class Class Class IL H T IL H T IL H T IL H T EUREUREUREUR

B B B B NAV NAV NAV NAV


Class DL H T Class DL H T Class DL H T Class DL H T EUR1EUR1EUR1EUR1 NAVNAVNAVNAV

Class DL H T Class DL H T Class DL H T Class DL H T EUR1EUR1EUR1EUR1 NAV NAV NAV NAV


31 December 2013 - - - - - - - - 31 December 2012 - - - - - - - - 31 December 2011 US$534,602 US$199.42 US$3,976,995 US$171.34 €7,703,264 €183.25 €1,620,369 €160.21


87

14.14.14.14. Net Asset Valuation Comparison (continued)


UCITS (continued)

Class DL H T Class DL H T Class DL H T Class DL H T EUR2EUR2EUR2EUR2 NAVNAVNAVNAV

Class DL H T Class DL H T Class DL H T Class DL H T EUR2EUR2EUR2EUR2 NAV NAV NAV NAV


Class DL H Class DL H Class DL H Class DL H EUR2EUR2EUR2EUR2 NAVNAVNAVNAV

Class DL H Class DL H Class DL H Class DL H EUR2 EUR2 EUR2 EUR2 NAV NAV NAV NAV


Class DL T Class DL T Class DL T Class DL T USDUSDUSDUSD NAVNAVNAVNAV

Class DL T Class DL T Class DL T Class DL T USDUSDUSDUSD NAV NAV NAV NAV


Class DL USClass DL USClass DL USClass DL USDDDD NAVNAVNAVNAV

Class DL USDClass DL USDClass DL USDClass DL USD NAV NAV NAV NAV


Class DL H T Class DL H T Class DL H T Class DL H T EUREUREUREUR NAVNAVNAVNAV

31 December 2013 - - - - - - US$56,966,277 US$141.65 - 31 December 2012 - - - - - - US$52,829,793 US$131.36 - 31 December 2011 €4,201,123 €149.26 €2,011,864 €114.83 US$6,336,141 US$118.92 US$18,205,114 US$118.26 €38,172,355


Class DL H T Class DL H T Class DL H T Class DL H T EUREUREUREUR NAV NAV NAV NAV


Class DL H Class DL H Class DL H Class DL H EUREUREUREUR NAVNAVNAVNAV

Class DL H Class DL H Class DL H Class DL H EUREUREUREUR NAV NAV NAV NAV


Class DL H Class DL H Class DL H Class DL H GBPGBPGBPGBP NAVNAVNAVNAV

Class DL HClass DL HClass DL HClass DL H GBPGBPGBPGBP NAV NAV NAV NAV


Class Class Class Class DL HT DL HT DL HT DL HT GBPGBPGBPGBP NAVNAVNAVNAV

Class DL HClass DL HClass DL HClass DL H GBPGBPGBPGBP NAV NAV NAV NAV


Class IL USDClass IL USDClass IL USDClass IL USD NAVNAVNAVNAV

Class IL USDClass IL USDClass IL USDClass IL USD NAV NAV NAV NAV


31 December 2013 - € 66,561,065 € 127.98 GBP 768,806 GBP 113.95 - - US$2,125,821 US$113.83 31 December 2012 - € 54,491,855 € 118.30 GBP 637,600 GBP 105.34 - - US$1,879,404 US$104.57 31 December 2011 €109.10 €23,318,343 €106.45 - - GBP332,755 GBP87.29 US$2,887,091 US$92.82


UCITS

Class IL H Class IL H Class IL H Class IL H EUREUREUREUR NAVNAVNAVNAV

Class IL H Class IL H Class IL H Class IL H EUREUREUREUR NAV NAV NAV NAV


Class IL H T Class IL H T Class IL H T Class IL H T EUREUREUREUR NAVNAVNAVNAV

Class IL H T Class IL H T Class IL H T Class IL H T EUREUREUREUR NAV NAV NAV NAV


Class IM T Class IM T Class IM T Class IM T USDUSDUSDUSD NAVNAVNAVNAV

Class IM T Class IM T Class IM T Class IM T USD USD USD USD NAV NAV NAV NAV


Class IM USDClass IM USDClass IM USDClass IM USD NAVNAVNAVNAV

Class IM USDClass IM USDClass IM USDClass IM USD NAV NAV NAV NAV


Class IM H T Class IM H T Class IM H T Class IM H T EUREUREUREUR NAVNAVNAVNAV

31 December 2013 € 81,112,941 € 108.48 - - - - US$9,519,400 US$147.15 - 31 December 2012 €89,428,727 € 99.76 - - - - US$7,976,750 US$132.55 - 31 December 2011 €67,860,142 €88.99 €4,891,929 €131.86 US$238,375 US$95.35 US$13,206,682 US$117.02 €2,398,325


Class IM H T Class IM H T Class IM H T Class IM H T EUREUREUREUR NAV NAV NAV NAV


Class IM H Class IM H Class IM H Class IM H EUREUREUREUR NAVNAVNAVNAV

Class IM H EURClass IM H EURClass IM H EURClass IM H EUR NAV NAV NAV NAV


Class IM H Class IM H Class IM H Class IM H GBPGBPGBPGBP NAVNAVNAVNAV

Class IM H Class IM H Class IM H Class IM H GBPGBPGBPGBP NAV NAV NAV NAV

per Shareper Shareper Shareper Share 31 December 2013 - € 39,071,134 € 144.35 GBP 748,177 GBP 148.38 31 December 2012 - € 56,294,708 € 130.28 GBP 1,271,711 GBP 133.35 31 December 2011 €100.41 €23,281,436 €115.72 GBP86,480 GBP118.10

GLG European Equity

Class I H T USDClass I H T USDClass I H T USDClass I H T USD NAVNAVNAVNAV

Class I H T USDClass I H T USDClass I H T USDClass I H T USD NAV NAV NAV NAV


Class I H USDClass I H USDClass I H USDClass I H USD NAVNAVNAVNAV

Class I H USDClass I H USDClass I H USDClass I H USD NAV NAV NAV NAV


Class I T EURClass I T EURClass I T EURClass I T EUR NAVNAVNAVNAV

Class I T EURClass I T EURClass I T EURClass I T EUR NAV NAV NAV NAV


Class D T EUR2Class D T EUR2Class D T EUR2Class D T EUR2 NAVNAVNAVNAV

Class D T EUR2Class D T EUR2Class D T EUR2Class D T EUR2 NAV NAV NAV NAV

per Shareper Shareper Shareper Share 31 December 2013 - - US$77,664 US$143.70 - - - - 31 December 2012 - - US$59,663 US$110.39 - - - - 31 December 2011 US$1,578,352 US$180.03 - - €295,642 €159.09 €493,436 €125.03


88


GLG European Equity (continued)

Class D EUR2Class D EUR2Class D EUR2Class D EUR2 NAVNAVNAVNAV

Class D EUR2Class D EUR2Class D EUR2Class D EUR2 NAV NAV NAV NAV


Class D H USDClass D H USDClass D H USDClass D H USD NAVNAVNAVNAV

Class D H USDClass D H USDClass D H USDClass D H USD NAV NAV NAV NAV


Class D H T Class D H T Class D H T Class D H T USDUSDUSDUSD NAVNAVNAVNAV

Class D H T USDClass D H T USDClass D H T USDClass D H T USD NAV NAV NAV NAV


Class D H T GBPClass D H T GBPClass D H T GBPClass D H T GBP NAVNAVNAVNAV

Class D H T GBPClass D H T GBPClass D H T GBPClass D H T GBP NAV NAV NAV NAV

per Shareper Shareper Shareper Share 31 December 2013 - - US$6,470,977 US$130.15 - - GBP21,270,572 GBP123.55 31 December 2012 - - US$4,100,645 US$100.73 - - GBP30,342 GBP95.35 31 December 2011 €544,654 €124.09 - - US$3,888,729 US$114.11 GBP39,557 GBP84.39

GLG European Equity

Class D T Class D T Class D T Class D T EUREUREUREUR NAVNAVNAVNAV

Class D T Class D T Class D T Class D T EUREUREUREUR NAV NAV NAV NAV


Class D EURClass D EURClass D EURClass D EUR NAVNAVNAVNAV

Class D EURClass D EURClass D EURClass D EUR NAV NAV NAV NAV


Class I EURClass I EURClass I EURClass I EUR NAVNAVNAVNAV

Class I EURClass I EURClass I EURClass I EUR NAV NAV NAV NAV


Class Class Class Class D H NOKD H NOKD H NOKD H NOK NAVNAVNAVNAV

Class Class Class Class D H NOK D H NOK D H NOK D H NOK NAV NAV NAV NAV


31 December 2013 - - €5,776,740 €153.01 €411,325 €101.95 - - 31 December 2012 - - €11,470,671 €118.71 €322,273 €78.43 NOK15,590,486 NOK109.41 31 December 2011 €5,259,572 €108.43 €3,769,001 €105.67 €8,389,613 €69.29 - -


Class DT EURClass DT EURClass DT EURClass DT EUR NAVNAVNAVNAV

ClClClClass DT EURass DT EURass DT EURass DT EUR NAV NAV NAV NAV


Class D EURClass D EURClass D EURClass D EUR NAVNAVNAVNAV

Class D EURClass D EURClass D EURClass D EUR NAV NAV NAV NAV


Class IH GBP Class IH GBP Class IH GBP Class IH GBP NAVNAVNAVNAV

Class IH GBPClass IH GBPClass IH GBPClass IH GBP NAV NAV NAV NAV


31 December 2013 - - € 422,353 € 77.94 GBP 25,114,365 GBP 118.48 31 December 2012 - - € 341,857 € 63.09 GBP20,087,056 GBP94.76 31 December 2011 €336,233 €60.00 €16,525 €55.44 GBP16,697,387 GBP82.36

GLG Japan CoreAlpha Equity

Class Class Class Class DDDD JPY JPY JPY JPY NAVNAVNAVNAV

Class Class Class Class DDDD JPY NAV JPY NAV JPY NAV JPY NAV per Shareper Shareper Shareper Share

Class D H USDClass D H USDClass D H USDClass D H USD NAVNAVNAVNAV

Class D H Class D H Class D H Class D H USDUSDUSDUSD NAV NAV NAV NAV


Class D H CHFClass D H CHFClass D H CHFClass D H CHF NAVNAVNAVNAV

Class D H Class D H Class D H Class D H CHFCHFCHFCHF NAV NAV NAV NAV


Class D H Class D H Class D H Class D H EUREUREUREUR NAVNAVNAVNAV

Class D H EUR Class D H EUR Class D H EUR Class D H EUR NAV NAV NAV NAV


Class D H GBP Class D H GBP Class D H GBP Class D H GBP NAVNAVNAVNAV

Class D H Class D H Class D H Class D H GBP NAV GBP NAV GBP NAV GBP NAV per Shareper Shareper Shareper Share

31 December 2013 ¥5,424,414,817 ¥14,924.00 US$120,559,964 US$140.82 CHF 28,349,505 CHF 182.14 €260,397,114 €139.35 GBP 103,314,733 GBP 132.52 31 December 2012 ¥ 2,115,827,793 ¥ 9,132.49 US$42,742,814 US$88.56 CHF28,014,564 CHF114.46 € 73,130,425 € 87.96 GBP 97,198,408 GBP 82.95 31 December 2011 ¥ 4,018,193,157 ¥ 7,861.48 US$25,592,577 US$77.26 - - €47,531,804 €78.04 GBP93,511,651 GBP72.62

GLG Japan CoreAlpha Equity

Class I JPY NAVClass I JPY NAVClass I JPY NAVClass I JPY NAV Class I JPY Class I JPY Class I JPY Class I JPY NAV NAV NAV NAV


Class I H USD Class I H USD Class I H USD Class I H USD NAVNAVNAVNAV

Class I H Class I H Class I H Class I H USD NAV USD NAV USD NAV USD NAV


Class I H CHF Class I H CHF Class I H CHF Class I H CHF NAVNAVNAVNAV

Class I H CHF Class I H CHF Class I H CHF Class I H CHF NAV NAV NAV NAV


Class I H EUR Class I H EUR Class I H EUR Class I H EUR NAVNAVNAVNAV

Class I H EUR Class I H EUR Class I H EUR Class I H EUR NAV NAV NAV NAV


Class I H GBPClass I H GBPClass I H GBPClass I H GBP NAVNAVNAVNAV

Class I H GBPClass I H GBPClass I H GBPClass I H GBP NAV NAV NAV NAV


31 December 2013 ¥63,701,160,479 ¥15,361 US$507,602,719 US$147.70 CHF 48,419,254 CHF 187.76 €246,333,757 €143.81 GBP 746,701,764 GBP 142.76 31 December 2012 ¥ 22,529,048,477 ¥9,333.71 US$247,492,215 US$92.33 CHF1,170,136 CHF117.01 € 84,060,904 € 90.09 GBP 318,966,093 GBP 88.72 31 December 2011 ¥24,074,598,764 ¥7,972.96 US$87,448,646 US$79.93 - - €51,411,970 €79.33 GBP202,525,894 GBP77.07


89


GLG Japan CoreAlpha Equity (continued)

Class I USDClass I USDClass I USDClass I USD NAVNAVNAVNAV

Class IUSDClass IUSDClass IUSDClass IUSDNAV NAV NAV NAV


Class I EURClass I EURClass I EURClass I EURNAVNAVNAVNAV

Class I EURClass I EURClass I EURClass I EURNAV NAV NAV NAV


Class I GBPClass I GBPClass I GBPClass I GBPNAVNAVNAVNAV

Class I GBPClass I GBPClass I GBPClass I GBPNAV NAV NAV NAV

per Sper Sper Sper Sharehareharehare

31 December 2013 US$21,109,333 US$119.26 €24,355,372 €128.98 GBP 82,880,085 GBP 121.92 31 December 2012 US$238,848 US$88.12 € 23,072,932 € 99.64 GBP17,654,011 GBP 91.67 31 December 2011 US$27,719 US$86.34 €12,451,173 €97.33 GBP22,313,858 GBP92.09

