Canaccord Genuity Investment Funds Plc...Canaccord Genuity Wealth (International) Limited Canaccord...

CanaccordGenuityInvestmentFunds Plc

AN INVESTMENT COMPANY WITH VARIABLECAPITAL STRUCTURED AS AN UMBRELLA FUNDWITH SEGREGATED LIABILITY BETWEEN SUB-FUNDS

Interim Report and Unaudited Financial Statements for the six months ended 30 June 2016

To us there are no foreign markets.TM

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 2016

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 GPS OPTIMIZED PORTFOLIO 4 FUND


CGWM SELECT BOND FUND

CGWM GLOBAL EQUITY FUND

1

CONTENTS

2 Introduction

4 Management and Administration 5 Investment Managers’ Reports 16 Condensed Statement of Financial Position 20 Condensed Statement of Comprehensive Income 24 Condensed Statement of Changes in Net Assets attributable to Holders of Redeemable Shares 28 Condensed Statement of Cash Flows 32 Notes to the Condensed Financial Statements 48 Investment Portfolios 75 Significant Portfolio Movements

2

INTRODUCTION

Canaccord Genuity Investment Funds plc (the “Company”) is an umbrella fund with segregated liability between sub-funds established as an open-ended investment company with variable capital under the laws of Ireland as a public limited company pursuant to the Companies Act 2014 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank 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 were in existence during the six months ended 30 June 2016 are outlined below:

CGWM TOTAL RETURN BOND FUND (TERMINATED 15 JANUARY 2016) The investment objective of the Fund was to seek to generate income from a portfolio of investment grade bonds and money market instruments whilst seeking to increase and preserve capital value. The Fund aimed 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 aimed 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.

The Fund terminated on 15 January 2016.

CGWM SELECT INCOME FUND The investment objective of the Fund is to seek to generate income and 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 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 exposure to international debt markets equal to a maximum of 40% of its net assets may be invested in direct assets, primarily in debt securities consisting of bonds (both corporate and sovereign, fixed and floating) and to a lesser extent in equities.

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.

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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 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 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 GPS OPTIMIZED PORTFOLIO 4 FUND The investment objective of the Fund is to seek 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 GPS OPTIMIZED PORTFOLIO 5 FUND The investment objective of the Fund is to seek 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 SELECT BOND FUND The investment objective of the Fund is to seek 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.

CGWM GLOBAL EQUITY FUND (LAUNCHED 30 JUNE 2016) The investment objective of the Fund is to seek to generate long-term capital growth by investing directly in shares of companies, ie equities. The Fund seeks to achieve this objective by investing in a concentrated portfolio of equities from around the globe. In general the portfolio will normally consist of between 20 and 40 holdings, provided that at least 90% of the Fund's net assets are invested in equities which are listed on the permitted stock exchanges and markets listed in Appendix IV of the Prospectus. The Fund may also access some markets by investing in global depository receipts and American depository receipts.

4

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)

Registered Office: 25-28 North Wall Quay IFSC Dublin 1 Ireland

Investment Managers: Canaccord Genuity Wealth (International) Limited Canaccord Genuity Wealth Limited Trafalgar Court, Admiral Park 41 Lothbury St Peter Port London Guernsey GY1 2JA EC2R 7AE Channel Islands England

Administrator and Registrar: Northern Trust International Fund Administration Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2 Ireland

Depositary: Northern Trust Fiduciary Services (Ireland) Limited Georges Court 54-62 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: 367917

5

INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016 CGWM Select Income Fund

Fund Performance For the 6 months to 30 June 2016 the Fund returned 2.51% net of all fees and expenses. This compared to a 2.76% gain for the Fund’s peer group, the Morningstar GIF GBP Cautious Allocation sector.

Market Review While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June. While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately come to fruition and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell-off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from significant event. Only time will tell, but as we note below, a positive outcome is far from certain.

Activity/review The composition of the Fund did not change significantly during the first half of the reporting period as we judged that the asset allocation was appropriate for the prevailing economic and financial environment. During May, we initiated the first part of a restructuring of the Fund’s fixed interest holdings; a process undertaken in order to improve the risk-return profile of this weighting. The holding of Man GLG Flexible Bond Fund was sold, with the proceeds re-invested into the New Capital Wealthy Nations Bond Fund. This fund invests globally in investment grade bonds from those countries which are considered to have the greatest ability to pay their debt to foreign nations. The investment process uses Net Foreign Assets (NFA) as a key part of the selection criteria, which effectively seeks to establish the value of assets a country owns abroad, less debt owed to foreigners. By doing so the intention is to highlight those economies which may be unstable going forward and avoid highly indebted nations. Since inception in 2009, the fund has an impressive track record and over the past 3 years has delivered an annualised return which is almost twice the level of its peer group, but with only moderately higher volatility. With an historic yield of c.3.5% the fund was felt to be an attractive replacement for Man GLG which has proven its defensive characteristics, but produced lacklustre returns. Following the UK’s EU referendum result, we used the initial rebound off the post-Brexit lows to reduce the Fund’s already underweight UK allocation and removed the Fund’s modest European equity weighting. In addition, in the lead up to the referendum, we altered the composition of the Fund’s fixed interest holdings, selling the fund’s holdings in the Kames Strategic Global Bond Fund and the Legg Mason Brandywine Global Income Optimiser Fund and reinvesting the proceeds into the Rathbone Ethical Bond Fund and Vontobel TwentyFour Global Unconstrained Bond Fund. These changes reflect a number of new additions to our approved funds list which we believe will provide improved risk adjusted returns moving forward.

Outlook It will take time for markets to fully digest the longer-term impact of the UK exit vote, and while equities have initially shaken off the result, we feel that the bigger issue is the increased risk of European political and economic fragmentation, and possibly the beginning of the end for the euro as we know it today. That would drive increased policy uncertainty across the major developed economies together with heightened stock market and exchange rate volatility. All this, set against a backdrop of subdued economic growth, a slowing Chinese economy and the diminishing effectiveness of monetary policy is a recipe for low and volatile returns from risk assets. In the near-term, we believe that calls for defensive positioning in the equity space combined with high quality fixed income duration and cash.

Canaccord Genuity Wealth (International) Limited

July 2016

6

INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016

CGWM Select Diversity Fund

Fund Performance

For the 6 months to 30 June 2016 the Fund returned 1.72% net of all fees and expenses. This compared to a 2.29% gain for the Fund’s peer group, the Morningstar GIF GBP Moderate Allocation sector.

Market Review

While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June. While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately come to fruition and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell-off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from significant event. Only time will tell, but as we note below, a positive outcome is far from certain.

Activity/review

The Fund marginally underperformed its peer group over the reporting period, with relative returns primarily impacted by the currency hedges we had in place on the Fund’s Japanese and European equity positions. Both currencies have appreciated substantially against the pound since the start of the year and while we have lowered the size of these hedges, they have weighed on the Fund’s returns over the course of the last six months. In terms of activity, with equity markets initially rallying strongly off their February lows, we took the decision to reduce risk slightly in April by selling our long-standing and highly successful thematic investment in technology. This has generally been a volatile area of the market and after a turbulent start to 2016, technology stocks had recovered well. However, with the sector facing some near-term headwinds, including the saturation of the smartphone market, and with our expectation that macro concerns would likely increase in the lead up to the UK’s European membership referendum in June, it seemed an appropriate time to take profits. We also altered the composition of the Fund’s fixed interest holdings, selling the Fund’s holdings in the Kames Strategic Global Bond Fund and the Man GLG Flexible Bond Fund, and reinvesting the proceeds into the Rathbone Ethic Bond Fund, the TwentyFour Global Unconstrained Bond Fund and the New Capital Wealthy Nations Bond Fund. These reflect a number of new additions to our approved funds list that we believe will provide improved risk adjusted returns moving forward. Finally, following the UK’s referendum result, we reduced the Fund’s already underweight UK allocation and meaningfully lowered the Fund’s European equity weighting. Unfortunately, an economic crystal ball is going to offer little clarity in the short-term as we once again move into unchartered territory with a rapidly changing political landscape in the UK and potential economic and political fallout in Europe. We therefore believe it is better to err on the side of caution until the political landscape settles.

Outlook

It will take time for markets to fully digest the longer-term impact of the UK exit vote, and while equities have initially shaken off the result, we feel that the bigger issue is the increased risk of European political and economic fragmentation, and possibly the beginning of the end for the euro as we know it today. That would drive increased policy uncertainty across the major developed economies together with heightened stock market and exchange rate volatility. All this, set against a backdrop of subdued economic growth, a slowing Chinese economy and the diminishing effectiveness of monetary policy is a recipe for low and volatile returns from risk assets. In the near-term, we believe that calls for defensive positioning in the equity space combined with high quality fixed income duration and cash.


July 2016

7


CGWM Select Affinity Fund

Fund Performance

For the 6 months to 30 June 2016 the Fund returned -0.1% net of all fees and expenses. This compared to a 1.58% gain for the Fund’s peer group, the Morningstar GIF GBP Aggressive Allocation sector.

Market Review While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June. While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately come to fruition and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell-off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from significant event. Only time will tell, but as we note below, a positive outcome is far from certain.

Activity/review

The Fund underperformed its peer group over the reporting period, with relative returns primarily impacted by the currency hedges we had in place on the Fund’s Japanese and European equity positions. Both currencies have appreciated substantially against the pound since the start of the year and while we have lowered the size of these hedges, they have weighed on the Fund’s returns over the course of the last six months. In addition, one of the themes which has long stood us in good stead, suffered short term underperformance, with the Polar Capital HealthcareOpportunities Fund lagging the return of the FTSE World Index by more than +10.0% in GBP terms over the reporting period. In terms of activity, with equity markets initially rallying strongly off their February lows, we took the decision to reduce risk slightly in April by selling our long-standing and highly successful thematic investment in technology. This has generally been a volatile area of the market and after a turbulent start to 2016, technology stocks had recovered well. However, with the sector facing some near-term headwinds, including the saturation of the smartphone market, and with our expectation that macro concerns would likely increase in the lead up to the UK’s European membership referendum in June, it seemed an appropriate time to take profits. We also crystallised the Fund’s significant profit in HICL Infrastructure Company Limited on valuation grounds, reinvesting the proceeds into the more internationally diversified RIT Capital Partners plc. Finally, following the UK’s referendum result, we reduced the Fund’s already underweight UK allocation and meaningfully lowered the Fund’s European equity weighting. Unfortunately, an economic crystal ball is going to offer little clarity in the short-term as we once again move into unchartered territory with a rapidly changing political landscape in the UK and potential economic and political fallout in Europe. We therefore believe it is better to err on the side of caution until the political landscape settles.

Outlook

It will take time for markets to fully digest the longer-term impact of the UK exit vote, and while equities have initially shaken off the result, we feel that the bigger issue is the increased risk of European political and economic fragmentation, and possibly the beginning of the end for the euro as we know it today. That would drive increased policy uncertainty across the major developed economies together with heightened stock market and exchange rate volatility. All this, set against a backdrop of subdued economic growth, a slowing Chinese economy and the diminishing effectiveness of monetary policy is a recipe for low and volatile returns from risk assets. In the near-term, we believe that calls for defensive positioning in the equity space combined with high quality fixed income duration and cash. Canaccord Genuity Wealth (International) Limited

July 2016

8


CGWM Select Global Diversity Fund

Fund Performance

For the 6 months to 30 June 2016 the Fund fell -2.19%. This compared to a return of -0.36% for the Fund’s peer group, the Morningstar GIF USD Moderate Allocation sector.

Market Review While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June. While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately come to fruition and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell-off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from significant event. Only time will tell, but a positive outcome is far from certain.

Activity/review

The Fund underperformed its peer group over the reporting period, with relative returns primarily impacted by the currency hedges we had in place on the Fund’s Japanese and European equity positions. Both currencies have appreciated substantially against the US dollar since the start of the year and while we have lowered the size of these hedges, they have weighed on the Fund’s returns over the course of the last six months.

In terms of activity, with equity markets initially rallying strongly off their February lows, we took the decision to reduce risk slightly in April by selling our long-standing and highly successful thematic investment in technology. This has generally been a volatile area of the market and after a turbulent start to 2016, technology stocks had recovered well. However, with the sector facing some near-term headwinds, including the saturation of the smartphone market, and with our expectation that macro concerns would likely increase in the lead up to the UK’s European membership referendum in June, it seemed an appropriate time to take profits.

During May we initiated the first part of a restructuring of the Fund’s fixed interest holdings; a process undertaken in order to improve the risk-return profile of this weighting. The holding of Man GLG Flexible Bond Fund was sold, with the proceeds re-invested into the New Capital Wealthy Nations Bond Fund. This fund invests globally in investment grade bonds from those countries which are considered to have the greatest ability to pay their debt to foreign nations. With an historic yield of c.3.5% the fund was felt to be an attractive replacement for Man GLG which has proven its defensive characteristics, but produced lacklustre returns.

Following the UK’s EU referendum result we used the initial rebound off the post-Brexit lows to meaningfully reduce the Fund’s European equity weighting, with the proceeds initially retained in cash. In addition, in the lead up to the referendum, we altered the composition of the Fund’s fixed interest holdings, selling the fund’s holdings in the Kames Strategic Global Bond Fund and reinvesting the proceeds into the Rathbone Ethical Bond Fund, Vontobel TwentyFour Global Unconstrained Bond Fund and New Capital Wealthy Nations Bond Fund. These changes reflect a number of new additions to our approved funds list which we believe will provide improved risk adjusted returns moving forward. Finally, and again prior to the Brexit decision, the holding of the Wells Fargo US Premier Growth Fund was sold and replaced with the Loomis Sayles US Growth Equity Fund which was felt to be a better option in maintaining exposure to growth areas of the market.

Outlook



July 2016

9

INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016 CGWM Select Global Affinity Fund

Fund Performance

For the 6 months to 30 June 2016 the Fund fell -3.60%. This compared to a return of -1.05% for the Fund’s peer group, the Morningstar GIF USD Aggressive Allocation sector.

Market Review

While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June.

While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately come to fruition and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell -off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from sign ificant event. Only time will tell, but as we note below, a positive outcome is far from certain.

