VAM Managed Funds (Lux)

Transcription

1 VAM Managed Funds (Lux) VAM Managed Funds (Lux) - Driehaus Fund VAM Managed Funds (Lux) - Close Brothers Balanced Fund VAM Managed Funds (Lux) - Close Brothers Cautious Fund VAM Managed Funds (Lux) - Close Brothers Growth Fund R.C.S. Luxembourg B Unaudited Semi-Annual Report for the period from July 1, 2016 to December 31, 2016 Investment Company (société d'investissement à capital variable ("SICAV")) pursuant to Part I of the amended Luxembourg Law of December 17, 2010 on Undertakings for Collective Investment

2 Unaudited Semi-Annual Report for the period from July 1, 2016 to December 31, 2016 Contents Management and Organisation 3 Consolidated Statement of Net Assets as at December 31, Consolidated Statement of Changes in Net Assets for the Period from July 1, 2016 to December 31, Consolidated Statement of Operations for the Period from July 1, 2016 to December 31, VAM Managed Funds (Lux) - Driehaus Fund Statement of Net Assets as at December 31, Statement of Changes in Net Assets for the Period from July 1, 2016 to December 31, Changes in the Number of Shares in Issue 9 Statement of Operations for the Period from July 1, 2016 to December 31, Composition of Portfolio as at December 31, VAM Managed Funds (Lux) - Close Brothers Balanced Fund Statement of Net Assets as at December 31, Statement of Changes in Net Assets for the Period from July 1, 2016 to December 31, Changes in the Number of Shares in Issue 13 Statement of Operations for the Period from July 1, 2016 to December 31, Composition of Portfolio as at December 31, VAM Managed Funds (Lux) - Close Brothers Cautious Fund Statement of net assets as at December 31, Statement of changes in Net Assets for the Period from July 1, 2016 to December 31, Changes in the Number of Shares in Issue 18 Statement of Operations for the Period from July 1, 2016 to December 31, Composition of Portfolio as at December 31,

3 VAM Managed Funds (Lux) - Close Brothers Growth Fund Statement of Net Assets as at December 31, Statement of Changes in Net Assets for the Period from July 1, 2016 to December 31, Changes in the Number of Shares in Issue 23 Statement of Operations for the Period from July 1, 2016 to December 31, Composition of Portfolio as at December 31, Notes to the Unaudited Semi-Annual Report for the period from July 1, 2016 to December 31, Statement of changes in net assets 34 Shareholder Information 34 Subscriptions can be accepted only on the basis of the valid Sales Prospectus (with annexes) and the Key Investor Information Document together with the most recent Annual Report and, if the latter was published more than eight months ago, the most recent Semi-Annual Report. Production: KNEIP ( 2

4 Management and Organisation Company: VAM Managed Funds (Lux) 26, avenue de la Liberté L-1930 Luxembourg Board of Directors: Chairman: Mr Peter John DE PUTRON Chairman of VAM Funds (Lux) and VAM Managed Funds (Lux) 23 Marina Court St Peter Port GB-Guernsey GY11WP, United Kingdom Members: Mr Michael HUNT Director, VAM Advisory SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg Mr Benoni DUFOUR Civil Engineer 15, op der Sank L-5713 Aspelt, Grand Duchy of Luxembourg The Hon. James CRIPPS Consultant 36 Napier Avenue GB-London S46 3PT, United Kingdom (until July 13, 2016) Mr Nigel WATSON Sales Director, VAM Marketing Limited 11 Wellington Mansions, Crowthorne GB-Berkshire RG45 4AG26, United Kingdom (until September 1, 2016) Mr Brendan ADAMS Consultant, 6 Manor Way, Chesham, GB-Bucks HP5 3BG, United Kingdom Mr Eduard von KYMMEL CEO, VP Fund Solutions (Luxembourg) SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg Management Company: (until August 31, 2016) VP Fund Solutions (Luxembourg) SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg (since September 1, 2016) VAM Global Management Company SA 16, rue Jean-Pierre Brasseur L-1258 Luxembourg, Grand Duchy of Luxembourg Day-to-day Managers of the Management Company: (until August 31, 2016) Mr Eduard von KYMMEL CEO, VP Fund Solutions (Luxembourg) SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg Mr Ralf FUNK Executive Director, VP Fund Solutions (Luxembourg) SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg Mrs Anne GUIDI Executive Director, VP Fund Solutions (Luxembourg) SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg Board of Directors of the Management Company: (since September 1, 2016) Mr Peter John de PUTRON Chairman of VAM Funds (Lux) and VAM Managed Funds (Lux) 23 Marina Court St Peter Port GB-Guernsey GY11WP, United Kingdom Mr Brendan ADAMS Director of VAM Global S.à r.l., Fund Development Director for the VAM Group, Chesham, GB-HP5 3BG, United Kingdom Mr Michael LANGE Partner, ME Business Solutions S.à r.l. L-1258 Luxembourg, Grand Duchy of Luxembourg Conducting persons of the Management Company: Mr Brendan ADAMS Director of VAM Global S.à r.l., Fund Development Director for the VAM Group, Chesham, GB-HP5 3BG, United Kingdom Mr Benoni DUFOUR Independent Director, L-5713 Aspelt, Grand Duchy of Luxembourg Mrs Julie KRENTZ Employee, VAM Global Management Company SA, L-1258 Luxembourg, Grand Duchy of Luxembourg 3

