Standard Bank International Funds Limited (formerly ......Standard Bank International Funds Limited...

Standard Bank International Funds Limited (formerly Melville Douglas Multi Manager Funds Limited)

Unaudited Interim Report and Financial StatementsFor the period 1 October 2014 to 31 March 2015

1


Contents

page

Administration 2

Report of the Directors 3

Investment Manager’s Report 5

Statements of Total Return 8

Statements of Change in Shareholders’ Net Assets 9

Balance Sheets 10

Notes to the Financial Statements 12

Fund Statistics 31

Portfolio Statements 34

2


Administration

Directors

Graham Baillie Michael Farrow Helen Holmes Oliver Sonnbichler

Registered Office

Standard Bank House 47- 49 La Motte Street St. Helier Jersey JE2 4SZ Channel Islands

Manager and Secretary

STANLIB Fund Managers Jersey Limited Standard Bank House 47 - 49 La Motte Street St. Helier Jersey JE2 4SZ Channel Islands

Investment Manager

Standard Bank International Investments Limited Standard Bank House 47 - 49 La Motte Street St. Helier Jersey JE2 4SZ Channel Islands

Custodian

Capita Trust Company (Jersey) Limited 12 Castle Street St. Helier Jersey JE2 3RT Channel Islands

Sub-Custodian and Banker

The Bank of New York Mellon SA/NV London Branch The Bank of New York Mellon Centre 160 Queen Victoria Street London EC4V 4LA United Kingdom

Administrator to the Manager

BNY Mellon Fund Services (Ireland) Limited Guild House, Guild Street International Financial Services Centre Dublin 1 Ireland

Independent Auditors

PricewaterhouseCoopers One Spencer Dock North Wall Quay Dublin Ireland

Legal Adviser

Ogier Ogier House The Esplanade St. Helier Jersey JE4 9WG Channel Islands

Melville Douglas is a registered business name of Standard Bank International Investments Limited. Standard Bank International Investments Limited, Standard Bank Jersey Limited and STANLIB Fund Managers Jersey Limited are regulated by the Jersey Financial Services Commission.

SFMJ04/2014

3


Report of the Directors

The directors submit their unaudited interim report and financial statements for the period 1 October 2014 to 31 March 2015.

Incorporation

Standard Bank International Funds Limited (formerly Melville Douglas Multi Manager Funds Limited) (the “Company” or “Fund”) is an ‘Umbrella Fund’ and an open-ended investment Company incorporated in Jersey on 24 September 1999 with limited liability under the Law. Participating shares may be issued and redeemed at prices based upon each class’s underlying net asset value.

Structure

The Company offers investors a choice of classes (each such class being referred to as a “Class Fund”) and the opportunity to switch from one Class Fund to another. At present there are six Class Funds available, see Objective and investment policy section for more details.

The assets, liabilities, income and expenses attributable to each class of participating share are applied to the Class Fund established for that class. If they are not attributable to any particular class of participating shares, they are allocated between all the Class Funds in such manner as the directors deem to be equitable. The Company is a single legal entity. As a result, although the assets, income, earnings, liabilities and expenses attributable to each Class Fund will be segregated and kept separate from those attributable to other Class Funds, in the event of the Company not being able to meet the liabilities attributable to any particular Class Fund out of the assets of such Class Fund, the excess liabilities may be met out of the assets attributable to other Class Funds.

Objective and investment policy

The objective of the Company is to provide investors with a worldwide range of investment opportunities, which are professionally managed, with the aim of achieving long-term growth through capital gains and accumulation of income.

The Company offers investors a choice of classes of Participating Shares each such class being designated by reference to a separate investment portfolio referred to as a “Class Fund”.

There are currently six Class Funds within the Company.

The Multi Manager Global Equity Class Funds USD & GBP (formerly the Global Equity Class Funds USD & GBP) are ‘fund of funds’ which only invest in collective investment funds and are designed to provide long term capital appreciation through investment solely in equity oriented funds with a bias towards the domestic markets of the base currency of each Class Fund. The Investment Manager will look to maintain a fully invested equity strategy at all times. These aggressive portfolios are suited to investors seeking the longer-term reward of equity investment and are prepared to accept the higher level of volatility normally associated with this type of investment.

The Multi Manager Global Balanced Class Funds USD & GBP (formerly the Global Balanced Class Funds USD & GBP) are ‘fund of funds’ which only invest in other collective investment funds and are designed to provide long term capital appreciation through investment in a broad range of funds covering primarily equity and fixed income asset classes and cash. These aggressive portfolios are suited to investors seeking the longer term reward of equity investment and are prepared to accept the higher level of volatility normally associated with this type of investment.

The Multi Manager Absolute Return Class Funds USD & GBP (formerly Absolute Return Class Funds USD & GBP) are primarily ‘fund of funds’ which invest in collective investment funds but may also make some direct investments as described below. They are designed to provide long term capital growth through investing in a diversified portfolio of alternative investments. The principal investment policy of each class will be to invest in a diversified blend of single manager funds, structured products, alternative fixed-income funds, quoted investment trusts, investible indices, exchange tradable securities, forward foreign exchange contracts and cash positions (together the Permitted Investments).

Each Class Fund may enter into derivatives for the purpose of efficient portfolio management.

Results and dividends

The results for the period are set out in the Statements of Total Return on page 8. The Company’s present policy is to accumulate income and as such the Company has not declared or paid a dividend in respect of the period from 1 October 2014 to 31 March 2015.

Directors

The directors of the Company during the period ended 31 March 2015 and subsequently to the date of this report are set out on page 2. No director has a service contract with the Company or holds any interest in the capital of the Company.

All Directors are non-executive. Graham Baillie and Helen Holmes are Directors of the Investment Manager, Standard Bank International Investments Limited. Oliver Sonnbichler is an employee of the Investment Manager. Michael Farrow is an independent Non - Executive Director.

4


Report of the Directors (continued)

Director’s responsibilities

Companies (Jersey) Law 1991 requires the directors to prepare financial statements for each financial year in accordance with any generally accepted accounting principles. The financial statements of the Company are required by law to give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that year. In preparing these financial statements, the directors should:

• selectsuitableaccountingpoliciesandthenapplythemconsistently;• makejudgmentsandestimatesthatarereasonableandprudent;• statewhetherapplicableaccountingstandardshavebeenfollowedsubjecttoanymaterialdeparturesdisclosedandexplainedinthe

financialstatements;and• preparethefinancialstatementsonthegoingconcernbasisunlessitisinappropriatetopresumethattheCompanywillcontinuein

operation.

The directors are responsible for keeping proper accounting records which are sufficient to show and explain its transactions and are such as to disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements prepared by the Company comply with the requirements of the Companies (Jersey) Law 1991. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Significant Events

Change of Company name from Melville Douglas Multi Manager Funds Limited to Standard Bank International Funds Limited. This name change is effective from 30 March 2015.

Fund Name Changes (effective 30 March 2015)

Global Equity Fund (USD) to Multi Manager Global Equity Fund (USD)

Global Equity Fund (GBP) to Multi Manager Global Equity Fund (GBP)

Global Balanced Fund (USD) to Multi Manager Global Balanced Fund (USD)

Global Balanced Fund (GBP) to Multi Manager Global Balanced Fund (GBP)

Absolute Return Fund (USD) to Multi Manager Absolute Return Fund (USD)

Absolute Return Fund (GBP) to Multi Manager Absolute Return Fund (GBP)

Connected Parties

The Directors are satisfied that there are arrangements in place to ensure that transactions with connected parties entered into during the period were carried out as if negotiated at arm’s length and were in the best interests of shareholders.

By order of the Board STANLIB Fund Managers Jersey Limited Secretary 21 July 2015

5


Investment Manager’s Report

Performance Commentary

Multi Manager Global Equity Classes (formerly Global Equity Classes)

Investment objective

To provide long-term capital appreciation through investment solely in equity-orientated funds. The investment manager will look to maintain a fully invested strategy at all times. A minimum exposure of 40% to larger capitalised shares means that the investment manager can position the fund significantly away from that of the peer group or benchmark in order to optimise performance. It is therefore suited to investors who are willing to accept the higher level of volatility associated with a fund of this flexibility.

Quantitative analysis

US Dollar Class

TheFund’sreturnfortheperiodwas3.23%.TheFund’sbenchmarkistheFTSEAllWorldTotalReturnNetIndexinUSdollars;thebenchmark’sreturn was 2.77%.

Sterling Class

The Fund’s return was 10.32% for the period under review. The Fund’s benchmark is composed of 40% FTSE UK Total Return Net Index in sterling and 60% FTSE All World Total Return Net Index in sterling. The benchmark return was 9.0% for the period.

Commentary

Equity markets were turbulent throughout the period and despite mixed results in terms of earnings growth, equity indices continued to ‘climb the wall of worry’ to post a respectable gain. Some of the biggest moves were in the currency markets, with US dollar strength and euro weakness the main drivers, with obvious implications for companies with costs or earnings in foreign currency. This also accounts for the divergence in the absolute return for the two currency classes.

The Multi Manager Global Equity Fund performed reasonably well, with returns ahead of the benchmark index. Most of our tactical positions worked favourably, with the over-weights to Healthcare, Technology, China, Europe and Japan all adding value.

The best performing funds were the Polar Healthcare and Fidelity China Consumer funds, which rose 19.8% and 13.5% respectively, in US dollar terms. We have been meeting regularly with the managers of the Healthcare fund as we are concerned that valuations are becoming stretched in certain areas of this sector. While this is certainly true, most of the performance in this fund has come from stock picking success and the early identification of specific themes. We remain convinced that we are still in the early stages of the secular growth in this sector, where demographic shifts and advances in technology are driving significant changes that are translating to substantial earnings growth for successful companies.

Forward thinking

It was pleasing to note that after a very difficult year for active investment strategies in 2014, 2015 is so far proving to be more rewarding and the majority of our regional managers have also been able to beat their benchmark indices. The underperformance of small and mid-cap companies has abated and may be at an inflection point and there are also signs that investors are beginning to favour growth strategies which would also suit our investment style. We are considering increasing our overall exposure to more cyclical strategies, however in the very short term we are concerned that markets will continue to be volatile and the S&P 500 in particular looks expensive and vulnerable to a correction. We are therefore likely to make any changes after a pullback in markets or when if we detect an improvement in investor sentiment.

6


Investment Manager’s Report (continued)

Multi Manager Global Balanced Classes (formerly Global Balanced Classes)


To provide long-term capital growth through investing in a diverse range of asset classes including international, regional and thematic equity funds together with fixed income funds, exchange traded funds and cash. The diverse nature of the asset classes has historically resulted in a moderate level of volatility, although given the potential exposure ranges to equity as an asset class, the Fund is suitable only for investors with a longer term investment horizon, and who are prepared to tolerate the risk of shorter term loss.