Activity/review

The Fund underperformed its peer group over the reporting period, with relative returns primarily impacted by the currency hedges we had in place on the Fund’s Japanese and European equity positions. Both currencies have appreciated substantially against the US dollar since the start of the year and while we have lowered the size of these hedges, they have weighed on the Fund’s returns over the course of the last six months.

In terms of activity, with equity markets initially rallying strongly off their February lows, we took the decision to reduce risk slightly in April by selling our long-standing and highly successful thematic investment in technology. This has generally been a volatile area of the market and after a turbulent start to 2016, technology stocks had recovered well. However, with the sector facing some near-term headwinds, including the saturation of the smartphone market, and with our expectation that macro concerns would likely increase in the lead up to the UK’s European membership referendum in June, it seemed an appropriate time to take profits.

Following the UK’s EU referendum result we used the initial rebound off the post-Brexit lows to meaningfully reduce the Fund’s European equity weighting, with the proceeds initially retained in cash.

Fortuitously, in the lead up to the referendum, we had switched into a longer dated US Treasury, which provided greater protection during the initial sell-off period.

Finally, and again prior to the Brexit decision, the holding of the Wells Fargo US Premier Growth Fund was sold and replaced with the Loomis Sayles US Growth Equity Fund. The Wells Fargo fund performed well relative to the S&P 500 Index during 2015, but lagged its Russell 1000 Growth benchmark. This relative underperformance was ascribed to a number of stock specific issues but the fund also struggled during the sell-off in in the early part of this year and the medium and longer term performance numbers no longer appear attractive. Loomis Sayles is a high conviction large cap growth strategy which combines elements of quality and value. However, what is particularly appealing is that historically the manager has been able to preserve capital better than his US large cap growth counterparts during periods of market stress. This fund was therefore felt to be a better option in maintaining exposure to growth areas of the market.

Outlook



July 2016

10


CGWM Select Opportunity Fund

Fund Performance For the 6 months to 30 June 2016 the Fund returned 2.35% net of all fees and expenses. This compared to a 1.58% gain for the Fund’s peer group, the Morningstar GIF GBP Aggressive Allocation sector.

Market Review

While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June. While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately materialise and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell-off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from significant event. Only time will tell, but as we note below, a positive outcome is far from certain.

Activity/review

The Fund outperformed its peer group over the reporting period, as our focus on non-sterling assets helped propel the Fund higher in the days following the UK’s Referendum, as the pound fell in value against most global currencies boosting the returns of the Fund’s international holdings in sterling terms.

However, while the Fund ended the period ahead its peer group, the first six months of the year were certainly a more challenging period for the Fund. While our broader asset allocation decisions were once again a net positive at the start of the year, as we maintained a healthy weighting to cash and absolute return funds in the face of increased market volatility, this defensive positioning was largely negated by two factors. First, one of the themes which has long stood us in good stead, suffered short-term underperformance, with the Polar Capital Healthcare Opportunities Fund slumping 10% in the first quarter, against a FTSE World Index return of +3% in GBP terms. We significantly reduced the Fund’s exposure to the healthcare sector over this period, recognising that while healthcare stocks had moved to oversold levels, the sector continued to face headwinds in the lead up to the US Presidential Election in November. We reinvested the proceeds from this reduced weighting into global equity investments; including the iShares MSCI ACWI ETF, the Fidelity Global Dividend Fund and our favoured Asian and US equity holdings.

The second factor was our hedging of a portion of the Fund’s euro exposure. With quantitative easing in full throw in Europe, the euro had been on a depreciating trend for much of the last year and our hedging of the Fund’s European equity positions had added value. However, despite the European Central Bank pulling out all the stops to avert a dangerous deflation-trap by launching a blast of triple stimulus early in 2016, the euro has enjoyed a counter-trend rally since the end of December, lowering the potential returns from the Fund’s European equity holdings. The majority of the Fund’s hedging was removed in the lead up to the UK’s EU referendum in June.

Our final piece of activity over the reporting period followed the UK’s referendum result, as we reduced the Fund’s European equity weighting and reinvested the proceeds into the globally diversified BNY Mellon Global Equity Income Fund. Unfortunately, an economic crystal ball is going to offer little clarity in the short-term as we once again move into unchartered territory with a rapidly changing political landscape in the UK and potential economic and political fallout in Europe. We therefore believe it is better to err on the side of caution with the Fund’s European allocation until the political landscape settles.

Outlook

It will take time for markets to fully digest the longer-term impact of the UK exit vote, and while equities have initially shaken off the result, we feel that the bigger issue is the increased risk of European political and economic fragmentation, and possibly the beginning of the end for the euro as we know it today. That would drive increased policy uncertainty across the major developed economies together with heightened stock market and exchange rate volatility. While this is unnerving, the Fund has historically benefitted from such periods, as our flexible approach has allowed us to take advantage of short-term opportunities in a generally more challenging environment. We will of course endeavour to repeat this in months ahead.


July 2016

11


CGWM Select Global Opportunity Fund

Fund Performance

For the 6 months to 30 June 2016 the Fund returned -3.44% net of all fees and expenses. This compared to a 1.05% loss for the Fund’s peer group, the Morningstar GIF USD Aggressive Allocation sector.

Market Review

While we expected that 2016 would be marked by an increase in volatility, the speed and severity with which markets declined through January and the early part of February came as an unpleasant surprise. It was particularly unnerving that this setback was accompanied not by a sharp deterioration to the fundamental investment backdrop, but was instead driven by a pronounced slump in investor confidence. Ultimately, a stabilisation in commodity prices provided the catalyst for investor sentiment to recover and for markets to rally off their February lows, with, for example, the price of Brent crude recovering from USD30 per barrel in January to USD49 at the end of June. While the subsequent rally was impressive, it started to lose momentum in May as the release of stronger than expected U.S. inflation data for April reignited speculation on the U.S. Federal Reserve’s second interest rate rise of this cycle. This ultimately proved wide of the mark, as May’s employment data showed the U.S. economy only added 38,000 jobs, the worst monthly job gain since 2010. However, investors soon switched their attention to the UK referendum on EU membership. In the lead up to the UK’s vote, global markets oscillated with each new opinion poll, as the economic and political uncertainty associated with a "leave" win looked likely to trigger a significant risk-off phase because investors feared a sizable regional economic slowdown with contagion for the global economy. As we now know, these fears may now ultimately materialise and currency and bonds markets have been quick to adjust to this new reality, with the pound falling significantly in value and government bonds rallying in expectation of slower economic growth and potentially lower interest rates. Equity markets, however, have not reacted as initially expected. After a brief initial sell-off, many markets have rallied strongly, seemingly brushing off the “leave” vote as a far from significant event. Only time will tell, but as we note below, a positive outcome is far from certain.

Activity/review

While the Fund ended 2015 ahead of its peer group, the first half of 2016 has certainly proven to be a more challenging period for the Fund. While our broader asset allocation decisions were once again a net positive to relative returns at the start of the year, as we maintained a healthy weighting to cash and absolute return funds in the face of increased market volatility, this defensive positioning was negated by two factors. First, one of the themes which has long stood us in good stead, suffered short-term underperformance, with the Polar Capital Healthcare Opportunity Fund slumping 12% in the first quarter, against a FTSE World Index return of +0.4% in USD terms. We significantly reduced the Fund’s exposure to the Healthcare sector over this period, recognising that while healthcare stocks had moved to oversold levels, the sector continued to face headwinds in the lead up to the US Presidential Election. We reinvested the proceeds from this reduced weighting into global equity investments; including the iShares MSCI ACWI ETF, the Fidelity Global Dividend Fund and our favoured Asian and US equity holdings. The second factor was the Fund’s allocation to European equities, which struggled in the first half of the year despite a general improvement in the region’s economic fundamentals. We anticipated this underperformance reversing had the UK voted to remain within the European Union, as this would have removed a significantly uncertainty overhanging the region’s stock markets. However, following the UK’s leave vote, we reduced the Fund’s European exposure, reinvesting the proceeds in the globally diversified BNY Mellon Global Equity Income Fund. Unfortunately, an economic crystal ball is going to offer little clarity in the short-term as we once again move into unchartered territory with a rapidly changing political landscape in the UK and potential economic and political fallout in Europe. We therefore believe it is better to err on the side of caution with the Fund’s European allocation until the political landscape settles.

Outlook

It will take time for markets to fully digest the longer-term impact of the UK exit vote, and while equities have initially shaken off the result, we feel that the bigger issue is the increased risk of European political and economic fragmentation, and possibly the beginning of the end for the euro as we know it today. That would drive increased policy uncertainty across the major developed economies together with heightened stock market and exchange rate volatility. While this is unnerving, the Fund has historically benefitted from such periods, as our flexible approach has allowed us to take advantage of short-term opportunities in a generally more challenging environment. We will of course endeavour to repeat this in months ahead.


July 2016

12

INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016 CGWM GPS Optimized Portfolio 4 Fund

Fund Performance

For the 6 months to 30 June 2016 the NAV decreased by 0.43% net of all fees and expenses on a total return basis. This underperformed the 5.29% rise of the WMA Income index. The Fund remained within its annualised volatility Cap throughout the period.

Market Review

Our Market Stress Indicator (“MSI”) moved to its highest reading of 5 on February 11 and remained there until the end of the period. The Indicator has been at a stressed level since the end of June last year, and that has felt absolutely correct as equity and commodity markets corrected sharply. Equity volatility continues to be high and the equity bond correlation remains negatively correlated. While risks in parts of the equity and corporate bond markets have lessened in recent weeks, the maximum stress reading reflects a higher degree of systematic risk in markets centred on concerns over the slower global growth and the effectiveness of further monetary stimuli by central banks. Although some economic indicators have stabilised, the prospect for economic growth remains fragile and weak pricing pressures reflect poor world demand. We expect markets to remain volatile given the impact on corporate earnings and the challenges of stimulating a substantive recovery.

Activity/review A re-optimisation of the portfolio at the beginning of February saw us de-risk the Fund by selling approximately 3% of

UK equities and reduce our corporate bond exposure and add gilts. On the 11th February our MSI struck 5 and a further

optimisation saw us sell all our equity exposure and hold, cash (approx. 16%), added a cash fund (approx. 16%) and

added further gilt and iShare gilt exposure. We maintained approx. 16% in Infrastructure. There were no changes to the

portfolio during the 2nd quarter of 2016 as our MSI remained at a stressed level.

Outlook

Macro backdrop merits continued caution. Our proprietary MSI remains at maximum stress, and has been forecasting market stress since June 2015. At the beginning of this year, risk assets saw a sharp downward correction on heightened concerns over the global economic outlook, the implications of the re-balancing of the Chinese economy and renewed concerns on the banks. The adoption of further extraordinary monetary loosening measures and a more dovish outlook for interest rates from the major central banks supported a recovery of the global stockmarkets from mid-February. We are however, once again seeing the beginnings of market instability. Oil has fallen from its recent high of above USD40, while European and Japanese equity markets have led the sell-off in recent days. As the head of the IMF, Christine Lagarde, highlighted this week, “the recovery remains too slow, too fragile, and risks to its durability are increasing”. We could not have said it better, the risks remain and they are systematic in nature. In this kind of environment, where our models are forecasting elevated levels of systematic risk, it should not be surprising that the GPS Optimized Portfolios are positioned for safety. The portfolios are therefore very defensively positioned away from risk assets. Importantly, the strategy is not designed to call the bottom of a market and will always re-apply risk in a slow and cautious manner as market conditions improve. This is because the risks are often largest around what may appear to be a market bottom. The emphasis of GPS Optimized Portfolios is risk first, returns second, and this approach has proven its worth in difficult markets as our longer track record demonstrates.

Canaccord Genuity Wealth Limited

July 2016

13

INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016 CGWM GPS Optimized Portfolio 5 Fund

Fund Performance

For the 6 months to 30 June 2016 the NAV decreased by 0.49% net of all fees and expenses on a total return basis. This underperformed the 5.39% rise of the WMA Balanced index. The Fund remained within its annualised volatility Cap throughout the period.

Market Review

Our Market Stress Indicator (“MSI”) moved to its highest reading of 5 on February 11 and remained there until the end of the period. The Indicator has been at a stressed level since the end of June last year, and that has felt absolutely correct as equity and commodity markets corrected sharply. Equity volatility continues to be high and the equity bond correlation remains negatively correlated. While risks in parts of the equity and corporate bond markets have lessened in recent weeks, the maximum stress reading reflects a higher degree of systematic risk in markets centred on concerns over the slower global growth and the effectiveness of further monetary stimuli by central banks. Although some economic indicators have stabilised, the prospect for economic growth remains fragile and weak pricing pressures reflect poor world demand. We expect markets to remain volatile given the impact on corporate earnings and the challenges of stimulating a substantive recovery.

Activity/review

A re-optimisation of the portfolio at the beginning of February saw us de-risk the Fund by selling approximately 5% of US and 2% of UK equities along with reducing our corporate bond exposure and added gilts. On the 11th February our MSI struck 5 and a further optimisation saw us sell all our equity exposure except for Polar Capital Healthcare Opportunities Fund and Blackrock Gold and General Fund and hold, cash (approx. 17%), added a cash fund (approx. 12%) and added further gilt and iShare gilt exposure. We also maintained approx. 11% in Infrastructure. There were no changes to the portfolio during the 2nd quarter of 2016 as our MSI remained at a stressed level.

Outlook

Macro backdrop merits continued caution. Our proprietary MSI remains at maximum stress, and has been forecasting market stress since June 2015. At the beginning of this year, risk assets saw a sharp downward correction on heightened concerns over the global economic outlook, the implications of the re-balancing of the Chinese economy and renewed concerns on the banks. The adoption of further extraordinary monetary loosening measures and a more dovish outlook for interest rates from the major central banks supported a recovery of the global stockmarkets from mid-February. We are however, once again seeing the beginnings of market instability. Oil has fallen from its recent high of above USD40, while European and Japanese equity markets have led the sell-off in recent days. As the head of the IMF, Christine Lagarde, highlighted this week, “the recovery remains too slow, too fragile, and risks to its durability are increasing”. We could not have said it better, the risks remain and they are systematic in nature. In this kind of environment, where our models are forecasting elevated levels of systematic risk, it should not be surprising that the GPS Optimized Portfolios are positioned for safety. The portfolios are therefore very defensively positioned away from risk assets. Importantly, the strategy is not designed to call the bottom of a market and will always re-apply risk in a slow and cautious manner as market conditions improve. This is because the risks are often largest around what may appear to be a market bottom. The emphasis of GPS Optimized Portfolios is risk first, returns second, and this approach has proven its worth in difficult markets as our longer track record demonstrates.

