Chariguard UK Equity Fund Chariguard Overseas Equity Fund

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1 Chariguard UK Equity Fund Chariguard Overseas Equity Fund Interim Report and Financial Statements (unaudited) 31 December 2015 Understand.Act.

2 Contents 1 General Information 3 Chariguard UK Equity Fund 27 Chariguard Overseas Equity Fund 74 Statement of the Manager s responsibilities in relation to the Report & Financial Statements of the Scheme 75 Additional Information

3 Chariguard Report and Financial Statements General Information This document contains the interim report and financial statements for Chariguard UK Equity Fund and Chariguard Overseas Equity Fund (together the Chariguard Funds ) covering the interim period from 1 July 2015 to 31 December This document may contain forward looking statements. Where such statements are made these reflect the Manager s views at the date of publication. These views may be subject to change at any time. The Chariguard Funds are regulated as common investment funds by schemes of 15 April 2000 made by the Charity Commissioners for England and Wales pursuant to section 96 of the Charities Act They are unregulated collective investment schemes within the meaning of the Financial Services and s Act Charity registration numbers Chariguard UK Equity Fund Chariguard Overseas Equity Fund Trustee, Custodian and Depositary HSBC Bank Plc 8 Canada Square London E14 5HQ Manager and Alternative Investment Fund Manager Allianz Global Investors GmbH, UK Branch 199 Bishopsgate, London EC2M 3TY Authorised by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and subject to limited regulation by the Financial Conduct Authority. A member of the Allianz Group. A member of The Investment Association. Registrar International Financial Data Services (UK) Ltd IFDS House, St. Nicholas Lane, Basildon, Essex SS15 5FS Authorised and regulated by the Financial Conduct Authority. Independent Auditor KPMG LLP 15 Canada Square, London E14 5GL Authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 1

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5 Chariguard UK Equity Fund Contents 4 Fund Information 6 Report of the Manager 8 Portfolio Statement 25 Statement of Total Return 25 Statement of Change in Attributable to Unitholders 26 Balance Sheet

6 Chariguard UK Equity Fund Fund Information Fund Objective Chariguard UK Equity Fund is a Common Investment Fund that invests in UK equities. As an index tracking fund, its objective is to produce returns in line with the FTSE All- Share Index. Charges There is no preliminary charge payable on the purchase of units. The annual investment management charge is 0.20% plus VAT of the net asset value of the Fund, calculated at each month end. There are additional charges and expenses that include fees payable to the Trustee and Depositary and Auditors. Manager s Statement This report covers the interim period from 1 July 2015 to 31 December 2015 for the Chariguard UK Equity Fund, which provides participating charities with investment exposure to the UK equity market. On 31 December 2015 the quoted offer price of the income units and the accumulation units was and respectively. On a mid-price basis, the total return on the Fund over the period, before management charges and other expenses, was (1.90%) compared with (1.98%) for the FTSE All-Share Index. This is consistent with the Fund s index-tracking objectives. Accounting policies Basis for Preparation The financial statements have been prepared on a going concern basis in accordance with FRS 102 and the Statement of Recommended Practice Financial Statements of UK Authorised Funds issued by The Investment Association in May 2014 ( IMA SORP ). In applying UK GAAP, the financial statements have been prepared in compliance with FRS 102 as adopted for the first time. Presentational changes to the narratives in the Statement of Total Return and Balance Sheet have been made as a result of the first time adoption of FRS 102. No comparative figures have been required to be restated. The net total return and the net assets attributable to unitholders remain unchanged. All accounting and distribution policies are consistent with the most recent annual financial statements, 30 June These financial statements have been prepared in accordance with the requirements of the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Scheme Particulars establishing the Fund. Allianz Global Investors GmbH, UK Branch 15 February

7 Chariguard UK Equity Fund Fund Information continued Net Asset Unit Class Period Ended Net Asset () Number of Units in Issue Net Asset per Unit (p) Income 31 December ,921 1,776, Accumulation 31 December , , Operating Charges Unit Class Year Ended (%) Income 30 June * Accumulation 30 June * * Based on audited accounts as at 30 June Operating Charges represent all operating charges and expenses and is expressed as a percentage of the average net asset value. It includes the annual management charge as well as all the administrative expenses including custodial transaction charges incurred by the Fund. Summary of Distribution Unit Class Payment Date Net Distribution per Unit (p) Income 30 November February Accumulation 30 November February Please note: Investors are reminded that the Fund distributes quarterly. 5

