Canaccord Genuity Investment Funds Plc

Transcription

1 Canaccord Genuity Investment Funds Plc AN INVESTMENT COMPANY WITH VARIABLE CAPITAL STRUCTURED AS AN UMBRELLA FUND WITH SEGREGATED LIABILITY BETWEEN SUB-FUNDS Annual Report and Audited Financial Statements for the year ended 31 December 2014 To us there are no foreign markets. TM

2 CANACCORD GENUITY INVESTMENT FUNDS PLC (An Investment Company with variable capital structured as an umbrella fund with segregated liability between sub-funds) ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS For the year ended 31 December 2014 CGWM TOTAL RETURN BOND FUND CGWM SELECT INCOME FUND CGWM SELECT DIVERSITY FUND CGWM SELECT AFFINITY FUND CGWM SELECT GLOBAL DIVERSITY FUND CGWM SELECT GLOBAL AFFINITY FUND CGWM SELECT OPPORTUNITY FUND CGWM SELECT GLOBAL OPPORTUNITY FUND CGWM REMAP 4 FUND CGWM REMAP 4(i) FUND CGWM REMAP 5 FUND CGWM BOND FUND

3 CONTENTS 2 Introduction 4 Management and Administration 5 Directors Report 9 Investment Managers Reports 22 Report of the Custodian to the Shareholders 23 Independent Auditor s Report 24 Balance Sheet 28 Income Statement 32 Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares 36 Notes to the Financial Statements 71 Investment Portfolios 100 Significant Portfolio Movements (Unaudited) 112 Additional Unaudited Portfolio Information 116 Notice of Annual General Meeting 117 Form of Proxy 1

4 INTRODUCTION Canaccord Genuity Investment Funds plc (the Company ) is an umbrella fund with segregated liability between subfunds established as an open-ended investment company with variable capital under the laws of Ireland as a public limited company pursuant to the Companies Acts, 1963 to 2013 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the UCITS Regulations ) and has been authorised by the Central Bank of Ireland (the Central Bank ) as an Undertakings for Collective Investment in Transferable Securities ( UCITS ). Different sub-funds ( Funds ) may be established from time to time by the Directors with the prior approval of the Central Bank. The Funds of the Company that have been established and are in existence as at 31 December 2014 are outlined below: CGWM TOTAL RETURN BOND FUND The investment objective of the Fund is to generate income from a portfolio of investment grade bonds and money market instruments whilst seeking to increase and preserve capital value. The Fund will aim to deliver a net total return in excess of 2% per annum over 3 Month Sterling LIBOR, whilst paying a semi-annual dividend equivalent to the then current Sterling base rate. The Fund aims to achieve this objective by investing in a concentrated portfolio of investment grade bonds and money market investments denominated in a variety of currencies from a Group of Ten (G10) countries. CGWM SELECT INCOME FUND The investment objective of the Fund is to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is primarily a fund of funds that seeks to achieve its investment objective and policy by indirect exposure to international equity markets equal to a maximum of 50% of its net assets by investing in the securities of regulated collective investment schemes; and by an indirect exposure to international debt markets equal to a maximum of 30% of its net assets by investing in the securities of regulated collective investment schemes and in fixed interest debt securities. CGWM SELECT DIVERSITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is a fund of funds and aims to achieve its objective by indirect exposure to international equity markets equal to a maximum of 60% of its net assets by investing in the securities of regulated collective investment schemes. CGWM SELECT AFFINITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is a fund of funds that aims to achieve its objective by indirect exposure to international equity markets equal to a maximum of 85% of its net assets by investing in the securities of regulated collective investment schemes. CGWM SELECT GLOBAL DIVERSITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is a fund of funds that aims to achieve its objective by indirect exposure to international equity markets equal to a maximum of 60% of its net assets by investing in the securities of regulated collective investment schemes. The Base Currency of the Fund is US Dollars but investments may be denominated in other currencies. CGWM SELECT GLOBAL AFFINITY FUND The investment objective of the Fund is to seek to generate capital growth by investing primarily in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is a fund of funds that aims to achieve its objective by indirect exposure to international equity markets equal to a maximum of 85% of its net assets by investing in the securities of regulated collective investment schemes. The Base Currency of the Fund is US Dollars but investments may be denominated in other currencies. 2

5 INTRODUCTION (CONTINUED) CGWM SELECT OPPORTUNITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is primarily a fund of funds that pursues its investment objective by investing primarily in a portfolio of regulated collective investment schemes and fixed interest securities. CGWM SELECT GLOBAL OPPORTUNITY FUND The investment objective of the Fund is to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is a fund of funds that pursues its investment objective by investing primarily in a portfolio of regulated collective investment schemes and fixed interest securities. The Base Currency of the Fund is US Dollars but investments may be denominated in other currencies. CGWM REMAP 4 FUND The investment objective of the Fund is to generate capital growth over the long term whilst seeking to cap annualised volatility at 6%. The Fund is a fund of funds that pursues its investment objective by investing in regulated open-ended collective investment schemes, individual fixed interest securities and to a lesser extent direct equities. CGWM REMAP 4(i) FUND The investment objective of the Fund is to generate income and capital growth over the long term whilst seeking to cap annualised volatility at 6%. The Fund is a fund of funds that pursues its investment objective by investing in regulated open-ended collective investment schemes, individual fixed interest securities and to a lesser extent direct equities. CGWM REMAP 5 FUND The investment objective of the Fund is to generate capital growth over the long term whilst seeking to cap annualised volatility at 9%. The Fund is a fund of funds that pursues its investment objective by investing in regulated open-ended collective investment schemes, individual fixed interest securities and to a lesser extent direct equities. CGWM BOND FUND (LAUNCHED 16 JANUARY 2014) The investment objective of the Fund is to generate positive total returns from a diversified portfolio of bonds and other debt securities and collective investment schemes. The Fund aims to achieve this objective by investing into a portfolio of high quality bonds, collective investment schemes and money market instruments, with a bias towards Sterling denominated assets across all permitted asset classes. In normal circumstances, the Fund will aim to deliver income in excess of the average rate achievable through a one-year cash deposit. 3

6 MANAGEMENT AND ADMINISTRATION Directors: Brian McDermott (Irish) (Non-executive) John Renouf (British) (Independent, non-executive) Roger Phillips (British) (Independent, non-executive) (Resigned on 9 February 2015) Collette Wisener-Keating (Irish) (Non-executive) Bronwyn Wright (Irish) (Independent, non-executive) Registered Office: Georges Court Townsend Street Dublin 2 Ireland Promoter: Canaccord Genuity Wealth (International) Limited 2 Grange Place The Grange St Peter Port Guernsey GY1 2QA Investment Managers: Canaccord Genuity Wealth (International) Limited Canaccord Genuity Wealth Limited 2 Grange Place 41 Lothbury The Grange London St Peter Port EC2R 7AE Guernsey GY1 2QA Administrator, Registrar and Company Secretary: Northern Trust International Fund Administration Services (Ireland) Limited Georges Court Townsend Street Dublin 2 Ireland Custodian: Northern Trust Fiduciary Services (Ireland) Limited Georges Court Townsend Street Dublin 2 Ireland Irish Legal Advisers: A&L Goodbody International Financial Services Centre North Wall Quay Dublin 1 Ireland Sponsoring Broker: A&L Listing International Financial Services Centre North Wall Quay Dublin 1 Ireland Independent Auditor: Deloitte & Touche Deloitte & Touche House Earlsfort Terrace Dublin 2 Ireland Registered number:

7 DIRECTORS REPORT For the year ended 31 December 2014 Incorporation Canaccord Genuity Investment Funds plc (the Company ) is an umbrella type open-ended investment company with variable capital incorporated with limited liability in Ireland on 26 February 2003 and authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, The Directors are pleased to present their report on the activities of the Company for the year ended 31 December Review of Business and Future Developments A review of the activities of each of the Funds is provided in the Investment Managers' Reports. The reports are prepared by the portfolio manager of each of the Funds. The Directors consider that the reports prepared are appropriate for each of the Funds. Statement of Directors' Responsibilities Irish company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing those financial statements, the Directors are required to: select suitable accounting policies for the Company financial statements and then apply them consistently; make judgements and estimates that are reasonable and prudent; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The Directors are responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and comply with Irish statute comprising the Companies Acts, 1963 to 2013 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Basis of Presentation The format and certain wording of the financial statements have been adapted from that contained in the Companies (Amendment) Act, 1986, to one that, in the opinion of the Directors, more appropriately reflects the nature of the Company s business as an investment fund. Directors statement on Proper Books of Account The Directors believe that they have complied with the requirements of section 202 of the Companies Act, 1990 with regard to books of account by employing personnel with appropriate expertise and by providing adequate resources to the finance function. The books of account of the Company are maintained at Northern Trust International Fund Administration Services (Ireland) Limited, Georges Court, Townsend Street, Dublin 2, Ireland. Revenue The result of operations for the year are set out in the Income Statement on pages 28 and 29. Distribution Distributions for the year are disclosed in Note 12 to the Financial Statements. Directors Interests in Shares of the Company Mr John Renouf held 1, (2013: 1,234.94) shares in the CGWM Total Return Bond Fund at the year end date. No other Director, nor the Company Secretary, had any beneficial interest in the shares or any significant contracts with the Company during the year or in the prior year. Transactions with Connected Parties All transactions with connected parties are required to be carried out at arm s length and in the best interest of shareholders. A connected party (as defined in the UCITS notices) is the promoter, manager, custodian, investment managers and/or associated or group companies. The Directors of the Company are satisfied that there are arrangements in place to ensure that this requirement is applied to all transactions with connected parties and that all transactions with connected parties during the period complied with this requirement. UCITS Notice 14 deems a Custodian and its associated or group companies to be connected parties to the Company. As such, Northern Trust Fiduciary Services (Ireland) Limited (NTFSIL), the Custodian, and Northern Trust International Fund Administration Services (Ireland) Limited (NTIFASIL), the Administrator, are connected parties to the Company. 5

8 DIRECTORS REPORT (continued) For the year ended 31 December 2014 Transactions with connected parties (continued) During the period, NTFSIL and NTIFASIL earned fees for provision of custody and administration services to the Company as disclosed in the Income Statement. NTFSIL were selected by the Company to execute foreign exchange transactions and purchase and sell securities on behalf of the sub-funds, the terms of such transactions are agreed/negotiated by the Company through the Investment Managers and The Northern Trust Company, London Branch (NTC). Significant Events during the year The CGWM Bond Fund launched on 16 January 2014 by an inspecie transfer from The Collins Stewart PCC Limited - Collins Stewart Sterling Fixed Interest Fund for an amount of GBP40,338,119 (consisting of 403,381 shares at a NAV per share of GBP100.00). On 21 May 2014, there was an in specie transfer from The Charity Funds - Combined Charitable Capital Fund (a UK domiciled common investment fund for which Canaccord Genuity Wealth (International) Limited was the Investment Manager) into the CGWM REMAP 4 Fund for an amount of GBP10,308,216 (consisting of 10,060,722 shares at a NAV per share of GBP1.02). On 21 May 2014, there was an in specie transfer from The Charity Funds - Combined Charitable Income Fund (a UK domiciled common investment fund for which Canaccord Genuity Wealth (International) Limited was the Investment Manager) into the CGWM Bond Fund for an amount of GBP6,562,702 (consisting of 65,034 shares at a NAV per share of GBP100.58). A new prospectus was issued and updated supplements to the prospectus were issued dated 11 November 2014 which detail the creation of the below new share classes: CGWM Select Global Affinity Fund T GBP Hedged Accumulation - Launched 10 December 2014; CGWM Select Global Diversity Fund T GBP Hedged Accumulation - Launched 15 December 2014; CGWM Select Global Opportunity Fund T GBP Hedged Accumulation - Launched 24 December 2014; CGWM Bond Fund A USD Hedged Shares - Launched 27 November 2014; CGWM Select Income Fund R Distribution; CGWM Select Diversity Fund R Distribution; CGWM Select Affinity Fund R Accumulation; CGWM Select Opportunity Fund R Accumulation; CGWM Select Opportunity Fund - T USD Accumulation; CGWM Select Global Diversity Fund - T USD Accumulation; CGWM Select Global Diversity Fund - A EUR Hedged Accumulation; CGWM Select Global Diversity Fund - T EUR Hedged Accumulation; CGWM Select Global Diversity Fund - T SGD Hedged Accumulation; CGWM Select Global Affinity Fund - A EUR Hedged Accumulation; CGWM Select Global Affinity Fund - T EUR Hedged Accumulation; CGWM Select Global Affinity Fund - T SGD Hedged Accumulation; CGWM Select Global Affinity Fund - T USD Accumulation; CGWM Select Global Opportunity Fund - T EUR Hedged Accumulation; CGWM Select Global Opportunity Fund - A EUR Hedged Accumulation; CGWM Select Global Opportunity Fund - A GBP Hedged Accumulation; CGWM Select Global Opportunity Fund - R GBP Hedged Accumulation; CGWM Select Global Opportunity Fund - T SGD Hedged Accumulation; and CGWM Bond Fund A EUR Hedged Shares. Subsequent Events Roger Phillips resigned as a Director on 9 February The following share classes launched on 18 February 2015: CGWM Select Opportunity Fund - T USD Accumulation; and CGWM Select Global Affinity Fund - T USD Accumulation. Up to the date of approval of these financial statements, no other significant events have occurred in respect of the Company subsequent to the year end that may be deemed relevant to the accuracy of these financial statements. Independent Auditor Deloitte & Touche have indicated their willingness to continue in office in accordance with Section 160 (2) of the Companies Act, Corporate Governance Statement The European Communities (Directive 2006/46/EC) Regulations (S.I. 450 of 2009 and S.I. 83 of 2010) (the Regulations ) requires the inclusion of a corporate governance statement in the Directors Report. 6

9 DIRECTORS REPORT (continued) For the year ended 31 December 2014 Corporate Governance Statement (continued) Although there is no specific statutory corporate governance code applicable to Irish collective investment schemes whose shares are admitted to trading on the Irish Stock Exchange, the Company is subject to corporate governance practices imposed by: (i) The Irish Companies Acts, 1963 to 2013 which are available for inspection at the registered office of the Company; (ii) The Articles of Association of the Company which are available for inspection at the registered office of the Company at Townsend Street, Dublin 2, Ireland and at the Companies Registration Office in Ireland; (iii) The Central Bank of Ireland in their UCITS Notices and Guidance Notes which can be obtained from the Central Bank of Ireland/Financial Regulator s website and are available for inspection at the registered office of the Company; and (iv) The Irish Stock Exchange ( the ISE ) through the ISE Code of Listing Requirements and Procedures. The Board of Directors voluntarily complies with the Corporate Governance Code for Irish Domiciled Collective Investment Schemes as published by the Irish Funds Industry Association ( IFIA ) with effect from 1 January This forms the basis of the Company s corporate governance code. The Board of Directors have previously assessed the measures included in the IFIA Code as being consistent with its corporate governance practices and procedures for the financial year and have formally adopted this code. Internal Control and Risk Management Systems in Relation to Financial Reporting The Board of Directors is responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of error or fraud in achieving the Company s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The Board of Directors has procedures in place to ensure all relevant books of account are properly maintained and are readily available, including the production of annual and half-yearly financial statements. The Board of Directors has appointed the Administrator to maintain the books and records of the Company. The Administrator is authorised and regulated by the Central Bank of Ireland and must comply with the rules imposed by the Central Bank. The financial statements are prepared by the Administrator in accordance with Irish Generally Accepted Accounting Principles ( GAAP ). The Administrator uses various internal controls and checklists to ensure that the financial statements include complete and appropriate disclosures required under Irish GAAP and relevant legislation. From time to time the Board also examines and evaluates the Administrator s financial accounting and reporting routines. The annual financial statements of the Company are required to be approved by the Board of Directors of the Company and the annual and half yearly financial statements of the Company are required to be filed with the Central Bank of Ireland and the Irish Stock Exchange. The statutory annual financial statements are required to be audited by independent auditors who report annually to the Board on their findings. The Board of Directors monitors and evaluates the independent auditor s performance, qualifications and independence. As part of the review procedures the Board of Directors receives reports on the audit process. The Board of Directors evaluates and discusses significant accounting and reporting issues as the need arises. Dealings with Shareholders The convening and conduct of shareholders meetings are governed by the Articles of Association of the Company and the Companies Acts. Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors are required to convene an annual general meeting of the Company each year ensuring that it is held within fifteen months of the date of the previous annual general meeting. Not less than twenty one clear days notice of every annual general meeting and any extraordinary general meeting convened for the passing of a special resolution must be given to shareholders and fourteen clear days notice must be given in the case of any other extraordinary general meeting unless the auditors of the Company and all the shareholders of the Company entitled to attend and vote agree to shorter notice. Two members present either in person or by proxy constitute a quorum at a general meeting provided that the quorum for a general meeting convened to consider any alteration to the class rights of shares is two shareholders holding or representing by proxy at least one third of the issued shares of the relevant fund or class. Every member holding shares present in person or by proxy who votes on a show of hands is entitled to one vote. On a poll, every member holding participating shares present in person or by proxy is entitled to one vote in respect of each share held by him. Shareholders may resolve to sanction an ordinary resolution or special resolution at a shareholders meeting. An ordinary resolution of the Company or of the shareholders of a particular fund or class requires a simple majority of the votes cast by the shareholders voting in person or by proxy at the meeting at which the resolution is proposed. A special resolution of the Company or of the shareholders of a particular fund or class requires a majority of not less than 75% of the shareholders present in person or by proxy and voting in general meeting in order to pass a special resolution including a resolution to amend the Articles of Association. 7

10 DIRECTORS REPORT (continued) For the year ended 31 December 2014 Board Composition and Activities Unless otherwise determined by an ordinary resolution of the Company in general meeting, the number of Directors may not be less than two. Currently the Board of Directors of the Company is composed of four Directors, being those listed in the directory in these financial statements. The business of the Company is managed by the Directors, who exercise all such powers of the Company as are not required by the Companies Acts, the regulations or by the Articles of Association of the Company to be carried out in general meeting. A Director may, and the company secretary of the Company on the requisition of a Director will, at any time summon a meeting of the Directors. Questions arising at any meeting of the Directors are determined by a majority of votes. In the case of an equality of votes, the chairman has a second or casting vote. The quorum necessary for the transaction of business at a meeting of the Directors is two. On behalf of the Board Brian McDermott Director Bronwyn Wright Director 20 April

11 INVESTMENT MANAGER'S REPORTS For the year ended 31 December 2014 CGWM Total Return Bond Fund Fund Performance The Fund returned +1.61% in total return terms net of all fees and expenses in 2014 whilst 3 month Sterling LIBOR returned +0.54% for the same period. Market Review At the start of 2014 there was a clear consensus that equities would outperform bonds over the course of the year. Whilst we highlighted the potential attraction of US Treasury and UK Gilt yields at c.3%, particularly against a backdrop of falling inflation, the scale of the gains delivered by government bonds in 2014 has clearly been a major surprise. While the US Federal Reserve were true to their word in ending their programme of US Treasury purchases, the liquidity baton was ultimately passed to Japan and Europe, who both increased their own monetary stimulus efforts. The broad outcome has been that virtually all bonds have benefitted, with 10-year US Treasury yields now standing at 2.2%, compared to 1.8% in the UK, 0.6% in Germany and 0.3% in Japan. Activity/review The Fund returned a reasonable cash plus return in 2014 in line with the investment objective. Market volatility hampered the return somewhat during the fourth quarter as government bond yields fell to extreme levels given the perceived outlook. The Fund has an overall duration of years which is primarily focussed on foreign bonds with the UK exposure at netted at years short the March 2015 Gilt future. The credit profile is well-spread across the range with 73% in AAA/AA bonds or cash and around 27% in single-a corporate bonds. Despite this cautious positioning, the Fund has a projected income yield of approximately 3%. Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability and market volatility, as the ageing equity bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and expect the economic backdrop will continue to support a broad spread of assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Bond yields are implying that significant interest rate hikes are unlikely in 2015 but with valuations appearing extended, prices could be vulnerable, particularly if economic growth continues to firm and/or inflationary pressures begin to build. We are therefore mindful of preserving capital and diversifying our approach as far as possible. Canaccord Genuity Wealth (International) Limited January

12 INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Income Fund Fund Performance The Fund has returned 4.77% net of all fees and expenses, in line with the 4.77% return for the GIFS GBP Cautious Allocation* peer group, the comparative peer group. Over the longer term the Fund has outperformed the peer group over a 3 year period (18.95% v 17.08%) and 5 year period (30.67% v 25.56%) with a similar level of risk. It is the 6th consecutive year of positive returns for the Fund and we have provided good absolute returns despite our cautious approach, leading to attractive risk adjusted returns for investors. Market Review Equity markets began and ended 2014 in a volatile fashion, however most bourses delivered positive returns. The FTSE rose 0.7% whilst the S&P 500 outperformed, with a 13.7% return for the full year. Emerging market woes were at the forefront of investors minds in January as rapidly weakening currencies, interest rate hikes and fears of an economic slowdown in China resulted in a sharp sell-off across emerging equity markets. Heightened geopolitical risks (Ukraine/Russia and Middle East issues) soon joined the list of fundamental concerns (lacklustre earnings growth, elevated valuations and the tapering of quantitative easing) and volatility increased as a result. The index of the top 100 capitalized companies in the UK has lived under the shadow of its mid and small cap relations over the past couple of years as investors have herded towards smaller domestic growth companies. The large, household name, dividend paying blue chip shares that form part of the FTSE 100 now look increasingly good value relative to the rest of the UK market. There were signs that these valuations were starting to be appreciated by investors in April as the FTSE 250 underperformed the FTSE 100 by over 5%. Volatility picked up and equity markets fell from early September onwards, only to recover strongly in the latter part of October. The FTSE 100 suffered a 10% peak to trough decline before rallying back 5% in the second half of the month. The S&P 500 fell 7%, however the US index recovered this and more to end the month back at all time highs, an amazing recovery in such a short space of time. UK financial markets also had to contend with the vote on Scottish independence and the potential fall out from a Yes vote. The polls indicated a close run race and this put pressure on Sterling and Gilts, however any market nerves were settled following a 55% majority for the No campaign. Confidence returned to equity markets in November as volatility retrenched and the macroeconomic issues of previous months were brushed aside. There is little doubt that sentiment has improved on the back of further central policy as China and Japan both took action. Interest rates were cut in China for the first time since 2012, whilst the Bank of Japan (BOJ) increased its bond buying program to 80 trillion per annum. The BOJ also tripled the purchases of exchange traded funds and real estate investment trusts, with the objective of increasing the monetary base to over 350 trillion or 75% of GDP. Towards the end of December, central bank rhetoric once again provided a boost to investor sentiment, a theme that has been commonplace throughout The US Federal Reserve announced that the approach to raising interest rates would be patient and gradual whilst the ECB President, Mario Draghi, continues to hint at the introduction of further monetary stimulus in Fixed interest markets performed markedly better than consensus expectations indicated at the start of the year. Yields were due to rise on the expectation of an improvement in economic growth and a normalisation of monetary stimulus, although the reverse has happened has seen the yield on the 10 year UK Gilt fall from 3.02% to 1.76% as falling inflation, inaction around interest rate policy and continued demand have supported bond markets. Activity/review We have maintained a modest equity underweight throughout 2014 due to our cautious house view. Our UK equity income managers have provided downside protection against the equity market falls witnessed during the period with the Invesco Perpetual UK Strategic Income Fund and the RWC Enhanced Income fund the standout performers in times of stress. During February we added exposure to the defensively positioned RWC Enhanced Income fund and the M&G Strategic Corporate Bond Fund following positive meetings with each of the fund managers. We have sold out of our small position in the Franklin Templeton Global Bond Fund due to increased volatility and a preference for more versatile strategic bond fund holdings. We have also halved our position in HICL Infrastructure as the investment trust is trading on a high premium to net asset value. The infrastructure theme has become a fans favourite amongst investors and whilst liquidity is not an issue today, it is something that needs to be taken into consideration when assessing the overall risk. We have made decent gains thus far and feel a reduction in exposure is a prudent course of action. 10

13 INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Income Fund (continued) Activity/review (continued) During June we made a number of changes, reducing our holdings in the M&G Strategic Corporate and M&G Inflation Linked bond funds which have performed well. We also sold our position in the New Capital Wealthy Nations Bond Fund, reinvesting the proceeds across the Kames Strategic Bond Fund and the Legal and General Dynamic Bond fund in order to provide more diversification and a lower duration to our bond exposure. We also switched out of the Invesco Perpetual Income fund into the Invesco Perpetual UK Strategic Income fund, both managed by Mark Barnett. Following Neil Woodford s departure we felt that there was the potential for more AUM outflows from Woodford s former fund which could be problematic given the weighting to small cap and unlisted companies. The UK Strategic Income fund follows the same investment philosophy and has comparable yield and performance numbers. Our holding in the L&G Dynamic Bond Trust was sold following the departure of Richard Hodges, the lead manager. The proceeds were reinvested into the GLG Strategic Bond Fund. This fund has delivered attractive historic risk adjusted returns and provides low duration exposure to global bond markets with a distribution yield in excess of 4%. We also topped up our position in the Artemis Global Income fund. We continue to maintain a well diversified exposure to bond markets in terms of geography, currency and strategy and favour areas that have stronger balance sheets, provide long term value and where we are compensated with attractive yields. This includes diversified exposure to Government, Corporate, Index Linked, International and Specialist bonds/bond funds. The setback in October removed the overbought nature of the market and enabled us to top up equity exposure and we added 2% to the UK. We had felt for some time that the risk and return trade-off for financial markets had become less favourable and this had prompted a general reduction in risk. Performance in 2014 has been driven by the strong showing from our UK equity income managers who all outperformed the FTSE All Share benchmark. The Invesco UK Strategic Income fund has been the standout, returning 9% in excess of the benchmark. Elsewhere, the Prusik Asian Equity Income fund posted a 24% return whilst the Argonaut European Income and Magna Emerging markets Dividend funds were relatively flat. The global equity exposure was mixed as both Artemis and Newton outperformed the MSCI World, however the M&G Global Dividend fund lagged. Our Gilt exposure performed well on the back of stronger than expected bond markets, together with our core holding in the M&G Strategic Corporate Bond Fund. Strategic bond funds, where we have increased exposure, provided good absolute returns albeit that they lagged the broader market due to the lower duration positioning. Outlook The potential dark clouds for financial markets in 2015 are already beginning to gather. The snap Greek election in January will immediately be at the forefront, especially given that the left-wing Syriza party are comfortably leading the polls. The Ukraine issue has yet to be resolved and the strong Dollar is likely to place increasing strains on other Emerging Market economies given the US Dollar denominated debt burdens. There is also a UK election in May and political uncertainty is likely to put pressure on Sterling and Sterling assets in the first half of Central bank policy is also likely to be split as the US and UK looks to normalise policy whilst the ECB and Bank of Japan look to ramp up monetary stimulus. Over the past couple of years the investment world has navigated a landscape of relatively low volatility, however there are signs that this is changing. Volatility always uncovers new opportunities and we will look to capitalise on any attractive openings, although we must be vigilant as many asset classes are leaving little room for disappointment. * Please note The Fund is not currently included in the peer group mentioned and the performance of the Fund is compared against the peer group as a means of comparison only. Canaccord Genuity Wealth (International) Limited January

