Chariguard UK Equity Fund Chariguard Overseas Equity Fund

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

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

Chariguard Report and Financial Statements General Information This document contains the interim report and financial statements for Chariguard UK Equity Fund and Chariguard Overseas Equity Fund (together the Chariguard Funds ) covering the interim period from 1 July 2015 to 31 December 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 Trustee, Custodian and Depositary HSBC Bank Plc 8 Canada Square London E14 5HQ Manager and Alternative Investment Fund Manager Allianz Global Investors GmbH, UK Branch 199 Bishopsgate, London EC2M 3TY Authorised by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and subject to limited regulation by the Financial Conduct Authority. A member of the Allianz Group. A member of The Investment Association. Registrar International Financial Data Services (UK) Ltd IFDS House, St. Nicholas Lane, Basildon, Essex SS15 5FS Authorised and regulated by the Financial Conduct Authority. Independent Auditor KPMG LLP 15 Canada Square, London E14 5GL Authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. 1

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

Chariguard UK Equity Fund Fund Information Fund Objective Chariguard UK Equity Fund is a Common Investment Fund that invests in UK equities. As an index tracking fund, its objective is to produce returns in line with the FTSE All- Share Index. Charges There is no preliminary charge payable on the purchase of units. The annual investment management charge is 0.20% plus VAT of the net asset value of the Fund, calculated at each month end. There are additional charges and expenses that include fees payable to the Trustee and Depositary and Auditors. Manager s Statement This report covers the interim period from 1 July 2015 to 31 December 2015 for the Chariguard UK Equity Fund, which provides participating charities with investment exposure to the UK equity market. On 31 December 2015 the quoted offer price of the income units and the accumulation units was 22.52 and 43.63 respectively. On a mid-price basis, the total return on the Fund over the period, before management charges and other expenses, was (1.90%) compared with (1.98%) for the FTSE All-Share Index. This is consistent with the Fund s index-tracking objectives. Accounting policies Basis for Preparation The financial statements have been prepared on a going concern basis in accordance with FRS 102 and the Statement of Recommended Practice Financial Statements of UK Authorised Funds issued by The Investment Association in May 2014 ( IMA SORP ). In applying UK GAAP, the financial statements have been prepared in compliance with FRS 102 as adopted for the first time. Presentational changes to the narratives in the Statement of Total Return and Balance Sheet have been made as a result of the first time adoption of FRS 102. No comparative figures have been required to be restated. The net total return and the net assets attributable to unitholders remain unchanged. All accounting and distribution policies are consistent with the most recent annual financial statements, 30 June 2015. These financial statements have been prepared in accordance with the requirements of the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Scheme Particulars establishing the Fund. Allianz Global Investors GmbH, UK Branch 15 February 2016 4

Chariguard UK Equity Fund Fund Information continued Net Asset Unit Class Period Ended Net Asset () Number of Units in Issue Net Asset per Unit (p) Income 31 December 2015 39,921 1,776,071 2248 Accumulation 31 December 2015 25,145 577,298 4356 Operating Charges Unit Class Year Ended (%) Income 30 June 2015 0.37* Accumulation 30 June 2015 0.37* * Based on audited accounts as at 30 June 2015. Operating Charges represent all operating charges and expenses and is expressed as a percentage of the average net asset value. It includes the annual management charge as well as all the administrative expenses including custodial transaction charges incurred by the Fund. Summary of Distribution Unit Class Payment Date Net Distribution per Unit (p) Income 30 November 2015 19.7493 29 February 2016 13.1280 Accumulation 30 November 2015 66.7461 29 February 2016 25.2151 Please note: Investors are reminded that the Fund distributes quarterly. 5

Chariguard UK Equity Fund Report of the Manager Through close replication of the Fund s benchmark index, the FTSE All-Share Index, the assets of the Chariguard UK Equity Fund continue to be invested in accordance with its index-tracking objectives. As of the 31 December 2015, the size of the Fund was 65.0 million, whilst the principal transactions during the period took place only as a result of the purchase and sale of units and changes to the benchmark index. review and outlook The Fund produced a total return during the six months to the 31 December 2015 of -1.9%. The UK trajectory of real Gross Domestic Product (GDP) growth moderated to 2.2%, whilst the Consumer Price Index declined sharply to 0%, due to the sharp fall in global oil prices. UK International Labour Organisation unemployment continued its gradual descent towards 5.4%, as the labour market appeared to absorb joblessness alongside subdued growth in wages. In 2016, macroeconomic consensus anticipates an unchanged forecast of 2.2~2.3% GDP growth trajectory sustained over the next 3 years. Weak demand from the Eurozone continues to drag upon the UK as a whole, together with an ongoing need to reduce indebtedness throughout the economy through fiscal austerity. Continued progress has been made in restoring government finances, with the deficit forecast at around 4.2 GDP, though still deviating from the ~2-3% longterm average experienced by the UK in the years preceding the financial crisis in 2007. The last half of 2015 was characterised by heightened volatility in both UK and international markets as investors evaluated the prospect of the first rate hike by the Federal Reserve in the US in nine years. Consequently the US dollar strengthened against a broad basket of currencies, whilst the euro declined leading to earnings benefits for UK corporates with dollar-denominated revenues whilst those companies deriving revenue from European sources suffered. From the rise in sterling-dollar volatility accompanying these Foreign Exchange fluctuations, one might infer a potential divergence in monetary policy with ensuing asynchronous implications for the alignment of business cycles between the UK and US, which had been more closely correlated in recent years. Whilst consumer confidence in the UK remained strong in the period alongside rising mortgage approvals and housing market activity, the period saw some weakness in business investment intentions as decelerating growth in emerging economies and sustained declines in oil prices held back corporate investment especially in commodity and energy sectors. UK investors will continue to closely monitor the policy reaction function adopted by the Governor of the Bank of England Mark Carney against the term structure of interest rates as he navigates a climate of greater macroeconomic uncertainty in 2016. Risk review Chariguard UK Equity Fund is managed in accordance with the objective set out on page 4. In achieving this objective, the Manager accepts certain risks inherent in investing in financial markets, principally market price risk. These risks are discussed in more detail below. Subject to the constraints set out in the Scheme Particulars, the Manager may use stock index futures. price risk: price risk arises mainly from the uncertainty about future prices of financial instruments held. It represents the potential loss the Fund might suffer through holding market positions in the face of price movements. A dedicated fund manager has the responsibility for monitoring the existing portfolio selection in accordance with the Fund s investment objectives and seeks to ensure that individual stocks meet an acceptable risk reward profile. Interest rate risk: Interest rate risk is the risk of movements in the value of financial instruments as a result of fluctuations in interest rates. The Fund invests predominantly in equities, the values of which are not directly affected by changes in prevailing market interest rates. The Fund therefore has minimal exposure to interest rate risk. Liquidity risk: Liquidity risk relates to the capacity to meet liabilities. The principal liquidity risk is the ability to repay funds to unitholders following redemption of units, and is dependent on the liquidity of the underlying assets. Redemptions are notified to the Manager in advance, and appropriate cash management procedures are in place to ensure prompt settlement of these liabilities. As the Fund s assets mainly comprise of realisable securities, liquidity risk is not considered to be significant. Foreign currency risk: Foreign currency risk is the risk of movements in the values of overseas financial instruments as a result of fluctuations in exchange rates. It is not the Manager s policy to hedge such foreign exposure. 6

Chariguard UK Equity Fund Report of the Manager continued The Fund predominantly holds Sterling investments and therefore the value of the investments and the revenue from them have minimal exposure to foreign currency risk. Credit risk: Credit risk is the risk of default by a counterparty in discharging its obligations under transactions that could result in the Fund suffering a loss. Outstanding settlements are subject to credit risk. Credit risk is mitigated by the Fund through its decision to transact with counterparties of high credit quality. The Fund only buys and sells investments through brokers which are approved counterparties, thus minimising the risk of default during settlement. The Fund holds mainly equities and so has minimal exposure to credit risk. Risk associated with the use of leverage: Leverage may be created either through the use of derivatives or through the purchase of assets acquired on the basis of borrowing. As the Fund uses neither of these there is no leverage risk. Risk Management Monitoring The Independent Enterprise Risk Management function is responsible for portfolio risk oversight. The function defines which risk models and analytics are used to ensure Allianz Global Investors complies with all regulatory requirements and ensures that further independent risk analysis and supervision beyond regulation is conducted where appropriate. To ensure full oversight, the Independent Enterprise Risk Management function prepares a quarterly holistic risk report covering all risk types across Allianz Global Investors. The report lists all relevant risks that were identified, including an assessment of whether Allianz Global Investors risk appetite has been exceeded, together with an assessment whether sufficient mitigation actions have been taken. The risk report is discussed and reviewed in the quarterly global and regional Risk Committee meetings before being presented to the Global Executive Committee. Based on the risk report, the Risk Committee, as mandated by the Global Executive Committee, fulfils its oversight and escalation responsibilities which encompass all risks including business, portfolio, operational and reputational risks. Allianz Global Investors GmbH, UK Branch 15 February 2016 7

Chariguard UK Equity Fund Portfolio Statement As at 31 December 2015 United Kingdom 99.93% (2015-99.70%) United Kingdom Equities 99.93% (2015-99.70%) Aerospace & Defence 1.88% (2015-2.06%) 103,950 BAE Systems 519 0.80 6,763 Chemring 13 0.02 37,020 Cobham 105 0.16 26,870 Meggitt 101 0.15 23,049 QinetiQ 62 0.10 58,771 Rolls-Royce 338 0.52 5,448,071 Rolls Royce 'C' shares 5 0.01 14,683 Senior 34 0.05 2,417 Ultra Electronics 48 0.07 1,225 1.88 Automobiles & Parts 0.25% (2015-0.27%) 53,434 GKN 165 0.25 Banks 10.41% (2015-11.00%) 1,097 Bank of Georgia 21 0.03 536,736 Barclays 1,175 1.81 623,573 HSBC 3,344 5.14 1,980,836 Lloyds Banking 1,447 2.22 100,699 Royal Bank of Scotland 304 0.47 85,082 Standard Chartered 480 0.74 6,771 10.41 Beverages 4.46% (2015-4.06%) 2,979 Barr (A.G.) 16 0.02 8,272 Britvic 60 0.09 7,126 Coca-Cola 103 0.16 80,471 Diageo 1,494 2.30 30,213 SABMiller 1,230 1.89 2,903 4.46 Chemicals 0.68% (2015-0.72%) 3,001 Carclo 4 0.00 4,433 Croda International 135 0.21 16,761 Elementis 38 0.06 6,812 Johnson Matthey 181 0.28 9,390 Synthomer 30 0.05 8

Chariguard UK Equity Fund Chemicals (continued) 2,830 Victrex 51 0.08 439 0.68 Construction & Materials 1.14% (2015-0.97%) 25,150 Balfour Beatty 68 0.10 2,050 Costain 8 0.01 26,030 CRH 513 0.79 2,833 Galliford Try 43 0.07 2,592 Keller 22 0.03 1,865 Kier 26 0.04 10,523 Low & Bonar 7 0.01 7,732 Marshalls 25 0.04 1,313 Morgan Sindall 10 0.02 5,891 Tyman 18 0.03 740 1.14 Electricity 0.81% (2015-0.82%) 14,699 Drax 36 0.05 32,276 SSE 493 0.76 529 0.81 Electronic & Electrical Equipment 0.45% (2015-0.48%) 1,025 Dialight 5 0.01 8,370 e2v Technologies 19 0.03 13,089 Halma 113 0.17 9,909 Morgan Advanced Materials 25 0.04 1,843 Oxford Instruments 14 0.02 1,283 Renishaw 24 0.04 4,119 Spectris 74 0.11 6,682 TT Electronics 10 0.01 732 XP Power 11 0.02 295 0.45 Equity Investment Instruments 3.55% (2015-3.31%) 18,465 3i Infrastructure 32 0.05 4,832 Aberdeen Asian Income Fund 8 0.01 1,391 Aberdeen Asian Smaller Companies Investment Trust 10 0.02 5,491 Aberdeen New Dawn Investment Trust 8 0.01 4,036 Aberdeen UK Tracker Investment Trust 12 0.02 3,346 Aberforth Smaller Companies Investment Trust 40 0.06 474 Absolute Return Trust 1 0 0.00 9

Chariguard UK Equity Fund Equity Investment Instruments (continued) 2,459 Advance Developing s Fund 10 0.02 19,274 Alliance Trust 100 0.15 11,700 Anglo & Overseas Investment Trust (Extinct Line) 1 0 0.00 10,863 Anglo & Overseas Trust 1 0 0.00 2,269 Artemis Alpha Trust 6 0.01 1,717 Asian Total Return Investment 3 0.00 428 AXA Framlington Innovative Growth Trust 1 0 0.00 12,302 BACIT 16 0.02 2,826 Baillie Gifford Japan Investment Trust 13 0.02 4,387 Bankers Investment Trust 28 0.04 894 Baring Emerging Europe 4 0.01 3,200 Beta Global Emerging s Fund 1 0 0.00 960 BH Global - GBP 12 0.02 1,407 BH Macro 28 0.04 5,300 Bioscience Investment Trust 1 0 0.00 2,082 BlackRock British Smaller Companies Trust 21 0.03 3,787 BlackRock Greater Europe Investment Trust 10 0.02 11,326 BlackRock Income Strategies Trust 15 0.02 1,694 BlackRock Latin American Investment Trust 5 0.01 3,048 BlackRock Throgmorton Trust 11 0.02 6,156 BlackRock World Mining Trust 11 0.02 14,228 Bluecrest Allblue Fund 27 0.04 4,939 British Empire Securities & General Investment Trust 23 0.04 1,305 Brunner Investment Trust 7 0.01 1,141 Caledonia Investments 27 0.04 9,930 Charter European Trust 1 0 0.00 3,075 City Merchants High Yield Trust 6 0.01 9,584 City of London Investment Trust 37 0.06 7,440 Dexion Equity Alternative 1 0 0.00 13,697 Diverse Income Trust 13 0.02 5,311 Dunedin Income Growth Investment Trust 12 0.02 7,278 Ecofin Water & Power Opportunities 8 0.01 6,823 Edinburgh Dragon Investment Trust 16 0.02 6,894 Edinburgh Investment Trust 50 0.08 2,122 Edinburgh Worldwide Investment Trust 10 0.02 1,243 Electra Investment Trust 47 0.07 4,830 Electric & General Investment Trust 1 0 0.00 1,840 Euro Investment Trust 13 0.02 3,851 F&C Capital & Income Investment Trust 10 0.02 10