5 Management and Organisation (continued) Advisory Company: (until August 31, 2016) VAM Advisory SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg Investment Managers: For the Compartments: VAM Managed Funds (Lux) - Driehaus Fund Driehaus Capital Management LLC 25 East Erie Street USA-Chicago, Illinois 60611, United States of America For the Compartments: VAM Managed Funds (Lux) - Close Brothers Balanced Fund VAM Managed Funds (Lux) - Close Brothers Cautious Fund VAM Managed Funds (Lux) - Close Brothers Growth Fund Close Asset Management Limited 10 Crown Place GB-London EC2A 4FT, United Kingdom Administrative, Domiciliary, Registrar and Transfer Agent: VP Fund Solutions (Luxembourg) SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg Depositary and Principal Paying Agent: VP Bank (Luxembourg) SA 26, avenue de la Liberté L-1930 Luxembourg, Grand Duchy of Luxembourg Representative Agent in Switzerland: RBC Investor Services Bank S.A. Esch-sur-Alzette, Zurich Branch, Badenerstrasse 567, CH-8048 Zurich, Switzerland Paying Agent in Sweden: Skandinaviska Enskilda Banken AB Kungstradgardsgatan, E Stockholm, Sweden Réviseur d Entreprises Agréé: Ernst & Young S.A. 35E, avenue John F. Kennedy L-1855 Luxembourg, Grand Duchy of Luxembourg Legal Advisor in Luxembourg: Elvinger Hoss Prussen société anonyme 2, place Winston Churchill L-1340 Luxembourg, Grand Duchy of Luxembourg Registration 7umber: R.C.S. Luxembourg B Luxembourg VAT number LU Registration Countries: Luxembourg Singapore South Africa Sweden Switzerland (only for the Compartment VAM Managed Funds (Lux) - Driehaus Fund) United Kingdom Facitlites Agent in the United Kingdom: Société Générale London Branch Société Générale Securities Services Custody London SG House 41 Tower Hill GB-London EC3N 4SG, United Kingdom Representative Agent in South Africa: Boutique Collective Investments (RF) (Pty) Limited Acorn House, Unit AC13, Ground Floor, Old Oak Office Park, Cnr Old Oak Road & Durban Road, Bellville, ZA-7530 Western Cape, South Africa 4

6 VAM Managed Funds (Lux) Consolidated Statement of Net Assets as at December 31, 2016 Note ASSETS Investment portfolio at market value Cost Cash held with custodian bank Receivables on subscriptions Receivables on spot forex transactions Dividends receivable Unrealised profit on forward foreign exchange contracts TOTAL ASSETS (12) LIABILITIES Payables on redemptions Payables on securities purchased Payables on spot forex transactions Unrealised loss on forward foreign exchange contracts Other liabilities TOTAL LIABILITIES (12) Total net assets USD 218,186, ,513, ,731, ,142, , , , ,778, , ,791, , , , ,106, ,671, The accompanying notes form an integral part of these financial statements. 5

7 Consolidated Statement of Changes in Net Assets for the Period from July 1, 2016 to December 31, 2016 Note USD Net assets at the beginning of the period 184,098, Currency translation -3,409, Subscriptions 83,724, Redemptions -43,943, Dividends distributed 0.00 Result for the period 4,201, NET ASSETS AT THE END OF THE PERIOD 224,671, The accompanying notes form an integral part of these financial statements. 6

8 VAM Managed Funds (Lux) Consolidated Statement of Operations for the Period from July 1, 2016 to December 31, 2016 Note INCOME Dividends TOTAL INCOME USD 696, , CHARGES Bank interest Performance fee Investment advisory and management company fee Depositary bank and management company fee Directors fee Service fee Taxe d'abonnement Audit fees payable Other charges TOTAL CHARGES (11) (4) (5) (16) (6) (7) Net income Realised profit on investment Realised profit on forward foreign exchange contracts Realised loss on forward foreign exchange contracts Net Realized Result Net change in unrealised profit on securities Net change in unrealised loss on foreign exchange Net change in unrealised loss on forward foreign exchange contracts Result for the period , ,689, , , , , , , ,339, ,642, ,662, ,151, ,188, ,016, ,336, , , ,201, The accompanying notes form an integral part of these financial statements. 7

9 VAM Managed Funds (Lux) VAM Managed Funds (Lux) - Driehaus Fund Statement of Net Assets as at December 31, 2016 Note ASSETS Investment portfolio at market value Cost Cash held with custodian bank Receivables on subscriptions Receivables on spot forex transactions Unrealised profit on forward foreign exchange contracts TOTAL ASSETS (12) LIABILITIES Payables on redemptions Payables on securities purchased Payables on spot forex transactions Other liabilities TOTAL LIABILITIES USD 121,919, ,804, ,501, , , , ,800, , ,500, , , ,899, Total net assets 122,900, Net assets per share ( EUR) ( ) ( USD) Class A EUR Number of shares Class A EUR 39, , , Statement of Changes in Net Assets for the Period from July 1, 2016 to December 31, 2016 Note Net assets at the beginning of the period USD 139,045, Subscriptions Class A EUR 830, ,109, ,061, Redemptions Class A EUR -1,004, ,512, ,968, Result for the period -660, NET ASSETS AT THE END OF THE PERIOD 122,900, The accompanying notes form an integral part of these financial statements. 8

10 VAM Managed Funds (Lux) - Driehaus Fund Changes in the Number of Shares in Issue Class A EUR Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period 40, , , , , , , , , , , , Statement of Operations for the Period from July 1, 2016 to December 31, 2016 Note USD CHARGES Bank interest Investment advisory and management company fee (4) -1,163, Depositary bank and management company fee (5) -120, Directors fee (16) -22, Service fee (6) -19, Taxe d'abonnement (7) Audit fees payable -16, Other charges -44, TOTAL CHARGES -1,388, Net income -1,388, Realised profit on investment 4,307, Realised loss on forward foreign exchange contracts -5,188, Net Realised Result -2,268, Net change in unrealised profit on securities 1,657, Net change in unrealised loss on foreign exchange -19, Net change in unrealised loss on forward foreign exchange contracts -28, Result for the period -660, The accompanying notes form an integral part of these financial statements. 9