14 INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Diversity Fund Fund Performance For the 12 months to 31 December 2014 the Fund gained 5.56%. This compared to a rise of 4.41% for the Fund s peer group, the Morningstar GIF GBP Moderate Allocation sector. Market Review While volatility had been held in abeyance for much of 2014, the latter part of the year was marked by two separate periods during which financial markets experienced a heightened sense of vulnerability. Growth fears in Europe and emerging markets as well as a plunge in the price of oil and concerns over the path of U.S. and European monetary policy all weighed on sentiment. As a result, there was a wide dispersion between the returns of global equity markets for the year, with the U.S¹ rising 20.1%, Asia² +11.4%, the UK FTSE %, while Europe³ -0.64%, ended the year in negative territory. All performance numbers are in Sterling terms. U.S. and Asia equities were not the only source of returns in 2014; government bond markets also performed strongly which is something few commentators predicted in January. With deflationary pressures gathering pace in Europe and investors pushing back their expectations for interest rate rises elsewhere in the face of weak global growth, many government bonds markets enjoyed their best year since In the UK, for example, UK government bonds, as measured by the Bloomberg U.K Sovereign Bond Index, ended % higher. ¹ S&P 500 NR Index; ²MSCI AC Daily Asia ex Japan NR Index; ³ MSCI Daily Europe ex UK NR Index Activity/review It is pleasing to report that the Fund outpaced its peer group over the course of the year. The Fund s return was boosted by our overweight allocation to U.S. equities and our thematic holdings in healthcare, infrastructure and technology. Areas of the portfolio that performed less well included our small allocation to European equities, as investors waited in vain for the ECB to react to increasing deflationary pressure in the region by announcing a programme of quantitative easing. However, while our Europe holdings lagged over the course of the year, our decision to lower the Fund s weighting to the region in the first few months of 2014 and again in September minimised the performance impact. Having reduced the Fund s equity allocation in the first quarter; lowering weightings to Europe, the UK and Asia, we did not meaningfully add to the Fund s equity allocation again until the sharp correction in equity markets in the early part of October. This provided us with the opportunity to put some money back to work at more attractive levels and we added to the Fund s UK equity holdings as a result. In November, we used the relative weakness of European markets to increase the Fund s allocation to Eurozone stocks back to a neutral position, funded by a reduction in the Fund s U.S. equity holdings. Investment decisions are often about balancing risk and reward and these metrics appear to increasingly favour Europe over the U.S. moving forward. To be clear, the Fund maintains a significant weighting to U.S. assets and it is glaringly apparent that Europe has many structural issues yet to overcome. However, the relative bear market in Europe will not persist indefinitely and it is rarely the right time to buy when sentiment is universally positive. Finally, there were a number of changes to the Fund s bond holdings over the course of the year as well, as we reduced the Fund s UK inflation linked investments, reinvesting the proceeds into the GLG Flexible Bond fund and the ishares USD TIPS UCITS ETF. Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability, as the ageing bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and remain hopeful that the economic backdrop will continue to support risk assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Consequently it is our belief that greater levels of volatility may well accompany rising stockmarkets in the weeks and months ahead and therefore our investment strategy must focus not only on maximising returns, but also on moderating the impact of these movements where we can. Canaccord Genuity Wealth (International) Limited January

15 INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Affinity Fund Fund Performance For the 12 months to 31 December 2014 the Fund gained 5.89%. This compared to a rise of 3.90% for the Fund s peer group, the Morningstar GIF GBP Aggressive Allocation sector. Market Review While volatility had been held in abeyance for much of 2014, the latter part of the year was marked by two separate periods during which financial markets experienced a heightened sense of vulnerability. Growth fears in Europe and emerging markets as well as a plunge in the price of oil and concerns over the path of U.S. and European monetary policy all weighed on sentiment. As a result, there was a wide dispersion between the returns of global equity markets for the year, with the U.S¹ rising 20.1%, Asia² +11.4%, the UK FTSE %, while Europe³ -0.64%, ended the year in negative territory. All performance numbers are in Sterling terms. U.S. and Asia equities were not the only source of returns in 2014; government bond markets also performed strongly which is something few commentators predicted in January. With deflationary pressures gathering pace in Europe and investors pushing back their expectations for interest rate rises elsewhere in the face of weak global growth, many government bonds markets enjoyed their best year since In the UK, for example, UK government bonds, as measured by the Bloomberg U.K Sovereign Bond Index, ended % higher. ¹ S&P 500 NR Index; ²MSCI AC Daily Asia ex Japan NR Index; ³ MSCI Daily Europe ex UK NR Index Activity/review It is pleasing to report that the Fund outpaced its peer group over the course of the year. The Fund s return was boosted by our overweight allocation to U.S. equities and our thematic holdings in healthcare, infrastructure and technology. Areas of the portfolio that performed less well included our small allocation to European equities, as investors waited in vain for the ECB to react to increasing deflationary pressure in the region by announcing a programme of quantitative easing. However, while our Europe holdings lagged over the course of the year, our decision to lower the Fund s weighting to the region in the first few months of 2014 and again in September minimised the performance impact. Having reduced the Fund s equity allocation in the first quarter; lowering weightings to Europe, the UK and Asia, we did not meaningfully add to the Fund s equity allocation again until the sharp correction in equity markets in the early part of October. This provided us with the opportunity to put some money back to work at more attractive levels and we added to the Fund s UK equity holdings as a result. In November, we used the relative weakness of European markets to increase the Fund s allocation to Eurozone stocks back to a neutral position, funded by a reduction in the Fund s U.S. equity holdings. Investment decisions are often about balancing risk and reward and these metrics appear to increasingly favour Europe over the U.S. moving forward. To be clear, the Fund maintains a significant weighting to U.S. assets and it is glaringly apparent that Europe has many structural issues yet to overcome. However, the relative bear market in Europe will not persist indefinitely and it is rarely the right time to buy when sentiment is universally positive. Finally, within the Fund s bond allocation, we sold the Fund s UK inflation linked investments, the UK Treasury 2.5% Index Linked Gilt and the M&G UK Inflation Linked Corporate Bond fund and reinvested the majority proceeds into the ishares USD TIPS UCITS ETF. Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability, as the ageing bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and remain hopeful that the economic backdrop will continue to support risk assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Consequently it is our belief that greater levels of volatility may well accompany rising stockmarkets in the weeks and months ahead and therefore our investment strategy must focus not only on maximising returns, but also on moderating the impact of these movements where we can. Canaccord Genuity Wealth (International) Limited January

16 INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Global Diversity Fund Fund Performance For the 12 months to 31 December 2014 the Fund gained 4.21%. This compared to a rise of 1.45% for the Fund s peer group, the Morningstar GIF USD Moderate Allocation sector. Market Review While volatility had been held in abeyance for much of 2014, the latter part of the year was marked by two separate periods during which financial markets experienced a heightened sense of vulnerability. Growth fears in Europe and emerging markets as well as a plunge in the price of oil and concerns over the path of US and European monetary policy all weighed on sentiment. As a result, there was a wide dispersion between the returns of global equity markets for the year, with the US¹ rising 15.3% and Asia² +7.1%, while the UK s FTSE % and Europe³, -6.9%, ended the year in negative territory. All performance numbers are in US Dollar terms. US and Asia equities were not the only source of returns in 2014; government bond markets also performed strongly which is something few commentators predicted in January. With deflationary pressures gathering pace in Europe and investors pushing back their expectations for interest rate rises elsewhere in the face of weak global growth, many government bonds markets enjoyed their best year since In the US, for example, US Treasuries, as measured by the Bloomberg US Treasury Bond Index, ended % higher. ¹ S&P 500 TR Index; ²FTSE Asia Pacific ex Japan Index; ³ FTSE Europe ex UK Index Activity/review It is pleasing to report that the Fund significantly outpaced its peer group over the course of the year. The Fund s return was boosted by our overweight allocation to US equities and our thematic holdings in healthcare, infrastructure and technology. Areas of the portfolio that performed less well included our small allocation to European equities, as investors waited in vain for the ECB to react to increasing deflationary pressure in the region by announcing a programme of quantitative easing. However, while our European holdings lagged over the course of the year, our decision to lower the Fund s weighting to the region in the first few months of 2014 helped temper the performance impact. Having reduced the Fund s equity allocation in the first quarter; primarily by lowering the weighting to Asia, we did not meaningfully add to the Fund s equity allocation again until the sharp correction in equity markets in the early part of October. This provided us with the opportunity to put some money back to work at more attractive levels. In November, we used the relative weakness of European markets to increase the Fund s allocation to Eurozone stocks back to a neutral position, funded by a reduction in the Fund s US equity holdings. Investment decisions are often about balancing risk and reward and these metrics appear to increasingly favour Europe over the US moving forward. To be clear, the Fund maintains a significant weighting to U.S. assets and it is glaringly apparent that Europe has many structural issues yet to overcome. However, the relative bear market in Europe will not persist indefinitely and it is rarely the right time to buy when sentiment is universally positive. Finally, there were a number of changes to the Fund s bond holdings over the course of the year as well, as we incorporated allocations to the GLG Flexible Bond Fund and Kames Strategic Global Bond Fund, at the expense of the US TIPS 1.375% 15/01/2020. Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability, as the ageing bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and remain hopeful that the economic backdrop will continue to support risk assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Consequently it is our belief that greater levels of volatility may well accompany rising stockmarkets in the weeks and months ahead and therefore our investment strategy must focus not only on maximising returns, but also on moderating the impact of these movements where we can. Canaccord Genuity Wealth (International) Limited January

17 INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Global Affinity Fund Fund Performance For the 12 months to 31 December 2014 the Fund gained 4.62%. This compared to a rise of 0.60% for the Fund s peer group, the Morningstar GIF USD Aggressive Allocation sector. Market Review While volatility had been held in abeyance for much of 2014, the latter part of the year was marked by two separate periods during which financial markets experienced a heightened sense of vulnerability. Growth fears in Europe and emerging markets as well as a plunge in the price of oil and concerns over the path of US and European monetary policy all weighed on sentiment. As a result, there was a wide dispersion between the returns of global equity markets for the year, with the US¹ rising 15.3% and Asia² +7.1%, while the UK s FTSE % and Europe³, -6.9%, ended the year in negative territory. All performance numbers are in US Dollar terms. US and Asia equities were not the only source of returns in 2014; government bond markets also performed strongly which is something few commentators predicted in January. With deflationary pressures gathering pace in Europe and investors pushing back their expectations for interest rate rises elsewhere in the face of weak global growth, many government bonds markets enjoyed their best year since In the US, for example, US Treasuries, as measured by the Bloomberg US Treasury Bond Index, ended % higher. ¹ S&P 500 TR Index; ²FTSE Asia Pacific ex Japan Index; ³ FTSE Europe ex UK Index Activity/review It is pleasing to report that the Fund significantly outpaced its peer group over the course of the year. The Fund s return was boosted by our overweight allocation to US equities and our thematic holdings in healthcare, infrastructure and technology. Areas of the portfolio that performed less well included our small allocation to European equities, as investors waited in vain for the ECB to react to increasing deflationary pressure in the region by announcing a programme of quantitative easing. However, while our European holdings lagged over the course of the year, our decision to lower the Fund s weighting to the region in the first few months of 2014 helped temper the performance impact. Having reduced the Fund s equity allocation in the first quarter; primarily by lowering the weighting to Asia, we did not meaningfully add to the Fund s equity allocation again until the sharp correction in equity markets in the early part of October. This provided us with the opportunity to put some money back to work at more attractive levels. In November, we used the relative weakness of European markets to increase the Fund s allocation to Eurozone stocks back to a neutral position, funded by a reduction in the Fund s US equity holdings. Investment decisions are often about balancing risk and reward and these metrics appear to increasingly favour Europe over the US moving forward. To be clear, the Fund maintains a significant weighting to U.S. assets and it is glaringly apparent that Europe has many structural issues yet to overcome. However, the relative bear market in Europe will not persist indefinitely and it is rarely the right time to buy when sentiment is universally positive. The only significant change during December came as we sold the holding of the Ignis Absolute Return Government Bond Fund, and re-invested the proceeds into the existing holding of the Henderson UK Absolute Return Bond Fund, and established a new position in the Old Mutual Global Equity Absolute Return (GEAR) Fund. Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability, as the ageing bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and remain hopeful that the economic backdrop will continue to support risk assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Consequently it is our belief that greater levels of volatility may well accompany rising stockmarkets in the weeks and months ahead and therefore our investment strategy must focus not only on maximising returns, but also on moderating the impact of these movements where we can. Canaccord Genuity Wealth (International) Limited January

18 INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Opportunity Fund Fund Performance For the 12 months to 31 December 2014 the Fund gained 8.58%. This compared to a rise of 3.90% for the Fund s peer group, the Morningstar GIF GBP Aggressive Allocation sector. Market Review While volatility had been held in abeyance for much of 2014, the latter part of the year was marked by two separate periods during which financial markets experienced a heightened sense of vulnerability. Growth fears in Europe and emerging markets as well as a plunge in the price of oil and concerns over the path of U.S. and European monetary policy all weighed on sentiment. As a result, there was a wide dispersion between the returns of global equity markets for the year, with the U.S¹ rising 20.1%, Asia² +11.4%, the UK FTSE %, while Europe³ -0.64%, ended the year in negative territory. All performance numbers are in Sterling terms. U.S. and Asia equities were not the only source of returns in 2014; government bond markets also performed strongly which is something few commentators predicted in January. With deflationary pressures gathering pace in Europe and investors pushing back their expectations for interest rate rises elsewhere in the face of weak global growth, many government bonds markets enjoyed their best year since In the UK, for example, UK government bonds, as measured by the Bloomberg U.K Sovereign Bond Index, ended % higher. ¹ S&P 500 NR Index; ²MSCI AC Daily Asia ex Japan NR Index; ³ MSCI Daily Europe ex UK NR Index Activity/review It is pleasing to note that the Fund comfortably outpaced its peer group over the course of the year. The Fund s return was boosted by a number of factors, including our significant allocations to U.S. and Asian equities and our thematic holdings in healthcare, infrastructure and technology. However, our judicious use of cash at certain times in 2014; most notably in January and October and November, also added value. Notable changes to the Fund s positioning in 2014 included an increased allocation to Asian equities, as we took advantage of improving investor sentiment towards the region. We also significantly reduced the Fund s European equity allocation during the summer as it became increasingly obvious that the ECB was struggling in its efforts to stem deflationary pressures in Europe, raising the spectre of triple dip recession across the Eurozone. We used the proceeds from this reduction to initiate an allocation to Infrastructure related investments, via the First State & Lazard Global Listed Infrastructure Funds. Linked to this theme, we added the KBI Institutional Water fund to the portfolio in October. While the KBI Institutional Water fund is not a pure infrastructure play, one of the secular attractions of investing in water stocks is the vast sums of money targeted at water infrastructure. Potentially more than half of global infrastructure spend over the next decade will be water related, as developed markets are forced to replace ageing infrastructure whilst many emerging markets are installing new infrastructure for the first time. This, along with companies addressing water scarcity in new and imaginative ways, provides a wealth of investment opportunities for the fund. Finally, we took advantage of a number of short-term investment opportunities in 2014, including a profitable allocation to energy stocks, via the Investec Global Energy fund. Having initiated the Fund s holding in April, we had fully exited the position by the end of September, thus avoiding the subsequent collapse in the sector in the fourth quarter, as the price of oil tumbled more than 40% in the final few months of Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability, as the ageing bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and remain hopeful that the economic backdrop will continue to support risk assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Consequently it is our belief that greater levels of volatility may well accompany rising stockmarkets in the weeks and months ahead and therefore our investment strategy must focus not only on maximising returns, but also on moderating the impact of these movements where we can. Canaccord Genuity Wealth (International) Limited January

19 INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Global Opportunity Fund Fund Performance For the 12 months to 31 December 2014 the Fund gained 4.30%. This compared to a rise of 0.60% for the Fund s peer group, the Morningstar GIF USD Aggressive Allocation sector. Market Review While volatility had been held in abeyance for much of 2014, the latter part of the year was marked by two separate periods during which financial markets experienced a heightened sense of vulnerability. Growth fears in Europe and emerging markets as well as a plunge in the price of oil and concerns over the path of U.S. and European monetary policy all weighed on sentiment. As a result, there was a wide dispersion between the returns of global equity markets for the year, with the U.S¹ rising 12.99%, Asia² +4.80%, while Europe³ -6.55% and the U.K. s FTSE %, ended the year in negative territory. All performance numbers are in U.S. Dollar terms. U.S. and Asia equities were not the only source of returns in 2014; government bond markets also performed strongly which is something few commentators predicted in January. With deflationary pressures gathering pace in Europe and investors pushing back their expectations for interest rate rises elsewhere in the face of weak global growth, many government bonds markets enjoyed their best year since In the U.S., for example, U.S. government bonds, as measured by the Bloomberg U.S. Treasury Bond Index, ended % higher. ¹ S&P 500 NR Index; ²MSCI AC Daily Asia ex Japan NR Index; ³ MSCI Daily Europe ex UK NR Index Activity/review It is pleasing to report that the Fund outpaced its peer group over the course of the year. The Fund s return was boosted by a number of factors, including our significant allocations to U.S. and Asian equities and our thematic holdings in healthcare, infrastructure and technology. However, our judicious use of cash at certain times in 2014; most notably in January and October and November, also added value. Notable changes to the Fund s positioning in 2014 included an increased allocation to Asian equities, as we took advantage of improving investor sentiment towards the region. We also significantly reduced the Fund s European equity allocation during the summer as it became increasingly obvious that the ECB was struggling in its efforts to stem deflationary pressures in Europe, raising the spectre of triple dip recession across the Eurozone. We used the proceeds from this reduction to initiate an allocation to infrastructure related investments, via the First State & Lazard Global Listed Infrastructure Funds. Linked to this theme, we added the KBI Institutional Water fund to the portfolio in October. While the KBI Institutional Water fund is not a pure infrastructure play, one of the secular attractions of investing in water stocks is the vast sums of money targeted at water infrastructure. Potentially more than half of global infrastructure spend over the next decade will be water related, as developed markets are forced to replace ageing infrastructure whilst many emerging markets are installing new infrastructure for the first time. This, along with companies addressing water scarcity in new and imaginative ways, provides a wealth of investment opportunities for the Fund. Finally, we took advantage of a number of short-term investment opportunities in 2014, including a profitable allocation to energy stocks, via the Investec Global Energy fund. Having initiated the Fund s holding in April, we had fully exited the position by the end of September, thus avoiding the subsequent collapse in the sector in the fourth quarter, as the price of oil tumbled more than 40% in the final few months of Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability, as the ageing bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and remain hopeful that the economic backdrop will continue to support risk assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Consequently it is our belief that greater levels of volatility may well accompany rising stockmarkets in the weeks and months ahead and therefore our investment strategy must focus not only on maximising returns, but also on moderating the impact of these movements where we can. Canaccord Genuity Wealth (International) Limited January

20 INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM REMAP 4 Fund Fund Performance For the 12 months to 31 December 2014 the NAV rose by 6.8% net of all fees and expenses. This underperformed the 7.9% rise of the WMA Income index. The Fund exposed investors to almost half of the volatility of the WMA index. Market Review Apart from the US and Japan, 2014 was a disappointing year for global equities. We commented at the beginning of the year how we believed investors had been willing to take on higher equity risk premium in Share valuations rose faster than earnings as investors priced in a continuation of the economic recovery. Our fears that markets would struggle to push to new levels in 2014 has borne out as earnings have continued to disappoint, compounded by geopolitical issues such as Middle East, Ukraine, Scotland and Hong Kong. The final quarter for 2014 saw equity volatility return after a prolonged period of relative calm. Equity markets yo-yoed as investors tried to comprehend the strength of the global economic recovery, especially in Europe, the Ebola crisis, a falling oil price, a deteriorating geopolitical outlook and, in the US, the end of quantitative easing. As the MSI turned stressed at the very beginning of February we sold European equities and upped our cash holdings. As our forward-looking measure of portfolio risk rose in January, our mandate to cap volatility necessitated that we took some risk off the table. We reduced holdings in a real estate ETF and as well as oil. The former has been very sensitive to the outlook for monetary policy and we believe it will struggle this year as Quantitative Easing and central bank stimuli are withdrawn. We used recent bond market strength to reduce our fixed income holdings, and reinvested the proceeds into what one might term alternative diversifiers. The challenge for asset allocators in 2014 is to identify investments that have a low correlation with both bonds and equities investments that will diversify portfolio risk in all market conditions while also providing a return. To that end we have purchased an ETF that holds a long position in the US Dollar relative to the Canadian Dollar. The final quarter of 2014 was a turbulent period for equity investors as demonstrated by an 8.3% peak to trough movement in the FTSE 100 within November to December. The Fund pleasingly demonstrated its ability to reduce volatility and gave a positive return each month. In October our stress indictor hit 4.5 and remained there throughout the period. The portfolio was rebalanced removing our exposure to Oil, FTSE 250, and reducing our US mid-cap and gilt exposure. We rotated into a Dow Jones tracker and also increased our existing exposure to infrastructure and cash. Outlook Macro backdrop merits continued caution, our market stress indicator currently reads 4.5. We expect volatility to remain prominent throughout Challenges for 2015 remain in identifying asset classes that produce returns and provide diversity through low correlation in all economic conditions. Canaccord Genuity Wealth Limited January

21 INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM REMAP 4(i) Fund Fund Performance For the 12 months to 31 December 2014 the NAV rose by 5.7% net of all fees and expenses. This underperformed the 7.9% rise of the WMA Income index. The Fund exposed investors to almost half of the volatility of the WMA index. Market Review Apart from the US and Japan, 2014 was a disappointing year for global equities. We commented at the beginning of the year how we believed investors had been willing to take on higher equity risk premium in Share valuations rose faster than earnings as investors priced in a continuation of the economic recovery. Our fears that markets would struggle to push to new levels in 2014 has borne out as earnings have continued to disappoint, compounded by geopolitical issues such as Middle East, Ukraine, Scotland and Hong Kong. The final quarter for 2014 saw equity volatility return after a prolonged period of relative calm. Equity markets yo-yoed as investors tried to comprehend the strength of the global economic recovery, especially in Europe, the Ebola crisis, a falling oil price, a deteriorating geopolitical outlook and, in the US, the end of quantitative easing. During the Q1 we also took some steps to increase the aggregate yield of the underlying holdings. In the fixed income space we have tilted our exposure towards higher yield bonds (via the Kames Capital High Yield and Jupiter Strategic Bond funds), and we reduced our holding in the Polar Capital Healthcare fund and initiated a position in the Lazard Global Equity Income fund. Under current accounting rules, when a bond is purchased at a premium to the par value, that premium is amortised through the income, thereby reducing the income available for onward distribution. As such we have sold our direct gilt holdings and now hold exposure via the ishares ETF. Of course all of the changes have been made within the context of our forward-looking, risk-targeted framework. The final quarter of 2014 was a turbulent period for equity investors as demonstrated by an 8.3% peak to trough movement in the FTSE 100 within November to December. The Fund pleasingly demonstrated its ability to reduce volatility and gave a positive return each month over the quarter. In October our stress indictor hit 4.5 and remained there throughout the period. The portfolio was rebalanced removing our exposure to US mid-caps and modestly lowering our gilt exposure. We rotated into an S&P 500 tracker and increased our existing exposure to infrastructure and cash. Outlook Macro backdrop merits continued caution, our market stress indicator currently reads 4.5. We expect volatility to remain prominent throughout Challenges for 2015 remain in identifying asset classes that produce returns and provide diversity through low correlation in all economic conditions. Canaccord Genuity Wealth Limited January

22 INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM REMAP 5 Fund Fund Performance For the 12 months to 31 December 2014 the NAV rose by 7.6% net of all fees and expenses. This outperformed the 7.4% rise of the WMA balanced index. The Fund exposed investors to almost half of the volatility of the WMA index. Market Review Apart from the US and Japan, 2014 was a disappointing year for global equities. We commented at the beginning of the year how we believed investors had been willing to take on higher equity risk premium in Share valuations rose faster than earnings as investors priced in a continuation of the economic recovery. Our fears that markets would struggle to push to new levels in 2014 has borne out as earnings have continued to disappoint, compounded by geopolitical issues such as Middle East, Ukraine, Scotland and Hong Kong. The final quarter for 2014 saw equity volatility return after a prolonged period of relative calm. Equity markets yo-yoed as investors tried to comprehend the strength of the global economic recovery, especially in Europe, the Ebola crisis, a falling oil price, a deteriorating geopolitical outlook and, in the US, the end of quantitative easing. As the MSI turned stressed at the very beginning of February we sold European equities and upped our cash holdings. As our forward-looking measure of portfolio risk rose in January, our mandate to cap volatility necessitated that we took some risk off the table. We reduced holdings in a real estate ETF and as well as oil. The former has been very sensitive to the outlook for monetary policy and we believe it will struggle this year as Quantitative Easing and central bank stimuli are withdrawn. We used recent bond market strength to reduce our fixed income holdings, and reinvested the proceeds into what one might term alternative diversifiers. The challenge for asset allocators in 2014 is to identify investments that have a low correlation with both bonds and equities investments that will diversify portfolio risk in all market conditions while also providing a return. To that end we have purchased an ETF that holds a long position in the US Dollar relative to the Canadian Dollar. The final quarter of 2014 was a turbulent period for equity investors as demonstrated by an 8.3% peak to trough movement in the FTSE 100 within November to December. The Fund pleasingly demonstrated its ability to reduce volatility and gave a positive return each month finishing 1.22% ahead of the benchmark over the quarter. In October our stress indictor hit 4.5 and remained there throughout the period. The portfolio was rebalanced removing our exposure to Oil, FTSE 250, and reducing our US mid-cap and corporate bond exposure. We rotated into large caps in the FTSE 100 and Dow Jones using trackers and also increased our existing exposure to infrastructure, technology and healthcare and cash. Outlook Macro backdrop merits continued caution, our market stress indicator currently reads 4.5. We expect volatility to remain prominent throughout Challenges for 2015 remain in identifying asset classes that produce returns and provide diversity through low correlation in all economic conditions. Canaccord Genuity Wealth Limited January

23 INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Bond Fund Fund Performance The CGWM Bond Fund had a total return for 2014 from the inception of the Fund (from 16 January 2014 to 31 December 2014) of +4.56%. As a comparative, the EFFAS 3-7 Year Gilt index was up +5.36% over the same period. Market Review At the start of 2014 there was a clear consensus that equities would outperform bonds over the course of the year. Whilst we highlighted the potential attraction of US Treasury and UK Gilt yields at c.3%, particularly against a backdrop of falling inflation, the scale of the gains delivered by government bonds in 2014 has clearly been a major surprise. While the US Federal Reserve were true to their word in ending their programme of US Treasury purchases, the liquidity baton was ultimately passed to Japan and Europe, who both increased their own monetary stimulus efforts. The broad outcome has been that virtually all bonds have benefitted, with 10-year US Treasury yields now standing at 2.2%, compared to 1.8% in the UK, 0.6% in Germany and 0.3% in Japan. Activity/review The Fund s primary objective was clearly achieved with a total return of over +5%, which was ahead of the managers expectations where +3% to +4% returns may have been satisfactory when the year commenced. The Fund balances the primary objective of preserving capital while aiming to deliver a 2 ½% to 3% income, and blending the asset mix with the opportunity to make capital gains. A high quality backbone of circa 40-50% AAA/AA bonds is generally maintained, with the balance invested in direct corporate bonds (up to 50%) and higher risk specialist funds (up to 30%). The Fund has a yield-to-maturity of 3.55%, which continues to offer a suitable low risk opportunity for enhanced returns versus cash. Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability and market volatility, as the ageing equity bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and expect the economic backdrop will continue to support a broad spread of assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Bond yields are implying that significant interest rate hikes are unlikely in 2015 but with valuations appearing extended, prices could be vulnerable, particularly if economic growth continues to firm and/or inflationary pressures begin to build. We are therefore mindful of preserving capital and diversifying our approach as far as possible. Canaccord Genuity Wealth (International) Limited January

24 REPORT OF THE CUSTODIAN TO THE SHAREHOLDERS We have enquired into the conduct of Canaccord Genuity Investment Funds plc (the Company ) for the year ended 31 December 2014, in our capacity as Custodian to the Company. This report, including the opinion, has been prepared for and solely for the shareholders of the Company, in accordance with the Central Bank of Ireland s UCITS Notice 4, and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown. Responsibilities of the Custodian Our duties and responsibilities are outlined in the Central Bank of Ireland s UCITS Notice 4. One of those duties is to enquire into the conduct of the Company in each annual accounting period and report thereon to the shareholders. Our report shall state whether, in our opinion, the Company has been managed in that period in accordance with the provisions of the Company s Memorandum and Articles of Association and the UCITS Regulations. It is the overall responsibility of the Company to comply with these provisions. If the Company has not so complied, we as Custodian must state why this is the case and outline the steps which we have taken to rectify the situation. Basis of Custodian s Opinion The Custodian conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties outlined in UCITS Notice 4 and to ensure that, in all material respect, the Company has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of its constitutional documentation and the appropriate regulations and (ii) otherwise in accordance with the Company s constitutional documentation and the appropriate regulations. Opinion In our opinion, Canaccord Genuity Investment Funds plc has been managed during the year, in all material respects: (i) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum & Articles of Association and by the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, (the Regulations ); and (ii) otherwise in accordance with the provisions of the Memorandum & Articles of Association and the Regulations. For and on behalf of: Northern Trust Fiduciary Services (Ireland) Limited 20 April

