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嘉縣府提「白水夢、好美食、綠的旅行計畫」 【記者廖建智╱嘉義報導】嘉義縣政府為發展沿海地區生態旅遊，儲存倉提出「白水夢、好美食、綠的旅行計畫」，將整合東石、布袋地區的農漁村文化、產業資源，推動產業轉型及升級，活化地方經濟，打造一個具有休閒、遊憩、體驗、美食、文化及創意的大型複合式休閒生態園區，進而吸引青壯人力留鄉，讓產業資源與農漁村經濟永續發展。縣府已委託台灣大學建築與城鄉研究發展基金會執行這項計畫，日前在布袋遊客中心舉辦第一次說明會，邀請布袋迷你倉最平及東石鄉的在地社區發展協會、產銷班、民宿業者、餐飲業者及個人參加。農業處農村發展科長李秋瑩說明計畫緣起及內容，指嘉義沿海地區擁有豐富的生態資源及漁業資源，極適合發展生態旅遊，推動觀光產業帶動地方的發展，因此依據農委會水土保持局102年度「農村再生區域產業輔導示範計畫」，提出「白水夢、好美食、綠的旅行計畫」。李秋瑩指出，這項計畫正廣徵在地意見，唯有符合在地需求才算成功，鼓勵居民務必將活動訊息傳遞給有興趣的同業，並隨時與規劃單位密切聯繫提供意見。迷你倉

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Source: The Miami HeraldDec.迷你倉將軍澳 13--Candice Russell's love affair with Haitian art began in a small, poorly lit restaurant in Washington, D.C."It had a low ceiling, dark wood-paneled walls and kind of a dingy atmosphere," says the author of Masterpieces of Haitian Art (Schiffer, $50), who talks about her work Saturday at Books & Books in Coral Gables. "But I felt uplifted and happy in the space. I was trying to account for it. I looked around and saw paintings, seascapes, landscapes, people working in the fields. The colors were very bright. I asked the owner what they were, and he said, 'These are all from Haiti.' "This brief but memorable introduction led Russell to a new and vibrant world. She made visits to the island, built friendships with artists and dealers and began collecting art and curating exhibits (including Allegories of Haitian Life from the Collection of Jonathan Demme at the Bass Museum of Art in Miami Beach). Masterpieces, a detailed overview of the past 25 years of Haitian art, is culmination of sorts and a true labor of love.With forewords by novelist Edwidge Danticat and Arts of Haiti Research Project director LeGrace Benson, the book is packed with stunning reproductions of paintings, Vodou flags, sculpture and mixed-media works. Each photo is accompanied by a brief but insightful description from Russell, which lends the book a conversational and yet still scholarly air. It is, as Benson writes, a "museum in the oldest, best sense of the term -- a place where inspiring muses dwell."It is, says Eveline Pierre, executive director and founder of the Haitian Heritage Museum in Miami, a "signature" book, "a must-have for readers and collectors and people who want to know about Haitian culture."Russell, an editor at The Parklander magazine who was a film and theater critic at the Sun Sentinel, says the time was ripe for a new book on Haitian art. The last major work on the subject, Where Art is Joy: Haitian Art, The First Forty Years by Selden Rodman, a leading authority on Haitian art and friend and mentor to Russell, was published in 1988. Rodman and Russell co-curated a show based on the book at the Museum of Art in Fort Lauderdale in 1989.There have been no major overviews since Rodman's death in 2002, Russell says. And in the wake of 2010's devastating earthquake, which killed hundreds of thousands of people, she felt a new book was necessary."So many art lovers and collectors were killed," she says. "So much visual heritage was lost. it was time to write something that showed the world this is what the Haitians produced."Among the artistic casualties of the disaster: 10,000 works from the George S. Nader Museum and 11 of the famous murals at Holy Trinity Cathedral, both in Port-au-Prince. Earlier this year architects unveiled plans for a new cathedral, which迷你倉尖沙咀will include the three surviving murals, according to the Episcopal News Service."We definitely felt the loss of our brothers and sisters most, but we also thought, 'Oh my God, what about the art,' " says Pierre. "The murals got international recognition. People all over the world went to Haiti to view this piece, and it was lost in the earthquake. ... For you to create your future you have to understand your past, and the book is important because it gives you such a large overview."Masterpieces of Haitian Art, Russell hopes, goes a way toward refreshing our collective artistic memory. One of her favorite pieces in the book is a painting she owns, Ceremony, an acrylic on masonite by La Fortune Felix, which depicts a complex Vodou ritual."I bought it after three months of agonizing over what I thought was the exorbitant price of $300," she says. "I was haunted by the image of this man on a theatrical platform. He was nude. ... I didn't understand the imagery then. But I hung it in my living room, and my sister-in-law at the time came to my house and railed to my husband against it. She was so offended. I thought, 'Hey, I'm onto something if I can offend someone with a painting and still have no idea what it means.' "Russell -- who now understands Ceremony as a piece in which "[s]pirits come alive and humans risk death in this cosmic dance" -- surrounds herself with all sorts of Haitian works."I get so much pleasure from them," she says. "These paintings and artworks have so much spirit, so much liveliness. The stories behind them are fascinating. The conditions under which they are made are amazing. Haiti is the poorest country in the Western Hemisphere and yet look at the visual output. ..."Here we have Art Basel, and that's extremely important, but this is art from a third-world country. First-world country art gets the lion's share of attention. This was created in a country not sitting at political conferences."Designer Susan Karten of Boca Raton, a collector of Haitian art who owns seven of the pieces in Russell's book, lived in Haiti for 15 years and believes Masterpieces of Modern Art is important in many ways."Haiti has such resiliency to disaster and hardship, and the art is indicative of that," Karten says. The book, she believes, "could be a great introduction to Haitian art." But it also serves another purpose: "The future of Haiti depends upon the young, and the book covers many young and relatively unknown artists. The future of the country includes putting the country in a different light. Everyone perceives it in such a negative light. But it's a very special, magical place."Russell concurs: "Haiti has been the adventure of my life."Copyright: ___ (c)2013 The Miami Herald Visit The Miami Herald at .miamiherald.com Distributed by MCT Information Servicesmini storage

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“公司看好直升機在通航產業領域的發展，迷你倉因此公司的多項業務也圍繞直升機展開。”海特高新管理層告訴中國證券報記者，憑借在維修、研發製造、培訓等領域的傳統優勢，海特高新擬在直升機領域開闢一片新天地。維修服務板塊，海特高新與瑞士宜捷合資成立的天津宜捷海特通用航空服務有限公司主營公務機的維護保養和整機維修，同時亦能夠服務于直升機，目前正在完成民航局的認證工作。此外，海特和東航集團合資建立的天津翔宇直升機維修公司主營直升機整機維修。公司預計，隨著低空進一步放開以及通航市場的逐步打開，上述兩個公司的業務將有望于明年產生效益。航空裝備研發製造板塊目前為公司貢獻利潤比例最高，主要包括兩方面：一是公司的航空動力控mini storage系統（ECU）項目已進入批量化生產，項目毛利率較高。目前國內直升機保有量僅600余架，還有很大提升空間，公司作為國內直升機ECU的核心供貨商，有望大幅受益。公司的直升機絞車項目今年已完成產品立項及研發，預計2014年定型交付試用，下半年開始批量供貨並貢獻利潤。過去該類產品主要是從國外進口，公司的產品屬於進口替代。未來絞車在搶險救援、軍事等領域需求將非常旺盛。公司亦在布局通航培訓領域。中國證券報記者瞭解到，除在昆明、新加坡、天津打造三大民航培訓基地外，海特高新正在積極拓展通航培訓業務。公司今年5月購買了一台EC-135型直升機模擬機，首次切入直升機培訓領域。公司目前還在與航校接觸，尋找新市場客戶。self storage

存倉 韓國首都首爾的江南區12日�動“江南區電車游”，面向國內外遊客，車票等費用可以用人民幣結算。江南區政府預期，電車游項目明年可吸引6萬名遊客，推動當地旅遊業。本報綜合新華社等媒體報道儲存

在大梅沙華大基因中心項目環評座談會結束後，存倉堅守環評公�參與這道最後防線的那些梅沙居民已經感覺到了守護家園的艱難，他們怎麼都想不明白，在城市規劃、環境保護和環境信息公開公�參與方面明明有法規，為什麼在強勢企業面前這些盾牌都無所作為？中國的環境信息公開和公�參與始于2006年，在《環境影響評價公�參與暫行辦法》頒佈前夕，中國政法大學環境受害者法律援助中心在北京舉辦了一期培訓班，主辦方還將深圳西部通道、濱海醫院建設過程中深圳市民的維權行動作為案例讓與會者討論。深圳在推行環境信息公開上並不落後，2011年，深圳市環科院受美國國際發展署亞洲基金會資助開始編寫《深圳市環境信息公開與公�參與實施指南》，討論會上，市民反對歡樂海岸破壞僑城濕地、反對壩光改變規劃生態保護地功能建設化工基地的公�參與環境信息公開行動，都作為案例交流。這部尚未實施的指南，詳細指明瞭公�參與的方法和步驟，編寫過程中還邀請了環保N GO和市民代表參加。而設立基本生態控制線，確立規劃的法律地位等等，都是深圳在借鑒新加坡和香港城市環境管理經驗後的大膽實踐。但是，環境信息公開這件在許多國家和地區成功推行多年的事情，並未在這座號稱“先鋒”的城市落地開花。在深圳可以用土地觀來衡量一個人和一個企業的價值取向，在稀缺的土地面前，許多不該發生的事都會發生，�多實業家都耐不住放下主業或打著各種旗號跑馬圈地，轉投房地產。在某戶外協會年會上，會長的開場白就是：“我來協會工作的重要任務儲存是拿地”，在華大基因中心項目選址和環評公�參與上出現的情況，也隱約可以看到這種趨向。如果說華大基因中心項目實現了基層政府的“總部經濟”思維，還不如說是削足適履更準確——— 削生態環境的“足”，適企業占地的“履”。梅沙社區居民有一句問話：“想不通為什麼政府會引進這種高風險企業進駐深圳最美的海岸線？”使我回憶起10多年前政府“費了很大努力”在大梅沙運沙造灘、遷廠複綠，才使深得民心的美麗濱海城區旅遊名片慢慢清晰起來。而今，同樣是政府，又“費很大努力”改變基本生態控制線，引回更大的項目——— 華大基因中心。雖然居民認為項目環評報告避實就虛、避重就輕，避談生物汙染風險，但有一點擔心與環評機構是一致的，那就是需要採取高級別的保護措施：比如專門設置的20立方米事故汙水池，比如按照醫療垃圾來處理固體廢物。環評中要求採取的這些保護性舉措，間接印證了居民對發生環境汙染風險的擔憂是不無根據的。而在程序上，主管部門為了這個項目，更改基本生態控制線，修改法定圖則，調整地塊功能，但疏漏了補充規劃環評和環評公�參與，至少在深圳人居網建設項目審批公示欄，我搜遍自2010年元月至2013年12月的公示項目都沒發現批給華大基因中心地塊的規劃環評。在社區居民維護環境權益與政府推動工程項目實施的角力中，環境信息公開與公�參與能否打破僵局？這是一種期許，更希望能轉化成民意的壓力。熊揚(中國工程建設標準化協會城市給排水專業委員會委員、綠色江河環境保護促進會常務理事)迷你倉

複蘇能否有力延續，存倉市場能否穩健恢複，在很大程度上取決于專業信息不對稱、思想層次兩極分化的格局能否真正改變，而這特別需要宏觀研究重視並踐行“群�路線”，以提振市場信心，防範系統性風險，促進微觀崛起，促進金融更好地服務實體經濟。□程 實歷史從不簡單重複，但根源類似的錯誤和危險卻總是間或閃現。回望即將過去的2013年，全球經濟運行最顯著的特徵是：複蘇比預期差、波動比想象大。為什麼會這樣？很多人將原因歸結為危機尚未去、政策不給力或博弈風雨急，但在筆者看來，這些解釋都未觸及思想層面的內裡。從根源看，“專業信息不對稱和經濟知識兩極分化”不僅未見改善，反而有所加劇。在危機前，它激勵了非審慎的金融創新，引致了無約束的透支增長，催生了危險的專業欺詐；在危機後，它則抑制了宏觀政策的政策效果，干擾了複蘇進程的推進，並制約了經濟秩序的有序重建。在未來，複蘇能否有力延續，市場能否穩健恢複，很大程度上取決于思想層次兩極分化格局能否真正改變。而消除專業信息不對稱，需要宏觀研究重視並踐行“群�路線”。鑒於當下時代背景，筆者疑問這一點格外關鍵。原因有五：第一，在通縮風險大於通脹風險背景下，宏觀研究走群�路線有利於提升政策效果。傳統經濟學一度強調了專業信息不對稱對於宏觀政策調控目標實現的重要性，由於理性預期的存在，如果政策制定者按常理出牌，那麼，市場主體早就于政策出台前就調整了行為，政策真正出台時可能就沒什麼效果了，這樣能起到額外作用的就是預期之外的政策，這就給政策當局利用信息優勢、實行“動態不一致”的政策提供了激勵。但筆者以為，這一策略並不是在所有情境下都適用，動態不一致理論實際上包含了一種隱形假設，即中央銀行將維持物價穩定視為核心目標甚至唯一目標。而當下的現實卻是，全球央行政策目標對刺激增長、抵抗通縮威脅的強調甚至短期超過了控制通脹，此時，讓市場充分明晰政策長期不變的寬鬆基調是有益的，可以避免市場主體不必要的防禦性的需求緊縮行為，這恰是發達國家央行近年來高度重視“前瞻指引”的根本原因，也是宏觀研究踐行群�路線、減小專業信息不對稱的現實必然。第二，在複蘇主題由救贖變為轉型的背景下，宏觀研究走群�路線有利於提振市場信心。在複蘇緩步推進四年之後，2014年，全球經濟將正式進入以轉型為核心主題的階段，美聯儲將退出QE以測試內生增長動力，歐洲內部的結構調整也將有實質推進，日本安倍經濟學的第三支箭也不能再懸而不發，中國全面深化改革的戰略也將細化落實。轉型，本質上是資源配置方式的轉變，一方面將帶來新局面、新情況、新問題，另一方面也將不可避免地伴隨著增長減速。在這一過程中，如果微觀個體對轉型必要性、現實性和自然伴生現象缺乏足夠的認知，那麼，不僅轉型本身的推進恐將變得困難，轉型帶來的陣痛可能也會傷及市場信心，甚至威脅複蘇基調。正因為如此，宏觀研究踐行群�路線本質上就是宣揚轉型精神、普及儲存型常識、增強轉型信心的舉動，將對轉型本身起到有益的支撐作用。第三，鑒於市場波動性在加劇，宏觀研究走群�路線有利於防範系統性風險。歸根結底，危機後的複蘇是一個風雲詭譎的過程，不確定性廣泛存在，利益博弈十分複雜，黑天鵝現象時有發生。這給各種投機勢力借台唱戲提供了便利，可供炒作的題材十分豐富。今年4月的黃金大跌、5月的日股暴跌、11月的比特幣暴漲，都是新鮮的案例。此時，如果廣大非專業的微觀個體缺乏對宏觀經濟運行和國際金融市場變化的理性認知，很容易受投機炒作和羊群效應的影響，無意間掉入各種市場陷阱，在給自身造成巨大財產損失的同時，也加劇了市場風險的聚合、升級、連鎖和傳染，進而可能帶來系統性風險上升的惡果。因此，宏觀研究踐行群�路線，有利於正本清源，減小國際投機勢力興風作浪的可能，引導諸多微觀個體在市場異動之中保持頭腦清醒和行為謹慎，進而堵上系統性風險形成和加劇的源頭。第四，在宏觀經濟複蘇越來越倚重微觀基礎的背景下，宏觀研究走群�路線有利於促進微觀崛起。全球經濟複蘇的過程，同時也是政策力量不斷被透支使用的過程，在財政政策受制于財政鞏固、貨幣政策幾無寬鬆空間、全球化推進放緩的前提下，經濟增長對微觀需求的依賴不斷加大。目前，無論是發達國家，還是新興市場經濟體，都對居民消費和中小企業的可持續增長寄予厚望，而在“大而不能倒”金融機構更受監管的同時，民間金融和小微金融也獲得了長足發展的歷史機遇。微觀崛起正成為後危機時代的時代主題。正因為如此，宏觀研究走群�路線，是順應這一時代主題，幫助微觀個體發現自己、發掘自己並發展自己的有益之舉。第五，在研究市場存在“公有地悲劇”的背景下，宏觀研究走群�路線有利於金融更好地服務實體經濟。專業信息不對稱和知識層面兩極分化的格局形成，很大程度上和研究市場有關。經濟學家可以分為好幾類，象牙塔內的經濟學家們主要從事學術研究，但過於強調經濟學本身則容易掉入“經濟學帝國主義”的陷阱，經濟學不是解釋一切的萬能鑰匙。對於非專業人士而言，真切瞭解經濟世界本身比瞭解經濟學更重要，研究現實經濟，最有力量的兩個群體，分別集中于政府機構與金融機構，前者主要服務于政策制定，後者作為“賣方”主要服務于特定的機構“買方”，兩者都缺乏走群�路線的激勵。如此背景下，以現實為關切的研究市場供給稀缺，盡管消除專業信息不對稱對於全局是有利的，但面向大�的嚴謹研究和趨勢信息普及，缺乏有效供給。在嚴謹研究缺位的背景下，非嚴謹的、一味迎合讀者獵奇口味的各類經濟陰謀論、危機論和崩潰論充斥市場，既加劇了專業和非專業兩個人群的割裂，也一定程度上引致了市場不理性和社會戾氣。正因為如此，在強調金融服務實體經濟的當下，金融機構的專業研究部門加強面對大�的研究供給，既是主動承擔社會責任的表現，也是更好服務金融消費者的有效舉措。（作者系青年經濟學者，微信公�號shihuashijing）迷你倉

