Chariguard UK Equity Fund Chariguard Overseas Equity Fund

Transcription

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

39 Germany Equities (continued) 1,127 SAP Siemens (Regd.) ThyssenKrupp United Internet Volkswagen Volkswagen non-voting preference shares Greece Equities 0.03% ( %) 118 Alpha Bank Hellenic Telecom National Bank of Greece Hungary Equities 0.08% ( %) 191 MOL OTP Bank Richter Gedeon Ireland Equities 0.49% ( %) 32,197 Bank of Ireland James Hardie Kerry class 'A' shares Medtronic Weatherford XL Italy Equities 1.51% ( %) 1,660 Assicurazioni Generali Atlantia Banco Popolare Campari ,210 Enel ,099 Enel Green Power ,205 Eni EXOR Finmeccancia ,209 Intesa Sanpaolo Luxottica ,629 Mediaset

40 Italy Equities (continued) 531 Mediobanca ,190 Parmalat Finanziaria ,600 Prada Prysmian Saipem ,701 Snam SpA ,146 Telecom Italia ,255 Telecom Italia preference shares ,288 Terna ,640 UniCredit ,796 Unione di Banche Italiane ,796 Unione Di Banche rights 12/1/ Luxembourg Equities 0.12% ( %) 1,395 ArcelorMittal SES Global FDR (each representing 1 class 'A' share) ,000 Subsea Tenaris Netherlands Equities 1.29% ( %) 1,676 Aegon ,151 Ahold Akzo Nobel ASML Boskalis Westminster DSM Fugro Gemalto Heineken Heineken ,857 ING ,142 Koninklijke KPN Koninklijke Vopak ,084 Philips Randstad ,186 Steinhoff International ,845 TNT Express Wolters Kluwer

41 Norway Equities 0.30% ( %) 672 DNB Gjensidige Forsikring ,622 Norsk Hydro Orkla Seadrill ,002 Statoil Telenor Yara International Poland Equities 0.23% ( %) 192 Bank Pekao KGHM Polska Miedz ,600 Orange Polska PKN Orlen ,228 Polska Grupa Energetyczna ,371 Polskie Gornictwo Naftowe ,049 Powszechna Kasa Oszczednosci Bank Polski ,190 Powszechny Zaklad Ubezpieczen Portugal Equities 0.11% ( %) 3,099 Banco Espirito Santo ,283 EDP Energias Galp Energia Jeronimo Martins Spain Equities 2.08% ( %) 396 Abertis Infraestructuras ACS Actividades Amadeus IT ,957 Banco Popular Espanol ,874 Banco Sabadell ,064 Banco Santander (Regd.) Bankinter ,659 BBVA ,019 CaixaBank ,002 Distribuidora Enagas Endesa

42 Spain Equities (continued) 773 Ferrovial Gas Natural Grifols ,592 Iberdrola ,420 Inditex ,446 Mapfre Mediaset Espana Red Electrica ,186 Repsol ,186 Repsol rights 7/1/ ,723 Telefonica Zardoya Otis Sweden Equities 2.03% ( %) 611 Alfa Laval Assa Abloy Atlas Copco series A shares Atlas Copco series B shares Autoliv Boliden Electrolux series 'B' shares ,432 Ericsson series 'B' shares Getinge ,273 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 ,191 Nordea Bank ,884 Sandvik Securitas series 'B' shares ,648 Skandinaviska Enskilda Banken series 'A' shares Skanska series 'B' shares SKF series 'B' shares Svenska Cellulosa series 'B' shares ,911 Svenska Handelsbkn class 'A' shares

43 Sweden Equities (continued) 1,254 Swedbank series 'A' shares Swedish Match Tele2 series 'B' shares TeliaSonera TeliaSonera ,048 Volvo series 'B' shares Switzerland Equities 6.45% ( %) 2,923 ABB (Regd.) Actelion Adecco Baloise Compagnie Financiere Richemont ,538 Credit Suisse EMS-Chemie GAM Geberit Givaudan Julius Baer (Regd.) Kuehne + Nagel LafargeHolcim Lindt & Spruengli Participating Certificates Lonza ,134 Nestlé ,793 Novartis Pargesa Partners PSP Swiss Property Roche Schindler (Part Certified) Schindler (Regd.) SGS (Regd.) Sika Sonova ,196 STMicroelectronics Sulzer Swatch class 'I' shares Swatch class 'N' shares Swiss Life

