Canaccord Genuity Investment Funds Plc

Transcription

1 Canaccord Genuity Investment Funds Plc AN INVESTMENT COMPANY WITH VARIABLE CAPITAL STRUCTURED AS AN UMBRELLA FUND WITH SEGREGATED LIABILITY BETWEEN SUB-FUNDS Interim Report and Unaudited Financial Statements for the six months ended 30 June 2015 To us there are no foreign markets. TM

2

3 CANACCORD GENUITY INVESTMENT FUNDS PLC (An Investment Company with variable capital structured as an umbrella fund with segregated liability between sub-funds) CONDENSED INTERIM REPORT AND UNAUDITED FINANCIAL STATEMENTS For the six months ended 30 June 2015 CGWM TOTAL RETURN BOND FUND CGWM SELECT INCOME FUND CGWM SELECT DIVERSITY FUND CGWM SELECT AFFINITY FUND CGWM SELECT GLOBAL DIVERSITY FUND CGWM SELECT GLOBAL AFFINITY FUND CGWM SELECT OPPORTUNITY FUND CGWM SELECT GLOBAL OPPORTUNITY FUND CGWM REMAP 4 FUND CGWM REMAP 4(i) FUND CGWM REMAP 5 FUND CGWM BOND FUND

4 CONTENTS 2 Introduction 4 Management and Administration 5 Investment Managers Reports 17 Condensed Statement of Financial Position 23 Condensed Statement of Comprehensive Income 27 Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Shares 31 Condensed Statement of Cash Flows 35 Notes to the Condensed Financial Statements 55 Investment Portfolios 85 Significant Portfolio Movements 1

5 INTRODUCTION Canaccord Genuity Investment Funds plc (the Company ) is an umbrella fund with segregated liability between subfunds established as an open-ended investment company with variable capital under the laws of Ireland as a public limited company pursuant to the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the UCITS Regulations ) and has been authorised by the Central Bank of Ireland (the Central Bank ) as an Undertaking for Collective Investment in Transferable Securities ( UCITS ). Different sub-funds ( Funds ) may be established from time to time by the Directors with the prior approval of the Central Bank. The Funds of the Company that have been established and are in existence as at 30 June 2015 are outlined below: CGWM TOTAL RETURN BOND FUND The investment objective of the Fund is to generate income from a portfolio of investment grade bonds and money market instruments whilst seeking to increase and preserve capital value. The Fund will aim to deliver a net total return in excess of 2% per annum over 3 Month Sterling LIBOR, whilst paying a semi-annual dividend equivalent to the then current Sterling base rate. The Fund aims to achieve this objective by investing in a concentrated portfolio of investment grade bonds and money market investments denominated in a variety of currencies from The Group of Ten (G10) countries. CGWM SELECT INCOME FUND The investment objective of the Fund is to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is primarily a fund of funds that seeks to achieve its investment objective and policy by indirect exposure to international equity markets equal to a maximum of 50% of its net assets by investing in the securities of regulated collective investment schemes; and by an indirect exposure to international debt markets equal to a maximum of 30% of its net assets by investing in the securities of regulated collective investment schemes and in fixed interest debt securities. CGWM SELECT DIVERSITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is a fund of funds and aims to achieve its objective by indirect exposure to international equity markets equal to a maximum of 60% of its net assets by investing in the securities of regulated collective investment schemes. CGWM SELECT AFFINITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is a fund of funds that aims to achieve its objective by indirect exposure to international equity markets equal to a maximum of 85% of its net assets by investing in the securities of regulated collective investment schemes. CGWM SELECT GLOBAL DIVERSITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is a fund of funds that aims to achieve its objective by indirect exposure to international equity markets equal to a maximum of 60% of its net assets by investing in the securities of regulated collective investment schemes. The Base Currency of the Fund is US Dollars but investments may be denominated in other currencies. CGWM SELECT GLOBAL AFFINITY FUND The investment objective of the Fund is to seek to generate capital growth by investing primarily in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is a fund of funds that aims to achieve its objective by indirect exposure to international equity markets equal to a maximum of 85% of its net assets by investing in the securities of regulated collective investment schemes. The Base Currency of the Fund is US Dollars but investments may be denominated in other currencies. 2

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

7 MANAGEMENT AND ADMINISTRATION Directors: Brian McDermott (Irish) (Non-executive) John Renouf (British) (Independent, non-executive) Collette Wisener-Keating (Irish) (Non-executive) Bronwyn Wright (Irish) (Independent, non-executive) Roger Phillips (British) (Independent, non-executive) (Resigned on 9 February 2015) Registered Office: North Wall Quay International Financial Services Centre Dublin 1 Ireland Promoter: Canaccord Genuity Wealth (International) Limited 2 Grange Place The Grange St Peter Port Guernsey GY1 2QA Investment Managers: Canaccord Genuity Wealth (International) Limited Canaccord Genuity Wealth Limited 2 Grange Place 41 Lothbury The Grange London St Peter Port EC2R 7AE Guernsey GY1 2QA Administrator, Registrar and Company Secretary:* Northern Trust International Fund Administration Services (Ireland) Limited Georges Court Townsend Street Dublin 2 Ireland Custodian: Northern Trust Fiduciary Services (Ireland) Limited Georges Court Townsend Street Dublin 2 Ireland Company Secretary:* Goodbody Secretarial Limited International Financial Services Centre North Wall Quay Dublin 1 Ireland Irish Legal Advisers: A&L Goodbody International Financial Services Centre North Wall Quay Dublin 1 Ireland Sponsoring Broker: A&L Listing International Financial Services Centre North Wall Quay Dublin 1 Ireland Independent Auditor: Deloitte Deloitte & Touche House Earlsfort Terrace Dublin 2 Ireland Registered number: *Effective 23 July 2015, Goodbody Secretarial Limited was appointed the Company Secretary to the Company. 4

8 INVESTMENT MANAGER'S REPORTS For the six months ended 30 June 2015 CGWM Total Return Bond Fund Fund Performance The Fund returned +0.82% in total return terms net of all fees and expenses in the first six months of 2015, whilst 3 month sterling LIBOR returned +0.28% for the same period. Market Review This has been a very challenging period in which to manage low risk mandates, as volatility has increased across all markets. Deflationary fears helped to drive strong returns through the first quarter of this year, but bonds have since had to contend with some severe headwinds. Primarily these have centred on evidence that the European Central Bank may be achieving their primary objective of avoiding deflation, with German CPI climbing steadily from just above 0% towards 1%. German 10-year government bund yields have subsequently rocketed from 0.05% in mid-april, hitting a yield of 1% by early June. This equated to a price fall of -8% in less than 2 months. Volatility on 10-year bunds is now nine times higher than its 15 year average, providing traders with a taste of the turbulence European Central Bank President Mario Draghi warned would be a by-product of record levels of monetary stimulus. Meanwhile, Sterling denominated bonds had their worst quarter on record, in part due to the severe sell-off in bunds, as well as fears over a potential change in the direction of monetary policy. More generally, markets have continued to be besotted with the timing of the first rise in US interest rates. Policymakers continue to re-assure investors that, when they do come, rate rises will be slow and gradual and therefore it is difficult to understand why there is such a myopic fixation with the specific month in which the first rise takes place. Activity/review Low inflation, elevated market volatility and the uncertainty promoted by events in Greece would typically be a supportive environment for government bonds. Whilst US Treasuries and UK Gilts offer good value against zero inflation rates, we take a global approach with a diversified blend of government, quasi-government and investment grade corporate bonds. Our low risk bond strategy prioritises the preservation of capital while offering a degree of protection from the wild swings we have seen in government bond markets. The Fund has an overall duration of years. The credit profile is well-spread across the range with 72% in AAA/AA bonds or cash and around 28% in single-a corporate bonds. The Fund has a projected income yield of 2.5% to 3%. Outlook Whilst economic data has generally been supportive of a potential change in monetary policy, growth across the developed world remains a rather modest 1-3% and is unlikely to be able to exceed this trend over any sustained period. The oil price may have stabilised but the Canaccord Genuity Wealth Management Fixed Interest Committee does not anticipate that inflation will rise significantly over the next 6 months. Equally, if the US Federal Reserve follow through with their seeming intention of raising interest rates during the second half of the year, it is unlikely to stimulate borrowing or boost economic activity and thereby boost inflation. A rise in UK rates could conceivably follow and have a similar damping effect on economic activity and pricing pressures. Canaccord Genuity Wealth (International) Limited July

9 INVESTMENT MANAGER'S REPORTS (continued) For the six months ended 30 June 2015 CGWM Select Income Fund Fund Performance For the 6 months to 30 June 2015 the Fund returned 0.70%. This compared to a rise of 0.72% for the Fund s peer group, the Morningstar GIF GBP Cautious Allocation sector. Market Review The first half of 2015 provided investors with a mix of both the expected and unexpected. Arguably, the most anticipated development proved to be the European Central Bank s foray into the world of quantitative easing and for once European policymakers did not wholly disappoint financial markets. While the programme was not quite as unrestrained as some may have hoped, the announcement was sufficient to afford European asset markets with a notable boost. The fact that Greece continued to dominate the headlines was also as anticipated, although at the time of writing it is far from clear whether the Syriza government will be able to engineer a path to financial stability. There is a not insignificant risk that Greece will shortly be unable to meet its liabilities and question marks surround its future within the Eurozone. Meanwhile, the surprise announcement by the Swiss National Bank that it was removing its peg with the euro went to show that central banks are still, on occasion, capable of throwing the odd curve ball. By contrast, the US Federal Reserve seems determined to telegraph, as clearly as possible, their future policy actions. The removal of the pledge to be patient before raising interest rates has fuelled expectations that the first increase in nearly a decade will shortly be upon us. Activity/review The Fund marginally underperformed its peer group over the reporting period, as despite the defensive measures noted below, a setback in global asset prices in June impacted the Fund s returns relative to peers, reversing the outperformance achieved by the Fund in the first 5 months of the year. During April, we increased the Fund s exposure to Blackrock European Income and switched out of M&G Global Dividend in favour of Fidelity Global Dividend. There were also some moves in the bond exposure, with M&G Strategic Corporate trimmed in favour of increasing the holdings in GAM Star Credit Opportunities and Legg Mason Global Income Optimiser. The overall asset allocation did not change however, with a continued focus on ensuring that the Fund remained well diversified, but with cash available should it be felt that investment opportunities had arisen. Further minor changes were made to the Fund in May, with the exposure to Blackrock European Income being further increased on the back a period of weakness in Eurozone equity markets, while and additional purchase of the Woodford Equity Income fund was made. Within the bond exposure, the holding of the GAM Star Credit Opportunities fund was also increased. June proved to be a relatively active month in terms of portfolio activity as we believed that the investment background was not quite as clear as it once was and we therefore felt it appropriate to reduce the risk profile of the Fund marginally. The equity weighting was reduced via the partial sale of the Invesco UK Strategic Income Fund, with the overall exposure consequently falling from 44% at the end of May, to 40.2% at the end of June. We did, however, increase the Fund s exposure to infrastructure via a purchase of The Renewables Infrastructure Group (TRIG). This asset class has served the Fund well over the past couple of years, generating an attractive return stream coupled with low levels of volatility and a low correlation to traditional risk assets. However as a consequence, the share prices of many investments are trading at a significant premium to their Net Asset Value. By contrast TRIG, which is slightly more specialist in nature, trades closer to its NAV than other companies in the sector. Later in the month we added further to this position, as well as that of John Laing Infrastructure. Finally, we switched the holding of the Neuberger Berman Short Duration High Yield Fund into the Kames High Yield Global Bond Fund, while the M&G Strategic Corporate Bond Fund was sold and the proceeds redeployed into the Allianz Flexible Asia Bond Fund. Outlook For many months we have been arguing that an increase in volatility is all but inevitable and yet, if one uses the VIX index as a guide, equity markets have seemingly been becalmed. However, it is fair to say that stocks have been a notable outlier within the investment landscape, with most of the action, so far, having been centred in bond and currency markets. With signs that this might change over the summer we have taken some defensive action in the Fund. However, if we are correct, an increase in investor anxiety in the months ahead will inevitably provide investment opportunities and we can envisage a scenario where the proceeds from our recent sales are reinvested by the autumn. Canaccord Genuity Wealth (International) Limited July

10 INVESTMENT MANAGER'S REPORTS (continued) For the six months ended 30 June 2015 CGWM Select Diversity Fund Fund Performance For the 6 months to 30 June 2015 the Fund gained 1.66%. This compared to a rise of 1.74 % for the Fund s peer group, the Morningstar GIF GBP Moderate Allocation sector. Market Review The first half of 2015 provided investors with a mix of both the expected and unexpected. Arguably, the most anticipated development proved to be the European Central Bank s foray into the world of quantitative easing and for once European policymakers did not wholly disappoint financial markets. While the programme was not quite as unrestrained as some may have hoped, the announcement was sufficient to afford European asset markets with a notable boost. The fact that Greece continued to dominate the headlines was also as anticipated, although at the time of writing it is far from clear whether the Syriza government will be able to engineer a path to financial stability. Having already missed a EUR 1.55bn repayment to the International Monetary Fund on the 30 June, at the time of writing there is a not insignificant risk Greece will shortly default on all its liabilities. Meanwhile, the surprise announcement by the Swiss National Bank that it was removing its peg with the euro went to show that central banks are still, on occasion, capable of throwing the odd curve ball. By contrast, the US Federal Reserve seems determined to telegraph, as clearly as possible, their future policy actions. The removal of the pledge to be patient before raising interest rates has fuelled expectations that the first increase in nearly a decade will shortly be upon us. Activity/review The Fund marginally underperformed its peer group over the reporting period as, despite the defensive measures noted below, a setback in global asset prices in June impacted the Fund s returns relative to peers, reversing the outperformance achieved by the Fund in the first 5 months of the year. For much of the period, our decision to rotate a portion of the Fund s assets from the US into Europe in the fourth quarter of 2014 paid dividends, as European equity markets rallied strongly following the European Central Bank s announcement that it would begin a 1.1trillion bond purchasing programme in March, while a strong US dollar has held back US corporate earnings and resulted in more muted stock market returns across the Atlantic. Indeed, we continued to increase the Fund s European equity exposure in the first quarter of 2015, with the majority of the higher weighting being established via the Baring German Growth Fund. We believe the German export industry will be a notable beneficiary of the euro s continuing weakness and we therefore elected to incorporate a dedicated German exposure. Other activity in the early part of the reporting period included a reduction to the Fund s UK equity weighting, with the proceeds being reinvested in Asian equities, via the First State Asia Pacific Leaders Fund and the Blackrock GF Asian Growth Leaders Fund. The UK economy appears to be slowing and we were concerned that uncertainty in the lead up to the UK General Election would weigh on Sterling and cause added volatility in the UK stock market. Asia, however, is benefitting from lower oil prices, as manufacturers enjoy lower input costs and the countries such as India, China, South Korea and Taiwan see significant improvements to their current accounts. However, while we added to the Fund s equity weighting in the first quarter, a combination of the ever more acrimonious Greek debt negotiations, concerns over Fed tightening and increasingly stretched equity valuations, led us to believe some caution was warranted over the summer. We therefore reduced the Fund s equity allocation by 5% in June, crystallising some of the profits in the Fund s European equity and technology holdings and selling the Fund s small allocation to the Investec Global Energy fund. Finally outside of equities, we elected to incorporate an exposure to the Legg Mason Western Asset Macro Opportunities Bond Fund, partly funded via a disposal of the Fund s short dated government bond exposure and which was viewed as a cash alternative. The Legg Mason Fund aims to deliver attractive returns via the identification of relative-value opportunities in the fixed-income market, with a strategy which focusses on a long-term assessment of value, complemented by short-term liquid strategies driven by market dislocations. We believe that this fund will offer a higher level of return than short dated government issues, while still providing protective characteristics in the event that financial stresses increase from current levels. Outlook For many months we have been arguing that an increase in volatility is all but inevitable and yet, if one uses the VIX index as a guide, equity markets have seemingly been becalmed. However, it is fair to say that stocks have been a notable outlier within the investment landscape, with most of the action, so far, having been centred in bond and currency markets. With signs that this might change over the summer we have taken some defensive action in the Fund. However, if we are correct, an increase investor anxiety in the months ahead will inevitably provide investment opportunities and we can envisage a scenario where the proceeds from our recent sales are reinvested by the autumn. Canaccord Genuity Wealth (International) Limited July

11 INVESTMENT MANAGER'S REPORTS (continued) For the six months ended 30 June 2015 CGWM Select Affinity Fund Fund Performance For the 6 months to 30 June 2015 the Fund gained 2.23 %. This compared to a rise of 2.37% for the Fund s peer group, the Morningstar GIF GBP Aggressive Allocation sector. Market Review The first half of 2015 provided investors with a mix of both the expected and unexpected. Arguably, the most anticipated development proved to be the European Central Bank s foray into the world of quantitative easing and for once European policymakers did not wholly disappoint financial markets. While the programme was not quite as unrestrained as some may have hoped, the announcement was sufficient to afford European asset markets with a notable boost. The fact that Greece continued to dominate the headlines was also as anticipated, although at the time of writing it is far from clear whether the Syriza government will be able to engineer a path to financial stability. Having already missed a EUR 1.55bn repayment to the International Monetary Fund on the 30 June, at the time of writing there is a not insignificant risk Greece will shortly default on all its liabilities. Meanwhile, the surprise announcement by the Swiss National Bank that it was removing its peg with the euro went to show that central banks are still, on occasion, capable of throwing the odd curve ball. By contrast, the US Federal Reserve seems determined to telegraph, as clearly as possible, their future policy actions. The removal of the pledge to be patient before raising interest rates has fuelled expectations that the first increase in nearly a decade will shortly be upon us. Activity/review The Fund marginally underperformed its peer group over the reporting period, as despite the defensive measures noted below, a setback in global asset prices in June impacted the Fund s returns relative to peers, reversing the outperformance achieved by the Fund in the first 5 months of the year. For much of the period, our decision to rotate a portion of the Fund s assets from the US into Europe in the fourth quarter of 2014 paid dividends, as European equity markets rallied strongly following the European Central Bank s announcement that it would begin a 1.1trillion bond purchasing programme in March, while a strong US dollar has held back US corporate earnings and resulted in more muted stock market returns across the Atlantic. Indeed, we continued to increase the Fund s European equity exposure in the first quarter of 2015, with the majority of the higher weighting being established via the Baring German Growth Fund. We believe the German export industry will be a notable beneficiary of the euro s continuing weakness and we therefore elected to incorporate a dedicated German exposure. Other activity in the early part of the reporting period included a reduction to the Fund s UK equity weighting, with the proceeds being reinvested in Asian equities, via the First State Asia Pacific Leaders Fund and the Blackrock GF Asian Growth Leaders Fund. The UK economy appears to be slowing and we were concerned that uncertainty in the lead up to the UK General Election would weigh on Sterling and cause added volatility in the UK stock market. Asia, however, is benefitting from lower oil prices, as manufacturers enjoy lower input costs and the countries such as India, China, South Korea and Taiwan see significant improvements to their current accounts However, while we added to the Fund s equity weighting in the first quarter, a combination of the ever more acrimonious Greek debt negotiations, concerns over Fed tightening and increasingly stretched equity valuations, led us to believe some caution was warranted over the summer. We therefore reduced the Fund s equity allocation by 4% in June, crystallising some of the profits in the Fund s European equity holdings and selling the Fund s small allocation to the Investec Global Energy fund. Finally outside of equities, we elected to incorporate an exposure to the Legg Mason Western Asset Macro Opportunities Bond Fund, partly funded via a disposal of the Fund s short dated government bond exposure and which was viewed as a cash alternative. The Legg Mason Fund aims to deliver attractive returns via the identification of relative-value opportunities in the fixed-income market, with a strategy which focusses on a long-term assessment of value, complemented by short-term liquid strategies driven by market dislocations. We believe that this fund will offer a higher level of return than short dated government issues, while still providing protective characteristics in the event that financial stresses increase from current levels. Outlook For many months we have been arguing that an increase in volatility is all but inevitable and yet, if one uses the VIX index as a guide, equity markets have seemingly been becalmed. However, it is fair to say that stocks have been a notable outlier within the investment landscape, with most of the action, so far, having been centred in bond and currency markets. With signs that this might change over the summer we have taken some defensive action in the Fund. However, if we are correct, an increase investor anxiety in the months ahead will inevitably provide investment opportunities and we can envisage a scenario where the proceeds from our recent sales are reinvested by the autumn. Canaccord Genuity Wealth (International) Limited July

12 INVESTMENT MANAGER'S REPORTS (continued) For the six months ended 30 June 2015 CGWM Select Global Diversity Fund Fund Performance For the 6 months to 30 June 2015 the Fund returned 1.75%. This compared to a rise of 1.48% for the Fund s peer group, the Morningstar GIF USD Moderate Allocation sector. Market Review The first half of 2015 provided investors with a mix of both the expected and unexpected. Arguably, the most anticipated development proved to be the European Central Bank s foray into the world of quantitative easing and for once European policymakers did not wholly disappoint financial markets. While the programme was not quite as unrestrained as some may have hoped, the announcement was sufficient to afford European asset markets with a notable boost. The fact that Greece continued to dominate the headlines was also as anticipated, although at the time of writing it is far from clear whether the Syriza government will be able to engineer a path to financial stability. There is a not insignificant risk that Greece will shortly be unable to meet its liabilities and question marks surround its future within the Eurozone. Meanwhile, the surprise announcement by the Swiss National Bank that it was removing its peg with the euro went to show that central banks are still, on occasion, capable of throwing the odd curve ball. By contrast, the US Federal Reserve seems determined to telegraph, as clearly as possible, their future policy actions. The removal of the pledge to be patient before raising interest rates has fuelled expectations that the first increase in nearly a decade will shortly be upon us. Activity/review It is pleasing to report the Fund outperformed its peer group over the reporting period, as our decision to rotate a portion of the Fund s assets from the US into Europe in the fourth quarter of 2014 started to pay dividends. European equity markets have rallied strongly following the European Central Bank s announcement that it would begin a EUR 1.1trillion bond purchasing programme in March, while a strong US dollar has held back US corporate earnings and resulted in more muted stock market returns across the Atlantic. We continued to increase the Fund s European equity exposure during the first quarter of 2015, with the majority of the higher weighting being established via the Baring German Growth Fund. We believe that the German export industry will be a notable beneficiary of the euro s continuing weakness and we therefore elected to incorporate a dedicated German exposure. However, while we added to the Fund s equity weighting in the first quarter, a combination of the ever more acrimonious Greek debt negotiations, concerns over Fed tightening and increasingly stretched equity valuations, led us to believe some caution was warranted over the summer. We therefore reduced the Fund s equity allocation by 5% in June, crystallising some of the profits in the Fund s European equity and technology holdings and selling the Fund s small allocation to the Investec Global Energy fund. We also elected to incorporate an exposure to the Legg Mason Western Asset Macro Opportunities Bond Fund, partly funded via a disposal of the Fund s short dated government bond exposure and which was viewed as a cash alternative. The Legg Mason Fund aims to deliver attractive returns via the identification of relative-value opportunities in the fixedincome market, with a strategy which focusses on a long-term assessment of value, complemented by short-term liquid strategies driven by market dislocations. We believe that this fund will offer a higher level of return than short dated government issues, while still providing protective characteristics in the event that financial stresses increase from current levels. Finally, we switched the Fund s holding of the Wells Fargo US All Cap Growth Fund into the Wells Fargo US Premier Growth Fund, with the latter having demonstrated a similar return profile, but with less volatility. This was within the context of a reduction in the US equity weighting, which was used to partly fund the increased exposure to Europe and Asia. Other activity in the early part of the reporting period included a reduction to the Fund s UK equity weighting, with the proceeds being reinvested in Asian equities, via the First State Asia Pacific Leaders Fund and the Blackrock GF Asian Growth Leaders Fund. The UK economy appears to be slowing and we were concerned that uncertainty in the lead up to the UK General Election would weigh on Sterling and cause added volatility in the UK stock market. Asia, however, is benefitting from lower oil prices, as manufacturers enjoy lower input costs and the countries such as India, China, South Korea and Taiwan see significant improvements to their current accounts. Outlook For many months we have been arguing that an increase in volatility is all but inevitable and yet, if one uses the VIX index as a guide, equity markets have seemingly been becalmed. However, it is fair to say that stocks have been a notable outlier within the investment landscape, with most of the action, so far, having been centred in bond and currency markets. With signs that this might change over the summer we have taken some defensive action in the Fund. However, if we are correct, an increase in investor anxiety in the months ahead will inevitably provide investment opportunities and we can envisage a scenario where the proceeds from our recent sales are reinvested by the autumn. Canaccord Genuity Wealth (International) Limited July