US Dollar Class

The Fund’s return for the period was 1.53%. The Fund’s benchmark is composed of 30% FTSE All World Total Return Net Index in US dollars, 20% FTSE USA Total Return Net Index in US dollars and 50% Bloomberg/EFFAS Bond Indices US Government 1-10 Year Index. The benchmark return was 3.15% for the period.

Sterling Class

The Fund’s return for the period was 7.20%. The Fund’s benchmark is composed of 30% FTSE All World Total Return Net Index in sterling, 20% FTSE UK Total Return Net Index in sterling and 50% Bloomberg/EFFAS Bond Indices UK Government 1-10 Year Index. The benchmark return was 6.47% for the period.

Commentary

There were some significant moves in financial markets during the period, with most asset classes ultimately posting positive returns in response to a moderately improving macro outlook, ongoing monetary stimulus from the Bank of Japan and the announcement of Quantitative Easing in Europe from the European Central Bank. Equity markets were turbulent but continued to grind higher, fixed income markets also pushed higher despite the looming rate rises in both the US and the UK, however some of the most significant moves were in currency markets, with US dollar strength and Euro weakness the dominant theme.

Currency moves account for the divergence of fortunes between the two currency classes of the Global Balanced Fund. The sterling share class was a beneficiary of the US dollar strength and posted a very respectable 7.2% gain, well ahead of the composite benchmark, with the overweight to equities and in particular overseas equities driving returns. The US dollar class struggled in comparison, overall returns were positive, however the overweight allocation to overseas equities was a negative contributor due to the currency effect, which led to a slight underperformance relative to benchmark.

Thethematicfundspostedthebestreturnsduringtheperiod;thehighlightswerethePolarHealthcareandFidelityChinaConsumerfunds,whichrose 19.8% and 13.5% respectively, in US dollar terms. It was also pleasing to note that after a very difficult year for active investment strategies in 2014, 2015 is so far proving to be more rewarding and the majority of our regional managers have also been able to beat their benchmark indices. Our Global Equity managers did not fare so well, with the majority underperforming, largely down to an underweight exposure to the US dollar.

Forward thinking

The main changes to the portfolio exposures were in response to the European Quantitative Easing announcement, we envisage the positive impact of monetary stimulus in Europe and Japan will support asset prices and potentially increase investor appetite for more cyclical assets. The exposure to equities was increased to the maximum of 70% while the exposures to cash, fixed income and other interest rate sensitive strategies such as REITs were slightly reduced. Looking longer term we remain of the opinion that the global growth backdrop remains fairly robust and that equities will outperform albeit with higher volatility than the last three years.

7


Multi Manager Absolute Return Classes (formerly Absolute Return Classes)


The Fund seeks to generate positive returns that are independent of market cycles, by targeting enhanced return opportunities through a diversified range of investment strategies. These seek to provide, either a regular reliable income stream, or inflation-protected returns, where the prime investment objective is to preserve the real value of capital.

The principal investment policy of each class will be to invest in a diversified blend of single manager funds (OIECs), Absolute Return Fixed Income funds (UCITS), investible indices, exchange tradable securities, forward foreign exchange contracts and cash positions.


USD Class

The Fund’s return for the 6 month period was -0.74%.The Funds benchmark is US CPI which return -1.32% over the period.

Sterling Class

The Fund’s return for the 6 month period was +1.53%.The Funds benchmark is UK CPI which return -0.70% over the period.

Commentary

In January, oil price movements dominated market sentiment, as the price of Brent crude reached a low of $46.59 in the middle of the month, a decline of over -56% from the high of $105.44 in August last year, before recovering to the mid $50’s by the month end.

The Greek election at the end of January saw a big win for the far-left Syriza Party led by Alexis Tsipras. With his vote all but giving him an overall majority he has thrown down a big challenge to Europe, but the danger involved in acceding to Greece’s request for a big cut in its debt, is that it could push voters in Spain and Italy the same way. Whilst the risk of an exit from Europe is present, it is not our base case and we feel that some form of compromise will be achieved involving a complicated mix of measures.

In a world of increasingly divergent monetary policy, ongoing volatility should be expected and February proved to be a case in point, with sharply weaker government bond markets and firmer global equity markets. The S&P 500 made an all-time new high at the beginning of March and the FTSE 100 index looks set to breach 7,000 for the first time. Given that global government bonds incurred meaningful losses during the month, with US 10 year issues falling almost -2% and longer dated 30 year bonds falling over -5%, it is comforting that the majority of the underlying Absolute Return Bond funds held recorded positive gains, most notably those with a negative duration, such as the F&C Global Macro Fund (US Dollar class), which rose +1.8%.

Finally, the performance in March was positive for the Sterling share classes, rising +0.76%, but negative for the US dollar share class, with a marginal decline of -0.21%. The largest influence on performance between the two share classes was the 4% rise in the US dollar against Sterling, from 1.5438 at the end of February to 1.4818 at quarter end. The Sterling class currently has a 17% unhedged position to the US dollar, where the maximum permitted unhedged allocation is 20%. The US dollar share class is currently 97% hedged, with a small 3% exposure to emerging currencies.

Forward thinking

Activity in the Fund continues to focus on its underlying exposure to four core areas, overall duration, the convertible, credit and commercial property exposures, plus an increasingly important factor in determining performance, the currency overlay in each share class.

Standard Bank International Investments Limited Investment Manager 2 June 2015

Investment Manager’s Report (continued)

8


Statements of Total Return

For the period 1 October 2014 to 31 March 2015

(Comparatives are for the period from 1 October 2013 to 31 March 2014)

Multi Manager Global Equity Fund (USD)*

Multi Manager Global Equity Fund (GBP)*

Multi Manager Global Balanced Fund (USD)*

Notes31 March

2015 USD31 March

2014 USD31 March

2015 GBP31 March

2014 GBP31 March

2015 USD31 March

2014 USD

Net capital gains 3 3,057,090 5,752,899 8,444,390 5,611,281 251,935 522,176

Revenue 4 26,825 27,143 45,445 73,131 42,541 25,252

Expenses 5 (618,991) (569,959) (623,086) (605,003) (101,845) (85,408)

Net expense for the period before taxation (592,166) (542,816) (577,641) (531,872) (59,304) (60,156)

Taxation 7 – – (1,516) (4,568) – –

Net expense for the period after taxation (592,166) (542,816) (579,157) (536,440) (59,304) (60,156)

Change in net assets attributable to shareholders from investing activities 2,464,924 5,210,083 7,865,233 5,074,841 192,631 462,020

Multi Manager Global Balanced Fund (GBP)*

Multi Manager Absolute Return Fund (USD)*

Multi Manager Absolute Return Fund (GBP)*

Notes31 March

2015 GBP31 March

2014 GBP31 March

2015 USD31 March

2014 USD31 March

2015 GBP31 March

2014 GBP

Net capital gains/(losses) 3 618,247 338,478 (148,387) 453,133 545,308 272,293

Revenue 4 40,410 26,427 34,794 58,565 54,638 116,802

Expenses 5 (72,568) (68,479) (226,225) (138,368) (141,650) (130,277)

Finance costs: Interest – – (32) – – –

Net expense for the period before taxation (32,158) (42,322) (191,463) (79,803) (87,012) (13,475)

Taxation 7 – – (1,361) (467) (508) (2,923)

Net expense for the period after taxation (32,158) (42,322) (192,824) (80,270) (87,520) (16,398)

Change in net assets attributable to shareholders from investing activities 586,089 296,156 (341,211) 372,863 457,788 255,895

*Global Balanced Fund (GBP), Absolute Return Fund (USD) and Absolute Return Fund (GBP) changed their name to Multi Manager Global Balanced Fund (GBP), Multi Manager Absolute Return Fund (USD) and Multi Manager Absolute Return Fund (GBP) on 30 March 2015.

All of the above results are from continuing operations. There are no differences between the results above and those under historical cost with the exception of the effect of revaluation of investments.

The notes on pages 12 to 30 form an integral part of these financial statements.

9


Statements of Changes in Shareholders’ Net Assets

For the period 1 October 2014 to 31 March 2015





31 March2015 USD

31 March2014 USD

31 March2015 GBP

31 March2014 GBP

31 March2015 USD

31 March2014 USD

Net assets at the start of the period 84,431,060 52,228,409 77,550,464 71,936,305 10,490,156 7,388,911

Amounts receivable on creation of shares 2,710,420 31,151,254 1,711,931 6,475,097 1,409,648 2,479,575

Amounts paid on redemption of shares (17,676,936) (3,718,387) (5,410,663) (4,115,916) (470,335) (192,600)

Change in net assets attributable to shareholders from investing activities 2,464,924 5,210,083 7,865,233 5,074,841 192,631 462,020

Net assets at the end of the period 71,929,468 84,871,359 81,716,965 79,370,327 11,622,100 10,137,906




31 March2015 GBP

31 March2014 GBP

31 March2015 USD

31 March2014 USD

31 March2015 GBP

31 March2014 GBP

Net assets at the start of the period 7,982,986 7,285,926 41,200,576 25,620,072 27,310,017 26,092,396

Amounts receivable on creation of shares 850,325 485,845 10,937,702 6,713,319 2,729,745 2,055,338

Amounts paid on redemption of shares (700,987) (240,476) (2,374,658) (5,389,170) (676,535) (1,870,280)

Change in net assets attributable to shareholders from investing activities 586,089 296,156 (341,211) 372,863 457,788 255,895

Net assets at the end of the period 8,718,413 7,827,451 49,422,409 27,317,084 29,821,015 26,533,349

*Global Equity Fund (USD), Global Equity Fund (GBP), Global Balanced Fund (USD), Global Balanced Fund (GBP), Absolute Return Fund (USD) and Absolute Return Fund (GBP) changed their name to Multi Manager Global Equity Fund (USD), Multi Manager Global Equity Fund (GBP), Multi Manager Global Balanced Fund (USD), Multi Manager Global Balanced Fund (GBP), Multi Manager Absolute Return Fund (USD) and Multi Manager Absolute Return Fund (GBP) on 30 March 2015.