44 Switzerland Equities (continued) 366 Swiss Re Swissair Swisscom Syngenta TE Connectivity ,202 UBS Zurich Financial Services Turkey Equities 0.29% ( %) 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 2.69% ( %) 2,594 Alumina Amcor ,007 AMP APA Asciano ,419 Aurizon ,136 Australia & New Zealand Banking Australian Stock Exchange Bank of Queensland Bendigo & Adelaide Bank ,080 BGP ,630 BHP Billiton Boral ,697 Brambles Caltex Australia

45 Australia Equities (continued) 845 Challenger Financial Services Coca-Cola Amatil Cochlear ,177 Commonwealth Bank of Australia Computershare Crown CSL ,130 Fortescue Metals ,766 Goodman ,750 GPT ,000 Gunns ,194 Incitec Pivot ,382 Insurance Australia Lend Lease Macquarie ,916 Mirvac ,025 National Australia Bank Newcrest Mining ,603 Oil Search Orica ,602 Origin Energy ,122 QBE Insurance Ramsay Health Care ,499 Santos ,787 Scentre Sonic Healthcare ,292 South ,382 Stockland Trust ,249 Suncorp Sydney Airport ,105 Tattersall's ,263 Telstra ,808 Transurban Wesfarmers Westfield ,371 Westpac Banking Woodside Petroleum Woolworths

46 China Equities 0.10% ( %) 500 AAC Technologies ,000 China Mengniu Dairy ,000 Tingyi ,000 Want Want China Hong Kong Equities 1.55% ( %) 10,000 AIA ,964 Bank of East Asia ,000 BOC Hong Kong ,000 Chaoda Modern Agriculture ,000 Cheung Kong Infrastructure ,437 Cheung Kong Property ,437 CK Hutchison ,000 CLP ,000 Galaxy Entertainment ,000 Hang Lung Properties Hang Seng Bank ,574 Henderson Land Development ,705 Hong Kong & China Gas Hong Kong Exchanges & Clearing ,166 Hong Kong Land Hopewell Highway ,000 Hopewell s Jardine Matheson Jardine Strategic ,600 Li & Fung ,500 Link Real Estate Investment Trust ,000 MTR ,224 New World Development ,545 Noble ,013 Power Assets ,800 Sands China ,609 Sino Land ,000 SJM ,000 Sun Hung Kai Properties Swire Pacific ,900 Swire Properties ,000 Techtronic Industries

47 Hong Kong Equities (continued) 1,682 Wharf ,000 Wheelock Malaysia Equities 0.49% ( %) 2,200 AMMB ,700 Axiata ,000 CIMB ,000 Digi.com ,400 Genting Berhad ,900 Genting Malaysia ,300 IHH Healthcare ,200 IOI Berhad Kuala Lumpur Kepong ,500 Malayan Banking Berhad ,400 Maxis ,600 Petronas Chemicals ,000 Petronas Gas ,580 Public Bank ,300 Sime Darby ,400 Tenaga Nasional New Zealand Equities 0.05% ( %) 805 Fletcher Building ,754 Spark New Zealand Singapore Equities 0.81% ( %) 5,000 Ascendas Real Estate Investment Trust Ascendas Rights Avago Technologies ,450 CapitaLand ,100 CapitaMall Trust ,380 City Developments ,000 ComfortDelGro ,205 DBS ,000 Genting Singapore ,500 Global Logistic Properties ,000 Hutchison Port Jardine Cycle & Carriage

