canaccord genuity investment funds plccanaccord genuity an investment company with variable capital...

InvestmentFunds Plc

Canaccord Genuity

An Investment Company with variable capital structured as an umbrella fund with segregated liability between sub-funds

Interim Report and Unaudited Financial Statements for the six months ended 30 June 2017

CANACCORD GENUITY INVESTMENT FUNDS PLC (An Investment Company with variable capital structured as an umbrella fund with segregated

liability between sub-funds)

CONDENSED INTERIM REPORT AND UNAUDITED FINANCIAL STATEMENTS

For the six months ended 30 June 2017

CGWM SELECT INCOME FUND

CGWM SELECT DIVERSITY FUND

CGWM SELECT AFFINITY FUND

CGWM SELECT GLOBAL DIVERSITY FUND

CGWM SELECT GLOBAL AFFINITY FUND

CGWM SELECT OPPORTUNITY FUND

CGWM SELECT GLOBAL OPPORTUNITY FUND

CGWM GPS OPTIMIZED PORTFOLIO 4 FUND


CGWM SELECT BOND FUND

CGWM GLOBAL EQUITY FUND

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CONTENTS

2 Introduction

4 Management and Administration 5 Investment Managers’ Reports 16 Statement of Financial Position 20 Statement of Comprehensive Income 24 Statement of Changes in Net Assets Attributable to Holders of Redeemable Shares 28 Statement of Cash Flows 32 Notes to the Condensed Financial Statements 49 Investment Portfolios 76 Significant Portfolio Movements

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INTRODUCTION Canaccord Genuity Investment Funds plc (the “Company”) is an umbrella fund with segregated liability between sub-funds established as an open-ended investment company with variable capital under the laws of Ireland as a public limited company pursuant to the Companies Act 2014 (including amendments by the Companies (Accounting) Act 2017) and the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS Regulations") and has been authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in Transferable Securities (“UCITS”). Different sub-funds (“Funds”) may be established from time to time by the Directors with the prior approval of the Central Bank. The Funds of the Company that have been established and were in existence during the six months ended 30 June 2017 are outlined below:

CGWM SELECT INCOME FUND The investment objective of the Fund is to seek to generate income and capital growth by investing in an internationally diversified portfolio of shares and units in investment funds and individual high quality fixed interest instruments. The Fund is primarily a fund of funds that seeks to achieve its investment objective and policy by exposure to international equity markets equal to a maximum of 50% of its net assets by investing in the securities of regulated investment funds; and by an exposure to international debt markets equal to a maximum of 40% of its net assets may be invested in direct assets, primarily in debt securities consisting of bonds (both corporate and sovereign, fixed and floating) and to a lesser extent in equities.

CGWM SELECT DIVERSITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in investment funds and individual high quality fixed interest instruments. The Fund is a fund of funds and aims to achieve its objective by indirect exposure to international equity markets equal to a maximum of 60% of its net assets by investing in the securities of regulated investment funds.

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 investment funds 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 investment funds.

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 investment funds 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 investment funds. 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 investment funds 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 investment funds. The base currency of the Fund is US Dollars but investments may be denominated in other currencies.

CGWM SELECT OPPORTUNITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in investment funds 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 investment funds and fixed interest securities.

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INTRODUCTION (CONTINUED)

CGWM SELECT GLOBAL OPPORTUNITY FUND The investment objective of the Fund is to seek to generate capital growth by investing in an internationally diversified portfolio of shares and units in investment funds 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 investment funds and fixed interest securities. The base currency of the Fund is US Dollars but investments may be denominated in other currencies.

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

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

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

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

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MANAGEMENT AND ADMINISTRATION

Directors: Brian McDermott (Irish) (Non-executive) John Renouf (British) (Independent, non-executive) Collette Wisener-Keating (Irish) (Non-executive) Bronwyn Wright (Irish) (Independent, non-executive)

Registered Office: International Financial Services Centre 25-28 North Wall Quay Dublin 1 Ireland

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

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

Depositary: Northern Trust Fiduciary Services (Ireland) Limited Georges Court 54-62 Townsend Street Dublin 2 Ireland

Company Secretary: Goodbody Secretarial Limited International Financial Services Centre 25-28 North Wall Quay Dublin 1 Ireland

Irish Legal Advisers: A&L Goodbody International Financial Services Centre 25-28 North Wall Quay Dublin 1 Ireland

Sponsoring Broker: A&L Listing International Financial Services Centre 25-28 North Wall Quay Dublin 1 Ireland

Independent Auditor: Deloitte Deloitte & Touche House Earlsfort Terrace Dublin 2 Ireland

Registered number: 367917

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INVESTMENT MANAGERS’ REPORTS For the six months ended 30 June 2017

CGWM Select Income Fund

Fund Performance For the 6 months to 30 June 2017 the Fund returned 4.59% (R GBP (Distribution) shares). This compared to a 2.55% gain for the Fund’s peer group, the Morningstar GIF GBP Cautious Allocation sector.

Market Review

Equity markets continued to move higher over the reporting period as economic growth across the globe continued to develop in a steady fashion. In the US it seems progress has resumed after a sticky first quarter of 2017; in Europe momentum is solidly positive and ahead of expectations; in China measures taken to cool the economy are having an impact, but have not derailed targeted annual growth rate of around 6.5%; only in the UK is there evidence of a slowdown, as an over-extended consumer struggles with declining real earnings and the uncertainties of Brexit. In fixed income markets the picture was more mixed, with many bond markets reversing earlier gains as the US Federal (US Fed) Reserve raised interest rates for a second time this year in June, alongside an increasingly hawkish tone to central bank commentary in the US, Europe and even the UK. Corporate bonds did a little better however, as investors looked to take advantage of the yield pick-up they provide.

Activity/review

The Fund outperformed its peer group over the reporting period as a diverse selection of holdings across asset classes boosted returns. Examples include, the Prusik Asian Equity Income Fund (+22.5%), Picton Property Income Limited (+12.2%) and CVC Credit Partners European Opportunities Limited (+11.9%). In terms of activity, we did not make any changes to the positioning of the Fund in the first six months of the year.

Outlook

While few assets can be described as cheap, valuations are by no means universally stretched. The bull market should, therefore, remain intact while the current environment of stable growth, stable inflation and stable earnings remains in place. That is not to say there are no risks; Trump is beginning to realise Washington is a challenging place to operate and his ability to jawbone up equities is fading as investors start to demand tangible results. Brexit negotiations have started, Germany has a critical election at the end of the summer, the US Fed continues to raise interest rates and the Chinese housing market is starting to respond to tightening measures, all of which have the potential to cause market jitters in thin summer trading. However, at this time, we would see any setback as a buying opportunity, rather than a sign that the current rally is coming to an end.

Canaccord Genuity Wealth (International) Limited

July 2017

6

INVESTMENT MANAGERS’ REPORTS (continued) For the six months ended 30 June 2017

CGWM Select Diversity Fund

Fund Performance For the 6 months to 30 June 2017 the Fund returned 4.74% (R GBP (Distribution) shares). This compared to a 3.98% gain for the Fund’s peer group, the Morningstar EAA GBP Moderate Allocation sector.

Market Review

Equity markets continued to move higher over the reporting period as economic growth across the globe continued to develop in a steady fashion. In the US it seems progress has resumed after a sticky first quarter of 2017; in Europe momentum is solidly positive and ahead of expectations; in China measures taken to cool the economy are having an impact, but have not derailed targeted annual growth rate of around 6.5%; only in the UK is there evidence of a slowdown, as an over-extended consumer struggles with declining real earnings and the uncertainties of Brexit. In fixed income markets the picture was more mixed, with many bond markets reversing earlier gains as the US Federal Reserve (US Fed) raised interest rates for a second time this year in June, alongside an increasingly hawkish tone to central bank commentary in the US, Europe and even the UK. Corporate bonds did a little better however, as investors looked to take advantage of the yield pick-up they provide.

Activity/review

The Fund outperformed its peer group over the reporting period, aided by a particularly strong start to the year. Returns were primarily driven by the Fund’s equity investments, as our holdings in listed infrastructure, healthcare, Indian and Asian equ ities and Europe all outperformed global indices. In terms of activity, we made very few alterations to the Fund’s positioning in the first half of the year. Indeed, the only changes of note came in April, when we took the opportunity to lower the Fund’s US Dollar exposure following Theresa May’s announcement of a snap UK election, as this provided some near-term support for the pound. This was achieved through the sale of the Fund’s US Industrials ETF, the Industrial Select Sector SPDR. We then increased the Fund’s European equity allocation; taking advantage of the reduced political headwinds in the region following the first round of the French Presidential election, rotating the Fund’s US financials holding into the Source Euro Stoxx Optimised Banks UCITS ETF.

Outlook



July 2017

7


CGWM Select Affinity Fund

Fund Performance

For the 6 months to 30 June 2017 the Fund returned 6.42% (R GBP (Accumulation) shares). This compared to a 5.66% gain for the Fund’s peer group, the Morningstar EAA GBP Moderately Adventurous Allocation sector.

Market Review

Equity markets continued to move higher over the reporting period as economic growth across the globe continued to develop in a steady fashion. In the US it seems progress has resumed after a sticky first quarter of 2017; in Europe momentum is solidly positive and ahead of expectations; in China measures taken to cool the economy are having an impact, but have not derailed targeted annual growth rate of around 6.5%; only in the UK. is there evidence of a slowdown, as an over-extended consumer struggles with declining real earnings and the uncertainties of Brexit. In fixed income markets the picture was more mixed, with many bond markets reversing earlier gains as the US Federal Reserve (US Fed) raised interest rates for a second time this year in June, alongside an increasingly hawkish tone to central bank commentary in the US, Europe and even the UK. Corporate bonds did a little better however, as investors looked to take advantage of the yield pick-up they provide.

Activity/review

The Fund outperformed its peer group over the reporting period, aided by a particularly strong start to the year. Returns were primarily driven by the Fund’s equity investments, as our holdings in listed infrastructure, healthcare, Indian and Asian equ ities and Europe all outperformed global indices. In terms of activity, we made very few alterations to the Fund’s positioning in the first half of the year. Indeed, the only changes of note came in April, when we took the opportunity to lower the Fund’s US Dollar exposure following Theresa May’s announcement of a snap UK election, as this provided some near-term support for the pound. This was achieved through the sale of the Fund’s US Industrials ETF, the Industrial Select Sector SPDR. We then increased the Fund’s European equity allocation; taking advantage of the reduced political headwinds in the region following the first round of the French Presidential election, rotating the Fund’s US financials holding into the Source Euro Stoxx Optimised Banks UCITS ETF.

Outlook

While few assets can be described as cheap, valuations are by no means universally stretched. The bull market should, therefore, remain intact while the current environment of stable growth, stable inflation and stable earnings remains in place. That is not to say there are no risks; Trump is beginning to realise Washington is a challenging place to operate and his ability to jawbone up equities is fading as investors start to demand tangible results. Brexit negotiations have started, Germany has a critical election at the end of the summer, the US Fed continues to raise interest rates and the Chinese housing market is starting to respond to tightening measures, all of which have the potential to cause market jitters in thin summer trading. However, at this time, we would see any setback as a buying opportunity, rather than a sign that the current rally is coming to an end. Canaccord Genuity Wealth (International) Limited

July 2017

8


CGWM Select Global Diversity Fund

Fund Performance

For the 6 months to 30 June 2017 the Fund returned 7.34% (A USD (Accumulation) shares). This compared to a 6.03% gain for the Fund’s peer group, the Morningstar GIF USD Moderate Allocation sector.

Market Review


Activity/review The Fund outperformed its peer group over the reporting period as a number of the Fund’s equity holdings enjoyed a strong start to the year. These included our allocations to listed infrastructure, healthcare, Europe and Indian and Asian equites; all of which outperformed global indices by a notable margin in the first 6 months of 2017. In terms of activity, we made very few alterations to the Fund’s positioning in the first half of the year. The first change came in April when, in expectation of Emmanuelle Macron winning the French Presidential election, we started to lower the Fund’s US equity exposure in favour of European assets, switching the Fund’s US financials ETF into the Source Euro Stoxx Optimised Banks UCITS ETF. We then sold the Fund’s US industrials holding, ultimately reinvesting the proceeds into European stocks in early May, via the BlackRock European Dynamic Fund, managed by Alister Hibbert.

Outlook While few assets can be described as cheap, valuations are by no means universally stretched. The bull market should, therefore, remain intact while the current environment of stable growth, stable inflation and stable earnings remains in place. That is not to say there are no risks; Trump is beginning to realise Washington is a challenging place to operate and his ability to jawbone up equities is fading as investors start to demand tangible results. Brexit negotiations have started, Germany has a critical election at the end of the summer, the US Fed continues to raise interest rates and the Chinese housing market is starting to respond to tightening measures, all of which have the potential to cause market jitters in thin summer trading. However, at this time, we would see any setback as a buying opportunity, rather than a sign that the current rally is coming to an end.


July 2017

9


CGWM Select Global Affinity Fund

Fund Performance For the 6 months to 30 June 2017 the Fund returned 10.09% (A USD (Accumulation) shares). This compared to a 7.98% gain for the Fund’s peer group, the Morningstar GIF USD Aggressive Allocation sector. Market review Equity markets continued to move higher over the reporting period as economic growth across the globe continued to develop in a steady fashion. In the US it seems progress has resumed after a sticky first quarter of 2017; in Europe momentum is solidly positive and ahead of expectations; in China measures taken to cool the economy are having an impact, but have not derailed targeted annual growth rate of around 6.5%; only in the UK is there evidence of a slowdown, as an over-extended consumer struggles with declining real earnings and the uncertainties of Brexit. In fixed income markets the picture was more mixed, with many bond markets reversing earlier gains as the US Federal Reserve (US Fed) raised interest rates for a second time this year in June, alongside an increasingly hawkish tone to central bank commentary in the US, Europe and even the UK. Corporate bonds did a little better however, as investors looked to take advantage of the yield pick-up they provide.

Activity/review The Fund outperformed its peer group over the reporting period as a number of the Fund’s equity holdings enjoyed a strong start to the year. These included our allocations to listed infrastructure, healthcare, Europe and Indian and Asian equites; all of which outperformed global indices by a notable margin in the first 6 months of 2017. In terms of activity, we made very few alterations to the Fund’s positioning in the first half of the year. The first change came in April when, in expectation of Emmanuelle Macron winning the French Presidential election, we started to lower the Fund’s US equity exposure in favour of European assets, switching the Fund’s US financials ETF into the Source Euro Stoxx Optimised Banks UCITS ETF. We then sold the Fund’s US industrials holding, ultimately reinvesting the proceeds into European stocks in early May, via the BlackRock European Dynamic Fund, managed by Alister Hibbert.

Outlook While few assets can be described as cheap, valuations are by no means universally stretched. The bull market should, therefore, remain intact while the current environment of stable growth, stable inflation and stable earnings remains in place. That is not to say there are no risks; Trump is beginning to realise Washington is a challenging place to operate and his ability to jawbone up equities is fading as investors start to demand tangible results. Brexit negotiations have started, Germany has a critical election at the end of the summer, the US Fed continues to raise interest rates and the Chinese housing market is starting to respond to tightening measures, all of which have the potential to cause market jitters in thin summer trading. However, at this time, we would see any setback as a buying opportunity, rather than a sign that the current rally is coming to an end.


July 2017

10


CGWM Select Opportunity Fund

Fund performance

For the 6 months to 30 June 2017 the Fund returned 8.01% (R GBP (Accumulation) shares). This compared to a 5.96% gain for the Fund’s peer group, the Morningstar EAA GBP Adventurous Allocation sector.

Market review


Activity/review

The Fund outperformed its peer group over the reporting period as a number of the Fund’s equity holdings enjoyed a strong start to the year. These included our allocations to healthcare, technology, Europe and Indian and Asian equites; all of which outperformed global indices by a notable margin in the first 6 months of 2017. In terms of activity, we took profits in the Fund’s US industrials holding, the Industrial Select Sector SPDR ETF, towards the end of January, as reflation trades in the US appeared to be front running much of the potential benefits of Trump’s hoped for fiscal stimulus plan. We used the proceeds to add to our favoured positions in Asia and Europe. Indeed, adding to Europe and Asia at the expense of the US was a recurring theme for much of the period, as cheaper valuations and reduced political uncertainty looked set to propel the region’s markets higher. Our purchases in Europe included our first dedicated allocation to European smaller companies for a number of years, with the addition of the Old Mutual Europe ex-UK Smaller Companies Fund. In the US we trimmed the Fund’s holding in the iShares S&P 500 UCITS ETF and crystallised a healthy profit in the Fund’s holding in the US Financial Select Sector SPDR Fund ETF. We also reduced the number of holdings in the Fund over the reporting period as our confidence in global growth and our core positions grew. This was achieved through the sale the Fund’s global equity ETF, with the proceeds being used to build the Fund’s existing sector allocations in global technology and global healthcare as well its country specific positions in India.