環球投資市場繼續受到美國「收水」陰霾困擾，自存倉�指昨日回吐120點，ADR早段再跌150點至報23069點，考驗23000點支持力，而金融股繼續成為淡友質低大市的「兇器」。瑞銀昨日發表報告，預期�指明年見26000點至28000點，認為內銀、內險股明年發威，成為升市引擎。交銀國際對港股前景較審慎，給予�指目標價25000點，建議投資者明年炒波幅市。本報記者劉�豪 歐美股市早段偏軟，港股期貨夜市跟隨受壓，�指夜期收報23062點，較日市再跌124點，低水擴大至156點，而國指夜期亦跌79點，收報10871點，低水91點。一眾在美掛牌的預託證券（ADR）全線捱沽，�控ADR（00005）折合現報82.22元，較港股收市價低近半個百分點，中移動（00941）險守80元大關。其他中資股市跌幅更大，中石化（00386）、中石油（00857）、聯想（00762）、國壽（02628）均跌逾1%，�指ADR現報23069點，較港股收市低約150點，進一步迫近23000點大關。 港股周三大瀉逾400點後，未有止瀉跡象。�指昨日低開73點後，最多跌177點，低見23160點；中段在滬深A股低位抽高的聯動下，�指跌幅一度縮窄至10點。惜A股升勢未能持續，掉頭又回落，導致港股跌幅亦擴大，收市時跌120點，報23218點，失守50天平均線（23296）。國企指數則跌111點，報10962點。主板成交715億元，較迷你倉日減少23億元，若撇除信達資產首日上市提供的110億元成交貢獻，昨日交投縮窄情況更嚴重。太陽能股份沽壓大 全日總共有32隻牛證被強制收回，分析指出，在攻陷23200點至23299點牛證密集區後，下一個牛證密集區23000點至23099點，淡友實在有誘因把�指推低至該水平，以挾殺好倉。昨日牛熊證成交額53億元，�指牛證與熊證比例為60對40。 大戶早前借內銀股托高大市，為新股上市保駕。任務完成後，反手沽出內銀股離場，令到內銀股由升市「功臣」，淪為跌市「元兇」。工行（01398）、建行（00939）跌幅均逾1%；工行股價跌1.2%，報5.36元，建行跌1.4%，報5.97元。�控（00005）股價早段曾經倒升，但全日仍要以跌市收場，回吐0.3%，報82.55元。太陽能股繼續要回，卡姆丹克（00712）股價跌6%，收1.25元；保利協鑫（03800）跌2.2%，收2.17元。 瑞銀料明年見26000 展望後市，瑞銀財富管理投資總監研究部香港主管何偉華預期，在環球投資者對港股調整投資評級下，�指明年可望見26000點至28000點，而內銀、內險股是主要升市動力。 另外，交銀國際研究部首席中國策略師洪灝表示，在流動性收緊，經濟放緩下，期望�指創新高，似乎是屬於過於樂觀。�指過去四年間在18000點至25000點區間上落，預期�指明年目標為25000點，建議投資者在波幅市操作，賺取利潤。 mini storage

BlackRock North American Income Trust plcAnnual Results Announcement 31 October 2013Investment ObjectiveThe Company's investment objective is to provide an attractive and growinglevel of income return with capital appreciation over the long term,predominantly through investment in a diversified portfolio of primarilylarge-cap U.迷你倉S. equities.Summary Investment PolicyThe Company invests predominantly in a diversified portfolio of equitysecurities quoted in the U.S., with a focus on companies that pay and growtheir dividends. The Company may invest through an active options overlaystrategy utilising predominantly covered call options and may also hold othersecurities from time-to-time including, inter alia, convertible securities,fixed interest securities, preference shares, non-convertible preferred stock,and depositary receipts.Performance RecordFinancial Highlights 31 OctoberAttributable to ordinary shareholders 2013Net assets (£'000) 111,289Net asset value per ordinary share 112.00pOrdinary share price (mid-market) - ex 4th interim dividend 112.50pOrdinary share price (mid-market) - cum 4th interim dividend1 113.50pPremium to cum income net asset value2 1.3%Performance for the period since launch to 31 October 2013Net asset value per share (with income reinvested)3 +17.1%Russell 1000 Value Index +27.4%Share price (with income reinvested)2 +16.5%1 the share price went ex-dividend for the 4th interim dividend of 1p per shareon 9 October 2013; however, this interim dividend is not accounted for in theNAV at 31 October 2013 as a liability in accordance with IFRS.2 based on cum dividend ordinary share price.3 based on NAV at launch after launch costs of 1.75% of issue price of 100p.Source: BlackRock and DatastreamChairman's StatementThis is the first Annual Report to shareholders of BlackRock North ?AmericanIncome Trust plc for the period from the date of incorporation on 30?August2012 to 31 October 2013.OverviewRecovery from the punishing 2007-2009 recession remains slow and the globaleconomic outlook has hardly changed with modest growth and low inflation. Thegrowth backdrop favoured developed markets in contrast with mainstream emergingmarkets and, in the U.S., the economy appeared more resilient with solidcorporate earnings, rising consumer confidence and a slow but steadystrengthening in the housing market. However, there was still uncertaintyfollowing the brief government shutdown and congressional gridlock. Although alast minute deal in October averted a potential default on the national debtand ended the partial shutdown, there are still concerns about the lack of along term plan and the potential for sequential crises. There is also freshuncertainty about the timing of tapering by the Federal Reserve, coupled withthe scheduled leadership change.The delay in tapering has led to a favourable environment for equities withsolid corporate operating margins. Against this backdrop, I am able to reportthat for the period since launch on 24 October 2012, the Company's net assetvalue per share (after launch costs) returned 17.1% including reinvestment ofdividends totalling 3.1%. During the same period, the share price returned16.5%. Overall we maintained our focus on higher quality stocks. We note thatshort term performance has been disappointing due to the outperformance of lowerquality stocks, but the Board continues to believe that owning strongbusinesses can provide the best defence against uncertainty and will providethe best returns over time.Since the period end, the Company's net asset value per share and the share pricehave remained unchanged.Earnings and dividendsRevenue earnings per share for the period to 31 October 2013 amounted to 4.28p.As set out in the Company's Prospectus, it was the Company's intention to paydividends amounting to at least 4.0p per share for the period ending 31 October2013, details of which are set out in note 7 to the Financial Statements. I ampleased to report that we reached this target and paid quarterly dividendstotalling 4.0p per?share.It is the Directors' intention to pay dividends amounting to at least 4.0pper share for the year ending 31 October 2014. Our ability to match or exceedthis target will depend on dividend distributions and option writing from ourunderlying portfolio and should not be interpreted as a profit forecast. Thetarget level represents a yield of 3.6% based on the share price as at close ofbusiness on 31 October 2013.Share issuesFor the period to 31 October 2013, the Company's shares traded at an averagepremium of 2.4% to their NAV. In the light of continuing demand for the sharesand having regard to the benefits of enlarging the Company, a general meetingwas held on 8 February 2013 to seek further shareholder authority to issue newshares under a Placing Programme. In addition, as the authorities under theFebruary Placing Programme were shortly expected to be substantially utilised,the Company published a prospectus in September 2013 to renew shareholderauthority for a further Placing Programme which was approved at a generalmeeting held on 10 October 2013. The Directors also considered that the Companyshould raise additional capital through an issue of C shares, to meet immediatedemand from potential investors, at the same time as renewal of the Company'sPlacing Programme in October.The Placing, Open Offer and Offer for Subscription of C shares resulted inapplications for 15,500,000 C shares and the C shares converted into ordinaryshares at a rate of 0.9047 ordinary shares for each C share. A total of14,022,805 ordinary shares were issued as a result of the conversion and wereadmitted to trading on 23 October 2013. In addition, a further 20,338,500shares have been issued at a premium to NAV pursuant to the share allotmentauthority granted to Directors on launch and the Placing Programmes in theperiod to 31 October 2013. Since the period end and up to the date of thisreport a further 400,000 shares have been issued. At launch the Company issued65,000,000 shares and there are now 99,761,305 shares in issue.Tender offersIn view of the fact that since launch the Company's shares have traded ateither a premium to NAV or a very narrow discount, the Board announced on 14May 2013 and 14 November 2013 that it had decided not to proceed with thetender offers in July 2013 and January 2014. A resolution for the renewal ofthe Company's semi-annual tender authorities will be put to shareholders at theforthcoming Annual General Meeting.Alternative Investment Fund Managers' DirectiveThe Alternative Investment Fund Managers' Directive (the 'Directive') is aEuropean Directive which seeks to reduce systemic risk by regulatingalternative investment fund managers ('AIFMs'). AIFMs are responsible formanaging investment products that fall within the category of AlternativeInvestment Funds ('AIFs') and investment trusts are included in this. TheDirective was implemented on 22 July 2013 although the Financial ConductAuthority permits a transitional period of one year after that during which UKAIFMs must seek authorisation. The Board has taken, and will continue to take,independent advice on the consequences for the Company of the implementation ofthe Directive. It has decided in principle that BlackRock Fund Managers Limitedwill be appointed as its AIFM before the end of the transitional period on 22July 2014.New reporting requirementsThere have been a number of revisions to reporting requirements for companieswith accounting periods ending on or after 30? September 2013. These changes areintended to increase the quality and structure of reporting and include theintroduction of a new Strategic Report which is intended to replace theBusiness Review section of the Directors' Report, providing insight into theCompany's objectives, strategy and principal risks. The Strategic Report shouldalso enable shareholders to assess how effective Directors have been inpromoting the success of the Company during the course of the period underreview. Other changes comprise additional Audit Committee reportingrequirements on the external audit process, as set out on pages 31 to 33 of theAnnual Report, and changes to the structure and voting requirements in respectof the Directors' Remuneration Report which are explained in more detail onpages 23 to 25 of the Annual Report.Annual General MeetingThe Annual General Meeting of the Company will be held at BlackRock's officesat 12 Throgmorton Avenue, London EC2N 2DL on Thursday, 13 February 2014 at12.00 noon. Details of the business of meeting are set out in the Notice ofMeeting on pages 59 to 62 of the Annual Report. The Investment Manager willmake a presentation to shareholders on the Company's performance and theoutlook for the year ahead.OutlookThe global growth outlook remains steady, driven by a gradual strengthening ofbusiness and consumer confidence in the U.S. There are also clear signs ofstabilisation in Europe and marginal improvements in current account balanceswithin emerging markets. U.S. fundamentals continue to be reasonable and thirdquarter earnings results have been ahead of