hsbc index tracker investment funds

HSBC Index Tracker Investment Funds Interim Report and Accounts

15 November 2021

2

Company

HSBC Index Tracker Investment

Funds Registered in England

with Company Number IC000075

Registered Office

8 Canada Square London E14 5HQ

Directors

The Authorised Corporate Director (the "ACD") is HSBC Global Asset Management (UK) Limited which is the sole director.

HSBC Global Asset Management (UK) Limited is authorised and regulated by the Financial Conduct Authority (FCA) and is a member of The Investment Association (IA).

HSBC Global Asset Management (UK) Limited - Directors

R.E.W. Apenbrink

P.G.P. Dew

M.G. McDonald (resigned 28 June 2021)

T.J. Palmer

J.R. Paterson

S. White

Company Information

3

Market Review 4

HSBC Index Tracker Investment Funds

FTSE 100 Index Fund 8

FTSE All-Share Index Fund 20


FTSE All-World Index Fund 59

European Index Fund 142

American Index Fund 161

Japan Index Fund 182

Pacific Index Fund 203

UK Gilt Index Fund 225

Sterling Corporate Bond Index Fund 236

Developed World Sustainable Equity Index Fund 260

General Information 292

Important Notes 295

Important Changes to the Company and/or Fund Documentation 297

Other Information 298

Corporate Shareholders 299

Risk and Reward Profile 300

Directory 301

Quick Reference Guide 302

Contents

4

Welcome to the Interim Report for the HSBC Index Tracker Investment Funds Open-Ended Investment Company (OEIC). The report covers the period 16 May 2021 to 15 November 2021.

Please do take the time to look through the report and if you have any questions, contact our Customer Services on 0800 358 3011*.

To help us continually improve our service, and in the interests of security, we may monitor and/or record your communications with us.

*Lines are open 9am to 5pm Monday to Friday (excluding public holidays).

Market Overview

Global equities surged over the period, as investors drew comfort from the ongoing rollout of Covid vaccines across the world and the consequent easing of lockdown restrictions, which underpinned a recovery in economic activity. Global markets also continued to be supported by high levels of fiscal support by governments and still-loose monetary policy from the world’s major central banks, even though there were increasing signs of a change of course in policy towards the end of the period.

While markets suffered a setback in September on concerns about potential stagflation, for the most part they made gains, approaching all-time high levels in aggregate by the end of the period. Many markets – such as the S&P 500, the Dax and India’s Sensex – established new all-time highs as investor sentiment improved. However, rising Delta-variant coronavirus case numbers across many areas of the world in the late summer and autumn caused some unease.

Towards the end of the period, equities were also increasingly affected by worries about rising long-term inflation, resulting from the recovery in economic growth and the impact of record levels of fiscal stimulus, especially in the US, which drove bond yields higher. Markets were also concerned by an indication that the US Federal Reserve (Fed) could raise interest rates much sooner than previously thought. Meanwhile, the Fed announced a tapering of its monthly bond-purchasing programme. The Bank of England (BoE) also appeared ready to act on persistently higher inflation, although it had refrained from taking any action by the close of the period. Some countries, such as South Korea and Russia, did tighten their monetary policy. However, the European Central Bank (ECB) and the Bank of Japan (BoJ) remained more dovish.

Economic recovery continued in most regions, and with it, optimism that social and business conditions could soon return to normal while the US economy recovered strongly as a consequence. The recoveries in Japan, the UK and Continental Europe were patchier. At the end of the period, a renewed surge in coronavirus cases in Europe and Asia was evident, with some countries, such as China and the Netherlands, reimposing tighter restrictions.

UK Equities

UK equities rose over the period despite suffering two marked downturns in mid-July and September. As with other markets, the UK was boosted by recovering economic growth and a reinstatement of many pre-lockdown activities and freedoms as Covid data initially improved in the early months of the period. Restrictions were close to being fully lifted by the summer of 2021, and while new case numbers related to the Delta variant rose, the rise in death and hospitalisation rates was relatively subdued.

The UK government and the BoE continued to provide support to the economy. However, the UK’s furlough scheme, which had supported companies during the Covid crisis and prevented unemployment levels from rising too steeply, came to an end in September. Economic growth was strong through the summer. Second-quarter GDP saw a recovery of 5.5%, with personal consumption making the largest contribution as individuals made the most of eased restrictions to spend more in shops, bars and restaurants. GDP slowed to 1.3% in the third quarter of the year as supply-chain disruption and slower overseas demand restricted growth. Unemployment continued to ease marginally, falling to 4.5% in the three months to September, while job vacancies rose substantially. Total employment in the UK rose to a record high of 29.2 million in September.

UK inflation jumped in the early months of 2021, rising to 3.2% in August, the highest level since March 2012, largely driven by base effects. The BoE tried to calm investors with its view that the rise in inflation was driven predominantly by temporary factors. However, in early October, central bank Governor Andrew Bailey admitted that inflation was becoming more entrenched and was likely to remain so for some time. The bank’s official estimate for inflation for the year end was raised to 4%. Higher oil prices, surging wholesale gas prices and some food shortages were key factors behind this. The situation was exacerbated by a shortage of workers able to drive petrol tankers to refuel station forecourts, which led to low levels of available petrol. This pattern of staff shortages was repeated across quite a few industries and led to rising prices. However, after much speculation that the BoE would raise rates following its November policy meeting, rates remained unchanged. The market, nevertheless, continued to expect an increase before year-end.

Market Review

5

US Equities

US equities rose strongly over the period, as the economy continued to recover. Major indices such as the S&P 500, the Dow Jones Industrial Average and the Nasdaq Composite frequently established new all-times during the period. While the Delta variant meant that many states were still registering record case levels in the summer of 2021, business and social activity across the US had largely returned to normal by the autumn.

Economic recovery was supported by a series of large fiscal packages introduced by the Biden administration throughout the period. These packages – involving trillions of dollars of debt –and focused largely on employment and income support as well as infrastructure and environmental spending, convinced investors that economic growth and, consequently, higher inflation, were inevitable. Regarding economic data, the US continued to record generally positive data. This was most obvious in the labour market, where there was a big improvement through the period, with substantial job creation and falling unemployment. Unemployment fell steadily, from 6.1% in April to 4.6% in October. GDP slowed over the period, however, as 2021 second-quarter annualised growth of 6.7% was followed by just 2% growth (subsequently revised to 2.1%) in the third quarter. The sequential decline in GDP reflected some supply-side issues, specifically bottlenecks in supply chains and a shortage of parts, notably semiconductors, which was experienced not just by the US but by most major economies around the world.

Inflation continued to trouble investors. The consumer price index touched 6.2% in October, the highest level for 31 years. Despite this, Fed Chairman Jerome Powell initially maintained current monetary support measures, insisting that the rise in inflation was driven mainly by transitory factors, and was reflective of base effects that would soon wash through the system. However, by the end of the period, statements from the Fed had become decidedly more hawkish. Following its November policy meeting, the Federal Open Market Committee decided to taper its bond-purchasing programme, while the market was beginning to discount an interest rate hike in 2022. Additionally, the US government faced a cliff edge regarding the nation’s debt ceiling, with a last-minute compromise between the Democrats and Republicans avoiding potential chaos – although the deal appeared to only postpone the issue by a few months.

Europe (Excluding UK) Equities

European equities continued to make headway during the period, underpinned by signs of economic recovery and continuing support measures from the EU and the ECB. However, Europe remained gripped by the pandemic, with further waves of the virus prompting a seesawing between raised and eased Covid-related restrictions. The Delta variant of the virus forced several countries to re-impose tight lockdown restrictions as new Covid cases and death rates rose further during the summer. While vaccines were gradually administered throughout the continent, the rate of vaccination was initially slower in EU countries compared to the UK, which caused friction and some recriminations. By the end of the period, a fourth wave of the pandemic was causing some concerns.

The European economy emerged from recession in the second quarter of 2021, growing by 2.1% after having fallen into a shallow recession in the first quarter of the year, following a second successive fall in quarterly GDP. It strengthened further in the third quarter, growing by 2.2%. Inflation, which had been negative through much of 2020, picked up notably in 2021, rising by 3.4% year on year in September – the highest rate for 13 years. This reflected very high energy prices that had come about as oil and other commodity prices rallied, and as tight gas supplies, notably from Russia, had a dramatic effect on wholesale prices. For instance, German producer price inflation hit 14.2% in September, the highest level since the mid-1970s. As with other regions, inflation became a growing headwind for markets and, despite statements to the contrary through much of the period, expectations in the market grew that the ECB would soon have to tighten its monetary policy. Employment data improved and the seasonally adjusted unemployment rate fell marginally from 8.0% in May to 7.4% in September, albeit still above the pre-pandemic rate of 7.1% in March 2020.

Relations between the UK and the EU remained strained, with tensions evident regarding the supply of vaccines from AstraZeneca into the EU, as well as the UK’s threat to unilaterally tear up the Northern Ireland protocol – checks on produce travelling from the rest of the UK into Northern Ireland remained snarled up by red tape.

6

Japanese Equities

Japanese equities followed other global markets higher, although they were quite volatile. Japan had to contend with an unexpected and sudden rise in coronavirus cases in Tokyo and neighbouring districts, which led to more lockdowns which persisted, on and off, until the end of the period.

Japan went ahead and hosted both the Olympic and Paralympic Games despite the state of emergency and a majority of the population not wanting the events to go ahead, with the events themselves being played in front of no paying spectators.

There was some political turmoil, with Prime Minister Yoshihide Suga announcing his resignation in late August. His personal ratings had plummeted while coronavirus cases rose, and his policies had limited effect on stoking the economy. Former foreign minister Fumio Kishida replaced Suga in early October.

The economy remained fragile. Having fallen 1.1% in the first quarter of 2021 compared to the final quarter of 2020, GDP recovered by 0.4% in the second quarter of the year but then fell 0.8% in the third quarter. Ongoing Covid-related restrictions and global supply-chain issues hindered growth during the third quarter. The much-followed BoJ Tankan survey – a quarterly indicator of economic sentiment across the economy – recovered during the period. Having fallen to an 11-year low of -34 in the second quarter of 2020, the headline large manufacturing diffusion index improved to +18 in the third quarter of 2021.

The BoJ maintained its loose monetary policy, targeting -0.1% short-term interest rates, while stating that the long-term inflation target of 2.0% was unlikely to be met in the near future. Japan continued to be gripped by deflation, facing very different problems on that front to other countries. However, the level of consumer price deflation improved over the period, from -1.1% in April to 0.2% growth in September, the first positive growth rate for a year. In its latest update, the BoJ indicated that it expected inflation to pick up and touch 1% by mid-2022, although this would still be below its long-term target of 2%, and that the economy should continue to gradually recover.

Asia (Excluding Japan) Equities

Asian ex-Japan equities were relatively weak over the period, largely owing to weakness in the Mainland China market. Equities had been buoyed early in the period by recovering economic growth, ongoing support measures implemented by governments across the region and prevailing accommodative monetary policy. However, rising Delta variant cases of Covid-19 across the region and worries about rising inflation levels unsettled markets. By the end of the period, stringent lockdown restrictions had been reimposed in Mainland China. The recovery in the US dollar was a further headwind for markets, while there were also concerns about renewed geopolitical tensions, especially between Mainland China and Taiwan. In October, Mainland China’s Premier Xi Jinping suggested that reunification between the two countries must happen and sent military planes across the Taiwan Strait to emphasise his point.

The Indian market was the strongest performer as the very high levels of Covid infection experienced earlier in the year subsided. ASEAN markets such as Malaysia and Thailand, which were more badly affected by Covid-19, were relatively weak over the period. Meanwhile, Mainland China fell as concerns mounted about slowing economic growth, rising new cases of Covid-19, the government’s tighter legislation over media and technology companies, and concerns about the financial viability of the large real estate developer, Evergrande.

Mainland China’s economy showed signs of slowing as bottlenecks across many industries and rising energy prices negatively impacted the economy. After 18.3% year-on-year growth in the first quarter, GDP rose by 7.9% in the second quarter and 4.9% in the third quarter. In India, GDP expanded 1.6% in the first quarter of 2021 before surging by 20.1% in the second on a year-on-year basis, boosted largely by favourable base effects.

Central bank policy remained generally accommodative across the Asia Pacific region. A key exception was in South Korea, where the central bank raised interest rates in late August. The People’s Bank of China kept liquidity abundant in the money markets while keeping banks’ reserve requirements unchanged over the period. The growing risk of default at Evergrande towards the end of the period saw Mainland China’s central bank continuing to pump large amounts of liquidity into the system. While producer price inflation picked up in Mainland China, consumer price inflation remained relatively stable. Meanwhile, in India, it fell steadily from May.

