PROOF 4 INTERIM report ChariTrak Common Investment Fund 6 April 2014 to 12 October 2014
Contents Page Introduction 2 Trustee and Custodian 2 Corporate Governance 2 Common Investment Funds 3 Charity Trustees Investment Responsibilities 3 Investment Objective and Policy 4 Performance Table 6 Performance Record 7 Investment Report 9 Portfolio Statement 10 Summary of Material Portfolio Changes 28 Statement of Total Return 29 Statement of Change in Net Assets Attributable to Unitholders 29 Balance Sheet 30 Notes to Financial Statements 31 Distribution tables 32 General Information 33 Copies of Manager s Reports and Scheme Particulars are available on request. Tel: 0800 44 55 22 blackrock.co.uk 1 ChariTrak Common Investment Fund
Introduction ChariTrak Common Investment Fund (the Fund ), is constituted with a manager and an independent trustee under a scheme, which was established under section 24 of the Charities Act 1993 (the Scheme ). The Charities Act 1993 was superseded by the Charities Act 2011 on 14 March 2012. The Alternative Investment Fund Managers Regulations 2013 On 1 May 2014 BlackRock Fund Managers Limited (the Manager ) was authorised as an alternative investment fund manager by the Financial Conduct Authority of the United Kingdom ( FCA ) pursuant to the requirements of The Alternative Investment Fund Managers Regulations 2013 (the Regulations ). As such, the Manager is authorised to manage and market the Fund, which is an alternative investment fund, in accordance with the Regulations and the FCA handbook of rules and guidance. The Scheme Particulars and the governing document of the Fund were updated with effect from 1 May 2014 to address various requirements of the Regulations and associated laws. Trustee and Custodian The trustee of the Fund is BNY Mellon Trust & Depositary (UK) Limited (the Trustee ), a subsidiary of The Bank of New York Mellon Corporation. It is responsible for certain aspects of the management and administration of the Fund and its property (as further detailed in the Scheme). To the extent of its duties and powers, the Trustee is a charity trustee of the Fund within the meaning of the Charities Act 2011. The Trustee has delegated the function of the custodian of the property of the Fund to The Bank of New York Mellon (International) Limited. Corporate Governance The Manager is responsible for the management and administration of the Fund and its property (as further detailed in the Scheme) except to the extent that such responsibilities are those of the Trustee. The Manager has appointed BlackRock Advisors (UK) Limited, to provide discretionary investment management services to the Fund (the Investment Manager ). The Manager and Investment Manager meet quarterly to review the performance of the Fund and to discuss the investment policy and objectives. The Trustee attends these meetings at least annually and submits reports on a quarterly basis. 2
Introduction continued Common Investment Funds The Fund is a Common Investment Fund established and registered with the Charity Commission for England and Wales. Pursuant to the Charities Act 2011, charities established and registered in England and Wales, Scotland and Northern Ireland may invest in the Fund. Subject to any restrictions in the terms of a Common Investment Fund, or that may apply to an eligible charity, the trustees of any charity, large or small, may contribute the whole or any part of their investment property to it at any time. The Fund should not be regarded as a short term investment. Charity Trustees Investment Responsibilities The Charity Commission requires charities to invest their assets only in investments authorised under the governing document of their charity or the Trustee Act 2000 if applicable. Charities are also required to avoid speculation and to invest prudently in order to achieve both income and/or capital growth. Furthermore, charities are required to seek regular professional advice regarding their investments. 3 ChariTrak Common Investment Fund
Investment Objective and Policy The investment objective of the Fund is to provide tax-exempt charity investors in England, Wales, Scotland and Northern Ireland with returns (income and capital growth) of the UK equity market in line with a fixed benchmark, namely the FTSE All-Share Index (the Benchmark Index ). The Manager may invest the property of the Fund at its discretion in any kind of investment which it could make if it were absolutely entitled to the property of the Fund. The Fund aims to fully replicate the Benchmark Index, holding stocks in the same proportion as they appear in the Benchmark Index. However, the Fund may employ optimisation techniques in order to assist it in tracking its benchmark. The Fund will follow a risk-sensitive, index equity investment strategy, requiring it to hold a broadly diversified range of stocks, in order to reduce the risk of poor stock selection. The Fund may also invest in collective investment schemes in accordance with the restrictions set out in the Scheme. The Fund may invest in securities that are, or could be, subject to stabilisation. Stabilisation is the process by which the price of a security is temporarily supported during an issue to ensure that the introduction of the new security to the market occurs in an orderly fashion. The Fund may invest in securities in which an issue or offer for sale was underwritten, managed or arranged by an associate of the Manager during the preceding 12 months. The Manager may enter into stocklending transactions on behalf of the Fund. The Manager may enter into contracts in respect of FTSE 100 futures in the following circumstances: `` As a way of managing risk in respect of new money entering the Fund before it is invested in the market. `` As a way of managing risk in respect of money exiting the Fund via redemptions of units if the Manager decides it is in the interests of the Fund to sell in the market ahead of the settlement date for the redemption. `` As a hedge for income monies received by the Fund prior to being distributed to unitholders. `` As a way to efficiently manage constituent changes in the benchmark index, allowing the Manager some flexibility in the way that such constituent changes are effected. `` For efficient portfolio management. In all of the cases above, the total exposure to FTSE futures will be as nearly as possible equal to the cash amount being hedged so as to ensure that the transaction is economically appropriate as defined in paragraph 4.1 of Operational Guidance 86 B1 issued by the Commission and to ensure that derivative transactions entered into by the Fund are always fully covered. 4
