NUVEEN GLOBAL INVESTORS FUND PLC. (An umbrella fund with segregated liability between sub-funds)

Transcription

1 (An umbrella fund with segregated liability between sub-funds) Annual Report and Audited Financial Statements for the year ended 31 st May, 2015 Company Registration No

2 TABLE OF CONTENTS GENERAL INFORMATION 2 DIRECTORS REPORT 10 REPORT OF THE CUSTODIAN TO THE SHAREHOLDERS 15 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF NUVEEN GLOBAL INVESTORS FUND PLC 16 SUB-INVESTMENT MANAGERS REPORT 18 PORTFOLIO OF INVESTMENTS -NUVEEN TRADEWINDS GLOBAL ALL-CAP FUND 39 -NUVEEN NWQ LARGE-CAP VALUE FUND 43 -NUVEEN WINSLOW LARGE-CAP GROWTH FUND 46 -NUVEEN NWQ LARGE-CAP VALUE ESG FUND 50 -NUVEEN GLOBAL INFRASTRUCTURE FUND 53 -NUVEEN SANTA BARBARA GLOBAL DIVIDEND GROWTH FUND 58 -NUVEEN GRESHAM DIVERSIFIED COMMODITY STRATEGY FUND 61 -NUVEEN GRESHAM LONG/SHORT COMMODITY STRATEGY FUND 62 -NUVEEN GLOBAL HIGH INCOME FUND 63 -NUVEEN NWQ FLEXIBLE INCOME FUND 69 -NUVEEN NWQ SMALL-CAP VALUE FUND 76 -NUVEEN NWQ GLOBAL EQUITY FUND 79 -NUVEEN LARGE CAP CORE FUND 82 STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) -NUVEEN TRADEWINDS GLOBAL ALL-CAP FUND 86 -NUVEEN NWQ LARGE-CAP VALUE FUND 90 -NUVEEN WINSLOW LARGE-CAP GROWTH FUND 93 -NUVEEN NWQ LARGE-CAP VALUE ESG FUND 97 -NUVEEN GLOBAL INFRASTRUCTURE FUND 100 -NUVEEN SANTA BARBARA GLOBAL DIVIDEND GROWTH FUND 102 -NUVEEN GRESHAM DIVERSIFIED COMMODITY STRATEGY FUND 104 -NUVEEN GRESHAM LONG/SHORT COMMODITY STRATEGY FUND 106 -NUVEEN GLOBAL HIGH INCOME FUND 108 -NUVEEN NWQ FLEXIBLE INCOME FUND 110 -NUVEEN NWQ SMALL-CAP VALUE FUND 112 -NUVEEN NWQ GLOBAL EQUITY FUND 115 -NUVEEN LARGE CAP CORE FUND 118 BALANCE SHEET 121 PROFIT AND LOSS ACCOUNT 126 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES 132 NOTES TO THE FINANCIAL STATEMENTS 138 MANAGEMENT AND ADMINISTRATION 220 APPENDIX 1 - PORTFOLIO TURNOVER RATES (UNAUDITED) 221 APPENDIX 2 - TOTAL EXPENSE RATIOS (UNAUDITED) Page

3 GENERAL INFORMATION Global Investors Fund plc (the Company ) is an umbrella fund with segregated liability between sub-funds, established as an open-ended investment company with variable capital organised under the laws of Ireland as a public limited company pursuant to the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the UCITS Regulations ). The Company was incorporated in Ireland on 12 th February, 2007 and was initially authorised by the Central Bank of Ireland (the Central Bank ) as a non-ucits qualifying investor fund on 16 th April, The authorisation status of the Company was re-designated to a non-ucits retail fund on 22 nd May, On 27 th August, 2009 the authorisation of the Company as a non-ucits retail fund was revoked at the request of the Company and the Company was authorised by the Central Bank as a UCITS fund pursuant to the UCITS Regulations. As at 31 st May, 2015 the Company is comprised of thirteen sub-funds (each a Sub-Fund, collectively the Sub-Funds ), of which there are thirteen active portfolios of investments. These Sub-Funds are: the Tradewinds Global All-Cap Fund; the NWQ Large-Cap Value Fund; the Winslow Large-Cap Growth Fund; the NWQ Large-Cap Value ESG Fund; the Global Infrastructure Fund; the Santa Barbara Global Dividend Growth Fund; the Gresham Diversified Commodity Strategy Fund; the Gresham Long/Short Commodity Strategy Fund; the Global High Income Fund; the NWQ Flexible Income Fund; the NWQ Small-Cap Value Fund; the NWQ Global Equity Fund and the Large Cap Core Fund. The NWQ Small-Cap Value Fund and the NWQ Global Equity Fund were launched on 2 nd September, 2014 and the Large Cap Core Fund was launched on 18 th December, At the year end, the following redeemable participating shares were in issue in respect of each of the thirteen active Sub-Funds, and have been admitted to the official list and to trading on the main securities market of the Irish Stock Exchange. Sub-Fund Share Class Launch Date Initial Offer Price Listing Date Tradewinds Global All-Cap Fund Class A Euro 23 rd March, 2009 EUR rd April, 2007 Class I Euro 16 th September, 2009 EUR rd April, 2007 Class A 23 rd March, rd April, 2007 Class C 23 rd March, rd April, 2007 Class I 18 th April, rd April, 2007 NWQ Large-Cap Value Fund Class A Euro 23 rd March, 2009 EUR rd April, 2007 Class I Euro 16 th September, 2009 EUR rd April, 2007 Class A 23 rd March, rd April, 2007 Class C 23 rd March, rd April, 2007 Class I 18 th April, rd April, 2007 Winslow Large-Cap Growth Fund Class A Euro 8 th December, 2010 EUR th December, 2010 Class I Euro 8 th December, 2010 EUR th December, 2010 Class A 8 th December, th December, 2010 Class C 8 th December, th December, 2010 Class I 8 th December, th December, 2010 Class I GBP 8 th December, 2010 GBP th December, 2010 NWQ Large-Cap Value ESG Fund Class A Euro 15 th December, 2010 EUR rd December, 2010 Class I Euro 15 th December, 2010 EUR rd December, 2010 Class A 15 th December, rd December, 2010 Class C 15 th December, rd December, 2010 Class I 15 th December, rd December,

4 GENERAL INFORMATION (continued) Sub-Fund Share Class Launch Date Initial Offer Price Listing Date NWQ Large-Cap Value ESG Fund (continued) Class I GBP 15 th December, 2010 GBP rd December, 2010 Global Infrastructure Fund Class A Euro 10 th June, 2011 EUR th June, 2011 Class I Euro 10 th June, 2011 EUR th June, 2011 Class A 10 th June, th June, 2011 Class C 10 th June, th June, 2011 Class I 10 th June, th June, 2011 Class I GBP 10 th June, 2011 GBP th June, 2011 Santa Barbara Global Dividend Growth Fund Class A Euro Accumulating 1 st November, 2011 EUR th November, 2011 Class I Euro Accumulating 1 st November, 2011 EUR th November, 2011 Class A Accumulating 6th March, rd April, 2012 Class A Distributing 1 st November, th November, 2011 Class C Accumulating 24 th May, rd April, 2012 Class C Distributing 1 st November, th November, 2011 Class I Accumulating 12 th September th November, 2012 Class I Distributing 1 st November, th November, 2011 Class I GBP Accumulating 1 st November, 2011 GBP th November, 2011 Gresham Diversified Commodity Strategy Fund Class A Euro 9 th November, 2012 EUR th November, 2012 Class I Euro 9 th November, 2012 EUR th November, 2012 Class A 9 th November, th November, 2012 Class C 9 th November, th November, 2012 Class I 9 th November, th November, 2012 Class I GBP 9 th November, 2012 GBP th November, 2012 Gresham Long/Short Commodity Strategy Fund Class A Euro 9 th November, 2012 EUR th November, 2012 Class I Euro 9 th November, 2012 EUR th November, 2012 Class A 9 th November, th November, 2012 Class C 9 th November, th November, 2012 Class I 9 th November, th November, 2012 Class I GBP 9 th November, 2012 GBP th November, 2012 Global High Income Fund Class A Euro Accumulating 28 th June, 2013 EUR 20 8 th August, 2013 Class I Euro Accumulating 28 th June, 2013 EUR 20 8 th August, 2013 Class A Accumulating 28 th June, th August, 2013 Class A Distributing 28 th June, th August, 2013 Class C Accumulating 28 th June, th August, 2013 Class C Distributing 28 th June, th August, 2013 Class I Accumulating 28 th June, th August, 2013 Class I Distributing 28 th June, th August, 2013 Class I GBP Accumulating 28 th June, 2013 GBP 20 8 th August,

5 GENERAL INFORMATION (continued) Sub-Fund Share Class Launch Date Initial Offer Price Listing Date NWQ Flexible Income Fund Class A Euro Accumulating 20 th September, 2013 EUR th September, 2013 Class I Euro Accumulating 20 th September, 2013 EUR th September, 2013 Class A Accumulating 20 th September, th September, 2013 Class A Distributing 20 th September, th September, 2013 Class C Accumulating 20 th September, th September, 2013 Class C Distributing 20 th September, th September, 2013 Class I Accumulating 20 th September, th September, 2013 Class I Distributing 20 th September, th September, 2013 Class I GBP Accumulating 20 th September, 2013 GBP th September, 2013 NWQ Small-Cap Value Fund Class A Euro 2 nd September, 2014 EUR 20 2 nd September, 2014 Class I Euro 2 nd September, 2014 EUR 20 2 nd September, 2014 Class A 2 nd September, nd September, 2014 Class I 2 nd September, nd September, 2014 Class I GBP 2 nd September, 2014 GBP 20 2 nd September, 2014 NWQ Global Equity Class A Euro 2 nd September, 2014 EUR 20 2 nd September, 2014 Class I Euro 2 nd September, 2014 EUR 20 2 nd September, 2014 Class A 2 nd September, nd September, 2014 Class I 2 nd September, nd September, 2014 Class I GBP 2 nd September, 2014 GBP 20 2 nd September, 2014 Large Cap Core Fund Class A Euro 18 th December, 2014 EUR th December, 2014 Class I Euro 18 th December, 2014 EUR th December, 2014 Class A 18 th December, th December, 2014 Class C 18 th December, th December, 2014 Class I 18 th December, th December, 2014 Class I GBP 18 th December, 2014 GBP th December, 2014 The Sub-Funds, with the exception of certain share classes of the Santa Barbara Global Dividend Growth Fund; the Global High Income Fund and the NWQ Flexible Income Fund are accumulating Sub-Funds and, therefore, the Directors do not intend to declare any dividends in respect of these Sub-Funds. Details of dividends declared in respect of the Santa Barbara Global Dividend Growth Fund; the Global High Income Fund and the NWQ Flexible Income Fund are set out in note 14. The following is a summary of the investment objectives and policies of each of the active Sub-Funds. For full details of the investment objectives and policies for the Sub-Funds, please refer to the Company s prospectus (the Prospectus ). 4

6 GENERAL INFORMATION (continued) Tradewinds Global All-Cap Fund The objective of the Tradewinds Global All-Cap Fund is to provide long-term capital appreciation. The Sub- Fund seeks to adhere to disciplined value driven investment strategies whose aim is to achieve the objective of the Sub- Fund. Securities are carefully chosen through in-depth research. The Sub-Fund may invest up to 75% of its net asset value in equity securities of non-u.s. companies that are denominated in local currencies or the U.S. Dollar ( ) including American Depositary Receipts ( ADR ) of such companies. Up to 25% of the Sub-Fund s net asset value may be invested in equity securities of companies domiciled in emerging markets. However, no more than 35% of the Sub-Fund s net asset value may be invested in the securities of companies in a single non-u.s. country. The Sub-Fund may use financial derivative instruments ( FDI ) to seek to increase yield, hedge risk, or to enhance returns. NWQ Large-Cap Value Fund The objective of the NWQ Large-Cap Value Fund is to provide long-term capital appreciation. The Sub-Fund seeks to achieve this objective by adhering to a disciplined, value driven investment strategy. Quality securities are chosen following in-depth research and are followed closely over time to assess whether they continue to meet the purchase rationale. The equity securities in which the Sub-Fund invests shall primarily be listed, traded or dealt on regulated markets in the U.S. with market capitalisations at the time of investment comparable to companies in the Russell 1000 Index. The Sub- Fund may invest up to 35% of its net asset value in equity securities of non-u.s. companies, including up to 10% of the Sub-Fund s net asset value in equity securities of companies domiciled in emerging markets. The Sub-Fund may use FDI to seek to increase yield, hedge risk, or to enhance returns. Winslow Large-Cap Growth Fund The objective of the Winslow Large-Cap Growth Fund is to provide long term capital appreciation. The Sub- Fund will seek to achieve its objective by adding value through bottom-up research focusing on identifying growth companies which exhibit some or all of the following characteristics: (i) participation in an industry with growth potential; (ii) leading or gaining market share; (iii) identifiable and sustainable competitive advantages; (iv) a management team that can perpetuate the issuer s competitive advantage; and (v) high and preferably rising, return on invested capital. It is not proposed to concentrate investment in any one industry group. The Sub-Fund will invest primarily in equity securities of companies listed or domiciled in the U.S. with market capitalisations in excess of U.S. $4 billion at the time of purchase. Up to 20% of the net asset value of the Sub-Fund may be invested in non-u.s. equity securities including equity securities of companies domiciled in emerging markets. The Sub-Fund may use FDI to seek to increase yield, hedge risk, or to enhance returns. NWQ Large-Cap Value ESG Fund The objective of the NWQ Large-Cap Value ESG Fund is to provide long-term capital appreciation while at the same time adhering to its environmental, social and governance ( ESG ) guidelines as described in the Prospectus. The Sub-Fund will seek to identify undervalued companies with a catalyst to unlock value or improve profitability, such as new management, industry consolidation, corporate restructuring or a turn in company fundamentals. The Sub-Fund will maintain a long-term investment view and a focus on securities it believes can appreciate over an extended time, regardless of interim fluctuations. 5

7 GENERAL INFORMATION (continued) NWQ Large-Cap Value ESG Fund (continued) The Sub-Fund will invest primarily in equity securities of companies listed, traded or dealt on regulated markets in the U.S. with market capitalisations at the time of investment comparable to companies in the Russell 1000 Index. The Sub- Fund may invest up to 35% of its net asset value in equity securities of non-u.s. companies, including up to 10% of the Sub-Fund s net asset value in equity securities of companies domiciled in emerging markets. The Sub-Fund may use FDI to seek to increase yield, hedge risk, or to enhance returns. Global Infrastructure Fund The objective of the Global Infrastructure Fund is to provide long term capital appreciation. Under normal market conditions the Sub-Fund will invest at least 80% of its net asset value in equity securities of global infrastructure companies and companies in associated businesses. The Sub-Fund may invest in companies of any size. The equity securities in which the Sub-Fund will invest may include, without limitation, common stocks, preferred stocks, publicly-traded units of master limited partnerships ( MLPs ), real estate investment trusts ( REITs ) and securities convertible into or exchangeable for equity securities, such as convertible bonds, and warrants. The Sub-Fund will invest at least 30% of its net asset value in equity securities of infrastructure companies located in countries other than the U.S. The Sub-Fund may invest up to 25% of its net asset value in issuers of emerging markets (including Russia). The Sub-Fund may use FDI to seek to increase yield, hedge risk, or to enhance returns. Santa Barbara Global Dividend Growth Fund The objective of the Santa Barbara Global Dividend Growth Fund is to seek a total return comprised of income from dividends and long-term capital appreciation. The Sub-Fund focuses on equity securities of companies that have potential for dividend income and dividend growth. Under normal market conditions, the Sub-Fund expects to invest at least 80% of its net asset value in dividend-paying common and preferred stocks. The Sub-Fund expects to invest from 40 to 75% of the Sub-Fund s net asset value in equity securities of non-u.s. companies whose securities are denominated in the currency of the issuer or in. The Sub-Fund may also invest in the ADR s of such companies. It is not expected that the Sub-Fund will concentrate its investment in issuers in any particular country or geographic sector outside the U.S. No country, other than the U.S., may comprise more than 25% of the Sub-Fund s net asset value and no more than 10% of the Sub-Fund s net asset value may be invested in emerging markets. The Sub-Fund may use FDI to seek to increase yield, hedge risk, or to enhance returns. Gresham Diversified Commodity Strategy Fund The objective of the Gresham Diversified Commodity Strategy Fund is to seek total return comprised of income and long-term capital appreciation. The Sub-Fund seeks to achieve its objectives: (i) primarily by using over-the-counter financial derivative instruments ( OTC FDI ) to gain exposure to a customized index (the Gresham TAP UCITS Index ); and (ii) by acquiring a collateral portfolio of cash equivalents and short-term, high grade debt securities that is actively managed by Asset Management, LLC. 6

8 GENERAL INFORMATION (continued) Gresham Diversified Commodity Strategy Fund (continued) The Gresham TAP UCITS Index is managed by Gresham Investment Management, LLC ( Gresham ) and is designed to replicate the economic return of a diversified portfolio (the Diversified Commodity Reference Portfolio ) of commodity futures and forward contracts with broad exposure to all principal groups in the global commodity markets. The Sub-Fund will seek exposure to the Gresham TAP UCITS Index through the use of OTC FDI. The Sub-Fund has entered into a total return swap agreement with Newedge UK Financial Limited in order to gain exposure to the Gresham TAP UCITS Index. Although there are no restrictions or limitations on the specific commodity investments in which the Diversified Commodity Reference Portfolio may invest except as otherwise described in the Prospectus, the portfolio s target concentration in any single commodity, commodity group or commodity complex will be limited in an attempt to moderate volatility. The Sub-Fund may use FDI to seek to increase yield, hedge risk, or to enhance returns. Gresham Long/Short Commodity Strategy Fund The objective of the Gresham Long/Short Commodity Strategy Fund is to seek total return comprised of income and long-term capital appreciation. The Sub-Fund seeks to achieve its objectives: (i) primarily by using over-the-counter financial derivative instruments ( OTC FDI ) to gain exposure to a customized index (the Gresham L/S Commodity UCITS Index ); and (ii) by acquiring a collateral portfolio of cash equivalents and high-quality short-term debt securities that is actively managed by Asset Management, LLC. The Gresham L/S Commodity UCITS Index is managed by Gresham and is designed to replicate the economic return of a diversified portfolio (the Long/Short Commodity Reference Portfolio ) of commodity futures and forward contracts with broad exposure to all principal groups in the global commodity markets. The Sub-Fund will seek exposure to the Gresham L/S Commodity UCITS Index through the use of OTC FDI. The Sub- Fund has entered into a total return swap agreement with Newedge UK Financial Limited in order to gain exposure to the Gresham L/S Commodity UCITS Index. Although there are no restrictions or limitations on the specific commodity investments in which the Long/Short Commodity Reference Portfolio may invest except as otherwise described in the Prospectus, the portfolio s target concentration in any single commodity, commodity group or commodity complex will be limited in an attempt to moderate volatility. The Sub-Fund may use FDI to seek to increase yield, hedge risk, or to enhance returns. Global High Income Fund The objective of the Global High Income Fund is to seek total return comprised of income and capital appreciation. Under normal market conditions the Sub-Fund will invest at least 80% of its net asset value in fixed and floating rate bonds and debt securities that are commonly referred to as high-yield securities. These bonds and debt securities generally provide high income in an effort to compensate investors for their higher risk of default, which is the failure to make required interest or principal payments. There is no minimum rating requirement and no limitation on the average maturity or average effective duration of securities held by the Sub-Fund. 7

9 GENERAL INFORMATION (continued) Global High Income Fund (continued) The Sub-Fund may invest up to 25% of its net asset value in bonds and debt securities issued by governmental and corporate issuers that are located or listed in, or otherwise have substantial exposure to, emerging markets. At least 25% of the Sub-Fund s net asset value will be invested in bonds and debt securities issued by governmental and corporate issuers that are located outside of the U.S. The Sub-Fund may use FDI to seek to increase yield, hedge risk, or to enhance returns. NWQ Flexible Income Fund The objective of the NWQ Flexible Income Fund is to seek to provide current income and capital appreciation. The Sub-Fund will invest at least 80% of its net asset value in income-producing debt and equity securities. The Sub- Fund will invest at least 65% of its net asset value in preferred securities and debt securities. The debt securities in which the Sub-Fund will invest include fixed and floating rate corporate debt securities, bonds, mortgage-backed securities, municipal securities and U.S. government and agency debt securities. Preferred securities are securities issued by corporate issuers that generally pay fixed or adjustable rate distributions to investors and have preference over common stock in the payment of distributions and the liquidation of a company s assets, but are junior to most other forms of a company s debt, including both senior and subordinated debt. The Sub-Fund will typically invest at least 25% of its net asset value in debt and equity securities issued by companies principally engaged in financial services. The Sub-Fund may invest up to 35% of its net asset value in equity securities, including common stocks, publiclytraded business development corporations ( BDCs ), REITs, securities convertible into or exchangeable for equity securities such as convertible bonds and warrants, ADRs and other types of depositary receipts and other types of securities with the characteristics of equity securities. The Sub-Fund may use FDI to seek to increase yield, hedge risk, or to enhance returns. NWQ Small-Cap Value Fund The objective of the NWQ Small-Cap Value Fund is to provide long-term capital appreciation. The Sub-Fund focuses on under-valued companies where a catalyst event is expected to unlock value or improve profitability. Under normal market conditions, the Sub-Fund will invest at least 80% of its net asset value in equity securities, i.e. common stocks, preferred stocks, participatory notes, securities convertible into or exchangeable for equity securities, and warrants, of companies with market capitalisations at the time of investment comparable to companies in either the Russell 2000 Value Index or the Standard & Poor s Small Cap 600 Index. The Sub-Fund may also invest in ADRs and other types of depositary receipts. The Sub-Fund invests primarily in U.S. equity securities, but it may invest up to 35% of its net asset value in non-u.s. equity securities, including up to 10% of its net asset value in emerging markets. The Sub-Fund may use FDI for efficient portfolio management and/or investment purposes. NWQ Global Equity Fund The objective of the NWQ Global Equity Fund is to provide long-term capital appreciation. The Sub-Fund focuses on under-valued companies with positive risk-reward characteristics. Under normal market conditions, the Sub-Fund will invest at least 80% of its net asset value in equity securities, i.e. common stocks, preferred stocks, participatory notes, securities convertible into or exchangeable for equity securities, and warrants. The Sub-Fund may also invest in ADRs and other types of depositary receipts. Under normal market conditions, the Sub Fund will invest at least 40% of its net asset value in non-u.s. securities, including up to 20% of its net asset value in emerging markets. The Sub-Fund may invest in equity securities issued by companies of any market capitalisation, including small- and mid-capitalisation companies. 8

10 GENERAL INFORMATION (continued) NWQ Global Equity Fund (continued) The Sub-Fund may use FDI for efficient portfolio management and/or investment purposes. Large Cap Core Fund The objective of the Large Cap Core Fund is to provide long-term capital appreciation. Securities generally are added to the portfolio based both on the ranking given to a particular security by the multi-factor quantitative models used by the Sub-Investment Manager and on the fundamental analysis of the securities carried out by the Sub- Investment Manager. Under normal market conditions, the Sub-Fund will invest at least 80% of its net asset value in equity securities, i.e. common stocks, preferred stocks, participatory notes, securities convertible into or exchangeable for equity securities, warrants, ADRs and other types of depositary receipts, of large capitalisation companies. For the purposes of this Sub- Fund, large capitalisation companies are defined as companies that have market capitalisations at the time of purchase within the market capitalisation range of the companies in the Russell 1000 Index immediately after its most recent reconstitution prior to such purchase. The Sub-Fund may use FDI for efficient portfolio management and/or investment purposes. 9

11 DIRECTORS REPORT The Directors have the pleasure of submitting their annual report together with the audited financial statements for Global Investors Fund plc (the Company ) for the year ended 31 st May, 2015 and comparatives for the year ended 31 st May, The Company is organised in the form of an umbrella fund with segregated liability between sub-funds, and as at 31 st May, 2015 is comprised of thirteen active sub-funds: the Tradewinds Global All-Cap Fund; the NWQ Large-Cap Value Fund; the Winslow Large-Cap Growth Fund; the NWQ Large-Cap Value ESG Fund; the Global Infrastructure Fund; the Santa Barbara Global Dividend Growth Fund; the Gresham Diversified Commodity Strategy Fund; the Gresham Long/Short Commodity Strategy Fund; the Global High Income Fund; the NWQ Flexible Income Fund; the NWQ Small-Cap Value Fund; the NWQ Global Equity Fund and the Large Cap Core Fund (each a Sub-Fund, collectively the Sub- Funds ). Sub-Fund Launch Date Functional Currency Tradewinds Global All-Cap Fund 18 th April, 2007 US Dollar () NWQ Large-Cap Value Fund 18 th April, 2007 US Dollar () Winslow Large-Cap Growth Fund 8 th December, 2010 US Dollar () NWQ Large-Cap Value ESG Fund 15 th December, 2010 US Dollar () Global Infrastructure Fund 10 th June, 2011 US Dollar () Santa Barbara Global Dividend Growth Fund 1 st November, 2011 US Dollar () Gresham Diversified Commodity Strategy Fund 9 th November, 2012 US Dollar () Gresham Long/Short Commodity Strategy Fund 9 th November, 2012 US Dollar () Global High Income Fund 28 th June, 2013 US Dollar () NWQ Flexible Income Fund 20 th September, 2013 US Dollar () NWQ Small-Cap Value Fund 2 nd September, 2014 US Dollar () NWQ Global Equity Fund 2 nd September, 2014 US Dollar () Large Cap Core Fund 18 th December 2014 US Dollar () Directors Directors who held office at any time during the year ended 31 st May, 2015, and/or held office at 31 st May, 2015 were: Eimear Cowhey* John L. MacCarthy Denis Murphy* Adrian Waters* Margo L. Cook Thomas S. Schreier, Jr. * Independent Directors Principal Activities The Company was incorporated in Ireland on 12 th February, 2007 and was initially authorised by the Central Bank of Ireland (the Central Bank ) as a non-ucits qualifying investor fund on 16 th April, The authorisation status of the Company was re-designated to a non-ucits retail fund on 22 nd May, On 27 th August, 2009 the authorisation of the Company as a non-ucits retail fund was revoked at the request of the Company and the Company was authorised by the Central Bank as a UCITS fund pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011, (as amended), (the UCITS Regulations ). A review of the principal activities of the Company is included in the Sub-Investment Managers Report. Results for the Year and Assets, Liabilities and Financial Position at 31 st May, 2015 Details of the state of assets, liabilities and financial position of the Company and results for the year ended 31 st May, 2015 are set out in the Balance Sheet and Profit and Loss Account. The Net Assets attributable to Holders of Redeemable Participating Shares of the Company as at 31 st May, 2015 were 402,178,544 (31 st May, 2014: 410,115,345). The increase in Net Assets attributable to Holders of Redeemable Participating Shares from operations was 22,075,415 (31 st May, 2014: 53,538,174). Risk Management Objectives & Policies The main risks arising from the Company s activities are market risk comprising: interest rate, foreign currency and other price risk, and credit and liquidity risk as set out in note

12 DIRECTORS REPORT (continued) Dividends and Retention The various share classes of the Company s Sub-Funds, with the exception of certain share classes of the Santa Barbara Global Dividend Growth Fund; the Global High Income Fund and the NWQ Flexible Income Fund are accumulating share classes and, therefore, it is not currently intended to declare dividends in respect of these Sub-Funds. It is intended that net income and net realised and unrealised capital gains from these Sub-Funds will be accumulated and reinvested on behalf of shareholders. For the Santa Barbara Global Dividend Growth Fund, the Directors intend to declare and pay quarterly dividends equal to all or substantially all of the Sub-Fund s net income for the Class A Distributing Shares, Class C Distributing Shares and Class I Distributing Shares; for the Global High Income Fund and the NWQ Flexible Income Fund, the Directors intend to declare and pay monthly dividends equal to all or substantially all of the Sub-Fund s net income for the Class A Distributing Shares, Class C Distributing Shares and Class I Distributing Shares. Details of the dividends declared for the Santa Barbara Global Dividend Growth Fund, the Global High Income Fund and the NWQ Flexible Income Fund are included in note 14. Directors' and Secretary's Interests None of the Directors, the Company Secretary, or their families hold or held any beneficial interests in the Company at 31 st May, 2015 or during the year ended 31 st May, 2015, other than those disclosed in note 13. Transactions Involving Directors There are no contracts or arrangements of any significance in relation to the business of the Company in which the Directors or the Company Secretary had any interest as defined in the Companies Act 2014 at any time during the year ended 31 st May, 2015, other than those disclosed in note 13. Statement of Directors' Responsibilities The Directors are responsible for preparing the annual report and the financial statements in accordance with applicable Irish law and Generally Accepted Accounting Practice in Ireland including the accounting standards issued by the Financial Reporting Council and published by the Institute of Chartered Accountants in Ireland. Under Irish law, the Directors shall not approve the financial statements unless they are satisfied that they give a true and fair view of the company s assets, liabilities and financial position as at the end of the financial year and the profit or loss of the Company for the financial year. In preparing these 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; state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards in question, subject to any material departures from those standards being disclosed and explained in the notes to the financial statements; 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 adequate accounting records that are sufficient to: correctly record and explain the transactions of the company; enable, at any time, the assets, liabilities, financial position and profit or loss of the Company to be determined with reasonable accuracy; and enable the Directors to ensure that the financial statements comply with the Companies Act 2014 and enable those financial statements to be audited. The Directors 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. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company s website. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 11

13 DIRECTORS REPORT (continued) Accounting Records To ensure that adequate accounting records are kept in accordance with Section 281 of the Companies Act 2014, the Company has employed a service organisation, Brown Brothers Harriman Fund Administration Services (Ireland) Limited (the Administrator ). The accounting records are located at the offices of the Administrator. Independent Auditors The Independent Auditors, PricewaterhouseCoopers, has indicated its willingness to continue in office in accordance with section 383(2) of the Companies Act Significant Events during the Year Other than those outlined in note 21, there were no significant events during the year. Events since the Year End Other than those outlined in note 22, there were no significant events since the year end. Connected Parties The Central Bank of Ireland UCITS Notice 14 Dealings by promoter, manager, trustee, investment adviser and group companies states in paragraph 1 that, inter alia, any transaction carried out with UCITS by a promoter, custodian, investment manager and/or associated or group companies of these ( connected parties ) must be carried out as if negotiated at arm s length. Transactions must be in best interests of the shareholders. The Board of Directors of the Company are satisfied that: (i) (ii) there are arrangements (evidenced by written procedures) in place to ensure that the obligations set out in paragraph 1 of the Central Bank of Ireland UCITS Notice 14 are applied to all transactions with connected parties; and transactions with connected parties entered into during the period complied with the obligations set out in paragraph 1 of the Central Bank s and UCITS Notice 14. Corporate Governance Statement General Principles The European Communities (Directive 2006/46/EC) Regulations (S.I. 450 of 2009 and S.I. 83 of 2010) require the inclusion of a corporate governance statement in the Directors Report. The Company is subject to corporate governance practices imposed by: (i) (ii) (iii) (iv) the Companies Act 2014 which is available for inspection at the registered office of the Company; and may also be obtained at the Articles of Association of the Company which are available for inspection at the registered office of the Company (Arthur Cox Building, Earlsfort Centre, Earlsfort Terrace, Dublin 2, Ireland) and at the Companies Registration Office in Ireland; the Central Bank in their UCITS notices and guidance notes which can be obtained from the Central Bank s website at:- and are available for inspection at the registered office of the Company; and the ISE through the ISE Code of Listing Requirements and Procedures which can be obtained from the ISE s website at:- In addition, the Board has voluntarily adopted the Corporate Governance Code for Collective Investment Schemes and Management Companies as published by the Irish Funds Industry Association (the IFIA Code ) in full. The IFIA Code can be obtained from the Irish Funds Industry Association website at:- 12

14 DIRECTORS REPORT (continued) Corporate Governance Statement (continued) General Principles (continued) In accordance with the requirements of the Central Bank and the UCITS Regulations, the Company has adopted a business plan. This sets forth the corporate governance practices followed by the Directors in managing the Company. The business plan includes detailed procedures related to decision taking, monitoring of compliance, monitoring of investment performance, monitoring of capital, risk management practices, financial control practices, and internal audit. Although the Directors maintain ultimate governance responsibility for the Company, the Company may appoint various professional service providers to fulfil the Company s day-to-day operational requirements. Internal Control and Risk Management Systems in Relation to Financial Reporting Under the general oversight of the Directors, the Administrator 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 Administrator has been appointed by the Directors to maintain the books and records of the Company in relation to financial reporting and is authorised and regulated by the Central Bank. The Administrator must comply with the rules imposed by the Central Bank. The Administrator has operating responsibility in respect of its internal controls in relation to the financial reporting process and the Administrator s report to the Directors. From time to time, the Directors review and evaluate the Administrator s financial accounting and reporting routines. The Administrator prepares the annual and half-yearly financial statements of the Company. The annual and half-yearly financial statements of the Company are required to be approved by the Directors and filed with the Central Bank and the ISE. The annual financial statements are audited by the independent auditors of the Company, PricewaterhouseCoopers, who report annually to the Directors on their findings. The Directors evaluate and discuss significant accounting and reporting issues as the need arises. The Directors monitor and evaluate the auditors performance, qualifications and independence. Dealings with Shareholders The convening and conduct of shareholders meetings are governed by the articles of association of the Company. 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 within fifteen months of the date of the previous annual general meeting. Not less than twenty one days notice of every annual general meeting must be given to shareholders unless the auditors of the Company and all the shareholders of the Company entitled to attend and vote at the general meeting agree to shorter notice. Two shareholders present either in person or by proxy constitutes a quorum at a general meeting provided that: (i) in the event that there is only one shareholder in a fund or class the quorum shall be one shareholder present in person or by proxy at the meeting; (ii) the quorum for a general meeting convened to consider any alteration to the class rights of shares shall be two or more shareholders present in person or by proxy whose holdings comprise at least one third of the issued shares of the relevant class; and (iii) the quorum at any adjourned meeting shall be any one shareholder present in person or by proxy and entitled to vote at the meeting. Every holder of shares present in person or by proxy who votes on a show of hands is entitled to one vote. On a poll, every holder of shares present in person or by proxy is entitled to one vote in respect of each share held. The chairman of a general meeting of the Company or at least five shareholders or any shareholder representing at least one tenth of the shares in issue having the right to vote at such meeting may demand a poll. Shareholders may resolve to adopt 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 at the general meeting in order to pass a special resolution to amend the Articles of Association. 13

15 DIRECTORS REPORT (continued) Corporate Governance Statement (continued) Board Composition and Activities Unless otherwise determined by an ordinary resolution of the Company in the general meeting, the number of Directors may not be less than two. Currently the Board of Directors of the Company is composed of the Directors listed on page 10 of these audited financial statements. The Directors oversee the business of the Company and exercise such powers that are not otherwise reserved under the Companies Act 2014 or the articles of association of the Company in the general meeting. A Director may, and the company secretary of the Company on the requisition of a Director shall, 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 may be fixed by the Directors and, unless so fixed at any other number, shall be two. The principal responsibility of the Directors is oversight of the business affairs of the Company and, consistent with these oversight responsibilities, the Directors have delegated management functions and responsibilities to duly qualified service providers. Such service providers are subject to ongoing oversight by the Directors. On behalf of the Board of Directors Director: Adrian Waters Director: Denis Murphy 16 th September,

16 REPORT OF THE CUSTODIAN TO THE SHAREHOLDERS We have enquired into the conduct of Global Investors Fund plc (the Company ) for the year ended 31 st May, 2015, in our capacity as Custodian to the Company. This report including the opinion has been prepared for, and solely for, the shareholders in the Company in accordance with the Central Bank of Ireland s (the Central Bank ) UCITS Notice 4 (as amended), 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 s UCITS Notice 4 (as amended). 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 European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (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 Opinion The Custodian conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in the Central Bank s UCITS Notice 4 (as amended) and to ensure that, in all material respects, the Company has been managed: (i) (ii) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of its constitutional documentation and the appropriate regulations; and otherwise in accordance with the Company s constitutional documentation and the appropriate regulations. Opinion In our opinion, the Company has been managed during the year, in all material respects: (i) (ii) in accordance with the limitations imposed on the investment and borrowing powers of the Company by the Memorandum and Articles of Association and by the UCITS Regulations; and otherwise in accordance with the provisions of the Memorandum and Articles of Association and the UCITS Regulations. Brian Giblin Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street Dublin 2 Ireland 16 th September,

17 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF NUVEEN GLOBAL INVESTORS FUND PLC Report on the financial statements Our opinion In our opinion, Global Investors Fund plc s financial statements (the financial statements ): give a true and fair view of the company s and sub-funds assets, liabilities and financial position as at 31 st May 2015 and of their results for the year then ended; have been properly prepared in accordance with Generally Accepted Accounting Practice in Ireland; and have been properly prepared in accordance with the requirements of the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended). What we have audited The financial statements comprise: the balance sheet as at 31 st May 2015; the profit and loss account for the year then ended; the statement of changes in net assets attributable to holders of redeemable participating shares for the year then ended; the portfolio of investments for each of the sub-funds as at 31 st May 2015; and the notes to the financial statements for the company and for each of its sub-funds which include a summary of significant accounting policies and other explanatory information. The financial reporting framework that has been applied in the preparation of the financial statements 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). In applying the financial reporting framework, the directors have made a number of subjective judgements, for example in respect of significant accounting estimates. In making such estimates, they have made assumptions and considered future events. Matters on which we are required to report by the Companies Act 2014 We have obtained all the information and explanations which we consider necessary for the purposes of our audit. In our opinion the accounting records of the company were sufficient to permit the financial statements to be readily and properly audited. The financial statements are in agreement with the accounting records. In our opinion the information given in the Directors' Report is consistent with the financial statements. Matter on which we are required to report by exception Directors remuneration and transactions Under the Companies Act 2014 we are required to report to you if, in our opinion, the disclosures of directors remuneration and transactions specified by sections 305 to 312 of that Act have not been made. We have no exceptions to report arising from this responsibility. Other matter SI83 of 2010 European Communities (Directive 2006/46/EC)(Amendment) Regulations 2010 has been revoked by the Companies Act 2014 without replacing regulation 5 of those regulations with an equivalent section in the Act. Consequently, we are unable to report under the requirements of Section 1373(7) of the Companies Act Had regulation 5 of SI83 of 2010 replaced section 1373(7) of the Companies Act 2014, there would be no additional matters to report. The information required to be included in the corporate governance statement by section 1373 of the Companies Act 2014 is referenced in the Directors Report and we have reported on the consistency of the information included in the Directors Report with the financial statements above. 16

18 INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF NUVEEN GLOBAL INVESTORS FUND PLC (continued) Responsibilities for the financial statements and the audit Our responsibilities and those of the directors As explained more fully in the Statement of Directors Responsibilities set out on page 11, the directors are responsible for the preparation of the financial statements and for being satisfied that they give 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. This report, including the opinions, has been prepared for and only for the company s members as a body in accordance with section 391 of the Companies Act 2014 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. What an audit of financial statements involves We conducted our audit in accordance with International Standards on Auditing (UK and Ireland). 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. We primarily focus our work in these areas by assessing the directors judgements against available evidence, forming our own judgements, and evaluating the disclosures in the financial statements. We test and examine information, using sampling and other auditing techniques, to the extent we consider necessary to provide a reasonable basis for us to draw conclusions. We obtain audit evidence through testing the effectiveness of controls, substantive procedures or a combination of both. In addition, we read all the financial and non-financial information in the Annual Report 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. Damian Neylin For and on behalf of PricewaterhouseCoopers Chartered Accountants and Statutory Audit Firm Dublin 16th September

19 SUB-INVESTMENT MANAGERS REPORT The Tradewinds Global All-Cap Fund features portfolio management by Tradewinds Global Investors, LLC (Tradewinds), of which Investments, Inc. owns a controlling interest. The NWQ Large-Cap Value Fund, the NWQ Large-Cap Value ESG Fund, the NWQ Flexible Income Fund, the NWQ Small-Cap Value Fund and the NWQ Global Equity Fund feature portfolio management by NWQ Investment Management Company, LLC (NWQ), of which Investments, Inc. owns a controlling interest. The Winslow Large-Cap Growth Fund features portfolio management by Winslow Capital Management, LLC, of which Investments, Inc. owns a controlling interest. The Global Infrastructure Fund, the Global High Income Fund and the Large Cap Core Fund feature portfolio management by Asset Management, LLC, of which Investments, Inc. owns a controlling interest. The Santa Barbara Global Dividend Growth Fund features portfolio management by Santa Barbara Asset Management, LLC, of which Investments, Inc. owns a controlling interest. The Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund feature portfolio management by Gresham Investment Management LLC ( Gresham ), of which Investments, Inc. owns a controlling interest. Emily Alejos and Andrew Thelen co-manage the Tradewinds Global All-Cap Fund. Jon Bosse, CFA, is the Chief Investment Officer of NWQ and manages the NWQ Large-Cap Value Fund and the NWQ Large- Cap Value ESG Fund. Clark Winslow, Patrick Burton and Justin Kelly are co-portfolio managers of the Winslow Large-Cap Growth Fund. For the majority of the reporting period, Jay Rosenberg was lead manager and John Wenker and Tryg Sarsland were co-portfolio managers of the Global Infrastructure Fund. Effective 30 th April, 2015, John Wenker was removed as a co-manager, but continues to lead the Real Assets Team at Asset Management. James Boothe, CFA, is the portfolio manager of the Santa Barbara Global Dividend Growth Fund. Randy Migdal and Susan Wager co-manage both the Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund. John T. Fruit, CFA, and Jeff T. Schmitz, CFA, comanage the Global High Income Fund. Effective January 6, 2015, Michael Carne, CFA, is no longer a portfolio manager of the NWQ Flexible Income Fund. Thomas J. Ray, CFA, and Susi Budiman, CFA, now comanage the NWQ Flexible Income Fund. Phyllis Thomas, CFA, manages the NWQ Small-Cap Value Fund and James Stephenson, CFA, manages the NWQ Global Equity Income Fund. Robert C. Doll, CFA, a senior portfolio manager and chief equity strategist at Asset Management, is portfolio manager for the Large Cap Core Fund. Here they review the general market conditions and discuss key investment strategies and the performance of the Sub- Funds during the twelve-month or since inception periods ended 31 st May, What were the general market conditions during the reporting period ended 31 st May, 2015? During this reporting period, the U.S. economy continued to expand at a moderate pace. The U.S. Federal Reserve (Fed) maintained efforts to bolster growth and promote progress toward its mandates of maximum employment and price stability by holding the benchmark Fed funds rate at the record low level of zero to 0.25% that it established in December At its October 2014 meeting, the Fed announced that it would end its bond buying stimulus program in November after tapering its monthly asset purchases of mortgage-backed and longer-term Treasury securities from the original $85 billion per month to $15 billion per month over the course of seven consecutive meetings (December 2013 through September 2014). The Fed cited substantial improvement in the outlook for the labour market as well as sufficient underlying strength in the broader economy to support ongoing progress toward maximum employment in a context of price stability. Policymakers also reiterated that they would continue to look at a wide range of factors, including labour market conditions, indicators of inflationary pressures and readings on financial developments, in determining future actions. Additionally, the Fed stated that it would likely maintain the current target range for the Fed funds rate for a considerable time after the end of the asset purchase program, especially if projected inflation continues to run below its 2% longer run goal. However, if economic data shows faster progress, the Fed indicated that it could raise the Fed funds rate sooner than expected. The Fed changed its language slightly in December 2014, indicating it would be patient in normalizing monetary policy. This shift helped ease investors worries that rates might be raised too soon. However, as employment data released early in 2015 continued to look strong, anticipation began building that the Fed could raise its main policy rate as soon as June. As widely expected, after its March meeting, the Fed eliminated patient from its statement, but also highlighted the policymakers less optimistic view of the U.S. economy s overall health as well as downgraded their inflation projections. 18

20 SUB-INVESTMENT MANAGERS REPORT (continued) April 2015 s meeting seemed to further signal that a June rate hike was off the table. While the Fed attributed the first quarter s economic weakness to temporary factors, the meeting minutes from April revealed that many Federal Open Market Committee members believed the economic data available in June would be insufficient to meet the Fed s criteria for initiating a rate increase. According to the U.S. government s second estimate, the U.S. economy contracted at a 0.7% annualized rate in the first quarter of 2015, as measured by gross domestic product (GDP), compared with an increase of 2.2% in the fourth quarter of 2014 and 5.0% in the third quarter. The decline in the real GDP growth rate from the fourth quarter to the first quarter primarily reflected a downturn in both state and local government spending as well as declines in exports and consumer spending. These were partly offset by an upturn in federal government spending. The Consumer Price Index (CPI) was unchanged on a year-over-year basis as of May The core CPI figure (which excludes food and energy) increased 1.7% during the same period, which was below the Fed s unofficial longer term inflation objective of 2.0%. As of May 2015, the U.S. unemployment rate was 5.5%, a level not seen since mid-2008 and nearly 1% lower than one year ago. This figure is also considered full employment by some Fed officials. The housing market continued to post consistent gains, with 35 consecutive months of year-over-year increases as of its most recent reading in April The average home price in the S&P/Case-Shiller Index of 20 major metropolitan areas rose 4.9% for the twelve months ended April 2015 (most recent data available at the time this report was prepared). In the equity markets, the current U.S. bull market entered its seventh year during the reporting period. After dropping sharply in October 2014, equities surged upward again, although with heightened volatility, to reach multiple new highs throughout the remaining months of the reporting period. For example, the bellwether S&P 500 Index set a new alltime high in late December 2014, then dropped 3% in January 2015, before rebounding in the following months to hit several more new highs in February, April and again in late May, finishing the reporting period with an 11.81% return. Sector performance within the S&P 500 Index proved to be quite divergent with health care stocks leading the way, rising more than 27% on the back of increased merger and acquisition activity and investors quest for growth. Given the dramatic decline in oil and natural gas prices during the reporting period, the energy sector was hit hard with a decline of more than 15% within the index. Overall returns for the small-cap segment ended the reporting period in the same vicinity as large caps, after significantly underperforming earlier in In the final months of 2014 and early 2015, small-cap stocks, which are viewed as more exposed to the domestic economy, were propelled upward by improvements in jobs data, GDP, consumer spending and personal incomes. The small-cap focused Russell 2000 Index gained 11.32% during the reporting period. Across the market cap spectrum, growth oriented stocks outperformed value stocks by a fairly wide margin. As estimates for earnings growth declined throughout the reporting period, growth became harder to come by, prompting investors to pay more for that potential. For example, the return for the Russell 1000 Growth Index was 14.73%, while the Russell 1000 Value Index gained 9.03%. Overall, international markets ended the reporting period on a weak note with the MSCI EAFE Index down 0.06% and emerging markets only modestly better rising 0.33%, as measured by MSCI Emerging Markets Index. Dollar strength undermined U.S. dollar denominated equity returns as it hit multi-year highs. European markets finished the reporting period solidly in negative territory, whereas China s stock market surged to be a top performer despite headline weakness in many emerging markets. Japan s market also experienced a resurgence after underperforming earlier in the year. The global infrastructure asset class, as measured by the S&P Global Infrastructure Index, underperformed the broad U.S. equity market (S&P 500 Index) by more than 8% during the reporting period, but outpaced international markets with a 3.11% return. During the reporting period, the overall global high yield market experienced slightly negative returns as measured by the Barclays Global High Yield Index return of -1.69%. The U.S. portion of the high yield market performed best, emerging markets (EM) were modestly negative and the European section underperformed. Volatility was heightened across global markets during the first half of this reporting period, particularly in the energy, high yield and emerging market (EM) sectors, due to global growth concerns, ongoing geopolitical unrest and the sharp drop in commodity prices. The main driver was the collapse in the price of oil due to OPEC s decision to maintain its daily production quota in November This exacerbated falling oil prices, which were already slumping because of slowing worldwide demand and increased U.S. production. The precipitous drop in oil prices had the greatest effect on the high yield market because up to 14% of common high yield indexes consist of credits exposed to oil, more so than any other market. The uptick in volatility seen in the second half of 2014, coupled with reduced market liquidity, combined to raise risk premiums in the high yield space approximately 55 basis points during the fourth quarter. Adding to the selling pressure were the net outflows experienced by mutual funds during calendar 2014, which totaled a record $23.8 billion (source: JP Morgan). 19

21 SUB-INVESTMENT MANAGERS REPORT (continued) In emerging markets, most larger countries faced lackluster macroeconomic backdrops, which were further hindered by collapsing oil prices, weak currencies and specific issues in countries such as Brazil and Russia. Asian and Latin American metal and mining companies were further weighed down by a lack of recovery in iron ore and coal prices. In the eurozone, economies struggled in the first half of the reporting period as both consumer and business confidence remained weak in the face of still-tight credit conditions and the impact of Russian sanctions, further pressuring the European Central Bank (ECB) toward additional action. Early in 2015, the ECB launched a massive quantitative easing program via a government bond-buying program designed to pump more than one trillion euro into the weak eurozone economy. Other central banks around the world followed by enacting more than 30 additional policy easing actions. However, European high yield markets underperformed, dragged down by weakness in the euro currency and investor profit-taking after the sector s strong run-up in 2013 and the first part of Despite heightened market volatility, preferred securities performed exceptionally well. The BofA/Merrill Lynch Preferred Securities Fixed Rate Index returned 8.0% for the reporting period. Preferred prices benefited from the market s demand for long duration and yield. Real estate investment trust (REIT) preferreds also outperformed bank preferreds. Falling interest rates are typically more supportive of REITs than banks because as rates decline, the above average yield generated by REITs becomes more attractive to investors. The $25 par preferred market outperformed the $1,000 par preferred, due in large part to many high yield funds selling their holdings of $1,000 par bank and insurance preferreds, especially late in 2014, to raise cash and reduce risk. We remain an active participant in both the $25 and $1,000 par preferred markets and intend to take advantage of any dislocations when opportunities arise. In this environment, the broad commodities market, as measured by the Bloomberg Commodity Index (BCOM), suffered a 24.55% loss for the twelve-month period. All six commodity groups in the BCOM ended the reporting period lower, led by double digit declines in energy, foods and fibers, and agriculture. Energy commodities encountered strong headwinds, pushing the group down 41.8% in the BCOM for the reporting period. Geopolitical tensions continued to flare with the ongoing Russia-Ukraine crisis and the sectarian violence and civil unrest across the Middle East and Africa. Near-record crude oil production in the U.S. and an unexpected move by the Organization of Petroleum Exporting Countries (OPEC) to maintain its output levels despite falling prices contributed to fears about a global supply excess. Amid mounting booming supply, demand looked likely to shrink with stagnating growth in Europe and a deceleration in China s economy. U.S. dollar strength further undermined energy prices, as these commodities are priced in U.S. dollars. Favourable growing conditions hampered prices for agriculture and foods and fibers commodities. Throughout the reporting period, global inventories of grains, cotton and sugar generally remained at surplus levels. Sugar futures were further depressed by weakness in the Brazilian real in the first half of 2015, which was expected to encourage exports. The industrial metals group also ended the reporting period down by double digits, although to a lesser extent than the three groups discussed. For most of the reporting period, the slowdown in China, the world s largest raw materials user, dampened industrial metals prices. The U.S. dollar rally also contributed to price weakness in the group. Live cattle futures were the only individual commodity within the BCOM to have a positive return for the reporting period. A cold winter in early 2014 hampered cattle breeding and weight gain and reduced slaughter rates, which helped propel live cattle prices. However, these gains were offset by a steep price decline in lean hogs futures. With grain prices falling, farmers fattened and increased their herds to compensate for their losses after a fatal virus epidemic began thinning herds in In addition, U.S. pork exports slackened in early 2015, due to the stronger U.S. dollar and a port strike in California that created a bottleneck for sales to Asia. The factors drove lean hogs prices lower for the reporting period overall. The precious metals group sustained the smallest decline in the BCOM for this reporting period, with both gold and silver trading lower. The strengthening dollar reduced demand for gold as a hedge against dollar weakness, putting downward pressure on futures prices. The uncertain timing of the Fed interest rate increase also influenced prices, as rising inflation expectations tend to increase demand for precious metals. However, rallies were short-lived as the Fed maintained its near-zero interest rate policy for longer than initially anticipated. 20

