VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Driehaus Fund VAM Managed Funds (Lux) - Close Brothers Balanced Fund VAM Managed Funds (Lux) - Close Brothers Cautious Fund VAM Managed Funds (Lux) - Close Brothers Growth Fund

R.C.S. Luxembourg B129579

Unaudited Semi-Annual Report for the period from July 1, 2018 to December 31, 2018

Investment Company (société d'investissement à capital variable ("SICAV")) pursuant to Part I of the amended Luxembourg Law of December 17, 2010 on Undertakings for Collective Investment VAM Managed Funds (Lux)

Unaudited Semi-Annual Report for the period from July 1, 2018 to December 31, 2018

Contents

Management and Organisation 3

Consolidated Statement of Net Assets as at December 31, 2018 5

Consolidated Statement of Changes in Net Assets for the Period from July 1, 2018 to December 31, 2018 6

Consolidated Statement of Operations for the Period from July 1, 2018 to December 31, 2018 7

VAM Managed Funds (Lux) - Driehaus Fund Statement of Net Assets as at December 31, 2018 8 Statement of Changes in Net Assets for the Period from July 1, 2018 to December 31, 2018 9 Changes in the Number of Shares in Issue 10 Statement of Operations for the Period from July 1, 2018 to December 31, 2018 11 Composition of Portfolio as at December 31, 2018 12

VAM Managed Funds (Lux) - Close Brothers Balanced Fund Statement of Net Assets as at December 31, 2018 13 Statement of Changes in Net Assets for the Period from July 1, 2018 to December 31, 2018 14 Changes in the Number of Shares in Issue 15 Statement of Operations for the Period from July 1, 2018 to December 31, 2018 16 Composition of Portfolio as at December 31, 2018 17

VAM Managed Funds (Lux) - Close Brothers Cautious Fund Statement of Net Assets as at December 31, 2018 20 Statement of Changes in Net Assets for the Period from July 1, 2018 to December 31, 2018 21 Changes in the Number of Shares in Issue 22 Statement of Operations for the Period from July 1, 2018 to December 31, 2018 23 Composition of Portfolio as at December 31, 2018 24

1 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Growth Fund Statement of Net Assets as at December 31, 2018 27 Statement of Changes in Net Assets for the Period from July 1, 2018 to December 31, 2018 28 Changes in the Number of Shares in Issue 29 Statement of Operations for the Period from July 1, 2018 to December 31, 2018 30 Composition of Portfolio as at December 31, 2018 31

Notes to the Unaudited Semi-Annual Report For the period from July 1, 2018 to December 31, 2018 34

Statistical Information 42

Shareholder Information 43

Transparency of Securities Financing Transactions and their Reuse 44

Subscriptions can be accepted only on the basis of the valid Sales Prospectus (with annexes) and the Key Investor Information Document together with the most recent Annual Report and, if the latter was published more than eight months ago, the most recent Semi-Annual Report.

Production: KNEIP (www.kneip.com)

2 VAM Managed Funds (Lux)

Management and Organisation

Company: Management Company:

VAM Managed Funds (Lux) VAM Global Management Company SA until November 4, 2018: 16, rue Jean-Pierre Brasseur 26, avenue de la Liberté L-1258 Luxembourg, Grand Duchy of Luxembourg L-1930 Luxembourg since November 5, 2018: Board of Directors of the Management Company: 2, rue Edward Steichen L-2540 Luxembourg Mr Peter John de PUTRON Chairman of VAM Funds (Lux) and Board of Directors: VAM Managed Funds (Lux) until November 4, 2018: Chairman: 26, avenue de la Liberté L-1930 Luxembourg Mr Peter John DE PUTRON since November 5, 2018: Chairman of VAM Funds (Lux) and 2, rue Edward Steichen VAM Managed Funds (Lux) L-2540 Luxembourg, Grand Duchy of Luxembourg until November 4, 2018: 26, avenue de la Liberté Mr Brendan ADAMS L-1930 Luxembourg Manager of VAM Global S.à r.l. since November 5, 2018: Chesham, 2, rue Edward Steichen GB-HP5 3BG, United Kingdom L-2540 Luxembourg, Grand Duchy of Luxembourg Mr Michael LANGE Mr Michael HUNT Partner, ME Business Solutions S.à r.l. Deputy Chairman of VAM Funds (Lux) and L-1258 Luxembourg, Grand Duchy of Luxembourg VAM Managed (Lux) until November 4, 2018: Conducting persons of the Management Company: 26, avenue de la Liberté L-1930 Luxembourg Mr Brendan ADAMS since November 5, 2018: Manager of VAM Global S.à r.l. 2, rue Edward Steichen Chesham, L-2540 Luxembourg, Grand Duchy of Luxembourg GB-HP5 3BG, United Kingdom

Mr Benoni DUFOUR Mr Benoni DUFOUR Independent Director Independent Director, 15, op der Sank L-5713 Aspelt, Grand Duchy of Luxembourg L-5713 Aspelt, Grand Duchy of Luxembourg Mrs Julie KRENTZ The Hon. James CRIPPS Senior Executive, VAM Global Management Company SA, Consultant L-1258 Luxembourg, Grand Duchy of Luxembourg 36 Napier Avenue GB-London S46 3PT, United Kingdom Investment Managers: For the Compartments: Mr Eduard von KYMMEL CEO, VP Fund Solutions (Luxembourg) SA VAM Managed Funds (Lux) - Driehaus Fund until November 4, 2018: 26, avenue de la Liberté Driehaus Capital Management LLC L-1930 Luxembourg 25 East Erie Street since November 5, 2018: USA-Chicago, Illinois 60611, United States of America 2, rue Edward Steichen L-2540 Luxembourg, Grand Duchy of Luxembourg For the Compartments: VAM Managed Funds (Lux) - Mr Robert Harry GORDON Close Brothers Balanced Fund 215, Broadway Avenue VAM Managed Funds (Lux) - USA – 60091 Wilmette Close Brothers Cautious Fund VAM Managed Funds (Lux) - Close Brothers Growth Fund

3 VAM Managed Funds (Lux)

Management and Organisation (continued)

Close Asset Management Limited Réviseur d’Entreprises Agréé: 10 Crown Place GB-London EC2A 4FT, United Kingdom Ernst & Young S.A. 35E, avenue John F. Kennedy Administrative, Domiciliary, Registrar and Transfer L-1855 Luxembourg, Grand Duchy of Luxembourg Agent: Legal Advisor in Luxembourg: VP Fund Solutions (Luxembourg) SA until November 4, 2018: Elvinger Hoss Prussen 26, avenue de la Liberté société anonyme L-1930 Luxembourg 2, place Winston Churchill since November 5, 2018: L-1340 Luxembourg, Grand Duchy of Luxembourg 2, rue Edward Steichen L-2540 Luxembourg , Grand Duchy of Luxembourg Registration umber:

Depositary and Principal Paying Agent: R.C.S. Luxembourg B 129 579 Luxembourg VAT number LU23763606 VP Bank (Luxembourg) SA until November 4, 2018: Registration Countries for Distribution: 26, avenue de la Liberté L-1930 Luxembourg Luxembourg since November 5, 2018: Singapore 2, rue Edward Steichen South Africa L-2540 Luxembourg , Grand Duchy of Luxembourg Sweden Switzerland (only for the Compartment Facilities Agent in the United Kingdom: VAM Managed Funds (Lux) - Driehaus Fund) United Kingdom Société Générale London Branch Société Générale Securities Services Custody London SG House 41 Tower Hill GB-London EC3N 4SG, United Kingdom

Representative Agent in South Africa:

Boutique Collective Investments (RF) (Pty) Limited Acorn House, Unit AC13, Ground Floor, Old Oak Office Park, Cnr Old Oak Road & Durban Road, Bellville, ZA-7530 Western Cape, South Africa

Representative Agent in Switzerland:

RBC Investor Services Bank S.A. Esch-sur-Alzette, Zurich Branch, Bleicherweg 7, CH-8027 Zurich, Switzerland

Paying Agent in Sweden:

Skandinaviska Enskilda Banken AB Kungstradgardsgatan, E-106 40 Stockholm, Sweden

4 VAM Managed Funds (Lux)

Consolidated Statement of Net Assets as at December 31, 2018 Note USD

ASSETS Investment portfolio at market value 222,777,628.60 Cost 217,409,523.61 Cash held with custodian bank 10,393,895.67 Receivables on securities sold 2,093,804.33 Receivables on spot forex transactions 147,074.52 Receivables on subscriptions 220,514.65 Dividends receivable 88,355.75 Receivables deferred subscription fees 839,495.72 Formation expenses (8) 5,679.36 Unrealised profit on forward foreign exchange contracts (12) 159,711.73 Reimbursement receivable (6) 226,945.37 TOTAL ASSETS 236,993,343.08 LIABILITIES Liabilities to custodian bank -1,070,161.91 Payables on redemptions -167,752.21 Payables on spot forex transactions -147,074.52 Liabilities securing receivables -737.73 Accrued expenses (6) -226,945.37 Unrealised loss on forward foreign exchange contracts (12) -232,897.88 Other liabilities -485,730.96 TOTAL LIABILITIES -2,371,739.79 Total net assets 234,621,603.29

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

5 VAM Managed Funds (Lux)

Consolidated Statement of Changes in Net Assets for the Period from July 1, 2018 to December 31, 2018 Note USD

Net assets at the beginning of the Period 261,208,346.33 Currency translation -6,518,016.70 Subscriptions 46,323,786.50 Redemptions -42,076,059.93 Result for the period -24,316,452.90 NET ASSETS AT THE END OF THE PERIOD 234,621,603.29

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

6 VAM Managed Funds (Lux)

Consolidated Statement of Operations for the Period from July 1, 2018 to December 31, 2018 Note USD

