Interim report ChariTrak Common

For the six months ended 12 October 2019 Contents

General Information 2

About the Fund 3

Trustee 3

Corporate Governance 3

Common Investment Fund 4

Charity Trustees’ Investment Responsibilities 4

Fund Manager 4

Significant Events 4

Investment Report 5

Performance Record 8

Portfolio Statement 10

Statement of Total Return 28

Statement of Change in Net Assets Attributable to Unitholders 28

Balance Sheet 29

Notes to Financial Statements 30

1 ChariTrak Common Investment Fund General Information

Manager, Registrar & Alternative Investment Fund Manager BlackRock Fund Managers Limited 12 Throgmorton Avenue, EC2N 2DL

Member of The Investment Association and authorised and regulated by the Financial Conduct Authority (“FCA”) pursuant to the requirements of The Alternative Investment Fund Managers Regulations 2013.

Directors of the Manager G D Bamping* C L Carter (Resigned 17 May 2019) M B Cook W I Cullen* R A R Hayes A M Lawrence M T Zemek*

Trustee & Custodian The of New York Mellon (International) Limited One Canada Square, London E14 5AL

Authorised by the Prudential Regulation Authority and regulated by the FCA and the Prudential Regulation Authority.

Investment Manager BlackRock Investment Management (UK) Limited 12 Throgmorton Avenue, London EC2N 2DL

Authorised and regulated by the FCA.

Auditor Ernst & Young LLP 25 Churchill Place, Canary Wharf, London E14 5EY

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.

* Non-executive Director.

ChariTrak Common Investment Fund 2 About the Fund

ChariTrak Common Investment Fund (the “Fund”) is established by The Charity Commission for England and Wales (the “Commission”) under section 24 of The Charities Act 1993. The Charities Act 1993 was superseded by The Charities Act 2011 on 14 March 2012.

The Fund was established on 11 August 1999 and its registered charity number is 1077125. The Fund is 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 Alternative Investment Fund Managers Regulations 2013 BlackRock Fund Managers Limited (the “Manager”) is authorised to manage and market the Fund, which is an alternative investment fund, in accordance with the “AIFMD”.

In this document, the term “AIFMD” means, collectively, Directive 2011/61/EU, as supplemented by Commission Delegated Regulation (EU) No. 231/2013, and as transposed by UK SI 2013/1773 and any other applicable national implementing measures in the including, without limitation, the rules contained in the FCA handbook of rules and guidance, each as may be amended or updated from time to time.

Trustee

The Trustee of the Fund is The Bank of New York Mellon (International) 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 responsibilities are those of the Manager.

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.

Corporate Governance

The Manager is responsible for the management and administration of the Fund (as further detailed in the Scheme Particulars) except to the extent that such responsibilities are those of the Trustee or Advisory Board. The Manager 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 Investment Management (UK) Limited (the “Investment Manager”) pursuant to an investment management agreement.

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. Any matters for decision which are outside the powers delegated to the Manager are discussed by the Manager and the Trustee.

3 ChariTrak Common Investment Fund Common Investment Fund

The Fund is a Common Investment Fund established and registered with the Commission. Pursuant to the Charities Act 2011 and the Fund’s governing document, the Scheme, charities established in England and Wales, and charities established in and pursuant to the Charities Act 2006 (as amended from time to time) may invest in the Fund. Subject to any restrictions in the terms of the Scheme, 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 Commission requires trustees of charities to invest their assets only in investments authorised under the 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.

Fund Manager

As at 12 October 2019, the Fund Manager of the Fund is Kieran Doyle.

Significant Events

Changes in the Directors of the Manager C L Carter resigned as a Director effective 17 May 2019.

Conversion of the Fund’s legal structure from CIF to CAIF As set out in the letter to unitholders dated 30 September 2019, BlackRock is proposing a change to the legal structure of the Fund, from a Common Investment Fund to a Charity Authorised Investment Fund (CAIF) with effect from 6 December 2019. Unitholder approval was confirmed at the EGM on 21 November 2019. A CAIF is a new charity investment fund vehicle. The CAIF structure was launched in October 2016, designed to build on the beneficial features of the existing Common Investment Fund (CIF) structure.

The CAIF regime affords the same benefits of a CIF,but it also provides two further benefits. Firstly, the CAIF is dual-regulated by the Charity Commission and Financial Conduct Authority (FCA), unlike the CIF which is regulated by the Charity Commission only. Secondly, the CAIF structure removes the charging of VAT on management fees, which is currently applied in a CIF.

As the vote was successful, all holdings will be transferred to the CAIF on the 6 December 2019.

ChariTrak Common Investment Fund 4 Investment Report for the year ended 12 October 2019

Investment Objective 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”). Benchmark index Investment management approach FTSE All-Share Index Replicating

Performance Summary The following table compares the realised Fund performance against the performance of the relevant performance measure during the financial period ended 12 October 2019.

The returns disclosed are the performance returns for the primary unit class of the Fund, net of fees, which has been selected as a representative unit class. The primary unit class represents the class of unit which is the highest charging unit class, free of any commissions or rebates, and is freely available. Performance returns for any other unit class can be made available on request. Benchmark Fund return index % % Class A Accumulation Units -0.3 -0.3

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.

Global Economic Overview Global equities, as represented by the MSCI All Country World Index (“ACWI”), posted a return of approximately 3.5% for the six months ended 12 October 2019. During the reporting period, stocks oscillated between rising prices and low volatility to periodic bouts of declining prices and elevated volatility. Hopes that the decade-long U.S. economic expansion would continue ultimately drove equities higher, as the chief uncertainties—strained trade relations in many parts of the world and slowing economic growth—were quelled by the resumption of U.S./China trade talks and signs of accommodative monetary policy from the world’s most influential central . Intermittent volatility meant developed markets led emerging markets for the reporting period as investors sought out less risky assets. For example, the MSCI Europe ex-UK returned approximately 10%, as expectations of further stimulus by the European Central Bank (“ECB”) buoyed equity performance in Continental Europe.

In the global bond markets, low inflation, risk aversion, and demand for yield led to higher bond prices despite yields near historic lows. Long-term interest rates declined sharply due to low inflation in most developed countries, while short-term interest rates decreased due to expectations of additional stimulus by central banks. As a result, a portion of the U.S. yield curve (a graphic representation of bond yields at different maturities) inverted for the first time since 2005. Investors took this as a sign that recession could be imminent, exacerbating concerns about the economy and corporate profits.