22 SUB-INVESTMENT MANAGERS REPORT (continued) How did the Sub-Funds perform during the reporting period ended 31 st May, 2015? The accompanying table provides performance information for each Sub-Fund Class I at net asset value for the one-year, five-year and since inception periods ended 31 st May, The table also compares the Sub-Funds performance to appropriate benchmarks. What strategies were used to manage the Sub-Funds during the reporting period and how did these strategies influence performance? Tradewinds Global All-Cap Fund During the month of March 2015, the Sub-Fund received a tax reclaim. When the tax reclaim is excluded, the Tradewinds Global All-Cap Fund s Class I at net asset value underperformed both the Morningstar Europe OE Global Large-Cap Value Equity Category Average and the MSCI ACWI (All Country World Index) during the twelvemonth reporting period ended 31 st May, For information regarding the performance impact, please refer to the total return table on page 34. Much of the Sub-Fund s relative underperformance to MSCI All Country World Index was due to stock selection in the industrials, energy, materials and utilities sectors and underweight in the health care sector. The Sub-Fund s return was aided by stock selection in the financials, telecommunication services, consumer staples, consumer discretionary and information technology sectors. The worst performing sector on a relative basis was the industrial sector led by Vallourec S.A. The French company supplies oil country tubular goods (OCTG) and steel pipes mainly to energy markets. In June 2014, the company issued a profit warning due to destocking by its key clients. In early 2015, while the company delivered results ahead of expectations for 2014, the company was negatively impacted by lowered demand for its products. In addition, the recent material weakness in the oil prices has increased investors negative sentiments towards the stock. We exited the position during the reporting period. The energy sector also detracted from performance led by Canadian-based Bankers Petroleum Ltd., the worst performer during the reporting period and U.S. based Apache Corporation, another bottom performer. Both companies are engaged in the exploration and production of oil and natural gas. Earlier in the reporting period, rising global oil production and a stronger U.S. dollar both factored into lower oil prices, which negatively affected the companies. This has been exacerbated by the weakness in oil prices. We find that Bankers has been making the difficult but prudent choices required to endure through to a better pricing environment. In favor of preserving the balance sheet quality and reserves, the company in December 2014 announced a strategic decision to forgo 2015 production by reducing rig count, allocating most of its capital to its lowest risk projects and hedging production. We believe Bankers strong balance sheet and sensible management make the company a worthwhile holding from a risk/return tradeoff perspective. Freeport-McMoran, Inc., a copper, gold, molybdenum, cobalt, oil and natural gas mining company also underperformed. Both copper and oil commodity prices have been down during the reporting period resulting in a decrease in the company s operating earnings and cash flows. In March 2015, the company cut its quarterly dividend to preserve liquidity given the current pricing environment and the status of its balance sheet. Financials was the best performing sector during the reporting period and home to the Sub-Fund s second and third top performers, Japanese insurance company MS&AD Insurance Group Holdings, Incorporated and Swiss-based wealth manager and investment bank UBS AG. In February 2015, MS&AD announced it earnings and the company beat net profit expectations by a large margin, assisted by favorable conditions in MS&AD s non-life insurance business. In May 2015, the company announced an upward revision to the 2014 guidance and year-end dividend. In general, Japan s equity markets appear to have benefited from the Government Pension Investment Fund decision to increase its holdings of Japanese stocks. Finally, MS&AD has an overweight position in assets outside of Japan and we believe the company is therefore advantageously positioned relative to continued yen weakness. When the Swiss central bank unexpectedly announced that it would no longer peg the Swiss Franc to the Euro in January 2015, UBS stock price, like many Swiss companies, initially declined. Since then the stock price has recovered. The company also announced it substantially beat net profit expectation for the first quarter in May 2015 across all its businesses segments. 21

23 SUB-INVESTMENT MANAGERS REPORT (continued) Tradewinds Global All-Cap Fund (continued) Digital China Holdings Limited, the largest broad-line IT distributor and one of the largest IT service providers in China, showed a marked improvement from being among the bottom performing holdings in the previous reporting period to the best performer for the reporting period. The company finally returned to year-over-year revenue growth in its enterprise business. In addition, it raised its dividend payouts. Also, its separately-listed IT services subsidiary has appreciated significantly. Lastly, the Hong Kong-Shanghai through train opened up during the reporting period, which allows direct trading of shares between Hong Kong and Shanghai. Thus enabling mainland Chinese investors to buy Digital China Holdings Limited, what we consider to be an undervalued stock. Teva Pharmaceutical Industries Ltd., a member of the health care sector, was another top performer. The company s top selling multiple-sclerosis drug, Copaxone, accounts for a meaningful portion of Teva s profits; the U.S. approved a higher dose, longer lasting version of the drug that will extend its patent protection. The company also has a new promising pipeline of products for migraine and tardive dyskinesia, a Parkinson s disease side effect. In addition, the company s second and third quarter 2014 results beat the market s expectations and the company raised its 2014 guidance after the second quarter results. The company s fourth quarter 2014 results also beat expectations and the company reaffirmed its 2015 guidance. The first quarter 2015 results followed the upward trend of the other three quarters. In addition, the company raised its earnings per share (EPS) guidance for the full year. NWQ Large-Cap Value Fund The NWQ Large-Cap Value Fund s Class I at net asset value underperformed both the Morningstar Europe OE U.S. Large-Cap Value Equity Category Average and the Russell 1000 Value Index during the twelvemonth reporting period ended 31 st May, Consumer discretionary was an area of strength in the market during the reporting period. It was also the Sub-Fund s best performing sector relative to the Russell 1000 Value Index due to a greater exposure and more favourable stock selection. Results also benefited from favourable stock selection in the consumer staples and materials & processing sectors, driven by our positions in CVS Heath Corporation and Agrium Inc. Partially offsetting these gains was the underperformance of our energy stocks. Although our energy exposure was roughly in-line with the Russell 1000 Value Index, relative results suffered from declines in holdings that are not included in the benchmark, including Canadian Natural Resources Limited and Talisman Energy Inc. Also detracting from relative performance were our financial and health care holdings. Both of these sectors were positive contributors to our absolute performance, but did lag the stronger return of the benchmark. Our lack of exposure to real estate investment trust (REIT) securities in the finance sector was a particular headwind. Several holdings positively contributed to performance. CVS Health outperformed as the company continues to execute well, including gaining market share in its pharmacy benefit manager (PBM) business with key wins of Wellmark and Wellcare. Strong PBM performance is also leading to a tailwind for its retail business. More recently, the company announced that it would acquire specialty pharmacy, Omnicare. This accretive deal further differentiates CVS Health in the market with an ability to provide pharmacy services across all sites of care. Also contributing to performance was Norwegian Cruise Lines Holdings Limited, which appreciated given the positive outlook for Caribbean itinerary pricing and earnings, as well as expected accretion from its recent acquisition of Prestige Cruises International, the market leader in the upscale cruise segment. This deal diversifies Norwegian s concentration beyond the Caribbean. Industry fundamentals for the cruise industry also remain positive as supply growth is projected to remain muted over the next several years. We eliminated our position, however, as the stock had appreciated significantly and no longer offered compelling valuation. Lastly, shares of Target Corporation performed well as new management had early success in turning around the business by discontinuing its Canadian operations to stem massive financial losses. Management has also improved merchandising at its U.S. stores, which is helping to lift traffic volumes and profit margins. Our energy stocks performed poorly as oil prices declined given negative revisions of global oil demand, soft global macroeconomic news and a surging U.S. dollar. Apache Corp., Baker Hughes and Talisman Energy were our weakest holdings in the group. We used the decline in oil prices and energy stocks to reposition our holdings in the sector. We eliminated our position in Baker Hughes, California Resources (spin-off from Occidental Petroleum) and Talisman Energy following its all cash takeout offer from Repsol. 22

24 SUB-INVESTMENT MANAGERS REPORT (continued) NWQ Large-Cap Value Fund (continued) Further, we cut our position in Apache in favor of establishing a new position in Royal Dutch Shell and added to our position in refiner/chemical company Phillips 66. We believe Royal Dutch represents good value and offers a high, sustainable dividend yield coupled with a strong balance sheet. The company had completed asset sales prior to the decline in oil prices, and has also established a Master Limited Partnership (MLP) structure to take advantage of the favourable arbitrage opportunity the market has granted to separating its pipeline and gathering system assets from its core business. Similarly, we swapped our position in Canadian Natural Resources for Suncor Energy given its stronger balance sheet, better capital return profile and lower exposure to heavy oil/west Texas Intermediate differentials. Winslow Large-Cap Growth Fund The Winslow Large-Cap Growth Fund s Class I at net asset value outperformed the Morningstar Europe OE U.S. Large-Cap Growth Equity Category Average and underperformed the Russell 1000 Growth Index during the twelve-month reporting period ended 31 st May, The macro environment evolved materially during the reporting period. The most significant moves were in the decline of oil and natural gas prices and the increase in the U.S. dollar. West Texas Intermediate (WTI) prices peaked at about $107 but ended the reporting period at $60 per barrel. Similarly, the Euro hovered near $1.35 but closed nearing $1.10. Both the industrial sector and energy sectors faced headwinds as a result of these moves. Although we were consistently underweight both sectors, relative performance of the portfolio was not fully insulated. Our bottom up stock analysis factored in this environment and led us to overweight the information technology and health care sectors. Both sectors were highly additive to relative performance, the underlying secular growth of these holdings offset any relevant currency challenges. The best performing sector was information technology, with stock selection driving relative performance. In the health care sector, an overweight drove relative performance. In the consumer staples sector, stock selection drove relative performance. The bottom performing sectors were consumer discretionary, energy and materials. The worst performing sector was consumer discretionary, with stock selection driving relative performance. In the energy sector, stock selection drove relative performance. In the materials sector, stock selection drove relative performance. Several holdings contributed to the performance. Biopharmaceutical company Celgene Corporation has continued to generate strong revenue and earnings growth based on the strength of the company s lead cancer drug, Revlimid. Also contributing was Ulta Salon, Cosmetics & Fragrance, Inc. which is one of the fastest growing companies in retailing. We believe that strong same store sale growth, double digit new store growth and operating margin expansion will drive earnings per share growth of more than 20%. Lastly, health insurance provider UnitedHealth Group Incorporated also contributed to performance. UnitedHealth Group has built an information advantage in health care derived from its advanced data capabilities in its Optum business. Optum, UnitedHealth s health services platform, focuses on helping improve the health care system itself, including population health management, care delivery and improving the clinical and operating elements of the system. Several positions detracted from performance, including Concho Resources. Although this oil and natural gas exploration company has excellent assets in the Permian Basin of southeast New Mexico and west Texas, the impact of pricing weakness in both commodities undermined stock performance during this reporting period. The stock has since been sold. Also detracting from performance was Priceline Group. The online booking company s fundamental business continued to grow rapidly. However with the majority of its business transacted outside the U.S., the strength of the dollar undermined earnings growth in recent periods. We have long held the stock and anticipate better performance as currency headwinds moderate. Lastly, Twenty-First Century Fox detracted from performance. The strength of the company s cable networks and recent launch of Fox Sports has been partially masked by foreign exchange headwinds. Europe, Asia and Latin America represent 33% of the company s total revenues. As with Priceline, we have maintained ownership of the holding given strong underlying growth. 23

25 SUB-INVESTMENT MANAGERS REPORT (continued) NWQ Large-Cap Value ESG Fund The NWQ Large-Cap Value ESG Fund s Class I at net asset value outperformed the Morningstar Europe OE U.S. Large-Cap Value Equity Category Average and underperformed the Russell 1000 Value Index during the twelve-month reporting period ended 31 st May, Consumer discretionary was an area of strength in the market during the reporting period. It was also the Sub-Fund s best performing sector relative to the Russell 1000 Value Index due to a greater exposure and more favorable stock selection. Results also benefited from very favorable stock selection in the consumer staples and materials & processing sectors, driven by our positions in CVS Health and Agrium. Partially offsetting these gains was the underperformance of our energy stocks. Although our energy exposure was roughly in-line with the Russell 1000 Value Index, relative results suffered from declines in holdings that are not included in the benchmark, including Canadian Natural Resources and Talisman Energy. Also detracting from relative performance was our financial and healthcare holdings. Both of these sectors were positive contributors to our absolute performance, but did lag the stronger return of the benchmark. Our lack of exposure to real estate investment trust (REIT) securities in the finance sector was a particular headwind. Several holdings positively contributed to performance. CVS Health outperformed as the company continues to execute well, including gaining market share in its pharmacy benefit manager (PBM) business with key wins of Wellmark and Wellcare. Strong PBM performance is also leading to a tailwind for its retail business. More recently, the company announced that it would acquire specialty pharmacy, Omnicare. This accretive deal further differentiates CVS in the market with an ability to provide pharmacy services across all sites of care. Also contributing to performance was Norwegian Cruise Lines Corporation Ltd., as it appreciated due to the positive outlook for Caribbean itinerary pricing and earnings, as well as expected accretion from its recent acquisition of luxury cruise line Prestige Cruises International. This acquisition diversifies the company s concentration beyond the Caribbean. Industry fundamentals for the cruise industry also remain positive as supply growth is projected to remain muted over the next several years. We eliminated our position, however, as the stock had appreciated significantly and no longer offered compelling valuation. Lastly, shares of Target Corporation performed well as new management had early success in turning around the business by discontinuing its Canadian operations to stem massive financial losses. Management has also improved merchandising at its U.S. stores, which is helping to lift traffic volumes and profit margins. Our energy stocks performed poorly as oil prices declined given negative revisions of global oil demand, soft global macroeconomic news and a surging U.S. dollar. Apache Corp., Baker Hughes and Talisman Energy were our weakest holdings in the group. We used the decline in oil prices and energy stocks to reposition our holdings in the sector. We eliminated our position in Baker Hughes, California Resources (spin-off from Occidental Petroleum), and Talisman Energy following its all cash takeout offer from Repsol. Further, we cut our position in Apache in favor of establishing a new position in Royal Dutch Shell and added to our position in refiner/chemical company Phillips 66. We believe Royal Dutch represents good value and offers a high, sustainable dividend yield coupled with a strong balance sheet. The company had completed asset sales prior to the decline in oil prices and has also established a master limited partnership (MLP) structure to take advantage of the favorable arbitrage opportunity the market has granted to separating its pipeline and gathering system assets from its core business. Similarly, we swapped our position in Canadian Natural Resources for Suncor Energy given its stronger balance sheet, better capital return profile and lower exposure to heavy oil/west Texas Intermediate differentials. Global Infrastructure Fund The Global Infrastructure Fund s Class I at net asset value outperformed the Morningstar Europe OE Sector Equity Infrastructure Category Average and the S&P Global Infrastructure Index during the twelve-month reporting period ended 31 st May, The Sub-Fund is designed to offer capital appreciation and income potential by investing primarily in equity securities issued by global companies that typically derive the majority of their value from owned or operated infrastructure assets. During the reporting period, our strategy for managing the Sub-Fund remained consistent as we focused on buying global infrastructure companies that own and operate long-life assets and that have visible cash flows, strong balance sheets, manageable amounts of leverage and inelastic demand characteristics. We believe these types of companies will have ongoing access to capital and the best chances for producing sustainable and growing cash flow. 24

26 SUB-INVESTMENT MANAGERS REPORT (continued) Global Infrastructure Fund (continued) The Sub-Fund is structured using a number of core infrastructure companies that we believe should provide long-term outperformance versus the market, combined with more opportunistic holdings that we believe are undervalued by the market in the short term. We have exposure around the globe to a mixture of holdings that represent significant value, as well as positions in companies that may prove to be more stable in a slowly growing global economy. During the twelve-month reporting period, the Sub-Fund benefited from favourable results in the gas utilities, electric utilities, water utilities, tollroad and alternative energy sectors. Stock selection in gas utilities was the leading positive contributor to the Sub-Fund s relative performance. Underweight positions in U.K. gas utility Centrica plc and French company GDF Suez SA, which are both large benchmark constituents, were the main contributors to positive relative returns in the space as their shares fell significantly during the reporting period. We continued to benefit from an underweight to Centrica and the rest of the U.K. market as the dynamics were still quite negative for these stocks due to ongoing political pressure to freeze energy prices for retail consumers and the effects of sharply falling oil and gas prices. In the case of GDF Suez, although we like this company and have a decent sized weight, it is a massive conglomerate with some exposure to commodities. The company is also in the process of resolving some issues with the Belgian government over safety inspections and taxes involving its nuclear plants. In addition, the Sub-Fund continued to benefit from its out-of-index position in U.S. based natural gas transmission company NiSource, Inc. Our position in NiSource was predicated on our belief that the company was on the verge of splitting off its natural gas pipeline business in the form of a master limited partnership (MLP), which was announced at the end of the third calendar quarter NiSource s shares advanced strongly following the announcement of the spinoff. Electric utilities also provided positive performance attribution, mainly due to what the Sub-Fund did not own, as well as an approximately 13% underweight to the sector. Stocks in the sector, particularly regulated utilities, underperformed the overall market due to fears that the Fed would begin raising interest rates at some point during 2015, which would lessen the attractiveness of these dividend payers. The Sub-Fund benefited from no exposure or significant underweights to benchmark constituents including Enel S.p.A. in Italy (zero weight), E.ON SE and RWE AG in Germany (underweights) and Iberdrola SA in Spain (underweight). In addition to the macro headwinds, electric utilities in Germany continued to be weighed down by the prospects of a new energy reform bill that will likely make these companies fund their massive nuclear liabilities with cash. (Of note, Germany s RWE was removed from the S&P Global Infrastructure Index during the reporting period.) In the case of Spanish firm Iberdrola, it increased its regulated exposure with the announced acquisition of UIL Holdings Corporation, a small U.S.-based regulated transmission and distribution utility. The merger will create a larger, more diversified power and utility company that will be publicly traded upon the closing, which is targeted by year-end In water utilities, the Sub-Fund benefited from an out-of-index position in China Everbright International Limited, which saw its shares advance strongly during the reporting period. This best-in-class operator, which develops and operates water, waste-to-energy and other environmental service projects, was bid up dramatically in March of 2015, a month that saw significant buying activity by investors in the Hong Kong market. China Everbright also continued to benefit from additional project wins and government support for environmental projects in waste and water treatment. In the tollroad sector, the Sub-Fund s substantial underweight to Spanish firm Abertis Infraestructuras SA was the primary positive contributor. We continued to have conviction in our underweight, which was based on the company s lofty valuation and our lackluster outlook for Spanish tollroad traffic. Abertis s shares fell significantly during the first few months of the reporting period. The Sub-Fund also benefited from its out-of-index exposure to alternative energy as the sector recorded strong gains over the reporting period. The Sub-Fund owned a handful of yield-cos and other similarly structured companies that experienced significant investor demand and performed well. These companies are being brought to market by utilities, developers and conglomerates as they segregate out their alternative energy assets and list them separately on exchanges. The spinouts take advantage of capital availability for higher yielding, more defensive structures, tax breaks for renewable energy and guaranteed offtake agreements, which allow the power producers to sell the energy they create at a contracted price giving the companies better cash flow visibility. Oftentimes, these yield-cos also have significant growth potential because the parent companies commit to continued drop downs of primarily wind and solar assets into these structures after agreements to sell the power have been signed. During the reporting period, the Sub-Fund s largest performance detractors relative to the S&P Global Infrastructure Index were the pipeline, seaport and airport sectors. The Sub-Fund s approximately 2.5% weight in cash also detracted as the market turned in positive results during this reporting period. 25

27 SUB-INVESTMENT MANAGERS REPORT (continued) Global Infrastructure Fund (continued) In the pipeline area, the Sub-Fund s shortfall was mostly due to a slight underweight position in large index holding Williams Companies Inc. midway through the reporting period. Williams Companies shares performed well in the second half of the reporting period after the company announced the purchase of Access Midstream Partners L.P. This transaction will increase the quality of Williams existing asset profile and move the company toward more of a pure play general partner position, while the expected growth in cash flow due to the transaction appeared to be immediately accretive. The Sub-Fund s main detractor in the seaport sector was an underweight position in Hong Kong based China Merchants Holdings (International) Co., Ltd. Although the Sub-Fund held a fairly significant and relatively constant position in China Merchants, the index had an average 2.5% weight. The company, which also owns the land surrounding its ports, saw its shares bid up by Chinese shareholders in anticipation of potential development of the raw land to expand existing port assets and potentially take advantage of the new free trade zone in China. Also, a modest out-of-index position in Brazilian firm Wilson Sons Ltd., which specializes in working with offshore drillers, was the only other detractor of note in the port space. Wilson Sons suffered due to significant weakness in the Brazilian economy and its currency (the real), negative effects from the Petrobras scandal, a decline in port throughputs and the drop in commodity prices, which have raised concerns about the company s ability to win future contracts. The Sub-Fund s relative shortfall in the airport sector was the result of an underweight position in Japan Airport Terminal Co., Ltd. The company, which manages the passenger terminal and airport facilities at Haneda Airport in Tokyo, has been a key beneficiary of Japan s increase in inbound tourism as well as the internationalisation of the Haneda Airport. Japan Airport Terminal s shares advanced dramatically during the reporting period after the company announced positive earnings revisions due to Haneda Airport s expansion of arrival and departure slots in 2014 and the new affordability of Japan as a tourist destination. The Sub-Fund s position in Japan Airport Terminal was less than half of the benchmark s weight due to the stock s modest liquidity. Santa Barbara Global Dividend Growth Fund The Santa Barbara Global Dividend Growth Fund s Class I at net asset value outperformed both the Morningstar Europe OE Global Equity Income Category Average and the MSCI World Index during the twelve-month reporting period ended 31 st May, Stock selection was the primary contributor to the Sub-Fund s relative performance, as allocation effects were negative during the reporting period. These negative allocation effects were concentrated in the information technology and telecommunication services sectors. However, positive individual stock selection in the telecommunication services and industrials sectors more than made up for that detraction. Several holdings positively contributed to the Sub-Fund s performance, including bank holding company BOC Hong Kong (Holdings) Limited. Following a poorly received dividend cut in December, the company rebuilt its capital ratio and provided clarity on dividends going forward. Diversified medical equipment and supply company Covidien Ltd. also contributed to performance. We had been attracted to the company's significant growth prospects within the medical industry and it appears this potential was recognized by Medtronic Inc. as well; the company agreed to acquire Covidien in June Lastly, Hong Kong-based telecom company HKT Trust & HKT Ltd. was an additional Sub- Fund top contributor. We believe investors are finding the company s growing mobile and broadband businesses attractive. Several holdings detracted from the Sub-Fund s performance, including offshore drilling company Seadrill Ltd. The particularly negative oil price environment during the reporting period drove the company to eliminate the payment of dividends in order to shore up its balance sheet, a move that surprised many, including shareholders. With the company having no intentions of reinstating dividends for the foreseeable future, we exited our position in Seadrill in an acknowledgement that it no longer fits our strategy. Major French oil/gas producer Total S.A. was another top detractor, as the company suffered from the weakness in oil prices, in addition to being impacted by the death of the company s Chairman and CEO in an October plane crash. We find the company has some operational flexibility to navigate the current weak price environment, such as limiting capital expenditures even more than has already been done, therefore we continue to maintain our exposure. Australian bank Westpac Banking Corporation was an additional Sub-Fund top detractor. The company suffered from concerns about a lower-than-expected dividend and weaker profits, as well as plans to raise capital ahead of regulatory changes. 26

28 SUB-INVESTMENT MANAGERS REPORT (continued) Gresham Diversified Commodity Strategy Fund The Gresham Diversified Commodity Strategy Fund s Class I at net asset value outperformed the Bloomberg Commodity Index (BCOM) and the Morningstar Europe OE Commodities Broad Basket Category Average during the twelve-month reporting period ended 31 st May, During the reporting period, on 1 st July, 2014, the Dow Jones-UBS Commodity Index was renamed the Bloomberg Commodity Index. The methodology, rebalancing frequency and other index characteristics remain the same. The Gresham Diversified Commodity Strategy Fund derives its commodity exposure through its investment in a total return swap which provides the return of the Gresham TAP UCITS Index which is comprised of a diversified basket of futures contracts in a broad range of individual commodities. The discussion below relates to the Sub-Fund s economic exposure to this Gresham TAP UCITS Index as if it had direct investments in the individual commodities futures contracts. Gresham has developed an investment strategy intended to provide the Sub-Fund with exposure to the commodities asset class through a broad portfolio of futures contracts on physical commodities. Commodities have historically offered investors a hedge against rising inflation and diversification across economic cycles, potentially improving the efficiency of portfolios holding traditional equity and fixed income assets. The selection and weighting of commodities for the Sub-Fund s portfolio are calculated from historical physical production, pricing in the global markets, the volume of international trade and futures contract liquidity, with limits on portfolio concentration in individual commodities and groups. Once portfolio weights are determined, positions in individual futures contracts are actively managed by Gresham s seasoned team of portfolio managers and traders, who seek the best relative value opportunities from the available points on the futures contract curve for each commodity and the most favourable timing of contract purchases and sales. At the commodity group level, the Sub-Fund lagged the BCOM in one sector during the reporting period, the precious metals group. The Sub-Fund s exposure to declining prices in platinum and palladium futures, contracts not represented in the BCOM, were detrimental to relative performance. In contrast, the Sub-Fund outpaced the BCOM in the other five groups. The widest relative outperformance was in the livestock group. Here, the Sub-Fund posted better relative returns in its live cattle and lean hogs positions, as well as benefited from its exposure to feeder cattle futures, which gained by double-digits during the reporting period and were not represented in the BCOM. The foods and fibers group (as grouped by Gresham) and the industrial metals group also performed relatively well for the Sub-Fund. Although both groups had negative returns overall for the reporting period, the Sub-Fund lost less value than the BCOM in its cotton, coffee, copper and aluminum positions. Gresham Long/Short Commodity Strategy Fund The Gresham Long/Short Commodity Strategy Fund s Class I at net asset value outperformed the Bloomberg Commodity Index (BCOM) during the twelve-month reporting period ended 31 st May, During the reporting period, on 1 st July, 2014, the Dow Jones-UBS Commodity Index was renamed the Bloomberg Commodity Index. The methodology, rebalancing frequency and other index characteristics remain the same. The Gresham Long/Short Commodity Strategy Fund derives its commodity exposure through its investment in a total return swap which provides the return of the Gresham L/S Commodity UCITS Index which is comprised of a diversified basket of futures contracts in a broad range of individual commodities. The discussion below relates to the Sub-Fund s economic exposure to this Gresham L/S Commodity UCITS Index as if it had direct investments in the individual commodities futures contracts. In managing the Sub-Fund, Gresham invests in futures contracts of major commodities through a momentum strategy, seeking to take advantage of the market dynamics of trends in rising and falling prices to provide an attractive return. The selection and weighting of commodities for the Sub-Fund s portfolio are calculated from historical physical production, pricing in the global markets, volume of international trade and futures contract liquidity, with limits on portfolio concentration from individual commodities and groups. 27

29 SUB-INVESTMENT MANAGERS REPORT (continued) Gresham Long/Short Commodity Strategy Fund (continued) After determining commodities and portfolio weights, the Sub-Fund takes long positions in commodities showing rising price trends and sells short those commodities where prices have persistently fallen, relying on the six-month moving average of a commodity s price as a reference point to determine trends. (Long portfolio positions benefit when prices are rising, while short positions benefit when prices are falling.) The Sub-Fund began the reporting period with a mix of long and short positions in all commodity groups except livestock, where it was entirely long. In the energy group, the Sub-Fund does not implement short positions in the petroleum complex commodities but rather takes a zero or flat position when investment rules indicate a short position. At the end of the reporting period, the Sub-Fund held long positions in most energy contracts (short in natural gas), short positions in most agriculture contracts (long in soybean oil), short positions in most precious metals (long in silver), long in both live cattle and feeder cattle but short in lean hogs, and a mix of long and short positions in industrial metals and foods and fibers. By comparison, the Index holds only long positions. The Sub-Fund outperformed the BCOM in all commodity groups, except precious metals. The Sub-Fund s foods and fibers, energy and agriculture groups delivered the strongest outperformance relative to the BCOM. In the foods and fibers group, as grouped by Gresham, the Sub-Fund benefited from short positions in cotton, sugar and coffee during periods when their prices were falling. The Sub-Fund maintained a flat position across the petroleum complex for most of the reporting period, which was advantageous because many energy commodities suffered significant price declines during the period. Although the Sub-Fund trailed the BCOM in its soybean meal position, its shorts in corn, soybeans and wheat futures were favourable to relative performance as these grains traded lower during the reporting period. Conversely, the Sub-Fund underperformed the BCOM in the precious metals group, sustaining larger losses in its gold and silver positions. Gold and silver prices were particularly choppy during the first quarter of 2015, which caused the Sub-Fund to suffer excess flipping activity. Flipping activity occurs when commodity prices trend sideways and the Sub-Fund switches from long to short (or flat in the case of energy) or vice versa. In seeking to outperform and get ahead of the BCOM, the Sub-Fund can experience excess flipping, which can adversely affect relative returns. The BCOM, in contrast, remains long only. Global High Income Fund The Global High Income Fund s Class I at net asset value outperformed both the Morningstar Europe OE Global High Yield Bond Category Average and the Barclays Global High Yield Index during the twelve-month reporting period ended 31 st May, The objective of the Sub-Fund is to seek opportunities for higher returns and greater diversification using high income securities from around the world, across the capital structure and along the full credit quality spectrum. The management team uses a highly collaborative, research-driven approach that we believe offers the best opportunity to achieve consistent, superior long-term performance on a risk-adjusted basis across the full range of market environments. The Sub-Fund was generally positioned for a continued macro environment of moderate but improving economic growth, low inflation, low volatility and accommodative monetary policy. We believe this favourable mix should keep risk premiums and default risk low across global bond markets. As is typical of our investment process, we also made smaller scaled shifts that were geared toward improving the Sub-Fund s profile in response to changing conditions and valuations as the reporting period progressed. The Sub-Fund s performance rebounded from weak performance in the second half of 2014 to post respectable gains during the first five months of 2015, offsetting most of the losses experienced earlier in the reporting period. The first six months of the Sub-Fund s reporting period were characterized by heightened volatility experienced across global markets, more specifically in the energy, high yield and emerging market (EM) sectors. The biggest story was the painful rebalancing act of the global oil complex in the wake of OPEC s decision to maintain its daily production quota at its late November 2014 summit. This merely exacerbated falling oil prices, which were already slumping because of slowing worldwide demand and increased U.S. production. The reaction among high yield energy bonds was equally harsh with high yield energy indices falling anywhere from 11% to 14% during the fourth quarter of While the Sub-Fund started the reporting period with an underweight position in energy, it did in fact suffer from various positions in higher beta and less liquid names during the oil price correction, but not unduly compared to broad index exposures. 28

30 SUB-INVESTMENT MANAGERS REPORT (continued) Global High Income Fund (continued) We subsequently took advantage of the extreme sell-off in the energy sector to gradually add exposure later in the reporting period. Even though the Sub-Fund ended the reporting period with energy exposure that was higher than the benchmark weight, it was more heavily skewed toward investment grade securities and the refining and midstream segments, areas that have been more immune to the severe decline in oil prices. The other major theme throughout the reporting period was emerging markets volatility and the corresponding underperformance of emerging markets debt. The macroeconomic backdrop for most of the larger emerging markets countries remained lackluster and was further complicated by the collapse in oil prices, weak currencies and idiosyncratic developments involving Brazil (macro adjustments following the elections) and Russia (continued Russia/Ukraine conflict along with sanctions). Furthermore, other commodity prices such as iron ore and coal have not yet recovered, which remained a concern for Asian and Latin American metal and mining companies. The Sub-Fund had a slightly less-than-index emerging markets exposure with its largest weight in Brazil. We eliminated exposure to Russia during the reporting period. Despite some of the issues stated above, the emerging markets sub-index still performed in line with the global benchmark, losing just 0.44% during the reporting period as there was a pronounced snapback in Russian assets. The Sub-Fund s exposure to various holdings in the European financial sector, where it holds an above average weighting compared to the global benchmark, was a small detractor to performance. While fundamentals generally remained solid, some profit taking took place after the sector s run-up throughout 2013 and the first half of The Pan-European sub-index, which is concentrated in financials, declined during the reporting period. With only a couple of exceptions of credit impairments, notably in the energy space, individual credit selection was favourable and generally made up for some of the weaker performing areas highlighted earlier. We maintained the overall quality of the Sub-Fund s portfolio with a slight bias to improve its credit quality during the latter part of 2014 when volatility was heightened. Then, as mentioned previously, we added to the Sub-Fund s energy exposure to take advantage of the attractive yields in the space as we moved into the second quarter of As the Sub-Fund grows in size, we expect that security concentration risk will diminish. Initially, however, we have taken somewhat larger positions among some of the larger and more liquid global benchmarks. As we move forward, many of these will be replaced by issues that we deem to have greater return potential as a result of our bottom-up, research driven security selection process. NWQ Flexible Income Fund The NWQ Flexible Income Fund s Class I at net asset value outperformed the Morningstar Europe OE Cautious Allocation Category Average and the Barclay s U.S. Aggregate Bond Index, but underperformed the BofA/Merrill Lynch Fixed Rate Preferred Securities Index during the twelve-month reporting period ended 31 st May, The Sub-Fund seeks to achieve its investment objectives by investing in undervalued securities with attractive investment characteristics. The Sub-Fund s portfolio is actively managed and has the flexibility to invest across the capital structure in any type of debt, preferred or equity securities offered by a particular company. The investment process identifies undervalued securities within a company s capital structure that offer the most attractive risk/reward potential. The portfolio management team then evaluates all available investment choices within a selected company s capital structure to determine the portfolio investment that may offer the most favorable risk-adjusted return potential. The Sub-Fund s portfolio is constructed with an emphasis on maintaining a sustainable level of income and an overall analysis for downside protection. Despite heightened market volatility, preferred securities performed exceptionally well. The BofA/Merrill Lynch Preferred Securities Fixed Rate Index returned 8.0% for the reporting period. Preferred prices benefited from the market s demand for long duration and yield. Real estate investment trust (REIT) preferreds also outperformed bank preferreds. Falling interest rates are typically more supportive of REITs than banks because as rates decline, the above average yield generated by REITs becomes more attractive to investors. The $25 par preferred market outperformed the $1,000 par preferred, due in large part to many high yield funds selling their holdings of $1,000 par bank and insurance preferreds, especially late in 2014, to raise cash and reduce risk. We remain an active participant in both the $25 and $1,000 par preferred markets and intend to take advantage of any dislocations when opportunities arise. 29

31 SUB-INVESTMENT MANAGERS REPORT (continued) NWQ Flexible Income Fund (continued) During the reporting period, there were some other notable changes by asset class. Because many of the preferred holdings reached their target price, especially during the first quarter of 2015, we reduced the portfolio s preferred weighting. Additionally, volatility and new issuance in the high yield space allowed the Sub-Fund to capitalize on attractive yield opportunities with good risk/reward characteristics. The Sub-Fund s overall bond and equity holdings increased during the reporting period. We focus on equities with attractive dividend yields and valuations that can provide for upside with strong downside protection characteristics. Several sectors contributed to the Sub-Fund s positive performance, in particular our holdings in the financials, banking and real estate sectors. Several individual positions contributed to performance, including our REIT holdings. The company, Hannon Armstrong Sustainable Infrastructure Capital Incorporated, is a REIT which provides debt and equity financing to the energy efficiency and renewable energy markets. They focus on providing preferred or senior level capital to established sponsors and high credit quality obligors for assets that generate long-term, recurring and predictable cash flows. Hannon has a strong origination pipeline with higher asset yields. The company also forecasted 15-16% growth in 2015/2016. Also contributing to performance was New Residential Investment Corp., another REIT that focuses on opportunistically investing and actively managing investments primarily related to residential real estate. During the reporting period, New Residential Investment Corp. acquired Home Loan Servicing Solutions (HLSS) which we believe will add to the company s earnings per share. Lastly, another top performer was our position in Phillips 66 common stock. The company is a Texas-based energy manufacturing and logistics company that owns stakes in 14 refineries in the U.S., U.K, Ireland and Germany, with 2.1 million barrels per day of crude capacity. Earlier in 2014, there were concerns that the company is entering a heavier spending phase, which would reduce its distribution yield during 2015/2016. However, we believe transformational growth will likely unfold as opportunities are capitalized on their other businesses as the company redeploys the cash flow from its refining business to diversify earnings toward these higher multiple businesses. Additionally, Phillips 66 offers exposure to the West Texas Intermediate (WTI) Brent spread but without the same level of volatility that characterizes pure play peers. We increased this position in early Weakness in oil prices, particularly in the fourth quarter of 2014, was the primary detractor from the Sub-Fund s performance. These include Key Energy Services Inc. and LinnCo LLC common stocks and Cushing Royalty & Income Fund. While they detracted from the Sub-Fund s performance, we have since eliminated many of these holdings as prices somewhat recovered. In response to the crude prices, as well as rising volatility in the energy space we made substantial changes to the Sub-Fund s portfolio in an effort to dampen volatility and improve the quality of portfolio holdings while also adding yield. We accomplished this by selling preferred securities and buying senior debt. We believe the debt issues the Sub-Fund holds have a more than sufficient equity and/or dividend cushion and that dividends will be slashed well before the debt is threatened. Nevertheless, energy related securities performed poorly as oil prices declined given negative revisions of global oil demand, weaker macroeconomic news and a surging U.S. dollar. At the end of 2014, the Sub-Fund s industrial holdings were predominately energy related senior bonds. As prices recovered in 2015, we have since eliminated many of these bond holdings. NWQ Small-Cap Value Fund The NWQ Small-Cap Value Fund s Class I at net asset value outperformed both the Morningstar Europe OE U.S. Small Cap Equity Category Average and the Russell 2000 Value Index since its inception on 2 nd September, 2014 through the reporting period ended 31 st May During the reporting period, we completed the invest-up process. The Sub-Fund follows a disciplined investment approach seeking long-term capital appreciation by investing in equity securities of companies with small market capitalizations selected using an analyst driven, value oriented process. We look for undervalued companies where catalysts exist to unlock value or improve profitability. Such catalysts can be new management, improving fundamentals, renewed management focus, industry consolidation or company restructuring. 30

32 SUB-INVESTMENT MANAGERS REPORT (continued) NWQ Small-Cap Value Fund (continued) During the abbreviated since inception reporting period, growth stocks generally outperformed value and larger capitalization stocks outperformed smaller stocks. The Russell 2000 Growth Index rose amid a decline in the Russell 2000 Value Index. Energy stocks dropped as crude oil declined sharply reflecting a slowdown in global demand and the stronger U.S. dollar. The Sub-Fund s producer durable, technology, material & processing, and health care contributed to performance. However, the Sub-Fund s energy, consumer staples and financial service holdings detracted from performance. Those holdings that contributed positively to performance included producer durables Microsemi Corporation. Microsemi Corporation is a manufacturer of defense, security, aerospace, enterprise, communications, medical, alternative energy and industrial products for power related applications. Margins continue to improve and are approaching the company s long term targets of 60% gross and 30% operating. Increased focus on higher margined products has contributed to recent gains. Shares received an additional boost late in the reporting period when the company announced the acquisition of Vitesse Semiconductors, a transaction that should enhance both margins and earnings and provide substantial cross-selling opportunities across the company s broad customer base. Hooker Furniture Corporation also contributed positively to performance. Ranked among the nation's top ten largest publicly traded furniture sources based on 2013 shipments to U.S. retailers, Hooker Furniture Corporation is a residential wood, metal and upholstered furniture resource. The company reported strong income and revenue gains for the reporting period. Lastly, Impax Laboratories, Inc. (IXPXL) contributed to performance. The company is a $1.7 billion branded/generics pharmaceuticals company. Impax primarily manufactures complex generic pharmaceutical products. The company s shares have not participated in the bull market in pharmaceutical stocks (sector up 67% in the past three years, IPXL down 15%), as the company s primary manufacturing facility has been under a FDA Warning Letter since We are reasonably confident that the manufacturing issues are nearing an end and IPXL will finally be able to capitalize on launching new products. Additionally, we have a favorable view of the company s new CEO, Fred Wilkinson, and believe the company is prepared to act quickly on merger and acquisition opportunities. IPXL boasts over $6 in cash per share on its balance sheet (more than 25% of its market cap), so merger and acquisition (and perhaps even a tax inversion) could be part of its plan. We believe the risk/reward is attractive. The Sub-Fund s portfolio holdings in the energy sector detracted from performance. Weakness in oil prices particularly in the fourth quarter of 2014 was the primary detractor from the Sub-Fund s performance. Energy related securities performed poorly as oil prices declined given negative revisions of global oil demand, weaker macroeconomic news and a surging U.S. dollar. The holdings included, Forestar Group Inc., Key Energy Service, Inc., Comstock Resources, Inc., and McDermott International, Inc. These positions were eliminated during the reporting period. NWQ Global Equity Fund The NWQ Global Equity Fund s Class I at net asset value outperformed both the Morningstar Europe OE Global Large-Cap Blend Equity Category Average and the MSCI World Index since its inception on 2 nd September, 2014 through the reporting period ended 31 st May The investment objective of the NWQ Global Equity Fund is to provide long-term capital appreciation. The management team employs a rigorous, bottom-up research-focused investment process that seeks to identify undervalued companies with positive risk/reward characteristics it believes will be present over an extended time, regardless of interim market fluctuations. The management team may choose to sell securities or reduce positions if it feels that a company no longer possesses favorable risk/reward characteristics, attractive valuations or a catalyst. The Sub-Fund s relative overweight Europe/underweight the U.S. was a source of positive attribution during the reporting period, despite the strong dollar. Our lack of exposure to Australia also provided additional relative upside for the reporting period. Solid sector returns in the financials, materials and health care sectors offset slightly weaker relative returns in the consumer staples, technology and telecommunications sectors. Several individual holdings contributed to the Sub-Fund s performance. One contributor was DS Smith PLC, a corrugated packaging company. The stock appreciated as investor perception is catching up with the reality that the company is building a broader business offering and gaining greater traction with its key customers. DS Smith is also seeing margin upside from higher plant utilization, improved paper profitability and better cost containment. 31

33 SUB-INVESTMENT MANAGERS REPORT (continued) NWQ Global Equity Fund (continued) Impax Laboratories Inc. also contributed to the Sub-Fund s performance during the reporting period. The company s Parkinson s drug, Rytari, was approved in January While Impax is still under a warning letter on its key Hayward, CA facility, the company was at least successful in launching its newly-approved branded product out of its Taiwan facility. Additionally, in March 2015, Impax closed the acquisition of Tower Holdings, vastly increasing the number of generic and branded opportunities in its pipeline, as well as boosting its estimated earnings per share. Lastly, Microsemi Corporation contributed to the Sub-Fund s performance. The shares rallied after the company reported a strong fourth quarter results. Margins continued to rise and are rapidly approaching the company s long term targets of 60% gross and 30% operating. Increased focus on higher margin products has contributed to the recent gains. The shares received an additional boost late in the reporting period when the company announced the acquisition of Vitesse Semiconductors, a transaction that should further enhance both margins and earnings, as well as provide substantial cross-selling opportunities across the company s broad customer base. Our energy stocks performed poorly as oil prices declined given negative revisions of global oil demand, a soft global macroeconomic outlook and a surging U.S. dollar. Apache Corp., Canadian Natural Resources and Talisman Energy were our weakest holdings in the space. Despite our belief that crude prices will likely recover over the longer term, we elected to eliminate our stake in Apache back in October 2014 and Talisman after the company received a takeover offer from Spanish based energy company, Repsol SA. We continue to hold a position in Canadian Natural and Inpex Corporation, a midlevel exploration and production company based in Tokyo. Most of Inpex s profits come from the Mahakam block in Indonesia, but the company is also developing a liquid natural gas (LNG) project in Australia called Ichthys for supply to Japan. We believe that steady progress towards the completion of Ichthys could be a catalyst for an upward revaluation for the shares. Demand for LNG has increased in Japan following the Great Eastern Japan Earthquake in 2011 given the decrease in nuclear power generation. Our analysis suggests that Inpex s reserves are inexpensive both on an absolute basis, as well as compared to its peers. Avon Products Inc. declined as the company was hit with several headwinds, including the departure of its chief financial officer, continued negative representative growth and ongoing negative sales trends in its critical Brazilian market (historically 25% of profits). We exited our position in the stock after concluding that the timing and magnitude of a potential turnaround at the company would be longer than we had originally anticipated. Large Cap Core Fund The Large Cap Core Fund s Class I at net asset value underperformed both the Morningstar Europe OE U.S. Large-Cap Blend Equity Category Average and the Russell 1000 Index since its inception on 18 th December, 2014 through the reporting period ended 31 st May, The Sub-Fund was launched and became fully invested during the reporting period. The objective of the Sub-Fund is to offer long-term capital appreciation by investing primarily in stocks of well-run companies. The approach balances fundamental analysis with quantitative techniques. We start with the securities found in the Russell 1000 Index, which are primarily large-cap companies and use a multi-factor quantitative ranking process to identify potential holdings. We simultaneously apply a fundamental overlay from Asset Management s team of sector-specific analysts, using our unique industry perspectives to select holdings. Our goal is to invest primarily in companies that exhibit improving business fundamentals, strong management, identifiable catalysts and attractive valuations. We believe that buying such companies at reasonable prices can provide above-market returns over time. We do not engage in market timing. Instead, we prefer to buy and hold companies that we believe can grow earnings and revenues throughout various business and market cycles. During the abbreviated reporting period, the Sub-Fund underperformed its benchmarks mainly due to security selection in the consumer discretionary, information technology and telecommunications sectors. In terms of individual laggards, two players in the for-profit education area of the consumer discretionary sector detracted significantly during the performance period: DeVry Education Group Inc. and Apollo Education Group Inc. 32

34 SUB-INVESTMENT MANAGERS REPORT (continued) Large Cap Core Fund (continued) Both companies saw their shares drop sharply after releasing disappointing second fiscal quarter results, DeVry in January and Apollo in March. In particular, the companies experienced revenue declines that were worse than analysts estimates as the entire for-profit education sector continued to be weighed down by a years-long drop in post-secondary school enrollment. Also, a position in regional telecommunications services provider Windstream Holdings, Inc. underperformed. Earlier in 2014, Windstream s stock price was rewarded after the company announced plans to convert its telecom distribution assets into a separately traded real estate investment trust (REIT). However, this reporting period brought out several unwelcome surprises as the company s board decided to remove the current CEO and announced changes to the original REIT restructure plans. After the REIT spin-off in late April, Windstream was no longer included in the S&P 500 Index and its shares plummeted dramatically. In the information technology sector, a position in network storage and data management company NetApp Inc. lagged. Its shares were on a downward trajectory throughout the period after the company reported third fiscal quarter results that missed analysts expectations and provided weak forward-looking guidance. A constrained technology spending environment and increased competition from other companies continued to present headwinds for NetApp. On the positive side, the Sub-Fund benefited from a preference for smaller-sized companies within the Russell 1000 Index because the market favoured these stocks after they underperformed larger caps in An overweight position in the consumer discretionary area offset some of the weakness from stock selection in that sector. Also, underweight positions in the three weakest performing sectors within the index, which included utilities, energy and financials, boosted the Sub-Fund s relative returns. The utilities sector was the only sector in the Russell 1000 Index to produce a negative return during this abbreviated reporting period based on fears that the Fed would raise interest rates at some point in The energy and financial sectors produced only modestly positive returns and lagged the broader market. Additionally, stock selection was strong in the health care and energy sectors. Regarding individual contributors, the Sub-Fund benefited from a position in global health benefits and insurance company Cigna Corp. The company and its subsidiaries are major providers of a broad array of medical, dental, disability and life insurance. Cigna s shares rose significantly during the reporting period as the company benefited from the continuation of disciplined cost controls, revenues that grew faster than investors expected and upbeat guidance from company management for the remainder of the calendar year. Another diversified health care benefits firm we owned in the sector, Aetna Inc., also outperformed. The company benefited from recording favourable medical loss ratios from its government segment, strong health care premium growth and generally upbeat guidance from company management. Also, shares of Cablevision Systems Corporation, a cable television company serving the New York region, advanced strongly toward the end of the reporting period, hitting a 52-week high in May. Cablevision has executed well on its initiatives to offer more flexible bundling options, generate greater revenue per customer and develop new content relationships such as HBO Now. The company also benefited from increased speculation of further consolidation within the cable industry after an industry peer reaffirmed its decision to acquire a competitor. Finally, in the energy sector, a position in independent exploration and production company Oasis Petroleum Inc. performed well for the Sub-Fund. Oasis has successfully navigated the challenging backdrop of sharply dropping oil prices with its high-quality assets, which are primarily found within the Bakken region in North Dakota and Montana. The company is also benefiting from managing down the costs to service its wells, while also beating production expectations. 33

35 SUB-INVESTMENT MANAGERS REPORT (continued) Class I Shares Average Annual Total Returns based on Net Asset Value as of 31 st May, Year 5-Year Since Inception* Tradewinds Global All-Cap Fund 21.53%** 9.69% 7.86% Morningstar Europe OE Global Large-Cap Value Equity Category Average % 10.82% 2.43% MSCI ACWI (All Country World Index) % 11.76% 3.60% NWQ Large-Cap Value Fund 6.78% 11.47% 2.57% Morningstar Europe OE U.S. Large-Cap Value Equity Category Average % 13.66% 4.68% Russell 1000 Value Index % 15.62% 5.10% Winslow Large-Cap Growth Fund 14.30% N/A 13.60% Morningstar Europe OE U.S. Large-Cap Growth Equity Category Average % 14.89% 13.16% Russell 1000 Growth Index % 17.67% 15.70% NWQ Large-Cap Value ESG Fund 8.12% N/A 8.62% Morningstar Europe OE U.S. Large-Cap Value Equity Category Average % 13.66% 11.98% Russell 1000 Value Index % 15.62% 14.74% Global Infrastructure Fund 4.57% N/A 9.20% Morningstar Europe OE Sector Equity Infrastructure Category Average % 7.85% 4.03% S&P Global Infrastructure Index % 12.34% 8.94% Santa Barbara Global Dividend Growth Fund (Distributing Share Class) 7.14% N/A 13.28% Morningstar Europe OE Global Equity Income Category Average % 10.91% 10.96% MSCI World Index % 12.84% 14.72% Gresham Diversified Commodity Strategy Fund % N/A % Morningstar Europe OE Commodities Broad Basket Category Average % -5.21% % Bloomberg Commodities Index % % Gresham Long/Short Commodity Strategy Fund -1.03% N/A -1.54% Bloomberg Commodities Index % -4.18% % Global High Income Fund (Distributing Share Class) -1.59% N/A 5.48% Morningstar Europe OE Global High Yield Category Average % 9.07% 4.20% Barclays Global High Yield Index % 7.12% 5.47% NWQ Flexible Income Fund (Distributing Share Class) 3.34% N/A 7.10% Morningstar Europe OE Cautious Allocation Category Average % 3.94% 3.37% BofA/Merrill Lynch Fixed Rate Preferred Securities Index % 8.5% 11.01% Barclays U.S. Aggregate Bond Index % 3.90% 4.34% NWQ Small-Cap Value Fund N/A N/A 4.95% Morningstar Europe OE U.S. Small Cap Equity Category Average % 13.96% 4.93% Russell 2000 Value Index % 12.70% 2.21% 34

36 SUB-INVESTMENT MANAGERS REPORT (continued) Class I Shares Average Annual Total Returns based on Net Asset Value as of 31 st May, 2015 (continued) NWQ Global Equity Fund N/A N/A 5.85% Morningstar Europe OE Global Large-Cap Blend Equity Category Average % 10.22% 2.08% MSCI World Index % 12.84% 3.33% Large Cap Core Fund N/A N/A 1.95% Morningstar Europe OE U.S. Large-Cap Blend Equity Category Average % 13.86% 3.75% Russell 1000 Index % 16.68% 3.72% * The inception date for the Tradewinds Global All-Cap Fund and the NWQ Large-Cap Value Fund is 18 th April, The inception date for the Winslow Large-Cap Growth Fund is 8 th December, The inception date for the NWQ Large-Cap Value ESG Fund is 15 th December, The inception date for the Global Infrastructure Fund is 10 th June, The inception date for the Santa Barbara Global Dividend Growth Fund is 1 st November, The inception date for the Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund is 9 th November, The inception date for the Global High Income Fund is 28 th June, The inception date for the NWQ Flexible Income Fund is 20 th March, The inception date for the NWQ Small-Cap Value Fund and the NWQ Global Equity Fund is 2 nd September The inception date for the Large Cap Core Fund is 18 th December ** The return reflects the receipt of a tax reclaim that was received in March 2015; had the Sub-Fund not received the tax reclaim, the return would have been -6.94%. Returns quoted represent past performance which is no guarantee of future results. Returns less than one year are cumulative. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Returns without sales charges would be lower if the sales charge were included. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of shares. References to benchmarks are illustrative only. There is no guarantee that a Sub-Fund will outperform its benchmark. 1. The Morningstar Europe OE Global Large-Cap Value Equity Category Average is a managed index that represents the average annualized returns of all the open end funds in the Morningstar Europe OE Global Large-Cap Value Equity Category. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in a category average. 2. The MSCI ACWI (All Country World Index) is a free-float adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. The index returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index. 3. The Morningstar Europe OE U.S. Large-Cap Value Equity Category Average is a managed index that represents the average annualized returns of all the open end funds in the Morningstar Europe OE U.S. Large-Cap Value Equity Category. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in a category average. 4. The Russell 1000 Value Index is a market-capitalization weighted index of those firms in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The index returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index. 5. The Morningstar Europe OE U.S. Large-Cap Growth Equity Category Average is a managed index that represents the average annualized returns of all the open end funds in the Morningstar Europe OE U.S. Large-Cap Growth Equity Category. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in a category average. 35

37 SUB-INVESTMENT MANAGERS REPORT (continued) Class I Shares Average Annual Total Returns based on Net Asset Value as of 31 st May, 2015 (continued) 6. The Russell 1000 Growth Index is a market-capitalization weighted index of those firms in the Russell 1000 Index with higher price-to-book ratios and higher forecasted growth values. The index returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index. 7. The Morningstar Europe OE Sector Equity Infrastructure Category Average is a managed index that represents the average annualized returns of all the open end funds in the Morningstar Europe OE Sector Equity Infrastructure Category. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in a category average. 8. The S&P Global Infrastructure Index is comprised of 75 of the largest publicly listed infrastructure companies from around the world that meet specific invest ability requirements. The index returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index. 9. The Morningstar Europe OE Global Equity Income Category Average is a managed index that represents the average annualized returns of all the open end funds in the Morningstar Europe OE Sector Global Equity Income Category. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in a category average. 10. The MSCI World Index is an unmanaged index considered representative of stocks of developed countries. The index returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index. 11. The Morningstar Europe OE Commodities Board Basket Category Average is a managed index that represents the average annualized returns of all the open end funds in the Morningstar Europe OE Commodities Board Basket Category. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in a category average. 12. Bloomberg Commodities Index is a broadly diversified index composed of commodities traded on U.S. exchanges, with the exception of aluminum, nickel and zinc, which trade on the London Metal Exchange (LME). Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges. 13. The Morningstar Europe OE Global High Yield Category Average is a managed index that represents the average annualized returns of all the open end funds in the Morningstar Europe OE U.S. Global High Yield Average. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in a category average. 14. Barclays Global High Yield Index is an unmanaged index considered representative of fixed rate, noninvestmentgrade debt of companies in the U.S., developed markets and emerging markets. 15. The Morningstar Europe OE Cautious Allocation Category Average is a managed index that represents the average annualized returns of all the open end funds in the Morningstar Europe OE Cautious Allocation Category. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in a category average. 16. The BofA/Merrill Lynch Fixed Rate Preferred Securities Index: An index that tracks the performance of fixed rate U.S. dollar denominated preferred securities issued in the U.S. domestic market. Qualifying securities must be rated investment grade (based on an average of Moody s, S&P, and Fitch) and must have an investment grade rated country of risk (based on an average of Moody s, S&P and Fitch foreign currency long-term sovereign debt ratings). In addition, qualifying securities must be issued as public securities or through a 144a filing, must be issued in $25, $50, or $100 par/ liquidation preference increments, must have a fixed coupon or distribution schedule, and must have a minimum amount outstanding of $100 million. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees. You cannot invest directly in an index. 36