INCOME Dividends 1,907,775.21 Other income 186.49 TOTAL INCOME 1,907,961.70 CHARGES Bank interest -1,734.22 Management company fee (4) -2,117,019.12 Depositary bank fee (5) -208,542.61 Directors fee (16) -20,322.69 Amortization of formation expenses (8) -1,566.08 Taxe d'abonnement (7) -38,314.26 Audit fees -28,715.84 Deferred subscription fees -55,097.41 Expense reimbursed or waived (6) 124,697.71 Other charges (6) -345,361.02 TOTAL CHARGES -2,691,975.54 Net income -784,013.84 Realised profit on investments 3,252,770.61 Realised loss on investments -444,569.56 Realised profit on foreign exchange -0.05 Realised loss on foreign exchange 5.82 Realised profit on forward foreign exchange contracts 3,272,922.81 Realised loss on forward foreign exchange contracts -3,220,109.61 Net Realised Result 2,077,006.19 Net change in unrealised profit / loss -26,393,459.09 Result for the period -24,316,452.90

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

7 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Driehaus Fund Statement of Net Assets as at December 31, 2018 Note USD

ASSETS Investment portfolio at market value 60,607,501.55 Cost 55,634,861.60 Receivables on securities sold 2,093,804.33 Receivables on subscriptions 2,054.28 Receivables deferred subscription fees 187,832.84 Unrealised profit on forward foreign exchange contracts (12) 159,711.73 Reimbursement receivable (6) 33,898.11 TOTAL ASSETS 63,084,802.84 LIABILITIES Liabilities to custodian bank -1,070,161.91 Payables on redemptions -23,105.63 Accrued expenses (6) -33,898.11 Other liabilities -106,507.98 TOTAL LIABILITIES -1,233,673.63 Total net assets 61,851,129.21

Net assets per share Class A EUR ( EUR) 170.89 Class A GBP ( GBP) 179.37 Class A USD ( USD) 109.08 Class D GBP ( GBP) 101.87 Class D USD ( USD) 105.46 Class Z GBP ( GBP) 81.76 Class Z USD ( USD) 82.97 Number of shares Class A EUR 31,768.017 Class A GBP 125,780.363 Class A USD 213,304.966 Class D GBP 1,493.041 Class D USD 305.134 Class Z GBP 21,693.282 Class Z USD 13,967.264

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

8 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Driehaus Fund Statement of Changes in Net Assets for the Period from July 1, 2018 to December 31, 2018 Note USD

Net assets at the beginning of the Period 76,387,425.65 Subscriptions Class A EUR 487,612.68 Class A GBP 1,325,225.01 Class A USD 4,117,182.61 Class D GBP 6,235.00 Class D USD 0.00 Class Z GBP 3,303,516.66 Class Z USD 1,478,955.99 Redemptions Class A EUR -1,067,871.24 Class A GBP -6,226,667.68 Class A USD -4,068,382.12 Class D GBP 0.00 Class D USD -39,817.32 Class Z GBP -497,424.25 Class Z USD -125,693.19 Result for the period -13,229,168.59 NET ASSETS AT THE END OF THE PERIOD 61,851,129.21

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

9 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Driehaus Fund Changes in the Number of Shares in Issue

Class A EUR Shares in issue at the beginning of the period 34,218.929 Number of shares subscribed 2,152.701 Number of shares redeemed -4,603.613 Shares in issue at the end of the period 31,768.017 Class A GBP Shares in issue at the beginning of the period 143,788.165 Number of shares subscribed 4,847.203 Number of shares redeemed -22,855.005 Shares in issue at the end of the period 125,780.363 Class A USD Shares in issue at the beginning of the period 213,417.639 Number of shares subscribed 31,739.194 Number of shares redeemed -31,851.867 Shares in issue at the end of the period 213,304.966 Class D GBP Shares in issue at the beginning of the period 1,451.459 Number of shares subscribed 41.582 Number of shares redeemed 0.000 Shares in issue at the end of the period 1,493.041 Class D USD Shares in issue at the beginning of the period 663.784 Number of shares subscribed 0.000 Number of shares redeemed -358.650 Shares in issue at the end of the period 305.134 Class Z GBP Shares in issue at the beginning of the period 0.000 Number of shares subscribed 25,662.878 Number of shares redeemed -3,969.596 Shares in issue at the end of the period 21,693.282 Class Z USD Shares in issue at the beginning of the period 0.000 Number of shares subscribed 15,388.099 Number of shares redeemed -1,420.835 Shares in issue at the end of the period 13,967.264

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

10 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Driehaus Fund Statement of Operations for the Period from July 1, 2018 to December 31, 2018 Note USD

CHARGES Bank interest -1,446.03 Management company fee (4) -551,344.15 Depositary bank fee (5) -63,219.75 Directors fee (16) -5,725.42 Taxe d'abonnement (7) -137.12 Audit fees -8,459.59 Deferred subscription fees -15,242.76 Expense reimbursed or waived (6) 22,223.29 Other charges (6) -89,304.96 TOTAL CHARGES -712,656.49 Net income -712,656.49 Realised profit on investments 2,732,341.18 Realised loss on investments -37,641.42 Realised profit on forward foreign exchange contracts 456,391.26 Realised loss on forward foreign exchange contracts -2,700,435.92 Net Realised Result -262,001.39 Net change in unrealised profit / loss -12,967,167.20 Result for the period -13,229,168.59

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

11 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Driehaus Fund

Composition of Portfolio as at December 31, 2018

Security Description Quantity / Ccy Cost in USD Valuation in %-NAV Face value USD

SECURITIES

Investment fund units/shares Units/Shares of Group's own investment funds

Luxembourg VAM Funds (Lux) - Emerging Markets Growth Fund -C- 1,030 USD 12,021,289.59 11,739,753.47 19.0 (USD) LU0293693130 VAM Funds (Lux) - International Opportunities Fund -C- 1,126 USD 11,698,036.66 11,445,452.64 18.5 (USD) LU1235257877 VAM Funds (Lux) - US Large Cap Growth Fund -C- (USD) 2,452 USD 9,646,251.58 11,390,477.95 18.4 LU0247241408 VAM Funds (Lux) - US Micro Cap Growth Fund -C- 658 USD 2,754,656.89 4,949,226.94 8.0 (USD) LU0247239923 VAM Funds (Lux) - US Small Cap Growth Fund -C- (USD) 1,426 USD 4,211,577.19 6,087,276.00 9.8 LU0247238529 VAM Funds (Lux) - World Growth Fund -C- (USD) 948 USD 10,694,505.98 11,364,268.65 18.4 LU0372757780 VAM Lux US Mid Growth -C- 4,359 USD 4,608,543.71 3,631,045.90 5.9 LU0214333220 Total Luxembourg 55,634,861.60 60,607,501.55 98.0 Total Units/Shares of Group's own investment funds 55,634,861.60 60,607,501.55 98.0 Total Investment fund units/shares 55,634,861.60 60,607,501.55 98.0 TOTAL SECURITIES 55,634,861.60 60,607,501.55 98.0 TOTAL INVESTMENT PORTFOLIO 55,634,861.60 60,607,501.55 98.0

Minor rounding differences may occur due to the rounding of percentages. Details of changes in investments for the period concerned are available, free of charge, at the Company's head office as well as at all Paying Agents.

12 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Balanced Fund Statement of Net Assets as at December 31, 2018 Note GBP

ASSETS Investment portfolio at market value 76,637,950.02 Cost 74,921,152.73 Cash held with custodian bank 5,578,600.61 Receivables on spot forex transactions 147,074.52 Receivables on subscriptions 171,531.83 Dividends receivable 7,584.60 Receivables deferred subscription fees 347,092.86 Reimbursement receivable (6) 62,241.19 TOTAL ASSETS 82,952,075.63 LIABILITIES Payables on redemptions -51,193.42 Payables on spot forex transactions -147,074.52 Accrued expenses (6) -62,241.19 Unrealised loss on forward foreign exchange contracts (12) -122,551.60 Other liabilities -174,563.38 TOTAL LIABILITIES -557,624.11 Total net assets 82,394,451.52

Net assets per share Class A EUR ( EUR) 102.77 Class A GBP ( GBP) 111.74 Class A SGD ( SGD) 103.26 Class A USD ( USD) 112.51 Class D EUR ( EUR) 96.07 Class D GBP ( GBP) 100.89 Class D USD ( USD) 102.44 Class E GBP ( GBP) 105.94 Class E USD ( USD) 107.10 Class Z CHF ( CHF) 91.35 Class Z GBP ( GBP) 91.92 Class Z USD ( USD) 92.63 Number of shares Class A EUR 54,448.919 Class A GBP 408,199.157 Class A SGD 79,123.879 Class A USD 187,175.561 Class D EUR 4,815.438 Class D GBP 23,996.179 Class D USD 9,742.898 Class E GBP 11.091 Class E USD 610.959 Class Z CHF 8,053.793 Class Z GBP 42,033.691 Class Z USD 32,910.951

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

13 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Balanced Fund Statement of Changes in Net Assets for the Period from July 1, 2018 to December 31, 2018 Note GBP

Net assets at the beginning of the Period 82,370,774.05 Subscriptions Class A EUR 580,320.88 Class A GBP 3,362,540.18 Class A SGD 835,881.37 Class A USD 2,645,101.62 Class D EUR 8,545.83 Class D GBP 1,056,212.36 Class D USD 424,931.41 Class E GBP 0.00 Class E USD 0.00 Class Z CHF 622,558.67 Class Z GBP 4,512,768.90 Class Z USD 2,509,414.29 Redemptions Class A EUR -501,177.51 Class A GBP -6,269,131.31 Class A SGD -1,039,285.58 Class A USD -2,144,204.94 Class D EUR 0.00 Class D GBP -195,047.15 Class D USD -148,884.69 Class E GBP 0.00 Class E USD -46,916.42 Class Z CHF 0.00 Class Z GBP -336,839.85 Class Z USD -10,003.77 Result for the period -5,843,106.82 NET ASSETS AT THE END OF THE PERIOD 82,394,451.52

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

14 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Balanced Fund Changes in the Number of Shares in Issue

