Chariguard UK Equity Fund Chariguard Overseas Equity Fund

Transcription

1 Chariguard UK Equity Fund Chariguard Overseas Equity Fund Final Report and Financial Statements 30 June 2015 Understand.Act.

2 Contents 1 General Information 3 Chariguard UK Equity Fund 37 Chariguard Overseas Equity Fund 94 Statement of the Manager s responsibilities in relation to the Report & Financial Statements of the Scheme 95 Statement of the Trustee s responsibilities in respect of the Scheme and Report of the Trustee to the Unitholders of the Chariguard Common Investment Funds 96 Independent Auditor s report 97 Additional Information

3 Chariguard Final Report and Financial Statements General Information This document contains the annual report and financial statements for Chariguard UK Equity Fund and Chariguard Overseas Equity Fund (together the Chariguard Funds ) covering the accounting period from 1 July 2014 to 30 June 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 The following appointments for each Fund have been made: Trustee, Custodian and Depositary HSBC Bank Plc 8 Canada Square London E14 5HQ From the 21 July 2014 HSBC Bank Plc has been appointed as the Depositary of the Fund within the meaning of the AIFMD rules and is authorised by the FCA to act as a depositary of an AIF. Authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 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 llimited regulation by the Financial Conduct Authority. A member of the Allianz Group. A member of The Investment Association (previously the Investment Management Association up to 2 January 2015). Remuneration Disclosure of the AIFM Employee remuneration of Allianz Global Investors GmbH for the financial year ending 31 December 2014 (all values in Euro). Number of employees 1,685 Thereof Risktaker Other Managers Employees Fixed Remuneration 161,559,776 8,774,536 - Variable Remuneration 91,586,770 25,673,412 - Total Remuneration 253,146,546 34,447,948 - Remuneration Policy The compensation structure at AllianzGI Europe is set up to avoid any kind of excessive risk-taking. Variable compensation awards are delivered via deferral programs to ensure they are linked to sustainable performance. In addition any compensation decisions have to be reviewed and approved by our Functional, Regional and Global Compensation Committees on both, aggregate and individual basis, to further ensure effective risk mitigation. 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 * On 28 November 2014 Allianz Global Investors Europe GmbH registered a change of name to Allianz Global Investors GmbH. 1

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5 Chariguard UK Equity Fund Contents 4 Fund Objective and Charges 4 Manager s Statement 4 Trustee s Report 5 Report of the Manager 7 Performance Statistics 9 Distribution Table 10 Portfolio Statement 27 Summary of Material Portfolio Changes 28 Statement of Total Return 28 Statement of Change in Attributable to Unitholders 29 Balance Sheet 30 Notes to the Financial Statements

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 annual period from 1 July 2014 to 30 June 2015 for the Chariguard UK Equity Fund, which provides participating charities with investment exposure to the UK equity market. On 30 June 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 2.57% compared with 2.52% for the FTSE All-Share Index. This is consistent with the Fund s indextracking 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 17 August 2015 Accounting policies The Financial Statements have been prepared in accordance with the requirements of the Statement of Recommended Practice ( SORP ) for Authorised Funds issued by The Investment Association in October 2010 and the Scheme Particulars establishing the Fund. 4

7 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 30 June 2015, the size of the Fund was 96.5million, 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 FTSE All-Share Index produced a total return of 2.5% during the twelve months to 30 June The UK maintained a robust trajectory of real Gross Domestic Product (GDP) growth at 2.9%, whilst Consumer Price Index declined sharply to 0%, due to the sharp fall in global oil prices. UK International Labour Organisation unemployment continued its descent towards 5.6%, as the labour market appeared to absorb joblessness alongside subdued growth in wages. In 2015, macroeconomic consensus anticipates a more subdued 2.4~2.5% 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 4.3 GDP, though still deviating from the ~2-3% long-term average experienced by the UK in the years preceding the financial crisis in Having feared the consequences of a hung parliament, markets broadly welcomed the surprise Conservative majority election victory in May, though constitutional uncertainty may re-emerge over the coming years given the SNP s landslide victory in Scotland and Prime Minister David Cameron s commitment to hold a referendum on the European Union within two years. There has also been a question of succession and the impact upon the timing of the political cycle on the economy, given that Mr Cameron has indicated he will stand aside as leader before 2020 and not serve a full second term. The Conservative budget has promised to adhere to 30 billion of savings in the next Parliament, with austerity set to end one year earlier than forecast in 2019~2020. Investors have also continued to evaluate the policy reaction function of the Bank of England (BoE) in response to the record low rate of inflation at 0%. The assessment of Governor Mark Carney is that this is a temporary phenomenon, with around three-quarters of the decline attributable to a combination of the collapse in oil prices, food prices and also the appreciation of sterling reducing the price of imports. The expectation of the BoE is that labour supply growth within the economy, driven primarily by expansion and re-entry into labour participation amongst older workers, is containing wage growth and has consequently contributed to moderating inflation. The outlook is for inflation pressure to return as the labour market normalises. 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 5

8 Chariguard UK Equity Fund Report to the Manager continued is not the Manager s policy to hedge such foreign exposure. 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 23 July

9 Chariguard UK Equity Fund Performance Statistics Net Asset Unit Class Year Ended Net Asset () Number of Units in Issue Net Asset per Unit (p) Income 30 June ,836 4,349, June ,827 2,705, June ,502 1,908, Accumulation 30 June , , June ,962 1,192, June ,038 1,168, Highest and Lowest Prices Calendar Year Highest Offer Price Lowest Bid Price Income (p) Accumulation (p) Income (p) Accumulation (p) For the period to 30 June Price History Income Units Accumulation Units Year Ended Bid (p) Offer (p) Bid (p) Offer (p) 30 June June June June June June Since November 1996 no initial charge has been applied to offer prices. 7

10 Chariguard UK Equity Fund Performance Statistics continued Distribution History Calendar Year Income Units per Unit (p) Accumulation Units per Unit (p) For the period to 30 June Distributions are made two months after the calendar quarter end to which they relate. Further information on distributions is included in the Distribution Table on page 9. Ongoing Charges Figure Year ended OCF (%) 30 June June Ongoing Charges Figure (OCF) represents 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. 8

11 Chariguard UK Equity Fund Distribution Table For the year ended 30 June 2015 Group 1: Units purchased prior to (a) 30 June 2014, (b) 30 September 2014, (c) 31 December 2014, (d) 31 March Group 2: Units purchased on or after (a) 30 June 2014, (b) 30 September 2014, (c) 31 December 2014, (d) 31 March Net Revenue per Unit (p) Equalisation per Unit (p) Distribution paid/payable 2014/2015 per Unit (p) Distribution paid 2013/2014 per Unit (p) Income Units a. 1st Interim Group Group b. 2nd Interim Group Group c. 3rd Interim Group Group d. Final Group Group Accumulation Units a. 1st Interim Group Group b. 2nd Interim Group Group c. 3rd Interim Group Group d. Final Group Group Investors are reminded that a distribution is not guaranteed. 9

12 Chariguard UK Equity Fund Portfolio Statement As at 30 June 2015 United Kingdom 99.70% ( %) United Kingdom Equities 99.70% ( %) Aerospace & Defence 2.06% ( %) 150,306 BAE Systems ,238 Chemring ,558 Cobham ,750 Meggitt ,485 QinetiQ ,776 Rolls-Royce ,517,416 Rolls Royce 'C' shares ,057 Senior ,302 Ultra Electronics , Automobiles & Parts 0.27% ( %) 77,502 GKN Banks 11.00% ( %) 1,499 Bank of Georgia ,267 Barclays 2, ,940 HSBC 5, ,564,923 Lloyds Banking 2, ,274 Royal Bank of Scotland ,891 Standard Chartered , Beverages 4.06% ( %) 4,069 Barr (A.G.) ,299 Britvic ,734 Coca-Cola ,522 Diageo 2, ,807 SABMiller 1, , Chemicals 0.72% ( %) 10,646 Alent ,100 Carclo ,411 Croda ,895 Elementis ,843 Johnson Matthey

13 Chariguard UK Equity Fund Chemicals (continued) 12,826 Synthomer ,866 Victrex Construction & Materials 0.97% ( %) 34,355 Balfour Beatty ,800 Costain ,500 CRH ,870 Galliford Try ,540 Keller ,547 Kier ,374 Low & Bonar ,562 Marshalls ,793 Morgan Sindall ,047 Tyman Electricity 0.82% ( %) 20,079 Drax ,684 SSE Electronic & Electrical Equipment 0.48% ( %) 1,400 Dialight ,433 e2v Technologies ,880 Halma ,820 Hellermanntyton ,535 Morgan Advanced Materials ,518 Oxford Instruments ,752 Renishaw ,627 Spectris ,127 TT Electronics ,300 Volex ,000 XP Power Equity Investment Instruments 3.31% ( %) 28,026 3i Infrastructure ,600 Aberdeen Asian Income Fund ,900 Aberdeen Asian Smaller Companies Investment Trust ,500 Aberdeen New Dawn Investment Trust

14 Chariguard UK Equity Fund Equity Investment Instruments (continued) 5,513 Aberdeen UK Tracker Investment Trust ,570 Aberforth Smaller Companies Investment Trust Absolute Return Trust ,359 Advance Developing s Fund ,328 Alliance Trust ,700 Anglo & Overseas Investment Trust (Extinct Line) ,863 Anglo & Overseas Trust ,100 Artemis Alpha Trust ,345 Asian Total Return Investment AXA Framlington Innovative Growth Trust ,805 BACIT ,860 Baillie Gifford Japan Investment Trust ,993 Bankers Investment Trust ,221 Baring Emerging Europe ,200 Beta Global Emerging s Fund ,311 BH Global - GBP BH Macro ,922 BH Macro - GBP shares ,300 Bioscience Investment Trust ,844 BlackRock Smaller Companies Trust ,665 BlackRock Emerging Europe Investment Trust ,173 BlackRock Greater Europe Investment Trust ,512 BlackRock Greater Europe Investment Trust (Subscription Shares) ,471 BlackRock Income Strategies Trust ,314 BlackRock Latin American Investment Trust ,164 BlackRock Throgmorton Trust ,409 BlackRock World Mining Trust ,436 BlueCrest Allblue Fund ,746 British Empire Securities & General Investment Trust ,782 Brunner Investment Trust ,559 Caledonia Investments ,300 Candover Investments ,930 Charter European Trust ,200 City Merchants High Yield Trust ,700 City Natural Resources High Yield Trust ,092 City of London Investment Trust ,440 Dexion Equity Alternative ,710 Diverse Income Trust Dunedin Enterprise Investment Trust

15 Chariguard UK Equity Fund Equity Investment Instruments (continued) 7,255 Dunedin Income Growth Investment Trust ,942 Ecofin Water & Power Opportunities ,320 Edinburgh Dragon Investment Trust ,417 Edinburgh Investment Trust ,898 Edinburgh Worldwide Investment Trust ,698 Electra Investment Trust ,830 Electric & General Investment Trust ,513 Euro Investment Trust ,261 F&C Capital & Income Investment Trust ,694 F&C Global Small Companies ,742 F&C Investment Trust ,021 Fidelity Asian s Investment Trust ,200 Fidelity China Special Situations Investment Trust ,258 Fidelity European s ,100 Finsbury Growth & Income Trust ,402 Genesis Emerging s Fund ,286 Govett Oriental Invest Trust ,367 Govett Strategic Investment Trust ,916 Graphite Enterprise Investment Trust Henderson European Investment Trust ,000 Henderson Eurotrust ,209 Henderson Far East Income Fund ,363 Henderson Global Investment Trust ,900 Henderson High Income Investment Trust ,590 Henderson Smaller Companies Investment Trust ,831 Henderson Trust ,705 Herald Investment Trust ,647 HG Capital Investment Trust ,386 HICL Infrastructure ,528 Impax Environmental s ,136 International Public Partnership ,000 Invesco Asia Investment Trust ,442 Invesco Income & Growth Investment Trust ,169 Invesco Perpetual UK Smaller Companies Investment Trust ,727 John Laing Infastructure Fund ,726 JPMorgan American Investment Trust ,736 JPMorgan Asian Investment Trust ,931 JPMorgan Claverhouse Investment Trust ,145 JPMorgan Emerging s Investment Trust