7

UK Fixed Income

The UK government bond market weakened mildly. Government bond yields rose materially in September and October as worries about inflation escalated, before subsiding in the final weeks of the period. Fears about rising long-term inflation, higher commodity and other input prices, and the sustainability of the global economic recovery from the pandemic were the key factors influencing the bond market. The UK 10-year gilt yield peaked close to 1.2% in October, its highest level since mid-2019, before closing the period at approximately 1%. However, corporate bonds – specifically the investment grade, high yield and index-linked sectors – were relatively strong, taking their cue from rising equity markets and greater risk tolerance from investors.

Economic growth was strong through the summer. Second-quarter GDP saw a recovery of 5.5%, with personal consumption making the largest contribution as individuals made the most of eased restrictions to spend more in shops, bars and restaurants. GDP slowed to 1.3% in the third quarter of the year as supply-chain disruption and slower overseas demand restricted growth. Unemployment continued to ease marginally, falling to 4.5% in the three months to September, while job vacancies rose substantially. Total employment in the UK rose to a record high of 29.2 million in September.

UK inflation jumped in the early months of 2021, rising to 3.2% in August, the highest level since March 2012, largely driven by base effects. The BoE tried to calm investors with its view that the rise in inflation was driven predominantly by temporary factors. However, in early October, Governor Andrew Bailey admitted that inflation was becoming more entrenched and was likely to remain so for some time. The bank’s official estimate for inflation for the year end was raised to 4%. Higher oil prices, surging wholesale gas prices and some food shortages were key factors behind this. The situation was exacerbated by a shortage of workers able to drive petrol tankers to refuel station forecourts, which led to low levels of available petrol. This pattern of staff shortages was repeated across quite a few industries and led to rising prices. However, after much speculation that the BoE would raise rates following its November policy meeting, rates remained unchanged. The market, nevertheless, continued to expect an increase before year-end.

Please note that the above information refers to the past and that past performance is not a reliable indication of future returns. Information provided by HSBC Global Asset Management (UK) Limited 15 November 2021.

8 FTSE 100 INDEX FUND

FTSE 100 Index Fund

Investment Objective

The Fund aims to provide growth over the long term, which is a period of 5 years or more, by tracking the performance of the FTSE 100 Index (the “Index”).

Investment Policy*

The Index is made up of the largest stock market listed companies in the United Kingdom as defined by the Index provider.

The Fund may invest in different types of derivatives for efficient portfolio management, including hedging. In particular the Fund may use derivatives to help it manage cash flows and dividend payments with the aim of generating returns that are consistent with the Index. The use of derivatives will be consistent with the risk profile of the Fund.

Investment Strategy*

The Fund will invest directly in shares (equities) of all of the companies that make up the Index and in the same or very similar proportions in which they are included in the Index.

However, there may be circumstances when it is not possible or practical for the Fund to invest in shares of all the companies of the Index. The Fund may not invest in all the companies of the Index to manage transaction costs or to reflect market conditions, regulations or HSBC’s banned weapons policy.

The Fund may hold cash and other funds, including funds managed by the HSBC Group, to manage day-to-day cash flow requirements.

The Fund’s performance is measured against the Index, because the Fund intends to track the performance of the Index.

*For details of the full Investment Policy and Strategy please refer to the HSBC Index Tracker Investment Funds prospectus. We have also published a Glossary of key terms used which you may wish to refer to. Both documents can be found at https://www.assetmanagement.hsbc.co.uk/en/individual-investor/fund-centre.

Portfolio Activity

The FTSE 100 index was up 6.48% over the reporting period 16th May 2021 to 15th November 2021.

At the sector level, the largest contributor to performance was the Industrials sector contributing 1.82% to the index total return, followed by the Energy sector at 1.74% and Health Care at 1.48%. In absolute terms the Industrial sector was up 15.7% and the Financials sector was up 19%. Telecoms (-0.36%) and Basic Materials (-0.60%) contributed negatively to the total return.

At the single stock level, the largest contributors to the overall total return were Astrazeneca (0.91%), Royal Dutch Shell (0.7%) and GlaxoSmithKline (0.66%).

Sterling’s depreciation versus the US dollar helped UK equities to remain range bound over the reporting period. Despite concern about the spread of the Delta variant into the summer, the UK’s recovery continued in earnest until September. More recently, the combination of the UK’s budget, slowing economic outlook, Bank of England rate decision and renewed Brexit concerns has put sterling under persistent pressure which is helping to offset the lacklustre performance of the Index.

9FTSE 100 INDEX FUND

Investment Performance

During the period under review, the value of the shares in the Fund increased by 6.70% while the value of the FTSE 100 Index rose by 6.48%.

(Source: Morningstar Direct, GBP, UK net of tax, for the Accumulation C share class. Returns based on the NAV, which is a single price.)

Please note that the above information refers to the past and that past performance is not a reliable indication of future returns.

Tracking Error

Tracking error - 0.10%

The tracking error is based on gross returns from our internal performance system for the rolling 12 month ex-post tracking errors to 31/10/21.

Fund Particulars as at 16 November 2021 (unaudited)

Retail Income

Retail Accumulation

Institutional Accumulation

Income C

Price 120.2p xd 256.0p 262.8p 121.0p xd

Distribution payable (on 15 January 2022) per share net

2.040000 4.320000 4.750000 2.180000

Current net estimated yield 3.09% 3.07% 3.31% 3.33%

Annual ACD charge 0.25% 0.25% 0.00% 0.07%

Accumulation C

Income S

Accumulation S

Price 258.5p 120.9p xd 259.5p


4.590000 2.200000 4.640000

Current net estimated yield 3.24% 3.35% 3.27%

Annual ACD charge 0.07% 0.04% 0.04%


Portfolio Statement as at 15 November 2021 (unaudited)

Security Holding Bid Totalvalue net£’000 assets

%CHANNEL ISLANDS - 2.82% (2.28%) Basic Materials - 2.59% (2.08%) Glencore 8,281,863 29,984 2.33 Polymetal International 222,451 3,336 0.26 Total Basic Materials 33,320 2.59 Financials - 0.23% (0.20%) Pershing Square Holdings 100,963 3,024 0.23 Total Financials 3,024 0.23 Total Channel Islands 36,344 2.82 UNITED KINGDOM - 94.00% (94.01%) Oil & Gas - 9.67% (8.74%) BP 12,439,799 42,476 3.30 Royal Dutch Shell A 2,564,997 42,994 3.34 Royal Dutch Shell B 2,317,983 38,961 3.03 Total Oil & Gas 124,431 9.67 Basic Materials - 7.82% (9.66%) Anglo American 768,705 21,904 1.70 Antofagasta 216,299 3,157 0.25 BHP Group 1,299,531 24,995 1.94 Croda International 84,156 8,347 0.65 Evraz Group 360,298 2,173 0.17 Fresnillo 115,240 1,108 0.09 Johnson Matthey 118,691 2,762 0.21 Mondi 302,799 5,596 0.43 Rio Tinto 679,171 30,644 2.38 Total Basic Materials 100,686 7.82 Industrials - 11.90% (10.57%) Ashtead Group 279,419 17,805 1.38 BAE Systems 2,016,240 11,509 0.89 Melrose 2,706,069 4,603 0.36 Bunzl 210,490 5,913 0.46 CRH 490,383 18,448 1.43 DCC (London listed) 61,652 3,755 0.29 Experian Group 571,682 19,889 1.55 Ferguson 139,950 16,556 1.29 Halma 236,748 7,439 0.58 Intertek Group 100,836 5,169 0.40 Meggitt 487,055 3,619 0.28 Rentokil Initial 1,162,818 7,251 0.56 Royal Mail 572,678 2,552 0.20 Rolls-Royce 5,232,904 7,534 0.59 Smith (DS) 797,391 3,117 0.24 Smiths Group 247,814 3,691 0.29 Smurfit Kappa Group 162,018 6,411 0.50 Spirax-Sarco Engineering 45,866 7,857 0.61 Total Industrials 153,118 11.90




%Consumer Goods - 17.77% (18.62%) Associated British Foods 217,254 4,391 0.34 Barratt Developments 632,527 4,330 0.34 British American Tobacco 1,427,014 37,366 2.90 Burberry Group 250,884 4,892 0.38 Coca-Cola HBC 121,999 3,139 0.24 Diageo 1,435,547 54,788 4.26 Imperial Brands 588,899 9,408 0.73 Persimmon 198,417 5,345 0.42 Reckitt Benckiser 396,040 24,646 1.92 Taylor Wimpey 2,261,585 3,567 0.28 Tesco 4,772,822 13,643 1.06 Unilever 1,613,146 63,034 4.90 Total Consumer Goods 228,549 17.77 Healthcare - 11.30% (9.62%) AstraZeneca 967,476 86,754 6.74 GlaxoSmithKline 3,089,958 49,050 3.81 Hikma Pharmaceuticals 105,475 2,494 0.19

#NMC Health 51,417 0 0.00 Smith & Nephew 549,424 7,195 0.56 Total Healthcare 145,493 11.30 Consumer Services - 9.86% (10.21%) B&M European Value Retail 557,197 3,260 0.25 Berkeley 65,148 2,805 0.22 Compass Group 1,113,730 17,034 1.32 Darktrace 131,010 744 0.07 Flutter Entertainment 103,621 12,559 0.98 Entain 364,009 7,175 0.56 Informa 935,303 4,938 0.38 InterContinental Hotels 114,416 5,737 0.45 International Consolidated Airlines 2,328,739 3,787 0.29 ITV 2,328,285 2,921 0.23 JD Sports Fashion 307,942 3,563 0.28 Kingfisher 1,320,128 4,496 0.35 Next 79,530 6,513 0.51 Ocado Group 304,073 5,520 0.43 Pearson 471,434 3,009 0.23 RELX 1,162,532 27,401 2.13 Sainsbury (J) 1,072,201 3,160 0.25 Whitbread 126,083 3,982 0.31 WPP 724,599 7,945 0.62 Total Consumer Services 126,549 9.86




%Telecommunications - 2.12% (2.65%) BT Group 4,704,965 7,758 0.60 Vodafone Group 17,334,845 19,498 1.52 Total Telecommunications 27,256 2.12 Utilities - 3.22% (3.16%) National Grid 2,220,595 21,795 1.69 Severn Trent 156,475 4,416 0.34 SSE 652,109 10,802 0.84 United Utilities 426,369 4,564 0.35 Total Utilities 41,577 3.22 Financials - 18.88% (19.46%) 3i Group 595,249 8,595 0.67 Admiral Group 138,741 4,141 0.32 Aviva 2,448,802 9,832 0.76 Barclays 10,587,491 20,749 1.61 British Land REIT 577,881 2,990 0.23 Hargreaves Lansdown 236,358 3,643 0.28

+HSBC Holdings (London listed) 12,773,089 55,774 4.33 Intermediate Capital 173,773 4,073 0.32 Land Securities 445,318 3,161 0.25 Legal & General 3,703,881 10,867 0.84 Lloyds Banking Group 44,270,478 21,971 1.71 London Stock Exchange Group 226,940 16,258 1.26 M&G 1,624,517 3,233 0.25 NatWest Group 3,275,872 7,194 0.56 Phoenix Group Holdings 392,068 2,574 0.20 Prudential 1,716,044 25,809 2.01 Schroders 69,784 2,595 0.20 Scottish Mortgage Investment Trust 888,493 13,301 1.03 Segro REIT 748,221 10,090 0.78 St.James's Place Capital 332,062 5,258 0.41 Standard Chartered 1,596,159 7,574 0.59 Standard Life Aberdeen 1,342,812 3,485 0.27 Total Financials 243,167 18.88 Technology - 1.37% (1.19%) Auto Trader Group 590,656 4,257 0.33 Avast 345,781 2,068 0.16 Aveva Group 74,095 2,419 0.19 Rightmove 536,646 3,945 0.31 Sage Group 660,814 4,951 0.38 Total Technology 17,640 1.37




%Futures - 0.09% (0.13%) ICF FTSE 100 December 2021 577 1,205 0.09 Total Futures 1,205 0.09 Total United Kingdom 1,209,671 94.00

Portfolio of investments 1,246,015 96.82

Net other assets 40,948 3.18

Net assets 1,286,963 100.00 +related party #unlisted Figures in brackets denote the comparative percentage holdings as at 15 May 2021.

