Chariguard UK Equity Fund Chariguard Overseas Equity Fund

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

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

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 2015. 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 2011. They are unregulated collective investment schemes within the meaning of the Financial Services and s Act 2000. Charity registration numbers Chariguard UK Equity Fund 1039354 Chariguard Overseas Equity Fund 1045682 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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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

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 23.36 and 44.61 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

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 2015. 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 2007. 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

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 2015 6

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 2013 93,836 4,349,332.43 2157 30 June 2014 63,827 2,705,264.15 2359 30 June 2015 44,502 1,908,710.75 2332 Accumulation 30 June 2013 23,730 614,182.29 3864 30 June 2014 51,962 1,192,159.67 4359 30 June 2015 52,038 1,168,585.64 4453 Highest and Lowest Prices Calendar Year Highest Offer Price Lowest Bid Price Income (p) Accumulation (p) Income (p) Accumulation (p) 2010 2015 3308 1668 2708 2011 2081 3445 1740 2933 2012 2050 3580 1827 3131 2013 2372 4307 2102 3692 2014 2415 4421 2167 4038 2015 1 2516 4754 2287 4284 1 For the period to 30 June 2015. Price History Income Units Accumulation Units Year Ended Bid (p) Offer (p) Bid (p) Offer (p) 30 June 2010 1668 1674 2709 2718 30 June 2011 2030 2037 3391 3402 30 June 2012 1894 1902 3279 3291 30 June 2013 2154 2161 3857 3871 30 June 2014 2355 2363 4351 4366 30 June 2015 2328 2336 4446 4461 Since November 1996 no initial charge has been applied to offer prices. 7

Chariguard UK Equity Fund Performance Statistics continued Distribution History Calendar Year Income Units per Unit (p) Accumulation Units per Unit (p) 2010 54.6690 87.6912 2011 60.2130 99.5074 2012 68.5324 117.0728 2013 72.1785 127.6168 2014 74.7111 136.4377 2015 1 58.8958 110.6064 1 For the period to 30 June 2015. 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 2014 0.39 30 June 2015 0.37 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

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 2015. Group 2: Units purchased on or after (a) 30 June 2014, (b) 30 September 2014, (c) 31 December 2014, (d) 31 March 2015. 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 1 19.5864-19.5864 17.6807 Group 2 19.5864 0.0000 19.5864 17.6807 b. 2nd Interim Group 1 12.8542-12.8542 14.5399 Group 2 9.7798 3.0744 12.8542 14.5399 c. 3rd Interim Group 1 21.4872-21.4872 18.9685 Group 2 20.4117 1.0755 21.4872 18.9685 d. Final Group 1 24.5544-24.5544 21.6163 Group 2 24.5544 0.0000 24.5544 21.6163 Accumulation Units a. 1st Interim Group 1 36.1819-36.1819 31.6624 Group 2 36.1819 0.0000 36.1819 31.6624 b. 2nd Interim Group 1 23.9462-23.9462 26.2413 Group 2 23.9462 0.0000 23.9462 26.2413 c. 3rd Interim Group 1 40.2510-40.2510 34.4439 Group 2 40.2510 0.0000 40.2510 34.4439 d. Final Group 1 46.4092-46.4092 39.5706 Group 2 46.4092 0.0000 46.4092 39.5706 Investors are reminded that a distribution is not guaranteed. 9

Chariguard UK Equity Fund Portfolio Statement As at 30 June 2015 United Kingdom 99.70% (2014-99.48%) United Kingdom Equities 99.70% (2014-99.48%) Aerospace & Defence 2.06% (2014-2.23%) 150,306 BAE Systems 678 0.70 9,238 Chemring 20 0.02 53,558 Cobham 141 0.15 38,750 Meggitt 181 0.19 31,485 QinetiQ 71 0.07 88,776 Rolls-Royce 772 0.80 12,517,416 Rolls Royce 'C' shares 12 0.01 20,057 Senior 58 0.06 3,302 Ultra Electronics 59 0.06 1,992 2.06 Automobiles & Parts 0.27% (2014-0.28%) 77,502 GKN 259 0.27 Banks 11.00% (2014-10.53%) 1,499 Bank of Georgia 29 0.03 777,267 Barclays 2,025 2.10 887,940 HSBC 5,062 5.24 2,564,923 Lloyds Banking 2,187 2.27 97,274 Royal Bank of Scotland 342 0.35 95,891 Standard Chartered 977 1.01 10,622 11.00 Beverages 4.06% (2014-4.07%) 4,069 Barr (A.G.) 25 0.03 11,299 Britvic 81 0.08 9,734 Coca-Cola 133 0.14 119,522 Diageo 2,200 2.28 44,807 SABMiller 1,481 1.53 3,920 4.06 Chemicals 0.72% (2014-0.65%) 10,646 Alent 39 0.04 4,100 Carclo 6 0.01 6,411 Croda 176 0.18 22,895 Elementis 59 0.06 9,843 Johnson Matthey 299 0.31 10

Chariguard UK Equity Fund Chemicals (continued) 12,826 Synthomer 40 0.04 3,866 Victrex 75 0.08 694 0.72 Construction & Materials 0.97% (2014-1.01%) 34,355 Balfour Beatty 83 0.09 2,800 Costain 9 0.01 34,500 CRH 616 0.64 3,870 Galliford Try 67 0.07 3,540 Keller 37 0.04 2,547 Kier 36 0.04 14,374 Low & Bonar 10 0.01 10,562 Marshalls 33 0.03 1,793 Morgan Sindall 15 0.01 8,047 Tyman 26 0.03 932 0.97 Electricity 0.82% (2014-0.85%) 20,079 Drax 70 0.08 46,684 SSE 717 0.74 787 0.82 Electronic & Electrical Equipment 0.48% (2014-0.53%) 1,400 Dialight 7 0.01 11,433 e2v Technologies 29 0.03 17,880 Halma 136 0.14 9,820 Hellermanntyton 34 0.04 13,535 Morgan Advanced Materials 44 0.05 2,518 Oxford Instruments 24 0.02 1,752 Renishaw 40 0.04 5,627 Spectris 119 0.12 9,127 TT Electronics 13 0.01 4,300 Volex 4 0.00 1,000 XP Power 16 0.02 466 0.48 Equity Investment Instruments 3.31% (2014-3.08%) 28,026 3i Infrastructure 47 0.05 6,600 Aberdeen Asian Income Fund 13 0.01 1,900 Aberdeen Asian Smaller Companies Investment Trust 15 0.02 7,500 Aberdeen New Dawn Investment Trust 13 0.01 11

Chariguard UK Equity Fund Equity Investment Instruments (continued) 5,513 Aberdeen UK Tracker Investment Trust 17 0.02 4,570 Aberforth Smaller Companies Investment Trust 54 0.06 474 Absolute Return Trust 1 0 0.00 3,359 Advance Developing s Fund 14 0.01 26,328 Alliance Trust 128 0.13 11,700 Anglo & Overseas Investment Trust (Extinct Line) 1 0 0.00 10,863 Anglo & Overseas Trust 1 0 0.00 3,100 Artemis Alpha Trust 8 0.01 2,345 Asian Total Return Investment 5 0.01 428 AXA Framlington Innovative Growth Trust 1 0 0.00 16,805 BACIT 22 0.02 3,860 Baillie Gifford Japan Investment Trust 17 0.02 5,993 Bankers Investment Trust 38 0.04 1,221 Baring Emerging Europe 7 0.01 3,200 Beta Global Emerging s Fund 1 0 0.00 1,311 BH Global - GBP 17 0.02 278 BH Macro 4 0.00 1,922 BH Macro - GBP shares 40 0.04 5,300 Bioscience Investment Trust 1 0 0.00 2,844 BlackRock Smaller Companies Trust 26 0.03 2,665 BlackRock Emerging Europe Investment Trust 6 0.01 5,173 BlackRock Greater Europe Investment Trust 13 0.01 1,512 BlackRock Greater Europe Investment Trust (Subscription Shares) 1 0 0.00 15,471 BlackRock Income Strategies Trust 21 0.02 2,314 BlackRock Latin American Investment Trust 8 0.01 4,164 BlackRock Throgmorton Trust 14 0.01 8,409 BlackRock World Mining Trust 24 0.02 19,436 BlueCrest Allblue Fund 37 0.04 6,746 British Empire Securities & General Investment Trust 34 0.04 1,782 Brunner Investment Trust 10 0.01 1,559 Caledonia Investments 38 0.04 1,300 Candover Investments 4 0.00 9,930 Charter European Trust 1 0 0.00 4,200 City Merchants High Yield Trust 8 0.01 4,700 City Natural Resources High Yield Trust 4 0.00 13,092 City of London Investment Trust 51 0.05 7,440 Dexion Equity Alternative 1 0 0.00 18,710 Diverse Income Trust 16 0.02 592 Dunedin Enterprise Investment Trust 2 0.00 12

Chariguard UK Equity Fund Equity Investment Instruments (continued) 7,255 Dunedin Income Growth Investment Trust 18 0.02 9,942 Ecofin Water & Power Opportunities 14 0.01 9,320 Edinburgh Dragon Investment Trust 25 0.03 9,417 Edinburgh Investment Trust 63 0.07 2,898 Edinburgh Worldwide Investment Trust 14 0.01 1,698 Electra Investment Trust 54 0.06 4,830 Electric & General Investment Trust 1 0 0.00 2,513 Euro Investment Trust 20 0.02 5,261 F&C Capital & Income Investment Trust 14 0.01 2,694 F&C Global Small Companies 27 0.03 26,742 F&C Investment Trust 116 0.12 4,021 Fidelity Asian s Investment Trust 10 0.01 27,200 Fidelity China Special Situations Investment Trust 41 0.04 22,258 Fidelity European s 39 0.04 3,100 Finsbury Growth & Income Trust 18 0.02 6,402 Genesis Emerging s Fund 32 0.03 31,286 Govett Oriental Invest Trust 1 0 0.00 12,367 Govett Strategic Investment Trust 1 0 0.00 3,916 Graphite Enterprise Investment Trust 23 0.02 385 Henderson European Investment Trust 4 0.00 1,000 Henderson Eurotrust 9 0.01 6,209 Henderson Far East Income Fund 20 0.02 2,363 Henderson Global Investment Trust 9 0.01 3,900 Henderson High Income Investment Trust 7 0.01 3,590 Henderson Smaller Companies Investment Trust 23 0.02 2,831 Henderson Trust 7 0.01 3,705 Herald Investment Trust 26 0.03 1,647 HG Capital Investment Trust 18 0.02 44,386 HICL Infrastructure 68 0.07 10,528 Impax Environmental s 17 0.02 32,136 International Public Partnership 44 0.05 6,000 Invesco Asia Investment Trust 12 0.01 3,442 Invesco Income & Growth Investment Trust 10 0.01 2,169 Invesco Perpetual UK Smaller Companies Investment Trust 8 0.01 35,727 John Laing Infastructure Fund 44 0.05 14,726 JPMorgan American Investment Trust 40 0.04 4,736 JPMorgan Asian Investment Trust 11 0.01 2,931 JPMorgan Claverhouse Investment Trust 18 0.02 6,145 JPMorgan Emerging s Investment Trust 36 0.04 13

Chariguard UK Equity Fund Equity Investment Instruments (continued) 7,650 JPMorgan Euro Smaller Companies Trust 18 0.02 4,961 JPMorgan European Investment Trust 12 0.01 5,023 JPMorgan Indian Investment Trust 26 0.03 912 JPMorgan Japan Smaller Companies Trust 1 0 0.00 8,791 JPMorgan Japanese Investment Trust 25 0.03 2,210 JPMorgan Japanese Smaller Companies Investment Trust 5 0.01 929 JPMorgan Mid Cap Investment Trust 8 0.01 1,404 JPMorgan Overseas Investment Trust 15 0.02 455 JPMorgan Overseas Investment Trust 1 0 0.00 4,122 JPMorgan Russian Securities 13 0.01 312 JPMorgan Smaller Companies Investment Trust 3 0.00 62 JPMorgan Smaller Companies Investment Trust 1 0 0.00 4,590 Jupiter European Opportunities Trust 24 0.02 798 Keystone Investment Trust 14 0.01 5,606 Law Debenture 29 0.03 1,424 Lowland Investment Company 20 0.02 2,200 Majedie Investment Trust 6 0.01 6,564 Martin Currie Global Portfolio Investment Trust 12 0.01 2,182 Martin Currie Pacific Investment Trust 6 0.01 4,755 Mercantile Investment Trust 80 0.08 5,094 Merchants Investment Trust 24 0.02 10,530 Monks Investment Trust 44 0.05 3,199 Murray Income Trust 23 0.02 6,241 Murray International Trust 60 0.06 59,090 NB Global Floating Rate Income Fund 58 0.06 3,700 New India Investment Trust 11 0.01 1,558 North American Income Trust 13 0.01 300 North Atlantic Smaller Companies Investment Trust 6 0.01 6,670 Pacific Assets Investment Trust 13 0.01 1,591 Pantheon International Participations Fund 20 0.02 11,606 Perpetual Income & Growth Investment Trust 48 0.05 82 Personal Assets Trust 28 0.03 4,736 Polar Capital Technology Trust 27 0.03 6,074 RIT Capital Partners 94 0.10 8,200 Ruffer 18 0.02 9,079 Schroder Asia Pacific Fund 25 0.03 3,452 Schroder Income Growth Fund 9 0.01 5,973 Schroder Japan Growth Fund 9 0.01 10,600 Schroder Oriental Income Fund 20 0.02 14

