Ann: HALFYR: BIT: Half Yearly report

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					BIT
19/06/2015 08:30
HALFYR
PRICE SENSITIVE
REL: 0830 HRS The Bankers Investment Trust Plc

HALFYR: BIT: Half Yearly report

THE BANKERS INVESTMENT TRUST PLC

Unaudited results for the half year ended 30 April 2015

This announcement contains regulated information

Investment Objectives and Policy
o To achieve long term asset growth in excess of the FTSE All-Share Index.
o To achieve regular dividend growth in excess of the increase in the Retail
Prices Index.
o To achieve both these objectives by investing in a broadly diversified
international portfolio of shares.

Performance Highlights
 Total return performance for the six months to 30 April 2015
Net asset value per share(1) +13.3%
FTSE All-Share Index(2) +9.2%
Share price(3) +13.9%

  30 April 2015

30 April 2014
Net asset value per share   666.3p 574.5p
Share price 633.5p 557.0p
Revenue return per share  8.97p 7.27p
Discount at half year  4.9% 3.1%
Dividends (1st and 2nd interims)  7.8p 7.3p

Total return performance to 30 April 2015 (including dividends reinvested and
excluding
transaction costs)

1 year
%
3 years
%
5 years
%
10 years
 %
Net asset value(1) 18.3 53.1 70.5 166.7
FTSE All-Share Index(2) 7.5 40.0 56.0 122.3
Share price(3) 16.7 66.7 91.9 213.4

1 Net asset value total return per ordinary share with income reinvested for
6 months, 1, 3 and 5 years and capital NAV plus income reinvested for 10
years.
2 The FTSE All-Share Index expressed on a total return basis.
3 Share price total return using mid-market share price.

Sources: Funddata, Morningstar and Datastream.

Interim Management Report

Chairman's Statement

Review
Despite my cautious outlook at the year end it is pleasing to be able to
report strong growth in both the capital value and income reserves of the
Company during the first six months of the year. The threat of deflation,
both actual and perceived, combined with lower than anticipated GDP growth
numbers in the United States has helped defer investor expectations in regard
to the timing of future global interest rate increases. Quantitative Easing
(QE) in Europe has also been greeted positively. Both of these factors have
helped create the backdrop for the re-emergence of liquidity fuelled equity
markets with particular, strong performances being generated from stock
markets in Europe, Japan and the Far East.

Since our year end every major market region recorded positive local
benchmark returns and, in the case of Europe, Japan and the Far East, these
returns were in double digits. In the UK and North America returns were only
marginally less. The net asset value (NAV) total return per share was 13.3%
compared with a FTSE All-Share Index total return of 9.2%. The share price
total return of 13.9% reflected the narrowing of the discount to NAV from
5.5% to 4.9%.

Against this strong global equity market performance it is also encouraging
to report that in the majority of market regions our regional fund managers
have demonstrated positive stock selection and thus have outperformed the
local benchmark returns. Strong stock selection was recorded by our Japanese,
North American, European and UK fund managers. These four geographic areas
represent over 85% of the total assets of the portfolio.

One area of geographic diversification that we undertook nearly two years ago
was to allocate US $25million to an investment in the local China "A" share
market. The view presented to the Board by the Fund Manager at that time was
of considerable value opportunities overlooked by local investors. A modest
positive return was recorded during the first year of this investment but the
performance during the period under review has witnessed an 81% capital
return, fuelled primarily by local investor interest. We recognise that these
returns are unlikely to be repeated, and indeed some profits have been taken,
but we still believe value exists for an active investor in this specific
market.

Revenue Return and Dividend
Against the strong capital performance it is also pleasing to be able to
report a strong increase in our revenue earnings per share. Whilst a large
element of this is the result of special dividends, we have also witnessed
strong growth from our overseas holdings as company management's focus more
upon income distribution. It is as a result of this strong performance that
the Board remains confident in regard to the 4.7% dividend growth guidance
that we gave in the annual report to shareholders.