Class A EUR Shares in issue at the beginning of the period 53,793.367 Number of shares subscribed 5,792.731 Number of shares redeemed -5,137.179 Shares in issue at the end of the period 54,448.919 Class A GBP Shares in issue at the beginning of the period 432,970.852 Number of shares subscribed 27,707.963 Number of shares redeemed -52,479.658 Shares in issue at the end of the period 408,199.157 Class A SGD Shares in issue at the beginning of the period 82,392.082 Number of shares subscribed 13,404.765 Number of shares redeemed -16,672.968 Shares in issue at the end of the period 79,123.879 Class A USD Shares in issue at the beginning of the period 182,067.195 Number of shares subscribed 28,707.403 Number of shares redeemed -23,599.037 Shares in issue at the end of the period 187,175.561 Class D EUR Shares in issue at the beginning of the period 4,719.246 Number of shares subscribed 96.192 Number of shares redeemed 0.000 Shares in issue at the end of the period 4,815.438 Class D GBP Shares in issue at the beginning of the period 15,928.801 Number of shares subscribed 9,851.013 Number of shares redeemed -1,783.635 Shares in issue at the end of the period 23,996.179 Class D USD Shares in issue at the beginning of the period 6,391.075 Number of shares subscribed 5,137.793 Number of shares redeemed -1,785.970 Shares in issue at the end of the period 9,742.898 Class E GBP Shares in issue at the beginning of the period 11.091 Number of shares subscribed 0.000 Number of shares redeemed 0.000 Shares in issue at the end of the period 11.091 Class E USD Shares in issue at the beginning of the period 1,136.996 Number of shares subscribed 0.000 Number of shares redeemed -526.037 Shares in issue at the end of the period 610.959 Class Z CHF Shares in issue at the beginning of the period 0.000 Number of shares subscribed 8,053.793 Number of shares redeemed 0.000 Shares in issue at the end of the period 8,053.793 Class Z GBP Shares in issue at the beginning of the period 0.000 Number of shares subscribed 45,441.966 Number of shares redeemed -3,408.275 Shares in issue at the end of the period 42,033.691

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

15 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Balanced Fund Changes in the Number of Shares in Issue (continued)

Class Z USD Shares in issue at the beginning of the period 0.000 Number of shares subscribed 33,043.135 Number of shares redeemed -132.184 Shares in issue at the end of the period 32,910.951

Statement of Operations for the Period from July 1, 2018 to December 31, 2018 Note GBP

INCOME Dividends 588,218.90 Other income 115.14 TOTAL INCOME 588,334.04 CHARGES Bank interest -226.26 Management company fee (4) -731,267.67 Depositary bank fee (5) -67,520.14 Directors fee (16) -6,835.69 Taxe d'abonnement (7) -17,383.65 Audit fees -9,711.38 Deferred subscription fees -20,701.94 Expense reimbursed or waived (6) 35,710.75 Other charges (6) -110,190.97 TOTAL CHARGES -928,126.95 Net income -339,792.91 Realised profit on investments 296,969.94 Realised loss on investments -132,842.37 Realised profit on forward foreign exchange contracts 1,400,213.77 Realised loss on forward foreign exchange contracts -243,937.07 Net Realised Result 980,611.36 Net change in unrealised profit / loss -6,823,718.18 Result for the period -5,843,106.82

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

16 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Balanced Fund

Composition of Portfolio as at December 31, 2018

Security Description Quantity / Ccy Cost in GBP Valuation in %-NAV Face value GBP

SECURITIES

Investment fund units/shares Units/Shares of non-Group investment funds

Great Britain Artemis US Extended Alpha Fund 1,258,977 GBP 1,860,050.38 2,453,494.38 3.0 GB00BMMV5G59 Baillie Gifford Bond Funds ICVC - Corporate Bond Fund 3,305,841 GBP 2,843,195.00 2,807,650.76 3.4 GB0005947741 Baillie Gifford Japanese -B- 89,913 GBP 1,291,813.86 1,307,335.02 1.6 GB0006011133 Baillie Gifford Overseas Growth Funds ICVC - American 292,090 GBP 1,299,660.39 1,990,301.26 2.4 Fund GB0006061963 Baring Europe Select Trust 30,606 GBP 877,429.72 1,100,897.82 1.3 GB00B7NB1W76 F&C True Styles Portfolios ICVC - Global Equity Market 1,414,693 GBP 815,683.07 870,602.07 1.1 Neutral Fund GB00BY7S9L81 Fidelity Investment Funds ICVC - Strategic Bond Fund 2,630,045 GBP 3,225,538.67 3,106,083.15 3.8 GB00B469J896 FP Crux European Special Situations Fund 706,591 GBP 1,539,127.80 1,722,628.58 2.1 GB00BTJRQ064 Investec UK Alpha -J- Net GBP 2,703,993 GBP 3,202,486.54 3,250,740.02 3.9 GB00BJFLDM36 Jupiter European Opportunities Trust PLC 195,199 GBP 1,113,973.14 1,325,401.21 1.6 GB0000197722 Legg Mason IF ClearBridge US Equity Income Fund 12,218 GBP 23,763.55 25,938.26 0.0 GB00B3NQ7J33 Liontrust Special Situations Fund 966,753 GBP 3,383,806.47 3,706,144.30 4.5 GB00B57H4F11 Old Mutal Nth Am Equity -U1- 657,911 GBP 1,377,274.41 1,294,768.85 1.6 GB00BHBX8800 River Mercantile Glb Reco -S- 712,887 GBP 1,645,472.62 1,504,559.93 1.8 GB00BG21HL25 Schroder Income Fund 4,772,552 GBP 3,522,145.44 3,525,484.41 4.3 GB00B5WJCB41 SVS Church House Investment Grade Fixed Interest Fund 2,473,441 GBP 2,860,260.46 2,785,094.57 3.4 GB0004743828 Threadneedle Specialist Investment Funds ICVC - UK 2,694,577 GBP 3,754,537.01 3,447,711.27 4.2 Equity Alpha Income Fund GB00B88P6D76 Total Great Britain 34,636,218.53 36,224,835.86 44.0

Guernsey HICL Infrastructure Co Ltd/Fund 552,012 GBP 883,021.83 870,522.92 1.1 GB00B0T4LH64 International Public Partnerships Ltd 324,084 GBP 509,662.40 496,496.69 0.6 GB00B188SR50 Total Guernsey 1,392,684.23 1,367,019.61 1.7

Ireland Brown Adv Glb Leaders -C- GBP 270,802 GBP 2,940,891.22 2,724,268.12 3.3 IE00BYJQVN63

17 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Balanced Fund

Composition of Portfolio (continued) as at December 31, 2018

Security Description Quantity / Ccy Cost in GBP Valuation in %-NAV Face value GBP

iShares Core FTSE 100 UCITS ETF GBP Dist 519,882 GBP 3,558,630.84 3,459,294.83 4.2 IE0005042456 iShares Corp Bond 0-5yr UCITS ETF GBP Dist 16,617 GBP 1,771,041.50 1,727,337.15 2.1 IE00B5L65R35 iShares NASDAQ 100 UCITS ETF USD Acc 3,476 GBP 665,770.46 963,199.60 1.2 IE00B53SZB19 J O Hambro Capital Management Umbrella Fund PLC - 460,207 GBP 1,041,925.13 1,012,914.71 1.2 Japan Fund IE0034388797 KLS Sloane Robin EM -SI- GBP 13,925 GBP 1,808,980.82 1,436,600.48 1.7 IE00BYQ00905 Legg Mason Global Funds PLC - Royce US Small Cap 8,916 GBP 1,660,178.17 1,510,370.40 1.8 Opportunity Fund IE00B9778242 Lindsell Train Global Equity Fund 533,342 GBP 1,142,727.18 1,724,348.02 2.1 IE00B3NS4D25 NB Uncorr Strat -I- GBP 172,847 GBP 1,804,970.13 1,754,397.05 2.1 IE00BF47M490 Nomura Glb Dyn Bond -FD- GBP 35,174 GBP 3,427,370.83 3,369,922.24 4.1 IE00BF4KSV76 Vanguard S&P 500 UCITS ETF 44,156 GBP 1,534,152.32 1,643,265.54 2.0 IE00B3XXRP09 Brown Advisory US Flexible Equity Fund 248,055 USD 2,235,730.17 2,730,662.74 3.3 IE00BJ357S15 Source Physical Gold P-ETC 19,799 USD 1,879,270.19 1,940,903.16 2.4 IE00B579F325 Total Ireland 25,471,638.96 25,997,484.04 31.6

Jersey GCP Infrastructure Investments Ltd 535,884 GBP 650,471.75 681,644.45 0.8 JE00B6173J15 Total Jersey 650,471.75 681,644.45 0.8

Luxembourg BBGI SICAV S.A. -Ordinary- 254,210 GBP 380,147.79 333,470.39 0.4 LU0686550053 db x-trackers EURO STOXX 50 UCITS ETF DR 28,886 GBP 1,131,596.88 1,113,266.44 1.4 LU0380865021 Frank Templ Bond I-Mdis-GBP-H1 206,665 GBP 2,205,675.05 2,002,583.85 2.4 LU0441901765 Lyxor FTSE Actuaries UK GILTS DR UCITS ETF 14,339 GBP 2,014,532.23 1,956,269.77 2.4 LU1407892592 RWC Cont Europ Eq -C GBP- 17,525 GBP 1,721,555.76 1,558,981.94 1.9 LU1744750677 RWC Glb EM -B- 12,202 GBP 2,148,431.40 1,941,673.76 2.4 LU1324052809

18 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Balanced Fund

Composition of Portfolio (continued) as at December 31, 2018

Security Description Quantity / Ccy Cost in GBP Valuation in %-NAV Face value GBP

Schroder International Selection Fund - Asian Total Return 10,829 GBP 3,168,200.15 3,460,719.91 4.2 LU0378802051 Total Luxembourg 12,770,139.26 12,366,966.06 15.0 Total Units/Shares of non-Group investment funds 74,921,152.73 76,637,950.02 93.0 Total Investment fund units/shares 74,921,152.73 76,637,950.02 93.0 TOTAL SECURITIES 74,921,152.73 76,637,950.02 93.0 TOTAL INVESTMENT PORTFOLIO 74,921,152.73 76,637,950.02 93.0

19 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Cautious Fund Statement of Net Assets as at December 31, 2018 Note GBP

ASSETS Investment portfolio at market value 35,205,702.35 Cost 36,501,369.76 Cash held with custodian bank 1,405,530.00 Dividends receivable 51,286.27 Formation expenses (8) 3,236.79 Reimbursement receivable (6) 32,624.66 TOTAL ASSETS 36,698,380.07 LIABILITIES Payables on redemptions -549.98 Accrued expenses (6) -32,624.66 Unrealised loss on forward foreign exchange contracts (12) -33,663.36 Other liabilities -70,722.89 TOTAL LIABILITIES -137,560.89 Total net assets 36,560,819.18

