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Kleinwort Benson Elite PCC Limited Annual Report and Audited Financial Statements for the Year Ended 31 July 2016

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Kleinwort Benson Elite PCC Limited Annual Report and Audited Financial Statements for the Year Ended 31 July 2016 Kleinwort Benson Elite PCC Limited Annual Report and Audited Financial Statements For the year ended 31 July 2016 Guernsey Registered Company Number: 42365 Kleinwort Benson Elite PCC Limited Annual Report and Audited Financial Statements For the year ended 31 July 2016 Guernsey Registered Company Number: 42365 Contents Investor Information 3 Alternative Investment Fund Manager’s Report 7 Directors’ Report 13 Custodian Report 18 Independent Auditor’s Report 19 Statement of Total Return 20 Statement of Change in Net Assets Attributable to Shareholders 20 Balance Sheet 24 Notes to the Financial Statements 28 Cell Portfolio of Investments 62 Cell Summary of Material Portfolio Changes 71 Alternative Investment Fund Managers Directive 78 Annual Report & Audited Financial Statements 2 Investor Information General information to, warrants, convertible preference shares and structured The Company was incorporated as a company with limited products) as the Alternative Investment Fund Manager may liability in Guernsey on 30 September 2004 and is authorised consider appropriate in achieving the overall objective of the by the Guernsey Financial Services Commission (“GFSC”) Cell. The Cell may use derivatives for investment purposes as as a Class B Scheme under The Protection of Investors well as for efficient portfolio management. (Bailiwick of Guernsey) Law, 1987. The Company is an open-ended investment Protected Cell Company governed by the provisions of The Companies (Guernsey) Law, 2008 Kleinwort Benson Elite Multi Asset Balanced (“The Law”). The assets of each cell are held in a segregated Fund portfolio. Persons investing and dealing in a cell of the This Fund was launched on 3 October 2005, the investment Company only have recourse to the assets attributable to objective of the Cell is to achieve long term equity returns with that particular Cell. They have no recourse to the assets of a moderate level of risk through a well diversified portfolio any other Cell, except as provided under the Law against across asset classes. any non-cellular assets of the Company. Therefore under The Cell will seek to achieve its objective by investing directly Guernsey Law the assets of any series cell are not exposed in a range of equities, bonds, money market instruments, to the liabilities of other series within the umbrella structure. derivative instruments, forward transactions, collective investment schemes and other instruments as the Alternative Investment Fund Manager may consider appropriate in Principal activity and investment objective achieving the overall objective of the Cell. The Cell may use The investment philosophy of the Company is to achieve derivatives for investment purposes as well as for efficient long-term capital growth, income or total return (depending portfolio management. on the specific objectives of each Cell) including investing through wholly-owned subsidiaries of such Cells in portfolios specific to the Cells. Kleinwort Benson Elite Multi Asset The Company currently has eleven active Cells which include Conservative Fund multiple share classes. Thirty two classes within ten of the This Fund was launched on 3 August 2005, the investment Cells, are listed on the Channel Islands Securities Exchange objective of the Cell is to achieve consistent returns with a (‘CISE’). low level of risk through a well diversified portfolio across asset classes. The functional and reporting currency of the Company and of each Cell is pounds sterling except for Kleinwort Benson The Cell will seek to achieve its objective by investing directly Elite USD Currency Fund which is United States dollar as well in a range of equities, bonds, money market instruments, as Kleinwort Benson Elite EUR Currency Fund and Kleinwort derivative instruments, forward transactions, collective Benson Elite EUR Fixed Income Fund which are in Euros. investment schemes and other instruments as the Alternative Investment Fund Manager may consider appropriate in achieving the overall objective of the Cell. The Cell may use derivatives for investment purposes as well as for efficient The Cells portfolio management. Kleinwort Benson Elite Sterling Fixed Income Fund This Fund was launched on 28 April 2006 and was formerly Kleinwort Benson Elite Multi Asset Growth known as Kleinwort Benson Elite Sterling Income Fund. The Fund investment objective of the Cell is primarily to produce returns This Fund was launched on 11 September 2007 the by way of income with the possibility of capital growth over investment objective of the Cell is to outperform equity the medium to long term with low volatility through a portfolio