UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number:

811-01090

NOMURA PARTNERS FUNDS, INC.

(Exact Name of Registrant as Specified in Charter)

4 Copley Place, 5th Floor

CPH-0326

Boston, MA 02116

(Address of Principal Executive Offices)(Zip Code)

4 Copley Place, 5th Floor

CPH-0326

Boston, MA 02116

COPIES TO:

Nora M. Jordan, Esq.

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, NY 10017

(Name and Address of Agent for Service)

Registrant’s Telephone Number, including Area Code:

1-800-535-2726

Date of Fiscal Year End: September 30

Date of Reporting Period: October 1, 2012 – March 31, 2013

Item 1. Reports to Stockholders.

Semi-Annual Report

March 31, 2013 (Unaudited)

Nomura Partners Funds, Inc.

The Japan Fund

Asia Pacific ex Japan Fund

India Fund

Greater China Fund

Global Equity Income Fund

Global Emerging Markets Fund

International Equity Fund

High Yield Fund

IMPORTANT INFORMATION

The global equity markets have produced short-term returns for some sectors/asset classes that are not typical and may not continue in the future. Because of ongoing market volatility, performance may be subject to substantial short-term changes.

The views in this report are those of the managers of the series of the Nomura Partners Funds, Inc. (the “Funds”) as of March 31, 2013 and may not reflect their views on the date this report is first published or anytime thereafter and should not be considered investment advice. Statements concerning financial market trends are based on current market conditions, which will fluctuate. References to specific securities and issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. This report may contain discussions about investments that may or may not be held by the Funds as of the date of this report. Holdings and allocations are subject to change. There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for the long-term.

Investing includes risk, including possible loss of principal. International investing involves certain risks and increased volatility not associated with investing solely in the U.S. These risks include currency fluctuations, economic or financial instability, lack of timely or reliable financial information or unfavorable political or legal developments. These risks are magnified in the Funds which invest in emerging markets. Funds focusing on a single country, limited geographic areas and/or limited sectors may result in greater market volatility. Also, the Funds may invest in securities issued by smaller companies, which typically involves greater risk than investing in larger, more established companies. The Funds may utilize derivatives that may result in losses.

The Tokyo Stock Exchange Price Index (“TOPIX”) is an unmanaged capitalization weighted measure (adjusted in U.S. Dollars) of all shares listed on the first section of the Tokyo Stock Exchange. The MSCI All Country (AC) Asia Pacific ex Japan Index is an unmanaged free float-adjusted market capitalization index designed to measure the equity market performance in the Asia Pacific region excluding Japan. The Shanghai Stock Exchange A Share Index is a nonprofit organization run by the China Securities Regulatory Commission (CSRC); A-shares are quoted in Yuan and are only available to foreign investment through a qualified program. The MSCl lndia Index is an unmanaged free float-weighted equity index representing approximately 59 companies in India. The MSCI Golden Dragon Index is an unmanaged free float-adjusted market capitalization index which measures equity market performance in the China region. The MSCI World Index is an unmanaged free float-adjusted market capitalization-weighted index that measures the equity market performance of developed markets. The MSCI World Value Index is a free float-weighted index based on a parent index (MSCI World Index) which includes large and mid stocks across 24 Developed Markets countries. The MSCI Emerging Markets Index is an unmanaged free float-adjusted market capitalization index which measures equity market performance of emerging markets. The MSCI EAFE (Europe, Australasia, Far East) Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The MSCI Japan Index is a free float-adjusted index that includes every listed security in the Japanese market. The MSCI Hong Kong Index identifies every security listed in the Hong Kong market. Securities are free float-adjusted and screened by size, liquidity and minimum free float. The MSCI China Index is a free float-adjusted market capitalization-weighted index of Chinese equities that include China-affiliated corporations and H-Shares listed on the Hong Kong Exchange and B-Shares listed on the Shanghai and Shenzhen exchanges. The MSCI Taiwan Index is a free float-adjusted market capitalization index which represents Taiwanese companies that are available to investors worldwide. The MSCI Total Return Indices (MSCI Daily Total Return Net Japan Index, MSCI Daily Total Return Net Europe Index, MSCI Daily Total Return Net Pacific ex Japan Index) measure the price performance of named markets with the income from constituent dividend payments. The returns of the indexes assume dividends are reinvested gross of withholding tax and, unlike the Funds’ returns, are not adjusted to reflect sales charges, expenses or other fees that the Securities and Exchange Commission (“SEC”) requires to be reflected in the Funds’ performance. The Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market. One cannot invest directly in an index.

Price-to-book ratio is the ratio of a stock’s latest closing price divided by its book value per share. Book value is the total assets of a company minus total liabilities. H Shares are shares of a company incorporated in the Chinese mainland that are listed on the Hong Kong Stock Exchange or other foreign exchange.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages.

(www.mscibarra.com)

Table of Contents

	Page
The Japan Fund
Management’s Discussion of Fund Performance		1
Top Ten Holdings		1
Portfolio Summary		2
Asia Pacific ex Japan Fund
Management’s Discussion of Fund Performance		4
Top Ten Holdings		4
Portfolio Summary		5
India Fund
Management’s Discussion of Fund Performance		6
Top Ten Holdings		6
Portfolio Summary		7
Greater China Fund
Management’s Discussion of Fund Performance		9
Top Ten Holdings		9
Portfolio Summary		10
Global Equity Income Fund
Management’s Discussion of Fund Performance		12
Top Ten Holdings		12
Portfolio Summary		13
Global Emerging Markets Fund
Management’s Discussion of Fund Performance		14
Top Ten Holdings		14
Portfolio Summary		15
International Equity Fund
Management’s Discussion of Fund Performance		16
Top Ten Holdings		16
Portfolio Summary		17
High Yield Fund
Management’s Discussion of Fund Performance		18
Top Ten Holdings		18
Portfolio Summary		19
Schedule of Investments
The Japan Fund		20
Asia Pacific ex Japan Fund		26
India Fund		29
Greater China Fund		31
Global Equity Income Fund		34
Global Emerging Markets Fund		39
International Equity Fund		42
High Yield Fund		45
Statements of Assets and Liabilities		54
Statements of Operations		56
Statements of Changes in Net Assets		58

	Page
Financial Highlights
The Japan Fund		61
Asia Pacific ex Japan Fund		64
India Fund		66
Greater China Fund		68
Global Equity Income Fund		70
Global Emerging Markets Fund		72
International Equity Fund		74
High Yield Fund		76
Notes to Financial Statements		78
Other Information		96
Shareholder Expense Example		97
Board Approval of Investment Advisory Agreement and Sub-Advisory Agreements		101

Management’s Discussion of Fund Performance

(Unaudited) – The Japan Fund (the “Fund”)

Semi-Annual Review:

The Fund recorded a return of 17.68% in terms of Net Asset Value (NAV) per share for the six-month review period ended March 31, 2013. The corresponding returns for the TOPIX Index (the “benchmark”) with net dividends reinvested and for the MSCI Japan Index with net dividends reinvested were 17.17% and 18.01% in U.S. dollar terms, respectively. Therefore, the Fund outperformed the benchmark by 0.51% (51 basis points) while it underperformed the MSCI Japan Index by 0.33% (33 basis points) during the period.

The Japanese equity market enjoyed a significant rally during the period from October 2012 to March 2013. Japan’s economy had begun to bottom out from a recent period of stagnant growth and continued to improve throughout this review period. Conditions in the financial markets turned favorable when the risk aversion among global investors started to ease, while expectations about the course of domestic economic policy turned more optimistic. The National Diet’s lower house was dissolved in November 2012 and a general election was held in December. The former ruling Democratic Party of Japan (DPJ) was replaced by the Liberal Democratic Party (LDP) in a landslide victory. The LDP pledged to kick-start the economy and implemented a large-scale fiscal stimulus package to pull Japan’s economy out of deflation. In addition, the Bank of Japan (BOJ) introduced a new inflation target and bold monetary policies. Although the Yen depreciated by 24.4% against the U.S. dollar and by 23.9% against the Euro during the review period, the TOPIX (including dividends) rallied by 17.17% in US dollar terms.

The Fund seeks long-term capital appreciation (derived not only from value stocks but also from growth stocks). Considering this objective, Nomura Asset Management utilizes a “multi-manager” approach to managing the Fund’s investments. The Fund’s investments are initially allocated to three portfolio management teams who are responsible for the large cap value, large cap growth, and small cap blend strategies respectively. Decisions regarding the allocation of assets to a particular style are made by a dedicated asset allocation committee. Through this style diversification, Nomura Asset Management aims to capture the broader investment opportunities as well as ensuring that the Fund is well diversified.

In terms of style allocation, we have maintained the existing strategy throughout the review period. At the end of March 2013, we allocated 52.5% of the equity position to large cap value, 37.4% to large cap growth, and 10.1% to the small cap blend strategy. At the end of this review period, the total equity portfolio consisted of 283 stocks. The five largest sector weightings were Industrials, Consumer Discretionary, Financials, Materials, and Information Technology. Within the top five sectors, the Fund held overweight exposures relative to the benchmark in the Industrials, Financials, and Materials sectors, while it held underweight exposures in the Consumer Discretionary and Information Technology sectors.

The Fund’s outperformance of 0.51% against the benchmark for the period was the result of positive contributions from not only the style allocation but

Top Ten Holdings

Ten Largest Equity Holdings
	at March 31, 2013
	1.	Mitsubishi UFJ Financial Group, Inc.	3.50%
	2.	Sumitomo Mitsui Financial Group, Inc.	2.88%
	3.	Mitsubishi Heavy Industries Ltd.	2.63%
	4.	Seven & I Holdings Co. Ltd.	2.57%
	5.	Mitsubishi Electric Corp.	2.34%
	6.	Bridgestone Corp.	2.24%
	7.	Hitachi Ltd.	2.18%
	8.	Nippon Telegraph and Telephone Corp.	1.86%
	9.	Honda Motor Co. Ltd.	1.82%
	10.	East Japan Railway Co.	1.72%

Portfolio holdings are subject to change. Holdings may combine more than one security from the same issuer and related depositary receipts and participating notes.

Percentages are based on net assets.

For more complete details about the Fund’s investment portfolio, see page 20. A quarterly Fund Summary and Portfolio Holdings list are available upon request.

Nomura Partners Funds The World from Asia : 1

Management’s Discussion of Fund Performance

(Unaudited) (continued) – The Japan Fund

Portfolio Summary

Asset Allocation
March 31, 2013
Equity Holdings	96.76%
Cash Equivalents	0.00%
Other Assets Less Liabilities	3.24%

Sector Diversification
March 31, 2013
Industrials	24.87%
Consumer Discretionary	20.52%
Financials	15.81%
Materials	10.58%
Information Technology	8.58%
Consumer Staples	7.29%
Telecommunication Services	4.50%
Health Care	3.42%
Energy	0.70%
Utilities	0.49%

Asset allocation and sector diversification are subject to change.

Percentages are based on net assets.

For reporting purposes, industry classifications are combined in this sector diversification chart. For industry classifications, please see the Schedule of Investments starting on page 20.

also the stock selection. In terms of stock selection, Bridgestone Corporation, Mitsubishi Heavy Industries, Ltd. and F@N Communications, Inc. added value, while LIXIL Group Corporation, Nippon Telegraph and Telephone Corporation and NTT DoCoMO, Inc. detracted from the relative performance.

Market Outlook:

Japan’s economy bottomed out during October — December 2012 and is expected to return to a recovery path against the background of firm domestic demand and a pick-up in the growth rates of some overseas economies. We forecast a real GDP growth rate of 1.1% for calendar year (CY) 2013 and 1.4% for CY2014. Sentiment has improved substantially in both the Corporate and Household sectors, due to the weakening of the Yen and rising stock prices. This suggests the possibility that consumption behavior has been stimulated by asset effects generated on an unprecedented scale in Japan.

Prime Minister Abe’s administration is determined to address the main challenges that Japan’s economy faces, including overcoming deflation, through a combination of three policy “arrows” — bold monetary policy, flexible fiscal policy and a growth strategy that promotes private investment. As for “flexible fiscal policy”, a supplementary budget of 13.1 trillion Yen (USD $131 billion, 2.8% of Japan’s nominal GDP) was passed by Parliament in February 2013, the full effects of which should be evident from the second quarter of 2013 and is expected to boost the GDP growth rate in 2013. Prime Minister Abe announced Japan’s participation in the Trans-Pacific Partnership (TPP) negotiations in March, which is regarded as one of the structural reform measures that Japan needs to take. The government also plans to formulate comprehensive economic growth and fiscal management policies, referred to as the “big-boned policy” by the end of June. This is aimed at enhancing Japan’s economic competitiveness and growth potential over the medium term and the long run, while also supporting the economy in the short run.

As for the “bold monetary policy” requirement, the BOJ released in January 2013 a joint statement with the government in which it established a price stability target of 2% annual growth in the Consumer Price Index (CPI) and made a clear commitment to achieving this target. In addition, the BOJ introduced its combined “quantitative and qualitative monetary easing” policies in April to achieve the target within a timeframe of about two years. In the words of the new BOJ Governor Kuroda, the BOJ has entered “a new phase of monetary easing” in order to underpin its commitment. The BOJ aims to double the amount of base money — the sum of cash in circulation and financial institutions’ current account deposits at the BOJ — within two years and increase the amount of longer-term bonds and other assets on its balance sheet. This purchasing program of 132 trillion Yen in total over two years is equivalent to more than 1% of GDP per month, which is proportionally about twice the rate of the U.S. Federal Reserve’s current asset purchasing program of USD $85 billion per month. This “quantitative and qualitative monetary easing” is expected not only to work through such

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Management’s Discussion of Fund Performance

(Unaudited) (concluded) – The Japan Fund

transmission channels like longer-term interest rates and asset prices but also to drastically change the expectations of markets and economic entities. The BOJ expects these effects to support economic activity and financial markets, contribute to a further pick-up in inflation expectations, and lead Japan’s economy to overcome deflation that has lasted for nearly 15 years.

Although Japan’s equity market has risen substantially in recent months, current equity valuations remain reasonable. According to the latest forecast, total recurring profits of major Japanese companies were expected to grow by 26.5% (yoy) for the fiscal year of 2013 ending March 2014. We believe equity valuations are still depressed and the growth potential of Japanese companies is not being discounted fairly due to the prolonged deflationary economic circumstances. The more convinced investors become that Japan can overcome deflation, the more fairly equity markets will discount the growth potential of Japanese companies.

We believe the Japanese equity market is attractive from a long-term investment perspective. In our judgment, there are many attractive stocks available in this market. We will maintain a well diversified Fund and select the most attractive candidates from among the value stocks, growth stocks and small-capitalization stocks using our extensive equity research capabilities.

Past performance is not a guarantee of future results. Performance shown represents that of the Fund’s Class A shares. Performance does not reflect any applicable front end sales charge or redemption fees. If reflected, returns would have been lower.

Nomura Partners Funds The World from Asia : 3

Management’s Discussion of Fund Performance

(Unaudited) – Asia Pacific ex Japan Fund (the “Fund”)

Top Ten Holdings

Ten Largest Equity Holdings
	at March 31, 2013
	1.	Samsung Electronics Co. Ltd.	7.98%
	2.	Hyundai Mobis	3.82%
	3.	Hengan International Group Co. Ltd.	3.29%
	4.	BOC Hong Kong Holdings Ltd.	3.06%
	5.	Tencent Holdings Ltd.	2.72%
	6.	Sands China Ltd.	2.61%
	7.	DMCI Holdings, Inc.	2.50%
	8.	SK Hynix Inc.	2.43%
	9.	ICICI Bank Ltd., ADR	2.37%
	10.	Radiant Opto-Electronics Corp.	2.33%

Portfolio holdings are subject to change. Holdings may combine more than one security from the same issuer and related depositary receipts and participating notes.

Percentages are based on net assets.

For more complete details about the Fund’s investment portfolio, see page 26. A quarterly Fund Summary and Portfolio Holdings list are available upon request.

Semi-Annual Review:

The Fund recorded a return of 6.10% in terms of Net Asset Value (NAV) for the six-month review period ended March 31, 2013. The corresponding return for the MSCI AC Asia Pacific ex Japan Index (the “benchmark”) with net dividends reinvested was 8.06% in U.S. dollar terms. Therefore, the Fund underperformed the benchmark by 1.96% (196 basis points) during the period.

In terms of asset allocation, overweight positions in the Philippines and Thailand added value, as these markets performed strongly on the back of robust domestic economic growth. Meanwhile, the underweight exposure to Australia worked against the Fund, as the market strengthened amid expectations that a lower interest rate environment will stimulate the domestic economy.

Stock selection results failed to add value, especially in China and Taiwan. In China, our overweight position in Tencent Holdings Ltd. detracted from the Fund, as the share price fell in response to disappointing earnings results. In Taiwan, our overweight position in Radiant Opto-Electronics Corp. had a negative effect, as the share price weakened on the back of slowing sales momentum. Meanwhile, stock selection was successful in Thailand. Our overweight position in Jasmine International PCL added value, as the share price jumped sharply higher on the back of strong earnings momentum.

Market Outlook:

With the global economy steadily recovering, led by the U.S. and emerging economies, the outlook for the Asia Pacific equity markets remains broadly positive. Risk asset prices are finding support from the sustained aggressive monetary easing policies from virtually all developed world central banks. Remaining uncertainty means that equity markets may be volatile, particularly in regards to the health of peripheral Europe and the potential negative economic consequences of the mandated U.S. budget cuts.

Most regional markets are likely to maintain their upward trajectory, not only due to this abundant and cheap liquidity but also because earnings-per-share (EPS) forecasts are starting to be ratcheted higher in an environment where valuations are still reasonable.

A pleasing development for stock selection focused investors is that stock to stock correlations have dropped to their historical average. Therefore, this is an environment where buying the right shares can be adequately rewarded.

In terms of our country allocation, we will increase our overweight exposure to Indonesia. This market disappointed in 2012 amid concerns about economic growth prospects, the exchange rate, and government policies — all of which encouraged profit taking. However, the positive secular story remains unchanged. In addition, some of the macroeconomic concerns have dissipated, the currency has stabilized, and the risk of domestic overheating has diminished.

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Management’s Discussion of Fund Performance

(Unaudited) (concluded) – Asia Pacific ex Japan Fund

Meanwhile, we will fund this purchase by extending the underweight China position. We are not particularly concerned about the short-term direction of the economy. Yes, growth in the first two months of 2013 has disappointed and the latest Consumer Price Index (CPI) figure was higher than expected. However, we believe there are several factors that can explain these disappointing numbers. Instead, we are reducing the exposure for the same micro and technical reasons that we have espoused over the last few years: poor corporate governance, a potentially huge supply of equity, rising wage costs, and general over-capacity. However, from a longer term perspective, we believe Chinese growth will slow sharply as the impact of a shrinking workforce, a relative fall in fixed-asset investment and the need to spend considerable amounts to alleviate pollution will all have an adverse impact on gross domestic product (GDP) growth. Under this scenario, many companies, especially State Owned Enterprises, could find it difficult to sustain their relatively high return-on-equity (ROE).

Past performance is not a guarantee of future results. Performance shown represents that of the Fund’s Class A shares. Performance does not reflect any applicable front end sales charge or redemption fees. If reflected, returns would have been lower.

Portfolio Summary

Asset Allocation
March 31, 2013
Equity Holdings	95.25%
Cash Equivalents	4.80%
Liabilities Less Other Assets	(0.05%	)

Sector Diversification
March 31, 2013
Financials	27.70%
Consumer Discretionary	21.80%
Information Technology	20.21%
Industrials	9.14%
Consumer Staples	8.71%
Materials	4.65%
Telecommunication Services	1.55%
Health Care	1.33%
Energy	0.16%

Asset allocation and sector diversification are subject to change.

Percentages are based on net assets.

For reporting purposes, industry classifications are combined in this sector diversification chart. For industry classifications, please see the Schedule of Investments starting on page 26.

Nomura Partners Funds The World from Asia : 5

Management’s Discussion of Fund Performance

(Unaudited) – India Fund (the “Fund”)

Top Ten Holdings

Ten Largest Equity Holdings
	at March 31, 2013
	1.	HDFC Bank Ltd.	12.24%
	2.	Infosys Ltd.	8.08%
	3.	ICICI Bank Ltd.	7.66%
	4.	ITC Ltd.	6.95%
	5.	HCL Technologies Ltd.	5.20%
	6.	Reliance Industries Ltd.	4.67%
	7.	Housing Development Finance Corp. Ltd.	4.34%
	8.	Larsen & Toubro Ltd.	4.31%
	9.	Tata Consultancy Services Ltd.	4.12%
	10.	Sadbhav Engineering Ltd.	3.20%

Portfolio holdings are subject to change. Holdings may combine more than one security from the same issuer and related depositary receipts and participating notes.

Percentages are based on net assets.

For more complete details about the Fund’s investment portfolio, see page 29. A quarterly Fund Summary and Portfolio Holdings list are available upon request.

Semi Annual Review:

The Fund recorded a return of -1.78% in terms of Net Asset Value (NAV) for the six-month review period from ended March 31, 2013. The corresponding return for the MSCI India Index (the “benchmark”) with net dividends reinvested was -2.08% in U.S. dollar terms. Therefore, the Fund outperformed the benchmark by 0.30% (30 basis points) during the period.

Progress on the reforms front was the key highlight over the period. In December 2012, the government secured Parliamentary approval for foreign direct investment (FDI) in multi-brand retail and also passed the Banking Amendment Bill, which should clear the way for the Reserve Bank of India (RBI) to issue new banking licenses down the road. Other measures included the Cabinet approving the Land Acquisition Bill and institution of the Cabinet Committee on Infrastructure to fast track infrastructure projects. In 2013, the government instituted a mechanism for raising retail diesel prices on a monthly basis, which will help lower the subsidy burden.

Inflation readings have also declined from a level of 8.07% in September 2012 to 6.84% in February 2013 (headline Wholesale Price Index Inflation). Core inflation has also come off from 5.7% to 3.8%. The RBI maintained interest rates in December but cut policy rates by 0.25% (25 basis points) to 7.50%. Despite low gross domestic product (GDP) growth and core inflation moderating to sub 4% levels, the RBI guided that “the headroom for further monetary easing remains quite limited” due to double-digit trends in the CPI and elevated current account deficits (CAD).

While progress on the policy front and falling inflation were positives for market sentiment, the positive market momentum over June 2012-January 2013 started to fade subsequently. The RBI’s guidance mentioned above was a factor as were lingering concerns over the CAD. The September 2012 quarter recorded an all time high deficit of USD $22.3 billion, with the December 2012 quarter figures widening to yet another record high of USD $32.6 billion (6.7% of GDP, annualized). Over the January-March 2013 period, incremental data such as auto sales and cement demand showed further weakness in consumption trends. Additionally, a key ally of the central government withdrew support creating some political uncertainty though the government secured support from new, albeit more unstable allies.

Over the September-December 2012 quarter, cyclical sectors outperformed benefiting from improved domestic policy momentum and expectations of rate cuts into 2013. Consumer Discretionary and Financials were among the leaders. However, this reversed in the January-March 2013 period. The defensive sectors did better; Information Technology (IT) earnings saw meaningful upgrades on the back of improving demand momentum. Healthcare and Consumer stocks also fared well.

The Fund’s sector allocation added value over the December 2012 quarter, with positive contributions from our overweight to Financials and underweights to Utilities and Energy. However, relative performance reversed over the March 2013 quarter. The Fund had no exposure to Infosys

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Management’s Discussion of Fund Performance

(Unaudited) (continued) – India Fund

Ltd. going into its results in January 2013. We bought the stock in February and after disappointing for multiple quarters and toning down guidance prior to results, the stock beat expectations handsomely. Our industrials holdings lagged the market over this quarter as the positive impact of the “reform rally” wore off. The normally defensive private sector banks we hold fared better on a relative basis compared to the public sector banks, but underperformed the market. Recent Fund activity was aimed at cutting the underweight to IT which we switched into from Financials and Materials. We cut exposure to Materials holdings which added some value.

Market Outlook:

With the global economy steadily recovering, led by the U.S. and emerging economies, the outlook for the Asia Pacific equity markets remains broadly positive. Risk asset prices are finding support from the sustained aggressive monetary easing policies from virtually all developed world Central Banks. Remaining uncertainty means that equity markets may be volatile, particularly in regards to the health of peripheral Europe and the potential negative economic consequences of the mandated U.S. budget cuts. Most regional markets are likely to maintain their upward trajectory, not only due to this abundant and cheap liquidity but also because earnings-per-share (EPS) forecasts are starting to be ratcheted higher in an environment where valuations are still reasonable.

In the Indian context, economic growth remains subdued with the investment cycle not showing any signs of pickup. The government’s reform measures over the last few months have removed the tail risk of any blowouts in the fiscal deficit. However this has come at the expense of lower government spending, which has in turn weakened consumption trends in the near term as well. As a result, we might see weak growth figures recorded over the next couple of quarters, though with the low base kicking in, year-over-year (yoy) growth may have bottomed in the December 2012 quarter as well.

The outlook for the CAD is also looking better with the moves to curb gold imports and the fall in the oil and commodity prices. This is probably why the currency has held up reasonably well even in the face of the U.S. dollar strength.

The above should also help core inflation reads move lower. Expectations from the RBI on the pace of future monetary easing took a knock in March, but given the above trends, the market may start factoring in a reversal of this conservative stance going ahead.

With a bunch of state elections coming up in the second half of 2013, and the central election due in the first half of 2014, politics is likely to increasingly dominate proceedings. A positive flip side to this may be a resumption of government election year spending, which would also boost sentiment.

Post the recent market correction, Indian markets have been among the worst performers year-to-date. On the positive side, valuations are starting

Portfolio Summary

Asset Allocation
March 31, 2013
Equity Holdings	88.90%
Cash Equivalents	0.77%
Other Assets Less Liabilities	10.33%

Sector Diversification
March 31, 2013
Financials	32.73%
Information Technology	17.40%
Consumer Staples	10.78%
Industrials	9.44%
Health Care	4.93%
Materials	4.76%
Energy	4.67%
Consumer Discretionary	2.46%
Utilities	1.73%

Asset allocation and sector diversification are subject to change.

Percentages are based on net assets.

For reporting purposes, industry classifications are combined in this sector diversification chart. For industry classifications, please see the Schedule of Investments starting on page 29.

Nomura Partners Funds The World from Asia : 7

Management’s Discussion of Fund Performance

(Unaudited) (concluded) – India Fund

to look appealing, foreign flows are supportive and there should be a pickup in activity as is usual for an election year. The next quarter provides a clear window for the government to act before a round of state elections. However, macro issues such as the pressure on the fiscal/trade deficits and the slow pace of reform execution remain downside risks.

Past performance is not a guarantee of future results. Performance shown represents that of the Fund’s Class A shares. Performance does not reflect any applicable front end sales charge or redemption fees. If reflected, returns would have been lower.

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Management’s Discussion of Fund Performance

(Unaudited) – Greater China Fund (the “Fund”)

Semi Annual Review:

The Fund recorded a return of 5.87% in terms of Net Asset Value (NAV) per share for the six-month review period ended March 31, 2013. The corresponding return for the MSCI Golden Dragon Index (the “benchmark”) with net dividends reinvested was 6.22% in U.S. dollar terms. Therefore, the Fund underperformed the benchmark by 0.35% (35 basis points) during the period.

Equity markets ended the year of 2012 on an upbeat note, shrugging off concerns over the impending “fiscal cliff” while focusing on better economic data from the U.S. and China. Entering into 2013, supportive U.S. economic data continued to drive most markets higher during the first quarter while China underperformed the region amid concerns that the economic recovery may not be as robust as previously expected, while the National People’s Congress in March failed to provide any incentives to the equity market given the absence of pro-growth policies. China’s equity market has established a long upward trend since October 2012, as investor sentiment improved in response to the recovery in domestic economic data. However, the MSCI China Index reversed its uptrend after the long rally and entered into a downward trend in February and March 2013 (-8.2%) amid mixed macroeconomic data and rising concerns over tighter property measures. The MSCI Hong Kong Index followed the similar trend as China. The market rallied during the final quarter of 2012 on the back of the sequential improvement in Chinese data and the inflows of hot money. However, the market reversed in February 2013 and dipped further in March in response to mixed macroeconomic data and fears that the Cyprus bailout could intensify the European debt crisis. The MSCI Taiwan Index was almost flat during the review period (+0.20%). While improvements in economic data have enhanced buying interest in financial and telecommunication stocks, concerns lingered over the European Union’s debt problem. Financial stocks were firm as investors saw the start of Chinese Yuan-denominated transactions in Taiwan as a new revenue source for local banks. Technology stocks, on the other hand, softened amid earnings concerns.

We maintained our equity ratio at around 92.4% of the Fund’s net assets at the end of the quarter. At the end of March, our equity portfolio consisted of 78 stocks, (i.e. 44 stocks for China, 18 stocks for Hong Kong and 16 stocks for Taiwan). In regional allocation, the Fund was overweight the China region while underweight the Hong Kong and Taiwan regions.

The Fund’s underperformance was mainly derived from the Information Technology sector in Taiwan. Meanwhile, the Energy and Industrials sectors in China contributed positively to the Fund. There have been some shifts to the Fund over the quarter. We have increased our exposure in the Health Care sector. This was funded by reducing the exposure on the Energy and Materials sectors.

Market Outlook:

Hong Kong’s gross domestic product (GDP) growth picked up to 2.5% year-over-year (yoy) in the fourth quarter of 2012 from 1.3% (yoy) in the third

Top Ten Holdings

Ten Largest Equity Holdings
	at March 31, 2013
	1.	Taiwan Semiconductor Manufacturing Co. Ltd.	6.14%
	2.	China Construction Bank Corp. — H Shares	4.52%
	3.	AIA Group Ltd.	4.12%
	4.	Industrial & Commercial Bank of China Ltd. — H Shares	3.76%
	5.	China Mobile Ltd.	2.66%
	6.	HON HAI Precision Industry Co. Ltd.	2.58%
	7.	Bank of China Ltd. — H Shares	2.52%
	8.	Tencent Holdings Ltd.	2.50%
	9.	Wharf Holdings Ltd.	2.24%
	10.	Radiant Opto-Electronics Corp.	2.11%

Portfolio holdings are subject to change. Holdings may combine more than one security from the same issuer and related depositary receipts and participating notes.

Percentages are based on net assets.

For more complete details about the Fund’s investment portfolio, see page 31. A quarterly Fund Summary and Portfolio Holdings list are available upon request.

Nomura Partners Funds The World from Asia : 9

Management’s Discussion of Fund Performance

(Unaudited) (continued) – Greater China Fund

Portfolio Summary

Asset Allocation
March 31, 2013
Equity Holdings	92.42%
Cash Equivalents	0.00%
Other Assets Less Liabilities	7.58%

Sector Diversification
March 31, 2013
Financials	37.52%
Information Technology	16.20%
Consumer Discretionary	10.26%
Industrials	7.92%
Energy	6.26%
Telecommunication Services	4.45%
Utilities	3.88%
Health Care	3.03%
Materials	2.05%
Consumer Staples	0.85%

Asset allocation and sector diversification are subject to change.

Percentages are based on net assets.

For reporting purposes, industry classifications are combined in this sector diversification chart. For industry classifications, please see the Schedule of Investments starting on page 31.

quarter of 2012, which was mainly attributed to improved export data in the fourth quarter. The Purchasing Managers Index (PMI) remained strong during the review period and recorded at the range of 50.5-52.5. Excluding the negative export growth in February (-16.9% yoy), exports growth improved gradually during the period with the highest growth in January (+17.6% yoy). Imports showed the similar trends with the highest growth in January (+23.9% yoy) and the lowest in February (-18.3% yoy). Meanwhile, the trade deficit stood at HK $34 billion in February. Retail sales showed improvement since October 2012 and recorded the highest at 22.7% yoy in February, backed by buoyant high-end categories such as gold and jewelry. The Hong Kong labor market remained healthy and the unemployment was very stable in the range of 3.3%-3.4% during the period. The Consumer Price Index (CPI) inflation rate stayed mild except for February which picked up to 4.4% yoy. Money supply had been stable, but slowed down slightly in February. It is believed that Hong Kong’s economy may continue to be supported by the stable CPI inflation and unemployment rate as well as the robust retail sales growth in the near term. However, property measures imposed on the Hong Kong property market and the mixed macroeconomic data in China suggest that the sustainability of this round of recovery needs to be tested in a longer term which remains the major uncertainty to the Hong Kong market.

China’s GDP growth rebounded to 7.9% yoy in the fourth quarter of 2012 from 7.4% in the third quarter of 2012, resulting in a 7.8% yoy gain for 2012. The official PMI readings were stable and maintained at the level above 50 during the review period. Trade results over the period were mixed. Exports managed to have double digits growth except a downside surprise in November (2.9% yoy). Imports were weak in the fourth quarter of 2012 but showed improvement in the first quarter of 2013, except for the negative growth in February. Meanwhile, China’s trade balance recorded at USD $15.3 billion in February. Fixed-Asset Investment (FAI) growth advanced to 21.2% yoy in February 2013 compared to 20.6% yoy in December. This was mainly due to the increase in real estate investment, led by a recovery in transaction volume and prices. Industrial Production growth fell slightly to 9.9% yoy in the January-February 2013 period from 10.0% in the fourth quarter of 2012. Retail sales grew by 12.3% yoy in January-February 2013, down from 14.3% yoy in 2012 due to the government’s austerity campaign. CPI inflation is still considered mild and fell within the Chinese government’s tolerance level. The growth of CPI was bounded in the range of 1.7%-3.2% yoy during the review period. Meanwhile, the low inflation rate means that there is little concern about any policy reversal. It is expected that the Chinese government will maintain its overall pro-growth policy stance in the near term. However, there is rising concern that the economic recovery may not be as robust as previously expected, while the National People’s Congress in March failed to provide any incentives to the equity market given the absence of a clear policy direction and reform. Hence, we will likely maintain a neutral position in China equities in the short term.

Taiwan’s Central Bank left its key interest rate unchanged at 1.875% and is likely to maintain accommodative monetary policies for the rest of the year

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Management’s Discussion of Fund Performance

(Unaudited) (concluded) – Greater China Fund

to keep domestic markets liquid and to shore up the local economy. Export orders plummeted by 14.5% (yoy) in February, with the growth numbers distorted by the long Lunar New Year holiday break. Meanwhile, the jobless rate continued to edge lower for a fourth consecutive month. The government has relaxed restrictions on foreign investment and workers to enhance the country’s competitiveness and to encourage Taiwanese manufacturers to return. Five free trade port zones — Keelung Harbor, Taipei Harbor, Kaohsiung Harbor, Taichung Harbor and Suao Harbor — are identified as free economic demonstration zones to develop high-value added, service-oriented industries, and to strengthen manufacturing sectors that can in turn promote the development of service industries. In terms of sector allocation, we favor the Retail and Service sectors over Technology and Electronics stocks, as the former are likely to benefit from the rising number of tourists from mainland China.

Past performance is not a guarantee of future results. Performance shown represents that of the Fund’s Class A shares. Performance does not reflect any applicable front end sales charge or redemption fees. If reflected, returns would have been lower.

Nomura Partners Funds The World from Asia : 11

Management’s Discussion of Fund Performance

(Unaudited) – Global Equity Income Fund (the “Fund”)

Top Ten Holdings

Ten Largest Equity Holdings
	at March 31, 2013
	1.	Chevron Corp.	2.29%
	2.	Merck & Co., Inc.	2.27%
	3.	Johnson & Johnson	2.18%
	4.	Exxon Mobil Corp.	2.12%
	5.	BP PLC	2.07%
	6.	JPMorgan Chase & Co.	1.98%
	7.	Roche Holding AG	1.80%
	8.	Nucor Corp.	1.73%
	9.	Total S.A.	1.71%
	10.	Keppel Corp. Ltd.	1.67%

Portfolio holdings are subject to change. Holdings may combine more than one security from the same issuer and related depositary receipts and participating notes.

