family investments child trust fund · p.j. herz n.c. audhlam-gardiner (appointed 1st january 2020)...

22162 009 05.2020

Family Investments Child Trust FundManager’s Final Report and Accounts

For the year 1st April 2019 to 31st March 2020.

Distribution number 15 (Final, Audited). Distribution due 31st May 2020.

2

Contents

Page

Management and Professional Services 3

Manager’s Report 4 - 8

Portfolio Statement 9 - 49

Statement of Manager’s Responsibilities 50

Statement of the Trustee’s Responsibilities 51

Report of the Auditor to the Unitholders of Family

Investments Child Trust Fund 52 - 53

Statement of Total Return 54

Statement of Change in Unitholders’ Funds 54

Balance Sheet 55

Notes to the Financial Statements 56 - 65

Distribution Table 66

Corporate Unitholders Information 67

General Information 68

3

Management and Professional Services Manager and Registrar Family Investment Management Limited 16 West Street Brighton BN1 2RE Tel: 01273 724570 Fax: 01273 736958 Executive Directors: S.T. Nyahasha

J. Islam (appointed 1st January 2020)

P.J. Herz

N.C. Audhlam-Gardiner (appointed 1st January 2020)

S.C. Markey (resigned 31st December 2019) Non-Executive Directors: S.J. Colsell (appointed 27th August 2019)

S.A.H. Williams (appointed 27th August 2019) 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 Advisor State Street Global Advisors Limited 20 Churchill Place Canary Wharf London E14 5HJ Authorised and regulated by the Financial Conduct Authority. Trustee State Street Trustees Limited 20 Churchill Place Canary Wharf London E14 5HJ Authorised and regulated by the Financial Conduct Authority. Auditor 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.

4

Manager’s Report Investment Objective and Policy

The investment objective of the Family Investments Child Trust Fund is to achieve long-term growth over a ten-year period by directly investing in global shares.

The Trust aims to achieve its growth by re-investing any income arising from the investments the Trust holds and through any capital appreciation (increase in value) of the assets held.

Although the objective of the Trust is to achieve long-term growth, due to volatility of the markets this may not be achieved over the short term. The Trust aims to achieve a growth over an investment period of ten years and therefore investors in the Trust should expect to be invested for at least this length of time. There is no guarantee that growth will be achieved over this period, or over any specific time period.

To achieve its objective the policy of the Trust is to invest in shares that make up the constituents of a variety of different global stock market indices.

The Trust’s indices are listed in the table below. Investment in the stated indices will limit the construction of the Trust’s portfolio to only the constituents of each index. These indices are therefore constraining benchmarks as they limit the investments that may be held.

The Trust will normally replicate the holdings within each index although the individual shares weightings held may differ from that of the index. The Trust can also use derivatives such as appropriate index-linked futures to help replicate the performance of each index. These derivatives are used for efficient portfolio management, by avoiding the need to undertake daily trading and thereby reducing the cost of transactions to be borne by the Trust, and to otherwise reduce risk and to generate additional growth. Forward currency contracts (‘FXs’) are also used to provide a currency hedge in respect of the non-sterling investments in the portfolio.

The Trust may not consist of the exact composition and weighting of each index in circumstances where the Manager has determined that this is expedient for reasons of poor liquidity or excessive cost to the Trust.

A stock market index measures the performance of all the stocks that are listed on that market. The Financial Times Stock Exchange (‘FTSE’) indices in which the Trust invests are set out in the table below. The ‘Strategic Weighting’ sets out the proportion of the Trust’s value that may be expected to be invested in each index over the long term. The ‘Weight Range’ sets out the permissible minimum and maximum range of the Trust’s value that may be invested in each index at any given time. The Investment Manager may change the performance benchmarks and or weightings from time to time and any such changes will be reflected in the Prospectus as part of the next Prospectus update and disclosed in the fund’s annual or semi-annual report.

The Investment Advisor may choose to deviate from the strategic weighting of the Trust at their discretion. This is subject to the Trust’s investment in each index remaining within the overall weight range set out in the table and subject to the Trust holding between 85% and 100% of its total value in shares at any point in time.

Index Strategic Weighting

(% of the Fund)

Weight Range

(% of the Fund)

FTSE 350 excluding Investment Trusts Total Return Index 55.0% 40% - 70%

FTSE All World Asia-Pacific Ex Japan Total Return Index 7.5% 0% - 15%

FTSE All World Developed Europe Ex UK Total Return Index 15.0% 5% - 25%

FTSE All World Developed Japan Total Return Index 7.5% 0% - 15%

FTSE All World Developed North America Total Return Index 15.0% 5% - 25%

The performance of the Trust may be compared to the performance of each of the indices that comprise the benchmark and also against the composite performance of the combined benchmarks weighted in line with the strategic weightings of the holdings in each index.

Where appropriate the Trust may invest in Fixed Interest Securities, Transferable Securities, Approved Money Market Instruments, and units in Collective Investment Schemes, although these are not currently used under the existing investment strategy.

Generally, the Trust will remain fully invested subject to the holding of cash or near cash to enable the pursuit of the Trust’s investment objective or to assist in the redemption of units or the efficient management of the Trust.

The value of the indices can fall as well as rise and since the Trust aims to track the performance of each index, the value of your investments may fall as well as rise. As a result, your capital is at risk and you may not receive back the amount you have invested.

5

Manager’s Report – continued Trust Performance

This report covers the period from 1st April 2019 to 31st March 2020. During this period, the Trust recorded a gross of fee return of (14.8%) compared to the benchmark* of (15.0%). The net of fee returns are shown in the table below.

Throughout the year the Trust continued to reduce its exposure to UK stocks, in favour of global shares due to uncertainties in the UK market caused by Brexit. This helped improve performance as UK equities suffered relative to global equities over the year. Another boost to returns was due to the decision to favour US equities over the year, with the team believing the region offered better growth opportunities given the relative strength of the economy compared to other regions. The largest drag on performance over the year was the Trust’s underweight position to Japan equities, which performed well over the year.

1 Year

01/04/2019 – 31/03/2020

Family Investments Child Trust Fund** (16.3%)

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).

* 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.

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

Market Update

In the UK, before the onset of Covid-19, Brexit once again dominated headlines over the last 12 months. The resignation of Theresa May early in the year, and the struggles of the new Prime Minister Boris Johnson to get anything much through Parliament, eventually triggered a general election. This was decisively won by the Conservatives, finally providing some clarity as to the future direction that the UK would take. The domestic stock markets and the pound initially reacted positively, though the announcement that there would be no extension to the transition period beyond the end of 2020 sparked some concern.

Looking globally, uncertainty was a key theme, certainly throughout the first few months of the year. President Trump continued his war of words with China, causing investors to worry about the future of global trade and economic growth. The final quarter of 2019, however, saw share values move higher, with a number of markets moving to record levels. The main driver behind the sharp revival in confidence was the agreement, in principal, of a ‘phase one’ US/China trade deal, while improving economic data, such as strong employment numbers, reduced recession fears.

Equity markets entered 2020 in optimistic mood, but soon concerns over the emergence of a new coronavirus (COVID-19) from China began to impact markets. As the number of cases outside China started to become a major worry, and countries globally went into lockdown, equities saw significant falls, as investors wrestled with the impact this would have on economic growth. Late March did see some positivity return to global markets, as support from governments and central banks took shape.

6

Manager’s Report – continued Activity

Below is the market capitalisation split of the Trust.

Index

Family Investments Child Trust Fund Composite Index

March 2020 % March 2020 %

FTSE 350 Ex Investment Trusts TR Share Index 51.4% 55.0%

FTSE All World Developed Europe Ex UK TR Index 14.9% 15.0%

FTSE All World Developed Japan TR Index 6.9% 7.5%

FTSE All World Developed Asia Pacific Ex Japan TR Index 7.4% 7.5%

FTSE All World Developed North America TR Index Cash

15.0% 4.4%

15.0% —

Outlook

We believe that as public health data starts to improve, and social distancing measures are lifted, the economy will begin to recover post COVID-19. In most of the US and Europe, we expect to see a gradual resumption of economic activity towards the end of the second quarter of this year. After the market falls in the first quarter of 2020, we anticipate conditions will be in place for a gradual recovery, supported by significant government spending and central bank intervention. This leads us to believe there are good opportunities for growth in equity markets in the future.

State Street Global Advisors 29th March 2020

Changes

During 2019 new regulations came into effect that were designed to strengthen the duty of Authorised Fund Managers (AFMs) to act in the best interests of their customers. The regulations covered the following areas:

Trust objectives and investment policies and benchmarks

The regulations also require AFMs to consider whether the published investment objective and policy for each fund is sufficiently clear, meaningful and useful to customers. AFMs are also required to explain how and why they use particular benchmarks to which the Fund performance can be compared. To ensure compliance with these requirements the Family Investments Child Trust Fund’s objective and investment policy were re-drafted (no material change) and approved by the FCA on 7th August 2019. Assessment of value

The AFM is also required to complete an assessment of the value that is provided to the investors in its funds. This assessment must cover seven key areas set out in the regulations. The Family Investments Child Trust Fund assessment of value will be available on our website from 31st July 2020.

Other Information

Investors will be aware of the coronavirus (COVID-19) outbreak and that the outlook for many capital markets has been volatile since March 2020, the year-end of Family Investments Child Trust Fund. As a result, the NAV of Trust has fluctuated since the year-end. Whilst the impact of COVID-19 was reflected in Trust operations and global markets at year-end, the continued efforts to mitigate the pandemic through global lockdowns and government interventions have resulted in prolonged market uncertainty. The subsequent events note within the Trust’s financial statements provides a quantification of the impact of this continuing uncertainty on NAV post year-end. The Board has considered the resilience of the OneFamily Group and of the Family Investment Child Trust Fund to withstand the impact of the virus, and have concluded that both are well placed to do so and that both continue as a going concern.

7

Manager’s Report – continued

Ongoing Charges Figure (OCF)

At year ended OCF % March 2020 1.51 March 2019 1.50 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. Following Britain’s exit from the European Union it is anticipated that we will continue to use the OCF as a measure of the Trust’s ongoing charges.

Authorised 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 (Undertakings for Collective Investments in Transferable Securities) Scheme under the Collective Investment Schemes Sourcebook (COLL). The unitholders are not liable for the debts of the Trust.

Risk 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 Table

Unit price range and income history Annual Income Unit Prices (Net Allocations) Highest Lowest Per Accounting Buying Selling Unit Year (pence) (pence) (pence)

2015 342.90 291.40 3.8940 2016 347.40 281.80 4.7765 2017 396.40 308.40 5.8392 2018 425.60 378.80 6.0230 2019 423.90 362.80 7.4800 2020 444.60 297.90 7.1146

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

8


Comparative Table - continued Change in net assets per unit March 2020 March 2019 March 2018 Opening net asset value per unit 402.56 391.61 388.76 Return before operating charges* (59.18) 16.95 8.87 Operating charges (6.23) (6.00) (6.02) Return after operating charges (65.41) 10.95 2.85 Closing net asset value per unit 337.15 402.56 391.61 Retained distributions on accumulation units 7.11 7.48 6.02 * after direct transaction costs of: 0.10 0.11 0.10 Performance Return after charges (16.25%) 2.80% 0.73% Other Information March 2020 March 2019 March 2018 Closing net asset value (£’000) 882,149 1,022,664 963,408 Closing number of units 261,649,802.5137 254,037,357.6233 246,014,956.7597 Operating charges 1.51% 1.50% 1.50% Direct transaction costs 0.03% 0.03% 0.02%

9


Portfolio Statement The sector percentage figures give current percentage first followed by the percentage at the previous Annual Accounting date (March 2019). All investments held are listed on Official Exchanges. Market % of total

As at 31st March 2020 Holding Value net assets £’000 Investments Equities (90.88%; 94.61%) UNITED KINGDOM (46.51%; 48.62%) 3i Group 248,318 1,967 0.22 4imprint Group 8,426 163 0.02 A.G. Barr 19,470 93 0.01 Admiral Group 54,127 1,207 0.14 Aggreko 69,948 341 0.04 Airtel Africa 218,605 90 0.01 AJ Bell 65,780 204 0.02 Anglo American 327,036 4,631 0.53 Antofagasta 93,212 720 0.08 Ascential 104,641 258 0.03 Ashmore Group 123,449 440 0.05 Ashtead Group 119,145 2,104 0.24 Associated British Foods 93,624 1,696 0.19 Assura 619,815 517 0.06 Aston Martin Lagonda Global Holdings 13,506 27 — AstraZeneca 348,042 25,108 2.85 Auto Trader Group 233,502 1,025 0.12 Avast 151,171 595 0.07 AVEVA Group 16,836 588 0.07 Aviva 1,035,451 2,779 0.32 Avon Rubber 6,100 140 0.02 Babcock International Group 133,362 510 0.06 BAE Systems 848,777 4,427 0.50 Bakkavor Group 33,605 35 — Balfour Beatty 181,747 393 0.04 Bank of Georgia Group 9,224 84 0.01 Barclays 4,557,420 4,289 0.49 Barratt Developments 271,795 1,199 0.14 Beazley 133,304 520 0.06 Bellway 34,475 742 0.08 BHP Group 551,356 6,902 0.78 Biffa 48,999 88 0.01 Big Yellow Group 45,014 448 0.05 Bodycote 48,124 271 0.03 BP 5,282,133 18,141 2.06 Brewin Dolphin Holdings 69,563 152 0.02 British American Tobacco 605,222 16,686 1.89 Britvic 70,139 491 0.06 BT Group 2,315,883 2,730 0.31 Bunzl 89,169 1,453 0.16 Burberry Group 106,392 1,408 0.16 Cairn Energy 137,681 107 0.01 Capita 504,495 165 0.02 Capital & Counties Properties 215,288 357 0.04 Capri Holdings 1,000 9 — Carnival 41,644 409 0.05 Centamin 286,409 348 0.04 Centrica 1,566,279 596 0.07 Chemring Group 75,317 151 0.02 Cineworld Group 258,584 128 0.01 Clarkson 5,657 131 0.01 Close Brothers Group 40,958 460 0.05 CLS Holdings 50,750 99 0.01 Coats Group 346,338 147 0.02 Coca-Cola European Partners 1,521 46 0.01

10

Manager’s Report — continued

Portfolio Statement — continued Market % of total

As at 31st March 2020 Holding Value net assets £’000 Investments UNITED KINGDOM — continued Compass Group 420,153 5,307 0.60 Computacenter 17,712 253 0.03 ContourGlobal 40,947 59 0.01 ConvaTec Group 395,178 737 0.08 Countryside Properties 113,700 324 0.04 Cranswick 13,600 503 0.06 Crest Nicholson Holdings 57,033 100 0.01 CRH 211,338 4,645 0.53 Croda International 33,232 1,419 0.16 Daejan Holdings 1,249 97 0.01 DCC 26,486 1,351 0.15 Dechra Pharmaceuticals 26,800 630 0.07 Derwent London 27,010 883 0.10 Diageo 611,351 15,803 1.79 Diploma 29,278 472 0.05 Direct Line Insurance Group 364,416 1,076 0.12 Dixons Carphone 304,601 237 0.03 Domino's Pizza Group 114,212 323 0.04 Drax Group 121,925 187 0.02 DS Smith 343,122 944 0.11 Dunelm Group 29,238 207 0.02 easyJet 66,587 380 0.04 Electrocomponents 117,699 607 0.07 Elementis 138,359 68 0.01 Energean Oil & Gas 28,996 166 0.02 Equiniti Group 74,218 131 0.01 Essentra 78,043 205 0.02 Euromoney Institutional Investor 26,718 216 0.02 Evraz 143,119 331 0.04 Experian 240,615 5,416 0.61 FDM Group Holdings 19,000 140 0.02 Ferguson 60,143 3,040 0.34 Ferrexpo 66,783 79 0.01 Finablr (Suspended) 72,990 8 — FirstGroup 302,617 153 0.02 Forterra 54,176 96 0.01 Frasers Group 55,774 102 0.01 Fresnillo 44,398 296 0.03 Future 22,309 223 0.03 G4S 397,459 367 0.04 Games Workshop Group 9,476 410 0.05 Gamesys Group 21,047 154 0.02 GCP Student Living 110,618 146 0.02 Genus 16,947 552 0.06 GlaxoSmithKline 1,299,611 19,679 2.23 Glencore 2,872,311 3,556 0.40 Go—Ahead Group 10,027 83 0.01 Grafton Group 54,246 288 0.03 Grainger 163,198 421 0.05 Great Portland Estates 69,347 470 0.05 Greencore Group 112,022 185 0.02 Greggs 25,524 412 0.05 GVC Holdings 154,679 866 0.10 Halma 102,024 1,960 0.22 Hammerson 220,905 171 0.02 Hargreaves Lansdown 81,956 1,134 0.13 Hastings Group Holdings 73,464 136 0.02 Hays 344,280 396 0.04 Helios Towers 65,616 88 0.01

