Interim report ChariTrak Common

For the six months ended 12 October 2017 Contents General Information

Manager, Registrar and Alternative Investment Fund Manager General Information 2 BlackRock Fund Managers Limited About the Fund 3 12 Throgmorton Avenue, EC2N 2DL Switchboard: 020 7743 3000 Trustee 3 Charities Helpline (Freephone): 0800 44 55 22 Corporate Governance 4 Member of The Investment Association and authorised and regulated by the Financial Conduct Authority Common Investment Funds 4 pursuant to the requirements of The Alternative Investment Fund Managers Regulations 2013.

Charity Trustees’ Investment Responsibilities 4 Directors of the Manager Fund Manager 4 G D Bamping* C L Carter (appointed 7 September 2017) R A Damm N C D Hall* (resigned 31 May 2017) R A R Hayes A M Lawrence E E Tracey M T Zemek* Significant Events 5 * Non-executive Director.

Investment Objective & Policy 6 Trustee Performance Table 7 BNY Mellon Trust & Depositary (UK) Limited 160 Queen Victoria Street, London EC4V 4LA Investment Report 8 Authorised and regulated by the Financial Conduct Authority. Performance Record 9

Portfolio Statement 11 Investment Manager BlackRock Advisors (UK) Limited Statement of Total Return 28 12 Throgmorton Avenue, London EC2N 2DL Statement of Change in Net Assets Attributable to Unitholders 28 Authorised and regulated by the Financial Conduct Authority. Balance Sheet 29 Auditor Notes to Financial Statements 30 Ernst & Young LLP 1 More London Place, London SE1 2AF

Custodian The Bank of New York Mellon (International) Limited 1 Canada Square, London E14 5AL

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

BlackRock’s proxy voting agent is ISS (Institutional Shareholder Services).

This Report relates to the packaged products of and is issued by: BlackRock Fund Managers Limited 12 Throgmorton Avenue, London EC2N 2DL Telephone: 020 7743 3000 Dealing and Investor Services: 0800 44 55 22 blackrock.co.uk

For your protection, telephone calls are usually recorded.

1 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 2 About the Fund Corporate Governance

ChariTrak Common Investment Fund (the “Fund”) is established by The Charity Commission for England The Manager is responsible for the management and administration of the Fund (as further detailed in the and Wales (the “Commission”) under section 24 of The Charities Act 1993. The Charities Act 1993 was Scheme Particulars) except to the extent that such responsibilities are those of the Trustee. The Manager superseded by The Charities Act 2011 on 14 March 2012. has delegated certain functions with respect to the portfolio management of the assets of the Fund, the performance of certain risk management functions, and the distribution of units to BlackRock Advisors (UK) The Fund was established on 11 August 1999 and its registered charity number is 1077125. The Fund is Limited (the “Investment Manager”). administered for the benefit of unitholders under a scheme order of the Commission dated 22 June 2000 (the “Scheme”), as subsequently varied or amended. 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 The Alternative Investment Fund Managers Regulations 2013 reports on a quarterly basis. Any matters for decision which are outside the powers delegated to the Manager BlackRock Fund Managers Limited (the “Manager”) is authorised and regulated by the Financial Conduct are discussed by the Manager and the Trustee. Authority with permission to carry on the activity of ‘managing an AIF’ in the United Kingdom. As such, the Manager has been appointed to be the alternative investment fund manager of the Fund, which is an alternative investment fund, or ‘AIF’, for the purposes of the AIFMD. Common Investment Funds

In this document the term “AIFMD” means, collectively, Alternative Investment Fund Managers Directive (Directive 2011/61/EU) as implemented by the Commission Delegated Regulation (EU) No. 231/2013, and as The Fund is a Common Investment Fund established and registered with the Commission. Pursuant to the transposed in the UK by UK SI 2013/1773 entitled ‘Financial Services and Markets; The Alternative Investment Charities Act 2011 and the Fund’s governing document, the Scheme, charities established in England and Fund Managers Regulations 2013’ and any other applicable national implementing measures, including Wales, and charities established in Scotland and Northern Ireland pursuant to the Charities Act 2006 (as (without limitation) the rules contained in the FCA Handbook, each as may be amended or updated from amended from time to time) may invest in the Fund. Subject to any restrictions in the terms of the Scheme, time to time. 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. Trustee Charity Trustees’ Investment Responsibilities The Trustee of the Fund is BNY Mellon Trust & Depositary (UK) Limited (the “Trustee”) and is 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) except to the extent that such The Commission requires trustees of charities to invest their assets only in investments authorised under the responsibilities are those of the Manager. governing document of their charity or the Trustee Act 2000 if applicable. Trustees are required to invest prudently in order to achieve both income and/or capital growth. Furthermore, trustees are required to seek regular professional advice regarding their investments. The Trustee acts as the depositary of the Fund and, in doing so, shall comply with the terms of the Scheme and the provisions of the AIFMD. The Trustee has delegated certain safekeeping functions to The Bank of New York Mellon (International) Limited. Fund Manager

As at 12 October 2017, the Fund Manager is Kieran Doyle.

3 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 4 Significant Events Investment Objective & Policy

Charities Team The investment objective of the Fund is to provide tax-exempt charity investors in England, Wales, Scotland We would like to advise you of a recent change to the management of the Charities Team. Mark Johnson has and Northern Ireland with returns (income and capital growth) of the UK equity market in line with a fixed now left BlackRock to pursue other opportunities and Nick McLeod-Clarke has become head of the EMEA benchmark, namely the FTSE All-Share Index (the “Benchmark Index”). Charities business. Nick took over Mark’s responsibilities effective 1 July. Nick, a Managing Director, was previously on the UK Equity team and has 16 years’ experience at the firm. 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. Nick will be supported by Candida de Silva, Relationship Manager and head of EMEA Charities Business Development, together with Relationship Managers Gemma Gooch and Luke Twyman. Our Charity clients The Fund aims to fully replicate the Benchmark Index, holding stocks in the same proportion as they appear in continue to be looked after by our Charities Client Services and Relationship Support team, many of whom the Benchmark Index. However, the Fund may employ optimisation techniques in order to assist it in tracking have worked with our Charities clients for over twenty years. its benchmark.