Percentages are based on net assets.

For more complete details about the Fund’s investment portfolio, see page 34. A quarterly Fund Summary and Portfolio Holdings list are available upon request.

Semi Annual Review:

The Fund recorded a return of 9.36% in terms of Net Asset Value (NAV) per share for the six-month review period ended March 31, 2013. The corresponding returns for MSCI World Index (the “benchmark”) with net dividends reinvested and that of the MSCI World Value Net Return Index with net dividends reinvested were 10.41% and 11.46%, respectively. Therefore, the Fund underperformed the benchmark by 1.05% (105 basis points) and the MSCI World Value Net Return Index by 2.10% (210 basis points).

Global equities saw broad re-rating in light of lower bond yields in a backdrop of growing consensus that central banks’ quantitative easing will continue into the foreseeable future. The strongest region was Japan which showed a strong rebound with a return of 18.1%. Pacific Basin excluding Japan region (PBxJ) also posted a gain of 13.5% during the review period. North America rose 9.8%, while Europe closely followed with a 9.9% gain. Emerging markets, meanwhile, trailed behind developed markets with a return of 3.9%. (All performance figures are based on MSCI Total Return Net indices in U.S. dollars.)

The Fund is designed for investors seeking current income and long-term capital appreciation with an exposure to global markets. The Fund’s investment objective is to achieve current income and long-term capital growth through investing in relatively high dividend-paying stocks. Taking into account this investment objective, we maintained the equity ratio at 98.3% during the review period. At the end of March, our equity portfolio consisted of 140 holdings.

The Fund gradually increased its overweight position in Health Care, Materials, and Energy as it continued to increase its exposure on the back of stronger earnings prospects, and strong yield support for share prices. It also remains slightly overweight in the Telecommunication Services and Consumer Staples sectors because we continue to find stocks with stable dividend payment track records which are still attractively valued especially in terms of dividend yield. The Fund’s sector allocation strategy, a result of individual stock selection, negatively contributed due to the Fund’s overweight position in the Materials sector and underweight position in the Consumer Discretionary sector. The Fund’s overall regional allocation strategy also worked against us due to the underweight in North America and Japan. The overweight in the Pacific Basin ex Japan region made negative contributions during the quarter, which was more than offset by positive contributions from the overweight position in the U.K.

Market Outlook:

Although the global economy has continued to recover led by the U.S., its recovery is likely to be relatively modest for the rest of 2013 overall, rather than accelerating one-sidedly. The U.S. and Eurozone economies may continue to be weighed down by fiscal austerity. However, trends may differ somewhat between the U.S. and Eurozone — e.g., in the U.S., the recovery of the Household sector is partially offsetting the negative impact of fiscal

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Management’s Discussion of Fund Performance

(Unaudited) (concluded) – Global Equity Income Fund

austerity, whereas in the Eurozone, there is a growing downside risk to the economy due to on-going deleveraging among banks and the deterioration in sentiment. While the economic recovery trend is likely to continue in China and other emerging countries, this trend lacks strength. Given the modest pace of recovery of the global economy, an accommodative monetary policy stance is likely to be sustained worldwide. Especially in Japan, there is a high likelihood that further easing will be conducted extensively under the new Bank of Japan, and in combination with the fiscal stimulus package and increased exports brought about by the rectification of the strong Yen, the Japanese economy is likely to be uplifted temporarily at a greater pace than the recovery of the global economy.

Now, with the major U.S. indices having risen to all-time highs, it remains to be seen if U.S. equity markets can hold onto the resilience demonstrated in the first quarter of 2013, as we enter the period when the markets ran into difficulty in the last few years. Despite an obvious need for a breather, odds for a further market rally appear to be better than the past. The Federal Reserve Bank (FRB) is committed to keeping quantitative easing going until employment improves markedly. While politics has always been a risk, Washington’s ability to shock the market appears to be fading. Expectations on equities are not high, and retail investors remain cautious to accept risks in equities. Of course, there are enough risk factors that can affect the rally. Sequestration’s effect could emerge with a market pause. External shocks, including those associated with Europe and China are always risks. It also remains to be seen if the simultaneous rallies of the dollar and U.S. equities are one off-events or something with a staying power that shapes a trend. We seem to be living in an investment environment where many cyclical indicators are neither hot enough to get excited about, nor sufficiently cold to worry about. Earnings momentum is a case in point, having stabilized at a level where there are slightly more downgrades than upgrades. Investors hoping for a feast of good economic and fundamental news to drive equities higher from here may be left waiting for some time.

Our overall Fund strategy for the reminder of the financial year remains unchanged, which is to identify potential investments from a dividend yield perspective that have solid dividend payment track records and prospects of dividend growth in to the foreseeable future. This strategy deploys the combination of our proprietary quantitative screening and the bottom-up research capability of the Global Research Team.

As for regional allocation that we identify as a consequence of individual stock selection, we continue to take overweight positions in Europe and in the Asia Pacific ex Japan region. Despite its prevailing sovereign debt concerns, we can still identify European large cap multinationals, especially those in the U.K., attractively valued with long-term earnings growth prospects in emerging economies. To fund those regions’ overweight positions, we remain underweight in North America and in Japan for the time being.

Past performance is not a guarantee of future results. Performance shown represents that of the Fund’s Class A shares. Performance does not reflect any applicable front end sales charge or redemption fees. If reflected, returns would have been lower.

Portfolio Summary

Asset Allocation
March 31, 2013
Equity Holdings	98.27%
Cash Equivalents	1.00%
Other Assets Less Liabilities	0.73%

Sector Diversification
March 31, 2013
Financials	16.74%
Health Care	14.77%
Consumer Staples	12.05%
Energy	11.96%
Industrials	11.19%
Materials	9.60%
Information Technology	7.76%
Telecommunication Services	5.44%
Utilities	4.60%
Consumer Discretionary	4.16%

Asset allocation and sector diversification are subject to change.

Percentages are based on net assets.

For reporting purposes, industry classifications are combined in this sector diversification chart. For industry classifications, please see the Schedule of Investments starting on page 34.

Nomura Partners Funds The World from Asia : 13

Management’s Discussion of Fund Performance

(Unaudited) – Global Emerging Markets Fund (the “Fund”)

Top Ten Holdings

Ten Largest Equity Holdings
	at March 31, 2013
	1.	Samsung Electronics Co. Ltd., GDR, Reg — S Share 144A	7.76%
	2.	Taiwan Semiconductor Manufacturing Co. Ltd.	5.07%
	3.	Industrial & Commercial Bank of China Ltd.— H Shares	3.77%
	4.	Credicorp Ltd.	3.60%
	5.	Petroleo Brasileiro S.A.	3.40%
	6.	Aspen Pharmacare Holdings Ltd.	3.11%
	7.	Hyundai Mobis	3.02%
	8.	CNOOC Ltd.	2.90%
	9.	Lenovo Group Ltd.	2.77%
	10.	Vale S.A.— A Shares	2.76%

Portfolio holdings are subject to change. Holdings may combine more than one security from the same issuer and related depositary receipts and participating notes.

Percentages are based on net assets.

For more complete details about the Fund’s investment portfolio, see page 39. A quarterly Fund Summary and Portfolio Holdings list are available upon request.

Semi-Annual Review:

The Fund recorded a return of 2.73% in terms of Net Asset Value (NAV) for the six-month review period ended March 31, 2013. The corresponding return of the MSCI Emerging Markets Index (the “benchmark”) with net dividends reinvested was 3.87% in U.S. dollar terms. Therefore, the Fund underperformed the benchmark by 1.14% (114 basis points) for the review period.

From a country perspective, the Philippines and Turkey performed well, while Egypt, the Czech Republic and Hungary were some of the main laggards.

Fourth-quarter earnings, whether positive or negative, were a significant driver of returns over the period. Indian steel producer Tata Steel Ltd, for example, underperformed as its results highlighted on-going losses in the group’s European subsidiaries. Given limited signs of an improvement on the horizon, we sold out of the stock. Meanwhile, Samsung Engineering Co., Ltd., the Korean engineering specialist, endured not only weaker-than-expected earnings but also disappointing new orders and revenue guidance. Peruvian gold miner Cia de Minas Buenaventura S.A., ADR declined following downgrades to production guidance at key mines.

On the positive side, Grupo Financiero Banorte SAB de C.V. and Credicorp Ltd. performed well as investors rewarded the strong loan growth and attractive earnings outlooks of these Latin American banks. Mexico’s Grupo Financiero Banorte SAB de C.V. confirmed its positive outlook for 2013, based on the on-going economic and credit recovery in Mexico and positive synergies from the company’s acquisitions of financial groups. Elsewhere, South African pharmaceutical Aspen Pharmacare Holdings Ltd. outperformed on solid first-half results.

Market Outlook:

Sentiment in developed markets continues to be dominated by political and macroeconomic issues. Meanwhile, emerging-market economies are still expanding even if this growth is slowing, while emerging-market governments come under immense pressure to balance growth with inflation.

Growth in the leading economies of Europe and the U.S. is likely to remain subdued for some time to come. This means we are likely to see a continued reliance on demand from within emerging markets to drive the profits of the region’s companies, at least in the short term. Fortunately, the outlook for such demand is still positive, which bodes well for emerging-market companies in general.

With regard to the Fund, our focus remains on individual companies with distinct competitive advantages, resilient balance sheets and well-founded growth. The long-term investment case for emerging-market equities remains intact and the opportunity set remains vast.

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Management’s Discussion of Fund Performance

(Unaudited) (concluded) – Global Emerging Markets Fund

Past performance is not a guarantee of future results. Performance shown represents that of the Fund’s Class A shares. Performance does not reflect any applicable front end sales charge or redemption fees. If reflected, returns would have been lower.

Portfolio Summary

Asset Allocation
March 31, 2013
Equity Holdings	98.68%
Cash Equivalents	3.07%
Liabilities Less Other Assets	(1.75%	)

Sector Diversification
March 31, 2013
Financials	29.52%
Information Technology	18.00%
Consumer Discretionary	11.32%
Energy	10.56%
Materials	9.35%
Consumer Staples	6.26%
Telecommunication Services	6.26%
Health Care	3.12%
Industrials	3.08%
Utilities	1.21%

Asset allocation and sector diversification are subject to change.

Percentages are based on net assets.

For reporting purposes, industry classifications are combined in this sector diversification chart. For industry classifications, please see the Schedule of Investments starting on page 39.

Nomura Partners Funds The World from Asia : 15

Management’s Discussion of Fund Performance

(Unaudited) – International Equity Fund (the “Fund”)

Top Ten Holdings

Ten Largest Equity Holdings
	at March 31, 2013
	1.	The Japan Fund — Institutional Shares	18.09%
	2.	Asia Pacific ex Japan Fund — Institutional Shares	8.63%
	3.	Nestle S.A.	3.55%
	4.	Novartis AG	2.95%
	5.	Tim Participacoes S.A., ADR	2.38%
	6.	Banco Macro S.A., ADR	2.32%
	7.	Telefonaktiebolaget LM Ericsson — B Shares	2.04%
	8.	BP PLC	2.00%
	9.	Daimler AG	1.93%
	10.	Roche Holding AG	1.91%

Portfolio holdings are subject to change. Holdings may combine more than one security from the same issuer and related depositary receipts and participating notes. For affiliated investment companies, the underlying securities are used determine the ten largest equity holdings.

Percentages are based on net assets.

For more complete details about the Fund’s investment portfolio, see page 42. A quarterly Fund Summary and Portfolio Holdings list are available upon request.

Semi-Annual Review:

The Fund recorded a return of 10.09% in terms of Net Asset Value (NAV) for the six-month review period ended March 31, 2013. The corresponding return for the MSCI EAFE Index (the “benchmark”) with net dividends reinvested was 12.04%. Therefore, the Fund underperformed the benchmark by 1.95% (195 basis points) for the review period.

Macro-economic data has validated our below consensus gross domestic product (GDP) forecasts. However, we did not expect international equities to re-rate in a backdrop of falling forecasts. Central banks’ quantitative easing has evidently more than outweighed weaker economic news. As Sovereign and corporate bond yields got ever lower, many investors turned to equities for yield and prospects of capital gains.

Japanese equities were boosted by the planned change in economic policy, in particular for the Bank of Japan, which will now target 2% inflation by the end of 2014 and to that effect, will buy not only Japanese Government Bonds but other risky assets such as REITS (Real Estate Investment Trusts) and ETFs (Exchange Traded Funds). The strong initial run for Japanese equities was offset by a sharp depreciation of the Japanese Yen. This depreciation stopped from February onwards, enabling international investors to retain the further gains in local currency.

In Europe, investors got less and less worried about ‘tail risk’, as the European Central Bank (ECB) and the European Union (EU) continued to affirm their determination to keep the Euro-zone intact. The rollover of commodity prices, such as gold, was probably another factor drawing investors to equities.

The main reason for the Fund’s underperformance during the review period was our regional allocation and stock selection within Pacific Basin ex Japan, as the Asia Pacific ex Japan Fund underperformed the region, and as two of our direct Australian holdings fell significantly. These major negatives were partly offset by positives from Europe (underweight the region and mildly positive stock selection) and from Latin America.

Market Outlook:

Equity markets feel increasingly ripe for a correction. The long term investment case for international equities remain, but we expect that downgrades to corporate earnings forecasts will eventually result in profit taking. Of course, neither the European slump nor the slowdown in China are breaking news. What has changed is that the margin of safety for equity investors has become a lot smaller. Given how significant a theme the search for yield has been, the correction could happen after the majority of final dividends have been distributed, which is typically in April-May.

From a regional allocation standpoint, we retain a significant underweight in Europe. Relative to last summer, a potential European economic recovery has been made more difficult to achieve by the higher level of the Euro, not just against USD, but especially the Japanese Yen. We expect that guidance from Japanese companies may not match the high market expectations

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Management’s Discussion of Fund Performance

(Unaudited) (concluded) – International Equity Fund

reflected in a multiple of 18x current year earnings-per-share (EPS). We are modestly underweight Japan. Our cash holdings are now more modest and we have increased our weighting in the Pacific Basin ex Japan region to a modest overweight. The bulk of our investment in this region is via the Asia Pacific ex Japan Fund, which has a substantial exposure to emerging Asian markets as opposed to Australia. Finally, we retain our significant exposure to Latin America, primarily Argentina. We continue to look for misunderstood situations, where the upside to our fair value feels large enough to offset general macro-economic risks.

Past performance is not a guarantee of future results. Performance shown represents that of the Fund’s Class A shares. Performance does not reflect any applicable front end sales charge or redemption fees. If reflected, returns would have been lower.

Portfolio Summary

Asset Allocation
March 31, 2013
Equity Holdings	88.19%
Cash Equivalents	9.98%
Other Assets Less Liabilities	1.83%

Sector Diversification
March 31, 2013
Financials	39.94%
Health Care	9.28%
Consumer Discretionary	7.58%
Telecommunication Services	7.00%
Energy	6.35%
Consumer Staples	6.17%
Industrials	5.40%
Information Technology	3.51%
Materials	2.96%

Asset allocation and sector diversification are subject to change.

Percentages are based on net assets.

For reporting purposes, industry classifications are combined in this sector diversification chart. For affiliated investment companies, the underlying securities are used to determine the sector diversification. For industry classifications, please see the Schedule of Investments starting on page 42.

Nomura Partners Funds The World from Asia : 17

Management’s Discussion of Fund Performance

(Unaudited) – High Yield Fund

Top Ten Holdings

Ten Largest Holdings
	at March 31, 2013
	1.	HD Supply, Inc.	2.63%
	2.	Sprint Capital Corp.	2.30%
	3.	Caesars Operating Escrow, LLC	1.81%
	4.	Windstream Corp.	1.80%
	5.	Landry’s Holding II, Inc.	1.75%
	6.	Mobile Challenger Intermediate Groups SA	1.67%
	7.	Halcon Resources Corp.	1.67%
	8.	Shelf Drilling Holdings Ltd.	1.64%
	9.	EPE Holdings, LLC	1.62%
	10.	US Foods, Inc.	1.57%

Portfolio holdings are subject to change. Holdings may combine more than one security from the same issuer and related depositary receipts and participating notes.

Percentages are based on net assets.

For more complete details about the Fund’s investment portfolio, see page 45. A quarterly Fund Summary and Portfolio Holdings list are available upon request.

Quarterly Review:

The Fund ended the first quarter of 2013 with a return of 4.14% in terms of Net Asset Value (NAV) per share, while the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index (the “benchmark”) with net dividends reinvested returned 2.89%, resulting in the Fund’s outperformance of 1.25% (125 basis points). The Fund’s inception date was December 27, 2012 and its since inception return was 4.14% for the period ended March 31, 2013.

The high yield market continued to grind tighter during the quarter despite the negative headlines coming out of Europe. Weak Eurozone growth, the banking crisis in Cyprus, and the failure to form a governing coalition in Italy all failed to damper the positive tone in U.S. markets. This is further evidence that the structural firewalls erected in Europe over the past six months have resulted in a significant de-coupling of U.S. risk markets from European volatility. Unlike the previous three years, market participants are now focusing on stimulative monetary policy, historically low interest rates, steady corporate earnings, and an overall improving U.S. economy driven by the Housing, Auto, and Energy sectors.

We continue to believe that housing will have a positive impact on U.S. gross domestic product (GDP) in 2013. The U.S. housing market found a bottom in late 2011, and began to experience a material recovery in 2012, particularly during the second half. There are several reasons why we believe that the U.S. housing industry will continue to improve in 2013 — significant pent-up demand, record home price affordability, the cost to own versus renting near record low levels, historically low interest rates, and low levels of new home starts. HD Supply, Inc. was one of our largest holdings and best performer from the Basic Industry sector for the quarter. HD Supply, Inc. bonds rallied in part due to the announcement that the company would seek to complete an IPO (Initial Public Offering). In addition, an overweight and positive credit selection in the Services sector contributed to our outperformance for the quarter. The Services sector was our top performing sector in the Fund.

From a ratings perspective, our overweight and positive issue selection in CCC-rated issuers had the largest positive impact on relative performance during the month, followed by our underweight to BB-rated issuers, and our overweight to the B-rated segment of the market. We continue to believe that the BB-rated segment of the market is very rich from a valuation standpoint and has greater exposure to Treasury risk than their lower-quality counterparts.

Market Outlook:

The Consumer Confidence Index dropped 8.3 points to 59.7 in March after a 9.6 point increase in February, reflecting mixed consumer sentiment. More specifically, sequestration, tax hikes and an increase in gasoline prices may have affected consumer confidence negatively while recent performance of the high yield market, equity markets and the housing market are likely to

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Management’s Discussion of Fund Performance

(Unaudited) (concluded) – High Yield Fund

offset some of this negativity. Meanwhile, the Federal Reserve seems determined to keep rates low as we may enter a soft spot in the economy.

We believe that the current environment of slow growth and accommodative monetary policy will continue for the foreseeable future. Since quarter-end, a few things have occurred to support this view. First, central banks globally continue to push stimulative measures. Specifically, the Bank of Japan initiated a more aggressive easing than expected early in the month. Second, U.S. jobs data for March was weaker than expected. While we were disappointed to see weak job growth in March, we continue to believe in the slow growth story in the U.S. and feel that this only reinforces the view that the Federal Reserve will maintain accommodative policy.

We continue to be cautiously optimistic in the high yield asset class. With global economic indicators starting to show signs of improvement, and with central bank policy action in motion, we believe that the U.S. economy will expand at about a 1.5% to 2.0% rate. We remain positive on both the return prospects and the underlying credit fundamentals of the high yield market. Companies continue to refinance higher-coupon debt, extend maturities, and focus on balance sheet repair. The quality of new issuance remains strong. In recognition of these fundamentals, inflows have also been strong. The Federal Reserve, in our opinion, will keep Treasuries in their current range, economic growth will remain steady, and defaults will remain low.

Past performance is not a guarantee of future results. Performance shown represents that of the Fund’s Class A shares. Performance does not reflect any applicable front end sales charge or redemption fees. If reflected, returns would have been lower. Non-investment grade bonds: Credit ratings for bonds below these designations (‘BB’, ‘B’, ‘CCC’, etc.) are considered low credit quality, non-investment grade, and are commonly referred to as “junk bonds.”

Portfolio Summary

Asset Allocation
March 31, 2013
Corporate Obligations	83.97%
Senior Term Loans	5.06%
Preferred Stocks	0.63%
Convertible Bonds	0.72%
Cash Equivalents	9.32%
Other Assets Less Liabilities	0.30%

Sector Diversification
March 31, 2013
Telecommunication	13.79%
Services	12.59%
Basic Industry	12.47%
Energy	10.66%
Media	5.80%
Consumer Cyclical	5.62%
Capital Goods	5.35%
Technology & Electronics	4.86%
Utility	3.98%
Banking	3.41%
Healthcare	3.33%
Financial Services	2.91%
Consumer Non-Cyclical	2.85%
Insurance	1.91%
Automotive	0.85%

Asset allocation and sector diversification are subject to change.

Percentages are based on net assets.

For reporting purposes, industry classifications are combined in this sector diversification chart. For industry classifications, please see the Schedule of Investments starting on page 45.

Nomura Partners Funds The World from Asia : 19

Schedule of Investments (Unaudited) – The Japan Fund

as of March 31, 2013

Common Stocks 96.76%

	Shares		Value ($)
Consumer Discretionary 20.52%
Auto Components 6.21%
Aisan Industry Co. Ltd.		7,800		75,201
Aisin Seiki Co. Ltd.		24,100		887,963
Bridgestone Corp.		108,400		3,656,888
Denso Corp.		35,900		1,526,551
Kasai Kogyo Co. Ltd.		19,000		89,144
Koito Manufacturing Co. Ltd.		28,000		483,349
Musashi Seimitsu Industry Co. Ltd.		1,700		38,627
NGK Spark Plug Co. Ltd.		26,000		399,051
NHK Spring Co. Ltd.		43,600		455,548
Nifco, Inc.		2,900		66,212
Piolax, Inc.		14,800		403,915
Press Kogyo Co. Ltd.		36,000		186,598
Sanden Corp.		37,000		153,320
Sumitomo Rubber Industries Ltd.		49,300		827,305
Tachi-S Co. Ltd.		23,000		408,725
Yokohama Rubber Co. Ltd.		16,000		185,213
Yorozu Corp.		15,700		278,745
				10,122,355
Automobiles 6.26%
Daihatsu Motor Co. Ltd.		45,000		934,906
Fuji Heavy Industries Ltd.		83,000		1,318,564
Honda Motor Co. Ltd.		77,200		2,974,782
Isuzu Motors Ltd.		122,000		738,367
Nissan Motor Co. Ltd.		147,300		1,427,277
Suzuki Motor Corp.		6,200		139,035
Toyota Motor Corp.		51,700		2,664,437
				10,197,368
Distributors 0.07%
Paltac Corp.		9,500		122,076
Diversified Consumer Services 0.06%
Take And Give Needs Co. Ltd.		645		93,541
Hotels, Restaurants & Leisure 0.75%
Doutor Nichires Holdings Co. Ltd.		5,700		83,643
H.I.S. Co. Ltd.		3,400		147,533
Oriental Land Co. Ltd.		5,100		835,392
Tosho Co. Ltd.		12,100		156,047
				1,222,615
Household Durables 2.32%
Hajime Construction Co. Ltd.		3,800		221,939
LEC, Inc.		2,600		35,417
Panasonic Corp.*		48,000		361,243

	Shares		Value ($)
Sekisui House Ltd.		75,000		1,020,528
Sony Corp.		123,200		2,138,570
				3,777,697
Internet & Catalog Retail 0.86%
ASKUL Corp.		25,000		363,998
Rakuten, Inc.*		85,900		878,876
Start Today Co. Ltd.		12,200		155,246
				1,398,120
Leisure Equipment & Products 0.63%
Shimano, Inc.		6,400		524,132
Tamron Co. Ltd.		5,500		118,276
Yamaha Corp.		39,400		383,909
				1,026,317
Media 1.14%
CyberAgent, Inc.		109		199,812
Fuji Media Holdings, Inc.		84		146,302
Kadokawa Group Holdings, Inc.		20,400		545,480
Nippon Television Network Corp.		10,200		151,449
Septeni Holdings Co. Ltd.		73		86,357
SKY Perfect JSAT Holdings, Inc.		810		383,599
TV Asahi Corp.		18,000		346,108
				1,859,107
Multiline Retail 0.73%
H2O Retailing Corp.		15,000		160,803
Isetan Mitsukoshi Holdings Ltd.		29,700		429,274
Matsuya Co. Ltd.*		9,400		157,779
Ryohin Keikaku Co. Ltd.		5,700		448,940
				1,196,796
Specialty Retail 1.49%
AOYAMA Trading Co. Ltd.		7,100		181,727
Arc Land Sakamoto Co. Ltd.		11,600		204,579
Bookoff Corp.		15,300		114,026
DCM Holdings Co. Ltd.		29,300		244,887
Fast Retailing Co. Ltd.		600		191,894
Jin Co. Ltd.		2,500		138,466
K’s Holdings Corp.		2,500		79,805
Point, Inc.		5,690		281,454
Shimachu Co. Ltd.		7,100		170,901
Xebio Co. Ltd.		38,300		815,892
				2,423,631
Total Consumer Discretionary				33,439,623

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

20 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – The Japan Fund

as of March 31, 2013

Common Stocks (continued)

	Shares		Value ($)
Consumer Staples 7.29%
Beverages 0.65%
Kirin Holdings Co. Ltd.		66,000		1,063,309
Food & Staples Retailing 3.56%
Arcs Co. Ltd.		6,400		143,507
Heiwado Co. Ltd.		11,500		177,983
Lawson, Inc.		6,600		507,039
Maxvalu Tokai Co. Ltd.		10,800		149,889
Okuwa Co. Ltd.		12,000		136,247
Seven & I Holdings Co. Ltd.		126,100		4,182,023
Sugi Holdings Co. Ltd.		5,100		182,135
Welcia Holdings Co. Ltd.		6,350		326,515
				5,805,338
Food Products 1.11%
Ajinomoto Co., Inc.		69,000		1,014,661
Ariake Japan Co. Ltd.		6,300		129,261
Kewpie Corp.		11,500		164,134
Megmilk Snow Brand Co. Ltd.		9,600		152,184
Nippon Flour Mills Co. Ltd.		29,000		132,276
Nippon Suisan Kaisha Ltd.*		56,000		108,651
Nisshin Oillio Group Ltd.		30,000		110,179
				1,811,346
Household Products 0.70%
Unicharm Corp.		19,800		1,131,384
Tobacco 1.27%
Japan Tobacco, Inc.		64,400		2,061,170
Total Consumer Staples				11,872,547
Energy 0.70%
Energy Equipment & Services 0.21%
Modec, Inc.		11,600		350,727
Oil, Gas & Consumable Fuels 0.49%
INPEX Corp.		31		166,619
Itochu Enex Co. Ltd.		21,300		121,332
Japan Petroleum Exploration Co.		3,500		137,794
JX Holdings, Inc.		65,700		369,300
				795,045
Total Energy				1,145,772
Financials 15.81%
Capital Markets 0.23%
Daiwa Securities Group, Inc.		29,000		205,433
Monex Group, Inc.		399		161,823
				367,256

	Shares		Value ($)
Commercial Banks 9.75%
Bank of Kyoto Ltd.		18,000		176,421
Bank of Yokohama Ltd.		141,000		817,874
Chiba Bank Ltd.		86,000		620,015
Joyo Bank Ltd.		29,000		161,758
Keiyo Bank Ltd.		42,000		241,213
Mitsubishi UFJ Financial Group, Inc.		946,200		5,703,509
Mizuho Financial Group, Inc.		342,300		735,018
Resona Holdings, Inc.		328,000		1,732,580
Seven Bank Ltd.		58,800		189,229
Sumitomo Mitsui Financial Group, Inc.		114,500		4,698,572
Sumitomo Mitsui Trust Holdings, Inc.		92,000		437,605
Suruga Bank Ltd.		13,000		208,749
The Hiroshima Bank Ltd.		35,000		169,428
				15,891,971
Consumer Finance 0.12%
Hitachi Capital Corp.		9,200		201,740
Diversified Financial Services 2.17%
Century Tokyo Leasing Corp.		9,400		244,979
Fuyo General Lease Co. Ltd.		21,400		816,603
Mitsubishi UFJ Lease & Finance Co. Ltd.		41,700		218,368
ORIX Corp.		176,800		2,258,209
				3,538,159
Insurance 1.14%
LIFENET INSURANCE Co.*		22,400		200,044
MS&AD Insurance Group Holdings, Inc.		7,900		175,984
Sony Financial Holdings, Inc.		9,800		146,426
Tokio Marine Holdings, Inc.		46,100		1,332,506
				1,854,960
Real Estate Management & Development 2.40%
Daibiru Corp.		20,300		239,980
Mitsui Fudosan Co. Ltd.		6,000		171,159
Sumitomo Realty & Development Co. Ltd.		61,000		2,375,288
Tokyo Tatemono Co. Ltd.		28,000		199,949
Tokyu Land Corp.		99,000		933,404
				3,919,780
Total Financials				25,773,866
Health Care 3.42%
Health Care Equipment & Supplies 1.02%
Asahi Intecc Co. Ltd.		5,900		312,719

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

Nomura Partners Funds The World from Asia : 21

Schedule of Investments (Unaudited) – The Japan Fund

as of March 31, 2013

Common Stocks (continued)

	Shares		Value ($)
Health Care (continued)
Hitachi Medical Corp.		11,000		176,159
Hogy Medical Co. Ltd.		3,900		211,049
Nikkiso Co. Ltd.		7,000		83,488
Sysmex Corp.		4,500		274,218
Terumo Corp.		14,000		601,849
				1,659,482
Health Care Providers & Services 0.30%
Ship Healthcare Holdings, Inc.		3,400		120,378
Tokai Corp/Gifu		2,600		80,295
Tsukui Corp.		20,200		287,880
				488,553
Health Care Technology 0.02%
M3, Inc.		19		37,042
Pharmaceuticals 2.08%
Astellas Pharma, Inc.		27,100		1,461,788
Chugai Pharmaceutical Co. Ltd.		35,600		793,942
Kyowa Hakko Kirin Co. Ltd.		35,000		396,800
Nichi-iko Pharmaceutical Co. Ltd.		9,600		220,041
Sawai Pharmaceutical Co. Ltd.		3,100		368,404
Seikagaku Corp.		10,900		118,142
Torii Pharmaceutical Co. Ltd.		1,100		27,518
				3,386,635
Total Health Care				5,571,712
Industrials 24.87%
Air Freight & Logistics 0.61%
Kintetsu World Express, Inc.		5,200		193,374
Yamato Holdings Co. Ltd.		33,300		604,245
Yusen Logistics Co. Ltd.		17,100		188,301
				985,920
Airlines 0.68%
Japan Airlines Co. Ltd.		23,700		1,105,613
Building Products 1.86%
Asahi Glass Co. Ltd.		21,000		145,842
Bunka Shutter Co. Ltd.		32,000		165,149
Daikin Industries Ltd.		17,600		694,212
LIXIL Group Corp.		62,800		1,252,772
Nichias Corp.		19,000		114,324
Sanwa Holdings Corp.		76,000		394,344
Sekisui Jushi Corp.		11,000		144,418
Takasago Thermal Engineering Co. Ltd.		14,700		122,004
				3,033,065

	Shares		Value ($)
Commercial Services & Supplies 0.98%
Daiseki Co. Ltd.		4,700		79,828
Moshi Moshi Hotline, Inc.		10,000		142,541
Park24 Co. Ltd.		5,900		115,518
Sato Holdings Corp.		16,200		292,846
Secom Co. Ltd.		2,900		149,842
Sohgo Security Services Co. Ltd.		43,200		633,517
Toppan Printing Co. Ltd.		25,000		180,319
				1,594,411
Construction & Engineering 1.01%
JGC Corp.		15,000		384,801
Kajima Corp.		57,000		154,953
Kandenko Co. Ltd.		30,000		138,395
MIRAIT Holdings Corp.		21,600		221,254
Obayashi Corp.		120,000		574,604
Taisei Corp.		63,000		175,316
				1,649,323
Electrical Equipment 4.37%
Mabuchi Motor Co. Ltd.		3,400		183,716
Mitsubishi Electric Corp.		468,000		3,818,065
Nidec Corp.		10,200		611,144
Sumitomo Electric Industries Ltd.		204,400		2,510,990
				7,123,915
Machinery 9.14%
Asahi Diamond Industrial Co. Ltd.		7,100		69,166
Daifuku Co. Ltd.		8,500		69,411
FANUC Corp.		4,800		738,462
Hino Motors Ltd.		15,000		162,900
Hitachi Zosen Corp.		514,500		862,072
Kitz Corp.		29,700		155,036
Komatsu Ltd.		32,500		775,653
Komori Corp.		13,300		140,340
Kubota Corp.		151,000		2,189,188
Makino Milling Machine Co. Ltd.		33,000		205,693
Makita Corp.		22,500		1,003,174
Max Co. Ltd.		9,000		111,580
Mitsubishi Heavy Industries Ltd.		740,000		4,283,361
Nabtesco Corp.		7,000		143,655
Nippon Sharyo Ltd.		58,000		262,086
Nippon Thompson Co. Ltd.		43,000		220,625
NSK Ltd.		144,000		1,097,657
Oiles Corp.		18,500		351,549
ShinMaywa Industries Ltd.		54,000		427,737

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

22 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – The Japan Fund

as of March 31, 2013

Common Stocks (continued)

	Shares		Value ($)
Industrials (continued)
SMC Corp.		3,900		757,705
Sumitomo Heavy Industries Ltd.		221,000		876,414
				14,903,464
Marine 0.11%
Nippon Yusen K.K.		72,000		185,406
Road & Rail 2.51%
East Japan Railway Co.		34,000		2,798,629
Hamakyorex Co. Ltd.		10,900		445,533
Hitachi Transport System Ltd.		11,100		175,667
Nippon Express Co. Ltd.		67,000		321,640
Seino Holdings Co. Ltd.		25,000		217,709
Senko Co. Ltd.		25,000		130,560
				4,089,738
Trading Companies & Distributors 3.35%
Hanwa Co. Ltd.		45,000		160,641
ITOCHU Corp.		31,200		382,717
Marubeni Corp.		51,000		389,965
Mitsubishi Corp.		102,700		1,929,418
Mitsui & Co. Ltd.		116,100		1,632,908
MonotaRO Co. Ltd.		2,500		122,207
Nishio Rent All Co. Ltd.		8,600		157,206
Sumitomo Corp.		45,700		576,373
Trusco Nakayama Corp.		5,500		109,731
				5,461,166
Transportation Infrastructure 0.25%
Mitsubishi Logistics Corp.		22,000		408,268
Total Industrials				40,540,289
Information Technology 8.58%
Communications Equipment 0.15%
Hitachi Kokusai Electric, Inc.		27,000		239,390
Computers & Peripherals 0.43%
NEC Corp.		62,000		165,698
Seiko Epson Corp.		12,000		116,986
Toshiba Corp.		84,000		427,690
				710,374
Electronic Equipment, Instruments & Components 5.42%
Alps Electric Co. Ltd.		22,800		150,284
Azbil Corp.		7,000		145,789
Canon Electronics, Inc.		5,600		111,379
Citizen Holdings Co. Ltd.		34,600		177,066
Hakuto Co. Ltd.		7,100		69,311

	Shares		Value ($)
Hamamatsu Photonics K.K.		17,400		689,690
Hitachi High-Technologies Corp.		27,700		579,682
Hitachi Ltd.		609,000		3,551,844
Iriso Electronics Co. Ltd.		1,900		38,987
Keyence Corp.		2,300		706,592
Macnica, Inc.		14,400		293,519
Maruwa Co. Ltd/Aichi		3,700		103,351
Murata Manufacturing Co. Ltd.		2,900		219,137
Nichicon Corp.		17,500		150,106
Nihon Dempa Kogyo Co. Ltd.		8,100		83,259
Panasonic Industrial Devices SUNX Co. Ltd.		31,500		142,695
Siix Corp.		30,300		470,905
Taiyo Yuden Co. Ltd.		12,800		163,008
TDK Corp.		10,800		378,792
Yaskawa Electric Corp.		60,000		603,680
				8,829,076
Internet Software & Services 0.34%
F@N Communications, Inc.		9,600		408,759
Kakaku.com, Inc.		5,700		143,629
				552,388
IT Services 0.62%
CAC Corp.		4,600		41,536
GMO Payment Gateway, Inc.		4,100		95,513
IT Holdings Corp.		24,700		324,154
SCSK Corp.		20,200		390,904
Transcosmos, Inc.		10,500		156,475
				1,008,582
Office Electronics 1.04%
Canon, Inc.		41,400		1,526,710
Toshiba TEC Corp.		29,000		171,908
				1,698,618
Semiconductors & Semiconductor Equipment 0.02%
Mimasu Semiconductor Industry Co. Ltd.		4,100		39,703
Software 0.56%
Capcom Co. Ltd.		8,700		139,938
DTS Corp.		2,100		34,661
Nintendo Co. Ltd.		5,400		584,364
OBIC Business Consultants Co. Ltd.		2,750		154,246
				913,209
Total Information Technology				13,991,340

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

Nomura Partners Funds The World from Asia : 23

Schedule of Investments (Unaudited) – The Japan Fund

as of March 31, 2013

Common Stocks (concluded)

	Shares		Value ($)
Materials 10.58%
Chemicals 7.64%
ADEKA Corp.		56,500		487,894
Arakawa Chemical Industries Ltd.		13,300		118,496
C Uyemura & Co. Ltd.		3,600		134,542
Daicel Corp.		127,000		994,533
DIC Corp.		333,000		714,692
Hitachi Chemical Co. Ltd.		38,600		591,487
JSP Corp.		14,100		209,549
JSR Corp.		18,800		385,197
Kansai Paint Co. Ltd.		28,000		311,323
Kuraray Co. Ltd.		110,800		1,562,591
KUREHA Corp.		99,000		352,321
LINTEC Corp.		5,600		106,944
Mitsubishi Chemical Holdings Corp.		41,000		195,160
Mitsubishi Gas Chemical Co., Inc.		55,000		364,000
Nippon Shokubai Co. Ltd.		21,000		185,076
Nitto Denko Corp.		17,400		1,045,605
Sakai Chemical Industry Co. Ltd.		57,000		181,733
Shikoku Chemicals Corp.		22,000		143,395
Shin-Etsu Chemical Co. Ltd.		18,800		1,247,589
Showa Denko K.K.		254,000		383,041
Sumitomo Chemical Co. Ltd.		60,000		188,552
Taiyo Holdings Co. Ltd.		4,400		127,500
Taiyo Nippon Sanso Corp.		83,000		577,465
Tokai Carbon Co. Ltd.		26,000		89,709
Toray Industries, Inc.		150,000		1,018,605
Toyo Ink SC Holdings Co. Ltd.		85,000		404,926
Toyobo Co. Ltd.		95,000		162,435
Ube Industries Ltd.		91,000		179,583
				12,463,943
Containers & Packaging 0.10%
FP Corp.		2,400		160,668
Metals & Mining 2.49%
Asahi Holdings, Inc.		9,200		198,298
Chubu Steel Plate Co. Ltd.		31,700		122,177
Dowa Holdings Co. Ltd.		62,000		486,541
Furukawa-Sky Aluminum Corp.		48,000		146,386
Hitachi Metals Ltd.		16,000		153,169
JFE Holdings, Inc.		6,800		131,453
Kyoei Steel Ltd.		19,500		349,354
Nippon Steel & Sumitomo Metal Corp.		204,000		519,174

	Shares		Value ($)
Osaka Steel Co. Ltd.		28,600		493,446
Sumitomo Metal Mining Co. Ltd.		90,000		1,278,441
Toho Zinc Co. Ltd.		43,000		174,852
				4,053,291
Paper & Forest Products 0.35%
Oji Holdings Corp.		152,000		571,065
Total Materials				17,248,967
Telecommunication Services 4.50%
Diversified Telecommunication Services 1.86%
Nippon Telegraph and Telephone Corp.		69,400		3,027,471
Wireless Telecommunication Services 2.64%
KDDI Corp.		15,200		635,937
NTT DoCoMo, Inc.		1,785		2,652,863
Okinawa Cellular Telephone Co.		9,000		215,308
Softbank Corp.		17,400		801,793
				4,305,901
Total Telecommunication Services				7,333,372
Utilities 0.49%
Gas Utilities 0.49%
Tokyo Gas Co. Ltd.		148,000		799,983
Total Utilities				799,983
Total Common Stocks (Cost $118,922,701)				157,717,471
Total Investments 96.76% (Cost $118,922,701)				157,717,471
Other Assets Less Liabilities 3.24%				5,289,225
Net Assets 100.00%				163,006,696

* Non income-producing security.