5 ChariTrak Common Investment Fund Investment Report continued

Government bonds generally outperformed corporate bonds across the globe, as modest corporate profits and slowing growth drove demand for less volatile investments. Nevertheless, corporate bonds still posted a solid return, as demand for higher yielding securities remained robust in the relatively low yield environment. In Europe and Japan, investor demand for the relative stability of fixed-income securities was strong despite negative short-term interest rate policy by the ECB and the Bank of Japan, excess liquidity, and institutional demand for bonds, all of which led to negative yields for a large portion of both country’s bond markets. Emerging market bonds generally performed in line with other international bonds.

In the commodities market, gold prices rose amid geopolitical tensions, as central banks and exchange- traded funds increased their gold purchases. Negative yields in the bond market also contributed to rising gold prices, as investors looked to gold as a store of value. In contrast, the price of Brent Crude oil fell due to slower economic growth and concerns about oversupply.

Looking at currencies, the U.S. dollar generally outperformed other currencies due to relatively higher interest rates and declining inflation. Expectations that the ECB would lower interest rates and resume monetary stimulus weighed on the euro. The British pound also depreciated against the U.S. dollar, hindered by slower growth and uncertainty surrounding the U.K.’s possible departure from the European Union (“E.U.”). In contrast, the Japanese yen, which tends to benefit from global economic uncertainty, advanced against the U.S. dollar. The stronger U.S. dollar generally helped the performance of international investors in U.S. securities.

In economic news, although the U.S. economy continued to grow at an annualised rate of approximately 2.5%, most developed countries experienced weak growth. Growth in Europe remained sluggish at under 1%, with quarterly contractions in Germany and the U.K., the two largest European economies. Despite rising consumer spending, economic growth in Japan was tepid, as exports declined for ten straight months. China, the world’s second largest economy, saw growth slow to a pace of approximately 6%, as exports fell and industrial output hit a 17-year low. Relatively restrictive monetary policy by the U.S. (the “Fed”) for most of the reporting period and the ongoing trade dispute between the U.S. and China both had a cooling effect on global growth.

In response to the economic slowdown and benign inflation, central banks dramatically shifted monetary policy toward more accommodative policies. Notably, emerging market central banks were the first to cut short-term interest rates in anticipation of a rate cut by the Fed, which lowered rates in July 2019, the first rate cut since the in 2008. The European Central Bank also reduced interest rates and revived its bond purchase program in September 2019, while the Bank of Japan renewed its commitment to future economic stimulus. The sea change in central bank policy raised investors’ optimism that a deepening downturn could be averted, which generally helped the performance of riskier assets.

Geopolitical risks remained elevated during the reporting period, which dampened returns for riskier assets, as the trade dispute between China and the U.S. alternated between retaliatory tariffs and the resumption of trade talks. Geopolitical strains in the Middle East, including tensions between the U.S. and Iran, Turkey’s military operations in Syria, attacks on Saudi oil fields, and an ongoing Saudi-led trade embargo of Qatar further contributed to volatility in markets. Uncertainty surrounding Brexit also dampened market sentiment, as the European Union granted the U.K. an extension to its deadline for leaving the E.U., but political turmoil related to disentangling their economies and the timing of the U.K.’s withdrawal highlighted a relatively fluid range of possible outcomes.

ChariTrak Common Investment Fund 6 Investment Report continued

Fund Performance Review and Activity Over the six-month period to 31 August 2019, the Fund’s return was -0.3%, inline with its benchmark index, which also returned -0.3%. Before operating costs, the performance of the Fund relative to the benchmark index has been in line with expectations.

The Fund aims to track the returns of the FTSE All-Share Index.

7 ChariTrak Common Investment Fund Performance Record

Net Asset Value Net Asset Value Net Asset Value per Unit Units in Issue £000’s p A Income 12 October 2019 11,728,926 160,286 1,367 5 April 2019 10,961,255 152,738 1,393 5 April 2018 13,462,832 182,721 1,357 5 April 2017 15,056,918 206,155 1,369 A Accumulation 12 October 2019 415,383 10,796 2,599 5 April 2019 415,383 10,742 2,586 5 April 2018 1,571,443 38,013 2,419 5 April 2017 2,947,469 69,259 2,350 X Income 12 October 2019 84,505,911 93,251 110.4 5 April 2019 82,901,854 93,278 112.5 5 April 2018 121,093,863 132,711 109.6 5 April 2017 140,664,940 155,515 110.6 X Accumulation 12 October 2019 18,561,734 25,652 138.2 5 April 2019 17,340,427 23,832 137.4 5 April 2018 35,250,875 45,268 128.4 5 April 2017 41,770,908 52,053 124.6

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 2019* 34.1336 63.7263 2.8159 3.4603 5 April 2019 55.6003 100.5421 4.6041 5.4771 5 April 2018 53.0155 92.2055 4.3967 5.0246 5 April 2017 47.1791 79.2589 3.9201 4.3187 * For the period from 6 April 2019 to 12 October 2019.

ChariTrak Common Investment Fund 8 Performance Record continued

Capital (Unit Prices) A Accumulation X Accumulation A Income Units Units X Income Units Units Highest Lowest Highest Lowest Highest Lowest Highest Lowest Offer Bid Offer Bid Offer Bid Offer Bid Accounting Year Price Price Price Price Price Price Price Price p p p p p p p p 12 October 2019* 1,441 1,330 2,700 2,497 116.3 107.4 143.5 132.7 5 April 2019 1,494 1,245 2,662 2,270 120.6 100.5 141.3 120.6 5 April 2018 1,469 1,321 2,584 2,300 118.7 106.7 137.2 122.0 5 April 2017 1,398 1,127 2,377 1,867 112.9 91.05 126.1 98.91 * For the period from 6 April 2019 to 12 October 2019.