Potential Implication of Brexit 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 In a referendum held on 23 June 2016, the electorate of the United Kingdom (“UK”) resolved to leave the investment schemes in accordance with the restrictions set out in the Scheme. European Union (“EU”). The result has led to political instability and economic uncertainty, volatility in the financial markets of the UK and more broadly across the EU and a decline in the value of Sterling. 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 The longer term process to implement the political, economic and legal framework between the UK and the new security to the market occurs in an orderly fashion. EU is likely to lead to continuing uncertainty and periods of exacerbated volatility in both the UK and in wider European markets. In particular, the decision made in the British referendum may lead to a call for similar The Fund may invest in securities in which an issue or offer for sale was underwritten, managed or arranged referendums in other European jurisdictions which may also cause increased economic volatility in wider by an associate of the Manager during the preceding twelve months. European and global markets. The potential currency volatility resulting from this uncertainty may mean that the returns of a Fund and its investments are adversely affected by market movements. This may also make The Manager may enter into stock lending transactions on behalf of the Fund. it more difficult, or more expensive, for a Fund to execute prudent currency hedging policies. The Manager may enter into contracts in respect of FTSE 100 futures in the following circumstances: This mid to long term uncertainty may have an adverse effect on the economy generally and on the ability of a Fund and its investments to execute their respective strategies and to receive attractive returns, and may also • As a way of managing risk in respect of new money entering the Fund before it is invested in the market. result in increased costs to a Fund. • 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 Changes in the Directors of the Manager redemption. On 18 May 2017, N C D Hall resigned as a Director effective 31 May 2017. C L Carter was appointed as a Director effective 7 September 2017. • 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 derivative transactions entered into by the Fund are always fully covered.

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 Trustee, 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 6 Performance Table Investment Report

For the six months For the three years For the five years Summary of Performance over the Period to 12.10.2017 to 30.9.2017† to 30.9.2017† The Fund returned 6.1%* over the period to 12 October 2017, outperforming its benchmark, the FTSE All-Share Index, which returned 6.0%. TOTAL RETURN (with net income reinvested) Fund Manager’s Commentary Class A Accumulation Units Overall, the period was positive for global equity markets, with many of the world’s major indices posting new ChariTrak Common Investment Fund +6.1% +27.2% +59.6% highs. As the review period began, investors anxiously awaited the results of the two-part French presidential FTSE All-Share Index* +6.0% +27.4% +61.0% election. When pro-European Union (“EU”) Emmanuel Macron ultimately defeated his far-right rival, markets staged a relief rally that extended globally. For much of the summer, political concerns generally took a back 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. All returns are in Sterling. seat to optimism about economic growth and strong corporate earnings. * Figures from Index Vendor. † Three and five year data is only available to 30 September 2017. One exception was in the UK, where Prime Minister Theresa May called an early general election to solidify her party’s mandate in the ‘Brexit’ process. However, the Conservatives lost seats and Mrs May’s position All financial investments involve an element of risk. Therefore, the value of your investment and the income was weakened; negotiations with the EU over the specifics of the deal and the future of trading relations were from it will vary and the return of your initial investment amount cannot be guaranteed. Changes in exchange stalled several times. Economic data remained fairly resilient, especially employment, while inflation pushed rates may cause the value of an investment to fluctuate. Past performance is not a guide to future performance higher. The Bank of England (“BoE”) did not change its target interest rates but, to many observers, appeared and should not be the sole factor of consideration when selecting a product. to be more in favour of higher interest rates by the end of the period, given inflation was well above the BoE’s target of 2%. For the quarter ended June, the economy grew by 0.3%. Meanwhile, the annualised growth rate was the lowest in four years, at 1.5%.

Equities in continental Europe ended the period modestly higher, after gaining in the last six weeks of the period. Following the ‘relief rally’ in early May, equities had edged lower, as the generally stronger Euro restrained corporate earnings and the European Central Bank’s (“ECB”) President left investors unclear on the future direction of monetary policy; stocks hit a low for the period in mid-August 2017. Since then, Eurozone shares began to rise again, with the ECB assuring investors that the steps it would take to wind down its economic stimulus programme (also known as ‘quantitative easing’) would be prudent and gradual – details were expected from the bank at the end of October.

In the US, stocks continued their bull run on the back of strong economic growth, as Gross Domestic Product for the second quarter of 2017 was revised up to 3.1%; third quarter of 2017 estimates stood at 2.7%, despite the economic effects of a series of devastating hurricanes in Texas, Florida and Puerto Rico. The Federal Reserve (“Fed”) increased its target federal funds rate to 1.0−1.25% in June and announced a plan – starting in September – to pay down its balance sheets from the massive stimulus programme it began after the global financial crisis. Towards the end of the period, investor sentiment was boosted by the prospect of the Republican-led Congress delivering a tax-reform plan by year-end, after months of political dysfunction and infighting. Markets also reacted to news that President Donald Trump was interviewing candidates for the position of Fed chair, including incumbent Janet Yellen.

By August, geopolitics were back in focus, as North Korea stepped up its nuclear programme, testing a long- range missile and engaging in a war of words with President Donald Trump. These developments led to less risky assets performing well in August, but, despite ongoing tensions with Pyongyang, a closer-than-expected election in Germany and political disruptions in the Catalan region of Spain, equities ended the period higher.

October 2017

* Performance figures quoted are based on bid-to-bid dealing prices (the prices at which units are sold). Performance is calculated net of fees and reported for the Fund’s Class A Accumulation Units.

7 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 8 Performance Record

Net Asset Value Capital (Unit Prices)

Net Asset Value A Income A Accumulation X Income X Accumulation Net Asset Value per Unit Units Units Units Units Units in Issue £000’s p Highest Lowest Highest Lowest Highest Lowest Highest Lowest A Income Offer Bid Offer Bid Offer Bid Offer Bid Price Price Price Price Price Price Price Price 12 October 2017 13,707,187 194,755 1,421 Accounting Year p p p p p p p p 5 April 2017 15,056,918 206,155 1,369 12 October 2017* 1,436 1,340 2,493 2,300 115.9 108.2 132.3 122.0 5 April 2016 14,448,493 165,763 1,147 5 April 2017 1,398 1,127 2,377 1,867 112.9 91.05 126.1 98.91 5 April 2015 4,488,723 56,887 1,267 5 April 2016 1,325 1,044 2,117 1,713 107.0 84.33 111.9 90.66 A Accumulation 5 April 2015 1,317 1,118 2,083 1,760 106.3 90.31 110.1 92.96

