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RenAsset Select Funds plc (an umbrella fund with segregated liability between sub-funds)

Open-ended umbrella investment company with variable capital

RENASSET EASTERN EUROPEAN FUND RENASSET OTTOMAN FUND RENASSET NIGERIA FUND

RENASSET AFRICA EX S.A. FUND

Interim Report and Unaudited Financial Statements for the six months ended 31 March 2015

Registration Number: 282792

RenAsset Select Funds plc is an umbrella fund with segregated liability between sub-funds

Contents General Information………………………………………………………………………………………………………………………… 1

Report of the Investment Manager………………………………………………………………………………………………………… 4

Balance Sheet……………………………………………………………………………………………………………………………… 8

Comparative Balance Sheet………………………………………………………………………………………………………………… 9

Income Statement……………………………………………………………………………………………………………………………10

Comparative Income Statement……………………………………………………………………………………………………………11

Statement of Changes in Net Assets Attributable to the Holders of Redeemable Shares………………………………………… 13

Comparative Statement of Changes in Net Assets Attributable to the Holders of Redeemable Shares………………………… 14

Statement of Cash Flows……………………………………………………………………………………………………………………15

Comparative Statement of Cash Flows……………………………………………………………………………………………………16

Notes to the Financial Statements…………………………………………………………………………………………………………17

Portfolio Statements………………………………………………………………………………………………………………………… 30

Significant Portfolio Changes……………………………………………………………………………………………………………… 43

Financial Information………………………………………………………………………………………………………………………. 48

Other Information…………………………………………………………………………………………………………………………… 50


1

General Information Directors Andrew Edwards * (United Kingdom)

Adrian Harris (United Kingdom) (resigned 31 December 2014)Blake Klein (United States of America) (resigned 27 February 2015)David Blair* (Ireland) (appointed 27 February 2015)Desmond Dundon (Ireland) (appointed 27 February 2015)Frank Mosier (United States of America) (appointed 27 February 2015)John Walley * (Ireland) (resigned 27 February 2015)Hugh Ward * (Ireland)

* Independent Directors

Registered Office Riverside TwoSir John Rogerson’s QuayDublin 2Ireland

Secretary Goodbody Secretarial Limited25/28 North Wall QuayIFSCDublin 1Ireland

Investment Manager/Distributor* Renaissance Asset Managers (UK) LimitedSun Court4th Floor66-67 CornhillLondon EC3V 3NBUnited Kingdom

*Effective 15 December 2014, Renaissance Asset Managers (UK) Limited replaced Renaissance Asset managers (Guernsey) Limited as Investment Manager.


2

General Information (continued)

Independent Auditor Deloitte & ToucheChartered Accountants and Statutory Audit FirmEarlsfort TerraceDublin 2Ireland

Custodian BNY Mellon Trust Company (Ireland) LimitedGuild HouseGuild StreetIFSCDublin 1Ireland

Administrator and Registrar BNY Mellon Investment Servicing (International) LimitedRiverside TwoSir John Rogerson’s QuayDublin 2Ireland

Investment Advisor*** Renaissance Asset Managers (UK) LimitedSun Court4th Floor66-67 CornhillLondon EC3V 3NBUnited Kingdom

*** Until 15 December 2014, Renaissance Asset Managers (UK) Limited acted asInvestment Advisor of RenAsset Eastern European Fund, RenAsset Ottoman Fund,RenAsset Nigeria Fund and RenAsset Africa ex S.A. Fund. From 15 December 2014,Renaissance Asset Managers (UK) Limited acts as Investment Manager to the Funds.

Swiss Representative First Independent Fund Services LimitedKlausstrasse 338008 ZurichSwitzerland

Paying Agent NPB New Private Bank Ltdin Switzerland Limmatquai 1

8022 ZurichSwitzerland

in Germany BHF-Bank AGBockenheimer Landstrasse 1060323 Frankfurt am MainGermany


3

General Information (continued)

Paying Agent Erste Bank der Oesterreichischen Sparkassen AGin Austria Graben 21

A-1010 ViennaAustria

Legal Advisors A&L Goodbodyin Ireland IFSC

North Wall QuayDublin 1Ireland

Legal Advisors Freshfields Bruckhaus Deringer LLPin Germany Park Tower

Bockenheimer Anlage 4460323 Frankfurt am MainGermany

Sponsoring Stockbroker Davy StockbrokersDavy House49 Dawson StreetDublin 2Ireland

4

Report of the Investment Manager For the six months ended 31 March 2015 RenAsset Eastern European Fund The net asset value of the Renasset Eastern European Fund (the Fund) declined 5.4% in Euro terms for the period under review, while the MSCI Emerging Europe 10/40 Index was down 4.1% for the same period. Unless otherwise stated, performance numbers are quoted for the 6 month period under review. The Fund’s two largest markets, Russia and Turkey, diverged significantly in terms of performance. Russia’s RTS Index fell 7.8% in Euro terms, as the market was hit with the sharp decline in oil price; this also fuelled a significant depreciation of the Russian Rouble. Turkey outperformed, as the country is a major beneficiary of declining oil prices - Turkey’s BIST 100 Index posted an 11.4% gain in Euro terms. Other emerging European markets were a mixed bag. Hungarian stocks shone, primarily led by the heavyweight OTP Bank lifting the BUX Index over 13% in Euro terms. Polish stocks were down 1.6%, as the market lacked any significant triggers. Greece continued to be eventful and made a lot of headlines with its dire economic situation; the Athens’ ASE Index lost 27% in Euro terms. Czech stocks posted a gain of over 4% in Euro terms, as its underlying economic fundamentals remained solid. The Fund’s underperformance was primarily driven by some of its holdings in Russia and Greece. As of January 1, 2015, Aziz Unan, the manager of Renasset Ottoman Fund since inception, has been appointed to manage the Renasset Eastern European Fund. Mr. Unan co-managed the Renasset Eastern European Fund for several years during the mid-2000s together with Juergen Kirsch. Mr. Unan is a long term bottom-up stock picker and his investment style in Renasset Ottoman Fund has generated significant alpha over the benchmark indices and the peer group. As a consequence of the change in manager, the Fund reshuffled its Russian exposure towards hard currency earning export-oriented Russian companies. After hovering in the USD 100-110 range for some time, the oil price started to tumble in 3Q 2014, hitting as low as USD 42 per barrel in January 2015. As the Russian economy depends largely on natural resource exports, the Russian Rouble (RUB) is very important. Of note, the Rouble took a dive from around RUB 37 against the US dollar to almost RUB 70 between September 2014 and January 2015. The Fund significantly increased exposure to Gazprom, as well as the steel names of Severstal and Novolipetsk. Regarding Gazprom, The company’s market value reduced to c.USD 50 billion during the sell-off, while Gazprom registered a record year in free cash flow generation during 2014, based on our calculations. This is further evidenced by the fact that the company has become one of the largest dividend distributors in emerging Europe in recent years. The Fund also significantly increased exposure to Sberbank at the beginning of 2015, as well as adding to its holdings in Norilsk Nickel, given the company’s strong dividend stream. Turkish equities posted strong gains during the period under review, as the country is a major beneficiary of a drop in oil price. Turkey’s weakest point is its structural current account deficit, a primary product of Turkey’s energy imports. Hence, any meaningful decline in oil and gas prices will help reduce the current account deficit in Turkey. The Fund took profits in a number of Turkish stocks, as several neared the Fund manager’s fair value estimates. At the same time, the Fund manager used the “opportunity cost of principle” rule to free funds to buy or increase exposure to selected Russian stocks. This was because we believed better value and higher upside existed in those Russian names as a result of the significant sell-off in Russian equities. The Fund also locked in profits in Vakifbank, Halkbank and Emlak Konut given their strong performance. The Fund sold its shares in cash and carry chain Bizim Toptan. The Fund bought Karsan as the fund manager believes the stock offers significant growth and upside potential. The Fund significantly reduced its exposure to Greece, selling a number of stocks that did not pass the new Fund Manager’s investment philosophy. However, the Fund did intitiate a position in Metka in Greece, as the Fund Manager believes the stock offers deep value given its large net cash position. The Fund had exposure to a handful of Czech, Hungarian and Romanian stocks but is largely underweight Polish equities on valuation grounds.

5

Report of the Investment Manager For the six months ended 31 March 2015 (continued) RenAsset Ottoman Fund The net asset value of the Renasset Ottoman Fund (the Fund) fell 0.1% in euro terms (Share class-C) for the period under review, while the MSCI Emerging Europe 10/40 Index was down 4.1% for the same period. Unless otherwise stated, performance numbers are quoted for the 6 month period under review. The Fund’s two largest markets, Russia and Turkey, diverged significantly in terms of performance. Russia’s RTS Index fell 7.8% in Euro terms, as the market was hit with the sharp decline in oil price; this also fuelled a significant depreciation of the Russian Rouble. Turkey outperformed, as the country is a major beneficiary of declining oil prices - Turkey’s BIST 100 Index posted an 11.4% gain in Euro terms. Other emerging European markets were a mixed bag as well. Hungarian stocks shone, primarily led by the heavyweight OTP Bank lifting the BUX Index over 13% in Euro terms. Polish stocks were down 1.6%, as the market lacked any significant triggers during that period. Greece continued to be eventful and made a lot of headlines with its dire economic situation; the Athens’ ASE Index lost 27% in Euro terms. Czech stocks posted a decent gain of over 4% in Euro terms, as its underlying economic fundamentals remained solid. The Fund took advantage of declining asset prices in Russia, gradually increasing its net equity exposure to the country, purchasing selected stocks that scored highly based on the Fund manager’s quantitative and qualitative investment process. 2014 and 2015 epitomises the Fund manager’s truly unconstrained and non-benchmark oriented stock picking style and philosophy. While the net equity exposure of Russian equities was 13% during the early 2014 period, it went rose as high as 50% a year later during Q1 2015. The Fund manager believed that there was significant upside in selected Russian stocks, as a consequence of a significant drop in equity prices in hard currency terms during 2014. After hovering in the USD 100-110 range for some time, the oil price started to tumble in 3Q 2014, hitting USD 42 per barrel in January 2015. As the Russian economy depends largely on natural resource exports, the Russian Rouble (RUB) also took a dive from around RUB 37 against the US dollar to almost RUB 70 between September 2014 and January 2015. The Fund took advantage of the sell-off in Russia to carefully increase exposure to Russian equities during this period. Gazprom and Sberbank were the Fund’s two largest positions in Russia. The Fund has built a significant position in Gazprom after periods of not having any shares in the Fund. The reason for this was that Gazprom had a market value of approximately USD 110 billion several years ago, while generating a mere USD 1 billion in free cash flow per annum. The company’s market value reduced to c.USD 50 billion during the sell-off, while Gazprom registered a record year in free cash flow generation during 2014, based on our calculations. This is further evidenced by the fact that the company has become one of the largest dividend distributors in emerging Europe in recent years. The Fund also added onto a select few steel stocks in Russia, namely Severstal and Novolipetsk. These companies have been out of favour for a number of years and were heavily sold off to become attractively valued again. Financial results in 2014 also pointed to profitability close to turning the corner. Turkish equities posted strong gains during the period under review, as the country is a major beneficiary of a drop in oil price. Turkey’s weakest point is its structural current account deficit, a primary product of Turkey’s energy imports. Hence, any meaningful decline in oil and gas prices will help reduce the current account deficit in Turkey. The Fund took profits in a number of Turkish stocks, as several stocks neared the Fund manager’s fair value estimates. At the same time, the Fund manager used the “opportunity cost of principle” rule to free funds to buy or increase exposure to selected Russian stocks. This was because we believed better value and higher upside existed in those Russian names as a result of the significant sell-off in Russian equities. The Fund also locked in profits in Vakifbank, Halkbank and Emlak Konut given their strong performance. The Fund sold its shares in steel maker Kardemir after the stellar performance of the stock. The Fund manager still believes in the strong fundamentals of the company, as well as its growth in many years to come and will look to re-purchase the stock at lower prices. Investors may recall that the Fund initiated a position in Karsan at the end of 2013, building a decent position at the beginning of 2014. This contributed to the performance of the Fund, as the market started to discover the significant value proposition in the name. The Fund had exposure to a handful of Czech, Hungarian and Romanian stocks but largely stayed away from Polish equities due to valuation. Having not owned the stock for a number of years, the Fund manager decided to buy OTP Bank in Hungary during 2014, as we believed the bank’s balance sheet and the banking sector had been addressed. In Romania, the Fund held positions in Fondul and the investment vehicles SIF 2 and SIF 5, which traded at deep discounts to their net asset values.