Outlook



July 2017

11


CGWM Select Global Opportunity Fund

Fund performance

For the 6 months to 30 June 2017 the Fund returned 11.88% (A USD (Accumulation) shares). This compared to a 7.98% gain for the Fund’s peer group, the Morningstar GIF USD Aggressive Allocation sector.

Market review


Activity/review

The Fund outperformed its peer group over the reporting period as a number of the Fund’s equity holdings enjoyed a strong start to the year. These included our allocations to healthcare, technology, Europe and Indian and Asian equites; all of which outperformed global indices by a notable margin in the first 6 months of 2017. In terms of activity, we took profits in the Fund’s US industrials holding, the Industrial Select Sector SPDR ETF, towards the end of January, as reflation trades in the US appeared to be front running much of the potential benefits of Trump’s hoped for fiscal stimulus plan. We used the proceeds to add to our favoured positions in Asia and Europe. Indeed, adding to Europe and Asia at the expense of the US was a recurring theme for much of the period, as cheaper valuations and reduced political uncertainty looked set to propel the region’s markets higher. Our purchases in Europe included our first dedicated allocation to European smaller companies for a number of years, with the addition of the Old Mutual Europe ex-UK Smaller Companies fund. In the US we trimmed the Fund’s holding in the iShares S&P 500 UCITS ETF and crystallised a healthy profit in the Fund’s holding in the US Financial Select Sector SPDR Fund ETF. We also reduced the number of holdings in the Fund over the reporting period as our confidence in global growth and our core positions grew. This was achieved through the sale the Fund’s global equity ETF, with the proceeds being used to build the Fund’s existing sector allocations in global technology and global healthcare as well its country specific positions in India .

Outlook



July 2017

12


CGWM GPS Optimized Portfolio 4 Fund

Fund performance

For the 6 months to 30 June 2017 the Fund returned 0.0% (D GBP (Distribution) shares). This compared to a 1.9% return for the FTSE UK Private Investors Income benchmark (formally named WMA Income benchmark).

Market review

Our Market Stress Indicator (MSI) has remained at a non-stressed reading of 3.5 so far this year. The normal reading largely reflects the low levels of volatility across major equity and bond markets and the reduced asset correlation. The degree of systematic risk appears to have abated with the stabilisation of global economic data and the still accommodative monetary policy, in-spite of the more hawkish tone recently from the major central banks. There are currently a number of conflicting signals in relation to the global economic outlook. We would note that mixed signals are commonplace but they are probably starker at the current time. Generally, we are seeing strong business confidence as highlighted by the purchasing managers’ indices across the major economies coinciding with government bond yields which have remained stubbornly low. 10-year UK and US government bond yields are currently trading at 1.3% and 2.3% respectively. The two signals, in our view, point to a global cyclical pick-up within a low secular growth world outlook. So, while we remain positive on risk assets driven by improving economic momentum globally, we are cautious on the longer-term outlook given the structural challenges that remain. It is these challenges that are limiting the inevitable upward path in bond yields and will also slow the normalisation in monetary policy. Ironically, that could provide support to equities in the near term. There remain plenty of geopolitical events that may eventually provide the roadblock that ultimately make equities look expensive and prompt a correction. Even though the Trump impeachment risk appears to have diminished following the former FBI Director, James Comey’s testimony, the wider enquiry is likely to linger on. The UK election fall-out will likely limit short-term growth prospects in the UK, and no doubt forthcoming German and Italian elections will provide their own surprises. For now though, we are happy to take a well-diversified multi-asset approach to investing, but we are monitoring the risks closely.

Activity/review

A re-optimisation of the portfolio at the beginning of February saw us increase our exposure to risk assets and gilts. Cash was reduced from approx. 28% to 14%. We added 3% into China, 3.5% into Europe and switched our Mexican position for a more general Latin America ETF. In order to maintain the risk cap longer duration Gilts were added to the Fund. The MSI remained at 3.5 during the period but a further re-optimization took place in May and delivered only a tweak to asset allocation. We removed our gold position and the added a 3.5% exposure to India with a small reduction in cash.

Outlook While near-term risks are diminishing, there still remains a great deal of uncertainty on the horizon, such as the expensive asset class valuations (notably in equities and bonds), growing investor concerns about the effectiveness of policymakers, and geopolitical risks. We continue to recommend that investors stay with a long-term risk-based strategy that offers uncorrelated returns over the long-run.


July 2017

13



Fund performance For the 6 months to 30 June 2017 the Fund returned 0.2% (D GBP (Distribution) shares). This compared to a 2.5% return for the FTSE UK Private Investors Balanced benchmark (formally named WMA Balanced benchmark).

Market review Our Market Stress Indicator (MSI) has remained at a non-stressed reading of 3.5 so far this year. The normal reading largely reflects the low levels of volatility across major equity and bond markets and the reduced asset correlation. The degree of systematic risk appears to have abated with the stabilisation of global economic data and the still accommodative monetary policy, in-spite of the more hawkish tone recently from the major central banks. There are currently a number of conflicting signals in relation to the global economic outlook. We would note that mixed signals are commonplace but they are probably starker at the current time. Generally, we are seeing strong business confidence as highlighted by the purchasing managers’ indices across the major economies coinciding with government bond yields which have remained stubbornly low. 10-year UK and US government bond yields are currently trading at 1.3% and 2.3% respectively. The two signals, in our view, point to a global cyclical pick-up within a low secular growth world outlook. So, while we remain positive on risk assets driven by improving economic momentum globally, we are cautious on the longer-term outlook given the structural challenges that remain. It is these challenges that are limiting the inevitable upward path in bond yields and will also slow the normalisation in monetary policy. Ironically, that could provide support to equities in the near term. There remain plenty of geopolitical events that may eventually provide the roadblock that ultimately make equities look expensive and prompt a correction. Even though the Trump impeachment risk appears to have diminished following the former FBI Director, James Comey’s testimony, the wider enquiry is likely to linger on. The UK election fall-out will likely limit short-term growth prospects in the UK, and no doubt forthcoming German and Italian elections will provide their own surprises. For now though, we are happy to take a well-diversified multi-asset approach to investing, but we are monitoring the risks closely.

Activity/review A re-optimisation of the portfolio took place at the beginning of February which saw us increase our exposure to risk assets and gilts. Cash was reduced from approx. 23% to 9%. We added 5% into China, 5% into Europe and switched our Mexican position for a more general Latin America ETF. In order to maintain the risk cap longer duration Gilts were added to the Fund. The MSI remained at 3.5 during the period but a further re-optimization took place in May and delivered only a tweak to asset allocation. We removed our gold position and the added a 4.5% exposure to India with a small reduction in cash.

Outlook While near-term risks are diminishing, there still remains a great deal of uncertainty on the horizon, such as the expensive asset class valuations (notably in equities and bonds), growing investor concerns about the effectiveness of policymakers, and geopolitical risks. We continue to recommend that investors stay with a long-term risk-based strategy that offers uncorrelated returns over the long-run.


July 2017

14


CGWM Select Bond Fund

Fund performance For the 6 months to 30 June 2017 the Fund returned 2.74% in total return terms net of all fees and expenses (A GBP (Distribution) shares). As a comparative, the Citigroup UK Government Bond 3-7 Year Index was up 0.07% for the same period.

Market review

The second quarter has continued in similar positive fashion to the first quarter of 2017; market volatility has remained very low and it remains a supportive environment to make good returns. In this prolonged period of low volatility in markets the perceived political dangers have largely been negotiated with a slightly unerring calmness. Brexit and the political backdrop remain a concern for UK residents, but with a global focus the associated weakness in Sterling has created more opportuni ty than threats for investors. Similarly, Trump has generated plenty of concern with his somewhat unpredictable and unorthodox nature, but hasn’t prevented US equity markets from making new highs. More recently we have seen through European elections and there was to be no shock to the system as the pro-Eurozone vote prevailed and immediate concerns for Europe have subsided for now. Inevitably this has led to a supportive environment for most assets to appreciate further and this in itself becomes the next cause for concern.

Activity/review Given the strong gains we have seen, the obvious question to pose is whether there are still opportunities in bond markets? Our exposure to government bonds has tended to be quite modest, but there are relatively attractive opportunities in the highest rated quasi-government institutions that provide a solid backbone to the fund and a degree of counterbalance for when risk assets sell off. Corporate bond spreads have broadly tightened so yield premiums over government bonds have fallen. However, given the challenges for low risk investment, we cannot dismiss the ongoing relative appeal of corporate debt and especially as default rates are likely to remain low for the foreseeable future. The Fund’s headline yield to maturity (YTM) is currently at 2.83%. We continue to target an income delivery of around 2.5% to 3% per annum. The Fund’s duration has been maintained at a relatively defensive 4.47yrs. The Fund’s credit quality is strong with a weighting to the highest quality assets of 43% (AAA/AA/cash).

Outlook Towards the end of June we heard from the major central bank chairpersons and unsurprisingly they have been fairly united in their positive stance and talking up the prospect of potential interest rate rises. We have been here before on several occasions and whilst there are dangers in presuming more talk than action, the reality is that we are unlikely to see significant, if any, increases in US, UK or European interest rates for the rest of this year. Cash rates will therefore remain low, and while inflation has increased from a low base last year there is a need to invest for a real return. The key to achieving optimum risk-reward is diversification, encompassing a blend of traditional plain-vanilla bond assets, complemented by specialist, thematic and dynamic bond fund strategies.


July 2017

15


CGWM Global Equity Fund

Fund Performance

For the 6 months to 30 June 2017 the Fund returned 9.28% in total return terms net of all fees and expenses (R USD (Accumulation) shares). The FTSE All World Total Return Gross of Withholding Tax USD returned 11.73%.

Market Review The last six months has seen a further appreciation in global equity markets. Markets have been buoyed by the strengthening US economy, the noticeable evidence that Europe looks to be returning to sustainable growth and China continues to dumbfound its sceptics and grow. The emerging markets have also been strong: the fear that Mr Trump would look to disadvantage them by applying importation taxes on their goods would negatively impact their economies has so far not happened and the market has realised that Mr Trump has many other issues to navigate before he can focus on this one. The concerns in the equity markets at the beginning of the year of the potential implosion of the EU proved to be a false dawn as both the Dutch and French elections gave strong indications that their electorates still believe in the union. Although admittedly there is still a sizeable Eurosceptic minority. On the back of these results and the positive economic data, all European bourses have returned strong double digit returns in USD.

Activity/review

The portfolio consisted of 25 positions at the end of June which was a reduction of 1 from the last time we reported at the end of December 2016. A total of 4 positions were sold (Dior, Syngenta, Atos and Omnicom) as they were trading at or c lose to their intrinsic value. Three positions were added (WPP, Gildan Activewear and Bayer) as we felt they were being mispriced in the market and were trading at significant discounts to their intrinsic values. There were also a few sizeable changes to positions in the portfolio. We reduced Apple, Taiwan Semiconductor Manufacturing ADR and JP Morgan Chase as each position had increased to over 5% of the portfolio. We also reduced Schroders and Las Vegas Sands as they were trading within 10% of their intrinsic values. In terms of additions we added further capital to Petrofac, Qualcomm, Anheuser Busch Inbev, Lloyds Banking and BP. On a sectoral basis, we increased our exposure within the portfolio to Healthcare with the addition of Bayer AG, the German pharmaceutical, life and crop sciences conglomerate. Reduced technology through the sale of Atos SA and completely removed our exposure to Basic Materials by closing the position in Syngenta AG. At the end of June, the portfolio had a 26% weighting to Consumer Goods, 18% Healthcare, 18% Technology, 16% Financials, 10% Consumer Service, 8% Oil & Gas and 4% cash. Geographically the portfolio positioning remained fairly static with the only notable change of reducing European exposure and increasing the UK. At the end of June, the portfolio had 44% exposure to the Americas, 25% UK, 20% Europe, 7% Asia/Pacific and 4% cash. It is important to add that, although we remain cognisant of our geographical and sectoral weightings, we are not led by them as the fund’s portfolio is built by using bottom up fundamental analysis and the constituents are picked because we believe they are trading on significant discounts to their intrinsic values.

Outlook Markets continue to be affected by concerns over their valuations and the length of the current economic cycle. We do note that certain equities look stretched in valuation terms as they trade well above their long run averages, but there are still a noticeable number of equites trading on low multiples. We continue to believe that although equity markets look expensive, they will continue to grind higher over the short to medium term as economic data in the US (the global economies economic powerhouse) continues to point to further growth. There is potential for some sort of setback in the markets in the near term as we have not seen a sell off this year. If it does come to fruition we expect the fall to be sharp and short lived.


July 2017

16

STATEMENT OF FINANCIAL POSITION As at 30 June 2017

CGWM CGWM

CGWM CGWM CGWM Select Select

Select Select Select Global Global

Income Diversity Affinity Diversity Affinity

Total Fund Fund Fund Fund Fund

Notes GBP GBP GBP GBP USD USD

Assets

Financial assets at fair value through profit or loss 676,478,575 17,425,378 92,327,532 54,698,615 78,441,515 38,350,759

Cash deposits 5 63,344,806 1,351,451 5,702,911 2,944,890 6,829,322 2,095,560

Subscriptions receivable 3,669,659 378,606 808,746 266,325 471,782 222,097

Securities sold receivable 6,781,087 - - - - -

Interest and dividends receivable 776,724 53,109 111,421 48,322 96,087 32,884

Sundry debtors 69,603 1,085 5,342 2,768 5,428 2,432

Total Assets 751,120,454 19,209,629 98,955,952 57,960,920 85,844,134 40,703,732

Liabilities

Financial liabilities at fair value through profit or loss (96,209) - - - (1,383) (856)

Redemptions payable (1,514,297) (72,826) (550,973) (160,034) (199,513) (241,118)

Securities purchased payable (825,688) - (42,298) (31,984) - -

Management fee payable (838,103) (19,956) (113,102) (67,058) (104,172) (50,630)

Sundry creditors (235,696) (6,284) (25,364) (15,449) (38,657) (28,398)

Total liabilities (excluding net assets

attributable to holders of redeemable shares) (3,509,993) (99,066) (731,737) (274,525) (343,725) (321,002)

Net Assets attributable to holders of redeemable shares 14 747,610,461 19,110,563 98,224,215 57,686,395 85,500,409 40,382,730

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

17

STATEMENT OF FINANCIAL POSITION As at 30 June 2017

CGWM CGWM CGWM

CGWM Select GPS GPS CGWM CGWM

Select Global Optimized Optimized Select Global

Opportunity Opportunity Portfolio 4 Portfolio 5 Bond Equity

Fund Fund Fund Fund Fund Fund

Notes GBP USD GBP GBP GBP USD

Assets


Cash deposits 5 10,344,395 38,526,297 844,702 810,091 3,773,919 1,353,588

Subscriptions receivable 588,526 1,306,638 - - 87,354 -

Securities sold receivable 1,435,000 6,395,120 7,869 3,569 - 534,327

Interest and dividends receivable - - 21,164 7,926 391,533 57,103

Sundry debtors 5,803 23,339 2,006 1,634 7,046 25,850

Total Assets 99,250,199 380,233,763 15,427,557 10,664,821 40,003,769 25,330,527

Liabilities

Financial liabilities at fair value through profit or loss - (1,014) - - (93,705) -

Redemptions payable (113,747) (194,286) (16,044) (1,659) (110,222) -

Securities purchased payable - - - - - (976,039)




attributable to holders of redeemable shares) (261,887) (772,592) (31,167) (12,968) (229,672) (990,383)



18

STATEMENT OF FINANCIAL POSITION As at 31 December 2016 (for comparative purposes)

CGWM CGWM CGWM

Total CGWM CGWM CGWM Select Select

Return Select Select Select Global Global

Bond Income Diversity Affinity Diversity Affinity

Total Fund* Fund Fund Fund Fund Fund

Notes GBP GBP GBP GBP GBP USD USD

Assets

Financial assets at fair value through profit or loss 645,850,619 - 16,534,026 86,431,187 52,551,676 76,236,375 41,316,856

Cash deposits 5 50,179,358 - 839,627 5,021,291 1,714,106 4,794,776 1,076,887

Subscriptions receivable 2,121,701 - 72,753 72,218 230,123 378,622 49,076

Interest and dividends receivable 708,508 - 34,418 58,408 13,073 51,169 10,349

Sundry debtors 53,727 - 386 2,352 1,386 1,993 1,290

Total Assets 698,913,913 - 17,481,210 91,585,456 54,510,364 81,462,935 42,454,458

Liabilities

Financial liabilities at fair value through profit or loss (74,808) - - - - (23,172) (11,008)

Redemptions payable (1,536,810) - (627) (94,895) (110,491) (344,740) (24,197)

Securities purchased payable (11,682) - - - - - -

Management fee payable (769,951) - (18,614) (107,422) (61,575) (98,760) (53,921)

Sundry creditors (248,961) - (5,034) (24,801) (19,986) (26,356) (18,876)


attributable to holders of redeemable shares) (2,642,212) - (24,275) (227,118) (192,052) (493,028) (108,002)

Net Assets attributable to holders of redeemable shares 14 696,271,701 - 17,456,935 91,358,338 54,318,312 80,969,907 42,346,456

*Terminated 15 January 2016.