10


Balance Sheets

As at 31 March 2015

(Comparatives as at 30 September 2014)




31 March2015 USD

30 September2014 USD

31 March2015 GBP

30 September2014 GBP

31 March2015 USD


Assets

Investments 71,576,521 84,149,134 81,537,784 76,274,551 11,105,830 9,669,599

Cash and bank balances 509,242 337,377 696,262 1,271,393 520,708 849,975

Amounts due on creations 149,992 134,008 10,006 259,031 149,858 –

Debtors on sale of investments 446,711 110,000 771,864 – – –

Sundry debtors 4,438 – – – – –

Total assets 72,686,904 84,730,519 83,015,916 77,804,975 11,776,396 10,519,574

Liabilities

Creditors on purchase of investments – 110,000 – – 126,802 –

Amounts due on redemptions 650,455 57,511 1,167,064 125,552 – –

Management fees payable 94,897 113,344 107,980 103,691 15,588 14,526

Custodian fees payable 2,029 2,336 1,805 1,777 452 452

Sub-Custodian fees payable – 2,179 8,126 8,320 1,372 2,542

Director fees payable 3,871 6,593 6,025 6,749 5,554 6,276

Audit fees payable 2,562 4,758 4,824 6,183 2,387 4,583

Other creditors and accrued fees 3,622 2,738 3,127 2,239 2,141 1,039

Total liabilities 757,436 299,459 1,298,951 254,511 154,296 29,418

Net assets attributable to shareholders 71,929,468 84,431,060 81,716,965 77,550,464 11,622,100 10,490,156

Net asset value per share 11.81 11.45 16.03 14.53 11.96 11.78

*Global Equity Fund (USD), Global Equity Fund (GBP) and Global Balanced Fund (USD) changed their name to Multi Manager Global Equity Fund (USD), Multi Manager Global Equity Fund (GBP) and Multi Manager Global Balanced Fund (USD) on 30 March 2015.


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Balance Sheets (continued)

As at 31 March 2015

(Comparatives as at 30 September 2014)




Notes31 March

2015 GBP


31 March2015 USD


31 March2015 GBP


Assets

Investments 8,299,048 7,349,854 46,037,629 30,911,898 27,087,163 25,785,110

Cash and bank balances 450,605 655,404 3,952,881 10,167,417 2,610,459 1,526,067

Unrealised gain on forward foreign currency contracts 10 – – 190,665 151,314 153,001 31,094

Amounts due on creations – – 57,997 9,747 – –

Sundry debtors – – 2,256 2,705 784 1,370

Total assets 8,749,653 8,005,258 50,241,428 41,243,081 29,851,407 27,343,641

Liabilities

Unrealised loss on forward foreign currency contracts 10 – – 4,713 – – –

Creditors on purchase of investments – – 764,130 – – –

Amounts due on redemptions 8,915 – – – – –

Management fees payable 11,717 10,945 37,841 27,537 22,728 21,061

Custodian fees payable 283 283 1,558 1,134 938 869

Sub-Custodian fees payable 2,989 2,283 – – – –

Director fees payable 3,738 4,462 3,010 3,932 1,986 2,411

Audit fees payable 2,212 3,571 5,387 7,583 3,298 4,657

Other creditors and accrued fees 1,386 728 2,380 2,319 1,442 4,626

Total liabilities 31,240 22,272 819,019 42,505 30,392 33,624

Net assets attributable to shareholders 8,718,413 7,982,986 49,422,409 41,200,576 29,821,015 27,310,017

Net asset value per share 12.05 11.25 9.39 9.46 10.63 10.46

*Global Balanced Fund (GBP), Absolute Return Fund (USD) and Absolute Return Fund (GBP) changed their name to Multi Manager Global Balanced Fund (GBP), Multi Manager Absolute Return Fund (USD) and Multi Manager Absolute Return Fund (GBP) on 30 March 2015

The Financial statements were approved by the board on 21 July 2015 and signed on its behalf by:

Director


12


Notes to the Financial Statements

1. Incorporation

The Company was incorporated in Jersey, Channel Islands on 24 September 1999.

The principal accounting policies applied in the presentation of these financial statements are set out below. These policies have been consistently applied to all periods presented. The financial statements have been prepared on a going concern basis under the historical cost convention as modified by the measurement at fair value of trading financial assets and derivative financial instruments in accordance with United Kingdom Accounting Standards. A summary of the more important accounting policies are set out below.

2. Accounting policies

a. Basis of accounting

The financial statements have been prepared in accordance with United Kingdom Accounting Standards and the Statement of Recommended Practice (“SORP”) for Authorised Funds issued by the Investment Management Association (“IMA”) in October 2010.

There are no significant developments in United Kingdom Generally Accepted Accounting Principles (“UK GAAP”) that would impact the financial statements of the Company for the period ended 31 March 2015.

b. Investments

Investments are recognised at cost on the trade date, being the date on which the Class Fund commits to purchase the investment and becomes party to the contractual provisions of the securities. Transaction costs are recognised as part of the consideration and capitalised in the purchase cost.

Subsequent to initial recognition, all investments are valued at closing bid-market prices. Financial liabilities are valued at offer price. Gains and losses arising from the valuation of investments are recognised within net movement in unrealised investment reserves in the Statement of Total Return. Gains and losses on sales of investments are calculated on an average cost basis and are recognised within net realised gain or loss on investments in the Statement of Total Return in the period in which the Company commits to dispose of the securities.

Investments are derecognised when the Class Fund becomes party to contractual provisions of the securities that give rise to transfer of substantial rights and obligations arising from the securities.

c. Cash and bank balances

Cash is valued at cost, which approximates fair value.

Cash is held in accounts at The Bank of New York Mellon SA/NV London Branch which allows the Class Funds instant access to their accounts. Term deposits are deposits held with various financial institutions bearing fixed or variable interest rates payable at maturity.

d. Income

Interest income is accounted for on an accruals basis using the effective yield basis. Dividend income, including stock dividends, is accounted for on the ex-dividend date gross of withholding tax deducted at source. Withholding tax is reported as taxation expense in the period in which it is incurred. Interest on deposit accounts is included on an accruals basis.

e. Foreign currencies

Transactions in foreign currencies are translated into the currency of the Class Funds at the rates of exchange ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the currency of the Class Funds at the rates of exchange ruling at the Balance Sheet date. Differences arising on the translation of investments are included in the Statement of Total Return within net capital gains or losses on investments in the period in which they arise. The functional and presentational currencies of the Class Funds are US Dollars for the Multi Manager Global Equity Fund (USD)*, Multi Manager Global Balanced Fund (USD)* and Multi Manager Absolute Return Fund (USD)*, Sterling for the Multi Manager Global Equity Fund (GBP)*, Multi Manager Global Balanced Fund (GBP)* and Multi Manager Absolute Return Fund (GBP)*.

Foreign currency gains and losses on revenue and expenses due to movements in exchange rates between the record date and settlement date are included in the Statement of Total Return with revenue or expenses.

13


Notes to the Financial Statements (continued)

2. Accounting Policies (continued)

f. Share issues and redemptions

Shares in the Company may be issued at the issue price and redeemed at the redemption price on subscription days at the prices calculated in accordance with the Articles of Association and based on the value of the underlying net assets held in the relevant Class Fund. Participating shares are classified as financial liabilities in the financial statements as they are not the most subordinated class in the Company.

g. Expenses

The Company is responsible for the payment of management, audit, director, custodian and Sub-Custodian fees which are accrued for on each valuation point, and the payment of other expenses as detailed in the Company’s prospectus. All expenses are accounted for on an accruals basis.

h. Cash Flow Statement

The Company is exempt from preparing a cash flow statement as it meets the following exemption criteria in FRS 1 “Cash Flow Statements”:

• SubstantiallyalloftheCompany’sinvestmentsarehighlyliquid;• Theinvestmentsaremeasuredandreportedatfairvalue;and• TheCompanypreparesaStatementofChangesinNetAssets.

i. Aggregation

The Statement of Recommended Practice for Authorised funds states that Umbrella Funds should produce an aggregation of financial statements of each Class Fund. The directors do not believe that the aggregation of the Class Funds would be of any benefit to the users of the financial statements and, therefore this has not been provided.

j. Total Expense Ratio

The Total Expense Ratio (“TER”) is calculated and disclosed as per the guidelines issued by the IMA. The ratio expresses the sum of all costs charged on an ongoing basis to the Class Fund taken retrospectively as a percentage of the Class Fund’s average net assets. For clarity, when the fund is investing in other funds, the ongoing cost of these funds is not incorporated in the calculation of the TER.

k. Distribution policy

The Company’s policy is to not distribute any income on its participating share.


14



3. Net capital movement





Non-derivative securities:31 March

2015 USD31 March

2014 USD31 March

2015 GBP31 March

2014 GBP31 March

2015 USD31 March

2014 USD

Net realised gain on investments 3,295,462 2,541,684 2,511,354 4,998,733 121,539 235,064

Net movement in unrealised gain or loss on investments (238,090) 3,211,974 5,933,077 612,548 131,184 286,419

3,057,372 5,753,658 8,444,431 5,611,281 252,723 521,483

Derivative securities:

Net realised loss on foreign currency contracts (282) – (41) – (788) –

Net movement in unrealised gain or loss on foreign currency contracts – (759) – – – 693

(282) (759) (41) – (788) 693

Net capital gain 3,057,090 5,752,899 8,444,390 5,611,281 251,935 522,176

*Global Equity Fund (USD), Global Equity Fund (GBP) and Global Balanced Fund (USD) changed their name to Multi Manager Global Equity Fund (USD), Multi

Manager Global Equity Fund (GBP) and Multi Manager Global Balanced Fund (USD) on 30 March 2015.




Non-derivative securities:31 March

2015 GBP31 March

2014 GBP31 March

2015 USD31 March

2014 USD31 March

2015 GBP31 March

2014 GBP

Net realised gain/(loss) on investments 159,446 84,520 (354,945) 19,838 254,768 (135,249)

Net movement in unrealised gain or loss on investments 458,402 253,958 (687,380) 583,037 56,477 431,846

617,848 338,478 (1,042,325) 602,875 311,245 296,597

Derivative securities:

Net realised gain/(loss) on foreign currency contracts 399 – 859,300 (230,002) 112,156 (14,489)

Net realised gain/(loss) on foreign currency contracts – – 34,638 80,260 121,907 (9,815)

399 – 893,938 (149,742) 234,063 (24,304)

Net capital gains/(losses) 618,247 338,478 (148,387) 453,133 545,308 272,293


15



4. Revenue

(Comparatives are for the period from 1October 2013 to 31 March 2014)




31 March2015 USD

31 March2014 USD

31 March2015 GBP

31 March2014 GBP

31 March2015 USD

31 March2014 USD

Dividend income 26,825 27,143 45,445 73,131 42,541 25,252

Total Revenue 26,825 27,143 45,445 73,131 42,541 25,252




31 March2015 GBP

31 March2014 GBP

31 March2015 USD

31 March2014 USD

31 March2015 GBP

31 March2014 GBP

Dividend income 40,410 26,427 34,794 58,565 54,638 115,740

Investment fund fee rebate – – – – – 1,062

Total Revenue 40,410 26,427 34,794 58,565 54,638 116,802


16



5. Expenses


The Company is responsible for the payment of management, custodian, sub-custodian, directors’ fees and auditors’ fees together with any other operational costs.