11



As at 31st March 2020 Holding Value net assets £’000 Investments UNITED KINGDOM — continued Hikma Pharmaceuticals 37,321 757 0.09 Hill & Smith Holdings 24,473 234 0.03 Hilton Food Group 14,905 159 0.02 Hiscox 75,018 694 0.08 Hochschild Mining 57,835 61 0.01 HomeServe 69,178 732 0.08 Howden Joinery Group 155,274 793 0.09 HSBC Holdings 5,369,203 24,390 2.76 Hyve Group 140,000 28 — Ibstock 92,366 140 0.02 IG Group Holdings 92,910 641 0.07 IMI 68,839 515 0.06 Imperial Brands 252,581 3,780 0.43 Inchcape 106,037 459 0.05 Informa 335,670 1,482 0.17 IntegraFin Holdings 70,533 307 0.03 InterContinental Hotels Group 48,988 1,721 0.20 Intermediate Capital Group 73,678 660 0.07 International Consolidated Airlines Group 427,199 919 0.10 Intertek Group 43,454 2,054 0.23 Investec 183,717 278 0.03 IP Group 246,345 123 0.01 ITV 976,931 645 0.07 IWG 180,215 311 0.04 J D Wetherspoon 16,553 146 0.02 J. Sainsbury 437,419 920 0.10 James Fisher & Sons 10,005 126 0.01 JD Sports Fashion 116,404 533 0.06 John Laing Group 141,275 477 0.05 John Wood Group 184,799 287 0.03 Johnson Matthey 51,149 919 0.10 Jupiter Fund Management 106,435 213 0.02 Just Eat Takeaway.com 18,766 1,137 0.13 Just Group 318,374 171 0.02 Kainos Group 19,766 130 0.01 KAZ Minerals 56,965 200 0.02 Kingfisher 568,563 818 0.09 Lancashire Holdings 58,436 362 0.04 Land Securities Group 191,903 1,067 0.12 Legal & General Group 1,569,703 3,042 0.34 Lloyds Banking Group 18,539,696 5,932 0.67 London Stock Exchange Group 83,050 6,039 0.68 Londonmetric Property 208,451 366 0.04 LXi REIT 140,376 153 0.02 M&G 700,017 788 0.09 Man Group 393,525 490 0.06 Marks & Spencer Group 517,615 514 0.06 Marshalls 50,755 297 0.03 Marston's 200,000 82 0.01 McCarthy & Stone 129,160 83 0.01 Mediclinic International 113,407 305 0.03 Meggitt 208,711 604 0.07 Melrose Industries 1,275,681 1,167 0.13 Micro Focus International 85,136 340 0.04 Mitchells & Butlers 53,362 97 0.01 Mondi 130,488 1,802 0.20 Moneysupermarket.com Group 147,219 447 0.05 Morgan Advanced Materials 86,201 160 0.02 Morgan Sindall Group 8,600 101 0.01

12



As at 31st March 2020 Holding Value net assets £’000 Investments UNITED KINGDOM — continued National Express Group 122,912 252 0.03 National Grid 922,320 8,727 0.99 Network International Holdings 119,971 467 0.05 Next 34,345 1,399 0.16 Ninety One 91,858 159 0.02 NMC Health (Suspended) 31,845 75 0.01 Ocado Group 121,851 1,486 0.17 OneSavings Bank 111,633 280 0.03 Oxford Instruments 14,276 182 0.02 PageGroup 76,195 278 0.03 Paragon Banking Group 65,272 217 0.02 PayPoint 21,842 116 0.01 Pearson 197,580 1,091 0.12 Pennon Group 108,323 1,176 0.13 Persimmon 82,337 1,578 0.18 Petrofac 63,443 124 0.01 Petropavlovsk 783,026 166 0.02 Pets at Home Group 119,412 306 0.03 Phoenix Group Holdings 135,951 852 0.10 Playtech 80,849 137 0.02 plus500 26,038 279 0.03 Polymetal International 88,339 1,219 0.14 Polypipe Group 43,471 199 0.02 Primary Health Properties 325,102 521 0.06 Provident Financial 60,620 131 0.02 Prudential 689,186 7,112 0.81 PureTech Health 39,199 94 0.01 PZ Cussons 42,290 81 0.01 QinetiQ Group 147,196 474 0.05 Quilter 466,471 550 0.06 Rank Group 37,714 49 0.01 Rathbone Brothers 13,339 200 0.02 Reckitt Benckiser Group 166,754 10,254 1.16 Redrow 58,435 210 0.02 Relx 498,390 8,630 0.98 Renishaw 8,389 265 0.03 Rentokil Initial 482,044 1,869 0.21 Rightmove 231,693 1,129 0.13 Rio Tinto 291,571 10,839 1.23 Rolls—Royce Holdings 456,898 1,556 0.18 Rotork 248,671 535 0.06 Royal Bank of Scotland Group 1,223,304 1,381 0.16 Royal Dutch Shell 'B' 993,887 13,513 1.53 Royal Mail 235,292 294 0.03 RSA Insurance Group 273,006 1,148 0.13 Sabre Insurance Group 55,983 162 0.02 Safestore Holdings 55,515 356 0.04 Sanne Group 31,353 193 0.02 Savills 33,734 278 0.03 Schroders 28,338 704 0.08 Segro 289,020 2,208 0.25 Senior 97,590 69 0.01 Serco Group 325,872 398 0.05 Severn Trent 62,989 1,436 0.16 Shaftesbury 56,317 347 0.04 Signature Aviation 220,785 363 0.04 Smith & Nephew 232,052 3,327 0.38 Smiths Group 106,679 1,307 0.15 Smurfit Kappa Group 61,615 1,411 0.16

13



As at 31st March 2020 Holding Value net assets £’000 Investments UNITED KINGDOM — continued Softcat 29,870 310 0.04 Spectris 31,145 764 0.09 Spirax—Sarco Engineering 19,780 1,606 0.18 Spirent Communications 159,930 333 0.04 SSE 274,485 3,579 0.41 SSP Group 124,213 381 0.04 St. James's Place 140,908 1,070 0.12 St. Modwen Properties 53,907 178 0.02 Stagecoach Group 98,480 69 0.01 Standard Chartered 697,987 3,112 0.35 Standard Life Aberdeen 614,558 1,376 0.16 Synthomer 98,927 238 0.03 TalkTalk Telecom Group 156,046 132 0.03 Tate & Lyle 125,828 824 0.09 Taylor Wimpey 876,642 1,030 0.12 TBC Bank Group 8,363 61 0.01 TechnipFMC 13,959 77 0.01 Telecom Plus 13,757 170 0.02 Tesco 2,564,976 5,864 0.66 The Berkeley Group Holdings 31,517 1,139 0.13 The British Land Company 246,525 829 0.09 The Sage Group 282,864 1,674 0.19 The UNITE Group 74,981 601 0.07 The Watches of Switzerland 34,000 63 0.01 The Weir Group 66,461 479 0.05 TI Fluid Systems 55,457 81 0.01 TP ICAP 144,773 490 0.06 Trainline 124,139 422 0.05 Travis Perkins 63,580 561 0.06 Tritax Big Box REIT 490,749 551 0.06 UDG Healthcare 63,887 403 0.05 Ultra Electronics Holdings 17,736 355 0.04 Unilever PLC 288,838 11,757 1.33 United Utilities Group 177,408 1,602 0.18 Vesuvius 52,209 168 0.02 Victrex 21,695 427 0.05 Virgin Money UK 361,270 224 0.03 Vistry Group 58,414 336 0.04 Vivo Energy 86,173 58 0.01 Vodafone Group 7,117,846 8,042 0.91 WH Smith 30,593 349 0.04 Whitbread 34,337 1,041 0.12 William Hill 272,201 185 0.02 Wizz Air Holdings 17,026 393 0.04 WM Morrison Supermarkets 585,079 1,041 0.12 Workspace Group 39,474 299 0.03 WPP 318,097 1,753 0.20 410,357 46.51 AUSTRALIA (2.61%; 2.61%) Adelaide Brighton 17,026 17 — Afterpay Touch Group 6,642 61 0.01 AGL Energy 25,530 214 0.02 ALS 19,118 51 0.01 Altium 3,970 55 0.01 Alumina 101,816 73 0.01 Amcor 63,794 408 0.05 AMP 137,154 89 0.01 Ansell 5,031 67 0.01 APA Group 46,916 237 0.03

14



As at 31st March 2020 Holding Value net assets £’000 Investments AUSTRALIA — continued Aristocrat Leisure 24,951 261 0.03 ASX 7,614 285 0.03 Atlas Arteria 35,388 96 0.01 Atlassian Corp 900 100 0.01 Aurizon Holdings 76,195 158 0.02 AusNet Services 68,752 57 0.01 Australia and New Zealand Banking Group 110,672 918 0.10 Bank of Queensland 16,124 40 — Beach Energy 63,916 36 — Bendigo and Adelaide Bank 21,636 66 0.01 BHP Group 116,079 1,646 0.19 BlueScope Steel 19,727 84 0.01 Boral 47,493 48 0.01 Brambles 61,107 316 0.04 Caltex Australia 9,270 101 0.01 Challenger 23,258 46 0.01 Charter Hall Group 18,846 63 0.01 Cimic Group 3,430 39 — Cleanaway Waste Management 47,774 40 — Coca—Cola Amatil 18,382 79 0.01 Cochlear 2,415 222 0.03 Coles Group 48,019 358 0.04 Commonwealth Bank of Australia 68,983 2,098 0.24 Computershare 19,277 91 0.01 Crown Resorts 12,781 47 0.01 CSL 17,654 2,563 0.29 CSR 18,378 28 — Dexus Property Group 43,226 187 0.02 Domain Holdings Australia 8,397 8 — Domino's Pizza Enterprises 2,114 52 0.01 Downer EDI 24,043 35 — Evolution Mining 43,763 82 0.01 Flight Centre Travel Group 1,902 9 — Fortescue Metals Group 62,113 303 0.03 Goodman Group 69,390 408 0.05 Harvey Norman Holdings 20,183 29 — IDP Education 4,533 26 — Iluka Resources 14,791 50 0.01 Incitec Pivot 62,407 61 0.01 Insurance Australia Group 90,080 270 0.03 IOOF Holdings 13,928 24 — James Hardie Industries 17,368 157 0.02 JB Hi—Fi 4,413 60 0.01 LendLease Group 22,116 112 0.01 Macquarie Group 12,466 526 0.06 Magellan Financial Group 5,020 106 0.01 Medibank Private 109,359 143 0.02 Metcash 31,542 48 0.01 Mirvac Group 152,831 154 0.02 National Australia Bank 115,171 941 0.10 Newcrest Mining 30,139 341 0.04 Northern Star Resources 27,763 144 0.02 Nufarm 9,739 24 — Oil Search 52,982 65 0.01 Orica 15,456 116 0.01 Origin Energy 69,678 149 0.02 Orora 49,823 57 0.01 OZ Minerals 13,775 50 0.01 Perpetual 1,550 19 —

15



As at 31st March 2020 Holding Value net assets £’000 Investments AUSTRALIA — continued Platinum Asset Management 7,957 13 — Qantas Airways 24,400 39 — QBE Insurance Group 51,273 212 0.02 Qube Holdings 45,330 48 0.01 Ramsay Health Care 6,114 170 0.02 REA Group 2,034 76 0.01 Rio Tinto 14,498 601 0.07 Santos 69,508 117 0.01 Scentre Group 205,191 158 0.02 Seek 13,114 95 0.01 Seven Group Holdings 5,129 28 — Shopping Centres Australasia Property Group 33,444 36 — Sims Metal Management 5,281 15 — Sonic Healthcare 18,637 221 0.02 South32 196,094 170 0.02 Stockland 93,470 114 0.01 Suncorp Group 49,375 221 0.03 Sydney Airport 44,160 121 0.01 Tabcorp Holdings 74,778 92 0.01 Telstra 163,634 247 0.03 The GPT Group 76,028 131 0.01 The Star Entertainment Group 34,041 35 — TPG Telecom 12,565 42 — Transurban Group 105,704 612 0.07 Treasury Wine Estates 28,378 138 0.02 Vicinity Centres 125,060 62 0.01 Vocus Group 20,776 25 — Washington H. Soul Pattinson & Company 3,004 25 — Wesfarmers 44,049 740 0.08 Westpac Banking 139,357 1,125 0.13 Whitehaven Coal 38,193 36 — Wisetech Global 3,579 29 — Woodside Petroleum 37,923 340 0.04 Woolworths 49,139 849 0.10 WorleyParsons 12,049 36 — Xero 3,660 121 0.01 23,054 2.61 AUSTRIA (0.05%; 0.07%) Andritz 2,026 50 0.01 Erste Group Bank 8,440 127 0.01 OMV 4,055 91 0.01 Raiffeisen Bank International 3,950 47 0.01 Telekom Austria 4,602 26 — Verbund 1,314 38 — Vienna Insurance Group 1,124 17 — voestalpine 3,371 54 0.01 450 0.05 BELGIUM (0.28%; 0.33%) Ackermans & Van Haaren 685 72 0.01 Ageas 4,481 150 0.02 Anheuser—Busch InBev 22,059 790 0.09 Colruyt 1,782 78 0.01 Elia Group 624 49 0.01 Galapagos NV 1,261 202 0.02 Groupe Bruxelles Lambert 2,177 138 0.01 KBC Groep 8,086 300 0.03 Proximus 4,213 78 0.01 Sofina 437 72 0.01

16



As at 31st March 2020 Holding Value net assets £’000 Investments BELGIUM — continued Solvay 1,999 117 0.01 Telenet Group Holding 1,473 36 — UCB 3,539 247 0.03 Umicore 6,094 172 0.02 2,501 0.28 CANADA (0.63%; 0.79%) Agnico Eagle Mines 1,705 54 0.01 Alimentation Couche—Tard 5,116 96 0.01 Bank of Montreal 4,460 180 0.02 Barrick Gold 11,639 171 0.02 Bausch Health Companies 2,690 33 — BCE 2,311 76 0.01 Brookfield Asset Management 'A' 5,765 204 0.02 Canadian Imperial Bank of Commerce 3,013 139 0.02 Canadian National Railway 4,636 288 0.03 Canadian Natural Resources 8,186 88 0.01 Canadian Pacific Railway 888 155 0.02 Canadian Utilities 920 18 — Cenovus Energy 9,463 15 — CGI Group 'A' 1,692 73 0.01 Constellation Software 150 108 0.01 Dollarama 2,400 53 0.01 Enbridge 12,301 286 0.03 Fairfax Financial Holdings 140 34 — Fortis 3,077 95 0.01 Franco—Nevada 1,100 87 0.01 George Weston 561 32 — Great—West Lifeco 1,985 27 — Husky Energy 2,074 4 — Hydro One 2,700 38 — IGM Financial 900 12 — Imperial Oil 2,380 21 — Intact Financial 908 62 0.01 Inter Pipeline 2,600 12 — Loblaw Companies 1,470 60 0.01 lululemon athletica Inc 763 117 0.01 Magna International 2,335 59 0.01 Manulife Financial 11,974 120 0.01 Metro 900 29 — National Bank of Canada 2,164 66 0.01 Nutrien 4,016 109 0.01 Pembina Pipeline 4,100 61 0.01 Power Corporation of Canada 4,777 61 0.01 Restaurant Brands International 1,682 54 0.01 RioCan Real Estate Investment Trust 2,914 27 — Rogers Communications 'B' 2,364 78 0.01 Royal Bank of Canada 9,650 474 0.05 Saputo 614 12 — Shaw Communications 'B' 3,915 51 0.01 Shopify 'A' 700 234 0.03 Sun Life Financial 3,621 93 0.01 Suncor Energy 11,185 141 0.02 TC Energy Corp 6,395 225 0.03 Teck Resources 'B' 3,600 22 — TELUS 3,058 38 — The Bank of Nova Scotia 8,647 280 0.03 The Toronto—Dominion Bank 12,116 411 0.05 Thomson Reuters 1,561 85 0.01 Waste Connections 2,000 124 0.02

17



As at 31st March 2020 Holding Value net assets £’000 Investments CANADA — continued Wheaton Precious Metals 2,396 53 0.01 5,545 0.63 CHINA (0.18%; 0.15%) China Mengniu Dairy Company 107,000 300 0.03 FIH Mobile 105,000 9 — Lenovo Group 302,000 131 0.01 Macau Legend Development 48,263 4 — MGM China Holdings 25,907 21 — Minth Group 24,000 41 0.01 Sands China 94,800 280 0.03 Semiconductor Manufacturing International 111,200 141 0.02 Shougang Fushan Resources Group 112,000 16 — Shui On Land 127,398 17 — SJM Holdings 62,000 42 0.01 Sun Art Retail Group 92,000 110 0.01 Tingyi (Cayman Islands) Holding 76,000 100 0.01 Uni—President China Holdings 40,800 32 — Want Want China Holdings 225,000 131 0.02 Xinyi Glass Holdings 84,000 78 0.01 Xinyi Solar Holdings Ltd 150,541 69 0.01 Yum China Holdings 2,228 77 0.01 1,599 0.18 DENMARK (0.66%; 0.56%) A. P. Moeller Maersk 'A' 129 86 0.01 A. P. Moeller Maersk 'B' 196 142 0.02 Ambu 'B' 4,732 92 0.01 Carlsberg 'B' 2,966 273 0.03 Chr Hansen Holdings 2,868 173 0.02 Coloplast 'B' 3,888 453 0.05 Danske Bank 19,064 174 0.02 DSV 5,735 422 0.05 Genmab 1,531 249 0.03 GN Store Nord 2,986 108 0.01 H. Lundbeck 1,656 40 — ISS 5,212 58 0.01 Novo Nordisk 47,343 2,289 0.26 Novozymes 5,958 218 0.02 Orsted 5,523 434 0.05 Pandora 2,947 77 0.01 Rockwool "B" 272 40 — Tryg 3,268 64 0.01 Vestas Wind Systems 5,725 375 0.04 William Demant Holding 3,505 62 0.01 5,829 0.66 FINLAND (0.36%; 0.40%) Elisa 4,195 208 0.02 Fortum 12,674 149 0.02 Huhtamaki 2,910 75 0.01 Kesko 'B' 1,917 87 0.01 Kone 11,190 511 0.06 Metso 3,011 57 0.01 Neste Oil 12,240 332 0.03 Nokia 150,726 380 0.04 Nokian Renkaat 3,870 76 0.01 Nordea Bank Abp 90,194 407 0.04 Orion 2,855 94 0.01 Sampo 'A' 14,040 330 0.04 Stora Enso 'R' 16,821 137 0.01 UPM—Kymmene 14,120 312 0.04