Chariguard UK Equity Fund Equity Investment Instruments (continued) 7,593 Schroder UK Growth Fund 12 0.01 7,105 Scottish American Investment Trust 19 0.02 5,130 Scottish Investment Trust 33 0.03 58,132 Scottish Mortgage Investment Trust 152 0.16 2,000 Scottish Oriental Smaller Companies Trust 16 0.02 32,950 Securities Trust of Scotland 1 0 0.00 6,685 Securities Trust of Scotland 9 0.01 2,800 Shires Income Trust 7 0.01 3,000 Standard Life Equity Income Trust 13 0.01 4,828 Standard Life European Private Equity Trust 10 0.01 3,318 Temple Bar Investment Trust 39 0.04 15,310 Templeton Emerging s Investment Trust 79 0.08 416 Thames River Multi Hedge PCC 1 0 0.00 2,947 TR European Growth Investment Trust 18 0.02 15,165 TR Property Investment Trust 44 0.05 1,200 Tribune Global Managed Fund 1 0 0.00 7,500 Utilico Emerging s 14 0.01 3,000 & Income Investment Trust 8 0.01 9,126 Witan Investment Trust 72 0.07 3,934 Witan Pacific Investment Trust 10 0.01 1,993 Worldwide Healthcare Trust 38 0.04 3,193 3.31 Financial Services 3.05% (2014-2.21%) 46,368 3i 240 0.25 47,058 Aberdeen Asset Management 190 0.20 19,396 Ashmore 56 0.06 12,413 Brewin Dolphin 36 0.04 76 Camellia 7 0.01 3,100 Charles Taylor Consulting 7 0.01 7,109 Close Brothers 109 0.11 12,760 Fidelity Special s 26 0.03 10,359 Hargreaves Lansdown 119 0.12 51,101 Henderson 133 0.14 25,450 ICAP 135 0.14 17,253 IG 129 0.13 19,254 Intermediate Capital 106 0.11 11,043 International Personal Finance 51 0.05 25,034 Investec 143 0.15 15

Chariguard UK Equity Fund Financial Services (continued) 13,685 IP 28 0.03 14,863 Jupiter Fund Management 66 0.07 10,984 London Stock Exchange 260 0.27 75,523 Man 119 0.12 14,517 Paragon 60 0.06 6,882 Provident Financial 201 0.21 2,465 Rathbone Brothers 53 0.05 5,270 Schroders 167 0.17 93,086 Standard Life 413 0.43 9,459 SVG Capital 46 0.05 11,086 Tullett Prebon 41 0.04 2,941 3.05 Fixed Line Telecommunications 2.05% (2014-1.68%) 381,871 BT 1,719 1.78 133,073 Cable & Wireless 89 0.09 15,246 Colt Telecom 29 0.03 24,310 KCOM 23 0.02 24,708 Talktalk Telecom 94 0.10 2,705 Telecom Plus 27 0.03 1,981 2.05 Food & Drug Retailers 1.55% (2014-1.73%) 70,057 Booker 118 0.12 4,818 Greggs 57 0.06 67,112 J Sainsbury 178 0.18 19,166 Ocado 85 0.09 385,268 Tesco 819 0.85 9,809 UDG Healthcare 48 0.05 104,028 Wm Morrison Supermarkets 188 0.20 1,493 1.55 Food Producers 2.42% (2014-2.36%) 1,300 Anglo-Eastern Plantations 8 0.01 16,587 Associated British Foods 476 0.49 2,458 Cranswick 39 0.04 7,338 Dairy Crest 39 0.04 9,002 Devro 27 0.03 19,276 Greencore 61 0.06 30,833 Premier Foods 12 0.01 16

Chariguard UK Equity Fund Food Producers (continued) 22,405 Tate & Lyle 117 0.12 57,183 Unilever 1,561 1.62 2,340 2.42 Forestry & Paper 0.25% (2014-0.00%) 17,447 Mondi 239 0.25 Gas, Water & Multiutilities 2.84% (2014-2.92%) 236,133 Centrica 623 0.64 179,057 National Grid 1,463 1.52 16,266 Pennon 132 0.14 11,292 Severn Trent 235 0.24 32,233 United Utilities 288 0.30 2,741 2.84 General Industrials 0.76% (2014-0.84%) 1,326 British Polythene 9 0.01 44,550 DS Smith 172 0.18 33,734 Rexam 186 0.19 11,738 RPC 78 0.08 18,628 Smiths 210 0.22 12,892 Vesuvius 55 0.06 4,392 Xaar 20 0.02 730 0.76 General Retailers 2.47% (2014-2.02%) 28,238 AA 105 0.11 2,407 Carpetright 15 0.02 18,631 Darty 13 0.01 58,970 Debenhams 53 0.06 2,477 Dignity 53 0.06 44,770 Dixons Carphone 203 0.21 4,316 Dunelm 39 0.04 6,353 Findel 14 0.01 32,558 Game1 0 0.00 9,473 Halfords 50 0.05 38,959 Home Retail 66 0.07 20,766 Inchcape 168 0.17 3,404 JD Sports Fashion 24 0.03 112,441 Kingfisher 390 0.40 17

Chariguard UK Equity Fund General Retailers (continued) 15,196 Laura Ashley 5 0.01 14,833 Lookers 24 0.02 77,233 Marks & Spencer 414 0.43 8,513 Mothercare 23 0.02 7,275 N Brown 25 0.03 7,035 Next 524 0.54 66,823 Pendragon 25 0.03 8,375 Sports Direct International 60 0.06 4,804 Topps Tiles 7 0.01 5,392 WH Smith 82 0.08 2,382 2.47 Health Care Equipment & Services 0.54% (2014-0.50%) 1,410 Consort 13 0.01 42,670 Smith & Nephew 458 0.48 14,404 Southern Cross Healthcare 1 0 0.00 2,679 Synergy Healthcare 46 0.05 517 0.54 Household Goods & Home Construction 3.18% (2014-2.49%) 4,068 AGA Rangemaster 6 0.01 46,762 Barratt Developments 287 0.30 5,873 Bellway 139 0.14 5,971 Berkeley 200 0.21 6,479 Bovis Homes 72 0.07 8,715 Crest Nicholson 49 0.05 14,421 McBride 15 0.02 14,435 Persimmon 285 0.29 30,679 Reckitt Benckiser 1,684 1.74 10,356 Redrow 46 0.05 155,334 Taylor Wimpey 288 0.30 3,071 3.18 Industrial Engineering 0.81% (2014-0.81%) 9,342 Bodycote 63 0.07 11,309 Fenner 23 0.02 3,695 Hill & Smith 25 0.03 12,956 IMI 146 0.15 48,600 Melrose Industries 120 0.12 18

Chariguard UK Equity Fund Industrial Engineering (continued) 38,940 Rotork 90 0.09 14,009 Severfield-Rowen 10 0.01 3,593 Spirax-Sarco Engineering 122 0.13 1,831 Vitec 12 0.01 10,085 Weir 171 0.18 782 0.81 Industrial Metals & Mining 0.12% (2014-0.03%) 16,161 Evraz 20 0.02 8,318 Ferrexpo 5 0.01 27,600 International Ferro Metals 1 0.00 100,140 South32 86 0.09 112,000 Talvivaara Mining 3 0.00 115 0.12 Industrial Transportation 0.31% (2014-0.44%) 22,662 BBA Aviation 68 0.07 2,100 Braemar Shipping Services 10 0.01 500 Clarkson 14 0.02 1,940 James Fisher & Sons 26 0.03 30,482 Royal Mail 157 0.16 13,605 Stobart 14 0.01 444 UK Mail 2 0.00 6,363 Wincanton 12 0.01 303 0.31 Leisure Goods 0.01% (2014-0.02%) 9,768 Photo-Me 14 0.01 Life Insurance 4.65% (2014-4.38%) 188,707 Aviva 929 0.96 6,763 Chesnara 22 0.02 282,254 Legal & General 703 0.73 231,797 Old Mutual 467 0.48 8,529 Partnership Assurance 12 0.01 10,426 Phoenix 85 0.09 121,099 Prudential 1,856 1.93 47,747 RSA Insurance 190 0.20 24,412 St. James's Place Capital 221 0.23 4,485 4.65 19

Chariguard UK Equity Fund Media 3.60% (2014-3.05%) 3,413 Bloomsbury Publishing 6 0.01 45,612 British Sky Broadcasting 473 0.49 6,513 Centaur Media 5 0.01 4,900 Chime Communications 13 0.01 9,608 Entertainment One 34 0.04 1,752 Euromoney Institutional Investor 21 0.02 13,000 Huntsworth 6 0.01 29,750 Informa 163 0.17 13,500 ITE 23 0.02 175,634 ITV 462 0.48 16,122 Moneysupermarket.com 47 0.05 38,622 Pearson 465 0.48 54,596 Reed Elsevier 565 0.59 4,427 Rightmove 145 0.15 13,755 Trinity Mirror 21 0.02 20,871 UBM 111 0.11 1,155 UTV Media 2 0.00 4,700 Wilmington 12 0.01 63,043 WPP 899 0.93 3,473 3.60 Mining 5.45% (2014-7.01%) 7,215 Acacia Mining 22 0.02 62,165 Anglo American 571 0.59 5,530 Anglo Pacific 5 0.00 16,872 Antofagasta 116 0.12 74,082 Aquarius Platinum 5 0.00 100,140 BHP Billiton 1,251 1.29 51,155 Centamin 32 0.03 7,715 Fresnillo 54 0.06 5,180 Gem Diamonds 7 0.01 506,189 Glencore 1,292 1.34 9,470 Hochschild Mining 9 0.01 12,465 Kaz Minerals 25 0.03 149,650 Kenmare Resources 5 0.01 27,934 Lonmin 31 0.03 6,000 New World Resources 1 0 0.00 11,889 Petra Diamonds 18 0.02 12,453 Petropavlovsk 1 0.00 10,377 Polymetal International 54 0.06 20

Chariguard UK Equity Fund Mining (continued) 4,414 Randgold Resources 189 0.20 59,175 Rio Tinto 1,547 1.60 4,820 Vedanta Resources 25 0.03 5,259 5.45 Mobile Telecommunications 3.19% (2014-2.68%) 20,207 Inmarsat 185 0.19 1,259,489 Vodafone 2,895 3.00 3,080 3.19 Non-Life Insurance 0.86% (2014-1.13%) 9,312 Admiral 129 0.13 23,839 Amlin 113 0.12 24,610 Beazley 73 0.08 66,071 Directline Insurance 222 0.23 11,482 esure 29 0.03 13,778 Hiscox 116 0.12 5,877 Jardine Lloyd Thompson 61 0.06 8,764 Lancashire 54 0.06 3,052 Novae 22 0.02 491 XL 12 0.01 831 0.86 Oil & Gas Producers 11.35% (2014-15.16%) 58,774 Afren 1 1 0.00 161,454 BG 1,711 1.77 850,000 BP 3,571 3.70 27,687 Cairn Energy 47 0.05 42,288 Enquest 18 0.02 6,400 Exillon Energy 7 0.01 7,700 Hardy Oil & Gas 3 0.00 10,191 JKX Oil & Gas 3 0.00 34,515 Ophir Energy 39 0.04 26,109 Premier Oil 39 0.04 172,115 Royal Dutch Shell 'A' shares 3,075 3.19 9,500 Royal Dutch Shell 'A' shares (Dutch Listing) 171 0.18 116,461 Royal Dutch Shell 'B' shares 2,104 2.18 10,541 SOCO International 19 0.02 43,725 Tullow Oil 148 0.15 10,956 11.35 21

Chariguard UK Equity Fund Oil Equipment, Services & Distribution 0.30% (2014-0.40%) 7,412 Hunting 45 0.05 17,758 John Wood 114 0.12 13,285 Lamprell 20 0.01 12,296 Petrofac 114 0.12 293 0.30 Personal Goods 0.46% (2014-0.38%) 21,032 Burberry 330 0.34 14,916 PZ Cussons 54 0.06 1,896 Supergroup 24 0.02 1,242 Ted Baker 36 0.04 444 0.46 Pharmaceuticals & Biotechnology 7.50% (2014-7.95%) 59,816 AstraZeneca 2,404 2.49 17,165 BTG 108 0.11 4,665 Dechra Pharmaceuticals 46 0.05 2,875 Genus 41 0.04 226,569 GlaxoSmithKline 2,996 3.11 6,413 Hikma Pharmaceuticals 124 0.13 30,812 Indivior 69 0.07 27,864 Shire 1,420 1.47 15,404 Vectura 28 0.03 7,236 7.50 Real Estate 2.62% (2014-2.15%) 6,091 Big Yellow 39 0.04 47,674 British Land 378 0.39 4,401 Derwent 150 0.16 16,588 Great Portland Estates 129 0.13 34,073 Hammerson 210 0.22 32,795 Capital & Counties Properties 143 0.15 28,215 Capital & Regional 16 0.02 513 CLS 10 0.01 5,547 Countrywide 31 0.03 300 Daejan 18 0.02 6,724 Development Securities 19 0.02 24,055 F&C Commercial Property Trust 34 0.03 5,000 F&C UK Real Estate Investment Trust 5 0.00 11,233 Foxtons 27 0.03 22

Chariguard UK Equity Fund Real Estate (continued) 19,515 Grainger Trust 45 0.05 5,318 Helical Bar 21 0.02 4,500 LSL Property Services 18 0.02 1,500 Mapeley 1 0 0.00 19,800 Picton Property Income Fund 14 0.01 26,845 Quintain Estates & Development 28 0.03 30,375 Raven Russia 16 0.02 10,999 Safestore 31 0.03 5,907 Savills 56 0.06 20,919 Schroder Real Estate 12 0.01 8,498 St. Modwen Properties 38 0.04 6,900 Standard Life Investment Property Trust 6 0.01 21,180 UK Commercial Property Trust 19 0.02 10,086 Unite 58 0.06 33,005 Hansteen 38 0.04 29,533 Intu Properties 91 0.10 37,507 Land Securities 451 0.47 28,036 London & Stamford Property 45 0.05 3,900 McKay Securities 10 0.01 2,700 Mucklow (A&J) 13 0.01 4,661 Primary Health Properties 18 0.02 33,776 Segro 137 0.14 12,513 Shaftesbury 109 0.11 1,306 Town Centre Securities 4 0.00 4,669 Workspace 42 0.04 2,529 2.62 Software & Computer Services 0.64% (2014-0.57%) 16,818 Anite 21 0.02 3,162 AVEVA 57 0.06 1,807 Fidessa 41 0.04 66,315 Innovation 21 0.02 6,038 Micro Focus International 82 0.09 9,406 NCC 20 0.02 49,438 Sage 254 0.26 3,890 SDL 16 0.02 10,012 Telecity 103 0.11 615 0.64 23