38 SUB-INVESTMENT MANAGERS REPORT (continued) Class I Shares Average Annual Total Returns based on Net Asset Value as of 31 st May, 2015 (continued) 17. The Morningstar Europe OE U.S. Small Cap Equity Category Average is a managed index that represents the average annualized returns of all the open end funds in the Morningstar Europe OE US Small Cap Equity Category. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in a category average. 18. The Russell 2000 Value Index is a market-capitalization weighted index of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Index returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index. 19. The Morningstar Europe OE Global Large-Cap Blend Equity Category Average is a managed index that represents the average annualized returns of all the open end funds in the Morningstar Europe OE Global Large-Cap Blend Equity Category Average. The returns assume reinvestment of dividends, but do not reflect any applicable sales charges. You cannot invest directly in a category average. 20. Barclays U.S. Aggregate Bond Index is an unmanaged index that includes all investment-grade, publicly issued, fixed-rate, dollar denominated, nonconvertible debt issues and commercial mortgage-backed securities with maturities of at least one year and out-standing par values of $150 million or more. Index returns assume reinvestment of distributions, but do not include the effects of any applicable sales charges or management fees. (Effective January 31, 2015, the NWQ Flexible Income Fund has changed its primary benchmark to the Barclays U.S. Aggregate Index). 21. The Morningstar Europe OE U.S. Large-Cap Blend Equity is a managed index that represents the average annualized returns of all the open end funds in the Morningstar Europe OE US Large-Cap Blend Equity Category Average. The returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index. 22. The Russell 1000 Index measures the performance of the large cap segment of the U.S. equity universe which includes approximately 1000 of the largest securities based on a contribution of their market cap and current index measurement. The index returns assume reinvestment of dividends and do not reflect any applicable sales charges. You cannot invest directly in an index. Tracking Difference Tracking difference is defined as the difference in returns between a Sub-Fund and the index it tracks. The Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund are index tracking Sub-Funds and seek to synthetically replicate the performance of the Gresham TAP UCITS Index and the Gresham L/S Commodity UCITS Index, respectively. These Sub-Funds will not be able to replicate exactly the performance of their respective indices because the total return generated by the Sub-Funds' investment in a total return swap will be reduced by certain costs and expenses whereas such costs and expenses are not included in the calculation of the performance of the relevant index. 37

39 SUB-INVESTMENT MANAGERS REPORT (continued) Tracking Difference (continued) The following table lists the tracking differences of each index-tracking Sub-Fund for the years ended 31 st May, 2015 and 31 st May, 2014: Sub-Fund Benchmark Index Fund Return For the period ended 31 st May, 2015 Benchmark Return For the period ended 31 st May, 2015 Tracking Difference Gresham Diversified Commodity Strategy Fund Gresham TAP UCITS Index % % -1.19% Gresham Long/Short Commodity Strategy Fund Gresham L/S Commodity UCITS Index -1.03% 0.93% -1.96% Sub-Fund Benchmark Index Fund Return For the period ended 31 st May, 2014 Benchmark Return For the period ended 31 st May, 2014 Tracking Difference Gresham Diversified Commodity Strategy Fund Gresham TAP UCITS Index 2.25% 3.98% -1.73% Gresham Long/Short Commodity Strategy Fund Gresham L/S Commodity UCITS Index -2.51% -0.64% -1.87% Both Sub-Funds performed in line with their respective indices, for the years ended 31 st May, 2015 and 31 st May, Tracking Error The tracking error for the Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund is 0.04% (31 st May, %) which represents the standard deviation of the difference in returns between the Sub-Funds and their benchmark indices. 38

40 NUVEEN TRADEWINDS GLOBAL ALL-CAP FUND PORTFOLIO OF INVESTMENTS As at 31 st May, 2015 Nominal Security Fair Value EQUITIES Sub-Fund % Agriculture 5.05% (31 st May, 2014: 3.79%) 8,983 Adecoagro S.A.* 86, % 1,334 Andersons Incorporated/The* 59, % 1,000 Archer-Daniels-Midland Company* 52, % 768 Bunge Limited* 71, % Total Agriculture 269, % Airlines 1.87% (31 st May, 2014: 2.57%) 167,900 AirAsia Bhd* 99, % Total Airlines 99, % Apparel 0.00% (31 st May, 2014: 0.81%) 23,575,000 China Hongxing Sports Limited* ß % Total Apparel % Auto Manufacturers 2.09% (31 st May, 2014: 1.45%) 3,106 General Motors Company* 111, % Total Auto Manufacturers 111, % Auto Parts & Equipment 1.57% (31 st May, 2014: 0.00%) 2,633 Goodyear Tire & Rubber Company/The* 83, % Total Auto Parts & Equipment 83, % Banks 11.11% (31 st May, 2014: 4.21%) 3,000 Citigroup Incorporated* 162, % 20,630 Royal Bank of Scotland Group PLC* 108, % 26,850 Sumitomo Mitsui Trust Holdings Incorporated* 123, % 9,267 UBS Group AG* 199, % Total Banks 594, % Commercial Services 2.83% (31 st May, 2014: 1.29%) 11,041 Cape PLC* 42, % 1,650 ISS A/S* 56, % 23,133 Rentokil Initial PLC* 51, % Total Commercial Services 150, % Distribution & Wholesale 4.52% (31 st May, 2014: 4.73%) 47,000 Digital China Holdings Limited* 84, % 5,867 Ingram Micro Incorporated* 157, % Total Distribution & Wholesale 241, % Diversified Financial Services 1.78% (31 st May, 2014: 2.58%) 2,651 KB Financial Group Incorporated Sponsored ADR* 95, % Total Diversified Financial Services 95, % Electric 3.30% (31 st May, 2014: 5.91%) 8,863 AES Corporation* 120, % 2,220 NRG Energy Incorporated* 55, % Total Electric 176, % 39

41 NUVEEN TRADEWINDS GLOBAL ALL-CAP FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Electronics 0.96% (31 st May, 2014: 0.98%) 817 Tech Data Corporation* 51, % Total Electronics 51, % Food 11.43% (31 st May, 2014: 5.86%) 2,989 Dean Foods Company* 55, % 1,299 Ingredion Incorporated* 106, % 6,550 Scandi Standard AB* 40, % 6,301 Tate & Lyle PLC* 56, % 24,847 Tesco PLC* 80, % 3,205 Tyson Foods Incorporated Class A* 136, % 179,500 WH Group Limited* 136, % Total Food 611, % Healthcare Services 1.32% (31 st May, 2014: 0.00%) 596 Aetna Incorporated* 70, % Total Healthcare Services 70, % Holding Companies-Divers 1.42% (31 st May, 2014: 0.00%) 15,960 Mitie Group PLC* 75, % Total Holding Companies-Divers 75, % Insurance 8.24% (31 st May, 2014: 14.55%) 2,766 American International Group Incorporated* 162, % 1,775 Axis Capital Holdings Limited* 97, % 5,800 MS&AD Insurance Group Holdings Incorporated* 180, % Total Insurance 440, % Iron & Steel 1.13% (31 st May, 2014: 0.97%) 275 POSCO* 60, % Total Iron & Steel 60, % Lodging 1.49% (31 st May, 2014: 1.29%) 10,200 City Developments Limited* 79, % Total Lodging 79, % Media 2.02% (31 st May, 2014: 0.00%) 4,789 Time Incorporated* 107, % Total Media 107, % Mining 1.85% (31 st May, 2014: 5.44%) 2,200 BHP Billiton Limited* 49, % 2,356 Freeport-McMoRan Incorporated* 46, % 2,200 South32 Limited* 3, % Total Mining 99, % Oil & Gas 6.41% (31 st May, 2014: 7.95%) 1,445 Apache Corporation* 86, % 34,084 Bankers Petroleum Limited** 83, % 3,465 Royal Dutch Shell PLC* 104, % 2,450 YPF S.A. Sponsored ADR* 68, % Total Oil & Gas 342, % 40

42 NUVEEN TRADEWINDS GLOBAL ALL-CAP FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Oil & Gas Services 0.56% (31 st May, 2014: 0.00%) 5,137 Aker Solutions ASA* 30, % Total Oil & Gas Services 30, % Pharmaceuticals 9.52% (31 st May, 2014: 9.81%) 908 Ipsen S.A.* 48, % 469 Novartis AG* 48, % 1,600 Pfizer Incorporated* 55, % 403 Roche Holding AG* 118, % 1,018 Sanofi* 99, % 2,308 Teva Pharmaceutical Industries Limited Sponsored ADR* 138, % Total Pharmaceuticals 508, % Retail 2.29% (31 st May, 2014: 3.71%) 1,416 Best Buy Company Incorporated* 49, % 12,914 Kingfisher PLC* 73, % Total Retail 122, % Semiconductors 2.10% (31 st May, 2014: 2.17%) 95 Samsung Electronics Company Limited* 112, % Total Semiconductors 112, % Software 2.70% (31 st May, 2014: 1.98%) 3,323 Oracle Corporation* 144, % Total Software 144, % Telecommunications 8.88% (31 st May, 2014: 6.32%) 1,620 CenturyLink Incorporated* 53, % 3,234 Cisco Systems Incorporated* 94, % 6,354 KT Corporation Sponsored ADR* 82, % 700 Nippon Telegraph & Telephone Corporation* 48, % 4,681 Telefonica S.A.* 66, % 3,023 Telenor ASA* 68, % 5,400 Turkcell Iletisim Hizmetleri AS Sponsored ADR* 59, % Total Telecommunications 474, % Transportation 1.00% (31 st May, 2014: 1.88%) 2,996 Stolt-Nielsen Limited* 53, % Total Transportation 53, % Water 1.04% (31 st May, 2014: 0.00%) 9,616 Cia de Saneamento Basico do Estado de Sao Paulo Sponsored ADR* 55, % Total Water 55, % Total Investments 5,262, % 41

43 NUVEEN TRADEWINDS GLOBAL ALL-CAP FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Portfolio Analysis Fair Value Total Assets % * Transferable securities admitted to an official stock exchange listing 5,179, % ** Transferable securities dealt in on other than regulated markets 83, % Other assets 338, % Total Assets 5,601, % ß A directors valuation was used to price this security. As a percentage of net assets attributable to holders of redeemable participating shares (for financial statement purposes). The accompanying notes form an integral part of the financial statements. 42

44 f NUVEEN NWQ LARGE-CAP VALUE FUND PORTFOLIO OF INVESTMENTS As at 31 st May, 2015 Nominal Security Fair Value EQUITIES Sub-Fund % Advertising 2.03% (31 st May, 2014: 2.17%) 2,900 Interpublic Group of Companies Incorporated/The* 59, % Total Advertising 59, % Aerospace & Defence 1.42% (31 st May, 2014: 1.58%) 400 Raytheon Company* 41, % Total Aerospace & Defence 41, % Agriculture 1.05% (31 st May, 2014: 1.11%) 369 Philip Morris International Incorporated* 30, % Total Agriculture 30, % Airlines 0.88% (31 st May, 2014: 0.00%) 300 Copa Holdings SA Class A* 25, % Total Airlines 25, % Auto Manufacturers 6.13% (31 st May, 2014: 6.64%) 2,800 Ford Motor Company* 42, % 2,550 General Motors Company* 91, % 700 PACCAR Incorporated* 44, % Total Auto Manufacturers 178, % Banks 16.10% (31 st May, 2014: 13.09%) 3,700 Bank of America Corporation* 61, % 1,800 CIT Group Incorporated* 83, % 2,325 Citigroup Incorporated* 125, % 1,404 JPMorgan Chase & Company* 92, % 475 PNC Financial Services Group Incorporated/The* 45, % 1,100 Wells Fargo & Company* 61, % Total Banks 469, % Chemicals 2.14% (31 st May, 2014: 1.52%) 600 Agrium Incorporated* 62, % Total Chemicals 62, % Computers 0.80% (31 st May, 2014: 0.00%) 700 NetApp Incorporated* 23, % Total Computers 23, % Diversified Financial Services 2.85% (31 st May, 2014: 0.00%) 1,425 Discover Financial Services* 83, % Total Diversified Financial Services 83, % Electric 2.07% (31 st May, 2014: 1.42%) 2,400 NRG Energy Incorporated* 60, % Total Electric 60, % Electronics 1.52% (31 st May, 2014: 0.00%) 1,625 Koninklijke Philips NV* 44, % Total Electronics 44, % 43

45 NUVEEN NWQ LARGE-CAP VALUE FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Food 1.26% (31 st May, 2014: 0.00%) 5,300 METRO AG ADR** 36, % Total Food 36, % Insurance 10.42% (31 st May, 2014: 17.22%) 750 Aon PLC* 75, % 985 Loews Corporation* 39, % 1,500 MetLife Incorporated* 78, % 3,150 Unum Group* 110, % Total Insurance 303, % Internet 4.21% (31 st May, 2014: 0.00%) 1,350 ebay Incorporated* 82, % 73 Google Incorporated Class A* 39, % Total Internet 122, % Lodging 1.99% (31 st May, 2014: 0.00%) 2,000 Hilton Worldwide Holdings Incorporated* 57, % Total Lodging 57, % Media 4.65% (31 st May, 2014: 5.05%) 654 Time Warner Incorporated* 55, % 1,200 Viacom Incorporated Class B* 80, % Total Media 135, % Miscellaneous Manufacturers 3.89% (31 st May, 2014: 1.74%) 2,400 General Electric Company* 65, % 700 Ingersoll-Rand PLC* 48, % Total Miscellaneous Manufacturers 113, % Oil & Gas 8.39% (31 st May, 2014: 14.39%) 475 Apache Corporation* 28, % 1,025 Occidental Petroleum Corporation* 80, % 600 Phillips 66* 47, % 725 Royal Dutch Shell PLC Sponsored ADR* 43, % 1,550 Suncor Energy Incorporated* 45, % Total Oil & Gas 244, % Pharmaceuticals 11.69% (31 st May, 2014: 6.92%) 1,150 AbbVie Incorporated* 76, % 2,275 Pfizer Incorporated* 79, % 1,500 Sanofi Sponsored ADR* 74, % 1,850 Teva Pharmaceutical Industries Limited Sponsored ADR* 111, % Total Pharmaceuticals 340, % Retail 5.43% (31 st May, 2014: 4.03%) 515 CVS Health Corporation* 52, % 725 Target Corporation* 57, % 650 Wal-Mart Stores Incorporated* 48, % Total Retail 158, % 44

46 NUVEEN NWQ LARGE-CAP VALUE FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Semiconductors 2.17% (31 st May, 2014: 1.28%) 3,000 Teradyne Incorporated* 63, % Total Semiconductors 63, % Software 6.13% (31 st May, 2014: 8.78%) 1,000 CA Incorporated* 30, % 1,215 Microsoft Corporation* 56, % 2,100 Oracle Corporation* 91, % Total Software 178, % Telecommunications 1.91% (31 st May, 2014: 3.30%) 1,900 Cisco Systems Incorporated* 55, % Total Telecommunications 55, % Transportation 1.38% (31 st May, 2014: 2.85%) 400 Union Pacific Corporation* 40, % Total Transportation 40, % Total Investments 2,930, % Portfolio Analysis Total Assets % * Transferable securities admitted to an official stock exchange listing 2,894, % ** Transferable securities dealt in on other than regulated markets 36, % Other assets 111, % Total Assets 3,042, % As a percentage of net assets attributable to holders of redeemable participating shares (for financial statement purposes). The accompanying notes form an integral part of the financial statements. 45

47 NUVEEN WINSLOW LARGE-CAP GROWTH FUND PORTFOLIO OF INVESTMENTS As at 31 st May, 2015 Nominal Security Fair Value EQUITIES Sub-Fund % Airlines 1.53% (31 st May, 2014: 1.03%) 28,800 Delta Air Lines Incorporated* 1,236, % Total Airlines 1,236, % Apparel 2.55% (31 st May, 2014: 2.56%) 20,200 NIKE Incorporated* 2,053, % Total Apparel 2,053, % Auto Manufacturers 0.24% (31 st May, 2014: 0.00%) 780 Tesla Motors Incorporated* 195, % Total Auto Manufacturers 195, % Auto Parts & Equipment 1.09% (31 st May, 2014: 1.24%) 18,700 Mobileye NV* 880, % Total Auto Parts & Equipment 880, % Banks 2.19% (31 st May, 2014: 1.31%) 24,400 Morgan Stanley* 932, % 14,900 Wells Fargo & Company* 833, % Total Banks 1,765, % Biotechnology 9.79% (31 st May, 2014: 8.28%) 7,655 Alexion Pharmaceuticals Incorporated* 1,253, % 3,400 Amgen Incorporated* 531, % 3,600 Biogen Idec Incorporated* 1,429, % 17,900 Celgene Corporation* 2,048, % 14,250 Gilead Sciences Incorporated* 1,600, % 8,025 Vertex Pharmaceuticals Incorporated* 1,029, % Total Biotechnology 7,892, % Chemicals 5.82% (31 st May, 2014: 4.39%) 7,950 Ecolab Incorporated* 912, % 5,200 LyondellBasell Industries NV Class A* 526, % 14,300 Monsanto Company* 1,672, % 4,300 PPG Industries Incorporated* 984, % 2,060 Sherwin-Williams Company/The* 593, % Total Chemicals 4,689, % Commercial Services 3.13% (31 st May, 2014: 1.89%) 3,965 CoStar Group Incorporated* 828, % 18,400 Mastercard Incorporated* 1,697, % Total Commercial Services 2,525, % Computers 6.83% (31 st May, 2014: 4.53%) 34,470 Apple Incorporated* 4,490, % 15,700 Cognizant Technology Solutions Corporation Class A* 1,015, % Total Computers 5,506, % Diversified Financial Services 5.15% (31 st May, 2014: 7.61%) 2,370 BlackRock Incorporated* 867, % 46

48 NUVEEN WINSLOW LARGE-CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Diversified Financial Services 5.15% (31 st May, 2014: 7.61%) (continued) 47,780 Visa Incorporated* 3,281, % Total Diversified Financial Services 4,148, % Electronics 1.02% (31 st May, 2014: 0.00%) 7,900 Honeywell International Incorporated* 823, % Total Electronics 823, % Engineering & Construction 1.56% (31 st May, 2014: 0.00%) 11,250 SBA Communications Corporation Class A* 1,257, % Total Engineering & Construction 1,257, % Healthcare Services 3.00% (31 st May, 2014: 0.89%) 24,750 Envision Healthcare Holdings Incorporated* 914, % 12,500 UnitedHealth Group Incorporated* 1,502, % Total Healthcare Services 2,417, % Healthcare-Products 3.08% (31 st May, 2014: 0.00%) 43,400 Boston Scientific Corporation* 792, % 9,400 Danaher Corporation* 811, % 11,450 Medtronic PLC* 873, % Total Healthcare-Products 2,477, % Internet 20.51% (31 st May, 2014: 14.06%) 19,900 Alibaba Group Holding Limited Sponsored ADR* 1,779, % 4,625 Amazon.com Incorporated* 1,985, % 6,200 Baidu Incorporated Sponsored ADR* 1,223, % 12,350 Ctrip.com International Limited Sponsored ADR* 986, % 20,700 ebay Incorporated* 1,269, % 31,200 Facebook Incorporated* 2,470, % 2,740 Google Incorporated Class A* 1,494, % 2,775 Google Incorporated Class C* 1,475, % 5,195 LinkedIn Corporation Class A* 1,012, % 1,020 Netflix Incorporated* 636, % 1,450 Priceline Group Incorporated/The* 1,698, % 7,450 Splunk Incorporated* 503, % Total Internet 16,535, % Lodging 1.69% (31 st May, 2014: 1.09%) 47,200 Hilton Worldwide Holdings Incorporated* 1,366, % Total Lodging 1,366, % Media 4.04% (31 st May, 2014: 8.01%) 15,500 Liberty Global PLC* 832, % 23,600 Twenty-First Century Fox Incorporated* 792, % 14,800 Walt Disney Company/The* 1,632, % Total Media 3,258, % Oil & Gas 0.55% (31 st May, 2014: 3.94%) 8,000 Range Resources Corporation* 443, % Total Oil & Gas 443, % 47

49 NUVEEN WINSLOW LARGE-CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Oil & Gas Services 0.83% (31 st May, 2014: 1.42%) 7,400 Schlumberger Limited* 671, % Total Oil & Gas Services 671, % Pharmaceuticals 5.60% (31 st May, 2014: 4.90%) 7,800 McKesson Corporation* 1,850, % 12,100 Quintiles Transnational Holdings Incorporated* 843, % 4,310 Valeant Pharmaceuticals International Incorporated* 1,027, % 15,900 Zoetis Incorporated* 791, % Total Pharmaceuticals 4,512, % Real Estate 1.76% (31 st May, 2014: 2.02%) 15,260 American Tower Corporation* 1,416, % Total Real Estate 1,416, % Retail 8.82% (31 st May, 2014: 8.15%) 1,325 Chipotle Mexican Grill Incorporated Class A* 815, % 5,100 Costco Wholesale Corporation* 727, % 13,500 CVS Health Corporation* 1,381, % 11,150 Dollar General Corporation* 809, % 10,100 Home Depot Incorporated/The* 1,124, % 27,400 Starbucks Corporation* 1,423, % 5,440 Ulta Salon Cosmetics & Fragrance Incorporated* 830, % Total Retail 7,111, % Semiconductors 2.86% (31 st May, 2014: 2.26%) 19,000 ARM Holdings PLC Sponsored ADR* 1,011, % 8,200 Broadcom Corporation Class A* 466, % 14,800 Texas Instruments Incorporated* 827, % Total Semiconductors 2,305, % Software 4.92% (31 st May, 2014: 6.09%) 23,400 Adobe Systems Incorporated* 1,850, % 13,100 Salesforce.com Incorporated* 953, % 7,600 ServiceNow Incorporated* 581, % 7,400 Workday Incorporated* 583, % Total Software 3,968, % Transportation 2.13% (31 st May, 2014: 4.27%) 17,050 Union Pacific Corporation* 1,720, % Total Transportation 1,720, % Total Investments 81,180, % 48

50 NUVEEN WINSLOW LARGE-CAP GROWTH FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Portfolio Analysis Fair Value Total Assets % * Transferable securities admitted to an official stock exchange listing 81,180, % Other assets 2,237, % Total Assets 83,418, % As a percentage of net assets attributable to holders of redeemable participating shares (for financial statement purposes). The accompanying notes form an integral part of the financial statements. 49

51 NUVEEN NWQ LARGE-CAP VALUE ESG FUND PORTFOLIO OF INVESTMENTS As at 31 st May, 2015 Nominal Security Fair Value EQUITIES Sub-Fund % Advertising 2.16% (31 st May, 2014: 2.17%) 5,450 Interpublic Group of Companies Incorporated/The* 111, % Total Advertising 111, % Airlines 1.07% (31 st May, 2014: 0.00%) 650 Copa Holdings S.A. Class A* 55, % Total Airlines 55, % Auto Manufacturers 6.51% (31 st May, 2014: 6.52%) 5,200 Ford Motor Company* 78, % 4,850 General Motors Company* 174, % 1,300 PACCAR Incorporated* 82, % Total Auto Manufacturers 335, % Banks 16.68% (31 st May, 2014: 13.32%) 6,225 Bank of America Corporation* 102, % 3,400 CIT Group Incorporated* 157, % 4,300 Citigroup Incorporated* 232, % 2,446 JPMorgan Chase & Company* 160, % 875 PNC Financial Services Group Incorporated/The* 83, % 2,200 Wells Fargo & Company* 123, % Total Banks 860, % Chemicals 2.22% (31 st May, 2014: 1.43%) 1,100 Agrium Incorporated* 114, % Total Chemicals 114, % Computers 0.81% (31 st May, 2014: 0.00%) 1,250 NetApp Incorporated* 41, % Total Computers 41, % Diversified Financial Services 3.05% (31 st May, 2014: 0.00%) 2,700 Discover Financial Services* 157, % Total Diversified Financial Services 157, % Electric 2.30% (31 st May, 2014: 1.42%) 4,700 NRG Energy Incorporated* 118, % Total Electric 118, % Electronics 1.59% (31 st May, 2014: 0.00%) 3,000 Koninklijke Philips NV* 81, % Total Electronics 81, % Food 1.58% (31 st May, 2014: 0.00%) 11,800 METRO AG ADR** 81, % Total Food 81, % Insurance 10.77% (31 st May, 2014: 17.02%) 1,400 Aon PLC* 141, % 1,925 Loews Corporation* 77, % 2,673 MetLife Incorporated* 139, % 50

52 NUVEEN NWQ LARGE-CAP VALUE ESG FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Insurance 10.77% (31 st May, 2014: 17.02%) (continued) 5,644 Unum Group* 197, % Total Insurance 555, % Internet 4.54% (31 st May, 2014: 0.00%) 2,400 ebay Incorporated* 147, % 160 Google Incorporated Class A* 87, % Total Internet 234, % Lodging 2.08% (31 st May, 2014: 0.00%) 3,700 Hilton Worldwide Holdings Incorporated* 107, % Total Lodging 107, % Media 5.01% (31 st May, 2014: 5.03%) 1,200 Time Warner Incorporated* 101, % 2,350 Viacom Incorporated Class B* 157, % Total Media 258, % Miscellaneous Manufacturers 4.07% (31 st May, 2014: 1.73%) 4,500 General Electric Company* 122, % 1,272 Ingersoll-Rand PLC* 87, % Total Miscellaneous Manufacturers 210, % Oil & Gas 9.04% (31 st May, 2014: 14.41%) 900 Apache Corporation* 53, % 1,925 Occidental Petroleum Corporation* 150, % 1,150 Phillips 66* 90, % 1,325 Royal Dutch Shell PLC Sponsored ADR* 79, % 3,150 Suncor Energy Incorporated* 92, % Total Oil & Gas 466, % Pharmaceuticals 11.99% (31 st May, 2014: 7.53%) 2,200 AbbVie Incorporated* 146, % 4,200 Pfizer Incorporated* 145, % 2,675 Sanofi Sponsored ADR* 132, % 3,225 Teva Pharmaceutical Industries Limited Sponsored ADR* 193, % Total Pharmaceuticals 618, % Retail 3.86% (31 st May, 2014: 3.94%) 920 CVS Health Corporation* 94, % 1,325 Target Corporation* 105, % Total Retail 199, % Semiconductors 2.38% (31 st May, 2014: 1.23%) 5,800 Teradyne Incorporated* 122, % Total Semiconductors 122, % Software 6.19% (31 st May, 2014: 8.65%) 1,750 CA Incorporated* 53, % 2,150 Microsoft Corporation* 100, % 3,800 Oracle Corporation* 165, % Total Software 319, % 51

53 NUVEEN NWQ LARGE-CAP VALUE ESG FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Telecommunications 1.93% (31 st May, 2014: 3.21%) 3,400 Cisco Systems Incorporated* 99, % Total Telecommunications 99, % Transportation 1.56% (31 st May, 2014: 2.99%) 800 Union Pacific Corporation* 80, % Total Transportation 80, % Total Investments 5,231, % Portfolio Analysis Total Assets % * Transferable securities admitted to an official stock exchange listing 5,149, % ** Transferable securities dealt in on other than regulated markets 81, % Other assets 150, % Total Assets 5,381, % As a percentage of net assets attributable to holders of redeemable participating shares (for financial statement purposes). The accompanying notes form an integral part of the financial statements. 52

54 NUVEEN GLOBAL INFRASTRUCTURE FUND PORTFOLIO OF INVESTMENTS As at 31 st May, 2015 Nominal Security Fair Value EQUITIES Sub-Fund % Commercial Services 16.47% (31 st May, 2014: 12.90%) 41,094 Abertis Infraestructuras S.A.* 720, % 95,894 Atlantia S.p.A* 2,463, % 335,262 COSCO Pacific Limited* 479, % 477,696 Hutchison Port Holdings Trust* 314, % 330,404 International Container Terminal Services Incorporated* 792, % 293,221 Jasa Marga Persero Tbk PT* 141, % 86,695 Macquarie Atlas Roads Group* 218, % 3,850 Macquarie Infrastructure Corporation* 325, % 27,488 Port of Tauranga Limited* 332, % 21,724 Societa Iniziative Autostradali e Servizi S.p.A* 237, % 292,539 Transurban Group* 2,267, % 297,852 Westports Holdings Bhd* 342, % 11,682 Wilson Sons Limited Sponsored BDR* 115, % Total Commercial Services 8,754, % Electric 20.79% (31 st May, 2014: 18.07%) 7,292 Alliant Energy Corporation* 446, % 14,965 Alupar Investimento S.A.* 81, % 47,371 AusNet Services* 54, % 15,841 Brookfield Infrastructure Partners LP* 685, % 2,169 Brookfield Renewable Energy Partners LP* 65, % 17,335 CMS Energy Corporation* 591, % 11,065 Dominion Resources Incorporated* 780, % 22,677 DUET Group* 44, % 6,298 Duke Energy Corporation* 476, % 3,992 Edison International* 242, % 763 Electricite de France S.A.* 18, % 1,223 Elia System Operator S.A.* 52, % 11,820 Emera Incorporated** 392, % 4,019 Empresa Nacional de Electricidad S.A. Sponsored ADR* 179, % 4,880 Endesa S.A.* 91, % 15,450 Enersis S.A. Sponsored ADR* 262, % 2,824 Eversource Energy* 139, % 10,135 Fortis Incorporated** 308, % 25,460 GDF Suez* 513, % 6,296 Hafslund ASA Class B* 46, % 107,785 Hera S.p.A* 284, % 43,697 Iberdrola S.A.* 302, % 40,087 Infraestructura Energetica Nova SAB de CV* 214, % 127,814 Infratil Limited* 299, % 18,201 NextEra Energy Incorporated* 1,861, % 5,890 NorthWestern Corporation* 306, % 386 PG&E Corporation* 20, % 3,735 Pinnacle West Capital Corporation* 227, % 9,957 Portland General Electric Company* 347, % 6,528 PPL Corporation* 226, % 5,255 Red Electrica Corp S.A.* 441, % 27,860 REN-Redes Energeticas Nacionais SGPS S.A.* 81, % 53

55 NUVEEN GLOBAL INFRASTRUCTURE FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Electric 20.79% (31 st May, 2014: 18.07%) (continued) 149,088 Spark Infrastructure Group* 227, % 24,659 Terna Rete Elettrica Nazionale S.p.A* 117, % 2,961 Unitil Corporation* 100, % 5,883 Wisconsin Energy Corporation* 284, % 6,811 Xcel Energy Incorporated* 231, % Total Electric 11,050, % Energy Alternate Sources 1.32% (31 st May, 2014: 0.96%) 10,106 CPFL Energias Renovaveis S.A.* 38, % 8,381 NextEra Energy Partners LP* 394, % 6,011 Pattern Energy Group Incorporated Class A* 170, % 9,688 TransAlta Renewables Incorporated** 98, % Total Energy Alternate Sources 702, % Engineering & Construction 12.67% (31 st May, 2014: 11.09%) 8,435 Aeroports de Paris* 1,043, % 170,598 Auckland International Airport Limited* 580, % 26,029 Cheung Kong Infrastructure Holdings Limited* 214, % 18,150 Ferrovial S.A.* 391, % 65 Ferrovial S.A. Interim Shares * 1, % 2,614 Flughafen Wien AG* 233, % 856 Flughafen Zuerich AG* 677, % 142 Fraport AG Frankfurt Airport Services Worldwide* 9, % 2,924 Grupo Aeroportuario del Centro Norte SAB de CV Sponsored ADR* 109, % 2,950 Grupo Aeroportuario del Sureste SAB de CV Sponsored ADR* 424, % 6,812 Japan Airport Terminal Company Limited* 397, % 33,586 Promotora y Operadora de Infraestructura SAB de CV* 333, % 34,453 SATS Limited* 86, % 9,088 SBA Communications Corporation Class A* 1,016, % 137,514 Sydney Airport* 598, % 10,429 Vinci S.A.* 619, % Total Engineering & Construction 6,736, % Environmental Control 2.57% (31 st May, 2014: 3.25%) 208,152 China Everbright International Limited* 393, % 150,976 China Everbright Water Limited* 118, % 7,207 Covanta Holding Corporation* 159, % 5,261 Progressive Waste Solutions Limited* 146, % 10,700 Republic Services Incorporated Class A* 430, % 70,953 Shanks Group PLC* 117, % Total Environmental Control 1,365, % Gas 10.86% (31 st May, 2014: 12.66%) 42,501 Beijing Enterprises Holdings Limited* 371, % 1,482 Canadian Utilities Limited Class A** 43, % 27,094 Enagas S.A.* 779, % 903,746 Keppel Infrastructure Trust* 355, % 17,676 National Grid PLC Sponsored ADR* 1,266, % 5,231 NiSource Incorporated* 246, % 2,927 ONE Gas Incorporated* 129, % 54

56 NUVEEN GLOBAL INFRASTRUCTURE FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Gas 10.86% (31 st May, 2014: 12.66%) (continued) 41,555 Petronas Gas Bhd* 248, % 17,587 Questar Corporation* 399, % 1,098 Rubis SCA* 74, % 13,531 Sempra Energy* 1,454, % 46,593 Snam S.p.A* 230, % 1,251 Southwest Gas Corporation* 68, % 7,662 Tokyo Gas Company Limited* 42, % 61,368 Towngas China Company Limited* 63, % Total Gas 5,773, % Holding Companies-Divers 1.46% (31 st May, 2014: 1.56%) 176,254 China Merchants Holdings International Company Limited* 775, % Total Holding Companies-Divers 775, % Investment Companies 0.20% (31 st May, 2014: 0.14%) 10,024 Saeta Yield S.A.* 106, % Total Investment Companies 106, % Investment Fund 0.94% (31 st May, 2014: 0.00%) 2,243 Source Morningstar US Energy Infrastructure MLP UCITS ETF A* 240, % 2,678 Source Morningstar US Energy Infrastructure MLP UCITS ETF B* 259, % Total Investment Fund 499, % Oil & Gas 0.48% (31 st May, 2014: 0.00%) 3,398 Cheniere Energy Incorporated* 257, % Total Oil & Gas 257, % Oil & Gas Services 0.34% (31 st May, 2014: 0.04%) 25,599 Sinopec Kantons Holdings Limited* 21, % 1,747 Targa Resources Corporation* 160, % Total Oil & Gas Services 181, % Pipelines 14.16% (31 st May, 2014: 17.11%) 2,687 AltaGas Limited** 85, % 16,504 APA Group* 117, % 8,532 Enbridge Energy Management LLC* 308, % 625,848 Enbridge Energy Management LLC* Fractional Shares % 37,670 Enbridge Incorporated* 1,805, % 38,146 Kinder Morgan Incorporated* 1,582, % 4,197 Koninklijke Vopak NV* 208, % 6,013 ONEOK Incorporated* 252, % 1,633 Pembina Pipeline Corporation* 52, % 1,785 SemGroup Corporation Class A* 140, % 18,020 Spectra Energy Corporation* 633, % 25,785 TransCanada Corporation* 1,118, % 7,093 Veresen Incorporated** 105, % 21,900 Williams Companies Incorporated/The* 1,119, % Total Pipelines 7,529, % Real Estate 4.79% (31 st May, 2014: 2.45%) 15,929 American Tower Corporation* 1,478, % 55

57 NUVEEN GLOBAL INFRASTRUCTURE FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Real Estate 4.79% (31 st May, 2014: 2.45%) (continued) 4,912 Brookfield Asset Management Incorporated Class A* 173, % 6,365 Corrections Corporation of America* 223, % 1,033 Crown Castle International Corporation* 84, % 4,032 Digital Realty Trust Incorporated* 266, % 5,289 Medical Properties Trust Incorporated* 71, % 143,431 Parkway Life Real Estate Investment Trust* 248, % Total Real Estate 2,547, % Shipbuilding 0.22% (31 st May, 2014: 0.00%) 37,422 SembCorp Industries Limited* 115, % Total Shipbuilding 115, % Storage & Warehousing 0.62% (31 st May, 2014: 1.39%) 12,471 Westshore Terminals Investment Corporation** 331, % Total Storage & Warehousing 331, % Telecommunications 1.82% (31 st May, 2014: 0.76%) 4,876 Cellnex Telecom SAU* 82, % 8,080 Eutelsat Communications S.A.* 275, % 13,101 SES S.A.* 463, % 210,944 Tower Bersama Infrastructure Tbk PT* 147, % Total Telecommunications 968, % Transportation 7.20% (31 st May, 2014: 9.41%) 5,144 Asciano Limited* 26, % 17,733 Aurizon Holdings Limited* 72, % 6,435 bpost S.A.* 185, % 9,329 ComfortDelGro Corporation Limited* 21, % 2,760 East Japan Railway Company* 252, % 5,164 Genesee & Wyoming Incorporated Class A* 425, % 93,523 Groupe Eurotunnel SE* 1,408, % 67,778 Kamigumi Company Limited* 629, % 356 Oesterreichische Post AG* 17, % 234,410 Singapore Post Limited* 327, % 4,534 Union Pacific Corporation* 457, % Total Transportation 3,823, % Water 2.32% (31 st May, 2014: 2.59%) 222,116 Aguas Andinas S.A. Class A* 126, % 9,793 American Water Works Company Incorporated* 517, % 5,237 Connecticut Water Service Incorporated* 184, % 1,990,412 Metro Pacific Investments Corporation* 200, % 2,250 Severn Trent PLC* 75, % 2,349 SJW Corporation* 70, % 2,711 Suez Environnement Company* 52, % 313 United Utilities Group PLC* 4, % Total Water 1,232, % Total Equities 52,752, % 56

58 NUVEEN GLOBAL INFRASTRUCTURE FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value RIGHTS Sub-Fund % Gas 0.00% (31 st May, 2014: 0.00%) 69,518 Keppel Infrastructure Trust, 31/12/49* ß 1, % 1,074 Rubis SCA, 31/12/49* 1, % Total Gas 2, % Total Rights 2, % Total Investments 52,754, % Portfolio Analysis Total Assets % * Transferable securities admitted to an official stock exchange listing 51,389, % ** Transferable securities dealt in on other than regulated markets 1,365, % Other assets 3,188, % Total Assets 55,943, % ß A directors valuation was used to price this security. As a percentage of net assets attributable to holders of redeemable participating shares (for financial statement purposes). The accompanying notes form an integral part of the financial statements. 57

59 NUVEEN SANTA BARBARA GLOBAL DIVIDEND GROWTH FUND PORTFOLIO OF INVESTMENTS As at 31 st May, 2015 Nominal Security Fair Value EQUITIES Sub-Fund % Aerospace & Defence 3.90% (31 st May, 2014: 4.10%) 20,953 Boeing Company/The* 2,944, % 53,158 Safran S.A.* 3,758, % Total Aerospace & Defence 6,703, % Apparel 2.16% (31 st May, 2014: 2.11%) 52,739 VF Corporation* 3,713, % Total Apparel 3,713, % Auto Manufacturers 4.59% (31 st May, 2014: 2.77%) 45,833 Daimler AG* 4,293, % 100,014 General Motors Company* 3,596, % Total Auto Manufacturers 7,890, % Banks 9.49% (31 st May, 2014: 10.40%) 1,206,400 BOC Hong Kong Holdings Limited* 4,955, % 57,088 JPMorgan Chase & Company* 3,755, % 67,110 Wells Fargo & Company* 3,754, % 150,337 Westpac Banking Corporation* 3,857, % Total Banks 16,323, % Beverages 2.00% (31 st May, 2014: 1.83%) 35,609 PepsiCo Incorporated* 3,433, % Total Beverages 3,433, % Commercial Services 1.60% (31 st May, 2014: 1.60%) 144,811 Experian PLC* 2,755, % Total Commercial Services 2,755, % Computers 6.09% (31 st May, 2014: 4.81%) 35,819 Accenture PLC Class A* 3,440, % 32,105 Apple Incorporated* 4,182, % 108,370 EMC Corporation* 2,856, % Total Computers 10,480, % Cosmetics & Personal Care 3.31% (31 st May, 2014: 1.85%) 46,920 Colgate-Palmolive Company* 3,134, % 13,547 L'Oreal S.A.* 2,557, % Total Cosmetics & Personal Care 5,692, % Distribution & Wholesale 2.39% (31 st May, 2014: 1.79%) 304,300 ITOCHU Corporation* 4,118, % Total Distribution & Wholesale 4,118, % Diversified Financial Services 1.76% (31 st May, 2014: 1.95%) 51,959 Discover Financial Services* 3,028, % Total Diversified Financial Services 3,028, % Electric 4.29% (31 st May, 2014: 4.64%) 36,167 NextEra Energy Incorporated* 3,699, % 58

60 NUVEEN SANTA BARBARA GLOBAL DIVIDEND GROWTH FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Electric 4.29% (31 st May, 2014: 4.64%) (continued) 144,951 SSE PLC* 3,688, % Total Electric 7,387, % Electronics 2.05% (31 st May, 2014: 2.01%) 33,861 Honeywell International Incorporated* 3,528, % Total Electronics 3,528, % Food Service 2.08% (31 st May, 2014: 2.31%) 204,993 Compass Group PLC* 3,581, % Total Food Service 3,581, % Healthcare-Products 1.54% (31 st May, 2014: 2.19%) 34,670 Medtronic PLC* 2,646, % Total Healthcare-Products 2,646, % Home Furnishings 2.13% (31 st May, 2014: 1.60%) 19,880 Whirlpool Corporation* 3,663, % Total Home Furnishings 3,663, % Household Products & Wares 1.92% (31 st May, 2014: 0.91%) 36,684 Reckitt Benckiser Group PLC* 3,310, % Total Household Products & Wares 3,310, % Insurance 3.02% (31 st May, 2014: 2.59%) 57,925 Swiss Re AG* 5,198, % Total Insurance 5,198, % Machinery-Diversified 1.84% (31 st May, 2014: 1.63%) 189,100 Kubota Corporation* 3,156, % Total Machinery-Diversified 3,156, % Media 1.32% (31 st May, 2014: 1.04%) 50,377 Nielsen NV* 2,265, % Total Media 2,265, % Mining 1.82% (31 st May, 2014: 1.88%) 130,937 BHP Billiton Limited* 2,919, % 129,839 South32 Limited* 216, % Total Mining 3,136, % Oil & Gas 5.10% (31 st May, 2014: 7.81%) 28,807 Chevron Corporation* 2,967, % 33,255 Phillips 66* 2,631, % 62,754 Total S.A.* 3,168, % Total Oil & Gas 8,766, % Packaging & Containers 4.16% (31 st May, 2014: 3.60%) 353,737 Amcor Limited* 3,918, % 46,851 Packaging Corporation of America* 3,239, % Total Packaging & Containers 7,158, % 59

61 NUVEEN SANTA BARBARA GLOBAL DIVIDEND GROWTH FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Pharmaceuticals 10.64% (31 st May, 2014: 8.95%) 73,987 AbbVie Incorporated* 4,926, % 62,530 Grifols S.A. Class B* 1,999, % 64,754 Novo Nordisk A/S Class B* 3,615, % 139,529 Pfizer Incorporated* 4,848, % 29,755 Sanofi Sponsored ADR* 2,912, % Total Pharmaceuticals 18,303, % Pipelines 1.48% (31 st May, 2014: 2.23%) 61,436 Kinder Morgan Incorporated* 2,548, % Total Pipelines 2,548, % Retail 2.60% (31 st May, 2014: 2.18%) 43,736 CVS Health Corporation* 4,475, % Total Retail 4,475, % Software 4.09% (31 st May, 2014: 1.84%) 80,141 Microsoft Corporation* 3,755, % 44,272 SAP SE* 3,271, % Total Software 7,027, % Telecommunications 8.43% (31 st May, 2014: 11.89%) 96,273 AT&T Incorporated* 3,325, % 2,571,830 HKT Trust and HKT Limited* 3,237, % 180,900 KDDI Corporation* 4,097, % 982,199 Vodafone Group PLC* 3,833, % Total Telecommunications 14,492, % Transportation 2.28% (31 st May, 2014: 2.46%) 38,814 Union Pacific Corporation* 3,916, % Total Transportation 3,916, % Total Investments 168,703, % Portfolio Analysis Total Assets % * Transferable securities admitted to an official stock exchange listing 168,703, % Other assets 4,224, % Total Assets 172,927, % As a percentage of net assets attributable to holders of redeemable participating shares (for financial statement purposes). The accompanying notes form an integral part of the financial statements. 60

62 NUVEEN GRESHAM DIVERSIFIED COMMODITY STRATEGY FUND PORTFOLIO OF INVESTMENTS As at 31 st May, 2015 Nominal Security Fair Value FIXED INCOME Sub-Fund % Sovereign 97.60% (31 st May, 2014: 92.30%) 400,000 United States Treasury Bill, 25/06/2015* 399, % 1,000,000 United States Treasury Bill, 23/07/2015* 999, % 700,000 United States Treasury Bill, 20/08/2015* Ω(1) 699, % 500,000 United States Treasury Bill, 17/09/2015* 499, % 500,000 United States Treasury Bill, 12/11/2015* 499, % 50,000 United States Treasury Bill, 10/12/2015* 49, % 100,000 United States Treasury Bill, 07/01/2016* 99, % 150,000 United States Treasury Bill, 04/02/2016* 149, % 700,000 United States Treasury Bill, 03/03/2016* Ω(2) 699, % 250,000 United States Treasury Bill, 31/03/2016* Ω 249, % 500,000 United States Treasury Bill, 28/04/2016* Ω 498, % 900,000 United States Treasury Bill, 26/05/2016* 897, % Total Sovereign 5,744, % Total Investments 5,744, % OVER THE COUNTER FINANCIAL DERIVATIVE INSTRUMENTS TOTAL RETURN SWAPS 0.79% (31 st May, 2014: (0.63%)) Net Unrealised Notional Expiration Appreciation/ Sub-Fund Amount Date Counterparty Fund Receives Fund Pays (Depreciation) % Newedge UK Index Return Less 5,887,624 31/12/2049 Financial Limited Expenses 0.40% Swap Fee 46, % Total Financial Derivative Instruments 46, % Portfolio Analysis Total Assets % * Transferable securities admitted to an official stock exchange listing 5,744, % OTC financial derivative instruments 46, % Other assets 1,062, % Total Assets (including financial liabilities at fair value through profit or loss) 6,853, % As a percentage of net assets attributable to holders of redeemable participating shares (for financial statement purposes). Ω Amount serves as collateral for commitments on derivative instruments. Ω(1) 350,000 units serve as collateral for commitments on derivative instruments. Ω(2) 545,000 units serve as collateral for commitments on derivative instruments. The accompanying notes form an integral part of the financial statements. 61

63 NUVEEN GRESHAM LONG/SHORT COMMODITY STRATEGY FUND PORTFOLIO OF INVESTMENTS As at 31 st May, 2015 Nominal Security Fair Value FIXED INCOME Sub-Fund % Sovereign 95.26% (31 st May, 2014: 92.13%) 750,000 United States Treasury Bill, 25/06/2015* Ω(1) 749, % 2,000,000 United States Treasury Bill, 20/08/2015* Ω(2) 1,999, % 3,300,000 United States Treasury Bill, 17/09/2015* Ω(3) 3,299, % 3,000,000 United States Treasury Bill, 15/10/2015* 2,999, % 4,500,000 United States Treasury Bill, 12/11/2015* Ω(4) 4,498, % 8,800,000 United States Treasury Bill, 10/12/2015* Ω(5) 8,796, % 5,000,000 United States Treasury Bill, 07/01/2016* Ω(6) 4,996, % 6,500,000 United States Treasury Bill, 04/02/2016* Ω(7) 6,494, % 1,000,000 United States Treasury Bill, 03/03/2016* Ω(8) 998, % 1,500,000 United States Treasury Bill, 31/03/2016* Ω(9) 1,497, % 1,300,000 United States Treasury Bill, 28/04/2016* 1,297, % Total Sovereign 37,629, % Total Investments 37,629, % OVER THE COUNTER FINANCIAL DERIVATIVE INSTRUMENTS TOTAL RETURN SWAPS 1.07% (31 st May, 2014: (0.23%)) Net Unrealised Notional Expiration Appreciation/ Sub-Fund Amount Date Counterparty Fund Receives Fund Pays (Depreciation) % Newedge UK Index Return Less 39,135,647 31/12/2049 Financial Limited Expenses 0.40% Swap Fee 421, % Total Financial Derivative Instruments 421, % Portfolio Analysis Total Assets % * Transferable securities admitted to an official stock exchange listing 37,629, % OTC financial derivative instruments 421, % Other assets 1,595, % Total Assets (including financial liabilities at fair value through profit or loss) 39,645, % As a percentage of net assets attributable to holders of redeemable participating shares (for financial statement purposes). Ω(1) 400,000 units serve as collateral for commitments on derivative instruments. Ω(2) 1,130,000 units serve as collateral for commitments on derivative instruments. Ω(3) 600,000 units serve as collateral for commitments on derivative instruments. Ω(4) 800,000 units serve as collateral for commitments on derivative instruments. Ω(5) 3,800,000 units serve as collateral for commitments on derivative instruments. Ω(6) 1,300,000 units serve as collateral for commitments on derivative instruments. Ω(7) 650,000 units serve as collateral for commitments on derivative instruments. Ω(8) 600,000 units serve as collateral for commitments on derivative instruments. Ω(9) 600,000 units serve as collateral for commitments on derivative instruments. The accompanying notes form an integral part of the financial statements. 62

64 NUVEEN GLOBAL HIGH INCOME FUND PORTFOLIO OF INVESTMENTS As at 31 st May, 2015 Nominal Security Fair Value FIXED INCOME Sub-Fund % Apparel 0.40% (31 st May, 2014: 0.00%) 65,000 Nine West Holdings Incorporated, 6.125%, 15/11/2034* 37, % Total Apparel 37, % Auto Manufacturers 1.26% (31 st May, 2014: 2.32%) 100,000 Fiat Chrysler Finance Europe, 7.000%, 23/03/2017* 119, % Total Auto Manufacturers 119, % Auto Parts & Equipment 0.82% (31 st May, 2014: 0.83%) 75,000 Commercial Vehicle Group Incorporated, 7.875%, 15/04/2019* 77, % Total Auto Parts & Equipment 77, % Banks 18.09% (31 st May, 2014: 15.94%) 79,000 BAC Capital Trust XIV, 4.000%, 31/12/2049* 63, % 100,000 Baggot Securities Limited, %, 29/12/2049* 115, % 100,000 Bank of America Corporation, 6.250%, 29/09/2049* 101, % 200,000 Barclays PLC, 8.250%, 29/12/2049* 213, % 100,000 CIT Group Incorporated, 3.875%, 19/02/2019* 100, % 200,000 Credit Suisse Group AG, 7.500%, 29/12/2049* 212, % 200,000 Dresdner Funding Trust I, 8.151%, 30/06/2031* 252, % 200,000 Finansbank AS, 6.250%, 30/04/2019* 204, % 100,000 Popular Incorporated, 7.000%, 01/07/2019* 102, % 125,000 Royal Bank of Scotland Group PLC, 5.500%, 29/11/2049* 137, % 200,000 Societe Generale S.A., 7.875%, 29/12/2049* 205, % Total Banks 1,709, % 50,000 Building Materials 0.45% (31 st May, 2014: 0.00%) Associated Materials LLC/AMH New Finance Incorporated, 9.125%, 01/11/2017* 42, % Total Building Materials 42, % Chemicals 2.11% (31 st May, 2014: 0.83%) 50,000 Hexion Incorporated, 6.625%, 15/04/2020* 47, % 100,000 Momentive Performance Materials Incorporated, 3.880%, 24/10/2021* 90, % 100,000 Momentive Performance Materials Incorporated, 8.875%, 15/10/2020* ß % 65,000 Tronox Finance LLC, 6.375%, 15/08/2020* 62, % Total Chemicals 199, % Coal 0.04% (31 st May, 2014: 0.00%) 35,000 Alpha Natural Resources Incorporated, 4.875%, 15/12/2020* 4, % Total Coal 4, % Commercial Services 3.09% (31 st May, 2014: 4.73%) 100,000 Europcar Groupe S.A., %, 15/05/2017* 123, % 100,000 Loxam SAS, 7.375%, 24/01/2020* 118, % 50,000 Midas Intermediate Holdco II LLC/Midas Intermediate Holdco II Finance Incorporated, 7.875%, 01/10/2022* 50, % Total Commercial Services 291, % Diversified Financial Services 6.07% (31 st May, 2014: 4.69%) 200,000 Banco Btg Pactual S.A., 8.750%, 29/12/2049* 204, % 63