6

Report of the Investment Manager For the six months ended 31 March 2015 (continued) RenAsset Nigeria Fund For the 6-month period ending March 2015, the Fund declined 36.70%. The Fund’s investment philosophy and process is to invest in companies that have the combination of low risk, high quality and where we can acquire shares at a reasonable price. Our largest weight remains in the financial sector, followed by Consumer Staples and Industrials respectively. The principle changes in sector allocation have been a reduction of approximately 15% within Financials, with this money being allocated into Consumer Staples. This was driven by two main factors; we divested from some of the tier two banks and, as a consequence of price weakness, we increased our exposure in the Consumer sector on valuation grounds. We have previously considered many of these companies to be well run with very good business models but they have historically traded at levels that we considered unrealistic. The past period has seen much news flow in Nigeria, in particular, there were five primary items to note. The first was in many ways a non-event for Nigeria, but nonetheless extremely emotive; a new strain of Ebola emerged in West Africa. It is important to note that there were less than a dozen documented cases within Nigeria, all of which were properly addressed and dealt with by the government and health services. However, a lack of understanding surrounding the disease, and which countries were most affected by it, saw Nigeria endure significant negative publicity. The next three items followed simultaneously. Elections were scheduled to be held on the 28th March 2015. However, these were delayed by 6 weeks due to increased activity from Boko Harem in the North; gaining both ground and territory. Furthermore, there has been a significant fall in the oil price, to lows that have not been seen for many years. The election was also one of the most fiercely contested since the end of military rule. The combination of the aforementioned factors made it difficult for the Central Bank of Nigeria to hold the Naira at its previous levels, as such, we saw some currency devaluation. As previously mentioned, the elections were delayed by 6 weeks to allow Nigeria and it neighbours to put together a robust response to Boko Harem. With Boko Harem on the back foot, the elections were held and all parties inside and outside the country agreed that they were free, fair and violence free. The result was that the incumbent, GoodLuck Jonathan, called his main contender once the results were in and congratulated Muammadu Buhari as the President elect of Nigeria. President Buhari is seen as an able leader for Nigeria, especially given his tough stance on corruption. He has announced that he intends to further the work that Jonathan Goodluck’s administration began on developing infrastructure, such as electricity, as well as continuing to improve the agricultural and Agro processing sectors. Building on from this, Buhari wants to add a transfer of wealth via housing to Nigerians, as well as put forward a tougher stance on corruption. He has set his team a tough job, against a background of constrained revenues. While the oil price has recovered somewhat, it is still at relatively low levels compared to previous levels and remains the primary source of government income. One should note that despite the issues stemming from a low oil price, Nigeria has very little debt, and can use this as a platform to build its infrastructure. Buhari is also not afraid to take tough decisions, as can be seen by the decision in May 2015 to set the fuel subsidy on a declining path, with the aim of reducing it to zero. This should have the combined effect of boosting government finances, as well as tackling one of the tools that has previously enabled corruption. During this period, we saw considerable price movement in the Nigerian stock market. We reduced our holdings in second tier bank’s where we considered there to be some unknown elements around the oil price. Furthermore, on price weakness in the top quality consumer names, we increased our holdings. Prices on the Nigerian market were the under pressure in the later part of last year, feeding over to January this year. Since then we have seen a path of stabilising (and now increasing) prices, as investors have begun to factor in the positive news regarding the elections, and started to better appreciate the investment opportunities that exist. We believe that the Nigerian market offers some attractive opportunities, and should be considered as a long-term investment to take advantage of the growth in the Nigerian economy.

7

Report of the Investment Manager For the six months ended 31 March 2015 (continued) RenAsset Africa ex S.A. Fund For the 6-month period ending March 2015, the Fund declined 26.9%. The Fund’s investment philosophy and process is to invest in companies that have the combination of low risk, high quality and where we can acquire shares at a reasonable price. Our single largest country allocation in the Fund is Nigeria, with just under 30% of the Fund invested there. Egypt, Kenya, Morocco and Mauritius are our next largest noteworthy holdings. We also have a proportion invested in multinational companies, who derive a significant proportion of either their business or income from Africa. Nigeria, being our biggest single country allocation in the Fund, has a necessarily large impact upon performance. There have been numerous, well-documented issues facing the country, the combination of these having placed downward pressure on the Naira. At its worst, there were fears of a second currency devaluation. During this period we factored in the potential currency devaluation post the March elections, and on this basis, some of our stock valuations in our models were reduced. We thus scaled back our allocation to Nigeria from the levels we held at the start of this period. Within the Nigeria allocation itself, we reduced our holdings in the second tier banks and bought some of the top quality consumer names; these were trading at lower prices relative to their recent history. Nigeria has since held a successful election and the new government has detailed sound plans and policies. We discuss Nigeria in more depth in the Renasset Nigeria Fund report. The other market that we reduced our holdings in was Morocco. This was driven by the sale of Groupe Addoha, a property company that has a long history of providing the market with residential properties. However, a number of new competitors have started to produce different designs, which are being viewed as more attractive to the market. The proceeds from these sales were redeployed in Kenya, Egypt and the Multinationals. Kenya is a market that benefits from the lower oil price, as they are a net importer of oil. Furthermore, their rainy season has started well, which underpins growth in many sectors of their economy. The one area of the Kenyan market that we are not invested in is the tourism sector, which had never fully recovered from the elections that were held in 2007 despite a successful election in 2013. Further compounding this the attack in Nairobi at Westgate mall and security issues in Mombasa (one of the top tourist destinations on the coast) have been very detrimental to the sector. Egypt continues to reflect greater stability and the new government has been having success with attracting long-term investment to the country. Investor conferences are creating interest, and economic growth has facilitated the attraction of new capital. Among the projects is a large planned additional city linking to Cairo, New Cairo City Developments. This will help to underpin Egyptian growth growing forward. Renaissance Asset Managers (UK) Limited May 2015


The accompanying notes form an integral part of the financial statements

8

Balance Sheet (Unaudited) As at 31 March 2015

RenAsset RenAsset RenAsset RenAsset

Eastern Ottoman Nigeria Africa ex S.A.

Total* European Fund Fund Fund Fund

€ € € US$ US$

Cash and cash equivalents 10,349,153 3,391,031 5,147,349 156,014 1,787,308

Financial assets at fair value through profit or loss 191,263,378 99,211,266 60,538,803 4,213,831 29,606,252

Amounts receivable on sale of investments 697,799 447,455 - - 268,669

Amounts receivable on subscriptions 70,896 66,975 3,921 - -

Other receivables 339,333 39,213 45,711 67,154 205,878

Total assets 202,720,559 103,155,940 65,735,784 4,436,999 31,868,107

Financial liabilities at fair value through profit or loss 191,457 52,527 138,930 - -

Amounts payable on redemptions 216,622 216,622 - - -

Amounts payable for investments purchased 962,768 395,463 - - 608,832

Investment Management fees payable 311,321 166,148 103,560 3,796 40,863

Performance fees payable - - - - -

Custodian fees payable 105,260 69,101 36,159 - -

Administration fees payable 87,283 58,322 25,315 1,666 2,247

Marketing fees payable 495,452 391,076 84,078 5,906 15,878

Other expenses payable 757,664 456,786 232,675 22,178 51,017

Total liabilities (excluding net assets attributable to

holders of redeemable shares) 3,127,827 1,806,045 620,717 33,546 718,837

Net assets attributable to holders of redeemable shares 199,592,732 101,349,895 65,115,067 4,403,453 31,149,270

Redeemable shares in issue:

- Class A 205,166.90 265,270.21 - -

- Class AA EUR 200.00 - - -

- Class AA GBP 1,320.20 768.63 - -

- Class AA USD 200.00 200.00 - -

- Class B 79,191.63 - - -

- Class C - - 675,863.62 4,414,436.60

- Class C EUR 503,350.00 2,247,115.26 - -

- Class C GBP 60,134.12 108,664.85 - -

- Class C USD 580,838.43 555,815.60 - -

Net asset value per redeemable share:

- Class A € 418.56 € 129.33 - -

- Class AA EUR € 7.93 - - -

- Class AA GBP £6.89 £7.35 - -

- Class AA USD $6.36 $9.56 - -

- Class B € 89.84 - - -

- Class C - - $6.52 $7.06

- Class C EUR € 8.06 € 10.70 - -

- Class C GBP £6.97 £9.37 - -

- Class C USD $6.86 $10.32 - - * The US$ figures for RenAsset Nigeria Fund and RenAsset Africa ex S.A. Fund have been converted into Euro in the total column using the US$/EUR exchange

rate as at 31 March 2015 of 0.9318.



9

Comparative Balance Sheet (Audited) As at 30 September 2014

RenAsset RenAsset RenAsset RenAsset RenAsset

Eastern Eastern European Ottoman Nigeria Africa ex S.A.

Total* European Fund Allocation Fund** Fund** Fund^ Fund~

€ € € € US$ US$

Cash and cash equivalents 12,060,774 6,170,939 - 4,229,531 331,120 1,763,188

Financial assets at fair value through profit or loss 240,831,570 141,802,484 - 62,836,931 7,066,035 38,586,749

Amounts receivable on sale of investments 1,744,210 1,744,210 - - - -

Amounts receivable on subscriptions 57,815 57,815 - - - -

Other receivables 871,516 706,606 - 71,868 19,005 98,358

Total assets 255,565,885 150,482,054 - 67,138,330 7,416,160 40,448,295

Financial liabilities at fair value through profit or loss 137,957 137,957 - - - -

Amounts payable on redemptions 79,437 79,437 - - - -

Investment Management fees payable 858,830 562,893 - 219,395 27,407 69,143

Custodian fees payable 54,337 39,372 - 12,112 315 3,284

Administration fees payable 87,730 56,924 - 25,981 3,796 2,290

Marketing fees payable 386,021 312,202 - 73,111 286 607

Other expenses payable 744,829 511,683 - 205,757 11,749 22,799

Total liabilities (excluding net assets attributable to

holders of redeemable shares) 2,349,141 1,700,468 - 536,356 43,553 98,123

Net assets attributable to holders of redeemable shares 253,216,744 148,781,586 - 66,601,974 7,372,607 40,350,172

Redeemable shares in issue:

- Class A 230,218.58 - 268,960.75 - -

- Class AA EUR 200.00 - - - -

- Class AA GBP 1,471.71 - 622.52 - -

- Class AA USD 200.00 - 200.00 - -

- Class B 76,225.89 - - - -

- Class C - - 715,606.80 4,176,470.76

- Class C EUR 533,250.00 - 2,351,483.99 - -

- Class C GBP 136,463.04 - 87,154.79 - -

- Class C USD 4,601,021.53 - 574,884.60 - -

Net asset value per redeemable share:

- Class A € 443.17 - € 129.46 - -

- Class AA EUR € 8.39 - - - -

- Class AA GBP £7.80 - £7.78 - -

- Class AA USD $7.94 - $11.23 - -

- Class B € 95.16 - - - -

- Class C - - - $10.30 $9.66

- Class C EUR € 8.52 - € 10.69 - -

- Class C GBP £7.92 - £10.00 - -

- Class C USD $9.20 - $12.11 - -

* The US$ figures for RenAsset Nigeria Fund and RenAsset Africa ex S.A. Fund have been converted into Euro in the total column using the US$/EUR exchange

rate as at 30 September 2014 of 0.7928. ** RenAsset Eastern European Allocation Fund merged with RenAsset Ottomon Fund on 4 April 2014. ^ RenAsset Nigeria Fund commenced trading on 24 April 2014. ~ RenAsset Africa ex S.A. Fund commenced trading on 26 June 2014.