Canaccord Genuity Wealth Limited

July 2016

14

INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016 CGWM Select Bond Fund

Fund Performance The Fund’s total return during the reporting period was +4.14% net of all fees and expenses versus the EFFAS 3-7 Year Gilt index return of +5.07%.

Market Review

The UK referendum has been the elephant in the room over recent months and given the negative reaction in global equities and sterling in the immediate days after the vote, the outcome to leave was not broadly anticipated or priced-in to markets. The positive rebound in most risk assets since then has therefore come as a further shock and must be assumed to be built on an anticipated increase in central bank support/monetary stimulus. The broader picture is that the second quarter of 2016 has seen a relatively flat period for global equities but a very strong one for government bonds as yet again yields have fallen to new all-time lows. Even before the Brexit vote, in the wake of quantitative easing programmes and negative interest rates in Europe and Japan, $10 trillion of global government bonds yielded less than zero. That figure is now around $12 trillion. The basic premise that borrowers have to pay lenders for the use of their money has held good for all time, yet today that conventional wisdom is being turned on its head.

Activity/review

Given the uncertain outlook we were defensively positioned going into the referendum, partly due to the healthy gains that had already been generated, and partly that we anticipated better opportunities to put cash to work on the other side. Whilst we had already increased the credit quality of the Fund over the quarter, this risk-reduction process has accelerated since the UK referendum. The Brexit result creates more uncertainty in what is the latter part of the economic cycle, and thus the probability of a domestic and global recession occurring over the next 18 months has surely increased. Ironically it is the rapidly flattening yield curves that could accentuate growth fears as bank margins shrink even further. Should this lending profile diminish further, recession is an increasing probability. Given the low risk approach undertaken, the Fund’s headline yield to maturity of 3.03% remains relatively attractive. Having employed the cash weighting the duration has intentionally been increased through 5 years to enhance the counterbalance to higher risk bond exposure within the Fund. The weighting to the highest quality assets is now 51% (AAA/AA).

Outlook In terms of the outlook for higher risk corporate bonds, credit spreads had widened after the Brexit vote – especially amongst subordinated bank debt – but there are signs there that some of the negative sentiment is dissipating. Within this specific sector it should be noted that market pricing reflects greater concern with some of the European banks, and this could yet be the more significant outcome of the UK vote to leave the EU. The political backdrop across Europe is now firmly in focus and together with some of their heavily indebted banks with dubious balance sheets, risk appetite across the region could be increasingly constrained. Furthermore, the number of global corporate high yield bonds on negative rating watch has risen 25% in the past year due to increasing leverage and a poor liquidity outlook. This backdrop demands a lower risk exposure and we have adjusted our weightings to high yield and higher risk financials. The coming period will remain volatile and infers an optimum approach of balancing risk in portfolios with a spread of asset exposure as far as mandates allow.


July 2016

15

INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2016 CGWM Global Equity Fund

The CGWM Global Equity Fund launched 30 June 2016; the Fund commenced trading 1 July 2016.


July 2016

16

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at

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e 20

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964

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20

15

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Th

e a

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28

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30

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lec

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Inc

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ity

Div

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Aff

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To

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Fu

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Fu

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Fu

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No

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DU

SD

CA

SH

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G A

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Pu

rch

ase

of

fina

nci

al a

sse

ts

(21

4,7

25

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3)

(3,7

16

,79

1)

(1

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07

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0)

(3

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1,5

68

)

(2

6,6

85

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6)

(1

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7)

Pro

cee

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m s

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of

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al a

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21

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44

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8

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01

Ga

in/(

loss

) fr

om

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s2

88

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(2

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57

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98

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Div

ide

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63

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37

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(49

1,0

54

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3,3

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H (

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6,5

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26

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Pro

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47

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13

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7

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54

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FO

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24

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ca

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flo

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Ca

sh

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m o

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ac

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in

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Ca

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th

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2

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Ca

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th

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1

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Ca

sh r

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th

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k in

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36

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Ca

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7)

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3,3

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l sta

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29

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OF

CA

SH

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S

Fo

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ix m

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30

Ju

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20

16

CG

WM

CG

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CG

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Se

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PS

GP

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GW

MC

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M

Se

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Op

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dO

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Se

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Op

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Po

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Bo

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Eq

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Fu

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Fu

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*

No

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GB

PU

SD

GB

PG

BP

GB

PU

SD

CA

SH

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RA

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G A

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Pu

rch

ase

of

fina

nci

al a

sse

ts

(37

,33

9,0

78

)

(14

8,7

03

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1)

(8

,02

1,3

38

)

(6

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0,6

76

)

(12

,01

7,3

22

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-

Pro

cee

ds

fro

m s

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of

fina

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al a

sse

ts4

0,6

93

,99

4

14

2,5

79

,19

3

1

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63

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6

7

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7,8

16

9

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21

-

(Lo

ss)/

ga

in f

rom

fo

rwa

rd f

ore

ign

cu

rre

ncy

co

ntr

act

s(2

1,0

09

)

1

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0,8

86

(36

4)

(3

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(9

45

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5)

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Div

ide

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an

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d2

60

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2

8

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13

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67

8

26

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4

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Op

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ting

exp

en

ses

pa

id(4

88

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5)

(2

,13

5,7

32

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(11

6,9

30

)

(63

,73

3)

(1

15

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2)

-

NE

T C

AS

H IN

FL

OW

/(O

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RO

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TIN

G A

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3,1

06

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4

(6

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4,0

95

)

4,1

80

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1

1,8

75

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1

(2,6

92

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SH

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S F

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AC

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Dis

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-

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(2

72

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(1

35

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(66

4,0

82

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-

Inco

me

eq

ua

lisa

tion

13

8

29

0

(12

,42

8)

72

3

2

4,2

16

-

Pro

cee

ds

fro

m r

ed

ee

ma

ble

pa

rtic

ipa

ting

sh

are

s is

sue

d1

0,5

73

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7

48

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1,2

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2

46

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2

4

66

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1

6,9

63

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Red

em

ptio

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pa

id t

o s

ha

reh

old

ers

(7,1

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(7,8

40

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(3

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(1

74

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3)

(5,3

66

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4)

-

NE

T C

AS

H IN

FL

OW

/(O

UT

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) F

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M F

INA

NC

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AC

TIV

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S3

,41

0,0

15

41

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1,3

81

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1

57

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1

95

6,5

07

7

48

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0

NE

T I

NC

RE

AS

E/(

DE

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SE

) IN

CA

SH

6

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7,2

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1

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1,1

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2

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(1

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6,2

27

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74

8,0

80

FO

RE

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EX

CH

AN

GE

AD

JU

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ME

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ON

AG

GR

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2

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15

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0,6

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1

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0,5

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5

79

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CA

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9,5

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2

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2

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1

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74

8,0

80

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lem

en

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ca

sh

flo

w i

nfo

rma

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n

Cas

h f

low

s f

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op

era

tin

g a

cti

vit

ies

in

clu

de

:

Cash

re

ceiv

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du

rin

g t

he

pe

rio

d f

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div

ide

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inco

me

26

1,2

56

86

5,2

29

2

29

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9

1

13

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4

16

4,3

09

-

Cash

re

ceiv

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du

rin

g t

he

pe

rio

d f

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bo

nd

inte

rest

inco

me

-

-

2

6,2

70

1

8,6

73

66

2,4

65

-

Cash

re

ceiv

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du

rin

g t

he

pe

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ba

nk

inte

rest

inco

me

-

49

4

18

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Cash

pa

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th

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fo

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tere

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xpe

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44

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(80

4)

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(2

0)

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26

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86

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7

1

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7

82

6,7

54

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ch

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30

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20

16

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Th

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of

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l sta

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30

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ME

NT

OF

CA

SH

FL

OW

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Fo

r th

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ix m

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30

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15

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pu

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s)

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To

tal

CG

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dF

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dF

un

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un

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No

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GB

PG

BP

GB

PG

BP

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SD

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CA

SH

FL

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Pur

chas

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fina

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l ass

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(168

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-

(4

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(1

2,57

5,42

3)

(9

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(18,

648,

577)

(7,8

70,8

52)

Pro

ceed

s fr

om s

ale

of fi

nanc

ial a

sset

s12

6,73

9,36

3

40

4,49

8

3,13

2,07

2

15,1

45,5

09

11,6

43,1

46

6,

418,

423

4,

529,

115

Gai

n/(lo

ss)

from

forw

ard

fore

ign

curr

ency

con

trac

ts a

nd fu

ture

s1,

108,

078

(39,

395)

37

(1

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6)

4,54

1

25,7

61

17,7

11

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iden

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nd in

tere

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ecei

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3,20

5,36

8

93

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234,

883

396,

857

26

2,97

2

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0,55

4

62

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g ex

pens

es p

aid

(3,5

37,0

77)

(2

4,22

1)

(120

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)

(649

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)

(4

31,7

02)

(310

,718

)

(1

68,0

83)

NE

T C

AS

H (

OU

TF

LO

W)/

INF

LO

W F

RO

M O

PE

RA

TIN

G A

CT

IVIT

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(40,

793,

340)

43

4,53

9

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61,7

05)

2,30

5,48

8

1,

735,

846

(1

2,36

4,55

7)

(3

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CA

SH

FL

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M F

INA

NC

ING

AC

TIV

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S

Dis

trib

utio

ns(1

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)

(57,

057)

(1

28,9

13)

(1

44,5

42)

-

-

-

Inco

me

equa

lisat

ion

22,6

87

(685

)

1,98

8

2,52

3

(6

19)

9,15

9

130

Pro

ceed

s fr

om r

edee

mab

le p

artic

ipat

ing

shar

es is

sued

85,6

53,0

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173,

527

1,

388,

382

7,

248,

561

4,24

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2

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46,4

04

5,

497,

837

Red

empt

ions

pay

able

to s

hare

hold

ers

(25,

583,

605)

(3

72,1

71)

(5

49,9

13)

(4

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,345

)

(2,7

84,6

56)

(2

,438

,595

)

(977

,394

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NE

T C

AS

H IN

FL

OW

/(O

UT

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RO

M F

INA

NC

ING

AC

TIV

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S58

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(2

56,3

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71

1,54

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2,

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197

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7

15,7

16,9

68

4,

520,

573

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T IN

CR

EA

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/(D

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IN C

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17,9

53,8

73

178,

153

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50,1

61)

4,

693,

685

3,19

4,58

3

3,35

2,41

1

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1,42

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RE

IGN

EX

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AD

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TM

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T O

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GA

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(400

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CA

SH

AT

BE

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NIN

G O

F T

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RIO

D27

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16

9,78

9

1,15

3,19

1

2,25

4,24

8

36

4,69

9

1,

160,

347

64

5,49

9

CA

SH

AT

EN

D O

F T

HE

PE

RIO

D45

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34

7,94

2

603,

030

6,94

7,93

3

3,

559,

282

4,

512,

758

1,

736,

927

Su

pp

lem

enta

ry c

ash

flo

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32

NOTES TO THE CONDENSED FINANCIAL STATEMENTS For the six months ended 30 June 2016

1. 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, 2011 (“the UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS 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. During the six months ended 30 June 2016 the Funds of the Company were:

CGWM Total Return Bond Fund (launched 1 November 2004) (terminated 15 January 2016) 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 GPS Optimized Portfolio 4 Fund (launched 19 December 2012) CGWM GPS Optimized Portfolio 5 Fund (launched 19 December 2012) CGWM Select Bond Fund (launched 16 January 2014) CGWM Global Equity Fund (launched 30 June 2016)

The Shares in each Fund may be divided into a number of different share classes. The Directors may also add other share classes, which will be notified in advance to the Central Bank. Each Fund will represent a separate portfolio of assets and liabilities, which will be invested in accordance with the investment objectives applicable to each Fund.

2. PRINCIPAL ACCOUNTING POLICIES

Basis of Preparation These condensed interim accounts have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’, and should be read in conjunction with the audited annual financial statements for the financial year ended 31 December 2015, which have been prepared in accordance with International Financial Reporting Standards. The financial statements have been prepared for the six months ended 30 June 2016. Functional currency Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates (the ‘functional currency’). The functional currency for each Fund is sterling with the exception of CGWM Select Global Diversity Fund, CGWM Select Global Affinity Fund, CGWM Select Global Opportunity Fund and CGWM Global Equity Fund where the functional currency is 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 2016 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 arising from the translation of the opening net assets is shown in the Condensed Statement of Changes in Net Assets attributable to holders of redeemable shares. 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. The method of translation has no effect on the Net Asset Value per share attributable to the individual Funds.

33

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six month ended 30 June 2016

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 is an employee. All fees received by the Investment Managers are disclosed separately in the Condensed Statement of Comprehensive Income on pages 20 and 21. 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 12. Brian McDermott is a Partner in A&L Goodbody, who are the Irish Legal Advisers of the Company. Fees of EUR66,079

(30 June 2015: EUR62,295) 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 EUR1,927 (30 June 2015: 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 EUR7,200 (30 June 2015: EUR Nil) were paid to Goodbody Secretarial Limited during the period.

4. CONNECTED PERSONS

Any transaction carried out with a UCITS by a management company or depositary to the UCITS, the delegates or sub-delegates of the UCITS or management company or depositary, and any associated or group company of such a UCITS or management company, depositary, delegate or sub-delegate (“connected persons”) must be carried out as if negotiated at arm’s length. Transactions must be in the best interests of the shareholders. The Directors are satisfied that there are arrangements (evidenced by written procedures) in place, to ensure that the obligations set out in Regulation 41(1) of the Central Bank UCITS Regulations are applied to all transactions with connected persons, and are satisfied that transactions with connected persons entered into during the period complied with the obligations set out in Regulation 41(1) of the Central Bank UCITS Regulations. UCITS Notice 14 deems a “Depositary” and its “associated or group companies” to be connected persons to the Company. As such, Northern Trust Fiduciary Services (Ireland) Limited (NTFSIL), the Depositary, and Northern Trust International Fund Administration Services (Ireland) Limited (NTIFASIL), the Administrator, are connected persons to the Company. During the period, NTFSIL and NTIFASIL earned fees for provision of depositary and administration services to the Company as disclosed in the Condensed Statement of Comprehensive Income. NTFSIL were selected by the Company to execute foreign exchange transactions and purchase and sell securities on behalf of the Funds, the terms of such transactions are agreed/negotiated.

