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 2013 To us there are no foreign markets.

2 CANACCORD GENUITY INVESTMENT FUNDS PLC (FORMERLY COLLINS STEWART 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 2013 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

3 CONTENTS 2 Introduction 4 Management and Administration 5 Directors Report 9 Investment Managers Reports 21 Report of the Custodian to the Shareholders 22 Independent Auditor s Report 23 Balance Sheet 27 Income Statement 31 Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares 35 Notes to the Financial Statements 71 Investment Portfolios 96 Significant Portfolio Movements (Unaudited) 107 Additional Unaudited Portfolio Information 111 Notice of Annual General Meeting 112 Form of Proxy 1

4 INTRODUCTION Canaccord Genuity Investment Funds plc (formerly Collins Stewart Investment Funds plc) (the Company ) is an umbrella fund with segregated liability between sub-funds 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. Effective 17 June 2013, the Company changed its name from Collins Stewart Investment Funds plc to Canaccord Genuity Investment Funds plc following approval by the shareholders and the Companies Registration Office. The names of each of the underlying sub-funds were also changed on 18 June 2013, following approval by the shareholders and the Central Bank. Please refer to the table in note 16 for full details. The Funds of the Company that have been established and are in existence as at 31 December 2013 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. 2

5 INTRODUCTION (CONTINUED) 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. 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. 3

6 MANAGEMENT AND ADMINISTRATION Directors: Brian McDermott (Irish) (Non-executive) John Renouf (British) (Independent, non-executive) Roger Phillips (British) (Independent, non-executive) Collette Wisener-Keating (Irish) Bronwyn Wright (Irish) (Independent, non-executive) Registered Office: Georges Court Townsend Street Dublin 2 Ireland Promoter: Canaccord Genuity Wealth (International) Limited (formerly Collins Stewart (CI) Limited) 2 Grange Place The Grange St. Peter Port Guernsey GY1 2QA Investment Managers: Canaccord Genuity Wealth (International) Limited Canaccord Genuity Wealth Limited (formerly Collins Stewart (CI) Limited) (formerly Collins Stewart Wealth Management 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 Chartered Accountants & Statutory Audit Firm Deloitte & Touche House Earlsfort Terrace Dublin 2 Ireland Registered number:

7 DIRECTORS REPORT For the year ended 31 December 2013 Incorporation Canaccord Genuity Investment Funds plc (formerly Collins Stewart 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 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 27 and 28. 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, (2012: 1,191.15) 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. 5

8 DIRECTORS REPORT For the year ended 31 December 2013 Significant Events during the year Effective 17 June 2013, the Company changed its name from Collins Stewart Investment Funds plc to Canaccord Genuity Investment Funds plc following approval by the Companies Registration Office. The names of each of the underlying sub-funds were also changed on 18 June 2013, following approval by the Central Bank. Please refer to the table in note 16 for full details. A new supplement to the prospectus was issued dated 4 December 2013, which detailed the creation of the new subfund namely, CGWM Bond Fund. Subsequent Events The CGWM Bond Fund launched on 17 January 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. 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. 6

9 DIRECTORS REPORT For the year ended 31 December 2013 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 thereafter. 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 For the year ended 31 December 2013 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 5 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 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 Date: 17 April

11 INVESTMENT MANAGER'S REPORT For the year ended 31 December 2013 CGWM Total Return Bond Fund Fund Performance The Fund returned +1.07% in total return terms in 2013 net of all fees and expenses whilst 3 month sterling LIBOR returned +0.51% for the same period. Market Review It has been a very challenging year for low risk bond strategies as the US Federal Reserve ( Fed ) inadvertently surprised markets in May with the suggestion that they may begin to taper their purchases of US Treasuries later in the year. This negatively impacted all asset classes but especially sovereign bonds that had previously been explicitly supported by government policy. High quality corporate bonds were similarly affected and despite a degree of recovery in the back end of the year, the average performance in the low risk bond sector has been negative for The Fed was eventually true to its word in December and outlined a small reduction in asset purchases as the momentum of positive data made the decision increasingly inevitable. This could be viewed as a healthy outcome and should limit the level of uncertainty going forward. Activity/review The Fund started the year well and gained strongly from its net short position in January and February as yields rose and out of base currency positioning also contributed to positive performance at this point. Changing perceptions of the longevity and future size of Quantitative easing dominated sentiment during the second quarter with bond markets having one of the worst downturns in 20 years. Unfortunately this negated the positive performance in the first quarter. The indiscriminate sell-off across all asset classes in the second quarter was always going to create opportunities and as expected the Fund made a solid rebounded to finish the year at +1%. The Fund is currently short 25 contracts of the Long Gilt Future which gives the Fund a net long duration bias at current market levels when overlayed against the bond holdings. Outlook Inevitably the focus will now shift towards the likelihood of interest rate rises, but this is likely to be managed by the various monetary committees who desire a more conducive environment to be in place first, with evidence of further recovery occurring in what continue to be fragile economies. Whilst an interest rate rise in 2015 is a possibility, it is more likely to occur in 2016 or even further ahead, once a global self-sustaining recovery can be assumed with greater conviction could well be another challenging year for bond markets but in all likelihood it will not be as volatile as 2013 with lower potential for further shocks like the one seen in May. Furthermore, from a basic valuation point, we will start 2014 with much higher bond yields than where we started The 10-year US Treasury and Gilt yields are both towards 3.0% again, close to the peak in yields last seen in 2011, and up from 1.8% at the start of 2013 (equating to a 5% lower capital value). Inflation is also around its lowest level since 2009, which should help ease fears of interest rate rises and backstop bond markets to a degree. The key challenge is to ensure that we are well positioned to make positive returns in all market conditions going forward but still within the mandate of a low risk profile. While the current market conditions prevail, primarily a broad asset diversification is necessary to achieve this simple objective. Our investment themes are focused on limiting downside risk while seeking the opportunity for capital gains and delivering appropriate levels of income from a variety of global sources. Canaccord Genuity Wealth (International) Limited January

12 INVESTMENT MANAGER'S REPORT For the year ended 31 December 2013 CGWM Select Income Fund Fund Performance The Fund has returned 6.12% net of all fees and expenses, ahead of the 3.96% 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 (15.4% v 10.25%) with a similar level of risk. It is the fifth 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 2013 as a whole will be remembered as a rewarding year for investors as equity markets continued their rally from early 2009, but there were significant variations in performance amongst the various markets. Japan led the way as hopes increased that Abenomics will finally put the era of deflation to an end but there were also strong performances in the US, allowing the S&P 500 to reach a succession of new highs throughout the course of the year. Europe s performance was also impressive as investors increased exposure because valuations relative to other developed markets were attractive and a Greek meltdown had been averted. The UK, whilst also posting double digit returns, was somewhat overshadowed by events and better performance elsewhere. Asia and Emerging Markets however were more lacklustre as concerns over the Chinese economy plus uncertainties over the timing of any tapering of Quantitative easing ( QE ) damaged sentiment. Bond markets were generally weak and yields in core government bonds increased over the course of the year. Given that growth is expected to pick up in 2014, it would seem that the best case scenario for developed bond markets is for a continued upward bias for yields, with occasional rallies in moments of equity market stress. What should be underlined is that interest rate expectations remain a key driver of bond performance and while the US may reduce the purchasing of their own assets, this does not necessarily lead to higher US interest rates in the foreseeable future. Inflation does not appear to be a problem at present and is unlikely to be during the next year. From a newswire perspective political uncertainty surrounding the Italian election in February, plus a Cypriot financial crisis in the first half of the year led to a return of volatility within the Euro zone whilst tapering must have been the most commonly used word in financial speak in US Federal Reserve Chairman Ben Bernanke reassured markets throughout the year that the Fed would not withdraw its monetary stimulus prematurely. Financial markets continue to dance to the tune of Ben Bernanke and his band of central bank policy makers. The new Bank of England Governor, Mark Carney, chaired his first monetary policy committee ( MPC ) meeting in July. Forward guidance on interest rates and monetary policy will be provided and it is likely that rates will stay low for a significant period of time. Global economic data has generally been on an improving trend and the UK economy has shown signs of picking up with economic growth for the second quarter confirmed at 0.7%. The industrial and construction sectors expanded at their fastest pace for 3 years, however retail sales have fallen as consumers pulled back spending. UK inflation fell to 2.7% but remains sticky. The US economy grew at an annualised rate of 2.8% in the third quarter, which was better than most analysts had expected, and industrial production continues to improve despite the US Government shutdown in October. The US employment data is mixed as whilst the unemployment rate has declined to 6.7%, the labour force participation rate has fallen to 62.8%, the lowest level since Activity/review We maintained a modest equity underweight throughout the first half of 2013 due to our cautious view, however after the market sell-off in June we decided to add a 3% position to European equities. European markets have continued to underperform the US and the region offers attractive yields and valuations when taking a medium term view. We are fully cognisant of the Eurozone problems and do not think the region is out of the woods, however many of the companies listed there have global earnings exposure and company valuations have been depressed as a result of the on-going macroeconomic issues. During the year we added to the more defensive Invesco and RWC Funds and increased our position in the Jupiter Dynamic Bond Fund. We also increased our holdings in the M&G Inflation Linked Corporate Bond Fund and the Neuberger Berman Short Duration High Yield Bond Fund. Both Funds have relatively short duration and should be well placed if government bond markets suffer further weakness. The Neuberger Fund also provides an attractive yield which should continue to be well supported given that the rate of defaults remains low. 10

13 INVESTMENT MANAGER'S REPORT For the year ended 31 December 2013 CGWM Select Income Fund (continued) Activity/review (continued) Our exposure to infrastructure has risen - this is an asset class that offers an attractive yield, plus inflation adjusted income streams and a low correlation to equities. We also believe infrastructure is likely to benefit from the clear policy adopted by governments across the globe to stimulate their economies through public infrastructure projects. As such we participated in a capital raising for the John Laing Infrastructure Fund ( JLIF ). This addition is intended to reduce specific manager and liquidity risk and JLIF offers the same low risk profile as the HICL Infrastructure Company Limited together with an attractive yield of 5.3%. We have removed the Blackrock UK Income Fund from the portfolio following a period of sub par performance. The lead manager of the Fund has also left, which has prompted us to replace the position with the Schroder Income Maximiser Fund. This Fund follows a long term, value based methodology and aims to achieve a yield of 7% via an actively managed portfolio of higher yielding stocks together with a covered call option overlay. 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. Bond yields are still attractive in a low growth and low inflation environment and therefore we are comfortable with our positioning which includes well diversified exposure to Government, Corporate, Index Linked, International and Specialist bonds/bond funds witnessed strong performance from our core UK equity income holdings (Invesco, Artemis and Schroder) which all returned healthy gains in excess of the benchmark. M&G Global Dividend and IM Argonaut European Income were also stand out performers, the latter benefitting from the resurgence in European equity markets since August. This was particularly pleasing given the strong performance of equity markets in general as the more defensive equity income vehicles have historically tended to lag sharply rising markets. Global income managers have generally struggled in relative terms as it has been the lower yielding markets (US & Japan) that have been the standout performers in These are markets where many managers have been underweight due to the yield constraints on their funds. Whilst the fixed interest exposure had a relatively difficult year, some of the more specialist vehicles (Jupiter and Neuberger Berman) posted attractive absolute returns. Our shift this year into more strategic bond fund strategies has benefitted the fund in 2013 as the broad based gilt index is down 3.94% year to date. The UK 10 year Government Bond appears range bound between 2%-3% and this could very well remain through 2014 as growth remains below trend, inflation is expected to be muted and central bank rates are likely to remain ultra low. We therefore feel that better opportunities are present in the corporate, high yield and specialist arena, although we are mindful to retain some government bond exposure as insurance for possible market set backs. Outlook It is not unreasonable to expect equities to continue to make progress in 2014, but the rate at which they appreciate is unlikely to be anything like as impressive as the gains achieved this year. It must be acknowledged that certain equity valuations are no longer as appealing as they were and a lot has been priced in. That is not to say that stock market multiples are outrageously extended, merely that certain markets and sectors appear very much up with events. A key feature of the rise in equity markets over the past months is that it hasn t been accompanied by a similar expansion in corporate profitability. This phase has all been about an expansion of price/earnings multiples and whilst it is not impossible for these to become increasingly stretched, the market will be looking for fundamental support in the form of rising earnings to maintain this cyclical bull market otherwise sentiment may drift. We still believe that markets have been heavily influenced by the extraordinary monetary policy taking place around the globe. Tapering remains an issue, especially given the market reaction in May/June. We will therefore remain diligent and continue to ensure that the fund remains well diversified. The speed at which bond yields have risen from their lows suggests that the market is now probably discounting a quicker unwinding of the accommodative monetary policy than is likely to occur. It is therefore distinctly possible that the present oversold level of the market could result in a counter trend rally and we remain comfortable with our exposure, with a bias towards specialist strategies. It is likely that bond yields will push higher over the next few years, as the global economy recovers and QE is scaled back, and it is these specialist strategies that will offer diversification and attractive yields. * Please note The Fund is not currently included in the peer group mentioned and the performance of the Fund is compared against the UK peer group as a means of comparison only. Canaccord Genuity Wealth (International) Limited January

14 INVESTMENT MANAGER'S REPORT For the year ended 31 December 2013 CGWM Select Diversity Fund Fund Performance For the 12 months to 31 December 2013 the Fund gained 8.98%. This compared to a rise of 7.44% for the Fund s peer group, the Morningstar GIF GBP Moderate Allocation sector. Market Review 2013 as a whole will be remembered as a rewarding, yet unbalanced year, with developed markets significantly outpacing Asian and emerging market indices. Continuing fears regarding the Chinese economy, and specifically the potential for a shadow banking crisis, undermined sentiment towards these regions, while the prospect of tapering in the US - the phase by which the US Federal Reserve ( Fed ) will begin to slow the pace of its asset purchase programme provided investors with another reason to be extremely circumspect in terms of their asset allocation decisions. Activity/review While it is pleasing to report that the Fund outperformed its peer group over the course of the year, the Fund s relative performance can be split into two distinct periods. For much of the first six months of the year we maintained a cautious approach to investment markets, concerned that monetary policy uncertainties and further political confrontations in the US and Europe, could de-rail the on-going bull market in asset prices. This resulted in the Fund lagging the returns of its peers until May, when our cautious approach paid dividends as investors reacted poorly to the prospect of the removal of Quantitative Easing ( QE ) by the Fed. The setback in equity and bond prices in May and June provided us with the opportunity to put some of the Fund s cash weighting back to work. Initially, we increased the Fund s equity weighting with the addition of the First State Global Listed Infrastructure Fund and the Prusik Asian Equity Income Fund. Our purchases were not limited to equities however, as we took advantage of the rise in bond yields following Bernanke s tapering comments by adding to the Fund s holding in the Jupiter Dynamic Bond Fund. To fund this purchase we reduced the Fund s UK government bond weighting. With government bonds offering little long-term value in our opinion, we continued to seek more flexible fixed interest investments over the remainder of the year, adding the Kames Strategic Global Bond Fund and the Ignis Absolute Return Government Bond Fund to our holding in the Jupiter Dynamic Bond Fund. Finally, we crystallised some of the strong gains seen in our healthcare investment and disposed of the Fund s gold bullion position, as the outlook for the gold price deteriorated throughout the year. We recycled the proceeds from these sales into the technology sector, with addition of the Henderson Global Technology Fund and the Polar Capital Global Technology Fund. Outlook As we look towards 2014, we are conscious that there remain a number of challenges on the horizon. Most notably, the recent tapering announcement could well have a negative impact, irrespective of the fact that it was anticipated. So too, equity valuations are no longer as appealing as they once were. That is not to say that stock market multiples are outrageously extended; merely that certain markets and sectors appear very much up with events. Weighing everything up, we feel that some short-term caution is warranted; however the situation is far from universally negative. While now does not feel quite the right time to increase risk further, it is not unreasonable to expect that equities will continue to make progress during That said, the pace of appreciation is highly unlikely to be as impressive as delivered in Canaccord Genuity Wealth (International) Limited January

15 INVESTMENT MANAGER'S REPORT For the year ended 31 December 2013 CGWM Select Affinity Fund Fund Performance For the 12 months to 31 December 2013 the Fund gained 13.99%. This compared to a rise of 11.60% for the Fund s peer group, the Morningstar GIF GBP Aggressive Allocation sector. Market Review 2013 as a whole will be remembered as a rewarding, yet unbalanced year, with developed markets significantly outpacing Asian and emerging market indices. Continuing fears regarding the Chinese economy, and specifically the potential for a shadow banking crisis, undermined sentiment towards these regions, while the prospect of tapering in the US - the phase by which the US Federal Reserve ( Fed ) will begin to slow the pace of its asset purchase programme provided investors with another reason to be extremely circumspect in terms of their asset allocation decisions. Activity/review Having lagged the return of its peer group at the end of June, it is pleasing to report that the Fund ended the year ahead of its peers. As we noted in our half-year review, the cautious investment approach that we had maintained within the Fund since the start of the year, started to pay dividends in late May and June, as investors reacted poorly to the prospect of the removal of quantitative easing by the Fed. The resultant set-back in equity and bond markets allowed us to put some of money that we had held on the side lines to work over this period. In equities, we added to specific areas which we felt offered the most supportive risk-adjusted valuations, namely infrastructure, Europe, Asia and technology and in the fixed interest portion of the portfolio, we started to rotate away from UK government bonds into funds with flexible global mandates, such as the Jupiter Dynamic Bond Fund and the Kames Strategic Global Bond Fund. These additions boosted the Fund s relative returns in the second half of the year, as equity markets rebounded strongly off their June lows and in number of cases ended the year at all-time highs. However, our trading activity was not limited to purchases, as we sold down the Fund s gold bullion allocation in two tranches in May and September as the prospects for the gold price deteriorated in the face of less accommodative monetary policy. We also took some profits in the Fund s holding in the Polar Capital Healthcare as the fund gained more than 30% in the first 6 months of the year. Outlook As we look towards 2014, we are conscious that there remain a number of challenges on the horizon. Most notably, the recent tapering announcement could well have a negative impact, irrespective of the fact that it was anticipated. So too, equity valuations are no longer as appealing as they once were. That is not to say that stock market multiples are outrageously extended; merely that certain markets and sectors appear very much up with events. Weighing everything up, we feel that some short-term caution is warranted; however the situation is far from universally negative. While now does not feel quite the right time to increase risk further, it is not unreasonable to expect that equities will continue to make progress during That said, the pace of appreciation is highly unlikely to be as impressive as delivered in Canaccord Genuity Wealth (International) Limited January