expectations. Protracted fiscalnegotiations could be a potential drag on growth in the U.S. On the other hand,there is much less risk of international shocks than there has been in thepast. In this environment, the Investment Manager will continue to focus onhigher quality stocks with a real competitive advantage and an emphasis onshareholder returns.Simon Miller12 December 2013Investment Manager's ReportMarket overviewFor the period ended 31 October 2013, U.S. large cap stocks, as represented bythe S&P 500? Index, advanced 27.2% (in U.S.?Dollar terms). U.S. equity marketswere range-bound in the closing months of 2012, before rebounding strongly atthe beginning of 2013 after the nation's 'fiscal cliff' had been averted. Signsof a steady improvement in the U.S. economy underpinned the rally. As economicdata became more mixed, financial markets around the world were dominated byspeculation on monetary policy decisions from global central banks,particularly the U.S. Federal Reserve (the 'Fed'). Equity markets broadlytraded based on investor perception of when the Fed planned to taper its bondbuying programme. In total, the Fed's dovish monetary policy and decision todelay tapering its $85 billion monthly bond buying programme proved beneficialfor U.S. stocks. Companies have performed strongly enough to generate positivecorporate earnings, while continued high unemployment and low inflation rateshave reinforced the need for sustained U.S. Federal Reserve stimulus until amore robust economic recovery is underway. Combined with a declining risk ofmilitary involvement in Egypt and Syria, and the U.S. government reaching atemporary debt-ceiling resolution (albeit after a government shutdown andlengthy political brinkmanship), the result is an environment with few shortterm macroeconomic risks currently apparent. All of these factors have led torobust equity returns for the trailing one year, particularly in the months ofSeptember and October as investors have gained increasing clarity.Portfolio overviewAlthough the portfolio provided good absolute returns over the period itnonetheless returned less than the benchmark index.On a sector basis, the largest positive contributor to Company performance forthe period was the overweight position in industrials compared to the benchmark.Our overweight position in consumer discretionary shares also proved beneficial,as did our underweight exposure to the energy sector. Our choice of shares in theutility sector also contributed to relative performance for the period. The largestdetractor from relative performance was our stock selection, and underweight stance in,the information technology sector. Stock selection and an underweight to financialsalso significantly detracted from relative returns, as did stock selection inconsumer staples and consumer discretionary. Lastly, stock selection inindustrials and a combination of stock selection and an overweight to materialsalso hurt relative returns.During the period we have increased our weighting to the financials sector byover 2.5%. We initiated new positions in Citigroup and regional banks such asSunTrust Banks and Fifth Third Bancorp. We also increased our exposure to theinsurance industry by buying MetLife and adding to existing positions inTravelers Companies, Chubb Corporation and Prudential Financial. We remainpositive about financials given the U.S. housing recovery and its positiveimpact on mortgage and loan growth. We view incremental clarity on governmentregulation and the sector's attractive valuations to be positive factors aswell.Conversely, we have reduced our exposure to the utilities and telecommunicationservices sectors. Given investor demand for yield in a low interest rateenvironment, we have seen these sectors increasingly in demand relative to therest of the equity market. Given what we believed were premium valuations, wesold out of utilities holdings such as Consolidated Edison, FirstEnergy,Southern Co., American Electric Power and PPL. Similarly, in telecoms we soldout of our positions in Vodafone Group and CenturyLink.The Company currently has a lower exposure to consumer staples, materials,industrials, consumer discretionary and telecommunications than the Russell1000 Value Index and is also underweight the financials, health care,information technology, energy and the utilities sectors. Below is an overviewof our top three active overweight and top three active underweight sectors.Consumer Staples - 6.2% overweight (12.2% of portfolio)We believe many consumer staples stocks have ample room for cost cutting, whichmay ultimately provide an opportunity for accelerating earnings growth andmultiple expansion within the sector. As wealthier middle classes proliferatein developing economies, this sector should be a prime beneficiary.Materials - 4.1% overweight (7.0% of portfolio)We believe infrastructure development and spending will continue to be acritical part of the investment landscape, both domestically and abroad. Withinthe industry, scale matters. We prefer companies with assets in place that havecompetitive advantages and should be able to reap the benefits of high barriersto entry within the space.Industrials - 3.2% overweight (13.4% of portfolio)We believe, in many cases, operating leverage has yet to be fully exploited bygrowing volumes in an improving global economy. The sector contains a widevariety of industries, many of which are well positioned to thrive in aslower-growth world, but could also benefit from a future strengthening in thedomestic housing market.Financials - 8.1% underweight (20.7% of portfolio)Given the stabilization of U.S. markets and improving corporate strength, wehave been adding to insurance companies and higher-quality regional bankswithin the space, while reducing exposure to Canadian banks. Despite being theCompany's largest underweight, the sector also remains the largest absoluteweighting. We anticipate more dividend increases and continued upside asheadwinds, regulatory or otherwise, fade in the coming years.Health Care - 3.9% underweight (9.1% of portfolio)The federal government is the largest consumer of health services across manyunderlying industries, which should elicit caution given budget deficits, costoverruns and general lack of fiscal direction. However, we are findinginvestment opportunities among the diversified pharmaceutical manufacturers andcompanies that should benefit from rising volumes given new legislation.Information Technology - 3.5% underweight (5.2% of portfolio)The sector's relatively low capital discipline, highly variable supply/demandcharacteristics and cyclicality are inherently unattractive for dividendinvesting. During the next few years, companies may exhibit increasingly stablecharacteristics with regard to cash flow and less income variability. Whereapplicable, we continue to look for exposure to big data, analytics and cloudcomputing, as these areas are likely to gain from incremental spending in thefuture.Positioning and outlookWe continue to focus on identifying inherently attractive businesses to investin for the long term. The Company remains positioned in higher-quality, cashrich, dividend growth companies with defensible competitive advantages and theability to self-fund should markets become more volatile. We are overweightconsumer staples, materials and industrials given our belief that these sectorsare poised to benefit from a rebound in U.S. housing, global growth andpersistent (albeit slowing) industrialisation in developing markets. As thepotential for rate increases becomes a reality, we believe significant risk canbe found in the lower-capitalised, fundamentally weaker, segment of the U.S.equity market, where the structural decline in businesses may have been maskedby advances in stock prices in recent quarters. Although this segment of themarket has recently performed well, we simply believe that this performancecannot last forever. We have positioned the portfolio to benefit from a shiftin market leadership and will continue to emphasize growth of income, relativeprotection and long term total return as the core of our process. Overall, theportfolio remains well-insulated but ready to participate should marketscontinue to experience gains through the end of the year.Bob Shearer and Kathleen AndersonBlackRock Investment Management (UK) Limited12 December 2013Ten Largest Investments31 October 2013Wells Fargo - 3.2% (2013: 3.1%) is a U.S. diversified bank with over $1trillion in assets. Wells Fargo boasts a strong and stable management team, ledby CEO John Stumpf, who has been with the firm for nearly 30 years. The companyis an industry leader in cross-selling financial products and services, whichhas built deep customer relationships and added to the bank's pricing andearnings power.JPMorgan Chase - 3.1% (2013: 3.2%) is a U.S. based diversified financialcompany with over $2 trillion in assets and operations in dozens of countries.JPMorgan's capital base remains one of the strongest in the industry and itprovides a measure of safety and financial flexibility. Overall, we believeJPMorgan offers strong earnings power while also affording shareholders adividend yield in the top-quartile of the S&P 500 Index.Chevron Corporation - 3.1% (2013: 3.3%) is the second largest integrated oilcompany in the U.S. with exploration, production and refining operationsworldwide. Chevron has one of the strongest balance sheets and lowest debt tocapital ratios among its peers, and currently generates a sector leadingprofitability of $23.88 per barrel of oil equivalent in 1H 2013. We believe thefirm's success in deep-water exploration in recent years will be a significantdriver of earnings growth moving forward.General Electric - 2.6% (2013: 2.4%) is a diversified industrials conglomeratewith operations in technology infrastructure, energy infrastructure, home &business services and capital services. The firm's strong management team,depth and breadth of products and ability to secure pricing make it a desirablelong term holding. General Electric has demonstrated a remarkable ability tochange and evolve over time. Of the 12 companies Charles Dow chose to make uphis original Dow Jones industrial average in 1896, GE is the only one still inthe index.Comcast - 2.5% (2013: 2.3%) is the largest operator in the U.S. cable industry,currently reaching 53 million households. We are positive on the firm'spurchase of NBC Universal, one of the world's leading