10

Income Statement For the six months ended 31 March 2015

RenAssetEastern RenAsset RenAsset RenAsset

European Ottoman Nigeria Africa ex S.A.Total* Fund Fund Fund Fund

€ € € US$ US$

IncomeInvestment income 2,150,619 1,117,601 460,610 79,257 601,222 Deposit interest 126,883 55,853 70,711 40 339 Other income 82,867 82,867 - - - Net (loss)/gain on financial assets and liabilities fair value through profit or loss (23,008,044) (11,756,788) 399,610 (2,554,327) (11,296,222)Total Investment (loss)/income (20,647,675) (10,500,467) 930,931 (2,475,030) (10,694,661)

ExpensesInvestment Management fees (2,087,075) (1,207,086) (643,118) (32,592) (249,000)Custodian fees (179,553) (113,556) (34,163) (21,298) (16,546)Marketing fees (140,778) (78,873) (40,592) (6,073) (19,264)Legal fees (132,413) (72,631) (40,373) (5,843) (17,230)Administration fees (93,958) (70,405) (20,264) (1,336) (2,574)Directors' fees (34,398) (18,610) (10,934) (1,318) (4,452)Auditor fees (32,860) (17,847) (10,339) (1,268) (4,288)Transaction costs (9,916) (7,031) (2,559) (388) - General expenses (120,463) (56,098) (39,891) (5,924) (23,171)Total Operating Expenses (2,831,414) (1,642,137) (842,233) (76,040) (336,525)

Operating (loss)/gain (23,479,089) (12,142,604) 88,698 (2,551,070) (11,031,186)

Finance costsInterest expense (107,459) (67,080) (40,254) (22) (127)

Net (loss)/gain from operations after finance costs (23,586,548) (12,209,684) 48,444 (2,551,092) (11,031,313)Non-recoverable withholding tax (268,529) (216,744) - (7,662) (53,900)

(Decrease)/ increase in net assets attributable to holders of redeemable shares from operations (23,855,077) (12,426,428) 48,444 (2,558,754) (11,085,213)

* The US$ figures for RenAsset Nigeria Fund and RenAsset Africa ex S.A. Fund have been converted into Euros in the total column using the US$/EUR average exchange rate for the period ended 31 March 2015 of 0.8412.



11

Comparative Income Statement (Audited) For the year ended 30 September 2014

RenAsset RenAsset GriffinEastern Eastern RenAsset RenAsset RenAsset European

European European Ottoman Nigeria Africa ex S.A. OpportunitiesTotal* Fund Allocation Fund** Fund** Fund^ Fund ~ FundØ

€ € € € US$ US$ €

IncomeInvestment income 9,086,720 5,667,005 1,576,341 1,592,400 75,173 193,177 51,235 Deposit interest 211,606 105,893 15,747 89,760 - - 206 Other income 380,775 285,646 70,708 24,421 - - - Net (loss)/gain on financial assets and liabilities fair value through profit or loss (17,730,034) (15,754,441) (563,906) (1,050,016) 111,680 (1,205,283) 452,325 Total Investment (loss)/income (8,050,933) (9,695,897) 1,098,890 656,565 186,853 (1,012,106) 503,766

ExpensesInvestment Management fees (4,520,197) (2,888,453) (327,320) (1,108,104) (59,525) (116,964) (64,955)Performance fees (33,915) - - - - - (33,915)Custodian fees (285,324) (204,887) (28,716) (48,368) (314) (3,284) (675)Administration fees (270,920) (178,762) (13,020) (66,379) (3,796) (2,290) (8,229)Directors' fees (86,784) (41,338) - (17,438) (302) (597) (27,339)Auditor fees (66,272) (49,029) - (16,601) (289) (573) - Legal fees (259,167) (158,279) (32,342) (65,078) (1,635) (3,024) - Marketing fees (240,934) (168,803) - (66,847) (1,277) (5,822) - Liquidation fees (75,000) - (50,000) - - - (25,000)Transaction costs (9,642) (7,069) - (2,573) - - - General expenses (182,397) (146,194) (11,357) (65,287) (9,961) (9,988) 55,287 Total Operating Expenses (6,030,552) (3,842,814) (462,755) (1,456,675) (77,099) (142,542) (104,826)

Operating (loss)/gain (14,081,485) (13,538,711) 636,135 (800,110) 109,754 (1,154,648) 398,940



12

Comparative Income Statement (continued) For the year ended 30 September 2014

RenAsset RenAsset GriffinEastern Eastern RenAsset RenAsset RenAsset European

European European Ottoman Nigeria Africa ex S.A. OpportunitiesTotal* Fund Allocation Fund** Fund** Fund^ Fund ~ FundØ

€ € € € US$ US$ €

Finance costsInterest expense (243,328) (185,865) (39,555) (17,403) - (205) (352)

Net (loss)/gain from operations after finance costs (14,324,813) (13,724,576) 596,580 (817,513) 109,754 (1,154,853) 398,588 Non-recoverable withholding tax (1,627,901) (1,208,230) (5,635) (385,601) (7,147) (22,016) (6,728)

(Decrease)/ increase in net assets attributable to holders of redeemable shares from operations (15,952,714) (14,932,806) 590,945 (1,203,114) 102,607 (1,176,869) 391,860

* The US$ figures for RenAsset Nigeria Fund and RenAsset Africa ex S.A. Fund have been converted into Euros in the total column using the US$/EUR average exchange rate for the period ended 30 September of 0.7443. ** RenAsset Eastern European Allocation Fund merged with RenAsset Ottomon Fund on 4 April 2014, the numbers represented in the Income Statement for RenAsset Eastern European Allocation Fund are upto date of the merger. ^ RenAsset Nigeria Fund commenced trading on 24 April 2014. ~ RenAsset Africa ex S.A. Fund commenced trading on 26 June 2014. Ø Griffin European Opportunities Fund terminated with effect from 27 March 2014 and was de-authorised by the Central Bank of Ireland on 30 September 2014.



13

Statement of Changes in Net Assets Attributable to the Holders of Redeemable Shares For the six months ended 31 March 2015

RenAssetEastern RenAsset RenAsset RenAsset

European Ottoman Nigeria Africa ex S.A.Total* Fund Fund Fund Fund

€ € € US$ US$

Net assets attributable to holders of redeemable shares - beginning of the period 253,216,744 148,781,586 66,601,974 7,372,607 40,350,172

(Decrease)/ increase in net assets attributable to holders of redeemable shares from operations (23,855,077) (12,426,428) 48,444 (2,558,754) (11,085,213)Issue of redeemable shares during the period 7,193,137 1,570,409 3,552,142 500,000 1,961,513

Redemption of redeemable shares during the period (42,493,920) (36,575,672) (5,087,493) (910,400) (77,202)

Currency translation 5,531,848 - - - -

Net assets attributable to holders of redeemable shares - end of the period 199,592,732 101,349,895 65,115,067 4,403,453 31,149,270

* The US$ figures for RenAsset Nigeria Fund and RenAsset Africa ex S.A. Fund have been converted into Euros in the total column using the US$/EUR average exchange rate for the period ended 31 March 2015 of 0.8412.



14

Comparative Statement of Changes in Net Assets Attributable to the Holders of Redeemable Shares For the six months ended 31 March 2014

RenAsset RenAsset GriffinEastern Eastern European RenAsset

European European Opportunities OttomanTotal Fund Allocation Fund Fund* Fund

€ € € € €

Net assets attributable to holders ofredeemable shares - beginning of the period 275,560,241 177,093,265 34,441,667 8,541,041 55,484,268

(Decrease)/increase in net assets attributable to holders of redeemable shares from operations (22,608,475) (17,886,247) 592,049 391,860 (5,706,137)Issue of redeemable shares during the period 31,861,356 13,985,328 200 51,360 17,824,468 Redemption of redeemable shares during the period (68,631,052) (22,096,025) (30,867,161) (8,984,261) (6,683,605)Net assets attributable to holders of redeemable shares - end of the period 216,182,070 151,096,321 4,166,755 - 60,918,994

* Griffin European Opportunities Fund terminated with effect from 27 March 2014.



15

Statement of Cash Flows For the six months ended 31 March 2015

RenAsset RenAsset RenAsset RenAsset

Eastern Ottoman Nigeria Africa ex

Total European Fund Fund Fund S.A. Fund

€ € € US$ US$

Cash Flows from Operating Activities

(23,855,076) (12,426,428) 48,444 (2,558,753) (11,085,213)

Adjustments to reconcile (decrease)/increase in net assets

attributable to holders of redeemable shares from operations

to net cash provided by/(used in) operating activities:

Purchase of investments (56,107,929) (26,805,318) (13,902,666) (2,056,091) (16,251,364)

Proceeds from sale of investments 89,884,167 59,246,536 16,739,334 2,353,968 14,168,328

Net (loss)/gain on financial assets and liabilities at fair value through profit or loss 23,008,044 11,756,788 (399,610) 2,554,327 11,296,222

Other receivables 642,979 667,393 26,157 (51,271) (3,002)

Investment management fees payable (560,932) (396,745) (115,835) (23,611) (28,280)

Custodian fees payable 56,086 29,729 24,047 2,807 (328)

Administration fees payable (1,293) 1,398 (666) (2,130) (43)

Marketing fees payable 109,307 78,874 10,967 5,620 15,271

Other expenses payable 8,032 (54,897) 26,918 10,429 28,218

Net Cash provided by/(used in) Operating Activities 33,183,385 32,097,330 2,457,090 235,295 (1,860,191)

Cash Flows from Financing Activities

Issue of redeemable units 7,180,056 1,561,249 3,548,221 500,000 1,961,513

Redemption of redeemable units (42,356,735) (36,438,487) (5,087,493) (910,400) (77,202)

Net Cash (used in)/provided by Financing Activities (35,176,679) (34,877,238) (1,539,272) (410,400) 1,884,311

Currency translation 281,674 - - - -

Net (decrease)/increase in Cash and Cash Equivalents (1,711,620) (2,779,908) 917,818 (175,105) 24,120

Cash and cash equivalents at the beginning of the period 12,060,774 6,170,939 4,229,531 331,120 1,763,188

Cash and cash equivalents at the end of the period 10,349,154 3,391,031 5,147,349 156,015 1,787,308

(Decrease)/Increase in net assets attributable to holders of redeemable shares from operations



16

Comparative Statement of Cash Flows (continued) For the six months ended 31 March 2014

RenAsset RenAsset Griffin

Eastern Eastern European RenAssetEuropean European Opportunities Ottoman

Total Fund Allocation Fund Fund* Fund€ € € € €

Cash Flows from Operating Activities

(Decrease)/increase in net assets attributable to holders of redeemable shares resulting from

operations (22,608,475) (17,886,247) 592,049 391,860 (5,706,137)

Adjustments to reconcile (decrease)/increasein net assets

attributable to holders of redeemable shares from operations

to net cash provided by/(used in) operating activities:

Purchase of investments (438,739,802) (208,407,186) (78,991,077) (1,214,551) (150,126,988)Proceeds from sale of investments 454,631,849 212,478,512 88,317,148 6,938,216 146,897,973

Net gain/(loss) on financial assets and liabilities

at fair value through profit or loss 22,165,616 16,726,738 571,979 (452,325) 5,319,224

Other receivables 1,268,463 1,347,795 4,092 (12,709) (70,715)Investment Management fees payable (155,596) (128,915) (23,183) (1,346) (2,152)

Marketing fees payable (58,338) 1,132 (59,117) - (353)Administration fee payable (143,789) (101,380) (17,583) (8,215) (16,611)

Liquidation fees payable 75,000 - 50,000 25,000 -

Custodian fee payable (85,388) (76,927) (4,955) (4,446) 940 Performance fees payable 30,917 - - 33,915 (2,998)Other expenses payable (305,945) (221,337) (81,369) (29,139) 25,900 Net Cash provided by/(used in) Operating Activities 16,074,512 3,732,185 10,357,984 5,666,260 (3,681,917)

Cash Flows from Financing Activities

Issue of redeemable shares 31,299,145 13,300,667 200 51,360 17,946,918

Redemption of redeemable shares (61,985,882) (24,283,353) (30,846,595) (409,638) (6,446,296)Net Cash (used in)/provided by Financing Activities (30,686,737) (10,982,686) (30,846,395) (358,278) 11,500,622

Net (decrease)/increase in Cash and Cash Equivalents (14,612,225) (7,250,501) (20,488,411) 5,307,982 7,818,705

Cash and cash equivalents at the beginning

of the period 42,191,317 11,747,083 24,898,250 778,385 4,767,599Cash and cash equivalents at the end of the period 27,579,092 4,496,582 4,409,839 6,086,367 12,586,304

* Griffin European Opportunities Fund terminated with effect from 27 March 2014.