16 INVESTMENT MANAGER'S REPORT For the year ended 31 December 2013 CGWM Select Global Diversity Fund Fund Performance For the 12 months to 31 December 2013 the Fund returned 9.55%. This compared to a rise of 9.19% for the Fund s peer group, the Morningstar GIF USD Moderate Allocation sector. Market Review 2013 as a whole will be remembered as a rewarding, yet unbalanced year, with developed markets significantly outpacing Asian and emerging market indices. Continuing fears regarding the Chinese economy, and specifically the potential for a shadow banking crisis, undermined sentiment towards these regions, while the prospect of tapering in the US - the phase by which the US Federal Reserve ( Fed ) will begin to slow the pace of its asset purchase programme provided investors with another reason to be extremely circumspect in terms of their asset allocation decisions. Activity/review Having lagged the returns delivered by the Fund s peer group over the first half of the year, it was pleasing to note that the second half was far more rewarding, both in absolute and relative terms, with the Fund subsequently outperforming its benchmark during 2013 as a whole. Much of this can be attributed to a timely increase in risk during June, as we sought to take advantage of the market setback predicated by the first hint of US tapering, by moderating the scale of the Fund s defensiveness. This adjustment was made primarily via an increase in the US equity weighting, although purchases of Asia and technology stocks were also made. A final disposal of Gold followed shortly thereafter, before a second increase in risk was instigated in October and November, given yet further tapering induced volatility. The focus of the equity purchases at this stage centred on Europe, where it was felt that relative valuations remained extremely attractive in comparison to the US, at the same time that the economic backdrop was showing marked improvement. The Fund s risk profile was not only adjusted via an increase in equity exposure, but also through a reduction in the weighting to US Treasuries. With the US Treasury market unlikely to generate attractive returns in the coming months, we persisted with a strategy of adding more flexible bond investments, on this occasion purchasing the Ignis Absolute Return Government Bond Fund. With the fund aiming to deliver positive returns which are independent of bond and equity movements, this was felt to be an attractive trait in an uncertain interest rate environment. Outlook As we look towards 2014, we are conscious that there remain a number of challenges on the horizon. Most notably, the recent tapering announcement could well have a negative impact, irrespective of the fact that it was anticipated. So too, equity valuations are no longer as appealing as they once were. That is not to say that stock market multiples are outrageously extended; merely that certain markets and sectors appear very much up with events. Weighing everything up, we feel that some short-term caution is warranted; however the situation is far from universally negative. While now does not feel quite the right time to increase risk further, it is not unreasonable to expect that equities will continue to make progress during That said, the pace of appreciation is highly unlikely to be as impressive as delivered in Canaccord Genuity Wealth (International) Limited January

17 INVESTMENT MANAGER'S REPORT For the year ended 31 December 2013 CGWM Select Global Affinity Fund Fund Performance For the 12 months to 31 December 2013 the Fund gained 15.16%. This compared to a rise of 13.64% for the Fund s peer group, the Morningstar GIF USD Aggressive Allocation sector. Market Review 2013 as a whole will be remembered as a rewarding, yet unbalanced year, with developed markets significantly outpacing Asian and emerging market indices. Continuing fears regarding the Chinese economy, and specifically the potential for a shadow banking crisis, undermined sentiment towards these regions, while the prospect of tapering in the US - the phase by which the US Federal Reserve ( Fed ) will begin to slow the pace of its asset purchase programme provided investors with another reason to be extremely circumspect in terms of their asset allocation decisions. Activity/review It is pleasing to note the Fund s strong outperformance over its peer group over the course of 2013, with the second half of the year proving to be significantly more rewarding, both in absolute and relative terms, than the first. As noted within the 2013 interim investment report, the fund maintained a defensive positioning at the start of the year, reflecting concerns surrounding US debt and fiscal issues, complacent investor sentiment and potential impediments to economic growth resulting from consumer deleveraging and government austerity. However, a market setback during June afforded the opportunity to moderate the scale of the Fund s defensiveness, primarily via an increase in the US and Asian equity weightings, in addition to an allocation to the technology sector via the Polar Capital and Henderson Global Technology Funds. This timely increase in risk allowed the Fund to participate fully in a more buoyant second half of the year. The Fund s residual holding of Gold was sold during August, following the part disposal made earlier in the year, and amid concerns that a tightening of policy settings would not be conducive for many commodities. The strategy of increasing risk into market weakness continued during October and November, not only via an increase in the overall equity exposure, but also through a reduction in the weighting to US Treasuries and a subsequent allocation to flexible bond investments. Consequently, the Ignis Absolute Return Government Bond Fund was purchased given its aim of delivering positive returns which are independent of broader market movements. This was felt to be an attractive trait in an uncertain interest rate environment. Outlook As we look towards 2014, we are conscious that there remain a number of challenges on the horizon. Most notably, the recent tapering announcement could well have a negative impact, irrespective of the fact that it was anticipated. So too, equity valuations are no longer as appealing as they once were. That is not to say that stock market multiples are outrageously extended; merely that certain markets and sectors appear very much up with events. Weighing everything up, we feel that some short-term caution is warranted; however the situation is far from universally negative. While now does not feel quite the right time to increase risk further, it is not unreasonable to expect that equities will continue to make progress during That said, the pace of appreciation is highly unlikely to be as impressive as delivered in Canaccord Genuity Wealth (International) Limited January

18 INVESTMENT MANAGER'S REPORT For the year ended 31 December 2013 CGWM Select Opportunity Fund Fund Performance For the 12 months to 31 December 2013 the Fund gained 20.78%. This compared to a rise of 11.60% for the Fund s peer group, Morningstar GIF GBP Aggressive Allocation sector. Market Review 2013 as a whole will be remembered as a rewarding, yet unbalanced year, with developed markets significantly outpacing Asian and emerging market indices. Continuing fears regarding the Chinese economy, and specifically the potential for a shadow banking crisis, undermined sentiment towards these regions, while the prospect of tapering in the US - the phase by which the US Federal Reserve ( Fed ) will begin to slow the pace of its asset purchase programme provided investors with another reason to be extremely circumspect in terms of their asset allocation decisions. Activity/review The Fund significantly outperformed its peer group in 2013, as a number of the changes that we made to the Fund s positioning last December paid dividends. These included the addition of significant allocation to European equities, which continued to enjoy the halo effect of European Central Bank President, Mario Draghi s, do whatever it takes speech the previous summer. However, it was our longstanding weighting to healthcare that provided the largest individual contribution to performance in 2013, as our core allocation to the Polar Capital Global Healthcare fund gained over 50% in sterling terms. During the year, we continued to add to the Fund s European equity holdings, taking advantage of the on-going improvement in investor sentiment towards the region s equity markets. We also established a technology weighting within the Fund in the latter part of the year, adding the Polar Capital Global Technology fund and the Henderson Global Technology fund. The technology sector trades at a discount to the market despite enjoying some of the best corporate cash flows and having some of the strongest balance sheets of all market sectors. In addition, technology capital spending could be on the cusp of a cyclical and secular upswing. Technology spending has fallen close to a 15 year low as a share of GDP, underscoring that the average age of technology capital stock is particularly high. The time is therefore ripe for technology to regain prominence in corporate budgets, providing a catalyst for the sector to be re-rated. To fund these purchases we sold the Fund s global equity holdings, including the M&G Global Dividend Fund and the ishares MSCI World exchange traded fund. Outlook As we look towards 2014, we are conscious that there remain a number of challenges on the horizon. Most notably, the recent tapering announcement could well have a negative impact, irrespective of the fact that it was anticipated. So too, equity valuations are no longer as appealing as they once were. That is not to say that stock market multiples are outrageously extended; merely that certain markets and sectors appear very much up with events. Weighing everything up, we feel that some short-term caution is warranted; however the situation is far from universally negative. While now does not feel quite the right time to increase risk further, it is not unreasonable to expect that equities will continue to make progress during That said, the pace of appreciation is highly unlikely to be as impressive as delivered in Canaccord Genuity Wealth (International) Limited January

19 INVESTMENT MANAGER'S REPORT For the year ended 31 December 2013 CGWM Select Global Opportunity Fund Fund Performance For the 12 months to 31 December 2013 the Fund gained 20.92%. This compared to a rise of 13.64% for the Fund s peer group, the Morningstar GIF USD Aggressive Allocation sector. Market Review 2013 as a whole will be remembered as a rewarding, yet unbalanced year, with developed markets significantly outpacing Asian and emerging market indices. Continuing fears regarding the Chinese economy, and specifically the potential for a shadow banking crisis, undermined sentiment towards these regions, while the prospect of tapering in the US - the phase by which the US Federal Reserve ( Fed ) will begin to slow the pace of its asset purchase programme provided investors with another reason to be extremely circumspect in terms of their asset allocation decisions. Activity/review The Fund significantly outperformed its peer group in 2013, as a number of the changes that we made to the Fund s positioning last December paid dividends. These included the addition of significant allocation to European equities, which continued to enjoy the halo effect of European Central Bank President, Mario Draghi s, do whatever it takes speech the previous summer. However, it was our longstanding weighting to healthcare that provided the largest individual contribution to performance in 2013, as our core allocation to the Polar Capital Global Healthcare fund gained over 50% in sterling terms. During the year, we continued to add to the Fund s European equity holdings, taking advantage of the on-going improvement in investor sentiment towards the region s equity markets. We also established a technology weighting within the Fund in the latter part of the year, adding the Polar Capital Global Technology fund and the Henderson Global Technology fund. The technology sector trades at a discount to the market despite enjoying some of the best corporate cash flows and having some of the strongest balance sheets of all market sectors. In addition, technology capital spending could be on the cusp of a cyclical and secular upswing. Technology spending has fallen close to a 15 year low as a share of GDP, underscoring that the average age of technology capital stock is particularly high. The time is therefore ripe for technology to regain prominence in corporate budgets, providing a catalyst for the sector to be re-rated. To fund these purchases we sold the Fund s global equity holdings, including the M&G Global Dividend Fund and the ishares MSCI World exchange traded fund. Outlook As we look towards 2014, we are conscious that there remain a number of challenges on the horizon. Most notably, the recent tapering announcement could well have a negative impact, irrespective of the fact that it was anticipated. So too, equity valuations are no longer as appealing as they once were. That is not to say that stock market multiples are outrageously extended; merely that certain markets and sectors appear very much up with events. Weighing everything up, we feel that some short-term caution is warranted; however the situation is far from universally negative. While now does not feel quite the right time to increase risk further, it is not unreasonable to expect that equities will continue to make progress during That said, the pace of appreciation is highly unlikely to be as impressive as delivered in Canaccord Genuity Wealth (International) Limited January

20 INVESTMENT MANAGER'S REPORT For the year ended 31 December 2013 CGWM REMAP 4 Fund Fund Performance For the 12 months to 31 December 2013 the Fund returned by 3.0% net of all fees and expenses. The annualised volatility for the Fund was 5.4% over the same period, coming in below our maximum target of 6.0%. Market Review The Fund, as a unitisation of our investment process, closely follows the REMAP model allocation. All Funds in the REMAP range hold similar investments, but to a greater or lesser degree depending on the risk target. We describe some of the strategies in the text below, but note generally REMAP 4 has held a lower proportion of risk assets relative to REMAP 5 throughout the year. Our investments in healthcare and infrastructure trusts have outperformed by delivering steady returns in all market conditions, while the positions instated in September to US and UK mid and small cap equities have also outperformed their large-cap peers. From August through to October, disappointed with Bank of England Governor Mark Carney s forward-guidance with caveats we moved away from bonds and further into direct infrastructure investments and also tilted our equity exposure to the US, where the fundamental outlook for growth remains strongest and the valuations premium remains warranted. Outlook In short, we believe equity markets will take a pause for 3-6 months before a better second half to Before then we expect US assets to continue to outperform. In 2013 Quantitative easing ( QE ) artificially inflated prices by forcing investors to accept lower compensation for equity risk, while doing very little for their fundamental value (earnings).we think it telling that asset prices affected by QE last year have not moved ahead in the same way this year. Indeed copper frequently referred to as the barometer of global growth has fallen. We are pleased that the gap between equity prices and levels implied by macroeconomic indicators has narrowed, but the tenacious stagnation of personal income combined with headwinds from emerging markets (imbalanced commodity exporters facing painful capital outflows; a Chinese government intent on reforming lending markets, etc.) will likely mean that we will endure a low growth environment for another 6 months. Assuming that the Federal Open Market Committee ( FOMC ) decelerates its asset purchases through to December 2014, our modelling suggests that positive equity returns will be difficult without higher earnings growth. Barring a major policy mistake in Europe or China, the second half of the year should bring renewed growth to asset prices. Perversely, US tapering will likely mean US equity outperformance relative to global equities, where the growth outlook is still below trend. Since 1990, equity market sell-offs triggered by unanticipated tightening are also accompanied by bond market sell-offs, as we saw in June. Asset allocators must work harder to find true equity diversification and avoid breaching risk mandates. We believe direct infrastructure plays are still a good choice, having demonstrated a low correlation to equities in all market conditions, as well as vehicles which invest in currencies with a low correlation to equity markets. We also believe that the US dollar will continue to strengthen this year and will be pro-cyclical, boosted by portfolio flows as a result of the supply-side driven economic recovery. Cannacord Genuity Wealth Limited January

21 INVESTMENT MANAGER'S REPORT For the year ended 31 December 2013 CGWM REMAP 4(i) Fund Fund Performance For the 12 months to 31 December 2013 the Fund returned by 0.28% net of all fees and expenses. The annualised volatility for the fund was 3.8% over the same period, coming in below our maximum target of 6.0%. The fund paid a dividend of 1.3% for the year out of this overall return. Market Review The Fund, as a unitisation of our investment process, closely follows the REMAP model allocation. All Funds in the REMAP range hold similar investments, but to a greater or lesser degree depending on the risk target. The significant difference with REMAP 4(i) is that the fund is designed to pay a dividend which means we implement the strategies described below using income bearing vehicles wherever possible. As with REMAP 4, this fund has held a lower proportion of risk assets relative to REMAP 5 throughout the year reflecting its lower target risk level. Our investments in healthcare and infrastructure trusts have outperformed by delivering steady returns in all market conditions, while the positions instated in September to US and UK mid and small cap equities have also outperformed their large-cap peers. Holdings in UK fixed income however weighed on performance throughout Bank of England Governor, Mark Carney s inefficacious forward guidance unfortunately came with too many caveats to convince investors that a ceiling would be kept on bond yields. From August through to October, we moved away from bonds and further into direct infrastructure investments and also tilted our equity exposure to the US, where the fundamental outlook for growth remains strongest and the valuations premium remains warranted. Outlook In short, we believe equity markets will take a pause for 3-6 months before a better second half to Before then we expect US assets to continue to outperform. In 2013 Quantitative easing ( QE ) artificially inflated prices by forcing investors to accept lower compensation for equity risk, while doing very little for their fundamental value (earnings). We think it is telling that assets prices affected by QE last year have not moved ahead in the same way this year. Indeed copper frequently referred to as the barometer of global growth has fallen. We are pleased that the gap between equity prices and levels implied by macroeconomic indicators has narrowed, but the tenacious stagnation of personal income combined with headwinds from emerging markets (imbalanced commodity exporters facing painful capital outflows; a Chinese government intent on reforming lending markets, etc.) will likely mean that we will endure a low growth environment for another 6 months. Assuming that the Federal Open Market Committee ( FOMC ) decelerates their asset purchases through to December 2014, our modelling suggests that positive equity returns will be difficult without higher earnings growth. Barring a major policy mistake in Europe or China, the second half of the year should bring renewed growth to asset prices. Perversely, US tapering will likely mean US equity outperformance relative to global equities, where the growth outlook is still below trend. Since 1990, equity market sell-offs triggered by unanticipated tightening are also accompanied by bond market sell-offs, as we saw in June. The challenge in 2014 is to identify investments that have a low correlation with both bonds and equities, diversifying portfolio risk in all market conditions whilst avoiding breaching risk mandates. We believe direct infrastructure plays are still a good choice in this respect, having demonstrated a low correlation to equities and bonds in all market conditions, as well as vehicles which invest in currencies with a low correlation to equity markets. In addition we have purchased the Ignis Absolute Return Government Bond Fund which employs a strategy which trades interest rate differentials between government yield curves whilst stripping out the general direction of bond movements. We also believe that the US dollar will continue to strengthen this year and will be pro-cyclical, boosted by portfolio flows as a result of the supply-side driven economic recovery. Cannacord Genuity Wealth Limited January