Unit Prices Bid Price Offer Price At 12 October 2019 p p A Income 1,376 1,379 A Accumulation 2,584 2,589 X Income 111.2 111.4 X Accumulation 137.4 137.7

9 ChariTrak Common Investment Fund Portfolio Statement (unaudited) at 12 October 2019

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

EQUITIES − 94.05%; 5.4.2019 94.37% Advertising − 0.58%; 5.4.2019 0.53% 48,086 175 0.06 56,534 Huntsworth 50 0.02 20,797 Kin & Carta 18 0.01 153,704 WPP 1,430 0.49 1,673 0.58 Aerospace & Defence − 1.82%; 5.4.2019 1.73% 2,665 46 0.02 408,230 BAE Systems 2,268 0.78 43,987 Chemring 86 0.03 298,314 Cobham 465 0.16 98,980 612 0.21 217,326 Rolls-Royce 1,615 0.56 8,457 166 0.06 5,258 1.82 Agriculture − 3.58%; 5.4.2019 4.18% 289,625 British American Tobacco 7,846 2.71 22,670 Carr’s 30 0.01 8,614 Genus 258 0.09 120,871 Imperial Brands 2,240 0.77 10,374 3.58 Airlines − 0.54%; 5.4.2019 0.53% 30,132 easyJet 361 0.12 188,781 International Consolidated Airlines 942 0.33 6,670 249 0.09 1,552 0.54 Alternative Energy Sources − 0.10%; 5.4.2019 0.11% 61,167 John Laing 227 0.08 45,683 Stobart 58 0.02 285 0.10 Apparel − 0.37%; 5.4.2019 0.36% 51,741 Burberry 1,037 0.36 3,146 Ted Baker 15 0.01 1,052 0.37 Automobile Manufacturers − 0.01%; 5.4.2019 0.02% 6,417 Lagonda Global 29 0.01 Automobile Parts & Equipment − 0.02%; 5.4.2019 0.02% 30,516 TI Fluid Systems 58 0.02

ChariTrak Common Investment Fund 10 Portfolio Statement (unaudited) continued

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

Banks − 9.90%; 5.4.2019 10.33% 5,482 Bank of Georgia 73 0.03 2,180,921 3,499 1.21 152,879 CYBG 194 0.07 2,569,394 HSBC 15,607 5.38 86,214 373 0.13 8,962,284 Lloyds Banking 5,299 1.83 19,635 Metro Bank 43 0.01 29,307 Paragon Banking 144 0.05 575,616 Royal 1,257 0.43 333,834 2,188 0.75 3,494 TBC Bank 43 0.01 28,720 9.90 Beverages − 3.69%; 5.4.2019 3.58% 9,380 Barr 53 0.02 32,294 329 0.11 24,377 Coca-Cola 618 0.21 296,393 Diageo 9,513 3.28 5,661 Fuller Smith & Turner 59 0.02 83,053 Marston’s 101 0.03 27,813 Stock Spirits 57 0.02 10,730 3.69 Biotechnology − 0.03%; 5.4.2019 0.03% 7,052 Oxford Biomedica 37 0.01 22,328 PureTech Health 54 0.02 91 0.03 Building Materials − 1.13%; 5.4.2019 1.07% 100,799 CRH 2,732 0.94 25,959 Forterra 75 0.03 48,450 Ibstock 123 0.04 27,664 Marshalls 199 0.07 16,089 Norcros 35 0.01 21,590 Polypipe 93 0.03 18,665 41 0.01 3,298 1.13 Chemicals − 0.68%; 5.4.2019 0.75% 15,413 Croda International 730 0.25 70,826 102 0.04 24,298 Johnson Matthey 724 0.25 38,790 115 0.04 10,591 Treatt 44 0.02

11 ChariTrak Common Investment Fund Portfolio Statement (unaudited) continued

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

10,083 215 0.07 7,908 Zotefoams 27 0.01 1,957 0.68 Closed-end Funds − 0.02%; 5.4.2019 0.02% 55,095 Picton Property Income 49 0.02 Commercial Services − 4.78%; 5.4.2019 4.30% 4,043 124 0.04 66,094 AA 31 0.01 30,559 243 0.08 58,424 Ashtead 1,270 0.44 62,191 335 0.12 206,077 332 0.11 12,256 Clipper Logistics 25 0.01 14,782 De La Rue 33 0.01 6,037 Dignity 32 0.01 40,083 Equiniti 91 0.03 115,145 Experian 2,859 0.99 22,224 Finablr 34 0.01 191,493 G4S 377 0.13 161,508 Hays 240 0.08 102,072 Hyve 82 0.03 20,457 Intertek 1,074 0.37 83,475 IWG 336 0.12 13,280 Mears 34 0.01 44,917 67 0.02 19,668 Northgate 64 0.02 38,185 Pagegroup 156 0.05 68,216 QinetiQ 212 0.07 238,501 RELX 4,376 1.51 233,779 Rentokil Initial 1,063 0.37 11,734 Robert Walters 54 0.02 39,699 RPS 49 0.02 15,770 145 0.05 51,368 Speedy Hire 28 0.01 18,533 SThree 50 0.02 4,750 Vp 38 0.01 30,213 XPS Pensions 35 0.01 13,889 4.78 Computers − 0.37%; 5.4.2019 0.29% 64,648 Avast 240 0.08 9,800 127 0.04 10,216 FDM 68 0.02 9,317 45 0.02 25,711 NCC 47 0.02

ChariTrak Common Investment Fund 12 Portfolio Statement (unaudited) continued

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

160,668 244 0.08 14,606 139 0.05 42,046 Sophos 179 0.06 1,089 0.37 Cosmetics & Personal Care − 2.23%; 5.4.2019 2.09% 27,591 PZ Cussons 57 0.02 138,222 Unilever 6,422 2.21 6,479 2.23 Distribution & Wholesale − 1.31%; 5.4.2019 1.25% 42,844 Bunzl 867 0.30 13,609 Diploma 224 0.08 29,137 Ferguson 1,864 0.64 51,797 Inchcape 325 0.11 68,200 SIG 74 0.03 31,049 433 0.15 3,787 1.31 Diversified Financial Services − 3.14%; 5.4.2019 2.67% 32,548 AJ Bell 119 0.04 22,009 Amigo 16 0.01 19,137 Arrow Global 42 0.01 49,994 Ashmore 239 0.08 32,385 BMO Real Estate Investments 27 0.01 33,407 105 0.04 4,851 City of London Investment 20 0.01 18,947 Close Brothers 258 0.09 17,554 Funding Circle 17 0.01 5,482 Georgia Capital 54 0.02 34,175 632 0.22 44,052 IG 267 0.09 24,014 IntegraFin 88 0.03 4,644 International 15 0.01 29,652 International Personal Finance 31 0.01 117,233 IP 74 0.03 13,336 JTC 47 0.02 50,565 170 0.06 7,224 Liontrust Asset Management 55 0.02 39,743 London 2,900 1.00 185,960 Man 294 0.10 24,228 Merian Chrysalis Investment 28 0.01 38,478 211 0.07 193,437 Asset Management∩ –0.00 46,258 OneSavings Bank 174 0.06 9,237 PayPoint 80 0.03 13,512 108 0.04