13 INVESTMENT MANAGER'S REPORTS (continued) For the six months ended 30 June 2015 CGWM Select Global Affinity Fund Fund Performance For the 6 months to 30 June 2015 the Fund returned 2.54%. This compared to a rise of 1.39% for the Fund s peer group, the Morningstar GIF USD Aggressive Allocation sector. Market Review The first half of 2015 provided investors with a mix of both the expected and unexpected. Arguably, the most anticipated development proved to be the European Central Bank s foray into the world of quantitative easing and for once European policymakers did not wholly disappoint financial markets. While the programme was not quite as unrestrained as some may have hoped, the announcement was sufficient to afford European asset markets with a notable boost. The fact that Greece continued to dominate the headlines was also as anticipated, although at the time of writing it is far from clear whether the Syriza government will be able to engineer a path to financial stability. There is a not insignificant risk that Greece will shortly be unable to meet its liabilities and question marks surround its future within the Eurozone. Meanwhile, the surprise announcement by the Swiss National Bank that it was removing its peg with the euro went to show that central banks are still, on occasion, capable of throwing the odd curve ball. By contrast, the US Federal Reserve seems determined to telegraph, as clearly as possible, their future policy actions. The removal of the pledge to be patient before raising interest rates has fuelled expectations that the first increase in nearly a decade will shortly be upon us. Activity/review It is pleasing to report the Fund outperformed its peer group over the reporting period, as our decision to rotate a portion of the Fund s assets from the US into Europe in the fourth quarter of 2014 started to pay dividends. European equity markets have rallied strongly following the European Central Bank s announcement that it would begin a EUR 1.1trillion bond purchasing programme in March, while a strong US dollar has held back US corporate earnings and resulted in more muted stock market returns across the Atlantic. We continued to increase the Fund s European equity exposure during the first quarter of 2015, with the majority of the higher weighting being established via the Baring German Growth Fund. We believe that the German export industry will be a notable beneficiary of the euro s continuing weakness and we therefore elected to incorporate a dedicated German exposure. However, while we added to the Fund s equity weighting in the first quarter, a combination of the ever more acrimonious Greek debt negotiations, concerns over Fed tightening and increasingly stretched equity valuations, led us to believe some caution was warranted over the summer. We therefore reduced the Fund s equity allocation by 5% in June, crystallising some of the profits in the Fund s European equity and technology holdings and selling the Fund s small allocation to the Investec Global Energy fund. We also elected to incorporate an exposure to the Legg Mason Western Asset Macro Opportunities Bond Fund, partly funded via a disposal of the Fund s short dated government bond exposure and which was viewed as a cash alternative. The Legg Mason Fund aims to deliver attractive returns via the identification of relative-value opportunities in the fixedincome market, with a strategy which focusses on a long-term assessment of value, complemented by short-term liquid strategies driven by market dislocations. We believe that this fund will offer a higher level of return than short dated government issues, while still providing protective characteristics in the event that financial stresses increase from current levels. Finally, we switched the Fund s holding of the Wells Fargo US All Cap Growth Fund into the Wells Fargo US Premier Growth Fund, with the latter having demonstrated a similar return profile, but with less volatility. This was within the context of a reduction in the US equity weighting, which was used to partly fund the increased exposure to Europe and Asia. Other activity in the early part of the reporting period included a reduction to the Fund s UK equity weighting, with the proceeds being reinvested in Asian equities, via the First State Asia Pacific Leaders Fund, Hermes Asia ex Japan Equity and the Blackrock GF Asian Growth Leaders Fund. The UK economy appears to be slowing and we were concerned that uncertainty in the lead up to the UK General Election would weigh on Sterling and cause added volatility in the UK stock market. Asia, however, is benefitting from lower oil prices, as manufacturers enjoy lower input costs and the countries such as India, China, South Korea and Taiwan see significant improvements to their current accounts. Outlook For many months we have been arguing that an increase in volatility is all but inevitable and yet, if one uses the VIX index as a guide, equity markets have seemingly been becalmed. However, it is fair to say that stocks have been a notable outlier within the investment landscape, with most of the action, so far, having been centred in bond and currency markets. With signs that this might change over the summer we have taken some defensive action in the Fund. However, if we are correct, an increase in investor anxiety in the months ahead will inevitably provide investment opportunities and we can envisage a scenario where the proceeds from our recent sales are reinvested by the autumn. Canaccord Genuity Wealth (International) Limited July

14 INVESTMENT MANAGER'S REPORTS (continued) For the six months ended 30 June 2015 CGWM Select Opportunity Fund Fund Performance For the 6 months to 30 June 2015 the Fund gained 3.96%. This compared to a rise of 2.37% for the Fund s peer group, the Morningstar GIF GBP Aggressive Allocation sector. Market Review The first half of 2015 provided investors with a mix of both the expected and unexpected. Arguably, the most anticipated development proved to be the European Central Bank s ( ECB ) foray into the world of quantitative easing and for once European policymakers did not wholly disappoint financial markets. While the programme was not quite as unrestrained as some may have hoped, the announcement was sufficient to afford European asset markets with a notable boost. The fact that Greece continued to dominate the headlines was also as anticipated, although at the time of writing it is far from clear whether the Syriza government will be able to engineer a path to financial stability. Having already missed a EUR 1.55bn repayment to the International Monetary Fund on the 30 June, at the time of writing there is a not insignificant risk Greece will shortly default on all its liabilities. Meanwhile, the surprise announcement by the Swiss National Bank that it was removing its peg with the euro went to show that central banks are still, on occasion, capable of throwing the odd curve ball. By contrast, the US Federal Reserve seems determined to telegraph, as clearly as possible, their future policy actions. The removal of the pledge to be patient before raising interest rates has fuelled expectations that the first increase in nearly a decade will shortly be upon us. Activity/review It is pleasing to report the Fund outperformed its peer group over the reporting period, as our core allocations to European and Asian equities and healthcare stocks, boosted returns relative to broader global indices. In the lead up to the ECB s much anticipated Quantitative Easing ( QE ) announcement in January, we took the opportunity to increase the Fund s already healthy allocation to European equities, reducing the Fund s US equity holdings by a commensurate amount. US stocks have outperformed their global peers by a considerable margin over the last 2 years and overweighting this market has become a very consensual trade. As a result, we were happy to take a bit of money off the table in the US, crystallising some healthy profits, and rotate into Europe, where valuations are less stretched and where QE was likely to boost stock market returns. We also increased the Fund s Asian equity and infrastructure holdings by a small margin at this time, funded by a reduction in the Fund s technology holdings. Indeed, we continued to sell down the Fund s remaining technology positions as the first quarter progressed, crystallising the gains seen in the sector in the previous 6 months as we concentrated the Funds back into five core themes; Europe, Asia, Healthcare, Infrastructure and US equities. The proceeds from the sale of the Fund s technology holdings were used add two new holdings to the portfolio, the Wells Fargo US Premier Growth fund and the Blackrock European Equity Income Fund. However, with the anxiety surrounding Greece, Fed tightening, stretched equity valuations and a deteriorating economic growth impulse resonating throughout the second quarter of the year, we believed some caution was warranted in the short-term and increased the Fund s already healthy cash position in May and June while these events played out. Indeed, we raised the Fund s cash allocation to 18% in June, as we trimmed the Fund s European equity allocation by 4%, locking in some of the healthy profits achieved by this allocation year to date. Outlook For many months we have been arguing that an increase in volatility is all but inevitable and yet, if one uses the VIX index as a guide, equity markets are seemingly becalmed. However, it is fair to say that stocks have been a notable outlier within the investment landscape, with most of the action, so far, having been centred in bond and currency markets. While we wait for the anticipated increase in equity market volatility, we have, as noted above, positioned the Fund more defensively. However, increased investor anxiety inevitably provides investment opportunities and we can envisage a scenario where the majority of the Fund s cash position is reinvested by the autumn. Canaccord Genuity Wealth (International) Limited July

15 INVESTMENT MANAGER'S REPORTS (continued) For the six months ended 30 June 2015 CGWM Select Global Opportunity Fund Fund Performance For the 6 months to 30 June 2015 the Fund gained 4.29%. This compared to a rise of 1.39% for the Fund s peer group, the Morningstar GIF USD Aggressive Allocation sector. Market Review The first half of 2015 provided investors with a mix of both the expected and unexpected. Arguably, the most anticipated development proved to be the European Central Bank s ( ECB ) foray into the world of quantitative easing and for once European policymakers did not wholly disappoint financial markets. While the programme was not quite as unrestrained as some may have hoped, the announcement was sufficient to afford European asset markets with a notable boost. The fact that Greece continued to dominate the headlines was also as anticipated, although at the time of writing it is far from clear whether the Syriza government will be able to engineer a path to financial stability. Having already missed a EUR 1.55bn repayment to the International Monetary Fund on the 30 June, at the time of writing there is a not insignificant risk Greece will shortly default on all its liabilities. Meanwhile, the surprise announcement by the Swiss National Bank that it was removing its peg with the euro went to show that central banks are still, on occasion, capable of throwing the odd curve ball. By contrast, the US Federal Reserve seems determined to telegraph, as clearly as possible, their future policy actions. The removal of the pledge to be patient before raising interest rates has fuelled expectations that the first increase in nearly a decade will shortly be upon us. Activity/review It is pleasing to report the Fund outperformed its peer group over the reporting period, as our core allocations to European and Asian equities and healthcare stocks, boosted returns relative to broader global indices. In the lead up to the ECB s much anticipated Quantitative Easing ( QE ) announcement in January, we took the opportunity to increase the Fund s already healthy allocation to European equities, reducing the Fund s US equity holdings by a commensurate amount. US stocks have outperformed their global peers by a considerable margin over the last 2 years and overweighting this market has become a very consensual trade. As a result, we were happy to take a bit of money off the table in the US, crystallising some healthy profits, and rotate into Europe, where valuations are less stretched and where QE was likely to boost stock market returns. We also increased the Fund s Asian equity and infrastructure holdings by a small margin at this time, funded by a reduction in the Fund s technology holdings. Indeed, we continued to sell down the Fund s remaining technology positions as the first quarter progressed, crystallising the gains seen in the sector in the previous 6 months as we concentrated the Funds back into five core themes; Europe, Asia, Healthcare, Infrastructure and US equities. The proceeds from the sale of the Fund s technology holdings were used add two new holdings to the portfolio, the Wells Fargo US Premier Growth fund and the Blackrock Continental European Income fund. However, with the anxiety surrounding Greece, Fed tightening, stretched equity valuations and a deteriorating economic growth impulse resonating throughout the second quarter of the year, we believed some caution was warranted in the short-term and increased the Fund s already healthy cash position in May and June while these events played out. Indeed, we raised the Fund s cash allocation to 18% in June, as we trimmed the Fund s European equity allocation by 4%, locking in some of the healthy profits achieved by this allocation year to date. Outlook For many months we have been arguing that an increase in volatility is all but inevitable and yet, if one uses the VIX index as a guide, equity markets are seemingly becalmed. However, it is fair to say that stocks have been a notable outlier within the investment landscape, with most of the action, so far, having been centred in bond and currency markets. While we wait for the anticipated increase in equity market volatility, we have, as noted above, positioned the Fund more defensively. However, increased investor anxiety inevitably provides investment opportunities and we can envisage a scenario where the majority of the Fund s cash position is reinvested by the autumn. Canaccord Genuity Wealth (International) Limited July

16 INVESTMENT MANAGER'S REPORTS (continued) For the six months ended 30 June 2015 CGWM REMAP 4 Fund Fund Performance For the 6 months to 30 June 2015 the return was 0.20% net of all fees and expenses. This underperformed the 1.67% rise of the WMA Balanced index. The Fund achieved this by exposing the investor to just 60% of the volatility of the WMA index. Market Review Our Market Stress Indicator (MSI), which is a forward-looking measure of portfolio risk, remained elevated through most of the first quarter this year, easing only slightly by the end of March. Given our mandate to cap volatility, this meant that our optimised portfolios remained underweight benchmark, effectively keeping some risk off the table. Even though this has meant some underperformance against the benchmark, we believe that the Fund was well positioned over the period given the potential risks identified by our model. Over the period a change of management at IGNIS Absolute Return gave reason for us to replace this fund with Old Mutual Absolute Return. The UK 2.75% 22/01/15 Gilt matured and was replaced by ishare UK 0-5 year Gilt ETF. The Fund continues with thematic investment by incorporating allocations to Infrastructure, Technology and Healthcare to provide strong returns that are weakly correlated to prevailing negative macroeconomic elements. Our MSI remained at a normal reading of 3.5 (1,2,3 being normal, 4 and 5 being stressed) for most of Q2, only rising to a stressed reading of 4 on the last day of the quarter. The change was clearly driven by the market reaction to the Greek referendum and equity volatility led the move into stress. There was also a classic bond market safe haven shift, with yields falling as investors sought safety. It was not just Greece driving markets and our MSI, however, as the Chinese equity market also continued to unwind the huge margin driven speculative gains seen this year, officially entering Bear Market territory. In response to the MSI moving from stressed in Q1 towards a more normal reading for the majority of Q2 there was a slight reduction in cash holding with the reallocation of funds away from infrastructure, absolute return, thematic equity and UK Gilts to strategic and inflation linked fixed income and UK, US and Japanese equity. The decrease in correlation and volatility of asset classes presented the opportunity to maintain performance while remaining within the risk budget. Outlook The macro backdrop merits continued caution. Market consensus suggests a short-term risk of a further slowdown, but while longer-term structural risks to growth remain in our view. That makes the timing of the inevitable first increase in US interest rates particularly important. Janet Yellen, Chairman of the Federal Reserve Monetary Policy-setting committee has given strong indication that increases in interest rates are likely towards the end of 2015, as the Fed looks to normalise monetary policy. It is likely that market volatility will become more apparent during this process of policy normalisation, resulting in an increase in both global capital flows and fluctuations in currency pricing. That is not a great backdrop for macro market stress, risks abound, and we remain vigilant. That said, we are satisfied that the Fund is well positioned to counter anticipated market volatility while remaining well within the mandated risk budget. Canaccord Genuity Wealth Limited July

17 INVESTMENT MANAGER'S REPORTS (continued) For the six months ended 30 June 2015 CGWM REMAP 4(i) Fund Fund Performance For the 6 months to 30 June 2015 the return was -0.53% net of all fees and expenses. This underperformed the 1.67% rise of the WMA Balanced index. The Fund exposed the investor to approximately half of the volatility of the WMA index. Market Review Our Market Stress Indicator (MSI), which is a forward-looking measure of portfolio risk, remained elevated through most of the first quarter this year, easing only slightly by the end of March. Given our mandate to cap volatility, this meant that our optimised portfolios remained underweight benchmark, effectively keeping some risk off the table. Even though this has meant some underperformance against the benchmark, we believe that the Fund was well positioned over the period given the potential risks identified by our model. Our MSI remained at a normal reading of 3.5 (1, 2, 3 being normal, 4 and 5 being stressed) for most of Q2, only rising to a stressed reading of 4 on the last day of the quarter. The change was clearly driven by the market reaction to the Greek referendum and equity volatility led the move into stress. There was also a classic bond market safe haven shift, with yields falling as investors sought safety. It was not just Greece driving markets and our MSI, however, as the Chinese equity market also continued to unwind the huge margin driven speculative gains seen this year, officially entering Bear Market territory. In response to the MSI moving from stressed in Q1 towards a more normal reading for the majority of Q2 there was no action to be taken. The income bias means we have greater exposure to fixed interest within the fund and over the period the volatility increased within the asset class which meant in order to stay within risk budget a reallocation of funds to equity wasn t warranted. Outlook The macro backdrop merits continued caution. Market consensus suggests a short-term risk of a further slowdown, but while longer-term structural risks to growth remain in our view. That makes the timing of the inevitable first increase in US interest rates particularly important. Janet Yellen, Chairman of the Federal Reserve Monetary Policy-setting committee has given strong indication that increases in interest rates are likely towards the end of 2015, as the Fed looks to normalise monetary policy. It is likely that market volatility will become more apparent during this process of policy normalisation, resulting in an increase in both global capital flows and fluctuations in currency pricing. That is not a great backdrop for macro market stress, risks abound, and we remain vigilant. That said, we are satisfied that the Fund is well positioned to counter anticipated market volatility while remaining well within the mandated risk budget. Canaccord Genuity Wealth Limited July

18 INVESTMENT MANAGER'S REPORTS (continued) For the six months ended 30 June 2015 CGWM REMAP 5 Fund Fund Performance For the 6 months to 30 June 2015 the return was 0.68% net of all fees and expenses. This underperformed the 2.09% rise of the WMA Balanced index. The Fund achieved this by exposing the investor to just 60% of the volatility of the WMA index. Market Review Our Market Stress Indicator (MSI), which is a forward-looking measure of portfolio risk, remained elevated through most of the first quarter this year, easing only slightly by the end of March. Given our mandate to cap volatility, this meant that our optimised portfolios remained underweight benchmark, effectively keeping some risk off the table. Even though this has meant some underperformance against the benchmark, we believe that the Fund was well positioned over the period given the potential risks identified by our model. Weightings to both UK and US large cap equity sectors provided returns while allocations to the fixed income, thematic, absolute return and alternative sectors also provided returns with a low correlation to movements in equity prices. Our MSI remained at a normal reading of 3.5 (1, 2, 3 being normal, 4 and 5 being stressed) for most of Q2, only rising to a stressed reading of 4 on the last day of the quarter. The change was clearly driven by the market reaction to the Greek referendum and equity volatility led the move into stress. There was also a classic bond market safe haven shift, with yields falling as investors sought safety. It was not just Greece driving markets and our MSI, however, as the Chinese equity market also continued to unwind the huge margin driven speculative gains seen this year, officially entering Bear Market territory. In response to the MSI moving from stressed in Q1 towards a more normal reading for the majority of Q2 there was a slight reduction in cash holding with the reallocation of funds away from infrastructure, absolute return and thematic equity to strategic and inflation linked fixed income and UK equity. US equity allocation was reduced with a reallocation to Japanese equity. The decrease in correlation and volatility of asset classes presented the opportunity to maintain performance while remaining within the risk budget. Outlook The macro backdrop merits continued caution. Market consensus suggests a short-term risk of a further slowdown, but while longer-term structural risks to growth remain in our view. That makes the timing of the inevitable first increase in US interest rates particularly important. Janet Yellen, Chairman of the Federal Reserve Monetary Policy-setting committee has given strong indication that increases in interest rates are likely towards the end of 2015, as the Fed looks to normalise monetary policy. It is likely that market volatility will become more apparent during this process of policy normalisation, resulting in an increase in both global capital flows and fluctuations in currency pricing. That is not a great backdrop for macro market stress, risks abound, and we remain vigilant. That said, we are satisfied that the Fund is well positioned to counter anticipated market volatility while remaining well within the mandated risk budget. Canaccord Genuity Wealth Limited July

19 INVESTMENT MANAGER'S REPORTS (continued) For the six months ended 30 June 2015 CGWM Bond Fund Fund Performance The Fund s total return during the reporting period was +0.65% versus the EFFAS 3-7 Year Gilt index return of -0.17%. Market Review This has been a very challenging period in which to manage low risk mandates, as volatility has increased across all markets. Deflationary fears helped to drive strong returns through the first quarter of this year, but bonds have since had to contend with some severe headwinds. Primarily these have centred on evidence that the European Central Bank may be achieving their primary objective of avoiding deflation, with German CPI climbing steadily from just above 0% towards 1%. German 10-year government bund yields have subsequently rocketed from 0.05% in mid-april, hitting a yield of 1.00% by early June. This equated to a price fall of 8% in less than 2 months. Volatility on 10-year bunds is now nine times higher than its 15 year average, providing traders with a taste of the turbulence European Central Bank President Mario Draghi warned would be a by-product of record levels of monetary stimulus. Meanwhile, Sterling denominated bonds had their worst quarter on record, in part due to the severe sell-off in bunds, as well as fears over a potential change in the direction of monetary policy. More generally, markets have continued to be besotted with the timing of the first rise in US interest rates. Policymakers continue to re-assure investors that, when they do come, rate rises will be slow and gradual and therefore it is difficult to understand why there is such a myopic fixation with the specific month in which the first rise takes place. Activity/review Low inflation, elevated market volatility and the uncertainty promoted by events in Greece would typically be a supportive environment for government bonds. Whilst US Treasuries and UK Gilts offer good value against zero inflation rates, we take a global approach with a diversified blend of government, quasi-government and investment grade corporate bonds, balanced with higher risk specialist bond funds. Our low risk bond strategy prioritises the preservation of capital while offering a degree of protection from the wild swings we have seen in government bond markets. The recent rise in bond yields will enable us to deliver a 3%+ annual income this year, whilst the opportunity to make capital gains has also been enhanced, as reflected by the attractive yield to maturity of 3.75%. The sensitivity to potential interest rate changes remains on the defensive side with a duration of 4.68yrs whilst retaining a high quality backbone of 41% to AAA/AA assets. Outlook Whilst economic data has generally been supportive of a potential change in monetary policy, growth across the developed world remains a rather modest 1-3% and is unlikely to be able to exceed this trend over any sustained period. The oil price may have stabilised but the Canaccord Fixed Interest Committee does not anticipate that inflation will rise significantly over the next 6 months. Equally, if the US Federal Reserve follow through with their seeming intention of raising interest rates during the second half of the year, it is unlikely to stimulate borrowing or boost economic activity and thereby boost inflation. A rise in UK rates could conceivably follow and have a similar damping effect on economic activity and pricing pressures. Canaccord Genuity Wealth (International) Limited July

20 Net Assets attributable to holders of redeemable shares ,115,091 4,025,770 13,545,309 74,732,155 49,338,196 46,409,924 21,677,844 Number of shares outstanding at 30 June A Shares 51, B Shares - 11,556,781 53,118,821 31,801,999 30,703,620 13,654,920 B Shares SGD Hedged ,344, ,689 R Shares - 55,070 38,391 44, T Shares , ,649 T Shares GBP Hedged ,853,925 1,185,739 T Shares EUR Hedged ,097 - Net Asset Value per Share at 30 June A Shares B Shares US$1.35 US$1.41 B Shares SGD Hedged SG$1.68 SG$1.76 R Shares T Shares US$0.98 US$1.01 T Shares GBP Hedged T Shares EUR Hedged The accompanying notes form an integral part of these unaudited financial statements. CONDENSED STATEMENT OF FINANCIAL POSITION As at 30 June 2015 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Notes GBP GBP GBP GBP GBP USD USD Assets Financial assets at fair value through profit or loss 428,163,135 3,612,965 12,973,111 68,251,200 45,873,519 41,206,072 19,291,442 Cash deposits 5 45,203, , ,030 6,947,933 3,559,282 4,512,758 1,736,927 Subscriptions receivable 5,386,805 20, , , , ,608 Securities sold receivable 284, Interest and dividends receivable 810,380 51,807 46, ,816 33,053 49,022 16,797 Sundry debtors 50, ,883 2,707 6,035 3,287 Total Assets 479,898,513 4,033,166 13,624,073 76,195,979 49,691,564 46,617,260 21,821,061 Liabilities Financial liabilities at fair value through profit or loss (385,435) (114,026) (91,003) Redemptions payable (926,057) - (52,296) (21,919) (45,589) (8,912) (13,359) Securities purchased payable (2,649,475) - - (1,293,917) (207,411) - - Management fee payable (560,806) (3,160) (18,702) (104,887) (70,678) (57,764) (28,478) Sundry creditors (261,649) (4,236) (7,766) (43,101) (29,690) (26,634) (10,377) Total liabilities (excluding net assets attributable to holders of redeemable shares) (4,783,422) (7,396) (78,764) (1,463,824) (353,368) (207,336) (143,217) 17