22 INVESTMENT MANAGER'S REPORT For the year ended 31 December 2013 CGWM REMAP 5 Fund Fund Performance For the 12 months to 31 December 2013 the Fund returned by 3.24% net of all fees and expenses. The annualised volatility for the fund was 6.9% over the same period, coming in significantly below our maximum target of 9.0%. Market Review The Fund, as a unitisation of our investment process, closely follows the REMAP model allocation. All funds in the REMAP range hold similar investments, but to a greater or lesser degree depending on the risk target. We describe some of the strategies in the text below, but note generally REMAP 5 has held a higher proportion of risk assets relative to REMAP 4 throughout the year. Our investments in infrastructure trusts have outperformed by delivering steady returns in all market conditions, while the positions instated in September to US and UK mid and small cap equities have also outperformed their large-cap peers. From August through to October, disappointed with Bank of England Governor Mark Carney s forward-guidance with caveats we moved away from bonds and further into direct infrastructure investments and also tilted our equity exposure to the US, where the fundamental outlook for growth remains strongest and the valuations premium remains warranted. Outlook In short, we believe equity markets will take a pause for 3-6 months before a better second half to Before then we expect US assets to continue to outperform. In 2013 Quantitative Easing ( QE ) artificially inflated prices by forcing investors to accept lower compensation for equity risk, while doing very little for their fundamental value (earnings). We think it telling that asset prices affected by QE last year have not moved ahead in the same way this year. Indeed copper frequently referred to as the barometer of global growth has fallen. We are pleased that the gap between equity prices and levels implied by macroeconomic indicators has narrowed, but the tenacious stagnation of personal income combined with headwinds from emerging markets (imbalanced commodity exporters facing painful capital outflows; a Chinese government intent on reforming lending markets, etc.) will likely mean that we will endure a low growth environment for another 6 months. Assuming that the Federal Open Market Committee ( FOMC ) decelerates its asset purchases through to December 2014, our modelling suggests that positive equity returns will be difficult without higher earnings growth. Barring a major policy mistake in Europe or China, the second half of the year should bring renewed growth to asset prices. Perversely, US tapering will likely mean US equity outperformance relative to global equities, where the growth outlook is still below trend. Since 1990, equity market sell-offs triggered by unanticipated tightening are also accompanied by bond market sell-offs, as we saw in June. Asset allocators must work harder to find true equity diversification and avoid breaching risk mandates. We believe direct infrastructure plays are still a good choice, having demonstrated a low correlation to equities in all market conditions, as well as vehicles which invest in currencies with a low correlation to equity markets. Cannacord Genuity Wealth Limited January

23 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 2013, 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. Northern Trust Fiduciary Services (Ireland) Limited Georges Court Townsend Street Dublin 2 Ireland 17 April

24 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 (formerly Collins Stewart Investment Funds plc) (the Company ) for the year ended 31 December 2013 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 and Audited Financial Statements for the year ended 31 December 2013 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 2013 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 Date 17 April

25 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 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, Cash deposits 4 24,155, , ,620 2,956,628 2,073,317 1,939, ,150 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 (2,513,207) (113,087) (232,405) (254,944) (464,770) - (1,186) Securities purchased payable (431,821) 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 financial statements were approved by the Board of Directors of Canaccord Genuity Investment Funds plc on 17 April 2014 and signed on their behalf by: Brian McDermott, Director Bronwyn Wright, Director The accompanying notes form an integral part of these audited financial statements

26 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 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 Cash deposits 4 4,338,315 16,850, , , ,929 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 BALANCE SHEET As at 31 December 2012 Collins Stewart Collins Stewart Collins Stewart Total Collins Stewart Collins Stewart Collins Stewart 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 6 222,270,693 13,580,058 7,829,143 63,303,660 40,752,961 14,459,408 11,295,605 Subscriptions receivable 1,153,067 47, ,346 31,512 11,000 - Securities sold receivable Interest and dividends receivable 473, ,662 13, ,164 31,853 31,976 11,865 Sundry debtors 3, Cash deposits 4 16,139,265 1,141, ,538 3,352,926 2,811,892 1,311, ,892 Total Assets 240,039,506 15,034,490 8,575,482 66,980,842 43,628,694 15,814,317 12,283,693 Liabilities Financial liabilities at fair value through profit or loss 6 (24,550) (20,174) (45) (16) Redemptions payable (858,104) (136,336) - (346,880) (62,806) - - Securities purchased payable (24,727) (2,295) (3,086) Management fee payable (304,897) (10,015) (12,300) (88,667) (60,038) (21,565) (17,542) Sundry creditors (331,676) (17,234) (10,532) (90,826) (59,554) (27,210) (21,432) Total liabilities (excluding net assets attributable to holders of redeemable shares) (1,543,954) (183,759) (22,832) (526,373) (182,398) (51,115) (42,076) Net Assets attributable to holders of redeemable shares ,495,552 14,850,731 8,552,650 66,454,469 43,446,296 15,763,202 12,241,617 Number of shares outstanding at 31 December A Shares 179, B Shares - 7,683,796 54,533,786 34,601,198 13,587,418 10,742,781 B Shares SGD Hedged ^ ,580 13,658 Net Asset Value per Share at 31 December A Shares B Shares $1.16 $1.14 B Shares SGD Hedged ^ $1.45 $1.42 ^Launched 27 July The accompanying notes form an integral part of these audited financial statements

28 BALANCE SHEET As at 31 December 2012 Collins Stewart Collins Stewart Select Collins Stewart Select Global Alternative Collins Stewart Collins Stewart Collins Stewart Opportunity Opportunity Strategies REMAP 4 REMAP 4(i) REMAP 5 Fund Fund Fund* Fund ^^ Fund ^^ Fund ^^ Notes GBP USD GBP GBP GBP GBP Assets Financial assets at fair value through profit or loss 6 33,672,977 76,865, Subscriptions receivable 182,366 1,132, Securities sold receivable Interest and dividends receivable Sundry debtors 371 1, Cash deposits 4 1,839,503 5,845, , , ,750 Total Assets 35,695,217 83,845, , , ,750 Liabilities Financial liabilities at fair value through profit or loss 6 - (7,052) Redemptions payable (312,082) Securities purchased payable - (34,812) Management fee payable (44,584) (105,502) - (221) (47) (62) Sundry creditors (49,897) (114,876) - (1,040) (997) (1,000) Total liabilities (excluding net assets attributable to holders of redeemable shares) (406,563) (262,242) - (1,261) (1,044) (1,062) Net Assets attributable to holders of redeemable shares 13 35,288,654 83,583, , , ,688 Number of shares outstanding at 31 December A Shares 26,105,497 57,147, B Shares B Shares SGD Hedged ^ - 2,613, D Shares , , ,750 Net Asset Value per Share at 31 December A Shares 1.35 $ B Shares B Shares SGD Hedged ^ - $ D Shares *Terminated 26 July ^Launched 27 July ^^Launched 19 December The accompanying notes form an integral part of these audited financial statements

29 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 Setup 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 (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 Withholding tax (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 The financial statements were approved by the Board of Directors of Canaccord Genuity Investment Funds plc on 17 April 2014 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

30 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 Setup 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 (82) 47 20,472 2,315 10,561 Bank interest expense - (1,166) - (1) (2) Distributions (17,341) (4,701) (21,320) Taxation Withholding tax (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 INCOME STATEMENT For the year ended 31 December 2012 Collins Stewart Collins Stewart Collins Stewart Total Collins Stewart Collins Stewart Collins Stewart 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 1,838, , , ,874 97,230 58,351 Bond interest income 1,330, , , , ,818 41,892 Deposit interest 163,986 2, , Rebate from underlying Collective Investment Schemes 2 4, Net realised gain/(loss) on investments 6,389,418 (172,294) 457,236 2,403, , , ,135 Movement in net unrealised gain/(loss) on investments 7,510, ,243 (20,936) 2,303,678 2,634, , ,101 Net (loss)/gain on currencies (118,326) (78,311) 5,107 2,835 (16,162) 9,849 10,504 17,118, , ,454 5,997,821 4,012,947 1,531,867 1,424,137 Expenses Investment Management fees 11 3,420, , ,988 1,030, , , ,698 Administration fees ,480 27,479 12, ,045 62,667 23,641 19,270 General expenses ,059 9,381 (3,600) 20,578 8,176 14,826 11,414 Custodian's fees ,161 9,160 4,194 34,348 20,890 7,880 6,423 Transaction costs 11 67,284 8,319 3,323 8,776 6,237 14,840 12,711 Audit fees 11 51,588 1,368 1,465 11,823 7,471 4,675 3,670 Directors' fees 44,744 2,202 1,537 12,061 7,901 3,006 2,227 4,220, , ,489 1,221, , , ,413 Operating Profit/(Loss) 12,898, , ,965 4,776,743 3,272,931 1,226,585 1,175,724 Finance costs Income equalisation (77,031) (72,607) (1,940) (3,286) Bank interest expense (1,152) - (1) (34) - (445) - Distributions 12 (1,553,641) (783,500) (213,332) (546,908) - (15,759) - Taxation Withholding tax (179,557) - (17,657) (83,451) (47,865) (10,622) (7,523) Change in net assets attributable to holders of redeemable shares resulting from operations 11,086,767 (384,087) 384,035 4,143,064 3,225,605 1,200,178 1,168,201 Gains and losses arise solely from continuing operations with the exception of Collins Stewart Alternative Strategies Fund, which terminated during the period. There were no gains and losses other than those reflected above. The accompanying notes form an integral part of these audited financial statements

32 INCOME STATEMENT For the year ended 31 December 2012 Collins Stewart Collins Stewart Select Collins Stewart Select Global Alternative Collins Stewart Collins Stewart Collins Stewart Opportunity Opportunity Strategies REMAP 4^ REMAP 4(i)^ REMAP 5^ Fund Fund Fund * Fund Fund Fund Investment Income Notes GBP USD GBP GBP GBP GBP Dividend income 117, ,800 2, Bond interest income 7, Deposit interest Rebate from underlying Collective Investment Schemes , Net realised gain/(loss) on investments 425,920 2,940,221 (291,754) Movement in net unrealised gain/(loss) on investments 628,932 1,426,293 96, Net (loss) on currencies (32,455) (19,303) ,147,602 4,556,011 (188,338) Expenses Investment Management fees ,377 1,084,030 47, Administration fees 11 50, ,403 9, General expenses 26,369 77,128 26, Custodian's fees 11 16,779 36,134 3, Transaction costs 11 10,416 20, Audit fees 11 7,028 25, Directors' fees 6,715 15, ,022 1,367,164 88,110 1,261 1,044 1,062 Operating (Loss)/Profit 526,580 3,188,847 (276,448) (1,261) (1,044) (1,062) Finance costs Income equalisation Bank interest expense (98) (1,007) (107) Distributions Taxation Withholding tax (8,739) (15,826) (502) Change in net assets attributable to holders of redeemable shares resulting from operations 517,743 3,172,014 (277,057) (1,261) (1,044) (1,062) *Terminated on 26 July ^ Launched 19 December Gains and losses arise solely from continuing operations with the exception of Collins Stewart Alternative Strategies Fund, which terminated during the period. There were no gains and losses other than those reflected above. The accompanying notes form an integral part of these audited financial statements

33 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 238,495,552 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 (2,952,546) 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 8,743,264 (7,424,608) 2,245,740 (6,517,016) (5,014,557) 2,644,391 (1,072,390) Balance at 31 December 279,815,586 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 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 35,288,654 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 34,861, ,503,726 10,015,459 1,574,452 9,338,639 The accompanying notes form an integral part of these audited financial statements

35 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the year ended 31 December 2012 Collins Stewart Collins Stewart Collins Stewart Total Collins Stewart Collins Stewart Collins Stewart 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 238,656,660 24,997,655 8,780,253 69,254,789 40,498,717 14,968,768 12,586,073 Change in net assets attributable to holders of redeemable shares resulting from operations 11,086,767 (384,087) 384,035 4,143,064 3,225,605 1,200,178 1,168,201 Foreign exchange adjustment on aggregation 2 (2,508,803) Share Transactions Subscriptions during the year 45,710, , ,346 8,359,090 4,157,415 2,753, ,609 Redemptions during the year (54,449,597) (10,479,751) (1,565,984) (15,302,474) (4,435,441) (3,159,482) (2,033,266) Net (decrease)/increase in net assets resulting from share transactions (11,247,875) (9,762,837) (611,638) (6,943,384) (278,026) (405,744) (1,512,657) Balance at 31 December 238,495,552 14,850,731 8,552,650 66,454,469 43,446,296 15,763,202 12,241,617 The accompanying notes form an integral part of these audited financial statements

36 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the year ended 31 December 2012 Collins Stewart Collins Stewart Select Collins Stewart Select Global Alternative Collins Stewart Collins Stewart Collins Stewart Opportunity Opportunity Strategies REMAP 4^ REMAP 4(i)^ REMAP 5^ Fund Fund Fund* Fund Fund Fund Notes GBP USD GBP GBP GBP GBP Balance at 1 January 30,145,769 54,976,366 12,142, Change in net assets attributable to holders of redeemable shares resulting from operations 517,743 3,172,014 (277,057) (1,261) (1,044) (1,062) Share Transactions Subscriptions during the year 9,541,523 28,690, , , , ,750 Redemptions during the year (4,916,381) (3,255,743) (12,418,307) Net (decrease)/increase in net assets resulting from share transactions 4,625,142 25,434,895 (11,865,614) 842, , ,750 Balance at 31 December 35,288,654 83,583, , , ,688 *Terminated on 26 July ^Launched 19 December The accompanying notes form an integral part of these audited financial statements

37 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December GENERAL Canaccord Genuity Investment Funds plc (formerly Collins Stewart 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, Effective 17 June 2013, the Company changed its name from Collins Stewart Investment Funds plc to Canaccord Genuity Investment Funds plc following approval by the shareholders and the Companies Registration Office. The names of each of the underlying sub-funds were also changed on 18 June 2013, following approval by the shareholders and the Central Bank. Please refer to the table in note 16 for full details. 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 2013 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) 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 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 27 and 28 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. 35

38 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December PRINCIPAL ACCOUNTING POLICIES (continued) 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. 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 Manager 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. 36

39 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December PRINCIPAL ACCOUNTING POLICIES (continued) (c) Measurement (continued) 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. Bank interest income from financial assets at fair value through profit or loss is recognised in the Income Statement on an accruals basis. Interest income from financial assets at fair value through profit or loss is recognised using the effective interest rate method in the Income Statement. Dividend income from financial assets at fair value through profit or loss is recognised in the Income Statement within dividend income when the Funds right to receive payments is established. 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 2013 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 Manager s 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 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 2013 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. 37

40 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December PRINCIPAL ACCOUNTING POLICIES (continued) (c) Measurement (continued) 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 to any sub-custodian. 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. 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. For CGWM Select Income 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 (and was previously certified as a distributing fund). All required submissions for Reporting Status for the year ended 31 December 2013, will be made within the required timeframe. Rebate from underlying Collective Investment Schemes The Investment Manager has 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 relevant Fund on a monthly, quarterly or a yearly basis depending on the arrangements that are in place with the Investment Manager. Rebate on Transaction Charge This is the repayment of overcharged transaction fees made by the Custodian in relation to the administration involved in processing invoice payments incurred between 2008 and

41 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 (formerly Collins Stewart (CI) Limited) and Canaccord Genuity Wealth Limited (formerly Collins Stewart Wealth Management 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 (formerly Collins Stewart Europe Limited). Mr John Renouf held 1, (2012:1,191.15) 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 78,668 (2012: 62,194) 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 2,460 (2012: 2,460) 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 27 and 28. 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 11. 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, trustee, investment adviser and/or associated or group companies. Although not deemed to be connected parties under Irish GAAP as they do not exercise significant influence over the activities of the Company, UCITS Notice 14 also deems a Custodian and its associated or group companies to be connected parties to the Company. As such, Northern Trust Fiduciary Services (Ireland) Limited (NTSFIL), the Custodian, and Northern Trust International Fund Administration Services (Ireland) Limited (NTIFASIL), the Administrator, are connected parties to the Company. During the year, NTFSIL and NTIFASIL earned fees for provision of custody and administration services to the Company as disclosed in the Statement of Operations. 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 Manager and The Northern Trust Company, London Branch (NTC). 4. CASH DEPOSITS At 31 December 2013, the Company held cash of 24,030,412 (2012: 15,528,915) with Northern Trust Company, London Branch (NTC), 125,370 (2012: 373,801) with ADM Investor Services International Limited (Broker) and USD nil (2012: USD384,510) with MF Global (Broker). ADM Investor Services International Limited has a credit rating of A from Standard and Poors (2012: 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 7 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 A Shares CGWM Select Income Fund B Shares GBP Shares GBP Shares GBP Shares GBP Shares Opening shares in issue 179, ,214 7,683,796 8,260,440 Subscriptions during the year 17,196 8,769 3,824, ,447 Redemptions during the year (110,216) (128,247) (1,846,039) (1,450,091) Closing shares in issue 86, ,736 9,662,409 7,683,796 39

42 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 Diversity Fund CGWM Select Affinity Fund B Shares B Shares GBP Shares GBP Shares GBP Shares GBP Shares Opening shares in issue 54,533,786 60,222,256 34,601,199 34,896,593 Subscriptions during the year 7,685,581 7,069,124 2,443,411 3,448,390 Redemptions during the year (12,767,522) (12,757,594) (6,104,912) (3,743,784) Closing shares in issue 49,451,845 54,533,786 30,939,698 34,601,199 CGWM Select Global Diversity Fund CGWMSelect Global Diversity Fund B Shares B Shares USD Shares USD Shares SGD Hedged Shares SGD Hedged Shares Opening shares in issue 13,587,418 13,963,378 19,580 - Subscriptions during the year 8,019,080 2,365, ,519 37,620 Redemptions during the year (5,990,607) (2,741,526) (97,766) (18,040) Closing shares in issue 15,615,891 13,587, ,333 19,580 CGWM Select Global Affinity Fund CGWM Select Global Affinity Fund B Shares B Shares USD Shares USD Shares SGD Hedged Shares SGD Hedged Shares Opening shares in issue 10,742,781 12,117,367 13,658 - Subscriptions during the year 1,045, ,090 26,766 27,651 Redemptions during the year (1,990,544) (1,811,676) - (13,993) Closing shares in issue 9,797,618 10,742,781 40,424 13,658 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 26,105,497 22,690,281 57,147,267 41,575,938 Subscriptions during the year 4,893,542 7,015,023 14,064,979 17,737,865 Redemptions during the year (9,680,692) (3,599,807) (2,041,460) (2,166,536) Closing shares in issue 21,318,347 26,105,497 69,170,786 57,147,267 CGWM Select Global Opportunity Fund Collins Stewart Alternative Strategies B Shares Fund* SGD Hedged Shares SGD Hedged Shares A Shares B Shares Opening shares in issue 2,613, ,174 12,295,059 Subscriptions during the year 3,641,101 2,775,077 1, ,742 Redemptions during the year (597,798) (161,443) (403,955) (12,867,801) Closing shares in issue 5,656,937 2,613, *Terminated on 26 July