25 INDEPENDENT AUDITOR S REPORT TO THE SHAREHOLDERS OF CANACCORD GENUITY INVESTMENT FUNDS PLC We have audited the financial statements of Canaccord Genuity Investment Funds plc (the Company ) for the year ended 31 December 2014 which comprise the Balance Sheet, the Income Statement, the Statement of Changes in Net Assets attributable to Holders of Redeemable Shares, the Investment Portfolios and the related notes 1 to 18. The financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland). This report is made solely to the Company's members, as a body, in accordance with Section 193 of the Companies Act, Our audit work has been undertaken so that we might state to the Company s members those matters we are required to state to them in an auditors report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company s members as a body, for our audit work, for this report, or for the opinions we have formed. Respective Responsibilities of Directors and Auditors As explained more fully in the Statement of Directors Responsibilities, the directors are responsible for the preparation of the financial statements giving a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s Ethical Standards for Auditors. Scope of the Audit of the Financial Statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Company s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report for the year ended 31 December 2014 to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect, based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion In our opinion the financial statements: give a true and fair view, in accordance with Generally Accepted Accounting Practice in Ireland, of the state of the affairs of the Company as at 31 December 2014 and of the profit for the year then ended; and have been properly prepared in accordance with the Companies Acts, 1963 to 2013, and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, Matters on which we are required to report by the Companies Acts, 1963 to 2013 We have obtained all the information and explanations we considered necessary for the purpose of our audit. In our opinion proper books of account have been kept by the Company. The Company s Balance Sheet and its Income Statement are in agreement with the books of account. In our opinion the information given in the Directors' Report is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the provisions in the Companies Acts, 1963 to 2013 which requires us to report to you if, in our opinion, the disclosures of directors remuneration and transactions specified by law are not made. Michael Hartwell For and on behalf of Deloitte & Touche Chartered Accountants and Statutory Audit Firm Dublin 20 April

26 BALANCE SHEET As at 31 December 2014 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Notes GBP GBP GBP GBP GBP USD USD Assets Financial assets at fair value through profit or loss 6 378,268,245 4,062,973 11,639,446 68,231,860 46,448,216 28,537,116 15,470,889 Cash deposits 4 27,649, ,789 1,153,191 2,254, ,699 1,160, ,499 Subscriptions receivable 2,721, , ,874 97, ,590 17,725 Securities sold receivable Interest and dividends receivable 780,664 77,373 26,474 48,469 9,731 12,255 3,173 Sundry debtors 43, ,832 1, Total Assets 409,463,993 4,310,262 12,985,797 70,895,283 46,921,334 29,863,044 16,137,709 Liabilities Financial liabilities at fair value through profit or loss 6 (686,662) (87,447) (3,575) (867) Redemptions payable (272,504) - - (158,937) (34,345) (53,900) - Securities purchased payable (235,703) (225,229) (126,778) Management fee payable (492,992) (3,408) (18,845) (101,020) (67,651) (40,577) (23,205) Sundry creditors (294,184) (5,635) (9,157) (51,309) (35,036) (22,094) (13,434) Total liabilities (excluding net assets attributable to holders of redeemable shares) (1,982,045) (96,490) (28,002) (311,266) (137,032) (345,375) (164,284) Net Assets attributable to holders of redeemable shares ,481,948 4,213,772 12,957,795 70,584,017 46,784,302 29,517,669 15,973,425 Number of shares outstanding at 31 December A Shares 53, B Shares - 11,081,219 50,926,331 30,854,170 21,594,360 11,416,913 B Shares SGD Hedged ,285 73,755 T Shares GBP Hedged , ,618 Net Asset Value per Share at 31 December A Shares B Shares $1.32 $1.37 B Shares SGD Hedged $1.65 $1.71 T Shares GBP Hedged The financial statements were approved by the Board of Directors on 20 April 2015 and signed on their behalf by: Brian McDermott, Director Bronwyn Wright, Director The accompanying notes form an integral part of these audited financial statements. 24

27 BALANCE SHEET As at 31 December 2014 CGWM CGWM Select Select Global CGWM CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Bond Fund Fund Fund Fund Fund Fund* Notes GBP USD GBP GBP GBP GBP Assets Financial assets at fair value through profit or loss 6 39,067, ,686,431 19,214,954 2,817,117 11,028,294 42,556,553 Cash deposits 4 4,504,107 17,467,888 3,292, ,268 2,379,683 1,003,617 Subscriptions receivable 195,915 2,142, ,175-4, ,621 Securities sold receivable Interest and dividends receivable ,586 5,148 10, ,231 Sundry debtors 1,161 4,805 7,802 7,294 7,250 13,006 Total Assets 43,768, ,301,466 22,686,656 2,996,827 13,429,984 44,410,028 Liabilities Financial liabilities at fair value through profit or loss 6 - (61,544) (556,896) Redemptions payable (3,692) (34,175) (6,787) Securities purchased payable (9,949) - Management fee payable (58,346) (241,160) (16,256) (2,154) (9,572) (20,170) Sundry creditors (32,863) (125,204) (15,683) (3,504) (9,640) (28,274) Total liabilities (excluding net assets attributable to holders of redeemable shares) (94,901) (427,908) (31,939) (5,658) (63,336) (612,127) Net Assets attributable to holders of redeemable shares 13 43,673, ,873,558 22,654,717 2,991,169 13,366,648 43,797,901 Number of shares outstanding at 31 December A Shares 24,586,971 95,762, ,013 A Shares USD Hedged ,508 B Shares B Shares SGD Hedged - 8,276, D Shares ,798,878 2,876,311 12,231,917 - T Shares GBP Hedged - 19, Net Asset Value per Share at 31 December A Shares 1.78 $ A Shares USD Hedged $99.97 B Shares B Shares SGD Hedged - $ D Shares T Shares GBP Hedged *Launched 16 January The accompanying notes form an integral part of these audited financial statements. 25

28 BALANCE SHEET As at 31 December 2013 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Notes GBP GBP GBP GBP GBP USD USD Assets Financial assets at fair value through profit or loss 6 254,891,269 6,534,654 10,262,763 62,389,825 42,758,530 18,173,634 11,885,983 Cash deposits 4 24,155, , ,620 2,956,628 2,073,317 1,939, ,150 Subscriptions receivable 4,165, , ,747 36,502 54, ,997 Securities sold receivable ,186 Interest and dividends receivable 284, ,159 27,497 55,856 11,260 15,136 4,692 Sundry debtors 28, Total Assets 283,526,631 7,097,180 11,380,505 65,808,894 44,880,095 20,183,563 12,938,008 Liabilities Financial liabilities at fair value through profit or loss 6 (11,628) (11,259) Redemptions payable (1,191,103) (113,087) (232,405) (254,944) (464,770) - (1,186) Securities purchased payable (1,753,925) Management fee payable (354,901) (5,295) (16,163) (90,490) (62,894) (27,357) (18,369) Sundry creditors (399,489) (8,540) (12,416) (81,831) (54,217) (117,321) (19,096) Total liabilities (excluding net assets attributable to holders of redeemable shares) (3,711,046) (138,181) (260,984) (427,265) (581,881) (144,678) (38,651) Net Assets attributable to holders of redeemable shares ,815,585 6,958,999 11,119,521 65,381,629 44,298,214 20,038,885 12,899,357 Number of shares outstanding at 31 December A Shares 86, B Shares - 9,662,409 49,451,845 30,939,698 15,615,891 9,797,618 B Shares SGD Hedged ,333 40,424 Net Asset Value per Share at 31 December A Shares B Shares $1.27 $1.31 B Shares SGD Hedged $1.58 $1.64 The accompanying notes form an integral part of these audited financial statements. 26

29 BALANCE SHEET As at 31 December 2013 CGWM CGWM Select Select Global CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Fund Fund Fund Fund Fund Notes GBP USD GBP GBP GBP Assets Financial assets at fair value through profit or loss 6 30,107, ,554,950 7,735,405 1,351,607 8,247,424 Cash deposits 4 4,338,315 16,850, , , ,929 Subscriptions receivable 925, ,924 1,800,000 80, ,000 Securities sold receivable Interest and dividends receivable ,216 4,122 8,908 Sundry debtors 324 2,104 8,451 8,387 8,373 Total Assets 35,371, ,124,188 10,089,192 1,579,803 9,359,634 Liabilities Financial liabilities at fair value through profit or loss 6 - (611) Redemptions payable (29,878) (60,985) (58,482) - - Securities purchased payable (395,000) (2,250,719) Management fee payable (43,813) (158,410) (5,762) (1,027) (6,205) Sundry creditors (41,110) (149,737) (9,489) (4,324) (14,790) Total liabilities (excluding net assets attributable to holders of redeemable shares) (509,801) (2,620,462) (73,733) (5,351) (20,995) Net Assets attributable to holders of redeemable shares 13 34,861, ,503,726 10,015,459 1,574,452 9,338,639 Number of shares outstanding at 31 December A Shares 21,318,347 69,170, B Shares B Shares SGD Hedged - 5,656, D Shares - - 9,771,933 1,585,807 9,127,075 Net Asset Value per Share at 31 December A Shares 1.64 $ B Shares B Shares SGD Hedged - $ D Shares The accompanying notes form an integral part of these audited financial statements. 27

30 INCOME STATEMENT For the year ended 31 December 2014 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Investment Income Notes GBP GBP GBP GBP GBP USD USD Dividend income 3,485, , , , , ,121 Bond interest income 1,491, ,382 53, ,018 62,542 27,636 7,926 Deposit interest 5, ,016 1, Rebate from underlying Collective Investment Schemes 2 29,952-3,053 3,072 1, Net realised gain/(loss) on investments 18,384,463 (141,990) 232,451 3,565,670 2,610, , ,921 Movement in net unrealised gain/(loss) on investments (4,600) 165,534 78, , , ,603 (83,613) Net gain/(loss) on currencies 1,297,604 (30,493) (11) 14,614 (2,824) (36,244) (21,515) 24,690, , ,899 4,644,466 3,391,611 1,428, ,840 Expenses Investment Management fees 11 4,645,358 39, , , , , ,643 Administration fees ,928 7,829 17,954 98,866 67,411 35,595 21,264 General expenses 103,924 4,331 5,211 5,707 5,026 7,452 5,401 Custodian's fees ,644 2,610 5,985 32,955 22,471 11,865 7,088 Transaction costs 11 72,431 3,770 1,310 6,050 5,170 9,270 6,605 Audit fees 11 66, ,751 9,283 6,155 4,730 2,217 Directors' fees 79,808 1,079 2,760 15,106 10,611 5,716 3,562 Setup costs 10, ,685,184 58, ,510 1,156, , , ,780 Operating Profit 19,004, , ,389 3,487,841 2,600, , ,060 Finance costs Income equalisation credit/(charge) 19,367 (12,079) 6,720 5,993 - (7,435) - Bank interest expense (5,810) - - (22) - (1,275) (489) Distributions 12 (2,225,947) (197,313) (356,746) (469,955) Taxation Net withholding tax reclaims/(charge) 108,352-18, ,666 26,713 (18,206) (8,540) Change in net assets attributable to holders of redeemable shares resulting from operations 16,900,803 (102,861) 204,168 3,192,523 2,627, , ,031 The financial statements were approved by the Board of Directors on 20 April 2015 and signed on their behalf by: Brian McDermott, Director Bronwyn Wright, Director Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above. The accompanying notes form an integral part of these audited financial statements. 28

31 INCOME STATEMENT For the year ended 31 December 2014 CGWM CGWM Select Select Global CGWM CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Bond Fund Fund Fund Fund Fund Fund* Investment Income Notes GBP USD GBP GBP GBP GBP Dividend income 293,944 1,140, ,171 54, , ,788 Bond interest income , ,203 Deposit interest Rebate from underlying Collective Investment Schemes 2 8,857 17, ,923 - Net realised gain on investments 2,962,400 12,458, ,518 39,430 71, ,848 Movement in net unrealised gain/(loss) on investments 436,152 (6,826,833) 1,339,400 90, , ,325 Net gain/(loss) on currencies 288,830 1,673,347 (4,318) (1) (2,766) 53,326 3,990,441 8,462,508 1,749, ,258 1,116,551 2,132,490 Expenses Investment Management fees ,257 2,289, ,388 17,306 90, ,444 Administration fees 11 58, ,902 26,698 3,245 17,043 59,196 General expenses 15,188 35,499 8,515 3,048 5,010 22,521 Custodian's fees 11 19,375 76,301 8,899 1,082 5,681 19,732 Transaction costs 11 9,735 21,960 5,606 5,181 4,260 8,369 Audit fees 11 6,434 27,135 5, ,237 13,764 Directors' fees 9,780 37,716 5, ,825 3,536 Setup costs - - 2,110 2,110 2,110 4, ,895 2,716, ,395 32, , ,213 Operating Profit 3,290,546 5,745,973 1,545, , ,489 1,804,277 Finance costs Income equalisation credit/(charge) ,080 9,134 14,138 (35,362) Bank interest expense (885) (6,120) (115) Distributions (178,123) (37,739) (172,816) (813,255) Taxation Net withholding tax reclaims/(charge) (10,256) (45,554) (18,142) (3,095) (13,008) (17,419) Change in net assets attributable to holders of redeemable shares resulting from operations 3,279,452 5,694,647 1,384, , , ,126 *Launched 16 January Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above. The accompanying notes form an integral part of these audited financial statements. 29

32 INCOME STATEMENT For the year ended 31 December 2013 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Investment Income Notes GBP GBP GBP GBP GBP USD USD Dividend income 2,640, , , , ,308 82,531 Bond interest income 1,008, ,828 95, ,071 78,340 76,658 17,729 Deposit interest Rebate from underlying Collective Investment Schemes 2 27,275-2,526 3,072 1, Rebate on Transaction Charge 2 47,679 5,777 5,777 5,777 5,777 9,568 9,568 Net realised gain on investments 10,164, , ,164 3,554,452 3,525, , ,900 Movement in net unrealised gain/(loss) on investments 24,784,641 (664,920) 44,871 2,363,020 2,535,400 1,232,702 1,489,409 Net (loss)/gain on currencies (239,197) 88,082 3 (11,636) (8,264) (29,238) (10,558) 38,434, , ,265 7,016,367 6,705,846 1,967,053 1,961,579 Expenses Investment Management fees 11 3,777,477 82, ,014 1,010, , , ,902 Administration fees ,181 16,548 15, ,083 67,498 25,859 18,390 General expenses 59, ,906 5,835 3,883 1,145 Custodian's fees ,059 5,516 5,034 33,694 22,499 8,619 6,130 Transaction costs 11 58,473 4,395 1,657 8,176 5,989 17,142 8,599 Audit fees 11 56,179 1,516 2,366 13,251 9,109 3,749 2,365 Directors' fees 82,600 2,994 3,263 21,966 14,081 5,186 3,897 Set up costs 10, ,573, , ,892 1,197, , , ,428 Operating Profit 33,860,958 80, ,373 5,818,461 5,905,860 1,644,028 1,737,151 Finance costs Income equalisation credit/(charge) (6,175) (35,503) 10,432 (15,008) (122) 1,144 - Bank interest expense (2,956) (16) (2) (716) (632) (974) (345) Distributions 12 (1,117,229) (512,089) (250,399) (309,278) - (3,290) - Taxation Net withholding tax reclaims/(charge) (157,828) - (16,273) (49,283) (38,631) (9,616) (6,676) Change in net assets attributable to holders of redeemable shares resulting from operations 32,576,770 (467,124) 321,131 5,444,176 5,866,475 1,631,292 1,730,130 Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above. The accompanying notes form an integral part of these audited financial statements. 30

33 INCOME STATEMENT For the year ended 31 December 2013 CGWM CGWM Select Select Global CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Fund Fund Fund Fund Fund Investment Income Notes GBP USD GBP GBP GBP Dividend income 253, ,726 58,221 12, ,644 Bond interest income ,774 12,684 4,977 Deposit interest Rebate from underlying Collective Investment Schemes 2 8,857 17, Rebate on Transaction Charge 2 5,777 9, Net realised gain/(loss) on investments 1,359, ,032 (16,689) (6,436) (6,589) Movement in net unrealised gain on investments 5,299,998 20,387, ,536 18, ,803 Net (loss)/gain on currencies (11,275) (423,972) ,916,679 21,394, ,060 37, ,196 Expenses Investment Management fees ,916 1,526,076 49,897 9,898 56,297 Administration fees 11 48, ,608 9,356 1,856 10,556 General expenses 3,052 40,921 4,866 1,206 5,264 Custodian's fees 11 16,164 50,869 3, ,519 Transaction costs 11 5,605 9,367 3,310 3,420 3,505 Audit fees 11 6,892 24,830 1, ,603 Directors' fees 9,903 32,704 1, ,794 Set up costs - - 3,628 3,628 3, ,024 1,837,375 77,374 21,030 86,166 Operating Profit 6,341,655 19,556, ,686 16, ,030 Finance costs Income equalisation credit/(charge) (82) 47 20,472 2,315 10,561 Bank interest expense - (1,166) - (1) (2) Distributions (17,341) (4,701) (21,320) Taxation Net withholding tax reclaims/(charge) (7,844) (21,344) (5,155) (1,616) (14,996) Change in net assets attributable to holders of redeemable shares resulting from operations 6,333,729 19,534, ,662 12, ,273 Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above. The accompanying notes form an integral part of these audited financial statements. 31

34 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the year ended 31 December 2014 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Notes GBP GBP GBP GBP GBP USD USD Balance at 1 January ,815,585 6,958,999 11,119,521 65,381,629 44,298,214 20,038,885 12,899,357 Change in net assets attributable to holders of redeemable shares resulting from operations 16,900,803 (102,861) 204,168 3,192,523 2,627, , ,031 Foreign exchange adjustment on aggregation 2 8,330,115 Share Transactions Subscriptions during the year 156,644,565 43,537 3,894,005 12,839,720 5,619,824 13,315,724 4,185,318 Redemptions during the year (54,209,120) (2,685,903) (2,259,899) (10,829,855) (5,761,101) (4,808,291) (1,759,281) Net increase/(decrease) in net assets resulting from share transactions 102,435,445 (2,642,366) 1,634,106 2,009,865 (141,277) 8,507,433 2,426,037 Balance at 31 December ,481,948 4,213,772 12,957,795 70,584,017 46,784,302 29,517,669 15,973,425 The accompanying notes form an integral part of these audited financial statements. 32

35 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the year ended 31 December 2014 CGWM CGWM Select Select Global CGWM CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Bond Fund Fund Fund Fund Fund Fund* Notes GBP USD GBP GBP GBP GBP Balance at 1 January ,861, ,503,726 10,015,459 1,574,452 9,338,639 - Change in net assets attributable to holders of redeemable shares resulting from operations 3,279,452 5,694,647 1,384, , , ,126 Share Transactions Subscriptions during the year 9,896,810 60,099,455 13,991,461 1,610,623 4,615,587 57,001,371 Redemptions during the year (4,364,472) (9,424,270) (2,736,545) (314,524) (1,402,381) (14,141,596) Net increase/(decrease) in net assets resulting from share transactions 5,532,338 50,675,185 11,254,916 1,296,099 3,213,206 42,859,775 Balance at 31 December ,673, ,873,558 22,654,717 2,991,169 13,366,648 43,797,901 *Launched 16 January The accompanying notes form an integral part of these audited financial statements. 33

36 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the year ended 31 December 2013 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Notes GBP GBP GBP GBP GBP USD USD Balance at 1 January ,495,552 14,850,731 8,552,650 66,454,469 43,446,296 15,763,202 12,241,617 Change in net assets attributable to holders of redeemable shares resulting from operations 32,576,770 (467,124) 321,131 5,444,176 5,866,475 1,631,292 1,730,130 Foreign exchange adjustment on aggregation 2 (2,952,547) Share Transactions Subscriptions during the year 72,666,381 1,400,313 4,348,224 9,840,195 3,343,216 9,896,751 1,317,744 Redemptions during the year (60,970,571) (8,824,921) (2,102,484) (16,357,211) (8,357,773) (7,252,360) (2,390,134) Net increase/(decrease) in net assets resulting from share transactions 8,743,263 (7,424,608) 2,245,740 (6,517,016) (5,014,557) 2,644,391 (1,072,390) Balance at 31 December ,815,585 6,958,999 11,119,521 65,381,629 44,298,214 20,038,885 12,899,357 The accompanying notes form an integral part of these audited financial statements. 34

37 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the year ended 31 December 2013 CGWM CGWM Select Select Global CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Fund Fund Fund Fund Fund Notes GBP USD GBP GBP GBP Balance at 1 January ,288,654 83,583, , , ,688 Change in net assets attributable to holders of redeemable shares resulting from operations 6,333,729 19,534, ,662 12, ,273 Share Transactions Subscriptions during the year 7,560,545 27,415,667 9,593,783 1,655,415 10,233,895 Redemptions during the year (14,321,107) (4,029,639) (597,125) (272,073) (1,399,217) Net (decrease)/increase in net assets resulting from share transactions (6,760,562) 23,386,028 8,996,658 1,383,342 8,834,678 Balance at 31 December ,861, ,503,726 10,015,459 1,574,452 9,338,639 The accompanying notes form an integral part of these audited financial statements. 35

38 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December GENERAL Canaccord Genuity Investment Funds plc (the Company ) is an open-ended investment company with variable capital structured as an umbrella fund with segregated liability between sub-funds. It was incorporated with limited liability in Ireland on 26 February 2003 and is authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, The Company is structured as an umbrella fund, in that different funds may be established from time to time by the Directors with the prior approval of the Central Bank. As at 31 December 2014 the Funds of the Company were: CGWM Total Return Bond Fund (launched 1 November 2004) CGWM Select Income Fund (launched 26 September 2008) CGWM Select Diversity Fund (launched 26 September 2008) CGWM Select Affinity Fund (launched 26 September 2008) CGWM Select Global Diversity Fund (launched 26 September 2008) CGWM Select Global Affinity Fund (launched 26 September 2008) CGWM Select Opportunity Fund (launched 26 September 2008) CGWM Select Global Opportunity Fund (launched 26 September 2008) CGWM REMAP 4 Fund (launched 19 December 2012) CGWM REMAP 4(i) Fund (launched 19 December 2012) CGWM REMAP 5 Fund (launched 19 December 2012) CGWM Bond Fund (launched 16 January 2014) The Shares in each Fund may be divided into a number of different share classes. The Directors may also add other share classes, which will be notified in advance to the Central Bank. Each Fund will represent a separate portfolio of assets and liabilities, which will be invested in accordance with the investment objectives applicable to each Fund. 2. PRINCIPAL ACCOUNTING POLICIES The significant accounting policies adopted by the Company are as follows: Basis of Preparation The financial statements have been prepared on a going concern basis and under the historical cost convention, adjusted to take account of the revaluation of investments to fair value, and in accordance with accounting standards generally accepted in Ireland and Irish Statute comprising the Companies Acts, 1963 to 2013 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Financial Reporting Council. The presentation currency of the Company is Sterling, which is denoted by the symbol GBP. In arriving at the results for the year, all amounts in the Income Statement on pages 28 and 29 relate to continuing activities. The format and certain wording of the financial statements have been adapted from those contained in the Companies (Amendment) Act, 1986, so that, in the opinion of the Directors they more appropriately reflect the nature of the Company s business as an investment fund. Cash Flow Statement The Company has availed of the exemption available to open-ended investment funds under FRS 1 not to prepare a cash flow statement. Forward Foreign Currency Contracts Forward foreign currency contracts are valued at the forward rate at the closing date through the residual term of the contracts. Realised and unrealised gains and losses resulting from forward foreign currency contracts are recognised in the Income Statement. Futures Contracts The value of futures contracts traded on an exchange are valued at the latest closing prices as published by the relevant exchange or clearing house. Where any such instruments are traded over the counter they shall be valued by reference to the values provided by the counterparties or in such other manner as may be determined by the Directors to reflect the true value thereof. 36

39 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December PRINCIPAL ACCOUNTING POLICIES (continued) Income Investment income is reported gross of irrecoverable withholding tax. Dividends are recognised as income on the dates the securities are first quoted ex-dividend. In certain situations dividends are accounted for on a cash receipts basis where this is more appropriate. Bond interest is accounted for on an effective interest basis. Deposit interest and other income are accounted for on an accruals basis. Operating Expenses The Company is responsible for all normal operating expenses including audit fees, stamp and other duties and charges incurred on the acquisition and realisation of investments. Financial assets and financial liabilities at fair value through profit or loss (a) Classification In accordance with FRS 29 Financial Instruments: Recognition and Measurement, all investments are classified as financial assets and liabilities at fair value through profit or loss. This category has two sub-categories: financial assets or financial liabilities held for trading; and those designated at fair value through profit or loss at inception. (i) Financial assets and financial liabilities held for trading Financial assets or financial liabilities held for trading are those acquired or incurred principally for the purposes of selling or repurchasing in the short term, or if on initial recognition are part of a portfolio of identifiable financial investments that are managed together and for which there is evidence of a recent actual pattern of short-term profit taking. Derivatives are categorised as held for trading. (ii) Financial assets and financial liabilities designated at fair value through profit or loss at inception The Company classifies its investments in equity securities, bonds and collective investment schemes, as financial assets or financial liabilities at fair value through profit or loss at inception. Financial assets and financial liabilities designated at fair value through profit or loss at inception are those that are managed and their performance evaluated on a fair value basis in accordance with the Company s documented investment strategy. The Company s policy is for the Investment Managers and the Board of Directors to evaluate the information about these financial assets on a fair value basis together with other related financial information. (b) Recognition/derecognition Purchases and sales of investments are recognised on the trade date the date on which the Company commits to purchase or sell the investment. Investments are derecognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership. (c) Measurement Financial assets and financial liabilities at fair value through profit or loss are initially recognised at fair value. After initial measurement the Company measures financial instruments which are classified as at fair value through profit or loss at fair value. Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm's length transaction. The fair value of financial instruments is based on their quoted market prices on a recognised exchange or sourced from a reputable broker/counterparty in the case of nonexchange traded instruments, at the balance sheet date without any deduction for estimated future selling costs. Financial assets are priced at their current bid prices, while financial liabilities are priced at their current offer prices. If a quoted market price is not available on a recognised stock exchange or from a broker/counterparty, the fair value of the financial instruments may be estimated by a competent person using valuation techniques, including use of recent arm's length market transactions and reference to the current fair value of another instrument that is substantially the same, discounted cash flow techniques, option pricing models or any other valuation technique that provides a reliable estimate of prices obtained in actual market transactions. Subsequent changes in the fair value of financial instruments are recorded in Net realised and unrealised gains and losses on financial assets and liabilities at fair value through profit or loss. 37

40 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December PRINCIPAL ACCOUNTING POLICIES (continued) Financial assets and financial liabilities at fair value through profit or loss (continued) (c) Measurement (continued) The Company invests in both exchange traded and non exchange traded collective investment schemes. The quoted market price used for exchange traded collective investments schemes is the current bid price. For non exchange traded collective investment schemes, the fair value of the investments in collective investment schemes is valued based on the latest available published unaudited net asset value. The net asset values at 31 December 2014 of the collective investment schemes may subsequently be adjusted when audited Financial Statements for the collective investment schemes become available. The Board of Directors will consider from time to time other factors that may have an impact on the Net Asset Value per share of the collective investment schemes and may consider adjusting its price to reflect a more appropriate fair value of a collective investment scheme. FRS 29 Financial Instruments: Disclosures ( FRS 29 ) established a fair value hierarchy for the inputs used in valuation models and techniques used to measure fair value. Asset and liabilities measured at fair value are classified into one of the following categories: Level I Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. The type of investment which would generally be included would include equities, certain collective investment schemes and derivatives listed on a securities exchange. Level II Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly (including quoted prices for similar investments in active markets, interest rates and yield curves, credit risk, etc.). The type of investments which would generally be included in this category would include corporate bonds, certain collective investment schemes, bank debt and certain over-the-counter derivatives. Level III Price or valuations that require inputs that are both significant to the fair value measurement and unobservable (including the Investment Managers own assumptions and assumptions used by the Board of Directors about what market participants would use in determining the fair value of investments). The type of investments which would generally be included in this category would include private or debt securities issued by private entities. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Functional currency Items included in the Company s financial statements are measured using the currency of the primary economic environment in which it operates (the functional currency ). The functional currency for each Fund is Sterling with the exception of CGWM Select Global Diversity Fund, CGWM Select Global Affinity Fund and CGWM Select Global Opportunity Fund where the functional currency is the US Dollar. To calculate the total Company figures, US Dollar assets and liabilities in the financial statements have been translated to Sterling at the average rate of exchange for the year ended 31 December 2014 on the Income Statement and at the year end rate on the Balance Sheet. The notional exchange adjustment arising from the translation of the opening net assets is shown in the Statement of Changes in Net Assets attributable to holders of redeemable shares. The method of translation has no effect on the Net Asset Value per share attributable to the individual Funds. Foreign Currencies Transactions which occurred during the period are translated into the functional currency of the Fund at the exchange rate prevailing on the transaction date. Assets and liabilities in foreign currencies are translated into the Fund s functional currency at exchange rates prevailing at the balance sheet date. Resulting gains or losses are reported in the Income Statement. Cash Cash includes cash in hand, broker cash and deposits held at call with banks and bank overdrafts. Transaction Costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability. Transaction costs on the purchase and sale of bonds, forwards, swaps and futures are included in the purchase and sale price of the investment. Transaction costs shown separately on the Income Statement comprise of fees and agent charges by the custodian or any sub-custodian. 38