12 October 2017 2,326,619 58,000 2,493 * For the period 6 April 2017 to 12 October 2017. 5 April 2017 2,947,469 69,259 2,350 5 April 2016 3,281,914 62,340 1,900 Unit Prices

5 April 2015 1,246,136 25,233 2,025 Bid Price Offer Price At 12 October 2017 p p X Income A Income 1,435 1,437 12 October 2017 161,095,204 184,822 114.7 A Accumulation 2,492 2,495 5 April 2017 140,664,940 155,515 110.6 X Income 115.9 116.1 5 April 2016 221,941,804 205,599 92.64 X Accumulation 132.3 132.4 5 April 2015 351,823,866 359,983 102.3 X Accumulation 12 October 2017 34,527,838 45,672 132.3 5 April 2017 41,770,908 52,053 124.6 5 April 2016 67,272,183 67,697 100.6 5 April 2015 108,246,993 115,878 107.0

Income (Net Distributions/Net Accumulations)

A Income A Accumulation X Income X Accumulation Units Units Units Units Accounting Year Pence per Unit Pence per Unit Pence per Unit Pence per Unit 12 October 2017* 31.0761 53.5877 2.5695 2.9105 5 April 2017 47.1791 79.2589 3.9201 4.3187 5 April 2016 43.2587 69.9839 3.6314 3.8508 5 April 2015 40.8986 64.1185 3.6140 3.6956

* For the period 6 April 2017 to 12 October 2017.

9 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 10 Portfolio Statement (unaudited) at 12 October 2017

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

EQUITIES – 95.20%; 5.4.2017 95.54% 10,591 Treatt 48 0.01 15,670 384 0.08 Aerospace & Defence – 1.91%; 5.4.2017 1.88% 7,908 Zotefoams 28 0.01 5,575 53 0.01 633,020 BAE Systems 3,896 0.81 3,251 0.68 61,329 Chemring 108 0.02 Construction & Materials – 1.48%; 5.4.2017 1.33% 465,687 Cobham 685 0.14 137,331 367 0.08 147,033 768 0.16 16,932 Costain 76 0.02 111,264 QinetiQ 265 0.05 166,115 CRH 4,570 0.94 324,238 Rolls-Royce 2,983 0.62 25,959 Forterra 78 0.02 84,345 Senior 245 0.05 26,733 Henry Boot 80 0.02 12,949 240 0.05 44,780 Ibstock 110 0.02 9,243 1.91 15,309 Keller 141 0.03 19,782 Kier 221 0.05 Automobiles & Parts – 0.23%; 5.4.2017 0.26% 84,087 Low & Bonar 68 0.01 315,026 GKN 1,111 0.23 36,352 Marshalls 160 0.03 Banks – 10.83%; 5.4.2017 10.58% 358,351 Melrose Industries 805 0.17 52,917 Aldermore 135 0.03 7,335 Morgan Sindall 105 0.02 3,362,804 Barclays 6,490 1.34 13,452 Norcros 24 0.00 6,501 BGEO 218 0.05 38,697 Polypipe 160 0.03 162,565 CYBG 495 0.10 34,349 114 0.02 3,963,402 HSBC 29,607 6.13 40,552 Volution 82 0.02 14,082,425 Lloyds Banking 9,335 1.93 7,161 1.48 193,437 Northern Rock* – 0.00 17,635 OneSavings Bank 67 0.01 Electricity – 0.63%; 5.4.2017 0.70% 634,873 Royal Bank of Scotland 1,740 0.36 77,832 Drax 231 0.05 535,876 Standard Chartered 4,063 0.84 198,511 SSE 2,793 0.58 6,884 TBC Bank 113 0.02 3,024 0.63 43,367 Virgin Money 119 0.02 Electronic & Electrical Equipment – 0.50%; 5.4.2017 0.49% 52,382 10.83 3,820 Dialight 31 0.00 Beverages – 2.93%; 5.4.2017 2.75% 77,420 Halma 912 0.19 14,204 A.G. Barr 88 0.02 16,547 Luceco 38 0.01 53,478 416 0.09 62,280 Morgan Advanced Materials 191 0.04 38,062 Coca-Cola HBC 992 0.20 9,372 91 0.02 489,241 Diageo 12,568 2.60 6,077 Renishaw 294 0.06 31,791 Stock Spirits 81 0.02 24,914 616 0.13 15,932 TT Electronics 36 0.01 14,145 2.93 21,556 Xaar 99 0.02 Chemicals – 0.68%; 5.4.2017 0.63% 2,987 XP Power 98 0.02 18,325 Carclo 26 0.00 2,406 0.50 25,334 Croda International 994 0.21 99,108 270 0.06 35,643 Johnson Matthey 1,214 0.25 58,083 287 0.06