11 VAM Managed Funds (Lux) - Driehaus Fund Composition of Portfolio as at December 31, 2016 Security Description Quantity / Face value Ccy Cost in USD Valuation in USD %-NAV SECURITIES Investment fund units/shares Units/Shares of Group's own investment funds Luxembourg VAM Funds (Lux) - Emerging Markets Growth Fund -C- (USD) 1,268 USD 13,508, ,071, LU VAM Funds (Lux) - Focused Global Equity Fund -C- 2,378 USD 22,693, ,362, LU VAM Funds (Lux) - Frontier Markets Fund -C- USD 1,000 USD 10,000, ,515, LU VAM Funds (Lux) - International Opportunities Fund -C- 2,114 USD 21,085, ,695, LU VAM Funds (Lux) - International Real Estate Equity Fund USD 3,196, ,285, C- (USD) LU VAM Funds (Lux) - US Large Cap Growth Fund -C- (USD) 2,872 USD 8,510, ,004, LU VAM Funds (Lux) - US Micro Cap Growth Fund -C- (USD) LU ,992 USD 12,385, ,648, VAM Funds (Lux) - US Small Cap Growth Fund -C- (USD) 4,220 USD 10,176, ,296, LU VAM Funds (Lux) - World Growth Fund -C- (USD) 882 USD 8,247, ,039, LU Total Luxembourg 109,804, ,919, Total Units/Shares of Group's own investment funds 109,804, ,919, Total Investment fund units/shares 109,804, ,919, TOTAL SECURITIES 109,804, ,919, TOTAL INVESTMENT PORTFOLIO 109,804, ,919, Minor rounding differences may occur due to the rounding of percentages. Details of changes in investments for the period concerned are available, free of charge, at the Company's head office as well as at all Paying Agents. 10

12 VAM Managed Funds (Lux) - Close Brothers Balanced Fund Statement of Net Assets as at December 31, 2016 Note ASSETS Investment portfolio at market value 45,597, Cost 43,120, Cash held with custodian bank 2,891, Receivables on subscriptions 762, Receivables on spot forex transactions 91, Dividends receivable 50, TOTAL ASSETS 49,393, LIABILITIES Payables on redemptions -304, Payables on securities purchased -235, Payables on spot forex transactions -91, Unrealised loss on forward foreign exchange contracts (12) -57, Other liabilities -103, TOTAL LIABILITIES -793, Total net assets 48,599, Net assets per share Class A EUR ( EUR) ( ) Class A SGD ( SGD) ( USD) Class E ( ) Class E USD ( USD) Number of shares Class A EUR Class A SGD 36, , , , Class E Class E USD 1, The accompanying notes form an integral part of these financial statements. 11

13 VAM Managed Funds (Lux) - Close Brothers Balanced Fund Statement of Changes in Net Assets for the Period from July 1, 2016 to December 31, 2016 Note Net assets at the beginning of the period 18,767, Subscriptions Class A EUR 1,406, ,202, Class A SGD 1,706, ,406, Class E 125, Class E USD 29, Redemptions Class A EUR -574, ,469, Class A SGD -214, ,293, Class E 0.00 Class E USD 0.00 Result for the period 2,507, NET ASSETS AT THE END OF THE PERIOD 48,599, The accompanying notes form an integral part of these financial statements. 12

14 VAM Managed Funds (Lux) - Close Brothers Balanced Fund Changes in the Number of Shares in Issue Class A EUR Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period Class A SGD Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period Class E Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period Class E USD Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period 27, , , , , , , , , , , , , , , , , Statement of Operations for the Period from July 1, 2016 to December 31, 2016 Note INCOME Dividends 230, TOTAL INCOME 230, CHARGES Bank interest Performance fee (11) -148, Investment advisory and management company fee (4) -228, Depositary bank and management company fee (5) -26, Directors fee (16) -2, Service fee (6) -14, Taxe d'abonnement (7) -8, Audit fees payable -5, Other charges -4, TOTAL CHARGES -437, Net income -207, Realised profit on investment 216, Realised profit on forward foreign exchange contracts 564, Net Realised Result 573, Net change in unrealised profit on securities 1,976, Net change in unrealised loss on foreign exchange -18, Net change in unrealised loss on forward foreign exchange contracts -24, Result for the period The accompanying notes form an integral part of these financial statements. 2,507,