21 CONDENSED STATEMENT OF FINANCIAL POSITION As at 30 June 2015 CGWM CGWM Select Select Global CGWM CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Bond Fund Fund Fund Fund Fund Fund Notes GBP USD GBP GBP GBP GBP Assets Financial assets at fair value through profit or loss 47,550, ,161,295 24,079,569 2,777,547 12,650,736 43,382,061 Cash deposits 5 6,528,273 30,128,878 1,980, ,234 1,396, ,950 Subscriptions receivable 903,757 3,324, , ,037 Securities sold receivable ,215 Interest and dividends receivable - 234,322-7,868 14, ,449 Sundry debtors 1,671 5,907 8,835 6,310 6,367 11,395 Total Assets 54,984, ,854,485 26,217,449 2,989,959 14,068,130 44,609,107 Liabilities Financial liabilities at fair value through profit or loss - (77,315) (205,907) Redemptions payable (121,579) (151,902) (573,926) Securities purchased payable (195,000) (1,477,359) - - (13,769) - Management fee payable (70,742) (293,897) (18,507) (2,113) (10,071) (20,235) Sundry creditors (30,898) (135,048) (13,880) (3,459) (8,518) (10,697) Total liabilities (excluding net assets attributable to holders of redeemable shares) (418,219) (2,135,521) (32,387) (5,572) (32,358) (810,765) Net Assets attributable to holders of redeemable shares 14 54,566, ,718,964 26,185,062 2,984,387 14,035,772 43,798,342 Number of shares outstanding at 30 June A Shares 29,547, ,572, ,808 A Shares EUR Hedged ,739 A Shares USD Hedged ,660 A Shares GBP Hedged - 10, B Shares B Shares SGD Hedged - 10,182, D Shares ,129,502 2,903,936 12,856,272 - R Shares T Shares - 813, T Shares GBP Hedged - 3,798, T Shares EUR Hedged - 82, Net Asset Value per Share at 30 June A Shares 1.85 US$ A Shares EUR Hedged A Shares USD Hedged US$99.34 A Shares GBP Hedged B Shares B Shares SGD Hedged - SG$ D Shares R Shares T Shares - US$ T Shares GBP Hedged T Shares EUR Hedged The accompanying notes form an integral part of these unaudited financial statements. 18

22 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Notes GBP GBP GBP GBP GBP USD USD Assets Financial assets at fair value through profit or loss 378,268,245 4,062,973 11,639,446 68,231,860 46,448,216 28,537,116 15,470,889 Cash deposits 5 27,649, ,789 1,153,191 2,254, ,699 1,160, ,499 Subscriptions receivable 2,721, , ,874 97, ,590 17,725 Securities sold receivable Interest and dividends receivable 780,664 77,373 26,474 48,469 9,731 12,255 3,173 Sundry debtors 43, ,832 1, Total Assets 409,463,993 4,310,262 12,985,797 70,895,283 46,921,334 29,863,044 16,137,709 Liabilities Financial liabilities at fair value through profit or loss (686,662) (87,447) (3,575) (867) Redemptions payable (272,504) - - (158,937) (34,345) (53,900) - Securities purchased payable (235,703) (225,229) (126,778) Management fee payable (492,992) (3,408) (18,845) (101,020) (67,651) (40,577) (23,205) Sundry creditors (294,184) (5,635) (9,157) (51,309) (35,036) (22,094) (13,434) Total liabilities (excluding net assets attributable to holders of redeemable shares) (1,982,045) (96,490) (28,002) (311,266) (137,032) (345,375) (164,284) Net Assets attributable to holders of redeemable shares ,481,948 4,213,772 12,957,795 70,584,017 46,784,302 29,517,669 15,973,425 Number of shares outstanding at 31 December A Shares 53, B Shares - 11,081,219 50,926,331 30,854,170 21,594,360 11,416,913 B Shares SGD Hedged ,285 73,755 T Shares GBP Hedged , ,618 Net Asset Value per Share at 31 December A Shares B Shares US$1.32 US$1.37 B Shares SGD Hedged SG$1.65 SG$1.71 T Shares GBP Hedged CONDENSED STATEMENT OF FINANCIAL POSITION As at 31 December 2014 (for comparative purposes) The accompanying notes form an integral part of these unaudited financial statements. 19

23 CGWM CGWM Select Select Global CGWM CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Bond Fund Fund Fund Fund Fund Fund Notes GBP USD GBP GBP GBP GBP Assets Financial assets at fair value through profit or loss 39,067, ,686,431 19,214,954 2,817,117 11,028,294 42,556,553 Cash deposits 5 4,504,107 17,467,888 3,292, ,268 2,379,683 1,003,617 Subscriptions receivable 195,915 2,142, ,175-4, ,621 Securities sold receivable Interest and dividends receivable ,586 5,148 10, ,231 Sundry debtors 1,161 4,805 7,802 7,294 7,250 13,006 Total Assets 43,768, ,301,466 22,686,656 2,996,827 13,429,984 44,410,028 Liabilities Financial liabilities at fair value through profit or loss - (61,544) (556,896) Redemptions payable (3,692) (34,175) (6,787) Securities purchased payable (9,949) - Management fee payable (58,346) (241,160) (16,256) (2,154) (9,572) (20,170) Sundry creditors (32,863) (125,204) (15,683) (3,504) (9,640) (28,274) Total liabilities (excluding net assets attributable to holders of redeemable shares) (94,901) (427,908) (31,939) (5,658) (63,336) (612,127) Net Assets attributable to holders of redeemable shares 14 43,673, ,873,558 22,654,717 2,991,169 13,366,648 43,797,901 Number of shares outstanding at 31 December A Shares 24,586,971 95,762, ,013 A Shares USD Hedged ,508 B Shares B Shares SGD Hedged - 8,276, D Shares ,798,878 2,876,311 12,231,917 - T Shares GBP Hedged - 19, Net Asset Value per Share at 31 December A Shares 1.78 US$ A Shares USD Hedged US$99.97 B Shares B Shares SGD Hedged - SG$ D Shares T Shares GBP Hedged CONDENSED STATEMENT OF FINANCIAL POSITION As at 31 December 2014 (for comparative purposes) The accompanying notes form an integral part of these unaudited financial statements. 20

24 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Notes GBP GBP GBP GBP GBP USD USD Assets Financial assets at fair value through profit or loss 254,891,269 6,534,654 10,262,763 62,389,825 42,758,530 18,173,634 11,885,983 Cash deposits 5 24,155, , ,620 2,956,628 2,073,317 1,939, ,150 Subscriptions receivable 4,165, , ,747 36,502 54, ,997 Securities sold receivable ,186 Interest and dividends receivable 284, ,159 27,497 55,856 11,260 15,136 4,692 Sundry debtors 28, Total Assets 283,526,631 7,097,180 11,380,505 65,808,894 44,880,095 20,183,563 12,938,008 Liabilities Financial liabilities at fair value through profit or loss (11,628) (11,259) Redemptions payable (1,191,103) (113,087) (232,405) (254,944) (464,770) - (1,186) Securities purchased payable (1,753,925) Management fee payable (354,901) (5,295) (16,163) (90,490) (62,894) (27,357) (18,369) Sundry creditors (399,489) (8,540) (12,416) (81,831) (54,217) (117,321) (19,096) Total liabilities (excluding net assets attributable to holders of redeemable shares) (3,711,046) (138,181) (260,984) (427,265) (581,881) (144,678) (38,651) Net Assets attributable to holders of redeemable shares ,815,585 6,958,999 11,119,521 65,381,629 44,298,214 20,038,885 12,899,357 Number of shares outstanding at 1 January A Shares 86, B Shares - 9,662,409 49,451,845 30,939,698 15,615,891 9,797,618 B Shares SGD Hedged ,333 40,424 Net Asset Value per Share at 1 January A Shares B Shares US$1.27 US$1.31 B Shares SGD Hedged SG$1.58 SG$1.64 CONDENSED STATEMENT OF FINANCIAL POSITION As at 1 January 2014 (for comparative purposes) The accompanying notes form an integral part of these unaudited financial statements. 21

25 CGWM CGWM Select Select Global CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Fund Fund Fund Fund Fund Notes GBP USD GBP GBP GBP Assets Financial assets at fair value through profit or loss 30,107, ,554,950 7,735,405 1,351,607 8,247,424 Cash deposits 5 4,338,315 16,850, , , ,929 Subscriptions receivable 925, ,924 1,800,000 80, ,000 Securities sold receivable Interest and dividends receivable ,216 4,122 8,908 Sundry debtors 324 2,104 8,451 8,387 8,373 Total Assets 35,371, ,124,188 10,089,192 1,579,803 9,359,634 Liabilities Financial liabilities at fair value through profit or loss - (611) Redemptions payable (29,878) (60,985) (58,482) - - Securities purchased payable (395,000) (2,250,719) Management fee payable (43,813) (158,410) (5,762) (1,027) (6,205) Sundry creditors (41,110) (149,737) (9,489) (4,324) (14,790) Total liabilities (excluding net assets attributable to holders of redeemable shares) (509,801) (2,620,462) (73,733) (5,351) (20,995) Net Assets attributable to holders of redeemable shares 14 34,861, ,503,726 10,015,459 1,574,452 9,338,639 Number of shares outstanding at 1 January A Shares 21,318,347 69,170, B Shares B Shares SGD Hedged - 5,656, D Shares - - 9,771,933 1,585,807 9,127,075 CONDENSED STATEMENT OF FINANCIAL POSITION As at 1 January 2014 (for comparative purposes) Net Asset Value per Share at 1 January A Shares 1.64 US$ B Shares B Shares SGD Hedged - SG$ D Shares The accompanying notes form an integral part of these unaudited financial statements. 22

26 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Investment Income Notes GBP GBP GBP GBP GBP USD USD Dividend income 2,478, , , , ,367 74,743 Bond interest income 757,701 61,507 26,607 93,005 20,554 19,412 4,361 Net realised gain/(loss) on investments 10,295,115 (29,237) 249,781 2,321,485 2,143, , ,012 Movement in net unrealised (loss)/gain on investments (1,470,840) 3,160 (291,855) (1,025,977) (1,025,156) 191,360 91,572 Net gain/(loss) on currencies 1,275,486 35, (12,406) 4,541 (84,695) (72,415) 13,335,820 70, ,550 1,767,328 1,424, , ,273 Expenses Investment Management fees 12 2,967,339 15, , , , , ,591 Administration fees ,220 3,149 10,064 55,187 36,616 27,014 13,859 General expenses 113,481 2,880 3,506 16,948 10,579 10,985 2,464 Custody fees ,838 1,148 3,355 18,396 12,205 9,005 4,620 Transaction costs 12 32, ,379 1,263 2,422 9,997 7,901 Setup costs 4, ,565,452 22, , , , , ,435 Operating Profit 9,770,368 48, ,637 1,123, , , ,838 Finance costs Income equalisation credit/(charge) 22,687 (685) 1,988 2,523 (619) 9, Bank interest expense (3,417) (20) - (117) (239) (791) (273) Distributions 13 (1,344,937) (57,057) (128,913) (144,542) Taxation Net withholding tax (charge)/reclaims (137,837) - (13,435) (25,905) (15,539) (4,667) (2,243) Change in net assets attributable to holders of redeemable shares resulting from operations 8,306,864 (9,622) (32,723) 955, , , ,452 CONDENSED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2015 Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above. The accompanying notes form an integral part of these unaudited financial statements. 23

27 CGWM CGWM Select Select Global CGWM CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Bond Fund Fund Fund Fund Fund Fund Investment Income Notes GBP USD GBP GBP GBP GBP Dividend income 207, , ,800 45, , ,355 Bond interest income , ,082 Net realised gain on investments 1,630,555 2,749, ,788 2, , ,210 Movement in net unrealised (loss)/gain on investments (223,971) 4,462,582 (702,194) (39,701) (431,061) (848,599) Net gain/(loss) on currencies 367,195 1,324, (95) 114,414 1,981,075 9,376, ,843 8, , ,462 Expenses Investment Management fees ,064 1,548,063 97,551 11,956 55, ,003 Administration fees 12 37, ,806 18,291 2,242 10,438 33,601 General expenses 13,837 64,084 5,845 2,737 4,313 1,951 Custody fees 12 12,402 51,602 6, ,480 11,199 Transaction costs 12 4,270 12, (110) 866 1,741 Setup costs - - 1,046 1,046 1,046 1, ,779 1,831, ,498 18,618 75, ,106 Operating Profit 1,541,296 7,544,918 (22,655) (9,937) 68, ,356 Finance costs Income equalisation credit/(charge) 1,156 4,607 12, ,131 (4,811) Bank interest expense (239) (3,105) (66) Distributions (138,521) (23,701) (108,375) (743,828) Taxation Net withholding tax (charge)/reclaims (12,572) (51,815) 2,331 (2,062) 4,598 (36,711) Change in net assets attributable to holders of redeemable shares resulting from operations 1,529,641 7,494,605 (146,517) (35,144) (34,144) (404,060) CONDENSED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2015 Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above. The accompanying notes form an integral part of these unaudited financial statements. 24

28 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Investment Income Notes GBP GBP GBP GBP GBP USD USD Dividend income 1,403, , , ,478 87,798 51,853 Bond interest income 814,011 98,485 26, ,751 32,016 13,020 3,984 Deposit interest 5, ,997 1, Net realised gain/(loss)on investments 10,343,118 (34,222) 234,328 1,576,733 1,170,291 78,826 91,663 Movement in net unrealised (loss)/gain on investments (1,338,885) 71,956 (66,097) (376,871) (360,094) 829, ,433 Net gain/(loss) on currencies 49,053 28,127 - (47) (32) (16,237) ,276, , ,634 1,595,236 1,014, , ,351 Expenses Investment Management fees 12 2,151,951 21,569 85, , , ,452 99,144 Administration fees ,225 4,314 8,557 48,135 33,223 15,745 9,914 General expenses 134,287 1,786 4,577 22,635 15,822 8,349 5,431 Custody fees 12 81,408 1,438 2,852 16,045 11,074 5,249 3,305 Transaction costs 12 28, ,860 2,585 1,710 1,530 Set up costs 5, ,645,547 29, , , , , ,324 Operating Profit 8,630, , ,477 1,024, , , ,027 Finance costs Income equalisation 9,254 (6,331) 1, Bank interest expense (3,937) (988) (40) Distributions 13 (834,563) (114,086) (139,569) (227,973) Taxation Withholding tax 189,853-25, ,769 43,565 (4,716) (2,917) Change in net assets attributable to holders of redeemable shares resulting from operations 7,991,313 13, , , , , ,070 CONDENSED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2014 (for comparative purposes) Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above. The accompanying notes form an integral part of these unaudited financial statements. 25

29 CGWM CGWM Select Select Global CGWM CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Bond Fund Fund Fund Fund Fund Fund Investment Income Notes GBP USD GBP GBP GBP GBP Dividend income 120, ,584 73,165 23,271 99, ,367 Bond interest income , ,853 Deposit interest Net realised gain/(loss)on investments 1,595,404 9,291,003 60,266 19,761 38,791 39,963 Movement in net unrealised (loss)/gain on investments (619,152) (2,573,118) 267,415 8, , ,528 Net gain/(loss) on currencies 108,184 79,497 (3,659) (1) (7) (121,483) 1,204,944 7,271, ,918 51, , ,228 Expenses Investment Management fees ,525 1,026,043 52,862 7,241 41,594 89,189 Administration fees 12 27, ,604 9,912 1,358 7,799 26,892 General expenses 13,693 53,790 4, ,312 25,457 Custody fees 12 9,184 34,201 3, ,600 8,964 Transaction costs 12 4,015 8,370 3,360 1,260 2,275 3,495 Set up costs - - 1,046 1,046 1,046 2, ,970 1,225,008 75,252 12,304 59, ,277 Operating Profit 874,974 6,046, ,666 39, , ,951 Finance costs Income equalisation ,490 4,874 8,445 (36,248) Bank interest expense (781) (4,114) (90) Distributions (67,133) (13,908) (83,604) (188,290) Taxation Withholding tax (6,905) (32,085) (2,820) (834) (2,037) (22,613) Change in net assets attributable to holders of redeemable shares resulting from operations 867,335 6,011, ,203 29, , ,710 CONDENSED STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2014 (for comparative purposes) Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above. The accompanying notes form an integral part of these unaudited financial statements. 26

30 CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the six months ended 30 June 2015 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Notes GBP GBP GBP GBP GBP USD USD Balance at 1 January ,481,948 4,213,772 12,957,795 70,584,017 46,784,302 29,517,669 15,973,425 Change in net assets attributable to holders of redeemable shares resulting from operations 8,306,864 (9,622) (32,723) 955, , , ,452 Share Transactions Subscriptions during the period 88,318, ,791 1,222,446 7,773,834 4,369,606 18,837,187 6,252,720 Redemptions during the period (26,237,158) (372,171) (602,209) (4,581,327) (2,795,900) (2,393,607) (990,753) Net increase/(decrease) in net assets resulting from share transactions 62,081,176 (178,380) 620,237 3,192,507 1,573,706 16,443,580 5,261,967 Balance at 30 June ,115,091 4,025,770 13,545,309 74,732,155 49,338,196 46,409,924 21,677,844 Foreign exchange adjustment on aggregation 2 (2,754,897) The accompanying notes form an integral part of these unaudited financial statements. 27

31 CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the six months ended 30 June 2015 CGWM CGWM Select Select Global CGWM CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Bond Fund Fund Fund Fund Fund Fund GBP USD GBP GBP GBP GBP Balance at 1 January ,673, ,873,558 22,654,717 2,991,169 13,366,648 43,797,901 Change in net assets attributable to holders of redeemable shares resulting from operations 1,529,641 7,494,605 (146,517) (35,144) (34,144) (404,060) Share Transactions Subscriptions during the period 12,677,515 49,860,824 5,409, ,465 1,148,754 6,222,640 Redemptions during the period (3,314,341) (6,510,023) (1,732,729) (81,103) (445,486) (5,818,139) Net increase/(decrease) in net assets resulting from share transactions 9,363,174 43,350,801 3,676,862 28, , ,501 Balance at 30 June ,566, ,718,964 26,185,062 2,984,387 14,035,772 43,798,342 The accompanying notes form an integral part of these unaudited financial statements. 28

32 CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the six months ended 30 June 2014 (for comparative purposes) CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Notes GBP GBP GBP GBP GBP USD USD Balance at 1 January ,815,585 6,958,999 11,119,521 65,381,629 44,298,214 20,038,885 12,899,357 Change in net asset value attributable to holders of redeemable shares resulting from operations 7,991,313 13, , , , , ,070 Share Transactions Subscriptions during the period 98,500,924 28,956 1,310,605 5,133,477 2,462,153 4,114,818 1,134,789 Redemptions during the period (26,768,662) (1,572,480) (899,687) (6,254,342) (3,353,088) (1,798,857) (482,361) Net increase/(decrease) in net assets resulting from share transactions 68,339,966 (1,543,524) 410,918 (1,120,865) (890,935) 2,315, ,428 Balance at 30 June ,146,864 5,429,464 11,711,171 65,237,051 44,069,997 23,153,710 14,103,855 Foreign exchange adjustment on aggregation 2 (3,392,296) The accompanying notes form an integral part of these unaudited financial statements. 29

33 CONDENSED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the six months ended 30 June 2014 (for comparative purposes) CGWM CGWM Select Select Global CGWM CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Bond Fund Fund Fund Fund Fund Fund GBP USD GBP GBP GBP GBP Balance at 1 January ,861, ,503,726 10,015,459 1,574,452 9,338,639 - Change in net asset value attributable to holders of redeemable shares resulting from operations 867,335 6,011, ,203 29, , ,710 Share Transactions Subscriptions during the period 4,534,962 25,696,849 12,836, ,463 2,597,869 51,210,156 Redemptions during the period (2,183,605) (3,300,995) (1,044,181) (40,771) (179,324) (7,912,560) Net increase/(decrease) in net assets resulting from share transactions 2,351,357 22,395,854 11,791, ,692 2,418,545 43,297,596 Balance at 30 June ,080, ,910,686 22,121,561 2,301,560 11,907,440 43,705,306 The accompanying notes form an integral part of these unaudited financial statements. 30

34 CASH FLOWS FROM OPERATING ACTIVITIES Purchase of financial assets (168,309,072) - (4,507,811) (12,575,423) (9,743,111) (18,648,577) (7,870,852) Proceeds from sale of financial assets 126,739, ,498 3,132,072 15,145,509 11,643,146 6,418,423 4,529,115 Gain/Loss from forward foreign currency contracts and futures 1,108,078 (39,395) 37 (12,406) 4,541 25,761 17,711 Dividends and interest received/(paid) 3,205,368 93, , , , ,554 62,964 Operating expenses paid (3,537,077) (24,221) (120,886) (649,049) (431,702) (310,718) (168,083) NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITES (40,793,340) 434,539 (1,261,705) 2,305,488 1,735,846 (12,364,557) (3,429,145) CASH FLOWS FROM FINANCING ACTIVITIES Distributions (1,344,937) (57,057) (128,913) (144,542) Income Equalisation 22,687 (685) 1,988 2,523 (619) 9, Proceeds from redeemable participating shares issued 85,653, ,527 1,388,382 7,248,561 4,244,012 18,146,404 5,497,837 Redemptions payable to shareholders (25,583,605) (372,171) (549,913) (4,718,345) (2,784,656) (2,438,595) (977,394) NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITES 58,747,213 (256,386) 711,544 2,388,197 1,458,737 15,716,968 4,520,573 NET INCREASE/(DECREASE) IN CASH 17,953, ,153 (550,161) 4,693,685 3,194,583 3,352,411 1,091,428 CASH AT BEGINNING OF THE PERIOD 27,649, ,789 1,153,191 2,254, ,699 1,160, ,499 CASH AT END OF THE PERIOD 45,203, , ,030 6,947,933 3,559,282 4,512,758 1,736,927 Supplementary cash flow information Cash flows from operating activities include: Cash received during the period for dividend income 2,129, , , , ,544 66,332 Cash received during the period for bond interest income 1,079,010 93,677 28,430 35,816 2,875 12,801 (3,095) Cash received during the period for bank interest income Cash paid during the period for interest expense (3,418) (20) - (117) (239) (791) (273) 3,205,368 93, , , , ,554 62,964 CONDENSED STATEMENT OF CASH FLOWS For the six months ended 30 June 2015 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Notes GBP GBP GBP GBP GBP USD USD FOREIGN EXCHANGE ADJUSTMENT ON AGGREGATION 2 (400,341) The accompanying notes form an integral part of these unaudited financial statements. 31