41 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December PRINCIPAL ACCOUNTING POLICIES (continued) Financial assets and financial liabilities at fair value through profit or loss (continued) (c) Measurement (continued) Offsetting financial assets and financial liabilities Financial assets and financial liabilities are offset when a current legal right of offset exists and there is intent to realise the asset and settle the liability simultaneously or on a net basis. Income Equalisation Income equalisation is a process by which accrued income included in the price of shares purchased and redeemed during the accounting year is reported to Shareholders. The subscription price of Shares is deemed to include an equalisation payment calculated by reference to the accrued income of the relevant Fund and the first distribution in respect of any Share will include a payment of income usually equal to or greater than the amount of such equalisation payment. The redemption price of each Share will also include an equalisation payment in respect of the accrued income of the relevant Fund up to the date of redemption. Income equalisation is classified as finance costs in the Profit and Loss Account. Redeemable Participating Shares Redeemable participating shares are redeemable at the shareholder s option and are classified as financial liabilities. The income distributed on these shares is recognised in the Income Statement as a finance cost. Net asset value per redeemable participating share The net asset value per redeemable participating share disclosed on the face of the Balance Sheet is calculated in accordance with the Articles of Association and the Prospectus by dividing the net assets included in the Balance Sheet, by the number of redeemable participating shares outstanding at year end. Distributions For CGWM Select Affinity Fund, CGWM Select Global Affinity Fund, CGWM Select Opportunity Fund and CGWM Select Global Opportunity Fund, it is the intention of the Directors to distribute income on an annual basis. Distributions will be declared based on the NAV of the last business day of December. Distributions will be paid within one month of the declaration date. To date, none of the aforementioned funds have made any distributions. For the CGWM Total Return Bond Fund, CGWM Select Diversity Fund, CGWM Select Global Diversity Fund, CGWM REMAP 4 Fund, CGWM REMAP 4(i) Fund and CGWM REMAP 5 Fund, the Directors have discretion to distribute any income on a semi-annual basis. Distributions will be declared on the last Business Day in June and December each year. Distributions will be paid within one month of the declaration date. CGWM Select Global Diversity Fund did not make any distributions in the current year. For CGWM Select Income Fund and CGWM Bond Fund, it is the intention of the Directors to distribute income on a quarterly basis. Distributions will be declared in March, June, September and December of each year and paid within one month of the declaration date. The United Kingdom HM Revenue and Customs ( HMRC ) has confirmed that the Company and each of its Funds is in the UK Reporting Fund Regime from 1 January 2011 onwards. All required submissions for Reporting Status for the year ended 31 December 2014 will be made within the required timeframe. Rebate from underlying Collective Investment Schemes The Investment Managers have entered into a number of arrangements with the investment managers of the Collective Investment Schemes where the relevant Funds receive a rebate of some of the management fees charged in the Collective Investment Schemes. This rebate is received by the Investment Managers monthly, quarterly or on a yearly basis depending on the arrangement that is in place and is paid across to the Funds periodically throughout the year. In the year ended 31 December 2014, the Funds received a total rebate of GBP29,952 (2013: GBP27,275). Rebate on Transaction Charge In the prior year ended 31 December 2013, there was a repayment of overcharged transaction fees of GBP47,679 made by the Custodian in relation to the administration involved in processing invoice payments incurred between 2008 and

42 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December RELATED PARTY DISCLOSURES The Company has entered into an Investment Management Agreement and a Marketing and Distribution Agreement with both Canaccord Genuity Wealth (International) Limited and Canaccord Genuity Wealth Limited the latter of which Collette Wisener-Keating is an employee. It has also entered into a Marketing and Distribution Agreement with Canaccord Genuity Limited. Mr John Renouf held 1, (2013: 1,234.94) shares in the CGWM Total Return Bond Fund at the year end date. Brian McDermott is a Partner in A&L Goodbody, who are the Irish Legal Advisers of the Company. Fees of EUR46,497 (2013: EUR78,668) were paid to A&L Goodbody during the year. Brian McDermott is also a Director of A&L Listing, the Sponsoring Broker to the Company. Fees of EUR2,460 (2013: EUR2,460) were paid to A&L Listing during the year. All fees received by the Investment Managers are disclosed separately in the Income Statement on pages 28 and 29. The amounts due to the Investment Managers are disclosed on the face of the Balance Sheet and the rate of Investment Management fee is disclosed in Note CASH DEPOSITS At 31 December 2014, the Company held cash of GBP27,546,939 (2013: GBP24,030,412) with Northern Trust Company, London Branch (NTC) and GBP102,703 (2013: GBP125,370) with ADM Investor Services International Limited (Broker). NTC is a wholly owned subsidiary of Northern Trust Corporation. As at 31 December 2014, Northern Trust Corporation had a long term rating from Standard & Poor s of A+ (2013: A+). ADM Investor Services International Limited has a credit rating of A from Standard and Poors (2013: A). 5. SHARE CAPITAL The authorised share capital of the Company is 500,000,000,000 shares of no par value initially designated as unclassified shares available for issue as shares; the issued subscriber share capital of the Company is GBP7 represented by 7 subscriber shares (issued for the purposes of the incorporation of the Company). One share is held by Canaccord Genuity Wealth (International) Limited and the other 6 are held by Forest Nominees Limited. At the discretion of the Directors, the subscriber shares may be repurchased at their issue price. CGWM Total Return Bond Fund CGWM Select Income Fund A Shares B Shares GBP Shares GBP Shares GBP Shares GBP Shares Opening shares in issue 86, ,736 9,662,409 7,683,796 Subscriptions during the year ,196 3,374,937 3,824,652 Redemptions during the year (33,912) (110,216) (1,956,127) (1,846,039) Closing shares in issue 53,351 86,716 11,081,219 9,662,409 CGWM Select Diversity Fund CGWM Select Affinity Fund B Shares B Shares GBP Shares GBP Shares GBP Shares GBP Shares Opening shares in issue 49,451,845 54,533,786 30,939,698 34,601,199 Subscriptions during the year 9,568,306 7,685,581 3,858,123 2,443,411 Redemptions during the year (8,093,820) (12,767,522) (3,943,651) (6,104,912) Closing shares in issue 50,926,331 49,451,845 30,854,170 30,939,698 CGWM Select Global Diversity Fund CGWM Select Global Diversity Fund B Shares B Shares USD Shares USD Shares SGD Hedged Shares SGD Hedged Shares Opening shares in issue 15,615,891 13,587, ,333 19,580 Subscriptions during the year 9,565,084 8,019, , ,519 Redemptions during the year (3,586,615) (5,990,607) (113,727) (97,766) Closing shares in issue 21,594,360 15,615, , ,333 40

43 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December SHARE CAPITAL (continued) The movement in the number of redeemable participating shares was as follows: CGWM Select Global Diversity Fund T Shares CGWM Select Global Affinity Fund B Shares GBP Hedged Shares GBP Hedged Shares USD Shares USD Shares Opening shares in issue - - 9,797,618 10,742,781 Subscriptions during the year 198,384-2,923,483 1,045,381 Redemptions during the year - - (1,304,188) (1,990,544) Closing shares in issue 198,384-11,416,913 9,797,618 CGWM Select Global Affinity Fund CGWM Select Global Affinity Fund B Shares T Shares SGD Hedged Shares SGD Hedged Shares GBP Hedged Shares GBP Hedged Shares Opening shares in issue 40,424 13, Subscriptions during the year 44,299 26, ,618 - Redemptions during the year (10,968) Closing shares in issue 73,755 40, ,618 - CGWM Select Opportunity Fund CGWM Select Global Opportunity Fund A Shares A Shares GBP Shares GBP Shares USD Shares USD Shares Opening shares in issue 21,318,347 26,105,497 69,170,786 57,147,267 Subscriptions during the year 5,862,629 4,893,542 31,432,498 14,064,979 Redemptions during the year (2,594,005) (9,680,692) (4,840,404) (2,041,460) Closing shares in issue 24,586,971 21,318,347 95,762,880 69,170,786 CGWM Select Global Opportunity Fund CGWM Select Global Opportunity Fund B Shares T Shares SGD Hedged Shares SGD Hedged Shares GBP Hedged Shares GBP Hedged Shares Opening shares in issue 5,656,937 2,613, Subscriptions during the year 3,260,025 3,641,101 19,231 - Redemptions during the year (640,884) (597,798) - - Closing shares in issue 8,276,078 5,656,937 19,231 - CGWM REMAP 4 Fund CGWM REMAP 4(i) Fund D Shares D Shares GBP Shares GBP Shares GBP Shares GBP Shares Opening shares in issue 9,771, ,400 1,585, ,500 Subscriptions during the year 13,642,568 9,522,844 1,606,374 1,682,872 Redemptions during the year (2,615,623) (593,311) (315,870) (276,565) Closing shares in issue 20,798,878 9,771,933 2,876,311 1,585,807 41

44 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December SHARE CAPITAL (continued) CGWM REMAP 5 Fund CGWM Bond Fund D Shares A Shares GBP Shares GBP Shares GBP Shares GBP Shares Opening shares in issue 9,127, , Subscriptions during the year 4,463,400 10,291, ,889 - Redemptions during the year (1,358,558) (1,400,606) (140,876) - Closing shares in issue 12,231,917 9,127, ,013 - CGWM Bond Fund A Shares USD Hedged Shares USD Hedged Shares Opening shares in issue - - Subscriptions during the year 6,508 - Redemptions during the year - - Closing shares in issue 6, FINANCIAL RISK MANAGEMENT Global Exposure For the CGWM Total Return Bond Fund and the CGWM Bond Fund, the method used to calculate global exposure is the commitment approach. For all other Funds, with the exception of immaterial foreign currency exchange contracts, no financial derivative instruments are used and therefore there is no global exposure to note. Strategy in Using Financial Instruments The Funds are indirectly exposed to the inherent risks by virtue of the Funds investments in underlying collective investment schemes. The Funds are exposed to a variety of financial risks in pursuing their stated investment objective and policy. These risks include market risk (which in turn includes but not limited to, currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Funds take exposure to a certain amount of these risks to generate investment returns on a portfolio, although these risks can also potentially result in a reduction in a Fund s net assets. Each Investment Manager uses their best endeavours to minimise the potentially adverse effects of these risks to a Fund s performance where they can do so while still managing the investments of each Fund in a way that is consistent with each Fund s investment objective and policy. The risks, and the measures adopted by the Funds for managing these risks, are detailed below. Market Price Risk Market price risk is defined in FRS 29 as the risk that the fair value of a financial instrument or its future cash flows will fluctuate because of changes in market prices. The values of certain securities held by the Funds are determined by market forces and there is accordingly a risk that market prices can change in a way that is adverse to a Fund s performance. The Funds have adopted a number of investment restrictions which are set out in the prospectus which limit the exposure of the Fund to adverse changes in the price of any individual financial asset. In accordance with the Funds policies, the Investment Managers monitor the Funds positions on a daily basis and report regularly to the Board of Directors. For the purposes of valuing underlying collective investment schemes, the Funds do not independently calculate these prices but rely on third party pricing sources. The maximum risk arising from an investment in a financial instrument is determined by the fair value of the financial instruments, except for short positions in derivatives and securities where the loss may potentially be unlimited. 42

45 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Market Price Risk (continued) At 31 December 2014 the overall market exposures were as follows: 31 December 2014 CGWM CGWM Total CGWM CGWM CGWM Select Return Select Select Select Global Bond Income Diversity Affinity Diversity Fund Fund Fund Fund Fund Financial instruments designated at fair value through profit or loss GBP GBP GBP GBP USD Debt securities 4,054,238 1,621,542 5,303,268 1,278,386 1,290,751 Futures (58,600) Currency contracts (20,112) (3,487) Collective Investment Schemes - 10,017,904 62,928,592 45,169,830 27,246,277 Total 3,975,526 11,639,446 68,231,860 46,448,216 28,533,541 CGWM CGWM Select CGWM Select Global Select Global CGWM CGWM Affinity Opportunity Opportunity REMAP 4 REMAP 4(i) Fund Fund Fund Fund Fund Financial instruments designated at fair value through profit or loss USD GBP USD GBP GBP Debt securities 334, ,056,597 - Currency contracts (867) 83, , Collective Investment Schemes 15,136,714 38,984, ,165,065 16,158,357 2,817,117 Total 15,470,022 39,067, ,624,887 19,214,954 2,817,117 CGWM CGWM REMAP 5 Bond Fund Fund Financial instruments designated at GBP GBP fair value through profit or loss Debt securities - 29,566,909 Currency contracts - (285,375) Collective Investment Schemes 11,028,294 12,718,123 Total 11,028,294 41,999,657 43

46 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Market Price Risk (continued) At 31 December 2013 the overall market exposures were as follows: 31 December 2013 CGWM CGWM Total CGWM CGWM CGWM Select Return Select Select Select Global Bond Income Diversity Affinity Diversity Fund Fund Fund Fund Fund Financial instruments designated at fair value through profit or loss GBP GBP GBP GBP USD Debt securities 6,422,995 1,509,932 9,703,823 2,983,816 1,743,487 Futures 57, Currency contracts 42, Collective Investment Schemes - 8,752,831 52,686,002 39,774,714 16,429,393 Total 6,523,395 10,262,763 62,389,825 42,758,530 18,173,634 CGWM CGWM Select CGWM Select Global Select Global CGWM CGWM Affinity Opportunity Opportunity REMAP 4 REMAP 4(i) Fund Fund Fund Fund Fund Financial instruments designated at fair value through profit or loss USD GBP USD GBP GBP Debt securities 487, ,130, ,642 Currency contracts , Collective Investment Schemes 11,398,566 30,107, ,521,903 5,604,830 1,062,965 Total 11,885,983 30,107, ,554,339 7,735,405 1,351,607 CGWM REMAP 5 Fund 2013 Financial instruments designated at GBP fair value through profit or loss Debt securities - Currency contracts - Collective Investment Schemes 8,247,424 Total 8,247,424 At 31 December 2014, the Funds market price risk was affected by three main components: changes in market prices, interest rates and currency exchange rates. FRS 29 requires a sensitivity analysis showing how the net asset value of each Fund would be affected by changes in each of these factors. If the price of each of the Collective Investment Schemes to which the Funds have exposure at 31 December 2014 had increased or decreased by 1% with all other variables held constant, this would have increased or decreased net assets attributable to holders of redeemable participating shares and the change in net assets from operations for the year of the Funds by: CGWM CGWM CGWM CGWM CGWM CGWM Select Select CGWM Select Select Select Select Global Global Select Global Income Diversity Affinity Diversity Affinity Opportunity Opportunity Fund Fund Fund Fund Fund Fund Fund December 2014 GBP GBP GBP USD USD GBP USD Effect of +1% change 100, , , , , ,841 1,631,651 Effect of -1% change (100,179) (629,286) (451,698) (272,463) (151,367) (389,841) (1,631,651) 44

47 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Market Price Risk (continued) CGWM CGWM CGWM CGWM REMAP 4 REMAP 4(i) REMAP 5 Bond Fund Fund Fund Fund December 2014 GBP GBP GBP GBP Effect of +1% change 161,584 28, , ,181 Effect of -1% change (161,584) (28,171) (110,283) (127,181) If the price of each of the Collective Investment Schemes to which the Funds have exposure at 31 December 2013 had increased or decreased by 1% with all other variables held constant, this would have increased or decreased net assets attributable to holders of redeemable participating shares and the change in net assets from operations for the year of the Funds by: CGWM CGWM CGWM CGWM CGWM CGWM Select Select CGWM Select Select Select Select Global Global Select Global Income Diversity Affinity Diversity Affinity Opportunity Opportunity Fund Fund Fund Fund Fund Fund Fund December 2013 GBP GBP GBP USD USD GBP USD Effect of +1% change 87, , , , , ,079 1,115,219 Effect of -1% change (87,528) (526,860) (397,747) (164,294) (113,986) (301,079) (1,115,219) CGWM CGWM CGWM REMAP 4 REMAP 4(i) REMAP 5 Fund Fund Fund December 2013 GBP GBP GBP Effect of +1% change 56,048 10,630 82,474 Effect of -1% change (56,048) (10,630) (82,474) The remaining Funds have no exposure to Collective Investment Schemes at 31 December 2014 and Currency Risk Currency risk is defined in FRS 29 as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Funds are exposed to currency risk as assets and liabilities of a Fund may be denominated in a currency other than the functional currency of the Fund. Monetary assets include cash with non-monetary assets being all remaining assets. The currency risk exposure of the Funds, net of hedging at 31 December 2014 and at 31 December 2013 is detailed in the table below. The CGWM Select Income Fund, CGWM REMAP 4 Fund, CGWM REMAP 4(i) Fund and the CGWM REMAP 5 Fund were not exposed to currency risk at 31 December 2014 and 31 December CGWM Total Return Bond Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total GBP GBP GBP GBP GBP GBP US Dollar 239, , , ,182 Australian Dollar - 216, ,013 Canadian Dollar 2, , , ,599 New Zealand Dollar - 235, ,136 Euro - 16, ,266 45

48 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued) CGWM Select Diversity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total GBP GBP GBP GBP GBP GBP Euro US Dollar 7,984, , ,984, ,154 CGWM Select Affinity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total GBP GBP GBP GBP GBP GBP US dollar 5,154, , ,154, ,676 CGWM Select Global Diversity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total USD USD USD USD USD USD British pound 7,082,674 7,704,640 39,447 59,635 7,122,121 7,764,275 Euro Japanese yen 427, , , ,766 Singapore Dollar - (2) (1) (1) (1) (3) CGWM Select Global Affinity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) USD USD USD USD USD USD British pound 4,979,390 6,166,220 26,234 36,107 5,005,624 6,202,327 Japanese yen 191, , , ,728 CGWM Select Opportunity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) GBP GBP GBP GBP GBP GBP Euro (4,116,263) (4,116,263) - US Dollar 4,390, ,326 (75,763) 1,273 4,314, ,599 CGWM Select Global Opportunity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total USD USD USD USD USD USD Euro (16,948,055) (16,948,055) - British pound 78,226,562 49,532, , ,434 78,481,905 50,073,256 Singapore Dollar - (35) (86) (112) (86) (147) Total Total 46

49 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued) CGWM REMAP 4 Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total GBP GBP GBP GBP GBP GBP US Dollar 1,910, ,910,857 - CGWM REMAP 5 Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total GBP GBP GBP GBP GBP GBP US Dollar 1,099, ,099,922 - CGWM Bond Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total GBP GBP GBP GBP GBP GBP Euro US Dollar (361,494) (361,494) - Chinese Yuan 2,772, ,772,421 - The fluctuations in the rate of exchange between the currency in which the asset or liability is denominated and the functional currency could result in an appreciation or depreciation in the fair value of that asset. The Investment Managers may attempt to mitigate this risk by using financial derivative instruments. In accordance with the Funds policy, the Investment Managers monitor currency exposures and report regularly to the Board of Directors. If the exchange rate of each of the currencies to which the Funds had exposure at 31 December 2014 and at 31 December 2013 had increased by 1% with all other variables held constant, this would have increased net assets attributable to holders of redeemable shares as follows: CGWM Total Return Bond Fund Net Assets Effect of Net Assets Effect of GBP 1% change GBP 1% change 2014 GBP 2013 GBP US Dollar 239,164 2, ,182 2,502 Australian Dollar ,013 2,160 Canadian Dollar 2, ,599 2,106 New Zealand Dollar ,136 2,351 Euro , ,328 2, ,196 9,282 CGWM Select Diversity Fund Net Assets Effect of Net Assets Effect of GBP 1% change GBP 1% change 2014 GBP 2013 GBP Euro US Dollar 7,984,216 79, ,154 9,732 7,984,216 79, ,155 9,732 CGWM Select Affinity Fund Net Assets Effect of Net Assets Effect of GBP 1% change GBP 1% change 2014 GBP 2013 GBP US Dollar 5,154,115 51, ,676 8,957 5,154,115 51, ,676 8,957 47

50 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued) Net Assets Effect of Net Assets Effect of CGWM Select Global Diversity Fund USD 1% change USD 1% change 2014 USD 2013 USD British Pound 7,122,121 71,221 7,764,275 77,643 Euro Japanese yen 427,947 4, ,766 2,998 Singapore Dollar (1) - (3) - 7,550,067 75,500 8,064,040 80,641 Net Assets Effect of Net Assets Effect of CGWM Select Global Affinity Fund USD 1% change USD 1% change 2014 USD 2013 USD British Pound 5,005,624 50,056 6,202,327 62,023 Japanese yen 191,980 1, ,728 1,687 5,197,604 51,976 6,371,055 63,710 Net Assets Effect of Net Assets Effect of CGWM Select Opportunity Fund GBP 1% change GBP 1% change 2014 GBP 2013 GBP Euro (4,116,263) (41,163) - - US Dollar 4,314,436 43, ,599 6, ,173 1, ,599 6,456 Net Assets Effect of Net Assets Effect of CGWM Select Global Opportunity Fund USD 1% change USD 1% change 2014 USD 2013 USD Euro (16,948,055) (169,481) - - British pound 78,481, ,819 50,073, ,733 Singapore Dollar (86) (1) (147) (1) 61,533, ,337 50,073, ,732 Net Assets Effect of Net Assets Effect of CGWM REMAP 4 Fund USD 1% change USD 1% change 2014 USD 2013 USD US Dollar 1,910,857 19, ,910,857 19, Net Assets Effect of Net Assets Effect of CGWM REMAP 5 Fund GBP 1% change GBP 1% change 2014 GBP 2013 GBP US Dollar 1,099,922 10, ,099,922 10, Net Assets Effect of Net Assets Effect of CGWM Bond Fund GBP 1% change GBP 1% change 2014 GBP 2013 GBP Euro US Dollar (361,494) (3,615) - - Chinese Yuan 2,772,421 27, ,411,904 24, A decrease in exchange rates by 1% would have an equal but opposite effect. 48

51 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk All of the Funds have interest-bearing financial assets and liabilities. As a result, they are subject to the risk of potentially adverse movements in the prevailing levels of market interest rates. The Investment Managers may from time to time enter into contracts on behalf of the Funds that seek to mitigate the effects of these movements. In accordance with the Funds policy, the Investment Managers monitor the Funds interest rate exposures on a daily basis and reports regularly to the Board of Directors. As at 31 December 2014 CGWM Total Return Bond Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss - - 4,054,238 8,735 4,062,973 Other receivables and prepayments ,500 77,500 Cash at bank 169, ,789 Total Assets 169,789-4,054,238 86,235 4,310,262 Liabilities Financial Liabilities at fair value through profit or loss (87,447) (87,447) Other payables and accrued expenses (9,043) (9,043) Total Liabilities (excluding net assets attributable to Shareholders) (96,490) (96,490) Net Assets 169,789-4,054,238 (10,255) 4,213,772 CGWM Select Income Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss - - 1,621,542 10,017,904 11,639,446 Other receivables and prepayments , ,160 Cash at bank 1,153, ,153,191 Total Assets 1,153,191-1,621,542 10,211,064 12,985,797 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (28,002) (28,002) Total Liabilities (excluding net assets attributable to Shareholders) (28,002) (28,002) Net Assets 1,153,191-1,621,542 10,183,062 12,957,795 CGWM Select Diversity Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss - - 5,303,268 62,928,592 68,231,860 Other receivables and prepayments , ,175 Cash at bank 2,254, ,254,248 Total Assets 2,254,248-5,303,268 63,337,767 70,895,283 Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses (311,266) (311,266) Total Liabilities (excluding net assets attributable to Shareholders) (311,266) (311,266) Net Assets 2,254,248-5,303,268 63,026,501 70,584,017 49

52 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) CGWM Select Affinity Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss - - 1,278,386 45,169,830 46,448,216 Other receivables and prepayments , ,419 Cash at bank 364, ,699 Total Assets 364,699-1,278,386 45,278,249 46,921,334 Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses (137,032) (137,032) Total Liabilities (excluding net assets attributable to Shareholders) (137,032) (137,032) Net Assets 364,699-1,278,386 45,141,217 46,784,302 CGWM Select Global Diversity Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets USD USD USD USD USD Financial assets at fair value through profit or loss - - 1,290,751 27,246,365 28,537,116 Other receivables and prepayments , ,581 Cash at bank 1,160, ,160,347 Total Assets 1,160,347-1,290,751 27,411,946 29,863,044 Liabilities Financial assets at fair value through profit or loss (3,575) (3,575) Other payables and accrued expenses (341,800) (341,800) Total Liabilities (excluding net assets attributable to Shareholders) (345,375) (345,375) Net Assets 1,160,347-1,290,751 27,066,571 29,517,669 CGWM Select Global Affinity Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets USD USD USD USD USD Financial assets at fair value through profit or loss ,175 15,136,714 15,470,889 Other receivables and prepayments ,321 21,321 Cash at bank 645, ,499 Total Assets 645, ,175 15,158,035 16,137,709 Liabilities Financial assets at fair value through profit or loss (867) (867) Other payables and accrued expenses (163,417) (163,417) Total Liabilities (excluding net assets attributable to Shareholders) (164,284) (164,284) Net Assets 645, ,175 14,993,751 15,973,425 50

53 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) CGWM Select Opportunity Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss ,067,329 39,067,329 Other receivables and prepayments , ,076 Cash at bank 4,504, ,504,107 Total Assets 4,504, ,264,405 43,768,512 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (94,901) (94,901) Total Liabilities (excluding net assets attributable to Shareholders) (94,901) (94,901) Net Assets 4,504, ,169,504 43,673,611 CGWM Select Global Opportunity Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets USD USD USD USD USD Financial assets at fair value through profit or loss ,686, ,686,431 Other receivables and prepayments ,147,147 2,147,147 Cash at bank 17,467, ,467,888 Total Assets 17,467, ,833, ,301,466 Liabilities Financial Liabilities at fair value through profit or loss (61,544) (61,544) Other payables and accrued expenses (366,364) (366,364) Total Liabilities (excluding net assets attributable to Shareholders) (427,908) (427,908) Net Assets 17,467, ,405, ,873,558 CGWM REMAP 4 Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss - - 3,056,597 16,158,357 19,214,954 Other receivables and prepayments , ,563 Cash at bank 3,292, ,292,139 Total Assets 3,292,139-3,056,597 16,337,920 22,686,656 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (31,939) (31,939) Total Liabilities (excluding net assets attributable to Shareholders) (31,939) (31,939) Net Assets 3,292,139-3,056,597 16,305,981 22,654,717 51

54 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) CGWM REMAP 4(i) Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss ,817,117 2,817,117 Other receivables and prepayments ,442 12,442 Cash at bank 167, ,268 Total Assets 167, ,829,559 2,996,827 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (5,658) (5,658) Total Liabilities (excluding net assets attributable to Shareholders) (5,658) (5,658) Net Assets 167, ,823,901 2,991,169 CGWM REMAP 5 Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss ,028,294 11,028,294 Other receivables and prepayments ,007 22,007 Cash at bank 2,379, ,379,683 Total Assets 2,379, ,050,301 13,429,984 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (63,336) (63,336) Total Liabilities (excluding net assets attributable to Shareholders) (63,336) (63,336) Net Assets 2,379, ,986,965 13,366,648 CGWM Bond Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss ,566,909 12,989,644 42,556,553 Other receivables and prepayments , ,858 Cash at bank 1,003, ,003,617 Total Assets 1,003,617-29,566,909 13,839,502 44,410,028 Liabilities Financial Liabilities at fair value through profit or loss (556,896) (556,896) Other payables and accrued expenses (55,231) (55,231) Total Liabilities (excluding net assets attributable to Shareholders) (612,127) (612,127) Net Assets 1,003,617-29,566,909 13,227,375 43,797,901 52