8 Chariguard UK Equity Fund Report of the Manager Through close replication of the Fund s benchmark index, the FTSE All-Share Index, the assets of the Chariguard UK Equity Fund continue to be invested in accordance with its index-tracking objectives. As of the 31 December 2015, the size of the Fund was 65.0 million, whilst the principal transactions during the period took place only as a result of the purchase and sale of units and changes to the benchmark index. review and outlook The Fund produced a total return during the six months to the 31 December 2015 of -1.9%. The UK trajectory of real Gross Domestic Product (GDP) growth moderated to 2.2%, whilst the Consumer Price Index declined sharply to 0%, due to the sharp fall in global oil prices. UK International Labour Organisation unemployment continued its gradual descent towards 5.4%, as the labour market appeared to absorb joblessness alongside subdued growth in wages. In 2016, macroeconomic consensus anticipates an unchanged forecast of 2.2~2.3% GDP growth trajectory sustained over the next 3 years. Weak demand from the Eurozone continues to drag upon the UK as a whole, together with an ongoing need to reduce indebtedness throughout the economy through fiscal austerity. Continued progress has been made in restoring government finances, with the deficit forecast at around 4.2 GDP, though still deviating from the ~2-3% longterm average experienced by the UK in the years preceding the financial crisis in The last half of 2015 was characterised by heightened volatility in both UK and international markets as investors evaluated the prospect of the first rate hike by the Federal Reserve in the US in nine years. Consequently the US dollar strengthened against a broad basket of currencies, whilst the euro declined leading to earnings benefits for UK corporates with dollar-denominated revenues whilst those companies deriving revenue from European sources suffered. From the rise in sterling-dollar volatility accompanying these Foreign Exchange fluctuations, one might infer a potential divergence in monetary policy with ensuing asynchronous implications for the alignment of business cycles between the UK and US, which had been more closely correlated in recent years. Whilst consumer confidence in the UK remained strong in the period alongside rising mortgage approvals and housing market activity, the period saw some weakness in business investment intentions as decelerating growth in emerging economies and sustained declines in oil prices held back corporate investment especially in commodity and energy sectors. UK investors will continue to closely monitor the policy reaction function adopted by the Governor of the Bank of England Mark Carney against the term structure of interest rates as he navigates a climate of greater macroeconomic uncertainty in Risk review Chariguard UK Equity Fund is managed in accordance with the objective set out on page 4. In achieving this objective, the Manager accepts certain risks inherent in investing in financial markets, principally market price risk. These risks are discussed in more detail below. Subject to the constraints set out in the Scheme Particulars, the Manager may use stock index futures. price risk: price risk arises mainly from the uncertainty about future prices of financial instruments held. It represents the potential loss the Fund might suffer through holding market positions in the face of price movements. A dedicated fund manager has the responsibility for monitoring the existing portfolio selection in accordance with the Fund s investment objectives and seeks to ensure that individual stocks meet an acceptable risk reward profile. Interest rate risk: Interest rate risk is the risk of movements in the value of financial instruments as a result of fluctuations in interest rates. The Fund invests predominantly in equities, the values of which are not directly affected by changes in prevailing market interest rates. The Fund therefore has minimal exposure to interest rate risk. Liquidity risk: Liquidity risk relates to the capacity to meet liabilities. The principal liquidity risk is the ability to repay funds to unitholders following redemption of units, and is dependent on the liquidity of the underlying assets. Redemptions are notified to the Manager in advance, and appropriate cash management procedures are in place to ensure prompt settlement of these liabilities. As the Fund s assets mainly comprise of realisable securities, liquidity risk is not considered to be significant. Foreign currency risk: Foreign currency risk is the risk of movements in the values of overseas financial instruments as a result of fluctuations in exchange rates. It is not the Manager s policy to hedge such foreign exposure. 6

9 Chariguard UK Equity Fund Report of the Manager continued The Fund predominantly holds Sterling investments and therefore the value of the investments and the revenue from them have minimal exposure to foreign currency risk. Credit risk: Credit risk is the risk of default by a counterparty in discharging its obligations under transactions that could result in the Fund suffering a loss. Outstanding settlements are subject to credit risk. Credit risk is mitigated by the Fund through its decision to transact with counterparties of high credit quality. The Fund only buys and sells investments through brokers which are approved counterparties, thus minimising the risk of default during settlement. The Fund holds mainly equities and so has minimal exposure to credit risk. Risk associated with the use of leverage: Leverage may be created either through the use of derivatives or through the purchase of assets acquired on the basis of borrowing. As the Fund uses neither of these there is no leverage risk. Risk Management Monitoring The Independent Enterprise Risk Management function is responsible for portfolio risk oversight. The function defines which risk models and analytics are used to ensure Allianz Global Investors complies with all regulatory requirements and ensures that further independent risk analysis and supervision beyond regulation is conducted where appropriate. To ensure full oversight, the Independent Enterprise Risk Management function prepares a quarterly holistic risk report covering all risk types across Allianz Global Investors. The report lists all relevant risks that were identified, including an assessment of whether Allianz Global Investors risk appetite has been exceeded, together with an assessment whether sufficient mitigation actions have been taken. The risk report is discussed and reviewed in the quarterly global and regional Risk Committee meetings before being presented to the Global Executive Committee. Based on the risk report, the Risk Committee, as mandated by the Global Executive Committee, fulfils its oversight and escalation responsibilities which encompass all risks including business, portfolio, operational and reputational risks. Allianz Global Investors GmbH, UK Branch 15 February

10 Chariguard UK Equity Fund Portfolio Statement As at 31 December 2015 United Kingdom 99.93% ( %) United Kingdom Equities 99.93% ( %) Aerospace & Defence 1.88% ( %) 103,950 BAE Systems ,763 Chemring ,020 Cobham ,870 Meggitt ,049 QinetiQ ,771 Rolls-Royce ,448,071 Rolls Royce 'C' shares ,683 Senior ,417 Ultra Electronics , Automobiles & Parts 0.25% ( %) 53,434 GKN Banks 10.41% ( %) 1,097 Bank of Georgia ,736 Barclays 1, ,573 HSBC 3, ,980,836 Lloyds Banking 1, ,699 Royal Bank of Scotland ,082 Standard Chartered , Beverages 4.46% ( %) 2,979 Barr (A.G.) ,272 Britvic ,126 Coca-Cola ,471 Diageo 1, ,213 SABMiller 1, , Chemicals 0.68% ( %) 3,001 Carclo ,433 Croda International ,761 Elementis ,812 Johnson Matthey ,390 Synthomer