media and entertainmentcompanies. Comcast is now unique in the cable industry because they own thedistribution network as well as some of their own programming (televisionchannels). We believe this will help the firm offset rising cable costs betterthan some of its competitors.Pfizer - 2.5% (2013: 2.4%) is the world's largest pharmaceuticals company withannual sales of approximately $60 billion. Pfizer offers investors strong freecash flow, a history of generating high returns on invested capital and anattractive and consistent dividend yield. At this stage in the company'sbusiness cycle, we believe it will be important for recently launched productsto be well-received in the market in order for pipeline momentum to?continue.Home Depot - 2.4% (2013: 2.4%) is the world's largest home improvementretailer, with over 2,200 warehouse-format stores and more than 300,000employees. The firm has been an immediate beneficiary of a recovering U.S.housing market and we continue to believe that upward earnings revisions arelikely as the segment continues to garner strength. Home Depot remainscommitted to growing its dividend, raising its quarterly payout by 34% from2012 to 2013.Verizon Communications - 2.1% (2013: 2.2%) is the largest provider of wire lineand wireless communications in the United States, with 101 million retailcustomers. Verizon maintains strong industry positioning given its networkcoverage (95% of the U.S. population) and overall network quality. Verizon'ssustainable dividend yield of 4%+ continues to make the stock an attractivelong term investment in the portfolio.Exxon Mobil - 2.1% (2013: 2.2%) is an integrated oil and gas company based outof the United States. The firm is one of only a few U.S. companies to boast anAAA credit rating. Exxon's geographic footprint and diversified operationscontinue to make it an industry leader. Management remains committed togenerating shareholder returns, paying almost $40 billion in dividends andrepurchasing approximately $130 billion worth of stock over the last fiveyears.Merck - 1.9% (2013: 2.0%) is a global pharmaceuticals company with over 83,000employees worldwide. We believe Merck is through the worst of its patent cliffand that the firm is favourably positioned for long term growth. New drugs suchas Januvia (for diabetes), Isentress (for HIV) and the Gardasil vaccinerepresent potential blockbusters. Additionally, we believe Merck'srestructuring efforts should reduce costs and improve margins over the longterm.All percentages reflect the value of the holding as a percentage of totalinvestments. Percentages in brackets represent the value of the holding as at30 April 2013. Together, the ten largest investments represent 25.5% of theCompany's portfolio (30 April 2013: 25.6%). All data in U.S. dollar terms.Investmentsas at 31 October 2013Country Sector Market % ofCompany value total £'000 portfolioWells Fargo United Financials Ordinary 3,574 3.2 States Shares Options (6)JPMorgan Chase United Financials Ordinary 3,488 3.1 States Shares Options (1)Chevron United Oil & Gas Ordinary 3,468 3.1 States Shares Options (7)General Electric United Industrials Ordinary 2,935 2.6 States Shares Options (9)Comcast United Consumer Services Ordinary 2,809 2.5 States Shares Options (20)Pfizer United Health Care Ordinary 2,788 2.5 States Shares Options (23)Home Depot United Consumer Services Ordinary 2,694 2.4 States Shares Options (11)Verizon United Telecommunications Ordinary 2,397 2.1Communications States Shares Options (14)Exxon Mobil United Oil & Gas Ordinary 2,303 2.1 States Shares Options (3)Merck United Health Care Ordinary 2,074 1.9 States Shares Options (3)Philip Morris United Consumer Goods Ordinary 2,043 1.8International States Shares Options (4)Prudential Financial United Financials Ordinary 2,032 1.8 States Shares Options (5)Bristol-Myers Squibb United Health Care Ordinary 2,031 1.8 States Shares Options (32)Johnson & Johnson United Health Care Ordinary 1,949 1.7 States Shares Options (11)Raytheon United Industrials Ordinary 1,936 1.7 States Shares Options (23)BHP Billiton Australia Basic Materials Ordinary 1,913 1.7 Shares Options (9)United Technologies United Industrials Ordinary 1,881 1.7 States Shares Options (2)IBM United Technology Ordinary 1,808 1.6 States Shares Options (1)Du Pont United Basic Materials Ordinary 1,776 1.6 States Shares Options (6)Deere United Industrials Ordinary 1,763 1.6 States Shares Options (4)Microsoft United Technology Ordinary 1,718 1.5 States Shares Options (12)Total France Oil & Gas Ordinary 1,708 1.5 Shares Options (7)US Bancorp United Financials Ordinary 1,708 1.5 States Shares Options (1)Suntrust Banks United Financials Ordinary 1,651 1.5 States Shares Options (3)McDonald's United Consumer Services Ordinary 1,645 1.5 States Shares Options (2)American Express United Financials Ordinary 1,597 1.4 States Shares Options (19)Enbridge Canada Oil & Gas Ordinary 1,518 1.4 Shares Options (8)Procter & Gamble United Consumer Goods Ordinary 1,448 1.3 States Shares Options (7)AT&T United Telecommunications Ordinary 1,416 1.3 States Shares Options (7)Diageo United Consumer Goods Ordinary 1,406 1.3 Kingdom Shares Options (3)Travelers Companies United Financials Ordinary 1,400 1.3 States Shares Options (2)Northrop Grumman United Industrials Ordinary 1,374 1.2 States Shares Options (16)Coca-Cola United Consumer Goods Ordinary 1,366 1.2 States SharesCitigroup United Financials Ordinary 1,359 1.2 States SharesHoneywell United Industrials Ordinary 1,359 1.2 States Shares Options (7)Ace United Financials Ordinary 1,315 1.2 States Shares Options (4)United Parcel United Industrials Ordinary 1,290 1.1Services States Shares Options (12)Unilever Netherlands Consumer Goods Ordinary 1,259 1.1 Shares Options (1)Fifth Third Bank United Financials Ordinary 1,216 1.1 States Shares Options (3)VF Corporation United Consumer Goods Ordinary 1,206 1.1 States Shares Options (5)Mondelez United Consumer Goods Ordinary 1,200 1.1International States Shares Options (5)Occidental Petroleum United Oil & Gas Ordinary 1,180 1.1 States Shares Options (5)Toronto-Dominion Bank Canada Financials Ordinary 1,164 1.0 Shares Options (13)Dominion Resources United Utilities Ordinary 1,156 1.0 States Shares Options (2)NextEra Energy United Utilities Ordinary 1,151 1.0 States Shares Options (3)3M Company United Industrials Ordinary 1,151 1.0 States Shares Options (5)Intel Corporation United Technology Ordinary 1,104 1.0 States Shares Options (4)Lorillard United Consumer Goods Ordinary 1,052 0.9 States Shares Options (13)Kimberly-Clark United Consumer Goods Ordinary 1,042 0.9 States Shares Options (13)Chubb United Financials Ordinary 1,020 0.9 States Shares Options (2)General Mills United Consumer Goods Ordinary 1,017 0.9 States Shares Options (5)Union Pacific United Industrials Ordinary 1,000 0.9 States Shares Options (9)Marathon Oil United Oil & Gas Ordinary 949 0.8 States Shares Options (4)Motorola United Technology Ordinary 912 0.8 States Shares Options (2)Marathon Petroleum United Oil & Gas Ordinary 910 0.8 States Shares Options (3)Praxair United Basic Materials Ordinary 832 0.7 States Shares Options (1)International Paper United Basic Materials Ordinary 822 0.7Company States Shares Options 0American Water Works United Utilities Ordinary 772 0.7Association States Shares Options (4)Kinder Morgan United Oil & Gas Ordinary 768 0.7(Delaware) States Shares Options (2)Meadwestvaco United Industrials Ordinary 725 0.6 States SharesMattel United Consumer Goods Ordinary 718 0.6 States SharesOptions (2)Public Service United Utilities Ordinary 707 0.6Enterprise Group States Shares Options (2)Dow Chemical United Basic Materials Ordinary 681 0.6 States Shares Options (2)Schlumberger United Oil & Gas Ordinary 681 0.6 States Shares Options (3)WalMart United Consumer Services Ordinary 663 0.6 States Shares Options (1)Altria United Consumer Goods Ordinary 648 0.6 States Shares Options (5)ConocoPhillips United Oil & Gas Ordinary 644 0.6 States Shares Options (5)Walt Disney United Consumer Services Ordinary 627 0.6 States Shares Options (6)Johnson Controls United Consumer Goods Ordinary 616 0.5 States Shares Options (5)Sempra Energy United Utilities Ordinary 595 0.5 States Shares Options (4)Kraft Foods United Consumer Goods Ordinary 560 0.5 States Shares Options (3)Quest Diagnostics United Health Care Ordinary 534 0.5 States Shares Options (2)Spectra Energy United Utilities Ordinary 532 0.5 States Shares Options (1)Newmont Mining United Basic Materials Ordinary 524 0.5 States SharesAbbVie United Health Care Ordinary 513 0.5 States Shares Options (3)Weyerhaeuser United Financials Ordinary 507 0.5 States Shares Options (1)Metlife United Financials Ordinary 494 0.4 States Shares Options 0Duke Energy United Utilities Ordinary 491 0.4 States Shares Options (1)Wisconsin Energy United Utilities Ordinary 470 0.4 States Shares Options (3)Northeast Utilities United Utilities Ordinary 470 0.4 States Shares Options (3)Edison International United Utilities Ordinary 467 0.4 States Shares Options (1)Rockwell Automation United Industrials Ordinary 441 0.4 States Shares Options (2)American Tower United Financials Ordinary 426 0.4 States Shares Options (2)Abbott Laboratories United Health Care Ordinary 385 0.3 States Shares Options (1)Phillips 66 United Oil & Gas Ordinary 379 0.3 States Shares Options (3)BCE Canada Telecommunications Ordinary 353 0.3 Shares Options (1)Automatic Data United Industrials Ordinary 343 0.3Processing States Shares Options (1)Southern Copper Peru Basic Materials Ordinary 306 0.3 SharesITC Holdings United Utilities Ordinary 302 0.3 States Shares Options (3)Royal Dutch Shell Netherlands Oil & Gas Ordinary 281 0.3 Shares Options 0M&T Bank United Financials Ordinary 269 0.2 States Shares Options 0Olin United Basic Materials Ordinary 254 0.2 States Shares Options (1) -------- --------Portfolio 111,954 100.0 ======== ========All investments are in ordinary shares unless otherwise stated. The number ofholdings as at 31 October 2013 was 92. The total number of open options as at31 October 2013 was 188.The negative valuations of £475,000 in respect of options held represent thenotional cost of repurchasing the contracts at market prices as at 31 October2013.Principal risks - Extract from the Strategic Report:The key risks faced by the Company are set out below. The Board regularlyreviews and agrees policies for managing each risk, as summarised below.