Report and Accounts for the Family Investments Child Trust Fund

For the period 1st April 2017 to 30th September 2017.(Interim, Unaudited).

Family Investments Child Trust FundManager’s Interim Report and Accounts

22305 004 11.2017

505632_ONE_FAMILY_CHILD_TRUST_FUND_MANAGERS_INTERIM_REPORT.indd 1 27/10/2017 10:38

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Contents Contents Contents Contents

Page

Management and Professional Services 3

Manager’s Report 4 - 7

Portfolio Statement 8 - 48

Statement of Manager’s Responsibilities 49

Statement of Total Return 50

Statement of Change in Unitholders’ Funds 50

Balance Sheet 51

Notes to the Financial Statements 52 - 60

General Information 61

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MMMManager’s Reportanager’s Reportanager’s Reportanager’s Report

Management and Professional ServicesManagement and Professional ServicesManagement and Professional ServicesManagement and Professional Services Manager and Registrar Manager and Registrar Manager and Registrar Manager and Registrar Family Investment Management Limited 16 West Street Brighton BN1 2RE Tel: 01273 724570 Fax: 01273 736958

Directors: S.C. Markey J.W. Adams S.T. Nyahasha P. Herz (appointed 13th April 2017) Registered in England No. 1915516 The Manager is authorised and regulated by the Financial Conduct Authority. The Manager is a member of the Investment Association. This report is issued and approved by the Manager. Investment AdvisorInvestment AdvisorInvestment AdvisorInvestment Advisor State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ Authorised and regulated by the Financial Conduct Authority. TrusteeTrusteeTrusteeTrustee State Street Trustees Limited 20 Churchill Place Canary Wharf London E14 5HJ Authorised and regulated by the Financial Conduct Authority. AuditorAuditorAuditorAuditor KPMG LLP 15 Canada Square London E14 5GL OneFamily is a trading name for Family Investment Management Limited, which is a wholly owned subsidiary of Family Assurance Friendly Society Limited, a Friendly Society incorporated in England and Wales under the Friendly Societies Act 1992, Registration Number 939F.

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Manager’s Report Manager’s Report Manager’s Report Manager’s Report ---- continuedcontinuedcontinuedcontinued Investment Objective and PolicyInvestment Objective and PolicyInvestment Objective and PolicyInvestment Objective and Policy

The Family Investments Child Trust Fund aims to achieve long-term capital growth, whilst maintaining some stability, by investing in a global managed portfolio of equities and fixed interest securities. The Manager may also move wholly into, or significantly increase holdings in equities, money market instruments, deposits and/or collective investment schemes. Derivatives and Forward Transactions may be used for Efficient Portfolio Management purposes (including hedging).

Currently, the Trust invests wholly in UK and overseas equities, direct or via other collectives, and will closely follow the performance of the following stock market indices: - FTSE 350 Excluding Investment Trusts Total Return Share Index - FTSE All World Developed Europe Excluding UK Total Return Index - FTSE All World Developed Japan Total Return Index - FTSE All World Developed Asia Pacific Excluding Japan Total Return Index - FTSE All World Developed North America Total Return Index The Indices followed, and how much of the Trust follows each Index, is regularly considered and reviewed. The Indices followed may change. No fixed interest investments are currently held, but could be in the future.

Trust PerformanceTrust PerformanceTrust PerformanceTrust Performance

This report covers the period from 1st April 2017 to 30th September 2017. During this time, the Family Investments Child Trust Fund returned 2.7% while, over the same period, the benchmark returned 3.3%. The difference in performance between the Family Child Trust Fund and the benchmark is largely due to the management charge being taken from the Trust.

6 Months6 Months6 Months6 Months

01/04/20101/04/20101/04/20101/04/2017777 –––– 30/0930/0930/0930/09/201/201/201/2017777

Family Investments Child Trust Fund* 2.7%

FTSE 350 Ex Investment Trusts TR Share Index 3.4%

FTSE All World Developed Europe Ex UK TR Index 8.2%

FTSE All World Developed Japan TR Index 2.2%

FTSE All World Developed Asia Pacific Ex Japan TR Index 0.6% FTSE All World Developed North America TR Index Benchmark**

0.2% 3.3%

Source: Family Investments Child Trust Fund data sourced from OneFamily, basis bid to bid net of tax on dividend. Index data sourced from State Street Global Advisors (SSGA).

* Trust performance is based on price movement calculated using a nominal price at close, which will include all charges payable.

** Benchmark: 55% FTSE 350 Ex Investment Trusts Total Return Share Index/15% FTSE All World Developed Europe Ex UK Total Return Index/7.5% FTSE All World Developed Japan Total Return Index/7.5% FTSE All World Developed Asia Pacific Ex Japan Total Return Index/15% FTSE All World Developed North America Total Return Index.

Market BackgroundMarket BackgroundMarket BackgroundMarket Background The period commenced with a measure of investor fear returning to global risk markets following a four-and-a-half-month period of relative complacency that coincided with implied volatility levels across many asset classes declining to multi-year lows and strong gains in global equity markets. The most identifiable driver of this return of investor caution in April was the looming first round of the French presidential election. With the precedent of Brexit and the victory of Donald Trump in last year’s US presidential election, many participants seemed ready to hedge the risk of a volatile second-round election in France by buying insurance on European equities and the euro. This activity sent measures of near-term implied volatility on each to the highest levels since immediately after the UK voted to exit the European Union. An establishment-friendly outcome, however, caused market volatility indices to tumble and sparked a rally in the MSCI Europe Index. As the period progressed, favourable payoffs were provided to investors positioning for a range of economic developments and positive returns were realised for those embracing a narrative of continuing global economic and earnings growth that would continue to buoy equities.

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Manager’s Report Manager’s Report Manager’s Report Manager’s Report ---- continuedcontinuedcontinuedcontinued Market background Market background Market background Market background ---- continuedcontinuedcontinuedcontinued Inflation expectations continued to gravitate lower in early June, taking the US 10-year Treasury yield down to a seven-month low of 2.1% on 14 June as 10-year breakeven rates declined to 1.7% from levels above 2% just three months earlier. Undeterred by the lower inflation outlook, the Federal Reserve (Fed) on the same day raised interest rates for the second time in 2017, to limited market reaction. Seemingly having more impact on the markets were comments by European Central Bank (ECB) President Mario Draghi on 27 June at the ECB’s annual economic policy conference in which he signalled a more upbeat economic assessment within the bank. President Draghi stated that “All the signs now point to a strengthening and broadening recovery in the Euro area” and that “Deflationary forces have now been replaced by reflationary ones”. The less cautious tone sent European bond yields sharply higher, including a 13 basis point move higher in German 10-year yields on the day towards a near doubling in yields to close June at 46 basis points. The large move in yields corresponded with an expectation that a less accommodative ECB would soon be announcing a tapering in its €60 billion per month bond buying programme. The more hawkish ECB tone also resulted in a 1.4% gain in the euro over the US dollar on 27 June 27, the largest one-day move since June 2016. Global equity markets have had an impressive run heading into the final months of 2017; the MSCI All Country World Index advanced for an eleventh consecutive month to close the third quarter; however, the gains in emerging markets in 2017 have been even more material, with the MSCI Emerging Markets (EM) Index advancing 17.7% through September (in sterling terms). The success of emerging markets in 2017 can be chalked up to a number of supporting factors, including the emergence of Brazil and Russia from two years in recession, a weaker US dollar that keeps hard currency financing costs down and an acceleration in global trade. As the third quarter came to a close, emerging market leadership appeared to pause; the MSCI Emerging Markets Index declined by 0.4% in September, which coincided with stabilisation in the US dollar. In the US, a possible pivot in market leadership also emerged within US equities as the third quarter came to a close, coincident with a shift in expectations towards both fiscal and monetary policy. That shift in fiscal policy outlook emerged in September as a final unsuccessful push on health care reform by the White House and congressional leadership shifted to a focus on growth-friendly tax reform, including a proposed reduction of the corporate tax rate from 35% to 20%. That, along with stabilisation in the US dollar in September, worked to the benefit of US small-cap stocks that are typically more domestically focused. Beyond the realm of politics, the global growth story that has provided firm foundation for broad advances in global equities year to date continued to show strength in August’s economic releases. In the US, economic growth for the second quarter of 2017 was revised higher, to 3.0% on 30 August from an initial release of 2.6%. Relative to expectations, data releases in the US have also been improving, with the Citibank Economic Surprises Index continuing to advance in August to -21 after bottoming in June close to -80. Across other developed economies, Japan’s second-quarter GDP was reported on 14 August to have advanced by a lofty annual rate of 4% and on 16 August Eurozone growth for the second quarter was revised higher to an above-trend 2.5% annual rate. ActivityActivityActivityActivity From a bottom-up perspective, our country selection process evaluates a set of signals that assess market prospects from four distinct perspectives. These perspectives can be grouped broadly into value, momentum, sentiment and macroeconomic factors. We conduct macroeconomic comparisons and aggregate individual company data to develop expected returns for various countries, investment styles and asset classes. We start by looking at value factors, including price multiples, favouring markets with lower multiples. We then assess the earnings growth outlook for various markets, choosing markets with higher growth rates. Attractive equity markets are those that exhibit appealing fundamental ratios and demonstrate strong earnings growth expectations. Within the US component of the portfolio, we increased our underweight position given our regional ranking alphas had been indicating stronger prospects for Emerging Markets, Asia and Europe on a consistent basis. While we saw a significant improvement in the sentiment score for North America as the period progressed we continued to see value scoring poorly.

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Manager’s Report Manager’s Report Manager’s Report Manager’s Report ---- continuedcontinuedcontinuedcontinued ActivityActivityActivityActivity ---- continuedcontinuedcontinuedcontinued In Europe, we maintained an overweight position throughout the period. We saw Europe score better than other regions on a value and momentum basis and view constraints on continued recovery as relatively contained. However, we recognise that concerns surrounding the UK economy through the Brexit negotiation period could arise and that markets continue to be significantly sensitive to comments from the ECB. Within Asia Pacific, we retained an overweight position. Japan exhibited the strongest scores in the region, supported by positive earnings surprises, better-than-expected economic growth and ongoing governance reforms. Below is the market capitalisation split of the Trust.

IndexIndexIndexIndex Family Investments Family Investments Family Investments Family Investments Child Trust FundChild Trust FundChild Trust FundChild Trust Fund Composite IndexComposite IndexComposite IndexComposite Index

SeptemberSeptemberSeptemberSeptember 2012012012017777 % % % % SeptemberSeptemberSeptemberSeptember 2012012012017777 %%%%

FTSE 350 Ex Investment Trusts TR Share Index 53.6% 55.0%

FTSE All World Developed Europe Ex UK TR Index 15.2% 15.0%

FTSE All World Developed Japan TR Index 7.1% 7.5%

FTSE All World Developed Asia Pacific Ex Japan TR Index 7.0% 7.5%

FTSE All World Developed North America TR Index Cash

14.3% 2.8%

15.0% —

OutlookOutlookOutlookOutlook Entering the final quarter of 2017, the global reflation theme tested at several points during the summer appears to be gaining strength. Despite heightened geopolitical concerns over North Korea, a series of devastating hurricanes in August and September, and a firming outlook for policy tightening, market volatility levels closed the third quarter near 24-year lows. Both real and breakeven US inflation rates, proxies for the growth and inflation legs of the reflation trade, are again both moving higher in concert for the first time in 10 months. Near-dormant prospects for expansionary fiscal policy in the US have been revived as well, after months of ineffective action by the Republican-led US government on health care has shifted to talk of an earnings-friendly tax cut. In short, the bears will have their season again, though it does not appear to be the final months of 2017. State Street Global Advisors 30th September 2017

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Manager’s Report Manager’s Report Manager’s Report Manager’s Report ---- continuedcontinuedcontinuedcontinued

Ongoing Charges Figure (OCF)Ongoing Charges Figure (OCF)Ongoing Charges Figure (OCF)Ongoing Charges Figure (OCF)

At period ended OCF % September 2017 * 1.50

* Annualised

The OCF is a measure of the Trust’s ongoing charges. Apart from the initial charge, all other expenses are included in the OCF. The OCF is an accepted standard for the comparison of cost for authorised trusts, recognised throughout Europe.

Authorised StatusAuthorised StatusAuthorised StatusAuthorised Status

The Family Investments Child Trust Fund is an Authorised Unit Trust Scheme under section 243 of the Financial Services & Markets Act 2000 and is categorised as a UCITS Scheme under the Collective Investment Schemes Sourcebook (COLL).

Risk and Reward ProfileRisk and Reward ProfileRisk and Reward ProfileRisk and Reward Profile

Lower risk Higher risk Typically lower rewards Typically higher rewards

The risk and reward profile is designed to give you a guide to the Trust’s level of risk and potential for growth. The higher the number, the greater the potential for growth but the greater the risk. The Trust has a category of five; this is due to the fact that the risk and reward profile is based on volatility of price movement over a five-year period. Therefore the more the price moves during that period the higher the risk and reward profile will be. The risk and reward profile is a measure of the Trust’s past volatility in returns, and is therefore not an indicator of future performance.

Comparative TableComparative TableComparative TableComparative Table

Trust sizeTrust sizeTrust sizeTrust size Valuation Net Asset No. of Units Net Asset Value At period ended Basis Value (£) in issue Per Unit(pence)

September 2015 Mid 674,080,520 224,596,397.1865 300.13 September 2016 Mid 839,375,274 233,479,239.7159 359.51 March 2017 Mid 924,887,165 237,907,288.6847 388.76 September 2017 Mid 965,682,305 241,796,614.8288 399.38

Unit price ranUnit price ranUnit price ranUnit price range and income historyge and income historyge and income historyge and income history Annual Income Unit Prices (Net Allocations) Highest Lowest Per Accounting Buying Selling Unit Period (pence) (pence) (pence) 2013 294.30 231.80 3.4663 2014 310.90 275.70 3.5232 2015 342.90 291.40 3.8940 2016 347.40 281.80 4.7765 2017 396.40 308.40 5.8392

2018 * 406.10 378.80 —

* to the 30th September 2017 only Past performance should not be seen as an indication of future performance. Investors are reminded that the price of units and the income from them is not guaranteed and may go down as well as up.

1 2 3 4 6 5 7

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Portfolio StatementPortfolio StatementPortfolio StatementPortfolio Statement The sector percentage figures give current percentage first followed by the percentage at the previous Annual Accounting date (March 2017). All investments held are listed on Official Exchanges. Market % of total

As at 30thAs at 30thAs at 30thAs at 30th SeptemberSeptemberSeptemberSeptember 2017201720172017 Holding Value net assets

£’000 Investments Investments Investments Investments Equities (96.09%; 96.15Equities (96.09%; 96.15Equities (96.09%; 96.15Equities (96.09%; 96.15%)%)%)%) UNITED KINGDOM (49.96%; 49.43UNITED KINGDOM (49.96%; 49.43UNITED KINGDOM (49.96%; 49.43UNITED KINGDOM (49.96%; 49.43%)%)%)%) 3i Group 218,493 1,994 0.21 888 Holdings 50,000 128 0.01 A.G. Barr 16,236 100 0.01 AA 141,991 241 0.03 Acacia Mining 35,808 70 0.01 Admiral Group 47,356 859 0.09 Aggreko 52,886 497 0.05 Aldermore Group 48,137 111 0.01 Alfa Financial Software 23,000 116 0.01 Amec Foster Wheeler 91,019 463 0.05 Anglo American 256,035 3,430 0.36 Antofagasta 80,345 762 0.08 Ascential 87,564 300 0.03 Ashmore Group 85,961 292 0.03 Ashtead Group 114,014 2,051 0.21 Associated British Foods 79,680 2,542 0.26 Assura 372,799 233 0.02 AstraZeneca 290,630 14,398 1.49 Auto Trader Group 224,039 879 0.09 AVEVA Group 13,637 332 0.03 Aviva 931,075 4,790 0.50 Babcock International Group 115,150 953 0.10 BAE Systems 729,349 4,602 0.48 Balfour Beatty 150,860 406 0.04 Barclays 3,896,096 7,531 0.78 Barratt Developments 229,672 1,410 0.15 BBA Aviation 233,970 698 0.07 Beazley 118,497 568 0.06 Bellway 27,712 913 0.09 BGEO Group 8,113 264 0.03 BHP Billiton 477,004 6,270 0.65 Big Yellow Group 32,841 249 0.03 Bodycote 41,790 383 0.04 Booker Group 396,213 812 0.08 Bovis Homes Group 31,104 340 0.04 BP 4,422,005 21,106 2.19 Brewin Dolphin Holdings 60,464 211 0.02 British American Tobacco 524,990 24,528 2.54 Britvic 62,632 473 0.05 BT Group 1,921,677 5,456 0.57 BTG 87,769 593 0.06 Bunzl 76,980 1,745 0.18 Burberry Group 100,793 1,771 0.18 Cairn Energy 153,157 293 0.03 Capita 148,807 841 0.09 Capital & Counties Properties 162,674 430 0.04 Card Factory 70,776 218 0.02 Carnival 40,842 1,936 0.20 Centamin 250,174 363 0.04 Centrica 1,268,654 2,369 0.25 Cineworld Group 42,865 290 0.03 Clarkson 5,657 162 0.02 Close Brothers Group 34,167 504 0.05 CLS Holdings 50,750 104 0.01

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Portfolio Statement Portfolio Statement Portfolio Statement Portfolio Statement ---- continuedcontinuedcontinuedcontinued Market % of total

As at 30th September 2017As at 30th September 2017As at 30th September 2017As at 30th September 2017 Holding Value net assets

£’000

Investments Investments Investments Investments UNITED KINGDOM UNITED KINGDOM UNITED KINGDOM UNITED KINGDOM ---- continuedcontinuedcontinuedcontinued Coats Group 320,000 250 0.03 Cobham 566,460 825 0.09 Compass Group 362,453 5,738 0.59 Computacenter 17,712 175 0.02 ConvaTec Group 303,206 830 0.09 Countryside Properties 73,051 253 0.03 Cranswick 11,330 334 0.03 Crest Nicholson Holdings 52,647 291 0.03 CRH 191,263 5,422 0.56 Croda International 29,413 1,114 0.12 Cybg 199,349 605 0.06 Daejan Holdings 1,249 72 0.01 Dairy Crest Group 28,731 176 0.02 DCC 20,636 1,495 0.15 Dechra Pharmaceuticals 20,024 408 0.04 Derwent London 22,661 633 0.07 Diageo 567,038 13,909 1.44 Dignity 11,282 260 0.03 Diploma 26,952 286 0.03 Direct Line Insurance Group 322,461 1,172 0.12 Dixons Carphone 224,262 433 0.04 Domino's Pizza Group 107,200 332 0.03 Drax Group 89,114 277 0.03 DS Smith 222,376 1,096 0.11 Dunelm Group 18,997 134 0.01 easyJet 56,475 686 0.07 Electrocomponents 105,531 655 0.07 Elementis 103,783 281 0.03 Equiniti Group 61,121 184 0.02 Essentra 61,231 338 0.04 esure Group 68,170 192 0.02 Euromoney Institutional Investor 11,939 139 0.01 Evraz 111,077 347 0.04 Experian 215,763 3,232 0.33 FDM Group Holdings 19,000 183 0.02 Ferguson 58,069 2,840 0.29 Ferrexpo 66,783 195 0.02 Fidessa Group 8,812 197 0.02 Firstgroup 302,617 354 0.04 Fresnillo 42,554 598 0.06 G4S 360,759 1,004 0.10 Galliford Try 17,299 234 0.02 Genus 14,447 303 0.03 GKN 390,124 1,350 0.14 GlaxoSmithKline 1,109,309 16,512 1.71 Glencore 2,674,024 9,145 0.95 Go-Ahead Group 8,759 149 0.02 Grafton Group 54,246 451 0.05 Grainger 93,768 251 0.03 Great Portland Estates 72,943 445 0.05 Greencore Group 152,738 300 0.03 Greene King 70,595 386 0.04 Greggs 22,758 284 0.03 GVC Holdings 69,482 570 0.06 Halfords Group 46,611 163 0.02 Halma 89,934 1,006 0.10 Hammerson 186,220 999 0.10 Hansteen Holdings 166,234 229 0.02 Hargreaves Lansdown 55,559 821 0.09

