Canaccord Genuity Investment Funds Plc [PDF]

Canaccord Genuity Investment Funds Plc AN INVESTMENT COMPANY WITH VARIABLE CAPITAL STRUCTURED AS AN UMBRELLA FUND WITH SEGREGATED LIABILITY BETWEEN SUB-FUNDS Annual Report and Audited Financial Statements for the year ended 31 December 2014

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CANACCORD GENUITY INVESTMENT FUNDS PLC (An Investment Company with variable capital structured as an umbrella fund with segregated liability between sub-funds)

ANNUAL REPORT AND AUDITED FINANCIAL STATEMENTS For the year ended 31 December 2014 CGWM TOTAL RETURN BOND FUND CGWM SELECT INCOME FUND CGWM SELECT DIVERSITY FUND CGWM SELECT AFFINITY FUND CGWM SELECT GLOBAL DIVERSITY FUND CGWM SELECT GLOBAL AFFINITY FUND CGWM SELECT OPPORTUNITY FUND CGWM SELECT GLOBAL OPPORTUNITY FUND CGWM REMAP 4 FUND CGWM REMAP 4(i) FUND CGWM REMAP 5 FUND CGWM BOND FUND

CONTENTS 2

Introduction

4

Management and Administration

5

Directors’ Report

9

Investment Managers’ Reports

22

Report of the Custodian to the Shareholders

23

Independent Auditor’s Report

24

Balance Sheet

28

Income Statement

32

Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares

36

Notes to the Financial Statements

71

Investment Portfolios

100

Significant Portfolio Movements (Unaudited)

112

Additional Unaudited Portfolio Information

116

Notice of Annual General Meeting

117

Form of Proxy

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INTRODUCTION Canaccord Genuity Investment Funds plc (the “Company”) is an umbrella fund with segregated liability between subfunds established as an open-ended investment company with variable capital under the laws of Ireland as a public limited company pursuant to the Companies Acts, 1963 to 2013 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the “UCITS Regulations”) and has been authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertakings for Collective Investment in Transferable Securities (“UCITS”). Different sub-funds (“Funds”) may be established from time to time by the Directors with the prior approval of the Central Bank. The Funds of the Company that have been established and are in existence as at 31 December 2014 are outlined below:

CGWM TOTAL RETURN BOND FUND The investment objective of the Fund is to generate income from a portfolio of investment grade bonds and money market instruments whilst seeking to increase and preserve capital value. The Fund will aim to deliver a net total return in excess of 2% per annum over 3 Month Sterling LIBOR, whilst paying a semi-annual dividend equivalent to the then current Sterling base rate. The Fund aims to achieve this objective by investing in a concentrated portfolio of investment grade bonds and money market investments denominated in a variety of currencies from a Group of Ten (G10) countries.

CGWM SELECT INCOME FUND The investment objective of the Fund is to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is primarily a fund of funds that seeks to achieve its investment objective and policy by indirect exposure to international equity markets equal to a maximum of 50% of its net assets by investing in the securities of regulated collective investment schemes; and by an indirect exposure to international debt markets equal to a maximum of 30% of its net assets by investing in the securities of regulated collective investment schemes and in fixed interest debt securities.

CGWM SELECT DIVERSITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed i nterest 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 generate capital growth by investing in an internationally diversified portfolio of shares and units in collective investment schemes and individual high quality fixed interest instruments. The Fund is a fund of funds that pursues its investment objective by investing primarily in a portfolio of regulated collective investment schemes and fixed interest securities. The Base Currency of the Fund is US Dollars but investments may be denominated in other currencies.

CGWM REMAP 4 FUND The investment objective of the Fund is to generate capital growth over the long term whilst seeking to cap annualised volatility at 6%. The Fund is a fund of funds that pursues its investment objective by investing in regulated open-ended collective investment schemes, individual fixed interest securities and to a lesser extent direct equities.

CGWM REMAP 4(i) FUND The investment objective of the Fund is to generate income and capital growth over the long term whilst seeking to cap annualised volatility at 6%. The Fund is a fund of funds that pursues its investment objective by investing in regulated open-ended collective investment schemes, individual fixed interest securities and to a lesser extent direct equities.

CGWM REMAP 5 FUND The investment objective of the Fund is to generate capital growth over the long term whilst seeking to cap annualised volatility at 9%. The Fund is a fund of funds that pursues its investment objective by investing in regulated open-ended collective investment schemes, individual fixed interest securities and to a lesser extent direct equities.

CGWM BOND FUND (LAUNCHED 16 JANUARY 2014) The investment objective of the Fund is to generate positive total returns from a diversified portfolio of bonds and other debt securities and collective investment schemes. The Fund aims to achieve this objective by investing into a portfolio of high quality bonds, collective investment schemes and money market instruments, with a bias towards Sterling denominated assets across all permitted asset classes. In normal circumstances, the Fund will aim to deliver income in excess of the average rate achievable through a one-year cash deposit.

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MANAGEMENT AND ADMINISTRATION Directors: Brian McDermott (Irish) (Non-executive) John Renouf (British) (Independent, non-executive) Roger Phillips (British) (Independent, non-executive) (Resigned on 9 February 2015) Collette Wisener-Keating (Irish) (Non-executive) Bronwyn Wright (Irish) (Independent, non-executive) Registered Office: Georges Court 54-62 Townsend Street Dublin 2 Ireland Promoter: Canaccord Genuity Wealth (International) Limited 2 Grange Place The Grange St Peter Port Guernsey GY1 2QA Investment Managers: Canaccord Genuity Wealth (International) Limited 2 Grange Place The Grange St Peter Port Guernsey GY1 2QA

Canaccord Genuity Wealth Limited 41 Lothbury London EC2R 7AE

Administrator, Registrar and Company Secretary: Northern Trust International Fund Administration Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2 Ireland Custodian: Northern Trust Fiduciary Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2 Ireland Irish Legal Advisers: A&L Goodbody International Financial Services Centre North Wall Quay Dublin 1 Ireland Sponsoring Broker: A&L Listing International Financial Services Centre North Wall Quay Dublin 1 Ireland Independent Auditor: Deloitte & Touche Deloitte & Touche House Earlsfort Terrace Dublin 2 Ireland Registered number: 367917

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DIRECTORS’ REPORT For the year ended 31 December 2014 Incorporation Canaccord Genuity Investment Funds plc (the “Company”) is an umbrella type open-ended investment company with variable capital incorporated with limited liability in Ireland on 26 February 2003 and authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011. The Directors are pleased to present their report on the activities of the Company for the year ended 31 December 2014. Review of Business and Future Developments A review of the activities of each of the Funds is provided in the Investment Managers' Reports. The reports are prepared by the portfolio manager of each of the Funds. The Directors consider that the reports prepared are appropriate for each of the Funds. Statement of Directors' Responsibilities Irish company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing those financial statements, the Directors are required to:

x

select suitable accounting policies for the Company financial statements and then apply them consistently;

x

make judgements and estimates that are reasonable and prudent; and

x

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and comply with Irish statute comprising the Companies Acts, 1963 to 2013 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Basis of Presentation The format and certain wording of the financial statements have been adapted from that contained in the Companies (Amendment) Act, 1986, to one that, in the opinion of the Directors, more appropriately reflects the nature of the Company’s business as an investment fund. Directors’ statement on Proper Books of Account The Directors believe that they have complied with the requirements of section 202 of the Companies Act, 1990 with regard to books of account by employing personnel with appropriate expertise and by providing adequate resources to the finance function. The books of account of the Company are maintained at Northern Trust International Fund Administration Services (Ireland) Limited, Georges Court, 54-62 Townsend Street, Dublin 2, Ireland. Revenue The result of operations for the year are set out in the Income Statement on pages 28 and 29. Distribution Distributions for the year are disclosed in Note 12 to the Financial Statements. Directors’ Interests in Shares of the Company Mr John Renouf held 1,274.37 (2013: 1,234.94) shares in the CGWM Total Return Bond Fund at the year end date. No other Director, nor the Company Secretary, had any beneficial interest in the shares or any significant contracts with the Company during the year or in the prior year. Transactions with Connected Parties All transactions with connected parties are required to be carried out at arm’s length and in the best interest of shareholders. A connected party (as defined in the UCITS notices) is the promoter, manager, custodian, investment managers and/or associated or group companies. The Directors of the Company are satisfied that there are arrangements in place to ensure that this requirement is applied to all transactions with connected parties and that all transactions with connected parties during the period complied with this requirement. UCITS Notice 14 deems a “Custodian” and its “associated or group companies” to be connected parties to the Company. As such, Northern Trust Fiduciary Services (Ireland) Limited (NTFSIL), the Custodian, and Northern Trust International Fund Administration Services (Ireland) Limited (NTIFASIL), the Administrator, are connected parties to the Company.

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DIRECTORS’ REPORT (continued) For the year ended 31 December 2014 Transactions with connected parties (continued) During the period, NTFSIL and NTIFASIL earned fees for provision of custody and administration services to the Company as disclosed in the Income Statement. NTFSIL were selected by the Company to execute foreign exchange transactions and purchase and sell securities on behalf of the sub-funds, the terms of such transactions are agreed/negotiated by the Company through the Investment Managers and The Northern Trust Company, London Branch (NTC). Significant Events during the year The CGWM Bond Fund launched on 16 January 2014 by an inspecie transfer from The Collins Stewart PCC Limited Collins Stewart Sterling Fixed Interest Fund for an amount of GBP40,338,119 (consisting of 403,381 shares at a NAV per share of GBP100.00). On 21 May 2014, there was an in specie transfer from The Charity Funds - Combined Charitable Capital Fund (a UK domiciled common investment fund for which Canaccord Genuity Wealth (International) Limited was the Investment Manager) into the CGWM REMAP 4 Fund for an amount of GBP10,308,216 (consisting of 10,060,722 shares at a NAV per share of GBP1.02). On 21 May 2014, there was an in specie transfer from The Charity Funds - Combined Charitable Income Fund (a UK domiciled common investment fund for which Canaccord Genuity Wealth (International) Limited was the Investment Manager) into the CGWM Bond Fund for an amount of GBP6,562,702 (consisting of 65,034 shares at a NAV per share of GBP100.58). A new prospectus was issued and updated supplements to the prospectus were issued dated 11 November 2014 which detail the creation of the below new share classes: x CGWM Select Global Affinity Fund T GBP Hedged Accumulation - Launched 10 December 2014; x CGWM Select Global Diversity Fund T GBP Hedged Accumulation - Launched 15 December 2014; x CGWM Select Global Opportunity Fund T GBP Hedged Accumulation - Launched 24 December 2014; x CGWM Bond Fund A USD Hedged Shares - Launched 27 November 2014; x CGWM Select Income Fund – R Distribution; x CGWM Select Diversity Fund – R Distribution; x CGWM Select Affinity Fund – R Accumulation; x CGWM Select Opportunity Fund – R Accumulation; x CGWM Select Opportunity Fund - T USD Accumulation; x CGWM Select Global Diversity Fund - T USD Accumulation; x CGWM Select Global Diversity Fund - A EUR Hedged Accumulation; x CGWM Select Global Diversity Fund - T EUR Hedged Accumulation; x CGWM Select Global Diversity Fund - T SGD Hedged Accumulation; x CGWM Select Global Affinity Fund - A EUR Hedged Accumulation; x CGWM Select Global Affinity Fund - T EUR Hedged Accumulation; x CGWM Select Global Affinity Fund - T SGD Hedged Accumulation; x CGWM Select Global Affinity Fund - T USD Accumulation; x CGWM Select Global Opportunity Fund - T EUR Hedged Accumulation; x CGWM Select Global Opportunity Fund - A EUR Hedged Accumulation; x CGWM Select Global Opportunity Fund - A GBP Hedged Accumulation; x CGWM Select Global Opportunity Fund - R GBP Hedged Accumulation; x CGWM Select Global Opportunity Fund - T SGD Hedged Accumulation; and x CGWM Bond Fund A EUR Hedged Shares. Subsequent Events Roger Phillips resigned as a Director on 9 February 2015. The following share classes launched on 18 February 2015: x CGWM Select Opportunity Fund - T USD Accumulation; and x CGWM Select Global Affinity Fund - T USD Accumulation. Up to the date of approval of these financial statements, no other significant events have occurred in respect of the Company subsequent to the year end that may be deemed relevant to the accuracy of these financial statements. Independent Auditor Deloitte & Touche have indicated their willingness to continue in office in accordance with Section 160 (2) of the Companies Act, 1963. Corporate Governance Statement The European Communities (Directive 2006/46/EC) Regulations (S.I. 450 of 2009 and S.I. 83 of 2010) (the “Regulations”) requires the inclusion of a corporate governance statement in the Directors’ Report.

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DIRECTORS’ REPORT (continued) For the year ended 31 December 2014 Corporate Governance Statement (continued) Although there is no specific statutory corporate governance code applicable to Irish collective investment schemes whose shares are admitted to trading on the Irish Stock Exchange, the Company is subject to corporate governance practices imposed by: (i) The Irish Companies Acts, 1963 to 2013 which are available for inspection at the registered office of the Company; (ii) The Articles of Association of the Company which are available for inspection at the registered office of the Company at 54-62 Townsend Street, Dublin 2, Ireland and at the Companies Registration Office in Ireland; (iii) The Central Bank of Ireland in their UCITS Notices and Guidance Notes which can be obtained from the Central Bank of Ireland/Financial Regulator’s website and are available for inspection at the registered office of the Company; and (iv) The Irish Stock Exchange (“the ISE”) through the ISE Code of Listing Requirements and Procedures. The Board of Directors voluntarily complies with the Corporate Governance Code for Irish Domiciled Collective Investment Schemes as published by the Irish Funds Industry Association (“IFIA”) with effect from 1 January 2013. This forms the basis of the Company’s corporate governance code. The Board of Directors have previously assessed the measures included in the IFIA Code as being consistent with its corporate governance practices and procedures for the financial year and have formally adopted this code. Internal Control and Risk Management Systems in Relation to Financial Reporting The Board of Directors is responsible for establishing and maintaining adequate internal control and risk management systems of the Company in relation to the financial reporting process. Such systems are designed to manage rather than eliminate the risk of error or fraud in achieving the Company’s financial reporting objectives and can only provide reasonable and not absolute assurance against material misstatement or loss. The Board of Directors has procedures in place to ensure all relevant books of account are properly maintained and are readily available, including the production of annual and half-yearly financial statements. The Board of Directors has appointed the Administrator to maintain the books and records of the Company. The Administrator is authorised and regulated by the Central Bank of Ireland and must comply with the rules imposed by the Central Bank. The financial statements are prepared by the Administrator in accordance with Irish Generally Accepted Accounting Principles (“GAAP”). The Administrator uses various internal controls and checklists to ensure that the financial statements include complete and appropriate disclosures required under Irish GAAP and relevant legislation. From time to time the Board also examines and evaluates the Administrator’s financial accounting and reporting routines. The annual financial statements of the Company are required to be approved by the Board of Directors of the Company and the annual and half yearly financial statements of the Company are required to be filed with the Central Bank of Ireland and the Irish Stock Exchange. The statutory annual financial statements are required to be audited by independent auditors who report annually to the Board on their findings. The Board of Directors monitors and evaluates the independent auditor’s performance, qualifications and independence. As part of the review procedures the Board of Directors receives reports on the audit process. The Board of Directors evaluates and discusses significant accounting and reporting issues as the need arises. Dealings with Shareholders The convening and conduct of shareholders’ meetings are governed by the Articles of Association of the Company and the Companies Acts. Although the Directors may convene an extraordinary general meeting of the Company at any time, the Directors are required to convene an annual general meeting of the Company each year ensuring that it is held within fifteen months of the date of the previous annual general meeting. Not less than twenty one clear days’ notice of every annual general meeting and any extraordinary general meeting convened for the passing of a special resolution must be given to shareholders and fourteen clear days’ notice must be given in the case of any other extraordinary general meeting unless the auditors of the Company and all the shareholders of the Company entitled to attend and vote agree to shorter notice. Two members present either in person or by proxy constitute a quorum at a general meeting provided that the quorum for a general meeting convened to consider any alteration to the class rights of shares is two shareholders holding or representing by proxy at least one third of the issued shares of the relevant fund or class. Every member holding shares present in person or by proxy who votes on a show of hands is entitled to one vote. On a poll, every member holding participating shares present in person or by proxy is entitled to one vote in respect of each share held by him. Shareholders may resolve to sanction an ordinary resolution or special resolution at a shareholders’ meeting. An ordinary resolution of the Company or of the shareholders of a particular fund or class requires a simple majority of the votes cast by the shareholders voting in person or by proxy at the meeting at which the resolution is proposed. A special resolution of the Company or of the shareholders of a particular fund or class requires a majority of not less than 75% of the shareholders present in person or by proxy and voting in general meeting in order to pass a special resolution including a resolution to amend the Articles of Association.

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

Brian McDermott

Director

Bronwyn Wright

Director

20 April 2015

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INVESTMENT MANAGER'S REPORTS For the year ended 31 December 2014 CGWM Total Return Bond Fund Fund Performance The Fund returned +1.61% in total return terms net of all fees and expenses in 2014 whilst 3 month Sterling LIBOR returned +0.54% for the same period. Market Review At the start of 2014 there was a clear consensus that equities would outperform bonds over the course of the year. Whilst we highlighted the potential attraction of US Treasury and UK Gilt yields at c.3%, particularly against a backdrop of falling inflation, the scale of the gains delivered by government bonds in 2014 has clearly been a major surprise. While the US Federal Reserve were true to their word in ending their programme of US Treasury purchases, the liquidity baton was ultimately passed to Japan and Europe, who both increased their own monetary stimulus efforts. The broad outcome has been that virtually all bonds have benefitted, with 10-year US Treasury yields now standing at 2.2%, compared to 1.8% in the UK, 0.6% in Germany and 0.3% in Japan. Activity/review The Fund returned a reasonable cash plus return in 2014 in line with the investment objective. Market volatility hampered the return somewhat during the fourth quarter as government bond yields fell to extreme levels given the perceived outlook. The Fund has an overall duration of +1.07 years which is primarily focussed on foreign bonds with the UK exposure at netted at -0.45 years short the March 2015 Gilt future. The credit profile is well-spread across the range with 73% in AAA/AA bonds or cash and around 27% in single-A corporate bonds. Despite this cautious positioning, the Fund has a projected income yield of approximately 3%. Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability and market volatility, as the ‘ageing’ equity bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and expect the economic backdrop will continue to support a broad spread of assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Bond yields are implying that significant interest rate hikes are unlikely in 2015 but with valuations appearing extended, prices could be vulnerable, particularly if economic growth continues to firm and/or inflationary pressures begin to build. We are therefore mindful of preserving capital and diversifying our approach as far as possible. Canaccord Genuity Wealth (International) Limited January 2015

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INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Income Fund Fund Performance The Fund has returned 4.77% net of all fees and expenses, in line with the 4.77% return for the GIFS GBP Cautious Allocation* peer group, the comparative peer group. Over the longer term the Fund has outperformed the peer group over a 3 year period (18.95% v 17.08%) and 5 year period (30.67% v 25.56%) with a similar level of risk. It is the 6th consecutive year of positive returns for the Fund and we have provided good absolute returns despite our cautious approach, leading to attractive risk adjusted returns for investors. Market Review Equity markets began and ended 2014 in a volatile fashion, however most bourses delivered positive returns. The FTSE rose 0.7% whilst the S&P 500 outperformed, with a 13.7% return for the full year. Emerging market woes were at the forefront of investors’ minds in January as rapidly weakening currencies, interest rate hikes and fears of an economic slowdown in China resulted in a sharp sell-off across emerging equity markets. Heightened geopolitical risks (Ukraine/Russia and Middle East issues) soon joined the list of fundamental concerns (lacklustre earnings growth, elevated valuations and the tapering of quantitative easing) and volatility increased as a result. The index of the top 100 capitalized companies in the UK has lived under the shadow of its mid and small cap relations over the past couple of years as investors have herded towards smaller domestic growth companies. The large, household name, dividend paying blue chip shares that form part of the FTSE 100 now look increasingly good value relative to the rest of the UK market. There were signs that these valuations were starting to be appreciated by investors in April as the FTSE 250 underperformed the FTSE 100 by over 5%. Volatility picked up and equity markets fell from early September onwards, only to recover strongly in the latter part of October. The FTSE 100 suffered a 10% peak to trough decline before rallying back 5% in the second half of the month. The S&P 500 fell 7%, however the US index recovered this and more to end the month back at all time highs, an amazing recovery in such a short space of time. UK financial markets also had to contend with the vote on Scottish independence and the potential fall out from a “Yes” vote. The polls indicated a close run race and this put pressure on Sterling and Gilts, however any market nerves were settled following a 55% majority for the “No” campaign. Confidence returned to equity markets in November as volatility retrenched and the macroeconomic issues of previous months were brushed aside. There is little doubt that sentiment has improved on the back of further central policy as China and Japan both took action. Interest rates were cut in China for the first time since 2012, whilst the Bank of Japan (BOJ) increased its bond buying program to ¥80 trillion per annum. The BOJ also tripled the purchases of exchange traded funds and real estate investment trusts, with the objective of increasing the monetary base to over ¥350 trillion or 75% of GDP. Towards the end of December, central bank rhetoric once again provided a boost to investor sentiment, a theme that has been commonplace throughout 2014. The US Federal Reserve announced that the approach to raising interest rates would be patient and gradual whilst the ECB President, Mario Draghi, continues to hint at the introduction of further monetary stimulus in 2015. Fixed interest markets performed markedly better than consensus expectations indicated at the start of the year. Yields were due to rise on the expectation of an improvement in economic growth and a normalisation of monetary stimulus, although the reverse has happened. 2014 has seen the yield on the 10 year UK Gilt fall from 3.02% to 1.76% as falling inflation, inaction around interest rate policy and continued demand have supported bond markets. Activity/review We have maintained a modest equity underweight throughout 2014 due to our cautious house view. Our UK equity income managers have provided downside protection against the equity market falls witnessed during the period with the Invesco Perpetual UK Strategic Income Fund and the RWC Enhanced Income fund the standout performers in times of stress. During February we added exposure to the defensively positioned RWC Enhanced Income fund and the M&G Strategic Corporate Bond Fund following positive meetings with each of the fund managers. We have sold out of our small position in the Franklin Templeton Global Bond Fund due to increased volatility and a preference for more versatile strategic bond fund holdings. We have also halved our position in HICL Infrastructure as the investment trust is trading on a high premium to net asset value. The infrastructure theme has become a “fans’ favourite” amongst investors and whilst liquidity is not an issue today, it is something that needs to be taken into consideration when assessing the overall risk. We have made decent gains thus far and feel a reduction in exposure is a prudent course of action.

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

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INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Diversity Fund Fund Performance For the 12 months to 31 December 2014 the Fund gained 5.56%. This compared to a rise of 4.41% for the Fund’s peer group, the Morningstar GIF GBP Moderate Allocation sector. Market Review While volatility had been held in abeyance for much of 2014, the latter part of the year was marked by two separate periods during which financial markets experienced a heightened sense of vulnerability. Growth fears in Europe and emerging markets as well as a plunge in the price of oil and concerns over the path of U.S. and European monetary policy all weighed on sentiment. As a result, there was a wide dispersion between the returns of global equity markets for the year, with the U.S¹ rising 20.1%, Asia² +11.4%, the UK FTSE 100 +1.02%, while Europe³ -0.64%, ended the year in negative territory. All performance numbers are in Sterling terms. U.S. and Asia equities were not the only source of returns in 2014; government bond markets also performed strongly which is something few commentators predicted in January. With deflationary pressures gathering pace in Europe and investors pushing back their expectations for interest rate rises elsewhere in the face of weak global growth, many government bonds markets enjoyed their best year since 2011. In the UK, for example, UK government bonds, as measured by the Bloomberg U.K Sovereign Bond Index, ended 2014 14.67% higher. ¹ S&P 500 NR Index; ²MSCI AC Daily Asia ex Japan NR Index; ³ MSCI Daily Europe ex UK NR Index Activity/review

It is pleasing to report that the Fund outpaced its peer group over the course of the year. The Fund’s return was boosted by our overweight allocation to U.S. equities and our thematic holdings in healthcare, infrastructure and technology. Areas of the portfolio that performed less well included our small allocation to European equities, as investors waited in vain for the ECB to react to increasing deflationary pressure in the region by announcing a programme of quantitative easing. However, while our Europe holdings lagged over the course of the year, our decision to lower the Fund’s weighting to the region in the first few months of 2014 and again in September minimised the performance impact. Having reduced the Fund’s equity allocation in the first quarter; lowering weightings to Europe, the UK and Asia, we did not meaningfully add to the Fund’s equity allocation again until the sharp correction in equity markets in the early part of October. This provided us with the opportunity to put some money back to work at more attractive levels and we added to the Fund’s UK equity holdings as a result. In November, we used the relative weakness of European markets to increase the Fund’s allocation to Eurozone stocks back to a neutral position, funded by a reduction in the Fund’s U.S. equity holdings. Investment decisions are often about balancing risk and reward and these metrics appear to increasingly favour Europe over the U.S. moving forward. To be clear, the Fund maintains a significant weighting to U.S. assets and it is glaringly apparent that Europe has many structural issues yet to overcome. However, the relative bear market in Europe will not persist indefinitely and it is rarely the right time to buy when sentiment is universally positive. Finally, there were a number of changes to the Fund’s bond holdings over the course of the year as well, as we reduced the Fund’s UK inflation linked investments, reinvesting the proceeds into the GLG Flexible Bond fund and the iShares USD TIPS UCITS ETF. Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability, as the “agein g” bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and remain hopeful that the economic backdrop will continue to support risk assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Consequently it is our belief that greater levels of volatility may well accompany rising stockmarkets in the weeks and months ahead and therefore our investment strategy must focus not only on maximising returns, but also on moderating the impact of these movements where we can.

Canaccord Genuity Wealth (International) Limited January 2015

12

INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Affinity Fund Fund Performance For the 12 months to 31 December 2014 the Fund gained 5.89%. This compared to a rise of 3.90% for the Fund’s peer group, the Morningstar GIF GBP Aggressive Allocation sector. Market Review While volatility had been held in abeyance for much of 2014, the latter part of the year was marked by two separate periods during which financial markets experienced a heightened sense of vulnerability. Growth fears in Europe and emerging markets as well as a plunge in the price of oil and concerns over the path of U.S. and European monetary policy all weighed on sentiment. As a result, there was a wide dispersion between the returns of global equity markets for the year, with the U.S¹ rising 20.1%, Asia² +11.4%, the UK FTSE 100 +1.02%, while Europe³ -0.64%, ended the year in negative territory. All performance numbers are in Sterling terms. U.S. and Asia equities were not the only source of returns in 2014; government bond markets also performed strongly which is something few commentators predicted in January. With deflationary pressures gathering pace in Europe and investors pushing back their expectations for interest rate rises elsewhere in the face of weak global growth, many government bonds markets enjoyed their best year since 2011. In the UK, for example, UK government bonds, as measured by the Bloomberg U.K Sovereign Bond Index, ended 2014 14.67% higher. ¹ S&P 500 NR Index; ²MSCI AC Daily Asia ex Japan NR Index; ³ MSCI Daily Europe ex UK NR Index Activity/review It is pleasing to report that the Fund outpaced its peer group over the course of the year. The Fund’s return was boosted by our overweight allocation to U.S. equities and our thematic holdings in healthcare, infrastructure and technology. Areas of the portfolio that performed less well included our small allocation to European equities, as investors waited in vain for the ECB to react to increasing deflationary pressure in the region by announcing a programme of quantitative easing. However, while our Europe holdings lagged over the course of the year, our decision to lower the Fund’s weighting to the region in the first few months of 2014 and again in September minimised the performance impact. Having reduced the Fund’s equity allocation in the first quarter; lowering weightings to Europe, the UK and Asia, we did not meaningfully add to the Fund’s equity allocation again until the sharp correction in equity markets in the early part of October. This provided us with the opportunity to put some money back to work at more attractive levels and we added to the Fund’s UK equity holdings as a result. In November, we used the relative weakness of European markets to increase the Fund’s allocation to Eurozone stocks back to a neutral position, funded by a reduction in the Fund’s U.S. equity holdings. Investment decisions are often about balancing risk and reward and these metrics appear to increasingly favour Europe over the U.S. moving forward. To be clear, the Fund maintains a significant weighting to U.S. assets and it is glaringly apparent that Europe has many structural issues yet to overcome. However, the relative bear market in Europe will not persist indefinitely and it is rarely the right time to buy when sentiment is universally positive. Finally, within the Fund’s bond allocation, we sold the Fund’s UK inflation linked investments, the UK Treasury 2.5% Index Linked Gilt and the M&G UK Inflation Linked Corporate Bond fund and reinvested the majority proceeds into the iShares USD TIPS UCITS ETF. Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability, as the “ageing” bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and remain hopeful that the economic backdrop will continue to support risk assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Consequently it is our belief that greater levels of volatility may well accompany rising stockmarkets in the weeks and months ahead and therefore our investment strategy must focus not only on maximising returns, but also on moderating the impact of these movements where we can.