Debt Issuance
After our half year end we announced a ?50m private placing of 20 year
unsecured debt to a single institutional investor at a coupon of 3.68%. There
were several drivers behind this placing. Firstly that the global interest
rate cycle, in particular in the US and the UK, was close to turning and that
to be able to lock into a low interest coupon for 20 years was in the best
long term interests of shareholders. Secondly we are due to repay ?10m with a
10.5% coupon in 2016 issued in 1986. Some of the proceeds of the new debt
issue will repay this debt issue.  Finally, the increased confidence in
markets encourages the Board to introduce a slight increase in the total
fixed element of gearing to the Company.

Outlook
The macro backdrop for equities has become more positive in the past few
months as liquidity has been the dominant driver of equity markets. The
concerns that I highlighted in my year end report mostly remain with us today
and could resurface to become more influential in determining market
sentiment. However this "wall of worry" is starting to diminish in its
influence on investor thinking and with corporate confidence remaining at
high levels, helped in part by continued strength in corporate balance
sheets, one would hope for some further positive returns from global equities
for the balance of the year.

DIRECTORS' RESPONSIBILITY STATEMENT
The directors confirm that, to the best of their knowledge:

(a) the condensed set of financial statements has been prepared in accordance
with IAS 34;

(b) the interim management report includes a fair review of the information
required by Disclosure and Transparency Rule 4.2.7R (indication of important
events during the first six months and description of principal risks and
uncertainties for the remaining six months of the year); and

(c) the interim management report includes a fair review of the information
required by Disclosure and Transparency Rule 4.2.8R (disclosure of related
party transactions and changes therein).

On behalf of The Bankers Investment Trust PLC
Richard Killingbeck
Chairman

For further information contact:

Alex Crooke
Fund Manager
The Bankers Investment Trust PLC
Telephone: 020 7818 4447
 Richard Killingbeck
Chairman
The Bankers Investment Trust PLC
Telephone: 020 7818 4233
James de Sausmarez
Director, Head of Investment Trusts
Henderson Global Investors
Telephone: 020 7818 3349 Sarah Gibbons-Cook
Investor Relations and PR Manager
Henderson Global Investors
Telephone: 020 7818 3198

STATEMENT OF COMPREHENSIVE INCOME
for the half year ended 30 April 2015

 (Unaudited)
Half year ended
30 April 2015 (Unaudited)
Half year ended
30 April 2014 (Audited)
Year ended
31 October 2014
 Revenue return ?'000 Capital return ?'000
Total ?'000 Revenue return ?'000 Capital return ?'000
Total ?'000 Revenue  return ?'000 Capital return ?'000
Total
?'000
Gains/(losses) on investments held at fair value through profit or loss -
78,990 78,990

-

(13,201)

(13,201) - 11,615 11,615
Investment income 11,658 - 11,658 9,990 - 9,990 20,577 - 20,577
Other operating income 64 - 64 96 - 96 171 - 171
 --------- --------- --------- --------- --------- --------- ---------
--------- ---------
Gross revenue and capital gains/(losses) 11,722 78,990 90,712
10,086
(13,201)
(3,115) 20,748 11,615 32,363
 ---------- --------- --------- --------- --------- --------- ---------
--------- ---------
Expenses
Management fees (note 2) (442) (1,030) (1,472) (862) (465) (1,327) (1,726)
(929) (2,655)
Other expenses (430) - (430) (386) - (386) (720) - (720)
 --------- --------- --------- --------- --------- --------- ---------
--------- ---------
Profit/(loss) before finance costs and taxation 10,850 77,960 88,810
8,838
(13,666)
(4,828) 18,302 10,686 28,988

Finance costs (344) (805) (1,149) (342) (798) (1,140) (685) (1,598) (2,283)
 --------- --------- --------- --------- --------- --------- ---------
--------- ---------
Profit/(loss) before taxation 10,506 77,155 87,661
8,496
(14,464)
(5,968) 17,617 9,088 26,705