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As at 30As at 30As at 30As at 30th September 2017th September 2017th September 2017th September 2017 Holding Value net assets

£’000

Investments Investments Investments Investments UNITED KINGDOM UNITED KINGDOM UNITED KINGDOM UNITED KINGDOM ---- continuedcontinuedcontinuedcontinued Hastings Group Holdings 73,464 223 0.02 Hays 309,253 586 0.06 Hikma Pharmaceuticals 31,014 375 0.04 Hill & Smith Holdings 16,454 207 0.02 Hiscox 64,136 821 0.09 Hochschild Mining 48,708 112 0.01 HomeServe 57,480 478 0.05 Howden Joinery Group 138,855 598 0.06 HSBC Holdings 4,605,369 33,946 3.52 Hunting 36,729 174 0.02 Ibstock 84,999 193 0.02 IG Group Holdings 80,065 513 0.05 IMI 61,010 757 0.08 Imperial Brands 219,052 6,974 0.72 Inchcape 94,375 814 0.08 Indivior 167,476 569 0.06 Informa 190,355 1,279 0.13 Inmarsat 106,897 687 0.07 InterContinental Hotels Group 43,812 1,729 0.18 Intermediate Capital Group 63,577 594 0.06 Intertek Group 36,706 1,829 0.19 Intu Properties 202,830 467 0.05 Investec 142,105 774 0.08 IP Group 151,259 205 0.02 ITV 854,937 1,493 0.15 IWG 153,492 475 0.05 J D Wetherspoon 16,553 207 0.02 J. Sainsbury 373,564 889 0.09 James Fisher & Sons 10,005 155 0.02 Jardine Lloyd Thompson Group 27,410 335 0.03 JD Sports Fashion 81,950 307 0.03 Jimmy Choo 24,879 57 0.01 John Laing Group 81,961 234 0.02 John Wood Group 81,463 554 0.06 Johnson Matthey 43,583 1,491 0.15 Jupiter Fund Management 95,821 528 0.05 Just Eat 131,375 878 0.09 Just Group 129,580 190 0.02 KAZ Minerals 53,965 417 0.04 Kennedy Wilson Europe Real Estate 22,252 242 0.03 Kier Group 20,716 241 0.03 Kingfisher 510,346 1,521 0.16 Ladbrokes 407,538 498 0.05 Lancashire Holdings 45,650 304 0.03 Land Securities Group 165,237 1,605 0.17 Legal & General Group 1,357,235 3,523 0.36 Lloyds Banking Group 16,371,784 11,085 1.15 London Stock Exchange Group 71,753 2,746 0.28 Londonmetric Property 145,637 242 0.03 Man Group 371,404 623 0.06 Marks & Spencer Group 367,379 1,297 0.13 Marshalls 45,255 197 0.02 Marston's 175,380 190 0.02 McCarthy and Stone 118,884 178 0.02 Mediclinic International 94,415 614 0.06 Meggitt 176,790 921 0.10 Melrose Industries 417,000 887 0.09 Merlin Entertainments 161,419 719 0.07 Metro Bank 18,723 632 0.07

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ManagerManagerManagerManager’s Report ’s Report ’s Report ’s Report ---- continuedcontinuedcontinuedcontinued



£’000

Investments Investments Investments Investments UNITED KINGDOM UNITED KINGDOM UNITED KINGDOM UNITED KINGDOM ---- continuedcontinuedcontinuedcontinued Micro Focus International 99,116 2,365 0.24 Millennium & Copthorne Hotels 27,214 121 0.01 Mitchells & Butlers 52,372 132 0.01 Mitie Group 75,498 193 0.02 Mondi 83,478 1,672 0.17 Moneysupermarket.com Group 118,480 377 0.04 Morgan Advanced Materials 62,648 195 0.02 N Brown Group 35,135 123 0.01 National Express Group 90,857 322 0.03 National Grid 789,080 7,288 0.75 NewRiver REIT 69,818 236 0.02 NEX Group 72,040 476 0.05 Next 32,161 1,690 0.18 NMC Health 18,253 502 0.05 Nostrum Oil & Gas 20,000 81 0.01 Ocado Group 91,511 268 0.03 Old Mutual 1,081,964 2,098 0.22 OneSavings Bank 37,155 150 0.02 Paddy Power Betfair 18,722 1,387 0.14 PageGroup 71,016 353 0.04 Paragon Banking Group 65,272 286 0.03 PayPoint 14,681 140 0.01 Paysafe Group 114,235 665 0.07 Pearson 186,417 1,141 0.12 Pennon Group 95,131 758 0.08 Persimmon 71,261 1,839 0.19 Petrofac 59,073 266 0.03 Pets at Home Group 82,615 177 0.02 Phoenix Group Holdings 90,210 682 0.07 Playtech 67,213 617 0.06 Polymetal International 60,221 507 0.05 Polypipe Group 37,567 158 0.02 Provident Financial 35,485 294 0.03 Prudential 593,258 10,593 1.10 PZ Cussons 42,290 135 0.01 QinetiQ Group 129,040 318 0.03 Randgold Resources 21,284 1,557 0.16 Rank Group 37,714 83 0.01 Rathbone Brothers 10,867 281 0.03 Reckitt Benckiser Group 142,829 9,731 1.01 Redefine International 282,729 107 0.01 Redrow 48,761 289 0.03 Relx 243,649 3,989 0.41 Renishaw 7,890 376 0.04 Rentokil Initial 427,780 1,286 0.13 Rightmove 21,032 851 0.09 Rio Tinto 272,819 9,475 0.98 Rolls-Royce Holdings 376,826 3,341 0.35 Rotork 193,446 504 0.05 Royal Bank of Scotland Group 747,420 2,005 0.21 Royal Dutch Shell 'B' 860,913 19,749 2.05 Royal Mail 215,857 829 0.09 RPC Group 96,737 958 0.10 RSA Insurance Group 231,788 1,443 0.15 Safestore Holdings 46,226 201 0.02 Saga 272,268 539 0.06 Sanne Group 26,476 211 0.02 Savills 29,593 276 0.03 Schroders 25,554 856 0.09

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£’000

Investments Investments Investments Investments UNITED KINGDOM UNITED KINGDOM UNITED KINGDOM UNITED KINGDOM ---- continuedcontinuedcontinuedcontinued SEGRO 232,146 1,243 0.13 Senior 89,049 245 0.03 Serco Group 241,800 279 0.03 Severn Trent 53,468 1,162 0.12 Shaftesbury 50,893 516 0.05 Shire 204,223 7,734 0.80 SIG 128,979 229 0.02 Sirius Minerals 900,000 228 0.02 Sky 237,106 2,170 0.22 Smith & Nephew 200,845 2,705 0.28 Smiths Group 91,786 1,447 0.15 Smurfit Kappa Group 55,334 1,289 0.13 Softcat 27,407 115 0.01 Sophos Group 61,900 340 0.04 Spectris 28,655 690 0.07 Spirax-Sarco Engineering 17,311 955 0.10 Spire Healthcare Group 64,234 144 0.01 Sports Direct International 55,774 229 0.02 SSE 231,561 3,235 0.33 SSP Group 104,985 564 0.06 St. James's Place 118,876 1,362 0.14 St. Modwen Properties 38,813 145 0.02 Stagecoach Group 85,920 146 0.02 Standard Chartered 618,292 4,585 0.47 Standard Life Aberdeen 623,572 2,703 0.28 Stobart Group 68,772 186 0.02 SuperGroup 10,884 185 0.02 Synthomer 56,810 277 0.03 TalkTalk Telecom Group 125,063 262 0.03 Tate & Lyle 111,764 723 0.07 Taylor Wimpey 740,360 1,447 0.15 TBC Bank Group 7,000 116 0.01 Ted Baker 5,846 155 0.02 Telecom Plus 13,757 149 0.02 Tesco 1,865,416 3,488 0.36 The Berkeley Group Holdings 29,268 1,086 0.11 The British Land Company 233,105 1,401 0.15 The Restaurant Group 42,282 127 0.01 The Sage Group 250,785 1,750 0.18 The UNITE Group 51,385 353 0.04 The Weir Group 49,531 973 0.10 Thomas Cook Group 320,319 385 0.04 TP ICAP 123,779 648 0.07 Travis Perkins 56,246 814 0.08 Tritax Big Box REIT 300,426 427 0.04 Tullow Oil 319,439 594 0.06 UBM 95,276 650 0.07 UDG Healthcare 56,940 483 0.05 Ultra Electronics Holdings 16,043 287 0.03 Unilever 270,625 11,688 1.21 United Utilities Group 154,085 1,316 0.14 Vectura Group 148,440 158 0.02 Vedanta Resources 18,024 157 0.02 Vesuvius 48,054 283 0.03 Victrex 18,143 430 0.04 Virgin Money Holdings UK 56,678 162 0.02 Vodafone Group 6,113,970 12,760 1.32 WH Smith 24,295 491 0.05 Whitbread 41,917 1,578 0.16

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£’000

Investments Investments Investments Investments UNITEDUNITEDUNITEDUNITED KINGDOM KINGDOM KINGDOM KINGDOM ---- continuedcontinuedcontinuedcontinued William Hill 198,983 502 0.05 Wizz Air Holdings 12,606 361 0.04 WM Morrison Supermarkets 490,365 1,147 0.12 Workspace Group 27,558 244 0.03 Worldpay Group 428,425 1,743 0.18 WPP 284,039 3,931 0.41 ZPG 67,479 244 0.03 482,465 482,465 482,465 482,465 49.9649.9649.9649.96 AUSTRALIA (2.79%; 3.04AUSTRALIA (2.79%; 3.04AUSTRALIA (2.79%; 3.04AUSTRALIA (2.79%; 3.04%)%)%)%) Adelaide Brighton 17,026 58 0.01 AGL Energy 23,013 314 0.03 ALS 18,216 82 0.01 Alumina 85,127 109 0.01 Amcor 40,931 363 0.04 AMP 103,721 292 0.03 Ansell 5,226 68 0.01 APA Group 39,467 192 0.02 Aristocrat Leisure 22,484 275 0.03 ASX 6,801 207 0.02 Aurizon Holdings 69,774 197 0.02 AusNet Services 62,951 62 0.01 Australia and New Zealand Banking Group 103,783 1,798 0.19 Bank of Queensland 13,877 105 0.01 Bendigo and Adelaide Bank 16,707 113 0.01 BHP Billiton 113,527 1,713 0.18 BlueScope Steel 20,451 131 0.01 Boral 41,770 165 0.02 Brambles 55,606 293 0.03 Caltex Australia 9,270 174 0.02 Challenger 19,632 140 0.01 Cimic Group 3,430 87 0.01 Coca-Cola Amatil 18,382 83 0.01 Cochlear 1,934 180 0.02 Commonwealth Bank of Australia 59,309 2,611 0.27 Computershare 16,720 140 0.01 Crown Resorts 12,781 84 0.01 CSL 16,002 1,255 0.13

CSR 17,876 49 — Dexus Property Group 36,159 198 0.02 Domino's Pizza Enterprises 2,114 57 0.01 Downer EDI 20,495 81 0.01 DuluxGroup 13,707 56 0.01

Fairfax Media 83,975 46 —

Flight Centre Travel Group 1,902 50 — Fortescue Metals Group 58,387 176 0.02 Goodman Group 62,707 299 0.03

Harvey Norman Holdings 18,003 41 — Healthscope 58,851 58 0.01 Iluka Resources 14,450 79 0.01 Incitec Pivot 60,078 125 0.01 Insurance Australia Group 84,869 316 0.03 IOOF Holdings 10,049 65 0.01 James Hardie Industries 15,143 156 0.02 LendLease Group 19,587 204 0.02 Macquarie Atlas Roads Group 17,822 56 0.01 Macquarie Group 10,804 573 0.06 Magellan Financial Group 4,372 62 0.01 Medibank Private 99,996 170 0.02

Metcash 31,542 47 —

14




£’000

Investments Investments Investments Investments AUSTRALIA AUSTRALIA AUSTRALIA AUSTRALIA ---- continuedcontinuedcontinuedcontinued Mirvac Group 134,148 179 0.02 National Australia Bank 94,524 1,739 0.18 Newcrest Mining 26,872 330 0.03

Nufarm 6,882 33 — Oil Search 42,431 173 0.02 Orica 13,416 154 0.02 Origin Energy 61,799 268 0.03 Orora 40,999 74 0.01

OZ Minerals 10,317 44 —

Perpetual 1,550 47 —

Platinum Asset Management 7,957 28 — Qantas Airways 32,508 110 0.01 QBE Insurance Group 48,174 282 0.03 Ramsay Health Care 4,590 167 0.02 REA Group 1,754 68 0.01 Rio Tinto 14,887 579 0.06 Santos 62,520 147 0.02 Scentre Group 179,576 410 0.04 Seek 12,460 120 0.01

Seven West Media 30,853 12 —

Shopping Centres Australasia Property Group 25,446 34 —

Sims Metal Management 5,281 41 — Sonic Healthcare 15,120 185 0.02 South32 183,429 351 0.04 Stockland 84,752 212 0.02 Suncorp Group 45,261 345 0.04 Sydney Airport 39,248 163 0.02 Tabcorp Holdings 28,926 72 0.01 Tatts Group 47,939 111 0.01 Telstra 147,060 300 0.03 The GPT Group 63,689 183 0.02 The Star Entertainment Group 27,925 84 0.01

TPG Telecom 12,468 36 — Transurban Group 73,154 507 0.05 Treasury Wine Estates 26,173 208 0.02 Vicinity Centres 116,652 181 0.02

Vocus Group 20,776 29 — Wesfarmers 39,579 957 0.10 Westfield 68,053 312 0.03 Westpac Banking 119,078 2,223 0.23

Whitehaven Coal 23,291 49 — Woodside Petroleum 25,732 438 0.05 Woolworths 45,080 664 0.07

WorleyParsons 6,519 51 — 26,955 26,955 26,955 26,955 2.792.792.792.79 AUSTRIA AUSTRIA AUSTRIA AUSTRIA (0.08%; 0.07(0.08%; 0.07(0.08%; 0.07(0.08%; 0.07%)%)%)%) Andritz 2,026 87 0.01 Erste Group Bank 8,132 263 0.03 OMV 4,055 176 0.02 Raiffeisen Bank International 3,950 99 0.01

Telekom Austria 4,602 31 —

Vienna Insurance Group 1,124 25 — Voestalpine 3,371 128 0.01 809 809 809 809 0.080.080.080.08

15




£’000

Investments Investments Investments Investments BELGIUM (0.40%; 0.40BELGIUM (0.40%; 0.40BELGIUM (0.40%; 0.40BELGIUM (0.40%; 0.40%)%)%)%) Ackermans & Van Haaren 685 89 0.01 Ageas 5,638 197 0.02 Anheuser-Busch InBev 21,912 1,954 0.20 bpost 2,657 59 0.01 Colruyt 1,782 68 0.01 Groupe Bruxelles Lambert 2,180 171 0.02 KBC Groep 7,975 504 0.05 Proximus 4,213 108 0.01

Sofina 437 50 — Solvay 1,999 222 0.02 Telenet Group Holding 1,473 73 0.01 UCB 3,380 179 0.02 Umicore 2,742 169 0.02 3,843 3,843 3,843 3,843 0.400.400.400.40 CANADA (0.79%; 0.80CANADA (0.79%; 0.80CANADA (0.79%; 0.80CANADA (0.79%; 0.80%)%)%)%) Agnico Eagle Mines 1,697 57 0.01 Agrium 1,105 88 0.01 Alimentation Couche-Tard 3,058 104 0.01

ARC Resources 2,811 29 — Bank of Montreal 5,060 286 0.03 Barrick Gold 9,100 109 0.01 BCE 2,311 81 0.01

BlackBerry 3,677 31 — Brookfield Asset Management 'A' 6,565 202 0.02 Canadian Imperial Bank of Commerce 3,113 203 0.02 Canadian National Railway 5,936 367 0.04 Canadian Natural Resources 8,586 214 0.02 Canadian Pacific Railway 1,088 136 0.01 Canadian Tire 548 51 0.01

Canadian Utilities 920 21 — Cenovus Energy 9,463 71 0.01 CGI Group 'A' 2,292 89 0.01

CI Financial 1,491 24 — Constellation Software 200 81 0.01

Crescent Point Energy 4,527 27 — Dollarama 800 65 0.01 Enbridge 13,101 408 0.04 Encana 7,202 63 0.01 Entertainment One 77,159 199 0.02 Fairfax Financial Holdings 240 93 0.01 Fortis 3,024 81 0.01 Franco-Nevada 1,200 69 0.01

George Weston 363 23 — Goldcorp 6,562 63 0.01

Great-West Lifeco 1,985 43 —

Husky Energy 2,074 19 —

Hydro One 2,900 39 —

IGM Financial 900 22 — Imperial Oil 2,380 57 0.01 Intact Financial 908 56 0.01

Inter Pipeline 2,600 40 — Loblaw Companies 1,470 60 0.01 Magna International 3,072 122 0.01 Manulife Financial 15,374 233 0.02 Metro 2,100 54 0.01 National Bank of Canada 2,264 81 0.01 Pembina Pipeline 2,900 76 0.01 Potash Corporation of Saskatchewan 6,381 92 0.01 Power Corporation of Canada 2,868 54 0.01

16




£’000

Investments Investments Investments Investments CANADA CANADA CANADA CANADA ---- continuedcontinuedcontinuedcontinued Power Financial 1,976 41 — Restaurant Brands International 1,682 80 0.01

RioCan Real Estate Investment Trust 2,914 42 — Rogers Communications 'B' 2,764 106 0.01 Royal Bank of Canada 11,283 651 0.07 Saputo 2,114 55 0.01

Shaw Communications 'B' 2,715 47 —

SNC-Lavalin Group 1,055 36 — Sun Life Financial 4,921 146 0.02 Suncor Energy 13,285 347 0.04 Teck Resources 'B' 3,600 57 0.01

TELUS 1,512 41 — The Bank of Nova Scotia 9,447 453 0.05 The Toronto-Dominion Bank 14,416 605 0.06 Thomson Reuters 2,229 76 0.01

Tourmaline Oil 1,500 23 — TransCanada 6,530 241 0.02

Trisura Group 38 1 —

Turquoise Hill Resources 5,590 13 —

Valeant Pharmaceuticals International 2,690 29 — Waste Connections 2,000 104 0.01 Wheaton Precious Metals 3,673 52 0.01 7,629 7,629 7,629 7,629 0.790.790.790.79 CHINA (0.13%; 0.12CHINA (0.13%; 0.12CHINA (0.13%; 0.12CHINA (0.13%; 0.12%)%)%)%) China Mengniu Dairy Company 92,000 192 0.02

China Oceanwide Holdings 134,283 8 —

FIH Mobile 105,000 25 —

Hopewell Highway Infrastructure 31,350 14 —

Macau Legend Development 48,263 6 — MGM China Holdings 25,907 46 0.01 Minth Group 24,000 94 0.01 Sands China 85,200 331 0.03 Semiconductor Manufacturing International 94,200 79 0.01

Shougang Fushan Resources Group 112,000 19 —

Shui On Land 127,398 24 — SJM Holdings 62,000 42 0.01 Sun Art Retail Group 74,500 51 0.01

Texwinca Holdings 22,000 10 — Tingyi (Cayman Islands) Holding 64,000 72 0.01

Uni-President China Holdings 40,800 30 — Want Want China Holdings 195,000 102 0.01 Xinyi Glass Holdings 66,000 49 0.01

Xinyi Solar Holdings 130,800 35 — 1,229 1,229 1,229 1,229 0.130.130.130.13 DENMARK (0.58%; 0.53DENMARK (0.58%; 0.53DENMARK (0.58%; 0.53DENMARK (0.58%; 0.53%)%)%)%) A. P. Moeller Maersk 'A' 129 177 0.02 A. P. Moeller Maersk 'B' 174 247 0.03 Carlsberg 'B' 2,976 243 0.02 Chr Hansen Holdings 2,505 160 0.02 Coloplast 'B' 3,823 231 0.02 Danske Bank 19,524 581 0.06 Dong Energy 4,345 185 0.02 DSV 5,412 306 0.03 Genmab 1,520 250 0.03 H. Lundbeck 1,656 71 0.01 ISS 5,212 157 0.02 Jyske Bank 2,007 86 0.01 Novo Nordisk 50,074 1,786 0.18