16 Chariguard UK Equity Fund Equity Investment Instruments (continued) 7,650 JPMorgan Euro Smaller Companies Trust ,961 JPMorgan European Investment Trust ,023 JPMorgan Indian Investment Trust JPMorgan Japan Smaller Companies Trust ,791 JPMorgan Japanese Investment Trust ,210 JPMorgan Japanese Smaller Companies Investment Trust JPMorgan Mid Cap Investment Trust ,404 JPMorgan Overseas Investment Trust JPMorgan Overseas Investment Trust ,122 JPMorgan Russian Securities JPMorgan Smaller Companies Investment Trust JPMorgan Smaller Companies Investment Trust ,590 Jupiter European Opportunities Trust Keystone Investment Trust ,606 Law Debenture ,424 Lowland Investment Company ,200 Majedie Investment Trust ,564 Martin Currie Global Portfolio Investment Trust ,182 Martin Currie Pacific Investment Trust ,755 Mercantile Investment Trust ,094 Merchants Investment Trust ,530 Monks Investment Trust ,199 Murray Income Trust ,241 Murray International Trust ,090 NB Global Floating Rate Income Fund ,700 New India Investment Trust ,558 North American Income Trust North Atlantic Smaller Companies Investment Trust ,670 Pacific Assets Investment Trust ,591 Pantheon International Participations Fund ,606 Perpetual Income & Growth Investment Trust Personal Assets Trust ,736 Polar Capital Technology Trust ,074 RIT Capital Partners ,200 Ruffer ,079 Schroder Asia Pacific Fund ,452 Schroder Income Growth Fund ,973 Schroder Japan Growth Fund ,600 Schroder Oriental Income Fund

17 Chariguard UK Equity Fund Equity Investment Instruments (continued) 7,593 Schroder UK Growth Fund ,105 Scottish American Investment Trust ,130 Scottish Investment Trust ,132 Scottish Mortgage Investment Trust ,000 Scottish Oriental Smaller Companies Trust ,950 Securities Trust of Scotland ,685 Securities Trust of Scotland ,800 Shires Income Trust ,000 Standard Life Equity Income Trust ,828 Standard Life European Private Equity Trust ,318 Temple Bar Investment Trust ,310 Templeton Emerging s Investment Trust Thames River Multi Hedge PCC ,947 TR European Growth Investment Trust ,165 TR Property Investment Trust ,200 Tribune Global Managed Fund ,500 Utilico Emerging s ,000 & Income Investment Trust ,126 Witan Investment Trust ,934 Witan Pacific Investment Trust ,993 Worldwide Healthcare Trust , Financial Services 3.05% ( %) 46,368 3i ,058 Aberdeen Asset Management ,396 Ashmore ,413 Brewin Dolphin Camellia ,100 Charles Taylor Consulting ,109 Close Brothers ,760 Fidelity Special s ,359 Hargreaves Lansdown ,101 Henderson ,450 ICAP ,253 IG ,254 Intermediate Capital ,043 International Personal Finance ,034 Investec

18 Chariguard UK Equity Fund Financial Services (continued) 13,685 IP ,863 Jupiter Fund Management ,984 London Stock Exchange ,523 Man ,517 Paragon ,882 Provident Financial ,465 Rathbone Brothers ,270 Schroders ,086 Standard Life ,459 SVG Capital ,086 Tullett Prebon , Fixed Line Telecommunications 2.05% ( %) 381,871 BT 1, ,073 Cable & Wireless ,246 Colt Telecom ,310 KCOM ,708 Talktalk Telecom ,705 Telecom Plus , Food & Drug Retailers 1.55% ( %) 70,057 Booker ,818 Greggs ,112 J Sainsbury ,166 Ocado ,268 Tesco ,809 UDG Healthcare ,028 Wm Morrison Supermarkets , Food Producers 2.42% ( %) 1,300 Anglo-Eastern Plantations ,587 Associated British Foods ,458 Cranswick ,338 Dairy Crest ,002 Devro ,276 Greencore ,833 Premier Foods

19 Chariguard UK Equity Fund Food Producers (continued) 22,405 Tate & Lyle ,183 Unilever 1, , Forestry & Paper 0.25% ( %) 17,447 Mondi Gas, Water & Multiutilities 2.84% ( %) 236,133 Centrica ,057 National Grid 1, ,266 Pennon ,292 Severn Trent ,233 United Utilities , General Industrials 0.76% ( %) 1,326 British Polythene ,550 DS Smith ,734 Rexam ,738 RPC ,628 Smiths ,892 Vesuvius ,392 Xaar General Retailers 2.47% ( %) 28,238 AA ,407 Carpetright ,631 Darty ,970 Debenhams ,477 Dignity ,770 Dixons Carphone ,316 Dunelm ,353 Findel ,558 Game ,473 Halfords ,959 Home Retail ,766 Inchcape ,404 JD Sports Fashion ,441 Kingfisher

20 Chariguard UK Equity Fund General Retailers (continued) 15,196 Laura Ashley ,833 Lookers ,233 Marks & Spencer ,513 Mothercare ,275 N Brown ,035 Next ,823 Pendragon ,375 Sports Direct International ,804 Topps Tiles ,392 WH Smith , Health Care Equipment & Services 0.54% ( %) 1,410 Consort ,670 Smith & Nephew ,404 Southern Cross Healthcare ,679 Synergy Healthcare Household Goods & Home Construction 3.18% ( %) 4,068 AGA Rangemaster ,762 Barratt Developments ,873 Bellway ,971 Berkeley ,479 Bovis Homes ,715 Crest Nicholson ,421 McBride ,435 Persimmon ,679 Reckitt Benckiser 1, ,356 Redrow ,334 Taylor Wimpey , Industrial Engineering 0.81% ( %) 9,342 Bodycote ,309 Fenner ,695 Hill & Smith ,956 IMI ,600 Melrose Industries

21 Chariguard UK Equity Fund Industrial Engineering (continued) 38,940 Rotork ,009 Severfield-Rowen ,593 Spirax-Sarco Engineering ,831 Vitec ,085 Weir Industrial Metals & Mining 0.12% ( %) 16,161 Evraz ,318 Ferrexpo ,600 International Ferro Metals ,140 South ,000 Talvivaara Mining Industrial Transportation 0.31% ( %) 22,662 BBA Aviation ,100 Braemar Shipping Services Clarkson ,940 James Fisher & Sons ,482 Royal Mail ,605 Stobart UK Mail ,363 Wincanton Leisure Goods 0.01% ( %) 9,768 Photo-Me Life Insurance 4.65% ( %) 188,707 Aviva ,763 Chesnara ,254 Legal & General ,797 Old Mutual ,529 Partnership Assurance ,426 Phoenix ,099 Prudential 1, ,747 RSA Insurance ,412 St. James's Place Capital ,

22 Chariguard UK Equity Fund Media 3.60% ( %) 3,413 Bloomsbury Publishing ,612 British Sky Broadcasting ,513 Centaur Media ,900 Chime Communications ,608 Entertainment One ,752 Euromoney Institutional Investor ,000 Huntsworth ,750 Informa ,500 ITE ,634 ITV ,122 Moneysupermarket.com ,622 Pearson ,596 Reed Elsevier ,427 Rightmove ,755 Trinity Mirror ,871 UBM ,155 UTV Media ,700 Wilmington ,043 WPP , Mining 5.45% ( %) 7,215 Acacia Mining ,165 Anglo American ,530 Anglo Pacific ,872 Antofagasta ,082 Aquarius Platinum ,140 BHP Billiton 1, ,155 Centamin ,715 Fresnillo ,180 Gem Diamonds ,189 Glencore 1, ,470 Hochschild Mining ,465 Kaz Minerals ,650 Kenmare Resources ,934 Lonmin ,000 New World Resources ,889 Petra Diamonds ,453 Petropavlovsk ,377 Polymetal International

23 Chariguard UK Equity Fund Mining (continued) 4,414 Randgold Resources ,175 Rio Tinto 1, ,820 Vedanta Resources , Mobile Telecommunications 3.19% ( %) 20,207 Inmarsat ,259,489 Vodafone 2, , Non-Life Insurance 0.86% ( %) 9,312 Admiral ,839 Amlin ,610 Beazley ,071 Directline Insurance ,482 esure ,778 Hiscox ,877 Jardine Lloyd Thompson ,764 Lancashire ,052 Novae XL Oil & Gas Producers 11.35% ( %) 58,774 Afren ,454 BG 1, ,000 BP 3, ,687 Cairn Energy ,288 Enquest ,400 Exillon Energy ,700 Hardy Oil & Gas ,191 JKX Oil & Gas ,515 Ophir Energy ,109 Premier Oil ,115 Royal Dutch Shell 'A' shares 3, ,500 Royal Dutch Shell 'A' shares (Dutch Listing) ,461 Royal Dutch Shell 'B' shares 2, ,541 SOCO International ,725 Tullow Oil ,

24 Chariguard UK Equity Fund Oil Equipment, Services & Distribution 0.30% ( %) 7,412 Hunting ,758 John Wood ,285 Lamprell ,296 Petrofac Personal Goods 0.46% ( %) 21,032 Burberry ,916 PZ Cussons ,896 Supergroup ,242 Ted Baker Pharmaceuticals & Biotechnology 7.50% ( %) 59,816 AstraZeneca 2, ,165 BTG ,665 Dechra Pharmaceuticals ,875 Genus ,569 GlaxoSmithKline 2, ,413 Hikma Pharmaceuticals ,812 Indivior ,864 Shire 1, ,404 Vectura , Real Estate 2.62% ( %) 6,091 Big Yellow ,674 British Land ,401 Derwent ,588 Great Portland Estates ,073 Hammerson ,795 Capital & Counties Properties ,215 Capital & Regional CLS ,547 Countrywide Daejan ,724 Development Securities ,055 F&C Commercial Property Trust ,000 F&C UK Real Estate Investment Trust ,233 Foxtons

25 Chariguard UK Equity Fund Real Estate (continued) 19,515 Grainger Trust ,318 Helical Bar ,500 LSL Property Services ,500 Mapeley ,800 Picton Property Income Fund ,845 Quintain Estates & Development ,375 Raven Russia ,999 Safestore ,907 Savills ,919 Schroder Real Estate ,498 St. Modwen Properties ,900 Standard Life Investment Property Trust ,180 UK Commercial Property Trust ,086 Unite ,005 Hansteen ,533 Intu Properties ,507 Land Securities ,036 London & Stamford Property ,900 McKay Securities ,700 Mucklow (A&J) ,661 Primary Health Properties ,776 Segro ,513 Shaftesbury ,306 Town Centre Securities ,669 Workspace , Software & Computer Services 0.64% ( %) 16,818 Anite ,162 AVEVA ,807 Fidessa ,315 Innovation ,038 Micro Focus International ,406 NCC ,438 Sage ,890 SDL ,012 Telecity