18



As at 31st March 2020 Holding Value net assets £’000 Investments FINLAND — continued Wartsila 9,680 57 0.01 3,212 0.36 FRANCE (3.11%; 3.31%) Accor 5,747 127 0.01 Aeroports de Paris (ADP) 885 68 0.01 Air France — KLM 6,088 27 — Air Liquide 13,264 1,361 0.15 Airbus Group 15,766 828 0.09 Ald 2,695 19 — Alstom 5,395 182 0.02 Amundi 1,125 54 0.01 Arkema 2,098 117 0.01 AtoS 2,871 156 0.02 AXA 54,991 766 0.09 BioMerieux 1,159 105 0.01 BNP Paribas 30,979 754 0.09 Bollore 29,152 64 0.01 Bouygues 5,423 128 0.01 Bureau Veritas 8,059 123 0.01 Capgemini 4,652 317 0.04 Carrefour 16,776 213 0.02 Casino Guichard—Perrachon 1,581 49 0.01 CNP Assurances 4,802 38 — Compagnie de Saint Gobain 13,276 260 0.03 Covivio 1,402 64 0.01 Credit Agricole 33,601 199 0.02 Danone 17,129 888 0.10 Dassault Aviation 65 43 — Dassault Systemes 3,775 449 0.05 Edenred 6,254 211 0.02 EDF 14,649 93 0.01 Eiffage 1,853 106 0.01 Elis 3,255 25 — Engie 47,391 395 0.04 EssilorLuxottica 8,408 731 0.08 Eurazeo 1,418 51 0.01 Eutelsat Communications 7,088 59 0.01 Faurecia 2,044 49 0.01 Gecina 1,519 162 0.02 Getlink 13,130 128 0.01 Hermes International 883 491 0.06 ICADE 998 64 0.01 Iliad 449 49 0.01 Imerys 1,036 21 — Ingenico Group 1,839 158 0.02 Ipsen 960 40 — JC Decaux 2,125 31 — Kering 2,124 893 0.10 Klepierre 5,813 90 0.01 Legrand 7,820 405 0.05 L'Oreal 6,893 1,457 0.17 LVMH Moet Hennessy Louis Vuitton 7,131 2,136 0.24 Michelin 5,052 362 0.04 Natixis 23,497 62 0.01 Orange 52,260 515 0.06 Orpea 1,363 115 0.01 Pernod Ricard 6,056 694 0.08 Peugeot 14,191 153 0.02

19



As at 31st March 2020 Holding Value net assets £’000 Investments FRANCE — continued Plastic Omnium 1,623 18 — Publicis Groupe 6,351 147 0.02 Remy Cointreau 704 62 0.01 Renault 4,037 63 0.01 Rexel 8,451 51 0.01 Rubis 2,609 88 0.01 Safran 9,157 649 0.07 Sanofi 31,039 2,201 0.25 Sartorius Stedim Biotec 671 108 0.01 Schneider Electric 15,016 1,044 0.12 SCOR 4,842 86 0.01 SEB 769 77 0.01 Societe Generale 22,520 305 0.03 Sodexo 2,638 144 0.02 STMicroelectronics 18,494 325 0.04 Suez Environnement 9,855 81 0.01 Teleperformance 1,703 286 0.03 Thales 2,943 199 0.02 TOTAL 68,334 2,132 0.24 Ubisoft Entertainment 2,487 148 0.02 Unibail—Rodamco—Westfield 3,964 181 0.02 Valeo 6,842 92 0.01 Veolia Environnement 14,840 256 0.03 Vinci 13,307 887 0.10 Vivendi 23,658 409 0.05 Wendel 854 55 0.01 Worldline 3,760 179 0.02 27,418 3.11 GERMANY (2.61%; 2.73%) 1&1 Drillish 1,313 22 — Adidas 5,529 1,010 0.11 Allianz 11,889 1,648 0.19 BASF 26,217 997 0.11 Bayer 28,342 1,326 0.15 Bechtle 550 57 0.01 Beiersdorf 2,936 237 0.03 BMW 9,198 384 0.04 BMW Preference 1,516 52 0.01 Brenntag 4,531 136 0.02 Carl Zeiss Meditec 823 65 0.01 Commerzbank 31,009 91 0.01 Continental 3,167 180 0.02 Covestro 5,175 126 0.01 Daimler 1,098 40 — Daimler 23,081 560 0.06 Delivery Hero 4,128 247 0.03 Deutsche Bank 59,883 315 0.04 Deutsche Boerse 5,034 559 0.06 Deutsche Lufthansa 6,636 50 0.01 Deutsche Post 27,920 612 0.07 Deutsche Telekom 92,479 967 0.11 Deutsche Wohnen 10,470 320 0.04 DWS Group 110 2 — E.ON 62,122 517 0.06 Evonik Industries 5,582 94 0.01 Fielmann 703 33 — Fraport 1,047 34 — Fresenius Medical Care 6,129 326 0.04 Fresenius SE & Co KGaA 10,862 328 0.04

20



As at 31st March 2020 Holding Value net assets £’000 Investments GERMANY — continued Fuchs Petrolub Preference 1,943 55 0.01 Fuchs Petrolub 900 23 — GEA Group 4,988 81 0.01 Grenke 797 38 — Hannover Rueck 1,719 199 0.02 Hapag—Lloyd 1,042 66 0.01 HeidelbergCement 4,377 151 0.02 Hella KGAA Hueck & Company 1,219 28 — Henkel 2,971 176 0.02 Henkel Preference 5,141 328 0.04 Hochtief 601 32 — Hugo Boss 1,836 37 — Infineon Technologies 33,634 397 0.04 Kion Group 2,295 79 0.01 Knorr—Bremse 1,173 84 0.01 Lanxess 2,577 83 0.01 LEG Immobilien 2,113 190 0.02 Merck 3,789 313 0.04 Metro 4,675 32 — MTU Aero Engines 1,587 188 0.02 Munich Re 4,125 675 0.08 Nemetschek 1,644 66 0.01 OSRAM Licht 1,679 48 0.01 Porsche Automobile Holding Preference 3,663 125 0.01 ProSiebenSat.1 Media 6,399 40 0.01 Puma 2,320 112 0.01 Rational 95 41 — Rheinmetall 1,216 69 0.01 Rocket Internet 1,925 31 — RWE 16,786 357 0.04 SAP 27,742 2,512 0.28 Sartorius Preference 1,028 201 0.02 Scout24 3,210 155 0.02 Siemens 21,689 1,478 0.17 Siemens Healthineers 3,714 118 0.01 Sirius Real Estate 245,262 162 0.02 Suedzucker 2,282 26 0.01 Symrise 3,762 279 0.03 Talanx 989 27 — TeamViewer 2,844 91 0.01 Telefonica Deutschland Holding 18,867 37 0.01 ThyssenKrupp 14,420 60 0.01 Traton 1,500 17 — TUI 117,267 425 0.05 Uniper 5,597 111 0.01 United Internet 3,326 79 0.01 Varta 250 15 — Volkswagen 913 96 0.01 Volkswagen Preference 5,369 500 0.06 Vonovia 15,545 615 0.07 Wacker Chemie 431 17 — Wirecard 3,394 309 0.04 Zalando 4,393 135 0.02 22,944 2.61 HONG KONG (1.45%; 1.36%) AAC Technologies Holdings 27,652 116 0.01 AIA Group 471,800 3,444 0.39 ASM Pacific Technology 12,300 92 0.01 BOC Hong Kong Holdings 143,500 320 0.04

21



As at 31st March 2020 Holding Value net assets £’000 Investments HONG KONG — continued Brightoil Petroleum Holdings (Suspended) 119,000 5 — Budweiser Brewing Company 46,800 97 0.01 Cafe de Coral Holdings 12,000 16 — Cathay Pacific Airways 28,000 24 — Champion Real Estate Investment Trust 75,000 36 0.01 China Travel International Investment Hong Kong 78,000 8 — Chow Tai Fook Jewellery Group 34,288 19 — CK Asset Holdings 105,431 466 0.05 CK Hutchison Holdings 105,528 574 0.07 CK Infrastructure Holdings 25,000 107 0.01 CLP Holdings 64,000 476 0.05 Dah Sing Banking Group 12,560 9 — Dah Sing Financial Holdings 5,216 12 — First Pacific 88,250 13 — Fit Hon Teng 36,000 6 — Galaxy Entertainment Group 85,000 364 0.04 Guotai Junan International Holdings 77,000 8 — Haitong International Securities Group 77,606 16 — Hang Lung Group 31,000 53 0.01 Hang Lung Properties 82,000 133 0.02 Hang Seng Bank 28,800 397 0.04 Henderson Land Development 51,349 158 0.02 Hong Kong & China Gas 384,904 509 0.06 Hong Kong Exchanges & Clearing 48,601 1,181 0.13 Hongkong Land Holdings Ltd 46,100 139 0.02 Huabao International Holdings 28,000 8 — Hutchison Telecommunications Hong Kong 42,000 6 — Hysan Development 23,000 60 0.01 Johnson Electric Holdings 11,923 15 — Kerry Logistics Network 22,250 22 — Kerry Properties 22,000 47 0.01 Li & Fung 196,000 21 — Lifestyle International Holdings 14,500 10 — L'Occitane International 13,816 16 — Melco International Development 30,000 35 0.01 MMG 80,000 9 — MTR 56,405 235 0.03 NagaCorp 60,000 49 0.01 New World Development 226,693 197 0.02 Nexteer Automotive Group 31,000 12 — NWS Holdings 49,802 41 0.01 PCCW 153,040 68 0.01 Power Assets Holdings 55,000 265 0.03 Sa Sa International Holdings 54,607 7 — Samsonite International 45,766 35 0.01 Shangri—La Asia 38,000 21 — Shun Tak Holdings 76,000 21 — Sino Land 129,909 132 0.02 SITC International Holdings 34,000 26 — Sun Hung Kai Properties 55,384 584 0.07 Swire Pacific 'A' 21,000 109 0.01 Swire Pacific 'B' 35,000 29 — Swire Properties 43,339 97 0.01 Techtronic Industries 49,500 257 0.03 Television Broadcasts 11,500 12 — The Bank of East Asia 43,959 76 0.01 The Link Real Estate Investment Trust 80,897 553 0.06 The Wharf Holdings 43,000 61 0.01 Towngas China 33,260 13 —

22



As at 31st March 2020 Holding Value net assets £’000 Investments HONG KONG — continued United Energy Group 248,000 38 0.01 Vitasoy International Holdings 30,000 73 0.01 Vtech Holdings 5,900 34 0.01 WH Group 331,933 250 0.03 Wharf Real Estate 40,000 132 0.01 Wheelock and Company 24,000 132 0.01 Wynn Macau 60,800 74 0.01 Yue Yuen Industrial Holdings L 26,500 33 — 12,713 1.45 IRELAND (0.34%; 0.14%) AIB Group 19,594 17 — Bank of Ireland 26,909 41 0.01 C&C Group 83,613 164 0.02 Flutter Entertainment 20,638 1,504 0.17 Glanbia 6,718 58 0.01 Kerry Group 'A' 4,179 388 0.04 Kingspan Group 4,272 184 0.02 Linde 3,601 503 0.06 Trane Technologies 1,785 119 0.01 2,978 0.34 ITALY (0.72%; 0.77%) A2A 44,223 44 — Assicurazioni Generali 3,614 60 0.01 Assicurazioni Generali SpA 37,621 413 0.05 Atlantia 14,420 146 0.02 Banca Mediolanum 7,326 30 — Banco BPM 42,600 45 0.01 Buzzi Unicem 653 10 — Davide Campari — Milano 16,886 98 0.01 DiaSorin 673 72 0.01 Enel 222,697 1,249 0.14 Eni 70,338 572 0.06 EXOR 3,039 126 0.01 Ferrari 3,522 441 0.05 Fiat Chrysler Automobiles 32,823 191 0.02 FinecoBank Banca Fineco 17,816 131 0.01 Hera 23,861 69 0.01 Infrastrutture Wireless Italiane 7,281 64 0.01 Intesa Sanpaolo 428,429 564 0.06 Italgas 11,329 50 0.01 Leonardo 10,589 57 0.01 Mediaset 10,113 17 — Mediobanca 17,660 79 0.01 Moncler 5,463 161 0.02 Nexi 10,010 105 0.01 Pirelli 12,207 35 — Poste Italiane 12,501 85 0.01 Prada 18,062 42 0.01 Prysmian 7,827 101 0.01 Recordati 2,814 96 0.01 Saipem 16,120 32 — Salvatore Ferragamo 1,229 13 — Snam 65,329 243 0.03 Telecom Italia RSP 171,122 55 0.01 Telecom Italia 315,407 104 0.01 Terna Rete Elettrica Nazionale 40,594 207 0.02 UniCredit 65,499 414 0.05 Unione di Banche Italiane 28,989 61 0.01

23



As at 31st March 2020 Holding Value net assets £’000 Investments ITALY — continued UnipolSai 21,249 42 0.01 6,324 0.72 JAPAN (6.56%; 6.74%) ABC—Mart 600 24 — Acom 8,300 27 0.01 Advantest 4,400 142 0.02 Aeon 15,400 276 0.03 AEON Financial Service 3,000 26 — Aeon Mall 2,100 21 — AGC 4,100 81 0.01 Aica Kogyo 1,000 23 — AIN Holdings 700 33 0.01 Air Water 4,000 44 0.01 Aisin Seiki 3,800 75 0.01 Ajinomoto 10,800 162 0.02 Alfresa Holdings 3,800 57 0.01 Alps Electric 4,100 32 — Amada Holdings 6,700 43 0.01 Amano Corp 1,700 30 0.01 ANA Holdings 2,500 49 0.01 Anritsu Corp 2,700 40 0.01 Aozora Bank 2,300 35 0.01 Ariake Japan 300 15 — Asahi Group Holdings 8,400 220 0.02 ASAHI INTECC 4,100 82 0.01 Asahi Kasei 27,500 157 0.02 Asics 4,100 31 — Askul 500 12 — Astellas Pharma 41,100 513 0.06 Autobacs Seven 1,800 17 — Azbil 3,000 63 0.01 Bandai Namco Holdings 4,300 168 0.02 Benefit One 1,000 10 — Benesse Holdings 1,700 35 — Bic Camera 3,800 25 — Bridgestone 12,700 316 0.04 Brother Industries 5,500 68 0.01 Calbee 1,800 39 — Canon 22,300 393 0.04 Canon Marketing Japan 1,100 18 — Capcom 2,000 51 0.01 Casio Computer 4,400 50 0.01 Central Japan Railway 4,000 516 0.06 Chubu Electric Power 15,400 175 0.02 Chugai Pharmaceutical 4,800 444 0.05 Chugoku Electric Power 6,400 72 0.01 Citizen Watch 6,400 18 — Coca—Cola Bottlers Japan 3,150 52 0.01 COMSYS Holdings 2,500 52 0.01 Concordia Financial Group 24,900 58 0.01 Cosmo Energy Holdings 1,500 17 — Cosmos Pharmaceutical 200 38 — Credit Saison 3,300 31 — CyberAgent 2,200 69 0.01 Dai Nippon Printing 6,200 107 0.01 Daicel 5,400 32 — Daido Steel 800 21 — Daifuku 2,100 107 0.01 Dai—ichi Life Insurance 23,900 230 0.03 Daiichi Sankyo 14,000 777 0.09