35 CASH FLOWS FROM OPERATING ACTIVITIES Purchase of financial assets (25,255,458) (108,262,264) (12,222,933) (41,000) (5,209,123) (10,271,087) Proceeds from sale of financial assets 18,290,183 77,956,822 7,255,297 43,261 3,610,116 8,866,724 Gain/Loss from forward foreign currency contracts 450,440 1,861, (95) (449,383) Dividends and interest received/(paid) 194, , ,677 41, ,351 1,099,501 Operating expenses paid (429,858) (1,769,987) (130,084) (17,721) (75,553) (178,007) NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITES (6,750,208) (29,664,579) (4,847,938) 25,749 (1,549,304) (932,252) CASH FLOWS FROM FINANCING ACTIVITIES Distributions - - (138,521) (23,701) (108,375) (743,828) Income Equalisation 1,156 4,607 12, ,131 (4,811) Proceeds from redeemable participating shares issued 11,969,672 48,679,083 5,394, ,465 1,152,754 6,439,224 Redemptions payable to shareholders (3,196,454) (6,358,121) (1,732,729) (81,103) (479,661) (5,251,000) NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITES 8,774,374 42,325,569 3,535,808 5, , ,585 NET INCREASE/(DECREASE) IN CASH 2,024,166 12,660,990 (1,312,130) 30,966 (983,455) (492,667) CASH AT BEGINNING OF THE PERIOD 4,504,107 17,467,888 3,292, ,268 2,379,683 1,003,617 CASH AT END OF THE PERIOD 6,528,273 30,128,878 1,980, ,234 1,396, ,950 Supplementary cash flow information Cash flows from operating activities include: Cash received during the period for dividend income 194, , ,131 41, , ,644 Cash received during the period for bond interest income , ,923 Cash received during the period for bank interest income Cash paid during the period for interest expense (239) (3,105) (66) 194, , ,677 41, ,351 1,099,501 CONDENSED STATEMENT OF CASH FLOWS For the six months ended 30 June 2015 CGWM CGWM Select Select Global CGWM CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Bond Fund Fund Fund Fund Fund Fund Notes GBP USD GBP GBP GBP GBP FOREIGN EXCHANGE ADJUSTMENT ON AGGREGATION 2 The accompanying notes form an integral part of these unaudited financial statements. 32

36 CGWM CGWM CGWM Total CGWM CGWM CGWM Select Select Return Select Select Select Global Global Bond Income Diversity Affinity Diversity Affinity Total Fund Fund Fund Fund Fund Fund Notes GBP GBP GBP GBP GBP USD USD CASH FLOWS FROM OPERATING ACTIVITIES Purchase of financial assets (210,047,137) (1,083,145) (1,226,000) (17,441,184) (9,354,532) (4,084,524) (2,074,175) Proceeds from sale of financial assets 143,056,292 2,597,412 1,270,717 18,945,164 10,278,527 2,261,994 1,503,699 Gain/Loss from forward foreign currency contracts and futures 139,298 23,813 (8) (48) (33) (16,367) (1,400) Dividends and interest received/(paid) 2,060, , , , , ,908 54,712 Operating expenses paid (2,723,834) (36,115) (105,449) (589,743) (408,694) (284,212) (125,326) NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITES (67,515,180) 1,670, ,634 1,458, ,440 (2,022,201) (642,490) CASH FLOWS FROM FINANCING ACTIVITIES Distributions (834,563) (114,086) (139,569) (227,973) Income Equalisation 9,254 (6,331) 1, Proceeds from redeemable participating shares issued 101,012,041 29,140 1,469,709 5,289,178 2,437,267 3,961,908 1,182,658 Redemptions payable to shareholders (25,777,072) (1,574,217) (1,131,692) (6,309,267) (3,686,213) (1,798,857) (483,547) NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITES 74,409,660 (1,665,494) 199,861 (1,247,784) (1,248,946) 2,163, ,111 NET INCREASE/(DECREASE) IN CASH 6,894,480 5, , ,576 (495,506) 140,982 56,621 CASH AT BEGINNING OF THE PERIOD 24,155, , ,620 2,956,628 2,073,317 1,939, ,150 CASH AT END OF THE PERIOD 30,614, ,163 1,231,115 3,167,204 1,577,811 2,080, ,771 Supplementary cash flow information Cash flows from operating activities include: Cash received during the period for dividend income 1,456,977 1, , , ,832 83,082 49,580 Cash received during the period for bond interest income 602, ,663 30, ,077 33,497 18,876 5,131 Cash received during the period for bank interest income 5, ,997 1, Cash paid during the period for interest expense (5,186) - - (589) (586) (1,050) (40) 2,060, , , , , ,908 54,712 CONDENSED STATEMENT OF CASH FLOWS For the six months ended 30 June 2014 (for comparative purposes) FOREIGN EXCHANGE ADJUSTMENT ON AGGREGATION 2 (435,886) The accompanying notes form an integral part of these unaudited financial statements. 33

37 CASH FLOWS FROM OPERATING ACTIVITIES Purchase of financial assets (25,047,026) (98,133,831) (22,499,689) (1,207,363) (3,870,184) (66,900,195) Proceeds from sale of financial assets 21,832,588 83,844,698 9,929, ,343 1,629,807 23,741,391 Gain/Loss from forward foreign currency contracts 3, ,848 (3,659) 1,312 (7) 63,420 Dividends and interest received/(paid) 99, ,328 98,975 25,925 99, ,540 Operating expenses paid (332,776) (1,212,790) (66,181) (14,896) (64,357) (130,035) NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITES (3,444,061) (15,011,747) (12,541,513) (604,679) (2,204,769) (43,004,879) CASH FLOWS FROM FINANCING ACTIVITIES Distributions - - (67,133) (13,908) (83,604) (188,290) Income Equalisation ,490 4,874 8,445 (36,248) Proceeds from redeemable participating shares issued 5,203,474 25,266,564 14,636, ,363 2,707,779 51,101,993 Redemptions payable to shareholders (1,393,310) (3,361,980) (1,100,103) (40,771) (173,344) (7,001,994) NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITES 3,810,211 21,904,931 13,505, ,558 2,459,276 43,875,461 NET INCREASE/(DECREASE) IN CASH 366,150 6,893, , , , ,582 CASH AT BEGINNING OF THE PERIOD 4,338,315 16,850, , , ,929 - CASH AT END OF THE PERIOD 4,704,465 23,743,394 1,481, ,566 1,209, ,582 Supplementary cash flow information Cash flows from operating activities include: Cash received during the period for dividend income 100, ,502 70,345 19,078 99, ,940 Cash received during the period for bond interest income ,443 6,841-90,690 Cash received during the period for bank interest income Cash paid during the period for interest expense (781) (4,174) (90) 99, ,328 98,975 25,925 99, ,540 CONDENSED STATEMENT OF CASH FLOWS For the six months ended 30 June 2014 (for comparative purposes) CGWM CGWM Select Select Global CGWM CGWM CGWM CGWM Opportunity Opportunity REMAP 4 REMAP 4(i) REMAP 5 Bond Fund Fund Fund Fund Fund Fund Notes GBP USD GBP GBP GBP GBP FOREIGN EXCHANGE ADJUSTMENT ON AGGREGATION 2 The accompanying notes form an integral part of these unaudited financial statements. 34

38 NOTES TO THE CONDENSED FINANCIAL STATEMENTS For the six months ended 30 June GENERAL Canaccord Genuity Investment Funds plc (the Company ) is an open-ended investment company with variable capital structured as an umbrella fund with segregated liability between sub-funds. It was incorporated with limited liability in Ireland on 26 February 2003 and is authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, The Company is structured as an umbrella fund, in that different funds may be established from time to time by the Directors with the prior approval of the Central Bank. As at 30 June 2015 the Funds of the Company were: CGWM Total Return Bond Fund (launched 1 November 2004) CGWM Select Income Fund (launched 26 September 2008) CGWM Select Diversity Fund (launched 26 September 2008) CGWM Select Affinity Fund (launched 26 September 2008) CGWM Select Global Diversity Fund (launched 26 September 2008) CGWM Select Global Affinity Fund (launched 26 September 2008) CGWM Select Opportunity Fund (launched 26 September 2008) CGWM Select Global Opportunity Fund (launched 26 September 2008) CGWM REMAP 4 Fund (launched 19 December 2012) CGWM REMAP 4(i) Fund (launched 19 December 2012) CGWM REMAP 5 Fund (launched 19 December 2012) CGWM Bond Fund (launched 16 January 2014) The Shares in each Fund may be divided into a number of different share classes. The Directors may also add other share classes, which will be notified in advance to the Central Bank. Each Fund will represent a separate portfolio of assets and liabilities, which will be invested in accordance with the investment objectives applicable to each Fund. 2. SIGNIFICANT ACCOUNTING POLICIES Basis of preparation From 1 January 2015 the Company has changed its preparation of the financial statements to comply with International Financial Reporting Standards as adopted by the European Union ( IFRS ). The Company has adopted the basis of accounting with effect from 1 January 2014 for comparative purposes. For all periods up to and including the year ended 31 December 2014, the Company prepared its financial statements in accordance with Irish Generally Accepted Accounting Practice ("Irish GAAP"). Previously the Company prepared its condensed interim financial statements in accordance with Accounting Standards Board (ASB) Statement: Half Yearly Financial Reports and its annual financial statements in accordance with accounting standards generally accepted in Ireland. These condensed interim financial statements for the period ended 30 June 2015 have been prepared in accordance with IAS 34 Interim Financial Reporting ( IAS 34 ). IFRS 1 First Time Adoption of IFRS requires the inclusion of an opening IFRS Statement of Financial Position at the date of transition to IFRS, ie 1 January 2014 the start of the comparative financial year. IAS 34 requires the inclusion of a comparative Statement of Financial Position for the previous year end, ie 31 December 2014, and a comparative Statement of Comprehensive Income, Statement of Changes in Net Assets and Statement of Cash Flows for the previous interim period, ie the six months ended 30 June The adoption of IFRS has resulted in one change to the reported financial position or financial performance compared to that presented previously. As at 1 January 2014 and 31 December 2014, the Net Asset Value per Share was calculated using accounting principles which differ from those used in preparing these financial statements. These differences relate to accounting treatments required with respect to the use of bid prices (FRS 26) for financial statement purposes. The use of bid prices is not required by IFRS at 30 June The bid adjustment is also reflected in the Condensed Statement of Comprehensive Income in the movement in net unrealised (loss)/gain on investments. 31 December 2014 CGWM Total CGWM CGWM CGWM Return Select Select Select Bond Income Diversity Affinity Fund Fund Fund Fund GBP GBP GBP GBP NAV per IFRS 4,226,648 12,971,495 70,586,635 46,785,511 Adjustment for bid prices re: FRS 26 (12,876) (13,700) (2,618) (1,209) NAV per Irish GAAP 4,213,772 12,957,795 70,584,017 46,784,302 35

39 NOTES TO THE CONDENSED FINANCIAL STATEMENTS For the six months ended 30 June SIGNIFICANT ACCOUNTING POLICIES (continued) Basis of preparation (continued) 31 December 2014 CGWM CGWM CGWM Select Select CGWM Select Global Global Select Global Diversity Affinity Opportunity Opportunity Fund Fund Fund Fund USD USD GBP USD NAV per IFRS 29,518,364 15,973,735 43,676, ,885,796 Adjustment for bid prices re: FRS 26 (695) (310) (2,903) (12,238) NAV per Irish GAAP 29,517,669 15,973,425 43,673, ,873,558 CGWM CGWM CGWM CGWM REMAP 4 REMAP 4(i) REMAP 5 Bond Fund Fund Fund Fund GBP GBP GBP GBP NAV per IFRS 22,662,069 2,995,070 13,370,636 43,887,155 Adjustment for bid prices re: FRS 26 (7,352) (3,901) (3,988) (89,254) NAV per Irish GAAP 22,654,717 2,991,169 13,366,648 43,797,901 1 January 2014 CGWM Total CGWM CGWM CGWM Return Select Select Select Bond Income Diversity Affinity Fund Fund Fund Fund GBP GBP GBP GBP NAV per IFRS 6,979,604 11,131,295 65,405,852 44,305,333 Adjustment for bid prices re: FRS 26 (20,605) (11,774) (24,223) (7,119) NAV per Irish GAAP 6,958,999 11,119,521 65,381,629 44,298,214 CGWM CGWM CGWM Select Select CGWM Select Global Global Select Global Diversity Affinity Opportunity Opportunity Fund Fund Fund Fund USD USD GBP USD NAV per IFRS 20,049,772 12,907,236 34,877, ,562,212 Adjustment for bid prices re: FRS 26 (10,887) (7,879) (15,878) (58,486) NAV per Irish GAAP 20,038,885 12,899,357 34,861, ,503,726 CGWM CGWM CGWM REMAP 4 REMAP 4(i) REMAP 5 Fund Fund Fund GBP GBP GBP NAV per IFRS 10,024,917 1,575,237 9,354,675 Adjustment for bid prices re: FRS 26 (9,458) (785) (16,036) NAV per Irish GAAP 10,015,459 1,574,452 9,338,639 36

40 NOTES TO THE CONDENSED FINANCIAL STATEMENTS For the six months ended 30 June SIGNIFICANT ACCOUNTING POLICIES (continued) Basis of preparation (continued) Previously, the Company availed of an exemption under FRS 1 of Irish GAAP from preparing a Statement of Cash Flows; no equivalent exemption exists under IFRS therefore the Company has presented a Statement of Cash Flows for the periods ended 30 June 2015 and 30 June It is intended that the annual financial statements of the Company for the year ended 31 December 2015 will be prepared in accordance with IFRS as adopted by the European Union. The condensed unaudited interim financial statements are not the statutory financial statements of the Company and are prepared in order to meet regulatory requirements. The statutory financial statements of the Company are those for the twelve month period ending 31 December of each year. The significant accounting policies adopted by the Company are in line with the annual financial statements and are as follows: Forward Foreign Currency Contracts Forward foreign currency contracts are valued at the forward rate at the closing date through the residual term of the contracts. Realised and unrealised gains and losses resulting from forward foreign currency contracts are recognised in the Condensed Statement of Comprehensive Income. Futures Contracts The value of futures contracts traded on an exchange are valued at the latest closing prices as published by the relevant exchange or clearing house. Where any such instruments are traded over the counter they shall be valued by reference to the values provided by the counterparties or in such other manner as may be determined by the Directors to reflect the true value thereof. Realised and unrealised gains and losses resulting from future contracts are recognised in the Condensed Statement of Comprehensive Income. Income Investment income is reported gross of irrecoverable withholding tax. Dividends are recognised as income on the dates the securities are first quoted ex-dividend. In certain situations dividends are accounted for on a cash receipts basis where this is more appropriate. Bond interest is accounted for on an effective interest basis. Deposit interest and other income are accounted for on an accruals basis. Operating Expenses The Company is responsible for all normal operating expenses including audit fees, stamp and other duties and charges incurred on the acquisition and realisation of investments. Financial assets and financial liabilities at fair value through profit or loss (a) Classification The Company classifies all its investment securities as financial assets and financial liabilities at fair value through profit or loss. (b) Recognition & derecognition Purchases and sales of investments are recognised on the trade date the date on which the Company commits to purchase or sell the investment. Investments are derecognised when the rights to receive cash flows from the investments have expired or the Company has transferred substantially all risks and rewards of ownership. (c) Measurement Financial assets and financial liabilities at fair value through profit and loss are valued at fair value at the Condensed Statement of Financial Position date. Subsequent to initial recognition, all financial assets and financial liabilities at fair value through profit or loss are measured at fair value. Gains and losses arising from changes in the fair value of the financial assets or financial liabilities at fair value through profit or loss category are presented in the Condensed Statement of Comprehensive Income within Net gain/loss on financial assets and financial liabilities at fair value through profit or loss in the period in which they arise. Fair value is the price that would be received to sell the asset or transfer the liability in an orderly transaction between market participants. In determining fair value, securities which are quoted, listed or traded on a recognised exchange will be valued at the last traded price (or, if no last traded price is available, at the mid-market price). The value of any security which is not quoted, listed or dealt in on a recognised exchange, or which is so quoted, listed or dealt but for which no such quotation or value is available or the available quotation or value is not representative of the fair market value, shall be the probable realisation value as estimated with care and good faith by (i) the Directors or (ii) a competent person, firm or corporation (including the Investment Manager) selected by the Directors and approved for the purpose by the Custodian. 37

41 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June SIGNIFICANT ACCOUNTING POLICIES (continued) Financial assets and financial liabilities at fair value through profit or loss (continued) (c) Measurement (continued) Where reliable market quotations are not available for fixed income securities the value of such securities may be determined using matrix methodology compiled by the Directors whereby such securities are valued by reference to the valuation of other securities which are comparable in rating, yield, due date and other characteristics. The Company classifies 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: Asset and liabilities measured at fair value are classified into one of the following categories: Level I Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. The type of investment which would generally be included would include equities, certain collective investment schemes and derivatives listed on a securities exchange. Level II Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly (including quoted prices for similar investments in active markets, interest rates and yield curves, credit risk, etc.). The type of investments which would generally be included in this category would include corporate bonds, certain collective investment schemes, bank debt and certain over-the-counter derivatives. Level III Price or valuations that require inputs that are both significant to the fair value measurement and unobservable (including the Investment Managers own assumptions and assumptions used by the Board of Directors about what market participants would use in determining the fair value of investments). The type of investments which would generally be included in this category would include private or debt securities issued by private entities. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. Functional currency Items included in the Company s condensed interim financial statements are measured using the currency of the primary economic environment in which it operates (the functional currency ). The functional currency for each Fund is Sterling with the exception of CGWM Select Global Diversity Fund, CGWM Select Global Affinity Fund and CGWM Select Global Opportunity Fund where the functional currency is the US Dollar. To calculate the total Company figures, US Dollar assets and liabilities in the financial statements have been translated to Sterling at the average rate of exchange for the six months ended 30 June 2015 on the Condensed Statement of Comprehensive Income and at the period end rate on the Condensed Statement of Financial Position. The foreign exchange adjustment on aggregation arises from the difference between the average rate and the year end rate, in addition to the exchange adjustment arising from the translation of the opening net assets are shown in the Condensed Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares. The method of translation has no effect on the Net Asset Value per share attributable to the individual Funds. The foreign exchange adjustment on aggregation in the Condensed Statement of Cash Flows arises from the difference between the average rates used in the Condensed Statement of Comprehensive Income and the period end rate used for the Condensed Statement of Financial Position cash balances. Foreign Currencies Transactions which occurred during the period are translated into the functional currency of the Fund at the exchange rate prevailing on the transaction date. Assets and liabilities in foreign currencies are translated into the Fund s functional currency at exchange rates prevailing at the Condensed Statement of Financial Position date. Resulting gains or losses are reported in the Condensed Statement of Comprehensive Income. Cash Cash includes cash in hand, broker cash and deposits held at call with banks and bank overdrafts. Transaction Costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability. Transaction costs on the purchase and sale of bonds, forwards, swaps and futures are included in the purchase and sale price of the investment. Transaction costs shown separately on the Condensed Statement of Comprehensive Income comprise of fees and agent charges by the custodian or any sub-custodian. 38

42 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June PRINCIPAL ACCOUNTING POLICIES (continued) Offsetting financial assets and financial liabilities Financial assets and financial liabilities are offset when a current legal right of offset exists and there is intent to realise the asset and settle the liability simultaneously or on a net basis. Income Equalisation Income equalisation is a process by which accrued income included in the price of shares purchased and redeemed during the accounting period is reported to Shareholders. The subscription price of Shares is deemed to include an equalisation payment calculated by reference to the accrued income of the relevant Fund and the first distribution in respect of any Share will include a payment of income usually equal to or greater than the amount of such equalisation payment. The redemption price of each Share will also include an equalisation payment in respect of the accrued income of the relevant Fund up to the date of redemption. Income equalisation is classified as finance costs in the Condensed Statement of Comprehensive Income. Redeemable Participating Shares Redeemable participating shares are redeemable at the shareholder s option and are classified as financial liabilities. The income distributed on these shares is recognised in the Condensed Statement of Comprehensive Income as a finance cost. Net asset value per redeemable participating share The net asset value per redeemable participating share disclosed on the face of the Condensed Statement of Financial Position is calculated in accordance with the Articles of Association and the Prospectus by dividing the net assets included in the Condensed Statement of Financial Position, by the number of redeemable participating shares outstanding at period end. Distributions For the CGWM Select Affinity Fund, CGWM Select Global Affinity Fund, CGWM Select Opportunity Fund and the CGWM Select Global Opportunity Fund, it is the intention of the Directors to distribute income on an annual basis. Distributions will be declared based on the NAV of the last business day of December. Distributions will be paid within one month of the declaration date. To date, none of the aforementioned funds have made any distributions. For the CGWM Total Return Bond Fund, CGWM Select Diversity Fund, CGWM Select Global Diversity Fund, CGWM REMAP 4 Fund, CGWM REMAP 4(i) Fund and the CGWM REMAP 5 Fund, the Directors have discretion to distribute any income on a semi-annual basis. Distributions will be declared on the last Business Day in June and December each year. Distributions will be paid within one month of the declaration date. CGWM Select Global Diversity Fund did not make any distributions in the current period. For the CGWM Select Income Fund and the CGWM Bond Fund, it is the intention of the Directors to distribute income on a quarterly basis. Distributions will be declared as at the end of March, June, September and December each year and paid within one month of the declaration date. The United Kingdom HM Revenue and Customs ( HMRC ) has confirmed that the Company and each of its Funds and share classes are in the UK Reporting Fund Regime from 1 January 2011 onwards. Rebate from underlying collective investment schemes The Investment Managers have entered into a number of arrangements with the investment managers of collective investment schemes where the relevant Funds receive a rebate of some of the management fees charged in the collective investment schemes. This rebate is received by the Investment Managers monthly, quarterly or on a yearly basis depending on the arrangement that is in place and is paid across to the Funds periodically throughout the year. In the six months ended 30 June 2015, the Funds received a total rebate of GBP Nil. 3. RELATED PARTY DISCLOSURES The Company has entered into an Investment Management Agreement and a Marketing and Distribution Agreement with both Canaccord Genuity Wealth (International) Limited and Canaccord Genuity Wealth Limited the latter of which Collette Wisener-Keating, a Director of the Company, is an employee. It has also entered into a Marketing and Distribution Agreement with Canaccord Genuity Limited. Mr John Renouf held 1, (31 December 2014: 1,274.37) shares in the CGWM Total Return Bond Fund at the period end date. Brian McDermott is a Partner in A&L Goodbody, who are the Irish Legal Advisers of the Company. Fees of EUR 62,295 (30 June 2014: EUR 46,497) were paid to A&L Goodbody during the period. Brian McDermott is also a Director of A&L Listing, the Sponsoring Broker to the Company. Fees of EUR Nil (30 June 2014: EUR Nil) were paid to A&L Listing during the period. Brian McDermott is also a Partner in Goodbody Secretarial Limited, the Company Secretary. Fees of EUR Nil (30 June 2014: EUR Nil) were paid to Goodbody Secretarial Limited during the period. All fees received by the Investment Managers are disclosed separately in the Condensed Statement of Comprehensive Income on pages 23 and 24. The amounts due to the Investment Managers are disclosed on the face of the Condensed Statement of Financial Position and the rate of Investment Management fee is disclosed in Note