* Performance risk - The Board is responsible for deciding the investment strategy to fulfil the Company's objectives and for monitoring the performance of the Investment Manager. An inappropriate strategy may lead to underperformance against the benchmark index and the Company's peer group. To manage this risk the Investment Manager provides an explanation of significant stock selection decisions and the rationale for the composition of the investment portfolio. The Board monitors and mandates an adequate spread of investments in order to minimise the risks associated with particular countries or factors specific to particular sectors, based on the diversification requirements inherent in the Company's investment policy. The Board also receives and reviews regular reports showing an analysis of the Company's performance against the Russell 1000 Value Index and other similar indices.* Income/dividend risk - The amount of dividends and future dividend growth will depend on the Company's underlying portfolio. Any change in the tax treatment of the dividends or interest received by the Company (including as a result of withholding taxes or exchange controls imposed by jurisdictions in which the Company invests) may reduce the level of dividends received by shareholders. The Board monitors this risk through the receipt of detailed income forecasts and considers the level of income at each meeting.* Regulatory risk - The Company operates as an investment trust in accordance with the requirements of Chapter 4 of Part 24 of the Corporation Tax Act 2010. As such, the Company is exempt from capital gains tax on the profits realised from the sale of its investments. The Investment Manager monitors investment movements, the level and type of forecast income and expenditure and the amount of proposed dividends, if any, to ensure that the provisions of Chapter 4 of Part 24 of the Corporation Tax Act 2010 are not breached and the results are reported to the Board at each meeting. The Board and the Investment Manager also monitor changes in government policy and legislation which may have an impact on the Company. The Company must also comply with the provisions of the Companies Act 2006 and, as its shares are admitted to the Official List, the UKLA Listing Rules, the Disclosure and Transparency Rules and the Prospectus Rules. A breach of the Companies Act 2006 could result in the Company and/or the Directors being fined or the subject of criminal proceedings. A breach of the UKLA Listing Rules could result in the Company's shares being suspended from listing, which in turn would breach the requirements of Chapter 4 of Part 24 of the Corporation Tax Act 2010. The Board relies on the services of its professional advisers and its Company Secretary to ensure compliance with all relevant regulations. The Company Secretary has stringent compliance procedures in place and monitors regulatory developments and changes.* Operational risk - In common with most other investment trust companies, the Company has no employees. The Company therefore relies upon the services provided by third parties and is dependent on the control systems of the Investment Manager and the Company's other service providers. The security, for example, of the Company's assets, dealing procedu迷你倉樂器es, accounting records and maintenance of regulatory and legal requirements, depend on the effective operation of these systems. These have been regularly tested and monitored and an internal controls report, which includes an assessment of risks together with procedures to mitigate such risks, is prepared by the Investment Manager and reviewed by the Audit and Management Engagement Committee at least twice a year. The Investment Manager, the custodian, Bank of New York Mellon (International) Limited ('BNYM'), and BNP Paribas Securities Services (the 'fund accountant') also produce regular Service Organisation Control reports (SOC 1) or AAF 01/06 reports which are reviewed by their reporting accountants and give assurance regarding the effective operation of controls. The Board also considers succession arrangements for key employees of the Investment Manager and the business continuity arrangements for the Company's key service providers.* Market risk - Market risk arises from volatility in the prices of the Company's investments. It represents the potential loss the Company might suffer through realising investments in the face of negative market movements. Changes in general economic and market conditions, such as interest rates, rates of inflation, industry conditions, tax laws, political events and trends can also substantially and adversely affect the securities and, as a consequence, the Company's prospects and share price. The Board considers asset allocation, stock selection and levels of gearing on a regular basis and has set investment restrictions and guidelines which are monitored and reported on by the Investment Manager. The Board monitors the implementation and results of the investment process with the Investment Manager.* Financial risks - The Company's investment activities expose it to a variety of financial risks which include market risk, currency risk, interest rate risk, market price risk, liquidity risk and credit risk. Further details are disclosed in note 15 to the Financial Statements on pages 47 to 52 of the Annual Report, together with a summary of the policies for managing these risks.* Gearing risk - The Company has the power to borrow money (gearing) and does so when the Investment Manager is confident that market conditions and opportunities exist to enhance investment returns. However, if the investments fall in value, any borrowings will magnify the extent of this loss. All borrowings require the approval of the Board and gearing levels are discussed by the Board and Investment Manager.Related Party TransactionsBlackRock Investment Management (UK) Limited, the Manager, is considered to bea related party of the Company in terms of the IFRS definitions. Transactionsand relationship details are set out in the Director's Report of the AnnualReport.The investment management fee for the period was £873,000 as disclosed in note4. As at 31 October 2013, an amount of £482,000 was outstanding in respect ofthese fees.The Board consists of four non-executive Directors, all of whom are consideredto be independent of the Manager by the Board. None of the Directors has aservice contract with the Company. For the period ended 31 October 2013, theChairman received an annual fee of £30,000, the Chairman of the Audit andManagement Engagement Committee received an annual fee of £25,000 and each ofthe other Directors received an annual fee of £21,000. The fees for the yearending 31 October 2014 remain unchanged. As at 31 October 2013, an amount of£8,080 was payable to Directors in respect of their annual fees.All four members of the Board hold ordinary shares in the Company. Simon Millerholds 38,094 ordinary shares, Christopher Casey holds 19,047 ordinary shares,Andrew Irvine holds 38,094 ordinary shares and Alice Ryder holds 9,047 ordinaryshares.Statement of Directors' ResponsibilitiesThe Directors are responsible for preparing the Annual Report, the Directors'Remuneration Report and the financial statements in accordance with applicableUnited Kingdom law and regulations.Company law requires the Directors to prepare financial statements for eachfinancial year. Under that law, the Directors are required to prepare thefinancial statements under IFRS as adopted by the European Union. Under Companylaw the Directors must not approve the financial statements unless they aresatisfied that they give a true and fair view of the state of affairs of theCompany and of the profit or loss of the Company for that period.In preparing these financial statements, the Directors are required to:* present fairly the financial position, financial performance and cash flows of the Company;* select suitable accounting policies in accordance with IAS 8: Accounting Policies, Changes in Accounting Estimates and Errors and then apply them consistently;* present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;* make judgements and estimates that are reasonable and prudent;* state whether the financial statements have been prepared in accordance with IFRS as adopted by the European Union, subject to any material departures disclosed and explained in the financial statements;* provide additional disclosures when compliance with the specific requirements in IFRS as adopted by the European Union is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Company`s financial position and financial performance; and* prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.The Directors are responsible for keeping adequate accounting records that aresufficient to show and explain the Company's transactions and disclose withreasonable accuracy at any time the financial position of the Company andenable them to ensure that the financial statements comply with the CompaniesAct 2006.They are also responsible for safeguarding the assets of the Company and hencefor taking reasonable steps for the prevention and detection of fraud and otherirregularities. The Directors are also responsible for preparing the StrategicReport, Directors' Report, the Directors' Remuneration Report, the CorporateGovernance Statement and the Report of the Audit and Management EngagementCommittee in accordance with the Companies Act 2006 and applicable regulations,including the requirements of the Listing Rules and the Disclosure andTransparency Rules. The Directors have delegated responsibility to theInvestment Manager for the maintenance and integrity of the Company's corporateand financial information included on the Investment Manager's website.Legislation in the United Kingdom governing the preparation and disseminationof financial statements may differ from legislation in other jurisdictions.Each of the Directors, whose names are listed on page 13 of the Annual Report,confirm to the best of their knowledge that:* the financial statements, which have been prepared in accordance with IFRS as adopted by the European Union, give a true and fair view of the assets, liabilities, financial position and net return of the Company; and* the Annual Report includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.The 2012 UK Corporate Governance Code also requires Directors to ensure thatthe Annual Report and Accounts are fair, balanced and understandable. In orderto