5. CASH DEPOSITS At 30 June 2016, the Company held cash of GBP88,448,036 (31 December 2015: GBP30,255,995) with The Northern Trust Company, London Branch (NTC) and GBP Nil (31 December 2015: GBP88,373) with ADM Investor Services International Limited (Broker). As the Total Return Bond Fund terminated 15 January 2016, there is no margin cash held. NTC is a wholly owned subsidiary of Northern Trust Corporation. As at 30 June 2016, Northern Trust Corporation had a long term rating from Standard & Poor’s of A+ (31 December 2015: A+). ADM Investor Services International Limited has a credit rating of A from Standard and Poors (31 December 2015: 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 GBP7 represented by 7 subscriber shares (issued for the purposes of the incorporation of the Company). One share is held by Canaccord Genuity Wealth (International) Limited and the other 6 are held by Forest Nominees Limited. At the discretion of the Directors, the subscriber shares may be repurchased at their issue price.

34

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June 2016

6. SHARE CAPITAL (continued)

Share Class movement for the six month ended 30 June 2016:

Shares Outstanding at

the Beginning of the

Period

Shares

Subscribed

Shares

Redeemed

Shares Outstanding

at the End of the

Period

CGWM Select Income Fund

A GBP (Accumulation) shares 220,748 187,429 - 408,177

A GBP (Distribution) shares 9,207,196 1,438,862 (1,111,990) 9,534,068

R GBP (Distribution) shares 3,764,667 1,474,857 (647,814) 4,591,710


A GBP (Accumulation) shares 64,787 1,197,094 (16,930) 1,244,951


R GBP (Distribution) shares 11,366,236 2,968,432 (1,329,691) 13,004,977


A GBP (Accumulation) shares 23,067,557 2,273,089 (2,429,872) 22,910,774

R GBP (Accumulation) shares 14,872,361 1,328,310 (1,662,906) 14,537,765


A USD (Accumulation) shares 36,511,074 11,988,462 (2,315,930) 46,183,606

A SGD Hedged (Distribution) shares 4,226,561 2,475,187 (569,459) 6,132,289

A EUR Hedged (Accumulation) shares - 169,496 - 169,496

T USD (Accumulation) shares 417,828 334,996 (56,183) 696,641

T GBP Hedged (Accumulation) shares 4,085,087 3,649,844 (651,485) 7,083,446

T EUR Hedged (Accumulation) shares 394,688 220,936 (797) 614,827

CGWM Select Global Affinity Fund


A SGD Hedged (Distribution) shares 332,069 18,725 - 350,794

A EUR Hedged (Accumulation) shares 78,000 101,678 - 179,678

T USD (Accumulation) shares 772,977 250,686 (135,470) 888,193

T GBP Hedged (Accumulation) shares 3,346,637 1,885,378 (230,765) 5,001,250

T EUR Hedged (Accumulation) shares 271,985 42,497 (47,814) 266,668



R GBP (Accumulation) shares 871,617 95,491 (145,903) 821,205



A GBP Hedged (Accumulation) shares 10,108 114,617 - 124,725

A SGD Hedged (Distribution) shares 15,553,892 3,611,736 (1,040,477) 18,125,151

A EUR Hedged (Accumulation) shares 177,015 282,153 - 459,168

T USD (Accumulation) shares 1,818,867 181,419 (350,923) 1,649,364

T GBP Hedged (Accumulation) shares 7,945,674 2,081,872 (1,088,982) 8,938,564

T EUR Hedged (Accumulation) shares 811,389 70,188 (41,727) 839,850

R GBP Hedged (Accumulation) shares - 19,700 - 19,700

CGWM GPS Optimized Portfolio 4 Fund

D GBP (Distribution) shares 26,513,960 209,308 (2,795,575) 23,927,693


D GBP (Distribution) shares 13,868,242 483,445 (165,431) 14,186,256

CGWM Select Bond Fund

A GBP (Distribution) shares 380,898 40,626 (47,776) 373,748

A USD Hedged (Distribution) shares 14,915 595 (1,869) 13,641

A EUR Hedged (Distribution) shares 4,078 5,991 (2,739) 7,330

A GBP (Accumulation) shares 4,482 25,075 (1,811) 27,746

A USD Hedged (Accumulation) shares 9,337 5,914 (1,923) 13,328

CGWM Global Equity Fund*

R USD (Accumulation) shares - 2,778 - 2,778

R USD (Distribution) shares - 3,366 - 3,366

R GBP Hedged (Accumulation) shares - 200 - 200

R GBP Hedged (Distribution) shares - 800 - 800

*Launched 30 June 2016.

35

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued)


6. SHARE CAPITAL (continued) Share Class movement for the financial year ended 31 December 2015:

Shares Outstanding at

the Beginning of the

Year

Shares

Subscribed

Shares

Redeemed

Shares Outstanding

at the End of the

Year

CGWM Total Return Bond Fund



A GBP (Accumulation) shares - 220,748 - 220,748


R GBP (Distribution) shares - 3,857,695 (93,028) 3,764,667




R GBP (Distribution) shares - 12,078,459 (712,223) 11,366,236



R GBP (Accumulation) shares - 15,623,974 (751,613) 14,872,361



A SGD Hedged (Distribution) shares 509,285 4,051,468 (334,192) 4,226,561

T USD (Accumulation) shares - 437,828 (20,000) 417,828

T GBP Hedged (Accumulation) shares 198,384 4,228,958 (342,255) 4,085,087

T EUR Hedged (Accumulation) shares - 394,688 - 394,688



A SGD Hedged (Distribution) shares 73,755 291,182 (32,868) 332,069


T USD (Accumulation) shares - 792,977 (20,000) 772,977


T EUR Hedged (Accumulation) shares - 271,985 - 271,985



R GBP (Accumulation) shares - 876,018 (4,401) 871,617



A GBP Hedged (Accumulation) shares - 10,108 - 10,108

A SGD Hedged (Distribution) shares 8,276,078 8,111,902 (834,088) 15,553,892


T USD (Accumulation) shares - 2,123,648 (304,781) 1,818,867


T EUR Hedged (Accumulation) shares - 891,936 (80,547) 811,389


D GBP (Distribution) shares 20,798,878 10,267,091 (4,552,009) 26,513,960

CGWM GPS Optimized Portfolio 4(i) Fund*

D GBP (Distribution) shares 2,876,311 193,492 (3,069,803) -


D GBP (Distribution) shares 12,231,917 2,337,571 (701,246) 13,868,242



A USD Hedged (Distribution) shares 6,508 8,407 - 14,915

A EUR Hedged (Distribution) shares - 4,078 - 4,078


A USD Hedged (Accumulation) shares - 9,337 - 9,337

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38


8. EXCHANGE RATES

The 30 June 2016 period end exchange rates were as follows:

Exchange Rate Exchange Rate

to GBP to USD

Australian Dollar 0.5570 0.7446

British Pound - 1.3368

Canadian Dollar 0.5760 0.7700

Chinese Yuan 0.1126 0.1505

Euro 0.8311 1.1110

Japanese Yen 0.0073 0.0097

New Zealand Dollar 0.5328 0.7122

Norwegian Krone 0.0894 0.1195

Swedish Krona 0.0883 0.1180

Swiss Franc 0.7679 1.0265

US Dollar 0.7481 -

Singapore Dollar 0.5558 0.7430

The 31 December 2015 year end exchange rates were as follows:


to GBP to USD

Australian Dollar 0.4936 0.7275




Euro 0.7370 1.0863


New Zealand Dollar 0.4645 0.6846




US Dollar 0.6785 -


The 30 June 2015 period end exchange rates were as follows:


to GBP to USD




Euro 0.7085 1.1142






US Dollar 0.6358 -

9. SOFT COMMISSION

There were no soft commission arrangements during the period or in the preceding period.

39


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 a 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 GPS Optimized Portfolio 4 Fund and CGWM GPS Optimized Portfolio 5 Fund will not invest in financial derivative instruments. The counterparties used during the period included The Northern Trust Company, London Branch (NTC) for over-the-counter 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.

40


12. FEES AND OTHER EXPENSES

Investment Managers 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 Select Income Fund - A GBP (Accumulation) shares 1.50%

CGWM Select Income Fund - A GBP (Distribution) shares 1.50%

CGWM Select Income Fund - R GBP (Distribution) shares 0.80%

CGWM Select Diversity Fund - A GBP (Accumulation) shares 1.50%

CGWM Select Diversity Fund - A GBP (Distribution) shares 1.50%

CGWM Select Diversity Fund - R GBP (Distribution) shares 0.80%

CGWM Select Affinity Fund - A GBP (Accumulation) shares 1.50%

CGWM Select Affinity Fund - R GBP (Accumulation) shares 0.80%

CGWM Select Global Diversity Fund - A USD (Accumulation) shares 1.50%

CGWM Select Global Diversity Fund - A SGD Hedged (Distribution) shares 1.50%

CGWM Select Global Diversity Fund - A EUR Hedged (Accumulation) shares 1.50%

CGWM Select Global Diversity Fund - T USD (Accumulation) shares 1.50%

CGWM Select Global Diversity Fund - T GBP Hedged (Accumulation) shares 1.50%

CGWM Select Global Diversity Fund - T EUR Hedged (Accumulation) shares 1.50%

CGWM Select Global Affinity Fund - A USD (Accumulation) shares 1.50%

CGWM Select Global Affinity Fund - A SGD Hedged (Distribution) shares 1.50%

CGWM Select Global Affinity Fund - A EUR Hedged (Accumulation) shares 1.50%

CGWM Select Global Affinity Fund - T USD (Accumulation) shares 1.50%

CGWM Select Global Affinity Fund - T GBP Hedged (Accumulation) shares 1.50%

CGWM Select Global Affinity Fund - T EUR Hedged (Accumulation) shares 1.50%

CGWM Select Opportunity Fund - A GBP (Accumulation) shares 1.50%

CGWM Select Opportunity Fund - R GBP (Accumulation) shares 0.80%

CGWM Select Global Opportunity Fund - A USD (Accumulation) shares 1.50%

CGWM Select Global Opportunity Fund - A GBP Hedged (Accumulation) shares 1.50%

CGWM Select Global Opportunity Fund - A SGD Hedged (Distribution) shares 1.50%

CGWM Select Global Opportunity Fund - A EUR Hedged (Accumulation) shares 1.50%

CGWM Select Global Opportunity Fund - T USD (Accumulation) shares 1.50%

CGWM Select Global Opportunity Fund - T GBP Hedged (Accumulation) shares 1.50%

CGWM Select Global Opportunity Fund - T EUR Hedged (Accumulation) shares 1.50%

CGWM Select Global Opportunity Fund - R GBP Hedged (Accumulation) shares 0.80%

CGWM GPS Optimized Portfolio 4 Fund - D GBP (Distribution) shares 0.80%

CGWM GPS Optimized Portfolio 5 Fund - D GBP (Distribution) shares 0.80%

CGWM Select Bond Fund - A GBP (Distribution) shares 0.50%

CGWM Select Bond Fund - A USD Hedged (Distribution) shares 0.50%

CGWM Select Bond Fund - A EUR Hedged (Distribution) shares 0.50%

CGWM Select Bond Fund - A GBP (Accumulation) shares 0.50%

CGWM Select Bond Fund - A USD Hedged (Accumulation) shares 0.50%

CGWM Global Equity Fund - R USD (Accumulation) shares* 0.80%

CGWM Global Equity Fund - R USD (Distribution) shares* 0.80%

CGWM Global Equity Fund - R GBP Hedged (Accumulation) shares* 0.80%

CGWM Global Equity Fund - R GBP Hedged (Distribution) shares* 0.80%

* Launched 30 June 2016.

41


12. FEES AND OTHER EXPENSES (continued)

Investment Managers (continued) On CGWM Select Income Fund, CGWM GPS Optimized Portfolio 4 Fund, CGWM GPS Optimized Portfolio 5 Fund and the CGWM Select 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 Diversity Fund and CGWM Select Global Diversity Fund, 50% of all ongoing Investment Management fees are allocated to capital.

Depositary The Depositary is entitled to receive out of the assets of the Company, a monthly fee, accrued daily and payable monthly in arrears, based on the number of transactions and the Net Asset Value of each Fund, up to a maximum fee of 0.02% of the Net Asset Value of the Company per annum, subject to a minimum annual fee of GBP99,000 in respect of the Company. Sub-Custodian The Depositary shall also be entitled to receive out of the assets of each Fund safe-keeping fees and transaction charges. Any sub-custody fees are at normal commercial rates.

Administrator The Administrator is entitled to receive out of the assets of the Company, a monthly fee, accrued daily and payable monthly in arrears, up to a maximum fee of 0.09% of the Net Asset Value of the Company per annum, subject to a minimum annual fee of GBP242,000 in respect of the Company.

Transaction Costs

Transaction costs incurred by the Funds for the period ended 30 June 2016 are shown separately on the Condensed Statement of Comprehensive Income and for the period amounted to GBP29,852 (30 June 2015: GBP32,825).

Directors Fee The total Directors fees payable in any one year will not exceed GBP100,000 or such higher amount agreed by the Shareholders. Directors fees charged for the period ended 30 June 2016 amounted to GBP23,640 (30 June 2015: GBP37,975).