55 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) As at 31 December 2013 CGWM Total Return Bond Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss - - 6,422, ,659 6,534,654 Other receivables and prepayments , ,538 Cash at bank 423, ,988 Total Assets 423,988-6,422, ,197 7,097,180 Liabilities Financial Liabilities at fair value through profit or loss (11,259) (11,259) Other payables and accrued expenses (126,922) (126,922) Total Liabilities (excluding net assets attributable to Shareholders) (138,181) (138,181) Net Assets 423,988-6,422, ,016 6,958,999 CGWM Select Income Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss - - 1,509,932 8,752,831 10,262,763 Other receivables and prepayments , ,122 Cash at bank 852, ,620 Total Assets 852,620-1,509,932 9,017,953 11,380,505 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (260,984) (260,984) Total Liabilities (excluding net assets attributable to Shareholders) (260,984) (260,984) Net Assets 852,620-1,509,932 8,756,969 11,119,521 CGWM Select Diversity Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss - - 9,703,823 52,686,002 62,389,825 Other receivables and prepayments , ,441 Cash at bank 2,956, ,956,628 Total Assets 2,956,628-9,703,823 53,148,443 65,808,894 Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses (427,265) (427,265) Total Liabilities (excluding net assets attributable to Shareholders) (427,265) (427,265) Net Assets 2,956,628-9,703,823 52,721,178 65,381,629 53

56 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) CGWM Select Affinity Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss - - 2,983,816 39,774,714 42,758,530 Other receivables and prepayments ,248 48,248 Cash at bank 2,073, ,073,317 Total Assets 2,073,317-2,983,816 39,822,962 44,880,095 Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses (581,881) (581,881) Total Liabilities (excluding net assets attributable to Shareholders) (581,881) (581,881) Net Assets 2,073,317-2,983,816 39,241,081 44,298,214 CGWM Select Global Diversity Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets USD USD USD USD USD Financial assets at fair value through profit or loss - - 1,743,487 16,430,147 18,173,634 Other receivables and prepayments ,307 70,307 Cash at bank 1,939, ,939,622 Total Assets 1,939,622-1,743,487 16,500,454 20,183,563 Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses (144,678) (144,678) Total Liabilities (excluding net assets attributable to Shareholders) (144,678) (144,678) Net Assets 1,939,622-1,743,487 16,355,776 20,038,885 CGWM Select Global Affinity Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets USD USD USD USD USD Financial assets at fair value through profit or loss ,263 11,398,720 11,885,983 Other receivables and prepayments , ,875 Cash at bank 923, ,150 Total Assets 923, ,263 11,527,595 12,938,008 Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses (38,651) (38,651) Total Liabilities (excluding net assets attributable to Shareholders) (38,651) (38,651) Net Assets 923, ,263 11,488,944 12,899,357 54

57 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) CGWM Select Opportunity Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss ,107,924 30,107,924 Other receivables and prepayments , ,383 Cash at bank 4,338, ,338,315 Total Assets 4,338, ,033,307 35,371,622 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (509,801) (509,801) Total Liabilities (excluding net assets attributable to Shareholders) (509,801) (509,801) Net Assets 4,338, ,523,506 34,861,821 CGWM Select Global Opportunity Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets USD USD USD USD USD Financial assets at fair value through profit or loss ,554, ,554,950 Other receivables and prepayments , ,028 Cash at bank 16,850, ,850,210 Total Assets 16,850, ,273, ,124,188 Liabilities Financial Liabilities at fair value through profit or loss (611) (611) Other payables and accrued expenses (2,619,851) (2,619,851) Total Liabilities (excluding net assets attributable to Shareholders) (2,620,462) (2,620,462) Net Assets 16,850, ,653, ,503,726 CGWM REMAP 4 Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss - - 2,130,575 5,604,830 7,735,405 Other receivables and prepayments ,835,667 1,835,667 Cash at bank 518, ,120 Total Assets 518,120-2,130,575 7,440,497 10,089,192 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (73,733) (73,733) Total Liabilities (excluding net assets attributable to Shareholders) (73,733) (73,733) Net Assets 518,120-2,130,575 7,366,764 10,015,459 55

58 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) CGWM REMAP 4(i) Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss ,642 1,062,965 1,351,607 Other receivables and prepayments ,509 92,509 Cash at bank 135, ,687 Total Assets 135, ,642 1,155,474 1,579,803 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (5,351) (5,351) Total Liabilities (excluding net assets attributable to Shareholders) (5,351) (5,351) Net Assets 135, ,642 1,150,123 1,574,452 CGWM REMAP 5 Fund Less than 1 month More than Non-interest As at 31 December month -1 year 1 year bearing Total Assets GBP GBP GBP GBP GBP Financial assets at fair value through profit or loss ,247,424 8,247,424 Other receivables and prepayments , ,281 Cash at bank 954, ,929 Total Assets 954, ,404,705 9,359,634 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (20,995) (20,995) Total Liabilities (excluding net assets attributable to Shareholders) (20,995) (20,995) Net Assets 954, ,383,710 9,338,639 At 31 December 2014 and 31 December 2013, should market interest rates across all currencies and all maturities have increased/decreased by 1%, with all other variables held constant, this would have increased/decreased net assets attributable to holders of redeemable shares of the Fund as follows: % -1% +1% -1% CGWM Total Return Bond Fund GBP 42,240 (42,240) 68,470 (68,470) CGWM Select Income Fund GBP 27,747 (27,747) 23,626 (23,626) CGWM Select Diversity Fund GBP 75,575 (75,575) 126,605 (126,605) CGWM Select Affinity Fund GBP 16,431 (16,431) 50,571 (50,571) CGWM Select Global Diversity Fund USD 24,511 (24,511) 36,831 (36,831) CGWM Select Global Affinity Fund USD 9,797 (9,797) 14,104 (14,104) CGWM Select Opportunity Fund GBP 45,041 (45,041) 43,383 (43,383) CGWM Select Global Opportunity Fund USD 174,679 (174,679) 168,502 (168,502) CGWM REMAP 4 Fund GBP 63,487 (63,487) 26,487 (26,487) CGWM REMAP 4(i) Fund GBP 1,673 (1,673) 4,243 (4,243) CGWM REMAP 5 Fund GBP 23,797 (23,797) 9,549 (9,549) CGWM Bond Fund GBP 305,705 (305,705)

59 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Cybersecurity Risk Cybersecurity breaches may occur allowing an unauthorized party to gain access to assets of the Funds, Shareholder data, or proprietary information, or may cause the Company, the Investment Managers, the Distributor, the Administrator or the Custodian to suffer data corruption or lose operational functionality. The Funds may be affected by intentional cybersecurity breaches which include unauthorized access to systems, networks, or devices (such as through hacking activity); infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. In addition, unintentional incidents can occur, such as the inadvertent release of confidential information (possibly resulting in the violation of applicable privacy laws). A cybersecurity breach could result in the loss or theft of Shareholder data or funds, the inability to access electronic systems, loss or theft of proprietary information or corporate data, physical damage to a computer or network system, or costs associated with system repairs. Such incidents could cause the Company, the Investment Managers, the Distributor, the Administrator, the Custodian, or other service providers to incur regulatory penalties, reputational damage, additional compliance costs, or financial loss. Consequently, Shareholders may lose some or all of their invested capital. In addition, such incidents could affect issuers in which a Fund invests, and thereby cause a Fund s investments to lose value, as a result of which investors, including the relevant Fund and its Shareholders, could potentially lose all or a portion of their investment with that issuer. Credit Risk, Custody and Title Risk Credit risk is defined in FRS 29 as the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The CGWM Total Return Bond Fund, CGWM Select Income Fund, CGWM Select Diversity Fund, CGWM Select Affinity Fund, CGWM Select Global Diversity Fund, CGWM Select Global Affinity Fund, CGWM Select Opportunity Fund, CGWM Select Global Opportunity Fund, CGWM REMAP 4 Fund, CGWM REMAP 4(i) Fund and the CGWM Bond Fund have credit risk exposure to issuers of debt securities held as part of the Funds investment Portfolio. The CGWM Total Return Bond Fund, CGWM Select Income Fund, CGWM Select Diversity Fund, CGWM Select Affinity Fund, CGWM Select Global Diversity Fund, CGWM Select Global Affinity Fund, CGWM Select Opportunity Fund, CGWM Select Global Opportunity Fund, also have credit risk exposure to counterparties of derivative contracts entered into by each of these Funds. With the exception of the CGWM Total Return Bond Fund and the CGWM Bond Fund, all other Funds in the Company invest predominantly or exclusively in collective investment schemes, and thus their credit risk is reduced. Each Fund limits its exposure to individual issuers of debt securities and counterparties to Over the Counter (OTC) derivatives in accordance with the investment restrictions set out in the Company s prospectus. Transactions in securities are generally settled or paid for on delivery, or cleared through the appropriate clearing system for the market on which the securities are traded. The risk of default is not considered to be material, as delivery of securities sold is only made once the Fund s custodian has received confirmation of payment. Payment is also only made on a purchase once confirmation of delivery of the securities has been received by the custodian. The trade will fail if either party fails to deliver the required confirmations. The Custodian to the Company is Northern Trust Fiduciary Services (Ireland) Limited ( NTFSIL ). NTFSIL has appointed Northern Trust Company, London Branch (NTC) as its Global Sub-Custodian for all the assets of the Funds. Substantially all of the cash assets are held with the NTC. Cash deposited with NTC is deposited as banker and is held on its Balance Sheet. Accordingly, in accordance with usual banking practice, NTC liability to the Fund in respect of such cash deposits shall be that of debtor and the Fund will rank as a general creditor of NTC. The financial assets are held with the Custodian, NTFSIL. These assets are held distinct and separately from the proprietary assets of the Custodian. Securities are clearly recorded to ensure they are held on behalf of the Fund. Bankruptcy or insolvency of the Custodian and or one of its agents or affiliates may cause the Fund s rights with respect to the securities held by the Custodian to be delayed. Both NTFSIL and the NTC are wholly owned subsidiaries of Northern Trust Corporation. As at 31 December 2014, Northern Trust Corporation had a long term rating from Standard & Poor s of A+ (2013: A+). The credit quality of the Custodian is monitored by the Company. Northern Trust acts as its own sub-custodian in the U.S., the U.K., Ireland and Canada. In all other markets Northern Trust appoints a local sub-custodian. Northern Trust continually reviews its sub-custodian network to ensure clients have access to the most efficient, creditworthy and cost-effective provider in each market. 57

60 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Credit Risk, Custody and Title Risk (continued) The Custodian is under a duty to take into custody and to hold the property of each sub-fund of the Company on behalf of its shareholders. The Central Bank of Ireland requires the Custodian to hold legally separate the non-cash assets of each sub-fund and to maintain sufficient records to clearly identify the nature and amount of all assets that it holds, the ownership of each asset and where the documents of title to such assets are physically located. When the Custodian employs a sub-custodian the Custodian retains responsibility for the assets of the sub-fund. However, it should be noted that not all jurisdictions have the same rules and regulations as Ireland regarding the custody of assets and the recognition of the interests of a beneficial owner such as a sub-fund. Therefore, in such jurisdictions, there is a risk that if a sub-custodian becomes bankrupt or insolvent, the sub-fund s beneficial ownership of the assets held by such sub-custodian may not be recognised and consequently the creditors of the sub-custodian may seek to have recourse to the assets of the sub-fund. In those jurisdictions where the sub-fund s beneficial ownership of its assets is ultimately recognised, the sub-fund may suffer delay and cost in recovering those assets. The Funds may invest in markets where custodial and/or settlement systems are not fully developed, the assets of a Fund which are traded in such markets and which have been entrusted to sub-custodians, in circumstances where the use of such sub-custodians is necessary, may be exposed to risk in circumstances whereby the Custodian will have no liability. In accordance with the Funds policy, the Investment Managers monitor the Funds credit exposures and reports regularly to the Board of Directors. At 31 December 2014 and 31 December 2013, the Funds exposure to credit risk was as follows: CGWM Total Return Bond Fund As at 31 December 2014 As at 31 December 2013 Financial assets neither past due nor impaired GBP GBP By rating category AAA/AAA 1,559,065 2,225,203 AA/AA 350, ,334 AA+ 994,237 1,923,723 A+ 615, ,351 A - 201,642 A ,742 BBB+ 221,909 - Unrated 312,903-4,054,238 6,422,995 CGWM Select Income Fund As at 31 December 2014 As at 31 December 2013 Financial assets neither past due nor impaired GBP GBP By rating category AAA 1,407,683 1,290,636 A 213, ,296 1,621,542 1,509,932 CGWM Select Diversity Fund As at 31 December 2014 As at 31 December 2013 Financial assets neither past due nor impaired GBP GBP By rating category AAA/AAA 5,303,268 9,703,823 5,303,268 9,703,823 CGWM Select Affinity Fund As at 31 December 2014 As at 31 December 2013 Financial assets neither past due nor impaired GBP GBP By rating category AAA/AAA 1,278,386 2,983,816 1,278,386 2,983,816 58

61 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Credit Risk, Custody and Title Risk (continued) CGWM Select Global Diversity Fund As at 31 December 2014 As at 31 December 2013 Financial assets neither past due nor impaired USD USD By rating category AAA/AAA - 1,743,487 AA+ 1,290,751-1,290,751 1,743,487 CGWM Select Global Affinity Fund As at 31 December 2014 As at 31 December 2013 Financial assets neither past due nor impaired USD USD By rating category AAA/AAA - 487,263 AA+ 334, , ,263 CGWM REMAP 4 Fund As at 31 December 2014 As at 31 December 2013 Financial assets neither past due nor impaired GBP GBP By rating category AAA/AAA 3,056,597 2,130,575 A ,056,597 2,130,575 CGWM REMAP 4(i) Fund As at 31 December 2014 As at 31 December 2013 Financial assets neither past due nor impaired GBP GBP By rating category AAA/AAA - 288,642 A ,642 CGWM Bond Fund As at 31 December 2014 As at 31 December 2013 Financial assets neither past due nor impaired GBP GBP By rating category AAA/AAA 4,258,630 - AA+ 2,981,798 - AA 2,084,625 AA- 3,013,400 - A 3,692,093 - A- 929,345 - BBB+ 3,647,466 - Unrated 8,959,552-29,566,909 - Liquidity Risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities as they fall due. The Funds are exposed to daily cash redemptions of redeemable shares. The Funds invest the majority of their assets in securities and other instruments that are traded on an active market and which are considered to be liquid as they can be readily disposed of in the event that cash needs to be raised to meet redemptions or to pay expenses. In accordance with the Funds policy, the Investment Managers monitor liquidity on a daily basis and report regularly to the Board of Directors. At 31 December 2014 and 31 December 2013, the Company s financial liabilities were all due within one month. 59

62 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Fair Value Measurement Risk The following is a summary of the inputs used to value each of the Fund s financial assets and liabilities carried at fair value as at 31 December 2014: Level I Level II Level III Total Collective Investment Schemes Total Bonds Collective Investment Schemes Forward Currency Contracts Futures Total Fund name GBP GBP GBP GBP GBP GBP GBP GBP GBP CGWM Total Return Bond Fund - - 4,054,238 - (20,112) (58,600) 3,975,526-3,975,526 CGWM Select Income Fund - - 1,621,542 10,017, ,639,446-11,639,446 CGWM Select Diversity Fund 5,374,598 5,374,598 5,303,268 57,553, ,857,262-68,231,860 CGWM Select Affinity Fund 4,001,889 4,001,889 1,278,386 41,167, ,446,327-46,448,216 CGWM Select Opportunity Fund 3,615,937 3,615,937-35,368,147 83,245-35,451,392-39,067,329 CGWM REMAP 4 Fund 2,941,620 2,941,620 3,056,597 13,216,737-16,273,334-19,214,954 CGWM REMAP 4(i) Fund 1,019,882 1,019,882-1,797, ,797,235-2,817,117 CGWM REMAP 5 Fund 2,988,330 2,988,330-8,039, ,039,964-11,028,294 CGWM Bond Fund ,566,909 12,718,123 (285,375) - 41,999,657-41,999,657 USD USD USD USD USD USD USD USD USD CGWM Select Global Diversity Fund 4,978,586 4,978,586 1,290,751 22,267,691 (3,487) - 23,554,955-28,533,541 CGWM Select Global Affinity Fund 1,588,301 1,588, ,175 13,548,413 (867) - 13,881,721-15,470,022 CGWM Select Global Opportunity Fund 15,333,866 15,333, ,831, , ,291, ,624,887 The valuation polices for the above categories are outlined in note 2. There were no significant transfers between Level I, Level II and Level III during the year. 60

63 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Fair Value Measurement Risk (continued) The following is a summary of the inputs used to value each of the Fund s financial assets and liabilities carried at fair value as at 31 December 2013: Level I Level II Level III Total Collective Investment Schemes Total Bonds Collective Investment Schemes Forward Currency Contracts Futures Total Fund name GBP GBP GBP GBP GBP GBP GBP GBP GBP CGWM Total Return Bond Fund - - 6,422,995-42,850 57,550 6,523,395-6,523,395 CGWM Select Income Fund - - 1,509,932 8,752, ,262,763-10,262,763 CGWM Select Diversity Fund - - 9,703,823 52,686, ,389,825-62,389,825 CGWM Select Affinity Fund - - 2,983,816 39,774, ,758,530-42,758,530 CGWM Select Opportunity Fund 3,390,750 3,390,750-26,717, ,717,174-30,107,924 CGWM REMAP 4 Fund 1,206,069 1,206,069 2,130,575 4,398, ,529,336-7,735,405 CGWM REMAP 4(i) Fund 148, , , , ,202,736-1,351,607 CGWM REMAP 5 Fund 2,104,546 2,104,546-6,142, ,142,878-8,247,424 USD USD USD USD USD USD USD USD USD CGWM Select Global Diversity Fund 2,081,229 2,081,229 1,743,487 14,348, ,092,405-18,173,634 CGWM Select Global Affinity Fund 984, , ,263 10,413, ,901,325-11,885,983 CGWM Select Global Opportunity Fund 12,190,522 12,190,522-99,331,381 32,436-99,363, ,554,339 The valuation polices for the above categories are outlined in note 2. There were no significant transfers between Level I, Level II and Level III during the year. 61

64 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December EXCHANGE RATES The 31 December 2014 year end exchange rates were as follows: Exchange Rate Exchange Rate to GBP to USD Canadian dollar Euro Japanese yen Norwegian krone Swedish krona Swiss franc US dollar Sterling Singapore dollar The 31 December 2013 year end exchange rates were as follows: Exchange Rate Exchange Rate to GBP to USD Canadian dollar Euro Japanese yen Norwegian krone Swedish krona Swiss franc US dollar Sterling Singapore dollar SOFT COMMISSION There were no soft commission arrangements during the year or in the preceding year. 9. TAXATION The Company is not liable to tax in respect of its income and gains, other than on the occurrence of a chargeable event. A chargeable event includes any distribution or any redemption or transfer of share. A chargeable event does not include: (i) any transactions in relation to shares held in a recognised clearing system as designated by order of the Revenue Commissioners of Ireland; or (ii) an exchange of shares representing one Fund of the Company; or (iii) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Company with another fund. A chargeable event will not occur in respect of shareholders who are neither resident nor ordinarily resident in Ireland and who provide the Company with a relevant declaration to that effect. In the absence of an appropriate declaration, the Company will be liable to Irish Tax on the occurrence of a chargeable event. Capital gains, dividends and interest received may be subject to withholding taxes imposed by the Country of Origin and such taxes may not be recoverable by the Company or its shareholders. 10. EFFICIENT PORTFOLIO MANAGEMENT The Company may, on behalf of certain Funds, employ investment techniques and Financial Derivative Instruments for efficient portfolio management purposes and for currency hedging purposes subject to the conditions and within the limits laid down by the Central Bank. The Company and its relevant Funds may only invest in Financial Derivative Instruments as described in the prospectus such as futures, put options, call options, interest rate futures and forward foreign currency contracts. The CGWM REMAP 4 Fund, CGWM REMAP 4(i) Fund and CGWM REMAP 5 Fund will not invest in financial derivative instruments. 62

65 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December EFFICIENT PORTFOLIO MANAGEMENT (continued) The CGWM Total Return Bond Fund uses futures predominantly to neutralise the Fund s exposure to the market as a means of risk reduction and overall capital preservation. The counterparties used during the period included Northern Trust Company, London Branch (NTC) for over-thecounter derivatives and ADM Investor Services International Limited for exchange-traded derivatives. The realised and unrealised gains and losses arising during the period through the use of efficient portfolio management techniques are disclosed in the Income Statement. Open Financial Derivative Instrument contracts at the year end are disclosed in the Schedule of Investments, including the relevant Counterparty, the underlying securities, currencies or indices, and the market value or unrealised gain/loss on the contract at the year end. 11. FEES AND OTHER EXPENSES Investment Manager The Investment Managers are entitled to an investment management fee for the launched Share Classes as set out below. Investment Management fees are paid in the currency of the relevant Fund. Investment Share class Management Fee CGWM Total Return Bond Fund - A 0.75% CGWM Select Income Fund - B 1.50% CGWM Select Diversity Fund - B 1.50% CGWM Select Global Diversity Fund - B 1.50% CGWM Select Global Diversity Fund - B SGD Hedged 1.50% CGWM Select Global Diversity Fund - T GBP Hedged 1.50% CGWM Select Affinity Fund - B 1.50% CGWM Select Global Affinity Fund - B 1.50% CGWM Select Global Affinity Fund - B SGD Hedged 1.50% CGWM Select Global Affinity Fund - T GBP Hedged 1.50% CGWM Select Opportunity Fund - A 1.50% CGWM Select Global Opportunity Fund - A 1.50% CGWM Select Global Opportunity Fund - B SGD Hedged 1.50% CGWM Select Global Opportunity Fund - T GBP Hedged 1.50% CGWM REMAP 4 Fund - D 0.80% CGWM REMAP 4(i) Fund - D 0.80% CGWM REMAP 5 Fund - D 0.80% CGWM Bond Fund - A 0.50% CGWM Bond Fund - A USD Hedged 0.50% On CGWM REMAP 4 Fund, CGWM REMAP 4(i) Fund, CGWM REMAP 5 Fund, CGWM Total Return Bond Fund and the CGWM Bond Fund, the Investment Management fees are allocated to capital. The result of this allocation policy is that the capital growth of the Fund is less than if all Investment Management fees were charged to income. For accounting presentational purposes the total fee is charged to the Income Statement. On CGWM Select Income Fund, CGWM Select Diversity Fund and CGWM Select Global Diversity Fund, 50% of all ongoing Investment Management fees are allocated to capital. Performance Fee On CGWM Total Return Bond Fund, the Investment Manager is also entitled to a performance fee (the Performance Fee ) equal to 20% in total of the amount by which the Fund produces a total net return of 2% per annum in excess of the 3 Month Sterling LIBOR subject to first having made good any negative performance which was made in previous periods. Any Performance Fee payable accrues on each Dealing Day and is payable to the Investment Manager after the end of each quarter. On CGWM Total Return Bond Fund, any Performance Fees are allocated to capital. For accounting presentational purposes, the total fee is charged to the Income Statement. The Directors consider that this allocation will enable the Fund to distribute income in line with shareholder s expectations. No Performance Fees were accrued during the year. 63

66 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FEES AND OTHER EXPENSES (continued) Custodian The Custodian fee payable on all Funds is 0.05% per annum of the Net Asset Value of the Fund, subject to a minimum annual fee of GBP84,000 in respect of the Company. The Custodian fee is accrued daily and is payable monthly in arrears. The Custodian also charges a transaction fee of GBP35, EUR50 or USD70 (in respect of the relevant base currency of each of the Funds) per investment transaction and each Fund bears the fees and expenses of the local custodian in each country in which it invests. Any sub-custody fees are at normal commercial rates. Auditor s Remuneration The independent auditor, Deloitte & Touche, charged fees of EUR63,000 (2013: EUR57,750) (excluding VAT) in relation to the statutory audit of the Company. Other fees charged by Deloitte & Touche (excluding VAT) were as follows: EUR EUR Tax advisory services 3,800 4,900 Other non-audit services Total 4,550 5,800 Administrator The Administration fee payable on all Funds is 0.15% per annum of the Net Asset Value of each Fund, subject to a minimum annual fee of GBP324,000 in respect of the Company. Administration fees are accrued daily and paid monthly in arrears. In addition the Administrator shall be entitled to receive a fee of GBP10,000 per annum for the provision of Corporate Secretarial Services and GBP5,000 per annum for the provision of Money Laundering Reporting Officer Services. Transaction Costs Transaction costs incurred by the Funds for the year ended 31 December 2014 are shown separately on the Income Statement and for the year amounted to GBP72,431 (2013: GBP58,473). Directors Fee The total Directors fees payable in any one year will not exceed 100,000 or such higher amount agreed by the Shareholders. Directors fees charged for the year ended 31 December 2014 amounted to GBP79,808 (2013: GBP82,600). 12. DISTRIBUTIONS The following Share Classes paid a distribution during the year ended 31 December 2014: Date No. Rate per Amount Fund XD Date Paid of Shares Share GBP CGWM Total Return Bond Fund A Shares 03/01/ /01/ , ,086 02/07/ /07/ , , ,313 CGWM Select Income Fund B Shares 03/01/ /01/2014 9,659, ,461 02/04/ /04/ ,055, ,108 02/07/ /07/ ,019, ,062 02/10/ /10/ ,837, , ,746 CGWM Select Diversity Fund B Shares 03/01/ /01/ ,451, ,973 02/07/ /07/ ,590, , ,955 64

67 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December DISTRIBUTIONS (continued) Date No. Rate per Amount Fund XD Date Paid of Shares Share GBP CGWM REMAP 4 Fund D Shares 03/01/ /01/2014 9,771, ,133 02/07/ /07/ ,303, , ,123 CGWM REMAP 4(i) Fund D Shares 03/01/ /01/2014 1,585, ,908 02/07/ /07/2014 2,284, ,831 37,739 CGWM REMAP 5 Fund D Shares 03/01/ /01/2014 9,127, ,604 02/07/ /07/ ,496, , ,816 CGWM Bond Fund A Shares 02/04/ /04/ , ,290 02/07/ /07/ , ,983 02/10/ /10/ , , ,255 The following Share Classes paid a distribution during the year ended 31 December 2013: Date No. Rate per Amount Fund XD Date Paid of Shares Share GBP CGWM Total Return Bond Fund A Shares 03/01/ /01/ , ,620 02/07/ /07/ , , ,089 CGWM Select Income Fund B Shares 03/01/ /01/2013 7,683, ,236 03/04/ /04/2013 8,328, ,143 02/07/ /07/2013 8,573, ,761 02/10/ /10/2013 9,563, , ,399 CGWM Select Diversity Fund B Shares 03/01/ /01/ ,513, ,796 02/07/ /07/ ,893, , ,278 CGWM REMAP 4 Fund D Shares 02/07/ /07/2013 6,827, ,341 17,341 CGWM REMAP 4(i) Fund D Shares 02/07/ /07/2013 1,260, ,701 4,701 CGWM REMAP 5 Fund D Shares 02/07/ /07/2013 7,560, ,320 21,320 Date No. Rate per Amount Fund XD Date Paid of Shares Share USD CGWM Select Global Diversity Fund B Shares 02/07/ /07/ ,709, ,290 3,290 65

68 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December COMPARATIVE STATISTICS Net Asset Value 31 Dec Dec Dec 2012 CGWM Total Return Bond Fund A Shares GBP 4,213,772 6,958,999 14,850,731 CGWM Select Income Fund B Shares GBP 12,957,795 11,119,521 8,552,650 CGWM Select Diversity Fund B Shares GBP 70,584,017 65,381,629 66,454,469 CGWM Select Affinity Fund B Shares GBP 46,784,302 44,298,214 43,446,296 CGWM Select Global Diversity Fund B Shares USD 28,572,627 19,817,859 15,740,051 B Shares SGD Hedged Class SGD 840, ,026 23,151 T Shares GBP Hedged Class GBP 199, CGWM Select Global Affinity Fund B Shares USD 15,670,305 12,846,979 12,225,749 B Shares SGD Hedged Class SGD 126,299 52,378 15,868 T Shares GBP Hedged Class GBP 133, CGWM Select Opportunity Fund A Shares GBP 43,673,611 34,861,821 35,288,654 CGWM Select Global Opportunity Fund B Shares USD 169,100, ,044,664 79,853,249 B Shares SGD Hedged Class SGD 18,227,706 9,459,062 3,730,026 T Shares GBP Hedged Class GBP 19, CGWM REMAP 4 Fund D Shares GBP 22,654,717 10,015, ,139 CGWM REMAP 4(i) Fund D Shares GBP 2,991,169 1,574, ,456 CGWM REMAP 5 Fund D Shares GBP 13,366,648 9,338, ,688 CGWM Bond Fund A Shares GBP 43,469, A Shares USD Hedged Class USD 650,