17




£’000 Investments Investments Investments Investments DENMARK DENMARK DENMARK DENMARK ---- continuedcontinuedcontinuedcontinued Novozymes 6,287 241 0.02 Pandora 3,347 246 0.02 TDC 22,700 99 0.01 Tryg 3,268 56 0.01 Vestas Wind Systems 5,995 403 0.04 William Demant Holding 3,505 69 0.01 5,594 5,594 5,594 5,594 0.580.580.580.58 FINLAND (0.34%; 0.34FINLAND (0.34%; 0.34FINLAND (0.34%; 0.34FINLAND (0.34%; 0.34%)%)%)%) Elisa 4,499 144 0.01 Fortum 12,674 188 0.02 Huhtamaki 2,910 88 0.01 Kesko 'B' 1,917 77 0.01 Kone 11,057 435 0.05 Metso 3,011 82 0.01 Neste Oil 3,602 117 0.01 Nokia 162,592 724 0.08 Nokian Renkaat 3,845 128 0.01 Orion 2,855 99 0.01 Sampo 'A' 13,460 529 0.05 Stora Enso 'R' 16,889 178 0.02 UPM-Kymmene 14,921 302 0.03 Wartsila 4,434 234 0.02 3,325 3,325 3,325 3,325 0.340.340.340.34 FRANCE (3.37%; 3.20FRANCE (3.37%; 3.20FRANCE (3.37%; 3.20FRANCE (3.37%; 3.20%)%)%)%) Accor 5,026 186 0.02 Aeroports de Paris (ADP) 778 94 0.01 Air Liquide 11,008 1,094 0.11 Airbus Group 15,833 1,121 0.12 Alstom 4,358 138 0.01 Amundi 1,368 84 0.01 Arkema 2,010 184 0.02 AtoS 2,510 290 0.03 AXA 53,229 1,200 0.12 BioMerieux 1,359 82 0.01 BNP Paribas 31,152 1,873 0.19 Bollore 28,384 106 0.01 Bouygues 5,824 206 0.02 Bureau Veritas 7,352 141 0.01 Cap Gemini 4,459 390 0.04 Carrefour 16,461 248 0.03 Casino Guichard-Perrachon 1,581 70 0.01 Christian Dior 300 72 0.01 CNP Assurances 4,802 84 0.01 Compagnie de Saint Gobain 14,124 627 0.06 Credit Agricole 32,687 443 0.05 Danone 17,159 1,003 0.10 Dassault Aviation 59 71 0.01 Dassault Systemes 3,609 271 0.03 Edenred 7,696 156 0.02 EDF 11,165 101 0.01 Eiffage 2,034 157 0.02 Elior Group 2,548 50 0.01 Engie 48,625 615 0.06 Essilor International 5,972 551 0.06

Euler Hermes Group 433 38 — Eurazeo 1,287 86 0.01 Eutelsat Communications 4,695 104 0.01 Faurecia 2,044 106 0.01 Fonciere des Regions 1,130 87 0.01

18




£’000 Investments Investments Investments Investments FRANCE FRANCE FRANCE FRANCE ---- continuedcontinuedcontinuedcontinued Gecina 1,297 156 0.02 Groupe Eurotunnel 13,130 118 0.01 Hermes International 946 356 0.04 ICADE 998 66 0.01 Iliad 671 133 0.01 Imerys 1,036 70 0.01 Ingenico Group 1,565 111 0.01 Ipsen 960 95 0.01 JC Decaux 2,125 59 0.01 Kering 2,107 626 0.06 Klepierre 5,813 170 0.02 Lagardere 3,275 82 0.01 Legrand 7,443 400 0.04 L'Oreal 6,953 1,102 0.11 LVMH Moet Hennessy Louis Vuitton 7,221 1,484 0.15 Michelin 5,150 560 0.06 Natixis 27,497 164 0.02 Orange 54,718 668 0.07 Orpea 1,195 105 0.01 Pernod Ricard 6,017 620 0.06 Peugeot 10,991 195 0.02 Plastic Omnium 1,623 52 0.01 Publicis Groupe 5,867 305 0.03 Remy Cointreau 693 61 0.01 Renault 4,824 353 0.04 Rexel 8,451 109 0.01 Rubis 2,095 99 0.01 Safran 8,082 615 0.06 Sanofi 31,062 2,299 0.24

Sartorius Stedim Biotec 671 35 — Schneider Electric 14,954 970 0.10 SCOR 4,353 136 0.01 SEB 769 105 0.01 Societe BIC 771 69 0.01 Societe Generale 20,934 913 0.09 Sodexo 2,638 245 0.03 STMicroelectronics 18,318 264 0.03 Suez Environnement 9,855 134 0.01 TechnipFMC 12,903 266 0.03 Teleperformance 1,615 179 0.02 Thales 2,943 248 0.03 TOTAL 62,957 2,520 0.26 Ubisoft Entertainment 2,165 111 0.01 Unibail-Rodamco 2,784 504 0.05 Valeo 6,842 379 0.04 Veolia Environnement 15,438 266 0.03 Vinci 13,587 963 0.10 Vivendi 31,067 586 0.06 Wendel 854 103 0.01 Zodiac Aerospace 5,590 120 0.01 32,478 32,478 32,478 32,478 3.373.373.373.37 GERMANY (3.26%; 3.20GERMANY (3.26%; 3.20GERMANY (3.26%; 3.20GERMANY (3.26%; 3.20%)%)%)%) Adidas 5,799 978 0.10 Allianz 12,661 2,109 0.22 Axel Springer 1,270 61 0.01 BASF 25,973 2,056 0.21 Bayer 23,931 2,426 0.25 Beiersdorf 2,800 225 0.02 BMW 9,526 719 0.07

19




£’000

Investments Investments Investments Investments GERMANY GERMANY GERMANY GERMANY ---- continuedcontinuedcontinuedcontinued BMW Preference 1,516 101 0.01 Brenntag 4,338 180 0.02

Ceconomy 4,675 41 — Commerzbank 29,334 297 0.03 Continental 3,132 591 0.06 Covestro 3,288 210 0.02 Daimler 27,810 1,648 0.17 Deutsche Bank 52,906 680 0.07 Deutsche Boerse 5,423 438 0.05 Deutsche Lufthansa 6,481 134 0.01 Deutsche Post 27,890 925 0.10 Deutsche Telekom 92,633 1,286 0.13 Deutsche Wohnen 10,365 327 0.03 E.ON 60,415 508 0.05 Evonik Industries 4,269 113 0.01 Fielmann 703 45 0.01 Fraport 1,047 74 0.01 Fresenius Medical Care 6,039 440 0.05 Fresenius SE & Co KGaA 11,652 701 0.07

Fuchs Petrolub 900 34 — Fuchs Petrolub Preference 1,943 86 0.01 GEA Group 4,988 168 0.02 Hannover Rueck 1,718 154 0.02 HeidelbergCement 4,419 338 0.04 Hella KGAA Hueck & Company 1,219 53 0.01 Henkel 3,278 298 0.03 Henkel Preference 4,913 498 0.05 Hochtief 601 75 0.01 Hugo Boss 1,836 120 0.01 Infineon Technologies 32,122 602 0.06 Innogy 3,599 119 0.01 K + S 5,430 110 0.01 Kion Group 1,885 135 0.01 Lanxess 2,577 151 0.02 LEG Immobilien 1,788 134 0.01 Linde 5,344 829 0.09 MAN 971 82 0.01 Merck 3,621 300 0.03 Metro 4,675 74 0.01 MTU Aero Engines 1,411 167 0.02 Munich Re 3,766 600 0.06 OSRAM Licht 2,363 140 0.01 Porsche Automobile Holding Preference 4,318 205 0.02 ProSiebenSat.1 Media 6,949 176 0.02 Rational 119 61 0.01 RWE 13,576 230 0.02

RWE Preference 1,041 13 — SAP 26,226 2,138 0.22 Sartorius Preference 1,028 73 0.01 Siemens 21,927 2,299 0.24

Suedzucker 2,282 37 — Symrise 3,443 195 0.02

Talanx 989 30 — Telefonica Deutschland Holding 18,867 79 0.01 ThyssenKrupp 13,157 290 0.03 TUI 100,842 1,277 0.13 Uniper 5,309 108 0.01 United Internet 3,326 154 0.02 Volkswagen 812 103 0.01

20




£’000

Investments Investments Investments Investments GERMANY GERMANY GERMANY GERMANY ---- continuedcontinuedcontinuedcontinued Volkswagen Preference 5,389 653 0.07 Vonovia 13,630 432 0.05 Wacker Chemie 431 46 0.01 Wirecard 3,374 229 0.02 Zalando 2,902 108 0.01 31,516 31,516 31,516 31,516 3.263.263.263.26 HONG KONG (1.31%; 1.27HONG KONG (1.31%; 1.27HONG KONG (1.31%; 1.27HONG KONG (1.31%; 1.27%)%)%)%) AAC Technologies Holdings 24,652 309 0.03 AIA Group 427,000 2,348 0.24 ASM Pacific Technology 8,200 88 0.01 BOC Hong Kong Holdings 126,500 458 0.05

Brightoil Petroleum Holdings 119,000 17 —

Cafe de Coral Holdings 12,000 28 —

Cathay Pacific Airways 28,000 32 —

Champion Real Estate Investment Trust 75,000 39 —

Cheung Kong Infrastructure Holdings 78,000 21 —

Chow Tai Fook Jewellery Group 34,288 31 — CK Asset Holdings 96,231 594 0.06 CK Hutchison Holdings 95,328 909 0.09 CK Infrastructure Holdings 22,000 141 0.02 CLP Holdings 58,000 443 0.05

Dah Sing Banking Group 12,560 21 —

Dah Sing Financial Holdings 5,216 26 —

Esprit Holdings 65,300 27 — First Pacific 88,250 52 0.01 Galaxy Entertainment Group 74,000 389 0.04

Global Brands Group Holding 188,000 13 — Great Eagle Holdings 10,712 42 0.01

Guotai Junan International Holdings 77,000 18 —

Haitong International Securities Group 72,387 31 — Hang Lung Group 31,000 83 0.01 Hang Lung Properties 69,000 122 0.01 Hang Seng Bank 25,600 466 0.05 Henderson Land Development 38,306 189 0.02 Hong Kong & China Gas 290,335 407 0.04 Hong Kong Exchanges & Clearing 43,777 878 0.09 Hopewell Holdings 19,500 57 0.01

Huabao International Holdings 28,000 13 —

Hutchison Telecommunications Hong Kong 42,000 11 — Hysan Development 21,000 74 0.01

I-Cable Communications 19,038 — —

Johnson Electric Holdings 11,689 33 —

Kerry Logistics Network 22,250 23 — Kerry Properties 22,000 68 0.01 Kingston Financial Group 120,000 45 0.01 Li & Fung 196,000 73 0.01

Lifestyle International Holdings 14,500 15 —

L'Occitane International 13,816 22 — Melco International Development 30,000 64 0.01 MTR 48,847 213 0.02 New World Development 186,388 199 0.02

Nexteer Automotive Group 23,000 29 — NWS Holdings 49,802 72 0.01 Orient Overseas International 7,000 49 0.01 PCCW 153,040 62 0.01 Power Assets Holdings 46,500 300 0.03 Prada 18,062 47 0.01

Sa Sa International Holdings 47,910 14 —

21

ManaManaManaManager’s Report ger’s Report ger’s Report ger’s Report ---- continuedcontinuedcontinuedcontinued



£’000

Investments Investments Investments Investments HONG KONG HONG KONG HONG KONG HONG KONG ---- cocococontinuedntinuedntinuedntinued Samsonite International 45,766 146 0.02 Shangri-La Asia 38,000 52 0.01

Shun Tak Holdings 76,000 25 — Sino Land 104,275 137 0.02 Sun Hung Kai Properties 50,384 611 0.06 Swire Pacific 'A' 17,500 127 0.01

Swire Pacific 'B' 27,500 36 — Swire Properties 37,139 94 0.01 Techtronic Industries 45,000 179 0.02

Television Broadcasts 11,500 29 — The Bank of East Asia 40,189 130 0.01 The Link Real Estate Investment Trust 77,597 469 0.05 The Wharf Holdings 43,000 286 0.03

Towngas China 31,769 17 —

United Company RUSAL 53,080 30 — Vtech Holdings 5,900 64 0.01 WH Group 295,433 234 0.02 Wheelock and Company 28,000 147 0.02 Wynn Macau 49,600 100 0.01 Yue Yuen Industrial Holdings 26,500 75 0.01 12,693 12,693 12,693 12,693 1.311.311.311.31 IRELAND (0.08%; 0.37IRELAND (0.08%; 0.37IRELAND (0.08%; 0.37IRELAND (0.08%; 0.37%)%)%)%)

Allied Irish Banks 14,209 64 —

Allied Irish Banks (London) 5,385 24 — Bank of Ireland 26,909 164 0.02 Glanbia 4,919 69 0.01 Kerry Group 'A' 4,122 297 0.03 Kingspan Group 5,109 161 0.02

Ryanair Holdings 2,515 36 — 815 815 815 815 0.080.080.080.08 ITALY (0.84%; 0.74ITALY (0.84%; 0.74ITALY (0.84%; 0.74ITALY (0.84%; 0.74%)%)%)%) A2A 42,458 54 0.01 Assicurazioni Generali 38,076 529 0.05 Atlantia 14,769 347 0.04 Banca Mediolanum 7,326 48 0.01 Banco BPM 42,600 132 0.01

Buzzi Unicem 1,748 35 —

Buzzi Unicem RSP 1,159 13 — Davide Campari - Milano 15,630 85 0.01 Enel 224,400 1,004 0.10 Eni 71,835 886 0.09 EXOR 2,562 121 0.01 Ferrari 3,737 308 0.03 Fiat Chrysler Automobiles 31,829 425 0.04 FinecoBank Banca Fineco 14,367 95 0.01 Intesa Sanpaolo 377,941 996 0.10 Intesa Sanpaolo RSP 26,941 66 0.01 Italgas 13,882 58 0.01 Leonardo 10,589 148 0.02 Luxottica Group 4,569 190 0.02

Mediaset 10,113 26 — Mediobanca 15,431 123 0.01 Moncler 4,195 90 0.01

Parmalat 9,359 26 — Poste Italiane 12,501 69 0.01 Prysmian 5,709 144 0.01 Recordati 2,814 97 0.01 Saipem 16,120 52 0.01

Salvatore Ferragamo 149 3 —

22


Portfolio StatePortfolio StatePortfolio StatePortfolio Statement ment ment ment ---- continuedcontinuedcontinuedcontinued Market % of total


£’000 Investments Investments Investments Investments ITALY ITALY ITALY ITALY ---- continuedcontinuedcontinuedcontinued Snam 69,414 249 0.03 Telecom Italia 316,210 221 0.02 Telecom Italia RSP 171,122 96 0.01 Terna Rete Elettrica Nazionale 40,594 177 0.02 UniCredit 64,281 1,021 0.11 Unione di Banche Italiane 28,989 112 0.01 UnipolSai 31,249 54 0.01 8,100 8,100 8,100 8,100 0.840.840.840.84 JAPAN (6.94%; 7.12JAPAN (6.94%; 7.12JAPAN (6.94%; 7.12JAPAN (6.94%; 7.12%)%)%)%)

ABC-Mart 500 20 —

Acom 11,300 33 —

Adastria 900 15 — Advantest 4,100 57 0.01 Aeon 17,600 194 0.02 AEON Financial Service 3,000 47 0.01

Aeon Mall 3,100 41 —

Aica Kogyo 1,400 35 —

AIFUL 5,700 14 —

AIN Holdings 500 26 — Air Water 4,000 55 0.01 Aisin Seiki 4,500 177 0.02 Ajinomoto 12,800 186 0.02 Alfresa Holdings 4,400 60 0.01 Alps Electric 4,400 87 0.01 Amada Holdings 8,200 67 0.01 ANA Holdings 2,900 82 0.01

Aoyama Trading 1,200 32 — Aozora Bank 2,900 82 0.01

Ariake Japan 500 27 — Asahi Glass 4,800 133 0.01 Asahi Group Holdings 9,500 287 0.03 ASAHI INTECC 1,200 47 0.01 Asahi Kasei 31,000 285 0.03 Asics 4,100 46 0.01

Askul 500 10 — Astellas Pharma 51,600 489 0.05

Autobacs Seven 1,800 22 — Azbil 1,500 48 0.01 Bandai Namco Holdings 4,800 123 0.01 Benesse Holdings 1,700 46 0.01

Bic Camera 3,800 31 — Bridgestone 15,300 517 0.05 Brother Industries 5,500 95 0.01 Calbee 1,800 47 0.01 Canon 25,200 642 0.07

Canon Marketing Japan 1,100 20 —

Capcom 1,200 22 — Casio Computer 5,300 56 0.01 Central Japan Railway 4,500 588 0.06

Chiyoda 4,000 17 — Chubu Electric Power 16,800 155 0.02 Chugai Pharmaceutical 5,300 164 0.02 Chugoku Electric Power 7,700 61 0.01

Citizen Watch 6,400 33 — Coca-Cola Bottlers Japan 2,950 71 0.01

COLOPL 1,000 9 —

COMSYS Holdings 2,500 45 — Concordia Financial Group 31,000 114 0.01

23




£’000 Investments Investments Investments Investments JAPAN JAPAN JAPAN JAPAN ---- continuedcontinuedcontinuedcontinued Cosmo Energy Holdings 1,500 26 —

Cosmos Pharmaceutical 200 33 — Credit Saison 4,300 67 0.01 CyberAgent 2,200 48 0.01 Dai Nippon Printing 7,000 125 0.01 Daicel 7,000 63 0.01

Daido Steel 800 35 — Daifuku 2,500 92 0.01 Dai-ichi Life Insurance 28,200 377 0.04 Daiichi Sankyo 16,300 274 0.03

Daiichikosho 1,200 43 — Daikin Industries 6,500 490 0.05

Daikyo 1,000 15 — Daito Trust Construction 1,800 244 0.03 Daiwa House Industry 16,200 417 0.04 Daiwa Securities Group 39,000 165 0.02 Dena 2,700 45 0.01 Denka 2,400 59 0.01 Denso 11,900 449 0.05 Dentsu 5,600 183 0.02 DIC 1,800 49 0.01 Disco 700 106 0.01

DMG Mori Seiki 2,400 32 — Don Quijote Holdings 2,800 78 0.01

Dowa Holdings 1,000 27 — East Japan Railway 9,300 639 0.07 Ebara 2,400 59 0.01 Eisai 6,600 252 0.03 Electric Power Development 4,500 84 0.01

Exedy 700 16 — Ezaki Glico 1,300 51 0.01 FamilyMart 2,100 82 0.01 FANUC 4,800 724 0.08 Fast Retailing 1,200 263 0.03

FP 400 15 — Fuji Electric 13,000 54 0.01

Fuji Media Holdings 500 5 —

Fuji Oil Holdings 800 16 — Fujifilm Holdings 9,400 272 0.03

Fujikura 6,400 38 — Fujitsu 48,000 266 0.03

Fujitsu General 1,000 15 — Fukuoka Financial Group 20,000 69 0.01

Fukuyama Transporting 1,000 24 — Furukawa Electric 1,400 57 0.01

Glory 1,200 32 —

GMO Payment Gateway 500 23 —

Gree 2,200 11 —

GS Yuasa 11,000 43 —

GungHo Online Entertainment 8,200 17 —

H2O Retailing 2,500 33 — Hakuhodo DY Holdings 6,000 59 0.01 Hamamatsu Photonics 3,400 77 0.01 Hankyu Hanshin Holdings 5,800 164 0.02 Haseko 7,100 70 0.01

Heiwa 1,600 24 — Hikari Tsushin 500 47 0.01 Hino Motors 7,000 64 0.01

24




£’000 Investments Investments Investments Investments JAPAN JAPAN JAPAN JAPAN ---- continuedcontinuedcontinuedcontinued Hirose Electric 800 84 0.01