Net assets per share Class A EUR ( EUR) 97.71 Class A GBP ( GBP) 103.09 Class A SGD ( SGD) 100.42 Class A USD ( USD) 104.12 Class D GBP ( GBP) 98.62 Class D USD ( USD) 99.95 Class E GBP ( GBP) - Number of shares Class A EUR 18,969.714 Class A GBP 256,260.773 Class A SGD 32,333.922 Class A USD 62,280.078 Class D GBP 12,558.137 Class D USD 3,538.806 Class E GBP -

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

20 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Cautious Fund Statement of Changes in Net Assets for the Period from July 1, 2018 to December 31, 2018 Note GBP

Net assets at the beginning of the Period 42,971,691.01 Subscriptions Class A EUR 103,851.42 Class A GBP 2,038,839.37 Class A SGD 724,108.77 Class A USD 940,439.80 Class D GBP 815,746.02 Class D USD 15,542.97 Class E GBP 0.00 Redemptions Class A EUR -360,145.97 Class A GBP -6,104,060.34 Class A SGD 0.00 Class A USD -2,896,825.79 Class D GBP -174,300.54 Class D USD -91,430.84 Class E GBP -65,659.53 Result for the period -1,356,977.17 NET ASSETS AT THE END OF THE PERIOD 36,560,819.18

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

21 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Cautious Fund Changes in the Number of Shares in Issue

Class A EUR Shares in issue at the beginning of the period 21,842.990 Number of shares subscribed 1,123.942 Number of shares redeemed -3,997.218 Shares in issue at the end of the period 18,969.714 Class A GBP Shares in issue at the beginning of the period 294,406.749 Number of shares subscribed 19,000.300 Number of shares redeemed -57,146.276 Shares in issue at the end of the period 256,260.773 Class A SGD Shares in issue at the beginning of the period 20,142.712 Number of shares subscribed 12,191.210 Number of shares redeemed 0.000 Shares in issue at the end of the period 32,333.922 Class A USD Shares in issue at the beginning of the period 85,756.232 Number of shares subscribed 11,265.127 Number of shares redeemed -34,741.281 Shares in issue at the end of the period 62,280.078 Class D GBP Shares in issue at the beginning of the period 6,193.394 Number of shares subscribed 8,074.669 Number of shares redeemed -1,709.926 Shares in issue at the end of the period 12,558.137 Class D USD Shares in issue at the beginning of the period 4,491.829 Number of shares subscribed 189.915 Number of shares redeemed -1,142.938 Shares in issue at the end of the period 3,538.806 Class E GBP Shares in issue at the beginning of the period 639.024 Number of shares subscribed 0.000 Number of shares redeemed -639.024 Shares in issue at the end of the period 0.000

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

22 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Cautious Fund Statement of Operations for the Period from July 1, 2018 to December 31, 2018 Note GBP

INCOME Dividends 833,767.61 TOTAL INCOME 833,767.61 CHARGES Management company fee (4) -354,952.01 Depositary bank fee (5) -33,465.91 Directors fee (16) -3,287.43 Amortization of formation expenses -908.99 Taxe d'abonnement (7) -8,929.35 Audit fees -4,170.09 Expense reimbursed or waived (6) 13,463.66 Other charges (6) -46,691.31 TOTAL CHARGES -438,941.43 Net income 394,826.18 Realised profit on investments 106,590.57 Realised loss on investments -131,922.73 Realised profit on foreign exchange -0.04 Realised loss on foreign exchange 4.57 Realised profit on forward foreign exchange contracts 502,503.69 Realised loss on forward foreign exchange contracts -76,129.65 Net Realised Result 795,872.59 Net change in unrealised profit / loss -2,152,849.76 Result for the period -1,356,977.17

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

23 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Cautious Fund

Composition of Portfolio as at December 31, 2018

Security Description Quantity / Ccy Cost in GBP Valuation in %-NAV Face value GBP

SECURITIES

Exchange-traded securities Equities

Great Britain AEW UK REIT PLC 278,128 GBP 271,948.15 249,480.82 0.7 GB00BWD24154 LXI REIT 481,741 GBP 503,068.16 580,497.91 1.6 GB00BYQ46T41 Total Great Britain 775,016.31 829,978.73 2.3 Total Equities 775,016.31 829,978.73 2.3 Total Exchange-traded securities 775,016.31 829,978.73 2.3

Investment fund units/shares Units/Shares of non-Group investment funds

Great Britain Aviva Investors - Multi-Strategy Target Income Fund 648,607 GBP 644,484.69 532,441.49 1.5 GB00BQSBPF62 BlackRock Continental European Income Fund 703,948 GBP 1,013,505.55 977,783.77 2.7 GB00B3Y7MQ71 Capita Financial - CF Woodford Equity Income Fund 1,161,998 GBP 1,391,513.93 1,089,837.92 3.0 GB00BLRZQ620 CC Japan Income & Growth Trust plc 603,741 GBP 824,638.22 875,424.45 2.4 GB00BYSRMH16 CF Miton UK Multi Cap Income Fund 626,434 GBP 1,161,383.42 1,121,003.64 3.1 GB00B4M24M14 Fidelity Investment Funds ICVC - Global Enhanced Income 775,517 GBP 970,835.00 1,011,274.17 2.8 Fund GB00BD1NLJ41 Fidelity Investment Funds ICVC - Strategic Bond Fund 1,277,272 GBP 1,568,446.89 1,508,458.23 4.1 GB00B469J896 Henderson UK & Europe Funds - Strategic Bond Fund 1,418,274 GBP 1,913,484.84 1,857,938.98 5.1 GB0007502080 JPMorgan Fund ICVC - US Equity Income Fund 473,992 GBP 1,254,846.23 1,398,276.40 3.8 GB00B3FJQ599 Legg Mason IF ClearBridge US Equity Income Fund 0 GBP 0.03 0.03 0.0 GB00B3NQ7J33 Mellon Investments Funds ICVC - Newton Global Income 830,849 GBP 1,232,170.18 1,286,403.51 3.5 Fund GB00B8BQG486 MI Chelverton UK Equity Income Fund 970,359 GBP 1,075,176.76 1,064,932.13 2.9 GB00B1FD6467 MI TwentyFour - Monument Bond Fund 1,889,002 GBP 1,912,219.50 1,934,563.25 5.3 GB00BDD9NH27 Schroder Asian Income Maximiser Fund 1,799,863 GBP 982,947.11 955,547.27 2.6 GB00B52QVQ30 Schroder Income Maximiser 2,346,996 GBP 1,217,951.62 1,156,130.23 3.2 GB00B53FRD82 Schroder Strategic Credit Fund 1,921,944 GBP 1,872,020.13 1,799,131.78 4.9 GB00B11DP098 Schroder US Eq Inc MAX -Q- GBP 2,626,883 GBP 1,326,288.12 1,286,647.29 3.5 GB00BDZTQN75

24 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Cautious Fund

Composition of Portfolio (continued) as at December 31, 2018

Security Description Quantity / Ccy Cost in GBP Valuation in %-NAV Face value GBP

Standard Life Investment Co - European Equity Income 1,136,481 GBP 995,378.02 944,870.30 2.6 GB00B3L7S958 SVS Church House Investment Grade Fixed Interest Fund 1,308,810 GBP 1,510,607.13 1,473,720.06 4.0 GB0004743828 Threadneedle Specialist Investment Funds ICVC - UK 997,233 GBP 1,406,182.33 1,275,959.62 3.5 Equity Alpha Income Fund GB00B88P6D76 Total Great Britain 24,274,079.70 23,550,344.52 64.4

Guernsey F&C Commercial Property Trust Ltd 316,707 GBP 424,696.93 394,616.92 1.1 GG00B4ZPCJ00 HICL Infrastructure Co Ltd/Fund 283,504 GBP 454,116.08 447,085.81 1.2 GB00B0T4LH64 International Public Partnerships Ltd 293,796 GBP 442,138.73 450,095.47 1.2 GB00B188SR50 Total Guernsey 1,320,951.74 1,291,798.20 3.5

Ireland Active Glb High Inc Bd -E5-GBP 11,616 GBP 1,159,046.65 988,521.60 2.7 IE00BG063886 iShares Core FTSE 100 UCITS ETF GBP Dist 56,121 GBP 426,524.34 373,429.13 1.0 IE0005042456 iShares Corp Bond 0-5yr UCITS ETF GBP Dist 6,785 GBP 721,359.66 705,300.75 1.9 IE00B5L65R35 Royal London Asset Management Bond Funds PLC - 1,396,448 GBP 1,407,061.35 1,465,013.60 4.0 Sterling Extra Yield Bond Fund IE00BG5GTJ66 Royal London Short Duration Global High Yield Bond 1,863,022 GBP 1,745,205.39 1,625,673.00 4.4 Fund IE00B979BF49 Vanguard FTSE EM ETF USD 14,164 GBP 645,575.14 585,079.43 1.6 IE00B3VVMM84 Coupland Cardiff Japan Inc JPY 41,045 JPY 336,162.08 312,418.75 0.9 IE00B886Z009 Total Ireland 6,440,934.61 6,055,436.26 16.6

Jersey GCP Asset Inc GBP 200,000 GBP 214,188.79 209,000.00 0.6 JE00BYXX8B08 GCP Infrastructure Investments Ltd 383,304 GBP 471,861.72 487,562.69 1.3 JE00B6173J15 Total Jersey 686,050.51 696,562.69 1.9

Luxembourg BBGI SICAV S.A. -Ordinary- 176,000 GBP 261,255.80 230,875.22 0.6 LU0686550053 Capital International Portfolios SICAV-Capital Group 82,500 GBP 674,867.65 631,950.00 1.7 Emerging Markets Total LU0815118533 Frank Templ Bond I-Mdis-GBP-H1 111,707 GBP 1,211,568.66 1,082,440.83 3.0 LU0441901765

25 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Cautious Fund

Composition of Portfolio (continued) as at December 31, 2018

Security Description Quantity / Ccy Cost in GBP Valuation in %-NAV Face value GBP