31 March2015 USD

31 March2014 USD

31 March2015 GBP

31 March2014 GBP

31 March2015 USD

31 March2014 USD

Management fees 578,698 532,508 590,085 570,562 84,589 67,094

Custodian fees 12,188 11,418 10,106 9,976 2,493 2,493

Sub-Custodian fees 15,816 11,424 12,406 13,321 3,767 3,678

Directors' fees 3,278 5,684 3,276 3,626 5,278 5,688

Audit fees 2,604 3,941 1,641 2,485 2,604 3,937

Sundry expenses 6,407 4,984 5,572 5,033 3,114 2,518

Total expenses 618,991 569,959 623,086 605,003 101,845 85,408




31 March2015 GBP

31 March2014 GBP

31 March2015 USD

31 March2014 USD

31 March2015 GBP

31 March2014 GBP

Management fees 61,476 56,588 196,819 116,620 121,044 112,444

Custodian fees 1,560 1,560 8,105 4,814 4,995 4,596

Sub-Custodian fees 2,567 2,701 10,894 4,617 9,124 4,936

Directors' fees 3,276 3,626 4,578 5,688 2,876 3,626

Audit fees 1,641 2,481 2,604 3,937 1,641 2,481

Sundry expenses 2,048 1,793 3,225 2,692 1,970 2,194

Total expenses 72,568 68,749 226,225 138,368 141,650 130,277


17



6. Investment Purchases, Investment Sales and Commissions

(Comparatives are for the year ended 30 September 2014)




31 March2015 USD


31 March2015 GBP


31 March2015 USD


Purchase during the period before commission 12,360,851 65,706,913 15,252,953 44,681,148 4,019,012 4,571,137

Gross purchases 12,360,851 65,706,913 15,252,953 44,681,148 4,019,012 4,571,137

Sales during the period before commission 28,060,379 37,039,750 18,427,993 45,339,178 2,844,715 2,826,631

Commission on sales (2,902) (380) – (2,392) – (470)

Gross sales 28,057,477 37,039,370 18,427,993 45,336,786 2,844,715 2,826,161




31 March2015 GBP


31 March2015 USD


31 March2015 GBP


Purchase during the period before commission 1,361,725 2,183,001 33,952,379 24,392,485 11,489,450 20,188,923

Gross purchases 1,361,725 2,183,001 33,952,379 24,392,485 11,489,450 20,188,923

Sales during the period before commission 1,029,122 2,325,765 17,776,695 18,785,167 10,542,858 19,638,681

Commission on sales – (24) (40) (21) (31) (48)

Gross sales 1,029,122 2,325,741 17,776,655 18,785,146 10,542,827 19,638,633


18



7. Taxation

For the purposes of Jersey taxation, the Company will fall under Article 123C of the Income Tax (Jersey) Law 1961, as amended, as a Jersey resident Company which is neither a “utility Company” nor a “financial services Company” and as such will be charged to Jersey income tax at a rate of 0% on its income (other than on any rental income or property development profits arising in respect of Jersey situs real property or land). The Company will not be subject to tax in Jersey on any capital arising to it.

Under applicable foreign tax laws, withholding taxes may be deducted from interest, dividends and capital gains attributable to the Company, at various rates. The Company pays withholding tax on foreign dividends, which is deducted at source. This is shown separately as a taxation charge in the Statement of Total Return. The Company pays withholding tax on dividends, which is deducted at source. This is shown separately as a taxation charge in the Statement of Total Return.

Overseas Tax – Withholding Tax on Dividend Income Currency 31 March 2015 31 March 2014

Multi Manager Global Equity Fund (USD)* USD – –

Multi Manager Global Equity Fund (GBP)* GBP 1,516 4,568

Multi Manager Global Balanced Fund (USD)* USD – –

Multi Manager Global Balanced Fund (GBP)* GBP – –

Multi Manager Absolute Return Fund (USD)* USD 1,361 467

Multi Manager Absolute Return Fund (GBP)* GBP 508 2,923

* Global Equity Fund (USD), Global Equity Fund (GBP), Global Balanced Fund (USD), Global Balanced Fund (GBP), Absolute Return Fund (USD) and Absolute Return Fund (GBP) changed their name to Multi Manager Global Equity Fund (USD), Multi Manager Global Equity Fund (GBP), Multi Manager Global Balanced Fund (USD),

Multi Manager Global Balanced Fund (GBP), Multi Manager Absolute Return Fund (USD) and Multi Manager Absolute Return Fund (GBP) on 30 March 2015.

8. Share capital

The authorised share capital of the Company is £500,000 divided into 100 management shares of £1.00 each and 49,990,000 unclassified shares of £0.01 each.

Management shares have been issued at par as follows:

Number ofShares

Manager 99

Standard Bank Nominees (Offshore) Limited 1

100

The management shares exist solely to comply with Jersey Law, which requires that participating redeemable preference shares (“participating shares”) must have preference over another class of capital. The holders of the management shares are entitled to receive notice of general meetings of the Company and to attend and vote thereat.

On a poll a holder of management shares is entitled to one vote for each management share held by him. Management shares carry no right to a dividend and are not redeemable. On a winding up, they rank only for a return of paid up nominal pari passu out of the assets of the Company (after the return of nominal capital paid up on participating shares and nominal shares). The management shares and cash issue proceeds of the Company are not shown in the Balance Sheet on materiality grounds. Management shares are regarded as equity.

Participating shares carry the right to a proportionate share in the assets of the relevant Class Fund and to any dividends that may be declared. Holders of the shares are entitled to receive notice of all general meetings of the Company and to attend and vote thereat. The holder of each share is entitled to one vote for each share of which he is a holder. Shares are redeemable by shareholders at prices based on the value of the net assets of the relevant Class Fund as determined in accordance with its Articles of Association.

19



8. Share capital (continued)

Management shares

The management shares have been issued at par and the proceeds of the issue are represented by a separate management fund. Details of the management fund at the Balance Sheet date are as follows:

31 March 2015 GBP

30 September 2014GBP

Current account 100 100

Management shares of GBP 1.00 each

Authorised, issued and fully paid 100 100

The management shares are not reflected in the Balance Sheet.

All participating shares not previously redeemed will be redeemed by the Company on the last subscription day in 2099 at their respective redemption prices on each subscription day. Subscription day is the day or days upon which all issue, redemptions, purchases and transfers of participating shares shall be effected.

Movement of participating shares

Number of shares at 30 September

2014

Issued during the

period

Redeemed during

the period

Number of shares at 31 March 2015

Multi Manager Global Equity Fund (USD)* 7,374,364 238,244 (1,524,012) 6,088,596

Multi Manager Global Equity Fund (GBP)* 5,337,203 115,639 (355,907) 5,096,935

Multi Manager Global Balanced Fund (USD)* 890,571 120,680 (39,643) 971,608

Multi Manager Global Balanced Fund (GBP)* 709,743 75,595 (62,001) 723,337

Multi Manager Absolute Return Fund (USD)* 4,354,154 1,159,841 (252,295) 5,261,700

Multi Manager Absolute Return Fund (GBP)* 2,611,901 259,177 (64,454) 2,806,624

* Global Equity Fund (USD), Global Equity Fund (GBP), Global Balanced Fund (USD), Global Balanced Fund (GBP), Absolute Return Fund (USD) and Absolute Return Fund (GBP) changed their name to Multi Manager Global Equity Fund (USD), Multi Manager Global Equity Fund (GBP), Multi Manager Global Balanced Fund (USD), Multi Manager Global Balanced Fund (GBP), Multi Manager Absolute Return Fund (USD) and Multi Manager Absolute Return Fund (GBP) on 30 March 2015.

20



9. Related Party Transactions

STANLIB Fund Managers Jersey Limited (the “Manager”), and the directors of the Company are considered related parties to the Company.

The Manager is considered a related party by virtue of its contractual arrangements. The Investment Manager and the directors are considered related parties to the Company as they make key operating decisions for the Company.

The Manager has the primary responsibility for the management and administration of the Company. The Manager has appointed the Investment Manager to provide it with investment management services in relation to the Company. The Manager shall be paid a management fee in respect of the Multi Manager Global Equity Classes, the Multi Manager Global Balanced Classes at the rate of 1.50% per annum, and at a rate of 0.85% per annum in respect of the Multi Manager Absolute Return Classes, out of the net asset value of the relevant classes, which shall be payable to the Manager by monthly payments in arrears subject to an annual minimum of US$20,000 payable per Class Fund. The fees of the Investment Manager are paid by the Manager out of its fees.

The Custodian is responsible for the safekeeping of all the property of the Company which is entrusted to it, as prescribed in the Custodian Agreement.

Custodian Fees

The fees of the Custodian shall be calculated as follows, subject to an overall minimum fee in respect of each Class Fund of US$5,000 per annum (such minimum fee to be waived in respect of cash funds) (the “Minimum Fee”):

(i) 0.035%perannumonanyandallamountsuptoUSD50millionoftheNetAssetValueofthatClassFund;

(ii) 0.025%perannumonanyandallamountsaboveUSD50millionoftheNetAssetValueofthatClassFundbutonlyuptoUSD100million;

(iii) 0.010% per annum on any and all amounts above USD 100 million of the Net Asset Value of that Class Fund but only up to USD 500 million;and

(iv) 0.005% per annum on any and all amounts above USD 500 million of the Net Asset Value of that Class Fund.

Such fees shall accrue daily and shall be payable to the Custodian by monthly payments in arrears becoming due on the first Business Day of each month in respect of the preceding month.

The Custodian is also entitled to be reimbursed out of the Class Funds for charges and transaction fees levied on it by the Sub-Custodian and other sub-custodians which shall be at rates which have been negotiated on an arm’s length basis or are otherwise on commercial terms.

Director Fees

The directors are responsible for keeping proper accounting records, which disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies (Jersey) Law, 1991. They are also responsible for safeguarding the assets of the Company and hence taking reasonable steps for the prevention and detection of error, fraud and non-compliance with law or regulations.

Michael Farrow is entitled to receive GBP20,000 per annum as director fees, Helen Homes, Graham Baillie and Oliver Sonnbichler are entitled to USD10,000 per director per annum.

All transactions with related parties are at arms length.

21



10. Financial risk management

The main risks arising from the Company’s financial instruments are:

10.1. Market risk

Market risk is a risk that the fair value of, or future cash flows arising from financial instruments will fluctuate because of changes in market variables. Market risk comprises three types of risks: market price risk, foreign currency risk and interest rate risk.

