codex general standard for contaminants and toxins in food and feed

Report of the Investment Managerfor the half year ended 31 May 2010StrategyThe Fund has a high strategic weightingtowards real assets such as equities, at homeand overseas, property and infrastructure.Our expectation is that this structure is theone most likely to provide long term growth incapital values and a high and rising income.In the early part of the period we took profitson the exposure to corporate bond marketstaken earlier in 2009. The substantial proceedsof this sale were invested mainly in equitymarkets, at home and overseas.The greatest allocation was to the UK but wewere also substantial buyers of Europeanand Asian stocks. The US holdings were alsoincreased, but to a lesser extent and therewere net sales from Japan.We added to commercial property andwere active in infrastructure, increasing thecommitment to the area early in the period butthen taking profits later on, on a different partof the portfolio, as prices on one of the fundsmoved to a premium to underlyingasset value.Cash weightings fell over the period, from3.03% to 1.88% of assets.PerformanceThe slight underperformance reflectedmainly stock selection effects. The goodvalue, high income paying stocks, whichfeature substantially in the portfolio, laggedthe market overall, particularly in the earlyweeks of the period. The income distributionto investors has been maintained at 19p perThe CBF Church of England Investment FundAnnualised total capital and income returnTo 31 May 2010Six Months%Performance against marketindices (before expenses)CBF Investment Fund +3.001 year 5 years 10 years% % p.a. % p.a.+17.07+22.34+22.94+27.12Composite BenchmarkFTSE All-Share IndexFTSE Work (ex UK) Index+4.68+2.68+8.20FTSE UK Govt All Stocks Index +1. 37 +6.12+ 4.63+ 5.50+ 5.17+ 6.59+2.19+2.96+2.11+0.72+ 5.19 +5.54IPD Property Index +12.41 +22.41 + 1.54 +6.49Performance after expensesIncome shares* +2.73Accumulation shares*+2.73+16.49+16.47+4.26+4.23+1.91+1.89* Net asset value to net asset value plus income reinvestedSource : The Manager4