Chariguard UK Equity Fund Equity Investment Instruments (continued) 1,972 F&C Global Small Companies 20 0.03 19,577 F&C Investment Trust 88 0.14 2,944 Fidelity Asian s Investment Trust 7 0.01 19,912 Fidelity China Special Situations Investment Trust 29 0.04 16,294 Fidelity European s 28 0.04 2,269 Finsbury Growth & Income Trust 13 0.02 4,687 Genesis Emerging s Fund 21 0.03 31,286 Govett Oriental Invest Trust 1 0 0.00 12,367 Govett Strategic Investment Trust 1 0 0.00 2,867 Graphite Enterprise Investment Trust 17 0.03 282 Henderson European Investment Trust 3 0.01 732 Henderson Eurotrust 7 0.01 4,545 Henderson Far East Income Fund 13 0.02 1,730 Henderson Global Investment Trust 7 0.01 2,855 Henderson High Income Investment Trust 5 0.01 2,628 Henderson Smaller Companies Investment Trust 18 0.03 2,072 Henderson Trust 5 0.01 2,712 Herald Investment Trust 20 0.03 1,206 HG Capital Investment Trust 13 0.02 32,494 HICL Infrastructure 49 0.08 7,707 Impax Environmental s 12 0.02 23,526 International Public Partnership 33 0.05 4,392 Invesco Asia Investment Trust 8 0.01 2,520 Invesco Income & Growth Investment Trust 7 0.01 1,588 Invesco Perpetual UK Smaller Companies Investment Trust 6 0.01 26,155 John Laing Infrastructure Fund 31 0.05 10,780 JP Morgan American Investment Trust 30 0.05 3,467 JP Morgan Asian Investment Trust 8 0.01 2,146 JP Morgan Claverhouse Investment Trust 13 0.02 4,499 JP Morgan Emerging s Investment Trust 25 0.04 5,600 JP Morgan Euro Smaller Companies Trust 16 0.03 3,632 JP Morgan European Investment Trust 9 0.01 3,677 JP Morgan Indian Investment Trust 19 0.03 6,436 JP Morgan Japanese Investment Trust 19 0.03 1,618 JP Morgan Japanese Smaller Companies Investment Trust 5 0.01 680 JP Morgan Mid Cap Investment Trust 7 0.01 1,028 JP Morgan Overseas Investment Trust 11 0.02 3,018 JP Morgan Russian Securities 9 0.01 228 JP Morgan Smaller Companies Investment Trust 2 0.00 11

Chariguard UK Equity Fund Equity Investment Instruments (continued) 62 JP Morgan Smaller Companies Investment Trust 0 0.00 3,360 Jupiter European Opportunities Trust 20 0.03 584 Keystone Investment Trust 11 0.02 4,104 Law Debenture 20 0.03 1,042 Lowland Investment Company 14 0.02 1,611 Majedie Investment Trust 4 0.01 4,805 Martin Currie Global Portfolio Investment Trust 9 0.01 1,597 Martin Currie Pacific Investment Trust 4 0.01 3,481 Mercantile Investment Trust 64 0.10 3,729 Merchants Investment Trust 16 0.02 7,709 Monks Investment Trust 33 0.05 2,342 Murray Income Trust 16 0.02 4,569 Murray International Trust 38 0.06 43,258 NB Global Floating Rate Income Fund 40 0.06 2,709 New India Investment Trust 9 0.01 1,141 North American Income Trust 10 0.02 220 North Atlantic Smaller Companies Investment Trust 5 0.01 4,883 Pacific Assets Investment Trust 9 0.01 1,165 Pantheon International Participations Fund 15 0.02 8,496 Perpetual Income & Growth Investment Trust 35 0.05 60 Personal Assets Trust 21 0.03 3,467 Polar Capital Technology Trust 22 0.03 4,447 RIT Capital Partners 75 0.12 6,003 Ruffer 13 0.02 6,646 Schroder Asia Pacific Fund 18 0.03 2,527 Schroder Income Growth Fund 6 0.01 4,373 Schroder Japan Growth Fund 7 0.01 7,760 Schroder Oriental Income Fund 14 0.02 5,559 Schroder UK Growth Fund 9 0.01 5,201 Scottish American Investment Trust 14 0.02 3,756 Scottish Investment Trust 22 0.03 42,557 Scottish Mortgage Investment Trust 118 0.18 1,464 Scottish Oriental Smaller Companies Trust 11 0.02 4,894 Securities Trust of Scotland 6 0.01 32,950 Securities Trust of Scotland 1 0 0.00 2,196 Standard Life Equity Income Trust 10 0.02 3,534 Standard Life European Private Equity Trust 7 0.01 2,429 Temple Bar Investment Trust 26 0.04 11,208 Templeton Emerging s Investment Trust 46 0.07 12

Chariguard UK Equity Fund Equity Investment Instruments (continued) 416 Thames River Multi Hedge PCC 1 0 0.00 2,157 TR European Growth Investment Trust 14 0.02 11,102 TR Property Investment Trust 33 0.05 1,200 Tribune Global Managed Fund 1 0 0.00 5,491 Utilico Emerging s 9 0.01 1,098 Utilico Emerging s rights 01/3/2018 0 0.00 2,196 & Income Investment Trust 5 0.01 6,681 Witan Investment Trust 52 0.08 2,880 Witan Pacific Investment Trust 7 0.01 1,459 Worldwide Healthcare Trust 28 0.04 2,307 3.55 Financial Services 3.31% (2015-3.05%) 32,089 3i 155 0.24 34,450 Aberdeen Asset Management 100 0.15 14,199 Ashmore 36 0.05 9,087 Brewin Dolphin 28 0.04 2,269 Charles Taylor Consulting 6 0.01 5,204 Close Brothers 70 0.11 9,341 Fidelity Special s 19 0.03 7,583 Hargreaves Lansdown 114 0.18 37,409 Henderson 116 0.18 18,631 ICAP 95 0.15 12,630 IG 101 0.15 12,081 Intermediate Capital 76 0.12 8,084 International Personal Finance 23 0.03 18,327 Investec 88 0.13 18,428 IP 38 0.06 10,881 Jupiter Fund Management 49 0.07 9,967 London Stock Exchange 273 0.42 55,288 Man 97 0.15 10,627 Paragon 38 0.06 4,757 Provident Financial 160 0.25 1,805 Rathbone Brothers 40 0.06 3,858 Schroders 115 0.18 64,384 Standard Life 251 0.39 6,925 SVG Capital 34 0.05 8,116 Tullett Prebon 30 0.05 2,152 3.31 13

Chariguard UK Equity Fund Fixed Line Telecommunications 2.17% (2015-2.05%) 267,605 BT 1,262 1.94 97,418 Cable & Wireless 72 0.11 17,797 KCOM 21 0.03 18,088 Talktalk Telecom 39 0.06 1,980 Telecom Plus 21 0.03 1,415 2.17 Food & Drug Retailers 1.31% (2015-1.55%) 51,286 Booker 93 0.14 3,527 Greggs 46 0.07 46,418 J Sainsbury 120 0.18 71,992 Morrison (Wm.) Supermarkets 107 0.17 14,031 Ocado 43 0.07 266,463 Tesco 398 0.61 7,181 UDG Healthcare 43 0.07 850 1.31 Food Producers 2.71% (2015-2.42%) 952 Anglo-Eastern Plantations 5 0.01 11,471 Associated British Foods 383 0.59 1,799 Cranswick 35 0.05 5,372 Dairy Crest 37 0.06 6,590 Devro 19 0.03 14,111 Greencore 50 0.08 22,572 Premier Foods 9 0.01 16,402 Tate & Lyle 98 0.15 38,551 Unilever 1,128 1.73 1,764 2.71 Forestry & Paper 0.25% (2015-0.25%) 12,065 Mondi 161 0.25 Gas, Water & Multiutilities 3.02% (2015-2.84%) 163,144 Centrica 356 0.55 120,516 National Grid 1,130 1.73 11,908 Pennon 103 0.16 7,809 Severn Trent 170 0.26 22,288 United Utilities 209 0.32 1,968 3.02 14

Chariguard UK Equity Fund General Industrials 0.78% (2015-0.76%) 971 British Polythene 7 0.01 30,807 DS Smith 122 0.19 23,351 Rexam 141 0.22 8,593 RPC 72 0.11 12,882 Smiths 121 0.19 9,438 Vesuvius 31 0.05 3,215 Xaar 14 0.01 508 0.78 General Retailers 2.88% (2015-2.47%) 20,672 AA 65 0.10 11,125 Ashley (Laura) 3 0.00 24,044 Auto Trader 107 0.16 18,964 B&M European Retail 54 0.08 5,326 Brown (N) 17 0.03 1,762 Carpetright 9 0.01 13,639 Darty 14 0.02 43,170 Debenhams 32 0.05 1,813 Dignity 46 0.07 30,862 Dixons Carphone 154 0.24 3,160 Dunelm 30 0.05 4,651 Findel 9 0.01 32,558 Game 1 0 0.00 6,935 Halfords 23 0.04 28,521 Home Retail 28 0.04 15,202 Inchcape 119 0.18 2,492 JD Sports Fashion 26 0.04 14,477 Just Eat 71 0.11 77,826 Kingfisher 256 0.39 10,859 Lookers 20 0.03 53,373 Marks & Spencer 241 0.37 6,232 Mothercare 14 0.02 4,867 Next 355 0.55 48,919 Pendragon 23 0.04 12,411 Pets at Home 34 0.05 8,549 Sports Direct International 49 0.08 3,517 Topps Tiles 6 0.01 3,947 WH Smith 70 0.11 1,875 2.88 15

Chariguard UK Equity Fund Health Care Equipment & Services 0.63% (2015-0.54%) 1,032 Consort 12 0.02 29,512 Smith & Nephew 357 0.55 14,404 Southern Cross Healthcare 1 0 0.00 844 STERIS 43 0.06 412 0.63 Household Goods & Home Construction 3.55% (2015-3.18%) 32,317 Barratt Developments 202 0.31 4,299 Bellway 122 0.19 4,128 Berkeley 152 0.23 4,743 Bovis Homes 48 0.07 6,380 Crest Nicholson 36 0.06 10,557 McBride 17 0.03 9,978 Persimmon 202 0.31 20,304 Reckitt Benckiser 1,275 1.96 7,581 Redrow 36 0.06 107,501 Taylor Wimpey 218 0.33 2,308 3.55 Industrial Engineering 0.74% (2015-0.81%) 6,839 Bodycote 39 0.06 8,279 Fenner 12 0.02 2,705 Hill & Smith 20 0.03 9,485 IMI 82 0.13 35,578 Melrose Industries 103 0.16 28,507 Rotork 52 0.08 10,256 Severfield 7 0.01 2,630 Spirax-Sarco Engineering 86 0.13 1,340 Vitec 8 0.01 7,383 Weir 74 0.11 483 0.74 Industrial Metals & Mining 0.07% (2015-0.12%) 11,831 Evraz 9 0.01 6,089 Ferrexpo 1 0.00 73,309 South32 38 0.06 112,000 Talvivaara Mining 1 0 0.00 48 0.07 16

Chariguard UK Equity Fund Industrial Transportation 0.36% (2015-0.31%) 36,498 BBA Aviation 69 0.11 1,537 Braemar Shipping Services 7 0.01 366 Clarkson 8 0.01 1,420 James Fisher & Sons 17 0.03 24,691 Royal Mail 110 0.17 9,960 Stobart 11 0.02 325 UK Mail 1 0.00 4,658 Wincanton 9 0.01 232 0.36 Leisure Goods 0.02% (2015-0.01%) 7,151 Photo-Me 11 0.02 Life Insurance 4.82% (2015-4.65%) 130,354 Aviva 673 1.03 4,951 Chesnara 17 0.03 195,223 Legal & General 523 0.80 160,285 Old Mutual 287 0.44 6,244 Partnership Assurance 9 0.01 7,633 Phoenix 70 0.11 81,475 Prudential 1,247 1.92 32,999 RSA Insurance 141 0.22 16,875 St. James's Place Capital 170 0.26 3,137 4.82 Media 3.78% (2015-3.60%) 2,499 Bloomsbury Publishing 4 0.01 33,604 British Sky Broadcasting 374 0.57 4,768 Centaur Media 3 0.00 7,034 Entertainment One 12 0.02 1,283 Euromoney Institutional Investor 13 0.02 9,517 Huntsworth 4 0.01 20,529 Informa 126 0.19 9,883 ITE 16 0.02 121,376 ITV 336 0.52 11,802 Moneysupermarket.com 43 0.07 26,709 Pearson 197 0.30 37,815 Reed Elsevier 453 0.70 3,064 Rightmove 126 0.19 10,070 Trinity Mirror 17 0.03 15,279 UBM 80 0.12 17

Chariguard UK Equity Fund Media (continued) 846 UTV Media 1 0.00 41,982 WPP 656 1.01 2,461 3.78 Mining 3.22% (2015-5.45%) 5,282 Acacia Mining 10 0.02 42,987 Anglo American 129 0.20 4,048 Anglo Pacific 2 0.00 12,351 Antofagasta 58 0.09 54,233 Aquarius Platinum 6 0.01 67,669 BHP Billiton 514 0.79 37,449 Centamin 24 0.04 5,648 Fresnillo 40 0.06 3,792 Gem Diamonds 5 0.01 347,928 Glencore 315 0.48 6,933 Hochschild Mining 3 0.00 9,125 Kaz Minerals 9 0.01 109,554 Kenmare Resources 1 0.00 204 Lonmin 0 0.00 6,000 New World Resources 0 0.00 8,704 Petra Diamonds 8 0.01 9,116 Petropavlovsk 1 0.00 7,597 Polymetal International 44 0.07 3,052 Randgold Resources 126 0.19 39,970 Rio Tinto 791 1.22 3,529 Vedanta Resources 10 0.02 2,096 3.22 Mobile Telecommunications 3.12% (2015-3.19%) 13,930 Inmarsat 158 0.24 848,408 Vodafone 1,875 2.88 2,033 3.12 Non-Life Insurance 1.08% (2015-0.86%) 6,817 Admiral 113 0.17 16,490 Amlin 109 0.17 18,016 Beazley 70 0.11 45,727 Directline Insurance 186 0.29 8,406 esure 21 0.03 10,086 Hiscox 106 0.16 4,302 Jardine Lloyd Thompson 40 0.06 18