69 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December COMPARATIVE STATISTICS (continued) Shares in issue 31 Dec Dec Dec 2012 CGWM Total Return Bond Fund A Shares GBP 53,351 86, ,736 CGWM Select Income Fund B Shares GBP 11,081,219 9,662,409 7,683,796 CGWM Select Diversity Fund B Shares GBP 50,926,331 49,451,845 54,533,786 CGWM Select Affinity Fund B Shares GBP 30,854,170 30,939,698 34,601,199 CGWM Select Global Diversity Fund B Shares USD 21,594,360 15,615,891 13,587,418 B Shares SGD Hedged Class SGD 509, ,333 19,580 T Shares GBP Hedged Class GBP 198, CGWM Select Global Affinity Fund B Shares USD 11,416,913 9,797,618 10,742,781 B Shares SGD Hedged Class SGD 73,755 40,424 13,658 T Shares GBP Hedged Class GBP 133, CGWM Select Opportunity Fund A Shares GBP 24,586,971 21,318,347 26,105,497 CGWM Select Global Opportunity Fund B Shares USD 95,762,880 69,170,786 57,147,267 B Shares SGD Hedged Class SGD 8,276,078 5,656,937 2,613,634 T Shares GBP Hedged Class GBP 19, CGWM REMAP 4 Fund D Shares GBP 20,798,878 9,771, ,400 CGWM REMAP 4(i) Fund D Shares GBP 2,876,311 1,585, ,500 CGWM REMAP 5 Fund D Shares GBP 12,231,917 9,127, ,750 CGWM Bond Fund A Shares GBP 424, A Shares USD Hedged Class USD 6,

70 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December COMPARATIVE STATISTICS (continued) Dealing Net Asset Value per Share 31 Dec Dec Dec 2012 CGWM Total Return Bond Fund A Shares GBP CGWM Select Income Fund B Shares GBP CGWM Select Diversity Fund B Shares GBP CGWM Select Affinity Fund B Shares GBP CGWM Select Global Diversity Fund B Shares USD B Shares SGD Hedged Class SGD T Shares GBP Hedged Class GBP CGWM Select Global Affinity Fund B Shares USD B Shares SGD Hedged Class SGD T Shares GBP Hedged Class GBP CGWM Select Opportunity Fund A Shares GBP CGWM Select Global Opportunity Fund B Shares USD B Shares SGD Hedged Class SGD T Shares GBP Hedged Class GBP CGWM REMAP 4 Fund D Shares GBP CGWM REMAP 4(i) Fund D Shares GBP CGWM REMAP 5 Fund D Shares GBP CGWM Bond Fund A Shares GBP A Shares USD Hedged Class USD

71 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December NET ASSET VALUE PER SHARE The Net Asset Value per share at the year end date is determined by dividing the value of the Net Assets of the Fund by the number of Participating Shares in issue. The Net Asset Value per Share is calculated using valuation principles which differ slightly from those used in preparing these financial statements. These differences relate to accounting treatments required with respect to the use of bid prices (FRS 26) for financial statement purposes. This adjustment is relevant in the current year to the CGWM Total Return Bond Fund and CGWM Bond Fund. This adjustment was relevant in the prior period to the CGWM Total Return Bond Fund only. 31 December 2014 CGWM Total Return CGWM Bond Bond Fund Fund Shares A Shares GBP GBP NAV per Share per Valuation Adjustment for bid prices re: FRS 26 (0.24) (0.21) NAV per Share per financial statements December 2013 CGWM Total Return Bond Fund Shares GBP NAV per Share per Valuation Adjustment for bid prices re: FRS 26 (0.24) NAV per Share per financial statements CREDIT FACILITY A credit facility with Northern Trust Company, London Branch (NTC) is in operation for certain Funds. Each Fund may borrow up to 10% of its Net Asset Value provided this borrowing is on a temporary basis. The credit facility is secured by a charge over the assets of the relevant Funds in order to secure the borrowings. Credit balances (e.g. cash) may not be offset against borrowings when determining the percentage of borrowings outstanding. 16. EVENTS DURING THE YEAR The CGWM Bond Fund launched on 16 January 2014 by an inspecie transfer from the Collins Stewart Sterling Fixed Interest Fund for an amount of GBP40,338,119 (consisting of 403,381shares at a NAV per share of GBP100.00). A new supplement to the prospectus was issued dated 4 December 2013, which detailed the creation of the new Fund. On 21 May 2014, there was an in specie transfer from the Charity Funds - Combined Charitable Capital Fund (a UK domiciled common investment fund for which Canaccord Genuity Wealth (International) Limited was the Investment Manager) into the CGWM REMAP 4 Fund for an amount of GBP10,308,216 (consisting of 10,060,722 shares at a NAV per share of GBP1.02). On 21 May 2014, there was an in specie transfer from the Charity Funds - Combined Charitable Income Fund (a UK domiciled common investment fund for which Canaccord Genuity Wealth (International) Limited was the Investment Manager) into the CGWM Bond Fund for an amount of GBP6,562,702 (consisting of 65,034 shares at a NAV per share of GBP100.58). A new prospectus and updated supplements to the prospectus were issued dated 11 November 2014 which detail the creation of the below new share classes: CGWM Select Global Affinity Fund T GBP Hedged Accumulation - Launched 10 December 2014; CGWM Select Global Diversity Fund T GBP Hedged Accumulation - Launched 15 December 2014; CGWM Select Global Opportunity Fund T GBP Hedged Accumulation - Launched 24 December 2014; CGWM Bond Fund A USD Hedged Shares - Launched 27 November 2014; CGWM Select Diversity Fund R Distribution; 69

72 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December EVENTS DURING THE YEAR (continued) CGWM Select Income Fund R Distribution; CGWM Select Affinity Fund R Accumulation; CGWM Select Opportunity Fund R Accumulation; CGWM Select Opportunity Fund - T USD Accumulation; CGWM Select Global Diversity Fund - T USD Accumulation; CGWM Select Global Diversity Fund - A EUR Hedged Accumulation; CGWM Select Global Diversity Fund - T EUR Hedged Accumulation; CGWM Select Global Diversity Fund - T SGD Hedged Accumulation; CGWM Select Global Affinity Fund - A EUR Hedged Accumulation; CGWM Select Global Affinity Fund - T EUR Hedged Accumulation; CGWM Select Global Affinity Fund - T SGD Hedged Accumulation; CGWM Select Global Affinity Fund - T USD Accumulation; CGWM Select Global Opportunity Fund - T EUR Hedged Accumulation; CGWM Select Global Opportunity Fund - A EUR Hedged Accumulation; CGWM Select Global Opportunity Fund - A GBP Hedged Accumulation; CGWM Select Global Opportunity Fund - R GBP Hedged Accumulation; CGWM Select Global Opportunity Fund - T SGD Hedged Accumulation; and CGWM Bond Fund A EUR Hedged Shares. 17. EVENTS SINCE THE BALANCE SHEET DATE The following distributions were declared in January 2015: Date No. Rate per Amount Fund XD Date Paid of Shares Share GBP CGWM Total Return Bond Fund A Shares 05/01/ /01/ , ,057 CGWM Select Income Fund B Shares 05/01/ /01/ ,081, ,052 CGWM Select Diversity Fund B Shares 05/01/ /01/ ,894, ,542 CGWM REMAP 4 Fund D Shares 05/01/ /01/ ,798, ,521 CGWM REMAP 4(i) Fund D Shares 05/01/ /01/2015 2,876, ,701 CGWM REMAP 5 Fund D Shares 05/01/ /01/ ,231, ,375 CGWM Bond Fund A Shares 05/01/ /01/ , ,810 Date No. Rate per Amount Fund XD Date Paid of Shares Share USD CGWM Bond Fund A Shares USD Hedged 05/01/ /01/2015 6, ,503 Roger Phillips resigned as a Director on 9 February The following share classes launched on 18 February 2015: CGWM Select Opportunity Fund T USD Accumulation Shares; and CGWM Select Global Affinity Fund T USD Accumulation Shares. There were no other events since the Balance Sheet date, which, in the opinion of the Directors of the Company, may have an impact on the financial statements for the year ended 31 December APPROVAL OF THE FINANCIAL STATEMENTS The financial statements were authorised for issue by the Board of Directors of the Company on 20 April

73 CGWM TOTAL RETURN BOND FUND INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 96.21% (2013: 92.30%) Canada: 9.89% (2013: 5.99%) 750,000 Canada (Government of) 1.25% 01/03/ , Total Canada 416, Germany: 9.04% (2013: 8.22%) 160,000 Kreditanstalt fur Wiederaufbau 5% 10/09/ , ,000 Kreditanstalt fur Wiederaufbau 5% Notes 10/09/ , Total Germany 380, Netherlands: 14.42% (2013: 10.76%) 350,000 Bank Nederlandse Gemeenten 4.5% 20/02/ , ,000 Rabobank Nederland 5.25% 14/09/ , Total Netherlands 607, New Zealand: 0.00% (2013: 7.55%) Singapore: 9.62% (2013: 0.00%) 650,000 Temasek Financial I 2.375% 23/01/ , Total Singapore 405, Slovenia: 0.00% (2013: 7.29%) South Korea: 14.60% (2013: 8.24%) 500,000 Export-Import Bank of Korea 5% 11/04/ , ,000 Export-Import Bank of Korea FRN 22/03/ , Total South Korea 615, United Arab Emirates: 8.32% (2013: 8.67%) 275,000 IPIC GMTN 6.875% 14/03/ , Total United Arab Emirates 350, United Kingdom: 24.85% (2013: 24.36%) 300,000 Abbey National Treasury Services 5.125% 14/04/ , ,000 Places for People Homes 5.875% 23/05/ , ,000 Transport for London 2.25% 09/08/ , Total United Kingdom 1,047,

74 CGWM TOTAL RETURN BOND FUND INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 96.21% (2013: 92.30%) (continued) United States of America: 5.47% (2013: 11.22%) 200,000 GE Capital UK Funding 5.625% 25/04/ , Total United States of America 230, Total Bonds 4,054, Financial Derivative Instruments: 0.21% (2013: 1.60%) Forward Currency Contracts: 0.21% (2013: 0.77%) Counterparty Currency Currency Currency Maturiy Unrealised % of Buys Sells Rate Date Gain Net Assets Northern Trust USD 355,000 GBP 219, /01/2015 7, Northern Trust GBP 417,177 CAD 752, /01/ Total Fair Value Gains on Forward Currency Contracts 8, Open Future Contracts: 0.00% (2013: 0.83%) Total Financial Derivative Instruments 8, Total Financial assets at fair value through profit or loss 4,062, Financial liabilities at fair value through profit or loss Financial Derivative Instruments: -2.07% (2013: -0.16%) Forward Currency Contracts: -0.68% (2013: -0.16%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Loss Net Assets Northern Trust GBP 740,814 USD 1,200, /01/2015 (28,847) (0.68) Total Fair Value Losses on Forward Currency Contracts (28,847) (0.68) Open Future Contracts : -1.39% (2013: 0.00%) Counterparty Description Country Currency No. of Unrealised % of Contracts Loss Net Assets ADM Investor G H3 Long Gilt Services Int. Ltd March 2015 United Kingdom GBP (20) (58,600) (1.39) Fair value Losses on Open Future Contracts (58,600) (1.39) Total Financial liabilities at fair value through profit or loss (87,447) (2.07) 72

75 CGWM TOTAL RETURN BOND FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Fair Value USD % of Net Assets Total Value of Investments 3,975, (Cost: GBP 3,862,519) Cash 169, Other Net Assets 68, Net Assets Attributable to Holders of Redeemable Participating Shares 4,213, Analysis of Total Assets % of Total Assets Transferable securities listed on an official stock exchange listing or traded on a regulated market Financial derivative instruments dealt on a regulated market 0.20 Other Assets

76 CGWM SELECT INCOME FUND INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 77.31% (2013: 78.71%) Guernsey: 6.35% (2013: 7.92%) 186,083 HICL Infrastructure Company Limited* 283, ,000 International Public Partnerships* 175, ,245 John Laing Infrastructure Fund* 362, Total Guernsey 822, Ireland: 18.61% (2013: 18.42%) 11,356 GAM Star - Credit Opportunities GBP 122, ,026 Invesco Bond Series - Sterling Bond Fund Class C 560, ,686 Kames Strategic Global Bond Fund 469, ,832 Legg Mason Brandywine Global Income Optimiser Fund 277, ,625 Magna Umbrella Fund - Emerging Markets Dividend Fund 222, ,498 Neuberger Berman Short Duration High Yield Bond Fund 502, ,607 Prusik Asian Equity Income Fund Class C 257, Total Ireland 2,412, Luxembourg: 12.72% (2013: 13.08%) 57,814 Jupiter Global Dynamic Bond Fund 656, ,988 Man Umbrella SICAV - GLG Flexible Bond Fund 309, ,566 RWC Funds Enhanced Income 683, Total Luxembourg 1,648, United Kingdom: 39.63% (2013: 39.29%) 697,440 Artemis Global Income Fund 548, ,789 Artemis Income Fund 757, ,447 Capita Financial - CF Woodford Equity Income Fund 268, ,414 IM Argonaut Funds - IM Argonaut European Income Fund Class I 289, ,728 Invesco Perpetual UK Strategic Income Fund 812, ,985 M&G Global Dividend Fund 498, ,475 M&G Strategic Corporate Bond Fund Class A 606, ,709 M&G UK Inflation Linked Corporate Bond Fund Class I 338, ,538 Newton Global Higher Income Fund 336, ,234,350 Schroder Income Maximiser Fund Class Z 677, Total United Kingdom 5,134, Total Collective Investment Schemes 10,017, Bonds: 12.52% (2013: 13.58%) United Kingdom: 12.52% (2013: 13.58%) 200,000 Lloyds Bank 5.5% 25/09/ ,

77 CGWM SELECT INCOME FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 12.52% (2013: 13.58%) (continued) United Kingdom: 12.52% (2013: 13.58%) (continued) 370,000 United Kingdom Gilt 4% 07/03/ , ,000 United Kingdom Gilt 4.25% 07/12/ , ,000 United Kingdom Gilt Inflation Linked 7.74% 16/04/ , Total United Kingdom 1,621, Total Bonds 1,621, Total Value of Investments 11,639, (Cost: 2013: 10,935,996) Cash 1,153, Other Net Assets 165, Net Assets Attributable to Holders of Redeemable Participating Shares 12,957, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than admitted to official stock exchange listing or traded on a regulated market 6.33 Other Assets * Closed-end Fund 75

78 CGWM SELECT DIVERSITY FUND INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 89.15% (2013: 80.59%) Guernsey: 2.94% (2013: 9.40%) 476,000 HICL Infrastructure Company Limited* 725, ,000 International Public Partnerships* 1,346, Total Guernsey 2,072, Ireland: 37.51% (2013: 25.85%) 1,476,658 BNY Mellon Absolute Return Equity Fund 1,730, ,199 Brown Advisory US Small Cap Blend Fund 1,069, ,462 Findlay Park American Fund 2,567, ,235 ishares $ TIPS UCITS 2,015, ,500 ishares UK Gilts 0-5yr UCITS ETF 3,358, J O Hambro Capital Management Umbrella Fund - 651,469 Continental European Fund 2,082, ,042 Kames Strategic Global Bond Fund 2,395, ,498 Old Mutual Global Investors Series - UK Alpha Fund 4,321, ,347 Old Mutual Global Investors Series - Absolute Return Fund 1,377, ,910 Polar Capital North American Fund Class I GBP Inc 2,215, ,866 Polar Healthcare Opportunities Fund 2,134, ,271 Prusik Asian Equity Income Fund Class Y 1,207, Total Ireland 26,476, Luxembourg: 22.19% (2013: 19.66%) 51,267 BlackRock Global - Continental European Flexible Fund 689, ,959 Henderson Gartmore Fund - United Kingdom Absolute Return 1,735, ,392 JPMorgan Funds - Highbridge US STEEP 2,930, ,058 Jupiter Asset Management - Dynamic Bond Fund 3,224, ,705 Man Umbrella SICAV - GLG Flexible Bond Fund 1,416, ,038 Stratton Street UCITS - Renminbi Bond Fund UI GBP 1,333, ,801 Threadneedle Management - UK Equities Fund 4,328, Total Luxembourg 15,658, United Kingdom: 26.51% (2013: 25.68%) 31,048 First State Asia Pacific Leaders Fund 157, ,246,141 First State Global Listed Infrastructure Fund - Class B 2,281, ,734 Henderson Global Funds - Global Technology Fund Class I 2,055, ,351,578 Invesco Perpetual UK Strategic Income Fund 3,857, ,644 Investec Funds Series ii - Global Energy Fund 741, ,611,160 Investec UK Special Situations Fund - Series 1 4,218,

79 CGWM SELECT DIVERSITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 89.15% (2013: 80.59%) (continued) United Kingdom: 26.51% (2013: 25.68%) (continued) 1,951,775 M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating 2,251, ,724 M&G Investment UK Growth Fund Class I Accumulating 2,452, ,018 Threadneedle Investment Funds ICVC - European Select Fund 705, Total United Kingdom 18,721, Total Collective Investment Schemes 62,928, Bonds: 7.52% (2013: 14.84%) United Kingdom: 7.52% (2013: 14.84%) 2,170,000 UK Treasury 4% Bond 07/03/2022 2,544, ,190,000 UK Treasury 4.25% Bond 07/12/2027 2,758, Total United Kingdom 5,303, Total Bonds 5,303, Total Value of Investments 68,231, (Cost: 2013: 60,949,498) Cash 2,254, Other Net Assets 97, Net Assets Attributable to Holders of Redeemable Participating Shares 70,584, Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market 2.92 Other Assets * Closed-end Fund 77

80 CGWM SELECT AFFINITY FUND INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 96.55% (2013: 89.78%) Guernsey: 2.82% (2013: 5.16%) 321,000 HICL Infrastructure Company Limited* 489, ,000 International Public Partnerships* 831, Total Guernsey 1,321, Ireland: 44.77% (2013: 34.59%) 584,371 BNY Mellon Absolute Return Equity Fund 684, ,057 Brown Advisory US Small Cap Blend Fund 984, ,879 Findlay Park American Fund 1,977, ,489 ishares Barclays TIPS UCITS ETF 929, ,000 ishares S&P 500 UCITS ETF 1,478, ,100 ishares UK Gilts 0-5yr UCITS ETF 1,593, ,086,637 J O Hambro Capital Management Umbrella Fund - UK Growth Fund 3,387, J O Hambro Capital Management Umbrella Fund - 439,521 Continental European Fund 1,405, ,674 Old Mutual Global Investors Series - UK Alpha Fund 3,624, Old Mutual Global Investors Series - 451,728 Old Mutual Global Equity Absolute Return 681, ,217 Polar Healthcare Opportunities Fund 1,422, ,268 Prusik Asian Equity Income Fund Class Y 1,060, ,141 Vanguard Investment Series - US Opportunities Fund 1,710, Total Ireland 20,941, Luxembourg: 22.10% (2013: 17.21%) 33,632 BlackRock Global - Continental European Flexible Fund 452, ,007 Henderson Gartmore Fund - United Kingdom Absolute Return 813, ,724 JPMorgan Funds - Highbridge US STEEP 2,191, ,305 Jupiter Global Dynamic Bond Fund 1,898, ,533 Stratton Street UCITS - Renminbi Bond Fund UI GBP 1,179, ,029 Threadneedle (Lux) - UK Equities Fund 3,801, Total Luxembourg 10,337, United Kingdom: 26.86% (2013: 32.82%) 198,468 First State Investments ICVC - Asia Pacific Leaders Fund 1,008, ,561 First State Global Listed Infrastructure Fund - Class B 1,519, ,359 Henderson Global Funds - Global Technology Fund Class I 1,349, ,175,845 Invesco Perpetual UK Strategic Income Fund 3,355, ,201,597 Investec Fund Series i - UK Special Situations Fund 3,556,

81 CGWM SELECT AFFINITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 96.55% (2013: 89.78%) (Continued) United Kingdom: 26.86% (2013: 32.82%) (continued) 309,321 Investec Funds Series ii - Global Energy Fund 679, ,646 Threadneedle Investment Funds ICVC - European Select Fund 1,101, Total United Kingdom 12,570, Total Collective Investment Schemes 45,169, Bonds: 2.73% (2013: 6.74%) United Kingdom: 2.73% (2013: 6.74%) 1,015,000 UK Treasury 4.25% 07/12/2027 1,278, Total United Kingdom 1,278, Total Bonds 1,278, Total Value of Investments 46,448, (Cost: 2013: 39,924,404) Cash 364, Other Net Liabilities (28,613) (0.06) Net Assets Attributable to Holders of Redeemable Participating Shares 46,784, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market 2.82 Other Assets * Closed-end Fund 79

82 CGWM SELECT GLOBAL DIVERSITY FUND INVESTMENT PORTFOLIO 31 December 2014 Holdings Financial assets at fair value through profit or loss Fair Value % of USD Net Assets Collective Investment Schemes: 92.30% (2013: 81.99%) Guernsey: 2.93% (2013: 3.74%) 135,120 HICL Infrastructure Company Limited* 321, ,970 International Public Partnerships* 543, Total Guernsey 865, Ireland: 40.22% (2013: 31.19%) 409,619 Edinburgh Partners Opportunities Fund - European Opportunities Fund 1,246, ,090 Findlay Park American Fund 1,593, ,095 First State Global Listed Infrastructure Fund - Class III 957, J O Hambro Capital Management Umbrella Fund - 202,682 Continental European Fund 1,010, ,041 J O Hambro Capital Management Umbrella Fund - Japan Fund 427, ,492 Kames Capital Investment - Strategic Global Bond Fund 1,099, Old Mutual Global Investors Series Plc - 674,497 Global Equity Absolute Return Fund 1,004, ,830 Polar Capital North American Fund Class I USD 1,679, ,890 Polar Healthcare Opportunities Fund 901, ,028 Vanguard Investment Series - US Opportunities Fund 1,950, Total Ireland 11,871, Luxembourg: 24.18% (2013: 15.32%) 161,915 Henderson Gartmore Fund - UK Absolute Return Fund 1,010, ,704 Henderson Horizon - Global Technology Fund Distributing Class I1 843, ,500 Investec Global Energy Fund 295, ,876 JPMorgan Funds - Highbridge US STEEP 1,485, ,664 Jupiter Global Fund - Dynamic Bond Fund Class I USD 1,301, ,174 Man Umbrella SICAV - GLG Flexible Bond Fund 580, ,437 Stratton Street UCITS - Renminbi Bond Fund UI USD 651, ,628 Wells Fargo (Lux) - US All Capital Growth 968, Total Luxembourg 7,136, United Kingdom: 8.12% (2013: 19.39%) 155,347 Aberdeen UK ICVC - Aberdeen Japan Equity Fund 391, ,221 BlackRock European Dynamic Fund 291, ,161 First State Asia Pacific Leaders Fund 1,117, ,362 Old Mutual Investment Management - UK Alpha Fund Accumulating 593, Total United Kingdom 2,394, *Closed-end Fund 80

83 CGWM SELECT GLOBAL DIVERSITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014 Holdings Financial assets at fair value through profit or loss Fair Value % of USD Net Assets Collective Investment Schemes: 92.30% (2013: 81.99%) United States of America: 16.85% (2013: 12.35%) 16,300 ishares Barclays 1-3 Year Treasury Bond Fund 1,376, ,355 ishares Barclays Year Treasury Bond Fund 1,670, ,130 ishares US Aerospace & Defense ETF 473, ,340 Vanguard Industrials ETF 784, ,470 Vanguard Short-Term Corporate Bond ETF 674, Total United States of America 4,978, Total Collective Investment Schemes 27,246, Bonds: 4.37% (2013: 8.70%) United States of America: 4.37% (2013: 8.70%) 1,236,000 US Treasury 2.625% Bonds 15/08/2020 1,290, Total United States of America 1,290, Total Bonds 1,290, Financial Derivative Instruments: 0.00% (2013: 0.00%) Forward Currency Contracts: 0.00% (2013: 0.00%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Gain Net Assets Northern Trust GBP 20,003 USD 31, /01/ Total Fair Value Gains on Forward Currency Contracts 88 - Total Financial assets at fair value through profit or loss 28,537, Financial liabilities at fair value through profit or loss Financial Derivative Instruments: 0.00% (2013: 0.00%) Forward Currency Contracts: 0.00% (2013: 0.00%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Loss Net Assets Northern Trust GBP 186,398 USD 291, /01/2015 (628) - Northern Trust USD 31,096 GBP 20, /01/2015 (89) - Northern Trust SGD 830,152 USD 628, /01/2015 (2,858) - Total Fair Value Losses on Forward Currency Contracts (3,575) - Total Financial liabilities at fair value through profit or loss (3,575) - 81

84 CGWM SELECT GLOBAL DIVERSITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014 Fair Value % of USD Net Assets Total Value of Investments 28,533, (Cost: USD 25,848,277) Cash 1,160, Other Net Liabilities (176,219) (0.60) Net Assets Attributable to Holders of Redeemable Participating Shares 29,517, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market 2.90 Financial derivative instruments dealt on a regulated market 0.00 Other Assets * Closed-end Fund 82

85 CGWM SELECT GLOBAL AFFINITY FUND INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss USD Net Assets Collective Investment Schemes: 94.77% (2013: 88.37%) Guernsey: 2.61% (2013: 3.73%) 65,974 HICL Infrastructure Company Limited* 156, ,350 International Public Partnerships* 260, Total Guernsey 416, Ireland: 42.46% (2013: 36.11%) Edinburgh Partners Opportunities Fund - 235,489 European Opportunities Fund 716, ,280 Findlay Park American Smaller Companies Fund - USD 1,449, ,814 First State Global Listed Infrastructure Fund - Class III 495, ,141 J O Hambro Capital Management Umbrella Fund - Japan Fund 191, J O Hambro Capital Management Umbrella Fund - 144,197 Continental European Fund 718, Old Mutual Global Investors Series - 236,913 Old Mutual Global Equity Absolute Return 352, ,753 Polar Capital Funds - Healthcare Opportunities Fund Class I 425, ,998 Polar Capital North American Fund Class I USD 1,213, ,887 Vanguard Investment Series - US Opportunities Fund 1,215, Total Ireland 6,781, Luxembourg: 25.68% (2013: 14.64%) 57,042 Henderson Gartmore Fund - United Kingdom Absolute Return 355, ,514 Henderson Horizon - Global Technology Fund 457, ,632 Investec Global Energy Fund 154, ,522 JPMorgan Funds - Highbridge US STEEP 1,326, ,053 Jupiter Global Fund - Dynamic Bond Fund Class I USD 585, ,002 Stratton Street UCITS - Renminbi Bond Fund UI USD 405, ,907 Wells Fargo Lux Worldwide Fund - US All Cap Growth 817, Total Luxembourg 4,101, United Kingdom: 14.08% (2013: 28.61%) 71,783 Aberdeen Investment Funds ICVC - Japan Growth Fund 180, ,881 BlackRock European Dynamic Fund 187, ,353 First State Asia Pacific Leaders Fund 747, ,335 Old Mutual UK Alpha Fund 340, ,500 Schroder Asian Alpha Plus Fund - Z Acc 323, ,557 Threadneedle Investment Funds ICVC - UK Fund 468, Total United Kingdom 2,248, * Closed-end Fund 83