48 Singapore Equities (continued) 1,800 Keppel ,260 Oversea-Chinese Banking ,807 SembCorp Industries ,070 Singapore Airlines ,000 Singapore Exchange ,614 Singapore Press ,000 Singapore Technologies Engineering ,920 Singapore Telecommunications United Overseas Bank ,000 Wilmar International South Korea Equities 1.65% ( %) 24 Amorepacific BNK Financial rights 22/1/ BS Financial Cheil Industries 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 LG LG Chemical LG Display

49 South Korea Equities (continued) 163 LG Electronics LG Household & Health Care Lotte Shopping NAVER Posco Samsung Electronics Samsung Fire & Marine Samsung Heavy Industries Samsung Life Samsung SDI Shinhan Financial SK C&C SK Energy SK Hynix SK Telecom Woori Bank Taiwan Equities 1.79% ( %) 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 ,843 CTBC Financial ,609 Delta Electronics ,037 E.Sun Financial ,668 Far Eastern New Century ,259 First Financial ,387 Formosa Chemical & Fibre ,894 Formosa Petrochemical ,325 Formosa Plastic ,027 Foxconn Technology ,572 Fubon Financial

50 Taiwan Equities (continued) 10,190 Hon Hai Precision ,000 Hotai Motor HTC ,328 Hua Nan Financial ,259 Innolux Display ,000 Inotera Memories Largan Precision ,693 Lite-On Technology ,258 MediaTek ,621 Mega Financial ,525 Nan Ya Plastic ,051 President Chain Store ,965 Quanta Computer ,286 Siliconware Precision ,670 SinoPac Financial ,212 Taishin Financial ,328 Taiwan Cellular ,189 Taiwan Cement ,452 Taiwan Semiconductor Manufacturing ,003 Taiwanoperative Financial ,896 Uni-President Enterprises ,909 United Micro Electronics ,447 Ya Hsin Industrial ,120 Yuanta Financial Thailand Equities 0.06% ( %) 1,800 Kasikornbank Siam Cement U City JAPAN 9.75% ( %) Japan Equities 9.75% ( %) 300 Aeon Aisin Seiki ,000 Ajinomoto Amada Asahi Breweries ,000 Asahi Glass

51 Japan Equities (continued) 1,000 Asahi Kasei Astellas Pharmaceuticals ,000 Bank of Kyoto ,000 Bank of Yokohama Bridgestone Brother Industries Canon Casio Computer Central Japan Railway ,000 Chiba Bank Chubu Electric Power Chugai Pharmaceutical Chugoku Electric Power Credit Saison ,000 Dai Nippon Printing Daicel Chemical Dai-ichi Life Dai-ichi Sankyo Daikin Daito Trust Construction 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 ,000 Hankyu Hino Motors Hirose Electric Hisamitsu Pharmaceutical

52 Japan Equities (continued) 3,000 Hitachi ,300 Honda Motor Hoya ,000 IHI Inpex Isetan Mitsukoshi Isuzu Motors Itochu Iyo Bank J Front Retailing Japan Tobacco JFE ,000 Joyo Bank JSR JTEKT ,100 JX Kansai Electric Power Kansai Paint Kao ,000 Kawasaki Heavy Industries ,200 KDDI ,000 Keikyu Keyence ,000 Kintetsu Kirin Brewery ,000 Kobe Steel Komatsu Konica Minolta ,000 Kubota Kuraray Kyocera ,000 Kyowa Hakko Kogyo Kyushu Electric Power Lawson LIXIL Makita ,200 Marubeni Mazda Motor Meiji s

53 Japan Equities (continued) 1,000 Minebea Mitsubishi ,500 Mitsubishi Chemical ,000 Mitsubishi Electric ,000 Mitsubishi Estate ,000 Mitsubishi Heavy Industries ,000 Mitsubishi Materials Mitsubishi Motors ,600 Mitsubishi UFJ Financial ,100 Mitsui ,000 Mitsui Fudosan ,000 Mitsui OSK Lines ,600 Mizuho Financial MS&AD Insurance Murata Manufacturing ,000 Nagoya Railroad ,000 NEC ,000 NGK Insulators Nidec Nikon Nintendo ,000 Nippon Express Nippon Steel & Sumitomo Metal Nippon Telegraph & Telephone ,000 Nippon Yusen KK ,200 Nissan Motor Nissin Food Products Nitto Denko NKSJ Nomura Nomura Research Institute NTT Data NTT DoCoMo ,000 Obayashi ,000 Odakyu Electric Railway ,500 Oji Olympus Omron Ono Pharmaceutical