Unless otherwise stated, all investments are listed equities. The counterparty for the future is HSBC. Total purchases for the period, including transaction charges, were £229,430,716.

Total sales for the period, net of transaction charges, were £54,126,189.


Retail IncomeChange in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share 114.90p 94.01p 118.50p 125.70pReturn before operating charges* 7.20p 24.18p (19.67p) (2.16p)Operating charges** (0.16p) (0.28p) (0.32p) (0.32p)Return after operating charges* 7.04p 23.90p (19.99p) (2.48p)Distributions on income shares (2.04p) (3.01p) (4.50p) (4.72p)Closing net asset value per share 119.90p 114.90p 94.01p 118.50p*after direct transaction costs of:*** 0.12p 0.10p 0.11p 0.09p

PerformanceReturn after charges 6.13% 25.42% (16.87%) (1.97%)

Other informationClosing net asset value £110,550 £99,596 £12,486,354 £15,537,938Closing number of shares 92,170 86,672 13,282,203 13,107,951Operating charges - OCF 0.27% 0.28% 0.28% 0.27%Direct transaction costs 0.10% 0.10% 0.10% 0.07%

Prices Highest share price 122.40p 117.60p 126.00p 128.30pLowest share price 112.50p 91.60p 82.00p 107.80p

Retail AccumulationChange in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share 240.70p 192.30p 232.60p 236.90pReturn before operating charges* 15.14p 48.98p (39.66p) (3.70p)Operating charges** (0.34p) (0.58p) (0.64p) (0.60p)Return after operating charges* 14.80p 48.40p (40.30p) (4.30p)Distributions on accumulation shares (4.32p) (6.30p) (8.91p) (8.93p)Retained distributions on accumulation shares 4.32p 6.30p 8.91p 8.93pClosing net asset value per share 255.50p 240.70p 192.30p 232.60p*after direct transaction costs of:*** 0.24p 0.21p 0.22p 0.17p


Other information

Closing net asset value £20,233,617 £20,440,844 £73,281,900 £86,023,872Closing number of shares 7,919,878 8,493,693 38,106,680 36,986,477Operating charges - OCF 0.27% 0.28% 0.28% 0.27%Direct transaction costs 0.10% 0.10% 0.10% 0.07%


**The operating charges include all costs borne by the Fund, except for direct transaction costs. ***The direct transaction costs are made up of fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges as well as transfer taxes and duties.

Comparative Tables)


Institutional AccumulationChange in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19



Other information



Income CChange in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19



Other informationClosing net asset value £230,324,681 £224,457,238 £184,254,300 £229,087,277Closing number of shares 190,758,402 194,007,734 193,689,128 190,973,610Operating charges - OCF 0.09% 0.10% 0.09%† 0.17%Direct transaction costs 0.10% 0.10% 0.10% 0.07%


†Estimate for OCF as registrar fees were no longer to be paid by the class and the AMC was reduced for this class effective 1.4.20. **The operating charges include all costs borne by the Fund, except for direct transaction costs. ***The direct transaction costs are made up of fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges as well as transfer taxes and duties.

Comparative Tables)


Accumulation CChange in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19



Other information

Closing net asset value £611,907,509 £518,976,732 £343,795,533 £310,817,226Closing number of shares 237,230,878 213,788,494 177,450,477 132,790,906Operating charges - OCF 0.09% 0.10% 0.09%† 0.17%Direct transaction costs 0.10% 0.10% 0.10% 0.07%


Income SChange in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19



Other informationClosing net asset value £1,741,703 £1,158,706 £1,552,442 £3,150,735Closing number of shares 1,443,120 1,001,836 1,632,783 2,627,755Operating charges - OCF 0.06% 0.07% 0.07% 0.05%Direct transaction costs 0.10% 0.10% 0.10% 0.07%


†Estimate for OCF as registrar fees were no longer to be paid by the class and the AMC was reduced for this class effective 1.4.20. **The operating charges include all costs borne by the Fund, except for direct transaction costs. ***The direct transaction costs are made up of fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges as well as transfer taxes and duties.

Comparative Tables)


Accumulation SChange in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19



Other information




Comparative Tables)


Statement of Total Returnfor the six months ended 15 November 2021 (unaudited)

15.11.21 15.11.20£’000 £’000 £’000 £’000

IncomeNet capital gains 47,738 73,531 Revenue 21,191 12,185

Expenses (432) (434)Interest payable and similar charges (8) (4)Net revenue before taxation 20,751 11,747 Taxation (96) (50)Net revenue after taxation 20,655 11,697 Total return before distributions 68,393 85,228 Distributions (20,640) (11,667)Change in net assets attributable to shareholders from investment activities 47,753 73,561

Statement of Change in Net Assets Attributable to Shareholdersfor the six months ended 15 November 2021 (unaudited)

15.11.21 15.11.20£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders 1,063,662 779,657 Amounts receivable on creation of shares 241,680 105,828 Amounts payable on cancellation of shares (86,144) (101,014)

155,536 4,814 Dilution adjustment 1,125 470 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 47,753 73,561 Retained distribution on accumulation shares 18,887 9,167 Closing net assets attributable to shareholders 1,286,963 867,669

Balance Sheet as at 15 November 2021 (unaudited)

15.11.21 15.5.21£’000 £’000 £’000 £’000

AssetsInvestments 1,246,015 1,024,224 Current assets

Debtors 3,453 7,692 Cash and bank balances 42,272 35,386

Total current assets 45,725 43,078.00 Total assets 1,291,740 1,067,302.00 LiabilitiesCreditors

Distribution payable on income shares (4,192) (3,575)Other creditors (585) (65)

Total creditors (4,777) (3,640)Total liabilities (4,777) (3,640)Net assets attributable to shareholders 1,286,963 1,063,662


Distribution Table (pence per share) for the six months ended 15 November 2021 (unaudited)

Group 1: Shares purchased prior to 16 May 2021 Group 2: Shares purchased from 16 May 2021 to 15 November 2021

Net Equalisation Distribution Distributionincome payable paid

15.1.22 15.1.21

Retail IncomeGroup 1 2.040000 - 2.040000 1.350000Group 2 0.000000 2.040000 2.040000 1.350000

Retail AccumulationGroup 1 4.320000 - 4.320000 2.780000Group 2 2.960000 1.360000 4.320000 2.780000

Institutional AccumulationGroup 1 4.750000 - 4.750000 3.100000Group 2 1.110000 3.640000 4.750000 3.100000

Income CGroup 1 2.180000 - 2.180000 1.460000Group 2 1.330000 0.850000 2.180000 1.460000

Accumulation CGroup 1 4.590000 - 4.590000 2.980000Group 2 3.020000 1.570000 4.590000 2.980000

Income SGroup 1 2.200000 - 2.200000 1.480000Group 2 1.030000 1.170000 2.200000 1.480000

Accumulation SGroup 1 4.640000 - 4.640000 3.020000Group 2 1.370000 3.270000 4.640000 3.020000

20 FTSE ALL-SHARE INDEX FUND

FTSE All-Share Index Fund


The Fund aims to provide growth over the long term, which is a period of 5 years or more, by tracking the performance of the FTSE All-Share Index (the “Index”).

Investment Policy*

The Index represents the performance of all shares on the main market of the London Stock Exchange, as defined by the Index provider.



The Fund will invest in a representative sample of the shares (equities) of companies that make up the Index and possibly some securities that are not included in the Index that are designed to help the Fund track the performance of the Index.

The Fund may not invest in all the companies of the Index to manage transaction costs or to reflect market conditions, regulations or HSBC’s banned weapons policy.




Portfolio Activity

The FTSE All-Share Index was up 6.68% over the reporting period.

At the sector level, the largest contributor to performance was the Industrials sector contributing 1.77% to the index total return, followed by the Energy sector at 1.34% and Health Care at 1.32%. In absolute terms these sectors returned 14.20%, 17.89% and 14.56% respectively. Basic Materials was the largest negative contributor to the total return at -0.47% followed by Telecommunications at -0.24%. These were the only two negatively contributing sectors.

At the single stock level, the largest contributors to the overall total return were Astrazeneca at 0.72%, Royal Dutch Shell at 0.56% and GlaxoSmithKline at 0.53%. The largest negative contributors were Rio Tinto at -0.56% and Unilever at -0.31%.

UK equities trended higher consistently over the reporting period, peaking in mid-October. Despite concern about the spread of the Delta variant into the summer, the UK’s recovery continued in earnest until September. More generally, the combination of the UK’s budget, the recent slowing economic outlook, the Bank of England rate decision, and renewed Brexit concern have been a significant headwind for UK equities.

21FTSE ALL-SHARE INDEX FUND


During the period under review, the value of the shares in the Fund increased by 6.71% while the value of the FTSE All-Share index rose by 6.68%.



Tracking Error




Retail Income

Retail Accumulation

Institutional Income


Price 355.3p xd 680.0p 359.4p xd 711.3p


5.720000p 10.770000p 6.030000p 11.750000p



Income C

Accumulation C

Price 359.4p xd 686.0p

Distribution payable (on 15 January 2022) per share net 5.960000p 11.200000p

Current net estimated yield 3.08% 3.01%

Annual ACD charge 0.04% 0.04%




%BERMUDA - 0.16% (0.19%) Financials - 0.16% (0.19%)

Hiscox 270,682 2,296 0.11 Lancashire 211,355 1,087 0.05 Total Financials 3,383 0.16 Total Bermuda 3,383 0.16 CAYMAN ISLANDS - 0.18% (0.06%) Basic Materials - 0.12% (0.00%)

Endeavour Mining 126,000 2,520 0.12 Total Basic Materials 2,520 0.12 Financials - 0.06% (0.06%)

Dragon Capital Vietnam Enterprise Investments 166,730 1,297 0.06 Total Financials 1,297 0.06 Total Cayman Islands 3,817 0.18 CHANNEL ISLANDS - 6.91% (6.00%) Oil & Gas - 0.01% (0.01%)

Bluefield Solar Income Fund 168,000 205 0.01 Total Oil & Gas 205 0.01 Basic Materials - 2.16% (1.75%)

Centamin 821,717 865 0.04 Glencore 10,853,608 39,296 1.91 Polymetal International 292,935 4,393 0.21 Total Basic Materials 44,554 2.16 Industrials - 1.35% (1.15%)

Esken 307,218 40 0.00 Experian Group 744,315 25,895 1.26

International Workplace Group 613,005 1,862 0.09 Total Industrials 27,797 1.35 Consumer Services - 0.69% (0.65%)

PPHE Hotel Group 15,570 212 0.01 Wizz Air Holdings 73,748 3,510 0.17 WPP Group 959,047 10,516 0.51 Total Consumer Services 14,238 0.69 Financials - 2.70% (2.44%)

3i Infrastructure 472,042 1,614 0.08 Aberdeen Asian Income Fund 133,719 309 0.01 Alcentra European Floating Rate Income Fund 11,374 0.00 0.00 Apax Global Alpha 295,131 663 0.03 BH Macro 20,230 744 0.04




% BMO Commercial Property Trust 395,256 402 0.02 Chrysalis Investments 399,041 958 0.05 Ferguson NewCo 182,618 21,604 1.05 Fidelity Emerging Markets Fund 98,823 840 0.04 Foresight Solar Fund 465,401 472 0.02 GCP Asset Backed Income Fund 334,741 328 0.02 GCP Infrastructure Investments 658,463 706 0.03 HarbourVest Global Private Equity 70,491 1,882 0.09 Henderson Far East Income 39,653 118 0.01 Hipgnosis Songs Fund 830,231 1,063 0.05 International Public Partnership 1,273,315 2,180 0.11 Invesco Bond Income Plus 61,053 111 0.01 JLEN Environmental Assets Group 370,262 379 0.02 JTC 87,378 781 0.04 Man Group 1,252,721 2,905 0.14 NB Global Floating Rate Income Fund 298,488 264 0.01 NB Private Equity Partners 36,477 653 0.03 NextEnergy Solar Fund 437,128 441 0.02 Pershing Square Holdings 129,158 3,868 0.19 Phoenix Spree REIT 88,062 354 0.02 Picton Property Income 404,358 399 0.02 Raven Property Group 214,321 75 0.00 Real Estate Credit Investments 115,020 177 0.01 Regional REIT 245,027 220 0.01 Renewables Infrastructure 1,912,447 2,536 0.12 Ruffer 134,497 403 0.02