17

Notes to the Financial Statements 1. General RenAsset Select Funds plc (the “Company”) was incorporated in Ireland on 30 March 1998 as an open-ended umbrella investment company with variable capital and limited liability authorised by the Central Bank of Ireland (“Central Bank”) as a UCITS (Undertakings for Collective Investment in Transferable Securities) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011. During the six months ended 31 March 2015, the Shares of the following sub-funds were offered for issue and sale: - RenAsset Eastern European Fund (authorised by the Central Bank 15/07/1998). - RenAsset Ottoman Fund (authorised by the Central Bank 03/01/2006). - RenAsset Nigeria Fund (authorised by the Central Bank 11/04/2014). - RenAsset Africa ex S.A. Fund (authorised by the Central Bank 11/04/2014) RenAsset Turkey Fund was authorised by the Central Bank on 21 November 2012, but has not yet launched. 2. Significant Accounting Policies The significant accounting policies and estimation techniques adopted by the Company for the six months ended 31 March 2015 are consistent with those adopted by the Company for the annual financial statements for the year ended 30 September 2014. (a) Basis of Preparation The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The interim financial information for the six months ended 31 March 2015 has been prepared in accordance with IAS 34, ‘Interim financial reporting’. The interim report and unaudited financial statements should be read in conjunction with the annual financial statements for the year ended 30 September 2014.


18

Notes to the Financial Statements (continued) 3. Comparative Net Assets

31 March 30 September 30 SeptemberA. Total Net Asset Value 2015 2014 2013

RenAsset Eastern European Fund Class A € 85,873,987 € 102,025,810 € 137,158,099Class AA EUR € 1,586 € 1,677 € 1,830Class AA GBP £9,091 £11,487 £14,274Class AA USD $1,272 $1,588 $1,867Class B € 7,114,820 € 7,253,957 € 7,496,313Class C EUR € 4,057,385 € 4,541,748 € 1,848Class C GBP £419,259 £1,081,448 £3,450,851Class C USD $3,982,317 $42,322,354 $38,292,417

RenAsset Eastern European Allocation Fund Class A - - € 34,441,667RenAsset Ottoman Fund Class A € 34,306,427 € 34,818,827 € 37,108,897

Class AA GBP £5,649 £4,842 £2,633 Class AA USD $1,913 $2,247 $2,511Class C EUR € 24,050,395 € 25,133,407 € 11,125,732Class C USD $5,737,169 $6,963,866 $5,725,639Class C GBP £1,018,065 £871,854 £2,525,607

RenAsset Nigeria Fund Class C $4,403,454 $7,372,607 - RenAsset Africa ex S.A. Fund Class C $31,149,270 $40,350,172 - Griffin European Opportunities Fund Class A - - € 6,498,341

Class B - - € 2,042,700

31 March 30 September 30 September

B. Net Asset Value per Share 2015 2014 2013

RenAsset Eastern European Fund Class A € 418.56 € 443.17 € 482.86Class AA EUR € 7.93 € 8.39 € 9.15Class AA GBP £6.89 £7.80 £9.16Class AA USD $6.36 $7.94 $9.34Class B € 89.84 € 95.16 € 103.79Class C EUR € 8.06 € 8.52 € 9.24Class C GBP £6.97 £7.92 £9.15Class C USD $6.86 $9.20 $10.66

RenAsset Eastern European Allocation Fund Class A - - € 405.06RenAsset Ottoman Fund Class A € 129.33 € 129.46 € 134.64

Class AA GBP £7.35 £7.78 £8.78 Class AA USD $9.56 $11.23 $12.56Class C EUR € 10.70 € 10.69 € 11.06Class C GBP £9.37 £10.00 £11.12 Class C USD $10.32 $12.11 $13.48

RenAsset Nigeria Fund Class C $6.52 $10.30 - RenAsset Africa ex S.A. Fund Class C $7.06 $9.66 - Griffin European Opportunities Fund Class A - - € 134.94

Class B - - € 101.55


19

Notes to the Financial Statements (continued) 4. Soft Commissions The Investment Manager and/or its delegates have entered into commission sharing arrangements, whereby third party research services may be paid for out of commissions paid to a broker. Commission is paid on these transactions at customary institutional rates. The Investment Manager and/or its delegates ensure that, in accordance with rules imposed upon them by their financial regulators, the research services provided are capable of adding value to investment decisions, represent original thought, have intellectual rigour and involve analysis or manipulation of data to reach meaningful conclusions. The Investment Manager and/or its delegates do not receive any money from these commissions. There were no other soft commission transactions during the period under review. 5. Exchange Rates The exchange rates applied at 31 March 2015 for RenAsset Eastern European Fund and RenAsset Ottoman Fund (the Euro functional currency funds) were: Currency € Currency €

Czech Koruna 27.5095 Russian Ruble 62.4441Hungarian Forint 299.7700 Swiss Franc 1.0451Polish Zloty 4.0833 Turkish Lira 2.8019Pound Sterling 0.7257 Ukrainian Hryvnia 25.1590

Romanian Leu 4.4153 US Dollars 1.0732 The exchange rates applied at 30 September 2014 are: Currency € Currency €

Canadian Dollars 1.4114 Russian Ruble 50.0000

Czech Koruna 27.4725 Swiss Franc 1.2064Hungarian Forint 310.3600 Turkish Lira 2.8797Israeli Shekel 4.6524 Ukrainian Hryvnia 16.3351Norwegian Krone 8.1037 US Dollars 1.2614

Polish Zloty 4.1779Pound Sterling 0.7778Romanian Leu 4.4090 The exchange rates applied at 31 March 2015 for RenAsset Africa ex S.A. Fund and RenAsset Nigeria Fund (the US Dollar functional currency funds) were: Currency US$ Currency US$

Botswana Pula 9.9651 Moroccan Dirham 9.9730Canadian Dollar 1.2728 Nigerian Naira 199.0500

Egyptian Pound 7.6300 Pound Sterling 0.6762Kenya Shilling 92.4500 Uganda Shilling 2,985.0746 Mauritian Rupee 36.4600

Ghana Cedi 3.8300


20

Notes to the Financial Statements (continued) 5. Exchange Rates (continued) The exchange rates applied at 30 September 2014 are:

Currency US$ Currency US$

Botswana Pula 9.2764 Pound Sterling 0.6166Egyptian Pound 7.1480 Uganda Shilling 2,500.0000

Euro 0.7928Ghana Cedi 3.2895Kenya Shilling 89.3500Mauritian Rupee 31.5457

Moroccan Dirham 8.7873Nigerian Naira 163.7500 6. Related Party Disclosures Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The Company operates under an investment management agreement with Renaissance Asset Managers (UK) Limited. All fees (management and performance) paid to the Investment Manager are disclosed separately in the Income Statement. Amounts payable at 31 March 2015 and 30 September 2014 are included in the Balance Sheets. Desmond Dundon, Director of the Company is a Director of Renaissance Asset Managers (Guernsey) Limited. Renaissance Asset Managers (Guernsey) Limited, the former Investment Manager owns all (30 September 2014: all) of the Class AA EUR shares and Class AA USD shares, 200 (30 September 2014: 200) of the Class C EUR shares, Class C USD shares and 200 (30 September 2014: 200) Class AA GBP shares in RenAsset Eastern European Fund, 1.59 (30 September 2014: 1.59) Class A Shares, 200 (30 September 2014: 200) Class AA GBP, all (30 September 2014: all) of the Class AA USD and 200 (30 September 2014: 200) of the Class C GBP shares in RenAsset Ottoman Fund. UCITS Notice 14 deems a "Custodian" and its "associated or group companies" to be “connected parties” to the Company. As such, BNY Mellon Trust Company (Ireland) Limited, the Custodian and BNY Mellon Investment Servicing (International) Limited, the Administrator, are connected parties to the Company. The Board of Directors is satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that any transaction carried out with the Custodian by a promoter, manager, investment manager and/or associated or group companies of these (“connected parties”) are carried out as if negotiated at arm’s length and that all such transactions are carried out in the best interests of the shareholders. The Board of Directors is satisfied that transactions with connected parties entered into during the period complied with the obligations set out in UCITS Notice 14. 7. Share Capital The Company has authorised two share classes: Management Shares As at 31 March 2015, there were thirty thousand shares of €1.27 each in issue. The Management Shares do not form part of the NAV of the Company and are disclosed in the financial statements by way of this note only. In the opinion of the Directors of the Company, this reflects the nature of the Company’s business as an investment fund. Management Shares do not have any distribution rights or rights to proceeds in the event of a winding up of the Company. Redeemable Shares The Company has an authorised share capital of 500 million shares (“Redeemable Shares”) of no par value. The share capital of the Company is equal to the Net Assets attributable to holders of Redeemable Shares.


21

Notes to the Financial Statements (continued) 7. Share Capital (continued) Redeemable Shares (continued) At 31 March 2015 the Company had the following Redeemable Shares in issue of no par value:

Class A Class AA EUR Class AA GBP

Opening Balance 230,218.58 200.00 1,471.71Subscriptions 371.24 - 42.12 Redemptions (25,422.92) - (193.63)Closing Balance 205,166.90 200.00 1,320.20

Class AA USD Class B Class C EUROpening Balance 200.00 76,225.89 533,250.00

Subscriptions - 10,729.61 60,100.00 Redemptions - (7,763.87) (90,000.00)Closing Balance 200.00 79,191.63 503,350.00

RenAsset Ottoman FundClass C GBP Class C USD Class A

Opening Balance 136,463.04 4,601,021.53 268,960.75Subscriptions 1,340.51 - 5,468.51 Redemptions (77,669.43) (4,020,183.10) (9,159.05)Closing Balance 60,134.12 580,838.43 265,270.21

Class AA GBP Class AA USD Class C EUROpening Balance 622.52 200.00 2,351,483.99

Subscriptions 627.84 - 261,709.75 Redemptions (481.73) - (366,078.48)Closing Balance 768.63 200.00 2,247,115.26

RenAsset Nigeria Fund

Class C GBP Class C USD Class C

Opening Balance 87,154.79 574,884.60 715,606.80 Subscriptions 21,608.82 - 80,256.82

Redemptions (98.76) (19,069.00) (120,000.00)Closing Balance 108,664.85 555,815.60 675,863.62

RenAsset Africa ex S.A. Fund

Class C

Opening Balance 4,176,470.76

Subscriptions 247,763.00 Redemptions (9,797.16)Closing Balance 4,414,436.60

RenAsset Ottoman Fund


RenAsset Eastern European Fund




22

Notes to the Financial Statements (continued). 7. Share Capital (continued) Redeemable Shares (continued) At 30 September 2014 the Company had the following Redeemable Shares in issue of no par value:

Class A Class AA EUR Class AA GBP

Opening Balance 284,055.06 200.00 1,559.00Subscriptions 990.19 - 1,507.80 Redemptions (54,826.67) - (1,595.09)Closing Balance 230,218.58 200.00 1,471.71

Class AA USD Class B Class C EUR

Opening Balance 200.00 72,226.54 200.00Subscriptions - 22,742.01 563,250.00 Redemptions - (18,742.66) (30,200.00)Closing Balance 200.00 76,225.89 533,250.00

RenAsset EasternEuropean Allocation Fund

Class C GBP Class C USD Class A

Opening Balance 377,243.57 3,591,343.61 85,028.91Subscriptions 72,908.99 1,434,204.72 0.49 Redemptions (313,689.52) (424,526.80) (85,029.40)*Closing Balance 136,463.04 4,601,021.53 -




Class A Class AA GBP Class AA USD

Opening Balance 275,607.11 299.89 200.00Subscriptions 259,790.37 * 1,114.54 510.00 Redemptions (266,436.73) (791.91) (510.00)Closing Balance 268,960.75 622.52 200.00

Class C EUR Class C GBP Class C USD

Opening Balance 1,005,929.52 227,124.84 424,847.09Subscriptions 1,645,590.47 68,844.67 161,099.17 Redemptions (300,036.00) (208,814.72) (11,061.66)Closing Balance 2,351,483.99 87,154.79 574,884.60

RenAsset RenAsset Nigeria Fund Africa ex S.A. Fund

Class C Class C

Opening Balance - -

Subscriptions 715,606.80 4,176,470.76 Redemptions - - Closing Balance 715,606.80 4,176,470.76



* Class A Shares in RenAsset Eastern European Allocation Fund were redeemed and those shareholders were allotted new shares in Class A EUR Shares of RenAsset Ottomon Fund as per the terms of the merger.