Chariguard UK Equity Fund Support Services 5.25% (2014-4.54%) 11,381 Aggreko 164 0.17 13,831 Amec Foster Wheeler 113 0.12 23,916 Ashtead 263 0.27 5,026 Atkins (WS) 76 0.08 24,213 Babcock International 261 0.27 8,164 Berendsen 83 0.09 7,010 Brammer 22 0.02 15,888 Bunzl 276 0.29 31,632 Capita 392 0.41 20,694 Carillion 71 0.07 11,882 Connect 17 0.02 5,400 CPP 1 0 0.00 3,886 DCC 194 0.20 4,764 De La Rue 25 0.03 5,371 Diploma 43 0.04 20,819 Electrocomponents 44 0.05 10,969 Essentra 109 0.11 47,148 Experian 546 0.57 73,668 G4S 198 0.20 12,877 Grafton 100 0.10 67,748 Hays 111 0.11 13,015 HomeServe 56 0.06 29,476 Howden Joinery 153 0.16 6,268 Interserve 41 0.04 7,681 Intertek 188 0.19 7,402 Lavendon 15 0.02 20,742 Management Consulting 3 0.00 5,300 Mears 22 0.02 2,989 Menzies (John) 15 0.02 14,581 Michael Page International 79 0.08 17,464 MITIE 55 0.06 6,348 Northgate 37 0.04 3,074 PayPoint 30 0.03 17,441 Premier Farnell 30 0.03 32,023 Regus 84 0.09 85,994 Rentokil Initial 127 0.13 3,058 Ricardo 26 0.03 3,910 Robert Walters 16 0.02 12,960 RPS 29 0.03 24

Chariguard UK Equity Fund Support Services (continued) 24,430 Serco 29 0.03 23,356 Shanks 24 0.02 26,664 SIG 53 0.05 22,400 Speedy Hire 16 0.02 7,089 St. Ives 13 0.01 6,864 SThree 26 0.03 11,751 Travis Perkins 248 0.26 7,100 Tribal 11 0.01 968 Vp 8 0.01 12,545 Wolseley 510 0.53 11,470 Xchanging 14 0.01 5,066 5.25 Technology Hardware & Equipment 0.99% (2014-0.78%) 66,617 ARM 691 0.71 37,800 BATM Advanced Communications 6 0.01 3,261 Computacenter 25 0.03 7,903 CSR 69 0.07 12,765 Imagination Technologies 28 0.03 12,666 Laird 47 0.05 15,951 Pace 59 0.06 29,151 Spirent Communications 27 0.03 952 0.99 Tobacco 4.58% (2014-4.44%) 88,456 British American Tobacco 3,021 3.13 45,593 Imperial Tobacco 1,398 1.45 4,419 4.58 Travel & Leisure 4.21% (2014-3.58%) 5,931 888 s 9 0.01 3,274 Betfair 79 0.08 37,458 Bwin.Party Digital Entertainment 37 0.04 8,715 Carnival 283 0.29 9,864 Cineworld 45 0.05 79,199 Compass 834 0.86 6,475 Domino's Pizza 50 0.05 11,936 easyjet 184 0.19 27,867 Enterprise Inns 34 0.03 60,195 FirstGroup 72 0.07 25

Chariguard UK Equity Fund Travel & Leisure (continued) 1,600 Fuller Smith & Turner 'A' shares 17 0.02 2,052 Go-Ahead 54 0.06 15,148 Greene King 128 0.13 11,271 InterContinental Hotels 289 0.30 85,465 International Consolidated Airlines 423 0.44 43,489 Ladbrokes 56 0.06 27,121 Marston's 44 0.05 33,077 Merlin Entertainments 141 0.15 7,096 Millennium & Copthorne Hotels 41 0.04 12,030 Mitchells & Butlers 55 0.06 20,371 National Express 63 0.07 5,670 Playtech 46 0.05 2,478 Punch Taverns 3 0.00 7,092 Rank 16 0.02 9,476 Restaurant 66 0.07 21,264 Stagecoach 86 0.09 63,407 Thomas Cook 87 0.09 20,067 TUI 207 0.21 4,140 Wetherspoon (JD) 33 0.03 8,502 Whitbread 420 0.43 41,321 William Hill 167 0.17 4,069 4.21 Investment assets 96,221 99.70 Net other assets 319 0.30 Net assets 96,540 100.00 1 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 2014. 26

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

Chariguard UK Equity Fund Statement of Total Return For the year ended 30 June 2015 Income Notes 2015 2015 2014 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) 10,893 2014 Statement of Change in Attributable to Unitholders For the year ended 30 June 2015 2015 2015 2014 Opening net assets attributable to unitholders 115,789 117,566 Amounts receivable on issue of units 165 51,176 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 96,540 115,789 2014 Notes to the financial statements are from pages 30 to 35. 28

Chariguard UK Equity Fund Balance Sheet As at 30 June 2015 Notes 2015 2015 2014 2014 Assets Investment assets 96,221 115,182 Debtors 7 417 547 Cash and bank balances 546 831 Total other assets 963 1,378 Total assets 97,184 116,560 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 96,540 115,789 Notes to the financial statements are from pages 30 to 35. This report was approved for publication on 17 August 2015. Julian Filkins, Authorised Signatory Lynn Clark, Authorised Signatory for and on behalf of Allianz Global Investors GmbH, UK Branch 29

Chariguard UK Equity Fund Notes to the Final Financial Statements for the year ended 30 June 2015 1. 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 2010. 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. 2015 2014 (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 (2014 - net gains of 10,920,000 comprising net realised gains of 4,275,000 and net unrealised gains of 6,645,000). 30

Chariguard UK Equity Fund Notes to the Final Financial Statements continued 3. Revenue 2015 2014 Bank interest 2 1 Overseas dividends 478 431 Stock dividends 0 1 UK dividends (net) 3,246 3,597 Unfranked UK dividends 46 53 Total revenue 3,772 4,083 4. Expenses 2015 2014 Payable to the Manager, associates of the Manager or agents of either of them: Manager s annual charge 256 289 Payable to the Trustee and Depositary, associates of the Trustee and Depositary or agents of either of them: Trustee and Depositary fees 43 29 Safe custody fees 46 35 89 64 Other expenses: Audit fee 8 8 Distribution costs 25 24 FTSE license fee (21) 39 Printing costs 5 6 Registration fees 2 2 Other expenses 0 1 19 80 Total expenses 364 433 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 2015 2014 Overseas tax suffered 36 39 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

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: 2015 2014 1st Interim: Income 498 724 Accumulation 432 194 930 918 2nd Interim: Income 264 435 Accumulation 280 314 544 749 3rd Interim: Income 417 563 Accumulation 470 411 887 974 Final (payable 31 August 2015): Income 469 585 Accumulation 542 472 1,011 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

Chariguard UK Equity Fund Notes to the Final Financial Statements continued 7. Debtors 2015 2014 Accrued revenue 417 547 417 547 8. Creditors 2015 2014 Manager s annual charge 61 72 Other accrued expenses¹ 114 114 175 186 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 (2014-15,563). 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 (2014 - Nil). 11. Units in issue 2015 No. 2014 No. Income units 1,908,710.75 2,705,264.15 Accumulation units 1,168,585.64 1,192,159.67 33

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 (2014 - 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 (2014 - 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 546 96,034 96,580 777 114,919 115,696 Euro 0 175 175 54 234 288 US Dollar 0 12 12 0 29 29 Total financial assets 546 96,221 96,767 831 115,182 116,013 Total financial instruments 546 96,221 96,767 831 115,182 116,013 Short term debtors and creditors (227) (224) Net assets per the Balance Sheet 96,540 115,789 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% (2014-0.23%). The overdraft interest rate was 1.50% (2014-1.50%). c. Maturity of financial liabilities All liabilities are due in one year or less or on demand (2014 - 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 (2014 - Nil). 34

Chariguard UK Equity Fund Notes to the Final Financial Statements continued 14. Portfolio transaction costs 2015 2015 2014 2014 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 19,611 15. Material events post balance sheet date There are no material post balance sheet events. 35

36

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

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 26.59 and 35.10 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

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 3.9 100.0 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 2015. 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

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 2015 40

Performance Statistics Net Asset Unit Class Year Ended Net Asset () Number of Units in Issue Net Asset per Unit (p) Income 30 June 2013 46,683 2,023,613.22 2307 30 June 2014 34,525 1,387,981.51 2487 30 June 2015 21,029 795,569.78 2643 Accumulation 30 June 2013 2,050 69,378.80 2955 30 June 2014 2,337 72,162.23 3239 30 June 2015 2,381 68,245.21 3489 Highest and Lowest Prices Calendar Year Highest Offer Price Lowest Bid Price Income (p) Accumulation (p) Income (p) Accumulation (p) 2010 2132 2598 1770 2131 2011 2175 2660 1762 2184 2012 2120 2641 1872 2337 2013 2489 3201 2144 2716 2014 2703 3529 2353 3035 2015 1 2921 3833 2619 3427 1 For the period to 30 June 2015. Price History Income Units Accumulation Units Year Ended Bid (p) Offer (p) Bid (p) Offer (p) 30 June 2010 1771 1794 2145 2173 30 June 2011 2128 2155 2622 2656 30 June 2012 1928 1954 2426 2458 30 June 2013 2293 2324 2937 2976 30 June 2014 2473 2505 3220 3261 30 June 2015 2630 2659 3472 3510 Since November 1996 no initial charge has been applied to offer prices. 41

Performance Statistics continued Distribution History Calendar Year Income Units per Unit (p) Accumulation Units per Unit (p) 2011 39.0908 47.8372 2012 38.1862 47.6510 2013 40.5893 51.6055 2014 38.7285 50.0782 2015 1 29.7953 39.0291 1 For the period to 30 June 2015. 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 2014 0.89 30 June 2015 1.46 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

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 2015. Group 2: Units purchased on or after (a) 30 June 2014, (b) 30 September 2014, (c) 31 December 2014, (d) 31 March 2015. 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 1 7.5281-7.5281 9.3824 Group 2 3.3794 4.1487 7.5281 9.3824 b. 2nd Interim Group 1 4.7659-4.7659 7.3689 Group 2 1.3566 3.4093 4.7659 7.3689 c. 3rd Interim Group 1 8.1438-8.1438 9.0902 Group 2 7.6119 0.5319 8.1438 9.0902 d. Final Group 1 16.8856-16.8856 14.7412 Group 2 7.0658 9.8198 16.8856 14.7412 Accumulation Units a. 1st Interim Group 1 9.8011-9.8011 12.0157 Group 2 9.8011 0.0000 9.8011 12.0157 b. 2nd Interim Group 1 6.2233-6.2233 9.4746 Group 2 6.2233 0.0000 6.2233 9.4746 c. 3rd Interim Group 1 10.6533-10.6533 11.7226 Group 2 9.4697 1.1836 10.6533 11.7226 d. Final Group 1 22.1525-22.1525 19.0799 Group 2 16.0100 6.1425 22.1525 19.0799 Investors are reminded that a distribution is not guaranteed. 43

Portfolio Statement As at 30 June 2015 BONDS 0.00% (2014-0.00%) Hong Kong Dollar Denominated Debt Securities 0.00% (2014-0.00%) HKD3,000 Li Ning 0% Convertible Bonds 31/12/2049 1 0.00 EQUITIES 99.32% (2014-102.27%) UNITED KINGDOM 0.70% (2014-0.12%) United Kingdom Equities 0.70% (2014-0.12%) 2,143 CNH Industrial 12 0.05 358 Delphi Automotive 19 0.08 2,402 Fiat Chrysler Automobiles 22 0.09 3,750 Irish Bank Resolution 1 0 0.00 289 Pentair 13 0.06 1,186 Reed Elsevier 18 0.08 563 Rio Tinto 2 15 0.06 2,442 Unilever 2 65 0.28 164 0.70 EUROPE 28.38% (2014-29.86%) Austria Equities 0.20% (2014-0.25%) 266 Andritz 9 0.04 855 Erste Bank 15 0.06 2,520 Immoeast (Exchange rate shares) 1 0 0.00 4,096 Immofinanz 6 0.03 1,454 Immofinanz NPV 1 0 0.00 555 OMV 10 0.04 170 Raiffeisen International Bank 2 0.01 198 Voestalpine 5 0.02 47 0.20 Belgium Equities 0.86% (2014-0.77%) 368 Ageas 9 0.04 1,354 Anheuser-Busch InBev 103 0.44 960 Anheuser-Busch InBev VVPR Strip 1 0 0.00 470 Belgacom 11 0.05 200 Colruyt 6 0.03 162 Delhaize 8 0.03 5,120 Dexia-Strip VVPR 1 0 0.00 40 Fortis Bank Strip VVPR 1 0 0.00 44

Belgium Equities (continued) 192 Groupe Bruxelles Lambert 10 0.04 387 KBC 16 0.07 375 KBC Strip 1 0 0.00 110 Solvay 10 0.04 89 Telenet 3 0.01 327 UCB 15 0.06 352 Umicore 11 0.05 202 0.86 Czech Republic Equities 0.05% (2014-0.07%) 563 CEZ 8 0.03 26 Komercni Banka 4 0.02 12 0.05 Denmark Equities 0.96% (2014-0.92%) 9 AP Moeller-Maersk series 'A' shares 10 0.04 14 AP Moeller-Maersk series 'B' shares 16 0.07 269 Carlsberg series 'B' shares 15 0.06 185 Coloplast series 'B' shares 8 0.03 1,479 Danske Bank 28 0.12 650 DSV 13 0.06 200 FLSmidth 6 0.03 3,338 Novo Nordisk class 'B' shares 116 0.49 417 Novozymes class 'B' shares 13 0.06 225 0.96 Finland Equities 0.54% (2014-0.55%) 1,081 Fortum 12 0.05 117 Kesko 3 0.01 536 Kone class 'B' shares 14 0.06 553 Metso 10 0.04 180 Neste Oil 3 0.01 6,961 Nokia 30 0.13 360 Nokian Renkaat 7 0.03 579 Sampo series 'A' shares 17 0.08 998 Stora Enso series 'R' shares 7 0.03 868 UPM-Kymmene 10 0.04 454 Wartsila 13 0.06 126 0.54 45