26 Chariguard UK Equity Fund Support Services 5.25% ( %) 11,381 Aggreko ,831 Amec Foster Wheeler ,916 Ashtead ,026 Atkins (WS) ,213 Babcock International ,164 Berendsen ,010 Brammer ,888 Bunzl ,632 Capita ,694 Carillion ,882 Connect ,400 CPP ,886 DCC ,764 De La Rue ,371 Diploma ,819 Electrocomponents ,969 Essentra ,148 Experian ,668 G4S ,877 Grafton ,748 Hays ,015 HomeServe ,476 Howden Joinery ,268 Interserve ,681 Intertek ,402 Lavendon ,742 Management Consulting ,300 Mears ,989 Menzies (John) ,581 Michael Page International ,464 MITIE ,348 Northgate ,074 PayPoint ,441 Premier Farnell ,023 Regus ,994 Rentokil Initial ,058 Ricardo ,910 Robert Walters ,960 RPS

27 Chariguard UK Equity Fund Support Services (continued) 24,430 Serco ,356 Shanks ,664 SIG ,400 Speedy Hire ,089 St. Ives ,864 SThree ,751 Travis Perkins ,100 Tribal Vp ,545 Wolseley ,470 Xchanging , Technology Hardware & Equipment 0.99% ( %) 66,617 ARM ,800 BATM Advanced Communications ,261 Computacenter ,903 CSR ,765 Imagination Technologies ,666 Laird ,951 Pace ,151 Spirent Communications Tobacco 4.58% ( %) 88,456 British American Tobacco 3, ,593 Imperial Tobacco 1, , Travel & Leisure 4.21% ( %) 5, s ,274 Betfair ,458 Bwin.Party Digital Entertainment ,715 Carnival ,864 Cineworld ,199 Compass ,475 Domino's Pizza ,936 easyjet ,867 Enterprise Inns ,195 FirstGroup

28 Chariguard UK Equity Fund Travel & Leisure (continued) 1,600 Fuller Smith & Turner 'A' shares ,052 Go-Ahead ,148 Greene King ,271 InterContinental Hotels ,465 International Consolidated Airlines ,489 Ladbrokes ,121 Marston's ,077 Merlin Entertainments ,096 Millennium & Copthorne Hotels ,030 Mitchells & Butlers ,371 National Express ,670 Playtech ,478 Punch Taverns ,092 Rank ,476 Restaurant ,264 Stagecoach ,407 Thomas Cook ,067 TUI ,140 Wetherspoon (JD) ,502 Whitbread ,321 William Hill , Investment assets 96, Net other assets Net assets 96, 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

29 Chariguard UK Equity Fund Summary of Material Portfolio Changes For the year ended 30 June 2015 The summaries below identify those purchases and sales exceeding 2 the net assets of the Fund at the start of the year, subject to a minimum disclosure of the twenty largest purchases and sales. Purchases 1 Cost Sales Cost Glencore 143 HSBC 1,097 TUI 127 Royal Dutch Shell 'A' shares 874 AA 113 BP 830 Merlin Entertainments 75 GlaxoSmithKline 701 London Stock Exchange 34 British American Tobacco 664 UBM 31 AstraZeneca 491 RPC 9 Diageo 426 Mothercare 5 Lloyds Banking 374 Lamprell 3 Vodafone 366 Connect 3 Rio Tinto 338 Royal Dutch Shell 'B' shares 318 Prudential 314 BHP Billiton 307 Barclays 304 BG 303 Reckitt Benckiser 273 SABMiller 270 Unilever 265 National Grid 263 Imperial Tobacco 248 Other sales 9,238 Total purchases for the year (Note 14) 543 Total sales for the year (Note 14) 18,264 1 There were no other purchases during the year. 27

30 Chariguard UK Equity Fund Statement of Total Return For the year ended 30 June 2015 Income Notes Net capital (losses) gains 2 (1,238) 10,892 Revenue 3 3,772 4,083 Expenses 4 (364) (433) Finance costs: Interest 6 - (1) Net revenue before taxation 3,408 3,649 Taxation 5 (36) (39) Net revenue after taxation 3,372 3,610 Total return for the year 2,134 14,502 Finance costs: Distributions 6 (3,372) (3,609) Change in net assets attributable to unitholders from investment activities (1,238) 10, Statement of Change in Attributable to Unitholders For the year ended 30 June Opening net assets attributable to unitholders 115, ,566 Amounts receivable on issue of units ,176 Less: Amounts payable on cancellation of units (19,900) (65,237) (19,735) (14,061) Change in net assets attributable to unitholders from investment activities (see Statement of Total Return) (1,238) 10,893 Retained distributions on accumulation units 1,724 1,391 Closing net assets attributable to unitholders 96, , Notes to the financial statements are from pages 30 to

31 Chariguard UK Equity Fund Balance Sheet As at 30 June 2015 Notes Assets Investment assets 96, ,182 Debtors Cash and bank balances Total other assets 963 1,378 Total assets 97, ,560 Liabilities Creditors 8 (175) (186) Distribution payable on income units (469) (585) Total other liabilities (644) (771) Total liabilities (644) (771) Net assets attributable to unitholders 96, ,789 Notes to the financial statements are from pages 30 to 35. This report was approved for publication on 17 August Julian Filkins, Authorised Signatory Lynn Clark, Authorised Signatory for and on behalf of Allianz Global Investors GmbH, UK Branch 29

32 Chariguard UK Equity Fund Notes to the Final Financial Statements for the year ended 30 June Accounting policies These financial statements have been prepared under the historical cost convention as modified by the revaluation of investments, and on a going concern basis in accordance with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Scheme Particulars establishing the Fund. Included within the Regulations is a requirement to prepare financial statements in accordance with the Statement of Recommended Practice (SORP) for Authorised Funds issued by The Investment Association in October These financial statements are prepared in compliance with the SORP. The principal accounting policies are described below: a. Revenue: Dividends are treated as receivable on the date on which the security is quoted ex-dividend where the amounts are reasonably determined. Foreign dividends are grossed up at the appropriate rate of tax. Bank interest is accounted for on an accruals basis. b. Stock dividends: Ordinary stock dividends are recognised wholly as revenue and are based on the market value of the share on the date they are quoted ex-dividend. Where an enhancement is offered, the amount by which the market value of the shares (on the day they are quoted ex-dividend) exceeds the cash dividend is taken to capital. The ordinary element of the stock dividend is treated as revenue and does not form part of the distribution. 2. Net capital (losses) gains c. Special dividends: The underlying circumstances behind special dividends are reviewed in determining whether the receipt is revenue or capital in nature. Special dividends recognised as revenue will form part of the distribution. Any tax treatment will follow the accounting treatment of the principal amount. d. Valuation: The investments of the Fund have been valued as at close of business on 30 June 2015, being the last valuation date of the year, at the bid market price net of any accrued interest. Unlisted, suspended and unapproved investments are valued on the basis of the best information available to the Manager. e. Foreign currencies: Assets and liabilities have been translated into Sterling at the rates of exchange at the balance sheet date. Transactions denominated in foreign currencies are translated into Sterling at the exchange rates ruling at the date of the transactions. The resulting exchange differences are included in the Statement of Total Return. f. Expenses: Expenses are recognised on an accruals basis and charged against revenue, except handling charges which are treated as capital (see Note 2). g. Distribution policy: Net revenue is accumulated in the Fund throughout the year and distributed in full each quarter end (Losses) Gains on non-derivatives 1 (1,203) 10,932 Losses on currencies 1 (5) (12) Handling charges (30) (28) Net capital (losses) gains (1,238) 10,892 1 Net losses listed above of 1,208,000 excluding handling charges, comprise net realised gains of 4,171,000 and net unrealised losses of 5,379,000 ( net gains of 10,920,000 comprising net realised gains of 4,275,000 and net unrealised gains of 6,645,000). 30

33 Chariguard UK Equity Fund Notes to the Final Financial Statements continued 3. Revenue Bank interest 2 1 Overseas dividends Stock dividends 0 1 UK dividends (net) 3,246 3,597 Unfranked UK dividends Total revenue 3,772 4, Expenses Payable to the Manager, associates of the Manager or agents of either of them: Manager s annual charge Payable to the Trustee and Depositary, associates of the Trustee and Depositary or agents of either of them: Trustee and Depositary fees Safe custody fees Other expenses: Audit fee 8 8 Distribution costs FTSE license fee (21) 39 Printing costs 5 6 Registration fees 2 2 Other expenses Total expenses All expenditure stated above is inclusive of irrecoverable VAT where applicable. The Audit fee for the year, excluding VAT, was 6,482 (2014-6,482). 5. Taxation Overseas tax suffered The Fund is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 31

34 Chariguard UK Equity Fund Notes to the Final Financial Statements continued 6. Finance costs Distributions and interest The distributions take account of revenue received on the issue of units and comprise: st Interim: Income Accumulation nd Interim: Income Accumulation rd Interim: Income Accumulation Final (payable 31 August 2015): Income Accumulation ,011 1,057 Less: Revenue received on issue of units 0 (89) Net distributions for the year 3,372 3,609 Finance cost: Interest 0 1 Total finance costs 3,372 3,610 Reconciliation of net revenue after taxation to net distributions for the year: Net revenue after taxation 3,372 3,610 Less: Stock dividend 0 (1) Net distributions for the year 3,372 3,609 Details of the distribution per unit are set out in the Distribution Table on page 9. 32

35 Chariguard UK Equity Fund Notes to the Final Financial Statements continued 7. Debtors Accrued revenue Creditors Manager s annual charge Other accrued expenses¹ ¹ This includes fees payable to the Trustee and Depositary of 14,626 (2014-2,295) and transaction charges payable to the Custodian of 13,387 ( ,563). 9. Equalisation Equalisation applies only to units purchased during the distribution period (Group 2 Units). It is the average amount of net revenue included in the purchase price of all Group 2 Units which, in the case of Income units, is refunded as part of a unitholders first distribution and, in the case of Accumulation units, is automatically reinvested in the Fund at the first distribution payment date after the units were purchased. 10. Related party transactions The Manager and the Trustee together are deemed to be controlling parties under the definition of Financial Reporting Standard 8 (FRS8). Details of any related party transactions occurring during the year and any balances due at the year end are fully disclosed in the Statement of Change in Attributable to Unitholders, the Balance Sheet and Notes 4, 7 and 8 to the financial statements. The aggregate value of commissions paid on the transactions of the Fund s investments with related parties and associates thereof was Nil ( Nil). 11. Units in issue 2015 No No. Income units 1,908, ,705, Accumulation units 1,168, ,192,

36 Chariguard UK Equity Fund Notes to the Final Financial Statements continued 12. Contingent liabilities and commitments As at 30 June 2015 there were no contingent liabilities or commitments ( Nil). 13. Derivatives and other financial instruments Further information on the risk exposure of the Fund is given on page 5 in the financial statements. a. Currency exposure As at 30 June 2015 the Fund had no significant exposure to currencies other than Sterling ( no significant exposure). Accordingly, no further information is given. b. Interest rate risk profile The table below summarises in Sterling terms the financial assets and financial liabilities whose values are affected by changes in interest rates. Currency Floating rate interest 30 June 2015 Nil interest 30 June 2015 Total 30 June 2015 Floating rate interest 30 June 2014 Nil interest 30 June 2014 Total 30 June 2014 Financial assets Sterling ,034 96, , ,696 Euro US Dollar Total financial assets ,221 96, , ,013 Total financial instruments ,221 96, , ,013 Short term debtors and creditors (227) (224) Net assets per the Balance Sheet 96, ,789 The rate for determining interest on bank balances is calculated by HSBC Bank Plc Treasury. As at 30 June 2015 the interest rate was 0.23% ( %). The overdraft interest rate was 1.50% ( %). c. Maturity of financial liabilities All liabilities are due in one year or less or on demand ( same). d. Fair value disclosure There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. e. Hedging instruments The Fund did not have any hedging arrangements in place at the balance sheet date ( Nil). 34