43 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June TRANSACTIONS WITH CONNECTED PARTIES The European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 ( UCITS ) require that any transaction carried out with the Company by a promoter, manager, trustee, investment adviser and/or associated parties of these ( connected parties ) are carried out as if negotiated at arm s length and are in the best interests of the shareholders. The Board of Directors are satisfied that there are arrangements in place to ensure that this requirement is applied to all transactions with connected parties, and that all transactions with connected parties during the period complied with the requirement. UCITS Notice 14 deems a Custodian and its associated or group companies to be connected parties to the Company. As such, Northern Trust Fiduciary Services (Ireland) Limited (NTFSIL), the Custodian, and Northern Trust International Fund Administration Services (Ireland) Limited (NTIFASIL), the Administrator, are connected parties to the Company. 5. CASH DEPOSITS At 30 June 2015, the Company held cash of GBP 45,203,174 (31 December 2014: GBP 27,546,939) (1 January 2014: GBP 24,030,412) with Northern Trust Company, London Branch (NTC) and GBP 131,993 (31 December 2014: GBP 102,703) (1 January 2014: GBP 125,370) with ADM Investor Services International Limited (Broker). NTC is a wholly owned subsidiary of Northern Trust Corporation. As at 30 June 2015, Northern Trust Corporation had a long term rating from Standard & Poor s of A+ (31 December 2014: A+). As at 30 June 2015, ADM Investor Services International Limited has a credit rating of A from Standard and Poor s (31 December 2014: A). 6. SHARE CAPITAL The authorised share capital of the Company is 500,000,000,000 shares of no par value initially designated as unclassified shares available for issue as shares; the issued subscriber share capital of the Company is GBP 7 represented by 7 subscriber shares (issued for the purposes of the incorporation of the Company). One share is held by Canaccord Genuity Wealth (International) Limited and the other 6 are held by Forest Nominees Limited. At the discretion of the Directors, the subscriber shares may be repurchased at their issue price. The movement in the number of redeemable participating shares was as follows: CGWM Total Return Bond Fund CGWM Select Income Fund A Shares B Shares GBP Shares GBP Shares GBP Shares GBP Shares 30 June Dec June Dec 2014 Opening shares in issue 53,351 86,716 11,081,219 9,662,409 Subscriptions during the period/year 2, ,911 3,374,937 Redemptions during the period/year (4,732) (33,912) (507,349) (1,956,127) Closing shares in issue 51,092 53,351 11,556,781 11,081,219 CGWM Select Income Fund CGWM Select Diversity Fund R Shares B Shares GBP Shares GBP Shares GBP Shares GBP Shares 30 June Dec June Dec 2014 Opening shares in issue ,926,331 49,451,845 Subscriptions during the period/year 55,070-5,391,136 9,568,306 Redemptions during the period/year - - (3,198,646) (8,093,820) Closing shares in issue 55,070-53,118,821 50,926,331 CGWM Select Diversity Fund CGWM Select Affinity Fund R Shares B Shares GBP Shares GBP Shares GBP Shares GBP Shares 30 June Dec June Dec 2014 Opening shares in issue ,854,170 30,939,698 Subscriptions during the period/year 38,391-2,730,735 3,858,123 Redemptions during the period/year - - (1,782,906) (3,943,651) Closing shares in issue 38,391-31,801,999 30,854,170 40

44 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June SHARE CAPITAL (continued) CGWM Select Affinity Fund CGWM Select Global Diversity Fund R Shares B Shares GBP Shares GBP Shares USD Shares USD Shares 30 June Dec June Dec 2014 Opening shares in issue ,594,360 15,615,891 Subscriptions during the period/year 44,749-10,812,171 9,565,084 Redemptions during the period/year - - (1,702,912) (3,586,615) Closing shares in issue 44,749-30,703,620 21,594,360 CGWM Select Global Diversity Fund CGWM Select Global Diversity Fund B Shares T Shares SGD Hedged Shares SGD Hedged Shares USD Shares USD Shares 30 June Dec June Dec 2014 Opening shares in issue 509, , Subscriptions during the period/year 932, , ,394 - Redemptions during the period/year (97,891) (113,727) - - Closing shares in issue 1,344, , ,394 - CGWM Select Global Diversity Fund T Shares CGWM Select Global Diversity Fund T Shares GBP Hedged Shares GBP Hedged Shares EUR Hedged Shares EUR Hedged Shares 30 June Dec June Dec 2014 Opening shares in issue 198, Subscriptions during the period/year 1,655, , ,097 - Redemptions during the period/year Closing shares in issue 1,853, , ,097 - CGWM Select Global Affinity Fund CGWM Select Global Affinity Fund B Shares B Shares USD Shares USD Shares SGD Hedged Shares SGD Hedged Shares 30 June Dec June Dec 2014 Opening shares in issue 11,416,913 9,797,618 73,755 40,424 Subscriptions during the period/year 2,921,787 2,923,483 74,555 44,299 Redemptions during the period/year (683,780) (1,304,188) (23,621) (10,968) Closing shares in issue 13,654,920 11,416, ,689 73,755 CGWM Select Global Affinity Fund CGWM Select Global Affinity Fund T Shares T Shares USD Shares USD Shares GBP Hedged Shares GBP Hedged Shares 30 June Dec June Dec 2014 Opening shares in issue ,618 - Subscriptions during the period/year 381,649-1,052, ,618 Redemptions during the period/year Closing shares in issue 381,649-1,185, ,618 CGWM Select Opportunity Fund CGWM Select Global Opportunity Fund A Shares A Shares GBP Shares GBP Shares USD Shares USD Shares 30 June Dec June Dec 2014 Opening shares in issue 24,586,971 21,318,347 95,762,880 69,170,786 Subscriptions during the period/year 6,725,740 5,862,629 20,816,917 31,432,498 Redemptions during the period/year (1,764,778) (2,594,005) (3,007,630) (4,840,404) Closing shares in issue 29,547,933 24,586, ,572,167 95,762,880 41

45 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June SHARE CAPITAL (continued) CGWM Select Global Opportunity Fund A Shares B Shares GBP Hedged Shares GBP Hedged Shares SGD Hedged Shares SGD Hedged Shares 30 June Dec June Dec 2014 Opening shares in issue - - 8,276,078 5,656,937 Subscriptions during the period/year 10,108-2,312,869 3,260,025 Redemptions during the period/year - - (406,650) (640,884) Closing shares in issue 10,108-10,182,297 8,276,078 CGWM Select Global Opportunity Fund T Shares T Shares USD Shares USD Shares GBP Hedged Shares GBP Hedged Shares 30 June Dec June Dec 2014 Opening shares in issue ,231 - Subscriptions during the period/year 842,213-3,965,128 19,231 Redemptions during the period/year (28,881) - (185,374) - Closing shares in issue 813,332-3,798,985 19,231 CGWM Select Global Opportunity Fund CGWM REMAP 4 Fund T Shares D Shares EUR Hedged Shares EUR Hedged Shares GBP Shares GBP Shares 30 June Dec June Dec 2014 Opening shares in issue ,798,878 9,771,933 Subscriptions during the period/year 82,623-4,895,579 13,642,568 Redemptions during the period/year - - (1,564,955) (2,615,623) Closing shares in issue 82,623-24,129,502 20,798,878 CGWM REMAP 4(i) Fund CGWM REMAP 5 Fund D Shares D Shares GBP Shares GBP Shares GBP Shares GBP Shares 30 June Dec June Dec 2014 Opening shares in issue 2,876,311 1,585,807 12,231,917 9,127,075 Subscriptions during the period/year 105,862 1,606,374 1,026,014 4,463,400 Redemptions during the period/year (78,237) (315,870) (401,659) (1,358,558) Closing shares in issue 2,903,936 2,876,311 12,856,272 12,231,917 CGWM Bond Fund CGWM Bond Fund A Shares A Shares GBP Shares GBP Shares USD Hedged Shares USD Hedged Shares 30 June Dec June Dec 2014 Opening shares in issue 424,013-6,508 - Subscriptions during the period/year 54, ,889 6,152 6,508 Redemptions during the period/year (56,921) (140,876) - Closing shares in issue 421, ,013 12,660 6,508 CGWM Bond Fund A Shares EUR Hedged Shares EUR Hedged Shares 30 June Dec 2014 Opening shares in issue - - Subscriptions during the period/year 2,739 - Redemptions during the period/year - - Closing shares in issue 2,739 - CGWM Select Global Opportunity Fund CGWM Select Global Opportunity Fund 42

46 Level III Total Fund name GBP GBP GBP GBP GBP GBP GBP GBP GBP CGWM Total Return Bond Fund - - 3,574,194-20,021 18,750 3,612,965-3,612,965 CGWM Select Income Fund - - 1,217,556 11,755, ,973,111-12,973,111 CGWM Select Diversity Fund 2,054,149 2,054,149 5,423,911 60,773, ,197,051-68,251,200 CGWM Select Affinity Fund 2,565,574 2,565,574 1,190,994 42,116, ,307,945-45,873,519 CGWM Select Opportunity Fund 4,065,072 4,065,072-43,485, ,485,872-47,550,944 CGWM REMAP 4 Fund 4,507,365 4,507,365-19,572, ,572,204-24,079,569 CGWM REMAP 4(i) Fund 978, ,583-1,798, ,798,964-2,777,547 CGWM REMAP 5 Fund 2,767,298 2,767,298-9,883, ,883,438-12,650,736 CGWM Bond Fund ,141,001 12,757, ,977-43,176,154-43,176,154 USD USD USD USD USD USD USD USD USD CGWM Select Global Diversity Fund 3,994,754 3,994,754 2,000,578 35,210,657 (113,943) - 37,097,292-41,092,046 CGWM Select Global Affinity Fund 847, , ,855 18,035,970 (90,994) - 18,352,831-19,200,439 CGWM Select Global Opportunity Fund 15,969,192 15,969, ,191,208 (76,420) - 186,114, ,083,980 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June FAIR VALUE MEASUREMENT: Fair Value Measurement Risk The following is a summary of the inputs used to value each of the Fund s financial assets and liabilities carried at fair value as at 30 June 2015: Level I Level II Collective Investment Schemes Total Bonds Collective Investment Schemes Forward Currency Contracts Futures Total The valuation polices for the above categories are outlined in note 2. There were no significant transfers between Level I, Level II and Level III during the period. 43

47 The following is a summary of the inputs used to value each of the Fund s financial assets and liabilities carried at fair value as at 31 December 2014: Level III Total Fund name GBP GBP GBP GBP GBP GBP GBP GBP GBP CGWM Total Return Bond Fund - - 4,054,238 - (20,112) (58,600) 3,975,526-3,975,526 CGWM Select Income Fund - - 1,621,542 10,017, ,639,446-11,639,446 CGWM Select Diversity Fund 5,374,598 5,374,598 5,303,268 57,553, ,857,262-68,231,860 CGWM Select Affinity Fund 4,001,889 4,001,889 1,278,386 41,167, ,446,327-46,448,216 CGWM Select Opportunity Fund 3,615,937 3,615,937-35,368,147 83,245-35,451,392-39,067,329 CGWM REMAP 4 Fund 2,941,620 2,941,620 3,056,597 13,216, ,273,334-19,214,954 CGWM REMAP 4(i) Fund 1,019,882 1,019,882-1,797, ,797,235-2,817,117 CGWM REMAP 5 Fund 2,988,330 2,988,330-8,039, ,039,964-11,028,294 CGWM Bond Fund ,566,909 12,718,123 (285,375) - 41,999,657-41,999,657 USD USD USD USD USD USD USD USD USD CGWM Select Global Diversity Fund 4,978,586 4,978,586 1,290,751 22,267,691 (3,487) - 23,554,955-28,533,541 CGWM Select Global Affinity Fund 1,588,301 1,588, ,175 13,548,413 (867) - 13,881,721-15,470,022 CGWM Select Global Opportunity Fund 15,333,866 15,333, ,831, , ,291, ,624,887 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June FAIR VALUE MEASUREMENT: (continued) Level I Level II Collective Investment Schemes Total Bonds Collective Investment Schemes Forward Currency Contracts Futures Total The valuation polices for the above categories are outlined in note 2. There were no significant transfers between Level I, Level II and Level III during the year. 44

48 Fund name GBP GBP GBP GBP GBP GBP GBP GBP GBP CGWM Total Return Bond Fund - - 6,422,995-42,850 57,550 6,523,395-6,523,395 CGWM Select Income Fund - - 1,509,932 8,752, ,262,763-10,262,763 CGWM Select Diversity Fund - - 9,703,823 52,686, ,389,825-62,389,825 CGWM Select Affinity Fund - - 2,983,816 39,774, ,758,530-42,758,530 CGWM Select Opportunity Fund 3,390,750 3,390,750-26,717, ,717,174-30,107,924 CGWM REMAP 4 Fund 1,206,069 1,206,069 2,130,575 4,398, ,529,336-7,735,405 CGWM REMAP 4(i) Fund 148, , , , ,202,736-1,351,607 CGWM REMAP 5 Fund 2,104,546 2,104,546-6,142, ,142,878-8,247,424 USD USD USD USD USD USD USD USD USD CGWM Select Global Diversity Fund 2,081,229 2,081,229 1,743,487 14,348, ,092,405-18,173,634 CGWM Select Global Affinity Fund 984, , ,263 10,413, ,901,325-11,885,983 CGWM Select Global Opportunity Fund 12,190,522 12,190,522-99,331,381 32,436-99,363, ,554,339 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June FAIR VALUE MEASUREMENT: (continued) The following is a summary of the inputs used to value each of the Fund s financial assets and liabilities carried at fair value as at 1 January 2014: Level I Collective Investment Schemes Total Bonds Collective Investment Schemes Level II Forward Currency Contracts Futures Total Level III Total The valuation polices for the above categories are outlined in note 2. There were no significant transfers between Level I, Level II and Level III during the period. 45

49 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June EXCHANGE RATES The 30 June 2015 period end exchange rates were as follows: Exchange Rate Exchange Rate to GBP to USD Canadian dollar Euro Japanese yen Norwegian krone Swedish krona Swiss franc US dollar Sterling Singapore dollar The 31 December 2014 year end exchange rates were as follows: Exchange Rate Exchange Rate to GBP to USD Canadian dollar Euro Japanese yen Norwegian krone Swedish krona Swiss franc US dollar Sterling Singapore dollar SOFT COMMISSION There were no soft commission arrangements during the period or in the preceding period. 10. TAXATION The Company is not liable to tax in respect of its income and gains, other than on the occurrence of a chargeable event. A chargeable event includes any distribution or any redemption or transfer of share. A chargeable event does not include: (i) any transactions in relation to shares held in a recognised clearing system as designated by order of the Revenue Commissioners of Ireland; or (ii) an exchange of shares representing one Fund of the Company; or (iii) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Company with another fund. A chargeable event will not occur in respect of shareholders who are neither resident nor ordinarily resident in Ireland and who provide the Company with a relevant declaration to that effect. In the absence of an appropriate declaration, the Company will be liable to Irish Tax on the occurrence of a chargeable event. Capital gains, dividends and interest received may be subject to withholding taxes imposed by the Country of Origin and such taxes may not be recoverable by the Company or its shareholders. 11. EFFICIENT PORTFOLIO MANAGEMENT The Company may, on behalf of certain Funds, employ investment techniques and Financial Derivative Instruments for efficient portfolio management purposes and for currency hedging purposes subject to the conditions and within the limits laid down by the Central Bank. The Company and its relevant Funds may only invest in Financial Derivative Instruments as described in the prospectus such as futures, put options, call options, interest rate futures and forward foreign currency contracts. The CGWM REMAP 4 Fund, CGWM REMAP 4(i) Fund and CGWM REMAP 5 Fund will not invest in financial derivative instruments. 46

50 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June EFFICIENT PORTFOLIO MANAGEMENT (continued) The CGWM Total Return Bond Fund uses futures predominantly to neutralise the Fund s exposure to the market as a means of risk reduction and overall capital preservation. The counterparties used during the period included Northern Trust Company, London Branch (NTC) for over-thecounter derivatives and ADM Investor Services International Limited for exchange-traded derivatives. The realised and unrealised gains and losses arising during the period through the use of efficient portfolio management techniques are disclosed in the Condensed Statement of Comprehensive Income. Open Financial Derivative Instrument contracts at the period end are disclosed in the Schedule of Investments, including the relevant Counterparty, the underlying securities, currencies or indices, and the market value or unrealised gain/loss on the contract at the period end. 12. FEES AND OTHER EXPENSES Investment Manager The Investment Managers are entitled to an investment management fee for the launched Share Classes as set out below. Investment Management fees are paid in the currency of the relevant Fund. Investment Share class Management Fee CGWM Total Return Bond Fund - A Shares 0.75% CGWM Select Income Fund - B Shares 1.50% CGWM Select Income Fund - R Shares 0.80% CGWM Select Diversity Fund - B Shares 1.50% CGWM Select Diversity Fund - R Shares 0.80% CGWM Select Affinity Fund - B Shares 1.50% CGWM Select Affinity Fund - R Shares 0.80% CGWM Select Global Diversity Fund - B Shares 1.50% CGWM Select Global Diversity Fund - B Shares SGD Hedged Class 1.50% CGWM Select Global Diversity Fund - T Shares 1.50% CGWM Select Global Diversity Fund - T Shares GBP Hedged Class 1.50% CGWM Select Global Diversity Fund - T Shares EUR Hedged Class 1.50% CGWM Select Global Affinity Fund - B Shares 1.50% CGWM Select Global Affinity Fund - B Shares SGD Hedged Class 1.50% CGWM Select Global Affinity Fund - T Shares GBP Hedged 1.50% CGWM Select Global Affinity Fund - T Shares GBP Hedged 1.50% CGWM Select Opportunity Fund - A Shares 1.50% CGWM Select Global Opportunity Fund - A Shares 1.50% CGWM Select Global Opportunity Fund - A Shares GBP Hedged Class 1.50% CGWM Select Global Opportunity Fund - B Shares SGD Hedged Class 1.50% CGWM Select Global Opportunity Fund - T Shares 1.50% CGWM Select Global Opportunity Fund - T Shares GBP Hedged Class 1.50% CGWM Select Global Opportunity Fund - T Shares EUR Hedged Class 1.50% CGWM REMAP 4 Fund - D Shares 0.80% CGWM REMAP 4(i) Fund - D Shares 0.80% CGWM REMAP 5 Fund - D Shares 0.80% CGWM Bond Fund - A Shares 0.50% CGWM Bond Fund - A Shares USD Hedged Class 0.50% CGWM Bond Fund - A Shares EUR Hedged Class 0.50% On CGWM REMAP 4 Fund, CGWM REMAP 4(i) Fund, CGWM REMAP 5 Fund, CGWM Total Return Bond Fund and the CGWM Bond Fund, the Investment Management fees are allocated to capital. The result of this allocation policy is that the capital growth of the Fund is less than if all Investment Management fees were charged to income. For accounting presentational purposes the total fee is charged to the Condensed Statement of Comprehensive Income. On CGWM Select Income Fund, CGWM Select Diversity Fund and CGWM Select Global Diversity Fund, 50% of the Investment Management fees are allocated to capital. 47

51 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June FEES AND OTHER EXPENSES (continued) Performance Fee On CGWM Total Return Bond Fund, the Investment Manager is also entitled to a performance fee (the Performance Fee ) equal to 20% in total of the amount by which the Fund produces a total net return of 2% per annum in excess of the 3 Month Sterling LIBOR subject to first having made good any negative performance which was made in previous periods. Any Performance Fee payable accrues on each Dealing Day and is payable to the Investment Manager after the end of each quarter. On CGWM Total Return Bond Fund, any Performance Fees are allocated to capital. For accounting presentational purposes, the total fee is charged to the Condensed Statement of Comprehensive Income. The Directors consider that this allocation will enable the Fund to distribute income in line with shareholders expectations. No Performance Fees were accrued during the period. Custodian The Custodian fee payable on all Funds is 0.05% per annum of the Net Asset Value of the Fund, subject to a minimum annual fee of GBP 84,000 in respect of the Company. The Custodian fee is accrued daily and is payable monthly in arrears. The Custodian also charges a transaction fee of GBP 35, EUR 50 or USD 70 (in respect of the relevant base currency of each of the Funds) per investment transaction and each Fund bears the fees and expenses of the local custodian in each country in which it invests. Any subcustody fees are at normal commercial rates. Administrator The Administration fee payable on all Funds is 0.15% per annum of the Net Asset Value of each Fund, subject to a minimum annual fee of GBP 324,000 in respect of the Company. Administration fees are accrued daily and paid monthly in arrears. In addition the Administrator shall be entitled to receive a fee of GBP 10,000 per annum for the provision of Corporate Secretarial Services and GBP 5,000 per annum for the provision of Money Laundering Reporting Officer Services. Transaction Costs Transaction costs incurred by the Funds for the period ended 30 June 2015 are shown separately on the Condensed Statement of Comprehensive Income and for the period amounted to GBP 32,825 (30 June 2014: GBP 28,258). Directors Fee The total Directors fees payable in any one year will not exceed GBP 100,000 or such higher amount agreed by the Shareholders. Directors fees charged for the six months ended 30 June 2015 amounted to GBP 37,975 (30 June 2014: GBP 44,259). 13. DISTRIBUTIONS The following Share Classes paid a distribution during the six months ended 30 June 2015: Date No. Rate per Amount Fund XD Date Paid of Shares Share GBP CGWM Total Return Bond Fund A Shares 05/01/ /01/ , ,057 57,057 CGWM Select Income Fund B Shares 05/01/ /01/ ,081, ,052 02/04/ /04/ ,394, , ,913 CGWM Select Diversity Fund B Shares 05/01/ /01/ ,894, , ,542 CGWM REMAP 4 Fund D Shares 05/01/ /01/ ,798, , ,521 CGWM REMAP 4(i) Fund D Shares 05/01/ /01/2015 2,876, ,701 23,701 48

52 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June DISTRIBUTIONS (continued) Date No. Rate per Amount Fund XD Date Paid of Shares Share GBP CGWM REMAP 5 Fund D Shares 05/01/ /01/ ,231, , ,375 CGWM Bond Fund A Shares 05/01/ /01/ , ,810 02/04/ /04/ , , ,717 Amount USD CGWM Bond Fund A Shares USD Hedged Class 05/01/ /01/2015 6, ,503 02/04/ /04/ , ,125 10,628 The following Share Classes paid a distribution during the year ended 31 December 2014: Date No. Rate per Amount Fund XD Date Paid of Shares Share GBP CGWM Total Return Bond Fund A Shares 03/01/ /01/ , ,086 02/07/ /07/ , , ,313 CGWM Select Income Fund B Shares 03/01/ /01/2014 9,659, ,461 02/04/ /04/ ,055, ,108 02/07/ /07/ ,019, ,062 02/10/ /10/ ,837, , ,746 CGWM Select Diversity Fund B Shares 03/01/ /01/ ,451, ,973 02/07/ /07/ ,590, , ,955 CGWM REMAP 4 Fund D Shares 03/01/ /01/2014 9,771, ,133 02/07/ /07/ ,303, , ,123 CGWM REMAP 4(i) Fund D Shares 03/01/ /01/2014 1,585, ,908 02/07/ /07/2014 2,284, ,831 37,739 CGWM REMAP 5 Fund D Shares 03/01/ /01/2014 9,127, ,604 02/07/ /07/ ,496, , ,816 CGWM Bond Fund A Shares 02/04/ /04/ , ,290 02/07/ /07/ , ,983 02/10/ /10/ , , ,255 49

53 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June COMPARATIVE STATISTICS Net Asset Value 30 June Dec Dec 2013 CGWM Total Return Bond Fund A Shares GBP 4,025,770 4,213,772 6,958,999 CGWM Select Income Fund B Shares GBP 13,491,707 12,957,795 11,119,521 R Shares GBP 53, CGWM Select Diversity Fund B Shares GBP 74,694,086 70,584,017 65,381,629 R Shares GBP 38, CGWM Select Affinity Fund B Shares GBP 49,294,941 46,784,302 44,298,214 R Shares GBP 43, CGWM Select Global Diversity Fund B Shares USD 41,340,881 28,572,627 19,817,859 B Shares SGD Hedged Class SGD 2,262, , ,026 T Shares USD 149, T Shares GBP Hedged Class GBP 1,905, ,950 - T Shares EUR Hedged Class EUR 217, CGWM Select Global Affinity Fund B Shares USD 19,218,019 15,670,305 12,846,979 B Shares SGD Hedged Class SGD 219, ,299 52,378 T Shares USD 384, T Shares GBP Hedged Class GBP 1,215, ,473 - CGWM Select Opportunity Fund A Shares GBP 54,566,426 43,673,611 34,861,821 CGWM Select Global Opportunity Fund A Shares USD 209,138, ,100, ,044,664 A Shares GBP Hedged Class GBP 9, B Shares SGD Hedged Class SGD 23,455,488 18,227,706 9,459,062 T Shares USD 829, T Shares GBP Hedged Class GBP 3,958,730 19,217 - T Shares EUR Hedged Class EUR 80, CGWM REMAP 4 Fund D Shares GBP 26,185,062 22,654,717 10,015,459 CGWM REMAP 4(i) Fund D Shares GBP 2,984,387 2,991,169 1,574,452 CGWM REMAP 5 Fund D Shares GBP 14,035,772 13,366,648 9,338,639 CGWM Bond Fund A Shares GBP 42,809,078 43,469,906 - A Shares USD Hedged Class USD 1,257, ,596 - A Shares EUR Hedged Class EUR 267,