13 ChariTrak Common Investment Fund Portfolio Statement (unaudited) continued

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

31,477 Provident Financial 132 0.05 226,966 Quilter 317 0.11 6,664 164 0.06 852 S&U 17 0.01 16,743 Sanne 95 0.03 13,677 Schroders 406 0.14 67,408 St James’s Place 677 0.23 297,366 Standard Life Aberdeen 850 0.29 68,982 TP ICAP 223 0.08 17,263 Urban & Civic 57 0.02 9,009 3.14 Electricity − 0.67%; 5.4.2019 0.61% 30,718 ContourGlobal 58 0.02 49,955 Drax 146 0.05 128,953 SSE 1,687 0.58 1,870 XP Power 46 0.02 1,937 0.67 Electronics − 0.78%; 5.4.2019 0.77% 3,820 Dialight 13 0.00 10,581 DiscoverIE 44 0.02 55,023 359 0.12 48,741 Halma 921 0.32 6,723 84 0.03 4,325 Renishaw 154 0.05 107,922 333 0.11 14,354 343 0.12 15,932 TT Electronics 36 0.01 2,287 0.78 Engineering & Construction − 0.90%; 5.4.2019 0.48% 83,590 187 0.06 125,116 BBA Aviation 400 0.14 16,932 Costain 28 0.01 15,335 Galliford Try 109 0.04 9,330 Headlam 41 0.01 33,347 380 0.13 12,737 John Menzies 51 0.02 7,885 Keller 42 0.01 19,538 Kier 23 0.01 611,019 Melrose Industries 1,228 0.42 3,980 Morgan Sindall 46 0.02 6,548 Ricardo 42 0.01 87,000 Severfield 64 0.02 2,641 0.90

ChariTrak Common Investment Fund 14 Portfolio Statement (unaudited) continued

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

Entertainment − 0.94%; 5.4.2019 0.77% 43,665 888 71 0.02 123,956 277 0.10 48,527 Entertainment One 273 0.09 9,590 Flutter Entertainment 733 0.25 10,583 82 0.03 75,491 GVC 637 0.22 87,942 Merlin Entertainments 399 0.14 21,564 Rank 44 0.02 108,179 William Hill 214 0.07 2,730 0.94 Environmental Control − 0.03%; 5.4.2019 0.02% 22,418 55 0.02 118,418 Renewi 38 0.01 93 0.03 Food Producers − 2.50%; 5.4.2019 2.58% 44,116 Associated British Foods 962 0.33 25,210 Bakkavor 33 0.01 6,302 Cranswick 204 0.07 27,429 Devro 46 0.02 55,200 129 0.04 12,353 225 0.08 7,394 Hilton Food 74 0.03 200,827 J Sainsbury 431 0.15 57,605 Ocado 762 0.26 113,028 34 0.01 15,085 PureCircle 24 0.01 53,374 SSP 352 0.12 60,902 Tate & Lyle 421 0.15 1,221,627 2,956 1.02 284,852 Wm Morrison Supermarkets 579 0.20 7,232 2.50 Food Services − 1.39%; 5.4.2019 1.24% 201,061 Compass 4,033 1.39 Forest Products & Paper − 0.60%; 5.4.2019 0.52% 61,808 Mondi 986 0.34 30,280 Smurfit Kappa 765 0.26 1,751 0.60 Gas − 1.54%; 5.4.2019 1.49% 739,474 508 0.18 441,370 National Grid 3,931 1.36 4,439 1.54

15 ChariTrak Common Investment Fund Portfolio Statement (unaudited) continued

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

Hand & Machine Tools − 0.05%; 5.4.2019 0.07% 4,092 Rhi Magnesita 158 0.05 Healthcare Products − 0.85%; 5.4.2019 0.67% 7,486 Consort Medical 53 0.02 180,872 ConvaTec 334 0.12 111,360 Smith & Nephew 2,071 0.71 2,458 0.85 Healthcare Services − 0.26%; 5.4.2019 0.23% 47,188 164 0.06 10,569 NMC Health 286 0.10 45,854 56 0.02 33,268 UDG Healthcare 246 0.08 752 0.26 Home Builders − 1.51%; 5.4.2019 1.42% 128,364 840 0.29 15,236 539 0.19 14,673 Berkeley 639 0.22 15,622 Bovis Homes 185 0.06 54,710 192 0.07 27,165 110 0.04 7,165 MJ Gleeson 56 0.02 40,179 Persimmon 919 0.32 29,953 Redrow 187 0.06 418,034 685 0.24 4,352 1.51 Home Furnishings − 0.14%; 5.4.2019 0.12% 72,079 Howden Joinery 418 0.14 Household Products − 1.69%; 5.4.2019 1.73% 23,193 McBride 15 0.01 79,799 Reckitt Benckiser 4,864 1.68 4,879 1.69 Insurance − 4.35%; 5.4.2019 4.59% 25,353 Admiral 526 0.18 497,165 Aviva 2,014 0.69 68,626 Beazley 424 0.15 17,511 Charles Taylor 56 0.02 17,901 Chesnara 48 0.02 170,073 Direct Line Insurance 493 0.17 35,919 Hastings 70 0.02 36,187 580 0.20 109,608 Just 68 0.02 24,384 Lancashire 173 0.06