Market price risk

Market price risk arises mainly from uncertainty about future prices of equity and equity-linked financial instruments. It represents the potential loss that the Company may suffer due to movements in securities prices. The Company’s exposure to market price arises from its equity investments with a maximum exposure at the period end represented by the carrying value of investments. The exposure levels are in line with the Company’s investment objectives and market price risk is managed through prescribed investment restrictions, which include (generally):

Multi Manager Global Equity and Multi Manager Global Balanced Class Funds

• Notmorethan10%ofthenetassetvalueofeachClassFundmaybeinvestedincollectiveinvestmentschemeswhicharenotopen-endedcollectiveschemes;

• TheassetsofeachClassFundshallbeinvestedinatleastfivecollectiveinvestmentschemes,andnotmorethan20%ofthenetassetvalueofeachClassFundmaybeinvestedinanyonecollectiveinvestmentscheme;and

• Notmorethan5%ofthenetassetvalueofeachClassFundshallbeinvestedinanyonerealpropertyfund.

Multi Manager Absolute Return Class Funds

• Notmorethan10%ofthenetassetvalueofeachClassFundshallbeinvestedinanysinglemulti-managerhedgefundoffunds;

• Notmorethan7.5%ofthenetassetvalueofeachClassFundshallbeinvestedinanysinglemanagerfund;

• Notmorethan22%ofthenetassetvalueofeachClassFundshallbeinvestedinanysinglefundmanagementgroup;and

• Notmorethan15%ofthenetassetvalueofeachClassFundshallbeinvestedinstructuredproducts.

A complete list of the investment restrictions for each Class can be found in the prospectus. Each Class Fund’s investment portfolio complies with the investment parameters as disclosed in the prospectus. The spread of investments between various geographic sectors is disclosed in the Portfolio Statements at the end of this report.

Foreign currency risk

Currency risk is the risk that the fair value of, or future cash flows from, financial instruments will fluctuate because of changes in foreign exchange rates.

The Company’s principal exposure to foreign currency risk comprises its investments priced in currencies other than the base currency of the particular Class Fund, including cash balances in foreign currencies.

Foreign currency risk is managed through geographic investment restrictions and in some Class Funds, through use of Forward Currency Contracts.

The investment restrictions for the Multi Manager Absolute Return Class Funds require that not more than 20% of the net asset value of the relevant Class Fund shall be exposed to foreign currency exchange rate risk. Exchange rate risk in foreign currency investments held in the Class Fund may be hedged back to the base currency of the Class Fund using forward foreign exchange contracts.

22



10. Financial risk management (continued)

10.1. Market risk (continued)

Foreign currency risk (continued)

The currency exposure of the Company at 31 March 2015 and 30 September 2014 is as follows:


InvestmentsUSD

CashUSD

Other net assets/

(liabilities)USD

Net assets31 March

2015 USD

% of net assets

31 March 2015

Net assets30 September

2014 USD

% of net assets

30 September2014

EUR 4,937,637 – 128,881 5,066,518 7.04 5,334,021 6.32

GBP 29,473,001 296,900 207,830 29,977,731 41.68 35,266,681 41.77

USD 37,165,883 212,342 (493,006) 36,885,219 51.28 43,830,358 51.91

71,576,521 509,242 (156,295) 71,929,468 100.00 84,431,060 100.00

*Global Equity Fund (USD) changed its name to Multi Manager Global Equity Fund (USD) on 30 March 2015.


InvestmentsGBP

CashGBP

Other net assets/

(liabilities)GBP

Net assets31 March

2015 GBP

% of net assets

31 March 2015


2014 GBP

% of net assets

30 September2014

EUR 3,697,136 – 108,523 3,805,659 4.66 3,044,521 3.92

GBP 54,121,337 696,262 (948,946) 53,868,653 65.92 51,778,440 66.77

USD 23,719,311 – 323,342 24,042,653 29.42 22,727,503 29.31

81,537,784 696,262 (517,081) 81,716,965 100.00 77,550,464 100.00


InvestmentsUSD

CashUSD

Other net assets/

(liabilities)USD

Net assets31 March

2015 USD

% of net assets

31 March 2015


2014 USD

% of net assets

30 September2014

GBP 2,378,683 66,802 (66,803) 2,378,682 20.47 1,742,492 16.61

USD 8,727,147 453,906 62,365 9,243,418 79.53 8,747,664 83.39

11,105,830 520,708 (4,438) 11,622,100 100.00 10,490,156 100.00


InvestmentsGBP

CashGBP

Other net assets/

(liabilities)GBP

Net assets31 March

2015 GBP

% of net assets

31 March 2015


2014 GBP

% of net assets

30 September2014

GBP 6,412,685 450,605 (31,240) 6,832,050 78.36 6,246,781 78.25

USD 1,886,363 – – 1,886,363 21.64 1,736,205 21.75

8,299,048 450,605 (31,240) 8,718,413 100.00 7,982,986 100.00

23







InvestmentsUSD

CashUSD

Other net assets/

(liabilities)USD

Net assets31 March

2015 USD

% of net assets

31 March 2015


2014 USD

% of net assets

30 September2014

CAD – 283,138 – 283,138 0.57 – –

EUR 3,476,787 – (3,191,601) 285,186 0.58 (6,217) (0.01)

GBP 11,032,713 33,383 (10,756,463) 309,633 0.63 182,351 0.44

USD 31,528,129 3,636,360 13,379,963 48,544,452 98.22 41,024,442 99.57

46,037,629 3,952,881 (568,101) 49,422,409 100.00 41,200,576 100.00

The net GBP and EUR exposure of USD 594,819 is included in the table above. Gross GBP exposure, when adjusted for the notional amounts of the forward contracts is USD (10,446,830). Gross EUR exposure, when adjusted for the notional amounts of the forward contracts is USD (2,906,415).

*Global Equity Fund (GBP), Global Balanced Fund (USD), Global Balanced Fund (GBP) and Absolute Return Fund (USD) changed their name to Multi Manager Global Equity Fund (GBP), Multi Manager Global Balanced Fund (USD), Multi Manager Global Balanced Fund (GBP) and Multi Manager Absolute Return Fund (USD) on 30 March 2015.


InvestmentsGBP

CashGBP

Other net assets/

(liabilities)GBP

Net assets31 March

2015 GBP

% of net assets

31 March 2015


2014 GBP

% of net assets

30 September2014

EUR 2,151,778 – (2,171,427) (19,649) (0.07) (277,663) (1.02)

GBP 21,171,301 2,366,189 2,294,820 25,832,310 86.63 24,011,530 87.92

USD 3,764,084 244,270 – 4,008,354 13.44 3,576,150 13.10

27,087,163 2,610,459 123,393 29,821,015 100.00 27,310,017 100.00

The net EUR and USD exposure of GBP 3,988,705 is included in the table above. Gross EUR exposure, when adjusted for the notional amounts of the forward contracts is GBP (2,191,076). Gross USD exposure, when adjusted for the notional amounts of the forward contracts is GBP 4,008,354.

*Absolute Return Fund (GBP) changed its name to Multi Manager Absolute Return Fund (GBP) on 30 March 2015.

24






The following sensitivity analysis shows the change in the net assets of a Class Fund given a 5% increase or decrease in the value of a foreign currency relative to the Class Funds’ reporting currency for all foreign currency positions greater than 10% of the net assets of the Class Fund (5% is considered to be a reasonable possible change in foreign currency rates).

Change in net assets 31 March 2015 USD

Change in net assets



EUR +/-5% 253,326 +/-5% 266,701

GBP +/-5% 1,498,887 +/-5% 1,763,334

Change in net assets 31 March 2015 GBP




EUR +/-5% 190,283 +/-5% 152,226

USD +/-5% 1,202,133 +/-5% 1,136,375





GBP +/-5% 118,934 +/-5% 87,125





USD +/-5% 94,318 +/-5% 86,810





CAD +/-5% 14,157 +/-5% –

EUR +/-5% 14,259 +/-5% (311)

GBP +/-5% 15,482 +/-5% 9,118

*Global Balanced Fund (USD), Global Balanced Fund (GBP), Absolute Return Fund (USD) and Absolute Return Fund (GBP) changed their name to Multi Manager Global Balanced Fund (USD), Multi Manager Global Balanced Fund (GBP), Multi Manager Absolute Return Fund (USD) and Multi Manager Absolute Return Fund (GBP) on 30 March 2015.

25










EUR +/-5% (982) +/-5% (13,883)

USD +/-5% 200,418 +/-5% 178,808

Forward exchange contracts are used to hedge against movements in foreign currency rates, mainly as a result of the trading activity. However, some currency risk may arise from the portfolio of investments denominated in foreign currencies as they fluctuate in market value, hence is considered as part of price risk.

Interest rate risk

Interest rate risk is the risk that cash flows arising from financial instruments or the fair value of financial instruments will be affected by movements in interest rates. The Company’s exposure to interest rate risk is limited to that arising from cash at bank. As the Company holds no interest bearing financial assets interest rate risk is considered insignificant and therefore not actively managed.

10.2 Credit risk

Credit risk is the risk that the counterparties to the Company will be unable or unwilling to meet their obligations under the contractual or agreed terms.

The Company’s maximum exposure to credit risk is represented by the carrying value of cash and debtors.

Cash and debtors are considered “Not Rated” and the credit risk associated with these items is considered insignificant. The Class Funds are not exposed to credit risk from the Custodian as the Custodian maintains all assets of the Class Funds in a segregated accounts, which are designated as client assets and are not co-mingled with any proprietary assets of Capita Trust Company (Jersey) Limited or The Bank of New York Mellon SA/NV London Branch.

The Custodian, Capita Trust Company (Jersey) Limited is not rated with Standard & Poor’s, Moody’s and Fitch.

For the period ended 31 March 2015, the Sub-Custodian and Banker, The Bank of New York Mellon SA/NV London Branch has a credit rating of AA- (2014: AA-) with Standard & Poor’s, Aa2 (2014 : Aa2) with Moody’s and AA (2014 : AA-) with Fitch.

10.3 Liquidity risk

Liquidity risk is the risk that the Company may encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. It relates to the mismatch between the maturity profile of financial assets and financial liabilities.

Shareholders have the right to redeem their shares in the Company in accordance with the procedures detailed in its prospectus. In order to meet its obligations the Company may be required to sell investments held in a particular Class Fund.

The risk is that the Company might not be able to fully repay amounts demanded by its Shareholders. The policy of the Company is to ensure that the investments of the Company are liquid and readily tradable.

The prospectus also allows the Manager to limit redemptions in any Class Fund to one eighth of the participating shares in issue.

There is no material mismatch between the notice period required to be given by the Company to liquidate its investments and the dealing period in the Company’s Class Funds.

10.4 Derivative financial instruments

The Company trades in derivative financial instruments in order to reduce the risks arising from the fluctuations in exchange rates. The Company’s open positions are shown in the portfolio statement and gains and losses arising from derivatives dealing are disclosed in note 11. No detailed disclosures are considered necessary due to the insignificance of the derivatives.