Lyxor FTSE Actuaries UK GILTS DR UCITS ETF 6,130 GBP 856,644.78 836,315.90 2.3 LU1407892592 Total Luxembourg 3,004,336.89 2,781,581.95 7.6 Total Units/Shares of non-Group investment funds 35,726,353.45 34,375,723.62 94.0 Total Investment fund units/shares 35,726,353.45 34,375,723.62 94.0 TOTAL SECURITIES 36,501,369.76 35,205,702.35 96.3 TOTAL INVESTMENT PORTFOLIO 36,501,369.76 35,205,702.35 96.3

26 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Growth Fund Statement of Net Assets as at December 31, 2018 Note GBP

ASSETS Investment portfolio at market value 15,489,919.44 Cost 15,600,536.05 Cash held with custodian bank 1,177,001.68 Dividends receivable 10,504.75 Receivables deferred subscription fees 164,583.14 Formation expenses (8) 1,222.56 Reimbursement receivable (6) 56,711.99 TOTAL ASSETS 16,899,943.56 LIABILITIES Payables on redemptions -61,830.94 Liabilities securing receivables -737.73 Accrued expenses (6) -56,711.99 Unrealised loss on forward foreign exchange contracts (12) -26,652.99 Other liabilities -52,473.97 TOTAL LIABILITIES -198,407.62 Total net assets 16,701,535.94

Net assets per share Class A EUR ( EUR) 94.18 Class A GBP ( GBP) 105.17 Class A SGD ( SGD) 104.96 Class A USD ( USD) 105.73 Class D GBP ( GBP) 101.49 Class D USD ( USD) 101.83 Class Z GBP ( GBP) 90.00 Class Z USD ( USD) 91.22 Number of shares Class A EUR 6,454.259 Class A GBP 82,800.632 Class A SGD 9,034.621 Class A USD 38,047.167 Class D GBP 3,201.798 Class D USD 2,937.533 Class Z GBP 21,017.693 Class Z USD 18,029.915

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

27 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Growth Fund Statement of Changes in Net Assets for the Period from July 1, 2018 to December 31, 2018 Note GBP

Net assets at the beginning of the Period 14,658,323.25 Subscriptions Class A EUR 343,501.10 Class A GBP 1,533,485.16 Class A SGD 33,665.45 Class A USD 757,048.38 Class D GBP 252,936.84 Class D USD 130,136.15 Class Z GBP 2,266,098.56 Class Z USD 1,442,886.92 Redemptions Class A EUR -280,105.11 Class A GBP -1,368,353.84 Class A SGD -329,938.22 Class A USD -1,004,825.08 Class D GBP -2,499.99 Class D USD 0.00 Class Z GBP -166,535.95 Class Z USD -58,800.93 Result for the period -1,505,486.75 NET ASSETS AT THE END OF THE PERIOD 16,701,535.94

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

28 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Growth Fund Changes in the Number of Shares in Issue

Class A EUR Shares in issue at the beginning of the period 5,955.393 Number of shares subscribed 3,712.866 Number of shares redeemed -3,214.000 Shares in issue at the end of the period 6,454.259 Class A GBP Shares in issue at the beginning of the period 81,480.535 Number of shares subscribed 13,402.380 Number of shares redeemed -12,082.283 Shares in issue at the end of the period 82,800.632 Class A SGD Shares in issue at the beginning of the period 13,775.802 Number of shares subscribed 510.160 Number of shares redeemed -5,251.341 Shares in issue at the end of the period 9,034.621 Class A USD Shares in issue at the beginning of the period 40,662.927 Number of shares subscribed 8,783.914 Number of shares redeemed -11,399.674 Shares in issue at the end of the period 38,047.167 Class D GBP Shares in issue at the beginning of the period 941.766 Number of shares subscribed 2,283.305 Number of shares redeemed -23.273 Shares in issue at the end of the period 3,201.798 Class D USD Shares in issue at the beginning of the period 1,418.582 Number of shares subscribed 1,518.951 Number of shares redeemed 0.000 Shares in issue at the end of the period 2,937.533 Class Z GBP Shares in issue at the beginning of the period 0.000 Number of shares subscribed 22,722.906 Number of shares redeemed -1,705.213 Shares in issue at the end of the period 21,017.693 Class Z USD Shares in issue at the beginning of the period 0.000 Number of shares subscribed 18,816.052 Number of shares redeemed -786.137 Shares in issue at the end of the period 18,029.915

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

29 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Growth Fund Statement of Operations for the Period from July 1, 2018 to December 31, 2018 Note GBP

INCOME Dividends 75,970.21 Other income 31.29 TOTAL INCOME 76,001.50 CHARGES Bank interest -0.02 Management company fee (4) -143,125.02 Depositary bank fee (5) -13,119.30 Directors fee (16) -1,338.44 Amortization of formation expenses (8) -320.67 Taxe d'abonnement (7) -3,663.12 Audit fees -2,023.44 Deferred subscription fees -10,591.34 Expense reimbursed or waived (6) 31,286.98 Other charges (6) -44,169.13 TOTAL CHARGES -187,063.50 Net income -111,062.00 Realised profit on investments 5,072.94 Realised loss on investments -54,748.82 Realised profit on forward foreign exchange contracts 308,781.22 Realised loss on forward foreign exchange contracts -87,973.33 Net Realised Result 60,070.01 Net change in unrealised profit / loss -1,565,556.76 Result for the period -1,505,486.75

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

30 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Growth Fund

Composition of Portfolio as at December 31, 2018

Security Description Quantity / Ccy Cost in GBP Valuation in %-NAV Face value GBP

SECURITIES

Investment fund units/shares Units/Shares of non-Group investment funds

Great Britain Artemis US Extended Alpha Fund 307,383 GBP 541,920.00 599,027.99 3.6 GB00BMMV5G59 Baillie Gifford Japanese -B- 19,430 GBP 308,269.61 282,512.20 1.7 GB0006011133 Baillie Gifford Overseas Growth Funds ICVC - American 73,531 GBP 361,299.85 501,040.23 3.0 Fund GB0006061963 Baring Europe Select Trust 9,314 GBP 320,364.39 335,024.58 2.0 GB00B7NB1W76 CF Miton UK Smaller Companies Fund 179,129 GBP 375,975.90 396,537.87 2.4 GB00B8JWZP29 F&C True Styles Portfolios ICVC - Global Equity Market 542,944 GBP 324,737.88 334,127.74 2.0 Neutral Fund GB00BY7S9L81 Fidelity Investment Funds ICVC - Strategic Bond Fund 316,263 GBP 388,635.83 373,506.13 2.2 GB00B469J896 FP Crux European Special Situations Fund 162,154 GBP 401,670.61 395,322.21 2.4 GB00BTJRQ064 Invesco P Far Est Asia -Z- GBP 132,692 GBP 552,904.69 519,794.37 3.1 GB00B8N44Q86 Investec UK Alpha -J- Net GBP 628,538 GBP 795,786.43 755,628.91 4.5 GB00BJFLDM36 Jupiter European Opportunities Trust PLC 66,843 GBP 400,554.05 453,863.97 2.7 GB0000197722 Legg Mason IF ClearBridge US Equity Income Fund 3 GBP 6.24 6.46 0.0 GB00B3NQ7J33 Liontrust Special Situations Fund 203,744 GBP 774,028.42 781,073.00 4.7 GB00B57H4F11 Old Mutal Nth Am Equity -U1- 297,422 GBP 588,832.92 585,326.50 3.5 GB00BHBX8800 River Mercantile Glb Reco -S- 152,446 GBP 357,487.49 321,740.18 1.9 GB00BG21HL25 Schroder Japan Growth Fund PLC 53,217 GBP 99,219.79 98,185.37 0.6 GB0008022849 Scottish Mortgage Investment Trust PLC 65,707 GBP 252,364.12 306,818.84 1.8 GB00BLDYK618 SVS Church House Investment Grade Fixed Interest Fund 238,179 GBP 276,465.92 268,189.55 1.6 GB0004743828 Threadneedle Specialist Investment Funds ICVC - UK 630,259 GBP 885,655.62 806,416.39 4.8 Equity Alpha Income Fund GB00B88P6D76 Total Great Britain 8,006,179.76 8,114,142.49 48.6

Guernsey HICL Infrastructure Co Ltd/Fund 92,242 GBP 150,175.17 145,465.63 0.9 GB00B0T4LH64 International Public Partnerships Ltd 62,741 GBP 97,501.10 96,119.21 0.6 GB00B188SR50 Total Guernsey 247,676.27 241,584.84 1.4

31 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Growth Fund

Composition of Portfolio (continued) as at December 31, 2018

Security Description Quantity / Ccy Cost in GBP Valuation in %-NAV Face value GBP

Ireland Brown Adv Glb Leaders -C- GBP 53,365 GBP 579,008.83 536,851.90 3.2 IE00BYJQVN63 iShares Core FTSE 100 UCITS ETF GBP Dist 112,109 GBP 809,240.64 745,973.29 4.5 IE0005042456 iShares Corp Bond 0-5yr UCITS ETF GBP Dist 2,435 GBP 258,032.36 253,118.25 1.5 IE00B5L65R35 iShares NASDAQ 100 UCITS ETF USD Acc 1,434 GBP 334,781.72 397,361.40 2.4 IE00B53SZB19 J O Hambro Capital Management Umbrella Fund PLC - 94,685 GBP 233,631.26 208,401.69 1.2 Japan Fund IE0034388797 KLS Sloane Robin EM -SI- GBP 4,575 GBP 595,690.50 471,989.03 2.8 IE00BYQ00905 Legg Mason Global Funds PLC - Royce US Small Cap 1,670 GBP 310,891.13 282,898.00 1.7 Opportunity Fund IE00B9778242 Lindsell Train Global Equity Fund 118,761 GBP 282,255.94 383,966.19 2.3 IE00B3NS4D25 NB Uncorr Strat -I- GBP 28,741 GBP 299,925.86 291,721.15 1.7 IE00BF47M490 Vanguard S&P 500 UCITS ETF 13,600 GBP 502,484.89 506,124.00 3.0 IE00B3XXRP09 Brown Advisory US Flexible Equity Fund 55,383 USD 572,805.49 609,672.43 3.7 IE00BJ357S15 Source Physical Gold P-ETC 3,519 USD 333,066.34 344,968.85 2.1 IE00B579F325 Total Ireland 5,111,814.96 5,033,046.18 30.1