19

STATEMENT OF FINANCIAL POSITION As at 31 December 2016 (for comparative purposes)

CGWM CGWM CGWM




Fund Fund Fund Fund Fund Fund*


Assets


Cash deposits 5 6,738,439 26,813,193 2,257,258 1,269,408 4,711,847 1,452,917

Subscriptions receivable 399,441 795,146 - 3,000 354,530 -

Interest and dividends receivable - - 28,139 59,893 440,839 29,596

Sundry debtors 1,749 11,062 2,628 2,489 7,593 29,081

Total Assets 83,388,458 322,215,296 18,744,452 14,033,950 42,711,175 19,038,662

Liabilities

Financial liabilities at fair value through profit or loss - (50,252) - - (1,461) (6,199)

Redemptions payable (153,341) (454,667) (165,918) (117,984) (227,019) -

Securities purchased payable - - (11,682) - - -




attributable to holders of redeemable shares) (281,138) (998,208) (211,646) (131,023) (267,123) (16,790)


*Launched 30 June 2016.


20

STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2017

CGWM CGWM





Investment Income Notes GBP GBP GBP GBP USD USD

Dividend income 3,760,184 329,661 594,790 299,303 404,608 92,738

Bond interest income 498,570 - 46,138 - 29,909 -

Deposit interest 41,846 16,183 - - 3,553 863

Rebate from underlying Investment Funds 2 14,791 2,628 - - - -

Net realised gain on investments 17,737,115 84,848 979,933 659,952 1,839,676 1,804,740

Movement in net unrealised gain on investments 39,553,348 448,652 3,264,551 2,742,550 4,220,229 2,098,987

Net gain/(loss) on currencies 3,172,228 (261) 313 (1,122) 1,000,008 330,021

64,778,082 881,711 4,885,725 3,700,683 7,497,983 4,327,349

Expenses

Investment Management fees 12 4,879,562 116,906 643,120 364,933 624,607 286,410

Administration fees 12 289,367 6,984 37,160 21,536 34,447 17,001

General expenses 263,935 8,252 34,259 20,193 30,257 13,641

Depositary fees 12 85,189 2,462 11,801 6,966 10,318 4,994

Transaction costs 12 9,569 930 740 585 1,561 993

Setup costs 6,661 - - - - -

5,534,283 135,534 727,080 414,213 701,190 323,039

Operating Profit 59,243,799 746,177 4,158,645 3,286,470 6,796,793 4,004,310

Finance costs

Income equalisation (charge)/credit (31,284) 3,906 (280) (927) 658 104

Bank interest expense (5,829) - (1,567) (883) (182) (123)

Distributions 13 (1,492,210) (279,644) (241,410) - - -

Taxation

Net withholding tax (charge)/reclaim (95,718) (5,067) (13,602) (3,950) 4,066 2,391

Change in net assets attributable to holders

of redeemable shares resulting from operations 57,618,758 465,372 3,901,786 3,280,710 6,801,335 4,006,682

Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above. The accompanying notes form an integral part of these unaudited financial statements.

21

STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2017

CGWM CGWM CGWM





Investment Income Notes GBP USD GBP GBP GBP USD

Dividend income 365,352 1,198,641 120,392 103,456 250,033 440,766

Bond interest income - - 16,388 6,702 405,586 -

Deposit interest 14 26,734 - - - 1,142

Rebate from underlying Investment Funds 2 - - 6,521 5,642 - -

Net realised gain on investments 4,026,238 9,256,036 326,026 398,405 240,286 975,408

Movement in net unrealised gain/(loss) on investments 3,051,263 31,679,860 (367,826) (384,962) (75,745) 872,052

Net (loss)/gain on currencies (41,574) 2,091,636 (10,105) (7,982) 386,218 162,352

7,401,293 44,252,907 91,396 121,261 1,206,378 2,451,720

Expenses

Investment Management fees 12 686,882 2,629,633 67,878 49,785 101,629 45,492



Depositary fees 12 11,257 38,849 1,675 1,306 4,046 3,345

Transaction costs 12 1,725 1,881 585 565 190 914

Setup costs - - 1,052 1,052 1,620 3,698

766,481 2,929,065 84,431 63,524 142,170 76,543

Operating Profit 6,634,812 41,323,842 6,965 57,737 1,064,208 2,375,177

Finance costs

Income equalisation credit/(charge) 2,257 1,699 (9,616) (11,401) (11,279) (7,426)

Bank interest expense (205) (318) (140) (630) (1,909) -

Distributions 13 - - (168,792) (133,324) (613,576) (69,828)

Taxation

Net withholding tax (charge)/reclaim (10,924) (21,651) 8,778 4,056 (9,499) (67,282)

Change in net assets attributable to holders

of redeemable shares resulting from operations 6,625,940 41,303,572 (162,805) (83,562) 427,945 2,230,641

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


22

STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2016 (for comparative purposes)

CGWM CGWM





Investment Income Notes GBP GBP GBP GBP USD USD

Dividend income 2,747,759 172,871 262,764 314,545 264,598 100,349

Bond interest income 971,251 126,757 238,134 22,067 35,163 7,182

Deposit interest 363 - - - - -

Net realised gain/(loss) on investments 435,769 (152,760) 594,731 484,408 (1,016,434) (233,085)

Movement in net unrealised (loss)/gain on investments (1,017,687) 413,363 955,263 (444,409) 75,677 (475,232)

Net (loss)/gain on currencies (1,443,827) (17,029) (10,379) 578 (410,736) (481,469)

1,693,628 543,202 2,040,513 377,189 (1,051,732) (1,082,255)

Expenses

Investment Management fees 12 3,663,029 98,699 542,550 318,115 485,552 239,739



Depository fees 12 60,352 1,902 1,233 6,120 8,215 4,097

Transaction costs 12 29,852 1,210 3,340 1,655 4,141 5,239

Setup costs 3,724 - - - - -

4,234,321 119,044 622,723 364,165 559,328 284,545

Operating (Loss)/ Profit (2,540,693) 424,158 1,417,790 13,024 (1,611,060) (1,366,800)

Finance costs

Income equalisation credit/(charge) 26,910 10,475 3,097 256 330 -

Bank interest expense (1,584) - (211) - (377) (265)

Distributions 13 (1,504,201) (248,094) (183,426) - - -

Taxation

Net withholding tax charge (160,075) (1,842) (6,279) (3,210) (1,470) (1,993)

Change in net assets attributable to holders of redeemable

shares resulting from operations (4,179,643) 184,697 1,230,971 10,070 (1,612,577) (1,369,058)

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


23

STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 June 2016 (for comparative purposes)

CGWM CGWM CGWM





Investment Income Notes GBP USD GBP GBP GBP USD

Dividend income 299,053 1,329,220 251,287 111,971 153,125 -

Bond interest income - - 10,956 11,899 531,891 -

Deposit interest - 494 18 - - -

Net realised (losses)/gain on investments 1,837,265 (1,347,415) (876,959) (112,508) 473,660 -

Movement in net unrealised gain/(loss) on investments 145,489 (6,362,334) 845,564 143,851 1,641,450 -

Net gain/(loss) on currencies (21,009) (39,122) (364) (3) (745,767) -

2,260,798 (6,419,157) 230,502 155,210 2,054,359 -

Expenses

Investment Management fees 12 471,134 2,092,099 106,506 58,643 101,486 -

Administration fees 12 22,680 104,542 9,522 5,228 15,782 -

General expenses 35,430 105,031 12,864 7,267 23,642 -

Depository fees 12 7,915 34,952 3,325 1,829 5,048 -

Transaction costs 12 4,800 12,665 1,320 1,375 770 -

Setup costs - - 1,052 1,052 1,620 -

541,959 2,349,289 134,589 75,394 148,348 -

Operating Profit/(Loss) 1,718,839 (8,768,446) 95,913 79,816 1,906,011 -

Finance costs

Income equalisation credit/(charge) 138 290 (12,428) 723 24,216 -

Bank interest expense (344) (804) - - (20) -

Distributions 13 - - (272,829) (135,770) (664,082) -

Taxation

Net withholding tax charge/(reclaim) (37,797) (126,837) (16,412) (5,622) 2,007 -

Change in net assets attributable to holders of redeemable

shares resulting from operations 1,680,836 (8,895,797) (205,756) (60,853) 1,268,132 -

*Launched 30 June 2016. Gains and losses arise solely from continuing operations. There were no gains and losses other than those reflected above. The accompanying notes form an integral part of these unaudited financial statements.

24

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the six months ended 30 June 2017

CGWM CGWM






Balance at 1 January 2017 696,271,701 17,456,935 91,358,338 54,318,312 80,969,907 42,346,456

Change in net assets

attributable to holders of redeemable

shares resulting from operations 57,618,758 465,372 3,901,786 3,280,710 6,801,335 4,006,682

Foreign exchange adjustment on aggregation 2 (19,897,940)

Share Transactions

Subscriptions during the period 104,906,415 3,126,221 13,914,837 5,555,206 16,471,822 4,876,176

Redemptions during the period (91,288,473) (1,937,965) (10,950,746) (5,467,833) (18,742,655) (10,846,584)

Net increase/(decrease) in net assets

resulting from share transactions 13,617,942 1,188,256 2,964,091 87,373 (2,270,833) (5,970,408)

Balance at 30 June 2017 747,610,461 19,110,563 98,224,215 57,686,395 85,500,409 40,382,730


25

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the six months ended 30 June 2017

CGWM CGWM CGWM





GBP USD GBP GBP GBP USD




shares resulting from operations 6,625,940 41,303,572 (162,805) (83,562) 427,945 2,230,641

Share Transactions

Subscriptions during the period 15,562,615 42,831,954 249,024 402,414 6,743,078 10,544,872



resulting from share transactions 9,255,052 16,940,511 (2,973,611) (3,167,512) (3,097,900) 3,087,631

Balance at 30 June 2017 98,988,312 379,461,171 15,396,390 10,651,853 39,774,097 24,340,144


26

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the six months ended 30 June 2016 (for comparative purposes)

CGWM CGWM









shares resulting from operations (4,179,643) 184,697 1,230,971 10,070 (1,612,577) (1,369,058)

Foreign exchange adjustment on aggregation 2 27,774,758

Share Transactions

Subscriptions during the period 102,998,132 3,191,051 11,015,304 4,657,223 23,792,457 20,860,577



resulting from share transactions 54,519,857 1,318,000 1,531,823 (577,509) 19,240,656 17,075,038

Balance at 30 June 2016 610,452,239 15,848,119 81,413,951 49,355,812 77,008,641 43,230,659


27

STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO HOLDERS OF REDEEMABLE SHARES For the six months ended 30 June 2016 (for comparative purposes)

CGWM CGWM CGWM





GBP USD GBP GBP GBP USD

Balance at 1 January 2016 63,662,107 269,431,778 28,726,647 15,147,230 40,116,764 -



shares resulting from operations 1,680,836 (8,895,797) (205,756) (60,853) 1,268,132 -

Share Transactions

Subscriptions during the period 10,469,818 48,486,578 218,832 503,970 7,429,712 748,080

Redemptions during the period (7,543,864) (14,413,704) (2,927,548) (172,546) (5,368,007) -


resulting from share transactions 2,925,954 34,072,874 (2,708,716) 331,424 2,061,705 748,080

Balance at 30 June 2016 68,268,897 294,608,855 25,812,175 15,417,801 43,446,601 748,080



28

STATEMENT OF CASH FLOWS For the six months ended 30 June 2017

CGWM CGWM






CASH FLOWS FROM OPERATING ACTIVITIES

Purchase of financial assets (181,545,039) (1,496,845) (12,156,550) (3,926,171) (15,291,156) (8,537,609)

Proceeds from sale of financial assets 185,309,727 1,138,993 10,546,987 5,213,718 19,476,647 15,585,197

Gain/(loss) from forward foreign currency contracts 1,968,579 (261) 313 (1,122) 647,492 142,104

Dividends, rebate and interest received 4,299,854 324,714 572,746 259,221 397,036 73,334

Operating expenses paid (5,500,582) (133,641) (723,827) (414,649) (686,911) (317,950)

NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITES 4,532,539 (167,040) (1,760,331) 1,130,997 4,543,108 6,945,076

CASH FLOWS FROM FINANCING ACTIVITIES

Distributions (1,492,210) (279,644) (241,410) - - -

Proceeds from redeemable participating shares issued 103,447,474 2,834,458 13,200,682 5,520,311 16,382,249 4,703,302

Redemptions paid to shareholders (91,431,286) (1,875,950) (10,517,321) (5,420,524) (18,890,811) (10,629,705)

NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITES 10,523,978 678,864 2,441,951 99,787 (2,508,562) (5,926,403)

NET INCREASE IN CASH 15,056,517 511,824 681,620 1,230,784 2,034,546 1,018,673

FOREIGN EXCHANGE ADJUSTMENT ON AGGREGATION 2 (1,891,069)

CASH AT BEGINNING OF THE PERIOD 50,179,358 839,627 5,021,291 1,714,106 4,794,776 1,076,887

CASH AT END OF THE PERIOD 63,344,806 1,351,451 5,702,911 2,944,890 6,829,322 2,095,560

Supplementary cash flow information

Cash flows from operating activities include:

Cash received during the period for dividend income 3,532,275 306,122 529,496 260,104 334,919 72,594

Cash received during the period for bond interest income 720,983 (219) 44,817 - 58,746 -

Cash received during the period for bank interest income 41,215 16,183 - - 3,553 863

Rebate from underlying investment funds 14,791 2,628 - - - -

Cash paid during the period for interest expense (9,410) - (1,567) (883) (182) (123)

4,299,854 324,714 572,746 259,221 397,036 73,334


29

STATEMENT OF CASH FLOWS For the six months ended 30 June 2017

CGWM CGWM CGWM









(Loss)/Gain from forward foreign currency contracts (41,574) 1,342,940 (10,105) (7,982) 276,234 27,316

Dividends, rebate and interest received 354,237 1,203,406 174,206 198,361 809,237 347,119

Operating expenses paid (750,192) (2,858,228) (102,732) (64,399) (154,496) (69,559)

NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITES (5,422,674) (4,457,232) 1,889,337 2,966,245 2,634,447 (3,109,706)


Distributions - - (168,792) (133,324) (613,576) (69,828)

Proceeds from redeemable participating shares issued 15,377,096 42,322,990 249,814 406,744 7,041,429 10,556,722


NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITES 9,028,630 16,170,336 (3,301,893) (3,425,562) (3,572,375) 3,010,377

NET INCREASE/(DECREASE) IN CASH 3,605,956 11,713,104 (1,412,556) (459,317) (937,928) (99,329)

FOREIGN EXCHANGE ADJUSTMENT ON AGGREGATION 2

CASH AT BEGINNING OF THE PERIOD 6,738,439 26,813,193 2,257,258 1,269,408 4,711,847 1,452,917

CASH AT END OF THE PERIOD 10,344,395 38,526,297 844,702 810,091 3,773,919 1,353,588



Cash received during the period for dividend income 354,428 1,176,990 152,552 137,146 254,238 346,281

Cash received during the period for bond interest income - - 15,273 56,203 556,934 -

Cash received during the period for bank interest income 14 26,734 - (630) (1) 1,142

Rebate from underlying investment funds - - 6,521 5,642 - -

Cash paid during the period for interest expense (205) (318) (140) - (1,934) (304)

354,237 1,203,406 174,206 198,361 809,237 347,119


30

STATEMENT OF CASH FLOWS For the six months ended 30 June 2016 (for comparative purposes)

CGWM CGWM









Gain/(loss) from forward foreign currency contracts and futures 288,579 (2) (10,379) 578 483,963 98,736

Dividends, rebate and interest received 3,369,406 275,134 487,315 305,632 268,650 86,587

Operating expenses paid (3,729,534) (102,777) (563,395) (335,337) (491,054) (243,328)

NET CASH (OUTFLOW)/INFLOW FROM OPERATING ACTIVITES 6,566,902 (364,769) 5,374,731 6,347,218 (6,134,881) (3,904,641)


Distributions (1,504,201) (248,094) (183,426) - - -

Proceeds from redeemable participating shares issued 91,808,533 3,220,671 11,140,586 4,635,930 18,020,298 11,721,710


NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITES 47,486,925 882,712 1,751,144 (207,640) 13,565,833 7,924,034

NET INCREASE IN CASH 54,053,827 517,943 7,125,875 6,139,578 7,430,952 4,019,393

FOREIGN EXCHANGE ADJUSTMENT ON AGGREGATION 2 4,221,609

CASH AT BEGINNING OF THE PERIOD 30,172,600 934,777 4,288,226 1,587,721 4,010,224 2,066,650

CASH AT END OF THE PERIOD 88,448,036 1,452,720 11,414,101 7,727,299 11,441,176 6,086,043



Cash received during the period for dividend income 2,287,813 158,001 282,377 283,514 229,044 79,795

Cash received during the period for bond interest income 1,082,814 117,133 205,149 22,118 39,983 7,057

Cash received during the period for bank interest income 363 - - - - -

Cash paid during the period for interest expense (1,584) - (211) - (377) (265)

3,369,406 275,134 487,315 305,632 268,650 86,587


31

STATEMENT OF CASH FLOWS For the six months ended 30 June 2016 (for comparative purposes)

CGWM CGWM CGWM







Purchase of financial assets (37,339,078) (148,703,361) (8,021,338) (6,020,676) (12,017,322) -

Proceeds from sale of financial assets 40,693,994 142,579,193 12,063,526 7,827,816 9,559,021 -

(Loss)/gain from forward foreign currency contracts (21,009) 1,010,886 (364) (3) (945,665) -

Dividends, rebate and interest received 260,912 864,919 255,317 132,267 826,754 -

Operating expenses paid (488,295) (2,135,732) (116,930) (63,733) (115,522) -

NET CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITES 3,106,524 (6,384,095) 4,180,211 1,875,671 (2,692,734) -


Distributions - - (272,829) (135,770) (664,082) -

Proceeds from redeemable participating shares issued 10,573,293 48,971,658 247,668 467,337 7,014,936 748,080

Redemptions paid to shareholders (7,163,278) (7,840,277) (3,073,872) (174,526) (5,394,347) -

NET CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITES 3,410,015 41,131,381 (3,099,033) 157,041 956,507 748,080

NET INCREASE/(DECREASE) IN CASH 6,516,539 34,747,286 1,081,178 2,032,712 (1,736,227) 748,080

FOREIGN EXCHANGE ADJUSTMENT ON AGGREGATION 2

CASH AT BEGINNING OF THE PERIOD 3,443,022 15,190,638 1,760,539 579,423 3,149,481 -

CASH AT END OF THE PERIOD 9,959,561 49,937,924 2,841,717 2,612,135 1,413,254 748,080



Cash received during the period for dividend income 261,256 865,229 229,029 113,594 164,309 -

Cash received during the period for bond interest income - - 26,270 18,673 662,465 -

Cash received during the period for bank interest income - 494 18 - - -

Cash paid during the period for interest expense (344) (804) - - (20) -

260,912 864,919 255,317 132,267 826,754 -



32

NOTES TO THE CONDENSED FINANCIAL STATEMENTS For the six months ended 30 June 2017

1. GENERAL

Canaccord Genuity Investment Funds plc (the “Company”) is an open-ended investment company with variable capital structured as an umbrella fund with segregated liability between sub-funds. It was incorporated with limited liability in Ireland on 26 February 2003 and is authorised under the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (“the UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the "Central Bank UCITS Regulations").