GLG Emerging Asia Equity

Class IH GBPClass IH GBPClass IH GBPClass IH GBP NAVNAVNAVNAV



31 December 2013 - - 31 December 2012 - - 31 December 2011 GBP6,748,104 GBP76.81

GLG Emerging Europe Equity





GLG Frontier Markets Equity





GLG Global Emerging

Markets Equity




31 December 2013 - - 31 December 2012 GBP19,554,984 GBP94.58 31 December 2011 GBP6,751,891 GBP77.52


90


GLG Latin American Equity

ClasClasClasClass IH GBPs IH GBPs IH GBPs IH GBP NAVNAVNAVNAV




GLG MENA Equity




Class Class Class Class DDDD USDUSDUSDUSD NAVNAVNAVNAV

Class Class Class Class DDDD USDUSDUSDUSD NAV NAV NAV NAV


31 December 2013 GBP 22,317,492 GBP 131.60 US$107,111 US$107.11 31 December 2012 - - - - 31 December 2011 - - - -


Class Class Class Class D USDD USDD USDD USD NAVNAVNAVNAV

Class Class Class Class D USDD USDD USDD USD NAV NAV NAV NAV


Class Class Class Class I USDI USDI USDI USD NAVNAVNAVNAV

Class Class Class Class I USDI USDI USDI USD NAV NAV NAV NAV


31 December 2013 US$5,950,293 US$100.93 USD 15,454,575 USD 101.67 31 December 2012 - - - - 31 December 2011 - - - -


91

15.15.15.15. Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss

GLGGLGGLGGLGGLGGLGGLGGLG GLGGLGGLGGLG GLGGLGGLGGLG GlobalGlobalGlobalGlobal

GLGGLGGLGGLG Global Global Global Global GLGGLGGLGGLG GlobalGlobalGlobalGlobal JapanJapanJapanJapan EmergingEmergingEmergingEmergingGlobalGlobalGlobalGlobal ConvertibleConvertibleConvertibleConvertible EuropeanEuropeanEuropeanEuropean SustainabilitySustainabilitySustainabilitySustainability CoreAlpha CoreAlpha CoreAlpha CoreAlpha MarketsMarketsMarketsMarketsEquityEquityEquityEquity UCITSUCITSUCITSUCITS EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity EquityEquityEquityEquity2013201320132013 2013201320132013 2013201320132013 2013201320132013 2013201320132013 2013201320132013 US$US$US$US$ US$US$US$US$ €€€€ €€€€ ¥¥¥¥ US$US$US$US$

Investment incomeInvestment incomeInvestment incomeInvestment income

Interest income 15,648 6,988,123 5,566 13,822 27,470,399 1,456

Dividend income 2,237,080 192,203 443,695 262,429 4,138,933,222 379,133

Dividend expense (11,837) (127,417) (729) (15,397) (5,755,093) (13,209) Total net investment incomeTotal net investment incomeTotal net investment incomeTotal net investment income 2,240,891 7,052,909 448,532 260,854 4,160,648,528 367,380

Realised and unrealised gain/(loss) on investmentsRealised and unrealised gain/(loss) on investmentsRealised and unrealised gain/(loss) on investmentsRealised and unrealised gain/(loss) on investmentsNet realised gain/(loss) on investments 26,132,585 6,063,661 3,674,155 5,491,224 46,159,045,143 (139,105,654) Net realised currency gain/(loss) (5,898,725) 16,401,444 (16,749) (2,894,160) 40,514,852,850 139,697,354 Total net realised gain/(loss)Total net realised gain/(loss)Total net realised gain/(loss)Total net realised gain/(loss) 20,233,860 22,465,105 3,657,406 2,597,064 86,673,897,993 591,700

Movement in net unrealised gain/(loss) on investments 11,212,744 25,433,590 2,292,960 1,083,399 53,648,052,121 (1,931,196) Movement in net unrealised currency gain/(loss) 5,154,616 (1,771,768) 210,978 1,996,518 419,710,326 (705,915) Total net movement in unrealised gain/(loss)Total net movement in unrealised gain/(loss)Total net movement in unrealised gain/(loss)Total net movement in unrealised gain/(loss) 16,367,360 23,661,822 2,503,938 3,079,917 54,067,762,447 (2,637,111)

Net gain/(loss) on financial assets and liabilities at fair value Net gain/(loss) on financial assets and liabilities at fair value Net gain/(loss) on financial assets and liabilities at fair value Net gain/(loss) on financial assets and liabilities at fair value

through profit or lossthrough profit or lossthrough profit or lossthrough profit or loss 38,842,111 53,179,836 6,609,876 5,937,835 144,902,308,968 (1,678,031)


92

15.15.15.15. Net Gain/(Loss) on Financial Assets and Liabilities at Fair Value through Profit or Loss (continued)

GLGGLGGLGGLGGLGGLGGLGGLG GlobalGlobalGlobalGlobal

MENAMENAMENAMENA InvestmentInvestmentInvestmentInvestment CombinedCombinedCombinedCombinedEquityEquityEquityEquity Grade BondGrade BondGrade BondGrade Bond CompanyCompanyCompanyCompany2013201320132013 2013201320132013 2013201320132013 US$US$US$US$ US$US$US$US$ US$US$US$US$

Investment incomeInvestment incomeInvestment incomeInvestment income

Interest income 138 595,513 7,908,738

Dividend income 175,095 - 46,427,793

Dividend expense (1,842) - (234,818)Total net investment incomeTotal net investment incomeTotal net investment incomeTotal net investment income 173,391 595,513 54,101,713

Realised and unrealised gain/(loss) on investmentsRealised and unrealised gain/(loss) on investmentsRealised and unrealised gain/(loss) on investmentsRealised and unrealised gain/(loss) on investmentsNet realised gain/(loss) on investments 195,262 271,008 379,778,051Net realised currency gain/(loss) 1,114,707 (489,521) 101,047,861Total net realised gain/(loss)Total net realised gain/(loss)Total net realised gain/(loss)Total net realised gain/(loss) 1,309,969 (218,513) 480,825,912

Movement in net unrealised gain/(loss) on investments 5,008,507 (215,454) 594,956,094Movement in net unrealised currency gain/(loss) 865,335 519,944 11,303,266Total net movement in unrealised gain/(loss)Total net movement in unrealised gain/(loss)Total net movement in unrealised gain/(loss)Total net movement in unrealised gain/(loss) 5,873,842 304,490 606,259,360

Net gain/(loss) on financial assets and liabilities at fair value Net gain/(loss) on financial assets and liabilities at fair value Net gain/(loss) on financial assets and liabilities at fair value Net gain/(loss) on financial assets and liabilities at fair value

through profit or lossthrough profit or lossthrough profit or lossthrough profit or loss 7,357,202 681,490 1,141,186,985


93

15.15.15.15. Net (Loss)/Gain on Financial Assets and Liabilities at Fair Value through Profit or Loss (continued)

GLG GLG GLG GLG

Global Global Global Global EquityEquityEquityEquity

GLG GLG GLG GLG Global Global Global Global

Convertible Convertible Convertible Convertible UCITSUCITSUCITSUCITS

GLG GLG GLG GLG European European European European


GLG GLG GLG GLG Global Global Global Global

Sustainability Sustainability Sustainability Sustainability EquityEquityEquityEquity

GLG GLG GLG GLG JapJapJapJapan CoreAlpha an CoreAlpha an CoreAlpha an CoreAlpha


GLG GLG GLG GLG Emerging Emerging Emerging Emerging

Asia Asia Asia Asia EquityEquityEquityEquity

GLG GLG GLG GLG

Emerging Emerging Emerging Emerging Europe EquityEurope EquityEurope EquityEurope Equity

GLG GLG GLG GLG Frontier Frontier Frontier Frontier MarketsMarketsMarketsMarkets EquityEquityEquityEquity

2012201220122012 2012201220122012 2012201220122012 2012201220122012 2012201220122012 2012201220122012 2012201220122012 2012201220122012 US$US$US$US$ US$US$US$US$ €€€€ €€€€ ¥¥¥¥ US$US$US$US$ US$US$US$US$ US$US$US$US$

Investment incomeInvestment incomeInvestment incomeInvestment income Interest income 12,229 8,796,973 9,695 1,471 882,726 25 1,568 159,232 Dividend income 1,502,336 268,380 310,523 341,742 2,589,081,102 28,214 - 238,198 Dividend expense (295,297) (341,982) (51,424) (83,673) (193,471,718) (3,193) (252) (9,866) Total net investment incomeTotal net investment incomeTotal net investment incomeTotal net investment income 1,219,268 8,723,371 268,794 259,540 2,396,492,110 25,046 1,316 387,564 Realised and unrealised (loss)/gain on Realised and unrealised (loss)/gain on Realised and unrealised (loss)/gain on Realised and unrealised (loss)/gain on investments investments investments investments

Net realised gain/(loss) on investments 122,326 (3,482,804) 700,384 2,115,807 (12,337,658,923) (1,154,918) (1,500,275) (566,466) Net realised currency gain/(loss) 1,741,591 16,742,210 (387,610) 2,641,188 19,656,177,130 (55,566) (318,290) 111,729 Total net realised gain/(loss)Total net realised gain/(loss)Total net realised gain/(loss)Total net realised gain/(loss) 1,863,917 13,259,406 312,774 4,756,995 7,318,518,207 (1,210,484) (1,818,565) (454,737) Movement in net unrealised gain/(loss) on investments

7,493,958 35,711,278 2,463,273 1,204,971 25,463,130,269 2,333,899

2,745,931

1,246,913

Movement in net unrealised currency gain/(loss) (381,765) (13,043,325) 512,574 (1,952,757) (7,955,878,036) 372,435 798,976 109,392 Total net movement in unrealised gaiTotal net movement in unrealised gaiTotal net movement in unrealised gaiTotal net movement in unrealised gain/(loss)n/(loss)n/(loss)n/(loss) 7,112,193 22,667,953 2,975,847 (747,786) 17,507,252,233 2,706,334 3,544,907 1,356,305 Net gain/(loss) on financial assets and Net gain/(loss) on financial assets and Net gain/(loss) on financial assets and Net gain/(loss) on financial assets and liabilities at fair value through profit or lossliabilities at fair value through profit or lossliabilities at fair value through profit or lossliabilities at fair value through profit or loss

10,195,378 44,650,730 3,557,415 4,268,749 27,222,262,550 1,520,896

1,727,658

1,289,132


94

15.15.15.15. Net (Loss)/Gain on Financial Assets and Liabilities at Fair Value through Profit or Loss (continued)

GLG Global GLG Global GLG Global GLG Global Emerging Emerging Emerging Emerging MarketsMarketsMarketsMarkets EquityEquityEquityEquity

GLG GLG GLG GLG Latin Latin Latin Latin

American American American American EquityEquityEquityEquity

GLG GLG GLG GLG MENA EquityMENA EquityMENA EquityMENA Equity

Combined Combined Combined Combined CompanyCompanyCompanyCompany

2012201220122012 2012201220122012 2012201220122012 2012201220122012

US$US$US$US$ US$US$US$US$ US$US$US$US$ US$US$US$US$ Investment incomeInvestment incomeInvestment incomeInvestment income Interest income 2,436 800 713,104 9,711,786 Dividend income 67,133 14,998 324,196 35,748,747 Dividend expense (9,528) (1,149) (308) (3,261,321) Total net invTotal net invTotal net invTotal net investment incomeestment incomeestment incomeestment income 60,041 14,649 1,036,992 42,199,212 Realised and unrealised gainRealised and unrealised gainRealised and unrealised gainRealised and unrealised gain/(loss)/(loss)/(loss)/(loss) on on on on investments investments investments investments

Net realised gain/(loss) on investments (646,033) 518,373 1,396,081 (156,408,920) Net realised currency gain/(loss) (43,577) (558,193) 377,733 98,896,769 Total net realised gain/(loss)Total net realised gain/(loss)Total net realised gain/(loss)Total net realised gain/(loss) (689,610) (39,820) 1,773,814 (57,512,151) Movement in net unrealised gain/(loss) on investments 3,734,046 406,634 (339,500)

377,354,810

Movement in net unrealised currency gain/(loss) 1,590,856 1,567,732 (2) (110,603,166) Total net movement in unrealised gain/(loss)Total net movement in unrealised gain/(loss)Total net movement in unrealised gain/(loss)Total net movement in unrealised gain/(loss) 5,324,902 1,974,366 (339,502) 266,751,644 Net gain/(loss) on financial assets and Net gain/(loss) on financial assets and Net gain/(loss) on financial assets and Net gain/(loss) on financial assets and liabilities at fair value through profit or lossliabilities at fair value through profit or lossliabilities at fair value through profit or lossliabilities at fair value through profit or loss 4,695,333 1,949,195 2,471,304

251,438,705


95

16.16.16.16. Segregation of Liabilities between Portfolios At an Extraordinary General Meeting held on 22 May 2007, the Fund availed of the provisions of the Investment Funds, Companies and Miscellaneous Provisions Act, 2005 to segregate liabilities between each Portfolio. The Fund will not be liable as a whole to third parties for the liability of each Portfolio.

17.17.17.17. Securities Owned and Securities Sold, Not Yet Purchased Possession of securities owned is maintained by major multinational broker-dealers as at 31 December 2013. Securities sold, not yet purchased represent obligations of the Fund to purchase the securities at prevailing market prices. The future satisfaction of such obligations may be for an amount greater than the amount recorded.

18.18.18.18. Use of Dealing Commission The Investment Manager has entered into arrangements with the brokerage houses from which the Fund derives benefit. These commission sharing agreements are in conformity with the rules of the Investment Manager’s UK regulator, the UK’s Financial Conduct Authority.

19.19.19.19. Auditor’s Remuneration For the year ended 31 December 2013, the Fund incurred audit fees as disclosed in the Statement of Operations; these amounts represent a provision. The actual audit fees are US$87,000 (2012: US$85,000). During the year there were fees for tax advisory services, other assurance services or other non-audit services provided by the auditors of the Fund of US$20,000 (2012: US$Nil).

20.20.20.20. Transaction Costs For the year ended 31 December 2013, the Fund incurred transaction costs, disclosed in the Statement of Operations as part of net gain/(loss) on financial assets and liabilities at fair value through profit or loss, as follows:

2020202013131313 2012201220122012

GLG Global Equity US$779,243 US$530,147

GLG Global Convertible UCITS US$30,544 US$35,965

GLG European Equity €181,832 €94,250

GLG Global Sustainability Equity €178,697 €142,045

GLG Japan CoreAlpha Equity ¥4,527,171,836 ¥203,553,692

GLG Emerging Asia Equity - US$5,224

GLG Emerging Europe Equity - US$18,954

GLG Frontier Markets Equity - US$40,401

GLG Global Emerging Markets Equity US$63,440 US$36,832

GLG MENA Equity - US$45,593

GLG Global Investment Grade Bond US$29 -

GLG Latin American Equity - US$7,814

21.21.21.21. Significant Events During the Year Board of Directors

With effect from 30 June 2013, Mr Aniello Bianco, Mr Alun Davies and Mr Gerard O’Mahony resigned as directors of the Fund. Mr John Morton and Mr John Walley were appointed as directors of the Fund on 6 June 2013 and on 24 May 2013 respectively. Prospectus

The last Prospectus was issued on 18 February 2013). The amendments to the Prospectus reflected an amendment of the same date to the Administrative Services Agreement to permit the delegation of such services, updates to the minimum initial subscription, minimum incremental subscription and minimum on-going shareholding for certain un-launched share classes, updates to certain bank account details and other minor amendments.

Portfolios

GLG Global Investment Grade Bond was launched and commenced operations on 7 January 2013. GLG MENA Equity was fully redeemed on 13 November 2012 and it was re-launched on 8 May 2013. Share Classes

The following new Share Classes of GLG Global Investment Grade Bond have been launched and listed on the Irish Stock Exchange on 8 January 2013: Class D USD and Class I USD.