HIS 1,000 23 — Hisamitsu Pharmaceuticals 1,900 68 0.01 Hitachi 116,000 609 0.06

Hitachi Capital 1,100 19 — Hitachi Chemical 2,500 51 0.01 Hitachi Construction Machinery 2,500 55 0.01

Hitachi High Technologies 1,600 43 —

Hitachi Kokusai Electric 1,200 24 — Hitachi Metals 5,000 52 0.01

Hitachi Transport System 900 16 —

Hokkaido Electric Power 3,800 20 —

Hokuhoku Financial Group 2,900 35 —

Hokuriku Electric Power 3,900 24 — Honda Motor 43,900 969 0.10

Horiba 900 38 — Hoshizaki Electric 1,300 85 0.01

House Foods Group 1,700 38 — Hoya 9,400 378 0.04 Hulic 8,500 62 0.01

Ibiden 2,700 32 —

Ichigo 5,000 13 — Idemitsu Kosan 3,500 74 0.01 IHI 3,200 83 0.01

IiDA Group Holdings 3,300 44 — Inpex 23,500 186 0.02 Isetan Mitsukoshi Holdings 9,100 71 0.01 Isuzu Motors 13,600 134 0.01

Ito En 1,600 40 — ITOCHU 35,300 431 0.04

ITOCHU Techno-Solutions 1,200 33 —

Itoham Yonekyu Holdings 3,100 21 —

Izumi 1,100 42 — J Front Retailing 6,000 62 0.01

Jafco 400 15 — Japan Airlines 2,900 73 0.01

Japan Airport Terminal 1,200 32 —

Japan Aviation Electronics Industry 1,500 17 —

Japan Display 7,000 10 — Japan Exchange Group 13,300 175 0.02

Japan Petroleum Exploration 700 11 — Japan Post Bank 10,400 96 0.01 Japan Post Holdings 32,000 279 0.03

Japan Post Insurance 1,700 27 — Japan Tobacco 29,100 711 0.07 JFE Holdings 12,900 188 0.02 JGC 5,000 60 0.01 JSR 4,800 68 0.01 JTEKT 5,600 58 0.01 JXTG Holdings 78,250 300 0.03 Kagome 2,200 51 0.01 Kajima 23,000 170 0.02

Kakaku.com 3,100 29 —

Kaken Pharmaceutical 900 34 —

Kamigumi 2,500 43 —

Kandenko 2,000 16 — Kaneka 8,000 46 0.01 Kansai Paint 5,000 94 0.01

25




£’000 Investments Investments Investments Investments JAPAN JAPAN JAPAN JAPAN ---- continuedcontinuedcontinuedcontinued Kao 11,800 517 0.05 Kawasaki Heavy Industries 3,300 81 0.01 Kawasaki Kisen Kaisha 2,300 45 0.01 KDDI 44,900 882 0.09 Keihan Holdings 2,600 57 0.01 Keikyu 6,500 98 0.01 Keio 3,000 92 0.01 Keisei Electric Railway 3,500 72 0.01 Kewpie 2,700 49 0.01 Keyence 2,200 871 0.09 Kikkoman 4,400 101 0.01

Kinden 3,000 36 — Kintetsu Group Holdings 4,500 125 0.01 Kirin Holdings 21,100 370 0.04

Kissei Pharmaceutical 1,000 20 — Kobayashi Pharmaceutical 1,400 59 0.01 Kobe Steel 6,600 56 0.01

Koei Tecmo Holdings 1,200 19 — Koito Manufacturing 2,900 136 0.01 Komatsu 23,000 488 0.05

Komeri 1,000 21 — Konami Holdings 2,500 89 0.01 Konica Minolta 10,300 63 0.01 Kose 700 60 0.01

K's Holdings 2,200 36 — Kubota 26,700 362 0.04 Kuraray 8,800 123 0.01 Kurita Water Industries 2,800 60 0.01

Kusuri No Aoki Holdings 200 9 — Kyocera 7,800 361 0.04

KYORIN Holdings 1,200 18 — Kyowa Hakko Kirin 6,000 76 0.01

Kyudenko 1,000 29 — Kyushu Electric Power 11,600 92 0.01

Kyushu Financial Group 8,400 38 — Kyushu Railway Company 4,000 88 0.01 Lawson 1,200 59 0.01

Leopalace21 6,000 31 —

Line 900 24 —

Lintec 1,000 20 — Lion 6,000 82 0.01 LIXIL Group 6,800 134 0.01 M3 5,000 106 0.01

Mabuchi Motor 900 34 —

Maeda 3,000 27 —

Maeda Road Construction 1,000 16 — Makita 6,100 183 0.02 Marubeni 39,700 202 0.02 Marui Group 5,000 53 0.01

Maruichi Steel Tube 1,600 35 —

Matsui Securities 3,100 17 — Matsumotokiyoshi Holdings 900 45 0.01 Mazda Motor 14,600 167 0.02 Mebuki Financial Group 25,700 74 0.01 Medipal Holdings 3,600 47 0.01

Megmilk Snow Brand 900 18 — Meiji Holdings 3,400 201 0.02 Minebea Mitsumi 10,500 122 0.01

26



As at 30th September As at 30th September As at 30th September As at 30th September 2017201720172017 Holding Value net assets

£’000 Investments Investments Investments Investments JAPAN JAPAN JAPAN JAPAN ---- continuedcontinuedcontinuedcontinued Miraca Holdings 1,400 48 0.01 MISUMI Group 6,600 129 0.01 Mitsubishi 32,000 554 0.06 Mitsubishi Chemical Holding 33,200 236 0.02 Mitsubishi Electric 49,200 573 0.06 Mitsubishi Estate 29,100 377 0.04 Mitsubishi Gas Chemical 4,500 79 0.01 Mitsubishi Heavy Industries 7,200 212 0.02

Mitsubishi Logistics 1,500 28 — Mitsubishi Materials 3,100 80 0.01 Mitsubishi Motors 14,200 84 0.01

Mitsubishi Shokuhin 600 13 — Mitsubishi Tanabe Pharma 5,500 94 0.01 Mitsubishi UFJ Financial Group 317,200 1,536 0.16

Mitsubishi UFJ Lease & Finance 9,900 39 — Mitsui 41,000 452 0.05 Mitsui Chemicals 4,400 100 0.01

Mitsui Engineering & Shipbuilding 1,300 13 — Mitsui Fudosan 24,000 388 0.04 Mitsui Mining & Smelting Company 1,200 46 0.01 Mitsui OSK Lines 2,800 63 0.01

Miura 2,300 38 — Mizuho Financial Group 634,400 828 0.09

Mochida Pharmaceutical 400 22 —

Monotaro 1,400 28 —

Morinaga 1,000 41 — MS&AD Insurance Group Holdings 12,500 300 0.03 Murata Manufacturing 4,700 515 0.05 Nabtesco 2,900 80 0.01

Nagase 2,100 26 — Nagoya Railroad 4,600 74 0.01 Nankai Electric Railway 3,000 55 0.01 NEC 6,200 125 0.01 Nexon 4,600 89 0.01 NGK Insulators 6,700 93 0.01 NGK Spark Plug 4,400 70 0.01 NH Foods 5,000 102 0.01

NHK Spring 4,300 35 — Nichirei 3,000 56 0.01 Nidec 5,900 540 0.06

Nifco 900 41 —

Nihon Kohden 1,600 26 — Nihon M&A Center 1,400 51 0.01 Nikon 8,500 110 0.01 Nintendo 2,700 744 0.08

Nippo 1,000 16 — Nippon Electric Glass 1,800 52 0.01 Nippon Express 1,900 92 0.01 Nippon Kayaku 4,000 46 0.01 Nippon Paint Holdings 3,900 99 0.01

Nippon Paper Industries 2,400 33 — Nippon Shinyaku Co 1,400 72 0.01

Nippon Shokubai 800 42 — Nippon Steel & Sumitomo Metal 19,700 337 0.04 Nippon Telegraph & Telephone 16,800 574 0.06

Nippon Television Holdings 800 10 — Nippon Yusen Kabushiki Kaisha 4,000 62 0.01

Nipro 2,600 27 —

27


Portfolio Statement Portfolio Statement Portfolio Statement Portfolio Statement ---- contincontincontincontinuedueduedued Market % of total


£’000 Investments Investments Investments Investments JAPAN JAPAN JAPAN JAPAN ---- continuedcontinuedcontinuedcontinued Nishi-Nippon Financial Holding 4,200 34 —

Nishi-Nippon Railroad 1,400 25 — Nissan Chemical Industries 3,200 84 0.01 Nissan Motor 48,200 356 0.04

Nissan Shatai 2,000 16 — Nisshin Seifun Group 6,500 81 0.01

Nisshin Steel 300 3 —

Nisshinbo Holdings 3,000 26 — Nissin Foods Holdings 1,700 77 0.01 Nitori Holdings 1,800 192 0.02 Nitto Denko 3,900 242 0.03

NOF 1,500 32 — NOK 3,100 52 0.01 Nomura Holdings 83,200 347 0.04 Nomura Real Estate Holdings 3,000 48 0.01 Nomura Research Institute 2,800 81 0.01

North Pacific Bank 7,100 17 —

NS Solutions 1,000 16 — NSK 11,000 111 0.01

NTN 12,000 38 — NTT Data 15,500 123 0.01 NTT DoCoMo 31,800 541 0.06

NTT Urban Development 3,100 23 — Obayashi 17,000 152 0.02 Obic 1,600 75 0.01 Odakyu Electric Railway 7,500 106 0.01 Oji Holdings 22,000 88 0.01

Okuma 800 33 — Olympus 7,000 177 0.02 Omron 4,900 186 0.02 Ono Pharmaceutical 11,500 194 0.02

Oracle Japan 700 41 —

Orient 11,500 14 — Oriental Land 4,600 261 0.03 ORIX 31,500 379 0.04 Osaka Gas 10,200 141 0.01

OSG 1,900 32 — Otsuka 1,200 57 0.01 Otsuka Holdings 10,500 311 0.03

Paltac 600 17 — Panasonic 53,100 573 0.06 Park24 2,700 49 0.01 PeptiDream 2,200 51 0.01 Persol Holdings 4,100 71 0.01 Pigeon 2,700 69 0.01

Pilot 400 14 —

Pola Orbis Holdings 1,600 36 — Rakuten 18,200 148 0.02 Recruit Holdings 30,000 484 0.05

Relo Group 2,400 41 — Renesas Electronics 11,000 89 0.01

Rengo 5,000 22 — Resona Holdings 53,700 206 0.02

Resorttrust 1,500 20 — Ricoh 17,900 130 0.01 Rinnai 900 57 0.01 Rohm 2,300 147 0.02

Rohto Pharmaceutical 2,000 34 —

28


Portfolio Portfolio Portfolio Portfolio Statement Statement Statement Statement ---- continuedcontinuedcontinuedcontinued Market % of total


£’000 Investments Investments Investments Investments JAPAN JAPAN JAPAN JAPAN ---- continuedcontinuedcontinuedcontinued Ryohin Keikaku 600 132 0.01

Sankyo 1,300 31 —

Sankyu 1,000 31 —

Sanrio 1,700 24 — Santen Pharmaceutical 8,700 102 0.01

Sanwa Holdings 4,700 40 —

Sapporo Holdings 1,400 28 —

Sawai Pharmaceutical 900 38 — SBI Holdings 5,230 59 0.01 SCREEN Holdings 900 46 0.01

SCSK 1,100 35 — Secom 4,800 261 0.03 Sega Sammy Holdings 4,400 46 0.01 Seibu Holdings 5,600 71 0.01 Seiko Epson 7,000 126 0.01

Seino Holdings 4,000 42 — Sekisui Chemical 9,000 132 0.01 Sekisui House 14,800 186 0.02

Senshu Ikeda Holdings 4,840 14 — Seven & I Holdings 18,900 544 0.06 Seven Bank 16,800 45 0.01 Sharp 3,400 76 0.01

Shikoku Electric Power 4,100 36 —

Shimachu 1,200 23 — Shimadzu 7,000 103 0.01 Shimamura 500 45 0.01 Shimano 2,000 198 0.02 Shimizu 14,000 116 0.01 Shin-Etsu Chemical 10,000 666 0.07 Shinsei Bank 4,300 51 0.01 Shionogi 7,200 293 0.03 Shiseido 9,800 292 0.03

Shochiku 200 21 — Showa Denko K.K. 3,200 74 0.01 Showa Shell Sekiyu 5,300 45 0.01

SKY Perfect JSAT Holdings 2,900 10 —

Skylark 2,000 22 — SMC 1,500 394 0.04 SoftBank Group 21,200 1,275 0.13 Sohgo Security Services 1,600 55 0.01 Sojitz 29,700 61 0.01 Sompo Holdings 9,200 267 0.03 Sony 31,300 867 0.09 Sony Financial Holdings 4,100 50 0.01

Sotetsu Holdings 2,200 40 — Square Enix Holdings 2,200 62 0.01 Stanley Electric 3,800 97 0.01 Start Today 4,700 111 0.01 Subaru Corporation 15,300 411 0.04

Sugi Holdings 800 32 — Sumco 5,600 66 0.01 Sumitomo 28,300 303 0.03 Sumitomo Chemical 38,000 177 0.02

Sumitomo Dainippon Pharma 3,800 37 — Sumitomo Electric Industries 18,900 230 0.02

Sumitomo Forestry 3,100 36 — Sumitomo Heavy Industries 3,000 89 0.01 Sumitomo Metal Mining 6,000 144 0.02

29




£’000 Investments Investments Investments Investments JAPAN JAPAN JAPAN JAPAN ---- continuedcontinuedcontinuedcontinued Sumitomo Mitsui Financial Group 33,400 956 0.10 Sumitomo Mitsui Trust Holdings 9,500 256 0.03

Sumitomo Osaka Cement 10,000 33 — Sumitomo Realty & Development 11,000 248 0.03 Sumitomo Rubber Industries 4,800 66 0.01 Sundrug 1,600 49 0.01 Suntory Beverage & Food 3,000 100 0.01 Suruga Bank 4,000 64 0.01 Suzuken 2,000 53 0.01 Suzuki Motor 10,200 399 0.04 Sysmex 3,500 166 0.02 T & D Holdings 15,500 168 0.02

Tadano 3,400 30 — Taiheiyo Cement 3,200 92 0.01 Taisei 5,000 195 0.02 Taisho Pharmaceutical Holdings 1,200 68 0.01

Taiyo Nippon Sanso 4,000 35 —

Taiyo Yuden 2,900 32 —

Takara Holdings 4,000 27 — Takashimaya 8,000 56 0.01 Takeda Pharmaceutical 19,000 782 0.08 TDK 2,900 146 0.02 Teijin 4,200 62 0.01 Terumo 7,500 220 0.02

The 77 Bank 2,000 37 —

The Awa Bank 6,000 29 — The Bank of Kyoto 1,600 60 0.01 The Chiba Bank 16,000 85 0.01

The Chugoku Bank 4,300 44 —

The Daishi Bank 700 24 — The Gunma Bank 10,000 46 0.01

The Hachijuni Bank 9,000 42 —

The Hiroshima Bank 7,000 42 — The Iyo Bank 7,600 46 0.01

The Japan Steel Works 1,200 21 —

The Juroku Bank 700 17 — The Kansai Electric Power 17,800 170 0.02

The Keiyo Bank 8,000 28 —

The San-In Godo Bank 3,000 19 —

The Shiga Bank 5,000 21 — The Shizuoka Bank 14,000 94 0.01 The Yokohama Rubber Company 3,000 46 0.01 THK 3,100 79 0.01

TIS 2,000 44 — Tobu Railway 5,000 102 0.01

Toda 6,000 35 — Toho 2,600 68 0.01

Toho Gas 2,200 48 — Tohoku Electric Power 11,500 109 0.01

Tokai Rika 1,000 15 —

Tokai Tokyo Financial Holdings 5,600 25 — Tokio Marine Holdings 17,500 510 0.05

Tokyo Broadcasting System Holdings 1,300 18 —

Tokyo Century 1,000 34 — Tokyo Electric Power 37,700 113 0.01 Tokyo Electron 3,900 446 0.05 Tokyo Gas 10,600 194 0.02 Tokyo Tatemono 5,000 48 0.01

30




£’000 Investments Investments Investments Investments JAPAN JAPAN JAPAN JAPAN ---- continuedcontinuedcontinuedcontinued Tokyu 12,500 132 0.01 Tokyu Fudosan Holdings 12,000 54 0.01

Topcon 2,500 33 —

Toppan Forms 1,300 10 — Toppan Printing 13,000 96 0.01 Toray Industries 38,000 275 0.03 Toshiba 94,000 196 0.02 Tosoh 7,000 117 0.01 TOTO 3,400 107 0.01 Toyo Seikan Group Holdings 3,900 48 0.01 Toyo Suisan Kaisha 2,400 66 0.01

Toyo Tire & Rubber 2,600 44 —

Toyobo 2,100 30 —

Toyoda Gosei 1,500 26 —

Toyota Boshoku 1,800 28 — Toyota Industries 3,800 163 0.02 Toyota Motor 64,700 2,877 0.30 Toyota Tsusho 5,600 137 0.01 Trend Micro 3,000 110 0.01

TS Tech 1,300 32 —

Tsumura 1,400 38 — Tsuruha Holdings 800 71 0.01

TV Asahi Holdings 900 13 — UBE Industries 2,800 60 0.01

Ulvac 900 42 — Unicharm 9,800 167 0.02

Ushio 3,000 30 — USS 5,600 84 0.01

Wacoal Holdings 1,500 32 —

Welcia Holdings 1,000 28 — West Japan Railway 4,600 238 0.02 Yahoo Japan 33,200 117 0.01 Yakult Honsha 2,600 140 0.01 Yamada Denki 17,800 72 0.01 Yamaguchi Financial Group 6,000 52 0.01 Yamaha 4,000 110 0.01 Yamaha Motor 7,000 156 0.02 Yamato Holdings 8,800 132 0.01

Yamato Kogyo 1,200 24 —

Yamazaki Baking 3,000 40 — Yaskawa Electric 5,500 130 0.01 Yokogawa Electric 6,200 79 0.01

Zenkoku Hosho 1,300 41 —

Zensho Holdings 2,200 30 —

Zeon 3,000 29 — 66,996 66,996 66,996 66,996 6.946.946.946.94 LUXEMBOURG (0.13%; 0.11LUXEMBOURG (0.13%; 0.11LUXEMBOURG (0.13%; 0.11LUXEMBOURG (0.13%; 0.11%)%)%)%) B&M European Value Retail 185,922 720 0.08 Eurofins Scientific 280 132 0.01 RTL Group 1,101 62 0.01 SES 10,162 166 0.02 Tenaris 13,321 141 0.01 1,221 1,221 1,221 1,221 0.130.130.130.13 NETHERLANDS (3.51%; 3.24NETHERLANDS (3.51%; 3.24NETHERLANDS (3.51%; 3.24NETHERLANDS (3.51%; 3.24%)%)%)%) ABN AMRO Group 11,684 260 0.03 Aegon 52,926 230 0.02 Akzo Nobel 7,423 511 0.05 Altice 'A' 18,536 277 0.03

31




£’000

Investments Investments Investments Investments NETHERLANDS NETHERLANDS NETHERLANDS NETHERLANDS ---- continuedcontinuedcontinuedcontinued Altice 'B' 3,235 48 — ArcelorMittal 18,293 352 0.04 ASML Holdings 8,870 1,125 0.12 ASR Nederland 3,344 100 0.01 Boskalis Westminster 2,321 60 0.01 CNH Industrial 28,106 252 0.03 Gemalto 2,020 67 0.01

Gemalto (New) 276 9 —

Grandvision 1,544 29 — Heineken 6,701 493 0.05 Heineken Holding 2,749 192 0.02 ING Groep 111,589 1,532 0.16 Koninklijke Ahold Delhaize 37,596 524 0.05 Koninklijke DSM 4,585 280 0.03 Koninklijke Royal KPN 87,107 223 0.02 Koninklijke Royal Philips Electronics 26,737 823 0.09 Koninklijke Vopak 1,852 61 0.01 NN Group 9,557 297 0.03