54 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June COMPARATIVE STATISTICS (continued) Shares in issue 30 June Dec Dec 2013 CGWM Total Return Bond Fund A Shares GBP 51,092 53,351 86,716 CGWM Select Income Fund B Shares GBP 11,556,781 11,081,219 9,662,409 R Shares GBP 55, CGWM Select Diversity Fund B Shares GBP 53,118,821 50,926,331 49,451,845 R Shares GBP 38, CGWM Select Affinity Fund B Shares GBP 31,801,999 30,854,170 30,939,698 R Shares GBP 44, CGWM Select Global Diversity Fund B Shares USD 30,703,620 21,594,360 15,615,891 B Shares SGD Hedged Class SGD 1,344, , ,333 T Shares USD 152, T Shares GBP Hedged Class GBP 1,853, ,384 - T Shares EUR Hedged Class EUR 219, CGWM Select Global Affinity Fund B Shares USD 13,654,920 11,416,913 9,797,618 B Shares SGD Hedged Class SGD 124,689 73,755 40,424 T Shares USD 381, T Shares GBP Hedged Class GBP 1,185, ,618 - CGWM Select Opportunity Fund A Shares GBP 29,547,933 24,586,971 21,318,347 CGWM Select Global Opportunity Fund A Shares USD 113,572,167 95,762,880 69,170,786 A Shares GBP Hedged Class EUR 10, B Shares SGD Hedged Class SGD 10,182,297 8,276,078 5,656,937 T Shares USD 813, T Shares GBP Hedged Class GBP 3,798,985 19,231 - T Shares EUR Hedged Class EUR 82, CGWM REMAP 4 Fund D Shares GBP 24,129,502 20,798,878 9,771,933 CGWM REMAP 4(i) Fund D Shares GBP 2,903,936 2,876,311 1,585,807 CGWM REMAP 5 Fund D Shares GBP 12,856,272 12,231,917 9,127,075 CGWM Bond Fund A Shares GBP 421, ,013 - A Shares USD Hedged Class USD 12,660 6,508 - A Shares EUR Hedged Class EUR 2,

55 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June COMPARATIVE STATISTICS (continued) Dealing Net Asset Value per Share 30 June Dec Dec 2013 CGWM Total Return Bond Fund A Shares GBP CGWM Select Income Fund B Shares GBP R Shares GBP CGWM Select Diversity Fund B Shares GBP R Shares GBP CGWM Select Affinity Fund B Shares GBP R Shares GBP CGWM Select Global Diversity Fund B Shares USD B Shares SGD Hedged Class SGD T Shares USD T Shares GBP Hedged Class GBP T Shares EUR Hedged Class EUR CGWM Select Global Affinity Fund B Shares USD B Shares SGD Hedged Class SGD T Shares USD T Shares GBP Hedged Class GBP CGWM Select Opportunity Fund A Shares GBP CGWM Select Global Opportunity Fund A Shares USD A Shares GBP Hedged Class EUR B Shares SGD Hedged Class SGD T Shares USD T Shares GBP Hedged Class GBP T Shares EUR Hedged Class EUR CGWM REMAP 4 Fund D Shares GBP CGWM REMAP 4(i) Fund D Shares GBP CGWM REMAP 5 Fund D Shares GBP CGWM Bond Fund A Shares GBP A Shares USD Hedged Class USD A Shares EUR Hedged Class EUR

56 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June CREDIT FACILITY A credit facility with Northern Trust Company, London Branch (NTC) is in operation for certain Funds. Each Fund may borrow up to 10% of its Net Asset Value provided this borrowing is on a temporary basis. The credit facility is secured by a charge over the assets of the relevant Funds in order to secure the borrowings. Credit balances (eg cash) may not be offset against borrowings when determining the percentage of borrowings outstanding. 16. SIGNIFICANT EVENTS DURING THE PERIOD Mr Roger Phillips resigned as a Director of Canaccord Genuity Investment Funds plc, effective 9 February The following share classes were launched during the period: CGWM Select Global Affinity Fund - T shares - Launched 18 February 2015; CGWM Select Global Opportunity Fund - T shares - Launched 18 February 2015; CGWM Bond Fund - A Shares EUR Hedged Class - Launched 22 April 2015; CGWM Select Global Opportunity Fund - T Shares EUR Hedged Class - Launched 12 May 2015; CGWM Select Global Diversity Fund - T Shares - Launched 26 May 2015; CGWM Select Income Fund - R Shares - Launched 29 May 2015; CGWM Select Affinity Fund - R Shares - Launched 3 June 2015; CGWM Select Global Opportunity Fund - A Shares GBP Hedged Class - Launched 15 June 2015; CGWM Select Diversity Fund - R Shares - Launched 22 June 2015; CGWM Select Global Diversity - T Shares EUR Hedged Class - Launched 30 June EVENTS SINCE THE PERIOD END DATE The following distributions were declared in July 2015: Date No. Rate per Amount Fund XD Date Paid of Shares Share GBP CGWM Total Return Bond Fund A Shares 02/07/ /07/ , ,342 CGWM Select Income Fund B Shares 02/07/ /07/ ,676, ,774 CGWM Select Income Fund R Shares 02/07/ /07/ , CGWM Select Diversity Fund B Shares 02/07/ /07/ ,980, ,715 CGWM Select Diversity Fund R Shares 02/07/ /07/ , CGWM REMAP 4 Fund D Shares 02/07/ /07/ ,129, ,598 CGWM REMAP 4(i) Fund D Shares 02/07/ /07/2015 2,903, ,855 CGWM REMAP 5 Fund D Shares 02/07/ /07/ ,883, ,699 CGWM Bond Fund A Shares 02/07/ /07/ , ,453 Amount USD CGWM Bond Fund A Shares USD Hedged Class 02/07/ /07/ , ,166 CGWM Select Global Diversity Fund B Shares 02/07/ /07/ ,946, ,023 Amount SGD CGWM Select Global Diversity Fund B Shares SGD Hedged Class 02/07/ /07/2015 1,431, Amount CGWM Bond Fund A Shares EUR Hedged Class 02/07/ /07/2015 2, ,012 EUR 53

57 NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June EVENTS SINCE THE PERIOD END DATE (continued) The following share classes launched since the period end date: CGWM Select Opportunity Fund - R Shares - Launched 1 July 2015; CGWM Select Income Fund - A Shares - Launched 29 July The Board of the Company appointed Goodbody Secretarial Limited as Company Secretary to the Company effective from 23 July There were no other events since the Condensed Statement of Financial Position date, which, in the opinion of the Directors of the Company, may have an impact on the financial statements for the six months ended 30 June APPROVAL OF THE FINANCIAL STATEMENTS The financial statements were authorised for issue by the Board of Directors of the Company on 21 August

58 CGWM TOTAL RETURN BOND FUND INVESTMENT PORTFOLIO 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 88.79% (31 Dec 2014: 96.21%) Canada: 6.46% (31 Dec 2014: 9.89%) 500,000 Canada (Government of) 1.25% 01/03/ , Total Canada 260, Germany: 9.19% (31 Dec 2014: 9.04%) 160,000 Kreditanstalt fur Wiederaufbau 5% 10/09/ , ,000 Kreditanstalt fur Wiederaufbau 5% Notes 10/09/ , Total Germany 369, Netherlands: 12.14% (31 Dec 2014: 14.42%) 250,000 Bank Nederlandse Gemeenten 4.5% 20/02/ , ,000 Rabobank Nederland 5.25% 14/09/ , Total Netherlands 488, Singapore: 6.16% (31 Dec 2014: 9.62%) 400,000 Temasek Financial I 2.375% 23/01/ , Total Singapore 247, South Korea: 15.13% (31 Dec 2014: 14.60%) 500,000 Export-Import Bank of Korea 5% 11/04/ , ,000 Export-Import Bank of Korea FRN 22/03/ , Total South Korea 609, United Arab Emirates: 8.72% (31 Dec 2014: 8.32%) 275,000 IPIC GMTN 6.875% 14/03/ , Total United Arab Emirates 350, United Kingdom: 25.37% (31 Dec 2014: 24.85%) 300,000 Abbey National Treasury Services 5.125% 14/04/ , ,000 Places for People Homes 5.875% 23/05/ , ,000 Transport for London 2.25% 09/08/ , Total United Kingdom 1,021,

59 CGWM TOTAL RETURN BOND FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 88.79% (31 Dec 2014: 96.21%) (continued) United States of America: 5.62% (31 Dec 2014: 5.47%) 200,000 GE Capital UK Funding 5.625% 25/04/ , Total United States of America 226, Total Bonds 3,574, Financial Derivative Instruments: 0.96% (31 Dec 2014: 0.21%) Forward Currency Contracts: 0.50% (31 Dec 2014: 0.21%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Gain Net Assets Northern Trust GBP 404,575 CAD 760, /07/ , Northern Trust GBP 616,133 USD 965, /07/2015 2, Total Fair Value Gains on Forward Currency Contracts 20, Open Future Contracts: 0.46% (31 Dec 2014: 0.00%) Counterparty Description Country Currency No. of Unrealised % of Contracts Loss Net Assets ADM Investor Long Gilt ICF Services Int. Ltd September 2015 United Kingdom GBP (15) 18, Fair value Gains on Open Future Contracts 18, Total Financial Derivative Instruments 38, Total Financial assets at fair value through profit or loss 3,612, Financial liabilities at fair value through profit or loss Financial Derivative Instruments: 0.00% (31 Dec 2014: (2.07%)) Forward Currency Contracts: 0.00% (31 Dec 2014: (0.68%)) Open Future Contracts: 0.00% (31 Dec 2014: (1.39%)) 56

60 CGWM TOTAL RETURN BOND FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value GBP % of Net Assets Total Value of Investments 3,612, (Cost: GBP 3,423,326) Cash 347, Other Net Assets 64, Net Assets Attributable to Holders of Redeemable Participating Shares 4,025, Analysis of Total Assets % of Total Assets Transferable securities listed on an official stock exchange listing or traded on a regulated market Financial derivative instruments dealt on a regulated market 0.96 Other Assets

61 CGWM SELECT INCOME FUND INVESTMENT PORTFOLIO 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 86.79% (31 Dec 2014: 77.31%) Guernsey: 6.74% (31 Dec 2014: 6.35%) 186,083 HICL Infrastructure Company Limited* 286, ,000 International Public Partnerships* 176, ,845 John Laing Infrastructure Fund* 449, Total Guernsey 912, Ireland: 27.03% (31 Dec 2014: 18.61%) 54,144 GAM Star - Credit Opportunities GBP 594, ,026 Invesco Bond Series - Sterling Bond Fund Class C 554, ,018 Kames High Yield Global Bond 616, ,592 Kames Strategic Global Bond Fund 697, ,550 Legg Mason Brandywine Global Income Optimiser Fund 642, ,607 Magna Umbrella Fund - Emerging Markets Dividend Fund 284, ,607 Prusik Asian Equity Income Fund Class C 271, Total Ireland 3,661, Luxembourg: 24.85% (31 Dec 2014: 12.72%) 669 Allianz Global Investors Fund - Allianz Flexi Asia Bond 624, ,275 BlackRock Global Funds - Continental European Flexible Fund 414, ,445 Fidelity Funds - Global Dividend Fund 454, ,814 Jupiter Global Dynamic Bond Fund 657, ,528 Man Umbrella SICAV - GLG Flexible Bond Fund 549, ,566 RWC Funds Enhanced Income 665, Total Luxembourg 3,365, United Kingdom: 28.17% (31 Dec 2014: 39.63%) 697,440 Artemis Global Income Fund 574, ,789 Artemis Income Fund 781, ,035 Capita Financial - CF Woodford Equity Income Fund 633, ,914 Invesco Perpetual UK Strategic Income Fund 371, ,538 Newton Global Higher Income Fund 332, ,090 Renewables Infrastructure Group 455, ,234,350 Schroder Income Maximiser Fund Class Z 665, Total United Kingdom 3,814, Total Collective Investment Schemes 11,755, * Closed-end Fund 58

62 CGWM SELECT INCOME FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 % of Holdings Financial assets at fair value through profit or loss Net Assets Bonds: 8.99% (31 Dec 2014: 12.52%) United Kingdom: 8.99% (31 Dec 2014: 12.52%) 200,000 Lloyds Bank 5.5% 25/09/ , ,000 United Kingdom Gilt 4% 07/03/ , ,000 United Kingdom Gilt 4.25% 07/12/ , Total United Kingdom 1,217, Total Bonds 1,217, Total Value of Investments 12,973, (Cost: GBP: 12,561,516) Cash 603, Other Net Liabilities (30,832) (0.23) Net Assets Attributable to Holders of Redeemable Participating Shares 13,545, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market 6.70 Other Assets

63 CGWM SELECT DIVERSITY FUND INVESTMENT PORTFOLIO 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 84.06% (31 Dec 2014: 89.15%) Guernsey: 2.86% (31 Dec 2014: 2.94%) 508,500 HICL Infrastructure Company Limited* 783, ,000 International Public Partnerships* 1,351, Total Guernsey 2,134, Ireland: 33.78% (31 Dec 2014: 37.51%) 1,476,658 BNY Mellon Absolute Return Equity Fund 1,756, ,199 Brown Advisory US Small Cap Blend Fund 1,097, ,809 Findlay Park American Fund 2,841, ,620 ishares $ TIPS UCITS 2,054, J O Hambro Capital Management Umbrella Fund - 330,000 Continental European Fund 1,130, ,712 Kames Strategic Global Bond Fund 2,584, Legg Mason Global Funds - 22,324 Legg Mason Western Asset Macro Opportunities Bond Fund 2,246, ,088,563 Old Mutual Global Investors Series - Absolute Return Fund 1,630, ,871 Old Mutual Global Investors Series - UK Alpha Fund 3,796, ,505 Polar Capital North American Fund 2,302, ,565 Polar Healthcare Opportunities Fund 2,539, ,271 Prusik Asian Equity Income Fund Class Y 1,268, Total Ireland 25,247, Luxembourg: 20.31% (31 Dec 2014: 22.19%) 54,218 BlackRock Global - Continental European Flexible Fund 797, ,990 BlackRock Global Funds - Asian Growth Leaders 1,125, ,959 Henderson Gartmore Fund - United Kingdom Absolute Return 1,797, ,985 Investec Global Strategy Fund - UK Alpha Fund 2,542, ,138 JPMorgan Funds - Highbridge US STEEP 2,851, ,931 Jupiter Asset Management - Dynamic Bond Fund 3,276, ,188 Man Umbrella SICAV - GLG Flexible Bond Fund 1,412, ,038 Stratton Street UCITS - Renminbi Bond Fund UI 1,376, Total Luxembourg 15,179, United Kingdom: 27.11% (31 Dec 2014: 26.51%) 249,118 Baring German Growth Trust 1,486, ,373,305 Capita Financial - CF Woodford Equity Income Fund 1,592, ,421 First State Asia Pacific Leaders Fund 1,637, ,246,141 First State Global Listed Infrastructure Fund 2,232, ,496 Henderson Global Funds - Global Technology Fund Class I 1,316, *Closed-end Fund 60

64 CGWM SELECT DIVERSITY FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 84.06% (31 Dec 2014: 89.15%) (continued) United Kingdom: 27.11% (31 Dec 2014: 26.51%) (continued) 1,268,594 Invesco Perpetual UK Strategic Income Fund 3,743, ,189,904 Investec UK Special Situations Fund - Series 1 3,710, ,208 M&G Investment UK Growth Fund Class I Accumulating 2,265, ,951,775 M&G Investment UK Inflation Linked Corporate Bond Fund 2,279, Total United Kingdom 20,265, Total Collective Investment Schemes 62,827, Bonds: 7.26% (31 Dec 2014: 7.52%) United Kingdom: 7.26% (31 Dec 2014: 7.52%) 2,230,000 UK Treasury 4% Bond 07/03/2022 2,555, ,360,000 UK Treasury 4.25% Bond 07/12/2027 2,868, Total United Kingdom 5,423, Total Bonds 5,423, Total Value of Investments 68,251, (Cost: GBP 61,994,815) Cash 6,947, Other Net Liabilities (466,978) (0.62) Net Assets Attributable to Holders of Redeemable Participating Shares 74,732, Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market 2.80 Other Assets

65 CGWM SELECT AFFINITY FUND INVESTMENT PORTFOLIO 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 90.57% (31 Dec 2014: 96.55%) Guernsey: 2.69% (31 Dec 2014: 2.82%) 321,000 HICL Infrastructure Company Limited* 494, ,000 International Public Partnerships* 834, Total Guernsey 1,328, Ireland: 40.35% (31 Dec 2014: 44.77%) 630,508 BNY Mellon Absolute Return Equity Fund 749, ,057 Brown Advisory US Small Cap Blend Fund 1,009, ,768 Findlay Park American Fund 1,922, ,489 ishares Barclays TIPS UCITS ETF 925, ,500 ishares S&P 500 UCITS ETF 1,639, ,114 J O Hambro Capital Management Umbrella - UK Growth Fund 2,976, J O Hambro Capital Management Umbrella Fund - 377,237 Continental European Fund 1,292, Legg Mason Global Funds PLC - 9,686 Legg Mason Western Asset Macro Opportunities Bond Fund 974, Old Mutual Global Investors Series - 521,035 Old Mutual Global Equity Absolute Return 780, ,587 Old Mutual Global Investors Series - UK Alpha Fund 3,224, ,106 Polar Healthcare Opportunities Fund 1,570, ,268 Prusik Asian Equity Income Fund 1,114, ,040 Vanguard Investment Series - US Opportunities Fund 1,722, Total Ireland 19,905, Luxembourg: 21.08% (31 Dec 2014: 22.10%) 64,120 BlackRock Global Funds - Continental European Flexible Fund 943, ,351 BlackRock Global Funds - Asian Growth Leaders 1,241, ,473 Henderson Gartmore Fund - United Kingdom Absolute Return 735, ,626 Investec Global Strategy Fund - UK Alpha Fund 2,244, ,788 JPMorgan Funds - Highbridge US STEEP 2,099, ,263 Jupiter Global Dynamic Bond Fund 1,880, ,911 Stratton Street UCITS - Renminbi Bond Fund Universal 1,257, Total Luxembourg 10,401, United Kingdom: 26.45% (31 Dec 2014: 26.86%) 177,866 Baring German Growth Trust 1,061, ,556,715 Capita Financial - CF Woodford Equity Income Fund 1,805, ,572 First State Global Listed Infrastructure Fund - Class B 1,466, ,145 First State Investments ICVC - Asia Pacific Leaders Fund 1,216, ,390 Henderson Global Fund - Global Technology Fund Class I 1,364, ,082,792 Invesco Perpetual UK Strategic Income Fund 3,195, ,733,027 Investec Fund Series i - UK Special Situations Fund 2,936, Total United Kingdom 13,046, Total Collective Investment Schemes 44,682, * Closed-end Fund 62

66 CGWM SELECT AFFINITY FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 2.41% (31 Dec 2014: 2.73%) United Kingdom: 2.41% (31 Dec 2014: 2.73%) 980,000 UK Treasury Bond 4.25% 07/12/2027 1,190, Total United Kingdom 1,190, Total Bonds 1,190, Total Value of Investments 45,873, (Cost: 2014: 40,374,863) Cash 3,559, Other Net Liabilities (94,605) (0.19) Net Assets Attributable to Holders of Redeemable Participating Shares 49,338, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market 2.67 Other Assets

67 CGWM SELECT GLOBAL DIVERSITY FUND INVESTMENT PORTFOLIO 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss USD Net Assets Collective Investment Schemes: 84.48% (2014: 92.30%) Guernsey: 0.70% (2014: 2.93%) 135,120 HICL Infrastructure Company Limited* 327, Total Guernsey 327, Ireland: 37.94% (2014: 40.22%) 157,468 Edinburgh Partners Opportunities Fund - European Opportunities Fund 493, ,747 Findlay Park American Fund 2,221, ,572 First State Global Listed Infrastructure Fund 1,372, J O Hambro Capital Management Umbrella Fund - 261,618 Continental European Fund 1,409, ,366 J O Hambro Capital Management Umbrella Fund - Japan Fund 643, ,264 Kames Capital Investment - Strategic Global Bond Fund 1,422, Legg Mason Global Funds PLC - 13,804 Legg Mason Western Asset Macro Opportunities Bond Fund 1,521, ,022,887 Old Mutual Global Investors Series Plc - Global Equity Absolute Return Fund 1,512, ,677 Polar Healthcare Opportunities Fund 1,532, ,778 Polar Capital North American Fund 2,470, ,480 Vanguard Investment Series - US Opportunities Fund 3,005, Total Ireland 17,606, Luxembourg: 25.83% (2014: 24.18%) 105,733 BlackRock Global Funds - Asian Growth Leaders 1,705, ,782 Henderson Gartmore Fund - UK Absolute Return Fund 1,604, ,929 Henderson Horizon - Global Technology Fund Accumulating 967, ,805 JPMorgan Funds - Highbridge US STEEP 2,279, ,208 Jupiter Global Fund - Dynamic Bond Fund 2,008, ,856 Man Umbrella SICAV - GLG Flexible Bond Fund 974, ,070 Stratton Street UCITS - Renminbi Bond Fund UI 1,067, ,787 Wells Fargo Lux Worldwide Fund - U.S. Premier Growth Fund 1,380, Total Luxembourg 11,987, United Kingdom: 11.40% (2014: 8.12%) 230,173 Aberdeen UK ICVC - Aberdeen Japan Equity Fund 653, ,652 Baring German Growth Trust Class I 1,086, ,221 BlackRock European Dynamic Fund 325, ,221 BlackRock European Dynamic Fund Class A 537, ,195 First State Asia Pacific Leaders Fund 1,806, ,200 Renewables Infrastructure Group 880, Total United Kingdom 5,289, *Closed-end Fund 64

68 CGWM SELECT GLOBAL DIVERSITY FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss USD Net Assets Collective Investment Schemes: 84.48% (2014: 92.30%) United States of America: 8.61% (2014: 16.85%) 20,385 ishares Barclays Year Treasury Bond Fund 2,709, ,130 ishares US Aerospace & Defense ETF 611, ,470 Vanguard Short-Term Corporate Bond ETF 674, Total United States of America 3,994, Total Collective Investment Schemes 39,205, Bonds: 4.31% (2014: 4.37%) United States of America: 4.31% (2014: 4.37%) 42,000 United States Treasury Bond 2.625% 15/8/ , ,871,000 US Treasury 2.625% Bond 15/08/2020 1,956, Total United States of America 2,000, Total Bonds 2,000, Financial Derivative Instruments: 0.00% (2014: 0.00%) Forward Currency Contracts: 0.00% (2014: 0.00%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Loss Net Assets Northern Trust SGD 21,005 USD 15, /07/ Northern Trust EUR 219,026 USD 244, /07/ Northern Trust GBP 12,117 USD 19, /07/ Northern Trust GBP 65,400 USD 102, /07/ Total Fair Value Gains on Forward Currency Contracts 83 - Total Financial assets at fair value through profit or loss 41,206, Financial liabilities at fair value through profit or loss Financial Derivative Instruments: (0.25%) (2014: 0.00%) Forward Currency Contracts: (0.25%) (2014: 0.00%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Loss Net Assets Northern Trust USD 2,958,546 EUR 2,750, /07/2015 (105,504) (0.23) Northern Trust SGD 2,251,362 USD 1,676, /07/2015 (5,540) (0.01) Northern Trust GBP 1,847,013 USD 2,907, /07/2015 (2,873) (0.01) Northern Trust SGD 30,022 USD 22, /07/2015 (89) - Northern Trust USD 8,891 SGD 12, /07/2015 (20) - Total Fair Value Losses on Forward Currency Contracts (114,026) (0.25) Total Financial liabilities at fair value through profit or loss (114,026) (0.25) 65