96

21.21.21.21. Significant Events During the Year (continued)

De-listing of Share Classes

All the Share Classes of GLG Emerging Asia Equity and GLG MENA Equity were delisted with effect from 9 January 2013. Share Class I H GBP of GLG Frontier Markets Equity has been delisted with effect from 10 January 2013. Withdrawal of approval of sub-funds

On 12 December 2013, the approvals for GLG Emerging Europe Equity, GLG Latin American Equity and GLG Emerging Asian Equity were, at the request for the Fund, withdrawn by the Central Bank.

22.22.22.22. Significant Events Since the Year End Portfolios

On 3 January 2014, the approval of GLG Frontier Markets Equity was, at the request of the Fund, withdrawn by the Central Bank.

Prospectus

On 29 January 2014, a new Prospectus was issued. The amendments to the Prospectus reflected the establishment of new share classes in certain of the sub-funds, the update of the Efficient Portfolio Management section to reflect the ESMA Guidelines on ETFs and other UCITS issues, updates to reflect changes to the board of directors of the Fund and the Manager, removal of the definition of “Institutional Investor”, updates in respect of the dealing procedures, updates of certain of the investment risks,

23.23.23.23. Stock Lending The Fund may enter into stock lending programmes organised by generally recognised International Central Securities Depositaries Systems provided that the programme is subject to a guarantee from the system operator. No such transactions incurred during the year.

24.24.24.24. Dividends There were no proposed dividends for the year ended 31 December 2013 or the year ended 31 December 2012.

25.25.25.25. Contingent Liabilities and Commitments There were no contingent liabilities or commitments other than those already disclosed in these financial statements as at 31 December 2013.

26.26.26.26. Approval of Financial Statements The Directors approved these financial statements on 25 April 2014.

GLG Investments plc Portfolio Statements as at 31 December 2013 GLG Global Equity

100


Fair ValueFair ValueFair ValueFair Value % of% of% of% of

NominalNominalNominalNominal US$US$US$US$ Net AssetsNet AssetsNet AssetsNet Assets

42,046 178,501 0.12

42,296 480,450 0.34

64,008 55,540 0.04

26,533 204,236 0.15

918,727 0.65

96,405 23,872 0.02

262,920 221,182 0.16

30,347 375,295 0.27

620,349 0.45

27,250 835,649 0.60

3,321 47,581 0.03

226,331 669,434 0.48

257,344 42,604 0.03

550,570 172,205 0.12

884,243 0.63

3,306,549 2.36

91,303 2,246,275 1.61

25,589 2,217,877 1.59

6,876 1,440,641 1.03

7,863 1,411,235 1.01

74,325 2,176,855 1.56

7,246,608 5.19

354,789 1,987,792 1.42

47,504 1,545,727 1.11

54,218 1,622,336 1.16

284,110 1,875,956 1.34

Accor SA

Carrefour SA

Rexel SA

Schneider Electric SA

Experian Plc

Ryanair Holdings Plc

Shire Plc

European Aeronautic Defense and Space Company

Roche Holding AG

ARM Holdings Plc

United KingdomUnited KingdomUnited KingdomUnited Kingdom

National Grid Plc

Vodafone Group Plc

GN Store Nord A/S

Total contracts for differenceTotal contracts for differenceTotal contracts for differenceTotal contracts for difference

EquitiesEquitiesEquitiesEquities

DenmarkDenmarkDenmarkDenmark

Daimler AG

Linde AG

Merck KGaA

Rhoen Klinikum AG

GermanyGermanyGermanyGermany

Snam SpA

Japan Tobacco Inc

Mitsubishi Estate Company Limited

Mitsubishi UFJ Financial Group Inc

ItalyItalyItalyItaly

JapanJapanJapanJapan

DescriptionDescriptionDescriptionDescription

Contracts for difference (b)Contracts for difference (b)Contracts for difference (b)Contracts for difference (b)

FranceFranceFranceFrance

IrelandIrelandIrelandIreland

NetherlandsNetherlandsNetherlandsNetherlands

SwitzerlandSwitzerlandSwitzerlandSwitzerland

GLG Investments plc Portfolio Statements as at 31 December 2013 GLG Global Equity (continued)

101

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



226,228 3,164,028 2.26

304,853 1,540,145 1.10

64,679 3,335,333 2.39

140,761 1,967,346 1.41

20,402 1,246,190 0.89

16,297,061 11.66

196,694 2,737,448 1.96

58,422 1,363,311 0.97

71,845 2,785,431 1.99

6,886,190 4.92

539,677 1,235,282 0.88

69,485 3,676,238 2.63

45,413 1,191,432 0.85

256,289 3,457,703 2.47

66,925 2,063,207 1.48

10,388,580 7.43

27,298 2,004,340 1.43

31,828 2,548,101 1.82

9,441 2,645,412 1.89

144,866 2,756,095 1.97

9,953,948 7.11

49,578 902,428 0.65

20,686 1,418,853 1.01

2,588 1,452,153 1.04

81,067 3,232,952 2.31

64,291 2,772,227 1.98

41,368 2,155,685 1.54

51,087 2,858,317 2.04

58,704 3,208,761 2.29

31,257 2,348,964 1.68

34,044 2,685,050 1.92


Equities (continued)Equities (continued)Equities (continued)Equities (continued)

Japan (continued)Japan (continued)Japan (continued)Japan (continued)

Sekisui House Limited

Shimizu Corporation

Sumitomo Mitsui Financial Group Inc

T&D Holdings Inc

Toyota Motor Corporation

ING Groep NV

Qiagen NV

Sensata Technologies Holding NV


Global Logistic Properties Limited

Assa Abloy AB

Electrolux AB

SingaporeSingaporeSingaporeSingapore

SwedenSwedenSwedenSweden

Nordea Bank AB

Svenska Cellulosa AB

Nestle SA

Novartis AG


Roche Holding AG

UBS AG

ARM Holdings Plc

Aetna Inc

Apple Inc


United StatesUnited StatesUnited StatesUnited States

Best Buy Company Inc

Cheniere Energy Inc

Las Vegas Sands Corporation

Citigroup Inc

Discover Financial Services

Facebook Inc

Gilead Sciences Inc


102




28,943 1,434,126 1.03

17,538 3,326,257 2.38

43,718 2,162,729 1.55

18,027 1,350,763 0.97

19,061 1,051,977 0.75

19,299 1,080,937 0.77

14,327 983,835 0.70

30,661 2,403,516 1.72

15,145 1,043,945 0.75

74,645 2,626,011 1.88

14,742 3,282,749 2.35

7,594 681,258 0.49

34,241 2,616,012 1.87

26,894 2,449,237 1.75

48,626,314 34.77

105,770,478 75.64

34 26,255 0.02

26,255 0.02

Unrealised GainUnrealised GainUnrealised GainUnrealised Gain % of % of % of % of

Amount ReceivableAmount ReceivableAmount ReceivableAmount Receivable Amount PayableAmount PayableAmount PayableAmount Payable Maturity DatesMaturity DatesMaturity DatesMaturity Dates ContractsContractsContractsContracts US$US$US$US$ Net AssetsNet AssetsNet AssetsNet Assets

CHF1,988,112 US$2,187,623 31 January 2014 1 48,384 0.03

€26,580,047 US$36,029,436 31 January 2014 19 596,008 0.44

DKK1,121,871 US$203,830 31 January 2014 1 3,432 0.00

GBP13,879,817 US$22,446,417 31 January 2014 11 537,519 0.39

ILS417,968 US$117,777 31 January 2014 1 2,569 0.00

JPY22,110,060 US$210,000 31 January 2014 1 394 0.00

NOK932,193 US$152,135 31 January 2014 1 1,339 0.00

NZD25,721 US$20,965 31 January 2014 1 157 0.00

SEK4,534,504 US$689,125 31 January 2014 1 16,524 0.01

US$8,267,869 CHF7,322,355 15 January 2014 1 33,527 0.02

US$1,898,192 DKK10,257,743 15 January 2014 1 3,340 0.00

US$14,867,878 €10,775,488 15 January 2014 1 19,899 0.01

US$16,529,131 JPY1,704,831,320 15 January 2014 3 307,652 0.23

US$678,104 SGD849,146 15 January 2014 1 5,569 0.00

Total unrealised gain on forward currency contractsTotal unrealised gain on forward currency contractsTotal unrealised gain on forward currency contractsTotal unrealised gain on forward currency contracts 1,576,313 1.13

Total financial assets at fair value through profit or loss - tradingTotal financial assets at fair value through profit or loss - tradingTotal financial assets at fair value through profit or loss - tradingTotal financial assets at fair value through profit or loss - trading 110,679,595 79.15


Twenty-First Century Fox Inc

Total equitiesTotal equitiesTotal equitiesTotal equities

Lowe's Companies, Inc

PPG Industries Inc

Realogy Holdings Corporation

Tableau Software Inc

Salesforce.com Inc


United States (continued)United States (continued)United States (continued)United States (continued)

Visa Inc

WESCO International Inc

Ross Stores Inc

S&P 500 E-mini Future March 2014

ServiceNow Inc

Splunk Inc

Forward currency contracts (note 8) ** (b)Forward currency contracts (note 8) ** (b)Forward currency contracts (note 8) ** (b)Forward currency contracts (note 8) ** (b)

Exchange traded future (a)Exchange traded future (a)Exchange traded future (a)Exchange traded future (a)

Total exchange traded futureTotal exchange traded futureTotal exchange traded futureTotal exchange traded future

VMware Inc

Walt Disney Company

Starbucks Corporation


103




168,766 (79,404) (0.06)

(79,404) (0.06)

Unrealised LossUnrealised LossUnrealised LossUnrealised Loss % of % of % of % of

Amount ReceivableAmount ReceivableAmount ReceivableAmount Receivable Amount PayableAmount PayableAmount PayableAmount Payable Maturity DatesMaturity DatesMaturity DatesMaturity Dates ContractsContractsContractsContracts US$US$US$US$ Net AssetsNet AssetsNet AssetsNet Assets

AUD2,021,130 US$1,832,842 31 January 2014 1 (28,316) (0.02)

CAD2,533,132 US$2,400,595 31 January 2014 1 (18,276) (0.01)

HKD4,958,485 US$639,660 29 January 2014 1 (153) (0.00)

JPY516,953,451 US$5,093,890 31 January 2014 1 (174,684) (0.13)

SGD444,691 US$355,003 30 January 2014 1 (2,803) (0.00)

US$1,396,951 CHF1,249,824 15 January 2014 1 (8,537) (0.01)

US$639,868 €468,310 31 January 2014 5 (5,430) (0.00)

US$1,240,000 €902,169 15 January 2014 1 (3,135) (0.00)

US$2,010,156 GBP1,224,784 15 January 2014 2 (18,201) (0.01)

US$378,394 GBP231,825 31 January 2014 4 (5,491) (0.00)

US$9,429,798 SEK61,755,891 15 January 2014 1 (183,139) (0.14)

Total unrealised loss on forward currency contractsTotal unrealised loss on forward currency contractsTotal unrealised loss on forward currency contractsTotal unrealised loss on forward currency contracts (448,165) (0.32)

Total financial liabilities at fair value through profit or loss - tradingTotal financial liabilities at fair value through profit or loss - tradingTotal financial liabilities at fair value through profit or loss - tradingTotal financial liabilities at fair value through profit or loss - trading (527,569) (0.38)


US$US$US$US$ Net AssetsNet AssetsNet AssetsNet Assets



Other net assetsOther net assetsOther net assetsOther net assets 29,679,869 21.23

Net Assets Attributable to Holders of Redeemable Participating SharesNet Assets Attributable to Holders of Redeemable Participating SharesNet Assets Attributable to Holders of Redeemable Participating SharesNet Assets Attributable to Holders of Redeemable Participating Shares 139,831,895 100.00

** The forward currency contracts are held with The Bank of New York Mellon, Brussels

Classifications:Classifications:Classifications:Classifications:

(a) Exchange traded derivative instruments

(b) OTC financial derivative instruments

All other investments held at the year end are transferable securities listed on an official stock exchange.

% of % of % of % of Total AssetsTotal AssetsTotal AssetsTotal Assets

Analysis of Total AssetsAnalysis of Total AssetsAnalysis of Total AssetsAnalysis of Total Assets

Transferable securities listed on an official stock exchange 75.10

Exchange traded derivative instruments deccribed in (a) above 0.02

OTC financial derivative instruments described in (b) above 3.47

Other current assets 21.41

100.00

Analysis of Total Assets rather than Net Assets is required under UCITS Notice 8.2 appendix B.


Total contract for differenceTotal contract for differenceTotal contract for differenceTotal contract for difference


GDF Suez

Contract for differenceContract for differenceContract for differenceContract for difference

Forward currency contracts (note 8) **Forward currency contracts (note 8) **Forward currency contracts (note 8) **Forward currency contracts (note 8) **

GLG Investments plc Portfolio Statements as at 31 December 2013 GLG Global Convertible UCITS

104

NominalNominalNominalNominal DescriptionDescriptionDescriptionDescription Fair ValueFair ValueFair ValueFair Value % of % of % of % of


ASCOTs (b)ASCOTs (b)ASCOTs (b)ASCOTs (b)


100,000,000 183,936 0.06

65,000,000 156,714 0.05

110,000,000 109,095 0.03

50,000,000 48,437 0.01

60,000,000 92,881 0.03

180,000,000 157,603 0.05

110,000,000 161,767 0.05

120,000,000 117,542 0.04

110,000,000 63,579 0.02

1,091,554 0.34

South KoreaSouth KoreaSouth KoreaSouth Korea

240,000,000 147,884 0.05

Total ASCOTsTotal ASCOTsTotal ASCOTsTotal ASCOTs 1,239,438 0.39


AustriaAustriaAustriaAustria

(55,810) 338,027 0.10

Total Contract for differenceTotal Contract for differenceTotal Contract for differenceTotal Contract for difference 338,027 0.10

Convertible bondsConvertible bondsConvertible bondsConvertible bonds

AustraliaAustraliaAustraliaAustralia

400,000 324,500 0.10

AustriaAustriaAustriaAustria

1,100,000 60,630 0.02

1,482,883 2,371,105 0.72

2,300,000 3,800,959 1.16

6,232,694 1.90

BelgiumBelgiumBelgiumBelgium

668,491 940,368 0.29

1,000,000 1,412,338 0.43

1,950,000 3,732,882 1.14

6,085,588 1.86

BermudaBermudaBermudaBermuda

1,000,000 1,006,185 0.31

Immofinanz AG 4.25% 08/03/2018

Cofinimmo 2% 20/06/2018

Sagerpar SA 0.375% 09/10/2018#

UCB SA 4.5% 22/10/2015

Gulf Keystone Petroleum Limited 6.25% 18/10/2017

Toppan Printing Company Limited


Lotte Shopping Company Limited

A-TEC Industries AG

Aquarius Platinum Limited 4% 18/12/2015

A-TEC Industries AG 8.75% 27/10/2014

Nagoya Railroad Company Limited


Nihon Unisys Limited

Nikkiso Company Limited

Takashimaya Company Limited

Takashimaya Company Limited


Steinhoff Finance Holding GmbH 6.375% 26/05/2017

Fukuyama Transporting Company Limited

GLG Investments plc Portfolio Statements as at 31 December 2013 GLG Global Convertible UCITS (continued)