24



As at 31st March 2020 Holding Value net assets £’000 Investments JAPAN — continued Daiichikosho 800 17 — Daikin Industries 5,900 580 0.07 Daishi Hokuetsu Financial Group 1,100 19 — Daito Trust Construction 1,400 105 0.01 Daiwa House Industry 14,400 288 0.03 Daiwa Securities Group 33,200 104 0.01 Dena 2,700 24 — Denka 1,800 31 — Denso 10,000 261 0.03 Dentsu 4,700 73 0.01 DIC 1,800 32 — Disco 600 95 0.01 DMG Mori Seiki 2,400 16 — Dowa Holdings 1,000 21 — East Japan Railway 8,000 489 0.06 Ebara 1,800 28 — Eisai 5,800 341 0.04 Electric Power Development 3,700 60 0.01 Ezaki Glico 1,000 34 — FamilyMart 4,900 71 0.01 Fancl 1,400 25 — FANUC 4,200 459 0.05 Fast Retailing 1,100 363 0.04 FP 500 27 — Fuji Electric 2,700 49 0.01 Fuji Media Holdings 500 4 — Fuji Oil Holdings 900 18 — Fuji Seal International 1,000 14 — Fujifilm Holdings 8,000 325 0.04 Fujikura 6,400 15 — Fujitsu General 1,000 15 — Fujitsu 4,200 306 0.03 Fukuoka Financial Group 3,200 34 — Fukuyama Transporting 700 20 — Furukawa Electric 1,400 21 — Fuyo General Lease 300 12 — Glory 1,200 22 — GMO internet 1,200 16 — GMO Payment Gateway 800 45 0.01 Goldwin Inc 800 36 — GS Yuasa 1,300 14 — GungHo Online Entertainment 820 9 — H2O Retailing 2,500 15 — Hakuhodo DY Holdings 4,800 39 — Hamamatsu Photonics 2,800 92 0.01 Hankyu Hanshin Holdings 4,900 133 0.02 Haseko 6,000 52 0.01 Heiwa 900 14 — Hikari Tsushin 500 68 0.01 Hino Motors 4,900 21 — Hirose Electric 740 62 0.01 HIS 800 8 — Hisamitsu Pharmaceuticals 1,600 60 0.01 Hitachi Capital 1,100 17 — Hitachi Chemical 2,200 76 0.01 Hitachi Construction Machinery 2,500 41 — Hitachi High Technologies 1,600 95 0.01 Hitachi 20,400 478 0.05 Hitachi Metals 3,900 33 —

25



As at 31st March 2020 Holding Value net assets £’000 Investments JAPAN — continued Hitachi Transport System 900 16 — Hokkaido Electric Power 2,900 21 — Hokuhoku Financial Group 3,900 22 — Honda Motor 38,000 686 0.08 Horiba 900 36 — Hoshizaki Electric 1,100 66 0.01 House Foods Group 1,700 45 0.01 Hoya 8,100 558 0.06 Hulic 8,500 70 0.01 Ibiden 2,100 37 — Ichigo 5,000 9 — Idemitsu Kosan 5,140 95 0.01 IHI 3,200 30 — IiDA Group Holdings 3,300 37 — Inpex 20,100 91 0.01 Isetan Mitsukoshi Holdings 7,100 33 — Isuzu Motors 11,900 64 0.01 Ito En 1,300 56 0.01 ITOCHU 29,900 500 0.06 ITOCHU Techno—Solutions 2,000 46 0.01 Itoham Yonekyu Holdings 3,100 15 — Izumi 900 20 — J Front Retailing 6,000 40 — Japan Airlines 2,300 34 — Japan Airport Terminal 900 28 — Japan Aviation Electronics Industry 500 5 — Japan Exchange Group 11,800 168 0.02 Japan Petroleum Exploration 700 9 — Japan Post Bank 9,100 68 0.01 Japan Post Holdings 29,200 185 0.02 Japan Post Insurance 4,200 42 — Japan Tobacco 26,200 391 0.04 JCR Pharmaceuticals 200 14 — JFE Holdings 11,200 59 0.01 JGC Holdings 5,000 32 — JSR 4,000 60 0.01 JTEKT 5,600 31 — Justsystems Corp 800 29 — JXTG Holdings 65,750 182 0.02 Kagome 1,700 36 0.01 Kajima 10,000 83 0.01 Kakaku.com 3,100 46 0.01 Kaken Pharmaceutical 600 22 — Kamigumi 2,500 34 — Kandenko 2,000 13 — Kaneka 1,200 23 — Kansai Mirai Financial Group 3,300 10 — Kansai Paint 4,300 66 0.01 Kao 10,400 685 0.08 Kawasaki Heavy Industries 3,300 39 — Kawasaki Kisen Kaisha 2,300 14 — KDDI 37,700 898 0.10 Keihan Holdings 2,200 79 0.01 Keikyu 5,600 76 0.01 Keio 2,600 124 0.01 Keisei Electric Railway 3,100 72 0.01 Kewpie 2,100 34 — Keyence 4,000 1,041 0.12 Kikkoman 4,000 137 0.02

26



As at 31st March 2020 Holding Value net assets £’000 Investments JAPAN — continued Kinden 3,000 36 — Kintetsu Group Holdings 4,000 149 0.02 Kirin Holdings 17,500 278 0.03 Kissei Pharmaceutical 500 10 — Kobayashi Pharmaceutical 1,400 105 0.01 Kobe Bussan 500 16 — Kobe Steel 6,600 16 — Koei Tecmo Holdings 1,440 30 — Koito Manufacturing 2,500 68 0.01 Kokuyo 1,600 18 — Komatsu 20,200 269 0.03 Konami Holdings 2,100 52 0.01 Konica Minolta 10,300 34 — Kose 600 60 0.01 Kotobuki Spirits 300 11 — K's Holdings 4,400 34 — Kubota 24,300 251 0.03 Kuraray 7,600 62 0.01 Kurita Water Industries 2,300 43 — Kusuri No Aoki Holdings 300 20 — Kyocera 6,800 326 0.04 Kyoritsu Maintenance 200 4 — Kyowa Exeo 2,200 40 — Kyowa Hakko Kirin 5,500 99 0.01 Kyudenko 1,000 22 — Kyushu Electric Power 10,100 66 0.01 Kyushu Financial Group 8,400 26 — Kyushu Railway Company 3,500 81 0.01 Lasertech 1,600 60 0.01 Lawson 1,000 44 — Line 1,200 46 0.01 Lintec 1,000 17 — Lion 5,400 93 0.01 LIXIL Group 5,800 58 0.01 M3 9,300 222 0.03 Mabuchi Motor 1,300 31 — Maeda 3,000 18 — Maeda Road Construction 700 11 — Makita 5,400 133 0.02 Mani 1,500 30 — Marubeni 34,500 139 0.02 Maruha Nichiro 600 10 — Marui Group 4,300 58 0.01 Maruichi Steel Tube 1,600 31 — Matsui Securities 1,500 9 — Matsumotokiyoshi Holdings 1,800 53 0.01 Mazda Motor 12,500 54 0.01 Mebuki Financial Group 20,000 33 — Medipal Holdings 3,000 45 0.01 Megmilk Snow Brand 900 17 — Meiji Holdings 3,000 172 0.02 Minebea Mitsumi 9,200 111 0.01 Miraca Holdings 1,400 24 — MISUMI Group 6,000 106 0.01 Mitsubishi Chemical Holding 28,200 135 0.02 Mitsubishi 26,700 457 0.05 Mitsubishi Electric 43,600 435 0.05 Mitsubishi Estate 25,400 303 0.03 Mitsubishi Gas Chemical 3,400 30 —

27



As at 31st March 2020 Holding Value net assets £’000 Investments JAPAN — continued Mitsubishi Heavy Industries 6,300 129 0.01 Mitsubishi Logistics 1,500 24 — Mitsubishi Materials 2,500 41 — Mitsubishi Motors 14,200 32 — Mitsubishi Shokuhin 100 2 — Mitsubishi UFJ Financial Group 275,300 830 0.09 Mitsubishi UFJ Lease & Finance 9,900 39 — Mitsui 37,300 419 0.05 Mitsui Chemicals 3,800 58 0.01 Mitsui Fudosan 20,800 290 0.03 Mitsui Mining & Smelting Company 1,200 16 — Mitsui OSK Lines 2,800 37 — Miura 2,300 66 0.01 Mizuho Financial Group 559,800 517 0.06 Mochida Pharmaceutical 500 16 — Monotaro 2,800 60 0.01 Morinaga 1,000 33 — Morinaga Milk Industry 900 28 — MS&AD Insurance Group Holdings 10,700 242 0.03 Murata Manufacturing 12,600 513 0.06 Nabtesco 2,400 45 0.01 Nagase 2,400 23 — Nagoya Railroad 4,200 95 0.01 Nankai Electric Railway 2,200 40 — NEC 5,500 162 0.02 Net One Systems 2,100 35 — Nexon 9,000 118 0.01 NGK Insulators 5,800 61 0.01 NGK Spark Plug 4,300 49 0.01 NH Foods 2,200 62 0.01 NHK Spring 4,300 23 — Nichirei 2,400 55 0.01 Nidec 11,000 461 0.05 Nifco 1,800 26 — Nihon Kohden 1,600 49 0.01 Nihon M&A Center 2,700 60 0.01 Nihon Unisys 1,400 30 — Nikon 7,200 54 0.01 Nintendo 2,400 745 0.08 Nippo 1,000 18 — Nippon Electric Glass 1,800 19 — Nippon Express 1,600 63 0.01 Nippon Kayaku 4,000 30 — Nippon Paint Holdings 3,400 143 0.02 Nippon Paper Industries 2,400 28 — Nippon Shinyaku Co 1,100 70 0.01 Nippon Shokubai 800 30 — Nippon Steel & Sumitomo Metal 18,078 125 0.01 Nippon Telegraph & Telephone 26,800 516 0.06 Nippon Television Holdings 800 7 — Nippon Yusen Kabushiki Kaisha 4,000 38 — Nipro 2,600 25 — Nishi—Nippon Financial Holding 4,200 19 — Nishi—Nippon Railroad 1,700 34 — Nissan Chemical Industries 3,000 88 0.01 Nissan Motor 42,400 113 0.01 Nissan Shatai 2,000 14 — Nisshin Seifun Group 5,700 77 0.01 Nisshinbo Holdings 3,000 16 —

28



As at 31st March 2020 Holding Value net assets £’000 Investments JAPAN — continued Nissin Foods Holdings 1,500 101 0.01 Nitori Holdings 1,600 174 0.02 Nitto Denko 3,500 126 0.01 Noevir Holdings 200 8 — NOF 1,500 39 — NOK 2,000 18 — Nomura Holdings 66,800 228 0.03 Nomura Real Estate Holdings 2,300 30 — Nomura Research Institute 5,700 98 0.01 NS Solutions 500 10 — NSK 9,200 48 0.01 NTN 12,000 17 — NTT Data 13,900 108 0.01 NTT DoCoMo 25,300 638 0.07 Obayashi 14,900 103 0.01 OBIC Business Consultants 200 7 — Obic 1,500 158 0.02 Odakyu Electric Railway 6,800 120 0.01 Oji Holdings 19,500 84 0.01 Okuma 800 21 — Olympus 23,300 271 0.03 Omron 4,200 176 0.02 Ono Pharmaceutical 9,500 176 0.02 Open House 1,200 20 — Oracle Japan 700 49 0.01 Orient 11,500 10 — Oriental Land 4,200 434 0.05 ORIX 28,300 275 0.03 Osaka Gas 8,800 133 0.02 OSG 1,900 21 — Otsuka 2,400 83 0.01 Otsuka Holdings 9,300 293 0.03 Paltac 700 28 — Pan Pacific International Holdings Corp 11,200 172 0.02 Panasonic 47,100 290 0.03 Park24 2,700 32 — Pents—Ocean Construction 6,200 26 — PeptiDream 1,900 54 0.01 Persol Holdings 4,100 33 — Pigeon 2,400 74 0.01 Pilot 900 24 — Pola Orbis Holdings 1,600 24 — Rakuten 17,300 106 0.01 Recruit Holdings 27,900 582 0.07 Relo Group 2,400 41 — Renesas Electronics 16,200 47 0.01 Rengo 5,000 31 — Resona Holdings 48,200 117 0.01 Resorttrust 1,500 12 — Ricoh 15,000 89 0.01 Rinnai 700 40 — Rohm 1,900 84 0.01 Rohto Pharmaceutical 2,200 49 0.01 Ryohin Keikaku 4,900 44 0.01 Sankyo 900 21 — Sankyu 1,100 33 — Sanrio 800 9 — Santen Pharmaceutical 7,900 110 0.01 Sanwa Holdings 4,700 30 —

29



As at 31st March 2020 Holding Value net assets £’000 Investments JAPAN — continued Sapporo Holdings 1,400 21 — Sawai Pharmaceutical 900 39 0.01 SBI Holdings 5,230 62 0.01 SCREEN Holdings 900 27 0.01 SCSK 800 29 0.01 Secom 4,300 289 0.03 Sega Sammy Holdings 4,400 43 0.01 Seibu Holdings 4,600 41 0.01 Seiko Epson 6,000 52 0.01 Seino Holdings 2,900 25 — Sekisui Chemical 7,800 84 0.01 Sekisui House 12,800 171 0.02 Seven & i Holdings 17,000 455 0.05 Seven Bank 12,000 25 — SG Holdings 4,700 90 0.01 Sharp 3,400 29 0.01 Shikoku Electric Power 3,400 22 — Shimadzu 5,900 125 0.01 Shimamura 500 24 — Shimano 1,700 196 0.02 Shimizu 12,200 77 0.01 Shin—Etsu Chemical 8,800 700 0.08 Shinsei Bank 4,000 43 0.01 Shionogi 6,100 242 0.03 Ship Healthcare Holdings 1,000 33 — Shiseido 8,600 410 0.05 SHO—BOND Holdings 900 29 0.01 Shochiku 200 18 — Showa Denko K.K. 3,200 54 0.01 SKY Perfect JSAT Holdings 2,900 8 — Skylark Holdings 4,200 50 0.01 SMC 1,300 442 0.05 SMS 900 14 — SoftBank Group 35,800 1,012 0.11 SoftBank Group Corp 35,400 364 0.04 Sohgo Security Services 1,600 63 0.01 Sojitz 29,700 56 0.01 Sompo Holdings 7,500 187 0.02 Sony 27,100 1,296 0.15 Sony Financial Holdings 3,400 46 0.01 Sotetsu Holdings 1,700 35 — Square Enix Holdings 1,700 61 0.01 Stanley Electric 3,200 51 0.01 Subaru Corporation 13,500 209 0.02 Sugi Holdings 800 34 — Sumco 4,600 48 0.01 Sumitomo Bakelite 600 10 — Sumitomo Chemical 33,600 80 0.01 Sumitomo 24,700 228 0.03 Sumitomo Dainippon Pharma 3,800 40 — Sumitomo Electric Industries 16,600 141 0.02 Sumitomo Forestry 3,100 32 — Sumitomo Heavy Industries 2,400 35 — Sumitomo Metal Mining 5,300 87 0.01 Sumitomo Mitsui Financial Group 28,600 561 0.06 Sumitomo Mitsui Trust Holdings 8,100 188 0.02 Sumitomo Osaka Cement 600 15 — Sumitomo Realty & Development 8,700 170 0.02 Sumitomo Rubber Industries 3,600 27 —

30



As at 31st March 2020 Holding Value net assets £’000 Investments JAPAN — continued Sundrug 1,600 41 — Suntory Beverage & Food 2,700 82 0.01 Sushiro Global Holdings 2,400 29 — Suzuken 1,600 47 0.01 Suzuki Motor 10,000 193 0.02 Sysmex 4,200 246 0.03 T & D Holdings 12,100 80 0.01 Tadano 1,700 10 — Taiheiyo Cement 2,500 35 — Taisei 4,400 109 0.01 Taisho Pharmaceutical Holdings 1,000 50 0.01 Taiyo Nippon Sanso 3,200 38 — Taiyo Yuden 2,900 62 0.01 Takara Bio 800 13 — Takara Holdings 4,000 24 — Takashimaya 2,700 20 — Takeda Pharmaceutical 33,600 827 0.09 TDK 2,600 163 0.02 TechnoPro Holdings 900 34 — Teijin 4,200 58 0.01 Terumo 14,500 402 0.05 The 77 Bank 2,000 21 — The Bank of Kyoto 1,600 41 0.01 The Chiba Bank 13,500 48 0.01 The Chugoku Bank 4,300 31 — The Gunma Bank 10,000 24 0.01 The Hachijuni Bank 9,000 26 0.01 The Hiroshima Bank 7,000 24 0.01 The Iyo Bank 5,300 22 — The Japan Steel Works 1,200 12 — The Kansai Electric Power 16,100 145 0.02 The Shiga Bank 1,000 19 — The Shizuoka Bank 11,200 55 0.01 The Yokohama Rubber Company 2,100 21 — THK 2,500 41 0.01 TIS 6,000 80 0.01 Tobu Railway 4,500 127 0.01 Toda 6,000 28 0.01 Toho 2,600 64 0.01 Toho Gas 1,900 69 0.01 Tohoku Electric Power 10,200 79 0.01 Tokai Carbon 4,200 28 0.01 Tokai Rika 1,000 10 — Tokio Marine Holdings 14,500 535 0.06 Tokuyama 1,400 22 — Tokyo Broadcasting System Holdings 600 7 — Tokyo Century 1,000 25 0.01 Tokyo Electric Power 34,100 95 0.01 Tokyo Electron 3,300 501 0.06 Tokyo Gas 9,400 180 0.02 Tokyo Tatemono 3,800 32 0.01 Tokyu 11,000 140 0.02 Tokyu Fudosan Holdings 13,100 50 0.01 Topcon 2,500 15 — Toppan Printing 6,500 81 0.01 Toray Industries 33,600 118 0.01 Toshiba 9,800 174 0.02 Toshiba TEC 500 13 — Tosoh 5,900 54 0.01