69 CGWM SELECT GLOBAL DIVERSITY FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value USD % of Net Assets Total Value of Investments 41,092, (Cost: USD 38,325,878) Cash 4,512, Other Net Assets 805, Net Assets Attributable to Holders of Redeemable Participating Shares 46,409, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market 0.70 Financial derivative instruments dealt on a regulated market - Other Assets

70 CGWM SELECT GLOBAL AFFINITY FUND INVESTMENT PORTFOLIO 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss USD Net Assets Collective Investment Schemes: 87.12% (31 Dec 2014: 94.77%) Guernsey: 0.83% (31 Dec 2014: 2.61%) 74,504 HICL Infrastructure Company Limited* 180, Total Guernsey 180, Ireland: 42.04% (31 Dec 2014: 42.46%) 22,541 Findlay Park American Smaller Companies Fund - USD 1,804, ,476 First State Global Umbrella - Infrastructure Fund 576, ,614 Hermes Asia Ex-Japan Equity Fund 889, ,573 J O Hambro Capital Management Umbrella Fund - Continental European Fund 264, ,227 J O Hambro Capital Management Umbrella Fund - Japan Fund 938, ,065 Legg Mason Western Asset Macro Opportunities Bond Fund 448, ,330 Old Mutual Global Investors Series -Old Mutual Global Equity Absolute Return 450, ,150 Polar Capital Funds - Healthcare Opportunities Fund Class I 716, ,376 Polar Capital North American Fund 1,445, ,356 Vanguard Investment Series - US Opportunities Fund 1,580, Total Ireland 9,114, Luxembourg: 26.84% (31 Dec 2014: 25.68%) 43,241 BlackRock Global - Asian Growth Leaders Fund 697, ,228 Henderson Gartmore Fund - United Kingdom Absolute Return 478, ,066 Henderson Horizon - Global Technology Fund 597, ,544 JPMorgan Funds - Highbridge US STEEP 1,760, ,202 Jupiter Global Fund - Dynamic Bond Fund 723, ,927 Stratton Street UCITS - Renminbi Bond Fund UI 522, ,591 Wells Fargo (Lux) - US Premier Growth Fund 1,035, Total Luxembourg 5,814, United Kingdom: 13.50% (31 Dec 2014: 14.08%) 94,471 Aberdeen Investment Funds ICVC - Japan Growth Fund 268, ,054 Baring German Growth Trust Fund 591, ,525 BlackRock European Dynamic Fund Class A 554, ,881 BlackRock European Dynamic Fund Class D Accumulating 208, ,067 First State Asia Pacific Leaders Fund 981, ,000 Renewables Infrastructure Group 322, * Closed-end Fund Total United Kingdom 2,926,

71 CGWM SELECT GLOBAL AFFINITY FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss USD Net Assets Collective Investment Schemes: 87.12% (31 Dec 2014: 94.77%) (continued) United States of America: 3.91% (31 Dec 2014: 9.94%) 4,302 ishares Barclays Year Treasury Bond Fund 571, ,315 ishares US Aerospace & Defense 275, Total United States of America 847, Total Collective Investment Schemes 18,883, Bonds: 1.88% (31 Dec 2014: 2.09%) United States of America: 1.88% (31 Dec 2014: 2.09%) 390,000 US Treasury 2.625% Bond 15/08/ , Total United States of America 407, Total Bonds 407, Financial Derivative Instruments: 0.00% (31 Dec 2014: 0.00%) Forward Currency Contracts: 0.00% (31 Dec 2014: 0.00%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Gain Net Assets Northern Trust GBP 54,623 USD (85,881) /07/ Northern Trust GBP 11,541 USD (18,146) /07/ Fair Value Gains on Forward Currency Contracts 9 - Total Gain on Financial Derivative Instruments 9 - Total Financial assets at fair value through profit or loss 19,291, Financial Derivative Instruments: (0.42%) (31 Dec 2014: 0.00%) Forward Currency Contracts: (0.42%) (31 Dec 2014: 0.00%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Loss Net Assets Northern Trust GBP 32,888 USD (51,765) /07/2015 (51) - Northern Trust SGD 85,390 USD (63,643) /07/2015 (253) - Northern Trust SGD 127,831 USD (95,212) /07/2015 (315) - Northern Trust GBP 1,133,014 USD (1,783,328) /07/2015 (1,761) (0.01) Northern Trust USD 2,485,179 EUR 2,310, /07/2015 (88,623) (0.41) Fair Value Losses on Forward Currency Contracts (91,003) (0.42) Total Loss on Financial Derivative Instruments (91,003) (0.42) Total Financial liabilities at fair value through profit or loss (91,003) (0.42) 68

72 CGWM SELECT GLOBAL AFFINITY FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value USD % of Net Assets Total Value of Investments 19,200, (Cost: USD 16,541,251) Cash 1,736, Other Net Assets 740, Net Assets Attributable to Holders of Redeemable Participating Shares 21,677, Analysis of Total Assets % of Total Assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or trading on a regulated market 0.83 Financial derivative instrument dealt on a regulated market - Other Assets

73 CGWM SELECT OPPORTUNITY FUND INVESTMENT PORTFOLIO 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 87.15% (31 Dec 2014: 89.26%) Ireland: 47.44% (31 Dec 2014: 47.61%) 41,542 Findlay Park American Fund 2,114, ,520 Hermes Asia Ex-Japan Equity Fund 1,296, ,000 ishares - ishares MSCI Europe 772, ,500 ishares EURO STOXX 50 ETF 764, ,100 ishares MSCI AC Far East EX-Japan 404, ,500 ishares S&P 500 UCITS ETF 2,123, ,767,919 J O Hambro Capital Management Umbrella Fund - Continental European Fund 3,246, ,362 KBI Institutional Water Fund - Sterling Class E 1,863, ,864,459 Lazard Global Listed Infrastructure Equity Fund Class I 2,516, ,757 Polar Capital North American Fund Class I 688, ,485 Polar Healthcare Opportunities Fund 6,469, ,240 Prusik Asian Equity Income Fund Class C 1,391, ,760 Prusik Asian Equity Income Fund Class Y 576, ,887 Vanguard Investment Series - US Opportunities Fund 1,658, Total Ireland 25,887, Luxembourg: 23.72% (31 Dec 2014: 25.66%) 224,995 BlackRock Global Funds - Continental European Flexible Fund 3,309, ,446 BlackRock Global Funds - Asian Growth Leaders 1,365, ,378 BlackRock Global Funds - European Equity Income fund 2,176, ,219 JPMorgan Asset Management - Highbridge US STEEP 2,394, ,800,000 JPMorgan Liquidity Funds - Sterling Liquidity Fund 2,800, ,947 Wells Fargo Lux Worldwide Fund - U.S. Premier Growth Fund Class I 894, Total Luxembourg 12,939, United Kingdom: 15.99% (31 Dec 2014: 15.99%) 354,496 First State Investments ICVC - Asia Pacific Leaders Fund 1,857, ,366,918 First State Investments ICVC - Global Listed Infrastructure Fund 2,448, ,356 Investec Funds Series ii - Asia Ex Japan Fund 1,266, ,232,611 Threadneedle Investment Funds ICVC - European Select Fund 3,150, Total United Kingdom 8,723, Total Collective Investment Schemes 47,550,

74 CGWM SELECT OPPORTUNITY FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value % of Financial assets at fair value through profit or loss GBP Net Assets Financial Derivative Instrument: 0.00% (31 Dec 2014: 0.19%) - - Total Financial assets at fair value through profit or loss 47,550, Total Fair Value of Investments 47,550, (Cost: GBP 41,330,713) Cash 6,528, Other Net Assets 487, Net Assets Attributable to Holders of Redeemable Participating Shares 54,566, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Other Assets

75 CGWM SELECT GLOBAL OPPORTUNITY FUND INVESTMENT PORTFOLIO 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss USD Net Assets Collective Investment Schemes: 86.50% (31 Dec 2014: 89.22%) Ireland: 46.89% (31 Dec 2014: 47.15%) 115,337 Findlay Park American Fund 9,233, ,296,897 Hermes Asia Ex-Japan Equity Fund 5,841, ,200 ishares EURO STOXX 50 ETF 3,949, ,100 ishares MSCI AC Far East EX-Japan 1,703, ,000 ishares MSCI Europe EX - UK EUR 2,566, ,100 ishares S&P 500 UCITS 7,749, J O Hambro Capital Management Umbrella Fund - 11,382,907 Continental European Fund 13,670, ,150 KBI Institutional Water Fund 8,455, ,028,973 Lazard Global Listed Infrastructure Equity Fund 10,294, ,399 Polar Capital Healthcare Opportunities Fund 27,708, ,379 Polar Capital North American Fund 3,446, ,104 Prusik Asian Equity Fund 3,201, ,903 Prusik Asian Equity Income Fund 3,781, ,879 Vanguard Investment Series - US Opportunities Fund 7,968, Total Ireland 109,572, Luxembourg: 19.14% (31 Dec 2014: 25.27%) 616,674 BlackRock Global - Continental European Flexible Fund 14,266, ,211 BlackRock Global Funds - Asian Growth Leaders 5,761, ,722 JPMorgan Funds - Highbridge 9,433, ,800,000 JPMorgan US Dollar Liquidity Fund 11,800, ,165 Wells Fargo Lux Worldwide Fund - U.S. Premier Growth Fund 3,481, Total Luxembourg 44,743, United Kingdom: 20.47% (31 Dec 2014: 16.80%) 4,932,546 BlackRock Continental European Income Fund 9,557, ,002,326 First State Investments ICVC - Asia Pacific Leaders Fund 8,259, ,584,660 First State Investments ICVC - Global Listed Infrastructure Fund 10,100, ,929,063 Investec Funds Series ii - Asia Ex Japan Fund 6,399, ,095,148 Threadneedle Investment Funds ICVC - European Select Fund 13,527, Total United Kingdom 47,844, Total Collective Investment Schemes 202,160,

76 CGWM SELECT GLOBAL OPPORTUNITY FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value % of Financial assets at fair value through profit or loss USD Net Assets Financial Derivative Instruments: (0.00%) (31 Dec 2014: 0.29%) Forward Currency Contracts: (0.00%) (31 Dec 2014: 0.29%) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Gain Net Assets Northern Trust SGD 187,458 USD 138, /07/ Northern Trust SGD 161,040 USD 119, /07/ Northern Trust GBP 157,918 USD 248, /07/ Northern Trust USD 64,718 SGD 87, /07/ Northern Trust USD 13,425 SGD 18, /07/ Northern Trust SGD 109,034 USD 80, /07/ Northern Trust GBP 79,917 USD 125, /07/ Northern Trust GBP 54,624 USD 85, /07/ Northern Trust GBP 34,621 USD 54, /07/ Fair Value Gains on Forward Currency Contracts Total Financial Derivative Instruments Total Financial Assets at fair value through profit or loss 202,161, Financial liabilities at fair value through profit or loss Financial Derivative Instruments: (0.03%) (31 Dec 2014: (0.03%)) Forward Currency Contracts: (0.03%) (31 Dec 2014: (0.03%)) Counterparty Currency Currency Currency Maturity Unrealised % of Buys Sells Rate Date Loss Net Assets Northern Trust GBP 10,110 USD 15, /07/2015 (16) - Northern Trust GBP 67,478 USD 106, /07/2015 (38) - Northern Trust SGD 7,577 USD 5, /07/2015 (22) - Northern Trust EUR 81,608 USD 91, /07/2015 (184) - Northern Trust SGD 95,523 USD 71, /07/2015 (151) - Northern Trust GBP 219,359 USD 345, /07/2015 (338) - Northern Trust GBP 3,417,732 USD 5,379, /07/2015 (5,315) - Northern Trust USD 22,289,900 EUR 20,000, /09/2015 (14,460) (0.01) Northern Trust SGD 23,079,437 USD 17,190, /07/2015 (56,791) (0.02) Total Fair Value Losses on Forward Currency Contracts (77,315) (0.03) Total Financial liabilities at fair value through profit or loss (77,315) (0.03) Total Value of Investments 202,083, (Cost: USD 180,652,443) Cash 30,128, Other Net Assets 1,506, Net Assets Attributable to Holders of Redeemable Participating Shares 233,718, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Financial derivative instruments dealt on a regulated market - Other Assets

77 CGWM REMAP 4 FUND INVESTMENT PORTFOLIO 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 91.96% (2014: 71.32%) Guernsey: 11.15% (2014: 12.79%) 1,356,141 HICL Infrastructure* 2,088, ,595 International Public Partnerships* 832, Total Guernsey 2,921, Ireland: 31.16% (2014: 29.47%) 2,808 GLG Investments - GLG Japan Core Alpha Equity 528, ,355 Invesco Asset Management Sterling Bond Fund 810, ,200 ishares Dow Jones Industrial Average UCITS 1,869, ,626 ishares FTSE 250 Index Fund 369, ,500 ishares GBP Index-Linked 1,187, ,680 ishares S&P 500 Index Fund 1,080, ,243 Kames High Yield Global Bond 540, ,533 Old Mutual Global Equity Absolute Return 634, ,017 Polar Healthcare Opportunities Fund 425, ,663 Vanguard Investment Series - US Opportunities Fund 709, Total Ireland 8,156, Jersey: 2.85% (2014: 3.13%) 22,985 ETFS Short CAD Long USD 747, Total Jersey 747, Luxembourg: 5.17% (2014: 2.79%) 20,049 JPMorgan Funds - Highbridge US STEEP 1,352, Total Luxembourg 1,352, United Kingdom: 41.63% (2014: 23.14%) 920,498 Artemis Income Fund 2,049, ,367,521 Capita Financial - CF Woodford Equity Income Fund 1,553, ,073 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 740, ,177 Invesco Perpetual UK Investment Series - Income Fund Accumulating 1,931, ,724 Legg Mason Funds ICVC - Legg Mason IF ClearBridge US Equity Income Fund 581, ,169,312 M&G Corporate Bond Fund 2,022, ,228 M&G UK Inflation Linked Corporate Bond Fund Insertion Date , ,750 M&G UK Inflation Linked Corporate Bond Fund Insertion Date , ,000 Renewables Infrastructure Group 881, Total United Kingdom 10,901, Total Collective Investment Schemes 24,079, *Closed-end Funds 74

78 CGWM REMAP 4 FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value GBP % of Net Assets Total Value of Investments 24,079, (Cost: GBP 23,261,827) Cash 1,980, Other Net Assets 125, Net Assets Attributable to Holders of Redeemable Participating Shares 26,185, Analysis of Total Assets Total Assets Transferable securities admitted to an official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market Other Assets % of 75

79 CGWM REMAP 4(i) FUND INVESTMENT PORTFOLIO 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 93.07% (31 Dec 2014: 94.18%) Guernsey: 4.16% (31 Dec 2014: 4.12%) 25,944 HICL Infrastructure Company Limited* 39, ,003 International Public Partnerships* 84, Total Guernsey 124, Ireland: 47.97% (31 Dec 2014: 48.71%) 84,489 INVESCO Bond Series - Sterling Bond Fund 219, ,950 ishares Core UK Gilts UCITS 229, ,100 ishares Developed Markets Property Yield UCITS 106, ,720 ishares Global Infrastructure UCITS 222, ,800 ishares S&P 500 UCITS 167, ,923 ishares UK Gilts 0-5yr UCITS 252, ,396 Kames High Yield Global Bond 82, ,659 Polar Capital Funds - Healthcare Opportunities Fund 150, Total Ireland 1,431, Jersey: 2.58% (31 Dec 2014: 2.44%) 2,365 ETFS Short CAD Long USD 76, Total Jersey 76, Luxembourg: 1.38% (31 Dec 2014: 0.00%) 3,161 BlackRock Global Funds - European Equity Income fund 41, Total Luxembourg 41, United Kingdom: 36.98% (31 Dec 2014: 38.91%) 195,821 Blackrock North American Income Trust 213, ,790 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 111, ,375 Jupiter Strategic Bond 171, ,880 Lazard Investment Funds - Global Equity Income Fund 85, ,761 M&G Investment Funds 10 - UK Inflation Linked Corporate Bond Fund 103, ,221 M&G Investment Funds 3 - Corporate Bond Fund 87, ,000 Renewables Infrastructure Group 208, ,779 Schroder Income Maximiser 122, *Closed-end Fund Total United Kingdom 1,103, Total Collective Investment Schemes 2,777,

80 CGWM REMAP 4(i) FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value GBP % of Net Assets Total Value of Investments 2,777, (Cost: GBP 2,708,295) Cash 198, Other Net Assets 8, Net Assets Attributable to Holders of Redeemable Participating Shares 2,984, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to official stock exchange listing or traded on a regulated market 5.53 Other Assets

81 CGWM REMAP 5 FUND INVESTMENT PORTFOLIO 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 90.13% (31 Dec 2014: 82.51%) Guernsey: 10.34% (31 Dec 2014: 12.88%) 503,856 HICL Infrastructure Company Limited* 775, ,539 International Public Partnerships* 675, Total Guernsey 1,451, Ireland: 30.99% (31 Dec 2014: 35.43%) 1,519 GLG Investments - GLG Japan CoreAlpha Equity 285, ,582 INVESCO Bond Series - Sterling Bond Fund 190, ,025 ishares Dow Jones Industrial Average UCITS 810, ,100 ishares FTSE 100 UCITS 514, ,250 ishares FTSE 250 UCITS 209, ,500 ishares GBP Index-Linked Gilts UCITS 287, ,305 ishares S&P 500 UCITS 944, ,173 Polar Capital Funds - Global Technology Fund 339, ,357 Polar Capital Funds - Healthcare Opportunities Fund 301, ,089 Vanguard Investment Series - US Opportunities Fund 464, Total Ireland 4,350, Jersey: 2.61% (31 Dec 2014: 2.59%) 11,250 ETFS Short CAD Long USD ETF 366, Total Jersey 366, Luxembourg: 7.95% (31 Dec 2014: 0.00%) 16,535 JPMorgan Funds - Highbridge US STEEP 1,115, Total Luxembourg 1,115, United Kingdom: 38.24% (31 Dec 2014: 31.61%) 36,424 Henderson Global Funds - Global Technology Fund Class I 359, ,441 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 1,078, ,746 Invesco Perpetual UK Investment Series - Income Fund 1,022, ,000 M&G Investment Funds 10 - UK Inflation Linked Corporate Bond Fund 358, ,858 M&G Strategic Corporate Bond Fund 1,116, ,750 Schroder Income Maximiser Fund 245, ,325 Threadneedle Investment Funds ICVC - UK Fund 1,187, *Closed-end Fund Total United Kingdom 5,367, Total Collective Investment Schemes 12,650,

82 CGWM REMAP 5 FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value GBP % of Net Assets Total Value of Investments 12,650, (Cost: GBP 12,017,511) Cash 1,396, Other Net Liabilities (11,192) (0.08) Net Assets Attributable to Holders of Redeemable Participating Shares 14,035, Analysis of Total Assets % of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market Other Assets

83 CGWM BOND FUND INVESTMENT PORTFOLIO 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Collective Investment Schemes: 29.12% (31 Dec 2014: 29.04%) Ireland: 14.44% (31 Dec 2014: 14.37%) 200,204 GAM Star - Credit Opportunities GBP 2,199, ,704 Kames High Yield Global Bond 2,081, ,863 Legg Mason Brandywine Global Income Optimiser Fund 2,045, Total Ireland 6,326, Luxembourg: 14.68% (31 Dec 2014: 14.67%) 2,342 Allianz Global Investors Fund - Allianz Flexi Asia Bond 2,186, ,692 Jupiter JGF - Dynamic Bond Class I 2,192, ,647 Man Umbrella SICAV - GLG Flexible Bond Fund 2,051, Total Luxembourg 6,430, Total Collective Investment Schemes 12,757, Bonds: 68.82% (31 Dec 2014: 67.50%) Australia: 1.89% (31 Dec 2014: 2.15%) 800,000 Macquarie Bank 3.5% 18/12/ , Total Australia 827, Canada: 1.87% (31 Dec 2014: 0.00%) 8,000,000 Province of British Columbia Canada 2.85% 13/11/ , Total Canada 819, Hong Kong: 1.92% (31 Dec 2014: 2.23%) 1,300,000 Hainan Airlines Hong Kong 3.625% 07/02/ , Total Hong Kong 840, Mexico: 3.77% (31 Dec 2014: 1.90%) 650,000 Petroleos Mexicanos 8.25% 02/06/ , ,300,000 Petroleos Mexicanos 6.625% 29/9/ , Total Mexico 1,649,

84 CGWM BOND FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 68.82% (31 Dec 2014: 67.50%) (continued) Netherlands: 1.82% (31 Dec 2014: 7.22%) 1,250,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.95% 09/11/ , Total Netherlands 795, New Zealand: 2.10% (31 Dec 2014: 2.10%) 9,000,000 Fonterra Co-operative 3.6% 29/1/ , Total New Zealand 917, Norway: 7.74% (31 Dec 2014: 7.82%) 2,183,000 Kommunalbanken 2.623% 26/7/2016 3,389, Total Norway 3,389, People's Republic of China: 5.97% (31 Dec 2014: 4.51%) 9,200,000 China General Nuclear Power 3.75% 01/11/ , ,300,000 COSCO Finance % 03/12/ , ,300,000 Sinopec Overseas Development % 17/5/ , Total People's Republic of China 2,616, Saudi Arabia: 1.85% (31 Dec 2014: 2.78%) 1,200,000 Saudi Electricity Global Sukuk 4.211% 03/04/ , Total Saudi Arabia 812, Singapore: 2.90% (31 Dec 2014: 2.95%) 1,100,000 Temasek Financial I 4.625% 26/7/2022 1,268, Total Singapore 1,268,

85 CGWM BOND FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 68.82% (31 Dec 2014: 67.50%) (continued) Supranational: 4.82% (31 Dec 2014: 4.85%) 8,550,000 Corp Andina de Fomento 3.55% 12/12/ , ,000 European Investment Bank 2.65% 16/4/2020 1,233, Total Supranational 2,107, Sweden: 2.06% (31 Dec 2014: 2.09%) 870,000 Svenska Handelsbanken 3% 20/11/ , Total Sweden 904, Switzerland: 2.00% (31 Dec 2014: 0.00%) 900,000 Credit Suisse Funding Guernsey 3% 27/5/ , Total Switzerland 874, United Arab Emirates: 6.60% (31 Dec 2014: 4.76%) 450,000 IPIC GMTN 6.875% 01/11/ , ,000 IPIC GMTN 6.875% 01/11/ , ,635,000 IPIC GMTN 6.875% 14/2026 2,086, Total United Arab Emirates 2,893, United Kingdom: 17.76% (31 Dec 2014: 20.09%) 900,000 A2D Funding II 4.5% 30/9/ , ,000 A2D Funding 4.75% 18/10/ , ,050,000 Abbey National Treasury Services 5.125% 14/4/2021 1,216, ,000,000 BP Capital Markets 3.95% 08/10/ , ,000 Places for People Capital Markets 5% 27/12/ , ,000 Society of Lloyd's 4.75% 30/10/ , ,150,000 Standard Chartered Bank 7.75% 03/04/2018 1,309, ,000 Zurich Finance UK FRN 29/10/ , Total United Kingdom 7,780,