13. DISTRIBUTIONS

The following Share Classes paid a distribution during the six months ended 30 June 2016:

No. Rate per Amount

Fund XD Date Date Paid of Shares Share GBP

CGWM Total Return Bond Fund - A GBP (Distribution) Shares 05/01/2016 19/01/2016 40,400 0.94893 38,337

38,337

CGWM Select Income Fund - A GBP (Distribution) Shares 05/01/2016 19/01/2016 9,207,196 0.00894 82,312

04/04/2016 18/04/2016 9,937,235 0.01008 100,167

182,479

CGWM Select Income Fund - R GBP (Distribution) Shares 05/01/2016 19/01/2016 3,764,667 0.00752 28,310

04/04/2016 18/04/2016 4,399,138 0.00848 37,305

65,615

42


13. DISTRIBUTIONS (continued)

No. Rate per Amount


CGWM Select Diversity Fund - A GBP (Distribution) Shares 05/01/2016 19/01/2016 47,995,321 0.00291 139,666

139,666

CGWM Select Diversity Fund - R GBP (Distribution) Shares 05/01/2016 19/01/2016 11,366,236 0.00385 43,760

43,760

CGWM GPS Optimized Portfolio 4 Fund - D GBP (Distribution) Shares 05/01/2016 19/01/2016 26,513,960 0.01029 272,829

272,829


135,770

CGWM Select Bond Fund - A GBP (Distribution) Shares 05/01/2016 19/01/2016 380,898 0.78549 299,192

04/04/2016 18/04/2016 375,033 0.91881 344,584

643,776

Amount

USD

CGWM Select Bond Fund - A USD Hedged (Distribution) Shares 05/01/2016 19/01/2016 14,915 0.74739 11,147

04/04/2016 18/04/2016 13,641 0.89752 12,243

23,390

Amount

EUR

CGWM Select Bond Fund - A EUR Hedged (Distribution) Shares 05/01/2016 19/01/2016 4,078 0.73689 3,005

04/04/2016 18/04/2016 2,768 0.84849 2,349

5,354

The following Share Classes paid a distribution during the financial year ended 31 December 2015:

No. Rate per Amount


CGWM Total Return Bond Fund - A GBP (Distribution) Shares 05/01/2015 19/01/2015 53,351 1.06946 57,057

02/07/2015 16/07/2015 51,059 1.04470 53,341

110,398


02/04/2015 20/04/2015 11,394,642 0.00578 65,861

02/07/2015 16/07/2015 11,676,756 0.01060 123,774

02/10/2015 16/10/2015 9,176,622 0.00935 85,801

338,488

CGWM Select Income Fund - R GBP (Distribution) Shares 02/07/2015 16/07/2015 94,070 0.00304 286

02/10/2015 16/10/2015 3,446,381 0.00869 29,949

30,235

CGWM Select Diversity Fund - A GBP (Distribution) Shares 05/01/2015 19/01/2015 50,894,960 0.00284 144,54202/07/2015 16/07/2015 52,980,252 0.00175 92,715

237,257

43



13. DISTRIBUTIONS (continued)

No. Rate per Amount


CGWM Select Diversity Fund - R GBP (Distribution) Shares 02/07/2015 16/07/2015 53,961 0.00026 14

14

CGWM GPS Optimized Portfolio 4 Fund - D GBP (Distribution) Shares 05/01/2015 19/01/2015 20,798,878 0.00666 138,52102/07/2015 16/07/2015 24,129,502 0.00678 163,598

302,119

CGWM GPS Optimized Portfolio 4(i) Fund - D GBP (Distribution) Shares 05/01/2015 19/01/2015 2,876,311 0.00824 23,70102/07/2015 16/07/2015 2,903,936 0.01338 38,855

62,556


02/07/2015 16/07/2015 12,883,410 0.00867 111,699

220,074


02/04/2015 20/04/2015 433,895 0.94702 410,90702/07/2015 16/07/2015 422,041 0.86118 363,453

02/10/2015 16/10/2015 419,446 0.87134 365,480

1,465,650

Amount

USD

CGWM Select Global Diversity Fund - A USD (Accumulation) Shares 02/07/2015 16/07/2015 30,946,074 0.00013 4,023

4,023


02/04/2015 20/04/2015 10,071 0.90613 9,126

02/07/2015 16/07/2015 12,986 0.85982 11,166

02/10/2015 16/10/2015 14,192 0.82933 11,770

33,565

No. Rate per Amount

Fund XD Date Date Paid of Shares Share SGD

CGWM Select Global Diversity Fund - A SGD Hedged (Distribution) Shares 02/07/2015 16/07/2015 1,431,854 0.00013 186

186

Amount

EUR


02/10/2015 16/10/2015 2,739 0.81689 2,237

4,248

44


14. COMPARATIVE STATISTICS

Net Asset Value Currency 30 June 2016 31 Dec 2015 31 Dec 2014

CGWM Total Return Bond Fund**

A GBP (Distribution) shares GBP - 3,107,820 4,226,648


A GBP (Accumulation) shares GBP 415,334 219,109 -

A GBP (Distribution) shares GBP 10,972,778 10,511,614 12,971,495

R GBP (Distribution) shares GBP 4,460,007 3,614,699 -


A GBP (Accumulation) shares GBP 1,277,289 65,333 -




A GBP (Accumulation) shares GBP 35,291,648 35,570,393 46,785,511

R GBP (Accumulation) shares GBP 14,064,164 14,352,858 -


A USD (Accumulation) shares USD 58,986,930 47,675,032 28,572,627

A SGD Hedged (Distribution) shares SGD 9,857,709 6,933,890 840,068

A EUR Hedged (Accumulation) shares EUR 173,261 - -

T USD (Accumulation) shares USD 647,491 397,028 -

T GBP Hedged (Accumulation) shares GBP 6,894,878 4,076,143 198,384

T EUR Hedged (Accumulation) shares EUR 576,288 380,179 -



A SGD Hedged (Distribution) shares SGD 575,865 564,477 126,299

A EUR Hedged (Accumulation) shares EUR 173,290 78,621 -






R GBP (Accumulation) shares GBP 842,134 870,242 -



A GBP Hedged (Accumulation) shares GBP 112,910 9,517 -

A SGD Hedged (Distribution) shares SGD 38,768,424 34,383,464 18,227,706


T USD (Accumulation) shares USD 1,549,805 1,770,031 -



R GBP Hedged (Accumulation) shares GBP 19,185 - -


D GBP (Distribution) shares GBP 25,812,175 28,726,647 22,662,069


D GBP (Distribution) shares GBP - - 2,995,070





A USD Hedged (Distribution) shares USD 1,354,508 1,447,325 650,596

A EUR Hedged (Distribution) shares EUR 710,940 387,914 -


A USD Hedged (Accumulation) shares USD 1,380,933 930,227 -

CGWM Global Equity Fund***

R USD (Accumulation) shares USD 277,800 - -

R USD (Distribution) shares USD 336,600 - -


R GBP Hedged (Distribution) shares GBP 80,000 - -

* Terminated 18 December 2015. **Terminated 15 January 2016. *** Launched 30 June 2016.

45



14. COMPARATIVE STATISTICS (continued)

Shares in issue Currency 30 June 2016 31 Dec 2015 31 Dec 2014


A GBP (Distribution) shares GBP - 40,400 53,351











R GBP (Accumulation) shares GBP 14,537,765 14,872,361 -



A SGD Hedged (Distribution) shares SGD 6,132,289 4,226,561 509,285

A EUR Hedged (Accumulation) shares EUR 169,496 - -






A SGD Hedged (Distribution) shares SGD 350,794 332,069 73,755







R GBP (Accumulation) shares GBP 821,205 871,617 -



A GBP Hedged (Accumulation) shares GBP 124,725 10,108 -

A SGD Hedged (Distribution) shares SGD 18,125,151 15,553,892 8,276,078


T USD (Accumulation) shares USD 1,649,364 1,818,867 -







D GBP (Distribution) shares GBP - - 2,876,311




A GBP (Distribution) shares GBP 373,748 380,898 424,013

A USD Hedged (Distribution) shares USD 13,641 14,915 6,508

A EUR Hedged (Distribution) shares EUR 7,330 4,078 -


A USD Hedged (Accumulation) shares USD 13,328 9,337 -


R USD (Accumulation) shares USD 2,778 - -

R USD (Distribution) shares USD 3,366 - -

R GBP Hedged (Accumulation) shares GBP 200 - -

R GBP Hedged (Distribution) shares GBP 800 - -


46



14. COMPARATIVE STATISTICS (continued)

Net Asset Value per Share Currency 30 June 2016 31 Dec 2015 31 Dec 2014


A GBP (Distribution) shares GBP - 76.93 79.22


A GBP (Accumulation) shares GBP 1.02 0.99 -

A GBP (Distribution) shares GBP 1.15 1.14 1.17

R GBP (Distribution) shares GBP 0.97 0.96 -




R GBP (Distribution) shares GBP 1.01 0.99 -


A GBP (Accumulation) shares GBP 1.54 1.54 1.52

R GBP (Accumulation) shares GBP 0.97 0.97 -


A USD (Accumulation) shares USD 1.28 1.31 1.32

A SGD Hedged (Distribution) shares SGD 1.61 1.64 1.65

A EUR Hedged (Accumulation) shares EUR 1.02 - -

T USD (Accumulation) shares USD 0.93 0.95 -

T GBP Hedged (Accumulation) shares GBP 0.97 1.00 1.01

T EUR Hedged (Accumulation) shares EUR 0.94 0.96 -




A EUR Hedged (Accumulation) shares EUR 0.96 1.01 -





A GBP (Accumulation) shares GBP 1.88 1.84 1.78

R GBP (Accumulation) shares GBP 1.03 1.00 -



A GBP Hedged (Accumulation) shares GBP 0.91 0.94 -


A EUR Hedged (Accumulation) shares EUR 0.95 0.99 -




R GBP Hedged (Accumulation) shares GBP 0.97 - -


D GBP (Distribution) shares GBP 1.08 1.08 1.09


D GBP (Distribution) shares GBP - - 1.04


D GBP (Distribution) shares GBP 1.09 1.09 1.09



A USD Hedged (Distribution) shares USD 99.30 97.04 99.97

A EUR Hedged (Distribution) shares EUR 96.99 95.12 -


A USD Hedged (Accumulation) shares USD 103.61 99.63 -


R USD (Accumulation) shares USD 100.00 - -

R USD (Distribution) shares USD 100.00 - -

R GBP Hedged (Accumulation) shares GBP 100.00 - -

R GBP Hedged (Distribution) shares GBP 100.00 - -


47



15. 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. Credit balances (e.g. cash) may not be offset against borrowings when determining the percentage of borrowings outstanding.

16. EVENTS DURING THE PERIOD The CGWM Total Return Bond Fund terminated on 15 January 2016, proceeds were distributed to shareholders in two tranches paid on 25 January 2016 and 31 March 2016. Audited Non-Statutory Termination financial statements were prepared for this Fund for the period 1 January 2016 to 15 April 2016.

Northern Trust Fiduciary Services (Ireland) Limited, the Custodian by virtue of the terms of UCITS V became the Depositary of the Company. The CGWM Global Equity Fund launched 30 June 2016; the Fund commenced trading 1 July 2016.

The following share classes launched during the period:

CGWM Select Global Diversity Fund - A EUR Hedged (Accumulation) shares - Launched 25 January 2016.

CGWM Select Global Opportunity Fund – R GBP Hedged (Accumulation) shares – Launched 20 April 2016.

CGWM Select Global Equity Fund – R USD (Accumulation) shares – Launched 30 June 2016.

CGWM Select Global Equity Fund – R USD (Distribution) shares – Launched 30 June 2016.

CGWM Select Global Equity Fund – R GBP Hedged (Accumulation) shares – Launched 30 June 2016.

CGWM Select Global Equity Fund – R GBP Hedged (Distribution) shares – Launched 30 June 2016.

17. EVENTS SINCE THE PERIOD END DATE

The following share classes launched since the period end:

CGWM Select Global Equity Fund – X USD (Accumulation) shares – Launched 18 July 2016.

CGWM Select Global Equity Fund – X USD (Distribution) shares – Launched 19 July 2016.

The following distributions were declared in July 2016:

No. Rate per Amount



CGWM Select Income Fund - R GBP (Distribution) Shares 04/07/2016 18/07/2016 4,591,110 0.00900 41,320

CGWM Select Diversity Fund - A GBP (Distribution) Shares 04/07/2016 18/07/2016 47,067,586 0.00216 101,666

CGWM Select Diversity Fund - R GBP (Distribution) Shares 04/07/2016 18/07/2016 13,004,977 0.00324 42,136




Amount

USD


Amount

EUR


There were no other events subsequent to the period end, 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 2016.

18. APPROVAL OF THE FINANCIAL STATEMENTS The financial statements were authorised for issue by the Board of Directors of the Company on 17 August 2016.

