Threadneedle Dynamic Real Return Fund

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1 Interim Short Report 25 November 2017 Fund Manager s Report Toby Nangle Performance of Class 2 Income shares* Over the six months to 25 November 2017, the published of the Threadneedle Dynamic Real Return Fund has risen from p to p. For comparison, using noon prices, the performance of the Class 2 share class for the six months ending 30 November 2017 was +2.4% compared to a return of +0.84% for the Morningstar UK Unit Trusts/OEICs (IA) UK Absolute Return Peer Group (on a bid to bid basis, with income reinvested for a UK basic rate taxpayer). Market Overview and Portfolio Activity Global equities enjoyed solid gains over the six months in review, outperforming global bonds. Corporate credit, particularly high yield, fared better than government debt; UK gilts were notably weak. The commodities market was up in dollar terms, but a weaker dollar erased gains in sterling terms. The period was marked by short spells of risk aversion during which safe-haven assets were in demand. Investors were unsettled by North Korean sabre-rattling, an unusually severe hurricane season, and doubts about President Trump s ability to enact his policies. Core bond and share markets were periodically spooked by the prospect of tighter monetary policy. Overall, however, it was a strong period for risk assets. Sentiment here was buoyed by generally encouraging news on the global economy, strong corporate earnings, a rally in oil prices, and, late in the period, resurgent optimism about tax reform in the US. UK equities lagged global averages against a background of Brexitrelated uncertainty. Nevertheless, sterling and gilt yields were lifted by rising inflation and more hawkish commentary from the Bank of England (BoE), particularly in June; the BoE went on to raise interest rates, in November, for the first time in a decade. European stocks fared better but also trailed global indices. Eurozone economic data was strong, though this also prompted concern that the European Central Bank (ECB) could soon rein in its stimulus. In October, the ECB indeed revealed that from next January monthly bond purchases would be halved but also that the programme would be extended until at least September Japanese equities strongly outperformed. The yen weakened and shares rallied in the run up to and following Prime Minister Abe s election victory, in the expectation that the current regime of loose monetary and fiscal conditions would continue. Asian and emerging markets also enjoyed powerful rallies, with confidence bolstered by the weaker dollar and upbeat global growth indicators. Emergingmarket government bonds also held up better than developed counterparts. Early in the period, we reduced our exposure to the Mexican peso. Political developments ahead of 2018 presidential elections are becoming more uncertain, and there is also headline risk associated with the NAFTA (North American Free Trade Agreement) negotiations. The fund s peso exposure had been entirely neutralised by the end of October. We also allowed the allocation to Mexican local-currency government bonds to decline as a proportion of net asset value (NAV), taking the weighting down from 6.5% of NAV to 3.7% over the six months. We continued to reduce our allocation to European high yield, where we felt valuations were looking stretched. This brought the exposure down to 2.3% of NAV from 4.4% at the start of the period. Also of note, we let our exposure to UK short-dated credit fall; this saw the overall exposure to investment-grade credit decline from 24.0% of NAV to 21.3%. On the purchase side, we initiated a position in short-dated (2019) UK gilts (in July) after a sharp rise in yields. This meant that overall exposure to developed government bonds rose from 8% of NAV at the start of the period to 11% by the end. We also increased exposure to Japanese equities, having upgraded our view on the asset class from favour to strongly favour. The allocation here rose from 12.5% of NAV to 15.2%, with the bulk of this happening in October. Among the primary motivations for this move were increased strength in Japanese corporate earnings; continued evidence that corporate reform is driving better shareholder returns; and firm economic expectations both globally and for Japan itself. Fund Facts Fund Accounting and Distribution Dates Accounting Dates Payment Dates 25 May 25 July 25 November 25 January Ongoing Charges Figure The Ongoing Charges Figure (OCF) is the European standard method of disclosing the charges of a share class of a fund based on the financial year s expenses and may vary from year to year. It includes charges such as the fund s annual management charge, registration fee, custody fees and distribution cost but ordinarily excludes the costs of buying or selling assets for the fund (unless these assets are shares of another fund). The non-ucits retail scheme Key Investor Information document (NURS-KII) contains the current OCF. The calculation includes the fund s share of the expenses of the underlying fund less any fee rebates received. The share of the costs of the underlying funds may fluctuate due to changes in investment decisions, which may be required as a result of changes in market conditions. For a more detailed breakdown please visit columbiathreadneedle.com/fees. Share class 25 November May 2017 Class 2 Income shares 0.76% 0.78% Class 2 Accumulation shares 0.76% 0.77% Class 2s Accumulation shares 0.50% 0.49% Class X Income shares % Class X Accumulation shares 0.11% 0.12% Class Z Income shares 0.93% 0.94% Class Z Accumulation shares 0.93% 0.94% The Ongoing Charges Figure is annualised based on the fees incurred during the accounting period or since commencement date. 1 Closed 14 November * In pound Sterling and against UK peer group.