OCI 2,110 37 — Philips Lighting 2,260 68 0.01 QIAGEN 6,627 155 0.02 Randstad Holding 3,035 140 0.01 Relx 25,276 401 0.04 Royal Dutch Shell 'A' 1,028,419 23,114 2.39 Unilever 43,705 1,926 0.20 Wolters Kluwer 8,180 281 0.03 33,867 33,867 33,867 33,867 3.513.513.513.51 NEW ZEALAND (0.10NEW ZEALAND (0.10NEW ZEALAND (0.10NEW ZEALAND (0.10%; 0.10%)%; 0.10%)%; 0.10%)%; 0.10%)

Air New Zealand 19,653 35 — Auckland International Airport 33,846 117 0.01 Contact Energy 24,327 72 0.01 Fisher & Paykel Healthcare 20,347 139 0.02 Fletcher Building 24,945 107 0.01

Kiwi Property Group 52,234 38 —

Mercury 22,986 42 — Meridian Energy 43,054 66 0.01 Ryman Healthcare 13,930 70 0.01 SKY CITY Entertainment Group 23,791 48 0.01

SKY Network Television 13,114 19 — Spark New Zealand 66,758 131 0.01 Xero 3,274 54 0.01 938 938 938 938 0.100.100.100.10 NORWAY (0.22%; 0.19NORWAY (0.22%; 0.19NORWAY (0.22%; 0.19NORWAY (0.22%; 0.19%)%)%)%) Aker BP 3,175 46 0.01 DNB 31,175 469 0.05 Gjensidige Forsikring 4,590 59 0.01 Marine Harvest 10,644 157 0.02 Norsk Hydro 39,297 213 0.02 Orkla 22,217 170 0.02

Schibsted 'A' 2,232 43 —

Schibsted 'B' 2,484 43 — Statoil 27,454 409 0.04 Telenor 20,285 320 0.03 Yara International 4,990 167 0.02 2,096 2,096 2,096 2,096 0.220.220.220.22 PORTUGAL (0.05PORTUGAL (0.05PORTUGAL (0.05PORTUGAL (0.05%; 0.05%)%; 0.05%)%; 0.05%)%; 0.05%)

Banco Espirito Santo 64,545 — — EDP Energias de Portugal 64,702 182 0.02 Galp Energia 16,392 216 0.02

32




£’000

Investments Investments Investments Investments PORTUGALPORTUGALPORTUGALPORTUGAL ---- continuedcontinuedcontinuedcontinued Jeronimo Martins 6,915 102 0.01 500 500 500 500 0.050.050.050.05 SINGAPORE (0.59%; 0.62%)SINGAPORE (0.59%; 0.62%)SINGAPORE (0.59%; 0.62%)SINGAPORE (0.59%; 0.62%) Ascendas Real Estate Investment Trust 86,725 127 0.01

BOC Aviation 7,100 29 — CapitaLand 90,100 177 0.02 CapitaLand Commercial Trust 71,000 64 0.01 CapitaLand Mall Trust 78,000 86 0.01 City Developments 16,600 103 0.01 ComfortDelGro 73,400 84 0.01 Dairy Farm International Holdings 9,400 54 0.01 DBS Group Holdings 62,334 714 0.07

Frasers Centrepoint 12,400 14 — Genting Singapore 187,100 120 0.01 Global Logistic Properties 101,000 183 0.02

Golden Agri-Resources 218,000 45 — Hongkong Land Holdings 42,000 226 0.02 Hutchison Port Holdings Trust 175,000 56 0.01 Jardine Cycle & Carriage 3,533 76 0.01 Jardine Matheson Holdings 7,200 340 0.04 Jardine Strategic Holdings 6,400 206 0.02 Keppel 50,600 181 0.02

M1 11,000 11 — Oversea-Chinese Banking 115,761 709 0.07 Sats 23,000 58 0.01 SembCorp Industries 31,000 50 0.01

SembCorp Marine 28,000 27 —

SIA Engineering 7,000 13 — Singapore Airlines 18,300 101 0.01 Singapore Exchange 28,000 114 0.01

Singapore Post 58,400 40 — Singapore Press Holdings 54,000 81 0.01 Singapore Technologies Engineering 53,000 100 0.01 Singapore Telecommunications 263,500 534 0.06

StarHub 20,000 29 — Suntec Real Estate Investment Trust 82,000 84 0.01 United Overseas Bank 44,923 580 0.06 UOL Group 16,656 74 0.01 Venture 9,300 90 0.01 Wilmar International 68,700 120 0.01

Wing Tai Holdings 14,000 17 — 5,717 5,717 5,717 5,717 0.590.590.590.59 SOUTH KOREA (2.02%; 1.95SOUTH KOREA (2.02%; 1.95SOUTH KOREA (2.02%; 1.95SOUTH KOREA (2.02%; 1.95%)%)%)%) Amorepacific 1,133 191 0.02 Amorepacific Group 1,059 85 0.01

Amorepacific Preference 360 36 —

BGF Retail 660 36 — BS Financial Group 10,831 71 0.01 Celltrion 2,753 255 0.03 Celltrion Healthcare 1,490 54 0.01

Cheil Worldwide 2,510 30 — CJ 450 50 0.01 CJ CheilJedang 248 57 0.01

CJ CheilJedang Preference 80 8 —

CJ Logistics 263 28 — Coway 1,820 111 0.01 Daelim Industrial 922 48 0.01

Daewoo Engineering & Construction 6,220 29 —

33




£’000

Investments Investments Investments Investments SOUTH KOREA SOUTH KOREA SOUTH KOREA SOUTH KOREA ---- continuedcontinuedcontinuedcontinued Daewoo Shipbuilding & Marine Engineering 332 1 —

DGB Financial Group 5,229 36 — Dongbu Insurance 1,560 74 0.01

Dongsuh Companies 1,005 18 —

Doosan 315 29 —

Doosan Heavy Industries and Construction 2,460 27 —

Doosan Infracore 4,600 25 — E-Mart 715 97 0.01

GS Engineering & Construction 1,658 29 — GS Holdings 1,736 74 0.01

GS Retail 1,043 24 — Hana Financial Group 10,429 322 0.03 Hankook Tire 2,674 105 0.01 Hanmi Pharm Company 231 68 0.01

Hanmi Science 414 25 — Hanon Systems 5,620 46 0.01

Hanssem 380 37 — Hanwha 1,630 47 0.01 Hanwha Chemical 2,860 61 0.01

Hanwha Life Insurance 8,880 40 —

Hanwha Techwin 1,228 27 —

Hite Jinro 880 15 — Hotel Shilla 1,090 41 0.01 Hyosung 827 78 0.01

Hyundai Construction 74 18 —

Hyundai Department Store 553 32 — Hyundai Development Co-Eng and Construction 2,080 48 0.01

Hyundai Electric & Energy Systems 77 12 — Hyundai Engineering & Construction 2,483 62 0.01 Hyundai Glovis 624 60 0.01 Hyundai Heavy Industries 1,133 107 0.01 Hyundai Marine & Fire Insurance 2,060 61 0.01

Hyundai Mipo Dockyard 319 20 — Hyundai Mobis 2,297 359 0.04 Hyundai Motor 5,085 498 0.05 Hyundai Motor Preference 858 52 0.01 Hyundai Motor 2nd Preference 1,231 82 0.01 Hyundai Robotics 390 108 0.01 Hyundai Steel 2,680 92 0.01

Hyundai Wia 556 24 — Industrial Bank of Korea 8,890 83 0.01 Kakao 1,144 107 0.01 Kangwon Land 3,650 83 0.01 KB Financial Group 13,972 510 0.05 KCC 198 48 0.01

KEPCO Plant Service & Engineering 700 19 — Kia Motors 9,148 189 0.02 Korea Aerospace Industries 2,230 64 0.01 Korea Electric Power (KEPCO) 9,040 230 0.02

Korea Gas 1,036 28 — Korea Investment Holdings 1,290 52 0.01 Korea Zinc 336 108 0.01

Korean Air Lines 1,531 31 — KT&G 3,911 268 0.03

Kumho Petrochemical 551 26 — LG 3,243 170 0.02 LG Chem 1,605 410 0.04 LG Chem Preference 249 41 0.01

34




£’000

Investments Investments Investments Investments SOUTH KOREA SOUTH KOREA SOUTH KOREA SOUTH KOREA ---- continuedcontinuedcontinuedcontinued LG Display 8,030 160 0.02 LG Electronics 3,825 205 0.02

LG Electronics Preference 490 13 —

LG Hausys 237 14 — LG Household & Health Care 312 191 0.02

LG Household & Health Care Preference 70 27 — LG Uplus 7,630 66 0.01 Lotte Chemical 520 128 0.01

Lotte Chilsung Beverage 19 17 —

Lotte Confectionery 180 19 —

Lotte Fine Chemical 597 16 — Lotte Shopping 388 62 0.01

LS 685 35 —

Mando 227 37 — Mirae Asset Daewoo 13,636 87 0.01 Naver 930 452 0.05 NCSoft 604 183 0.02 Netmarble Games 622 61 0.01 NH Investment & Securities 4,820 43 0.01

NHN Entertainment 490 22 —

NongShim 98 22 — OCI 635 42 0.01 Orion 881 56 0.01

Orion Holdings 458 7 —

Ottogi 42 20 —

Paradise 1,507 15 — POSCO 2,388 493 0.05

POSCO DAEWOO 1,410 18 —

S-1 663 39 — Samsung Biologics 473 104 0.01 Samsung C&T 2,537 223 0.02

Samsung Card 1,227 29 — Samsung Electro-Mechanics 2,032 135 0.01 Samsung Electronics 3,377 5,647 0.59 Samsung Electronics Preference 592 796 0.08

Samsung Engineering 5,328 38 — Samsung Fire & Marine Insurance 1,156 211 0.02

Samsung Fire & Marine Insurance Preference 70 8 — Samsung Heavy Industries 9,194 67 0.01 Samsung Life Insurance 2,235 165 0.02 Samsung SDI 1,865 241 0.03 Samsung SDS 1,170 128 0.01 Samsung Securities 2,369 53 0.01 Shinhan Financial Group 15,970 523 0.06

Shinsegae 265 34 — SK Holdings 1,187 223 0.02 SK Hynix 18,753 1,014 0.11 SK Innovation 2,156 279 0.03

SK Networks 4,770 22 — SK Telecom 793 132 0.01

SKC 630 17 — S-Oil 1,415 118 0.01 Woori Bank 17,984 209 0.02

Yuhan 299 40 — 19,54319,54319,54319,543 2.022.022.022.02 SPAIN (1.37%; 1.31SPAIN (1.37%; 1.31SPAIN (1.37%; 1.31SPAIN (1.37%; 1.31%)%)%)%) Abertis Infraestructuras 19,313 291 0.03

Acciona 740 44 —

35




Investments Investments Investments Investments SPAIN SPAIN SPAIN SPAIN ---- continuedcontinuedcontinuedcontinued Acerinox 3,675 39 — ACS Actividades de Construccion y Servicios 7,078 196 0.02 Aena 1,792 241 0.03 Amadeus IT Holding 11,295 547 0.06 Banco Bilbao Vizcaya Argentaria 193,137 1,286 0.13 Banco de Sabadell 157,235 245 0.03 Banco Santander 456,252 2,375 0.25 Bankia 32,028 115 0.01 Bankinter 19,120 135 0.01 CaixaBank 104,571 391 0.04 Cellnex Telecom 4,087 70 0.01

Corporacion Financiera Alba 681 31 — Distribuidora Internacional de Alimentacion 17,100 74 0.01

EDP Renovaveis 6,006 38 — Enagas 6,279 132 0.01 Endesa 8,786 148 0.02 Ferrovial 13,731 225 0.02 Gas Natural SDG 8,470 140 0.01 Grifols 'A' 9,297 202 0.02 Grifols 'B' 7,204 118 0.01 Grupo Catalana Occidente 1,652 52 0.01 Iberdrola 157,971 914 0.10 Inditex 30,863 867 0.09 International Consolidated Airlines Group 385,885 2,288 0.24 Mapfre 29,287 71 0.01

Mediaset Espana Comunicacion 5,264 44 — Merlin Properties Socimi 9,689 100 0.01 Red Electrica 12,196 191 0.02 Repsol 32,751 449 0.05 Siemens Gamesa Renewable Energy 6,390 62 0.01 Telefonica 125,739 1,018 0.11

Zardoya Otis 5,374 44 — 13,183 13,183 13,183 13,183 1.371.371.371.37 SWEDEN (0.98%; 0.94SWEDEN (0.98%; 0.94SWEDEN (0.98%; 0.94SWEDEN (0.98%; 0.94%)%)%)%) Alfa Laval 8,756 159 0.02 Assa Abloy 'B' 26,150 445 0.04 Atlas Copco 'A' 17,961 566 0.06 Atlas Copco 'B' 10,922 315 0.03 Boliden 7,688 193 0.02 Electrolux 'B' 6,337 160 0.02 Ericsson 89,105 381 0.04 Essity 'B' 17,904 362 0.04 Fastighets Balder 2,587 50 0.01 Getinge 'B' 5,683 79 0.01 Hennes & Mauritz 26,837 517 0.05 Hexagon 'B' 7,213 266 0.03 Husqvarna 'B' 10,764 82 0.01 ICA Gruppen 2,774 77 0.01 Industrivarden 'A' 6,164 122 0.01 Industrivarden 'C' 4,676 88 0.01 Investor 'B' 13,184 484 0.05 Kinnevik 6,824 165 0.02

L E Lundbergforetagen 731 43 —

Latour Investment 'B' 3,400 34 — Lundin Petroleum 4,860 79 0.01 Nordea Bank 92,437 932 0.10

SAAB 'B' 1,497 57 — Sandvik 30,346 390 0.04 SCA 'B' 17,904 113 0.01

36

Manager’s Report Manager’s Report Manager’s Report Manager’s Report ---- continuecontinuecontinuecontinuedddd



Investments Investments Investments Investments SWEDEN SWEDEN SWEDEN SWEDEN ---- continuedcontinuedcontinuedcontinued Securitas 'B' 8,495 106 0.01 Skandinaviska Enskilda Banken 40,277 395 0.04 Skanska 'B' 10,240 177 0.02 SKF 'B' 10,775 175 0.02 Svenska Handelsbanken 'A' 43,666 490 0.05 Swedbank 'A' 31,236 643 0.07 Swedish Match 5,309 139 0.01 Tele2 'B' 9,718 83 0.01 Telia Company 72,466 254 0.03 Trelleborg 7,172 133 0.01 Volvo 'B' 46,011 660 0.07 9,414 9,414 9,414 9,414 0.980.980.980.98 SWITZERLAND (2.85%; 3.01%)SWITZERLAND (2.85%; 3.01%)SWITZERLAND (2.85%; 3.01%)SWITZERLAND (2.85%; 3.01%) ABB 55,595 1,025 0.11 Adecco 4,534 263 0.03 AMS 1,542 83 0.01 Aryzta 2,402 55 0.01 Baloise Holding 1,310 154 0.02

Banque Cantonale Vaudoise 79 44 — Barry Callebaut 54 62 0.01 Clariant 7,835 140 0.01 Coca-Cola HBC AG 45,941 1,156 0.12 Credit Suisse Group 75,404 890 0.09

DKSH Holdings 714 45 — Dufry 925 110 0.01 Ems-Chemie Holding 204 101 0.01 Flughafen Zuerich 563 95 0.01 Geberit 1,072 378 0.04 Givaudan 268 435 0.05 Helvetia Holding 171 69 0.01

Idorsia Limited 2,758 37 — Julius Baer Group 6,179 272 0.03 Kuhne + Nagel International 1,421 196 0.02 LafargeHolcim 14,214 620 0.06 Lindt & Spruengli 'P' 28 119 0.01 Lindt & Spruengli 'R' 3 155 0.02 Logitech 3,880 105 0.01 Lonza Group 2,189 428 0.04 Nestle 89,475 5,586 0.58 Novartis 67,189 4,288 0.44 Pargesa Holdings 881 55 0.01 Partners Group Holdings 477 241 0.03 PSP Swiss Property 1,114 76 0.01 Richemont 14,863 1,013 0.10 Roche Holding 19,934 3,794 0.39 Roche Holdings 'BR' 799 152 0.02 Schindler 'P' 1,181 194 0.02 Schindler 'R' 568 91 0.01 SGS 143 256 0.03 Sika 'B' 60 333 0.03 Sonova Holding 1,430 181 0.02 Straumann Holding 314 150 0.02

Sulzer 364 32 — Swiss Life Holding 901 237 0.02 Swiss Prime Site 2,084 140 0.01 Swiss Re 8,533 576 0.06 Swisscom 645 246 0.03 Temenos Group 1,735 132 0.01 The Swatch Group 'B' 851 264 0.03

37




Investments Investments Investments Investments SWITZERLAND SWITZERLAND SWITZERLAND SWITZERLAND ---- continuedcontinuedcontinuedcontinued The Swatch Group 'R' 1,341 80 0.01 UBS 100,625 1,282 0.13 Vifor Pharma 1,532 135 0.01 Zurich Insurance Group 4,327 984 0.10 27,555 27,555 27,555 27,555 2.852.852.852.85 UNITED STATES (13.40%; 14.00UNITED STATES (13.40%; 14.00UNITED STATES (13.40%; 14.00UNITED STATES (13.40%; 14.00%)%)%)%) 3M 4,613 723 0.07 Abbott Laboratories 13,170 525 0.05 AbbVie 12,554 833 0.09 Accenture 4,793 483 0.05 Activision Blizzard 5,711 275 0.03

Acuity Brands 300 38 — Adient 813 51 0.01 Adobe Systems 3,962 441 0.05

Advance Auto Parts 600 44 — Advanced Micro Devices 5,900 56 0.01

Aercap Holdings 1,100 42 —

AES 5,381 44 — Aetna 2,532 301 0.03 Affiliated Managers Group 400 57 0.01 Aflac 2,901 176 0.02 Agilent Technologies 2,420 116 0.01

AGNC Investment 2,330 38 — Air Products and Chemicals 1,686 190 0.02

Akamai Technologies 1,258 46 — Albemarle 800 81 0.01

Alcoa 1,072 37 — Alexandria Real Estate Equities 700 62 0.01 Alexion Pharmaceuticals 1,694 177 0.02 Align Technology 600 83 0.01

Alkermes 1,000 38 — Alleghany 125 52 0.01

Allegion 695 45 — Allergan 2519 385 0.04 Alliance Data Systems 450 74 0.01

Alliant Energy 1,546 48 — Ally Financial 3,200 58 0.01 Alphabet 'A' 2,298 1,670 0.17 Alphabet 'C' 2,303 1,648 0.17 Altria Group 14,817 701 0.07 Amazon.com 3,087 2,214 0.23 Amdocs 1,200 58 0.01 Ameren 1,694 73 0.01

American Airlines Group 800 28 — American Electric Power 3,878 203 0.02 American Express 5,943 401 0.04 American International Group 7,172 329 0.03 American Tower 3,281 335 0.03 American Water Works 1,224 74 0.01 Ameriprise Financial 1,156 128 0.01 AmerisourceBergen 1,108 68 0.01 Ametek 1,695 84 0.01 Amgen 5,661 787 0.08 Amphenol 2,324 147 0.02 Anadarko Petroleum 4,074 149 0.02 Analog Devices 2,956 190 0.02 Andeavor 1,300 100 0.01 Annaly Capital Management 6,794 62 0.01 ANSYS 700 64 0.01

38




£’000

Investments Investments Investments Investments UNITED STATES UNITED STATES UNITED STATES UNITED STATES ---- continuedcontinuedcontinuedcontinued Antero Resources 2,100 31 — Anthem 1,947 276 0.03 Aon 1,966 214 0.02 Apache 3,177 109 0.01 Apple 40,493 4,655 0.48 Applied Materials 8,253 321 0.03 Aramark 1,900 58 0.01 Arch Capital Group 900 66 0.01 Archer-Daniels-Midland 4,483 142 0.01 Arconic 3,216 60 0.01 Arista Networks 400 57 0.01

Arrow Electronics 783 47 — Arthur J. Gallagher & Co 1,607 74 0.01

Ashland Global Holdings 547 27 —

Assurant 613 44 — AT&T 47,895 1,399 0.14 Autodesk 1,590 133 0.01 Autoliv 720 66 0.01 Automatic Data Processing 3,526 288 0.03