105



Convertible bonds (continued)Convertible bonds (continued)Convertible bonds (continued)Convertible bonds (continued)

British Virgin Islands (continued)British Virgin Islands (continued)British Virgin Islands (continued)British Virgin Islands (continued)

6,200,000 6,383,985 1.94

16,000,000 2,162,969 0.66

16,000,000 2,070,761 0.63

10,617,715 3.23

CanadaCanadaCanadaCanada

490,000 0.00 0.00

Cayman IslandsCayman IslandsCayman IslandsCayman Islands

1,500,000 1,578,982 0.48

2,200,000 3,138,168 0.96

4,717,150 1.44

ChinaChinaChinaChina

2,878,000 503,650 0.15

3,060,000 535,500 0.16

17,900,000 2,780,269 0.85

3,130,000 2,895,250 0.88

1,210,000 1,331,756 0.41

1,000,000 1,068,645 0.33

2,245,000 1,779,163 0.54

400,000 406,648 0.12

1,120,000 1,128,400 0.34

12,429,281 3.78

FinlandFinlandFinlandFinland

1,700,000 2,494,781 0.76


1,374,926 2,030,697 0.62

100,000 148,302 0.05

1,358,913 2,012,961 0.61

684,797 1,252,007 0.38

377,896 516,359 0.16

522,802 769,199 0.23

538,593 873,665 0.27

776,025 1,357,954 0.41

547,659 826,513 0.25

1,978,397 2,901,821 0.88

2,115,227 3,201,191 0.97

2,235,811 3,520,610 1.07

19,411,279 5.90

Sino-Forest Corporation 4.25% 15/12/2016#

Rallye SA 1% 02/10/2020

Technip SA 0.25% 01/01/2017

Technip SA 0.5% 01/01/2016

Unibail-Rodamco SE 0.75% 01/01/2018

Cap Gemini SA 0% 01/01/2019

Cie Generale des Etablissements Michelin 0% 01/01/2017

Fonciere Des Regions 0.88% 01/04/2019

Fonciere Des Regions 3.34% 01/01/2017

Gecina SA 2.13% 01/01/2016

Misarte 3.25% 01/01/2016

China Medical Technologies Inc 6.25% 15/12/2016*

Semiconductor Manufacturing International Corporation 0% 07/11/2018

SINA Corporation/China 1% 01/12/2018 *

Solidium Oy 0.5% 29/09/2015

BNP Paribas SA 0.25% 27/09/2016

Air France-KLM 2.03% 15/02/2023

Tong Jie Limited 0% 18/02/2018

China Petroleum & Chemical Corporation 0% 24/04/2014

Hanwha SolarOne Company Limited 3.5% 15/01/2018*

JinkoSolar Holding Company Limited 4% 15/05/2016*

Qihoo 360 Technology Comapny Limited 2.5% 15/09/2018 *

ReneSola Limited 4.125% 15/03/2018*

Wharf Finance 2014 Limited 2.3% 07/06/2014

BES Finance Limited 3.5% 06/12/2015

China Overseas Finance Investment Cayman Limited 0% 14/05/2014

China Medical Technologies Inc 4% 15/08/2013*

Billion Express Investments Limited 0.75% 18/10/2015



106




1,400,000 2,618,797 0.80

400,000 550,491 0.17

1,028,042 1,671,329 0.51

4,840,617 1.48

Hong KongHong KongHong KongHong Kong

17,160,000 2,196,766 0.67

17,160,000 1,984,175 0.60

2,000,000 396,361 0.12

750,000 1,117,500 0.34

5,694,802 1.73

HungaryHungaryHungaryHungary

800,000 1,142,834 0.35

IndiaIndiaIndiaIndia

1,100,000 1,081,740 0.33


4,100,000 5,845,585 1.78

5,300,000 7,723,073 2.35

13,568,658 4.13


100,000,000 1,102,469 0.34

145,000,000 1,376,814 0.42

61,000,000 839,952 0.26

1,300,000 1,490,060 0.45

120,000,000 1,363,197 0.42

67,000,000 944,234 0.29

110,000,000 1,236,013 0.38

180,000,000 1,892,873 0.58

60,000,000 662,909 0.20

410,000,000 4,443,022 1.35

90,000,000 943,987 0.29

70,000,000 843,156 0.26

50,000,000 530,422 0.16

105,000,000 1,148,851 0.35

100,000,000 1,141,715 0.35

120,000,000 1,220,260 0.37

2,900,000 3,088,500 0.94

40,000,000 392,940 0.12

160,000,000 1,523,277 0.46

600,000 624,780 0.19

60,000,000 710,718 0.22

27,520,149 8.40

OSG Corporation 0% 04/04/2022#

Shizuoka Bank Limited/The 0% 25/04/2018

Sumitomo Forestry Company Limited 0% 24/08/2018

Toray Industries Inc 0% 12/03/2014

Yamato Holdings Company Limited 0% 07/03/2016

Seino Holdings Company Limited 0% 01/10/2018#

Ebara Corporation 0% 19/03/2018

Fukuyama Transporting Company Limited 0% 22/03/2017

Kawasaki Kisen Kaisha Limited 0% 26/09/2018

Maeda Corporation 0% 13/09/2018#

Nidec Corporation 0% 18/09/2015

Nikkiso Company Limited 0% 02/08/2018#

Eni SpA 0.63% 18/01/2016

ABC-Mart Inc 0% 05/02/2018

Asahi Glass Company Limited 0% 14/11/2014

Asahi Group Holdings Limited 0% 26/05/2028

Bank of Iwate Limited 0% 25/07/2018

Daifuku Company Limited 0% 02/10/2017#

TUI AG 2.75% 24/03/2016

China Green Holdings Limited 10% 12/04/2016

China Green Holdings Limited 7% 12/04/2016

China Power International Development Limited 2.75% 18/09/2017

Noble Group Limited 0% 13/06/2014

Eni SpA 0.25% 30/11/2015 #

Deutsche Post AG 0.6% 06/12/2019

Gabriel Finance Limited Partnership 2% 26/11/2016

Welspun Corporation Limited 4.5% 17/10/2014

Yamaguchi Financial Group Inc 0% 20/12/2018

Paramount Bed Holdings Company Limited 0% 26/07/2018#

Resorttrust Inc 0% 27/07/2018#

SBI Holdings Inc 0% 02/11/2017

Magyar Nemzeti Vagyonkezelo Zrt # 3.38% 02/04/2019#



107




Jersey Channel IslandsJersey Channel IslandsJersey Channel IslandsJersey Channel Islands

1,200,000 2,197,720 0.67

500,000 831,231 0.25

2,100,000 1,987,524 0.61

200,000 221,750 0.07

5,238,225 1.60

LuxembourgLuxembourgLuxembourgLuxembourg

1,300,000 416,486 0.13

3,900,000 5,815,190 1.77

4,800,000 5,385,960 1.64

3,344,000 3,581,628 1.09

15,199,264 4.63

MalaysiaMalaysiaMalaysiaMalaysia

1,250,000 970,379 0.30

MexicoMexicoMexicoMexico

3,000,000 4,084,665 1.24


1,200,000 1,748,835 0.53

800,000 1,348,281 0.41

4,900,000 5,296,459 1.61

1,050,000 1,649,408 0.50

4,750,000 5,521,875 1.68

5,250,000 6,203,033 1.89

21,767,891 6.62


1,250,000 904,686 0.28

2,250,000 1,774,428 0.54

1,500,000 1,193,965 0.36

2,750,000 2,205,271 0.67

6,078,350 1.85

South AfricaSouth AfricaSouth AfricaSouth Africa

1,000,000 874,950 0.27

2,000,000 177,510 0.05

1,052,460 0.32

SpainSpainSpainSpain

2,300,000 3,308,848 1.01

1,000,000 1,429,873 0.44

4,738,721 1.45

Caja de Ahorros y Pensiones de Barcelona 1% 25/11/2017#

OHL Investments SA 4% 25/04/2018

CapitaLand Limited 1.85% 19/06/2020

CapitaLand Limited 1.95% 17/10/2023

CapitaMall Trust 2.125% 19/04/2014

Temasek Financial III Pte Limited 0% 24/10/2014

Impala Platinum Holdings Limited 1% 21/02/2018

Impala Platinum Holdings Limited 5% 21/02/2018

Amorim Energia BV 3.38% 03/06/2018

Celesio Finance B.V.2.5% 07/04/2018

Lukoil International Finance BV 2.625% 16/06/2015

Salzgitter Finance BV 2% 08/11/2017

Siemens Financieringsmaatschappij NV 1.05% 16/08/2017

Siemens Financieringsmaatschappij NV 1.65% 16/08/2019

British Land Company Jersey Limited 1.5% 10/09/2017


Derwent London Capital No 2 Jersey Limited 1.13% 24/07/2019

London Mining Jersey Plc 8% 15/02/2016

Premier Oil Finance Jersey Limited 2.5% 27/07/2018

Bank of New York Mellon Luxembourg SA 4.460% 30/12/2099#

GBL Verwaltung SA 1.25% 07/02/2017

Glencore Finance Europe SA 5% 31/12/2014

Opus Securities SA 3.95% 29/10/2049

Indah Capital Limited 0% 24/10/2018

Cemex SAB de CV 3.75% 15/03/2018*


108





4,500,000 6,654,865 2.03

250,000 437,930 0.13

7,092,795 2.16


1,465,000 1,716,868 0.52

TaiwanTaiwanTaiwanTaiwan

1,200,000 1,283,670 0.39

1,800,000 1,797,678 0.55

4,500,000 4,372,875 1.33

7,454,223 2.27

United Arab EmiratesUnited Arab EmiratesUnited Arab EmiratesUnited Arab Emirates

1,500,000 2,446,725 0.74

2,000,000 2,175,000 0.66

4,621,725 1.40


1,100,000 2,014,048 0.61

1,100,000 1,902,859 0.58

1,800,000 1,849,500 0.56

5,766,407 1.75


8,790,000 8,811,975 2.68

3,400,000 3,589,244 1.09

1,650,000 1,709,813 0.52

5,300,000 2,165,553 0.66

2,845,000 2,940,435 0.90

2,730,000 2,743,636 0.84

4,370,000 3,888,863 1.18

1,530,000 1,795,455 0.55

1,665,000 1,858,714 0.57

1,830,000 1,949,535 0.59

1,000,000 699,090 0.21

1,510,000 1,771,086 0.54

6,430,000 8,716,315 2.65

2,475,000 2,631,247 0.80

1,355,000 580,956 0.18

1,500,000 1,835,145 0.56

1,680,000 1,686,283 0.51

Hologic Inc 2% 15/12/2037*

Intel Corporation 3.25% 01/08/2039*

International Game Technology 3.25% 01/05/2014*

James River Coal Company 10% 01/06/2018*

Jarden Corporation 1.5% 15/06/2019*

JDS Uniphase Corporation 0.63% 15/08/2033*

Boston Properties LP 3.625% 15/02/2014*

Cobalt International Energy Inc 2.625% 01/12/2019*

Covanta Holding Corporation 3.25% 01/06/2014

DDR Corporation 1.75% 15/11/2040 *

Electronic Arts Inc 0.75% 15/07/2016*

Golden Star Resources Limited 5% 01/06/2017*

Subsea 7 SA 1% 05/10/2017

American Realty Capital Properties Inc 3% 01/08/2018 *

Archer-Daniels-Midland Company 0.88% 15/02/2014 *

Ares Capital Corporation 4.38% 15/01/2019 *

Atlanticus Holdings Corporation 5.875% 30/11/2035*

BlackRock Kelso Capital Corporation 5.5 % 15/02/2018 *

Asia Cement Corporation 0% 27/01/2016

United Microelectronics Corporation 0% 24/05/2016

Aabar Investments PJSC 4% 27/05/2016

National Bank of Abu Dhabi PJSC 1% 12/03/2018

International Consolidated Airlines Group SA 1.75% 31/05/2018

INTU Jersey Limited 2.5% 04/10/2018

Industrivarden AB 1.88 27/02/2017

Industrivarden AB 2.5% 27/02/2015

Swiss Life Holding AG 0% 02/12/2020

Advanced Semiconductor Engineering Inc 0% 05/09/2018



109




United States (continued)United States (continued)United States (continued)United States (continued)

2,410,000 3,010,632 0.92

7,000,000 3,776,080 1.15

1,500,000 1,637,430 0.50

2,370,000 2,704,762 0.82

1,660,000 1,755,516 0.53

2,125,000 1,697,663 0.52

3,010,000 3,081,126 0.94

2,250,000 2,303,753 0.70

2,700,000 3,078,216 0.94

2,565,000 3,557,296 1.08

1,335,000 1,500,193 0.46

3,675,000 3,816,561 1.16

1,150,000 1,642,350 0.50

1,680,000 1,827,630 0.56

2,970,000 4,382,651 1.33

1,115,000 1,130,331 0.34

1,465,000 1,622,143 0.49

3,220,000 4,376,576 1.33

96,274,254 29.30

Total Convertible bondsTotal Convertible bondsTotal Convertible bondsTotal Convertible bonds 299,224,200 91.11

Corporate BondCorporate BondCorporate BondCorporate Bond


83,684 57,742 0.02

Total corporate bondTotal corporate bondTotal corporate bondTotal corporate bond 57,742 0.02



74,896 11,234 0.00


94,432 Shire Plc 4,460,618 1.36

IsraelIsraelIsraelIsrael

35,000 1,402,800 0.43


77 4,396 0.00


32,996,096 1,830,770 0.56

Total equitiesTotal equitiesTotal equitiesTotal equities 7,709,818 2.35

priceline.com Inc 0.35% 15/06/2020*

priceline.com Inc 1% 15/03/2018*

SanDisk Corporation 1.5% 15/08/2017*

ServiceNow Inc 0% 01/11/2018 *

Starwood Property Trust Inc 4% 15/01/2019*

Emerald Plantation Holdings Limited 6% 15/07/2020*

Emerald Plantation Holdings Limited

Teva Pharmaceutical Industries Limited

Prospect Capital Corporation 5.88% 15/01/2019*

Radian Group Inc 3% 15/11/2017*

Unicharm Corporation

Max Petroleum Plc

Liberty Interactive LLC 0.75% 30/03/2043

Liberty Interactive LLC 3.5% 15/01/2031*

WellPoint Inc 2.75% 15/10/2042*

LifePoint Hospitals Inc 3.5% 15/05/2014*

Linear Technology Corporation 3% 01/05/2027*

Molina Healthcare Inc 1.13% 15/01/2020*

Moly Corporation Inc 6% 01/09/2017*

Newmont Mining Corporation 1.625% 15/07/2017*

NVIDIA Corporation 1% 01/12/2018*

ProLogis LP 3.25% 15/03/2015*


Salesforce.com Inc 0.25% 01/04/2018


110



Exchange traded futures (a)Exchange traded futures (a)Exchange traded futures (a)Exchange traded futures (a)