43 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December SHARE CAPITAL (continued) 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 842, ,500 - Subscriptions during the year 9,522, ,400 1,682, ,500 Redemptions during the year (593,311) - (276,565) - Closing shares in issue 9,771, ,400 1,585, ,500 CGWM REMAP 5 Fund D Shares GBP Shares GBP Shares Opening shares in issue 235,750 - Subscriptions during the year 10,291, ,750 Redemptions during the year (1,400,606) - Closing shares in issue 9,127, , FINANCIAL RISK MANAGEMENT Global Exposure For the CGWM Total Return 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 Funds assets consist principally of equities, bonds and collective investment schemes. The values of these securities 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. 41

44 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 Derivatives 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 Select 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 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 2012 the overall market exposures were as follows: 31 December 2012 Collins Stewart Collins Collins Collins Collins Total Stewart Stewart Stewart Stewart 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 Equities Debt securities 13,549,778 1,803,962 14,074,104 3,405,730 3,335,289 Derivatives (7,500) Currency contracts 17, (45) Collective Investment Schemes - 6,025,181 49,229,556 37,347,231 11,124,119 Total 13,559,884 7,829,143 63,303,660 40,752,961 14,459,363 Collins Collins Stewart Collins Stewart Collins Select Stewart Select Stewart Global Select Global Alternative Affinity Opportunity Opportunity Strategies Fund Fund Fund Fund * Financial instruments designated at fair value through profit or loss USD GBP USD GBP Equities Debt securities 1,150, Currency contracts (16) - (7,020) - Collective Investment Schemes 10,145,080 33,672,977 76,865,853 - Total 11,295,589 33,672,977 76,858,833 - *Terminated on 26 July At 31 December 2013, 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 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) 43

46 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Market Price Risk (continued) 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) If the price of each of the Collective Investment Schemes to which the sub-funds have exposure at 31 December 2012 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 of the sub-funds by: Collins Collins Collins Collins Collins Collins Stewart Stewart Collins Stewart Stewart Stewart Stewart Select Select Stewart Select Select Select Select Global Global Select Global Income Diversity Affinity Diversity Affinity Opportunity Opportunity Fund Fund Fund Fund Fund Fund Fund December 2012 GBP GBP GBP USD USD GBP USD Effect of +1% change 60, , , , , , ,659 Effect of -1% change (60,252) (492,296) (373,472) (111,241) (101,451) (336,730) (768,659) The remaining Funds have no exposure to Collective Investment Schemes at 31 December 2013 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 2013 and at 31 December 2012 is detailed in the table below. The CGWM Select Income Fund, CGWM REMAP 4 Fund, CGWM REMAP 4(i) and the CGWM REMAP 5 Fund were not exposed to currency risk at 31 December 2013 and 31 December CGWM Total Return Bond Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total GBP GBP GBP GBP GBP GBP Norwegian krone - 362,213-20, ,963 Swedish krona - 374,076-23, ,973 US dollar 250,182 (370,658) - 446, ,182 75,378 Australian dollar 216,004 (12,604) 9 2, ,013 (10,118) Canadian dollar 210, ,311-2, , ,453 New Zealand dollar 235, , , , ,878 Euro 16,266 6,234-2,534 16,266 8,768 44

47 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 973,154 3,660, ,154 3,660,671 Norwegian krone - 1,406, ,406,080 CGWM Select Affinity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total GBP GBP GBP GBP GBP GBP US dollar 895,676 2,356, ,676 2,356,854 Norwegian krone - 796, ,779 CGWM Select Global Diversity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total USD USD USD USD USD USD British pound 7,704,640 5,050,050 59, ,558 7,764,275 5,174,608 Euro Japanese yen 299, , , ,436 Singapore Dollar (2) 23,249 (1) - (3) 23,249 CGWM Select Global Affinity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total USD USD USD USD USD USD Euro British pound 6,166,220 5,505,970 36, ,910 6,202,327 5,688,880 Japanese yen 168, , , ,264 Singapore Dollar - 8,502-7,368-15,870 CGWM Select Opportunity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total GBP GBP GBP GBP GBP GBP Euro US dollar 644,326 3,219,056 1,273 1, ,599 3,220,353 CGWM Select Global Opportunity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) Total USD USD USD USD USD USD British pound 49,532,822 36,475, , ,848 50,073,256 37,153,325 Singapore Dollar (35) 3,795,791 (112) (85,141) (147) 3,710,650 45

48 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued) 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 Manager 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 2013 and at 31 December 2012 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 2013 GBP 2012 GBP Norwegian krone ,963 3,830 Swedish krona ,973 3,980 US dollar 250,182 2,502 75, Australian dollar 216,013 2,160 (10,118) (101) Canadian dollar 210,599 2, ,453 4,345 New Zealand dollar 235,136 2, ,878 5,299 Euro 16, , ,196 9,282 1,819,295 18,195 CGWM Select Diversity Fund Net Assets Effect of Net Assets Effect of GBP 1% change GBP 1% change 2013 GBP 2012 GBP Euro US dollar 973,154 9,732 3,660,671 36,607 Norwegian krone - - 1,406,080 14, ,155 9,732 5,066,752 50,668 CGWM Select Affinity Fund Net Assets Effect of Net Assets Effect of GBP 1% change GBP 1% change 2013 GBP 2012 GBP US dollar 895,676 8,957 2,356,854 23,569 Norwegian krone ,779 7, ,676 8,957 3,153,633 31,537 Net Assets Effect of Net Assets Effect of CGWM Select Global Diversity Fund USD 1% change USD 1% change 2013 USD 2012 USD British Pound 7,764,275 77,643 5,174,608 51,746 Canadian Dollar Euro Japanese yen 299,766 2, ,436 3,384 Singapore Dollar (3) - 23, ,064,040 80,641 5,536,293 55,362 46

49 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 Affinity Fund USD 1% change USD 1% change 2013 USD 2012 USD Euro British Pound 6,202,327 62,023 5,688,880 56,889 Japanese yen 168,728 1, ,264 3,043 Singapore Dollar , ,371,055 63,710 6,009,014 60,091 Net Assets Effect of Net Assets Effect of CGWM Select Opportunity Fund GBP 1% change GBP 1% change 2013 GBP 2012 GBP Euro US dollar 645,599 6,456 3,220,353 32, ,599 6,456 3,220,353 32,204 Net Assets Effect of Net Assets Effect of CGWM Select Global Opportunity Fund USD 1% change USD 1% change 2013 USD 2012 USD British pound 50,073, ,733 37,153, ,533 Singapore Dollar (147) (1) 3,710,650 37,107 50,073, ,732 40,863, ,640 A decrease in exchange rates by 1% would have an equal but opposite effect. 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 Manager 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 Manager monitors the Funds interest rate exposures on a daily basis and reports regularly to the Board of Directors. 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 47

50 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) 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 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 48

51 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) 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 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 49

52 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) 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 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 50

53 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) 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 Collins Stewart 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 ,549,778 30,280 13,580,058 Other receivables and prepayments , ,875 Cash at bank 1,141, ,141,557 Total Assets 1,141,557-13,549, ,155 15,034,490 Liabilities Financial Liabilities at fair value through profit or loss (20,174) (20,174) Other payables and accrued expenses (163,585) (163,585) Total Liabilities (excluding net assets attributable to Shareholders) (183,759) (183,759) Net Assets 1,141,557-13,549, ,396 14,850,731 Collins Stewart 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 - - 1,803,962 6,025,181 7,829,143 Other receivables and prepayments ,801 13,801 Cash at bank 732, ,538 Total Assets 732,538-1,803,962 6,038,982 8,575,482 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (22,832) (22,832) Total Liabilities (excluding net assets attributable to Shareholders) (22,832) (22,832) Net Assets 732,538-1,803,962 6,016,150 8,552,650 51

54 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) Collins Stewart 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 ,074,104 49,229,556 63,303,660 Other receivables and prepayments , ,256 Cash at bank 3,352, ,352,926 Total Assets 3,352,926-14,074,104 49,553,812 66,980,842 Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses (526,373) (526,373) Total Liabilities (excluding net assets attributable to Shareholders) (526,373) (526,373) Net Assets 3,352,926-14,074,104 49,027,439 66,454,469 Collins Stewart 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 - - 3,405,730 37,347,231 40,752,961 Other receivables and prepayments ,841 63,841 Cash at bank 2,811, ,811,892 Total Assets 2,811,892-3,405,730 37,411,072 43,628,694 Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses (182,398) (182,398) Total Liabilities (excluding net assets attributable to Shareholders) (182,398) (182,398) Net Assets 2,811,892-3,405,730 37,228,674 43,446,296 Collins Stewart 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 - - 3,335,289 11,124,119 14,459,408 Other receivables and prepayments ,347 43,347 Cash at bank 1,311, ,311,562 Total Assets 1,311,562-3,335,289 11,167,466 15,814,317 Liabilities Financial assets at fair value through profit or loss (45) (45) Other payables and accrued expenses (51,070) (51,070) Total Liabilities (excluding net assets attributable to Shareholders) (51,115) (51,115) Net Assets 1,311,562-3,335,289 11,116,351 15,763,202 52

55 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) Collins Stewart 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 - - 1,150,525 10,145,080 11,295,605 Other receivables and prepayments ,196 12,196 Cash at bank 975, ,892 Total Assets 975,892-1,150,525 10,157,276 12,283,693 Liabilities Financial assets at fair value through profit or loss (16) (16) Other payables and accrued expenses (42,060) (42,060) Total Liabilities (excluding net assets attributable to Shareholders) (42,076) (42,076) Net Assets 975,892-1,150,525 10,115,200 12,241,617 Collins Stewart 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 ,672,977 33,672,977 Other receivables and prepayments , ,737 Cash at bank 1,839, ,839,503 Total Assets 1,839, ,855,714 35,695,217 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (406,563) (406,563) Total Liabilities (excluding net assets attributable to Shareholders) (406,563) (406,563) Net Assets 1,839, ,449,151 35,288,654 Collins Stewart 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 ,865,885 76,865,885 Other receivables and prepayments ,134,385 1,134,385 Cash at bank 5,845, ,845,247 Total Assets 5,845, ,000,270 83,845,517 Liabilities Financial Liabilities at fair value through profit or loss (7,052) (7,052) Other payables and accrued expenses (255,190) (255,190) Total Liabilities (excluding net assets attributable to Shareholders) (262,242) (262,242) Net Assets 5,845, ,738,028 83,583,275 53

56 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) Collins Stewart 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 Other receivables and prepayments Cash at bank 842, ,400 Total Assets 842, ,400 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (1,261) (1,261) Total Liabilities (excluding net assets attributable to Shareholders) (1,261) (1,261) Net Assets 842, (1,261) 841,139 Collins Stewart 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 Other receivables and prepayments Cash at bank 179, ,500 Total Assets 179, ,500 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (1,044) (1,044) Total Liabilities (excluding net assets attributable to Shareholders) (1,044) (1,044) Net Assets 179, (1,044) 178,456 Collins Stewart 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 Other receivables and prepayments Cash at bank 235, ,750 Total Assets 235, ,750 Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses (1,062) (1,062) Total Liabilities (excluding net assets attributable to Shareholders) (1,062) (1,062) Net Assets 235, (1,062) 234,688 ^ Launched on 19 December

57 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Interest Rate Risk (continued) At 31 December 2013 and 31 December 2012, 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 68,470 (68,470) 146,913 (146,913) CGWM Select Income Fund GBP 23,626 (23,626) 25,365 (25,365) CGWM Select Diversity Fund GBP 126,605 (126,605) 174,270 (174,270) CGWM Select Affinity Fund GBP 50,571 (50,571) 62,176 (62,176) CGWM Select Global Diversity Fund USD 36,831 (36,831) 46,469 (46,469) CGWM Select Global Affinity Fund USD 14,104 (14,104) 21,264 (21,264) CGWM Select Opportunity Fund GBP 43,383 (43,383) 18,395 (18,395) CGWM Select Global Opportunity Fund USD 168,502 (168,502) 58,452 (58,452) CGWM REMAP 4 Fund GBP 26,487 (26,487) 8,424 (8,424) CGWM REMAP 4(i) Fund GBP 4,243 (4,243) 1,795 (1,795) CGWM REMAP 5 Fund GBP 9,549 (9,549) 2,358 (2,358) 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 Funds, CGWM Select Global Diversity Fund, CGWM Select Global Affinity Fund, CGWM Select Opportunity Fund, CGWM Select Global Opportunity Fund, CGWM REMAP 4 Fund and the CGWM REMAP 4(i) Fund credit risk is spread between exposure to issuers of debt securities held as part of the Fund s investment portfolio and counterparties to derivative contracts entered into by each Fund. 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 CGWM REMAP 5 Fund invests in collective investment schemes and accordingly is not subject to significant amounts of credit risk. 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 2013, Northern Trust Corporation had a long term rating from Standard & Poor s of A+ (2012: 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. 55

58 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 separately 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 Manager monitors the Funds credit exposures and reports regularly to the Board of Directors. At 31 December 2013 and 31 December 2012, the Funds exposure to credit risk was as follows: CGWM Total Return Bond Fund As at 31 December 2013 As at 31 December 2012 Financial assets neither past due nor impaired GBP GBP By rating category AAA/AAA 2,225,203 7,582,145 AA/AA 603, ,553 AA ,445 AA+ 1,923,723 1,408,240 A+ 573,351 2,214,598 A 201,642 1,399,130 A- 895, ,675 Unrated * - 236,549 6,422,995 14,691,335 CGWM Select Income Fund As at 31 December 2013 As at 31 December 2012 Financial assets neither past due nor impaired GBP GBP By rating category AAA 1,290,636 - A ,538 A 219,296 1,803,962 1,509,932 2,536,500 CGWM Select Diversity Fund As at 31 December 2013 As at 31 December 2012 Financial assets neither past due nor impaired GBP GBP By rating category AAA/AAA 9,703,823 14,074,104 A+ - 3,352,926 9,703,823 17,427,030 * Cash held at MF Global 56

59 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 Affinity Fund As at 31 December 2013 As at 31 December 2012 Financial assets neither past due nor impaired GBP GBP By rating category AAA/AAA 2,983,816 3,405,730 A+ - 2,811,892 2,983,816 6,217,622 CGWM Select Global Diversity Fund As at 31 December 2013 As at 31 December 2012 Financial assets neither past due nor impaired USD USD By rating category AAA/AAA 1,743,487 3,335,289 A+ - 1,311,562 BBB ,743,487 4,646,851 CGWM Select Global Affinity Fund As at 31 December 2013 As at 31 December 2012 Financial assets neither past due nor impaired USD USD By rating category AAA/AAA 487,263 1,150,525 A , ,263 2,126,417 CGWM Select Opportunity Fund As at 31 December 2013 As at 31 December 2012 Financial assets neither past due nor impaired GBP GBP By rating category AAA/AAA - - A+ - 1,839,503-1,839,503 CGWM Select Global Opportunity Fund As at 31 December 2013 As at 31 December 2012 Financial assets neither past due nor impaired USD USD By rating category AAA/AAA - - A+ - 5,845,247-5,845,247 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) CGWM REMAP 4 Fund As at 31 December 2013 As at 31 December 2012 Financial assets neither past due nor impaired GBP GBP By rating category AAA/AAA 2,130,575 - A ,130,575 - CGWM REMAP 4(i) Fund As at 31 December 2013 As at 31 December 2012 Financial assets neither past due nor impaired GBP GBP By rating category AAA/AAA 288,642 - A ,642 - CGWM REMAP 5 Fund As at 31 December 2013 As at 31 December 2012 Financial assets neither past due nor impaired GBP GBP By rating category AAA/AAA - - A

61 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) 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 2013 and 31 December 2012, the Company s financial liabilities were classified into relevant maturity groupings based on the remaining period between the Balance Sheet date and the contractual maturity dates, as detailed in the table below. CGWM Total CGWM CGWM CGWM Return Select Select Select Bond Income Diversity Affinity Fund Fund Fund Fund As at 31 December Less than 1 month GBP GBP GBP GBP Financial liabilities at fair value through profit or loss 11, Other payables and accrued expenses 126, , , ,881 Redeemable participating shares 6,958,999 11,119,521 65,381,629 44,298,214 Total financial liabilities 7,097,180 11,380,505 65,808,894 44,880,095 CGWM CGWM CGWM Select Select CGWM Select Global Global Select Global Diversity Affinity Opportunity Opportunity Fund Fund Fund Fund As at 31 December Less than 1 month USD USD GBP USD Financial liabilities at fair value through profit or loss Other payables and accrued expenses 144,678 38, ,801 2,619,851 Redeemable participating shares 20,038,885 12,899,357 34,861, ,503,726 Total financial liabilities 20,183,563 12,938,008 35,371, ,124,188 CGWM CGWM CGWM REMAP 4 REMAP 4(i) REMAP 5 Fund Fund Fund As at 31 December Less than 1 month GBP GBP GBP Financial liabilities at fair value through profit or loss Other payables and accrued expenses 73,733 5,351 20,995 Redeemable participating shares 10,015,459 1,574,452 9,338,639 Total financial liabilities 10,089,192 1,579,803 9,359,634 59