France Equities 6.77% (2014-6.22%) 332 Accor 11 0.05 110 Aeroports de Paris 8 0.03 641 Air Liquide 52 0.22 1,051 Air Liquide (Prime de Fidélité) 1 85 0.36 899 Airbus 37 0.16 6,169 Alcatel-Lucent 14 0.06 532 Alstom 10 0.04 203 Arkema 9 0.04 170 Atos 8 0.03 3,075 AXA 49 0.21 52 BIC 5 0.02 1,677 BNP Paribas 64 0.27 374 Bouygues 9 0.04 600 Bureau Veritas 9 0.04 282 Capgemini 16 0.07 944 Carrefour 19 0.08 160 Casino Guichard-Perrachon 8 0.03 137 Christian Dior 17 0.07 752 CNP Assurances 8 0.03 2,300 Credit Agricole 22 0.10 1,022 Credit Agricole 10 0.04 985 Danone 40 0.17 360 Dassault Systemes 17 0.07 363 Edenred 6 0.03 155 EDF 2 0.01 104 Eiffage 4 0.02 800 Electricite De France 11 0.05 239 Essilor International 18 0.08 154 Eurazeo 6 0.03 792 Eurotunnel 7 0.03 440 Eutelsat Communications 9 0.04 62 Foncière des Régions 3 0.01 2,533 GDF Suez 30 0.13 8,841 GDF Suez Strip 1 0 0.00 96 Gecina 8 0.03 45 Hermes International 11 0.05 120 Icade 5 0.02 41 Iliad 6 0.03 144 Imerys 7 0.03 123 JC Decaux 3 0.01 46

France Equities (continued) 124 Kering 14 0.06 350 Klepierre 10 0.04 366 Lafarge 15 0.06 536 Lafarge (Prime de Fidélité) 1 23 0.10 210 Lagardere 4 0.02 497 Legrand 18 0.08 439 L'Oréal 50 0.21 800 L'Oréal (Prime de Fidélité) 91 0.38 410 LVMH Moet Hennessy 46 0.20 233 Michelin 16 0.07 760 Moulinex 1 0 0.00 1,892 Natixis 9 0.04 2,654 Orange 26 0.11 307 Pernod-Ricard 23 0.10 995 Peugeot 13 0.06 294 Publicis 14 0.06 397 Renault 26 0.11 500 Rexel 5 0.02 317 Safran 14 0.06 541 Saint-Gobain 15 0.06 1,915 Sanofi 120 0.51 874 Schneider Electric 38 0.16 501 SCOR 11 0.05 1,211 Société Générale 36 0.15 100 Sodexo 6 0.03 300 Sodexo EUR4 18 0.08 461 Suez Environnement 5 0.02 186 Technip 7 0.03 286 Thales 11 0.05 3,499 Total 108 0.46 182 Unibail-Rodamco 29 0.12 126 Valeo 13 0.06 430 Vallourec 6 0.03 763 Veolia Environnement 10 0.04 495 Vinci 18 0.08 2,332 Vivendi 37 0.16 125 Wendel Investissement 10 0.04 314 Zodiac Aerospace 6 0.03 1,584 6.77 47

Germany Equities 5.16% (2014-5.60%) 229 Adidas 11 0.05 764 Allianz 76 0.32 72 Axel Springer 2 0.01 1,610 BASF 90 0.38 1,440 Bayer 129 0.55 230 Beiersdorf 12 0.05 515 BMW 36 0.15 330 Brenntag 12 0.05 1,781 Commerzbank 15 0.06 206 Continental 31 0.13 1,528 Daimler 89 0.38 2,499 Deutsche Bank 48 0.21 420 Deutsche Boerse 22 0.09 837 Deutsche Lufthansa 7 0.03 1,798 Deutsche Post 34 0.14 4,979 Deutsche Telekom 55 0.23 3,591 E.ON 31 0.13 130 Fraport 5 0.02 494 Fresenius 20 0.09 388 Fresenius Medical Care 20 0.09 327 GEA 9 0.04 180 Hannover Rueckversicherung 11 0.05 302 HeidelbergCement 15 0.06 189 Henkel 12 0.05 227 Henkel non-voting preference shares 16 0.07 130 Hugo Boss 9 0.04 1,654 Infineon Technologies 13 0.06 321 K & S 9 0.04 64 Kabel Deutschland 5 0.02 245 Lanxess 9 0.04 284 Linde 34 0.15 69 MAN 5 0.02 279 Merck KGAA 18 0.08 269 Metro 5 0.02 173 Muenchener Rueckversicherung 20 0.09 326 Osram Licht 10 0.04 334 Porsche non-voting preference shares 18 0.08 794 RWE 11 0.05 1,537 SAP 68 0.29 1,373 Siemens 88 0.37 48

Germany Equities (continued) 754 ThyssenKrupp 13 0.06 363 TUI 4 0.02 192 United Internet 5 0.02 86 Volkswagen 13 0.06 290 Volkswagen non-voting preference shares 43 0.18 1,208 5.16 Greece Equities 0.02% (2014-0.08%) 5,903 Alpha Bank 1 0.00 648 Hellenic Telecom 4 0.02 584 National Bank of Greece 1 0.00 6 0.02 Hungary Equities 0.08% (2014-0.07%) 230 MOL 7 0.03 324 OTP Bank 4 0.02 700 Richter Gedeon 7 0.03 18 0.08 Ireland Equities 0.34% (2014-0.45%) 972 James Hardie 8 0.03 1,022 Medtronic 48 0.21 1,018 Ryanair 9 0.04 1,120 Weatherford 9 0.04 247 XL 6 0.02 80 0.34 Italy Equities 1.44% (2014-1.58%) 1,580 Assicurazioni Generali 18 0.08 803 Atlantia 13 0.06 584 Banco Popolare 6 0.03 1,500 Campari 7 0.03 12,518 Enel 36 0.15 7,200 Enel Green Power 9 0.04 4,266 Eni 48 0.21 177 EXOR 5 0.02 970 Finmeccancia 8 0.03 19,851 Intesa Sanpaolo 46 0.20 387 Luxottica 16 0.07 1,629 Mediaset 5 0.02 961 Mediobanca 6 0.03 49

Italy Equities (continued) 4,190 Parmalat Finanziaria 1 0 0.00 566 Pirelli 6 0.03 1,600 Prada 5 0.02 743 Prysmian 10 0.04 830 Saipem 6 0.02 3,386 Snam 10 0.04 24,854 Telecom Italia 20 0.08 12,477 Telecom Italia participating certificates 8 0.03 2,390 Terna 7 0.03 7,069 UniCredit 30 0.13 2,492 Unione di Banche Italiane 13 0.05 338 1.44 Luxembourg Equities 0.17% (2014-0.19%) 2,183 ArcelorMittal 13 0.05 523 SES Global FDR (each representing 1 class 'A' share) 11 0.05 1,000 Subsea 7 6 0.03 999 Tenaris 9 0.04 39 0.17 Netherlands Equities 1.28% (2014-1.81%) 3,126 Aegon 15 0.06 1,083 Ahold 13 0.06 358 Akzo Nobel 16 0.07 602 ASML 40 0.17 200 Boskalis Westminster 6 0.03 401 DSM 15 0.06 240 Fugro 3 0.01 196 Gemalto 11 0.05 262 Heineken 12 0.05 406 Heineken L Arche Green 20 0.09 6,410 ING 67 0.29 5,556 Koninklijke KPN 13 0.05 130 Koninklijke Vopak 4 0.02 1,788 Philips 29 0.12 196 Randstad 8 0.03 485 SBM Offshore 4 0.02 1,845 TNT Express 10 0.04 683 Wolters Kluwer 13 0.06 299 1.28 50

Norway Equities 0.38% (2014-0.55%) 1,527 DNB 16 0.07 385 Gjensidige Forsikring 4 0.02 3,684 Norsk Hydro 10 0.04 1,309 Orkla 7 0.03 615 Seadrill 4 0.02 1,761 Statoil 20 0.09 1,224 Telenor 17 0.07 305 Yara International 10 0.04 88 0.38 Poland Equities 0.28% (2014-0.22%) 297 Bank Pekao 9 0.04 430 KGHM Polska Miedz 8 0.03 2,600 Orange Polska 3 0.01 549 PKN Orlen 7 0.03 2,800 Polska Grupa Energetyczna 9 0.04 8,160 Polskie Gornictwo Naftowe 9 0.04 1,754 Powszechna Kasa Oszczednosci Bank Polski 9 0.04 164 Powszechny Zaklad Ubezpieczen 12 0.05 66 0.28 Portugal Equities 0.10% (2014-0.14%) 3,099 Banco Espirito Santo 1 0 0.00 3,750 EDP Energias 9 0.04 1,100 Galp Energia 8 0.03 710 Jeronimo Martins 6 0.03 23 0.10 Spain Equities 2.02% (2014-2.22%) 716 Abertis Infraestructuras 7 0.03 716 Abertis Infraestructuras Rights 7/7/2015 0 0.00 483 ACS Actividades 10 0.04 415 Amadeus IT 10 0.04 3,175 Banco Popolare Espanol 10 0.04 6,534 Banco Sabadell 10 0.04 23,313 Banco Santander 104 0.45 1,438 Bankinter 7 0.03 10,583 BBVA 66 0.28 2,984 CaixaBank 9 0.04 1,002 Distribuidora 5 0.02 580 Enagas 10 0.04 51

Spain Equities (continued) 460 Endesa 6 0.03 1,091 Ferrovial 15 0.07 667 Gas Natural 10 0.04 462 Grifols 12 0.05 8,278 Iberdrola 35 0.15 1,768 Inditex 36 0.15 4,233 Mapfre 9 0.04 810 Mediaset Espana 7 0.03 120 Red Electrica 6 0.03 1,987 Repsol 22 0.09 6,939 Telefonica 63 0.27 527 Zardoya Otis 4 0.02 473 2.02 Sweden Equities 1.79% (2014-1.91%) 853 Alfa Laval 10 0.04 1,386 Assa Abloy series 'B' shares 17 0.07 814 Atlas Copco series 'A' shares 14 0.06 771 Atlas Copco series 'B' shares 12 0.05 86 Autoliv 6 0.03 730 Boliden 8 0.03 681 Electrolux series 'B' shares 14 0.06 1,200 Elekta series 'B' shares 5 0.02 5,688 Ericsson series 'B' shares 37 0.16 501 Getinge 8 0.03 1,495 Hennes & Mauritz series 'B' shares 37 0.16 421 Hexagon series 'B' shares 10 0.04 721 Husqvarna series 'B' shares 3 0.01 374 Industrivarden series 'A' shares 5 0.02 315 Industrivarden series 'C' shares 4 0.02 533 Investor series 'B' shares 13 0.06 455 Kinnevik 9 0.04 783 Lundin Petroleum 8 0.03 5,174 Nordea Bank 41 0.17 2,714 Sandvik 19 0.08 542 Securitas series 'B' shares 5 0.02 2,783 Skandinaviska Enskilda Banken series 'A' shares 23 0.10 610 Skanska series 'B' shares 8 0.03 878 SKF series 'B' shares 13 0.06 1,117 Svenska Cellulosa series 'B' shares 18 0.08 52

Sweden Equities (continued) 1,980 Svenska Handelsbanken series 'A' shares 18 0.08 1,068 Swedbank series 'A' shares 16 0.07 501 Swedish Match 9 0.04 592 Tele2 series 'B' shares 4 0.02 3,496 TeliaSonera 12 0.05 1,748 Volvo series 'B' shares 14 0.06 420 1.79 Switzerland Equities 5.71% (2014-5.92%) 3,668 ABB 49 0.21 207 Actelion 19 0.08 327 Adecco 17 0.07 82 Baloise 6 0.03 785 Compagnie Financiere Richemont 41 0.17 2,550 Credit Suisse 45 0.19 18 EMS-Chemie 5 0.02 315 GAM 4 0.02 68 Geberit 14 0.06 16 Givaudan 18 0.08 332 Holcim 16 0.07 528 Julius Baer 19 0.08 87 Kuehne + Nagel 7 0.03 2 Lindt & Spruengli Participating Certificates 7 0.03 101 Lonza 9 0.04 5,420 Nestlé 249 1.06 3,979 Novartis 249 1.06 110 Pargesa 5 0.02 32 Partners 6 0.03 65 PSP Swiss Property 3 0.01 1,200 Roche 214 0.91 80 Schindler 8 0.03 120 Schindler (Part Certified) 12 0.05 11 SGS (registered) 13 0.06 5 Sika 11 0.05 150 Sonova 13 0.06 1,196 STMicroelectronics 6 0.03 117 Sulzer 8 0.03 56 Swatch 14 0.06 133 Swatch (Registered) 6 0.03 53