Canaccord Genuity Wealth (International) Limited January 2015

13

INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Global Diversity Fund Fund Performance For the 12 months to 31 December 2014 the Fund gained 4.21%. This compared to a rise of 1.45% for the Fund’s peer group, the Morningstar GIF USD Moderate Allocation sector. Market Review While volatility had been held in abeyance for much of 2014, the latter part of the year was marked by two separate periods during which financial markets experienced a heightened sense of vulnerability. Growth fears in Europe and emerging markets as well as a plunge in the price of oil and concerns over the path of US and European monetary policy all weighed on sentiment. As a result, there was a wide dispersion between the returns of global equity markets for the year, with the US¹ rising 15.3% and Asia² +7.1%, while the UK’s FTSE 100 -5.1% and Europe³, -6.9%, ended the year in negative territory. All performance numbers are in US Dollar terms. US and Asia equities were not the only source of returns in 2014; government bond markets also performed strongly which is something few commentators predicted in January. With deflationary pressures gathering pace in Europe and investors pushing back their expectations for interest rate rises elsewhere in the face of weak global growth, many government bonds markets enjoyed their best year since 2011. In the US, for example, US Treasuries, as measured by the Bloomberg US Treasury Bond Index, ended 2014 6.2% higher. ¹ S&P 500 TR Index; ²FTSE Asia Pacific ex Japan Index; ³ FTSE Europe ex UK Index Activity/review It is pleasing to report that the Fund significantly outpaced its peer group over the course of the year. The Fund’s return was boosted by our overweight allocation to US equities and our thematic holdings in healthcare, infrastructure and technology. Areas of the portfolio that performed less well included our small allocation to European equities, as investors waited in vain for the ECB to react to increasing deflationary pressure in the region by announcing a programme of quantitative easing. However, while our European holdings lagged over the course of the year, our decision to lower the Fund’s weighting to the region in the first few months of 2014 helped temper the performance impact. Having reduced the Fund’s equity allocation in the first quarter; primarily by lowering the weighting to Asia, we did not meaningfully add to the Fund’s equity allocation again until the sharp correction in equity markets in the early part of October. This provided us with the opportunity to put some money back to work at more attractive levels. In November, we used the relative weakness of European markets to increase the Fund’s allocation to Eurozone stocks back to a neutral position, funded by a reduction in the Fund’s US equity holdings. Investment decisions are often about balancing risk and reward and these metrics appear to increasingly favour Europe over the US moving forward. To be clear, the Fund maintains a significant weighting to U.S. assets and it is glaringly apparent that Europe has many structural issues yet to overcome. However, the relative bear market in Europe will not persist indefinitely and it is rarely the right time to buy when sentiment is universally positive. Finally, there were a number of changes to the Fund’s bond holdings over the course of the year as well, as we incorporated allocations to the GLG Flexible Bond Fund and Kames Strategic Global Bond Fund, at the expense of the US TIPS 1.375% 15/01/2020. Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability, as the “agein g” bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and remain hopeful that the economic backdrop will continue to support risk assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Consequently it is our belief that greater levels of volatility may well accompany rising stockmarkets in the weeks and months ahead and therefore our investment strategy must focus not only on maximising returns, but also on moderating the impact of these movements where we can.

Canaccord Genuity Wealth (International) Limited January 2015

14

INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Global Affinity Fund Fund Performance For the 12 months to 31 December 2014 the Fund gained 4.62%. This compared to a rise of 0.60% for the Fund’s peer group, the Morningstar GIF USD Aggressive Allocation sector. Market Review While volatility had been held in abeyance for much of 2014, the latter part of the year was marked by two separate periods during which financial markets experienced a heightened sense of vulnerability. Growth fears in Europe and emerging markets as well as a plunge in the price of oil and concerns over the path of US and European monetary policy all weighed on sentiment. As a result, there was a wide dispersion between the returns of global equity markets for the year, with the US¹ rising 15.3% and Asia² +7.1%, while the UK’s FTSE 100 -5.1% and Europe³, -6.9%, ended the year in negative territory. All performance numbers are in US Dollar terms. US and Asia equities were not the only source of returns in 2014; government bond markets also performed strongly which is something few commentators predicted in January. With deflationary pressures gathering pace in Europe and investors pushing back their expectations for interest rate rises elsewhere in the face of weak global growth, many government bonds markets enjoyed their best year since 2011. In the US, for example, US Treasuries, as measured by the Bloomberg US Treasury Bond Index, ended 2014 6.2% higher. ¹ S&P 500 TR Index; ²FTSE Asia Pacific ex Japan Index; ³ FTSE Europe ex UK Index Activity/review It is pleasing to report that the Fund significantly outpaced its peer group over the course of the year. The Fund’s return was boosted by our overweight allocation to US equities and our thematic holdings in healthcare, infrastructure and technology. Areas of the portfolio that performed less well included our small allocation to European equities, as investors waited in vain for the ECB to react to increasing deflationary pressure in the region by announcing a programme of quantitative easing. However, while our European holdings lagged over the course of the year, our decision to lower the Fund’s weighting to the region in the first few months of 2014 helped temper the performance impact. Having reduced the Fund’s equity allocation in the first quarter; primarily by lowering the weighting to Asia, we did not meaningfully add to the Fund’s equity allocation again until the sharp correction in equity markets in the early part of October. This provided us with the opportunity to put some money back to work at more attractive levels. In November, we used the relative weakness of European markets to increase the Fund’s allocation to Eurozone stocks back to a neutral position, funded by a reduction in the Fund’s US equity holdings. Investment decisions are often about balancing risk and reward and these metrics appear to increasingly favour Europe over the US moving forward. To be clear, the Fund maintains a significant weighting to U.S. assets and it is glaringly apparent that Europe has many structural issues yet to overcome. However, the relative bear market in Europe will not persist indefinitely and it is rarely the right time to buy when sentiment is universally positive. The only significant change during December came as we sold the holding of the Ignis Absolute Return Government Bond Fund, and re-invested the proceeds into the existing holding of the Henderson UK Absolute Return Bond Fund, and established a new position in the Old Mutual Global Equity Absolute Return (GEAR) Fund. Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability, as the “ageing” bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and remain hopeful that the economic backdrop will continue to support risk assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Consequently it is our belief that greater levels of volatility may well accompany rising stockmarkets in the weeks and months ahead and therefore our investment strategy must focus not only on maximising returns, but also on moderating the impact of these movements where we can. Canaccord Genuity Wealth (International) Limited January 2015

15

INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Opportunity Fund Fund Performance For the 12 months to 31 December 2014 the Fund gained 8.58%. This compared to a rise of 3.90% for the Fund’s peer group, the Morningstar GIF GBP Aggressive Allocation sector. Market Review While volatility had been held in abeyance for much of 2014, the latter part of the year was marked by two separate periods during which financial markets experienced a heightened sense of vulnerability. Growth fears in Europe and emerging markets as well as a plunge in the price of oil and concerns over the path of U.S. and European monetary policy all weighed on sentiment. As a result, there was a wide dispersion between the returns of global equity markets for the year, with the U.S¹ rising 20.1%, Asia² +11.4%, the UK FTSE 100 +1.02%, while Europe³ -0.64%, ended the year in negative territory. All performance numbers are in Sterling terms. U.S. and Asia equities were not the only source of returns in 2014; government bond markets also performed strongly which is something few commentators predicted in January. With deflationary pressures gathering pace in Europe and investors pushing back their expectations for interest rate rises elsewhere in the face of weak global growth, many government bonds markets enjoyed their best year since 2011. In the UK, for example, UK government bonds, as measured by the Bloomberg U.K Sovereign Bond Index, ended 2014 14.67% higher. ¹ S&P 500 NR Index; ²MSCI AC Daily Asia ex Japan NR Index; ³ MSCI Daily Europe ex UK NR Index Activity/review It is pleasing to note that the Fund comfortably outpaced its peer group over the course of the year. The Fund’s return was boosted by a number of factors, including our significant allocations to U.S. and Asian equities and our thematic holdings in healthcare, infrastructure and technology. However, our judicious use of cash at certain times in 2014; most notably in January and October and November, also added value. Notable changes to the Fund’s positioning in 2014 included an increased allocation to Asian equities, as we took advantage of improving investor sentiment towards the region. We also significantly reduced the Fund’s European equity allocation during the summer as it became increasingly obvious that the ECB was struggling in its efforts to stem deflationary pressures in Europe, raising the spectre of triple dip recession across the Eurozone. We used the proceeds from this reduction to initiate an allocation to Infrastructure related investments, via the First State & Lazard Global Listed Infrastructure Funds. Linked to this theme, we added the KBI Institutional Water fund to the portfolio in October. While the KBI Institutional Water fund is not a pure infrastructure play, one of the secular attractions of investing in water stocks is the vast sums of money targeted at water infrastructure. Potentially more than half of global infrastructure spend over the next decade will be water related, as developed markets are forced to replace ageing infrastructure whilst many emerging markets are installing new infrastructure for the first time. This, along with companies addressing water scarcity in new and imaginative ways, provides a wealth of investment opportunities for the fund. Finally, we took advantage of a number of short-term investment opportunities in 2014, including a profitable allocation to energy stocks, via the Investec Global Energy fund. Having initiated the Fund’s holding in April, we had fully exited the position by the end of September, thus avoiding the subsequent collapse in the sector in the fourth quarter, as the price of oil tumbled more than 40% in the final few months of 2014. Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability, as the “agein g” bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and remain hopeful that the economic backdrop will continue to support risk assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Consequently it is our belief that greater levels of volatility may well accompany rising stockmarkets in the weeks and months ahead and therefore our investment strategy must focus not only on maximising returns, but also on moderating the impact of these movements where we can.

Canaccord Genuity Wealth (International) Limited January 2015

16

INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM Select Global Opportunity Fund Fund Performance For the 12 months to 31 December 2014 the Fund gained 4.30%. This compared to a rise of 0.60% for the Fund’s peer group, the Morningstar GIF USD Aggressive Allocation sector. Market Review While volatility had been held in abeyance for much of 2014, the latter part of the year was marked by two separate periods during which financial markets experienced a heightened sense of vulnerability. Growth fears in Europe and emerging markets as well as a plunge in the price of oil and concerns over the path of U.S. and European monetary policy all weighed on sentiment. As a result, there was a wide dispersion between the returns of global equity markets for the year, with the U.S¹ rising 12.99%, Asia² +4.80%, while Europe³ -6.55% and the U.K.’s FTSE 100 -4.99%, ended the year in negative territory. All performance numbers are in U.S. Dollar terms. U.S. and Asia equities were not the only source of returns in 2014; government bond markets also performed strongly which is something few commentators predicted in January. With deflationary pressures gathering pace in Europe and investors pushing back their expectations for interest rate rises elsewhere in the face of weak global growth, many government bonds markets enjoyed their best year since 2011. In the U.S., for example, U.S. government bonds, as measured by the Bloomberg U.S. Treasury Bond Index, ended 2014 6.19% higher. ¹ S&P 500 NR Index; ²MSCI AC Daily Asia ex Japan NR Index; ³ MSCI Daily Europe ex UK NR Index Activity/review It is pleasing to report that the Fund outpaced its peer group over the course of the year. The Fund’s return was boosted by a number of factors, including our significant allocations to U.S. and Asian equities and our thematic holdings in healthcare, infrastructure and technology. However, our judicious use of cash at certain times in 2014; most notably in January and October and November, also added value. Notable changes to the Fund’s positioning in 2014 included an increased allocation to Asian equities, as we took advantage of improving investor sentiment towards the region. We also significantly reduced the Fund’s European equity allocation during the summer as it became increasingly obvious that the ECB was struggling in its efforts to stem deflationary pressures in Europe, raising the spectre of triple dip recession across the Eurozone. We used the proceeds from this reduction to initiate an allocation to infrastructure related investments, via the First State & Lazard Global Listed Infrastructure Funds. Linked to this theme, we added the KBI Institutional Water fund to the portfolio in October. While the KBI Institutional Water fund is not a pure infrastructure play, one of the secular attractions of investing in water stocks is the vast sums of money targeted at water infrastructure. Potentially more than half of global infrastructure spend over the next decade will be water related, as developed markets are forced to replace ageing infrastructure whilst many emerging markets are installing new infrastructure for the first time. This, along with companies addressing water scarcity in new and imaginative ways, provides a wealth of investment opportunities for the Fund. Finally, we took advantage of a number of short-term investment opportunities in 2014, including a profitable allocation to energy stocks, via the Investec Global Energy fund. Having initiated the Fund’s holding in April, we had fully exited the position by the end of September, thus avoiding the subsequent collapse in the sector in the fourth quarter, as the price of oil tumbled more than 40% in the final few months of 2014. Outlook There is presently little doubt in our minds that 2015 will bring with it more frequent periods of instability, as the “agein g” bull market becomes slightly more unstable. We do not believe that this constructive chapter for financial markets will end imminently, and remain hopeful that the economic backdrop will continue to support risk assets. However, we are also mindful that the risk-return profile has, at the very least, deteriorated given the significant gains which have been made over the past two to three years. Consequently it is our belief that greater levels of volatility may well accompany rising stockmarkets in the weeks and months ahead and therefore our investment strategy must focus not only on maximising returns, but also on moderating the impact of these movements where we can.

Canaccord Genuity Wealth (International) Limited January 2015

17

INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM REMAP 4 Fund Fund Performance For the 12 months to 31 December 2014 the NAV rose by 6.8% net of all fees and expenses. This underperformed the 7.9% rise of the WMA Income index. The Fund exposed investors to almost half of the volatility of the WMA index. Market Review Apart from the US and Japan, 2014 was a disappointing year for global equities. We commented at the beginning of the year how we believed investors had been willing to take on higher equity risk premium in 2013. Share valuations rose faster than earnings as investors priced in a continuation of the economic recovery. Our fears that markets would struggle to push to new levels in 2014 has borne out as earnings have continued to disappoint, compounded by geopolitical issues such as Middle East, Ukraine, Scotland and Hong Kong. The final quarter for 2014 saw equity volatility return after a prolonged period of relative calm. Equity markets yo-yoed as investors tried to comprehend the strength of the global economic recovery, especially in Europe, the Ebola crisis, a falling oil price, a deteriorating geopolitical outlook and, in the US, the end of quantitative easing. As the MSI turned stressed at the very beginning of February we sold European equities and upped our cash holdings. As our forward-looking measure of portfolio risk rose in January, our mandate to cap volatility necessitated that we took some risk off the table. We reduced holdings in a real estate ETF and as well as oil. The former has been very sensitive to the outlook for monetary policy and we believe it will struggle this year as Quantitative Easing and central bank stimuli are withdrawn. We used recent bond market strength to reduce our fixed income holdings, and reinvested the proceeds into what one might term ‘alternative diversifiers’. The challenge for asset allocators in 2014 is to identify investments that have a low correlation with both bonds and equities – investments that will diversify portfolio risk in all market conditions while also providing a return. To that end we have purchased an ETF that holds a long position in the US Dollar relative to the Canadian Dollar. The final quarter of 2014 was a turbulent period for equity investors as demonstrated by an 8.3% peak to trough movement in the FTSE 100 within November to December. The Fund pleasingly demonstrated its ability to reduce volatility and gave a positive return each month. In October our stress indictor hit 4.5 and remained there throughout the period. The portfolio was rebalanced removing our exposure to Oil, FTSE 250, and reducing our US mid-cap and gilt exposure. We rotated into a Dow Jones tracker and also increased our existing exposure to infrastructure and cash. Outlook Macro backdrop merits continued caution, our market stress indicator currently reads 4.5. We expect volatility to remain prominent throughout 2015. Challenges for 2015 remain in identifying asset classes that produce returns and provide diversity through low correlation in all economic conditions.

Canaccord Genuity Wealth Limited January 2015

18

INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM REMAP 4(i) Fund Fund Performance For the 12 months to 31 December 2014 the NAV rose by 5.7% net of all fees and expenses. This underperformed the 7.9% rise of the WMA Income index. The Fund exposed investors to almost half of the volatility of the WMA index. Market Review Apart from the US and Japan, 2014 was a disappointing year for global equities. We commented at the beginning of the year how we believed investors had been willing to take on higher equity risk premium in 2013. Share valuations rose faster than earnings as investors priced in a continuation of the economic recovery. Our fears that markets would struggle to push to new levels in 2014 has borne out as earnings have continued to disappoint, compounded by geopolitical issues such as Middle East, Ukraine, Scotland and Hong Kong. The final quarter for 2014 saw equity volatility return after a prolonged period of relative calm. Equity markets yo-yoed as investors tried to comprehend the strength of the global economic recovery, especially in Europe, the Ebola crisis, a falling oil price, a deteriorating geopolitical outlook and, in the US, the end of quantitative easing. During the Q1 we also took some steps to increase the aggregate yield of the underlying holdings. In the fixed income space we have tilted our exposure towards higher yield bonds (via the Kames Capital High Yield and Jupiter Strategic Bond funds), and we reduced our holding in the Polar Capital Healthcare fund and initiated a position in the Lazard Global Equity Income fund. Under current accounting rules, when a bond is purchased at a premium to the par value, that premium is amortised through the income, thereby reducing the income available for onward distribution. As such we have sold our direct gilt holdings and now hold exposure via the ishares ETF. Of course all of the changes have been made within the context of our forward-looking, risk-targeted framework. The final quarter of 2014 was a turbulent period for equity investors as demonstrated by an 8.3% peak to trough movement in the FTSE 100 within November to December. The Fund pleasingly demonstrated its ability to reduce volatility and gave a positive return each month over the quarter. In October our stress indictor hit 4.5 and remained there throughout the period. The portfolio was rebalanced removing our exposure to US mid-caps and modestly lowering our gilt exposure. We rotated into an S&P 500 tracker and increased our existing exposure to infrastructure and cash. Outlook Macro backdrop merits continued caution, our market stress indicator currently reads 4.5. We expect volatility to remain prominent throughout 2015. Challenges for 2015 remain in identifying asset classes that produce returns and provide diversity through low correlation in all economic conditions. Canaccord Genuity Wealth Limited January 2015

19

INVESTMENT MANAGER'S REPORTS (continued) For the year ended 31 December 2014 CGWM REMAP 5 Fund Fund Performance For the 12 months to 31 December 2014 the NAV rose by 7.6% net of all fees and expenses. This outperformed the 7.4% rise of the WMA balanced index. The Fund exposed investors to almost half of the volatility of the WMA index. Market Review Apart from the US and Japan, 2014 was a disappointing year for global equities. We commented at the beginning of the year how we believed investors had been willing to take on higher equity risk premium in 2013. Share valuations rose faster than earnings as investors priced in a continuation of the economic recovery. Our fears that markets would struggle to push to new levels in 2014 has borne out as earnings have continued to disappoint, compounded by geopolitical issues such as Middle East, Ukraine, Scotland and Hong Kong. The final quarter for 2014 saw equity volatility return after a prolonged period of relative calm. Equity markets yo-yoed as investors tried to comprehend the strength of the global economic recovery, especially in Europe, the Ebola crisis, a falling oil price, a deteriorating geopolitical outlook and, in the US, the end of quantitative easing. As the MSI turned stressed at the very beginning of February we sold European equities and upped our cash holdings. As our forward-looking measure of portfolio risk rose in January, our mandate to cap volatility necessitated that we took some risk off the table. We reduced holdings in a real estate ETF and as well as oil. The former has been very sensitive to the outlook for monetary policy and we believe it will struggle this year as Quantitative Easing and central bank stimuli are withdrawn. We used recent bond market strength to reduce our fixed income holdings, and reinvested the proceeds into what one might term ‘alternative diversifiers’. The challenge for asset allocators in 2014 is to identify investments that have a low correlation with both bonds and equities – investments that will diversify portfolio risk in all market conditions while also providing a return. To that end we have purchased an ETF that holds a long position in the US Dollar relative to the Canadian Dollar. The final quarter of 2014 was a turbulent period for equity investors as demonstrated by an 8.3% peak to trough movement in the FTSE 100 within November to December. The Fund pleasingly demonstrated its ability to reduce volatility and gave a positive return each month finishing 1.22% ahead of the benchmark over the quarter. In October our stress indictor hit 4.5 and remained there throughout the period. The portfolio was rebalanced removing our exposure to Oil, FTSE 250, and reducing our US mid-cap and corporate bond exposure. We rotated into large caps in the FTSE 100 and Dow Jones using trackers and also increased our existing exposure to infrastructure, technology and healthcare and cash. Outlook Macro backdrop merits continued caution, our market stress indicator currently reads 4.5. We expect volatility to remain prominent throughout 2015. Challenges for 2015 remain in identifying asset classes that produce returns and provide diversity through low correlation in all economic conditions. Canaccord Genuity Wealth Limited January 2015

20

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

21

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

For and on behalf of: Northern Trust Fiduciary Services (Ireland) Limited 20 April 2015

22

INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF CANACCORD GENUITY INVESTMENT FUNDS PLC We have audited the financial statements of Canaccord Genuity Investment Funds plc (the “Company”) for the year ended 31 December 2014 which comprise the Balance Sheet, the Income Statement, the Statement of Changes in Net Assets attributable to Holders of Redeemable Shares, the Investment Portfolios and the related notes 1 to 18. The financial reporting framework that has been applied in their preparation is Irish law and accounting standards issued by the Financial Reporting Council and promulgated by the Institute of Chartered Accountants in Ireland (Generally Accepted Accounting Practice in Ireland). This report is made solely to the Company's members, as a body, in accordance with Section 193 of the Companies Act, 1990. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Respective Responsibilities of Directors and Auditors As explained more fully in the Statement of Directors’ Responsibilities, the directors are responsible for the preparation of the financial statements giving a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with Irish law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors. Scope of the Audit of the Financial Statements An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the Company’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report for the year ended 31 December 2014 to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect, based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report. Opinion In our opinion the financial statements: x give a true and fair view, in accordance with Generally Accepted Accounting Practice in Ireland, of the state of the affairs of the Company as at 31 December 2014 and of the profit for the year then ended; and x have been properly prepared in accordance with the Companies Acts, 1963 to 2013, and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011. Matters on which we are required to report by the Companies Acts, 1963 to 2013 x We have obtained all the information and explanations we considered necessary for the purpose of our audit. x In our opinion proper books of account have been kept by the Company. x The Company’s Balance Sheet and its Income Statement are in agreement with the books of account. x In our opinion the information given in the Directors' Report is consistent with the financial statements. Matters on which we are required to report by exception We have nothing to report in respect of the provisions in the Companies Acts, 1963 to 2013 which requires us to report to you if, in our opinion, the disclosures of directors’ remuneration and transactions specified by law are not made.

Michael Hartwell For and on behalf of Deloitte & Touche Chartered Accountants and Statutory Audit Firm Dublin

20 April 2015

23

BALANCE SHEET As at 31 December 2014

Assets Financial assets at fair value through profit or loss Cash deposits Subscriptions receivable Securities sold receivable Interest and dividends receivable Sundry debtors Total Assets Liabilities Financial liabilities at fair value through profit or loss Redemptions payable Securities purchased payable Management fee payable Sundry creditors Total liabilities (excluding net assets attributable to holders of redeemable shares) Net Assets attributable to holders of redeemable shares Number of shares outstanding at 31 December 2014 A Shares B Shares B Shares SGD Hedged T Shares GBP Hedged Net Asset Value per Share at 31 December 2014 A Shares B Shares B Shares SGD Hedged T Shares GBP Hedged

6 4

(1,982,045)

(686,662) (272,504) (235,703) (492,992) (294,184)

378,268,245 27,649,642 2,721,540 780,664 43,902 409,463,993

Total 2014 GBP

4,213,772

(96,490)

(87,447) (3,408) (5,635)

4,062,973 169,789 77,373 127 4,310,262

CGWM Total Return Bond Fund 2014 GBP

11,081,219 -

12,957,795

(28,002)

(18,845) (9,157)

11,639,446 1,153,191 166,360 26,474 326 12,985,797

CGWM Select Income Fund 2014 GBP

£1.39 -

50,926,331 -

70,584,017

(311,266)

(158,937) (101,020) (51,309)

68,231,860 2,254,248 358,874 48,469 1,832 70,895,283

CGWM Select Diversity Fund 2014 GBP

£1.52 -

30,854,170 -

46,784,302

(137,032)

(34,345) (67,651) (35,036)

46,448,216 364,699 97,409 9,731 1,279 46,921,334

CGWM Select Affinity Fund 2014 GBP

$1.32 $1.65 £1.01

21,594,360 509,285 198,384

29,517,669

(345,375)

(3,575) (53,900) (225,229) (40,577) (22,094)

28,537,116 1,160,347 152,590 12,255 736 29,863,044

CGWM Select Global Diversity Fund 2014 USD

$1.37 $1.71 £1.00

11,416,913 73,755 133,618

15,973,425

(164,284)

(867) (126,778) (23,205) (13,434)

15,470,889 645,499 17,725 3,173 423 16,137,709

CGWM Select Global Affinity Fund 2014 USD

Notes

6

407,481,948

53,351 -

£1.17 -

13

13 5

£78.98 -

Bronwyn Wright, Director

The financial statements were approved by the Board of Directors on 20 April 2015 and signed on their behalf by:

Brian McDermott, Director

The accompanying notes form an integral part of these audited financial statements.

24

*Launched 16 January 2014.

£1.09 -

20,798,878 -

22,654,717

(31,939)

(16,256) (15,683)

19,214,954 3,292,139 134,175 37,586 7,802 22,686,656

CGWM REMAP 4 Fund 2014 GBP

£1.04 -

2,876,311 -

2,991,169

(5,658)

(2,154) (3,504)

2,817,117 167,268 5,148 7,294 2,996,827

CGWM REMAP 4(i) Fund 2014 GBP

25

The accompanying notes form an integral part of these audited financial statements.

$1.77 $2.20 £1.00

95,762,880 8,276,078 19,231

24,586,971 -

£1.78 -

182,873,558

43,673,611

13

(427,908)

(94,901)

Net Asset Value per Share at 31 December 2014 A Shares A Shares USD Hedged B Shares B Shares SGD Hedged D Shares T Shares GBP Hedged

(61,544) (241,160) (125,204)

(3,692) (58,346) (32,863)

6

13 5

163,686,431 17,467,888 2,142,342 4,805 183,301,466

CGWM Select Global Opportunity Fund 2014 USD

39,067,329 4,504,107 195,915 1,161 43,768,512

CGWM Select Opportunity Fund 2014 GBP

6 4

Notes

Net Assets attributable to holders of redeemable shares Number of shares outstanding at 31 December 2014 A Shares A Shares USD Hedged B Shares B Shares SGD Hedged D Shares T Shares GBP Hedged

Assets Financial assets at fair value through profit or loss Cash deposits Subscriptions receivable Securities sold receivable Interest and dividends receivable Sundry debtors Total Assets Liabilities Financial liabilities at fair value through profit or loss Redemptions payable Securities purchased payable Management fee payable Sundry creditors Total liabilities (excluding net assets attributable to holders of redeemable shares)

As at 31 December 2014

BALANCE SHEET

£1.09 -

12,231,917 -

13,366,648

(63,336)

(34,175) (9,949) (9,572) (9,640)

11,028,294 2,379,683 4,000 10,757 7,250 13,429,984

CGWM REMAP 5 Fund 2014 GBP

£102.31 $99.97 -

424,013 6,508 -

43,797,901

(612,127)

(556,896) (6,787) (20,170) (28,274)

42,556,553 1,003,617 281,621 555,231 13,006 44,410,028

CGWM Bond Fund* 2014 GBP

BALANCE SHEET As at 31 December 2013

Assets Financial assets at fair value through profit or loss Cash deposits Subscriptions receivable Securities sold receivable Interest and dividends receivable Sundry debtors Total Assets Liabilities Financial liabilities at fair value through profit or loss Redemptions payable Securities purchased payable Management fee payable Sundry creditors Total liabilities (excluding net assets attributable to holders of redeemable shares) Net Assets attributable to holders of redeemable shares Number of shares outstanding at 31 December 2013 A Shares B Shares B Shares SGD Hedged Net Asset Value per Share at 31 December 2013 A Shares B Shares B Shares SGD Hedged

6 4

(3,711,046)

(11,628) (1,191,103) (1,753,925) (354,901) (399,489)

254,891,269 24,155,782 4,165,324 716 284,990 28,550 283,526,631

Total 2013 GBP

6,958,999

(138,181)

(11,259) (113,087) (5,295) (8,540)

6,534,654 423,988 184 0 138,159 195 7,097,180

CGWM Total Return Bond Fund 2013 GBP

9,662,409 -

11,119,521

(260,984)

(232,405) (16,163) (12,416)

10,262,763 852,620 237,504 0 27,497 121 11,380,505

CGWM Select Income Fund 2013 GBP

£1.32 -

49,451,845 -

65,381,629

(427,265)

(254,944) (90,490) (81,831)

62,389,825 2,956,628 405,747 0 55,856 838 65,808,894

CGWM Select Diversity Fund 2013 GBP

£1.43 -

30,939,698 -

44,298,214

(581,881)

(464,770) (62,894) (54,217)

42,758,530 2,073,317 36,502 0 11,260 486 44,880,095

CGWM Select Affinity Fund 2013 GBP

$1.27 $1.58

15,615,891 176,333

20,038,885

(144,678)

(27,357) (117,321)

18,173,634 1,939,622 54,997 0 15,136 174 20,183,563

CGWM Select Global Diversity Fund 2013 USD

$1.31 $1.64

9,797,618 40,424

12,899,357

(38,651)

(1,186) (18,369) (19,096)

11,885,983 923,150 122,997 1,186 4,692 12,938,008

CGWM Select Global Affinity Fund 2013 USD

Notes

6

279,815,585

86,716 -

£1.15 -

13

13 5

£80.25 -

The accompanying notes form an integral part of these audited financial statements.