15 VAM Managed Funds (Lux) - Close Brothers Balanced Fund Composition of Portfolio as at December 31, 2016 Security Description Quantity / Face value Ccy Cost in Valuation in %-NAV SECURITIES Exchange-traded securities Certificates Ireland Source Physical Gold P-ETC 5,352 USD 519, , IE00B579F325 Total Ireland 519, , Total Certificates 519, , Total Exchange-traded securities Investment fund units/shares Units/Shares of non-group investment funds 519, , Great Britain Artemis US Extended Alpha Fund 1,152,977 1,666, ,928, GB00BMMV5G59 Baillie Gifford Bond Funds ICVC - Corporate Bond Fund 1,308,794 1,090, ,120, GB Baillie Gifford Overseas Growth Funds ICVC - American 331,399 1,411, ,611, Fund GB Baring Europe Select Trust 30, , ,020, GB00B7NB1W76 Fidelity Investment Funds ICVC - Global Enhanced Income Fund GB00BD1NLJ41 854,955 1,111, ,133, Fidelity Investment Funds ICVC - Strategic Bond Fund 1,231,130 1,500, ,505, GB00B469J896 FP Crux European Special Situations Fund 746,960 1,598, ,776, GB00BTJRQ064 Investec Fund Series i - UK Alpha Fund 1,115,728 2,010, ,102, GB00B7LM4J06 Jupiter European Opportunities Trust PLC 123, , , GB Legg Mason IF ClearBridge US Equity Income Fund 875,037 1,627, ,781, GB00B3NQ7J33 Liontrust Special Situations Fund 531,188 1,701, ,847, GB00B57H4F11 Schroder Income Fund 1,769,423 1,264, ,296, GB00B5WJCB41 Schroder Tokyo Fund 1,181, , , GB00B8BJDX53 Standard Life Investment Co - Global Absolute Return 1,789,362 1,043, ,038, Strategies Fund GB00B7K3T226 SVS Church House Investment Grade Fixed Interest Fund 1,340,307 1,530, ,544, GB Threadneedle Specialist Investment Funds ICVC - UK Equity Alpha Income Fund GB00B88P6D76 Total Great Britain 1,540,898 2,106, ,199, ,056, ,394,

16 VAM Managed Funds (Lux) - Close Brothers Balanced Fund Composition of Portfolio (continued) as at December 31, 2016 Security Description Quantity / Face value Ccy Cost in Valuation in %-NAV Guernsey HICL Infrastructure Co Ltd/Fund 362, , , GB00B0T4LH64 John Laing Infrastructure Fund Ltd 391, , , GG00B4ZWPH08 Total Guernsey 1,077, ,104, Ireland ishares Core FTSE 100 UCITS ETF Dist 330,823 2,162, ,319, IE ishares Corp Bond 0-5yr UCITS ETF Dist 13,530 1,439, ,448, IE00B5L65R35 ishares NASDAQ 100 UCITS ETF USD Acc 6,765 1,295, ,492, IE00B53SZB19 J O Hambro Capital Management Umbrella Fund PLC - Japan Fund 536,421 1,214, ,250, IE Legg Mason Global Funds PLC - Royce US Small Cap Opportunity Fund IE00B , , , Lindsell Train Global Equity Fund 612,499 1,281, ,439, IE00B3NS4D25 Nomura Funds Ireland plc - Global Dynamic Bond Fund 15,542 1,513, ,529, IE00BTL1HB44 Vanguard S&P 500 UCITS ETF 27, , , IE00B3XXRP09 Brown Advisory US Flexible Equity Fund 206,628 USD 1,748, ,003, IE00BJ357S15 Total Ireland 12,548, ,424, Jersey GCP Infrastructure Investments Ltd 364, , , JE00B6173J15 Total Jersey 441, , Luxembourg Capital International Portfolios SICAV-Capital Group Emerging Markets Total 103, , , LU db x-trackers EURO STOXX 50 UCITS ETF DR 37,500 1,387, ,413, LU Franklin Templeton Investment Funds - Templeton Global 63, , , Bond Fund LU Lyxor FTSE Actuaries UK GILTS DR UCITS ETF 12,153 1,702, ,711, LU

17 VAM Managed Funds (Lux) - Close Brothers Balanced Fund Composition of Portfolio (continued) as at December 31, 2016 Security Description Quantity / Face value Ccy Cost in Valuation in %-NAV Schroder International Selection Fund - Asian Total Return 6,362 1,709, ,831, LU Total Luxembourg 6,477, ,734, Total Units/Shares of non-group investment funds 42,600, ,105, Total Investment fund units/shares 42,600, ,105, TOTAL SECURITIES 43,120, ,597, TOTAL INVESTMENT PORTFOLIO 43,120, ,597, Minor rounding differences may occur due to the rounding of percentages. Details of changes in investments for the period concerned are available, free of charge, at the Company's head office as well as at all Paying Agents. 16

18 VAM Managed Funds (Lux) VAM Managed Funds (Lux) - Close Brothers Cautious Fund Statement of Net Assets as at December 31, 2016 Note ASSETS Investment portfolio at market value Cost Cash held with custodian bank Receivables on subscriptions Receivables on spot forex transactions Dividend receivable TOTAL ASSETS 26,607, ,630, ,195, , , , ,088, LIABILITIES Payables on redemptions Payables on spot forex transactions Unrealised loss on forward foreign exchange contracts Other liabilities TOTAL LIABILITIES (12) Total net assets -1, , , , , ,921, Net assets per share Class A EUR ( EUR) ( ) Class A SGD ( SGD) ( USD) Number of shares Class A EUR , , Class A SGD 6, , Statement of Changes in Net Assets for the Period from July 1, 2016 to December 31, 2016 Note Net assets at the beginning of the period 13,932, Subscriptions Class A EUR 588, ,923, Class A SGD 368, ,350, Redemptions Class A EUR -387, ,287, Class A SGD ,793, Result for the period 1,227, NET ASSETS AT THE END OF THE PERIOD 27,921, The accompanying notes form an integral part of these financial statements. 17

19 VAM Managed Funds (Lux) - Close Brothers Cautious Fund Changes in the Number of Shares in Issue Class A EUR Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period Class A SGD Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period 13, , , , , , , , , , , , , , Statement of Operations for the Period from July 1, 2016 to December 31, 2016 Note INCOME Dividends 307, TOTAL INCOME 307, CHARGES Bank interest Performance fee (11) -61, Investment advisory and management company fee (4) -169, Depositary bank and management company fee (5) -20, Directors fee (16) -2, Service fee (6) -13, Taxe d'abonnement (7) -5, Audit fees payable -3, Other charges TOTAL CHARGES -275, Net income 31, Realised profit on investment 58, Realised profit on forward foreign exchange contracts 361, Net Realised Result 451, Net change in unrealised profit on securities 786, Net change in unrealised loss on foreign exchange -4, Net change in unrealised loss on forward foreign exchange contracts -5, Result for the period 1,227, The accompanying notes form an integral part of these financial statements. 18