26




10.4 Derivative financial instrument (continued)

The Class Funds listed below had open forward exchange contract positions at 31 March 2015 as follows:


Maturity datePurchase Currency Amount

SellCurrency Amount

Unrealisedgain/(loss)

% of net assets

Unrealised gain of forward currency contracts

12/05/2015 EUR (180,000) USD 202,194 8,764 0.02

12/05/2015 EUR (500,000) USD 565,500 28,194 0.06

12/05/2015 EUR (750,000) USD 859,125 53,165 0.11

12/05/2015 EUR (1,540,000) USD 1,755,446 100,542 0.20

Total unrealised gain on forward currency contracts 190,665 0.39

Unrealised loss on forward currency contracts

22/06/2015 GBP (7,250,000) USD 10,751,750 (4,713) (0.01)

Total unrealised loss on forward currency contracts (4,713) (0.01)



SellCurrency Amount


% of net assets


22/04/2015 GBP (610,003) EUR 850,000 5,235 0.02

22/04/2015 EUR (850,000) GBP 633,250 18,013 0.06

22/04/2015 EUR (3,000,000) GBP 2,301,180 129,753 0.43


The Class Funds listed below had open forward exchange contract positions at 30 September 2014 as follows:



SellCurrency Amount


% of net assets


10/11/2014 EUR (1,375,000) USD 1,841,744 104,280 0.25

22/12/2014 GBP (2,450,000) USD 4,015,918 47,034 0.12


*Absolute Return Fund (USD) and Absolute Return Fund (GBP) changed their name to Multi Manager Absolute Return Fund (USD) and Multi Manager Absolute Return Fund (GBP) on 30 March 2015.

27




10.4 Derivative financial instrument (continued)



SellCurrency Amount


% of net assets


30/10/2014 EUR (500,000) GBP 399,375 9,574 0.03

30/10/2014 EUR (1,750,000) GBP 1,385,825 21,520 0.08


*Absolute Return Fund (GBP) changed its name to and Multi Manager Absolute Return Fund (GBP) on 30 March 2015.

The Class Funds use forward exchange contracts to hedge any movements in foreign currency rates, mainly as a result of their trading activities. The Class Funds do not enter into significant cash flow hedges.

Gains and losses on forward exchange contracts are separately reported in the Statements of Total Return.

Given the limited use of derivatives no sensitivity analysis has been provided.

The open forwards are held with Bank of New York Mellon.

28



11. Total expense ratio

The following expense ratio as required by the SORP has been calculated as detailed in note 2.

(Comparatives are for the year ended 30 September 2014)

31 March 2015 31 March 2014

Multi Manager Global Equity Fund (USD)* 1.60% 1.60%

Multi Manager Global Equity Fund (GBP)* 1.58% 1.59%

Multi Manager Global Balanced Fund (USD)* 1.80% 1.89%

Multi Manager Global Balanced Fund (GBP)* 1.76% 1.81%

Multi Manager Absolute Return Fund (USD)* 0.98% 1.00%

Multi Manager Absolute Return Fund (GBP)* 1.00% 0.98%


The figures disclosed have been annualised.

29



12. Reconciliation of net asset value

The following tables reconcile the difference between the Class Funds’ net assets for financial reporting purposes and its net assets for shareholder dealing purposes for the period ended 31 March 2015 and year ended 30 September 2014.




31 March 2015 USD

30 September 2014 USD

31 March 2015 GBP

30 September 2014 GBP

31 March 2015 USD


Net asset value per audited financial statements 71,929,468 84,431,060 81,716,965 77,550,464 11,622,100 10,490,156

Pricing differences1 12,679 21,764 47,367 71,162 – 1,219

Net asset value for shareholder dealing 71,942,147 84,452,824 81,764,332 77,621,626 11,622,100 10,491,375

Net asset value per share for reporting purposes 11.81 11.45 16.03 14.53 11.96 11.78

Net asset value per share for shareholder dealing purposes 11.82 11.45 16.04 14.54 11.96 11.78

1 The adjustment is the difference between the mid value of investments on the valuation date and the bid value of investments on the final trading day of the fiscal period. The SORP and United Kingdom Accounting Standards require investments in long positions to be valued at bid price where available. Investments are valued at mid price where available for the purpose of shareholder dealing valuation in accordance with the prospectus.

*Global Equity Fund (USD), Global Equity Fund (GBP) and Global Balanced Fund (USD) changed their name to Multi Manager Global Equity Fund (USD), Multi Manager Global Equity Fund (GBP) and Multi Manager Global Balanced Fund (USD) on 30 March 2015.




31 March 2015 GBP


31 March 2015 USD


31 March 2015 GBP


Net asset value per audited financial statements 8,718,413 7,982,986 49,422,409 41,200,576 29,821,015 27,310,017

Pricing differences1 2,616 4,101 84,503 61,258 66,786 78,279

Net asset value for shareholder dealing 8,721,029 7,987,087 49,506,912 41,261,834 29,887,801 27,388,296

Net asset value per share for reporting purposes 12.05 11.25 9.39 9.46 10.63 10.46

Net asset value per share for shareholder dealing purposes 12.06 11.25 9.41 9.48 10.65 10.49

1 The adjustment is the difference between the mid value of investments on the valuation date and the bid value of investments on the final trading day of the fiscal period. The SORP and United Kingdom Accounting Standards require investments in long positions to be valued at bid price where available. Investments are valued at mid price where available for the purpose of shareholder dealing valuation in accordance with the prospectus.


30



13. Significant events during the period

On 30 March 2015 the Company changed name from Melville Douglas Multi Manager Funds Limited to Standard Bank International Funds Limited. On the same date, the following Class Funds also changed names:

Global Equity Fund (USD) to Multi Manager Global Equity Fund (USD)

Global Equity Fund (GBP) to Multi Manager Global Equity Fund (GBP)

Global Balanced Fund (USD) to Multi Manager Global Balanced Fund (USD)

Global Balanced Fund (GBP) to Multi Manager Global Balanced Fund (GBP)

Absolute Return Fund (USD) to Multi Manager Absolute Return Fund (USD)

Absolute Return Fund (GBP) to Multi Manager Absolute Return Fund (GBP)

14. Post Balance Sheet events

A new prospectus was issued in April 2015.

15. Approval of Financial Statements

The financial statements were approved by the Directors on 21 July 2015.

31


Fund Statistics

Multi Manager Global Equity Fund (USD)**

Net asset value

USD

Net asset value per

share USD% change in period*

Number of shares in issue

At launch (1 March 2000) 100,000 10.00 - 10,000

31 October 2000 81,131 8.11 (18.90) 10,000

31 October 2001 2,112,640 5.57 (31.32) 379,149

31 October 2002 2,699,567 4.52 (18.85) 597,375

31 October 2003 3,767,922 5.74 26.99 655,965

31 October 2004 11,892,643 6.39 11.32 1,862,402

31 October 2005 25,583,673 7.49 17.21 3,417,909

31 October 2006 36,741,024 9.12 21.76 4,029,486

31 October 2007 47,456,789 11.21 22.92 4,234,208

31 October 2008 21,124,114 6.16 (45.05) 3,430,276

31 October 2009 24,161,859 7.56 22.73 3,193,981

31 October 2010 24,403,538 8.42 11.38 2,899,880

31 October 2011 31,112,631 8.34 (0.95) 3,730,153

31 October 2012 23,356,762 8.77 5.16 2,663,401

30 September 2013 52,228,409 10.63 21.21 4,912,142

30 September 2014 84,431,060 11.45 7.71 7,374,364

31 March 2015 71,929,468 11.81 3.14 6,088,596

Multi Manager Global Equity Fund (GBP)**

Net asset value

GBP

Net asset value per

share GBP% change in period*


At launch (1 March 2000) 100,000 10.00 - 10,000

31 October 2000 88,198 8.82 (11.80) 10,000

31 October 2001 1,613,954 6.39 (27.55) 252,640

31 October 2002 1,570,929 5.16 (19.25) 304,642

31 October 2003 4,885,436 6.33 22.67 772,012

31 October 2004 14,010,880 6.82 7.74 2,055,238

31 October 2005 36,616,712 8.20 20.23 4,465,414

31 October 2006 59,702,648 9.64 17.56 6,190,594

31 October 2007 73,402,794 10.96 13.69 6,697,357

31 October 2008 38,954,839 7.16 (34.67) 5,439,281

31 October 2009 42,396,390 8.91 24.44 4,757,702

31 October 2010 46,089,490 10.13 13.69 4,551,880

31 October 2011 53,094,916 10.22 0.89 5,193,665

31 October 2012 43,056,018 11.15 9.10 3,862,123

30 September 2013 71,936,305 13.63 22.24 5,277,351

30 September 2014 77,550,464 14.53 6.60 5,337,203

31 March 2015 81,716,965 16.03 10.32 5,096,935

* Performance figures are based on the net asset value for financial reporting. This differs from the performance figures disclosed in the Investment Manager’s Report, which are based on the net asset value for shareholders dealing.

The performance data in this table covers the period from incorporation by way of a continuance in Jersey to date. Performance data for periods can be found in the fact sheets issued by the Investment Manager.

** Multi Manager Global Equity (USD) Class and Multi Manager Global Equity (GBP) Classchanged their name to Global Equity Fund (USD) and Global Equity Fund (GBP) on 1 October 2013.

32


Fund Statistics (continued)

Multi Manager Global Balanced Fund (USD)**

Net asset value

USD

Net asset value per



At launch (15 August 2012) 2,169,989 10.00 - 216,999

31 October 2012 2,446,661 10.10 1.00 242,252

30 September 2013 7,388,911 11.13 10.20 663,988

30 September 2014 10,490,156 11.78 5.84 890,571

31 March 2015 11,622,100 11.96 1.53 971,608

Multi Manager Global Balanced Fund (GBP)**

Net asset value

GBP

Net asset value per



At launch (15 August 2012) 1,512,743 10.00 - 151,275

31 October 2012 1,623,004 9.99 (0.10) 162,489

30 September 2013 7,285,926 10.80 8.11 674,418

30 September 2014 7,982,986 11.25 4.17 709,743

31 March 2015 8,718,413 12.05 7.11 723,337

Multi Manager Absolute Return Fund (USD)**

Net asset value

USD

Net asset value per



At launch (25 June 2007) 26,185,910 10.00 - 2,618,591

31 October 2007 27,229,003 10.08 0.80 2,701,494

31 October 2008 29,123,689 8.07 (19.94) 3,609,624

31 October 2009 27,497,896 8.81 9.17 3,119,963

31 October 2010 17,127,635 9.37 6.36 1,828,127

31 October 2011 14,802,713 9.08 (3.10) 1,630,549

31 October 2012 17,156,334 9.27 2.09 1,850,313

30 September 2013 25,620,072 9.28 0.11 2,760,574

30 September 2014 41,200,576 9.46 1.94 4,354,154

31 March 2015 49,422,409 9.39 (0.74) 5,261,700

* Performance figures are based on the net asset value for financial reporting. This differs from the performance figures disclosed in the Investment Manager’s Report, which are based on the net asset value for shareholders dealing.