26

13

Net Asset Value per Share at 31 December 2013 A Shares B Shares B Shares SGD Hedged D Shares

126,503,726 69,170,786 5,656,937 -

34,861,821 21,318,347 -

$1.69 $2.11 -

(2,620,462)

(509,801)

£1.64 -

(611) (60,985) (2,250,719) (158,410) (149,737)

111,554,950 16,850,210 716,924 2,104 129,124,188

CGWM Select Global Opportunity Fund 2013 USD

(29,878) (395,000) (43,813) (41,110)

30,107,924 4,338,315 925,059 324 35,371,622

CGWM Select Opportunity Fund 2013 GBP

£1.03

9,771,933

10,015,459

(73,733)

(58,482) (5,762) (9,489)

7,735,405 518,120 1,800,000 27,216 8,451 10,089,192

CGWM REMAP 4 Fund 2013 GBP

27

£0.99

1,585,807

1,574,452

(5,351)

(1,027) (4,324)

1,351,607 135,687 80,000 4,122 8,387 1,579,803

CGWM REMAP 4(i) Fund 2013 GBP

The accompanying notes form an integral part of these audited financial statements.

13 5

6

6 4

Notes

Net Assets attributable to holders of redeemable shares Number of shares outstanding at 31 December 2013 A Shares B Shares B Shares SGD Hedged D Shares

Liabilities Financial liabilities at fair value through profit or loss Redemptions payable Securities purchased payable Management fee payable Sundry creditors Total liabilities (excluding net assets attributable to holders of redeemable shares)

Assets Financial assets at fair value through profit or loss Cash deposits Subscriptions receivable Securities sold receivable Interest and dividends receivable Sundry debtors Total Assets

As at 31 December 2013

BALANCE SHEET

£1.02

9,127,075

9,338,639

(20,995)

(6,205) (14,790)

8,247,424 954,929 140,000 8,908 8,373 9,359,634

CGWM REMAP 5 Fund 2013 GBP

INCOME STATEMENT For the year ended 31 December 2014

Investment Income Dividend income Bond interest income Deposit interest Rebate from underlying Collective Investment Schemes Net realised gain/(loss) on investments Movement in net unrealised gain/(loss) on investments Net gain/(loss) on currencies Expenses Investment Management fees Administration fees General expenses Custodian's fees Transaction costs Audit fees Directors' fees Setup costs Operating Profit Finance costs Income equalisation credit/(charge) Bank interest expense Distributions Taxation Net withholding tax reclaims/(charge) Change in net assets attributable to holders of redeemable shares resulting from operations

Notes

2

11 11 11 11 11

12

16,900,803

108,352

19,367 (5,810) (2,225,947)

4,645,358 529,928 103,924 176,644 72,431 66,110 79,808 10,981 5,685,184 19,004,841

Total 2014 GBP 3,485,702 1,491,342 5,562 29,952 18,384,463 (4,600) 1,297,604 24,690,025

(102,861)

-

(12,079) (197,313)

39,146 7,829 4,331 2,610 3,770 208 1,079 58,973 106,531

CGWM Total Return Bond Fund 2014 GBP 172,382 71 (141,990) 165,534 (30,493) 165,504

204,168

18,805

6,720 (356,746)

179,539 17,954 5,211 5,985 1,310 1,751 2,760 214,510 535,389

CGWM Select Income Fund 2014 GBP 381,164 53,850 485 3,053 232,451 78,907 (11) 749,899

3,192,523

168,666

5,993 (22) (469,955)

988,658 98,866 5,707 32,955 6,050 9,283 15,106 1,156,625 3,487,841

CGWM Select Diversity Fund 2014 GBP 651,024 220,018 3,016 3,072 3,565,670 187,052 14,614 4,644,466

2,627,365

26,713

-

674,115 67,411 5,026 22,471 5,170 6,155 10,611 790,959 2,600,652

CGWM Select Affinity Fund 2014 GBP 473,429 62,542 1,438 1,211 2,610,948 244,867 (2,824) 3,391,611

971,351

(18,206)

(7,435) (1,275) -

355,951 35,595 7,452 11,865 9,270 4,730 5,716 430,579 998,267

CGWM Select Global Diversity Fund 2014 USD 194,046 27,636 544 995,261 247,603 (36,244) 1,428,846

648,031

(8,540)

(489) -

212,643 21,264 5,401 7,088 6,605 2,217 3,562 258,780 657,060

CGWM Select Global Affinity Fund 2014 USD 108,121 7,926 904,921 (83,613) (21,515) 915,840

Bronwyn Wright, Director

The financial statements were approved by the Board of Directors on 20 April 2015 and signed on their behalf by:

Brian McDermott, Director

Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above.

28

The accompanying notes form an integral part of these audited financial statements.

11 11 11

11 11

2

Notes

2,289,022 228,902 35,499 76,301 21,960 27,135 37,716 2,716,535 5,745,973 348 (6,120) (45,554) 5,694,647

47 (885) (10,256) 3,279,452

CGWM Select Global Opportunity Fund 2014 USD 1,140,543 17,097 12,458,354 (6,826,833) 1,673,347 8,462,508

581,257 58,126 15,188 19,375 9,735 6,434 9,780 699,895 3,290,546

CGWM Select Opportunity Fund 2014 GBP 293,944 258 8,857 2,962,400 436,152 288,830 3,990,441

1,384,342

(18,142)

35,080 (178,123)

142,388 26,698 8,515 8,899 5,606 5,129 5,050 2,110 204,395 1,545,527

CGWM REMAP 4 Fund 2014 GBP 194,171 98,216 187 748 121,518 1,339,400 (4,318) 1,749,922

29

The accompanying notes form an integral part of these audited financial statements.

120,618

(3,095)

9,134 (37,739)

17,306 3,245 3,048 1,082 5,181 449 519 2,110 32,940 152,318

CGWM REMAP 4(i) Fund 2014 GBP 54,477 532 6 373 39,430 90,441 (1) 185,258

Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above.

*Launched 16 January 2014.

resulting from operations

Operating Profit Finance costs Income equalisation credit/(charge) Bank interest expense Distributions 12 Taxation Net withholding tax reclaims/(charge) Change in net assets attributable to holders of redeemable shares

Expenses Investment Management fees Administration fees General expenses Custodian's fees Transaction costs Audit fees Directors' fees Setup costs

Investment Income Dividend income Bond interest income Deposit interest Rebate from underlying Collective Investment Schemes Net realised gain on investments Movement in net unrealised gain/(loss) on investments Net gain/(loss) on currencies

For the year ended 31 December 2014

INCOME STATEMENT

814,803

(13,008)

14,138 (172,816)

90,896 17,043 5,010 5,681 4,260 2,237 2,825 2,110 130,062 986,489

CGWM REMAP 5 Fund 2014 GBP 233,457 101 1,923 71,353 812,483 (2,766) 1,116,551

938,126

(17,419)

(35,362) (115) (813,255)

196,444 59,196 22,521 19,732 8,369 13,764 3,536 4,651 328,213 1,804,277

CGWM Bond Fund* 2014 GBP 327,788 862,203 201,848 687,325 53,326 2,132,490

INCOME STATEMENT For the year ended 31 December 2013

Investment Income Dividend income Bond interest income Deposit interest Rebate from underlying Collective Investment Schemes Rebate on Transaction Charge Net realised gain on investments Movement in net unrealised gain/(loss) on investments Net (loss)/gain on currencies Expenses Investment Management fees Administration fees General expenses Custodian's fees Transaction costs Audit fees Directors' fees Set up costs Operating Profit Finance costs Income equalisation credit/(charge) Bank interest expense Distributions Taxation Net withholding tax reclaims/(charge) Change in net assets attributable to holders of redeemable shares resulting from operations

Notes

2 2

11 11 11 11 11

12

32,576,770

(157,828)

(6,175) (2,956) (1,117,229)

3,777,477 396,181 59,593 132,059 58,473 56,179 82,600 10,884 4,573,446 33,860,958

Total 2013 GBP 2,640,813 1,008,650 181 27,275 47,679 10,164,362 24,784,641 (239,197) 38,434,404

(467,124)

-

(35,503) (16) (512,089)

82,739 16,548 669 5,516 4,395 1,516 2,994 114,377 80,484

CGWM Total Return Bond Fund 2013 GBP 353,828 170 5,777 411,924 (664,920) 88,082 194,861

321,131

(16,273)

10,432 (2) (250,399)

151,014 15,101 457 5,034 1,657 2,366 3,263 178,892 577,373

CGWM Select Income Fund 2013 GBP 282,213 95,711 2,526 5,777 325,164 44,871 3 756,265

5,444,176

(49,283)

(15,008) (716) (309,278)

1,010,830 101,083 8,906 33,694 8,176 13,251 21,966 1,197,906 5,818,461

CGWM Select Diversity Fund 2013 GBP 733,611 368,071 3,072 5,777 3,554,452 2,363,020 (11,636) 7,016,367

5,866,475

(38,631)

(122) (632) -

674,975 67,498 5,835 22,499 5,989 9,109 14,081 799,986 5,905,860

CGWM Select Affinity Fund 2013 GBP 567,539 78,340 1,211 5,777 3,525,843 2,535,400 (8,264) 6,705,846

1,631,292

(9,616)

1,144 (974) (3,290)

258,587 25,859 3,883 8,619 17,142 3,749 5,186 323,025 1,644,028

CGWM Select Global Diversity Fund 2013 USD 110,308 76,658 544 9,568 566,511 1,232,702 (29,238) 1,967,053

1,730,130

(6,676)

(345) -

183,902 18,390 1,145 6,130 8,599 2,365 3,897 224,428 1,737,151

CGWM Select Global Affinity Fund 2013 USD 82,531 17,729 9,568 372,900 1,489,409 (10,558) 1,961,579

Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above.

The accompanying notes form an integral part of these audited financial statements.

30

11 11 11

11 11

2 2

Notes

1,526,076 152,608 40,921 50,869 9,367 24,830 32,704 1,837,375 19,556,886 47 (1,166) (21,344) 19,534,423

(82) (7,844) 6,333,729

CGWM Select Global Opportunity Fund 2013 USD 750,726 17,097 9,658 653,032 20,387,720 (423,972) 21,394,261

484,916 48,492 3,052 16,164 5,605 6,892 9,903 575,024 6,341,655

CGWM Select Opportunity Fund 2013 GBP 253,390 8,857 5,777 1,359,932 5,299,998 (11,275) 6,916,679

177,662

(5,155)

20,472 (17,341)

49,897 9,356 4,866 3,118 3,310 1,563 1,636 3,628 77,374 179,686

CGWM REMAP 4 Fund 2013 GBP 58,221 34,774 11 69 136 (16,689) 180,536 2 257,060

12,654

(1,616)

2,315 (1) (4,701)

9,898 1,856 1,206 618 3,420 122 282 3,628 21,030 16,657

CGWM REMAP 4(i) Fund 2013 GBP 12,737 12,684 54 136 (6,436) 18,511 1 37,687

31

The accompanying notes form an integral part of these audited financial statements.

Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above.

resulting from operations

Operating Profit Finance costs Income equalisation credit/(charge) Bank interest expense Distributions 12 Taxation Net withholding tax reclaims/(charge) Change in net assets attributable to holders of redeemable shares

Expenses Investment Management fees Administration fees General expenses Custodian's fees Transaction costs Audit fees Directors' fees Set up costs

Investment Income Dividend income Bond interest income Deposit interest Rebate from underlying Collective Investment Schemes Rebate on Transaction Charge Net realised gain/(loss) on investments Movement in net unrealised gain on investments Net (loss)/gain on currencies

For the year ended 31 December 2013

INCOME STATEMENT

269,273

(14,996)

10,561 (2) (21,320)

56,297 10,556 5,264 3,519 3,505 1,603 1,794 3,628 86,166 295,030

CGWM REMAP 5 Fund 2013 GBP 130,644 4,977 223 136 (6,589) 251,803 2 381,196

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES

279,815,585

Total 2014 GBP

(102,861)

6,958,999

CGWM Total Return Bond Fund 2014 GBP

204,168

11,119,521

CGWM Select Income Fund 2014 GBP

3,192,523

65,381,629

CGWM Select Diversity Fund 2014 GBP

2,627,365

44,298,214

CGWM Select Affinity Fund 2014 GBP

971,351

20,038,885

CGWM Select Global Diversity Fund 2014 USD

648,031

12,899,357

CGWM Select Global Affinity Fund 2014 USD

For the year ended 31 December 2014

Balance at 1 January 2014

16,900,803

Notes

Change in net assets attributable to holders of redeemable shares resulting from operations

156,644,565 (54,209,120)

(2,642,366)

43,537 (2,685,903)

12,957,795

1,634,106

3,894,005 (2,259,899)

70,584,017

2,009,865

12,839,720 (10,829,855)

46,784,302

(141,277)

5,619,824 (5,761,101)

29,517,669

8,507,433

13,315,724 (4,808,291)

15,973,425

2,426,037

4,185,318 (1,759,281)

8,330,115

102,435,445

4,213,772

2

Share Transactions Subscriptions during the year Redemptions during the year Net increase/(decrease) in net assets resulting from share transactions

407,481,948

Foreign exchange adjustment on aggregation

Balance at 31 December 2014

The accompanying notes form an integral part of these audited financial statements.

32

3,279,452

Change in net assets attributable to holders of redeemable shares resulting from operations

182,873,558

43,673,611

Balance at 31 December 2014

22,654,717

11,254,916

13,991,461 (2,736,545)

1,384,342

10,015,459

CGWM REMAP 4 Fund 2014 GBP

2,991,169

1,296,099

1,610,623 (314,524)

120,618

1,574,452

CGWM REMAP 4(i) Fund 2014 GBP

13,366,648

3,213,206

4,615,587 (1,402,381)

33

814,803

9,338,639

CGWM REMAP 5 Fund 2014 GBP

The accompanying notes form an integral part of these audited financial statements.

50,675,185

5,532,338

*Launched 16 January 2014.

60,099,455 (9,424,270)

9,896,810 (4,364,472)

Share Transactions Subscriptions during the year Redemptions during the year Net increase/(decrease) in net assets resulting from share transactions

5,694,647

126,503,726

34,861,821

Balance at 1 January 2014

Notes

CGWM Select Global Opportunity Fund 2014 USD

CGWM Select Opportunity Fund 2014 GBP

For the year ended 31 December 2014

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES

43,797,901

42,859,775

57,001,371 (14,141,596)

938,126

-

CGWM Bond Fund* 2014 GBP

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES

Total 2013 GBP 14,850,731

CGWM Total Return Bond Fund 2013 GBP

8,552,650

CGWM Select Income Fund 2013 GBP

5,444,176

66,454,469

CGWM Select Diversity Fund 2013 GBP

5,866,475

43,446,296

CGWM Select Affinity Fund 2013 GBP

1,631,292

15,763,202

CGWM Select Global Diversity Fund 2013 USD

1,730,130

12,241,617

CGWM Select Global Affinity Fund 2013 USD

For the year ended 31 December 2013

238,495,552

321,131

Notes Balance at 1 January 2013

(467,124)

279,815,585

8,743,263

72,666,381 (60,970,571)

6,958,999

(7,424,608)

1,400,313 (8,824,921)

11,119,521

2,245,740

4,348,224 (2,102,484)

65,381,629

(6,517,016)

9,840,195 (16,357,211)

44,298,214

(5,014,557)

3,343,216 (8,357,773)

20,038,885

2,644,391

9,896,751 (7,252,360)

12,899,357

(1,072,390)

1,317,744 (2,390,134)

(2,952,547)

32,576,770

2

Change in net assets attributable to holders of redeemable shares resulting from operations

Foreign exchange adjustment on aggregation Share Transactions Subscriptions during the year Redemptions during the year Net increase/(decrease) in net assets resulting from share transactions Balance at 31 December 2013

The accompanying notes form an integral part of these audited financial statements.

34

6,333,729

Change in net assets attributable to holders of redeemable shares resulting from operations

23,386,028 126,503,726

(6,760,562) 34,861,821

Balance at 31 December 2013

10,015,459

8,996,658

9,593,783 (597,125)

177,662

841,139

CGWM REMAP 4 Fund 2013 GBP

1,574,452

1,383,342

1,655,415 (272,073)

12,654

178,456

CGWM REMAP 4(i) Fund 2013 GBP

35

The accompanying notes form an integral part of these audited financial statements.

27,415,667 (4,029,639)

7,560,545 (14,321,107)

Share Transactions Subscriptions during the year Redemptions during the year Net (decrease)/increase in net assets resulting from share transactions

19,534,423

83,583,275

35,288,654

Balance at 1 January 2013

Notes

CGWM Select Global Opportunity Fund 2013 USD

CGWM Select Opportunity Fund 2013 GBP

For the year ended 31 December 2013

9,338,639

8,834,678

10,233,895 (1,399,217)

269,273

234,688

CGWM REMAP 5 Fund 2013 GBP

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2014

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 Company is structured as an umbrella fund, in that different funds may be established from time to time by the Directors with the prior approval of the Central Bank. As at 31 December 2014 the Funds of the Company were: CGWM Total Return Bond Fund (launched 1 November 2004) CGWM Select Income Fund (launched 26 September 2008) CGWM Select Diversity Fund (launched 26 September 2008) CGWM Select Affinity Fund (launched 26 September 2008) CGWM Select Global Diversity Fund (launched 26 September 2008) CGWM Select Global Affinity Fund (launched 26 September 2008) CGWM Select Opportunity Fund (launched 26 September 2008) CGWM Select Global Opportunity Fund (launched 26 September 2008) CGWM REMAP 4 Fund (launched 19 December 2012) CGWM REMAP 4(i) Fund (launched 19 December 2012) CGWM REMAP 5 Fund (launched 19 December 2012) CGWM Bond Fund (launched 16 January 2014) The Shares in each Fund may be divided into a number of different share classes. The Directors may also add other share classes, which will be notified in advance to the Central Bank. Each Fund will represent a separate portfolio of assets and liabilities, which will be invested in accordance with the investment objectives applicable to each Fund.

2.

PRINCIPAL ACCOUNTING POLICIES

The significant accounting policies adopted by the Company are as follows: Basis of Preparation The financial statements have been prepared on a going concern basis and under the historical cost convention, adjusted to take account of the revaluation of investments to fair value, and in accordance with accounting standards generally accepted in Ireland and Irish Statute comprising the Companies Acts, 1963 to 2013 and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011. Accounting standards generally accepted in Ireland in preparing financial statements giving a true and fair view are those published by the Institute of Chartered Accountants in Ireland and issued by the Financial Reporting Council. The presentation currency of the Company is Sterling, which is denoted by the symbol GBP. In arriving at the results for the year, all amounts in the Income Statement on pages 28 and 29 relate to continuing activities. The format and certain wording of the financial statements have been adapted from those contained in the Companies (Amendment) Act, 1986, so that, in the opinion of the Directors they more appropriately reflect the nature of the Company’s business as an investment fund. Cash Flow Statement The Company has availed of the exemption available to open-ended investment funds under FRS 1 not to prepare a cash flow statement. Forward Foreign Currency Contracts Forward foreign currency contracts are valued at the forward rate at the closing date through the residual term of the contracts. Realised and unrealised gains and losses resulting from forward foreign currency contracts are recognised in the Income Statement. Futures Contracts The value of futures contracts traded on an exchange are valued at the latest closing prices as published by the relevant exchange or clearing house. Where any such instruments are traded over the counter they shall be valued by reference to the values provided by the counterparties or in such other manner as may be determined by the Directors to reflect the true value thereof.

36

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

2.

PRINCIPAL ACCOUNTING POLICIES (continued)

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

37

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

2.

PRINCIPAL ACCOUNTING POLICIES (continued)

Financial assets and financial liabilities at fair value through profit or loss (continued) (c)

Measurement (continued)

The Company invests in both exchange traded and non exchange traded collective investment schemes. The quoted market price used for exchange traded collective investments schemes is the current bid price. For non exchange traded collective investment schemes, the fair value of the investments in collective investment schemes is valued based on the latest available published unaudited net asset value. The net asset values at 31 December 2014 of the collective investment schemes may subsequently be adjusted when audited Financial Statements for the collective investment schemes become available. The Board of Directors will consider from time to time other factors that may have an impact on the Net Asset Value per share of the collective investment schemes and may consider adjusting its price to reflect a more appropriate fair value of a collective investment scheme. FRS 29 “Financial Instruments: Disclosures” (“FRS 29”) established a fair value hierarchy for the inputs used in valuation models and techniques used to measure fair value. Asset and liabilities measured at fair value are classified into one of the following categories: x

Level I – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. The type of investment which would generally be included would include equities, certain collective investment schemes and derivatives listed on a securities exchange.

x

Level II – Quoted prices in markets that are not considered to be active or financial instruments for which all significant inputs are observable, either directly or indirectly (including quoted prices for similar investments in active markets, interest rates and yield curves, credit risk, etc.). The type of investments which would generally be included in this category would include corporate bonds, certain collective investment schemes, bank debt and certain over-the-counter derivatives.

x

Level III – Price or valuations that require inputs that are both significant to the fair value measurement and unobservable (including the Investment Managers own assumptions and assumptions used by the Board of Directors about what market participants would use in determining the fair value of investments). The type of investments which would generally be included in this category would include private or debt securities issued by private entities. The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

Functional currency Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates (the ‘functional currency’). The functional currency for each Fund is Sterling with the exception of CGWM Select Global Diversity Fund, CGWM Select Global Affinity Fund and CGWM Select Global Opportunity Fund where the functional currency is the US Dollar. To calculate the total Company figures, US Dollar assets and liabilities in the financial statements have been translated to Sterling at the average rate of exchange for the year ended 31 December 2014 on the Income Statement and at the year end rate on the Balance Sheet. The notional exchange adjustment arising from the translation of the opening net assets is shown in the Statement of Changes in Net Assets attributable to holders of redeemable shares. The method of translation has no effect on the Net Asset Value per share attributable to the individual Funds. Foreign Currencies Transactions which occurred during the period are translated into the functional currency of the Fund at the exchange rate prevailing on the transaction date. Assets and liabilities in foreign currencies are translated into the Fund’s functional currency at exchange rates prevailing at the balance sheet date. Resulting gains or losses are reported in the Income Statement. Cash Cash includes cash in hand, broker cash and deposits held at call with banks and bank overdrafts. Transaction Costs Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or liability. Transaction costs on the purchase and sale of bonds, forwards, swaps and futures are included in the purchase and sale price of the investment. Transaction costs shown separately on the Income Statement comprise of fees and agent charges by the custodian or any sub-custodian.

38

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

2.

PRINCIPAL ACCOUNTING POLICIES (continued)

Financial assets and financial liabilities at fair value through profit or loss (continued) (c)

Measurement (continued)

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

39

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

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. It has also entered into a Marketing and Distribution Agreement with Canaccord Genuity Limited. Mr John Renouf held 1,274.37 (2013: 1,234.94) shares in the CGWM Total Return Bond Fund at the year end date. Brian McDermott is a Partner in A&L Goodbody, who are the Irish Legal Advisers of the Company. Fees of EUR46,497 (2013: EUR78,668) were paid to A&L Goodbody during the year. Brian McDermott is also a Director of A&L Listing, the Sponsoring Broker to the Company. Fees of EUR2,460 (2013: EUR2,460) were paid to A&L Listing during the year. All fees received by the Investment Managers are disclosed separately in the Income Statement on pages 28 and 29. The amounts due to the Investment Managers are disclosed on the face of the Balance Sheet and the rate of Investment Management fee is disclosed in Note 11.

4.

CASH DEPOSITS

At 31 December 2014, the Company held cash of GBP27,546,939 (2013: GBP24,030,412) with Northern Trust Company, London Branch (NTC) and GBP102,703 (2013: GBP125,370) with ADM Investor Services International Limited (Broker). NTC is a wholly owned subsidiary of Northern Trust Corporation. As at 31 December 2014, Northern Trust Corporation had a long term rating from Standard & Poor’s of A+ (2013: A+). ADM Investor Services International Limited has a credit rating of A from Standard and Poors (2013: A).

5.

SHARE CAPITAL

The authorised share capital of the Company is 500,000,000,000 shares of no par value initially designated as unclassified shares available for issue as shares; the issued subscriber share capital of the Company is GBP7 represented by 7 subscriber shares (issued for the purposes of the incorporation of the Company). One share is held by Canaccord Genuity Wealth (International) Limited and the other 6 are held by Forest Nominees Limited. At the discretion of the Directors, the subscriber shares may be repurchased at their issue price.

Opening shares in issue Subscriptions during the year Redemptions during the year Closing shares in issue

CGWM Total Return Bond Fund A Shares GBP Shares GBP Shares 2014 2013 86,716 179,736 547 17,196 (33,912) (110,216) 53,351 86,716

CGWM Select Income Fund B Shares GBP Shares GBP Shares 2014 2013 9,662,409 7,683,796 3,374,937 3,824,652 (1,956,127) (1,846,039) 11,081,219 9,662,409

Opening shares in issue Subscriptions during the year Redemptions during the year Closing shares in issue

CGWM Select Diversity Fund B Shares GBP Shares GBP Shares 2014 2013 49,451,845 54,533,786 9,568,306 7,685,581 (8,093,820) (12,767,522) 50,926,331 49,451,845

CGWM Select Affinity Fund B Shares GBP Shares GBP Shares 2014 2013 30,939,698 34,601,199 3,858,123 2,443,411 (3,943,651) (6,104,912) 30,854,170 30,939,698

Opening shares in issue Subscriptions during the year Redemptions during the year Closing shares in issue

CGWM Select Global Diversity Fund CGWM Select Global Diversity Fund B Shares B Shares USD Shares USD Shares SGD Hedged Shares SGD Hedged Shares 2014 2013 2014 2013 15,615,891 13,587,418 176,333 19,580 9,565,084 8,019,080 446,679 254,519 (3,586,615) (5,990,607) (113,727) (97,766) 21,594,360 15,615,891 509,285 176,333

40

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

5.

SHARE CAPITAL (continued)

The movement in the number of redeemable participating shares was as follows:

CGWM Select Global Affinity Fund B Shares USD Shares USD Shares 2014 2013 9,797,618 10,742,781 2,923,483 1,045,381 (1,304,188) (1,990,544) 11,416,913 9,797,618

Opening shares in issue Subscriptions during the year Redemptions during the year Closing shares in issue

CGWM Select Global Diversity Fund T Shares GBP Hedged Shares GBP Hedged Shares 2014 2013 198,384 198,384 -

Opening shares in issue Subscriptions during the year Redemptions during the year Closing shares in issue

CGWM Select Global Affinity Fund CGWM Select Global Affinity Fund T Shares B Shares SGD Hedged Shares SGD Hedged Shares GBP Hedged Shares GBP Hedged Shares 2014 2013 2014 2013 40,424 13,658 44,299 26,766 133,618 (10,968) 73,755 40,424 133,618 -

Opening shares in issue Subscriptions during the year Redemptions during the year Closing shares in issue

Opening shares in issue Subscriptions during the year Redemptions during the year Closing shares in issue

Opening shares in issue Subscriptions during the year Redemptions during the year Closing shares in issue

CGWM Select Opportunity Fund A Shares GBP Shares GBP Shares 2014 2013 21,318,347 26,105,497 5,862,629 4,893,542 (2,594,005) (9,680,692) 24,586,971 21,318,347

CGWM Select Global Opportunity Fund A Shares USD Shares USD Shares 2014 2013 69,170,786 57,147,267 31,432,498 14,064,979 (4,840,404) (2,041,460) 95,762,880 69,170,786

CGWM Select Global Opportunity Fund CGWM Select Global Opportunity Fund B Shares T Shares SGD Hedged Shares SGD Hedged Shares GBP Hedged Shares GBP Hedged Shares 2014 2013 2014 2013 5,656,937 2,613,634 3,260,025 3,641,101 19,231 (640,884) (597,798) 8,276,078 5,656,937 19,231 CGWM REMAP 4 Fund D Shares GBP Shares GBP Shares 2014 2013 9,771,933 842,400 13,642,568 9,522,844 (2,615,623) (593,311) 20,798,878 9,771,933

41

CGWM REMAP 4(i) Fund D Shares GBP Shares GBP Shares 2014 2013 1,585,807 179,500 1,606,374 1,682,872 (315,870) (276,565) 2,876,311 1,585,807

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

5.

SHARE CAPITAL (continued)

Opening shares in issue Subscriptions during the year Redemptions during the year Closing shares in issue

Opening shares in issue Subscriptions during the year Redemptions during the year Closing shares in issue

6.