11 Chariguard UK Equity Fund Chemicals (continued) 2,830 Victrex Construction & Materials 1.14% ( %) 25,150 Balfour Beatty ,050 Costain ,030 CRH ,833 Galliford Try ,592 Keller ,865 Kier ,523 Low & Bonar ,732 Marshalls ,313 Morgan Sindall ,891 Tyman Electricity 0.81% ( %) 14,699 Drax ,276 SSE Electronic & Electrical Equipment 0.45% ( %) 1,025 Dialight ,370 e2v Technologies ,089 Halma ,909 Morgan Advanced Materials ,843 Oxford Instruments ,283 Renishaw ,119 Spectris ,682 TT Electronics XP Power Equity Investment Instruments 3.55% ( %) 18,465 3i Infrastructure ,832 Aberdeen Asian Income Fund ,391 Aberdeen Asian Smaller Companies Investment Trust ,491 Aberdeen New Dawn Investment Trust ,036 Aberdeen UK Tracker Investment Trust ,346 Aberforth Smaller Companies Investment Trust Absolute Return Trust

12 Chariguard UK Equity Fund Equity Investment Instruments (continued) 2,459 Advance Developing s Fund ,274 Alliance Trust ,700 Anglo & Overseas Investment Trust (Extinct Line) ,863 Anglo & Overseas Trust ,269 Artemis Alpha Trust ,717 Asian Total Return Investment AXA Framlington Innovative Growth Trust ,302 BACIT ,826 Baillie Gifford Japan Investment Trust ,387 Bankers Investment Trust Baring Emerging Europe ,200 Beta Global Emerging s Fund BH Global - GBP ,407 BH Macro ,300 Bioscience Investment Trust ,082 BlackRock British Smaller Companies Trust ,787 BlackRock Greater Europe Investment Trust ,326 BlackRock Income Strategies Trust ,694 BlackRock Latin American Investment Trust ,048 BlackRock Throgmorton Trust ,156 BlackRock World Mining Trust ,228 Bluecrest Allblue Fund ,939 British Empire Securities & General Investment Trust ,305 Brunner Investment Trust ,141 Caledonia Investments ,930 Charter European Trust ,075 City Merchants High Yield Trust ,584 City of London Investment Trust ,440 Dexion Equity Alternative ,697 Diverse Income Trust ,311 Dunedin Income Growth Investment Trust ,278 Ecofin Water & Power Opportunities ,823 Edinburgh Dragon Investment Trust ,894 Edinburgh Investment Trust ,122 Edinburgh Worldwide Investment Trust ,243 Electra Investment Trust ,830 Electric & General Investment Trust ,840 Euro Investment Trust ,851 F&C Capital & Income Investment Trust

13 Chariguard UK Equity Fund Equity Investment Instruments (continued) 1,972 F&C Global Small Companies ,577 F&C Investment Trust ,944 Fidelity Asian s Investment Trust ,912 Fidelity China Special Situations Investment Trust ,294 Fidelity European s ,269 Finsbury Growth & Income Trust ,687 Genesis Emerging s Fund ,286 Govett Oriental Invest Trust ,367 Govett Strategic Investment Trust ,867 Graphite Enterprise Investment Trust Henderson European Investment Trust Henderson Eurotrust ,545 Henderson Far East Income Fund ,730 Henderson Global Investment Trust ,855 Henderson High Income Investment Trust ,628 Henderson Smaller Companies Investment Trust ,072 Henderson Trust ,712 Herald Investment Trust ,206 HG Capital Investment Trust ,494 HICL Infrastructure ,707 Impax Environmental s ,526 International Public Partnership ,392 Invesco Asia Investment Trust ,520 Invesco Income & Growth Investment Trust ,588 Invesco Perpetual UK Smaller Companies Investment Trust ,155 John Laing Infrastructure Fund ,780 JP Morgan American Investment Trust ,467 JP Morgan Asian Investment Trust ,146 JP Morgan Claverhouse Investment Trust ,499 JP Morgan Emerging s Investment Trust ,600 JP Morgan Euro Smaller Companies Trust ,632 JP Morgan European Investment Trust ,677 JP Morgan Indian Investment Trust ,436 JP Morgan Japanese Investment Trust ,618 JP Morgan Japanese Smaller Companies Investment Trust JP Morgan Mid Cap Investment Trust ,028 JP Morgan Overseas Investment Trust ,018 JP Morgan Russian Securities JP Morgan Smaller Companies Investment Trust