Chariguard UK Equity Fund Non-Life Insurance (continued) 6,416 Lancashire 40 0.06 2,234 Novae 20 0.03 705 1.08 Oil & Gas Producers 9.86% (2015-11.35%) 108,752 BG 1,071 1.65 587,143 BP 2,078 3.19 20,269 Cairn Energy 32 0.05 30,958 Enquest 6 0.01 4,685 Exillon Energy 5 0.01 25,267 Ophir Energy 25 0.04 19,114 Premier Oil 9 0.01 125,454 Royal Dutch Shell 'A' shares 1,914 2.94 78,496 Royal Dutch Shell 'B' shares 1,211 1.86 7,717 SOCO International 11 0.02 32,010 Tullow Oil 53 0.08 6,415 9.86 Oil Equipment, Services & Distribution 0.28% (2015-0.30%) 5,426 Hunting 17 0.03 9,726 Lamprell 10 0.02 9,002 Petrofac 72 0.11 13,000 Wood (John) 80 0.12 179 0.28 Personal Goods 0.39% (2015-0.46%) 14,543 Burberry 174 0.27 10,920 PZ Cussons 31 0.05 1,388 SuperGroup 23 0.03 909 Ted Baker 27 0.04 255 0.39 Pharmaceuticals & Biotechnology 8.02% (2015-7.50%) 40,274 AstraZeneca 1,859 2.86 12,566 BTG 87 0.13 3,415 Dechra Pharmaceuticals 37 0.06 2,105 Genus 33 0.05 156,506 GlaxoSmithKline 2,149 3.30 4,695 Hikma Pharmaceuticals 108 0.17 22,556 Indivior 42 0.06 18,774 Shire 882 1.36 19

Chariguard UK Equity Fund Pharmaceuticals & Biotechnology (continued) 11,277 Vectura 20 0.03 5,217 8.02 Real Estate 2.88% (2015-2.62%) 4,459 Big Yellow 36 0.06 32,931 British Land 259 0.40 24,008 Capital & Counties Properties 106 0.16 20,655 Capital & Regional 13 0.02 374 CLS 7 0.01 4,061 Countrywide 16 0.02 220 Daejan 14 0.02 3,030 Derwent London 111 0.17 4,922 Development Securities 11 0.02 17,610 F&C Commercial Property Trust 24 0.04 3,660 F&C UK Real Estate Investment Trust 4 0.01 8,223 Foxtons 15 0.02 14,286 Grainger Trust 33 0.05 12,144 Great Portland Estates 101 0.16 23,435 Hammerson 141 0.22 24,162 Hansteen 28 0.04 3,893 Helical Bar 18 0.03 31,213 Intu Properties 99 0.15 3,985 Kennedy Wilson Europe Real Estate 48 0.07 25,944 Land Securities 305 0.47 20,524 London & Stamford Property 34 0.05 3,294 LSL Property Services 9 0.01 1,500 Mapeley 1 0 0.00 2,855 McKay Securities 8 0.01 1,977 Mucklow (A&J) 10 0.02 14,495 Picton Property Income Fund 10 0.02 13,648 Primary Health Properties 15 0.02 21,650 Raven Russia 9 0.01 8,052 Safestore 29 0.04 4,324 Savills 38 0.06 15,314 Schroder Real Estate 9 0.01 24,726 Segro 106 0.16 9,160 Shaftesbury 84 0.13 6,221 St. Modwen Properties 26 0.04 5,051 Standard Life Investment Property Trust 4 0.01 20

Chariguard UK Equity Fund Real Estate (continued) 956 Town Centre Securities 3 0.01 15,505 UK Commercial Property Trust 13 0.02 7,384 Unite 48 0.07 3,418 Workspace 33 0.05 1,877 2.88 Software & Computer Services 0.72% (2015-0.64%) 2,315 AVEVA 37 0.06 1,323 Fidessa 27 0.04 4,420 Micro Focus International 71 0.11 7,574 NCC 23 0.03 34,119 Sage 206 0.32 2,848 SDL 12 0.02 7,329 Telecity 92 0.14 468 0.72 Support Services 5.30% (2015-5.25%) 8,332 Aggreko 76 0.12 13,169 Amec Foster Wheeler 56 0.09 16,539 Ashtead 185 0.28 3,679 Atkins (WS) 60 0.09 16,759 Babcock International 170 0.26 5,977 Berendsen 64 0.10 5,132 Brammer 9 0.01 10,992 Bunzl 207 0.32 21,882 Capita 264 0.41 15,149 Carillion 46 0.07 8,698 Connect 15 0.02 2,675 DCC 151 0.23 3,488 De La Rue 15 0.02 3,932 Diploma 30 0.05 15,241 Electrocomponents 36 0.06 8,030 Essentra 66 0.10 32,641 Experian 392 0.60 50,946 G4S 115 0.18 9,427 Grafton 70 0.11 49,596 Hays 72 0.11 8,847 HomeServe 37 0.06 21,578 Howden Joinery 114 0.18 4,589 Interserve 24 0.04 21

Chariguard UK Equity Fund Support Services (continued) 5,313 Intertek 148 0.23 5,419 Lavendon 8 0.01 3,880 Mears 18 0.03 2,188 Menzies (John) 9 0.01 10,674 Michael Page International 52 0.08 12,785 MITIE 40 0.06 4,647 Northgate 18 0.03 2,250 PayPoint 21 0.03 12,768 Premier Farnell 13 0.02 23,443 Regus 78 0.12 62,953 Rentokil Initial 100 0.15 2,239 Ricardo 20 0.03 2,862 Robert Walters 10 0.02 9,488 RPS 22 0.03 37,221 Serco 35 0.05 17,098 Shanks 17 0.03 19,520 SIG 28 0.04 16,398 Speedy Hire 7 0.01 5,190 St. Ives 12 0.02 5,025 SThree 16 0.02 8,128 Travis Perkins 160 0.25 5,198 Tribal 1 0.00 709 Vp 5 0.01 8,684 Wolseley 321 0.49 8,397 Xchanging 16 0.02 3,449 5.30 Technology Hardware & Equipment 0.94% (2015-0.99%) 46,044 ARM 478 0.73 2,387 Computacenter 20 0.03 9,345 Imagination Technologies 12 0.02 9,272 Laird 33 0.05 11,677 Pace 49 0.08 21,341 Spirent Communications 16 0.03 608 0.94 22

Chariguard UK Equity Fund Tobacco 5.15% (2015-4.58%) 59,536 British American Tobacco 2,245 3.45 30,761 Imperial Tobacco 1,103 1.70 3,348 5.15 Travel & Leisure 4.94% (2015-4.21%) 4,342 888 s 8 0.01 2,397 Betfair 93 0.14 27,422 Bwin.Party Digital Entertainment 36 0.05 6,028 Carnival 233 0.36 7,221 Cineworld 41 0.06 54,811 Compass 644 0.99 4,740 Domino's Pizza 50 0.08 8,260 EasyJet 144 0.22 20,401 Enterprise Inns 23 0.04 44,067 FirstGroup 47 0.07 1,171 Fuller Smith & Turner 'A' shares 14 0.02 1,502 Go-Ahead 40 0.06 11,089 Greene King 103 0.16 7,796 InterContinental Hotels 207 0.32 59,040 International Consolidated Airlines 360 0.55 31,837 Ladbrokes 38 0.06 19,854 Marston's 33 0.05 24,215 Merlin Entertainments 110 0.17 5,195 Millennium & Copthorne Hotels 24 0.04 8,807 Mitchells & Butlers 30 0.05 14,913 National Express 50 0.08 7,121 Playtech 59 0.09 1,814 Punch Taverns 2 0.00 5,192 Rank 15 0.02 6,937 Restaurant 48 0.07 18,431 Saga 37 0.06 15,925 SSP 52 0.08 15,567 Stagecoach 46 0.07 46,418 Thomas Cook 56 0.09 13,782 TUI 167 0.26 23

Chariguard UK Equity Fund Travel & Leisure (continued) 3,031 Wetherspoon (JD) 23 0.04 5,873 Whitbread 258 0.40 30,250 William Hill 120 0.18 3,211 4.94 Investment assets 65,020 99.93 Net other assets 46 0.07 Net assets 65,066 100.00 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 2015. 24

Chariguard UK Equity Fund Statement of Total Return For the six months ended 31 December 2015 Income 2015 2015 2014 2014 Net capital losses (2,584) (2,067) Revenue 1,308 1,708 Expenses (154) (224) Interest payable and similar charges - - Net revenue before taxation 1,154 1,484 Taxation (9) (10) Net revenue after taxation 1,145 1,474 Total return before distributions (1,439) (593) Distributions (1,145) (1,474) Change in net assets attributable to unitholders from investment activities (2,584) (2,067) Statement of Change in Attributable to Unitholders For the six months ended 31 December 2015 2015 2015 2014 Opening net assets attributable to unitholders 96,540 115,789 Amounts receivable on issue of units 5 56 Less: Amounts payable on redemption of units (29,430) (16,302) (29,425) (16,246) Change in net assets attributable to unitholders from investment activities (see Statement of Total Return above) (2,584) (2,067) Retained distributions on accumulation units 535 711 Closing net assets attributable to unitholders 65,066 98,187 2014 Section 3.30 of the IMA SORP issued in May 2014 requires comparative figures for the above statement. For interim financial statements this will result in the closing comparative net assets not being equal to net assets at the start of the current period. 25

Chariguard UK Equity Fund Balance Sheet As at 31 December 2015 31 December 2015 31 December 2015 30 June 2015 30 June 2015 Assets Fixed assets Investments 65,020 96,221 Current assets Debtors 158 417 Cash and bank balances 203 546 Total other assets 361 963 Total assets 65,381 97,184 Liabilities Creditors Distribution payable on income units (233) (469) Other creditors (82) (175) Total other liabilities (315) (644) Total liabilities (315) (644) Net assets attributable to unitholders 65,066 96,540 This report was approved for publication on 15 February 2016. Julian Filkins, Authorised Signatory Lynn Clark, Authorised Signatory for and on behalf of Allianz Global Investors GmbH, UK Branch 26

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

Fund Information Fund Objective Chariguard Overseas Equity Fund is a Common Investment Fund that invests in overseas equities. Its performance objective is to produce returns in line with a benchmark based on the average geographical distribution of the overseas equity investments of charities investing overseas. The Fund s benchmark is constructed by the WM Company, based upon the FTSE World ex UK Index adjusted according to the regional composition of the WM Total Charities Universe. The data is available quarterly two months after each quarter end. Charges There is no preliminary charge payable on the purchase of units. The annual investment management charge is 0.35% plus VAT of the net asset value of the Fund, calculated at each month end. There are additional charges and expenses that include fees payable to the Trustee and Depositary and Auditors. Manager s Statement This report covers the interim period from 1 July 2015 to 31 December 2015 for the Chariguard Overseas Equity Fund, which provides participating charities with investment exposure to the overseas equity market. Accounting policies Basis for Preparation The financial statements have been prepared on a going concern basis in accordance with FRS 102 and the Statement of Recommended Practice Financial Statements of UK Authorised Funds issued by The Investment Association in May 2014 ( IMA SORP ). In applying UK GAAP, the financial statements have been prepared in compliance with FRS 102 as adopted for the first time. Presentational changes to the narratives in the Statement of Total Return and Balance Sheet have been made as a result of the first time adoption of FRS 102. No comparative figures have been required to be restated. The net total return and the net assets attributable to shareholders remain unchanged. All accounting and distribution policies are consistent with the most recent annual financial statements, 30 June 2015. On 31 December 2015 the quoted offer price of the income units and the accumulation units was 26.69 and 35.35 respectively. On a mid-price basis, the total return on the Fund over the period, before management charges and other expenses, was 1.12% compared with 2.05% for the FTSE World Index ex UK for each region as calculated by the WM Company. This is consistent with the Fund s objectives. These financial statements have been prepared in accordance with the requirements of the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008 and the Scheme Particulars establishing the Fund. Allianz Global Investors GmbH, UK Branch 15 February 2016 28

Fund Information continued Net Asset Unit Class Period Ended Net Asset () Number of Units in Issue Net Asset per Unit (p) Income 31 December 2015 13,291 500,908 2653 Accumulation 31 December 2015 2,119 60,452 3505 Operating Charges Unit Class Year Ended (%) Income 30 June 2015 1.46* Accumulation 30 June 2015 1.46* * Based on audited accounts as at 30 June 2015. Operating Charges represent all operating charges and expenses and is expressed as a percentage of the average net asset value. It includes the annual management charge as well as all the administrative expenses including custodial transaction charges incurred by the Fund. Summary of Distribution Unit Class Payment Date Net Distribution per Unit (p) Income 30 November 2015 6.6938 29 February 2016 3.7995 Accumulation 30 November 2015 9.2151 29 February 2016 4.6702 Please note: Investors are reminded that the Fund distributes quarterly. 29