CGWM REMAP 5 Fund D Shares GBP Shares GBP Shares 2014 2013 9,127,075 235,750 4,463,400 10,291,931 (1,358,558) (1,400,606) 12,231,917 9,127,075

CGWM Bond Fund A Shares GBP Shares GBP Shares 2014 2013 564,889 (140,876) 424,013 -

CGWM Bond Fund A Shares USD Hedged Shares USD Hedged Shares 2014 2013 6,508 6,508 -

FINANCIAL RISK MANAGEMENT

Global Exposure For the CGWM Total Return Bond Fund and the CGWM Bond Fund, the method used to calculate global exposure is the commitment approach. For all other Funds, with the exception of immaterial foreign currency exchange contracts, no financial derivative instruments are used and therefore there is no global exposure to note. Strategy in Using Financial Instruments The Funds are indirectly exposed to the inherent risks by virtue of the Funds investments in underlying collective investment schemes. The Funds are exposed to a variety of financial risks in pursuing their stated investment objective and policy. These risks include market risk (which in turn includes but not limited to, currency risk, interest rate risk and price risk), credit risk and liquidity risk. The Funds take exposure to a certain amount of these risks to generate investment returns on a portfolio, although these risks can also potentially result in a reduction in a Fund’s net assets. Each Investment Manager uses their best endeavours to minimise the potentially adverse effects of these risks to a Fund’s performance where they can do so while still managing the investments of each Fund in a way that is consistent with each Fund’s investment objective and policy. The risks, and the measures adopted by the Funds for managing these risks, are detailed below. Market Price Risk Market price risk is defined in FRS 29 as the risk that the fair value of a financial instrument or its future cash flows will fluctuate because of changes in market prices. The values of certain securities held by the Funds are determined by market forces and there is accordingly a risk that market prices can change in a way that is adverse to a Fund’s performance. The Funds have adopted a number of investment restrictions which are set out in the prospectus which limit the exposure of the Fund to adverse changes in the price of any individual financial asset. In accordance with the Funds’ policies, the Investment Managers monitor the Funds’ positions on a daily basis and report regularly to the Board of Directors. For the purposes of valuing underlying collective investment schemes, the Funds do not independently calculate these prices but rely on third party pricing sources. The maximum risk arising from an investment in a financial instrument is determined by the fair value of the financial instruments, except for short positions in derivatives and securities where the loss may potentially be unlimited.

42

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Market Price Risk (continued) At 31 December 2014 the overall market exposures were as follows:

31 December 2014

Financial instruments designated at fair value through profit or loss Debt securities Futures Currency contracts Collective Investment Schemes Total

Financial instruments designated at fair value through profit or loss Debt securities Currency contracts Collective Investment Schemes Total

CGWM Total Return Bond Fund 2014 GBP 4,054,238 (58,600) (20,112) 3,975,526

CGWM Select Income Fund 2014 GBP 1,621,542 10,017,904 11,639,446

CGWM CGWM CGWM Select Select Select Global Diversity Affinity Diversity Fund Fund Fund 2014 2014 2014 GBP GBP USD 5,303,268 1,278,386 1,290,751 (3,487) 62,928,592 45,169,830 27,246,277 68,231,860 46,448,216 28,533,541

CGWM CGWM Select CGWM Select Global Select Global CGWM CGWM Affinity Opportunity Opportunity REMAP 4 REMAP 4(i) Fund Fund Fund Fund Fund 2014 2014 2014 2014 2014 USD GBP USD GBP GBP 334,175 3,056,597 (867) 83,245 459,822 15,136,714 38,984,084 163,165,065 16,158,357 2,817,117 15,470,022 39,067,329 163,624,887 19,214,954 2,817,117 CGWM

CGWM

REMAP 5 Fund

Bond Fund

2014 GBP

2014 GBP

Financial instruments designated at fair value through profit or loss Debt securities Currency contracts Collective Investment Schemes

11,028,294

29,566,909 (285,375) 12,718,123

Total

11,028,294

41,999,657

43

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Market Price Risk (continued) At 31 December 2013 the overall market exposures were as follows:

31 December 2013

Financial instruments designated at fair value through profit or loss Debt securities Futures Currency contracts Collective Investment Schemes Total

Financial instruments designated at fair value through profit or loss Debt securities Currency contracts Collective Investment Schemes Total

CGWM Total Return Bond Fund 2013 GBP 6,422,995 57,550 42,850 6,523,395

CGWM Select Income Fund 2013 GBP 1,509,932 8,752,831 10,262,763

CGWM Select Diversity Fund 2013 GBP 9,703,823 52,686,002 62,389,825

CGWM Select CGWM Global Select Affinity Opportunity Fund Fund 2013 2013 USD GBP 487,263 154 11,398,566 30,107,924 11,885,983 30,107,924

CGWM Select Global Opportunity Fund 2013 USD 32,436 111,521,903 111,554,339

CGWM Select Affinity Fund 2013 GBP 2,983,816 39,774,714 42,758,530

CGWM Select Global Diversity Fund 2013 USD 1,743,487 754 16,429,393 18,173,634

CGWM CGWM REMAP 4 REMAP 4(i) Fund Fund 2013 2013 GBP GBP 2,130,575 288,642 5,604,830 1,062,965 7,735,405 1,351,607

CGWM REMAP 5 Fund 2013 GBP

Financial instruments designated at fair value through profit or loss Debt securities Currency contracts Collective Investment Schemes

8,247,424

Total

8,247,424

At 31 December 2014, the Funds’ market price risk was affected by three main components: changes in market prices, interest rates and currency exchange rates. FRS 29 requires a sensitivity analysis showing how the net asset value of each Fund would be affected by changes in each of these factors. If the price of each of the Collective Investment Schemes to which the Funds have exposure at 31 December 2014 had increased or decreased by 1% with all other variables held constant, this would have increased or decreased net assets attributable to holders of redeemable participating shares and the change in net assets from operations for the year of the Funds by: CGWM CGWM CGWM CGWM CGWM CGWM Select Select CGWM Select Select Select Select Global Global Select Global Income Diversity Affinity Diversity Affinity Opportunity Opportunity Fund Fund Fund Fund Fund Fund Fund 2014 2014 2014 2014 2014 2014 2014 GBP GBP GBP USD USD GBP USD 31 December 2014

100,179 Effect of +1% change Effect of -1% change (100,179)

629,286 (629,286)

451,698 (451,698)

44

272,463 (272,463)

151,367 (151,367)

389,841 (389,841)

1,631,651 (1,631,651)

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Market Price Risk (continued)

CGWM CGWM REMAP 4 REMAP 4(i) Fund Fund 2014 2014

CGWM REMAP 5 Fund 2014

CGWM Bond Fund 2014

GBP

GBP

GBP

GBP

161,584 Effect of +1% change Effect of -1% change (161,584)

28,171 (28,171)

110,283 (110,283)

127,181 (127,181)

31 December 2014

If the price of each of the Collective Investment Schemes to which the Funds have exposure at 31 December 2013 had increased or decreased by 1% with all other variables held constant, this would have increased or decreased net assets attributable to holders of redeemable participating shares and the change in net assets from operations for the year of the Funds by: CGWM CGWM CGWM CGWM CGWM CGWM Select Select CGWM Select Select Select Select Global Global Select Global Income Diversity Affinity Diversity Affinity Opportunity Opportunity Fund Fund Fund Fund Fund Fund Fund 2013 2013 2013 2013 2013 2013 2013 GBP GBP GBP USD USD GBP USD 31 December 2013

Effect of +1% change Effect of -1% change

31 December 2013 Effect of +1% change Effect of -1% change

87,528 (87,528)

526,860 (526,860)

397,747 (397,747)

CGWM CGWM REMAP 4 REMAP 4(i)

CGWM REMAP 5

Fund 2013

Fund 2013

Fund 2013

GBP

GBP

GBP

56,048 (56,048)

10,630 (10,630)

82,474 (82,474)

164,294 (164,294)

113,986 (113,986)

301,079 (301,079)

1,115,219 (1,115,219)

The remaining Funds have no exposure to Collective Investment Schemes at 31 December 2014 and 2013. Currency Risk Currency risk is defined in FRS 29 as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Funds are exposed to currency risk as assets and liabilities of a Fund may be denominated in a currency other than the functional currency of the Fund. Monetary assets include cash with non-monetary assets being all remaining assets. The currency risk exposure of the Funds, net of hedging at 31 December 2014 and at 31 December 2013 is detailed in the table below. The CGWM Select Income Fund, CGWM REMAP 4 Fund, CGWM REMAP 4(i) Fund and the CGWM REMAP 5 Fund were not exposed to currency risk at 31 December 2014 and 31 December 2013.

CGWM Total Return Bond Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) 2014 2013 2014 2013 GBP GBP GBP GBP 239,164 250,182 US Dollar 216,004 9 Australian Dollar 2,164 210,599 Canadian Dollar 235,136 New Zealand Dollar 16,266 Euro

45

Total 2014 GBP 239,164 2,164 -

2013 GBP 250,182 216,013 210,599 235,136 16,266

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6. FINANCIAL RISK MANAGEMENT (continued) Currency Risk (continued)

CGWM Select Diversity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) 2014 2013 2014 2013

Total 2014

2013

GBP 1 -

GBP 7,984,216

GBP 1 973,154

Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) 2014 2013 2014 2013 GBP GBP GBP GBP 5,154,115 895,676 -

2014 GBP 5,154,115

GBP 7,984,216

Euro US Dollar

GBP 973,154

GBP -

CGWM Select Affinity Fund

US dollar

Total 2013 GBP 895,676

CGWM Select Global Diversity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) 2014 2013 2014 2013 USD USD USD USD British pound Euro Japanese yen Singapore Dollar

7,082,674 427,947 -

7,704,640 299,766 (2)

39,447 (1)

59,635 2 (1)

Total 2014 USD

2013 USD

7,122,121 427,947 (1)

7,764,275 2 299,766 (3)

CGWM Select Global Affinity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities)

British pound Japanese yen

Total

2014 USD

2013 USD

2014 USD

2013 USD

2014 USD

2013 USD

4,979,390 191,980

6,166,220 168,728

26,234 -

36,107 -

5,005,624 191,980

6,202,327 168,728

CGWM Select Opportunity Fund

Euro US Dollar

Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) 2014 2013 2014 2013 2014 GBP GBP GBP GBP GBP (4,116,263) - (4,116,263) 4,390,199 644,326 (75,763) 1,273 4,314,436

Total 2013 GBP 645,599

CGWM Select Global Opportunity Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) 2014 2013 2014 2013 2014 USD USD USD USD USD (16,948,055) - (16,948,055) Euro 78,226,562 49,532,822 255,343 540,434 78,481,905 British pound (35) (86) (112) (86) Singapore Dollar

46

Total 2013 USD 50,073,256 (147)

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Currency Risk (continued)

CGWM REMAP 4 Fund

US Dollar

Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) 2014 2013 2014 2013 GBP GBP GBP GBP 1,910,857 -

Total 2014 GBP 1,910,857

2013 GBP -

CGWM REMAP 5 Fund

US Dollar

Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) 2014 2013 2014 2013 GBP GBP GBP GBP 1,099,922 -

Total 2014 GBP 1,099,922

2013 GBP -

CGWM Bond Fund Non-Monetary Assets/(Liabilities) Non-Monetary Assets/(Liabilities) 2014 2013 2014 2013 GBP GBP GBP GBP 621 356 Euro (361,494) US Dollar 2,772,421 Chinese Yuan

Total 2014 GBP 977 (361,494) 2,772,421

2013 GBP -

The fluctuations in the rate of exchange between the currency in which the asset or liability is denominated and the functional currency could result in an appreciation or depreciation in the fair value of that asset. The Investment Managers may attempt to mitigate this risk by using financial derivative instruments. In accordance with the Funds’ policy, the Investment Managers monitor currency exposures and report regularly to the Board of Directors. If the exchange rate of each of the currencies to which the Funds had exposure at 31 December 2014 and at 31 December 2013 had increased by 1% with all other variables held constant, this would have increased net assets attributable to holders of redeemable shares as follows:

CGWM Total Return Bond Fund

Net Assets GBP

US Dollar

Effect of 1% change

Net Assets GBP

Effect of 1% change

2014

GBP

2013

GBP

239,164

2,392

250,182

2,502

Australian Dollar

-

-

216,013

2,160

Canadian Dollar

2,164

22

210,599

2,106

New Zealand Dollar Euro

CGWM Select Diversity Fund

Euro US Dollar

CGWM Select Affinity Fund

US Dollar

241,328 Net Assets GBP 2014 7,984,216 7,984,216

235,136 2,351 16,266 163 2,414 928,196 9,282 Effect of Net Assets Effect of 1% change GBP 1% change GBP 2013 GBP 1 79,842 973,154 9,732 79,842 973,155 9,732

Net Assets GBP 2014 5,154,115 5,154,115

Effect of Net Assets 1% change GBP GBP 2013 51,541 895,676 51,541 895,676

47

Effect of 1% change GBP 8,957 8,957

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Currency Risk (continued)

CGWM Select Global Diversity Fund British Pound Euro Japanese yen Singapore Dollar

CGWM Select Global Affinity Fund British Pound Japanese yen

CGWM Select Opportunity Fund Euro US Dollar

CGWM Select Global Opportunity Fund Euro British pound Singapore Dollar

CGWM REMAP 4 Fund US Dollar

CGWM REMAP 5 Fund US Dollar

CGWM Bond Fund Euro US Dollar Chinese Yuan

Net Assets USD

Effect of 1% change

Net Assets USD

Effect of 1% change

2014 7,122,121 427,947 (1) 7,550,067

USD 71,221 4,279 75,500

2013 7,764,275 2 299,766 (3) 8,064,040

USD 77,643 2,998 80,641

Net Assets USD 2014 5,005,624 191,980 5,197,604

Effect of Net Assets 1% change USD USD 2013 50,056 6,202,327 1,920 168,728 51,976 6,371,055

Effect of 1% change USD 62,023 1,687 63,710

Net Assets GBP

Effect of 1% change

Net Assets GBP

Effect of 1% change

2014 (4,116,263) 4,314,436 198,173

GBP (41,163) 43,144 1,982

2013 645,599 645,599

GBP 6,456 6,456

Net Assets USD 2014 (16,948,055) 78,481,905 (86) 61,533,764

Effect of Net Assets 1% change USD USD 2013 (169,481) 784,819 50,073,256 (1) (147) 615,337 50,073,109

Effect of 1% change USD 500,733 (1) 500,732

Net Assets USD 2014

Effect of Net Assets 1% change USD USD 2013

Effect of 1% change USD

1,910,857 1,910,857

19,109 19,109

-

-

Net Assets GBP 2014 1,099,922 1,099,922

Effect of 1% change GBP 10,999 10,999

Net Assets GBP 2013 -

Effect of 1% change GBP -

Net Assets GBP 2014 977 (361,494) 2,772,421 2,411,904

Effect of 1% change GBP 10 (3,615) 27,724 24,119

Net Assets GBP 2013 -

Effect of 1% change GBP -

A decrease in exchange rates by 1% would have an equal but opposite effect.

48

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Interest Rate Risk All of the Funds have interest-bearing financial assets and liabilities. As a result, they are subject to the risk of potentially adverse movements in the prevailing levels of market interest rates. The Investment Managers may from time to time enter into contracts on behalf of the Funds that seek to mitigate the effects of these movements. In accordance with the Funds’ policy, the Investment Managers monitor the Funds’ interest rate exposures on a daily basis and reports regularly to the Board of Directors. As at 31 December 2014 CGWM Total Return Bond Fund As at 31 December 2014 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

Less than 1 month 1 month -1 year GBP GBP 169,789 169,789 -

Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets CGWM Select Income Fund As at 31 December 2014 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

More than Non-interest 1 year bearing GBP GBP 4,054,238 8,735 77,500 4,054,238 86,235

Total GBP 4,062,973 77,500 169,789 4,310,262

-

-

-

(87,447) (9,043)

(87,447) (9,043)

-

-

-

(96,490)

(96,490)

169,789

-

4,054,238

(10,255)

4,213,772

More than Non-interest 1 year bearing GBP GBP 1,621,542 10,017,904 193,160 1,621,542 10,211,064

Total GBP 11,639,446 193,160 1,153,191 12,985,797

Less than 1 month 1 month -1 year GBP GBP 1,153,191 1,153,191 -

Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders)

-

-

-

(28,002)

(28,002)

-

-

-

(28,002)

(28,002)

Net Assets

1,153,191

-

1,621,542

10,183,062

12,957,795

CGWM Select Diversity Fund As at 31 December 2014 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

Less than 1 month 1 month -1 year GBP GBP 2,254,248 2,254,248 -

More than Non-interest 1 year bearing GBP GBP 5,303,268 62,928,592 409,175 5,303,268 63,337,767

Total GBP 68,231,860 409,175 2,254,248 70,895,283

Liabilities -

-

-

(311,266)

(311,266)

-

-

-

(311,266)

(311,266)

2,254,248

-

5,303,268

63,026,501

70,584,017

Financial assets at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets

49

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Interest Rate Risk (continued) CGWM Select Affinity Fund As at 31 December 2014 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

Less than 1 month 1 month -1 year GBP GBP 364,699 364,699 -

Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets CGWM Select Global Diversity Fund As at 31 December 2014 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

More than Non-interest 1 year bearing GBP GBP 1,278,386 45,169,830 108,419 1,278,386 45,278,249

Total GBP 46,448,216 108,419 364,699 46,921,334

-

-

-

(137,032)

(137,032)

-

-

-

(137,032)

(137,032)

364,699

-

1,278,386

45,141,217

46,784,302

More than Non-interest 1 year bearing USD USD 1,290,751 27,246,365 165,581 1,290,751 27,411,946

Total USD 28,537,116 165,581 1,160,347 29,863,044

Less than 1 month 1 month -1 year USD USD 1,160,347 1,160,347 -

Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders)

-

-

-

(3,575) (341,800)

(3,575) (341,800)

-

-

-

(345,375)

(345,375)

Net Assets

1,160,347

-

1,290,751

27,066,571

29,517,669

CGWM Select Global Affinity Fund As at 31 December 2014 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

Less than 1 month 1 month -1 year USD USD 645,499 645,499 -

More than Non-interest 1 year bearing USD USD 334,175 15,136,714 21,321 334,175 15,158,035

Total USD 15,470,889 21,321 645,499 16,137,709

Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets

-

-

-

(867) (163,417)

(867) (163,417)

-

-

-

(164,284)

(164,284)

645,499

-

334,175

14,993,751

15,973,425

50

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Interest Rate Risk (continued) CGWM Select Opportunity Fund As at 31 December 2014 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

Less than 1 month 1 month -1 year GBP GBP 4,504,107 4,504,107 -

More than Non-interest 1 year bearing GBP GBP 39,067,329 197,076 39,264,405

Total GBP 39,067,329 197,076 4,504,107 43,768,512

Liabilities Financial Liabilities at fair value through profit or loss

-

-

-

-

-

Other payables and accrued expenses

-

-

-

(94,901)

(94,901)

-

-

-

(94,901)

(94,901)

4,504,107

-

-

39,169,504

43,673,611

More than Non-interest 1 year bearing USD USD - 163,686,431 2,147,147 - 165,833,578

Total USD 163,686,431 2,147,147 17,467,888 183,301,466

Total Liabilities (excluding net assets attributable to Shareholders) Net Assets CGWM Select Global Opportunity Fund As at 31 December 2014 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

Less than 1 month 1 month -1 year USD USD 17,467,888 17,467,888 -

Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets CGWM REMAP 4 Fund As at 31 December 2014 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

-

-

-

(61,544) (366,364)

(61,544) (366,364)

-

-

-

(427,908)

(427,908)

17,467,888

-

-

165,405,670

182,873,558

More than Non-interest 1 year bearing GBP GBP 3,056,597 16,158,357 179,563 3,056,597 16,337,920

Total GBP 19,214,954 179,563 3,292,139 22,686,656

Less than 1 month 1 month -1 year GBP GBP 3,292,139 3,292,139 -

Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets

-

-

-

(31,939)

(31,939)

-

-

-

(31,939)

(31,939)

3,292,139

-

3,056,597

16,305,981

22,654,717

51

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Interest Rate Risk (continued) CGWM REMAP 4(i) Fund As at 31 December 2014 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

Less than 1 month 1 month -1 year GBP GBP 167,268 167,268 -

Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets CGWM REMAP 5 Fund As at 31 December 2014 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

More than Non-interest 1 year bearing GBP GBP 2,817,117 12,442 2,829,559

Total GBP 2,817,117 12,442 167,268 2,996,827

-

-

-

(5,658)

(5,658)

-

-

-

(5,658)

(5,658)

167,268

-

-

2,823,901

2,991,169

More than Non-interest 1 year bearing GBP GBP 11,028,294 22,007 11,050,301

Total GBP 11,028,294 22,007 2,379,683 13,429,984

Less than 1 month 1 month -1 year GBP GBP 2,379,683 2,379,683 -

Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders)

-

-

-

(63,336)

(63,336)

-

-

-

(63,336)

(63,336)

Net Assets

2,379,683

-

-

10,986,965

13,366,648

CGWM Bond Fund As at 31 December 2014 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

Less than 1 month 1 month -1 year GBP GBP 1,003,617 1,003,617 -

More than Non-interest 1 year bearing GBP GBP 29,566,909 12,989,644 849,858 29,566,909 13,839,502

Total GBP 42,556,553 849,858 1,003,617 44,410,028

Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets

-

-

-

(556,896) (55,231)

(556,896) (55,231)

-

-

-

(612,127)

(612,127)

1,003,617

-

29,566,909

13,227,375

43,797,901

52

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Interest Rate Risk (continued) As at 31 December 2013 CGWM Total Return Bond Fund As at 31 December 2013 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

Less than 1 month GBP 423,988 423,988

1 month -1 year GBP -

-

-

-

(11,259) (126,922)

(11,259) (126,922)

-

-

-

(138,181)

(138,181)

423,988

-

6,422,995

112,016

6,958,999

Less than 1 month GBP 852,620 852,620

1 month -1 year GBP -

More than Non-interest 1 year bearing GBP GBP 1,509,932 8,752,831 265,122 1,509,932 9,017,953

Total GBP 10,262,763 265,122 852,620 11,380,505

-

-

-

(260,984)

(260,984)

-

-

-

(260,984)

(260,984)

852,620

-

1,509,932

8,756,969

11,119,521

Less than 1 month GBP 2,956,628 2,956,628

1 month -1 year GBP -

More than Non-interest 1 year bearing GBP GBP 9,703,823 52,686,002 462,441 9,703,823 53,148,443

Total GBP 62,389,825 462,441 2,956,628 65,808,894

-

-

-

(427,265)

(427,265)

-

-

-

(427,265)

(427,265)

2,956,628

-

9,703,823

52,721,178

65,381,629

Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets CGWM Select Income Fund As at 31 December 2013 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets CGWM Select Diversity Fund As at 31 December 2013 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets

53

More than Non-interest 1 year bearing GBP GBP 6,422,995 111,659 138,538 6,422,995 250,197

Total GBP 6,534,654 138,538 423,988 7,097,180

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Interest Rate Risk (continued) Less than 1 month GBP 2,073,317 2,073,317

1 month -1 year GBP -

-

-

-

(581,881)

(581,881)

-

-

-

(581,881)

(581,881)

Net Assets

2,073,317

-

2,983,816

39,241,081

44,298,214

CGWM Select Global Diversity Fund As at 31 December 2013 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

Less than 1 month USD 1,939,622 1,939,622

1 month -1 year USD -

More than Non-interest 1 year bearing USD USD 1,743,487 16,430,147 70,307 1,743,487 16,500,454

Total USD 18,173,634 70,307 1,939,622 20,183,563

-

-

-

(144,678)

(144,678)

-

-

-

(144,678)

(144,678)

Net Assets

1,939,622

-

1,743,487

16,355,776

20,038,885

CGWM Select Global Affinity Fund As at 31 December 2013 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

Less than 1 month USD 923,150 923,150

1 month -1 year USD -

More than Non-interest 1 year bearing USD USD 487,263 11,398,720 128,875 487,263 11,527,595

Total USD 11,885,983 128,875 923,150 12,938,008

-

-

-

(38,651)

(38,651)

-

-

-

(38,651)

(38,651)

923,150

-

487,263

11,488,944

12,899,357

CGWM Select Affinity Fund As at 31 December 2013 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders)

Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders)

Liabilities Financial assets at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets

54

More than Non-interest 1 year bearing GBP GBP 2,983,816 39,774,714 48,248 2,983,816 39,822,962

Total GBP 42,758,530 48,248 2,073,317 44,880,095

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Interest Rate Risk (continued) Less than 1 month GBP 4,338,315 4,338,315

1 month -1 year GBP -

Financial Liabilities at fair value through profit or loss

-

-

-

-

-

Other payables and accrued expenses

-

-

-

(509,801)

(509,801)

-

-

-

(509,801)

(509,801)

4,338,315

-

-

30,523,506

34,861,821

Less than 1 month USD 16,850,210 16,850,210

1 month -1 year USD -

More than Non-interest 1 year bearing USD USD - 111,554,950 719,028 - 112,273,978

Total USD 111,554,950 719,028 16,850,210 129,124,188

-

-

-

(611) (2,619,851)

(611) (2,619,851)

-

-

-

(2,620,462)

(2,620,462)

16,850,210

-

-

109,653,516

126,503,726

Less than 1 month GBP 518,120 518,120

1 month -1 year GBP -

More than Non-interest 1 year bearing GBP GBP 2,130,575 5,604,830 1,835,667 2,130,575 7,440,497

Total GBP 7,735,405 1,835,667 518,120 10,089,192

-

-

-

(73,733)

(73,733)

-

-

-

(73,733)

(73,733)

518,120

-

2,130,575

7,366,764

10,015,459

CGWM Select Opportunity Fund As at 31 December 2013 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

More than Non-interest 1 year bearing GBP GBP 30,107,924 925,383 31,033,307

Total GBP 30,107,924 925,383 4,338,315 35,371,622

Liabilities

Total Liabilities (excluding net assets attributable to Shareholders) Net Assets CGWM Select Global Opportunity Fund As at 31 December 2013 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets CGWM REMAP 4 Fund As at 31 December 2013 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets

55

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Interest Rate Risk (continued) CGWM REMAP 4(i) Fund As at 31 December 2013 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets

Less than 1 month GBP 135,687 135,687

1 month -1 year GBP -

-

-

-

(5,351)

(5,351)

-

-

-

(5,351)

(5,351)

135,687

-

288,642

1,150,123

1,574,452

Less than 1 month GBP 954,929 954,929

1 month -1 year GBP -

More than Non-interest 1 year bearing GBP GBP 8,247,424 157,281 8,404,705

Total GBP 8,247,424 157,281 954,929 9,359,634

-

-

-

(20,995)

(20,995)

-

-

-

(20,995)

(20,995)

954,929

-

-

8,383,710

9,338,639

Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets CGWM REMAP 5 Fund As at 31 December 2013 Assets Financial assets at fair value through profit or loss Other receivables and prepayments Cash at bank Total Assets Liabilities Financial Liabilities at fair value through profit or loss Other payables and accrued expenses Total Liabilities (excluding net assets attributable to Shareholders) Net Assets

More than Non-interest 1 year bearing GBP GBP 288,642 1,062,965 92,509 288,642 1,155,474

Total GBP 1,351,607 92,509 135,687 1,579,803

At 31 December 2014 and 31 December 2013, should market interest rates across all currencies and all maturities have increased/decreased by 1%, with all other variables held constant, this would have increased/decreased net assets attributable to holders of redeemable shares of the Fund as follows:

CGWM Total Return Bond Fund CGWM Select Income Fund CGWM Select Diversity Fund CGWM Select Affinity Fund CGWM Select Global Diversity Fund CGWM Select Global Affinity Fund CGWM Select Opportunity Fund CGWM Select Global Opportunity Fund CGWM REMAP 4 Fund CGWM REMAP 4(i) Fund CGWM REMAP 5 Fund CGWM Bond Fund

2014 +1% 42,240 27,747 75,575 16,431 24,511 9,797 45,041 174,679 63,487 1,673 23,797 305,705

GBP GBP GBP GBP USD USD GBP USD GBP GBP GBP GBP

56

2014 -1% (42,240) (27,747) (75,575) (16,431) (24,511) (9,797) (45,041) (174,679) (63,487) (1,673) (23,797) (305,705)

2013 +1% 68,470 23,626 126,605 50,571 36,831 14,104 43,383 168,502 26,487 4,243 9,549 -

2013 -1% (68,470) (23,626) (126,605) (50,571) (36,831) (14,104) (43,383) (168,502) (26,487) (4,243) (9,549) -

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

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

57

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Credit Risk, Custody and Title Risk (continued) The Custodian is under a duty to take into custody and to hold the property of each sub-fund of the Company on behalf of its shareholders. The Central Bank of Ireland requires the Custodian to hold legally separate the non-cash assets of each sub-fund and to maintain sufficient records to clearly identify the nature and amount of all assets that it holds, the ownership of each asset and where the documents of title to such assets are physically located. When the Custodian employs a sub-custodian the Custodian retains responsibility for the assets of the sub-fund. However, it should be noted that not all jurisdictions have the same rules and regulations as Ireland regarding the custody of assets and the recognition of the interests of a beneficial owner such as a sub-fund. Therefore, in such jurisdictions, there is a risk that if a sub-custodian becomes bankrupt or insolvent, the sub-fund’s beneficial ownership of the assets held by such sub-custodian may not be recognised and consequently the creditors of the sub-custodian may seek to have recourse to the assets of the sub-fund. In those jurisdictions where the sub-fund’s beneficial ownership of its assets is ultimately recognised, the sub-fund may suffer delay and cost in recovering those assets. The Funds may invest in markets where custodial and/or settlement systems are not fully developed, the assets of a Fund which are traded in such markets and which have been entrusted to sub-custodians, in circumstances where the use of such sub-custodians is necessary, may be exposed to risk in circumstances whereby the Custodian will have no liability. In accordance with the Funds’ policy, the Investment Managers monitor the Funds’ credit exposures and reports regularly to the Board of Directors. At 31 December 2014 and 31 December 2013, the Funds’ exposure to credit risk was as follows:

CGWM Total Return Bond Fund Financial assets neither past due nor impaired By rating category AAA/AAA AA/AA AA+ A+ A ABBB+ Unrated

As at 31 December 2014 GBP

As at 31 December 2013 GBP

1,559,065 350,625 994,237 615,499 221,909 312,903 4,054,238

2,225,203 603,334 1,923,723 573,351 201,642 895,742 6,422,995

As at 31 December 2014

As at 31 December 2013

GBP

GBP

1,407,683 213,859 1,621,542

1,290,636 219,296 1,509,932

As at 31 December 2014 GBP

As at 31 December 2013 GBP

5,303,268 5,303,268

9,703,823 9,703,823

As at 31 December 2014 GBP

As at 31 December 2013 GBP

1,278,386

2,983,816

1,278,386

2,983,816

CGWM Select Income Fund Financial assets neither past due nor impaired By rating category AAA A CGWM Select Diversity Fund Financial assets neither past due nor impaired By rating category AAA/AAA CGWM Select Affinity Fund Financial assets neither past due nor impaired By rating category AAA/AAA

58

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

6.