65 NUVEEN GLOBAL HIGH INCOME FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Diversified Financial Services 6.07% (31 st May, 2014: 4.69%) (continued) 50,000 CNG Holdings Incorporated, 9.375%, 15/05/2020* 38, % 200,000 Fly Leasing Limited, 6.375%, 15/10/2021* 202, % Nationstar Mortgage LLC/Nationstar Capital Corporation, 7.875%, 01/10/2020* 65, % 65,000 75,000 TMX Finance LLC/TitleMax Finance Corporation, 8.500%, 15/09/2018* 63, % Total Diversified Financial Services 573, % Electric 2.62% (31 st May, 2014: 4.69%) 45,000 AES Corporation, 7.375%, 01/07/2021* 50, % 75,000 Dynegy Incorporated, 5.875%, 01/06/2023* 74, % 50,000 GenOn Energy Incorporated, 9.500%, 15/10/2018* 51, % 75,000 InterGen NV, 7.000%, 30/06/2023* 71, % Total Electric 247, % Engineering & Construction 1.95% (31 st May, 2014: 0.00%) 200,000 Odebrecht Finance Limited, 7.125%, 26/06/2042* 184, % Total Engineering & Construction 184, % Entertainment 1.17% (31 st May, 2014: 1.09%) 75,000 Gateway Casinos & Entertainment Limited, 8.500%, 26/11/2020** 60, % 65,000 Scientific Games International Incorporated, 6.250%, 01/09/2020* 49, % Total Entertainment 110, % Environmental Control 2.03% (31 st May, 2014: 0.79%) 50,000 Clean Harbors Incorporated, 5.250%, 01/08/2020* 51, % 50,000 GFL Environmental Incorporated, 7.500%, 18/06/2018** 40, % 100,000 Waste Italia SpA, %, 15/11/2019* 99, % Total Environmental Control 191, % Food 3.34% (31 st May, 2014: 3.22%) 200,000 JBS Investments GmbH, 7.250%, 03/04/2024* 214, % 100,000 Marfrig Overseas Limited, 9.500%, 04/05/2020* 101, % Total Food 315, % Food Service 0.83% (31 st May, 2014: 0.00%) 75,000 Aramark Services Incorporated, 5.750%, 15/03/2020* 78, % Total Food Service 78, % Forest Products & Paper 1.12% (31 st May, 2014: 0.00%) 75,000 Resolute Forest Products Incorporated, 5.875%, 15/05/2023* 69, % 50,000 Verso Paper Holdings LLC/Verso Paper Incorporated, %, 15/01/2019* 36, % Total Forest Products & Paper 105, % Gas 0.55% (31 st May, 2014: 0.82%) 50,000 LBC Tank Terminals Holding Netherlands BV, 6.875%, 15/05/2023* 51, % Total Gas 51, % Healthcare Services 1.35% (31 st May, 2014: 3.60%) 50,000 IASIS Healthcare LLC/IASIS Capital Corporation, 8.375%, 15/05/2019* 52, % 64

66 NUVEEN GLOBAL HIGH INCOME FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Healthcare Services 1.35% (31 st May, 2014: 3.60%) (continued) 75,000 Select Medical Corporation, 6.375%, 01/06/2021* 75, % Total Healthcare Services 127, % Home Builders 1.15% (31 st May, 2014: 0.00%) 100,000 William Lyon Homes Incorporated, 8.500%, 15/11/2020* 108, % Total Home Builders 108, % Insurance 0.95% (31 st May, 2014: 0.00%) 75,000 Genworth Holdings Incorporated, 4.800%, 15/02/2024* 64, % 40,000 Genworth Holdings Incorporated, 6.150%, 15/11/2066* 25, % Total Insurance 89, % 50,000 Lodging 0.43% (31 st May, 2014: 0.61%) Caesars Growth Properties Holdings LLC/Caesars Growth Properties Finance Incorporated, 9.375%, 01/05/2022* 40, % Total Lodging 40, % Media 5.04% (31 st May, 2014: 2.85%) 75,000 Cablevision Systems Corporation, 5.875%, 15/09/2022* 74, % 100,000 iheartcommunications Incorporated, %, 15/01/2018* 86, % 200,000 Numericable-SFR SAS, 4.875%, 15/05/2019* 201, % 50,000 Quebecor Media Incorporated, 5.750%, 15/01/2023* 51, % 75,000 Videotron Limited, 5.625%, 15/06/2025** 62, % Total Media 476, % Mining 3.74% (31 st May, 2014: 5.18%) 75,000 Coeur Mining Incorporated, 7.875%, 01/02/2021* 64, % 200,000 Constellium NV, 4.625%, 15/05/2021* 208, % 75,000 HudBay Minerals Incorporated, 9.500%, 01/10/2020* 80, % Total Mining 353, % Miscellaneous Manufacturers 0.27% (31 st May, 2014: 0.00%) 25,000 Jac Holding Corporation, %, 01/10/2019* 25, % Total Miscellaneous Manufacturers 25, % Oil & Gas 16.68% (31 st May, 2014: 16.11%) 50,000 American Eagle Energy Corporation, %, 01/09/2019* 20, % 75,000 Carrizo Oil & Gas Incorporated, 6.250%, 15/04/2023* 76, % 40,000 Chaparral Energy Incorporated, 9.875%, 01/10/2020* 34, % 100,000 Chesapeake Energy Corporation, 6.500%, 15/08/2017* 105, % EP Energy LLC/Everest Acquisition Finance Incorporated, 9.375%, 50,000 01/05/2020* 54, % EV Energy Partners LP/EV Energy Finance Corporation, 8.000%, 40,000 15/04/2019* 38, % 150,000 KazMunayGas National Company JSC, 7.000%, 05/05/2020* 160, % Linn Energy LLC/Linn Energy Finance Corporation, 8.625%, 50,000 15/04/2020* 45, % 75,000 MEG Energy Corporation, 7.000%, 31/03/2024* 72, % 50,000 Memorial Production Partners LP/Memorial Production Finance Corporation, 7.625%, 01/05/2021* 49, % 65

67 NUVEEN GLOBAL HIGH INCOME FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Oil & Gas 16.68% (31 st May, 2014: 16.11%) (continued) 100,000 Northern Tier Energy LLC/Northern Tier Finance Corporation, 7.125%, 15/11/2020* 104, % 80,000 Oasis Petroleum Incorporated, 6.875%, 15/03/2022* 81, % 50,000 PBF Holding Company LLC/PBF Finance Corporation, 8.250%, 15/02/2020* 53, % 50,000 Penn Virginia Corporation, 8.500%, 01/05/2020* 47, % 115,000 Petrobras Global Finance BV, 8.375%, 10/12/2018* 127, % 200,000 Reliance Industries Limited, 5.875%, 28/02/2049* 202, % 50,000 Seventy Seven Energy Incorporated, 6.500%, 15/07/2022* 31, % 50,000 Summit Midstream Holdings LLC/Summit Midstream Finance Corporation, 7.500%, 01/07/2021** 52, % 100,000 Transocean Incorporated, 6.375%, 15/12/2021* 94, % Vanguard Natural Resources LLC/VNR Finance Corporation, 7.875%, 01/04/2020* 49, % 50,000 75,000 Western Refining Incorporated, 6.250%, 01/04/2021* 76, % Total Oil & Gas 1,576, % Oil & Gas Services 0.67% (31 st May, 2014: 0.00%) 75,000 Basic Energy Services Incorporated, 7.750%, 15/02/2019* 63, % Total Oil & Gas Services 63, % Packaging & Containers 0.60% (31 st May, 2014: 0.89%) 50,000 Greif Incorporated, 7.750%, 01/08/2019* 56, % Total Packaging & Containers 56, % 75,000 Pipelines 0.79% (31 st May, 2014: 0.00%) Rose Rock Midstream LP/Rose Rock Finance Corporation, 5.625%, 15/07/2022* 74, % Total Pipelines 74, % Real Estate 2.16% (31 st May, 2014: 0.00%) 200,000 Future Land Development Holdings Limited, %, 21/07/2019* 204, % Total Real Estate 204, % Regional (state/province) 1.04% (31 st May, 2014: 0.00%) 100,000 Provincia de Buenos Aires, 9.375%, 14/09/2018* 98, % Total Regional (state/province) 98, % Retail 4.56% (31 st May, 2014: 3.67%) 50,000 Building Materials Holding Corporation, 9.000%, 15/09/2018* 54, % 50,000 JC Penney Corporation Incorporated, 8.125%, 01/10/2019* 50, % 200,000 Pizzaexpress Financing 1 PLC, 8.625%, 01/08/2022* 326, % Total Retail 431, % Semiconductors 0.45% (31 st May, 2014: 0.00%) 50,000 Advanced Micro Devices Incorporated, 7.000%, 01/07/2024* 42, % Total Semiconductors 42, % Software 0.48% (31 st May, 2014: 1.74%) 50,000 BMC Software Finance Incorporated, 8.125%, 15/07/2021* 45, % Total Software 45, % 66

68 NUVEEN GLOBAL HIGH INCOME FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Sovereign 1.07% (31 st May, 2014: 0.00%) 100,000 Dominican Republic International Bond, 5.500%, 27/01/2025* 101, % Total Sovereign 101, % Telecommunications 12.27% (31 st May, 2014: 8.36%) 200,000 Altice S.A., 7.750%, 15/05/2022* 202, % 50,000 CenturyLink Incorporated, 7.650%, 15/03/2042* 48, % 200,000 Colombia Telecomunicaciones S.A. ESP, 5.375%, 27/09/2022* 203, % 50,000 Consolidated Communications Incorporated, 6.500%, 01/10/2022* 50, % 150,000 Intelsat Jackson Holdings S.A., 6.625%, 15/12/2022* 139, % 200,000 Sixsigma Networks Mexico S.A. de CV, 8.250%, 07/11/2021* 213, % 75,000 T-Mobile USA Incorporated, 6.731%, 28/04/2022* 79, % 200,000 Wind Acquisition Finance S.A., 4.000%, 15/07/2020* 222, % Total Telecommunications 1,159, % Textiles 0.49% (31 st May, 2014: 0.00%) 50,000 Polymer Group Incorporated, 6.875%, 01/06/2019* 46, % Total Textiles 46, % Transportation 2.01% (31 st May, 2014: 3.10%) 100,000 CMA CGM S.A., 8.875%, 15/04/2019* 114, % 75,000 Martin Midstream Partners LP/Martin Midstream Finance Corporation, 7.250%, 15/02/2021* 74, % Total Transportation 189, % Trucking & Leasing 0.54% (31 st May, 2014: 0.84%) 50,000 Flexi-Van Leasing Incorporated, 7.875%, 15/08/2018* 51, % Total Trucking & Leasing 51, % Total Fixed Income 9,703, % PREFERRED STOCKS Banks 1.05% (31 st May, 2014: 0.37%) 4,000 Goldman Sachs Group Incorporated/The* 99, % Total Banks 99, % Iron & Steel 0.73% (31 st May, 2014: 0.00%) 4,000 ArcelorMittal* 69, % Total Iron & Steel 69, % Total Preferred Stocks 168, % Total Investments 9,872, % 67

69 NUVEEN GLOBAL HIGH INCOME FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 OVER THE COUNTER FINANCIAL DERIVATIVE INSTRUMENTS FUTURES CONTRACTS (0.01%) (31 st May, 2014: 0.14%) Unrealised No. of Expiration Appreciation Contracts Name Counterparty Date /Depreciation Sub-Fund % (5) Euro FX Current (CBT) Future Citibank 15/06/2015 2, % (1) US Ultra Bond (CBT) Future Citibank 21/09/2015 (1,657) (0.02%) (4) US 10 Year Note (CBT) Future Citibank 21/09/2015 (2,250) (0.02%) Total Unrealised Appreciation on Futures Contracts 2, % Total Unrealised Depreciation on Futures Contracts (3,907) (0.04%) Net Unrealised Appreciation/Depreciation on Futures Contracts (1,145) (0.01%) Portfolio Analysis Fair Value Total Assets % * Transferable securities admitted to an official stock exchange listing 9,656, % ** Transferable securities dealt in on other than regulated markets 215, % OTC financial derivative instruments (1,145) (0.01%) Other assets 568, % Total Assets (including financial liabilities at fair value through profit or loss) 10,439, % ß A directors valuation was used to price this security. As a percentage of net assets attributable to holders of redeemable participating shares (for financial statement purposes). The accompanying notes form an integral part of the financial statements. 68

70 NUVEEN NWQ FLEXIBLE INCOME FUND PORTFOLIO OF INVESTMENTS As at 31 st May, 2015 Nominal Security Fair Value EQUITIES Sub-Fund % Agriculture 1.01% (31 st May, 2014: 0.00%) 11,175 Vector Group Limited* 246, % Total Agriculture 246, % Auto Manufacturers 2.27% (31 st May, 2014: 0.63%) 20,600 Ford Motor Company* 312, % 3,800 PACCAR Incorporated* 241, % Total Auto Manufacturers 554, % Biotechnology 2.49% (31 st May, 2014: 0.56%) 5,400 Gilead Sciences Incorporated* Ω(1) 606, % Total Biotechnology 606, % Computers 2.59% (31 st May, 2014: 0.00%) 7,700 NetApp Incorporated* 257, % 6,700 Seagate Technology PLC* Ω(2) 372, % Total Computers 629, % Diversified Financial Services 0.52% (31 st May, 2014: 2.24%) 6,180 Hannon Armstrong Sustainable Infrastructure Capital Incorporated* 126, % Total Diversified Financial Services 126, % Insurance 1.03% (31 st May, 2014: 1.82%) 7,200 Unum Group* 251, % Total Insurance 251, % Investment Companies 3.02% (31 st May, 2014: 3.01%) 14,409 Ares Capital Corporation* 241, % 19,400 Hercules Technology Growth Capital Incorporated* 248, % 13,571 TPG Specialty Lending Incorporated* 245, % Total Investment Companies 736, % Machinery-Construction & Mining 1.02% (31 st May, 2014: 0.00%) 2,900 Caterpillar Incorporated* Ω 247, % Total Machinery-Construction & Mining 247, % Oil & Gas 2.02% (31 st May, 2014: 1.42%) 6,200 Phillips 66* Ω 490, % Total Oil & Gas 490, % Pharmaceuticals 3.49% (31 st May, 2014: 0.00%) 11,000 GlaxoSmithKline PLC Sponsored ADR* 487, % 10,400 Pfizer Incorporated* 361, % Total Pharmaceuticals 849, % Real Estate 3.57% (31 st May, 2014: 0.94%) 18,900 National Storage Affiliates Trust* 254, % 14,700 New Residential Investment Corporation* 250, % 13,475 NorthStar Realty Finance Corporation* 243, % 69

71 NUVEEN NWQ FLEXIBLE INCOME FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Real Estate 3.57% (31 st May, 2014: 0.94%) (continued) 6,500 Paramount Group Incorporated* 119, % Total Real Estate 868, % Software 1.12% (31 st May, 2014: 0.00%) 5,800 Microsoft Corporation* Ω 271, % Total Software 271, % Transportation 1.55% (31 st May, 2014: 0.00%) 3,800 United Parcel Service Incorporated Class B* 376, % Total Transportation 376, % Total Equities 6,256, % FIXED INCOME Banks 5.17% (31 st May, 2014: 3.56%) 225,000 Bank of America Corporation, 6.500%, 29/10/2049* 237, % 180,000 Capital One Financial Corporation, 5.550%, 29/12/2049* 180, % 175,000 Citigroup Incorporated, 5.800%, 29/11/2049* 176, % 65,000 Citigroup Incorporated, 5.950%, 29/12/2049* 64, % 25,000 JPMorgan Chase & Company Series 1, 7.900%, 29/12/2049** 26, % 225,000 JPMorgan Chase & Company Series S, 6.750%, 29/01/2049** 245, % 25,000 JPMorgan Chase & Company Series X, 6.100%, 29/10/2049* 25, % 60,000 SunTrust Banks Incorporated, 5.625%, 29/12/2049* 60, % 200,000 Wells Fargo & Company, 5.875%, 29/12/2049* 210, % 30,000 Zions Bancorporation, 7.200%, 29/09/2049** 32, % Total Banks 1,259, % Beverages 0.92% (31 st May, 2014: 0.00%) 50,000 Cott Beverages Incorporated, 5.375%, 01/07/2022* 49, % 165,000 Cott Beverages Incorporated, 6.750%, 01/01/2020* 173, % Total Beverages 222, % Biotechnology 1.03% (31 st May, 2014: 0.00%) 250,000 Concordia Healthcare Corporation, 7.000%, 15/04/2023* 251, % Total Biotechnology 251, % Commercial Services 0.48% (31 st May, 2014: 2.06%) 110,000 RR Donnelley & Sons Company, 6.500%, 15/11/2023* 116, % Total Commercial Services 116, % Computers 0.83% (31 st May, 2014: 0.00%) 200,000 Seagate HDD Cayman, 4.875%, 01/06/2027* 202, % Total Computers 202, % Diversified Financial Services 0.64% (31 st May, 2014: 0.00%) 50,000 BGC Partners Incorporated, 5.375%, 09/12/2019* 51, % 125,000 Navient Corporation, 5.625%, 01/08/2033* 103, % Total Diversified Financial Services 155, % Electric 1.90% (31 st May, 2014: 0.00%) 200,000 Abengoa Yield PLC, 7.000%, 15/11/2019* 207, % 70

72 NUVEEN NWQ FLEXIBLE INCOME FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Electric 1.90% (31 st May, 2014: 0.00%) (continued) 250,000 NRG Energy Incorporated, 6.250%, 01/05/2024* 255, % Total Electric 463, % Entertainment 0.95% (31 st May, 2014: 0.00%) 225,000 Gibson Brands Incorporated, 8.875%, 01/08/2018* 230, % Total Entertainment 230, % Environmental Control 1.06% (31 st May, 2014: 0.00%) 250,000 GFL Environmental Incorporated, 7.875%, 01/04/2020* 257, % Total Environmental Control 257, % Healthcare Services 1.05% (31 st May, 2014: 0.00%) 250,000 Kindred Healthcare Incorporated, 6.375%, 15/04/2022* 255, % Total Healthcare Services 255, % Insurance 0.27% (31 st May, 2014: 5.16%) 55,000 Liberty Mutual Group Incorporated, 7.800%, 15/03/2037* 66, % Total Insurance 66, % Iron & Steel 1.14% (31 st May, 2014: 0.00%) 25,000 ArcelorMittal, 6.125%, 01/06/2025* 25, % 250,000 ArcelorMittal, 7.500%, 01/03/2041* 251, % Total Iron & Steel 277, % Machinery-Construction & Mining 1.13% (31 st May, 2014: 0.00%) 270,000 Terex Corporation, 6.000%, 15/05/2021* 274, % Total Machinery-Construction & Mining 274, % Media 1.59% (31 st May, 2014: 0.00%) 385,000 DISH DBS Corporation, 5.875%, 15/11/2024* 385, % Total Media 385, % Mining 0.95% (31 st May, 2014: 0.00%) 120,000 FMG Resources August 2006 Pty Limited, 8.250%, 01/11/2019* 109, % 125,000 Southern Copper Corporation, 5.875%, 23/04/2045* 122, % Total Mining 232, % Miscellaneous Manufacturers 1.67% (31 st May, 2014: 0.00%) 425,000 Bombardier Incorporated, 7.500%, 15/03/2025* 406, % Total Miscellaneous Manufacturers 406, % Pharmaceuticals 0.43% (31 st May, 2014: 0.00%) 100,000 Valeant Pharmaceuticals International Incorporated, 6.125%, 15/04/2025* 104, % Total Pharmaceuticals 104, % Real Estate 3.75% (31 st May, 2014: 1.74%) 250,000 Communications Sales & Leasing Incorporated, 8.250%, 15/10/2023* 255, % 200,000 Forestar USA Real Estate Group Incorporated, 8.500%, 01/06/2022* 202, % 225,000 Greystar Real Estate Partners LLC, 8.250%, 01/12/2022* 238, % 80,000 Iron Mountain Incorporated, 5.750%, 15/08/2024* 82, % 71

73 NUVEEN NWQ FLEXIBLE INCOME FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Real Estate 3.75% (31 st May, 2014: 1.74%) (continued) 50,000 Kennedy-Wilson Incorporated, 5.875%, 01/04/2024* 50, % 85,000 Select Income Real Estate, 4.500%, 01/02/2025* 84, % Total Real Estate 913, % Retail 0.30% (31 st May, 2014: 0.00%) 70,000 Rite Aid Corporation, 6.125%, 01/04/2023* 72, % Total Retail 72, % Telecommunications 6.51% (31 st May, 2014: 0.64%) 350,000 Altice S.A., 7.625%, 15/02/2025* 345, % 275,000 CenturyLink Incorporated, 7.650%, 15/03/2042* 266, % 410,000 Frontier Communications Corporation, 6.875%, 15/01/2025* 374, % 200,000 Frontier Communications Corporation, 7.625%, 15/04/2024* 192, % 175,000 GCI Incorported, 6.875%, 15/04/2025* 179, % 225,000 Qwest Corporation, 6.875%, 15/09/2033* 226, % Total Telecommunications 1,585, % 75,000 Transportation 0.28% (31 st May, 2014: 0.00%) Teekay Offshore Partners LP/Teekay Offshore Finance Corporation, 6.000%, 30/07/2019* 67, % Total Transportation 67, % Total Fixed Income 7,800, % PREFERRED STOCKS Agriculture 2.00% (31 st May, 2014: 0.84%) 11,300 CHS Incorporated, 6.750%* 292, % 7,300 CHS Incorporated, 7.100%* 194, % Total Agriculture 487, % Banks 3.38% (31 st May, 2014: 8.90%) 4,700 Boston Private Financial Holdings Incorporated* 118, % 2,700 Capital One Financial Corporation* 70, % 8,800 Citigroup Incorporated* 246, % 4,315 FNB Corporation* 120, % 4,216 Morgan Stanley* 119, % 1,500 PrivateBancorp Incorporated* 39, % 4,125 Regions Financial Corporation* 107, % Total Banks 822, % Closed-end Funds 1.03% (31 st May, 2014: 0.94%) 5,239 Oxford Lane Capital Corporation, 7.500%* 130, % 4,825 Oxford Lane Capital Corporation, 8.125%* 120, % Total Closed-end Funds 250, % Diversified Financial Services 3.22% (31 st May, 2014: 5.20%) 87 Ally Financial Incorporated* 87, % 7,605 Cowen Group Incorporated* 202, % 4,819 JMP Group LLC* 121, % 10,000 Ladenburg Thalmann Financial Services Incorporated* 247, % 72

74 NUVEEN NWQ FLEXIBLE INCOME FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Diversified Financial Services 3.22% (31 st May, 2014: 5.20%) (continued) 2,534 SLM Corporation* 125, % Total Diversified Financial Services 784, % Electric 0.32% (31 st May, 2014: 0.00%) 3,000 Entergy Arkansas Incorporated** 77, % Total Electric 77, % Insurance 3.40% (31 st May, 2014: 4.53%) 6,750 Argo Group US Incorporated* 169, % 3,720 Hanover Insurance Group Incorporated/The* 94, % 9,275 Kemper Corporation* 244, % 4,150 Maiden Holdings North America Limited, 7.750%* 111, % 3,217 Maiden Holdings North America Limited, 8.000%* 85, % 4,875 National General Holdings Corporation* 121, % Total Insurance 827, % Investment Companies 6.93% (31 st May, 2014: 10.20%) 4,850 Apollo Investment Corporation, 6.625%* 125, % 4,800 Apollo Investment Corporation, 6.875%* 123, % 8,100 Capitala Finance Corporation* 205, % 4,000 Fifth Street Finance Corporation* 99, % 9,800 Hercules Technology Growth Capital Incorporated* 245, % 4,900 Main Street Capital Corporation* 124, % 9,675 MVC Capital Incorporated* 241, % 4,849 PennantPark Investment Corporation* 121, % 6,529 Solar Capital Limited* 160, % 4,801 THL Credit Incorporated* 121, % 4,825 Triangle Capital Corporation* 120, % Total Investment Companies 1,687, % Pipelines 0.43% (31 st May, 2014: 1.00%) 3,930 NuStar Logistics LP* 105, % Total Pipelines 105, % Real Estate 15.97% (31 st May, 2014: 23.36%) 2,770 AG Mortgage Investment Trust Incorporated, 8.000%* 69, % 4,810 AG Mortgage Investment Trust Incorporated, 8.250%* 120, % 8,925 American Realty Capital Properties Incorporated* 214, % 4,686 Apollo Commercial Real Estate Finance Incorporated* 121, % 4,958 Apollo Residential Mortgage Incorporated* 121, % 9,650 Arbor Realty Trust Incorporated* 238, % 6,056 Ashford Hospitality Trust Incorporated* 159, % 4,075 Cedar Realty Trust Incorporated* 103, % 1,400 Chesapeake Lodging Trust* 37, % 4,775 Colony Capital Incorporated, 7.500%* 121, % 4,592 Colony Capital Incorporated, 8.500%* 121, % 4,605 CoreSite Realty Corporation* 120, % 4,434 Digital Realty Trust Incorporated* 120, % 3,261 DuPont Fabros Technology Incorporated* 83, % 5,000 Inland Real Estate Corporation* 130, % 9,944 Invesco Mortgage Capital Incorporated* 245, % 73

75 NUVEEN NWQ FLEXIBLE INCOME FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Real Estate 15.97% (31 st May, 2014: 23.36%) (continued) 4,665 Kennedy-Wilson Incorporated* 120, % 4,909 MFA Financial Incorporated, 7.500%* 120, % 4,766 MFA Financial Incorporated, 8.000%* 123, % 4,542 NorthStar Realty Finance Corporation* 117, % 4,600 NorthStar Realty Finance Corporation Series E* 118, % 4,654 Pennsylvania Real Estate Investment Trust, 7.375%* 121, % 4,600 Pennsylvania Real Estate Investment Trust, 8.250%* 120, % 4,900 RAIT Financial Trust, 7.125%* 120, % 5,210 RAIT Financial Trust, 7.625%* 122, % 10,440 Resource Capital Corporation* 238, % 4,600 Retail Properties of America Incorporated* 117, % 2,583 STAG Industrial Incorporated* 64, % 4,525 Summit Hotel Properties Incorporated* 122, % 3,500 Urstadt Biddle Properties Incorporated, 6.750%* 90, % 1,500 Urstadt Biddle Properties Incorporated, 7.125%* 38, % Total Real Estate 3,887, % Retail 1.50% (31 st May, 2014: 0.00%) 13,900 TravelCenters of America LLC* 364, % Total Retail 364, % Telecommunications 1.04% (31 st May, 2014: 0.79%) 9,991 United States Cellular Corporation* 252, % Total Telecommunications 252, % Transportation 1.46% (31 st May, 2014: 4.91%) 2,812 Costamare Incorporated Series B* 64, % 5,072 Scorpio Tankers Incorporated, 6.750%* 121, % 4,910 Scorpio Tankers Incorporated, 7.500%* 123, % 560 Seaspan Corporation* 14, % 1,200 Tsakos Energy Navigation Limited* 30, % Total Transportation 354, % Total Preferred Stocks 9,901, % OPTIONS Biotechnology (0.01%) (31 st May, 2014: 0.00%) (10) Gilead Sciences Incorporated, 120, Aug 2015, Call** (2,265) (0.01%) Total Biotechnology (2,265) (0.01%) Computers (0.02%) (31 st May, 2014: 0.00%) (62) Phillips 66, 87.5, Aug 2015, Call** (4,960) (0.02%) Total Computers (4,960) (0.02%) Machinery-Construction & Mining (0.01%) (31 st May, 2014: 0.00%) (29) Caterpillar Incorporated, 92.5, Aug 2015, Call** (1,900) (0.01%) Total Machinery-Construction & Mining (1,900) (0.01%) Oil & Gas (0.03%) (31 st May, 2014: 0.00%) (58) Microsoft Corporation, 48, Aug 2015, Call** (8,294) (0.03%) Total Oil & Gas (8,294) (0.03%) 74

76 NUVEEN NWQ FLEXIBLE INCOME FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Software (0.03%) (31 st May, 2014: 0.00%) (43) Seagate Technology PLC, 60, Sep 2015, Call** (6,063) (0.03%) Total Software (6,063) (0.03%) Total Options (23,482) (0.10%) Total Investments 23,934, % Portfolio Analysis Total Assets % * Transferable securities admitted to an official stock exchange listing 23,576, % ** Transferable securities dealt in on other than regulated markets 358, % Other assets 1,868, % Total Assets (including financial liabilities at fair value through profit or loss) 25,803, % As a percentage of net assets attributable to holders of redeemable participating shares (for financial statement purposes). Ω Amount serves as collateral for commitments on derivative instruments. Ω(1) 1,000 units serve as collateral for commitments on derivative instruments. Ω(2) 4,300 units serve as collateral for commitments on derivative instruments. The accompanying notes form an integral part of the financial statements. 75

77 NUVEEN NWQ SMALL-CAP VALUE FUND PORTFOLIO OF INVESTMENTS As at 31 st May, 2015 Nominal Security Fair Value EQUITIES Sub-Fund % Aerospace & Defence 4.35% 306 Astronics Corporation* 21, % 309 Orbital ATK Incorporated* 23, % Total Aerospace & Defence 45, % Banks 10.54% 1,150 Capital Bank Financial Corporation Class A* 32, % 610 PacWest Bancorp* 27, % 495 PrivateBancorp Incorporated* 18, % 960 Western Alliance Bancorp* 30, % Total Banks 109, % Beverages 1.04% 480 Britvic PLC Sponsored ADR** 10, % Total Beverages 10, % Building Materials 3.53% 385 Boise Cascade Company* 13, % 1,265 Louisiana-Pacific Corporation* 22, % Total Building Materials 36, % Chemicals 1.59% 1,155 Landec Corporation* 16, % Total Chemicals 16, % Commercial Services 1.21% 210 Euronet Worldwide Incorporated* 12, % Total Commercial Services 12, % Cosmetics & Personal Care 4.61% 1,790 Elizabeth Arden Incorporated* 25, % 674 Inter Parfums Incorporated* 22, % Total Cosmetics & Personal Care 47, % Electrical Components & Equipment 2.16% 335 EnerSys* 22, % Total Electrical Components & Equipment 22, % Electronics 10.67% 735 Coherent Incorporated* 45, % 2,075 GSI Group Incorporated* 30, % 200 Kimball Electronics Incorporated* 3, % 2,580 Stoneridge Incorporated* 30, % Total Electronics 110, % Food 3.50% 160 John B Sanfilippo & Son Incorporated* 8, % 395 TreeHouse Foods Incorporated* 28, % Total Food 36, % 76

78 NUVEEN NWQ SMALL-CAP VALUE FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Forest Products & Paper 6.70% 175 Deltic Timber Corporation* 11, % 360 Neenah Paper Incorporated* 21, % 1,550 PH Glatfelter Company* 36, % Total Forest Products & Paper 69, % Gas 2.61% 505 Laclede Group Incorporated/The* 27, % Total Gas 27, % Healthcare-Products 3.31% 405 Analogic Corporation* 34, % Total Healthcare-Products 34, % Home Builders 2.58% 1,850 TRI Pointe Homes Incorporated* 26, % Total Home Builders 26, % Home Furnishings 3.01% 1,235 Hooker Furniture Corporation* 31, % Total Home Furnishings 31, % Machinery-Diversified 3.27% 855 Albany International Corporation Class A* 33, % Total Machinery-Diversified 33, % Mining 2.60% 725 Materion Corporation* 26, % Total Mining 26, % Miscellaneous Manufacturers 1.64% 545 GP Strategies Corporation* 16, % Total Miscellaneous Manufacturers 16, % Pharmaceuticals 1.59% 350 Impax Laboratories Incorporated* 16, % Total Pharmaceuticals 16, % Real Estate 8.11% 2,005 Brandywine Realty Trust* 28, % 2,155 Forestar Group Incorporated* 28, % 1,570 Ramco-Gershenson Properties Trust* 27, % Total Real Estate 83, % Retail 1.30% 760 Express Incorporated* 13, % Total Retail 13, % Savings & Loans 0.53% 240 HomeStreet Incorporated* 5, % Total Savings & Loans 5, % 77

79 NUVEEN NWQ SMALL-CAP VALUE FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Semiconductors 13.14% 2,065 Entegris Incorporated* 28, % 1,105 Integrated Device Technology Incorporated* 26, % 5,150 Lattice Semiconductor Corporation* 32, % 1,205 Microsemi Corporation* 43, % 135 MKS Instruments Incorporated* 5, % Total Semiconductors 136, % Software 3.21% 3,570 Mitel Networks Corporation* 33, % Total Software 33, % Transportation 3.10% 1,415 Marten Transport Limited* 32, % Total Transportation 32, % Total Investments 1,033, % Portfolio Analysis Total Assets % * Transferable securities admitted to an official stock exchange listing 1,023, % ** Transferable securities dealt in on other than regulated markets 10, % Other assets 57, % Total Assets 1,091, % As a percentage of net assets attributable to holders of redeemable participating shares (for financial statement purposes). The accompanying notes form an integral part of the financial statements. 78

80 NUVEEN NWQ GLOBAL EQUITY FUND PORTFOLIO OF INVESTMENTS As at 31 st May, 2015 Nominal Security Fair Value EQUITIES Sub-Fund % Advertising 1.58% 810 Interpublic Group of Companies Incorporated/The* 16, % Total Advertising 16, % Auto Manufacturers 4.72% 200 Daimler AG* 18, % 425 General Motors Company* 15, % 240 PACCAR Incorporated* 15, % Total Auto Manufacturers 49, % Banks 11.25% 6,500 Barclays Bank PLC* 26, % 435 Citigroup Incorporated* 23, % 1,520 ING Groep NV* 24, % 160 JPMorgan Chase & Company* 10, % 1,465 UBS AG* 31, % Total Banks 117, % Beverages 1.50% 1,400 Britvic PLC* 15, % Total Beverages 15, % Biotechnology 2.42% 175 Bio-Rad Laboratories Incorporated* 25, % Total Biotechnology 25, % Chemicals 3.89% 160 Agrium Incorporated* 16, % 1,100 Nissan Chemical Industries Limited* 23, % Total Chemicals 40, % Computers 2.35% 420 NetApp Incorporated* 14, % 275 VeriFone Systems Incorporated* 10, % Total Computers 24, % Electric 1.83% 4,900 EDP - Energias de Portugal S.A.* 19, % Total Electric 19, % Electronics 1.93% 325 Coherent Incorporated* 20, % Total Electronics 20, % Food 8.69% 310 Aryzta AG* 19, % 515 Carrefour S.A.* 17, % 750 METRO AG* 26, % 3,525 Orkla ASA* 27, % Total Food 90, % 79

81 NUVEEN NWQ GLOBAL EQUITY FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Forest Products & Paper 1.72% 3,300 DS Smith PLC* 17, % Total Forest Products & Paper 17, % Holding Companies-Divers 1.48% 320 GEA Group AG* 15, % Total Holding Companies-Divers 15, % Home Builders 2.04% 1,275 Sekisui House Limited* 21, % Total Home Builders 21, % Insurance 6.62% 285 American International Group Incorporated* 16, % 170 Aon PLC* 17, % 125 Swiss Re AG* 11, % 685 Unum Group* 23, % Total Insurance 69, % Media 3.04% 205 Time Warner Incorporated* 17, % 215 Viacom Incorporated Class B* 14, % Total Media 31, % Miscellaneous Manufacturers 2.26% 160 Ingersoll-Rand PLC* 11, % 120 Siemens AG* 12, % Total Miscellaneous Manufacturers 23, % Oil & Gas 2.89% 415 Canadian Natural Resources Limited* 12, % 1,415 Inpex Corporation* 17, % Total Oil & Gas 30, % Pharmaceuticals 19.75% 415 AbbVie Incorporated* 27, % 1,100 Almirall S.A.* 22, % 485 Impax Laboratories Incorporated* 22, % 110 Jazz Pharmaceuticals PLC* 19, % 470 Otsuka Holdings Company Limited* 14, % 475 Pfizer Incorporated* 16, % 58 Roche Holding AG* 17, % 200 Sanofi* 19, % 490 Teva Pharmaceutical Industries Limited* 29, % 220 UCB S.A.* 15, % Total Pharmaceuticals 206, % Real Estate 0.94% 300 Weyerhaeuser Company* 9, % Total Real Estate 9, % 80

82 NUVEEN NWQ GLOBAL EQUITY FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Retail 7.54% 195 CVS Health Corporation* 19, % 1,255 Express Incorporated* 22, % 2,410 Kingfisher PLC* 13, % 290 Target Corporation* 22, % Total Retail 78, % Semiconductors 5.24% 820 Microsemi Corporation* 29, % 1,175 Teradyne Incorporated* 24, % Total Semiconductors 54, % Telecommunications 8.47% 275 Nippon Telegraph & Telephone Corporation* 19, % 305 Samsung SDI Company Limited* 33, % 2,290 Telefonaktiebolaget LM Ericsson Class B* 25, % 700 Telefonica Brasil S.A.* 9, % Total Telecommunications 88, % Transportation 1.16% 120 Union Pacific Corporation* 12, % Total Transportation 12, % Total Investments 1,078, % Portfolio Analysis Total Assets % * Transferable securities admitted to an official stock exchange listing 1,078, % Other assets 21, % Total Assets 1,100, % As a percentage of net assets attributable to holders of redeemable participating shares (for financial statement purposes). The accompanying notes form an integral part of the financial statements. 81

83 NUVEEN LARGE CAP CORE FUND PORTFOLIO OF INVESTMENTS As at 31 st May, 2015 Nominal Security Fair Value EQUITIES Sub-Fund % Aerospace & Defence 4.07% 100 Boeing Company/The* 14, % 100 L-3 Communications Holdings Incorporated* 11, % 300 Spirit AeroSystems Holdings Incorporated Class A* 16, % 100 United Technologies Corporation* 11, % Total Aerospace & Defence 53, % Agriculture 2.29% 300 Archer-Daniels-Midland Company* 15, % 200 Lorillard Incorporated* 14, % Total Agriculture 30, % Airlines 1.44% 100 Delta Air Lines Incorporated* 4, % 400 Southwest Airlines Company* 14, % Total Airlines 19, % Auto Manufacturers 1.03% 900 Ford Motor Company* 13, % Total Auto Manufacturers 13, % Auto Parts & Equipment 1.80% 400 Allison Transmission Holdings Incorporated* 12, % 100 Lear Corporation* 11, % Total Auto Parts & Equipment 23, % Banks 4.91% 100 Goldman Sachs Group Incorporated/The* 20, % 400 JPMorgan Chase & Company* 26, % 400 Morgan Stanley* 15, % 50 Wells Fargo & Company* 2, % Total Banks 65, % Beverages 1.88% 200 Dr Pepper Snapple Group Incorporated* 15, % 100 PepsiCo Incorporated* 9, % Total Beverages 24, % Biotechnology 4.60% 100 Amgen Incorporated* 15, % 200 Celgene Corporation* 22, % 200 Gilead Sciences Incorporated* 22, % Total Biotechnology 60, % Commercial Services 2.30% 500 Apollo Education Group Incorporated* 8, % 100 Gartner Incorporated* 8, % 700 RR Donnelley & Sons Company* 13, % Total Commercial Services 30, % 82

84 NUVEEN LARGE CAP CORE FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Computers 11.02% 500 Apple Incorporated* 65, % 500 EMC Corporation* 13, % 600 Genpact Limited* 13, % 500 Hewlett-Packard Company* 16, % 300 Lexmark International Incorporated Class A* 13, % 300 NetApp Incorporated* 10, % 100 Teradata Corporation* 3, % 100 Western Digital Corporation* 9, % Total Computers 145, % Distribution & Wholesale 0.54% 100 WESCO International Incorporated* 7, % Total Distribution & Wholesale 7, % Diversified Financial Services 0.31% 100 Eaton Vance Corporation* 4, % Total Diversified Financial Services 4, % Electronics 2.59% 500 Corning Incorporated* 10, % 600 Jabil Circuit Incorporated* 14, % 700 Vishay Intertechnology Incorporated* 9, % Total Electronics 34, % Food 1.10% 200 Kroger Company/The* 14, % Total Food 14, % Healthcare Services 6.45% 100 Aetna Incorporated* 11, % 100 Anthem Incorporated* 16, % 100 Cigna Corporation* 14, % 300 Health Net Incorporated* 18, % 200 UnitedHealth Group Incorporated* 24, % Total Healthcare Services 85, % Home Builders 0.92% 200 Thor Industries Incorporated* 12, % Total Home Builders 12, % Insurance 5.59% 500 Assured Guaranty Limited* 14, % 25 Berkshire Hathaway Incorporated Class B* 3, % 50 Everest Re Group Limited* 9, % 100 PartnerRe Limited* 13, % 100 RenaissanceRe Holdings Limited* 10, % 100 Travelers Cos Incorporated/The* 10, % 300 Voya Financial Incorporated* 13, % Total Insurance 74, % 83

85 NUVEEN LARGE CAP CORE FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Internet 1.76% 100 Expedia Incorporated* 10, % 200 VeriSign Incorporated* 12, % Total Internet 23, % Lodging 0.64% 100 Wyndham Worldwide Corporation* 8, % Total Lodging 8, % Machinery-Construction & Mining 0.93% 500 Terex Corporation* 12, % Total Machinery-Construction & Mining 12, % Media 6.47% 600 Cablevision Systems Corporation Class A* 14, % 400 Comcast Corporation Class A* 23, % 200 DIRECTV* 18, % 300 Gannett Company Incorporated* 10, % 100 Scripps Networks Interactive Incorporated Class A* 6, % 3,100 Sirius XM Holdings Incorporated* 11, % Total Media 85, % Miscellaneous Manufacturers 2.96% 200 AptarGroup Incorporated* 12, % 200 General Electric Company* 5, % 100 Parker-Hannifin Corporation* 12, % 300 Trinity Industries Incorporated* 8, % Total Miscellaneous Manufacturers 39, % Office & Business Equipment 1.03% 1,200 Xerox Corporation* 13, % Total Office & Business Equipment 13, % Oil & Gas 3.02% 100 CVR Energy Incorporated* 3, % 1,900 Denbury Resources Incorporated* 14, % 100 Exxon Mobil Corporation* 8, % 800 Oasis Petroleum Incorporated* 13, % Total Oil & Gas 39, % Pharmaceuticals 4.66% 100 AmerisourceBergen Corporation* 11, % 200 Cardinal Health Incorporated* 17, % 50 Johnson & Johnson* 5, % 800 Pfizer Incorporated* 27, % Total Pharmaceuticals 61, % Retail 12.74% 400 Best Buy Company Incorporated* 13, % 300 Big Lots Incorporated* 13, % 100 Chico's FAS Incorporated* 1, % 100 Costco Wholesale Corporation* 14, % 84

86 NUVEEN LARGE CAP CORE FUND PORTFOLIO OF INVESTMENTS (continued) As at 31 st May, 2015 Nominal Security Fair Value Sub-Fund % Retail 12.74% (continued) 200 Darden Restaurants Incorporated* 13, % 100 Dillard's Incorporated Class A* 11, % 200 Gap Incorporated/The* 7, % 200 Home Depot Incorporated/The* 22, % 200 Kohl's Corporation* 13, % 200 Lowe's Cos Incorporated* 13, % 200 Macy's Incorporated* 13, % 900 Staples Incorporated* 14, % 200 Target Corporation* 15, % Total Retail 168, % Semiconductors 1.47% 200 Intel Corporation* 6, % 900 Marvell Technology Group Limited* 12, % Total Semiconductors 19, % Shipbuilding 0.94% 100 Huntington Ingalls Industries Incorporated* 12, % Total Shipbuilding 12, % Software 6.08% 200 Electronic Arts Incorporated* 12, % 100 Intuit Incorporated* 10, % 600 Microsoft Corporation* 28, % 500 Oracle Corporation* 21, % 100 Red Hat Incorporated* 7, % Total Software 80, % Telecommunications 3.10% 400 CenturyLink Incorporated* 13, % 400 T-Mobile US Incorporated* 15, % 1,500 Windstream Holdings Incorporated* 12, % Total Telecommunications 41, % Transportation 1.86% 200 CH Robinson Worldwide Incorporated* 12, % 500 Tidewater Incorporated* 12, % Total Transportation 24, % Total Investments 1,331, % Portfolio Analysis Total Assets % * Transferable securities admitted to an official stock exchange listing 1,331, % Other assets 69, % Total Assets 1,400, % As a percentage of net assets attributable to holders of redeemable participating shares (for financial statement purposes). The accompanying notes form an integral part of the financial statements. 85

87 NUVEEN TRADEWINDS GLOBAL ALL-CAP FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) Major Purchases Nominal Cost WH Group Limited 273, ,924 Citigroup Incorporated 3, ,152 Tyson Foods Incorporated Class A 4, ,025 Time Incorporated 7, ,893 Sanofi 1, ,770 TSB Banking Group PLC 29, ,664 Turkcell Iletisim Hizmetleri AS Sponsored ADR 10, ,064 Roche Holding AG ,316 AES Corporation 8, ,949 UBS AG 6, ,139 Royal Bank of Scotland Group PLC 20, ,337 KT Corporation Sponsored ADR 7, ,532 Vallourec S.A. 2, ,009 Goodyear Tire & Rubber Company/The 4, ,956 Cia de Saneamento Basico do Estado de Sao Paulo Sponsored ADR 15, ,511 Royal Dutch Shell PLC 2,460 87,934 Kingfisher PLC 16,680 86,360 Telefonica S.A. 5,950 85,337 Japan Steel Works Limited 20,000 85,023 AirAsia Bhd 125,400 83,665 Ingram Micro Incorporated Class A 3,450 82,818 Shougang Fushan Resources Group Limited 332,000 82,417 Archer-Daniels-Midland Company 1,750 78,907 Eurasia Drilling Company Limited Sponsored GDR 2,610 78,173 Infoblox Incorporated 6,420 77,647 Akastor ASA 5,000 76,587 Impala Platinum Holdings Limited 9,000 76,489 Cabot Oil & Gas Corporation 2,310 76,464 YPF S.A. Sponsored ADR 2,450 75,074 Bunge Limited ,773 Bankers Petroleum Limited 24,600 71,643 Tate & Lyle PLC 7,913 71,204 Mitie Group PLC 15,960 71,112 Aetna Incorporated ,987 NRG Energy Incorporated 2,690 68,096 Scandi Standard AB 9,700 64,396 BHP Billiton Limited 2,200 57,139 Andersons Incorporated/The 1,334 56,215 ISS A/S 1,940 56,151 Pfizer Incorporated 1,600 55,979 CenturyLink Incorporated 1,620 54,976 Magnachip Semiconductor 4,500 54,701 Oracle Corporation 1,284 52,566 General Motors Company 1,410 50,348 86

88 NUVEEN TRADEWINDS GLOBAL ALL-CAP FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Purchases (continued) Nominal Cost POSCO ,800 The Statement of Changes in the Portfolio reflects the aggregate purchases of a security exceeding one percent of the total value of purchases for the year. At a minimum the largest 20 purchases must be given. 87

89 NUVEEN TRADEWINDS GLOBAL ALL-CAP FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Sales Nominal Proceeds Bunge Limited 2, ,922 Best Buy Company Incorporated 6, ,760 Teva Pharmaceutical Industries Limited Sponsored ADR 3, ,590 American International Group Incorporated 3, ,744 Exelon Corporation 4, ,671 Mitsubishi Tanabe Pharma Corporation 10, ,220 AirAsia Bhd 233, ,330 Ping An Insurance Group Company of China Limited 16, ,795 Apache Corporation 1, ,720 Loews Corporation 3, ,027 KB Financial Group Incorporated Sponsored ADR 4, ,943 Merck & Company Incorporated 2, ,797 TSB Banking Group PLC 29, ,651 Dean Foods Company 8, ,257 Uranium Participation Corporation 31, ,093 MS&AD Insurance Group Holdings 5, ,061 Novartis AG 1, ,914 Peabody Energy Corporation 8, ,114 UBS AG 6, ,047 ING Groep NV Sponsored ADR 8, ,817 SSE PLC 4, ,760 Barrick Gold Corporation 8, ,058 Axis Capital Holdings Limited 2, ,802 Digital China Holdings Limited 119, ,250 Ipsen S.A. 2, ,684 China Mobile Limited 10, ,563 Aegon NV 14, ,698 Family Dollar Stores Incorporated 1, ,182 Mitsui & Company Limited 8, ,733 Infoblox Incorporated 6, ,698 Ingram Micro Incorporated Class A 4, ,282 Alstom S.A. 3, ,699 Telenor ASA 4, ,540 Diamond Offshore Drilling Incorporated 2,205 96,976 Sumitomo Mitsui Trust Holdings Incorporated 22,000 94,890 Ingredion Incorporated 1,185 94,014 Samsung Electronics Company Limited 71 93,739 Tesco PLC 25,245 93,151 Agrium Incorporated ,999 Turquoise Hill Resources Limited 26,686 89,615 CenturyLink Incorporated 2,255 88,676 Newcrest Mining Limited 8,928 88,190 Western Digital Corporation ,351 Turkcell Iletisim Hizmetleri AS Sponsored ADR 5,181 84,139 88

90 NUVEEN TRADEWINDS GLOBAL ALL-CAP FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Sales (continued) Nominal Proceeds Oracle Corporation 1,895 81,256 Centrais Eletricas Brasileiras S.A. Preference Shares Sponsored ADR 24,690 80,687 TNT Express NV 10,268 80,016 The Statement of Changes in the Portfolio reflects the aggregate sales of a security exceeding one percent of the total value of sales for the year. At a minimum the largest 20 sales must be given. 89

91 NUVEEN NWQ LARGE-CAP VALUE FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) Major Purchases Nominal Cost AbbVie Incorporated 2, ,568 CIT Group Incorporated 2,000 96,614 Discover Financial Services 1,575 91,435 Royal Dutch Shell PLC Sponsored ADR 1,350 89,780 METRO AG ADR 12,700 86,693 Zions Bancorporation 2,900 84,515 ebay Incorporated 1,650 83,898 PNC Financial Services Group Incorporated/The ,379 Sanofi Sponsored ADR 1,552 73,001 Hilton Worldwide Holdings Incorporated 2,700 69,215 General Electric Company 2,500 63,941 Suncor Energy Incorporated 2,000 59,956 Bank of America Corporation 3,700 58,715 Wal-Mart Stores Incorporated ,520 NRG Energy Incorporated 1,496 46,700 Koninklijke Philips NV 1,625 46,675 Teradyne Incorporated 2,400 45,193 Copa Holdings S.A. Class A ,387 Google Incorporated Class A 73 37,107 Phillips ,107 Pfizer Incorporated 1,150 32,253 Viacom Incorporated Class B ,176 NetApp Incorporated ,649 Apache Corporation ,706 The Statement of Changes in the Portfolio reflects the aggregate purchases of a security exceeding one percent of the total value of purchases for the year. At a minimum the largest 20 purchases must be given. 90

92 NUVEEN NWQ LARGE-CAP VALUE FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Sales Nominal Proceeds Hartford Financial Services Group Incorporated 6, ,359 American International Group Incorporated 4, ,168 Microsoft Corporation 4, ,732 Norwegian Cruise Line Holdings Limited 4, ,092 Apache Corporation 2, ,465 Time Warner Incorporated 2, ,598 Citigroup Incorporated 3, ,770 Talisman Energy Incorporated 21, ,293 CA Incorporated 5, ,612 General Motors Company 4, ,556 Teva Pharmaceutical Industries Limited Sponsored ADR 2, ,296 Aon PLC 1, ,527 Canadian Natural Resources Limited 3, ,456 Wells Fargo & Company 2, ,372 Capital One Financial Corporation 1, ,468 Goldman Sachs Group Incorporated/The ,486 CVS Health Corporation 1, ,525 Sanofi Sponsored ADR 2, ,674 CenturyLink Incorporated 2, ,188 Pfizer Incorporated 3, ,907 JPMorgan Chase & Company 1, ,496 Target Corporation 1,375 98,461 Oracle Corporation 2,200 94,976 Interpublic Group of Companies Incorporated/The 4,500 93,297 MetLife Incorporated 1,700 91,223 Union Pacific Corporation ,666 Teradyne Incorporated 4,100 80,971 Zions Bancorporation 2,900 80,268 Tesoro Corporation 1,200 77,048 Ingersoll-Rand PLC 1,200 76,568 AbbVie Incorporated 1,400 76,207 Cisco Systems Incorporated 2,700 74,244 Unum Group 2,150 72,878 Baker Hughes Incorporated 1,400 71,437 CSX Corporation 2,300 69,618 Avon Products Incorporated 6,100 68,978 Raytheon Company ,404 Loews Corporation 1,550 64,374 Occidental Petroleum Corporation ,105 Ford Motor Company 3,800 60,979 Phillips ,787 PACCAR Incorporated ,192 Viacom Incorporated Class B ,706 91

93 NUVEEN NWQ LARGE-CAP VALUE FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Sales (continued) The Statement of Changes in the Portfolio reflects the aggregate sales of a security exceeding one percent of the total value of sales for the year. At a minimum the largest 20 sales must be given. 92

94 NUVEEN WINSLOW LARGE-CAP GROWTH FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) Major Purchases Nominal Cost Alibaba Group Holding Limited Sponsored ADR 26,400 2,115,025 Adobe Systems Incorporated 26,800 1,970,240 Dollar General Corporation 25,900 1,688,257 LinkedIn Corporation Class A 7,800 1,660,080 Apple Incorporated 16,396 1,658,677 Netflix Incorporated 3,356 1,629,825 Honeywell International Incorporated 16,800 1,606,142 Halliburton Company 21,610 1,509,660 Twitter Incorporated 33,000 1,459,747 Gilead Sciences Incorporated 15,150 1,427,962 ebay Incorporated 23,500 1,323,871 Amazon.com Incorporated 3,600 1,266,455 Home Depot Incorporated/The 11,200 1,246,878 Tesla Motors Incorporated 5,595 1,236,159 Vertex Pharmaceuticals Incorporated 10,030 1,171,061 Comcast Corporation 20,700 1,143,494 Williams Companies Incorporated/The 20,900 1,126,246 Twenty-First Century Fox Incorporated Class A 31,610 1,094,711 Envision Healthcare Holdings Incorporated 31,600 1,091,348 Facebook Incorporated Class A 13,620 1,089,688 PPG Industries Incorporated 4,800 1,050,279 Biogen Incorporated 2,995 1,023,493 Chipotle Mexican Grill Incorporated Class A 1,720 1,017,114 Schlumberger Limited 10,200 1,005,027 Mobileye NV 27,600 1,002,632 NIKE Incorporated Class B 10, ,294 Valeant Pharmaceuticals International Incorporated 5, ,017 Wells Fargo & Company 16, ,610 MGM Resorts International 36, ,618 McKesson Corporation 4, ,445 Texas Instruments Incorporated 16, ,604 Medtronic PLC 11, ,487 Whole Foods Market Incorporated 18, ,226 Alexion Pharmaceuticals Incorporated 4, ,530 Ctrip.com International Limited Sponsored ADR 13, ,328 Broadcom Corporation Class A 17, ,859 Boston Scientific Corporation 43, ,344 Amgen Incorporated 5, ,916 Concho Resources Incorporated 5, ,567 Quintiles Transnational Holdings Incorporated 12, ,038 Microsoft Corporation 17, ,396 CBS Outdoor Americas Incorporated 23, ,978 CoStar Group Incorporated 4, ,202 93