86 CGWM SELECT GLOBAL AFFINITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014 As at 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss USD Net Assets Collective Investment Schemes: 94.77% (2013: 88.37%) (continued) United States of America: 9.94% (2013: 5.28%) 3,122 ishares Barclays Year Treasury Bond Fund 422, ,860 ishares 1-3 Year Treasury Bond Fund 494, ,315 ishares US Aerospace & Defense 265, ,800 Vanguard Industrials ETF 405, Total United States of America 1,588, Total Collective Investment Schemes 15,136, Bonds: 2.09% (2013: 3.77%) United States of America: 2.09% (2013: 3.77%) 320,000 US Treasury 2.625% Bond 15/08/ , Total United States of America 334, Total Bonds 334, Total Financial assets at fair value through profit or loss 15,470, Financial Derivative Instruments: 0.00% (2013: 0.00%) Forward Currency Contracts: 0.00% (2013: 0.00%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Gain Net Assets Northern Trust GBP 138,785 USD 216, /01/2015 (467) - Northern Trust SGD 116,086 USD 87, /01/2015 (400) - Fair Value Losses on Forward Currency Contracts (867) - Total Financial Derivative Instruments (867) - Total Financial liabilities at fair value through profit or loss (867) - 84

87 CGWM SELECT GLOBAL AFFINITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014 Fair Value % of USD Net Assets Total Value of Investments 15,470, (Cost: USD 12,812,281) Cash 645, Other Net Liabilities (142,096) (0.89) Net Assets Attributable to Holders of Redeemable Participating Shares 15,973, * Closed-end Fund Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or trading on a regulated market 2.58 Financial derivative instrument dealt on a regulated market (0.01) Other Assets

88 CGWM SELECT OPPORTUNITY FUND INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 89.26% (2013: 86.36%) Ireland: 47.61% (2013: 54.72%) 36,746 Findlay Park American Fund 1,869, ,738 Hermes Asia Ex-Japan Equity Fund 983, ,500 ishares - ishares MSCI Europe 1,350, ,100 ishares S&P 500 UCITS ETF 2,265, J O Hambro Capital Management Umbrella Fund - 623,528 Continental European Fund 1,993, ,148 KBI Institutional Water Fund - Sterling Class E 1,775, ,299,616 Lazard Global Listed Infrastructure Equity Fund Class I 1,684, ,563 Polar Capital North American Fund Class I GBP 823, ,628 Polar Healthcare Opportunities Fund 4,406, ,240 Prusik Asian Equity Income Fund Class C 1,318, ,760 Prusik Asian Equity Income Fund Class Y 548, ,286 Vanguard Investment Series - US Opportunities Fund 1,770, Total Ireland 20,789, Luxembourg: 25.66% (2013: 24.91%) 195,180 BlackRock Global - Continental European Flexible Fund 2,625, ,143 Henderson Global Funds - Global Technology Fund Class I2 3,912, ,947 JPMorgan Asset Management - Highbridge US STEEP 2,520, ,150,000 JPMorgan Liquidity Funds - Sterling Liquidity Fund 2,150, Total Luxembourg 11,208, United Kingdom: 15.99% (2013: 6.73%) 375,074 First State Investments ICVC - Asia Pacific Leaders Fund 1,905, ,865 First State Global Listed Infrastructure Fund - Class B 1,695, ,864 Investec Funds Series ii - Asia Ex Japan Fund 1,695, ,267,266 Threadneedle Investment Funds ICVC - European Select Fund 1,689, Total United Kingdom 6,985, Total Collective Investment Schemes 38,984,

89 CGWM SELECT OPPORTUNITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014 Fair Value % of Financial assets at fair value through profit or loss GBP Net Assets Financial Derivative Instrument: 0.19% (2013: 0.00%) Forward Currency Contracts: 0.19% (2013: 0.00%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Gain Net Assets Northern Trust GBP 4,199,508 EUR 5,300, /02/ , Total Fair Value Gains on Forward Currency Contracts 83, Total Financial Derivative Instruments 83, Total Financial assets at fair value through profit or loss 39,067, Total Fair Value of Investments 39,067, (Cost: GBP 32,539,882) Cash 4,504, Other Net Assets 102, Net Assets Attributable to Holders of Redeemable Participating Shares 43,673, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Financial derivative instruments dealt on a regulated market 0.19 Other Assets

90 CGWM SELECT GLOBAL OPPORTUNITY FUND INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss USD Net Assets Collective Investment Schemes: 89.22% (2013: 88.16%) Ireland: 47.15% (2013: 50.87%) Edinburgh Partners Opportunities Fund - 572,000 European Opportunities Fund 1,740, ,986 Findlay Park American Fund 7,296, ,724,469 Hermes Asia Ex-Japan Equity Fund 3,993, ,000 ishares MSCI Europe EX - UK EUR 5,746, ,700 ishares S&P 500 UCITS 9,587, J O Hambro Capital Management Umbrella Fund - 1,578,418 Continental European Fund 7,868, ,872 KBI Institutional Water Fund 7,405, ,672,293 Lazard Global Listed Infrastructure Equity Fund 7,224, ,324 Polar Capital North American Fund Class I USD 3,178, ,492 Polar Capital Healthcare Opportunities Fund 18,170, ,104 Prusik Asian Equity Income Fund Class B 3,038, ,903 Prusik Asian Equity Income Fund Class X 3,602, ,445 Vanguard Investment Series - US Opportunities Fund 7,372, Total Ireland 86,223, Luxembourg: 25.27% (2013: 25.27%) 453,397 BlackRock Global - Continental European Flexible Fund 9,508, ,250 Henderson Horizon - Global Technology Fund Distributing Class I2 16,519, ,716 JPMorgan Funds - Highbridge 11,162, ,025,000 JPMorgan US Dollar Liquidity Fund 9,025, Total Luxembourg 46,215, United Kingdom: 16.80% (2013: 12.02%) 1,068,973 First State Investments ICVC - Asia Pacific Leaders Fund 8,465, ,580,085 First State Global Listed Infrastructure Fund - Class B 7,366, ,535,044 Investec Funds Series ii - Asia Ex Japan Fund 7,860, ,384,337 Threadneedle Investment Funds ICVC - European Select Fund 7,033, Total United Kingdom 30,725, Total Collective Investment Schemes 163,165,

91 CGWM SELECT GLOBAL OPPORTUNITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014 Fair Value % of Financial assets at fair value through profit or loss USD Net Assets Financial Derivative Instruments: 0.29% (2013: 0.02%) Forward Currency Contracts: 0.29% (2013: 0.02%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Gain Net Assets Northern Trust USD 17,469,200 EUR 14,000, /02/ , Northern Trust GBP 20,003 USD 31, /01/ Northern Trust SGD 294,110 USD 221, /01/ Fair Value Gains on Forward Currency Contracts 521, Total Financial Derivative Instruments 521, Total Financial Assets at fair value through profit or loss 163,686, Financial liabilities at fair value through profit or loss Financial Derivative Instruments: -0.03% (2013: 0.00%) Forward Currency Contracts: -0.03% (2013: 0.00%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Loss Net Assets Northern Trust USD 31,096 GBP 20, /01/2015 (89) - Northern Trust SGD 17,848,176 USD 13,521, /01/2015 (61,455) (0.03) Total Fair Value Loss on Forward Currency Contracts (61,544) (0.03) Total Financial liabilities at fair value through profit or loss (61,544) (0.03) Total Fair Value of Investments 163,624, (Cost: USD 146,119,691) Cash 17,467, Other Net Assets 1,780, Net Assets Attributable to Holders of Redeemable Participating Shares 182,873, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Financial derivative instruments dealt on a regulated market 0.28 Other Assets

92 CGWM REMAP 4 FUND INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 71.32% (2013: 55.97%) Guernsey: 12.79% (2013: 9.85%) 1,356,141 HICL Infrastructure Company Limited* 2,068, ,595 International Public Partnerships* 829, Total Guernsey 2,897, Ireland: 29.47% (2013: 29.07%) 185,355 Invesco Asset Management Sterling Bond Fund 806, ,200 ishares Dow Jones Industrial Average UCITS 1,907, ,680 ishares S&P 500 Index Fund 1,034, ,243 Kames High Yield Global Bond 542, ,891 Polar Capital Global Technology Fund 552, ,357 Polar Healthcare Opportunities Fund 1,147, ,663 Vanguard Investment Series - US Opportunities Fund 687, Total Ireland 6,676, Jersey: 3.13% (2013: 0.00%) 22,985 ETFS Short CAD Long USD 708, Total Jersey 708, Luxembourg: 2.79% (2013: 0.00%) 615,257 Ignis Absolute Return Government Bond Fund 632, Total Luxembourg 632, United Kingdom: 23.14% (2013: 17.05%) 47,585 Henderson Global Funds - Global Technology Fund Class I 470, Invesco Perpetual Fixed Interest Investment Series - 456,073 Corporate Bond Fund Accumulating 739, ,169,312 M&G Corporate Bond Fund 2,042, ,228 M&G UK Inflation Linked Corporate Bond Fund Class I 381, ,750 M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating 747, ,000 Renewables Infrastructure Group 861, Total United Kingdom 5,242, Total Collective Investment Schemes 16,158,

93 CGWM REMAP 4 FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 13.50% (2013: 21.27%) United Kingdom: 13.50% (2013: 21.27%) 717,002 UK Gilt 2.75% 22/01/ , ,217,751 UK Gilt 4% 07/09/2016 1,290, ,460 UK Gilt 4.5% 07/03/2019 1,048, Total United Kingdom 3,056, Total Bonds 3,056, Total Value of Investments 19,214, (Cost: GBP 17,695,018) Cash 3,292, Other Net Assets 147, Net Assets Attributable to Holders of Redeemable Participating Shares 22,654, Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange listing or traded on a regular market Transferable securities other than those admitted to an official stock exchange listing or traded on a regular market Other Assets *Closed-end Fund 91

94 CGWM REMAP 4(i) FUND INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 94.18% (2013: 67.50%) Guernsey: 4.12% (2013: 10.06%) 25,944 HICL Infrastructure Company Limited* 39, ,003 International Public Partnerships* 83, Total Guernsey 123, Ireland: 48.71% (2013: 29.15%) 84,489 Invesco Bond Series - Sterling Bond Fund Class A 222, ,950 ishares Core UK Gilts UCITS 234, ,100 ishares Developed Markets Property Yield UCITS 114, ,720 ishares Global Infrastructure UCITS 246, ,800 ishares S&P 500 UCITS 170, ,923 ishares UK Gilts 0-5yr UCITS 253, ,396 Kames High Yield Global Bond 83, ,659 Polar Capital Funds - Healthcare Opportunities Fund 131, Total Ireland 1,456, Jersey: 2.44% (2013: 0.00%) 2,365 ETFS Short CAD Long USD 72, Total Jersey 72, United Kingdom: 38.91% (2013: 28.29%) 195,821 Blackrock North American Income Trust 229, ,979 IM Argonaut Funds - IM Argonaut European Income Fund Class A 40, Invesco Perpetual Fixed Interest Investment Series - 95,790 Corporate Bond Fund 113, ,375 Jupiter Strategic Bond 172, ,880 Lazard Investment Funds - Global Equity Income Fund 89, ,761 M&G UK Inflation Linked Corporate Bond Fund Class I 102, ,221 M&G Investment Funds 3 - Corporate Bond Fund 89, ,000 Renewables Infrastructure Group 203, ,779 Schroder Income Maximiser Fund Class A 124, Total United Kingdom 1,164, Total Collective Investment Schemes 2,817, Bonds: 0.00% (2013: 18.34%) United Kingdom: 0.00% (2013: 18.34%) 92

95 CGWM REMAP 4(i) FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Financial assets at fair value through profit or loss GBP Net Assets Total Value of Investments 2,817, (Cost: GBP 2,708,165) Cash 167, Other Net Assets 6, Net Assets Attributable to Holders of Redeemable Participating Shares 2,991, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to official stock exchange listing or traded on a regulated market 4.12 Other Assets *Closed-end Fund 93

96 CGWM REMAP 5 FUND INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 82.51% (2013: 88.31%) Guernsey: 12.88% (2013: 9.65%) 687,736 HICL Infrastructure Company Limited* 1,048, ,539 International Public Partnerships* 672, Total Guernsey 1,721, Ireland: 35.43% (2013: 34.80%) 23,018 INVESCO Bond Series - Sterling Bond Fund 100, ,325 ishares Dow Jones Industrial Average UCITS 1,097, ,000 ishares FTSE 100 UCITS 481, ,805 ishares S&P 500 UCITS 1,275, ,048 Polar Capital Funds - Global Technology Fund 1,066, ,357 Polar Capital Funds - Healthcare Opportunities Fund 263, Vanguard Investment Series - US Opportunities Fund 316, ,225 Vanguard S&P 500 UCITS 132, Total Ireland 4,735, Jersey: 2.59% (2013: 0.00%) 11,250 ETFS Short CAD Long USD ETF 346, Total Jersey 346, United Kingdom: 31.61% (2013: 43.86%) 227,827 First State Investments ICVC - Global Listed Infrastructure Fund 335, ,424 Henderson Global Funds - Global Technology Fund Class I 360, ,441 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 1,093, ,076 Legg Mason Funds ICVC - Legg Mason US Equity Income Fund 200, ,496 M&G Strategic Corporate Bond Fund Class I 993, ,750 Schroder Income Maximiser Fund Class Z Accumulating 239, ,861 Threadneedle Investment Funds ICVC - UK Fund 1,001, Total United Kingdom 4,224, Total Collective Investment Schemes 11,028,

97 CGWM REMAP 5 FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Fair Value GBP % of Net Assets Total Value of Investments 11,028, (Cost: GBP 9,964,007) Cash 2,379, Other Net Liabilities (41,329) (0.31) Net Assets Attributable to Holders of Redeemable Participating Shares 13,366, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market Other Assets * Closed-end Fund 95

98 CGWM BOND FUND INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 29.04% Ireland: 14.37% 200,204 GAM Star - Credit Opportunities GBP 2,160, ,704 Kames High Yield Global Bond 2,086, ,863 Legg Mason Brandywine Global Income Optimiser Fund 2,043, Total Ireland 6,291, Luxembourg: 14.67% 17,835 Aviva Investors Sicav - Global Convertibles Fund 2,190, ,095 Jupiter Global Fund - Dynamic Bond Fund Class I GBP 2,146, ,194 Man Umbrella SICAV - GLG Flexible Bond Fund 2,089, Total Luxembourg 6,426, Total Collective Investment Schemes 12,718, Bonds: 67.50% Australia: 2.15% 900,000 Macquarie Bank 3.5% 18/12/ , Total Australia 942, Hong Kong: 2.23% 1,530,000 Hainan Airlines Hong Kong 3.625% 07/02/ , Total Hong Kong 978, Mexico: 1.90% 650,000 Petroleos Mexicanos 8.25% 02/06/ , Total Mexico 833, Netherlands: 7.22% 1,780,000 Bank Nederlandse Gemeenten 5.75% 18/01/2019 2,083, ,650,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.95% 09/11/2022 1,077, Total Netherlands 3,161,

99 CGWM BOND FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 67.50% (continued) New Zealand: 2.10% 9,000,000 Fonterra Cooperative 3.6% 29/01/ , Total New Zealand 919, Norway: 7.82% 2,183,000 Kommunalbanken 2.62% 26/07/2016 3,424, Total Norway 3,424, People's Republic of China: 4.51% 9,200,000 China General Nuclear Power 3.75% 01/11/ , ,640,000 COSCO Finance % 03/12/2022 1,027, Total People's Republic of China 1,973, Saudi Arabia: 2.78% 1,800,000 Saudi Electricity Global Sukuk 4.211% 03/04/2022 1,218, Total Saudi Arabia 1,218, Singapore: 2.95% 1,100,000 Temasek Financial I 4.625% 26/07/2022 1,290, Total Singapore 1,290, Supranational: 4.85% 8,550,000 Corp Andina de Fomento 3.55% 12/12/ , ,000 European Investment Bank 2.65% 16/04/2020 1,245, Total Supranational 2,125, Sweden: 2.09% 870,000 Svenska Handelsbanken 3% 20/11/ , Total Sweden 915,

100 CGWM BOND FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 67.50% (continued) United Arab Emirates: 4.76% 1,635,000 IPIC GMTN 6.875% 14/03/2026 2,084, Total United Arab Emirates 2,084, United Kingdom: 20.09% 800,000 A2D Funding 4.75% 18/10/ , ,000 A2D Funding II 4.5% 30/09/ , ,450,000 Abbey National Treasury Services 5.125% 14/04/2021 1,722, ,650,000 Places for People Capital Markets 5% 27/12/2016 1,744, ,000 Society of Lloyd's 4.75% 30/10/ , ,500,000 Standard Chartered Bank 7.75% 03/04/2018 1,735, ,000 Zurich Finance UK FRN 29/10/ , Total United Kingdom 8,800, United States of America: 2.05% 780,000 GE Capital UK Funding 5.625% 25/04/ , Total United States of America 898, Total Bonds 29,566, Financial Derivative Instruments: 0.62% Forward Currency Contracts: 0.62% Currency Currency Currency Maturity Unrealised % of Counterparty Buys Sells Rate Date Gain Net Assets Northern Trust USD 7,770,000 GBP 4,801, /02/ , Northern Trust USD 2,000,000 GBP 1,240, /01/ , Northern Trust USD 1,230,000 GBP 761, /01/ , Northern Trust USD 2,000,000 GBP 1,265, /01/ , Northern Trust USD 650,595 GBP 416, /01/ Total Fair Value Gains on Forward Currency Contracts 271, Total Financial Derivative Instruments 271, Total Financial assets at fair value through profit or loss 42,556,

101 CGWM BOND FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Fair Value % of Holdings Financial liabilities at fair value through profit or loss GBP Net Assets Financial Derivative Instruments: -1.27% Forward Currency Contracts: -1.27% Currency Currency Currency Maturity Unrealised % of Counterparty Buys Sells Rate Date Loss Net Assets Northern Trust GBP 6,933,640 USD 11,230, /01/2015 (269,107) (0.61) Northern Trust GBP 3,600,144 USD 6,000, /02/2015 (249,199) (0.57) Northern Trust GBP 1,100,544 USD 1,770, /02/2015 (35,013) (0.08) Northern Trust GBP 1,279,192 USD 2,000, /01/2015 (3,577) (0.01) Total Fair Value Losses on Forward Currency Contracts (556,896) (1.27) Total Financial liabilities at fair value through profit or loss (556,896) (1.27) Total Value of Investments 41,999, (Cost: GBP 41,270,773) Cash 1,003, Other Net Assets 794, Net Assets Attributable to Holders of Redeemable Participating Shares 43,797, Analysis of Total Assets % of Total Assets Transferable securities listed on an official stock exchange listing or traded on a regulated market Financial derivative instruments dealt on a regulated market 0.61 Other Assets

102 CGWM TOTAL RETURN BOND FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost GBP Abbey National Treasury Services 5.125% 14/04/ ,750 Temasek Financial I 2.375% 23/01/ ,395 Sales Proceeds GBP New Zealand (Government of) 5.5% 15/04/ ,393 United Kingdom Gilt 2.25% 07/09/ ,660 Slovenia (Republic of) 4% 17/02/ ,547 United Kingdom Gilt Inflation Linked 2.50% 16/04/ ,188 Goldman Sachs Group 6.125% 14/02/ ,675 IPIC GMTN 6.875% 14/03/ ,575 Kreditanstalt fur Wiederaufbau 5% 10/09/ ,700 Abbey National Treasury Services 5.125% 14/04/ ,950 GE Capital UK Funding 5.625% 25/04/ ,050 Bank Nederlandse Gemeenten 4.5% 20/02/ ,580 Temasek Financial I 2.375% 23/01/ ,397 Transport for London 2.25% 09/08/ ,602 * Significant portfolio movements disclose all purchases and sales of the Fund for the year. 100

103 CGWM SELECT INCOME FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost GBP Invesco Perpetual UK Strategic Income Fund 800,000 Artemis Global Income Fund 535,000 Kames Strategic Global Bond Fund 470,000 Man Umbrella SICAV - GLG Flexible Bond Fund 310,100 Legg Mason Brandywine Global Income Optimiser Fund 293,522 Capita Financial - CF Woodford Equity Income Fund 250,000 Magna Umbrella Fund - Emerging Markets Dividend Fund 240,000 Legal & General Dynamic Bond Trust 233,000 M&G Strategic Corporate Bond Fund Class A 200,000 GAM Star - Credit Opportunities GBP 120,000 John Laing Infrastructure Fund 116,284 RWC Funds Enhanced Income 110,000 M&G UK Inflation Linked Corporate Bond Fund Class I 58,000 Invesco Bond Series - Sterling Bond Fund Class C 58,000 Sales Proceeds GBP Invesco Fund Managers Perpetual Income Fund 799,188 New Capital UCITS Fund - New Capital Wealthy Nations Bond Fund 501,569 Veritas - Global Equity Income Fund 340,359 HICL Infrastructure Company Limited 251,135 M&G UK Inflation Linked Corporate Bond Fund Class I 233,000 Legal & General Dynamic Bond Trust 231,115 Franklin Templeton Global Bond Fund 215,859 M&G Strategic Corporate Bond Fund Class A 140,000 * Significant portfolio movements disclose all purchases and sales of the Fund for the year. 101

104 CGWM SELECT DIVERSITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost GBP Invesco Perpetual UK Strategic Income Fund 3,725,716 M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating 3,600,000 ishares UK Gilts 0-5yr UCITS ETF 3,312,609 JPMorgan Funds - Highbridge US STEEP 2,630,613 Polar Capital North American Fund Class I GBP Inc 2,516,724 M&G Investment UK Growth Fund Class I Accumulating 2,400,000 M&G Investment UK Inflation Linked Corporate Bond Fund 2,347,000 ishares $ TIPS UCITS 2,023,613 BNY Mellon Absolute Return Equity Fund 1,734,000 Henderson Gartmore Fund - United Kingdom Absolute Return 1,684,285 J O Hambro Capital Management Umbrella Fund - Continental European Fund 1,656,136 Ignis Absolute Return Government Bond Fund 1,550,000 Findlay Park American Fund 1,430,035 Old Mutual Global Investors Series - Absolute Return Fund 1,385,000 Man Umbrella SICAV - GLG Flexible Bond Fund 1,366,786 Henderson Gartmore Fund - UK Absolute Return R Accumulating 1,297,000 Kames Strategic Global Bond Fund 1,200,000 ishares S&P 500 UCITS ETF 1,006,175 Wells Fargo Worldwide Fund - Emerging Markets Equity Income Fund 1,000,000 Investec Funds Series ii - Global Energy Fund 1,000,000 Sales Proceeds GBP UK Treasury Index Linked 2.5% Bonds 16/04/2020 4,929,328 Invesco Fund Managers Perpetual Income Fund 4,065,716 M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating 3,638,284 M&G Offshore UK Inflation Linked Corporate Bond Fund 3,582,130 Ignis Absolute Return Government Bond Fund 2,811,393 Polar Capital North American Fund Class I GBP Inc 2,516,724 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 2,282,776 Findlay Park American Smaller Companies Fund - GBP 1,580,036 Henderson Gartmore Fund - UK Absolute Return R Accumulating 1,309,285 Stratton Street UCITS - Renminbi Bond Fund UI GBP 1,270,000 First State Asia Pacific Leaders Fund 1,176,141 ishares S&P 500 UCITS ETF 1,052,935 Schroder European Alpha Plus Fund 1,052,249 Schroder International Selection Fund - UK Opportunities 1,048,808 Polar Capital Global Technology Fund 1,043,220 Wells Fargo Lux Worldwide Fund - US All Cap Growth 1,001,153 Schroder Asian Alpha Plus Fund 937,523 Polar Healthcare Opportunities Fund 770,000 BlackRock Global - Continental European Flexible Fund 770,000 HICL Infrastructure Company Limited 646,905 * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year. 102

105 CGWM SELECT AFFINITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost USD Invesco Perpetual UK Strategic Income Fund 3,258,181 J O Hambro Capital Management Umbrella - UK Growth Fund 2,035,000 JPMorgan Funds - Highbridge US STEEP 1,935,506 Findlay Park American Fund 1,729,776 ishares UK Gilts 0-5yr UCITS ETF 1,571,548 ishares S&P 500 UCITS ETF 1,331,196 Jupiter Global Dynamic Bond Fund 1,320,000 Polar Capital North American Fund Class I GBP 1,285,000 Threadneedle Investment Funds ICVC - European Select Fund 1,070,000 J O Hambro Capital Management Umbrella Fund - Continental European Fund 1,015,000 Ignis Absolute Return Government Bond Fund 959,000 ishares Barclays TIPS UCITS ETF 933,467 Investec Funds Series ii - Global Energy Fund 892,000 Henderson Gartmore Fund - United Kingdom Absolute Return 800,000 Old Mutual Global Investors Series -Old Mutual Global Equity Absolute Return 685,000 BNY Mellon Absolute Return Equity Fund 685,000 Henderson Global Funds - Global Technology Fund Class I 580,000 M&G UK Inflation Linked Corporate Bond Fund Class I 575,000 Schroder International Selection Fund - UK Opportunities 475,000 First State Global Listed Infrastructure Fund - Class B 70,000 Sales Proceeds USD Invesco Fund Managers Perpetual Income Fund 3,118,181 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 2,368,490 Findlay Park American Fund - GBP 1,904,997 UK Inflation Linked 2.50% 16/04/2020 1,897,372 Ignis Absolute Return Government Bond Fund 1,742,279 Polar Capital North American Fund 1,345,030 Schroder Asian Alpha Plus 1,197,019 Findlay Park American Fund 1,148,725 Schroder European Alpha Plus Fund 899,323 Schroder International Selection Fund - UK Opportunities 896,597 Kames Strategic Global Bond Fund 764,783 BlackRock Global - Continental European Flexible Fund 760,000 Polar Capital Funds - Global Technology Fund 645,259 M&G UK Inflation Linked Corporate Bond Fund Class I 581,138 M&G Offshore UK Inflation Linked Corporate Bond Fund 551,381 J O Hambro Capital Management Umbrella Fund - Continental European Fund 545,000 Polar Healthcare Opportunities Fund 495,000 HICL Infrastructure Company Limited 475,085 First State Investments ICVC - Asia Pacific Leaders Fund 420,000 Investec Fund Series i - UK Special Situations Fund 220,000 * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year. 103

106 CGWM SELECT GLOBAL DIVERSITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost USD JPMorgan Funds - Highbridge US STEEP 1,413,500 ishares Barclays 1-3 Year Treasury Bond Fund 1,377,200 Ignis Absolute Return Government Bond Fund 1,280,000 Edinburgh Partners Opportunities Fund - European Opportunities Fund 1,235,000 Kames Capital Investment - Strategic Global Bond Fund 1,092,500 Old Mutual Global Investors Series Plc - Global Equity Absolute Return Fund 1,005,000 Henderson Gartmore Fund - UK Absolute Return Fund 992,000 J O Hambro Capital Management Umbrella Fund - Continental European Fund 814,245 Vanguard Investment Series - US Opportunities Fund 625,739 Old Mutual Investment Management - UK Alpha Fund Accumulating 589,133 Man Umbrella SICAV - GLG Flexible Bond Fund 581,000 Henderson Horizon - Global Technology Fund Distributing Class I1 551,000 Polar Capital North American Fund Class I USD 523,500 Findlay Park American Fund 493,500 ishares Barclays Year Treasury Bond Fund 469,232 ishares US Aerospace & Defense ETF 453,209 Investec Global Energy Fund 412,500 US Treasury 2.625% Bonds 15/08/ ,303 Jupiter Global Fund - Dynamic Bond Fund Class I USD 355,500 First State Asia Pacific Leaders Fund 317,735 Sales Proceeds USD Ignis Absolute Return Government Bond Fund 1,615,949 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 1,096,908 ishares S&P 500 Index Fund - GBP 1,091,759 US Treasury Inflation Index 1.375% Bonds 15/01/ ,290 Schroder European Alpha Plus Fund - Z Acc 601,068 Schroder Asian Alpha Plus Fund 556,552 Vanguard Short-Term Corporate Bond ETF 472,525 Stratton Street UCITS - Renminbi Bond Fund UI USD 465,000 BlackRock European Dynamic Fund 421,158 Polar Capital Funds - Global Technology Fund 377,244 Polar Healthcare Opportunities Fund 238,526 HICL Infrastructure Company Limited 187,681 J O Hambro Capital Management Umbrella Fund - Continental European Fund 46,887 * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year. 104