FINANCIAL RISK MANAGEMENT (continued)

Credit Risk, Custody and Title Risk (continued)

CGWM Select Global Diversity Fund Financial assets neither past due nor impaired By rating category AAA/AAA AA+

As at 31 December 2014 USD

As at 31 December 2013 USD

1,290,751

1,743,487 -

1,290,751

1,743,487

As at 31 December 2014 USD

As at 31 December 2013 USD

334,175 334,175

487,263 487,263

As at 31 December 2014 GBP

As at 31 December 2013 GBP

3,056,597 3,056,597

2,130,575 2,130,575

As at 31 December 2014 GBP

As at 31 December 2013 GBP

-

288,642 288,642

As at 31 December 2014 GBP

As at 31 December 2013 GBP

4,258,630 2,981,798 2,084,625

-

3,013,400 3,692,093 929,345 3,647,466 8,959,552 29,566,909

-

CGWM Select Global Affinity Fund Financial assets neither past due nor impaired By rating category AAA/AAA AA+ CGWM REMAP 4 Fund Financial assets neither past due nor impaired By rating category AAA/AAA A+ CGWM REMAP 4(i) Fund Financial assets neither past due nor impaired By rating category AAA/AAA A+ CGWM Bond Fund Financial assets neither past due nor impaired By rating category AAA/AAA AA+ AA AAA ABBB+ Unrated Liquidity Risk Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities as they fall due. The Funds are exposed to daily cash redemptions of redeemable shares. The Funds invest the majority of their assets in securities and other instruments that are traded on an active market and which are considered to be liquid as they can be readily disposed of in the event that cash needs to be raised to meet redemptions or to pay expenses. In accordance with the Funds’ policy, the Investment Managers monitor liquidity on a daily basis and report regularly to the Board of Directors. At 31 December 2014 and 31 December 2013, the Company’s financial liabilities were all due within one month.

59

NOTES TO THE FINANCIAL STATEMENTS (continued) FINANCIAL RISK MANAGEMENT (continued)

For the year ended 31 December 2014

6. Fair Value Measurement Risk

Total

GBP 4,054,238 1,621,542 5,303,268 1,278,386 3,056,597 29,566,909

Bonds

USD 22,267,691 13,548,413 147,831,199

GBP 10,017,904 57,553,994 41,167,941 35,368,147 13,216,737 1,797,235 8,039,964 12,718,123

Collective Investment Schemes

USD (3,487) (867) 459,822

(285,375)

Forward Currency Contracts

USD -

GBP (58,600) -

Futures

USD 23,554,955 13,881,721 148,291,021

GBP 3,975,526 11,639,446 62,857,262 42,446,327 35,451,392 16,273,334 1,797,235 8,039,964 41,999,657

Total

USD -

GBP -

Level III

USD 28,533,541 15,470,022 163,624,887

GBP 3,975,526 11,639,446 68,231,860 46,448,216 39,067,329 19,214,954 2,817,117 11,028,294 41,999,657

Total Level II

Collective Investment Schemes GBP 5,374,598 4,001,889 3,615,937 2,941,620 1,019,882 2,988,330 -

USD 1,290,751 334,175 -

Level I

GBP 5,374,598 4,001,889 3,615,937 2,941,620 1,019,882 2,988,330 -

USD 4,978,586 1,588,301 15,333,866

GBP (20,112) 83,245

USD 4,978,586 1,588,301 15,333,866

The following is a summary of the inputs used to value each of the Fund’s financial assets and liabilities carried at fair value as at 31 December 2014:

Fund name CGWM Total Return Bond Fund CGWM Select Income Fund CGWM Select Diversity Fund CGWM Select Affinity Fund CGWM Select Opportunity Fund CGWM REMAP 4 Fund CGWM REMAP 4(i) Fund CGWM REMAP 5 Fund CGWM Bond Fund

CGWM Select Global Diversity Fund CGWM Select Global Affinity Fund CGWM Select Global Opportunity Fund

The valuation polices for the above categories are outlined in note 2. There were no significant transfers between Level I, Level II and Level III during the year.

60

FINANCIAL RISK MANAGEMENT (continued)

GBP 3,390,750 1,206,069 148,871 2,104,546 USD 2,081,229 984,658 12,190,522

GBP 3,390,750 1,206,069 148,871 2,104,546 USD 2,081,229 984,658 12,190,522

Total

61

USD 1,743,487 487,263 -

GBP 6,422,995 1,509,932 9,703,823 2,983,816 2,130,575 288,642 -

Bonds

The valuation polices for the above categories are outlined in note 2. There were no significant transfers between Level I, Level II and Level III during the year.

CGWM Select Global Diversity Fund CGWM Select Global Affinity Fund CGWM Select Global Opportunity Fund

Fund name CGWM Total Return Bond Fund CGWM Select Income Fund CGWM Select Diversity Fund CGWM Select Affinity Fund CGWM Select Opportunity Fund CGWM REMAP 4 Fund CGWM REMAP 4(i) Fund CGWM REMAP 5 Fund

Collective Investment Schemes

Level I

USD 14,348,164 10,413,908 99,331,381

GBP 8,752,831 52,686,002 39,774,714 26,717,174 4,398,761 914,094 6,142,878 USD 754 154 32,436

GBP 42,850 -

Collective Forward Investment Currency Schemes Contracts

Level II

USD -

GBP 57,550 -

Futures

USD 16,092,405 10,901,325 99,363,817

GBP 6,523,395 10,262,763 62,389,825 42,758,530 26,717,174 6,529,336 1,202,736 6,142,878

Total

The following is a summary of the inputs used to value each of the Fund’s financial assets and liabilities carried at fair value as at 31 December 2013:

Fair Value Measurement Risk (continued)

6.

For the year ended 31 December 2014

NOTES TO THE FINANCIAL STATEMENTS (continued)

USD -

GBP -

Level III

USD 18,173,634 11,885,983 111,554,339

GBP 6,523,395 10,262,763 62,389,825 42,758,530 30,107,924 7,735,405 1,351,607 8,247,424

Total

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

7.

EXCHANGE RATES

The 31 December 2014 year end exchange rates were as follows:

Canadian dollar Euro Japanese yen Norwegian krone Swedish krona Swiss franc US dollar Sterling Singapore dollar

Exchange Rate to GBP 1.8060 1.2886 186.9463 11.6906 12.2062 1.5493 1.5592 2.0662

Exchange Rate to USD 1.1583 0.8264 119.8950 7.4976 7.8283 0.9937 0.6413 1.3251

Exchange Rate to GBP 1.7598 1.2020 174.0802 10.0482 10.6374 1.4730 1.6562 2.0912

Exchange Rate to USD 1.0625 0.7257 105.1050 6.0669 6.4226 0.8894 0.6038 1.2626

The 31 December 2013 year end exchange rates were as follows:

Canadian dollar Euro Japanese yen Norwegian krone Swedish krona Swiss franc US dollar Sterling Singapore dollar

8.

SOFT COMMISSION

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

9.

TAXATION

The Company is not liable to tax in respect of its income and gains, other than on the occurrence of a chargeable event. A chargeable event includes any distribution or any redemption or transfer of share. A chargeable event does not include: (i) any transactions in relation to shares held in a recognised clearing system as designated by order of the Revenue Commissioners of Ireland; or (ii) an exchange of shares representing one Fund of the Company; or (iii) an exchange of shares arising on a qualifying amalgamation or reconstruction of the Company with another fund. A chargeable event will not occur in respect of shareholders who are neither resident nor ordinarily resident in Ireland and who provide the Company with a relevant declaration to that effect. In the absence of an appropriate declaration, the Company will be liable to Irish Tax on the occurrence of a chargeable event. Capital gains, dividends and interest received may be subject to withholding taxes imposed by the Country of Origin and such taxes may not be recoverable by the Company or its shareholders.

10.

EFFICIENT PORTFOLIO MANAGEMENT

The Company may, on behalf of certain Funds, employ investment techniques and Financial Derivative Instruments for efficient portfolio management purposes and for currency hedging purposes subject to the conditions and within the limits laid down by the Central Bank. The Company and its relevant Funds may only invest in Financial Derivative Instruments as described in the prospectus such as futures, put options, call options, interest rate futures and forward foreign currency contracts. The CGWM REMAP 4 Fund, CGWM REMAP 4(i) Fund and CGWM REMAP 5 Fund will not invest in financial derivative instruments.

62

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

10.

EFFICIENT PORTFOLIO MANAGEMENT (continued)

The CGWM Total Return Bond Fund uses futures predominantly to neutralise the Fund’s exposure to the market as a means of risk reduction and overall capital preservation. The counterparties used during the period included Northern Trust Company, London Branch (NTC) for over-thecounter derivatives and ADM Investor Services International Limited for exchange-traded derivatives. The realised and unrealised gains and losses arising during the period through the use of efficient portfolio management techniques are disclosed in the Income Statement. Open Financial Derivative Instrument contracts at the year end are disclosed in the Schedule of Investments, including the relevant Counterparty, the underlying securities, currencies or indices, and the market value or unrealised gain/loss on the contract at the year end.

11.

FEES AND OTHER EXPENSES

Investment Manager The Investment Managers are entitled to an investment management fee for the launched Share Classes as set out below. Investment Management fees are paid in the currency of the relevant Fund. Investment Share class Management Fee CGWM Total Return Bond Fund - A 0.75% CGWM Select Income Fund - B 1.50% CGWM Select Diversity Fund - B 1.50% CGWM Select Global Diversity Fund - B 1.50% CGWM Select Global Diversity Fund - B SGD Hedged 1.50% CGWM Select Global Diversity Fund - T GBP Hedged 1.50% CGWM Select Affinity Fund - B 1.50% CGWM Select Global Affinity Fund - B 1.50% CGWM Select Global Affinity Fund - B SGD Hedged 1.50% CGWM Select Global Affinity Fund - T GBP Hedged 1.50% CGWM Select Opportunity Fund - A 1.50% CGWM Select Global Opportunity Fund - A 1.50% CGWM Select Global Opportunity Fund - B SGD Hedged 1.50% CGWM Select Global Opportunity Fund - T GBP Hedged 1.50% CGWM REMAP 4 Fund - D 0.80% CGWM REMAP 4(i) Fund - D 0.80% CGWM REMAP 5 Fund - D 0.80% CGWM Bond Fund - A 0.50% CGWM Bond Fund - A USD Hedged 0.50% On CGWM REMAP 4 Fund, CGWM REMAP 4(i) Fund, CGWM REMAP 5 Fund, CGWM Total Return Bond Fund and the CGWM Bond Fund, the Investment Management fees are allocated to capital. The result of this allocation policy is that the capital growth of the Fund is less than if all Investment Management fees were charged to income. For accounting presentational purposes the total fee is charged to the Income Statement. On CGWM Select Income Fund, CGWM Select Diversity Fund and CGWM Select Global Diversity Fund, 50% of all ongoing Investment Management fees are allocated to capital. Performance Fee On CGWM Total Return Bond Fund, the Investment Manager is also entitled to a performance fee (the “Performance Fee”) equal to 20% in total of the amount by which the Fund produces a total net return of 2% per annum in excess of the 3 Month Sterling LIBOR subject to first having made good any negative performance which was made in previous periods. Any Performance Fee payable accrues on each Dealing Day and is payable to the Investment Manager after the end of each quarter. On CGWM Total Return Bond Fund, any Performance Fees are allocated to capital. For accounting presentational purposes, the total fee is charged to the Income Statement. The Directors consider that this allocation will enable the Fund to distribute income in line with shareholder’s expectations. No Performance Fees were accrued during the year.

63

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

11.

FEES AND OTHER EXPENSES (continued)

Custodian The Custodian fee payable on all Funds is 0.05% per annum of the Net Asset Value of the Fund, subject to a minimum annual fee of GBP84,000 in respect of the Company. The Custodian fee is accrued daily and is payable monthly in arrears. The Custodian also charges a transaction fee of GBP35, EUR50 or USD70 (in respect of the relevant base currency of each of the Funds) per investment transaction and each Fund bears the fees and expenses of the local custodian in each country in which it invests. Any sub-custody fees are at normal commercial rates. Auditor’s Remuneration The independent auditor, Deloitte & Touche, charged fees of EUR63,000 (2013: EUR57,750) (excluding VAT) in relation to the statutory audit of the Company. Other fees charged by Deloitte & Touche (excluding VAT) were as follows:

2014 EUR 3,800 750 4,550

Tax advisory services Other non-audit services Total

2013 EUR 4,900 900 5,800

Administrator The Administration fee payable on all Funds is 0.15% per annum of the Net Asset Value of each Fund, subject to a minimum annual fee of GBP324,000 in respect of the Company. Administration fees are accrued daily and paid monthly in arrears. In addition the Administrator shall be entitled to receive a fee of GBP10,000 per annum for the provision of Corporate Secretarial Services and GBP5,000 per annum for the provision of Money Laundering Reporting Officer Services. Transaction Costs Transaction costs incurred by the Funds for the year ended 31 December 2014 are shown separately on the Income Statement and for the year amounted to GBP72,431 (2013: GBP58,473). Directors Fee The total Directors fees payable in any one year will not exceed £100,000 or such higher amount agreed by the Shareholders. Directors fees charged for the year ended 31 December 2014 amounted to GBP79,808 (2013: GBP82,600).

12.

DISTRIBUTIONS

The following Share Classes paid a distribution during the year ended 31 December 2014:

No. of Shares

Rate per Share

Amount GBP

17/01/2014 22/07/2014

86,716 67,244

1.31564 1.23768

114,086 83,227 197,313

03/01/2014 02/04/2014 02/07/2014 02/10/2014

17/01/2014 25/04/2014 22/07/2014 21/10/2014

9,659,805 10,055,207 10,019,036 10,837,647

0.00864 0.00558 0.01378 0.0073

83,461 56,108 138,062 79,115 356,746

03/01/2014 02/07/2014

17/01/2014 22/07/2014

49,451,845 48,590,678

0.00461 0.00498

227,973 241,982 469,955

Fund

XD Date

CGWM Total Return Bond Fund A Shares

03/01/2014 02/07/2014

CGWM Select Income Fund B Shares

CGWM Select Diversity Fund B Shares

64

Date Paid

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

12.

DISTRIBUTIONS (continued) No. of Shares

Rate per Share

Amount GBP

17/01/2014 22/07/2014

9,771,933 21,303,228

0.00687 0.00521

67,133 110,990 178,123

03/01/2014 02/07/2014

17/01/2014 22/07/2014

1,585,807 2,284,882

0.00877 0.01043

13,908 23,831 37,739

CGWM REMAP 5 Fund D Shares

03/01/2014 02/07/2014

17/01/2014 22/07/2014

9,127,074 11,496,343

0.00916 0.00776

83,604 89,212 172,816

CGWM Bond Fund A Shares

02/04/2014 02/07/2014 02/10/2014

25/04/2014 22/07/2014 21/10/2014

367,294 432,570 417,497

0.51264 0.75822 0.71134

188,290 327,983 296,982 813,255

No. of Shares

Rate per Share

Amount GBP

Fund

XD Date

CGWM REMAP 4 Fund D Shares

03/01/2014 02/07/2014

CGWM REMAP 4(i) Fund D Shares

Date Paid

The following Share Classes paid a distribution during the year ended 31 December 2013:

Date Paid

Fund

XD Date

CGWM Total Return Bond Fund A Shares

03/01/2013 02/07/2013

18/01/2013 19/07/2013

178,649 158,764

1.88985 1.09892

337,620 174,469 512,089

CGWM Select Income Fund B Shares

03/01/2013 03/04/2013 02/07/2013 02/10/2013

18/01/2013 22/04/2013 19/07/2013 18/10/2013

7,683,796 8,328,767 8,573,669 9,563,885

0.00849 0.00518 0.00802 0.00766

65,236 43,143 68,761 73,259 250,399

CGWM Select Diversity Fund B Shares

03/01/2013 02/07/2013

18/01/2013 19/07/2013

54,513,071 52,893,822

0.00350 0.00224

190,796 118,482 309,278

CGWM REMAP 4 Fund D Shares

02/07/2013

19/07/2013

6,827,054

0.00254

17,341 17,341

CGWM REMAP 4(i) Fund D Shares

02/07/2013

19/07/2013

1,260,320

0.00373

4,701 4,701

CGWM REMAP 5 Fund D Shares

02/07/2013

19/07/2013

7,560,276

0.00282

21,320 21,320

Fund

XD Date

No. of Shares

Rate per Share

Amount USD

CGWM Select Global Diversity Fund B Shares

02/07/2013

13,709,152

0.00024

3,290 3,290

65

Date Paid 19/07/2013

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

13.

COMPARATIVE STATISTICS 31 Dec 2014

31 Dec 2013

31 Dec 2012

Net Asset Value CGWM Total Return Bond Fund A Shares

GBP

4,213,772

6,958,999

14,850,731

CGWM Select Income Fund B Shares

GBP

12,957,795

11,119,521

8,552,650

CGWM Select Diversity Fund B Shares

GBP

70,584,017

65,381,629

66,454,469

B Shares

GBP

46,784,302

44,298,214

43,446,296

CGWM Select Global Diversity Fund B Shares B Shares SGD Hedged Class T Shares GBP Hedged Class

USD SGD GBP

28,572,627 840,068 199,950

19,817,859 221,026 -

15,740,051 23,151 -

CGWM Select Global Affinity Fund B Shares B Shares SGD Hedged Class T Shares GBP Hedged Class

USD SGD GBP

15,670,305 126,299 133,473

12,846,979 52,378 -

12,225,749 15,868 -

CGWM Select Opportunity Fund A Shares

GBP

43,673,611

34,861,821

35,288,654

CGWM Select Global Opportunity Fund B Shares B Shares SGD Hedged Class T Shares GBP Hedged Class

USD SGD GBP

169,100,111 18,227,706 19,217

117,044,664 9,459,062 -

79,853,249 3,730,026 -

CGWM REMAP 4 Fund D Shares

GBP

22,654,717

10,015,459

841,139

CGWM REMAP 4(i) Fund D Shares

GBP

2,991,169

1,574,452

178,456

CGWM REMAP 5 Fund D Shares

GBP

13,366,648

9,338,639

234,688

CGWM Bond Fund A Shares A Shares USD Hedged Class

GBP USD

43,469,906 650,596

-

-

CGWM Select Affinity Fund

66

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

13.

COMPARATIVE STATISTICS (continued) 31 Dec 2014

Shares in issue

31 Dec 2013

31 Dec 2012

CGWM Total Return Bond Fund A Shares

GBP

53,351

86,716

179,736

CGWM Select Income Fund B Shares

GBP

11,081,219

9,662,409

7,683,796

CGWM Select Diversity Fund B Shares

GBP

50,926,331

49,451,845

54,533,786

CGWM Select Affinity Fund B Shares

GBP

30,854,170

30,939,698

34,601,199

CGWM Select Global Diversity Fund B Shares B Shares SGD Hedged Class T Shares GBP Hedged Class

USD SGD GBP

21,594,360 509,285 198,384

15,615,891 176,333 -

13,587,418 19,580 -

CGWM Select Global Affinity Fund B Shares B Shares SGD Hedged Class T Shares GBP Hedged Class

USD SGD GBP

11,416,913 73,755 133,618

9,797,618 40,424 -

10,742,781 13,658 -

CGWM Select Opportunity Fund A Shares

GBP

24,586,971

21,318,347

26,105,497

CGWM Select Global Opportunity Fund B Shares B Shares SGD Hedged Class T Shares GBP Hedged Class

USD SGD GBP

95,762,880 8,276,078 19,231

69,170,786 5,656,937 -

57,147,267 2,613,634 -

CGWM REMAP 4 Fund D Shares

GBP

20,798,878

9,771,933

842,400

CGWM REMAP 4(i) Fund D Shares

GBP

2,876,311

1,585,807

179,500

CGWM REMAP 5 Fund D Shares

GBP

12,231,917

9,127,075

235,750

CGWM Bond Fund A Shares A Shares USD Hedged Class

GBP USD

424,013 6,508

-

-

67

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

13.

COMPARATIVE STATISTICS (continued)

Dealing Net Asset Value per Share

31 Dec 2014

31 Dec 2013

31 Dec 2012

CGWM Total Return Bond Fund A Shares

GBP

78.98

80.25

82.63

CGWM Select Income Fund B Shares

GBP

1.17

1.15

1.11

CGWM Select Diversity Fund B Shares

GBP

1.39

1.32

1.22

CGWM Select Affinity Fund B Shares

GBP

1.52

1.43

1.26

CGWM Select Global Diversity Fund B Shares B Shares SGD Hedged Class T Shares GBP Hedged Class

USD SGD GBP

1.32 1.65 1.01

1.27 1.58 -

1.16 1.45 -

CGWM Select Global Affinity Fund B Shares B Shares SGD Hedged Class T Shares GBP Hedged Class

USD SGD GBP

1.37 1.71 1.00

1.31 1.64 -

1.14 1.42 -

CGWM Select Opportunity Fund A Shares

GBP

1.78

1.64

1.35

CGWM Select Global Opportunity Fund B Shares B Shares SGD Hedged Class T Shares GBP Hedged Class

USD SGD GBP

1.77 2.20 1.00

1.69 2.11 -

1.40 1.75 -

CGWM REMAP 4 Fund D Shares

GBP

1.09

1.03

1.00

CGWM REMAP 4(i) Fund D Shares

GBP

1.04

0.99

0.99

CGWM REMAP 5 Fund D Shares

GBP

1.09

1.02

1.00

CGWM Bond Fund A Shares A Shares USD Hedged Class

GBP USD

102.31 99.97

-

-

68

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

14.

NET ASSET VALUE PER SHARE

The Net Asset Value per share at the year end date is determined by dividing the value of the Net Assets of the Fund by the number of Participating Shares in issue. The Net Asset Value per Share is calculated using valuation principles which differ slightly from those used in preparing these financial statements. These differences relate to accounting treatments required with respect to the use of bid prices (FRS 26) for financial statement purposes. This adjustment is relevant in the current year to the CGWM Total Return Bond Fund and CGWM Bond Fund. This adjustment was relevant in the prior period to the CGWM Total Return Bond Fund only.

31 December 2014

NAV per Share per Valuation Adjustment for bid prices re: FRS 26 NAV per Share per financial statements

31 December 2013

NAV per Share per Valuation Adjustment for bid prices re: FRS 26 NAV per Share per financial statements

15.

CGWM Total Return Bond Fund Shares GBP 79.22 (0.24)

CGWM Bond Fund A Shares GBP 102.52 (0.21)

78.98

102.31

CGWM Total Return Bond Fund Shares GBP 80.49 (0.24) 80.25

CREDIT FACILITY

A credit facility with Northern Trust Company, London Branch (NTC) is in operation for certain Funds. Each Fund may borrow up to 10% of its Net Asset Value provided this borrowing is on a temporary basis. The credit facility is secured by a charge over the assets of the relevant Funds in order to secure the borrowings. Credit balances (e.g. cash) may not be offset against borrowings when determining the percentage of borrowings outstanding.

16.

EVENTS DURING THE YEAR

The CGWM Bond Fund launched on 16 January 2014 by an inspecie transfer from the Collins Stewart Sterling Fixed Interest Fund for an amount of GBP40,338,119 (consisting of 403,381shares at a NAV per share of GBP100.00). A new supplement to the prospectus was issued dated 4 December 2013, which detailed the creation of the new Fund. On 21 May 2014, there was an in specie transfer from the Charity Funds - Combined Charitable Capital Fund (a UK domiciled common investment fund for which Canaccord Genuity Wealth (International) Limited was the Investment Manager) into the CGWM REMAP 4 Fund for an amount of GBP10,308,216 (consisting of 10,060,722 shares at a NAV per share of GBP1.02). On 21 May 2014, there was an in specie transfer from the Charity Funds - Combined Charitable Income Fund (a UK domiciled common investment fund for which Canaccord Genuity Wealth (International) Limited was the Investment Manager) into the CGWM Bond Fund for an amount of GBP6,562,702 (consisting of 65,034 shares at a NAV per share of GBP100.58). A new prospectus and updated supplements to the prospectus were issued dated 11 November 2014 which detail the creation of the below new share classes: x CGWM Select Global Affinity Fund T GBP Hedged Accumulation - Launched 10 December 2014; x CGWM Select Global Diversity Fund T GBP Hedged Accumulation - Launched 15 December 2014; x CGWM Select Global Opportunity Fund T GBP Hedged Accumulation - Launched 24 December 2014; x CGWM Bond Fund A USD Hedged Shares - Launched 27 November 2014; x CGWM Select Diversity Fund – R Distribution;

69

NOTES TO THE FINANCIAL STATEMENTS (continued) For the year ended 31 December 2014

16.

EVENTS DURING THE YEAR (continued) x x x x x x x x x x x x x x x x x x

17.

CGWM Select Income Fund – R Distribution; CGWM Select Affinity Fund – R Accumulation; CGWM Select Opportunity Fund – R Accumulation; CGWM Select Opportunity Fund - T USD Accumulation; CGWM Select Global Diversity Fund - T USD Accumulation; CGWM Select Global Diversity Fund - A EUR Hedged Accumulation; CGWM Select Global Diversity Fund - T EUR Hedged Accumulation; CGWM Select Global Diversity Fund - T SGD Hedged Accumulation; CGWM Select Global Affinity Fund - A EUR Hedged Accumulation; CGWM Select Global Affinity Fund - T EUR Hedged Accumulation; CGWM Select Global Affinity Fund - T SGD Hedged Accumulation; CGWM Select Global Affinity Fund - T USD Accumulation; CGWM Select Global Opportunity Fund - T EUR Hedged Accumulation; CGWM Select Global Opportunity Fund - A EUR Hedged Accumulation; CGWM Select Global Opportunity Fund - A GBP Hedged Accumulation; CGWM Select Global Opportunity Fund - R GBP Hedged Accumulation; CGWM Select Global Opportunity Fund - T SGD Hedged Accumulation; and CGWM Bond Fund A EUR Hedged Shares.

EVENTS SINCE THE BALANCE SHEET DATE

The following distributions were declared in January 2015: Fund CGWM Total Return Bond Fund A Shares CGWM Select Income Fund B Shares CGWM Select Diversity Fund B Shares CGWM REMAP 4 Fund D Shares CGWM REMAP 4(i) Fund D Shares CGWM REMAP 5 Fund D Shares CGWM Bond Fund A Shares

XD Date 05/01/2015 05/01/2015 05/01/2015 05/01/2015 05/01/2015 05/01/2015 05/01/2015

Date Paid 19/01/2015 19/01/2015 19/01/2015 19/01/2015 19/01/2015 19/01/2015 19/01/2015

No. Rate per of Shares Share 53,351 1.06946 11,081,270 0.00569 50,894,960 0.00284 20,798,878 0.00666 2,876,311 0.00824 12,231,916 0.00886 423,829 0.76873

Amount GBP 57,057 63,052 144,542 138,521 23,701 108,375 325,810

Fund CGWM Bond Fund A Shares USD Hedged

XD Date 05/01/2015

Date Paid 20/01/2015

No. Rate per of Shares Share 6,508 0.23087

Amount USD 1,503

Roger Phillips resigned as a Director on 9 February 2015. The following share classes launched on 18 February 2015: x CGWM Select Opportunity Fund T USD Accumulation Shares; and x CGWM Select Global Affinity Fund T USD Accumulation Shares. There were no other events since the Balance Sheet date, which, in the opinion of the Directors of the Company, may have an impact on the financial statements for the year ended 31 December 2014.

18.

APPROVAL OF THE FINANCIAL STATEMENTS

The financial statements were authorised for issue by the Board of Directors of the Company on 20 April 2015.