Taxation (447) - (447) (376) - (376) (775) - (775)
 --------- --------- --------- --------- --------- --------- ---------
--------- ---------
Profit/(loss) for the period 10,059 77,155 87,214 8,120 (14,464) (6,344)
16,842 9,088 25,930
 ===== ===== ===== ===== ===== ===== ===== ===== =====
Earnings/(loss) per ordinary share (note 3) 8.97p 68.83p 77.80p
7.27p
(12.95p)
(5.68p) 15.05p 8.12p 23.17p

The total columns of this statement represent the Statement of Comprehensive
Income, prepared in accordance with IFRS as adopted by the European Union.
The revenue return and capital return columns are supplementary to this and
are prepared under guidance published by the Association of Investment
Companies.

All income is attributable to the equity shareholders of The Bankers
Investment Trust PLC.

The accompanying condensed notes are an integral part of the financial
statements.

STATEMENT OF CHANGES IN EQUITY

Half year ended 30 April 2015 (Unaudited)  Called up
share capital
?'000  Share premium
account
?'000 Capital  redemption
reserve
?'000 Other capital
reserves
?'000
Revenue reserve
?'000
Total
equity
?'000
Total equity at 1 November 2014 28,027 7,053 12,483 587,744 32,889 668,196
Total comprehensive income:
Profit for the period - - - 77,155 10,059 87,214
Transactions with owners, recorded directly to equity:
Buy-back of 25,000 ordinary shares (7) (154) 7 - - (154)
Payment of 3rd interim dividend (3.70p) in respect of the year ended 31
October 2014
-
-
-
- (4,148) (4,148)
Payment of final dividend (3.80p) in respect of the year ended 31 October
2014
-
-
-
- (4,260) (4,260)
 ---------- ---------- ---------- ---------- ---------- ----------
Total equity at 30 April 2015 28,020 6,899 12,490 664,899 34,540 746,848
 ====== ====== ====== ====== ====== ======

Half year ended 30 April 2014 (Unaudited)  Called up
share capital
?'000 Share premium
account ?'000 Capital  redemption
reserve
?'000 Other capital
reserves ?'000
Revenue reserve ?'000
Total
equity
?'000
Total equity at 1 November 2013 27,814 2,352 12,483 578,656 32,256 653,561
Total comprehensive income:
(Loss)/profit for the period - - - (14,464) 8,120 (6,344)
Transactions with owners, recorded directly to equity:
Issue of 850,000 ordinary shares 213 4,701 - - - 4,914
Payment of 3rd interim dividend (3.60p) in respect of the year ended 31
October 2013
-
-
-
-
(4,005)
(4,005)
Payment of final dividend (3.60p) in respect of the year ended 31 October
2013
-
-
-
-
(4,020)
(4,020)

 ---------- ---------- ---------- ---------- ---------- ----------
Total equity at 30 April 2014 28,027 7,053 12,483 564,192 32,351 644,106
 ====== ====== ====== ====== ====== ======

Year ended 31 October 2014 (Audited)  Called up
share capital
?'000  Share premium
account ?'000 Capital  redemption
reserve ?'000 Other capital
reserves ?'000
Revenue reserve ?'000
Total
equity ?'000
Total equity at 1 November 2013 27,814 2,352 12,483 578,656 32,256 653,561
Total comprehensive income:
Profit for the year - - - 9,088 16,842 25,930
Transactions with owners, recorded directly to equity:
Issue of 850,000 ordinary shares 213 4,701 - - - 4,914
Payment of 3rd interim dividend (3.60p) in respect of the year ended 31
October 2013
-
-
-
- (4,005) (4,005)
Payment of final dividend (3.60p) in respect of the year ended 31 October
2013
-
-
-
- (4,020) (4,020)
Payment of 1st interim dividend (3.60p) in respect of the year ended 31
October 2014
-
-
-
- (4,036) (4,036)
Payment of 2nd interim dividend (3.70p) in respect of the year ended 31
October 2014
-
-
-
- (4,148) (4,148)
 ---------- ---------- ---------- ---------- ---------- ----------
Total equity at 31 October 2014 28,027 7,053 12,483 587,744 32,889 668,196
 ====== ====== ====== ====== ====== ======
The accompanying condensed notes are an integral part of the financial
statements.