reach a conclusion on this matter, the Board has requested that the Auditand Management Engagement Committee advise on whether it considers that theAnnual Report and Accounts fulfils these requirements. The process by which theCommittee has reached these conclusions is set out in the Audit and ManagementEngagement Committee's report on pages 31 to 33 of the Annual Report. As a result,the Board has concluded that the Annual Report for the period ended 31 October 2013,taken as a whole, is fair, balanced and understandable and provides the informationnecessary for shareholders to assess the Company's performance, business modeland strategy.For and on behalf of the BoardSimon MillerChairman12 December 2013Statement of Comprehensive Incomefor the period from 30 August 2012 (date of incorporation) to 31 October 2013Notes Revenue Capital Total 2013 2013 2013 £'000 £'000 £'000Gains on investments held at fair valuethrough profit or loss - 8,825 8,825Gains on foreign exchange - 754 754Income from investments held at fair valuethrough profit or loss 3 2,600 - 2,600Other income 3 1,868 - 1,868 -------- -------- --------Total income 4,468 9,579 14,047 -------- -------- --------ExpensesInvestment management fees 4 (218) (655) (873)Other operating expenses 5 (326) (15) (341)-------- -------- --------Total operating expenses (544) (670) (1,214) -------- -------- --------Net profit on ordinary activities beforefinance costs and taxation 3,924 8,909 12,833Finance costs (4) (11) (15) -------- -------- --------Net profit on ordinary activities beforetaxation 3,920 8,898 12,818Taxation (666) 156 (510) -------- -------- --------Net profit on ordinary activities aftertaxation 3,254 9,054 12,308 ======== ======== ========Earnings per ordinary share 7 4.28p 11.91p 16.19p ======== ======== ========The total column of this statement represents the Company's Statement ofComprehensive Income, prepared in accordance with International FinancialReporting Standards ('IFRS') as adopted by the European Union. Thesupplementary revenue and capital columns are both prepared under guidancepublished by the Association of Investment Companies ('AIC'). All items in theabove statement derive from continuing operations. No operations were acquiredor discontinued during the period.The Company does not have any other recognised gains or losses. The net profitfor the period disclosed above represents the Company's total comprehensiveincome.Statement of Changes in Equityfor the period from 30 August 2012 (date of incorporation) to 31 October 2013Notes Called up Share Capital Special Capital Revenue Total share premium redemption reserve reserves reserve £'000 capital account reserve £'000 £'000 £'000 £'000 £'000 £'000For the period ended31 October 2013Total ComprehensiveIncome:Net profit for theperiod - - - - 9,054 3,254 12,308Transactions withowners, recordeddirectly to equity:Issue of managementshares 8 50 - - - - - 50Issue of ordinaryshares 8 854 86,833 - - - - 87,687Share issue costs 9 - (1,899) - - - - (1,899)Cancellation ofshare premiumaccount 9 - (63,213) - 63,213 - - -Dividends paid 9 - - - - - (2,307) (2,307)Share issue - Cshares 9 1,550 13,950 - - - - 15,500Share conversion - Cshares toordinary shares 9 (1,410) - 1,410 - - - -Redemption andcancellation ofmanagement shares 9 (50) - 50 - (50) - (50) -------- -------- -------- -------- -------- -------- --------At 31 October 2013 994 35,671 1,460 63,213 9,004 947 111,289 -------- -------- -------- -------- -------- -------- --------Statement of Financial Positionas at 31 October 2013Notes 31 October 2013 £'000Non current assetsInvestments held at fair value through profit or loss 112,429 --------Current assetsOther receivables 1,097Cash and cash equivalents 227 -------- 1,324Current liabilitiesBank overdraft (555)Derivative financial instruments (475)Other payables (1,434) --------Net current liabilities (1,140) --------Net assets 111,289 ========Equity attributable to equity holdersCalled up share capital 8 994Share premium account 9 35,671Capital redemption reserve 9 1,460Special reserve 9 63,213Capital reserves 10 9,004Revenue reserve 10 947 --------Total equity shareholders' funds 111,289 ========Net asset value per ordinary share 7 112.00p ========Cash Flow Statementfor the period from 30 August 2012 (date of incorporation) to 31 October 201331 October 2013 £'000Operating activitiesProfit before taxation 12,818Add back interest paid 15Less: gains on investments held at fair value through profit or loss (8,825)Net movement on foreign exchange (754)Sales of investments held at fair value through profit or loss 52,861Purchases of investments held at fair value through profit or loss (155,990)Increase in other receivables (169)Increase in other payables 666Increase in amounts due from brokers (228)Increase in amounts due to brokers 352 --------Net cash outflow from operating activities before interest andtaxation (99,254) --------Interest paid (15)Taxation on investment income included within gross income (406) --------Net cash outflow from operating activities (99,675) --------Financing activitiesDividends paid (2,307)Proceeds from issue of ordinary shares 102,509Share issue costs paid (1,609) --------Net cash inflow from financing activities 98,593 --------Decrease in cash and cash equivalents (1,082) --------Cash and cash equivalents at start of period -Effects of foreign exchange rate changes 754 --------Cash and cash equivalents at end of period (328) --------Comprised of:Cash and cash equivalents 227Bank overdraft (555) -------- (328) ========Notes to the Financial Statements1. Principal activityThe principal activity of the Company is that of an investment trust companywithin the meaning of section 1158 of the Corporation Tax Act 2010. Thefinancial statements cover the period from the date of incorporation on 30August 2012 to 31 October 2013. The Company's ordinary shares were listed onthe Official List of the UK Listing Authority and admitted to trading on themain market for listed securities of the London Stock Exchange on 24 October2012. As this is the Company's first accounting period, no comparative figuresare presented.2. Accounting policiesThe principal accounting policies adopted by the Company are set out below.(a) Basis of preparationThe financial statements have been prepared in accordance with InternationalFinancial Reporting Standards ('IFRS') as adopted by the European Union ('EU')and as applied in accordance with the provisions of the Companies Act 2006. Allof the Company's operations are of a continuing nature. The Company's financialstatements are presented in sterling because that is the currency of theCompany's share capital, the currency of the country in which the majority ofshareholders reside and the currency in which the shareholders' dividenddistributions will be made. All values are rounded to the nearest thousandpounds (£'000) except where otherwise indicated.Insofar as the Statement of Recommended Practice ('SORP') for investment trustcompanies and venture capital trusts issued by the AIC, revised in January2009, is compatible with IFRS, the financial statements have been prepared inaccordance with the guidance set out in the?SORP.A number of new standards, amendments to standards and interpretations areeffective for annual periods beginning after 1 January 2013, and have not beenapplied in preparing these financial statements. None of these are expected tohave a significant effect on the measurement of the amounts recognised in thefinancial statements of the Company. However, IFRS 9 'Financial Instruments'issued in November 2009 is expected to change the classification of financialassets, but is not expected to have an impact on the measurement basis of thefinancial assets since the majority of the Company's financial assets aremeasured at fair value through profit or loss.IFRS 9 deals with classification and measurement of financial assets and itsrequirements represent a significant change from the existing requirements inIAS 39 in respect of financial assets. The standard contains two primarymeasurement categories for financial assets: at amortised cost and fair value.A financial asset would be measured at amortised cost if it is held within abusiness model whose objective is to hold assets in order to collectcontractual cash flows, and the asset's contractual terms give rise onspecified dates to cash flows that are solely payments of principal andinterest on the principal outstanding. All other financial assets would bemeasured at fair value. The standard eliminates the existing IAS 39 categoriesof 'held to maturity', 'available for sale' and 'loans and?receivables'.The standard has not yet been approved by the EU. Earlier application ispermitted. The Company does not plan to adopt this standard early.IFRS 10 Consolidated Financial Statements (effective 1 January 2014)establishes a single control model that applies to all entities includingspecial purpose entities. The changes introduced by IFRS 10 will requiremanagement to exercise significant judgement to determine which entities arecontrolled, and therefore are required to be consolidated by a parent.The Company does not prepare consolidated financial statements hence theprovisions of this statement are not applicable.IFRS 11 Joint Arrangements (effective 1 January 2014) removes the option toaccount for jointly controlled entities using proportionate?consolidation.This is not applicable to the Company as it holds no interests in jointarrangements.IFRS 12 Disclosure of Involvement with Other Entities (effective 1 January2014) now requires additional disclosures that relate to an entity`s interestsin subsidiaries, joint arrangements, associates and structured entities.This is not expected to apply to the Company as it does not prepareconsolidated financial statements and does not invest in structured entities.IFRS 13 Fair Value measurement (effective 1 January 2013) establishes a singlesource of guidance under IFRS for all fair value measurements. It does notchange when an entity is required to use fair value, but rather providesguidance on how to measure fair value under IFRS when fair value is required orpermitted.There will be no material impact on the financial position and performance ofthe Company given the simplicity of the portfolio.