ChariTrak Common Investment Fund 16 Portfolio Statement (unaudited) continued

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

745,822 Legal & General 1,945 0.67 67,703 Phoenix 477 0.16 329,805 Prudential 4,975 1.72 131,604 RSA Insurance 689 0.24 31,376 Sabre Insurance 93 0.03 12,631 4.35 Internet − 0.75%; 5.4.2019 0.66% 113,022 Auto Trader 610 0.21 35,043 GoCo 33 0.01 75,736 Just Eat 475 0.16 64,856 Moneysupermarket.com 254 0.09 110,052 612 0.21 42,582 189 0.07 2,173 0.75 Investment Companies − 0.02%; 5.4.2019 0.54% 20,084 Real Estate Credit Investments 33 0.01 26,209 SDCL Energy Efficiency Income Trust 28 0.01 61 0.02 Iron & Steel − 0.12%; 5.4.2019 0.17% 67,590 Evraz 293 0.10 33,689 50 0.02 343 0.12 Leisure Time − 0.49%; 5.4.2019 0.50% 20,548 Carnival 641 0.22 16,397 Gym 44 0.02 19,510 Hollywood Bowl 43 0.01 14,031 On the Beach 58 0.02 131,397 Saga 61 0.02 156,023 Thomas Cook1 50.00 56,662 TUI 569 0.20 1,421 0.49 Lodging − 0.65%; 5.4.2019 0.78% 22,920 InterContinental Hotels 1,091 0.38 2,648 PPHE Hotel 48 0.02 17,192 Whitbread 721 0.25 1,860 0.65 Machinery Diversified − 0.41%; 5.4.2019 0.42% 9,460 Spirax-Sarco Engineering 715 0.25 33,462 Weir 468 0.16 1,183 0.41

17 ChariTrak Common Investment Fund Portfolio Statement (unaudited) continued

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

Media − 1.03%; 5.4.2019 1.01% 19,849 Bloomsbury Publishing 47 0.02 41,155 Connect 14 0.00 14,133 Euromoney Institutional Investor 199 0.07 10,115 Future 127 0.04 156,525 Informa 1,232 0.43 476,860 ITV 616 0.21 96,381 Pearson 668 0.23 58,191 Reach 58 0.02 9,370 STV 34 0.01 2,995 1.03 Metal & Hardware − 0.07%; 5.4.2019 0.09% 24,537 172 0.06 16,346 Trifast 33 0.01 205 0.07 Mining − 6.33%; 5.4.2019 7.02% 158,759 Anglo American 3,151 1.09 44,692 Antofagasta 391 0.14 263,848 BHP 4,538 1.57 130,001 149 0.05 22,082 Fresnillo 139 0.05 1,403,505 Glencore 3,333 1.15 28,120 50 0.02 26,124 KAZ Minerals 111 0.04 20,076 Kenmare Resources 48 0.02 110,314 Petra Diamonds 9 0.00 309,627 Petropavlovsk 30 0.01 38,344 Polymetal International 438 0.15 139,529 5,873 2.03 853,254 Sirius Minerals 31 0.01 18,291 6.33 Miscellaneous Manufacturing − 0.58%; 5.4.2019 0.73% 9,887 Hill & Smith 126 0.04 32,708 IMI 322 0.11 29,847 Morgan Advanced Materials 74 0.03 46,477 Photo-Me International 45 0.02 7,371 Porvair 43 0.01 53,779 Senior 95 0.03 50,384 Smiths 795 0.27 26,371 Vesuvius 112 0.04 5,240 Vitec 66 0.02 24,348 Volution 43 0.01 1,721 0.58

ChariTrak Common Investment Fund 18 Portfolio Statement (unaudited) continued

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

Oil & Gas Producers − 12.93%; 5.4.2019 14.18% 2,527,727 BP 12,473 4.30 81,487 157 0.05 12,468 DCC 860 0.30 12,441 Oil & Gas 115 0.04 256,022 EnQuest 48 0.02 47,743 Pharos Energy 30 0.01 94,322 Premier Oil 73 0.03 475,618 10,854 3.74 544,700 Royal Dutch Shell 12,476 4.30 171,868 359 0.12 47,683 59 0.02 37,504 12.93 Oil & Gas Services − 0.17%; 5.4.2019 0.24% 20,841 Hunting 89 0.03 81,583 John Wood 283 0.10 32,055 Petrofac 129 0.04 501 0.17 Packaging & Containers − 0.25%; 5.4.2019 0.23% 164,351 DS Smith 567 0.20 31,672 135 0.05 702 0.25 Pharmaceuticals − 7.83%; 5.4.2019 7.22% 166,553 AstraZeneca 11,517 3.97 12,406 319 0.11 621,920 GlaxoSmithKline 10,412 3.59 18,624 Hikma Pharmaceuticals 376 0.13 86,094 41 0.01 85,371 Vectura 71 0.02 22,736 7.83 Private Equity − 0.65%; 5.4.2019 0.58% 121,236 1,324 0.46 42,403 Allied Minds 20 0.01 35,742 Intermediate Capital 494 0.17 37,104 Tritax EuroBox 34 0.01 1,872 0.65 Real Estate Investment & Services − 0.39%; 5.4.2019 0.41% 93,038 Capital & Counties Properties 227 0.08 68,233 Capital & Regional 13 0.00 22,574 CLS 59 0.02 850 Daejan 42 0.01 36,578 Ediston Property Investment 31 0.01

19 ChariTrak Common Investment Fund Portfolio Statement (unaudited) continued

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

57,786 Empiric Student Property 55 0.02 19,541 10 0.00 69,481 Grainger 178 0.06 24,013 Harworth 29 0.01 12,932 Helical 51 0.02 15,959 Henry Boot 38 0.01 19,762 LSL Property Services 43 0.01 73,581 McCarthy & Stone 112 0.04 13,629 Phoenix Spree Deutschland 43 0.01 68,745 Raven Property 28 0.01 106,642 80 0.03 24,261 St Modwen Properties 112 0.04 20,206 U & I 31 0.01 1,182 0.39 Real Estate Investment Trusts − 2.27%; 5.4.2019 2.05% 291,049 Assura 218 0.08 19,283 Big Yellow 220 0.08 120,722 713 0.25 90,726 76 0.03 43,686 Custodian Reit 51 0.02 12,467 431 0.15 51,731 GCP Student Living 90 0.03 34,720 265 0.09 100,262 304 0.10 68,445 Hansteen 65 0.02 19,893 Impact Healthcare Reit 22 0.01 116,871 Properties 54 0.02 88,749 Land 794 0.27 103,143 LondonMetric Property 231 0.08 74,143 LXI REIT 95 0.03 14,992 McKay 33 0.01 45,848 NewRiver REIT 96 0.03 138,102 Primary Health Properties 189 0.07 29,677 RDI REIT 35 0.01 57,065 Regional REIT 59 0.02 24,056 Residential Secure Income 22 0.01 35,853 Schroder Real Estate Investment Trust 20 0.01 140,096 1,152 0.40 28,783 Shaftesbury 263 0.09 50,492 Target Healthcare REIT 58 0.02 4,678 Town Centre 9 0.00 42,349 Triple Point Social Housing Reit 39 0.01 210,246 Tritax Big Box REIT 324 0.11 69,720 UK Commercial Property REIT 60 0.02