11 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 12 Portfolio Statement (unaudited) continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Financial Services – 2.81%; 5.4.2017 2.89% 93,672 SSP 532 0.11 186,353 3i 1,795 0.37 1,621,878 Tesco 3,010 0.62 42,403 Allied Minds 73 0.02 423,835 Wm Morrison Supermarkets 1,001 0.21 29,654 Arrow Global 131 0.03 6,589 1.37 69,893 Ashmore 247 0.05 60,873 214 0.04 Food Producers – 2.99%; 5.4.2017 2.78% 4,851 City of London Investment 20 0.00 68,872 Associated British Foods 2,296 0.48 30,774 Close Brothers 443 0.09 22,670 Carr’s Milling 33 0.01 47,272 Hargreaves Lansdown 726 0.15 10,531 Cranswick 320 0.07 11,462 Henderson 11 0.00 27,133 Dairy Crest 164 0.03 75,372 IG 484 0.10 27,429 Devro 65 0.01 44,660 International Personal Finance 86 0.02 124,200 233 0.05 126,491 705 0.15 12,123 Hilton Food 95 0.02 124,184 IP 174 0.04 113,028 44 0.01 81,050 John Laing 231 0.05 25,047 PureCircle 114 0.02 86,902 504 0.10 87,881 Tate & Lyle 582 0.12 9,606 Liontrust 47 0.01 233,073 Unilever 10,503 2.17 61,380 London Stock Exchange 2,412 0.50 14,449 2.99 319,250 Man 574 0.12 Forestry & Paper – 0.30%; 5.4.2017 0.30% 15,609 Metro Bank 556 0.11 73,635 Mondi 1,431 0.30 62,964 NEX 416 0.09 57,120 Paragon 254 0.05 Gas, Water & Multiutilities – 2.29%; 5.4.2017 2.85% 30,240 Provident Financial 238 0.05 1,090,811 1,951 0.40 10,846 279 0.06 675,778 National Grid 6,348 1.31 20,084 Real Estate Credit Investments 34 0.01 84,790 Pennon 676 0.14 852 S&U 17 0.00 45,856 Severn Trent 980 0.20 22,448 Schroders 786 0.16 133,763 United Utilities 1,144 0.24 105,057 Tullett Prebon 562 0.12 11,099 2.29 55,167 VPC Specialty Lending Investments 43 0.01 General Industrials – 0.72%; 5.4.2017 0.63% 364,553 Worldpay 1,501 0.31 292,421 Coats 259 0.05 13,563 2.81 188,187 DS Smith 916 0.19 Fixed Line Telecommunications – 1.07%; 5.4.2017 1.23% 79,896 RPC 768 0.16 1,655,183 BT 4,616 0.96 79,704 Smiths 1,267 0.26 124,094 KCOM 123 0.03 46,038 Vesuvius 270 0.06 115,620 Talktalk Telecom 252 0.05 3,480 0.72 12,239 147 0.03 General Retailers – 1.93%; 5.4.2017 1.94% 5,138 1.07 122,677 AA 191 0.04 Food & Drug Retailers – 1.37%; 5.4.2017 1.36% 48,792 AO World 56 0.01 321,370 Booker 660 0.14 160,114 B&M European Value Retail 636 0.13 21,828 281 0.06 70,729 Card Factory 222 0.05 325,503 J Sainsbury 781 0.16 14,925 Carpetright 28 0.01 19,350 McColl’s Retail 51 0.01 249,539 Debenhams 117 0.02 88,307 Ocado 273 0.06 44,110 DFS Furniture 96 0.02

13 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 14 Portfolio Statement (unaudited) continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

9,072 Dignity 209 0.04 122,572 Reckitt Benckiser 8,781 1.82 188,031 356 0.07 47,402 Redrow 295 0.06 18,769 Dunelm 139 0.03 653,880 Taylor Wimpey 1,308 0.27 40,445 Halfords 135 0.03 16,464 3.41 83,833 Inchcape 703 0.15 67,155 JD Sports Fashion 247 0.05 Industrial Engineering – 0.78%; 5.4.2017 0.76% 117,760 Just Eat 882 0.18 38,443 358 0.07 447,397 Kingfisher 1,360 0.28 42,798 Fenner 145 0.03 54,343 Lookers 59 0.01 948 Goodwin 18 0.00 315,236 Marks & Spencer 1,103 0.23 13,536 Hill & Smith 171 0.04 23,283 Moss Bros 22 0.00 53,803 IMI 671 0.14 41,257 Mothercare 41 0.01 7,371 Porvair 35 0.01 21,866 N Brown 72 0.02 63,797 Renold 30 0.01 27,989 Next 1,396 0.29 178,546 470 0.10 339,253 Pendragon 98 0.02 88,159 Severfield 61 0.01 75,023 144 0.03 14,773 Spirax-Sarco Engineering 852 0.18 229,732 Saga 439 0.09 29,858 Trifast 63 0.01 41,385 Sports Direct International 163 0.03 44,475 Weir 885 0.18 44,823 Topps Tiles 32 0.01 3,759 0.78 19,614 WH Smith 406 0.08 Industrial Metals & Mining – 0.10%; 5.4.2017 0.07% 9,352 1.93 93,062 Evraz 297 0.06 Health Care Equipment & Services – 1.01%; 5.4.2017 0.87% 47,897 133 0.03 24,242 Cambian 48 0.01 20,076 Kenmare Resources 65 0.01 10,265 Consort Medical 112 0.02 495 0.10 257,465 ConvaTec 723 0.15 Industrial Transportation – 0.39%; 5.4.2017 0.41% 75,677 515 0.11 201,714 BBA Aviation 628 0.13 15,315 NMC Health 452 0.09 4,923 Clarkson 143 0.03 173,709 Smith & Nephew 2,470 0.51 12,256 Clipper Logistics 51 0.01 60,273 137 0.03 9,125 James Fisher & Sons 139 0.03 48,594 UDG Healthcare 436 0.09 184,900 Royal Mail 716 0.15 4,893 1.01 59,262 Stobart 159 0.03 Household Goods & Home Construction – 3.41%; 5.4.2017 3.33% 18,717 Wincanton 45 0.01 200,289 Barratt Developments 1,344 0.28 1,881 0.39 24,191 849 0.18 Leisure Goods – 0.05%; 5.4.2017 0.02% 25,036 Berkeley 956 0.20 6,226 127 0.03 28,286 Bovis Homes 330 0.07 46,477 Photo-Me 79 0.02 55,822 198 0.04 54,078 302 0.06 206 0.05 13,307 Galliford Try 178 0.04 Life Insurance – 4.82%; 5.4.2017 4.61% 17,698 Headlam 108 0.02 802,927 Aviva 4,015 0.83 41,849 McBride 95 0.02 35,588 Chesnara 140 0.03 2,715 MJ Gleeson 19 0.00 11,063 Hansard Global 9 0.00 61,266 Persimmon 1,701 0.35 53,721 Intermediate Capital 521 0.11 128,803 Just Retirement 189 0.04

15 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 16 Portfolio Statement (unaudited) continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