14 Chariguard UK Equity Fund Equity Investment Instruments (continued) 62 JP Morgan Smaller Companies Investment Trust ,360 Jupiter European Opportunities Trust Keystone Investment Trust ,104 Law Debenture ,042 Lowland Investment Company ,611 Majedie Investment Trust ,805 Martin Currie Global Portfolio Investment Trust ,597 Martin Currie Pacific Investment Trust ,481 Mercantile Investment Trust ,729 Merchants Investment Trust ,709 Monks Investment Trust ,342 Murray Income Trust ,569 Murray International Trust ,258 NB Global Floating Rate Income Fund ,709 New India Investment Trust ,141 North American Income Trust North Atlantic Smaller Companies Investment Trust ,883 Pacific Assets Investment Trust ,165 Pantheon International Participations Fund ,496 Perpetual Income & Growth Investment Trust Personal Assets Trust ,467 Polar Capital Technology Trust ,447 RIT Capital Partners ,003 Ruffer ,646 Schroder Asia Pacific Fund ,527 Schroder Income Growth Fund ,373 Schroder Japan Growth Fund ,760 Schroder Oriental Income Fund ,559 Schroder UK Growth Fund ,201 Scottish American Investment Trust ,756 Scottish Investment Trust ,557 Scottish Mortgage Investment Trust ,464 Scottish Oriental Smaller Companies Trust ,894 Securities Trust of Scotland ,950 Securities Trust of Scotland ,196 Standard Life Equity Income Trust ,534 Standard Life European Private Equity Trust ,429 Temple Bar Investment Trust ,208 Templeton Emerging s Investment Trust

15 Chariguard UK Equity Fund Equity Investment Instruments (continued) 416 Thames River Multi Hedge PCC ,157 TR European Growth Investment Trust ,102 TR Property Investment Trust ,200 Tribune Global Managed Fund ,491 Utilico Emerging s ,098 Utilico Emerging s rights 01/3/ ,196 & Income Investment Trust ,681 Witan Investment Trust ,880 Witan Pacific Investment Trust ,459 Worldwide Healthcare Trust , Financial Services 3.31% ( %) 32,089 3i ,450 Aberdeen Asset Management ,199 Ashmore ,087 Brewin Dolphin ,269 Charles Taylor Consulting ,204 Close Brothers ,341 Fidelity Special s ,583 Hargreaves Lansdown ,409 Henderson ,631 ICAP ,630 IG ,081 Intermediate Capital ,084 International Personal Finance ,327 Investec ,428 IP ,881 Jupiter Fund Management ,967 London Stock Exchange ,288 Man ,627 Paragon ,757 Provident Financial ,805 Rathbone Brothers ,858 Schroders ,384 Standard Life ,925 SVG Capital ,116 Tullett Prebon ,

16 Chariguard UK Equity Fund Fixed Line Telecommunications 2.17% ( %) 267,605 BT 1, ,418 Cable & Wireless ,797 KCOM ,088 Talktalk Telecom ,980 Telecom Plus , Food & Drug Retailers 1.31% ( %) 51,286 Booker ,527 Greggs ,418 J Sainsbury ,992 Morrison (Wm.) Supermarkets ,031 Ocado ,463 Tesco ,181 UDG Healthcare Food Producers 2.71% ( %) 952 Anglo-Eastern Plantations ,471 Associated British Foods ,799 Cranswick ,372 Dairy Crest ,590 Devro ,111 Greencore ,572 Premier Foods ,402 Tate & Lyle ,551 Unilever 1, , Forestry & Paper 0.25% ( %) 12,065 Mondi Gas, Water & Multiutilities 3.02% ( %) 163,144 Centrica ,516 National Grid 1, ,908 Pennon ,809 Severn Trent ,288 United Utilities ,

17 Chariguard UK Equity Fund General Industrials 0.78% ( %) 971 British Polythene ,807 DS Smith ,351 Rexam ,593 RPC ,882 Smiths ,438 Vesuvius ,215 Xaar General Retailers 2.88% ( %) 20,672 AA ,125 Ashley (Laura) ,044 Auto Trader ,964 B&M European Retail ,326 Brown (N) ,762 Carpetright ,639 Darty ,170 Debenhams ,813 Dignity ,862 Dixons Carphone ,160 Dunelm ,651 Findel ,558 Game ,935 Halfords ,521 Home Retail ,202 Inchcape ,492 JD Sports Fashion ,477 Just Eat ,826 Kingfisher ,859 Lookers ,373 Marks & Spencer ,232 Mothercare ,867 Next ,919 Pendragon ,411 Pets at Home ,549 Sports Direct International ,517 Topps Tiles ,947 WH Smith ,

18 Chariguard UK Equity Fund Health Care Equipment & Services 0.63% ( %) 1,032 Consort ,512 Smith & Nephew ,404 Southern Cross Healthcare STERIS Household Goods & Home Construction 3.55% ( %) 32,317 Barratt Developments ,299 Bellway ,128 Berkeley ,743 Bovis Homes ,380 Crest Nicholson ,557 McBride ,978 Persimmon ,304 Reckitt Benckiser 1, ,581 Redrow ,501 Taylor Wimpey , Industrial Engineering 0.74% ( %) 6,839 Bodycote ,279 Fenner ,705 Hill & Smith ,485 IMI ,578 Melrose Industries ,507 Rotork ,256 Severfield ,630 Spirax-Sarco Engineering ,340 Vitec ,383 Weir Industrial Metals & Mining 0.07% ( %) 11,831 Evraz ,089 Ferrexpo ,309 South ,000 Talvivaara Mining