#Ruffer Investment rights 33,624 0.00 0.00 Sanne Group 112,664 1,021 0.05 Schroder Oriental Income Fund 195,181 515 0.02 Schroder Real Estate Investment Trust 370,049 185 0.01 Sequoia Economic Infrastructure Income Fund 1,585,841 1,713 0.08 Sirius Real Estate 782,285 1,119 0.05 Standard Life Investments Property Fund 276,365 204 0.01 Starwood European Real Estate Finance 313,879 299 0.01 Syncona 398,260 797 0.04 TP ICAP Group 600,990 863 0.04 TwentyFour Income 339,400 384 0.02 UK Commercial Property Trust 490,147 368 0.02 VinaCapital Vietnam Opportunity Fund 138,111 736 0.04 Total Financials 55,653 2.70 Total Channel Islands 142,447 6.91




%DENMARK - 0.01% (0.00%) Technology - 0.01% (0.00%)

Trustpilot 70,161 224 0.01 Total Technology 224 0.01 Total Denmark 224 0.01 GERMANY - 0.09% (0.13%) Consumer Services - 0.09% (0.13%)

TUI AG 865,264 1,955 0.09 Total Consumer Services 1,955 0.09 Total Germany 1,955 0.09 GIBRALTAR - 0.05% (0.06%) Consumer Services - 0.05% (0.06%)

888 Holdings 290,830 1,027 0.05 Total Consumer Services 1,027 0.05 Total Gibraltar 1,027 0.05 IRELAND - 2.86% (3.04%) Industrials - 1.96% (1.97%)

CRH 643,898 24,223 1.18 DCC 83,876 5,108 0.25 Grafton Group 187,620 2,330 0.11 Smurfit Kappa Group 217,303 8,599 0.42 Total Industrials 40,260 1.96 Consumer Goods - 0.07% (0.06%) C&C Group 297,019 747 0.04 Greencore Group 412,128 552 0.03 Total Consumer Goods 1,299 0.07 Consumer Services - 0.80% (0.98%)

Flutter Entertainment 136,584 16,554 0.80 Total Consumer Services 16,554 0.80 Financials - 0.03% (0.03%)

+HSBC FTSE 250 ETF 28,690 638 0.03 Total Financials 638 0.03 Total Ireland 58,751 2.86 ISLE OF MAN - 0.55% (0.43%) Consumer Services - 0.47% (0.38%)

Entain 487,590 9,610 0.47 Total Consumer Services 9,610 0.47




%Technology - 0.08% (0.05%)

Playtech 225,690 1,644 0.08 Total Technology 1,644 0.08 Total Isle of Man 11,254 0.55 ISRAEL - 0.06% (0.05%) Financials - 0.05% (0.04%)

Plus500 75,931 985 0.05 Total Financials 985 0.05 Technology - 0.01% (0.01%)

BATM Advanced Communications 138,659 119 0.01 Total Technology 119 0.01 Total Israel 1,104 0.06 LUXEMBOURG - 0.26% (0.26%) Consumer Services - 0.26% (0.26%)

B&M European Value Retail 736,637 4,309 0.21 Bilfinger Berger Global Infrastructure 547,972 941 0.05 Total Consumer Services 5,250 0.26 Total Luxembourg 5,250 0.26 NETHERLANDS - 0.03% (0.37%) Industrials - 0.03% (0.05%)

RHI Magnesita 20,731 698 0.03 Total Industrials 698 0.03 Consumer Goods - 0.00% (0.32%) Total Netherlands 698 0.03 SINGAPORE - 0.03% (0.03%) Industrials - 0.03% (0.03%)

XP Power 11,110 582 0.03 Total Industrials 582 0.03 Total Singapore 582 0.03 SPAIN - 0.24% (0.31%) Consumer Services - 0.24% (0.31%)

International Consolidated Airlines Group 3,040,896 4,945 0.24 Total Consumer Services 4,945 0.24 Total Spain 4,945 0.24




%SWITZERLAND - 0.21% (0.22%) Consumer Goods - 0.21% (0.22%)

Coca-Cola HBC AG 166,764 4,291 0.21 Total Consumer Goods 4,291 0.21 Total Switzerland 4,291 0.21 UNITED KINGDOM - 87.00% (88.14%) Oil & Gas - 8.22% (7.48%)

BP 16,247,279 55,476 2.69 Cairn Energy 369,194 686 0.03 Diversified Gas & Oil 775,541 807 0.04 Energean Oil & Gas 74,808 659 0.03 EnQuest 1,208,076 275 0.01 Harbour Energy 160,711 588 0.03 Hunting 195,619 318 0.02 John Wood Group 514,896 1,028 0.05 Royal Dutch Shell A 3,351,091 56,171 2.73 Royal Dutch Shell B 3,027,164 50,881 2.47 Tullow Oil 1,219,665 571 0.03 Vesuvius 168,672 804 0.04 VIVO Energy 229,131 242 0.01 Volution 141,014 756 0.04 Total Oil & Gas 169,262 8.22 Basic Materials - 6.70% (8.22%)

Anglo American 1,008,577 28,739 1.39 Antofagasta 287,995 4,203 0.20 BHP Group 1,700,566 32,709 1.59 Croda International 112,830 11,190 0.54 Elementis 430,190 601 0.03 Evraz Group 472,218 2,847 0.14 Ferrexpo 247,400 735 0.04 Fresnillo 140,127 1,348 0.07 Hochschild Mining 273,032 465 0.02 Johnson Matthey 161,590 3,760 0.18 Mondi 395,874 7,316 0.36 Petropavlovsk 2,184,317 523 0.03 Rio Tinto 886,016 39,977 1.94 Synthomer 284,091 1,446 0.07 Treatt 26,355 304 0.01 Victrex 69,219 1,639 0.08 Zotefoams 39,839 171 0.01 Total Basic Materials 137,973 6.70




%Industrials - 8.67% (8.72%)

Ashtead Group 365,352 23,280 1.13 Avon Rubber 22,286 249 0.01 Babcock International Group 389,869 1,250 0.06 BAE Systems 2,644,368 15,094 0.73 Balfour Beatty 525,497 1,314 0.06 Biffa 206,868 806 0.04 Bodycote International 168,298 1,416 0.07 Bunzl 275,003 7,725 0.37 Capita 1,243,971 589 0.03 Chemring Group 218,529 663 0.03 Clarkson 19,417 770 0.04 Clipper Logistics 52,263 369 0.02 CMC Markets 64,624 177 0.01 Coats Group 1,171,700 798 0.04 Costain 81,703 46 0.00 De La Rue 112,074 189 0.01 Diploma 98,659 3,179 0.15 Discoverie Group 81,261 822 0.04 Electrocomp 386,750 4,831 0.23 Equiniti Group 254,197 457 0.02 Essentra 214,456 659 0.03 Fisher (James) & Sons 24,805 101 0.00

Forterra 148,326 402 0.02 Genuit Group 170,141 1,084 0.05 Halma 311,339 9,782 0.47 Hays 1,247,953 1,989 0.10 Henry Boot 54,128 146 0.01 Hill & Smith Holdings 66,948 1,232 0.06 Homeserve 233,539 2,000 0.10 Howden Joinery Group 468,451 4,359 0.21 Ibstock 317,510 634 0.03 IMI 231,308 4,147 0.20 IntegraFin Holdings 198,323 1,169 0.06 Intertek Group 135,081 6,924 0.34 Keller 55,824 520 0.03 Kier Group 331,639 372 0.02 LXI REIT 441,175 643 0.03 Marshalls 167,993 1,248 0.06 Mears Group 82,275 152 0.01 Meggitt 640,094 4,756 0.23 Menzies (John) 51,347 153 0.01 Mitie Group 1,062,873 743 0.04 MJ Gleeson 31,828 251 0.01 Morgan Advanced Materials 215,891 780 0.04 Morgan Sindall 31,080 747 0.04




% Norcros 32,366 103 0.00 Oxford Instruments 43,480 983 0.05 PageGroup 271,543 1,800 0.09 Paypoint 2,153 15 0.00 QinetiQ 485,732 1,293 0.06 Redde Northgate 142,558 579 0.03 Redrow 192,759 1,236 0.06 Renishaw 27,094 1,409 0.07 Rentokil Initial 1,553,519 9,688 0.47 Ricardo 47,935 225 0.01 Robert Walters 51,075 409 0.02 Rolls-Royce 6,900,587 9,935 0.48 Rotork 703,747 2,584 0.13 Royal Mail 753,108 3,357 0.16 RPS Group 169,337 215 0.01 Senior 314,446 466 0.02 Serco Group 1,035,808 1,388 0.07 Severfield 226,049 159 0.01 Smith (David S) 1,052,513 4,114 0.20 Smiths Group 323,851 4,824 0.23 Spectris 99,769 3,912 0.19 Spirax Sarco Engineering 60,467 10,358 0.50 Sthree 93,631 543 0.03 Travis Perkins 185,085 2,879 0.14 TT Electronics 121,829 316 0.02 Tyman 147,235 597 0.03 Ultra Electronics 55,014 1,744 0.08 Vitec Group 34,349 512 0.02 Weir Group 221,241 3,931 0.19 Wincanton 82,678 303 0.01 Total Industrials 178,894 8.67 Infrastructure - 0.18% (0.00%)

Berkeley 87,599 3,772 0.18 Total Infrastructure 3,772 0.18 Consumer Goods - 14.62% (16.09%)

Associated British Foods 284,035 5,740 0.28 Aston Martin Lagonda Global Holdings 51,087 824 0.04 Bakkavor Group 118,839 141 0.01 Barr (AG) 62,021 303 0.01 Barratt Developments 856,953 5,867 0.28 Bellway 106,278 3,364 0.16 British American Tobacco 1,859,732 48,697 2.36 Britvic 222,301 2,000 0.10 Burberry Group 338,686 6,604 0.32




% Countryside Properties 409,387 1,874 0.09 Cranswick 39,926 1,443 0.07 Crest Nicholson 169,308 579 0.03 Devro 123,903 270 0.01 DFS Furniture 157,006 447 0.02 Diageo 1,873,192 71,490 3.47 Dr. Martens 370,385 1,488 0.07 Galliford Try 81,060 160 0.01 Games Workshop 26,333 2,553 0.12 Headlam Group 56,690 256 0.01 Hilton Food Group 30,497 367 0.02 Imperial Brands 775,336 12,386 0.60 McBride 137,015 91 0.00 Persimmon 259,277 6,985 0.34 Photo-Me International 185,703 112 0.01 Premier Foods 551,850 625 0.03 PZ Cussons 64,598 135 0.01 Reckitt Benckiser 520,145 32,369 1.57 SSP Group 619,794 1,625 0.08 Stock Spirits Group 141,844 530 0.03 Tate & Lyle 369,412 2,527 0.12 Taylor Wimpey 3,078,761 4,855 0.24 Ted Baker 33,774 43 0.00 TI Fluid Systems 220,284 544 0.03 Unilever 2,099,794 82,049 3.98 Vistry Group 188,242 2,150 0.10 Total Consumer Goods 301,493 14.62 Healthcare - 9.91% (8.50%)

AstraZeneca 1,259,264 112,918 5.48 ConvaTec Group 1,371,038 3,007 0.15 Dechra Pharmaceuticals 87,835 4,537 0.22 Genus 52,853 2,915 0.14 GlaxoSmithKline 4,031,971 64,004 3.11 Hikma Pharmaceuticals 141,064 3,336 0.16 Indivior 546,106 1,271 0.06 Mediclinic International 297,185 987 0.05 NMC Health 63,925 - - Oxford Biomedica 34,315 515 0.02 PureTech Health 66,261 221 0.01 Renewi 45,812 375 0.02 Smith & Nephew 727,023 9,520 0.46 Spire Healthcare 239,490 583 0.03 Total Healthcare 204,189 9.91




%Consumer Services - 8.46% (8.54%)