20 VAM Managed Funds (Lux) - Close Brothers Cautious Fund Composition of Portfolio as at December 31, 2016 Security Description Quantity / Face value Ccy Cost in Valuation in %-NAV SECURITIES Exchange-traded securities Equities Great Britain AEW UK REIT PLC 403, , , GB00BWD24154 Total Great Britain 394, , Total Equities 394, , Total Exchange-traded securities Investment fund units/shares Units/Shares of non-group investment funds 394, , Great Britain Aviva Investors - Multi-Strategy Target Income Fund 693, , , GB00BQSBPF62 BlackRock Continental European Income Fund 515, , , GB00B3Y7MQ71 Capita Financial - CF Woodford Equity Income Fund 622, , , GB00BLRZQ620 CC Japan Income & Growth Trust plc 414, , , GB00BYSRMH16 CF Miton UK Multi Cap Income Fund 333, , , GB00B4M24M14 Fidelity Investment Funds ICVC - Global Enhanced Income 822,811 1,004, ,091, Fund GB00BD1NLJ41 Fidelity Investment Funds ICVC - Strategic Bond Fund 976,608 1,191, ,194, GB00B469J896 Henderson UK & Europe Funds - Strategic Bond Fund 933,861 1,249, ,259, GB JPMorgan Fund ICVC - US Equity Income Fund 504,715 1,289, ,456, GB00B3FJQ599 Kames ICVC - Investment Grade Bond Fund 702, , , GB00B142F707 Legg Mason IF ClearBridge US Equity Income Fund , GB00B3NQ7J33 Mellon Investments Funds ICVC - Newton Global Income Fund GB00B8BQG ,186 1,020, ,136, MI Chelverton UK Equity Income Fund 752, , , GB00B1FD6467 MI TwentyFour - Monument Bond Fund 2, , , GB00B4XCQT18 MI TwentyFour - Monument Bond Fund 505, , , GB00BDD9NH27 Schroder Asian Income Maximiser Fund 1,088, , , GB00B52QVQ30 Schroder Income Maximiser 2,189,344 1,124, ,174, GB00B53FRD82 Schroder Strategic Credit Fund 1,163,617 1,129, ,148, GB00B11DP098 19

21 VAM Managed Funds (Lux) - Close Brothers Cautious Fund Composition of Portfolio (continued) as at December 31, 2016 Security Description Quantity / Face value Ccy Cost in Valuation in %-NAV Standard Life Investment Co - European Equity Income 944, , , GB00B3L7S958 SVS Church House Investment Grade Fixed Interest Fund 873,717 1,000, ,006, GB Threadneedle Specialist Investment Funds ICVC - UK Equity Alpha Income Fund GB00B88P6D76 Total Great Britain 523, , , ,646, ,402, Guernsey F&C Commercial Property Trust Ltd 320, , , GG00B4ZPCJ00 HICL Infrastructure Co Ltd/Fund 238, , , GB00B0T4LH64 International Public Partnerships Ltd 242, , , GB00B188SR50 John Laing Infrastructure Fund Ltd 280, , , GG00B4ZWPH08 Total Guernsey 1,509, ,566, Ireland Coupland Cardiff Funds plc - CC Japan Income & Growth Fund 40, , , IE00B8B2R107 ishares Corp Bond 0-5yr UCITS ETF Dist 8, , , IE00B5L65R35 ishares UK Dividend UCITS ETF Dist 37, , , IE00B0M63060 Royal London Asset Management Bond Funds PLC - Sterling Extra Yield Bond Fund 1,010, , ,026, IE00BG5GTJ66 Royal London Short Duration Global High Yield Bond Fund IE00B979BF49 1,034, , , Smith & Williamson Short Dated Corporate Bond Fund 116, , , IE00B43RH379 PowerShares S&P 500 High Dividend Low Volatility 38,386 USD 919, , UCITS ETF IE00BWTN6Y99 Total Ireland 4,738, ,812, Jersey GCP Infrastructure Investments Ltd 383, , , JE00B6173J15 Total Jersey 471, , Luxembourg Capital International Portfolios SICAV-Capital Group Emerging Markets Total LU Franklin Templeton Investment Funds - Templeton Global Bond Fund LU , , , , , ,

22 VAM Managed Funds (Lux) - Close Brothers Cautious Fund Composition of Portfolio (continued) as at December 31, 2016 Security Description Quantity / Face value Ccy Cost in Valuation in %-NAV Lyxor FTSE Actuaries UK GILTS DR UCITS ETF 6, , , LU Total Luxembourg 1,870, ,968, Total Units/Shares of non-group investment funds 25,236, ,221, Total Investment fund units/shares 25,236, ,221, TOTAL SECURITIES 25,630, ,607, TOTAL INVESTMENT PORTFOLIO 25,630, ,607, Minor rounding differences may occur due to the rounding of percentages. Details of changes in investments for the period concerned are available, free of charge, at the Company's head office as well as at all Paying Agents. 21