95 NUVEEN WINSLOW LARGE-CAP GROWTH FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Purchases (continued) Nominal Cost AbbVie Incorporated 13, ,765 Hilton Worldwide Holdings Incorporated 28, ,936 Wynn Resorts Limited 3, ,721 Priceline Group Incorporated/The ,707 UnitedHealth Group Incorporated 7, ,232 The Statement of Changes in the Portfolio reflects the aggregate purchases of a security exceeding one percent of the total value of purchases for the year. At a minimum the largest 20 purchases must be given. 94

96 NUVEEN WINSLOW LARGE-CAP GROWTH FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Sales Nominal Proceeds Union Pacific Corporation 20,882 2,230,950 Twenty-First Century Fox Incorporated Class A 66,510 2,205,217 Dollar General Corporation 36,650 2,203,114 AbbVie Incorporated 30,000 1,782,679 Amgen Incorporated 10,365 1,623,478 Apple Incorporated 13,580 1,554,747 Danaher Corporation 20,120 1,547,148 Monsanto Company 13,109 1,518,293 Starbucks Corporation 21,700 1,424,121 Precision Castparts Corporation 6,740 1,402,901 Schlumberger Limited 14,300 1,380,811 Gilead Sciences Incorporated 14,000 1,358,344 Priceline Group Incorporated/The 1,190 1,346,039 Applied Materials Incorporated 57,100 1,282,326 Twitter Incorporated 33,000 1,248,503 Halliburton Company 21,610 1,244,280 Salesforce.com Incorporated 20,618 1,224,361 CBS Corporation 19,450 1,221,021 Cerner Corporation 18,020 1,218,523 Oracle Corporation 30,100 1,209,792 Comcast Corporation 20,700 1,197,691 Celgene Corporation 11,450 1,175,596 Baidu Incorporated Sponsored ADR 5,040 1,169,018 Qualcomm Incorporated 14,420 1,140,369 Biogen Incorporated 2,780 1,122,845 American Express Company 12,800 1,048,480 Tesla Motors Incorporated 4,815 1,043,504 Concho Resources Incorporated 11,325 1,033,423 Nielsen NV 23, ,691 BorgWarner Incorporated 17, ,372 Liberty Global PLC Series C 19, ,095 Charles Schwab Corporation/The 34, ,006 Williams Companies Incorporated/The 20, ,803 Whole Foods Market Incorporated 18, ,765 Pioneer Natural Resources Company 4, ,145 Lowe's Cos Incorporated 19, ,234 United Technologies Corporation 7, ,651 Facebook Incorporated 11, ,315 BlackRock Incorporated Class A 2, ,400 Honeywell International Incorporated 8, ,182 MGM Resorts International 42, ,379 Amazon.com Incorporated 2, ,851 Michael Kors Holdings Limited 12, ,980 95

97 NUVEEN WINSLOW LARGE-CAP GROWTH FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Sales (continued) Nominal Proceeds Netflix Incorporated 2, ,242 Alexion Pharmaceuticals Incorporated 4, ,153 Noble Energy Incorporated 11, ,670 Express Scripts Holding Company 11, ,193 CBS Outdoor Americas Incorporated 23, ,046 The Statement of Changes in the Portfolio reflects the aggregate sales of a security exceeding one percent of the total value of sales for the year. At a minimum the largest 20 sales must be given. 96

98 NUVEEN NWQ LARGE-CAP VALUE ESG FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) Major Purchases Nominal Cost CIT Group Incorporated 34,300 1,665,859 Zions Bancorporation 56,200 1,635,717 METRO AG ADR 199,000 1,380,876 AbbVie Incorporated 23,800 1,284,059 ebay Incorporated 24,900 1,277,676 PNC Financial Services Group Incorporated/The 15,000 1,248,945 NRG Energy Incorporated 30, ,341 Hilton Worldwide Holdings Incorporated 34, ,464 Teradyne Incorporated 42, ,669 Sanofi Sponsored ADR 12, ,605 Royal Dutch Shell PLC Sponsored ADR 4, ,032 Agrium Incorporated 2, ,353 Viacom Incorporated Class B 3, ,942 CA Incorporated 8, ,762 Talisman Energy Incorporated 21, ,605 Discover Financial Services 3, ,169 Phillips 66 2, ,086 Occidental Petroleum Corporation 2, ,420 Apache Corporation 2, ,747 General Motors Company 5, ,622 Copa Holdings S.A. Class A 1, ,697 The Statement of Changes in the Portfolio reflects the aggregate purchases of a security exceeding one percent of the total value of purchases for the year. At a minimum the largest 20 purchases must be given. 97

99 NUVEEN NWQ LARGE-CAP VALUE ESG FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Sales Nominal Proceeds Citigroup Incorporated 82,696 4,472,293 American International Group Incorporated 79,500 4,353,502 Microsoft Corporation 87,995 4,136,373 Hartford Financial Services Group Incorporated 103,696 4,088,355 Teva Pharmaceutical Industries Limited Sponsored ADR 68,175 3,905,448 Time Warner Incorporated 47,671 3,902,140 General Motors Company 108,013 3,665,754 Wells Fargo & Company 60,636 3,248,651 Apache Corporation 44,404 3,219,657 Aon PLC 34,237 3,181,991 Norwegian Cruise Line Holdings Limited 78,100 3,080,930 CA Incorporated 99,950 3,050,262 Pfizer Incorporated 94,400 2,970,405 JPMorgan Chase & Company 48,700 2,968,240 Oracle Corporation 68,900 2,887,319 Unum Group 81,500 2,696,791 MetLife Incorporated 49,550 2,689,038 CVS Health Corporation 29,596 2,597,952 Occidental Petroleum Corporation 30,330 2,554,040 Capital One Financial Corporation 29,900 2,435,142 Interpublic Group of Companies Incorporated/The 118,000 2,380,599 Target Corporation 32,275 2,305,128 Canadian Natural Resources Limited 65,167 2,298,318 Goldman Sachs Group Incorporated/The 12,482 2,245,977 Teradyne Incorporated 112,400 2,226,837 Sanofi Sponsored ADR 44,425 2,133,758 Cisco Systems Incorporated 73,100 2,003,339 NRG Energy Incorporated 69,200 1,980,737 Union Pacific Corporation 17,264 1,955,979 Viacom Incorporated Class B 25,450 1,884,254 Ingersoll-Rand PLC 30,250 1,873,111 Agrium Incorporated 18,900 1,832,103 Talisman Energy Incorporated 349,868 1,741,932 CenturyLink Incorporated 42,900 1,716,609 Loews Corporation 40,767 1,678,034 PACCAR Incorporated 23,800 1,626,599 Ford Motor Company 103,800 1,605,380 Zions Bancorporation 56,200 1,557,196 CSX Corporation 49,700 1,532,912 CIT Group Incorporated 30,900 1,483,361 Phillips 66 19,450 1,460,932 Baker Hughes Incorporated 24,000 1,289,260 Tesoro Corporation 19,800 1,276,139 PNC Financial Services Group Incorporated/The 14,125 1,249,953 98

100 NUVEEN NWQ LARGE-CAP VALUE ESG FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Sales (continued) Nominal Proceeds ebay Incorporated 22,500 1,236,227 METRO AG ADR 187,200 1,168,911 AbbVie Incorporated 21,600 1,167,480 The Statement of Changes in the Portfolio reflects the aggregate sales of a security exceeding one percent of the total value of sales for the year. At a minimum the largest 20 sales must be given. 99

101 NUVEEN GLOBAL INFRASTRUCTURE FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) Major Purchases Nominal Cost American Tower Corporation 25,435 2,448,157 Duke Energy Corporation 29,024 2,289,578 NextEra Energy Incorporated 21,857 2,200,268 Vinci S.A. 35,882 2,138,055 SBA Communications Corporation Class A 18,023 2,019,594 Atlantia S.p.A 72,314 1,819,651 Exelon Corporation 49,999 1,742,906 Wisconsin Energy Corporation 32,429 1,559,652 Kinder Morgan Incorporated 38,999 1,550,647 Ferrovial S.A. 75,772 1,535,510 Williams Companies Incorporated/The 26,993 1,503,966 Enbridge Incorporated 29,964 1,440,129 CMS Energy Corporation 43,841 1,428,715 GDF Suez 55,496 1,399,242 SES S.A. 37,778 1,313,702 Sempra Energy 12,049 1,290,803 PPL Corporation 32,487 1,116,903 Alliant Energy Corporation 18,283 1,100,940 Brookfield Infrastructure Partners LP 25,052 1,084,692 Enagas S.A. 35,510 1,066,325 Union Pacific Corporation 9,482 1,025,910 Transurban Group 141,824 1,007,438 Aeroports de Paris 7, ,236 Abertis Infraestructuras S.A. 51, ,518 ITC Holdings Corporation 25, ,909 Source Morningstar US Energy Infrastructure MLP UCITS ETF A 7, ,268 Edison International 13, ,235 TransCanada Corporation 17, ,254 Red Electrica Corp S.A. 10, ,337 The Statement of Changes in the Portfolio reflects the aggregate purchases of a security exceeding one percent of the total value of purchases for the year. At a minimum the largest 20 purchases must be given. 100

102 NUVEEN GLOBAL INFRASTRUCTURE FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Sales Nominal Proceeds Duke Energy Corporation 28,028 2,152,918 Exelon Corporation 49,999 1,713,833 American Tower Corporation 16,905 1,631,354 Ferrovial S.A. 76,749 1,611,304 Vinci S.A. 27,286 1,610,947 NextEra Energy Incorporated 14,935 1,529,091 Wisconsin Energy Corporation 29,319 1,422,455 Kinder Morgan Incorporated 34,730 1,385,030 Williams Companies Incorporated/The 25,877 1,314,758 ITC Holdings Corporation 33,410 1,247,518 PPL Corporation 36,306 1,238,409 Enbridge Incorporated 25,610 1,208,043 SBA Communications Corporation Class A 9,452 1,121,969 Atlantia S.p.A 41,697 1,079,328 CMS Energy Corporation 30,025 1,038,652 Dominion Resources Incorporated 14,021 1,008,958 Northeast Utilities 20, ,294 Fraport AG Frankfurt Airport Services Worldwide 14, ,934 CenterPoint Energy Incorporated 38, ,800 Waste Connections Incorporated 20, ,327 SES S.A. 24, ,500 Edison International 13, ,162 OGE Energy Corporation 22, ,725 GDF Suez 34, ,533 NiSource Incorporated 19, ,266 Iberdrola S.A. 112, ,800 TransCanada Corporation 15, ,080 The Statement of Changes in the Portfolio reflects the aggregate sales of a security exceeding one percent of the total value of sales for the year. At a minimum the largest 20 sales must be given. 101

103 NUVEEN SANTA BARBARA GLOBAL DIVIDEND GROWTH FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) Major Purchases Nominal Cost KDDI Corporation 81,300 3,747,114 General Motors Company 100,014 3,561,689 PepsiCo Incorporated 35,609 3,455,019 Microsoft Corporation 80,141 3,344,549 Colgate-Palmolive Company 48,008 3,273,684 Reckitt Benckiser Group PLC 37,588 3,267,346 BHP Billiton Limited 130,937 3,095,386 Phillips 66 33,255 2,492,148 Grifols S.A. Class B 62,530 2,287,926 Swiss Re AG 19,543 1,689,873 Packaging Corporation of America 19,942 1,403,112 ITOCHU Corporation 104,100 1,191,571 EMC Corporation 38,723 1,056,595 Whirlpool Corporation 6, ,142 Nielsen NV 21, ,682 Apple Incorporated 8, ,458 SAP SE 12, ,119 BOC Hong Kong Holdings Limited 241, ,902 AbbVie Incorporated 12, ,959 Pfizer Incorporated 22, ,564 HKT Trust and HKT Limited 571, ,189 Union Pacific Corporation 6, ,672 Daimler AG 7, ,330 Tupperware Brands Corporation 8, ,356 CVS Health Corporation 7, ,077 Westpac Banking Corporation 21, ,748 Total S.A. 10, ,147 VF Corporation 8, ,280 NextEra Energy Incorporated 5, ,074 Amcor Limited 57, ,345 SSE PLC 23, ,028 Wells Fargo & Company 10, ,489 Safran S.A. 8, ,764 The Statement of Changes in the Portfolio reflects the aggregate purchases of a security exceeding one percent of the total value of purchases for the year. At a minimum the largest 20 purchases must be given. 102

104 NUVEEN SANTA BARBARA GLOBAL DIVIDEND GROWTH FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Sales Nominal Proceeds Qualcomm Incorporated 48,229 3,353,772 HKT Trust and HKT Limited 2,539,000 3,155,314 CenturyLink Incorporated 78,879 3,068,175 Philip Morris International Incorporated 32,772 2,724,901 Coca-Cola Company/The 63,720 2,594,302 Southern Copper Corporation 85,556 2,502,323 Kinder Morgan Incorporated 41,515 1,652,341 Tupperware Brands Corporation 22,775 1,542,570 Seadrill Limited 109,382 1,290,741 BOC Hong Kong Holdings Limited 334,500 1,171,065 Covidien PLC 10, ,765 L'Oreal S.A. 3, ,114 Westpac Banking Corporation 12, ,123 Whirlpool Corporation 1, ,813 Total S.A. 1,454 95,785 AbbVie Incorporated 1,715 95,601 Union Pacific Corporation ,871 Pfizer Incorporated 3,234 94,218 Daimler AG 1,062 88,847 Amcor Limited 8,199 87,895 The Statement of Changes in the Portfolio reflects the aggregate sales of a security exceeding one percent of the total value of sales for the year. At a minimum the largest 20 sales must be given. 103

105 NUVEEN GRESHAM DIVERSIFIED COMMODITY STRATEGY FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) Total Purchases Nominal Cost United States Treasury Bill 23/07/2015 1,000, ,338 United States Treasury Bill 28/05/ , ,261 United States Treasury Bill 26/05/ , ,773 United States Treasury Bill 20/08/ , ,401 United States Treasury Bill 3/03/ , ,394 United States Treasury Bill 17/09/ , ,420 United States Treasury Bill 12/11/ , ,300 United States Treasury Bill 28/04/ , ,863 United States Treasury Bill 25/06/ , ,609 United States Treasury Bill 31/03/ , ,424 United States Treasury Bill 4/02/ , ,712 United States Treasury Bill 7/01/ ,000 99,763 United States Treasury Bill 10/12/ ,000 49,896 The Statement of Changes in the Portfolio reflects the aggregate purchases of a security exceeding one percent of the total value of purchases for the year. At a minimum the largest 20 purchases must be given. 104

106 NUVEEN GRESHAM DIVERSIFIED COMMODITY STRATEGY FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Total Sales Nominal Proceeds United States Treasury Bill 5/02/ , ,000 United States Treasury Bill 8/01/ , ,999 United States Treasury Bill 24/07/ , ,999 United States Treasury Bill 2/04/ , ,000 United States Treasury Bill 13/11/ ,000 99,999 The Statement of Changes in the Portfolio reflects the aggregate sales of a security exceeding one percent of the total value of sales for the year. At a minimum the largest 20 sales must be given. 105

107 NUVEEN GRESHAM LONG/SHORT COMMODITY STRATEGY FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) Total Purchases Nominal Cost United States Treasury Bill 10/12/2015 8,800,000 8,784,389 United States Treasury Bill 4/02/2016 6,500,000 6,486,241 United States Treasury Bill 15/10/2015 5,000,000 4,993,556 United States Treasury Bill 7/01/2016 5,000,000 4,990,753 United States Treasury Bill 12/11/2015 4,500,000 4,494,781 United States Treasury Bill 23/07/2015 4,000,000 3,998,802 United States Treasury Bill 20/08/2015 4,000,000 3,998,122 United States Treasury Bill 17/09/2015 3,300,000 3,297,522 United States Treasury Bill 25/06/2015 2,250,000 2,249,100 United States Treasury Bill 28/05/2015 1,600,000 1,599,033 United States Treasury Bill 31/03/2016 1,500,000 1,496,543 United States Treasury Bill 28/04/2016 1,300,000 1,297,043 United States Treasury Bill 3/03/2016 1,000, ,706 United States Treasury Bill 5/02/ , ,990 United States Treasury Bill 5/03/ , ,975 United States Treasury Bill 2/04/ , ,927 United States Treasury Bill 30/04/ , ,860 United States Treasury Bill 8/01/ , ,998 The Statement of Changes in the Portfolio reflects the aggregate purchases of a security exceeding one percent of the total value of purchases for the year. At a minimum the largest 20 purchases must be given. 106

108 NUVEEN GRESHAM LONG/SHORT COMMODITY STRATEGY FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Total Sales Nominal Proceeds United States Treasury Bill 23/07/2015 4,000,000 3,999,979 United States Treasury Bill 20/08/2015 2,000,000 1,999,984 United States Treasury Bill 15/10/2015 2,000,000 1,999,822 United States Treasury Bill 28/05/2015 1,600,000 1,599,994 United States Treasury Bill 25/06/2015 1,500,000 1,499,994 The Statement of Changes in the Portfolio reflects the aggregate sales of a security exceeding one percent of the total value of sales for the year. At a minimum the largest 20 sales must be given. 107

109 NUVEEN GLOBAL HIGH INCOME FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) Major Purchases Nominal Cost Sprint Communications Incorporated, 7.000%, 15/08/ , ,000 CIT Group Incorporated, 3.875%, 19/02/ , ,125 Royal Caribbean Cruises Limited, 7.250%, 15/06/ , ,425 Pizzaexpress Financing 1 PLC, 8.625%, 1/08/ , ,740 Wind Acquisition Finance S.A., 4.000%, 15/07/ , ,090 AES Corporation, 5.500%, 15/03/ , ,000 Societe Generale S.A., 7.875%, 29/12/ , ,500 Altice S.A., 7.750%, 15/05/ , ,500 Finansbank AS, 6.250%, 30/04/ , ,000 Barclays PLC, 8.250%, 29/12/ , ,500 Colombia Telecomunicaciones S.A. ESP, 5.375%, 27/09/ , ,000 NCR Corporation, 5.000%, 15/07/ , ,000 Numericable-SFR SAS, 4.875%, 15/05/ , ,500 Banco Btg Pactual S.A., 8.750%, 29/12/ , ,000 Fly Leasing Limited, 6.375%, 15/10/ , ,000 Sixsigma Networks Mexico S.A. de CV, 8.250%, 07/11/ , ,000 Banco do Brasil S.A., 9.000%, 29/06/ , ,500 Future Land Development Holdings Limited, %, 21/07/ , ,500 Odebrecht Finance Limited, 7.125%, 26/06/ , ,250 KazMunayGas National Company JSC, 7.000%, 05/05/ , ,875 Exmar Netherlands BV, 6.150%, 07/07/2017 1,000, ,981 Murphy Oil USA Incorporated, 6.000%, 15/08/ , ,425 ABH Financial Limited Via Alfa Holding Issuance PLC, 5.500%, 10/06/ , ,467 Oasis Petroleum Incorporated, 6.875%, 15/03/ , ,744 Dresdner Funding Trust I, 8.151%, 30/06/ , ,250 Petrobras Global Finance BV, 8.375%, 10/12/ , ,188 The Statement of Changes in the Portfolio reflects the aggregate purchases of a security exceeding one percent of the total value of purchases for the year. At a minimum the largest 20 purchases must be given. 108

110 NUVEEN GLOBAL HIGH INCOME FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Sales Nominal Proceeds Sprint Communications Incorporated, 7.000%, 15/08/ , ,750 Royal Caribbean Cruises Limited, 7.250%, 15/06/ , ,625 CIT Group Incorporated, 3.875%, 19/02/ , ,875 Murphy Oil USA Incorporated, 6.000%, 15/08/ , ,100 AES Corporation, 5.500%, 15/03/ , ,375 NCR Corporation, 5.000%, 15/07/ , ,250 Banco do Brasil S.A., 9.000%, 29/06/ , ,500 BBVA Bancomer S.A./Texas, 6.750%, 30/09/ , ,688 Exmar Netherlands BV, 6.150%, 07/07/2017 1,000, ,504 Concho Resources Incorporated, 5.500%, 01/10/ , ,000 Calumet Specialty Products Partners LP/Calumet Finance Corporation, 9.625%, 100, ,375 01/08/2020 ABH Financial Limited Via Alfa Holding Issuance PLC, 5.500%, 10/06/ , ,226 Banco do Brasil S.A., 6.000%, 22/01/ , ,125 Reynolds Group Issuer Incorporated/Reynolds Group Issuer LLC/Reynolds Group 100, ,500 Issuer Lu, 9.875%, 15/08/2019 Range Resources Corporation, 5.000%, 15/08/ , ,000 Sabine Pass Liquefaction LLC, 5.625%, 01/02/ , ,375 Summit Hotel Properties Incorporated 4, ,600 VTB Bank OJSC Via VTB Capital S.A., 6.875%, 29/05/ , ,000 NorthStar Realty Finance Corporation 4, ,600 SM Energy Corporation, 6.500%, 15/11/ , ,000 Ally Financial Incorporated, 3.750%, 18/11/ ,000 99,125 Eagle Spinco Incorporated, 4.625%, 15/02/ ,000 97,250 GenOn Americas Generation LLC, 9.125%, 01/05/ ,000 94,750 Severstal OAO Via Steel Capital S.A., 6.700%, 25/10/ ,000 90,500 Telecom Italia Capital S.A., 7.175%, 18/06/ ,000 86,531 First Data Corporation, %, 15/08/ ,000 86,438 SandRidge Energy Incorporated, 8.125%, 15/10/ ,000 85,713 Tenet Healthcare Corporation, 6.750%, 01/02/ ,000 81,938 AmeriGas Finance LLC/AmeriGas Finance Corporation, 6.750%, 20/05/ ,000 80,250 FMG Resources August 2006 Pty Limited, 8.250%, 01/11/ ,000 78,563 Transocean Incorporated, 6.000%, 15/03/ ,000 76,125 HCA Holdings Incorporated, 6.250%, 15/02/ ,000 74,200 Nationstar Mortgage LLC/Nationstar Capital Corporation, 7.875%, 01/10/ ,000 74,063 Commercial Metals Company, 4.875%, 15/05/ ,000 70,993 The Statement of Changes in the Portfolio reflects the aggregate sales of a security exceeding one percent of the total value of sales for the year. At a minimum the largest 20 sales must be given. 109

111 NUVEEN NWQ FLEXIBLE INCOME FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) Major Purchases Nominal Cost United States Treasury Bill 30/09/2019 2,000,000 2,006,875 United States Treasury Bill 30/09/2016 2,000,000 1,999,141 United States Treasury Bill 30/09/2021 1,000,000 1,000,938 United States Treasury Bill 15/09/ , ,933 Gilead Sciences Incorporated 5, ,766 GlaxoSmithKline PLC Sponsored ADR 11, ,186 Phillips 66 6, ,619 Bombardier Incorporated, 7.500%, 15/03/ , ,569 Frontier Communications Corporation, 6.875%, 15/01/ , ,738 Pfizer Incorporated 11, ,996 Seagate Technology PLC 6, ,486 DISH DBS Corporation, 5.875%, 15/11/ , ,294 United Parcel Service Incorporated Class B 3, ,328 Altice S.A., 7.625%, 15/02/ , ,125 TravelCenters of America LLC 13, ,903 Ford Motor Company 22, ,176 CBL & Associates Properties Incorporated, 4.600%, 15/10/ , ,919 Hercules Technology Growth Capital Incorporated 21, ,702 LinnCo LLC 13, ,635 CHS Incorporated, 6.750% 11, ,738 The Statement of Changes in the Portfolio reflects the aggregate purchases of a security exceeding one percent of the total value of sales for the period. At a minimum the largest 20 purchases must be given. 110

112 NUVEEN NWQ FLEXIBLE INCOME FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) Major Sales Nominal Proceeds United States Treasury Bill 30/09/2019 2,000,000 2,031,732 United States Treasury Bill 30/09/2016 2,000,000 2,000,492 United States Treasury Bill 30/09/2021 1,000, ,930 United States Treasury Bill 15/09/ , ,957 CBL & Associates Properties Incorporated, 4.600%, 15/10/ , ,025 Qwest Corporation, 6.875%, 15/09/ , ,361 Arlington Asset Investment Corporation Series A 10, ,777 Vanguard Natural Resources LLC/VNR Finance Corporation, 7.875%, 01/04/ , ,784 LinnCo LLC 14, ,169 RBS Capital Funding Trust VII 8, ,946 Altice S.A., 6.625%, 15/02/ , ,250 ENDO Finance Limited, 6.000%, 1/02/ , ,000 Global Ship Lease Incorporated, %, 01/04/ , ,000 Jefferies Finance LLC/JFIN Co-Issuer Corporation, 6.875%, 15/04/ , ,000 FS Investment Corporation, 4.250%, 15/01/ , ,219 Legacy Reserves LP/Legacy Reserves Finance Corporation, 6.625%, 01/12/ , ,788 Oracle Corporation 3, ,421 Seadrill Limited, 6.625%, 15/09/ , ,500 Elizabeth Arden Incorporated, 7.375%, 15/03/ , ,388 Endurance Specialty Holdings Limited 5, ,054 The Statement of Changes in the Portfolio reflects the aggregate sales of a security exceeding one percent of the total value of sales for the year. At a minimum the largest 20 sales must be given. 111

113 NUVEEN NWQ SMALL-CAP VALUE FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) For the period ended 31 st May, 2015 Major Purchases Nominal Cost Coherent Incorporated ,468 Forestar Group Incorporated 2,155 42,091 Microsemi Corporation 1,540 40,698 PH Glatfelter Company 1,550 38,375 Lattice Semiconductor Corporation 5,150 36,764 Mitel Networks Corporation 3,570 35,569 TreeHouse Foods Incorporated ,707 GP Strategies Corporation 1,195 32,676 Albany International Corporation Class A ,061 Stoneridge Incorporated 2,580 31,903 Brandywine Realty Trust 2,005 30,718 Marten Transport Limited 1,490 30,078 Elizabeth Arden Incorporated 1,790 30,034 Integrated Device Technology Incorporated 1,855 29,461 Analogic Corporation ,324 PacWest Bancorp ,261 Ramco-Gershenson Properties Trust 1,570 28,306 Entegris Incorporated 2,270 28,236 Capital Bank Financial Corporation Class A 1,150 27,973 Key Energy Services Incorporated 4,560 27,604 Comstock Resources Incorporated 1,235 27,129 GSI Group Incorporated 2,110 27,124 Louisiana-Pacific Corporation 1,835 26,344 TRI Pointe Homes Incorporated 1,850 26,122 Western Alliance Bancorp 1,070 25,718 Esterline Technologies Corporation ,008 Laclede Group Incorporated/The ,926 Astronics Corporation ,780 Sagent Pharmaceuticals Incorporated ,482 Materion Corporation ,154 Boise Cascade Company ,658 Neenah Paper Incorporated ,930 Inter Parfums Incorporated ,268 Hooker Furniture Corporation 1,410 21,295 Texas Capital Bancshares Incorporated ,096 Orbital Sciences Corporation ,079 EnerSys ,045 Impax Laboratories Incorporated ,218 McDermott International Incorporated 2,785 19,799 MKS Instruments Incorporated ,096 Deltic Timber Corporation ,961 PrivateBancorp Incorporated ,929 Landec Corporation 1,155 14,

114 NUVEEN NWQ SMALL-CAP VALUE FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) For the period ended 31 st May, 2015 Major Purchases (continued) Nominal Cost The Statement of Changes in the Portfolio reflects the aggregate purchases of a security exceeding one percent of the total value of purchases for the period. At a minimum the largest 20 purchases must be given. 113

115 NUVEEN NWQ SMALL-CAP VALUE FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) For the period ended 31 st May, 2015 Total Sales Nominal Proceeds Esterline Technologies Corporation ,718 Sagent Pharmaceuticals Incorporated ,493 Texas Capital Bancshares Incorporated ,691 GP Strategies Corporation ,304 Comstock Resources Incorporated 1,235 17,768 Impax Laboratories Incorporated ,682 Integrated Device Technology Incorporated ,565 Key Energy Services Incorporated 4,560 14,680 Boise Cascade Company ,111 McDermott International Incorporated 2,785 12,357 Methode Electronics Incorporated ,382 Microsemi Corporation ,190 MKS Instruments Incorporated ,592 Louisiana-Pacific Corporation 570 9,226 Astronics Corporation 150 8,795 Carrizo Oil & Gas Incorporated 175 8,621 Harman International Industries Incorporated 90 7,902 Coherent Incorporated 75 4,875 PacWest Bancorp 90 4,105 Hooker Furniture Corporation 175 4,033 Deltic Timber Corporation 50 3,226 Neenah Paper Incorporated 55 3,180 Orbital Sciences Corporation 105 3,060 Western Alliance Bancorp 110 3,028 Entegris Incorporated 205 2,809 The Statement of Changes in the Portfolio reflects the aggregate sales of a security exceeding one percent of the total value of sales for the period. At a minimum the largest 20 sales must be given. 114

116 NUVEEN NWQ GLOBAL EQUITY FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) For the period ended 31 st May, 2015 Major Purchases Nominal Cost Samsung SDI Company Limited ,935 AbbVie Incorporated ,051 Orkla ASA 3,525 31,084 Teva Pharmaceutical Industries Limited ,045 METRO AG ,064 Telefonaktiebolaget LM Ericsson 2,290 27,764 Jazz Pharmaceuticals PLC ,990 Roche Holding AG 85 24,826 American International Group Incorporated ,606 Express Incorporated 1,555 24,103 Barclays Bank PLC 6,500 23,874 Teradyne Incorporated 1,175 23,753 GEA Group AG ,469 Capital One Financial Corporation ,464 Nippon Telegraph & Telephone Corporation ,434 CVS Health Corporation ,084 Aryzta AG ,896 Citigroup Incorporated ,485 Unum Group ,412 Microsemi Corporation ,920 Sanofi ,550 ING Groep NV 1,520 21,106 Bio-Rad Laboratories Incorporated Class A ,927 Almirall S.A. 1,330 20,685 Nissan Chemical Industries Limited 1,100 20,613 Interpublic Group of Companies Incorporated/The 1,075 20,585 Time Warner Incorporated ,046 Japan Tobacco Incorporated ,015 Impax Laboratories Incorporated ,878 Inpex Corporation 1,415 19,831 UBS AG 1,110 19,731 EDP - Energias de Portugal S.A. 4,900 19,378 Coherent Incorporated ,725 Carrefour S.A ,760 Canadian Natural Resources Limited ,703 Viacom Incorporated Class B ,548 Avon Products Incorporated 1,250 17,512 Target Corporation ,435 UCB S.A ,963 Daimler AG ,194 Sekisui House Limited 1,275 16,188 Siemens AG ,160 Apache Corporation ,

117 NUVEEN NWQ GLOBAL EQUITY FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) For the period ended 31 st May, 2015 Major Purchases (continued) Nominal Cost Agrium Incorporated ,122 PACCAR Incorporated ,103 Ingersoll-Rand PLC ,103 Otsuka Holdings Company Limited ,037 Koninklijke DSM NV ,031 Aon PLC ,986 Norwegian Cruise Line Holdings Limited ,983 VeriFone Systems Incorporated ,922 DS Smith PLC 3,300 14,896 UniCredit S.p.A. 1,800 14,862 General Motors Company ,853 Britvic PLC 1,400 14,698 Pfizer Incorporated ,742 NetApp Incorporated ,663 The Statement of Changes in the Portfolio reflects the aggregate purchases of a security exceeding one percent of the total value of purchases for the period. At a minimum the largest 20 purchases must be given. 116

118 NUVEEN NWQ GLOBAL EQUITY FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) For the period ended 31 st May, 2015 Total Sales Nominal Proceeds Capital One Financial Corporation ,857 Japan Tobacco Incorporated ,516 Norwegian Cruise Line Holdings Limited ,744 UniCredit S.p.A. 1,800 12,817 Philip Morris International Incorporated ,640 Avon Products Incorporated 1,250 12,513 NPS Pharmaceuticals Incorporated ,659 Koninklijke DSM NV ,229 Apache Corporation ,941 Hartford Financial Services Group Incorporated ,705 AbbVie Incorporated ,406 Jazz Pharmaceuticals PLC 55 9,426 GEA Group AG 205 9,281 Impax Laboratories Incorporated 315 9,238 CVS Health Corporation 95 9,231 American International Group Incorporated 165 9,148 Roche Holding AG 27 7,866 Otsuka Holdings Company Limited 240 7,759 Ingersoll-Rand PLC 90 5,660 Teva Pharmaceutical Industries Limited 85 5,509 Talisman Energy Incorporated 1,250 5,267 Interpublic Group of Companies Incorporated/The 265 5,249 Express Incorporated 300 5,126 VeriFone Systems Incorporated 150 4,944 Time Warner Incorporated 55 4,641 Almirall S.A ,597 Nippon Telegraph & Telephone Corporation 75 4,040 METRO AG 90 3,374 JPMorgan Chase & Company 50 2,818 The Statement of Changes in the Portfolio reflects the aggregate sales of a security exceeding one percent of the total value of sales for the period. At a minimum the largest 20 sales must be given. 117

119 NUVEEN LARGE CAP CORE FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) For the period ended 31 st May, 2015 Major Purchases Nominal Cost Apple Incorporated ,083 Microsoft Corporation ,793 Pfizer Incorporated ,561 Kroger Company/The ,498 Morgan Stanley ,244 JPMorgan Chase & Company ,307 Comcast Corporation Class A ,060 Oracle Corporation ,513 Denbury Resources Incorporated 2,900 21,865 CH Robinson Worldwide Incorporated ,766 Celgene Corporation ,587 UnitedHealth Group Incorporated ,176 Gilead Sciences Incorporated ,108 Home Depot Incorporated/The ,134 Hewlett-Packard Company ,342 Bank of America Corporation 1,100 19,283 Goldman Sachs Group Incorporated/The ,151 PepsiCo Incorporated ,740 Spectrum Brands Holdings Incorporated ,081 Pilgrim's Pride Corporation ,812 The Statement of Changes in the Portfolio reflects the aggregate purchases of a security exceeding one percent of the total value of purchases for the period. At a minimum the largest 20 purchases must be given. 118

120 NUVEEN LARGE CAP CORE FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) For the period ended 31 st May, 2015 Major Sales Nominal Proceeds Spectrum Brands Holdings Incorporated ,800 Bank of America Corporation 1,100 17,092 Mastercard Incorporated ,865 Time Warner Incorporated ,379 Pilgrim's Pride Corporation ,694 Edwards Lifesciences Corporation ,667 St Jude Medical Incorporated ,483 Kroger Company/The ,254 Cummins Incorporated ,862 Avnet Incorporated ,463 Ameriprise Financial Incorporated ,523 CBOE Holdings Incorporated ,398 Pall Corporation ,378 Citrix Systems Incorporated ,269 Arrow Electronics Incorporated ,186 Avis Budget Group Incorporated ,136 AECOM ,782 Avon Products Incorporated 1,300 11,497 Booz Allen Hamilton Holdings ,436 Discover Financial Services ,305 Albemarle Corporation ,133 Morgan Stanley ,131 International Paper Company ,965 Brocade Communications Systems Incorporated ,705 Seaworld Entertaiment Incorporated ,407 Visteon Corporation 100 9,829 United States Steel Corporation 400 9,821 PepsiCo Incorporated 100 9,719 CME Group Incorporated 100 9,674 Communications Sales & Leasing Incorporated 340 9,574 L Brands Incorporated 100 9,300 Frontier Communications Corporation 1,600 8,647 C.R. Bard Incorporated 50 8,641 United Rentals Incorporated 100 8,623 Deere & Company 100 8,573 SPX Corporation 100 8,539 Caterpillar Incorporated 100 8,319 Denbury Resources Incorporated 1,000 8,289 American Express Company 100 8,272 Bunge Limited 100 8,252 Eaton Vance Corporation 200 8,139 Gap Incorporated/The 200 8,002 AOL Incorporated 200 7,

121 NUVEEN LARGE CAP CORE FUND STATEMENT OF CHANGES IN THE PORTFOLIO (UNAUDITED) (continued) For the period ended 31 st May, 2015 Major Sales (continued) Nominal Proceeds Red Hat Incorporated 100 7,520 Ball Corporation 100 7,421 Humana Incorporated 50 7,315 Estee Lauder Companies Class A 100 7,303 CH Robinson Worldwide Incorporated 100 7,302 Eastman Chemical Company 100 6,919 DeVry Education Group Incorporated 200 6,186 The Statement of Changes in the Portfolio reflects the aggregate sales of a security exceeding one percent of the total value of sales for the period. At a minimum the largest 20 sales must be given. 120

122 BALANCE SHEET As at 31 st May, 2015 Notes Tradewinds NWQ Winslow NWQ Global Global All-Cap Large-Cap Value Large-Cap Large-Cap Value Infrastructure Fund Fund Growth Fund ESG Fund Fund Financial assets at fair value through profit or loss 1(b) 5,262,853 2,930,894 81,180,915 5,231,012 52,754,742 Cash at bank 2 153,284 37,890 1,283, ,838 1,384,120 Debtors 4 185,089 73, ,340 41,243 1,804,745 Futures margin cash Total assets 5,601,226 3,042,344 83,418,008 5,381,093 55,943,607 Financial liabilities at fair value through profit or loss 1(b) Creditors - Amounts falling due within one year 5 256, ,227 2,796, ,739 2,781,478 Bank overdraft 3 Total liabilities 256, ,227 2,796, ,739 2,781,478 Net assets attributable to holders of redeemable participating shares (for financial statement purposes) 5,344,338 2,916,117 80,621,681 5,159,354 53,162,129 Adjustment to revalue assets on bid basis 1(c) 6, , ,359 Adjustment in respect of establishment expenses 1(c) ,099 Adjustment to reflect subsequent valuation event 1(b) 62,763 Net assets attributable to holders of redeemable participating shares 1(h) 5,413,615 2,916,276 80,630,005 5,160,607 53,206,587 The accompanying notes form an integral part of the financial statements. 121

123 BALANCE SHEET (continued) As at 31 st May, 2015 Notes Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund Global High Income Fund NWQ Flexible Income Fund Financial assets at fair value through profit or loss 1(b) 168,703,283 5,791,128 38,050,360 9,874,898 23,958,239 Cash at bank 2 3,589,273 1,053,123 1,590, , ,358 Debtors 4 635,393 8,928 5, ,395 1,671,413 Futures margin cash 25,700 Total assets 172,927,949 6,853,179 39,645,836 10,443,428 25,827,010 Financial liabilities at fair value through profit or loss 1(b) 3,907 23,482 Creditors - Amounts falling due within one year 5 920, , , ,210 1,461,963 Bank overdraft 3 Total liabilities 920, , , ,117 1,485,445 Net assets attributable to holders of redeemable participating shares (for financial statement purposes) 172,007,629 5,885,880 39,500,932 9,450,311 24,341,565 Adjustment to revalue assets on bid basis 1(c) 49, ,392 Adjustment in respect of establishment expenses 1(c) 7,805 45,296 45,296 20,193 22,419 Adjustment to reflect subsequent valuation event 1(b) Net assets attributable to holders of redeemable participating shares 1(h) 172,065,318 5,931,176 39,546,228 9,470,664 24,393,376 The accompanying notes form an integral part of the financial statements. 122

124 BALANCE SHEET (continued) As at 31 st May, 2015 Notes NWQ Small-Cap Value Fund 1 NWQ Global Equity Fund 1 Large Cap Core Fund 2 Total Financial assets at fair value through profit or loss 1(b) 1,033,871 1,078,540 1,331, ,182,071 Cash at bank 2 41,739 7,466 9,800,498 Debtors 4 15,557 14,085 69,218 5,667,223 Futures margin cash 25,700 Total assets 1,091,167 1,100,091 1,400, ,675,492 Financial liabilities at fair value through profit or loss 1(b) 27,389 Creditors - Amounts falling due within one year 5 56,260 56,091 63,533 10,842,239 Bank overdraft 3 12,255 12,255 Total liabilities 56,260 56,091 75,788 10,881,883 Net assets attributable to holders of redeemable participating shares (for financial statement purposes) 1,034,907 1,044,000 1,324, ,793,609 Adjustment to revalue assets on bid basis 1(c) ,066 Adjustment in respect of establishment expenses 1(c) 12,790 12,790 13, ,106 Adjustment to reflect subsequent valuation event 1(b) 62,763 Net assets attributable to holders of redeemable participating shares 1(h) 1,048,458 1,057,714 1,338, ,178,544 On Behalf of the Board of Directors Director: Adrian Waters Director: Denis Murphy Date: 16 th September, 2015 Date: 16 th September, The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December, The accompanying notes form an integral part of the financial statements. 123

125 BALANCE SHEET (continued) As at 31 st May, 2014 Notes Tradewinds NWQ Winslow NWQ Global Global All-Cap Large-Cap Value Large-Cap Growth Large-Cap Value Infrastructure Fund Fund Fund ESG Fund Fund Financial assets at fair value through profit or loss 1(b) 8,170,289 6,468,597 82,860, ,361,981 41,534,426 Cash at bank 2 150,903 1,779,503 3,364,720 1,881,838 Debtors 4 213, ,263 1,481, , ,796 Futures margin cash Total assets 8,534,199 6,780,860 86,121, ,248,040 44,275,060 Financial liabilities at fair value through profit or loss 1(b) Creditors - Amounts falling due within one year 5 192,847 84,809 1,892, , ,163 Bank overdraft 3 174,215 Total liabilities 192, ,024 1,892, , ,163 Net assets attributable to holders of redeemable participating shares (for financial statement purposes) 8,341,352 6,521,836 84,229, ,981,650 43,338,897 Adjustment to revalue assets on bid basis 1(c) 3,518 1,419 20,705 22,887 30,137 Adjustment in respect of establishment expenses 1(c) 2,310 2,666 6,080 Net assets attributable to holders of redeemable participating shares 1(h) 8,344,870 6,523,255 84,252, ,007,203 43,375,114 The accompanying notes form an integral part of the financial statements. 124

126 BALANCE SHEET (continued) As at 31 st May, 2014 Notes Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund Global High Income Fund 1 NWQ Flexible Income Fund 2 Total Financial assets at fair value through profit or loss 1(b) 130,997,179 6,098,496 6,198,329 6,083,544 3,231, ,005,259 Cash at bank 2 3,309, , , ,796 12,218 11,929,814 Debtors 4 1,632,493 38,196 42, ,944 88,942 5,436,775 Futures margin cash 10,000 10,000 Total assets 135,939,318 6,717,311 6,811,152 6,621,284 3,333, ,381,848 Financial liabilities at fair value through profit or loss 1(b) 41,405 15,836 57,241 Creditors - Amounts falling due within one year 5 630,355 68,458 67, ,801 91,967 4,367,799 Bank overdraft 3 174,215 Total liabilities 630, ,863 83, ,801 91,967 4,599,255 Net assets attributable to holders of redeemable participating shares (for financial statement purposes) 135,308,963 6,607,448 6,727,634 6,484,483 3,241, ,782,593 Adjustment to revalue assets on bid basis 1(c) 37, , ,264 Adjustment in respect of establishment expenses 1(c) 10,787 64,905 64,905 26,697 29, ,488 Net assets attributable to holders of redeemable participating shares 1(h) 135,357,217 6,672,353 6,792,539 6,511,470 3,279, ,115,345 1 The Sub-Fund launched on 28 th June, The Sub-Fund launched on 20 th September, The accompanying notes form an integral part of the financial statement 125

127 PROFIT AND LOSS ACCOUNT Tradewinds Global All-Cap Fund NWQ Large- Cap Value Fund Winslow Large-Cap Growth Fund NWQ Large- Cap Value ESG Fund Global Infrastructure Fund Income 7 1,298, , ,375 1,058,335 1,590,145 Net gains/(losses) on financial assets at fair value through profit or loss (37,214) 205,520 11,903,213 1,190,086 1,756,617 1,261, ,909 12,580,588 2,248,421 3,346,762 Expenses 8 446, ,758 1,317, ,447 1,258,837 Fund reimbursement 9 (277,979) (206,450) (45,886) (114,462) (300,353) 168,041 77,308 1,271, , ,484 Net profit/(loss) before finance costs 1,093, ,601 11,308,858 1,551,436 2,388,278 Dividends paid 14 Finance costs (33) (175) Net income/(loss) before taxation 1,093, ,426 11,308,858 1,551,436 2,388,278 Withholding taxes on dividends and interest 1(d) (24,571) (12,235) (194,458) (149,015) (282,699) Net income/(loss) after taxation 1,068, ,191 11,114,400 1,402,421 2,105,579 Adjustment to revalue assets on bid basis 1(c) 2,996 (1,260) (13,184) (22,580) 11,222 Adjustment in respect of establishment expenses 1(c) (1,507) (1,720) (2,981) Adjustment to reflect subsequent valuation event 62,763 Change in net assets attributable to holders of redeemable participating shares from operations 1,134, ,931 11,099,709 1,378,121 2,113,820 Income and expenses arise solely from continuing operations. There were no recognised gains and losses other than those dealt with in the Profit and Loss Account. The accompanying notes form an integral part of the financial statements. 126

128 PROFIT AND LOSS ACCOUNT (continued) Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund Global High Income Fund NWQ Flexible Income Fund Income 7 5,308,049 6,491 29, , ,460 Net gains/(losses) on financial assets at fair value through profit or loss 8,051,028 (1,639,921) (888,015) (749,519) (163,426) 13,359,077 (1,633,430) (858,112) (97,656) 725,034 Expenses 8 2,791, , , , ,820 Fund reimbursement 9 (65,531) (238,240) (205,865) (274,006) (253,610) 2,725,904 88, , , ,210 Net profit/(loss) before finance costs 10,633,173 (1,721,568) (1,287,659) (214,493) 522,824 Dividends paid 14 (967,294) (90,500) (63,766) Finance costs Net income/(loss) before taxation 9,665,879 (1,721,568) (1,287,659) (304,993) 459,058 Withholding taxes on dividends and interest 1(d) (707,090) (4,389) (120,767) Net income/(loss) after taxation 8,958,789 (1,721,568) (1,287,659) (309,382) 338,291 Adjustment to revalue assets on bid basis 1(c) 12,417 (130) 20,551 Adjustment in respect of establishment expenses 1(c) (2,982) (19,609) (19,609) (6,504) (6,719) Adjustment to reflect subsequent valuation event Change in net assets attributable to holders of redeemable participating shares from operations 8,968,224 (1,741,177) (1,307,268) (316,016) 352,123 Income and expenses arise solely from continuing operations. There were no recognised gains and losses other than those dealt with in the Profit and Loss Account. The accompanying notes form an integral part of the financial statements. 127

129 PROFIT AND LOSS ACCOUNT (continued) NWQ Small-Cap Value Fund 1 NWQ Global Equity Fund 1 Large Cap Core Fund 2 Total Income 7 5,342 17,858 11,874 11,696,373 Net gains/(losses) on financial assets at fair value through profit or loss 56,433 54,283 19,339 19,758,424 61,775 72,141 31,213 31,454,797 Expenses 8 174, , ,388 9,209,319 Fund reimbursement 9 (149,604) (152,461) (118,474) (2,402,921) 25,313 24,987 20,914 6,806,398 Net profit/(loss) before finance costs 36,462 47,154 10,299 24,648,399 Dividends paid 14 (1,121,560) Finance costs (208) Net income/(loss) before taxation 36,462 47,154 10,299 23,526,631 Withholding taxes on dividends and interest 1(d) (1,555) (3,154) (3,466) (1,503,399) Net income/(loss) after taxation 34,907 44,000 6,833 22,023,232 Adjustment to revalue assets on bid basis 1(c) ,802 Adjustment in respect of establishment expenses 1(c) 12,790 12,790 13,669 (22,382) Adjustment to reflect subsequent valuation event 62,763 Change in net assets attributable to holders of redeemable participating shares from operations 48,458 57,714 20,587 22,075,415 Income and expenses arise solely from continuing operations. There were no recognised gains and losses other than those dealt with in the Profit and Loss Account. 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December, The accompanying notes form an integral part of the financial statements. 128

130 PROFIT AND LOSS ACCOUNT (continued) For the year ended 31 st May, 2014 Note Tradewinds Global All-Cap Fund Tradewinds Japan Equity Fund 1 NWQ Large- Cap Value Fund Tradewinds Global Resources Fund 1 Tradewinds Emerging Markets Fund 2 Income 7 387,728 2, ,315 5,282 3,299 Net gains/(losses) on financial assets at fair value through profit or loss 2,282,863 59, ,742 (38,509) (62,441) 2,670,591 61,945 1,054,057 (33,227) (59,142) Expenses 8 528,172 52, ,438 58,786 72,580 Fund reimbursement 9 (131,411) (48,719) (169,145) (55,806) (70,240) 396,761 4, ,293 2,980 2,340 Net profit/(loss) before finance costs 2,273,830 57, ,764 (36,207) (61,482) Finance costs (77) (28) Net income/(loss) before taxation 2,273,753 57, ,736 (36,207) (61,482) Withholding taxes on dividends and interest 1(d) (88,348) (199) (33,567) (1,031) (330) Net income/(loss) after taxation 2,185,405 57, ,169 (37,238) (61,812) Adjustment to revalue assets on bid basis 1(c) 50,297 17,026 1,743 (1,847) (2,457) Adjustment in respect of establishment expenses 1(c) (2,766) (3,703) Change in net assets attributable to holders of redeemable participating shares from operations 2,235,702 74, ,912 (41,851) (67,972) Income and expenses arise solely from continuing operations. There were no recognised gains and losses other than those dealt with in the Profit and Loss Account. 1 The Sub-Funds closed on 30 th August, The Sub-Fund closed on 25 th October, The accompanying notes form an integral part of the financial statements. 129

131 PROFIT AND LOSS ACCOUNT (continued) For the year ended 31 st May, 2014 Note Winslow Large-Cap Growth Fund NWQ Large- Cap Value ESG Fund Global Infrastructure Fund Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Income 7 523,161 2,516,294 1,265,555 6,043,104 7,372 Net gains/(losses) on financial assets at fair value through profit or loss 12,696,728 19,237,064 5,625,474 10,342, ,381 13,219,889 21,753,358 6,891,029 16,385, ,753 Expenses 8 1,056,829 1,705, ,658 2,218, ,155 Fund reimbursement 9 (40,820) (270,507) (103,882) (242,788) 1,016,009 1,705, ,151 2,115, ,367 Net profit/(loss) before finance costs 12,203,880 20,048,312 6,232,878 14,270, ,386 Dividends paid 14 (1,849,535) Finance costs (17) Net income/(loss) before taxation 12,203,880 20,048,312 6,232,878 12,421, ,369 Withholding taxes on dividends and interest 1(d) (157,159) (707,662) (222,730) (590,031) Net income/(loss) after taxation 12,046,721 19,340,650 6,010,148 11,831, ,369 Adjustment to revalue assets on bid basis 1(c) 20,349 33,761 10, ,022 Adjustment in respect of establishment expenses 1(c) (1,516) (1,729) (2,998) (2,998) (19,718) Change in net assets attributable to holders of redeemable participating shares from operations 12,065,554 19,372,682 6,017,982 12,119, ,651 Income and expenses arise solely from continuing operations. There were no recognised gains and losses other than those dealt with in the Profit and Loss Account. The accompanying notes form an integral part of the financial statements. 130

132 PROFIT AND LOSS ACCOUNT (continued) For the year ended 31 st May, 2014 Note Gresham Long/Short Commodity Strategy Fund Global High Income Fund 1 NWQ Flexible Income Fund 2 Total Income 7 7, , ,317 11,409,177 Net gains/(losses) on financial assets at fair value through profit or loss (44,048) 413, ,679 51,853,827 (36,156) 792, ,996 63,263,004 Expenses 8 364, , ,309 8,148,761 Fund reimbursement 9 (240,539) (207,495) (190,239) (1,771,591) 123,615 90,344 57,070 6,377,170 Net profit/(loss) before finance costs (159,771) 701, ,926 56,885,834 Dividends paid 14 (76,878) (24,900) (1,951,313) Finance costs (61) (81) (5) (269) Net income/(loss) before taxation (159,832) 624, ,021 54,934,252 Withholding taxes on dividends and interest 1(d) (5,232) (20,335) (1,826,624) Net income/(loss) after taxation (159,832) 619, ,686 53,107,628 Adjustment to revalue assets on bid basis 1(c) 290 8, ,857 Adjustment in respect of establishment expenses 1(c) (19,718) 26,697 29, Change in net assets attributable to holders of redeemable participating shares from operations (179,550) 646, ,665 53,538,174 Income and expenses arise solely from continuing operations. There were no recognised gains and losses other than those dealt with in the Profit and Loss Account. 1 The Sub-Fund launched on 28 th June, The Sub-Fund launched on 20 th September, The accompanying notes form an integral part of the financial statements. 131

133 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES Tradewinds Global All-Cap Fund NWQ Large-Cap Value Fund Winslow Large-Cap Growth Fund NWQ Large-Cap Value ESG Fund Global Infrastructure Fund Net assets attributable to holders of redeemable participating shares at the beginning of the year 8,344,870 6,523,255 84,252, ,007,203 43,375,114 Change in net assets attributable to holders of redeemable participating shares from operations 1,134, ,931 11,099,709 1,378,121 2,113,820 Capital transactions Net proceeds from redeemable participating shares issued 23, ,519 18,787,616 10,573,091 22,494,986 Cost of redeemable participating shares redeemed (4,089,111) (4,462,429) (33,509,473) (115,797,808) (14,777,333) Net proceeds from capital transactions (4,065,444) (3,873,910) (14,721,857) (105,224,717) 7,717,653 Net assets attributable to holders of redeemable participating shares at the end of the year 1(h) 5,413,615 2,916,276 80,630,005 5,160,607 53,206,587 The accompanying notes form an integral part of the financial statements. 132