Investment Objective and Policy continued Subject to the above, except with the prior written approval of the Commission, the Manager shall not: `` engage in the business of underwriting or sub-underwriting any new issue of shares, stock or other securities; or `` enter into any futures contracts to acquire or dispose of property; or `` purchase warrants or options to acquire or dispose of property. The Manager may borrow money temporarily for the use of the Fund (including, without limitation, for settlement purposes) on terms that the borrowing is to be repaid out of the property of the Fund, provided that the Manager shall not borrow for the purpose of making investments. Except with the prior approval of the Commission, any borrowing shall not exceed 10% of the value of the property of the Fund on any Business Day. The property of the Fund may include cash or near cash where this may reasonably be regarded as necessary in order to facilitate the cancellation of units, or to further the efficient management of the Fund, or otherwise to enable the Manager to discharge its functions under the Scheme. 5 ChariTrak Common Investment Fund
ChariTrak Common Investment Fund This Interim Report covers the six months ended 12 October 2014. Performance Table Period of Report Six Months to 12.10.2014 Five Years to 12.10.2014 Since Launch 31.12.1993 to 12.10.2014 TOTAL Return (with net income reinvested) Class A Accumulation Units ChariTrak Common Investment Fund +1.0% +56.2% +306.4% FTSE All-Share Index* +1.2% +59.1% +330.0% All Fund figures quoted are based on bid-to-bid dealing prices (the price at which units are sold) and are calculated net of fees. Performance returns are cumulative. * Figures from Datastream. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. Distributions Payable A Income The interim distribution payable on 5 December 2014 is 9.9294p per income unit, which together with the distribution paid on 5 September 2014, took the interim dividend for the six month period to 21.8352p per income unit. A Accumulation The interim accumulation distribution payable on 5 December 2014 is 15.4911p per accumulation unit, which together with the accumulation distribution paid on 5 September 2014, took the interim amount accumulated for the six month period to 33.8732p per accumulation unit. X Income The interim distribution payable on 5 December 2014 is 0.8993p per income unit, which together with the distribution paid on 5 September 2014, took the interim dividend for the six month period to 1.9750p per income unit. X Accumulation The interim accumulation distribution payable on 5 December 2014 is 0.9169p per accumulation unit, which together with the accumulation distribution paid on 5 September 2014, took the interim amount accumulated for the six month period to 2.0019p per accumulation unit. 6
Performance Record Net Asset Value A Income Units in Issue Net Asset Value Net Asset Value per Unit p 12 October 2014 5,374,092 62,373,158 1,161 5 April 2014 5,926,945 73,452,956 1,239 5 April 2013 39,164,566 443,399,214 1,132 5 April 2012 37,494,255 384,017,277 1,024 A Accumulation 12 October 2014 1,647,160 30,080,801 1,826 5 April 2014 2,895,989 55,455,182 1,915 5 April 2013 6,030,508 102,370,514 1,698 5 April 2012 7,671,198 113,979,525 1,486 X Income # 12 October 2014 353,441,454 331,187,738 93.70 5 April 2014 350,132,458 350,354,629 100.1 X Accumulation # 12 October 2014 110,740,298 106,813,696 96.45 5 April 2014 87,136,585 87,942,919 100.9 Income class was renamed as A Income class during December 2013. Accumulation class was renamed as A Accumulation class during December 2013. # X Income and X Accumulation classes commenced April 2014. Income (Net Distributions/Net Accumulations) Calendar Year A Income Units Per Unit p A Accumulation Units Per Unit p X Income Units # Per Unit p X Accumulation Units # Per Unit p 2014* 59.2112 89.8497 2.8369 2.8232 2013 35.2183 51.7445 N/A N/A 2012 33.4773 47.5711 N/A N/A 2011 27.5447 38.0246 N/A N/A 2010 28.5204 38.2157 N/A N/A * To 5 December. Income class was renamed as A Income class during December 2013. Accumulation class was renamed as A Accumulation class during December 2013. # X Income and X Accumulation classes commenced April 2014. 7 ChariTrak Common Investment Fund
Capital (Unit Prices) Calendar Year A Income Units A Accumulation Units X Income Units # X Accumulation Units # Highest Offer Price p Lowest Bid Price p Highest Offer Price p Lowest Bid Price p Highest Offer Price p Lowest Bid Price p Highest Offer Price p Lowest Bid Price p 2014* 1,274 1,170 1,984 1,823 102.9 94.59 104.8 96.44 2013 1,247 1,092 1,903 1,614 N/A N/A N/A N/A 2012 1,080 947.1 1,596 1,374 N/A N/A N/A N/A 2011 1,093 909.4 1,534 1,288 N/A N/A N/A N/A 2010 1,077 862.2 1,493 1,178 N/A N/A N/A N/A 2009 956.5 620.2 1,290 811.1 N/A N/A N/A N/A * To 12 October. Income class was renamed as A Income class during December 2013. Accumulation class was renamed as A Accumulation class during December 2013. # X Income and X Accumulation classes commenced April 2014. Unit Prices At 12 October 2014 Bid Price p Offer Price p A Income 1,170 1,172 A Accumulation 1,826 1,829 X Income 94.59 94.75 X Accumulation 96.44 96.60 8