23 VAM Managed Funds (Lux) VAM Managed Funds (Lux) - Close Brothers Growth Fund Statement of Net Assets as at December 31, 2016 Note ASSETS Investment portfolio at market value Cost Cash held with custodian bank Dividend receivable TOTAL ASSETS 5,704, ,468, , , ,858, LIABILITIES Payables on redemptions Unrealised loss on forward foreign exchange contracts Other liabilities TOTAL LIABILITIES (12) Total net assets , , , ,842, Net assets per share ( ) Class A SGD ( SGD) ( USD) Number of shares 52, Class A SGD 3, , Statement of Changes in Net Assets for the Period from July 1, 2016 to December 31, 2016 Note Net assets at the beginning of the period 1,002, Subscriptions 5,490, Class A SGD 197, , Redemptions -1,298, Class A SGD Result for the period 200, NET ASSETS AT THE END OF THE PERIOD 5,842, The accompanying notes form an integral part of these financial statements. 22

24 VAM Managed Funds (Lux) VAM Managed Funds (Lux) - Close Brothers Growth Fund Changes in the Number of Shares in Issue Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period 10, , , , Class A SGD Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period , , Shares in issue at the beginning of the period Number of shares subscribed Number of shares redeemed Shares in issue at the end of the period , , Statement of Operations for the Period from July 1, 2016 to December 31, 2016 Note INCOME Dividends TOTAL INCOME 26, , CHARGES Performance fee Investment advisory and management company fee Depositary bank and management company fee Directors fee Service fee Taxe d'abonnement Audit fees payable Other charges TOTAL CHARGES (11) (4) (5) (16) (6) (7) Net income Realised profit on investment Realised profit on forward foreign exchange contracts Net Realized Result Net change in unrealised profit on securities Net change in unrealised loss on foreign exchange Net change in unrealised loss on forward foreign exchange contracts Result for the period -13, , , , , , , , , , , , , , The accompanying notes form an integral part of these financial statements. 23

25 VAM Managed Funds (Lux) - Close Brothers Growth Fund Composition of Portfolio as at December 31, 2016 Security Description Quantity / Face value Ccy Cost in Valuation in %-NAV SECURITIES Exchange-traded securities Certificates Ireland Source Physical Gold P-ETC 214 USD 21, , IE00B579F325 Total Ireland 21, , Total Certificates 21, , Total Exchange-traded securities Investment fund units/shares Units/Shares of non-group investment funds 21, , Great Britain Artemis US Extended Alpha Fund 174, , , GB00BMMV5G59 Baillie Gifford Overseas Growth Funds ICVC - American 47, , , Fund GB Baring Europe Select Trust 6, , , GB00B7NB1W76 CF Miton UK Smaller Companies Fund 87, , , GB00B8JWZP29 F&C True Styles Portfolios ICVC - Global Equity Market Neutral Fund GB00BY7S9L81 156,707 88, , Fidelity Investment Funds - Index Japan Fund 74, , , GB00BHZK8872 Fidelity Investment Funds ICVC - Global Enhanced Income 194, , , Fund GB00BD1NLJ41 Fidelity Investment Funds ICVC - Strategic Bond Fund 108, , , GB00B469MF76 FP Crux European Special Situations Fund 117, , , GB00BTJRQ064 Investec Fund Series i - UK Alpha Fund 118, , , GB00B7LM4J06 Jupiter European Opportunities Trust PLC 39, , , GB Legg Mason IF ClearBridge US Equity Income Fund 130, , , GB00B3NQ7J33 Liontrust Special Situations Fund 71, , , GB00B57H4F11 Schroder Japan Growth Fund PLC 30,149 50, , GB Schroder Tokyo Fund 103,336 67, , GB00B8BJDX53 Scottish Mortgage Investment Trust PLC 25,764 77, , GB00BLDYK618 Standard Life Investment Co - Global Absolute Return Strategies Fund GB00B7K3T226 78,959 45, ,

26 VAM Managed Funds (Lux) - Close Brothers Growth Fund Composition of Portfolio (continued) as at December 31, 2016 Security Description Quantity / Face value Ccy Cost in Valuation in %-NAV SVS Church House Investment Grade Fixed Interest Fund 118, , , GB Threadneedle Specialist Investment Funds ICVC - UK Equity Alpha Income Fund GB00B88P6D76 Total Great Britain 182, , , ,216, ,376, Guernsey HICL Infrastructure Co Ltd/Fund 40,242 67, , GB00B0T4LH64 Total Guernsey 67, , Ireland ishares Core FTSE 100 UCITS ETF Dist 40, , , IE ishares Corp Bond 0-5yr UCITS ETF Dist , , IE00B5L65R35 ishares NASDAQ 100 UCITS ETF USD Acc 1, , , IE00B53SZB19 J O Hambro Capital Management Umbrella Fund PLC - Japan Fund 50,728 78, , IE00B5LD7P60 Legg Mason Global Funds PLC - Royce US Small Cap Opportunity Fund IE00B , , Lindsell Train Global Equity Fund 101, , , IE00B3NS4D25 Vanguard S&P 500 UCITS ETF 3, , , IE00B3XXRP09 Brown Advisory US Flexible Equity Fund 30,733 USD 275, , IE00BJ357S15 Total Ireland 1,440, ,509, Jersey GCP Infrastructure Investments Ltd 73,864 92, , JE00B6173J15 Total Jersey 92, , Luxembourg Capital International Portfolios SICAV-Capital Group Emerging Markets Total 17, , , LU db x-trackers EURO STOXX 50 UCITS ETF DR 3, , , LU Lyxor FTSE Actuaries UK GILTS DR UCITS ETF , , LU