19 Chariguard UK Equity Fund Industrial Transportation 0.36% ( %) 36,498 BBA Aviation ,537 Braemar Shipping Services Clarkson ,420 James Fisher & Sons ,691 Royal Mail ,960 Stobart UK Mail ,658 Wincanton Leisure Goods 0.02% ( %) 7,151 Photo-Me Life Insurance 4.82% ( %) 130,354 Aviva ,951 Chesnara ,223 Legal & General ,285 Old Mutual ,244 Partnership Assurance ,633 Phoenix ,475 Prudential 1, ,999 RSA Insurance ,875 St. James's Place Capital , Media 3.78% ( %) 2,499 Bloomsbury Publishing ,604 British Sky Broadcasting ,768 Centaur Media ,034 Entertainment One ,283 Euromoney Institutional Investor ,517 Huntsworth ,529 Informa ,883 ITE ,376 ITV ,802 Moneysupermarket.com ,709 Pearson ,815 Reed Elsevier ,064 Rightmove ,070 Trinity Mirror ,279 UBM

20 Chariguard UK Equity Fund Media (continued) 846 UTV Media ,982 WPP , Mining 3.22% ( %) 5,282 Acacia Mining ,987 Anglo American ,048 Anglo Pacific ,351 Antofagasta ,233 Aquarius Platinum ,669 BHP Billiton ,449 Centamin ,648 Fresnillo ,792 Gem Diamonds ,928 Glencore ,933 Hochschild Mining ,125 Kaz Minerals ,554 Kenmare Resources Lonmin ,000 New World Resources ,704 Petra Diamonds ,116 Petropavlovsk ,597 Polymetal International ,052 Randgold Resources ,970 Rio Tinto ,529 Vedanta Resources , Mobile Telecommunications 3.12% ( %) 13,930 Inmarsat ,408 Vodafone 1, , Non-Life Insurance 1.08% ( %) 6,817 Admiral ,490 Amlin ,016 Beazley ,727 Directline Insurance ,406 esure ,086 Hiscox ,302 Jardine Lloyd Thompson

21 Chariguard UK Equity Fund Non-Life Insurance (continued) 6,416 Lancashire ,234 Novae Oil & Gas Producers 9.86% ( %) 108,752 BG 1, ,143 BP 2, ,269 Cairn Energy ,958 Enquest ,685 Exillon Energy ,267 Ophir Energy ,114 Premier Oil ,454 Royal Dutch Shell 'A' shares 1, ,496 Royal Dutch Shell 'B' shares 1, ,717 SOCO International ,010 Tullow Oil , Oil Equipment, Services & Distribution 0.28% ( %) 5,426 Hunting ,726 Lamprell ,002 Petrofac ,000 Wood (John) Personal Goods 0.39% ( %) 14,543 Burberry ,920 PZ Cussons ,388 SuperGroup Ted Baker Pharmaceuticals & Biotechnology 8.02% ( %) 40,274 AstraZeneca 1, ,566 BTG ,415 Dechra Pharmaceuticals ,105 Genus ,506 GlaxoSmithKline 2, ,695 Hikma Pharmaceuticals ,556 Indivior ,774 Shire

22 Chariguard UK Equity Fund Pharmaceuticals & Biotechnology (continued) 11,277 Vectura , Real Estate 2.88% ( %) 4,459 Big Yellow ,931 British Land ,008 Capital & Counties Properties ,655 Capital & Regional CLS ,061 Countrywide Daejan ,030 Derwent London ,922 Development Securities ,610 F&C Commercial Property Trust ,660 F&C UK Real Estate Investment Trust ,223 Foxtons ,286 Grainger Trust ,144 Great Portland Estates ,435 Hammerson ,162 Hansteen ,893 Helical Bar ,213 Intu Properties ,985 Kennedy Wilson Europe Real Estate ,944 Land Securities ,524 London & Stamford Property ,294 LSL Property Services ,500 Mapeley ,855 McKay Securities ,977 Mucklow (A&J) ,495 Picton Property Income Fund ,648 Primary Health Properties ,650 Raven Russia ,052 Safestore ,324 Savills ,314 Schroder Real Estate ,726 Segro ,160 Shaftesbury ,221 St. Modwen Properties ,051 Standard Life Investment Property Trust

23 Chariguard UK Equity Fund Real Estate (continued) 956 Town Centre Securities ,505 UK Commercial Property Trust ,384 Unite ,418 Workspace , Software & Computer Services 0.72% ( %) 2,315 AVEVA ,323 Fidessa ,420 Micro Focus International ,574 NCC ,119 Sage ,848 SDL ,329 Telecity Support Services 5.30% ( %) 8,332 Aggreko ,169 Amec Foster Wheeler ,539 Ashtead ,679 Atkins (WS) ,759 Babcock International ,977 Berendsen ,132 Brammer ,992 Bunzl ,882 Capita ,149 Carillion ,698 Connect ,675 DCC ,488 De La Rue ,932 Diploma ,241 Electrocomponents ,030 Essentra ,641 Experian ,946 G4S ,427 Grafton ,596 Hays ,847 HomeServe ,578 Howden Joinery ,589 Interserve

24 Chariguard UK Equity Fund Support Services (continued) 5,313 Intertek ,419 Lavendon ,880 Mears ,188 Menzies (John) ,674 Michael Page International ,785 MITIE ,647 Northgate ,250 PayPoint ,768 Premier Farnell ,443 Regus ,953 Rentokil Initial ,239 Ricardo ,862 Robert Walters ,488 RPS ,221 Serco ,098 Shanks ,520 SIG ,398 Speedy Hire ,190 St. Ives ,025 SThree ,128 Travis Perkins ,198 Tribal Vp ,684 Wolseley ,397 Xchanging , Technology Hardware & Equipment 0.94% ( %) 46,044 ARM ,387 Computacenter ,345 Imagination Technologies ,272 Laird ,677 Pace ,341 Spirent Communications