Report of the Manager The Chariguard Overseas Equity Fund has remained invested in a diversified portfolio of overseas equities in accordance with its objective. This is to track, as closely as possible, the FTSE World Index ex UK, as adjusted to reflect the regional disposition of the overseas equity component of the WM Total Charities universe. As of 31 December 2015, the Fund s size was 15.4 million; the regional exposure, consistent with the fund s benchmark, being as follows: Region % North America 47.3 Europe ex UK 31.7 Asia Pacific ex Japan 9.2 Japan 9.7 Other 2.1 100.0 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 over the six months to 31 December 2015 was 1.1%. In terms of the constituent regions, the index total returns, in sterling, were 5.2% for North America, 1.2% for Europe ex UK, 3.5% for Japan and -4.1% for Asia Pacific ex. Japan. These returns take into account the movements in the US dollar (strengthening 6.2%), the strengthening Japanese yen (8.2%) and the weakening of the euro (-3.4%) against sterling. s continued to exhibit subdued and hesitant performance over the period due to a multitude of geopolitical and macroeconomic developments that led to some volatility in the final half of 2015. In particular, stock market turmoil in China and decelerating growth raised levels of uncertainty amongst investors. In the US, the threat of deflation remained as Consumer Price Index increased only 0.1% due to the collapse in global oil prices triggered by the Organisation of the Petroleum Exporting Countries inaction amidst a backdrop of increased US unconventional supply. The historic agreement and removal of US sanctions against Iran also triggered widespread anticipation of further deflationary pressures from global oil prices, as the opening of the Iranian market could lead to further incremental increases to oil supply. US U-3 unemployment continued to fall to 5.3%, though some of this was again attributable to structural changes in the workforce participation rate. European Gross Domestic Product growth recovered to 1.8%, largely supported by the weakening of the euro against most currency baskets, as the European Central Bank President Mario Draghi suggested further measures of monetary easing or European asset purchases beyond the EUR60b per month stimulus could be enacted to defend Eurozone inflation. Japanese growth declined to 0.6% as risk aversion drove some yen strengthening and export prospects were weakened by concerns over Chinese demand. Asia remained challenging as China s growth rate decelerated to 6.9%, and the inclusion of the renminbi within the International Monetary Fund Special Drawing Right basket an important measure of distinction for the currency s status within international central bank reserves was assessed as a non-event by markets more concerned by industrial excess capacity within China, Purchase Price Index deflation at -5.2% and concerns over systemic weakness in the banking system, alongside the difficulty of implementing financial and market reform in a decelerating macroeconomic growth environment. Risk review Chariguard Overseas Equity Fund is managed in accordance with the objective set out on page 28. In achieving this objective, the Manager accepts certain risks inherent in investing in financial markets, principally market price risk and currency risk. These risks are discussed in more detail below. Subject to the constraints set out in the Scheme Particulars, the Manager may use stock index futures. price risk: price risk arises mainly from the uncertainty about future prices of financial instruments held. It represents the potential loss the Fund might suffer through holding market positions in the face of price movements. A dedicated fund manager has the responsibility for monitoring the existing portfolio selection in accordance with the Fund s investment objectives and seeks to ensure that individual stocks meet an acceptable risk reward profile. Interest rate risk: Interest rate risk is the risk of movements in the value of financial instruments as a result of fluctuations in interest rates. The Fund invests 30

Report of the Manager continued predominantly in equities, the values of which are not directly affected by changes in prevailing market interest rates. The Fund therefore has minimal exposure to interest rate risk. Liquidity risk: Liquidity risk relates to the capacity to meet liabilities. The principal liquidity risk is the ability to repay funds to unitholders following redemption of units, and is dependent on the liquidity of the underlying assets. Redemptions are notified to the Manager in advance, and appropriate cash management procedures are in place to ensure prompt settlement of these liabilities. As the Fund s assets mainly comprise of realisable securities liquidity risk is not considered to be significant. Foreign currency risk: Foreign currency risk is the risk of movements in the values of overseas financial instruments as a result of fluctuations in exchange rates. It is not the Manager s policy to hedge such foreign exposure. The majority of the Fund s investments are denominated in currencies other than Sterling, therefore both the value of the investments and the revenue from them can be affected by currency movements. Credit risk: Credit risk is the risk of default by a counterparty in discharging its obligations under transactions that could result in the Fund suffering a loss. Outstanding settlements are subject to credit risk. Credit risk is mitigated by the Fund through its decision to transact with counterparties of high credit quality. The Fund only buys and sells investments through brokers which are approved counterparties, thus minimising the risk of default during settlement. The Fund holds mainly equities and so has minimal exposure to credit risk. Risk associated with the use of leverage: Leverage may be created either through the use of derivatives or through the purchase of assets acquired on the basis of borrowing. As the Fund uses neither of these there is no leverage risk. Risk Management Monitoring The Independent Enterprise Risk Management function is responsible for portfolio risk oversight. The function defines which risk models and analytics are used to ensure Allianz Global Investors complies with all regulatory requirements and ensures that further independent risk analysis and supervision beyond regulation is conducted where appropriate. To ensure full oversight, the Independent Enterprise Risk Management function prepares a quarterly holistic risk report covering all risk types across Allianz Global Investors. The report lists all relevant risks that were identified, including an assessment of whether Allianz Global Investors risk appetite has been exceeded, together with an assessment whether sufficient mitigation actions have been taken. The risk report is discussed and reviewed in the quarterly global and regional Risk Committee meetings before being presented to the Global Executive Committee. Based on the risk report, the Risk Committee, as mandated by the Global Executive Committee, fulfils its oversight and escalation responsibilities which encompass all risks including business, portfolio, operational and reputational risks. Allianz Global Investors GmbH, UK Branch 15 February 2016 31

Portfolio Statement As at 31 December 2015 BONDS 0.01% (2015-0.00%) Hong Kong Dollar Denominated Debt Securities 0.01% (2015-0.00%) HKD3,000 Li Ning 0% Convertible Bonds 31/12/2049 1 0.01 EQUITIES 100.61% (2015-99.32%) UNITED KINGDOM 0.70% (2015-0.70%) United Kingdom Equities 0.70% (2015-0.70%) 1,446 CNH Industrial 7 0.05 159 Delphi Automotive 9 0.06 1,074 Fiat Chrysler Automobiles 10 0.06 3,750 Irish Bank Resolution 1 0 0.00 4 Liberty Global LiLAC class 'A' shares 0 0.00 27 Liberty Global LiLAC class 'C' shares 1 0.01 101 Pentair 3 0.02 1,096 Reed Elsevier 13 0.08 347 Rio Tinto 2 8 0.05 1,938 Unilever 2 57 0.37 108 0.70 EUROPE 31.73% (2015-28.38%) Austria Equities 0.17% (2015-0.20%) 210 Andritz 7 0.05 386 Erste Bank 8 0.05 2,520 Immoeast (Exchange rate shares) 1 0 0.00 1,454 Immofinanz 0 0.00 183 OMV 4 0.03 170 Raiffeisen International Bank 2 0.01 198 Voestalpine 4 0.03 25 0.17 Belgium Equities 0.98% (2015-0.86%) 208 Ageas 7 0.05 936 Anheuser-Busch InBev 79 0.51 960 Anheuser-Busch InBev VVPR Strip 1 0 0.00 361 Belgacom 8 0.05 149 Colruyt 5 0.03 84 Delhaize 5 0.03 5,120 Dexia-Strip 1 0 0.00 40 Fortis Bank Strip VVPR 1 0 0.00 32

Belgium Equities (continued) 132 Groupe Bruxelles Lambert 8 0.05 375 KBC 16 0.10 375 KBC Strip 1 0 0.00 67 Solvay 5 0.03 89 Telenet 3 0.02 164 UCB 10 0.06 270 Umicore 8 0.05 154 0.98 Czech Republic Equities 0.06% (2015-0.05%) 441 CEZ 5 0.03 26 Komercni Banka 4 0.03 9 0.06 Denmark Equities 1.15% (2015-0.96%) 6 AP Moeller-Maersk series 'A' shares 5 0.03 9 AP Moeller-Maersk series 'B' shares 8 0.05 189 Carlsberg series 'B' shares 12 0.08 107 Coloplast class 'B' shares 6 0.04 837 Danske Bank 15 0.10 200 DSV 5 0.03 2,427 Novo Nordisk class 'B' shares 96 0.62 245 Novozymes class 'B' shares 8 0.05 131 Pandora 11 0.07 257 Vestas Wind Systems 12 0.08 178 1.15 Finland Equities 0.62% (2015-0.54%) 731 Fortum 8 0.05 117 Kesko 3 0.02 245 Kone class 'B' shares 7 0.05 175 Metso 3 0.02 180 Neste 4 0.03 4,401 Nokia 21 0.13 267 Nokian Renkaat 7 0.05 617 Sampo series 'A' shares 21 0.13 998 Stora Enso series 'R' shares 6 0.04 465 UPM-Kymmene 6 0.04 335 Wartsila 10 0.06 96 0.62 33

France Equities 7.93% (2015-6.77%) 176 Accor 5 0.03 88 Aeroports de Paris 7 0.05 477 Air Liquide 36 0.23 1,051 Air Liquide (Prime de Fidelite) 1 80 0.52 725 Airbus 33 0.21 4,267 Alcatel-Lucent 11 0.07 367 Alstom 8 0.05 149 Arkema 7 0.05 102 Atos 6 0.04 2,404 AXA 45 0.29 52 BIC 6 0.04 1,322 BNP Paribas 51 0.33 225 Bouygues 6 0.04 401 Bureau Veritas 5 0.03 158 Capgemini 10 0.06 519 Carrefour 10 0.06 160 Casino Guichard-Perrachon 5 0.03 96 Christian Dior 11 0.07 625 CNP Assurances 6 0.04 1,371 Credit Agricole 11 0.07 2,300 Credit Agricole (Prime de Fidelite) 18 0.12 755 Danone 35 0.23 168 Dassault Systemes 9 0.06 363 Edenred 5 0.03 155 EDF 2 0.01 104 Eiffage 5 0.03 800 Electricite De France 8 0.05 245 Essilor International 21 0.13 123 Eurazeo 6 0.04 444 Eurotunnel 4 0.03 313 Eutelsat Communications 6 0.04 62 Foncière des Régions 4 0.03 1,432 GDF Suez 17 0.11 8,841 GDF Suez Strip 1 0 0.00 69 Gecina 6 0.04 27 Hermes International 6 0.04 120 Icade 6 0.04 41 Iliad 7 0.05 118 Imerys 6 0.04 34

France Equities (continued) 123 JC Decaux 3 0.02 66 Kering 8 0.05 214 Klepierre 6 0.04 210 Lagardere 4 0.03 290 Legrand 11 0.07 315 L'Oréal 36 0.23 800 L'Oréal (Prime de Fidelite) 92 0.59 335 LVMH Moet Hennessy 36 0.23 248 Michelin 16 0.10 760 Moulinex 1 0 0.00 1,158 Natixis 4 0.03 2,484 Orange 28 0.18 260 Pernod-Ricard 20 0.13 694 Peugeot 8 0.05 147 Publicis 7 0.05 269 Renault 18 0.12 500 Rexel 5 0.03 368 Safran 17 0.11 599 Saint-Gobain 18 0.12 1,401 Sanofi 81 0.52 723 Schneider Electric 28 0.18 188 SCOR 5 0.03 982 Société Générale 31 0.20 100 Sodexo 7 0.05 300 Sodexo (Prime de Fidelite) 20 0.13 461 Suez Environnement 6 0.04 102 Technip 3 0.02 206 Thales 10 0.06 2,631 Total 80 0.52 106 Unibail-Rodamco 18 0.12 67 Valeo 7 0.05 430 Vallourec 3 0.02 396 Veolia Environnement 6 0.04 583 Vinci 25 0.16 1,397 Vivendi 20 0.13 40 Wendel Investissement 3 0.02 314 Zodiac Aerospace 5 0.03 1,225 7.93 35

Germany Equities 5.81% (2015-5.16%) 267 Adidas 18 0.12 560 Allianz (Regd.) 68 0.44 72 Axel Springer 3 0.02 1,182 BASF 62 0.40 1,038 Bayer (Regd.) 89 0.58 153 Beiersdorf 9 0.06 425 BMW 31 0.20 213 Brenntag 8 0.05 957 Commerzbank 7 0.05 123 Continental 20 0.13 1,189 Daimler (Regd.) 68 0.44 607 Deutsche Annington 13 0.08 1,829 Deutsche Bank 30 0.19 278 Deutsche Boerse 17 0.11 646 Deutsche Lufthansa 7 0.05 1,048 Deutsche Post 20 0.13 3,941 Deutsche Telekom 48 0.31 2,138 E.ON 14 0.09 130 Fraport 6 0.04 467 Fresenius 23 0.15 229 Fresenius Medical Care 13 0.08 193 GEA 5 0.03 78 Hannover Rueckversicherung (Regd.) 6 0.04 194 HeidelbergCement 11 0.07 97 Henkel 6 0.04 229 Henkel non-voting preference shares 17 0.11 81 Hugo Boss 5 0.03 736 Infineon Technologies 7 0.04 321 K & S 6 0.04 64 Kabel Deutschland 5 0.03 174 Lanxess 5 0.03 246 Linde 24 0.15 69 MAN 5 0.03 183 Merck 12 0.08 269 Metro 6 0.04 177 Muenchener Rueckversicherung 24 0.15 110 Osram Licht 3 0.02 221 Porsche non-voting preference shares 8 0.05 256 ProSiebenSat.1 Media 9 0.06 415 RWE 3 0.02 36

Germany Equities (continued) 1,127 SAP 61 0.39 971 Siemens (Regd.) 64 0.41 426 ThyssenKrupp 6 0.04 100 United Internet 4 0.03 64 Volkswagen 7 0.05 175 Volkswagen non-voting preference shares 17 0.11 900 5.81 Greece Equities 0.03% (2015-0.02%) 118 Alpha Bank 0 0.00 648 Hellenic Telecom 5 0.03 38 National Bank of Greece 0 0.00 5 0.03 Hungary Equities 0.08% (2015-0.08%) 191 MOL 6 0.04 324 OTP Bank 5 0.03 186 Richter Gedeon 2 0.01 13 0.08 Ireland Equities 0.49% (2015-0.34%) 32,197 Bank of Ireland 8 0.05 759 James Hardie 6 0.04 176 Kerry class 'A' shares 10 0.06 768 Medtronic 40 0.26 891 Weatherford 5 0.03 247 XL 7 0.05 76 0.49 Italy Equities 1.51% (2015-1.44%) 1,660 Assicurazioni Generali 21 0.13 431 Atlantia 8 0.05 584 Banco Popolare 5 0.03 380 Campari 2 0.01 7,210 Enel 21 0.13 2,099 Enel Green Power 3 0.02 3,205 Eni 33 0.21 177 EXOR 5 0.03 666 Finmeccancia 6 0.04 16,209 Intesa Sanpaolo 37 0.24 252 Luxottica 11 0.07 1,629 Mediaset 5 0.03 37