Switzerland Equities (continued) 52 Swiss Life 8 0.03 629 Swiss Re 35 0.15 130 Swissair 1 0 0.00 31 Swisscom 11 0.05 180 Syngenta 46 0.20 385 TE Connectivity 16 0.07 6,003 UBS 81 0.34 242 Zurich Financial Services 47 0.20 1,337 5.71 Turkey Equities 0.23% (2014-0.34%) 3,151 Akbank 6 0.03 1,000 Anadolu Efes Biracilik ve Malt Sanayii 6 0.03 680 BIM Birlesik Magazalar 8 0.04 1,449 Haci Omer Sabanci 3 0.01 1,225 KOC 3 0.01 440 Tupras-Turkiye Petrol Rafinerileri 7 0.03 1,231 Turkcell Iletism Hizmetleri 3 0.01 3,342 Turkiye Garanti Bankasi 7 0.03 1,700 Turkiye Halk Bankasi 5 0.02 2,049 Turkiye Is Bankasi series class 'C' shares 3 0.01 1,664 Turkiye Valiflar Bankasi 2 0.01 53 0.23 ASIA PACIFIC (EXCLUDING JAPAN) - 8.82% (2014-15.13%) Australia Equities 2.60% (2014-4.48%) 2,594 Alumina 2 0.01 1,189 Amcor 8 0.03 4,461 AMP 13 0.05 910 APA 4 0.02 2,526 Asciano 8 0.03 2,419 Aurizon 6 0.03 2,674 Australia & New Zealand Banking 42 0.18 290 Australian Stock Exchange 6 0.03 1,222 Bank of Queensland 8 0.03 477 Bendigo & Adelaide Bank 3 0.01 49,080 BGP 1 0 0.00 3,292 BHP Billiton 44 0.19 2,436 Boral 7 0.03 2,444 Brambles 13 0.05 54

Australia Equities (continued) 200 Caltex Australia 3 0.01 845 Challenger Financial Services 3 0.01 612 Coca-Cola Amatil 3 0.01 130 Cochlear 5 0.02 1,554 Commonwealth Bank of Australia 65 0.28 568 Computershare 3 0.01 702 Crown 4 0.02 499 CSL 21 0.09 4,130 Fortescue Metals 4 0.02 1,766 Goodman 5 0.02 2,750 GPT 6 0.03 3,000 Gunns 1 0 0.00 4,392 Incitec Pivot 8 0.03 3,563 Insurance Australia 10 0.04 857 Lend Lease 6 0.03 295 Macquarie 12 0.05 3,916 Mirvac 4 0.02 2,245 National Australia Bank 37 0.16 1,127 Newcrest Mining 7 0.03 2,159 Oil Search 8 0.03 568 Orica 6 0.03 1,602 Origin Energy 9 0.04 1,809 QBE Insurance 12 0.05 193 Ramsay Health Care 6 0.03 1,499 Santos 6 0.03 7,302 Scentre 13 0.06 608 Sonic Healthcare 6 0.03 3,292 South32 3 0.01 3,525 Stockland Trust 7 0.03 1,886 Suncorp 12 0.05 2,739 Sydney Airport 7 0.03 2,105 Tattersall's 4 0.02 4,421 Telstra 13 0.06 2,737 Transurban 12 0.05 1,374 Wesfarmers 26 0.11 1,764 Westfield 8 0.03 2,997 Westpac Banking 47 0.20 839 Woodside Petroleum 14 0.06 1,438 Woolworths 19 0.08 608 2.60 55

China Equities 0.10% (2014-0.29%) 1,500 AAC Technologies 5 0.02 2,000 China Mengniu Dairy 6 0.03 3,000 Tingyi 4 0.02 11,000 Want Want China 8 0.03 23 0.10 Hong Kong Equities 1.55% (2014-2.20%) 12,400 AIA 51 0.22 2,564 Bank of East Asia 7 0.03 4,000 BOC Hong Kong 11 0.05 14,000 Chaoda Modern Agriculture 1 0 0.00 1,000 Cheung Kong Infrastructure 5 0.02 3,937 Cheung Kong Property 21 0.09 3,937 CK Hutchison 37 0.16 2,000 CLP 11 0.05 4,000 Galaxy Entertainment 10 0.04 2,000 Hang Lung 6 0.02 4,000 Hang Lung Property 8 0.03 900 Hang Seng Bank 11 0.05 1,574 Henderson Land Development 7 0.03 7,705 Hong Kong & China Gas 10 0.04 1,200 Hong Kong Exchanges & Clearing 27 0.11 1,766 Hong Kong Land 9 0.04 450 Hopewell Highway 0 0.00 1,000 Hopewell s 2 0.01 300 Jardine Matheson 11 0.05 500 Jardine Strategic 10 0.04 10,600 Li & Fung 5 0.02 2,500 Link Real Estate Investment Trust 9 0.04 2,500 Mass Transit Railway 7 0.03 7,224 New World Development 6 0.03 6,545 Noble 2 0.01 1,513 Power Assets 9 0.04 4,000 Sands China 9 0.04 4,609 Sino Land 5 0.02 5,000 SJM 3 0.01 2,000 Sun Hung Kai Properties 21 0.09 1,000 Swire Pacific 8 0.03 3,500 Swire Properties 7 0.03 56

Hong Kong Equities (continued) 2,000 Techtronic Industries 4 0.02 1,682 Wharf 7 0.03 2,000 Wheelock 6 0.03 362 1.55 Macau Equities 0.00% (2014-0.02%) Malaysia Equities 0.41% (2014-0.81%) 2,200 AMMB 2 0.01 7,900 Axiata 9 0.04 9,800 CIMB 9 0.04 7,000 Digi.com 6 0.02 3,400 Genting Berhad 5 0.02 3,900 Genting Malaysia 3 0.01 4,300 IHH Healthcare 4 0.02 6,200 IOI Berhad 4 0.02 600 Kuala Lumpur Kepong 2 0.01 8,100 Malayan Banking Berhad 12 0.05 6,700 Maxis 7 0.03 4,600 Petronas Chemicals 5 0.02 1,000 Petronas Gas 4 0.02 4,080 Public Bank 13 0.06 5,900 Sime Darby 8 0.03 1,400 Tenaga Nasional 3 0.01 96 0.41 New Zealand Equities 0.02% (2014-0.16%) 805 Fletcher Building 3 0.01 2,754 Spark New Zealand 3 0.01 6 0.02 Papua New Guinea Equities 0.00% (2014-0.06%) Singapore Equities 0.77% (2014-0.99%) 5,000 Ascendas Real Estate Investment Trust 6 0.02 199 Avago Technologies 17 0.07 4,750 CapitaLand 8 0.03 6,100 CapitaMall Trust 6 0.03 1,380 City Developments 6 0.03 4,000 ComfortDelGro 6 0.03 2,105 DBS 21 0.09 57

Singapore Equities (continued) 14,000 Genting Singapore 6 0.03 7,000 Global Logistic Properties 8 0.03 6,000 Hutchison Port 2 0.01 167 Jardine Cycle & Carriage 3 0.01 18 Jardine Cycle & Carriage Rights 24/7/2015 0 0.00 2,500 Keppel 10 0.04 3,860 Oversea-Chinese Banking 18 0.08 2,807 SembCorp Industries 5 0.02 1,270 Singapore Airlines 6 0.03 1,000 Singapore Exchange 4 0.02 2,614 Singapore Press 5 0.02 3,000 Singapore Technologies Engineering 5 0.02 9,520 Singapore Telecommunications 19 0.08 1,300 United Overseas Bank 14 0.06 3,000 Wilmar International 5 0.02 180 0.77 South Korea Equities 1.61% (2014-3.09%) 60 Amorepacific 14 0.06 338 BS Financial 3 0.01 102 Coway 5 0.02 58 E-Mart 8 0.04 445 Hana Financial 7 0.03 85 Hankook Tire 2 0.01 228 Hyundai Engineering & Construction 5 0.02 82 Hyundai Heavy Industries 5 0.02 96 Hyundai Mobis 12 0.05 175 Hyundai Motor 14 0.06 86 Hyundai Steel 3 0.01 24 Hyundai Wai 1 0.00 600 Industrial Bank of Korea 5 0.02 168 Kangwon Land 4 0.02 606 KB Financial 13 0.06 9 KCC 3 0.01 462 Kia Motors 12 0.05 378 Korea Electric Power 10 0.04 11 Korea Zinc 3 0.01 444 KT 7 0.03 211 KT&G 11 0.05 58

South Korea Equities (continued) 137 LG 5 0.02 80 LG Chemical 13 0.06 362 LG Display 5 0.02 163 LG Electronics 4 0.02 15 LG Household & Health Care 7 0.03 40 Lotte Shopping 5 0.02 39 Naver 14 0.06 86 Posco 11 0.05 226 Samsung 9 0.04 109 Samsung Electronics 79 0.33 41 Samsung Fire & Marine 7 0.03 278 Samsung Heavy Industries 3 0.01 106 Samsung Life 6 0.03 85 Samsung SDI 5 0.02 653 Shinhan Financial 15 0.07 32 SK 4 0.02 94 SK Energy 7 0.03 675 SK Hynix 16 0.07 64 SK Telecom 9 0.04 914 Woori Bank 5 0.02 376 1.61 Taiwan Equities 1.71% (2014-2.67%) 7,331 Advanced Semiconductor 6 0.03 929 ASUSTeK Computer 6 0.03 12,995 AU Optronics 4 0.02 1,006 Catcher Technology 8 0.03 9,020 Cathay Financial 10 0.04 2,865 Cheng Shin Rubber 4 0.02 39,495 China Development Financial 10 0.04 19,011 China Steel 10 0.04 4,968 Chunghwa Telecom 10 0.04 6,558 Compal Electronics 3 0.01 27,607 CTBC Financial 14 0.06 2,609 Delta Electronics 9 0.04 16,595 E.Sun Financial 7 0.03 9,479 Far Eastern New Century 6 0.03 16,206 First Financial 6 0.03 7,387 Formosa Chemical & Fibre 11 0.05 59

Taiwan Equities (continued) 4,894 Formosa Petrochemical 8 0.03 6,325 Formosa Plastic 9 0.04 1,017 Foxconn Technology 2 0.01 11,572 Fubon Financial 15 0.06 14,467 Hon Hai Precision 29 0.12 1,000 Hotai Motor 9 0.04 955 HTC 1 0.00 15,375 Hua Nan Financial 6 0.03 9,259 Innolux Display 3 0.01 5,000 Inotera Memories 3 0.01 171 Largan Precision 12 0.05 3,675 Lite-On Technology 3 0.01 2,258 MediaTek 20 0.09 12,621 Mega Financial 7 0.03 9,525 Nan Ya Plastic 14 0.06 1,051 President Chain Store 5 0.02 4,965 Quanta Computer 7 0.03 5,286 Siliconware Precision 5 0.02 18,322 SinoPac Financial 5 0.02 13,212 Taishin Financial 4 0.02 2,328 Taiwan Cellular 5 0.02 9,189 Taiwan Cement 7 0.03 25,452 Taiwan Semiconductor Manufacturing 73 0.31 21,908 Taiwanoperative Financial 7 0.03 7,593 Uni-President Enterprises 9 0.04 18,909 United Micro Electronics 5 0.02 2,447 Ya Hsin Industrial 1 0 0.00 11,811 Yuanta Financial 4 0.02 401 1.71 Thailand Equities 0.05% (2014-0.36%) 1,800 Kasikornbank 6 0.03 500 Siam Cement 5 0.02 5 U City 0 0.00 11 0.05 JAPAN 9.84% (2014-7.80%) Japan Equities 9.84% (2014-7.80%) 700 Aeon 6 0.03 100 Aisin Seiki 3 0.01 60

Japan Equities (continued) 1,000 Ajinomoto 14 0.06 1,000 Amada 7 0.03 400 Asahi Breweries 8 0.03 2,000 Asahi Glass 8 0.03 1,000 Asahi Kasei 5 0.02 2,000 Astellas Pharmaceuticals 18 0.08 1,000 Bank of Kyoto 7 0.03 3,000 Bank of Yokohama 12 0.05 800 Bridgestone 19 0.08 400 Brother Industries 4 0.02 1,200 Canon 25 0.11 400 Casio Computer 5 0.02 200 Central Japan Railway 23 0.10 2,000 Chiba Bank 10 0.04 1,000 Chubu Electric Power 10 0.04 500 Chugai Pharmaceutical 11 0.05 900 Chugoku Electric Power 8 0.03 600 Credit Saison 8 0.03 1,000 Dai Nippon Printing 7 0.02 1,000 Daicel Chemical 8 0.03 900 Dai-Ichi 11 0.05 700 Daiichi Sankyo 8 0.03 200 Daikin 9 0.04 100 Daito Trust Construction 7 0.03 1,000 Daiwa House 15 0.06 2,000 Daiwa Securities 10 0.04 500 Denso 16 0.07 300 Dentsu 10 0.04 300 East Japan Railway 17 0.07 400 Eisai 17 0.07 200 Electric Power Development 5 0.02 200 Fanuc 26 0.11 100 Fast Retailing 29 0.12 2,000 Fuji Electric 5 0.02 700 Fuji Heavy Industries 16 0.07 400 Fujifilm 9 0.04 3,000 Fujitsu 11 0.05 2,000 Fukuoka Financial 7 0.03 1,000 Hachijuni Bank 5 0.02 61

Japan Equities (continued) 2,000 Hankyu 8 0.03 400 Hino Motors 3 0.01 100 Hirose Electric 9 0.04 100 Hisamitsu Pharmaceutical 3 0.01 5,000 Hitachi 21 0.09 2,200 Honda Motor 45 0.19 600 Hoya 15 0.06 2,000 IHI 6 0.03 1,300 Inpex 9 0.04 500 Isetan Mitsukoshi 6 0.03 500 Isuzu Motors 4 0.02 1,000 Itochu 8 0.03 1,000 Iyo Bank 8 0.03 500 J Front Retailing 6 0.03 900 Japan Tobacco 20 0.09 700 JFE 10 0.04 1,000 Joyo Bank 4 0.02 600 JSR 7 0.03 400 JTEKT 5 0.02 3,300 JX 9 0.04 1,600 Kansai Electric Power 11 0.05 1,000 Kansai Paint 10 0.04 600 Kao 18 0.08 2,000 Kawasaki Heavy Industries 6 0.03 2,100 KDDI 32 0.14 1,000 Keikyu 5 0.02 100 Keyence 34 0.15 3,000 Kintetsu 7 0.03 1,000 Kirin Brewery 9 0.04 5,000 Kobe Steel 5 0.02 700 Komatsu 9 0.04 800 Konica Minolta 6 0.03 2,000 Kubota 20 0.09 1,000 Kuraray 8 0.03 500 Kyocera 17 0.07 1,000 Kyowa Hakko Kogyo 8 0.03 800 Kyushu Electric Power 6 0.03 200 Lawson 9 0.04 500 LIXIL 6 0.03 62