48


INVESTMENT PORTFOLIO 30 June 2016

Fair Value % of

Holdings Financial assets at fair value through profit or loss GBP Net Assets

Collective Investment Schemes: 76.54% (31 Dec 2015: 84.74%)

Guernsey: 9.76% (31 Dec 2015: 6.65%)

222,643 HICL Infrastructure Company Limited* 379,606 2.40

154,550 International Public Partnerships Limited* 234,143 1.48

718,000 Picton Property Income Limited* 475,675 3.00

469,090 Renewables Infrastructure Group Limited* 456,190 2.88

Total Guernsey 1,545,614 9.76

Ireland: 16.98% (31 Dec 2015: 23.60%)

56,895 GAM Star - Credit Opportunities Fund 612,173 3.87

61,324 Invesco Bond Series - Sterling Bond Fund 634,214 4.00

46,355 Kames High Yield Global Bond Fund 500,676 3.16

5,717 New Capital Wealthy Nations Bond Fund 676,090 4.27

1,607 Prusik Asian Equity Income Fund 266,838 1.68

Total Ireland 2,689,991 16.98

Jersey: 1.63% (31 Dec 2015: 1.85%)

260,000 CVC Credit Partners European Opportunities Ltd* 258,700 1.63

Total Jersey 258,700 1.63

Luxembourg: 21.79% (31 Dec 2015: 23.38%)

906 Allianz Global Investors Fund - Allianz Flexi Asia Bond Fund 840,481 5.30

535,420 Fidelity Funds - Global Dividend Fund 688,551 4.35

71,812 Jupiter Global Fund - Dynamic Bond Fund 813,628 5.13

436,831 Rathbone Ethical Bond Fund 440,937 2.78

6,910 Vontobel Fund - Twentyfour Global Unconstrained Bond Fund 670,533 4.23

Total Luxembourg 3,454,130 21.79

United Kingdom: 26.38% (31 Dec 2015: 29.26%)

632,610 Artemis Global Income Fund 519,784 3.28

421,161 Artemis Income Fund 900,528 5.68

594,325 Capita Financial - CF Woodford Equity Income Fund 666,060 4.20

221,385 Invesco Perpetual UK Strategic Income Fund 627,781 3.96

174,401 Newton Asian Income Fund 197,928 1.25

297,118 Newton Global Higher Income Fund 563,336 3.56

1,485,974 Schroder Income Maximiser Fund 705,689 4.45

Total United Kingdom 4,181,106 26.38

Total Collective Investment Schemes 12,129,541 76.54

*Closed-end Fund

49


INVESTMENT PORTFOLIO (continued) 30 June 2016

Fair Value % of


Bonds: 11.53% (31 Dec 2015: 9.98%)


200,000 Lloyds Bank 5.50% 25/09/2016 201,865 1.27

662,000 UK Treasury Bond 4.00% 07/03/2022 795,062 5.02

620,000 UK Treasury Bond 4.25% 07/12/2027 830,428 5.24


Total Bonds 1,827,355 11.53

Financial Derivative Instruments: 0.00% (31 Dec 2015: 0.00%)

Forward Currency Contracts: 0.00% (31 Dec 2015: 0.00%)

Counterparty Currency Currency Currency Maturity Unrealised % of

Buys Sells Rate Date Gain Net Assets

Northern Trust EUR 545,000 GBP 452,220 0.8298 06/07/2016 703 -

Total Fair Value Gain on Forward Currency Contracts 703 -

Total Financial assets at fair value through profit or loss 13,957,599 88.07

Financial liabilities at fair value through profit or loss

Financial Derivative Instruments: (0.11%) (31 Dec 2015: 0.00%)

Forward Currency Contracts: (0.11%) (31 Dec 2015: 0.00%)


Buys Sells Rate Date Loss Net Assets

Northern Trust GBP 435,193 EUR 545,000 0.7985 06/07/2016 (17,730) (0.11)

Total Fair Value Losses on Forward Currency Contracts (17,730) (0.11)

Total Financial liabilities at fair value through profit or loss (17,730) (0.11)

Fair Value % of

GBP Net Assets

Total Value of Investments 13,939,869 87.96

(Cost: GBP 13,341,747)

Cash 1,452,720 9.17

Other Net Assets 455,530 2.87

Net Assets Attributable to Holders of Redeemable

Participating Shares 15,848,119 100.00

50



% of Total

Analysis of Total Assets Assets

Transferable securities admitted to official stock exchange listing 76.40

Transferable securities other than admitted to official stock exchange listing or traded

on a regulated market 11.34

Over the counter financial derivative instruments 0.00

Other Assets 12.26

100.00

51



Fair Value % of



Guernsey: 2.95% (31 Dec 2015: 2.91%)


988,300 International Public Partnerships Limited* 1,497,275 1.84


Ireland: 38.65% (31 Dec 2015: 44.96%)

1,518,158 BNY Mellon Absolute Return Equity Fund 1,803,724 2.22

152,199 Brown Advisory US Small Cap Blend Fund 1,279,709 1.57

86,021 Findlay Park American Fund 5,355,738 6.58

193,351 Invesco Bond Series - Sterling Bond Fund 2,226,187 2.73

18,170 iShares $ TIPS UCITS ETF 2,772,379 3.41

842,553 Lazard Global Listed Infrastructure Equity Fund 1,204,766 1.48

23,615 Legg Mason Western Asset Macro Opportunities Bond Fund 2,490,721 3.06

6,976 Man GLG Investments - Japan Core Alpha Equity Fund 860,878 1.06

30,278 New Capital UCITS Fund PLC - New Capital Wealthy Nations Bond Fund 2,695,982 3.31

1,349,713 Old Mutual Global Equity Absolute Return Hedged Fund 2,087,871 2.56

372,654 Polar Capital North American Fund 4,781,155 5.87

102,853 Polar Capital Healthcare Opportunities Fund 2,675,214 3.29

8,271 Prusik Asian Equity Income Fund 1,232,485 1.51


Luxembourg: 18.19% (31 Dec 2015: 16.88%)

89,267 Aberdeen Global - Japanese Equity Fund 834,821 1.03

178,550 Henderson Gartmore Fund - United Kingdom Absolute Return Fund 2,072,557 2.55

204,297 Investec Global Strategy Fund - UK Alpha Fund 3,965,410 4.87

346,997 Jupiter Global Fund - Dynamic Bond Fund 3,931,473 4.83

2,179,248 Rathbone Ethical Bond Fund 2,199,733 2.70

18,107 Vontobel Fund - TwentyFour Global Unconstrained Bond Fund 1,801,621 2.21



329,896 Baring German Growth Trust 2,060,530 2.53

3,036,660 Capita Financial - CF Woodford Equity Income Fund 3,604,212 4.43

262,186 First State Investments ICVC - Asia Pacific Leaders Fund 1,533,394 1.88

703,444 First State Investments ICVC - Global Listed Infrastructure Fund 1,622,141 1.99

1,268,594 Invesco Perpetual UK Strategic Income Fund 3,597,353 4.42

2,239,768 Investec UK Special Situations Fund 3,527,411 4.33



*Closed-end Fund

52



Fair Value % of


Bonds: 7.77% (31 Dec 2015: 7.29%)


2,490,000 UK Treasury Bond 4.00% 07/03/2022 2,990,490 3.67

2,490,000 UK Treasury Bond 4.25% 07/12/2027 3,335,106 4.10


Total Bonds 6,325,596 7.77


(Cost: GBP 63,679,745)

Cash 11,414,101 14.02

Other Net Liabilities (941,067) (1.16)



Analysis of Total Assets % of Total

Assets

Transferable securities admitted to an official stock exchange listing 82.84

Transferable securities other than those admitted to an official stock

exchange listing or traded on a regulated market 2.90

Other Assets 14.26

100.00

53



Fair Value % of



Guernsey: 1.73% (31 Dec 2015: 2.62%)


Total Guernsey 852,945 1.73

Ireland: 40.71% (31 Dec 2015: 49.65%)

804,508 BNY Mellon Absolute Return Equity Fund 955,836 1.94

140,057 Brown Advisory US Small Cap Blend Fund 1,177,622 2.39



543,440 Lazard Global Listed Infrastructure Equity Fund 777,065 1.57



936,187 Old Mutual Global Equity Absolute Return Fund 1,448,187 2.93

270,851 Old Mutual UK Alpha Fund 2,600,444 5.27




3,962 Vanguard Investment Series - US Opportunities Fund 1,947,104 3.95


Luxembourg: 13.99% (31 Dec 2015: 16.30%)


149,782 Investec Global Strategy Fund - UK Alpha Fund 2,907,259 5.89





80,000 Aberforth Smaller Companies Trust* 726,000 1.47


1,882,109 Capita Financial - CF Woodford Equity Income Fund 2,233,876 4.52

124,712 First State Investments ICVC - Asia Pacific Leaders Fund 729,378 1.48

426,519 First State Investments ICVC - Global Listed Infrastructure Fund 983,552 1.99

887,493 Invesco Perpetual UK Strategic Income Fund 2,516,664 5.10

1,561,169 Investec UK Special Situations Fund 2,458,684 4.98

33,800 RIT Capital Partners plc* 556,010 1.13



*Closed-end Fund

54



Fair Value % of


Bonds: 2.81% (31 Dec 2015: 2.49%)


1,036,000 UK Treasury Bond 4.25% 07/12/2027 1,387,618 2.81


Total Bonds 1,387,618 2.81


(Cost: GBP 37,078,377)

Cash 7,727,299 15.66




% of Total





Other Assets 17.23

100.00

55



Fair Value % of

Holdings Financial assets at fair value through profit or loss USD Net Assets


Guernsey: 2.23% (31 Dec 2015: 0.88%)




Ireland: 37.72% (31 Dec 2015: 46.98%)


77,622 First State Global Listed Infrastructure Fund 1,132,503 1.47


69,675 iShares MSCI Japan USD Hedged UCITS ETF 1,739,088 2.26

477,204 Lazard Global Listed Infrastructure Equity Fund 1,041,785 1.35



18,282 New Capital UCITS Fund PLC - New Capital Wealthy Nations Bond Fund 2,176,076 2.83

1,805,550 Old Mutual Global Equity Absolute Return Fund 2,758,519 3.58





Luxembourg: 21.49% (31 Dec 2015: 20.53%)



130,968 JPMorgan Funds - Highbridge US STEEP Fund 3,714,240 4.82


24,245 Loomis Sayles US Growth Equity Fund 2,418,184 3.14








United States of America: 7.95% (31 Dec 2015: 9.73%)

32,315 iShares Barclays 10-20 Year Treasury Bond Fund ETF 4,737,379 6.15

11,120 iShares US Aerospace & Defense ETF 1,389,222 1.80

Total United States of America 6,126,601 7.95


*Closed-end Fund

56



Fair Value % of


Bonds: 4.35% (31 Dec 2015: 4.42%)


3,310,000 US Treasury Bond 1.625% 15/02/2026 3,347,367 4.35


Total Bonds 3,347,367 4.35





Northern Trust USD 6,671,393 EUR 5,860,000 0.8783 06/07/2016 161,226 0.21

Northern Trust EUR 5,860,000 USD 6,489,786 0.9029 06/07/2016 20,381 0.03

Northern Trust USD 33,813 GBP 24,997 1.3526 29/07/2016 391 -

Northern Trust SGD 40,550 USD 29,745 1.3633 05/07/2016 383 -

Northern Trust GBP 11,517 USD 15,147 1.3151 29/07/2016 253 -



Total Fair Value Gains on Forward Currency Contracts 182,778 0.24


Financial Derivative Instruments: (1.37%) (31 Dec 2015:( 0.15%))


Forward Currency Contracts: (1.37%) (31 Dec 2015: (0.15%))



Northern Trust GBP 6,935,074 USD 10,267,745 1.4806 29/07/2016 (995,377) (1.29)

Northern Trust SGD 9,858,721 USD 7,361,078 0.7467 29/07/2016 (37,261) (0.05)

Northern Trust EUR 569,406 USD 648,173 1.1383 29/07/2016 (15,103) (0.02)


Northern Trust USD 29,745 SGD 40,547 0.7336 29/07/2016 (377) -

Northern Trust GBP 12,471 USD 17,005 1.3635 29/07/2016 (330) -

Northern Trust USD 15,147 GBP 11,520 1.3148 05/07/2016 (253) -

Northern Trust USD 24,621 EUR 22,255 1.1063 29/07/2016 (122) -

Northern Trust EUR 19,172 USD 21,342 1.1131 29/07/2016 (26) -


Total Fair Value Losses on Forward Currency Contracts (1,053,420) (1.37)

Total Financial liabilities at fair value through profit or loss (1,053,420) (1.37)

57



Fair Value % of

USD Net Assets


(Cost: USD 59,498,221)

Cash 11,441,176 14.86

Other Net Assets 5,057,275 6.57



Analysis of Total Assets % of

Total Assets




Financial derivative instruments dealt on a regulated market

OTC Financial derivative instruments 0.23

Other Assets 22.76

100.00

58



Fair Value % of



Guernsey: 1.17% (31 Dec 2015: 0.92%)


Total Guernsey 506,431 1.17

Ireland: 33.47% (31 Dec 2015: 46.86%)


40,896 First State Global Listed Infrastructure Fund 596,676 1.38

34,990 iShares MSCI Japan USD Hedged UCITS ETF 873,350 2.02

241,718 Lazard Global Listed Infrastructure Equity Fund 527,695 1.22

6,390 Legg Mason Western Asset Macro Opportunities Bond Fund 740,763 1.71

4,954 Man GLG Investments - Japan Core Alpha Equity 638,971 1.48

630,879 Old Mutual Global Equity Absolute Return Fund 963,857 2.23

26,729 Polar Capital Healthcare Opportunities Fund 929,364 2.15




Luxembourg: 22.34% (31 Dec 2015: 26.71%)


48,792 BlackRock Global Funds - Asian Growth Leaders Fund 726,022 1.68


109,777 JPMorgan Funds - Highbridge US STEEP Fund 3,113,289 7.20


18,083 Loomis Sayles US Growth Equity Fund 1,803,562 4.17



134,557 Baring German Growth Trust 992,376 2.30


15,890 RIT Capital Partners Fund* 349,428 0.81


*Closed-end Fund

59



Fair Value % of


Collective Investment Schemes: 68.23% (31 Dec 2015: 90.33%) (continued)


9,317 iShares Barclays 10-20 Year Treasury Bond Fund ETF 1,365,873 3.16

4,600 iShares US Aerospace & Defense ETF 574,678 1.33



Bonds: 2.21% (31 Dec 2015: 1.70%)


945,000 US Treasury Bond 1.625% 15/02/2026 955,668 2.21

Total United States of America 955,668 2.21

Total Bonds 955,668 2.21





Northern Trust USD 4,690,468 EUR 4,120,000 1.1385 06/07/2016 113,354 0.26

Northern Trust EUR 4,120,000 USD 4,561,549 1.1072 06/07/2016 15,565 0.04





Financial Derivative Instruments: (1.62%) (31 Dec 2015:( 0.20%))







Northern Trust SGD 577,940 USD 431,522 1.3393 29/07/2016 (2,184) (0.01)

Northern Trust USD 15,975 EUR 14,420 1.1078 29/07/2016 (58) -




60



Fair Value % of

USD Net Assets


(Cost: USD 29,063,829)

Cash 6,086,043 14.08

Other Net Assets 7,260,829 16.80



% of

Analysis of Total Assets Total Assets



exchange listing or trading on a regulated market 1.09

Over the counter financial derivative instruments 0.28

Other Assets 33.95

100.00

61



Fair Value % of



Ireland: 51.59% (31 Dec 2015: 53.34%)


1,025,639 BNY Mellon Asian Income Fund 1,133,126 1.66

1,891,149 BNY Mellon Global Equity Income Fund 3,004,279 4.40


1,265,221 Hermes Asia Ex-Japan Equity Fund 2,221,223 3.25

348,000 iShares S&P 500 UCITS ETF 5,421,840 7.94

972,284 J O Hambro Capital Management Umbrella Fund - Continental European Fund 3,482,723 5.10

138,110 KBI Institutional Water Fund 1,585,088 2.32

851,470 Old Mutual Global Equity Absolute Return Fund 1,317,139 1.93



8,240 Prusik Asian Equity Income Fund Class C 1,368,426 2.01

5,747 Prusik Asian Equity Income Fund Class Y 856,364 1.26



Luxembourg: 24.21% (31 Dec 2015: 28.73%)