25 Chariguard UK Equity Fund Tobacco 5.15% ( %) 59,536 British American Tobacco 2, ,761 Imperial Tobacco 1, , Travel & Leisure 4.94% ( %) 4, s ,397 Betfair ,422 Bwin.Party Digital Entertainment ,028 Carnival ,221 Cineworld ,811 Compass ,740 Domino's Pizza ,260 EasyJet ,401 Enterprise Inns ,067 FirstGroup ,171 Fuller Smith & Turner 'A' shares ,502 Go-Ahead ,089 Greene King ,796 InterContinental Hotels ,040 International Consolidated Airlines ,837 Ladbrokes ,854 Marston's ,215 Merlin Entertainments ,195 Millennium & Copthorne Hotels ,807 Mitchells & Butlers ,913 National Express ,121 Playtech ,814 Punch Taverns ,192 Rank ,937 Restaurant ,431 Saga ,925 SSP ,567 Stagecoach ,418 Thomas Cook ,782 TUI

26 Chariguard UK Equity Fund Travel & Leisure (continued) 3,031 Wetherspoon (JD) ,873 Whitbread ,250 William Hill , Investment assets 65, Net other assets Net assets 65, Indicates suspended or delisted securities stated at Manager s valuation. Unless otherwise stated, all investments are approved securities being either officially listed in a member state or traded on or under the rules of an eligible securities market. Note: Comparative figures show percentage for each category at 30 June

27 Chariguard UK Equity Fund Statement of Total Return For the six months ended 31 December 2015 Income Net capital losses (2,584) (2,067) Revenue 1,308 1,708 Expenses (154) (224) Interest payable and similar charges - - Net revenue before taxation 1,154 1,484 Taxation (9) (10) Net revenue after taxation 1,145 1,474 Total return before distributions (1,439) (593) Distributions (1,145) (1,474) Change in net assets attributable to unitholders from investment activities (2,584) (2,067) Statement of Change in Attributable to Unitholders For the six months ended 31 December Opening net assets attributable to unitholders 96, ,789 Amounts receivable on issue of units 5 56 Less: Amounts payable on redemption of units (29,430) (16,302) (29,425) (16,246) Change in net assets attributable to unitholders from investment activities (see Statement of Total Return above) (2,584) (2,067) Retained distributions on accumulation units Closing net assets attributable to unitholders 65,066 98, Section 3.30 of the IMA SORP issued in May 2014 requires comparative figures for the above statement. For interim financial statements this will result in the closing comparative net assets not being equal to net assets at the start of the current period. 25

28 Chariguard UK Equity Fund Balance Sheet As at 31 December December December June June 2015 Assets Fixed assets Investments 65,020 96,221 Current assets Debtors Cash and bank balances Total other assets Total assets 65,381 97,184 Liabilities Creditors Distribution payable on income units (233) (469) Other creditors (82) (175) Total other liabilities (315) (644) Total liabilities (315) (644) Net assets attributable to unitholders 65,066 96,540 This report was approved for publication on 15 February Julian Filkins, Authorised Signatory Lynn Clark, Authorised Signatory for and on behalf of Allianz Global Investors GmbH, UK Branch 26

29 Contents 28 Fund Information 30 Report of the Manager 32 Portfolio Statement 72 Statement of Total Return 72 Statement of Change in Attributable to Unitholders 73 Balance Sheet

30 Fund Information Fund Objective Chariguard Overseas Equity Fund is a Common Investment Fund that invests in overseas equities. Its performance objective is to produce returns in line with a benchmark based on the average geographical distribution of the overseas equity investments of charities investing overseas. The Fund s benchmark is constructed by the WM Company, based upon the FTSE World ex UK Index adjusted according to the regional composition of the WM Total Charities Universe. The data is available quarterly two months after each quarter end. Charges There is no preliminary charge payable on the purchase of units. The annual investment management charge is 0.35% plus VAT of the net asset value of the Fund, calculated at each month end. There are additional charges and expenses that include fees payable to the Trustee and Depositary and Auditors. Manager s Statement This report covers the interim period from 1 July 2015 to 31 December 2015 for the Chariguard Overseas Equity Fund, which provides participating charities with investment exposure to the overseas equity market. Accounting policies Basis for Preparation The financial statements have been prepared on a going concern basis in accordance with FRS 102 and the Statement of Recommended Practice Financial Statements of UK Authorised Funds issued by The Investment Association in May 2014 ( IMA SORP ). In applying UK GAAP, the financial statements have been prepared in compliance with FRS 102 as adopted for the first time. Presentational changes to the narratives in the Statement of Total Return and Balance Sheet have been made as a result of the first time adoption of FRS 102. No comparative figures have been required to be restated. The net total return and the net assets attributable to shareholders remain unchanged. All accounting and distribution policies are consistent with the most recent annual financial statements, 30 June On 31 December 2015 the quoted offer price of the income units and the accumulation units was and respectively. On a mid-price basis, the total return on the Fund over the period, before management charges and other expenses, was 1.12% compared with 2.05% for the FTSE World Index ex UK for each region as calculated by the WM Company. This is consistent with the Fund s objectives. These financial statements have been prepared in accordance with the requirements of the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Scheme Particulars establishing the Fund. Allianz Global Investors GmbH, UK Branch 15 February