AutoNation 694 25 — AutoZone 207 92 0.01 AvalonBay Communities 1,067 142 0.01

Avangrid 800 28 — Avery Dennison 749 55 0.01

Avnet 1,017 30 —

Axis Capital Holdings 317 14 — Baker Hughes a GE Company 3,558 97 0.01 Ball 2,998 92 0.01 Bank of America 76,240 1,442 0.15 Baxter International 4,205 197 0.02 BB&T 5,870 206 0.02 Becton Dickinson 1,694 248 0.03

Bed Bath & Beyond 1,391 24 —

Bemis Company 725 25 — Berkshire Hathaway 'A' 3 616 0.06 Berkshire Hathaway 'B' 9,717 1,329 0.14 Best Buy 2,156 92 0.01 Biogen Idec 1,689 395 0.04 BioMarin Pharmaceutical 1,200 83 0.01

Bioverativ 844 36 — BlackRock 931 311 0.03 BorgWarner 1,736 66 0.01 Boston Properties 1,235 113 0.01 Boston Scientific 10,175 221 0.02

Brighthouse Financial 622 28 — Bristol-Myers Squibb 12,880 613 0.06 Broadcom 3,121 565 0.06 Broadridge Financial Solutions 865 52 0.01

Brown & Brown 996 36 — Brown-Forman 'B' 1,200 49 0.01 Bunge 1,020 53 0.01 CA 2,553 64 0.01 Cabot Oil & Gas 3,530 70 0.01

Calpine 2,531 28 —

Campbell Soup 1,084 38 — Capital One Financial 3,367 213 0.02 Cardinal Health 2,422 121 0.01 CarMax 1,581 89 0.01

39




£’000

Investments Investments Investments Investments UNITED STATES UNITED STATES UNITED STATES UNITED STATES ---- continuedcontinuedcontinuedcontinued Carnival 3,131 151 0.02

Cars.com 553 11 — Caterpillar 4,420 411 0.04 CBOE Holdings 900 72 0.01 CBRE Group 2,279 64 0.01 CBS 2,683 116 0.01 CDK Global 1,175 55 0.01 CDW 1,200 59 0.01 Celanese 1,098 85 0.01 Celgene 6,152 670 0.07 Centene 1,400 101 0.01 CenterPoint Energy 2,557 56 0.01 CenturyLink 4,522 64 0.01 Cerner 2,370 126 0.01 CF Industries Holdings 1,990 52 0.01 CH Robinson Worldwide 1,151 65 0.01 Charter Communications 1,487 403 0.04 Check Point Software Technologies 1,063 90 0.01

Cheniere Energy 1,400 47 — Chevron 14,611 1,281 0.13 Chipotle Mexican Grill 218 50 0.01 Chubb 3,605 384 0.04 Church & Dwight 2,012 73 0.01 Cigna 2,001 279 0.03 Cimarex Energy 600 51 0.01 Cincinnati Financial 1,144 65 0.01 Cintas 609 66 0.01 Cisco Systems 38,899 976 0.10

CIT Group 960 35 — Citigroup 21,132 1,147 0.12 Citizens Financial Group 4,100 116 0.01 Citrix Systems 1,301 75 0.01 CME Group 2,525 256 0.03 CMS Energy 2,100 73 0.01

CNA Financial 200 7 — Coach 2,026 61 0.01

Coca-Cola European Partners 1,521 47 — Cognizant Technology Solutions 4,656 252 0.03 Colgate-Palmolive 6,786 369 0.04 Comcast 'A' 36,852 1,058 0.11 Comerica 1,386 79 0.01

Commerce Bancshares 793 34 — Conagra Brands 2,807 71 0.01 Concho Resources 1,022 101 0.01 ConocoPhillips 9,471 354 0.04 Consolidated Edison 2,337 141 0.01 Constellation Brands 'A' 1,235 184 0.02

Continental Resources 756 22 —

Core Laboratories 300 22 — Corning 6,544 146 0.02 Costco Wholesale 3,263 400 0.04

Coty 3,700 46 — CR Bard 589 141 0.01 Crown Castle International 2,908 217 0.02

CSRA 1,077 26 — CSX 6,961 282 0.03 Cummins 1,152 144 0.01 CVS Health 8,025 487 0.05 Danaher 4,768 305 0.03

40




£’000

Investments Investments Investments Investments UNITED STATES UNITED STATES UNITED STATES UNITED STATES ---- continuedcontinuedcontinuedcontinued Darden Restaurants 900 53 0.01 DaVita 1,310 58 0.01 Deere 2,233 209 0.02 Dell Technologies 1,654 95 0.01 Delphi Automotive 2,000 147 0.02 Delta Air Lines 1,482 53 0.01 DENTSPLY SIRONA 1,887 84 0.01 Devon Energy 3,932 108 0.01 Digital Realty Trust 1,536 136 0.01 Discover Financial Services 3,015 145 0.02

Discovery Communications 'A' 999 16 —

Discovery Communications 'C' 1,833 28 — DISH Network 'A' 1,456 59 0.01 Dollar General 2,094 127 0.01 Dollar Tree 1,872 121 0.01 Dominion Energy 5,090 292 0.03 Domino's Pizza 400 59 0.01 Dover 1,288 88 0.01 DowDuPont 17,589 909 0.09 DR Horton 2,227 66 0.01 Dr Pepper Snapple Group 1,487 98 0.01

DST Systems 618 25 — DTE Energy 1,481 119 0.01 Duke Energy 5,193 325 0.03 Duke Realty 3,116 67 0.01 DXC Technology 2,153 138 0.01 E*TRADE Financial 2,200 72 0.01 Eastman Chemical 1,260 85 0.01 Eaton 3,701 212 0.02 eBay 7,335 211 0.02 Ecolab 2,109 202 0.02

Edgewell Personal Care Company 458 25 — Edison International 2,546 147 0.02 Edwards Lifesciences 1,600 131 0.01 Electronic Arts 2,313 204 0.02 Eli Lilly 7,555 482 0.05 Emerson Electric 4,958 233 0.02 Entergy 1,535 87 0.01 EOG Resources 4,470 323 0.03 EQT 1,145 56 0.01 Equifax 840 66 0.01 Equinix 624 208 0.02 Equity Residential 2,861 141 0.01 Essex Property Trust 500 95 0.01 Everest Re Group 377 64 0.01 Eversource Energy 2,393 108 0.01 Exelon 6,833 192 0.02 Expedia 847 91 0.01 Expeditors International of Washington 1,495 67 0.01 Express Scripts Holdings 'A' 4,712 223 0.02 Extra Space Storage 900 54 0.01 Exxon Mobil 33,042 2,022 0.21 F5 Networks 557 50 0.01 Facebook 'A' 18,200 2,321 0.24 Fastenal 2,067 70 0.01 Federal Realty Investment Trust 645 60 0.01 FedEx 2,005 338 0.03 Fidelity National Information Services 2,299 160 0.02 Fifth Third Bancorp 6,434 134 0.01

41


Portfolio Statement Portfolio Statement Portfolio Statement Portfolio Statement ---- continuecontinuecontinuecontinuedddd Market % of total


£’000

Investments Investments Investments Investments UNITED STATES UNITED STATES UNITED STATES UNITED STATES ---- continuedcontinuedcontinuedcontinued First Republic Bank 1,347 105 0.01 FirstEnergy 2,932 67 0.01 Fiserv 1,684 162 0.02 FleetCor Technologies 700 81 0.01 Flextronics International 4,817 60 0.01

Flowserve 1,146 36 —

Fluor 1,189 37 — FMC Corp 1,100 73 0.01 FNF Group 2,100 74 0.01

Foot Locker 1,060 28 — Ford Motor 29,931 267 0.03 Fortive 2,184 115 0.01 Fortune Brands Home & Security 1,107 56 0.01 Franklin Resources 3,129 104 0.01 Freeport-McMoRan 11,203 117 0.01

Garmin 1,021 41 — Gartner 700 65 0.01 General Dynamics 1,997 306 0.03 General Electric 68,175 1,230 0.13 General Mills 4,689 181 0.02 General Motors 10,377 313 0.03

Gentex 2,020 30 — Genuine Parts 1,091 78 0.01 GGP 5,089 79 0.01 Gilead Sciences 10,032 607 0.06 Global Payments 1,100 78 0.01

H&R Block 1,710 34 — Halliburton 6,515 224 0.02 Hanesbrands 3,200 59 0.01

Harley-Davidson 1,116 40 — Harris 798 78 0.01 Hartford Financial Services Group 3,080 127 0.01 Hasbro 904 66 0.01 HCA Healthcare 2,124 126 0.01 HCP 3,446 72 0.01

Helmerich & Payne 800 31 — Henry Schein 1,266 77 0.01

Herbalife 416 21 — Hess 1,967 69 0.01 Hewlett Packard Enterprise 12,530 138 0.01 Hilton Worldwide Holdings 1,566 81 0.01

HollyFrontier 1,464 39 — Hologic 2,200 60 0.01 Honeywell International 5,869 621 0.06

Hormel Foods 1,802 43 —

Hospitality Properties Trust 865 18 — Host Hotels & Resorts 6,251 86 0.01 HP 12,430 185 0.02 Humana 1,146 208 0.02 Huntington Bancshares 6,052 63 0.01

IAC/InterActiveCorp 535 47 — IBM 6,723 728 0.08 Idexx Laboratories 700 81 0.01 IHS Markit 2,900 95 0.01 Illinois Tool Works 2,387 264 0.03 Illumina 1,171 174 0.02 Incyte 1,200 105 0.01 Ingersoll-Rand 2,085 139 0.01

Ingredion 400 36 —

42




£’000

Investments Investments Investments Investments UNITED STATES UNITED STATES UNITED STATES UNITED STATES ---- continuedcontinuedcontinuedcontinued Intel 36,125 1,027 0.11 Intercontinental Exchange 4,125 212 0.02 International Flavors & Fragrances 564 60 0.01 International Paper 2,761 117 0.01 Intuit 1,884 200 0.02 Intuitive Surgical 275 215 0.02 Invesco 3,161 83 0.01 Iron Mountain 2,318 67 0.01

Jabil 1,460 31 —

Jacobs Engineering Group 894 39 —

Janus Henderson Group 1,500 39 —

Jazz Pharmaceuticals 400 44 —

JB Hunt Transport Services 514 43 —

JBG Smith Properties 646 16 — Johnson & Johnson 21,053 2,043 0.21 Johnson Controls International 7,136 215 0.02 JPMorgan Chase 27,439 1,956 0.20 Juniper Networks 2,588 54 0.01 Kansas City Southern 969 79 0.01 Kellogg 1,888 88 0.01 KeyCorp 8,766 123 0.01

Keysight Technologies 1,210 38 — Kimberly-Clark 2,712 238 0.02

Kimco Realty 2,845 41 — Kinder Morgan 14,278 204 0.02 KLA-Tencor 1,177 93 0.01 Kohl's 1,477 50 0.01 L Brands 1,791 56 0.01 L3 Technologies 700 98 0.01 Laboratory Corporation of America Holdings 681 77 0.01 Lam Research 1,238 171 0.02

Lamb Weston Holdings 1,202 42 — Las Vegas Sands 2,747 132 0.01 Lear 600 78 0.01

Leggett & Platt 975 35 —

Lennar 'A' 1,104 44 —

Leucadia National Corporation 2,381 45 — Level 3 Communications 2,200 87 0.01

Liberty Broadband 'A' 196 14 — Liberty Broadband 'C' 812 58 0.01

Liberty Global 'A' 1,228 31 — Liberty Global 'C' 4,428 108 0.01 Liberty Interactive 3,827 67 0.01

Liberty Media SiriusXM 'A' 786 25 — Liberty Media SiriusXM 'C' 1,572 49 0.01

Liberty Property Trust 811 25 — Lincoln National 2,042 112 0.01 LKQ 2,600 70 0.01 Lockheed Martin 1,959 454 0.05 Loews 2,080 74 0.01 Lowe's 6,537 390 0.04

Lululemon athletica 763 35 — LyondellBasell Industries 2,436 180 0.02 M&T Bank 1,157 139 0.01

Macy's 2,043 33 —

Mallinckrodt 900 25 — ManpowerGroup 574 50 0.01 Marathon Oil 5,534 56 0.01

43



AsAsAsAs at 30th September 2017at 30th September 2017at 30th September 2017at 30th September 2017 Holding Value net assets

£’000

Investments Investments Investments Investments UNITED STATES UNITED STATES UNITED STATES UNITED STATES ---- continuedcontinuedcontinuedcontinued Marathon Petroleum 4,298 180 0.02 Markel 107 85 0.01 Marriott International 'A' 2,443 201 0.02 Marsh & McLennan 3,697 231 0.02 Martin Marietta Materials 500 77 0.01

Marvell Technology Group 2,591 35 — Masco 2,524 73 0.01 MasterCard 7,360 776 0.08

Mattel 2,374 27 — Maxim Intergrated Products 2,045 73 0.01 McCormick 839 64 0.01 McDonald's 6,341 741 0.08 McKesson 1,627 187 0.02

MDU Resources Group 1,316 25 — Medtronic 10,422 605 0.06 MercadoLibre 300 58 0.01 Merck 21,148 1,011 0.10 MetLife 6,848 266 0.03 Mettler Toledo International 200 93 0.01 MGM Resorts International 3,469 84 0.01

Michael Kors Holdings 1,000 36 — Microchip Technology 1,836 123 0.01 Micron Technology 8,523 250 0.03 Microsoft 57,806 3,212 0.33 Mid-America Apartment Communities 900 72 0.01 Mohawk Industries 480 89 0.01 Molson Coors Brewing 'B' 1,296 79 0.01 Mondelez International 11,581 352 0.04 Monsanto 3,449 308 0.03 Monster Beverage 3,210 132 0.01 Moody's 1,356 141 0.01 Morgan Stanley 10,348 372 0.04 Motorola Solutions 1,442 91 0.01

Murphy Oil 1,349 27 — Mylan 3,888 91 0.01 Nasdaq 1,000 58 0.01 National Oilwell Varco 3,366 90 0.01

Navient 1,767 20 —

NCR 1,112 31 — NetApp 2,514 82 0.01 Netflix 3,116 422 0.04

New York Community Bancorp 3,053 29 — Newell Brands 3,849 123 0.01

Newfield Exploration 1,737 38 — Newmont Mining 4,236 119 0.01

News Corporation 'A' 2,943 29 —

News Corporation 'B' 1,049 11 — NextEra Energy 3,651 399 0.04 Nielsen Holdings 3,005 93 0.01 Nike 'B' 10,200 395 0.04 NiSource 2,764 53 0.01 Noble Energy 3,974 84 0.01

Nordstrom 668 24 — Norfolk Southern 2,337 231 0.02 Northern Trust 1,689 116 0.01 Northrop Grumman 1,271 273 0.03

Norwegian Cruise Line Holdings 1,000 40 — NRG Energy 2,712 52 0.01

Nuance Communications 1,607 19 —

44




£’000

Investments Investments Investments Investments UNITED UNITED UNITED UNITED STATES STATES STATES STATES ---- continuedcontinuedcontinuedcontinued Nucor 2,820 118 0.01 NVIDIA 4,481 598 0.06 NVR 25 53 0.01 NXP Semiconductors 2,611 220 0.02 Occidental Petroleum 5,759 276 0.03

Old Republic International 1,811 27 — Omnicom Group 1,913 106 0.01 ONEOK 2,752 114 0.01 Oracle 22,512 812 0.08 O'Reilly Automotive 700 113 0.01 PACCAR 2,811 152 0.02 Packaging Corporation of America 700 60 0.01 Palo Alto Networks 800 86 0.01

Park Hotels & Resorts 1,017 21 — Parker-Hannifin 1,059 138 0.01

Patterson 777 22 — Paychex 2,550 114 0.01 PayPal Holdings 8,635 413 0.04 Pentair 1,468 74 0.01

People's United Financial 2,528 34 — PepsiCo 11,160 928 0.10 Perrigo 1,056 67 0.01 Pfizer 45,743 1,218 0.13 PG&E 3,995 203 0.02 Philip Morris International 11,971 992 0.10 Phillips 66 3,586 245 0.03

Pinnacle West Capital 760 48 — Pioneer Natural Resources 1,254 138 0.01 PNC Financial Services Group 3,788 381 0.04

Polaris Industries 500 39 — PPG Industries 2,132 173 0.02 PPL 5,346 151 0.02 Praxair 2,301 240 0.02 Principal Financial Group 2,113 101 0.01 Prologis 4,018 190 0.02 Prudential Financial 3,295 262 0.03 Public Service Enterprise Group 4,165 144 0.01 Public Storage 1,095 175 0.02 PulteGroup 2,400 49 0.01 PVH 700 66 0.01 Qorvo 1,000 53 0.01 Qualcomm 11,353 439 0.05 Quest Diagnostics 1,103 77 0.01 Quintiles Transnational Holding 960 68 0.01

Ralph Lauren 432 28 —

Range Resources 1,629 24 — Raymond James Financial 900 57 0.01 Raytheon 2,183 304 0.03 Realty Income 2,200 94 0.01 Red Hat 1,215 101 0.01 Regency Centers 1,230 57 0.01 Regeneron Pharmaceuticals 643 215 0.02 Regions Financial 9,402 107 0.01

RenaissanceRe Holdings 363 37 — Republic Services 1,796 89 0.01 ResMed 1,000 57 0.01

Robert Half International 1,002 38 — Rockwell Automation 895 119 0.01 Rockwell Collins 1,274 124 0.01

45

ManagerManagerManagerManager’s Report ’s Report ’s Report ’s Report ---- continuedcontinuedcontinuedcontinued



£’000

Investments Investments Investments Investments UNITED STATES UNITED STATES UNITED STATES UNITED STATES ---- continuedcontinuedcontinuedcontinued Roper Technologies 779 142 0.01 Ross Stores 3,206 154 0.02 Royal Caribbean Cruises 1,236 109 0.01 S&P Global 2,149 251 0.03 salesforce.com 5,248 366 0.04 SBA Communications 900 97 0.01

SCANA 904 33 — Schlumberger 10,834 564 0.06

Scripps Networks Interactive 658 42 — Seagate Technology 2,346 58 0.01

Sealed Air 1,345 43 —

SEI Investments 940 43 — Sempra Energy 1,983 169 0.02

Sensata Technologies Holding 1,300 47 — ServiceNow 1,200 105 0.01

Signet Jewelers 600 30 — Simon Property Group 2,387 287 0.03 Sirius XM Holdings 12,926 53 0.01 Skyworks Solutions 1,500 114 0.01 SL Green Realty 700 53 0.01

Snap-on 329 37 —

Southern Copper 688 20 — Southwest Airlines 1,200 50 0.01 Splunk 1,000 50 0.01

Sprint 6,272 36 — Stanley Black & Decker 1,179 133 0.01 Starbucks 10,864 435 0.05 State Street 2,849 203 0.02

Stericycle 598 32 — Stryker 2,812 298 0.03 SunTrust Banks 4,064 181 0.02 Symantec 5,114 125 0.01 Synchrony Financial 6,461 150 0.02 Synopsys 1,010 61 0.01 Sysco 3,685 148 0.02 T. Rowe Price Group 1,813 123 0.01 Targa Resources 1,500 53 0.01 Target 4,134 182 0.02 TD Ameritrade Holding 1,925 70 0.01 TE Connectivity 2,776 172 0.02

TEGNA 1,661 17 — Tesla Motors 1,050 267 0.03 Texas Instruments 7,720 517 0.05 Textron 1,960 79 0.01 The Allstate Corporation 2,993 205 0.02 The Bank of New York Mellon 8,001 317 0.03 The Boeing Company 4,395 834 0.09 The Charles Schwab Corporation 8,890 290 0.03 The Clorox Company 1,110 109 0.01 The Coca-Cola Company 30,232 1,015 0.11 The Cooper Companies 400 71 0.01

The Dun & Bradstreet Corporation 341 30 — The Estee Lauder Companies 'A' 1,654 133 0.01

The Gap 1,168 26 — The Goldman Sachs Group 2,851 505 0.05 The Goodyear Tire & Rubber Company 2,000 50 0.01 The Hershey Company 1,153 94 0.01 The Home Depot 9,307 1,136 0.12 The Interpublic Group of Companies 3,233 50 0.01