Investment Report Summary of Performance over the Period Over the period to 12 October 2014 the Fund returned 1.0%*. The FTSE All-Share Index return for the same period was 1.2%. Fund performance is measured on a net basis. Fund performance is net of management fees, ongoing charges, and VAT, resulting in underperformance versus a gross benchmark. The structural nature of this effect results in relative underperformance through time. Fund Manager s Commentary UK equity markets moved lower over the period, with initial market rallies cancelled out by falling markets in the second half. The UK economy provided a notable success story over the second quarter of 2014, with most economic data continuing to improve. Data indicated that the UK was moving to a balanced economy with expansion in industrial production, manufacturing and construction. The services sector, the biggest component of the UK economy, saw a rise in output of 0.9% with most of that growth coming from finance and business services. Industrial production rose by 3.0% year on year, while construction output was up 4.6% from 2013. On the high street, retail sales increased by their strongest margin in 10 years, while in the housing market, extremely strong price growth gave rise to concerns about overheating. This widespread increase in activity was reflected in the jobs market and unemployment fell to its lowest level in five years. July was a landmark month in the UK, when the size of its economy returned to pre-crisis levels. With second quarter growth of 0.8%, the country s Gross Domestic Product registered at 393.5 billion according to the Office for National Statistics. Indeed, the UK economy is now the developed world s fastest-growing economy with the International Monetary Fund estimating that it could expand by 3.2% in 2014. In August the Bank of England (BoE) increased its growth estimate for 2014 from 3.4% to 3.5%. At the same time, it halved its forecast for wage growth, predicting that salaries will rise by just 1.25% in 2014. Against this mixed backdrop, two members of the Monetary Policy Committee still voted to raise interest rates. Meanwhile, it appeared increasingly possible that Scottish voters would approve a referendum for the region s independence from the UK. This unnerved investors as such an event would present a multitude of implications for the UK economy and the conservative party, and had the potential to impact future BoE policy decisions as well as the country s European Union membership referendum slated for 2017. Ultimately, Scotland opted to remain part of the UK and this news, along with a record $21.8 billion initial public offering by Chinese e-commerce firm Alibaba, gave equities a quick boost. However, the markets resumed their slide as sentiment was dampened by looming concerns about stretched valuations and rising volatility amid lingering global threats. The portfolio remains positioned so that the risk characteristics are similar to those of the FTSE All- Share Index. October 2014 * Performance figures quoted are based on closing bid-to-bid prices with gross income reinvested. Performance is calculated net of fees and reported for the Fund s class A Accumulation Units. 9 ChariTrak Common Investment Fund
Portfolio Statement (unaudited) at 12 October 2014 Holding or Market % of Nominal Value Total Net Value Investment Assets Aerospace & Defence 2.13%; 2014 2.18% 9,407 Avon Rubber 62,557 0.01 853,384 BAE Systems 3,778,784 0.71 55,623 Chemring 120,146 0.02 298,527 Cobham 794,082 0.15 215,842 Meggitt 919,055 0.17 175,119 QinetiQ 381,234 0.07 505,989 Rolls Royce 4,708,228 0.89 111,350 Senior 288,062 0.05 19,643 Ultra Electronics 329,217 0.06 11,381,365 2.13 Automobiles & Parts 0.24%; 2014 0.32% 438,274 GKN 1,252,587 0.24 Banks 11.58%; 2014 11.08% 6,832 Bank of Georgia 156,316 0.03 4,438,470 Barclays 9,931,077 1.87 5,161,554 HSBC 32,146,158 6.06 14,632,174 Lloyds Banking 10,975,594 2.07 14,635 OneSavings Bank 28,575 0.01 573,600 Royal Bank of Scotland 2,036,280 0.38 547,938 Standard Chartered 5,999,921 1.13 53,339 TSB Banking 142,628 0.03 61,416,549 11.58 Beverages 4.06%; 2014 3.96% 20,828 A.G. Barr 120,907 0.02 62,205 Britvic 394,691 0.07 54,082 Coca-Cola HBC 708,474 0.13 681,838 Diageo 11,802,616 2.22 255,943 SABMiller 8,430,762 1.59 52,278 Stock Spirits 155,998 0.03 21,613,448 4.06 Chemicals 0.62%; 2014 0.79% 56,629 Alent 179,514 0.03 17,226 Carclo 17,011 0.00 37,439 Croda 757,017 0.14 129,808 Elementis 306,217 0.06 55,885 Johnson Matthey 1,520,072 0.29 77,149 Synthomer 150,055 0.03 22,669 Victrex 359,984 0.07 3,289,870 0.62 10
Portfolio Statement (unaudited) continued Holding or Market % of Nominal Value Total Net Value Investment Assets Construction & Materials 0.77%; 2014 0.94% 187,115 Balfour Beatty 284,041 0.05 15,876 Costain 44,016 0.01 199,496 CRH 2,603,423 0.49 22,362 Galliford Try 261,859 0.05 26,733 Henry Boot 48,654 0.01 19,324 Keller 154,302 0.03 14,405 Kier 214,058 0.04 80,236 Low & Bonar 36,909 0.01 56,933 Marshalls 111,731 0.02 10,765 Morgan Sindall 85,905 0.02 134,522 Norcros 20,851 0.00 36,408 Polypipe 83,010 0.02 46,340 Tyman 119,094 0.02 11 ChariTrak Common Investment Fund 4,067,853 0.77 Electricity 0.88%; 2014 0.84% 108,433 Drax 657,646 0.12 24,920 Infinis Energy 56,643 0.01 263,977 SSE 3,959,655 0.75 4,673,944 0.88 Electronic & Electrical Equipment 0.43%; 2014 0.54% 7,958 Dialight 67,842 0.01 30,845 Domino Printing Sciences 180,135 0.03 59,186 E2V Technologies 87,891 0.02 102,233 Halma 583,750 0.11 57,226 Hellermanntyton 171,220 0.03 81,945 Morgan Advanced Materials 217,236 0.04 14,876 Oxford Instruments 142,512 0.03 10,496 Renishaw 164,787 0.03 31,803 Spectris 523,159 0.10 43,974 TT Electronics 64,202 0.01 20,379 Xaar 47,687 0.01 4,196 XP Power 63,569 0.01 2,313,990 0.43 Equity Investment Instruments 3.60%; 2014 3.43% 155,437 3i Infrastructure 221,809 0.04 52,811 Aberdeen Asian Income 105,094 0.02 9,861 Aberdeen Asian Smaller Companies Investment Trust 93,877 0.02 33,965 Aberdeen New Dawn Investment Trust 59,524 0.01 7,025 Aberdeen New Thai Investment Trust 30,453 0.01 29,581 Aberdeen UK Tracker Investment Trust 87,264 0.02