4imprint Group 22,002 646 0.03 AO World 183,907 246 0.01 Ascential 430,431 1,878 0.09 Bloomsbury Publishing 65,569 241 0.01 Carnival (London listed) 120,166 1,805 0.09 Cineworld Group 758,416 508 0.02 Compass Group 1,467,394 22,444 1.09 Currys 813,414 1,127 0.05 Dignity 37,057 259 0.01 Domino's Pizza 413,901 1,514 0.07 Dunelm 95,536 1,326 0.06 easyJet 447,066 2,632 0.13 Euromoney Institutional Investors 80,759 859 0.04 FirstGroup 980,324 994 0.05 Frasers Group 143,970 989 0.05 Fuller Smith & Turner A 21,091 131 0.01 Future 97,116 3,331 0.16 Go-Ahead Group 33,836 265 0.01 Greggs 77,610 2,376 0.12 Gym Group 96,790 271 0.01 Halfords Group 135,526 459 0.02 Hostelworld 72,838 50 0.00 Hostmore 58,239 63 0.00 Hyve Group 166,734 179 0.01 Inchcape 316,166 2,672 0.13 Informa 1,221,995 6,452 0.31 InterContinental Hotels 149,129 7,477 0.36 ITV 3,194,349 4,007 0.19 JD Sports & Fashion 399,014 4,617 0.22 Kingfisher 1,734,941 5,909 0.29 Marks & Spencer 1,575,805 3,722 0.18 Marston's 438,225 342 0.02 Mitchells & Butlers 146,092 347 0.02 Moneysupermarket 464,208 972 0.05 Motorpoint Group 49,776 175 0.01 National Express 408,988 986 0.05 Next 107,215 8,781 0.43 Ocado Group 406,924 7,388 0.36 On The Beach Group 80,796 227 0.01 Pearson 633,448 4,043 0.20 Pendragon 916,589 174 0.01 Pets at Home Group 418,270 1,954 0.09 Rank Group 76,244 117 0.01 Reach 159,872 526 0.03 RELX 1,520,104 35,829 1.74




% Restaurant Group 579,047 459 0.02 Saga 2,671 8 0.00

Sainsbury (J) 1,350,768 3,981 0.19 Stagecoach Group 313,427 239 0.01 Superdry 50,133 150 0.01 Tesco 6,239,906 17,837 0.87 Topps Tiles 87,675 53 0.00

Watches of Switzerland 187,024 2,476 0.12 Wetherspoon (JD) 57,223 534 0.03 Whitbread 171,220 5,407 0.26 WHSmith 99,076 1,627 0.08 Wickes Group 195,067 437 0.02 Total Consumer Services 174,518 8.46 Telecommunications - 1.87% (2.25%)

Airtel Africa 761,138 1,034 0.05 BT Group 6,372,459 10,508 0.51 Helios Towers 415,788 659 0.03 Telecom Plus 45,135 604 0.03 Vodafone Group 22,816,083 25,664 1.25 Total Telecommunications 38,469 1.87 Utilities - 3.02% (3.01%)

Centrica 4,850,460 3,199 0.16 Contourglobal 131,360 250 0.01 Drax Group 318,549 1,746 0.08 National Grid 2,908,728 28,549 1.39 Pennon 226,274 2,754 0.13 Scottish & Southern Energy 846,611 14,024 0.68 Severn Trent 193,574 5,463 0.27 United Utilities 577,967 6,187 0.30 Total Utilities 62,172 3.02 Financials - 23.51% (23.75%)

3i Group 791,422 11,428 0.55 Aberdeen Diversified Income and Growth Trust 248,388 246 0.01 Aberdeen New Dawn Investment Trust 83,533 271 0.01 Aberdeen New India Investment Trust 88,945 567 0.03 Aberdeen Standard Asia Focus 14,211 207 0.01 Aberdeen Standard Equity Income Trust 36,811 129 0.01 Aberforth Smaller Companies 70,711 1,065 0.05 Aberforth Split Level Income Trust 162,709 132 0.01 Admiral Group 170,919 5,102 0.25 AJ Bell 219,220 926 0.04 Alliance Trust 279,070 2,997 0.15 Aptitude Software Group 28,340 163 0.01




% Artemis Alpha Trust 45,907 195 0.01 Ashmore Group 396,694 1,250 0.06 Asia Dragon Trust 115,807 602 0.03 Assura REIT 2,128,478 1,498 0.07 AVI Global Trust 87,136 962 0.05 Aviva 3,218,778 12,923 0.63 Baillie Gifford China Growth Trust 41,993 172 0.01 Baillie Gifford European Growth Trust 427,337 699 0.03 Baillie Gifford Japan Trust 66,709 680 0.03 Baillie Gifford Shin Nippon 211,887 519 0.03 Baillie Gifford UK Growth Fund 161,355 384 0.02 Baillie Gifford US Growth Trust 230,922 800 0.04 Bank of Georgia 29,626 463 0.02 Bankers Investment Trust 1,050,410 1,275 0.06 Barclays 13,968,434 27,375 1.33 BB Healthcare Trust 389,386 787 0.04 Beazley 515,278 2,120 0.10 Big Yellow Group Real Estate Investment Trust 152,937 2,331 0.11 Biotech Growth Trust 36,202 440 0.02 BlackRock Greater Europe Investment Trust 64,271 469 0.02 BlackRock Latin American Investment Trust 30,847 104 0.01 BlackRock Smaller Companies 34,621 694 0.03 BlackRock Sustainable American Income Trust 62,614 125 0.01 Blackrock Throgmorton Trust 55,466 551 0.03 Blackrock World Mining Trust 132,449 751 0.04 BMO Capital & Income Investment Trust 123,507 403 0.02 BMO Global Smaller Companies 452,620 790 0.04 Brewin Dolphin 225,037 866 0.04 Bridgepoint 187,322 1,030 0.05 British Land Company 785,678 4,065 0.20 Brown Advisory US Smaller Companies 16,169 241 0.01 C C Japan Income And Growth Trust 101,195 160 0.01 Caledonia Investments 35,482 1,354 0.07 Capital & Counties Properties 626,410 1,050 0.05 Capital & Regional 23,058 14 - Capital Gearing Trust 6,644 341 0.02 Carr's Milling Industries 63,154 90 - Chesnara 105,669 315 0.02 City of London Investment Group 26,839 137 0.01 City of London Investment Trust 348,508 1,366 0.07 Civitas Social Housing 472,816 437 0.02 Close Brothers 128,989 1,829 0.09 CLS Holdings 117,138 254 0.01 Custodian REIT 276,950 266 0.01 CYBG 1,073,285 1,883 0.09 Derwent London Real Estate Investment Trust 91,573 3,162 0.15




% Direct Line Insurance 1,169,706 3,227 0.16 Diverse Income Trust 258,941 298 0.01 Dunedin Income Growth Investment Trust 179,067 591 0.03 Edinburgh Investment Trust 140,648 885 0.04 Edinburgh Worldwide Investment Trust 292,855 955 0.05 Electra Private Equity Fund 19,413 16 0.00

Empiric Student Property 440,097 371 0.02 EP Global Opportunities Trust 39,350 113 0.01 European Assets Trust 142,266 204 0.01 European Opportunities Trust 84,258 740 0.04 Fidelity Asian Values Investment Trust 47,904 235 0.01 Fidelity China Special Situations Trust 281,703 952 0.05 Fidelity European Values Investment Trust 323,039 1,095 0.05 Fidelity Japanese Values Investment Trust 122,308 312 0.02 Fidelity Special Values Investment Trust 141,751 438 0.02 Finsbury Growth & Income 185,184 1,678 0.08 Foreign & Colonial Investment Trust 465,493 4,376 0.21 Foxtons Group 184,718 84 0.00

GCP Student Living 322,078 676 0.03 Georgia Capital 23,978 150 0.01 Grainger Trust 695,131 2,169 0.11 Great Portland REIT 204,144 1,538 0.07 Greencoat UK Wind 1,567,065 2,087 0.10

#Greencoat UK Wind rights 120,543 - 0.00 Hammerson REIT 3,304,121 1,035 0.05

Hargreaves Lansdown 317,961 4,901 0.24 Harworth Group 130,738 231 0.01 Helical 67,570 301 0.01 Henderson Diversified Income 142,177 118 0.01 Henderson European Focus Investment Trust 33,210 553 0.03 Henderson Eurotrust 15,894 245 0.01 Henderson High Income Trust 237,096 402 0.02 Henderson International Income Trust 138,686 239 0.01 Henderson Smaller Companies Investment Trust 54,215 668 0.03 Herald Investment Trust 55,616 1,404 0.07 HgCapital Trust 270,927 1,141 0.06

+HICL Infrastructure 1,565,078 2,695 0.13 +HSBC (London Listed) 16,695,407 72,901 3.54

ICG Enterprise Trust 53,022 683 0.03 IG Group 293,574 2,328 0.11 Impax Environmental Markets 210,847 1,200 0.06 Intermediate Capital 237,991 5,579 0.27 International Personal Finance 143,950 200 0.01 Intu Properties 648,327 - 0.00

Invesco Asia Trust 45,821 165 0.01 Invesco Perpetual UK Smaller Companies Investment Trust 79,382 486 0.02




% Invesco Select Trust 57,639 112 0.01 Investec 526,144 1,867 0.09 IP Group 775,313 937 0.05 JPMorgan American Investment Trust 173,371 1,293 0.06 JPMorgan Asia Growth & Income 127,020 588 0.03 JP Morgan China Growth & Income 61,711 352 0.02 JPMorgan Claverhouse Investment Trust 73,331 566 0.03 JPMorgan Emerging Markets Investment Trust 1,041,155 1,412 0.07 JPMorgan European Investment Trust 143,998 560 0.03 JPMorgan European Investment Trust Income 91,171 146 0.01 JPMorgan European Smaller Companies Investment Trust 170,408 975 0.05 JPMorgan Global Emerging Markets Fund 223,131 328 0.02 JPMorgan Global Growth & Income Trust 157,266 734 0.04 JPMorgan Indian Investment Trust 60,639 520 0.03 JPMorgan Japanese Investment Trust 140,125 978 0.05 JPMorgan Mid Cap Investment Trust 26,326 357 0.02 JPMorgan Russian Securities 36,115 294 0.01 JPMorgan Smaller Companies Investment Trust 123,077 492 0.02 Jupiter Fund Management 371,202 977 0.05 Just Group 768,981 694 0.03 Keystone Investment Trust 50,765 169 0.01 Land Securities 609,095 4,323 0.21 Law Debenture 87,851 696 0.03 Legal & General 4,873,405 14,299 0.69 Lindsell Train 143 196 0.01 Liontrust Asset Management 44,772 974 0.05 Lloyds Banking Group 58,216,731 28,893 1.40 London Stock Exchange Group 298,567 21,389 1.04 Londonmetric Property 695,474 1,897 0.09 Lowland Investment Trust 18,167 242 0.01 LSL Property Services 55,187 234 0.01 M&G 2,176,978 4,332 0.21 Majedie Investment Trust 39,935 95 0.00

Martin Currie Global Portfolio 54,831 236 0.01 Melrose 3,558,653 6,053 0.29 Merchants Trust 112,162 624 0.03 Metro Bank 116,322 154 0.01 Molten Ventures 114,242 1,114 0.05 Monks Investment Trust 194,779 2,820 0.14 Montanaro UK Smaller Companies Trust 125,589 214 0.01 Murray Income Trust 98,832 909 0.04 Murray International Trust 102,292 1,174 0.06 NatWest Group 4,368,979 9,594 0.47 Network International 367,293 1,198 0.06 NewRiver REIT 250,064 184 0.01 Ninety One 256,364 653 0.03




% Octopus Renewables Infrastructure Trust 242,217 259 0.01 OSB Group 308,845 1,555 0.08 Pacific Assets Trust 82,138 301 0.01 Pacific Horizon Trust 65,928 624 0.03 Pantheon International 455,880 1,508 0.07 Paragon Group 199,780 1,068 0.05 Personal Assets Trust 2,158 1,094 0.05 Phoenix Group Holdings 522,164 3,427 0.17 Polar Capital Global Healthcare Growth & Income Trust 91,440 278 0.01 Polar Capital Technology Trust 110,757 2,979 0.14 Primary Health Properties 1,044,516 1,573 0.08 Provident Financial 121,204 456 0.02 Prudential 2,250,631 33,850 1.64 Quilter 1,491,812 2,287 0.11 Rathbone Brothers 45,659 899 0.04 RIT Capital Partners 103,342 2,832 0.14 Riverstone Energy 27,759 135 0.01 S&U 4,198 118 0.01 Sabre Insurance 187,511 368 0.02 Safestore Holdings REIT 178,871 2,263 0.11 Savills 102,229 1,463 0.07 Schroders 96,342 3,582 0.17 Schroder Asia Pacific Investment Trust 131,462 805 0.04 Schroder Asian Total Return Investment Company 70,331 369 0.02 Schroder Income Growth Investment Trust 87,374 267 0.01 Schroder Japan Growth Investment Trust 93,911 208 0.01 Schroder UK Mid Cap Fund 23,335 165 0.01 Schroder UK Public Private Trust 682,331 227 0.01 Scottish American Investment Trust 107,237 569 0.03 Scottish Investment Trust 57,206 487 0.02 Scottish Mortgage Investment Trust 1,179,564 17,658 0.86 Scottish Oriental Smaller Companies Trust 22,207 271 0.01 SDCL Energy Efficiency Income Trust 335,701 386 0.02 Securities Trust of Scotland 67,298 151 0.01 Segro Real Estate Investment Trust 995,295 13,422 0.65 Shaftesbury REIT 216,667 1,401 0.07 Smithson Investment Trust 114,408 2,305 0.11 St James's Place Capital 444,864 7,044 0.34 Standard Chartered 2,147,789 10,191 0.49 Standard Life Aberdeen 1,775,778 4,608 0.22 Standard Life Aberdeen European REIT 130,837 148 0.01 Standard Life UK Smaller Companies 75,381 561 0.03 Target Healthcare REIT 289,019 345 0.02 TBC Bank Group 26,382 419 0.02 Temple Bar Investment Trust 48,299 539 0.03 Templeton Emerging Markets Investment Trust 982,580 1,855 0.09