STATEMENT OF FINANCIAL POSITION

 (Unaudited)
Half year ended
30 April
2015
?'000 (Unaudited)
Half year ended
30 April
2014
?'000 (Audited)
Year ended
31 October
2014
?'000

Non-current assets
Investments held at fair value through profit or loss 757,019 667,202 685,456

 ------------ ------------ ------------

Current assets
Investments held at fair value through profit or loss (note 4) 3,046 1,721
3,896
Other receivables 3,931 4,353 3,685
Cash and cash equivalents 10,542 4,000 5,023
 ------------ ------------ ------------
 17,519 10,074 12,604
 ------------ ------------ ------------
Total assets 774,538 677,276 698,060
 ------------ ------------ ------------
Current liabilities
Bank loans - (7,252) (2,788)
Other payables (2,690) (918) (2,076)
 ------------ ------------ -------------
 (2,690) (8,170) (4,864)
 ------------ ------------ ------------
Total assets less current liabilities 771,848 669,106 693,196

Non-current liabilities
Debenture stocks (25,000) (25,000) (25,000)
 ------------ ------------ ------------
Net assets 746,848 644,106 668,196
 ======= ======= =======

Equity attributable to equity shareholders
Share capital (note 5) 28,020 28,027 28,027
Share premium account 6,899 7,053 7,053
Capital redemption reserve 12,490 12,483 12,483
Retained earnings:
  Other capital reserves 664,899 564,192 587,744
  Revenue reserve 34,540 32,351 32,889
 ------------ ------------ ------------
Total equity 746,848 644,106 668,196
 ======= ======= =======
Net asset value per ordinary share (note 6) 666.3p 574.5p 596.0p
 ======= ======= =======

The accompanying condensed notes are an integral part of the financial
statements.

CASH FLOW STATEMENT

 (Unaudited)
Half year ended
 30 April
2015
?'000 (Unaudited)
Half year
ended
30 April
2014
?'000 (Audited)
Year
ended
31 October 2014
?'000

Net profit/(loss) before taxation 87,661 (5,968) 26,705
Add interest payable ('finance costs') 1,149 1,140 2,283
(Less)/add: (Gains)/losses on investments held at fair value through profit
or loss (78,990) 13,201 (11,615)
Increase in accrued income (2,006) (2,506) (345)
(Increase)/decrease in other receivables (5) 8 12
Increase in other payables 87 53 50
Purchases of investments (93,248) (221,656) (319,724)
Sales of investments 100,604 196,695 301,007
Purchases of current asset investments (17,200) (4,700) (24,770)
Sales of current asset investments 18,050 3,000 20,895
Decrease in securities sold for future settlement 1,744 16,033 14,553
Increase/(decrease) in securities purchased for future settlement 505 (7,559)
(6,373)
 ------------ ------------ -----------
Net cash inflow/(outflow) from operating activities before interest and
taxation 18,351 (12,259) 2,678

Interest paid (1,149) (1,135) (2,282)
Taxation on investment income (426) (464) (880)
 ------------ ------------ ------------
Net cash inflow/(outflow) from operating activities 16,776 (13,858) (484)

Financing activities
Equity dividends paid (8,408) (8,025) (16,209)
(Buy back)/issue of ordinary shares (154) 4,914 4,914
(Repayment)/drawdown of loan (2,788) 7,252 2,874

 ------------ ------------ ------------

Net cash (outflow)/inflow from financing activities (11,350) 4,141 (8,421)
 ------------ ------------ ------------

Increase/(decrease) in cash 5,426 (9,717) (8,905)
Cash and cash equivalents at start of period 5,023 14,130 14,130
Exchange movements 93 (413) (202)
 ------------ ------------ ------------
Cash and cash equivalents at end of period 10,542 4,000 5,023
 ======= ======= =======

The accompanying condensed notes are an integral part of the financial
statements.