37 Chariguard UK Equity Fund Notes to the Final Financial Statements continued 14. Portfolio transaction costs Analysis of total purchase costs Purchases in the year before transaction costs 542 4,962 Commissions on purchases - 1 Other costs 1 5 Total purchase costs 1 6 Gross purchase total 543 4,968 Analysis of total sale costs Gross sales in the year before transaction costs 18,266 19,616 Commissions on sales (2) (5) Total sales costs (2) (5) Total sales net of transaction costs 18,264 19, Material events post balance sheet date There are no material post balance sheet events. 35

38 36

39 Contents 38 Fund Objective and Charges 38 Manager s Statement 38 Trustee s Report 39 Report of the Manager 41 Performance Statistics 43 Distribution Table 44 Portfolio Statement 84 Summary of Material Portfolio Changes 85 Statement of Total Return 85 Statement of Change in Attributable to Unitholders 86 Balance Sheet 87 Notes to the Financial Statements

40 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 annual period from 1 July 2014 to 30 June 2015 for the Chariguard Overseas Equity Fund, which provides participating charities with investment exposure to the overseas equity market. On 30 June 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 8.04% compared with 8.83% 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 17 August 2015 Accounting Policies The Financial Statements have been prepared in accordance with the requirements of the Statement of Recommended Practice ( SORP ) for Authorised Funds issued by the IMA in October 2010 and the Scheme Particulars establishing the Fund. 38

41 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 30 June 2015, the Fund s size was GBP23.4 million; the regional exposure, consistent with the Fund s benchmark, being as follows: Region % North America 49.1 Europe ex UK 28.4 Asia Pacific ex Japan 8.8 Japan 9.8 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 s benchmark over the twelve months to 30th June 2015 was 8.8%. In terms of the constituent regions, the total returns, in sterling, were 15.05% for North America, 1.12% for Europe ex UK, 19.03% for Japan and 0.83% for Asia Pacific ex. Japan. These returns take into account the movements in the US dollar (mostly flat over the first six months of 2015), the weakening Japanese yen (-4%) and the weakening of the euro (-11%) against sterling. s exhibited more subdued and hesitant performance over the period due to a multitude of geopolitical and macroeconomic factors that led to some volatility in the first half of In particular, the protracted Greek debt crisis and stock market turmoil in China raised levels of uncertainty amongst investors. In the US, Consumer Price Index declined sharply from trend rates by -0.1% due to the collapse in global oil prices triggered by the Organisation of 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 5.4%, though some of this was again attributable to structural changes in the workforce participation rate. European Gross Domestic Product growth recovered to 1.6%, although European bourses had to contend with the closure of Greek banks and the Athens stock exchange as Greece missed payments to the International Monetary Fund, triggering political turmoil and also contentious bailout negotiations with creditors and the triumvirate of European and international institutions that had previously provided emergency lending for Greek banks. Asia remained challenging as China s growth rate decelerated to 7.0%, and also witnessed a volatile bout of stock mania and decline triggered by financial reforms and liberalisation of the Shanghai-HK stock exchange interconnect system. Japanese growth accelerated to 3.9% supported by the weakening yen and the record asset-purchase plans of the bank of Japan, with some indications of burgeoning improvements to corporate governance amongst conservative Japanese enterprises, potentially adopting a stewardship code that would be more aligned to the interests of shareholders, and harnessing market forces instead of the complex traditional structure of crossshareholdings amongst the Keidanren. Risk review Chariguard Overseas Equity Fund is managed in accordance with the objective set out on page 38. 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 predominantly in equities, the values of which are not 39

42 Report of the Manager continued 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 23 July

43 Performance Statistics Net Asset Unit Class Year Ended Net Asset () Number of Units in Issue Net Asset per Unit (p) Income 30 June ,683 2,023, June ,525 1,387, June , , Accumulation 30 June ,050 69, June ,337 72, June ,381 68, Highest and Lowest Prices Calendar Year Highest Offer Price Lowest Bid Price Income (p) Accumulation (p) Income (p) Accumulation (p) For the period to 30 June Price History Income Units Accumulation Units Year Ended Bid (p) Offer (p) Bid (p) Offer (p) 30 June June June June June June Since November 1996 no initial charge has been applied to offer prices. 41

44 Performance Statistics continued Distribution History Calendar Year Income Units per Unit (p) Accumulation Units per Unit (p) For the period to 30 June Distributions are made two months after the calendar quarter end to which they relate. Further information on distributions is included in the Distribution Table on page 43. Ongoing Charges Figure Year ended 30 June June OCF (%) Ongoing Charges Figure (OCF) represents 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. 42

45 Distribution Table For the year ended 30 June 2015 Group 1: Units purchased prior to (a) 30 June 2014, (b) 30 September 2014, (c) 31 December 2014, (d) 31 March Group 2: Units purchased on or after (a) 30 June 2014, (b) 30 September 2014, (c) 31 December 2014, (d) 31 March Net Revenue per Unit (p) Equalisation (Note 9) per Unit (p) Distribution paid/payable 2014/2015 per Unit (p) Distribution paid 2013/2014 per Unit (p) Income Units a. 1st Interim Group Group b. 2nd Interim Group Group c. 3rd Interim Group Group d. Final Group Group Accumulation Units a. 1st Interim Group Group b. 2nd Interim Group Group c. 3rd Interim Group Group d. Final Group Group Investors are reminded that a distribution is not guaranteed. 43

46 Portfolio Statement As at 30 June 2015 BONDS 0.00% ( %) Hong Kong Dollar Denominated Debt Securities 0.00% ( %) HKD3,000 Li Ning 0% Convertible Bonds 31/12/ EQUITIES 99.32% ( %) UNITED KINGDOM 0.70% ( %) United Kingdom Equities 0.70% ( %) 2,143 CNH Industrial Delphi Automotive ,402 Fiat Chrysler Automobiles ,750 Irish Bank Resolution Pentair ,186 Reed Elsevier Rio Tinto ,442 Unilever EUROPE 28.38% ( %) Austria Equities 0.20% ( %) 266 Andritz Erste Bank ,520 Immoeast (Exchange rate shares) ,096 Immofinanz ,454 Immofinanz NPV OMV Raiffeisen International Bank Voestalpine Belgium Equities 0.86% ( %) 368 Ageas ,354 Anheuser-Busch InBev Anheuser-Busch InBev VVPR Strip Belgacom Colruyt Delhaize ,120 Dexia-Strip VVPR Fortis Bank Strip VVPR

47 Belgium Equities (continued) 192 Groupe Bruxelles Lambert KBC KBC Strip Solvay Telenet UCB Umicore Czech Republic Equities 0.05% ( %) 563 CEZ Komercni Banka Denmark Equities 0.96% ( %) 9 AP Moeller-Maersk series 'A' shares AP Moeller-Maersk series 'B' shares Carlsberg series 'B' shares Coloplast series 'B' shares ,479 Danske Bank DSV FLSmidth ,338 Novo Nordisk class 'B' shares Novozymes class 'B' shares Finland Equities 0.54% ( %) 1,081 Fortum Kesko Kone class 'B' shares Metso Neste Oil ,961 Nokia Nokian Renkaat Sampo series 'A' shares Stora Enso series 'R' shares UPM-Kymmene Wartsila

48 France Equities 6.77% ( %) 332 Accor Aeroports de Paris Air Liquide ,051 Air Liquide (Prime de Fidélité) Airbus ,169 Alcatel-Lucent Alstom Arkema Atos ,075 AXA BIC ,677 BNP Paribas Bouygues Bureau Veritas Capgemini Carrefour Casino Guichard-Perrachon Christian Dior CNP Assurances ,300 Credit Agricole ,022 Credit Agricole Danone Dassault Systemes Edenred EDF Eiffage Electricite De France Essilor International Eurazeo Eurotunnel Eutelsat Communications Foncière des Régions ,533 GDF Suez ,841 GDF Suez Strip Gecina Hermes International Icade Iliad Imerys JC Decaux

49 France Equities (continued) 124 Kering Klepierre Lafarge Lafarge (Prime de Fidélité) Lagardere Legrand L'Oréal L'Oréal (Prime de Fidélité) LVMH Moet Hennessy Michelin Moulinex ,892 Natixis ,654 Orange Pernod-Ricard Peugeot Publicis Renault Rexel Safran Saint-Gobain ,915 Sanofi Schneider Electric SCOR ,211 Société Générale Sodexo Sodexo EUR Suez Environnement Technip Thales ,499 Total Unibail-Rodamco Valeo Vallourec Veolia Environnement Vinci ,332 Vivendi Wendel Investissement Zodiac Aerospace ,

50 Germany Equities 5.16% ( %) 229 Adidas Allianz Axel Springer ,610 BASF ,440 Bayer Beiersdorf BMW Brenntag ,781 Commerzbank Continental ,528 Daimler ,499 Deutsche Bank Deutsche Boerse Deutsche Lufthansa ,798 Deutsche Post ,979 Deutsche Telekom ,591 E.ON Fraport Fresenius Fresenius Medical Care GEA Hannover Rueckversicherung HeidelbergCement Henkel Henkel non-voting preference shares Hugo Boss ,654 Infineon Technologies K & S Kabel Deutschland Lanxess Linde MAN Merck KGAA Metro Muenchener Rueckversicherung Osram Licht Porsche non-voting preference shares RWE ,537 SAP ,373 Siemens

51 Germany Equities (continued) 754 ThyssenKrupp TUI United Internet Volkswagen Volkswagen non-voting preference shares , Greece Equities 0.02% ( %) 5,903 Alpha Bank Hellenic Telecom National Bank of Greece Hungary Equities 0.08% ( %) 230 MOL OTP Bank Richter Gedeon Ireland Equities 0.34% ( %) 972 James Hardie ,022 Medtronic ,018 Ryanair ,120 Weatherford XL Italy Equities 1.44% ( %) 1,580 Assicurazioni Generali Atlantia Banco Popolare ,500 Campari ,518 Enel ,200 Enel Green Power ,266 Eni EXOR Finmeccancia ,851 Intesa Sanpaolo Luxottica ,629 Mediaset Mediobanca

52 Italy Equities (continued) 4,190 Parmalat Finanziaria Pirelli ,600 Prada Prysmian Saipem ,386 Snam ,854 Telecom Italia ,477 Telecom Italia participating certificates ,390 Terna ,069 UniCredit ,492 Unione di Banche Italiane Luxembourg Equities 0.17% ( %) 2,183 ArcelorMittal SES Global FDR (each representing 1 class 'A' share) ,000 Subsea Tenaris Netherlands Equities 1.28% ( %) 3,126 Aegon ,083 Ahold Akzo Nobel ASML Boskalis Westminster DSM Fugro Gemalto Heineken Heineken L Arche Green ,410 ING ,556 Koninklijke KPN Koninklijke Vopak ,788 Philips Randstad SBM Offshore ,845 TNT Express Wolters Kluwer

53 Norway Equities 0.38% ( %) 1,527 DNB Gjensidige Forsikring ,684 Norsk Hydro ,309 Orkla Seadrill ,761 Statoil ,224 Telenor Yara International Poland Equities 0.28% ( %) 297 Bank Pekao KGHM Polska Miedz ,600 Orange Polska PKN Orlen ,800 Polska Grupa Energetyczna ,160 Polskie Gornictwo Naftowe ,754 Powszechna Kasa Oszczednosci Bank Polski Powszechny Zaklad Ubezpieczen Portugal Equities 0.10% ( %) 3,099 Banco Espirito Santo ,750 EDP Energias ,100 Galp Energia Jeronimo Martins Spain Equities 2.02% ( %) 716 Abertis Infraestructuras Abertis Infraestructuras Rights 7/7/ ACS Actividades Amadeus IT ,175 Banco Popolare Espanol ,534 Banco Sabadell ,313 Banco Santander ,438 Bankinter ,583 BBVA ,984 CaixaBank ,002 Distribuidora Enagas