Holding or Market % of Nominal Value Total Net Value Investment Assets 30,202 Aberforth Geared Income Trust 43,566 0.01 26,785 Aberforth Smaller Companies Investment Trust 269,725 0.05 33,682 AcenciA Debt Strategies 35,535 0.01 14,982 Advance Developing 64,835 0.01 36,122 Alcentra European Floating Rate Income Fund 38,560 0.01 153,642 Alliance Trust 672,798 0.13 11,650 Artemis Alpha Trust 32,824 0.01 984 Artemis Alpha Trust Subscription Shares 374 0.00 16,659 Asian Total Return Investment 30,694 0.01 77,953 BACIT 91,205 0.02 10,341 Baillie Gifford 31,462 0.01 18,398 Baillie Gifford Japan Investment Trust 62,599 0.01 31,074 Bankers Investment Trust 165,624 0.03 4,710 Barings Emerging Europe 27,907 0.01 7,390 Beta Global Emerging Markets Fund* - 0.00 949 BH Credit Catalysts 13,248 0.00 7,340 BH Global GBP shares 89,621 0.02 11,116 BH Macro GBP shares 227,656 0.04 103,348 Bilfinger Berger Global 125,309 0.02 32,504 Bioscience Investment Trust* - 0.00 16,971 Biotech Growth Trust 90,455 0.02 13,397 BlackRock British Smaller Companies Trust** 97,798 0.02 23,082 BlackRock Commodities Income Investment Trust** 23,082 0.00 11,039 BlackRock Emerging Europe Investment Trust** 24,479 0.00 48,980 BlackRock Frontier Markets Investment Trust** 61,470 0.01 27,561 BlackRock Greater Europe Investment Trust** 59,601 0.01 12,804 BlackRock Latin American Investment Trust** 59,186 0.01 33,224 BlackRock North American Income Trust** 34,968 0.01 19,045 BlackRock Throgmorton Trust** 49,041 0.01 46,534 BlackRock World Mining Trust** 163,800 0.03 116,302 BlueCrest Allblue Fund 216,438 0.04 22,336 BlueCrest Bluetrend 21,219 0.00 29,406 Bluefield Solar Income Fund 30,288 0.01 82,266 British Assets Trust 103,450 0.02 38,636 British Empire Securities & General Investment Trust 190,862 0.04 9,187 Brunner Investment Trust 47,267 0.01 8,787 Caledonia Investments 192,435 0.04 5,873 Candover Investments 31,421 0.01 837 Capital Gearing 26,918 0.01 20,445 City Merchants High Yield Trust 37,925 0.01 18,016 City Natural Resources High Yield Trust 21,799 0.00 79,620 City of London Investment Trust 285,199 0.05 12
Portfolio Statement (unaudited) continued Holding or Market % of Nominal Value Total Net Value Investment Assets 36,405 Custodian REIT 39,317 0.01 35,996 CVC Credit Partners 37,796 0.01 32,477 Dexion Absolute 55,373 0.01 94,046 Diverse Income Trust 73,121 0.01 6,687 Dunedin Enterprise 24,625 0.00 42,478 Dunedin Income Growth Investment Trust 105,664 0.02 11,224 Dunedin Smaller Companies Investment Trust 19,782 0.00 59,245 Ecofin Water & Power Opportunities 94,940 0.02 56,302 Edinburgh Dragon Investment Trust 151,171 0.03 52,481 Edinburgh Investment Trust 313,049 0.06 13,721 Edinburgh Worldwide Investment Trust 48,504 0.01 10,075 Electra Investment Trust 250,565 0.05 13,756 EP Global Opportunity 29,885 0.01 12,111 Euro Investment Trust 83,566 0.02 24,904 F&C Capital & Income Investment Trust 61,077 0.01 20,528 F&C Equity Trust 43,468 0.01 11,993 F&C Global Small Companies 99,902 0.02 150,802 F&C Investment Trust 571,690 0.11 6,648 F&C US Smaller Companies 40,353 0.01 19,863 Fidelity Asian Values Investment Trust 45,586 0.01 150,904 Fidelity China Special Situations Investment Trust 175,803 0.03 110,390 Fidelity European Values 156,975 0.03 15,931 Fidelity Japanese Values Investment Trust 10,913 0.00 15,597 Fidelity Special Values Investment Trust 128,753 0.02 22,927 Finsbury Growth & Income Trust 109,476 0.02 28,827 Foresight Solar Fund 29,980 0.01 2,763 Fundsmith Emerging Equity Trust 29,592 0.01 107,691 GCP Infrastructure 125,460 0.02 33,366 Genesis Emerging Markets Fund 179,175 0.03 22,983 Govett Strategic Investment Trust* 0.00 20,770 Graphite Enterprise Investment Trust 117,870 0.02 52,333 Greencoat UK 56,258 0.01 933 Hansa Trust 8,495 0.00 19,489 Henderson Diversified Income 17,735 0.00 6,376 Henderson Electric & General Investment Trust 48,139 0.01 4,883 Henderson European Investment Trust (GB Line) 43,483 0.01 28,225 Henderson Far East Income 87,639 0.02 12,164 Henderson Global Investment Trust 43,182 0.01 29,557 Henderson High Income Investment Trust 49,139 0.01 20,855 Henderson Smaller Companies Investment Trust 103,701 0.02 14,226 Henderson Value Trust 35,316 0.01 22,626 Herald Investment Trust 141,639 0.03 13 ChariTrak Common Investment Fund
Holding or Market % of Nominal Value Total Net Value Investment Assets 8,219 HG Capital Investment Trust 85,478 0.02 325,649 HICL Infrastructure 470,563 0.09 5,035 ICG-Longbow Senior Secured UK Property Debt 5,173 0.00 80,642 Impax Environmental Markets 113,705 0.02 8,696 International Biotech Trust 27,066 0.01 211,928 International Public Partnership 290,553 0.05 23,125 Invesco Asia Investment Trust 41,394 0.01 15,198 Invesco Income & Growth Investment Trust 39,857 0.01 15,856 Invesco Perpetual UK Smaller Companies Investment Trust 47,092 0.01 26,920 John Laing Environmental Assets 27,795 0.01 170,219 John Laing Infrastructure 204,603 0.04 72,200 JP Morgan American Investment Trust 183,388 0.03 66,848 JP Morgan Chase 78,881 0.01 35,405 JP Morgan Emerging Markets Investment Trust 200,392 0.04 13,300 JP Morgan European IT Income 14,929 0.00 27,931 JP Morgan Fleming Asian Investment Trust 58,585 0.01 22,586 JP Morgan Fleming China Investment Trust 36,815 0.01 15,198 JP Morgan Fleming Claverhouse Investment Trust 85,185 0.02 26,960 JP Morgan Fleming European Investment Trust 56,077 0.01 46,181 JP Morgan Fleming Japan Investment Trust 94,556 0.02 6,934 JP Morgan Fleming Mid Cap Investment Trust 47,082 0.01 7,197 JP Morgan Fleming Overseas Investment Trust 67,544 0.01 15,576 JP Morgan Fleming Russian Securities 59,773 0.01 5,508 JP Morgan Fleming Small Companies Investment Trust 38,831 0.01 35,078 JP Morgan Global Convertibles Income Fund 37,533 0.01 27,051 JP Morgan Indian Investment Trust 120,106 0.02 10,156 JP Morgan Japan Smaller Companies Investment Trust 19,525 0.00 47,010 JP Morgan Euro Smaller Companies Trust 85,441 0.02 21,706 Jupiter 88,126 0.02 3,790 Keystone Investment Trust 63,672 0.01 33,684 Law Debenture 166,567 0.03 31,526 LMS Capital 26,482 0.00 5,625 London & St Lawrence Investment 19,463 0.00 7,450 Lowland Investment Company 94,541 0.02 8,981 Majedie Investment Trust 19,511 0.00 27,605 Martin Currie Global Portfolio Investment Trust 45,548 0.01 10,364 Martin Currie Pacific Investment Trust 29,693 0.01 26,766 Mercantile Investment Trust 360,003 0.07 29,780 Merchants Investment Trust 132,670 0.03 17,725 Middlefield Canadian Income Trust 18,877 0.00 65,023 Monks Investment Trust 233,433 0.04 2,308 Montanaro European Smaller Companies Fund 10,109 0.00 14