The Company is structured as an umbrella fund, in that different funds may be established from time to time by the Directors with the prior approval of the Central Bank. During the six months ended 30 June 2017 the Funds of the Company were:

CGWM Select Income Fund (launched 26 September 2008) CGWM Select Diversity Fund (launched 26 September 2008) CGWM Select Affinity Fund (launched 26 September 2008) CGWM Select Global Diversity Fund (launched 26 September 2008) CGWM Select Global Affinity Fund (launched 26 September 2008) CGWM Select Opportunity Fund (launched 26 September 2008) CGWM Select Global Opportunity Fund (launched 26 September 2008) CGWM GPS Optimized Portfolio 4 Fund (launched 19 December 2012) CGWM GPS Optimized Portfolio 5 Fund (launched 19 December 2012) CGWM Select Bond Fund (launched 16 January 2014) CGWM Global Equity Fund (launched 30 June 2016)

The redeemable shares (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 These condensed interim accounts have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’, and should be read in conjunction with the audited annual financial statements for the year ended 31 December 2016, which have been prepared in accordance with International Financial Reporting Standards. The financial statements have been prepared for the six months ended 30 June 2017.

Functional currency Items included in the Company’s financial statements are measured using the currency of the primary economic environment in which it operates (the ‘functional currency’). The functional currency for each Fund is Sterling with the exception of CGWM Select Global Diversity Fund, CGWM Select Global Affinity Fund, CGWM Select Global Opportunity Fund and CGWM Global Equity Fund where the functional currency is US Dollar. To calculate the total Company figures, US Dollar assets and liabilities in the Statement of Financial Position have been translated to Sterling at the period end rate of exchange for the six months ended 30 June 2017 and the US Dollar income, expenses, gains and losses have been translated at the average rate of exchange on the Statement of Comprehensive Income. The foreign exchange adjustment on aggregation 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 foreign exchange adjustment on aggregation in the Statement of Cash Flows arises from the difference between the average rates used in the Statement of Comprehensive Income and the period end rate used for the Statement of Financial Position cash balances. The method of translation has no effect on the Net Asset Value per share attributable to the individual Funds. Rebate from underlying Investment Funds The Investment Managers have entered into a number of arrangements with the investment managers of the underlying Investment Funds where the relevant Funds receive a rebate of some of the management fees charged in the underlying Investment Funds. 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. For the six months ended 30 June 2017, the Funds received a total rebate of GBP14,791 (30 June 2016: GBPNil).

33

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued) For the six months ended 30 June 2017

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. Both entities make investment decisions on behalf of the Funds. All fees received by the Investment Managers are disclosed separately in the Statement of Comprehensive Income on pages 20 and 21. The amounts due to the Investment Managers are disclosed on the face of the Statement of Financial Position and the rate of Investment Management fee is disclosed in note 12. Brian McDermott is a Partner in A&L Goodbody, who are the Irish Legal Advisers of the Company. Fees of EUR81,109 (30 June 2016: EUR66,079) were paid to A&L Goodbody during the period. Brian McDermott is also a Director of A&L Listing, the Sponsoring Broker to the Company. Fees of EUR5,617 (30 June 2016: EUR1,927) were paid to A&L Listing during the period. Brian McDermott is also a Partner in Goodbody Secretarial Limited, the Company Secretary. Fees of EUR16,253 (30 June 2016: EUR7,200) were paid to Goodbody Secretarial Limited during the period.

Directors’ Fees The total Directors fees payable in any one year will not exceed GBP100,000 or such higher amount agreed by the Shareholders. Directors fees charged for the six months ended 30 June 2017 amounted to GBP36,164 (30 June 2016: GBP23,640). Collette Wisener-Keating waives her Director’s fee. The billed amounts stated above differ from those included in the Statement of Comprehensive Income due to under/over accruals and foreign exchange rate fluctuations.

4. CONNECTED PERSONS

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

5. CASH DEPOSITS At 30 June 2017, the Company held cash of GBP63,344,806 (31 December 2016: GBP50,179,358) with The Northern Trust Company (TNTC). TNTC is a wholly owned subsidiary of Northern Trust Corporation. As at 30 June 2017, Northern Trust Corporation had a long term rating from Standard & Poor’s of A+ (31 December 2016: A+).

6. SHARE CAPITAL

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

34


6. SHARE CAPITAL (continued)

Share Class movement for the six months ended 30 June 2017:

Shares Outstanding at

the Beginning of the

Period

Shares

Subscribed

Shares

Redeemed

Shares Outstanding

at the End of the

Period


A GBP (Accumulation) shares 1,194,081 282,430 (32,949) 1,443,562

A GBP (Distribution) shares 9,860,238 961,538 (857,719) 9,964,058

R GBP (Accumulation) shares* - 127,834 - 127,834

R GBP (Distribution) shares 4,659,003 1,156,825 (894,244) 4,921,585

X GBP (Distribution) shares* - 400,000 - 400,000


A GBP (Accumulation) shares 3,360,694 2,035,323 (422,102) 4,973,915

A GBP (Distribution) shares 47,537,902 1,908,402 (5,102,587) 44,343,717

R GBP (Accumulation) shares* - 1,267,851 - 1,267,851

R GBP (Distribution) shares 14,660,050 4,213,122 (2,275,257) 16,597,915

X GBP (Distribution) shares* - 2,734,114 - 2,734,114


A GBP (Accumulation) shares 23,043,511 2,406,317 (2,123,753) 23,326,075

R GBP (Accumulation) shares 14,191,786 1,151,681 (1,577,241) 13,766,226


A EUR Hedged (Accumulation) shares 76,284 283,856 (13,494) 346,646

A SGD Hedged (Distribution) shares 8,139,670 5,186,181 (3,405,776) 9,920,075

A USD (Accumulation) shares 47,909,095 5,384,965 (8,986,134) 44,307,926

R USD (Accumulation) shares* - 30,500 - 30,500

T EUR Hedged (Accumulation) shares 713,973 9,487 (31,860) 691,600

T GBP Hedged (Accumulation) shares 5,619,988 1,603,992 (1,724,885) 5,499,095

T USD (Accumulation) shares 871,029 311,917 (582) 1,182,364



A SGD Hedged (Distribution) shares 267,272 23,533 (67,214) 223,591



T GBP Hedged (Accumulation) shares 4,381,116 1,398,542 (991,423) 4,788,235

T USD (Accumulation) shares 922,581 162,499 (38,609) 1,046,471



R GBP (Accumulation) shares 718,720 1,471,393 (669,728) 1,520,385

X GBP (Accumulation) shares* - 418,941 - 418,941


A EUR Hedged (Accumulation) shares 935,343 537,631 (223,952) 1,249,022

A GBP Hedged (Accumulation) shares 260,601 327,999 (10,108) 578,492



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

R USD (Accumulation) shares* - 100,000 - 100,000



T USD (Accumulation) shares 1,640,795 917,916 (156,336) 2,402,375


D GBP (Distribution) shares 17,066,895 230,579 (2,988,750) 14,308,724




A EUR Hedged (Accumulation) shares 4,759 3,692 (50) 8,401

A EUR Hedged (Distribution) shares 5,684 19,849 (4,063) 21,470

A GBP (Accumulation) shares 39,150 7,285 (7,206) 39,229

A GBP (Distribution) shares 352,287 22,429 (77,405) 297,311

A USD Hedged (Accumulation) shares 13,382 799 (9,163) 5,018

A USD Hedged (Distribution) shares 7,688 15,929 (1,801) 21,816

X GBP (Distribution) shares* - 4,126 - 4,126

CGWM Global Equity Fund

A USD (Accumulation) shares 177 - - 177

R GBP Hedged (Accumulation) shares 19,434 44,721 (33,664) 30,491

R GBP Hedged (Distribution) shares 4,074 313 (122) 4,265

R USD (Accumulation) shares 37,782 29,191 (23,008) 43,965

R USD (Distribution) shares 7,481 3,690 - 11,171

X USD (Accumulation) shares 2,881 400 (260) 3,021

X USD (Distribution) shares 102,391 5,500 (538) 107,353

*Please refer to page 47 for share class launch dates.

35

NOTES TO THE CONDENSED FINANCIAL STATEMENTS (continued)


6. SHARE CAPITAL (continued)

Share Class movement for the financial year ended 31 December 2016:

Shares Outstanding at

the Beginning of the

Financial Year

Shares

Subscribed

Shares

Redeemed

Shares Outstanding

at the End of the

Financial Year

CGWM Total Return Bond Fund*

A GBP (Distribution) shares 40,400 17 (40,417) -


A GBP (Accumulation) shares 220,748 976,202 (2,869) 1,194,081




A GBP (Accumulation) shares 64,787 3,481,731 (185,824) 3,360,694





R GBP (Accumulation) shares 14,872,361 2,202,275 (2,882,850) 14,191,786


A EUR Hedged (Accumulation) shares - 220,496 (144,212) 76,284



T EUR Hedged (Accumulation) shares 394,688 395,428 (76,143) 713973


T USD (Accumulation) shares 417,828 666,017 (212,816) 871,029


A EUR Hedged (Accumulation) shares 78,000 191,288 - 269,288

A SGD Hedged (Distribution) shares 332,069 59,072 (123,869) 267,272




T USD (Accumulation) shares 772,977 429,102 (279,498) 922,581



R GBP (Accumulation) shares 871,617 125,168 (278,065) 718,720



A GBP Hedged (Accumulation) shares 10,108 298,737 (48,244) 260,601



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



T USD (Accumulation) shares 1,818,867 563,502 (741,574) 1,640,795




D GBP (Distribution) shares 13,868,242 1,293,384 (2,317,340) 12,844,286


A EUR Hedged (Accumulation) shares - 4,759 - 4,759

A EUR Hedged (Distribution) shares 4,078 9,608 (8,002) 5,684

A GBP (Accumulation) shares 4,482.00 42,801 (8,133) 39,150

A GBP (Distribution) shares 380,898 95,160 (123,771) 352,287

A USD Hedged (Accumulation) shares 9,337.00 6,712 (2,667) 13,382

A USD Hedged (Distribution) shares 14,915 1,380 (8,607) 7,688

CGWM Global Equity Fund**

A USD (Accumulation) shares - 269 (92) 177

R GBP Hedged (Accumulation) shares - 20,516 (1,082) 19,434

R GBP Hedged (Distribution) shares - 4,238 (164) 4,074

R USD (Accumulation) shares - 37,782 - 37,782

R USD (Distribution) shares - 7,481 - 7,481

X USD (Accumulation) shares - 3,180 (299) 2,881

X USD (Distribution) shares - 102,391 - 102,391

*Terminated 18 December 2015 **Launched 30 June 2016

36


7. FINANCIAL RISK MANAGEMENT

Fair Value Measurement Risk

The Company classifies fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

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 investment funds and derivatives listed on a securities exchange.

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

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

The table below sets out fair value measurements using the fair value hierarchy as at 30 June 2017:

Level III Total

Equities

Investment

Funds Total Bonds

Investment

Funds

Forward

Foreign

Currency

Contracts Total Total

Fund name GBP GBP GBP GBP GBP GBP GBP GBP GBP

CGWM Select Income Fund - 520,271 520,271 1,136,577 15,768,530 - 16,905,107 - 17,425,378

CGWM Select Diversity Fund - 4,910,360 4,910,360 3,082,616 84,334,556 - 87,417,172 - 92,327,532

CGWM Select Affinity Fund - 4,476,213 4,476,213 - 50,222,402 - 50,222,402 - 54,698,615

CGWM Select Opportunity Fund - 15,065,864 15,065,864 - 71,810,611 - 71,810,611 - 86,876,475

CGWM GPS Optimized Portfolio 4 Fund 2,429,929 8,357,683 10,787,612 3,179,720 584,484 - 3,764,204 - 14,551,816

CGWM GPS Optimized Portfolio 5 Fund 1,829,884 6,083,384 7,913,268 1,036,202 892,131 - 1,928,333 - 9,841,601

CGWM Select Bond Fund - - - 24,153,210 11,188,467 308,535 35,650,212 - 35,650,212

USD USD USD USD USD USD USD USD USD

CGWM Select Global Diversity Fund - 12,539,242 12,539,242 3,477,172 62,086,231 337,487 65,900,890 - 78,440,132

CGWM Select Global Affinity Fund - 3,588,069 3,588,069 - 34,578,949 182,885 34,761,834 - 38,349,903

CGWM Select Global Opportunity Fund - 53,504,631 53,504,631 - 279,759,698 717,026 280,476,724 - 333,981,355

CGWM Global Equity Fund 23,230,822 - 23,230,822 - - 128,837 128,837 - 23,359,659

Level I Level II

There were no significant transfers between Level I, Level II and Level III during the period.

37


7. FINANCIAL RISK MANAGEMENT (continued)

Fair Value Measurement Risk (continued) The table below sets out fair value measurements using the fair value hierarchy as at 31 December 2016:

Level III Total

Equities

Investment

Funds Total Bonds

Investment

Funds

Forward

Foreign

Currency

Contracts Total Total

Fund name GBP GBP GBP GBP GBP GBP GBP GBP GBP

CGWM Select Income Fund - 656,767 656,767 1,118,908 14,758,351 - 15,877,259 - 16,534,026

CGWM Select Diversity Fund - 8,765,043 8,765,043 2,947,140 74,719,004 - 77,666,144 - 86,431,187

CGWM Select Affinity Fund - 6,739,802 6,739,802 - 45,811,874 - 45,811,874 - 52,551,676

CGWM Select Opportunity Fund - 26,626,146 26,626,146 - 49,622,683 - 49,622,683 - 76,248,829

CGWM GPS Optimized Portfolio 4 Fund 1,954,328 9,046,536 11,000,864 1,701,317 3,754,246 - 5,455,563 - 16,456,427

CGWM GPS Optimized Portfolio 5 Fund 1,325,135 5,955,182 7,280,317 2,110,759 3,308,084 - 5,418,843 - 12,699,160

CGWM Select Bond Fund - - - 25,672,899 11,321,690 200,316 37,194,905 - 37,194,905

USD USD USD USD USD USD USD USD USD

CGWM Select Global Diversity Fund - 17,592,942 17,592,942 3,401,766 55,233,524 (15,029) 58,620,261 - 76,213,203

CGWM Select Global Affinity Fund - 8,997,485 8,997,485 - 32,313,395 (5,032) 32,308,363 - 41,305,848

CGWM Select Global Opportunity Fund - 103,700,031 103,700,031 - 190,878,171 (32,559) 190,845,612 - 294,545,643

CGWM Global Equity Fund 17,527,068 - 17,527,068 - - (6,199) (6,199) - 17,520,869

Level I Level II

There were no significant transfers between Level I, Level II and Level III during the year.