(b) Presentation of the Statement of Comprehensive IncomeIn order to reflect better the activities of an investment trust company and inaccordance with guidance issued by the AIC, supplementary information whichanalyses the Statement of Comprehensive Income between items of a revenue and acapital nature has been presented alongside the Statement of ComprehensiveIncome.(c) Segmental reportingThe Directors are of the opinion that the Company is engaged in a singlesegment of business being investment business.(d) IncomeDividends receivable on equity shares are recognised as revenue for the periodon an ex-dividend basis. Where no ex-dividend date is available, dividendsreceivable on or before the period end are treated as revenue for the period.Provision is made for any dividends not expected to be received. Specialdividends, if any, are treated as a capital or a revenue receipt depending onthe facts or circumstances of each particular case. The return on a debtsecurity is recognised on a time apportionment basis so as to reflect theeffective yield on the debt security. Interest income and expenses areaccounted for on an accruals basis.Options may be purchased or written over securities held in the portfolio forgenerating or protecting capital returns, or for generating or maintainingrevenue returns. Where the purpose of the option is the generation of income,the premium is treated as a revenue item. Where the purpose of the option isthe maintenance of capital, the premium is treated as a capital item. The valueof the option is subsequently marked to market to reflect the fair value of theoption based on traded prices.Option premium income is recognised as revenue evenly over the life of theoption contract and included in the revenue column of the Statement ofComprehensive Income unless the option has been written for the maintenance andenhancement of the Company's investment portfolio and represents an incidentalpart of a larger capital transaction, in which case any premia arising areallocated to the capital column of the Statement of Comprehensive Income. Wherethe premium is taken to revenue, an appropriate amount is shown as capitalreturn such that the total return reflects the overall change in the fair valueof the option. When an option is closed out or exercised the gain or loss isaccounted for as capital.(e) ExpensesAll expenses, including finance costs, are accounted for on an accruals basis.Expenses have been charged wholly to the revenue column of the Statement ofComprehensive Income, except as follows:* expenses which are incidental to the acquisition of an investment are included within the cost of the investment. Details of transaction costs on the purchases and sales of investments are disclosed within note 9 of the Financial Statements in the Annual Report.* expenses are treated as capital where a connection with the maintenance or enhancement of the value of the investments can be demonstrated; and* the investment management fees and finance costs of borrowing borne by the Company have been allocated 75% to the capital column and 25% to the revenue column of the Statement of Comprehensive Income in line with the Board's expectations of the long term split of returns, in the form of capital gains and income, respectively, from the investment portfolio.(f) TaxationThe tax expense represents the sum of the tax currently payable and deferredtax. Tax payable is based on the taxable profit for the year. Taxable profitdiffers from profit before tax as reported in the Statement of ComprehensiveIncome because it excludes items of income or expense that are taxable ordeductible in other years and it further excludes items that are never taxableor deductible. The Company's liability for current tax is calculated using taxrates that have been enacted or substantively enacted by the balance sheetdate.Deferred taxation is recognised in respect of all temporary differences thathave originated but not reversed at the financial reporting date, wheretransactions or events that result in an obligation to pay more tax in thefuture or right to pay less tax in the future have occurred at the financialreporting date. This is subject to deferred tax assets only being recognised ifit is considered more likely than not that there will be suitable profits fromwhich the future reversal of the temporary differences can be deducted.Deferred tax assets and liabilities are measured at the rates applicable to thelegal jurisdictions in which they arise.(g) Investments held at fair value through profit or lossThe Company's investments are classified as held at fair value through profitor loss in accordance with IAS 39 - 'Financial Instruments: Recognition andMeasurement' and are managed and evaluated on a fair value basis in accordancewith its investment strategy.All investments are initially recognised as held at fair value through profitor loss. Purchases of investments are recognised on a trade date basis. Salesof investments are recognised on the trade date of the disposal. Proceeds aremeasured at fair value, which is regarded as the proceeds of sale less anytransaction costs.The fair value of the financial investments is based on their quoted bid price,or as otherwise stated at the financial reporting date, without deduction forthe estimated selling costs. This policy applies to all current and non currentasset investments held by the Company.Changes in the value of investments held at fair value through profit or lossand gains and losses on disposal are recognised in the Statement ofComprehensive Income as 'Gains or losses on investments held at fair valuethrough profit or loss'. Also included within the heading are transaction costsin relation to the purchase or sale of investments.(h) Other receivables and other payablesOther receivables and other payables do not carry any interest and are shortterm in nature and are accordingly stated at their nominal value.(i) Dividends payableUnder IFRS interim dividends are recognised when paid to shareholders. Finaldividends, if any, are only recognised after they have been approved byshareholders.(j) Foreign currency translationTransactions involving foreign currencies are converted at the rate ruling atthe date of the transaction.Foreign currency monetary assets and liabilities are translated into sterlingat the rate ruling on the financial reporting date. Foreign exchangedifferences arising on translation are recognised in the Statement ofComprehensive Income as a revenue or capital item depending on the income orexpense to which they relate.(k) Cash and cash equivalentsCash comprises cash in hand and on demand deposits. Cash equivalents are shortterm, highly liquid investments that are readily convertible to known amountsof cash and that are subject to an insignificant risk of changes in value.(l) Bank borrowingsBank overdrafts are recorded as the proceeds received. Finance charges areaccounted for on an accruals basis in the Statement of Comprehensive Incomeusing the effective interest rate method and are added to the carrying amountof the instruments to the extent that they are not settled in the period inwhich they arise.3. Income2013 £'000Investment income:UK listed dividends 42Overseas listed dividends 2,558 -------- 2,600Other income:Deposit interest on cash balances 2Option premium income 1,866 -------- 1,868 --------Total 4,468 ========During the period, the Company received premiums totalling £2,017,000 forwriting covered call options for the purposes of revenue generation, of which £1,866,000 was amortised to income. All derivative transactions were based onconstituent stocks in the Russell 1000 Value Index. At 31 October 2013, therewere 188 open positions with an associated liability of £475,000.4. Investment management fee2013 Revenue Capital Total £'000 £'000 £'000Investment management fee 218 655 873 -------- -------- --------Total 218 655 873 ======== ======== ========The Company has entered into a management agreement with BlackRock InvestmentManagement (UK) Limited ('BlackRock') under which BlackRock is entitled to aninvestment management fee, payable in arrears, calculated at the rate ofone-quarter of 1 per cent per quarter of the Company's market capitalisation.5. Other operating expenses2013 £'000Custody fee 22Auditors' remuneration:- audit services 26- non-audit services1 14Registrar's fee 20Directors' emoluments 86Other administration costs 158 -------- 326 ========The Company's ongoing charges, calculated as a percentage of average net assetsand using expenses, excluding interest costs, was 1.4%.Fees for non-audit services of £6,000 (exclusive of VAT) relate to review of theinterim financial statements. In addition, the auditor performed work in respectof the Company's C share issue for fees of £8,000 (exclusive of VAT).For the period from 30 August 2012 to 31 October 2013 a fee of £70,000(exclusive of VAT) was paid to Ernst & Young LLP for services provided inrelation to the launch of the Company and issues of ordinary shares. These havebeen included within share issue costs of £1,899,000 debited to the sharepremium account within the Statement of Changes in Equity.6. DividendsThe Directors have declared a fourth interim dividend of 1 pence per share. Thedividend was paid on 4 December 2013, to shareholders on the Company'sregister on 11 October 2013. Under IFRS, the fourth interim dividend has notbeen recognised as a liability in the financial statements as interim dividendsare not recognised in the financial statements until they are paid. They arealso debited directly to revenue ?reserves.The interim dividend payable in respect of the period ended 31 October 2013meets the requirements of section 1158 of the Corporation Tax Act ?2010 andsection 833 of the Companies Act 2006.2013 £'000Dividends on equity shares:1st interim dividend of 1 pence paid on 2 April 2013 (based on70,050,000 ordinary shares) 7012nd interim dividend of 1 pence paid on 2 July 2013 (based on76,175,000 ordinary shares) 7613rd interim dividend of 1 pence paid on 2 October 2013 (based on84,488,500 ordinary shares) 845 --------Accounted for in the financial statements 2,307 --------4th interim dividend of 1 pence paid on 4 December 2013 (based on84,488,500 ordinary shares) 845 --------Total dividends in respect of the period ended 31 October 2013 3,152 ========7. Earnings and net asset value per ordinary share2013Net revenue profit attributable to ordinary shareholders (£'000) 3,254Net capital profit attributable to ordinary shareholders (£'000) 9,054 --------Total profit attributable to ordinary shareholders (£'000) 12,308 --------Total equity