54 Spain Equities (continued) 460 Endesa ,091 Ferrovial Gas Natural Grifols ,278 Iberdrola ,768 Inditex ,233 Mapfre Mediaset Espana Red Electrica ,987 Repsol ,939 Telefonica Zardoya Otis Sweden Equities 1.79% ( %) 853 Alfa Laval ,386 Assa Abloy series 'B' shares Atlas Copco series 'A' shares Atlas Copco series 'B' shares Autoliv Boliden Electrolux series 'B' shares ,200 Elekta series 'B' shares ,688 Ericsson series 'B' shares Getinge ,495 Hennes & Mauritz series 'B' shares Hexagon series 'B' shares Husqvarna series 'B' shares Industrivarden series 'A' shares Industrivarden series 'C' shares Investor series 'B' shares Kinnevik Lundin Petroleum ,174 Nordea Bank ,714 Sandvik Securitas series 'B' shares ,783 Skandinaviska Enskilda Banken series 'A' shares Skanska series 'B' shares SKF series 'B' shares ,117 Svenska Cellulosa series 'B' shares

55 Sweden Equities (continued) 1,980 Svenska Handelsbanken series 'A' shares ,068 Swedbank series 'A' shares Swedish Match Tele2 series 'B' shares ,496 TeliaSonera ,748 Volvo series 'B' shares Switzerland Equities 5.71% ( %) 3,668 ABB Actelion Adecco Baloise Compagnie Financiere Richemont ,550 Credit Suisse EMS-Chemie GAM Geberit Givaudan Holcim Julius Baer Kuehne + Nagel Lindt & Spruengli Participating Certificates Lonza ,420 Nestlé ,979 Novartis Pargesa Partners PSP Swiss Property ,200 Roche Schindler Schindler (Part Certified) SGS (registered) Sika Sonova ,196 STMicroelectronics Sulzer Swatch Swatch (Registered)

56 Switzerland Equities (continued) 52 Swiss Life Swiss Re Swissair Swisscom Syngenta TE Connectivity ,003 UBS Zurich Financial Services , Turkey Equities 0.23% ( %) 3,151 Akbank ,000 Anadolu Efes Biracilik ve Malt Sanayii BIM Birlesik Magazalar ,449 Haci Omer Sabanci ,225 KOC Tupras-Turkiye Petrol Rafinerileri ,231 Turkcell Iletism Hizmetleri ,342 Turkiye Garanti Bankasi ,700 Turkiye Halk Bankasi ,049 Turkiye Is Bankasi series class 'C' shares ,664 Turkiye Valiflar Bankasi ASIA PACIFIC (EXCLUDING JAPAN) % ( %) Australia Equities 2.60% ( %) 2,594 Alumina ,189 Amcor ,461 AMP APA ,526 Asciano ,419 Aurizon ,674 Australia & New Zealand Banking Australian Stock Exchange ,222 Bank of Queensland Bendigo & Adelaide Bank ,080 BGP ,292 BHP Billiton ,436 Boral ,444 Brambles

57 Australia Equities (continued) 200 Caltex Australia Challenger Financial Services Coca-Cola Amatil Cochlear ,554 Commonwealth Bank of Australia Computershare Crown CSL ,130 Fortescue Metals ,766 Goodman ,750 GPT ,000 Gunns ,392 Incitec Pivot ,563 Insurance Australia Lend Lease Macquarie ,916 Mirvac ,245 National Australia Bank ,127 Newcrest Mining ,159 Oil Search Orica ,602 Origin Energy ,809 QBE Insurance Ramsay Health Care ,499 Santos ,302 Scentre Sonic Healthcare ,292 South ,525 Stockland Trust ,886 Suncorp ,739 Sydney Airport ,105 Tattersall's ,421 Telstra ,737 Transurban ,374 Wesfarmers ,764 Westfield ,997 Westpac Banking Woodside Petroleum ,438 Woolworths

58 China Equities 0.10% ( %) 1,500 AAC Technologies ,000 China Mengniu Dairy ,000 Tingyi ,000 Want Want China Hong Kong Equities 1.55% ( %) 12,400 AIA ,564 Bank of East Asia ,000 BOC Hong Kong ,000 Chaoda Modern Agriculture ,000 Cheung Kong Infrastructure ,937 Cheung Kong Property ,937 CK Hutchison ,000 CLP ,000 Galaxy Entertainment ,000 Hang Lung ,000 Hang Lung Property Hang Seng Bank ,574 Henderson Land Development ,705 Hong Kong & China Gas ,200 Hong Kong Exchanges & Clearing ,766 Hong Kong Land Hopewell Highway ,000 Hopewell s Jardine Matheson Jardine Strategic ,600 Li & Fung ,500 Link Real Estate Investment Trust ,500 Mass Transit Railway ,224 New World Development ,545 Noble ,513 Power Assets ,000 Sands China ,609 Sino Land ,000 SJM ,000 Sun Hung Kai Properties ,000 Swire Pacific ,500 Swire Properties

59 Hong Kong Equities (continued) 2,000 Techtronic Industries ,682 Wharf ,000 Wheelock Macau Equities 0.00% ( %) Malaysia Equities 0.41% ( %) 2,200 AMMB ,900 Axiata ,800 CIMB ,000 Digi.com ,400 Genting Berhad ,900 Genting Malaysia ,300 IHH Healthcare ,200 IOI Berhad Kuala Lumpur Kepong ,100 Malayan Banking Berhad ,700 Maxis ,600 Petronas Chemicals ,000 Petronas Gas ,080 Public Bank ,900 Sime Darby ,400 Tenaga Nasional New Zealand Equities 0.02% ( %) 805 Fletcher Building ,754 Spark New Zealand Papua New Guinea Equities 0.00% ( %) Singapore Equities 0.77% ( %) 5,000 Ascendas Real Estate Investment Trust Avago Technologies ,750 CapitaLand ,100 CapitaMall Trust ,380 City Developments ,000 ComfortDelGro ,105 DBS

60 Singapore Equities (continued) 14,000 Genting Singapore ,000 Global Logistic Properties ,000 Hutchison Port Jardine Cycle & Carriage Jardine Cycle & Carriage Rights 24/7/ ,500 Keppel ,860 Oversea-Chinese Banking ,807 SembCorp Industries ,270 Singapore Airlines ,000 Singapore Exchange ,614 Singapore Press ,000 Singapore Technologies Engineering ,520 Singapore Telecommunications ,300 United Overseas Bank ,000 Wilmar International South Korea Equities 1.61% ( %) 60 Amorepacific BS Financial Coway E-Mart Hana Financial Hankook Tire Hyundai Engineering & Construction Hyundai Heavy Industries Hyundai Mobis Hyundai Motor Hyundai Steel Hyundai Wai Industrial Bank of Korea Kangwon Land KB Financial KCC Kia Motors Korea Electric Power Korea Zinc KT KT&G

61 South Korea Equities (continued) 137 LG LG Chemical LG Display LG Electronics LG Household & Health Care Lotte Shopping Naver Posco Samsung Samsung Electronics Samsung Fire & Marine Samsung Heavy Industries Samsung Life Samsung SDI Shinhan Financial SK SK Energy SK Hynix SK Telecom Woori Bank Taiwan Equities 1.71% ( %) 7,331 Advanced Semiconductor ASUSTeK Computer ,995 AU Optronics ,006 Catcher Technology ,020 Cathay Financial ,865 Cheng Shin Rubber ,495 China Development Financial ,011 China Steel ,968 Chunghwa Telecom ,558 Compal Electronics ,607 CTBC Financial ,609 Delta Electronics ,595 E.Sun Financial ,479 Far Eastern New Century ,206 First Financial ,387 Formosa Chemical & Fibre

62 Taiwan Equities (continued) 4,894 Formosa Petrochemical ,325 Formosa Plastic ,017 Foxconn Technology ,572 Fubon Financial ,467 Hon Hai Precision ,000 Hotai Motor HTC ,375 Hua Nan Financial ,259 Innolux Display ,000 Inotera Memories Largan Precision ,675 Lite-On Technology ,258 MediaTek ,621 Mega Financial ,525 Nan Ya Plastic ,051 President Chain Store ,965 Quanta Computer ,286 Siliconware Precision ,322 SinoPac Financial ,212 Taishin Financial ,328 Taiwan Cellular ,189 Taiwan Cement ,452 Taiwan Semiconductor Manufacturing ,908 Taiwanoperative Financial ,593 Uni-President Enterprises ,909 United Micro Electronics ,447 Ya Hsin Industrial ,811 Yuanta Financial Thailand Equities 0.05% ( %) 1,800 Kasikornbank Siam Cement U City JAPAN 9.84% ( %) Japan Equities 9.84% ( %) 700 Aeon Aisin Seiki

63 Japan Equities (continued) 1,000 Ajinomoto ,000 Amada Asahi Breweries ,000 Asahi Glass ,000 Asahi Kasei ,000 Astellas Pharmaceuticals ,000 Bank of Kyoto ,000 Bank of Yokohama Bridgestone Brother Industries ,200 Canon Casio Computer Central Japan Railway ,000 Chiba Bank ,000 Chubu Electric Power Chugai Pharmaceutical Chugoku Electric Power Credit Saison ,000 Dai Nippon Printing ,000 Daicel Chemical Dai-Ichi Daiichi Sankyo Daikin Daito Trust Construction ,000 Daiwa House ,000 Daiwa Securities Denso Dentsu East Japan Railway Eisai Electric Power Development Fanuc Fast Retailing ,000 Fuji Electric Fuji Heavy Industries Fujifilm ,000 Fujitsu ,000 Fukuoka Financial ,000 Hachijuni Bank

64 Japan Equities (continued) 2,000 Hankyu Hino Motors Hirose Electric Hisamitsu Pharmaceutical ,000 Hitachi ,200 Honda Motor Hoya ,000 IHI ,300 Inpex Isetan Mitsukoshi Isuzu Motors ,000 Itochu ,000 Iyo Bank J Front Retailing Japan Tobacco JFE ,000 Joyo Bank JSR JTEKT ,300 JX ,600 Kansai Electric Power ,000 Kansai Paint Kao ,000 Kawasaki Heavy Industries ,100 KDDI ,000 Keikyu Keyence ,000 Kintetsu ,000 Kirin Brewery ,000 Kobe Steel Komatsu Konica Minolta ,000 Kubota ,000 Kuraray Kyocera ,000 Kyowa Hakko Kogyo Kyushu Electric Power Lawson LIXIL

65 Japan Equities (continued) 300 Makita ,000 Marubeni ,000 Mazda Motor Meiji s ,000 Minebea ,200 Mitsubishi ,500 Mitsubishi Chemical ,000 Mitsubishi Electric ,000 Mitsubishi Estate ,000 Mitsubishi Heavy Industries ,000 Mitsubishi Materials Mitsubishi Motors ,500 Mitsubishi UFJ Financial ,900 Mitsui ,000 Mitsui Fudosan ,000 Mitsui OSK Lines ,900 Mizuho Financial MS&AD Insurance Murata Manufacturing ,000 Nagoya Railroad ,000 NEC ,000 NGK Insulators Nidec Nikon Nintendo ,000 Nippon Express ,000 Nippon Steel & Sumitomo Metal ,000 Nippon Telegraph & Telephone ,000 Nippon Yusen KK ,400 Nissan Motor Nissin Food Products Nitto Denko NKSJ ,400 Nomura Nomura Research Institute NTT Data ,200 NTT DoCoMo ,000 Obayashi ,000 Odakyu Electric Railway