54 Japan Equities (continued) 200 Oriental Land Orix ,000 Osaka Gas Otsuka ,700 Panasonic ,900 Resona Ricoh Rinnai ROHM Secom Sega Sammy Seibu Seiko Epson Sekisui House Seven & I SFCG ,000 Sharp Shimano ,000 Shimizu Shin-Etsu Chemical ,000 Shinsei Bank Shionogi Shiseido ,000 Shizuoka Bank SMC Softbank Sony Stanley Electric Sumitomo ,000 Sumitomo Chemical Sumitomo Electric ,000 Sumitomo Heavy Industries ,000 Sumitomo Metal Mining Sumitomo Mitsui Financial ,000 Sumitomo Mitsui Trust ,000 Sumitomo Realty & Development Suzuki Motor T&D ,000 Taiheiyo Cement

55 Japan Equities (continued) 1,000 Taisei Taisho Pharmaceutical Takeda Pharmaceutical TDK Terumo THK ,000 Tobu Railway ,000 Toho Gas Tohoku Electric Power Tokio Marine ,200 Tokyo Electric Power Tokyo Electron ,000 Tokyo Gas Tokyo Tatemono ,000 Tokyu ,000 Toppan Printing ,000 Toray ,000 Toshiba Toto Toyota Industries ,700 Toyota Motor Toyota Tsusho Trend Micro Uni-Charm USS West Japan Railway ,800 Yahoo Japan Yakult Honsha Yamaha Motor Yamato Yaskawa Electric Yokogawa Electric , MIDDLE EAST 0.25% ( %) Israel Equities 0.25% ( %) 1,395 Bank Hapoalim Bank Leumi Le-Israel

56 Israel Equities (continued) 86 Check Point Software Technologies Teva Pharmaceuitcal Industries NORTH AMERICA 47.26% ( %) Canada Equities 2.28% ( %) 1, Networks Agnico Eagle Mines Agrium Alimentation Couche-Tard class 'B' shares ARC Resources Bank of Montreal Bank of Nova Scotia ,040 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 Cenovus Energy CGI class 'A' shares CI Financial Crescent Point Energy ,000 Eldorado Gold Enbridge ,036 Encana Fairfax Financial Finning International First Quantum Minerals Fortis Goldcorp Great-West Lifeco

57 Canada Equities (continued) 11 Great-West Lifeco Preference Shares Husky Energy IGM Financial Imperial Oil Intact Financial Loblaw Magna International class 'A' shares Manulife Financial MEG Energy National Bank of Canada Nortel Networks Potash Corp of Saskatchewan Power Corp of Canada Power Financial Restaurant Brands International Rogers Communications class 'B' shares 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 ,000 Toronto-Dominion Bank TransCanada ,800 Yamana Gold United States of America Equities 44.98% ( %) 326 3M Abbott Laboratories ,025 AbbVie Accenture ACE Activision Blizzard Adobe Systems ADT AES

58 United States of America Equities (continued) 194 Aetna Aflac Agilent Technologies AIG AIG Warrants 19/1/ Air Products & Chemicals Airgas Akamai Technologies Alcoa Alexion Pharmaceuticals Alleghany Allegheny Technologies Allegion Allergan Alliance Data Systems Alliant Energy Allstate Alphabet class 'A' shares Alphabet class 'C' shares ,003 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 Annaly Capital Management Anthem Aon class A shares Apache ,985 Apple