attributable to shareholders (£'000) 111,289 --------The weighted average number of ordinary shares in issue during the period,on which the earnings per ordinary share was calculated,was: 76,004,895 --------The actual number of ordinary shares in issue at the end of the period,on which the net asset value was calculated,was: 99,361,305 --------Revenue earnings per share 4.28pCapital earnings per share 11.91p --------Total earnings per share 16.19p --------Net asset value per share - basic and diluted 112.00p --------Share price - ex-dividend 112.50p ========Basic and diluted earnings per share and net asset value per share are the sameas the Company does not have any dilutive securities outstanding.8. Called up share capitalTotal number Total number Nominal of shares of C shares value in issue in issue £'000Allotted, called up and fully paid sharecapital comprised:Ordinary shares of 1 pence each and C sharesof 10 penceAllotted, issued and fully paid:Issue of ordinary shares at launch 65,000,000 - 650C Shares issued - 15,500,000 1,550Conversion of C shares to ordinary shares 14,022,805 (15,500,000) (1,410)Further issues of ordinary shares 20,338,500 - 204 -------- -------- --------Shares issued 99,361,305 - 994Management shares of £1 each:Allotted, issued and fully paid:Issue of management shares 50,000 - 50Redemption and cancellation of managementshares (50,000) - (50) -------- -------- --------At 31 October 2013 99,361,305 - 994 ======== ======== ========On incorporation the Company issued 50,000 management shares which wereredeemed and cancelled on 18 October 2012. On 24?October 2012 the Companyissued 65,000,000 ordinary shares at 100p per share. The total considerationafter deduction of issue costs was £63,863,000. During the period to 31 October2013, the Company issued a further 34,361,305 shares for a total considerationof £37,425,000 after deduction of issue costs, including the conversion of theCompany's C shares into 14,022,805 ordinary shares. Since 31 ?October 2013, andup to the date of this report, the Company has issued 400,000 ordinary sharesfor a total consideration of £454,000 after deduction of issue costs. On 11 October2013 the Company issued 15,500,000 C shares with a nominal value of 10 pence each.On 18 October 2013 the C shares were converted into ordinary shares. The conversionratio of 0.9047 was calculated by reference to the total assets of the Company andthe net assets attributable to C share holders at the close of business on 17 October 2013.9. Share premium account and special reserveShare Capital Special premium redemption reserve account reserve £'000 £'000 £'000Issue of ordinary shares 86,833 - -Share issue costs (1,899) - -Issue of C shares 13,950 - -Conversion of C shares to ordinary shares - 1,410 -Cancellation of share premium account (63,213) - 63,213Redemption and cancellation of management shares - 50 - -------- -------- --------At 31 October 2013 35,671 1,460 63,213 ======== ======== ========Pursuant to a resolution of the Company passed on 7 September 2012, the Companyapplied to the Court for cancellation of its share premium account, so that theamount standing to the credit of that account immediately following the issueof ordinary shares pursuant to the offer, be cancelled. Court approval wasreceived on 12 December 2012, the order was filed with the Registrar ofCompanies on 19 December 2012 and £63,213,000 was transferred from the sharepremium account to a special reserve which is a distributable reserve.10. ReservesCapital Capital Revenue reserve reserve reserve arising on arising on £'000 investments revaluation of sold investments £'000 held £'000Total Comprehensive Income:Gains on realisation of investments 2,279 - -Cancellation of management shares (50) - -Changes in investment holdings gains - 6,546 -Gains on foreign currency transactions 754 - -Finance costs and investment management feecharged to capital after taxation (525) - -Revenue return for the period - - 3,254Dividends paid - - (2,307) -------- -------- --------At 31 October 2013 2,458 6,546 947 ======== ======== ========11. Transactions with Investment ManagerBlackRock Investment Management (UK) Limited, the Investment Manager, isconsidered to be a related party of the Company under the UK Listing Rulesdefinitions. Transactions and relationship details are set out in theDirectors' Report on page 18 of the Annual Report.The investment management fee for the period was £873,000, as discussed in note4. At 31 October 2013, an amount of £482,000 was outstanding in respect ofthese fees.12. Related party disclosureThe Board consists of four non-executive Directors, all of whom are consideredto be independent of the Investment Manager by the Board. None of the Directorshas a service contract with the Company. Effective from 24 October 2012, theChairman receives an annual fee of £30,000, the Chairman of the Audit andManagement Engagement Committee receives an annual fee of £25,000 and the otherDirectors receive an annual fee of £21,000. As at 31 October 2013, an amount of£8,080 was payable to Directors in respect of their annual fees.At 31 October 2013, the Directors' interests in the Company's ordinary shareswere as follows:31 October 2013 Ordinary sharesSimon Miller (Chairman) 38,094Christopher Casey 19,047Andrew Irvine 38,094Alice Ryder 9,04713. Publication of non-statutory accountsThe financial information contained in this announcement does not constitutestatutory accounts as defined in the Companies Act 2006. The 2013 Annual Reportand Financial Statements will be filed with the Registrar of Companies shortly.The report of the auditor for the period ended 31 October 2013 contains noqualification or statement under section 498(2) or (3) of the Companies Act2006.This announcement was approved by the Board of Directors on 12 December 2013.14. Annual ReportCopies of the Annual Report will be sent to members shortly and will beavailable from the registered office c/o The Company Secretary, BlackRock NorthAmerican Income Trust plc, 12 Throgmorton Avenue, London, EC2N 2DL.15. Annual General MeetingThe Annual General Meeting of the Company will be held at 12 ThrogmortonAvenue, London, EC2N 2DL on Thursday 13 February 2014 at 12.00 noon.ENDSThe Annual Report will also be available on the BlackRock Investment Managementwebsite at .blackrock.co.uk/intermediaries/literature/annual-report/blackrock-north-american-income-trust-plc-annual-report-2013.pdf. Neither thecontents of the Investment Manager's website nor the contents of any websiteaccessible from hyperlinks on the Investment Manager's website (or any otherwebsite) is incorporated into, or forms part of, this announcement.For further information, please contact:Jonathan Ruck Keene, Chairman, Specialist Client Group, BlackRock InvestmentManagement (UK) LimitedTel: 020 7743 2178Alexandra Ring, Media Relations, BlackRock Investment Management (UK) LimitedTel: 020 7743 358312 December 201312 Throgmorton AvenueLondonEC2N 2DLXLON迷你倉西貢

元旦假好短 除夕沒加班費2014年節假日放假安排公佈後，迷你倉西貢在大家紛紛緬懷被踢出長假的除夕與消失的元旦小長假時，三個很現實的問題開始讓不少上班族感到糾結，那就是除夕往家趕不再免高速費、別人看春晚自己在加班也沒了三倍工資、原定的元旦出行計劃突然被打亂。全國年節及紀念日放假辦法三次修改第1次1999年2000年起，勞動節假期從1天延長到3天，國慶節假期從2天延長到3天，等於增加了3天的全國法定假日。第2次2007年2008年起，除夕列為法定假日，勞動節假日縮為1天，新增了清明節、端午節和中秋節3個假日。第3次2013年2014年起，春節的3天假期由除夕至初二調整為農曆正月初一、初二、初三。來源：新華社新放假方案·變化除夕趕回家 高速費不免根據2014年節假日放假安排，除夕被“踢出”了明年春節七天假期，雖然專家表示，“這實際上是一個隱性福利”，但對於過節的人來說，今年春節除夕當天還可以免費走高速，明年春節除夕當天走高速，恐怕是得掏錢了。北京晨報記者昨天查看《重大節假日免收小型客車通行費實施方案》發現，收費公路免費通行時間為春節、清明節、勞動節、國慶節等4個國家法定節假日以及當年國務院辦公廳文件確定的上述法定節假日連休日。該方案目前並未修訂，2014年春節、清明節、勞動節、國慶節這4個法定假期及其連休日，仍將執行免費通行的政策，而且免費通行的天數沒有變化。記者從交通部門獲悉，2014年春節假期雖然仍為七天，除夕卻已不再是法定假期，因此根據《實施方案》，2014年除夕當天，收費公路將不會執行免費通行政策，有車一族如果要在這一天開車趕回家過年，經過高速公路等收費公路，則仍然要繳費。直至1月31日0時起至2月6日24時，才會執行免費通行。需要指出的是，高速免費方案是由交通部、國家發改委、財政部、監察部、國務院糾風辦聯合制定的，並要報批國務院同意。因此，各地的落實細則，顯然無權直接背離方案的根本性內容。新放假方案·影響元旦放一天 只能請假扣錢保出行昨天一早，穆先生便到公司請事假。11月中旬，他購買了往返機票，準備利用元旦假期和年假，到香港旅遊5天。但新的放假安排打亂了計劃，元旦假期由3天減少為1天。穆先生很無奈，只能“自掏腰包”補上兩天。他說只怪自己太有計劃，趕不上變化。穆先生在一家國企上班，每年有5天年假。往年，他都將5天年假拆分，與小長假拼假遠途旅行。按照計劃，年底的香港之行，原本包括元旦3天假期和他僅剩的兩天年假。不料，新的放假安排，將元旦假期減少了兩天，這樣一來，讓年假已經用光的穆先生非常被動。“機票不能退了，我們公司的規定，新的年假要從春節後起算，我只能請兩天事假，扣兩天工資。”新安排是在晚上公佈的，第二天一大早，穆先生立馬去請了假。“身邊很多朋友都有這種情況，我怕同事也要元旦前後請假，本來年底就忙，請假的人一多該不好批准了。”穆先生說，這還是他頭一次搶著讓人扣自己的工資。北京晨報記者瞭解到，這樣的情況不在少數。對於每年有兩三次出游習慣的上班族來說，年底的元旦假期是他們一年出游計劃的最後一站，此時往往年假已經沒有餘富。突然的調整，讓他們措手不及，元旦出行只能泡湯了。除夕放假？傳統企業老闆普遍沉默2014年春節除夕不算公休日已是板上釘釘，說起原因，北京晨報記者採訪的三位專家均給出相同的答案，這就是即使除夕不放假，但在現實生活中很多企業已經把除夕這一天看成節假日，相關部門“默認”了企業的這種放假模式，這就意味著公�可能享受到七天半或者八天的春節長假。2008年以前，除夕並不是法定假日，人民網曾經做過一次調查，調查結果顯示，即便當時作為非節假日，選擇單位除夕放假的比例竟高達77.9%。除夕如迷你倉將軍澳上班，春節就在路上，這兩天，不少企業老闆已經放話要在除夕給員工放假。比如繼360董事長周鴻禕之後，樂視網董事長兼CEO賈躍亭也發微博“批准”員工除夕放假。但記者注意到，目前在微博上表態的，多是大小高科技公司，傳統企業老闆則普遍沉默。除夕不放假 對旅遊民航影響不大2014年的休假方案，對旅遊線路和航空公司的運力安排是否會造成影響呢？北京晨報記者從�信、中青旅總社等京城旅行社瞭解到，由於春節旅遊線路旅行社往往提前半年採購，即使休假方案再提早發佈也絕趕不上旅行社的春節安排。因此明年春節除夕不再放假，對旅行社的春節旅遊線路也不會造成太大影響。�信旅遊相關負責人告訴北京晨報記者說，部分春節長線出境游報名已近七八成，其中斯里蘭卡線路十分火爆，該線路就涵蓋了除夕，目前報名沒有受到影響。中青旅市場推廣部總經理葛磊提醒遊客，春節游線路部分長線游受簽証時間影響收客較早，因此遊客應儘快根據最新的放假安排確定春節遊行程。對於春節航空公司運力方面，北京晨報記者從東航、國航、南航等航空公司瞭解到，新休假方案暫時沒有影響到春運運力安排。國航相關負責人表示，整體運力不會調整，只可能出現極個別的微調。東航也表示，目前還沒有確定春運加班工作。南航表示，運力安排暫無變化。晨報記者 吳婷婷 劉洋 陳琳除夕上班不再享受加班費除夕不放假，除了擔心趕不上年夜飯，除夕上班不再享受加班費也讓大伙兒十分糾結。對很多上班族來說，最黯然的事情莫過於千家萬戶看春晚，自己卻在單位加班工作，往年還有國家規定的三倍工資聊作安慰，明年除夕夜，至少在政策上，卻沒這待遇了。這種苦事兒，很多行業都會趕上，比如商場、服務業、媒體業以及市政、交管、公安、環衛等公職部門。一位呼叫中心培訓師就“吐槽”說，每年除夕呼叫中心的員工們都在上班，以往還可以享受加倍工資，但是到了明年這筆費用卻沒了，“所以，請按照假日的標準給除夕上班的員工加班費。各位老闆，可以嗎？”市民劉先生老家在長沙，往年為了躲避春運高峰，劉先生常常選擇除夕加班，大年初一再乘飛機回家，但是明年劉先生決定臘月二十九就請假回家，劉先生說：“以前除夕加班還能有加班費，雖然晚一天回家，但性價比很高。但明年除夕上班算‘白上’，我還不如請假回家。”新放假方案·熱議除夕“請假”不同于“放假”據新華社電 2014年除夕不再是法定假日，成為網友吐槽的焦點。在新浪關於“如何看待2014年放假安排”的調查中，截至12日上午9點，近6萬參與調查的網友中，88.4%不滿意除夕不再是法定節假日，支持者僅為8.1%。一位在外工作的網民抱怨說，“過年過的是團聚，如果年三十晚上才開始準備回家，到家還叫過年嗎？”另一位網民則表示，“除夕是過年的重要開始，是舉家團聚的日子。這一天要準備年夜飯的很多東西，這一天會特別忙碌，除夕不放假略顯不近人情。”有人提出，就算除夕不放假，也可以通過請假、調休的方式自由安排，但更多人表達了不同意見：“請假與常假是兩碼事，‘請假’是局限，‘常假’是整體。目前的人口流動如此之大，安排一定的‘常假’是保障家人和親人互敘的一種方式。”其實，關於除夕是否放假之爭由來已久。早在2007年，這一呼聲就曾掀起過不小的高潮，幾十家媒體呼籲除夕放假，新浪一項網絡調查顯示，98.8%的調查對象認為除夕應該放假。2007年12月，修改後的《全國年節及紀念日放假辦法》將除夕納入法定假日。6年後，除夕再次回歸工作日。法定假日就那麼幾天，無論如何安排，都會有人不滿意。大多數人指望有限的節假日休息放鬆，其實是因為帶薪休假難以落實，於是湊長假和集中出游就成了中國奇景。歸根到底，保障公共節假日之外的休假權利，才是緩解國人假日焦慮的根本途徑。迷你倉尖沙咀

第五批零售國債（86615）首日上市險「破底」，self storage開市低見99.9元（人民幣．下同），收報100.65元，較發行價僅高0.65%，投資者每手帳面獲利65元。新一批國債首日成交額2,007萬元，換手率0.68%，較去年0.39%為高，首日價格漲幅0.65%，較去年0.15%理想。券商認為，抽得國債的投資者，應已預期回報只得票面息2.8厘及人民幣升值，又指因不是首隻上市國債，沒有炒作空間。耀才（01428）行政總裁陳啟峰預期，國債長迷你倉看101元，雖然票面息率2.8厘吸引力一般，但為計劃長期持有人民幣的投資者提供投資途徑。分析認為，按國債兩年息率共5.6厘，及市場預期人民幣每年升值約2%，持有國債兩年可享約10厘回報。港銀紛降人幣存息昨日人民幣中間價報6.1115元，連日創新高後「斷纜」，惟收市輕微反彈至6.0711元。此外，多家銀行陸續調低人民幣存息，包括�生（00011）及大新（02356），中銀香港（02388）則推細額兩年期2.8厘定存，息率與國債看齊。迷你倉樂器