23

Notes to the Financial Statements (continued) 8. Fair Value of Financial Instruments The following tables show financial instruments recognised at fair value, analysed between those whose fair value is based on: Quoted prices in active markets for identical assets or liabilities (Level 1); Those involving inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either

directly (as prices) or indirectly (derived from prices) (Level 2); and Those with inputs for the asset or liability that are not based on observable market data (unobservable inputs) (Level 3). The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a Level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability. The determination of what constitutes ‘observable’ requires significant judgement by the Directors. The Directors consider observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

Level 1 Level 2 Level 3 TotalFinancial Assets at Fair Value as at 31 March 2015 € € € €

Financial assets at fair value through profit or lossDesignated at fair value through profit or loss upon initialrecognitionEquity instruments 99,114,221 - - 99,114,221

99,114,221 - - 99,114,221

Financial assets at fair value through profit or lossHeld for TradingFuture Contracts - - - -

Forward contracts - 97,045 - 97,045

- 97,045 - 97,045

Total 99,114,221 97,045 - 99,211,266

Level 1 Level 2 Level 3 TotalFinancial Liabilities at Fair Value as at 31 March 2015 € € € €

Financial Liabilities at Fair Value through profit or lossHeld for Trading

Future Contracts (52,527) - - (52,527)Forward Contracts - - - - Total (52,527) - - (52,527)



24

Notes to the Financial Statements (continued) 8. Fair Value of Financial Instruments (continued)

Level 1 Level 2 Level 3 TotalFinancial Assets at Fair Value as at 30 September 2014 € € € €


141,568,871 - - 141,568,871

Financial assets at fair value through profit or lossHeld for TradingFuture Contracts 204,555 - - 204,555

Forward contracts - 29,058 - 29,058 204,555 29,058 - 233,613

Total 141,773,426 29,058 - 141,802,484

Level 1 Level 2 Level 3 TotalFinancial Liabilities at Fair Value as at 30 September 2014 € € € €

Financial Liabilities at Fair Value through profit or lossHeld for Trading

Future Contracts (49,472) - - (49,472)Forward Contracts - (88,485) - (88,485)Total (49,472) (88,485) - (137,957)



25


Level 1 Level 2 Level 3 TotalFinancial Assets at Fair Value as at 31 March 2015 € € € €


60,392,808 - - 60,392,808

Financial assets at fair value through profit or lossHeld for TradingForward Contracts - 14,361 - 14,361

Future Contracts 131,634 - - 131,634

131,634 14,361 - 145,995

Total 60,524,442 14,361 - 60,538,803

Level 1 Level 2 Level 3 TotalFinancial Liabilities at Fair Value as at 31 March 2015 € € € €

Financial Liabilities at Fair Value through profit or lossHeld for TradingFuture Contracts (51,043) - - (51,043)Forward Contracts - (87,887) - (87,887)

Total (51,043) (87,887) - (138,930)


RenAsset Ottoman FundLevel 1 Level 2 Level 3 Total

Financial Assets at Fair Value as at 30 September 2014 € € € €


61,434,811 - - 61,434,811

Financial assets at fair value through profit or lossHeld for Trading

Forward Contracts - 404,653 - 404,653

Future Contracts 813,827 - - 813,827

Options Contracts - 183,640 - 183,640

813,827 588,293 - 1,402,120

Total 62,248,638 588,293 - 62,836,931


26


Level 1 Level 2 Level 3 TotalFinancial Assets at Fair Value as at 31 March 2015 US$ US$ US$ US$


4,213,831 - - 4,213,831

Total 4,213,831 - - 4,213,831


Level 1 Level 2 Level 3 TotalFinancial Assets at Fair Value as at 30 September 2014 US$ US$ US$ US$

Financial liabilities at fair value through profit or lossDesignated at fair value through profit or loss upon initialrecognition

Equity instruments 7,066,035 - - 7,066,035 7,066,035 - - 7,066,035

Total 7,066,035 - - 7,066,035


Level 1 Level 2 Level 3 TotalFinancial Assets at Fair Value as at 31 March 2015 US$ US$ US$ US$


29,606,252 - - 29,606,252

Total 29,606,252 - - 29,606,252


Level 1 Level 2 Level 3 TotalFinancial Assets at Fair Value as at 30 September 2014 US$ US$ US$ US$


38,586,749 - - 38,586,749

Total 38,586,749 - - 38,586,749



27

Notes to the Financial Statements (continued) 8. Fair Value of Financial Instruments (continued) Level 3 Reconciliation

As at 31 March 2015, there were no level 3 securities held by the Company. RenAsset Eastern European Allocation Fund Level 3

€ Balance as at 1 October 2013 432,391Purchase/(Sales) (136,924)Net Transfer in/(out) of Level 3 - (Losses)/Gains reported-Realised (1,469,598)-Movement in Unrealised 1,174,131

Balance as at 30 September 2014 -

Investments classified within Level 3 have significant unobservable inputs, as they trade infrequently or not at all. When observable prices are not available for these securities, the Directors use one or more valuation techniques (e.g., the market approach, the income approach or the cost approach) for which sufficient and reliable data is available. Within level 3, the use of the market approach generally consists of using comparable market transactions, while the use of the income approach generally consists of the net present value of estimated future cash flows, adjusted as appropriate for liquidity, credit, market and/or other risk factors. The inputs used by the Directors in estimating the value of Level 3 investments include the original transaction price, recent transactions in the same or similar instruments, completed or pending third-party transactions in the underlying investment or comparable issuers, subsequent rounds of financing, recapitalisations and other transactions across the capital structure, offerings in the equity or debt capital markets, and changes in financial ratios or cash flows. Level 3 investments may also be adjusted to reflect illiquidity and/or non-transferability, with the amount of such discount estimated by the Directors in the absence of market information. The fair value measurement of Level 3 investments does not include transaction costs that may have been capitalised as part of the investment’s cost basis. Assumptions used by the Directors due to lack of observable inputs may significantly impact the resulting fair value and therefore the Directors’ results of operations. Transfers between levels of the fair value hierarchy, for the purposes of disclosure in financial statements, are deemed to have occurred at the end of the reporting period. The following table analyses, within the fair value hierarchy, the Funds’ assets and liabilities not measured at fair value at 31 March 2015 but for which fair value is disclosed. Assets and liabilities carried at amortised cost; their carrying values are a reasonable approximation of fair value.

Level 1 Level 2 Level 3 Total€ € € €

AssetsCash at bank 3,391,031 - - 3,391,031 Amounts due from brokers - 447,455 - 447,455 Other receivables - 106,188 - 106,188

Total 3,391,031 553,643 - 3,944,674

LiabiltiesAmounts due to brokers - 216,622 - 216,622 Other payables - 1,536,896 - 1,536,896 Net assets attributable to holders of redeemable shares - 101,349,895 - 101,349,895

Total - 103,103,413 - 103,103,413



28


Level 1 Level 2 Level 3 Total€ € € €

AssetsCash at bank 5,147,349 - - 5,147,349 Amounts due from brokers - - - - Other receivables - 49,632 - 49,632 Total 5,147,349 49,632 - 5,196,981

LiabiltiesAmounts due to brokers - - - - Other payables - 481,787 - 481,787 Net assets attributable to holders of redeemable shares - 65,115,067 - 65,115,067 Total - 65,596,854 - 65,596,854


Level 1 Level 2 Level 3 TotalUS$ US$ US$ US$

AssetsCash at bank 156,014 - - 156,014 Amounts due from brokers - - - - Other receivables - 70,276 - 70,276 Total 156,014 70,276 - 226,290

LiabiltiesAmounts due to brokers - - - - Other payables - 36,668 - 36,668 Net assets attributable to holders of redeemable shares - 4,403,453 - 4,403,453 Total - 4,440,121 - 4,440,121


Level 1 Level 2 Level 3 TotalUS$ US$ US$ US$

AssetsCash at bank 1,787,308 - - 1,787,308 Amounts due from brokers - 376,143 - 376,143 Other receivables - 101,360 - 101,360

Total 1,787,308 477,503 - 2,264,811

LiabiltiesAmounts due to brokers - - - - Other payables - 721,793 - 721,793 Net assets attributable to holders of redeemable shares - 31,149,270 - 31,149,270

Total - 31,871,063 - 31,871,063



29

Notes to the Financial Statements (continued) 9. Efficient Portfolio Management

The Company is authorised to engage in certain transactions for the purposes of efficient portfolio management involving the use of derivative instruments, including forward currency exchange contracts and currency futures contracts and options on such futures contracts, as well as to purchase put or call options on foreign currencies. In order to hedge against adverse market movements, the Company is also permitted to purchase put and call options on securities, write covered put and call options on stocks and enter into securities index futures contracts and related options. The Company is also authorised to hedge against interest rate fluctuations affecting portfolio securities by entering into interest rate futures contracts and options thereon and to enter into repurchase agreements. The Company may seek to protect the value of some or all of its portfolio holdings against currency risks by engaging in hedging transactions within the conditions and limits set down by the Central Bank. All fair value and movements in fair value gains/(losses) arising during the period through the use of efficient portfolio management techniques are included in the Income Statement on page 10. 10. Distribution Policy There were no dividends or distributions paid to the shareholders during the period. 11. Significant Events Effective 15 December 2014, Renaissance Asset Managers (UK) Limited replaced Renaissance Asset Managers (Guernsey) Limited as Investment Manager. Effective 31 December 2014, Adrian Harris resigned as a Director. Effective 27 February 2015, Blake Klein and John Walley resigned as Directors. 12. Subsequent Events There were no subsequent events to report after the period ended 31 March 2015. 13. Commitments and Contingent Liabilities There were no significant commitments or contingent liabilities as at 31 March 2015. 14. Approval of Unaudited Report The interim report and unaudited Financial Statements were approved and authorised for issue by the Directors on 21 May 2015.