86 CGWM BOND FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value % of Holdings Financial assets at fair value through profit or loss GBP Net Assets Bonds: 68.82% (31 Dec 2014: 67.50%) (continued) United States of America: 3.75% (31 Dec 2014: 2.05%) 900,000 Wells Fargo 2.125% 22/4/ , ,000 United States Treasury Bond 6.25% 15/5/ , Total United States of America 1,644, Total Bonds 30,141, Financial Derivative instruments: 1.11% (31 Dec 2014: 0.62%) Forward Currency Contracts: 1.11% (31 Dec 2014: 0.62%) Currency Currency Currency Maturity Unrealised % of Counterparty Buys Sells Rate Date Gain Net Assets Northern Trust GBP 5,279,772 USD 8,000, /07/ , Northern Trust GBP 2,322,044 USD 3,500, /07/ , Northern Trust GBP 1,651,126 USD 2,500, /07/ , Northern Trust GBP 1,648,098 USD 2,500, /07/ , Northern Trust GBP 4,433,909 USD 6,900, /07/ , Northern Trust GBP 330,289 USD 500, /07/ , Northern Trust GBP 199,388 USD 300, /07/2015 8, Northern Trust GBP 197,818 USD 300, /07/2015 7, Northern Trust USD 1,271,259 GBP 807, /07/ Total Fair Value Gains on Forward Currency Contracts 483, Total Financial Derivative Instruments 483, Total Financial assets at fair value through profit or loss 43,382, Financial Derivative instruments: (0.47%) (31 Dec 2014: (1.27%)) Forward Currency Contracts: (0.47%) (31 Dec 2014: (1.27%)) Currency Currency Currency Maturity Unrealised % of Counterparty Buys Sells Rate Date Loss Net Assets Northern Trust USD 3,500,000 GBP 2,339, /07/2015 (114,144) (0.26) Northern Trust USD 3,500,000 GBP 2,271, /07/2015 (45,998) (0.11) Northern Trust USD 3,500,000 GBP 2,271, /07/2015 (45,572) (0.10) Northern Trust EUR 273,416 GBP 194, /07/2015 (193) - Total Fair Value Losses on Forward Currency Contracts (205,907) (0.47) Total Financial liabilities at fair value through profit or loss (205,907) (0.47) 83

87 CGWM BOND FUND INVESTMENT PORTFOLIO (continued) 30 June 2015 Fair Value GBP % of Net Assets Total Value of Investments 43,176, (Cost: GBP 42,732,221) Cash 510, Other Net Assets 111, Net Assets Attributable to Holders of Redeemable Participating Shares 43,798, Analysis of Total Assets % of Total Assets Transferable securities listed on an official stock exchange listing or traded on a regulated market Financial derivative instruments dealt on a regulated market 1.08 Other Assets

88 CGWM TOTAL RETURN BOND FUND SIGNIFICANT PORTFOLIO MOVEMENTS* There were no purchases made during the period. Sales Proceeds GBP Temasek Financial I 2.375% 23/01/ ,206 Canada (Government of) 1.25% 01/03/ ,812 Bank Nederlandse Gemeenten 4.5% 20/02/ ,480 *Significant portfolio movements disclose all sales of the Fund for the period. 85

89 CGWM SELECT INCOME FUND SIGNIFICANT PORTFOLIO MOVEMENTS* Purchases Cost GBP Kames High Yield Global Bond 620,000 Allianz Global Investors Fund - Allianz Flexi Asia Bond 620,000 Fidelity Funds - Global Dividend Fund 500,000 GAM Star - Credit Opportunities GBP 475,000 Renewables Infrastructure Group 460,312 BlackRock Global Funds - Continental European Flexible Fund 457,000 Legg Mason Brandywine Global Income Optimiser Fund 370,000 Capita Financial - CF Woodford Equity Income Fund 342,612 Man Umbrella SICAV - GLG Flexible Bond Fund 266,800 Kames Strategic Global Bond Fund 235,000 John Laing Infrastructure Fund 90,087 Magna Umbrella Fund - Emerging Markets Dividend Fund 71,000 Sales Proceeds GBP M&G Strategic Corporate Bond Fund 604,711 M&G Global Dividend Fund 517,488 Neuberger Berman Short Duration High Yield Bond Fund 501,079 Invesco Perpetual UK Strategic Income Fund 483,000 United Kingdom Gilt Inflation Linked 7.74% 16/04/ ,276 M&G UK Inflation Linked Corporate Bond Fund 339,241 IM Argonaut Funds - IM Argonaut European Income Fund 324,048 * Significant portfolio movements disclose all purchases and sales of the Fund for the period. 86

90 CGWM SELECT DIVERSITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS* Purchases Cost GBP Investec Global Strategy Fund - UK Alpha Fund 2,660,000 Legg Mason Global Funds - Legg Mason Western Asset Macro Opportunities Bond Fund 2,550,000 Baring German Growth Trust 1,870,000 Capita Financial - CF Woodford Equity Income Fund 1,630,000 First State Asia Pacific Leaders Fund 1,505,000 BlackRock Global Funds - Asian Growth Leaders 1,123,000 Invesco Perpetual UK Strategic Income Fund 540,000 JPMorgan Funds - Highbridge US STEEP 350,526 Findlay Park American Fund 282,210 Old Mutual Global Investors Series - Absolute Return Fund 260,000 UK Treasury 4.25% Bond 07/12/ ,139 Kames Strategic Global Bond Fund 185,000 Threadneedle Management - UK Equities Fund 150,000 Polar Healthcare Opportunities Fund 95,000 Polar Capital North American Fund 90,000 UK Treasury 4% Bond 07/03/ ,988 ishares $ TIPS UCITS 50,649 HICL Infrastructure Company Limited 50,035 Threadneedle Investment Funds ICVC - European Select Fund 45,000 BlackRock Global Funds - Continental European Flexible Fund 45,000 Sales Proceeds GBP Threadneedle Management - UK Equities Fund 4,905,499 ishares UK Gilts 0-5yr UCITS ETF 3,381,810 J O Hambro Capital Management Umbrella Fund - Continental European Fund 1,125,697 Invesco Perpetual UK Strategic Income Fund 800,000 Threadneedle Investment Funds ICVC - European Select Fund 795,749 Henderson Global Funds - Global Technology Fund 755,000 Investec UK Special Situations Fund - Series 1 720,000 Investec Funds Series ii - Global Energy Fund 714,286 Old Mutual Global Investors Series - UK Alpha Fund 670,000 JPMorgan Funds - Highbridge US STEEP 457,355 M&G Investment UK Growth Fund Class I Accumulating 340,000 Baring German Growth Trust 300,000 Legg Mason Global Funds - Legg Mason Western Asset Macro Opportunities Bond Fund 270,000 * Significant portfolio movements disclose the top 20 purchases and all the sales of the Fund for the period. 87

91 CGWM SELECT AFFINITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS* Purchases Cost USD Investec Global Strategy Fund - UK Alpha Fund 2,360,000 Capita Financial - CF Woodford Equity Income Fund 1,850,000 Baring German Growth Trust 1,340,000 BlackRock Global Funds - Asian Growth Leaders 1,203,000 Legg Mason Global Funds PLC - Legg Mason Western Asset Macro Opportunities Bond Fund 988,000 BlackRock Global Funds - Continental European Flexible Fund 614,100 Old Mutual Global Investors Series - Old Mutual Global Equity Absolute Return 440,000 UK Treasury Bond 4.25% 07/12/ ,704 ishares S&P 500 UCITS ETF 199,653 First State Investments ICVC - Asia Pacific Leaders Fund 192,200 Findlay Park American Fund 150,934 Invesco Perpetual UK Strategic Income Fund 100,000 Jupiter Global Dynamic Bond Fund 77,000 BNY Mellon Absolute Return Equity Fund 55,000 Stratton Street UCITS - Renminbi Bond Fund Universal 40,000 First State Global Listed Infrastructure Fund - Class B 23,700 Polar Healthcare Opportunities Fund 22,100 Henderson Global Fund - Global Technology Fund Class I 20,200 Vanguard Investment Series - US Opportunities Fund 17,000 J O Hambro Capital Management Umbrella Fund - Continental European Fund 10,932 Sales Proceeds USD Threadneedle (Lux) - UK Equities Fund 4,156,632 ishares UK Gilts 0-5yr UCITS ETF 1,604,523 Threadneedle Investment Funds ICVC - European Select Fund Class A 1,176,317 Investec Fund Series i - UK Special Situations Fund 810,000 Investec Funds Series ii - Global Energy Fund 663,675 Old Mutual Global Investors Series - UK Alpha Fund 515,000 J O Hambro Capital Management Umbrella - UK Growth Fund 480,000 Invesco Perpetual UK Strategic Income Fund 385,000 Old Mutual Global Investors Series - Old Mutual Global Equity Absolute Return 340,000 UK Treasury Bond 4.25% 07/12/ ,055 Baring German Growth Trust 220,000 J O Hambro Capital Management Umbrella Fund - Continental European Fund 220,000 Findlay Park American Fund 205,955 BlackRock Global Funds - Continental European Flexible Fund 150,000 Henderson Gartmore Fund - United Kingdom Absolute Return 105,000 Jupiter Global Dynamic Bond Fund 100,000 JPMorgan Funds - Highbridge US STEEP 96,136 Polar Healthcare Opportunities Fund 75,000 Vanguard Investment Series - US Opportunities Fund 60,000 First State Global Listed Infrastructure Fund - Class B 45,000 * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the period. 88

92 CGWM SELECT GLOBAL DIVERSITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS* Purchases Cost USD BlackRock Global Funds - Asian Growth Leaders 1,628,500 Legg Mason Global Funds PLC-Legg Mason Western Asset Macro Opportunities Bond Fund 1,545,000 Wells Fargo Lux Worldwide Fund - U.S. Premier Growth Fund 1,381,500 ishares Barclays Year Treasury Bond Fund 1,097,965 Baring German Growth Trust Class I 1,088,814 Vanguard Investment Series - US Opportunities Fund 983,122 Renewables Infrastructure Group 862,362 JPMorgan Funds - Highbridge US STEEP 797,000 Polar Capital North American Fund 781,000 Jupiter Global Fund - Dynamic Bond Fund 720,000 US Treasury 2.625% Bonds 15/08/ ,603 First State Asia Pacific Leaders Fund 650,587 Findlay Park American Fund 618,000 Henderson Gartmore Fund - UK Absolute Return Fund 560,000 BlackRock European Dynamic Fund Class A 526,358 Old Mutual Global Investors Series Plc - Global Equity Absolute Return Fund 512,000 Polar Healthcare Opportunities Fund 470,878 First State Global Listed Infrastructure Fund 450,500 Edinburgh Partners Opportunities Fund - European Opportunities Fund 440,000 Man Umbrella SICAV - GLG Flexible Bond Fund 415,000 Sales Proceeds USD ishares Barclays 1-3 Year Treasury Bond Fund 1,381,914 Edinburgh Partners Opportunities Fund - European Opportunities Fund 1,270,000 Wells Fargo (Lux) - US All Capital Growth 1,112,846 Vanguard Industrials ETF 795,634 Old Mutual Investment Management - UK Alpha Fund Accumulating 640,233 International Public Partnerships 533,677 Investec Global Energy Fund 399,158 Henderson Horizon - Global Technology Fund Accumulating 290,000 * Significant portfolio movements disclose the top 20 purchases and all sales of the Fund for the period. 89

93 CGWM SELECT GLOBAL AFFINITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS* Purchases Cost USD Wells Fargo (Lux) - US Premier Growth Fund 1,035,000 Hermes Asia Ex-Japan Equity Fund 859,000 BlackRock Global Funds - Asian Growth Leaders Fund 643,000 Baring German Growth Trust Fund 592,978 BlackRock European Dynamic Fund Class A 526,337 Legg Mason Western Asset Macro Opportunities Bond Fund 455,000 JPMorgan Funds - Highbridge US STEEP 427,000 Findlay Park American Smaller Companies Fund - USD 345,000 Renewables Infrastructure Group 314,610 Vanguard Investment Series - US Opportunities Fund 308,611 Polar Capital North American Fund 217,000 Polar Capital Funds - Healthcare Opportunities Fund Class I 214,799 First State Asia Pacific Leaders Fund 206,069 ishares Barclays Year Treasury Bond Fund 195,636 J O Hambro Capital Management Umbrella Fund - GBP 157,500 Edinburgh Partners Opportunities Fund - European Opportunities Fund 145,000 Henderson Horizon - Global Technology Fund 141,000 Jupiter Global Fund - Dynamic Bond Fund 140,000 Wells Fargo Lux Worldwide Fund - US All Cap Growth 125,000 Henderson Gartmore Fund - United Kingdom Absolute Return 110,000 Sales Proceeds USD Wells Fargo Lux Worldwide Fund - US All Cap Growth 1,000,830 Edinburgh Partners Opportunities Fund - European Opportunities Fund 920,699 ishares 1-3 Year Treasury Bond Fund 496,811 Threadneedle Investment Funds ICVC - UK Fund 485,801 Old Mutual UK Alpha Fund 413,411 Vanguard Industrials 411,897 Schroder Asian Alpha Plus Fund - Z Acc 336,043 International Public Partnerships 255,180 Investec Global Energy Fund 177,007 ishares Barclays Year Treasury Bond Fund 34,730 * Significant portfolio movements disclose 20 purchases and all sales of the Fund for the period. 90

94 CGWM SELECT OPPORTUNITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS* Purchases Cost GBP J O Hambro Capital Management Umbrella Fund - Continental European Fund 3,283,505 BlackRock Global Funds - European Equity Income fund 2,241,089 ishares MSCI World 2,221,242 ishares S&P 500 UCITS ETF 1,841,384 Threadneedle Investment Funds ICVC - European Select Fund 1,450,000 Polar Healthcare Opportunities Fund 1,440,000 BlackRock Global Funds - Asian Growth Leaders 1,345,000 ishares MSCI AC Far East EX-Japan 1,128,067 ishares - ishares MSCI Europe 1,071,545 ETFS Agriculture 1,039,970 Wells Fargo Lux Worldwide Fund - U.S. Premier Growth Fund Class I 1,000,000 J O Hambro Capital Management Umbrella Fund 965,509 Lazard Global Listed Infrastructure Equity Fund Class I 885,000 ishares S&P Global Technology ETF 875,600 First State Investments ICVC - Global Listed Infrastructure Fund 870,000 ishares EURO STOXX 50 ETF 799,200 Polar Capital North American Fund Class I 715,000 JPMorgan Liquidity Funds - Sterling Liquidity Fund 650,000 BlackRock Global Funds - Continental European Flexible Fund 430,000 First State Investments ICVC - Asia Pacific Leaders Fund 335,000 Sales Proceeds GBP Henderson Horizon - Global Technology Fund 4,089,181 J O Hambro Capital Management Umbrella Fund 3,148,505 ishares MSCI World 2,248,083 ishares S&P 500 UCITS ETF 1,948,716 ishares MSCI Europe EX - UK UCITS 1,749,193 ETFS Agriculture 1,022,719 ishares S&P Global Technology ETF 869,380 Polar Capital North American Fund 794,677 ishares MSCI AC Far East EX-Japan 695,708 Investec Funds Series ii - Asia Ex Japan Fund 530,000 First State Investments ICVC - Asia Pacific Leaders Fund 440,000 Vanguard Investment Series - US Opportunities Fund 170,000 JPMorgan Asset Management - Highbridge US STEEP 138,607 Lazard Global Listed Infrastructure Equity Fund Class I 123,000 Threadneedle Investment Funds ICVC - European Select Fund 105,000 Hermes Asia Ex-Japan Equity Fund 105,000 Wells Fargo Lux Worldwide Fund - U.S. Premier Growth Fund Class I 80,000 J O Hambro Capital Management Umbrella Fund - Continental European Fund 65,000 First State Investments ICVC - Global Listed Infrastructure Fund 28,000 *Significant portfolio movements disclose the top 20 purchases and all sales of the Fund for the period. 91

95 CGWM SELECT GLOBAL OPPORTUNITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS* Purchases Cost USD J O Hambro Capital Management Umbrella Fund - Continental European Fund Class A 13,673,557 BlackRock Continental European Income Fund 9,779,141 ishares MSCI World UCITS ETF 9,188,610 ishares S&P 500 UCITS 6,963,770 Polar Capital Healthcare Opportunities Fund 6,589,000 Threadneedle Investment Funds ICVC - European Select Fund 6,189,511 BlackRock Global Funds - Asian Growth Leaders 5,415,000 ishares MSCI AC Far East EX-Japan 4,620,564 ETFS Agriculture 4,504,975 J O Hambro Capital Management Umbrella Fund - Continental European Fund 4,486,995 ishares EURO STOXX 50 ETF 3,987,880 Wells Fargo Lux Worldwide Fund - U.S. Premier Growth Fund 3,970,000 ishares MSCI Europe EX - UK EUR 3,680,080 ishares S&P Global Technology ETF 3,659,580 First State Global Listed Infrastructure Fund - Class B 3,578,241 Lazard Global Listed Infrastructure Equity Fund 3,505,000 BlackRock Global Funds - Continental European Flexible Fund 3,492,905 JPMorgan US Dollar Liquidity Fund 2,775,000 Findlay Park American Fund 2,296,000 Polar Capital North American Fund Class I USD 1,465,000 Sales Proceeds USD Henderson Horizon - Global Technology Fund Distributing 16,496,357 J O Hambro Capital Management Umbrella Fund - Continental European Fund 12,805,039 ishares MSCI World UCITS ETF 9,346,277 ishares S&P 500 UCITS 8,603,668 ishares MSCI Europe EX - UK EUR 7,634,915 ETFS Agriculture 4,289,700 ishares S&P Global Technology ETF 3,736,122 ishares MSCI AC Far East EX-Japan 2,811,720 Investec Funds Series ii - Asia Ex Japan Fund 2,732,535 First State Investments ICVC - Asia Pacific Leaders Fund 1,834,560 JPMorgan Funds - Highbridge 1,790,000 Edinburgh Partners Opportunities Fund - European Opportunities Fund 1,646,216 Polar Capital North American Fund Class I USD 1,150,000 Lazard Global Listed Infrastructure Equity Fund 700,000 First State Global Listed Infrastructure Fund - Class B 655,247 Findlay Park American Fund 500,000 Wells Fargo Lux Worldwide Fund - U.S. Premier Growth Fund 470,000 Vanguard Investment Series - US Opportunities Fund 451,530 Threadneedle Investment Funds ICVC - European Select Fund 450,650 J O Hambro Capital Management Umbrella Fund - Continental European Fund Class A 80,000 *Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the period. 92

96 CGWM REMAP 4 FUND SIGNIFICANT PORTFOLIO MOVEMENTS* Purchases Cost GBP Artemis Income Fund 2,120,000 Invesco Perpetual UK Investment Series - Income Fund Accumulating 2,026,248 ishares UK Gilts 0-5yr UCITS 1,625,855 Capita Financial - CF Woodford Equity Income Fund 1,600,000 JPMorgan Funds - Highbridge US STEEP 1,400,000 ishares GBP Index-Linked 1,246,814 Old Mutual Global Equity Absolute Return 640,000 Legg Mason Funds ICVC - Legg Mason IF ClearBridge US Equity Income Fund 609,500 GLG Investments - GLG Japan Core Alpha Equity 500,000 ishares FTSE 250 Index Fund 385,607 ishares S&P 500 Index Fund 68,909 Sales Proceeds GBP ishares UK Gilts 0-5yr UCITS 1,621,012 UK Gilt 4% 07/09/2016 1,268,562 UK Gilt 4.5% 07/03/2019 1,031,676 Polar Healthcare Opportunities Fund 912,849 UK Gilt 2.75% 22/01/ ,002 Ignis Absolute Return Government Bond Fund 640,113 Polar Capital Global Technology Fund 601,647 Henderson Global Funds - Global Technology Fund 504,877 *Significant portfolio movements disclose all the purchases and sales of the Fund for the period. 93

97 CGWM REMAP 4(i) FUND SIGNIFICANT PORTFOLIO MOVEMENTS* Purchases Cost GBP BlackRock Global Funds - European Equity Income fund 41,000 Sales Proceeds GBP IM Argonaut Funds - IM Argonaut European Income Fund Class A 42,433 *Significant portfolio movements disclose all the purchases and sales of the Fund for the period. 94

98 CGWM REMAP 5 FUND SIGNIFICANT PORTFOLIO MOVEMENTS* Purchases Cost USD JPMorgan Funds - Highbridge US STEEP 1,175,000 Invesco Perpetual UK Investment Series - Income Fund 1,073,103 ishares GBP Index - Linked Gilts UCITS 712,478 ishares FTSE 100 UCITS 539,176 GLG Investments - GLG Japan CoreAlpha Equity 500,000 M&G Investment Funds 10 - UK Inflation Linked Corporate Bond Fund 357,747 ishares FTSE 250 UCITS 218,439 Threadneedle Investment Funds ICVC - UK Fund 142,000 Vanguard Investment Series - US Opportunities Fund 135,000 M&G Strategic Corporate Bond Fund 135,000 First State Investments ICVC - Global Listed Infrastructure Fund 135,000 INVESCO Bond Series - Sterling Bond Fund 90,000 Sales Proceeds USD Polar Capital Funds - Global Technology Fund 802,506 ishares FTSE 100 UCITS 523,462 First State Investments ICVC - Global Listed Infrastructure Fund 475,685 ishares GBP Index - Linked Gilts UCITS 384,970 ishares S&P 500 UCITS 314,988 HICL Infrastructure Company Limited 282,114 ishares Dow Jones Industrial Average UCITS 269,994 GLG Investments - GLG Japan CoreAlpha Equity 248,777 Legg Mason Funds ICVC - Legg Mason US Equity Income Fund 196,084 Vanguard S&P 500 UCITS 135,556 * Significant portfolio movements disclose all purchases and sales of the Fund for the period. 95

99 CGWM BOND FUND SIGNIFICANT PORTFOLIO MOVEMENTS* Purchases Cost GBP Allianz Global Investors Fund - Allianz Flexi Asia Bond 2,230,000 BP Capital Markets 3.95% 08/10/ ,344 Credit Suisse Funding Guernsey 3% 27/5/ ,200 Wells Fargo 2.125% 22/4/ ,645 Sinopec Overseas Development % 17/5/ ,122 United States Treasury Bond 6.25% 15/5/ ,564 Petroleos Mexicanos 6.625% 29/9/ ,385 HSBC Bank 2.875% 30/04/ ,270 Province of British Columbia Canada 2.85% 13/11/ ,177 IPIC GMTN 6.875% 01/11/ London 458,291 IPIC GMTN 6.875% 01/11/ London 421,578 Man Umbrella SICAV - GLG Flexible Bond Fund 45,767 Jupiter JGF - Dynamic Bond Class I 41,743 Sales Proceeds GBP Aviva Investors Sicav - Global Convertibles Fund 2,289,482 Bank Nederlandse Gemeenten 5.75% 18/01/2019 2,100,845 Places for People Capital Markets 5% 27/12/ ,750 GE Capital UK Funding 5.625% 25/04/ ,457 HSBC Bank 2.875% 30/04/ ,211 Abbey National Treasury Services 5.125% 14/4/ ,748 Saudi Electricity Global Sukuk 4.211% 03/04/ ,310 Standard Chartered Bank 7.75% 03/04/ ,470 Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.95% 09/11/ ,977 COSCO Finance % 03/12/ ,427 Hainan Airlines Hong Kong 3.625% 07/02/ ,096 Macquarie Bank 3.5% 18/12/ ,167 * Significant portfolio movements disclose all purchases and sales of the Fund for the period. 96

100 canaccordgenuity.com Australia Canada China France Guernsey Ireland Isle of Man Jersey Singapore United States United Kingdom The company of the Canaccord Genuity group of companies through which products and services are offered may differ by location and service. See for more information.