59 United States of America Equities (continued) 728 Applied Materials Archer Daniels Midland Arrow Electronics Arthur J Gallagher Ashland Assurant ,114 AT&T Auto Data Processing Autodesk AutoZone Avalonbay Communities Avery Dennison Avnet Avon Axis Capital Baker Hughes Ball ,150 Bank of America Bank of New York Mellon Baxalta Baxter International BB&T Becton Dickinson Bed Bath & Beyond ,037 Berkshire Hathaway convertible class 'B' shares Best Buy Biogen Idec BlackRock Boeing BorgWarner Boston Properties Boston Scientific Bristol-Myers Squibb Broadcom class 'A' shares Broadridge Financial Solutions Brown-Forman class 'B' shares Bunge CA Cabot Oil & Gas California Resources

60 United States of America Equities (continued) 352 Calpine Cameron International Campbell Soup Capital One Cardinal Health Care Capital Properties CarMax Carnival Caterpillar CBRE class 'A' shares CBS class 'B' shares Celanese Celgene CenterPoint Energy CenturyLink Cerner CF Industries CH Robinson Worldwide Charles Schwab Chartermmunications Chemours ,058 Chesapeake Energy Chevron Chipotle Mexican Grill Chubb Church & Dwight Cigna Cimarex Energy Cincinnati Financial Cintas ,366 Cisco Systems CIT ,579 Citigroup Citrix Systems Clorox CME Coach ,297 Coca-Cola Coca-Cola Enterprises Cognizant Technology

61 United States of America Equities (continued) 498 Colgate-Palmolive Columbia Pipeline ,263 Comcast class 'A' shares Comerica Communications Sales & Leasing Computer Sciences ConAgra Foods Concho Resources ConocoPhillips CONSOL Energy Consolidated Edison Constellation Brands class 'A' shares Continental Resources Corning Costco Wholesale CR Bard Cree Crown Castle International CSRA CSX Cummins CVS Health Danaher Darden Restaurants DaVita Deere Denbury Resources Dentsply International Devon Energy Digital Realty Trust Discover Financial Services Discovery Communications class 'A' shares Discovery Communications class 'C' shares DISH Network class 'A' shares Disney Dollar General Dollar Tree Dominion Resources Dover Dow Chemical

62 United States of America Equities (continued) 184 DR Horton Dr Pepper Snapple DTE Energy Du Pont de Nemours Duke Energy Duke Realty Dun & Bradstreet Eastman Chemical Eaton ebay Ecolab Edgewell Personal Care Edison International Edwards Lifesciences Electronic Arts Eli Lilly ,081 EMC Emerson Electric Energizer Entergy EOG Resources EQT Equifax Equity Residential Estee Lauder class 'A' shares Everest Re Eversource Energy Exelon Expedia Expeditors International of Washington Express Scripts ,280 Exxon Mobil F5 Networks ,182 Facebook Fastenal Federal Realty Investment Trust FedEx Fidelity National Information Services Fifth Third Bancorp ,968 First Horizon

63 United States of America Equities (continued) 140 First Solar FirstEnergy Fiserv Flextronics International Flowserve Fluor FMC Technologies Foot Locker ,848 Ford Motor Fortune Brands Home & Security Fossil Four Corners Property Trust Franklin Resources Freeport McMoRan class 'B' shares Frontier Communications GameStop Gannett Gap Garmin General Dynamics ,610 General Electric General Growth Properties General Mills General Motors Gentex Genuine Parts Genworth Financial class 'A' shares Gilead Sciences Goldman Sachs H&R Block Halliburton Halyard Health Harley-Davidson Harman International Harris Hartford Financial Services Hasbro HCA HCP Henry Schein

64 United States of America Equities (continued) 72 Herbalife Hershey Foods Hess Hewlett Packard Enterprise Hollyfrontier Home Depot Honeywell International Hormel Foods Hospitality Properties Host Hotels & Resorts HP Humana Huntington Bancshares IAC IBM Illinois Tool Works Illumina Ingersoll-Rand ,433 Intel Intercontinental Exchange International Flavors & Fragrances International Paper Interpublic Intuit Intuitive Surgical Invesco Iron Mountain Jacobs Engineering JB Hunt Transport Services JM Smucker ,513 Johnson & Johnson Johnson Controls Joy Global ,062 JP Morgan Chase Juniper Networks Kansas City Southern Kellogg Keurig Green Mountain KeyCorp Kimberly-Clark