30

Portfolio Statement As at 31 March 2015 RenAsset Eastern European Fund Country of Fair Value %Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss

Equities

BERMUDA Central European Media Enterprises Ltd 110,000 USD 273,668 0.27%VimpelCom Ltd ADR 180,000 USD 885,576 0.87%

1,159,244 1.14%

BRITISH VIRGINISLANDS Mail.ru Group Ltd GDR 56,000 USD 1,043,608 1.03%

1,043,608 1.03%

CAYMAN Eurasia Drilling Co Ltd GDR 102,000 USD 1,815,319 1.79%

ISLANDS 1,815,319 1.79%

CYPRUS Globaltrans Investment Plc GDR 205,000 USD 880,591 0.87%TCS Group Holding Plc GDR 260,989 USD 559,332 0.55%

1,439,923 1.42%

GEORGIA TBC Bank JSC GDR 135,000 USD 1,465,477 1.45%

1,465,477 1.45%

GREECE Ellaktor SA 325,000 EUR 601,250 0.59%Eurobank Ergasias SA 4,500,000 EUR 481,500 0.48%GEK Terna Holding Real Estate Construction SA 445,000 EUR 774,300 0.76%JUMBO SA 160,000 EUR 1,553,600 1.53%Metka SA 100,000 EUR 876,000 0.86%National Bank of Greece SA 240,000 EUR 266,400 0.26%

4,553,050 4.48%

HUNGARY OTP Bank Plc 55,000 HUF 971,128 0.96%

971,128 0.96%

JERSEY Genel Energy Plc 160,000 GBP 1,038,412 1.02%

1,038,412 1.02%


31

Portfolio Statement As at 31 March 2015 (continued) RenAsset Eastern European Fund Country of Fair Value %Origin Description Quantity Currency € Net Assets

Financial Assets at Fair Value through Profit or Loss (continued)

Equities (continued)

LUXEMBOURG MHP SA GDR 164,423 USD 1,455,478 1.44%

1,455,478 1.44%

NETHERLANDS X5 Retail Group NV GDR 95,995 USD 1,386,435 1.37%Yandex NV 60,000 USD 846,441 0.84%

2,232,876 2.21%

NORWAY DNO International ASA 800,000 NOK 950,131 0.94%

950,131 0.94%

POLAND Eurocash SA 65,000 PLN 518,152 0.51%Powszechna Kasa Oszczednosci Bank Polski SA 503,000 PLN 4,174,772 4.12%Powszechny Zaklad Ubezpieczen SA 38,000 PLN 4,553,105 4.49%Synthos SA 1,450,000 PLN 1,576,682 1.56%

10,822,711 10.68%

RUSSIA Gazprom OAO 2,800,000 RUB 6,229,632 6.15%Lukoil OAO 180,000 RUB 7,720,404 7.62%Magnit PJSC 20,000 RUB 3,618,914 3.57%Magnit PJSC GDR 26,000 USD 1,219,810 1.20%MMC Norilsk Nickel OJSC 30,000 RUB 4,960,914 4.89%Mobile TeleSystems OJSC 135,000 RUB 535,943 0.53%Mobile Telesystems OJSC ADR 340,000 USD 3,153,839 3.11%NovaTek OAO 380,000 RUB 2,613,696 2.58%Novolipetsk Steel OJSC GDR 140,000 USD 1,754,566 1.73%Rosneft OAO GDR 700,000 USD 2,806,001 2.77%Sberbank of Russia 5,800,000 RUB 5,807,046 5.73%Severstal PAO GDR 170,000 USD 1,772,549 1.75%Surgutneftegas OAO 2,300,000 RUB 1,328,011 1.31%Surgutneftegas OAO 1,800,000 RUB 1,289,953 1.27%Tatneft OAO ADR PFD 75,000 USD 2,074,171 2.05%

46,885,449 46.26%


32

Portfolio Statement As at 31 March 2015 (continued) RenAsset Eastern European Fund Country of Fair Value %Origin Description Quantity Currency € Net Assets



TURKEY Akbank TAS 350,000 TRY 970,588 0.96%Asya Katilim Bankasi AS 2,500,000 TRY 553,194 0.55%BIM Birlesik Magazalar AS 30,000 TRY 498,945 0.49%Emlak Konut Gayrimenkul Yatirim Ortakligi AS 1,000,000 TRY 1,056,422 1.04%Enka Insaat ve Sanayi AS 920,000 TRY 1,700,838 1.68%Haci Omer Sabanci Holding AS 600,000 TRY 1,963,660 1.94%Karsan Otomotiv Sanayii Ve Ticaret AS 1,500,000 TRY 872,618 0.86%Koza Altin Isletmeleri AS 178,000 TRY 1,759,728 1.74%Koza Anadolu Metal Madencilik Isletmeleri AS 1,675,000 TRY 1,249,415 1.23%Torunlar Gayrimenkul Yatirim Ortakligi AS 350,000 TRY 490,915 0.48%Tupras Turkiye Petrol Rafinerileri AS 30,000 TRY 660,621 0.65%Turk Telekomunikasyon AS 600,000 TRY 1,483,987 1.46%Turkcell Iletisim Hizmetleri AS 500,000 TRY 2,382,303 2.35%Turkiye Halk Bankasi AS 530,000 TRY 2,449,579 2.42%Turkiye Is Bankasi 600,000 TRY 1,256,999 1.24%Turkiye Vakiflar Bankasi Tao 2,550,000 TRY 3,931,603 3.88%

23,281,415 22.97%

Total Equities 99,114,221 97.79%

Open Forward Foreign Currency Transactions

Unrealised

Currency Sold Currency bought CounterpartyMaturity

DateGain

€% of Net

AssetsEUR 2,284,496 RUB 150,000,000 BNY Mellon 17/04/2015 97,045 0.10%

97,045 0.10%

Total Open Forward Foreign Currency Transactions 97,045 0.10%

Total Financial Assets at Fair Value through Profit or Loss 99,211,266 97.89%


33

Portfolio Statement As at 31 March 2015 (continued)


Country of Fair Value %Origin Description Quantity Currency € Net Assets

Financial Liabilities at Fair Value through Profit or Loss

Futures - Long Positions

RUSSIA Gazprom Stock Future June 2015 10,000 RUB (52,527) (0.05%)

(52,527) (0.05%)

Total Futures - Long Positions (52,527) (0.05%)

Total Financial Liabilities at Fair Value through Profit or Loss (52,527) (0.05%)

Financial assets and liabilities at fair value through profit or loss 99,158,739 97.84%

Cash at Bank 3,391,031 3.34%

Other Net Liabilities (1,199,875) (1.18%)

Net Assets Attributable to Holders of Redeemable Shares 101,349,895 100.00%

Analysis of Total Assets % of Total Assets

Transferable securities admitted to an official stock exchange or traded on a regulated market 96.08%Over-the-counter financial derivative instruments 0.09%Cash at Bank 3.29%Other Assets 0.54%Total Assets 100.00%


34

Portfolio Statement As at 31 March 2015 (continued) RenAsset Ottoman Fund Country of Fair Value % Origin Description Quantity Currency € Net Assets


Equities

BERMUDA Central European Media Enterprises Ltd 400,000 USD 995,154 1.54%EastPharma Ltd GDR 400,000 USD 354,081 0.54%VimpelCom Ltd ADR 60,000 USD 295,192 0.45%

1,644,427 2.53%

CAYMAN Eurasia Drilling Co Ltd GDR 53,000 USD 943,254 1.45%

ISLANDS 943,254 1.45%

CZECH CEZ AS 70,000 CZK 1,591,377 2.45%REPUBLIC Philip Morris CR AS 1,000 CZK 406,441 0.62%

1,997,818 3.07%

GREECE Hellenic Financial Stability Fund Piraues-CW17 600,000 EUR 60,000 0.09%Metka SA 60,000 EUR 525,600 0.81%National Bank of Greece-CW17 310,000 EUR 61,070 0.09%

646,670 0.99%

HUNGARY OTP Bank PLC 65,000 HUF 1,147,696 1.76%

1,147,696 1.76%

JERSEY Genel Energy Plc 49,870 GBP 323,659 0.50%

323,659 0.50%

LUXEMBOURG MHP SA GDR 49,706 USD 439,998 0.68%

439,998 0.68%

NETHERLANDS Yandex NV 40,000 USD 564,294 0.87%

564,294 0.87%

POLAND Eurocash SA 40,000 PLN 318,863 0.49%

318,863 0.49%


35




ROMANIA Fondul Proprietatea SA 2,777,444 RON 542,247 0.83%SIF 2 Moldova Bacau 900,000 RON 319,823 0.49%SIF 5 Oltenia Craiova 700,000 RON 264,764 0.41%

1,126,834 1.73%

RUSSIA DIXY Group OJSC 70,000 RUB 542,901 0.83%E.ON Russia JSC 5,000,000 RUB 237,012 0.36%Gazprom OAO 210,000 RUB 467,222 0.72%Gazprom OAO ADR 1,110,000 USD 4,901,500 7.53%Lukoil OAO ADR 80,000 USD 3,428,252 5.26%Magnit PJSC 5,000 RUB 904,729 1.39%MMC Norilsk Nickel OJSC ADR 60,000 USD 987,887 1.52%Mobile TeleSystems OJSC 65,000 RUB 258,047 0.40%Mobile Telesystems OJSC ADR 50,000 USD 463,800 0.71%NOVATEK OAO GDR 10,000 USD 697,447 1.07%Novolipetsk Steel OJSC GDR 120,000 USD 1,503,914 2.31%Rosneft OAO GDR 100,000 USD 400,857 0.62%Sberbank of Russia PFD 350,000 RUB 350,425 0.54%Sberbank of Russia 410,000 RUB 297,631 0.46%Sberbank of Russia ADR 1,150,000 USD 4,663,972 7.16%Severstal PAO GDR 115,000 USD 1,199,078 1.84%TGK-1 OAO 2,108,458,000 RUB 138,945 0.21%

21,443,619 32.93%

TURKEY Akbank TAS 250,000 TRY 693,277 1.06%Akfen Gayrimenkul Yatirim Ortakligi AS 300,000 TRY 172,382 0.26%Aksa Enerji Uretim AS 700,000 TRY 692,028 1.06%Alarko Gayrimenkul Yatirim Ortakligi AS 40,000 TRY 305,506 0.47%Alarko Holding AS 200,000 TRY 266,961 0.41%Anadolu Anonim Turk Sigorta Sirketi 700,000 TRY 327,277 0.50%Ar Tarim Organik Gida AS 150,000 TRY - -

Aselsan Elektronik Sanayi Ve Ticaret AS 100,000 TRY 440,771 0.68%Asya Katilim Bankasi AS 2,000,000 TRY 442,555 0.68%BIM Birlesik Magazalar AS 20,000 TRY 332,630 0.51%Dogan Sirketler Grubu Holding AS 4,000,000 TRY 856,558 1.32%Emlak Konut Gayrimenkul Yatirim Ortakligi AS 600,000 TRY 633,853 0.97%Enka Insaat ve Sanayi AS 300,000 TRY 554,622 0.85%Finans Finansal Kiralama AS 200,000 TRY 207,002 0.32%Haci Omer Sabanci Holding AS 300,000 TRY 981,830 1.51%Is Gayrimenkul Yatirim Ortakligi AS 1,080,000 TRY 635,995 0.98%Is Yatirim Menkul Degerler AS 754,544 TRY 306,998 0.47%Is Yatirim Ortakligi AS 800,000 TRY 259,823 0.40%


36




TURKEY Karsan Otomotiv Sanayii Ve Ticaret AS 3,600,000 TRY 2,094,285 3.21%(continued) Koza Anadolu Metal Madencilik Isletmeleri AS 1,000,000 TRY 745,920 1.15%

Petkim Petrokimya Holding AS 1,300,000 TRY 1,614,613 2.47%Reysas Gayrimenkul Yatirim Ortakligi AS 917,646 TRY 232,530 0.36%Sekerbank TAS 945,531 TRY 556,808 0.86%Torunlar Gayrimenkul Yatirim Ortakligi AS 250,000 TRY 350,654 0.54%Trakya Cam Sanayii AS 832,676 TRY 873,714 1.34%

Tupras Turkiye Petrol Rafinerileri AS 130,000 TRY 2,862,690 4.40%

Turk Telekomunikasyon AS 770,000 TRY 1,904,451 2.91%

Turkcell Iletisim Hizmetleri AS 320,000 TRY 1,524,674 2.34%

Turkiye Halk Bankasi AS 350,000 TRY 1,617,646 2.48%

Turkiye Is Bankasi 1,200,000 TRY 2,513,999 3.86%

Turkiye Sinai Kalkinma Bankasi AS 1,300,000 TRY 923,299 1.42%

Turkiye Vakiflar Bankasi Tao 1,500,000 TRY 2,312,708 3.54%

Uzel Makina Sanayii AS 14,000 TRY - -

28,238,059 43.33%

UNITED KINGDOM Evraz Plc 600,000 GBP 1,557,617 2.39%

1,557,617 2.39%


Futures - Long Positions

RUSSIA RTS Index Future 30/06/2015 3,000 USD 131,634 0.21%

131,634 0.21%

Total Futures- Long Positions 131,634 0.21%


37

Portfolio Statement As at 31 March 2015 (continued) RenAsset Ottoman Fund Country of Fair Value %Origin Description Quantity Currency € Net Assets