70

CGWM TOTAL RETURN BOND FUND INVESTMENT PORTFOLIO 31 December 2014

Holdings

Financial assets at fair value through profit or loss

Fair Value GBP

% of Net Assets

Bonds: 96.21% (2013: 92.30%) Canada: 9.89% (2013: 5.99%) 750,000

Canada (Government of) 1.25% 01/03/2018

416,686

9.89

Total Canada

416,686

9.89

Kreditanstalt fur Wiederaufbau 5% 10/09/2024 Kreditanstalt fur Wiederaufbau 5% Notes 10/09/2024

203,032 177,653

4.82 4.22

Total Germany

380,685

9.04

Bank Nederlandse Gemeenten 4.5% 20/02/2018 Rabobank Nederland 5.25% 14/09/2027

385,766 221,909

9.15 5.27

Total Netherlands

607,675

14.42

Temasek Financial I 2.375% 23/01/2023

405,335

9.62

Total Singapore

405,335

9.62

Export-Import Bank of Korea 5% 11/04/2022 Export-Import Bank of Korea FRN 22/03/2016

364,983 250,516

8.66 5.94

Total South Korea

615,499

14.60

IPIC GMTN 6.875% 14/03/2026

350,625

8.32

Total United Arab Emirates

350,625

8.32

356,359 312,903 378,186

8.46 7.43 8.96

1,047,448

24.85

Germany: 9.04% (2013: 8.22%) 160,000 140,000

Netherlands: 14.42% (2013: 10.76%) 350,000 200,000

New Zealand: 0.00% (2013: 7.55%) Singapore: 9.62% (2013: 0.00%) 650,000

Slovenia: 0.00% (2013: 7.29%) South Korea: 14.60% (2013: 8.24%) 500,000 250,000

United Arab Emirates: 8.32% (2013: 8.67%) 275,000

United Kingdom: 24.85% (2013: 24.36%) 300,000 250,000 373,000

Abbey National Treasury Services 5.125% 14/04/2021 Places for People Homes 5.875% 23/05/2031 Transport for London 2.25% 09/08/2022 Total United Kingdom

71

CGWM TOTAL RETURN BOND FUND INVESTMENT PORTFOLIO 31 December 2014 Holdings

Fair Value GBP

% of Net Assets

GE Capital UK Funding 5.625% 25/04/2019

230,285

5.47

Total United States of America

230,285

5.47

4,054,238

96.21

Financial assets at fair value through profit or loss Bonds: 96.21% (2013: 92.30%) (continued) United States of America: 5.47% (2013: 11.22%)

200,000

Total Bonds Financial Derivative Instruments: 0.21% (2013: 1.60%) Forward Currency Contracts: 0.21% (2013: 0.77%) Counterparty

Currency Buys

Northern Trust USD Northern Trust GBP

Currency Currency Sells Rate

355,000 GBP 417,177 CAD

219,800 752,000

Maturiy Date

0.6192 14/01/2015 0.5548 14/01/2015

Total Fair Value Gains on Forward Currency Contracts

Unrealised Gain

% of Net Assets

7,891 844

0.19 0.02

8,735

0.21

8,735

0.21

4,062,973

96.42

Open Future Contracts: 0.00% (2013: 0.83%) Total Financial Derivative Instruments Total Financial assets at fair value through profit or loss Financial liabilities at fair value through profit or loss Financial Derivative Instruments: -2.07% (2013: -0.16%) Forward Currency Contracts: -0.68% (2013: -0.16%) Counterparty

Currency Buys

Northern Trust GBP

740,814 USD

Currency Currency Sells Rate 1,200,000

Maturity Date

0.6173 14/01/2015

Total Fair Value Losses on Forward Currency Contracts

Unrealised % of Loss Net Assets (28,847)

(0.68)

(28,847)

(0.68)

Open Future Contracts : -1.39% (2013: 0.00%) Counterparty

Description

ADM Investor G H3 Long Gilt Services Int. Ltd March 2015

Country

Currency

No. of Contracts

GBP

(20)

United Kingdom

Unrealised % of Loss Net Assets

(58,600)

(1.39)

Fair value Losses on Open Future Contracts

(58,600)

(1.39)

Total Financial liabilities at fair value through profit or loss

(87,447)

(2.07)

72

CGWM TOTAL RETURN BOND FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Fair Value USD Total Value of Investments (Cost: GBP 3,862,519) Cash Other Net Assets Net Assets Attributable to Holders of Redeemable Participating Shares

% of Net Assets

3,975,526

94.35

169,789

4.03

68,457

1.62

4,213,772

100.00 % of Total Assets

Analysis of Total Assets Transferable securities listed on an official stock exchange listing or traded on a regulated market Financial derivative instruments dealt on a regulated market Other Assets

73

94.06 0.20 5.74 100.00

CGWM SELECT INCOME FUND INVESTMENT PORTFOLIO 31 December 2014

Holdings

Financial assets at fair value through profit or loss

Fair Value GBP

% of Net Assets

Collective Investment Schemes: 77.31% (2013: 78.71%) Guernsey: 6.35% (2013: 7.92%) 186,083 130,000 295,245

HICL Infrastructure Company Limited* International Public Partnerships* John Laing Infrastructure Fund*

283,777 175,760 362,561

2.19 1.36 2.80

Total Guernsey

822,098

6.35

122,554 560,787 469,496 277,441 222,885 502,109 257,091

0.95 4.33 3.62 2.14 1.72 3.87 1.98

2,412,363

18.61

656,186 309,190 683,426

5.06 2.39 5.27

1,648,802

12.72

548,397 757,915 268,958 289,203 812,585 498,312 606,804 338,102 336,954 677,411

4.23 5.85 2.08 2.23 6.27 3.85 4.68 2.61 2.60 5.23

5,134,641

39.63

10,017,904

77.31

213,859

1.65

Ireland: 18.61% (2013: 18.42%) 11,356 54,026 74,686 2,832 24,625 51,498 1,607

GAM Star - Credit Opportunities GBP Invesco Bond Series - Sterling Bond Fund Class C Kames Strategic Global Bond Fund Legg Mason Brandywine Global Income Optimiser Fund Magna Umbrella Fund - Emerging Markets Dividend Fund Neuberger Berman Short Duration High Yield Bond Fund Prusik Asian Equity Income Fund Class C Total Ireland Luxembourg: 12.72% (2013: 13.08%)

57,814 2,988 7,566

Jupiter Global Dynamic Bond Fund Man Umbrella SICAV - GLG Flexible Bond Fund RWC Funds Enhanced Income Total Luxembourg United Kingdom: 39.63% (2013: 39.29%)

697,440 350,789 253,447 261,414 284,728 290,985 816,475 299,709 216,538 1,234,350

Artemis Global Income Fund Artemis Income Fund Capita Financial - CF Woodford Equity Income Fund IM Argonaut Funds - IM Argonaut European Income Fund Class I Invesco Perpetual UK Strategic Income Fund M&G Global Dividend Fund M&G Strategic Corporate Bond Fund Class A M&G UK Inflation Linked Corporate Bond Fund Class I Newton Global Higher Income Fund Schroder Income Maximiser Fund Class Z Total United Kingdom Total Collective Investment Schemes Bonds: 12.52% (2013: 13.58%) United Kingdom: 12.52% (2013: 13.58%)

200,000

Lloyds Bank 5.5% 25/09/2016

74

CGWM SELECT INCOME FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Holdings

Fair Value GBP

% of Net Assets

433,936 604,557 369,190

3.35 4.67 2.85

Total United Kingdom

1,621,542

12.52

Total Bonds

1,621,542

12.52

11,639,446

89.83

1,153,191

8.90

165,158

1.27

12,957,795

100.00

Financial assets at fair value through profit or loss Bonds: 12.52% (2013: 13.58%) (continued) United Kingdom: 12.52% (2013: 13.58%) (continued)

370,000 480,000 100,000

United Kingdom Gilt 4% 07/03/2022 United Kingdom Gilt 4.25% 07/12/2027 United Kingdom Gilt Inflation Linked 7.74% 16/04/2020

Total Value of Investments (Cost: 2013: 10,935,996) Cash Other Net Assets Net Assets Attributable to Holders of Redeemable Participating Shares Analysis of Total Assets

% of Total Assets

Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than admitted to official stock exchange listing or traded on a regulated market Other Assets

* Closed-end Fund

75

83.30 6.33 10.37 100.00

CGWM SELECT DIVERSITY FUND INVESTMENT PORTFOLIO 31 December 2014 Holdings Financial assets at fair value through profit or loss

Fair Value % of GBP Net Assets

Collective Investment Schemes: 89.15% (2013: 80.59%) Guernsey: 2.94% (2013: 9.40%) 476,000 996,000

HICL Infrastructure Company Limited* International Public Partnerships*

725,900 1,346,592

1.03 1.91

Total Guernsey

2,072,492

2.94

BNY Mellon Absolute Return Equity Fund Brown Advisory US Small Cap Blend Fund Findlay Park American Fund iShares $ TIPS UCITS iShares UK Gilts 0-5yr UCITS ETF

1,730,052 1,069,809 2,567,057 2,015,738 3,358,860

2.45 1.52 3.64 2.86 4.76

J O Hambro Capital Management Umbrella Fund Continental European Fund Kames Strategic Global Bond Fund Old Mutual Global Investors Series - UK Alpha Fund Old Mutual Global Investors Series - Absolute Return Fund Polar Capital North American Fund Class I GBP Inc Polar Healthcare Opportunities Fund Prusik Asian Equity Income Fund Class Y

2,082,747 2,395,246 4,321,186 1,377,238 2,215,859 2,134,965 1,207,265

2.95 3.39 6.12 1.95 3.14 3.02 1.71

26,476,022

37.51

689,548 1,735,559 2,930,607 3,224,057 1,416,743 1,333,571 4,328,846

0.98 2.46 4.15 4.57 2.01 1.89 6.13

15,658,931

22.19

157,700 2,281,809 2,055,112 3,857,270 741,871 4,218,591

0.22 3.23 2.91 5.46 1.05 5.98

Ireland: 37.51% (2013: 25.85%) 1,476,658 152,199 50,462 16,235 25,500 651,469 208,042 414,498 913,347 198,910 91,866 8,271

Total Ireland Luxembourg: 22.19% (2013: 19.66%) 51,267 159,959 153,392 284,058 19,705 13,038 145,801

BlackRock Global - Continental European Flexible Fund Henderson Gartmore Fund - United Kingdom Absolute Return JPMorgan Funds - Highbridge US STEEP Jupiter Asset Management - Dynamic Bond Fund Man Umbrella SICAV - GLG Flexible Bond Fund Stratton Street UCITS - Renminbi Bond Fund UI GBP Threadneedle Management - UK Equities Fund Total Luxembourg United Kingdom: 26.51% (2013: 25.68%)

31,048 1,246,141 207,734 1,351,578 337,644 2,611,160

First State Asia Pacific Leaders Fund First State Global Listed Infrastructure Fund - Class B Henderson Global Funds - Global Technology Fund Class I Invesco Perpetual UK Strategic Income Fund Investec Funds Series ii - Global Energy Fund Investec UK Special Situations Fund - Series 1

76

CGWM SELECT DIVERSITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014 Holdings Financial assets at fair value through profit or loss

Fair Value % of GBP Net Assets

Collective Investment Schemes: 89.15% (2013: 80.59%) (continued) United Kingdom: 26.51% (2013: 25.68%) (continued) 1,951,775 181,724 529,018

M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating M&G Investment UK Growth Fund Class I Accumulating Threadneedle Investment Funds ICVC - European Select Fund

2,251,568 2,452,151 705,075

3.19 3.47 1.00

Total United Kingdom

18,721,147

26.51

Total Collective Investment Schemes

62,928,592

89.15

UK Treasury 4% Bond 07/03/2022 UK Treasury 4.25% Bond 07/12/2027

2,544,976 2,758,292

3.61 3.91

Total United Kingdom

5,303,268

7.52

Total Bonds

5,303,268

7.52

68,231,860

96.67

2,254,248

3.19

97,909

0.14

70,584,017

100.00

Bonds: 7.52% (2013: 14.84%) United Kingdom: 7.52% (2013: 14.84%) 2,170,000 2,190,000

Total Value of Investments (Cost: 2013: 60,949,498) Cash Other Net Assets Net Assets Attributable to Holders of Redeemable Participating Shares Analysis of Total Assets

% of Total Assets

Transferable securities admitted to an official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market Other Assets

* Closed-end Fund

77

93.32 2.92 3.76 100.00

CGWM SELECT AFFINITY FUND INVESTMENT PORTFOLIO 31 December 2014

Holdings Financial assets at fair value through profit or loss

Fair Value % of GBP Net Assets

Collective Investment Schemes: 96.55% (2013: 89.78%) Guernsey: 2.82% (2013: 5.16%) 321,000 615,000

HICL Infrastructure Company Limited* International Public Partnerships* Total Guernsey

489,525 831,480

1.04 1.78

1,321,005

2.82

684,649 984,466 1,977,804 929,834 1,478,243 1,593,812 3,387,048

1.46 2.10 4.23 1.99 3.16 3.41 7.24

1,405,150 3,624,535

3.00 7.75

681,160 1,422,687 1,060,931 1,710,701

1.46 3.04 2.27 3.66

20,941,020

44.77

452,349 813,829 2,191,845 1,898,914 1,179,595 3,801,169

0.97 1.74 4.69 4.06 2.52 8.12

10,337,701

22.10

1,008,056 1,519,009 1,349,000 3,355,744 3,556,900

2.15 3.25 2.88 7.17 7.60

Ireland: 44.77% (2013: 34.59%) 584,371 140,057 38,879 7,489 111,000 12,100 1,086,637 439,521 347,674

BNY Mellon Absolute Return Equity Fund Brown Advisory US Small Cap Blend Fund Findlay Park American Fund iShares Barclays TIPS UCITS ETF iShares S&P 500 UCITS ETF iShares UK Gilts 0-5yr UCITS ETF J O Hambro Capital Management Umbrella Fund - UK Growth Fund J O Hambro Capital Management Umbrella Fund Continental European Fund Old Mutual Global Investors Series - UK Alpha Fund

451,728 61,217 7,268 4,141

Old Mutual Global Investors Series Old Mutual Global Equity Absolute Return Polar Healthcare Opportunities Fund Prusik Asian Equity Income Fund Class Y Vanguard Investment Series - US Opportunities Fund Total Ireland Luxembourg: 22.10% (2013: 17.21%)

33,632 75,007 114,724 167,305 11,533 128,029

BlackRock Global - Continental European Flexible Fund Henderson Gartmore Fund - United Kingdom Absolute Return JPMorgan Funds - Highbridge US STEEP Jupiter Global Dynamic Bond Fund Stratton Street UCITS - Renminbi Bond Fund UI GBP Threadneedle (Lux) - UK Equities Fund Total Luxembourg United Kingdom: 26.86% (2013: 32.82%)

198,468 829,561 136,359 1,175,845 2,201,597

First State Investments ICVC - Asia Pacific Leaders Fund First State Global Listed Infrastructure Fund - Class B Henderson Global Funds - Global Technology Fund Class I Invesco Perpetual UK Strategic Income Fund Investec Fund Series i - UK Special Situations Fund

78

CGWM SELECT AFFINITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014 Holdings Financial assets at fair value through profit or loss

Fair Value % of GBP Net Assets

Collective Investment Schemes: 96.55% (2013: 89.78%) (Continued) United Kingdom: 26.86% (2013: 32.82%) (continued) 309,321 826,646

Investec Funds Series ii - Global Energy Fund Threadneedle Investment Funds ICVC - European Select Fund

679,641 1,101,754

1.45 2.36

Total United Kingdom

12,570,104

26.86

Total Collective Investment Schemes

45,169,830

96.55

UK Treasury 4.25% 07/12/2027

1,278,386

2.73

Total United Kingdom

1,278,386

2.73

Total Bonds

1,278,386

2.73

46,448,216

99.28

Cash

364,699

0.78

Other Net Liabilities

(28,613)

(0.06)

Bonds: 2.73% (2013: 6.74%) United Kingdom: 2.73% (2013: 6.74%) 1,015,000

Total Value of Investments (Cost: 2013: 39,924,404)

Net Assets Attributable to Holders of Redeemable Participating Shares

Analysis of Total Assets

46,784,302

100.00

% of Total Assets

Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market Other Assets

* Closed-end Fund

79

96.18 2.82 1.00 100.00

CGWM SELECT GLOBAL DIVERSITY FUND INVESTMENT PORTFOLIO 31 December 2014 Holdings Financial assets at fair value through profit or loss

Fair Value % of USD Net Assets

Collective Investment Schemes: 92.30% (2013: 81.99%) Guernsey: 2.93% (2013: 3.74%) 135,120 HICL Infrastructure Company Limited* 257,970 International Public Partnerships*

321,296 543,828

1.09 1.84

865,124

2.93

409,619 Edinburgh Partners Opportunities Fund - European Opportunities Fund 20,090 Findlay Park American Fund 71,095 First State Global Listed Infrastructure Fund - Class III

1,246,469 1,593,505 957,652

4.22 5.40 3.24

J O Hambro Capital Management Umbrella Fund 202,682 Continental European Fund 163,041 J O Hambro Capital Management Umbrella Fund - Japan Fund 85,492 Kames Capital Investment - Strategic Global Bond Fund

1,010,352 427,947 1,099,893

3.42 1.45 3.73

Old Mutual Global Investors Series Plc Global Equity Absolute Return Fund Polar Capital North American Fund Class I USD Polar Healthcare Opportunities Fund Vanguard Investment Series - US Opportunities Fund

1,004,056 1,679,032 901,944 1,950,286

3.40 5.69 3.06 6.61

11,871,136

40.22

Henderson Gartmore Fund - UK Absolute Return Fund Henderson Horizon - Global Technology Fund Distributing Class I1 Investec Global Energy Fund JPMorgan Funds - Highbridge US STEEP Jupiter Global Fund - Dynamic Bond Fund Class I USD Man Umbrella SICAV - GLG Flexible Bond Fund Stratton Street UCITS - Renminbi Bond Fund UI USD Wells Fargo (Lux) - US All Capital Growth

1,010,348 843,462 295,812 1,485,794 1,301,218 580,082 651,865 968,093

3.42 2.86 1.00 5.03 4.41 1.97 2.21 3.28

Total Luxembourg

7,136,674

24.18

Aberdeen UK ICVC - Aberdeen Japan Equity Fund BlackRock European Dynamic Fund First State Asia Pacific Leaders Fund Old Mutual Investment Management - UK Alpha Fund Accumulating

391,485 291,910 1,117,957 593,405

1.33 0.99 3.79 2.01

Total United Kingdom

2,394,757

8.12

Total Guernsey Ireland: 40.22% (2013: 31.19%)

674,497 96,830 24,890 3,028

Total Ireland Luxembourg: 24.18% (2013: 15.32%) 161,915 15,704 18,500 49,876 115,664 5,174 6,437 4,628

United Kingdom: 8.12% (2013: 19.39%) 155,347 51,221 141,161 328,362

*Closed-end Fund

80

CGWM SELECT GLOBAL DIVERSITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014

Fair Value % of USD Net Assets

Holdings Financial assets at fair value through profit or loss Collective Investment Schemes: 92.30% (2013: 81.99%) United States of America: 16.85% (2013: 12.35%) 16,300 12,355 4,130 7,340 8,470

iShares Barclays 1-3 Year Treasury Bond Fund iShares Barclays 10-20 Year Treasury Bond Fund iShares US Aerospace & Defense ETF Vanguard Industrials ETF Vanguard Short-Term Corporate Bond ETF

1,376,535 1,670,025 473,670 784,059 674,297

4.66 5.65 1.60 2.66 2.28

Total United States of America

4,978,586

16.85

27,246,277

92.30

1,290,751

4.37

Total United States of America

1,290,751

4.37

Total Bonds

1,290,751

4.37

Total Collective Investment Schemes Bonds: 4.37% (2013: 8.70%) United States of America: 4.37% (2013: 8.70%) 1,236,000 US Treasury 2.625% Bonds 15/08/2020

Financial Derivative Instruments: 0.00% (2013: 0.00%) Forward Currency Contracts: 0.00% (2013: 0.00%) Counterparty

Northern Trust

Currency Buys GBP

20,003 USD

Currency Sells 31,096

Currency Rate

Maturity Date

0.6433

30/01/2015

Total Fair Value Gains on Forward Currency Contracts Total Financial assets at fair value through profit or loss

Unrealised % of Gain Net Assets 88

-

88

-

28,537,116

96.67

Financial liabilities at fair value through profit or loss Financial Derivative Instruments: 0.00% (2013: 0.00%) Forward Currency Contracts: 0.00% (2013: 0.00%) Counterparty

Northern Trust Northern Trust Northern Trust

Currency Buys GBP USD SGD

186,398 USD 31,096 GBP 830,152 USD

Currency Sells 291,209 20,000 628,903

Currency Rate

Maturity Date

0.6401 0.6432 1.3200

30/01/2015 05/01/2015 30/01/2015

Unrealised % of Loss Net Assets (628) (89) (2,858)

-

Total Fair Value Losses on Forward Currency Contracts

(3,575)

-

Total Financial liabilities at fair value through profit or loss

(3,575)

-

81

CGWM SELECT GLOBAL DIVERSITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014 Fair Value % of USD Net Assets Total Value of Investments (Cost: USD 25,848,277) Cash Other Net Liabilities

28,533,541

96.67

1,160,347

3.93

(176,219)

Net Assets Attributable to Holders of Redeemable Participating Shares

29,517,669

(0.60)

100.00 % of Total Assets

Analysis of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market Financial derivative instruments dealt on a regulated market Other Assets * Closed-end Fund

82

92.66 2.90 0.00 4.44 100.00

CGWM SELECT GLOBAL AFFINITY FUND INVESTMENT PORTFOLIO 31 December 2014 Holdings

Financial assets at fair value through profit or loss

Fair Value USD

% of Net Assets

Collective Investment Schemes: 94.77% (2013: 88.37%) Guernsey: 2.61% (2013: 3.73%) 65,974 123,350

HICL Infrastructure Company Limited* International Public Partnerships*

156,877 260,035

0.98 1.63

Total Guernsey

416,912

2.61

716,594 1,449,997 495,889 191,980

4.49 9.08 3.10 1.20

Ireland: 42.46% (2013: 36.11%)

235,489 18,280 36,814 73,141 144,197 236,913 11,753 69,998 1,887

Edinburgh Partners Opportunities Fund European Opportunities Fund Findlay Park American Smaller Companies Fund - USD First State Global Listed Infrastructure Fund - Class III J O Hambro Capital Management Umbrella Fund - Japan Fund J O Hambro Capital Management Umbrella Fund Continental European Fund Old Mutual Global Investors Series Old Mutual Global Equity Absolute Return Polar Capital Funds - Healthcare Opportunities Fund Class I Polar Capital North American Fund Class I USD Vanguard Investment Series - US Opportunities Fund

718,811

4.50

352,668 425,890 1,213,770 1,215,784

2.21 2.67 7.60 7.61

Total Ireland

6,781,383

42.46

Henderson Gartmore Fund - United Kingdom Absolute Return Henderson Horizon - Global Technology Fund Investec Global Energy Fund JPMorgan Funds - Highbridge US STEEP Jupiter Global Fund - Dynamic Bond Fund Class I USD Stratton Street UCITS - Renminbi Bond Fund UI USD Wells Fargo Lux Worldwide Fund - US All Cap Growth

355,941 457,297 154,016 1,326,309 585,601 405,241 817,225

2.23 2.86 0.96 8.30 3.67 2.54 5.12

Total Luxembourg

4,101,630

25.68

180,896 187,393 747,250 340,353 323,756 468,840

1.13 1.17 4.68 2.13 2.03 2.94

2,248,488

14.08

Luxembourg: 25.68% (2013: 14.64%) 57,042 8,514 9,632 44,522 52,053 4,002 3,907

United Kingdom: 14.08% (2013: 28.61%) 71,783 32,881 94,353 188,335 338,500 260,557

Aberdeen Investment Funds ICVC - Japan Growth Fund BlackRock European Dynamic Fund First State Asia Pacific Leaders Fund Old Mutual UK Alpha Fund Schroder Asian Alpha Plus Fund - Z Acc Threadneedle Investment Funds ICVC - UK Fund Total United Kingdom

* Closed-end Fund

83

CGWM SELECT GLOBAL AFFINITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014

As at 31 December 2014 Holdings

Fair Value USD

Financial assets at fair value through profit or loss

% of Net Assets

Collective Investment Schemes: 94.77% (2013: 88.37%) (continued) United States of America: 9.94% (2013: 5.28%) 3,122 5,860 2,315 3,800

iShares Barclays 10-20 Year Treasury Bond Fund iShares 1-3 Year Treasury Bond Fund iShares US Aerospace & Defense Vanguard Industrials ETF

422,001 494,877 265,507 405,916

2.64 3.10 1.66 2.54

1,588,301

9.94

15,136,714

94.77

US Treasury 2.625% Bond 15/08/2020

334,175

2.09

Total United States of America

334,175

2.09

Total Bonds

334,175

2.09

15,470,889

96.86

Total United States of America Total Collective Investment Schemes Bonds: 2.09% (2013: 3.77%) United States of America: 2.09% (2013: 3.77%) 320,000

Total Financial assets at fair value through profit or loss Financial Derivative Instruments: 0.00% (2013: 0.00%) Forward Currency Contracts: 0.00% (2013: 0.00%) Currency Buys

Maturity Date

Unrealised Gain

0.6401 30/01/2015 1.3260 30/01/2015

(467) (400)

-

Fair Value Losses on Forward Currency Contracts

(867)

-

Total Financial Derivative Instruments

(867)

-

Total Financial liabilities at fair value through profit or loss

(867)

-

Counterparty

Northern Trust GBP Northern Trust SGD

138,785 USD 116,086 USD

Currency Sells

Currency Rate

216,823 87,944

84

% of Net Assets

CGWM SELECT GLOBAL AFFINITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014 Fair Value USD 15,470,022

Total Value of Investments (Cost: USD 12,812,281) Cash Other Net Liabilities Net Assets Attributable to Holders of Redeemable Participating Shares

645,499

4.03

(142,096)

(0.89)

15,973,425

Analysis of Total Assets

% of Net Assets 96.86

100.00

% of Total Assets

Transferable securities admitted to an official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or trading on a regulated market Financial derivative instrument dealt on a regulated market Other Assets

* Closed-end Fund

85

93.28 2.58 (0.01) 4.15 100.00

CGWM SELECT OPPORTUNITY FUND INVESTMENT PORTFOLIO 31 December 2014

Holdings

Financial assets at fair value through profit or loss

Fair Value % of GBP Net Assets

Collective Investment Schemes: 89.26% (2013: 86.36%) Ireland: 47.61% (2013: 54.72%) 36,746 660,738 64,500 170,100 623,528 168,148 1,299,616 47,563 189,628 8,240 3,760 4,286

Findlay Park American Fund Hermes Asia Ex-Japan Equity Fund iShares - iShares MSCI Europe iShares S&P 500 UCITS ETF J O Hambro Capital Management Umbrella Fund Continental European Fund KBI Institutional Water Fund - Sterling Class E Lazard Global Listed Infrastructure Equity Fund Class I Polar Capital North American Fund Class I GBP Polar Healthcare Opportunities Fund Prusik Asian Equity Income Fund Class C Prusik Asian Equity Income Fund Class Y Vanguard Investment Series - US Opportunities Fund

1,869,298 983,707 1,350,630 2,265,307

4.28 2.25 3.09 5.19

1,993,419 1,775,135 1,684,173 823,316 4,406,951 1,318,442 548,756 1,770,697

4.56 4.07 3.86 1.89 10.09 3.02 1.26 4.05

20,789,831

47.61

2,625,167 3,912,831 2,520,900 2,150,000

6.01 8.96 5.77 4.92

11,208,898

25.66

First State Investments ICVC - Asia Pacific Leaders Fund First State Global Listed Infrastructure Fund - Class B Investec Funds Series ii - Asia Ex Japan Fund Threadneedle Investment Funds ICVC - European Select Fund

1,905,073 1,695,351 1,695,920 1,689,011

4.36 3.88 3.88 3.87

Total United Kingdom

6,985,355

15.99

38,984,084

89.26

Total Ireland Luxembourg: 25.66% (2013: 24.91%) 195,180 114,143 131,947 2,150,000

BlackRock Global - Continental European Flexible Fund Henderson Global Funds - Global Technology Fund Class I2 JPMorgan Asset Management - Highbridge US STEEP JPMorgan Liquidity Funds - Sterling Liquidity Fund Total Luxembourg United Kingdom: 15.99% (2013: 6.73%)

375,074 925,865 852,864 1,267,266

Total Collective Investment Schemes

86

CGWM SELECT OPPORTUNITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014

Fair Value % of GBP Net Assets

Financial assets at fair value through profit or loss Financial Derivative Instrument: 0.19% (2013: 0.00%) Forward Currency Contracts: 0.19% (2013: 0.00%) Counterparty Northern Trust

GBP

Currency Buys 4,199,508 EUR

Currency Sells 5,300,000

Currency Rate 0.7924

Maturity Date 17/02/2015

Unrealised % of Gain Net Assets 83,245 0.19

Total Fair Value Gains on Forward Currency Contracts

83,245

0.19

Total Financial Derivative Instruments

83,245

0.19

Total Financial assets at fair value through profit or loss

39,067,329

89.45

Total Fair Value of Investments (Cost: GBP 32,539,882)

39,067,329

89.45

4,504,107

10.31

102,175

0.24

43,673,611

100.00

Cash Other Net Assets Net Assets Attributable to Holders of Redeemable Participating Shares

% of Total Assets

Analysis of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Financial derivative instruments dealt on a regulated market Other Assets

87

89.07 0.19 10.74 100.00

CGWM SELECT GLOBAL OPPORTUNITY FUND INVESTMENT PORTFOLIO 31 December 2014

Holdings

Financial assets at fair value through profit or loss

Fair Value % of USD Net Assets

Collective Investment Schemes: 89.22% (2013: 88.16%) Ireland: 47.15% (2013: 50.87%)