Portfolio Statement (unaudited) continued Holding or Market % of Nominal Value Total Net Value Investment Assets 8,261 Montanaro UK Smaller Companies 34,738 0.01 18,283 Murray Income Trust 133,100 0.03 35,766 Murray International Trust 374,828 0.07 350,671 NB Global Floating Rate Income Fund 336,118 0.06 69,003 New City Yield Trust 45,197 0.01 17,530 New India Investment Trust 49,435 0.01 9,192 North American Income Trust 75,742 0.01 3,286 North Atlantic Smaller Investment Trust 54,876 0.01 5,471 P2P Global Investments 57,993 0.01 32,565 Pacific Assets Investment Trust 59,594 0.01 19,564 Pacific Horizon Investment Trust 34,824 0.01 10,435 Pantheon International Partners 123,133 0.02 59,995 Perpetual Income & Growth Investment Trust 218,562 0.04 464 Personal Assets Trust 156,971 0.03 26,292 Polar Capital 39,635 0.01 36,358 Polar Capital Global Financials Trust 34,904 0.01 36,336 Polar Capital Technology Trust 178,446 0.03 7,643 RCM Technology 38,941 0.01 107,155 Renewables Infrastructure 113,316 0.02 34,683 RIT Capital Partners 456,081 0.09 6,749 Riverstone Energy 59,459 0.01 34,752 Ruffer Investment Red preference shares 68,809 0.01 50,355 Schroder Asia Pacific Fund 129,286 0.02 19,291 Schroder Income Growth Fund 47,697 0.01 37,117 Schroder Japan Growth Fund 44,540 0.01 68,084 Schroder Oriental Income Fund 125,955 0.02 44,877 Schroder UK Growth Fund 68,550 0.01 9,917 Schroder UK Mid & Small Cap Fund 41,478 0.01 37,514 Scottish American Investment Trust 85,251 0.02 32,118 Scottish Investment Trust 181,948 0.03 332,998 Scottish Mortgage Investment Trust 720,275 0.14 8,502 Scottish Oriental Small Companies Trust 72,565 0.01 29,264 Securities Trust of Scotland 39,067 0.01 6,648 Shires Income Trust 15,290 0.00 27,907 SQN Asset Finance 29,791 0.01 9,856 Standard Life Equity Income Trust 37,256 0.01 23,244 Standard Life European Private Equity Trust 52,357 0.01 19,469 Standard Life UK Smaller Companies Trust 50,279 0.01 77,442 Starwood European Real Estate Finance 80,540 0.02 17,280 Temple Bar Investment Trust 199,066 0.04 86,167 Templeton Emerging Markets Investment Trust 492,014 0.09 14,012 TR European Growth Investment Trust 67,398 0.01 15 ChariTrak Common Investment Fund
Holding or Market % of Nominal Value Total Net Value Investment Assets 87,125 TR Property Investment Trust 211,801 0.04 63,071 Troy Income and Growth Trust 38,946 0.01 51,592 Twenty Four Income Fund 65,909 0.01 28,336 Twenty Four Select Monthly Income Fund 28,619 0.01 62,407 Utilico Emerging Markets 117,169 0.02 12,399 Value & Income Investment Trust 30,905 0.01 50,948 Witan Investment Trust 342,116 0.06 18,735 Witan Pacific Investment Trust 41,826 0.01 12,626 Worldwide Healthcare Trust 185,728 0.04 18,713,762 3.60 Financial Services 2.25%; 2014 2.65% 259,036 3i 920,096 0.17 268,949 Aberdeen Asset Management 1,059,928 0.20 21,006 Allied Minds 56,769 0.01 42,736 Arrow Global 104,596 0.02 105,755 Ashmore 319,380 0.06 71,185 Brewin Dolphin 178,105 0.03 4,851 City of London Investment 15,050 0.00 40,205 Close Brothers 574,529 0.11 58,668 Hargreaves Lansdown 519,505 0.10 280,328 Henderson 540,753 0.10 86,991 Hiscox 561,962 0.11 146,222 ICAP 541,314 0.10 98,571 IG 584,526 0.11 109,484 Intermediate Capital 406,952 0.08 63,603 International Personal Finance 279,980 0.05 136,896 Investec 692,009 0.13 119,083 IP 231,497 0.04 110,860 Jupiter Fund Management 364,840 0.07 9,606 Liontrust 20,629 0.00 63,376 London Stock Exchange 1,143,937 0.22 441,321 Man 504,871 0.10 83,967 Paragon Group of Companies 275,580 0.05 39,051 Provident Financial 795,859 0.15 12,510 Rathbone Brothers 231,185 0.04 20,084 Real Estate Credit Investments 33,189 0.01 852 S&U 16,358 0.00 30,963 Schroders voting shares 682,425 0.13 57,179 SVG Capital 220,139 0.04 51,520 Tullett Prebon 132,406 0.02 12,008,369 2.25 16
Portfolio Statement (unaudited) continued Holding or Market % of Nominal Value Total Net Value Investment Assets Fixed Line Telecommunications 1.74%; 2014 1.70% 2,193,373 BT 8,080,386 1.52 712,382 Cable & Wireless 307,607 0.06 90,899 Colt Telecom 112,260 0.02 148,831 KCOM 135,436 0.03 142,742 Talktalk Telecom 377,410 0.07 17,151 Telecom Plus 229,480 0.04 17 ChariTrak Common Investment Fund 9,242,579 1.74 Food & Drug Retailers 1.31%; 2014 1.81% 436,085 Booker 515,016 0.10 28,241 Greggs 165,351 0.03 385,187 J Sainsbury 871,678 0.16 19,350 McColl s Retail 35,894 0.01 108,803 Ocado 251,661 0.05 60,888 SSP 140,103 0.03 2,186,972 Tesco 4,039,337 0.76 579,124 Wm Morrison Supermarkets 908,066 0.17 6,927,106 1.31 Food Producers 2.31%; 2014 2.27% 5,872 Angle-Eastern Plantations 39,049 0.01 94,345 Associated British Foods 2,361,455 0.45 2,267 Carrs Milling 34,798 0.01 13,153 Cranswick 161,782 0.03 37,209 Dairy Crest 140,650 0.03 47,558 Devro 111,167 0.02 110,837 Greencore 259,359 0.05 12,607 Hilton Food 47,654 0.01 185,313 Premier Foods 52,814 0.01 128,973 Tate & Lyle 757,072 0.14 326,363 Unilever 8,237,402 1.55 12,203,202 2.31 Forestry & Paper 0.18%; 2014 0.19% 100,616 Mondi 946,293 0.18 Gas, Water & Multiutilities 3.09%; 2014 2.89% 1,358,702 Centrica 4,021,758 0.76 1,018,195 National Grid 8,888,842 1.68 106,247 Pennon 814,383 0.15 65,227 Severn Trent 1,224,311 0.23 183,227 United Utilities 1,452,074 0.27 16,401,368 3.09
Holding or Market % of Nominal Value Total Net Value Investment Assets General Industrials 0.64%; 2014 0.70% 7,396 British Polythene 45,116 0.01 251,162 DS Smith 608,063 0.11 191,854 Rexam 895,383 0.17 50,915 RPC 258,903 0.05 105,105 Smiths 1,267,566 0.24 72,627 Vesuvius 298,860 0.06 3,373,891 0.64 General Retailers 2.10%; 2014 2.25% 48,792 AO World 78,116 0.01 20,774 Card Factory 48,196 0.01 14,280 Carpetright 43,126 0.01 251,282 Carphone Warehouse 906,625 0.17 148,439 Darty 110,958 0.02 340,793 Debenhams 198,001 0.04 15,283 Dignity 227,717 0.04 25,691 Dunelm 208,354 0.04 25,825 Findel 55,588 0.01 55,959 Halfords 246,108 0.05 218,163 Home Retail 346,879 0.07 122,913 Inchcape 760,217 0.14 16,676 JD Sports Fashion 69,722 0.01 48,205 Just Eat 135,793 0.03 641,755 Kingfisher 1,884,193 0.36 66,330 Laura Ashley 16,914 0.00 82,696 Lookers 98,408 0.02 439,749 Marks & Spencer 1,711,943 0.32 23,283 Moss Bros 21,770 0.00 20,514 Mothercare 34,669 0.01 18,462 Mothercare Rights 28/10/2014 8,123 0.00 44,806 N Brown 132,043 0.02 40,085 Next 2,585,483 0.49 398,698 Pendragon 116,619 0.02 59,321 Pets at Home 99,541 0.02 40,697 Poundland 126,161 0.02 84,602 Saga 136,040 0.03 68,698 Sports Direct International 393,983 0.07 43,536 Topps Tiles 38,747 0.01 32,676 WH Smith 328,067 0.06 11,168,104 2.10 18