Unrealised

Currency Sold Currency bought Counterparty Maturity DateGain

€% of Net

AssetsTRY 15,000,000 EUR 5,339,979 BNY Mellon 17/04/2015 14,361 0.03%

14,361 0.03%

Total Open Forward Foreign Currency Transactions 14,361 0.03%

Total Financial Assets at Fair Value through Profit or Loss 60,538,803 92.96%

Financial Liabilities at Fair Value through Profit or Loss

Futures - Short Positions

TURKEY BIST 30 Futures 30/04/2015 (1,000) TRY (51,043) (0.08%)

(51,043) (0.08%)

Total Futures - Long Positions (51,043) (0.08%)


Unrealised

Currency Sold Currency bought Counterparty Maturity DateLoss

€% of Net

AssetsTRY 40,000,000 USD 15,150,367 BNY Mellon 17/04/2015 (87,887) (0.13%)

(87,887) (0.13%)

Total Open Forward Foreign Currency Transactions (87,887) (0.13%)

Total Financial Liabilities at Fair Value through Profit or Loss (138,930) (0.21%)

Financial Assets and Liabilities at Fair Value through Profit or Loss 60,399,873 92.75%

Cash at Bank 5,147,349 7.91%

Other Net Liabilities (432,155) (0.66%)



Transferable securities admitted to an official stock exchange or traded on a regulated market 91.87%Exchange traded financial derivative instruments 0.20%Over-the-Counter financial derivative instruments 0.02%Cash at Bank 7.83%Other Assets 0.08%Total Assets 100.00%


38

Portfolio Statement As at 31 March 2015 (continued) RenAsset Nigeria Fund

Country of Fair Value %Origin Description Quantity Currency US$ Net Assets


Equities

NIGERIA Access Bank Plc 5,650,000 NGN 173,147 3.93%Dangote Cement Plc 250,000 NGN 200,955 4.56%Dangote Sugar Refinery Plc 4,997,194 NGN 176,490 4.01%Diamond Bank Plc 1,000,000 NGN 20,347 0.46%FBN Holdings Plc 4,400,000 NGN 192,314 4.37%FCMB Group Plc 9,600,000 NGN 138,900 3.15%Fidelity Bank Plc 16,000,000 NGN 138,257 3.14%GlaxoSmithKline Consumer Nigeria Plc 490,000 NGN 108,561 2.47%Guaranty Trust Bank Plc 3,100,000 NGN 408,816 9.28%Guinness Nigeria Plc 127,142 NGN 84,435 1.92%International Breweries Plc 1,900,000 NGN 180,406 4.10%Julius Berger Nigeria Plc 270,000 NGN 59,343 1.35%Lafarge Africa Plc 433,000 NGN 182,728 4.15%Nestle Nigeria Plc 63,000 NGN 267,445 6.07%Nigerian Breweries Plc 470,000 NGN 339,307 7.71%Presco Plc 606,150 NGN 84,627 1.92%PZ Cussons Nigeria Plc 705,000 NGN 98,462 2.24%SEPLAT Petroleum Development Co Plc 40,743 NGN 81,466 1.85%Skye Bank Plc 6,469,848 NGN 78,009 1.77%Stanbic IBTC Holdings Plc 1,250,000 NGN 180,106 4.09%Sterling Bank Plc 5,400,000 NGN 58,870 1.34%Unilever Nigeria Plc 415,000 NGN 87,983 2.00%United Bank for Africa Plc 9,700,000 NGN 197,850 4.49%Zenith Bank Plc 2,800,000 NGN 295,122 6.70%

3,833,946 87.07%

TOGO Ecobank Transnational Inc 4,200,900 NGN 379,885 8.63%

379,885 8.63%


Total Financial Assets at fair value through profit or loss 4,213,831 95.70%


39

Portfolio Statement As at 31 March 2015 (continued) RenAsset Nigeria Fund

Fair Value %Description US$ Net Assets


Cash at Bank 156,014 3.54%

Other Net Assets 33,608 0.76%



Transferable securities admitted to an official stock exchange or traded on a regulated market 94.90%

Cash at Bank 3.51%

Other Assets 1.59%Total Assets 100.00%


40

Portfolio Statement As at 31 March 2015 (continued) RenAsset Africa ex S.A. Fund Country of Fair Value %Origin Description Quantity Currency US$ Net Assets


Equities

BOTSWANA First National Bank of Botswana Ltd 750,000 BWP 282,234 0.91%Letshego Holdings Ltd 3,100,000 BWP 746,604 2.39%

1,028,838 3.30%

CANADA First Quantum Minerals Ltd 80,000 CAD 947,794 3.04%

947,794 3.04%

EGYPT Commercial International Bank Egypt SAE 130,000 EGP 959,063 3.08%Eastern Tobacco 54,000 EGP 1,462,591 4.70%Egyptian International Pharmaceutical Industrial Co 24,766 EGP 265,121 0.85%ElSwedy Electric Co 190,000 EGP 1,196,519 3.84%Oriental Weavers 860,000 EGP 1,206,021 3.87%Qatar National Bank Alahly 95,000 EGP 415,233 1.33%Sidi Kerir Petrochemicals Co 450,000 EGP 884,070 2.84%

6,388,618 20.51%

GHANA Ecobank Ghana Ltd 70,000 GHS 139,817 0.45%Ghana Commercial Bank Ltd 46,500 GHS 64,590 0.21%

204,407 0.66%

KENYA Bamburi Cement Co Ltd 280,000 KES 481,558 1.55%Barclays Bank of Kenya Ltd 2,300,000 KES 408,004 1.31%Co-operative Bank of Kenya Ltd 3,100,000 KES 712,547 2.29%East African Breweries Ltd 140,000 KES 470,957 1.51%Equity Bank Ltd 1,400,000 KES 787,453 2.53%Kenya Commercial Bank Ltd 900,000 KES 588,967 1.89%Kenya Reinsurance Corp Ltd 700,000 KES 140,076 0.45%Safaricom Ltd 2,000,000 KES 368,848 1.18%Standard Chartered Bank Kenya Ltd 43,000 KES 160,000 0.51%

4,118,410 13.22%

MALI Randgold Resources Ltd 11,500 GBP 802,182 2.57%802,182 2.57%

MAURITIUS MCB Group Ltd 195,000 MUR 1,053,620 3.38%New Mauritius Hotels Ltd 35,000 MUR 64,077 0.21%SBM Holdings Ltd 25,000,000 MUR 665,112 2.14%

1,782,809 5.73%

MOROCCO Attijariwafa Bank 47,000 MAD 1,765,387 5.67%Holcim Maroc SA 1,300 MAD 294,595 0.95%Maroc Telecom 45,000 MAD 602,376 1.93%

2,662,358 8.55%


41

Portfolio Statement As at 31 March 2015 (continued) RenAsset Africa ex S.A. Fund

Country of Fair Value %Origin Description Quantity Currency US$ Net Assets


Equities (Continued)

NIGERIA Dangote Cement Plc 800,000 NGN 643,055 2.06%Dangote Sugar Refinery Plc 9,000,000 NGN 317,860 1.02%Guaranty Trust Bank Plc 16,000,000 NGN 2,110,023 6.77%International Breweries Plc 1,770,000 NGN 168,063 0.54%Lafarge Africa Plc 1,500,000 NGN 633,007 2.03%Nestle Nigeria Plc 215,674 NGN 915,573 2.94%Nigerian Breweries Plc 1,700,000 NGN 1,227,281 3.94%Presco Plc 900,000 NGN 125,652 0.40%Stanbic IBTC Holdings Plc 1,200,000 NGN 172,901 0.56%Zenith Bank Plc 15,000,000 NGN 1,581,010 5.08%

7,894,425 25.34%

TOGO Ecobank Transnational Inc 14,500,000 NGN 1,311,228 4.21%1,311,228 4.21%

UGANDA Umeme Ltd 5,400,000 UGX 893,668 2.87%893,668 2.87%

UNITED Tullow Oil Plc 210,000 GBP 886,615 2.85%KINGDOM 886,615 2.85%

ZAMBIA Zambeef Products Plc 300,000 GBP 54,900 0.18%54,900 0.18%

ZIMBABWE Delta Corp Ltd 600,000 USD 630,000 2.02%630,000 2.02%


Total Financial Assets at fair value through profit or loss 29,606,252 95.05%


42

Portfolio Statement As at 31 March 2015 (continued) RenAsset Africa ex S.A. Fund

Fair Value %

Description US$ Net Assets


Cash at Bank 1,787,308 5.74%

Other Liabilities (244,290) (0.79%)



Transferable securities admitted to an official stock exchange or traded on a regulated market 93.20%

Cash at Bank 5.63%

Other Assets 1.17%Total Assets 100.00%


43

Significant Portfolio Changes For the six months ended 31 March 2015 RenAsset Eastern European Fund Significant Purchases Securities Shares € MMC Norilsk Nickel OJSC 22,500 3,181,713 Sberbank of Russia 3,000,000 2,600,790 Gazprom OAO 1,270,000 2,569,917 Turk Telekomunikasyon AS 665,000 1,586,822 Mobile Telesystems OJSC ADR 125,000 1,491,231 Powszechna Kasa Oszczednosci Bank Polski SA 165,000 1,478,779 Lukoil OAO 35,437 1,445,769 Turkiye Vakiflar Bankasi Tao 850,000 1,403,231 Eurasia Drilling Co Ltd GDR 65,051 1,101,859 Akbank TAS 350,000 947,355 Metka SA 100,000 906,435 Karsan Otomotiv Sanayii Ve Ticaret AS 1,500,000 887,397 Yandex NV 60,000 848,917 Surgutneftegas OAO 1,500,000 811,031 DNO ASA 375,000 732,327 Mobile TeleSystems OJSC 150,000 709,390 Severstal PAO GDR 90,000 709,230 Genel Energy Plc 76,000 680,914 Novolipetsk Steel OJSC GDR 65,000 623,948 Tupras Turkiye Petrol Rafinerileri AS 30,000 604,337 BIM Birlesik Magazalar AS 30,000 532,367 Eurocash SA 65,000 512,850 Torunlar Gayrimenkul Yatirim Ortakligi AS 350,000 473,608 GEK Terna Holding Real Estate Construction SA 135,000 351,789


44

Significant Portfolio Changes For the six months ended 31 March 2015 RenAsset Eastern European Fund (continued)

Significant Sales

Securities Shares € Lukoil OAO (125,000) (4,383,997)Turkcell Iletisim Hizmetleri AS (800,000) (3,937,021)NovaTek OAO (445,000) (2,992,646)Surgutneftegas OAO (5,900,000) (2,992,163)Polski Koncern Naftowy Orlen SA (200,000) (2,110,036)Emlak Konut Gayrimenkul Yatirim Ortakligi AS (1,900,000) (1,962,846)Turkiye Vakiflar Bankasi Tao (1,100,000) (1,941,141)Pegasus Hava Tasimaciligi AS (160,000) (1,937,280)Polymetal International PLC (250,000) (1,524,149)Gulf Keystone Petroleum Ltd (2,200,000) (1,489,758)Bizim Toptan Satis Magazalari AS (215,000) (1,485,710)Magnitogorsk Iron & Steel Works OJSC GDR (662,657) (1,446,938)Hellenic Petroleum SA (350,000) (1,434,973)NOVATEK OAO GDR (19,000) (1,391,905)Powszechny Zaklad Ubezpieczen SA (12,000) (1,374,273)Turkiye Halk Bankasi AS (270,000) (1,366,705)Tatneft OAO ADR (55,000) (1,354,623)OTP Bank PLC (95,000) (1,336,080)Haci Omer Sabanci Holding AS (370,000) (1,302,332)Powszechna Kasa Oszczednosci Bank Polski SA (142,000) (1,206,830)Kernel Holding SA (160,000) (1,176,751)Magnit PJSC (7,000) (1,118,232)MMC Norilsk Nickel OJSC (8,500) (1,095,568)KGHM Polska Miedz SA (40,000) (1,025,725)Alpha Bank AE (2,200,000) (961,840)Eurobank Ergasias SA (4,500,000) (913,184)MegaFon OAO GDR (60,000) (903,615)X5 Retail Group NV GDR (64,005) (891,504)Aeroflot - Russian Airlines OJSC (1,600,000) (883,914)Sberbank of Russia (910,797) (870,502)Turkiye Is Bankasi (400,000) (860,247)Severstal PAO GDR (120,000) (844,662)Gazprom OAO (379,000) (742,476)Rosneft OAO GDR (230,000) (722,237)Mobile Telesystems OJSC ADR (85,000) (655,351)