65 United States of America Equities (continued) 227 Kimco Realty ,145 Kinder Morgan KLA-Tencor Kohl's Kraft Heinz 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 Marathon Oil Marathon Petroleum Markel ,474 Marriot Marriott International class 'A' shares Marsh & McLennan Marvell Technology Masco

66 United States of America Equities (continued) 559 MasterCard class 'A' shares Mattel Maxim Integrated Products McCormick McDonald's McGraw Hill Financial McKesson MDU Resources Mead Johnson ,410 Merck MetLife MGM Resorts International Michael Kors Microchip Technology Micron Technology ,920 Microsoft Mohawk Industries Molson Coors Brewing class 'B' shares Mondelez International Monsanto Monster Beverage Moody's Morgan Stanley Mosaic Motorola Solutions Murphy Oil Mylan Nabors Industries National Oilwell Varco Navient NCR NetApp Netflix New York Community Bancorp Newell Rubbermaid Newfield Exploration Newmont Mining News Corporation class 'A' shares NextEra Energy Nielsen

67 United States of America Equities (continued) 622 Nike class 'B' shares Nisource Noble Noble Energy Nordstrom Norfolk Southern Northern Trust Northrop Grumman NRG Energy Nucor Nvidia NVR Occidental Petroleum Omnicom ONEOK ,694 Oracle O'Reilly Automotive OSH 1 Liquidating Owens-Illinois Paccar Parker-Hannifin PartnerRe Paychex PayPal People's United Financial Pepco PepsiCo Perrigo ,473 Pfizer PG&E Philip Morris International Phillips Pinnacle West Pioneer Natural Resources Plum Creek Timber PNC Financial Services PPG Industries PPL Praxair Precision Castparts

68 United States of America Equities (continued) 26 Priceline.com Principal Financial ,367 Procter & Gamble Progressive Prologis Prudential Financial Public Service Enterprise Public Storage PVH QEP Resources Qiagen Qualcomm Quest Diagnostics Ralph Lauren class 'A' shares Range Resources Raytheon Red Hat Regency Centers Regeneron Pharmaceuticals Regions Financial Republic Services Reynolds American RMR Robert Half International Rockwell Automation Rockwell Collins Roper Industries Ross Stores Royal Caribbean Cruises Ryder System Safeway Casa Ley Safeway PDC Salesforce.com SanDisk SCANA Schlumberger Scripps Networks Interactive Seagate Technology Sealed Air SEI Investments

69 United States of America Equities (continued) 175 Sempra Energy Sherwin-Williams Simon Property ,810 Sirius XM Smurfit-Stone Southern Southern Copper Southwestern Energy Spectra Energy Sprint SPX SPX FLOW 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 Tesla Motors Texas Instruments Thermo Fisher Scientific Thomson Tiffany Time Warner Time Warner Cable TJX T-Mobile Toll Brothers

70 United States of America Equities (continued) 36 TopBuild Torchmark Total System Services Transocean Travelers TripAdvisor 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 Bancorp Valeant Pharmaceuticals Valero Energy Varian Medical Systems Ventas VeriSign Verisk Analytics ,241 Verizon Communications Vertex Pharmaceuticals VF Viacom New class 'B' non-voting shares ,082 Visa VMware Vornado Realty Trust Vulcan Materials Walgreens Boots Alliance Wal-Mart Stores Waste Management Waters Wec Energy ,874 Wells Fargo