Portfolio Statement (unaudited) continued Holding or Market % of Nominal Value Total Net Value Investment Assets Health Care Equipment & Services 0.63%; 2014 0.50% 11,181 Al Noor Hospitals 109,909 0.02 24,242 Cambian 51,938 0.01 8,334 Consort 69,297 0.01 17,920 NMC Health 84,224 0.02 19,256 Optos 38,897 0.01 242,673 Smith & Nephew 2,421,877 0.46 41,432 Spire Healthcare 116,838 0.02 16,006 Synergy Healthcare 219,922 0.04 67,916 UDG Healthcare 216,788 0.04 19 ChariTrak Common Investment Fund 3,329,690 0.63 Household Goods & Home Construction 2.61%; 2014 2.52% 20,025 Aga Rangemaster 29,437 0.01 267,168 Barratt Developments 988,254 0.19 34,082 Bellway 503,391 0.09 34,842 Berkeley 715,655 0.13 38,086 Bovis Homes 281,456 0.05 60,556 Crest Nicholson 177,914 0.03 2,715 M J Gleeson 9,917 0.00 51,247 McBride 42,023 0.01 82,812 Persimmon 1,045,087 0.20 174,578 Reckitt Benckiser 8,973,309 1.69 62,551 Redrow 158,567 0.03 868,056 Taylor Wimpey 929,688 0.18 13,854,698 2.61 Industrial Engineering 0.91%; 2014 0.66% 53,894 Bodycote 311,507 0.06 55,498 Fenner 153,951 0.03 948 Goodwin 32,052 0.01 21,818 Hill & Smith 116,835 0.02 74,777 IMI 875,639 0.17 294,194 Melrose Industries 700,182 0.13 7,371 Porvair 21,173 0.00 63,797 Renold 32,058 0.01 23,887 Rotork 587,142 0.11 84,406 Severfield-Rowen 48,955 0.01 20,367 Spirax-Sarco Engineering 536,467 0.10 29,858 Trifast 28,738 0.01 11,138 Vitec 65,770 0.01 57,063 Weir 1,269,652 0.24 4,780,121 0.91
Holding or Market % of Nominal Value Total Net Value Investment Assets Industrial Metals & Mining- 0.04%; 2014 0.03% 128,291 Evraz 150,229 0.03 33,347 Ferrexpo 29,796 0.01 180,025 0.04 Industrial Transportation 0.29%; 2014 0.32% 128,829 BBA Aviation 412,639 0.08 5,168 Braemar Shipping Services 20,414 0.00 2,710 Clarkson 61,002 0.01 11,365 James Fisher & Sons 142,631 0.03 169,867 Royal Mail 679,808 0.13 97,857 Stobart 99,325 0.02 6,620 UK Mail 28,483 0.01 33,734 Wincanton 47,228 0.01 1,491,530 0.29 Leisure Goods 0.04%; 2014 0.03% 20,621 Game Digital 56,966 0.01 6,242 Games Workshop 35,361 0.01 70,943 Photo-Me 84,777 0.02 177,104 0.04 Life Insurance 4.60%; 2014 4.41% 794,504 Aviva 3,904,193 0.74 32,254 Chesnara 103,939 0.02 11,063 Hansard Global 9,957 0.00 48,313 Just Retirement 57,251 0.01 1,602,053 Legal & General 3,532,527 0.67 1,323,622 Old Mutual 2,273,983 0.43 39,363 Partnership Assurance 36,214 0.01 61,966 Phoenix 447,395 0.08 690,809 Prudential 9,443,359 1.78 372,987 Resolution 1,124,556 0.21 139,898 St. James s Place Capital 943,612 0.18 644,943 Standard Life 2,483,031 0.47 24,360,017 4.60 Media 3.17%; 2014 3.12% 5,915 4imprint 41,021 0.01 18,935 Bloomsbury Publishing 30,675 0.01 282,967 British Sky Broadcasting 2,518,406 0.47 41,060 Centaur Media 23,507 0.00 21,297 Chime Communications 60,696 0.01 52,778 Entertainment One 156,751 0.03 20
Portfolio Statement (unaudited) continued Holding or Market % of Nominal Value Total Net Value Investment Assets 9,994 Euromoney Institutional Investor 99,140 0.02 68,706 Huntsworth 28,513 0.01 166,324 Informa 752,949 0.14 58,014 ITE 94,708 0.02 1,008,194 ITV 1,985,134 0.37 1,195,589 Johnston Press 40,650 0.01 32,480 Mecom 44,254 0.01 116,576 Moneysupermarket.com 210,070 0.04 219,738 Pearson 2,509,408 0.47 24,091 Perform 62,468 0.01 311,962 Reed Elsevier 2,988,596 0.56 25,387 Rightmove 496,316 0.09 9,370 STV 31,600 0.01 22,248 Tarsus 42,772 0.01 75,340 Trinity Mirror 113,198 0.02 66,756 UBM 340,122 0.06 18,298 UTV Media 37,099 0.01 359,045 WPP 4,143,379 0.78 21 ChariTrak Common Investment Fund 16,851,432 3.17 Mining 6.93%; 2014 7.33% 42,020 African Barrick Gold 84,250 0.02 353,693 Anglo American 4,658,137 0.88 26,297 Anglo Pacific 28,664 0.01 98,275 Antofagasta 653,037 0.12 325,638 Aquarius Platinum 64,314 0.01 30,083 Asia Resources Minerals 16,546 0.00 577,101 BHP Billiton 9,351,922 1.76 294,619 Centamin 168,522 0.03 47,214 Fresnillo 353,161 0.07 34,980 Gem Diamonds 61,915 0.01 2,884,391 Glencore Xstrata 9,078,621 1.71 49,881 Hochschild Mining 58,012 0.01 66,355 Kazakhmys 162,570 0.03 783,539 Kenmare Resources 60,959 0.01 116,081 Lonmin 195,132 0.04 105,690 Petra Diamonds 197,640 0.04 43,942 Petropavlovsk 8,898 0.00 56,160 Polymetal International 266,423 0.05 25,156 Randgold Resources 1,054,036 0.20 337,677 Rio Tinto 10,007,058 1.89 26,285 Vedanta Resources 227,891 0.04 36,757,708 6.93
Holding or Market % of Nominal Value Total Net Value Investment Assets Mobile Telecommunications 2.80%; 2014 2.98% 114,897 Inmarsat 797,385 0.15 7,191,466 Vodafone 14,077,295 2.65 14,874,680 2.80 Non-Life Insurance 1.03%; 2014 1.04% 54,137 Admiral 683,209 0.13 133,501 Amlin 567,246 0.11 137,948 Beazley 357,837 0.07 28,695 Brit 67,864 0.01 92,394 Catlin 470,747 0.09 405,329 Direct Line Insurance 1,121,545 0.21 63,688 esure 141,897 0.03 34,255 Jardine Lloyd Thompson 310,522 0.06 50,172 Lancashire 318,341 0.06 18,659 Novae 98,146 0.02 275,384 RSA Insurance 1,277,506 0.24 5,414,860 1.03 Oil & Gas Producers 13.67%; 2014 13.92% 295,436 Afren 284,209 0.05 921,278 BG 9,475,344 1.79 5,006,765 BP 21,534,096 4.06 164,700 Cairn Energy 271,261 0.05 204,554 Enquest 176,428 0.03 26,516 Exillon Energy 39,443 0.01 21,391 Hardy Oil & Gas 20,589 0.00 29,385 JKX Oil & Gas 13,664 0.00 11,434 Nostrum Oil & Gas 81,582 0.02 144,154 Ophir Energy 280,380 0.05 143,548 Premier Oil 396,767 0.07 1,065,355 Royal Dutch Shell class A shares 23,373,889 4.41 663,891 Royal Dutch Shell class B shares 15,023,853 2.83 73,907 Salamander Energy 66,701 0.01 62,471 SOCO International 210,902 0.04 246,496 Tullow Oil 1,333,543 0.25 72,582,651 13.67 Oil Equipment, Services & Distribution 0.51%; 2014 0.45% 82,220 AMEC 830,422 0.16 33,163 Cape 91,862 0.02 35,670 Gulf Marine Services 54,932 0.01 36,304 Hunting 291,158 0.05 22