NOTES TO THE FINANCIAL STATEMENTS:

1. Accounting Policies
 The condensed half year financial statements have been prepared on the basis
of the accounting policies set out in the Company's financial statements for
the year ended 31 October 2014 and in accordance with IAS34.  The tax charge
is based on overseas tax suffered during the period.

2. Management fees
   (Unaudited) (Unaudited) (Audited)
  Half year ended
30 April 2015 Half year ended
30 April 2014 Year ended
31 October 2014
  Revenue return
?'000 Capital  return
?'000 Total
?'000 Revenue return
?'000 Capital  return
?'000 Total
?'000 Revenue return
?'000 Capital  return
?'000 Total
?'000

 Management fees  442 1,030 1,472 199 465 664 398 929 1,327
 Accounting, secretarial and administration - - - 663 - 663 1,328 - 1,328
  --------- --------- --------- --------- --------- --------- ---------
--------- ---------
  442 1,030 1,472 862 465 1,327 1,726 929 2,655
  ===== ===== ===== ===== ===== ===== ===== ===== =====

3. Earnings per Ordinary Share
 The earnings per ordinary share figure is based on the net profit for the
half year of ?87,214,000  (half year ended 30 April 2014: ?6,344,000 loss;
year ended 31 October 2014: ?25,930,000 profit) and on 112,100,383 (half year
ended 30 April 2014: 111,687,640; year ended 31 October 2014: 111,898,962)
ordinary shares, being the weighted average number of ordinary shares in
issue during the period.

 The return per share detailed above can be further analysed between revenue
and capital, as below.

  (Unaudited)
Half year ended
30 April 2015
?'000 (Unaudited)
 Half year ended
30 April 2014
?'000 (Audited)
Year ended
31 October 2014
?'000

 Revenue profit 10,059 8,120 16,842
 Capital profit/(loss) 77,155 (14,464) 9,088
  ------------ ------------ ------------
 Total profit /(loss) 87,214 (6,344) 25,930
  ======= ======= =======
 Weighted average number of ordinary  shares in issue during each period
112,100,383 111,687,640
111,898,962

 Revenue earnings per ordinary share 8.97p 7.27p 15.05p
 Capital earnings/(loss) per ordinary share 68.83p (12.95p) 8.12p
  ------------ ------------ ------------
 Total earnings/(loss) per ordinary share 77.80p (5.68p) 23.17p
  ======= ======= =======

4. Current Asset Investment
 The Company has a holding in the Deutsche Bank Liquidity Fund, a money
market fund that is used to hold what would otherwise be short term cash
balances.  At 30 April 2015 this holding had a value of ?3,046,000 (30 April
2014: ?1,721,000; 31 October 2014: ?3,896,000).

5. Called-up Share Capital
 At 30 April 2015 there were 112,081,839 ordinary shares of 25p each in issue
(30 April 2014: 112,106,839; 31 October 2014: 112,106,839).  During the half
year ended 30 April 2015 25,000 shares were bought back (30 April 2014:
850,000 shares issued; 31 October 2014: 850,000 shares issued). The cost of
the share buy back amounted to ?154,000 (half year ended 30 April 2014:
proceeds of ?4,914,000; 31 October 2014: proceeds of ?4,914,000).

6. Net Asset Value per Ordinary Share
 The net asset value per ordinary share is based on the net assets
attributable to equity shareholders of ?746,848,000 (30 April 2014:
?644,106,000; 31 October 2014: ?668,196,000) and on 112,081,839 (30 April
2014: 112,106,839; 31 October 2014: 112,106,839) ordinary shares, being the
number of ordinary shares in issue at the period end.