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

24 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – The Japan Fund

as of March 31, 2013

VALUATION INPUTS

Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	—	$	157,717,471	$	—	$	157,717,471
Total Investments	$	—	$	157,717,471	$	—	$	157,717,471

There were no transfers between Level 1, 2, or 3 as of March 31, 2013, based upon the valuation input levels assigned to securities on September 30, 2012.

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

Nomura Partners Funds The World from Asia : 25

Schedule of Investments (Unaudited) – Asia Pacific ex Japan Fund

as of March 31, 2013

Common Stocks 88.54%

	Shares		Value ($)
Australia 1.26%
Metals & Mining 1.26%
Regis Resources Ltd.*		28,927		124,887
Total Australia				124,887
China 11.68%
Automobiles 1.21%
Geely Automobile Holdings Ltd.		245,000		120,218
Computers & Peripherals 1.00%
Lenovo Group Ltd.		100,000		99,594
Health Care Providers & Services 1.33%
Sinopharm Group Co.Ltd. — H Shares		41,200		133,096
Insurance 1.27%
China Pacific Insurance Group Co. Ltd. — H Shares		38,200		126,166
Internet Software & Services 2.72%
Tencent Holdings Ltd.		8,500		270,692
Personal Products 3.29%
Hengan International Group Co. Ltd.		33,500		327,612
Specialty Retail 0.86%
Belle International Holdings Ltd.		51,000		85,366
Total China				1,162,744
Hong Kong 14.04%
Commercial Banks 3.06%
BOC Hong Kong Holdings Ltd.		91,000		304,371
Hotels, Restaurants & Leisure 3.91%
Galaxy Entertainment Group Ltd.		31,000		129,899
Sands China Ltd.		50,000		259,379
				389,278
Real Estate Investment Trusts (REITs) 1.99%
Link		36,338		198,550
Real Estate Management & Development 3.46%
New World Development Co. Ltd.		99,000		168,315
Sun Hung Kai Properties Ltd.		13,036		175,623
				343,938

	Shares		Value ($)
Specialty Retail 1.62%
Luk Fook Holdings International Ltd.		50,000		161,114
Total Hong Kong				1,397,251
India 3.81%
Commercial Banks 2.37%
ICICI Bank Ltd., ADR		5,500		235,950
Construction & Engineering 1.44%
Larsen & Toubro Ltd., GDR, Reg — S Shares		5,696		142,970
Total India				378,920
Indonesia 9.91%
Automobiles 1.78%
Astra International Tbk PT		217,500		176,963
Commercial Banks 2.40%
Bank Mandiri Persero Tbk PT		135,500		139,566
Bank Negara Indonesia Persero Tbk PT		191,500		99,657
				239,223
Construction Materials 1.22%
Semen Indonesia Persero Tbk PT		66,500		121,131
Food Products 1.18%
Malindo Feedmill Tbk PT		368,000		117,574
Multiline Retail 0.08%
Matahari Department Store Tbk PT*		7,500		8,490
Oil, Gas & Consumable Fuels 0.16%
Adaro Energy Tbk PT		118,500		16,009
Real Estate Management & Development 1.17%
Ciputra Development Tbk PT		1,043,501		116,099
Tobacco 0.76%
Gudang Garam Tbk PT		15,000		75,785
Trading Companies & Distributors 1.16%
AKR Corporindo Tbk PT		224,000		115,384
Total Indonesia				986,658
Korea, Republic of 15.82%
Auto Components 3.82%
Hyundai Mobis		1,358		380,055

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

26 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – Asia Pacific ex Japan Fund

as of March 31, 2013

Common Stocks (continued)

	Shares		Value ($)
Korea, Republic of (continued)
Construction & Engineering 0.26%
Samsung Engineering Co. Ltd.		228		26,314
Semiconductors & Semiconductor Equipment 10.41%
Samsung Electronics Co. Ltd.		583		794,048
SK Hynix Inc.*		9,120		241,442
				1,035,490
Software 0.31%
NCSoft Corp.		223		31,177
Textiles, Apparel & Luxury Goods 1.02%
Youngone Corp.		2,641		101,022
Total Korea, Republic of				1,574,058
Philippines 10.22%
Commercial Banks 2.38%
Metropolitan Bank & Trust		66,064		189,175
Rizal Commercial Banking Corp.		27,590		47,330
				236,505
Industrial Conglomerates 5.79%
Alliance Global Group, Inc.		226,900		117,349
DMCI Holdings, Inc.		184,970		249,236
SM Investments Corp.		7,670		209,618
				576,203
Real Estate Management & Development 2.05%
Ayala Land, Inc.		255,400		204,388
Total Philippines				1,017,096
Singapore 1.00%
Hotels, Restaurants & Leisure 1.00%
Overseas Union Enterprise Ltd.		40,000		99,178
Total Singapore				99,178
Taiwan 7.66%
Capital Markets 1.25%
Yuanta Financial Holding Co. Ltd.		244,842		124,166
Electronic Equipment, Instruments & Components 0.65%
HON HAI Precision Industry Co. Ltd.		23,320		64,749

	Shares		Value ($)
Hotels, Restaurants & Leisure 1.05%
Formosa International Hotels Corp.		9,240		104,731
Leisure Equipment & Products 1.57%
Giant Manufacturing Co. Ltd.		27,718		156,380
Semiconductors & Semiconductor Equipment 3.14%
Kinsus Interconnect Technology Corp.		26,000		80,503
Radiant Opto-Electronics Corp.		58,540		232,222
				312,725
Total Taiwan				762,751
Thailand 13.14%
Building Products 0.49%
Dynasty Ceramic PCL		23,000		48,890
Chemicals 2.17%
PTT Global Chemical PCL		91,065		216,118
Commercial Banks 1.35%
Thanachart Capital PCL		88,000		134,472
Diversified Telecommunication Services 1.55%
Jasmine International PCL		690,300		154,395
Food & Staples Retailing 2.12%
CP ALL PCL		135,200		211,214
Media 0.91%
RS PCL		211,000		90,063
Multiline Retail 1.91%
Robinson Department Store PCL		72,800		190,172
Real Estate Management & Development 2.64%
Ananda Development PCL*		533,700		80,187
Land and Houses PCL, NVDR		416,500		182,477
				262,664
Total Thailand				1,307,988
Total Common Stocks (Cost $6,364,477)				8,811,531

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

Nomura Partners Funds The World from Asia : 27

Schedule of Investments (Unaudited) – Asia Pacific ex Japan Fund

as of March 31, 2013

Participatory Notes 6.71%

	Shares		Value ($)
India 6.71%
Automobiles 1.06%
Maruti Suzuki India Ltd., Issued by Deutsche Bank AG London, maturity date 02/11/21, 144A		4,494		105,493
Commercial Banks 2.31%
Axis Bank Ltd., Issued by Deutsche Bank AG London, maturity date 08/17/17, 144A		3,414		82,027
HDFC Bank Ltd., Issued by Merrill Lynch International & Co., maturity date 05/26/15, 144A		12,796		147,224
IT Services 1.98%
Tata Consultancy Services Ltd., Issued by JPMorgan International, maturity date 02/07/17, 144A		6,886		197,131
Tobacco 1.36%
ITC Ltd., Issued by JPMorgan International, maturity date 02/16/17, 144A		24,052		135,533
Total India				667,408
Total Participatory Notes (Cost $611,043)				667,408

Short-Term Investment 4.80%

	Shares		Value ($)
United States 4.80%
State Street Institutional Liquid Reserve, 0.13%(a)		477,989		477,989
Total Short-Term Investment (Cost $477,989)				477,989
Total Investments 100.05% (Cost $7,453,509)				9,956,928
Liabilities Less Other Assets (0.05%)				(5,238	)
Net Assets 100.00%				9,951,690

^*  Non income-producing security.

^(a)  Yield as of March 31, 2013.

144A — Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of these securities amounted to $667,408 or 6.71% of net assets.

ADR — American Depositary Receipt.

GDR — Global Depositary Receipt.

NVDR — Non Voting Depositary Receipt.

VALUATION INPUTS

Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	378,920	$	8,432,611	$	—	$	8,811,531
Participatory Notes		—		667,408		—		667,408
Short-Term Investment		—		477,989		—		477,989
Total Investments	$	378,920	$	9,578,008	$	—	$	9,956,928

There were no transfers between Level 1, 2, or 3 as of March 31, 2013, based upon the valuation input levels assigned to securities on September 30, 2012.

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

28 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – India Fund

as of March 31, 2013

Common Stocks 88.90%

	Shares		Value ($)
Consumer Discretionary 2.46%
Automobiles 2.46%
Maruti Suzuki India Ltd.		10,356		243,263
Total Consumer Discretionary				243,263
Consumer Staples 10.78%
Beverages 1.60%
United Spirits Ltd.		4,507		157,729
Food Products 1.71%
McLeod Russel India Ltd.		26,000		168,820
Personal Products 0.53%
Emami Ltd.		4,732		52,096
Tobacco 6.94%
ITC Ltd.		120,241		685,926
Total Consumer Staples				1,064,571
Energy 4.67%
Oil, Gas & Consumable Fuels 4.67%
Reliance Industries Ltd.		32,164		461,447
Total Energy				461,447
Financials 32.73%
Commercial Banks 23.80%
Axis Bank Ltd.		4,062		97,705
HDFC Bank Ltd.		104,650		1,208,922
ICICI Bank Ltd.		38,995		755,944
Yes Bank Ltd.		36,172		287,176
				2,349,747
Consumer Finance 2.19%
Bajaj Finance Ltd.		10,014		216,452
Real Estate Management & Development 2.40%
Prestige Estates Projects Ltd.		79,557		237,111
Thrifts & Mortgage Finance 4.34%
Housing Development Finance Corp. Ltd.		28,273		428,674
Total Financials				3,231,984
Health Care 4.93%
Pharmaceuticals 4.93%
Glenmark Pharmaceuticals Ltd.		13,269		112,817
Ipca Laboratories Ltd.		18,597		186,343
Lupin Ltd.		16,223		187,321
Total Health Care				486,481

	Shares		Value ($)
Industrials 9.44%
Construction & Engineering 7.51%
Larsen & Toubro Ltd.		16,881		425,593
Sadbhav Engineering Ltd.		144,423		315,984
				741,577
Industrial Conglomerates 1.93%
Jaiprakash Associates Ltd.		156,853		190,985
Total Industrials				932,562
Information Technology 17.40%
IT Services 17.40%
HCL Technologies Ltd.		34,864		513,571
Infosys Ltd.		14,945		798,382
Tata Consultancy Services Ltd.		14,063		406,849
Total Information Technology				1,718,802
Materials 4.76%
Chemicals 1.23%
Asian Paints Ltd.		1,340		121,233
Construction Materials 3.53%
ACC Ltd.		9,234		197,061
Shree Cement Ltd.		2,038		151,350
				348,411
Total Materials				469,644
Utilities 1.73%
Independent Power Producers & Energy Traders 1.73%
Jaiprakash Power Ventures Ltd.*		366,580		170,662
Total Utilities				170,662
Total Common Stocks (Cost $7,724,290)				8,779,416
Short-Term Investment 0.77%
State Street Institutional Liquid Reserve, 0.13%(a)		75,688		75,688
Total Short-Term Investment (Cost $75,688)				75,688
Total Investments 89.67% (Cost $7,799,978)				8,855,104
Other Assets Less Liabilities 10.33%				1,019,887
Net Assets 100.00%				9,874,991

^*  Non-income producing security.

^(a)  Yield as of March 31, 2013.

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

Nomura Partners Funds The World from Asia : 29

Schedule of Investments (Unaudited) – India Fund

as of March 31, 2013

VALUATION INPUTS

Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	—	$	8,779,416	$	—	$	8,779,416
Short-Term Investment		—		75,688		—		75,688
Total Investments	$	—	$	8,855,104	$	—	$	8,855,104

There were no transfers between Level 1, 2, or 3 as of March 31, 2013, based upon the valuation input levels assigned to securities on September 30, 2012.

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

30 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – Greater China Fund

as of March 31, 2013

Common Stocks 92.42%

	Shares		Value ($)
China 47.18%
Airlines 0.70%
Air China Ltd.—H Shares		72,000		64,174
Automobiles 0.91%
Geely Automobile Holdings Ltd.		170,000		83,416
Capital Markets 0.93%
Haitong Securities Co. Ltd.*		62,000		85,226
Commercial Banks 12.76%
Agricultural Bank of China Ltd. — H Shares		62,000		29,739
Bank of China Ltd. — H Shares		495,800		230,791
Bank of Communications Co. Ltd. — H Shares		143,000		107,709
China Construction Bank Corp. — H Shares		505,790		414,255
China Minsheng Banking Corp. Ltd. — H Shares		33,000		42,317
Industrial & Commercial Bank of China Ltd. — H Shares		491,000		345,029
				1,169,840
Construction & Engineering 1.31%
China Communications Construction Co. Ltd. — H Shares		71,000		66,323
China Railway Construction Corp. Ltd. — H Shares		57,000		54,259
				120,582
Construction Materials 1.22%
Anhui Conch Cement Co. Ltd. — H Shares		33,500		111,862
Diversified Telecommunication Services 1.11%
China Telecom Corp. Ltd. — H Shares		202,000		102,109
Electrical Equipment 1.31%
Guodian Technology & Environment Group Co. Ltd. — H Shares*		173,000		54,217
Xinjiang Goldwind Science & Technology Co. Ltd. — H Shares		110,400		66,374
				120,591

	Shares		Value ($)
Electronic Equipment, Instruments & Components 0.41%
Kingboard Chemical Holdings Ltd.		13,000		37,231
Energy Equipment & Services 2.37%
Anton Oilfield Services Group/Hong Kong		168,000		116,579
China Oilfield Services Ltd. — H Shares		48,000		100,788
				217,367
Health Care Equipment & Supplies 0.32%
Shandong Weigao Group Medical Polymer Co. Ltd. — H Shares		32,000		29,032
Household Durables 1.16%
Haier Electronics Group Co. Ltd.*		34,000		54,541
Skyworth Digital Holdings Ltd.		76,000		51,577
				106,118
Independent Power Producers & Energy Traders 3.11%
China Longyuan Power Group Corp. — H Shares		92,000		83,882
China Power International Development Ltd.		101,000		32,543
China Resources Power Holdings Co. Ltd.		32,000		96,132
Huaneng Power International, Inc. — H Shares		68,000		72,307
				284,864
Insurance 2.49%
China Pacific Insurance Group Co. Ltd. — H Shares		58,600		193,542
Ping An Insurance Group Co.		4,500		34,933
				228,475
Internet Software & Services 2.50%
Tencent Holdings Ltd.		7,200		229,292
Leisure Equipment & Products 0.35%
Sunny Optical Technology Group Co. Ltd.		28,000		32,419
Machinery 1.27%
CIMC Enric Holdings Ltd.		108,000		116,571

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

Nomura Partners Funds The World from Asia : 31

Schedule of Investments (Unaudited) – Greater China Fund

as of March 31, 2013

Common Stocks (continued)

	Shares		Value ($)
China (continued)
Marine 0.33%
China Shipping Development Co. Ltd. — H Shares		62,000		30,065
Oil, Gas & Consumable Fuels 3.89%
China Coal Energy Co. Ltd. — H Shares		52,000		46,630
China Petroleum & Chemical Corp. — H Shares		98,000		114,819
CNOOC Ltd.		33,000		63,165
Kunlun Energy Co. Ltd.		36,000		76,579
PetroChina Co. Ltd. — H Shares		42,000		55,358
				356,551
Personal Products 0.85%
Hengan International Group Co. Ltd.		8,000		78,236
Pharmaceuticals 1.22%
China Medical System Holdings Ltd.		110,000		112,157
Real Estate Management & Development 1.99%
China Overseas Land & Investment Ltd.		32,000		88,782
Guangzhou R&F Properties Co. Ltd. — H Shares		55,600		93,695
				182,477
Specialty Retail 0.78%
Belle International Holdings Ltd.		43,000		71,975
Transportation Infrastructure 1.24%
Cosco Pacific Ltd.		40,000		58,076
Zhejiang Expressway Co. Ltd. — H Shares		70,000		55,261
				113,337
Wireless Telecommunication Services 2.65%
China Mobile Ltd.		23,000		243,523
Total China				4,327,490
Hong Kong 19.34%
Distributors 0.93%
Li & Fung Ltd.		62,000		85,630
Diversified Financial Services 1.10%
Hong Kong Exchanges & Clearing Ltd.		5,900		100,775

	Shares		Value ($)
Diversified Telecommunication Services 0.04%
HKT Trust / HKT Ltd.		3,869		3,872
Electric Utilities 0.77%
Power Assets Holdings Ltd.		7,500		70,867
Hotels, Restaurants & Leisure 2.30%
Galaxy Entertainment Group Ltd.*		31,000		129,899
Sands China Ltd.		15,600		80,926
				210,825
Industrial Conglomerates 0.84%
Hutchison Whampoa Ltd.		4,000		41,877
Shun Tak Holdings Ltd.		66,000		35,476
				77,353
Insurance 4.12%
AIA Group Ltd.		86,400		377,591
Real Estate Investment Trusts (REITs) 0.98%
Link		16,500		90,156
Real Estate Management & Development 7.88%
Cheung Kong Holdings Ltd.		12,000		177,422
Henderson Land Development Co. Ltd.		19,000		130,057
New World Development Co. Ltd.		22,000		37,403
Sun Hung Kai Properties Ltd.		6,079		81,897
Swire Pacific Ltd. — A Shares		4,500		57,450
Wharf Holdings Ltd.		23,000		205,712
Wheelock & Co. Ltd.		6,000		32,180
				722,121
Specialty Retail 0.38%
Chow Tai Fook Jewellery Group Ltd.		25,200		34,375
Total Hong Kong				1,773,565
Taiwan 25.90%
Capital Markets 1.84%
Yuanta Financial Holding Co. Ltd.		332,711		168,727
Chemicals 0.83%
Taiwan Fertilizer Co. Ltd.		32,000		76,461
Computers & Peripherals 1.13%
Quanta Computer, Inc.		47,000		103,813

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

32 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – Greater China Fund

as of March 31, 2013

Common Stocks (concluded)

	Shares		Value ($)
Taiwan (continued)
Construction & Engineering 0.93%
CTCI Corp.		44,000		85,013
Electronic Equipment, Instruments & Components 3.20%
HON HAI Precision Industry Co. Ltd.		85,380		237,061
WPG Holdings Co. Ltd.		49,736		56,500
				293,561
Health Care Equipment & Supplies 1.49%
St Shine Optical Co. Ltd.		7,000		136,964
Hotels, Restaurants & Leisure 1.30%
Formosa International Hotels Corp.		10,520		119,239
Insurance 2.09%
China Life Insurance Co. Ltd*		191,615		191,381
Leisure Equipment & Products 1.76%
Giant Manufacturing Co. Ltd.		28,520		160,904
Multiline Retail 0.39%
Poya Co. Ltd.		11,000		35,374
Real Estate Management & Development 1.34%
Prince Housing & Development Corp.		173,283		123,027

	Shares		Value ($)
Semiconductors & Semiconductor Equipment 8.96%
Kinsus Interconnect Technology Corp.		21,000		65,021
Radiant Opto-Electronics Corp.		48,822		193,672
Taiwan Semiconductor Manufacturing Co. Ltd.		168,629		563,369
				822,062
Wireless Telecommunication Services 0.64%
Far EasTone Telecommunications Co. Ltd.		26,000		58,879
Total Taiwan				2,375,405
Total Common Stocks (Cost $7,144,781)				8,476,460
Total Investments 92.42% (Cost $7,144,781)				8,476,460
Other Assets Less Liabilities 7.58%				694,852
Net Assets 100.00%				9,171,312

^*  Non-income producing security.

VALUATION INPUTS

Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	—	$	8,476,460	$	—	$	8,476,460
Total Investments	$	—	$	8,476,460	$	—	$	8,476,460

There were no transfers between Level 1, 2, or 3 as of March 31, 2013, based upon the valuation input levels assigned to securities on September 30, 2012.

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

Nomura Partners Funds The World from Asia : 33

Schedule of Investments (Unaudited) – Global Equity Income Fund

as of March 31, 2013

Common Stocks 98.27%

	Shares		Value ($)
Australia 5.37%
Beverages 0.52%
Coca-Cola Amatil Ltd.		3,210		48,811
Commercial Banks 1.01%
Westpac Banking Corp.		2,940		94,566
Diversified Telecommunication Services 0.52%
Telstra Corp. Ltd.		10,353		48,671
Health Care Equipment & Supplies 0.24%
Cochlear Ltd.		314		22,292
Metals & Mining 1.50%
BHP Billiton Ltd.		4,095		140,131
Real Estate Investment Trusts (REITs) 1.58%
Stockland		2,382		9,079
Westfield Group		7,473		84,589
Westfield Retail Trust		17,284		54,448
				148,116
Total Australia				502,587
Brazil 1.30%
Beverages 0.27%
Cia de Bebidas das Americas, ADR		600		25,398
Diversified Telecommunication Services 0.46%
Telefonica Brasil S.A., ADR		1,600		42,688
Metals & Mining 0.57%
Vale S.A., ADR		3,100		53,599
Total Brazil				121,685
Canada 1.74%
Commercial Banks 1.14%
Bank of Nova Scotia		1,826		106,251
Oil, Gas & Consumable Fuels 0.60%
Crescent Point Energy Corp.		1,500		56,627
Total Canada				162,878
China 1.42%
Commercial Banks 0.97%
Industrial & Commercial Bank of China Ltd. — H Shares		129,000		90,649
Wireless Telecommunication Services 0.45%
China Mobile Ltd.		4,000		42,352
Total China				133,001

	Shares		Value ($)
France 4.27%
Electrical Equipment 0.66%
Legrand S.A.		1,408		61,435
Insurance 0.73%
SCOR SE		2,385		68,517
Oil, Gas & Consumable Fuels 1.70%
Total S.A.		3,339		159,593
Pharmaceuticals 1.18%
Sanofi		1,081		110,235
Total France				399,780
Germany 1.44%
Automobiles 0.42%
Daimler AG		726		39,518
Chemicals 0.56%
BASF SE		601		52,657
Diversified Telecommunication Services 0.19%
Deutsche Telekom AG		1,661		17,563
Industrial Conglomerates 0.27%
Siemens AG		231		24,886
Total Germany				134,624
Hong Kong 0.98%
Communications Equipment 0.54%
VTech Holdings Ltd.		4,100		50,152
Hotels, Restaurants & Leisure 0.44%
Sands China Ltd.		8,000		41,501
Total Hong Kong				91,653
Ireland 0.63%
Construction Materials 0.63%
CRH PLC		2,677		59,153
Total Ireland				59,153
Israel 1.33%
Chemicals 0.40%
Israel Chemicals Ltd.		2,898		37,492
Pharmaceuticals 0.93%
Teva Pharmaceutical Industries Ltd., ADR		2,200		87,296
Total Israel				124,788

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

34 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – Global Equity Income Fund

as of March 31, 2013

Common Stocks (continued)

	Shares		Value ($)
Italy 0.86%
Electric Utilities 0.47%
Terna — Rete Elettrica Nazionale SpA		10,734		44,527
Gas Utilities 0.39%
Snam Rete Gas SpA		7,953		36,283
Total Italy				80,810
Japan 4.38%
Chemicals 0.64%
Shin-Etsu Chemical Co. Ltd.		900		59,725
Commercial Banks 0.30%
Mitsubishi UFJ Financial Group, Inc.		4,700		28,331
Commercial Services & Supplies 0.44%
Secom Co. Ltd.		800		41,336
Diversified Consumer Services 0.37%
Benesse Holdings, Inc.		800		34,059
Food & Staples Retailing 0.25%
Lawson, Inc.		300		23,047
Metals & Mining 0.30%
Sumitomo Metal Mining Co. Ltd.		2,000		28,410
Office Electronics 0.43%
Canon, Inc.		1,100		40,565
Pharmaceuticals 0.55%
Tsumura & Co.		1,400		51,200
Real Estate Investment Trusts (REITs) 0.23%
Nippon Prologis REIT, Inc.*		2		21,777
Trading Companies & Distributors 0.44%
Mitsubishi Corp.		2,200		41,331
Wireless Telecommunication Services 0.43%
NTT DoCoMo, Inc.		27		40,127
Total Japan				409,908
Malaysia 0.80%
Commercial Banks 0.37%
Malayan Banking Bhd		11,500		34,934
Wireless Telecommunication Services 0.43%
Axiata Group Bhd		18,600		39,809
Total Malaysia				74,743

	Shares		Value ($)
Mexico 1.67%
Household Products 1.07%
Kimberly-Clark de Mexico SAB de C.V. — A Shares		28,600		99,866
Metals & Mining 0.60%
Grupo Mexico SAB de C.V. — Series B		13,928		56,209
Total Mexico				156,075
Netherlands 2.37%
Chemicals 0.95%
Koninklijke DSM NV		876		51,033
LyondellBasell Industries NV		600		37,974
				89,007
Oil, Gas & Consumable Fuels 1.42%
Royal Dutch Shell PLC — B Shares		3,995		132,939
Total Netherlands				221,946
Singapore 2.12%
Industrial Conglomerates 1.67%
Keppel Corp. Ltd.		17,300		156,527
Wireless Telecommunication Services 0.45%
StarHub Ltd.		12,000		42,128
Total Singapore				198,655
Sweden 0.69%
Machinery 0.69%
Atlas Copco AB — B Shares		1,367		34,663
Sandvik AB		1,966		30,339
				65,002
Total Sweden				65,002
Switzerland 6.36%
Diversified Telecommunication Services 0.48%
Swisscom AG		98		45,360
Electrical Equipment 0.71%
ABB Ltd.*		2,939		66,373
Food Products 1.18%
Nestle S.A.		1,527		110,472
Insurance 0.78%
Zurich Insurance Group AG*		261		72,689

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

Nomura Partners Funds The World from Asia : 35

Schedule of Investments (Unaudited) – Global Equity Income Fund

as of March 31, 2013

Common Stocks (continued)

	Shares		Value ($)
Switzerland (continued)
Pharmaceuticals 3.21%
Novartis AG		1,849		131,670
Roche Holding AG		722		168,568
				300,238
Total Switzerland				595,132
Taiwan 1.24%
Electronic Equipment, Instruments & Components 0.27%
Delta Electronics, Inc.		6,000		25,176
Semiconductors & Semiconductor Equipment 0.97%
Taiwan Semiconductor Manufacturing Co. Ltd.		27,079		90,468
Total Taiwan				115,644
United Kingdom 10.62%
Commercial Banks 2.86%
HSBC Holdings PLC		13,483		143,539
Standard Chartered PLC		4,788		124,033
				267,572
Food & Staples Retailing 1.02%
Tesco PLC		16,377		95,217
Food Products 0.31%
Unilever PLC		678		28,766
Insurance 0.55%
RSA Insurance Group PLC		29,171		51,721
Media 0.51%
Reed Elsevier PLC		4,034		48,025
Metals & Mining 0.32%
Antofagasta PLC		2,006		30,037
Multi-Utilities 0.44%
National Grid PLC		3,539		41,212
Oil, Gas & Consumable Fuels 2.07%
BP PLC		27,621		193,974
Pharmaceuticals 1.31%
AstraZeneca PLC		210		10,559
GlaxoSmithKline PLC		4,787		112,047
				122,606

	Shares		Value ($)
Tobacco 0.78%
British American Tobacco PLC		1,358		72,711
Wireless Telecommunication Services 0.45%
Vodafone Group PLC		14,928		42,371
Total United Kingdom				994,212
United States 48.68%
Aerospace & Defense 2.70%
General Dynamics Corp.		300		21,153
Raytheon Co.		1,100		64,669
The Boeing Co.		1,400		120,190
United Technologies Corp.		500		46,715
				252,727
Air Freight & Logistics 1.38%
United Parcel Service, Inc. — Class B		1,500		128,850
Auto Components 0.52%
Johnson Controls, Inc.		1,400		49,098
Automobiles 0.20%
Ford Motor Co.		1,400		18,410
Beverages 2.27%
Coca-Cola Co.		2,700		109,188
Dr. Pepper Snapple Group, Inc.		2,200		103,290
				212,478
Biotechnology 0.33%
Amgen, Inc.		300		30,753
Capital Markets 0.23%
Ares Capital Corp.		1,200		21,720
Chemicals 0.92%
E. I. du Pont de Nemours & Co.		1,100		54,076
The Dow Chemical Co.		1,000		31,840
				85,916
Commercial Banks 1.60%
M&T Bank Corp.		200		20,632
U.S. Bancorp		1,300		44,109
Wells Fargo & Co.		2,300		85,077
				149,818
Communications Equipment 0.87%
Cisco Systems, Inc.		3,900		81,549
Distributors 0.33%
Genuine Parts Co.		400		31,200

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

36 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – Global Equity Income Fund

as of March 31, 2013

Common Stocks (continued)

	Shares		Value ($)
United States (continued)
Diversified Financial Services 2.37%
JPMorgan Chase & Co.		3,900		185,094
The McGraw-Hill Cos., Inc.		700		36,456
				221,550
Diversified Telecommunication Services 1.58%
AT&T, Inc.		1,300		47,697
CenturyLink, Inc.		1,300		45,669
Verizon Communications, Inc.		1,100		54,065
				147,431
Electric Utilities 1.95%
Duke Energy Corp.		466		33,827
Northeast Utilities		1,000		43,460
NV Energy, Inc.		2,200		44,066
Southern Co.		1,300		60,996
				182,349
Electrical Equipment 0.66%
Emerson Electric Co.		1,100		61,457
Electronic Equipment, Instruments & Components 0.22%
Molex, Inc.		700		20,496
Food & Staples Retailing 0.90%
Sysco Corp.		2,400		84,408
Health Care Equipment & Supplies 1.72%
Abbott Laboratories		1,400		49,448
Baxter International, Inc.		500		36,320
Medtronic, Inc.		1,600		75,136
				160,904
Hotels, Restaurants & Leisure 0.60%
Darden Restaurants, Inc.		700		36,176
McDonald’s Corp.		200		19,938
				56,114
Household Durables 0.25%
Leggett & Platt, Inc.		700		23,646
Household Products 0.49%
Procter & Gamble Co.		600		46,236
Industrial Conglomerates 1.31%
General Electric Co.		5,300		122,536
Insurance 1.06%
Aflac, Inc.		800		41,616
Arthur J Gallagher & Co.		1,400		57,834
				99,450

	Shares		Value ($)
IT Services 1.81%
Automatic Data Processing, Inc.		1,100		71,522
Paychex, Inc.		2,800		98,196
				169,718
Machinery 0.26%
Illinois Tool Works, Inc.		400		24,376
Metals & Mining 2.21%
Nucor Corp.		3,500		161,525
Southern Copper Corp.		1,209		45,422
				206,947
Multi-Utilities 0.60%
Wisconsin Energy Corp.		1,300		55,757
Oil, Gas & Consumable Fuels 6.17%
Chevron Corp.		1,800		213,876
Exxon Mobil Corp.		2,200		198,242
Kinder Morgan Inc.		3,000		116,040
Spectra Energy Corp.		1,600		49,200
				577,358
Pharmaceuticals 5.30%
AbbVie, Inc.		1,400		57,092
Eli Lilly & Co.		400		22,716
Johnson & Johnson		2,500		203,825
Merck & Co., Inc.		4,800		212,304
				495,937
Real Estate Investment Trusts (REITs) 0.69%
The Macerich Co.		1,000		64,380
Semiconductors & Semiconductor Equipment 2.59%
Intel Corp.		1,600		34,960
Linear Technology Corp.		1,700		65,229
Maxim Integrated Products, Inc.		1,200		39,180
Microchip Technology, Inc.		2,800		102,928
				242,297
Software 0.06%
Microsoft Corp.		200		5,722
Specialty Retail 0.52%
Home Depot, Inc.		700		48,846
Thrifts & Mortgage Finance 0.27%
People’s United Financial, Inc.		1,900		25,536
Tobacco 2.99%
Altria Group, Inc.		3,300		113,487
Lorillard, Inc.		900		36,315

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

Nomura Partners Funds The World from Asia : 37

Schedule of Investments (Unaudited) – Global Equity Income Fund

as of March 31, 2013

Common Stocks (concluded)

	Shares		Value ($)
United States (continued)
Philip Morris International, Inc.		1,400		129,794
				279,596
Water Utilities 0.75%
American Water Works Co., Inc.		1,700		70,448
Total United States				4,556,014
Total Common Stocks (Cost $7,315,386)				9,198,290
Short-Term Investment 1.00%
United States 1.00%
State Street Institutional Liquid Reserve, 0.13%(a)		93,567		93,567
Total Short-Term Investment (Cost $93,567)				93,567
Total Investments 99.27% (Cost $7,408,953)				9,291,857
Other Assets Less Liabilities 0.73%				67,886
Net Assets 100.00%				9,359,743

^*  Non income-producing security.