Portfolio Statement (unaudited) continued Holding or Market % of Nominal Value Total Net Value Investment Assets 98,710 John Wood 660,863 0.12 60,611 Lamprell 88,795 0.02 70,925 Petrofac 690,100 0.13 2,708,132 0.51 Personal Goods 0.43%; 2014 0.42% 120,821 Burberry 1,771,236 0.33 80,186 PZ Cussons 279,127 0.05 9,090 SuperGroup 95,081 0.02 7,517 Ted Baker 145,454 0.03 2,290,898 0.43 Pharmaceuticals & Biotechnology 8.08%; 2014 7.20% 341,602 AstraZeneca 14,331,912 2.70 100,458 BTG 721,288 0.13 19,853 Circassia Pharmaceuticals 58,219 0.01 24,045 Dechra Pharmaceuticals 172,042 0.03 15,238 Genus 169,142 0.03 1,315,995 GlaxoSmithKline 18,187,051 3.43 37,356 Hikma Pharmaceuticals 705,655 0.13 159,151 Shire 8,379,300 1.58 28,909 Skyepharma 95,544 0.02 107,025 Vectura 125,219 0.02 42,945,372 8.08 Real Estate Investment & Services 0.63%; 2014 0.55% 200,761 Capital & Counties Properties 639,424 0.12 118,728 Capital & Regional 55,802 0.01 5,109 CLS 66,417 0.01 40,592 Countrywide 190,904 0.04 1,371 Daejan 65,808 0.01 34,223 Development Securities 62,200 0.01 142,952 F&C Commercial Property Trust 179,262 0.03 62,853 F&C UK Real Estate Investment Trust 56,411 0.01 60,727 Foxtons 127,162 0.02 115,513 Grainger Trust 205,036 0.04 28,640 Helical Bar 92,364 0.02 24,270 Kennedy Wilson Europe Real Estate 254,835 0.05 6,043 Kennedy Wilson Europe Real Estate Rights 24/10/2014 2,659 0.00 18,556 LSL Property Services 56,781 0.01 19,761 Macau Property Opportunities Fund 44,166 0.01 82,497 MedicX Fund 66,410 0.01 430 Mountview Estates 33,544 0.01 23 ChariTrak Common Investment Fund
Holding or Market % of Nominal Value Total Net Value Investment Assets 100,908 Picton Property Income 62,815 0.01 136,045 Quintain Estates & Development 110,196 0.02 151,922 Raven Russia 97,989 0.02 35,138 Savills 206,084 0.04 94,188 Schroder Real Estate 52,274 0.01 43,553 St. Modwen Properties 155,615 0.03 40,075 Standard Life Investment Property Trust 30,958 0.01 117,866 UK Commercial Property Trust 96,591 0.02 55,475 Unite 228,169 0.04 50,272 Zoopla Property 107,230 0.02 3,347,106 0.63 Real Estate Investment Trusts 1.85%; 2014 1.65% 13,119 A&J Mucklow 56,838 0.01 182,572 Assura 81,245 0.02 36,681 Big Yellow 179,737 0.03 274,496 British Land 1,851,476 0.35 25,554 Derwent London 679,736 0.13 93,199 Great Portland Estates 574,572 0.11 212,275 Hammerson 1,169,635 0.22 176,427 Hansteen 178,368 0.03 245,356 Intu Properties 772,134 0.15 212,500 Land Securities 2,173,875 0.41 152,455 London & Stamford Property 210,693 0.04 21,066 McKay Securities 47,609 0.01 28,611 Primary Health 94,416 0.02 252,285 Redefine International 127,278 0.02 50,864 Safestore 97,786 0.02 199,863 Segro 686,529 0.13 76,661 Shaftesbury 506,346 0.10 4,328 Town Centre Securities 11,264 0.00 80,014 Tritax Big Box Reit 86,815 0.02 29,833 Workspace 179,446 0.03 9,765,798 1.85 Software & Computer Services 0.52%; 2014 0.55% 86,279 Anite 67,945 0.01 17,223 AVEVA 235,094 0.04 21,713 Computacenter 129,084 0.02 13,243 FDM 43,007 0.01 10,313 Fidessa 225,133 0.04 298,618 Innovation 77,641 0.01 20,360 Kofax 72,838 0.01 24
Portfolio Statement (unaudited) continued Holding or Market % of Nominal Value Total Net Value Investment Assets 36,599 Micro Focus International 358,121 0.07 56,832 NCC 103,150 0.02 19,819 RM 28,440 0.01 292,605 Sage 1,025,581 0.19 24,238 SDL 75,138 0.01 17,944 Servelec 48,718 0.01 54,978 Telecity 370,827 0.07 25 ChariTrak Common Investment Fund 2,860,717 0.52 Support Services 4.49%; 2014 4.94% 65,739 Aggreko 947,956 0.18 135,043 Ashtead 1,234,293 0.23 136,206 Babcock International 1,424,715 0.27 46,281 Berendsen 429,025 0.08 32,735 Brammer 104,097 0.02 89,136 Bunzl 1,385,173 0.26 179,394 Capita 2,018,182 0.38 115,668 Carillion 345,269 0.07 11,676 Charles Taylor Consulting 28,635 0.01 39,820 Communisis 22,598 0.00 23,208 DCC 752,868 0.14 26,336 De La Rue 125,096 0.02 32,076 Diploma 210,739 0.04 124,165 Electrocomponents 249,199 0.05 63,311 Essentra 469,451 0.09 29,650 Exova 51,443 0.01 270,131 Experian 2,505,465 0.47 425,101 G4S 1,085,708 0.20 56,042 Grafton 326,725 0.06 375,411 Hays 448,616 0.08 76,140 Hogg Robinson 32,931 0.01 72,909 HomeServe 227,841 0.04 166,613 Howden Joinery 520,332 0.10 11,075 Hyder Consulting 82,841 0.02 39,662 Interserve 230,436 0.04 44,041 Intertek 1,098,823 0.21 13,898 John Menzies 71,644 0.01 43,532 Lavendon 81,840 0.02 115,090 Management Consulting 21,292 0.00 24,808 Mears 103,449 0.02 79,172 Michael Page International 331,889 0.06 104,636 Mitie 295,178 0.06 36,798 Northgate 167,063 0.03
Holding or Market % of Nominal Value Total Net Value Investment Assets 16,095 PayPoint 152,902 0.03 103,823 Premier Farnell 171,308 0.03 168,226 Regus 280,096 0.05 490,327 Rentokil Initial 548,186 0.10 13,950 Ricardo 87,885 0.02 20,815 Robert Walters 61,248 0.01 62,906 RPS 138,456 0.03 147,761 Serco 412,401 0.08 110,427 Shanks 97,176 0.02 160,087 SIG 234,848 0.04 50,174 Smiths News 69,240 0.01 145,256 Speedy Hire 92,238 0.02 30,335 St. Ives 57,333 0.01 32,072 SThree 109,526 0.02 67,634 Travis Perkins 1,092,965 0.21 25,856 Tribal 40,077 0.01 5,852 Vp 33,356 0.01 71,473 Wolseley 2,223,525 0.42 28,528 WS Atkins 364,588 0.07 70,660 Xchanging 128,248 0.02 23,826,414 4.49 Technology Hardware & Equipment 0.80%; 2014 0.90% 378,896 ARM 3,252,822 0.61 94,410 BATM Advanced Communications 14,398 0.00 46,534 CSR 298,981 0.06 60,722 Imagination Technologies 104,442 0.02 74,325 Laird 218,738 0.04 85,306 Pace 252,335 0.05 15,263 Sepura 21,139 0.00 170,412 Spirent Communications 122,697 0.02 4,285,552 0.80 Tobacco 4.57%; 2014 4.19% 504,561 British American Tobacco 17,326,625 3.27 260,665 Imperial Tobacco 6,878,949 1.30 24,205,574 4.57 Travel & Leisure 3.48%; 2014 3.70% 37,356 888.com 49,310 0.01 25,765 Betfair 292,948 0.06 201,623 Bwin.Party Digital Entertainment 169,666 0.03 49,996 Carnival 1,093,912 0.21 56,239 Cineworld 177,322 0.03 26