27 VAM Managed Funds (Lux) - Close Brothers Growth Fund Composition of Portfolio (continued) as at December 31, 2016 Security Description Quantity / Face value Ccy Cost in Valuation in %-NAV Schroder International Selection Fund - Asian Total Return , , LU Total Luxembourg 629, , Total Units/Shares of non-group investment funds 5,446, ,684, Total Investment fund units/shares 5,446, ,684, TOTAL SECURITIES 5,468, ,704, TOTAL INVESTMENT PORTFOLIO 5,468, ,704, Minor rounding differences may occur due to the rounding of percentages. Details of changes in investments for the period concerned are available, free of charge, at the Company's head office as well as at all Paying Agents. 26

28 otes to the Unaudited Semi-Annual Report for the period from July 1, 2016 to December 31, Organisation and objective of the company VAM Managed Funds (Lux) (the Fund ) is an open-ended investment fund organised as a société anonyme under the laws of the Grand Duchy of Luxembourg and qualifies as a société d investissement à capital variable ( SICAV ). The Fund is subject to Part I of the amended law to Undertakings for Collective Investment dated December 17, 2010 (the 2010 Law ). It has been established for an unlimited period. The Fund operates separate compartments (the Compartments ), each of which is represented by one or more classes of shares (each such class being a Class of Shares ). The Compartments are distinguished by their specific investment policy or any other specific features. The Fund constitutes a single legal entity, but the assets of each Compartment shall be invested for the exclusive benefit of the Shareholders of the corresponding Compartment and the assets of a specific Compartment are solely accountable for the liabilities, commitments and obligations of that Compartment. The Board of Directors of the Fund has designated VP Fund Solutions (Luxembourg) SA to act as Management Company for the Fund under the terms of the Management Company Services Agreement dated July 1, 2013 and ended the Agreement effective August 31, With effect from September 1, 2016 the Board of Directors has appointed VAM Global Management Company SA as the Management Company of the Company to be responsible on a day-to-day basis, under the supervision of the Board of Directors, for providing administration, marketing and investment management in respect of all Funds. The Management Company is a public limited company ( société anonyme ) incorporated on June 9, Its registered office is at 16, rue Jean-Pierre Brasseur, L-1258 Luxembourg, Grand Duchy of Luxembourg and its share capital amounted to EUR 300,000 as at that date. The Management Company has been set up with the main object of creating and administering UCITS as well as other types of Luxembourg funds. It may manage the portfolio of such investment funds and perform all the functions enumerated in Annex II of the 2010 Law. In addition, it may distribute in Luxembourg and/or third countries the parts and shares of investment funds. It may delegate all or part only of its activities in accordance with Luxembourg law. Class A Shares may be subscribed by institutional and non-institutional investors, subject to the minimum initial subscription and holding requirements set forth in the prospectus of the Fund. Class E Shares may only be subscribed by Investors qualifying as institutional investors, subject to the minimum initial subscription and holding requirements set forth in the prospectus of the Fund. As of December 31, 2016, the following Classes of Shares were active: VAM Managed Funds (Lux) - Driehaus Fund Class A Shares in EUR Class A Shares in Class A Shares in USD VAM Managed Funds (Lux) - Close Brothers Balanced Fund Class A Shares in EUR Class A Shares in Class A Shares in SGD Class A Shares in USD Class E Shares in Class E Shares in USD VAM Managed Funds (Lux) - Close Brothers Cautious Fund Class A Shares in EUR Class A Shares in Class A Shares in SGD Class A Shares in USD 27

29 1. Organisation and objective of the company (continued) VAM Managed Funds (Lux) - Close Brothers Growth Fund Class A Shares in Class A Shares in SGD Class A Shares in USD 2. Summary of significant accounting policies The financial statements of the Fund have been prepared in accordance with Luxembourg legal and regulatory requirements applicable to investment funds. The following is a summary of significant accounting policies followed by the Fund. a) Foreign currency translation For the preparation of the combined financial statements as of December 31, 2016 in USD, the statements of each Compartment denominated in currencies other than USD (the reference currency ) are translated at the exchange rates prevailing as at periodend (please refer to Note 10). Combined statements are obtained by the arithmetic sum of statements of each individual Compartment. In each Compartment, investments as well as other assets and liabilities stated in foreign currencies are translated into the reference currency at the exchange rates prevailing as at year-end. The costs of investments are at historical exchange rates. Transactions in foreign currency during the year are translated at the rates prevailing at the date of transaction. Realised and unrealised exchange gains and losses, if any, are recorded in the Statement of Operations of each Compartment. b) Investments The value of securities, which are dealt in on a stock exchange or dealt in on another regulated market providing reliable price quotations are valued at the latest price available on the valuation day. In the event that any securities held in the portfolio are not listed on any stock exchange or not traded on any other regulated market or if the price obtained as described above is not representative of the fair market value of the securities, the value of such securities will be based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the Fund. Shares in investment funds are valued on the basis of the net asset value per share of such funds as of valuation date as confirmed by the administration agents or other representatives of such funds. In instances where no such values are available, the funds are valued either at estimated net asset values per share, as made available by the respective administration agents or fund representatives, or at the latest available published net asset values per share. Such values may significantly differ from price quotes, which would have been determined as of year-end date. In general, the net asset values per share applied for the purpose of valuing investment funds are derived from unaudited financial statements provided by the respective funds or agents. The value attributed to the underlying investment funds may differ from the value that would have been used had underlying audited financial statements of such investments been available and such difference could be material. The cost of investments sold is determined on the basis of the weighted average price method. c) Forward foreign exchange contracts Outstanding forward foreign exchange contracts as of year-end are valued based on forward market rates for the remaining period up to final maturity. Realised and unrealised exchange gains and losses, if any, are recorded in the Statement of Operations of each Compartment. To the extent that forward foreign exchange contracts are contracted to hedge the currency exposure of a given Class of Shares, such results are directly attributed to that respective Class of Shares. d) Income recognition Interest income is accounted for on an accrual basis. Dividends are accrued on the date upon which the relevant security becomes ex-dividend. These are accounted for net of any applicable withholding taxes in the relevant country. 28