46

Manager’s RepManager’s RepManager’s RepManager’s Report ort ort ort ---- continuedcontinuedcontinuedcontinued



£’000

Investments Investments Investments Investments UNITED STATES UNITED STATES UNITED STATES UNITED STATES ---- continuedcontinuedcontinuedcontinued The JM Smucker Company 802 63 0.01 The Kraft Heinz Company 4,627 268 0.03 The Kroger Company 7,258 109 0.01 The Macerich Company 1,225 50 0.01

The Mosaic Company 2,980 48 — The Priceline Group 396 541 0.06 The Procter & Gamble Company 19,620 1,333 0.14 The Progressive Corporation 4,251 154 0.02 The Sherwin-Williams Company 627 168 0.02 The Southern Company 7,375 271 0.03 The TJX Companies 5,121 282 0.03 The Travelers Companies 2,256 206 0.02 The Walt Disney Company 12,095 890 0.09 The Western Union Company 4,341 62 0.01 The Williams Companies 6,729 151 0.02 Thermo Fisher Scientific 3,052 431 0.04 Tiffany & Co. 891 61 0.01 Time Warner 6,098 466 0.05 T-Mobile US 2,000 92 0.01

Toll Brothers 1,477 46 — Torchmark 1,072 64 0.01 Total System Services 1,324 65 0.01

Tractor Supply 800 38 — TransDigm Group 400 76 0.01 Trimble 2,400 70 0.01

TripAdvisor 871 26 — Twenty-First Century Fox 'A' 8,473 167 0.02 Twenty-First Century Fox 'B' 2,999 58 0.01 Twitter 5,200 65 0.01 Tyson Foods 'A' 2,102 111 0.01 UDR 2,000 57 0.01 Ulta Beauty 471 79 0.01

Under Armour 'A' 1,400 17 —

Under Armour 'C' 1,409 16 — Union Pacific 6,217 538 0.06

United Continental Holdings 700 32 — United Parcel Service 5,173 464 0.05 United Rentals 700 72 0.01 United Technologies 5,771 500 0.05 UnitedHealth Group 7,526 1,100 0.11 Universal Health Services 628 52 0.01 Unum Group 2,050 78 0.01 US Bancorp 12,283 491 0.05 Valero Energy 3,524 202 0.02 Vantiv 1,000 53 0.01 Varian Medical Systems 789 59 0.01 Ventas 2,817 137 0.01

Vereit 7,300 45 — VeriSign 715 57 0.01 Verisk Analytics 1,147 71 0.01 Verizon Communications 31,785 1,174 0.12 Vertex Pharmaceuticals 1,875 213 0.02 VF 2,668 127 0.01 Viacom 'B' 2,726 57 0.01 Visa 'A' 14,372 1,129 0.12 VMware 643 52 0.01 Vornado Realty Trust 1,292 74 0.01 Voya Financial 1,900 57 0.01 Vulcan Materials 905 81 0.01

47

ManaManaManaManager’s Report ger’s Report ger’s Report ger’s Report ---- continuedcontinuedcontinuedcontinued



£’000

Investments Investments Investments Investments UNITED STATES UNITED STATES UNITED STATES UNITED STATES ---- continuedcontinuedcontinuedcontinued W. R. Berkley 961 48 —

Wabtec 768 43 — Walgreens Boots Alliance 7,224 416 0.04 Wal-Mart Stores 11,422 666 0.07 Waste Management 3,127 183 0.02 Waters 628 84 0.01

Weatherford International 6,786 23 — WEC Energy Group 2,421 113 0.01

Weingarten Realty Investors 847 20 — Wells Fargo & Co 35,080 1,444 0.15 Welltower 2,793 146 0.02 Western Digital 2,152 139 0.01

Westlake Chemical 300 19 — Westrock 1,733 73 0.01 Weyerhaeuser 6,111 155 0.02 Whirlpool 633 87 0.01 Willis Towers Watson 957 110 0.01 Workday 1,000 79 0.01 WW Grainger 484 65 0.01 Wyndham Worldwide 823 65 0.01 Wynn Resorts 705 78 0.01 Xcel Energy 4,113 145 0.02

Xerox 1,609 40 — Xilinx 1,640 87 0.01 XL Group 2,213 65 0.01 Xylem 1,288 60 0.01

Yandex 1,800 44 — Yum China Holdings 3,128 93 0.01 Yum! Brands 2,728 150 0.02 Zimmer Biomet Holdings 1,556 136 0.01

Zions Bancorporation 1,289 45 — Zoetis Inc 3,900 186 0.02 129,511129,511129,511129,511 13.4013.4013.4013.40 Total ETotal ETotal ETotal Equitiesquitiesquitiesquities 927,992927,992927,992927,992 96.0996.0996.0996.09 Rights/Warrants (nilRights/Warrants (nilRights/Warrants (nilRights/Warrants (nil; 0.01%); 0.01%); 0.01%); 0.01%)

Equiniti Group 13,097 14 —

Total Rights/WarrantsTotal Rights/WarrantsTotal Rights/WarrantsTotal Rights/Warrants 14141414 — Investment Trusts (0.03%; 0.03%)Investment Trusts (0.03%; 0.03%)Investment Trusts (0.03%; 0.03%)Investment Trusts (0.03%; 0.03%) ClosedClosedClosedClosed----end funds (0.03%; 0.03%)end funds (0.03%; 0.03%)end funds (0.03%; 0.03%)end funds (0.03%; 0.03%) F&C Commercial Property Trust 112,736 168 0.02 UK Commercial Property Trust 141,804 131 0.01 299 299 299 299 0.030.030.030.03 Total Investment Trusts Total Investment Trusts Total Investment Trusts Total Investment Trusts 299299299299 0.03 0.03 0.03 0.03

48




£’000

Investments Investments Investments Investments Futures (0.1Futures (0.1Futures (0.1Futures (0.15%; 0.055%; 0.055%; 0.055%; 0.05%)%)%)%) SFE SPI 200 (AUD) (197) 104 0.01 MTF CAC40 10EU (EUR) 213 261 0.03 EURX DAX INDEX (EUR) 24 182 0.02

HKFE - H S I (HKD) 110 20 — OSE TOPIX (JPY) 78 436 0.05 KOSPI 200 INDX (KRW) 266 262 0.03

IBEX 35 PLUS (EUR) 4 1 — IDEM FTSE MIB (EUR) 22 62 0.01

SGX SIMSCI (SGD) 353 32 — 1,360 1,360 1,360 1,360 0.150.150.150.15 Total FuturesTotal FuturesTotal FuturesTotal Futures 1,3601,3601,3601,360 0.150.150.150.15 Investment AssetsInvestment AssetsInvestment AssetsInvestment Assets 929,665929,665929,665929,665 96.2796.2796.2796.27 Futures (Futures (Futures (Futures (----0.150.150.150.15%; %; %; %; ----0.10%)0.10%)0.10%)0.10%) ME S&P CAN 60 (CAD) (69) (340) (0.04)

AEX INDEX (EUR) (4) (9) — EMINI S&P 500 (USD) (281) (544) (0.06) NEW FTSE 100 (GBP) 427 (130) (0.01)

OMX INDEX FUT (SEK) (74) (42) — EURX SMI INDEX (CHF) (240) (343) (0.04) (1,408)(1,408)(1,408)(1,408) (0.15)(0.15)(0.15)(0.15) Total FuturesTotal FuturesTotal FuturesTotal Futures (1,408)(1,408)(1,408)(1,408) (0.15(0.15(0.15(0.15)))) Investment Investment Investment Investment LiabilitiesLiabilitiesLiabilitiesLiabilities (1,408)(1,408)(1,408)(1,408) (0.15(0.15(0.15(0.15)))) Portfolio of InvestmentsPortfolio of InvestmentsPortfolio of InvestmentsPortfolio of Investments 928,257928,257928,257928,257 96.1296.1296.1296.12 Net Other AssetsNet Other AssetsNet Other AssetsNet Other Assets 37,42537,42537,42537,425 3.883.883.883.88 Total NTotal NTotal NTotal Net Assets at 30th September 2017et Assets at 30th September 2017et Assets at 30th September 2017et Assets at 30th September 2017 965,682965,682965,682965,682 100.00100.00100.00100.00 Securities not listed on an Official ExchangeSecurities not listed on an Official ExchangeSecurities not listed on an Official ExchangeSecurities not listed on an Official Exchange BGP Holdings (non tradeable private company) 267,258 — — Saba Infs (non tradeable private company) 7,612 — — — —

49

Statement of Manager’s ResponsibilitiesStatement of Manager’s ResponsibilitiesStatement of Manager’s ResponsibilitiesStatement of Manager’s Responsibilities In relation to the Report and Accounts of the TrustIn relation to the Report and Accounts of the TrustIn relation to the Report and Accounts of the TrustIn relation to the Report and Accounts of the Trust The Financial Conduct Authority’s Collective Investment Schemes Sourcebook (COLL) as amended requires the Manager to prepare financial statements for each accounting period, which give a true and fair view of the financial position of the Trust and of the net revenue and the net gains on the property of the Trust for the period.

In preparing the financial statements the Manager is responsible for: (a) Selecting suitable accounting policies and then apply them consistently; (b) Making judgements and estimates that are reasonable and prudent; (c) Following UK accounting standards, including FRS 102 The Financial Reporting

Standard applicable in the UK and Republic of Ireland; (d) Complying with the disclosure requirements of the Statement of Recommended

Practice for UK Authorised Funds issued by the Investment Association in May 2014; (e) Keeping proper accounting records which enable it to demonstrate that the financial

statements as prepared comply with the above requirements; (f) Assessing the Trust’s ability to continue as a going concern, disclosing, as

applicable, matters related to going concern; (g) Using the going concern basis of accounting unless they either intend to liquidate

the Trust or to cease operations, or have no realistic alternative but to do so; (h) Such internal control as they determine is necessary to enable the preparation of

financial statements that are free from material misstatement, whether due to fraud or error; and

(i) Taking reasonable steps for the prevention and detection of fraud and irregularities.

The Manager confirms that all requirements have been met in preparing the financial statements.

The Manager is responsible for the management of the Trust in accordance with its Trust Deed, Full Prospectus and COLL.

The Manager is responsible for the maintenance and integrity of the OneFamily website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

In pursuing its investment objective set out on page 4 the Trust holds a number of financial instruments. These comprise:

Equity and non-equity shares. These are held in accordance with the Trust’s investment objective and policies;

Cash, liquid resources and short term debtors and creditors that arise directly from its operations;

Unitholders’ funds which represent investors’ monies which are invested on their behalf. It is, and has been throughout the period under review, the Trust’s policy that no trading in

financial instruments, other than on the Trust’s account, shall be undertaken (March 2017: Same).

Director’s StatementDirector’s StatementDirector’s StatementDirector’s Statement This Report is signed in accordance with the requirements of the Collective Investment Schemes Sourcebook.

John Adams Teddy Nyahasha 29th November 2017 Director Director

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Statement of Total Return Statement of Total Return Statement of Total Return Statement of Total Return

For the period For the period For the period For the period 1st April 2011st April 2011st April 2011st April 2017777 to to to to 30th September 201730th September 201730th September 201730th September 2017

SeptemberSeptemberSeptemberSeptember SeptemberSeptemberSeptemberSeptember 2012012012017777 2012012012016666 NoteNoteNoteNote £’000£’000£’000£’000 £’000£’000£’000£’000 £’000£’000£’000£’000 £’000£’000£’000£’000 Income Net capital gains 3333 15,835 94,648 Revenue 4444 17,279 14,427 Expenses 5555 (7,129) (5,727) Net revenue before taxation 10,150 8,700 Taxation 6666 (596) (594) Net revenue after taxation for the period 9,554 8,106 Total return before distributionTotal return before distributionTotal return before distributionTotal return before distribution 25,389 102,754 Finance costs: Distributions 7777 — — Change in unitholders’ fundsChange in unitholders’ fundsChange in unitholders’ fundsChange in unitholders’ funds from investment activitiesfrom investment activitiesfrom investment activitiesfrom investment activities 25,389 102,754

Statement of Change in Unitholders’ FundsStatement of Change in Unitholders’ FundsStatement of Change in Unitholders’ FundsStatement of Change in Unitholders’ Funds

For the periodFor the periodFor the periodFor the period 1st April 2011st April 2011st April 2011st April 2017777 to to to to 30th September 201730th September 201730th September 201730th September 2017

SeptemberSeptemberSeptemberSeptember SeptemberSeptemberSeptemberSeptember 2012012012017777 2012012012016666 RESTATEDRESTATEDRESTATEDRESTATED £’000£’000£’000£’000 £’000£’000£’000£’000 £’000£’000£’000£’000 £’000£’000£’000£’000 Opening Net AssetsOpening Net AssetsOpening Net AssetsOpening Net Assets 924,887 722,486 Movement due to sale and repurchase of units: Amounts receivable on issue of units 21,741 21,191 Less: Amounts payable on cancellation of units (6,335) (7,056) 15,406 14,135 Change in unitholders’ funds from investment activities (see above) 25,389 102,754 Retained distribution on accumulation units — — Closing Net AssetsClosing Net AssetsClosing Net AssetsClosing Net Assets 965,682 839,375 Opening UnitsOpening UnitsOpening UnitsOpening Units 237,907,288.6847 229,234,038.2739 Units issued 5,485,925.2792 6,387,901.1464 Units cancelled (1,596,599.1351) (2,142,699.7044) Closing Closing Closing Closing UnitsUnitsUnitsUnits 241,796,614.8288 233,479,239.7159

51

Balance SheetBalance SheetBalance SheetBalance Sheet

As at 30th SeptemberAs at 30th SeptemberAs at 30th SeptemberAs at 30th September 2012012012017777 SeptemberSeptemberSeptemberSeptember MarchMarchMarchMarch SeptemberSeptemberSeptemberSeptember 2017201720172017 2017201720172017 2016201620162016 NoteNoteNoteNote £’000£’000£’000£’000 £’000£’000£’000£’000 £’000£’000£’000£’000 £’000£’000£’000£’000 £’000£’000£’000£’000 £’000£’000£’000£’000 AssetsAssetsAssetsAssets Investment AssetsInvestment AssetsInvestment AssetsInvestment Assets 929,665 890,144 810,845 Debtors 8888 2,918 5,591 2,507 Cash and bank balances 9999 36,028 31,499 28,107 Total Other AssetsTotal Other AssetsTotal Other AssetsTotal Other Assets 38,946 37,090 30,614 Total AssetsTotal AssetsTotal AssetsTotal Assets 968,611 927,234 841,459 LiabilitiesLiabilitiesLiabilitiesLiabilities Investment LiabilitiesInvestment LiabilitiesInvestment LiabilitiesInvestment Liabilities 1,408 939 936 Creditors 10101010 1,520 1,408 1,148 Total Other LiabilitiesTotal Other LiabilitiesTotal Other LiabilitiesTotal Other Liabilities 1,521 1,408 1,148 Total LiabilitiesTotal LiabilitiesTotal LiabilitiesTotal Liabilities 2,929 2,347 2,084 Net AssetsNet AssetsNet AssetsNet Assets 965,682 924,887 839,375 Unitholders’ FundsUnitholders’ FundsUnitholders’ FundsUnitholders’ Funds 965,682 924,887 839,375

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Notes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial StatementsNotes to the Financial Statements 1. 1. 1. 1. Accounting Policies Accounting Policies Accounting Policies Accounting Policies

(a) Basis of Accounting The financial statements have been prepared under the historical cost convention, as modified by the revaluation of investments, and in accordance with the Statement of Recommended Practice for Authorised Funds issued by the Investment Association in May 2014 (AF SORP 2014) and Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. No changes have been made to accounting policies or to the accounting estimates used in applying these policies. The property of the Trust is stated as at close of business on the 29th September 2017, being the last business day of the financial period. The difference between the valuation at the close of business and that at the pricing point is disclosed in Note 12. The difference between these valuations is not considered to be significant.

Prior Year AdjustmentPrior Year AdjustmentPrior Year AdjustmentPrior Year Adjustment

In the Statement of Change in Unitholders’ Funds, the Trust has changed the way that it presents amounts received and paid on the issue and cancellation of units. In prior periods, the amounts received and paid had been recognised based on the net daily issues and cancellations, whereas the AF SORP 2014 requires such balances to be presented on a gross basis. The Trust has restated the 30 September 2016 comparatives accordingly. This adjustment does not affect either the Net Assets of the Trust or the Change in Unitholders Funds from Investment Activities. The impact on the 2016 comparatives is shown below:

As ReportedAs ReportedAs ReportedAs Reported RESTATEDRESTATEDRESTATEDRESTATED ImpactImpactImpactImpact 30/0930/0930/0930/09/2016/2016/2016/2016 30/0930/0930/0930/09////2016201620162016 30/0930/0930/0930/09/2016/2016/2016/2016 Statement of Change in Unitholders’ FundsStatement of Change in Unitholders’ FundsStatement of Change in Unitholders’ FundsStatement of Change in Unitholders’ Funds £’000£’000£’000£’000 £’000£’000£’000£’000 £’000£’000£’000£’000 Amounts receivable on issue of units 14,977 21,191 6,214 Amounts payable on cancellation of units (842) (7,056) (6,214)

(b) Revenue Dividends on equities are recognised when the security is quoted ex-dividend, and are shown net of any attributable tax credits. Interest on debt securities, interest on cash balances and other income are accounted for on an accruals basis. Underwriting commission is recognised when the issue takes place. Income distribution from collective investment schemes (CIS’s) are recognised when the security is quoted ex-dividend, and are shown net of any attributable tax credits. Accumulation distributions from CIS’s are also recognised when the security is quoted ex-dividend and are included gross of tax deducted. Equalisations received as part of the distribution from CIS’s are included within net capital gains or losses.

(c) Valuation All investments are valued at their fair value as at close of business on the 29th September 2017, being the last business day of the financial period. Listed investments have been valued at bid value as at close of business on the Balance Sheet date, and are shown net of any accrued interest which is included in the Balance Sheet as a debtor. Any unlisted, delisted, suspended or unapproved securities have been valued at the Manager’s best estimate.

(d) Taxation Current tax is provided for on the revenue liable to corporation tax less deductible expenses.

Deferred tax is provided for on all timing differences that have originated but not reversed by the Balance Sheet date. Any liability to deferred tax is provided at the average rate of tax expected to apply. Deferred tax assets and liabilities are not discounted to reflect the time value of money.

(e) Foreign Currencies The functional currency of the Trust is Great British Pounds (GBP).

Assets and liabilities have been translated into sterling at the exchange rate prevailing at the valuation point. Non-Sterling receipts and payments are translated at the rates applicable on the date of settlement. Any gains or losses arising from holding assets or liabilities denominated in currencies other than sterling are recognised as capital or income depending on the nature of the underlying item. (f) Dividend Policy The net income of the Trust is regarded as the amount available for distribution; no adjustment is made in respect of either management expenses or stock dividends. Management expenses, to the extent that it is permitted, are charged against income.

(g) Special Dividends These were recognised as either income or capital depending upon the nature and circumstances of the dividend receivable.

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Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements ---- continuedcontinuedcontinuedcontinued (h) Treatment of Stock Dividends The Trust may elect to take up stock paid in lieu of a cash dividend. These stocks are recorded in the accounts at a value equal to the dividend cash equivalent. These dividends have been recognised as income and form part of the distribution. In the case of enhanced stock dividends, the amount by which such dividends exceed the cash dividends is treated as capital and does not form part of the distribution.

(i) Treatment of stocklending Stocklending income is recognised on an accruals basis net of associated costs. The Trust has not undertaken any Securities Financing Transactions during the accounting period in that it has not engaged in stock lending or stock borrowing, or the lending or borrowing of other financial instruments, a repurchase or reverse repurchase transaction, or a buy-sell back or sell-buy back transaction.

(j) Treatment of expenses All expenses, except for those relating to the purchases and sales of investments are charged initially against income.

2.2.2.2. Distribution PolicyDistribution PolicyDistribution PolicyDistribution Policy All revenue received by the Trust less accrued income, revenue expenses and taxation

is allocated to unit holders and accumulated. Distributions are made in accordance with the COLL Sourcebook.