62 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December FINANCIAL RISK MANAGEMENT (continued) Liquidity Risk (continued) Collins Stewart Collins Collins Collins Total Stewart Stewart Stewart Return Select Select Select Bond Income Diversity Affinity Fund Fund Fund Fund As at 31 December Less than 1 month GBP GBP GBP GBP Financial liabilities at fair value through profit or loss 20, Other payables and accrued expenses 163,585 22, , ,398 Redeemable participating shares 14,850,731 8,552,650 66,454,469 43,446,296 Total financial liabilities 15,034,490 8,575,482 66,980,842 43,628,694 Collins Collins Collins Stewart Stewart Collins Stewart Select Select Stewart Select Global Global Select Global Diversity Affinity Opportunity Opportunity Fund Fund Fund Fund As at 31 December Less than 1 month USD USD GBP USD Financial liabilities at fair value through profit or loss ,052 Other payables and accrued expenses 51,070 42, , ,190 Redeemable participating shares 15,763,202 12,241,617 35,288,654 83,583,275 Total financial liabilities 15,814,317 12,283,693 35,695,217 83,845,517 Collins Collins Collins Collins Alternative Stewart Stewart Stewart Strategies REMAP 4 REMAP 4(i) REMAP 5 Fund * Fund ^ Fund ^ Fund ^ As at 31 December Less than 1 month GBP GBP GBP GBP Financial liabilities at fair value through profit or loss Other payables and accrued expenses - 1,261 1,044 1,062 Redeemable participating shares - 841, , ,688 Total financial liabilities - 842, , ,750 * Terminated on 26 July ^ Launched 19 December

63 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 2013: Level I Level II Level III Total Equities Collective Investment Schemes Total Bonds Collective Investment Schemes Forward Currency Contracts Futures Total Fund name GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP CGWM Total Return Bond Fund ,422,995-42,850 57,550 6,523,395-6,523,395 CGWM Select Income Fund ,509,932 8,752, ,262,763-10,262,763 CGWM Select Diversity Fund ,703,823 52,686, ,389,825-62,389,825 CGWM Select Affinity Fund ,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 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

64 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 2012: Level I Level II Level III Total Equities Collective Investment Schemes Total Bonds Collective Investment Schemes Forward Currency Contracts Futures Total Fund name GBP GBP GBP GBP GBP GBP GBP GBP GBP GBP Collins Stewart Total Return Bond Fund ,549,778-17,606 (7,500) 13,559,884-13,559,884 Collins Stewart Select Income Fund ,803,962 6,025, ,829,143-7,829,143 Collins Stewart Select Diversity Fund - 3,659,643 3,659,643 14,074,104 45,569, ,644,017-63,303,660 Collins Stewart Select Affinity Fund - 4,406,993 4,406,993 3,405,730 32,940, ,345,968-40,752,961 Collins Stewart Select Opportunity Fund - 8,951,915 8,951,915-24,721, ,721,062-33,672,977 USD USD USD USD USD USD USD USD USD USD Collins Stewart Select Global Diversity Fund - 2,579,402 2,579,402 3,335,289 8,544,717 (45) - 11,879,961-14,459,363 Collins Stewart Select Global Affinity Fund - 1,788,252 1,788,252 1,150,525 8,356,828 (16) - 9,507,337-11,295,589 Collins Stewart Select Global Opportunity Fund - 20,540,814 20,540,814-56,325,039 (7,020) - 56,318,019-76,858,833 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

65 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December EXCHANGE RATES 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 The 31 December 2012 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. 63

66 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December EFFICIENT PORTFOLIO MANAGEMENT The Company may, on behalf of each Fund, 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 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 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) and ADM. 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. Where there are cross investments between funds within the Company, the Investment Management Fee is calculated as a percentage of the Net Asset Value less the value of the cross holding. Investment Share class Management Fee CGWM Total Return Bond Fund 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 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 Opportunity Fund A 1.50% CGWM Select Global Opportunity Fund A 1.50% CGWM Select Global Opportunity Fund B SGD 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% On CGWM REMAP 4 Fund, CGWM REMAP 4(i) Fund and CGWM REMAP 5 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, investment management fees and any Performance Fees are allocated to capital. For accounting presentational purposes of 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. 64

67 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 84,000 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 35, 50 or US$70 (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 57,750 (2012: 34,000) (excluding VAT) in relation to the statutory audit of the Company. Other fees charged by Deloitte & Touche (excluding VAT) were as follows: EUR EUR Other assurance services - 4,000 Tax advisory services 4,900 5,000 Other non-audit services Total 5,800 9,550 The other assurance services fees relate to the audits of the non-statutory financial statements of terminated subfunds. 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 324,000 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 10,000 per annum for the provision of Corporate Secretarial Services and 5,000 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 2013 are shown separately on the Income Statement and for the year amounted to 58,473 (2012: 67,284). 12. DISTRIBUTIONS 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 65

68 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December DISTRIBUTIONS (continued) The following Funds paid a distribution during the year ended 31 December 2013: 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 Amount GBP CGWM REMAP 4 Fund 02/07/ /07/2013 6,827, ,341 17,341 CGWM REMAP 4(i) Fund 02/07/ /07/2013 1,260, ,701 4,701 CGWM REMAP 5 Fund 02/07/ /07/2013 7,560, ,320 21,320 The following Funds paid a distribution during the year ended 31 December 2012: Date No. Rate per Amount Fund XD Date Paid of Shares Share GBP Collins Stewart Total Return Bond Fund A Shares 04/01/ /01/ , ,334 03/07/ /07/ , , ,500 Collins Stewart Select Income Fund B Shares 04/01/ /01/2012 8,260, ,314 03/04/ /04/2012 7,834, ,002 03/07/ /07/2012 7,482, ,985 02/10/ /10/2012 7,638, , ,332 Collins Stewart Select Diversity Fund B Shares 04/01/ /01/ ,223, ,800 03/07/ /07/ ,461, , ,908 Amount USD Collins Stewart Select Global Diversity Fund B Shares 03/07/ /07/ ,703, ,759 15,759 66

69 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December COMPARATIVE STATISTICS Net Asset Value 31 Dec Dec Dec 2011 CGWM Total Return Bond Fund 6,958,999 14,850,731 24,997,655 CGWM Select Income Fund 11,119,521 8,552,650 8,780,253 CGWM Select Diversity Fund 65,381,629 66,454,469 69,254,789 CGWM Select Affinity Fund 44,298,214 43,446,296 40,498,717 CGWM Select Global Diversity Fund USD Class $ 19,817,859 15,740,051 14,968,768 CGWM Select Global Diversity Fund SGD Hedged Class SGD 221,026 23,151 - CGWM Select Global Affinity Fund USD Class $ 12,846,979 12,225,749 12,586,073 CGWM Select Global Affinity Fund SGD Hedged Class SGD 52,378 15,868 - CGWM Select Opportunity Fund 34,861,821 35,288,654 30,145,769 CGWM Select Global Opportunity Fund USD Class $ 117,044,664 79,853,249 54,976,366 CGWM Select Global Opportunity Fund SGD Hedged Class SGD 9,459,062 3,730,026 - Collins Stewart Alternative Strategies Fund A Shares * ,695 Collins Stewart Alternative Strategies Fund B Shares * ,761,976 CGWM REMAP 4 Fund 10,015, ,139 - CGWM REMAP 4(i) Fund 1,574, ,456 - CGWM REMAP 5 Fund 9,338, ,688 - * Terminated on 26 July

70 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December COMPARATIVE STATISTICS (continued) Shares in issue 31 Dec Dec Dec 2011 CGWM Total Return Bond Fund A Shares GBP Class 86, , ,214 CGWM Select Income Fund B Shares GBP Class 9,662,409 7,683,796 8,260,440 CGWM Select Diversity Fund B Shares GBP Class 49,451,845 54,533,786 60,222,256 CGWM Select Affinity Fund B Shares GBP Class 30,939,698 34,601,199 34,896,593 CGWM Select Global Diversity Fund B Shares USD Class 15,615,891 13,587,418 13,963,378 B Shares SGD Hedged Class 176,333 19,580 - CGWM Select Global Affinity Fund B Shares USD Class 9,797,618 10,742,781 12,117,367 B Shares SGD Hedged Class 40,424 13,658 CGWM Select Opportunity Fund A Shares GBP Class 21,318,347 26,105,497 22,690,281 CGWM Select Global Opportunity Fund A Shares USD Class 69,170,786 57,147,267 41,575,938 B Shares SGD Hedged Class 5,656,937 2,613,634 - Collins Stewart Alternative Strategies Fund * A Shares GBP Class ,174 B Shares GBP Class ,295,059 CGWM REMAP 4 Fund D Shares GBP Class 9,771, ,400 - CGWM REMAP 4(i) Fund D Shares GBP Class 1,585, ,500 - CGWM REMAP 5 Fund D Shares GBP Class 9,127, ,750 - * Terminated on 26 July

71 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 2011 CGWM Total Return Bond Fund A Shares GBP Class CGWM Select Income Fund B Shares GBP Class CGWM Select Diversity Fund B Shares GBP Class CGWM Select Affinity Fund B Shares GBP Class CGWM Select Global Diversity Fund B Shares USD Class $ B Shares SGD Hedged Class $ CGWM Select Global Affinity Fund B Shares USD Class $ B Shares SGD Hedged Class $ CGWM Select Opportunity Fund A Shares GBP Class CGWM Select Global Opportunity Fund A Shares USD Class $ B Shares SGD Hedged Class $ Collins Stewart Alternative Strategies Fund * A Shares GBP Class B Shares GBP Class CGWM REMAP 4 Fund D Shares GBP Class CGWM REMAP 4(i) Fund D Shares GBP Class CGWM REMAP 5 Fund D Shares GBP Class * Terminated on 26 July

72 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 only. There were no similar adjustments to the remaining funds in the current year (2012: nil). 31 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 Effective 17 June 2013, the Company changed its name from Collins Stewart Investments Funds plc to Canaccord Genuity Investment Funds plc following approval by the Companies Registration Office. The names of each of the underlying sub-funds were also changed on 18 June 2013, following approval by the Central Bank. Please refer to the table below for full details. Former Name Collins Stewart Total Return Bond Fund Collins Stewart Select Income Fund Collins Stewart Select Diversity Fund Collins Stewart Select Affinity Fund Collins Stewart Select Global Diversity Fund Collins Stewart Select Global Affinity Fund Collins Stewart Select Opportunity Fund Collins Stewart Select Global Opportunity Fund Collins Stewart REMAP 4 Fund Collins Stewart REMAP 4(i) Fund Collins Stewart REMAP 5 Fund Revised Name 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 70

73 NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December EVENTS DURING THE YEAR (CONTINUED) A new supplement to the prospectus was issued dated 4 December 2013, which detailed the creation of the new subfund namely, CGWM Bond Fund. 17. EVENTS SINCE THE BALANCE SHEET DATE The following distributions were declared in January 2014: Date No. Rate per Amount Fund XD Date Paid of Shares Share GBP CGWM Total Return Bond Fund 03/01/ /01/ , ,086 CGWM Select Income Fund B Shares 03/01/ /01/2014 9,659, ,461 CGWM Select Diversity Fund B Shares 03/01/ /01/ ,451, ,973 CGWM REMAP 4 Fund 03/01/ /01/2014 9,771, ,133 CGWM REMAP 4(i) Fund 03/01/ /01/2014 1,585, ,908 CGWM REMAP 5 Fund 03/01/ /01/2014 9,127, ,604 The CGWM Bond Fund launched on 17 January 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 17 April

74 CGWM TOTAL RETURN BOND FUND INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 92.30% (2012: 91.24%) Australia: 0.00% (2012: 7.85%) Canada: 5.99% (2012: 0.00%) 750,000 Canada (Government of) 1.25% 01/03/ , Total Canada 416, Germany: 8.22% (2012: 12.14%) 140,000 Kreditanstalt fur Wiederaufbau 5% Notes 10/09/ , ,000 Kreditanstalt fur Wiederaufbau 5% 10/09/ , Total Germany 571, Netherlands: 10.76% (2012: 11.84%) 500,000 Bank Nederlandse Gemeenten 4.5% 20/02/ , ,000 Rabobank Nederland 5.25% 14/09/ , Total Netherlands 748, Norway: 0.00% (2012: 5.09%) New Zealand: 7.55% (2012: 5.59%) 1,000,000 New Zealand (Government of) 5.5% 15/04/ , Total New Zealand 525, Slovenia: 7.29% (2012: 0.00%) 599,994 Slovenia (Republic of) 4% 17/02/ , Total Slovenia 507, South Korea: 8.24% (2012: 4.83%) 250,000 Export-Import Bank of Korea FRN 22/03/ , ,000 Export-Import Bank of Korea 5% 11/04/ , Total South Korea 573, Supranational: 0.00% (2012: 4.76%) Sweden: 0.00% (2012: 3.99%) 72

75 CGWM TOTAL RETURN BOND FUND INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 92.30% (2012: 91.24%) (continued) United Arab Emirates: 8.67% (2012: 5.98%) 500,000 IPIC GMTN 6.875% 14/03/ , Total United Arab Emirates 603, United Kingdom: 24.36% (2012: 21.48%) 250,000 Places for People Homes 5.875% 23/05/ , ,000 Transport for London 2.25% 09/08/ , ,000 United Kingdom Gilt 2.25% 07/09/ , ,000 United Kingdom Inflation Linked 2.5% 16/04/ , Total United Kingdom 1,694, United States: 11.22% (2012: 7.69%) 350,000 GE Capital UK Funding 5.625% 25/04/ , ,000 Goldman Sachs Group 6.125% 14/02/ , Total United States 781, Total Bonds 6,422, Financial Derivative Instruments: 1.60% (2012: 0.20%) Forward Currency Contracts: 0.77% (2012: 0.20%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Gain Net Assets Northern Trust GBP 435,611 CAD 732, /01/ , Northern Trust GBP 530,168 EUR 617, /01/ , Northern Trust GBP 305,758 NZD 598, /01/2014 8, Northern Trust GBP 164,724 USD 264, /01/2014 5, Northern Trust GBP 257,484 USD 420, /01/2014 3, Total Fair Value Gains on Forward Currency Contracts 54, Open Future Contracts: 0.83% (2012: 0.00%) Counterparty Description Country Currency No. of Unrealised % of Contracts Gain Net Assets ADM Investor G H3 Long Gilt Services Int. Ltd March 2013 United Kingdom GBP (25) 57, Fair value gain on Open Future Contracts 57,

76 CGWM TOTAL RETURN BOND FUND (continued) INVESTMENT PORTFOLIO 31 December 2013 Unrealised Gain % of Net Assets Total Financial Derivative Instruments 111, Total Financial assets at fair value through profit or loss 6,534, Financial liabilities at fair value through profit or loss Financial Derivative Instruments: -0.16% (2012: -0.14%) Forward Currency Contracts: -0.16% (2012: -0.09%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Loss Net Assets Northern Trust CAD 366,000 GBP 210, /01/2014 (2,198) (0.03) Northern Trust USD 550,000 GBP 335, /01/2014 (3,494) (0.05) Northern Trust AUD 400,000 GBP 221, /01/2014 (5,567) (0.08) Total Fair Value Losses on Forward Currency Contracts (11,259) (0.16) Open Future Contracts: 0.00% (2012: -0.05%) Total Financial liabilities at fair value through profit or loss (11,259) (0.16) Total Value of Investments 6,523, (Cost: GBP 6,808,590) Cash 423, Other Net Assets 11, Net Assets Attributable to Holders of Redeemable Participating Shares 6,958, 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 1.57 Other Assets

77 CGWM SELECT INCOME FUND INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 78.71% (2012: 68.54%) Guernsey: 7.92% (2012: 4.30%) 366,083 HICL Infrastructure Company Limited* 491, ,000 International Public Partnerships* 165, ,000 John Laing Infrastructure Fund* 223, Total Guernsey 880, Ireland: 18.42% (2012: 21.64%) 48,377 INVESCO Bond Series - Sterling Bond Fund 490, ,498 Neuberger Berman Short Duration High Yield Bond Fund 525, ,294 New Capital UCITS Fund - New Capital Wealthy Nations Bond Fund 479, ,607 Prusik Asian Equity Income Fund 229, ,057 Veritas Global Equity Income Fund 325, Total Ireland 2,049, Luxembourg: 13.08% (2012: 11.84%) 18,231 Franklin Templeton Global Bond Fund 217, ,814 Jupiter Global Dynamic Bond Fund 639, ,384 RWC Funds Enhanced Income 596, Total Luxembourg 1,453, United Kingdom: 39.29% (2012: 32.67%) 350,789 Artemis Income Fund 754, ,414 IM Argonaut Funds - IM Argonaut European Income Fund 299, ,849 Invesco Fund Managers Perpetual Income Fund 764, ,985 M&G Global Dividend Fund 499, ,619 M&G Strategic Corporate Bond Fund 511, ,536 M&G UK Inflation Linked Corporate Bond Fund 512, ,538 Newton Global Higher Income Fund 322, ,234,350 Schroder Income Maximiser 705, Total United Kingdom 4,368, Total Collective Investment Schemes 8,752, Bonds: 13.58% (2012: 21.09%) United Kingdom: 13.58% (2012: 21.09%) 200,000 Lloyds Bank 5.5% 25/09/ , ,000 United Kingdom Gilt 4% 07/03/ ,