38


8. EXCHANGE RATES

The 30 June 2017 period end exchange rates were as follows:

Exchange Rate Exchange Rate

to GBP to USD

British Pound - 1.2989

Euro 0.8781 1.1405

Japanese Yen 0.0069 0.0089

Singapore Dollar 0.5591 0.7263

Swiss Franc 0.8039 1.0442

US Dollar 0.7699 - The 31 December 2016 year end exchange rates were as follows:


to GBP to USD

Australian Dollar 0.5860 0.7241


Chinese Yuan 0.1162 0.1435

Euro 0.8536 1.0547




US Dollar 0.8093 - The 30 June 2016 period end exchange rates were as follows:


to GBP to USD

Australian Dollar 0.5570 0.7446


Canadian Dollar 0.5760 0.7700

Chinese Yuan 0.1126 0.1505

Euro 0.8311 1.1110


New Zealand Dollar 0.5328 0.7122

Norwegian Krone 0.0894 0.1195


Swedish Krona 0.0883 0.1180


US Dollar 0.7481 -

9. SOFT COMMISSION

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

39


10. TAXATION

Under current law and practice, the Company qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. It is not chargeable to Irish tax on its income or capital gains. However, the Company is obliged to apply withholding tax on the happening of a “chargeable event” including any distribution payments to Irish resident Shareholders or to Shareholders that are ordinarily resident in Ireland or on any encashment, redemption or transfer or deemed disposal of Shares by Irish resident Shareholders or by Shareholders that are ordinarily resident in Ireland, unless the Shareholder is exempted under Section 739D of the Taxes Consolidation Act, 1997, as amended. No tax will be required to be withheld by the Company in respect of chargeable events in respect of Shareholders who complete a relevant declaration confirming that they are neither Irish resident nor ordinarily resident in Ireland. If the Company fails to deduct the tax or fails to collect the appropriate signed declaration from any non-resident or exempted Shareholders, the Company will remain liable for the tax. In these circumstances, the Company would seek to recover the tax paid from the relevant Shareholder. Capital gains, dividends and interest received by the Company may be subject to withholding taxes imposed by the country of origin and such taxes may not be recoverable by the Company or its Shareholders.

11. EFFICIENT PORTFOLIO MANAGEMENT The Company may, on behalf of certain Funds, employ investment techniques and Financial Derivative Instruments for efficient portfolio management purposes and for currency hedging purposes subject to the conditions and within the limits laid down by the Central Bank. The Company and its relevant Funds may only invest in Financial Derivative Instruments as described in the prospectus such as futures, put options, call options, interest rate futures and forward foreign currency contracts. The CGWM GPS Optimized Portfolio 4 Fund and CGWM GPS Optimized Portfolio 5 Fund do not invest in financial derivative instruments. The counterparties used during the period included The Northern Trust Company (TNTC) for over-the-counter derivatives. The realised and unrealised gains and losses arising during the period through the use of efficient portfolio management techniques are disclosed in the Statement of Comprehensive Income. Open Financial Derivative Instrument contracts at the period end are disclosed in the Investment Portfolios, including the relevant Counterparty, the underlying securities, currencies or indices, and the market value or unrealised gain/loss on the contract at the period end.

40


12. FEES AND OTHER EXPENSES

Investment Managers The Investment Managers are entitled to an investment management fee for the launched Share Classes as set out below. Investment Management fees accrue daily and are paid in the currency of the relevant Share Class. Fee rates are based on the Net Asset Value of the Fund attributable to the class shares.

Investment

Share class Management Fee

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

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

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

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

CGWM Select Income Fund - X GBP (Distribution) shares 0.00%

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

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

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

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

CGWM Select Diversity Fund - X GBP (Distribution) shares 0.00%

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

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

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

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

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

CGWM Select Global Diversity Fund - R USD (Accumulation) shares 0.80%

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

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

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

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

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

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

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

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

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

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

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

CGWM Select Opportunity Fund - X GBP (Accumulation) shares 0.00%

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

CGWM Select Bond Fund - X GBP (Distribution) shares 0.00%

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

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

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

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

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

CGWM Global Equity Fund - X USD (Accumulation) shares 0.00%

CGWM Global Equity Fund - X USD (Distribution) shares 0.00%

41


12. FEES AND OTHER EXPENSES (continued)

Investment Managers (continued) On CGWM Select Income Fund, CGWM GPS Optimized Portfolio 4 Fund, CGWM GPS Optimized Portfolio 5 Fund and CGWM Select Bond Fund, the Investment Management fees are allocated to capital. On CGWM Select Diversity Fund and CGWM Select Global Diversity Fund, 50% of all ongoing 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 financial reporting purposes the total fee is charged to the Statement of Comprehensive Income.

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

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

Transaction Costs Transaction costs incurred by the Funds for the six months ended 30 June 2017 are shown separately on the Statement of Comprehensive Income and for the period amounted to GBP9,569 (30 June 2016: GBP29,852).

13. DISTRIBUTIONS

The following Share Classes paid a distribution during the six months ended 30 June 2017:

Ex-Dividend Date No. Rate per Amount

Fund Date Paid of Shares Share GBP

CGWM Select Income Fund - A GBP (Distribution) shares 04/01/2017 18/01/2017 9,860,238 0.00943 92,982

03/04/2017 20/04/2017 9,662,352 0.01107 106,962

199,944

CGWM Select Income Fund - R GBP (Distribution) shares 04/01/2017 18/01/2017 4,656,355 0.00798 37,158

03/04/2017 20/04/2017 4,535,372 0.00938 42,542

79,700

CGWM Select Diversity Fund - A GBP (Distribution) shares 04/01/2017 18/01/2017 47,535,205 0.00370 175,880

175,880

CGWM Select Diversity Fund - R GBP (Distribution) shares 04/01/2017 18/01/2017 14,660,050 0.00447 65,530

65,530

CGWM GPS Optimized Portfolio 4 Fund - D GBP (Distribution) shares 04/01/2017 18/01/2017 17,066,895 0.00989 168,792

168,792

42


13. DISTRIBUTIONS (continued)

The following Share Classes paid a distribution during the six months ended 30 June 2017: (continued)




133,324

CGWM Select Bond Fund - A GBP (Distribution) shares 04/01/2017 18/01/2017 352,287 0.84330 297,084

03/04/2017 20/04/2017 318,409 0.88636 282,225

579,309

CGWM Global Equity Fund - R GBP Hedged (Distribution) shares 04/01/2017 18/01/2017 4,074 0.21408 872

03/04/2017 20/04/2017 4,387 0.02809 123

995

Amount

USD

CGWM Select Bond Fund - A USD Hedged (Distribution) shares 04/01/2017 18/01/2017 7,688 0.81300 6,250

03/04/2017 20/04/2017 15,134 0.86949 13,159

19,409

CGWM Global Equity Fund - R USD (Distribution) shares 04/01/2017 18/01/2017 7,481 0.21409 1,602

03/04/2017 20/04/2017 9,448 0.02874 272

1,874

CGWM Global Equity Fund - X USD (Distribution) shares 04/01/2017 18/01/2017 102,391 0.41285 42,272

03/04/2017 20/04/2017 101,853 0.24016 24,461

66,733

Amount

Fund EUR

CGWM Select Bond Fund - A EUR Hedged (Distribution) shares 04/01/2017 18/01/2017 5,684 0.80826 4,594

03/04/2017 20/04/2017 20,277 0.85033 17,242

21,836

The following Share Classes paid a distribution during the financial year ended 31 December 2016:



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

38,337


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

04/07/2016 18/07/2016 9,534,068 0.01067 101,729

04/10/2016 18/10/2016 9,793,145 0.01122 109,879

394,087


04/04/2016 18/04/2016 4,399,138 0.00848 37,30504/07/2016 18/07/2016 4,591,110 0.00900 41,320

04/10/2016 18/10/2016 4,764,343 0.00947 45,118

152,053

*Terminated 15 January 2016.

43



13. DISTRIBUTIONS (continued)

The following Share Classes paid a distribution during the financial year ended 31 December 2016: (continued)

Ex-Dividend No. Rate per AmountFund Date Date Paid of Shares Share GBP


04/07/2016 18/07/2016 47,067,586 0.00216 101,666

241,332


04/07/2016 18/07/2016 13,004,977 0.00324 42,136

85,896


04/07/2016 18/07/2016 23,927,693 0.00863 206,496

479,325


04/07/2016 18/07/2016 14,186,256 0.00728 103,276

239,046


04/04/2016 18/04/2016 375,033 0.91881 344,585

04/07/2016 18/07/2016 371,785 0.77218 287,085

04/10/2016 18/10/2016 369,283 0.78795 290,976

1,221,838

CGWM Global Equity Fund - R GBP Hedged (Distribution) shares 04/10/2016 18/10/2016 2,639 0.08957 236

236

Amount

USD


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

04/07/2016 18/07/2016 13,641 0.69454 9,475

04/10/2016 18/10/2016 7,549 0.75704 5,715

38,581

Amount

USD

CGWM Global Equity Fund - R USD (Distribution) shares 04/10/2016 18/10/2016 3,575 0.06255 224

224


30,040

Amount

EUR


04/04/2016 18/04/2016 2,768 0.84849 2,348

04/07/2016 18/07/2016 7,330 0.69441 5,090

04/10/2016 18/10/2016 8,108 0.73156 5,932

16,375

44


14. COMPARATIVE STATISTICS

Net Asset Value Currency 30 Jun 2017 31 Dec 2016 31 Dec 2015


A GBP (Distribution) shares GBP - - 3,107,820


A GBP (Accumulation) shares GBP 1,589,960 1,261,813 219,109

A GBP (Distribution) shares GBP 11,973,396 11,566,443 10,511,614

R GBP (Accumulation) shares GBP 126,275 - -

R GBP (Distribution) shares GBP 5,026,440 4,628,679 3,614,699

X GBP (Distribution) shares GBP 394,492 - -




R GBP (Accumulation) shares GBP 1,280,056 - -


X GBP (Distribution) shares GBP 2,806,519 - -


A GBP (Accumulation) shares GBP 42,007,466 39,130,208 35,570,393

R GBP (Accumulation) shares GBP 15,678,929 15,188,104 14,352,858


A EUR Hedged (Accumulation) shares EUR 384,719 79,688 -

A SGD Hedged (Distribution) shares SGD 17,596,382 13,470,445 6,933,890

A USD (Accumulation) shares USD 62,600,186 63,060,156 47,675,032

R USD (Accumulation) shares USD 30,420 - -

T EUR Hedged (Accumulation) shares EUR 703,875 683,947 380,179

T GBP Hedged (Accumulation) shares GBP 5,875,830 5,621,288 4,076,143

T USD (Accumulation) shares USD 1,215,627 834,301 397,028


A EUR Hedged (Accumulation) shares EUR 276,749 271,761 78,621

A SGD Hedged (Distribution) shares SGD 425,176 462,515 564,477







R GBP (Accumulation) shares GBP 1,851,682 810,457 870,242

X GBP (Accumulation) shares GBP 416,481 - -


A EUR Hedged (Accumulation) shares EUR 1,340,239 905,979 175,239

A GBP Hedged (Accumulation) shares GBP 597,195 241,764 9,517



R GBP Hedged (Accumulation) shares GBP 22,029 19,729 -




T USD (Accumulation) shares USD 2,598,753 1,586,427 1,770,031


D GBP (Distribution) shares GBP 15,396,390 18,532,806 28,726,647





A EUR Hedged (Distribution) shares EUR 2,078,272 547,264 387,914



A USD Hedged (Accumulation) shares USD 546,046 1,410,290 930,227

A USD Hedged (Distribution) shares USD 2,202,482 764,768 1,447,325



A USD (Accumulation) shares USD 19,893 18,287 -

R GBP Hedged (Accumulation) shares GBP 3,525,485 2,068,116 -

R GBP Hedged (Distribution) shares GBP 492,627 433,752 -

R USD (Accumulation) shares USD 5,134,353 4,037,510 -

R USD (Distribution) shares USD 1,300,824 798,952 -

X USD (Accumulation) shares USD 350,377 304,542 -

X USD (Distribution) shares USD 12,315,371 10,771,147 -

*CGWM Total Return Bond fund terminated 15 January 2016. ** CGWM Global Equity Fund launched 30 June 2016.

45


14. COMPARATIVE STATISTICS (continued)

Shares in issue Currency 30 June 2017 31 Dec 2016 31 Dec 2016


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




R GBP (Accumulation) shares GBP 127,834 - -






R GBP (Accumulation) shares GBP 1,267,851 - -


X GBP (Distribution) shares GBP 2,734,114 - -



R GBP (Accumulation) shares GBP 13,766,226 14,191,786 14,872,361










A EUR Hedged (Accumulation) shares EUR 251,629 269,288 78,000

A SGD Hedged (Distribution) shares SGD 223,591 267,272 332,069







R GBP (Accumulation) shares GBP 1,520,385 718,720 871,617

X GBP (Accumulation) shares GBP 418,941 - -


A EUR Hedged (Accumulation) shares EUR 1,249,022 935,343 177,015

A GBP Hedged (Accumulation) shares GBP 578,492 260,601 10,108



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




T USD (Accumulation) shares USD 2,402,375 1,640,795 1,818,867







A EUR Hedged (Distribution) shares EUR 21,470 5,684 4,078

A GBP (Accumulation) shares GBP 39,229 39,150 4,482

A GBP (Distribution) shares GBP 297,311 352,287 380,898

A USD Hedged (Accumulation) shares USD 5,018 13,382 9,337

A USD Hedged (Distribution) shares USD 21,816 7,688 14,915



A USD (Accumulation) shares USD 177 177 -

R GBP Hedged (Accumulation) shares GBP 30,491 19,434 -

R GBP Hedged (Distribution) shares GBP 4,265 4,074 -

R USD (Accumulation) shares USD 43,965 37,782 -

R USD (Distribution) shares USD 11,171 7,481 -

X USD (Accumulation) shares USD 3,021 2,881 -

X USD (Distribution) shares USD 107,353 102,391 -

* CGWM Total Return Bond Fund terminated 15 January 2016. ** CGWM Global Equity Fund launched 30 June 2016.

46


14. COMPARATIVE STATISTICS (continued)

Net Asset Value per Share Currency 30 Jun 2017 31 Dec 2016 31 Dec 2016


A GBP (Distribution) shares GBP - - 76.93


A GBP (Accumulation) shares GBP 1.10 1.06 0.99

A GBP (Distribution) shares GBP 1.20 1.17 1.14

R GBP (Accumulation) shares GBP 0.99 - -

R GBP (Distribution) shares GBP 1.02 0.99 0.96

X GBP (Distribution) shares GBP 0.99 - -




R GBP (Accumulation) shares GBP 1.01 - -

R GBP (Distribution) shares GBP 1.12 1.08 0.99




R GBP (Accumulation) shares GBP 1.14 1.07 0.97


A EUR Hedged (Accumulation) shares EUR 1.11 1.04 -

A SGD Hedged (Distribution) shares SGD 1.77 1.65 1.64

A USD (Accumulation) shares USD 1.41 1.32 1.31

R USD (Accumulation) shares USD 1.00 - -

T EUR Hedged (Accumulation) shares EUR 1.02 0.96 0.96

T GBP Hedged (Accumulation) shares GBP 1.07 1.00 1.00

T USD (Accumulation) shares USD 1.03 0.96 0.95


A EUR Hedged (Accumulation) shares EUR 1.10 1.01 1.01








R GBP (Accumulation) shares GBP 1.22 1.13 1.00

X GBP (Accumulation) shares GBP 0.99 - -


A EUR Hedged (Accumulation) shares EUR 1.07 0.97 0.99

A GBP Hedged (Accumulation) shares GBP 1.03 0.93 0.94



R GBP Hedged (Accumulation) shares GBP 1.12 1.00 -

R USD (Accumulation) shares USD 1.02 - -





D GBP (Distribution) shares GBP 1.08 1.09 1.08


D GBP (Distribution) shares GBP 1.07 1.08 1.09


A EUR Hedged (Accumulation) shares EUR 102.98 100.70 -

A EUR Hedged (Distribution) shares EUR 96.80 96.28 95.12



A USD Hedged (Accumulation) shares USD 108.83 105.38 99.63

A USD Hedged (Distribution) shares USD 100.96 99.47 97.04



A USD (Accumulation) shares USD 112.39 103.32 -

R GBP Hedged (Accumulation) shares GBP 115.63 131.49 -

R GBP Hedged (Distribution) shares GBP 115.50 131.56 -

R USD (Accumulation) shares USD 116.78 106.86 -

R USD (Distribution) shares USD 116.45 106.80 -

X USD (Accumulation) shares USD 115.98 105.71 -

X USD (Distribution) shares USD 114.72 105.20 -

* CGWM Total Return Bond Fund terminated 15 January 2016. ** CGWM Global Equity Fund launched 30 June 2016.

47


15. CREDIT FACILITY A credit facility with The Northern Trust Company (TNTC) is in operation. Each Fund may borrow up to 10% of its Net Asset Value provided this borrowing is on a temporary basis. Credit balances (eg cash) may not be offset against borrowings when determining the percentage of borrowings outstanding.