134 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continued) Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund Global High Income Fund NWQ Flexible Income Fund Net assets attributable to holders of redeemable participating shares at the beginning of the year 135,357,217 6,672,353 6,792,539 6,511,470 3,279,171 Change in net assets attributable to holders of redeemable participating shares from operations 8,968,224 (1,741,177) (1,307,268) (316,016) 352,123 Capital transactions Net proceeds from redeemable participating shares issued 70,757,784 1,000,000 42,647,558 5,784,675 24,733,993 Cost of redeemable participating shares redeemed (43,017,907) (8,586,601) (2,509,465) (3,971,911) Net proceeds from capital transactions 27,739,877 1,000,000 34,060,957 3,275,210 20,762,082 Net assets attributable to holders of redeemable participating shares at the end of the year 1(h) 172,065,318 5,931,176 39,546,228 9,470,664 24,393,376 The accompanying notes form an integral part of the financial statements. 133

135 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continued) NWQ NWQ Small-Cap Global Equity Value Fund 1 Fund 1 Large Cap Core Fund 2 Total Net assets attributable to holders of redeemable participating shares at the beginning of the year 410,115,345 Change in net assets attributable to holders of redeemable participating shares from operations 48,458 57,714 20,587 22,075,415 Capital transactions Net proceeds from redeemable participating shares issued 1,000,000 1,000,000 1,317, ,709,822 Cost of redeemable participating shares redeemed (230,722,038) Net proceeds from capital transactions 1,000,000 1,000,000 1,317,933 (30,012,216) Net assets attributable to holders of redeemable participating shares at the end of the year 1(h) 1,048,458 1,057,714 1,338, ,178,544 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December, The accompanying notes form an integral part of the financial statements. 134

136 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continued) For the year ended 31 st May, 2014 Note Tradewinds Global All-Cap Fund Tradewinds Japan Equity Fund 1 NWQ Large- Cap Value Fund Tradewinds Global Resources Fund 1 Tradewinds Emerging Markets Fund 2 Net assets attributable to holders of redeemable participating shares at the beginning of the year 25,669,873 1,017,128 5,223, , ,257 Change in net assets attributable to holders of redeemable participating shares from operations 2,235,702 74, ,912 (41,851) (67,972) Capital transactions Net proceeds from redeemable participating shares issued 210,694 3,910, ,530 Cost of redeemable participating shares redeemed (19,771,399) (1,091,713) (3,528,177) (824,109) (923,815) Net proceeds from capital transactions (19,560,705) (1,091,713) 382,740 (824,109) (779,285) Net assets attributable to holders of redeemable participating shares at the end of the year 1(h) 8,344,870 6,523,255 1 The Sub-Funds closed on 30 th August, The Sub-Fund closed on 25 th October, 2013 The accompanying notes form an integral part of the financial statements. 135

137 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continued) For the year ended 31 st May, 2014 Note Winslow Large-Cap Growth Fund NWQ Large-Cap Value ESG Fund Global Infrastructure Fund Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Net assets attributable to holders of redeemable participating shares at the beginning of the year 50,570, ,694,480 33,325,774 81,437,736 6,528,702 Change in net assets attributable to holders of redeemable participating shares from operations 12,065,554 19,372,682 6,017,982 12,119, ,651 Capital transactions Net proceeds from redeemable participating shares issued 29,630,231 45,069,504 4,673,818 66,940,416 Cost of redeemable participating shares redeemed (8,013,859) (106,129,463) (642,460) (25,140,103) Net proceeds from capital transactions 21,616,372 (61,059,959) 4,031,358 41,800,313 Net assets attributable to holders of redeemable participating shares at the end of the year 1(h) 84,252, ,007,203 43,375, ,357,217 6,672,353 The accompanying notes form an integral part of the financial statements. 136

138 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE PARTICIPATING SHARES (continued) For the year ended 31 st May, 2014 Note Gresham Long/Short Commodity Strategy Fund Global High Income Fund 1 NWQ Flexible Income Fund 2 Total Net assets attributable to holders of redeemable participating shares at the beginning of the year 6,972, ,152,829 Change in net assets attributable to holders of redeemable participating shares from operations (179,550) 646, ,665 53,538,174 Capital transactions Net proceeds from redeemable participating shares issued 5,864,824 3,044, ,489,440 Cost of redeemable participating shares redeemed (166,065,098) Net proceeds from capital transactions 5,864,824 3,044,506 (6,575,658) Net assets attributable to holders of redeemable participating shares at the end of the year 1(h) 6,792,539 6,511,470 3,279, ,115,345 1 The Sub-Fund launched on 28 th June, The Sub-Fund launched on 20 th September, The accompanying notes form an integral part of the financial statements 137

139 NOTES TO THE FINANCIAL STATEMENTS 1 Accounting Policies The significant accounting policies adopted by Global Investors Fund plc (the Company ) are as follows: a) Basis of Preparation The financial statements have been prepared in accordance with accounting standards generally accepted in Ireland and Irish statute comprising the Companies Act 2014, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) (the UCITS Regulations ) and the listing rules of the Irish Stock Exchange. 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 ( FRC ). The financial statements are prepared under the historical cost convention as modified to include investments at their bid price. The valuation time is 4.00pm (Eastern Time) as of each dealing day. The dealing day is each business day or such other day as the Directors may determine and notify to the Shareholders in advance. The format and certain wording of the financial statements have been adapted from those contained in the Companies Act 2014 and Financial Reporting Standard ( FRS ) 3, Reporting Financial Performance, to be included in a statement of total recognised gains and losses and a reconciliation of movements in shareholders funds is, in the opinion of the Directors, contained in the Profit and Loss Account and Statement of Changes in Net Assets attributable to Holders of Redeemable Participating Shares. The Company is exempt from preparing a cash flow statement under FRS 1. The Company is organised in the form of an umbrella fund with segregated liability between its Sub-Funds and accordingly, under the laws of Ireland, any liability incurred on behalf of or attributable to any Sub-Fund shall be discharged solely out of the assets of that Sub-Fund. b) Valuation of Investments Classification In accordance with FRS 26, Financial Instruments-Measurement, the Company has classified its investments as financial assets at fair value through profit or loss. Initial Measurement Purchases and sales of financial instruments are accounted for at trade date for financial statement purposes. Realised gains and losses on disposals of financial instruments are calculated using the specific identification method. Financial instruments categorised at fair value through profit or loss are measured initially at fair value, with transaction costs for such instruments being recognised directly in the Profit and Loss Account. Subsequent Measurement After initial measurement, the Company measures financial instruments, which are classified at fair value, through profit or loss at their fair values. 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. On each dealing day when both the New York Stock Exchange and Irish retail banks are open for business, the fair value of financial instruments is based on their official closing prices on a recognised exchange. Foreign securities shall be valued at their most recent closing prices on their principal exchange, even if the close of that exchange is earlier than the time of the Sub-Fund s Net Asset Value ( NAV ) calculation. If an event that is likely to affect materially the value of a portfolio security occurs after the relevant foreign maket has closed (but before the calculation of the Sub-Funds NAV), it may be necessary to determine the fair value of the security in light of that event. In the case of non-exchange traded instruments fair value will be determined on the basis of their probable realisation value, determined with care and in good faith by a competent person appointed by the Directors, approved by Brown Brothers Harriman Trustee Services (Ireland) Limited (the Custodian ) for that purpose, at the balance sheet date without any deduction for estimated future selling costs. 138

140 NOTES TO THE FINANCIAL STATEMENTS (continued) 1 Accounting Policies (continued) b) Valuation of Investments (continued) Subsequent Measurement (continued) Financial assets are valued at their bid prices at the accounting year end date for financial statement purposes. If a quoted official closing price is not available on a recognised stock exchange, the fair value of the financial instruments may be calculated with care and in good faith by a competent person appointed by the Directors approved for that purpose by the Custodian, following consultation with the relevant Sub-Investment Manager, on the basis of the probable realisation value for such assets as at close of business as of the dealing day on the relevant market. The following Sub-Funds held one investment which was priced in this manner. As at 31 st May, 2015 As at 31 st, May, 2014 Sub-Fund Tradewinds Global All-Cap Fund 17 * 202,596 Global Infrastructure Fund 1,403 Global High Income Fund 0 * Adjusted value to reflect subsequent announcement made by the company. Subsequent changes in the fair value of financial instruments at fair value through profit or loss are recognised in the Profit and Loss Account. Fair Value Estimation In accordance with FRS 29 Financial Instruments: Disclosures Improving Disclosures about Financial Instruments the Company has classified the fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. Details of this fair value hierarchy are provided in Note 16. Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or when the financial assets are transferred and the transfer qualifies for derecognition in accordance with FRS 26 Financial Instruments: Recognition and Measurement. The Company derecognises a financial liability when the obligation specified in the contract is discharged, cancelled or expired. Fixed Income The Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund both invest in fixed income investments. These Sub-Funds fixed income investments (excluding U.S. government securities) will be rated at all times at the Highest Investment Grade. These fixed income investments consist primarily of direct and guaranteed obligations of the U.S. government and senior obligations of U.S. government agencies and money market securities. The Global High Income Fund and the NWQ Flexible Income Fund both may invest in fixed income securities that are rated lower than Investment Grade. Options The Sub-Funds may purchase call and put options. A call option gives the holder the right to buy an asset; a put option gives the holder the right to sell an asset. By purchasing options a Sub-Fund alters its exposure to the underlying asset by, in the case of a call option, entitling it to purchase the underlying asset at a set price from the writer of the option and, in the case of a put option, entitling it to sell the underlying asset at a set price to the writer of the option. A Sub-Fund pays a premium for a purchased option. That premium, if any, which is disclosed in the Portfolio of Investments, is subsequently reflected in the marked-to-market value of the option. The potential loss associated with purchasing put and call options is limited to the premium paid. Purchased option contracts outstanding at the end of the period, if any, are listed in each applicable Sub-Fund s Portfolio of Investments. The Sub-Funds may write (i.e., sell) call and put options on securities. Writing options alters a Sub-Fund s exposure to the underlying asset by, in the case of a call option, obligating that Sub-Fund to sell the underlying asset at a set price to the option-holder and, in the case of a put option, obligating that Sub-Fund to purchase the underlying asset at a set price from the option-holder. 139

141 NOTES TO THE FINANCIAL STATEMENTS (continued) 1 Accounting Policies (continued) b) Valuation of Investments (continued) Options (continued) As a writer of an option, a Sub-Fund has no control over whether it will be required to sell (call) or purchase (put) the underlying asset and as a result bears the risk of an unfavorable change in the price of the asset underlying the option. In the event that a Sub-Fund writes call options without an offsetting exposure (e.g., call options on an asset that the Sub-Fund does not own), it bears an unlimited risk of loss if the price of the underlying asset increases during the term of the option. The NWQ Flexible Income Fund is the only Sub-Fund which entered into the option contracts. Swaps Swaps are contracts in which two parties agree to pay each other (swap) the returns derived from underlying assets with differing characteristics. Most swaps do not involve the delivery of the underlying assets by either party, and the parties might not own the assets underlying the swap. The payments are usually made on a net basis so that, on any given day, the Sub-Fund would receive (or pay) only the amount by which its payment under the contract is less than (or exceeds) the amount of the other party s payment. Swap agreements are sophisticated instruments that can take many different forms. Common types of swaps in which the Sub-Funds may invest include interest rate swaps, total return swaps, total rate of return index swaps, credit default swaps, currency swaps, and caps and floors. The Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund have each entered into a total return swap agreement described under the respective descriptions of each Sub- Fund in the General Information section. Total return swap agreements on indices involve commitments to pay interest in exchange for a market-linked return. One counterparty pays out the total return of a specific reference asset, which may be an equity, index, or bond, and in return receives a regular stream of payments. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Sub-Fund will receive a payment from or make a payment to the counterparty. Collateral Investments in Cash Equivalents The Sub-Funds use of Over the Counter Financial Derivative Instruments ( OTC FDI ) generally will not require significant outlays of principal. A portion of the Sub-Fund s assets will be initially committed and pledged as initial and variation margin to secure the total return swap. These assets will be held by the Custodian through an arrangement between the Company, the Custodian and the OTC FDI counterparty and will be held in cash or invested in U.S. Treasury bills generally maturing within less than one year at the time of investment. Collateral is derecognised when the securities on loan for which the collateral has been pledged have been returned to the relevant Sub-Fund. Initial margin deposits are made upon entering into OTC FDIs and are generally made in cash and cash equivalents. The fair value of contracts is based upon their quoted daily settlement prices. Changes in the value of open contracts are recognised as unrealised appreciation or depreciation on contracts until the contracts are terminated, at which time realised appreciation and depreciation are recognised. Net realised appreciation or depreciation on total return swap contracts are shown in the Portfolio of Investments of each relevant Sub-Fund and as appropriate, on the Balance Sheet as financial assets/financial liabilities at fair value through profit or loss. c) Recalculation of net asset value for Pricing Purposes In accordance with FRS 26, the Company has classified all its investments at fair value through profit or loss. Investments are initially recognised at the fair value of the consideration given, with transaction costs for the year ended 31 st May, 2015 totalling, 775,134 (31 st May, 2014: 706,629). To determine the net asset value of the Sub-Funds for shareholder dealing purposes, investments are valued based on the last traded price as of 4.00pm (Eastern Time) on the relevant dealing day. For financial statement purposes, investment positions are valued at the closing bid prices on the Balance Sheet date. 140

142 NOTES TO THE FINANCIAL STATEMENTS (continued) 1 Accounting Policies (continued) c) Recalculation of net asset value for Pricing Purposes (continued) The following table reflects the difference between last traded prices and closing bid prices at the years ended 31 st May, 2015 and 31 st May, 2014: As at 31 st May, 2015 As at 31 st May, 2014 Increase Decrease Increase Decrease Sub-Fund Tradewinds Global All-Cap Fund 6,514 3,158 NWQ Large-Cap Value Fund 159 1,419 Winslow Large-Cap Growth Fund 7,521 20,705 NWQ Large-Cap Value ESG Fund ,887 Global Infrastructure Fund 41,359 30,137 Santa Barbara Global Dividend Growth Fund 49,884 37,467 Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund Global High Income Fund NWQ Flexible Income Fund 29,392 8,841 NWQ Small-Cap Value Fund NWQ Global Equity Fund Large Cap Core Fund The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December, , ,264 For the purpose of calculating the net asset value per redeemable participating shares (for shareholder dealing purposes), establishment expenses are being amortised over the first five financial years of the lifetime of the Sub- Funds (from the date of inception of each Sub-Fund). For financial statement purposes, establishment expenses, including fees paid to the professional advisors of the Company and the listing of the shares on The Irish Stock Exchange, must be written off in the first year of operations in accordance with FRS 10 Goodwill and Intangible Assets. For the Tradewinds Global All-Cap Fund and the NWQ Large-Cap Value Fund a total of 100,000 was expensed in the period from 12 th February, 2007 (inception date) to 31 st May, For the Winslow Large-Cap Growth Fund 7,580 was expensed in the period from 8 th December, 2010 (inception date) to 31 st May, For the NWQ Large-Cap Value ESG Fund a total of 8,644 was expensed in the period from 15 th December, 2010 (inception date) to 31 st May, For the Global Infrastructure Fund a total of 15,000 was expensed in the period from 10 th June, 2011 (inception date) to 31 st May, For the Global Santa Barbara Dividend Growth Fund a total of 15,000 was expensed in the period from 1 st November, 2011 (inception date) to 31 st May, For the Gresham Diversified Commodity Strategy Fund a total of 93,618 was expensed in the period from 9 th November, 2012 (inception date) to 31 st May,

143 NOTES TO THE FINANCIAL STATEMENTS (continued) 1 Accounting Policies (continued) c) Recalculation of net asset value for Pricing Purposes (continued) For the Gresham Long/Short Commodity Strategy Fund a total of 93,618 was expensed in the period from 9 th November, 2012 (inception date) to 31 st May, For the Global High Income Fund a total of 32,700 was expensed in the period from 28 th June 2013 to 31 st May, For the NWQ Flexible Income Fund a total of 33,785 was expensed in the period from 20 th September, 2013 to 31 st May, For the NWQ Small-Cap Value Fund a total of 15,000 was expensed in the period from 2 nd September, 2014 to 31 st May, For the NWQ Global Equity Fund a total of 15,000 was expensed in the period from 2 nd September, 2014 to 31 st May, For the Large Cap Core Fund a total of 15,000 was expensed in the period from 18 th December, 2014 to 31 st May, As set out in the Profit and Loss Account, the table below reflects the movement in the Profit and Loss Account from 31 st May, 2014 to 31 st May, 2015 for the year ended 31 st May, 2015, and from 31 st May, 2013 to 31 st May, 2014 for the year ended 31 st May, st May, st May, 2014 Sub-Fund Tradewinds Global All-Cap Fund Tradewinds Japan Equity Fund 1 NWQ Large-Cap Value Fund Tradewinds Global Resources Fund 1 (2,766) Tradewinds Emerging Markets Fund 2 (3,703) Winslow Large-Cap Growth Fund (1,507) (1,516) NWQ Large-Cap Value ESG Fund (1,720) (1,729) Global Infrastructure Fund (2,981) (2,998) Santa Barbara Global Dividend Growth Fund (2,982) (2,998) Gresham Diversified Commodity Strategy Fund (19,609) (19,718) Gresham Long/Short Commodity Strategy Fund (19,609) (19,718) Global High Income Fund 3 (6,504) 26,697 NWQ Flexible Income Fund 4 (6,719) 29,138 NWQ Small-Cap Value Fund 5 12,790 NWQ Global Equity Fund 5 12,790 Large Cap Core Fund 6 13,669 (22,382) The Sub-Funds closed on 30 th August, The Sub-Fund closed on 25 th October, The Sub-Fund launched on 28 th June, The Sub-Fund launched on 20 th September, The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December,

144 NOTES TO THE FINANCIAL STATEMENTS (continued) 1 Accounting Policies (continued) d) Income Recognition Interest income and expenses are recognised in the Profit and Loss Account for all debt instruments using the effective interest method. The effective interest method is a method of calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts throughout the expected life of the financial instrument, or a shorter period where appropriate, to the net carrying amount of the financial asset or financial liability. When calculating the effective interest rate, Brown Brothers Harriman Fund Administration Services (Ireland) Limited (the Administrator ) estimates cash flows considering all contractual terms of the financial instrument but does not consider future credit losses. Dividends are credited to the Profit and Loss Account on the dates on which the relevant securities are listed as exdividend. Income is accounted for gross of any non reclaimable/irrecoverable withholding taxes and net of any tax credits. The withholding tax is shown separately in the Profit and Loss Account. Distributions from United States domiciled corporate equities are recorded by the Company as 100% dividend income net of any withholding taxes, regardless of any reclassification of income for United States tax reporting purposes that the equity may later disclose to investors. Any payments by a Sub-Fund to shareholders related to such dividend income will therefore be treated as distributed from earnings of the Sub-Fund even if a portion of that dividend income may have been disclosed as a non-dividend distribution for United States tax reporting. e) Taxation Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B (1) of the Taxes Consolidation Act, 1997, as amended. It is not generally chargeable to Irish tax on its income or capital gains. However, tax can arise on the happening of a chargeable event in the Company. A chargeable event includes any distribution payments to shareholders or any encashment, redemption, cancellation or transfer of shares and the holding of shares at the end of each eight year period beginning with the acquisition of such shares. No Irish tax will arise on the Company in respect of chargeable events of a shareholder who is: (i) an exempt Irish investor (as defined in Section 739D of the Taxes Consolidation Act, 1997, as amended) who has provided the Company with the necessary signed statutory declarations; (ii) neither Irish resident nor ordinarily resident in Ireland for tax purposes at the time of the chargeable event provided that the necessary signed declaration is in place; or (iii) non-irish resident and has confirmed that to the Company and the Company is in possession of written notice of approval from the Revenue Commissioners to the effect that the requirement to provide the necessary declaration of non-residence has been complied with in respect of the Shareholder and the approval has not been withdrawn. Dividends, interest and capital gains (if any) received on investments made by the Company may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the Company or its shareholders. f) Distribution Policy The various share classes of the Sub-Funds, with the exception of certain share classes of the Santa Barbara Global Dividend Growth Fund, the Global High Income Fund and the NWQ Flexible Income Fund, are accumulating share classes and, therefore, the Directors do not currently intend to declare dividends in respect of the Sub-Funds. The net income and net realised and unrealised capital gains arising are accumulated. In the event that the Directors decide to declare dividends in respect of the accumulating share classes of the Company, dividends will be declared and paid in respect of each Sub-Fund within 60 days of the financial year end of the Company. Dividends will be paid out of net income and realised and unrealised gains net of realised and unrealised losses, and will be paid in the currency of the relevant class. For Class A Distributing Shares, Class C Distributing Shares and Class I Distributing Shares of the Santa Barbara Global Dividend Growth Fund, the Global High Income and the NWQ Flexible Income Fund, it is expected that the Directors will declare and pay quarterly dividends equal to all or substantially all of the Sub-Fund s net income attributable to such Share Classes. 143

145 NOTES TO THE FINANCIAL STATEMENTS (continued) 1 Accounting Policies (continued) f) Distribution Policy (continued) Dividends may be paid from net income and/or realised or unrealised gains net of realised and unrealised losses attributable to the relevant Share Classes. Details of dividends declared for the Santa Barbara Global Dividend Growth Fund, the Global High Income and the NWQ Flexible Income Fund during the year ended 31 st May, 2015 are included in note 14. g) Foreign Exchange Translation Functional and Presentation Currency The functional and presentation currency of each Sub-Fund is US Dollar ( ). This is considered to be the currency of the primary economic environment of each Sub-Fund. Transactions and Balances Assets and liabilities denominated in currencies other than the functional currency of the Sub-Funds are translated into the functional currency at the exchange rates pertaining at the balance sheet date. Transactions in currencies other than the functional currency of the Sub-Funds are translated into the functional currency at the exchange rates ruling at the dates of the transactions. Gains and losses on foreign exchange transactions are recognised in the Profit and Loss Account in determining the results for the year. Proceeds from subscriptions and amounts paid on redemptions of redeemable participating shares are translated at the rates prevailing at the dates of the transactions. h) Redeemable Participating Shares The Sub-Funds issue redeemable participating shares, which are redeemable at the holder s option and are classified as financial liabilities. Redeemable participating shares can be put back to the relevant Sub-Fund at any time for cash equal to a proportionate share of the Sub-Fund s net asset value. The redeemable participating share is carried at the redemption amount that is payable at the balance sheet date if the holder exercises the right to put the share back to the Sub-Fund. Redeemable participating shares are issued and redeemed at the holder s option at prices based on the Sub-Fund s net asset value per share at the time of issue or redemption. The Sub-Fund s net asset value per share is calculated by dividing the net assets attributable to holders of redeemable participating shares by the total number of outstanding redeemable participating shares. In accordance with the provisions of the Company s Memorandum and Articles of Association, investment positions are valued based on the last traded price for the purpose of determining the net asset value per share for subscriptions and redemptions. All issued redeemable participating shares are fully paid and have been admitted to the official listing and to trading on the main securities market of The Irish Stock Exchange. The Sub-Funds capital is represented by these redeemable participating shares with no par value and with each carrying one vote. i) Cash and Other Liquid Assets Cash and cash equivalents include cash in hand, deposits held on call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. All cash at bank balances are held with Brown Brothers Harriman & Co., or with third party institutions approved by the Company on overnight deposit or directly with a sub-custodian. All deposits held on call with banks are returned to the Custodian the following day. A breakdown of the financial institutions where the cash was deposited at the year end is contained in note 2 overleaf. 144

146 NOTES TO THE FINANCIAL STATEMENTS (continued) 2 Cash at Bank As at 31 st May, 2015 Tradewinds Global All-Cap Fund NWQ Large-Cap Value Fund Winslow Large-Cap Growth Fund NWQ Large-Cap Value ESG Fund Global Infrastructure Fund Bank of Tokyo- Mitsubishi UFJ 152,283 BNP Paribas 1,283, ,712 Brown Brothers Harriman & Co 1, ,577 Citibank 37,882 1,332,850 Deutsche Bank AG 49,693 HSBC 153,284 37,890 1,283, ,838 1,384,120 Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund 145 Gresham Long/Short Commodity Strategy Fund Global High Income Fund Bank of Tokyo- Mitsubishi UFJ 3,469,859 BNP Paribas 43, ,867 Brown Brothers Harriman & Co 112 1,053,123 1,590,219 2,568 Citibank Deutsche Bank AG HSBC 76,203 3,589,273 1,053,123 1,590, ,435 NWQ Flexible Income Fund NWQ Small-Cap Value Fund 1 NWQ Global Equity Fund 1 Total Bank of Tokyo- Mitsubishi UFJ 3,622,142 BNP Paribas 1,786,403 Brown Brothers Harriman & Co ,466 2,656,240 Citibank 197,347 41,738 1,609,817 Deutsche Bank AG 49,693 HSBC 76, ,358 41,739 7,466 9,800,498 Note: All of the above financial institutions have a rating of A-2 (Standard & Poor s) or higher, with the exception of Brown Brothers Harriman which has a long term rating of A+ from Fitch. Please refer to note 16 financial risk management credit risk for further information relating to the Sub-Funds exposure to credit risk. 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December, 2014.

147 NOTES TO THE FINANCIAL STATEMENTS (continued) 2 Cash at Bank (continued) There is a cash margin of 25,700 (31 st May, 2014: 10,000) on the Global High Income Fund, held with Citibank as of 31 st May, As at 31 st May, 2014 Tradewinds Global All-Cap Fund NWQ Large-Cap Value Fund Winslow Large-Cap Growth Fund NWQ Large-Cap Value ESG Fund Bank of Tokyo-Mitsubishi UFJ 145,427 1,779,469 Brown Brothers Harriman & Co 5, Citibank 3,364,638 JPMorgan Chase Bank DNB ASA Australia and New Zealand Banking Group Limited 150,903 1,779,503 3,364,720 Global Infrastructure Fund Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity StrategyFund Gresham Long/Short Commodity Strategy Fund Bank of Tokyo-Mitsubishi UFJ 1,869,684 Brown Brothers Harriman & Co 12, , ,571 Citibank JPMorgan Chase Bank 3,309,554 DNB ASA Australia and New Zealand Banking Group Limited 1,881,838 3,309, , ,571 Global High Income Fund 1 NWQ Flexible Income Fund 2 Total Bank of Tokyo-Mitsubishi UFJ 3,794,580 Brown Brothers Harriman & Co 4,886 12,218 1,186,132 Citibank 3,364,638 JPMorgan Chase Bank 3,309,554 DNB ASA 114, ,814 Australia and New Zealand Banking Group Limited 160, , ,796 12,218 11,929,814 Note: All of the above financial institutions have a rating of A-2 (Standard & Poor s) or higher, with the exception of Brown Brothers Harriman which has a long term rating of A+ from Fitch. Please refer to note 16 financial risk management credit risk for further information relating to the Sub-Funds exposure to credit risk 1 The Sub-Funds launched on 28 th July, The Sub-Fund launched on 20 th September,

148 NOTES TO THE FINANCIAL STATEMENTS (continued) 3 Bank Overdraft The table below reflects the bank overdraft balances as at 31 st May, 2015 and 31 st May, All balances in bank overdrafts are held with Brown Brothers Harriman & Co. As at 31 st May, 2015 As at 31 st May, 2014 Sub-Fund NWQ Large-Cap Value Fund 174,215 Large Cap Core Fund 1 12,555 1 The Sub-Fund launched on 18 th December, , ,215 4 Debtors As at 31 st May, 2015 Tradewinds NWQ Winslow NWQ Global Global All-Cap Large-Cap Value Large-Cap Growth Large-Cap Value Infrastructure Fund Fund Fund ESG Fund Fund Receivable for securities sold 133,744 52, ,048 8,191 1,000,045 Dividends receivable 15,021 7,879 32,194 15, ,667 Fund reimbursement 36,324 13,546 1,703 16,809 34,432 Subscriptions receivable 180, ,601 Bond interest receivable Other receivables ,089 73, ,340 41,243 1,804,745 Santa Gresham Gresham Barbara Global Dividend Growth Fund Diversified Commodity Strategy Fund Long/Short Commodity Strategy Fund Global High Income Fund NWQ Flexible Income Fund Receivable for securities sold 693,178 Dividends receivable 371,321 58,383 Fund reimbursement 8,928 5,257 18,456 16,893 Subscriptions receivable 263, ,673 Bond interest receivable 170, ,286 Other receivables ,393 8,928 5, ,395 1,671,413 NWQ Small-Cap Value Fund 1 NWQ Global Equity Fund 1 Large Cap Core Fund 2 Total Receivable for securities sold 7,928 3,072 29,796 2,667,137 Dividends receivable 453 1,612 1, ,988 Fund reimbursement 7,176 9,401 37, ,601 Subscriptions receivable 1,886,647 Bond interest receivable 284,213 Other receivables ,557 14,085 69,218 5,667,223 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December,

149 NOTES TO THE FINANCIAL STATEMENTS (continued) 4 Debtors (continued) As at 31 st May, 2014 Tradewinds NWQ Winslow NWQ Global Global All-Cap Large-Cap Value Large-Cap Growth Large-Cap Value Infrastructure Fund Fund Fund ESG Fund Fund Receivable for securities sold 142, , , ,228 Dividends receivable 46,485 14,043 18, ,116 94,779 Fund reimbursement 23,770 32,476 3,101 28,435 Subscriptions receivable 507, , ,139 Bond interest receivable Other receivables , ,263 1,481, , ,796 Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund Global High Income Fund 1 NWQ Flexible Income Fund 2 Total Receivable for securities sold 340,359 4, ,209 13,947 2,450,285 Dividends receivable 356,429 6, ,819 Fund reimbursement ,196 38,130 42,414 60, ,606 Subscriptions receivable 935,383 1,841,988 Bond interest receivable 96,321 7, ,846 Other receivables ,632,493 38,196 42, ,944 88,942 5,436,775 1 The Sub-Funds launched on 28 th July, The Sub-Fund launched on 20 th September,

150 NOTES TO THE FINANCIAL STATEMENTS (continued) 5 Creditors Amounts falling due within one year As at 31 st May, 2015 NWQ Tradewinds NWQ Winslow Large- Large-Cap Global Global All-Cap Fund Large-Cap Value Fund Cap Growth Fund Value ESG Fund Infrastructure Fund Redemptions payable 43,673 1,070, , ,469 Payable for securities purchased 149,683 1,569,537 2,006,279 Investment Manager fees payable 9,537 3,407 82,329 5,645 56,569 Administration fees payable 13,221 12,606 15,683 16,587 (8,958) Audit fees payable 13,505 13,278 11,511 11,511 11,511 Directors' fees and expenses payable 4,947 4,947 4,947 4,947 4,947 Custodian fees payable 1,940 1,734 1,941 1,921 1,940 Legal expense payable 19,171 20,262 22,185 23,797 17,492 Trustee fees payable , ,742 Other payables 44,705 26,220 15,370 33,394 36, , ,227 2,796, ,739 2,781,478 Santa Gresham Gresham Barbara Global Diversified Long/Short Global High NWQ Flexible Dividend Growth Fund Commodity Strategy Fund Commodity Strategy Fund Income Fund Income Fund Redemptions payable 627, ,809 1,086,882 Payable for securities purchased 882, , ,188 Investment Manager fees payable 220,019 5,395 49,473 8,351 19,176 Administration fees payable 34,534 15,876 15,843 20,055 18,520 Audit fees payable 11,511 11,511 14,466 16,213 16,213 Directors' fees and expenses payable 4,947 4,947 4,947 4,947 4,947 Custodian fees payable 2,419 1,940 2,381 1,940 1,940 Legal expense payable 16,298 17,210 18,271 20,781 10,946 Trustee fees payable 5, , Other payables (2,064) 27,240 37,988 25,187 20, , , , ,210 1,461,963 NWQ Small-Cap Value Fund 1 NWQ Global Equity Fund 1 Large Cap Core Fund 2 Total Redemptions payable 4,355,857 Payable for securities purchased 14,333 5,045,608 Investment Manager fees payable 1,000 1,008 1, ,293 Administration fees payable 11,613 12,298 10, ,126 Audit fees payable 12,573 12,573 12, ,951 Directors' fees and expenses payable 2,502 2,502 3,377 57,851 Custodian fees payable 1,885 1,940 2,488 26,409 Legal expense payable 2,714 1,747 9, ,187 Trustee fees payable ,347 Other payables 23,939 23,990 9, ,610 56,260 56,091 63,533 10,842,239 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December,

151 NOTES TO THE FINANCIAL STATEMENTS (continued) 5 Creditors Amounts falling due within one year (continued) As at 31 st May, 2014 NWQ Tradewinds NWQ Winslow Large- Large-Cap Global Global All-Cap Fund Large-Cap Value Fund Cap Growth Fund Value ESG Fund Infrastructure Fund Redemptions payable 276,805 92,743 Payable for securities purchased 118,249 1,462, ,480 Investment Manager fees payable 14,203 6,719 80,182 80,333 41,528 Administration fees payable 20,906 19,202 24,575 27,486 26,686 Audit fees payable 17,146 16,834 14,584 14,584 14,584 Directors' fees and expenses payable 2,454 4,742 2,454 2,454 2,454 Custodian fees payable 3,019 3,019 3,019 3,019 3,019 Legal expense payable 13,367 13,416 17,390 17,371 10,636 Trustee fees payable ,006 5,346 2,088 Other payables 3,068 20,539 6,761 23,054 36, ,847 84,809 1,892, , ,163 Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund Global High Income Fund 1 NWQ Flexible Income Fund 2 Total Redemptions payable 359, ,964 Payable for securities purchased 2,898 68,991 22,082 2,473,251 Investment Manager fees payable 173,223 6,255 7,852 4,436 2, ,959 Administration fees payable 48,342 22,546 22,536 24,783 27, ,728 Audit fees payable 14,584 14,584 14,793 24,976 23, ,377 Directors' fees and expenses payable 2,390 2,226 2,454 2,454 4,038 28,120 Custodian fees payable 2,931 3,019 3,019 3,019 3,019 30,102 Legal expense payable 8, ,646 Trustee fees payable 6, ,036 Other payables 13,865 16,242 16,335 7,448 8, , ,355 68,458 67, ,801 91,967 4,367,799 1 The Sub-Fund launched on 28 th June, The Sub-Fund launched on 20 th September, Share Capital The share capital of the Company shall at all times equal the net asset value of the Company. The minimum authorised share capital of the Company is EUR 2 represented by two shares of no par value (the subscriber shares ) and the maximum authorised share capital is 500,000,000,000 shares of no par value. Each of the shares (except the subscriber shares) entitles the shareholder to participate equally on a pro rata basis in the dividends and net assets of the Company save in the case of dividends declared prior to becoming a shareholder. There are two subscriber shares in issue, which are beneficially owned by Investments, Inc., the parent company of the Investment Manager. 150

152 NOTES TO THE FINANCIAL STATEMENTS (continued) 6 Share Capital (continued) The subscriber shares entitle the holders thereof to attend and vote at all meetings of the Company, but do not entitle the holders to participate in the dividends or the net assets of any Sub-Fund or of the Company. As subscriber shares did not form a part of the net assets attributable to holders of redeemable participating shares, they are disclosed in the financial statements by way of this note only. The minimum initial investment shall be EUR 5,000 or such other amount as may be determined by the Directors in their absolute discretion in respect of Class A (, Euro & GBP) shares and Class C ( & Euro) shares and EUR 1 million in respect of Class I (, Euro & GBP) shares per investor or such other amount as may be determined by the Directors in their absolute discretion in respect of Class I (, Euro & GBP) shares. Additional subscriptions will be accepted in amounts of EUR 5,000 or more, or the foreign currency equivalent thereof, or such other amount as may be determined by the Directors in their absolute discretion. Movement in redeemable participating shares during the year Tradewinds Global All-Cap Fund Class A Euro Class I Euro Class A Class C Class I Shares Shares Shares Shares Shares At the beginning of the year 1,832 1, ,337 59,905 33,831 Redeemable participating shares issued Redeemable participating shares redeemed (178) (67,144) (23,453) (21,017) At the end of the year 1,832 1,697 72,193 36,580 13,304 NWQ Large-Cap Value Fund Class A Euro Class I Euro Class A Class C Class I Shares Shares Shares Shares Shares At the beginning of the year 1,832 3,924 47,021 4, ,292 Redeemable participating shares issued 3,906 1,614 15,236 Redeemable participating shares redeemed (19,601) (525) (152,588) At the end of the year 1,832 3,924 31,326 5,614 38,940 Winslow Large-Cap Growth Fund Class A Euro Class I Euro Class A Class C Class I Class I GBP Shares Shares Shares Shares Shares Shares At the beginning of the year 1,890 9, , ,699 2,177,247 7,908 Redeemable participating shares issued 129,374 57, ,400 Redeemable participating shares redeemed (86,441) (78,318) (843,704) At the end of the year 1,890 9, , ,982 1,716,943 7,

153 NOTES TO THE FINANCIAL STATEMENTS (continued) 6 Share Capital (continued) Movement in redeemable participating shares during the year (continued) (continued) NWQ Large-Cap Value ESG Fund Class A Euro Class I Euro Class A Class C Class I Class I GBP Shares Shares Shares Shares Shares Shares At the beginning of the year 82,604 85,825 2, ,355 3,063,233 8,041 Redeemable participating shares issued 32,179 8,000 44, ,460 Redeemable participating shares redeemed (76,734) (83,347) (827,971) (3,289,446) At the end of the year 38,049 2,478 10,500 35,385 71,247 8,041 Global Infrastructure Fund Class A Euro Class I Euro Class A Class C Class I Class I GBP Shares Shares Shares Shares Shares Shares At the beginning of the year 13, , , ,075 98,011 42,756 Redeemable participating shares issued 2, , , ,705 Redeemable participating shares redeemed (11,234) (45,563) (209,809) (70,207) (122,671) (30,098) At the end of the year 5, , , , ,045 12,658 Santa Barbara Global Dividend Growth Fund Class A Euro Class I Euro Class A Class A Class C Accumulating Accumulating Accumulating Distributing Accumulating Shares Shares Shares Shares Shares At the beginning of the year 12,747 9, ,333 1,234, ,995 Redeemable participating shares issued 1,046 8, , , ,436 Redeemable participating shares redeemed (10,747) (9,128) (296,596) (265,426) (187,183) At the end of the year 3,046 8,793 1,309,344 1,358, ,248 Class C Class I Class I Class I GBP Distributing Accumulating Distributing Accumulating Shares Shares Shares Shares At the beginning of the year 739, , ,963 12,185 Redeemable participating shares issued 184, , ,297 Redeemable participating shares redeemed (204,177) (215,725) (366,103) (7,840) At the end of the year 720,096 1,337, ,157 4,

154 NOTES TO THE FINANCIAL STATEMENTS (continued) 6 Share Capital (continued) Movement in redeemable participating shares during the year (continued) (continued) Gresham Diversified Commodity Strategy Fund Class A Euro Class I Euro Class A Class C Class I Class I GBP Shares Shares Shares Shares Shares Shares At the beginning of the year 3,934 3,934 9,999 5, ,032 3,145 Redeemable participating shares issued 55,005 Redeemable participating shares redeemed At the end of the year 3,934 3,934 9,999 5, ,037 3,145 Gresham Long/Short Commodity Strategy Fund Class A Euro Class I Euro Class A Class C Class I Class I GBP Shares Shares Shares Shares Shares Shares At the beginning of the year 3,934 3,934 10,000 5, ,063 3,145 Redeemable participating shares issued 208,140 1,894,861 Redeemable participating shares redeemed (8,701) (440,001) At the end of the year 3, ,373 10,000 5,000 1,774,923 3,145 Global High Income Fund Class A Euro Class I Euro Class A Class A Class C Accumulating Accumulating Accumulating Distributing Accumulating Shares Shares Shares Shares Shares At the beginning of the year 3,690 50,946 4,803 5,020 4,832 Redeemable participating shares issued 26, , Redeemable participating shares redeemed (116,280) At the end of the year 29,731 50, ,583 5,280 4,832 Class C Class I Class I Class I GBP Distributing Accumulating Distributing Accumulating Shares Shares Shares Shares At the beginning of the year 5,030 66,312 69,605 43,599 Redeemable participating shares issued 234-3,970 Redeemable participating shares redeemed At the end of the year 5,264 66,312 73,575 43,

155 NOTES TO THE FINANCIAL STATEMENTS (continued) 6 Share Capital (continued) Movement in redeemable participating shares during the year (continued) (continued) NWQ Flexible Income Fund Class A Euro Class I Euro Class A Class A Class C Accumulating Accumulating Accumulating Distributing Accumulating Shares Shares Shares Shares Shares At the beginning of the year 1,849 25,421 2,500 3,511 2,500 Redeemable participating shares issued 275,346 73,449 67,455 Redeemable participating shares redeemed (125,032) (255) (11,712) At the end of the year 1,849 25, ,814 76,705 58,243 Class C Class I Class I Class I GBP Distributing Accumulating Distributing Accumulating Shares Shares Shares Shares At the beginning of the period 2,564 34,375 35,463 21,462 Redeemable participating shares issued , Redeemable participating shares redeemed (42,949) At the end of the period 2, ,681 37,125 21,462 NWQ Small-Cap Value Fund 1 Class A Euro Class I Euro Class A Class I Class I GBP Shares Shares Shares Shares Shares At the beginning of the period Redeemable participating shares issued 4,760 9,521 6,250 12,500 7,589 Redeemable participating shares redeemed At the end of the period 4,760 9,521 6,250 12,500 7,589 NWQ Global Equity Fund 1 Class A Euro Class I Euro Class A Class I Class I GBP Shares Shares Shares Shares Shares At the beginning of the period Redeemable participating shares issued 4,760 9,521 6,250 12,500 7,589 Redeemable participating shares redeemed At the end of the period 4,760 9,521 6,250 12,500 7,589 1 The Sub-Funds launched on 2 nd September,

156 NOTES TO THE FINANCIAL STATEMENTS (continued) 6 Share Capital (continued) Movement in redeemable participating shares during the year (continued) (continued) Large Cap Core Fund 2 Class A Euro Class I Euro Class A Class C Class I Class I GBP Shares Shares Shares Shares Shares Shares At the beginning of the period Redeemable participating shares issued 4,070 8,139 25,724 5,000 12,500 4,786 Redeemable participating shares redeemed At the end of the period 4,070 8,139 25,724 5,000 12,500 4,786 2 The Sub-Fund launched on 18 th December, For the year ended 31 st May, 2014 Tradewinds Global All-Cap Fund Class A Euro Class I Euro Class A Class C Class I Shares Shares Shares Shares Shares At the beginning of the year 4, , , , ,797 Redeemable participating shares issued 2, ,603 Redeemable participating shares redeemed (2,460) (164,576) (142,108) (78,632) (234,569) At the end of the year 1,832 1, ,337 59,905 33,831 Tradewinds Japan Equity Fund 1 Class I Shares 2 At the beginning of the year 49,612 Redeemable participating shares issued Redeemable participating shares redeemed (49,612) At the end of the year 1 The Sub-Fund closed on 30 th August, The share class closed on 29 th August, NWQ Large-Cap Value Fund Class A Euro Class I Euro Class A Class C Class I Shares Shares Shares Shares Shares At the beginning of the year 1,832 3,924 12,919 5, ,883 Redeemable participating shares issued 97, ,096 Redeemable participating shares redeemed (63,745) (1,499) (46,687) At the end of the year 1,832 3,924 47,021 4, ,

157 NOTES TO THE FINANCIAL STATEMENTS (continued) 6 Share Capital (continued) Movement in redeemable participating shares during the year (continued) For the year ended 31 st May, 2014 (continued) Tradewinds Global Resources Fund 1 Class A Euro Class I Euro Class A Class C Class I Shares 2 Shares 2 Shares 2 Shares 2 Shares 2 At the beginning of the year 1,750 5,159 2,500 2,500 35,000 Redeemable participating shares issued Redeemable participating shares redeemed (1,750) (5,159) (2,500) (2,500) (35,000) At the end of the year 1 The Sub-Fund closed on 30 th August, The share class closed on 29 th August, Tradewinds Emerging Markets Fund 1 Class A Euro Class I Euro Class A Class C Class I Shares 2 Shares 2 Shares 3 Shares 4 Shares 4 At the beginning of the year 1,750 5,143 8,300 2,500 35,000 Redeemable participating shares issued Redeemable participating shares redeemed (1,750) (5,143) (8,300) (2,500) (35,000) At the end of the year 1 The Sub-Fund closed on 25 th October, The share class closed on 26 th July, The share class closed on 25 th October, The share class closed on 29 th August, Winslow Large-Cap Growth Fund Class A Euro Class I Euro Class A Class C Class I Class I GBP Shares Shares Shares Shares Shares Shares At the beginning of the year 1,890 9, ,347 62,547 1,716,245 7,908 Redeemable participating shares issued 161, , ,064 Redeemable participating shares redeemed (82,189) (42,563) (153,062) At the end of the year 1,890 9, , ,699 2,177,247 7,908 NWQ Large-Cap Value ESG Fund Class A Euro Class I Euro Class A Class C Class I Class I GBP Shares Shares Shares Shares Shares Shares At the beginning of the year 27, ,852 2, ,774 5,357,281 8,041 Redeemable participating shares issued 69, ,156 1,578,872 Redeemable participating shares redeemed (14,120) (16,027) (329,575) (3,872,920) At the end of the year 82,604 85,825 2, ,355 3,063,233 8,

158 NOTES TO THE FINANCIAL STATEMENTS (continued) 6 Share Capital (continued) Movement in redeemable participating shares during the year (continued) For the year ended 31 st May, 2014 (continued) Global Infrastructure Fund Class A Euro Class I Euro Class A Class C Class I Class I GBP Shares Shares Shares Shares Shares Shares At the beginning of the year 13, , ,157 40,120 58,306 42,756 Redeemable participating shares issued 58,816 86,997 48,011 Redeemable participating shares redeemed (16,118) (3,042) (8,306) At the end of the year 13, , , ,075 98,011 42,756 Santa Barbara Global Dividend Growth Fund Class A Euro Class I Euro Class A Class A Class C Accumulating Accumulating Accumulating Distributing Accumulating Shares Shares Shares Shares Shares At the beginning of the year 8,226 9, , , ,249 Redeemable participating shares issued 4, , , ,305 Shares re-invested 6,935 Redeemable participating shares redeemed (242,813) (210,195) (129,559) At the end of the year 12,747 9, ,333 1,234, ,995 Class C Class I Class I Class I GBP Distributing Accumulating Distributing Accumulating Shares Shares Shares Shares At the beginning of the year 566, , ,190 12,185 Redeemable participating shares issued 282, , ,511 Shares re-invested 5,219 5,854 Redeemable participating shares redeemed (114,036) (127,614) (158,592) At the end of the year 739, , ,963 12,185 Gresham Diversified Commodity Strategy Fund Class A Euro Class I Euro Class A Class C Class I Class I GBP Shares Shares Shares Shares Shares Shares At the beginning of the year 3,934 3,934 9,999 5, ,032 3,145 Redeemable participating shares issued Redeemable participating shares redeemed At the end of the year 3,934 3,934 9,999 5, ,032 3,

159 NOTES TO THE FINANCIAL STATEMENTS (continued) 6 Share Capital (continued) Movement in redeemable participating shares during the year (continued) For the year ended 31 st May, 2014 (continued) Gresham Long/Short Commodity Strategy Fund Class A Euro Class I Euro Class A Class C Class I Class I GBP Shares Shares Shares Shares Shares Shares At the beginning of the year 3,934 3,934 10,000 5, ,063 3,145 Redeemable participating shares issued Redeemable participating shares redeemed At the end of the year 3,934 3,934 10,000 5, ,063 3,145 Global High Income Fund 1 Class A Euro Class I Euro Class A Class A Distributing Class C Accumulating Accumulating Accumulating Class Accumulating Shares Shares Shares Shares Shares At the beginning of the year Redeemable participating shares issued 3,690 50,946 4,803 4,802 4,832 Shares re-invested 218 Redeemable participating shares redeemed At the end of the year 3,690 50,946 4,803 5,020 4,832 Class C Class I Class I Class I GBP Distributing Accumulating Distributing Accumulating Shares Shares Shares Shares At the beginning of the year Redeemable participating shares issued 4,832 66,312 66,312 43,599 Shares re-invested 198 3,293 Redeemable participating shares redeemed At the end of the year 5,030 66,312 69,605 43,599 1 The Sub-Fund launched on 28th June, NWQ Flexible Income Fund 2 Class A Euro Class I Euro Class A Class A Class C Accumulating Accumulating Accumulating Distributing Accumulating Shares Shares Shares Shares Shares At the beginning of the year Redeemable participating shares issued 1,849 25,421 2,500 3,440 2,500 Shares re-invested 71 Redeemable participating shares redeemed At the end of the year 1,849 25,421 2,500 3,511 2,

160 NOTES TO THE FINANCIAL STATEMENTS (continued) 6 Share Capital (continued) Movement in redeemable participating shares during the year (continued) For the year ended 31 st May, 2014 (continued) NWQ Flexible Income Fund 2 (continued) Class C Class I Class I Class I GBP Distributing Accumulating Distributing Accumulating Shares Shares Shares Shares At the beginning of the year Redeemable participating shares issued 2,500 34,375 34,375 21,462 Shares re-invested 64 1,088 Redeemable participating shares redeemed At the end of the year 2,564 34,375 35,463 21,462 2 The Sub-Fund launched on 20th September, Income Tradewinds NWQ Large-Cap Winslow Large- NWQ Large-Cap Global Global All-Cap Value Cap Growth Value ESG Infrastructure Fund Fund Fund Fund Fund Gross dividend income 146, , ,782 1,057,760 1,589,075 Bond income Call account interest Other income 1,151,542 49, ,298, , ,375 1,058,335 1,590,145 Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund Global High Income Fund NWQ Flexible Income Fund Gross dividend income 5,306,608 12, ,579 Bond income (121) 670, ,180 Call account interest 1,402 (24) (36) Other income 39 6,515 30,060 (30,677) 19,528 5,308,049 6,491 29, , ,

161 NOTES TO THE FINANCIAL STATEMENTS (continued) 7 Income (continued) (continued) NWQ Small-Cap Value Fund 1 NWQ Global Equity Fund 1 Large Cap Core Fund 2 Total Gross dividend income 5,271 17,950 11,867 9,580,319 Bond income 886,093 Call account interest ,111 Other income 56 (101) 3 1,226,850 5,342 17,858 11,874 11,696,373 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December, For the year ended 31 st May, 2014 Tradewinds Tradewinds NWQ Large- Tradewinds Tradewinds Global All-Cap Japan Equity Cap Value Global Resources Emerging Markets Fund Fund1 1 Fund Fund 1 Fund 2 Gross dividend income 387,587 2, ,228 5,271 3,119 Bond income 189 Call account interest Other income 5 (9) 11 2 (18) 387,728 2, ,315 5,282 3,299 Santa Gresham Winslow Large-Cap NWQ Large-Cap Global Barbara Global Diversified Growth Value ESG Infrastructure Dividend Growth Commodity Fund Fund Fund Fund Strategy Fund Gross dividend income 522,718 2,514,469 1,264,907 6,041,975 Bond income Call account interest 437 1, ,077 Other income , ,161 2,516,294 1,265,555 6,043,104 7,372 Gresham Long/Short Commodity Strategy Fund Global High Income Fund 3 NWQ Flexible Income Fund 4 Total Gross dividend income 10, ,002 11,001,178 Bond income 377,920 15, ,053 Call account interest ,029 Other income 7,892 (9,026) 3,306 9,917 7, , ,317 11,409,177 1 The Sub-Funds closed on 30 th August, The Sub-Fund closed on 25 th October, The Sub-Fund launched on 28 th June, The Sub-Fund launched on 20 th September,

162 NOTES TO THE FINANCIAL STATEMENTS (continued) 8 Expenses Tradewinds NWQ Winslow NWQ Large-Cap Global Global All-Cap Fund Large-Cap Value Fund Large-Cap Growth Fund Value ESG Fund Infrastructure Fund Investment Manager fees (note 9) 130,778 59,770 1,006, , ,055 Administration and Transfer Agent fees (note 10) 80,855 77,973 99, , ,999 Custodian fees (note 10) 11,920 11,715 11,940 11,920 11,941 Trustee expenses (note 10) 1, ,182 10,917 10,346 Directors' fees and expenses (note 11) 6,615 4,327 6,615 6,615 6,615 Audit fees (note 12) 12,958 12,765 11,075 11,075 11,075 Transaction costs 34,406 14,200 74, , ,988 Legal expenses 36,844 34,997 32,946 34,997 34,122 VAT rebate (1,273) (1,049) (15,519) (14,394) (9,143) Other expenses* 131,646 68,120 72,559 78,514 80, , ,758 1,317, ,447 1,258,837 Santa Gresham Gresham Barbara Global Diversified Long/Short Global High NWQ Flexible Dividend Growth Fund Commodity Strategy Fund Commodity Strategy Fund Income Fund Income Fund Investment Manager fees (note 9) 2,296,159 67, ,715 97, ,217 Administration and Transfer Agent fees (note 10) 226,293 99, , , ,959 Custodian fees (note 10) 15,256 11,921 12,362 11,940 11,921 Trustee expenses (note 10) 30,556 1,252 4,962 2,054 2,933 Directors' fees and expenses (note 11) 6,678 6,843 6,615 6,615 5,031 Audit fees (note 12) 11,075 11,075 13,821 11,165 12,432 Transaction costs 116,957 4,377 5,202 11,149 48,509 Legal expenses 35,737 48,737 49,799 50,615 44,180 VAT rebate (26,347) (1,213) (1,738) (1,838) (2,224) Other expenses* 79,071 76, ,111 62,360 68,862 2,791, , , , ,820 NWQ Small-Cap Value Fund 1 NWQ Global Equity Fund 1 Large Cap Core Fund 2 Total Investment Manager fees (note 9) 8,406 8,299 6,273 5,217,139 Administration and Transfer Agent fees (note 10) 52,711 55,840 35,476 1,329,288 Custodian fees (note 10) 8,818 8,872 5, ,466 Trustee expenses (note 10) ,816 Directors' fees and expenses (note 11) 5,945 5,945 4,953 79,412 Audit fees (note 12) 12,573 12,573 12, ,237 Transaction costs 8,157 7,441 5, ,134 Legal expenses 35,342 34,376 26, ,669 VAT rebate (111) (107) 13 (74,943) Other expenses* 42,926 44,061 41, , , , ,388 9,209,319 * Other expenses include fees for tax advisory and other non-audit services provided by the statutory auditor during the year ended 31 st May, Please refer to note 12 for amounts paid in respect of non-audit fees. 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December,