31



As at 31st March 2020 Holding Value net assets £’000 Investments JAPAN — continued TOTO 3,100 83 0.01 Toyo Seikan Group Holdings 2,900 27 0.01 Toyo Suisan Kaisha 2,000 77 0.01 Toyo Tire & Rubber 2,600 24 0.01 Toyobo 2,100 18 — Toyoda Gosei 1,500 21 — Toyota Boshoku 1,800 17 — Toyota Industries 3,500 135 0.02 Toyota Motor 54,300 2,637 0.30 Toyota Tsusho 4,900 93 0.01 Trend Micro 2,400 96 0.01 TS Tech 1,300 25 0.01 Tsumura 1,400 29 0.01 Tsuruha Holdings 800 85 0.01 TV Asahi Holdings 100 1 — UBE Industries 2,000 25 0.01 Ulvac 1,200 23 0.01 Unicharm 8,600 259 0.03 Ushio 1,900 15 — USS 4,600 51 0.01 Wacoal Holdings 1,500 26 0.01 Welcia Holdings 1,100 62 0.01 West Japan Railway 4,000 221 0.03 Yakult Honsha 2,700 129 0.01 Yamada Denki 17,800 57 0.01 Yamaguchi Financial Group 6,000 27 0.01 Yamaha 3,500 110 0.01 Yamaha Motor 6,000 59 0.01 Yamato Holdings 7,900 100 0.01 Yamato Kogyo 500 7 — Yamazaki Baking 3,000 51 0.01 Yaoko 400 20 0.01 Yaskawa Electric 5,700 126 0.01 Yokogawa Electric 5,200 51 0.01 Z Holdings Corp 57,200 148 0.02 Zenkoku Hosho 1,300 33 0.01 Zensho Holdings 2,200 34 0.01 Zeon 3,000 18 — ZOZO 2,500 27 — 57,883 6.56 LUXEMBOURG (0.12%; 0.13%) Aroundtown 30,932 124 0.01 B&M European Value Retail 229,268 632 0.07 Eurofins Scientific 352 140 0.02 RTL Group 1,101 30 — SES 10,162 48 0.01 Tenaris 13,321 66 0.01 1,040 0.12 NETHERLANDS (3.08%; 3.78%) Aalberts Industries 2,736 53 0.01 ABN AMRO Group 12,339 82 0.01 Adyen 765 522 0.06 Aegon 56,920 117 0.01 Akzo Nobel 5,747 305 0.03 Altice Europe 11,334 36 — ArcelorMittal 18,135 139 0.02 argenx SE 1,252 135 0.02 ASM International 1,422 115 0.01 ASML Holdings 11,464 2,459 0.28 ASR Nederland 4,036 82 0.01

32



As at 31st March 2020 Holding Value net assets £’000 Investments NETHERLANDS — continued Boskalis Westminster 2,419 35 — CNH Industrial 29,978 138 0.02 Euronext 1,857 111 0.01 Grandvision 1,544 34 — Heineken Holding 3,112 191 0.02 Heineken 6,909 466 0.05 ING Groep 106,902 452 0.05 Just Eat Takeaway.com 10,002 608 0.07 Koninklijke Ahold Delhaize 31,201 587 0.07 Koninklijke DSM 4,755 435 0.05 Koninklijke Royal KPN 96,766 186 0.02 Koninklijke Royal Philips Electronics 25,540 834 0.09 Koninklijke Vopak 1,852 78 0.01 NN Group 9,606 209 0.02 OCI 3,324 32 — PPHE Hotel Group 5,678 55 0.01 Prosus 12,378 691 0.08 QIAGEN 6,227 203 0.02 Randstad Holding 3,035 86 0.01 RHI Magnesita 7,847 161 0.02 Royal Dutch Shell 'A' 1,093,954 15,523 1.76 Signify 3,128 49 0.01 Unilever 39,157 1,549 0.18 Wolters Kluwer 7,743 440 0.05 27,198 3.08 NEW ZEALAND (0.13%; 0.11%) A2 Milk Company 28,652 234 0.02 Air New Zealand 19,653 8 — Auckland International Airport 34,805 82 0.01 Contact Energy 29,111 80 0.01 Fisher & Paykel Healthcare 22,281 317 0.03 Fletcher Building 30,538 50 0.01 Kiwi Property Group 53,585 23 — Mercury 22,986 46 0.01 Meridian Energy 49,262 95 0.01 Ryman Healthcare 16,655 81 0.01 SKYCITY Entertainment Group 24,532 21 — Spark New Zealand 74,639 146 0.02 1,183 0.13 NORWAY (0.18%; 0.24%) Adevinta 5,125 37 0.01 Aker 1,112 20 — Aker BP 3,175 32 0.01 DNB 27,112 244 0.03 Equinor 29,343 296 0.03 Gjensidige Forsikring 4,590 63 0.01 Leroy Seafood Group 7,639 30 — Mowi 12,459 152 0.02 Norsk Hydro 39,297 68 0.01 Orkla 22,217 152 0.02 Salmar 1,576 42 0.01 Schibsted 'A' 2,232 34 — Schibsted 'B' 2,866 41 — Subsea 7 9,970 38 — Telenor 18,961 220 0.02 Yara International 4,359 110 0.01 1,579 0.18 POLAND (0.08%; 0.11%) Bank Polska Kasa Opieki 4,529 49 0.01 CD Project 1,809 102 0.01

33



As at 31st March 2020 Holding Value net assets £’000 Investments POLAND — continued Cyfrowy Polsat 7,730 36 0.01 Dino Polska 1,394 44 0.01 Grupa Lotos 2,847 29 — KGHM Polska Miedz 3,950 46 0.01 LPP 24 24 — mBank 371 16 — PGE Polska Grupa Energetyczna 21,114 16 — PKO Bank Polski 24,648 108 0.01 Polski Koncern Naftowy Orlen 8,886 96 0.01 Polskie Gornictwo Naftowe i Gazownictwo 50,194 33 — Powszechny Zaklad Ubezpieczen 16,205 98 0.01 Santander Bank Polska 834 28 — 725 0.08 PORTUGAL (0.05%; 0.05%) Banco Espirito Santo 64,545 — — EDP Energias de Portugal 74,039 240 0.03 Galp Energia 11,946 110 0.01 Jeronimo Martins 6,915 100 0.01 450 0.05 SINGAPORE (0.60%; 0.58%) Ascendas Real Estate Investment Trust 118,361 187 0.02 Ascott Residence Trust 69,199 31 — BOC Aviation 10,200 53 0.01 CapitaLand Commercial Trust 100,986 86 0.01 CapitaLand 97,400 157 0.02 CapitaLand Mall Trust 88,600 89 0.01 City Developments 19,100 78 0.01 ComfortDelGro 91,600 78 0.01 Dairy Farm International Holdings 11,100 41 — DBS Group Holdings 70,234 738 0.08 Frasers Property 12,400 8 — Genting Singapore 230,900 90 0.01 Golden Agri—Resources 218,000 17 — Hutchison Port Holdings Trust 175,000 15 — Jardine Cycle & Carriage 3,533 39 — Jardine Matheson Holdings 8,388 338 0.04 Jardine Strategic Holdings 7,278 128 0.01 Keppel 56,800 170 0.02 Keppel REIT 81,300 43 0.01 Mapletree Commercial Trust 79,468 82 0.01 Mapletree Industrial Trust 64,041 88 0.01 Mapletree Logistics Trust 95,750 85 0.01 Mapletree North Asia Commercial Trust 86,195 39 0.01 Olam International 17,400 14 — Oversea—Chinese Banking 134,277 656 0.07 Sats 23,000 41 0.01 SembCorp Industries 31,000 27 — SembCorp Marine 28,000 11 — SIA Engineering 7,000 7 — Singapore Airlines 18,300 59 0.01 Singapore Exchange 33,400 173 0.02 Singapore Post 58,400 21 — Singapore Press Holdings 67,800 70 0.01 Singapore Technologies Engineering 62,600 111 0.01 Singapore Telecommunications 290,400 416 0.05 StarHub 20,000 15 — Suntec Real Estate Investment Trust 86,100 60 0.01 United Overseas Bank 50,280 553 0.06 UOL Group 20,356 76 0.01 Venture 10,100 78 0.01

34



As at 31st March 2020 Holding Value net assets £’000 Investments SINGAPORE — continued Wilmar International 77,200 140 0.02 Wing Tai Holdings 14,000 12 — XP Power 3,999 103 0.01 5,323 0.60 SOUTH KOREA (2.00%; 1.76%) Amorepacific 1,280 143 0.02 Amorepacific Group 1,059 39 0.01 Amorepacific Preference 360 14 — BGF Retail 230 20 — BNK Financial Group 10,831 32 — Celltrion Healthcare 2,311 137 0.02 Celltrion 4,081 619 0.07 Cheil Worldwide 2,510 26 — CJ CheilJedang 302 43 0.01 CJ 450 19 — CJ ENM 375 26 — CJ Logistics 263 24 — Daelim Industrial 922 45 0.01 Daewoo Engineering & Construction 6,220 12 — Daewoo Shipbuilding & Marine Engineering Co 1,507 13 — DB Insurance 2,028 47 0.01 DGB Financial Group 5,229 16 — Dongsuh Companies 1,005 10 — Doosan Bobcat 965 11 — Doosan 300 7 — Doosan Fuel Cell 1,005 3 — Doosan Heavy Industries and Construction 3,888 9 — Doosan Infracore 4,600 10 — Doosan Solus 554 7 — E—Mart 715 50 0.01 Fila Korea 2,429 47 0.01 GS Engineering & Construction 2,207 30 — GS Holdings 1,736 42 0.01 GS Retail 1,043 21 — Hana Financial Group 11,104 169 0.02 Hankook Tire 2,674 34 — Hanmi Pharm Company 243 42 0.01 Hanmi Science 438 8 — Hanon Systems 5,620 33 0.01 Hanssem 380 13 — Hanwha 1,215 7 — Hanwha Aerospace 1,228 17 — Hanwha Chemical 2,860 25 — Hanwha Corp 1,630 16 — Hanwha Life Insurance 8,880 8 — HDC Hyundai Development Co—Engineering & Construction 1,818 19 — Helixmith 688 31 0.01 Hite Jinro 880 16 — HLB 1,403 83 0.01 Hotel Shilla Co Ltd 1,090 51 0.01 Hyundai Department Store 553 21 — Hyundai Engineering & Construction 3,325 60 0.01 Hyundai Glovis 860 52 0.01 Hyundai Heavy Industries 363 47 0.01 Hyundai Marine & Fire Insurance 2,060 31 — Hyundai Mipo Dockyard 638 11 — Hyundai Mobis 2,577 289 0.03 Hyundai Motor 2nd Preference 1,517 57 0.01 Hyundai Motor 5,586 328 0.04 Hyundai Motor Preference 858 29 —

35



As at 31st March 2020 Holding Value net assets £’000 Investments SOUTH KOREA — continued Hyundai Steel 2,680 32 0.01 Hyundai Wia 556 10 — Industrial Bank of Korea 12,308 61 0.01 Kakao 1,917 197 0.02 Kangwon Land 4,484 59 0.01 KB Financial Group 15,400 352 0.04 KCC 166 14 — KCC Glass 156 2 — KEPCO Plant Service & Engineering 700 13 — Kia Motors 10,209 176 0.02 Korea Aerospace Industries 2,230 31 — Korea Electric Power (KEPCO) 10,172 130 0.01 Korea Gas 1,036 15 — Korea Investment Holdings 1,290 42 0.01 Korea Shipbuilding and Offshore Engineering 1,856 96 0.01 Korea Zinc 435 103 0.01 Korean Air Lines 1,531 19 — KT&G 4,411 218 0.02 Kumho Petrochemical 551 24 — LG Chem 1,841 372 0.04 LG Chem Preference 249 24 — LG 3,354 131 0.01 LG Display 8,030 59 0.01 LG Electronics 4,256 136 0.02 LG Electronics Preference 886 10 — LG Household & Health Care 356 264 0.03 LG Household & Health Care Preference 70 30 — LG Uplus 6,700 48 0.01 Lotte 1,534 24 — Lotte Chemical 520 66 0.01 Lotte Chilsung Beverage 120 7 — Lotte Fine Chemical 597 12 — Lotte Shopping 486 24 — LS 685 13 — Mando 1,135 16 — Medy—Tox Inc 136 18 — Mirae Asset Daewoo 17,600 61 0.01 Mirae Asset Daewoo 2nd Preference 4,904 9 — Naver 5,213 585 0.07 NCSoft 665 287 0.03 Netmarble Games 622 38 — NH Investment & Securities 4,820 29 — NHN Entertainment 490 22 — NongShim 98 19 — OCI 635 15 — Orion 875 67 0.01 Ottogi 42 13 — Paradise 1,507 13 — Posco 2,713 289 0.03 Posco Chemical 658 19 — Posco International Corp 1,410 11 — S—1 663 35 — Samsung Biologics 534 170 0.02 Samsung C&T 3,162 187 0.02 Samsung Card 1,227 24 — Samsung Electro—Mechanics 2,275 147 0.02 Samsung Electronics 183,663 5,806 0.66 Samsung Electronics Preference 32,575 865 0.10 Samsung Engineering 6,877 46 0.01

36



As at 31st March 2020 Holding Value net assets £’000 Investments SOUTH KOREA — continued Samsung Fire & Marine Insurance 1,292 132 0.01 Samsung Fire & Marine Insurance Preference 147 11 — Samsung Heavy Industries 16,386 42 0.01 Samsung Life Insurance 2,677 76 0.01 Samsung SDI 2,075 330 0.04 Samsung SDS 1,275 126 0.01 Samsung Securities 2,369 46 0.01 Shinhan Financial Group 17,964 340 0.04 Shinsegae 265 38 0.01 SillaJen 1,797 16 — SK Holdings 1,324 146 0.02 SK Hynix 20,148 1,111 0.13 SK Innovation 2,310 133 0.02 SK Networks 4,770 14 — SK Telecom 948 111 0.01 SKC 630 16 — S—Oil 1,716 65 0.01 Ssangyong Cement Industrial Co 4,748 14 — Woongjin Coway 2,101 80 0.01 Woori Financial Group 20,500 104 0.01 Yuhan 344 52 0.01 17,627 2.00 SPAIN (0.79%; 1.16%) Acciona 740 64 0.01 ACS Actividades de Construccion y Servicios 7,864 124 0.01 Aena 1,763 155 0.02 Amadeus IT Holding 11,940 456 0.05 Banco Bilbao Vizcaya Argentaria 194,048 501 0.06 Banco de Sabadell 159,610 66 0.01 Banco Santander 470,597 924 0.10 Bankia 40,808 37 — Bankinter 19,120 57 0.01 CaixaBank 104,571 157 0.02 Cellnex Telecom 7,129 262 0.03 EDP Renovaveis 6,006 57 0.01 Enagas 6,757 108 0.01 Endesa 9,075 156 0.02 Ferrovial 13,850 268 0.03 Grifols 'A' 9,693 266 0.03 Iberdrola 169,716 1,348 0.15 Inditex 30,091 628 0.07 Inmobiliaria Colonial Socimi 8,921 68 0.01 Mapfre 29,287 40 — Merlin Properties Socimi 9,689 59 0.01 Naturgy Energy Group 7,456 106 0.01 Red Electrica 12,196 177 0.02 Repsol 37,141 274 0.03 Siemens Gamesa Renewable Energy 6,390 77 0.01 Telefonica 132,985 491 0.06 Zardoya Otis 5,374 29 — 6,955 0.79 SWEDEN (0.86%; 0.83%) Alfa Laval 9,347 129 0.01 Assa Abloy 'B' 24,597 371 0.04 Atlas Copco 'A' 18,414 496 0.06 Atlas Copco 'B' 10,922 257 0.03 Boliden 8,156 119 0.01 Castellum 8,031 109 0.01 Electrolux 'B' 7,123 71 0.01 Electrolux Professional 7,123 16 —

37



As at 31st March 2020 Holding Value net assets Investments SWEDEN — continued Elekta 'B' 10,677 71 0.01 Epiroc 'A' 18,930 150 0.02 Epiroc 'B' 10,922 86 0.01 EQT 4,038 39 — Ericsson 87,374 572 0.06 Essity 'B' 17,790 439 0.05 Fastighets Balder 2,587 75 0.01 Hennes & Mauritz 22,753 233 0.03 Hexagon 'B' 7,639 263 0.03 Hufvudstaden 3,204 35 0.01 Husqvarna 'B' 5,007 20 — ICA Gruppen 2,174 73 0.01 Industrivarden 'A' 6,164 96 0.01 Industrivarden 'C' 3,741 59 0.01 Investor 'A' 3,298 120 0.01 Investor 'B' 13,295 490 0.06 Kinnevik 6,824 91 0.01 L E Lundbergforetagen 2,523 83 0.01 Latour Investment 'B' 3,592 41 0.01 Lundin Petroleum 4,860 75 0.01 Nibe Industrier 'B' 9,093 105 0.01 SAAB 'B' 2,815 43 0.01 Sandvik 28,758 327 0.04 SCA 'B' 17,904 145 0.02 Securitas 'B' 9,055 78 0.01 Skandinaviska Enskilda Banken 36,680 199 0.02 Skanska 'B' 10,240 127 0.01 SKF 'B' 11,198 124 0.01 Svenska Handelsbanken 'A' 43,437 290 0.03 Svenska Handelsbanken 'B' 2,853 21 — Swedbank 'A' 29,308 261 0.03 Swedish Match 4,788 218 0.02 Swedish Orphan Biovitrum 5,975 82 0.01 Tele2 'B' 15,860 170 0.02 Telia Company 76,305 218 0.02 Trelleborg 7,172 62 0.01 Volvo 'B' 43,873 423 0.05 7,572 0.86 SWITZERLAND (3.32%; 2.88%) ABB 51,124 726 0.08 Adecco 4,626 147 0.02 Alcon Inc 13,449 554 0.06 Baloise Holding 1,359 144 0.02 Banque Cantonale Vaudoise 79 52 0.01 Barry Callebaut 88 142 0.02 Cholcoladefabriken Lindt & Sprungli 'R' 3 211 0.02 Cie Financiere Richemont SA 14,603 647 0.07 Clariant 6,069 82 0.01 Coca—Cola HBC AG 52,327 908 0.10 Credit Suisse Group 68,341 457 0.05 DKSH Holdings 714 29 — Ems—Chemie Holding 204 104 0.01 Flughafen Zuerich 563 51 0.01 Geberit 1,019 363 0.04 Georg Fischer 116 65 0.01 Givaudan 264 660 0.07 Helvetia Holding 1,150 80 0.01 Julius Baer Group 6,543 180 0.02 Kuhne + Nagel International 1,421 158 0.02