Portfolio Statement (unaudited) continued Holding or Market % of Nominal Value Total Net Value Investment Assets 456,674 Compass 4,315,569 0.81 38,450 Domino s Pizza 218,781 0.04 68,066 easyjet 899,833 0.17 139,514 Enterprise Inns 156,395 0.03 323,487 FirstGroup 349,689 0.07 55,132 Flybe 61,886 0.01 8,830 Fuller, Smith & Turner class A shares 81,766 0.02 12,162 Go-Ahead 297,726 0.06 59,556 Greene King 438,034 0.08 64,240 InterContinental Hotels 1,399,790 0.26 550,580 International Consolidated Airline 1,793,790 0.34 23,886 J D Wetherspoon 182,250 0.03 249,075 Ladbrokes 282,700 0.05 160,665 Marston s 218,986 0.04 134,232 Merlin Entertainments 447,798 0.08 42,303 Millennium & Copthorne Hotels 234,570 0.04 63,363 Mitchells & Butlers 212,710 0.04 120,643 National Express 272,171 0.05 50,919 Playtech 341,157 0.06 8,833 Punch Taverns 13,692 0.00 31,981 Rank 51,489 0.01 188,688 Spirit Pub 163,215 0.03 28,230 Sportech 14,680 0.00 115,450 Stagecoach 425,202 0.08 56,248 The Restaurant Group 343,113 0.06 406,532 Thomas Cook 415,069 0.08 135,451 Tui Travel 452,948 0.09 49,175 Whitbread 1,930,610 0.36 237,666 William Hill 808,540 0.15 18,607,317 3.48 Futures (0.04)%; 2014; 0.01% 51 FTSE 100 Index December 2014 (211,446) (0.04) Portfolio of investments 530,280,230 99.97 Net other assets 175,163 0.03 Total net assets 530,455,393 100.00 All equity investments are ordinary shares quoted on a recognised stock exchange unless otherwise stated. Note: comparative figures show percentages for each category of holding at 5 April 2014. * Delisted ** Managed by a related party. The Fund will not be subject to any initial subscription or redemption fees on its investment into an underlying fund managed by a related party. The Fund may indirectly incur management charges by investing in an underlying fund. The Fund invests, where possible, in a share class of an underlying fund that is not subject to management charges. Alternatively, where this is not possible, the manager will rebate management charges to the Fund. 27 ChariTrak Common Investment Fund
Summary of Material Portfolio Changes (unaudited) for the period ended 12 October 2014 Purchases Cost Glencore Xstrata 952,210 Royal Dutch Shell class A shares 509,598 HSBC 493,757 Babcock International 298,897 Kennedy Wilson Europe Real Estate 263,745 Barclays 253,346 British Sky Broadcasting 228,921 AstraZeneca 209,480 RSA Insurance 204,212 London Stock Exchange 202,241 BT 190,281 Standard Chartered 187,337 SSP 160,027 TSB Banking 155,008 Saga 149,322 Merlin Entertainments 136,421 AO World 129,116 Poundland 124,076 Just Eat 122,987 Pets at Home 122,941 Sales Proceeds HSBC 1,083,768 Royal Dutch Shell class A shares 645,201 BP 580,813 British American Tobacco 505,260 AZ Electronic Materials 410,828 Standard Chartered 305,342 GlaxoSmithKline 274,880 Compass 273,528 Kentz 256,695 Royal Dutch Shell class B shares 228,853 Barclays 216,583 Diageo 204,755 AstraZeneca 202,579 F&C Asset Management 182,795 Vodafone 180,195 Caracal Energy 177,958 Heritage Oil 173,648 BG 159,993 Rio Tinto 134,158 BHP Billiton 131,635 Total other purchases 4,337,734 Total other sales 5,553,831 Total for the period 9,431,657 Total for the period 11,883,298 The above statement reflects the 20 largest aggregate purchases and sales or those purchases and sales greater than 2% of the net asset value of the Fund at the start of the period where they number greater than 20. 28
Statement of Total Return (unaudited) for the period ended 12 October 2014 12.10.2014 12.10.2013 Income Net capital (losses)/gains during the period (35,860,499) 27,967,238 Revenue 11,263,483 11,097,075 Expenses* (270,548) (1,236,619) Finance costs: Interest Net revenue before taxation 10,992,935 9,860,456 Taxation (31,264) (5,688) Net revenue after taxation for the period 10,961,671 9,854,768 Total return before distributions (24,898,828) 37,822,006 Finance costs: Distributions (10,983,849) (9,854,763) Change in net assets attributable to unitholders from investment activities (35,882,677) 27,967,243 * Effective 1 October 2014, the annual management fee was reduced from 0.35% to 0.15%. Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the period ended 12 October 2014 12.10.2014 12.10.2013 Opening net assets attributable to unitholders 567,205,686 545,769,728 Amounts received on creation of units 4,379,027 6,549,868 Amounts paid on cancellation of units (8,021,600) (45,598,359) (3,642,573) (39,048,491) Change in net assets attributable to unitholders from investment activities (35,882,677) 27,967,243 Retained distribution on accumulation units 2,774,957 1,813,107 Closing net assets attributable to unitholders 530,455,393 536,501,587 The above statement shows the comparative closing net assets at 12 October 2013, whereas the current accounting period commenced 6 April 2014. 29 ChariTrak Common Investment Fund
Balance Sheet (unaudited) at 12 October 2014 12.10.2014 5.4.2014 Assets: Investment assets 530,491,676 566,971,578 Debtors 898,994 22,517,290 Cash and bank balances 3,041,929 2,027,501 Total other assets 3,940,923 24,544,791 Total assets 534,432,599 591,516,369 Liabilities: Investment liabilities (211,446) (1,158) Creditors (53,758) (20,666,197) Distribution payable on income units (3,712,002) (3,643,328) Total other liabilities (3,765,760) (24,309,525) Total liabilities (3,977,206) (24,310,683) Net assets attributable to unitholders 530,455,393 567,205,686 E E Tracey (Director) A M Lawrence (Director) BlackRock Fund Managers Limited 25 November 2014 30
Notes to Financial Statements (unaudited) for the period ended 12 October 2014 Accounting Policies The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice ( SORP ) for Financial Statements of Authorised Funds issued in October 2010 as applicable to charity common investment funds and Charities (Accounts & Reports) Regulations 2008. The accounting policies applied are consistent with those of the financial statements for the year ended 5 April 2014 and are described in those annual financial statements. 31 ChariTrak Common Investment Fund
Distribution Tables (unaudited) for the period ended 12 October 2014 Second Interim Distribution in Pence per Unit For the period 13 July 2014 to 12 October 2014 A Income units* A Accumulation units X Income units # X Accumulation units # Distribution payable 5.12.2014 9.9294 15.4911 0.8993 0.9169 Distribution paid 5.12.2013 9.8314 14.8798 N/A N/A First Interim Distribution in Pence per Unit For the period 6 April 2014 to 12 July 2014 A Income units* A Accumulation units X Income units # X Accumulation units # Distribution paid 5.9.2014 11.9058 18.3821 1.0757 1.0850 Distribution paid 5.9.2013 11.2159 16.8172 N/A N/A * Income class was renamed as A Income class during December 2013. Accumulation class was renamed as A Accumulation class during December 2013. # X Income and X Accumulation classes commenced April 2014. 32