78 CGWM SELECT INCOME FUND (continued) INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 13.58% (2012: 21.09%) (continued) United Kingdom: 13.58% (2012: 21.09%) (continued) 480,000 United Kingdom Gilt 4.25% 07/12/ , ,000 United Kingdom Gilt Inflation Linked 2.5% 16/04/ , Total United Kingdom 1,509, Total Bonds 1,509, Total Value of Investments 10,262, (Cost: GBP 9,638,221) Cash 852, Other Net Assets 4, Net Assets Attributable to Holders of Redeemable Participating Shares 11,119, 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 7.74 Other Assets * Closed end Fund 76

79 CGWM SELECT DIVERSITY FUND INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 80.59% (2012: 74.08%) Guernsey: 9.40% (2012: 4.07%) 951,000 HICL Infrastructure Company Limited* 1,276, ,000 International Public Partnerships* 1,270, ,274,055 M&G Offshore UK Inflation Linked Corporate Bond Fund** 3,598, Total Guernsey 6,145, Ireland: 25.85% (2012: 14.95%) 152,199 Brown Advisory US Small Cap Blend Fund 973, ,569 Findlay Park American Smaller Companies Fund - GBP 2,857, ,343 J O Hambro Capital Management Umbrella Fund - Continental European Fund 992, ,498 Kames Strategic Global Bond Fund 1,138, ,789 Old Mutual Global Investors Series - UK Alpha Fund 4,344, ,358 Polar Capital Global Technology Fund 956, ,519 Polar Capital North American Fund 2,340, ,002 Polar Healthcare Opportunities Fund 2,208, ,268 Prusik Asian Equity Income Fund 1,086, Total Ireland 16,898, Jersey: 0.00% (2012: 5.51%) Luxembourg: 19.66% (2012: 14.08%) 108,052 BlackRock Global - Continental European Flexible Fund 1,474, ,279,868 Ignis Absolute Return Government Bond Fund 1,355, ,038 Jupiter Global Dynamic Bond Fund 3,155, ,545 Stratton Street UCITS - Renminbi Bond Fund UI 2,436, ,042 Threadneedle Management - UK Equities Fund 4,429, Total Luxembourg 12,851, United Kingdom: 25.68% (2012: 35.47%) 285,559 First State Asia Pacific Leaders Fund 1,210, ,266,018 First State Global Listed Infrastructure Fund 1,939, ,557 Henderson Global Funds - Global Technology Fund 924, ,593,651 Invesco Fund Managers Perpetual Income Fund 3,971, ,726,103 Investec UK Special Situations Fund - Series I 4,425, ,769,244 Schroder Asian Alpha Plus Fund - Z Acc. 972, ,546,613 Schroder European Alpha Plus Fund 1,050, Threadneedle Specialist Investment Funds ICVC - American Extended Alpha 1,101,230 Fund 2,296, Total United Kingdom 16,790, Total Collective Investment Schemes 52,686,

80 CGWM SELECT DIVERSITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 14.84% (2012: 21.17%) Supranational: 0.00% (2012: 2.06%) United Kingdom: 14.84% (2012: 19.11%) 2,160,000 UK Treasury 4% Bond 07/03/2022 2,363, ,255,000 UK Treasury 4.25% Bond 07/12/2027 2,470, ,353,000 UK Treasury Index Linked 2.5% Bonds 16/04/2020 4,870, Total United Kingdom 9,703, Total Bonds 9,703, Total Value of Investments 62,389, (Cost: GBP 55,294,516) Cash 2,956, Other Net Assets 35, Net Assets Attributable to Holders of Redeemable Participating Shares 65,381, 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 3.87 Other Assets * Closed end Fund ** Guernsey B Scheme 78

81 CGWM SELECT AFFINITY FUND INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 89.78% (2012: 85.97%) Guernsey: 5.16% (2012: 4.08%) 666,700 HICL Infrastructure Company Limited* 894, ,500 International Public Partnerships* 838, ,092 JP Morgan Private Equity* 3-504,005 M&G Offshore UK Inflation Linked Corporate Bond Fund** 553, Total Guernsey 2,287, Ireland: 34.59% (2012: 17.90%) 140,057 Brown Advisory US Small Cap Blend Fund 895, ,751 Cazenove International Fund - UK Equity Fund 498, ,287 Findlay Park American Fund 2,885, ,041 J O Hambro Capital Management Umbrella - UK Growth Fund 1,231, J O Hambro Capital Management Umbrella Fund - Continental European 282,116 Fund 896, ,654 Kames Strategic Global Bond Fund 733, ,259 Old Mutual Global Investors Series - UK Alpha Fund 3,750, ,621 Polar Capital Global Technology Fund 588, ,005 Polar Healthcare Opportunities Fund 1,455, ,266 Prusik Asian Equity Income Fund 954, ,295 Vanguard Investment Series - US Opportunities Fund 1,434, Total Ireland 15,323, Jersey: 0.00% (2012: 5.42%) Luxembourg: 17.21% (2012: 15.58%) 89,720 BlackRock Global- Continental European Flexible Fund 1,224, ,751 Ignis Absolute Return Government Bond Fund 840, ,492 Jupiter Global Dynamic Bond Fund 570, ,034 Stratton Street UCITS - Renminbi Bond Fund Universal 1,194, ,784 Threadneedle (Lux) - UK Equities Fund 3,793, Total Luxembourg 7,623, United Kingdom: 32.82% (2012: 40.84%) 294,189 First State Investments ICVC - Asia Pacific Leaders Fund 1,246, ,990 First State Investments ICVC - Global Listed Infrastructure 1,304, ,154 Henderson Global Technology Fund 619, ,212,185 Invesco Fund Managers Perpetual Income Fund 3,020, ,335,907 Investec Fund Series i - UK Special Situations Fund 3,792, ,258,953 Schroder Asian Alpha Plus Fund 1,241, ,362,903 Schroder European Alpha Plus Fund 925, Threadneedle Specialist Investment Funds ICVC - American Extended Alpha 1,144,959 Fund 2,388, Total United Kingdom 14,539,

82 CGWM SELECT AFFINITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 89.78% (2012: 85.97%) (continued) United States: 0.00% (2012: 2.15%) Total Collective Investment Schemes 39,774, Bonds: 6.74% (2012: 7.83%) Supranational: 0.00% (2012: 1.79%) United Kingdom: 6.74% (2012: 6.04%) 1,015,000 UK Treasury 4.25% 07/12/2027 1,112, ,000 UK Inflation Linked 2.5% 16/04/2020 1,871, Total United Kingdom 2,983, Total Bonds 2,983, Total Value of Investments 42,758, (Cost: GBP 36,479,586) Cash 2,073, Other Net Liabilities (533,633) (1.20) Net Assets Attributable to Holders of Redeemable Participating Shares 44,298, 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 3.86 Other Assets * Closed end Fund ** Guernsey B Scheme 80

83 CGWM SELECT GLOBAL DIVERSITY FUND INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss USD Net Assets Collective Investment Schemes: 81.99% (2012: 70.57%) Guernsey: 3.74% (2012: 4.09%) 176,570 HICL Infrastructure Company Limited* 392, ,070 International Public Partnerships* 357, Total Guernsey 749, Ireland: 31.19% (2012: 30.33%) 2,596 Findlay Park American Fund 185, ,972 Findlay Park American Smaller Companies Fund - USD 783, ,260 First State Global Listed Infrastructure Fund 561, ,750 ishares S&P 500 Index Fund - GBP 1,024, ,888 J O Hambro Capital Management Umbrella Fund - Continental European Fund 294, ,375 J O Hambro Capital Management Umbrella Fund - Japan Fund 299, ,265 Polar Capital Global Technology Fund 352, ,619 Polar Capital North American Fund 1,000, ,965 Polar Healthcare Opportunities Fund 651, ,982 Vanguard Investment Series - US Opportunities Fund 1,096, Total Ireland 6,250, Jersey: 0.00% (2012: 5.50%) Luxembourg: 15.32% (2012: 9.19%) 5,194 Henderson Horizon - Global Technology Fund Accumulating 250, ,503 Ignis Absolute Return Government Bond Fund 389, ,989 Jupiter Global Dynamic Bond Fund 923, ,739 Stratton Street UCITS - Renminbi Bond Fund UI 869, ,192 Wells Fargo (Lux) - US All Cap Growth 636, Total Luxembourg 3,068, United Kingdom: 19.39% (2012: 13.54%) 119,455 Aberdeen UK ICVC - Aberdeen Japan Equity Fund 295, ,054 BlackRock European Dynamic Fund 675, ,347 First State Asia Pacific Leaders Fund 697, ,755 Schroder Asian Alpha Plus Fund 569, ,124 Schroder European Alpha Plus Fund 617, Threadneedle Specialist Investment Funds ICVC - American Extended Alpha 298,084 Fund 1,029, Total United Kingdom 3,885,

84 CGWM SELECT GLOBAL DIVERSITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss USD Net Assets Collective Investment Schemes: 81.99% (2012: 70.57%) United States: 12.35% (2012: 7.92%) 8,750 ishares Barclays Year Treasury Bond Fund 1,056, ,420 Vanguard Industrials ETF 542, ,000 Vanguard Short-Term Corporate Bond ETF 877, Total United States 2,475, Total Collective Investment Schemes 16,429, Bonds: 8.70% (2012: 21.16%) United States: 8.70% (2012: 21.16%) 737,000 US Treasury Inflation Index 1.375% Bonds 15/01/ , ,000 US Treasury 2.625% Bonds 15/08/ , Total United States 1,743, Total Bonds 1,743, Financial Derivative Instruments: 0.00% (2012: 0.00%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Gain Net Assets Northern Trust SGD 271,308 USD 214, /01/ Total Fair Value Gains on Forward Currency Contracts Total Financial Derivative Instruments Total Financial assets at fair value through profit or loss 18,173, Total Value of Investments 18,173, (Cost: USD 15,731,732) Cash 1,939, Other Net Liabilities (74,371) (0.37) Net Assets Attributable to Holders of Redeemable Participating Shares 20,038,

85 CGWM SELECT GLOBAL DIVERSITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2013 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 3.71 Financial derivative instruments dealt on a regulated market 0.01 Other Assets * Closed end Fund 83

86 CGWM SELECT GLOBAL AFFINITY FUND INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss USD Net Assets Collective Investment Schemes: 88.37% (2012: 82.87%) Guernsey: 3.73% (2012: 4.06%) 109,824 HICL Infrastructure Company Limited* 244, ,150 International Public Partnerships* 237, Total Guernsey 481, Ireland: 36.11% (2012: 33.35%) 14,863 Findlay Park American Fund 1,061, Findlay Park American Smaller Companies Fund - USD 3, ,627 First State Global Umbrella - Infrastructure Fund 363, ,620 ishares S&P 500 Index Fund 654, ,875 J O Hambro Capital Management Japan Fund - JPY 168, ,504 J O Hambro Capital Management Umbrella Fund - GBP 134, ,986 Polar Capital North American 882, ,063 Polar Global Technology Fund 185, ,994 Polar Healthcare Opportunities Fund 396, ,457 Vanguard Investment Series - US Opportunities Fund 805, Total Ireland 4,656, Jersey: 0.00% (2012: 5.44%) - - Luxembourg: 14.64% (2012: 11.73%) 3,710 Henderson Horizon - Global Technology Fund 178, ,678 Ignis Absolute Return Government Bond Fund 247, ,241 Jupiter Global Dynamic Bond Fund 464, ,396 Stratton Street UCITS - Renminbi Bond Fund Universal 337, ,309 Wells Fargo Lux Worldwide Fund - US All Cap Growth 659, Total Luxembourg 1,888, United Kingdom: 28.61% (2012: 24.63%) 24,218 Aberdeen Investment Funds ICVC - Emerging Markets Fund 219, ,783 Aberdeen Investment Funds ICVC - Japan Growth Fund 177, ,807 BlackRock European Dynamic Fund 497, ,068 First State Asia Pacific Leaders Fund 540,

87 CGWM SELECT GLOBAL AFFINITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss USD Net Assets Collective Investment Schemes: 88.37% (2012: 82.87%) ( continued) United Kingdom: 28.61% (2012: 24.63%) (continued) 564,682 Schroder Asian Alpha Plus Fund - Z Acc 513, ,625 Schroder European Alpha Plus Fund - Z Acc 508, ,891 Threadneedle Investment Funds ICVC - UK Fund 437, ,447 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 796, Total United Kingdom 3,690, United States: 5.28% (2012: 3.66%) 2,732 ishares Barclays Year Treasury Bond Fund 329, ,510 Vanguard Industrials 351, Total United States 680, Total Collective Investment Schemes 11,398, Bonds: 3.77% (2012: 9.40%) United States: 3.77% (2012: 9.40%) 290,000 US Treasury 2.625% Bond 15/08/ , ,000 US Treasury Inflation Indexed 1.375% Bonds 15/01/ , Total United States 487, Total Bonds 487, Financial Derivative Instruments: 0.00% (2012:0.00%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Loss Net Assets Northern Trust SGD 55,289 USD (43,636) /01/ Fair Value Gain on Forward Currency Contracts Total Financial Derivative Instruments Total Financial assets at fair value through profit or loss 11,885,

88 CGWM SELECT GLOBAL AFFINITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2013 Fair Value % of Financial assets at fair value through profit or loss USD Net Assets Total Value of Investments 11,885, (Cost: USD 9,143,608) Cash 923, Other Net Assets 90, Net Assets Attributable to Holders of Redeemable Participating Shares 12,899, 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 3.72 Financial derivative instruments dealt on a regulated market - Other Assets * Closed end Fund 86

89 CGWM SELECT OPPORTUNITY FUND INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 86.36% (2012: 95.42%) Ireland: 54.72% (2012: 63.16%) 56,912 Findlay Park American Fund 2,210, ,814 Findlay Park Latin American Fund 644, ,380 ishares - ishares MSCI Europe 1,675, ,900 ishares EURO STOXX 50 ETF 1,715, ,057 J O Hambro Capital Management Umbrella Fund 1,528, ,621 Polar Capital Global Technology Fund 1,379, ,166 Polar Capital North American Fund 1,331, ,027 Polar Healthcare Opportunities Fund 5,153, ,240 Prusik Asian Equity Income Fund 1,175, ,769 Prusik Asian Equity Income Fund 495, ,298 Vanguard Investment Series - US Opportunities Fund 1,769, Total Ireland 19,078, Jersey: 0.00% (2012: 5.50%) Luxembourg: 24.91% (2012: 14.05%) 217,782 BlackRock Global - Continental European Flexible Fund 2,972, ,442 Henderson Horizon - Global Technology Fund 1,688, ,513,000 JPMorgan Liquidity Funds - Sterling Liquidity Fund 2,513, ,816 Wells Fargo (Lux) - US All Cap Growth 1,507, Total Luxembourg 8,682, United Kingdom: 6.73% (2012: 12.71%) 2,019,138 Schroder European Alpha Plus Fund 1,371, ,798 Threadneedle Investment Funds ICVC - European Select Fund 975, Total United Kingdom 2,346, Total Collective Investment Schemes 30,107,

90 CGWM SELECT OPPORTUNITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Total Value of Investments 30,107, (Cost: GBP 24,099,875) Cash 4,338, Other Net Assets 415, Net Assets Attributable to Holders of Redeemable Participating Shares 34,861, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Other Assets

91 CGWM SELECT GLOBAL OPPORTUNITY FUND INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss USD Net Assets Collective Investment Schemes: 88.16% (2012: 91.97%) Ireland: 50.87% (2012: 54.86%) 113,665 Findlay Park American Fund 8,115, ,331 Findlay Park Latin American Fund 2,377, ,000 ishares EURO STOXX 50 6,165, ,200 ishares MSCI Europe EX - UK EUR 6,025, ,051,624 J O Hambro Capital Management Umbrella Fund - GBP 5,533, ,121 Polar Capital Global Technology Fund 5,130, ,184 Polar Healthcare Opportunities Fund 19,079, ,104 Prusik Asian Equity Fund 2,721, ,954 Prusik Asian Equity Income Fund 3,266, ,760 Vanguard Investment Series - US Opportunities Fund 5,951, Total Ireland 64,366, Jersey: 0.00% (2012: 5.39%) Luxembourg: 25.27% (2012: 13.76%) 469,494 BlackRock Global - Continental European Flexible Fund 10,614, ,456 Henderson Horizon - Global Technology Fund 6,281, ,490,058 JPMorgan US Dollar Liquidity Fund 9,490, ,452 Wells Fargo (Lux) - US All Cap Growth 5,575, Total Luxembourg 31,961, United Kingdom: 12.02% (2012: 17.96%) 4,808,110 Schroder European Alpha Plus Fund 5,408, ,987,987 Threadneedle Investment Funds ICVC - European Select Fund 4,200, Threadneedle Specialist Investment Funds ICVC - American Extended Alpha 1,620,277 Fund 5,585, Total United Kingdom 15,193, Total Collective Investment Schemes 111,521,

92 CGWM SELECT GLOBAL OPPORTUNITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2013 Fair Value % of Financial assets at fair value through profit or loss USD Net Assets Financial Derivative Instrument: 0.02% (2012: 0.00%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Gain Net Assets Northern Trust SGD 11,281,689 USD 8,903, /01/ , Northern Trust SGD 379,710 USD 299, /01/2014 1,085 - Northern Trust SGD 77,000 USD 60, /01/ Northern Trust SGD 79,998 USD 63, /01/ Northern Trust SGD 49,997 USD 39, /01/ Northern Trust SGD 19,999 USD 15, /01/ Fair Value Gains on Forward Currency Contracts 33, Total Financial Derivative Instuments 33, Total Financial Assets at fair value through profit or loss 111,554, Financial liabilities at fair value through profit or loss Financial Derivative Instruments: 0.00% (2012: -0.01%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Loss Net Assets Northern Trust USD 60,764 SGD 76, /01/2014 (219) - Northern Trust USD 63,156 SGD 80, /01/2014 (205) - Northern Trust USD 39,470 SGD 50, /01/2014 (131) - Northern Trust USD 15,784 SGD 20, /01/2014 (56) - Fair Value Loss on Forward Currency Contracts (611) - Total Financial liabilities at fair value through profit or loss (611) - Total Fair Value of Investments 111,554, (Cost: USD 87,649,695) Cash 16,850, Other Net Liabilities (1,900,823) (1.50) Net Assets Attributable to Holders of Redeemable Participating Shares 126,503, 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 0.02 Other Assets