38



As at 31st March 2020 Holding Value net assets £’000 Investments SWITZERLAND — continued LafargeHolcim 14,781 437 0.05 Lindt & Spruengli 'P' 29 197 0.02 Logitech 4,285 150 0.02 Lonza Group 2,121 712 0.08 Nestle 82,771 6,874 0.78 Novartis 60,928 4,062 0.46 OC Oerlikon 5,505 36 — Pargesa Holdings 1,145 61 0.01 Partners Group Holdings 473 264 0.03 PSP Swiss Property 1,114 112 0.01 Roche Holding 19,906 5,220 0.59 Roche Holdings 'BR' 662 171 0.02 Schindler 'P' 1,181 210 0.02 Schindler 'R' 568 96 0.01 SGS 169 316 0.04 Sika 'B' 3,971 530 0.06 Sonova Holding 1,567 228 0.03 Straumann Holding 299 180 0.02 Sulzer 364 19 — Swiss Life Holding 949 261 0.03 Swiss Prime Site 2,214 175 0.02 Swiss Re 7,551 470 0.05 Swisscom 745 324 0.04 Temenos Group 1,741 184 0.02 The Swatch Group 'B' 615 99 0.01 The Swatch Group 'R' 1,341 42 0.01 UBS Group 96,876 732 0.08 Vifor Pharma 1,318 147 0.02 Zurich Insurance Group 4,244 1,217 0.14 29,286 3.32 UNITED STATES (13.60%; 14.40%) 3M 3,713 409 0.05 Abbott Laboratories 11,670 743 0.08 AbbVie 10,014 613 0.07 Abiomed 300 35 — Accenture 4,293 565 0.06 Activision Blizzard 5,211 250 0.03 Acuity Brands 300 21 — Adobe Systems 3,262 838 0.09 Advance Auto Parts 600 45 0.01 Advanced Micro Devices 7,117 261 0.03 Aercap Holdings 1,100 20 — AES 5,381 59 0.01 Aflac 5,402 149 0.02 Agilent Technologies 1,920 111 0.01 AGNC Investment 2,330 20 — Air Products and Chemicals 1,486 239 0.03 Akamai Technologies 858 63 0.01 Albemarle 800 36 0.01 Alexandria Real Estate Equities 700 77 0.01 Alexion Pharmaceuticals 1,294 94 0.01 Align Technology 600 84 0.01 Alleghany 125 56 0.01 Allegion 695 52 0.01 Allergan 2,219 317 0.04 Alliance Data Systems 450 12 — Alliant Energy 1,546 60 0.01 Ally Financial 3,200 37 0.01 Alnylam Pharmaceuticals 700 61 0.01

39



As at 31st March 2020 Holding Value net assets £’000 Investments UNITED STATES — continued Alphabet 'A' 2,048 1,919 0.22 Alphabet 'C' 2,057 1,927 0.22 Altice USA 2,400 43 0.01 Altria Group 12,617 393 0.04 Amazon.com 2,818 4,423 0.50 Amdocs 1,200 53 0.01 Ameren 1,694 100 0.01 American Airlines Group 800 8 — American Electric Power 3,278 212 0.02 American Express 4,443 307 0.03 American International Group 6,272 123 0.01 American Tower 2,881 505 0.06 American Water Works 1,124 109 0.01 Ameriprise Financial 856 71 0.01 AmerisourceBergen 1,108 79 0.01 Ametek 1,695 98 0.01 Amgen 3,961 648 0.07 Amphenol 1,824 107 0.01 Analog Devices 2,556 185 0.02 Annaly Capital Management 9,894 40 0.01 ANSYS 500 94 0.01 Anthem 1,647 301 0.03 Aon 1,566 208 0.02 Apache 3,177 11 — Apple 27,863 5,715 0.65 Applied Materials 5,834 216 0.02 Aptiv 1,400 56 0.01 Aramark 1,900 31 — Arch Capital Group 2,700 62 0.01 Archer—Daniels—Midland 3,683 104 0.01 Arconic 3,216 42 0.01 Arista Networks 400 65 0.01 Arthur J. Gallagher & Co 1,107 73 0.01 Assurant 134 11 — AT&T 49,457 1,163 0.13 Atmos Energy Corp 900 72 0.01 Autodesk 1,590 200 0.02 Autoliv 720 27 — Automatic Data Processing 2,826 312 0.04 AutoZone 207 143 0.02 AvalonBay Communities 867 103 0.01 Avery Dennison 349 29 — Baker Hughes a GE Company 3,558 30 — Ball 2,298 120 0.01 Bank of America 53,940 923 0.10 Baxter International 3,105 203 0.02 Becton Dickinson 1,793 332 0.04 Berkshire Hathaway 'A' 3 663 0.08 Berkshire Hathaway 'B' 8,900 1,312 0.15 Best Buy 1,556 72 0.01 Biogen Idec 1,171 299 0.03 BioMarin Pharmaceutical 1,200 82 0.01 BlackRock 815 289 0.03 Booking Holdings 294 319 0.04 BorgWarner 1,736 34 — Boston Properties 835 62 0.01 Boston Scientific 8,875 234 0.03 Bristol—Myers Squibb 15,832 711 0.08 Broadcom 2,619 501 0.06

40



As at 31st March 2020 Holding Value net assets £’000 Investments UNITED STATES — continued Broadridge Financial Solutions 865 66 0.01 Brown & Brown 1,992 58 0.01 Brown—Forman 'B' 1,700 76 0.01 Bunge 1,020 34 — Burlington Stores 500 64 0.01 Cabot Oil & Gas 3,530 49 0.01 Cadence Design Systems 2,100 112 0.01 Campbell Soup 784 29 — Capital One Financial 2,667 109 0.01 Cardinal Health 1,622 63 0.01 CarMax 1,081 47 0.01 Carnival 3,131 33 — Caterpillar 3,620 339 0.04 CBOE Global Markets 900 64 0.01 CBRE Group 2,279 69 0.01 CDK Global 1,175 31 — CDW 800 60 0.01 Celanese 698 41 0.01 Centene 3,685 176 0.02 CenterPoint Energy 3,957 49 0.01 CenturyLink 7,664 58 0.01 Cerner 2,370 120 0.01 CF Industries Holdings 1,990 44 0.01 CH Robinson Worldwide 1,151 61 0.01 Charter Communications 987 347 0.04 Check Point Software Technologies 663 54 0.01 Cheniere Energy 1,400 38 0.01 Chevron 12,627 737 0.08 Chipotle Mexican Grill 218 116 0.01 Chubb 3,005 270 0.03 Church & Dwight 1,412 73 0.01 Cigna 2,484 354 0.04 Cimarex Energy 800 11 — Cincinnati Financial 1,144 70 0.01 Cintas 609 85 0.01 Cisco Systems 28,899 916 0.10 Citigroup 14,032 476 0.05 Citizens Financial Group 2,900 44 0.01 Citrix Systems 901 103 0.01 CME Group 2,325 324 0.04 CMS Energy 2,100 99 0.01 CNA Financial 200 5 — Cognizant Technology Solutions 3,956 148 0.02 Colgate—Palmolive 5,486 294 0.03 Comcast 'A' 30,352 841 0.10 Comerica 1,386 33 — Commerce Bancshares 916 37 — Conagra Brands 2,807 66 0.01 Concho Resources 1,522 53 0.01 ConocoPhillips 6,671 165 0.02 Consolidated Edison 2,337 147 0.02 Constellation Brands 'A' 1,135 131 0.01 Continental Resources 756 5 — Copart 1,549 86 0.01 Corning 5,144 85 0.01 Corteva 4,263 81 0.01 CoStar Group 200 95 0.01 Costco Wholesale 3,033 698 0.08 Coty 2,051 9 —

41



As at 31st March 2020 Holding Value net assets £’000 Investments UNITED STATES — continued Credicorp 500 58 0.01 Crown Castle International 2,808 327 0.04 CSX 4,761 220 0.02 Cummins 1,079 118 0.01 CVS Health 8,846 424 0.05 DR Horton 2,127 58 0.01 Danaher 4,168 465 0.05 Darden Restaurants 900 39 0.01 DaVita 710 43 0.01 Deere 1,733 193 0.02 Dell Technologies 1,071 34 — Dentsply Siriona 1,887 59 0.01 Devon Energy 3,932 22 — DexCom 600 130 0.01 Diamondback Energy 1,000 21 — Digital Realty Trust 1,636 183 0.02 Discover Financial Services 2,315 67 0.01 Discovery 'A' 999 16 — Discovery 'C' 2,529 36 — DISH Network 'A' 1,534 25 — DocuSign 1,100 82 0.01 Dollar General 1,794 219 0.02 Dollar Tree 1,372 81 0.01 Dominion Energy 5,631 328 0.04 Domino's Pizza 200 52 0.01 Dover 888 60 0.01 Dow Inc 4,463 105 0.01 DTE Energy 1,081 83 0.01 Duke Energy 4,793 313 0.04 Duke Realty 2,016 53 0.01 DuPont de Nemours 4,663 128 0.01 DXC Technology 2,153 23 — E*TRADE Financial 800 22 — Eastman Chemical 1,260 47 0.01 Eaton 2,601 163 0.02 eBay 5,335 129 0.01 Ecolab 1,809 227 0.03 Edison International 2,546 112 0.01 Edwards Lifesciences 1,400 213 0.02 Elanco Animal Health 3,248 59 0.01 Electronic Arts 1,913 154 0.02 Eli Lilly 5,734 641 0.07 Emerson Electric 4,358 167 0.02 Entergy 1,135 86 0.01 EOG Resources 3,370 98 0.01 Equifax 840 81 0.01 Equinix 624 314 0.04 Equitable Holdings 3,200 37 0.01 Equity Lifestyle Properties 1,300 61 0.01 Equity Residential 2,261 112 0.01 Essex Property Trust 500 89 0.01 Everest Re Group 177 27 — Evergy 1,283 57 0.01 Eversource Energy 2,393 151 0.02 Exact Sciences Corp 1,000 47 0.01 Exelon 6,933 206 0.02 Expedia Group 847 38 0.01 Expeditors International of Washington 1,195 64 0.01 Extra Space Storage 900 69 0.01

42



As at 31st March 2020 Holding Value net assets £’000 Investments UNITED STATES — continued Exxon Mobil 27,942 855 0.10 F5 Networks 257 22 — Facebook 'A' 16,100 2,166 0.25 Fastenal 4,134 104 0.01 Federal Realty Investment Trust 645 39 — FedEx 1,705 166 0.02 Fidelity National Financial 2,100 42 — Fidelity National Information Services 4,068 399 0.05 Fifth Third Bancorp 5,060 61 0.01 First Republic Bank 947 63 0.01 FirstEnergy 3,832 124 0.01 Fiserv 3,968 304 0.03 FleetCor Technologies 600 90 0.01 Flextronics International 4,817 33 — Flowserve 1,146 22 — FMC Corp 700 46 0.01 Ford Motor 26,831 105 0.01 Fortinet 1,100 90 0.01 Fortive 1,924 86 0.01 Fortune Brands Home & Security 1,107 39 — Fox Corporation 'A' 2,824 54 0.01 Fox Corporation 'B' 999 18 — Franklin Resources 1,889 25 — Freeport—McMoRan 11,203 61 0.01 Garmin 1,021 62 0.01 Gartner 700 56 0.01 General Dynamics 1,697 181 0.02 General Electric 58,075 371 0.04 General Mills 4,089 174 0.02 General Motors 8,977 150 0.02 Gentex 2,020 36 — Genuine Parts 1,091 59 0.01 Gilead Sciences 8,632 520 0.06 Global Payments 1,972 229 0.03 Globe Life 830 48 0.01 GoDaddy 'A' 1,365 63 0.01 Halliburton 6,515 36 — Hanesbrands 3,200 20 — Harley—Davidson 1,116 17 — Hartford Financial Services Group 2,380 68 0.01 Hasbro 904 52 0.01 HCA Healthcare 1,924 139 0.02 Healthpeak Properties 3,446 66 0.01 Heico Corp 600 31 — Henry Schein 1,266 52 0.01 Herbalife 832 20 — Hess 1,967 53 0.01 Hewlett Packard Enterprise 9,730 76 0.01 Hilton Worldwide Holdings 1,666 92 0.01 HollyFrontier 1,464 29 — Hologic 2,200 62 0.01 Honeywell International 4,869 525 0.06 Hormel Foods 1,802 68 0.01 Host Hotels & Resorts 6,251 56 0.01 HP 8,730 122 0.01 Humana 946 240 0.03 Huntington Bancshares 4,952 33 — Huntington Ingalls Industries 300 44 0.01 IAC 535 77 0.01

43



As at 31st March 2020 Holding Value net assets £’000 Investments UNITED STATES — continued Idex Corp 600 67 0.01 Idexx Laboratories 500 98 0.01 IHS Markit 2,900 140 0.02 Illinois Tool Works 2,087 239 0.03 Illumina 971 214 0.02 Incyte 1,200 71 0.01 Intel 28,925 1,263 0.14 Intercontinental Exchange 3,625 236 0.03 International Business Machine 5,923 530 0.06 International Flavors & Fragrances 564 46 0.01 International Paper 2,461 62 0.01 Intuit 1,684 312 0.04 Intuitive Surgical 725 290 0.03 Invesco 3,161 23 — Invitation Homes 4,100 71 0.01 IPG Photonics 300 27 — IQVIA Holdings 1,260 110 0.01 Iron Mountain 2,318 44 0.01 Jabil Inc 1,400 28 — Jacobs Engineering Group 894 57 0.01 Jazz Pharmaceuticals 400 32 — JB Hunt Transport Services 438 32 — Jefferies Financial Group 2,381 26 — Johnson & Johnson 17,998 1,901 0.22 Johnson Controls International 4,436 96 0.01 JPMorgan Chase 21,139 1,537 0.17 Juniper Networks 2,588 40 — Kansas City Southern 631 65 0.01 Kellogg 1,888 91 0.01 Keurig Dr Pepper 1,800 35 — KeyCorp 6,366 53 0.01 Keysight Technologies 1,210 82 0.01 Kimberly—Clark 2,212 228 0.03 Kimco Realty 2,845 22 — Kinder Morgan 13,578 152 0.02 KLA—Tencor 1,177 136 0.02 Kohl's 1,477 17 — L3Harris Technologies 1,408 205 0.02 Laboratory Corporation of America Holdings 581 59 0.01 Lam Research 1,038 201 0.02 Lamb Weston Holdings 1,202 55 0.01 Las Vegas Sands 1,847 63 0.01 Lear 349 23 — Leggett & Platt 975 21 — Leidos Holdings 700 52 0.01 Lennar 'A' 2,004 62 0.01 Liberty Broadband 'A' 196 17 — Liberty Broadband 'C' 812 72 0.01 Liberty Global 'A' 300 4 — Liberty Global 'C' 2,800 35 — Liberty Media SiriusXM 'A' 100 3 — Liberty Media SiriusXM 'C' 572 15 — Lincoln National 1,449 31 — Live Nation Entertainment 1,100 40 — LKQ 2,600 43 — Lockheed Martin 1,659 454 0.05 Loews 2,080 58 0.01 Lowe's 5,137 357 0.04 Lyft 1,400 30 —