Japan Equities (continued) 300 Makita 10 0.04 3,000 Marubeni 11 0.05 1,000 Mazda Motor 12 0.05 100 Meiji s 8 0.03 1,000 Minebea 11 0.05 1,200 Mitsubishi 17 0.07 1,500 Mitsubishi Chemical 6 0.03 2,000 Mitsubishi Electric 16 0.07 2,000 Mitsubishi Estate 27 0.12 4,000 Mitsubishi Heavy Industries 15 0.06 3,000 Mitsubishi Materials 7 0.03 900 Mitsubishi Motors 5 0.02 16,500 Mitsubishi UFJ Financial 76 0.33 1,900 Mitsui 16 0.07 2,000 Mitsui Fudosan 36 0.15 3,000 Mitsui OSK Lines 6 0.03 26,900 Mizuho Financial 37 0.16 900 MS&AD Insurance 18 0.08 300 Murata Manufacturing 33 0.14 3,000 Nagoya Railroad 7 0.03 3,000 NEC 6 0.03 1,000 NGK Insulators 16 0.07 200 Nidec 10 0.04 400 Nikon 3 0.01 200 Nintendo 21 0.09 2,000 Nippon Express 6 0.03 11,000 Nippon Steel & Sumitomo Metal 18 0.08 1,000 Nippon Telegraph & Telephone 23 0.10 3,000 Nippon Yusen KK 5 0.02 3,400 Nissan Motor 23 0.10 100 Nissin Food Products 3 0.01 100 Nitto Denko 5 0.02 500 NKSJ 12 0.05 2,400 Nomura 10 0.04 300 Nomura Research Institute 8 0.03 300 NTT Data 8 0.03 1,200 NTT DoCoMo 15 0.06 1,000 Obayashi 5 0.02 1,000 Odakyu Electric Railway 6 0.03 63

Japan Equities (continued) 1,500 Oji 4 0.02 400 Olympus 9 0.04 200 Omron 6 0.03 200 Ono Pharmaceutical 14 0.06 400 Oriental Land 16 0.07 900 Orix 9 0.04 2,000 Osaka Gas 5 0.02 500 Otsuka 10 0.04 2,800 Panasonic 24 0.10 3,100 Resona 11 0.05 1,000 Ricoh 7 0.03 100 Rinnai 5 0.02 200 ROHM 9 0.04 200 Secom 8 0.03 600 Sega Sammy 5 0.02 300 Seibu 4 0.02 600 Seiko Epson 7 0.03 1,000 Sekisui House 10 0.04 1,000 Seven & I 27 0.12 10 SFCG 1 0 0.00 2,000 Sharp 2 0.01 100 Shimano 9 0.04 1,000 Shimizu 5 0.02 400 Shin-Etsu Chemical 16 0.07 2,000 Shinsei Bank 3 0.01 200 Shionogi 5 0.02 200 Shiseido 3 0.01 1,000 Shizuoka Bank 7 0.03 100 SMC 19 0.08 1,100 Softbank 41 0.18 900 Sony 16 0.07 400 Stanley Electric 5 0.02 1,100 Sumitomo 8 0.03 1,000 Sumitomo Chemical 4 0.02 1,100 Sumitomo Electric 11 0.05 2,000 Sumitomo Heavy Industries 7 0.03 1,000 Sumitomo Metal Mining 10 0.04 1,600 Sumitomo Mitsui Financial 45 0.19 5,000 Sumitomo Mitsui Trust 15 0.07 64

Japan Equities (continued) 1,000 Sumitomo Realty & Development 22 0.09 500 Suzuki Motor 11 0.05 1,400 T&D 13 0.06 3,000 Taiheiyo Cement 6 0.03 2,000 Taisei 7 0.03 100 Taisho Pharmaceutical 4 0.02 1,000 Takeda Pharmaceutical 31 0.13 200 TDK 10 0.04 400 Terumo 6 0.03 300 THK 4 0.02 1,000 Tobu Railway 3 0.01 1,000 Toho Gas 4 0.02 1,200 Tohoku Electric Power 10 0.04 300 Tokio Marine 8 0.03 3,300 Tokyo Electric Power 11 0.05 200 Tokyo Electron 8 0.03 2,000 Tokyo Gas 7 0.03 500 Tokyo Tatemono 4 0.02 1,000 Tokyu 4 0.02 1,000 Toppan Printing 5 0.02 2,000 Toray 11 0.05 4,000 Toshiba 9 0.04 1,000 Toto 11 0.05 200 Toyota Industries 7 0.03 3,100 Toyota Motor 132 0.56 300 Toyota Tsusho 5 0.02 100 Trend Micro 2 0.01 300 Uni-Charm 5 0.02 300 USS 3 0.01 300 West Japan Railway 12 0.05 1,800 Yahoo Japan 5 0.02 200 Yakult Honsha 8 0.03 400 Yamaha Motor 6 0.03 800 Yamato 10 0.04 300 Yaskawa Electric 2 0.01 1,000 Yokogawa Electric 8 0.03 2,303 9.84 65

MIDDLE EAST 0.25% (2014-0.23%) Israel Equities 0.25% (2014-0.23%) 1,395 Bank Hapoalim 5 0.02 3,380 Bank Leumi Le-Israel 9 0.04 127 Check Point Software Technologies 7 0.03 1,037 Teva Pharmaceutical Industries 38 0.16 59 0.25 NORTH AMERICA 49.07% (2014-45.80%) Canada Equities 2.63% (2014-3.23%) 1,500 360Networks 1 0 0.00 320 Agnico Eagle Mines 6 0.03 131 Agrium 9 0.04 313 Alimentation Couche-Tard class 'B' shares 9 0.04 660 ARC Resources 7 0.03 360 Bank of Montreal 14 0.06 1,169 Bank of Nova Scotia 38 0.16 1,383 Barrick Gold 9 0.04 231 BCE 6 0.03 498 BlackBerry 3 0.01 3,400 Bombardier class 'B' shares 4 0.02 741 Brookfield Asset Management class 'A' shares 16 0.07 845 Cameco 8 0.04 320 Canadian Imperial Bank of Commerce 15 0.06 446 Canadian National Railway 16 0.07 756 Canadian Natural Resources 13 0.06 978 Canadian Oil Sands 5 0.02 156 Canadian Pacific Railway 16 0.07 120 Canadian Tire class 'A' shares 8 0.03 231 Canadian Utilities class 'A' shares 4 0.02 1,002 Cenovus Energy 10 0.04 309 CGI class 'A' shares 8 0.03 500 CI Financial 9 0.04 580 Crescent Point Energy 8 0.03 1,000 Eldorado Gold 3 0.01 539 Enbridge 16 0.07 1,036 Encana 7 0.03 18 Fairfax Financial 6 0.03 550 Finning International 7 0.03 939 First Quantum Minerals 8 0.03 66

Canada Equities (continued) 191 Fortis 3 0.01 1,047 Goldcorp 11 0.05 466 Great-West Lifeco 9 0.04 11 Great-West Lifeco Preference Shares 0 0.00 390 Husky Energy 5 0.02 200 IGM Financial 4 0.02 451 Imperial Oil 11 0.05 119 Intact Financial 5 0.02 231 Loblaw 7 0.03 502 Magna International class 'A' shares 18 0.08 1,454 Manulife Financial 17 0.07 300 MEG Energy 3 0.01 517 National Bank of Canada 12 0.05 664 Nortel Networks 1 0 0.00 500 Pacific Rubiales Energy 1 0.00 769 Potash Saskatchewan 15 0.06 380 Powercorp of Canada 6 0.03 249 Power Financial 5 0.02 125 Restaurant Brands International 3 0.01 310 Rogers Communications class 'B' shares 7 0.03 1,297 Royal Bank of Canada 50 0.21 400 Saputo 6 0.03 385 Shaw Communications class 'B' shares 5 0.02 600 Silver Wheaton 7 0.03 310 SNC-Lavalin 7 0.03 815 Sun Life Financial 17 0.07 822 Suncor Energy 14 0.06 940 Teck Resources class 'B' shares 6 0.03 500 Telus 11 0.05 1,675 Toronto-Dominion Bank 45 0.19 530 TransCanada 14 0.06 1,800 Yamana Gold 3 0.01 615 2.63 United States of America Equities 46.44% (2014-42.57%) 615 3M 60 0.26 993 Abbott Laboratories 31 0.13 1,494 AbbVie 64 0.27 373 Accenture 23 0.10 284 ACE 18 0.08 67

United States of America Equities (continued) 631 Activision Blizzard 10 0.04 433 Adobe Systems 22 0.09 161 ADT 3 0.01 1,110 AES 9 0.04 299 Aetna 24 0.10 498 Aflac 20 0.09 533 Agilent Technologies 13 0.06 1,326 AIG 52 0.22 146 AIG Warrants 19/1/2021 3 0.01 187 Air Products & Chemicals 16 0.07 52 Airgas 3 0.01 176 Akamai Technologies 8 0.03 1,204 Alcoa 9 0.04 137 Alexion Pharmaceuticals 16 0.07 16 Alleghany 5 0.02 210 Allegheny Technologies 4 0.02 214 Allegion 8 0.03 313 Allergan 60 0.26 70 Alliance Data Systems 13 0.06 89 Alliant Energy 3 0.01 429 Allstate 18 0.08 480 Altera 16 0.07 1,836 Altria 57 0.24 299 Amazon 83 0.35 156 Amdocs 5 0.02 29,764 Amer International Warrants 1 0 0.00 195 Ameren 5 0.02 392 American Electric Power 13 0.06 817 American Express 40 0.17 328 American Tower class 'A' shares 19 0.08 152 American Water Works 5 0.02 201 Ameriprise Financial 16 0.07 208 AmerisourceBergen 14 0.06 245 AMETEK 9 0.04 708 Amgen 69 0.29 297 Amphenol class 'A' shares 11 0.05 364 Anadarko Petroleum 18 0.08 276 Analog Devices 11 0.05 115 ANC Rental 1 0 0.00 1,700 Annaly Capital Management 10 0.04 68

United States of America Equities (continued) 253 Anthem 26 0.11 299 Aon class A shares 19 0.08 344 Apache 13 0.06 5,403 Apple 431 1.84 1,089 Applied Materials 13 0.06 657 Archer Daniels Midland 20 0.09 126 Arrow Electronics 4 0.02 200 Arthur J Gallagher 6 0.03 79 Ashland 6 0.03 68 Assurant 3 0.01 4,513 AT&T 102 0.43 304 Auto Data Processing 16 0.07 216 Autodesk 7 0.03 30 AutoZone 13 0.06 101 Avalonbay Communities 10 0.04 81 Avery Dennison 3 0.01 300 Avnet 8 0.03 892 Avon 4 0.02 96 Axis Capital 3 0.01 407 Baker Hughes 16 0.07 144 Ball 6 0.03 8,928 Bank of America 97 0.41 705 Bank of New York Mellon 19 0.08 328 Baxter International 15 0.06 802 BB&T 21 0.09 182 Becton Dickinson 16 0.07 171 Bed Bath & Beyond 7 0.03 1 Berkshire Hathaway convertible class 'A' shares 130 0.55 1,051 Berkshire Hathaway convertible class 'B' shares 91 0.39 385 Best Buy 8 0.03 222 Biogen Idec 57 0.24 78 BlackRock 17 0.07 495 Boeing 44 0.19 282 BorgWarner 10 0.04 122 Boston Properties 9 0.04 1,061 Boston Scientific 12 0.05 1,545 Bristol-Myers Squibb 65 0.27 661 Broadcom class 'A' shares 22 0.09 105 Broadridge Financial Solutions 3 0.01 126 Brown-Forman class 'B' shares 8 0.03 69

United States of America Equities (continued) 220 Bunge 12 0.05 294 CA 5 0.02 378 Cabot Oil & Gas 8 0.03 379 California Resources 1 0.00 352 Calpine 4 0.02 183 Cameron International 6 0.03 161 Campbell Soup 5 0.02 409 Capital One 23 0.10 361 Cardinal Health 19 0.08 177 CarMax 7 0.03 402 Carnival 13 0.06 376 Caterpillar 20 0.09 460 CBRE 11 0.05 568 CBS class 'B' shares 20 0.09 230 Celanese 11 0.05 580 Celgene 43 0.18 704 CenterPoint Energy 9 0.04 610 CenturyLink 11 0.05 254 Cerner 11 0.05 220 CF Industries 9 0.04 132 CH Robinson Worldwide 5 0.02 1,225 Charles Schwab 25 0.11 75 Chartermmunications 8 0.03 1,058 Chesapeake Energy 8 0.03 1,724 Chevron 106 0.45 28 Chipotle Mexican Grill 11 0.05 238 Chubb 14 0.06 114 Church & Dwight 6 0.03 224 Cigna 23 0.10 130 Cimarex Energy 9 0.04 127 Cincinnati Financial 4 0.02 102 Cintas 5 0.02 4,576 Cisco Systems 80 0.34 350 CIT 10 0.04 2,491 Citigroup 87 0.37 194 Citrix Systems 9 0.04 103 Clorox 7 0.03 321 CME 19 0.08 360 Coach 8 0.03 3,565 Coca-Cola 89 0.38 70