(200) 287,500 0.09

Totak exchange traded futureTotak exchange traded futureTotak exchange traded futureTotak exchange traded future 287,500 0.09

Options (b)Options (b)Options (b)Options (b)


332 142,760 0.04

Total optionTotal optionTotal optionTotal option 142,760 0.04

Preferred StockPreferred StockPreferred StockPreferred Stock


2,850 294,120 0.09

Total preferred stockTotal preferred stockTotal preferred stockTotal preferred stock 294,120 0.09

WarrantsWarrantsWarrantsWarrants


60 14,302 0.00

400,000,000 3,771,466 1.15

3,785,768 1.15


1,680,000 0.00 0.00


1,452,360 944,034 0.29

139,120 865,326 0.26

1,809,360 0.55

Total warrantsTotal warrantsTotal warrantsTotal warrants 5,595,128 1.70

Forward currency contracts (note 8) * (b)Forward currency contracts (note 8) * (b)Forward currency contracts (note 8) * (b)Forward currency contracts (note 8) * (b)

Unrealised GainUnrealised GainUnrealised GainUnrealised Gain % of% of% of% of

Amount ReceivableAmount ReceivableAmount ReceivableAmount Receivable Amount PayableAmount PayableAmount PayableAmount Payable Maturity DateMaturity DateMaturity DateMaturity Date ContractsContractsContractsContracts US$US$US$US$ Net AssetsNet AssetsNet AssetsNet Assets

Non Class Specific

€10,694,598 US$14,637,045 15 January 2014 4 99,490 0.03

SGD11,563 US$9,124 15 January 2014 1 34 0.00

US$98,451,578 €71,352,737 15 January 2014 1 131,653 0.03

US$28,241,338 JPY2,902,864,634 15 January 2014 5 620,497 0.19

US$1,699,268 CHF1,504,940 15 January 2014 1 6,884 0.00

US$6,310,066 HKD48,922,884 15 January 2014 1 427 0.00

US$6,403,122 SGD8,018,213 15 January 2014 1 52,590 0.02

Max Petroleum Plc#

Sony Corporation

Citigroup Inc

Zions BanCorporation

US 5 Year Note Future March 2014

Call on LRCX US 60 17 January 2015

Stanley Black & Decker Inc

JVC Kenwood Corporation#



111

Forward currency contracts (note 8) * (b) (continued)Forward currency contracts (note 8) * (b) (continued)Forward currency contracts (note 8) * (b) (continued)Forward currency contracts (note 8) * (b) (continued)



Class DL H EUR

€61,083,750 US$83,983,417 10 January 2014 4 186,636 0.06

Class DL H GBP

GBP772,360 US$1,263,336 10 January 2014 2 15,808 0.00

Class ILH EUR

€86,283,938 US$118,631,445 10 January 2014 3 263,085 0.08

€7,628 US$10,499 06 January 2014 1 11 0.00

Class IM H EUR

€65,433,607 US$89,964,938 10 January 2014 3 198,981 0.06

Class IM H GBP

GBP741,103 US$1,212,096 10 January 2014 1 15,282 0.00

Total unrealised gain on forward currency contractsTotal unrealised gain on forward currency contractsTotal unrealised gain on forward currency contractsTotal unrealised gain on forward currency contracts 1,591,378 0.47

Total financial assets at fair value through profit or lossTotal financial assets at fair value through profit or lossTotal financial assets at fair value through profit or lossTotal financial assets at fair value through profit or loss 316,480,111 96.36



112



Contracts for differenceContracts for differenceContracts for differenceContracts for difference


310,446 (264,151) (0.08)

HungaryHungaryHungaryHungary

(85,000) (472,840) (0.14)


(117,000) (5,890) (0.00)

(376,200) (1,570,559) (0.48)

(1,576,449) (0.48)

Total contracts for differenceTotal contracts for differenceTotal contracts for differenceTotal contracts for difference (2,313,440) (0.70)

Credit default swapsCredit default swapsCredit default swapsCredit default swaps


2,000,000 (21,207) (0.01)

3,500,000 (80,259) (0.02)

(101,466) (0.03)

Total credit default swapsTotal credit default swapsTotal credit default swapsTotal credit default swaps (101,466) (0.03)

Exchange traded futureExchange traded futureExchange traded futureExchange traded future


(160) (302,800) (0.09)

Total exchange traded futureTotal exchange traded futureTotal exchange traded futureTotal exchange traded future (302,800) (0.09)

Forward currency contracts (note 8)*Forward currency contracts (note 8)*Forward currency contracts (note 8)*Forward currency contracts (note 8)*

Unrealised LossUnrealised LossUnrealised LossUnrealised Loss % of% of% of% of


Non Class Specific

JPY227,062,500 US$2,173,261 15 January 2014 1 (12,754) (0.00)

US$328,182 €240,000 15 January 2014 1 (2,524) (0.00)

US$7,070,976 GBP4,308,261 15 January 2014 1 (63,926) (0.02)



Sony Corporation

Liberty Interactive LLC 20/03/2014

OTP Bank NYRT

S & P 500 E-mini Future March 2014

Atari SA

Liberty Interactive LLC 20/06/2014


113

Forward currency contracts (note 8)* (continued)Forward currency contracts (note 8)* (continued)Forward currency contracts (note 8)* (continued)Forward currency contracts (note 8)* (continued)

Unrealised lossUnrealised lossUnrealised lossUnrealised loss % of% of% of% of


Class DL H EUR

€5,853,339 US$8,084,380 13 January 2014 1 (18,812) (0.01)

US$106,142 €77,602 10 January 2014 2 (789) (0.00)

Class IL H EUR

US$3,517,747 €2,571,520 10 January 2014 4 (25,667) (0.01)

Class IM H EUR

US$36,356,406 €26,431,443 10 January 2014 4 (64,671) (0.03)


Total financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or loss (2,906,849) (0.89)





* The forward currency contracts are held with The Bank of New York Mellon, Brussels




* Transferable securities dealt on another regulated market.

# Transferable securities other than those listed on an official stock exchange or dealt on another regulated market.

All other investments held at the year end are transferable securities listed on an official stock exchange

% of Total% of Total% of Total% of Total

Analysis of Total AssetsAnalysis of Total AssetsAnalysis of Total AssetsAnalysis of Total Assets AssetsAssetsAssetsAssets


Transferable securities as described in * above 31.96

Transferable securities as described in # above 3.04

Exchange traded financial derivative instruments described in classification (a) above 0.08

OTC financial derivative instruments described in classification (b) above 0.50


100.00


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

GLG Investments plc Portfolio Statements as at 31 December 2013 GLG European Equity

114

NominalNominalNominalNominal Fair ValueFair ValueFair ValueFair Value % of% of% of% of

€€€€ Net AssetsNet AssetsNet AssetsNet Assets

23,123 68,815 0.19

21,830 110,857 0.30

28,900 200,392 0.55

15,244 51,461 0.14

37,946 35,879 0.10

19,527 114,599 0.31

582,003 1.59

103,829 64,284 0.18

17,585 153,823 0.42

218,107 0.60

15,024 175,117 0.48

3,615 41,353 0.11

159,686 338,890 0.93

99,573 10,235 0.03

14,604 73,058 0.20

53,138 38,990 0.11

283,798 52,434 0.14

513,607 1.41

1,530,187 4.19


86,688 1,547,759 4.24

12,745 801,661 2.20

7,949 887,108 2.43

5,042 766,636 2.10

6,210 808,853 2.22

34,582 735,040 2.01

3,999,298 10.96

195,939 796,688 2.18 Snam SpA

Fresenius SE & Company KGaA

Linde AG

Merck KGaA

Rhoen Klinikum AG

GN Store Nord A/S

Daimler AG




Accor SA

Carrefour SA

Electricite de France

Publicis Groupe SA

Rexel SA

Schneider Electric SA

European Aeronautic Defense and Space Co

Roche Holding AG

ARM Holdings Plc




Vodafone Group Plc






Ryanair Holdings Plc

Shire Plc


National Grid Plc

Rio Tinto Plc

Rolls-Royce Holdings Plc

GLG Investments plc Portfolio Statements as at 31 December 2013 GLG European Equity (continued)

115



155,297 1,568,500 4.30

30,358 808,890 2.22

48,579 822,685 2.25

3,200,075 8.77

48,602 1,866,093 5.11

32,687 622,344 1.70

144,104 1,410,913 3.86

39,228 877,641 2.40

4,776,991 13.07

10,780 574,415 1.58

28,489 1,655,202 4.53

4,025 818,479 2.24

116,006 1,601,676 4.39

4,649,772 12.74

18,970,583 51.96


41 37,720 0.10

37,720 0.10


Unrealised GainUnrealised GainUnrealised GainUnrealised Gain % of % of % of % of

Amount ReceivableAmount ReceivableAmount ReceivableAmount Receivable Amount PayableAmount PayableAmount PayableAmount Payable Maturity DateMaturity DateMaturity DateMaturity Date ContractsContractsContractsContracts €€€€ Net AssetsNet AssetsNet AssetsNet Assets

€4,757,715 CHF5,816,363 15 January 2014 2 10,935 0.04

€1,373,838 DKK10,244,298 15 January 2014 2 508 0.00

€507,440 GBP422,000 31 January 2014 1 302 0.00

€1,113 US$1,513 31 January 2014 1 15 0.00

€86,828 US$118,000 31 January 2014 1 1,193 0.00

€5,127 US$7,010 15 January 2014 1 39 0.00

GBP21,469,295 €25,619,222 31 January 2014 3 181,466 0.50

US$188,918 €136,920 31 January 2014 4 183 0.00

Total unrealised gain on forward currency contractsTotal unrealised gain on forward currency contractsTotal unrealised gain on forward currency contractsTotal unrealised gain on forward currency contracts 194,641 0.54




UBS AG

Euro Stoxx 50 March 2014


Total exchange traded futureTotal exchange traded futureTotal exchange traded futureTotal exchange traded future

ING Groep NV

Koninklijke Philips Electronics NV

QIAGEN NV




Total equitiesTotal equitiesTotal equitiesTotal equities

Assa Abloy AB

Electrolux AB

Nordea Bank AB

Svenska Cellulosa AB

Nestle SA

Novartis AG

Roche Holding AG



116




67,132 (23,153) (0.06)

65,622 (78,159) (0.22)

263,850 (76,153) (0.21)

(154,312) (0.43)

(177,465) (0.49)

Forward currency contracts (note 8) * Forward currency contracts (note 8) * Forward currency contracts (note 8) * Forward currency contracts (note 8) *

Unrealised LossUnrealised LossUnrealised LossUnrealised Loss % of % of % of % of


CHF341,828 €280,000 15 January 2014 1 (1,032) (0.00)

€225,000 GBP188,287 15 January 2014 1 (1,294) (0.00)

€246,126 GBP208,000 31 January 2014 1 (3,837) (0.01)

€27,354 GBP22,862 15 January 2014 1 (124) (0.00)

€434,102 GBP364,932 15 January 2014 1 (4,496) (0.01)

€320,000 SEK2,858,040 15 January 2014 1 (2,861) (0.01)

€5,130,765 SEK46,387,248 15 January 2014 1 (109,413) (0.30)

€42,928 US$59,170 31 January 2014 1 (13) (0.00)

€6,572 US$9,068 15 January 2014 1 (9) (0.00)

GBP238,000 €288,180 31 January 2014 1 (2,163) (0.01)

US$2,552 €1,872 31 January 2014 2 (20) (0.00)

US$202,752 €147,216 31 January 2014 2 (73) (0.00)

US$392,933 €287,961 31 January 2014 4 (2,799) (0.01)

US$5,711,746 €4,216,528 31 January 2014 1 (71,363) (0.19)








GDF Suez SA

Experian Plc

Glencore International Plc


JerseyJerseyJerseyJersey





117

Classifications:

(a) Exchange traded financial derivative instruments


All other investments held at the period end are transferable securities listed on an official stock exchange.




Exchange-traded financial derivative instruments described in classification (a) above 0.10


Other Current Assets 44.33

100.00


GLG Investments plc Portfolio Statements as at 31 December 2013 GLG Global Sustainability Equity

118


NominalNominalNominalNominal DescriptionDescriptionDescriptionDescription Fair ValueFair ValueFair ValueFair Value % of% of% of% of


Contracts for difference (b)Contracts for difference (b)Contracts for difference (b)Contracts for difference (b)


11,150 5,082 0.02

4,000 49,639 0.16

21,119 47,600 0.16

102,321 0.33


95,000 231,267 0.76

3,000 33,167 0.11

120,000 104,015 0.34

3,047,500 52,776 0.17

421,225 1.38

Total contracts for differenceTotal contracts for differenceTotal contracts for differenceTotal contracts for difference 523,546 1.71


BermudaBermudaBermudaBermuda

45,000 448,057 1.46


10,000 175,551 0.57


1,934,036 434,441 1.42


45,000 803,447 2.62


7,000 695,030 2.27

Hong KongHong KongHong KongHong Kong

200,609 730,390 2.39


20,821 218,806 0.71

38,500 467,063 1.53

13,000 297,108 0.97

294,400 969,615 3.17

79,700 808,945 2.64

5,548 370,430 1.21

3,131,967 10.23

Arkema SA

Euro Financials Scientific SE

Faurecia

ARM Holdings Plc

ASOS Plc

Countrywide Plc

Rolls-Royce Holdings Plc

Cosan Limited

Brookfield Residential Properties Inc

GCL-Poly Energy Holdings Limited

GN Store Nord A/S

Siemens AG

AIA Group Limited

Ajinomoto Company Inc

Dai-ichi Life Insurance Company Limited

Kao Corporation

NTN Corporation

Sekisui House Limited

Tsuruha Holdings Inc

GLG Investments plc Portfolio Statements as at 31 December 2013 GLG Global Sustainability Equity (continued)

119





Netherlands (continued)Netherlands (continued)Netherlands (continued)Netherlands (continued)

14,676 838,880 2.74

35,000 932,575 3.05

1,771,455 5.79

NorwayNorwayNorwayNorway

18,000 249,120 0.81


368,499 612,118 2.00


22,000 844,699 2.76


2,586 525,860 1.72


22,760 633,108 2.07

5,000 396,676 1.30

6,891 343,012 1.12

16,000 668,936 2.19

15,000 469,393 1.53

10,000 1,023,041 3.34

15,000 483,327 1.58

10,000 545,375 1.78

7,700 431,953 1.41

13,000 467,470 1.53

32,000 759,853 2.48

3,856 95,312 0.31

50,000 609,238 1.99

5,000 309,699 1.01

5,000 688,196 2.25

5,048 202,184 0.66

8,986 447,816 1.46

12,222 340,862 1.11

4,270 213,601 0.70

13,000 1,050,510 3.43

7,495 913,792 2.99

5,517 891,560 2.91

3,404 221,614 0.72

14,500 958,319 3.13

45,000 1,067,564 3.49

14,232,411 46.50

Total EquitiesTotal EquitiesTotal EquitiesTotal Equities 24,654,546 80.55

Koninklijke DSM N.V.