45

Significant Portfolio Changes For the six months ended 31 March 2015 RenAsset Ottoman Fund Significant Purchases

Securities Shares € MMC Norilsk Nickel OJSC ADR 100,000 1,400,676 Sberbank of Russia ADR 350,000 1,294,915 Akbank TAS 450,000 1,240,554 Lukoil OAO ADR 30,000 1,024,113 Eurasia Drilling Co Ltd GDR 53,000 893,203 Gazprom OAO ADR 160,000 650,544 Turkiye Vakiflar Bankasi Tao 350,000 589,477 Yandex NV 40,000 563,692 Metka SA 60,000 542,014 Turkiye Is Bankasi 250,000 481,528 Tekfen Holding AS 200,000 412,281 Aselsan Elektronik Sanayi Ve Ticaret AS 100,000 378,864 BIM Birlesik Magazalar AS 20,000 354,734 OTP Bank PLC 25,000 335,207 Torunlar Gayrimenkul Yatirim Ortakligi AS 250,000 334,929 Is Yatirim Ortakligi AS 800,000 327,903 SIF 2 Moldova Bacau 900,000 320,559 Eurocash SA 40,000 315,600 SIF 5 Oltenia Craiova 700,000 296,775 Karsan Otomotiv Sanayii Ve Ticaret AS 600,000 281,970 Pegasus Hava Tasimaciligi AS 25,000 260,397 Novolipetsk Steel OJSC GDR 20,000 195,816 Turk Telekomunikasyon AS 70,000 194,883 Severstal PAO GDR 20,210 159,219 Alarko Holding AS 100,000 156,606 Sekerbank TAS 45,530 16,133

Significant Sales

Securities Shares € Turkiye Vakiflar Bankasi Tao (1,350,000) (2,810,379)Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS (2,161,137) (1,706,167)Migros Ticaret AS (200,000) (1,646,149)Pegasus Hava Tasimaciligi AS (100,000) (1,155,452)NOVATEK OAO GDR (10,000) (750,202)Turkiye Is Bankasi (300,000) (736,203)Bizim Toptan Satis Magazalari AS (100,000) (708,657)Turkcell Iletisim Hizmetleri AS (130,000) (706,008)MMC Norilsk Nickel OJSC ADR (40,000) (630,534)Bezeq The Israeli Telecommunication Corp Ltd (450,000) (627,372)Lukoil OAO ADR (15,000) (573,404)Akbank TAS (200,000) (559,548)Emlak Konut Gayrimenkul Yatirim Ortakligi AS (400,000) (444,534)Tekfen Holding AS (200,000) (441,769)Park Elektrik Uretim Madencilik Sanayi ve Ticaret AS (260,000) (376,215)KCell JSC GDR (50,000) (342,867)Dogan Sirketler Grubu Holding AS (1,500,000) (333,031)IMMOFINANZ AG (135,000) (310,021)Gazprom OAO ADR (50,000) (262,407)Anel Elektrik Proje Taahhut ve Ticaret AS (542,502) (242,500)


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Significant Portfolio Changes For the six months ended 31 March 2015 RenAsset Nigeria Fund Significant Purchases Securities Shares US$ Nigerian Breweries Plc 237,852 189,110 International Breweries Plc 1,400,000 187,676 SEPLAT Petroleum Development Co Plc 30,000 117,861 Nestle Nigeria Plc 23,715 105,247 Zenith Bank Plc 886,574 78,365 Stanbic IBTC Holdings Plc 475,000 68,872 Dangote Cement Plc 72,115 55,488 Dangote Sugar Refinery Plc 1,100,000 53,501 GlaxoSmithKline Consumer Nigeria Plc 125,000 47,453 Guaranty Trust Bank Plc 300,000 34,044 Fidelity Bank Plc 5,000,000 32,550 Access Bank Plc 994,477 29,162 Lafarge Africa Plc 58,655 26,649 Ecobank Transnational Inc 300,900 25,796 Diamond Bank Plc 1,000,000 20,357 Sterling Bank Plc 1,400,000 16,093 FBN Holdings Plc 400,000 14,692 FCMB Group Plc 1,300,000 13,664

Significant Sales

Securities Shares US$ Stanbic IBTC Holdings Plc (975,000) (192,473)FBN Holdings Plc (2,650,000) (135,044)Guaranty Trust Bank Plc (1,000,000) (133,198)Ecobank Transnational Inc (1,300,000) (125,476)Sterling Bank Plc (9,000,000) (117,167)United Bank for Africa Plc (3,700,000) (84,339)Fidelity Bank Plc (10,600,000) (82,400)Skye Bank Plc (6,830,152) (77,678)GlaxoSmithKline Consumer Nigeria PLC (195,000) (48,050)Access Bank Plc (1,144,477) (46,483)FCMB Group Plc (3,100,000) (44,843)Julius Berger Nigeria Plc (130,000) (35,471)Nigerian Breweries Plc (37,852) (33,734)Zenith Bank Plc (286,574) (33,177)Nestle Nigeria Plc (6,715) (32,904)Guinness Nigeria Plc (32,858) (32,368)Lafarge Africa Plc (65,655) (29,912)Unilever Nigeria Plc (165,000) (29,159)International Breweries Plc (200,000) (29,075)Dangote Sugar Refinery Plc (802,806) (27,024)Dangote Cement Plc (27,115) (25,154)Presco Plc (93,850) (15,287)SEPLAT Petroleum Development Co Plc (6,257) (14,981)PZ Cussons Nigeria Plc (95,000) (12,142)


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Significant Portfolio Changes For the six months ended 31 March 2015 RenAsset Africa ex S.A. Fund

Significant Purchases

Securities Shares US$Sidi Kerir Petrochemicals Co 450,000 1,121,524 First Quantum Minerals Ltd 80,000 953,520 Randgold Resources Ltd 11,500 929,554 Umeme Ltd 4,806,178 856,957 SBM Holdings Ltd 25,000,000 839,937 Tullow Oil PLC 140,000 826,317 Equity Bank Ltd 1,400,000 810,030 MCB Group Ltd 135,000 798,820 Nigerian Breweries PLC 950,000 783,244 Kenya Commercial Bank Ltd 900,000 581,851 Zenith Bank PLC 6,500,000 574,036 Nestle Nigeria PLC 105,674 524,181 Co-operative Bank of Kenya Ltd/The 2,350,000 498,189 Eastern Tobacco 17,319 439,473 East African Breweries Ltd 110,000 371,213 Safaricom Ltd 2,000,000 321,442 Oriental Weavers 26,000 177,628 Qatar National Bank Alahly 37,501 168,339 Stanbic IBTC Holdings PLC 1,200,000 154,983 Ecobank Ghana Ltd 70,000 146,605 Commercial International Bank Egypt SAE 20,000 145,717 Kenya Reinsurance Corp Ltd 700,000 143,853 New Mauritius Hotels Ltd 64,700 135,059

Significant Sales

Securities Shares US$Douja Promotion Groupe Addoha SA (385,000) (1,291,333)FBN Holdings Plc (31,500,000) (1,231,084)Oriental Weavers (150,000) (903,140)SBM Holdings Ltd (25,000,000) (839,937)United Bank for Africa Plc (50,000,000) (773,625)Attijariwafa Bank (20,000) (760,912)ElSwedy Electric Co (118,000) (756,565)Access Bank Plc (28,500,000) (739,988)Eastern Tobacco (21,000) (633,270)Dangote Cement Plc (400,000) (319,495)Skye Bank Plc (30,500,000) (318,501)Lafarge Africa Plc (750,000) (313,719)Fidelity Bank Plc (43,549,986) (294,253)FCMB Group Plc (28,000,000) (290,075)SEPLAT Petroleum Development Co Plc (144,860) (224,113)GlaxoSmithKline Consumer Nigeria Plc (1,055,000) (219,165)Holcim Maroc (600) (142,437)Guinness Nigeria Plc (200,000) (141,784)East African Breweries Ltd (35,000) (117,703)


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Financial Information 31 March 2015

The Total Expense Ratio and Portfolio Turnover Rate are calculated in accordance with the Swiss Funds Association’s (SFA) “Guidelines on the calculation and disclosure of the TER and PTR”. These guidelines are aimed at ensuring the uniform implementation of this provision with regard to the costs and commissions incurred in connection with the management of collective investment schemes, thereby contributing to the highest possible pricing transparency for the collective investment schemes offered on the Swiss market.

Total Expense Ratios (TER)

Fund Name Share Class

Ratio of Total Operating Expenses to average Fund daily net assets for the

six months ended 31 March 2015

RenAsset Eastern European Fund Class A Shares 2.99%Class AA EUR Shares 2.50%Class AA GBP Shares 2.11%Class AA USD Shares 2.58%Class B Shares 3.07%Class C EUR Shares 2.56%Class C GBP Shares 2.05%Class C USD Shares 3.14%

RenAsset Ottoman Fund Class A Shares 2.90%Class AA GBP Shares 2.41%Class AA USD Shares 2.58%Class C EUR Shares 2.42%Class C GBP Shares 1.54%Class C USD Shares 2.83%

RenAsset Nigeria Fund Class C 1.37%

RenAsset Africa ex S.A. Fund Class C 0.52%

The method of calculation of the Total Expense Ratios (TER) is described on the website of the Swiss Funds Association www.sfa.ch


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Financial Information 31 March 2015 (continued) Portfolio Turnover Rate (PTR)

(A) Total 1 = Purchase of securities + sale of securities(B) Total 2 = Net absolute value of daily subscription of shares + daily redemption of shares

Ratio of Total 1 (A) less Total 2 (B) to average Fund daily net assets

for the six months ended 31 March 2015

Ratio of Total 1 (A) less Total 2 (B) to average Fund daily net assets for the Year ended 30 September 2014

RenAsset Eastern European Fund 41.15% 265.27%RenAsset Eastern European Allocation Fund - 298.67%Griffin European Opportunities Fund - 42.99%RenAsset Ottoman Fund 31.15% (3.38%)RenAsset Nigeria Fund 23.75% (30.97%)RenAsset Africa ex S.A. Fund 62.57% 12.47%

The method of calculation of the Portfolio Turnover Rates (PTR) is described on the website of the Swiss Funds Association www.sfa.ch


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Other Information Information for Investors in Germany The Prospectus, any supplements and addendums, the key investor information document, the Articles of Association, the annual reports and semi-annual reports are available from the paying and information agent in Germany upon request free of charge. The portfolio changes for each sub-fund in the period under review can also be obtained free of charge from the paying and information agent in Germany. Taxable Deemed Distribution for German Investors The Company intends to qualify as a so-called transparent fund from a German fund tax law point of view (in accordance with section 5 of the Investment Tax Act). To fulfil the major pre-requisites of the transparent status, the Company has to publish the German fund tax law figures together with a certificate issued by a lawyer, a tax adviser or an auditor stating that the aforementioned German fund tax law figures have been determined as defined by German tax law within 4 months after the Company business year-end (i.e. until end of January 2015) in the electronic federal gazette. The web-address of the electronic federal gazette is: www.ebundesanzeiger.de Austrian Tax Information for Investors To view the tax figures relevant for Austrian investors, please view the website of the Austrian Finance Ministry at http://www.bmf.gv.at/steuern/WeitereSteuern/Investmentfondgesetz or contact the Company's Austrian tax representative, Erste Bank AG on +43 (0) 50100 - 19526 (or 12139). Information for Investors in Switzerland The Prospectus, the Articles of Association, the key investor information document, the annual reports and semi-annual reports as well as a list containing all purchases and sales which have been made during the reporting period can be obtained free of charge at the Swiss Representative.

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