** Global Balanced Fund (GBP), Absolute Return Fund (USD) and Absolute Return Fund (GBP) changed their name to Multi Manager Global Balanced Fund (GBP), Multi Manager Absolute Return Fund (USD) and Multi Manager Absolute Return Fund (GBP) on 30 March 2015.

33


Fund Statistics (continued)

Multi Manager Absolute Return Fund (GBP)**

Net asset value

GBP

Net asset value per



At launch (25 June 2007) 27,944,390 10.00 - 2,794,439

31 October 2007 29,209,997 10.17 1.70 2,872,901

31 October 2008 37,019,047 8.60 (15.44) 4,305,938

31 October 2009 36,019,399 9.40 9.30 3,832,683

31 October 2010 32,820,796 10.06 7.02 3,261,336

31 October 2011 31,053,497 9.82 (2.39) 3,160,819

31 October 2012 28,721,873 10.07 2.55 2,853,606

30 September 2013 26,092,396 10.24 1.69 2,549,147

30 September 2014 27,310,017 10.46 2.15 2,611,901

31 March 2015 29,821,015 10.63 1.63 2,806,624

*Performance figures are based on the net asset value for financial reporting. This differs from the performance figures disclosed in the Investment Manager’s Report, which are based on the net asset value for shareholders dealing.


**Global Balanced Fund (GBP), Absolute Return Fund (USD) and Absolute Return Fund (GBP) changed their name to Multi Manager Global Balanced Fund (GBP), Multi Manager Absolute Return Fund (USD) and Multi Manager Absolute Return Fund (GBP) on 30 March 2015.

34


Portfolio Statements


As at 31 March 2015

(Comparatives are as at 30 September 2014)

Nominal holding

CostUSD

Market ValueUSD

% of NetAssets

Transferable securities admitted to an official stock exchange or dealt in on another regulated market

Investment Companies

Ireland 48.42% (2014 : 49.29%)

Brown Advisory American Fund 158,586 2,211,814 2,551,646 3.55

Findlay Park American Fund 13,223 919,449 1,068,699 1.49

GAM Star Fund plc - Technology 130,979 3,348,642 3,605,794 5.01

Guinness Asset Management Funds plc - Global Energy Fund 231,312 2,710,237 2,131,607 2.96

Hermes Asia Ex-Japan Equity Fund 1,591,369 3,424,672 3,966,169 5.51

Iridian US Equity Fund 25,212 2,518,291 2,859,494 3.98

J O Hambro Capital Management Umbrella Fund Plc - Japan Fund 804,503 2,174,855 2,278,675 3.17

Lazard Global Listed Infrastructure Equity Fund 652,777 1,315,776 1,366,720 1.90

Legg Mason Global Funds Plc - ClearBridge U.S. Aggressive Growth Fund

13,131 2,299,387 2,876,344 4.00

Legg Mason Royce US Smaller Companies Fund 27,462 3,225,734 3,286,375 4.57

Polar Capital Funds Plc - Healthcare Opportunities Fund 88,240 2,567,009 3,569,310 4.96

Polar Capital North American Fund 128,968 1,695,932 2,312,390 3.21

Vulcan Value Equity Fund - U2 AC 22,695 2,376,426 2,957,561 4.11

34,830,784 48.42

Luxembourg 18.57% (2014 : 17.30%)

BlackRock Global Funds - Continental European Flexible Fund 87,820 1,914,402 2,113,703 2.94

Fidelity Funds - China Consumer Fund 192,232 2,663,677 2,979,600 4.14

JPMorgan Funds - America Equity Fund 126,140 2,441,258 2,868,419 3.99

Oyster Funds - US Selection 2,206 2,384,406 2,650,267 3.69

Wells Fargo Lux Worldwide Fund - U.S. Premier Growth Fund 17,386 2,291,612 2,742,773 3.81

13,354,762 18.57

35


Portfolio Statements (continued)

Multi Manager Global Equity Fund (USD)* (continued)

As at 31 March 2015


Nominal holding

CostUSD

Market ValueUSD

% of NetAssets

Transferable securities admitted to an official stock exchange or dealt in on another regulated market (continued)

Investment Companies (continued)

United Kingdom 32.52% (2014 : 33.08%)

Aberforth UK Small Companies Fund 4,824 1,368,442 1,403,394 1.95

FP Argonaut Funds - FP Argonaut European Alpha Fund 662,059 2,465,901 2,610,101 3.63

GLG International ICVC - Japan CoreAlpha 1,221,450 2,105,980 2,337,245 3.25

Henderson European Special Situations Fund 547,476 2,589,876 2,823,934 3.93

J O Hambro Capital Management UK Umbrella Fund - UK Dynamic Fund

479,837 1,355,544 1,381,163 1.92

Martin Currie - Japan Alpha Fund 1,377,033 2,485,200 2,438,726 3.39

Martin Currie IF - North American Fund 255,155 1,014,559 1,128,754 1.57

Somerset Emerging Markets Dividend Growth Fund 1,302,291 2,537,996 2,711,370 3.77

Somerset Emerging Markets Small Cap Fund OEIC 2,236,693 2,472,752 2,311,398 3.21

Standard Life Investment Co II - UK Equity Unconstrained Fund 395,017 1,397,187 1,415,582 1.97

Threadneedle Investment Funds ICVC - European Select Fund 1,270,857 2,681,153 2,829,308 3.93

23,390,975 32.52

Total Investment Companies 99.51% (2014 : 99.67%) 71,576,521 99.51

Total Investments 99.51% (2014 : 99.67%) 64,958,169 71,576,521 99.51

Net current assets 352,947 0.49

Total net assets 71,929,468 100.00

*Global Equity Fund (USD) changed its name to Multi Manager Global Equity Fund (USD) on 30 March 2015.

36



As at 31 March 2015


Nominal holding

CostGBP

Market Value

GBP% of Net

Assets



Ireland 38.63% (2014 : 38.97%)

Brown Advisory American Fund 215,291 1,898,986 2,333,474 2.86

GAM Star Fund plc - Technology 222,478 3,450,537 4,125,796 5.05

Guinness Asset Management Funds plc - Global Energy Fund 267,230 2,808,900 2,586,571 3.16

Hermes Asia Ex-Japan Equity Fund 1,262,578 1,578,010 2,119,742 2.59

J O Hambro Capital Management Umbrella Fund Plc - Japan Fund 1,005,237 1,491,454 1,917,992 2.35

Lazard Global Listed Infrastructure Equity Fund 1,190,881 1,422,645 1,679,618 2.06


16,307 1,756,250 2,406,186 2.94

Legg Mason Royce US Smaller Companies Fund 30,426 2,153,580 2,452,750 3.00

Old Mutual Global Investors Series Plc - Old Mutual UK Smaller Companies Focus Fund

2,694,185 3,246,274 3,700,194 4.53

Polar Capital Funds Plc - Healthcare Opportunities Fund 149,361 2,723,358 4,069,821 4.98

Polar Capital North American Fund 141,789 1,052,740 1,712,544 2.10

Vulcan Value Equity Fund - U2 AC 28,023 1,802,742 2,459,927 3.01

31,564,615 38.63

Luxembourg 12.11% (2014 : 10.92%)

BlackRock Global Funds - Continental European Flexible Fund 99,590 1,336,093 1,614,680 1.98

Fidelity Funds - China Consumer Fund 324,269 2,825,084 3,385,755 4.14

JPMorgan Funds - America Equity Fund 157,491 1,857,090 2,412,497 2.95

Oyster Funds - US Selection 3,072 2,018,131 2,486,357 3.04

9,899,289 12.11


37


Multi Manager Global Equity Fund (GBP)* (continued)

As at 31 March 2015


Nominal holding

CostGBP

Market Value

GBP% of Net

Assets



United Kingdom 49.04% (2014 : 48.46%)

Aberforth UK Small Companies Fund 18,496 2,575,940 3,625,117 4.44

CF Miton UK Value Opportunities Fund 2,216,867 3,100,000 3,094,081 3.79

GLG International ICVC - Japan CoreAlpha 1,480,899 1,515,000 1,908,879 2.33

Henderson European Special Situations Fund 599,337 1,676,627 2,082,456 2.55

Investec Fund Series i - UK Smaller Companies Fund 50,152 1,627,393 2,296,125 2.81


1,157,820 2,257,315 2,245,013 2.75

J O Hambro Capital Management UK Umbrella Fund - UK Equity Income Fund

1,091,561 2,680,522 3,257,217 3.98

Martin Currie - Japan Alpha Fund 1,573,453 1,686,057 1,877,129 2.30

Old Mutual Investment Funds Series I - UK Mid Cap Fund 1,616,922 2,641,546 3,241,767 3.97

Somerset Emerging Markets Dividend Growth Fund 1,192,145 1,463,699 1,671,984 2.04

Somerset Emerging Markets Small Cap Fund OEIC 1,220,554 1,295,288 1,375,931 1.68

Standard Life Investment Co II - UK Equity Unconstrained Fund 1,677,846 3,650,395 4,050,320 4.96

Thesis - TM Cartesian UK Opportunities Fund 3,280,466 3,312,796 3,674,122 4.49

Threadneedle Investment Funds ICVC - European Select Fund 1,616,242 2,220,399 2,423,878 2.97

Threadneedle Investment Funds ICVC - UK Fund 2,312,739 3,038,477 3,249,861 3.98

40,073,880 49.04





*Global Equity Fund (GBP) changed its name to Multi Manager Global Equity Fund (GBP) on 30 March 2015.