^(a)  Yield as of March 31, 2013.

ADR — American Depositary Receipt.

VALUATION INPUTS

Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	4,965,847	$	4,232,443	$	—	$	9,198,290
Short-Term Investment		—		93,567		—		93,567
Total Investments	$	4,965,847	$	4,326,010	$	—	$	9,291,857

As of March 31, 2013, $156,075 transferred from Level 1 to Level 2, based on the valuation input levels assigned to securities on September 30, 2012.

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

38 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – Global Emerging Markets Fund

as of March 31, 2013

Common Stocks 84.80%

	Shares		Value ($)
Brazil 3.90%
Household Durables 0.97%
PDG Realty S.A. Empreendimentos e Participacoes		99,300		152,826
Road & Rail 1.72%
Localiza Rent a Car S.A.		15,100		269,756
Specialty Retail 1.21%
Cia Hering		10,600		189,366
Total Brazil				611,948
Chile 1.25%
Commercial Banks 1.25%
Banco Santander Chile, ADR		6,896		196,329
Total Chile				196,329
China 10.74%
Commercial Banks 3.77%
Industrial & Commercial Bank of China Ltd. — H Shares		842,180		591,805
Computers & Peripherals 2.77%
Lenovo Group Ltd.		436,000		434,231
Insurance 1.29%
China Taiping Insurance Holdings Co. Ltd.*		118,800		202,754
Oil, Gas & Consumable Fuels 2.91%
CNOOC Ltd.		238,000		455,553
Total China				1,684,343
Columbia 2.14%
Oil, Gas & Consumable Fuels 2.14%
Pacific Rubiales Energy Corp.		15,900		335,577
Total Columbia				335,577
Hong Kong 1.77%
Hotels, Restaurants & Leisure 1.77%
SJM Holdings Ltd.		111,000		278,182
Total Hong Kong				278,182
Indonesia 1.71%
Commercial Banks 1.71%
Bank Mandiri Persero Tbk PT		260,000		267,801
Total Indonesia				267,801

	Shares		Value ($)
Korea, Republic of 16.02%
Auto Components 3.02%
Hyundai Mobis		1,694		474,089
Chemicals 1.76%
LG Chem Ltd.		1,150		275,087
Construction & Engineering 1.36%
Samsung Engineering Co. Ltd.		1,844		212,823
Insurance 2.12%
Korean Reinsurance Co.		32,296		332,729
Semiconductors & Semiconductor Equipment 7.76%
Samsung Electronics Co. Ltd., GDR, Reg — S Share 144A(a)		1,812		1,217,664
Total Korea, Republic of				2,512,392
Malaysia 5.72%
Commercial Banks 1.85%
CIMB Group Holdings Bhd		117,300		289,854
Hotels, Restaurants & Leisure 2.14%
Genting Malaysia Bhd		284,100		336,873
Wireless Telecommunication Services 1.73%
Axiata Group Bhd		126,725		271,228
Total Malaysia				897,955
Mexico 9.86%
Chemicals 2.73%
Mexichem SAB de C.V.		79,835		428,420
Commercial Banks 2.66%
Grupo Financiero Banorte SAB de C.V.		52,000		417,298
Food & Staples Retailing 1.74%
Controladora Comercial Mexicana SAB de C.V.		74,000		272,562
Wireless Telecommunication Services 2.73%
America Movil SAB de C.V. — Series L		407,000		428,364
Total Mexico				1,546,644
Peru 4.64%
Commercial Banks 3.60%
Credicorp Ltd.		3,400		564,570

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

Nomura Partners Funds The World from Asia : 39

Schedule of Investments (Unaudited) – Global Emerging Markets Fund

as of March 31, 2013

Common Stocks (continued)

	Shares		Value ($)
Peru (continued)
Metals & Mining 1.04%
Cia de Minas Buenaventura S.A., ADR		6,300		163,548
Total Peru				728,118
Russia 7.57%
Commercial Banks 1.95%
Sberbank of Russia, ADR		23,787		305,560
Food & Staples Retailing 2.45%
Magnit OJSC, GDR, 144A(a)		8,500		384,578
Metals & Mining 1.06%
Novolipetsk Steel OJSC, GDR, 144A(a)		10,500		165,856
Oil, Gas & Consumable Fuels 2.11%
LUKOIL OAO, ADR		5,149		332,086
Total Russia				1,188,080
South Africa 4.92%
Pharmaceuticals 3.12%
Aspen Pharmacare Holdings Ltd.*		23,525		488,610
Wireless Telecommunication Services 1.80%
MTN Group Ltd.		16,111		282,922
Total South Africa				771,532
Taiwan 7.55%
Commercial Banks 1.64%
Chinatrust Financial Holding Co. Ltd.		430,705		257,221
Computers & Peripherals 0.84%
Simplo Technology Co. Ltd.		28,500		132,407
Semiconductors & Semiconductor Equipment 5.07%
Taiwan Semiconductor Manufacturing Co. Ltd.		238,000		795,129
Total Taiwan				1,184,757
Thailand 4.03%
Commercial Banks 1.96%
Kasikornbank PCL		35,900		257,143
Kasikornbank PCL, NVDR		7,100		50,546
				307,689

	Shares		Value ($)
Food & Staples Retailing 2.07%
CP ALL PCL		207,800		324,632
Total Thailand				632,321
Turkey 1.42%
Commercial Banks 1.42%
Turkiye Garanti Bankasi AS		41,899		222,275
Total Turkey				222,275
United States 1.56%
IT Services 1.56%
Cognizant Technology Solutions Corp.*		3,200		245,152
Total United States				245,152
Total Common Stocks (Cost $10,599,121)				13,303,406
Preferred Stocks 9.89%
Brazil 9.89%
Commercial Banks 2.52%
Itau Unibanco Holding S.A.		22,200		395,387
Independent Power Producers and Energy Traders 1.21%
AES Tiete S.A.		19,500		189,138
Metals and Mining 2.76%
Vale S.A. — A Shares		26,332		433,144
Oil, Gas and Consumable Fuels 3.40%
Petroleo Brasileiro S.A.		58,700		533,042
Total Brazil				1,550,711
Total Preferred Stocks (Cost $1,608,116)				1,550,711
Participatory Notes 3.99%
India 3.99%
Automobiles 2.21%
Maruti Suzuki India Ltd., Issued by JP Morgan Structured Products, maturity date 12/21/15, 144A		7,158		167,855

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

40 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – Global Emerging Markets Fund

as of March 31, 2013

Participatory Notes (concluded)

	Shares		Value ($)
India (continued)
Maruti Suzuki India Ltd., Issued by Morgan Stanley Asia Products, maturity date 08/11/14, 144A		7,623		179,719
				347,574
Diversified Financial Services 1.78%
Infrastructure Development Finance Co. Ltd., Issued by Morgan Stanley Asia Products, maturity date 03/18/14, 144A		34,668		91,749
Infrastructure Development Finance Co. Ltd., Issued by JP Morgan Structured Products, maturity date 4/13/17, 144A		71,150		187,124
				278,873
Total India				626,447
Total Participatory Notes (Cost $639,846)				626,447
Short-Term Investment 3.07%
United States 3.07%
State Street Institutional Liquid Reserve, 0.13%(b)		481,735		481,735
Total Short-Term Investment (Cost $481,735)				481,735
Total Investments 101.75% (Cost $13,328,818)				15,962,299
Liabilities Less Other Assets (1.75%)				(274,709	)
Net Assets 100.00%				15,687,590

^*  Non-income producing security.

^(a)  Illiquid security.

^(b) Yield as of March 31, 2013.

144A — Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of these securities amounted to $2,394,545 or 15.26% of net assets.

ADR — American Depositary Receipt.

GDR — Global Depositary Receipt.

NVDR — Non Voting Depositary Receipt.

VALUATION INPUTS

Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	3,507,519	$	9,795,887	$	—	$	13,303,406
Preferred Stocks		1,550,711		—		—		1,550,711
Participatory Notes		—		626,447		—		626,447
Short-Term Investment		—		481,735		—		481,735
Total Investments	$	5,058,230	$	10,904,069	$	—	$	15,962,299

As of March 31, 2013, $1,546,644 transferred from Level 1 to Level 2, based on the valuation input levels assigned to securities on September 30, 2012. These securities are foreign shares and do not receive a domestic price from a pricing service and as a result, have a spot currency valuation adjustment.

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

Nomura Partners Funds The World from Asia : 41

Schedule of Investments (Unaudited) – International Equity Fund

as of March 31, 2013

Common Stocks 59.78%

	Shares		Value ($)
Argentina 5.50%
Commercial Banks 2.32%
Banco Macro S.A., ADR*		14,500		213,440
Diversified Telecommunication Services 1.74%
Telecom Argentina S.A., ADR		11,000		159,610
Real Estate Management & Development 1.44%
IRSA Inversiones y Representaciones S.A., ADR		14,000		132,020
Total Argentina				505,070
Australia 3.79%
Commercial Banks 1.05%
Westpac Banking Corp.		3,000		96,496
Metals & Mining 0.68%
Newcrest Mining Ltd.		3,000		62,692
Oil, Gas & Consumable Fuels 0.68%
Origin Energy Ltd.		4,500		62,426
Textiles, Apparel & Luxury Goods 1.38%
Billabong International Ltd.*		166,000		126,093
Total Australia				347,707
Brazil 2.38%
Wireless Telecommunication Services 2.38%
Tim Participacoes S.A., ADR		10,000		218,800
Total Brazil				218,800
France 7.69%
Auto Components 1.19%
Compagnie Generale des Etablissements Michelin		1,300		108,931
Automobiles 0.75%
Renault S.A.		1,100		69,074
Commercial Banks 1.36%
Societe Generale S.A.*		3,800		125,359
Construction & Engineering 1.66%
Bouygues S.A.		5,600		152,000
Diversified Telecommunication Services 1.37%
France Telecom S.A.		12,400		125,732
Electrical Equipment 0.49%
Alstom S.A.		1,100		44,876

	Shares		Value ($)
Food Products 0.87%
Danone		1,150		80,126
Total France				706,098
Germany 4.30%
Automobiles 1.93%
Daimler AG		3,250		176,907
Industrial Conglomerates 1.29%
Siemens AG		1,100		118,503
Textiles, Apparel & Luxury Goods 1.08%
Adidas AG		200		20,766
Puma SE		250		78,048
				98,814
Total Germany				394,224
Italy 3.46%
Diversified Telecommunication Services 1.08%
Telecom Italia SpA		140,000		99,425
Oil, Gas & Consumable Fuels 1.42%
ENI SpA		5,800		130,238
Transportation Infrastructure 0.96%
Ansaldo STS SpA		8,800		88,325
Total Italy				317,988
Luxembourg 0.63%
Metals & Mining 0.63%
ArcelorMittal		4,500		58,127
Total Luxembourg				58,127
Netherlands 3.04%
Air Freight & Logistics 1.00%
TNT Express NV		12,400		91,218
Diversified Financial Services 1.61%
ING Groep NV*		20,600		148,047
Diversified Telecommunication Services 0.43%
Koninklijke KPN NV		11,700		39,647
Total Netherlands				278,912
Norway 1.25%
Oil, Gas & Consumable Fuels 1.25%
Statoil ASA		4,700		114,755
Total Norway				114,755

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

42 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – International Equity Fund

as of March 31, 2013

Common Stocks (concluded)

	Shares		Value ($)
Peru 0.54%
Commercial Banks 0.54%
Credicorp Ltd.		300		49,815
Total Peru				49,815
Sweden 2.04%
Communications Equipment 2.04%
Telefonaktiebolaget LM Ericsson — B Shares		15,000		187,162
Total Sweden				187,162
Switzerland 13.25%
Capital Markets 2.00%
Julius Baer Group Ltd.*		1,650		64,277
UBS AG*		7,800		119,786
				184,063
Food Products 3.55%
Nestle S.A.		4,500		325,557
Health Care Equipment & Supplies 1.38%
Nobel Biocare Holding AG*		12,600		126,516
Pharmaceuticals 4.85%
Novartis AG		3,800		270,603
Roche Holding AG		750		175,105
				445,708
Semiconductors & Semiconductor Equipment 1.47%
STMicroelectronics NV		17,500		134,774
Total Switzerland				1,216,618
United Kingdom 11.91%
Commercial Banks 1.61%
Standard Chartered PLC		5,700		147,658
Health Care Equipment & Supplies 1.36%
Smith & Nephew PLC		10,800		124,943
Insurance 1.29%
RSA Insurance Group PLC		67,000		118,793
Media 1.25%
Reed Elsevier PLC		9,600		114,288
Metals & Mining 1.65%
Anglo American PLC		5,900		151,883

	Shares		Value ($)
Oil, Gas & Consumable Fuels 3.00%
BP PLC		26,200		183,995
Royal Dutch Shell PLC — A Shares		2,800		90,933
				274,928
Tobacco 1.75%
British American Tobacco PLC		3,000		160,628
Total United Kingdom				1,093,121
Total Common Stocks (Cost $4,959,221)				5,488,397
Preferred Stocks 1.69%
Germany 1.69%
Health Care Equipment and Supplies 1.69%
Draegerwerk AG & Co. KGAA		1,200		155,067
Total Germany				155,067
Total Preferred Stocks (Cost $109,592)				155,067
Mutual Funds 26.72%
United States 26.72%
Asia Pacific ex Japan Fund — Institutional Shares(b)		50,516		792,082
The Japan Fund — Institutional Shares(b)		152,520		1,660,947
Total United States				2,453,029
Total Mutual Funds (Cost $1,851,612)				2,453,029
Short-Term Investment 9.98%
United States 9.98%
State Street Institutional Liquid Reserve, 0.13%(a)		915,657		915,657
Total Short-Term Investment (Cost $915,657)				915,657
Total Investments 98.17% (Cost $7,836,082)				9,012,150
Other Assets Less Liabilities 1.83%				168,355
Net Assets 100.00%				9,180,505

^*  Non-income producing security.

^(a)  Yield as of March 31, 2013.

^(b) Affiliated issuer (see Notes to Financial Statements).

ADR — American Depositary Receipt.

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

Nomura Partners Funds The World from Asia : 43

Schedule of Investments (Unaudited) – International Equity Fund

as of March 31, 2013

VALUATION INPUTS

Description	Level 1		Level 2		Level 3		Total
Common Stocks	$	773,685	$	4,714,712	$	—	$	5,488,397
Preferred Stocks		—		155,067		—		155,067
Mutual Funds		2,453,029		—		—		2,453,029
Short-Term Investment		—		915,657		—		915,657
Total Investments	$	3,226,714	$	5,785,436	$	—	$	9,012,150

There were no transfers between Level 1, 2, or 3 as of March 31, 2013, based upon the valuation input levels assigned to securities on September 30, 2012.

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

44 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – High Yield Fund

as of March 31, 2013

Corporate Obligations 83.97%

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Automotive 0.85%
Auto Parts & Equipments 0.72%
Exide Technologies
325,000		8.63		02/01/18			280,719
Automakers 0.13%
Navistar International Corp.
50,000		8.25		11/01/21	(a)		51,187
Total Automotive							331,906
Banking 2.78%
Banking 2.78%
Barclays Bank PLC
550,000		7.63		11/21/22			543,813
Royal Bank of Scotland Group PLC
600,000		7.64		12/31/49	(b)		540,000
							1,083,813
Total Banking							1,083,813
Basic Industry 12.40%
Building Materials 4.46%
Gibraltar Industries, Inc.
25,000		6.25		02/01/21	(c),(d)		26,625
HD Supply, Inc.
25,000		7.50		07/15/20	(c),(d)		26,375
600,000		11.50		07/15/20			712,500
275,000		10.50		01/15/21	(a)		287,031
New Enterprise Stone & Lime Co., Inc.
104,500		13.00		03/15/18	(c)		117,040
Rexel SA
EUR 200,000		5.13		06/15/20	(a),(c)		260,857
200,000		5.25		06/15/20	(a),(c)		203,500
USG Corp.
100,000		6.30		11/15/16			106,500
							1,740,428
Chemicals 3.61%
Ashland, Inc.
25,000		3.00		03/15/16	(c),(d)		25,500
25,000		3.88		04/15/18	(c),(d)		25,406
Axiall Corp.
25,000		4.88		05/15/23	(c),(d)		25,531
Cornerstone Chemical Co.
25,000		9.38		03/15/18			25,625
Eagle Spinco, Inc.
25,000		4.63		02/15/21	(c),(d)		25,531

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Hexion US Finance Corp.
150,000		6.63		04/15/20	(c)		151,125
INEOS Group Holdings SA
200,000		8.50		02/15/16	(c)		204,000
OXEA Finance & Cy SCA
100,000		9.50		07/15/17	(c)		109,250
PolyOne Corp.
25,000		5.25		03/15/23	(c),(d)		25,313
Taminco Acquisition Corp.
500,000		9.13		12/15/17	(c)		507,500
Taminco Global Chemical Corp.
45,000		9.75		03/31/20	(c),(d)		50,288
TPC Group, Inc.
25,000		8.75		12/15/20	(c),(d)		26,156
Trinseo Materials Operating SCA
75,000		8.75		02/01/19	(c),(d)		74,437
US Coatings Acquisition, Inc.
EUR 100,000		5.75		02/01/21	(c)		132,031
							1,407,693
Forestry & Paper 0.70%
Ainsworth Lumber Co. Ltd.
250,000		7.50		12/15/17	(c)		273,437
Metals & Mining Excluding Steel 2.27%
Alpha Natural Resources, Inc.
25,000		6.25		06/01/21			22,625
Arch Coal, Inc.
500,000		7.25		06/15/21			451,250
Coeur d’Alene Mines Corp.
25,000		7.88		02/01/21	(c),(d)		26,531
Noranda Aluminum Acquisition Corp.
25,000		11.00		06/01/19	(c),(d)		25,125
St. Barbara Ltd.
200,000		8.88		04/15/18	(c)		204,500
Thompson Creek Metals Co. Inc.
100,000		7.38		06/01/18			82,500
50,000		12.50		05/01/19			49,125
Walter Energy, Inc.
25,000		8.50		04/15/21	(c),(d)		25,688
							887,344
Steel Producers & Products 1.36%
AK Steel Corp.
100,000		8.38		04/01/22			88,750
ArcelorMittal
100,000		6.00		03/01/21			105,301
300,000		7.50		10/15/39			309,148

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

Nomura Partners Funds The World from Asia : 45

Schedule of Investments (Unaudited) – High Yield Fund

as of March 31, 2013

Corporate Obligations (continued)

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Basic Industry (continued)
United States Steel Corp.
25,000		6.88		04/01/21			25,813
							529,012
Total Basic Industry							4,837,914
Capital Goods 4.78%
Aerospace & Defense 0.47%
Bombardier, Inc.
100,000		6.13		01/15/23	(c),(d)		104,250
GenCorp, Inc.
25,000		7.13		03/15/21	(c),(d)		26,500
Triumph Group, Inc.
50,000		4.88		04/01/21	(c),(d)		50,625
							181,375
Diversified Capital Goods 0.98%
NANA Development Corp.
250,000		9.50		03/15/19	(c)		252,188
Titan International, Inc.
25,000		7.88		10/01/17	(c),(d)		27,031
Unifrax I, LLC
100,000		7.50		02/15/19	(c),(d)		103,500
							382,719
Machinery 1.07%
Cleaver-Brooks, Inc.
150,000		8.75		12/15/19	(c)		162,187
DH Services Luxembourg
50,000		7.75		12/15/20	(c),(d)		52,250
Milacron, LLC
125,000		7.75		02/15/21	(c)		129,844
Neovia Logistics International Holdings, LLC
75,000		10.00		02/15/18	(c),(d)		75,000
							419,281
Packaging 2.26%
Ardagh Packaging Finance PLC
EUR 150,000		5.00		11/15/22	(c)		191,316
Crown Americas Capital Corp. IV
150,000		4.50		01/15/23	(a),(c),(d)		146,250
Graphic Packaging International, Inc.
25,000		4.75		04/15/21	(a)		25,406
Reynolds Group Issuer, Inc.
500,000		8.25		02/15/21			516,875
							879,847
Total Capital Goods							1,863,222

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Consumer Cyclical 5.55%
Apparel & Textiles 0.38%
Broder Brothers Co.
150,000		12.00		10/15/13	(c)		149,813
Food & Drug Retailers 1.32%
Rite Aid Corp.
50,000		6.88		12/15/28	(c)		44,500
SUPERVALU, Inc.
450,000		8.00		05/01/16	(a)		470,250
							514,750
Household & Leisure Products 1.20%
American Standard Americas
200,000		10.75		01/15/16	(c)		208,500
BC Mountain Finance, Inc.
25,000		7.00		02/01/21	(c),(d)		26,563
RSI Home Products, Inc.
75,000		6.88		03/01/18	(c),(d)		76,500
Serta Simmons Holdings, LLC
150,000		8.13		10/01/20	(c)		156,562
							468,125
Restaurants 2.16%
Checkers Drive-In Restaurants, Inc.
150,000		11.00		12/01/17	(c)		157,687
Landry’s Holdings II, Inc.
650,000		10.25		01/01/18	(c)		684,125
							841,812
Specialty Retail 0.49%
Burlington Holdings, LLC
25,000		9.00		02/15/18	(c),(d)		25,500
Sonic Automotive, Inc.
150,000		9.00		03/15/18			165,750
							191,250
Total Consumer Cyclical							2,165,750
Consumer Non-Cyclical 2.73%
Consumer Products 0.82%
American Achievement Corp.
300,000		10.88		04/15/16	(c)		292,500
Revlon Consumer Products Co.
25,000		5.75		02/15/21	(c),(d)		25,188
							317,688
Food-Wholesale 1.64%
US Foods, Inc.
575,000		8.50		06/30/19	(c)		613,094

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

46 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – High Yield Fund

as of March 31, 2013

Corporate Obligations (continued)

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Consumer Non-Cyclical (continued)
Wells Enterprises, Inc.
25,000		6.75		02/01/20	(c),(d)		26,437
							639,531
Tobacco 0.27%
North Atlantic Trading Co.
100,000		11.50		07/15/16	(c),(d)		105,750
Total Consumer Non-Cyclical							1,062,969
Energy 10.33%
Energy Exploration & Production 7.12%
Aurora USA Oil & Gas, Inc.
50,000		7.50		04/01/20	(c),(d)		50,625
Chesapeake Energy Corp.
50,000		5.38		06/15/21	(a)		50,313
100,000		5.75		03/15/23	(a)		101,625
EPE Holdings, LLC
600,000		8.88		12/15/17	(c)		631,500
Halcon Resources Corp.
600,000		8.88		05/15/21	(c)		649,500
Laredo Petroleum, Inc.
150,000		7.38		05/01/22			165,000
Plains Exploration & Production Co.
150,000		6.75		02/01/22			167,812
Quicksilver Resources, Inc.
350,000		9.13		08/15/19			323,750
Shelf Drilling Holdings Ltd.
600,000		8.63		11/01/18	(a),(c)		639,000
							2,779,125
Gas Distribution 0.19%
MarkWest Energy Partners LP
50,000		4.50		07/15/23			49,000
Martin Midstream Partners LP
25,000		7.25		02/15/21	(c),(d)		25,313
							74,313
Oil Field Equipment & Services 1.56%
CHC Helicopter SA
250,000		9.25		10/15/20			267,031
Hercules Offshore, Inc.
150,000		10.50		10/15/17	(c)		163,500
Offshore Group Investment Ltd.
75,000		7.13		04/01/23	(c),(d)		76,875
Seitel, Inc.
50,000		9.50		04/15/19	(c),(d)		50,438
Tervita Corp.
50,000		8.00		11/15/18	(c),(d)		51,781
							609,625

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Oil Refining & Marketing 1.46%
United Refining Co.
500,000		10.50		02/28/18			567,500
Total Energy							4,030,563
Financial Services 2.78%
Brokerage 1.44%
Cantor Commercial Real Estate Co. LP
25,000		7.75		02/15/18	(c),(d)		25,563
LBG Capital No.1 PLC
500,000		8.00		12/31/49	(b),(c)		536,989
							562,552
Cons/Comm/Lease Financing 0.87%
Nationstar Mortgage, LLC
250,000		9.63		05/01/19	(c)		287,500
25,000		6.50		07/01/21	(c),(d)		26,188
SLM Corp.
25,000		3.88		09/10/15			26,047
							339,735
Investments & Misc Financial Services 0.47%
Nuveen Investments, Inc.
175,000		9.13		10/15/17	(c)		181,562
Total Financial Services							1,083,849
Healthcare 3.27%
Health Facilities 1.60%
Alliance HealthCare Services, Inc.
150,000		8.00		12/01/16			145,500
CRC Health Corp.
125,000		10.75		02/01/16			126,875
HCA, Inc.
200,000		7.25		09/15/20	(a)		221,750
IASIS Healthcare, LLC
75,000		8.38		05/15/19			79,219
OnCure Holdings, Inc.
100,000		11.75		05/15/17			50,500
							623,844
Medical Products 1.67%
Biomet, Inc.
50,000		6.50		08/01/20	(c),(d)		53,250
Kinetic Concepts, Inc.
600,000		12.50		11/01/19			597,000
							650,250
Total Healthcare							1,274,094

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

Nomura Partners Funds The World from Asia : 47

Schedule of Investments (Unaudited) – High Yield Fund

as of March 31, 2013

Corporate Obligations (continued)

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Insurance 0.53%
Insurance Brokerage 0.06%
Onex USI Acquisition Corp.
25,000		7.75		01/15/21	(c),(d)		25,188
Investments & Misc Financial Services 0.40%
Ambac Financial Group, Inc.
225,000		5.95		12/05/35	(e)		156,937
Life Insurance 0.07%
Fidelity & Guaranty Life Holdings, Inc.
25,000		6.38		04/01/21	(c),(d)		25,625
Total Insurance							207,750
Media 5.61%
Media Broadcast 1.83%
Clear Channel Communications, Inc.
750,000		10.75		08/01/16			583,125
25,000		9.00		12/15/19	(c),(d)		24,156
Sinclair Television Group, Inc.
25,000		5.38		04/01/21	(a),(c),(d)		24,938
Univision Communications, Inc.
75,000		6.88		05/15/19	(a),(c),(d)		80,625
							712,844
Media Cable 1.01%
CCO Holdings Capital Corp.
75,000		5.75		09/01/23	(c),(d)		75,563
Cequel Communications Holdings I, LLC
150,000		6.38		09/15/20	(c)		156,375
UPCB Finance VI Ltd.
150,000		6.88		01/15/22	(a),(c),(d)		163,875
							395,813
Media Services 0.80%
Affinion Group, Inc.
150,000		11.50		10/15/15			131,625
Southern Graphics, Inc.
175,000		8.38		10/15/20	(c)		182,000
							313,625
Printing & Publishing 1.97%
Cengage Learning Acquisitions, Inc.
100,000		10.50		01/15/15	(c),(d)		17,500
MPL 2 Acquisition Canco, Inc.
100,000		9.88		08/15/18	(c),(d)		101,250
ProQuest Notes Co.
350,000		9.00		10/15/18	(c)		349,125
RR Donnelley & Sons Co.
25,000		7.88		03/15/21			26,187

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
The McClatchy Co.
250,000		9.00		12/15/22	(c)		272,500
							766,562
Total Media							2,188,844
Services 11.04%
Airlines 0.68%
Air Canada
150,000		12.00		02/01/16	(c)		164,812
Continental Airlines
100,000		6.13		04/29/18			100,500
							265,312
Building & Construction 0.59%
Ashton Woods USA, LLC
150,000		6.88		02/15/21	(c)		152,625
Beazer Homes USA, Inc.
50,000		7.25		02/01/23	(c),(d)		51,250
Meritage Homes Corp.
25,000		4.50		03/01/18	(c),(d)		25,062
							228,937
Gaming 1.95%
Caesars Entertainment Operating Co., Inc.
75,000		10.00		12/15/18			51,469
Caesars Operating Escrow, LLC
700,000		9.00		02/15/20	(c),(d)		707,875
Inn of the Mountain Gods Resort & Casino
3,125		1.25		11/30/20	(c)		2,836
							762,180
Hotels 0.07%
RHP Hotel Properties LP
25,000		5.00		04/15/21	(a),(c),(d)		25,219
Leisure 0.07%
Speedway Motorsports, Inc.
25,000		6.75		02/01/19	(c),(d)		26,813
Support Services 7.12%
313 Group, Inc.
500,000		8.75		12/01/20	(c)		508,125
Ahern Rentals, Inc.
50,000		9.25		08/15/13	(d),(e)		41,500
Algeco Scotsman Global Finance PLC
250,000		10.75		10/15/19	(c)		260,000
ARAMARK Corp.
75,000		5.75		03/15/20	(c),(d)		77,063
Avis Budget Finance, Inc.
EUR 100,000		6.00		03/01/21	(c)		131,415
75,000		5.50		04/01/23	(a),(c),(d)		75,188

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

48 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Schedule of Investments (Unaudited) – High Yield Fund

as of March 31, 2013

Corporate Obligations (continued)

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Services (continued)
BC Luxco 1 SA
150,000		7.38		01/29/20	(c)		156,000
H&E Equipment Services, Inc.
25,000		7.00		09/01/22	(c),(d)		27,625
Igloo Holdings Corp.
325,000		8.25		12/15/17	(c)		337,187
Neff Finance Corp.
300,000		9.63		05/15/16	(c)		320,250
ServiceMaster Co.
300,000		7.00		08/15/20	(c)		312,000
Travelport, LLC
400,000		9.88		09/01/14			404,000
150,000		11.88		09/01/16			128,250
							2,778,603
Theaters & Entertainment 0.06%
Regal Entertainment Group
25,000		5.75		02/01/25			24,625
Transportation Excluding Air & Rail 0.50%
CMA CGM SA
150,000		8.50		04/15/17	(c)		140,250
Navios South American Logistics, Inc.
25,000		9.25		04/15/19	(c),(d)		27,000
Swift Services Holdings, Inc.
25,000		10.00		11/15/18			28,750
							196,000
Total Services							4,307,689
Technology & Electronics 4.54%
Electronics 1.00%
MEMC Electronic Materials, Inc.
200,000		7.75		04/01/19			186,000
NXP Funding, LLC
200,000		5.75		03/15/23	(c)		204,500
							390,500
Software & Services 1.94%
Ceridian Corp.
50,000		11.00		03/15/21	(c),(d)		53,875
First Data Corp.
375,000		11.25		03/31/16			378,750
50,000		10.63		06/15/21	(a),(c),(d)		50,812
Global Generations Merger Sub, Inc.
250,000		11.00		12/15/20	(a),(c),(d)		272,500
							755,937

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Telecommunications Equipment 1.60%
Alcatel-Lucent USA, Inc.
250,000		6.50		01/15/28			191,250
100,000		6.45		03/15/29			77,500
Avaya, Inc.
225,000		9.75		11/01/15			225,563
Sorenson Communications, Inc.
150,000		10.50		02/01/15	(c)		130,125
							624,438
Total Technology & Electronics							1,770,875
Telecommunication 13.79%
Telecom — Fixed Line 0.65%
EarthLink, Inc.
250,000		8.88		05/15/19			253,750
Telecom — Integrated/Services 6.06%
CenturyLink, Inc.
25,000		5.80		03/15/22			25,356
25,000		7.60		09/15/39			24,318
Cerved Technologies SpA
EUR 100,000		6.38		01/15/20	(c)		126,929
Cincinnati Bell, Inc.
250,000		8.25		10/15/17			266,250
Equinix, Inc.
25,000		4.88		04/01/20			25,313
250,000		5.38		04/01/23			254,375
Frontier Communications Corp.
250,000		9.25		07/01/21			288,125
25,000		7.63		04/15/24	(a)		25,781
Intelsat Luxembourg SA
300,000		11.50		02/04/17			318,750
25,000		6.75		06/01/18	(a),(c),(d)		25,875
75,000		7.75		06/01/21	(a),(c),(d)		76,500
175,000		8.13		06/01/23	(a),(c)		178,500
Level 3 Financing, Inc.
25,000		8.63		07/15/20			27,969
Windstream Corp.
150,000		7.00		03/15/19	(a)		153,937
350,000		7.50		04/01/23			372,750
175,000		6.38		08/01/23	(c)		174,562
							2,365,290
Telecommunication Services 1.67%
Mobile Challenger Intermediate Group SA
500,000		8.75		03/15/19	(c)		649,738

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

Nomura Partners Funds The World from Asia : 49

Schedule of Investments (Unaudited) – High Yield Fund

as of March 31, 2013

Corporate Obligations (continued)

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Telecommunication (continued)
Wireless Telecommunication Services 5.41%
Digicel Ltd.
250,000		6.00		04/15/21	(c)		249,375
MetroPCS Wireless, Inc.
75,000		6.25		04/01/21	(c),(d)		76,594
375,000		6.63		04/01/23	(a),(c)		383,906
NII Capital Corp.
100,000		7.63		04/01/21			72,500
Sprint Capital Corp.
750,000		8.75		03/15/32			898,125
Wind Acquisition Holdings Finance SA
412,250		12.25		07/15/17	(c)		430,286
							2,110,786
Total Telecommunication							5,379,564
Utility 2.99%
Electric Generation 2.78%
Calpine Corp.
100,000		7.50		02/15/21	(c)		110,250
Edison Mission Energy
245,000		7.00		05/15/17	(e)		132,300
Energy Future Intermediate Holding Co., LLC
250,000		12.25		12/01/18	(c)		243,125
200,000		11.75		03/01/22	(c)		231,000
GenOn Energy, Inc.
250,000		9.50		10/15/18			295,625
Texas Competitive Electric Holdings Co., LLC
700,000		10.25		11/01/15			73,500
							1,085,800
Electric Integrated 0.21%
Ameren Energy Generating Co.
100,000		7.00		04/15/18			80,750
Total Utility							1,166,550
Total Corporate Obligations (Cost $32,264,871)							32,755,352
Senior Term Loans 5.06%
Basic Industry 0.07%
Chemicals 0.07%
US Coatings Acquisition, Inc.
25,000		4.75		02/01/20			25,361
Total Basic Industry							25,361

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Capital Goods 0.58%
Aerospace & Defense 0.13%
Silver II US Holdings, LLC
49,875		4.00		12/05/19			50,271
Diversified Capital Goods 0.19%
NANA Development Corp.
75,000		8.00		03/15/18			75,000
Packaging 0.26%
Berlin Packaging, LLC
75,000		1.00		03/25/19	(a)		74,625
25,000		1.00		03/25/20	(a)		24,625
							99,250
Total Capital Goods							224,521
Consumer Cyclical 0.06%
Food & Drug Retailers 0.06%
Rite Aid Corp.
25,000		5.75		02/21/20			25,294
Total Consumer Cyclical							25,294
Consumer Non-Cyclical 0.13%
Food-Wholesale 0.13%
HJ Heinz Co.
50,000		1.00		03/27/19	(a)		50,281
Total Consumer Non-Cyclical							50,281
Energy 0.33%
Energy Exploration & Production 0.20%
NFR Energy, LLC
75,000		8.75		12/31/18			77,344
Oil Field Equipment & Services 0.13%
American Petroleum Tankers, LLC
50,000		1.00		09/30/19	(a)		49,750
Total Energy							127,094
Financial Services 0.13%
Investments & Misc Financial Services 0.13%
J.G. Wentworth, LLC
50,000		9.00		01/22/18			50,000
Total Financial Services							50,000

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

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Schedule of Investments (Unaudited) – High Yield Fund

as of March 31, 2013

Senior Term Loans (continued)

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Healthcare 0.06%
Health Facilities 0.06%
Vanguard Health Holding Co.
25,000		3.75		01/29/16			25,344
Total Healthcare							25,344
Insurance 1.38%
Insurance Brokerage 1.38%
Lonestar International Super Holdings, LLC
500,000		11.00		09/02/19			538,750
Total Insurance							538,750
Media 0.19%
Media Cable 0.19%
Virgin Media Investment Holdings
75,000		1.00		02/17/20	(a)		74,719
Total Media							74,719
Services 0.83%
Airlines 0.19%
United Airlines, Inc.
75,000		1.00		03/22/19	(a)		75,914
Gaming 0.13%
Station Casinos, Inc.
50,000		6.25		02/13/20			50,625
Leisure 0.19%
Twin River Management Group, Inc.
75,000		1.00		09/27/18	(a)		75,719
Transportation Excluding Air & Rail 0.32%
American Commercial Lines, LLC
125,000		1.00		02/27/20	(a)		123,437
Total Services							325,695
Technology & Electronics 0.32%
Electronics 0.32%
Eastman Kodak Co.
50,000		1.00		03/21/14	(a)		47,750
Eze Castle Software, Inc.
25,000		1.00		02/22/20	(a)		25,344
50,000		1.00		02/22/21	(a)		51,125
Total Technology & Electronics							124,219

Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Utility 0.98%
Electric Generation 0.98%
TXU US Holdings Co.
375,000		3.73		10/10/14			276,680
150,000		4.73		10/10/17	(a)		106,874
							383,554
Total Utility							383,554
Total Senior Term Loans (Cost $1,941,495)							1,974,832
Preferred Stocks 0.63%
			Shares			Value ($)
Banking 0.63%
Banking 0.63%
Ally Financial, Inc.(c)				200			197,800
Ally Financial, Inc.				1,100			29,458
Citigroup, Inc.*				200			4,980
GMAC Capital Trust I*				550			14,960
Total Banking							247,198
Total Preferred Stocks (Cost $243,500)							247,198
Convertible Bond 0.72%
Principal Amount ($)	Interest Rate (%)		Maturity Date			Value ($)
Services 0.72%
Airlines 0.72%
AMR Corp.
250,000		6.25		10/15/14	(e)		278,750
Total Services							278,750
Total Convertible Bond (Cost $226,344)							278,750

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

Nomura Partners Funds The World from Asia : 51

Schedule of Investments (Unaudited) – High Yield Fund

as of March 31, 2013

Short-Term Investment 9.32%

Interest Rate (%)	Maturity Date		Value ($)
State Street Institutional Liquid Reserve, 0.13(f)		3,634,604		3,634,604
Total Short-Term Investment (Cost $3,634,604)				3,634,604
Total Investments 99.70% (Cost $38,310,814)				38,890,736
Other Assets Less Liabilities 0.30%				117,458
Net Assets 100.00%				39,008,194

^*  Non income-producing security.