1,171,509 Legal & General 3,100 0.64 744,830 Petropavlovsk 59 0.01 923,420 Old Mutual 1,842 0.38 53,114 Polymetal International 474 0.10 74,587 Phoenix 571 0.12 18,294 Randgold Resources 1,374 0.28 511,835 Prudential 9,359 1.94 234,970 Rio Tinto 8,413 1.74 101,974 St. James’s Place Capital 1,199 0.25 836,178 Sirius Minerals 215 0.04 530,223 Standard Life 2,316 0.48 11,645 Vedanta Resources 102 0.02 23,261 4.82 30,214 6.24 Media – 3.27%; 5.4.2017 3.69% Mobile Telecommunications – 2.48%; 5.4.2017 2.53% 5,915 112 0.02 92,843 Inmarsat 600 0.12 80,958 280 0.06 5,270,428 Vodafone 11,403 2.36 181,209 Auto Trader 668 0.14 12,003 2.48 19,849 Bloomsbury Publishing 31 0.01 64,399 Entertainment One 184 0.04 Non-Life Insurance – 1.06%; 5.4.2017 1.06% 13,083 Euromoney Institutional Investor 148 0.03 39,051 Admiral 737 0.15 66,764 Gocompare.Com 73 0.01 99,363 Beazley 495 0.10 160,422 Informa 1,110 0.23 269,377 Direct Line 1,013 0.21 61,631 ITE 112 0.02 63,016 174 0.04 746,410 ITV 1,301 0.27 67,843 Hastings 213 0.04 105,055 Moneysupermarket.com 339 0.07 54,534 743 0.15 162,212 Pearson 1,009 0.21 23,364 Jardine Lloyd Thompson 297 0.06 209,877 RELX 3,562 0.74 38,010 Lancashire 255 0.05 18,115 Rightmove 743 0.15 201,312 RSA Insurance 1,241 0.26 204,685 Sky 1,896 0.39 5,168 1.06 9,370 STV 33 0.01 Oil & Gas Producers – 11.88%; 5.4.2017 11.61% 19,738 Tarsus 60 0.01 3,811,930 BP 18,732 3.88 58,191 Trinity Mirror 49 0.01 107,014 209 0.04 75,018 UBM 517 0.11 179,216 Enquest 46 0.01 245,700 WPP 3,376 0.70 22,823 Nostrum Oil & Gas 92 0.02 54,043 Zoopla Property 196 0.04 133,854 Ophir Energy 98 0.02 15,799 3.27 73,784 Premier Oil 47 0.01 Mining – 6.24%; 5.4.2017 6.09% 884,833 Royal Dutch Shell class ‘A’ shares 20,347 4.21 27,163 Acacia Mining 51 0.01 740,499 Royal Dutch Shell class ‘B’ shares 17,250 3.57 222,566 Anglo American 3,213 0.66 47,743 SOCO International 56 0.01 68,193 Antofagasta 693 0.14 288,222 531 0.11 413,075 BHP Billiton 5,680 1.18 57,408 11.88 222,265 327 0.07 Oil Equipment, Services & Distribution – 0.28%; 5.4.2017 0.39% 34,617 Fresnillo 507 0.10 35,670 Gulf Marine Services 16 0.00 36,368 Gem Diamonds 28 0.01 27,898 Hunting 130 0.03 2,301,973 Glencore 8,469 1.75 125,460 John Wood 905 0.19 41,335 99 0.02 64,170 Lamprell 51 0.01 45,457 KAZ Minerals 384 0.08 53,792 Petrofac 228 0.05 45,263 Lonmin 38 0.01 113,680 Petra Diamonds 88 0.02 1,330 0.28

17 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 18 Portfolio Statement (unaudited) continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Personal Goods – 0.44%; 5.4.2017 0.43% Real Estate Investment Trusts – 1.94%; 5.4.2017 2.02% 84,628 Burberry 1,605 0.33 357,336 Assura 221 0.05 29,837 Jimmy Choo 69 0.01 31,951 Big Yellow 255 0.05 40,394 PZ Cussons 133 0.03 203,889 British Land 1,243 0.26 10,549 SuperGroup 184 0.04 126,288 Capital & Regional 69 0.01 5,223 Ted Baker 144 0.03 50,683 55 0.01 2,135 0.44 43,686 Custodian REIT 50 0.01 18,735 525 0.11 Pharmaceuticals & Biotechnology – 7.54%; 5.4.2017 8.46% 109,212 Empiric Student Property 109 0.02 250,193 AstraZeneca 12,895 2.67 81,190 F&C Commercial Property Trust 119 0.03 79,156 BTG 560 0.12 64,193 F&C UK Real Estate Investment Trust 69 0.01 36,914 Circassia Pharmaceuticals 31 0.01 67,817 421 0.09 18,457 401 0.08 161,684 864 0.18 10,339 Genus 229 0.05 150,623 Hansteen 205 0.04 953,921 GlaxoSmithKline 14,571 3.01 185,456 Intu Properties 427 0.09 28,772 Hikma Pharmaceuticals 335 0.07 140,299 Land Securities 1,392 0.29 138,022 470 0.10 131,073 LondonMetric Property 224 0.05 670,563 Oxford Biomedica 59 0.01 99,303 McCarthy & Stone 146 0.03 175,654 Shire 6,753 1.39 46,236 NewRiver REIT 158 0.03 151,900 Vectura 152 0.03 138,353 Primary Health Properties 164 0.03 36,456 7.54 259,406 Redefine International 99 0.02 51,855 Regional REIT 54 0.01 Real Estate Investment & Services – 0.45%; 5.4.2017 0.43% 42,601 193 0.04 153,060 Capital & Counties Properties 402 0.08 183,545 Segro 1,009 0.21 22,574 CLS 49 0.01 43,280 Shaftesbury 434 0.09 21,491 Countrywide 24 0.01 98,644 Standard Life Investment Property Trust 90 0.02 850 Daejan 51 0.01 56,358 Target Healthcare REIT 65 0.01 36,025 Development Securities 67 0.01 4,678 Town Centre Securities 14 0.00 63,737 Foxtons 41 0.01 273,359 Tritax Big Box 402 0.08 88,691 Grainger Trust 243 0.05 115,017 UK Commercial Property Trust 102 0.02 22,657 Helical Bar 68 0.01 25,498 Workspace 233 0.05 20,990 Kennedy Wilson Europe Real Estate 233 0.05 19,762 LSL Property Services 45 0.01 9,411 1.94 22,948 Phoenix Spree Deutschland 75 0.02 Software & Computer Services – 1.07%; 5.4.2017 0.77% 150,037 Raven Russia 71 0.01 18,953 Alfa Financial Software 93 0.02 26,788 252 0.05 13,928 AVEVA 347 0.07 99,793 Schroder Real Estate 61 0.01 15,787 161 0.03 168,486 106 0.02 16,801 FDM 171 0.04 33,645 St. Modwen Properties 129 0.03 6,968 Fidessa 157 0.03 41,898 Unite 304 0.06 86,020 International 2,081 0.43 46,832 NCC 112 0.02 2,221 0.45 212,728 Sage 1,553 0.32 19,723 SDL 94 0.02 17,944 Servelec 48 0.01 20,149 87 0.02 46,619 Sophos 276 0.06 5,180 1.07