Jersey GCP Infrastructure Investments Ltd 108,864 GBP 137,235.13 138,475.01 0.8 JE00B6173J15 Total Jersey 137,235.13 138,475.01 0.8

Luxembourg BBGI SICAV S.A. -Ordinary- 58,000 GBP 85,051.16 76,083.88 0.5 LU0686550053 db x-trackers EURO STOXX 50 UCITS ETF DR 6,889 GBP 279,766.07 265,502.06 1.6 LU0380865021 Lyxor FTSE Actuaries UK GILTS DR UCITS ETF 1,827 GBP 255,042.07 249,257.61 1.5 LU1407892592 RWC Cont Europ Eq -C GBP- 4,315 GBP 433,603.75 383,852.04 2.3 LU1744750677 RWC Glb EM -B- 2,901 GBP 519,851.07 461,628.88 2.8 LU1324052809

32 VAM Managed Funds (Lux)

VAM Managed Funds (Lux) - Close Brothers Growth Fund

Composition of Portfolio (continued) as at December 31, 2018

Security Description Quantity / Ccy Cost in GBP Valuation in %-NAV Face value GBP

Schroder International Selection Fund - Asian Total Return 1,647 GBP 524,315.81 526,346.45 3.2 LU0378802051 Total Luxembourg 2,097,629.93 1,962,670.92 11.8 Total Units/Shares of non-Group investment funds 15,600,536.05 15,489,919.44 92.7 Total Investment fund units/shares 15,600,536.05 15,489,919.44 92.7 TOTAL SECURITIES 15,600,536.05 15,489,919.44 92.7 TOTAL INVESTMENT PORTFOLIO 15,600,536.05 15,489,919.44 92.8

33 VAM Managed Funds (Lux)

otes to the Unaudited Semi-Annual Report for the period from July 1, 2018 to December 31, 2018

1. Organisation and objective of the company

VAM Managed Funds (Lux) (the “Fund”) is an open-ended investment fund organised as a “société anonyme” under the laws of the Grand Duchy of Luxembourg and qualifies as a “société d’investissement à capital variable” (“SICAV”). The Fund is subject to Part I of the amended law to Undertakings for Collective Investment dated December 17, 2010 (the “2010 Law”). It has been established for an unlimited period.

The Fund operates four separate compartment (the “Compartment”), each of which is represented by one or more classes of shares (each such class being a “Class of Shares”). These four Compartments are distinguished by their specific investment policy or any other specific feature. The Fund constitutes a single legal entity, but the assets of the Compartment shall be invested for the exclusive benefit of the Shareholders of the Compartment and the assets of the Compartment are solely accountable for the liabilities, commitments and obligations of that Compartment.

With effect from September 1, 2016 the Board of Directors has appointed VAM Global Management Company SA as the Management Company of the Company to be responsible on a day-to-day basis, under the supervision of the Board of Directors, for providing administration, marketing and investment management in respect of all Funds.

The Management Company is a public limited company ( “société anonyme” ) incorporated on June 9, 2016. Its registered office is at 16, rue Jean-Pierre Brasseur, L-1258 Luxembourg, Grand Duchy of Luxembourg and its share capital amounted to EUR 300,000 as at that date.

The Management Company has been set up with the main object of creating and administering UCITS or equivalent. It may manage the portfolio of such investment funds and perform all the functions enumerated in Annex II of the 2010 Law. In addition, it may distribute in Luxembourg and/or third countries the parts and shares of investment funds. It may delegate all or part only of its activities in accordance with Luxembourg law.

Class A Shares may be subscribed by institutional and non-institutional investors under the meaning of the 2010 Law, subject to the minimum initial subscription and holding requirements set forth in the prospectus of the Fund.

Class D Shares may only be subscribed by Investors qualifying as institutional investors under the meaning of the 2010 Law, subject to the minimum initial subscription and holding requirements set forth in the prospectus of the Fund.

Class E Shares may only be subscribed by Investors qualifying as institutional investors, subject to the minimum initial subscription and holding requirements set forth in the prospectus of the Fund.

As of December 31, 2018, the following Classes of Shares were active:

• VAM Managed Funds (Lux) - Driehaus Fund Class A Shares in EUR Class A Shares in GBP Class A Shares in USD Class D Shares in GBP Class D Shares in USD Class Z Shares in GBP Class Z Shares in USD

• VAM Managed Funds (Lux) - Close Brothers Balanced Fund Class A Shares in EUR Class A Shares in GBP Class A Shares in SGD Class A Shares in USD Class D Shares in EUR Class D Shares in GBP Class D Shares in USD Class E Shares in GBP Class E Shares in USD Class Z Shares in CHF

34 VAM Managed Funds (Lux)

1. Organisation and objective of the company (continued)

Class Z Shares in GBP Class Z Shares in USD

• VAM Managed Funds (Lux) - Close Brothers Cautious Fund Class A Shares in EUR Class A Shares in GBP Class A Shares in SGD Class A Shares in USD Class D Shares in GBP Class D Shares in USD

• VAM Managed Funds (Lux) - Close Brothers Growth Fund Class A Shares in EUR Class A Shares in GBP Class A Shares in SGD Class A Shares in USD Class D Shares in GBP Class D Shares in USD Class Z Shares in GBP Class Z Shares in USD

2. Summary of significant accounting policies

The financial statements of the Fund have been prepared in accordance with Luxembourg legal and regulatory requirements applicable to investment funds. The following is a summary of significant accounting policies followed by the Fund. a) Foreign currency translation

For the preparation of the combined financial statements as of June 30, 2018 in USD, the statements of each Compartment denominated in currencies other than USD (the “reference currency”) are translated at the exchange rates prevailing as at period- end (please refer to Note 10). Combined statements are obtained by the arithmetic sum of statements of each individual Compartment.

In each Compartment, investments as well as other assets and liabilities stated in foreign currencies are translated into the reference currency at the exchange rates prevailing as at year-end. The costs of investments are at historical exchange rates. Transactions in foreign currency during the year are translated at the rates prevailing at the date of transaction. Realised and unrealised exchange gains and losses, if any, are recorded in the Statement of Operations of each Compartment. b) Investments

The value of securities, which are dealt in on a stock exchange or dealt in on another regulated market providing reliable price quotations are valued at the latest price available on the valuation day. In the event that any securities held in the portfolio are not listed on any stock exchange or not traded on any other regulated market or if the price obtained as described above is not representative of the fair market value of the securities, the value of such securities will be based on the reasonably foreseeable sales price determined prudently and in good faith by the Board of Directors of the Fund.

Shares in investment funds are valued on the basis of the net asset value per share of such funds as of valuation date as confirmed by the administration agents or other representatives of such funds. In instances where no such values are available, the funds are valued either at estimated net asset values per share, as made available by the respective administration agents or fund representatives, or at the latest available published net asset values per share. Such values may significantly differ from price quotes, which would have been determined as of year-end date.

In general, the net asset values per share applied for the purpose of valuing investment funds are derived from unaudited financial statements provided by the respective funds or agents. The value attributed to the underlying investment funds may differ from the value that would have been used had underlying audited financial statements of such investments been available and such difference could be material.

The cost of investments sold is determined on the basis of the weighted average price method.

35 VAM Managed Funds (Lux)

2. Summary of significant accounting policies (continued) c) Forward foreign exchange contracts

Outstanding forward foreign exchange contracts as of year-end are valued based on forward market rates for the remaining period up to final maturity. Realised and unrealised exchange gains and losses, if any, are recorded in the Statement of Operations of each Compartment. To the extent that forward foreign exchange contracts are contracted to hedge the currency exposure of a given Class of Shares, such results are directly attributed to that respective Class of Shares. d) Income recognition

Interest income is accounted for on an accrual basis. Dividends are accrued on the date upon which the relevant security becomes ex-dividend. These are accounted for net of any applicable withholding taxes in the relevant country.

3. et asset value a) Computation

The net asset value of a share in each Compartment will be calculated by dividing the net assets attributable to that Class of Share by the total number of shares outstanding of that Class of Share. The net assets of a Compartment correspond to the difference between the total assets and the total liabilities of the Compartment. b) Redemption of shares

Each Shareholder of any Class of Shares of a Compartment has the right to request at any time the redemption of his/her shares at an amount equal to the net asset value of the relevant Class of Shares of the Compartment as described in the preceding paragraph.

For each Compartment, the Fund may temporarily suspend the calculation of the net asset value per share, the redemption and the conversion of shares under certain well defined circumstances as disclosed in the prospectus of the Fund.

VAM Managed Funds (Lux) - Driehaus Fund is investing part of its assets in various compartments of VAM Funds (Lux) (as detailed in Note 13) and no subscription or redemption fees are charged to the Compartment on account of its investments in the Class C Shares of various compartments of VAM Funds (Lux).

4. Management Company fees

Since September 1, 2016, VAM Global Management Company SA has been appointed to select the investment managers for the Compartments and receives the following fees:

1.75% p.a. for Class A Shares; 0.85% p.a. for Class D Shares; 1.00% p.a. for Class E Shares; and 1.75% p.a. for Class Z Shares.

5. Depositary bank fees

Since September 1, 2016, the Fund pays the Depositary bank fee to VP Bank (Luxembourg) SA in accordance with the following scale of fees, calculated as a percentage per year of the average total net assets of the daily Compartments:

VAM Managed Funds (Lux) - Driehaus Fund 0.02% p.a. VAM Managed Funds (Lux) - Close Brothers Balanced Fund 0.04% p.a. VAM Managed Funds (Lux) - Close Brothers Cautious Fund 0.04% p.a. VAM Managed Funds (Lux) - Close Brothers Growth Fund 0.04% p.a.

This fee is subject to a minimum fee of USD 18,000.- p.a. per Sub-Fund of the Fund.

6. Administration fees

For the administration of Classes of Shares denominated in currencies other than the Compartment base currency, VP Fund Solutions (Luxembourg) SA is charging EUR 10,000 p.a. to each hedged Class of Share. These Administration fees are included in Other charges in the Statement of Operations.