^(a)  Security purchased on a when-issued basis.

^(b)  Variable rate security. The interest rate shown reflects the rate currently in effect.

^(c)  Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2013, the value of these securities amounted to $18,828,557 or 48.26% of net assets.

^(d) Illiquid security.

^(e)  Defaulted security.

^(f)  Yield as of March 31, 2013.

EUR — Euro Currency

Credit Quality Breakdown

March 31, 2013

S&P Ratings
BBB-	1.46%
BB+	1.13%
BB	6.54%
BB-	4.45%
B+	8.48%
B	15.11%
B-	19.27%
CCC+	21.60%
CCC	3.69%
CCC-	3.05%
CC	0.62%
C	0.04%
D	0.53%
NR	13.73%
Other Assets less Liabilities	0.30%
Net Assets	100.00%

NR — Not rated.

Security ratings disclosed, if any, are obtained from Standard & Poor’s Investors Service.

VALUATION INPUTS

Description	Level 1		Level 2		Level 3		Total
Corporate Obligations	$	—	$	32,755,352	$	—	$	32,755,352
Senior Term Loans		—		1,974,832		—		1,974,832
Preferred Stocks		49,398		197,800		—		247,198
Convertible Bonds		—		278,750		—		278,750
Short-Term Investment		—		3,634,604		—		3,634,604
Total Investments	$	49,398	$	38,841,338	$	—	$	38,890,736

There were no transfers between Level 1, 2, or 3 as of March 31, 2013, based upon the valuation input levels assigned to securities on purchase date.

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

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Nomura Partners Funds The World from Asia : 53

Statements of Assets and Liabilities (Unaudited)

As of March 31, 2013

	The Japan Fund ($)			Asia Pacific ex Japan Fund ($)			India Fund ($)
Assets:
Investments in non-affiliated issuers, at market		157,717,471			9,956,928			8,855,104
Investments in affiliated issuers, at market		—			—			—
Total Investments, at market		157,717,471			9,956,928			8,855,104
Cash		—			—			—
Foreign currency		4,883,917			98,413			441,817
Receivable for investment securities sold		537,670			27,396			506,754
Receivable for Fund shares sold		424,418			19,462			—
Dividends and interest receivable		1,269,623			23,189			7,004
Receivable from investment advisor		—			24,628			23,840
Receivable due from India capital gain tax refund		—			—			59,730
Deferred offering costs		—			—			—
Prepaid expenses and other assets		17,859			5,356			4,499
Total Assets		164,850,958			10,155,372			9,898,748
Liabilities:
Payable for investments purchased		1,436,362			150,087			—
Payable for Fund shares redeemed		20,203			15,418			—
Accrued investment advisory fees		76,664			—			—
Accrued distribution fees		66,644			2,388			274
Accrued directors’ fees and expenses		17,314			6,010			4,985
Accrued compliance services fees		12,797			3,316			2,151
Other accrued expenses and payables		214,278			26,463			16,347
Total Liabilities		1,844,262			203,682			23,757
Net Assets		163,006,696			9,951,690			9,874,991
Net assets consist of:
Paid-in capital		190,544,466			8,195,856			10,407,295
Accumulated net investment income (loss)		(967,375	)		(50,886	)		(241,411	)
Accumulated net realized gain (loss) on investments and foreign currency related transactions		(65,248,999	)		(697,397	)		(1,347,953	)
Net unrealized appreciation (depreciation) on:
Investments		38,794,770			2,503,419			1,055,126
Foreign currency related translations		(116,166	)		698			1,934
Net Assets		163,006,696			9,951,690			9,874,991
Net Assets
Class A		3,505,236			4,227,057			960,844
Class C		2,466,055			1,733,342			88,186
Class I		6,129,076			3,991,291			8,825,961
Class S		150,906,329			—			—
Capital Shares Outstanding
Class A		319,722			271,144			86,941
Class C		229,593			113,143			8,295
Class I		562,868			254,553			790,409
Class S		13,706,438			—			—
Net Asset Value and Offering Price Per Share
Class A		10.96			15.59			11.05
Class C		10.74			15.32			10.63
Class I		10.89			15.68			11.17
Class S		11.01			—			—
Offering Price Per Share
Class A (100/94.25 of net assets) (100/96.25 for High Yield Fund)		11.63			16.54			11.72
Investments at cost for non-affiliated issuers		118,922,701			7,453,509			7,799,978
Investments at cost for affiliated issuers		—			—			—
Cost of cash denominated in foreign currencies		4,998,418			97,602			439,961

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

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Greater China Fund ($)			Global Equity Income Fund ($)			Global Emerging Markets Fund ($)			International Equity Fund ($)			High Yield Fund ($)
	8,476,460			9,291,857			15,962,299			6,559,121			38,890,736
	—			—			—			2,453,029			—
	8,476,460			9,291,857			15,962,299			9,012,150			38,890,736
	25,374			806			—			73,952			2,013,037
	213,693			31,547			74,808			3,405			—
	437,071			—			29,833			42,037			570,656
	—			11,914			80,829			—			686,499
	1,439			38,058			19,355			44,772			752,687
	21,898			21,151			17,055			24,483			53,861
	—			—			—			—			—
	—			—			—			—			110,241
	4,500			4,498			5,366			4,500			85,464
	9,180,435			9,399,831			16,189,545			9,205,299			43,163,181
	—			—			473,112			—			4,093,518
	—			—			567			703			639
	—			—			—			—			—
	651			292			1,791			714			1,364
	4,391			4,692			4,928			4,569			4,099
	1,941			2,010			3,634			2,054			6,346
	2,140			33,094			17,923			16,754			49,021
	9,123			40,088			501,955			24,794			4,154,987
	9,171,312			9,359,743			15,687,590			9,180,505			39,008,194
	8,119,787			7,442,883			14,375,780			8,208,802			38,220,408
	(75,617	)		7,252			(51,792	)		18,315			23,164
	(204,149	)		26,965			(1,269,542	)		(223,468	)		182,805
	1,331,679			1,882,904			2,633,481			1,176,068			579,922
	(388	)		(261	)		(337	)		788			1,895
	9,171,312			9,359,743			15,687,590			9,180,505			39,008,194
	196,739			390,400			3,848,597			879,538			2,226,422
	670,644			339,645			1,259,183			614,812			1,212,855
	8,303,929			8,629,698			10,579,810			7,686,155			35,568,917
	—			—			—			—			—
	15,921			29,061			281,896			76,138			216,977
	54,428			25,214			94,426			54,236			118,183
	664,329			643,609			768,581			657,594			3,466,068
	—			—			—			—			—
	12.36			13.43			13.65			11.55			10.26
	12.32			13.47			13.34			11.34			10.26
	12.50			13.41			13.77			11.69			10.26
	—			—			—			—			—
	13.11			14.25			14.48			12.25			10.66
	7,144,781			7,408,953			13,328,818			5,984,470			38,310,814
	—			—			—			1,851,612			—
	214,076			31,831			74,848			3,444			—

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

Nomura Partners Funds The World from Asia : 55

Statements of Operations (Unaudited)

For the period ended March 31, 2013

	The Japan Fund ($)			Asia Pacific ex Japan Fund ($)			India Fund  ($)
Investment Income:
Dividend income from non-affiliated issuers		1,525,007			52,181			21,394
Dividend income from affiliated issuers		—			—			—
Less: foreign taxes withheld		(109,048	)		(4,353	)		—
Interest income		—			280			1,451
Other income		—			—			—
Total investment income		1,415,959			48,108			22,845
Expenses:
Investment advisor fees		446,121			51,038			61,157
Transfer agent fees		326,163			27,689			13,421
Administration fees		161,404			83,954			83,952
Legal fees		65,405			12,681			12,139
Custodian fees		137,826			38,049			39,555
Compliance services fees		74,181			15,803			15,871
Directors’ fees and expenses		80,102			23,042			22,824
Distribution fees — Class A		3,745			4,963			1,172
Distribution fees — Class C		5,037			8,835			539
Distribution fees — Class S		83,708			—			—
Registration fees		27,731			16,286			15,817
Reports to shareholders		22,211			11,440			11,210
Audit fees and tax services		13,012			9,770			19,182
Amortization of offering costs		—			—			—
Organizational costs		—			—			—
Other expenses		29,216			7,174			7,857
Total expenses		1,475,862			310,724			304,696
Less: Fee waivers and expense reimbursements (see Note F)		(193,716	)		(227,330	)		(216,346	)
Net Expenses		1,282,146			83,394			88,350
Net Investment Income (Loss)		133,813			(35,286	)		(65,505	)
Net Realized and Unrealized Gain (Loss)
Net realized gain (loss) from:
Investments in non-affiliated issuers		3,637,231			444,271			52,593
Foreign currency related transactions		(320,114	)		(6,655	)		(10,520	)
Total Realized Gain (Loss)		3,317,117			437,616			42,073
Net change in unrealized appreciation (depreciation) on:
Investments in non-affiliated issuers		21,187,875			138,855			(310,477	)
Investments in affiliated issuers		—			—			—
Foreign currency related translations		(106,288	)		439			7,479
Net Change in Unrealized Appreciation (Depreciation)		21,081,587			139,294			(302,998	)
Net Realized and Unrealized Gain (Loss)		24,398,704			576,910			(260,925	)
Increase (Decrease) in Net Assets Resulting from Operations		24,532,517			541,624			(326,430	)

* Fund commenced operations on December 27, 2012.

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

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Greater China Fund ($)			Global Equity Income Fund ($)			Global Emerging Markets Fund ($)			International Equity Fund  ($)			High Yield Fund ($)*
	10,797			148,603			74,407			56,342			438
	—			—			—			25,750			—
	(872	)		(4,799	)		(8,326	)		(3,906	)		(20	)
	100			83			280			160			634,289
	—			—			—			—			6,760
	10,025			143,887			66,361			78,346			641,467
	57,617			38,416			79,490			27,766			50,565
	9,735			8,989			27,462			10,410			10,738
	83,922			83,969			83,949			87,516			39,942
	21,048			7,148			13,100			11,561			18,186
	32,711			31,762			39,048			23,789			18,114
	15,517			15,165			20,752			15,352			13,913
	22,235			22,138			24,087			22,164			17,211
	893			388			3,091			1,123			912
	3,125			663			3,451			2,760			2,730
	—			—			—			—			—
	15,921			15,713			15,935			15,706			10,134
	11,236			11,043			11,682			11,052			7,361
	9,770			9,770			9,770			9,770			6,421
	—			—			—			—			35,933
	—			—			—			—			30,444
	6,222			6,471			7,419			6,484			1,309
	289,952			251,635			339,236			245,453			263,913
	(204,311	)		(197,229	)		(226,708	)		(197,743	)		(194,148	)
	85,641			54,406			112,528			47,710			69,765
	(75,616	)		89,481			(46,167	)		30,636			571,702
	350,248			67,853			(190,163	)		(1,227	)		184,307
	2,864			(4,549	)		(700	)		(15,156	)		(1,502	)
	353,112			63,304			(190,863	)		(16,383	)		182,805
	259,073			634,814			498,460			565,070			579,922
	—			—			—			271,004			—
	(4,469	)		(980	)		(1,571	)		(5,925	)		1,895
	254,604			633,834			496,889			830,149			581,817
	607,716			697,138			306,026			813,766			764,622
	532,100			786,619			259,859			844,402			1,336,324

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

Nomura Partners Funds The World from Asia : 57

Statements of Changes in Net Assets

	The Japan Fund						Asia Pacific ex  Japan Fund
	For the period ended March 31, 2013 (Unaudited) ($)			For the year ended September 30, 2012 ($)			For the period ended March 31, 2013 (Unaudited) ($)			For the year ended September 30, 2012 ($)
Operations:
Net investment income (loss)		133,813			551,201			(35,286	)		27,159
Net realized gain (loss)		3,317,117			(10,810,787	)		437,616			(876,764	)
Net change in unrealized appreciation (depreciation)		21,081,587			9,620,932			139,294			2,876,102
Net increase (decrease) in net assets resulting from operations		24,532,517			(638,654	)		541,624			2,026,497
Dividends to shareholders from:
Net investment income:
Class A		(17,583	)		(31,601	)		(24,626	)		(8,456	)
Class C		(1,090	)		(662	)		—			—
Class I		(58,551	)		(461,326	)		(31,242	)		(45,131	)
Class S		(1,647,287	)		(819,990	)		—			—
Net realized gains:
Class A		—			—			—			—
Class C		—			—			—			—
Class I		—			—			—			—
Total dividends to shareholders		(1,724,511	)		(1,313,579	)		(55,868	)		(53,587	)
Share transactions (See Note I)
Proceeds from shares sold		5,079,065			16,091,967			2,681,348			5,688,368
Reinvestment of cash dividends		1,465,780			1,162,309			33,463			45,668
Cost of shares redeemed		(19,299,486	)		(102,927,051	)		(2,052,760	)		(12,149,073	)
Redemption fees		410			4,020			105			84
Net increase (decrease) in net assets from Fund share transactions		(12,754,231	)		(85,668,755	)		662,156			(6,414,953	)
Increase (decrease) in net assets		10,053,775			(87,620,988	)		1,147,912			(4,442,043	)
Net Assets
Beginning of period		152,952,921			240,573,909			8,803,778			13,245,821
End of period		163,006,696			152,952,921			9,951,690			8,803,778
Accumulated net investment income (loss)		(967,375	)		623,323			(50,886	)		40,268

* Fund commenced operations on December 27, 2012.

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

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India Fund						Greater China Fund						Global Equity Income Fund
For the period ended March 31, 2013 (Unaudited) ($)			For the year ended September 30, 2012 ($)			For the period ended March 31, 2013 (Unaudited) ($)			For the year ended September 30, 2012 ($)			For the period ended March 31, 2013 (Unaudited) ($)			For the year ended September 30, 2012 ($)
	(65,505	)		(62,946	)		(75,616	)		121,535			89,481			215,431
	42,073			(1,127,416	)		353,112			(469,700	)		63,304			18,950
	(302,998	)		1,873,652			254,604			1,364,003			633,834			1,069,732
	(326,430	)		683,290			532,100			1,015,838			786,619			1,304,113
	—			—			(14,187	)		(8,135	)		(3,880	)		(8,584	)
	—			—			(6,349	)		(164	)		(1,022	)		(1,514	)
	(3,542	)		—			(99,934	)		(93,746	)		(123,443	)		(222,020	)
	—			—			—			—			—			—
	—			—			—			(52,129	)		(1,393	)		(16,396	)
	—			—			—			(2,343	)		(503	)		(2,416	)
	—			—			—			(569,399	)		(39,686	)		(303,832	)
	(3,542	)		—			(120,470	)		(725,916	)		(169,927	)		(554,762	)
	212,529			906,342			1,312,881			1,054,605			596,581			515,150
	3,402			—			117,442			720,332			162,714			529,833
	(258,250	)		(1,520,040	)		(1,118,867	)		(558,436	)		(131,483	)		(404,037	)
	7,797			208			366			415			—			217
	(34,522	)		(613,490	)		311,822			1,216,916			627,812			641,163
	(364,494	)		69,800			723,452			1,506,838			1,244,504			1,390,514
	10,239,485			10,169,685			8,447,860			6,941,022			8,115,239			6,724,725
	9,874,991			10,239,485			9,171,312			8,447,860			9,359,743			8,115,239
	(241,411	)		(172,364	)		(75,617	)		120,469			7,252			46,116

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

Nomura Partners Funds The World from Asia : 59

Statements of Changes in Net Assets – (concluded)

	Global Emerging  Markets Fund						International Equity Fund						High Yield  Fund
	For the period ended March 31, 2013 (Unaudited) ($)			For the year ended September 30, 2012 ($)			For the period ended March 31, 2013 (Unaudited) ($)			For the year ended September 30, 2012 ($)			For the period ended March 31, 2013 (Unaudited) ($)*
Operations:
Net investment income (loss)		(46,167	)		124,524			30,636			119,822			571,702
Net realized gain (loss)		(190,863	)		(1,085,609	)		(16,383	)		(214,859	)		182,805
Net change in unrealized appreciation (depreciation)		496,889			2,419,889			830,149			918,647			581,817
Net increase (decrease) in net assets resulting from operations		259,859			1,458,804			844,402			823,610			1,336,324
Dividends to shareholders from:
Net investment income:
Class A		(17,901	)		(954	)		(11,727	)		—			(26,193	)
Class C		(1,348	)		(21	)		(4,188	)		—			(16,529	)
Class I		(94,498	)		(35,296	)		(107,104	)		—			(505,816	)
Class S		—			—			—			—			—
Net realized gains:
Class A		—			(46,786	)		—			(8,711	)		—
Class C		—			(13,883	)		—			(21,601	)		—
Class I		—			(1,195,313	)		—			(577,886	)		—
Total dividends to shareholders		(113,747	)		(1,292,253	)		(123,019	)		(608,198	)		(548,538	)
Share transactions (See Note I)
Proceeds from shares sold		8,295,329			7,806,138			162,202			1,392,768			37,673,417
Reinvestment of cash dividends		77,465			1,167,490			116,694			576,088			548,212
Cost of shares redeemed		(3,576,693	)		(7,531,989	)		(116,707	)		(287,984	)		(1,221	)
Redemption fees		1,010			247			—			7			—
Net increase (decrease) in net assets from Fund share transactions		4,797,111			1,441,886			162,189			1,680,879			38,220,408
Increase (decrease) in net assets		4,943,223			1,608,437			883,572			1,896,291			39,008,194
Net Assets
Beginning of period		10,744,367			9,135,930			8,296,933			6,400,642			—
End of period		15,687,590			10,744,367			9,180,505			8,296,933			39,008,194
Accumulated net investment income (loss)		(51,792	)		108,122			18,315			110,698			23,164

* Fund commenced operations on December 27, 2012.

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

60 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Financial Highlights – The Japan Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2009(a)
Class A				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	9.38		$	9.46		$	9.26		$	9.16		$	8.25
Income (loss) from investment operations:
Net investment income (loss)(b)		0.01			0.02			0.13			0.04			(0.06	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.64			(0.05	)		0.04	(i)		0.06			0.97	(g)
Total income (loss) from investment operations		1.65			(0.03	)		0.17			0.10			0.91
Distributions to shareholders from:
Net investment income		(0.07	)		(0.05	)		(0.02	)		—			—
Net realized gains		—			—			—			—			—
Total distributions		(0.07	)		(0.05	)		(0.02	)		—			—
Redemption fees(b)		—	(h)		—	(h)		0.05			—			—	(h)
Net asset value, end of period	$	10.96		$	9.38		$	9.46		$	9.26		$	9.16
Total return (%)(c)(d)		17.68	*		(0.34	)		2.34			1.09			11.03	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	4		$	5		$	7		$	—	(e)	$	—	(e)
Ratio of expenses before expense reductions/recoupment (%)(f)		2.14	**		1.93			1.78			2.35			2.39	**
Ratio of expenses after expense reductions/recoupment (%)		1.85	**		1.85			1.80			1.85			1.85	**
Ratio of net investment income (loss) (%)		0.13	**		0.22			1.27			0.49			(0.98	)**
Portfolio turnover rate (%)		25	*		34			54			47			140	*
	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September  30, 2009(a)
Class C				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	9.17		$	9.28		$	9.16		$	9.14		$	8.25
Income (loss) from investment operations:
Net investment income (loss)(b)		0.04			(0.05	)		0.04			(0.07	)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.54			(0.05	)		0.08	(i)		0.09			0.91	(g)
Total income (loss) from investment operations		1.58			(0.10	)		0.12			0.02			0.89
Distributions to shareholders from:
Net investment income		(0.01	)		(0.01	)		—			—			—
Net realized gains		—			—			—			—			—
Total distributions		(0.01	)		(0.01	)		—			—			—
Redemption fees(b)		—	(h)		—	(h)		—			—			—
Net asset value, end of period	$	10.74		$	9.17		$	9.28		$	9.16		$	9.14
Total return (%)(c)(d)		17.30	*		(1.10	)		1.31			0.22			10.79	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	2		$	1		$	1		$	—	(e)	$	—	(e)
Ratio of expenses before expense reductions/recoupment (%)(f)		2.82	**		2.69			2.56			3.02			3.14	**
Ratio of expenses after expense reductions/recoupment (%)		2.60	**		2.60			2.54			2.60			2.60	**
Ratio of net investment income (loss) (%)		0.73	**		(0.54	)		0.45			(0.78	)		(0.41	)**
Portfolio turnover rate (%)		25	*		34			54			47			140	*

* Not Annualized.

** Annualized.

^(a)  Class commenced operations on December 29, 2008.

^(b)  Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Total return does not include the effects of sales charges.

^(e)  Amount represents less than $1,000,000.

^(f)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

^(g)  From the date of the class commencement on December 29, 2008 to the Fund’s fiscal year end, the Fund had a net realized and unrealized gain on investments and foreign currency transactions. Prior to December 29, 2008, the Fund had a net realized and unrealized loss on investments and foreign currency transactions.

^(h)  Amount represents less than $0.01 per share.

⁽ⁱ⁾  Realized and unrealized gain (loss) per share did not correlate to the aggregate of the net realized and unrealized loss in the Statements of Operations for the year ended September 30, 2011, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

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

Nomura Partners Funds The World from Asia : 61

Financial Highlights – The Japan Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September  30, 2009(a)
Class I				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	9.36		$	9.44		$	9.24		$	9.21		$	8.25
Income (loss) from investment operations:
Net investment income (loss)(b)		0.02			(0.05	)		0.31			(0.01	)		0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.64			0.03	(g)		(0.12	)		0.12			0.92	(e)
Total income (loss) from investment operations		1.66			(0.02	)		0.19			0.11			0.96
Distributions to shareholders from:
Net investment income		(0.13	)		(0.06	)		(0.03	)		(0.08	)		—
Net realized gains		—			—			—			—			—
Total distributions		(0.13	)		(0.06	)		(0.03	)		(0.08	)		—
Redemption fees(b)		—	(f)		—	(f)		0.04			—	(f)		—
Net asset value, end of period	$	10.89		$	9.36		$	9.44		$	9.24		$	9.21
Total return (%)(c)		17.85	*		(0.24	)		2.46			1.16			11.64	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	6		$	7		$	78		$	1		$	2
Ratio of expenses before expense reductions/recoupment (%)(d)		1.87	**		1.52			1.42			1.89			2.14	**
Ratio of expenses after expense reductions/recoupment (%)		1.60	**		1.51			1.44			1.60			1.60	**
Ratio of net investment income (loss) (%)		0.40	**		(0.50	)		3.13			(0.08	)		0.62	**
Portfolio turnover rate (%)		25	*		34			54			47			140	*

* Not Annualized.

** Annualized.

^(a)  Class commenced operations on December 29, 2008.

^(b)  Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

^(e)  From the date of the class commencement on December 29, 2008 to the Fund’s fiscal year end, the Fund had a net realized and unrealized gain on investments and foreign currency transactions. Prior to December 29, 2008, the Fund had a net realized and unrealized loss on investments and foreign currency transactions.

^(f)  Amount represents less than $0.01 per share.

^(g)  Realized and unrealized gain (loss) per share did not correlate to the aggregate of the net realized and unrealized loss in the Statements of Operations for the year ended September 30, 2011, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

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

62 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Financial Highlights – The Japan Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012
Class S				2012			2011			2010			2009			2008
Selected Per Share Data
Net asset value, beginning of period	$	9.46		$	9.53		$	9.33		$	9.28		$	9.53		$	12.94
Income (loss) from investment operations:
Net investment income (loss)(a)		0.01			0.04			0.03			(0.01	)		—	(b)		(0.02	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.66			(0.06	)		0.19	(f)		0.13			(0.23	)		(3.39	)
Total income from investment operations		1.67			(0.02	)		0.22			0.12			(0.23	)		(3.41	)
Distributions to shareholders from:
Net investment income		(0.12	)		(0.05	)		(0.02	)		(0.07	)		(0.02	)		—
Net realized gain		—			—			—			—			—			—
Total distributions		(0.12	)		(0.05	)		(0.02	)		(0.07	)		(0.02	)		—
Redemption fees(a)(b)		—			—			—			—			—			—
Net asset value, end of period	$	11.01		$	9.46		$	9.53		$	9.33		$	9.28		$	9.53
Total return (%)(c)		17.77	*		(0.17	)		2.34			1.29			(2.34	)		(26.35	)
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	151		$	140		$	155		$	173		$	194		$	233
Ratio of expenses before expense reductions/recoupment (%)(e)		1.98	**		1.77			1.65			1.97			2.22			1.69
Ratio of expenses after expense reductions/recoupment (%)		1.72	**		1.68			1.65			1.68			1.75			1.63	(d)
Ratio of net investment income (loss) (%)		0.17	**		0.47			0.28			(0.12	)		(0.03	)		(0.19	)
Portfolio turnover rate (%)		25	*		34			54			47			140			95

* Not Annualized.

** Annualized.

^(a) Calculated based on average shares outstanding during the period.

^(b)  Amount represents less than $0.01 per share.

^(c) Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d) The Fund received reimbursement from a third party for certain expenses during the period—See Note F.

^(e)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

^(f)  Realized and unrealized gain (loss) per share did not correlate to the aggregate of the net realized and unrealized loss in the Statements of Operations for the year ended September 30, 2011, primarily due to the timing of the sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

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

Nomura Partners Funds The World from Asia : 63

Financial Highlights – Asia Pacific ex Japan Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012									Period Ended September 30, 2009(a)
Class A				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	14.79		$	12.42		$	16.53		$	15.31		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		(0.05	)		0.02			0.09			0.09			0.09
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.95			2.38			(1.89	)		2.88			5.22
Total income (loss) from investment operations		0.90			2.40			(1.80	)		2.97			5.31
Distributions to shareholders from:
Net investment income		(0.10	)		(0.03	)		(0.14	)		(0.09	)		—
Net realized gains		—			—			(2.17	)		(1.66	)		—
Total distributions		(0.10	)		(0.03	)		(2.31	)		(1.75	)		—
Redemption fees(b)		—	(g)		—	(g)		—	(g)		—			—
Net asset value, end of period	$	15.59		$	14.79		$	12.42		$	16.53		$	15.31
Total return (%)(c)(d)		6.10	*		19.40			(13.22	)		20.88			53.10	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	4		$	4		$	3		$	—	(e)	$	—	(e)
Ratio of expenses before expense reductions (%)(f)		6.66	**		4.71			4.61			9.04			14.19	**
Ratio of expenses after expense reductions (%)		1.75	**		1.75			1.75			1.85			1.85	**
Ratio of net investment income (loss) (%)		(0.71	)**		0.16			0.59			0.59			0.98	**
Portfolio turnover rate (%)		49	*		54			42			125			123	*
	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30, 2012									Period Ended September 30, 2009(a)
Class C				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	14.49		$	12.23		$	16.40		$	15.22		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		(0.11	)		(0.08	)		(0.03	)		(0.08	)		0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.94			2.34			(1.85	)		2.92			5.20
Total income (loss) from investment operations		0.83			2.26			(1.88	)		2.84			5.22
Distributions to shareholders from:
Net investment income		—			—			(0.12	)		—			—
Net realized gains		—			—			(2.17	)		(1.66	)		—
Total distributions		—			—			(2.29	)		(1.66	)		—
Redemption fees(b)		—	(g)		—	(g)		—	(g)		—			—
Net asset value, end of period	$	15.32		$	14.49		$	12.23		$	16.40		$	15.22
Total return (%)(c)(d)		5.73	*		18.48			(13.85	)		20.03			52.20	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	2		$	2		$	1		$	—	(e)	$	—	(e)
Ratio of expenses before expense reductions (%)(f)		7.42	**		5.43			5.41			9.85			14.94	**
Ratio of expenses after expense reductions (%)		2.50	**		2.50			2.50			2.60			2.60	**
Ratio of net investment income (loss) (%)		(1.48	)**		(0.56	)		(0.23	)		(0.54	)		0.17	**
Portfolio turnover rate (%)		49	*		54			42			125			123	*

* Not Annualized.

** Annualized.

^(a) Class commenced operations on December 29, 2008.

^(b) Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d) Total return does not include the effects of sales charges.

^(e) Amount represents less than $1,000,000.

^(f) Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

^(g) Amount represents less than $0.01 per share.

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

64 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Financial Highlights – Asia Pacific ex Japan Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2009(a)
Class I				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	14.89		$	12.51		$	16.60		$	15.34		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		(0.04	)		0.05			0.07			0.14			0.11
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.97			2.39			(1.84	)		2.87			5.23
Total income (loss) from investment operations		0.93			2.44			(1.77	)		3.01			5.34
Distributions to shareholders from:
Net investment income		(0.14	)		(0.06	)		(0.15	)		(0.09	)		—
Net realized gains		—			—			(2.17	)		(1.66	)		—
Total distributions		(0.14	)		(0.06	)		(2.32	)		(1.75	)		—
Redemption fees(b)		—	(e)		—	(e)		—			—	(e)		—
Net asset value, end of period	$	15.68		$	14.89		$	12.51		$	16.60		$	15.34
Total return (%)(c)		6.26	*		19.60			(12.99	)		21.17			53.40	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	4		$	3		$	8		$	9		$	8
Ratio of expenses before expense reductions (%)(d)		6.38	**		4.18			4.65			8.15			13.94	**
Ratio of expenses after expense reductions (%)		1.50	**		1.50			1.51			1.60			1.60	**
Ratio of net investment income (loss) (%)		(0.46	)**		0.35			0.45			0.94			1.20	**
Portfolio turnover rate (%)		49	*		54			42			125			123	*

* Not Annualized.

** Annualized.

^(a)  Class commenced operations on December 29, 2008.

^(b) Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

^(e) Amount represents less than $0.01 per share.

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

Nomura Partners Funds The World from Asia : 65

Financial Highlights – India Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2009(a)
Class A				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	11.31		$	10.53		$	15.38		$	16.87		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		(0.09	)		(0.09	)		(0.08	)		—	(g)		(0.09	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.18	)		0.87			(3.46	)(h)		3.49			6.96
Total income (loss) from investment operations		(0.27	)		0.78			(3.54	)		3.49			6.87
Distributions to shareholders from:
Net realized gains		—			—			(1.30	)		(4.98	)		—
Return of capital		—			—			(0.01	)		—			—
Total distributions		—			—			(1.31	)		(4.98	)		—
Redemption fees(b)		0.01			—	(g)		—			—			—
Net asset value, end of period	$	11.05		$	11.31		$	10.53	(h)	$	15.38		$	16.87
Total return (%)(c)(d)		(2.30	)*		7.41			(25.19	)(h)		25.69			68.70	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	1		$	1		$	1		$	—	(e)	$	—	(e)
Ratio of expenses before expense reductions (%)(f)		6.19	**		6.11			5.99			7.21			13.80	**
Ratio of expenses after expense reductions (%)		1.95	**		1.95			1.95			1.95			1.95	**
Ratio of net investment income (loss) (%)		(1.50	)**		(0.83	)		(0.61	)		(0.03	)		(1.02	)**
Portfolio turnover rate (%)		43	*		104			59			91			204	*
	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2009(a)
Class C				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	11.05		$	10.25		$	15.13		$	16.77		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		(0.12	)		(0.16	)		(0.08	)		(0.20	)		(0.18	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.31	)		0.96			(3.49	)		3.54			6.95
Total income (loss) from investment operations		(0.43	)		0.80			(3.57	)		3.34			6.77
Distributions to shareholders from:
Net realized gains		—			—			(1.30	)		(4.98	)		—
Return of capital		—			—			(0.01	)		—			—
Total distributions		—			—			(1.31	)		(4.98	)		—
Redemption fees(b)		0.01			—	(g)		—			—			—
Net asset value, end of period	$	10.63		$	11.05		$	10.25		$	15.13		$	16.77
Total return (%)(c)(d)		(3.80	)*		7.80			(25.85	)		24.78			67.70	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	—	(e)	$	—	(e)	$	1		$	—	(e)	$	—	(e)
Ratio of expenses before expense reductions (%)(f)		6.95	**		6.75			6.56			8.17			14.55	**
Ratio of expenses after expense reductions (%)		2.70	**		2.70			2.70			2.70			2.70	**
Ratio of net investment income (loss) (%)		(2.26	)**		(1.62	)		(0.66	)		(1.43	)		(1.93	)**
Portfolio turnover rate (%)		43	*		104			59			91			204	*

^*  Not Annualized.