203,225 BlackRock Global Funds - Asian Growth Leaders Fund 2,249,696 3.30

236,897 BlackRock Global Funds - Continental European Flexible Fund Class D 3,752,454 5.50

278,965 BlackRock Global Funds - European Equity Income Fund 3,191,361 4.67

2,254,968 Fidelity Global Dividend Fund 3,150,190 4.61






United States: 9.00% (31 Dec 2015: 0.00%)

146,050 iShares MSCI ACWI ETF 6,143,321 9.00

Total United States 6,143,321 9.00



62



Fair Value % of

GBP Net Assets

Total Fair Value of Investments 60,851,950 89.13

(Cost: GBP 55,250,049)

Cash 9,959,561 14.59

Other Net Liabilities (2,542,614) (3.72)



% of



Other Assets 15.68

100.00

63



Fair Value % of



Ireland: 47.40% (31 Dec 2015: 53.84%)


5,628,047 BNY Mellon Asian Income Fund 4,940,300 1.68


4,201,361 Hermes Asia Ex-Japan Equity Fund 9,913,952 3.36

1,026,000 iShares S&P 500 UCITS ETF 21,368,854 7.25

3,173,431 J O Hambro Capital Management Umbrella Fund - Continental European Fund 15,195,711 5.16

425,080 KBI Institutional Water Fund 6,521,771 2.21

3,927,714 Old Mutual Global Equity Absolute Return Fund 6,000,762 2.04






Total Ireland 139,657,807 47.40

Luxembourg: 23.76% (31 Dec 2015: 28.22%)

653,218 BlackRock Global Funds - Asian Growth Leaders Fund 9,719,880 3.30

722,322 BlackRock Global Funds - Continental European Flexible Fund Class D 15,295,104 5.19

7,609,025 BlackRock Global Funds - Continental European Income Fund 13,609,793 4.62

863,590 Fidelity Global Dividend Fund 13,886,522 4.71

2,623,554 Henderson Gartmore Fund - UK Absolute Return Fund 17,494,121 5.94



1,491,899 First State Investments ICVC - Asia Pacific Leaders Fund 11,664,078 3.96



472,900 iShares MSCI ACWI ETF 26,591,167 9.03



64



Financial assets at fair value through profit or loss





Northern Trust USD 42,052 GBP 28,397 0.6753 29/07/2016 4,085 -

Northern Trust SGD 107,884 USD 79,143 1.3632 29/07/2016 1,002 -



Total Fair Value Gains on Forward Currency Contracts 6,091 -

Total Financial Derivative Instruments 6,091 -



Financial Derivative Instruments: (0.50%) (31 Dec 2015: (0.15%))

Forward Curreny Contracts: (0.50%) (31 Dec 2015: (0.15%))



Northern Trust GBP 8,771,168 USD 12,986,179 0.6754 29/07/2016 (1,258,907) (0.43)

Northern Trust SGD 39,060,660 USD 29,164,895 1.3393 29/07/2016 (147,630) (0.05)


Northern Trust GBP 113,737 USD 168,393 0.6754 29/07/2016 (16,324) (0.01)

Northern Trust EUR 441,704 USD 502,807 0.8785 29/07/2016 (11,715) -

Northern Trust USD 1,158,117 SGD 1,571,374 1.3568 29/07/2016 (9,224) -

Northern Trust GBP 19,693 USD 29,156 0.6754 29/07/2016 (2,826) -

Northern Trust USD 495,740 GBP 372,645 0.7517 29/07/2016 (2,487) -

Northern Trust USD 79,143 SGD 107,892 0.7335 05/07/2016 (1,020) -


Northern Trust SGD 69,267 USD 51,673 1.3405 29/07/2016 (216) -




Total Fair Value Losses on Forward Currency Contracts (1,471,273) (0.50)

Total Financial liabilities at fair value through profit or loss (1,471,273) (0.50)

65



Fair Value % of

USD Net Assets


(Cost: USD 245,569,032)

Cash 49,937,924 16.95

Other Net Liabilities (1,782,359) (0.60)



% of



Financial derivative instruments dealt on a regulated market -

OTC Financial derivative instruments -

Other Assets 18.86

100.00

66



Fair Value % of



Guernsey: 16.96% (31 Dec 2015: 10.53%)

1,382,085 HICL Infrastructure Company Limited* 2,356,455 9.13

675,598 International Public Partnerships Limited* 1,023,531 3.96

1,026,000 Renewables Infrastructure Group Limited* 997,785 3.87


Ireland: 28.92% (31 Dec 2015: 19.81%)

185,355 Invesco Bond Series - Sterling Bond Fund 849,556 3.29

164,950 iShares Core UK Gilts UCITS ETF 2,220,639 8.60

132,750 iShares GBP Index-Linked Gilts UCITS ETF 2,228,872 8.63

16,073 iShares UK Gilts 0-5yr UCITS ETF 2,167,926 8.40


Luxembourg: 0.00% (31 Dec 2015: 7.44%) - -


456,073 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 764,606 2.96

4,112,862 Jupiter Unit Trust Managers - Strategic Bond Fund 2,706,675 10.49

1,700,000 M&G Corporate Bond Fund 1,157,530 4.48

4,369,209 Royal London Short Term Money Market Fund 4,247,933 16.46



Bonds: 8.84% (31 Dec 2015: 7.84%)


2,230,250 UK Treasury Bond 1.25% 22/07/2018 2,281,100 8.84


Total Bonds 2,281,100 8.84

*Closed-end Fund

67



Fair Value % of

GBP Net Assets


(Cost: GBP 21,892,787)

Cash 2,841,717 11.01

Other Net Liabilities (32,150) (0.12)




Total Assets




Other Assets 11.05

100.00

68



Fair Value % of



Guernsey: 11.32% (31 Dec 2015: 10.36%)




Ireland: 17.90% (31 Dec 2015: 22.09%)

110,500 iShares Core UK Gilts UCITS ETF 1,487,606 9.65

21,550 iShares GBP Index-Linked Gilts UCITS ETF 361,825 2.35

3,750 iShares UK Gilts 0-5yr UCITS ETF 505,800 3.28

15,556 Polar Capital Healthcare Opportunities Fund 404,624 2.62


Luxembourg: 0.00% (31 Dec 2015: 8.15%) - -


56,000 BlackRock Gold and General Fund 651,560 4.23

1,000,155 Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 1,169,581 7.59

1,825,605 Jupiter Unit Trust Managers - Strategic Bond Fund 1,201,430 7.79

50,000 M&G Strategic Corporate Bond Fund 597,665 3.88

1,798,908 Royal London Short Term Money Market Fund 1,748,976 11.34



Bonds: 18.75% (31 Dec 2015: 9.59%)


1,439,100 UK Treasury Bond 1.25% 07/22/2018 1,471,911 9.55

517,600 UK Treasury Bond 4.75% 07/12/2030 748,398 4.85

610,000 UK Treasury Bond 8.75% 25/08/2017 671,061 4.35


Total Bonds 2,891,370 18.75

*Closed-end Fund

69



Fair Value % of

GBP Net Assets


(Cost: GBP 11,996,779)

Cash 2,612,135 16.94





Total Assets


Transferable securities other than those admitted to official stock


Other Assets 17.38

100.00

70



Fair Value % of



Ireland: 8.49% (31 Dec 2015: 9.47%)

115,475 GAM Star - Credit Opportunities Fund 1,242,475 2.86

112,361 Kames High Yield Global Bond Fund 1,213,584 2.79

12,676 Legg Mason Brandywine Global Income Optimiser Fund 1,234,599 2.84


Luxembourg: 11.39% (31 Dec 2015: 10.71%)

1,319 Allianz Global Investors Fund - Allianz Flexi Asia Bond Fund 1,222,722 2.81






Bonds: 75.77% (31 Dec 2015: 72.28%)

Australia: 1.96% (31 Dec 2015: 2.07%)

800,000 Macquarie Bank 3.50% 18/12/2020 851,690 1.96

Total Australia 851,690 1.96

Canada: 2.07% (31 Dec 2015: 2.04%)

8,000,000 Province of British Columbia Canada 2.85% 13/11/2016 897,357 2.07

Total Canada 897,357 2.07

Hong Kong: 2.32% (31 Dec 2015: 2.22%)

1,300,000 Hainan Airlines Hong Kong 3.63% 07/02/2020 1,009,689 2.32

Total Hong Kong 1,009,689 2.32

Mexico: 3.95% (31 Dec 2015: 3.96%)

650,000 Petroleos Mexicanos 8.25% 02/06/2022 752,305 1.73

1,300,000 Petroleos Mexicanos 6.63% 29/09/2049 965,178 2.22

Total Mexico 1,717,483 3.95

Netherlands: 2.23% (31 Dec 2015: 2.14%)

1,250,000 Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.95% 09/11/2022 968,385 2.23

Total Netherlands 968,385 2.23

71



Fair Value % of


Bonds: 75.77% (31 Dec 2015: 72.28%) (continued)

New Zealand: 2.31% (31 Dec 2015: 2.22%)

9,000,000 Fonterra Co-operative 3.60% 29/01/2019 1,002,595 2.31

Total New Zealand 1,002,595 2.31

Norway: 7.68% (31 Dec 2015: 8.39%)

2,183,000 Kommunalbanken 2.62% 26/07/2016 3,337,851 7.68

Total Norway 3,337,851 7.68

People's Republic of China: 2.37% (31 Dec 2015: 4.45%)

1,300,000 Sinopec Overseas Development 2012 3.90% 17/05/2022 1,030,399 2.37

Total People's Republic of China 1,030,399 2.37

Qatar: 2.30% (31 Dec 2015: 0.00%)

800,000 Qatar Government International Bond 9.75% 15/06/2030 997,965 2.30

Total Qatar 997,965 2.30

Saudi Arabia: 2.17% (31 Dec 2015: 4.14%)

1,200,000 Saudi Electricity Global Sukuk 4.21% 03/04/2022 942,697 2.17

Total Saudi Arabia 942,697 2.17

Singapore: 6.11% (31 Dec 2015: 3.15%)

1,100,000 Temasek Financial I 4.625% 26/07/2022 1,318,522 3.04

900,000 Temasek Financial I 5.13% 26/07/2040 1,334,817 3.07

Total Singapore 2,653,339 6.11

Supranational: 2.88% (31 Dec 2015: 3.02%)

700,000 European Investment Bank 2.65% 16/04/2020 1,251,768 2.88

Total Supranational 1,251,768 2.88

Sweden: 1.97% (31 Dec 2015: 2.07%)

800,000 Svenska Handelsbanken 3.00% 20/11/2020 854,646 1.97

Total Sweden 854,646 1.97

72



Fair Value % of


Bonds: 75.77% (31 Dec 2015: 72.28%) (continued)

Switzerland: 1.85% (31 Dec 2015: 0.00%)

740,000 Zurich Finance UK FRN 29/10/2049 802,900 1.85

Total Switzerland 802,900 1.85

United Arab Emirates: 4.84% (31 Dec 2015: 8.23%)

1,635,000 IPIC GMTN 6.88% 14/03/2026 2,100,975 4.84

Total United Arab Emirates 2,100,975 4.84


900,000 A2D Funding II 4.50% 30/09/2026 965,925 2.22

800,000 A2D Funding 4.75% 18/10/2022 867,954 2.00

1,050,000 Abbey National Treasury Services PLC/United Kingdom 5.13% 14/04/2021 1,236,575 2.85

750,000 Places for People Capital Markets 5.00% 27/12/2016 763,365 1.76

1,200,000 Society of Lloyd's 4.75% 30/10/2024 1,256,652 2.89

1,150,000 Standard Chartered Bank 7.75% 03/04/2018 1,257,420 2.89



1,000,000 Johnson & Johnson 5.50% 06/11/2024 1,317,241 3.03

900,000 Wells Fargo 2.125% 22/04/2022 918,746 2.11

2,800,000 US Treasury Bond 1.13% 15/01/2021 2,452,079 5.64

1,700,000 US Treasury Bond 3.00% 15/11/2044 1,462,598 3.37


Total Bonds 32,918,294 75.77



Currency Currency Currency Maturity Unrealised % of

Counterparty Buys Sells Rate Date Gain Net Assets

Northern Trust USD 2,000,000 GBP 1,361,903 0.6810 13/10/2016 133,004 0.31

Northern Trust USD 1,780,000 GBP 1,222,695 0.6869 13/10/2016 107,772 0.24

Northern Trust USD 1,347,076 GBP 909,847 0.6754 29/07/2016 97,687 0.23

Northern Trust USD 1,328,267 GBP 897,142 0.6754 29/07/2016 96,323 0.22

Northern Trust EUR 422,252 GBP 324,636 0.7688 29/07/2016 26,490 0.06

Northern Trust EUR 280,327 GBP 215,113 0.7674 29/07/2016 17,994 0.04


Total Financial Derivative Instruments 479,270 1.10


73




Financial Derivative Instruments: (1.91%) (31 Dec 2015: (1.50%))


Currency Currency Currency Maturity Unrealised % of

Counterparty Buys Sells Rate Date Loss Net Assets






Fair Value % of

GBP Net Assets


(Cost: GBP 39,669,031)

Cash 1,413,254 3.25




% of Total


Transferable securities listed on an official stock exchange listing 93.67

OTC Financial derivative instruments 1.08

Other Assets 5.25

100.00

74



There is no investment portfolio for the CGWM Global Equity Fund as the Fund commenced trading 1 July 2016.