31 Fund Information continued Net Asset Unit Class Period Ended Net Asset () Number of Units in Issue Net Asset per Unit (p) Income 31 December , , Accumulation 31 December ,119 60, Operating Charges Unit Class Year Ended (%) Income 30 June * Accumulation 30 June * * Based on audited accounts as at 30 June Operating Charges represent all operating charges and expenses and is expressed as a percentage of the average net asset value. It includes the annual management charge as well as all the administrative expenses including custodial transaction charges incurred by the Fund. Summary of Distribution Unit Class Payment Date Net Distribution per Unit (p) Income 30 November February Accumulation 30 November February Please note: Investors are reminded that the Fund distributes quarterly. 29

32 Report of the Manager The Chariguard Overseas Equity Fund has remained invested in a diversified portfolio of overseas equities in accordance with its objective. This is to track, as closely as possible, the FTSE World Index ex UK, as adjusted to reflect the regional disposition of the overseas equity component of the WM Total Charities universe. As of 31 December 2015, the Fund s size was 15.4 million; the regional exposure, consistent with the fund s benchmark, being as follows: Region % North America 47.3 Europe ex UK 31.7 Asia Pacific ex Japan 9.2 Japan 9.7 Other The principal transactions during the period took place only as a result of the purchase and sale of units and changes to the composition of the benchmark. review and outlook The total return for the Fund over the six months to 31 December 2015 was 1.1%. In terms of the constituent regions, the index total returns, in sterling, were 5.2% for North America, 1.2% for Europe ex UK, 3.5% for Japan and -4.1% for Asia Pacific ex. Japan. These returns take into account the movements in the US dollar (strengthening 6.2%), the strengthening Japanese yen (8.2%) and the weakening of the euro (-3.4%) against sterling. s continued to exhibit subdued and hesitant performance over the period due to a multitude of geopolitical and macroeconomic developments that led to some volatility in the final half of In particular, stock market turmoil in China and decelerating growth raised levels of uncertainty amongst investors. In the US, the threat of deflation remained as Consumer Price Index increased only 0.1% due to the collapse in global oil prices triggered by the Organisation of the Petroleum Exporting Countries inaction amidst a backdrop of increased US unconventional supply. The historic agreement and removal of US sanctions against Iran also triggered widespread anticipation of further deflationary pressures from global oil prices, as the opening of the Iranian market could lead to further incremental increases to oil supply. US U-3 unemployment continued to fall to 5.3%, though some of this was again attributable to structural changes in the workforce participation rate. European Gross Domestic Product growth recovered to 1.8%, largely supported by the weakening of the euro against most currency baskets, as the European Central Bank President Mario Draghi suggested further measures of monetary easing or European asset purchases beyond the EUR60b per month stimulus could be enacted to defend Eurozone inflation. Japanese growth declined to 0.6% as risk aversion drove some yen strengthening and export prospects were weakened by concerns over Chinese demand. Asia remained challenging as China s growth rate decelerated to 6.9%, and the inclusion of the renminbi within the International Monetary Fund Special Drawing Right basket an important measure of distinction for the currency s status within international central bank reserves was assessed as a non-event by markets more concerned by industrial excess capacity within China, Purchase Price Index deflation at -5.2% and concerns over systemic weakness in the banking system, alongside the difficulty of implementing financial and market reform in a decelerating macroeconomic growth environment. Risk review Chariguard Overseas Equity Fund is managed in accordance with the objective set out on page 28. In achieving this objective, the Manager accepts certain risks inherent in investing in financial markets, principally market price risk and currency risk. These risks are discussed in more detail below. Subject to the constraints set out in the Scheme Particulars, the Manager may use stock index futures. price risk: price risk arises mainly from the uncertainty about future prices of financial instruments held. It represents the potential loss the Fund might suffer through holding market positions in the face of price movements. A dedicated fund manager has the responsibility for monitoring the existing portfolio selection in accordance with the Fund s investment objectives and seeks to ensure that individual stocks meet an acceptable risk reward profile. Interest rate risk: Interest rate risk is the risk of movements in the value of financial instruments as a result of fluctuations in interest rates. The Fund invests 30