16. EVENTS DURING THE PERIOD

The following share classes launched during the period:

CGWM Select Diversity Fund - X GBP (Distribution) shares - Launched 20 April 2017.

CGWM Select Bond Fund - X GBP (Distribution) shares - Launched 2 May 2017.

CGWM Select Diversity Fund - R GBP (Accumulation) shares - Launched 10 May 2017.

CGWM Select Global Opportunity Fund - R USD (Accumulation) shares - Launched 12 May 2017.

CGWM Select Opportunity Fund - X GBP (Accumulation) shares - Launched 6 June 2017.

CGWM Select Income Fund - R GBP (Accumulation) shares - Launched 13 June 2017.

CGWM Select Income Fund - X GBP (Distribution) shares - Launched 15 June 2017.

CGWM Select Global Diversity Fund - R USD (Accumulation) shares - Launched 20 June 2017. The Company appointed Canaccord Genuity Management Company Limited as the UCITS management company of the Company on 29 June 2017. Material contracts with the Company’s Administrator, Investment Managers, and Marketing and Distribution Agents were amended and novated to Canaccord Genuity Management Company Limited following that appointment. The Company’s prospectus, supplements and KIIDs were also updated to reflect this appointment.

17. EVENTS SINCE THE PERIOD END DATE The following share classes launched since the period end:

CGWM Select Bond Fund - X EUR Hedged (Distribution) shares - Launched 3 July 2017.

CGWM Select Global Opportunity Fund - X USD (Accumulation) shares - Launched 5 July 2017.

CGWM Select Bond Fund - X USD Hedged (Distribution) - Launched 5 July 2017.

The following distributions were declared in July 2017:

Ex-Dividend No. Rate per Amount

Fund Date Date Paid of Shares Share GBP



CGWM Select Income Fund - X GBP (Distribution) shares 03/07/2017 18/07/2017 400,000 0.00145 580



CGWM Select Diversity Fund - X GBP (Distribution) shares 03/07/2017 18/07/2017 2,734,114 0.00137 3,746




CGWM Select Bond Fund - X GBP (Distribution) shares 03/07/2017 18/07/2017 4,126 0.52851 2,181

CGWM Global Equity Fund - R GBP Hedged (Distribution) shares 03/07/2017 18/07/2017 4,265 1.12686 4,806

Amount

USD


CGWM Global Equity Fund - R USD (Distribution) shares 03/07/2017 18/07/2017 11,171 1.14977 12,844


Amount

SGD

CGWM Global Diversity Fund - A SGD Hedged (Distribution) shares 03/07/2017 18/07/2017 9,946,131 0.00118 11,736

Amount

EUR


There were no other events subsequent to the period end, which, in the opinion of the Directors of the Company, may have an impact on the financial statements for the six months ended 30 June 2017.

48



18. APPROVAL OF THE FINANCIAL STATEMENTS The financial statements were authorised for issue by the Board of Directors of the Company on 18 August 2017.

49


INVESTMENT PORTFOLIO 30 June 2017

Fair Value % of

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

Bonds: 5.95% (31 Dec 2016: 6.41%)

United Kingdom: 5.95% (31 Dec 2016: 6.41%)

225,000 United Kingdom Gilt 3.25% 22/01/2044 287,640 1.51


Total United Kingdom 1,136,577 5.95

Total Bonds 1,136,577 5.95

Investment Funds: 85.23% (31 Dec 2016: 88.30%)

Guernsey: 12.04% (31 Dec 2016: 11.96%)

311,000 HICL Infrastructure Company Limited* 499,466 2.61

264,500 International Public Partnerships Limited* 418,704 2.19

341,400 John Laing Infrastructure Limited* 458,500 2.40

560,100 Picton Property Income Limited* 466,283 2.44

416,000 Renewables Infrastructure Group Limited* 458,432 2.40

Total Guernsey 2,301,385 12.04

Ireland: 17.54% (31 Dec 2016: 19.13%)

61,522 GAM Star - Credit Opportunities Fund 735,796 3.85

39,154 Invesco Bond Series - Sterling Bond Fund 417,908 2.19

52,822 Kames High Yield Global Bond Fund 591,625 3.10

6,424 New Capital Wealthy Nations Bond Fund 759,858 3.98

1,607 Prusik Asian Equity Income Fund 325,608 1.70

36,500 WisdomTree US Equity Income ETF 520,271 2.72

Total Ireland 3,351,066 17.54

Jersey: 1.88% (31 Dec 2016: 1.54%)

317,420 CVC Credit Partners European Opportunities Limited* 359,081 1.88

Total Jersey 359,081 1.88

Luxembourg: 17.37% (31 Dec 2016: 18.69%)

991 Allianz Global Investors Fund - Allianz Flexi Asia Bond Fund 923,428 4.83

571,288 Fidelity Funds - Global Dividend Fund 799,232 4.18

78,980 Jupiter Global Fund - Dynamic Bond Fund 906,691 4.74

6,762 TwentyFour Global Unconstrained Bond Fund 692,275 3.62

Total Luxembourg 3,321,626 17.37

* Closed-end Fund

50


INVESTMENT PORTFOLIO (continued) 30 June 2017

Fair Value % of


Investment Funds: 85.23% (31 Dec 2016: 88.30%) (continued)


542,692 Artemis Global Income Fund 538,269 2.82

230,742 Artemis Income Fund 569,299 2.98

496,468 Capita Financial - CF Woodford Equity Income Fund 625,251 3.27

217,688 Invesco Perpetual UK Strategic Income Fund 670,088 3.51

1,266,901 M&G Corporate Bond Fund 529,945 2.77

226,632 Newton Asian Income Fund 290,134 1.52

410,509 Newton Global Income Fund 874,918 4.58

741,607 Rathbone Ethical Bond Fund 741,459 3.88

64,621 Rathbone Income Fund 652,371 3.41

1,709,551 Schroder Income Maximiser Fund 907,002 4.75

163,700 TR Property Investment Trust* 556,907 2.91


Total Investment Funds 16,288,801 85.23

Total Value of Investments 17,425,378 91.18

(Cost: GBP 16,195,656)

Cash 1,351,451 7.07

Other Net Assets 333,734 1.75

Net Assets Attributable to Holders of Redeemable

Participating Shares 19,110,563 100.00

% of Total

Analysis of Total Assets Assets

Transferable securities admitted to official stock exchange listing or traded

on a regulated market 73.96

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

on a regulated market 16.75

Other Assets 9.29

100.00

* Closed-end Fund

51



Fair Value % of


Bonds: 3.14% (31 Dec 2016: 3.23%)


2,215,000 United Kingdom Gilt 4.25% 03/07/2036 3,082,616 3.14


Total Bonds 3,082,616 3.14


Guernsey: 2.71% (31 Dec 2016: 2.72%)


1,057,851 International Public Partnerships Limited* 1,674,578 1.71


Ireland: 41.73% (31 Dec 2016: 41.42%)

152,199 Brown Advisory US Small Cap Blend Fund 1,584,148 1.61

84,681 Findlay Park American Fund 6,360,122 6.48

118,207 First State Indian Subcontinent Fund 2,111,249 2.15

197,456 Invesco Bond Series - Sterling Bond Fund 2,438,736 2.48

876,002 Lazard Global Listed Infrastructure Equity Fund 1,564,802 1.59

27,602 Legg Mason Western Asset Macro Opportunities Bond Fund 3,255,715 3.31

7,249 Man GLG Investments - Japan Core Alpha Equity Fund 1,324,285 1.35

31,922 New Capital UCITS Fund PLC - New Capital Wealthy Nations Bond Fund 2,958,129 3.01

1,935,702 Old Mutual Global Equity Absolute Return Hedged Fund 3,139,708 3.20

125,056 Old Mutual Global Investors Series - UK Alpha Fund 1,500,020 1.53

337,529 Polar Capital North American Fund 5,596,229 5.70

145,798 Polar Healthcare Opportunities Fund 4,620,352 4.70

8,271 Prusik Asian Equity Income Fund 1,503,562 1.53

47,200 Source Euro Stoxx Optimised Banks UCITS ETF 3,033,780 3.09


Luxembourg: 19.11% (31 Dec 2016: 15.58%)

89,267 Aberdeen Global - Japanese Equity Fund 1,019,567 1.04

30,179 AXA World Fund - Global Short Duration Bond Fund 2,999,745 3.05

262,013 Henderson Gartmore Fund - United Kingdom Absolute Return Fund 3,179,952 3.24

236,276 Investec Global Strategy Fund - UK Alpha Fund 5,316,203 5.42

362,231 Jupiter Global Fund - Dynamic Bond Fund 4,158,407 4.23

19,073 TwentyFour Global Unconstrained Bond Fund 2,096,084 2.13


* Closed-end Fund

52



Fair Value % of




370,468 Baring German Growth Trust 3,285,312 3.34

2,886,927 Capita Financial - CF Woodford Equity Income Fund 3,974,721 4.05

310,736 First State Investments ICVC - Asia Pacific Leaders Fund 2,080,936 2.12

735,849 First State Investments ICVC - Global Listed Infrastructure Fund 1,984,437 2.02

1,277,794 Invesco Perpetual UK Strategic Income Fund 3,933,307 4.00

2,281,983 Investec UK Special Situations Fund 4,385,971 4.47

3,778,268 M&G Corporate Bond Fund 2,724,509 2.77

1,289,711 Rathbone Ethical Bond Fund 2,578,971 2.63


United States of America: 1.91% (31 Dec 2016: 6.26%)

101,000 iShares S&P 500 UCITS ETF 1,876,580 1.91

Total United States of America 1,876,580 1.91



(Cost: GBP 76,809,398)

Cash 5,702,911 5.80




% of Total


Transferable securities admitted to an official stock exchange listing or

traded on a regulated market 90.61

Transferable securities other than those admitted to an official stock

exchange listing or traded on a regulated market 2.69

Other Assets 6.70

100.00

53



Fair Value % of



Guernsey: 6.07% (31 Dec 2016: 5.91%)

202,820 HarbourVest Global Private Equity Limited* 2,541,335 4.41

606,000 International Public Partnerships Limited* 959,298 1.66


Ireland: 50.10% (31 Dec 2016: 48.77%)




57,922 GAM Star Fund - Continental European Equity Fund 1,285,273 2.23


508,514 Lazard Global Listed Infrastructure Equity Fund 908,359 1.57

10,767

Legg Mason Global Funds - Legg Mason Western

Asset Macro Opportunities Bond Fund 1,270,016 2.20


274,721 Old Mutual Global Investors Series - UK Alpha Fund 3,337,914 5.79



7,014 Prusik Asian Equity Income Fund 1,275,012 2.21

27,300 Source Euro Stoxx Optimised Banks UCITS ETF 1,754,708 3.04

3,814 Vanguard Investment Series - US Opportunities Fund 2,563,865 4.44


Luxembourg: 14.83% (31 Dec 2016: 13.12%)

67,063 Aberdeen Global - Japanese Equity Fund 970,283 1.68

11,768 AXA World Funds - Global Inflation Short Duration Bonds Fund 1,169,762 2.03


141,585 Investec Global Strategy Fund - UK Alpha Fund 3,185,669 5.52




91,000 Aberforth Smaller Companies Trust* 1,136,590 1.97


1,738,249 Capita Financial - CF Woodford Equity Income Fund 2,393,222 4.15

143,487 First State Investments ICVC - Asia Pacific Leaders Fund 960,903 1.67

426,519 First State Investments ICVC - Global Listed Infrastructure Fund 1,150,236 1.99

857,137 Invesco Perpetual UK Strategic Income Fund 2,638,439 4.57

1,550,899 Investec UK Special Situations Fund 2,980,829 5.17


United States of America: 0.00% (31 Dec 2016: 5.05%) - -


* Closed-end Fund

54



Fair Value % of

GBP Net Assets


(Cost: GBP 42,790,332)

Cash 2,944,890 5.10




% of Total


Transferable securities admitted to official stock exchange listing or




Other Assets 5.63

100.00

55



Fair Value % of

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

Bonds: 4.07% (31 Dec 2016: 4.20%)


3,658,000 US Treasury Bond 1.625% 15/02/2026 3,477,172 4.07


Total Bonds 3,477,172 4.07


Guernsey: 2.32% (31 Dec 2016: 2.06%)


890,000 Renewables Infrastructure Group Limited* 1,273,984 1.49


Ireland: 51.71% (31 Dec 2016: 56.46%)



93,657 First State Global Listed Infrastructure Fund 1,533,157 1.79


36,500 iShares MSCI Japan USD Hedged UCITS ETF 1,190,265 1.39

19,676 iShares USD Bond UCITS ETF 2,277,497 2.66

525,540 Lazard Global Listed Infrastructure Equity Fund 1,442,922 1.69

24,571 Legg Mason Western Asset Macro Opportunities Bond Fund 3,211,887 3.76


19,681 New Capital UCITS Fund PLC - New Capital Wealthy Nations Bond Fund 2,368,997 2.77

1,780,822 Old Mutual Global Equity Absolute Return Fund 2,876,206 3.36

88,633 Polar Capital Healthcare Opportunities Fund 3,648,472 4.27


33,000 Source Euro STOXX Optimised Banks UCITS ETF 2,755,170 3.22

88,600 Vanguard S&P 500 UCITS ETF 4,076,486 4.77


Luxembourg: 23.87% (31 Dec 2016: 20.23%)

82,961 Aberdeen Global - Japanese Equity Fund 1,215,253 1.42

18,683 AXA World Funds - Global Inflation Short Duration Bonds Fund 1,883,450 2.20

59,124 BlackRock Global Funds - Continental European Flexible Fund 1,695,281 1.98



42,015 Loomis Sayles US Growth Equity Fund 5,130,066 6.00



* Closed-end Fund

56



Fair Value % of








16,421 iShares Barclays 10-20 Year Treasury Bond Fund ETF 2,239,824 2.62



Financial Derivative Instruments: 0.40% (31 Dec 2016: 0.01%)

Forward Foreign Currency Contracts: 0.40% (31 Dec 2016: 0.01%)

Counterparty Currency Currency Currency Maturity Unrealised % of

Buys Sells Rate Date Gain Net Assets

Northern Trust GBP 5,749,975 USD 7,288,150 0.7889 31/07/2017 186,393 0.22

Northern Trust SGD 17,251,237 USD 12,410,962 1.3900 31/07/2017 123,216 0.14

Northern Trust EUR 699,172 USD 782,325 0.8937 31/07/2017 16,097 0.02


Northern Trust GBP 177,832 USD 226,754 0.7843 31/07/2017 4,416 0.01

Northern Trust SGD 21,364 USD 15,412 1.3862 31/07/2017 110 -

Northern Trust SGD 24,988 USD 18,115 1.3794 31/07/2017 41 -

Total Fair Value Gains on Forward Currency Contracts 338,870 0.40

Total Financial assets at fair value through profit or loss 78,441,515 91.74

Financial liabilities at fair value through profit or loss

Financial Derivative Instruments: 0.00% (31 Dec 2016: (0.03%))

Forward Foreign Currency Contracts: 0.00% (31 Dec 2016: (0.03%))


Buys Sells Rate Date Loss Net Assets

Northern Trust USD 66,060 GBP 51,659 1.2788 31/07/2017 (1,093) -

Northern Trust USD 9,070 GBP 7,113 1.2752 31/07/2017 (177) -

Northern Trust USD 15,412 SGD 21,376 0.7210 05/07/2017 (113)

Total Fair Value Losses on Forward Currency Contracts (1,383) -

Total Financial liabilities at fair value through profit or loss (1,383) -

57



Fair Value % of

USD Net Assets


(Cost: USD 70,907,575)

Cash 6,829,322 7.99




Analysis of Total Assets % of

Total Assets





Over the counter financial derivative instruments 0.40

Other Assets 8.62

100.00

58



Fair Value % of



Guernsey: 5.55% (31 Dec 2016: 5.16%)

105,950 HarbourVest Global Private Equity Limited* 1,724,426 4.27

360,100 Renewables Infrastructure Group Limited* 515,463 1.28


Ireland: 51.01% (31 Dec 2016: 62.06%)



40,676 First State Global Listed Infrastructure Fund 665,874 1.65

21,700 iShares MSCI Japan USD Hedged UCITS ETF 707,637 1.75

224,759 Lazard Global Listed Infrastructure Equity Fund 617,098 1.53


518,015 Old Mutual Global Investors Series - Global Equity Absolute Return Fund 836,647 2.07

173,558 Old Mutual North American Equity Fund 2,486,264 6.16



14,000 Source Euro STOXX Optimised Banks UCITS ETF 1,168,860 2.89


37,200 Vanguard S&P 500 UCITS ETF 1,711,572 4.24


Luxembourg: 22.51% (31 Dec 2016: 18.14%)