75


SIGNIFICANT PORTFOLIO MOVEMENTS*

Purchases Cost

GBP

Vontobel Fund - Twentyfour Global Unconstrained Bond Fund 680,000

New Capital Wealthy Nations Bond Fund 665,000

Rathbone Ethical Bond Fund 445,000

UK Treasury Bond 4.00% 07/03/2022 300,874

Fidelity Funds - Global Dividend Fund 202,000

Newton Global Higher Income Fund 202,000

Newton Asian Income Fund 172,500

Allianz Global Investors Fund - Allianz Flexi Asia Bond Fund 170,000

Invesco Perpetual UK Strategic Income Fund 162,000

Invesco Bond Series - Sterling Bond Fund 155,000

Capita Financial - CF Woodford Equity Income Fund 90,000

Man GLG Flexible Bond Fund 85,000

Schroder Income Maximiser Fund 78,000

Jupiter Global Fund - Dynamic Bond Fund 73,500

HICL Infrastructure Company Limited 73,462

Kames High Yield Global Bond Fund 57,500

Artemis Income Fund 40,000

International Public Partnerships Limited 34,955

GAM Star - Credit Opportunities Fund 30,000

Sales Proceeds

GBP

Kames Strategic Global Bond Fund 699,572

Man GLG Flexible Bond Fund 696,911

Legg Mason Brandywine Global Income Optimiser Fund 566,655

RWC Funds Enhanced Income Fund 430,064

BlackRock Global - Continental European Flexible Fund 425,296

Magna Umbrella Fund - Emerging Markets Dividend Fund 276,326

Artemis Global Income Fund 122,500

Kames High Yield Global Bond 114,000

Allianz Global Investors Fund - Allianz Flexi Asia Bond 105,000


Newton Global Higher Income Fund 71,000

Renewables Infrastructure Group Limited 21,562

*Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.

76



Purchases Cost

GBP

New Capital UCITS Fund PLC - New Capital Wealthy Nations Bond Fund 2,420,032

Rathbone Ethical Bond Fund 2,220,000

Invesco Bond Series - Sterling Bond Fund 2,220,000

Vontobel Fund - TwentyFour Global Unconstrained Bond Fund 1,789,000

Findlay Park American Fund 558,435

Baring German Growth Trust 440,000

Investec UK Special Situations Fund 350,000

Polar Capital North American Fund 300,000

BlackRock Global Funds - Continental European Flexible Fund 285,000

Legg Mason Western Asset Macro Opportunities Bond Fund 270,000


UK Treasury Bond 4.00% 07/03/2022 184,109

First State Investments ICVC - Asia Pacific Leaders Fund 160,000


Henderson Gartmore Fund - United Kingdom Absolute Return Fund 130,000

Old Mutual Global Investors Series - UK Alpha Fund 120,000

Man GLG Investments - Japan Core Alpha Equity Fund 120,000

Polar Capital Healthcare Opportunities Fund 100,000

First State Investments ICVC - Global Listed Infrastructure Fund 90,000

iShares $ TIPS UCITS ETF 89,532

Sales Proceeds

GBP

Kames Strategic Global Bond Fund 3,991,952

Old Mutual Global Investors Series - UK Alpha Fund 3,433,616

M&G UK Inflation Linked Corporate Bond Fund 2,433,105

Man GLG Flexible Bond Fund 1,761,060

J O Hambro Capital Management Umbrella Fund - Continental European Fund 1,751,569

Henderson Global Funds - Global Technology Fund 1,618,816


BlackRock Global Funds - Continental European Flexible Fund 1,125,231






Aberdeen Global - Japanese Equity Fund 155,000


Lazard Global Listed Infrastructure Equity Fund 55,000



First State Investments ICVC - Global Listed Infrastructure Fund 35,000 *Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.

77


SIGNIFICANT PORTFOLIO MOVEMENTS* Purchases Cost

USD

Aberforth Smaller Companies Trust 864,301

RIT Capital Partners plc 547,330


Old Mutual Global Equity Absolute Return Fund 280,000


Old Mutual UK Alpha Fund 180,000



Investec Global Strategy Fund - UK Alpha Fund 118,833


BlackRock Global - Continental European Flexible Fund 100,000

UK Treasury Bond 4.25% 07/12/2027 60,520



Henderson Global Fund - Global Technology Fund 50,000


iShares $ TIPS UCITS ETF 35,633

Sales Proceeds

USD

J O Hambro Capital Management Umbrella - UK Growth Fund 1,819,982

Henderson Global Fund - Global Technology Fund 1,549,391

J O Hambro Capital Management Umbrella Fund - Continental European Fund Class A Distributing 1,161,733

BlackRock Global - Continental European Flexible Fund 1,139,105

J O Hambro Capital Management Umbrella Fund - Continental European Fund Class A 1,103,001

Polar Capital North American Fund 1,035,000


Invesco Perpetual UK Strategic Income Fund 465,000

Old Mutual Global Investors Series - UK Alpha Fund 355,000



Vanguard Investment Series - US Opportunities Fund 220,000

Investec Global Strategy Fund - UK Alpha Fund 165,000






UK Treasury Bond 4.25% 07/12/2027 29,794


78



Purchases Cost

USD

US Treasury Bond 1.625% 15/02/2026 3,245,869

Loomis Sayles US Growth Equity Fund 2,400,000

New Capital UCITS Fund PLC - New Capital Wealthy Nations Bond Fund 2,135,000

Vontobel Fund - Twentyfour Global Unconstrained Bond Fund 1,720,000


iShares $ TIPS UCITS ETF 1,659,781

iShares MSCI Japan USD Hedged UCITS ETF 1,650,247


JPMorgan Funds - Highbridge US STEEP Fund 1,240,000

BlackRock European Dynamic Fund 1,034,356


J O Hambro Capital Management Umbrella Fund - Continental European Fund 944,352


iShares Barclays 10-20 Year Treasury Bond Fund ETF 661,515




US Treasury Bond 2.625% 15/08/2020 588,005

Wells Fargo Lux Worldwide Fund - U.S. Premier Growth Fund 572,000

First State Asia Pacific Leaders Fund 509,945


Kames Capital Investment - Strategic Global Bond Fund 450,000



iShares US Aerospace & Defense ETF 285,186


Sales Proceeds

USD

Kames Capital Investment - Strategic Global Bond Fund 3,865,319


US Treasury Bond 2.625% 15/08/2020 3,249,916

Wells Fargo Lux Worldwide Fund - U.S. Premier Growth Fund 2,468,310


Henderson Horizon - Global Technology Fund 1,224,854

Man GLG Investments - Flexible Bond Fund 1,161,986

iShares MSCI Japan USD Hedged UCITS ETF 1,073,200

Vanguard Short-Term Corporate Bond ETF 1,037,389

Edinburgh Partners Opportunities Fund - European Opportunities Fund 522,190

BlackRock European Dynamic Fund 287,362 *Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.

79



Purchases Cost

USD

Loomis Sayles US Growth Equity Fund 1,790,000


JPMorgan Funds - Highbridge US STEEP Fund 1,220,000

Wells Fargo (Lux) - US Premier Growth Fund 943,000

US Treasury Bond 1.625% 15/02/2026 931,992





BlackRock European Dynamic Fund 588,423


iShares Barclays 10-20 Year Treasury Bond Fund ETF 537,449

iShares MSCI Japan USD Hedged UCITS ETF 418,635



RIT Capital Partners Fund 346,874



Baring German Growth Trust Fund 286,368

Renewables Infrastructure Group Limited 229,824

Aberdeen Global - Japanese Equity Fund 195,000

BlackRock Global - Asian Growth Leaders Fund 190,000

US Treasury Bond 2.625% 15/08/2020 185,534


Sales Proceeds

USD


Wells Fargo (Lux) - US Premier Growth Fund 2,207,409


Henderson Horizon - Global Technology Fund 850,894

US Treasury Bond 2.625% 15/08/2020 658,838




BlackRock European Dynamic Fund 184,473





BlackRock Global Funds - Asian Growth Leaders Fund 55,000 *Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.

80



Purchases Cost

GBP

Vanguard Investment Series - US Opportunities Fund 5,900,000

iShares MSCI ACWI ETF 5,392,981

iShares S&P 500 UCITS ETF 4,944,021

Henderson Gartmore Fund - United Kingdom Absolute Return Fund 3,490,000


BNY Mellon Absolute Return Equity Fund 3,125,000

BNY Mellon Global Equity Income Fund 2,950,000

Fidelity Global Dividend Fund 2,910,000

Old Mutual Global Equity Absolute Return Fund 1,625,000

BNY Mellon Global Funds - Asian Income Fund 1,040,000


BlackRock Global Funds - Asian Growth Leaders Fund 690,000


BlackRock Global Funds - European Equity Income Fund 637,892

Hermes Asia Ex-Japan Equity Fund 585,000


BlackRock Global Funds - Continental European Flexible Fund Class D 355,000

BlackRock Global Funds - Continental European Flexible Fund Class D Hedged 325,000

Prusik Asian Equity Income Fund Class Y 295,000

iShares MSCI Europe ex-UK UCITS ETF 211,676

Sales Proceeds

GBP

JPMorgan Liquidity Funds - Sterling Liquidity Fund 6,280,000


Polar Capital Healthcare Opportunities Fund 4,320,000

Threadneedle Investment Funds ICVC - European Select Fund 3,560,471



First State Investments ICVC - Global Listed Infrastructure Fund 2,365,004

Lazard Global Listed Infrastructure Equity Fund 2,208,154


iShares MSCI Europe ex-UK UCITS ETF 1,794,250


Henderson Gartmore Fund - United Kingdom Absolute Return Fund 1,160,000

BlackRock Global Funds - Continental European Flexible Fund Class D Hedged 1,054,968

Goldman Sachs India Equity Portfolio 678,795

GAM Star Fund - China Equity Fund 527,423


BlackRock Global Funds - European Equity Income Fund 290,000


KBI Institutional Water Fund 200,000



81



Purchases Cost

USD

iShares MSCI ACWI 24,830,825

iShares S&P 500 UCITS 20,842,426


Henderson Gartmore Fund - UK Absolute Return Fund 15,420,000

Fidelity Funds - Global Dividend Fund 13,875,000



BNY Mellon Global Funds - Asian Income Fund 4,900,000

Findlay Park American Fund 4,160,000


Hermes Asia Ex-Japan Equity Fund 3,130,000


Prusik Asian Equity Income Fund 2,970,000

BlackRock Global Funds - Asian Growth Leaders Fund 2,770,000

BlackRock Global Funds - Continental European Income Fund 2,737,064


First State Investments ICVC - Asia Pacific Leaders Fund 1,807,606

BlackRock Global - Continental European Flexible Fund Class D USD Hedged 1,800,000


BlackRock Global Funds - Continental European Flexible Fund Class D 1,294,843

Sales Proceeds

USD

JPMorgan US Dollar Liquidity Fund 26,600,000



Polar Capital Healthcare Opportunities Fund 14,000,000

Lazard Global Listed Infrastructure Equity Fund 11,545,164




First State Investments ICVC - Global Listed Infrastructure Fund 8,217,811


Henderson Gartmore Fund - UK Absolute Return Fund 5,800,000

BlackRock Global - Continental European Flexible Fund Class D USD Hedged 4,642,829


Goldman Sachs India Equity Portfolio 3,475,056

GAM Star Fund - China Equity Fund 2,605,545


BlackRock Global Funds - Continental European Income Fund 452,496




82



Purchases Cost

GBP

Royal London Short Term Money Market Fund 4,250,000

iShares UK Gilts 0-5yr UCITS 1,889,601

iShares Core UK Gilts UCITS 1,878,860

Sales Proceeds

GBP

Artemis Income Fund 1,948,051

Invesco Perpetual UK Investment Series - Income Fund Accumulating 1,911,744

Wells Fargo Lux Worldwide - U.S. Premier Growth Fund 1,802,196

Capita Financial - CF Woodford Equity Income Fund 1,487,280

iShares S&P 500 UCITS 1,313,993

M&G Corporate Bond Fund Class I Accumulating 950,645

M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating 712,525

M&G UK Inflation Linked Corporate Bond Fund Class I Distributing 460,306



Blackrock North American Income Fund 210,696

Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund 108,760

iShares Developed Markets Property Yield UCITS 106,527


M&G Corporate Bond Fund Class I Distributing 86,387


Lazard Investment Funds - Global Equity Income Fund 71,824

iShares Dow Jones Industrial Average UCITS 55,912

SPDR S&P 400 US Mid Cap UCITS 52,278

BlackRock Global - European Equity Income Fund 38,344


83



Purchases Cost

USD

Royal London Short Term Money Market Fund 1,750,000

iShares Core UK Gilts UCITS 1,424,928

UK Treasury Bond 4.75% 07/12/2030 720,855

UK Treasury Bond 8.75% 25/08/2017 690,873

BlackRock Gold and General Fund 549,850

iShares UK Gilts 0-5yr UCITS 500,925


Sales Proceeds

USD

Threadneedle Investment Funds ICVC - UK Fund 1,160,716

Wells Fargo (Lux) - US Premier Growth Fund 1,145,483

Invesco Perpetual UK Investment Series - Income Fund 1,093,302

iShares S&P 500 UCITS 978,465

M&G Strategic Corporate Bond Fund 547,663


iShares FTSE 250 UCITS 444,565

Henderson Global Funds - Global Technology Fund 443,753

M&G UK Inflation Linked Corporate Bond Fund 337,700

Polar Capital Global Technology Fund 311,915




BlackRock Gold and General Fund 189,223


84



Purchases Cost

GBP

US Treasury Bond 1.13% 15/01/2021 2,287,378

US Treasury Bond 3.00% 15/11/2044 1,422,963


Johnson & Johnson 5.50% 06/11/2024 1,256,020

Temasek Financial I 5.13% 26/07/2040 1,224,018

Vontobel Fund - TwentyFour Global Unconstrained Bond Fund 1,220,000

Qatar Government International Bond 9.75% 15/06/2030 899,567

UK Treasury Bond 4.75% 7/12/2030 816,570


Legg Mason Brandywine Global Income Optimiser Fund 353,000

Allianz Global Investors Fund - Allianz Flexi Asia Bond Fund 350,000


Sales Proceeds

GBP

IPIC GMTN 6.875% 01/11/2041 1,328,223

Man GLG Investments - Flexible Bond Fund 1,270,774

Jupiter Global Fund - Dynamic Bond Fund 1,009,800

COSCO Finance 2011 4% 03/12/2022 961,557

Saudi Electricity Global Sukuk2 5.06% 08/04/2043 930,806

GAM Star - Credit Opportunities Fund 926,000

US Treasury Bond 6.25% 15/05/2030 914,888

BP Capital Markets 3.95% 08/10/2018 893,789

UK Treasury Bond 4.75% 7/12/2030 842,988


85


SIGNIFICANT PORTFOLIO MOVEMENTS There are no purchases or sales during the period for the CGWM Global Equity Fund as the Fund commenced trading 1 July 2016.

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