SeptemberSeptemberSeptemberSeptember SeptemberSeptemberSeptemberSeptember 2012012012017777 2012012012016666 £’000£’000£’000£’000 £’000£’000£’000£’000 3. 3. 3. 3. Net Capital Net Capital Net Capital Net Capital GainsGainsGainsGains on Investmentson Investmentson Investmentson Investments

The net gains on investments during the period comprise:

Gains on investments 14,919 94,510 Gains on futures 916 138 Net gains on investments 15,835 94,648 4.4.4.4. RevenueRevenueRevenueRevenue

UK dividends 10,210 8,106 UK property income distribution 142 101 Overseas dividends 6,941 6,089 Bank interest 4 (10) Foreign currency (losses)/gains (18) 141 17,279 14,427

5. 5. 5. 5. ExpensesExpensesExpensesExpenses

Payable to the Manager, associates of the ManagerPayable to the Manager, associates of the ManagerPayable to the Manager, associates of the ManagerPayable to the Manager, associates of the Manager and agents of either of them:and agents of either of them:and agents of either of them:and agents of either of them:

Manager’s periodic charge 7,129 5,727

Total ExpensesTotal ExpensesTotal ExpensesTotal Expenses 7,129 5,727

The Manager bears all of the expenses of the Trust out of its own fee, including the auditor’s remuneration of £3,900 (September 2016: £3,900).

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Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements ---- continuedcontinuedcontinuedcontinued SeptemberSeptemberSeptemberSeptember SeptemberSeptemberSeptemberSeptember 2012012012017777 2012012012016666 £’000£’000£’000£’000 £’000£’000£’000£’000 6. 6. 6. 6. TaxationTaxationTaxationTaxation a.) Analysis of charge in the period Current tax: UK corporation tax on net income — — Adjustment in respect of prior periods — — — — Foreign tax 596 594 Total current tax (note b) 596 594 Deferred tax (note c) — — Total Taxation 596 594 Corporation tax has been provided at a rate of 20% (March 2017: 20%) b.) Factors affecting current tax charge for the period

The tax assessed for the period is different than the standard rate of corporation tax in the UK for an Authorised Unit Trust (20%). The differences are explained below.

Net income before tax 10,150 8,700 Tax at standard rate of 20% 2,030 1,740 Non taxable income* (3,430) (2,839) Creation of tax losses 1,400 1,099 Overseas withholding tax suffered 596 594 Current tax charge for period (note a) 596 594 c.) Provision for deferred tax Provision at start of period — — Deferred tax charge in Statement of total return for period (note a) — — Provision at end of period — —

* As an Authorised Unit Trust these items are not subject to Corporation Tax. The Trust is exempt from Capital Gains Tax. The Trust has not recognised a deferred tax asset of £13,672k (March 2017: £12,272k), which has arisen as a result of having unutilised management expenses. These expenses will only be utilised if the tax treatment of capital gains or the Trust’s investment profile changes.

7. 7. 7. 7. Finance CostsFinance CostsFinance CostsFinance Costs

DistributionsDistributionsDistributionsDistributions

Distributions are accumulated on an annual basis at the year-end accounting date.

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Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements ---- continuedcontinuedcontinuedcontinued SeptemberSeptemberSeptemberSeptember MarchMarchMarchMarch SeptemberSeptemberSeptemberSeptember 2017201720172017 2017201720172017 2016201620162016 £’000£’000£’000£’000 £’000£’000£’000£’000 £’000£’000£’000£’000 8.8.8.8. DebtorsDebtorsDebtorsDebtors Sales awaiting settlement 168 — 106 Amount receivable for creation of units 270 25 — Currency sales awaiting settlement — 130 — Accrued income - UK dividends 1,003 2,993 781 Accrued income - overseas dividends 850 1,711 755 UK property income distributions 47 64 37 Foreign currency gain — — 247 Overseas tax recoverable 580 668 581 2,918 5,591 2,507 9.9.9.9. Cash and Bank BalancesCash and Bank BalancesCash and Bank BalancesCash and Bank Balances Cash and bank balances 27,501 20,909 17,072 Futures margin balances 8,527 10,590 11,035 Total cash and bank balances 36,028 31,499 28,107 10.10.10.10. CreditorsCreditorsCreditorsCreditors Purchases awaiting settlement 141 89 106 Amount due for cancellation of units 6 — 27 Currency purchases awaiting settlement — 130 — Accrued expenses 1,199 1,161 1,015 Foreign currency losses 175 28 — 1,521 1,408 1,148 11.11.11.11. Related Party TransactionsRelated Party TransactionsRelated Party TransactionsRelated Party Transactions

The Manager of Family Investments Child Trust Fund, Family Investment Management Limited, is a wholly owned subsidiary of Family Assurance Friendly Society Limited (“the Society”), being the ultimate controlling party. The Society and Family Investments Child Trust Fund are deemed to be related parties. In addition, State Street Trustees Limited, as Trustee, is also regarded as a related party.

All unit creations and cancellations, and all balances due as at 30th September 2017 in respect of creations and cancellations, as disclosed in the Balance Sheet, are executed with the Manager (March 2017: Same).

Total management charges incurred during the period are disclosed in note 5. Family Investment Management Limited have paid £111,930 (March 2017: £207,012) on behalf of the Trust in Trustee Fees since the start of the period.

All bank balances are with the Trustee as at 30th September 2017 and are disclosed in the Balance Sheet.

Family Equity Plan limited, being a subsidiary of Family Assurance Friendly Society Limited, is deemed to be a related party of Family Investments Child Trust Fund. As at 30th September 2017, Family Equity Plan holds in a nominee account on behalf of the Child Trust Fund holders, all of the units in issue of the Trust.

12.12.12.12. Risk ManagementRisk ManagementRisk ManagementRisk Management

Financial Instruments are valued at fair value in accordance with Financial Reporting Standard 102, chapters 11 and 12, as disclosed in note 1(c).

Management of riskManagement of riskManagement of riskManagement of risk

The principal risks arising from the Trust’s financial instruments are market price and credit risks. The Manager reviews (and agrees with the Trustee) policies for managing each of these risks. These policies have remained unchanged since the beginning of the period to which these financial statements relate, and the preceding period.

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Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements ---- continuedcontinuedcontinuedcontinued

Fair values of financial instrumentsFair values of financial instrumentsFair values of financial instrumentsFair values of financial instruments All of the financial assets of the Trust are held at fair value.

Financial liabilities and equity instruments

The units of the Trust are puttable equity instruments and the main liability of the Trust is that due to the unitholders. Puttable means that the unitholder can sell at their discretion the units they hold, back to the Trust for cash for the price quoted that day.

- At the Balance Sheet date the liability to redeem units to the unitholders was £965,682,305 (March 2017: £924,887,165).

The fair value of the Trust is derived from the cancellation price of the units as at 29th September 2017, which is the lowest redeemable value of the Trust.

The book value of the Trust is derived from the closing price of the units as at

29th September 2017. Set out below is a comparison by category of book values and fair values of the

Trust’s financial liabilities and equity instruments.

Book ValueBook ValueBook ValueBook Value Fair ValueFair ValueFair ValueFair Value (fair value at close) (fair value at close) (fair value at close) (fair value at close) (at pricing point)(at pricing point)(at pricing point)(at pricing point) ££££ ££££ Primary financial liabilities and equity instruments held or issuedPrimary financial liabilities and equity instruments held or issuedPrimary financial liabilities and equity instruments held or issuedPrimary financial liabilities and equity instruments held or issued to finance the Trust’s operations:to finance the Trust’s operations:to finance the Trust’s operations:to finance the Trust’s operations: Liability to redeem units September 2017 965,682,305 964,970,120 March 2017 924,887,165 927,680,079

Valuation of financial instruments carried at fair valueValuation of financial instruments carried at fair valueValuation of financial instruments carried at fair valueValuation of financial instruments carried at fair value Fair values are determined using the following fair value hierarchy that reflects the significance of the inputs in measuring fair value: Level 1 The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date Level 2 Inputs other than quoted prices included within Level 1 that are observable (ie developed using market data) for the asset or liability, either directly or indirectly. The Trust currently has no assets of Level 2. Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability. The Trust currently has no assets of Level 3.

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Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements Notes to the Financial Statements ---- continuedcontinuedcontinuedcontinued Valuation of financial instruments carried at fair value Valuation of financial instruments carried at fair value Valuation of financial instruments carried at fair value Valuation of financial instruments carried at fair value ---- continuedcontinuedcontinuedcontinued

The table below summarises the fair values of the Trust’s financial assets that are accounted for at fair value, analysed by the valuation methodology used by the Group to derive the financial instruments fair value:

September 2017 Level 1 Level 2 Level 3 Total £'000 £'000 £'000 £'000

Equities 927,991 — — 927,991

Rights/Warrants 14 — — 14 Investment Trusts 299 — — 299

Futures Assets 1,360 — — 1,360

Futures Liabilities (1,408) — — (1,408)

Total 928,256 — — 928,256

March 2017 Level 1 Level 2 Level 3 Total £'000 £'000 £'000 £'000

Equities 889,365 — — 889,365

Rights/Warrants 77 — — 77

Investment Trusts 285 — — 285

Futures Assets 417 — — 417

Futures Liabilities (939) — — (939)

Total 889,205 — — 889,205

Market price riskMarket price riskMarket price riskMarket price risk

Market risk arises mainly from uncertainty about future prices of financial instruments held. It represents the potential loss the Trust might suffer through holding market positions in the face of price movements.

The Investment Advisor meets monthly (or more often if appropriate) to consider the asset allocation of the portfolio in order to minimise the risk associated with particular countries or industry sectors whilst continuing to follow the investment objective. An individual fund manager has responsibility for monitoring the existing portfolio selected in accordance with the overall asset allocation parameter described above and seeks to ensure that the individual stocks also meet the risk reward profile that is acceptable. The Trust closely follows the indices listed in the “Investment Objective and Policy” section of this report. It is almost solely invested in high quality UK and global equities. Any movement in equity prices will have a direct and linear impact on the value of assets in the fund and consequently the unit price.

Derivative Derivative Derivative Derivative rrrriskiskiskisk

The Manager may employ derivatives solely for the purposes of Efficient Portfolio Management with the aim of reducing the risk profile of the Trust.

The derivative exposure to the trust obtained through efficient portfolio management techniques as at 30th September 2017 was 14.9% (March 2017; 12.9%).

Liquidity riskLiquidity riskLiquidity riskLiquidity risk

The Trust’s assets comprise mainly of readily realisable securities, which can be readily sold. The main liability of the Trust is the redemption of any units that investors wish to sell.

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Notes to the Financial Notes to the Financial Notes to the Financial Notes to the Financial Statements Statements Statements Statements ---- continuedcontinuedcontinuedcontinued

Currency rate riskCurrency rate riskCurrency rate riskCurrency rate risk

The Trust invests in foreign equities and may invest in foreign debt securities, which are priced in local currency. The local value is converted to sterling at the prevailing exchange rate for valuation purposes. The Trust is exposed to the possibility of sharp currency movements, which can affect the value of the portfolio on a daily basis.

The Trust may be subject to short term exposure to exchange rate movement, for instance where there is a difference between the date when the investment purchase or sale is entered into and the date when settlement of the proceeds occurs. When the Trust enters into such a transaction which will involve the buying and selling of foreign currency in order to complete, a forward contract is entered into at the same time as the initial transaction in order to eliminate exchange rate risk.

The Trust receives income in currencies other than sterling and movements in exchange rates can affect the sterling values of this income. The Trust converts all receipts of income into sterling on or near the date of receipt. However it does not hedge or otherwise seek to avoid rate movement risk on income accrued but not received.

On the basis of the Manager’s analysis, it is estimated that a rise/fall of 1 per cent in the strength of sterling throughout the period would have reduced/increased the value of investments by approximately 0.45% (March 2017: 0.45%). The effect on the income of the Trust would be negligible. This is well within the ranges that the Manager regards as acceptable. Foreign currency exposure

The currency profile of the Trust’s financial instruments at the Balance Sheet date was:

At period end 30th September 2017

Currency Net Current Futures Investments Total 31st March Assets 2017 (Liabilities) £’000 £’000 £’000 £’000 £’000 Australian Dollar 1,240 104 26,955 28,299 28,979 Canadian Dollar 945 (340) 7,430 8,035 7,822 Danish Krone 42 — 5,594 5,636 4,944 Euro 2,470 497 102,257 105,224 96,342 Hong Kong Dollar 2,704 20 13,951 16,675 14,537 Japanese Yen 2,750 436 66,996 70,182 67,568 New Zealand Dollar 21 — 938 959 900 Norwegian Krona 9 — 2,096 2,105 1,801 Singapore Dollar 212 32 4,806 5,050 5,099 South Korean Won 1,420 262 19,544 21,226 20,477 Swedish Krona 1,000 (42) 9,414 10,372 9,195 Swiss Franc 894 (343) 26,399 26,950 27,410 US Dollar 2,226 (544) 130,392 132,074 133,057 15,933 82 416,772 432,787 418,131 UK Sterling 21,493 (130) 511,532 532,895 506,756 Total 37,426 (48) 928,304 965,682 924,887

Credit riskCredit riskCredit riskCredit risk

Certain security transactions that the Trust enters into expose it to the risk that the counter-party will not deliver the investment (purchase) or cash (sale) after the Trust has fulfilled its responsibilities.

The Trust only buys and sells investments through brokers, which have been approved by the Investment Advisor as an acceptable counter-party. The Manager undertakes periodic visits to the Investment Advisor to confirm that delegated functions are being performed in accordance with Financial Conduct Authority’s rules.

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13.13.13.13. Portfolio Transaction CostsPortfolio Transaction CostsPortfolio Transaction CostsPortfolio Transaction Costs The Trust incurs broker charges and transfer taxes as a necessary part of buying and selling the Trust’s underlying investments in order to achieve the investment objective. Broker commission and transfer taxes are paid by the Trust on each transaction. In addition, there is a dealing spread between the buying and selling prices of the underlying investments.

Purchases before transaction costs Commissions Taxes Total £'000 £'000 £'000 £'000 September 2017 Ordinary Shares 51,258 10 160 51,428 Corporate Actions 20,823 — — 20,823 Total 72,081 10 160 72,251

Transaction cost % of purchases total 0.02% 0.31%

Transaction cost % of average NAV 0.00% 0.02%

Purchases before transaction costs Commissions Taxes Total £'000 £'000 £'000 £'000 March 2017 Ordinary Shares 102,259 25 325 102,609 Corporate Actions 13,107 — — 13,107 Total 115,366 25 325 115,716

Transaction cost % of purchases total 0.02% 0.32%


Sales before transaction costs Commissions Taxes Total £'000 £'000 £'000 £'000 September 2017 Ordinary Shares 27,910 (6) (2) 27,902 Corporate Actions 20,823 — — 20,823 Total 48,733 (6) (2) 48,725

Transaction cost % of sales total 0.02% 0.01%


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13.13.13.13. Portfolio Transaction CostsPortfolio Transaction CostsPortfolio Transaction CostsPortfolio Transaction Costs ---- continuedcontinuedcontinuedcontinued Sales

before transaction costs Commissions Taxes Total £'000 £'000 £'000 £'000 March 2017 Ordinary Shares 46,650 (8) (1) 46,641 Corporate Actions 13,107 — — 13,107 Total 59,757 (8) (1) 59,748

Transaction cost % of sales total 0.02% 0.00% Transaction cost % of average NAV 0.00% 0.00%

Average portfolio dealing spread at 30th September 2017 is 0.19%, (March 2017; 0.20%).

14.14.14.14. Contingent LiabilitiesContingent LiabilitiesContingent LiabilitiesContingent Liabilities As at 30th September 2017 there were no contingent liabilities. (March 2017; none) 15.15.15.15. Non Non Non Non –––– Authorised MarketsAuthorised MarketsAuthorised MarketsAuthorised Markets

As at 30th September 2017 there were no transferable assets held that trade on non-authorised markets. (March 2017; none)

16.16.16.16. Unit ClassesUnit ClassesUnit ClassesUnit Classes The Trust only issues accumulation units. The annual management charge for these

units is 1.5% of the Trust’s Net Asset Value, calculated monthly.

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General InformationGeneral InformationGeneral InformationGeneral Information Launch:Launch:Launch:Launch: The Trust was launched on 6th April 2005 at an initial offer price of 200p. Distributions:Distributions:Distributions:Distributions: The annual accounting year ends on 31st March with an interim accounting date on 30th September. It is the policy of the Manager to only distribute income following the annual accounting date. Income is paid net of Income Tax, and distribution certificates are distributed on 31st May. Reports:Reports:Reports:Reports: Manager’s reports for the Family Investments Child Trust Fund are published every six months on 31st May and 30th November. Prices:Prices:Prices:Prices: The Trust is priced on a single pricing basis. This single price is the price at which you can sell your units back to the Manager, and also the price at which you can buy units from the Manager (subject to possible initial charges if the units are not for a Child Trust Fund). Prices are calculated as at 10.00am on each business day. Prices and the estimated yield generated by the Trust are published on the Investment Association and Financial Express website www.fundlistings.com. Prices are also available on www.onefamily.com, or by contacting our Customer Services Team on 0344 8 920 920 (telephone calls may be recorded or monitored). Units:Units:Units:Units: The Family Investments Child Trust Fund issues only accumulation units. Accumulation units ensure that any distribution is added to the value of the investment. Buying and selling units:Buying and selling units:Buying and selling units:Buying and selling units: The Manager can receive written requests to buy or sell units during normal business hours. The units will be bought and sold following the next price calculation. Cancellation rights:Cancellation rights:Cancellation rights:Cancellation rights: Investors entering into a contract to purchase units will have the right to cancel said purchase within 14 days of receipt of the cancellation notice. Please note that, for lump sum investments, clients who exercise their right to cancel may be charged for any market loss (shortfall) incurred. Full Prospectus:Full Prospectus:Full Prospectus:Full Prospectus: The Full Prospectus for the Family Investments Child Trust Fund is available on request from the Manager. Yield:Yield:Yield:Yield: The historical yield of the Trust is quoted on the Investment Association and Financial Express website www.fundlistings.com. The yield shown reflects the distributions paid or declared by the Trust over the past twelve months, as a percentage of the unit price of the Trust. It does not include any initial sum paid in order to invest in the Trust and investors may be subject to tax on distributions. Other Authorised Funds managed by Family Investment ManOther Authorised Funds managed by Family Investment ManOther Authorised Funds managed by Family Investment ManOther Authorised Funds managed by Family Investment Management Limited:agement Limited:agement Limited:agement Limited: The Full Prospectuses and latest Report and Accounts for any of the Authorised Funds managed by Family Investment Management Limited are available upon request.

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Managed byManaged byManaged byManaged by Family Investment Management Limited

16 West Street Brighton

East Sussex BN1 2RE Tel: 01273 724570 Fax: 01273 736958

Member of the Investment Association Authorised and regulated by the Financial Conduct Authority

The Family Investments Child Trust Fund is not in any way sponsored, endorsed, sold or promoted by FTSE International Limited (FTSE), the London Stock Exchange Plc (the Exchange) or The Financial Times Limited (FT). Neither FTSE, the Exchange nor the FT provide any indication or guarantee (including any warranty or representation) of the results that may be obtained from the indices and/or the figures at which the indices stand at any particular time on any particular day. The indices are compiled and calculated by FTSE. Neither FTSE, the Exchange nor the FT will be liable to any person for any error in the indices or be under any obligation to advise anyone of any such error. FTSE® is a trade mark of the Exchange and the FT and is used by FTSE under licence. OneFamily is a trading name of Family Assurance Friendly Society Limited (incorporated under the Friendly Societies Act 1992, Reg. No. 939F), Family PEP Managers Limited (Co. No. 2934967), Family Investment Management Limited (Co. No. 1915516) and Family Equity Plan Limited (Co. No. 2208249). Governor and Governor Money are trading names of Governor Finance Limited (Co. No. 07210404). Registered in England & Wales at 16-17 West Street, Brighton, BN1 2RL, United Kingdom. Family Assurance Friendly Society Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Family PEP Managers Limited, Family Investment Management Limited, Family Equity Plan Limited and Governor Finance Limited are authorised and regulated by the Financial Conduct Authority.

Documents

Report and Accounts for the Family Investments Child Trust Fund