30 3. et asset value a) Computation The net asset value of a share in each Compartment will be calculated by dividing the net assets attributable to that Class of Share by the total number of shares outstanding of that Class of Share. The net assets of a Compartment correspond to the difference between the total assets and the total liabilities of the Compartment. b) Redemption of shares Each Shareholder of any Class of Shares of a Compartment has the right to request at any time the redemption of his/her shares at an amount equal to the net asset value of the relevant Class of Shares of the Compartment as described in the preceding paragraph. For each Compartment, the Fund may temporarily suspend the calculation of the net asset value per share, the redemption and the conversion of shares under certain well defined circumstances as disclosed in the prospectus of the Fund. VAM Managed Funds (Lux) - Driehaus Fund is investing part of its assets in various compartments of VAM Funds (Lux) (as detailed in Note 13) and no subscription or redemption fees are charged to the Compartments on account of their investments in the Class C Shares of various compartments of VAM Funds (Lux). 4. Investment advisory and management fees Until August 31, 2016 the Fund has appointed as investment adviser VAM Advisory SA (the Advisory Company ), which has selected the following investment managers for the Compartments shown below: Driehaus Capital Management LLC for VAM Managed Funds (Lux) - Driehaus Fund; and Close Asset Management Limited for VAM Managed Funds (Lux) - Close Brothers Balanced Fund; VAM Managed Funds (Lux) - Close Brothers Cautious Fund; VAM Managed Funds (Lux) - Close Brothers Growth Fund. The Advisory Company is entitled to receive from the Compartments fees, payable on a monthly basis at a total annual rate of 1.75% for Class A Shares and of 1.00% for Class E Shares of the average net asset value, as determined during the relevant month. The investment managers are remunerated by the Advisory Company out of the fees that it receives from the Compartments. As from September 1, 2016, VAM Global Management Company SA has been appointed to select the investment managers for the Compartments and receives the fees on the same basis. No change in the investment manager has been made. 5. Depositary bank and management company fees Until August 31, 2016, commissions and fees paid by the Fund to VP Bank (Luxembourg) SA and VP Fund Solutions (Luxembourg) SA (the Service Fee ) are calculated on the daily average net asset value of each month as defined in the Custodian and Paying Agent Agreement with VP Bank (Luxembourg) SA, as it may be amended from time to time, dated July 1, 2013 and as defined in the Management Company Services Agreement with VP Fund Solutions (Luxembourg) SA, as it may be amended from time to time, dated July 1, 2013 and are debited at the end of each month for the past month. The Fund pays the Service Fee to VP Bank (Luxembourg) SA and VP Fund Solutions (Luxembourg) SA in accordance with the following scale of fees, calculated as a percentage per year of the average total net assets of the daily Compartments listed above (any taxes being excluded), payable monthly in arrears: The Service Fees structure is the following: up to USD 250,000, % from USD 250,000,000 to USD 500,000, % from USD 500,000,000 to USD 1,000,000, % above USD 1,000,000, % subject to a minimum fee of EUR 18,000 p.a. per Compartment. 29

31 5. Depositary bank and management company fees (continued) Under the terms of the Management Services Agreement dated September 1, 2016, VAM Global Management Company SA replaced VP Fund Solutions (Luxembourg) SA as the Management Company. The Depositary Bank and Paying Agent Agreement with VP Bank (Luxembourg) SA is dated September 1, Since September 1, 2016 the Service Fee is paid by the Fund to VAM Global Management Company SA and VP Bank (Luxembourg) SA. The Service Fees structure remains the same. 6. Administration fees For the administration of the Classes of Shares denominated in currencies other than the Compartment base currency, VP Fund Solutions (Luxembourg) SA is charging EUR 10, p.a. per Class of Share to the relevant Compartment. 7. Taxes In accordance with the 2010 Law, the Fund is not subject to any tax on income, capital gains tax or wealth tax. Moreover, no dividends distributed by the Fund, if any, are subject to withholding tax. However, income collected by the Fund on securities in its portfolios may be subject to withholding tax which, in normal circumstances, cannot be reclaimed. The Fund is only subject to the Luxembourg subscription tax ( taxe d abonnement ) payable quarterly, at a rate of 0.05% per annum based on the net asset value of each Compartment at the end of the relevant quarter, calculated and paid quarterly. In respect of any Class of Shares which comprises only institutional investors (within the meaning of article 174 of the 2010 Law), the tax levied will be at the rate of 0.01% per annum. The tax is not levied on the part of assets invested in funds already subject to that tax. 8. Formation expenses The costs and expenses incurred in connection with the formation of the Fund respectively in connection with the launching of new Compartments or Classes of Shares are amortised over a period of 5 years. 9. Transaction costs In accordance with the 2010 Law, the transaction costs are included within the costs of securities when securities are purchased and in the net realised on investments when securities are sold during the reporting year. For the period ended December 31, 2016 the transaction costs amounted to: - USD 5, for VAM Managed Funds (Lux) - Driehaus Fund; - 51, for VAM Managed Funds (Lux) - Close Brothers Balanced Fund; - 25, for VAM Managed Funds (Lux) - Close Brothers Cautious Fund; and - 21, for VAM Managed Funds (Lux) - Close Brothers Growth Fund. 10. Exchange rates The exchange rates used as of December 31, 2016 are: 1 USD = EUR USD = USD = SGD