Italy Equities (continued) 531 Mediobanca 3 0.02 4,190 Parmalat Finanziaria 1 0 0.00 1,600 Prada 3 0.02 268 Prysmian 4 0.03 830 Saipem 5 0.03 1,701 Snam SpA 6 0.04 17,146 Telecom Italia 15 0.10 8,255 Telecom Italia preference shares 6 0.04 1,288 Terna 5 0.03 6,640 UniCredit 25 0.16 1,796 Unione di Banche Italiane 8 0.05 1,796 Unione Di Banche rights 12/1/2016 1 0 0.00 237 1.51 Luxembourg Equities 0.12% (2015-0.17%) 1,395 ArcelorMittal 4 0.03 286 SES Global FDR (each representing 1 class 'A' share) 5 0.03 1,000 Subsea 7 5 0.03 640 Tenaris 5 0.03 19 0.12 Netherlands Equities 1.29% (2015-1.28%) 1,676 Aegon 6 0.04 1,151 Ahold 16 0.10 169 Akzo Nobel 8 0.05 351 ASML 21 0.13 139 Boskalis Westminster 4 0.03 267 DSM 9 0.06 240 Fugro 3 0.02 128 Gemalto 5 0.03 241 Heineken 14 0.09 187 Heineken 10 0.06 4,857 ING 45 0.29 3,142 Koninklijke KPN 8 0.05 130 Koninklijke Vopak 4 0.03 1,084 Philips 19 0.12 115 Randstad 5 0.03 1,186 Steinhoff International 4 0.03 1,845 TNT Express 11 0.07 454 Wolters Kluwer 10 0.06 202 1.29 38

Norway Equities 0.30% (2015-0.38%) 672 DNB 6 0.04 385 Gjensidige Forsikring 4 0.03 2,622 Norsk Hydro 7 0.05 714 Orkla 4 0.03 615 Seadrill 1 0.01 1,002 Statoil 10 0.06 647 Telenor 7 0.05 172 Yara International 5 0.03 44 0.30 Poland Equities 0.23% (2015-0.28%) 192 Bank Pekao 5 0.03 318 KGHM Polska Miedz 3 0.02 2,600 Orange Polska 3 0.02 549 PKN Orlen 6 0.04 2,228 Polska Grupa Energetyczna 5 0.03 2,371 Polskie Gornictwo Naftowe 2 0.01 1,049 Powszechna Kasa Oszczednosci Bank Polski 5 0.03 1,190 Powszechny Zaklad Ubezpieczen 7 0.05 36 0.23 Portugal Equities 0.11% (2015-0.10%) 3,099 Banco Espirito Santo 1 0 0.00 2,283 EDP Energias 6 0.04 817 Galp Energia 6 0.04 520 Jeronimo Martins 5 0.03 17 0.11 Spain Equities 2.08% (2015-2.02%) 396 Abertis Infraestructuras 4 0.03 350 ACS Actividades 7 0.05 555 Amadeus IT 17 0.11 1,957 Banco Popular Espanol 4 0.03 2,874 Banco Sabadell 4 0.03 18,064 Banco Santander (Regd.) 61 0.39 899 Bankinter 4 0.03 7,659 BBVA 38 0.25 1,019 CaixaBank 2 0.01 1,002 Distribuidora 4 0.03 403 Enagas 8 0.05 215 Endesa 3 0.02 39

Spain Equities (continued) 773 Ferrovial 12 0.08 428 Gas Natural 6 0.04 333 Grifols 10 0.06 6,592 Iberdrola 32 0.21 1,420 Inditex 33 0.21 3,446 Mapfre 6 0.04 684 Mediaset Espana 5 0.03 37 Red Electrica 2 0.01 1,186 Repsol 1 0 0.00 1,186 Repsol rights 7/1/2016 9 0.06 5,723 Telefonica 43 0.28 527 Zardoya Otis 4 0.03 318 2.08 Sweden Equities 2.03% (2015-1.79%) 611 Alfa Laval 8 0.05 675 Assa Abloy 10 0.06 804 Atlas Copco series A shares 14 0.09 463 Atlas Copco series B shares 7 0.05 59 Autoliv 5 0.03 517 Boliden 6 0.04 508 Electrolux series 'B' shares 8 0.05 3,432 Ericsson series 'B' shares 23 0.15 361 Getinge 6 0.04 1,273 Hennes & Mauritz series 'B' shares 31 0.20 220 Hexagon series 'B' shares 6 0.04 721 Husqvarna series 'B' shares 3 0.02 374 Industrivarden series 'A' shares 5 0.03 315 Industrivarden series 'C' shares 4 0.03 589 Investor series 'B' shares 15 0.10 296 Kinnevik 6 0.04 621 Lundin Petroleum 6 0.04 4,191 Nordea Bank 31 0.20 1,884 Sandvik 11 0.07 542 Securitas series 'B' shares 6 0.04 1,648 Skandinaviska Enskilda Banken series 'A' shares 12 0.08 350 Skanska series 'B' shares 5 0.03 557 SKF series 'B' shares 6 0.04 686 Svenska Cellulosa series 'B' shares 13 0.08 1,911 Svenska Handelsbkn class 'A' shares 17 0.11 40

Sweden Equities (continued) 1,254 Swedbank series 'A' shares 19 0.12 353 Swedish Match 9 0.06 592 Tele2 series 'B' shares 4 0.03 947 TeliaSonera 3 0.02 519 TeliaSonera 2 0.01 2,048 Volvo series 'B' shares 13 0.08 314 2.03 Switzerland Equities 6.45% (2015-5.71%) 2,923 ABB (Regd.) 36 0.23 132 Actelion 12 0.08 202 Adecco 9 0.06 46 Baloise 4 0.03 629 Compagnie Financiere Richemont 31 0.20 2,538 Credit Suisse 37 0.24 18 EMS-Chemie 5 0.03 315 GAM 4 0.03 39 Geberit 9 0.06 9 Givaudan 11 0.07 359 Julius Baer (Regd.) 12 0.08 48 Kuehne + Nagel 5 0.03 521 LafargeHolcim 18 0.12 2 Lindt & Spruengli Participating Certificates 8 0.05 61 Lonza 7 0.05 4,134 Nestlé 209 1.35 2,793 Novartis 164 1.06 110 Pargesa 5 0.03 18 Partners 4 0.03 65 PSP Swiss Property 4 0.03 929 Roche 174 1.13 87 Schindler (Part Certified) 10 0.06 64 Schindler (Regd.) 7 0.05 7 SGS (Regd.) 9 0.06 3 Sika 7 0.05 110 Sonova 10 0.06 1,196 STMicroelectronics 5 0.03 31 Sulzer 2 0.01 32 Swatch class 'I' shares 8 0.05 94 Swatch class 'N' shares 4 0.03 27 Swiss Life 5 0.03 41

Switzerland Equities (continued) 366 Swiss Re 24 0.15 130 Swissair 1 0 0.00 13 Swisscom 4 0.03 109 Syngenta 29 0.19 265 TE Connectivity 12 0.08 4,202 UBS 56 0.36 196 Zurich Financial Services 34 0.22 994 6.45 Turkey Equities 0.29% (2015-0.23%) 3,151 Akbank 5 0.03 1,000 Anadolu Efes Biracilik ve Malt Sanayii 4 0.03 505 BIM Birlesik Magazalar 6 0.04 1,449 Haci Omer Sabanci 3 0.02 1,225 KOC 3 0.02 345 Tupras-Turkiye Petrol Rafinerileri 6 0.04 1,231 Turkcell Iletism Hizmetleri 3 0.02 3,342 Turkiye Garanti Bankasi 6 0.04 1,700 Turkiye Halk Bankasi 4 0.03 2,049 Turkiye Is Bankasi series class 'C' shares 2 0.01 1,664 Turkiye Valiflar Bankasi 1 0.01 43 0.29 ASIA PACIFIC (EXCLUDING JAPAN) - 9.19% (2015-8.82%) Australia Equities 2.69% (2015-2.60%) 2,594 Alumina 1 0.01 621 Amcor 4 0.03 3,007 AMP 9 0.06 910 APA 4 0.03 732 Asciano 3 0.02 2,419 Aurizon 5 0.03 2,136 Australia & New Zealand Banking 29 0.19 290 Australian Stock Exchange 6 0.04 264 Bank of Queensland 2 0.01 477 Bendigo & Adelaide Bank 3 0.02 49,080 BGP 1 0 0.00 1,630 BHP Billiton 14 0.09 548 Boral 2 0.01 1,697 Brambles 10 0.06 200 Caltex Australia 4 0.03 42

Australia Equities (continued) 845 Challenger Financial Services 4 0.03 612 Coca-Cola Amatil 3 0.02 130 Cochlear 6 0.04 1,177 Commonwealth Bank of Australia 50 0.32 568 Computershare 3 0.02 702 Crown 4 0.03 273 CSL 14 0.09 4,130 Fortescue Metals 4 0.03 1,766 Goodman 5 0.03 2,750 GPT 7 0.05 3,000 Gunns 1 0 0.00 1,194 Incitec Pivot 2 0.01 2,382 Insurance Australia 7 0.05 857 Lend Lease 6 0.04 151 Macquarie 6 0.04 3,916 Mirvac 4 0.03 2,025 National Australia Bank 30 0.19 713 Newcrest Mining 5 0.03 1,603 Oil Search 5 0.03 568 Orica 4 0.03 1,602 Origin Energy 4 0.03 1,122 QBE Insurance 7 0.05 193 Ramsay Health Care 6 0.04 1,499 Santos 3 0.02 4,787 Scentre 10 0.06 608 Sonic Healthcare 5 0.03 3,292 South32 2 0.01 2,382 Stockland Trust 5 0.03 1,249 Suncorp 8 0.05 792 Sydney Airport 2 0.01 2,105 Tattersall's 5 0.03 2,263 Telstra 6 0.04 1,808 Transurban 9 0.06 791 Wesfarmers 16 0.10 817 Westfield 4 0.03 2,371 Westpac Banking 39 0.25 480 Woodside Petroleum 7 0.05 721 Woolworths 9 0.06 412 2.69 43

China Equities 0.10% (2015-0.10%) 500 AAC Technologies 2 0.01 4,000 China Mengniu Dairy 4 0.03 3,000 Tingyi 3 0.02 11,000 Want Want China 6 0.04 15 0.10 Hong Kong Equities 1.55% (2015-1.55%) 10,000 AIA 41 0.26 1,964 Bank of East Asia 5 0.03 2,000 BOC Hong Kong 4 0.03 14,000 Chaoda Modern Agriculture 0 0.00 1,000 Cheung Kong Infrastructure 6 0.04 2,437 Cheung Kong Property 11 0.07 2,437 CK Hutchison 22 0.14 1,000 CLP 6 0.04 3,000 Galaxy Entertainment 6 0.04 3,000 Hang Lung Properties 5 0.03 500 Hang Seng Bank 6 0.04 1,574 Henderson Land Development 7 0.05 4,705 Hong Kong & China Gas 6 0.04 600 Hong Kong Exchanges & Clearing 10 0.06 1,166 Hong Kong Land 6 0.04 450 Hopewell Highway 0 0.00 1,000 Hopewell s 2 0.01 200 Jardine Matheson 7 0.05 200 Jardine Strategic 4 0.03 10,600 Li & Fung 5 0.03 1,500 Link Real Estate Investment Trust 6 0.04 2,000 MTR 7 0.05 7,224 New World Development 5 0.03 6,545 Noble 1 0.01 1,013 Power Assets 6 0.04 2,800 Sands China 6 0.04 4,609 Sino Land 5 0.03 5,000 SJM 2 0.01 2,000 Sun Hung Kai Properties 16 0.10 500 Swire Pacific 4 0.03 2,900 Swire Properties 6 0.04 2,000 Techtronic Industries 6 0.04 44

Hong Kong Equities (continued) 1,682 Wharf 6 0.04 1,000 Wheelock 3 0.02 238 1.55 Malaysia Equities 0.49% (2015-0.41%) 2,200 AMMB 2 0.01 5,700 Axiata 6 0.04 7,000 CIMB 5 0.03 7,000 Digi.com 6 0.04 3,400 Genting Berhad 4 0.03 3,900 Genting Malaysia 3 0.02 4,300 IHH Healthcare 4 0.03 6,200 IOI Berhad 4 0.03 600 Kuala Lumpur Kepong 2 0.01 5,500 Malayan Banking Berhad 7 0.05 5,400 Maxis 6 0.04 4,600 Petronas Chemicals 5 0.03 1,000 Petronas Gas 4 0.03 2,580 Public Bank 7 0.05 4,300 Sime Darby 5 0.03 1,400 Tenaga Nasional 3 0.02 73 0.49 New Zealand Equities 0.05% (2015-0.02%) 805 Fletcher Building 3 0.02 2,754 Spark New Zealand 4 0.03 7 0.05 Singapore Equities 0.81% (2015-0.77%) 5,000 Ascendas Real Estate Investment Trust 5 0.03 187 Ascendas Rights 1 0 0.00 119 Avago Technologies 12 0.08 3,450 CapitaLand 5 0.03 6,100 CapitaMall Trust 6 0.04 1,380 City Developments 5 0.03 4,000 ComfortDelGro 6 0.04 1,205 DBS 10 0.06 14,000 Genting Singapore 5 0.03 5,500 Global Logistic Properties 6 0.04 6,000 Hutchison Port 2 0.01 185 Jardine Cycle & Carriage 3 0.02 45

Singapore Equities (continued) 1,800 Keppel 6 0.04 2,260 Oversea-Chinese Banking 9 0.06 2,807 SembCorp Industries 4 0.03 1,070 Singapore Airlines 6 0.04 1,000 Singapore Exchange 4 0.03 2,614 Singapore Press 5 0.03 3,000 Singapore Technologies Engineering 4 0.03 5,920 Singapore Telecommunications 10 0.06 700 United Overseas Bank 7 0.05 3,000 Wilmar International 4 0.03 124 0.81 South Korea Equities 1.65% (2015-1.61%) 24 Amorepacific 6 0.04 73 BNK Financial rights 22/1/2016 0 0.00 338 BS Financial 2 0.01 45 Cheil Industries 4 0.03 102 Coway 5 0.03 48 E-Mart 5 0.03 300 Hana Financial 4 0.03 85 Hankook Tire 2 0.01 228 Hyundai Engineering & Construction 4 0.03 82 Hyundai Heavy Industries 4 0.03 64 Hyundai Mobis 9 0.06 104 Hyundai Motor 9 0.06 86 Hyundai Steel 2 0.01 24 Hyundai Wai 2 0.01 600 Industrial Bank of Korea 4 0.03 168 Kangwon Land 4 0.03 416 KB Financial 8 0.05 9 KCC 2 0.01 197 Kia Motors 6 0.04 250 Korea Electric Power 7 0.05 11 Korea Zinc 3 0.02 65 KT 1 0.01 84 KT&G 5 0.03 137 LG 6 0.04 32 LG Chemical 6 0.04 362 LG Display 5 0.03 46