572,000 91,986 1,724,469 176,000 461,700 1,578,418 449,872 3,672,293 183,324 502,492 19,104 24,903 11,445

Edinburgh Partners Opportunities Fund European Opportunities Fund Findlay Park American Fund Hermes Asia Ex-Japan Equity Fund iShares MSCI Europe EX - UK EUR iShares S&P 500 UCITS J O Hambro Capital Management Umbrella Fund Continental European Fund KBI Institutional Water Fund Lazard Global Listed Infrastructure Equity Fund Polar Capital North American Fund Class I USD Polar Capital Healthcare Opportunities Fund Prusik Asian Equity Income Fund Class B Prusik Asian Equity Income Fund Class X Vanguard Investment Series - US Opportunities Fund

1,740,596 7,296,296 3,993,181 5,746,522 9,587,344

0.95 3.99 2.19 3.14 5.24

7,868,289 7,405,351 7,224,135 3,178,832 18,170,115 3,038,319 3,602,469 7,372,298

4.30 4.05 3.95 1.74 9.94 1.66 1.97 4.03

Total Ireland

86,223,747

47.15

BlackRock Global - Continental European Flexible Fund Henderson Horizon - Global Technology Fund Distributing Class I2 JPMorgan Funds - Highbridge JPMorgan US Dollar Liquidity Fund

9,508,607 16,519,120 11,162,789 9,025,000

5.20 9.03 6.10 4.94

Total Luxembourg

46,215,516

25.27

8,465,991 7,366,512 7,860,077 7,033,222

4.63 4.03 4.30 3.84

30,725,802

16.80

163,165,065

89.22

Luxembourg: 25.27% (2013: 25.27%) 453,397 308,250 374,716 9,025,000

United Kingdom: 16.80% (2013: 12.02%) 1,068,973 2,580,085 2,535,044 3,384,337

First State Investments ICVC - Asia Pacific Leaders Fund First State Global Listed Infrastructure Fund - Class B Investec Funds Series ii - Asia Ex Japan Fund Threadneedle Investment Funds ICVC - European Select Fund Total United Kingdom Total Collective Investment Schemes

88

CGWM SELECT GLOBAL OPPORTUNITY FUND INVESTMENT PORTFOLIO (continued) 31 December 2014 Fair Value % of USD Net Assets

Financial assets at fair value through profit or loss Financial Derivative Instruments: 0.29% (2013: 0.02%) Forward Currency Contracts: 0.29% (2013: 0.02%) Currency Buys

Counterparty

Northern Trust USD Northern Trust GBP Northern Trust SGD

17,469,200 EUR 20,003 USD 294,110 USD

Currency Sells 14,000,000 31,096 221,820

Currency Rate

Maturity Date

0.8014 17/02/2015 1.5545 30/01/2015 0.7542 30/01/2015

Unrealised % of Gain Net Assets 521,145 88 133

0.29 -

Fair Value Gains on Forward Currency Contracts

521,366

0.29

Total Financial Derivative Instruments

521,366

0.29

163,686,431

89.51

Total Financial Assets at fair value through profit or loss Financial liabilities at fair value through profit or loss Financial Derivative Instruments: -0.03% (2013: 0.00%) Forward Currency Contracts: -0.03% (2013: 0.00%) Counterparty Northern Trust USD Northern Trust SGD

Currency Buys 31,096 GBP 17,848,176 USD

Currency Sells 20,000 13,521,345

Currency Maturity Rate Date 1.5547 05/01/2015 0.7576 30/01/2015

Unrealised % of Loss Net Assets (89) (61,455) (0.03)

Total Fair Value Loss on Forward Currency Contracts

(61,544)

(0.03)

Total Financial liabilities at fair value through profit or loss

(61,544)

(0.03)

Total Fair Value of Investments (Cost: USD 146,119,691) Cash Other Net Assets Net Assets Attributable to Holders of Redeemable Participating Shares Analysis of Total Assets

163,624,887

89.48

17,467,888

9.55

1,780,783

0.97

182,873,558

100.00 % of Total Assets

Transferable securities admitted to official stock exchange listing or traded on a regulated market Financial derivative instruments dealt on a regulated market Other Assets

89

89.01 0.28 10.71 100.00

CGWM REMAP 4 FUND INVESTMENT PORTFOLIO 31 December 2014 Holdings

Financial assets at fair value through profit or loss

Fair Value % of GBP Net Assets

Collective Investment Schemes: 71.32% (2013: 55.97%) Guernsey: 12.79% (2013: 9.85%) 1,356,141 613,595

HICL Infrastructure Company Limited* International Public Partnerships*

2,068,115 829,581

9.13 3.66

Total Guernsey

2,897,696

12.79

Invesco Asset Management Sterling Bond Fund iShares Dow Jones Industrial Average UCITS iShares S&P 500 Index Fund Kames High Yield Global Bond Polar Capital Global Technology Fund Polar Healthcare Opportunities Fund Vanguard Investment Series - US Opportunities Fund

806,294 1,907,117 1,034,503 542,167 552,644 1,147,067 687,008

3.56 8.42 4.57 2.39 2.44 5.06 3.03

Total Ireland

6,676,800

29.47

ETFS Short CAD Long USD

708,168

3.13

Total Jersey

708,168

3.13

Ignis Absolute Return Government Bond Fund

632,730

2.79

Total Luxembourg

632,730

2.79

Ireland: 29.47% (2013: 29.07%) 185,355 16,200 77,680 48,243 38,891 49,357 1,663

Jersey: 3.13% (2013: 0.00%) 22,985

Luxembourg: 2.79% (2013: 0.00%) 615,257

United Kingdom: 23.14% (2013: 17.05%) 47,585 456,073 3,169,312 338,228 647,750 830,000

Henderson Global Funds - Global Technology Fund Class I Invesco Perpetual Fixed Interest Investment Series Corporate Bond Fund Accumulating M&G Corporate Bond Fund M&G UK Inflation Linked Corporate Bond Fund Class I M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating Renewables Infrastructure Group

470,759

2.08

739,659 2,042,621 381,555 747,244 861,125

3.26 9.02 1.68 3.30 3.80

Total United Kingdom

5,242,963

23.14

16,158,357

71.32

Total Collective Investment Schemes

90

CGWM REMAP 4 FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Holdings

Financial assets at fair value through profit or loss

Fair Value % of GBP Net Assets

Bonds: 13.50% (2013: 21.27%) United Kingdom: 13.50% (2013: 21.27%) 717,002 1,217,751 918,460

UK Gilt 2.75% 22/01/2015 UK Gilt 4% 07/09/2016 UK Gilt 4.5% 07/03/2019

717,861 1,290,329 1,048,407

3.17 5.70 4.63

Total United Kingdom

3,056,597

13.50

Total Bonds

3,056,597

13.50

19,214,954

84.82

3,292,139

14.53

147,624

0.65

22,654,717

100.00

Total Value of Investments (Cost: GBP 17,695,018) Cash Other Net Assets Net Assets Attributable to Holders of Redeemable Participating Shares

% of Total Assets

Analysis of Total Assets Transferable securities admitted to an official stock exchange listing or traded on a regular market Transferable securities other than those admitted to an official stock exchange listing or traded on a regular market Other Assets *Closed-end Fund

91

71.92 12.77 15.31 100.00

CGWM REMAP 4(i) FUND INVESTMENT PORTFOLIO 31 December 2014

Holdings

Financial assets at fair value through profit or loss

Fair Value GBP

% of Net Assets

Collective Investment Schemes: 94.18% (2013: 67.50%) Guernsey: 4.12% (2013: 10.06%) 25,944 62,003

HICL Infrastructure Company Limited* International Public Partnerships*

39,565 83,828

1.32 2.80

123,393

4.12

222,130 234,743 114,523 246,854 170,464 253,298 83,114 131,513

7.43 7.85 3.83 8.25 5.70 8.47 2.78 4.40

1,456,639

48.71

ETFS Short CAD Long USD

72,866

2.44

Total Jersey

72,866

2.44

Total Guernsey Ireland: 48.71% (2013: 29.15%) 84,489 18,950 7,100 14,720 12,800 1,923 7,396 5,659

Invesco Bond Series - Sterling Bond Fund Class A iShares Core UK Gilts UCITS iShares Developed Markets Property Yield UCITS iShares Global Infrastructure UCITS iShares S&P 500 UCITS iShares UK Gilts 0-5yr UCITS Kames High Yield Global Bond Polar Capital Funds - Healthcare Opportunities Fund Total Ireland Jersey: 2.44% (2013: 0.00%)

2,365

United Kingdom: 38.91% (2013: 28.29%) 195,821 38,979

Blackrock North American Income Trust IM Argonaut Funds - IM Argonaut European Income Fund Class A

229,111 40,584

7.65 1.36

95,790 261,375 86,880

Invesco Perpetual Fixed Interest Investment Series Corporate Bond Fund Jupiter Strategic Bond Lazard Investment Funds - Global Equity Income Fund

113,444 172,116 89,052

3.79 5.75 2.98

90,761 221,221 196,000 263,779

M&G UK Inflation Linked Corporate Bond Fund Class I M&G Investment Funds 3 - Corporate Bond Fund Renewables Infrastructure Group Schroder Income Maximiser Fund Class A

102,387 89,196 203,350 124,979

3.42 2.98 6.80 4.18

Total United Kingdom

1,164,219

38.91

Total Collective Investment Schemes

2,817,117

94.18

Bonds: 0.00% (2013: 18.34%) United Kingdom: 0.00% (2013: 18.34%)

92

CGWM REMAP 4(i) FUND (continued) INVESTMENT PORTFOLIO 31 December 2014

Financial assets at fair value through profit or loss Total Value of Investments (Cost: GBP 2,708,165) Cash Other Net Assets Net Assets Attributable to Holders of Redeemable Participating Shares Analysis of Total Assets

Fair Value GBP

% of Net Assets

2,817,117

94.18

167,268

5.59

6,784

0.23

2,991,169

100.00 % of Total Assets

Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to official stock exchange listing or traded on a regulated market Other Assets

*Closed-end Fund

93

89.89 4.12 5.99 100.00

CGWM REMAP 5 FUND INVESTMENT PORTFOLIO 31 December 2014

Holdings Financial assets at fair value through profit or loss

Fair Value GBP

% of Net Assets

Collective Investment Schemes: 82.51% (2013: 88.31%) Guernsey: 12.88% (2013: 9.65%) 687,736 497,539

HICL Infrastructure Company Limited* International Public Partnerships*

1,048,797 672,673

7.85 5.03

Total Guernsey

1,721,470

12.88

INVESCO Bond Series - Sterling Bond Fund iShares Dow Jones Industrial Average UCITS iShares FTSE 100 UCITS iShares S&P 500 UCITS Polar Capital Funds - Global Technology Fund Polar Capital Funds - Healthcare Opportunities Fund Vanguard Investment Series - US Opportunities Fund Vanguard S&P 500 UCITS

100,127 1,097,770 481,962 1,275,883 1,066,439 263,942 316,858 132,715

0.75 8.21 3.61 9.55 7.98 1.97 2.37 0.99

Total Ireland

4,735,696

35.43

ETFS Short CAD Long USD ETF

346,613

2.59

Total Jersey

346,613

2.59

First State Investments ICVC - Global Listed Infrastructure Fund Henderson Global Funds - Global Technology Fund Class I Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund Legg Mason Funds ICVC - Legg Mason US Equity Income Fund M&G Strategic Corporate Bond Fund Class I Schroder Income Maximiser Fund Class Z Accumulating Threadneedle Investment Funds ICVC - UK Fund

335,429 360,342 1,093,632 200,567 993,486 239,547 1,001,512

2.51 2.70 8.18 1.50 7.43 1.80 7.49

Total United Kingdom

4,224,515

31.61

11,028,294

82.51

Ireland: 35.43% (2013: 34.80%) 23,018 9,325 74,000 95,805 75,048 11,357 767 5,225

Jersey: 2.59% (2013: 0.00%) 11,250

United Kingdom: 31.61% (2013: 43.86%) 227,827 36,424 923,441 128,076 86,496 340,750 867,861

Total Collective Investment Schemes

94

CGWM REMAP 5 FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Fair Value GBP

Total Value of Investments (Cost: GBP 9,964,007) Cash Other Net Liabilities

11,028,294

82.51

2,379,683

17.80

(41,329)

Net Assets Attributable to Holders of Redeemable Participating Shares

% of Net Assets

13,366,648

(0.31)

100.00 % of Total Assets

Analysis of Total Assets Transferable securities admitted to official stock exchange listing or traded on a regulated market Transferable securities other than those admitted to an official stock exchange listing or traded on a regulated market Other Assets

* Closed-end Fund

95

69.30 12.82 17.88 100.00

CGWM BOND FUND INVESTMENT PORTFOLIO 31 December 2014 Holdings

Financial assets at fair value through profit or loss

Fair Value GBP

% of Net Assets

Collective Investment Schemes: 29.04% Ireland: 14.37% 200,204 185,704 20,863

GAM Star - Credit Opportunities GBP Kames High Yield Global Bond Legg Mason Brandywine Global Income Optimiser Fund

2,160,686 2,086,997 2,043,771

4.93 4.77 4.67

Total Ireland

6,291,454

14.37

Aviva Investors Sicav - Global Convertibles Fund Jupiter Global Fund - Dynamic Bond Fund Class I GBP Man Umbrella SICAV - GLG Flexible Bond Fund

2,190,610 2,146,233 2,089,826

5.00 4.90 4.77

Total Luxembourg

6,426,669

14.67

12,718,123

29.04

Macquarie Bank 3.5% 18/12/2020

942,407

2.15

Total Australia

942,407

2.15

Hainan Airlines Hong Kong 3.625% 07/02/2020

978,445

2.23

Total Hong Kong

978,445

2.23

Petroleos Mexicanos 8.25% 02/06/2022

833,814

1.90

Total Mexico

833,814

1.90

Bank Nederlandse Gemeenten 5.75% 18/01/2019 Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.95% 09/11/2022

2,083,686 1,077,914

4.76 2.46

Total Netherlands

3,161,600

7.22

Luxembourg: 14.67% 17,835 189,095 20,194

Total Collective Investment Schemes Bonds: 67.50% Australia: 2.15% 900,000

Hong Kong: 2.23% 1,530,000

Mexico: 1.90% 650,000

Netherlands: 7.22% 1,780,000 1,650,000

96

CGWM BOND FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Holdings

Financial assets at fair value through profit or loss

Fair Value GBP

% of Net Assets

Bonds: 67.50% (continued) New Zealand: 2.10% 9,000,000

Fonterra Cooperative 3.6% 29/01/2019

919,161

2.10

Total New Zealand

919,161

2.10

Kommunalbanken 2.62% 26/07/2016

3,424,996

7.82

Total Norway

3,424,996

7.82

China General Nuclear Power 3.75% 01/11/2015 COSCO Finance 2011 4% 03/12/2022

946,617 1,027,066

2.16 2.35

Total People's Republic of China

1,973,683

4.51

Saudi Electricity Global Sukuk 4.211% 03/04/2022

1,218,909

2.78

Total Saudi Arabia

1,218,909

2.78

Temasek Financial I 4.625% 26/07/2022

1,290,465

2.95

Total Singapore

1,290,465

2.95

Corp Andina de Fomento 3.55% 12/12/2015 European Investment Bank 2.65% 16/04/2020

879,451 1,245,762

2.01 2.84

Total Supranational

2,125,213

4.85

Svenska Handelsbanken 3% 20/11/2020

915,040

2.09

Total Sweden

915,040

2.09

Norway: 7.82% 2,183,000

People's Republic of China: 4.51% 9,200,000 1,640,000

Saudi Arabia: 2.78% 1,800,000

Singapore: 2.95% 1,100,000

Supranational: 4.85% 8,550,000 700,000

Sweden: 2.09% 870,000

97

CGWM BOND FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Holdings

Fair Value GBP

Financial assets at fair value through profit or loss

% of Net Assets

Bonds: 67.50% (continued) United Arab Emirates: 4.76% 1,635,000

IPIC GMTN 6.875% 14/03/2026

2,084,625

4.76

Total United Arab Emirates

2,084,625

4.76

A2D Funding 4.75% 18/10/2022 A2D Funding II 4.5% 30/09/2026 Abbey National Treasury Services 5.125% 14/04/2021 Places for People Capital Markets 5% 27/12/2016 Society of Lloyd's 4.75% 30/10/2024 Standard Chartered Bank 7.75% 03/04/2018 Zurich Finance UK FRN 29/10/2049

868,642 947,637 1,722,403 1,744,594 929,345 1,735,738 852,080

1.98 2.16 3.93 3.98 2.12 3.97 1.95

Total United Kingdom

8,800,439

20.09

GE Capital UK Funding 5.625% 25/04/2019

898,112

2.05

Total United States of America

898,112

2.05

29,566,909

67.50

United Kingdom: 20.09% 800,000 900,000 1,450,000 1,650,000 900,000 1,500,000 740,000

United States of America: 2.05% 780,000

Total Bonds Financial Derivative Instruments: 0.62% Forward Currency Contracts: 0.62% Currency Buys

Counterparty Northern Trust Northern Trust Northern Trust Northern Trust Northern Trust

USD USD USD USD USD

7,770,000 2,000,000 1,230,000 2,000,000 650,595

GBP GBP GBP GBP GBP

Currency Sells

Currency Rate

Maturity Date

4,801,720 1,240,159 761,419 1,265,421 416,434

0.6180 0.6201 0.6190 0.6327 0.6401

17/02/2015 14/01/2015 14/01/2015 14/01/2015 30/01/2015

Unrealised % of Gain Net Assets 183,179 42,610 27,484 17,348 900

0.42 0.10 0.06 0.04 -

Total Fair Value Gains on Forward Currency Contracts

271,521

0.62

Total Financial Derivative Instruments

271,521

0.62

42,556,553

97.16

Total Financial assets at fair value through profit or loss

98

CGWM BOND FUND (continued) INVESTMENT PORTFOLIO 31 December 2014 Holdings

Fair Value GBP

Financial liabilities at fair value through profit or loss

% of Net Assets

Financial Derivative Instruments: -1.27% Forward Currency Contracts: -1.27% Currency Buys

Counterparty Northern Trust Northern Trust Northern Trust Northern Trust

GBP GBP GBP GBP

6,933,640 3,600,144 1,100,544 1,279,192

USD USD USD USD

Currency Sells

Currency Rate

Maturity Date

11,230,000 6,000,000 1,770,000 2,000,000

0.6174 0.6000 0.6218 0.6396

14/01/2015 17/02/2015 17/02/2015 14/01/2015

Unrealised % of Loss Net Assets (269,107) (249,199) (35,013) (3,577)

(0.61) (0.57) (0.08) (0.01)

Total Fair Value Losses on Forward Currency Contracts

(556,896)

(1.27)

Total Financial liabilities at fair value through profit or loss

(556,896)

(1.27)

Total Value of Investments (Cost: GBP 41,270,773) Cash Other Net Assets Net Assets Attributable to Holders of Redeemable Participating Shares

41,999,657

95.89

1,003,617

2.29

794,627

1.82

43,797,901

100.00 % of Total Assets

Analysis of Total Assets Transferable securities listed on an official stock exchange listing or traded on a regulated market Financial derivative instruments dealt on a regulated market Other Assets

99

95.22 0.61 4.17 100.00

CGWM TOTAL RETURN BOND FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases

Cost GBP 575,750 507,395

Abbey National Treasury Services 5.125% 14/04/2021 Temasek Financial I 2.375% 23/01/2023 Sales

Proceeds GBP 558,393 523,660 511,547 451,188 384,675 279,575 236,700 228,950 170,050 163,580 143,397 121,602

New Zealand (Government of) 5.5% 15/04/2023 United Kingdom Gilt 2.25% 07/09/2023 Slovenia (Republic of) 4% 17/02/2016 United Kingdom Gilt Inflation Linked 2.50% 16/04/2020 Goldman Sachs Group 6.125% 14/02/2017 IPIC GMTN 6.875% 14/03/2026 Kreditanstalt fur Wiederaufbau 5% 10/09/2024 Abbey National Treasury Services 5.125% 14/04/2021 GE Capital UK Funding 5.625% 25/04/2019 Bank Nederlandse Gemeenten 4.5% 20/02/2018 Temasek Financial I 2.375% 23/01/2023 Transport for London 2.25% 09/08/2022 * Significant portfolio movements disclose all purchases and sales of the Fund for the year.

100

CGWM SELECT INCOME FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases

Cost GBP 800,000 535,000 470,000 310,100 293,522 250,000 240,000 233,000 200,000 120,000 116,284 110,000 58,000 58,000

Invesco Perpetual UK Strategic Income Fund Artemis Global Income Fund Kames Strategic Global Bond Fund Man Umbrella SICAV - GLG Flexible Bond Fund Legg Mason Brandywine Global Income Optimiser Fund Capita Financial - CF Woodford Equity Income Fund Magna Umbrella Fund - Emerging Markets Dividend Fund Legal & General Dynamic Bond Trust M&G Strategic Corporate Bond Fund Class A GAM Star - Credit Opportunities GBP John Laing Infrastructure Fund RWC Funds Enhanced Income M&G UK Inflation Linked Corporate Bond Fund Class I Invesco Bond Series - Sterling Bond Fund Class C

Sales Invesco Fund Managers Perpetual Income Fund New Capital UCITS Fund - New Capital Wealthy Nations Bond Fund Veritas - Global Equity Income Fund HICL Infrastructure Company Limited M&G UK Inflation Linked Corporate Bond Fund Class I Legal & General Dynamic Bond Trust Franklin Templeton Global Bond Fund M&G Strategic Corporate Bond Fund Class A * Significant portfolio movements disclose all purchases and sales of the Fund for the year.

101

Proceeds GBP 799,188 501,569 340,359 251,135 233,000 231,115 215,859 140,000

CGWM SELECT DIVERSITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Invesco Perpetual UK Strategic Income Fund M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating iShares UK Gilts 0-5yr UCITS ETF JPMorgan Funds - Highbridge US STEEP Polar Capital North American Fund Class I GBP Inc M&G Investment UK Growth Fund Class I Accumulating M&G Investment UK Inflation Linked Corporate Bond Fund iShares $ TIPS UCITS BNY Mellon Absolute Return Equity Fund Henderson Gartmore Fund - United Kingdom Absolute Return J O Hambro Capital Management Umbrella Fund - Continental European Fund Ignis Absolute Return Government Bond Fund Findlay Park American Fund Old Mutual Global Investors Series - Absolute Return Fund Man Umbrella SICAV - GLG Flexible Bond Fund Henderson Gartmore Fund - UK Absolute Return R Accumulating Kames Strategic Global Bond Fund iShares S&P 500 UCITS ETF Wells Fargo Worldwide Fund - Emerging Markets Equity Income Fund Investec Funds Series ii - Global Energy Fund

Sales UK Treasury Index Linked 2.5% Bonds 16/04/2020 Invesco Fund Managers Perpetual Income Fund M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating M&G Offshore UK Inflation Linked Corporate Bond Fund Ignis Absolute Return Government Bond Fund Polar Capital North American Fund Class I GBP Inc Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund Findlay Park American Smaller Companies Fund - GBP Henderson Gartmore Fund - UK Absolute Return R Accumulating Stratton Street UCITS - Renminbi Bond Fund UI GBP First State Asia Pacific Leaders Fund iShares S&P 500 UCITS ETF Schroder European Alpha Plus Fund Schroder International Selection Fund - UK Opportunities Polar Capital Global Technology Fund Wells Fargo Lux Worldwide Fund - US All Cap Growth Schroder Asian Alpha Plus Fund Polar Healthcare Opportunities Fund BlackRock Global - Continental European Flexible Fund HICL Infrastructure Company Limited * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year.

102

Cost GBP 3,725,716 3,600,000 3,312,609 2,630,613 2,516,724 2,400,000 2,347,000 2,023,613 1,734,000 1,684,285 1,656,136 1,550,000 1,430,035 1,385,000 1,366,786 1,297,000 1,200,000 1,006,175 1,000,000 1,000,000

Proceeds GBP 4,929,328 4,065,716 3,638,284 3,582,130 2,811,393 2,516,724 2,282,776 1,580,036 1,309,285 1,270,000 1,176,141 1,052,935 1,052,249 1,048,808 1,043,220 1,001,153 937,523 770,000 770,000 646,905

CGWM SELECT AFFINITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Invesco Perpetual UK Strategic Income Fund J O Hambro Capital Management Umbrella - UK Growth Fund JPMorgan Funds - Highbridge US STEEP Findlay Park American Fund iShares UK Gilts 0-5yr UCITS ETF iShares S&P 500 UCITS ETF Jupiter Global Dynamic Bond Fund Polar Capital North American Fund Class I GBP Threadneedle Investment Funds ICVC - European Select Fund J O Hambro Capital Management Umbrella Fund - Continental European Fund Ignis Absolute Return Government Bond Fund iShares Barclays TIPS UCITS ETF Investec Funds Series ii - Global Energy Fund Henderson Gartmore Fund - United Kingdom Absolute Return Old Mutual Global Investors Series -Old Mutual Global Equity Absolute Return BNY Mellon Absolute Return Equity Fund Henderson Global Funds - Global Technology Fund Class I M&G UK Inflation Linked Corporate Bond Fund Class I Schroder International Selection Fund - UK Opportunities First State Global Listed Infrastructure Fund - Class B

Sales Invesco Fund Managers Perpetual Income Fund Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund Findlay Park American Fund - GBP UK Inflation Linked 2.50% 16/04/2020 Ignis Absolute Return Government Bond Fund Polar Capital North American Fund Schroder Asian Alpha Plus Findlay Park American Fund Schroder European Alpha Plus Fund Schroder International Selection Fund - UK Opportunities Kames Strategic Global Bond Fund BlackRock Global - Continental European Flexible Fund Polar Capital Funds - Global Technology Fund M&G UK Inflation Linked Corporate Bond Fund Class I M&G Offshore UK Inflation Linked Corporate Bond Fund J O Hambro Capital Management Umbrella Fund - Continental European Fund Polar Healthcare Opportunities Fund HICL Infrastructure Company Limited First State Investments ICVC - Asia Pacific Leaders Fund Investec Fund Series i - UK Special Situations Fund

* Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year.

103

Cost USD 3,258,181 2,035,000 1,935,506 1,729,776 1,571,548 1,331,196 1,320,000 1,285,000 1,070,000 1,015,000 959,000 933,467 892,000 800,000 685,000 685,000 580,000 575,000 475,000 70,000

Proceeds USD 3,118,181 2,368,490 1,904,997 1,897,372 1,742,279 1,345,030 1,197,019 1,148,725 899,323 896,597 764,783 760,000 645,259 581,138 551,381 545,000 495,000 475,085 420,000 220,000

CGWM SELECT GLOBAL DIVERSITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases JPMorgan Funds - Highbridge US STEEP iShares Barclays 1-3 Year Treasury Bond Fund Ignis Absolute Return Government Bond Fund Edinburgh Partners Opportunities Fund - European Opportunities Fund Kames Capital Investment - Strategic Global Bond Fund Old Mutual Global Investors Series Plc - Global Equity Absolute Return Fund Henderson Gartmore Fund - UK Absolute Return Fund J O Hambro Capital Management Umbrella Fund - Continental European Fund Vanguard Investment Series - US Opportunities Fund Old Mutual Investment Management - UK Alpha Fund Accumulating Man Umbrella SICAV - GLG Flexible Bond Fund Henderson Horizon - Global Technology Fund Distributing Class I1 Polar Capital North American Fund Class I USD Findlay Park American Fund iShares Barclays 10-20 Year Treasury Bond Fund iShares US Aerospace & Defense ETF Investec Global Energy Fund US Treasury 2.625% Bonds 15/08/2020 Jupiter Global Fund - Dynamic Bond Fund Class I USD First State Asia Pacific Leaders Fund

Sales Ignis Absolute Return Government Bond Fund Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund iShares S&P 500 Index Fund - GBP US Treasury Inflation Index 1.375% Bonds 15/01/2020 Schroder European Alpha Plus Fund - Z Acc Schroder Asian Alpha Plus Fund Vanguard Short-Term Corporate Bond ETF Stratton Street UCITS - Renminbi Bond Fund UI USD BlackRock European Dynamic Fund Polar Capital Funds - Global Technology Fund Polar Healthcare Opportunities Fund HICL Infrastructure Company Limited J O Hambro Capital Management Umbrella Fund - Continental European Fund

* Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year.