93 CGWM REMAP 4 FUND INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 55.97% Guernsey: 9.85% 492,941 HICL Infrastructure Company Limited* 661, ,245 International Public Partnerships* 324, Total Guernsey 985, Ireland: 29.07% 67,210 Invesco Asset Management Sterling Bond Fund 274, ,283 ishares Developed Markets Property Yield Fund 531, ,509 ishares FTSE 250 Index Fund 349, ,300 ishares S&P 500 Index Fund 325, ,490 Polar Capital Global Technology Fund 389, ,989 Polar Healthcare Opportunities Fund 599, ,324 Vanguard Investment Series - US Opportunities Fund 442, Total Ireland 2,911, United Kingdom: 17.05% 80,273 BlackRock European Dynamic Fund 294, ,011 ETFS Brent 1mth Oil Securities Fund 257, ,247 Henderson Global Funds - Global Technology Fund 152, ,549 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 243, ,586 Jupiter Corporate Bond Fund 98, ,137,615 M&G Corporate Bond Fund 661, Total United Kingdom 1,707, Total Collective Investment Schemes 5,604, Bonds: 21.27% United Kingdom: 21.27% 567,002 UK Gilt 2.75% 22/01/ , ,469 UK Gilt 4% 07/03/ , ,425 UK Gilt 4% 07/09/ , ,460 UK Gilt 4.5% 07/03/ , ,476 UK Gilt 4.75% 07/03/ , Total Bonds 2,130,

94 CGWM REMAP 4 FUND (continued) INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Financial assets at fair value through profit or loss GBP Net Assets Total Value of Investments 7,735, (Cost: GBP 7,554,870) Cash 518, Other Net Assets 1,761, Net Assets Attributable to Holders of Redeemable Participating Shares 10,015, 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 9.77 Other Assets * Closed end Fund 92

95 CGWM REMAP 4(i) FUND INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 67.50% Guernsey: 10.06% HICL Infrastructure Company Limited* 114, International Public Partnerships* 43, Total Guernsey 158, Ireland: 29.15% INVESCO Bond Series - Sterling Bond Fund 114, ishares Developed Markets Property Yield UCITS 79, ishares FTSE 250 UCITS 47, ishares Global Infrastructure UCITS 22, Polar Capital Funds - Healthcare Opportunities Fund 115, Vanguard Investment Series - US Opportunities Fund 80, Total Ireland 458, United Kingdom: 28.29% 8382 BlackRock European Dynamic Fund 29, Blackrock North American Income Trust 108, ETFS Brent 1mth Oil Securities 47, IM Argonaut Funds - IM Argonaut European Income Fund 16, Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 119, M&G Investment Funds 3 - Corporate Bond Fund 46, Schroder Income Maximiser 77, Total United Kingdom 445, Total Collective Investment Schemes 1,062, Bonds: 18.34% United Kingdom: 18.34% UK Gilt 3.75% 07/09/ , UK Gilt 4.5% 07/03/ , UK Gilt 4.75% 07/09/ , UK Gilt 8% 07/12/ , Total United Kingdom 288, Total Bonds 288,

96 CGWM REMAP 4(i) FUND (continued) INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Total Value of Investments 1,351, (Cost: GBP 1,333,096) Cash 135, Other Net Assets 87, Net Assets Attributable to Holders of Redeemable Participating Shares 1,574, 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 Other Assets * Closed end Fund 94

97 CGWM REMAP 5 FUND INVESTMENT PORTFOLIO 31 December 2013 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 88.31% Guernsey: 9.65% 507,361 HICL Infrastructure Company Limited* 680, ,539 International Public Partnerships* 220, Total Guernsey 901, Ireland: 34.80% 23,018 INVESCO Bond Series - Sterling Bond Fund 94, ,121 ishares Developed Markets Property Yield UCITS 233, ,280 ishares FTSE 250 UCITS 578, ,684 ishares MSCI Europe ex-uk UCITS 442, ,650 ishares S&P 500 UCITS 850, ,528 Polar Capital Funds - Global Technology Fund 352, ,092 Vanguard Investment Series - US Opportunities Fund 698, Total Ireland 3,249, United Kingdom: 43.86% 10,084 ETFS Brent 1mth Oil Securities 431, ,671 First State Investments ICVC - Global Listed Infrastructure Fund 211, ,456 Henderson Global Funds - Global Technology Fund 12, ,165 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 758, ,564 Jupiter Corporate Bond Fund 426, ,076 Legg Mason Funds ICVC - Legg Mason US Equity Income Fund 97, ,714,085 M&G Investment Funds 3 - Corporate Bond Fund 643, ,281 M&G Strategic Corporate Bond Fund 697, ,205 Threadneedle Investment Funds ICVC - UK Fund 817, Total United Kingdom 4,096, Total Collective Investment Schemes 8,247, Total Value of Investments 8,247, (Cost: GBP 7,995,622) Cash 954, Other Net Assets 136, Net Assets Attributable to Holders of Redeemable Participating Shares 9,338,

98 CGWM REMAP 5 FUND (continued) INVESTMENT PORTFOLIO 31 December 2013 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 9.63 Other Assets * Closed end Fund 96

99 CGWM TOTAL RETURN BOND FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost GBP Abu Dhabi National Energy 3.625% 12/01/ ,017 Export-Import Bank of Korea 5% 11/04/ ,747 United Kingdom Gilt 4% 07/03/ ,650 New Zealand (Government of) 5.5% 15/04/ ,966 Places for People Homes 5.875% 23/05/ ,750 QBE Insurance 6.125% 28/09/ ,120 United Kingdom Gilt 2.25% 07/09/ ,790 Places For People Capital Markets 5.00% 27/12/ ,800 United Kingdom Gilt Inflation Linked 2.5% 26/07/ ,500 Slovenia (Republic of) 4% 17/02/ ,316 Transport for London 2.25% 09/08/ ,650 Nordea Bank 15/02/ ,275 Canada (Government of) 1.25% 01/03/ ,966 Export-Import Bank of Korea FRN 22/03/ ,050 Sales Proceeds GBP United Kingdom Gilt 4% 07/03/2022 1,221,859 Export-Import Bank of Korea 5% 11/04/2022 1,066,718 New Zealand Government Bond 4.5% 15/02/ ,218 United Kingdom Gilt 3.75% 07/09/ ,550 Norway (Kingdom of) 3.75% 25/05/ ,736 European Investment Bank 3.5% 14/01/ ,177 Bank Nederlandse Gemeenten 4.5% 20/02/ ,918 Australia Government Bond 5.75% 15/07/ ,941 Abu Dhabi National Energy 3.625% 12/01/ ,314 Kreditanstalt fur Wiederaufbau 5% 10/09/ ,000 Skandinaviska Enskilda Banken 6.625% 09/07/ ,600 Germany (Federal Republic of) 1.75% 15/04/ ,609 QBE Insurance 6.125% 28/09/ ,050 United Kingdom Gilt Inflation Linked 2.50% 26/07/ ,035 Places For People Capital Markets 5.00% 27/12/ ,750 Nordea Bank FRN 15/02/ ,500 Lloyds TSB Bank 6.375% 15/04/ ,450 National Australia Bank 5.375% 08/12/ ,415 Royal Bank of Scotland 6.375% 29/04/ ,755 UK Treasury 2.5% Index-Linked 16/04/ ,900 * Significant portfolio movements disclose all purchases and the top 20 sales of the Fund for the year. 97

100 CGWM SELECT INCOME FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Invesco Fund Managers Perpetual Income Fund 750,000 Schroder Income Maximiser 689,500 Neuberger Berman Short Duration High Yield Bond Fund 521,006 IM Argonaut Funds - IM Argonaut European Income Fund 280,000 HICL Infrastructure Company Limited 232,293 Jupiter Global Dynamic Bond Fund 217,500 John Laing Infrastructure Fund 216,450 M&G UK Inflation Linked Corporate Bond Fund 210,000 INVESCO Bond Series - Sterling Bond Fund 207,500 UK Gilt Inflation Linked 2.5% 16/04/ ,100 Artemis Income Fund 114,500 M&G Global Dividend Fund 110,000 Franklin Templeton Global Bond Fund 100,000 RWC Funds Enhanced Income 92,000 Invesco Perpeutal UK Investment Series - Income Fund 45,000 Cost GBP Sales Proceeds GBP Invesco Perpeutal UK Investment Series - Income Fund 754,193 Neuberger Berman Short Duration High Yield Bond Fund 353,506 UK Gilt Inflation Linked 1.875% 22/11/ ,569 BlackRock UK Income Fund 284,207 Mellon Global Emerging Markets Debt Local Currency Fund 180,448 * Significant portfolio movements disclose all purchases and sales of the Fund for the year. 98

101 CGWM SELECT DIVERSITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost GBP Old Mutual Multimanager - UK Alpha Fund 4,302,000 Old Mutual Global Investors Series - UK Alpha Fund 4,228,387 Invesco Fund Managers Perpetual Income Fund 3,761,817 M&G Offshore UK Inflation Linked Corporate Bond Fund 3,750,000 Renminbi Bond Fund 3,088,000 UK Treasury Index Linked 2.5% Bonds 16/04/2020 2,970,850 Stratton Street UCITS - Renminbi Bond Fund UI 2,493,000 Jupiter Global Dynamic Bond Fund 2,202,356 First State Global Listed Infrastructure Fund 2,081,000 ishares S&P 500 UCITS 1,519,855 BlackRock Global - Continental European Flexible Fund 1,345,000 Ignis Absolute Return Government Bond Fund 1,323,000 Kames Strategic Global Bond Fund 1,118,000 Schroder European Alpha Plus Fund 1,025,000 J O Hambro Capital Management Umbrella Fund - Continental European 992,000 Prusik Asian Equity Income Fund 990,000 Brown Advisory US Small Cap Blend Fund 971,887 Polar Capital Global Technology Fund 820,000 Henderson Global Funds - Global Technology Fund 820,000 Schroder UK Alpha Plus Fund - Z Income 680,000 Sales Proceeds GBP Schroder UK Alpha Plus Fund - Z Income 5,116,042 Old Mutual Multimanager - UK Alpha Fund 4,533,387 M&G Investment Management Limited - Strategic Corporate Bond Fund 4,251,094 Invesco Perpeutal UK Investment Series - Income Fund 3,864,817 Gold Bullion Securities 3,261,659 Renminbi Bond Fund 3,016,372 UK Gilt 3.75% 07/09/2019 2,665,168 Polar Healthcare Opportunities Fund 2,045,000 Investec - Global Energy Fund Series II 1,972,555 UK Treasury Index Linked 2.5% Bonds 16/04/2020 1,811,086 Findlay Park American Smaller Companies Fund - GBP 1,730,000 Jupiter Global Dynamic Bond Fund 1,715,000 ishares S&P 500 UCITS ETF 1,525,408 Franklin Templeton Global Bond Fund 1,424,596 New Capital UCITS - New Capital Wealthy Nations Bond Fund 1,403,469 International Bank for Reconstruction & Development 3.375% 30/04/2015 1,353,070 BlackRock Gold and General Fund 1,053,322 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 979,000 Threadneedle Management - UK Equities Fund 725,000 AC Risk Parity 12 Fund 679,731 * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year. 99

102 CGWM SELECT AFFINITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Old Mutual Investment Management - UK Alpha Fund 3,687,000 Old Mutual Global Investors Series - UK Alpha Fund 3,650,286 Invesco Fund Managers Perpetual Income Fund 3,203,765 First State Investments ICVC - Global Listed Infrastructure 1,383,000 Stratton Street UCITS - Renminbi Bond Fund 1,339,000 Vanguard Investment Series - US Opportunities Fund 1,320,000 Stratton Street UCITS - Renminbi Bond Fund Universal 1,200,000 BlackRock Global - Continental European Flexible Fund 1,176,000 J O Hambro Capital Management Umbrella Fund - Continental European Fund 896,000 Brown Advisory US Small Cap Blend Fund 894,356 Schroder European Alpha Plus Fund 876,000 Prusik Asian Equity Income Fund 870,000 Ignis Absolute Return Government Bond Fund 820,500 UK Inflation Linked 2.5% 16/04/ ,360 Kames Strategic Global Bond Fund 720,000 Findlay Park American Fund 605,000 M&G Offshore UK Inflation Linked Corporate Bond Fund 585,000 Polar Capital Global Technology Fund 550,000 Henderson Global Technology Fund 550,000 Cazenove International Fund - UK Equity Fund 495,000 Cost GBP Sales Proceeds GBP Schroder UK Alpha Plus Fund 3,948,227 Old Mutual Investment Management - UK Alpha Fund 3,880,286 Invesco Perpetual UK Investment Series - Income Fund 3,453,765 ishares S&P 500 Index Fund 2,350,474 Gold Bullion Securities 2,052,208 Findlay Park American Fund 1,459,100 Franklin - Templeton Global Bond Fund 1,349,876 Stratton Street UCITS - Renminbi Bond Fund 1,305,464 Polar Healthcare Opportunities Fund 1,305,000 Investec Funds Series ii - Global Energy Fund 1,304,639 M&G Strategic Corporate Bond Fund 945,401 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 840,000 International Bank for Reconstruction & Development 3.375% 30/04/ ,958 Invesco Fund Managers Perpetual Income Fund 715,000 Jupiter Global Dynamic Bond Fund 670,000 BlackRock Gold and General Fund 607,498 Capita Financial Eclectica Absolute Macro Fund 575,372 Threadneedle (Lux) - UK Equities Fund 520,000 DB Platinum IV DBX Systematic Alpha Index Fund 454,419 Investec Fund Series i - UK Special Situations Fund 446,000 * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year. 100

103 CGWM SELECT GLOBAL DIVERSITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost USD Renminbi Bond Fund 1,122,500 Jupiter Global Dynamic Bond Fund 915,000 Vanguard Short-Term Corporate Bond 876,149 Stratton Street UCITS - Renminbi Bond Fund UI 875,000 BlackRock European Dynamic Fund 732,396 Schroder European Alpha Plus Fund 584,330 ishares Barclays Year Treasury Bond Fund 578,392 First State Global Listed Infrastructure Fund 532,000 ishares S&P 500 Index Fund - GBP 495,927 Vanguard Industrials ETF 451,262 US Treasury 2.625% Bonds 15/08/ ,358 Ignis Absolute Return Government Bond Fund 380,000 US Treasury 6.00% Bond 15/02/ ,701 First State Asia Pacific Leaders Fund 377,082 Polar Capital North American Fund 364,000 Findlay Park American Fund 307,000 Polar Capital Global Technology Fund 297,500 Polar Healthcare Opportunities Fund 295,554 Aberdeen UK ICVC - Aberdeen Japan Equity Fund 292,563 Vanguard Investment Series - US Opportunities Fund 288,290 Sales Proceeds USD US Treasury Bond 6.00% 15/02/2026 1,283,225 Polar Healthcare Opportunities Fund 668,933 ishares Barclays Year Treasury Bond Fund 663,141 Findlay Park American Smaller Companies Fund - USD 569,500 Polar Capital North American Fund 525,000 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 363,837 J O Hambro Capital Management Umbrella Fund - Japan Fund 347,333 Vanguard Investment Series - US Opportunities Fund 244,596 Wells Fargo (Lux) - US All Cap Growth 240,000 Findlay Park American Fund 190,000 BlackRock European Dynamic Fund 184,699 US Treasury Inflation Index 1.375% Bonds 15/01/ ,696 First State Asia Pacific Leaders Fund 159,655 Renminbi Bond Fund 1,092,745 Gold Bullion Securities 920,457 US Treasury Note 1.625% 15/11/ ,173 Investec Global Energy Fund 516,304 New Capital UCITS - New Capital Wealthy Nations Bond Fund 491,415 Franklin Templeton Global Bond Fund 393,751 BlackRock Gold and General Fund 306,752 * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year. 101

104 CGWM SELECT GLOBAL AFFINITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost USD Schroder European Alpha Plus Fund - Z Acc 462,572 Jupiter Global Dynamic Bond Fund 460,000 Stratton Street UCITS - Renminbi Bond Fund 400,000 First State Global Umbrella - Infrastructure Fund 380,000 Stratton Street UCITS - Renminbi Bond Fund Universal 340,000 Vanguard Industrials 309,521 Ignis Absolute Return Government Bond Fund 242,000 Schroder Asian Alpha Plus Fund - Z Acc 200,957 US Treasury Inflation Indexed 1.375% Bonds 15/01/ ,238 Aberdeen Investment Funds ICVC - Japan Growth Fund 187,379 Henderson Horizon - Global Technology Fund 150,000 Polar Global Technology Fund 150,000 BlackRock European Dynamic Fund 147,326 J O Hambro Capital Management Umbrella Fund - GBP 130,216 ishares S&P 500 Index Fund 19,907 Sales Proceeds USD Gold Bullion Securities 558,434 US Treasury Inflation Indexed 1.375% Bonds 15/01/ ,783 Franklin Templeton Global Bond Fund 413,490 Stratton Street UCITS - Renminbi Bond Fund 384,921 Polar Healthcare Opportunities Fund 377,520 Investec Global Energy Fund 367,572 Vanguard Investment Series - US Opportunities Fund 274,159 Polar Capital North American 224,400 US Treasury 2.625% Bond 15/08/ ,012 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 217,348 ishares S&P 500 Index Fund 212,466 J O Hambro Capital Management Japan Fund - JPY 208,505 Wells Fargo Lux Worldwide Fund - US All Cap Growth 207,500 BlackRock Gold & General Fund - D Income 172,772 Findlay Park American Fund 133,600 ishares Barclays Year Treasury Bond Fund 75,866 BlackRock European Dynamic Fund 71,314 Schroder Asian Alpha Plus Fund - Z Acc 67,591 Henderson Global Investors - UK Absolute Return Fund 63,626 Threadneedle Investment Funds ICVC - UK Fund 53,149 * Significant portfolio movements disclose all purchases and the top 20 sales of the Fund for the year. 102