ChariTrak Common Investment Fund 20 Portfolio Statement (unaudited) continued

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

35,606 UNITE 412 0.14 17,414 Workspace 176 0.06 6,576 2.27 Retail − 1.85%; 5.4.2019 1.76% 104,644 B&M European Value Retail 397 0.14 97,547 BCA Marketplace2 230 0.08 51,398 Card Factory 89 0.03 27,005 DFS Furniture 58 0.02 119,552 151 0.05 56,563 Domino’s Pizza 149 0.05 14,198 Dunelm 112 0.04 55,590 EI 156 0.05 26,821 Grafton 220 0.08 38,051 Greene King 322 0.11 30,870 Halfords 51 0.02 9,732 J D Wetherspoon 152 0.05 44,214 JD Sports Fashion 336 0.12 261,149 Kingfisher 548 0.19 54,343 Lookers 29 0.01 253,115 Marks & Spencer 470 0.16 27,900 Mitchells & Butlers 111 0.04 13,407 Motorpoint 30 0.01 21,866 N Brown 24 0.01 16,277 Next 1,051 0.36 181,067 Pendragon 20 0.01 57,528 130 0.04 69,538 Restaurant 101 0.03 28,032 Sports Direct International 83 0.03 7,649 Superdry 33 0.01 10,244 29 0.01 12,637 WH Smith 267 0.09 48,792 World 31 0.01 5,380 1.85 Semiconductors − 0.00%; 5.4.2019 0.01% Software − 0.70%; 5.4.2019 0.88% 18,953 Alfa Financial Software 17 0.01 8,330 Aptitude Software 49 0.02 7,982 AVEVA 297 0.10 16,207 Hostelworld 18 0.01 42,803 International 462 0.16 38,841 158 0.05 138,584 Sage 960 0.33 12,352 SDL 64 0.02 2,025 0.70

21 ChariTrak Common Investment Fund Portfolio Statement (unaudited) continued

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

Storage & Warehousing − 0.07%; 5.4.2019 0.07% 24,838 173 0.06 18,717 Wincanton 43 0.01 216 0.07 Telecommunications − 2.88%; 5.4.2019 2.65% 102,993 Airtel 55 0.02 1,108,249 BT 2,183 0.75 58,202 Inmarsat 328 0.11 72,265 Communications 145 0.05 93,324 TalkTalk Telecom 101 0.03 6,630 79 0.03 3,406,195 Vodafone 5,493 1.89 8,384 2.88 Textiles − 0.04%; 5.4.2019 0.06% 174,246 Coats 124 0.04 Toys, Games & Hobbies − 0.07%; 5.4.2019 0.04% 4,009 192 0.07 Transportation − 0.36%; 5.4.2019 0.33% 3,007 Clarkson 87 0.03 152,247 Firstgroup 196 0.07 6,216 Go-Ahead 136 0.05 4,582 James Fisher & Sons 94 0.03 52,029 228 0.08 111,029 Royal Mail 242 0.08 49,423 Stagecoach 71 0.02 1,054 0.36 Water − 0.64%; 5.4.2019 0.57% 51,733 Pennon 447 0.15 30,507 Severn Trent 676 0.23 87,874 United Utilities 741 0.26 1,864 0.64 COLLECTIVE INVESTMENT SCHEMES − 5.28%; 5.4.2019 4.99% Equity Funds − 1.54%; 5.4.2019 0.92% 65,644 185 0.06 27,590 Aberdeen Asian Income Fund 59 0.02 44,971 72 0.02 41,590 Baillie Gifford Shin Nippon 73 0.02 26,421 Baillie Gifford UK Growth Fund 45 0.02 71,686 BBGI SICAV Fund 118 0.04 1,834 BH Global Fund 28 0.01 1,943 BH Macro 50 0.02 39,057 Bluefield Solar Income Fund 50 0.02

ChariTrak Common Investment Fund 22 Portfolio Statement (unaudited) continued

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

35,996 CVC Credit Partners European Opportunities 35 0.01 32,477 Dexion Absolute∩ –0.00 24,685 Dragon Capital - Vietnam Enterprise Investments 123 0.04 59,548 Foresight Solar Fund 70 0.02 41,375 GCP Asset Backed Income Fund 45 0.02 106,993 GCP Infrastructure Investments 135 0.05 15,491 Genesis Emerging Markets Fund 117 0.04 190,411 Greencoat UK Wind 279 0.10 9,225 HarbourVest Global Private Equity 158 0.05 16,404 Henderson Far East Income 60 0.02 221,511 HICL Infrastructure 371 0.13 183,371 International Public Partnerships 285 0.10 48,814 JLEN Environmental Assets2 58 0.02 35,078 JP Morgan Global Convertibles Income Fund 31 0.01 6,914 NB Private Equity Partners Ltd 75 0.03 26,553 Pershing Square Fund 400 0.14 207,481 Renewables Infrastructure 267 0.09 15,985 RIT Capital Partners 342 0.12 5,899 Riverstone Energy 30 0.01 20,818 Ruffer Investment Company 46 0.02 18,584 Schroder AsiaPacific Fund 80 0.03 4,289 Schroder Income Growth Fund 12 0.00 19,090 Schroder Japan Growth Fund 37 0.01 35,345 Schroder Oriental Income Fund 89 0.03 3,921 Schroder UK Mid Cap Fund 21 0.01 152,426 Sequoia Economic Infrastructure Income Fund 176 0.06 53,557 SME Credit Realisation Fund 44 0.01 24,310 SQN Asset Finance Income Fund 18 0.01 51,166 SQN Asset Finance Income Fund 42 0.01 11,562 Strategic Equity Capital2 25 0.01 62,484 148 0.05 55,897 TwentyFour Income Fund 61 0.02 28,336 TwentyFour Select Monthly Income Fund 26 0.01 21,700 VinaCapital Vietnam Opportunity Fund 74 0.03 4,460 1.54 Fixed Income Funds − 0.05%; 5.4.2019 0.05% 21,570 City Merchants High Yield Trust 41 0.01 69,003 CQS New City High Yield Fund 41 0.02 66,843 NB Global Floating Rate Income Fund 60 0.02 142 0.05 Investment Trusts − 3.56%; 5.4.2019 3.98% 44,454 Aberdeen Diversified Income and Growth Trust 48 0.02 20,364 Aberdeen New Dawn Investment Trust 50 0.02 10,094 Aberdeen New India Investment Trust 48 0.02 6,281 Aberdeen Standard Asia Focus 67 0.02