71 United States of America Equities (continued) 116 Welltower Western Digital Western Union WestRock Weyerhaeuser Whirlpool Whole Foods Williams Willis Windstream WPX Energy WR Berkley WW Grainger Wyndham Worldwide Wynn Resorts Xcel Energy Xerox Xilinx Xylem Yahoo! Yum! Brands Zimmer Zions Bancorporation Zoetis , SOUTH AMERICA 1.06% ( %) Brazil Equities 0.66% ( %) 3,060 AmBev ,130 Banco Bradesco preference shares ,330 Banco do Brasil BCO Bradesco ,610 BM&FBovespa ,300 BR Malls Participacoes BRF ,360 CCR ,346 CIA Energetica Minas Gerais preference shares Cielo Companhia Brasileira de Distribuicao Grupo Pao de Acucar preference shares

72 Brazil Equities (continued) 1,250 Empresa Brasileira de Aeronautica ,930 Gerdau preference shares ,575 Itau Unibanco preference shares ,019 Itausa - Investimentos Itau preference shares ,000 Lojas Renner ,968 Petroleo Brasileiro ,952 Petroleo Brasileiro preference shares Telecomunicacoes preference shares ,713 Tim Participacoes Ultrapar Participacoes ,180 Vale ,188 Vale do Rio Doce class 'A' preference shares Colombia Equities 0.00% ( %) 500 Pacific Exploration and Production Mexico Equities 0.40% ( %) 3,530 Alfa series class 'A' shares ,114 America Movil ,554 Cemex Coca-Cola Femsa ,570 Fomento Economico Mexicano ,420 Grupo Bimbo ,520 Grupo Financiero Banorte ,582 Grupo Financiero Inbursa ,100 Grupo Financiero Santander Mexico ,599 Grupo Mexico ,350 Grupo Televisa ,428 Hylsamex ,300 Mexichem Telesites AFRICA 0.67% ( %) South Africa Equities 0.67% ( %) 3,270 African Bank Investments AngloGold Ashanti Aspen Pharmacare

73 South Africa Equities (continued) 638 Barclays Africa Bidvest ,144 FirstRand ,280 Growthpoint Properties ,238 Impala Platinum Life Healthcare Mr Price ,379 MTN Naspers class 'N' shares Nedbank ,359 Network Healthcare Remgro RMB ,483 Sanlam Sasol Shoprite ,408 Standard Bank Tiger Brands Vodacom ,129 Woolworths Investments assets 15, Net other liabilities (95) (0.62) Net assets 15, 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 at 30 June

74 Statement of Total Return For the six months ended 31 December 2015 Income Net capital (losses) gains (49) 1,553 Revenue Expenses (122) (157) Interest payable and similar charges (1) (3) Net revenue before taxation Taxation (26) (38) Net revenue after taxation Total return before distributions 3 1, Distributions (81) (138) Change in net assets attributable to unitholders from investment activities (78) 1,514 Statement of Change in Attributable to Unitholders For the six months ended 31 December Opening net assets attributable to unitholders 23,410 36,862 Amounts receivable on issue of units Less: Amounts payable on redemption of units (8,283) (13,365) 2014 (7,931) (13,152) Change in net assets attributable to unitholders from investment activities (see Statement of Total Return above) (78) 1,514 Retained distributions on accumulation units 9 11 Closing net assets attributable to unitholders 15,410 25,235 Section 3.30 of the IMA SORP issued in May 2014 requires comparative figures for the above statement. For interim financial statements this will result in the closing comparative net assets not being equal to net assets at the start of the current period. 72

75 Balance Sheet 31 December December December June June 2015 Assets Fixed assets Investments 15,505 23,251 Current assets Debtors Cash and bank balances Total other assets Total assets 15,560 23,641 Liabilities Creditors Bank overdrafts (64) 0 Distribution payable on income units (19) (134) Other creditors (67) (97) Total other liabilities (150) (231) Total liabilities (150) (231) Net assets attributable to unitholders 15,410 23,410 This report was approved for publication on 15 February Julian Filkins, Authorised Signatory Lynn Clark, Authorised Signatory for and on behalf of Allianz Global Investors GmbH, UK Branch 73

76 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 period end and of the revenue and expenditure for the period. 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 period. 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 May 2014, 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. 74

77 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 ( /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:

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