% The Mercantile Investment Trust 673,678 1,839 0.09 The North American Income Trust 177,880 516 0.03 The PRS 170,000 170 0.01 TR European Growth Trust 47,952 719 0.03 TR Property Investment Trust 241,183 1,196 0.06 Triple Point Social Housing REIT 254,361 243 0.01 Tritax Big Box REIT 1,513,836 3,506 0.17 Tritax EuroBox 480,563 543 0.03 Troy Income & Growth Trust 576,462 460 0.02 U & I Group 93,406 138 0.01 Unite Group 274,961 3,033 0.15 Utilico Emerging Markets Trust 70,000 151 0.01 Witan Investment Trust 701,865 1,797 0.09 Workspace Group 103,081 867 0.04 Worldwide Healthcare Trust 51,541 1,930 0.09 XPS Pensions Group 111,911 158 0.01 Total Financials 483,554 23.51 Technology - 1.81% (1.57%)

Allianz Technology 329,500 1,216 0.06 Auction Technology 58,494 767 0.04 Auto Trader Group 789,042 5,687 0.28 Avast 477,320 2,854 0.14 Aveva Group 97,107 3,171 0.15 Baltic Classifieds 37,443 76 0.00

Bytes Technology Group 142,714 806 0.04 Computacenter 61,018 1,730 0.08 Darktrace 143,325 814 0.04 Ecofin Global Utilities & Infrastructure Trust 128,215 263 0.01 FDM Group 69,526 850 0.04 Kainos Group 35,306 656 0.03 Micro Focus International 267,029 1,091 0.05 Moonpig 55,000 189 0.01 NCC Group 302,530 749 0.04 Rightmove 739,657 5,438 0.26 Sage Group 908,342 6,805 0.33 Softcat 107,891 2,031 0.10 Spirent Communications 477,224 1,322 0.06 Trainline 350,297 1,045 0.05 Total Technology 37,560 1.81




%Futures - 0.03% (0.01%)

ICF FTSE 100 Index Future December 2021 326 609 0.03 ICF FTSE 250 Index Future December 2021 104 85 0.00 Total Futures 694 0.03 Total United Kingdom 1,792,550 87.00 Portfolio of investments 2,032,278 98.64


Net assets 2,060,309 100.00 +related party #unlisted Figures in brackets denote the comparative percentage holdings as at 15 May 2021. Unless otherwise stated, all investments are listed equities. The counterparty for the futures is HSBC. Total purchases for the period, including transaction charges, were £179,426,145.

Total sales for the period, net of transaction charges, were £40,942,108.


Comparative Tables)


15.11.21 15.5.21 15.5.20 15.5.19






15.11.21 15.5.21 15.5.20 15.5.19



Other information





Comparative Tables)

Institutional IncomeChange in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19






15.11.21 15.5.21 15.5.20 15.5.19



Other information





Institutional A Income#Change in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share N/A 272.20p 341.40p 362.90pReturn before operating charges* N/A 64.21p (56.15p) (7.79p)Operating charges** N/A (0.31p) (0.54p) (0.54p)Return after operating charges* N/A 63.90p (56.69p) (8.33p)Distributions on income shares N/A (3.90p) (12.51p) (13.17p)Cancellation price N/A (332.20p) - -Closing net asset value per share N/A - 272.20p 341.40p*after direct transaction costs of:*** N/A 0.09p 0.44p 0.49p

PerformanceReturn after charges N/A 23.48% (16.61%) (2.30%)

Other informationClosing net asset value N/A N/A £3,491,894 £4,395,923Closing number of shares N/A N/A 1,282,822 1,287,693Operating charges - OCF N/A N/A 0.16% 0.16%Direct transaction costs N/A N/A 0.13% 0.14%

Prices Highest share price N/A 332.20p 367.60p 370.40pLowest share price N/A 271.40p 235.50p 309.60p

Institutional A Accumulation#Change in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share N/A 505.10p 608.70p 622.50pReturn before operating charges* N/A 119.78p (102.62p) (12.86p)Operating charges** N/A (0.58p) (0.98p) (0.94p)Return after operating charges* N/A 119.20p (103.60p) (13.80p)Distributions on accumulation shares N/A (7.24p) (22.48p) (22.77p)Retained distributions on accumulation shares N/A 7.24p 22.48p 22.77pCancellation price N/A (624.30p) - -Closing net asset value per share N/A - 505.10p 608.70p*after direct transaction costs of:*** N/A 0.16p 0.79p 0.85p


Other information

Closing net asset value N/A N/A £50,983,314 £66,257,413Closing number of shares N/A N/A 10,094,050 10,884,391Operating charges - OCF N/A N/A 0.16% 0.16%Direct transaction costs N/A N/A 0.13% 0.14%


#The Institutional A Income and Institutional A Accumulation share classes closed on 8 January 2021. **The operating charges include all costs borne by the Fund, except for direct transaction costs. ***The direct transaction costs are made up of fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges as well as transfer taxes and duties.

Comparative Tables)



15.11.21 15.5.21 15.5.20 15.5.19






15.11.21 15.5.21 15.5.20 15.5.19



Other information

Closing net asset value £1,250,778,066 £1,048,879,699 £732,488,559 £660,435,162Closing number of shares 182,541,470 162,905,012 147,279,327 110,293,954Operating charges - OCF 0.06% 0.06% 0.06% 0.06%Direct transaction costs 0.04% 0.03% 0.13% 0.14%



Comparative Tables)



15.11.21 15.11.20£’000 £’000 £’000 £’000


Expenses (555) (464)Interest payable and similar charges (21) (4)Net revenue before taxation 33,682 22,674 Taxation (159) (107)Net revenue after taxation 33,523 22,567 Total return before distributions 124,197 205,556 Distributions (33,500) (22,549)Change in net assets attributable to shareholders from investment activities 90,697 183,007


15.11.21 15.11.20£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders 1,819,456 1,577,970 Amounts receivable on creation of shares 241,238 157,749 Amounts payable on cancellation of shares (113,263) (217,582)

127,975 (59,833)Dilution adjustment 1,049 705 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 90,697 183,007 Retained distribution on accumulation shares 21,132 12,176 Closing net assets attributable to shareholders 2,060,309 1,714,025


15.11.21 15.5.21£’000 £’000 £’000 £’000



Total current assets 45,245 27,014 Total assets 2,077,523 1,833,616 LiabilitiesCreditors

Distribution payable on income shares (12,795) (10,844)Other creditors (4,419) (3,316)



Distribution Table (pence per share) for the six months ended 15 November 2021 (unaudited)

Group 1: Shares purchased prior to 16 May 2021 Group 2: Shares purchased from 16 May 2021 to 15 November 2021


15.1.22 15.1.21

Retail IncomeGroup 1 5.720000 - 5.720000 3.860000Group 2 2.270000 3.450000 5.720000 3.860000


Institutional IncomeGroup 1 6.030000 - 6.030000 4.110000Group 2 3.390000 2.640000 6.030000 4.110000


Institutional A Income*Group 1 N/A - N/A 3.900000Group 2 N/A N/A N/A 3.900000

Institutional A Accumulation*Group 1 N/A - N/A 7.240000Group 2 N/A N/A N/A 7.240000



*The Institutional A Income and Institutional A Accumulation share classes closed on 8 January 2021.


FTSE 250 Index Fund


The Fund aims to provide growth over the long term, which is a period of 5 years or more, by tracking the performance of the FTSE 250 Index (the “Index”).

Investment Policy*

The Index is made up of the 250 largest companies after the 100 largest stock market listed companies in the United Kingdom, as defined by the Index Provider.








Portfolio Activity

The FTSE 250 Index was up 7.44% over the reporting period.

At the sector level, the largest contributor to performance was the Financials sector contributing 2.63% to the index total return, followed by the Industrials sector at 1.77%. In absolute terms these sectors returned 7.25% and 10.43% respectively though the best performing sector in terms of absolute return was the Health Care sector. Consumer Discretionary was the largest negative contributor to the total return at -0.6% followed by Energy at -0.13%. These were the only two negatively contributing sectors.

At the single stock level, the largest contributors to the overall total return were WM Morrison at 0.64%, Meggitt at 0.46% and Marks and Spencer at 0.37%. The largest negative contributors were TUI at -0.32% and Easyjet at -0.25%.

UK mid cap equities trended higher consistently over the reporting period, peaking in early September. Despite concern about the spread of the Delta variant into the summer, the UK’s recovery continued in earnest until September. More generally, the combination of the UK’s budget, the recent slowing economic outlook, the Bank of England rate decision, and renewed Brexit concern have been a significant headwind for UK equities.



During the period under review, the value of the shares in the Fund increased by 6.27% while the value of the FTSE 250 Index rose by 7.44%.



Tracking Error




Retail Income

Retail Accumulation


Price 214.8p 339.8p 214.4p



Income C

Accumulation C

Income SAccumulation

S

Price 214.3p 343.2p 214.3p 344.8p






%BERMUDA - 0.93% (1.02%) Financials - 0.93% (1.02%)

Hiscox 1,359,309 11,530 0.65 Lancashire Holdings 985,781 5,072 0.28 Total Financials 16,602 0.93 Total Bermuda 16,602 0.93

CAYMAN ISLANDS - 0.34% (0.29%) Financials - 0.34% (0.29%)

Dragon Capital Vietnam Enterprise Investment ‘C’ 773,132 6,015 0.34 Total Financials 6,015 0.34 Total Cayman Islands 6,015 0.34

CHANNEL ISLANDS - 8.44% (7.88%) Basic Materials - 0.26% (0.30%)

Centamin 4,384,201 4,614 0.26 Total Basic Materials 4,614 0.26

Industrials - 0.49% (0.62%) International workplace Group 2,918,189 8,865 0.49

Total Industrials 8,865 0.49

Consumer Services - 0.99% (0.83%) Wizz Air Holdings 371,584 17,684 0.99

Total Consumer Services 17,684 0.99

Financials - 6.70% (6.13%) 3i Infrastructure 2,418,957 8,273 0.46

Apax Global Alpha 1,704,992 3,828 0.21 BH Macro 96,690 3,558 0.20 Chrysalis Investments 2,219,260 5,326 0.30 Fidelity Emerging Markets 368,383 3,131 0.18 GCP Infrastructure Investments 3,522,463 3,776 0.21 HarbourVest Global Private Equity 324,079 8,653 0.48 Hipgnosis Songs Fund 4,850,652 6,209 0.35 International Public Partnership 6,908,176 11,827 0.66 JTC 455,887 4,076 0.23 Man Group 5,656,785 13,118 0.73 Renewables Infrastructure Group 9,180,479 12,173 0.68 Sanne Group 611,500 5,540 0.31 Schroder Oriental Income Fund 1,088,268 2,873 0.16 Sequoia Economic Infrastructure Income Fund 7,151,105 7,723 0.43 Sirius Real Estate 3,923,658 5,611 0.31 Syncona 1,898,793 3,798 0.21 TP ICAP 3,200,399 4,596 0.26 UK Commercial Property REIT 2,984,051 2,238 0.13 VinaCapital Vietnam Opportunity Fund 680,350 3,626 0.20 Total Financials 119,953 6.70 Total Channel Islands 151,116 8.44




%GIBRALTAR - 0.21% (0.24%) Consumer Services - 0.21% (0.24%)