^**  Annualized.

^(a)  Class commenced operations on December 29, 2008.

^(b)  Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Total return does not include the effects of sales charges.

^(e)  Amount represents less than $1,000,000.

^(f)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

^(g)  Amount represents less than $0.01 per share.

^(h)  Net realized and unrealized gain (loss) on investments and foreign currency transactions, net asset value, end of period and total return for Class A for the year ended September 30, 2011 were restated during the year ended September 30, 2012.

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

66 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Financial Highlights – India Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2009(a)
Class I				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	11.54		$	10.73		$	15.46		$	16.90		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		(0.07	)		(0.06	)		(0.06	)		(0.06	)		(0.07	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		(0.31	)		0.87			(3.36	)(f)		3.60			6.97
Total income (loss) from investment operations		(0.38	)		0.81			(3.42	)		3.54			6.90
Distributions to shareholders from:
Net investment income		—	(e)		—			—			—			—
Net realized gains		—			—			(1.30	)		(4.98	)		—
Return of capital		—			—			(0.01	)		—			—
Total distributions		—	(e)		—			(1.31	)		(4.98	)		—
Redemption fees(b)		0.01			—	(e)		—	(e)		—			—
Net asset value, end of period	$	11.17		$	11.54		$	10.73	(f)	$	15.46		$	16.90
Total return (%)(c)		(3.17	)*		7.55			(24.20	)(f)		26.02			69.00	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	9		$	9		$	9		$	11		$	8
Ratio of expenses before expense reductions (%)(d)		5.95	**		5.87			5.81			7.18			13.55	**
Ratio of expenses after expense reductions (%)		1.70	**		1.70			1.70			1.70			1.70	**
Ratio of net investment income (loss) (%)		(1.25	)**		(0.54	)		(0.48	)		(0.43	)		(0.77	)**
Portfolio turnover rate (%)		43	*		104			59			91			204	*

^*  Not Annualized.

^**  Annualized.

^(a) Class commenced operations on December 29, 2008.

^(b) Calculated based on average shares outstanding during the period.

^(c) Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

^(e)  Amount represents less than $0.01 per share.

^(f)  Net realized and unrealized gain (loss) on investments and foreign currency transactions, net asset value, end of period and total return for the year ended September 30, 2011 were restated during the year ended September 30, 2012.

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

Nomura Partners Funds The World from Asia : 67

Financial Highlights – Greater China Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September  30, 2009(a)
Class A				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	11.81		$	11.40		$	15.53		$	14.30		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		(0.11	)		0.06			0.24			0.19			0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.81			1.46			(2.69	)		1.80			4.18
Total income (loss) from investment operations		0.70			1.52			(2.45	)		1.99			4.30
Distributions to shareholders from:
Net investment income		(0.15	)		(0.15	)		(0.14	)		(0.15	)		—
Net realized gains		—			(0.97	)		(1.54	)		(0.61	)		—
Total distributions		(0.15	)		(1.12	)		(1.68	)		(0.76	)		—
Redemption fees(b)		—	(g)		0.01			—			—			—
Net asset value, end of period	$	12.36		$	11.81		$	11.40		$	15.53		$	14.30
Total return (%)(c)(d)		5.87	*		14.71			(18.40	)		14.33			43.00	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)(e)	$	—		$	—		$	—		$	—		$	—
Ratio of expenses before expense reductions (%)(f)		5.84	**		6.99			6.48			8.48			14.11	**
Ratio of expenses after expense reductions (%)		1.95	**		1.95			1.95			1.95			1.95	**
Ratio of net investment income (loss) (%)		(1.81	)**		0.54			1.63			1.34			1.38	**
Portfolio turnover rate (%)		44	*		82			67			78			53	*
	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2009(a)
Class C				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	11.78		$	11.36		$	15.40		$	14.22		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		(0.15	)		0.25			0.08			0.06			0.10
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.81			1.21			(2.53	)		1.80			4.12
Total income (loss) from investment operations		0.66			1.46			(2.45	)		1.86			4.22
Distributions to shareholders from:
Net investment income		(0.12	)		(0.07	)		(0.05	)		(0.07	)		—
Net realized gains		—			(0.97	)		(1.54	)		(0.61	)		—
Total distributions		(0.12	)		(1.04	)		(1.59	)		(0.68	)		—
Redemption fees(b)		—	(g)		—			—			—			—
Net asset value, end of period	$	12.32		$	11.78		$	11.36		$	15.40		$	14.22
Total return (%)(c)(d)		5.57	*		13.98			(18.39	)		13.46			42.20	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	1		$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)
Ratio of expenses before expense reductions (%)(f)		6.95	**		7.94			7.33			9.25			14.86	**
Ratio of expenses after expense reductions (%)		2.70	**		2.70			2.70			2.70			2.70	**
Ratio of net investment income (loss) (%)		(2.48	)**		2.17			0.57			0.42			1.11	**
Portfolio turnover rate (%)		44	*		82			67			78			53	*

* Not Annualized.

** Annualized.

^(a)  Class commenced operations on December 29, 2008.

^(b)  Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Total return does not include the effects of sales charges.

^(e)  Amount represents less than $1,000,000.

^(f)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

^(g)  Amount represents less than $0.01 per share.

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

68 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Financial Highlights – Greater China Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September  30, 2009(a)
Class I				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	11.92		$	11.47		$	15.60		$	14.33		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		(0.09	)		0.18			0.18			0.13			0.14
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.82			1.40			(2.62	)		1.90			4.19
Total income (loss) from investment operations		0.73			1.58			(2.44	)		2.03			4.33
Distributions to shareholders from:
Net investment income		(0.15	)		(0.16	)		(0.15	)		(0.15	)		—
Net realized gains		—			(0.97	)		(1.54	)		(0.61	)		—
Total distributions		(0.15	)		(1.13	)		(1.69	)		(0.76	)		—
Redemption fees(b)		—	(e)		—	(e)		—			—			—
Net asset value, end of period	$	12.50		$	11.92		$	11.47		$	15.60		$	14.33
Total return (%)(c)		6.13	*		15.09			(18.23	)		14.62			43.30	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	8		$	8		$	7		$	8		$	7
Ratio of expenses before expense reductions (%)(d)		5.99	**		6.79			6.31			8.36			13.86	**
Ratio of expenses after expense reductions (%)		1.70	**		1.70			1.70			1.70			1.70	**
Ratio of net investment income (loss) (%)		(1.49	)**		1.58			1.19			0.94			1.62	**
Portfolio turnover rate (%)		44	*		82			67			78			53	*

* Not Annualized.

** Annualized.

^(a)  Class commenced operations on December 29, 2008.

^(b)  Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

^(e)  Amount represents less than $0.01 per share.

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

Nomura Partners Funds The World from Asia : 69

Financial Highlights – Global Equity Income Fund

The table below sets forth financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2009(a)
Class A				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	12.52		$	11.30		$	12.37		$	11.85		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.13			0.32			0.39			0.30			0.22
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.02			1.76			(0.57	)		0.69			1.76
Total income (loss) from investment operations		1.15			2.08			(0.18	)		0.99			1.98
Distributions to shareholders from:
Net investment income		(0.18	)		(0.34	)		(0.32	)		(0.25	)		(0.13	)
Net realized gains		(0.06	)		(0.53	)		(0.57	)		(0.22	)		—
Total distributions		(0.24	)		(0.87	)		(0.89	)		(0.47	)		(0.13	)
Redemption fees(b)		—			0.01			—			—			—
Net asset value, end of period	$	13.43		$	12.52		$	11.30		$	12.37		$	11.85
Total return (%)(c)(d)		9.36	*		19.15			(2.08	)		8.50			20.03	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)(e)	$	—		$	—		$	—		$	—		$	—
Ratio of expenses before expense reductions (%)(f)		6.05	**		7.07			7.29			9.83			16.34	**
Ratio of expenses after expense reductions (%)		1.50	**		1.50			1.50			1.75			1.75	**
Ratio of net investment income (loss) (%)		1.95	**		2.63			3.06			2.55			2.94	**
Portfolio turnover rate (%)		12	*		45			49			39			33	*
	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2009(a)
Class C				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	12.56		$	11.35		$	12.43		$	11.85		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.09			0.23			0.29			0.17			0.18
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.02			1.78			(0.57	)		0.73			1.75
Total income (loss) from investment operations		1.11			2.01			(0.28	)		0.90			1.93
Distributions to shareholders from:
Net investment income		(0.14	)		(0.27	)		(0.23	)		(0.10	)		(0.08	)
Net realized gains		(0.06	)		(0.53	)		(0.57	)		(0.22	)		—
Total distributions		(0.20	)		(0.80	)		(0.80	)		(0.32	)		(0.08	)
Redemption fees(b)		—			—			—			—			—
Net asset value, end of period	$	13.47		$	12.56		$	11.35		$	12.43		$	11.85
Total return (%)(c)(d)		8.94	*		18.21			(2.80	)		7.61			19.41	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)(e)	$	—		$	—		$	—		$	—		$	—
Ratio of expenses before expense reductions (%)(f)		6.72	**		7.89			8.18			10.59			17.09	**
Ratio of expenses after expense reductions (%)		2.25	**		2.25			2.26			2.50			2.50	**
Ratio of net investment income (loss) (%)		1.40	**		1.88			2.29			1.46			2.37	**
Portfolio turnover rate (%)		12	*		45			49			39			33	*

* Not Annualized.

** Annualized.

^(a)  Class commenced operations on December 29, 2008.

^(b) Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Total return does not include the effects of sales charges.

^(e)  Amount represents less than $1,000,000.

^(f) Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

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

70 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Financial Highlights – Global Equity Income Fund

The table below sets forth financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2009(a)
Class I				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	12.50		$	11.30		$	12.36		$	11.86		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.13			0.34			0.38			0.28			0.24
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.04			1.77			(0.52	)		0.73			1.77
Total income (loss) from investment operations		1.17			2.11			(0.14	)		1.01			2.01
Distributions to shareholders from:
Net investment income		(0.20	)		(0.38	)		(0.35	)		(0.29	)		(0.15	)
Net realized gains		(0.06	)		(0.53	)		(0.57	)		(0.22	)		—
Total distributions		(0.26	)		(0.91	)		(0.92	)		(0.51	)		(0.15	)
Redemption fees(b)		—			—			—			—			—
Net asset value, end of period	$	13.41		$	12.50		$	11.30		$	12.36		$	11.86
Total return (%)(c)		9.51	*		19.29			(1.78	)		8.70			20.34	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	9		$	8		$	6		$	7		$	6
Ratio of expenses before expense reductions (%)(d)		5.88	**		6.85			7.20			9.91			16.09	**
Ratio of expenses after expense reductions (%)		1.25	**		1.25			1.27			1.50			1.50	**
Ratio of net investment income (loss) (%)		2.11	**		2.84			2.97			2.35			3.18	**
Portfolio turnover rate (%)		12	*		45			49			39			33	*

* Not Annualized.

** Annualized.

^(a)  Class commenced operations on December 29, 2008.

^(b) Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

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

Nomura Partners Funds The World from Asia : 71

Financial Highlights – Global Emerging Markets Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September  30, 2009(a)
Class A				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	13.39		$	13.05		$	16.67		$	15.62		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		(0.06	)		0.12			0.15			(0.01	)		(0.05	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.43			2.05			(2.29	)		2.23			5.67
Total income (loss) from investment operations		0.37			2.17			(2.14	)		2.22			5.62
Distributions to shareholders from:
Net investment income		(0.11	)		(0.04	)		—			(0.09	)		—
Net realized gains		—			(1.79	)		(1.48	)		(1.08	)		—
Total distributions		(0.11	)		(1.83	)		(1.48	)		(1.17	)		—
Redemption fees(b)		—	(g)		—	(g)		—			—			—
Net asset value, end of period	$	13.65		$	13.39		$	13.05		$	16.67		$	15.62
Total return (%)(c)(d)		2.73	*		18.45			(14.60	)		15.13			56.20	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	4		$	2		$	—	(e)	$	—	(e)	$	—	(e)
Ratio of expenses before expense reductions (%)(f)		5.17	**		5.16			5.56			7.84			13.58	**
Ratio of expenses after expense reductions (%)		1.85	**		1.85			1.85			1.95			1.95	**
Ratio of net investment income (loss) (%)		(0.87	)**		0.95			0.95			(0.10	)		(0.45	)**
Portfolio turnover rate (%)		27	*		75			50			87			84	*
	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2009(a)
Class C				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	13.05		$	12.83		$	16.53		$	15.53		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		(0.11	)		0.05			0.01			(0.13	)		0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.44			1.96			(2.23	)		2.22			5.45
Total income (loss) from investment operations		0.33			2.01			(2.22	)		2.09			5.53
Distributions to shareholders from:
Net investment income		(0.04	)		—	(g)		—			(0.01	)		—
Net realized gains		—			(1.79	)		(1.48	)		(1.08	)		—
Total distributions		(0.04	)		(1.79	)		(1.48	)		(1.09	)		—
Redemption fees(b)		—	(g)		—			—			—			—
Net asset value, end of period	$	13.34		$	13.05		$	12.83		$	16.53		$	15.53
Total return (%)(c)(d)		2.50	*		17.42			(15.25	)		14.30			55.30	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	1		$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)
Ratio of expenses before expense reductions (%)(f)		5.92	**		5.78			6.35			8.61			14.33	**
Ratio of expenses after expense reductions (%)		2.60	**		2.60			2.60			2.70			2.70	**
Ratio of net investment income (loss) (%)		(1.61	)**		0.39			0.09			(0.88	)		0.79	**
Portfolio turnover rate (%)		27	*		75			50			87			84	*

* Not Annualized.

** Annualized.

^(a)  Class commenced operations on December 29, 2008.

^(b)  Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Total return does not include the effects of sales charges.

^(e)  Amount represents less than $1,000,000.

^(f)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

^(g)  Amount represents less than $0.01 per share.

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

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Financial Highlights – Global Emerging Markets Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September  30, 2009(a)
Class I				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	13.49		$	13.13		$	16.73		$	15.65		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		(0.04	)		0.13			0.12			0.02			0.14
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.45			2.07			(2.24	)		2.24			5.51
Total income (loss) from investment operations		0.41			2.20			(2.12	)		2.26			5.65
Distributions to shareholders from:
Net investment income		(0.13	)		(0.05	)		—			(0.10	)		—
Net realized gains		—			(1.79	)		(1.48	)		(1.08	)		—
Total distributions		(0.13	)		(1.84	)		(1.48	)		(1.18	)		—
Redemption fees(b)		—	(e)		—	(e)		—	(e)		—			—
Net asset value, end of period	$	13.77		$	13.49		$	13.13		$	16.73		$	15.65
Total return (%)(c)		3.00	*		18.64			(14.42	)		15.40			56.50	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	11		$	9		$	9		$	9		$	8
Ratio of expenses before expense reductions (%)(d)		5.06	**		4.86			5.44			7.62			13.33	**
Ratio of expenses after expense reductions (%)		1.60	**		1.60			1.61			1.70			1.70	**
Ratio of net investment income (loss) (%)		(0.59	)**		0.98			0.75			0.12			1.58	**
Portfolio turnover rate (%)		27	*		75			50			87			84	*

* Not Annualized.

** Annualized.

^(a)  Class commenced operations on December 29, 2008.

^(b)  Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

^(e)  Amount represents less than $0.01 per share.

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

Nomura Partners Funds The World from Asia : 73

Financial Highlights – International Equity Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2009(a)
Class A				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	10.63		$	10.44		$	12.59		$	12.95		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.03			0.16			0.12			0.09			0.05
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.04			1.03			(1.24	)		0.35			2.90
Total income (loss) from investment operations		1.07			1.19			(1.12	)		0.44			2.95
Distributions to shareholders from:
Net investment income		(0.15	)		—			(0.23	)		(0.18	)		—
Net realized gains		—			(1.00	)		(0.80	)		(0.62	)		—
Total distributions		(0.15	)		(1.00	)		(1.03	)		(0.80	)		—
Redemption fees(b)		—			—	(g)		—			—			—
Net asset value, end of period	$	11.55		$	10.63		$	10.44		$	12.59		$	12.95
Total return (%)(c)(d)		10.09	*		12.20			(10.23	)		3.50			29.50	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	1		$	1		$	—	(e)	$	—	(e)	$	—	(e)
Ratio of expenses before expense reductions (%)(f)(h)		5.77	**		6.48			6.61			9.56			15.03	**
Ratio of expenses after expense reductions (%)(h)		1.25	**		1.26			1.65			1.75			1.75	**
Ratio of net investment income (loss) (%)(h)		0.52	**		1.57			0.94			0.75			0.64	**
Portfolio turnover rate (%)		19	*		56			76			69			48	*
	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2009(a)
Class C				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	10.42		$	10.31		$	12.51		$	12.88		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		(0.01	)		0.06			0.05			0.14			(0.01	)
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.02			1.05			(1.24	)		0.25			2.89
Total income (loss) from investment operations		1.01			1.11			(1.19	)		0.39			2.88
Distributions to shareholders from:
Net investment income		(0.09	)		—			(0.21	)		(0.14	)		—
Net realized gains		—			(1.00	)		(0.80	)		(0.62	)		—
Total distributions		(0.09	)		(1.00	)		(1.01	)		(0.76	)		—
Redemption fees(b)		—			—			—			—			—
Net asset value, end of period	$	11.34		$	10.42		$	10.31		$	12.51		$	12.88
Total return (%)(c)(d)		9.68	*		11.53			(10.90	)		3.10			28.80	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	1		$	—	(e)	$	—	(e)	$	—	(e)	$	—	(e)
Ratio of expenses before expense reductions (%)(f)(h)		6.47	**		7.31			7.35			9.80			15.78	**
Ratio of expenses after expense reductions (%)(h)		2.00	**		2.08			2.40			2.50			2.50	**
Ratio of net investment income (loss) (%)(h)		(0.21	)**		0.61			0.42			1.19			(0.11	)**
Portfolio turnover rate (%)		19	*		56			76			69			48	*

* Not Annualized.

** Annualized.

^(a)  Class commenced operations on December 29, 2008.

^(b)  Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Total return does not include the effects of sales charges.

^(e)  Amount represents less than $1,000,000.

^(f)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

^(g)  Amount represents less than $0.01 per share.

^(h)  The Fund invests in other Nomura Partners Funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying Nomura Partners Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

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Financial Highlights – International Equity Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013 (Unaudited)			Year Ended September 30,									Period Ended September 30, 2009(a)
Class I				2012			2011			2010
Selected Per Share Data
Net asset value, beginning of period	$	10.76		$	10.53		$	12.66		$	12.97		$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.04			0.18			0.11			0.26			0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions		1.06			1.05			(1.20	)		0.26			2.90
Total income (loss) from investment operations		1.10			1.23			(1.09	)		0.52			2.97
Distributions to shareholders from:
Net investment income		(0.17	)		—			(0.24	)		(0.21	)		—
Net realized gains		—			(1.00	)		(0.80	)		(0.62	)		—
Total distributions		(0.17	)		(1.00	)		(1.04	)		(0.83	)		—
Redemption fees(b)		—			—	(e)		—			—			—
Net asset value, end of period	$	11.69		$	10.76		$	10.53		$	12.66		$	12.97
Total return (%)(c)		10.25	*		12.50			(9.96	)		4.13			29.70	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	8		$	7		$	6		$	7		$	6
Ratio of expenses before expense reductions (%)(d)(f)		5.51	**		6.31			6.52			8.84			14.78	**
Ratio of expenses after expense reductions (%)(f)		1.00	**		1.10			1.41			1.50			1.50	**
Ratio of net investment income (loss) (%)(f)		0.79	**		1.68			0.84			2.18			0.89	**
Portfolio turnover rate (%)		19	*		56			76			69			48	*

* Not Annualized.

** Annualized.

^(a)  Class commenced operations on December 29, 2008.

^(b)  Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

^(e) Amount represents less than $0.01 per share.

^(f)  The Fund invests in other Nomura Partners Funds and indirectly bears its proportionate share of fees and expenses incurred by the underlying Nomura Partners Funds in which the Fund is invested. This ratio does not include these indirect fees and expenses.

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

Nomura Partners Funds The World from Asia : 75

Financial Highlights – High Yield Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013
Class A	(Unaudited)(a)
Selected Per Share Data
Net asset value, beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.18
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.24
Total income (loss) from investment operations		0.42
Distributions to shareholders from:
Net investment income		(0.16	)
Net realized gains		—
Total distributions		(0.16	)
Redemption fees(b)		—
Net asset value, end of period	$	10.26
Total return (%)(c)(d)		4.25	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	2
Ratio of expenses before expense reductions (%)(e)		3.63	**
Ratio of expenses after expense reductions (%)		1.10	**
Ratio of net investment income (loss) (%)		7.43	**
Portfolio turnover rate (%)		87	*
	Period Ended March 31, 2013
Class C	(Unaudited)(a)
Selected Per Share Data
Net asset value, beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.16
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.24
Total income (loss) from investment operations		0.40
Distributions to shareholders from:
Net investment income		(0.14	)
Net realized gains		—
Total distributions		(0.14	)
Redemption fees(b)		—
Net asset value, end of period	$	10.26
Total return (%)(c)(d)		4.07	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	1
Ratio of expenses before expense reductions (%)(e)		4.36	**
Ratio of expenses after expense reductions (%)		1.85	**
Ratio of net investment income (loss) (%)		6.38	**
Portfolio turnover rate (%)		87	*

* Not Annualized.

** Annualized.

^(a)  Fund commenced operations on December 27, 2012.

^(b)  Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Total return does not include the effects of sales charges.

^(e)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

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

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Financial Highlights – High Yield Fund

The table below sets forth Financial data for a share of the Fund outstanding throughout each period presented.

	Period Ended March 31, 2013
Class I	(Unaudited)(a)
Selected Per Share Data
Net asset value, beginning of period	$	10.00
Income (loss) from investment operations:
Net investment income (loss)(b)		0.18
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.25
Total income from investment operations		0.43
Distributions to shareholders from:
Net investment income		(0.17	)
Net realized gains		—
Total distributions		(0.17	)
Redemption fees(b)		—
Net asset value, end of period	$	10.26
Total return (%)(c)		4.30	*
Ratio to Average Net Assets and Supplemental Data
Net assets, end of period (in millions)	$	36
Ratio of expenses before expense reductions (%)(d)		3.34	**
Ratio of expenses after expense reductions (%)		0.85	**
Ratio of net investment income (loss) (%)		7.38	**
Portfolio turnover rate (%)		87	*

* Not Annualized.

** Annualized.

^(a)  Fund commenced operations on December 27, 2012.

^(b)  Calculated based on average shares outstanding during the period.

^(c)  Shareholders redeeming shares held less than thirty days have a lower total return due to the effect of the 2% redemption fee.

^(d)  Reflects the expense ratio excluding any waivers and/or expense reimbursements for a Fund or share class.

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

Nomura Partners Funds The World from Asia : 77

Notes to Financial Statements

March 31, 2013 (Unaudited)

A. Organization

Nomura Partners Funds, Inc. (originally incorporated as The Japan Fund, Inc.) (the “Corporation”) was incorporated under the laws of the State of Maryland in 1961. Effective December 1, 2008, the Corporation changed its name from The Japan Fund, Inc. to Nomura Partners Funds, Inc. The Corporation is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. The Corporation currently consists of the following eight series: The Japan Fund, Asia Pacific ex Japan Fund, India Fund, Greater China Fund, Global Equity Income Fund, Global Emerging Markets Fund, International Equity Fund, and High Yield Fund (each individually, a “Fund” and collectively, the “Funds”). Each Fund is classified as a diversified series of the Corporation under the 1940 Act, except for India Fund, which is non-diversified.

The Funds commenced operations on December 29, 2008, with the exception of The Japan Fund — Class S, which commenced operations in 1962, and High Yield Fund, which commenced operations on December 27, 2012. The Japan Fund — Class S shares are only available for purchase by current Class S shareholders who were Class S shareholders of record as of December 31, 2008, and for dividend and capital gain reinvestment of Class S shares by such shareholders.

The authorized capital stock of the Corporation consists of 1,400,000,000 shares of a par value of $0.33 ¹/₃ divided among the classes of each Fund evenly, with all classes being authorized at 50,000,000 shares. 150,000,000 shares have been allocated to Funds or classes that are not currently in operation.

The investment objective of each of The Japan Fund, Asia Pacific ex Japan Fund, India Fund, Greater China Fund, Global Emerging Markets Fund, and International Equity Fund is to achieve long-term capital growth. The investment objective of Global Equity Income Fund is to achieve current income and long-term growth of capital through investing in relatively high dividend-paying stocks. The investment objective of High Yield Fund is to achieve current yield and capital growth.

The Corporation currently offers Classes A, C and I shares of all Funds. Class S shares of The Japan Fund are closed to new investors. Each share of each class of a Fund represents an equal pro rata interest in such Fund and provides the shareholder the same voting, dividend, and other rights, except that shareholders of each class of a Fund have exclusive voting rights regarding any matter relating solely to that particular class. Class A shares are subject to a 5.75% front end sales load (3.75% for High Yield Fund) and Class C shares are subject to a 1.00% contingent deferred sales charge for redemptions made within one year of purchase date.

B. Summary of Significant Accounting Policies

The Funds’ financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make certain estimates and assumptions at the date of the financial statements that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Management has evaluated the impact of all events or transactions occurring after period end through the date these financial statements were issued, and has determined that there were no subsequent events requiring recognition or disclosure. The following summarizes the significant accounting policies:

Security Valuation. Securities listed or otherwise traded on a securities exchange, market or automated quotation system for which quotations are readily available, including securities traded over the counter (“OTC”), are valued at their most recent sale price as of the close of regular trading on the primary exchange or market (foreign or domestic) on which they are traded, or if there is no such reported sale on the valuation date, at the most recent quoted bid price. If such prices are not available, the security will be valued in accordance with fair value methods (the “Fair Value Procedures”) approved by the Board of Directors (the “Board”). In the case of certain foreign exchanges, the closing price reported by the exchange (which may sometimes be referred to by the exchange or

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Nomura Partners Funds, Inc.

March 31, 2013 (Unaudited)

one or more pricing agents as the “official close” or the “official closing price” or other similar term) will be considered the most recent sale price. If a security is traded on more than one exchange, or upon one or more exchanges and in the OTC market, quotations are taken from the security’s primary exchange or market.

Debt securities are priced based upon valuations provided by independent, third party pricing agents, if available. Such values generally reflect the last reported sales price if the security is actively traded. The third-party pricing agents may also value debt securities at an evaluated bid price by employing methodologies that utilize actual market transactions, broker-supplied valuations, or other methodologies designed to identify the market value for such securities. Such methodologies generally consider such factors as security prices, yields, maturities, call features, ratings and developments relating to specific securities in arriving at valuations. On the first day a new debt security purchase is recorded, if a price is not available on the automated pricing feeds from the Funds’ primary and secondary pricing vendors nor is it available from an independent broker, the security may be valued at its purchase price. Each day thereafter, the debt security will be valued according to the Funds’ Fair Value Procedures until an independent source can be secured. Debt securities with remaining maturities of sixty days or less may be valued at their amortized cost, which approximates market value.

Participatory notes are valued based on the current day’s price of the underlying securities if a quoted price is not available.

Following the valuations of securities or other portfolio assets in terms of the currency in which the market quotation used is expressed (“Local Currency”), the value of these portfolio assets in terms of U.S. Dollars is calculated by converting the Local Currency into U.S. Dollars at the prevailing currency exchange rate on the valuation date.

Redeemable securities issued by open-end investment companies are valued at the investment company’s applicable net asset value (“NAV”), with the exception of exchange-traded open-end investment companies which are priced as equity securities as described above.

If market quotations, official closing prices, or information furnished by a pricing service are not readily available or do not accurately reflect fair value, or if a security’s value has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded, including, but not limited to, when (i) the security’s trading has been halted or suspended; (ii) the security has been de-listed from a national exchange; (iii) the security’s primary trading market is temporarily closed at a time when under normal conditions it would be open; (iv) the security has not been traded for an extended period of time; (v) the security’s primary pricing source is not able or willing to provide a price; (vi) trading of the security is subject to local government-imposed restrictions; or (vii) a significant event with respect to a security or securities has occurred after the close of the market or exchange on which the security or securities principally trades and before the time the Funds calculate NAVs, that security will be valued by another method that the Board believes accurately reflects fair value in accordance with the Funds’ Fair Value Procedures.

These events may create arbitrage opportunities that may enable short-term traders to dilute the NAV of long-term investors. Securities trading in overseas markets present time zone arbitrage opportunities when events affecting portfolio security values occur after the close of overseas markets but prior to the close of U.S. market. The Fair Value Procedures, therefore, include a procedure whereby foreign securities’ prices may be “fair valued” by an independent pricing service, in accordance with a valuation policy approved by the Board to take those factors into account. At March 31, 2013, foreign securities representing the following percentages of net assets of the Funds

Nomura Partners Funds The World from Asia : 79

Nomura Partners Funds, Inc.

March 31, 2013 (Unaudited)

were valued using fair value prices based on those adjustments and are classified as using Level 2 inputs within the valuation inputs disclosure on each Fund’s Schedule of Investments:

Funds
The Japan Fund	96.8	%
Asia Pacific ex Japan Fund	84.7	%
India Fund	88.9	%
Greater China Fund	92.4	%
Global Equity Income Fund	45.2	%
Global Emerging Markets Fund	62.4	%
International Equity Fund	53.0	%
High Yield Fund	N/A

Pursuant to the Fair Value Procedures for the Funds, the Board has delegated day-to-day responsibility for fair value determinations to the Corporation’s Pricing and Fair Valuation Committee. Fair value determinations are subject to review, approval or ratification by the Board.

At March 31, 2013, the total value of securities held that were fair valued using methods determined in good faith by the Corporation’s Pricing and Fair Valuation Committee represented approximately 4.73% and 7.50% of the net assets for the Asia Pacific ex Japan Fund and the Global Emerging Markets Fund, respectively. These securities are classified as using Level 2 inputs within the valuation inputs disclosure on the Funds’ Schedule of Investments. At March 31, 2013, no other Funds had fair value determinations other than noted above.

There can be no assurance that a fair value used by the Funds on any given day will more accurately reflect the market value of a security or securities than the market price of such security or securities. A security’s valuation may differ depending on the method used for determining value. Fair valuation of a Fund’s portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that the Fair Value Procedures will prevent dilution of a Fund’s NAV by short-term traders.

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. These inputs are summarized into the three broad levels listed below. Each Fund’s hierarchy can be found on the Fund’s Schedule of Investments.

Level 1 — quoted unadjusted prices for identical instruments in active markets to which a Fund has access at the date of measurement.

Level 2 — quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model derived valuations in which all significant inputs and significant value drivers are observable in active markets. Level 2 inputs are those in markets for which there are few transactions, the prices are not current, little public information exists or instances where prices vary substantially over time or among brokered market makers.

Level 3 — model-derived valuations in which one or more significant inputs or significant value drivers are unobservable. Unobservable inputs are those inputs that reflect a Fund’s own assumptions that market participants would use to price the asset or liability based on the best available information.

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The Funds’ policy is to disclose transfers between Levels based on valuations at the end of the reporting period. Each Fund may hold securities which are periodically fair valued in accordance with the Funds’ Fair Value

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Procedures. This may result in movements between Level 1 and Level 2 throughout the period. There were no additional transfers between Level 1, 2, or 3 as of March 31, 2013, based on the valuation input Levels on September 30, 2012 for the Funds, other than what was disclosed following each Fund’s Schedule of Investments.

Real Estate Investment Trust. Each Fund is permitted to invest in real estate investment trusts (“REIT“s). If a Fund invests in a REIT, such Fund will be subject to the risks associated with owning real estate and with the real estate industry generally. These risks include difficulties in valuing and disposing of real estate, the possibility of declines in the value of real estate, risks related to general and local economic conditions, the possibility of adverse changes in real estate markets, environmental liability risks, the risk of increases in property taxes and operating expenses, possible adverse changes in zoning laws, the risk of casualty or condemnation losses, limitations on rents, and the possibility of adverse changes in interest rates. To the extent a Fund invests in REITs, it will also be subject to the risk that a REIT will default on its obligations or go bankrupt. By investing in REITs indirectly through a Fund, a shareholder will bear not only his or her proportionate share of the expenses of the Fund, but also, indirectly, similar expenses of the REITs.

Restricted Securities. Each Fund is permitted to invest in restricted securities. Restricted securities are subject to legal restrictions on their sale. Difficulty in selling securities may result in a loss or be costly to the Funds. Restricted securities generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the Securities Act of 1933, as amended, or in a registered public offering. Where registration is required, the holder of a registered security may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time it may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the holder might obtain a less favorable price than prevailed when it decided to seek registration of the security.

Participatory Notes. Each Fund may invest in participatory notes. Participatory notes, which may be issued in various structures and may be designated by different terms, including, but not limited to, P-Notes and warrants, are instruments that derive their value from an underlying or referenced financial instrument, such as an equity share. Generally, non-U.S.-based brokerages buy locally-based securities and then issue participatory notes to investors. Participatory notes are subject to both investment risk relating to the underlying or referenced financial instrument and credit risk based on the uncertainty of the counterparty’s (i.e., the non-U.S.-based broker’s) ability to meet its obligations.

Foreign Currency. The books and records of the Funds are maintained in U.S. Dollars. The valuation of investment securities and other assets and liabilities that are denominated in a foreign currency are translated into U.S. Dollars at the prevailing exchange rates each business day. Purchases and sales of investment securities, income and expenses are translated into U.S. Dollars at the prevailing exchange rates on the respective dates of the transactions.

Net realized and unrealized gains and losses on foreign currency transactions represent net gains and losses between trade and settlement dates on securities transactions, the disposition of forward foreign currency exchange contracts and foreign currencies, and the difference between the amount of net investment income accrued and the U.S. Dollar amount actually received. That portion of both realized and unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates are not separately disclosed but are included with net realized and unrealized gains and losses on investment securities.

Dividends and Distributions of Income and Gains to Shareholders. Distributions to shareholders of net investment income and capital gains, if any, are declared and paid annually on all Funds with the exception of Global Equity Income Fund. The Global Equity Income Fund intends to declare and pay dividends of all or a portion of its net investment income on a quarterly basis to shareholders, and will distribute its realized net capital gain, if any, annually.

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Distributions are determined in accordance with applicable Federal income tax regulations, which may differ from GAAP. These differences are due to differing treatments of income and gain on various securities held by the Funds, timing differences and differing characterizations of distributions made by other funds in which the Funds may invest.

Security Transactions, Investment Income and Realized Gain and Loss. For financial reporting purposes, investment transactions are accounted for on the trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date net of foreign withholding taxes, if any. Foreign dividend income is recorded on the ex-dividend date or as soon as practical after a Fund determines the existence of a dividend declaration after exercising reasonable due diligence. Gains or losses realized on sales of investment transactions are recorded on an identified cost basis.