44



As at 31st March 2020 Holding Value net assets £’000 Investments UNITED STATES — continued LyondellBasell Industries 1,693 68 0.01 M&T Bank 857 71 0.01 Macy's 2,043 8 — ManpowerGroup 574 25 — Marathon Oil 7,434 20 — Marathon Petroleum 4,565 87 0.01 Markel 107 80 0.01 MarketAxess Holdings 300 80 0.01 Marriott International 'A' 1,943 117 0.01 Marsh & McLennan 3,297 230 0.03 Martin Marietta Materials 500 76 0.01 Marvell Technology Group 5,091 93 0.01 Masco 1,424 40 — MasterCard 5,960 1,163 0.13 Maxim Intergrated Products 2,045 80 0.01 McCormick 839 96 0.01 McDonald's 5,041 672 0.08 McKesson 978 107 0.01 Medtronic 9,122 665 0.08 MercadoLibre 300 118 0.01 Merck 17,248 1,071 0.12 MetLife 5,748 142 0.02 Mettler Toledo International 200 111 0.01 MGM Resorts International 2,969 28 — Microchip Technology 1,836 100 0.01 Micron Technology 7,223 245 0.03 Microsoft 51,196 6,510 0.74 Mid—America Apartment Communities 900 75 0.01 Mohawk Industries 480 30 — Molson Coors Brewing 'B' 1,296 41 — Mondelez International 9,581 387 0.04 Monster Beverage 2,410 109 0.01 Moody's 1,156 198 0.02 Morgan Stanley 7,548 207 0.02 Motorola Solutions 1,142 123 0.01 MSCI 500 116 0.01 Mylan 3,888 47 0.01 Nasdaq 600 46 0.01 National Oilwell Varco 3,366 27 — NetApp 1,614 54 0.01 Netflix 2,829 856 0.10 Newell Brands 1,149 12 — Newmont Goldcorp Corp 5,288 193 0.02 News Corporation 'A' 2,943 21 — News Corporation 'B' 1,049 8 — NextEra Energy 3,351 650 0.07 Nielsen Holdings 3,005 30 — Nike 'B' 8,100 541 0.06 NiSource 2,764 56 0.01 Noble Energy 3,974 19 — Nordstrom 668 8 — Norfolk Southern 1,737 205 0.02 Northern Trust 1,289 78 0.01 Northrop Grumman 1,071 261 0.03 NortonLifeLock 3,214 48 0.01 Norwegian Cruise Line Holdings 1,700 15 — NRG Energy 1,612 35 — Nucor 1,920 56 0.01 NVIDIA 3,881 825 0.09

45



As at 31st March 2020 Holding Value net assets £’000 Investments UNITED STATES — continued NVR 25 52 0.01 NXP Semiconductors 1,811 121 0.01 Occidental Petroleum 6,078 57 0.01 Okta 800 79 0.01 Old Dominion Freight Line 600 63 0.01 Old Republic International 1,811 22 — Omnicom Group 1,313 58 0.01 ONEOK 2,752 48 0.01 Oracle 13,512 527 0.06 O'Reilly Automotive 500 121 0.01 PACCAR 2,211 109 0.01 Packaging Corporation of America 700 49 0.01 Palo Alto Networks 600 79 0.01 Park Hotels & Resorts 1,017 6 — Parker—Hannifin 859 90 0.01 Paychex 1,950 99 0.01 Paycom Software 400 65 0.01 PayPal Holdings 7,835 605 0.07 Pentair 1,468 35 — People's United Financial 2,528 23 — PepsiCo 9,560 926 0.10 Perrigo 1,056 41 — Pfizer 37,664 992 0.11 PG&E 3,995 29 — Philip Morris International 10,591 623 0.07 Phillips 66 2,786 120 0.01 Pinnacle West Capital 760 46 0.01 Pioneer Natural Resources 1,254 71 0.01 PNC Financial Services Group 2,888 223 0.03 Polaris Industries 500 19 — PPG Industries 1,632 110 0.01 PPL 5,346 106 0.01 Principal Financial Group 2,113 53 0.01 Prologis 5,065 328 0.04 Prudential Financial 2,795 117 0.01 PTC 951 47 0.01 Public Service Enterprise Group 3,365 122 0.01 Public Storage 1,095 175 0.02 PulteGroup 2,400 43 — PVH 700 21 — Qorvo 1,000 65 0.01 Qualcomm 7,953 434 0.05 Quest Diagnostics 603 39 — Ralph Lauren 432 23 — Raymond James Financial 900 46 0.01 Raytheon 1,783 189 0.02 Realty Income 2,200 88 0.01 Regency Centers 1,230 38 — Regeneron Pharmaceuticals 543 214 0.02 Regions Financial 6,702 48 0.01 RenaissanceRe Holdings 300 36 — Republic Services 1,196 72 0.01 ResMed 1,000 119 0.01 RingCentral 500 85 0.01 Robert Half International 1,002 31 — Rockwell Automation 795 97 0.01 Rollins 936 27 — Roper Technologies 679 171 0.02 Ross Stores 2,406 169 0.02

46



As at 31st March 2020 Holding Value net assets £’000 Investments UNITED STATES — continued Royal Caribbean Cruises 1,236 32 — S&P Global 1,649 326 0.04 salesforce.com 5,648 655 0.07 SBA Communications 700 152 0.02 Schlumberger 9,534 104 0.01 Seagate Technology 1,546 61 0.01 Sealed Air 1,345 27 — Seattle Genetics 800 74 0.01 SEI Investments 940 35 — Sempra Energy 1,983 181 0.02 Sensata Technologies Holding 1,300 30 — ServiceNow 1,300 300 0.03 Simon Property Group 1,987 88 0.01 Sirius XM Holdings 11,226 45 0.01 Skyworks Solutions 1,000 72 0.01 SL Green Realty 700 24 — Snap—on 129 11 — Southwest Airlines 1,200 34 — Splunk 1,000 102 0.01 Spotify Technology 900 88 0.01 Sprint 12,672 88 0.01 Square 'A' 2,202 93 0.01 SS&C Technologies Holdings 1,165 41 — Stanley Black & Decker 1,179 95 0.01 Starbucks 7,964 422 0.05 State Street 2,149 92 0.01 Steel Dynamics 1,189 22 — Steris 700 79 0.01 Stryker 2,312 310 0.04 Sun Communities 600 61 0.01 SVB Financial Group 400 49 0.01 Synchrony Financial 4,861 63 0.01 Synopsys 1,010 105 0.01 Sysco 2,885 106 0.01 T. Rowe Price Group 1,413 111 0.01 Take—Two Interactive Software 800 77 0.01 Tapestry 2,026 21 — Targa Resources 1,500 8 — Target 3,234 243 0.03 TD Ameritrade Holding 4,482 125 0.01 TE Connectivity 2,276 116 0.01 Teledyne Technology 300 72 0.01 Teleflex 300 71 0.01 Tesla Motors 950 402 0.05 Texas Instruments 6,220 501 0.06 Textron 1,960 42 — The Allstate Corporation 2,093 155 0.02 The Bank of New York Mellon 5,101 139 0.02 The Boeing Company 3,595 432 0.05 The Charles Schwab Corporation 5,837 158 0.02 The Clorox Company 810 113 0.01 The Coca—Cola Company 26,032 928 0.11 The Cooper Companies 300 67 0.01 The Estee Lauder Companies 'A' 1,454 187 0.02 The Gap 2,268 13 — The Goldman Sachs Group 2,151 268 0.03 The Hershey Company 853 91 0.01 The Home Depot 7,307 1,100 0.12 The Interpublic Group of Companies 3,233 42 —

47



As at 31st March 2020 Holding Value net assets £’000 Investments UNITED STATES — continued The JM Smucker Company 802 72 0.01 The Kraft Heinz Company 4,827 96 0.01 The Kroger Company 5,890 143 0.02 The Mosaic Company 2,980 26 — The Procter & Gamble Company 16,620 1,475 0.17 The Progressive Corporation 3,751 223 0.03 The Sherwin—Williams Company 527 196 0.02 The Southern Company 6,875 300 0.03 The TJX Companies 8,042 310 0.04 The Travelers Companies 1,556 125 0.01 The Walt Disney Company 11,711 912 0.10 The Western Union Company 2,641 39 — The Williams Companies 7,029 80 0.01 Thermo Fisher Scientific 2,752 629 0.07 Tiffany & Co. 891 93 0.01 T—Mobile US 1,900 129 0.01 Tractor Supply Co 800 55 0.01 TransDigm Group 400 104 0.01 TransUnion 1,410 75 0.01 Trimble 1,300 33 — Truist Financial 8,885 221 0.03 Twilio 900 65 0.01 Twitter 5,200 103 0.01 Tyson Foods 'A' 2,102 98 0.01 Uber Technologies 6,900 155 0.02 UDR 2,000 59 0.01 Ulta Beauty 271 38 — Under Armour 'A' 1,400 10 — Under Armour 'C' 1,409 9 — Union Pacific 4,717 536 0.06 United Airlines Holdings 600 15 — United Parcel Service 4,673 352 0.04 United Rentals 300 25 — United Technologies 5,407 411 0.05 UnitedHealth Group 6,426 1,292 0.15 Universal Health Services 628 50 0.01 Unum Group 967 12 — US Bancorp 9,283 258 0.03 Vail Resorts 352 42 — Valero Energy 3,024 110 0.01 Varian Medical Systems 389 32 — Veeva Systems 'A' 800 101 0.01 Ventas 2,817 61 0.01 Vereit 7,300 29 — VeriSign 715 104 0.01 Verisk Analytics 1,147 129 0.01 Verizon Communications 28,285 1,226 0.14 Vertex Pharmaceuticals 1,675 321 0.04 VF 2,168 95 0.01 Viacom 'B' 4,030 46 0.01 Visa 'A' 11,622 1,509 0.17 Vistra Energy 1,514 19 — VMware 643 63 0.01 Vornado Realty Trust 1,292 38 — Voya Financial 1,088 35 — Vulcan Materials 805 70 0.01 W. R. Berkley 741 31 — W.P. Carey 1,200 56 0.01 Wabtec 1,111 43 —

48



As at 31st March 2020 Holding Value net assets £’000 Investments UNITED STATES — continued Walgreens Boots Alliance 4,724 174 0.02 Wal—Mart Stores 9,422 863 0.10 Waste Management 2,727 204 0.02 Waters 428 63 0.01 WEC Energy Group 2,021 144 0.02 Wells Fargo & Co 25,080 580 0.07 Welltower 2,793 103 0.01 Western Digital 2,152 72 0.01 Westlake Chemical 300 9 — Westrock 1,733 40 0.01 Weyerhaeuser 4,611 63 0.01 Whirlpool 333 23 — Willis Towers Watson 957 131 0.01 Workday 1,000 105 0.01 WW Grainger 284 57 0.01 Wyndham Hotels & Resorts 823 21 — Wynn Resorts 705 34 — Xcel Energy 3,513 171 0.02 Xerox 1,609 25 — Xilinx 1,640 103 0.01 XPO Logistics 900 35 — Xylem 1,288 67 0.01 Yandex 1,800 49 0.01 Yum! Brands 2,228 123 0.01 Zebra Technologies 400 59 0.01 Zimmer Biomet Holdings 1,556 127 0.01 Zions Bancorporation 1,289 28 — Zoetis Inc 3,200 304 0.03 120,000 13.60 Total Equities 801,745 90.88 Rights/Warrants (0.00%; nil) Bollore 169 — — Guotai Junan 25,667 — — — — Total Rights/Warrants — — Investment Trusts (0.02%; 0.03%) Closed—end Funds (0.02%; 0.03%) BMO Commercial Property Trust 112,736 83 0.01 UK Commercial Property Trust 141,804 106 0.01 189 0.02 Total Investment Trusts 189 0.02 Futures (0.68%; 0.10%) AEX INDEX (EUR) 44 570 0.07 EURX DAX INDEX (EUR) 26 894 0.10 IBEX 35 PLUS (EUR) 66 455 0.05 ME S&P CAN 60 (CAD) (57) 16 — MTF CAC40 10EU (EUR) 107 650 0.07 SFE SPI 200 (AUD) (111) 56 0.01 OMX INDEX FUT (SEK) 7 11 — EURX SMI INDEX (CHF) 259 3,336 0.38 5,988 0.68 Total Futures Assets 5,988 0.68

49



As at 31st March 2020 Holding Value net assets £’000 Investments Forward Exchange Contracts (2.34%; nil) Australian Dollar 02-Apr-2020 106 0.01 Australian Dollar 07-May-2020 861 0.10 Canadian Dollar 04-May-2020 252 0.03 Danish Krone 04-May-2020 243 0.03 Euro 04-May-2020 5,054 0.57 Hong Kong Dollar 04-May-2020 953 0.11 New Zealand Dollar 04-May-2020 53 0.01 Norwegian Krone 02-Apr-2020 116 0.01 Norwegian Krone 04-May-2020 19 — Polish Zloty 04-May-2020 33 — Singapore Dollar 04-May-2020 243 0.03 South Korean Won 04-May-2020 879 0.10 Swedish Krona 04-May-2020 253 0.03 Swiss Franc 04-May-2020 1,228 0.14 US Dollar 04-May-2020 10,351 1.17 20,644 2.34 Total Forward Exchange Contract Assets 20,644 2.34 Investment Assets 828,566 93.92 Futures (-0.30%; -0.09%) EMINI S&P 500 (USD) 475 (922) (0.11) IDEM FTSE MIB (EUR) (11) (119) (0.01) KOSPI 200 INDX (KRW) 14 (59) (0.01) NEW FTSE 100 (GBP) (166) (1,178) (0.13) HKFE — H S I (HKD) (100) (122) (0.01) SGX SIMSCI (SGD) (274) (31) (0.01) OSE TOPIX (JPY) (96) (209) (0.02) (2,640) (0.30) Total Futures Liabilities (2,640) (0.30) Forward Exchange Contracts (-4.16%;-0.43%) Canadian Dollar 02-Apr-2020 (122) (0.01) Danish Krone 02-Apr-2020 (619) (0.07) Euro 02-Apr-2020 (10,965) (1.24) Hong Kong Dollar 02-Apr-2020 (1,866) (0.21) New Zealand Dollar 02-Apr-2020 (31) (0.01) Polish Zloty 02-Apr-2020 (41) (0.01) Singapore Dollar 02-Apr-2020 (413) (0.05) South Korean Won 02-Apr-2020 (1,451) (0.16) Swedish Krona 02-Apr-2020 (472) (0.05) Swiss Franc 02-Apr-2020 (3,072) (0.35) US Dollar 02-Apr-2020 (17,659) (2.00) (36,711) (4.16) Total Forward Exchange Contract Liabilities (36,711) (4.16) Investment Liabilities (39,351) (4.46) Portfolio of Investments 789,215 89.46 Net Other Assets 92,934 10.54 Total Net Assets at 31st March 2020 882,149 100.00

Securities not listed on an Official Exchange BGP Holdings (non—tradeable private company) 267,258 — — — —

50

Statement of Manager’s Responsibilities

In relation to the Report and Accounts of the Trust The Collective Investment Schemes sourcebook published by the Financial Conduct Authority, (“the COLL Rules”) require the Manager to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Trust and of the net income and net gains or losses 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 applying 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 Management 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 the COLL rules. 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 year under review, the Trust’s policy that no trading in financial instruments, other than on the Trust’s account, shall be undertaken (March 2019: same).

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

Teddy Nyahasha Jim Islam 29th May 2020 Director Director

51

Statement of the Trustee’s Responsibilities Statement of the Trustee's Responsibilities in Respect of the Scheme and Report of the Depositary to the Unitholders of the Family Investments Child Trust Fund (“the Trust”) for the Year Ended 31st March 2020. The Depositary in its capacity as Trustee of Family Investments Child Trust Fund must ensure that the Trust is managed in accordance with the Financial Conduct Authority’s Collective Investment Schemes Sourcebook, the Financial Services and Markets Act 2000, as amended, (together “the Regulations”), the Trust Deed and Prospectus (together “the Scheme documents”) as detailed below. The Depositary must in the context of its role act honestly, fairly, professionally, independently and in the interests of the Trust and its investors. The Depositary is responsible for the safekeeping of all custodial assets and maintaining a record of all other assets of the Trust in accordance with the Regulations. The Depositary must ensure that:

• the Trust’s cash flows are properly monitored and that cash of the Trust is booked in cash accounts in accordance with the Regulations;

• the sale, issue, repurchase, redemption and cancellation of units are carried out in accordance with the Regulations;

• the value of units of the Trust are calculated in accordance with the Regulations;

• any consideration relating to transactions in the Trust’s assets is remitted to the Trust within the usual time limits;

• the Trust’s income is applied in accordance with the Regulations; and

• the instructions of the Authorised Fund Manager (“the AFM”) which is the UCITS Management Company, are carried out (unless they conflict with the Regulations).

The Depositary also has a duty to take reasonable care to ensure that the Trust is managed in accordance with the Regulations and the Scheme documents of the Trust in relation to the investment and borrowing powers applicable to the Trust. Having carried out such procedures as we consider necessary to discharge our responsibilities as Depositary of the Trust, it is our opinion, based on the information available to us and the explanations provided, that in all material respects the Trust, acting through the AFM:

(i) has carried out the issue, sale, redemption and cancellation, and calculation of the price of the Trust’s units and the application of the Trust’s income in accordance with the Regulations and the Scheme documents of the Trust; and

(ii) has observed the investment and borrowing powers and restrictions applicable to the Trust in accordance with the Regulations and Scheme documents of the Trust.

For and on behalf of State Street Trustees Limited London 29th May 2020

52

Report of the Auditor Independent auditor’s report to the unitholders of Family Investments Child Trust Fund (“the Trust”)

Opinion

We have audited the financial statements of the Trust for the year ended 31 March 2020 which comprise the Statement of Total Return, the Statement of Changes in Unitholders’ Funds, the Balance Sheet, the Related Notes and Distribution Table for the Trust and the accounting policies set out on page 56.

In our opinion the financial statements: • give a true and fair view, in accordance with UK accounting standards, including FRS 102 The

Financial Reporting Standard applicable in the UK and Republic of Ireland, of the financial position of the Trust as at 31st March 2020 and of the net revenue and the net capital gains on the property of the Trust for the year then ended; and

• have been properly prepared in accordance with the Trust Deed, the Statement of Recommended Practice relating to Authorised Funds, and the COLL Rules.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the Trust in accordance with, UK ethical requirements including the FRC Ethical Standard.