107 CGWM SELECT GLOBAL AFFINITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost USD JPMorgan Funds - Highbridge US STEEP 1,277,000 Edinburgh Partners Opportunities Fund - European Opportunities Fund 710,000 J O Hambro Capital Management Umbrella Fund - GBP 610,861 ishares 1-3 Year Treasury Bond Fund 494,994 Old Mutual Global Investors Series -Old Mutual Global Equity Absolute Return 353,000 Henderson Gartmore Fund - United Kingdom Absolute Return 347,500 Old Mutual UK Alpha Fund 337,903 Ignis Absolute Return Government Bond Fund 294,000 ishares US Aerospace & Defense 253,538 Vanguard Investment Series - US Opportunities Fund 253,069 Henderson Horizon - Global Technology Fund 252,000 Findlay Park American Smaller Companies Fund - USD 250,500 Investec Global Energy Fund 222,500 Polar Capital North American Fund Class I USD 206,500 First State Asia Pacific Leaders Fund 132,179 Wells Fargo Lux Worldwide Fund - US All Cap Growth 119,000 Jupiter Global Fund - Dynamic Bond Fund Class I USD 110,500 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 95,203 First State Global Listed Infrastructure Fund - Class B 79,500 Schroder Asian Alpha Plus Fund - Z Acc 69,189 Sales Proceeds USD Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 944,573 ishares S&P 500 UCITS 755,555 Ignis Absolute Return Government Bond Fund 524,254 Schroder European Alpha Plus Fund - Z Acc 499,037 BlackRock European Dynamic Fund 347,127 Schroder Asian Alpha Plus Fund 266,824 Aberdeen Investment Funds ICVC - Emerging Markets Fund 208,394 Polar Global Technology Fund 198,036 US Treasury Inflation Indexed 1.375% Bonds 15/01/ ,722 Polar Healthcare Opportunities Fund 144,436 HICL Infrastructure Company Limited 123,329 BlackRock Global - Continental European Flexible Fund 760,000 Polar Capital Funds - Global Technology Fund 645,259 M&G Investment UK Inflation Linked Corporate Bond Fund 581,138 M&G Offshore UK Inflation Linked Corporate Bond Fund 551,381 J O Hambro Capital Management Umbrella Fund - Continental European Fund 545,000 Polar Healthcare Opportunities Fund 495,000 HICL Infrastructure Company Limited 475,085 First State Investments ICVC - Asia Pacific Leaders Fund 420,000 Investec Fund Series i - UK Special Situations Fund 220,000 * Significant portfolio movements disclose all purchases and the top 20 sales of the Fund for the year. 105

108 CGWM SELECT OPPORTUNITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost GBP Henderson Global Funds - Global Technology Fund Class I2 4,774,999 ishares MSCI AC Far East EX-Japan 3,945,475 ishares MSCI World 3,218,020 ishares MSCI Europe EX - UK UCITS 3,192,621 Investec - Global Energy Fund Series II 3,062,000 JPMorgan Liquidity Funds - Sterling Liquidity Fund 2,530,000 JPMorgan Asset Management - Highbridge US STEEP 2,271,955 ishares S&P 500 UCITS ETF 1,932,461 KBI Institutional Water Fund - Sterling Class E 1,755,000 First State Investments ICVC - Asia Pacific Leaders Fund 1,657,000 Lazard Global Listed Infrastructure Equity Fund Class I 1,625,000 First State Global Listed Infrastructure Fund - Class III 1,565,000 Investec Funds Series ii - Asia Ex Japan Fund 1,528,000 ishares S&P Global Energy sector 1,472,775 J O Hambro Capital Management Umbrella Fund 1,400,000 Findlay Park American Fund 1,379,854 Polar Capital Global Technology Fund 1,265,000 ishares EURO STOXX 50 ETF 1,202,775 Edinburgh Partners European Opportunities Fund 1,190,000 ETFS Agriculture 1,152,863 Sales Proceeds GBP ishares MSCI AC Far East EX-Japan 3,953,670 ishares MSCI Europe EX - UK UCITS 3,572,652 ishares MSCI World 3,281,350 Investec - Global Energy Fund Series II 3,026,671 JPMorgan Liquidity Funds - Sterling Liquidity Fund 2,893,000 Henderson Horizon - Global Technology Fund 2,877,425 ishares EURO STOXX 50 ETF 2,831,932 Polar Healthcare Opportunities Fund 2,727,000 Polar Capital Global Technology Fund 2,542,126 Findlay Park American Fund 1,693,850 ishares S&P Global Energy sector 1,523,529 Wells Fargo (Lux) - US All Cap Growth 1,436,119 Schroder European Alpha Plus Fund Z Accumulating 1,335,862 ETFS Agriculture 1,200,188 Edinburgh Partners European Opportunities 1,092,864 J O Hambro Capital Management Umbrella Fund 900,000 Polar Capital North American Fund Class I GBP 780,000 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 755,394 Findlay Park Latin American Fund 605,219 Vanguard Investment Series - US Opportunities Fund 581,000 * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year. 106

109 CGWM SELECT GLOBAL OPPORTUNITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost USD ishares MSCI AC Far East EX - Japan (GBP) 16,058,575 Henderson Horizon - Global Technology Fund Distributing Class I2 16,044,998 ishares S&P 500 UCITS 12,172,266 Investec Fund Managers - Global Energy 12,087,065 ishares MSCI Europe EX - UK EUR 11,829,543 ishares MSCI World 11,733,056 JPMorgan Funds - Highbridge 10,665,000 JPMorgan US Dollar Liquidity Fund 9,975,000 First State Investments ICVC - Asia Pacific Leaders Fund 7,988,134 Investec Funds Series ii - Asia Ex Japan Fund 7,588,055 KBI Institutional Water Fund 7,553,775 First State Global Listed Infrastructure Fund - Class III 7,330,831 Lazard Global Listed Infrastructure Equity Fund 6,976,000 Edinburgh Partners Opportunities Fund - European Opportunities Fund 5,650,000 ishares S&P Global Energy sector IDX 5,626,179 Polar Capital North American Fund Class I USD 5,525,000 J O Hambro Capital Management Umbrella Fund - GBP 5,511,182 Polar Capital Healthcare Opportunities Fund 5,190,000 ETFS Commodity Securities - ETFS Agriculture 4,862,011 Polar Capital Global Technology Fund 4,860,000 Sales Proceeds USD ishares MSCI AC Far East EX - Japan (GBP) 15,493,809 ishares MSCI Europe EX - UK EUR 12,183,394 ishares MSCI World 12,063,215 Investec Fund Managers - Global Energy 11,517,130 ishares EURO STOXX 50 10,498,490 JPMorgan US Dollar Liquidity Fund 10,440,058 Polar Capital Healthcare Opportunities Fund 10,150,000 Henderson Horizon - Global Technology Fund Distributing Class I2 9,920,267 Polar Capital Global Technology Fund 9,701,138 ishares S&P Global Energy sector IDX 5,836,132 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 5,525,983 Schroder European Alpha Plus Fund 5,364,300 Wells Fargo (Lux) - US All Cap Growth 5,279,181 ETFS Commodity Securities - ETFS Agriculture 4,981,290 ishares S&P 500 UCITS 3,452,336 Edinburgh Partners Opportunities Fund - European Opportunities Fund 3,248,553 Polar Capital North American Fund 2,900,000 J O Hambro Capital Management Umbrella Fund - GBP 2,534,420 Findlay Park American Fund 2,380,000 Findlay Park Latin American Fund 2,238,068 * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year. 107

110 CGWM REMAP 4 FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost GBP ishares Dow Jones Industrial Average UCITS 1,652,186 M&G Corporate Bond Fund 1,233,071 UK Gilt 4% 07/03/ ,214 UK Gilt 4% 07/09/ ,948 Renewables Infrastructure Group 869,456 HICL Infrastructure Company Limited 851,247 M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating 764,151 Ignis Absolute Return Government Bond Fund 651,651 ETFS Short CAD Long USD 631,569 ishares S&P 500 Index Fund 550,121 Kames High Yield Global Bond 546,883 ishares FTSE 250 Index Fund 532,723 UK Gilt 4.5% 07/03/ ,750 Invesco Asset Management Sterling Bond Fund 498,688 Polar Capital Global Technology Fund 490,956 Henderson Global Funds - Global Technology Fund Class I 475,450 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund Accumulating 470,664 International Public Partnerships 225,732 Polar Healthcare Opportunities Fund 196,655 ETFS Brent 1mth Oil Securities Fund 184,404 Sales Proceeds GBP UK Gilt 4% 07/03/2022 1,057,635 Findlay Park American Fund 928,101 ishares FTSE 250 Index Fund 802,191 ishares Developed Markets Property Yield Fund 672,802 Jupiter Global Dynamic Bond Fund 623,763 Polar Capital Global Technology Fund 606,684 Invesco Fund Managers - Income Fund 577,546 Henderson Global Investors - UK Absolute Return Fund 524,986 UK Gilt 4.75% 07/03/ ,189 BH Macro Limited 471,583 Old Mutual Investment Fund - UK Alpha Fund 448,702 M&G Global Dividend Fund 394,889 New Capital UCITS - New Capital Wealthy Nations Bond Fund 382,796 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 382,477 Kames Capital Investment - Strategic Global Bond Fund 381,422 Legal & General Dynamic Bond Trust 373,905 ETFS Brent 1mth Oil Securities Fund 357,674 Artemis Fund Managers - Global Income Fund 349,953 M&G Strategic Corporate Bond Fund Class A Accumulating 339,474 Investec Fund Mangers - UK Special Situations Fund 332,746 * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year. 108

111 CGWM REMAP 4(i) FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost GBP ishares UK Gilts 0-5yr UCITS 268,541 ishares Core UK Gilts UCITS 213,892 ishares Global Infrastructure UCITS 212,325 Renewables Infrastructure Group 207,301 Jupiter Strategic Bond 175,013 ishares S&P 500 UCITS 152,824 ishares Developed Markets Property Yield UCITS 121,903 Blackrock North American Income Trust 105,346 Invesco Bond Series - Sterling Bond Fund Class A 104,576 M&G UK Inflation Linked Corporate Bond Fund Class I 104,373 Lazard Investment Funds - Global Equity Income Fund 90,900 Kames High Yield Global Bond 83,252 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 80,605 HICL Infrastructure Company Limited* 77,142 ETFS Short CAD Long USD 66,090 Polar Capital Funds - Healthcare Opportunities Fund 55,854 Schroder Income Maximiser Fund Class A 52,623 M&G Investment Funds 3 - Corporate Bond Fund 38,241 International Public Partnerships 37,149 Vanguard Investment Series - US Opportunities Fund 30,470 Sales Proceeds GBP HICL Infrastructure Company Limited 172,343 Vanguard Investment Series - US Opportunities Fund 118,814 UK Gilt 8% 07/12/ ,318 ishares Developed Markets Property Yield UCITS 91,402 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 89,472 UK Gilt 4.75% 07/09/ ,968 Polar Capital Funds - Healthcare Opportunities Fund 74,762 UK Gilt 4.5% 07/03/ ,431 ETFS Brent 1mth Oil Securities ETF 47,797 ishares FTSE ,879 UK Gilt 3.75% 07/09/ ,894 BlackRock Fund Managers - European Dynamic Fund 28,573 ishares UK Gilts 0-5yr UCITS 18,972 * Significant portfolio movements disclose the top 20 purchases and all sales of the Fund for the year. 109

112 CGWM REMAP 5 FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost USD Polar Capital Funds - Global Technology Fund 981,291 ishares Dow Jones Industrial Average UCITS 960,450 ishares FTSE 100 UCITS 475,183 International Public Partnerships 438,780 ishares S&P 500 UCITS 435,860 M&G Strategic Corporate Bond Fund Class I 341,223 IGNIS Global Funds - Absolute Return Government Bond Fund 325,841 ETFS Short CAD Long USD ETF 319,928 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 315,260 Henderson Global Funds - Global Technology Fund Class I 313,800 ishares FTSE ,902 HICL Infrastructure Company Limited 250,356 Polar Capital Funds - Healthcare Opportunities Fund 241,000 Schroder Income Maximiser Fund Class Z Accumulating 234,300 M&G Investment Funds - Corporate Bond Fund 226,247 Vanguard Investment Series - US Opportunities Fund 216,928 Threadneedle Investment Funds ICVC - UK Fund 173,255 Vanguard S&P 500 UCITS 128,027 First State Investments ICVC - Global Listed Infrastructure Fund 80,552 ETFS Brent 1mth Oil Securities 77,307 Sales Proceeds USD M&G Investment Funds - Corporate Bond Fund 906,343 ishares FTSE ,172 Vanguard Investment Series - US Opportunities Fund 716,537 ETFS Brent 1mth Oil Securities 443,449 Jupiter Corporate Bond Fund 434,205 ishares MSCI Europe ex-uk UCITS 426,681 Polar Capital Funds - Global Technology Fund 415,864 IGNIS Global Funds - Absolute Return Government Bond Fund 314,079 ishares Developed Markets Property Yield UCITS 232,281 ishares S&P 500 UCITS 231,271 M&G Strategic Corporate Bond Fund Class I 122,534 * Significant portfolio movements disclose the top 20 purchases and all sales of the Fund for the year. 110

113 CGWM BOND FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost GBP Bank Nederlandse Gemeenten 5.75% 18/01/2019 2,218,895 GAM Star - Credit Opportunities GBP 2,200,000 Legg Mason Brandywine Global Income Optimiser Fund 2,119,000 Man Umbrella SICAV - GLG Flexible Bond Fund 2,100,000 UK Gilt 4.00% 07/03/2022 1,949,305 Kommunalbanken 2.62% 26/07/2016 1,928,840 Kommunalbanken 1.13% 15/12/2016 1,924,183 European Investment Bank 2.50% 31/10/2022 1,875,677 Asian Development Bank 1.50% 15/12/2017 1,586,613 Kames High Yield Global Bond 1,354,000 Temasek Financial I 4.625% 26/07/2022 1,344,144 UK Gilt 4.75% 07/12/2030 1,242,700 Legal & General Dynamic Bond Trust 1,242,000 Saudi Electricity Global Sukuk 4.211% 03/04/2022 1,121,091 IGNIS Absolute Return Government Bond Fund 1,061,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.95% 09/11/ ,272 A2D Funding II 4.5% 30/09/ ,200 Society of Lloyd's 4.75% 30/10/ ,550 Fonterra Cooperative 3.6% 29/01/ ,605 Corp Andina de Fomento 3.55% 12/12/ ,466 Sales Proceeds GBP UK Gilt 2.50% 26/07/2016 3,984,793 GE Capital UK Funding 6.75% 06/08/2018 1,966,449 UK Gilt 4.00% 07/03/2022 1,942,765 European Investment Bank 2.50% 31/10/2022 1,903,785 Kommunalbanken 1.13% 15/12/2017 1,886,890 Asian Development Bank 1.50% 15/12/2017 1,885,761 Inter-American Development Bank 6.00% 15/12/2017 1,646,312 Franklin Templeton Global Bond Fund 1,488,669 QBE Insurance 6.13% 28/09/2015 1,398,758 UK Gilt 4.75% 07/12/2030 1,310,900 Jupiter Global Fund - Dynamic Bond Fund Class I GBP 1,254,000 Legal & General Dynamic Bond Trust 1,249,272 Ignis Absolute Return Government Bond Fund 1,043,572 Lloyds Bank 5.50% 25/09/ ,270 London Stock Exchange Group 4.75% 02/11/ ,838 Korea Gas Corporation 4.50% 25/09/ ,518 Rabobank Nederland 5.25% 14/09/ ,150 Temasek Financial (I) Private 2.38% 23/01/ ,372 Neuberger Berman Investment Funds - Short Duration High Yield Bond Fund 820,647 SK Telecom 4.75% 17/11/ ,183 * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year. 111

114 ADDITIONAL UNAUDITED PORTFOLIO INFORMATION The following table lists details of the underlying collective investment schemes that the Funds invest in: Underlying Collective Investment Scheme Jurisdiction Management Fee Performance Fee Aberdeen Investment Funds ICVC - Japan Growth Fund United Kingdom Artemis Global Income Fund United Kingdom 0.75 N/A Artemis Income Fund United Kingdom 1.50 N/A Aviva Investors Sicav - Global Convertibles Fund Luxembourg 0.60 N/A BlackRock European Dynamic Fund United Kingdom 0.75 N/A BlackRock Global - Continental European Flexible Fund Luxembourg 0.75 N/A Blackrock North American Income Trust United Kingdom BNY Mellon Absolute Return Equity Fund Ireland Brown Advisory US Small Cap Blend Fund United Kingdom Capita Financial - CF Woodford Equity Income Fund United Kingdom 1.00 N/A Edinburgh Partners Opportunities Fund - European Opportunities Fund Ireland 0.75 N/A ETFS Short CAD Long USD Jersey 0.39 N/A Findlay Park American Fund Ireland First State Asia Pacific Leaders Fund United Kingdom 0.85 N/A First State Global Listed Infrastructure Fund - Class B United Kingdom First State Global Listed Infrastructure Fund - Class III Ireland First State Investments ICVC - Global Listed Infrastructure Fund United Kingdom GAM Star - Credit Opportunities GBP Ireland 1.56 N/A Henderson Gartmore Fund - United Kingdom Absolute Return Luxembourg 1.00 N/A Henderson Global Funds - Global Technology Fund Class I United Kingdom Henderson Global Funds - Global Technology Fund Class I2 United Kingdom Henderson Horizon - Global Technology Fund Distributing Class I1 Luxembourg Henderson Horizon - Global Technology Fund Distributing Class I2 Luxembourg Hermes Asia Ex-Japan Equity Fund Ireland 0.75 N/A HICL Infrastructure Company Limited United Kingdom 1.10 N/A Ignis Absolute Return Government Bond Fund Luxembourg IM Argonaut Funds - IM Argonaut European Income Fund Class I United Kingdom IM Argonaut Funds - IM Argonaut European Income Fund Class A United Kingdom International Public Partnerships Guernsey % of any outperformance of 15yr gilt +2.5% Invesco Asset Management Sterling Bond Fund United Kingdom Invesco Bond Series - Sterling Bond Fund Class A Ireland 0.50 N/A Invesco Bond Series - Sterling Bond Fund Class C Ireland 0.50 N/A Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund Accumulating United Kingdom Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund United Kingdom Invesco Perpetual UK Strategic Income Fund United Kingdom 1.17 N/A Investec Fund Series i - UK Special Situations Fund United Kingdom 0.75 N/A 112

115 ADDITIONAL UNAUDITED PORTFOLIO INFORMATION The following table lists details of the underlying collective investment schemes that the Funds invest in: Underlying Collective Investment Scheme Jurisdiction Management Fee Performance Fee Investec Funds Series ii - Asia Ex Japan Fund United Kingdom 0.75 N/A Investec Funds Series ii - Global Energy Fund United Kingdom 0.75 N/A Investec Global Energy Fund United Kingdom 0.75 N/A ishares $ TIPS UCITS Ireland 0.25 N/A ishares Barclays Year Treasury Bond Fund United States of America 0.15 N/A ishares Barclays 1-3 Year Treasury Bond Fund United States of America 0.15 N/A ishares Core UK Gilts UCITS Ireland 0.20 N/A ishares Developed Markets Property Yield UCITS United Kingdom ishares Dow Jones Industrial Average UCITS Ireland 0.33 N/A ishares FTSE 100 UCITS Ireland 0.40 N/A ishares Global Infrastructure UCITS United Kingdom ishares MSCI Europe EX - UK EUR Ireland 0.40 N/A ishares S&P 500 Index Fund Ireland 0.40 N/A ishares UK Gilts 0-5yr UCITS Ireland 0.20 N/A ishares US Aerospace & Defense United States of America 0.44 N/A J O Hambro Capital Management Japan Fund - JPY Ireland J O Hambro Capital Management Umbrella - UK Growth Fund Ireland J O Hambro Capital Management Umbrella Fund United Kingdom John Laing Infrastructure Fund Guernsey 1.1% up to 500m, 1% 500m m - JPMorgan Asset Management - Highbridge US STEEP Luxembourg JPMorgan Liquidity Funds - Sterling Liquidity Fund Luxembourg JPMorgan US Dollar Liquidity Fund Luxembourg 0.40 N/A Jupiter Global Fund - Dynamic Bond Fund Class I USD Luxembourg 0.50 N/A Jupiter Global Fund - Dynamic Bond Fund Class I GBP Luxembourg 0.50 N/A Jupiter Strategic Bond United Kingdom 0.50 N/A Kames Capital Investment - Strategic Global Bond Fund Ireland 0.80 N/A Kames High Yield Global Bond Ireland 1.30 N/A Kames Strategic Global Bond Fund Ireland KBI Institutional Water Fund Ireland Lazard Global Listed Infrastructure Equity Fund Ireland 1.07 N/A Lazard Global Listed Infrastructure Equity Fund Class I Ireland 0.85 N/A Lazard Investment Funds - Global Equity Income Fund United Kingdom Legg Mason Brandywine Global Income Optimiser Fund Ireland 1.55 N/A Legg Mason Funds ICVC - Legg Mason US Equity Income Fund United Kingdom M&G Corporate Bond Fund United Kingdom M&G Global Dividend Fund United Kingdom 0.75 N/A 113

116 ADDITIONAL UNAUDITED PORTFOLIO INFORMATION The following table lists details of the underlying collective investment schemes that the Funds invest in: Underlying Collective Investment Scheme Jurisdiction Management Fee Performance Fee M&G Investment Funds 3 - Corporate Bond Fund United Kingdom M&G Investment UK Growth Fund Class I Accumulating United Kingdom 0.75 N/A M&G Investment UK Inflation Linked Corporate Bond Fund Guernsey 1.16 N/A M&G Strategic Corporate Bond Fund Class A United Kingdom 1.00 N/A M&G Strategic Corporate Bond Fund Class I United Kingdom 1.00 N/A M&G UK Inflation Linked Corporate Bond Fund Class I United Kingdom 0.50 N/A M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating United Kingdom 0.50 N/A Magna Umbrella Fund - Emerging Markets Dividend Fund Ireland 1.25 N/A Man Umbrella SICAV - GLG Flexible Bond Fund Luxembourg 1.25 N/A Neuberger Berman Short Duration High Yield Bond Fund Ireland 0.60 N/A Newton Global Higher Income Fund United Kingdom 1.00 N/A Old Mutual Global Investors Series - Absolute Return Fund Ireland 1.74 N/A Old Mutual Global Investors Series - UK Alpha Fund Ireland Old Mutual Global Investors Series - Old Mutual Global Equity Absolute Return Ireland Old Mutual Investment Management - UK Alpha Fund Accumulating Ireland Polar Capital Funds - Healthcare Opportunities Fund Ireland Polar Capital Global Technology Fund United Kingdom Polar Capital Healthcare Opportunities Fund Ireland Polar Capital North American Fund Class I USD Ireland Polar Capital North American Fund Class I GBP Ireland Polar Capital North American Fund Class I GBP Inc Ireland Prusik Asian Equity Income Fund Class B Ireland 1.00 N/A Prusik Asian Equity Income Fund Class X Ireland 1.00 N/A Prusik Asian Equity Income Fund Class C Ireland 1.00 N/A Prusik Asian Equity Income Fund Class Y Ireland 1.00 N/A Renewables Infrastructure Group Guernsey 1.00 N/A RWC Funds Enhanced Income Luxembourg 0.80 N/A Schroder Asian Alpha Plus Fund - Z Acc United Kingdom 0.75 N/A Schroder Income Maximiser Fund Class Z United Kingdom Schroder Income Maximiser Fund Class A United Kingdom Schroder Income Maximiser Fund Class Z Accumulating United Kingdom 0.75 N/A Stratton Street UCITS - Renminbi Bond Fund UI USD Luxembourg Stratton Street UCITS - Renminbi Bond Fund UI GBP Luxembourg Threadneedle Investment Funds ICVC - European Select Fund United Kingdom Threadneedle Investment Funds ICVC - UK Fund United Kingdom 1.00 N/A Threadneedle Management - UK Equities Fund Luxembourg 0.80 N/A 114

117 ADDITIONAL UNAUDITED PORTFOLIO INFORMATION The following table lists details of the underlying collective investment schemes that the Funds invest in: Underlying Collective Investment Scheme Jurisdiction Management Fee Performance Fee Vanguard Industrials ETF United States of America Vanguard Investment Series - US Opportunities Fund Ireland 0.95 N/A Vanguard S&P 500 UCITS Ireland 0.07 N/A Vanguard Short-Term Corporate Bond ETF United Kingdom Wells Fargo (Lux) - US All Capital Growth Luxembourg 0.04 N/A 115

118 CANACCORD GENUTY INVESTMENT FUNDS PLC NOTICE OF ANNUAL GENERAL MEETING NOTICE is hereby given that an Annual General Meeting of the Shareholders of the Company will be held at George s Court, Townsend Street, Dublin 2, Ireland on Friday, 12 June 2015, at 12:00 BST for the following purposes:- AGENDA Ordinary Business: 1. To receive the Annual Report and the Audited Financial Statements of the Company for the year ended 31 December To re-appoint Deloitte & Touche as the Auditors of the Company. 3. To authorise the Directors to fix the remuneration of the Auditors. 4. To authorise the Directors to fix the remuneration of the Directors. 5. To approve the final dividends declared on 5 January 2015 by the Directors in respect of the financial year ended 31 December Fund and Share Class Dividend per Share CGWM Total Return Fund CGWM Select Income Fund CGWM Select Diversity Fund CGWM REMAP 4 Fund CGWM REMAP 4(i) Fund CGWM REMAP 5 Fund CGWM Bond Fund GBP Shares CGWM Bond Fund USD Hedged Shares By Order of the Board Registered Office: Georges s Court Townsend Street Dublin 2 30 April For and on behalf of Northern Trust International Fund Administration Services (Ireland) Limited as Company Secretary NOTE Every member entitled to attend, speak and vote at the above meeting is entitled to appoint a proxy to attend, speak and vote in his stead. A body corporate may appoint an authorised person to attend, speak and vote on its behalf. A proxy or an authorised representative need not be a member of the company. 116

119 CANACCORD GENUTY INVESTMENT FUNDS PLC FORM OF PROXY FOR THE ANNUAL GENERAL MEETING OF CANACCORD GENUITY INVESTMENT FUNDS Plc ( THE COMPANY ) I/We of being a shareholder of the above named Company hereby appoint of or failing him/her the Chairman of the Meeting or failing him/her, Ms Bridget Gallagher, Ms Laura Gleeson or Ms Aideen Colgan, all of Northern Trust International Fund Administration Services (Ireland) Limited, as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of the holders of shares of the Company to be held at George s Court, Townsend Street, Dublin 2, Ireland at 12:00 GMT/BST on Friday 12 June Please indicate with an X in the spaces below how you wish your vote to be cast. Ordinary Business 1. To receive the Annual Report and the Audited Financial Statements of the Company for the year ended 31 December To re-appoint Deloitte & Touche as the Auditors of the Company. 3. To authorise the Directors to fix the remuneration of the Auditors. 4. To authorise the Directors to fix the remuneration of the Directors. 5. To approve the final dividends declared on 5 January 2015 by the Directors in respect of the financial year ended 31 December Fund and Share Class Dividend per Share CGWM Total Return Fund CGWM Select Income Fund CGWM Select Diversity Fund CGWM REMAP 4 Fund CGWM REMAP 4(i) Fund CGWM REMAP 5 Fund CGWM Bond Fund GBP Shares CGWM Bond Fund USD Hedged Shares For Against Signed: Date: 117

120 Notes: 1. This instrument of proxy, to be valid, must be sent by post so as to arrive, or be lodged, at the address printed below not less than 48 hours prior to the time appointed for holding the meeting. 2. In the case of a corporate shareholder, this instrument may be either under its Common Seal or under the hand of an officer or attorney authorised in that behalf. 3. If you wish to appoint a proxy other than the Chairman of the meeting, please insert his/her name and address and delete "the Chairman of the meeting" 4. If this instrument is signed and returned without any indication of how the person appointed proxy shall vote, he will exercise his discretion as to how he/she votes and whether or not he/she abstains from voting. 5. In the case of joint holders, the vote of the senior who tenders a vote whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders and for this purpose seniority should be determined by the order in which the names stand in the register of members in respect of the joint holding. 6. The address to which the proxy forms should be returned is:- Northern Trust International Fund Administration Services (Ireland) Limited George s Court Townsend Street Dublin 2 Ireland Attention: Ms Bridget Gallagher 7. Proxy forms may be returned in the first instance by fax to or by to [email protected] but the original should be forwarded by mail to the address shown at 6 above. Should you have any queries in relation to the foregoing, please telephone Ms Bridget Gallagher of Northern Trust International Fund Administration Services (Ireland) Limited on

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