33 Report of the Manager continued predominantly in equities, the values of which are not directly affected by changes in prevailing market interest rates. The Fund therefore has minimal exposure to interest rate risk. Liquidity risk: Liquidity risk relates to the capacity to meet liabilities. The principal liquidity risk is the ability to repay funds to unitholders following redemption of units, and is dependent on the liquidity of the underlying assets. Redemptions are notified to the Manager in advance, and appropriate cash management procedures are in place to ensure prompt settlement of these liabilities. As the Fund s assets mainly comprise of realisable securities liquidity risk is not considered to be significant. Foreign currency risk: Foreign currency risk is the risk of movements in the values of overseas financial instruments as a result of fluctuations in exchange rates. It is not the Manager s policy to hedge such foreign exposure. The majority of the Fund s investments are denominated in currencies other than Sterling, therefore both the value of the investments and the revenue from them can be affected by currency movements. Credit risk: Credit risk is the risk of default by a counterparty in discharging its obligations under transactions that could result in the Fund suffering a loss. Outstanding settlements are subject to credit risk. Credit risk is mitigated by the Fund through its decision to transact with counterparties of high credit quality. The Fund only buys and sells investments through brokers which are approved counterparties, thus minimising the risk of default during settlement. The Fund holds mainly equities and so has minimal exposure to credit risk. Risk associated with the use of leverage: Leverage may be created either through the use of derivatives or through the purchase of assets acquired on the basis of borrowing. As the Fund uses neither of these there is no leverage risk. Risk Management Monitoring The Independent Enterprise Risk Management function is responsible for portfolio risk oversight. The function defines which risk models and analytics are used to ensure Allianz Global Investors complies with all regulatory requirements and ensures that further independent risk analysis and supervision beyond regulation is conducted where appropriate. To ensure full oversight, the Independent Enterprise Risk Management function prepares a quarterly holistic risk report covering all risk types across Allianz Global Investors. The report lists all relevant risks that were identified, including an assessment of whether Allianz Global Investors risk appetite has been exceeded, together with an assessment whether sufficient mitigation actions have been taken. The risk report is discussed and reviewed in the quarterly global and regional Risk Committee meetings before being presented to the Global Executive Committee. Based on the risk report, the Risk Committee, as mandated by the Global Executive Committee, fulfils its oversight and escalation responsibilities which encompass all risks including business, portfolio, operational and reputational risks. Allianz Global Investors GmbH, UK Branch 15 February

34 Portfolio Statement As at 31 December 2015 BONDS 0.01% ( %) Hong Kong Dollar Denominated Debt Securities 0.01% ( %) HKD3,000 Li Ning 0% Convertible Bonds 31/12/ EQUITIES % ( %) UNITED KINGDOM 0.70% ( %) United Kingdom Equities 0.70% ( %) 1,446 CNH Industrial Delphi Automotive ,074 Fiat Chrysler Automobiles ,750 Irish Bank Resolution Liberty Global LiLAC class 'A' shares Liberty Global LiLAC class 'C' shares Pentair ,096 Reed Elsevier Rio Tinto ,938 Unilever EUROPE 31.73% ( %) Austria Equities 0.17% ( %) 210 Andritz Erste Bank ,520 Immoeast (Exchange rate shares) ,454 Immofinanz OMV Raiffeisen International Bank Voestalpine Belgium Equities 0.98% ( %) 208 Ageas Anheuser-Busch InBev Anheuser-Busch InBev VVPR Strip Belgacom Colruyt Delhaize ,120 Dexia-Strip Fortis Bank Strip VVPR

35 Belgium Equities (continued) 132 Groupe Bruxelles Lambert KBC KBC Strip Solvay Telenet UCB Umicore Czech Republic Equities 0.06% ( %) 441 CEZ Komercni Banka Denmark Equities 1.15% ( %) 6 AP Moeller-Maersk series 'A' shares AP Moeller-Maersk series 'B' shares Carlsberg series 'B' shares Coloplast class 'B' shares Danske Bank DSV ,427 Novo Nordisk class 'B' shares Novozymes class 'B' shares Pandora Vestas Wind Systems Finland Equities 0.62% ( %) 731 Fortum Kesko Kone class 'B' shares Metso Neste ,401 Nokia Nokian Renkaat Sampo series 'A' shares Stora Enso series 'R' shares UPM-Kymmene Wartsila

36 France Equities 7.93% ( %) 176 Accor Aeroports de Paris Air Liquide ,051 Air Liquide (Prime de Fidelite) Airbus ,267 Alcatel-Lucent Alstom Arkema Atos ,404 AXA BIC ,322 BNP Paribas Bouygues Bureau Veritas Capgemini Carrefour Casino Guichard-Perrachon Christian Dior CNP Assurances ,371 Credit Agricole ,300 Credit Agricole (Prime de Fidelite) Danone Dassault Systemes Edenred EDF Eiffage Electricite De France Essilor International Eurazeo Eurotunnel Eutelsat Communications Foncière des Régions ,432 GDF Suez ,841 GDF Suez Strip Gecina Hermes International Icade Iliad Imerys

37 France Equities (continued) 123 JC Decaux Kering Klepierre Lagardere Legrand L'Oréal L'Oréal (Prime de Fidelite) LVMH Moet Hennessy Michelin Moulinex ,158 Natixis ,484 Orange Pernod-Ricard Peugeot Publicis Renault Rexel Safran Saint-Gobain ,401 Sanofi Schneider Electric SCOR Société Générale Sodexo Sodexo (Prime de Fidelite) Suez Environnement Technip Thales ,631 Total Unibail-Rodamco Valeo Vallourec Veolia Environnement Vinci ,397 Vivendi Wendel Investissement Zodiac Aerospace ,

38 Germany Equities 5.81% ( %) 267 Adidas Allianz (Regd.) Axel Springer ,182 BASF ,038 Bayer (Regd.) Beiersdorf BMW Brenntag Commerzbank Continental ,189 Daimler (Regd.) Deutsche Annington ,829 Deutsche Bank Deutsche Boerse Deutsche Lufthansa ,048 Deutsche Post ,941 Deutsche Telekom ,138 E.ON Fraport Fresenius Fresenius Medical Care GEA Hannover Rueckversicherung (Regd.) HeidelbergCement Henkel Henkel non-voting preference shares Hugo Boss Infineon Technologies K & S Kabel Deutschland Lanxess Linde MAN Merck Metro Muenchener Rueckversicherung Osram Licht Porsche non-voting preference shares ProSiebenSat.1 Media RWE

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