23 ChariTrak Common Investment Fund Portfolio Statement (unaudited) continued

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

1,690 Aberdeen Standard Equity Income Trust 6 0.00 12,183 Aberforth Smaller Companies Trust 155 0.05 34,097 Aberforth Split Level Income Trust 25 0.01 41,093 321 0.11 4,702 72 0.02 12,481 Artemis Alpha Trust 35 0.01 12,708 Avi Global Trust 93 0.03 12,432 Baillie Gifford Japan Trust 100 0.03 27,638 Baillie Gifford US Growth Trust 36 0.01 15,564 145 0.05 46,110 BB Healthcare Trust 57 0.02 6,308 Biotech Growth Trust 43 0.01 28,993 BlackRock Frontiers Investment Trust† 37 0.01 15,443 BlackRock Greater Europe Investment Trust† 59 0.02 5,564 BlackRock Latin American Investment Trust† 25 0.01 11,905 Blackrock North American Income Trust† 22 0.01 6,924 BlackRock Smaller Companies Trust† 97 0.03 9,108 Blackrock Throgmorton Trust† 52 0.02 25,418 BlackRock World Mining Trust† 88 0.03 16,260 BMO Capital & Income Investment Trust 52 0.02 7,246 BMO Global Smaller Companies Trust 97 0.03 10,425 BMO Private Equity Trust 37 0.01 5,190 Brunner Investment Trust 41 0.01 3,754 112 0.04 837 Capital Gearing Trust 36 0.01 18,690 CC Japan Income & Growth Trust 29 0.01 46,488 City of London Investment Trust 194 0.07 59,358 Diverse Income Trust 52 0.02 22,031 Dunedin Income Growth Investment Trust 57 0.02 16,066 Edinburgh Dragon Trust 64 0.02 22,221 Edinburgh Investment Trust 131 0.05 37,595 Edinburgh Worldwide Investment Trust 66 0.02 5,432 Electra Private Equity 17 0.01 13,756 EP Global Opportunities Trust 41 0.01 44,531 European Assets Trust 45 0.02 6,078 European Investment Trust 50 0.02 66,766 F&C Investment Trust 460 0.16 12,350 Fidelity Asian Values 52 0.02 43,216 Fidelity China Special Situations Investment Trust 91 0.03 47,088 Investment Trust 114 0.04 15,931 Fidelity Japan Trust 25 0.01 18,662 Investment Trust 50 0.02 25,831 Finsbury Growth & Income Trust 232 0.08 2,763 Fundsmith Emerging Equities Trust 32 0.01 12,024 Henderson Alternative Strategies Trust 32 0.01 11,462 Henderson Diversified Income Trust 10 0.00

ChariTrak Common Investment Fund 24 Portfolio Statement (unaudited) continued

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

1,989 Henderson European Focus Trust 25 0.01 3,654 Henderson EuroTrust 42 0.01 30,602 Henderson High Income Trust 52 0.02 18,856 Henderson International Income Trust 31 0.01 10,789 Henderson Smaller Companies Investment Trust 93 0.03 7,430 94 0.03 47,890 HgCapital Trust 109 0.04 8,346 ICG Enterprise Trust 75 0.03 26,338 Impax Environmental Markets 80 0.03 5,388 Independent Investment Trust 27 0.01 2,567 International Biotechnology Trust 15 0.01 12,229 Invesco Asia Trust 33 0.01 2,468 Invesco Income Growth Trust 7 0.00 5,706 Invesco Perpetual UK Smaller Cos Investment Trust 30 0.01 24,112 JP Morgan American Investment Trust 112 0.04 10,986 JP Morgan Asian Investment Trust 39 0.01 12,382 JP Morgan Chinese Investment Trust 38 0.01 9,073 JP Morgan Claverhouse Investment Trust 62 0.02 15,588 JP Morgan Emerging Markets Investment Trust 153 0.05 13,429 JP Morgan European Investment Trust - Growth 37 0.01 13,300 JP Morgan European Investment Trust - Income 20 0.01 16,235 JP Morgan European Smaller Companies Trust 58 0.02 42,442 JP Morgan Global Emerging Markets Income Trust 55 0.02 15,019 JP Morgan Global Growth & Income Trust 50 0.02 11,943 JP Morgan Indian Investment Trust 86 0.03 10,748 JP Morgan Japan Smaller Companies Trust 43 0.01 17,254 JP Morgan Japanese Investment Trust 76 0.03 4,107 JP Morgan Mid Cap Investment Trust 46 0.02 8,418 JP Morgan Russian 55 0.02 13,490 JP Morgan Smaller Companies Investment Trust 30 0.01 14,797 Jupiter European Opportunities Trust 121 0.04 2,778 Jupiter US Smaller Companies 29 0.01 2,116 Keystone Investment Trust 33 0.01 13,649 78 0.03 21 Lindsell Train Investment Trust 29 0.01 3,263 Lowland Investment Company 41 0.01 9,570 Majedie Investments 24 0.01 15,386 Martin Currie Global Portfolio Trust 43 0.01 97,997 Mercantile Investment Trust 208 0.07 14,090 Merchants Trust 67 0.02 17,725 Middlefield Canadian Income PCC 18 0.01 29,080 258 0.09 2,308 Montanaro European Smaller Companies Trust 23 0.01 41,305 Montanaro UK Smaller Companies Investment Trust 44 0.02 8,761 73 0.03 14,822 Murray International Trust 177 0.06