Federal Taxes. Each Fund intends to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and distribute substantially all of its taxable income to shareholders. Therefore, no provision for Federal income tax or excise tax is required.

Each Fund may be subject to taxes imposed by countries in which it invests. Such taxes are generally based on income and/or capital gains earned or repatriated. Taxes are accrued and applied to net investment income, net realized gains and unrealized appreciation as such income and/or gains are earned.

The Corporation recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Corporation’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2010-2012), or expected to be taken in the Funds’ 2013 tax returns. The Corporation identifies its major tax jurisdictions as United States of America, the State of Maryland and foreign jurisdictions. The Corporation is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Indian Capital Gain Tax Provision. The India Fund may also be subject to capital gains tax in India on gains realized upon the sale of Indian securities, payable upon repatriation of sales proceeds. Any realized losses in excess of gains may be carried forward to offset future gains. Funds with exposure to Indian securities accrue a deferred liability for unrealized gains in excess of available carryforwards on Indian securities based on existing tax rates and holding periods of the securities. As of March 31, 2013, there were no deferred liabilities recorded as estimates for potential future India capital gains taxes. As of March 31, 2013, the India Fund recorded a receivable for Indian capital gains tax refund of $59,730.

Income and Expense Allocation. Each Fund’s class-specific expenses are charged to the operations of that class of shares. Income and expenses (other than expenses attributable to a specific class) and realized and unrealized gains or losses on investments are allocated to each class of shares based on the class’ respective net assets to the total net assets of each Fund.

Offering and Organizational Costs. Organizational costs for the High Yield Fund consists of incorporation fees and legal fees. These costs are expensed as incurred and are reflected on the Statements of Operations. Offering costs for the High Yield Fund consists of fees related to the mailing and printing of the initial prospectus, certain startup legal costs, and initial registration filings. Such costs are amortized over a twelve-month period beginning with the commencement of operations of the High Yield Fund. Amounts amortized in the current period are reflected on the Statements of Operations. Offering costs incurred and expensed for the period ended March 31, 2013 were as follows:

Fund	Costs Incurred		Costs Expensed
High Yield Fund	$	146,174	$	35,933

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Redemption Fees. A shareholder who redeems Class A, Class C or Class I shares of all Funds or Class S shares of The Japan Fund within thirty days of purchase will incur a redemption fee of 2.00% of the current NAV of the shares, subject to certain exceptions. The fee will be assessed and retained by the Funds for the benefit of remaining shareholders. The redemption fee is accounted for as an addition to paid-in-capital and is reported on the Statements of Changes in Net Assets and Financial Highlights (on a per share basis). The Funds reserve the right to modify the term of or terminate this fee at any time.

C. Purchases and Sales of Securities

The cost of purchases and the proceeds from sales of investment securities, excluding short-term investments, for the period ended March 31, 2013, were as follows:

Fund	Purchases		Sales
The Japan Fund	$	36,996,148	$	53,799,048
Asia Pacific ex Japan Fund		4,568,989		4,426,681
India Fund		4,136,876		4,770,358
Greater China Fund		4,045,891		4,262,864
Global Equity Income Fund		1,648,037		985,051
Global Emerging Markets Fund		8,055,998		3,521,552
International Equity Fund		1,464,432		1,707,590
High Yield Fund		53,998,792		20,173,355

D. Affiliated Holdings

Affiliated holdings are mutual funds which are managed by Nomura Asset Management U.S.A., Inc. (“NAM USA”), or an affiliate of NAM USA or which are distributed by an affiliate of the Funds’ distributor. With respect to each Fund, NAM USA was paid an investment advisory fee by the affiliated Funds listed beneath its name below. Investments in affiliated companies during the period ended March 31, 2013 were as follows:

Affiliated Fund Name	Balance of Shares Held at 09/30/2012		Gross Additions		Gross Reductions		Balance of Shares Held at 03/31/2013		Value at 03/31/2013		Dividend Income		Realized Capital Gain/ Loss
International Equity Fund:
Asia Pacific ex Japan Fund — Institutional Shares		50,062	$	6,899	$	—		50,516	$	792,082	$	6,899	$	—
The Japan Fund — Institutional Shares		150,571		18,851		—		152,520		1,660,947		18,851		—
Total		200,633	$	25,750	$	—		203,036	$	2,453,029	$	25,750	$	—

E. Investment Advisory Fees, Administrator and Other Service Providers

Investment Advisor and Operations Service Agent. NAM USA is the investment advisor for the Funds pursuant to an Investment Advisory Agreement. NAM USA determines the securities, instruments and other contracts relating to investments to be purchased, sold or entered into by the Funds. NAM USA directs the investments of the Funds, in accordance with the investment objectives, policies, and limitations of the Funds subject to the general supervision and control of the Board and officers of the Corporation.

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For these and other services, each Fund pays NAM USA a monthly investment advisory fee at an annual rate of the Fund’s average daily net assets as follows:

The Japan Fund	0.60% on the first $200 million; 0.55% on the next $200 million; and 0.50% on the Fund’s average daily net assets in excess of $400 million.
Asia Pacific ex Japan Fund	1.10% on the first $1 billion; 1.00% on the next $1 billion; and 0.95% on the Fund’s average daily net assets in excess of $2 billion.
India Fund	1.20% on the first $1 billion; 1.10% on the next $1 billion; and 1.00% on the Fund’s average daily net assets in excess of $2 billion.
Greater China Fund	1.20% on the first $1 billion; 1.10% on the next $1 billion; and 1.00% on the Fund’s average daily net assets in excess of $2 billion.
Global Equity Income Fund	0.90% on the first $500 million; 0.85% on the next $500 million; 0.80% on the next $500 million; 0.75% on the next $500 million; and 0.70% on the Fund’s average daily net assets in excess of $2 billion.
Global Emerging Markets Fund	1.20% on the first $1 billion; 1.10% on the next $1 billion; and 1.00% on the Fund’s average daily net assets in excess of $2 billion.
International Equity Fund*	0.85% on the Fund’s average daily net assets.
High Yield Fund	0.65% on the Fund’s average daily net assets.

* The calculation of the Fund’s average daily net assets for the purpose of determining the Advisory Fee excludes assets invested in affiliated holdings.

NAM USA has agreed to waive and/or reimburse certain expenses. Please see Note F for further information.

NAM USA, with respect to each Fund, has entered into a sub-advisory agreement (each, a “Sub-Advisory Agreement”) with the sub-advisors set forth below, pursuant to which the sub-advisor provides certain investment advisory services to NAM USA with respect to a Fund:

Funds	Sub-Advisor(s)
The Japan Fund	Nomura Asset Management Co., Ltd. (“NAM Tokyo”)
Asia Pacific ex Japan Fund	Nomura Asset Management Singapore Limited (“NAM Singapore”)
India Fund	NAM Singapore
Greater China Fund	Nomura Asset Management Hong Kong Limited (“NAM Hong Kong”)
Global Equity Income Fund	NAM Singapore, Nomura Asset Management U.K. Limited (“NAM UK”)
Global Emerging Markets Fund	Martin Currie, Inc. (“Martin Currie”)
International Equity Fund	NAM UK
High Yield Fund	Nomura Corporate Research and Assets Management Inc. (“NCRAM”)

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Each sub-advisor receives compensation for its services out of NAM USA’s investment advisory fee.

NAM USA also serves as the operations services agent for the Corporation, pursuant to an Operations Services Agreement. Pursuant to this agreement, NAM USA provides management services to the Corporation, to oversee and administer its day-to-day operations. NAM USA receives no fees pursuant to this agreement, but may be reimbursed for reasonable out-of-pocket expenses incurred in carrying out its duties as operations services agent.

Administrator, Accountant, and Custodian. State Street Bank and Trust Company (“State Street”) provides administration services as administrator to the Funds (the “Administrator”), pursuant to an Administration Agreement. For its services, the Administrator receives fees from the Funds calculated daily and paid monthly at an annual rate of 0.10% of average daily net assets with reductions as average daily net assets increase to certain levels and are subject to certain minimum requirements.

The Administrator also receives fees for certain additional services and reimbursement for out-of-pocket expenses. The Administrator or its affiliates do not pay any Fund fees, expenses or costs.

State Street also serves as custodian (the “Custodian”) and fund accounting agent to the Funds pursuant to a Master Custodian and Accounting Services Agreement. The Custodian attends to the collection of principal and income, and payment for and collection of proceeds of securities bought and sold by the Funds. For these services, the Funds pay State Street asset-based and transactional fees that vary according to the size of positions and number of transactions plus out-of-pocket fees.

Distributor. Foreside Fund Services, LLC serves as the Funds’ distributor (the “Distributor”). Each Fund has adopted plans (the “Plans”) that allow the Funds to pay distribution fees for the sale of their shares under Rule 12b-1 of the 1940 Act, and shareholder servicing fees for certain services provided to their shareholders. Each Fund has adopted a Plan for each of its Class A and Class C shares, and The Japan Fund has adopted a Plan for its Class S shares. Each Fund pays the Distributor or any other entity providing support services to their customers an aggregate fee of 0.25% of the average daily net assets of a Fund’s Class A shares and 1.00% of the average daily net assets of a Fund’s Class C shares. With respect to Class C shares, the Distributor may use up to 0.75% of the fees for distribution and sales support services. The Distributor is reimbursed for fees paid to various institutions for distribution and shareholder services provided to the S Class of The Japan Fund in an amount up to 0.25% of the average daily net assets of the Class S shares of The Japan Fund.

For the period ended March 31, 2013, the Distributor did not retain any of the front-end sales charges assessed on the sale of Class A shares. For the period ended March 31, 2013, the Distributor did not retain any commissions from contingent deferred sales charges assessed on redemptions of Class C shares.

Other Service Providers. Boston Financial Data Services (“BFDS”) serves as the Funds’ transfer and dividend-paying agent (“Transfer Agent”) pursuant to a Transfer Agency and Services Agreement, and performs bookkeeping, data processing and administrative services for the maintenance of shareholder accounts.

Pursuant to a Compliance Services Agreement (the “Compliance Agreement”), Foreside Compliance Services, LLC (“FCS”), an affiliate of the Distributor, provides an Anti-Money Laundering Compliance Officer, a Chief Compliance Officer and certain additional compliance support functions to the Funds.

Pursuant to the Compliance Agreement, Foreside Management Services, LLC (“FMS”), an affiliate of the Distributor, provides a Principal Executive Officer and a Principal Financial Officer to the Funds.

The Principal Executive Officer, an officer of the Funds, is a control affiliate and an officer of the Distributor. Fees paid to FCS and FMS pursuant to the Compliance Agreement are reflected on the Statements of Operations within the caption “Compliance Services Fees”. Neither the Distributor, FCS nor FMS, nor any of their officers or employees who serve as an officer of the Funds, has any role in determining the Funds’ investment policies or which securities are to be purchased or sold by the Funds.

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Directors’ and Officers’ Fees and Expenses. Retainer and meeting fees were as follows:

Quarterly Retainer for each Director	$	12,500
Additional Quarterly Retainer for the Chairman of the Board		12,500
Additional Quarterly Retainer for the Chairman of the Audit Committee and the Chairman of the Investment Oversight Committee (“IOC”)		1,500
Additional Quarterly Retainer for the Compensation Committee Chair		1,000
Quarterly Regular Board Meeting Fee		4,000
Special Non-Quarterly Board Meeting Fee		1,500
Audit Committee Meeting Fee		3,000
Executive Committee Meeting Fee		1,500
Investment Oversight Committee Meeting Fees		3,000

The Funds will also reimburse each of the Directors for out-of-pocket expenses incurred in connection with attending the Board meetings.

Certain officers of the Funds are also officers or employees of the above named service providers, and during their terms of office, receive no compensation from the Funds.

F. Fee Waivers and Expense Reimbursements

With respect to Class A, Class C and Class I shares of each Fund, and with respect to Class S shares of The Japan Fund, NAM USA has contractually agreed to waive its investment advisory fee and, if necessary, to reimburse other operating expenses of a Fund to the extent necessary to limit total annual operating expenses (excluding distribution and service (12b-1) fees, interest expense, dividend expenses resulting from short sales of securities and certain other expenses), on an annualized basis, to 1.60% for The Japan Fund; to 1.50% for Asia Pacific ex Japan Fund; 1.70% for India Fund; 1.70% for Greater China Fund; 1.25% for Global Equity Income Fund; 1.60% for Global Emerging Markets Fund; 1.40% for International Equity Fund; and 0.85% for High Yield Fund, in each case as a percentage of average daily net assets allocated to each such class of shares of such Fund, until January 28, 2014 (January 28, 2015 for High Yield Fund) (“Expense Cap Agreements”).

NAM USA has contractually agreed to waive its investment advisory fee and, if necessary, reimburse the International Equity Fund for the amount of fees and expenses incurred indirectly by the Fund through its investment in affiliated holdings through at least January 28, 2014. This amounted to $17,602 for the period ended March 31, 2013. This amount is not subject to the expense recapture provision described below.

During the period ended March 31, 2013, the Funds’ Administrator and Custodian have contractually agreed to waive a portion of their fees.

For the period ended March 31, 2013, fees waived and reimbursed were as follows:

Fund	NAM USA Waived and Reimbursed		Other Waived		Total Fees Waived and Reimbursed
The Japan Fund	$	192,778	$	938	$	193,716
Asia Pacific ex Japan Fund		215,830		11,500		227,330
India Fund		204,846		11,500		216,346
Greater China Fund		192,811		11,500		204,311
Global Equity Income Fund		185,729		11,500		197,229
Global Emerging Markets Fund		215,208		11,500		226,708
International Equity Fund		186,243		11,500		197,743
High Yield Fund		194,148		—		194,148

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Under the terms of the Expense Cap Agreements, if, within three years following a waiver or reimbursement, the operating expenses of a share class of a Fund that previously received a waiver or reimbursement from NAM USA are less than the expense limit for such share class, the applicable share class is required to repay NAM USA up to the amount of fees waived or expenses reimbursed under the agreement if NAM USA or an affiliate serves as a Fund’s investment advisor at such time. For the three years through March 31, 2013, NAM USA waived and/or reimbursed fees under the Expense Cap Agreements as follows:

	Expires September 30,						Expires March 31,		Total Amount Eligible for Recoupment
Funds	2013		2014		2015		2016
The Japan Fund	$	316,602	$	—	$	131,246	$	192,778	$	640,626
Asia Pacific ex Japan Fund		448,200		361,616		366,461		215,830		1,392,107
India Fund		430,138		384,485		360,966		204,846		1,380,435
Greater China Fund		417,924		343,139		346,791		192,811		1,300,665
Global Equity Income Fund		446,528		363,552		375,256		185,729		1,371,065
Global Emerging Markets Fund		404,072		331,056		370,592		215,208		1,320,928
International Equity Fund		392,010		312,237		308,828		168,641		1,181,716
High Yield Fund		—		—		—		194,148		194,148

G. Federal Income Tax Information

During the years ended September 30, 2012 and September 30, 2011, the tax character of distributions made by the Funds were as follows:

	Year Ended September 30, 2012						Year Ended September 30, 2011
Funds	Ordinary Income		Capital Gains		Total		Ordinary Income		Capital Gains		Total
The Japan Fund	$	1,313,579	$	—	$	1,313,579	$	367,210	$	—	$	367,210
Asia Pacific ex Japan Fund		53,587		—		53,587		626,292		1,031,841		1,658,133
India Fund		—		—		—		561,779		381,916		943,695
Greater China Fund		390,078		335,838		725,916		142,029		765,755		907,784
Global Equity Income Fund		242,343		312,419		554,762		314,875		199,087		513,962
Global Emerging Markets Fund		273,347		1,018,906		1,292,253		366,791		444,866		811,657
International Equity Fund		252,030		356,168		608,198		369,424		189,468		558,892
High Yield Fund		—		—		—		—		—		—

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The components of distributable earnings for the Funds as of September 30, 2012 are listed below:

Funds	Undistributed Ordinary Income		Undistributed Long-Term Gain		Unrealized Appreciation (Depreciation)*		Capital Loss Carryover			Post October Currency Loss Deferral			Total
The Japan Fund	$	1,724,495	$	—	$	13,141,570	$	(55,199,521	)	$	(10,012,320	)	$	(50,345,776	)
Asia Pacific ex Japan Fund		55,867		—		2,321,784		(255,509	)		(852,064	)		1,270,078
India Fund		—		—		1,251,625		(521,176	)		(932,781	)		(202,332	)
Greater China Fund		120,469		—		1,040,597		—			(521,171	)		639,895
Global Equity Income Fund		78,160		29,467		1,192,541		—			—			1,300,168
Global Emerging Markets Fund		108,122		—		1,922,850		—			(865,274	)		1,165,698
International Equity Fund		110,698		—		247,482		(63,670	)		(44,190	)		250,320
High Yield Fund		—		—		—		—			—			—

* Includes unrealized appreciation (depreciation) on currency.

Shareholders are encouraged to consult with their tax advisors concerning the tax treatment of dividends and distributions from all the Funds.

The timing and characterization of certain income and capital gain distributions are determined annually in accordance with the Federal tax regulations, which may differ from GAAP. As a result, net investment income (loss) and net realized gain (loss) on investment transactions for a reporting period may differ significantly from distributions during such period. Accordingly, the Funds may periodically make reclassifications among certain of their capital accounts without impacting their net asset values.

The following summarizes the capital loss carryforwards as of September 30, 2012 for the Funds. These capital loss carryforwards are available to offset future gains.

Funds	2017		2018		Non-expiring Loss		Total
The Japan Fund	$	1,158,053	$	53,011,487	$	1,029,981	$	55,199,521
Asia Pacific ex Japan Fund		—		—		255,509		255,509
India Fund		—		—		521,176		521,176
International Equity Fund		—		—		63,670		63,670

During the year ended September 30, 2012, The Japan Fund had no capital loss carryforwards.

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Cost of investments for Federal income tax purposes is substantially the same as for financial reporting purposes and net unrealized appreciation (depreciation) on investments at March 31, 2013 consists of:

Funds	Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)*		Tax Cost
The Japan Fund	$	40,304,848	$	(1,510,078	)	$	38,794,770	$	118,922,701
Asia Pacific ex Japan Fund		2,666,329		(162,910	)		2,503,419		7,453,509
India Fund		1,484,524		(429,398	)		1,055,126		7,799,978
Greater China Fund		1,489,661		(157,982	)		1,331,679		7,144,781
Global Equity Income Fund		1,955,188		(72,284	)		1,882,904		7,408,953
Global Emerging Markets Fund		3,128,336		(494,855	)		2,633,481		13,328,818
International Equity Fund		1,450,735		(274,667	)		1,176,068		7,836,082
High Yield Fund		726,346		(146,424	)		579,922		38,310,814

* Does not include unrealized appreciation/depreciation on currency.

H. Principal Risks of Investing in the Funds

Investment Risks. The Funds’ investments in foreign companies involve certain risks not typically associated with investments in securities of U.S. companies or the U.S. Government, including risks relating to (i) social, economic and political stability; (ii) price volatility, lesser liquidity and smaller market capitalization of securities markets in which securities of foreign companies trade; (iii) currency exchange fluctuations, currency blockage and higher levels of inflation; (iv) controls on foreign investment and limitations on repatriation of invested capital and on the Funds’ ability to exchange local currencies for U.S. Dollars; (v) governmental involvement in and control over the economy; (vi) risk of nationalization or expropriation of assets; (vii) the nature of the smaller, less seasoned and newly organized foreign companies; and (viii) the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and less government supervision and regulation.

Concentration of Market Risk. Investing in foreign countries poses additional risks since political and economic events unique to a country or region will affect those markets and their issuers. These events will not necessarily affect the U.S. economy or similar issuers located in the U.S. In addition, investments in foreign countries are denominated in foreign currencies. As a result, changes in the value of the foreign currencies compared to the U.S. Dollar may affect (positively or negatively) the value of the Funds’ investments. These currency movements may happen separately from, and in response to, events that do not otherwise affect the value of the security in the issuer’s home country.

Emerging Markets Risk. The risks of foreign investments are typically greater in less developed countries, which are sometimes referred to as emerging markets. For example, political and economic structures in these countries may be changing rapidly, which can cause instability and greater risk of loss. These countries are also more likely to experience higher levels of inflation, deflation or currency devaluation, which could hurt their economies and securities markets. For these and other reasons, investments in emerging markets are often considered speculative.

Fund of Funds Risk. An investment in a Fund is subject to all the risks of an investment directly in the underlying funds the Fund holds. A Fund’s performance will reflect the investment performance of the underlying funds it holds. Each underlying fund pays its own management fees and also pays other operating expenses. An investor in a Fund will pay both the Fund’s expenses and, indirectly, the management fees and other expense of the underlying funds that the Fund holds, although the management fee payable to NAM USA will be calculated by excluding investments in affiliated holdings to avoid a layering of management fees. In addition, one underlying fund may purchase the same securities that another underlying fund sells. If a Fund invests in both underlying funds, it would indirectly bear the costs of these trades.

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March 31, 2013 (Unaudited)

High Yield Bonds Risk. A Fund’s investment in high yield bonds (also known as junk bonds) will subject the Fund to greater levels of credit and liquidity risks than funds that invest in higher rated securities. While offering greater opportunity for higher yields and capital growth, high yield bonds usually are subject to greater price volatility and may be less liquid than higher rated securities. An economic downturn or period of rising interest rates may adversely affect the market for these securities (see “Inflation Risk” below) and reduce a Fund’s ability to sell these securities (see “Liquidity Risk” below). These securities are considered to be high-risk investments, are speculative with respect to the capacity to pay interest and repay principal (see “Credit/ Default Risk” below) and may be issued by companies that are highly leveraged, less creditworthy or financially distressed (see “Distressed Securities Risk” below). These securities are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties, and a potential lack of a secondary or public market for the securities. The market price of these securities can change suddenly and unexpectedly. You should not invest in a Fund unless you are willing to assume the greater risk associated with high yield bonds.

Inflation (Interest Rate) Risk. Generally, high yield bonds will decrease in value when interest rates rise and increase in value when interest rates decline. Interest rate risk is the risk that the high yield bonds will decline in value because of increases in interest rates. Interest rate changes normally have a greater effect on the prices of longer-term high yield bonds than shorter-term high yield bonds. In addition, during periods of declining interest rates, the issuers of high yield bonds held by a Fund may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower yielding debt securities. This is known as “Prepayment Risk” and may reduce a Fund’s income. Variable and floating rate securities are less sensitive to market interest rate changes, but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities generally will not increase in value if interest rates decline. A decrease in market interest rates may adversely affect the income a Fund receives from such securities and the net asset value of the Fund’s shares.

Liquidity Risk. Certain securities that are thinly traded or that otherwise might not be easily disposed in the course of regular trading may be deemed to be illiquid securities. Illiquid securities may trade at a discount from comparable, more liquid investments, and may be subject to wider fluctuations in market value. Also, a Fund may not be able to dispose of illiquid securities when that would be beneficial at a favorable time or price. A Fund may invest up to 15% of its assets in illiquid securities.

Credit/Default Risk. Credit risk refers to the possibility that the issuer of a security will not be able to make payments of interest and principal when due. If an issuer fails to pay interest or repay principal, a Fund’s income or share value may be reduced. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of a Fund’s investment in that issuer.

Distressed Securities Risk. Investing in distressed securities is speculative and involves significant risks. Distressed securities may be the subject of bankruptcy proceedings or in default as to the repayment of principal and/or interest or rated in the lower rating categories (Ca or lower by Moody’s and CC or lower by S&P or Fitch). Distressed securities frequently do not produce income and may require a Fund to bear certain extraordinary expenses in order to protect and recover its investment.

Please refer to the prospectus for a complete description of risks associated with the Funds.

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Nomura Partners Funds, Inc.

March 31, 2013 (Unaudited)

I. Capital Transactions

The following tables summarize share and dollar activity in the Funds by class as of the period ended March 31, 2013 and September 30, 2012:

	The Japan Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Shares sold
Class A		104,923			1,081,954			243,040			2,280,384
Class C		164,165			1,667,638			20,835			197,180
Class I		196,025			1,956,440			1,351,139			12,804,990
Class S		37,760			373,033			84,237			809,413
Shares reinvested
Class A		1,499			14,604			2,517			22,956
Class C		49			467			24			220
Class I		5,737			55,479			49,763			452,844
Class S		142,662			1,395,230			74,759			686,289
Shares redeemed
Class A		(289,187	)		(2,673,549	)		(441,833	)		(4,186,482	)
Class C		(6,819	)		(66,888	)		(35,921	)		(337,851	)
Class I		(414,821	)		(3,887,696	)		(8,878,614	)		(82,848,674	)
Class S		(1,301,919	)		(12,671,353	)		(1,625,527	)		(15,554,044	)
Redemption fees
Class A		—			10			—			793
Class C		—			3			—			14
Class I		—			15			—			673
Class S		—			382			—			2,540
Net increase (decrease) from Capital Transactions		(1,359,926	)		(12,754,231	)		(9,155,581	)		(85,668,755	)

Nomura Partners Funds The World from Asia : 91

Nomura Partners Funds, Inc.

March 31, 2013 (Unaudited)

	Asia Pacific ex Japan Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Shares sold
Class A		52,042			799,684			161,128			2,222,005
Class C		21,281			321,384			79,039			1,077,007
Class I		101,461			1,560,280			167,505			2,389,356
Shares reinvested
Class A		1,005			15,219			368			4,866
Class C		—			—			—			—
Class I		1,198			18,244			3,075			40,802
Shares redeemed
Class A		(41,099	)		(623,142	)		(177,223	)		(2,398,271	)
Class C		(33,086	)		(498,003	)		(69,747	)		(966,673	)
Class I		(60,412	)		(931,615	)		(631,321	)		(8,784,129	)
Redemption fees
Class A		—			46			—			51
Class C		—			20			—			5
Class I		—			39			—			28
Net increase (decrease) from Capital Transactions		42,390			662,156			(467,176	)		(6,414,953	)
	India Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Shares sold
Class A		17,014			195,195			85,024			853,825
Class C		—			—			1,238			12,202
Class I		1,472			17,334			3,894			40,315
Shares reinvested
Class A		—			—			—			—
Class C		—			—			—			—
Class I		291			3,402			—			—
Shares redeemed
Class A		(10,080	)		(116,171	)		(70,746	)		(712,276	)
Class C		(3,140	)		(35,208	)		(63,672	)		(617,259	)
Class I		(9,245	)		(106,871	)		(18,558	)		(190,505	)
Redemption fees
Class A		—			710			—			19
Class C		—			70			—			15
Class I		—			7,017			—			174
Net increase (decrease) from Capital Transactions		(3,688	)		(34,522	)		(62,820	)		(613,490	)

92 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Nomura Partners Funds, Inc.

March 31, 2013 (Unaudited)

	Greater China Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Shares sold
Class A		86,351			1,080,776			47,808			593,764
Class C		15,026			182,876			39,289			451,171
Class I		3,862			49,229			859			9,670
Shares reinvested
Class A		1,001			12,535			5,732			59,730
Class C		496			6,202			128			1,337
Class I		7,809			98,705			62,907			659,265
Shares redeemed
Class A		(87,610	)		(1,098,358	)		(51,139	)		(543,561	)
Class C		(1,618	)		(20,509	)		(1,319	)		(14,875	)
Class I		—			—			—			—
Redemption fees
Class A		—			44			—			272
Class C		—			22			—			—
Class I		—			300			—			143
Net increase (decrease) from Capital Transactions		25,317			311,822			104,265			1,216,916
	Global Equity Income Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Shares sold
Class A		16,515			215,349			26,700			319,673
Class C		18,863			247,984			7,855			96,587
Class I		10,454			133,248			8,052			98,890
Shares reinvested
Class A		154			1,934			316			3,721
Class C		60			762			261			3,088
Class I		12,726			160,018			44,565			523,024
Shares redeemed
Class A		(7,764	)		(100,825	)		(28,737	)		(342,522	)
Class C		—			—			(5,020	)		(61,515	)
Class I		(2,422	)		(30,658	)		—			—
Redemption fees
Class A		—			—			—			217
Class C		—			—			—			—
Class I		—			—			—			—
Net increase (decrease) from Capital Transactions		48,586			627,812			53,992			641,163

Nomura Partners Funds The World from Asia : 93

Nomura Partners Funds, Inc.

March 31, 2013 (Unaudited)

	Global Emerging Markets Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Shares sold
Class A		178,919			2,514,252			115,859			1,512,748
Class C		60,807			836,022			38,411			509,780
Class I		353,614			4,945,055			428,961			5,783,610
Shares reinvested
Class A		1,065			14,966			4,014			47,483
Class C		78			1,073			901			10,456
Class I		4,338			61,426			93,161			1,109,551
Shares redeemed
Class A		(18,988	)		(265,406	)		(16,259	)		(216,278	)
Class C		–	(a)		(4	)		(10,255	)		(126,676	)
Class I		(233,196	)		(3,311,283	)		(552,337	)		(7,189,035	)
Redemption fees
Class A		—			177			—			97
Class C		—			50			—			5
Class I		—			783			—			145
Net increase (decrease) from Capital Transactions		346,637			4,797,111			102,456			1,441,886
	International Equity Fund
	Six Months Ended March 31, 2013						Year Ended September 30, 2012
	Shares			Dollars ($)			Shares			Dollars ($)
Shares sold
Class A		1,402			15,249			86,308			910,581
Class C		8,427			92,190			42,023			428,860
Class I		4,789			54,763			5,348			53,327
Shares reinvested
Class A		955			10,633			12			114
Class C		35			392			43			415
Class I		9,384			105,669			58,314			575,559
Shares redeemed
Class A		(10,366	)		(116,625	)		(11,109	)		(117,770	)
Class C		(7	)		(82	)		(16,133	)		(170,214	)
Class I		—			—			—			—
Redemption fees
Class A		—			—			—			1
Class C		—			—			—			—
Class I		—			—			—			6
Net increase (decrease) from Capital Transactions		14,619			162,189			164,806			1,680,879

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Nomura Partners Funds, Inc.

March 31, 2013 (Unaudited)

	High Yield Fund
	Period Ended March 31, 2013(b)
	Shares			Dollars ($)
Shares sold
Class A		214,520			2,168,418
Class C		116,615			1,169,500
Class I		3,416,364			34,335,499
Shares reinvested
Class A		2,577			26,193
Class C		1,568			16,203
Class I		49,704			505,816
Shares redeemed
Class A		(120	)		(1,221	)
Class C		—			—
Class I		—			—
Redemption fees
Class A		—			—
Class C		—			—
Class I		—			—
Net increase (decrease) from Capital Transactions		3,801,228			38,220,408

^(a)  Amount represents less than one share.

^(b)  Fund commenced operations on December 27, 2012.

J. Committed Line of Credit

The Japan Fund has entered into a $5 million revolving credit facility (“Line of Credit”) with State Street. The Line of Credit may be utilized to meet shareholder redemptions or for other lawful purposes under the 1940 Act. The Japan Fund has agreed to pay an annual commitment fee of 0.15%. Borrowings under the Line of Credit are charged interest at the higher of the Federal Funds Rate plus 1.25% or the LIBOR rate plus 1.25%. During the period ended March 31, 2013, there were no borrowings under this Line of Credit.

K. Commitments and Contingencies

In the normal course of business, the Funds may enter into contracts that provide general indemnifications by the Funds to the counterparties to the contract. The Funds’ maximum exposure under these arrangements is dependent on future claims that may be made against the Funds and, therefore, cannot be estimated; however, based on experience, the risk of loss from such claims is considered remote.

Nomura Partners Funds The World from Asia : 95

Other Information (Unaudited)

Proxy Voting Information

The Board has delegated the responsibility for decisions regarding proxy voting for securities held by the Funds to NAM USA, who in turn has delegated the responsibility to the sub-advisors. Each sub-advisor will vote such proxies in accordance with its policies and procedures. Descriptions of the guidelines that the Funds’ sub-advisors use to vote proxies relating to portfolio securities, as well as information on Form N-PX regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, are available, without charge and upon request: (i) by visiting our website at www.nomurapartnersfunds.com; (ii) by calling toll free (800) 535-2726; and (iii) on the SEC’s website at http://www.sec.gov.

Quarterly Portfolio of Investments

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q within sixty days after the end of the period. The Funds’ Forms N-Q are available: by visiting our website at www.nomurapartnersfunds.com or on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330 or 1-202-551-8090.

Delivery of Shareholder Documents

The Corporation delivers only one copy of shareholder documents, including prospectuses, shareholder reports and proxy statements, to shareholders with multiple accounts at the same address. This practice is known as “householding” and is intended to eliminate duplicate mailings and reduce expenses. Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact the Funds at (800) 535-2726, or write to Nomura Partners Funds, Inc., P.O. Box 55760, Boston, MA 02205-8005.

96 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Shareholder Expense Example (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemption fees, as applicable; and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, as applicable, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The following example is based on $1,000 invested at the beginning of the period and held for the entire period from October 1, 2012 through March 31, 2013.

Actual expenses – Each “Actual Fund Return” row in the following table provides information about actual account values and actual expenses. You may use the information in these lines, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during the period.

Hypothetical example for comparison purposes – Each “Hypothetical Return” row in the following table provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing cost of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) or redemption fees, as applicable. Therefore, each “Hypothetical Return” row in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

The Japan Fund	Beginning Account Value 10/1/12		Ending Account Value 3/31/13		Expenses Paid During Period*		Annualized Expense Ratios*
Class A
Actual Fund Return	$	1,000.00	$	1,176.75	$	10.04		1.85	%
Hypothetical Return (5% return before expenses)		1,000.00		1,015.71		9.30		1.85	%
Class C
Actual Fund Return	$	1,000.00	$	1,173.00	$	14.09		2.60	%
Hypothetical Return (5% return before expenses)		1,000.00		1,011.97		13.04		2.60	%
Class I
Actual Fund Return	$	1,000.00	$	1,178.53	$	8.69		1.60	%
Hypothetical Return (5% return before expenses)		1,000.00		1,016.95		8.05		1.60	%
Class S
Actual Fund Return	$	1,000.00	$	1,177.75	$	9.34		1.72	%
Hypothetical Return (5% return before expenses)		1,000.00		1,016.36		8.65		1.72	%

* Expenses are equal to a Fund’s annualized expense ratio as indicated above, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.

Nomura Partners Funds The World from Asia : 97

Shareholder Expense Example (Unaudited) (continued)

Asia Pacific ex Japan Fund	Beginning Account Value 10/1/12		Ending Account Value 3/31/13		Expenses Paid During Period*		Annualized Expense Ratios*
Class A
Actual Fund Return	$	1,000.00	$	1,061.02	$	8.99		1.75	%
Hypothetical Return (5% return before expenses)		1,000.00		1,016.21		8.80		1.75	%
Class C
Actual Fund Return	$	1,000.00	$	1,057.28	$	12.82		2.50	%
Hypothetical Return (5% return before expenses)		1,000.00		1,012.47		12.54		2.50	%
Class I
Actual Fund Return	$	1,000.00	$	1,062.59	$	7.71		1.50	%
Hypothetical Return (5% return before expenses)		1,000.00		1,017.45		7.54		1.50	%

India Fund
Class A
Actual Fund Return	$	1,000.00	$	977.01	$	9.61	1.95	%
Hypothetical Return (5% return before expenses)		1,000.00		1,015.21		9.80	1.95	%
Class C
Actual Fund Return	$	1,000.00	$	961.99	$	13.21	2.70	%
Hypothetical Return (5% return before expenses)		1,000.00		1,011.47		13.54	2.70	%
Class I
Actual Fund Return	$	1,000.00	$	968.31	$	8.34	1.70	%
Hypothetical Return (5% return before expenses)		1,000.00		1,016.45		8.55	1.70	%

Greater China Fund
Class A
Actual Fund Return	$	1,000.00	$	1,058.70	$	10.01	1.95	%
Hypothetical Return (5% return before expenses)		1,000.00		1,015.21		9.80	1.95	%
Class C
Actual Fund Return	$	1,000.00	$	1,055.68	$	13.84	2.70	%
Hypothetical Return (5% return before expenses)		1,000.00		1,011.47		13.54	2.70	%
Class I
Actual Fund Return	$	1,000.00	$	1,061.29	$	8.74	1.70	%
Hypothetical Return (5% return before expenses)		1,000.00		1,016.45		8.55	1.70	%

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* Expenses are equal to a Fund’s annualized expense ratio as indicated above, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.