United States of America Equities (continued) 227 Coca-Cola Enterprises 6 0.03 622 Cognizant Technology 24 0.10 589 Colgate-Palmolive 24 0.10 542 Comcast class 'A' shares 21 0.09 1,947 Comcast class 'A' special shares 74 0.32 260 Comerica 8 0.03 142 Communications Sales & Leasing 2 0.01 131 Computer Sciences 5 0.02 397 ConAgra Foods 11 0.05 170 Concho Resources 12 0.05 1,201 ConocoPhillips 47 0.20 493 CONSOL Energy 7 0.03 232 Consolidated Edison 9 0.04 124 Constellation Brands class 'A' shares 9 0.04 120 Continental Resources 3 0.01 1,351 Corning 17 0.07 251 Costco Wholesale 22 0.09 73 CR Bard 8 0.03 170 Cree 3 0.01 383 Crown Castle International 20 0.09 926 CSX 19 0.08 168 Cummins 14 0.06 1,073 CVS Health 72 0.31 512 Danaher 28 0.12 215 Darden Restaurants 10 0.04 282 DaVita 14 0.06 318 Deere 20 0.09 620 Denbury Resources 3 0.01 200 Dentsply International 7 0.03 377 Devon Energy 14 0.06 115 Digital Realty Trust 5 0.02 457 DirecTV Class 'A' Shares 27 0.12 408 Discover Financial Services 15 0.06 282 Discovery Communications class 'A' shares 6 0.03 362 Discovery Communications class 'C' shares 7 0.03 190 DISH Network class 'A' shares 8 0.03 1,404 Disney 102 0.44 264 Dollar General 13 0.06 274 Dollar Tree 14 0.06 454 Dominion Resources 19 0.08 71

United States of America Equities (continued) 290 Dover 13 0.06 1,136 Dow Chemical 37 0.16 573 DR Horton 10 0.04 157 Dr Pepper Snapple 7 0.03 146 DTE Energy 7 0.03 536 Du Pont de Nemours 22 0.09 414 Duke Energy 19 0.08 300 Duke Realty 4 0.02 47 Dun & Bradstreet 4 0.02 220 Eastman Chemical 11 0.05 434 Eaton 19 0.08 880 ebay 34 0.15 315 Ecolab 23 0.10 266 Edison International 9 0.04 93 Edwards Lifesciences 8 0.03 262 Electronic Arts 11 0.05 831 Eli Lilly 44 0.19 1,214 EMC 20 0.09 440 Emerson Electric 16 0.07 100 Energizer 8 0.03 1,950 Enron Corporation 1 0 0.00 176 Entergy 8 0.03 286 EOG Resources 16 0.07 210 EQT 11 0.05 127 Equifax 8 0.03 328 Equity Residential 15 0.06 216 Estee Lauder class 'A' shares 12 0.05 70 Everest Re 8 0.03 386 Eversource Energy 11 0.05 933 Exelon 19 0.08 100 Expedia 7 0.03 360 Expeditors International of Washington 11 0.05 529 Express Scripts 30 0.13 3,700 Exxon Mobil 196 0.83 72 F5 Networks 6 0.03 1,818 Facebook 99 0.42 94 Family Dollar Stores 5 0.02 264 Fastenal 7 0.03 54 Federal Realty Investment Trust 4 0.02 217 FedEx 24 0.10 72

United States of America Equities (continued) 287 Fidelity National Information Services 11 0.05 1,027 Fifth Third Bancorp 14 0.06 7,968 First Horizon 1 0 0.00 140 First Solar 4 0.02 344 FirstEnergy 7 0.03 215 Fiserv 11 0.05 572 Flextronics International 4 0.02 240 Flowserve 8 0.03 149 Fluor 5 0.02 407 FMC Technologies 11 0.05 137 Foot Locker 6 0.03 4,042 Ford Motor 39 0.17 290 Fortune Brands Home & Security 8 0.03 46 Fossil 2 0.01 484 Franklin Resources 15 0.06 860 Freeport McMoRan Copper & Gold class 'B' shares 10 0.04 904 Frontier Communications 3 0.01 103 GameStop 3 0.01 210 Gannett Spinco 2 0.01 258 Gap 6 0.03 108 Garmin 3 0.01 268 General Dynamics 24 0.10 9,393 General Electric 159 0.68 378 General Growth Properties 6 0.03 658 General Mills 23 0.10 1,048 General Motors 22 0.09 400 Gentex 4 0.02 137 Genuine Parts 8 0.03 790 Genworth Financial class 'A' shares 4 0.02 1,335 Gilead Sciences 99 0.42 2,410 Global Crossing 1 0 0.00 318 Goldman Sachs 42 0.18 263 Google class 'A' shares 90 0.38 263 Google class 'C' shares 87 0.37 338 H&R Block 6 0.03 762 Halliburton 21 0.09 41 Halyard Health 1 0.00 297 Harley-Davidson 11 0.05 71 Harman International 5 0.02 200 Harris 10 0.04 73

United States of America Equities (continued) 399 Hartford Financial Services 11 0.05 170 Hasbro 8 0.03 320 HCA 18 0.08 369 HCP 9 0.04 228 Health Care REIT 10 0.04 69 Henry Schein 6 0.03 270 Herbalife 9 0.04 134 Hershey Foods 8 0.03 353 Hess 15 0.06 1,235 Hewlett-Packard 24 0.10 360 Hollyfrontier 10 0.04 1,025 Home Depot 72 0.31 739 Honeywell International 48 0.21 170 Hormel Foods 6 0.03 164 Hospira 9 0.04 130 Hospitality Properties 2 0.01 989 Host Hotels & Resorts 12 0.05 980 Hudson City Bancorp 6 0.03 175 Humana 21 0.09 812 Huntington Bancshares 6 0.03 88 IAC 4 0.02 942 IBM 97 0.41 330 Idearc 1 0 0.00 331 Illinois Tool Works 19 0.08 109 Illumina 15 0.06 248 Ingersoll-Rand 11 0.05 3,908 Intel 76 0.32 129 Intercontinental Exchange 18 0.08 73 International Flavors & Fragrances 5 0.02 518 International Paper 16 0.07 376 Interpublic 5 0.02 261 Intuit 17 0.07 38 Intuitive Surgical 12 0.05 524 Invesco 12 0.05 169 Iron Mountain 3 0.01 260 Jacobs Engineering 7 0.03 110 JB Hunt Transport Services 6 0.03 93 JM Smucker 6 0.03 2,647 Johnson & Johnson 164 0.70 638 Johnson Controls 20 0.09 74

United States of America Equities (continued) 180 Joy Global 4 0.02 3,452 JP Morgan Chase 149 0.64 466 Juniper Networks 8 0.03 115 Kansas City Southern 7 0.03 251 Kellogg 10 0.04 159 Keurig Green Mountain 8 0.03 947 KeyCorp 9 0.04 255 Kimberly-Clark 17 0.07 590 Kimco Realty 8 0.03 1,721 Kinder Morgan 42 0.18 290 KLA-Tencor 10 0.04 173 Kohl's 7 0.03 483 Kraft Foods class 'A' shares 26 0.11 475 Kroger 22 0.09 188 L Brands 10 0.04 90 L-3 Communications 6 0.03 75 Laboratory Corporation of America 6 0.03 151 Lam Research 8 0.03 501 Las Vegas Sands 17 0.07 103 Legg Mason 3 0.01 230 Leggett & Platt 7 0.03 200 Lennar class 'A' shares 6 0.03 340 Leucadia National 5 0.02 86 Liberty Global class 'A' shares 3 0.01 552 Liberty Global class 'B' shares 18 0.08 318 Liberty Media 7 0.03 159 Liberty Media Liberty Capital 4 0.02 240 Liberty Property Trust 5 0.02 308 Lincoln National 12 0.05 344 Linear Technology 10 0.04 122 LinkedIn class 'A' shares 16 0.07 247 Lockheed Martin 29 0.12 384 Loews 9 0.04 795 Lowe's 34 0.15 70 Lululemon Athletica 3 0.01 407 Lyondellbasell Industries class 'A' shares 27 0.12 119 M&T Bank 9 0.04 187 Macerich 9 0.04 365 Macy's 16 0.07 76 Manpower 4 0.02 75

United States of America Equities (continued) 963 Marathon Oil 16 0.07 706 Marathon Petroleum 23 0.10 20 Markel 10 0.04 43,474 Marriott International Stock Dividend 1 0 0.00 286 Marriott International 14 0.06 635 Marsh & McLennan 23 0.10 820 Marvell Technology 7 0.03 331 Masco 6 0.03 862 MasterCard class 'A' shares 51 0.22 563 Mattel 9 0.04 460 Maxim Integrated Products 10 0.04 104 McCormick 5 0.02 845 McDonald's 51 0.22 340 McGraw Hill Financial 22 0.09 202 McKesson 29 0.12 330 MDU Resources 4 0.02 250 Mead Johnson 14 0.06 209 MeadWestvaco 6 0.03 2,530 Merck & Co 92 0.39 432 MetLife 15 0.06 388 MGM Resorts International 5 0.02 231 Michael Kors 6 0.03 201 Microchip Technology 6 0.03 673 Micron Technology 8 0.03 6,950 Microsoft 195 0.83 61 Mohawk Industries 7 0.03 173 Molson Coors Brewing class 'B' shares 8 0.03 1,115 Mondelez International 29 0.12 319 Monsanto 22 0.09 101 Monster Beverage 9 0.04 261 Moody's 18 0.08 952 Morgan Stanley 23 0.10 477 Mosaic 14 0.06 314 Motorola Solutions 11 0.05 156 Murphy Oil 4 0.02 330 Mylan 14 0.06 580 Nabors Industries 5 0.02 416 National Oilwell Varco 13 0.06 720 Navient 8 0.03 330 NCR 6 0.03 76

United States of America Equities (continued) 438 NetApp 9 0.04 45 Netflix 19 0.08 833 New York Community Bancorp 10 0.04 237 Newell Rubbermaid 6 0.03 240 Newfield Exploration 6 0.03 460 Newmont Mining 7 0.03 871 News Corporation class 'A' shares 8 0.03 242 NextEra Energy 15 0.06 410 Nielsen 12 0.05 333 Nike class 'B' shares 23 0.10 272 Nisource 8 0.03 407 Noble 4 0.02 479 Noble Energy 13 0.06 124 Nordstrom 6 0.03 256 Norfolk Southern 14 0.06 255 Northern Trust 12 0.05 186 Northrop Grumman 19 0.08 490 NRG Energy 7 0.03 477 Nucor 13 0.06 489 Nvidia 6 0.03 4 NVR 3 0.01 749 Occidental Petroleum 37 0.16 81 Omnicare 5 0.02 253 Omnicom 11 0.05 352 ONEOK 9 0.04 3,185 Oracle 82 0.35 86 O'Reilly Automotive 12 0.05 10 OSH 1 Liquidating 1 0 0.00 380 Owens-Illinois 6 0.03 311 Paccar 13 0.06 87 Pall 7 0.03 136 Parker-Hannifin 10 0.04 80 PartnerRe 7 0.03 281 Paychex 8 0.03 504 People's United Financial 5 0.02 370 Pepco 6 0.03 1,274 PepsiCo 76 0.32 140 Perrigo 16 0.07 5,926 Pfizer 126 0.54 469 PG&E 15 0.06 77

United States of America Equities (continued) 1,482 Philip Morris International 76 0.32 370 Phillips 66 19 0.08 85 Pinnacle West 3 0.01 162 Pioneer Natural Resources 14 0.06 250 Plum Creek Timber 6 0.03 308 PNC Financial Services 19 0.08 276 PPG Industries 20 0.09 556 PPL 10 0.04 237 Praxair 18 0.08 113 Precision Castparts 14 0.06 49 Priceline.com 36 0.15 329 Principal Financial 11 0.05 2,558 Procter & Gamble 127 0.54 500 Progressive 9 0.04 571 Prologis 13 0.06 281 Prudential Financial 16 0.07 432 Public Service Enterprise 11 0.05 147 Public Storage 17 0.07 121 PVH 9 0.04 340 QEP Resources 4 0.02 429 Qiagen 7 0.03 1,603 Qualcomm 64 0.27 220 Quest Diagnostics 10 0.04 90 Ralph Lauren class 'A' shares 8 0.03 258 Range Resources 8 0.03 297 Raytheon 18 0.08 200 Red Hat 10 0.04 120 Regency Centers 4 0.02 67 Regeneron Pharmaceuticals 22 0.09 2,175 Regions Financial 14 0.06 355 Republic Services 9 0.04 357 Reynolds American 17 0.07 111 Robert Half International 4 0.02 203 Rockwell Automation 16 0.07 117 Rockwell Collins 7 0.03 97 Roper Industries 11 0.05 330 Ross Stores 10 0.04 201 Royal Caribbean Cruises 10 0.04 130 Ryder System 7 0.03 78

United States of America Equities (continued) 570 Safeway PDC 1 0 0.00 266 Salesforce.com 12 0.05 271 SanDisk 10 0.04 200 SCANA 6 0.03 1,196 Schlumberger 66 0.28 83 Scripps Networks Interactive 3 0.01 276 Seagate Technology 8 0.03 360 Sealed Air 12 0.05 115 SEI Investments 4 0.02 251 Sempra Energy 16 0.07 63 Sherwin-Williams 11 0.05 97 Sigma-Aldrich 9 0.04 179 Simon Property 20 0.09 2,623 Sirius XM 6 0.03 202 Smurfit-Stone 1 0 0.00 501 Southern 13 0.06 215 Southern Copper 4 0.02 562 Southwestern Energy 8 0.03 753 Spectra Energy 16 0.07 1,836 Sprint 5 0.02 110 SPX 5 0.02 282 St Jude Medical 13 0.06 147 Stanley Black & Decker 10 0.04 475 Staples 5 0.02 954 Starbucks 33 0.14 171 Starwood Hotels and Resorts Worldwide 9 0.04 410 State Street 20 0.09 120 Stericycle 10 0.04 272 Stryker 17 0.07 489 SunTrust Banks 13 0.06 643 Symantec 10 0.04 141 Synopsys 5 0.02 711 Sysco 16 0.07 329 T Rowe Price 16 0.07 69 Talen Energy 1 0.00 418 Target 22 0.09 222 TD Ameritrade 5 0.02 420 Tegna 9 0.04 330 Teradata 8 0.03 79