66 Japan Equities (continued) 1,500 Oji Olympus Omron Ono Pharmaceutical Oriental Land Orix ,000 Osaka Gas Otsuka ,800 Panasonic ,100 Resona ,000 Ricoh Rinnai ROHM Secom Sega Sammy Seibu Seiko Epson ,000 Sekisui House ,000 Seven & I SFCG ,000 Sharp Shimano ,000 Shimizu Shin-Etsu Chemical ,000 Shinsei Bank Shionogi Shiseido ,000 Shizuoka Bank SMC ,100 Softbank Sony Stanley Electric ,100 Sumitomo ,000 Sumitomo Chemical ,100 Sumitomo Electric ,000 Sumitomo Heavy Industries ,000 Sumitomo Metal Mining ,600 Sumitomo Mitsui Financial ,000 Sumitomo Mitsui Trust

67 Japan Equities (continued) 1,000 Sumitomo Realty & Development Suzuki Motor ,400 T&D ,000 Taiheiyo Cement ,000 Taisei Taisho Pharmaceutical ,000 Takeda Pharmaceutical TDK Terumo THK ,000 Tobu Railway ,000 Toho Gas ,200 Tohoku Electric Power Tokio Marine ,300 Tokyo Electric Power Tokyo Electron ,000 Tokyo Gas Tokyo Tatemono ,000 Tokyu ,000 Toppan Printing ,000 Toray ,000 Toshiba ,000 Toto Toyota Industries ,100 Toyota Motor Toyota Tsusho Trend Micro Uni-Charm USS West Japan Railway ,800 Yahoo Japan Yakult Honsha Yamaha Motor Yamato Yaskawa Electric ,000 Yokogawa Electric ,

68 MIDDLE EAST 0.25% ( %) Israel Equities 0.25% ( %) 1,395 Bank Hapoalim ,380 Bank Leumi Le-Israel Check Point Software Technologies ,037 Teva Pharmaceutical Industries NORTH AMERICA 49.07% ( %) Canada Equities 2.63% ( %) 1, Networks Agnico Eagle Mines Agrium Alimentation Couche-Tard class 'B' shares ARC Resources Bank of Montreal ,169 Bank of Nova Scotia ,383 Barrick Gold BCE BlackBerry ,400 Bombardier class 'B' shares Brookfield Asset Management class 'A' shares Cameco Canadian Imperial Bank of Commerce Canadian National Railway Canadian Natural Resources Canadian Oil Sands Canadian Pacific Railway Canadian Tire class 'A' shares Canadian Utilities class 'A' shares ,002 Cenovus Energy CGI class 'A' shares CI Financial Crescent Point Energy ,000 Eldorado Gold Enbridge ,036 Encana Fairfax Financial Finning International First Quantum Minerals

69 Canada Equities (continued) 191 Fortis ,047 Goldcorp Great-West Lifeco Great-West Lifeco Preference Shares Husky Energy IGM Financial Imperial Oil Intact Financial Loblaw Magna International class 'A' shares ,454 Manulife Financial MEG Energy National Bank of Canada Nortel Networks Pacific Rubiales Energy Potash Saskatchewan Powercorp of Canada Power Financial Restaurant Brands International Rogers Communications class 'B' shares ,297 Royal Bank of Canada Saputo Shaw Communications class 'B' shares Silver Wheaton SNC-Lavalin Sun Life Financial Suncor Energy Teck Resources class 'B' shares Telus ,675 Toronto-Dominion Bank TransCanada ,800 Yamana Gold United States of America Equities 46.44% ( %) 615 3M Abbott Laboratories ,494 AbbVie Accenture ACE

70 United States of America Equities (continued) 631 Activision Blizzard Adobe Systems ADT ,110 AES Aetna Aflac Agilent Technologies ,326 AIG AIG Warrants 19/1/ Air Products & Chemicals Airgas Akamai Technologies ,204 Alcoa Alexion Pharmaceuticals Alleghany Allegheny Technologies Allegion Allergan Alliance Data Systems Alliant Energy Allstate Altera ,836 Altria Amazon Amdocs ,764 Amer International Warrants Ameren American Electric Power American Express American Tower class 'A' shares American Water Works Ameriprise Financial AmerisourceBergen AMETEK Amgen Amphenol class 'A' shares Anadarko Petroleum Analog Devices ANC Rental ,700 Annaly Capital Management

71 United States of America Equities (continued) 253 Anthem Aon class A shares Apache ,403 Apple ,089 Applied Materials Archer Daniels Midland Arrow Electronics Arthur J Gallagher Ashland Assurant ,513 AT&T Auto Data Processing Autodesk AutoZone Avalonbay Communities Avery Dennison Avnet Avon Axis Capital Baker Hughes Ball ,928 Bank of America Bank of New York Mellon Baxter International BB&T Becton Dickinson Bed Bath & Beyond Berkshire Hathaway convertible class 'A' shares ,051 Berkshire Hathaway convertible class 'B' shares Best Buy Biogen Idec BlackRock Boeing BorgWarner Boston Properties ,061 Boston Scientific ,545 Bristol-Myers Squibb Broadcom class 'A' shares Broadridge Financial Solutions Brown-Forman class 'B' shares

72 United States of America Equities (continued) 220 Bunge CA Cabot Oil & Gas California Resources Calpine Cameron International Campbell Soup Capital One Cardinal Health CarMax Carnival Caterpillar CBRE CBS class 'B' shares Celanese Celgene CenterPoint Energy CenturyLink Cerner CF Industries CH Robinson Worldwide ,225 Charles Schwab Chartermmunications ,058 Chesapeake Energy ,724 Chevron Chipotle Mexican Grill Chubb Church & Dwight Cigna Cimarex Energy Cincinnati Financial Cintas ,576 Cisco Systems CIT ,491 Citigroup Citrix Systems Clorox CME Coach ,565 Coca-Cola

73 United States of America Equities (continued) 227 Coca-Cola Enterprises Cognizant Technology Colgate-Palmolive Comcast class 'A' shares ,947 Comcast class 'A' special shares Comerica Communications Sales & Leasing Computer Sciences ConAgra Foods Concho Resources ,201 ConocoPhillips CONSOL Energy Consolidated Edison Constellation Brands class 'A' shares Continental Resources ,351 Corning Costco Wholesale CR Bard Cree Crown Castle International CSX Cummins ,073 CVS Health Danaher Darden Restaurants DaVita Deere Denbury Resources Dentsply International Devon Energy Digital Realty Trust DirecTV Class 'A' Shares Discover Financial Services Discovery Communications class 'A' shares Discovery Communications class 'C' shares DISH Network class 'A' shares ,404 Disney Dollar General Dollar Tree Dominion Resources

74 United States of America Equities (continued) 290 Dover ,136 Dow Chemical DR Horton Dr Pepper Snapple DTE Energy Du Pont de Nemours Duke Energy Duke Realty Dun & Bradstreet Eastman Chemical Eaton ebay Ecolab Edison International Edwards Lifesciences Electronic Arts Eli Lilly ,214 EMC Emerson Electric Energizer ,950 Enron Corporation Entergy EOG Resources EQT Equifax Equity Residential Estee Lauder class 'A' shares Everest Re Eversource Energy Exelon Expedia Expeditors International of Washington Express Scripts ,700 Exxon Mobil F5 Networks ,818 Facebook Family Dollar Stores Fastenal Federal Realty Investment Trust FedEx

75 United States of America Equities (continued) 287 Fidelity National Information Services ,027 Fifth Third Bancorp ,968 First Horizon First Solar FirstEnergy Fiserv Flextronics International Flowserve Fluor FMC Technologies Foot Locker ,042 Ford Motor Fortune Brands Home & Security Fossil Franklin Resources Freeport McMoRan Copper & Gold class 'B' shares Frontier Communications GameStop Gannett Spinco Gap Garmin General Dynamics ,393 General Electric General Growth Properties General Mills ,048 General Motors Gentex Genuine Parts Genworth Financial class 'A' shares ,335 Gilead Sciences ,410 Global Crossing Goldman Sachs Google class 'A' shares Google class 'C' shares H&R Block Halliburton Halyard Health Harley-Davidson Harman International Harris

76 United States of America Equities (continued) 399 Hartford Financial Services Hasbro HCA HCP Health Care REIT Henry Schein Herbalife Hershey Foods Hess ,235 Hewlett-Packard Hollyfrontier ,025 Home Depot Honeywell International Hormel Foods Hospira Hospitality Properties Host Hotels & Resorts Hudson City Bancorp Humana Huntington Bancshares IAC IBM Idearc Illinois Tool Works Illumina Ingersoll-Rand ,908 Intel Intercontinental Exchange International Flavors & Fragrances International Paper Interpublic Intuit Intuitive Surgical Invesco Iron Mountain Jacobs Engineering JB Hunt Transport Services JM Smucker ,647 Johnson & Johnson Johnson Controls

77 United States of America Equities (continued) 180 Joy Global ,452 JP Morgan Chase Juniper Networks Kansas City Southern Kellogg Keurig Green Mountain KeyCorp Kimberly-Clark Kimco Realty ,721 Kinder Morgan KLA-Tencor Kohl's Kraft Foods class 'A' shares Kroger L Brands L-3 Communications Laboratory Corporation of America Lam Research Las Vegas Sands Legg Mason Leggett & Platt Lennar class 'A' shares Leucadia National Liberty Global class 'A' shares Liberty Global class 'B' shares Liberty Media Liberty Media Liberty Capital Liberty Property Trust Lincoln National Linear Technology LinkedIn class 'A' shares Lockheed Martin Loews Lowe's Lululemon Athletica Lyondellbasell Industries class 'A' shares M&T Bank Macerich Macy's Manpower

78 United States of America Equities (continued) 963 Marathon Oil Marathon Petroleum Markel ,474 Marriott International Stock Dividend Marriott International Marsh & McLennan Marvell Technology Masco MasterCard class 'A' shares Mattel Maxim Integrated Products McCormick McDonald's McGraw Hill Financial McKesson MDU Resources Mead Johnson MeadWestvaco ,530 Merck & Co MetLife MGM Resorts International Michael Kors Microchip Technology Micron Technology ,950 Microsoft Mohawk Industries Molson Coors Brewing class 'B' shares ,115 Mondelez International Monsanto Monster Beverage Moody's Morgan Stanley Mosaic Motorola Solutions Murphy Oil Mylan Nabors Industries National Oilwell Varco Navient NCR

79 United States of America Equities (continued) 438 NetApp Netflix New York Community Bancorp Newell Rubbermaid Newfield Exploration Newmont Mining News Corporation class 'A' shares NextEra Energy Nielsen Nike class 'B' shares Nisource Noble Noble Energy Nordstrom Norfolk Southern Northern Trust Northrop Grumman NRG Energy Nucor Nvidia NVR Occidental Petroleum Omnicare Omnicom ONEOK ,185 Oracle O'Reilly Automotive OSH 1 Liquidating Owens-Illinois Paccar Pall Parker-Hannifin PartnerRe Paychex People's United Financial Pepco ,274 PepsiCo Perrigo ,926 Pfizer PG&E

80 United States of America Equities (continued) 1,482 Philip Morris International Phillips Pinnacle West Pioneer Natural Resources Plum Creek Timber PNC Financial Services PPG Industries PPL Praxair Precision Castparts Priceline.com Principal Financial ,558 Procter & Gamble Progressive Prologis Prudential Financial Public Service Enterprise Public Storage PVH QEP Resources Qiagen ,603 Qualcomm Quest Diagnostics Ralph Lauren class 'A' shares Range Resources Raytheon Red Hat Regency Centers Regeneron Pharmaceuticals ,175 Regions Financial Republic Services Reynolds American Robert Half International Rockwell Automation Rockwell Collins Roper Industries Ross Stores Royal Caribbean Cruises Ryder System