2 Summary of Fund Performance Performance History (%) Share class Class 2 Income shares Class 2 Accumulation shares Class 2s Accumulation Shares Class X Income shares Class X Accumulation shares Class Z Income shares Class Z Accumulation shares To 31 October Commenced 18 June Commenced 1 May Commenced 18 June 2013 and closed 14 November Source: Morningstar and Threadneedle. Bid to bid prices are quoted (i.e. not including any initial charge) with net income reinvested for a UK basic rate tax payer and gross income reinvested for a non-uk resident. Performance data is quoted in sterling apart from hedged share classes, where applicable, which are in the hedged currency. Past performance is not a guide to future investment performance. The value of investments and any income is not guaranteed and can go down as well as up and may be affected by exchange rate fluctuations. This means that an investor may not get back the amount invested. Net Asset Value (NAV) As at Share class NAV ( ) NAV pence per share Number of shares in issue 25 November 2017 Class 2 Income shares 3,320, ,698, May 2017 Class 2 Income shares 211, , May 2016 Class 2 Income shares 21, , May 2015 Class 2 Income shares 14, , November 2017 Class 2 Accumulation shares 408,321, ,683, May 2017 Class 2 Accumulation shares 398,501, ,619, May 2016 Class 2 Accumulation shares 193,989, ,619, May 2015 Class 2 Accumulation shares 81,255, ,524, November 2017 Class 2s Accumulation shares 479,910, ,694, May 2017 Class 2s Accumulation shares 204,505, ,971, May 2016 Class 2s Accumulation shares 37,541, ,666, May 2015 Class 2s Accumulation shares 61, , May 2017 Class X Income shares 2 3, , May 2016 Class X Income shares 19,583, ,109, May 2015 Class X Income shares 3, , November 2017 Class X Accumulation shares 22,789, ,145, May 2017 Class X Accumulation shares 21,909, ,145, May 2016 Class X Accumulation shares 3, , May 2015 Class X Accumulation shares 3, , November 2017 Class Z Income shares 6,089, ,950, May 2017 Class Z Income shares 2,407, ,022, May 2016 Class Z Income shares 648, , May 2015 Class Z Income shares 11, , November 2017 Class Z Accumulation shares 47,520, ,851, May 2017 Class Z Accumulation shares 24,525, ,717, May 2016 Class Z Accumulation shares 4,332, ,870, May 2015 Class Z Accumulation shares 1,706, ,505,913 Distribution History/Share Price Range Highest Lowest Year to Share class Pence per share 25 November 2017 Class 2 Income shares May 2017 Class 2 Income shares May 2016 Class 2 Income shares May 2015 Class 2 Income shares November 2017 Class 2 Accumulation shares May 2017 Class 2 Accumulation shares May 2016 Class 2 Accumulation shares May 2015 Class 2 Accumulation shares

3 Pence per share Highest Lowest Year to Share class 25 November 2017 Class 2s Accumulation shares May 2017 Class 2s Accumulation shares May 2016 Class 2s Accumulation shares May 2015 Class 2s Accumulation shares November 2017 Class X Income shares May 2017 Class X Income shares May 2016 Class X Income shares May 2015 Class X Income shares November 2017 Class X Accumulation shares May 2017 Class X Accumulation shares May 2016 Class X Accumulation shares May 2015 Class X Accumulation shares November 2017 Class Z Income shares May 2017 Class Z Income shares May 2016 Class Z Income shares May 2015 Class Z Income shares November 2017 Class Z Accumulation shares May 2017 Class Z Accumulation shares May 2016 Class Z Accumulation shares May 2015 Class Z Accumulation shares Commenced 1 May Closed 14 November Past performance is not a guide to future performance. Classification of Investments 25 November 2017 vs 25 May % 30% 25% 25 November May % 15% 10% 5% 0% -5% Overseas equity UK bond Overseas bond Commodity fund UK equity Real estate Derivatives Net other assets Portfolio Information Top Five Holdings as at 25 November 2017 % of Fund Threadneedle Sterling Short-Dated Corporate Bond Fund Threadneedle Japan Fund Threadneedle European Fund 8.55 United Kingdom Gilt 1.75% 22/07/ Threadneedle European Select Fund 6.35 Top Five Holdings as at 25 May 2017 % of Fund Threadneedle UK Short-Dated Corporate Bond Fund Threadneedle Japan Fund Threadneedle European Fund 7.90 Threadneedle European Select Fund 7.33 Threadneedle UK Fund 7.14