163 NOTES TO THE FINANCIAL STATEMENTS (continued) 8 Expenses (continued) For the year ended 31 st May, 2014 NWQ Tradewinds Global All-Cap Tradewinds Japan Equity Large-Cap Value Tradewinds Global Resources Tradewinds Emerging Fund Fund 1 Fund Fund 1 Markets Fund 2 Investment Manager fees (note 9) 293,175 2,612 81,389 2,277 2,315 Administration fees (note 10) 75,041 11,367 69,927 16,172 16,754 Custodian fees (note 10) (12,388) 2,888 12,014 2,882 2,915 Trustee expenses (note 10) 2, , Directors' fees and expenses (note 11) 7,657 2,146 9,215 2,760 2,636 Audit fees (note 12) 16,716 7,964 16,431 8,383 8,383 Transaction costs 57,208 2,090 11,720 5,820 9,169 Legal expenses 41,222 10,376 23,600 10,376 10,493 VAT rebate (6,072) , Other expenses* 52,771 13,248 28,954 9,927 19, ,172 52, ,438 58,786 72,580 Winslow Large- Cap Growth Fund NWQ Large-Cap Value ESG Fund Global Infrastructure Fund Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Investment Manager fees (note 9) 797,309 1,359, ,685 1,715,036 68,903 Administration fees (note 10) 102, , , ,364 89,496 Custodian fees (note 10) 12,054 12,054 11,737 11,949 12,014 Trustee expenses (note 10) 14,095 26,730 7,490 22,923 1,443 Directors' fees and expenses (note 11) 13,580 16,368 14,812 11,424 13,285 Audit fees (note 12) 14,210 14,210 14,210 14,210 14,210 Transaction costs 47, , , ,810 (5,910) Legal expenses 30,851 30,851 24,063 23,282 35,873 VAT rebate (5,588) (16,654) (2,683) (330) 668 Other expenses* 31,015 48,932 43,753 41, ,173 1,056,829 1,705, ,658 2,218, ,155 1 The Sub-Funds closed on 30 th August, The Sub-Fund closed on 25 th October,

164 NOTES TO THE FINANCIAL STATEMENTS (continued) 8 Expenses (continued) For the year ended 31 st May, 2014 (continued) Gresham Long/Short Commodity Strategy Fund Global High Income Fund 1 NWQ Flexible Income Fund 2 Total Investment Manager fees (note 9) 90,174 45,528 17,209 4,899,372 Administration fees (note 10) 89,818 89,142 73,233 1,048,658 Custodian fees (note 10) 12,014 11,019 8,386 99,538 Trustee expenses (note 10) 1,516 1, ,058 Directors' fees and expenses (note 11) 10,807 12,234 10, ,354 Audit fees (note 12) 14,210 20,120 20, ,377 Transaction costs (5,847) 5,780 11, ,629 Legal expenses 35,854 44,803 46, ,111 VAT rebate 644 1,472 1,301 (6,983) Other expenses* 114,964 66,647 58, , , , ,309 8,148,761 * Other expenses include fees for tax advisory and other non-audit services provided by the statutory auditor during the year ended 31 st May, Please refer to note 12 for amounts paid in respect of non-audit fees. 1 The Sub-Fund launched on 28 th June, The Sub-Fund launched on 20 th September, Investment Manager Fees Fund Advisors, LLC (the Investment Manager ) will receive from the Company an investment management fee for managing the Company as set out in the table below. Such fees shall accrue daily and be paid monthly in arrears. Investment management fees were as follows for the year ended 31 st May, 2015: Investment Management Fee Class A Shares Class C Shares Class I Sub-Fund Shares Tradewinds Global All-Cap Fund 2.00% 2.50% 1.00% NWQ Large-Cap Value Fund 1.50% 2.25% 1.00% Winslow Large-Cap Growth Fund 1.50% 2.25% 1.00% NWQ Large-Cap Value ESG Fund 1.65% 2.40% 0.49% Global Infrastructure Fund 1.50% 2.25% 1.00% Santa Barbara Global Dividend Growth Fund 1.50% 2.25% 1.00% Gresham Diversified Commodity Strategy Fund 1.85% 2.50% 1.00% Gresham Long/Short Commodity Strategy Fund 2.10% 2.75% 1.25% Global High Income Fund 1.25% 1.75% 0.75% NWQ Flexible Income Fund 1.25% 1.75% 0.75% NWQ Small-Cup Value Fund % 2.25% 1.00% NWQ Global Equity Fund % 2.25% 1.00% Large Cap Core Fund % 2.15% 0.90% 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December, The Investment Manager shall discharge the fees charged by any Sub-Investment Manager appointed by the Investment Manager from time to time out of this investment management fee. Any out-of-pocket expenses reasonably incurred by any such Sub-Investment Manager are charged to and payable out of the assets of the relevant Sub-Fund. The Investment Manager earned a fee 5,217,139 for the year ended 31 st May, 2015 (31 st May, 2014: 4,899,372), of which 463,293 (31 st May, 2014: 416,959) was outstanding at the year end. 163

165 NOTES TO THE FINANCIAL STATEMENTS (continued) 9 Investment Manager Fees (continued) The Investment Manager voluntarily reimbursed operating expenses of 2,402,921 for the year ended 31 st May, 2015 (31 st May, 2014: 1,771,591), of which 206,601 (31 st May, 2014: 267,606) was receivable at the year end. The Investment Manager may terminate or amend this arrangement at any time. 10 Administration and Custodian Fees Brown Brothers Harriman Fund Administration Services (Ireland) Limited (the Administrator ) is entitled to receive fees ranging between 0.02% and 0.04% per annum of the net asset value of each Sub-Fund. Such fees are accrued daily and are paid monthly in arrears and are subject to an annual minimum fee of 36,000 per annum per Sub-Fund. Additional Classes in excess of two Classes per Sub-Fund shall be charged at U.S.$500 per month. All such fees shall accrue daily and be paid monthly in arrears and are subject to an annual minimum charge of U.S.$36,000 per annum per Fund. The Administrator is also entitled to receive registration fees, transfer agent fees, transaction and reporting charges at normal commercial rates, which are accrued daily and are paid monthly in arrears. The Administrator earned fees of 1,329,288 for the year ended 31 st May, 2015 (31 st May, ,048,658), of which 188,126 (31 st May, 2014: 264,728) was outstanding at the year end. The Custodian is entitled to receive, out of the assets of each Sub-Fund, a trustee fee of 0.02% per annum of the net asset value of each Sub-Fund which is accrued daily and is paid monthly in arrears. The Custodian also receives: (i) safekeeping and sub custodial safekeeping fees, subject to a minimum charge of U.S.$12,000 per annum per Sub Fund; and (ii) transaction charges. All such fees and charges shall be at normal commercial rates and shall accrue daily and be paid monthly in arrears. The Custodian is also entitled to reimbursement of all reasonable out-of-pocket expenses incurred for the benefit of the Company. In addition, all sub custodian out-of-pocket expenses shall be recovered by the Custodian from the Company as they are incurred by the relevant sub custodians. The Custodian earned fees of 229,282 for the year ended 31 st May, 2015 (31 st May, 2014: 179,596), of which 39,756 (31 st May, 2014: 50,138) was outstanding at the year end. 11 Directors Fees The Articles of Association provide that the directors are entitled to a fee by way of remuneration for their services at a rate to be determined from time to time by the Directors. They are entitled to receive a combined total Directors remuneration of EUR 60,000 on an annual basis. Directors fees are not payable in respect of John L. MacCarthy, Margo L. Cook and Thomas S. Schreier, Jr. who are employees of the Investment Manager or its affiliates. However, all Directors are entitled to be reimbursed out of the assets of the Company for all travelling, hotel and other reasonable out-of-pocket expenses properly incurred by them in attending and returning from meetings of the Directors or any meetings in connection with the business of the Company. The aggregate emoluments of the directors (including expenses) for the year ended 31 st May, 2015, were 79,412 (31 st May, 2014: 127,354), of which 57,851 (31 st May, 2014: 28,120) was outstanding at the year end. 164

166 NOTES TO THE FINANCIAL STATEMENTS (continued) 12 Auditors Remuneration The remuneration for all work carried out by the statutory audit firm in respect of the financial year is as follows: Tradewinds Global All-Cap Fund NWQ Large-Cap Value Fund Winslow Large-Cap Growth Fund NWQ Large-Cap Value ESG Fund Statutory audit fees* 12,958 12,765 11,075 11,075 Tax advisory and other non-audit services* 33, ,795 46,085 13,177 11,190 15,870 Global Infrastructure Fund Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund Statutory audit fees* 11,075 11,075 11,075 13,821 Tax advisory and other non-audit services* 281 2,145 11,356 13,220 11,075 13,821 Global High Income Fund NWQ Flexible Income Fund NWQ Small- Cap Value Fund 1 NWQ Global Equity Fund 1 Statutory audit fees* 11,165 12,432 12,573 12,573 Tax advisory and other non-audit services* 11,165 12,432 12,573 12,573 Large Cap Core Fund 2 Total Statutory audit fees* 12, ,237 Tax advisory and other non-audit services* 40,875 * The fees disclosed in the table above are amounts shown inclusive of VAT. 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December, , ,112 For the year ended 31 st May, 2014 Tradewinds Global All-Cap Fund Tradewinds Japan Equity Fund 1 NWQ Large-Cap Value Fund Tradewinds Global Resources Fund 1 Statutory audit fees* 16,716 7,964 16,431 8,383 Tax advisory and other non-audit services* 3,446 1,846 20,162 7,964 18,277 8,

167 NOTES TO THE FINANCIAL STATEMENTS (continued) 12 Auditors Remuneration (continued) For the year ended 31 st May, 2014 (continued) Tradewinds Emerging Markets Fund 2 Winslow Large-Cap Growth Fund NWQ Large-Cap Value ESG Fund Global Infrastructure Fund Statutory audit fees* 8,383 14,210 14,210 14,210 Tax advisory and other non-audit services* 7,176 1,846 1,846 15,559 16,056 16,056 14,210 Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund Global High Income Fund 3 Statutory audit fees* 14,210 14,210 14,210 20,120 Tax advisory and other non-audit services* 1,846 8,564 8,564 16,056 22,774 22,774 20,120 NWQ Flexible Income Fund 4 Total Statutory audit fees* 20, ,377 Tax advisory and other non-audit services* 1,264 36,398 21, ,775 * The fees disclosed in the table above are amounts shown inclusive of VAT. 1 The Sub-Funds closed on 30 th August, The Sub-Fund closed on 25 th October, The Sub-Fund launched on 28 th June, The Sub-Fund launched on 20 th September, Related Party Transactions Under FRS 8: Related Party Transactions parties are described as related if any one party has the ability to control the other party or exercise significant influence over the other party in making financial or operational decisions. The Board of Directors is not aware of any transactions with related persons during the year ended 31 st May, 2015, other than those disclosed in these financial statements. The interests of the Directors in related parties are as follows: John L. MacCarthy, Margo L. Cook and Thomas S. Schreier, Jr. are employees of the Investment Manager or its affiliates. The Investment Manager earned investment management fees of 5,217,139 for the year ended 31 st May, 2015 (31 st May 2014: 4,899,372). As at 31 st May, 2015, Investments, Inc., an affiliate of the Investment Manager, owned shares in each of the Sub-Funds as listed overleaf. 166

168 NOTES TO THE FINANCIAL STATEMENTS (continued) 13 Related Party Transactions (continued) Tradewinds Global All-Cap Fund NWQ Large-Cap Value Fund Winslow Large-Cap Growth Fund NWQ Large-Cap Value ESG Fund Class A Euro 1,832 1,832 1,890 1,891 Class I Euro 1,697 3,924 9,452 2,478 Class A 2,500 2,500 2,500 2,500 Class C 2,500 2,500 2,500 2,500 Class I 4,886 8,245 3,066 3,289 Class I GBP 7,908 8,041 Global Infrastructure Fund Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund Class A Euro 2,703 3,934 3,934 Class A Euro Accumulating Class I Euro 2,835 3, ,373 Class I Euro Accumulating Class A 3,934 9,999 10,000 Class A Accumulating Class A Distributing Class C 3,883 5,000 5,000 Class C Accumulating Class C Distributing Class I 3, , ,576 Class I Accumulating Class I Distributing Class I GBP 12,658 3,145 3,145 Class I GBP Accumulating Global High Income Fund NWQ Flexible Income Fund NWQ Small-Cap Value Fund 1 NWQ Global Equity Fund 1 Large Cap Core Fund 2 Class A Euro 4,760 4,760 Class A Euro Accumulating 3,690 1,849 4,070 Class I Euro 9,521 9,521 Class I Euro Accumulating 50,946 25,421 8,139 Class A 6,250 6,250 Class A Accumulating 4,803 2,500 10,000 Class A Distributing 5,280 2,672 Class C Accumulating 4,832 2,500 5,000 Class C Distributing 5,264 2,657 Class I 12,500 12,500 Class I Accumulating 66, ,926 12,500 Class I Distributing 73,575 37,125 Class I GBP 7,589 7,589 Class I GBP Accumulating 43,599 21,462 4,786 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December,

169 NOTES TO THE FINANCIAL STATEMENTS (continued) 13 Related Party Transactions (continued) As at 31 st May, 2014, Investments, Inc., an affiliate of the Investment Manager, owned shares in each of the Sub-Funds as listed below. Tradewinds Global All-Cap Fund NWQ Large-Cap Value Fund Winslow Large-Cap Growth Fund NWQ Large-Cap Value ESG Fund Class A Euro 1,832 1,832 1,890 1,891 Class I Euro 1,697 3,924 9,452 9,456 Class A 2,500 2,500 2,500 2,500 Class C 2,500 2,500 2,500 2,500 Class I 4,886 46,575 12,500 12,500 Class I GBP 7,908 8,041 Global Infrastructure Fund Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund Class A Euro 13,937 3,934 3,934 Class A Euro Accumulating 1,826 Class I Euro 48,398 3,934 3,934 Class I Euro Accumulating 9,128 Class A 20,000 9,999 10,000 Class A Distributing 2,648 Class C 20,000 5,000 5,000 Class C Distributing 2,611 Class I 50, , ,063 Class I Distributing 13,340 Class I GBP 42,756 3,145 3,145 Class I GBP Accumulating 7,840 Global High Income Fund 1 NWQ Flexible Income Fund 2 Class A Euro Accumulating 3,690 1,849 Class I Euro Accumulating 50,946 25,421 Class A Accumulating 4,803 2,500 Class A Distributing 5,020 2,571 Class C Accumulating 4,832 2,500 Class C Distributing 5,030 2,564 Class I Accumulating 66,312 34,357 Class I Distributing 69,605 35,463 Class I GBP Accumulating 43,599 21,462 1 The Sub-Fund launched on 28 th June, The Sub-Fund launched on 20 th September,

170 NOTES TO THE FINANCIAL STATEMENTS (continued) 13 Related Party Transactions (continued) The tables below illustrates those Sub-Funds where one investor held greater than 20% of the issued share capital of the Sub-Fund as at 31 st May, 2015 and 31 st May, 2014: As at 31 st May, 2015 Sub-Fund Number of Shares % of Sub-Fund Held Tradewinds Global All-Cap Fund* 74, % NWQ Large-Cap Value Fund 19, % Winslow Large-Cap Growth Fund* 2,006, % NWQ Large-Cap Value ESG Fund 49, % Global Infrastructure Fund 708, % Santa Barbara Global Dividend Growth Fund 3,556, % Gresham Diversified Commodity Strategy Fund 346, % Gresham Long/Short Commodity Strategy Fund** 2,000, % Global High Income Fund* 360, % NWQ Flexible Income Fund* 772, % NWQ Small-Cap Value Fund 1 40, % NWQ Global Equity Fund 1 40, % Large Cap Core Fund* 2 60, % *The Sub-Funds had two investors that held greater than 20% of the issued share capital. **The Sub-Fund had three investors that held greater than 20% of the issued share capital. 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December, As at 31 st May, 2014 Sub-Fund Number of Shares % of Sub-Fund Held Tradewinds Global All-Cap Fund* 109, % NWQ Large-Cap Value Fund* 165, % Winslow Large-Cap Growth Fund* 2,400, % NWQ Large-Cap Value ESG Fund 1,973, % Global Infrastructure Fund 708, % Santa Barbara Global Dividend Growth Fund 3,383, % Gresham Diversified Commodity Strategy Fund* 346, % Gresham Long/Short Commodity Strategy Fund* 346, % Global High Income Fund 1 253, % NWQ Flexible Income Fund 2 128, % *The Sub-Funds had two investors that held greater than 20% of the issued share capital. 1 The Sub-Fund launched on 28 th June, The Sub-Fund launched on 20 th September, Dividends During the year ended 31 st May, 2015 the following dividends were declared: Santa Barbara Global Dividend Growth Fund Shares Ex-Dividend Date Number of Redeemable Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 3 rd June, ,234, ,591 Class C Distributing Shares 3 rd June, , ,731 Class I Distributing Shares 3 rd June, , , ,860 Class A Distributing Shares 2 nd September, ,248, ,278 Class C Distributing Shares 2 nd September, , ,014 Class I Distributing Shares 2 nd September, , , ,

171 NOTES TO THE FINANCIAL STATEMENTS (continued) 14 Dividends (continued) During the year ended 31 st May, 2015 the following dividends were declared (continued): Santa Barbara Global Dividend Growth Fund (continued) Number of Redeemable Shares Ex-Dividend Date Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 1 st December, ,265, ,146 Class C Distributing Shares 1 st December, , Class I Distributing Shares 1 st December, , , ,722 Class A Distributing Shares 2 nd March, ,312, Class C Distributing Shares 2 nd March, , Class I Distributing Shares 2 nd March, , ,750 21, ,294 Global High Income Fund Shares Ex-Dividend Date Number of Redeemable Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 3 rd June, , Class C Distributing Shares 3 rd June, , Class I Distributing Shares 3 rd June, , ,210 6,971 Class A Distributing Shares 1 st July, , Class C Distributing Shares 1 st July, , Class I Distributing Shares 1 st July, , ,028 6,764 Class A Distributing Shares 1 st August, , Class C Distributing Shares 1 st August, , Class I Distributing Shares 1 st August, , ,738 6,428 Class A Distributing Shares 2 nd September, , Class C Distributing Shares 2 nd September, , Class I Distributing Shares 2 nd September, , ,315 7,088 Class A Distributing Shares 1 st October, , Class C Distributing Shares 1 st October, , Class I Distributing Shares 1 st October, , ,892 6,609 Class A Distributing Shares 3 rd November, , Class C Distributing Shares 3 rd November, , Class I Distributing Shares 3 rd November, , ,789 7,633 Class A Distributing Shares 1 st December, , Class C Distributing Shares 1 st December, , Class I Distributing Shares 1 st December, , ,399 7,

172 NOTES TO THE FINANCIAL STATEMENTS (continued) 14 Dividends (continued) During the year ended 31 st May, 2015 the following dividends were declared (continued): Global High Income Fund (continued) Shares Ex-Dividend Date Number of Redeemable Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 2 nd January, , Class C Distributing Shares 2 nd January, , Class I Distributing Shares 2 nd January, , ,711 8,689 Class A Distributing Shares 2 nd February, , Class C Distributing Shares 2 nd February, , Class I Distributing Shares 2 nd February, , ,547 8,503 Class A Distributing Shares 2 nd March, , Class C Distributing Shares 2 nd March, , Class I Distributing Shares 2 nd March, , ,173 6,943 Class A Distributing Shares 1 st April, , Class C Distributing Shares 1 st April, , Class I Distributing Shares 1 st April, , ,390 8,320 Class A Distributing Shares 1 st May, , Class C Distributing Shares 1 st May, , Class I Distributing Shares 1 st May, , ,300 9,362 90,500 NWQ Flexible Income Fund Shares Ex-Dividend Date Number of Redeemable Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 3 rd June, , Class C Distributing Shares 3 rd June, , Class I Distributing Shares 3 rd June, , ,217 2,492 Class A Distributing Shares 1 st July, , Class C Distributing Shares 1 st July, , Class I Distributing Shares 1 st July, , ,792 4,366 Class A Distributing Shares 1 st August, , Class C Distributing Shares 1 st August, , Class I Distributing Shares 1 st August, , ,970 2,229 Class A Distributing Shares 2 nd September, , Class C Distributing Shares 2 nd September, , Class I Distributing Shares 2 nd September, , ,399 3,

173 NOTES TO THE FINANCIAL STATEMENTS (continued) 14 Dividends (continued) During the year ended 31 st May, 2015 the following dividends were declared (continued): NWQ Flexible Income Fund (continued) Shares Ex-Dividend Date Number of Redeemable Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 1 st October, , ,440 Class C Distributing Shares 1 st October, , Class I Distributing Shares 1 st October, , ,158 8,853 Class A Distributing Shares 3 rd November, , ,467 Class C Distributing Shares 3 rd November, , Class I Distributing Shares 3 rd November, , ,587 3,123 Class A Distributing Shares 1 st December, , ,172 Class C Distributing Shares 1 st December, , Class I Distributing Shares 1 st December, , ,195 4,480 Class A Distributing Shares 2 nd January, , ,430 Class C Distributing Shares 2 nd January, , Class I Distributing Shares 2 nd January, , ,169 8,853 Class A Distributing Shares 2 nd February, , ,071 Class C Distributing Shares 2 nd February, , Class I Distributing Shares 2 nd February, , ,128 4,306 Class A Distributing Shares 2 nd March, , ,413 Class C Distributing Shares 2 nd March, , Class I Distributing Shares 2 nd March, , ,284 6,891 Class A Distributing Shares 1 st April, , ,694 Class C Distributing Shares 1 st April, , Class I Distributing Shares 1 st April, , ,114 9,056 Class A Distributing Shares 1 st May, , ,000 Class C Distributing Shares 1 st May, , Class I Distributing Shares 1 st May, , ,503 5,637 63,

174 NOTES TO THE FINANCIAL STATEMENTS (continued) 14 Dividends (continued) During the year ended 31 st May, 2014 the following dividends were declared: Santa Barbara Global Dividend Growth Fund Shares Ex-Dividend Date Number of Redeemable Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 4 th June, , ,379 Class C Distributing Shares 4 th June, , ,239 Class I Distributing Shares 4 th June, , , ,625 Class A Distributing Shares 3 rd September, ,115, ,212 Class C Distributing Shares 3 rd September, , ,171 Class I Distributing Shares 3 rd September, , , ,093 Class A Distributing Shares 2 nd December, ,213, ,006 Class C Distributing Shares 2 nd December, , ,615 Class I Distributing Shares 2 nd December, , , ,921 Class A Distributing Shares 3 rd March, ,279, ,633 Class C Distributing Shares 3 rd March, , ,147 Class I Distributing Shares 3 rd March, , ,116 1,022,896 1,849,535 Global High Income Fund Shares Ex-Dividend Date Number of Redeemable Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 1 st August, , Class C Distributing Shares 1 st August, , Class I Distributing Shares 1 st August, , ,363 6,019 Class A Distributing Shares 3 rd September, , Class C Distributing Shares 3 rd September, , Class I Distributing Shares 3 rd September, , ,596 7,429 Class A Distributing Shares 1 st October, , Class C Distributing Shares 1 st October, , Class I Distributing Shares 1 st October, , ,630 7,128 Class A Distributing Shares 1 st November, , Class C Distributing Shares 1 st November, , Class I Distributing Shares 1 st November, , ,473 7,

175 NOTES TO THE FINANCIAL STATEMENTS (continued) 14 Dividends (continued) During the year ended 31 st May, 2014 the following dividends were declared (continued): Global High Income Fund (continued) Shares Ex-Dividend Date Number of Redeemable Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 2 nd December, , Class C Distributing Shares 2 nd December, , Class I Distributing Shares 2 nd December, , ,739 8,735 Class A Distributing Shares 2 nd January, , Class C Distributing Shares 2 nd January, , Class I Distributing Shares 2 nd January, , ,989 10,057 Class A Distributing Shares 3 rd February, , Class C Distributing Shares 3 rd February, , Class I Distributing Shares 3 rd February, , ,759 7,606 Class A Distributing Shares 3 rd March, , Class C Distributing Shares 3 rd March, , Class I Distributing Shares 3 rd March, , ,782 7,644 Class A Distributing Shares 1 st April, , Class C Distributing Shares 1 st April, , Class I Distributing Shares 1 st April, , ,333 7,115 Class A Distributing Shares 1 st May, , Class C Distributing Shares 1 st May, , Class I Distributing Shares 1 st May, , ,982 7,861 76,878 NWQ Flexible Income Fund Shares Ex-Dividend Date Number of Redeemable Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 1 st November, , Class C Distributing Shares 1 st November, , Class I Distributing Shares 1 st November, , ,235 1,334 Class A Distributing Shares 2 nd December, , Class C Distributing Shares 2 nd December, , Class I Distributing Shares 2 nd December, , ,201 3,604 Class A Distributing Shares 2 nd January, , Class C Distributing Shares 2 nd January, , Class I Distributing Shares 2 nd January, , ,635 5,

176 NOTES TO THE FINANCIAL STATEMENTS (continued) 14 Dividends (continued) During the year ended 31 st May, 2014 the following dividends were declared (continued): NWQ Flexible Income Fund (continued) Shares Ex-Dividend Date Number of Redeemable Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 3 rd February, , Class C Distributing Shares 3 rd February, , Class I Distributing Shares 3 rd February, , ,351 2,627 Class A Distributing Shares 3 rd March, , Class C Distributing Shares 3 rd March, , Class I Distributing Shares 3 rd March, , ,181 3,583 Class A Distributing Shares 1 st April, , Class C Distributing Shares 1 st April, , Class I Distributing Shares 1 st April, , ,334 4,895 Class A Distributing Shares 1 st May, , Class C Distributing Shares 1 st May, , Class I Distributing Shares 1 st May, , ,213 3, Efficient Portfolio Management 24,900 The Company may employ techniques and instruments relating to transferable securities and/or other financial instruments including financial derivative instruments under the conditions and within the limits laid down by the Central Bank, provided that such instruments are used for efficient portfolio management purposes (i.e. hedging, reducing risks or cost, or increasing capital or income returns) or investment purposes. Techniques and instruments utilised may only be used in accordance with the investment objectives of the relevant Sub-Fund. During the years ended 31 st May, 2015 and 31 st May, 2014, the Company did not engage in any efficient portfolio management techniques. 16 Financial Risk Management Strategy in Using Financial Instruments In pursuing their investment objectives, the Sub-Funds are exposed to a variety of potential financial risks that could result in a reduction of a Sub-Fund s net assets including market price risk, interest rate risk, foreign currency risk, credit risk and liquidity risk. The Investment Manager s overall risk management programme is as follows: 175

177 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Value-at-Risk Value-at-Risk ( VaR ) is one tool available to measure portfolio risk. The VaR analysis, prepared by the Investment Services Team of the Investment Manager, is distributed monthly to senior management of the Investment Manager and is made available to the Directors and the Sub-Funds portfolio managers. In the case of the Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund (the Commodities Sub-Funds ), MSCI Riskmetrics is used to model VaR, using a Monte Carlo style model. In the case of all other Sub-Funds, the Wilshire Analytics iquantum is used to model VaR, using a parametric style model. In both cases, the Investment Manager measures potential loss over 1 month at 99% confidence. MSCI Riskmetrics Methodology Details (for the Commodities Sub-Funds) The VaR of the Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund is calculated on a daily basis. In interpreting the data generated from the VaR model, there are underlying assumptions that should be taken into consideration. These assumptions are as follows: (a) the observation period is no less than 250 business days; (b) a month is assumed to have 22 business days; and (c) the net asset value used in the calculation is net of all expenses after reimbursements. The Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund leverage range is from 150% to 225% with a maximum of 250%, and is computed through the gross sum of the notionals. Wilshire details (for all Sub-Funds excluding the Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund): The VaR of all other Sub-Funds is calculated on a daily basis. In interpreting the data generated from the VaR model, there are underlying assumptions that should be taken into consideration. These assumptions are as follows: (a) the observation period is no less than 500 trading days; (b) a month is assumed to have 22 business days; and (c) the net asset value used in the calculation is net of all expenses after reimbursements. There is no leverage expected for any of the Sub-Funds other than the Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund, but gross sum of derivative notionals would be used to compute leverage if there was any. 176

178 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Value-at-Risk (continued) The following tables represent the VaR for each Sub-Fund during the period ended 31 st May, 2015 and 31 st May, The period for the maximum, minimum and average extends from 1 st June, 2014 to 31 st May, 2015 and from 1 st June, 2013 to 31 st May, Maximum Minimum Average On 31 st May, 2015 % % % % Tradewinds Global All-Cap Fund VaR Utilisation 34% 24% 28% 28% NWQ Large-Cap Value Fund VaR Utilisation 41% 18% 36% 37% Winslow Large-Cap Growth Fund VaR Utilisation 43% 39% 40% 41% NWQ Large-Cap Value ESG Fund VaR Utilisation 40% 17% 35% 37% Global Infrastructure Fund VaR Utilisation 29% 26% 28% 28% Santa Barbara Global Dividend Growth Fund VaR Utilisation 33% 28% 30% 31% Gresham Diversified Commodity Strategy Fund VaR Utilisation 44% 23% 31% 35% Gresham Long/Short Commodity Strategy Fund VaR Utilisation 46% 19% 27% 35% Global High Income Fund VaR Utilisation 13% 8% 11% 12% NWQ Flexible Income Fund VaR Utilisation 43% 9% 15% 17% NWQ Small-Cap Value Fund 1 VaR Utilisation 49% 44% 47% 47% NWQ Global Equity Fund 1 VaR Utilisation 34% 25% 32% 33% Large Cap Core Fund 2 VaR Utilisation 44% 40% 42% 43% 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December,

179 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Value-at-Risk (continued) Maximum Minimum Average On 31 st May, 2014 % % % % Tradewinds Global All-Cap Fund VaR Utilisation 65% 28% 46% 35% Tradewinds Japan Equity Fund 1 VaR Utilisation 61% 51% 57% - NWQ Large-Cap Value Fund VaR Utilisation 73% 37% 49% 39% Tradewinds Global Resources Fund 1 VaR Utilisation 75% 65% 71% - Tradewinds Emerging Markets Fund 2 VaR Utilisation 52% 0% 32% - Winslow Large-Cap Growth Fund VaR Utilisation 62% 41% 48% 42% NWQ Large-Cap Value ESG Fund VaR Utilisation 71% 38% 50% 38% Global Infrastructure Fund VaR Utilisation 45% 28% 34% 29% Santa Barbara Global Dividend Growth Fund VaR Utilisation 52% 32% 39% 33% Gresham Diversified Commodity Strategy Fund VaR Utilisation 41% 23% 31% 25% Gresham Long/Short Commodity Strategy Fund VaR Utilisation 41% 25% 31% 28% Global High Income Fund 3 VaR Utilisation 18% 11% 13% 11% NWQ Flexible Income Fund 4 VaR Utilisation 20% 15% 17% 16% 1 The Sub-Funds closed on 30 th August, The Sub-Fund closed on 25 th October, The Sub-Fund launched on 28 th June, The Sub-Fund launched on 20 th September,

180 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Value-at-Risk (continued) The Sub-Investment Managers approach to risks, and further description of potential financial risks are as follows: Tradewinds Global All-Cap Fund Tradewinds Global Investors, LLC ( Tradewinds ), constructs portfolios and manages risk by selecting equity securities through bottom-up fundamental valuation and qualitative measures. The research-driven, value-oriented investment process seeks to add value through active management and through research focused on selecting companies that are believed to possess opportunities which are under-appreciated or misperceived by the market. Tradewinds considers absolute valuation and security pricing in the context of industry and market conditions, and may make use of convertible securities on an opportunistic basis as an alternative to acquiring directly the underlying common equity in certain cases. Risk management is an integral part of the investment process. In structuring portfolios, risk is managed by adhering to diversification guidelines; most holdings, at the time of purchase, will not exceed 5% of the net asset value of a Sub-Fund. In order to manage single country risk, no more than 35% of the Sub-Fund s net asset value may be invested in the securities of companies in a single non-u.s country. Additionally, aggregate emerging markets exposure is limited to 25% of the net asset value of the Tradewinds Global All-Cap Fund, at time of purchase. Tradewinds also applies a sell discipline emphasising elimination of positions that no longer possess favourable risk/reward characteristics, attractive valuations or when superior investment alternatives are identified. Tradewinds will also reduce positions as price appreciation or less favourable risk/reward characteristics dictate. Tradewinds maintains a long-term investment approach and a focus on securities it believes can appreciate over an extended time regardless of interim fluctuations. NWQ Large-Cap Value Fund and NWQ Large-Cap Value ESG Fund The control of risk is fundamental to the value style of NWQ Investment Management Company, LLC ( NWQ ) and is sought both quantitatively and qualitatively. NWQ seeks to maximise value and minimise risk by selecting undervalued companies that it believes possess positive risk/reward characteristics. NWQ also considers the downside risk of a potential holding at least as much as it considers its up-side potential. NWQ seeks to further minimise risk by investing in companies with a catalyst, such as new management, industry consolidation, corporate restructuring, or a turn in company fundamentals, as well as solid company fundamentals while still giving some weight to secular or cyclical changes in industry outlook for a given company. Risk management is an integral part of the investment process. In structuring portfolios, risk is minimised by adhering to diversification guidelines: a typical portfolio will normally include approximately 40 to 60 holdings; most positions equal 1% to 3% of the net asset value of the Sub-Funds, and no issue represents more than 10% of the net asset value of the Sub-Funds, at time of purchase. Industry and sector weightings are primarily determined by individual stock selection. Industry weightings would normally not exceed 25% of the net asset value of the Sub- Funds, and sector weightings are generally capped at 30% of the net asset value of the Sub-Funds. The investment time horizon is 1 to 3 years, and portfolio turnover is expected to be moderate. Risk reduction is also sought through the NWQ s sell discipline, which involves the same analysis utilised in security selection. A company becomes a candidate for sale when the Sub-Investment Manager feels that the issuer no longer possesses favourable risk/reward characteristics, attractive valuations or catalysts. 179

181 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Value-at-Risk (continued) Winslow Large-Cap Growth Fund Winslow Capital Management, LLC s ( Winslow ) fundamental, bottom-up investment process manages risk with an underlying valuation discipline that is important to stock selection. Companies that pass quantitative growth screens are then qualitatively assessed in the context of their respective industry. Winslow then determines which companies with potential for above-average future earnings growth fit their portfolio construction parameters in light of the companies valuations. Risk management is an integral part of the investment process. In structuring portfolios, risk is minimised by adhering to diversification guidelines: most holdings, at the time of purchase, will not exceed the greater of 5% of the net asset value of the Sub-Fund or one percentage point more than the referenced benchmark constituent weight. Concentration within individual industry weightings would normally not exceed 25% of the net asset value of the Sub-Fund. Risk reduction is also sought through Winslow s sell discipline which utilizes the same fundamental research process in order to control risk and protect capital. Winslow will typically sell some or all of a position in a stock when: the fundamental business prospects are deteriorating, altering the basis for investment; a stock becomes fully valued; or a position exceeds the greater of 5% of the Sub-Fund or a 1% active overweight versus its benchmark. In addition, all stocks that decline 20% or more from the purchase price or a recent high are immediately reviewed for possible fundamental deterioration, and may be trimmed, sold or added to based on such review. Global Infrastructure Fund Asset Management, LLC ( ) utilises a team-based investment philosophy and primarily employs a bottom-up approach that relies on fundamental research to identify companies capable of generating high relative total returns. The security selection process starts by identifying equity securities issued by companies that derive a substantial portion of their revenues from the ownership, development, construction, financing or operation of infrastructure assets. The initial screen determines which of these names are traded on a major exchange and evaluates them for liquidity, political stability, and ownership of tangible assets. The stocks remaining after this screen are then evaluated on the basis of business factors such as profitability, contractual cash flow, visibility of earnings, and management team reputation, as well as broader economic or legal factors regional growth prospects, valuation of the country, and the soundness of the regulatory framework. The process results in a diversified portfolio typically of more than 100 stocks, balanced across different sectors and regions. Risk management is an integral part of the investment process. In structuring portfolios, risk is managed by adhering to diversification guidelines; the Sub-Fund may invest up to 25% of its net asset value in issuers of emerging markets (including Russia) and will invest at least 30% of its net asset value in equity securities of infrastructure companies located in countries other than the U.S. generally will sell a security if any of the following has occurred: the security has hit its price target and the company is no longer attractively valued relative to other companies; the company s fundamentals have significantly deteriorated; there has been a significant change in the management team; a catalyst that could decrease the value of the stock has been identified, or a previously existing positive catalyst has disappeared; or a better alternative exists in the marketplace. 180

182 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Value-at-Risk (continued) Santa Barbara Global Dividend Growth Fund Santa Barbara Asset Management, LLC ( Santa Barbara ) selects equity securities through an investment process that screens for dividend paying stocks that generally exhibit a lower than market beta with a focus on companies with strong business fundamentals. Some of the factors that Santa Barbara uses to identify potential investments include earnings and dividend growth, return on equity, balance sheet strength, proven management track records, position as an industry leader and sustainable competitive advantage(s). Employing a bottom-up, fundamental approach to investment analysis, the Sub-Investment Manager seeks to design a portfolio that balances yield and growth. Risk management is an integral part of the investment process. In structuring portfolios, risk is managed by adhering to diversification guidelines; no country, other than the U.S., may comprise more than 25% of the Sub-Fund s net asset value and no more than 10% of the Sub-Fund s net asset value may be invested in emerging markets. The Sub- Fund expects to invest from 40 to 75% of net asset value in equity securities of non-u.s. companies. Santa Barbara will generally sell a security if it believes a dividend cut is likely by assessing a company s payout ratio, capital flexibility, and commitment to the dividend. A security may also be a candidate for sale under the following three conditions: company fundamentals deteriorate; acquisition or major change in business strategy occurs; or slight adjustment of industry/sector weightings at the portfolio level. Gresham Diversified Commodity Strategy Fund Gresham Investment Management, LLC ( Gresham ) utilises a systematic approach in selecting and weighting a diversified portfolio of commodities it uses in its proprietary Tangible Asset Program (TAP ) UCITS Index (the Index ). The Sub-Fund obtains exposure to this Index through the use of OTC FDI by which the Sub-Fund enters into a total return swap agreement to gain exposure to the Index. The Index reflects exposure to the six principal commodity groups in the global commodities markets: energy, industrial metals, agriculturals, precious metals, food and fibers, and livestock. The Index is a long-only, rules-based commodity investment strategy that determines the weight to a diversified group of commodities using three inputs: systematic calculations of the values of global commodity production; total U.S. dollar trading volume on commodity futures and forwards exchanges; and global import/export trade values. The specific commodities reflected and the relative target weighting of those commodities are determined annually by Gresham. Risk management is an important part of this process and the portfolio s target concentration in any single commodity, commodity group or commodity complex is limited in an attempt to moderate volatility. Under normal market conditions, Gresham avoids exercising discretion with respect to target weights between such annual determinations and actual portfolio weights will vary during the year. 181

183 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Value-at-Risk (continued) Gresham Long/Short Commodity Strategy Fund Gresham Investment Management, LLC ( Gresham ) utilises a systematic approach in selecting and weighting a diversified portfolio of commodities it uses in its proprietary Gresham Long/Short Commodity UCITS Index (the Index ). The Sub-Fund obtains exposure to this Index through the use of OTC FDI by which the Sub-Fund enters into a total return swap agreement to gain exposure to the Index The Index is managed by Gresham and reflects exposure to the six principal commodity groups in the global commodities markets: energy, industrial metals, agriculturals, precious metals, food and fibers, and livestock. The Index is a long/short/flat, rules-based commodity investment strategy that determines the weight to a diversified group of commodities using three inputs: systematic calculations of the values of global commodity production; total U.S. dollar trading volume on commodity futures and forwards exchanges; and global import/export trade values. The specific commodities reflected and the relative target weighting of those commodities are determined annually by Gresham. Risk management is an important part of this process and the portfolio s target concentration in any single commodity, commodity group or commodity complex will be limited in an attempt to moderate volatility. Under normal market conditions, Gresham avoids exercising discretion with respect to target weights between such annual determinations and actual portfolio weights will vary during the year. Gresham employs a momentum-based rule to determine whether the Gresham Long/Short Strategy s commodity futures contracts within each group are held using long, short, or in the case of petroleum-based contracts, flat positions. Specifically, if the current roll-adjusted price of an individual commodity contract (for example, the current spot price of the contract adjusted for the impact of the return generated from the difference in price between rolling an expiring contract into a subsequent, more distant contract that replaces it) is greater than that commodity s six-month moving average price, Gresham takes a long position on that individual commodity contract, whereas if the roll-adjusted price (as described above) is below the six-month moving average price, Gresham takes a short position on that individual commodity contract. Gresham does not intend to enter into any short positions in respect of petroleum-based contracts because the prices of such contracts are generally more sensitive to geopolitical events than to supply-demand imbalances. Therefore, if Gresham s momentum-based rule, described above, signals for a short position in a petroleum-based contract, Gresham will instead move that position to cash (i.e., flat ). The relative balance of the Index s long, short and/or flat exposure may vary significantly over time and, at certain times, the aggregate exposure in the Index may be all long, mostly short, or various combinations of long, short and/or flat. Gresham intends to manage its overall strategy so that the notional amount of the Gresham Long/Short Strategy s combined long, short and flat commodity contracts is not expected to exceed 100% of the Sub-Fund s net assets. In the event that the notional amount of the Gresham Long/Short Strategy s combined long, short and flat commodity contracts exceeds 100% of the Sub-Fund s net assets, Gresham will reduce or eliminate its exposure to the appropriate contracts in order to bring the notional amount in line with the value of the Sub-Fund s assets. Global High Income Fund s taxable fixed income investment team employs a bottom up approach to investing. Securities are selected using fundamental credit research to identify value in the market, resulting in investments in securities that the investment team believes are under-valued relative to other comparable investments. Positions are sold in anticipation of credit deterioration or when the management team believes that a security is overpriced relative to other comparable investments. Risk management is an integral part of the investment process. In structuring portfolios, risk is managed by adhering to prospectus policies and internal guidelines; no country, other than the U.S. may comprise more than 15% of the Sub-Fund s net asset value and no more than 25% of the Sub-Fund s net asset value may be invested in emerging markets. The Sub-Fund must invest at least 25% of its net asset value in foreign issued securities. The Sub-Fund may not invest more that 30% of its net asset value in securities rated CCC+ or lower and may invest in non-u.s. Dollar denominated holdings. 182

184 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Value-at-Risk (continued) Global High Income Fund (continued) Financial derivative instruments may be used for economic gain or to manage market risk, credit risk, yield curve risk and foreign currency risk and to manage the effective maturity or duration of securities in the Sub-Fund s portfolio, in each case in an effort to seek to increase the Sub-Fund s yield or to enhance returns. NWQ Flexible Income Fund NWQ employs a rigorous, bottom-up research-focused investment process that seeks to identify undervalued companies with positive risk/reward characteristics in selecting investments for the Sub-Fund. NWQ s investment process focuses on the attractiveness of a particular security within a company s capital structure and seeks to invest in securities that it feels possess the appropriate balance between risk and reward and that represent good value when compared to other similar securities. The investment team may choose to sell securities or reduce its exposure to a security, including through the use of the financial derivative instruments, if it feels that a company no longer possesses favorable risk/reward characteristics, attractive valuations or catalysts, if it identifies better alternatives within a company s capital structure, or if a company suspends or is projected to suspend its dividend or interest payments. NWQ maintains a long-term investment view and a focus on securities it believes can appreciate over an extended time, regardless of interim fluctuations. NWQ s flexible income team considers the relative attractiveness of a particular security within a company s capital structure and the sustainability of its income level. In addition to the research provided by NWQ s equity team, the Sub-Fund will also benefit from NWQ s fixed income team, which will analyze the income potential of a security by focusing on the integrity of the balance sheet and the sustainability of cash flows. Financial derivative instruments may be used for economic gain or to manage market risk, credit risk, yield curve risk and foreign currency risk and to manage the effective maturity or duration of securities in the Sub-Fund s portfolio, in each case in an effort to seek to increase the Sub-Fund s yield or to enhance returns. NWQ Small-Cap Value Fund The control of risk is fundamental to the value style of NWQ Investment Management Company, LLC ( NWQ ) and is sought both quantitatively and qualitatively. NWQ seeks to maximise value and minimise risk by selecting undervalued companies that they believe possess positive risk/reward characteristics. NWQ also considers the downside risk of a potential holding at least as much as it considers its up-side potential. NWQ seeks to further minimise risk by investing in companies with a catalyst, such as new management, industry consolidation, corporate restructuring, or a turn in company fundamentals, as well as solid company fundamentals while still giving some weight to secular or cyclical changes in industry outlook for a given company. Risk management is an integral part of the investment process. In structuring portfolios, risk is minimised by adhering to diversification guidelines: a typical portfolio will normally include approximately 40 to 70 holdings; most positions equal 2% to 4% of the net asset value of the Sub-Funds, and no issue represents more than 5% of the net asset value of the Sub-Funds, at time of purchase. Industry and sector weightings are primarily determined by individual stock selection. Industry weightings would normally not exceed 25% of the net asset value of the Sub- Funds, and sector weightings are generally capped at 30% of the net asset value of the Sub-Funds, excluding Financials. Portfolio turnover is expected to be moderate. Risk reduction is also sought through the NWQ s sell discipline, which involves the same analysis utilized in security selection. A company becomes a candidate for sale when the Sub-Investment Manager feels that the issuer no longer possesses favourable risk/reward characteristics, attractive valuations or catalysts. 183

185 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Value-at-Risk (continued) NWQ Global Equity Fund The control of risk is fundamental to the value style of NWQ Investment Management Company, LLC ( NWQ ) and is sought both quantitatively and qualitatively. NWQ seeks to maximise value and minimise risk by selecting undervalued companies that they believe possess positive risk/reward characteristics. NWQ also considers the downside risk of a potential holding at least as much as it considers its up-side potential. NWQ seeks to further minimise risk by investing in companies with a catalyst, such as new management, industry consolidation, corporate restructuring, or a turn in company fundamentals, as well as solid company fundamentals while still giving some weight to secular or cyclical changes in industry outlook for a given company. Risk management is an integral part of the investment process. In structuring portfolios, risk is minimised by adhering to diversification guidelines: a typical portfolio will normally include approximately 40 to 60 holdings; most positions equal 1% to 3% of the net asset value of the Sub-Funds, and no issue represents more than 5% of the net asset value of the Sub-Funds, at time of purchase. Industry and sector weightings are primarily determined by individual stock selection. Industry weightings would normally not exceed 25% of the net asset value of the Sub- Funds, and sector weightings are generally capped at 30% of the net asset value of the Sub-Funds. Portfolio turnover is expected to be moderate. Risk reduction is also sought through the NWQ s sell discipline, which involves the same analysis utilized in security selection. A company becomes a candidate for sale when the Sub-Investment Manager feels that the issuer no longer possesses favourable risk/reward characteristics, attractive valuations or catalysts. Large Cap Core Fund Asset Management looks for stocks that display favorable characteristics from both fundamental and quantitative viewpoints. Most often this will be companies with attractive valuations, stable and/or growing margins, improving business fundamentals, as well as company management making wise decisions on cash flow. A combination of the Barra risk factor model and Asset Management s proprietary portfolio optimiser model determine risk/return factors to assist in making portfolio investment decisions. There are several factors considered; the factors include, but are not limited to, style, market capitalisation, sector, tracking error, number of holdings and sector and security weightings. Market price risk As at 31 st May, 2015 the Sub-Funds market risk is affected by two main components: changes in actual market prices and foreign currency movements. Foreign currency movements are discussed overleaf. The Sub-Funds assets consist principally of quoted securities, the values of which are determined by market forces. All security investments represent a risk of loss of capital. 184

186 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Market price risk (continued) The table below lists the Sub-Investment Manager for each Sub-Fund. The Sub-Investment Manager determines each Sub-Fund s asset allocation: Investment Manager Tradewinds Global Investors, LLC ( Tradewinds ) NWQ Investment Management Company, LLC ( NWQ ) NWQ Investment Management Company, LLC ( NWQ ) NWQ Investment Management Company, LLC ( NWQ ) NWQ Investment Management Company, LLC ( NWQ ) NWQ Investment Management Company, LLC ( NWQ ) Winslow Capital Management, LLC ( Winslow ) Asset Management, LLC ( ) Asset Management, LLC ( ) Asset Management, LLC ( ) Santa Barbara Asset Management, LLC ( Santa Barbara ) Gresham Investment Management, LLC ( Gresham ) Gresham Investment Management, LLC ( Gresham ) Sub-Fund Tradewinds Global All-Cap Fund NWQ Large-Cap Value Fund NWQ Large-Cap Value ESG Fund NWQ Flexible Income Fund NWQ Small-Cap Value Fund NWQ Global Equity Fund Winslow Large-Cap Growth Fund Global Infrastructure Fund Global High Income Fund Large Cap Core Fund Santa Barbara Global Dividend Growth Fund Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund All of Sub-Investment Managers manage the allocation of the assets to achieve the investment objective. Divergence from target asset allocations is monitored by the Sub-Funds Sub-Investment Managers. Risk management is incorporated into the Sub-Investment Managers processes. The Board of Directors receives market price risk information inherent in the Sub-Funds through full and timely access to relevant information provided by the Sub-Investment Managers. The Board of Directors meets regularly and at least quarterly and at each meeting reviews investment performance and significant market positions. There were no material changes to the Company s policies and processes for managing market price risk and the methods used to measure risk since the prior year end. Interest rate risk The Company may hold investments in fixed interest bearing securities. Any change to the interest rate for particular securities may result in income either increasing or decreasing. The Sub-Funds performance therefore will depend in part on its ability to anticipate and respond to such fluctuations in market interest rates. The Investment Manager and the Sub-Investment Managers manage this risk. The Company had thirteen active Sub-Funds as at the year ended 31 st May, Nine of the Sub-Funds financial assets and liabilities are non-interest bearing. As a result, these Sub-Funds are not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates. Therefore, no specific hedging strategies have been adopted specifically to mitigate risk associated with changes in interest rates and its respective impact upon the Sub-Funds holdings. However, to minimise the risk to each Sub-Fund associated with interest rates, the relevant Sub-Investment Manager adheres to its portfolio diversification/construction guidelines and sell discipline. Any excess cash is invested at short-term market interest rates. At year end, the Global High Income Fund and the NWQ Flexible Income Fund invested in equities and fixed income instruments and the Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund invested primarily in fixed income instruments and financial derivative instruments and therefore are exposed to the effects of fluctuations in the prevailing level of market interest rates on their financial position. 185

187 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Interest rate risk (continued) The tables below summarise these four Sub-Funds exposure to interest rate risk as at 31 st May, 2015 and 31 st May, Gresham Diversified Commodity Strategy Fund Current Assets Up to 1 year 1-5 years Over 5 years Non-interest bearing Total Financial assets at fair value through pofit or loss 5,744,765 46,363 5,791,128 Cash at bank 1,053,123 1,053,123 Debtors 8,928 8,928 Total Assets 6,797,888 55,291 6,853,179 Current Liabilities Creditors 967, ,299 Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 967, ,299 Interest rate sensitivity gap for net assets attributable to holders of redeemable participating shares (for financial statement purposes) 6,797,888 (912,008) 5,885,880 Gresham Long/Short Commodity Strategy Fund Current Assets Up to 1 year 1-5 years Over 5 years Non-interest bearing Total Financial assets at fair value through pofit or loss 37,629, ,077 38,050,360 Cash at bank 1,590,219 1,590,219 Debtors 5,257 5,257 Total Assets 39,219, ,334 39,645,836 Current Liabilities Creditors 144, ,904 Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 144, ,904 Interest rate sensitivity gap for net assets attributable to holders of redeemable participating shares (for financial statement purposes) 39,219, ,430 39,500,

188 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Interest rate risk (continued) (continued) Global High Income Fund Current Assets Up to 1 year 1-5 years Over 5 years Non-interest bearing Total Financial assets at fair value through pofit or loss 3,251,688 6,451, ,402 9,874,898 Cash at bank 353, ,435 Debtors 189, ,395 Futures margin cash 25,700 25,700 Total Assets 379,135 3,251,688 6,451, ,797 10,443,428 Current Liabilities Financial liabilities at fair value through profit or loss 3,907 3,907 Creditors 989, ,210 Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 993, ,117 Interest rate sensitivity gap for net assets attributable to holders of redeemable participating shares (for financial statement purposes) 379,135 3,251,688 6,451,808 (632,320) 9,450,311 NWQ Flexible Income Fund Current Assets Up to 1 year 1-5 years Over 5 years Non-interest bearing Total Financial assets at fair value through pofit or loss 1,122,070 6,702,049 16,134,120 23,958,239 Cash at bank 197, ,358 Debtors 1,671,413 1,671,413 Total Assets 197,358 1,122,070 6,702,049 17,805,533 25,827,010 Current Liabilities Financial liabilities at fair value through profit or loss 23,482 23,482 Creditors 1,461,963 1,461,963 Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares) 23,482 1,461,963 1,485,445 Interest rate sensitivity gap for net assets attributable to holders of redeemable participating shares (for financial statement purposes) 197,358 1,098,588 6,702,049 16,343,570 24,341,