81 United States of America Equities (continued) 570 Safeway PDC Salesforce.com SanDisk SCANA ,196 Schlumberger Scripps Networks Interactive Seagate Technology Sealed Air SEI Investments Sempra Energy Sherwin-Williams Sigma-Aldrich Simon Property ,623 Sirius XM Smurfit-Stone Southern Southern Copper Southwestern Energy Spectra Energy ,836 Sprint SPX St Jude Medical Stanley Black & Decker Staples Starbucks Starwood Hotels and Resorts Worldwide State Street Stericycle Stryker SunTrust Banks Symantec Synopsys Sysco T Rowe Price Talen Energy Target TD Ameritrade Tegna Teradata

82 United States of America Equities (continued) 742 Texas Instruments Tesla Motors Thermo Fisher Scientific Thomson Tiffany Time Warner Time Warner Cable TJX T-Mobile Toll Brothers Torchmark Total System Services Transocean Travelers TripAdvisor ,041 Twenty-First Century class 'A' shares Twenty-First Century class 'B' shares Tyco International Tyson Foods Union Pacific United Parcel Service class 'B' shares United States Steel United Technologies UnitedHealth Universal Health Services class 'B' shares Unum Urban Edge Properties US Airways ,132 US Bancorp Valeant Pharmaceuticals Valero Energy Varian Medical Systems Ventas VeriSign Verisk Analytics ,467 Verizon Communications Vertex Pharmaceuticals VF Viacom New class 'B' non-voting shares

83 United States of America Equities (continued) 1,456 Visa VMware Vornado Realty Trust Vulcan Materials Walgreens Boots Alliance ,234 Wal-Mart Stores Waste Management Waters Wec Energy ,428 Wells Fargo Western Digital Western Union Weyerhaeuser Whirlpool Whole Foods Williams Williams Communications Willis Windstream Worldcom-MCI WPX Energy WR Berkley WW Grainger Wyndham Worldwide Wynn Resorts Xcel Energy ,539 Xerox Xilinx Xylem Yahoo! Yum! Brands Zimmer Zions Bancorporation , SOUTH AMERICA 1.41% ( %) Brazil Equities 0.86% ( %) 5,160 AMBEV ,230 Banco Bradesco preference shares

84 Brazil Equities (continued) 1,330 Banco do Brasil ,610 BM&FBovespa ,300 BR Malls Participacoes ,200 BRF - Brasil Foods ,360 CCR ,346 CIA Energetica Minas Gerais preference shares ,327 Cielo Companhia Brasileira de Distribuicao Grupo Pao de Acucar preference shares ,250 Empresa Brasileira de Aeronautica ,930 Gerdau Siderurgia preference shares ,523 Itau Unibanco preference shares ,019 Itausa - Investimentos Itau preference shares Lojas Renner ,568 Petroleo Brasileiro ,752 Petroleo Brasileiro preference shares Telecomunicacoes preference shares ,713 Tim Participacoes Ultrapar Participacoes ,780 Vale ,088 Vale class 'A' preference shares Cayman Islands Equities 0.00% ( %) Mexico Equities 0.55% ( %) 4,730 Alfa series class 'A' shares ,214 America Movil ,920 Bimbo ,154 Cemex ,300 Coca-Cola Femsa ,520 Financiero Banorte ,070 Fomento Economico Mexicano ,399 Grupo Mexico ,428 Hylsamex series B shares ,682 Inbursa ,800 Mexichem ,000 Santander Mexico ,450 Televisa CPO (representing 25 'A', 22 'B', 35 'D' and 35 'L' shares)

85 AFRICA 0.85% ( %) Liberia Equities 0.00% ( %) South Africa Equities 0.85% ( %) 3,270 African Bank Investments AngloGold Ashanti Aspen Pharmacare Barclays Africa Bidvest ,254 FirstRand ,280 Growthpoint Properties ,238 Impala Platinum ,100 Life Healthcare Mr Price ,154 MTN Naspers class 'N' shares Nedbank ,359 Network Healthcare Remgro RMB ,248 Sanlam Sasol Shoprite ,937 Standard Bank ,254 Steinhoff International Tiger Brands ,000 Vodacom ,522 Woolworths Investment assets 23, Net other assets Net assets 23, Indicates suspended or delisted securities stated at Manager s valuation. 2 The stocks Rio Tinto and Unilever are held as alternatives to Rio Tinto (Australia) and Unilever (Netherlands). 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 of holding at 30 June

86 Summary of Material Portfolio Changes For the year ended 30 June 2015 The summaries below identify those purchases and sales exceeding 2 the net assets of the Fund at the start of the year, subject to a minimum disclosure of the twenty largest purchases and sales. Purchases Cost Sales Proceeds Apple 111 Apple 314 UBS 85 Nestlé 245 Banco Santander 67 Novartis 227 Total 59 Roche 197 Sanofi 59 Exxon Mobil 182 General Electric 54 Sanofi 151 Novartis 54 Total 146 Air Liquide 53 Microsoft 142 Nestlé 48 Johnson & Johnson 124 Walgreens Boots Alliance 44 Banco Santander 123 IBM 35 General Electric 121 Siemens 34 UBS 118 Actavis 32 Wells Fargo 118 BBVA 31 Samsung Electronics 112 Microsoft 31 Bayer 108 Ericsson series 'B' shares 29 Siemens 107 Mitsubishi UFJ Financial 29 Chevron 104 Roche 29 BASF 100 Schlumberger 28 Toyota Motor 97 Intesa Sanpaolo 28 Novo Nordisk class 'B' shares 96 Other purchases 1,983 Other sales 16,296 Total purchases for the year (Note 14) 2,923 Total sales for the year (Note 14) 19,228 84

87 Statement of Total Return For the year ended 30 June 2015 Notes Income Net capital gains 2 1,654 3,261 Revenue ,073 Expenses 4 (210) (271) Finance costs: Interest 6 (2) - Net revenue before taxation Taxation 5 (81) (131) Net revenue after taxation Total return for the year 2,018 3,932 Finance costs: Distributions 6 (359) (663) Change in net assets attributable to unitholders from investment activities 1,659 3,269 Statement of Change in Attributable to Unitholders For the year ended 30 June Opening net assets attributable to unitholders 36,862 48,733 Amounts receivable on issue of units 611 1,965 Less: Amounts payable on cancellation of units (15,755) (17,142) (15,144) (15,177) Change in net assets attributable to unitholders from investment activities 1,659 (see Statement of Total Return) 3,269 Retained distributions on accumulation units Closing net assets attributable to unitholders 23,410 36,862 Notes to the financial statements are from pages 87 to

88 Balance Sheet As at 30 June 2015 Notes Assets Investment assets 23,251 37,699 Debtors Cash and bank balances Total other assets Total assets 23,641 37,936 Liabilities Creditors 8 (97) (869) Distribution payable on income units (134) (205) Total other liabilities (231) (1,074) Total liabilities (231) (1,074) Net assets attributable to unitholders 23,410 36,862 Notes to the financial statements are from pages 87 to 93. This report was approved for publication on 17 August Julian Filkins, Authorised Signatory Lynn Clark, Authorised Signatory for and on behalf of Allianz Global Investors GmbH, UK Branch 86

89 Notes to the Final Financial Statements for the year ended 30 June Accounting policies These financial statements have been prepared under the historical cost convention as modified by the revaluation of investments on a going concern basis and in accordance with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Scheme Particulars establishing the Fund. Included within the Regulations is a requirement to prepare financial statements in accordance with the Statement of Recommended Practice ( SORP ) for Authorised Funds issued by The Investment Association in October These financial statements are prepared in compliance with the SORP. The principal accounting policies are described below: a. Revenue: Dividends are treated as receivable on the date on which the security is quoted ex-dividend where the amounts are reasonably determined. Foreign dividends are grossed up at the appropriate rate of tax. Bank interest is accounted for on an accruals basis. b. Stock dividends: Ordinary stock dividends are recognised wholly as revenue and are based on the market value of the share on the date they are quoted ex-dividend. Where an enhancement is offered, the amount by which the market value of the shares (on the day they are quoted ex-dividend) exceeds the cash dividend is taken to capital. The ordinary element of the stock dividend is treated as revenue and does not form part of the distribution. c. Special dividends: The underlying circumstances behind special dividends are reviewed in determining whether the receipt is revenue or capital in nature. Special dividends recognised as revenue will form part of the distribution. Any tax treatment will follow the accounting treatment of the principal amount. d. Valuation: The investments of the Fund have been valued as at close of business on 30 June 2015, being the last valuation date of the year, at the bid market price net of any accrued interest. Unlisted, suspended and unapproved investments are valued on the basis of the best information available to the Manager. e. Foreign currencies: Assets and liabilities have been translated into Sterling at the rates of exchange at the balance sheet date. Transactions denominated in foreign currencies are translated into Sterling at the exchange rates ruling at the date of the transactions. The resulting exchange differences are included in the Statement of Total Return. f. Expenses: Expenses are recognised on an accruals basis and charged against revenue, except handling charges which are treated as capital (see Note 2). g. Distribution policy: Net revenue is accumulated in the Fund throughout the year and distributed in full each quarter end. 2. Net capital gains Gains on non-derivative securities 1 1,858 3,391 Losses on currencies 1 (10) (20) Handling charges (194) (110) Net capital gains 1,654 3,261 1 Net gains listed above of 1,848,000 excluding handling charges, comprise net realised gains of 4,765,000 and net unrealised losses of 2,917,000 (2014-3,371,000 comprising net realised gains of 5,179,000 and net unrealised losses of 1,808,000). 87

90 Notes to the Final Financial Statements continued 3. Revenue Overseas dividends 651 1,062 Stock dividends 5 8 UK dividends (net) 1 3 Total revenue 657 1, Expenses Payable to the Manager, associates of the Manager or agents of either of them: Manager s annual charge Payable to the Trustee and Depositary, associates of the Trustee and Depositary or agents of either of them: Trustee and Depositary fee Safe custody fees Other expenses: Audit fee Distribution costs Printing costs 4 5 Registration fees 1 2 Other expenses Total expenses All expenditure stated above is inclusive of irrecoverable VAT where applicable. The Audit fee for the year, excluding VAT, was 9,698 (2014-9,698). 5. Taxation Overseas tax suffered The Fund is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable trust for UK income tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Part 10 Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 88

91 Notes to the Final Financial Statements continued 6. Finance costs Distributions and interest The distributions take account of revenue received on the issue of units and comprise: st Interim: Income Accumulation nd Interim: Income Accumulation rd Interim: Income Accumulation Final (payable 31 August 2015): Income Accumulation Less: Revenue received on issue of units (1) (4) Net distributions for the year Finance cost: Interest 2 0 Total finance costs Reconciliation of net revenue after taxation to net distributions for the year: Net revenue after taxation Stock dividends (5) (8) Net distributions for the year Details of the distribution per unit are set out in the Distribution Table on page

92 Notes to the Final Financial Statements continued 7. Debtors Accrued revenue Prepaid expenses 1 2 Foreign tax credits and overseas tax recoverable 1 0 Sales awaiting settlement Creditors Purchases awaiting settlement Manager s annual charge Other accrued expenses This includes fees payable to the Trustee and Depositary of 3,711 ( ) and transaction charges payable to the Custodian of 32,902 ( ,918). 9. Equalisation Equalisation applies only to units purchased during the distribution period (Group 2 units). It is the average amount of net revenue included in the purchase price of all Group 2 units which, in the case of Income units, is refunded as part of a unitholders first distribution and, in the case of Accumulation units, is automatically reinvested in the Fund at the first distribution payment date after the units were purchased. 10. Related party transactions The Manager and the Trustee together are deemed to be controlling parties under the definition of Financial Reporting Standard 8 (FRS8). Details of any related party transactions occurring during the year and any balances due at the year end are fully disclosed in the Statement of Change in Attributable to Unitholders, the Balance Sheet and Notes 4, 7 and 8 to the Financial Statements. The aggregate value of commissions paid on the transactions of the Fund s investments with related parties and associates thereof was Nil ( Nil). 11. Units in issue 2015 No No. Income units 795, ,387, Accumulation units 68, , Contingent liabilities and commitments As at 30 June 2015 there were no contingent liabilities or commitments ( Nil). 90