888 Holdings 1,090,315 3,849 0.21 Total Consumer Services 3,849 0.21 Total Gibraltar 3,849 0.21

GERMANY - 0.55% (0.72%) Consumer Services - 0.55% (0.72%)

TUI 4,369,631 9,871 0.55 Total Consumer Services 9,871 0.55 Total Germany 9,871 0.55

IRELAND - 1.00% (1.62%) Consumer Goods - 0.38% (0.41%)

C&C Group 1,594,329 4,011 0.22 Greencore Group 2,129,348 2,851 0.16 Total Consumer Goods 6,862 0.38

Consumer Services - 0.00% (0.60%) Industrials - 0.62% (0.61%)

Grafton Group 886,973 11,016 0.62 Total Industrials 11,016 0.62 Total Ireland 17,878 1.00

ISRAEL - 0.29% (0.34%) Financials - 0.29% (0.34%)

Plus500 399,225 5,178 0.29 Total Financials 5,178 0.29 Total Israel 5,178 0.29

LUXEMBOURG - 0.28% (0.27%) Financials - 0.28% (0.27%)

Bilfinger Berger Global Infrastructure 2,893,939 4,972 0.28 Total Financials 4,972 0.28 Total Luxembourg 4,972 0.28

NETHERLANDS - 0.22% (0.30%) Industrials - 0.22% (0.30%)

RHI Magnesita 114,840 3,865 0.22 Total Industrials 3,865 0.22 Total Netherlands 3,865 0.22

SINGAPORE - 0.18% (0.17%) Industrials - 0.18% (0.17%)

XP Power 61,266 3,210 0.18 Total Industrials 3,210 0.18 Total Singapore 3,210 0.18




%UNITED KINGDOM - 84.78% (84.10%) Oil & Gas - 1.44% (1.28%)

Cairn Energy 1,991,445 3,702 0.21 Diversified Gas & Oil 3,307,959 3,440 0.19 Energean Oil & Gas 481,545 4,245 0.24 Harbour Energy 874,120 3,199 0.18 John Wood Group 2,714,309 5,419 0.30 Vivo Energy 1,551,153 1,641 0.09 Volution Group 759,083 4,069 0.23 Total Oil & Gas 25,715 1.44

Basic Materials - 2.31% (1.68%) Elementis 2,324,802 3,245 0.18

Endeavour Mining 749,659 14,993 0.84 Ferrexpo 1,182,695 3,513 0.20 Hochschild Mining 1,266,217 2,156 0.12 Petropavlovsk 11,370,828 2,722 0.15 Synthomer 1,347,912 6,861 0.38 Victrex 333,216 7,891 0.44 Total Basic Materials 41,381 2.31

Industrials - 16.84% (17.75%) Babcock International Group 2,039,259 6,540 0.37

Balfour Beatty 2,618,285 6,546 0.37 Biffa 898,595 3,500 0.20 Bodycote International 759,888 6,394 0.36 Capita 6,769,199 3,207 0.18 Chemring Group 1,141,515 3,464 0.19 Clarkson 100,726 3,994 0.22 Coats Group 5,835,535 3,974 0.22 Diploma 492,467 15,867 0.89 Discoverie Group 362,029 3,664 0.21 Electrocomp 1,905,487 23,800 1.33 Essentra 1,215,730 3,738 0.21 Genuit Group 942,924 6,006 0.34 Hays 6,282,482 10,014 0.56 Hill & Smith Holdings 322,368 5,932 0.33 HomeServe 1,119,310 9,587 0.54 Howden Joinery Group 2,311,462 21,510 1.20 Ibstock 1,571,406 3,140 0.18 IMI 1,066,513 19,123 1.07 Marshalls 804,146 5,975 0.33 Mitie Group 5,714,340 3,994 0.22 Morgan Advanced Materials 1,145,529 4,141 0.23 Morgan Sindall 163,829 3,940 0.22 Oxford Instruments 215,246 4,865 0.27




% PageGroup 1,264,714 8,385 0.47 QinetiQ 2,275,737 6,058 0.34 Redde Northgate 995,039 4,045 0.23 Redrow 922,702 5,918 0.33 Renishaw 138,576 7,206 0.40 Rotork 3,532,588 12,972 0.73 Serco Group 4,851,342 6,501 0.36 Spectris 458,028 17,959 1.00 Travis Perkins 913,147 14,204 0.79 Tyman 795,151 3,224 0.18 Ultra Electronics Holdings 282,866 8,967 0.50 Vesuvius 862,412 4,110 0.23 Weir Group 1,050,213 18,662 1.04 Total Industrials 301,126 16.84

Consumer Goods - 6.37% (7.23%) Aston Martin Lagonda Global 275,069 4,435 0.25

Bellway 500,700 15,847 0.89 Britvic 1,079,778 9,713 0.54 Countryside Properties 2,093,095 9,582 0.54 Cranswick 212,814 7,691 0.43 Crest Nicholson 1,002,957 3,432 0.19 Dr. Martens 2,013,587 8,091 0.45 Games Workshop 132,557 12,851 0.72 Hilton Food Group 260,501 3,131 0.17 Premier Foods 2,885,881 3,267 0.18 PZ Cussons 756,208 1,577 0.09 SSP Group 3,184,898 8,351 0.47 Tate & Lyle 1,897,878 12,981 0.72 TI Fluid Systems 1,131,600 2,795 0.16 Vistry Group 891,860 10,185 0.57 Total Consumer Goods 113,929 6.37

Healthcare - 4.00% (3.47%) ConvaTec Group 6,486,881 14,226 0.80

Dechra Pharmaceuticals 425,379 21,971 1.23 Genus 264,634 14,595 0.82 Indivior 2,958,956 6,888 0.38 Mediclinic International 1,585,606 5,264 0.29 Oxford BioMedica 248,978 3,735 0.21 PureTech Health 622,013 2,074 0.12 Spire Healthcare 1,136,509 2,767 0.15 Total Healthcare 71,520 4.00





4imprint 112,514 3,302 0.18 AO World 1,161,537 1,556 0.09 Ascential 1,741,858 7,598 0.42 Carnival (London listed) 629,854 9,460 0.53 Cineworld Group 4,054,456 2,716 0.15 Currys 4,089,353 5,664 0.32 Domino's Pizza 1,868,268 6,834 0.38 Dunelm Group 458,618 6,366 0.36 easyJet 2,238,417 13,180 0.74 Euromoney Institutional Investors 430,880 4,585 0.26 FirstGroup 4,945,100 5,014 0.28 Frasers Group 748,954 5,145 0.29 Future 458,652 15,732 0.88 Greggs 404,581 12,388 0.69 Inchcape 1,586,630 13,407 0.75 Marks & Spencer 7,934,142 18,740 1.05 Mitchells & Butlers 1,022,455 2,427 0.13 Moneysupermarket.com 2,103,900 4,406 0.25 National Express 2,182,042 5,263 0.29 Pets at Home Group 1,923,014 8,984 0.50 Rank Group 822,332 1,266 0.07 Reach 1,130,175 3,718 0.21 Restaurant Group 2,987,897 2,366 0.13 Watches of Switzerland Group 938,638 12,428 0.69 Wetherspoon (JD) 345,185 3,224 0.18 WHSmith 507,877 8,339 0.47 Total Consumer Services 184,108 10.29

Telecommunications - 0.77% (0.61%) Airtel Africa 4,048,234 5,502 0.31

Helios Towers 3,082,897 4,883 0.27 Telecom Plus 253,156 3,387 0.19 Total Telecommunications 13,772 0.77

Utilities - 2.22% (2.24%) Centrica 23,836,141 15,722 0.88

ContourGlobal 670,904 1,275 0.07 Drax Group 1,614,073 8,845 0.49 Pennon 1,138,450 13,855 0.78 Total Utilities 39,697 2.22




%Financials - 36.52% (34.73%)

Aberforth Smaller Companies Trust 359,619 5,416 0.30 AJ Bell 1,170,963 4,944 0.28 Alliance Trust 1,271,348 13,654 0.76 Allianz Technology Trust 1,738,120 6,414 0.36 Ashmore Group 1,848,333 5,826 0.33 Assura 10,658,706 7,504 0.42 AVI Global Trust 420,129 4,638 0.26 Baillie Gifford Japan Investment Trust 379,497 3,871 0.22 Baillie Gifford Shin Nippon 1,259,138 3,085 0.17 Baillie Gifford US Growth Trust 1,244,049 4,311 0.24 Bankers Investment Trust 5,307,236 6,443 0.36 BB Healthcare Trust 2,180,177 4,404 0.25 Beazley 2,432,219 10,009 0.56 Big Yellow Group REIT 684,698 10,435 0.58 BlackRock Smaller Companies 197,227 3,954 0.22 BlackRock Throgmorton Trust 394,070 3,913 0.22 BlackRock World Mining Investment Trust 745,373 4,226 0.24 BMO Global Smaller Company 2,311,081 4,035 0.23 Brewin Dolphin 1,176,325 4,529 0.25 Bridgepoint 1,050,242 5,776 0.32 Caledonia Investments 131,724 5,025 0.28 Capital & Counties Properties 2,980,433 4,998 0.28 City of London Investment Trust 1,794,061 7,033 0.39 Close Brothers 608,139 8,623 0.48 CLS Holdings 605,549 1,311 0.07 CMC Markets 441,970 1,213 0.07 CYBG 5,031,167 8,827 0.49 Derwent London REIT 408,492 14,105 0.79 Direct Line Insurance 5,494,220 15,159 0.85 Edinburgh Investment Trust 696,154 4,379 0.24 Edinburgh Worldwide Investment Trust 1,627,035 5,304 0.30 Fidelity China Special Situations Trust 1,402,088 4,739 0.26 Fidelity European Values Investment Trust 1,669,244 5,659 0.32 Fidelity Special Values Investment Trust 866,755 2,678 0.15

#Finablr 634,362 - 0.00 Finsbury Growth & Income Investment Trust 909,385 8,239 0.46

Foreign & Colonial Investment Trust 2,163,289 20,335 1.14 GCP Student Living 1,845,565 3,876 0.22 Grainger Trust 2,951,989 9,210 0.51 Great Portland Real Estate Investment Trust 1,027,154 7,740 0.43 Greencoat UK Wind 8,012,020 10,672 0.60

#Greencoat UK Wind rights 616,309 - 0.00 Hammerson 17,043,533 5,340 0.30

Henderson Smaller Companies Investment Trust 302,837 3,731 0.21 Herald Investment Trust 262,082 6,618 0.37




% HG Capital Trust 1,644,324 6,923 0.39

+HICL Infrastructure 7,854,114 13,525 0.76 ICG Enterprise Trust 270,409 3,483 0.19 IG Group 1,473,507 11,685 0.65 Impax Environmental Markets 1,163,853 6,622 0.37 IntegraFin Holdings 1,058,136 6,238 0.35 Investec 2,691,046 9,548 0.53 IP Group 4,081,537 4,930 0.28 JPMorgan American Investment Trust 795,805 5,937 0.33 JPMorgan Emerging Markets Investment Trust 4,828,248 6,547 0.37 JPMorgan European Discovery Trust 646,419 3,698 0.21 JPMorgan Japanese Investment Trust 638,078 4,454 0.25 Jupiter European Opportunities Trust 410,266 3,602 0.20 Jupiter Fund Management 1,756,121 4,622 0.26 Just Group 4,181,674 3,774 0.21 Law Debenture 491,334 3,891 0.22 Liontrust Asset Management 237,573 5,167 0.29 Londonmetric Property 3,569,731 9,738 0.54 LXi REIT 2,781,060 4,055 0.23 Molten Ventures 616,304 6,009 0.34 Monks Investment Trust 952,767 13,796 0.77 Murray Income Trust 474,533 4,366 0.24 Murray International Trust 503,508 5,780 0.32 Network International 1,878,579 6,128 0.34 Ninety One 1,324,223 3,374 0.19 OSB Group 1,529,624 7,702 0.43 Pantheon International 2,182,190 7,219 0.40 Paragon Banking Group 1,011,374 5,406 0.30 Personal Assets Trust 12,765 6,472 0.36 Polar Capital Technology Trust 552,705 14,868 0.83 Primary Health Properties 5,318,558 8,010 0.45 Quilter 6,781,324 10,396 0.58 Rathbone Brothers 241,354 4,755 0.27 RIT Capital Partners 518,124 14,197 0.79 Safestore Holdings REIT 831,036 10,513 0.59 Savills 536,308 7,675 0.43 Schroder Asia Pacific Fund 675,464 4,134 0.23 Scottish American Investment Trust 680,819 3,615 0.20 SDCL Energy Efficiency Income Trust 3,216,157 3,699 0.21 Shaftesbury REIT 1,127,810 7,291 0.41 Smithson Investment Trust 635,179 12,799 0.72 TBC Bank Group 142,636 2,265 0.13 Templeton Emerging Markets Investment Trust 4,792,825 9,049 0.51 The Mercantile Investment Trust 3,209,404 8,762 0.49 TR Property Investment Trust 1,286,811 6,383 0.36 Tritax Big Box REIT 7,605,249 17,614 0.98 Tritax Eurobox 3,266,277 3,691 0.21