Koninklijke Philips N.V.

Gjensidige Forsikring ASA

Global Logistic Properties Limited

Assa Abloy AB

Roche Holding AG

Abbott Laboratories

Acuity Brands Inc

Aetna Inc

Armstrong World Industries Inc

Cheniere Energy Inc

Cummins Inc

Dow Chemical Company

Gilead Sciences Inc

JB Hunt Transport Services Inc

Lowe's Cos Inc

MasTec Inc

NCR Corporation

Nuverra Environmental Solutions Inc

Pall Corporation

PPG Industries Inc

Salesforce.com Inc

Splunk Inc

Sprouts Farmers Market Inc

Tableau Software Inc

Thermo Fisher Scientific Inc

Union Pacific Corporation

Visa Inc

VMware Inc

WESCO International Inc

Zoetis Inc


120





Non Class Specific

€502,139 CHF612,693 15 January 2014 1 2,115 0.01

€747,549 DKK5,574,102 15 January 2014 1 296 0.00

€470,164 GBP391,000 31 January 2014 1 280 0.00

€105,741 HKD1,127,236 15 January 2014 1 235 0.00

€3,042,279 JPY431,573,021 15 January 2014 3 62,165 0.20

€500,645 SGD865,314 15 January 2014 1 3,279 0.01

€266,000 US$363,182 15 January 2014 1 2,431 0.01

GBP25,550,154 €30,487,229 31 January 2014 4 217,624 0.72




121





SpainSpainSpainSpain

130,000 (18,975) (0.06)

Total contract for differenceTotal contract for differenceTotal contract for differenceTotal contract for difference (18,975) (0.06)

Forward currency contracts (note 8)*Forward currency contracts (note 8)*Forward currency contracts (note 8)*Forward currency contracts (note 8)*



Non Class Specific

€533,691 GBP446,780 15 January 2014 2 (3,277) (0.01)

€1,072,808 GBP901,065 31 January 2014 3 (10,045) (0.03)

€1,072,939 HKD11,474,005 15 January 2014 1 (994) (0.00)

€109,881 NOK930,785.94 15 January 2014 1 (1,397) (0.00)

€621,369 SEK5,613,590.56 15 January 2014 2 (12,775) (0.04)

€15,254,328 US$21,047,718 15 January 2014 2 (20,439) (0.07)

GBP299,000 €362,041 31 January 2014 1 (2,718) (0.01)


Total financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or loss (70,620) (0.23)








market.

All other investments held at the year end are transferable securities listed on an official stock exchange






100.00


Sacyr SA

GLG Investments plc Portfolio Statements as at 31 December 2013 (continued) GLG Japan CoreAlpha Equity

122


¥¥¥¥ Net AssetsNet AssetsNet AssetsNet Assets



62,749,702 13,177,437,420 3.42

25,086,000 16,406,244,000 4.25

2,851,153 9,494,339,490 2.46

3,360,800 4,567,327,200 1.18

5,035,000 5,619,060,000 1.46

4,096,000 7,196,672,000 1.87

404,500 3,389,710,000 0.88

6,440,300 19,198,534,300 4.98

7,186,000 3,909,184,000 1.01

2,380,700 4,680,456,200 1.21

10,073,300 13,578,808,400 3.52

3,455,600 1,869,479,600 0.48

1,880,300 2,273,282,700 0.59

579,900 726,614,700 0.19

11,812,500 5,740,875,000 1.49

2,772,200 5,591,527,400 1.45

38,909,744 27,003,362,336 7.00

3,116,000 4,564,940,000 1.18

20,543,000 5,217,922,000 1.35

86,635,200 19,752,825,600 5.12

33,779,000 8,005,623,000 2.08

2,659,900 5,343,739,100 1.39

1,258,300 17,628,783,000 4.57

9,978,000 5,507,856,000 1.43

14,816,000 5,215,232,000 1.35

2,451,600 13,876,056,000 3.60

3,671,300 2,970,081,700 0.77

1,578,442 6,124,354,960 1.59

10,131,787 17,477,332,575 4.53

6,388,000 3,443,132,000 0.89

752,900 2,288,816,000 0.59

2,399,508 2,936,997,792 0.76

21,300,500 11,417,068,000 2.96

4,853,000 5,425,654,000 1.41

2,456,436 12,576,952,320 3.26

8,253,100 15,070,160,600 3.91

585,400 1,120,455,600 0.29

21,952,000 9,044,224,000 2.34

2,866,900 3,787,174,900 0.98

3,332,700 18,063,234,000 4.68

10,892,540 6,034,467,160 1.56

10,020,792 14,720,543,448 3.82

300,054 1,512,272,160 0.39

16,463,000 3,852,342,000 1.00

T&D Holdings Inc

TDK Corporation

Teijin Limited

Sony Corporation

Sony Financial Holdings Inc

Sumitomo Chemical Company Limited

Sumitomo Corporation

Sumitomo Mitsui Financial Group Inc

Sumitomo Mitsui Trust Holdings Inc

OJI Paper Company Limited

Otsuka Holdings Company Limited

Panasonic Corporation

Resona Holdings Inc

Ricoh Company Limited

Rohm Company Limited

Nippon Electric Glass Company Limited

Nippon Steel Corporation

Nippon Telegraph & Telephone Corporation

Nomura Holdings Inc

NTT Data Corporation

NTT DOCOMO INC

Mitsui & Company Limited

Mitsui Chemicals Inc

Mizuho Financial Group Inc

NEC Corporation

Nikon Corporation

Nintendo Company Limited

JX Holdings Inc

Kansai Electric Power Company Inc

Kuraray Company Limited

Mitsubishi Chemical Holdings Corporation

Mitsubishi Corporation

Mitsubishi UFJ Financial Group Inc

Dai-ichi Life Insurance Company Limited

East Japan Railway Company

FujiFilm Holdings Corporation

Fujitsu Limited

Ibiden Company Limited

Inpex Corporation


All Nippon Airways Comapny Limited

Asahi Glass Company Limited

Canon Inc

Chubu Electric Power Company Inc

Dai Nippon Printing Company Limited

GLG Investments plc Portfolio Statements as at 31 December 2013 GLG Japan CoreAlpha Equity (continued)

123


¥¥¥¥ Net AssetsNet AssetsNet AssetsNet Assets


Japan (continued)Japan (continued)Japan (continued)Japan (continued)

1,833,600 2,394,681,600 0.62

266,167 1,533,121,920 0.40

4,832,000 4,063,712,000 1.05

19,959,700 6,866,136,800 1.78

382,258,806,981 99.09

Total EquitiesTotal EquitiesTotal EquitiesTotal Equities 382,258,806,981 99.09



Amount ReceivableAmount ReceivableAmount ReceivableAmount Receivable Amount PayableAmount PayableAmount PayableAmount Payable Maturity DateMaturity DateMaturity DateMaturity Date ContractsContractsContractsContracts ¥¥¥¥ Net AssetsNet AssetsNet AssetsNet Assets

CHF72,558,093 JPY8,401,211,356 6 January 2014 2 173,981,442 0.05

CHF2,910,805 JPY339,772,042 10 January 2014 10 4,241,945 0.00

EUR487,440,511 JPY69,494,881,094 6 January 2014 2 1,098,547,981 0.28

EUR31,592,919 JPY4,517,234,780 10 January 2014 17 58,100,846 0.02

GBP786,349,655 JPY134,131,985,576 6 January 2014 2 2,746,600,876 0.71

GBP850,744,177 JPY147,666,158,873 10 January 2014 23 414,780,038 0.11

GBP389 JPY65,798 15 January 2014 1 1,873 0.00

JPY8,623,529,353 CHF72,558,093 6 January 2014 2 48,336,555 0.01

JPY70,876,287,502 EUR487,440,511 6 January 2014 2 282,858,428 0.07

JPY58,050,995,224 USD551,763,095 7 January 2014 2 59,953,750 0.02

USD551,763,095 JPY57,535,096,731 7 January 2014 2 455,944,743 0.12

USD59,525,925 JPY6,202,416,465 10 January 2014 15 53,744,805 0.01

USD11,185,476 JPY1,166,896,820 31 January 2014 1 8,571,430 0.00

Total unrealised gain on forward currency contractsTotal unrealised gain on forward currency contractsTotal unrealised gain on forward currency contractsTotal unrealised gain on forward currency contracts 5,405,664,712 1.40

Total financial assets at fair value through profit or lossTotal financial assets at fair value through profit or lossTotal financial assets at fair value through profit or lossTotal financial assets at fair value through profit or loss 387,664,471,693 100.49

Yamada Denki Company Limited

Tokyo Broadcasting System Holdings Inc

Tokyo Electron Limited



GLG Investments plc Portfolio Statements as at 31 December 2013 GLG Japan CoreAlpha Equity (continued)

124

Forward currency contracts (note 8) *Forward currency contracts (note 8) *Forward currency contracts (note 8) *Forward currency contracts (note 8) *


Amount ReceivableAmount ReceivableAmount ReceivableAmount Receivable Amount PayableAmount PayableAmount PayableAmount Payable Maturity DateMaturity DateMaturity DateMaturity Date ContractsContractsContractsContracts ¥¥¥¥ Net AssetsNet AssetsNet AssetsNet Assets

CHF74,093,973 JPY8,806,328,020 10 January 2014 4 (49,520,036) (0.01)

EUR501,492,062 JPY72,916,755,622 10 January 2014 5 (289,895,430) (0.08)

JPY34,974,988 CHF299,305 10 January 2014 10 (398,477) (0.00)

JPY3,217,259,335 EUR22,530,580 10 January 2014 2 (45,654,292) (0.01)

JPY136,628,252,557 GBP786,349,655 6 January 2014 2 (250,333,896) (0.06)

JPY117,858,510 GBP692,323 10 January 2014 4 (2,647,490) (0.00)

JPY251,142,374 USD2,429,201 10 January 2014 4 (4,166,084) (0.00)

USD559,732,250 JPY58,889,368,476 10 January 2014 6 (61,635,672) (0.02)

Total unrealised loss on forward currency contractsTotal unrealised loss on forward currency contractsTotal unrealised loss on forward currency contractsTotal unrealised loss on forward currency contracts (704,251,377) (0.18)


Total financial assets at fair value through profit or lossTotal financial assets at fair value through profit or lossTotal financial assets at fair value through profit or lossTotal financial assets at fair value through profit or loss 387,664,471,693 100.49


Other net assetsOther net assetsOther net assetsOther net assets (1,203,367,579) (0.31)

Net Assets Attributable to Holders of Redeemable Participating SharesNet Assets Attributable to Holders of Redeemable Participating SharesNet Assets Attributable to Holders of Redeemable Participating SharesNet Assets Attributable to Holders of Redeemable Participating Shares 385,756,852,737 100.00










100.00



GLG Investments plc Portfolio Statements as at 31 December 2013 (continued) GLG Global Investment Grade Bond

125



Asset backed securityAsset backed securityAsset backed securityAsset backed security


300,000 412,268 1.93

Total asset backed securityTotal asset backed securityTotal asset backed securityTotal asset backed security 412,268 1.93

Corporate bondsCorporate bondsCorporate bondsCorporate bonds


250,000 334,678 1.56


200,000 276,286 1.29

300,000 414,967 1.94

200,000 290,114 1.36

200,000 285,834 1.34

200,000 276,805 1.29

200,000 211,426 0.99

100,000 136,445 0.64

175,000 243,713 1.14

100,000 167,157 0.78

2,302,747 10.77


100,000 141,367 0.66

600,000 604,953 2.83

746,320 3.49


200,000 275,901 1.29

100,000 136,888 0.64

200,000 271,192 1.27

683,981 3.20

IsraelIsraelIsraelIsrael

350,000 319,060 1.49


100,000 141,894 0.66

400,000 572,017 2.67

713,911 3.33


225,000 230,597 1.08

300,000 302,106 1.41

250,000 243,765 1.14

250,000 232,189 1.08

200,000 202,571 0.95

200,000 190,208 0.89

1,401,436 6.55

Financial assests at fair value through profit or lossFinancial assests at fair value through profit or lossFinancial assests at fair value through profit or lossFinancial assests at fair value through profit or loss

Autoroutes Du Sud De La France SA 2.875% 18/01/2023

AXA SA 5.125% 04/07/2043

Richmond Park Limited 0% 14/01/2027 #

Great-West Lifeco Inc 2.5% 18/04/2023

Accor SA 2.5% 21/03/2019

Casino Guichard Perrachon SA 3.157% 06/08/2019

Casino Guichard Perrachon SA 3.311% 25/01/2023

CNP Assurances 6.875% 18/07/2049

Imerys SA 2.5% 26/11/2020

RCI Banque SA 1.75% 06/07/2016

RCI Banque SA 3.25% 25/04/2018

Allianz SE 4.75% 24/10/2023

Allianz SE 5.5% 28/11/2049

Aquarius and Investments Plc for Zurich Insurance Company

Limited 4.25 02/10/2043

CRH Finance Limited3.125% 03/04/2023

GE Capital European Funding 2.625% 15/03/2023

Teva Pharmaceutical Finance Company BV 2.95% 18/12/2022

Ei Towers Spa 3.875% 26/04/2018

Lottomatica Group SpA 03/05/2020

Mitsubishi Corporation 2.875% 18/07/2018

Sompo Japan Insurance Inc 5.325% 28/03/2073

Sumitomo Mitsui Banking Corporation 1.5% 18/01/2018

Sumitomo Mitsui Banking Corporation 3% 18/01/2023

The Bank of Tokyo-Mitsubishi UFJ Limited 2.7% 09/09/2018 *

The Bank Of Tokyo-Mitsubishi UFJ Limited 3.2% 26/02/2023


126



Corporate bonds (continued)Corporate bonds (continued)Corporate bonds (continued)Corporate bonds (continued)

Jersey Channel IslandsJersey Channel IslandsJersey Channel IslandsJersey Channel Islands

200,000 325,942 1.52

225,000 411,480 1.92

737,422 3.44


200,000 199,586 0.93

250,000 342,026 1.60

541,612 2.53


100,000 165,280 0.77

350,000 586,470 2.74

350,000 318,290 1.49

100,000 91,253 0.43

250,000 410,419 1.92

200,000 276,917 1.29

250,000 341,659 1.60

450,000 733,518 3.43

450,000 644,648 3.01

400,000 380,428 1.78

200,000 333,327 1.56

240,000 424,482 1.98

400,000 405,452 1.89

100,000 137,169 0.64

5,249,312 24.53


750,000 690,803 3.23

200,000 179,738 0.84

250,000 367,559 1.72

400,000 385,004 1.80

300,000 278,109 1.30

300,000 467,381 2.18

200,000 182,111 0.85

500,000 473,603 2.21

600,000 568,731 2.66

500,000 670,906 3.13

250,000 248,109 1.16

150,000 137,808 0.64

4,649,862 21.72

Total corporate bondsTotal corporate bondsTotal corporate bondsTotal corporate bonds 17,680,341 82.61