36 VAM Managed Funds (Lux)

6. Administration fees (continued)

For the administration of the Z Class of Shares incorporating a deferred sales charge, which the Fund launched on 1 July 2018, VP Fund Solutions (Luxembourg) SA, charged EUR 14,500 as administrative set up costs and is charging EUR 40,000 p.a. administrative service charge across all Z Class of Shares. These Administration fees are included in Other charges in the Statement of Operations.

VAM Global Management Company SA has agreed to consider subsidizing all or part of these Administration fees whilst any Class of Share denominated in any currency has assets under management less than USD 5,000,000 (or currency equivalent).

For the period ending December 31, 2018, VAM Global Management Company SA subsidized these Administration fees, for the following Classes of Shares, as follows:

VAM Managed Funds (Lux) - Driehaus Fund - D GBP EUR 5,000.00 VAM Managed Funds (Lux) - Driehaus Fund - Z GBP EUR 9,511.92 VAM Managed Funds (Lux) - Driehaus Fund - Z USD EUR 4,928.57 VAM Managed Funds (Lux) - Close Brothers Balanced Fund - D EUR EUR 5,000.00 VAM Managed Funds (Lux) - Close Brothers Balanced Fund - D USD EUR 5,000.00 VAM Managed Funds (Lux) - Close Brothers Balanced Fund - E USD EUR 5,000.00 VAM Managed Funds (Lux) - Close Brothers Balanced Fund - Z CHF EUR 9,928.56 VAM Managed Funds (Lux) - Close Brothers Balanced Fund - Z USD EUR 9,928.56 VAM Managed Funds (Lux) - Close Brothers Balanced Fund - Z GBP EUR 4,928.57 VAM Managed Funds (Lux) - Close Brothers Cautious Fund - A EUR EUR 5,000.00 VAM Managed Funds (Lux) - Close Brothers Cautious Fund - A SGD EUR 5,000.00 VAM Managed Funds (Lux) - Close Brothers Cautious Fund - D USD EUR 5,000.00 VAM Managed Funds (Lux) - Close Brothers Growth Fund - A EUR EUR 5,000.00 VAM Managed Funds (Lux) - Close Brothers Growth Fund - A SGD EUR 5,000.00 VAM Managed Funds (Lux) - Close Brothers Growth Fund - A USD EUR 5,000.00 VAM Managed Funds (Lux) - Close Brothers Growth Fund - D USD EUR 5,000.00 VAM Managed Funds (Lux) - Close Brothers Growth Fund - Z USD EUR 9,928.56 VAM Managed Funds (Lux) - Close Brothers Growth Fund - Z GBP EUR 4,928.57

These expenses borne by VAM Global Management Company SA are included in the Statement of Operations under Expenses reimbursed or waived. A reimbursement receivable is included in the Statement of Assets and Liabilities in Accrued expenses and other liabilities.

VAM Global Management Company SA may recoup fees and expenses subsidised, up to the end of the third fiscal year end following the date of subsidy, given that the relevant Share Class size of assets under management is above the value as agreed from time to time by the board of directors of the Fund. The current level of assets under management for each Share Class that triggers subsidy or reimbursement is USD 5,000,000.00 (or currency equivalent).

During the period ended December 31, 2018, no expenses subsidised were recouped by VAM Global Management Company SA from the three prior fiscal years.

7. Taxes

In accordance with the 2010 Law, the Fund is not subject to any tax on income, capital gains tax or wealth tax. Moreover, no dividends distributed by the Fund, if any, are subject to withholding tax.

However, income collected by the Fund on securities in its portfolios may be subject to withholding tax which, in normal circumstances, cannot be reclaimed.

The Fund is only subject to the Luxembourg subscription tax (“taxe d’abonnement”) payable quarterly, at a rate of 0.05% per annum based on the net asset value of the Compartment at the end of the relevant quarter, calculated and paid quarterly. In respect of any Class of Shares which comprises only institutional investors (within the meaning of article 174 of the 2010 Law), the tax levied will be at the rate of 0.01% per annum. The tax is not levied on the part of assets invested in funds already subject to that tax.

8. Formation expenses

The costs and expenses incurred in connection with the formation of the Fund respectively in connection with the launching of new Compartments or Classes of Shares are amortised over a period of 5 years.

37 VAM Managed Funds (Lux)

9. Transaction costs

In accordance with the 2010 Law, the transaction costs are included within the costs of securities when securities are purchased and in the net realised on investments when securities are sold during the reporting year. A portion of these transaction costs being invoiced by sub-custodians are reflected in the Statement of Operations (included in "Other charges").

For the period ended December 31, 2018 the transaction costs amounted to:

- USD 2,790.33 (0.00% of the average NAV) for VAM Managed Funds (Lux) - Driehaus Fund; - GBP 6,508.12 (0.01% of the average NAV) for VAM Managed Funds (Lux) - Close Brothers Balanced Fund; - GBP 7,769.63 (0.02% of the average NAV) for VAM Managed Funds (Lux) - Close Brothers Cautious Fund; and - GBP 5,187.09 (0.05% of the average NAV) for VAM Managed Funds (Lux) - Close Brothers Growth Fund.

10. Exchange rates

The exchange rates used as of December 31, 2018 are:

1 USD = EUR 0.87478 1 USD = GBP 0.78518 1 GBP = JPY 139.73288 1 GBP = EUR 1.11411 1 GBP = CHF 1.2555 1 GBP = SGD 1.73579 1 GBP = USD 1.27358

11. Performance fee

In addition to the Management Company fee, a performance fee was entitled to the Management Company on a quarterly basis in relation to Class A and Class D Shares for each Compartment except VAM Managed Funds (Lux) - Driehaus Fund. The performance fee is calculated and due in relation of each Valuation Day for each Share and fraction thereof in issue at the rate of 10% of the difference – if positive – between:

− the Net asset value per Share before deduction of the daily performance fee to be calculated, but after deduction of all other fees attributable to the respective Class of Shares, including but not limited to advisory fees; and − the greater of (“High Water Mark”) i) the highest Net Asset Value per Share of the Class recorded on any preceding day during the same financial year of the Fund, and ii) the last Net Asset Value per Share of the Class recorded for the immediately preceding financial year of the Fund, each of them increased on a prorata temporis basis by a rate of 6% p.a. (the “hurdle rate”).

In relation to Classes of Shares launched during the financial year of a Fund, the initial High Water Mark shall be equal to the initial subscription price of such Class of Shares. Performance of Classes of Shares in currencies other than the reference currency of the relevant Fund shall be measured in the currency of such Classes of Shares.

For the period ended December 31, 2018, no performance fee was paid.

12. Forward foreign exchange contracts

As of December 31, 2018, the following forward foreign exchange contracts were open and were only invested in to hedge the Classes of shares denominated in currencies other than the compartment base currency:

The counterparty for all the financial derivative instruments listed in the table below is VP Bank (Luxembourg) SA.

38 VAM Managed Funds (Lux)

12. Forward foreign exchange contracts (continued)

VAM Managed Funds (Lux) - Driehaus Fund

Currency Purchases Currency Sales Maturity Unrealised gains/losses (-) (in USD) USD 136,514.94 EUR 118,863.68 March 29, 2019 -409.86 GBP 1,742,885.29 USD 2,219,146.12 March 29, 2019 10,800.41 EUR 109,703.32 USD 126,564.72 March 29, 2019 -192.18 GBP 2,037.56 USD 2,610.32 March 29, 2019 -3.35 USD 128,053.40 GBP 100,677.24 March 29, 2019 -758.78 GBP 149,513.86 USD 190,464.81 March 29, 2019 831.72 EUR 5,355,712.48 USD 6,157,494.77 March 29, 2019 12,008.65 GBP 22,178,214.63 USD 28,238,633.55 March 29, 2019 137,435.12 TOTAL 159,711.73

VAM Managed Funds (Lux) - Close Brothers Balanced Fund

Currency Purchases Currency Sales Maturity Unrealised gains/losses (-) (in GBP) GBP 395,530.06 USD 502,323.17 March 29, 2019 2,923.42 USD 3,380.74 GBP 2,667.04 March 29, 2019 -24.72 CHF 573,457.20 GBP 459,353.73 March 29, 2019 -786.87 GBP 10,784.23 CHF 13,427.44 March 29, 2019 46.94 USD 3,073,673.38 GBP 2,415,357.92 March 29, 2019 -13,030.81 USD 21,504,145.16 GBP 16,898,414.65 March 29, 2019 -91,166.63 EUR 5,627,549.64 GBP 5,083,585.06 March 29, 2019 -16,866.59 GBP 24,405.60 USD 31,034.16 March 29, 2019 149.87 GBP 23,262.17 CHF 29,100.97 March 29, 2019 -8.51 GBP 123,926.71 USD 157,869.49 March 29, 2019 538.79 USD 66,226.44 GBP 52,068.09 March 29, 2019 -306.71 GBP 7,023.04 CHF 8,750.00 March 29, 2019 26.07 SGD 8,263,660.37 GBP 4,746,840.31 March 29, 2019 2,590.55 EUR 468,129.83 GBP 422,879.93 March 29, 2019 -1,403.05 CHF 174,999.96 GBP 140,822.37 March 29, 2019 -883.10 USD 1,026,125.81 GBP 806,351.49 March 29, 2019 -4,350.25 TOTAL -122,551.60

VAM Managed Funds (Lux) - Close Brothers Cautious Fund

Currency Purchases Currency Sales Maturity Unrealised gains/losses (-) (in GBP) USD 6,513,439.24 GBP 5,118,399.09 March 29, 2019 -27,613.67 SGD 3,307,020.87 GBP 1,899,630.34 March 29, 2019 1,036.71 GBP 44,464.38 EUR 49,191.70 March 29, 2019 175.03 EUR 1,901,305.96 GBP 1,717,523.82 March 29, 2019 -5,698.49 USD 355,170.24 GBP 279,100.33 March 29, 2019 -1,505.74 GBP 37,228.50 SGD 64,874.38 March 29, 2019 -57.20 TOTAL -33,663.36

39 VAM Managed Funds (Lux)

12. Forward foreign exchange contracts (continued)

VAM Managed Funds (Lux) - Close Brothers Growth Fund

Currency Purchases Currency Sales Maturity Unrealised gains/losses (-) (in GBP) USD 300,297.92 GBP 235,980.49 March 29, 2019 -1,273.11 GBP 67,850.78 USD 86,434.70 March 29, 2019 294.99 EUR 611,034.30 GBP 551,971.11 March 29, 2019 -1,831.36 SGD 952,403.98 GBP 547,082.61 March 29, 2019 298.56 USD 4,039,486.71 GBP 3,174,314.58 March 29, 2019 -17,125.37 USD 1,725.22 GBP 1,361.01 March 29, 2019 -12.61 USD 1,652,107.58 GBP 1,298,260.49 March 29, 2019 -7,004.09 TOTAL -26,652.99

13. Related party transactions

All transactions with related parties were entered into the ordinary course of business and under normal commercial terms. The related parties to the Fund are the Management Company and the Investment Managers. The fees for the related parties are described in the Notes 4 and 11.