104

Cost USD 1,413,500 1,377,200 1,280,000 1,235,000 1,092,500 1,005,000 992,000 814,245 625,739 589,133 581,000 551,000 523,500 493,500 469,232 453,209 412,500 379,303 355,500 317,735

Proceeds USD 1,615,949 1,096,908 1,091,759 865,290 601,068 556,552 472,525 465,000 421,158 377,244 238,526 187,681 46,887

CGWM SELECT GLOBAL AFFINITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases JPMorgan Funds - Highbridge US STEEP Edinburgh Partners Opportunities Fund - European Opportunities Fund J O Hambro Capital Management Umbrella Fund - GBP iShares 1-3 Year Treasury Bond Fund Old Mutual Global Investors Series -Old Mutual Global Equity Absolute Return Henderson Gartmore Fund - United Kingdom Absolute Return Old Mutual UK Alpha Fund Ignis Absolute Return Government Bond Fund iShares US Aerospace & Defense Vanguard Investment Series - US Opportunities Fund Henderson Horizon - Global Technology Fund Findlay Park American Smaller Companies Fund - USD Investec Global Energy Fund Polar Capital North American Fund Class I USD First State Asia Pacific Leaders Fund Wells Fargo Lux Worldwide Fund - US All Cap Growth Jupiter Global Fund - Dynamic Bond Fund Class I USD Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund First State Global Listed Infrastructure Fund - Class B Schroder Asian Alpha Plus Fund - Z Acc

Sales Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund iShares S&P 500 UCITS Ignis Absolute Return Government Bond Fund Schroder European Alpha Plus Fund - Z Acc BlackRock European Dynamic Fund Schroder Asian Alpha Plus Fund Aberdeen Investment Funds ICVC - Emerging Markets Fund Polar Global Technology Fund US Treasury Inflation Indexed 1.375% Bonds 15/01/2020 Polar Healthcare Opportunities Fund HICL Infrastructure Company Limited BlackRock Global - Continental European Flexible Fund Polar Capital Funds - Global Technology Fund M&G Investment UK Inflation Linked Corporate Bond Fund M&G Offshore UK Inflation Linked Corporate Bond Fund J O Hambro Capital Management Umbrella Fund - Continental European Fund Polar Healthcare Opportunities Fund HICL Infrastructure Company Limited First State Investments ICVC - Asia Pacific Leaders Fund Investec Fund Series i - UK Special Situations Fund

* Significant portfolio movements disclose all purchases and the top 20 sales of the Fund for the year.

105

Cost USD 1,277,000 710,000 610,861 494,994 353,000 347,500 337,903 294,000 253,538 253,069 252,000 250,500 222,500 206,500 132,179 119,000 110,500 95,203 79,500 69,189

Proceeds USD 944,573 755,555 524,254 499,037 347,127 266,824 208,394 198,036 193,722 144,436 123,329 760,000 645,259 581,138 551,381 545,000 495,000 475,085 420,000 220,000

CGWM SELECT OPPORTUNITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Cost GBP 4,774,999 3,945,475 3,218,020 3,192,621 3,062,000 2,530,000 2,271,955 1,932,461 1,755,000 1,657,000 1,625,000 1,565,000 1,528,000 1,472,775 1,400,000 1,379,854 1,265,000 1,202,775 1,190,000 1,152,863

Purchases Henderson Global Funds - Global Technology Fund Class I2 iShares MSCI AC Far East EX-Japan iShares MSCI World iShares MSCI Europe EX - UK UCITS Investec - Global Energy Fund Series II JPMorgan Liquidity Funds - Sterling Liquidity Fund JPMorgan Asset Management - Highbridge US STEEP iShares S&P 500 UCITS ETF KBI Institutional Water Fund - Sterling Class E First State Investments ICVC - Asia Pacific Leaders Fund Lazard Global Listed Infrastructure Equity Fund Class I First State Global Listed Infrastructure Fund - Class III Investec Funds Series ii - Asia Ex Japan Fund iShares S&P Global Energy sector J O Hambro Capital Management Umbrella Fund Findlay Park American Fund Polar Capital Global Technology Fund iShares EURO STOXX 50 ETF Edinburgh Partners European Opportunities Fund ETFS Agriculture Sales iShares MSCI AC Far East EX-Japan iShares MSCI Europe EX - UK UCITS iShares MSCI World Investec - Global Energy Fund Series II JPMorgan Liquidity Funds - Sterling Liquidity Fund Henderson Horizon - Global Technology Fund iShares EURO STOXX 50 ETF Polar Healthcare Opportunities Fund Polar Capital Global Technology Fund Findlay Park American Fund iShares S&P Global Energy sector Wells Fargo (Lux) - US All Cap Growth Schroder European Alpha Plus Fund Z Accumulating ETFS Agriculture Edinburgh Partners European Opportunities J O Hambro Capital Management Umbrella Fund Polar Capital North American Fund Class I GBP Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund Findlay Park Latin American Fund Vanguard Investment Series - US Opportunities Fund

* Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year.

106

Proceeds GBP 3,953,670 3,572,652 3,281,350 3,026,671 2,893,000 2,877,425 2,831,932 2,727,000 2,542,126 1,693,850 1,523,529 1,436,119 1,335,862 1,200,188 1,092,864 900,000 780,000 755,394 605,219 581,000

CGWM SELECT GLOBAL OPPORTUNITY FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases iShares MSCI AC Far East EX - Japan (GBP) Henderson Horizon - Global Technology Fund Distributing Class I2 iShares S&P 500 UCITS Investec Fund Managers - Global Energy iShares MSCI Europe EX - UK EUR iShares MSCI World JPMorgan Funds - Highbridge JPMorgan US Dollar Liquidity Fund First State Investments ICVC - Asia Pacific Leaders Fund Investec Funds Series ii - Asia Ex Japan Fund KBI Institutional Water Fund First State Global Listed Infrastructure Fund - Class III Lazard Global Listed Infrastructure Equity Fund Edinburgh Partners Opportunities Fund - European Opportunities Fund iShares S&P Global Energy sector IDX Polar Capital North American Fund Class I USD J O Hambro Capital Management Umbrella Fund - GBP Polar Capital Healthcare Opportunities Fund ETFS Commodity Securities - ETFS Agriculture Polar Capital Global Technology Fund

Sales iShares MSCI AC Far East EX - Japan (GBP) iShares MSCI Europe EX - UK EUR iShares MSCI World Investec Fund Managers - Global Energy iShares EURO STOXX 50 JPMorgan US Dollar Liquidity Fund Polar Capital Healthcare Opportunities Fund Henderson Horizon - Global Technology Fund Distributing Class I2 Polar Capital Global Technology Fund iShares S&P Global Energy sector IDX Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund Schroder European Alpha Plus Fund Wells Fargo (Lux) - US All Cap Growth ETFS Commodity Securities - ETFS Agriculture iShares S&P 500 UCITS Edinburgh Partners Opportunities Fund - European Opportunities Fund Polar Capital North American Fund J O Hambro Capital Management Umbrella Fund - GBP Findlay Park American Fund Findlay Park Latin American Fund

* Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year.

107

Cost USD 16,058,575 16,044,998 12,172,266 12,087,065 11,829,543 11,733,056 10,665,000 9,975,000 7,988,134 7,588,055 7,553,775 7,330,831 6,976,000 5,650,000 5,626,179 5,525,000 5,511,182 5,190,000 4,862,011 4,860,000

Proceeds USD 15,493,809 12,183,394 12,063,215 11,517,130 10,498,490 10,440,058 10,150,000 9,920,267 9,701,138 5,836,132 5,525,983 5,364,300 5,279,181 4,981,290 3,452,336 3,248,553 2,900,000 2,534,420 2,380,000 2,238,068

CGWM REMAP 4 FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases iShares Dow Jones Industrial Average UCITS M&G Corporate Bond Fund UK Gilt 4% 07/03/2022 UK Gilt 4% 07/09/2016 Renewables Infrastructure Group HICL Infrastructure Company Limited M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating Ignis Absolute Return Government Bond Fund ETFS Short CAD Long USD iShares S&P 500 Index Fund Kames High Yield Global Bond iShares FTSE 250 Index Fund UK Gilt 4.5% 07/03/2019 Invesco Asset Management Sterling Bond Fund Polar Capital Global Technology Fund Henderson Global Funds - Global Technology Fund Class I Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund Accumulating International Public Partnerships Polar Healthcare Opportunities Fund ETFS Brent 1mth Oil Securities Fund

Sales UK Gilt 4% 07/03/2022 Findlay Park American Fund iShares FTSE 250 Index Fund iShares Developed Markets Property Yield Fund Jupiter Global Dynamic Bond Fund Polar Capital Global Technology Fund Invesco Fund Managers - Income Fund Henderson Global Investors - UK Absolute Return Fund UK Gilt 4.75% 07/03/2020 BH Macro Limited Old Mutual Investment Fund - UK Alpha Fund M&G Global Dividend Fund New Capital UCITS - New Capital Wealthy Nations Bond Fund Threadneedle Specialist Investment Funds ICVC - American Extended Alpha Fund Kames Capital Investment - Strategic Global Bond Fund Legal & General Dynamic Bond Trust ETFS Brent 1mth Oil Securities Fund Artemis Fund Managers - Global Income Fund M&G Strategic Corporate Bond Fund Class A Accumulating Investec Fund Mangers - UK Special Situations Fund * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year.

108

Cost GBP 1,652,186 1,233,071 896,214 890,948 869,456 851,247 764,151 651,651 631,569 550,121 546,883 532,723 519,750 498,688 490,956 475,450 470,664 225,732 196,655 184,404

Proceeds GBP 1,057,635 928,101 802,191 672,802 623,763 606,684 577,546 524,986 515,189 471,583 448,702 394,889 382,796 382,477 381,422 373,905 357,674 349,953 339,474 332,746

CGWM REMAP 4(i) FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases iShares UK Gilts 0-5yr UCITS iShares Core UK Gilts UCITS iShares Global Infrastructure UCITS Renewables Infrastructure Group Jupiter Strategic Bond iShares S&P 500 UCITS iShares Developed Markets Property Yield UCITS Blackrock North American Income Trust Invesco Bond Series - Sterling Bond Fund Class A M&G UK Inflation Linked Corporate Bond Fund Class I Lazard Investment Funds - Global Equity Income Fund Kames High Yield Global Bond Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund HICL Infrastructure Company Limited* ETFS Short CAD Long USD Polar Capital Funds - Healthcare Opportunities Fund Schroder Income Maximiser Fund Class A M&G Investment Funds 3 - Corporate Bond Fund International Public Partnerships Vanguard Investment Series - US Opportunities Fund

Sales HICL Infrastructure Company Limited Vanguard Investment Series - US Opportunities Fund UK Gilt 8% 07/12/2015 iShares Developed Markets Property Yield UCITS Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund UK Gilt 4.75% 07/09/2015 Polar Capital Funds - Healthcare Opportunities Fund UK Gilt 4.5% 07/03/2019 ETFS Brent 1mth Oil Securities ETF iShares FTSE 250 UK Gilt 3.75% 07/09/2019 BlackRock Fund Managers - European Dynamic Fund iShares UK Gilts 0-5yr UCITS

* Significant portfolio movements disclose the top 20 purchases and all sales of the Fund for the year.

109

Cost GBP 268,541 213,892 212,325 207,301 175,013 152,824 121,903 105,346 104,576 104,373 90,900 83,252 80,605 77,142 66,090 55,854 52,623 38,241 37,149 30,470

Proceeds GBP 172,343 118,814 116,318 91,402 89,472 74,968 74,762 61,431 47,797 45,879 33,894 28,573 18,972

CGWM REMAP 5 FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Polar Capital Funds - Global Technology Fund iShares Dow Jones Industrial Average UCITS iShares FTSE 100 UCITS International Public Partnerships iShares S&P 500 UCITS M&G Strategic Corporate Bond Fund Class I IGNIS Global Funds - Absolute Return Government Bond Fund ETFS Short CAD Long USD ETF Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund Henderson Global Funds - Global Technology Fund Class I iShares FTSE 250 HICL Infrastructure Company Limited Polar Capital Funds - Healthcare Opportunities Fund Schroder Income Maximiser Fund Class Z Accumulating M&G Investment Funds - Corporate Bond Fund Vanguard Investment Series - US Opportunities Fund Threadneedle Investment Funds ICVC - UK Fund Vanguard S&P 500 UCITS First State Investments ICVC - Global Listed Infrastructure Fund ETFS Brent 1mth Oil Securities Sales M&G Investment Funds - Corporate Bond Fund iShares FTSE 250 Vanguard Investment Series - US Opportunities Fund ETFS Brent 1mth Oil Securities Jupiter Corporate Bond Fund iShares MSCI Europe ex-UK UCITS Polar Capital Funds - Global Technology Fund IGNIS Global Funds - Absolute Return Government Bond Fund iShares Developed Markets Property Yield UCITS iShares S&P 500 UCITS M&G Strategic Corporate Bond Fund Class I

* Significant portfolio movements disclose the top 20 purchases and all sales of the Fund for the year.

110

Cost USD 981,291 960,450 475,183 438,780 435,860 341,223 325,841 319,928 315,260 313,800 251,902 250,356 241,000 234,300 226,247 216,928 173,255 128,027 80,552 77,307 Proceeds USD 906,343 749,172 716,537 443,449 434,205 426,681 415,864 314,079 232,281 231,271 122,534

CGWM BOND FUND SIGNIFICANT PORTFOLIO MOVEMENTS (UNAUDITED)* Purchases Bank Nederlandse Gemeenten 5.75% 18/01/2019 GAM Star - Credit Opportunities GBP Legg Mason Brandywine Global Income Optimiser Fund Man Umbrella SICAV - GLG Flexible Bond Fund UK Gilt 4.00% 07/03/2022 Kommunalbanken 2.62% 26/07/2016 Kommunalbanken 1.13% 15/12/2016 European Investment Bank 2.50% 31/10/2022 Asian Development Bank 1.50% 15/12/2017 Kames High Yield Global Bond Temasek Financial I 4.625% 26/07/2022 UK Gilt 4.75% 07/12/2030 Legal & General Dynamic Bond Trust Saudi Electricity Global Sukuk 4.211% 03/04/2022 IGNIS Absolute Return Government Bond Fund Cooperatieve Centrale Raiffeisen-Boerenleenbank 3.95% 09/11/2022 A2D Funding II 4.5% 30/09/2026 Society of Lloyd's 4.75% 30/10/2024 Fonterra Cooperative 3.6% 29/01/2019 Corp Andina de Fomento 3.55% 12/12/2015

Sales UK Gilt 2.50% 26/07/2016 GE Capital UK Funding 6.75% 06/08/2018 UK Gilt 4.00% 07/03/2022 European Investment Bank 2.50% 31/10/2022 Kommunalbanken 1.13% 15/12/2017 Asian Development Bank 1.50% 15/12/2017 Inter-American Development Bank 6.00% 15/12/2017 Franklin Templeton Global Bond Fund QBE Insurance 6.13% 28/09/2015 UK Gilt 4.75% 07/12/2030 Jupiter Global Fund - Dynamic Bond Fund Class I GBP Legal & General Dynamic Bond Trust Ignis Absolute Return Government Bond Fund Lloyds Bank 5.50% 25/09/2016 London Stock Exchange Group 4.75% 02/11/2021 Korea Gas Corporation 4.50% 25/09/2015 Rabobank Nederland 5.25% 14/09/2027 Temasek Financial (I) Private 2.38% 23/01/2023 Neuberger Berman Investment Funds - Short Duration High Yield Bond Fund SK Telecom 4.75% 17/11/2017 * Significant portfolio movements disclose the top 20 purchases and sales of the Fund for the year.

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Cost GBP 2,218,895 2,200,000 2,119,000 2,100,000 1,949,305 1,928,840 1,924,183 1,875,677 1,586,613 1,354,000 1,344,144 1,242,700 1,242,000 1,121,091 1,061,000 990,272 909,200 899,550 894,605 857,466

Proceeds GBP 3,984,793 1,966,449 1,942,765 1,903,785 1,886,890 1,885,761 1,646,312 1,488,669 1,398,758 1,310,900 1,254,000 1,249,272 1,043,572 906,270 846,838 839,518 837,150 829,372 820,647 818,183

ADDITIONAL UNAUDITED PORTFOLIO INFORMATION Jurisdiction United Kingdom United Kingdom United Kingdom Luxembourg United Kingdom Luxembourg United Kingdom Ireland United Kingdom United Kingdom Ireland Jersey Ireland United Kingdom United Kingdom Ireland United Kingdom Ireland Luxembourg United Kingdom United Kingdom Luxembourg Luxembourg Ireland United Kingdom Luxembourg United Kingdom United Kingdom Guernsey United Kingdom Ireland Ireland United Kingdom United Kingdom United Kingdom United Kingdom

The following table lists details of the underlying collective investment schemes that the Funds invest in:

Underlying Collective Investment Scheme Aberdeen Investment Funds ICVC - Japan Growth Fund Artemis Global Income Fund Artemis Income Fund Aviva Investors Sicav - Global Convertibles Fund BlackRock European Dynamic Fund BlackRock Global - Continental European Flexible Fund Blackrock North American Income Trust BNY Mellon Absolute Return Equity Fund Brown Advisory US Small Cap Blend Fund Capita Financial - CF Woodford Equity Income Fund Edinburgh Partners Opportunities Fund - European Opportunities Fund ETFS Short CAD Long USD Findlay Park American Fund First State Asia Pacific Leaders Fund First State Global Listed Infrastructure Fund - Class B First State Global Listed Infrastructure Fund - Class III First State Investments ICVC - Global Listed Infrastructure Fund GAM Star - Credit Opportunities GBP Henderson Gartmore Fund - United Kingdom Absolute Return Henderson Global Funds - Global Technology Fund Class I Henderson Global Funds - Global Technology Fund Class I2 Henderson Horizon - Global Technology Fund Distributing Class I1 Henderson Horizon - Global Technology Fund Distributing Class I2 Hermes Asia Ex-Japan Equity Fund HICL Infrastructure Company Limited Ignis Absolute Return Government Bond Fund IM Argonaut Funds - IM Argonaut European Income Fund Class I IM Argonaut Funds - IM Argonaut European Income Fund Class A International Public Partnerships Invesco Asset Management Sterling Bond Fund Invesco Bond Series - Sterling Bond Fund Class A Invesco Bond Series - Sterling Bond Fund Class C Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund Accumulating Invesco Perpetual Fixed Interest Investment Series - Corporate Bond Fund Invesco Perpetual UK Strategic Income Fund Investec Fund Series i - UK Special Situations Fund

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Management Fee 0.75 0.75 1.50 0.60 0.75 0.75 0.50 0.85 1.10 1.00 0.75 0.39 1.00 0.85 0.85 0.14 0.75 1.56 1.00 1.00 1.10 0.14 1.00 0.75 1.10 0.50 0.75 0.50 1.20 0.50 0.50 0.50 0.75 0.75 1.17 0.75

Performance Fee N/A N/A N/A N/A N/A 15.00 N/A N/A N/A 15.00 N/A N/A N/A 20.00 N/A N/A 10.00 20% of any outperformance of 15yr gilt +2.5% N/A N/A N/A N/A

Underlying Collective Investment Scheme Investec Funds Series ii - Asia Ex Japan Fund Investec Funds Series ii - Global Energy Fund Investec Global Energy Fund iShares $ TIPS UCITS iShares Barclays 10-20 Year Treasury Bond Fund iShares Barclays 1-3 Year Treasury Bond Fund iShares Core UK Gilts UCITS iShares Developed Markets Property Yield UCITS iShares Dow Jones Industrial Average UCITS iShares FTSE 100 UCITS iShares Global Infrastructure UCITS iShares MSCI Europe EX - UK EUR iShares S&P 500 Index Fund iShares UK Gilts 0-5yr UCITS iShares US Aerospace & Defense J O Hambro Capital Management Japan Fund - JPY J O Hambro Capital Management Umbrella - UK Growth Fund J O Hambro Capital Management Umbrella Fund John Laing Infrastructure Fund JPMorgan Asset Management - Highbridge US STEEP JPMorgan Liquidity Funds - Sterling Liquidity Fund JPMorgan US Dollar Liquidity Fund Jupiter Global Fund - Dynamic Bond Fund Class I USD Jupiter Global Fund - Dynamic Bond Fund Class I GBP Jupiter Strategic Bond Kames Capital Investment - Strategic Global Bond Fund Kames High Yield Global Bond Kames Strategic Global Bond Fund KBI Institutional Water Fund Lazard Global Listed Infrastructure Equity Fund Lazard Global Listed Infrastructure Equity Fund Class I Lazard Investment Funds - Global Equity Income Fund Legg Mason Brandywine Global Income Optimiser Fund Legg Mason Funds ICVC - Legg Mason US Equity Income Fund M&G Corporate Bond Fund M&G Global Dividend Fund

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Jurisdiction United Kingdom United Kingdom United Kingdom Ireland United States of America United States of America Ireland United Kingdom Ireland Ireland United Kingdom Ireland Ireland Ireland United States of America Ireland Ireland United Kingdom Guernsey Luxembourg Luxembourg Luxembourg Luxembourg Luxembourg United Kingdom Ireland Ireland Ireland Ireland Ireland Ireland United Kingdom Ireland United Kingdom United Kingdom United Kingdom

The following table lists details of the underlying collective investment schemes that the Funds invest in:

ADDITIONAL UNAUDITED PORTFOLIO INFORMATION Management Fee 0.75 0.75 0.75 0.25 0.15 0.15 0.20 1.10 0.33 0.40 0.50 0.40 0.40 0.20 0.44 0.75 0.75 0.50 1.1% up to 500m, 1% 500m - 1000m 0.80 0.40 0.40 0.50 0.50 0.50 0.80 1.30 0.80 1.00 1.07 0.85 1.00 1.55 0.75 0.75 0.75

Performance Fee N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 15.00 15.00 20.00 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

ADDITIONAL UNAUDITED PORTFOLIO INFORMATION Jurisdiction United Kingdom United Kingdom Guernsey United Kingdom United Kingdom United Kingdom United Kingdom Ireland Luxembourg Ireland United Kingdom Ireland Ireland Ireland Ireland Ireland United Kingdom Ireland Ireland Ireland Ireland Ireland Ireland Ireland Ireland Guernsey Luxembourg United Kingdom United Kingdom United Kingdom United Kingdom Luxembourg Luxembourg United Kingdom United Kingdom Luxembourg

The following table lists details of the underlying collective investment schemes that the Funds invest in:

Underlying Collective Investment Scheme M&G Investment Funds 3 - Corporate Bond Fund M&G Investment UK Growth Fund Class I Accumulating M&G Investment UK Inflation Linked Corporate Bond Fund M&G Strategic Corporate Bond Fund Class A M&G Strategic Corporate Bond Fund Class I M&G UK Inflation Linked Corporate Bond Fund Class I M&G UK Inflation Linked Corporate Bond Fund Class I Accumulating Magna Umbrella Fund - Emerging Markets Dividend Fund Man Umbrella SICAV - GLG Flexible Bond Fund Neuberger Berman Short Duration High Yield Bond Fund Newton Global Higher Income Fund Old Mutual Global Investors Series - Absolute Return Fund Old Mutual Global Investors Series - UK Alpha Fund Old Mutual Global Investors Series - Old Mutual Global Equity Absolute Return Old Mutual Investment Management - UK Alpha Fund Accumulating Polar Capital Funds - Healthcare Opportunities Fund Polar Capital Global Technology Fund Polar Capital Healthcare Opportunities Fund Polar Capital North American Fund Class I USD Polar Capital North American Fund Class I GBP Polar Capital North American Fund Class I GBP Inc Prusik Asian Equity Income Fund Class B Prusik Asian Equity Income Fund Class X Prusik Asian Equity Income Fund Class C Prusik Asian Equity Income Fund Class Y Renewables Infrastructure Group RWC Funds Enhanced Income Schroder Asian Alpha Plus Fund - Z Acc Schroder Income Maximiser Fund Class Z Schroder Income Maximiser Fund Class A Schroder Income Maximiser Fund Class Z Accumulating Stratton Street UCITS - Renminbi Bond Fund UI USD Stratton Street UCITS - Renminbi Bond Fund UI GBP Threadneedle Investment Funds ICVC - European Select Fund Threadneedle Investment Funds ICVC - UK Fund Threadneedle Management - UK Equities Fund

114

Management Fee 0.75 0.75 1.16 1.00 1.00 0.50 0.50 1.25 1.25 0.60 1.00 1.74 0.53 0.75 0.75 1.00 1.10 1.00 0.75 0.75 0.75 1.00 1.00 1.00 1.00 1.00 0.80 0.75 0.75 1.50 0.75 1.00 1.00 1.10 1.00 0.80

Performance Fee N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 20.00 20.00 10.00 10.00 10.00 10.00 10.00 10.00 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Underlying Collective Investment Scheme Vanguard Industrials ETF Vanguard Investment Series - US Opportunities Fund Vanguard S&P 500 UCITS Vanguard Short-Term Corporate Bond ETF Wells Fargo (Lux) - US All Capital Growth

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Jurisdiction United States of America Ireland Ireland United Kingdom Luxembourg

The following table lists details of the underlying collective investment schemes that the Funds invest in:

ADDITIONAL UNAUDITED PORTFOLIO INFORMATION

Management Fee 0.14 0.95 0.07 1.10 0.04

Performance Fee N/A N/A N/A

CANACCORD GENUTY INVESTMENT FUNDS PLC NOTICE OF ANNUAL GENERAL MEETING NOTICE is hereby given that an Annual General Meeting of the Shareholders of the Company will be held at George’s Court, 54-62 Townsend Street, Dublin 2, Ireland on Friday, 12 June 2015, at 12:00 BST for the following purposes:-

AGENDA Ordinary Business: 1.

To receive the Annual Report and the Audited Financial Statements of the Company for the year ended 31 December 2014.

2.

To re-appoint Deloitte & Touche as the Auditors of the Company.

3.

To authorise the Directors to fix the remuneration of the Auditors.

4.

To authorise the Directors to fix the remuneration of the Directors.

5.

To approve the final dividends declared on 5 January 2015 by the Directors in respect of the financial year ended 31 December 2014. Fund and Share Class CGWM Total Return Fund CGWM Select Income Fund CGWM Select Diversity Fund CGWM REMAP 4 Fund CGWM REMAP 4(i) Fund CGWM REMAP 5 Fund CGWM Bond Fund GBP Shares CGWM Bond Fund USD Hedged Shares

Dividend per Share 1.06946 0.00569 0.00284 0.00666 0.00824 0.00886 0.76873 0.23087

By Order of the Board

___________________________ For and on behalf of Northern Trust International Fund Administration Services (Ireland) Limited as Company Secretary Registered Office: Georges’s Court 54-62 Townsend Street Dublin 2 30 April 2015.

NOTE Every member entitled to attend, speak and vote at the above meeting is entitled to appoint a proxy to attend, speak and vote in his stead. A body corporate may appoint an authorised person to attend, speak and vote on its behalf. A proxy or an authorised representative need not be a member of the company. 116

CANACCORD GENUTY INVESTMENT FUNDS PLC FORM OF PROXY FOR THE ANNUAL GENERAL MEETING OF CANACCORD GENUITY INVESTMENT FUNDS Plc (“THE COMPANY”) I/We__________________________________________________________________ of ___________________________________________________________________ being a shareholder of the above named Company hereby appoint _____________________________________________________________________ of_________________________________________________________________________ or failing him/her the Chairman of the Meeting or failing him/her, Ms Bridget Gallagher, Ms Laura Gleeson or Ms Aideen Colgan, all of Northern Trust International Fund Administration Services (Ireland) Limited, as my/our proxy to vote for me/us on my/our behalf at the Annual General Meeting of the holders of shares of the Company to be held at George’s Court, 54-62 Townsend Street, Dublin 2, Ireland at 12:00 GMT/BST on Friday 12 June 2015. Please indicate with an “X” in the spaces below how you wish your vote to be cast. Ordinary Business 1. To receive the Annual Report and the Audited Financial Statements of the Company for the year ended 31 December 2014. 2. To re-appoint Deloitte & Touche as the Auditors of the Company. 3. To authorise the Directors to fix the remuneration of the Auditors. 4. To authorise the Directors to fix the remuneration of the Directors. 5. To approve the final dividends declared on 5 January 2015 by the Directors in respect of the financial year ended 31 December 2014. Fund and Share Class CGWM Total Return Fund CGWM Select Income Fund CGWM Select Diversity Fund CGWM REMAP 4 Fund CGWM REMAP 4(i) Fund CGWM REMAP 5 Fund CGWM Bond Fund GBP Shares CGWM Bond Fund USD Hedged Shares

Signed:___________________________

Dividend per Share 1.06946 0.00569 0.00284 0.00666 0.00824 0.00886 0.76873 0.23087

Date:______________________

117

For

Against

Notes: 1. This instrument of proxy, to be valid, must be sent by post so as to arrive, or be lodged, at the address printed below not less than 48 hours prior to the time appointed for holding the meeting. 2. In the case of a corporate shareholder, this instrument may be either under its Common Seal or under the hand of an officer or attorney authorised in that behalf. 3. If you wish to appoint a proxy other than the Chairman of the meeting, please insert his/her name and address and delete "the Chairman of the meeting" 4. If this instrument is signed and returned without any indication of how the person appointed proxy shall vote, he will exercise his discretion as to how he/she votes and whether or not he/she abstains from voting. 5. In the case of joint holders, the vote of the senior who tenders a vote whether in person or by proxy, shall be accepted to the exclusion of the votes of the other joint holders and for this purpose seniority should be determined by the order in which the names stand in the register of members in respect of the joint holding. 6. The address to which the proxy forms should be returned is:Northern Trust International Fund Administration Services (Ireland) Limited George’s Court 54-62 Townsend Street Dublin 2 Ireland Attention: Ms Bridget Gallagher 7. Proxy forms may be returned in the first instance by fax to 00 353 1 434 5273 or by email to

[email protected] but the original should be forwarded by mail to the address shown at 6 above. Should you have any queries in relation to the foregoing, please telephone Ms Bridget Gallagher of Northern Trust International Fund Administration Services (Ireland) Limited on 00 353 1 542 2967.

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