Financial assests at fair value through profit or loss (continued)Financial assests at fair value through profit or loss (continued)Financial assests at fair value through profit or loss (continued)Financial assests at fair value through profit or loss (continued)

AA Bond Company Limited 4.2487% 07/31/2020

Heathrow Funding Limited 6% 20/03/2020

ABN AMRO Bank NV 2.5% 30/10/2018 *

Achmea BV 2.5% 19/11/2020

Arqiva Financing Plc 4.04% 30/06/2020

Aviva Plc 5.9021% 27/07/2020

BP Capital Markets Plc 2.5% 06/11/2022

BP Capital Markets Plc 2.75% 10/05/2023

Bupa Finance Plc 5% 25/04/2023

Credit Agricole SA 2.375% 27/11/2020

FCE Bank Plc 1.75% 21/05/2018

Intercontinental Hotels Group Plc 3.875% 28/11/2022

Nationwide Building Society 4.125% 20/03/2023

Prudential Plc 5.25% 31/12/2049

Scottish Widows Plc 5.5% 16/06/2023

Southern Gas Networks Plc 4.875% 05/10/2023

Standard Chartered Plc 4% 12/07/2022

Standard Chartered Plc 4% 21/10/2025

Altria Group Inc 2.85% 09/08/2022

Apple Inc 2.4% 03/05/2023 *

AT&T Inc 4.25% 01/06/2043

Berkshire Hathaway Finance Corporation 3% 15/05/2022

Comcast Corporation 4.25% 15/01/2033 *

Digital Stout Holding LLC 4.25% 17/01/2025

Fidelity National Information Services Inc 3.5% 15/04/2023

General Electric Capital Corporation 3.1% 09/01/2023

J.P. Morgan Chase & Company 3.2% 25/01/2023

Metropolitan Life Global Funding I 2.375% 11/01/2023

The Bank of New York Mellon Corporation 3.95% 18/11/2025

Total System Services Inc 3.75% 01/06/2023


127



Convertible bondsConvertible bondsConvertible bondsConvertible bonds


250,000 408,887 1.91


150,000 199,458 0.93

250,000 411,367 1.92

610,825 2.85


300,000 409,683 1.91

200,000 275,837 1.29

250,000 250,880 1.17

100,000 101,602 0.47

500,000 678,230 3.17

1,716,232 8.01

Total convertible bondsTotal convertible bondsTotal convertible bondsTotal convertible bonds 2,735,944 12.77

Exchange traded futures (a)Exchange traded futures (a)Exchange traded futures (a)Exchange traded futures (a)


(3) 7,358 0.03


(3) Long Gilt Future March 2014 12,919 0.06

Total exchange traded futuresTotal exchange traded futuresTotal exchange traded futuresTotal exchange traded futures 20,277 0.09




Non Class Specific

US$7,944,154 €5,757,522 15 January 2013 1 10,632 0.05



Financial assests at fair value through profit or loss (continued)Financial assests at fair value through profit or loss (continued)Financial assests at fair value through profit or loss (continued)Financial assests at fair value through profit or loss (continued)

Generali Finance Assgen Var 3.43% 09/04/2016

Channel Link Enterprises Finance Plc 3.5700012% 30/06/2050

RL Finance Bonds No. 2 Plc 6.125% 30/11/2043

J.P. Morgan Chase & Company 0.617% 12/10/2015

Merrill Lynch & Company Inc 0.66% 22/07/2014

The Goldman Sachs Group Inc 1.3406% 15/11/2018 *

The Goldman Sachs Group Inc 1.8376% 29/11/2023 *

The Goldman Sachs Group Inc 0.576% 30/01/2017

Euro-OAT Future March 2014


128





3 (7,688) (0.04)

Total exchange traded futureTotal exchange traded futureTotal exchange traded futureTotal exchange traded future (7,688) (0.04)

Forward currency contracts (note 8) * Forward currency contracts (note 8) * Forward currency contracts (note 8) * Forward currency contracts (note 8) *



Non Class Specific

US$5,228,949 GBP3,184,289 15 January 2014 1 (44,528) (0.20)





Other net assetsOther net assetsOther net assetsOther net assets 597,621 2.79


* The forward currency contracts are held with The Bank of New York Mellon, Brussels* The forward currency contracts are held with The Bank of New York Mellon, Brussels* The forward currency contracts are held with The Bank of New York Mellon, Brussels* The forward currency contracts are held with The Bank of New York Mellon, Brussels




* Transferable securities dealt on another regulated market.

# Transferable securities other than those listed on an official stock exchange or dealt on another regulated market.





Transferable securities as described in * above 5.41

Transferable securities as described in # above 1.84

Exchange traded financial derivative instruments described in classification (a) above 0.09



100.00


US 10 year Note Future March 2014


GLG Investments plc Portfolio Statements as at 31 December 2013 GLG MENA Equity

129





KuwaitKuwaitKuwaitKuwait

410,528 Burgan Bank 799,541 2.16

742,880 Kuwait Projects Company Holding 1,630,969 4.40

2,430,510 6.56

QatarQatarQatarQatar

38,553 Commercial Bank of Qatar 749,568 2.02

30,135 Industries Qatar 1,397,721 3.77

39,160 Ooredoo QSC 1,475,423 3.98

19,410 Qatar Fuel Company 1,514,316 4.08

33,109 Qatar National Bank 1,563,847 4.22

54,661 Qatar Navigation 1,245,878 3.36

7,946,753 21.43

United Arab EmiratesUnited Arab EmiratesUnited Arab EmiratesUnited Arab Emirates

989,589 Abu Dhabi Commercial Bank PJSC 1,751,247 4.72

454,779 Aldar Properties PJSC 341,734 0.92

1,137,428 Dubai Islamic Bank PJSC 1,659,846 4.48

832,012 Emaar Properties PJSC 1,730,621 4.67

330,796 First Gulf Bank PJSC 1,693,157 4.57

382,593 Union National Bank PJSC 611,440 1.65

7,788,045 21.01

Total equitiesTotal equitiesTotal equitiesTotal equities 18,165,308 49.00

Primissory NotesPrimissory NotesPrimissory NotesPrimissory Notes


13,832 Etihad Etisalat Company 315,332 0.85

Saudi ArabiaSaudi ArabiaSaudi ArabiaSaudi Arabia

48,189 Al Rajhi Bank 937,967 2.53

61,278 Al Tayyar Travel Group 1,748,256 4.72

57,524 Aldrees Petroleum and Transport Services Company 690,205 1.86

34,711 Alinma Bank 137,902 0.37

46,452 Alinma Bank 650,250 1.75

41,352 Alinma Bank 164,286 0.44

64,749 Etihad Etisalat Company 863,216 2.33

92,145 Etihad Etisalat Company 2,100,654 5.68

40,596 National Industrialization Company 362,614 0.98

114,966 National Industrialization Company 1,026,906 2.77

124,310 Riyad Bank 967,844 2.61

101,147 Saudi Basic Industries Corporation 3,007,077 8.11

33,462 Saudi Industrial Investment Group 289,077 0.78

4,556 Saudi Pharmaceutical Industrial & Med Appliances Corporation 78,961 0.21

43,689 Yamama Saudi Cement Company Limited 666,905 1.80

20,209 Yanbu National Petrochemicals Company 397,396 1.07

71,129 Yanbu National Petrochemicals Company 1,398,702 3.77

15,488,218 41.78

GLG Investments plc Portfolio Statements as at 31 December 2013 GLG MENA Equity (continued)

130




Primissory Notes (continued)Primissory Notes (continued)Primissory Notes (continued)Primissory Notes (continued)

United States of AmericaUnited States of AmericaUnited States of AmericaUnited States of America

28,000 Citigroup Global Markets Holdings Inc 399,419 1.08

399,419 1.08

Total promissory notesTotal promissory notesTotal promissory notesTotal promissory notes 16,202,969 43.71




Non Class Specific

GBP22,244,320 US$35,991,531 31 January 2014 4 843,394 2.29



GLG Investments plc Portfolio Statements as at 31 December 2013 GLG MENA Equity (continued)

131


Forward currency contract (note 8)*Forward currency contract (note 8)*Forward currency contract (note 8)*Forward currency contract (note 8)*



US$1,190 EUR865 31 January 2014 1 (1) (0.00)

Total unrealised loss on forward currency contractsTotal unrealised loss on forward currency contractsTotal unrealised loss on forward currency contractsTotal unrealised loss on forward currency contracts (1) (0.00)

Total financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or loss (1) (0.00)


Total financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or lossTotal financial liabilities at fair value through profit or loss (1) (0.00)












100.00


GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2013 (Unaudited) GLG Global Equity

The Statement of Significant Purchases and Sales reflects the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate disposals greater than one percent of total value of the sales for the year. At minimum the largest 20 purchases and 20 sales must be given or all purchases and sales if less than 20.

132

SecuritySecuritySecuritySecurity NominalNominalNominalNominal CostCostCostCost

US$US$US$US$

Nomura TOPIX Exchange Traded Fund 630,827 7,530,399

Honda Motor Company Limited 149,094 5,859,032

Enterprise Productions 98,532 5,785,644

Mastercard Inc 10,255 5,414,179

Pfizer Inc 193,255 5,392,529

NCR Corporation 145,075 5,068,346

Ajinomoto Company Inc 287,842 4,311,489

Vopak N.V. 64,032 4,260,936

Discover Financial Services 101,663 4,246,977

Fedex Corporation 43,100 4,165,318

Nordea Bank AB 337,852 4,109,576

Canadian Pacific Railway Limited 30,931 4,056,333

Advance Auto Parts Inc 48,094 3,994,245

Walgreen Company 102,000 3,980,935

Mccormick & Company 61,700 3,896,621

Visa Inc 22,587 3,638,199

Best Buy Company Inc 101,886 3,614,039

Cheniere Energy Inc 130,585 3,493,741

ING Groep N.V. 352,328 3,464,947

Sensata Technologies Holding N.V. 88,078 3,398,968

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2013 (Unaudited) GLG Global Equity


133

SecuritySecuritySecuritySecurity NominalNominalNominalNominal ProceedsProceedsProceedsProceeds

US$US$US$US$

Nomura TOPIX Exchange Traded Fund (630,828) 7,812,329

Honda Motor Company Limited (138,898) 5,490,421

Walgreen Company (94,146) 4,595,152

American Water Works Company Inc (110,452) 4,381,887

NCR Corporation (114,775) 3,983,437

SPDR S&P Homebuilders ETF (131,310) 3,884,777

Advance Auto Parts Inc (48,094) 3,844,324

Canadian Pacific Railway Limited (30,931) 3,824,372

Home Depot Inc (49,576) 3,709,064

International Flavors & Fragrances Inc (40,241) 3,399,966

McCormick & Company Inc (43,127) 3,083,480

eBay Inc (56,693) 2,991,838

NTT Urban Development Corporation (226,318) 2,963,610

Bank of America Corporation (194,230) 2,921,593

O'Reilly Automotive Inc (22,007) 2,875,499

Sberbank of Russia (200,986) 2,570,398

ASML Holding NV (30,073) 2,553,285

Autoliv Inc (27,802) 2,537,033

Toray Industries Inc (398,976) 2,511,804

Whirlpool Corporation (18,288) 2,495,362

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2013 (Unaudited) GLG Global Convertible UCITS


134


US$US$US$US$

Eni SpA 0.63% 18/01/2016 13,200,000 17,674,582

Glencore Finance Europe SA 5% 31/12/2014 13,000,000 15,456,871

GBL Verwaltung SA 1.25% 07/02/2017 10,300,000 13,970,539

UCB SA 4.5% 22/10/2015 8,600,000 13,927,783

Lukoil International Finance BV 2.625% 16/06/2015 12,200,000 13,283,200

Eni SpA 0.63% 18/01/2016 10,000,000 13,277,984

KDDI Corporation 0% 14/12/2015 415,282 12,448,636

Eni SpA 0.63% 18/01/2016 6,500,000 8,882,885

American Realty Capital Properties Inc 3% 01/08/2018 8,790,000 8,736,824

ORIX Corporation NPV 62,750 6,632,825

Telecom I 6.13% 15/11/2016 4,900,000 6,541,261

Industrivarden AB 1.88% 02/27/17 4,500,000 6,491,035

Siemens Financieringsmaatschappij NV 1.05% 16/08/2017 6,000,000 6,277,813

Ares Capital Corporation 4.38% 15/01/2019 6,165,000 6,062,750

Caja de Ahorros y Pensiones de Barcelona 1% 25/11/2017 4,300,000 5,903,166

Shire Plc 94,432 5,840,728

Archer-Daniels-Midland Company 0.88% 15/02/2014 5,715,000 5,763,608

NVIDIA Corporation 1% 01/12/2018 5,640,000 5,655,469

China Green 3 % 12/04/2049 42,900,000 5,651,243

Air France-KLM 2.03% 15/02/2023 4,191,729 5,384,759

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2013 (Unaudited) GLG Global Convertible UCITS


135

Security DescriptionSecurity DescriptionSecurity DescriptionSecurity Description NominalNominalNominalNominal ProcedsProcedsProcedsProceds

US$US$US$US$

Glencore Finance Europe SA 5% 31/12/2014 (14,900,000) 18,345,148

Eni SpA 0.63% 18/01/2016 (13,200,000) 17,665,596

KDDI Corporation 0% 14/12/2015 (415,282) 16,608,398

Lukoil International Finance BV 2.625% 16/06/2015 (13,800,000) 15,382,263

Shire Plc 2.75% 09/05/2014 (11,570,000) 13,418,389

Eni SpA 0.25% 30/10/2015 (9,200,000) 12,837,994

China Green 3% 12/04/2049 (87,300,000) 11,995,682

UCB SA 4.5% 22/10/2015 (6,650,000) 11,206,924

Unicharm Corporation (163,844) 10,083,083

GBL Verwaltung SA 1.25% 07/02/2017 (6,400,000) 8,804,584

Medtronic 1.625% 15/04/2013 (8,005,000) 8,073,689

Solidium 0.5% 29/09/2015 (5,400,000) 7,374,513

Orix Corporation 1% 31/03/2014 (467,000,000) 7,167,373

RADIAN GR 3% 11/15/17 (5,545,000) 7,096,157

KDDI Corporation 0% 14/12/2015 (650,000,000) 6,935,857

Telecom I 6.13% 15/11/2016 (4,900,000) 6,701,588

Eni SpA 0.63% 18/01/2016 (4,700,000) 6,667,145

ORIX Corporation NPV (62,750) 6,528,832

BES Finance Limited 3.5% 06/12/2015 (3,880,080) 6,014,926

Central E 5% 15/11/2015 (5,910,000) 5,733,167

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2013 (Unaudited) GLG European Equity