189 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Interest rate risk (continued) For the year ended 31 st May, 2014 Gresham Diversified Commodity Strategy Fund Up to 1 year 1-5 years Over 5 years Non-interest bearing Current Assets Financial assets at fair value through pofit or loss 6,098,496 6,098,496 Cash at bank 580, ,619 Debtors 38,196 38,196 Total Assets 6,679,115 38,196 6,717,311 Current Liabilities Financial liabilities at fair value through profit or loss 41,405 41,405 Creditors 68,458 68,458 Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares 109, ,863 Interest rate sensitivity gap for net assets attributable to holders of redeemable participating shares (for financial statement purposes) 6,679,115 (71,667) 6,607,448 Total Gresham Long/Short Commodity Strategy Fund Up to 1 year 1-5 years Over 5 years Non-interest bearing Current Assets Financial assets at fair value through pofit or loss 6,198,329 6,198,329 Cash at bank 570, ,571 Debtors 42,252 42,252 Total Assets 6,768,900 42,252 6,811,152 Current Liabilities Financial liabilities at fair value through profit or loss 15,836 15,836 Creditors 67,682 67,682 Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares 83,518 83,518 Interest rate sensitivity gap for net assets attributable to holders of redeemable participating shares (for financial statement purposes) 6,768,900 (41,266) 6,727,634 Total 188

190 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Interest rate risk (continued) For the year ended 31 st May, 2014 (continued) Global High Income Fund Up to 1 year 1-5 years Over 5 years Non-interest bearing Current Assets Financial assets at fair value through pofit or loss 1,204,048 4,771, ,507 6,083,544 Cash at bank 279, ,796 Debtors 247, ,944 Futures margin cash 10,000 10,000 Total Assets 279,796 1,204,048 4,771, ,451 6,621,284 Current Liabilities Creditors 136, ,801 Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares 136, ,801 Interest rate sensitivity gap for net assets attributable to holders of redeemable participatin shares (for financial statement purposes) 279,796 1,204,048 4,771, ,650 6,484,483 Total NWQ Flexible Income Fund Up to 1 year 1-5 years Over 5 years Non-interest bearing Current Assets Financial assets at fair value through pofit or loss 631,592 2,600,407 3,231,999 Cash at bank 12,218 12,218 Debtors 88,942 88,942 Total Assets 12, ,592 2,689,349 3,333,159 Current Liabilities Creditors 91,967 91,967 Liabilities (excluding Net Assets Attributable to Holders of Redeemable Participating Shares 91,967 91,967 Interest rate sensitivity gap for net assets attributable to holders of redeemable participatin shares (for financial statement purposes) 12, ,592 2,597,382 3,241,192 Total Foreign currency risk Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. Certain of the Sub-Funds assets, liabilities and income are denominated in currencies other than. They are, therefore, exposed to foreign currency risk as the value of the securities denominated in currencies other than fluctuate due to changes in exchange rates. Income denominated in foreign currencies is converted to on receipt. In accordance with the Company s policy, the relevant Sub-Investment Manager monitors the Sub-Funds currency positions on a daily basis. The Board of Directors relies upon the relevant Sub-Investment Manager to keep it informed of any material events. There were no material changes to the Company s policies and processes for managing currency risk and the methods used to measure risk since the prior year end. 189

191 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Foreign currency risk (continued) The following tables document the Sub-Funds exposure to currency risks. All Sub-Funds functional currency is in United States Dollar for the years ended 31 st May, 2015 and 31 st May, Tradewinds Global All-Cap Fund Financial Assets/ Financial Liabilities Exposure Other Assets/Liabilities Exposure Net Currency Exposure 31 st May, st May, st May, 2015 US$ US$ US$ Australian Dollar 52,727 52,727 British Pound 593,118 (49,792) 543,326 Canadian Dollar 83,319 83,319 Danish Krone 56,646 56,646 Euro 214, , ,069 Hong Kong Dollar 220,624 7, ,955 Japanese Yen 352,643 3, ,811 Malaysian Ringgit 99,842 99,842 Norwegian Krone 151,900 32, ,759 Singapore Dollar 79,544 79,544 South Korean Won 172, ,459 Swedish Krona 40, ,713 Swiss Franc 166, ,587 United States Dollar 2,978,597 (27,016) 2,951,581 5,262,853 81,485 5,344,338 Financial Assets/ Financial Liabilities Exposure Other Assets/Liabilities Exposure Net Currency Exposure 31 st May, st May, st May, 2014 US$ US$ US$ Australian Dollar 57,360 57,360 British Pound 494,646 7, ,912 Canadian Dollar 345, ,231 Euro 533, , ,525 Hong Kong Dollar 359,836 (29,067) 330,769 Japanese Yen 693,655 26, ,322 Malaysian Ringgit 214, ,675 Norwegian Krone 233,697 5, ,194 Singapore Dollar 174, ,746 South Korean Won 261, ,781 Swiss Franc 127, ,432 United States Dollar 4,673,698 (5,293) 4,668,405 8,170, ,063 8,341,

192 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Foreign currency risk (continued) Global Infrastructure Fund Financial Assets/ Financial Liabilities Exposure Other Assets/Liabilities Exposure Net Currency Exposure 31 st May, st May, st May, 2015 US$ US$ US$ Australian Dollar 3,626, ,416 3,738,522 Brazilian Real 236,049 40, ,623 British Pound 197,640 (2,639) 195,001 Canadian Dollar 1,418,328 (16,517) 1,401,811 Chilean Peso 126,615 (2,724) 123,891 Euro 11,508,864 (89,700) 11,419,164 Hong Kong Dollar 2,318,733 (111,877) 2,206,856 Indonesian Rupiah 289, ,462 Japanese Yen 1,322,177 17,539 1,339,716 Malaysian Ringgit 591,105 1, ,692 Mexican Peso 548,252 (11,399) 536,853 New Zealand Dollar 1,212,682 16,280 1,228,962 Norwegian Krone 46,179 (3,500) 42,679 Philippine Peso 993, ,834 Singapore Dollar 1,274,144 (11,187) 1,262,957 Swiss Franc 677,168 (20,410) 656,758 United States Dollar 26,367, ,944 26,856,348 52,754, ,387 53,162,129 Financial Assets/ Financial Liabilities Exposure Other Assets/Liabilities Exposure Net Currency Exposure 31 st May, st May, st May, 2014 US$ US$ US$ Australian Dollar 2,473,549 1,690 2,475,239 Brazilian Real 517, ,117 British Pound 646, ,864 Canadian Dollar 2,162,013 (52,592) 2,109,421 Chilean Peso 99,908 99,908 Euro 7,640,554 66,987 7,707,541 Hong Kong Dollar 2,786,239 23,480 2,809,719 Indonesian Rupiah 299,663 40, ,541 Japanese Yen 1,138,030 34,114 1,172,144 Malaysian Ringgit 215,123 3, ,086 Mexican Peso 479, ,899 New Zealand Dollar 925,935 (57,379) 868,556 Norwegian Krone 47,495 47,495 Philippine Peso 844, ,538 Polish Zloty 85,066 4,525 89,591 Singapore Dollar 1,220,169 23,151 1,243,320 Swiss Franc 868, ,650 United States Dollar 19,082,862 1,715,406 20,798,268 41,534,426 1,804,471 43,338,

193 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Foreign currency risk (continued) Santa Barbara Global Dividend Growth Fund Financial Assets/ Financial Liabilities Exposure Other Assets/Liabilities Exposure Net Currency Exposure 31 st May, st May, st May, 2015 US$ US$ US$ Australian Dollar 10,912, ,007 11,018,520 British Pound 17,168,929 43,196 17,212,125 Danish Krone 3,615,795 3,615,795 Euro 21,963,141 (4) 21,963,137 Hong Kong Dollar 8,192,903 76,201 8,269,104 Japanese Yen 11,372,913 97,021 11,469,934 Swiss Franc 5,198,674 5,198,674 United States Dollar 90,278,415 2,981,925 93,260, ,703,283 3,304, ,007,629 Financial Assets/ Financial Liabilities Exposure Other Assets/Liabilities Exposure Net Currency Exposure 31 st May, st May, st May, 2014 US$ US$ US$ Australian Dollar 7,521, ,110 7,639,355 British Pound 11,507,977 27,651 11,535,628 Danish Krone 2,361,924 2,361,924 Euro 18,373,987 39,912 18,413,899 Hong Kong Dollar 8,021,330 8,021,330 Japanese Yen 4,632,163 67,301 4,699,464 Swiss Franc 3,506,133 3,506,133 United States Dollar 75,072,420 4,058,810 79,131, ,997,179 4,311, ,308,963 Global High Income Fund Financial Assets/ Financial Liabilities Exposure Other Assets/Liabilities Exposure Net Currency Exposure 31 st May, st May, st May, 2015 US$ US$ US$ British Pound 326,710 96, ,972 Canadian Dollar 163,142 4, ,590 Euro 1,260, ,920 1,388,055 United States Dollar 8,121,004 (649,310) 7,471,694 9,870,991 (420,680) 9,450,

194 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Foreign currency risk (continued) Global High Income Fund (continued) Financial Assets/ Financial Liabilities Exposure Other Assets/Liabilities Exposure Net Currency Exposure 31 st May, st May, st May, 2014 US$ US$ US$ British Pound 47,586 47,586 Canadian Dollar 139,668 5, ,151 Euro 1,334, ,378 1,506,799 United States Dollar 4,609, ,492 4,784,947 6,083, ,939 6,484,483 NWQ Global Equity Fund 1 Financial Assets/ Financial Liabilities Exposure Other Assets/Liabilities Exposure Net Currency Exposure 31 st May, st May, st May, 2015 US$ US$ US$ Brazilian Real 9, ,938 British Pound 74,023 38, ,653 Euro 192,412 57, ,575 Israeli New Shekel 29, ,880 Japanese Yen 96, ,290 Norwegian Krone 27,624 27,624 South Korean Won 33,713 33,713 Swedish Krona 25,689 25,689 Swiss Franc 47,922 47,922 United States Dollar 540,932 (131,216) 409,716 1,078,540 (34,540) 1,044,000 1 The Sub-Fund launched on 2 nd September, The Sub-Funds not listed in the above foreign currency risk tables do not have material currency exposure at 31 st May, 2015 and 31 st May,

195 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Credit risk Nine of the Sub-Funds hold equity securities only. As a result, these Sub-Funds generally are not subject to significant amounts of credit risk. The remaining Sub-Funds are subject to the risk that a counterparty will be unable to pay amounts in full when due. A counterparty must have a minimum credit rating of A2 or equivalent, or must be deemed by the Investment Manager to have an implied rating of A2. Alternatively, an unrated counterparty will be acceptable where the Sub-Fund is indemnified against losses suffered as a result of a failure by the counterparty, by an entity which has and maintains a rating of A2. Exposure to a single counterparty must not exceed 10% of the net asset value of the Sub-Fund where the counterparty is a credit institution; otherwise, exposure to a single counterparty must not exceed 5% of the net asset value of the Sub-Fund. The Gresham Diversified Commodity Strategy Fund and the Gresham Long/Short Commodity Strategy Fund could experience increased risk and loss from delays in appointing a suitable counterparty replacement or liquidating the total return swap positions. The Company s prospectus and the UCITS Regulations list various investment restrictions with regards to issuer and counterparty credit risk. All transactions in listed securities are settled on a delivery versus payment basis with a minimal risk of default; for a sale transaction, the delivery is only made upon receipt of payment by the broker; for a purchase, transaction payment is made once the securities have been received by the broker. In the event of non-payment by either party, the trade will subsequently fail and delivery does not take place. All of the assets of the Sub-Funds are held by the Custodian and/or a sub-custodian. Any cash held in the Sub- Funds bank accounts is invested overnight in order to earn interest from banks that are highly rated by reputable rating agencies. Details of cash balances held at the year end are shown in note 2. The table below show details of Sub-Funds that are subject to credit risk as at 31 st May, 2015 and 31 st May, Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund % of Investments % of Investments Portfolio by Rating Category 31 st May, st May, 2015 AA % 93.93% NR 0.68% 1.05% Cash 15.39% 5.02% % % Gresham Diversified Commodity Strategy Fund Gresham Long/Short Commodity Strategy Fund % of Investments % of Investments Portfolio by Rating Category 31 st May, st May, 2014 AA % 91.79% NR (0.62)% (0.23)% Cash 8.74% 8.44% % % 194

196 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Credit risk (continued) The table below show details of Sub-Funds that are subject to credit risk as at 31 st May, 2015 and 31 st May, Global High Income Fund NWQ Flexible Income Fund % of Investments % of Investments Portfolio by Rating Category 31 st May, st May, 2015 BBB+ 1.98% 0.11% BBB 3.80% 1.38% BBB- 3.24% 3.58% BB+ 8.65% 1.39% BB 11.70% 6.45% BB % 6.67% B % 3.87% B 17.20% 3.99% B- 9.95% 3.27% CCC+ 7.73% 1.34% CCC 0.37% CCC- 2.30% CC 0.36% NR 2.96% 67.13% Cash 3.46% 0.82% % % Global High Income Fund 1 NWQ Flexible Income Fund 2 % of Investments % of Investments Portfolio by Rating Category 31 st May, st May, 2014 BBB+ 3.05% BBB 2.68% 3.63% BBB- 6.14% 1.60% BB % 0.81% BB 18.29% 4.77% BB % 2.73% B+ 7.74% 1.60% B 6.74% 2.86% B % 0.83% CCC+ 6.29% CCC 0.63% CCC- 1.25% NR 4.88% 80.79% Cash 4.40% 0.38% % % 1 The Sub-Fund launched on 28 th June, The Sub-Fund launched on 20 th September,

197 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Liquidity risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Sub-Funds are exposed to daily cash redemptions of redeemable participating shares. The Sub-Funds generally retain a certain portion of their assets in cash, which is available to satisfy redemptions. The Sub-Funds invest the majority of their assets in investments that are traded in an active market and can be readily disposed of. The Sub- Funds listed securities are considered readily realisable as they are generally listed on a stock exchange. Liquidity risk is also managed by provisions that authorise the Board of Directors to temporarily suspend or otherwise limit redemptions in certain circumstances, including when total redemption requests for a Sub-Fund on a particular dealing day exceed 10% of the net asset value of a Sub-Fund. During the year ended 31 st May, 2015 the Board of Directors did not invoke this power in respect of any Sub-Fund. In accordance with the Company s policy, the Sub-Investment Managers monitor the relevant Sub-Funds liquidity position on a daily basis. The Board of Directors relies upon the Sub-Investment Managers to keep it informed of any material events. There were no material changes to the Company s policies and processes for managing liquidity risk and the methods used to measure risk since the year end. The following tables analyse the Sub-Funds financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet date to the contractual maturity date. The amounts in the tables are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant. Tradewinds Global All-Cap Fund At 31 st May, 2015 At 31 st May, 2014 Less than 1 month More than 1 month Less than 1 month More than 1 month Payable for securities purchased 149, ,249 Accrued expenses 107,205 74,598 Redeemable participating shares 5,413,615 8,344,870 Total Financial Liabilities 5,563, ,205 8,463,119 74,598 NWQ Large-Cap Value Fund At 31 st May, 2015 At 31 st May, 2014 Less than 1 month More than 1 month Less than 1 month More than 1 month Bank overdraft 174,215 Accrued expenses 82,554 84,809 Redeemable participating shares 2,959,949 6,523,255 Total Financial Liabilities 2,959,949 82,554 6,697,470 84,

198 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Liquidity risk (continued) Winslow Large-Cap Growth Fund At 31 st May, 2015 At 31 st May, 2014 Less than 1 month More than 1 month Less than 1 month More than 1 month Payable for securities purchased 1,569,537 1,462,551 Accrued expenses 156, ,971 Redeemable participating shares 81,700,149 84,528,958 Total Financial Liabilities 83,269, ,646 85,991, ,971 NWQ Large-Cap Value ESG Fund At 31 st May, 2015 At 31 st May, 2014 Less than 1 month More than 1 month Less than 1 month More than 1 month Accrued expenses 97, ,647 Redeemable participating shares 5,284, ,099,946 Total Financial Liabilities 5,284,362 97, ,099, ,647 Global Infrastructure Fund At 31 st May, 2015 At 31 st May, 2014 Less than 1 month More than 1 month Less than 1 month More than 1 month Payable for securities purchased 2,006, ,477 Accrued expenses 121, ,686 Redeemable participating shares 53,860,056 43,375,114 Total Financial Liabilities 55,866, ,730 44,173, ,686 Santa Barbara Global Dividend Growth Fund At 31 st May, 2015 At 31 st May, 2014 Less than 1 month More than 1 month Less than 1 month More than 1 month Accrued expenses 293, ,939 Redeemable participating shares 172,692, ,716,633 Total Financial Liabilities 172,692, , ,716, ,

199 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Liquidity risk (continued) Gresham Diversified Commodity Strategy Fund At 31 st May, 2015 At 31 st May, 2014 Less than 1 month More than 1 month Less than 1 month More than 1 month Financial liabilities at fair value through profit or loss 41,405 Payable for securities purchased 882,986 2,898 Accrued expenses 84,313 65,560 Redeemable participating shares 5,931,176 6,672,353 Total Financial Liabilities 6,814,162 84,313 6,716,656 65,560 Gresham Long/Short Commodity Strategy Fund At 31 st May, 2015 At 31 st May, 2014 Less than 1 month More than 1 month Less than 1 month More than 1 month Financial liabilities at fair value through profit or loss 15,836 Accrued expenses 144,904 67,682 Redeemable participating shares 39,546,228 6,792,539 Total Financial Liabilities 39,546, ,904 6,808,375 67,682 Global High Income Fund At 31 st May, 2015 At 31 st May, 2014 Less than 1 month More than 1 month Less than 1 month More than 1 month Financial liabilities at fair value through profit or loss 3,907 Payable for securities purchased 140,602 68,991 Accrued expenses 97,799 67,810 Redeemable participating shares 10,221,473 6,511,470 Total Financial Liabilities 10,365,982 97,799 6,580,461 67,810 NWQ Flexible Income Fund At 31 st May, 2015 At 31 st May, 2014 Less than 1 month More than 1 month Less than 1 month More than 1 month Financial liabilities at fair value through profit or loss 23,482 Payable for securities purchased 282,188 22,082 Accrued expenses 92,893 69,885 Redeemable participating shares 25,480,258 3,279,171 Total Financial Liabilities 25,785,928 92,893 3,301,253 69,

200 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Liquidity risk (continued) NWQ Small-Cap Value Fund 1 At 31 st May, 2015 Less than 1 month More than 1 month Accrued expenses 56,260 Redeemable participating shares 1,048,458 Total Financial Liabilities 1,048,458 56,260 NWQ Global Equity Fund 1 At 31 st May, 2015 Less than 1 month More than 1 month Accrued expenses 56,091 Redeemable participating shares 1,057,714 Total Financial Liabilities 1,057,714 56,091 Large Cap Core Fund 2 At 31 st May, 2015 Less than 1 month More than 1 month Bank overdraft 12,255 Payable for securities purchased 14,333 Accrued expenses 49,200 Redeemable participating shares 1,338,520 Total Financial Liabilities 1,365,108 49,200 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December,

201 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Fair Value Estimation The Company has classified fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: (i) Level 1: Investments whose values are based on quoted market prices in active markets, and therefore classified within level 1, include active listed equities. Quoted prices for these instruments are not adjusted. (ii) Level 2: Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2. As level 2 investments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. (iii) Level 3: Investments classified within level 3 have significant unobservable inputs, as they trade infrequently. Pricing inputs are unobservable for the investment and include situations where there is little, if any, market activity for the instrument. The inputs into the determination of fair value require significant management judgement or estimation. As observable prices are not available for these securities, the Company has used valuation techniques to derive the fair value. The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement of the instrument in its entirety. For this purpose, the significance of an input is assessed against the fair value measurement of the instrument in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the financial asset or liability. The determination of what constitutes observable requires significant judgement by the Directors in consultation with the Investment Manager. The Directors consider observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The following tables provide an analysis within the fair value hierarchy of each of the Sub-Funds financial assets and liabilities, measured at fair value as at 31 st May, 2015 and 31 st May, Tradewinds Global All-Cap Fund Level 1 Level 2 Level 3 Total As at 31 st May, 2015 Financial assets at fair value through profit or loss Equities 5,262, ,262,853 Total 5,262, ,262,853 As at 31 st May, 2015, certain foreign equity securities were transferred from Level 3 to Level 1 as a result of the Sub-Fund s procedures for valuing securities, as stated in note 1. Level 1 Level 2 Level 3 Transfer levels from 3 to 1 Equities 84,500 (84,500) 200

202 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Fair Value Estimation (continued) Tradewinds Global All-Cap Fund (continued) Level 1 Level 2 Level 3 Total As at 31 st May, 2014 Financial assets at fair value through profit or loss Equities 7,967, ,596 8,170,289 Total 7,967, ,596 8,170,289 As at 31 st May, 2014, certain foreign equity securities were transferred from Level 2 to Level 1 as a result of the Sub-Fund s procedures for valuing securities, as stated in note 1. Level 1 Level 2 Level 3 Transfer levels from 2 to 1 Equities 1,717,442 (1,717,442) NWQ Large-Cap Value Fund Level 1 Level 2 Level 3 Total As at 31 st May, 2015 Financial assets at fair value through profit or loss Equities 2,930,894 2,930,894 Total 2,930,894 2,930,894 There were no transfers between levels for securities held as at 31 st May, Level 1 Level 2 Level 3 Total As at 31 st May, 2014 Financial assets at fair value through profit or loss Equities 6,468,597 6,468,597 Total 6,468,597 6,468,597 There were no transfers between levels for securities held as at 31 st May, Winslow Large-Cap Growth Fund Level 1 Level 2 Level 3 Total As at 31 st May, 2015 Financial assets at fair value through profit or loss Equities 81,180,915 81,180,915 Total 81,180,915 81,180,915 There were no transfers between levels for securities held as at 31 st May, Level 1 Level 2 Level 3 Total As at 31 st May, 2014 Financial assets at fair value through profit or loss Equities 82,860,419 82,860,419 Total 82,860,419 82,860,419 There were no transfers between levels for securities held as at 31 st May,

203 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Fair Value Estimation (continued) NWQ Large-Cap Value ESG Fund Level 1 Level 2 Level 3 Total As at 31 st May, 2015 Financial assets at fair value through profit or loss Equities 5,231,012 5,231,012 Total 5,231,012 5,231,012 There were no transfers between levels for securities held as at 31 st May, Level 1 Level 2 Level 3 Total As at 31 st May, 2014 Financial assets at fair value through profit or loss Equities 105,361, ,361,981 Total 105,361, ,361,981 There were no transfers between levels for securities held as at 31 st May, Global Infrastructure Fund Level 1 Level 2 Level 3 Total As at 31 st May, 2015 Financial assets at fair value through profit or loss Equities 52,397, ,335 1,403 52,754,742 Total 52,397, ,335 1,403 52,754,742 As at 31 st May, 2015, certain foreign equity securities were transferred from Level 1 to Level 3 as a result of the Sub-Fund s procedures for valuing securities, as stated in note 1. Level 1 Level 2 Level 3 Transfer levels from 1 to 2 Equities (355,304) 335,304 Level 1 Level 2 Level 3 Total As at 31 st May, 2014 Financial assets at fair value through profit or loss Equities 41,533, ,534,426 Total 41,533, ,534,426 As at 31 st May, 2014, certain foreign equity securities were transferred from Level 2 to Level 1 as a result of the Sub-Fund s procedures for valuing securities, as stated in note 1. Level 1 Level 2 Level 3 Transfer levels from 2 to 1 Equities 14,805,928 (14,805,928) 202

204 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Fair Value Estimation (continued) Santa Barbara Global Dividend Growth Fund Level 1 Level 2 Level 3 Total As at 31 st May, 2015 Financial assets at fair value through profit or loss Equities 168,703, ,703,283 Total 168,703, ,703,283 There were no transfers between levels for securities held as at 31 st May, Level 1 Level 2 Level 3 Total As at 31 st May, 2014 Financial assets at fair value through profit or loss Equities 130,997, ,997,179 Total 130,997, ,997,179 As at 31 st May, 2014, certain foreign equity securities were transferred from Level 1 to Level 2 as a result of the Sub-Fund s procedures for valuing securities, as stated in note 1. Level 1 Level 2 Level 3 Transfer levels from 2 to 1 Equities 43,439,446 (43,439,446) Gresham Diversified Commodity Strategy Fund Level 1 Level 2 Level 3 Total As at 31 st May, 2015 Financial Assets at Fair Value through Profit or Loss Equity 5,744,744 5,744,744 Unrealised appreciation on total return swaps 46,384 46,384 Total 5,791,128 5,791,128 There were no transfers between levels for securities held as at 31 st May, Level 1 Level 2 Level 3 Total As at 31 st May, 2014 Financial Assets at Fair Value through Profit or Loss Equity 6,098,496 6,098,496 Total 6,098,496 6,098,496 Level 1 Level 2 Level 3 Total Financial Liability at Fair Value through Profit or Loss Unrealised depreciation on total return swaps (41,405) (41,405) Total (41,405) (41,405) There were no transfers between levels for securities held as at 31 st May,

205 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Fair Value Estimation (continued) Gresham Long/Short Commodity Strategy Fund Level 1 Level 2 Level 3 Total As at 31 st May, 2015 Financial Assets at Fair Value through Profit or Loss Equity 37,629,282 37,629,282 Unrealised appreciation on total return swaps 421, ,078 Total 38,050,360 38,050,360 There were no transfers between levels for securities held as at 31 st May, Level 1 Level 2 Level 3 Total As at 31 st May, 2014 Financial Assets at Fair Value through Profit or Loss Equity 6,198,329 6,198,329 Total 6,198,329 6,198,329 Level 1 Level 2 Level 3 Total Financial Liability at Fair Value through Profit or Loss Unrealised depreciation on total return swaps (15,836) (15,836) Total (15,836) (15,836) There were no transfers between levels for securities held as at 31 st May, Global High Income Fund Level 1 Level 2 Level 3 Total As at 31 st May, 2015 Financial Assets at Fair Value through Profit or Loss Equity 168,640 9,703,496 9,872,136 Unrealised appreciation on futures contracts 2,762 2,762 Total 168,640 9,706,258 9,874,898 Level 1 Level 2 Level 3 Total Financial Liability at Fair Value through Profit or Loss Unrealised depreciation on futures contracts (3,907) (3,907) Total (3,907) (3,907) There were no transfers between levels for securities held as at 31 st May, Level 1 Level 2 Level 3 Total As at 31 st May, 2014 Financial Assets at Fair Value through Profit or Loss Equity 98,730 5,976,039 6,074,769 Unrealised appreciation on futures contracts 8,775 8,775 Total 98,730 5,984,814 6,083,544 There were no transfers between levels for securities held as at 31 st May,

206 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Fair Value Estimation (continued) NWQ Flexible Income Fund Level 1 Level 2 Level 3 Total As at 31 st May, 2015 Financial Assets at Fair Value through Profit or Loss Equity 16,157,602 7,800,637 23,958,239 Total 16,157,602 7,800,637 23,958,239 Financial Assets at Fair Value through Profit or Loss Unrealised depreciation on options (23,482) (23,482) Total (23,482) (23,482) As at. 31 st May, 2015, certain foreign equity securities were transferred from Level 2 to Level 1 as a result of the Sub-Fund s procedures for valuing securities, as stated in note Level 1 Level 2 Level 3 Transfer levels from 2 to 1 Equities 120,480 (120,480) Level 1 Level 2 Level 3 Total As at 31 st May, 2014 Financial Assets at Fair Value through Profit or Loss Equity 2,596, ,327 3,231,999 Total 2,596, ,327 3,231,999 There were no transfers between levels for securities held as at 31 st May, Level 1 Level 2 Level 3 Total As at 31 st May, 2015 Financial Assets at Fair Value through Profit or Loss Equity 1,033,871 1,033,871 Total 1,033,871 1,033,871 Level 1 Level 2 Level 3 Total As at 31 st May, 2015 Financial Assets at Fair Value through Profit or Loss Equity 1,078,540 1,078,540 Total 1,078,540 1,078,540 Level 1 Level 2 Level 3 Total As at 31 st May, 2015 Financial Assets at Fair Value through Profit or Loss Equity 1,331,336 1,331,336 Total 1,331,336 1,331,336 1 There are no comparative figures as the Sub-Funds launched on 2 nd September, There are no comparative figures as the Sub-Fund launched on 18 th December,

207 NOTES TO THE FINANCIAL STATEMENTS (continued) 16 Financial Risk Management (continued) Fair Value Estimation (continued) Level 3 Reconciliations The following tables summarise the change in value associated with level 3 securities carried at fair value at the year ended 31 st May, Tradewinds Global All-Cap Fund As at 31 st May, 2015 As at 31 st May, 2014 Equities Total Equities Total Opening balance 202, , , ,107 Transfer out from Level 3 (135,121) (135,121) Purchases 333, ,493 Sales (149,056) (149,056) Gains and losses recognised in profit and loss (67,458) (67,458) (115,948) (115,948) Closing balance , ,596 Total gains/(losses) included in profit or loss for assets held at the end of the year (2,604,689) (2,604,689) (2,670,727) (2,670,727) Global Infrastructure Fund As at 31 st May, 2015 Equities Total Opening balance Purchases 1,403 1,403 Sales Gains and losses recognised in profit and loss Closing balance 1,403 1,403 Total gains/(losses) included in profit or loss for assets held at the end of the year 27,154 27,

208 NOTES TO THE FINANCIAL STATEMENTS (continued) 17 Comparative Statistics Each Sub-Fund s net assets attributable to holders of redeemable participating shares (for shareholder dealing purposes), redeemable participating shares issued and outstanding and net asset value per redeemable participating share is as follows: Tradewinds Global All-Cap Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2015 Net Assets 109,748 81,450 3,173,537 1,552, ,107 Shares issued and outstanding 1,832 1,697 72,193 36,580 13,304 Net Asset Value per share NWQ Large-Cap Value Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2015 Net Assets 112, ,593 1,409, , ,313 Shares issued and outstanding 1,832 3,924 31,326 5,614 38,940 Net Asset Value per share Winslow Large-Cap Growth Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2015 Net Assets 86, ,612 9,982,673 8,908,300 60,766,865 Shares issued and outstanding 1,890 9, , ,982 1,716,943 Net Asset Value per share Class I GBP Net Assets 442,290 Shares issued and outstanding 7,908 Net Asset Value per share

209 NOTES TO THE FINANCIAL STATEMENTS (continued) 17 Comparative Statistics (continued) NWQ Large-Cap Value ESG Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2015 Net Assets 1,398,062 94, , ,822 2,059,830 Shares issued and outstanding 38,049 2,478 10,500 35,385 71,247 Net Asset Value per share Class I GBP Net Assets 361,344 Shares issued and outstanding 8,041 Net Asset Value per share Global Infrastructure Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2015 Net Assets 212,778 28,934,641 14,380,609 4,612,849 4,483,138 Shares issued and outstanding 5, , , , ,045 Net Asset Value per share Class I GBP Net Assets 582,572 Shares issued and outstanding 12,658 Net Asset Value per share Santa Barbara Global Dividend Growth Fund Class A Euro Class I Euro Class A Class A Class C Accumulating Accumulating Accumulating Distributing Accumulating 31 st May, 2015 Net Assets 127, ,268 37,487,730 38,825,256 17,943,142 Shares issued and outstanding 3,046 8,793 1,309,344 1,358, ,248 Net Asset Value per share Class C Class I Class I Class I GBP Distributing Accumulating Distributing Accumulating Net Assets 20,443,186 35,795,127 20,850, ,492 Shares issued and outstanding 720,096 1,337, ,157 4,345 Net Asset Value per share

210 NOTES TO THE FINANCIAL STATEMENTS (continued) 17 Comparative Statistics (continued) Gresham Diversified Commodity Strategy Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2015 Net Assets 71,737 73, ,474 70,557 5,498,787 Shares issued and outstanding 3,934 3,934 9,999 5, ,037 Net Asset Value per share Class I GBP Net Assets 73,311 Shares issued and outstanding 3,145 Net Asset Value per share Gresham Long/Short Commodity Strategy Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2015 Net Assets 94,019 4,968, ,038 92,473 34,107,351 Shares issued and outstanding 3, ,373 10,000 5,000 1,774,923 Net Asset Value per share Class I GBP Net Assets 96,080 Shares issued and outstanding 3,145 Net Asset Value per share Global High Income Fund Class A Euro Class I Euro Class A Class A Class C Accumulating Accumulating Accumulating Distributing Accumulating 31 st May, 2015 Net Assets 849,604 1,469,599 2,427, , ,047 Shares issued and outstanding 29,731 50, ,583 5,280 4,832 Net Asset Value per share Class C Class I Class I Class I GBP Distributing Accumulating Distributing Accumulating Net Assets 105,036 1,469,599 1,469,385 1,469,600 Shares issued and outstanding 5,264 66,312 73,575 43,599 Net Asset Value per share

211 NOTES TO THE FINANCIAL STATEMENTS (continued) 17 Comparative Statistics (continued) NWQ Flexible Income Fund Class A Euro Class I Euro Class A Class A Class C Accumulating Accumulating Accumulating Distributing Accumulating 31 st May, 2015 Net Assets 55, ,261 3,404,672 1,599,000 1,286,596 Shares issued and outstanding 1,849 25, ,814 76,705 58,243 Net Asset Value per share Class C Class I Class I Class I GBP Distributing Accumulating Distributing Accumulating Net Assets 55,223 15,675, , ,262 Shares issued and outstanding 2, ,681 37,125 21,462 Net Asset Value per share NWQ Small-Cap Value Fund Class A Euro Class I Euro Class A Class I Class I GBP Accumulating Accumulating Accumulating Accumulating Accumulating 31 st May, 2015 Net Assets 130, , , , ,357 Shares issued and outstanding 4,760 9,521 6,250 12,500 7,589 Net Asset Value per share NWQ Global Equity Fund Class A Euro Class I Euro Class A Class I Class I GBP Accumulating Accumulating Accumulating Accumulating Accumulating 31 st May, 2015 Net Assets 131, , , , ,674 Shares issued and outstanding 4,760 9,521 6,250 12,500 7,589 Net Asset Value per share

212 NOTES TO THE FINANCIAL STATEMENTS (continued) 17 Comparative Statistics (continued) Large Cap Core Fund Class A Euro Class I Euro Class A Class C Class I Accumulating Accumulating Accumulating Accumulating Accumulating 31 st May, 2015 Net Assets 101, , , , ,946 Shares issued and outstanding 4,070 8,139 25,724 5,000 12,500 Net Asset Value per share Class I GBP Accumulating Net Assets 152,968 Shares issued and outstanding 4,786 Net Asset Value per share Tradewinds Global All-Cap Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2014 Net Assets 90,412 73,400 5,046,715 2,105,381 1,028,962 Shares issued and outstanding 1,832 1, ,337 59,905 33,831 Net Asset Value per share NWQ Large-Cap Value Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2014 Net Assets 105, ,225 1,991, ,816 4,058,292 Shares issued and outstanding 1,832 3,924 47,021 4, ,292 Net Asset Value per share Winslow Large-Cap Growth Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2014 Net Assets 75, ,126 7,477,684 8,504,612 67,418,908 Shares issued and outstanding 1,890 9, , ,699 2,177,247 Net Asset Value per share

213 NOTES TO THE FINANCIAL STATEMENTS (continued) 17 Comparative Statistics (continued) Winslow Large-Cap Growth Fund (continued) Class I GBP 31 st May, 2014 (continued) Net Assets 386,970 Shares issued and outstanding 7,908 Net Asset Value per share NWQ Large-Cap Value ESG Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2014 Net Assets 2,840,836 3,034,001 65,045 20,827,275 81,905,770 Shares issued and outstanding 82,604 85,825 2, ,355 3,063,233 Net Asset Value per share Class I GBP Net Assets 334,276 Shares issued and outstanding 8,041 Net Asset Value per share Global Infrastructure Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2014 Net Assets 529,154 29,443,147 5,638,416 3,224,320 2,658,467 Shares issued and outstanding 13, , , ,075 98,011 Net Asset Value per share Class I GBP Net Assets 1,881,610 Shares issued and outstanding 42,756 Net Asset Value per share Santa Barbara Global Dividend Growth Fund Class A Euro Class I Euro Class A Class A Class C Accumulating Accumulating Accumulating Distributing Accumulating 31 st May, 2014 Net Assets 502, ,432 23,960,671 33,525,333 14,826,446 Shares issued and outstanding 12,747 9, ,333 1,234, ,995 Net Asset Value per share

214 NOTES TO THE FINANCIAL STATEMENTS (continued) 17 Comparative Statistics (continued) Santa Barbara Global Dividend Growth Fund (continued) Class C Class I Class I Class I GBP Distributing Accumulating Distributing Accumulating 31 st May, 2014 (continued) Net Assets 19,985,848 19,253,603 22,372, ,431 Shares issued and outstanding 739, , ,963 12,185 Net Asset Value per share Gresham Diversified Commodity Strategy Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2014 Net Assets 94,149 95, ,298 93,205 6,105,906 Shares issued and outstanding 3,934 3,934 9,999 5, ,032 Net Asset Value per share Class I GBP Net Assets 95,397 Shares issued and outstanding 3,145 Net Asset Value per share Gresham Long/Short Commodity Strategy Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2014 Net Assets 95,833 97, ,666 94,872 6,215,960 Shares issued and outstanding 3,934 3,934 10,000 5, ,063 Net Asset Value per share Class I GBP Net Assets 97,104 Shares issued and outstanding 3,145 Net Asset Value per share Global High Income Fund Class A Euro Class I Euro Class A Class A Class C Accumulating Accumulating Accumulating Distributing Accumulating 31 st May, 2014 Net Assets 107,658 1,493, , , ,811 Shares issued and outstanding 3,690 50,946 4,803 5,020 4,832 Net Asset Value per share

215 NOTES TO THE FINANCIAL STATEMENTS (continued) 17 Comparative Statistics (continued) Global High Income Fund (continued) Class C Class I Class I Class I GBP Distributing Accumulating Distributing Accumulating 31 st May, 2014 (continued) Net Assets 107,801 1,493,268 1,493,090 1,493,269 Shares issued and outstanding 5,030 66,312 69,605 43,599 Net Asset Value per share NWQ Flexible Income Fund Class A Euro Class I Euro Class A Class A Class C Accumulating Accumulating Accumulating Distributing Accumulating 31 st May, 2014 Net Assets 54, ,249 54,159 73,939 53,972 Shares issued and outstanding 1,849 25,421 2,500 3,511 2,500 Net Asset Value per share Class C Class I Class I Class I GBP Distributing Accumulating Distributing Accumulating Net Assets 53, , , ,249 Shares issued and outstanding 2,564 34,375 35,463 21,462 Net Asset Value per share Tradewinds Global All-Cap Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2013 Net Assets 183,896 5,600,915 8,763,273 4,235,600 6,886,188 Shares issued and outstanding 4, , , , ,797 Net Asset Value per share Tradewinds Japan Equity Fund Class I 31 st May, 2013 Net Assets 1,017,128 Shares issued and outstanding 49,612 Net Asset Value per share NWQ Large-Cap Value Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2013 Net Assets 92, , , ,514 4,301,686 Shares issued and outstanding 1,832 3,924 12,919 5, ,883 Net Asset Value per share

216 NOTES TO THE FINANCIAL STATEMENTS (continued) 17 Comparative Statistics (continued) Tradewinds Global Resources Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2013 Net Assets 42, ,771 42,313 41, ,540 Shares issued and outstanding 1,750 5,159 2,500 2,500 35,000 Net Asset Value per share Tradewinds Emerging Markets Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2013 Net Assets 36, , ,743 36, ,605 Shares issued and outstanding 1,750 5,143 8,300 2,500 35,000 Net Asset Value per share Winslow Large-Cap Growth Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2013 Net Assets 63, ,977 4,224,921 1,553,175 44,085,896 Shares issued and outstanding 1,890 9, ,347 62,547 1,716,245 Net Asset Value per share Class I GBP Net Assets 321,017 Shares issued and outstanding 7,908 Net Asset Value per share NWQ Large-Cap Value ESG Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2013 Net Assets 820,763 3,121,073 56,922 22,229, ,176,800 Shares issued and outstanding 27, ,852 2, ,774 5,357,281 Net Asset Value per share Class I GBP Net Assets 289,753 Shares issued and outstanding 8,041 Net Asset Value per share Global Infrastructure Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2013 Net Assets 454,568 25,140,214 3,871, ,074 1,350,357 Shares issued and outstanding 13, , ,157 40,120 58,306 Net Asset Value per share

217 NOTES TO THE FINANCIAL STATEMENTS (continued) 17 Comparative Statistics (continued) Global Infrastructure Fund (continued) Class I GBP 31 st May, 2013 (continued) Net Assets 1,606,626 Shares issued and outstanding 42,756 Net Asset Value per share Santa Barbara Global Dividend Growth Fund Class A Euro Class I Euro Class A Class A Class C Accumulating Accumulating Accumulating Distributing Accumulating 31 st May, 2013 Net Assets 286, ,297 11,621,209 23,668,163 7,392,007 Shares issued and outstanding 8,226 9, , , ,249 Net Asset Value per share Class C Class I Class I Class I GBP Distributing Accumulating Distributing Accumulating Net Assets 13,899,945 6,138,495 17,613, ,833 Shares issued and outstanding 566, , ,190 12,185 Net Asset Value per share Gresham Diversified Commodity Strategy Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2013 Net Assets 92,855 93, ,710 92,523 5,971,032 Shares issued and outstanding 3,934 3,934 9,999 5, ,032 Net Asset Value per share Class I GBP Net Assets 93,291 Shares issued and outstanding 3,145 Net Asset Value per share Gresham Long/Short Commodity Strategy Fund Class A Euro Class I Euro Class A Class C Class I 31 st May, 2013 Net Assets 99,149 99, ,299 98,795 6,376,618 Shares issued and outstanding 3,934 3,934 10,000 5, ,063 Net Asset Value per share Class I GBP Net Assets 99,614 Shares issued and outstanding 3,145 Net Asset Value per share

218 NOTES TO THE FINANCIAL STATEMENTS (continued) 18 Exchange Rates The following exchange rates were used as at 31 st May, 2015 and 31 st May, 2014: As at 31 st May, 2015 As at 31 st May, 2014 Australian Dollar (AUD) Brazilian Real (BRL) British Pound (GBP) Canadian Dollar (CAD) Chilean Peso (CLP) Danish Krone (DKK) Euro (EUR) Hong Kong Dollar (HKD) Indonesian Rupiah (IDR) 13, , Israeli Shekel (ILS) N/A Japanese Yen (JPY) Malaysian Ringgit (MYR) Mexican Peso (MXN) New Zealand Dollar (NZD) Norwegian Krone (NOK) Polish Zloty (PLN) N/A Philippine Peso (PHP) Singapore Dollar (SGD) South Korean Won (KRW) 1, , Swedish Krona (SEK) N/A Swiss Franc (CHF) Soft Commissions During the year, the Sub-Investment Managers and connected persons have entered into soft commission arrangements with brokers in respect of which certain goods and services used to support the investment decision process were received. The Sub-Investment Managers and connected persons transact business with the brokers on behalf of the Sub-Funds and other accounts, and commissions are paid on these transactions. The goods and services utilised for the Sub-Funds generally take the form of research reports or advice from analysts on specific companies, industry/sectors or general economic conditions, and may include informational meetings and interviews arranged by the brokers with officials at companies in which the Sub-Investment Managers invest or may invest in the future, or other reports, or analyses. The Sub-Investment Managers consider these arrangements are to the benefit of the Sub-Funds and each Sub- Investment Manager has satisfied itself that it obtains best execution on behalf of the Sub-Funds and the brokerage rates are not in excess of customary institutional full service brokerage rates. 20 Segregated Liability Each Sub-Fund will be responsible for paying its fees and expenses regardless of the level of its profitability. The Company is an umbrella fund with segregated liability between sub-funds under Irish law. However, there can be no guarantee that, should an action be brought against the Company in the courts of another jurisdiction, the segregated nature of the Sub-Funds would necessarily be upheld. 217

219 NOTES TO THE FINANCIAL STATEMENTS (continued) 21 Significant Events during the Year Revised Prospectus A revised prospectus was noted by the Central Bank on 29 th August, 2014 to reflect the approval by the Central Bank of the NWQ Small-Cap Value Fund and NWQ Global Equity Fund and other miscellaneous updates. A revised prospectus was noted by the Central Bank on 18 th December, 2014 to reflect the approval by the Central Bank of the Large Cap Core Fund and other miscellaneous updates. Sub-Fund Launches The NWQ Small-Cap Value Fund and the NWQ Global Equity Fund launched on 2 nd September, The Large Cap Core Fund launched on 18 th December, Details of share class launches are set out in General Information. On 6 th August, 2014 the Company s registration in Switzerland was declared effective. There were no other material events affecting the Company during the year ended 31 st May, Events since the Year End Below are details of dividends that were declared on share classes for the Santa Barbara Global Dividend Growth Fund, the Global High Income Fund and the NWQ Flexible Income Fund after the period ended 31 st May, 2015: Santa Barbara Global Dividend Growth Fund Shares Ex-Dividend Date Number of Redeemable Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 2 nd June, ,358, ,740 Class C Distributing Shares 2 nd June, , ,284 Class I Distributing Shares 2 nd June, , , ,543 Global High Income Fund Shares Ex-Dividend Date Number of Redeemable Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 2 nd June, , Class C Distributing Shares 2 nd June, , Class I Distributing Shares 2 nd June, , ,308 8,222 Flexible Income Fund Shares Ex-Dividend Date Number of Redeemable Participating Shares Income Distribution Rate per share Amount Class A Distributing Shares 2 nd June, , ,929 Class C Distributing Shares 2 nd June, , Class I Distributing Shares 2 nd June, , ,817 6,

220 NOTES TO THE FINANCIAL STATEMENTS (continued) 22 Events since the Year End (continued) On 4 th June, 2015 there were redemptions from Global Infrastructure Fund amounting to 708,800 shares ( 28,775,631) from Class I EUR. This equated to 56.35% of the Sub-Fund. 23 Approval of Financial Statements The Board of Directors approved the annual report and audited financial statements on 16 th September

221 MANAGEMENT AND ADMINISTRATION Directors Margo L. Cook Eimear Cowhey* John L. MacCarthy Denis Murphy* Thomas S. Schreier, Jr. Adrian Waters* Custodian Brown Brothers Harriman Trustee Services (Ireland) Limited 30 Herbert Street Dublin 2 Ireland * Independent Directors Registered Office Arthur Cox Building Earlsfort Centre Earlsfort Terrace Dublin 2 Ireland Investment Manager & Distributor Fund Advisors, LLC 333 West Wacker Drive Chicago Illinois USA Sub-Investment Managers: Asset Management, LLC 333 West Wacker Drive Chicago Illinois USA Tradewinds Global Investors, LLC 2049 Century Park East Los Angeles California USA NWQ Investment Management Company, LLC 2049 Century Park East Los Angeles California USA Winslow Capital Management, LLC 4720 IDS Tower 80 South Eighth Street Minneapolis Minnesota USA Santa Barbara Asset Management, LLC 820 State Street 5th Floor Santa Barbara California USA. Gresham Investment Management, LLC (acting through its Near Term Active division) 67 Irving Place, 12 th Floor New York USA Legal Advisers Arthur Cox Earlsfort Centre Earlsfort Terrace Dublin 2 Ireland Chartered Accountants and Registered Auditors PricewaterhouseCoopers Chartered Accountants and Registered Auditors One Spencer Dock North Wall Quay Dublin 1 Ireland Administrator Brown Brothers Harriman Fund Administration Services (Ireland) Limited 30 Herbert Street Dublin 2 Ireland Sponsoring Broker Arthur Cox Listing Services Limited Earlsfort Centre Earlsfort Terrace Dublin 2 Company Secretary Bradwell Limited Arthur Cox Building Earlsfort Centre Earlsfort Terrace Dublin 2 Ireland Swiss Paying Agent Société Générale, Paris, Zürich branch Talacker 50, Postfach 1928, 8021 Zurich Switzerland The prospectus, the articles of association, the Key Investor Information Documents ( KIID ), the annual and semi-annual report as well as a list containing all purchases and sales which have been made during the reporting year for the Company can be obtained free of charge from the Swiss Representative, Société Générale, Paris, Zürich Branch, Talacker 50, P.O. Box 1928, CH 8021 Zürich, Switzerland The information contained in this report is historical and not necessarily indicative of future performance. The performance data contained in this report does not take account of any commissions or costs charged when subscribing and redeeming shares. 220

222 APPENDIX 1 PORTFOLIO TURNOVER RATES (UNAUDITED) For the years ended 31 st May, 2015 and 31 st May, 2014 The portfolio turnover of the assets reflects the turnover ratio of the Sub-Funds assets during the year ended 31 st May 2015, expressed as a ratio on a twelve month period basis of the average net assets. Sub-Fund 31 st May, st May, 2014 Tradewinds Global All-Cap Fund 133% 81% NWQ Large-Cap Value Fund 34% 9% Winslow Large-Cap Growth Fund 104% 103% NWQ Large-Cap Value ESG Fund 8% (11%) Global Infrastructure Fund 243% 256% Santa Barbara Global Dividend Growth Fund (19%) 17% Gresham Diversified Commodity Strategy Fund 105% 118% Gresham Long/Short Commodity Strategy Fund 51% 112% Global High Income Fund 107% 132% NWQ Flexible Income Fund 212% 130% NWQ Small-Cap Value Fund 1 53% N/A NWQ Global Equity Fund 1 55% N/A Large Cap Core Fund 2 97% N/A Portfolio Turnover Rates are based on the trailing 12 months preceding the dates listed above. 1 The Sub-Funds launched on 2 nd September, The Sub-Fund launched on 18 th December,

223 APPENDIX 2 - TOTAL EXPENSE RATIOS (UNAUDITED) 31 st May, st May, 2014 Sub-Fund Tradewinds Global All-Cap Fund Class A Euro 2.25% 2.25% Class I Euro 1.25% 1.11% Class A 2.25% 2.25% Class C 2.75% 2.75% Class I 1.25% 1.25% NWQ Large-Cap Value Fund Class A Euro 1.75% 1.75% Class I Euro 1.25% 1.25% Class A 1.75% 1.75% Class C 2.50% 2.50% Class I 1.25% 1.25% Winslow Large-Cap Growth Fund Class A Euro 1.74% 1.75% Class I Euro 1.24% 1.25% Class A 1.74% 1.75% Class C 2.49% 2.50% Class I 1.24% 1.25% Class I GBP 1.24% 1.25% NWQ Large-Cap Value ESG Fund Class A Euro 1.90% 1.83% Class I Euro 0.74% 0.85% Class A 1.90% 1.82% Class C 2.65% 2.57% Class I 0.74% 0.89% Class I GBP 0.74% 0.85% Global Infrastructure Fund Class A Euro 1.75% 1.85% Class I Euro 1.25% 1.25% Class A 1.75% 1.84% Class C 2.50% 2.55% Class I 1.25% 1.25% Class I GBP 1.25% 1.25% 222

224 APPENDIX 2 - TOTAL EXPENSE RATIOS (UNAUDITED) (continued) 31 st May, st May, 2014 Sub-Fund Santa Barbara Global Dividend Growth Fund Class A Euro Accumulating 1.72% 1.75% Class I Euro Accumulating 1.22% 1.25% Class A Accumulating 1.71% 1.75% Class A Distributing 1.72% 1.75% Class C Accumulating 2.47% 2.50% Class C Distributing 2.47% 2.50% Class I Distributing 1.22% 1.25% Class I GBP Accumulating 1.23% 1.25% Class I Accumulating 1.22% 1.25% Gresham Diversified Commodity Strategy Fund Class A Euro 2.05% 2.16% Class I Euro 1.20% 1.31% Class A 2.05% 2.16% Class C 2.70% 2.81% Class I 1.20% 1.31% Class I GBP 1.20% 1.31% Gresham Long/Short Commodity Strategy Fund Class A Euro 2.34% 2.35% Class I Euro 1.48% 1.50% Class A 2.34% 2.35% Class C 2.99% 3.00% Class I 1.48% 1.50% Class I GBP 1.49% 1.50% Global High Income Fund Class A Euro Accumulating 1.50% 1.50% Class I Euro Accumulating 1.00% 1.00% Class A Accumulating 1.50% 1.50% Class A Distributing 1.50% 1.50% Class C Accumulating 2.00% 2.00% Class C Distributing 2.00% 2.00% Class I Accumulating 1.00% 1.00% Class I Distributing 1.00% 1.00% Class I GBP Accumulating 1.00% 1.00% 223

225 APPENDIX 2 - TOTAL EXPENSE RATIOS (UNAUDITED) (continued) Sub-Fund 31 st May, st May, 2014 NWQ Flexible Income Fund Class A Euro Accumulating 1.50% 1.50% Class I Euro Accumulating 1.00% 1.00% Class A Accumulating 1.50% 1.50% Class A Distributing 1.50% 1.50% Class C Accumulating 2.00% 2.00% Class C Distributing 2.00% 2.00% Class I Accumulating 1.00% 1.00% Class I Distributing 1.00% 1.00% Class I GBP Accumulating 1.00% 1.00% NWQ Small-Cap Value Fund 1 Class A Euro Accumulating 1.75% N/A Class I Euro Accumulating 1.25% N/A Class A Accumulating 1.75% N/A Class I GBP Accumulating 1.25% N/A Class I Accumulating 1.25% N/A NWQ Global Equity Fund 1 Class A Euro Accumulating 1.75% N/A Class I Euro Accumulating 1.25% N/A Class A Accumulating 1.75% N/A Class I GBP Accumulating 1.25% N/A Class I Accumulating 1.25% N/A Large Cap Core Fund 2 Class A Euro Accumulating 1.49% N/A Class I Euro Accumulating 0.99% N/A Class A Accumulating 1.49% N/A Class C Accumulating 2.24% N/A Class I GBP Accumulating 0.99% N/A Class I Accumulating 0.99% N/A 1 The Sub-Funds launched on 2 nd September, The Total Expense Ratios for these share classes are calculated from date of launch to 31 st May, The Sub-Fund launched on 18 th December, The Total Expense Ratios for these share classes are calculated from date of launch to 31 st May,