47,102 Aberdeen Global - Japanese Equity Fund 689,968 1.71

9,787 AXA World Funds - Global Inflation Short Duration Bonds Fund 986,672 2.44

60,585 BlackRock Global Funds - Asian Growth Leaders Fund 1,137,792 2.82

158,674 Henderson Gartmore Fund - UK Absolute Return Fund 1,112,159 2.75



9,261 RAMS Equities Portfolio Fund - India Equities Portfolio Fund 1,234,420 3.06




780,448 BlackRock European Dynamic Fund 1,660,037 4.10




* Closed-end Fund

59



Fair Value % of












Northern Trust SGD 416,605 USD 299,716 1.3900 31/07/2017 2,976 0.01

Northern Trust GBP 31,167 USD 39,743 0.7842 31/07/2017 772 -





Northern Trust GBP 4,796 USD 6,235 0.7693 31/07/2017 - -

Total Fair Value Gains on Forward Foreign Currency Contracts 183,741 0.46









Northern Trust GBP 11,598 USD 15,085 0.7688 31/07/2017 (9) -

Total Fair Value Losses on Forward Foreign Currency Contracts (856) -

Total Financial liabilities at fair value through profit or loss (856) -

60



Fair Value % of

USD Net Assets


(Cost: USD 33,588,668)

Cash 2,095,560 5.19

Other Net Liabilities (62,733) (0.16)



% of

Analysis of Total Assets Total Assets




exchange listing or trading on a regulated market 5.50


Other Assets 5.79

100.00

61



Fair Value % of



Ireland: 63.32% (31 Dec 2016: 60.63%)




1,659,680 Hermes Asia Ex-Japan Equity Fund 4,003,148 4.04

42,800 iShares MSCI AC Far East ex-Japan UCITS ETF 1,704,296 1.72

240,500 iShares MSCI Europe ex-UK UCITS ETF 6,607,738 6.67


1,553,487

6,830,682 6.90

149,744

2,717,262 2.75

96,600 Polar Capital Global Technology Fund 2,474,900 2.50



8,240 Prusik Asian Equity Income Fund Class C 1,669,814 1.69

19,921 Prusik Asian Equity Income Fund Class X 2,777,160 2.80



Luxembourg: 24.44% (31 Dec 2016: 14.70%)


396,437 BlackRock Global Funds - Continental European Flexible Fund 8,079,389 8.16

1,095,693 Fidelity Funds - Global Technology Fund 2,417,098 2.44

4,820,000 JPMorgan Liquidity Funds - Sterling Liquidity Fund 4,820,000 4.87


17,093 RAMS Equities Portfolio Fund - India Equities Portfolio Fund 2,512,697 2.54


United Kingdom: 0.00% (31 Dec 2016: 2.14%) - -



J O Hambro Capital Management Umbrella Fund -

Continental European Fund

Old Mutual Global Investors Series -

Europe ex-UK Smaller Companies Fund

62



Fair Value % of

GBP Net Assets


(Cost: GBP 73,262,911)

Cash 10,344,395 10.45

Other Net Assets 1,767,442 1.79



% of

Analysis of Total Assets Total Assets


traded in a regulated market 87.53

Other Assets 12.47

100.00

63



Fair Value % of



Ireland: 63.52% (31 Dec 2016: 61.04%)




4,966,327 Hermes Asia Ex-Japan Equity Fund 15,492,458 4.08

109,700 iShares MSCI AC Far East ex-Japan UCITS ETF 5,674,143 1.50

708,800 iShares MSCI Europe ex-UK UCITS ETF 25,296,115 6.67


16,127,747

20,643,517 5.44

927,733

5,298,730 1.40

481,874 Old Mutual Europe ex-UK Smaller Companies Fund 11,358,187 2.99

286,201 Polar Capital Global Technology Fund 9,530,506 2.51


1,188,104 Polar Capital North American Fund 25,591,759 6.74

19,104 Prusik Asian Equity Income Fund Class B 3,872,476 1.02

74,388 Prusik Asian Equity Income Fund Class X 13,470,836 3.55


Total Ireland 241,000,927 63.52

Luxembourg: 24.31% (31 Dec 2016: 14.48%)


1,176,541 BlackRock Global Funds - Continental European Flexible Fund 31,146,107 8.20

3,075,391 Fidelity Global Technology Fund 8,812,482 2.32

18,385,000 JPMorgan US Dollar Liquidity Fund 18,385,000 4.85


69,227 RAMS Equities India Equities Portfolio Fund 9,227,046 2.43






Continental European Fund Class A USD


Continental European Fund Class A GBP

64







Northern Trust SGD 53,385,157 USD 38,406,588 1.37685 31/07/2017 381,300 0.11


Northern Trust EUR 1,307,498 USD 1,462,999 0.87677 31/07/2017 30,102 0.01

Northern Trust GBP 575,885 USD 729,940 0.76985 31/07/2017 18,668 -

Northern Trust EUR 545,524 USD 610,403 0.87677 31/07/2017 12,559 -

Northern Trust GBP 71,924 USD 91,714 0.76985 31/07/2017 1,782 -


Northern Trust EUR 44,734 USD 50,794 0.87677 31/07/2017 292 -


Northern Trust EUR 20,046 USD 22,761 0.87677 31/07/2017 131 -

Northern Trust GBP 10,265 USD 13,343 0.76985 31/07/2017 - -









Northern Trust USD 29,137 SGD 40,376 1.37685 31/07/2017 (199) -

Northern Trust USD 19,276 SGD 26,737 1.37685 31/07/2017 (150) -


Total Fair Value Losses on Forward Currency Contracts (1,014) -

Total Financial liabilities at fair value through profit or loss (1,014) -


(Cost: USD 287,537,478)

Cash 38,526,297 10.15

Other Net Assets 6,953,519 1.83



% of Total





Other Assets 12.16

100.00

65



Fair Value % of


Bonds: 20.65% (31 Dec 2016: 9.18%)



1,590,000 United Kingdom Gilt 2.25% 07/09/2023 1,727,217 11.22



Total Bonds 3,179,720 20.65

Equities: 15.78% (31 Dec 2016: 10.55%)

Australia: 0.00% (31 Dec 2016: 2.22%) - -


39,500 BAE Systems 250,232 1.63

193,000 Barclays 391,308 2.53

12,404 Compass 200,942 1.31

60,500 HSBC 430,579 2.80

20,200 Micro Focus International 458,742 2.98

3,525 Reckitt Benckiser 274,386 1.78

12,750 RELX 211,650 1.37



4,175 Carnival 212,090 1.38

Total United States of America 212,090 1.38

Total Equities 2,429,929 15.78


Guernsey: 0.00% (31 Dec 2016: 3.11%) - -

Ireland: 50.69% (31 Dec 2016: 45.37%)

35,000 HSBC MSCI Russia Capped UCITS ETF 230,825 1.50

3,998 iShares China Large Cap UCITS ETF 352,293 2.29

235,000 iShares Core FTSE 100 UCITS ETF 1,699,050 11.04

600 iShares Core S&P 500 UCITS ETF 106,835 0.69

26,977 iShares EURO STOXX 50 UCITS ETF 837,906 5.44

19,500 iShares MSCI Latin America UCITS ETF 246,577 1.60

19,546 iShares S&P Small Cap 600 UCITS ETF 858,011 5.57

22,323 iShares UK Gilts 0-5yr UCITS ETF 2,979,004 19.35

6,801 iShares USD Short Duration High Yield Bond UCITS ETF 494,571 3.21


66



Fair Value % of



Jersey: 2.05% (31 Dec 2016: 1.62%)

52,500 ETFS GBP Daily Hedged Copper ETF 314,869 2.05


Luxembourg: 1.54% (31 Dec 2016: 1.82%)

156,770 db x-trackers MSCI Philippines IM Index UCITS ETF 237,742 1.54

Total Luxembourg 237,742 1.54


255,367 584,484 3.80

Total United Kingdom 584,484 3.80



(Cost: GBP 14,556,286)

Cash 844,702 5.49

Other Net Liabilities (128) 0.00



Analysis of Total Assets % of Total

Assets



Other Assets 5.68

100.00

First State Investments ICVC -

Stewart Investors Indian Subcontinent Fund

67



Fair Value % of


Bonds: 9.72% (31 Dec 2016: 15.18%)


561,600 UK Treasury Bond 1.25% 22/07/2018 567,160 5.32

336,400 UK Treasury Bond 4.75% 07/12/2030 469,042 4.40


Total Bonds 1,036,202 9.72

Equities: 17.18% (31 Dec 2016: 9.53%)

Australia: 0.00% (31 Dec 2016: 2.96%) - -


14,375 BAE Systems 91,066 0.85

148,800 Barclays 301,692 2.83

7,485 British American Tobacco 391,765 3.68

5,625 Compass 91,125 0.85

48,000 HSBC 341,616 3.21

14,100 Micro Focus International 320,211 3.01

1,285 Reckitt Benckiser 100,024 0.94

5,775 RELX 95,865 0.90



1,900 Carnival 96,520 0.91

Total United States of America 96,520 0.91



Guernsey: 0.00% (31 Dec 2016: 3.45%) - -

Ireland: 54.55% (31 Dec 2016: 41.73%)

47,550 HSBC MSCI Russia Capped UCITS ETF 313,592 2.94

141,900 iShares Core FTSE 100 UCITS ETF 1,025,937 9.63

62,800 iShares Core UK Gilts UCITS ETF 820,796 7.71

22,884 iShares Euro Stoxx 50 UCITS ETF 710,777 6.67

15,000 iShares MSCI EM Latin America UCITS ETF 189,675 1.78

1,450 iShares S&P 500 UCITS ETF 258,275 2.42

13,150 iShares S&P Small Cap 600 UCITS ETF 577,245 5.42

3,750 iShares UK Gilts 0-5yr UCITS ETF 500,438 4.70

5,460 iShares China Large Cap UCITS ETF 481,121 4.52

7,375 iShares $ Short Duration High Yield Bond UCITS ETF 536,312 5.03

12,521 Polar Capital Healthcare Opportunities Fund 396,806 3.73


68



Fair Value % of



Jersey: 3.38% (31 Dec 2016: 2.46%)

60,000 ETFS GBP Daily Hedged Copper ETF 359,850 3.38


Luxembourg: 2.91% (31 Dec 2016: 1.75%)

204,000 db x-trackers MSCI Philippines IM Index UCITS ETF 309,366 2.91

Total Luxembourg 309,366 2.91


216,413

495,325 4.65

Total United Kingdom 495,325 4.65


Fair Value % of

GBP Net Assets


(Cost: GBP 9,791,738)

Cash 810,091 7.61

Other Net Assets 161 0.00




Assets

Transferable securities admitted to official stock exchange listing

or traded on a regulated market 92.28

Other Assets 7.72

100.00

First State Investments ICVC -

Stewart Investors Indian Subcontinent Fund

69



Fair Value % of


Bonds: 60.73% (31 Dec 2016: 60.48%)

Hong Kong: 2.56% (31 Dec 2016: 2.51%)

1,300,000 Hainan Airlines Hong Kong 3.63% 07/02/2020 1,016,762 2.56

Total Hong Kong 1,016,762 2.56

Mexico: 3.26% (31 Dec 2016: 2.88%)

1,050,000 Petroleos Mexicanos 8.25% 02/06/2022 1,297,336 3.26

Total Mexico 1,297,336 3.26

Netherlands: 4.12% (31 Dec 2016: 3.86%)

1,250,000 Cooperatieve Rabobank UA 3.95% 09/11/2022 1,006,266 2.53

550,000 Cooperatieve Rabobank UA 4.63% 23/05/2029 631,859 1.59

Total Netherlands 1,638,125 4.12

People's Republic of China: 2.63% (31 Dec 2016: 2.55%)

1,300,000 Sinopec Overseas Development 2012 3.90% 17/05/2022 1,045,629 2.63

Total People's Republic of China 1,045,629 2.63

Qatar: 2.44% (31 Dec 2016: 2.36%)

800,000 Qatar Government International Bond 9.75% 15/06/2030 970,626 2.44

Total Qatar 970,626 2.44

Saudi Arabia: 2.46% (31 Dec 2016: 2.42%)

1,200,000 Saudi Electricity Global Sukuk 4.21% 03/04/2022 979,469 2.46

Total Saudi Arabia 979,469 2.46

Singapore: 9.63% (31 Dec 2016: 9.20%)

1,600,000 Temasek Financial I 2.38% 23/01/2023 1,220,545 3.07

1,100,000 Temasek Financial I 4.63% 26/07/2022 1,285,782 3.23

900,000 Temasek Financial I 5.13% 26/07/2040 1,323,682 3.33

Total Singapore 3,830,009 9.63

Supranational: 3.17% (31 Dec 2016: 2.98%)

700,000 European Investment Bank 2.65% 16/04/2020 1,262,349 3.17

Total Supranational 1,262,349 3.17

70



Fair Value % of


Bonds: 60.73% (31 Dec 2016: 60.48%) (continued)

Switzerland: 2.23% (31 Dec 2016: 1.94%)

740,000 Zurich Finance UK FRN 31/12/2049 885,542 2.23

Total Switzerland 885,542 2.23

United Arab Emirates: 5.56% (31 Dec 2016: 5.21%)

1,635,000 IPIC GMTN 6.88% 14/03/2026 2,210,460 5.56

Total United Arab Emirates 2,210,460 5.56


800,000 A2D Funding 4.75% 18/10/2022 888,664 2.23

900,000 A2D Funding II 4.50% 30/09/2026 994,735 2.50

900,000 Places For People Treasury 2.88% 17/08/2026 877,127 2.21

1,050,000 Santander UK 5.13% 14/04/2021 1,209,517 3.04

1,200,000 Society of Lloyd's 4.75% 30/10/2024 1,354,159 3.41

1,150,000 Standard Chartered Bank 7.75% 03/04/2018 1,206,373 3.03



1,000,000 Johnson & Johnson 5.50% 06/11/2024 1,282,479 3.22

1,130,000 United States Treasury Inflation Indexed Bonds 2.00% 15/01/2026 1,203,849 3.03


Total Bonds 24,153,210 60.73


Ireland: 13.58% (31 Dec 2016: 11.87%)

172,156 GAM Star - Credit Opportunities Fund 2,058,970 5.18

115,772 INVESCO Bond Series - Sterling Bond Fund 1,235,696 3.11

188,245 Kames High Yield Global Bond Fund 2,108,416 5.29


Luxembourg: 14.55% (31 Dec 2016: 11.86%)

1,319 Allianz Global Investors Fund - Allianz Flexi Asia Bond Fund 1,229,408 3.09

123,531 HSBC Global Investment Funds - India Fixed Income Fund 1,263,471 3.18




71



Fair Value % of







Currency Currency Currency Maturity Unrealised % of

Counterparty Buys Sells Rate Date Gain Net Assets



Total Fair Value Gains on Forward Foreign Currency Contracts 402,240 1.01

Total Financial Derivative Instruments 402,240 1.01



Financial Derivative Instruments: (0.24%) (31 Dec 2016: 0.00%)

Forward Foreign Currency Contracts: (0.24%) (31 Dec 2016: 0.00%)

Currency Currency Currency Maturity Unrealised % of

Counterparty Buys Sells Rate Date Loss Net Assets

Northern Trust USD 2,191,245 GBP 1,728,779 0.7889 31/07/2017 (43,143) (0.11)

Northern Trust USD 3,290,000 GBP 2,555,538 0.7768 12/10/2017 (30,198) (0.07)

Northern Trust USD 540,799 GBP 426,663 0.7889 31/07/2017 (10,648) (0.03)

Northern Trust EUR 2,002,534 GBP 1,765,975 0.8819 31/07/2017 (6,788) (0.02)

Northern Trust EUR 847,101 GBP 747,033 0.8819 31/07/2017 (2,871) (0.01)

Northern Trust EUR 49,973 GBP 43,958 0.8796 31/07/2017 (57) -

Total Fair Value Losses on Forward Foreign Currency Contracts (93,705) (0.24)

Total Financial liabilities at fair value through profit or loss (93,705) (0.24)

Fair Value % of

GBP Net Assets


(Cost: GBP 33,089,140)

Cash 3,773,919 9.49




72



% of Total


Transferable securities listed on an official stock exchange listing or



Other Assets 10.65

100.00

73



Fair Value % of


Equities: 95.44% (31 Dec 2016: 92.14%)

Belgium: 4.04% (31 Dec 2016: 3.03%)

8,910 Anheuser-Busch InBev 982,796 4.04

Total Belgium 982,796 4.04

Canada: 4.56% (31 Dec 2016: 0.00%)

36,169 Gildan Activewear 1,111,473 4.56

Total Canada 1,111,473 4.56

France: 2.10% (31 Dec 2016: 7.52%)

1,794 Christian Dior 512,253 2.10

Total France 512,253 2.10

Germany: 11.53% (31 Dec 2016: 7.37%)

7,497 Bayer 967,940 3.98

9,944 Bayerische Motoren Werke 921,848 3.79

8,783 SAP 916,096 3.76

Total Germany 2,805,884 11.53

Japan: 3.43% (31 Dec 2016: 3.13%)

41,601 Yokohama Rubber Co 834,908 3.43

Total Japan 834,908 3.43

Switzerland: 3.19% (31 Dec 2016: 5.99%)