25 ChariTrak Common Investment Fund Portfolio Statement (unaudited) continued

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

63,441 NextEnergy Solar Fund 76 0.03 16,390 North American Income Trust 48 0.02 1,764 North Atlantic Smaller Companies Investment Trust 53 0.02 18,412 Pacific Assets Trust 53 0.02 5,712 Pacific Horizon Investment Trust 18 0.01 7,036 Fund 160 0.06 28,327 Perpetual Income and Growth Investment Trust 87 0.03 278 117 0.04 36,358 Polar Capital Global Financials Trust 50 0.02 12,792 Polar Capital Global Healthcare Trust 27 0.01 16,027 Polar Capital Technology Trust 226 0.08 8,475 Pollen Street Secured Lending 71 0.02 16,920 Schroder Asian Total Return Investment Trust 60 0.02 16,775 Scottish American Investment Trust 68 0.02 11,179 Scottish Investment Trust 92 0.03 185,235 Scottish Mortgage Investment Trust 925 0.32 5,292 Scottish Oriental Smaller Companies Trust 52 0.02 11,871 Smithson Investment Trust 144 0.05 11,612 Standard Life Private Equity Trust 42 0.01 14,980 Standard Life UK Smaller Cos Trust 72 0.03 7,370 Temple Bar Investment Trust 92 0.03 32,483 Templeton Emerging Markets Investment Trust 253 0.09 4,915 TR European Growth Trust 41 0.01 63,071 Troy Income & Growth Trust 51 0.02 11,178 Trust of Scotland 22 0.01 27,827 Utilico Emerging Markets Trust 65 0.02 13,203 Value and Income Trust 33 0.01 39,994 VPC Specialty Lending Investments 31 0.01 112,728 239 0.08 9,811 Witan Pacific Investment Trust 33 0.01 95,845 Woodford Patient Capital Trust 35 0.01 6,091 Worldwide Healthcare Trust 154 0.05 10,329 3.56 Multi-Strategy Funds − 0.01%; 5.4.2019 0.02% 21,703 Highbridge Tactical Credit Fund2 44 0.01 Property Funds − 0.12%; 5.4.2019 0.02% 58,127 BMO Commercial Property Trust 69 0.02 5,035 ICG-Longbow Senior Secured UK Property Debt 50.00 Investments 15,987 Macau Property Opportunities Fund 18 0.01 63,586 Standard Life Investment Property Income Trust 57 0.02 36,154 Starwood European Real Estate Finance 36 0.01 38,611 TR Property Investment Trust 167 0.06 352 0.12

ChariTrak Common Investment Fund 26 Portfolio Statement (unaudited) continued

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

DERIVATIVES − 0.00%; 5.4.2019 0.07% Forward Currency Contracts − 0.01%; 5.4.2019 0.00% £209,248 UK sterling vs US dollar 80.01 Futures − (0.01%); 5.4.2019 0.07% 69 FTSE 100 Index December 2019 (21) (0.01)

Portfolio of investments 288,049 99.33 CASH EQUIVALENTS Short-term Money Market Funds - 1.17%; 30.4.2019 0.00% 3,381,121 BlackRock Institutional Cash Series Plc - Institutional 3,381 1.17 Sterling Liquidity Fund†

Net other liabilities (1,445) (0.50) Total net assets 289,985 100.00 1 Fair valued by the Manager 2 Illiquid Security Fair Valued by the Manager. Unless otherwise stated, all securities are either listed on a recognised exchange or traded on an eligible securities market. ∩ Delisted investment fair valued at zero. † Managed by a related party. The counterparty for the forward currency contracts is BNP Paribas Arbitrage.

27 ChariTrak Common Investment Fund Statement of Total Return (unaudited) for the six months ended 12 October 2019

12.10.2019 12.10.2018 £000’s £000’s £000’s £000’s Income Net capital losses (5,688) (10,484) Revenue 7,300 8,957 Expenses (106) (145) Net revenue before taxation 7,194 8,812 Taxation (50) (61) Net revenue after taxation 7,144 8,751 Total return before distributions 1,456 (1,733) Distributions (7,144) (8,751)

Change in net assets attributable to unitholders from investment activities (5,688) (10,484)

Statement of Change in Net Assets Attributable to Unitholders (unaudited) for the six months ended 12 October 2019

12.10.2019 12.10.2018 £000’s £000’s £000’s £000’s Opening net assets attributable to unitholders 280,590 398,713 Amounts receivable on issue of units 16,382 5,906 Amounts payable on cancellation of units (2,205) (38,173) 14,177 (32,267) Stamp duty reserve tax (1) – Change in net assets attributable to unitholders from investment activities (5,688) (10,484) Retained distribution on accumulation units 907 1,891

Closing net assets attributable to unitholders 289,985 357,853 The above statement shows the comparative closing net assets at 12 October 2018 whereas the current accounting period commenced 6 April 2019.

ChariTrak Common Investment Fund 28 Balance Sheet (unaudited) at 12 October 2019

12.10.2019 5.4.2019 £000’s £000’s Assets: Fixed assets − Investment assets 288,070 278,989 Current assets − Debtors 987 2,271 − Cash and bank balances 957 2,200 − Cash equivalents 3,381 – Total assets 293,395 283,460

Liabilities: Investment liabilities (21) (3) Creditors − Distributions payable (3,343) (2,810) − Other creditors (46) (57) Total liabilities (3,410) (2,870)

Net assets attributable to unitholders 289,985 280,590

RARHayes(Director) A M Lawrence (Director) BlackRock Fund Managers Limited 28 November 2019

29 ChariTrak Common Investment Fund Notes to Financial Statements (unaudited) for the six months ended 12 October 2019

Accounting Policies 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 Investment Association) in May 2014 and amended in June 2017, 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 2019 and are described in those annual financial statements, with the exception that these financial statements have been prepared on a break-up basis instead of a going concern basis. Accordingly, all assets are recorded at their estimated realisable amounts and all liabilities recorded at their estimated settlement amounts; including provision for known liabilities which may arise.

ChariTrak Common Investment Fund 30

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