19 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 20 Portfolio Statement (unaudited) continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

Support Services – 5.01%; 5.4.2017 5.16% 151,258 Speedy Hire 78 0.02 10,581 Acal 32 0.01 20,770 SThree 73 0.02 45,347 399 0.08 51,607 744 0.15 98,217 Ashtead 1,831 0.38 6,111 Vp 50 0.01 91,349 751 0.16 24,171 5.01 30,763 75 0.02 66,686 Bunzl 1,544 0.32 Technology Hardware & Equipment – 0.07%; 5.4.2017 0.08% 134,975 749 0.15 49,114 Imagination Technologies 85 0.02 96,553 Carillion 42 0.01 94,493 Laird 139 0.03 17,511 Charles Taylor Consulting 47 0.01 40,826 Nanoco 11 0.00 39,820 Communisis 22 0.00 128,437 Communications 118 0.02 41,155 Connect 40 0.01 353 0.07 17,395 DCC 1,280 0.26 Tobacco – 5.79%; 5.4.2017 5.86% 20,981 De La Rue 141 0.03 451,723 British American Tobacco 22,051 4.56 18,717 Diploma 202 0.04 187,587 Imperial Brands 5,935 1.23 90,424 641 0.13 49,619 Equiniti 151 0.03 27,986 5.79 10,632 Equiniti Rights 17/10/17 12 0.00 Travel & Leisure – 4.45%; 5.4.2017 4.29% 56,805 301 0.06 42,504 105 0.02 185,239 Experian 2,893 0.60 35,568 Carnival 1,786 0.37 49,686 Ferguson 2,606 0.54 43,751 307 0.06 305,740 G4S 852 0.18 310,757 Compass 5,078 1.05 40,281 Grafton 333 0.07 100,015 Domino’s Pizza 340 0.07 266,240 Hays 507 0.10 47,828 easyJet 632 0.13 76,140 Hogg Robinson 60 0.01 111,204 Enterprise Inns 148 0.03 49,725 412 0.09 257,008 FirstGroup 280 0.06 113,353 Howden Joinery 482 0.10 5,661 Fuller Smith & Turner class ‘A’ shares 56 0.01 35,443 Interserve 40 0.01 9,567 Go-Ahead 164 0.03 31,652 Intertek 1,647 0.34 63,848 Greene King 338 0.07 126,594 IWG 421 0.09 57,905 GVC 524 0.11 12,523 John Menzies 88 0.02 29,839 Gym 64 0.01 13,280 Mears 59 0.01 35,226 Hollywood Bowl 66 0.01 79,191 202 0.04 24,764 Hostelworld 87 0.02 31,956 Northgate 144 0.03 37,401 InterContinental Hotels 1,537 0.32 65,683 Pagegroup 313 0.06 337,117 International Consolidated Airlines 2,112 0.44 13,141 PayPoint 121 0.03 15,629 JD Wetherspoon 196 0.04 99,343 Paysafe 580 0.12 326,795 Ladbrokes 425 0.09 360,792 Rentokil Initial 1,108 0.23 119,261 Marston’s 127 0.03 10,486 Ricardo 85 0.02 138,384 Merlin Entertainments 636 0.13 5,110 Robert Walters 30 0.01 29,012 Millennium & Copthorne Hotels 167 0.03 51,259 RPS 152 0.03 41,926 Mitchells & Butlers 105 0.02 22,371 Sanne 183 0.04 92,136 326 0.07 217,524 256 0.05 20,613 On the Beach 91 0.02 118,418 Shanks 123 0.03 16,636 Paddy Power Betfair 1,287 0.27 107,450 SIG 190 0.04 52,749 498 0.10 48,377 Smurfit Kappa 1,079 0.22 33,881 Rank 77 0.02

21 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 22 Portfolio Statement (unaudited) continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

35,528 Restaurant 109 0.02 6,178 Lowland Investment Company 94 0.02 92,497 Stagecoach 150 0.03 2,308 Montanaro European Smaller Companies Fund 19 0.00 244,767 Thomas Cook 301 0.06 10,212 NB Private Equity Partners Fund 102 0.02 85,755 TUI 1,153 0.24 96,791 NextEnergy Solar Fund 110 0.02 36,497 Whitbread 1,479 0.31 17,208 P2P Global Investments 134 0.03 166,552 William Hill 428 0.09 8,011 Participations Fund 154 0.03 9,775 322 0.07 50,260 Pershing Square 504 0.10 21,501 4.45 12,792 Polar Capital 27 0.01 50,210 Project Finance Investments 53 0.01 COLLECTIVE INVESTMENT SCHEMES – 4.61%; 5.4.2017 4.30% 2,892 Ranger Direct Lending 23 0.00 Equity Funds – 1.55%; 5.4.2017 1.32% 169,948 Renewables Infrastructure 182 0.04 115,001 228 0.05 23,068 RIT Capital Partners 451 0.09 34,176 Aberdeen Asian Income Fund 75 0.01 10,977 Riverstone Energy 139 0.03 17,287 Asian Total Return Investment 61 0.01 36,949 Ruffer Investment Red preference shares 86 0.02 59,103 BACIT 112 0.02 39,995 Schroder Asia Pacific Fund 178 0.04 10,341 Baillie Gifford Shin Nippon 78 0.02 20,216 Schroder Income Growth Fund 59 0.01 4,534 Baring Emerging Europe 36 0.01 38,717 Schroder Japan Growth Fund 79 0.02 105,811 BBGI 152 0.03 52,124 Schroder Oriental Income Fund 135 0.03 7,390 Beta Global Emerging Markets Fund* - 0.00 46,911 Schroder UK Growth Fund 82 0.02 4,535 BH Global – GBP shares 60 0.01 9,917 Schroder UK Mid & Small Cap Fund 53 0.01 1,943 BH Macro Hedge Fund 38 0.01 152,496 Sequoia Economic Infrastructure Income Fund 170 0.03 73,826 Bluefield Solar Income Fund 86 0.02 27,907 SQN Asset Finance Income 28 0.01 5,876 158 0.03 84,952 SQN Asset Finance Income class ‘C’ shares 83 0.02 837 Capital Gearing 33 0.01 77,442 Starwood European Real Estate Finance 85 0.02 69,003 CQS New City High Yield Fund 43 0.01 11,562 Strategic Equity Capital 27 0.01 35,996 CVC Credit Partners 41 0.01 91,936 TwentyFour Income Fund 111 0.02 32,477 Dexion Absolute GBP* – 0.00 28,336 TwentyFour Select Monthly Income Fund 28 0.01 37,134 Ecofin Global Utilities and Infrastructure Trust 48 0.01 42,910 Utilico Emerging Markets 98 0.02 12,715 F&C Global Small Companies 172 0.04 42,099 Vietnam Enterprise Investments 168 0.03 88,319 Foresight Solar Fund 98 0.02 45,260 VinaCapital Vietnam Opportunity Fund 141 0.03 25,105 GCP Asset Backed Income Fund 25 0.00 7,454 1.55 157,236 Greencoat UK Wind 186 0.04 Fixed Income Funds – 0.04%; 5.4.2017 0.05% 17,706 HarbourVest Global Private Equity Fund 230 0.05 36,122 Alcentra European Floating Rate Income Fund 37 0.01 6,644 Henderson Eurotrust 78 0.02 140,177 NB Global Floating Rate Income Fund 130 0.03 29,889 Henderson Far East Income Fund 114 0.02 36,089 Henderson International Income Trust 60 0.01 167 0.04 356,516 HICL Infrastructure 575 0.12 Investment Trusts – 2.98%; 5.4.2017 2.89% 26,338 Impax Environmental Markets 66 0.01 6,342 Aberdeen Asian Smaller Companies Investment Trust 68 0.01 8,696 International Biotechnology 55 0.01 35,974 Aberdeen New Dawn Investment Trust 83 0.02 235,082 International Public Partnership 383 0.08 17,809 Aberforth Smaller Companies Investment Trust 234 0.05 75,586 John Laing Environmental Assets 81 0.02 66,630 492 0.10 138,251 John Laing Infrastructure Fund 177 0.04 7,643 85 0.02 35,078 JP Morgan Global Convertibles Income Fund 35 0.01 12,481 Artemis Alpha Trust 37 0.01 8,418 JP Morgan Russian Securities 43 0.01 12,432 Baillie Gifford Japan Investment Trust 91 0.02 6,648 Jupiter US Smaller Companies 57 0.01 27,007 228 0.05 27,790 167 0.03 32,504 Bioscience Investment Trust* – 0.00