South Korea Equities (continued) 163 LG Electronics 5 0.03 11 LG Household & Health Care 7 0.05 40 Lotte Shopping 5 0.03 27 NAVER 10 0.06 52 Posco 5 0.03 81 Samsung Electronics 59 0.38 22 Samsung Fire & Marine 4 0.03 278 Samsung Heavy Industries 2 0.01 69 Samsung Life 4 0.03 85 Samsung SDI 6 0.04 432 Shinhan Financial 10 0.06 23 SK C&C 3 0.02 65 SK Energy 5 0.03 398 SK Hynix 7 0.05 20 SK Telecom 2 0.01 914 Woori Bank 5 0.03 254 1.65 Taiwan Equities 1.79% (2015-1.71%) 7,331 Advanced Semiconductor 6 0.04 929 ASUSTeK Computer 5 0.03 12,995 AU Optronics 3 0.02 1,006 Catcher Technology 6 0.04 5,020 Cathay Financial 5 0.03 2,865 Cheng Shin Rubber 3 0.02 32,495 China Development Financial 6 0.04 13,011 China Steel 5 0.03 2,968 Chunghwa Telecom 6 0.04 6,558 Compal Electronics 2 0.01 21,843 CTBC Financial 8 0.05 2,609 Delta Electronics 8 0.05 14,037 E.Sun Financial 6 0.04 9,668 Far Eastern New Century 5 0.03 17,259 First Financial 5 0.03 5,387 Formosa Chemical & Fibre 8 0.05 1,894 Formosa Petrochemical 3 0.02 4,325 Formosa Plastic 7 0.05 1,027 Foxconn Technology 1 0.01 7,572 Fubon Financial 7 0.05 47

Taiwan Equities (continued) 10,190 Hon Hai Precision 17 0.11 1,000 Hotai Motor 8 0.05 955 HTC 2 0.01 16,328 Hua Nan Financial 5 0.03 9,259 Innolux Display 2 0.01 5,000 Inotera Memories 3 0.02 171 Largan Precision 8 0.05 3,693 Lite-On Technology 2 0.01 1,258 MediaTek 6 0.04 12,621 Mega Financial 6 0.04 6,525 Nan Ya Plastic 8 0.05 1,051 President Chain Store 4 0.03 4,965 Quanta Computer 5 0.03 5,286 Siliconware Precision 6 0.04 19,670 SinoPac Financial 4 0.03 13,212 Taishin Financial 3 0.02 2,328 Taiwan Cellular 5 0.03 7,189 Taiwan Cement 4 0.03 18,452 Taiwan Semiconductor Manufacturing 54 0.35 19,003 Taiwanoperative Financial 5 0.03 5,896 Uni-President Enterprises 7 0.05 18,909 United Micro Electronics 5 0.03 2,447 Ya Hsin Industrial 1 0 0.00 12,120 Yuanta Financial 3 0.02 277 1.79 Thailand Equities 0.06% (2015-0.05%) 1,800 Kasikornbank 5 0.03 500 Siam Cement 4 0.03 5 U City 0 0.00 9 0.06 JAPAN 9.75% (2015-9.84%) Japan Equities 9.75% (2015-9.84%) 300 Aeon 3 0.02 100 Aisin Seiki 3 0.02 1,000 Ajinomoto 16 0.10 300 Amada 2 0.01 200 Asahi Breweries 4 0.03 1,000 Asahi Glass 4 0.03 48

Japan Equities (continued) 1,000 Asahi Kasei 5 0.03 900 Astellas Pharmaceuticals 9 0.06 1,000 Bank of Kyoto 6 0.04 1,000 Bank of Yokohama 4 0.03 500 Bridgestone 12 0.08 400 Brother Industries 3 0.02 700 Canon 15 0.10 400 Casio Computer 6 0.04 200 Central Japan Railway 24 0.15 1,000 Chiba Bank 5 0.03 600 Chubu Electric Power 6 0.04 200 Chugai Pharmaceutical 5 0.03 300 Chugoku Electric Power 3 0.02 200 Credit Saison 3 0.02 1,000 Dai Nippon Printing 7 0.05 300 Daicel Chemical 3 0.02 300 Dai-ichi Life 3 0.02 400 Dai-ichi Sankyo 6 0.04 100 Daikin 5 0.03 100 Daito Trust Construction 8 0.05 500 Daiwa House 10 0.06 2,000 Daiwa Securities 8 0.05 200 Denso 7 0.05 200 Dentsu 8 0.05 200 East Japan Railway 13 0.08 200 Eisai 9 0.06 200 Electric Power Development 5 0.03 200 Fanuc 24 0.15 100 Fast Retailing 24 0.15 1,000 Fuji Electric 3 0.02 400 Fuji Heavy Industries 11 0.07 200 Fujifilm 6 0.04 2,000 Fujitsu 7 0.05 1,000 Fukuoka Financial 3 0.02 1,000 Hachijuni Bank 4 0.03 1,000 Hankyu 4 0.03 400 Hino Motors 3 0.02 100 Hirose Electric 8 0.05 100 Hisamitsu Pharmaceutical 3 0.02 49

Japan Equities (continued) 3,000 Hitachi 12 0.08 1,300 Honda Motor 29 0.19 400 Hoya 11 0.07 2,000 IHI 4 0.03 800 Inpex 5 0.03 500 Isetan Mitsukoshi 4 0.03 500 Isuzu Motors 4 0.03 300 Itochu 2 0.01 200 Iyo Bank 1 0.01 500 J Front Retailing 5 0.03 700 Japan Tobacco 18 0.12 400 JFE 4 0.03 1,000 Joyo Bank 3 0.02 200 JSR 2 0.01 400 JTEKT 5 0.03 2,100 JX 6 0.04 600 Kansai Electric Power 5 0.03 200 Kansai Paint 2 0.01 400 Kao 14 0.09 2,000 Kawasaki Heavy Industries 5 0.03 1,200 KDDI 21 0.13 1,000 Keikyu 6 0.04 100 Keyence 38 0.25 2,000 Kintetsu 6 0.04 600 Kirin Brewery 6 0.04 5,000 Kobe Steel 4 0.03 200 Komatsu 2 0.01 800 Konica Minolta 6 0.04 1,000 Kubota 11 0.07 300 Kuraray 2 0.01 300 Kyocera 10 0.06 1,000 Kyowa Hakko Kogyo 11 0.07 600 Kyushu Electric Power 4 0.03 100 Lawson 6 0.04 400 LIXIL 6 0.04 100 Makita 4 0.03 2,200 Marubeni 8 0.05 400 Mazda Motor 6 0.04 100 Meiji s 6 0.04 50

Japan Equities (continued) 1,000 Minebea 6 0.04 500 Mitsubishi 6 0.04 1,500 Mitsubishi Chemical 7 0.05 1,000 Mitsubishi Electric 7 0.05 1,000 Mitsubishi Estate 14 0.09 2,000 Mitsubishi Heavy Industries 6 0.04 1,000 Mitsubishi Materials 2 0.01 900 Mitsubishi Motors 5 0.03 9,600 Mitsubishi UFJ Financial 41 0.26 1,100 Mitsui 9 0.06 1,000 Mitsui Fudosan 17 0.11 1,000 Mitsui OSK Lines 2 0.01 14,600 Mizuho Financial 20 0.13 400 MS&AD Insurance 8 0.05 200 Murata Manufacturing 20 0.13 1,000 Nagoya Railroad 3 0.02 3,000 NEC 7 0.05 1,000 NGK Insulators 16 0.10 100 Nidec 5 0.03 400 Nikon 4 0.03 100 Nintendo 9 0.06 1,000 Nippon Express 3 0.02 700 Nippon Steel & Sumitomo Metal 10 0.06 400 Nippon Telegraph & Telephone 11 0.07 3,000 Nippon Yusen KK 5 0.03 2,200 Nissan Motor 16 0.10 100 Nissin Food Products 4 0.03 100 Nitto Denko 5 0.03 300 NKSJ 7 0.05 600 Nomura 2 0.01 100 Nomura Research Institute 3 0.02 100 NTT Data 3 0.02 500 NTT DoCoMo 7 0.05 1,000 Obayashi 6 0.04 1,000 Odakyu Electric Railway 7 0.05 1,500 Oji 4 0.03 200 Olympus 5 0.03 200 Omron 5 0.03 100 Ono Pharmaceutical 12 0.08 51

Japan Equities (continued) 200 Oriental Land 8 0.05 200 Orix 2 0.01 2,000 Osaka Gas 5 0.03 300 Otsuka 7 0.05 1,700 Panasonic 12 0.08 1,900 Resona 6 0.04 600 Ricoh 4 0.03 100 Rinnai 6 0.04 100 ROHM 3 0.02 200 Secom 9 0.06 600 Sega Sammy 4 0.03 300 Seibu 4 0.03 300 Seiko Epson 3 0.02 700 Sekisui House 8 0.05 600 Seven & I 19 0.12 10 SFCG1 0 0.00 2,000 Sharp 1 0.01 100 Shimano 11 0.07 1,000 Shimizu 6 0.04 200 Shin-Etsu Chemical 7 0.05 2,000 Shinsei Bank 3 0.02 200 Shionogi 6 0.04 200 Shiseido 3 0.02 1,000 Shizuoka Bank 7 0.05 100 SMC 18 0.12 600 Softbank 21 0.13 900 Sony 15 0.10 400 Stanley Electric 6 0.04 500 Sumitomo 3 0.02 1,000 Sumitomo Chemical 4 0.03 700 Sumitomo Electric 7 0.05 1,000 Sumitomo Heavy Industries 3 0.02 1,000 Sumitomo Metal Mining 8 0.05 900 Sumitomo Mitsui Financial 23 0.15 3,000 Sumitomo Mitsui Trust 8 0.05 1,000 Sumitomo Realty & Development 20 0.13 300 Suzuki Motor 6 0.04 500 T&D 5 0.03 1,000 Taiheiyo Cement 2 0.01 52

Japan Equities (continued) 1,000 Taisei 4 0.03 100 Taisho Pharmaceutical 5 0.03 600 Takeda Pharmaceutical 21 0.13 100 TDK 4 0.03 200 Terumo 4 0.03 300 THK 4 0.03 1,000 Tobu Railway 3 0.02 1,000 Toho Gas 4 0.03 400 Tohoku Electric Power 3 0.02 400 Tokio Marine 11 0.07 1,200 Tokyo Electric Power 5 0.03 200 Tokyo Electron 8 0.05 1,000 Tokyo Gas 3 0.02 500 Tokyo Tatemono 4 0.03 1,000 Tokyu 5 0.03 1,000 Toppan Printing 6 0.04 2,000 Toray 13 0.08 2,000 Toshiba 3 0.02 100 Toto 2 0.01 200 Toyota Industries 7 0.05 1,700 Toyota Motor 72 0.47 300 Toyota Tsusho 5 0.03 100 Trend Micro 3 0.02 300 Uni-Charm 4 0.03 300 USS 3 0.02 200 West Japan Railway 9 0.06 1,800 Yahoo Japan 5 0.03 100 Yakult Honsha 3 0.02 400 Yamaha Motor 6 0.04 300 Yamato 4 0.03 300 Yaskawa Electric 3 0.02 200 Yokogawa Electric 2 0.01 1,494 9.75 MIDDLE EAST 0.25% (2015-0.25%) Israel Equities 0.25% (2015-0.25%) 1,395 Bank Hapoalim 5 0.03 910 Bank Leumi Le-Israel 2 0.01 53

Israel Equities (continued) 86 Check Point Software Technologies 5 0.03 641 Teva Pharmaceuitcal Industries 28 0.18 40 0.25 NORTH AMERICA 47.26% (2015-49.07%) Canada Equities 2.28% (2015-2.63%) 1,500 360Networks 1 0 0.00 320 Agnico Eagle Mines 6 0.04 87 Agrium 5 0.03 189 Alimentation Couche-Tard class 'B' shares 6 0.04 558 ARC Resources 5 0.03 162 Bank of Montreal 6 0.04 660 Bank of Nova Scotia 18 0.12 1,040 Barrick Gold 5 0.03 145 BCE 4 0.03 498 BlackBerry 3 0.02 3,400 Bombardier class 'B' shares 2 0.01 464 Brookfield Asset Management class 'A' shares 10 0.06 221 Cameco 2 0.01 198 Canadian Imperial Bank of Commerce 9 0.06 234 Canadian National Railway 9 0.06 431 Canadian Natural Resources 6 0.04 978 Canadian Oil Sands 4 0.03 110 Canadian Pacific Railway 10 0.06 98 Canadian Tire class 'A' shares 6 0.04 231 Canadian Utilities class 'A' shares 4 0.03 757 Cenovus Energy 7 0.05 228 CGI class 'A' shares 6 0.04 128 CI Financial 2 0.01 580 Crescent Point Energy 5 0.03 1,000 Eldorado Gold 2 0.01 287 Enbridge 6 0.04 1,036 Encana 4 0.03 18 Fairfax Financial 6 0.04 94 Finning International 1 0.01 939 First Quantum Minerals 2 0.01 191 Fortis 4 0.03 758 Goldcorp 6 0.04 374 Great-West Lifeco 6 0.04 54

Canada Equities (continued) 11 Great-West Lifeco Preference Shares 0 0.00 390 Husky Energy 3 0.02 200 IGM Financial 3 0.02 142 Imperial Oil 3 0.02 119 Intact Financial 5 0.03 160 Loblaw 5 0.03 218 Magna International class 'A' shares 6 0.04 854 Manulife Financial 9 0.06 300 MEG Energy 1 0.01 179 National Bank of Canada 4 0.03 664 Nortel Networks 1 0 0.00 502 Potash Corp of Saskatchewan 6 0.04 380 Power Corp of Canada 5 0.03 249 Power Financial 4 0.03 125 Restaurant Brands International 3 0.02 199 Rogers Communications class 'B' shares 5 0.03 857 Royal Bank of Canada 31 0.20 322 Saputo 5 0.03 385 Shaw Communications class 'B' shares 4 0.03 600 Silver Wheaton 5 0.03 265 SNC-Lavalin 5 0.03 293 Sun Life Financial 6 0.04 401 Suncor Energy 7 0.05 940 Teck Resources class 'B' shares 2 0.01 500 Telus 9 0.06 1,000 Toronto-Dominion Bank 27 0.17 316 TransCanada 7 0.05 1,800 Yamana Gold 2 0.01 349 2.28 United States of America Equities 44.98% (2015-46.44%) 326 3M 33 0.21 826 Abbott Laboratories 25 0.16 1,025 AbbVie 41 0.26 341 Accenture 24 0.15 184 ACE 15 0.10 422 Activision Blizzard 11 0.07 279 Adobe Systems 18 0.12 161 ADT 4 0.03 902 AES 6 0.04 55