2,100 Swatch Group 776,495 3.19

Total Switzerland 776,495 3.19

Taiwan: 4.07% (31 Dec 2016: 4.11%)

28,310 Taiwan Semiconductor Manufacturing ADR 989,718 4.07

Total Taiwan 989,718 4.07

74



Fair Value % of


Equities: 95.44% (31 Dec 2016: 92.14%) (continued)


129,553 Aberdeen Asset Management 508,214 2.09

202,914 BP 1,167,111 4.80

395,983 ITV 933,053 3.83

1,295,446 Lloyds Banking 1,113,119 4.57

118,190 Petrofac 678,571 2.79

14,373 Schroders 579,511 2.38

44,240 WPP 927,494 3.81



8,469 Apple 1,219,705 5.01

5,810 Becton Dickinson & Co 1,133,589 4.66

10,774 Charles Schwab Corp 462,851 1.90

8,053 Johnson & Johnson 1,065,331 4.38

12,901 JPMorgan Chase 1,179,151 4.84

7,475 Las Vegas Sands 477,578 1.96

15,013 Michael Kors 544,221 2.24

11,333 Procter & Gamble 987,671 4.06

20,361 Qualcomm 1,124,334 4.62

8,040 Stryker 1,115,791 4.58








Northern Trust GBP 490,391 USD 621,575 1.2675 31/07/2017 15,909 0.07






75



Fair Value % of

USD Net Assets


(Cost: USD 21,642,999)

Cash 1,353,588 5.56

Other Net Liabilities (373,103) (1.53)




Assets




Other Assets 7.78

100.00

76


SIGNIFICANT PORTFOLIO MOVEMENTS*

Purchases Cost

GBP

International Public Partnerships Limited 171,167

Artemis Income Fund 162,400

HICL Infrastructure Company Limited 145,616

Jupiter Global Fund - Dynamic Bond Fund 114,000

Fidelity Funds - Global Dividend Fund 85,500

Kames High Yield Global Bond Fund 72,000

New Capital Wealthy Nations Bond Fund 72,000

Newton Global Income Fund 68,000

Newton Asian Income Fund 63,600

CVC Credit Partners European Opportunities Limited 60,866

Picton Property Income Limited 57,085

M&G Corporate Bond Fund 54,000

Rathbone Ethical Bond Fund 52,500

Renewables Infrastructure Group Limited 42,076

Capita Financial - CF Woodford Equity Income Fund 42,000

TR Property Investment Trust 30,638

Allianz Global Investors Fund - Allianz Flexi Asia Bond Fund 30,499

GAM Star - Credit Opportunities Fund 30,000

United Kingdom Gilt 4.25% 07/03/2036 28,723

Rathbone Income Fund 28,000

Invesco Bond Series - Sterling Bond Fund 24,000

Invesco Perpetual UK Strategic Income Fund 23,000

Artemis Global Income Fund 21,000

John Laing Infrastructure Limited 18,175

Sales Proceeds

GBP

Picton Property Income Limited 187,735

Fidelity Funds - Global Dividend Fund 165,000


WisdomTree US Equity Income ETF 107,184



New Capital Wealthy Nations Bond Fund 71,000

Schroder Income Maximiser Fund 61,000

Artemis Income Fund 50,000

Allianz Global Investors Fund - Allianz Flexi Asia Bond Fund 35,000



Artemis Global Income Fund 25,000

M&G Corporate Bond Fund 24,000

TwentyFour Global Unconstrained Bond Fund 15,000

Newton Global Income Fund 15,000

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

77



Purchases Cost

GBP

AXA World Funds - Global Inflation Short Duration Bond Fund 3,026,000

Source Euro STOXX Optimised Banks UCITS ETF 2,944,100

Old Mutual Global Investors Series - UK Alpha Fund 1,095,000

iShares S&P 500 UCITS ETF 834,955

Old Mutual Global Equity Absolute Return Hedged Fund 790,000

Henderson Gartmore Fund - United Kingdom Absolute Return Fund 780,000

Legg Mason Western Asset Macro Opportunities Bond Fund 660,000

BNY Mellon Absolute Return Equity Fund 370,000


Baring German Growth Trust 225,000

Polar Healthcare Opportunities Fund 185,000



First State Indian Subcontinent Fund 110,399


Man GLG Investments - Japan Core Alpha Equity Fund 100,000

M&G Investment Funds - Corporate Bond Fund 90,000

First State Investments ICVC - Asia Pacific Leaders Fund 85,000

New Capital UCITS Fund PLC - New Capital Wealthy Nations Bond Fund 51,694


Sales Proceeds

GBP

iShares $ TIPS UCITS ETF 2,941,456

Financial Select Sector SPDR ETF Fund 2,805,485

BNY Mellon Absolute Return Equity Fund 2,227,835

Industrial Select Sector SPDR ETF Fund 1,918,808





Findlay Park American Fund 101,563



78



Purchases Cost

GBP

Source Euro Stoxx Optimised Banks UCITS ETF 1,702,838

AXA World Funds - Global Inflation Short Duration Bonds Fund 1,180,000

Polar Capital North American Fund 260,000

Old Mutual Global Investors Series - UK Alpha Fund 150,000

Investec UK Special Situations Fund 140,000

GAM Star Fund - Continental European Equity Fund 110,000




Lazard Global Listed Infrastructure Equity Fund 50,000

Investec Global Strategy Fund - UK Alpha Fund 50,000

HarbourVest Global Private Equity Limited 49,654



Sales Proceeds

GBP

Financial Select Sector SPDR Fund ETF 1,627,439

iShares $ TIPS UCITS 1,234,664

Industrial Select Sector SPDR Fund ETF 1,099,425



Vanguard Investment Series - US Opportunities Fund 93,000

GAM Star Fund - Continental European Equity Fund 90,000

Investec UK Special Situations Fund 89,000


Investec Global Strategy Fund - UK Alpha Fund 67,000


iShares S&P 500 UCITS ETF 55,138


Legg Mason Global Funds - Legg Mason Western Asset Macro Opportunities Bond Fund 50,000


Prusik Asian Equity Income Fund 40,000




Old Mutual Global Investors Series - UK Alpha Fund 25,000


79



Purchases Cost

USD


AXA World Funds - Global Inflation Short Duration Bonds Fund 1,890,500

BlackRock Global Funds - Continental European Flexible Fund 1,692,035

Vanguard S&P 500 UCITS ETF 968,375



US Treasury Bond 1.625% 15/02/2026 297,471



First State Global Listed Infrastructure Fund 215,000



Polar Capital Healthcare Opportunities Fund 90,004

iShares MSCI Japan USD Hedged UCITS ETF 59,473

Old Mutual Global Equity Absolute Return Fund 56,000

iShares $ TIPS UCITS ETF 50,029



iShares USD Bond UCITS ETF 34,964

iShares Barclays 10-20 Year Treasury Bond Fund ETF 30,014

Sales Proceeds

USD

iShares S&P Financials Sector UCITS ETF 2,826,647

iShares $ TIPS UCITS ETF 2,103,736

SPDR S&P US Industrials Select Sector UCITS ETF 1,894,326

iShares US Aerospace & Defense ETF 1,744,936

iShares MSCI Japan USD Hedged UCITS ETF 1,091,552

Brown Advisory US Small Cap Blend Fund 550,000







US Treasury Bond 1.625% 15/02/2026 275,685


Loomis Sayles US Growth Equity Fund 215,000


Old Mutual Global Equity Absolute Return Fund 188,000





80



Purchases Cost

USD

Old Mutual North American Equity Fund 2,450,000

Jupiter European Fund 1,610,866


RAMS Equities Portfolio Fund - India Equities Portfolio Fund 1,087,000

AXA World Funds - Global Inflation Short Duration Bonds Fund 990,000

Man Investments - Japan Core Alpha Equity Fund 405,000

BlackRock European Dynamic Fund 339,881


Vanguard S&P 500 UCITS ETF 186,072



Sales Proceeds

USD

Vanguard S&P 500 UCITS ETF 2,518,410

Findlay Park American Fund 1,925,000

iShares S&P 500 Financials Sector UCITS ETF 1,403,534

First State Indian Subcontinent Fund 1,348,189

iShares USD TIPS UCITS ETF 1,254,759

SPDR S&P US Industrials Select Sector UCITS ETF 914,001


iShares US Aerospace & Defense ETF 742,467


Aberdeen Global - Japanese Equity Fund 480,000


iShares MSCI Japan USD Hedged UCITS ETF 411,757


BlackRock European Dynamic Fund 376,464



Polar Healthcare Opportunities Fund 257,454



Henderson Gartmore Fund - UK Absolute Return Fund 185,000

HarbourVest Global Private Equity Limited 182,874 *Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.

81



Purchases Cost

GBP


iShares MSCI Europe ex-UK UCITS ETF 2,992,487

Old Mutual Global Investors Series - Europe ex-UK Smaller Companies Fund 2,658,000

iShares MSCI AC Far East ex-Japan UCITS ETF 2,566,475

Loomis Sayles US Growth Equity Fund 2,460,000

J O Hambro Capital Management Umbrella Fund - Continental European Fund 2,222,000

iShares S&P 500 UCITS ETF 1,899,996

Polar Capital Healthcare Opportunities Fund 1,895,000

RAMS Equities Portfolio Fund - India Equities Portfolio Fund 1,879,000

BlackRock Global Funds - Asian Growth Leaders Fund 1,743,000

Prusik Asian Equity Income Fund Class X 1,629,180


Hermes Asia Ex-Japan Equity Fund 1,471,000

Fidelity Funds - Global Technology Fund 1,017,000

JPMorgan Liquidity Funds - Sterling Liquidity Fund 870,000


Polar Capital Global Technology Fund 563,000

Technology Select Sector SPDR Fund ETF 369,080



Sales Proceeds

GBP


iShares MSCI ACWI ETF 3,648,500

iShares MSCI World UCITS ETF 3,056,832



First State Investments ICVC - Asia Pacific Leaders Fund 2,206,151

KBI Institutional Water Fund 2,125,318

Technology Select Sector SPDR Fund ETF 1,370,470



Fidelity Funds - Global Technology Fund 910,000

iShares MSCI AC Far East ex-Japan UCITS ETF 894,594


Polar Capital Global Technology Fund 495,000





BlackRock Global Funds - Continental European Flexible Fund 110,000


82



Purchases Cost

USD

Old Mutual Europe ex-UK Smaller Companies Fund 11,059,180




Loomis Sayles US Growth Equity Fund 8,500,000


BlackRock Global Funds - Asian Growth Leaders Fund 6,886,000


RAMS Equities India Equities Portfolio Fund 6,466,000

Hermes Asia Ex-Japan Equity Fund 5,073,000

J O Hambro Capital Management Umbrella Fund - Continental European Fund Class A GBP 4,846,981

Prusik Asian Equity Income Fund Class X 4,415,000

JPMorgan US Dollar Liquidity Fund 3,470,000

Fidelity Global Technology Fund 3,346,711

J O Hambro Capital Management Umbrella Fund - Continental European Fund Class A USD 2,430,000


Polar Capital Global Technology Fund 1,240,000


Polar Capital North American Fund 1,000,000


Sales Proceeds

USD


iShares MSCI ACWI ETF 14,331,114

iShares MSCI World UCITS ETF 12,071,704



KBI Institutional Water Fund 8,752,714

First State Investments ICVC - Asia Pacific Leaders Fund 6,768,735



Fidelity Global Technology Fund 3,973,512




Polar Capital Global Technology Fund 1,960,000


Vanguard Investment Series - US Opportunities Fund 350,000 *Only the top 20 purchases and sales or those greater than 1% of the total value of purchases and sales have been included in the portfolio movements. Where there were less than 20 purchases and sales, all purchases and sales have been included.

83



Purchases Cost

GBP

United Kingdom Gilt 2.25% 07/09/2023 1,733,130

iShares S&P Small Cap 600 UCITS ETF 888,556


iShares UK Gilts 0-5yr UCITS ETF 838,374

iShares EURO STOXX 50 UCITS ETF 785,921

First State Investments ICVC- Stewart Investors Indian Subcontinent Fund 590,000

iShares China Large Cap UCITS ETF 526,647

iShares USD Short Duration High Yield Bond UCITS ETF 521,320

Barclays 465,534

HSBC 419,994

iShares MSCI Latin America UCITS ETF 268,594

BAE Systems 254,442

Reckitt Benckiser 253,168

Carnival 203,526

Compass Group 203,567

RELX 204,113

iShares Core FTSE 100 UCITS ETF 172,990

iShares Core S&P 500 UCITS ETF 106,286

HSBC MSCI Russia Capped UCITS ETF 85,008

Sales Proceeds

GBP

Royal London Short Term Money Market Fund 2,747,835

iShares GBP Index-Linked Gilts UCITS ETF 2,372,879

UK Treasury Bond 1.25% 22/07/2018 1,108,646

SPDR S&P 500 Low Volatility UCITS ETF 1,051,807


Johnson Matthey 562,308

iShares FTSE 250 UCITS ETF 499,881

BlackRock Gold and General Fund 434,997

BHP Billiton 357,226

iShares MSCI Mexico Capped UCITS ETF 345,321

Smith & Nephew 268,928


Spire Healthcare 171,944



db x-trackers MSCI Philippines IM Index UCITS ETF 112,813

Micro Focus International 100,304

Compass Group 7,869


84



Purchases Cost

GBP


iShares Euro Stoxx 50 UCITS ETF 677,968

iShares $ Short Duration High Yield Corporate Bond UCITS ETF 672,625


First State Investments ICVC - Stewart Investors Indian Subcontinent Fund 500,000


British American Tobacco 372,078

Barclays 358,926

HSBC Holdings 333,225


iShares Core S&P 500 UCITS ETF 256,815

iShares MSCI EM Latin America UCITS ETF 206,618


Carnival 92,640

BAE Systems 92,617

RELX 92,468

Compass Group 92,332

Reckitt Benckiser 92,309

db x-trackers MSCI Philippines IM Index UCITS ETF 55,419

Sales Proceeds

GBP

Royal London Short Term Money Market Fund 1,749,302

UK Treasury Bond 1.25% 22/07/2018 890,940

BlackRock Gold and General Fund 698,614

SPDR S&P 500 Low Volatility UCITS ETF 678,838


iShares Core UK Gilts UCITS ETF 635,793

UK Treasury Bond 8.75% 25/08/2017 621,755


iShares GBP Index-Linked Gilts UCITS ETF 385,177

iShares FTSE 250 UCITS ETF 369,469

BHP Billiton 357,510

Johnson Matthey 311,855

iShares MSCI Mexico Capped UCITS ETF 254,349

Smith & Nephew 200,649



iShares $ Short Duration High Yield Corp Bond UCITS ETF 103,857

Micro Focus International 102,945




85



Purchases Cost

GBP

United States Treasury Inflation Indexed Bonds 2.00% 15/01/2026 1,248,899

HSBC Global Investment Funds - India Fixed Income Fund 1,240,000

INVESCO Bond Series - Sterling Bond Fund 1,230,000

Kames High Yield Global Bond Fund 840,000




Sales Proceeds

GBP

United States Treasury 1.13% Bond 15/01/2021 2,559,984

Rathbone Ethical Bond Fund 1,310,281

Legg Mason Brandywine Global Income Optimiser Fund 1,252,091

New Capital UCITS Fund - New Capital Wealthy Nations Bond Fund 1,235,528

M&G Investment Funds - Corporate Bond Fund 1,227,526




86



Purchases Cost

USD

WPP 1,029,060

Gildan Activewear 1,028,436

Bayer 1,020,266

Lloyds Banking 641,310

Qualcomm 623,209

Petrofac 502,433

BP 501,561

Anheuser-Busch InBev 492,083

JPMorgan Chase 362,225

Apple 332,722

ITV 326,140

Stryker 295,259

Taiwan Semiconductor Manufacturing ADR 273,068

Johnson & Johnson 259,994

Bayerische Motoren Werke 242,162

SAP 239,251

Becton Dickinson & Co 235,543

Procter & Gamble 227,102

Swatch Group 222,219

Las Vegas Sands 202,797

Yokohama Rubber Co 201,103

Schroders 182,741

Michael Kors 139,428

Christian Dior 131,451

Aberdeen Asset Management 130,153

Atos 130,072

Charles Schwab Corp 109,978

Sales Proceeds

USD

Atos 960,571

Christian Dior 638,466

Las Vegas Sands 612,125

Syngenta 503,611

Apple 406,908

Omnicom 362,477

Schroders 293,772

Stryker 249,339

Taiwan Semiconductor Manufacturing ADR 248,100

Syngenta 247,783

JPMorgan Chase 243,369

Johnson & Johnson 123,583

Qualcomm 114,592

ITV 113,627

Anheuser-Busch InBev 108,958

BP 108,174

Bayerische Motoren Werke 106,350

WPP 105,499

Lloyds Banking 97,513

Becton Dickinson & Co 83,410

SAP 79,739

Procter & Gamble 75,036

Gildan Activewear 72,874

Swatch Group 72,685

Aberdeen Asset Management 64,025


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