23 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 24 Portfolio Statement (unaudited) continued

Holding or Market % of Holding or Market % of Nominal Value Total Net Nominal Value Total Net Value Investment £000’s Assets Value Investment £000’s Assets

11,843 Biotech Growth Trust 102 0.02 16,120 Invesco Income & Growth Investment Trust 48 0.01 48,980 BlackRock Frontiers Investment Trust** 76 0.02 16,437 Invesco Perpetual UK Smaller Companies Investment Trust 83 0.02 28,947 BlackRock Greater Europe Investment Trust** 98 0.02 52,592 JP Morgan American Investment Trust 206 0.04 71,049 BlackRock Income Strategies Trust** 86 0.02 29,200 JP Morgan Asian Investment Trust 105 0.02 13,424 BlackRock Latin American Investment Trust** 65 0.01 22,586 JP Morgan Chinese Investment Trust 65 0.01 33,224 BlackRock North American Income Trust** 53 0.01 15,983 JP Morgan Claverhouse Investment Trust 112 0.02 9,871 BlackRock Smaller Companies Trust** 126 0.03 24,723 JP Morgan Emerging Markets Investment Trust 212 0.04 20,161 BlackRock Throgmorton Investment Trust** 93 0.02 36,481 JP Morgan Euro Smaller Companies Trust 150 0.03 36,953 BlackRock World Mining Trust** 142 0.03 28,289 JP Morgan European Investment Trust Growth Shares 91 0.02 18,477 British Empire Securities & General Investment Trust 132 0.03 13,300 JP Morgan European Investment Trust Income Shares 22 0.00 9,664 Brunner Investment Trust 72 0.02 66,848 JP Morgan Global Emerging Markets Income Trust 90 0.02 21,570 City Merchants High Yield Trust 43 0.01 21,900 JP Morgan Indian Investment Trust 164 0.03 67,458 City of London Investment Trust 293 0.06 41,184 JP Morgan Japanese Investment Trust 159 0.03 59,358 Diverse Income Trust 60 0.01 10,748 JP Morgan Japanese Smaller Companies Investment Trust 41 0.01 34,837 Dunedin Income Growth Investment Trust 91 0.02 7,183 JP Morgan Mid Cap Investment Trust 81 0.02 11,224 Dunedin Smaller Companies Investment Trust 28 0.01 28,956 JP Morgan Overseas Investment Trust 92 0.02 44,381 Edinburgh Dragon Investment Trust 162 0.03 5,592 JP Morgan Smaller Companies Investment Trust 57 0.01 35,486 Edinburgh Investment Trust 251 0.05 22,936 Jupiter European Opportunities Trust 164 0.03 14,497 Edinburgh Worldwide Investment Trust 101 0.02 4,004 Keystone Investment Trust 71 0.01 5,432 Electra Investment Trust 91 0.02 9,570 Majedie Investment Trust 28 0.01 13,756 EP Global Opportunities Trust 43 0.01 29,364 Martin Currie Global Portfolio Investment Trust 71 0.01 9,623 Euro Investment Trust 91 0.02 10,949 Martin Currie Pacific Investment Trust 43 0.01 26,314 F&C Capital & Income Investment Trust 86 0.02 83,949 MedicX Fund 76 0.02 102,414 F&C Investment Trust 642 0.13 16,570 Mercantile Investment Trust 344 0.07 20,528 F&C Private Equity Trust 72 0.02 22,404 Merchants Investment Trust 109 0.02 4,188 Fidelity Asian Values 1 0.00 17,725 Middlefield Canadian Income Trust 18 0.00 9,728 Fidelity Asian Values Investment Trust 38 0.01 40,873 301 0.06 72,528 Fidelity China Special Situations Investment Trust 173 0.04 8,261 Montanaro UK Smaller Companies Investment Trust 47 0.01 73,850 Investment Trust 168 0.04 13,776 109 0.02 15,931 Fidelity Japanese Values Investment Trust 21 0.00 22,681 Murray International Trust 295 0.06 35,770 Investment Trust 89 0.02 18,217 New India Investment Trust 83 0.02 22,884 Finsbury Growth & Income Trust 173 0.04 6,363 North American Income Trust 80 0.02 2,763 Fundsmith Emerging Equities Trust 32 0.01 3,366 North Atlantic Smaller Companies Investment Trust 90 0.02 146,366 GCP Infrastructure Investments Fund 183 0.04 18,412 Pacific Assets Investment Trust 47 0.01 78,059 GCP Student Living 114 0.02 15,712 Pacific Horizon Investment Trust 49 0.01 21,505 Genesis Emerging Markets Fund 153 0.03 52,539 Perpetual Income & Growth Investment Trust 204 0.04 22,983 Govett Strategic Investment Trust* – 0.00 265 108 0.02 933 Hansa Trust 9 0.00 36,358 Polar Capital Global Financials Trust 51 0.01 4,986 Henderson European Investment Trust 71 0.02 27,058 Polar Capital Technology Trust 297 0.06 30,602 Henderson High Income Investment Trust 59 0.01 27,247 Scottish American Investment Trust 100 0.02 15,568 Henderson Smaller Companies Investment Trust 128 0.03 16,075 Scottish Investment Trust 136 0.03 12,024 Henderson Value Trust 35 0.01 272,425 Scottish Mortgage Investment Trust 1,195 0.25 13,804 158 0.03 9,038 Scottish Oriental Smaller Companies Trust 98 0.02 8,660 HG Capital Investment Trust 148 0.03 181,619 Securities Trust of Scotland* – 0.00 14,929 ICG Enterprise Trust 119 0.02 31,055 Securities Trust of Scotland (Registered) 53 0.01 24,733 Invesco Asia Investment Trust 71 0.01 10,660 Standard Life Equity Income Trust 50 0.01