We have received all the information and explanations which we consider necessary for the purposes of our audit and we believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion. Going concern

The Manager has prepared the financial statements on the going concern basis as they do not intend to liquidate the Trust or to cease their operations, and as they have concluded that the Trust’s financial position means that this is realistic. They have also concluded that there are no material uncertainties that could have cast significant doubt over their ability to continue as a going concern for at least a year from the date of approval of the financial statements (“the going concern period”).

We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least a year from the date of approval of the financial statements. In our evaluation of the Manager’s conclusions, we considered the inherent risks to the Trust’s business model, and analysed how those risks might affect the Trust’s financial resources or ability to continue operations over the going concern period. We have nothing to report in these respects.

However, as we cannot predict all future events or conditions and as subsequent events may result in outcomes that are inconsistent with judgements that were reasonable at the time they were made, the absence of reference to a material uncertainty in this auditor's report is not a guarantee that the Trust or its sub—funds will continue in operation. Other information

The Manager (Family Investment Management Limited) is responsible for the other information presented in the Annual Report together with the financial statements. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:

• we have not identified material misstatements in the other information; and

• in our opinion the information given in the Manager’s Report for the financial year is consistent

with the financial statements.

53

Report of the Auditor — continued

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where under the COLL Rules we are required to report to you if, in our opinion:

• proper accounting records for the Trust have not been kept; or

• the financial statements are not in agreement with the accounting records. Manager’s responsibilities

As explained more fully in their statement set out on page 50, the Manager is responsible for: the preparation of financial statements that give a true and fair view; 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; assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and 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. Auditor’s responsibilities

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

A fuller description of our responsibilities is provided on the FRC’s website at www.frc.org.uk/auditorsresponsibilities.

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the Trust’s unitholders, as a body, in accordance with Rule 4.5.12 of the Collective Investment Schemes sourcebook (‘the COLL Rules’) issued by the Financial Conduct Authority under section 247 of the Financial Services and Markets Act 2000. Our audit work has been undertaken so that we might state to the Trust’s unitholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust and the Trust’s unitholders as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Jones 29th May 2020 For and on behalf of KPMG LLP, Statutory Auditor Chartered Accountants KPMG LLP 15 Canada Square London E14 5GL

54

Statement of Total Return

For the year 1st April 2019 to 31st March 2020 March March 2020 2019 Note £’000 £’000 £’000 £’000 Income Net capital (losses)/gains 3 (190,416) 8,201 Revenue 4 36,286 35,493 Expenses 5 (16,074) (14,993) Net revenue before taxation 20,212 20,500 Taxation 6 (1,596) (1,498) Net revenue after taxation for the year 18,616 19,002 Total return before distribution (171,800) 27,203 Finance costs: Distributions 7 (18,616) (19,002) Change in unitholders’ funds from investment activities (190,416) 8,201

Statement of Change in Unitholders’ Funds

For the year 1st April 2019 to 31st March 2020 March March 2020 2019 £’000 £’000 £’000 £’000 Opening Net Assets 1,022,664 963,408 Movement due to sale and repurchase of units: Amounts receivable on issue of units 43,835 43,660 Less: Amounts payable on cancellation of units (12,550) (11,607) 31,285 32,053 Change in unitholders’ funds from investment activities (see above) (190,416) (8,201) Retained distribution on accumulation units 18,616 19,002 Closing Net Assets 882,149 1,022,664 Opening Units 254,037,357.6233 246,014,956.7597 Units issued 10,650,863.7641 10,927,163.7276 Units cancelled (3,038,418.8737) (2,904,762.8640) Closing Units 261,649,802.5137 254,037,357.6233

55

Balance Sheet

As at 31st March 2020 March March 2020 2019 Note £’000 £’000 £’000 £’000 Assets Investment Assets 828,566 968,850 Debtors 8 64,785 13,961 Cash and bank balances 9 59,995 53,615 Total Other Assets 124,780 67,576 Total Assets 953,346 1,036,426 Liabilities Investment Liabilities 39,351 5,282 Creditors 10 31,846 8,480 Total Other Liabilities 31,846 8,480 Total Liabilities 71,197 13,762 Net Assets 882,149 1,022,664 Unitholders’ Funds 882,149 1,022,664 The accompanying notes form part of the financial statements.

56

Notes to the Financial Statements 1. 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 31st March 2020, being the last business day of the financial year. 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.

(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 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 31st March 2020, being the last business day of the financial year. Listed investments have been valued at bid value as at close of business and are shown net of any accrued interest which is included in the Balance Sheet as a debtor. The fair value for derivative instruments is the cost of closing out the contract at the balance sheet date. 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.

(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 year 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.

57

Notes to the Financial Statements — continued 2. Distribution 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.

March March 2020 2019 £’000 £’000

3. Net Capital (Losses)/Gains on Investments

The net (losses)/gains on investments during the year comprise:

(Losses)/gains on investments (168,050) 27,139 (Losses) on futures (23,693) (5,504) Gains/(losses) on forward exchange contracts 1,327 (13,434) Net (losses)/gains on investments (190,416) 8,201

The net capital gains figure includes realised gains of £8,738k and unrealised losses of £199,154k (March 2019: includes realised losses of £2,560k and unrealised gains of £10,761k). The realised gains on investments in the current year include amounts previously recognised as unrealised gains in prior years.

4. Revenue

UK dividends 21,138 21,224 UK property income distribution 257 244 Overseas dividends 14,803 13,970 Bank interest 37 33 Foreign currency gains 51 22 36,286 35,493

5. Expenses Payable to the Manager, associates of the Manager and agents of either of them:

Manager’s periodic charge 16,074 14,993

Total Expenses 16,074 14,993

The Manager bears all of the expenses of the Trust out of its own fee, including the

auditor’s remuneration of £15,000 including VAT (March 2019: £8,070).

6. Taxation a.) Analysis of charge in the year Current tax: UK corporation tax on net income — — Adjustment in respect of prior years — — — —

Foreign tax 1,596 1,498 Total current tax (note b) 1,596 1,498

Deferred tax (note c) — — Total Taxation 1,596 1,498

Corporation tax has been provided at a rate of 20% (March 2019: 20%)

58

Notes to the Financial Statements — continued

6. Taxation – continued March March 2020 2019 £’000 £’000

b.) Factors affecting total tax charge for the year

The tax assessed for the year 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 20,212 20,500 Tax at standard rate of 20% 4,042 4,100 Non taxable income* (7,188) (7,026) Creation of tax losses 3,146 2,926 Overseas withholding tax suffered 1,596 1,498 Total tax charge for year (note a) 1,596 1,498 c.) Provision for deferred tax Provision at start of year — — Deferred tax charge in Statement of Total Return for year (note a) — — Provision at end of year — —

* 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 £21,209k (March 2019: £18,063k), 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. Finance Costs

Distributions

The distributions take account of all revenue received by the Trust less accrued income, revenue expenses and taxation, and comprise:

Net distribution for the year 18,616 19,002

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

Details of the distribution per unit are set out in the table on page 65.

59

Notes to the Financial Statements — continued March March 2020 2019 £’000 £’000 8. Debtors Sales awaiting settlement 29,150 — Amount receivable for creation of units 292 333 Currency sales awaiting settlement 29,959 3,547 Forward exchange contracts awaiting settlement — 3,539 Accrued income — UK dividends 1,866 4,010 Accrued income — overseas dividends 1,423 1,472 UK property income distributions 47 72 Accrued bank interest 1 2 Foreign currency gains 696 40 Overseas tax recoverable 1,351 946 64,785 13,961 9. Cash and Bank Balances Cash and bank balances 46,217 46,580 Futures margin balances 13,778 7,035 Total cash and bank balances 59,995 53,615 10. Creditors Purchases awaiting settlement 24 3,620 Amount due for cancellation of units — 38 Currency purchases awaiting settlement 30,529 3,550 Accrued expenses 1,293 1,272 31,846 8,480 11. Related 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 Investment Management Limited 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 31st March 2020 in respect of creations and cancellations, as disclosed in the Balance Sheet, are executed with the Manager (March 2019: Same).

Total management charges incurred during the year are disclosed in note 5. Family Investment Management Limited have paid £114,482 (March 2019: £199,099) on behalf of the Trust in Trustee Fees since the start of the year.

All bank balances are with the Trustee as at 31st March 2020 and are disclosed in the Balance Sheet (March 2019: Same).

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 31st March 2020, 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. Risk 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 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 year to which these financial statements relate, and the preceding year. Brexit

Following Brexit it is expected that the portfolio will continue to be managed as it currently is, albeit paying close attention to the markets as always. No changes have been made in anticipation of / mitigation of risks arising due to Brexit.

60


Fair 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 £882,149,322 (March 2019: £1,022,663,985).

The fair value of the Trust is derived from the cancellation price (net of commission) of

the units as at 31st March 2020, 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 31st March

2020.

Set out below is a comparison by category of book values and fair values of the Trust’s

financial liabilities and equity instruments.

Book Value Fair Value (fair value at close) (at pricing point) £ £ Primary financial liabilities and equity instruments held or issued to finance the Trust’s operations: Liability to redeem units March 2020 882,149,322 888,306,847 March 2019 1,022,663,985 1,020,617,854 Valuation 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. Level 3 Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

61

Notes to the Financial Statements — continued Valuation of financial instruments carried at fair value — continued

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:

March 2020 Level 1 Level 2 Level 3 Total £'000 £'000 £'000 £'000

Equities 801,657 — 88 801,745

Investment Trusts 189 — — 189

Futures Assets 5,988 — — 5,988

Forward Exchange Contract Assets — 20,644 — 20,644

Futures Liabilities (2,640) — — (2,640)

Forward Exchange Contract Liabilities — (36,711) — (36,711)

Total 805,194 (16,067) 88 789,215 March 2019 Level 1 Level 2 Level 3 Total £'000 £'000 £'000 £'000

Equities 967,588 — — 967,588

Investment Trusts 256 — — 256

Futures Assets 1,006 — — 1,006

Futures Liabilities (969) — — (969)

Forward Exchange Contract Liabilities — (4,313) — (4,313)

Total 967,881 (4,313) — 963,568

Market 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 Trust and consequently the unit price.

Derivative risk

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 31st March 2020 was 6.9% (March 2019; 7.3%).

62


Liquidity 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. Currency 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 year would have reduced/increased the value of investments by approximately 0.44% (March 2019: 0.44%). 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 year end 31st March 2020 Currency Net Current Futures Investments Forward Total 31st March Assets Exchange 2019 (Liabilities) Contracts £’000 £’000 £’000 £’000 £’000 £’000 Australian Dollar 2,716 56 22,954 967 26,693 27,821 Canadian Dollar 1,959 16 5,428 130 7,533 8,066 Danish Krone 103 — 5,829 (376) 5,556 5,599 Euro 5,951 2,450 82,258 (5,911) 84,748 100,329 Hong Kong Dollar 3,599 (122) 14,192 (913) 16,756 16,205 Japanese Yen 2,881 (209) 57,883 — 60,555 68,079 New Zealand Dollar 28 — 1,183 22 1,233 1,140 Norwegian Krona 7 — 1,579 135 1,721 2,347 Polish Zloty 8 — 725 (8) 725 1,141 Singapore Dollar 1,589 (31) 4,645 (170) 6,033 6,165 South Korean Won 1,446 (59) 17,627 (572) 18,442 19,699 Swedish Krona 1,280 11 7,572 (219) 8,644 10,137 Swiss Franc 401 3,336 28,378 (1,844) 30,271 29,484 US Dollar 7,794 (922) 121,630 (7,308) 121,194 151,934

29,762 4,526 371,883 (16,067) 390,104 448,146

UK Sterling 63,172 (1,178) 430,051 — 492,045 574,518

Total 92,934 3,348 801,934 (16,067) 882,149 1,022,664

Credit 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.

63

Notes to the Financial Statements — continued 13. Portfolio 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 March 2020 Ordinary Shares 82,154 15 247 82,416 Corporate Actions 22,608 — — 22,608 Total 104,762 15 247 105,024

Transaction cost % of purchases total 0.02% 0.30% Transaction cost % of average NAV 0.00% 0.02% Purchases before transaction costs Commissions Taxes Total £'000 £'000 £'000 £'000 March 2019 Ordinary Shares 81,674 15 255 81,944 Corporate Actions 26,110 — — 26,110 Total 107,784 15 255 108,054

Transaction cost % of purchases total 0.02% 0.31% Transaction cost % of average NAV 0.00% 0.00%

64

Notes to the Financial Statements — continued 13. Portfolio Transaction Costs — continued Sales

before transaction costs Commissions Taxes Total £'000 £'000 £'000 £'000 March 2020 Ordinary Shares 75,184 (5) (4) 75,175 Corporate Actions 22,608 — — 22,608 Total 97,792 (5) (4) 97,783

Transaction cost % of sales total 0.01% 0.01% Transaction cost % of average NAV 0.00% 0.00%

Sales

before transaction costs Commissions Taxes Total £'000 £'000 £'000 £'000 March 2019 Ordinary Shares 53,958 (8) (3) 53,947 Corporate Actions 26,110 — — 26,110 Total 80,068 (8) (3) 80,057

Transaction cost % of sales total 0.01% 0.01% Transaction cost % of average NAV 0.00% 0.00%

Average portfolio dealing spread at 31st March 2020 is 0.45%, (March 2019; 0.21%). 14. Contingent Liabilities As at 31st March 2020 there were no contingent liabilities (March 2019; none).

15. Non – Authorised Markets

As at 31st March 2020 there were no transferable assets held that trade on non—authorised markets (March 2019; none).

16. Unit 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.

65


17. Post Balance Sheet Event Note

Investments in financial markets are affected by many factors, many of which have shifted following the outbreak of coronavirus, officially known as Covid-19. The Trust invests in a portfolio of assets, whose values have continued to fluctuate since the year-end, reflecting the prolonged uncertainty on how global economies and markets will recover from and respond to the disruption caused by Covid-19. The continued disruption caused by Covid-19 is considered as a non-adjusting event after the reporting year. As at the close of business on the balance sheet date the Net Asset Value of the accumulation unit class was 337.15p. The Net Asset Value of the accumulation unit class as at 12 noon on 27th May 2020 was 376.00p. This represents an increase of 11.52% from the year-end value.

66

Distribution Table The distribution table forms part of the notes to the financial statements.

For the year ended 31st March 2020 Current Prior Year Year Net revenue after tax (£’000) 18,616 19,002 Net distribution for year (£’000) 18,616 19,002

Distribution rate (pence per unit) 7.1146 7.4800

67

Corporate Unitholders Information A unitholder within the charge to UK corporation tax receives the allocation excluding any equalisation as unfranked income to the extent that the income from which the allocation is made is not franked investment income. Where the income from which the allocation is made is not wholly franked investment income, part of the allocation is received as an annual payment from which income tax at the lower rate has been deducted. The tax deducted is available for offset against the unitholders corporation tax liability. If there is no tax liability the amount may be reclaimable as cash from HM Revenue & Customs.

Franked % (1) Unfranked % (2) 31st March 2020 99.05 0.95 (1) The percentage of the total allocation that is received as franked investment income.

(2) The percentage of the allocation that is received as an annual payment after deduction of

income tax at the lower rate and is chargeable to corporation tax. It is not franked investment income.

68

General Information Remuneration Policy Following the implementation of UCITS V in the UK, Family Investment Management Limited (FIML) the UCITS management company is required to comply with the UCITS Remuneration Code disclosure requirements for annual accounting periods ending after 18th March 2016. UCITS V introduces a requirement for UCITS management companies to have remuneration policies, complying with certain remuneration principles, covering their key staff and a requirement to make those policies transparent. FIML does not remunerate directly as the employees are paid by the Society (Family Assurance Friendly Society Limited) and seconded to FIML. Based on the activities carried out on a pro rata basis between FIML and other group companies we are satisfied that there is no senior management and risk takers, whose professional activities would have a material impact on FIML’s risk profile or the risk profiles of the UCITS. Most of the UCITS remuneration requirements, where possible, are being met by the Society’s alignment with the requirements of the 2018 UK Corporate Governance Code to ensure we maintain remuneration best practice. We are also aligned to the requirements of the Remuneration Code (the latter governed by the Financial Conduct Authority), and those not being met (i.e. variable remuneration in instruments; retention; deferral) we believe can be justifiably dis—applied due to FIML’s size, internal organisation and the nature scope and complexity of its activities. Remuneration Policy of the Manager, which describes how remuneration and benefits are determined and awarded, and the associated governance arrangements, is available at www.onefamily.com, within the Society’s Annual Report or a copy of the Annual Report can be requested free of charge from the Manager.

Launch: The Trust was launched on 6th April 2005 at an initial offer price of 200p.

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: Manager’s reports for the Family Investments Child Trust Fund are published twice a year. The Interim report on 30th November, and the Annual report on 31st July.

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: 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: 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: 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: The Full Prospectus for the Family Investments Child Trust Fund is available on request from the Manager.

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 Management 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.

69

Managed 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). 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.

family investments child trust fund · p.j. herz n.c. audhlam-gardiner (appointed 1st january 2020)...

Documents