United States of America Equities (continued) 194 Aetna 14 0.09 233 Aflac 9 0.06 181 Agilent Technologies 5 0.03 672 AIG 28 0.18 146 AIG Warrants 19/1/2021 2 0.01 121 Air Products & Chemicals 11 0.07 52 Airgas 5 0.03 112 Akamai Technologies 4 0.03 813 Alcoa 5 0.03 68 Alexion Pharmaceuticals 9 0.06 16 Alleghany 5 0.03 210 Allegheny Technologies 2 0.01 53 Allegion 2 0.01 202 Allergan 43 0.28 51 Alliance Data Systems 10 0.06 89 Alliant Energy 4 0.03 311 Allstate 13 0.08 159 Alphabet class 'A' shares 84 0.54 144 Alphabet class 'C' shares 74 0.48 1,003 Altria 40 0.26 190 Amazon 87 0.56 156 Amdocs 6 0.04 29,764 Amer International Warrants 1 0 0.00 195 Ameren 6 0.04 239 American Electric Power 9 0.06 548 American Express 26 0.17 201 American Tower class 'A' shares 13 0.08 152 American Water Works 6 0.04 147 Ameriprise Financial 11 0.07 141 AmerisourceBergen 10 0.06 172 AMETEK 6 0.04 375 Amgen 41 0.26 202 Amphenol class 'A' shares 7 0.05 212 Anadarko Petroleum 7 0.05 178 Analog Devices 7 0.05 534 Annaly Capital Management 3 0.02 170 Anthem 16 0.10 212 Aon class A shares 13 0.08 234 Apache 7 0.05 2,985 Apple 213 1.38 56

United States of America Equities (continued) 728 Applied Materials 9 0.06 467 Archer Daniels Midland 12 0.08 126 Arrow Electronics 5 0.03 200 Arthur J Gallagher 6 0.04 79 Ashland 6 0.04 68 Assurant 4 0.03 3,114 AT&T 73 0.47 156 Auto Data Processing 9 0.06 146 Autodesk 6 0.04 21 AutoZone 11 0.07 60 Avalonbay Communities 7 0.05 81 Avery Dennison 3 0.02 75 Avnet 2 0.01 892 Avon 2 0.01 96 Axis Capital 4 0.03 276 Baker Hughes 9 0.06 102 Ball 5 0.03 5,150 Bank of America 59 0.38 369 Bank of New York Mellon 10 0.06 159 Baxalta 4 0.03 165 Baxter International 4 0.03 565 BB&T 15 0.10 118 Becton Dickinson 12 0.08 118 Bed Bath & Beyond 4 0.03 1,037 Berkshire Hathaway convertible class 'B' shares 93 0.60 298 Best Buy 6 0.04 112 Biogen Idec 23 0.15 42 BlackRock 10 0.06 304 Boeing 30 0.19 206 BorgWarner 6 0.04 75 Boston Properties 7 0.05 681 Boston Scientific 9 0.06 830 Bristol-Myers Squibb 39 0.25 256 Broadcom class 'A' shares 10 0.06 105 Broadridge Financial Solutions 4 0.03 88 Brown-Forman class 'B' shares 6 0.04 172 Bunge 8 0.05 294 CA 6 0.04 378 Cabot Oil & Gas 5 0.03 379 California Resources 1 0.01 57

United States of America Equities (continued) 352 Calpine 3 0.02 125 Cameron International 5 0.03 161 Campbell Soup 6 0.04 258 Capital One 13 0.08 183 Cardinal Health 11 0.07 56 Care Capital Properties 1 0.01 112 CarMax 4 0.03 274 Carnival 10 0.06 193 Caterpillar 9 0.06 157 CBRE class 'A' shares 4 0.03 245 CBS class 'B' shares 8 0.05 85 Celanese 4 0.03 333 Celgene 27 0.17 572 CenterPoint Energy 7 0.05 440 CenturyLink 8 0.05 164 Cerner 7 0.05 148 CF Industries 4 0.03 132 CH Robinson Worldwide 6 0.04 546 Charles Schwab 12 0.08 53 Chartermmunications 7 0.05 107 Chemours 0 0.00 1,058 Chesapeake Energy 3 0.02 968 Chevron 59 0.38 18 Chipotle Mexican Grill 6 0.04 168 Chubb 15 0.10 74 Church & Dwight 4 0.03 144 Cigna 14 0.09 102 Cimarex Energy 6 0.04 127 Cincinnati Financial 5 0.03 73 Cintas 5 0.03 2,366 Cisco Systems 44 0.28 113 CIT 3 0.02 1,579 Citigroup 55 0.36 144 Citrix Systems 7 0.05 63 Clorox 5 0.03 226 CME 14 0.09 274 Coach 6 0.04 2,297 Coca-Cola 67 0.43 157 Coca-Cola Enterprises 5 0.03 436 Cognizant Technology 18 0.12 58

United States of America Equities (continued) 498 Colgate-Palmolive 23 0.15 272 Columbia Pipeline 4 0.03 1,263 Comcast class 'A' shares 48 0.31 207 Comerica 6 0.04 142 Communications Sales & Leasing 2 0.01 131 Computer Sciences 3 0.02 264 ConAgra Foods 8 0.05 65 Concho Resources 4 0.03 559 ConocoPhillips 18 0.12 493 CONSOL Energy 3 0.02 140 Consolidated Edison 6 0.04 73 Constellation Brands class 'A' shares 7 0.05 120 Continental Resources 2 0.01 983 Corning 12 0.08 238 Costco Wholesale 26 0.17 50 CR Bard 6 0.04 170 Cree 3 0.02 185 Crown Castle International 11 0.07 131 CSRA 3 0.02 624 CSX 11 0.07 113 Cummins 7 0.05 539 CVS Health 36 0.23 335 Danaher 21 0.13 176 Darden Restaurants 8 0.05 119 DaVita 6 0.04 224 Deere 12 0.08 620 Denbury Resources 1 0.01 158 Dentsply International 7 0.05 250 Devon Energy 5 0.03 115 Digital Realty Trust 6 0.04 275 Discover Financial Services 10 0.06 282 Discovery Communications class 'A' shares 5 0.03 282 Discovery Communications class 'C' shares 5 0.03 126 DISH Network class 'A' shares 5 0.03 887 Disney 63 0.41 182 Dollar General 9 0.06 121 Dollar Tree 6 0.04 268 Dominion Resources 12 0.08 87 Dover 4 0.03 553 Dow Chemical 19 0.12 59

United States of America Equities (continued) 184 DR Horton 4 0.03 98 Dr Pepper Snapple 6 0.04 89 DTE Energy 5 0.03 507 Du Pont de Nemours 23 0.15 393 Duke Energy 19 0.12 300 Duke Realty 4 0.03 47 Dun & Bradstreet 3 0.02 83 Eastman Chemical 4 0.03 296 Eaton 10 0.06 542 ebay 10 0.06 130 Ecolab 10 0.06 100 Edgewell Personal Care 5 0.03 159 Edison International 6 0.04 122 Edwards Lifesciences 7 0.05 167 Electronic Arts 8 0.05 530 Eli Lilly 30 0.19 1,081 EMC 19 0.12 238 Emerson Electric 8 0.05 100 Energizer 2 0.01 120 Entergy 6 0.04 304 EOG Resources 15 0.10 164 EQT 6 0.04 90 Equifax 7 0.05 214 Equity Residential 12 0.08 146 Estee Lauder class 'A' shares 9 0.06 56 Everest Re 7 0.05 287 Eversource Energy 10 0.06 672 Exelon 13 0.08 71 Expedia 6 0.04 104 Expeditors International of Washington 3 0.02 328 Express Scripts 19 0.12 2,280 Exxon Mobil 121 0.78 72 F5 Networks 5 0.03 1,182 Facebook 84 0.54 183 Fastenal 5 0.03 54 Federal Realty Investment Trust 5 0.03 135 FedEx 14 0.09 202 Fidelity National Information Services 8 0.05 451 Fifth Third Bancorp 6 0.04 7,968 First Horizon 1 0 0.00 60

United States of America Equities (continued) 140 First Solar 6 0.04 214 FirstEnergy 5 0.03 143 Fiserv 9 0.06 572 Flextronics International 4 0.03 201 Flowserve 6 0.04 149 Fluor 5 0.03 126 FMC Technologies 2 0.01 137 Foot Locker 6 0.04 1,848 Ford Motor 18 0.12 87 Fortune Brands Home & Security 3 0.02 46 Fossil 1 0.01 58 Four Corners Property Trust 1 0.01 362 Franklin Resources 9 0.06 541 Freeport McMoRan class 'B' shares 2 0.01 904 Frontier Communications 3 0.02 103 GameStop 2 0.01 210 Gannett 2 0.01 258 Gap 4 0.03 108 Garmin 3 0.02 174 General Dynamics 16 0.10 5,610 General Electric 118 0.76 223 General Growth Properties 4 0.03 289 General Mills 11 0.07 591 General Motors 14 0.09 400 Gentex 4 0.03 91 Genuine Parts 5 0.03 790 Genworth Financial class 'A' shares 2 0.01 728 Gilead Sciences 50 0.32 194 Goldman Sachs 24 0.15 267 H&R Block 6 0.04 504 Halliburton 12 0.08 41 Halyard Health 1 0.01 236 Harley-Davidson 7 0.05 71 Harman International 5 0.03 67 Harris 4 0.03 275 Hartford Financial Services 8 0.05 135 Hasbro 6 0.04 221 HCA 10 0.06 226 HCP 6 0.04 43 Henry Schein 5 0.03 61

United States of America Equities (continued) 72 Herbalife 3 0.02 82 Hershey Foods 5 0.03 143 Hess 5 0.03 673 Hewlett Packard Enterprise 7 0.05 104 Hollyfrontier 3 0.02 622 Home Depot 56 0.36 374 Honeywell International 26 0.17 128 Hormel Foods 7 0.05 130 Hospitality Properties 2 0.01 768 Host Hotels & Resorts 8 0.05 673 HP 5 0.03 75 Humana 9 0.06 812 Huntington Bancshares 6 0.04 88 IAC 4 0.03 497 IBM 46 0.30 230 Illinois Tool Works 14 0.09 65 Illumina 8 0.05 168 Ingersoll-Rand 6 0.04 2,433 Intel 57 0.37 62 Intercontinental Exchange 11 0.07 73 International Flavors & Fragrances 6 0.04 389 International Paper 10 0.06 376 Interpublic 6 0.04 182 Intuit 12 0.08 27 Intuitive Surgical 10 0.06 393 Invesco 9 0.06 169 Iron Mountain 3 0.02 69 Jacobs Engineering 2 0.01 110 JB Hunt Transport Services 5 0.03 57 JM Smucker 5 0.03 1,513 Johnson & Johnson 105 0.68 436 Johnson Controls 12 0.08 180 Joy Global 2 0.01 2,062 JP Morgan Chase 92 0.59 346 Juniper Networks 6 0.04 82 Kansas City Southern 4 0.03 175 Kellogg 9 0.06 159 Keurig Green Mountain 10 0.06 670 KeyCorp 6 0.04 143 Kimberly-Clark 12 0.08 62

United States of America Equities (continued) 227 Kimco Realty 4 0.03 1,145 Kinder Morgan 12 0.08 87 KLA-Tencor 4 0.03 173 Kohl's 6 0.04 305 Kraft Heinz 15 0.10 668 Kroger 19 0.12 120 L Brands 8 0.05 68 L-3 Communications 6 0.04 75 Laboratory Corporation of America 6 0.04 102 Lam Research 5 0.03 227 Las Vegas Sands 7 0.05 103 Legg Mason 3 0.02 189 Leggett & Platt 5 0.03 145 Lennar class 'A' shares 5 0.03 340 Leucadia National 4 0.03 86 Liberty Global class 'A' shares 2 0.01 362 Liberty Global class 'B' shares 10 0.06 103 Liberty Media 3 0.02 159 Liberty Media Liberty Capital 4 0.03 240 Liberty Property Trust 5 0.03 233 Lincoln National 8 0.05 131 Linear Technology 4 0.03 64 LinkedIn class 'A' shares 10 0.06 150 Lockheed Martin 22 0.14 297 Loews 8 0.05 509 Lowe's 26 0.17 70 Lululemon Athletica 2 0.01 214 Lyondellbasell Industries class 'A' shares 13 0.08 83 M&T Bank 7 0.05 139 Macerich 8 0.05 263 Macy's 6 0.04 76 Manpower 4 0.03 367 Marathon Oil 3 0.02 287 Marathon Petroleum 10 0.06 8 Markel 5 0.03 43,474 Marriot 1 0 0.00 117 Marriott International class 'A' shares 5 0.03 261 Marsh & McLennan 10 0.06 820 Marvell Technology 5 0.03 226 Masco 4 0.03 63

United States of America Equities (continued) 559 MasterCard class 'A' shares 37 0.24 178 Mattel 3 0.02 161 Maxim Integrated Products 4 0.03 104 McCormick 6 0.04 507 McDonald's 41 0.26 134 McGraw Hill Financial 9 0.06 132 McKesson 18 0.12 330 MDU Resources 4 0.03 113 Mead Johnson 6 0.04 1,410 Merck 51 0.33 502 MetLife 16 0.10 388 MGM Resorts International 6 0.04 231 Michael Kors 6 0.04 136 Microchip Technology 4 0.03 333 Micron Technology 3 0.02 3,920 Microsoft 147 0.95 42 Mohawk Industries 5 0.03 131 Molson Coors Brewing class 'B' shares 8 0.05 899 Mondelez International 27 0.17 178 Monsanto 12 0.08 53 Monster Beverage 5 0.03 98 Moody's 7 0.05 534 Morgan Stanley 12 0.08 373 Mosaic 7 0.05 104 Motorola Solutions 5 0.03 156 Murphy Oil 2 0.01 205 Mylan 8 0.05 580 Nabors Industries 3 0.02 299 National Oilwell Varco 7 0.05 603 Navient 5 0.03 95 NCR 2 0.01 347 NetApp 6 0.04 194 Netflix 15 0.10 263 New York Community Bancorp 3 0.02 153 Newell Rubbermaid 5 0.03 191 Newfield Exploration 4 0.03 460 Newmont Mining 6 0.04 209 News Corporation class 'A' shares 2 0.01 252 NextEra Energy 18 0.12 300 Nielsen 9 0.06 64