4 Investment Objective and Policy The investment objective of the Fund is to achieve a positive real rate of return from capital appreciation and income over the medium to long term, at least above the rate of inflation (defined as the Consumer Price Index). Regardless of market conditions, it also aims to provide a positive return over a maximum period of 3 years. There is a risk to capital, and there is no guarantee that such a return will be achieved in 3 years or any other timescale. The ACD s investment policy is to actively manage an exposure to fixed income, equities, cash, money market instruments, currencies, commodities, property and other alternative asset classes on a global basis. The ACD will vary the exposure between these asset classes as deemed necessary in order to achieve the investment objective, and this may result in the Fund having no exposure to particular asset classes. The ACD will invest in regulated and unregulated collective investment schemes, transferable securities, derivatives, forward transactions, cash, deposits and money market instruments. Investments in collective investment schemes may include those managed, operated or advised by the ACD, or a company in the same group as the ACD. The Fund may gain indirect exposure to commodities through, but not limited to, investment in collective investment schemes, securitised notes and/ or financial derivative instruments. The ACD will not invest in physical commodities or directly in real property. Non-UCITS Retail Scheme Key Investor Information Documentation (NURS KII) Subscription requirements The NURS-KII is a pre-contractual document and investors have to confirm that they have read the latest NURS-KII before making a subscription. Threadneedle has the right to reject a subscription if the investor does not confirm that they have read the latest NURS-KII at the time of application. Investors can obtain the latest NURS-KII from columbiathreadneedle.com. Changes to the management of the ACD The following changes have been made to the directors of the ACD: Appointment of Ms. Michelle Scrimgeour on 14 August Changes to the Prospectus There were no changes to the Prospectus during the period from 26 May 2017 to 25 November Changes to the Instrument of Incorporation There were no changes to the Instrument of Incorporation during the period from 26 May 2017 to 25 November Key Risks Investment Risk: The value of investments can fall as well as rise and investors might not get back the sum originally invested. Investment in Funds Risk: The Investment Policy allows the fund to invest principally in units of other collective investment schemes. Investors should consider the investment policy and asset composition in the underlying funds when assessing their portfolio exposure. Currency Risk: Where investments are in assets that are denominated in multiple currencies, or currencies other than your own, changes in exchange rates may affect the value of the investments. No Capital Guarantee Risk: Positive returns are not guaranteed and no form of capital protection applies. Issuer Risk: The Fund invests in securities whose value would be significantly affected if the issuer refused, was unable to or was perceived to be unable to pay. Interest Rate Risk: Changes in interest rates are likely to affect the fund s value. In general, as interest rates rise, the price of a fixed rate bond will fall, and vice versa. Valuation Risk: The fund s assets may sometimes be difficult to value objectively and the actual value may not be recognised until assets are sold. Investment in Derivatives Risk: The Investment Policy of the fund allows it to invest materially in derivatives. Volatility Risk: The fund may exhibit significant price volatility. Further risks applicable to the fund can be found in the Prospectus. Risk and Reward Profile As at 25 November 2017 the figure for the risk and reward profile disclosed in the most recent NURS-KII representing this fund is 5. The fund is in this specific category because historically it has shown a medium to high level of volatility (how much the value of the fund went up and down compared to other categories).it is based on past performance data in pound sterling. If your investment in the fund is not in pound sterling, please check the figure for the risk and reward profile disclosed on our website (columbiathreadneedle.com) according to the currency of your investment in the fund.

5 General Information The information in this report is designed to enable shareholders to make an informed judgement on the activities of the fund during the period it covers and the results of those activities at the end of the period. For further information, please contact Threadneedle Investment Services Limited. The Long Form Report and Financial Statements is available free of charge on request from the ACD and on our website. For more information about the activities and performance of the Company during the period and previous periods, please contact the ACD at the administration address noted below, or visit our website at columbiathreadneedle.com. Contacts: Registered Office Cannon Place 78 Cannon Street London EC4N 6AG Authorised Corporate Director (ACD) and Alternative Investment Fund Manager Threadneedle Investment Services Limited Cannon Place 78 Cannon Street London EC4N 6AG Registrar Threadneedle Investment Services Limited Delegated to: DST Financial Services Europe Limited* (Authorised and regulated by the Financial Conduct Authority (FCA)) St Nicholas Lane Basildon Essex SS15 5FS Investment Manager Threadneedle Asset Management Limited Cannon Place 78 Cannon Street London EC4N 6AG Depositary Citibank Europe plc, UK branch (Authorised by the Prudential Regulatory Authority (PRA) and regulated by the FCA and PRA) Citigroup Centre 33 Canada Square Canary Wharf London E14 5LB Legal Advisers Eversheds Sutherland (International) LLP One Wood Street London EC2V 7WS Independent Auditor PricewaterhouseCoopers LLP Atria One 144 Morrison Street Edinburgh EH3 8EX ACD Client Services Details UK Investors Address: Threadneedle Investment Services Limited PO Box Chelmsford Essex CM99 2AL Telephone (dealing & customer enquiries): ** Fax (dealing): (enquiries): * International Financial Data Services (UK) Limited changed its name to DST Financial Services Europe Limited on 15 August ** Calls will be recorded.

6 To find out more visit columbiathreadneedle.com Threadneedle Investment Services Limited, ISA Manager, Authorised Corporate Director and Unit Trust Manager. Registered No Registered in England and Wales. Registered Office: Cannon Place, 78 Cannon Street, London EC4N 6AG. Authorised and regulated by the Financial Conduct Authority. Columbia Threadneedle Investments is the global brand name of the Columbia and Threadneedle group of companies. columbiathreadneedle.com

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