returns with equity-like risk through a well diversified portfolio of fixed income and cash investments. across asset classes. The Cell will seek to achieve its objective through a diversified The Cell will seek to achieve its objective by investing directly portfolio of predominantly sterling denominated securities, in a range of equities, bonds, money market instruments, bonds, notes or negotiable instruments issued or guaranteed derivative instruments, forward transactions, collective Annual Report & Audited Financial Statements by sovereign or corporate borrowers within the member investment schemes and other instruments as the Alternative 3 states of the Organisation for Economic Co-operation and Investment Fund Manager may consider appropriate in Development (OECD). achieving the overall objective of the Cell. The Cell may use derivatives for investment purposes as well as for efficient The Alternative Investment Fund Manager may also choose portfolio management. to hold collective investment schemes, cash, money market instruments and other instruments (such as, but not limited Investor Information (continued) Kleinwort Benson Elite International Equity Kleinwort Benson Elite International Bond Fund Fund This Fund was launched on 12 October 2012, the This Fund was launched on 12 October 2012, the investment investment objective of the Cell is to maximise capital growth objective of the Cell is to maximise total returns over the over medium to long term. The Cell will seek to achieve its medium to long term whilst generating income through a objective through a diversified portfolio of predominantly portfolio of fixed income and cash investments. The Cell will international equity based securities. seek to achieve its objective through a diversified portfolio of predominantly international bonds and Government The Alternative Investment Fund Manager may also choose securities. to hold collective investment schemes, cash, money market instruments and other instruments (such as, but not limited The Alternative Investment Fund Manager may also choose to, warrants, convertible preference shares and structured to hold collective investment schemes, cash, money market products) as the Alternative Investment Fund Manager may instruments and other instruments (such as, but not limited consider appropriate in achieving the overall objective of the to, warrants, convertible preference shares and structured Cell. The Cell may use derivatives for investment purposes as products) as the Alternative Investment Fund Manager may well as for efficient portfolio management. consider appropriate in achieving the overall objective of the Cell. The Cell may use derivatives for investment purposes as well as for efficient portfolio management. Kleinwort Benson Elite Sterling Currency Fund The Cell has been established as a feeder fund which will Kleinwort Benson Elite EUR Fixed Income invest exclusively in the sterling A Shares of the HSBC Fund Sterling Liquidity Fund, a sub-fund of the HSBC Global This Fund was launched on 12 October 2012, the investment Liquidity Fund plc (‘Underlying Fund’) and was launched on objective of the Cell is primarily to produce returns by way of 12 October 2012. income with the possibility of capital growth over the medium to long term with low volatility through a portfolio of fixed The investment objective of the Underlying Fund is to provide income and cash investments. investors with security of capital and daily liquidity together with an investment return which is comparable to normal The Cell will seek to achieve its objective through a diversified pounds sterling denominated money market interest rates. portfolio of predominantly euro denominated securities, bonds, notes or negotiable instruments issued or guaranteed by sovereign or corporate borrowers within the member Kleinwort Benson Elite EUR Currency Fund states of the Organisation for Economic Co-operation and The Cell has been established as a feeder fund which will Development (OECD). The Alternative Investment Fund invest exclusively in the euro A Shares of the HSBC Euro Manager may also choose to hold collective investment Liquidity Fund, a sub-fund of the HSBC Global Liquidity Fund schemes, cash, money market instruments and other plc (‘Underlying Fund’) and was launched on 12 October instruments (such as, but not limited to, warrants, convertible 2012. preference shares and structured products) as the Alternative Investment Fund Manager may consider appropriate in The investment objective of the Underlying Fund is to provide achieving the overall objective of the Cell. The Cell may use investors with security of capital and daily liquidity together derivatives for investment purposes as well as for efficient with an investment return which is comparable to normal portfolio management. euro denominated money market interest rates. Kleinwort Benson Elite US Dollar
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