7. Related Party Transactions
 Details of related party transactions are contained in the Annual Report.
Other than the fees payable by the Company in the ordinary course of business
there have been no material transactions with any related party during the
six month period affecting the financial position or performance of the
Company.

8. Financial Instruments
 At the period end the carrying value of financial assets and financial
liabilities approximates their fair value.

Financial instruments carried at fair value

Fair value hierarchy

The table below analyses recurring fair value measurements for financial
assets and financial liabilities.  These fair value measurements are
categorised into different levels in the fair value hierarchy based on the
inputs to valuation techniques used.

 Financial assets and financial liabilities at fair value through profit
 or loss at 30 April 2015

Level 1

Level 2        Level 3        Total
  ?'000       ?'000       ?'000    ?'000
 Investments including derivatives:
 - Equity securities designated at fair value through profit or loss
756,986       -       33     757,019
 - Forward exchange contracts        -    (22)       -      (22)
  --------- --------- ---------     -----------
 Total financial assets and liabilities carried at fair value  756,986
(22)    33  756,997
  ====== ====== ====== ======

 Level 3 investments at fair value through profit or loss
30 April
     2015
   ?'000
30 April
     2014
   ?'000
 Opening balance 62 75
 Transferred into Level 3 - -
  ----------- -----------
  62 75

Total unrealised losses included in gains/( losses) on investments held
at fair value through profit and loss in the Statement of Comprehensive
Income    (29) (13)
     ----------- -----------
 Closing balance 33         62
  ====== ======

There have been no transfers between levels of the fair value hierarchy
during the period. Transfers between levels of fair value hierarchy are
deemed to have occurred at the date of the event or change in circumstances
that caused the transfer.

Categorisation within the hierarchy has been determined on the basis of the
lowest level input that is significant to the fair value measurement of the
relevant asset as follows:

Level 1: valued using quoted prices in active markets for identical assets.

Level 2: valued by reference to valuation techniques using observable inputs
other than quoted prices included in Level 1.

Included in Level 2 are forward exchange contracts which resulted in an
unrealised loss of ?22,000.

Level 3: valued by reference to valuation techniques using inputs that are
not based on observable market data.

The valuation techniques used by the Company are explained in the accounting
policies note 1(b) of the Annual Report.

9. Going Concern
 The directors believe that it is appropriate to adopt the going concern
basis in preparing the financial statements.  The assets of the Company
consist mainly of securities that are readily realisable and, accordingly,
the Company has adequate financial resources to continue in operational
existence for the foreseeable future.

10. Interim Dividend
 The directors have declared a second interim dividend of 3.90p (2014: 3.70p)
net per ordinary share, payable on 28 August 2015 to shareholders registered
on 24 July 2015.   The shares will be quoted ex-dividend on 23 July 2015.
Based on the number of ordinary shares in issue at 17 June 2015 of
112,081,839 the cost of this dividend will be ?4,371,000.  A first interim
dividend of 3.90p (2014: 3.60p) was paid on 29 May 2015 at a total cost of
?4,371,000.

11. Comparative Iinformation
 The financial information contained in this Half Year Report does not
constitute statutory accounts as defined in Section 434 of the Companies Act
2006.  The financial information for the half years ended 30 April 2015 and
2014 has not been audited or reviewed by the auditors.

The figures and financial information for the year ended 31 October 2014 have
been extracted from the latest published accounts of the Company.  These
accounts have been delivered to the Registrar of Companies and included the
report of the auditors which was unqualified and did not contain a statement
under either Section 498(2) or 498(3) of the Companies Act 2006.

12. Half Year Update
 A copy of the update for the half year ended 30 April 2015 will be posted to
shareholders in July and will be available on the Company's website
(www.bankersinvestmenttrust.com).  Copies can also be requested thereafter
from the Corporate Secretary at the Registered Office at 201 Bishopsgate,
London EC2M 3AE.