United States of America Equities (continued) 742 Texas Instruments 24 0.10 106 Tesla Motors 18 0.08 263 Thermo Fisher Scientific 22 0.09 331 Thomson 8 0.03 118 Tiffany 7 0.03 633 Time Warner 35 0.15 204 Time Warner Cable 23 0.10 493 TJX 21 0.09 270 T-Mobile 7 0.03 200 Toll Brothers 5 0.02 165 Torchmark 6 0.03 372 Total System Services 10 0.04 739 Transocean 8 0.03 348 Travelers 21 0.09 95 TripAdvisor 5 0.02 1,041 Twenty-First Century class 'A' shares 22 0.09 564 Twenty-First Century class 'B' shares 12 0.05 654 Tyco International 16 0.07 271 Tyson Foods 7 0.03 854 Union Pacific 52 0.22 439 United Parcel Service class 'B' shares 27 0.12 230 United States Steel 3 0.01 802 United Technologies 57 0.24 934 UnitedHealth 72 0.31 100 Universal Health Services class 'B' shares 9 0.04 463 Unum 11 0.05 86 Urban Edge Properties 1 0.00 200 US Airways 1 0 0.00 1,132 US Bancorp 31 0.13 253 Valeant Pharmaceuticals 36 0.15 625 Valero Energy 25 0.11 94 Varian Medical Systems 5 0.02 224 Ventas 9 0.04 125 VeriSign 5 0.02 137 Verisk Analytics 6 0.03 3,467 Verizon Communications 103 0.44 178 Vertex Pharmaceuticals 14 0.06 321 VF 14 0.06 338 Viacom New class 'B' non-voting shares 14 0.06 80

United States of America Equities (continued) 1,456 Visa 62 0.26 140 VMware 8 0.03 172 Vornado Realty Trust 10 0.04 220 Vulcan Materials 12 0.05 816 Walgreens Boots Alliance 44 0.19 1,234 Wal-Mart Stores 56 0.24 551 Waste Management 16 0.07 69 Waters 6 0.03 178 Wec Energy 5 0.02 4,428 Wells Fargo 158 0.67 238 Western Digital 12 0.05 907 Western Union 12 0.05 640 Weyerhaeuser 13 0.06 58 Whirlpool 6 0.03 294 Whole Foods 7 0.03 673 Williams 25 0.11 888 Williams Communications 1 0 0.00 163 Willis 5 0.02 118 Windstream 0 0.00 292 Worldcom-MCI 1 0 0.00 370 WPX Energy 3 0.01 126 WR Berkley 4 0.02 59 WW Grainger 9 0.04 114 Wyndham Worldwide 6 0.03 134 Wynn Resorts 8 0.03 404 Xcel Energy 8 0.03 1,539 Xerox 10 0.04 266 Xilinx 7 0.03 191 Xylem 5 0.02 710 Yahoo! 18 0.08 376 Yum! Brands 22 0.09 166 Zimmer 11 0.05 200 Zions Bancorporation 4 0.02 10,872 46.44 SOUTH AMERICA 1.41% (2014-2.16%) Brazil Equities 0.86% (2014-1.44%) 5,160 AMBEV 20 0.08 2,230 Banco Bradesco preference shares 13 0.05 81

Brazil Equities (continued) 1,330 Banco do Brasil 7 0.03 2,610 BM&FBovespa 6 0.03 1,300 BR Malls Participacoes 4 0.02 1,200 BRF - Brasil Foods 16 0.07 1,360 CCR 4 0.02 1,346 CIA Energetica Minas Gerais preference shares 3 0.01 1,327 Cielo 12 0.05 413 Companhia Brasileira de Distribuicao Grupo Pao de Acucar preference shares 6 0.03 1,250 Empresa Brasileira de Aeronautica 6 0.03 1,930 Gerdau Siderurgia preference shares 3 0.01 3,523 Itau Unibanco preference shares 25 0.11 5,019 Itausa - Investimentos Itau preference shares 9 0.04 200 Lojas Renner 5 0.02 4,568 Petroleo Brasileiro 13 0.05 5,752 Petroleo Brasileiro preference shares 15 0.06 435 Telecomunicacoes preference shares 4 0.02 2,713 Tim Participacoes 6 0.03 410 Ultrapar Participacoes 5 0.02 2,780 Vale 10 0.04 3,088 Vale class 'A' preference shares 10 0.04 Cayman Islands Equities 0.00% (2014-0.03%) 202 0.86 Mexico Equities 0.55% (2014-0.69%) 4,730 Alfa series class 'A' shares 6 0.03 26,214 America Movil 18 0.08 4,920 Bimbo 8 0.03 20,154 Cemex 12 0.05 1,300 Coca-Cola Femsa 7 0.03 2,520 Financiero Banorte 9 0.04 3,070 Fomento Economico Mexicano 17 0.07 7,399 Grupo Mexico 14 0.06 1,428 Hylsamex series B shares 1 0 0.00 5,682 Inbursa 8 0.03 3,800 Mexichem 7 0.03 5,000 Santander Mexico 6 0.03 3,450 Televisa CPO (representing 25 'A', 22 'B', 35 'D' and 35 'L' shares) 17 0.07 129 0.55 82

AFRICA 0.85% (2014-1.17%) Liberia Equities 0.00% (2014-0.04%) South Africa Equities 0.85% (2014-1.13%) 3,270 African Bank Investments 1 0 0.00 757 AngloGold Ashanti 4 0.02 295 Aspen Pharmacare 5 0.02 638 Barclays Africa 6 0.03 382 Bidvest 6 0.03 5,254 FirstRand 15 0.06 2,280 Growthpoint Properties 3 0.01 1,238 Impala Platinum 3 0.01 3,100 Life Healthcare 6 0.03 278 Mr Price 4 0.02 2,154 MTN 26 0.11 332 Naspers class 'N' shares 33 0.14 224 Nedbank 3 0.01 2,359 Network Healthcare 5 0.02 541 Remgro 7 0.03 752 RMB 3 0.01 2,248 Sanlam 8 0.03 649 Sasol 15 0.06 516 Shoprite 5 0.02 1,937 Standard Bank 16 0.07 2,254 Steinhoff International 9 0.04 158 Tiger Brands 2 0.01 1,000 Vodacom 7 0.03 1,522 Woolworths 8 0.04 199 0.85 Investment assets 23,251 99.32 Net other assets 159 0.68 Net assets 23,410 100.00 1 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 2014. 83

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

Statement of Total Return For the year ended 30 June 2015 Notes 2015 2015 2014 2014 Income Net capital gains 2 1,654 3,261 Revenue 3 657 1,073 Expenses 4 (210) (271) Finance costs: Interest 6 (2) - Net revenue before taxation 445 802 Taxation 5 (81) (131) Net revenue after taxation 364 671 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 2015 2015 2015 2014 2014 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 33 37 Closing net assets attributable to unitholders 23,410 36,862 Notes to the financial statements are from pages 87 to 93. 85

Balance Sheet As at 30 June 2015 Notes 2015 2015 2014 2014 Assets Investment assets 23,251 37,699 Debtors 7 32 102 Cash and bank balances 358 135 Total other assets 390 237 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 2015. Julian Filkins, Authorised Signatory Lynn Clark, Authorised Signatory for and on behalf of Allianz Global Investors GmbH, UK Branch 86

Notes to the Final Financial Statements for the year ended 30 June 2015 1. 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 2010. 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 2015 2014 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

Notes to the Final Financial Statements continued 3. Revenue 2015 2014 Overseas dividends 651 1,062 Stock dividends 5 8 UK dividends (net) 1 3 Total revenue 657 1,073 4. Expenses 2015 2014 Payable to the Manager, associates of the Manager or agents of either of them: Manager s annual charge 120 181 Payable to the Trustee and Depositary, associates of the Trustee and Depositary or agents of either of them: Trustee and Depositary fee 11 10 Safe custody fees 33 31 44 41 Other expenses: Audit fee 12 12 Distribution costs 25 25 Printing costs 4 5 Registration fees 1 2 Other expenses 4 5 46 49 Total expenses 210 271 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 2015 2014 Overseas tax suffered 81 131 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

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: 2015 2014 1st Interim: Income 86 178 Accumulation 7 7 93 185 2nd Interim: Income 42 115 Accumulation 4 7 46 122 3rd Interim: Income 65 132 Accumulation 7 9 72 141 Final (payable 31 August 2015): Income 134 205 Accumulation 15 14 149 219 Less: Revenue received on issue of units (1) (4) Net distributions for the year 359 663 Finance cost: Interest 2 0 Total finance costs 361 663 Reconciliation of net revenue after taxation to net distributions for the year: Net revenue after taxation 364 671 Stock dividends (5) (8) Net distributions for the year 359 663 Details of the distribution per unit are set out in the Distribution Table on page 43. 89

Notes to the Final Financial Statements continued 7. Debtors 2015 2014 Accrued revenue 29 49 Prepaid expenses 1 2 Foreign tax credits and overseas tax recoverable 1 0 Sales awaiting settlement 1 51 32 102 8. Creditors 2015 2014 Purchases awaiting settlement 0 788 Manager s annual charge 26 39 Other accrued expenses 1 71 42 97 869 1 This includes fees payable to the Trustee and Depositary of 3,711 (2014-763) and transaction charges payable to the Custodian of 32,902 (2014-18,918). 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 (2014 - Nil). 11. Units in issue 2015 No. 2014 No. Income units 795,569.78 1,387,981.51 Accumulation units 68,245.21 72,162.23 12. Contingent liabilities and commitments As at 30 June 2015 there were no contingent liabilities or commitments (2014 - Nil). 90

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 0 278 (231) 47 7 36 (286) (243) Australian Dollar 631 5 0 636 1,690 17 0 1,707 Brazilian Real 202 1 0 203 530 2 0 532 Canadian Dollar 659 1 0 660 1,187 3 0 1,190 Chinese Yuan 0 0 0 0 0 1 0 1 Czech Koruna 12 1 0 13 25 0 0 25 Danish Krone 225 0 0 225 339 0 (31) 308 Euro 4,477 3 0 4,480 7,139 16 (454) 6,701 Hong Kong Dollar 359 1 0 360 876 2 0 878 Hungarian Forint 18 0 0 18 25 0 0 25 Israeli Shekel 53 0 0 53 74 5 0 79 Japanese Yen 2,302 2 0 2,304 2,875 2 0 2,877 Korean Won 376 1 0 377 1,139 0 0 1,139 Malaysian Ringgit 96 0 0 96 301 0 0 301 Mexican Peso 129 0 0 129 253 0 0 253 New Zealand Dollar 6 0 0 6 60 0 0 60 Norwegian Krone 94 0 0 94 215 0 0 215 Polish Zloty 66 1 0 67 81 1 0 82 Singapore Dollar 163 0 0 163 369 0 0 369 South African Rand 199 0 0 199 416 0 0 416 Swedish Krona 410 0 0 410 700 0 (24) 676 Swiss Franc 1,323 1 0 1,324 2,154 0 (108) 2,046 Taiwan Dollar 401 82 0 483 986 87 0 1,073 Thai Baht 11 0 0 11 132 0 0 132 Turkish Lira 53 0 0 53 124 0 0 124 US Dollar 10,986 13 0 10,999 16,002 65 (171) 15,896 Total per the Balance Sheet 23,251 390 (231) 23,410 37,699 237 (1,074) 36,862 91

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 0 277 0 277 0 34 7 41 Australian Dollar 0 0 631 631 0 0 1,690 1,690 Brazilian Real 0 0 202 202 0 0 530 530 Canadian Dollar 0 0 659 659 0 0 1,187 1,187 Czech Koruna 0 0 12 12 0 0 25 25 Danish Krone 0 0 225 225 0 0 339 339 Euro 0 1 4,477 4,478 0 1 7,139 7,140 Hong Kong Dollar 1 0 358 359 1 0 875 876 Hungarian Forint 0 0 18 18 0 0 25 25 Israeli Shekel 0 0 53 53 0 5 74 79 Japanese Yen 0 0 2,302 2,302 0 0 2,875 2,875 Korean Won 0 0 376 376 0 0 1,139 1,139 Malaysian Ringgit 0 0 96 96 0 0 301 301 Mexican Peso 0 0 129 129 0 0 253 253 New Zealand Dollar 0 0 6 6 0 0 60 60 Norwegian Krone 0 0 94 94 0 0 215 215 Polish Zloty 0 0 66 66 0 0 81 81 Singapore Dollar 0 0 163 163 0 0 369 369 South African Rand 0 0 199 199 0 0 416 416 Swedish Krona 0 0 410 410 0 0 700 700 Swiss Franc 0 1 1,323 1,324 0 0 2,154 2,154 Taiwan Dollar 0 79 401 480 0 84 986 1,070 Thai Baht 0 0 11 11 0 0 132 132 Turkish Lira 0 0 53 53 0 0 124 124 US Dollar 0 0 10,986 10,986 0 11 16,002 16,013 Total financial assets 1 358 23,250 23,609 1 135 37,698 37,834 Total financial instruments 1 358 23,250 23,609 1 135 37,698 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% (2014-0.23%). The overdraft interest rate was 1.50% (2014-1.50%). 92

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 2015 2014 2015 2014 Hong Kong Dollar 0.00 0.00 34.5 35.5 c. Maturity of financial liabilities All liabilities are due in one year or less or on demand (2014 - 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 (2014 - Nil). 14. Portfolio transaction costs 2015 2015 2014 2014 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 17,716 15. Material events post balance sheet date There are no material post balance sheet events. 93

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

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 2015 95

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 http://www.frc.org.uk/auditscopeukprivate 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 2011. 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 2006. 17 August 2015 96

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, 0800 716 853. 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 (www.allianzglobalinvestors. co.uk /en/products/institutionalinvestors/chariguard/pages/ Prices.aspx). The Manager also operates a dedicated telephone helpline (0800 716 853) 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: 0800 073 2001 97

Allianz Global Investors GmbH, UK Branch 199 Bishopsgate London EC2M 3TY Phone: 0800 317 573 Fax: 020 7638 3508 www.allianzglobalinvestors.co.uk CD 1419