As of December 31, 2018, there were no direct shareholdings in the Fund by any member of the Board of Directors of the Fund.

The Compartment VAM Managed Funds (Lux) - Driehaus Fund had invested in the following related compartments of VAM Funds (Lux):

ominal Value/ Description Market Value % of Quantity (USD) et Assets 1,029.681 VAM Funds (Lux) - Emerging Markets Growth Fund -C- (USD) 11,739,753.47 19.0 1,126.297 VAM Funds (Lux) - International Opportunities Fund -C- (USD) 11,445,452.64 18.5 2,452.260 VAM Funds (Lux) - US Large Cap Growth Fund -C- (USD) 11,390,477.95 18.4 658.106 VAM Funds (Lux) - US Micro Cap Growth Fund -C- (USD) 4,949,226.94 8.0 1,426.283 VAM Funds (Lux) - US Small Cap Growth Fund -C- (USD) 6,087,276.00 9.8 948.123 VAM Funds (Lux) - World Growth Fund -C- (USD) 11,364,268.65 18.4 4,359.208 VAM Lux US Mid Growth -C- 3,631,045.90 5.9 TOTAL 60,607,501.55 98.0

14. Risk Management Process

The global exposure of the Compartment is calculated using the commitment approach as detailed in applicable laws and regulations including but not limited to the CSSF Circular 11/512.

15. Corporate governance statement

The Board of Directors of the Fund confirms its adherence with the principles contained in the ALFI ( Association Luxembourgeoise des Fonds d’Investissements ) Code of Conduct for Luxembourg Investment Funds.

16. Director fees

The Fund is remunerating directors, representing an amount of USD 20,322.69, as included in the Statement of Operations.

17. Events

VAM Managed Funds (Lux) – Driehaus Fund:

The Share Class Z GBP was launched on July 12, 2018 at GBP 100.00. The Share Class Z USD was launched on July 9, 2018 at USD 100.00.

40 VAM Managed Funds (Lux)

17. Events (continued)

VAM Managed Funds (LUX) - Close Brothers Balance Fund:

The Share Class Z CHF was launched on July 5, 2018 at CHF 100.00. The Share Class Z GBP was launched on July 9, 2018 at GBP 100.00. The Share Class Z USD was launched on July 4, 2018 at USD 100.00.

VAM Managed Funds (LUX) - Close Brothers Growth Fund:

The Share Class Z GBP was launched on July 12, 2018 at GBP 100.00. The Share Class Z USD was launched on July 4, 2018 at USD 100.00.

41 VAM Managed Funds (Lux)

Statistical Information

Net assets Net assets Net assets Net assets per share per share per share Class A EUR Class A GBP Class A USD VAM Managed Funds (Lux) - Driehaus Fund June 30, 2016 USD 139,045,518.14 EUR 164.18 GBP 167.78 USD 98.05 June 30, 2017 USD 115,071,128.86 EUR 183.28 GBP 189.05 USD 111.63 June 30, 2018 USD 76,387,425.65 EUR 204.63 GBP 213.42 USD 128.33 December 31, 2018 USD 61,851,129.21 EUR 170.89 GBP 179.37 USD 109.08

Net assets Net assets Net assets Net assets per share per share per share per share Class D GBP Class D USD Class Z GBP Class Z USD VAM Managed Funds (Lux) - Driehaus Fund June 30, 2017 GBP 106.86 USD 106.89 GBP - USD - June 30, 2018 GBP 121.04 USD 123.67 GBP - USD - December 31, 2018 GBP 101.87 USD 105.46 GBP 81.76 USD 82.97

The Share Classes D GBP and D USD were launched on February 24, 2017. The Share Class Z GBP was launched on July 12, 2018. The Share Class Z USD was launched on July 9, 2018.

Net assets Net assets Net assets Net assets Net assets per share per share per share per share Class A EUR Class A GBP Class A SGD Class A USD VAM Managed Funds (Lux) - Close Brothers Balanced Fund June 30, 2016 GBP 18,767,454.51 EUR 97.54 GBP 102.50 SGD - USD 101.40 June 30, 2017 GBP 72,789,578.38 EUR 108.45 GBP 115.36 SGD 106.32 USD 114.23 June 30, 2018 GBP 82,370,774.05 EUR 112.18 GBP 121.05 SGD 111.78 USD 121.12 December 31, 2018 GBP 82,394,451.52 EUR 102.77 GBP 111.74 SGD 103.26 USD 112.51

The Share Class A SGD was launched on December 7, 2016.

Net assets Net assets Net assets Net assets Net assets per share per share per share per share per share Class D EUR Class D GBP Class D USD Class E GBP Class E USD VAM Managed Funds (Lux) - Close Brothers Balanced Fund June 30, 2017 EUR 99.81 GBP 102.74 USD 102.77 GBP 107.65 USD 107.82 June 30, 2018 EUR 104.33 GBP 108.79 USD 109.84 GBP 114.23 USD 115.11 December 31, 2018 EUR 96.07 GBP 100.89 USD 102.44 GBP 105.94 USD 107.10

The Share Class D EUR was launched on March 16, 2017. The Share Classes D GBP and D USD were launched on February 24, 2017. The Share Classes E GBP and E USD were launched on November 23, 2016 and December 1, 2016, respectively.

Net assets Net assets Net assets per share per share per share Class Z CHF Class Z GBP Class Z USD VAM Managed Funds (Lux) - Close Brothers Balanced Fund December 31, 2018 CHF 91.35 GBP 91.92 USD 92.63

The Share Class Z CHF was launched on July 5, 2018. The Share Class Z GBP was launched on July 9, 2018. The Share Class Z USD was launched on July 4, 2018.

42 VAM Managed Funds (Lux)

Statistical Information (continued)

Net assets Net assets Net assets Net assets Net assets per share per share per share per share Class A EUR Class A GBP Class A SGD Class A USD VAM Managed Funds (Lux) - Close Brothers Cautious Fund June 30, 2016 GBP 13,932,316.36 EUR 98.24 GBP 99.99 SGD - USD 99.27 June 30, 2017 GBP 40,413,897.20 EUR 104.65 GBP 107.99 SGD 104.40 USD 107.64 June 30, 2018 GBP 42,971,691.01 EUR 102.87 GBP 107.78 SGD 104.72 USD 108.16 December 31, 2018 GBP 36,560,819.18 EUR 97.71 GBP 103.09 SGD 100.42 USD 104.12

The Share Class A SGD was launched on December 7, 2016.

Net assets Net assets Net assets per share per share per share Class D GBP Class D USD Class E GBP VAM Managed Funds (Lux) - Close Brothers Cautious Fund June 30, 2017 GBP 101.84 USD 101.68 GBP 103.93 June 30, 2018 GBP 102.63 USD 103.34 GBP 104.61 December 31, 2018 GBP 98.62 USD 99.95 GBP -

The Share Classes D GBP and D USD were launched on February 24, 2017. The Share Class E GBP was launched on February 2, 2017 and completely redeemed on October 19, 2018.

Net assets Net assets Net assets Net assets Net assets per share per share per share per share Class A EUR Class A GBP Class A SGD Class A USD VAM Managed Funds (Lux) - Close Brothers Growth Fund June 30, 2016 GBP 1,002,531.63 EUR - GBP 94.90 SGD - USD - June 30, 2017 GBP 9,444,681.25 EUR - GBP 108.77 SGD 107.97 USD 108.10 June 30, 2018 GBP 14,658,323.25 EUR 104.48 GBP 115.81 SGD 115.34 USD 115.74 December 31, 2018 GBP 16,701,535.94 EUR 94.18 GBP 105.17 SGD 104.96 USD 105.73

The Share Classes A SGD and A USD were launched on December 7, 2016 and December 8, 2016, respectively. The Share Class A EUR was launched on September 18, 2017.

Net assets Net assets Net assets Net assets per share per share per share per share Class D GBP Class D USD Class Z GBP Class Z USD VAM Managed Funds (Lux) - Close Brothers Growth Fund June 30, 2017 GBP 103.57 USD 102.92 GBP - USD - June 30, 2018 GBP 111.26 USD 111.11 GBP - USD - December 31, 2018 GBP 101.49 USD 101.83 GBP 90.00 USD 91.22

The Share Classes D GBP and D USD were launched on February 24, 2017. The Share Class Z GBP was launched on July 12, 2018. The Share Class Z USD was launched on July 4, 2018.

Shareholder Information

The articles of incorporation, the prospectus, the key investor information documents, and the statement of changes in the composition of the portfolios, the annual report and audited financial statements and semi-annual report and unaudited financial statements are available at the registered office of VAM Managed Funds (Lux) at 2, rue Edward Steichen, L-2540-Luxembourg, as well as at the facilities agents and depositary bank and paying agent and other agreements mentioned under chapter “Management and Organisation”.

The annual report and audited financial statements and the unaudited semi-annual report and unaudited financial statements contain general information about the Fund as well as data showing the Fund's development and its total net assets.

The business year of the Fund begins on 1 July and ends on 30 June of the following year.

43 VAM Managed Funds (Lux)

Transparency of Securities Financing Transactions and their Reuse

During the financial year of the fund no securities financing transactions and total return swaps in the sense of Regulation (EU) 2015/2365 of the European Parliament and the Council of November 25, 2015 on transparency of securities financing transactions and of reuse and amending Regulation 648/2012 have taken place. As a consequence, no information according to article 13 of the afore mentioned Regulation need to be disclosed to the fund’s investors.