38



As at 31 March 2015


Nominal holding

CostUSD

Market ValueUSD

% of NetAssets



Ireland 62.01% (2014 : 58.56%)

Brown Advisory American Fund 21,253 293,718 341,958 2.94

GAM Star Fund plc - Technology 12,088 297,462 332,791 2.86

Guinness Asset Management Funds plc - Global Energy Fund 24,715 280,206 227,758 1.96

Iridian US Equity Fund 3,080 313,828 349,352 3.01

iShares USD Treasury Bond 1-3 UCITS ETF 6,000 795,817 796,410 6.85

J O Hambro Capital Management Umbrella Fund Plc - Japan Fund 120,543 329,565 341,429 2.94

Lazard Global Listed Infrastructure Equity Fund 109,015 181,449 233,424 2.01


1,918 320,574 420,045 3.61

Legg Mason Royce US Smaller Companies Fund 2,971 350,000 355,519 3.06

Odey Investment Funds Plc - Allegra International Fund 3,088 430,976 488,796 4.21

Polar Capital Funds Plc - Healthcare Opportunities Fund 9,334 224,389 377,570 3.25

Polar Capital North American Fund 20,173 282,237 361,694 3.11

Smith & Williamson Short Dated Corporate Bond Fund 'C' 1,748,013 1,680,000 1,657,465 14.26

Veritas Funds Plc - Global Focus Fund 11,731 442,037 493,863 4.25

Vulcan Value Equity Fund - U2 AC 3,294 362,785 429,203 3.69

7,207,277 62.01

Luxembourg 20.14% (2014 : 25.41%)

Aberdeen Global - World Equity Fund 28,215 326,276 343,508 2.96

BlackRock Global Funds - Global Equity Income 29,222 386,424 422,251 3.63

Fidelity Funds - China Consumer Fund 22,919 310,000 355,239 3.06

Fidelity Funds - Global Focus Fund 34,063 443,961 501,072 4.31

JPMorgan Funds - America Equity Fund 15,853 297,052 360,501 3.10

Oyster Funds - US Selection 298 330,000 357,587 3.08

2,340,158 20.14


39


Multi Manager Global Balanced Fund (USD)* (continued)

As at 31 March 2015


Nominal holding

CostUSD

Market ValueUSD

% of NetAssets


United Kingdom 10.42% (2014 : 8.21%)

First State Investments ICVC - Global Property Securities 75,518 209,910 211,119 1.82

GAM Funds - Global Diversified Fund 20,835 489,982 495,728 4.27

M&G Global Dividend Fund 154,633 465,694 503,753 4.33

1,210,600 10.42

United States 2.99% (2014 : 0.00%)

iShares 0-5 Year TIPS Bond ETF 3,500 351,946 347,795 2.99

347,795 2.99





* Global Balanced Fund (USD) changed its name to Multi Manager Global Balanced Fund (USD) on 30 March 2015.


40



As at 31 March 2015


Nominal holding

CostGBP

Market Value

GBP% of Net

Assets



Ireland 36.92% (2014 : 36.37%)

GAM Star Fund plc - Technology 14,613 220,445 270,991 3.11

Guinness Asset Management Funds plc - Global Energy Fund 16,758 201,845 162,208 1.86

J O Hambro Capital Management Umbrella Fund Plc - Japan Fund 142,008 246,667 270,952 3.11

Lazard Global Listed Infrastructure Equity Fund 127,212 129,365 179,420 2.06

Odey Investment Funds Plc - Allegra International Fund 1,809 275,951 348,015 3.99

Old Mutual Global Investors Series Plc - Old Mutual UK Smaller Companies Focus Fund

211,584 249,332 290,590 3.33

Polar Capital Funds Plc - Healthcare Opportunities Fund 10,137 136,304 276,207 3.17

Smith & Williamson Short Dated Corporate Bond Fund 1,072,675 1,078,362 1,068,276 12.25

Veritas Funds Plc - Global Focus Fund 12,417 291,954 352,139 4.04

3,218,798 36.92

Jersey 4.37% (2014 : 4.59%)

Lloyds Investment Funds Limited - High Income Fund 418,149 373,016 380,683 4.37

380,683 4.37

Luxembourg 18.47% (2014 : 19.10%)

Aberdeen Global - World Equity Fund 31,124 228,518 255,247 2.93

BlackRock Global Funds - Global Equity Income 30,500 258,969 296,881 3.40

Fidelity Funds - China Consumer Fund 26,828 226,073 280,117 3.21

Fidelity Funds - Global Focus Fund 38,420 307,894 380,703 4.37

Investec Global Strategy Fund - Global Bond Fund 23,215 379,478 397,208 4.56

1,610,156 18.47


41


Multi Manager Global Balanced Fund (GBP)* (continued)

As at 31 March 2015


Nominal holding

CostGBP

Market Value

GBP% of Net

Assets



United Kingdom 35.43% (2014 : 32.01%)

Aberforth UK Small Companies Fund 1,503 231,303 294,481 3.38

CF Miton UK Value Opportunities Fund 215,193 300,000 300,344 3.45

First State Investments ICVC - Global Property Securities 75,578 140,000 142,328 1.63

GAM Funds - Global Diversified Fund 21,394 309,860 342,903 3.93


151,039 289,240 292,865 3.36

M&G Global Dividend Fund 156,267 285,277 342,927 3.93

M&G Investment Funds 3 - International Government Bond Fund 43,831 395,513 433,509 4.97

Standard Life Investment Co II - UK Equity Unconstrained Fund 140,126 311,722 338,263 3.88

Thesis - TM Cartesian UK Opportunities Fund 269,261 270,000 301,572 3.46

Threadneedle Investment Funds ICVC - UK Fund 213,648 283,569 300,219 3.44

3,089,411 35.43





* Global Balanced Fund (GBP) changed its name to Multi Manager Global Balanced Fund (GBP) on 30 March 2015.


42



As at 31 March 2015


Nominal holding

CostUSD

Market ValueUSD

% of NetAssets



Ireland 32.96% (2014 : 25.82%)

GAM Star Fund plc - Global Convertible Bond 108,418 1,200,016 1,256,239 2.54

Kames Strategic Global Bond Fund 248,923 3,116,229 3,270,621 6.62

Legg Mason Global Funds Plc - Brandywine Global Fixed Income Absolute Return

19,756 2,051,142 2,077,323 4.20

Legg Mason Global Funds Plc - Legg Mason Western Asset Macro Opportunities Bond Fund

14,514 1,610,000 1,612,177 3.26

Muzinich Funds - Emerging Markets Short Duration Fund 15,835 1,636,709 1,595,507 3.23

Muzinich Funds - Long Short Credit Yield 13,312 1,584,895 1,640,509 3.32

Polar Capital Funds Plc - Global Convertible Fund 209,531 2,350,000 2,449,419 4.95

Traditional Funds Plc - Thames River Global Bond Dollar Fund 196,562 2,377,414 2,390,191 4.84

16,291,986 32.96

Jersey 7.68% (2014 : 2.74%)

BlackRock UK Property Fund 20,304 1,236,317 1,174,501 2.38

ETFS Short GBP Long USD 30,000 1,523,205 1,520,100 3.08

Schroder Indirect Real Estate Fund/The 'B' 5,857 810,484 1,099,943 2.22

3,794,544 7.68

Luxembourg 15.24% (2014 : 24.37%)

Aviva Investors - Global Convertibles Absolute Return Fund 17,633 2,189,138 2,175,727 4.40

Jupiter JGF - Global Convertibles 195,663 2,304,580 2,439,923 4.94

Jupiter JGF - Strategic Total Return 84,230 923,165 932,431 1.89

Schroder International Selection Fund - Emerging Markets Debt Absolute Return

67,634 2,036,358 1,983,702 4.01

7,531,783 15.24


43


Multi Manager Absolute Return Fund (USD)* (continued)

As at 31 March 2015


Nominal holding

CostUSD

Market ValueUSD

% of NetAssets



United Kingdom 30.90% (2014 : 17.05%)

Aviva Investors Investment Funds ICVC - Aviva Investors Property Trust

1,684,096 3,105,558 2,998,028 6.07

Legal & General UK Property Feeder Fund 2,120,832 2,287,752 2,185,305 4.42

M&G Investment Funds 10 - UK Inflation Linked Corporate Bond Fund

2,121,750 3,734,098 3,574,936 7.23

M&G Investment Funds 9 - European Inflation Linked Corporate Bond Fund

285,422 3,820,143 3,476,787 7.04

M&G Optimal Income Fund 216,540 2,816,404 3,034,011 6.14

15,269,067 30.90

United States 6.37% (2014 : 5.05%)

iShares 0-5 Year TIPS Bond ETF 29,470 2,952,401 2,928,434 5.92

ProShares Short 20+ Year Treasury 9,250 234,681 221,815 0.45

3,150,249 6.37



Net current assets 3,384,780 6.85


* Absolute Return Fund (USD) changed its name to Multi Manager Absolute Return Fund (USD) on 30 March 2015.


44



As at 31 March 2015


Nominal holding

CostGBP

Market Value

GBP% of Net

Assets



Ireland 29.41% (2014 : 28.05%)

GAM Star Fund plc - Global Convertible Bond 72,217 745,714 775,385 2.60

Kames Strategic Global Bond Fund 312,622 1,740,205 2,007,318 6.73

Muzinich Funds - Emerging Markets Short Duration Fund 11,301 1,172,921 1,144,586 3.84

Muzinich Funds - Long Short Credit Yield 15,557 1,120,089 1,291,512 4.33

Polar Capital Funds Plc - Global Convertible Fund 193,450 1,369,106 1,526,321 5.12

Traditional Funds Plc - F&C Macro Global Bond Fund 125,823 1,983,160 2,024,496 6.79

8,769,618 29.41

Jersey 6.73% (2014 : 4.19%)

BlackRock UK Property Fund 20,304 799,998 791,176 2.65

Schroder Indirect Real Estate Fund/The 'B' 9,623 850,000 1,217,406 4.08

2,008,582 6.73

Luxembourg 17.24% (2014 : 31.26%)

Aviva Investors - Global Convertibles Absolute Return Fund 11,092 1,341,481 1,322,691 4.43

Fidelity Funds - Global Inflation-linked Bond Fund 464,790 569,751 568,903 1.91

Jupiter JGF - Global Convertibles 124,574 1,397,147 1,474,952 4.95

Jupiter JGF - Strategic Total Return 51,641 572,701 578,381 1.94

Schroder International Selection Fund - Emerging Markets Debt Absolute Return

60,504 1,112,734 1,195,400 4.01

5,140,327 17.24


45


Multi Manager Absolute Return Fund (GBP)* (continued)

As at 31 March 2015


Nominal holding

CostGBP

Market Value

GBP% of Net

Assets



United Kingdom 33.17% (2014 : 26.53%)

Aviva Investors Investment Funds ICVC - Aviva Investors Property Trust

1,759,259 2,089,078 2,109,704 7.07

Legal & General UK Property Feeder Fund 2,190,596 1,570,000 1,520,493 5.10

M&G Investment Funds 10 - UK Inflation Linked Corporate Bond Fund

1,906,542 2,145,000 2,163,925 7.26

M&G Investment Funds 9 - European Inflation Linked Corporate Bond Fund

262,233 2,413,599 2,151,778 7.22

M&G Optimal Income Fund 991,320 1,598,062 1,945,564 6.52

9,891,464 33.17

United States 4.28% (2014 : 4.39%)

iShares 0-5 Year TIPS Bond ETF 16,920 1,097,562 1,132,598 3.80

ProShares Short 20+ Year Treasury 8,950 140,249 144,574 0.48

1,277,172 4.28



Net current assets 2,733,852 9.17


* Absolute Return Fund (GBP) changed its name to Multi Manager Absolute Return Fund (GBP) on 30 March 2015.


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