25 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 26 Portfolio Statement (unaudited) continued Statement of Total Return (unaudited) for the six months ended 12 October 2017

Holding or Market % of 12.10.2017 12.10.2016 Nominal Value Total Net £000’s £000’s £000’s £000’s Value Investment £000’s Assets Income 11,612 Standard Life European Private Equity Trust 41 0.01 Net capital gains 18,316 69,160 19,469 Standard Life UK Smaller Companies Trust 91 0.02 Revenue 11,099 11,488 14,862 Temple Bar Investment Trust 197 0.04 52,038 Templeton Emerging Markets Investment Trust 403 0.08 Expenses (164) (200) 9,497 TR European Growth Investment Trust 118 0.02 Net revenue before taxation 10,935 11,288 66,465 TR Property Investment Trust 249 0.05 Taxation (10) (11) 63,071 Troy Income & Growth Trust 50 0.01 Net revenue after taxation 10,925 11,277 13,203 Value & Income Investment Trust 36 0.01 31,485 332 0.07 Total return before distributions 29,241 80,437 19,789 Witan Pacific Investment Trust 64 0.01 Distributions (10,925) (11,272) 144,695 Woodford Patient Capital Trust 132 0.03 Change in net assets attributable 9,286 Worldwide Healthcare Trust 245 0.05 to unitholders from investment 14,413 2.98 activities 18,316 69,165 Property Funds – 0.03%; 5.4.2017 0.03% 5,035 ICG-Longbow Senior Secured UK Property Debt Investments 5 0.00 19,761 Macau Property Opportunities Fund 33 0.01 Statement of Change in Net Assets Attributable to Unitholders 106,213 Picton Property Income Fund 89 0.02 (unaudited) for the six months ended 12 October 2017 127 0.03 Multi-Strategy Funds – 0.01%; 5.4.2017 0.01% 12.10.2017 12.10.2016 21,703 Highbridge Multistrategy Fund 46 0.01 £000’s £000’s £000’s £000’s DERIVATIVES – 0.02%; 5.4.2017 0.00% Opening net assets attributable to unitholders 482,982 501,399 Futures – 0.02%; 5.4.2017 0.00% 62 FTSE 100 Index December 2017 100 0.02 Amounts receivable on issue of units 23,661 13,620 Amounts payable on cancellation of units (44,159) (31,522) Portfolio of investments 482,426 99.83 (20,498) (17,902) Net other assets 823 0.17 Total net assets 483,249 100.00 Stamp duty reserve tax (4) – Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. * Delisted investments fair valued at zero. Change in net assets attributable to ** Managed by a related party. unitholders from investment activities 18,316 69,165 Retained distribution on accumulation units 2,453 2,813 Closing net assets attributable to unitholders 483,249 555,475

The above statement shows the comparative closing net assets at 12 October 2016, whereas the current accounting period commenced 6 April 2017.

27 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 28 Balance Sheet (unaudited) Notes to Financial Statements (unaudited) at 12 October 2017 for the six months ended 12 October 2017

12.10.2017 5.4.2017 Accounting Policies £000’s £000’s The financial statements have been prepared in accordance with the Statement of Recommended Practice for Authorised Funds (the “SORP”) issued by the Investment Management Association (now known as the Assets: Investment Association) in May 2014, as applicable to charity common investment funds and Charities Fixed assets (Accounts & Reports) Regulations 2008. – Investment assets 482,426 482,219 Current assets The accounting policies applied are consistent with those of the financial statements for the year ended – Debtors 1,162 2,785 5 April 2017 and are described in those annual financial statements. – Cash and bank balances 3,729 1,564 Total assets 487,317 486,568 Liabilities: Investment liabilities – (8) Creditors – Distributions payable (4,009) (3,493) – Other creditors (59) (85) Total liabilities (4,068) (3,586) Net assets attributable to unitholders 483,249 482,982

E E Tracey (Director) A M Lawrence (Director) BlackRock Fund Managers Limited 30 November 2017

29 ChariTrak Common Investment Fund ChariTrak Common Investment Fund 30 About us

BlackRock is a premier provider of asset management, risk management, and advisory services to institutional, intermediary, and individual clients worldwide. As of 30 September 2017, the fi rm manages £4.45 trillion across asset classes in separate accounts, mutual funds, other pooled investment vehicles, and the industry-leading iShares® exchange-traded funds.

Through BlackRock Solutions®, the fi rm offers risk management and advisory services that combine capital markets expertise with proprietarily-developed analytics, systems, and technology. Through BlackRock Solutions, the Firm provides risk management and enterprise investment services for over 200 clients.

BlackRock serves clients in North and South America, Europe, Asia, Australia, Africa, and the Middle East. Headquartered in New York, the fi rm maintains offi ces in over 30 countries around the world.

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