93 Notes to the Final Financial Statements continued 13. Derivatives and other financial instruments Further information on the risk exposure of the Fund is given on pages 39 and 40 of the financial statements. a. Currency exposure The majority of net assets and liabilities of the Fund are denominated in currencies other than Sterling, with the effect that the total net assets and total return can be affected by currency movements. Currency Investments 30 June 2015 Other Assets 30 June 2015 Other Liabilities 30 June 2015 Net Currency Exposure 30 June 2015 Investments 30 June 2014 Other Assets 30 June 2014 Other Liabilities 30 June 2014 Net Currency Exposure 30 June 2014 Sterling (231) (286) (243) Australian Dollar , ,707 Brazilian Real Canadian Dollar , ,190 Chinese Yuan Czech Koruna Danish Krone (31) 308 Euro 4, ,480 7, (454) 6,701 Hong Kong Dollar Hungarian Forint Israeli Shekel Japanese Yen 2, ,304 2, ,877 Korean Won , ,139 Malaysian Ringgit Mexican Peso New Zealand Dollar Norwegian Krone Polish Zloty Singapore Dollar South African Rand Swedish Krona (24) 676 Swiss Franc 1, ,324 2,154 0 (108) 2,046 Taiwan Dollar ,073 Thai Baht Turkish Lira US Dollar 10, ,999 16, (171) 15,896 Total per the Balance Sheet 23, (231) 23,410 37, (1,074) 36,862 91

94 Notes to the Final Financial Statements continued b. Interest rate risk profile The table below summarises in Sterling terms the financial assets and financial liabilities whose values are affected by changes in interest rates. Currency Fixed rate interest 30 June 2015 Floating rate interest 30 June 2015 Nil interest 30 June 2015 Total 30 June 2015 Fixed rate interest 30 June 2014 Floating rate interest 30 June 2014 Nil interest 30 June 2014 Total 30 June 2014 Financial assets Sterling Australian Dollar ,690 1,690 Brazilian Real Canadian Dollar ,187 1,187 Czech Koruna Danish Krone Euro 0 1 4,477 4, ,139 7,140 Hong Kong Dollar Hungarian Forint Israeli Shekel Japanese Yen 0 0 2,302 2, ,875 2,875 Korean Won ,139 1,139 Malaysian Ringgit Mexican Peso New Zealand Dollar Norwegian Krone Polish Zloty Singapore Dollar South African Rand Swedish Krona Swiss Franc 0 1 1,323 1, ,154 2,154 Taiwan Dollar ,070 Thai Baht Turkish Lira US Dollar ,986 10, ,002 16,013 Total financial assets ,250 23, ,698 37,834 Total financial instruments ,250 23, ,698 37,834 Short term debtors and creditors (199) (972) Net assets per the Balance Sheet 23,410 36,862 The rate for determining interest on bank balances is calculated by HSBC Bank Plc Treasury. As at 30 June 2015 the interest rate was 0.23% ( %). The overdraft interest rate was 1.50% ( %). 92

95 Notes to the Final Financial Statements continued The table below provides the weighted average rate of interest and weighted average period to maturity in respect of fixed rate instruments held. Weighted average interest rate (%) Weighted average period to maturity (years) Currency Hong Kong Dollar c. Maturity of financial liabilities All liabilities are due in one year or less or on demand ( same). d. Fair value disclosure There is no material difference between the value of the financial assets and liabilities, as shown in the Balance Sheet, and their fair value. e. Hedging instruments The Fund did not have any hedging arrangements in place at the balance sheet date ( Nil). 14. Portfolio transaction costs Analysis of total purchase costs Purchases in the year before transaction costs 2,921 3,434 Commissions on purchases 1 1 Other costs 1 0 Total purchase costs 2 1 Gross purchase total 2,923 3,435 Analysis of total sale costs Gross sales in the year before transaction costs 19,240 17,723 Commissions on sales (7) (4) Other costs (5) (3) Total sales costs (12) (7) Total sales net of transaction costs 19,228 17, Material events post balance sheet date There are no material post balance sheet events. 93

96 Chariguard Report and Financial Statements Statement of the Manager s responsibilities in relation to the Report & Financial Statements of the Scheme Under the Scheme set out by the Charity Commissioners the Manager is required to prepare financial statements for each financial period. These financial statements must be prepared in accordance with applicable United Kingdom generally accepted accounting practices to give a true and fair view of the financial affairs of the Fund at the year end and of the revenue and expenditure for the year. The financial statements are required by law to give a true and fair view of the state of affairs of each of the Chariguard Funds and of the incoming resources and application of resources for that year. In preparing these financial statements, generally accepted accounting practice requires the Manager to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards and the principles set out in the Statement of Recommended Practice for Authorised Funds have been followed, subject to any material departures disclosed and explained in the financial statements; state whether the financial statements comply with the Scheme Rules, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Chariguard Funds will continue their activities. The Manager is required to act in accordance with the Scheme Rules of the Chariguard Funds, within the framework of trust law. The Manager is responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the Chariguard Funds at that time, and to enable the Manager to ensure that, where any statements of accounts are prepared by it under section 132(1) of the Charities Act 2011, regulation 6 of The Charities (Accounts and Reports) Regulations 2008 and the Statement of Recommended Practice for Authorised Funds issued by The Investment Association in October 2010, those statements of accounts comply with the requirements of regulations under these provisions. The Manager has general responsibility for taking such steps as are reasonably open to it to safeguard the assets of the Chariguard Funds and to prevent and detect fraud and other irregularities. The Manager is responsible for the maintenance and integrity of the Chariguard financial and other information included on the Allianz Global Investors GmbH, UK branch website. 94

97 Chariguard Report and Financial Statements Statement of the Trustee s responsibilities in respect of the Scheme and Report of the Trustee to the Unitholders of the Chariguard Common Investment Funds for the Period Ended 30 June 2015 The Depositary in its capacity of Trustee must ensure that the Trust is managed in accordance with the Financial Conduct Authority s Investment Funds Sourcebook, ( the Sourcebook ), the Alternative Investment Fund Managers Directive ( AIFMD ), (together the Regulations ), the Scheme and Scheme Particulars (together the Scheme documents ) as detailed below. The Trustee must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Trust and its investors. The Trustee is responsible for the safekeeping of the assets of the Trust in accordance with the Regulations. The Trustee must ensure that: the Trust s cash flows are properly monitored and that cash of the Trust is booked in cash accounts in accordance with the Regulations; the sale, issue, repurchase, redemption and cancellation of units are carried out in accordance with the Regulations and the Scheme documents; the value of units of the Trust are calculated in accordance with the Regulations and the Scheme documents; any consideration relating to transactions in the Trust s assets is remitted to the Trust within the usual time limits; that the Trust s income is applied in accordance with the Regulations and the Scheme documents; and the instructions of the Alternative Investment Fund Manager ( the AIFM ) are carried out (unless they conflict with the Regulations). The Trustee also has a duty to take reasonable care to ensure that Trust is managed in accordance with the Regulations and the Scheme Documents in relation to the investment and borrowing powers applicable to the Trust. Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Trust, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Trust, acting through the AIFM, has been managed in accordance with the rules in the Sourcebook, the Scheme documents and as required by the Alternative Investment Fund Managers Directive (AIFMD). HSBC Bank Plc 17 August

98 Chariguard Report and Financial Statements Independent Auditor s report INDEPENDENT AUDITOR S REPORT TO THE UNITHOLDERS OF THE CHARIGUARD FUNDS We have audited the financial statements of the Chariguard Funds which comprise: Chariguard UK Equity Fund Chariguard Overseas Equity Fund for the year ended 30 June 2015 set out on pages 28 to 35 and 85 to 93, respectively. The financial reporting framework that has been applied in their preparation is applicable law and UK Accounting Standards (UK Generally Accepted Accounting Practice). This report is made solely to the Chariguard Funds unitholders, as bodies, in accordance with section 144 of the Charities Act 2011 (or its predecessors) and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Chariguard Funds unitholders those matters we are required to state to them in an auditor s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Chariguard Funds and the unitholders as bodies, for our audit work, for this report, or for the opinions we have formed. Respective responsibilities of the Manager and the Auditor As explained more fully in the Statement of Manager s responsibilities set out on page 94 the Manager is responsible for the preparation of financial statements which give a true and fair view. We have been appointed as auditor under section 144 of the Charities Act 2011 and report to you in accordance with the regulations made under section 154 of that Act and in accordance with the Scheme Rules. Our responsibility is to audit, and express an opinion on, the financial statements in accordance with relevant law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board s (APB s) Ethical Standards for Auditors. Scope of the audit of financial statements A description of the scope of an audit of financial statements is provided on the Financial Reporting Council s website at Opinion on financial statements In our opinion the financial statements: give a true and fair view of the state of each of the Chariguard Funds affairs as at 30 June 2015 and of their incoming resources and application of resources for the year then ended; have been properly prepared in accordance with UK Generally Accepted Accounting Practice; and have been properly prepared in accordance with the Charities Act Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion: the information in the Manager s Statement is inconsistent in any material respect with the financial statements; or the Chariguard Funds have not kept sufficient accounting records; or the financial statements are not in agreement with the accounting records and returns; or we have not received all the information and explanations we require for our audit. Kevin Clark (Senior Statutory Auditor) For and on behalf of KPMG LLP Chartered Accountants 15 Canada Square London E14 5GL KPMG LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act August

99 Chariguard Report and Financial Statements Additional Information The information on the Chariguard Funds contained within this report is in summarised form only. Please refer to the Chariguard Common Investment Funds Brochure for further information. For a copy of the brochure, please ring the freephone help-line number, Dealing days for the Chariguard Funds occur twice monthly, being the 15th of each month (or at last prior business day) and the last business day of each month. Applications for units may only be made on the application form contained in the full brochure. The most recently available issue and cancellation prices for units shall be published on the internet ( co.uk /en/products/institutionalinvestors/chariguard/pages/ Prices.aspx). The Manager also operates a dedicated telephone helpline ( ) where prices for the Chariguard Funds may be obtained free of charge. All enquiries concerning registration of your holding should be directed to: Allianz Global Investors IFDS House St. Nicholas Lane Basildon Essex SS15 5FS A copy of our leaflet, Allianz Global Investors Complaints Process, is available on request. Any eligible complainant having any complaint in respect of the Fund should inform Allianz Global Investors in writing of the details of the complaint. This will then be investigated and a reply provided as soon as possible and any appropriate remedial action taken. In addition, eligible complainants will have a right of complaint directly to the Financial Ombudsman Service if he/she is not satisfied with the outcome of the investigation into the complaint. Details of the Financial Services Compensation Scheme established under the Financial Services and Act 2000, under which an investor may be entitled to receive compensation if the Manager is unable to meet any of its liabilities to the investor are available on written request from the Manager. Risk warning Investors are reminded that the value of units, and the income from them, may go down as well as up and is not guaranteed. An investor may not get back the amount he/she has invested. Past performance is no guide to future performance. Telephone number:

100 Allianz Global Investors GmbH, UK Branch 199 Bishopsgate London EC2M 3TY Phone: Fax: CD 1419