105 CGWM SELECT OPPORTUNITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases ishares MSCI World 3,492,805 JPMorgan Sterling Liquidity Fund 2,513,000 Schroder European Alpha Plus Fund 1,770,000 Henderson Horizon - Global Technology Fund 1,625,000 J O Hambro Capital Management Umbrella Fund 1,410,300 Polar Capital Global Technology Fund 1,286,000 ishares MSCI AC Far East EX-Japan 1,283,712 Schroder Asian Alpha Plus 1,162,000 Threadneedle Investment Funds ICVC - European Select Fund 930,000 ishares MSCI East Europe 654,879 Findlay Park Latin American Fund 641,232 ishares S&P ,692 Prusik Asian Equity Income Fund 500,000 ishares - ishares MSCI Europe 469,502 ishares EURO STOXX 50 ETF 458,880 Wells Fargo (Lux) - US All Cap Growth 300,000 BlackRock Global - Continental European Flexible Fund 267,915 Polar Capital North American Fund 172,000 Vanguard Investment Series - US Opportunities Fund 90,000 M&G Global Dividend Fund 90,000 Cost GBP Sales Proceeds GBP ishares MSCI World 6,612,313 M&G Global Dividend Fund 2,606,584 ishares MSCI AC Far East EX-Japan 2,382,935 Polar Healthcare Opportunities Fund 2,325,000 Veritas - Global Equity Income Fund 2,321,749 Gold Bullion Securities 1,953,458 BlackRock Gold and General Fund 1,316,594 Schroder Asian Alpha Plus 1,086,751 Polar Capital North American Fund 990,000 Findlay Park American Fund 900,000 BlackRock Global - Continental European Flexible Fund 825,000 Capita Financial Eclectica Absolute Macro Fund 713,128 Alceda Fund Management AC - Risk Parity 12 Fund 671,352 Schroder European Alpha Plus Fund 670,000 Nomura Voltage Mid-Term Source Market 624,376 ishares MSCI East Europe 604,373 Renaissance Eastern European 587,069 Wells Fargo (Lux) - US All Cap Growth 550,000 ishares S&P ,217 Findlay Park Latin American Fund 484,173 * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year. 103

106 CGWM SELECT GLOBAL OPPORTUNITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost USD ishares MSCI World 10,650,880 JPMorgan US Dollar Liquidity Fund 9,490,000 Henderson Horizon - Global Technology Fund 5,915,000 J O Hambro Capital Management Umbrella Fund - GBP 4,915,024 Polar Capital Global Technology Fund 4,691,000 Schroder European Alpha Plus Fund 4,448,547 ishares MSCI AC Far East EX - Japan (GBP) 4,113,112 Schroder Asian Alpha Plus 4,051,892 Threadneedle Investment Funds ICVC - European Select Fund 3,870,903 Prusik Asian Equity Income Fund 3,270,000 Findlay Park Latin American Fund 2,790,000 ishares S&P 500 2,737,710 ishares MSCI Europe EX - UK EUR 2,345,249 ishares MSCI East Europe 2,279,340 ishares EURO STOXX 50 2,217,968 Wells Fargo (Lux) - US All Cap Growth 2,002,503 BlackRock Global - Continental European Flexible Fund 1,915,023 M&G Global Dividend Fund 1,675,338 Findlay Park American Fund 1,655,000 Renasset Eastern European Fund 1,000,000 Sales Proceeds USD ishares MSCI World 18,121,424 M&G Global Dividend Fund 7,356,412 ishares MSCI AC Far East EX - Japan (GBP) 6,456,998 Veritas Global Equity Income Fund 5,961,552 Gold Bullion Securities 4,474,231 Schroder Asian Alpha Plus 4,042,084 BlackRock Gold and General Fund 3,000,685 ishares S&P 500 2,903,668 Renasset Eastern European Fund 2,215,916 ishares MSCI East Europe 2,163,105 Alceda Fund Management - AC Risk Parity 12 Fund 1,573,918 Capita Financial Eclectica Absolute Macro Fund 1,535,990 Findlay Park Latin American Fund 1,459,000 Nomura Voltage Mid-Term Source Markets 1,298,770 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund 1,000,000 Martin Currie China Fund 845,000 Wells Fargo (Lux) - US All Cap Growth 771,211 Polar Healthcare Opportunities Fund 515,000 BlackRock Global - Continental European Flexible Fund 281,043 ishares MSCI Europe EX - UK EUR 45,338 * Significant portfolio movements disclose all purchases and sales of the Fund for the year 104

107 CGWM REMAP 4 FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost GBP M&G Corporate Bond Fund 650,823 HICL Infrastructure Company Limited 641,624 ishares Developed Markets Property Yield Fund 583,061 UK Gilt 4% 07/03/ ,601 UK Gilt 4.75% 07/03/ ,627 Polar Healthcare Opportunities Fund 483,843 UK Gilt 4% 07/09/ ,114 Polar Capital Global Technology Fund 340,837 ishares FTSE 250 Index Fund 337,876 ishares S&P 500 Index Fund 315,412 Invesco Asset Management Sterling Bond Fund 274,714 BlackRock European Dynamic Fund 255,172 ETFS Brent 1mth Oil Securities Fund 248,666 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 236,061 UK Gilt 2.75% 22/01/ ,253 UK Gilt 4.5% 07/03/ ,041 Vanguard Investment Series - US Opportunities Fund 420,876 International Public Partnerships 329,804 UK Treasury Bill 0% 09/12/ ,410 Schroder Asian Alpha Plus Fund 239,385 Proceeds Sales GBP UK Treasury Bill 0% 09/12/ ,804 UK Gilt 4% 07/03/ ,700 Schroder Asian Alpha Plus Fund 238,574 UK Gilt 5% 07/03/ ,695 First State Investments ICVC - Asia Pacific Fund 15,872 * Significant portfolio movements disclose the top 20 purchases and all sales of the Fund for the year. 105

108 CGWM REMAP 4(i) FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost GBP HICL Infrastructure Company Limited 132,355 Blackrock North American Income Trust 127,814 United Kingdom Gilt 8% 07/12/ ,519 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 120,258 INVESCO Bond Series - Sterling Bond Fund 115,362 UK Gilt 0.00% 09/12/ ,522 ishares Developed Markets Property Yield UCITS 97,925 Polar Healthcare Opportunities Fund 94,256 Schroder Asian Alpha Plus Fund 84,075 UK Gilt 4.75% 07/09/ ,672 Schroder Income Maximiser 77,254 Vanguard Investment Series - US Opportunities Fund 77,137 International Public Partnerships 76,206 UK Gilt 3.75% 07/09/ ,795 UK Gilt 4.75% 07/30/ ,365 UK Gilt 4.5% 07/03/ ,331 UK Gilt 5.00% 07/03/ ,928 ETFS Brent 1mth Oil Securities 63,400 M&G Investment Funds 3 - Corporate Bond Fund 46,604 ishares FTSE 250 UCITS ETF 45,697 Sales Proceeds GBP UK Gilt 0.00% 09/12/ ,429 Schroder Asian Alpha Plus Fund 81,649 UK Gilt 4.75% 07/30/ ,689 UK Gilt 5.00% 07/03/ ,816 UK Gilt 3.75% 07/09/ ,260 International Public Partnerships 31,407 HICL Infrastructure 23,155 First State Investments ICVC - Asia Pacific Fund 18,471 ETFS Brent 1mth Oil Securities 17,988 Blackrock North American Income Trust 15,298 ishares Developed Markets Property Yield UCITS 10,993 UK Gilt 4.5% 07/03/2019 9,093 ishares MSCI AC Far East Ex-Japan UCITS 1,897 * Significant portfolio movements disclose the top 20 purchases and all sales of the Fund for the year. 106

109 CGWM REMAP 5 FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Cost USD ishares S&P 500 UCITS 794,959 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 758,731 Threadneedle Investment Funds ICVC - UK Fund 739,154 M&G Strategic Corporate Bond Fund 694,075 Vanguard Investment Series - US Opportunities Fund 667,451 HICL Infrastructure Company Limited 663,013 M&G Investment Funds 3 - Corporate Bond Fund 646,227 UK Treasury Bill 0% 09/12/ ,478 ishares FTSE 250 UCITS 562,439 UK Gilt 4.5% 07/03/ ,304 Jupiter Corporate Bond Fund 435,991 ETFS Brent 1mth Oil Securities 425,231 ishares MSCI Europe ex-uk UCITS 412,381 Polar Global Technology Fund 307,148 UK Gilt 5% 07/03/ ,398 ishares MSCI AC Far East ex-japan UCITS 259,121 ishares Developed Markets Property Yield UCITS 253,464 Schroder Asian Alpha Plus Fund 233,032 International Public Partnerships 218,525 First State Investments ICVC - Global Listed Infrastructure Fund 211,655 Proceeds Sales USD UK Treasury Bill 0% 09/12/ ,837 UK Gilt 4.5% 07/03/ ,234 UK Gilt 5% 07/03/ ,100 ishares MSCI AC Far East ex-japan UCITS ETF 261,829 Schroder Asian Alpha Plus Fund Accumulating 235,397 First State Investments ICVC - Asia Pacific Leaders Fund 114,776 * Significant portfolio movements disclose the top 20 purchases and all sales of the Fund for the year. 107

110 ADDITIONAL UNAUDITED PORTFOLIO INFORMATION The following table lists details of the underlying collective investment schemes that the Funds invest in: Underlying Collective Investment Scheme Jurisdication Management Performance Fee % Fee % Aberdeen Investment Funds ICVC - Emerging Markets Fund United Kingdom 1.00 N/A Aberdeen Investment Funds ICVC - Japan Growth Fund United Kingdom Artemis Income Fund United Kingdom 1.50 N/A BlackRock European Dynamic Fund United Kingdom 0.75 N/A BlackRock European Dynamic Fund United Kingdom BlackRock Global Funds - Continental European Flexible Fund Luxembourg 0.75 N/A Blackrock North American Income Trust United Kingdom Brown Advisory US Small Cap Blend Fund United Kingdom Cazenove International Fund - UK Equity Fund United Kingdom ETFS Brent 1mth Oil Securities Fund United Kingdom Findlay Park American Fund Ireland Findlay Park American Smaller Companies Fund - GBP Ireland Findlay Park American Smaller Companies Fund - USD Ireland Findlay Park Latin American Fund Ireland 1.25 N/A First State Asia Pacific Leaders Fund United Kingdom 0.85 N/A First State Global Listed Infrastructure Fund United Kingdom First State Global Umbrella - First State Global Listed Infrastructure Fund United States First State Investments ICVC - Global Listed Infrastructure Fund United Kingdom Franklin Templeton Global Bond Fund Luxembourg 0.55 N/A Henderson Global Funds - Global Technology Fund United Kingdom Henderson Horizon - Global Technology Fund United Kingdom Henderson Horizon - Global Technology Fund Distributing United States HICL Infrastructure/Fund United Kingdom 1.10 N/A Ignis Absolute Return Government Bond Fund Luxembourg Ignis Absolute Return Government Bond Fund Luxembourg IM Argonaut Funds - IM Argonaut European Income Fund United Kingdom IM Argonaut Funds - IM Argonaut European Income Fund Class I United Kingdom International Public Partnerships Guernsey % of any outperformance of 15yr gilt +2.5% Invesco Asset Management Sterling Bond Fund

111 ADDITIONAL UNAUDITED PORTFOLIO INFORMATION The following table lists details of the underlying collective investment schemes that the Funds invest in: Underlying Collective Investment Scheme Jurisdication Management Performance Fee % Fee % INVESCO Bond Series - Sterling Bond Fund Ireland 0.50 N/A INVESCO Bond Series - Sterling Bond Fund Ireland 0.50 N/A Invesco Fund Managers Perpetual Income Fund United Kingdom 1.50 N/A Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund Class A United Kingdom Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund Class I United Kingdom Investec UK Special Situations Fund - Series i United Kingdom 0.75 N/A ishares - ishares MSCI Europe Ireland N/A N/A ishares Barclays Year Treasury Bond Fund United States 0.15 N/A ishares Developed Markets Property Yield Fund United Kingdom ishares EURO STOXX 50 Ireland 0.25 N/A ishares FTSE 250 Index Fund United Kingdom ishares Global Infrastructure UCITS United Kingdom ishares S&P 500 Index Fund - GBP Ireland 0.40 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 - Continental European Fund United Kingdom J O Hambro Capital Management Umbrella Fund - Japan Fund Ireland John Laing Infrastructure Fund Guernsey 1.1% up to 500m, 1% 500m m - JP Morgan Private Equity Guernsey JPMorgan Liquidity Funds - Sterling Liquidity Fund Luxembourg JPMorgan US Dollar Liquidity Fund Luxembourg 0.40 N/A Jupiter Corporate Bond Fund United Kingdom Jupiter Global Fund - Dynamic Bond Fund Luxembourg 0.50 N/A Jupiter Global Fund - Dynamic Bond Fund Luxembourg 0.50 N/A Kames Strategic Global Bond Fund Ireland 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 M&G Investment Funds 3 - Corporate Bond Fund Class I United Kingdom M&G Offshore UK Inflation Linked Corporate Bond Fund Guernsey

112 ADDITIONAL UNAUDITED PORTFOLIO INFORMATION The following table lists details of the underlying collective investment schemes that the Funds invest in: Underlying Collective Investment Scheme Jurisdication Management Performance Fee % Fee % M&G Strategic Corporate Bond Fund 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 United Kingdom 0.50 N/A Neptune Investment Funds - US Opportunities Fund United Kingdom Neuberger Berman Short Duration High Yield Bond Fund Ireland 0.60 N/A New Capital UCITS Fund - New Capital Wealthy Nations Bond Fund Ireland 1.00 N/A Newton Global Higher Income Fund United Kingdom 1.00 N/A Old Mutual Global Investors Series - UK Alpha Fund Ireland Polar Capital Funds - Global Technology Fund Ireland Polar Capital Global Technology Fund United Kingdom Polar Capital North American Fund Ireland Polar Capital North American Fund Ireland Polar Healthcare Opportunities Fund Ireland Polar Healthcare Opportunities Fund Ireland Prusik Asian Equity Fund Ireland 1.00 N/A Prusik Asian Equity Income Fund Ireland 1.00 N/A Prusik Asian Equity Income Fund Ireland 1.00 N/A Prusik Asian Equity Income Fund Ireland 1.00 N/A RWC Funds Enhanced Income Luxembourg 0.80 N/A Schroder Asian Alpha Plus Fund United Kingdom 0.75 N/A Schroder Asian Alpha Plus Fund - Z Acc. United Kingdom 0.75 N/A Schroder European Alpha Plus Fund United Kingdom Schroder Income Maximiser United Kingdom Schroder Income Maximiser Class A United Kingdom Stratton Street UCITS - Renminbi Bond Fund UI Luxembourg Stratton Street UCITS - Renminbi Bond Fund UI 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 Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund United Kingdom

113 ADDITIONAL UNAUDITED PORTFOLIO INFORMATION The following table lists details of the underlying collective investment schemes that the Funds invest in: Underlying Collective Investment Scheme Jurisdication Management Performance Fee % Fee % Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund United Kingdom Vanguard Industrials United States Vanguard Investment Series - US Opportunities Fund Ireland 0.95 N/A Vanguard Short-Term Corporate Bond United Kingdom Veritas Global Equity Income Fund Ireland 1.00 N/A Wells Fargo (Lux) - US All Cap Growth Luxembourg 0.04 N/A Wells Fargo (Lux) - US All Cap Growth Luxembourg 0.80 N/A

114 CANACCORD GENUITY 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 on Friday 13 June 2014 at 12:00 BST. for the following purposes:- 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 3 January 2014 by the Directors in respect of the financial year ending 31 December 2013 Fund and Share Class Final dividend rate per unit CGWM Total Return Bond Fund CGWM Select Income Fund B Shares CGWM Select Diversity Fund B Shares CGWM REMAP 4 Fund CGWM REMAP 4(i) Fund CGWM REMAP 5 Fund By Order of the Board Registered Office: Georges s Court Townsend Street Dublin 2 Dated this the 17 April 2013 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. 112

115 CANACCORD GENUITY INVESTMENT FUNDS PLC FORM OF PROXY FOR THE ANNUAL GENERAL MEETING OF CANACCORD GENUITY INVSTMENT 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, Mr. Ryan Walker, Ms. Laura Gleeson or Ms. Ailish Taylor 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 at 12:00 BST on Friday 13 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. For Against 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 3 January 2014 by the Directors in respect of the financial year ended 31 December Fund and Share Class Dividend per Unit CGWM Total Return Bond Fund CGWM Select Income Fund B Shares CGWM Select Diversity Fund B Shares CGWM REMAP 4 Fund CGWM REMAP 4(i) Fund CGWM REMAP 5 Fund Signed: Date: 113

116 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: Mr. Ryan Walker 7. Proxy forms may be returned in the first instance by fax to or [email protected] but the original should be forwarded by mail to the address shown at 6 above. 114

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