136


€€€€

Novartis AG 28,957 1,641,060

Assa Abloy AB 47,811 1,538,896

Swedbank AB 78,434 1,500,242

ING Groep N.V. 202,341 1,432,255

Nordea Bank AB 144,104 1,328,468

UBS AG 92,761 1,282,225

ASML Holding N.V. 21,099 1,226,553

Fresenius SE & Company KGaA 12,859 1,223,657

Svenska Cellulosa AB 57,036 1,170,425

Vopak N.V. 23,037 1,104,397

Syngenta AG 3,294 1,047,445

GN Store Nord A/S 65,123 1,029,236

Allianz SE 7,260 858,720

SAP AG 13,696 850,568

Roche Holding AG (842,541) 790,855

Autoliv Inc 12,927 782,413

Merck KGaA 6,210 769,735

Sberbank 74,428 754,470

Snam SpA 195,939 739,260

Linde AG 5,042 713,637

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2013 (Unaudited) GLG European Equity


137


€€€€

ASML Holding N.V. (29,780) (1,815,181)

Allianz SE (13,245) (1,570,595)

Swedbank AB (78,434) (1,465,771)

ING Groep N.V. (156,571) (1,274,660)

Vopak N.V. (23,037) (1,022,568)

Sygenta AG (3,294) (977,580)

Svenska Cellulosa AB (50,632) (975,410)

Novo Nordisk A/S (7,168) (934,229)

Credit Suisse Group AG (40,368) (864,917)

Autoliv Inc (12,927) (856,862)

SAP AG (13,696) (812,065)

UniCredit SpA (171,197) (781,648)

Sberbank (74,428) (703,593)

Novartis AG (11,142) (599,485)

Swatch Group AG (1,321) (547,454)

Anheuser-Busch InBev N.V. (7,625) (498,704)

Fresenius SE & Company KGaA (4,910) (456,436)

Infineon technologies AG (66,409) (421,824)

Carnival Corporation (14,824) (388,891)

GN Store Nord A/S (30,851) (381,746)

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2013 (Unaudited) GLG Global Sustainability Equity


138


€€€€

Armstrong World Industries Inc 30,873 1,178,867

Zoetis Inc 45,000 1,062,820

NTN Corporation 294,400 1,031,198

Tyson Foods Inc 43,296 1,015,756

Siemens AG 11,432 1,015,572

Union Pacific Corporation 8,495 1,008,271

Cummins Inc 10,000 981,330

Sekisui House Limited 96,200 959,582

International Flavors & Fragrances Inc 15,147 917,774

Salesforce.com Inc 23,909 900,771

Bayer AG 10,246 900,013

Nuverra Environmental Solutions Inc 489,000 892,250

Realogy Holdings Corporation 26,500 867,421

Thermo Fisher Scientific Inc 11,750 848,820

Assa Abloy AB 22,000 786,545

NCR Corporation 26,852 756,859

MasTec Inc 32,000 739,021

PPG Industries Inc 5,500 683,758

Koninklijke DSM NV 12,000 683,379

Cosan Limited 57,500 669,107

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2013 (Unaudited) GLG Global Sustainability Equity


139


€€€€

Realogy Holdings Corporation (44,928) 1,418,156

Toray Industries Inc (264,135) 1,254,189

NCR Corporation (48,644) 1,178,024

Canadian Pacific Railway Limited (12,392) 1,140,533

NTT Urban Development Corporation (101,426) 1,132,516

Thermo Fisher Scientific Inc (15,832) 1,083,719

Nordson Corporation (20,184) 1,080,064

Whirlpool Corporation (9,810) 1,050,952

Advance Auto Parts Inc (17,052) 1,038,671

PerkinElmer Inc (34,877) 954,844

Tyson Foods Inc (43,296) 950,953

International Flavors & Fragrances Inc (15,147) 922,896

Ingredion Inc (18,141) 907,796

Starbucks Corporation (15,430) 869,154

Bayer AG (10,246) 856,890

Kao Corporation (37,837) 849,913

Foot Locker Inc (31,870) 829,022

Salesforce.com Inc (18,861) 765,406

Shin-Etsu Chemical Company Limited (16,988) 716,546

Hain Celestial Group Inc (11,899) 685,724

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2013 (Unaudited) GLG Japan CoreAlpha Equity


140


¥¥¥¥

Mitsubishi UFJ Financial Group Inc 6,016,383,948 10,737,553,957

Mizuho Financial Group Inc 4,474,662,938 9,650,917,736

Canon Inc 2,954,253 9,646,620,998

Asahi Glass Company Limited 6,412,961,139 9,438,417,155

Sony Corporation 3,788,847,144 9,306,464,370

NTT DOCOMO Inc 5,366,369,437 8,951,907,128

Nintendo Company Limited 6,669,769,598 6,895,240,508

Nippon Telegraph & Telephone Corporation 4,430,551,961 6,645,345,907

All Nippon Airways Company Limited 29,066,702 6,173,530,510

Inpex Corporation 5,219,823,470 5,638,486,741

Mitsubishi Corporation 2,847,300 5,476,934,386

Fujifilm Holdings Corporation 6,023,541,408 5,391,273,383

Resona Holdings Inc 4,186,351,833 5,381,726,196

Sumitomo Mitsui Financial Group Inc 4,579,861,122 5,311,216,292

Nikon Corporation 2,823,600 4,867,984,032

T&D Holdings Inc 4,489,042,341 4,465,261,377

Rohm Company Limited 2,820,985,116 4,345,029,451

Mitsui & Company Limited 3,116,000 4,316,883,755

Yamada Denki Company Limited 3,444,347,194 4,294,259,909

Sumitomo Corporation 2,866,900 3,601,356,271

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2013 (Unaudited) GLG Japan CoreAlpha Equity


141


¥¥¥¥

Panasonic Corporation (16,935,392) 16,293,222,468

Sony Corporation (8,693,500) 15,034,814,704

Nomura Holdings Inc (15,031,200) 11,299,512,903

Toyota Motor Corporation (1,694,500) 9,358,648,403

Nintendo Company Limited (541,700) 6,278,953,928

Fujifilm Holdings Corporation (2,262,200) 5,345,853,035

Nippon Telegraph & Telephone Corporation (981,500) 4,987,940,467

Sumitomo Mitsui Financial Group Inc (1,043,300) 4,497,340,797

JFE Holdings Inc (1,788,600) 4,327,063,371

Ricoh Company Limited (3,859,000) 4,246,462,420

East Japan Railway Company (453,600) 3,623,002,208

Mitsubishi UFJ Financial Group Inc (6,044,300) 3,452,398,082

NTT DOCOMO Inc (744,839) 3,220,835,805

Sumitomo Chemical Company Limited (9,111,000) 3,185,683,444

Takeda Pharmaceutical Company Limited (628,000) 3,125,830,397

Mizuho Financial Group Inc (14,961,900) 3,017,717,100

NEC Corporation (12,644,000) 2,963,675,630

Daiwa Securities Grou (4,543,000) 2,922,848,828

Mitsui OSK Lines Limited (7,335,000) 2,838,779,345

T&D Holdings Inc (2,162,600) 2,667,414,431

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2013 (Unaudited) GLG Global Emerging Markets Equity


142


€€€€

Ishares MSCI South Korea Capped Index Fund 6,275 343,991

Emperor International Holdings Limited 748,000 250,142

Great Wall Motors Company Limited 62,500 249,952

Cemex SA 228,800 241,481

Siam Cement Public Cl Limited (820,269) 237,627

Grupo Mexico SAB De CV 46,400 177,661

Sino Land Company Limited 84,000 163,994

K Wah International Holdings Limited 287,229 162,963

Sands China Limited 31,600 160,787

Galaxy Entertainment Group Limited 35,000 159,931

Credicorp Limited 1,000 153,989

Itau Unibanco Holding SA 8,000 137,719

China Construction Bank 158,000 133,271

Hyundai Motor Company 586 115,790

Magnit OJSC 2,000 83,937

Hopson Development Holding Limited 38,000 81,294

Alfa SA 31,800 80,453

China Railway Construction Corporation Limited 62,500 75,080

SM Investments Corporation 3,270 74,324

L & H Publishing 200,000 72,349

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2013 (Unaudited) GLG Global Emerging Markets Equity


143


€€€€

Samsung Electronics Company Limited (1,299) (1,647,959)

China Construction Bank Corporation (958,000) (757,330)

Taiwan Semiconductor Manufacturing Company Limited (211,000) (756,977)

Industrial & Commercial Bank of China (978,000) (676,882)

Bank of China Limited (1,466,000) (671,107)

Melco International Development Limited (293,000) (596,433)

Magnit OJSC (10,473) (588,879)

Hyundai Motor Company (2,840) (528,348)

Cia Vale do Rio Doce SA (33,713) (485,402)

Grupo Mexico SA de CV (140,027) (472,306)

Alfa SA de CV (178,973) (446,297)

Grupo Financiero Banorte SAB de CV (63,535) (439,645)

Itau Unibanco Holding SA (29,510) (430,953)

China Life Insurance Company Limited (150,000) (418,131)

Krung Thai (694,500) (418,068)

Lukoil OAO (6,273) (398,822)

SM Investments Corporation (16,121) (391,398)

China Petroleum & Chemical Corporation (402,000) (381,264)

Haier Electronics Group Co Limited (217,000) (377,307)

China Overseas Land & Investment Limited (126,000) (366,104)

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2013 (Unaudited) GLG MENA Equity


144


US$US$US$US$

Etihad Etisalat Company 136,626 2,744,224

Saudi Basic Industries Corporation 103,708 2,572,970

First Gulf Bank PJSC 489,976 2,073,314

Qatar National Bank SAQ 46,775 1,960,908

Ooredoo QSC 52,689 1,792,798

Emaar Properties PJSC 1,129,358 1,772,225

Abu Dhabi Commercial Bank PJSC 1,112,589 1,546,544

Qatar Fuel Company 20,610 1,453,816

Industries Qatar QSC 30,478 1,404,183

Yanbu National Petrochemicals Company 92,850 1,375,882

Kuwait Projects Company Holding KSC 742,880 1,303,264

Al Tayyar Travel Group 62,130 1,249,620

National Industrialization Company 160,056 1,122,667

Dubai Islamic Bank PJSC 1,137,428 1,101,489

Qatar Navigation QSC 54,661 1,079,992

Al Rajhi Bank 48,189 913,756

Burgan Bank SAK 410,528 894,109

Riyad Bank 131,740 846,789

Union National Bank PJSC 643,070 824,039

Aldrees Petroleum and Transport Services Company 74,739 781,372

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2013 (Unaudited) GLG MENA Equity


145


US$US$US$US$

First Gulf Bank PJSC (159,180) 648,961

Qatar National Bank SAQ (13,666) 539,417

Islamic Bank (584,745) 527,675

Emaar Properties PJSC (297,346) 506,555

Ooredoo QSC (13,529) 443,758

Union National Bank PJSC (260,477) 330,054

Abu Dhabi Commercial Bank PJSC (123,000) 174,476

Aldrees Petroleum and Transport Services Company (17,215) 167,218

Qatar Fuel Company (1,200) 87,263

Saudi Basic Industries Corporation (2,561) 63,512

Commercial Bank of Qatar QSC (3,273) 62,874

Riyad Bank (7,430) 46,653

Samba Financial Group (3,547) 45,562

National Industrialization Company (4,494) 31,709

Etihad Etisalat Company (1,101) 23,633

Yanbu National Petrochemicals Company (1,512) 23,022

Al Tayyar Travel Group (852) 15,827

Industries Qatar QSC (343) 15,726

GLG Investments plc Statement of Significant Purchases for the year ended 31 December 2013 (Unaudited) GLG Global Investment Grade Bond


146


US$US$US$US$

Fukoku Mutual Life Insurance Company 6.5% 19/09/2023 600,000 600,000

Credit Suisse AG 5.75% 18/19/2025 375,000 495,419

Intercontinental Hotels Group Plc 3.875% 28/11/22 300,000 466,022

Southern Gas Networks Plc 4.875% 05/10/2023 240,000 419,386

UniCredit SpA 2.25% 16/12/2016 300,000 411,573

RL Finance Bonds No. 2 Plc 6.125% 30/11/2043 250,000 410,382

Richmond Park Limited 0% 14/01/2027# 300,000 405,597

Credit Agricole SA 2.375% 27/11/2020 300,000 403,311

Generali Finance Assgen Var 3.43% 09/04/2016 250,000 394,314

Generali Finance Assgen Var 49-16 350,000 350,000

Achmea BV 2.5% 19/11/20 250,000 334,238

HSBC Holdings PLc 3.375% 10/01/2024 240,000 315,383

Verizon Communications Inc 2.5% 15/09/2016 300,000 299,769

Aquarius and Investments Plc for Zurich Insurance Comapny Limited 4.25 02/10/2043 200,000 279,013

The Goldman Sachs Group Inc 1.3406% 15/11/2018* 250,000 250,000

The Bank of New York Mellon Corporation 3.95% 18/11/2025 250,000 249,408

Altria Group Inc 2.85% 09/08/22 250,000 223,733

Sumitomo Life Insurance Company 6.5% 20/09/2073 215,000 215,000

Unione di Banche Italiane SCPA 2.75% 28/04/2017 150,000 204,572

Sompo Japan Insurance Inc 5.325% 28/03/73 200,000 201,000

The Bank of Tokyo-Mitsubishi UFJ Limited 2.7% 09/09/2018 200,000 199,824

GLG Investments plc Statement of Significant Sales for the year ended 31 December 2013 (Unaudited) GLG Global Investment Grade Bond


147


US$US$US$US$

Vivendi SA 3.5% 13/07/2015 (500,000) (702,424)

G4S International Finance Plc 2.625% 12/06/2018 (500,000) (677,346)

Fukoku Mutual Life Insurance Company 6.5% 19/09/2023 600,000 (607,300)

Credit Suisse AG 5.75% 18/19/2025 375,000 (513,170)

UniCredit SpA 2.25% 16/12/2016 300,000 (413,582)

Sompo Japan Insurance Inc 5.325% 28/03/73 200,000 (402,000)

UniCredit SpA 6.375% 05/03/2023 (375,000) (381,188)

Generali Finance Assgen Var 49-16 350,000 (353,500)

HSBC Holdings Plc 3.375% 10/01/2024 240,000 (328,205)

Intercontinental Hotels Group Plc 3.875% 28/11/22 300,000 (323,816)

Barclays Bank Plc 6% 15/12/2017 (240,000) (310,225)

Verizon Communications Inc 2.5% 15/09/2016 300,000 (306,741)

Sumitomo Life Insurance Company 6.5% 20/09/2073 215,000 (218,225)

EP Energy AS 4.375% 05/01/2018 (150,000) (210,928)

Unione di Banche Italiane SCPA 2.75% 28/04/2017 150,000 (207,777)

ING Bank NV 5.8 09/25/23 200,000 (202,840)

Mitsubishi UFJ Lease & Finance Company Limited 1.875 10/17/16 200,000 (200,482)

Prudential Plc 5.25% 31/12/2049 200,000 (188,000)

Scottish Widows Plc 5.5% 16/06/2023 (100,000) (167,357)

Bupa Finance Plc 5% 25/04/23 (100,000) (165,273)

GLG INVESTMENTS PLC

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