13. General Information
 Company Status
The Company is a UK domiciled investment trust company.
London Stock Exchange Daily Official List (SEDOL) / ISIN number is
GB0000767003
Global Intermediary Identification Number (GIIN) is L5YVFP.99999.SL.826
Legal Entity Identifier (LEI) is 213800B9YWXL3X1VMZ69

Directors
The directors of the Company are Richard Killingbeck (Chairman), Susan Inglis
(Senior Independent Director), Matthew Thorne (Audit Committee Chairman),
David Wild and Julian Chillingworth.

Corporate Secretary
Henderson Secretarial Services Limited, represented by Wendy King FCIS.

Registered Office
The registered office is 201 Bishopsgate, London EC2M 3AE. Registerd number
00026351.

Website
Details of the Company's share price and net asset value, together with
general information about the Company, monthly factsheets and data, copies of
announcements, reports and details of general meetings can be found at
www.bankersinvestmenttrust.com.

50 LARGEST INVESTMENTS

Convertibles, fixed interest and all classes of equity in any one company
being treated as one investment were as follows:

Holding Market value
30 April 2015
?'000

Holding Market value
30 April 2015
?'000

BP 16,056  Amcor 6,409
Walt Disney 11,839  FedEx 6,387
Galliford Try 10,876  Fidelity National Information 6,241
Delphi Automotive 10,774  Prudential 6,114
British American Tobacco 10,059  The Cooper Companies 6,000
Apple 10,030  Fisher (James) & Sons 5,982
ITV 10,005  Persimmon 5,925
Catlin 9,945  Accenture 5,818
Barclays 9,883 Novartis 5,681
BorgWarner 8,952  WPP 5,636
Sports Direct International 8,707  Connect 5,613
BT 8,526  St. James's Place 5,588
Bank of China 8,494  Comcast 5,513
HSBC 8,284  Jupiter Fund Management 5,469
Cardinal Health 8,167  Wetherspoon (J.D.) 5,293
American Tower 8,162  Taiwan Semiconductor Manufacturing 5,244
CVS Health 7,821  HKT Trust & HK 5,184
Oracle 7,440  Deutsche Post 5,086
Royal Dutch Shell 7,331  Cranswick 4,916
Jardine Lloyd Thompson 7,039  Rolls-Royce 4,896
GlaxoSmithKline 7,026  Christian Dior 4,848
Reckitt Benckiser 6,991  Lancashire 4,778
American Express 6,788 BHP Billiton 4,744
SK Telecom 6,748  Priceline  4,728
Roper Industries 6,686 Rio Tinto 4,493

These investments total ?359,215,000 which represents 47.5% of the portfolio.

GEOGRAPHICAL DISTRIBUTION

Valuation of investments Currency exposure of
net assets
 30 April
2015
% 31 October
2014
% 30 April
2015
% 31 October
2014
%
UK 39.6 41.1 38.2 39.8
Europe (ex UK) 10.6 11.4 11.0 11.7
North America 23.8 22.4 24.1 22.9
Japan 10.3 8.8 10.3 8.7
Pacific (ex Japan) 13.0 13.5 13.8 14.0
Emerging Markets 2.7 2.8 2.6 2.9
 -------- -------- -------- --------
 100.0 100.0 100.0 100.0
 ==== ==== ==== ====

SECTOR ANALYSIS
 30 April 2015
% 31 October 2014
%
Financials 25.8 26.2
Industrials 17.2 17.0
Consumer Services 15.3 14.0
Consumer Goods 14.9 13.8
Technology 8.0 6.8
Oil & Gas 5.0 7.3
Health Care 4.9 5.3
Telecommunications 4.0 4.4
Basic Materials 3.5 3.1
Utilities 1.4 2.1
 -------- --------
 100.0 100.0
 ==== ====

Source: Henderson.

Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.

______________________
End CA:00265910 For:BIT    Type:HALFYR     Time:2015-06-19 08:30:43