United States of America Equities (continued) 622 Nike class 'B' shares 26 0.17 272 Nisource 4 0.03 407 Noble 3 0.02 355 Noble Energy 8 0.05 124 Nordstrom 4 0.03 167 Norfolk Southern 10 0.06 185 Northern Trust 9 0.06 131 Northrop Grumman 17 0.11 490 NRG Energy 4 0.03 178 Nucor 5 0.03 327 Nvidia 7 0.05 4 NVR 4 0.03 424 Occidental Petroleum 19 0.12 178 Omnicom 9 0.06 288 ONEOK 5 0.03 1,694 Oracle 42 0.27 57 O'Reilly Automotive 10 0.06 10 OSH 1 Liquidating 1 0 0.00 380 Owens-Illinois 4 0.03 205 Paccar 7 0.05 95 Parker-Hannifin 6 0.04 65 PartnerRe 6 0.04 180 Paychex 6 0.04 539 PayPal 13 0.08 504 People's United Financial 6 0.04 295 Pepco 5 0.03 824 PepsiCo 56 0.36 100 Perrigo 10 0.06 3,473 Pfizer 76 0.49 314 PG&E 11 0.07 798 Philip Morris International 48 0.31 213 Phillips 66 12 0.08 85 Pinnacle West 4 0.03 118 Pioneer Natural Resources 10 0.06 197 Plum Creek Timber 6 0.04 287 PNC Financial Services 19 0.12 194 PPG Industries 13 0.08 349 PPL 8 0.05 151 Praxair 10 0.06 71 Precision Castparts 11 0.07 65

United States of America Equities (continued) 26 Priceline.com 22 0.14 241 Principal Financial 7 0.05 1,367 Procter & Gamble 74 0.48 333 Progressive 7 0.05 409 Prologis 12 0.08 146 Prudential Financial 8 0.05 273 Public Service Enterprise 7 0.05 101 Public Storage 17 0.11 97 PVH 5 0.03 340 QEP Resources 3 0.02 244 Qiagen 5 0.03 799 Qualcomm 27 0.17 80 Quest Diagnostics 4 0.03 71 Ralph Lauren class 'A' shares 5 0.03 258 Range Resources 4 0.03 204 Raytheon 17 0.11 144 Red Hat 8 0.05 120 Regency Centers 6 0.04 42 Regeneron Pharmaceuticals 15 0.10 639 Regions Financial 4 0.03 267 Republic Services 8 0.05 461 Reynolds American 14 0.09 2 RMR 0 0.00 111 Robert Half International 4 0.03 76 Rockwell Automation 5 0.03 77 Rockwell Collins 5 0.03 66 Roper Industries 8 0.05 206 Ross Stores 8 0.05 88 Royal Caribbean Cruises 6 0.04 30 Ryder System 1 0.01 285 Safeway Casa Ley 1 0 0.00 285 Safeway PDC 1 0 0.00 326 Salesforce.com 17 0.11 113 SanDisk 6 0.04 161 SCANA 7 0.05 587 Schlumberger 28 0.18 83 Scripps Networks Interactive 3 0.02 186 Seagate Technology 5 0.03 116 Sealed Air 4 0.03 115 SEI Investments 4 0.03 66

United States of America Equities (continued) 175 Sempra Energy 11 0.07 41 Sherwin-Williams 7 0.05 173 Simon Property 23 0.15 1,810 Sirius XM 5 0.03 202 Smurfit-Stone 1 0 0.00 507 Southern 16 0.10 215 Southern Copper 4 0.03 562 Southwestern Energy 3 0.02 553 Spectra Energy 9 0.06 443 Sprint 1 0.01 110 SPX 1 0.01 110 SPX FLOW 2 0.01 196 St Jude Medical 8 0.05 100 Stanley Black & Decker 7 0.05 475 Staples 3 0.02 787 Starbucks 32 0.21 121 Starwood Hotels and Resorts Worldwide 6 0.04 288 State Street 13 0.08 46 Stericycle 4 0.03 187 Stryker 12 0.08 334 SunTrust Banks 10 0.06 434 Symantec 6 0.04 141 Synopsys 4 0.03 325 Sysco 9 0.06 138 T Rowe Price 7 0.05 69 Talen Energy 0 0.00 226 Target 11 0.07 222 TD Ameritrade 5 0.03 123 Tegna 2 0.01 79 Teradata 1 0.01 77 Tesla Motors 13 0.08 416 Texas Instruments 15 0.10 145 Thermo Fisher Scientific 14 0.09 223 Thomson 6 0.04 82 Tiffany 4 0.03 390 Time Warner 17 0.11 121 Time Warner Cable 15 0.10 287 TJX 14 0.09 186 T-Mobile 5 0.03 200 Toll Brothers 5 0.03 67

United States of America Equities (continued) 36 TopBuild 1 0.01 129 Torchmark 5 0.03 124 Total System Services 4 0.03 477 Transocean 4 0.03 174 Travelers 13 0.08 95 TripAdvisor 5 0.03 682 Twenty-First Century class 'A' shares 13 0.08 433 Twenty-First Century class 'B' shares 8 0.05 199 Tyco International 4 0.03 176 Tyson Foods 6 0.04 437 Union Pacific 23 0.15 385 United Parcel Service class 'B' shares 25 0.16 230 United States Steel 1 0.01 413 United Technologies 27 0.17 478 UnitedHealth 38 0.25 73 Universal Health Services class 'B' shares 6 0.04 136 Unum 3 0.02 86 Urban Edge Properties 1 0.01 978 US Bancorp 28 0.18 151 Valeant Pharmaceuticals 10 0.06 271 Valero Energy 13 0.08 94 Varian Medical Systems 5 0.03 121 Ventas 5 0.03 90 VeriSign 5 0.03 82 Verisk Analytics 4 0.03 2,241 Verizon Communications 70 0.45 105 Vertex Pharmaceuticals 9 0.06 220 VF 9 0.06 231 Viacom New class 'B' non-voting shares 6 0.04 1,082 Visa 57 0.37 140 VMware 5 0.03 120 Vornado Realty Trust 8 0.05 64 Vulcan Materials 4 0.03 388 Walgreens Boots Alliance 22 0.14 744 Wal-Mart Stores 31 0.20 251 Waste Management 9 0.06 69 Waters 6 0.04 178 Wec Energy 6 0.04 2,874 Wells Fargo 106 0.69 68

United States of America Equities (continued) 116 Welltower 5 0.03 171 Western Digital 7 0.05 282 Western Union 3 0.02 163 WestRock 5 0.03 276 Weyerhaeuser 6 0.04 58 Whirlpool 6 0.04 294 Whole Foods 7 0.05 449 Williams 8 0.05 163 Willis 5 0.03 118 Windstream 1 0.01 370 WPX Energy 1 0.01 126 WR Berkley 5 0.03 42 WW Grainger 6 0.04 114 Wyndham Worldwide 6 0.04 134 Wynn Resorts 6 0.04 244 Xcel Energy 6 0.04 586 Xerox 4 0.03 185 Xilinx 6 0.04 191 Xylem 5 0.03 446 Yahoo! 10 0.06 241 Yum! Brands 12 0.08 117 Zimmer 8 0.05 200 Zions Bancorporation 4 0.03 254 Zoetis 8 0.05 6,936 44.98 SOUTH AMERICA 1.06% (2015-1.41%) Brazil Equities 0.66% (2015-0.86%) 3,060 AmBev 9 0.06 1,130 Banco Bradesco preference shares 4 0.03 1,330 Banco do Brasil 3 0.02 37 BCO Bradesco 0 0.00 2,610 BM&FBovespa 5 0.03 1,300 BR Malls Participacoes 2 0.01 800 BRF 8 0.05 1,360 CCR 3 0.02 1,346 CIA Energetica Minas Gerais preference shares 1 0.01 927 Cielo 5 0.03 413 Companhia Brasileira de Distribuicao Grupo Pao de Acucar preference shares 3 0.02 69

Brazil Equities (continued) 1,250 Empresa Brasileira de Aeronautica 6 0.04 1,930 Gerdau preference shares 2 0.01 2,575 Itau Unibanco preference shares 12 0.08 5,019 Itausa - Investimentos Itau preference shares 6 0.04 1,000 Lojas Renner 3 0.02 2,968 Petroleo Brasileiro 4 0.03 3,952 Petroleo Brasileiro preference shares 5 0.03 435 Telecomunicacoes preference shares 3 0.02 2,713 Tim Participacoes 3 0.02 410 Ultrapar Participacoes 4 0.03 2,180 Vale 5 0.03 2,188 Vale do Rio Doce class 'A' preference shares 4 0.03 100 0.66 Colombia Equities 0.00% (2015-0.00%) 500 Pacific Exploration and Production 0 0.00 Mexico Equities 0.40% (2015-0.55%) 3,530 Alfa series class 'A' shares 5 0.03 14,114 America Movil 7 0.05 14,554 Cemex 5 0.03 300 Coca-Cola Femsa 1 0.01 1,570 Fomento Economico Mexicano 10 0.06 1,420 Grupo Bimbo 3 0.02 1,520 Grupo Financiero Banorte 6 0.04 1,582 Grupo Financiero Inbursa 2 0.01 1,100 Grupo Financiero Santander Mexico 1 0.01 5,599 Grupo Mexico 8 0.05 2,350 Grupo Televisa 9 0.06 1,428 Hylsamex 1 0 0.00 3,300 Mexichem 5 0.03 705 Telesites 0 0.00 62 0.40 AFRICA 0.67% (2015-0.85%) South Africa Equities 0.67% (2015-0.85%) 3,270 African Bank Investments 1 0 0.00 757 AngloGold Ashanti 4 0.03 295 Aspen Pharmacare 4 0.03 70

South Africa Equities (continued) 638 Barclays Africa 4 0.03 242 Bidvest 3 0.02 2,144 FirstRand 4 0.03 2,280 Growthpoint Properties 2 0.01 1,238 Impala Platinum 1 0.01 706 Life Healthcare 1 0.01 278 Mr Price 2 0.01 1,379 MTN 8 0.05 279 Naspers class 'N' shares 26 0.17 224 Nedbank 2 0.01 2,359 Network Healthcare 3 0.02 332 Remgro 4 0.03 752 RMB 2 0.01 1,483 Sanlam 4 0.03 419 Sasol 8 0.05 516 Shoprite 3 0.02 1,408 Standard Bank 7 0.05 158 Tiger Brands 2 0.01 230 Vodacom 2 0.01 1,129 Woolworths 5 0.03 101 0.67 Investments assets 15,505 100.62 Net other liabilities (95) (0.62) Net assets 15,410 100.00 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 at 30 June 2015. 71

Statement of Total Return For the six months ended 31 December 2015 Income 2015 2015 2014 Net capital (losses) gains (49) 1,553 Revenue 201 297 Expenses (122) (157) Interest payable and similar charges (1) (3) Net revenue before taxation 78 137 Taxation (26) (38) Net revenue after taxation 52 99 Total return before distributions 3 1,652 2014 Distributions (81) (138) Change in net assets attributable to unitholders from investment activities (78) 1,514 Statement of Change in Attributable to Unitholders For the six months ended 31 December 2015 2015 2015 2014 Opening net assets attributable to unitholders 23,410 36,862 Amounts receivable on issue of units 352 213 Less: Amounts payable on redemption of units (8,283) (13,365) 2014 (7,931) (13,152) Change in net assets attributable to unitholders from investment activities (see Statement of Total Return above) (78) 1,514 Retained distributions on accumulation units 9 11 Closing net assets attributable to unitholders 15,410 25,235 Section 3.30 of the IMA SORP issued in May 2014 requires comparative figures for the above statement. For interim financial statements this will result in the closing comparative net assets not being equal to net assets at the start of the current period. 72

Balance Sheet 31 December 2015 31 December 2015 31 December 2015 30 June 2015 30 June 2015 Assets Fixed assets Investments 15,505 23,251 Current assets Debtors 31 32 Cash and bank balances 24 358 Total other assets 55 390 Total assets 15,560 23,641 Liabilities Creditors Bank overdrafts (64) 0 Distribution payable on income units (19) (134) Other creditors (67) (97) Total other liabilities (150) (231) Total liabilities (150) (231) Net assets attributable to unitholders 15,410 23,410 This report was approved for publication on 15 February 2016. Julian Filkins, Authorised Signatory Lynn Clark, Authorised Signatory for and on behalf of Allianz Global Investors GmbH, UK Branch 73

Chariguard Report and Financial Statements Statement of the Manager s responsibilities in relation to the Report & Financial Statements of the Scheme Under the Scheme set out by the Charity Commissioners the Manager is required to prepare financial statements for each financial period. These financial statements must be prepared in accordance with applicable United Kingdom generally accepted accounting practices to give a true and fair view of the financial affairs of the Fund at the period end and of the revenue and expenditure for the period. The financial statements are required by law to give a true and fair view of the state of affairs of each of the Chariguard Funds and of the incoming resources and application of resources for that period. In preparing these financial statements, generally accepted accounting practice requires the Manager to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards and the principles set out in the Statement of Recommended Practice for Authorised Funds have been followed, subject to any material departures disclosed and explained in the financial statements; state whether the financial statements comply with the Scheme Rules, subject to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Chariguard Funds will continue their activities. The Manager is required to act in accordance with the Scheme Rules of the Chariguard Funds, within the framework of trust law. The Manager is responsible for keeping proper accounting records, sufficient to disclose at any time, with reasonable accuracy, the financial position of the Chariguard Funds at that time, and to enable the Manager to ensure that, where any statements of accounts are prepared by it under section 132(1) of the Charities Act 2011, regulation 6 of The Charities (Accounts and Reports) Regulations 2008 and the Statement of Recommended Practice for Authorised Funds issued by The Investment Association in May 2014, those statements of accounts comply with the requirements of regulations under these provisions. The Manager has general responsibility for taking such steps as are reasonably open to it to safeguard the assets of the Chariguard Funds and to prevent and detect fraud and other irregularities. The Manager is responsible for the maintenance and integrity of the Chariguard financial and other information included on the Allianz Global Investors GmbH, UK branch website. 74

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 75

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