Shareholder Expense Example (Unaudited) (continued)

Global Equity Income Fund	Beginning Account Value 10/1/12		Ending Account Value 3/31/13		Expenses Paid During Period*		Annualized Expense Ratios*
Class A
Actual Fund Return	$	1,000.00	$	1,093.58	$	7.83		1.50	%
Hypothetical Return (5% return before expenses)		1,000.00		1,017.45		7.54		1.50	%
Class C
Actual Fund Return	$	1,000.00	$	1,089.43	$	11.72		2.25	%
Hypothetical Return (5% return before expenses)		1,000.00		1,013.71		11.30		2.25	%
Class I
Actual Fund Return	$	1,000.00	$	1,095.05	$	6.53		1.25	%
Hypothetical Return (5% return before expenses)		1,000.00		1,018.70		6.29		1.25	%

Global Emerging Markets Fund
Class A
Actual Fund Return	$	1,000.00	$	1,027.30	$	9.35	1.85	%
Hypothetical Return (5% return before expenses)		1,000.00		1,015.71		9.30	1.85	%
Class C
Actual Fund Return	$	1,000.00	$	1,024.99	$	13.13	2.60	%
Hypothetical Return (5% return before expenses)		1,000.00		1,011.97		13.04	2.60	%
Class I
Actual Fund Return	$	1,000.00	$	1,030.00	$	8.10	1.60	%
Hypothetical Return (5% return before expenses)		1,000.00		1,016.95		8.05	1.60	%

International Equity Fund
Class A
Actual Fund Return	$	1,000.00	$	1,100.90	$	6.55	1.25	%**
Hypothetical Return (5% return before expenses)		1,000.00		1,018.70		6.29	1.25	%**
Class C
Actual Fund Return	$	1,000.00	$	1,096.76	$	10.46	2.00	%**
Hypothetical Return (5% return before expenses)		1,000.00		1,014.96		10.05	2.00	%**
Class I
Actual Fund Return	$	1,000.00	$	1,102.47	$	5.24	1.00	%**
Hypothetical Return (5% return before expenses)		1,000.00		1,019.95		5.04	1.00	%**

* Expenses are equal to a Fund’s annualized expense ratio as indicated above, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period.

** Expense ratio does not reflect the indirect expense of the underlying fund(s) it invests in.

Nomura Partners Funds The World from Asia : 99

Shareholder Expense Example (Unaudited) (concluded)

High Yield Fund	Beginning Account Value 1/2/13*		Ending Account Value 3/31/13		Expenses Paid During Period*		Annualized Expense Ratios*
Class A
Actual Fund Return	$	1,000.00	$	1,042.46	$	2.74		1.10	%
Hypothetical Return (5% return before expenses)		1,000.00		1,019.45		5.54		1.10	%
Class C
Actual Fund Return	$	1,000.00	$	1,040.68	$	4.60		1.85	%
Hypothetical Return (5% return before expenses)		1,000.00		1,015.71		9.30		1.85	%
Class I
Actual Fund Return	$	1,000.00	$	1,043.00	$	2.12		0.85	%
Hypothetical Return (5% return before expenses)		1,000.00		1,020.69		4.28		0.85	%

* Expenses are equal to a Fund’s annualized expense ratio as indicated above, multiplied by the average account value over the period, multiplied by 182/365 to reflect the one-half year period (except for the Fund’s actual return information which reflects the 89 day period between January 2, 2013, the day the Fund started accruing expenses, through March 31, 2013).

100 : www.NomuraPartnersFunds.com    :    1.800.535.2726

Board Approval of Investment Advisory Agreements and Sub-Advisory Agreements (Unaudited)

Matters bearing on the advisory agreements and sub-advisory agreements (the “Agreements”) for the series (each series a “Fund”) were considered at most, if not all, of the meetings of the Board of Directors (the “Board”) and the Investment Oversight Committee. The Directors regularly received information relating to the Agreements derived from a number of sources and covering a range of issues. These materials included (a) information on the investment performance of each Fund relative to a peer group of the Fund and relative to an appropriate index, (b) sales and redemption data with respect to the Funds, and (c) the economic outlook and general investment outlook in the markets in which the Funds invest. The Directors also regularly received information regarding (a) performance attribution analysis of the Funds, (b) the Funds’ compliance with prospectus and regulatory requirements, and (c) the allocation of the Funds’ brokerage, including (i) allocations, if any, to brokers affiliated with the Funds’ advisor or sub-advisors, and (ii) the use, if any, of “soft” commission dollars to pay for research.

At a meeting held on November 13, 2012, the Board, including a majority of the directors who are not “interested persons” as defined under the Investment Company Act of 1940, as amended (“Independent Directors”), unanimously voted to approve the continuance, for another twelve-month period commencing December 22, 2012, of the investment advisory agreement with Nomura Asset Management U.S.A. Inc. (“NAM USA”), and a sub-advisory agreement between NAM USA and Nomura Asset Management Co., Ltd. (“NAM Tokyo”) for The Japan Fund and, of the investment advisory agreement with NAM USA, and a sub-advisory agreement between NAM USA and NAM Tokyo, a sub-advisory agreement between NAM USA and Nomura Asset Management Singapore Limited (“NAM Singapore”), a sub-advisory agreement between NAM USA and Nomura Asset Management Hong Kong Limited (“NAM Hong Kong”), a sub-advisory agreement between NAM USA and Nomura Asset Management U.K. Limited (“NAM UK”) (NAM USA, NAM Tokyo, NAM Singapore, NAM Hong Kong and NAM UK being collectively referred to as the “Nomura entities”), and a sub-advisory agreement between NAM USA and Martin Currie Inc. (“Martin Currie”) (collectively, the “Sub-Advisors”) in connection with the investment management of The Japan Fund, the Asia Pacific ex Japan Fund, the India Fund, the

Greater China Fund, the Global Equity Income Fund, the Global Emerging Markets Fund and the International Equity Fund.

In considering the approval of the continuance of the Agreements, the Independent Directors were advised by independent legal counsel. In addition, the Board engaged the services of an independent consultant to assist them with the evaluation of comparative data (prepared by Strategic Insight, an independent provider of consulting and research services retained by NAM USA) regarding advisory fees, expense ratios (before and after applicable fee waiver and expense cap agreements (“Expense Caps”)), and investment performance of the Funds managed by the Nomura entities and Martin Currie, to those of mutual funds with similar investment objectives in various peer groups (“Peer Funds”).

In connection with the approval of the Agreements, the Directors had requested and evaluated extensive information and materials, in addition to those referenced above, from the Nomura entities, Martin Currie and other sources, including, among other items: (a) the discretionary investment advisory services provided by the Nomura entities and Martin Currie; (b) the breadth and experience of the investment management and research staff of the Nomura entities and Martin Currie; (c) financial statements of the Nomura entities and Martin Currie; (d) marketing and distribution support services provided by the Nomura entities to the Funds; (e) the Forms ADV of the Nomura entities and Martin Currie; (f) the profitability report of NAM USA with respect to each Fund; (g) the fees charged to institutional and other clients relative to fees charged to the Funds by the Nomura entities and Martin Currie; (h) the resources devoted to and the record of compliance with the each Fund’s (i) investment policy, (ii) investment restrictions, (iii) policies on personal securities transactions, and (iv) other policies and procedures that form the Nomura entities’ and Martin Currie’s portions of the Funds’ compliance program; and (i) NAM USA’s responsibilities overseeing the Funds’ service providers.

With the assistance of an outside independent consultant and independent legal counsel, the Board considered all factors deemed relevant with respect to the Nomura entities and Martin Currie, including but not limited to: the nature and quality of services provided;

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steps taken to identify and address performance issues; investment performance relative to appropriate peer groups and indices; skills, breadth of experience and capabilities of personnel, including continued employment of key personnel; stability of management; comparative data on fees, expenses and performance; marketing and distribution capabilities; potential economies of scale; commitments to provide high levels of support and service to the Funds; commitments to provide contractual Expense Caps to the Funds through January 28, 2014; potential benefits to the Nomura entities and Martin Currie from their respective relationships to the Funds, including revenues to be derived from services provided to the Funds by their affiliates, if any; and potential benefits to the Funds and their shareholders of receiving research services, if any, from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In determining to approve the continuance of the Agreements, the Board considered the following factors:

The Nature, Extent and Quality of the Investment Management and Sub-Advisory Services. The Board considered the nature and quality of the investment management services provided by the Nomura entities and Martin Currie, the expertise and investment experience of the investment management personnel who provide these services, and the extensive equity research resources available to the portfolio management teams. In addition to the investment research and advisory services, the Board considered the asset gathering, technology, communications, internal controls and compliance resources of the Nomura entities and Martin Currie and the service provider oversight and day-to-day operational responsibilities provided by NAM USA.

The Board considered NAM USA’s recommendations that each of the sub-advisory agreements be renewed. The Board also considered the reputation of Nomura Holdings, Inc. (the ultimate parent company of NAM USA, which is a publicly traded financial institution in Japan with American Depository Receipts available in the United States), its financial strength and experience, as well as NAM USA’s responsibility for the acts and omissions of the Sub-Advisors.

The Board compared the fees charged to each Fund against the fees charged to institutional and other clients of the Nomura entities and Martin Currie. The Board also considered the additional services that the Nomura entities provided to the Funds that were not provided to the Nomura entities’ institutional and other clients. The Board considered the investment management, compliance and administrative services NAM USA provided to each of the Funds, including its supervisory responsibilities with respect to the selection and oversight of the Sub-Advisors. In addition, the Board considered the other direct and indirect benefits to the Funds, such as the Funds’ Expense Cap arrangements with NAM USA.

The Board determined that the investment management services provided by NAM USA were in the best interests of the Funds and their respective shareholders. The Board also determined that the investment advisory services provided by the respective Sub-Advisors were in the best interests of the Funds and their respective shareholders.

Investment Performance. The Investment Oversight Committee met quarterly with NAM USA to review and discuss the performance of each of the Sub-Advisors and to review reports in connection therewith. The Directors also reviewed information about each Fund’s investment objective, investment strategies and techniques and met with the portfolio managers for each Fund.

With the assistance of an independent consultant and NAM USA, the Board reviewed the investment performance of the Nomura entities and Martin Currie in managing the Funds for various time periods and determined, consistent with the advice of the independent consultant, that, in view of the investment objectives of each of the respective Funds and the market conditions, the investment performance of each of the Funds was acceptable.

The Board noted that market conditions and specific investment decisions could adversely affect each Fund’s investment performance in absolute and/or relative terms over short, or longer periods of time. In making its determinations the Board and the consultant noted that, the totality of the facts and circumstances, including small assets under management (“AUM”) of the Funds (except The Japan Fund), the steps that were taken by NAM USA and the Sub-Advisors to

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Board Approval of Investment Advisory Agreements and Sub-Advisory Agreements (Unaudited) (continued)

monitor and address performance issues, the general improved performance of certain of the Funds and the unsettled economic and market conditions prevailing during the first couple of years of NAM USA’s management of the Funds, supported the Board’s finding that the performance of each Fund was acceptable, and would continue to be subject to Board review at future meetings.

As to The Japan Fund, the Board noted that the investment performance since NAM USA and NAM Tokyo commenced investment management services on November 1, 2008, was slightly above the performance of its benchmark index for the eight-month period ended August 31, 2012, was slightly below its benchmark index for the one-year period ended August 31, 2012, and was above the performance of its benchmark index for the three-year period ended August 31, 2012. The Board noted that the investment performance of The Japan Fund, when compared to the performance of its Peer Funds, was average (in the middle quintile) for the eight-month period ended August 31, 2012 and the one-year period ended August 31, 2012, and was above average (in the second best quintile) for the three-year period ended August 31, 2012.

As to the Asia Pacific ex Japan Fund, the Board noted that the investment performance was slightly below the performance of its benchmark index for the eight-month period ended August 31, 2012 and the one-year period ended August 31, 2012, and outperformed the performance of its benchmark for the three-year period ended August 31, 2012. The Board noted that the investment performance of the Asia Pacific ex Japan Fund, when compared to the performance of its Peer Funds, was below average (in the fourth quintile) for the eight-month period ended August 31, 2012, was average (in the third quintile) for the one-year period ended August 31, 2012 and was above average (in the second quintile) for the three-year period ended August 31, 2012.

As to the Global Emerging Markets Fund, the Board noted that the investment performance was above the performance of its benchmark index for the eight-month period ended August 31, 2012, for the one-year period ended August 31, 2012 and for the three-year period ended August 31, 2012. The Board also noted that the Global Emerging Markets Fund’s investment performance, when compared to the performance of its

Peer Funds, was well above average (in the second quintile) for the eight-month period ended August 31, 2012, and the one-year period ended August 31, 2012, and was average (in the third quintile) for the three-year period ended August 31, 2012.

As to the Global Equity Income Fund, the Board noted that the investment performance was below the performance of its benchmark index for the eight-month period ended August 31, 2012, and was above the performance of its benchmark index for the one-year period ended August 31, 2012 and for the three-year period ended August 31, 2012. The Board also noted that the Global Equity Income Fund’s performance, when compared to the performance of its Peer Funds, was well below average (in the last quintile) for the eight-month period ended August 31, 2012, but was above average (in the second quintile) for the for the one-year period ended August 31, 2012 and the three-year period ended August 31, 2012.

As to the Greater China Fund, the Board noted that the investment performance was above its benchmark index for the eight-month period ended August 31, 2012, but was below its benchmark index for the one-year period ended August 31, 2012 and was above its benchmark index for the three-year period ended August 31, 2012. The Board also noted that the Greater China Fund’s performance, when compared to the performance of its Peer Funds, was well above average (in the first quintile) for the eight-month period ended August 31, 2012, and was above average (in the second to top quintile) for the one-year period ended August 31, 2012 and the three-year period ended August 31, 2012.

As to India Fund, the Board noted that the investment performance was below its benchmark index for the eight-month period ended August 31, 2012 and the one-year period ended August 31, 2012, but was above its benchmark index for the three-year period ended August 31, 2012. The Board also noted that the India Fund’s performance, when compared to the performance of its Peer Funds, was well below average (in the bottom quintile) for the eight-month period ended August 31, 2012 and the one-year period ended August 31, 2012, and was below average (in the fourth quintile) for the three-year period ended August 31, 2012.

As to the International Equity Fund, the Board noted that the investment performance was above its

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Board Approval of Investment Advisory Agreements and Sub-Advisory Agreements (Unaudited) (continued)

benchmark index for the eight-month period ended August 31, 2012, the one year period ended August 31, 2012 and the three-year period ended August 31, 2012. The Board noted that the performance of the International Equity Fund, when compared to the performance of its Peer Funds, was below average (in the fourth quintile) for the eight-month period ended August 31, 2012, the one-year period ended August 31, 2012 and the three-year period ended August 31, 2012.

Profits and Costs of the Nomura Entities and Martin Currie; Expense Ratios of the Funds. The Directors reviewed comparative fee information regarding the fees the Nomura entities and Martin Currie charged other clients with similar investment strategies. The Board considered the fees charged to the Funds in the light of the services the Nomura entities and Martin Currie provided to the Funds. It was noted that the Nomura entities provided additional services to the Funds that the Nomura entities had not provided to their institutional clients. In addition, the Board considered the fees paid to NAM USA for the investment management, compliance, operational and administrative services NAM USA provided to each of the Funds, including its supervisory responsibilities with respect to the selection and oversight of the Sub-Advisors. The Directors also reviewed profitability statements of NAM USA regarding its investment management services to each of the Funds.

The Board discussed the terms of the Expense Caps provided by NAM USA as well as the clawback provisions. The Board considered NAM USA’s proposal to extend until January 28, 2014 the existing contractual Expense Caps for the Funds so that the total operating expenses (excluding Rule 12b-1 fees, interest expenses and certain other expenses) would be: 1.60% for The Japan Fund, 1.70% for the Greater China Fund, 1.70% for the India Fund, 1.50% for the Asia Pacific ex Japan Fund, 1.60% for the Global Emerging Markets Fund, 1.25% for the Global Equity Income Fund and 1.40% for the International Equity Fund.

The Board, in consultation with an independent consultant, reviewed the investment advisory fees, the combined advisory and administration fees (“gross management fees”) and the expense ratios before Rule 12b-1 fees but after Expense Caps for the Funds and compared them with fees and expense ratios of Peer Funds. It was noted that the investment advisory fees

for the Funds relative to their Peer Funds were in the following percentiles: 79^th percentile for the Asia Pacific ex Japan Fund, 100^th percentile for the Global Emerging Markets Fund, 82^nd percentile for the Global Equity Income Fund, 100^th percentile for the Greater China Fund, 44^th percentile for the India Fund, 11^th percentile for International Equity Fund and 17^th percentile for The Japan Fund. The gross management fee of The Japan Fund when compared to its Peer Funds, was in the 17^th percentile. It was noted that because of the small AUM and the minimum fee requirements of certain service providers that the gross management fee of the India Fund, when compared to its Peer Funds, was in the 78^th percentile and the gross management fees of the other Funds were each in the 100^th percentile, when compared to their Peer Funds. However, it was observed that the total expense ratios of these Funds, because of the Expense Caps, generally compared much more favorably to their Peer Funds. The expense ratios, inclusive of the Expense Caps, were in the 71^st percentile for the Asia Pacific ex Japan Fund, the 79^th percentile for the Global Emerging Markets Fund, the 65^th percentile for the Global Equity Income Fund, the 79^th percentile for the Greater China Fund, the 44^th percentile for the India Fund, the 78^th percentile for the International Equity Fund and the 58^th percentile for The Japan Fund. After consultation with and in reliance on the independent consultant, the Board determined that the advisory fees for each of the Funds, inclusive of the Expense Caps, were reasonable.

The Board also considered the direct and indirect benefits to the Nomura entities and Martin Currie from a relationship with the Funds. The Board took into account the various services provided to the Funds by the Nomura entities and Martin Currie, including services required to manage a portfolio of securities in the Funds and reallocation of assets on an ongoing basis. The Board, including the Independent Directors considered (a) the financial condition of NAM USA and its parent, NAM Tokyo, (b) the expense ratios of the Funds inclusive of the contractual Expense Caps, (c) the advisory fees and expense ratios of Peer Funds, and (d) the advisory fees charged to other clients of the Nomura entities and Martin Currie. Based on the information reviewed and its discussions, the Board, including a majority of the Independent Directors, concluded that the investment advisory fees, inclusive of the Expense Caps, were reasonable in relation to the

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Board Approval of Investment Advisory Agreements and Sub-Advisory Agreements (Unaudited) (continued)

services provided and were in the best interests of the Funds and their respective shareholders.

Economies of Scale. The Board considered the investment advisory fees, noting that many of them contained breakpoints. The Board in consultation with an independent consultant reviewed the breakpoints for the Funds. It was determined that most of the Funds had not yet gathered sufficient assets for the breakpoints to be imposed. The Board noted the existence of the Expense Caps and determined that because the Funds had not grown large enough yet it was premature to discuss changes to and/or additional breakpoints.

Conclusion. The Board determined that the continuance of the investment advisory agreements with NAM USA and that NAM USA’s continuance of the sub-advisory agreements with the Nomura entities and Martin Currie were in the best interests of the Funds and their respective shareholders. In reaching their determinations, the Directors did not identify any particular information that was controlling, and it is likely that each Director individually attributed different weights to the various factors considered.

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Board Approval of New Investment Advisory Agreement and Sub-Advisory Agreement for the High Yield Fund (Unaudited)

At a meeting held on November 13, 2012, the Board of Directors (the “Board”), including a majority of the directors who are not “interested persons” as defined under the Investment Company Act of 1940, as amended (“Independent Directors”), unanimously voted to approve the investment advisory agreement with Nomura Asset Management U.S.A. Inc. (“NAM USA”), and a sub-advisory agreement between NAM USA and Nomura Corporate Research & Asset Management Inc. (“NCRAM” or “Sub-Advisor”) (jointly the “Agreements”) in connection with the investment management of the High Yield Fund.

Matters bearing on the Agreements were considered at the Board’s August meeting, its special Meeting in September and as part of the Investment Oversight Committee meeting in October. Additionally, the Board reviewed a significant amount of information provided by NAM USA and NCRAM regarding the proposed High Yield Fund (“High Yield Fund”) contained in responses to the High Yield Fund Information Request.

In considering the approval of the Agreements, the Independent Directors were advised by independent legal counsel. In addition, the Board engaged the services of an independent consultant to assist the Directors with the evaluation of comparative data (prepared by Strategic Insight, an independent provider of consulting and research services retained by NAM USA) regarding advisory fees, anticipated expense ratios (before and after the proposed fee waiver and expense cap agreement (“Expense Cap”)) and composite investment performance of the High Yield strategy accounts managed by NCRAM with those of mutual funds with similar investment objectives in various peer groups (“Peer Funds”).

During the months preceding the November 13, 2012 meeting, the Board reviewed substantial information regarding NCRAM, including its management, investment performance, organizational structure, operations and investment processes. In connection with its consideration of the Agreements, the Board had requested and evaluated extensive information and materials from NAM USA, NCRAM and other sources, including, among other items: (a) the discretionary investment advisory services to be provided by NAM USA and NCRAM; (b) the breadth and experience of the investment management and research staff of NCRAM; (c) financial statements for the last two fiscal years of NAM USA and NCRAM; (e) the Forms ADV of

NAM USA and NCRAM; (f) the compliance programs of NAM USA and NCRAM with respect to the High Yield Fund; (g) the fees charged to institutional and other clients relative to fees to be charged to the High Yield Fund by NAM USA and NCRAM; (h) the resources that would be devoted to compliance with respect to the High Yield Fund’s (i) investment policy, (ii) investment restrictions, (iii) policies on personal securities transactions, and (iv) other policies and procedures that would form NAM USA’s and NCRAM’s portions of the High Yield Fund’s compliance program; and (i) NAM USA’s responsibilities overseeing the High Yield Fund’s service providers.

With the assistance of an outside independent consultant and independent legal counsel, the Board considered all factors deemed relevant respecting NAM USA and NCRAM, including but not limited to: the nature and quality of services to be provided; investment performance relative to appropriate peer groups and indices; skills, breadth of experience and capabilities of personnel, including continued employment of key personnel; stability of management; comparative data on proposed fees and expenses; marketing and distribution capabilities; potential economies of scale; commitments to provide high levels of support and service to the High Yield Fund; commitment to provide a contractual Expense Cap to the High Yield Fund through January 28, 2015; potential benefits to NAM USA and NCRAM from their proposed relationships to the High Yield Fund, including revenues to be derived from services provided to the High Yield Fund by their affiliates, if any; and potential benefits to the High Yield Fund and its shareholders of receiving research services, if any, from broker/dealer firms in connection with the allocation of portfolio transactions to such firms.

In determining to approve the Agreements, the Board considered the following factors:

The Nature, Extent and Quality of the Proposed Investment Management and Sub-Advisory Services. The Board considered the nature and quality of investment management services to be provided by NAM USA and NCRAM, the expertise and investment experience of the investment management personnel who would provide these services, and the extensive research resources and credit analysts available to the portfolio management team. In addition to the investment research and advisory services, the Board

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Board Approval of New Investment Advisory Agreement and Sub-Advisory Agreement for the High Yield Fund (Unaudited) (continued)

considered the asset-gathering, technology, communications, internal controls and compliance resources of the NAM USA entities as well as the service provider oversight and day-to-day operational responsibilities that would be provided by NAM USA.

The Board considered NAM USA’s recommendation that NCRAM be retained as the Sub-Advisor. The Board also considered the experience and expertise of NCRAM, as well as the reputation of Nomura Holdings, Inc. (the ultimate parent company of NAM USA), its financial strength and experience, as well as NAM USA’s responsibility for the acts and omissions of the Sub-Advisor.

The Board considered the additional services that NAM USA would provide to the High Yield Fund that were not provided to NCRAM’s institutional and other clients. The Board noted the proposed investment management, compliance and administrative services that NAM USA would provide to the High Yield Fund, including its supervisory responsibilities with respect to the selection and oversight of the Sub-Advisor. In addition, the Board considered the other direct and indirect benefits to the High Yield Fund, such as the Expense Cap arrangement with NAM USA.

The Board determined that the proposed investment management services to be provided by NAM USA would be in the best interests of the High Yield Fund and its shareholders. The Board also determined that the investment advisory services to be provided by NCRAM would be in the best interests of the High Yield Fund and its shareholders.

Investment Performance. The Board reviewed information about the High Yield Fund’s investment objective, investment strategies and techniques, and met with the proposed portfolio management team for the High Yield Fund.

With the assistance of an independent consultant, and NAM USA, the Board reviewed the composite investment performance of high yield accounts managed by NCRAM (the “Composite”). NAM USA stated its belief that the accounts in the Composite had an investment objective, policies and restrictions that were substantially similar to those of the High Yield Fund, and that the accounts in the Composite had been managed in substantially the same way that the High Yield Fund would be managed by NCRAM. The Board noted that NCRAM had prepared the Composite

performance in compliance with Global Investment Performance Standards (“GIPs”) and that this methodology differed from the guidelines of the SEC for calculating performance of mutual funds.

The Board noted that the investment performance of the Composite was above the performance of the benchmark index (the Bank of America / Merrill Lynch U.S. High Yield Master II Constrained Index) for one-, five- and ten-year periods ending August 31, 2012. The Board noted that the investment performance of the Composite, when compared to the performance of Peer Funds, was above the median performance of the Peer Funds for the one-, five- and ten-year periods.

The Directors noted that the High Yield Fund’s actual performance would vary from the past performance of the Composite. Differences in asset size and cash flows would result in different security selections, differences in relative weightings of securities or differences in prices paid for particular portfolio holdings. The Directors also noted that the managed accounts in the Composite were not subject to certain investment limitations, diversification requirements, specific tax restrictions and other requirements under the 1940 Act and the Internal Revenue Code of 1986, as amended, that the High Yield Fund would be subject to, which, had they applied, might have adversely affected the Composite’s performance. The Directors did not consider the Composite performance data as a substitute for the performance of the High Yield Fund, nor as an indication of future performance of the High Yield Fund.

Profits and Costs of NAM USA and NCRAM; Expense Ratios of the High Yield Fund. The Directors were not provided with a profitability report because of the startup costs involved with the High Yield Fund. However NAM USA advised the Board that they anticipated that the High Yield Fund would be profitable.

The Directors reviewed comparative fee information regarding the fees NCRAM charged institutional and other clients with similar investment strategies. The Board considered the proposed fee to be charged to the High Yield Fund in the light of the services that NAM USA and NCRAM would provide to the High Yield Fund. It was noted that NAM USA and NCRAM would provide additional services to the High Yield Fund that NCRAM had not provided to its institutional (including

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certain government accounts) and other clients. In addition, the Board considered the proposed fees to be paid to NAM USA for the investment management, compliance, operational and administrative services NAM USA would provide to the High Yield Fund, including its supervisory responsibilities with respect to the selection and oversight of the Sub-Advisor.

The Board discussed the terms of the proposed Expense Cap to be provided by NAM USA, as well as the clawback provisions. The Board considered NAM USA’s proposal to provide until January 28, 2015, a contractual Expense Cap for the High Yield Fund so that its total operating expenses (excluding Rule 12b-1 fees, interest expenses and certain other expenses) would be 0.85%.

The Board, in consultation with an independent consultant, reviewed the proposed investment advisory fee, the combined anticipated advisory and administration fees (“gross management fees”) and the expense ratio before Rule 12b-1 fees, but after the Expense Cap for the High Yield Fund and compared them with fees and expense ratios of Peer Funds. It was noted that the proposed investment management fee for the High Yield Fund of 0.65% was within range of the gross management fee (advisory and administration fees) for the Peer Funds of 0.685% and that the proposed contractual Expense Cap of 1.10% for Class A shares of the High Yield Fund was within range of the median total expense ratio of 1.154% of the Class A shares of the Peer Funds.

The Board, in consultation with the independent consultant, determined that the pro forma expenses for the proposed High Yield Fund, inclusive of the Expense Cap, were reasonable in comparison to the Peer Funds, and determined that the advisory fee, inclusive of Expense Cap, was reasonable. The Board also considered the direct and indirect benefits to NAM USA and NCRAM from a relationship with the High Yield

Fund. The Board took into account the various services to be provided to the High Yield Fund by NAM USA and NCRAM, including services required to manage a portfolio of securities in the High Yield Fund and reallocation of assets on an ongoing basis. The Board, including the Independent Directors, considered (a) the financial condition of NCRAM, NAM USA and their parent, NAM Tokyo; (b) the estimated expense ratio of the High Yield Fund, inclusive of the contractual Expense Cap; (c) the expense ratios of Peer Funds; (d) the management fees of Peer Funds; and (e) the advisory fee charged to institutional and other clients of NAM USA and NCRAM. Based on the information it reviewed and advice it received from the independent consultant, the Board, including a majority of the Independent Directors, concluded that the proposed investment advisory fee, inclusive of the Expense Cap, was reasonable in relation to the services to be provided and would be in the best interests of the High Yield Fund and its shareholders.

Economies of Scale. The Board, in consultation with an independent consultant, considered the proposed investment advisory fee, noting that it did not contain a breakpoint. It was noted that the Board would have an opportunity to revisit the level at which breakpoints are established on the High Yield Fund, at the time the Board considers advisory contract renewal. The Board noted the existence of the Expense Cap and determined that it was premature to discuss breakpoints.

Conclusion. The Board determined that entering into the investment advisory agreement with NAM USA and that NAM USA’s entering into the sub-advisory agreement with NCRAM were in the best interests of the High Yield Fund and its shareholders. In reaching their determination, the Directors did not identify any particular information that was controlling, and it is likely that each Director individually attributed different weights to the various factors considered.

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NOMURA PARTNERS FUNDS, INC.

PRIVACY POLICY

FACTS	WHAT DOES NOMURA PARTNERS FUNDS, INC. (THE “FUNDS”) DO WITH YOUR PERSONAL INFORMATION?
Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include: n     Social Security number and other information we receive from you on applications or other forms n     Information about your transactions with us and our service providers, or others If you decide to close your account(s) or become an inactive customer, we will continue to adhere to the privacy policies and practices described in this notice.
How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons the Funds choose to share; and whether you can limit this sharing.

Reasons we can share your personal information	Do the Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For our marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	—
For our affiliates’ everyday business purposes — information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes — information about your creditworthiness	No	—
For our affiliates to market to you	No	—
For non-affiliates to market to you	No	—

Questions? Call 1-800-53-JAPAN (1-800-535-2726) or go to www.nomurapartnersfunds.com/privacy.aspx

Nomura Partners Funds The World from Asia : 109

Who we are
Who is providing this notice?	Nomura Partners Funds, Inc. (the “Funds”)
What we do
How do the Funds protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We also restrict access to your personal and account information to those persons who need to know it in order to provide services to you.
How do the Funds collect my personal information?	We collect your personal information, for example, when you: n      open an account n      purchase or sell shares n      exchange shares
Why can’t I limit all sharing?	Federal law gives you the right to limit only: n      sharing for affiliates’ everyday business purposes—information about your creditworthiness n      affiliates from using your information to market to you n      sharing for non-affiliates to market to you State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and non-financial companies. The following companies may be considered Affiliates of the Funds: n      The term affiliate means the Funds’ investment adviser, investment sub-advisers, and any entity controlling, controlled by and under common control with the investment adviser.
Non-affiliates	Companies not related by common ownership or control. They can be financial and non-financial companies. The following companies provide services to the Funds and we may share your personal information as part of their everyday services to Funds. n      State Street Bank and Trust Company n      Boston Financial Data Services n      Foreside Financial Group, LLC
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. n      The Funds do not have any joint marketing agreements.
Other important information
In the event that you hold shares of the Funds through a financial intermediary, including, but not limited to, a broker- dealer, bank or trust company, the privacy policy of your financial intermediary will govern how your nonpublic personal information will be shared with non-affiliated third parties by that entity.

Effective Date: January 1, 2011

110 : www.NomuraPartnersFunds.com    :    1.800.535.2726

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus, which includes information regarding the Funds’ risks, objectives, fees and expenses, experience of its management, and other information.

Nomura Partners Funds:

Asian and global funds from leading Asian and global managers

Nomura Partners Funds offers a unique selection of mutual funds investing in Asian and global markets. Managed by Nomura Asset Management and premier managers in Europe and the United States, we provide a global perspective on today’s global markets. Our flagship fund, The Japan Fund, has been investing in Japanese equities since 1962 and is the oldest Japanese equity mutual fund in the United States. Nomura Asset Management is one of Asia’s leading investors with approximately $286.5 billion in assets under management as of March 31, 2013.

Nomura Partners Funds, Inc. c/o State Street Bank and Trust Company 4 Copley Place, 5th Floor CPH-0326 Boston, MA 02116	Distributor: Foreside Fund Services, LLC Three Canal Plaza, Suite 100 Portland, ME 04101 www.foreside.com
Investment Advisor: Nomura Asset Management U.S.A. Inc. Two World Financial Center Building B, 18th Floor New York, NY 10281	Chairman and Board of Directors: Nomura Partners Funds, Inc. 4 Copley Place, 5th Floor CPH-0326 Boston, MA 02116
To Obtain More Information: Call 1-800-535-2726 or visit us online at www.nomurapartnersfunds.com This material must be preceded or accompanied by a current prospectus.

Printed on recycled paper.

Nomura Asset Management U.S.A. Inc.

2 World Financial Center, Building B, 18th Floor New York, New York 10281-1712

www.nomurapartnersfunds.com

NOM-SR-001-0313

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The registrant’s full schedule of investments is included as part of the semi-annual report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Investment Management Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

During the reporting period, there have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))), are effective as of a date within 90 days of the filing date of this report, based on the evaluation of the registrant’s disclosure controls and procedures, as required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal half-year that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

As disclosed in the registrant’s Form N-SAR filed November 29, 2012, and the registrant’s Form N-CSR filed December 7, 2012, in connection with the audit of the registrant’s financial statements for the year ended September 30, 2012, it was determined that refunds due on Indian capital gain taxes paid by the registrant had not been properly accounted for. The incorrect treatment of these refunds also impacted the registrant’s financial statements for the year ended September 30, 2011, which were restated within the registrant’s financial statements for the year ended September 30, 2012.

During the period covered by this report, the registrant, in consultation with its accounting agent, manager and tax agent in India, initiated changes to remediate the aforementioned deficiency and to strengthen the registrant’s internal control process. The revised procedures require the registrant’s accounting agent to receive more detailed tax reporting of executed trades resulting in taxable gains or losses from the registrant’s tax agent in India and to determine realized gain or loss amounts resulting in a potential tax liability or refund, respectively, throughout the open tax period. This enhanced internal control procedure was designed so that the Indian capital gain taxes are properly accounted for on the registrant’s records.

Item 12. Exhibits.

(a)(1) Not applicable.

(a)(2) Certifications of the principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the 1940 Act are filed herewith as Exhibit 99CERT.

(a)(3) Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code are filed herewith as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant): NOMURA PARTNERS FUNDS, INC.

By (Signature and Title):	/s/ RICHARD J. BERTHY
	Richard J. Berthy President and Principal Executive Officer

Date: June 5, 2013

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title):	/s/ RICHARD J. BERTHY
	Richard J. Berthy President and Principal Executive Officer

Date: June 5, 2013

By (Signature and Title):	/s/ WILLIAM C. COX
	William C. Cox Treasurer and Principal Financial Officer

Date: June 5, 2013