% Unite Group 1,290,231 14,231 0.79 Witan Investment Trust 3,113,016 7,969 0.44 Workspace Group REIT 541,095 4,551 0.25 Worldwide Healthcare Trust 260,557 9,758 0.55 Total Financials 653,117 36.52

Technology - 3.98% (3.22%) Auction Technology 304,288 3,992 0.22

Baltic Classifieds 933,332 1,904 0.11 Bytes Technology Group 817,814 4,617 0.26 Computacenter 307,368 8,717 0.49 FDM Group 346,590 4,235 0.24 Kainos 226,475 4,210 0.23 Micro Focus International 1,337,416 5,462 0.30 Moonpig 637,198 2,188 0.12 NCC Group 1,157,742 2,865 0.16 Playtech 1,232,425 8,978 0.50 Softcat 502,719 9,461 0.53 Spirent Communications 2,445,514 6,774 0.38 Trainline 1,868,979 5,573 0.31 Trustpilot 723,995 2,308 0.13 Total Technology 71,284 3.98

Futures - 0.04% (-0.01%) ICF FTSE 250 Index December 2021 1,045 708 0.04

Total Futures 708 0.04 Total United Kingdom 1,516,357 84.78



Net assets 1,788,588 100.00 +related party #unlisted Figures in brackets denote the comparative percentage holdings as at 15 May 2021.

Unless otherwise stated, all investments are listed equities. The counterparty for the future is HSBC. Total purchases for the period, including transaction charges, were £273,059,805. Total sales for the period, net of transaction charges, were £171,785,974.



15.11.21 15.5.21 15.5.20 15.5.19






15.11.21 15.5.21 15.5.20 15.5.19



Other information




Comparative Tables)



15.11.21 15.5.21 15.5.20 15.5.19






15.11.21 15.5.21 15.5.20 15.5.19





†Estimate for OCF as registrar fees were no longer to be paid by the class effective 1.4.20. **The operating charges include all costs borne by the Fund, except for direct transaction costs. ***The direct transaction costs are made up of fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges as well as transfer taxes and duties.

Comparative Tables)



15.11.21 15.5.21 15.5.20 15.5.19



Other information




15.11.21 15.5.21 15.5.20 15.5.19






Comparative Tables)



15.11.21 15.5.21 15.5.20 15.5.19



Other information

Closing net asset value £495,522,172 £502,289,121 £253,334,293 £252,002,642Closing number of shares 143,796,372 155,487,023.00 114,054,854 93,975,185Operating charges - OCF 0.07% 0.07% 0.08% 0.07%Direct transaction costs 0.07% 0.14% 0.21% 0.18%



Comparative Tables)



15.11.21 15.11.20£’000 £’000 £’000 £’000


Expenses (904) (656)Interest payable and similar charges (13) (1)Net revenue before taxation 17,931 10,485 Taxation (132) (105)Net revenue after taxation 17,799 10,380 Total return before distributions 107,633 234,378 Distributions 111 (12)Change in net assets attributable to shareholders from investment activities 107,744 234,366


15.11.21 15.11.20£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders 1,602,934 993,279 Amounts receivable on creation of shares 237,665 70,791 Amounts payable on cancellation of shares (160,686) (109,205)

76,979 (38,414)Dilution adjustment 931 265 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 107,744 234,366 Closing net assets attributable to shareholders 1,788,588 1,189,496


15.11.21 15.5.21£’000 £’000 £’000 £’000



Total current assets 50,362 54,717 Total assets 1,789,275 1,608,917 LiabilitiesInvestment liabilities - (91)Creditors

Distribution payable on income shares - (5,271)Other creditors (687) (621)

Total creditors (687) (5,892)Total liabilities (687) (5,983)Net assets attributable to shareholders 1,788,588 1,602,934

59FTSE ALL-WORLD INDEX FUND

FTSE All-World Index Fund


The Fund aims to provide growth over the long term, which is a period of 5 years or more, by tracking the performance of the FTSE All-World Index (the “Index”).

Investment Policy*

The Index measures the performance of large and medium size companies in developed and emerging markets, as defined by the Index provider.



The Fund will invest in a representative sample of the shares (equities) of companies that make up the Index and possibly some securities that are not included in the Index that are designed to help the Fund track the performance of the Index.

The Fund may not invest in all the companies of the Index to manage transaction costs or to reflect market conditions, regulations or HSBC’s banned weapons policy.




Portfolio Activity

The S&P 500 Index returned 14.78% over the reporting period 16th May 2021 to 15th November 2021.

At the sector level, the largest contributor to performance was the Technology sector contributing 6.08% to the index total return, followed by the Consumer Discretionary sector at 2.40% and Financials at 1.55%. In absolute terms these sectors returned 28.05%, 15.66% and 10.71% respectively. There were no negatively contributing sectors.

At the country level, the largest contributor to performance was the US contributing 10.70% to the index total return, with the next largest contribution being some way behind from Japan at 0.71%. China was the largest negative contributor to the index total return at -0.19%.

At the single stock level, the largest contributors to the overall total return were Microsoft at 1.22%, Apple Inc at 0.74% and Nvidia at 0.63%. The largest negative contributor was Alibaba at -0.10%.

Inflationary pressures and the spread of the delta variant dominated the headlines into the summer but global equities continued to rally despite the news flow. The combination of strong corporate earnings and monetary policy on hold for the most part around the world helped act as a tailwind. A small pull back in September due to concerns over China and the possibility of earlier than expected tightening in the US was offset by a rally in October on a US debt ceiling resolution.

60 FTSE ALL-WORLD INDEX FUND


During the period under review, the value of the shares in the Fund increased by 13.97% while the value of the FTSE All-World index rose by 14.78%.



Tracking Error






Income C

AccumulationC

Price 222.6p 256.2p 222.5p 253.8p



Income S

AccumulationS

Price 222.5p 254.2p






%AUSTRALIA - 1.81% (1.99%)

ADBRI Limited 30,376 51 0.00 Afterpay Touch Group 8,169 516 0.02 AGL Energy 9,877 29 0.00 ALS 30,700 229 0.01 Alumina 145,610 149 0.01 AMP 231,653 147 0.01 Ampol 4,994 82 0.00 Ansell 7,595 129 0.00 APA 69,123 336 0.01 Aristocrat Leisure 42,539 1,105 0.04 ASX 12,302 618 0.02 Atlas Arteria 65,037 225 0.01 Aurizon Holdings 116,208 219 0.01 Ausnet Services 104,367 149 0.01 Australia and New Zealand Banking Group 157,373 2,448 0.08 Bank of Queensland 29,619 138 0.00 Beach Energy 97,405 66 0.00 Bendigo Bank 36,639 183 0.01 BHP Billiton 158,512 3,249 0.11 Bluescope Steel 30,445 349 0.01 Boral 22,246 78 0.00 Brambles 33,253 190 0.01 Carsales.Com 15,472 205 0.01 Challenger 32,379 120 0.00 Charter Hall Group 29,244 304 0.01 Cimic Group 5,514 58 0.00 Cleanaway Waste Management 74,718 123 0.00 Cochlear 3,575 433 0.02 Coles Group 61,952 604 0.02 Commonwealth Bank of Australia 96,378 5,688 0.20 Computershare 30,303 328 0.01 Crown 5,192 28 0.00 CSL 24,769 4,186 0.14 CSR 27,035 89 0.00 Deterra Royalties 25,651 56 0.00 Dexus 69,415 411 0.01 Domain Holdings Australia 63,537 192 0.01 Domino's Pizza 3,473 235 0.01 Downer EDI 39,742 132 0.00 Endeavour 32,167 125 0.00 Evolution Mining 125,039 285 0.01 Flight Centre 6,031 67 0.00 Fortescue Metals Group 101,070 883 0.03 General Property Group 123,157 344 0.01 Goodman Group 100,251 1,309 0.05




% Harvey Norman 39,975 112 0.00 IDP Education 7,239 154 0.01 Iluka Resources 25,651 126 0.00 Incitec Pivot 90,966 162 0.01 Insurance Australia 146,876 356 0.01 IOOF 22,919 49 0.00 JB Hi-Fi 7,177 197 0.01 Lend Lease 48,290 270 0.01 Macquarie Group 18,451 2,049 0.07 Magellan Financial Group 7,499 145 0.01 Medibank 155,164 291 0.01 Metcash 68,518 154 0.01 Mineral Resources 8,529 192 0.01 Mirvac Group 248,442 380 0.01 National Australia Bank 177,649 2,857 0.10 Newcrest Mining 54,429 756 0.03 NextDC 28,560 188 0.01 Northern Star Resources 43,658 254 0.01 Nufarm 21,480 59 0.00 Orica 25,595 212 0.01 Origin Energy 98,799 266 0.01 Orora 54,779 101 0.00 OZ Minerals 19,853 276 0.01 Perpetual Trustees Australia 2,329 47 0.00 Platinum Asset Management 12,468 20 0.00 QBE Insurance Group 80,362 512 0.02 Qube Holdings 89,811 157 0.01 Ramsay Health Care 11,599 433 0.02 REA Group 2,690 247 0.01 Reece 14,702 177 0.01 Rio Tinto 21,371 1,074 0.04 Santos 103,943 391 0.01 Scentre Group 333,790 552 0.02 SEEK 21,989 428 0.01 Seven Group Holdings 8,054 97 0.00 Shopping Centres Australasia 38,711 59 0.00 Sims Metal Management 10,883 90 0.00 Sonic Healthcare 26,036 549 0.02 South32 289,515 554 0.02 Star Entertainment Group 46,853 98 0.00 Stockland Trust 160,643 383 0.01 Suncorp Group 80,132 486 0.02 Sydney Airport 51,663 238 0.01 Tabcorp Holdings 115,764 325 0.01 Telstra 230,285 504 0.02 Transurban 164,984 1,221 0.04




% Treasury Wine Estates 19,113 118 0.00 Vicinity Centres Real Estate Investment Trust 237,042 224 0.01 Vodafone Hutchison 21,740 75 0.00 Washinton H. Soul Pattinson 5,162 89 0.00 Wesfarmers 62,811 2,070 0.07 Westpac Banking 202,852 2,536 0.09 Whitehaven Coal 45,049 60 0.00 Wisetech Global 4,408 135 0.00 Woodside Petroleum 62,579 768 0.03 Woolworths 70,101 1,514 0.05 Total Australia 52,727 1.81 AUSTRIA - 0.07% (0.07%)

Ams 7,965 120 0.00 Andritz 4,198 165 0.01 Erste Bank 18,178 628 0.02 OMV 8,037 361 0.01 Raiffeisen International Bank 7,327 174 0.01 Telekom Austria 8,691 57 0.00 Verbund 3,746 277 0.01 Voestalpine 6,505 174 0.01 Total Austria 1,956 0.07 BAHRAIN - 0.01% (0.01%)

Ahli United Bank 373,081 262 0.01 Total Bahrain 262 0.01 BELGIUM - 0.24% (0.29%)

Ackermans 1,413 185 0.01 Ageas (BRU) 1,859 69 0.00 Anheuser-Busch InBev 47,294 2,116 0.07 Colruyt 2,834 104 0.00 Elia 2,232 195 0.01 Galapagos 3,231 128 0.01 Groupe Bruxelles Lambert 7,226 631 0.02 KBC Group 17,427 1,175 0.04 Proximus 7,927 115 0.01 Sofina 866 297 0.01 Solvay 4,055 366 0.01 Telenet Group 2,733 74 0.00 UCB 7,667 686 0.02 Umicore 13,029 514 0.02 Warehouses De Pauw 7,757 269 0.01 Total Belgium 6,924 0.24




%BERMUDA - 0.22% (0.26%)

Alibaba Health Information Technology 260,437 248 0.01 Alibaba Pictures Group 2,562,205 213 0.01 Beijing Enterprises Water 344,085 94 0.00 Brightoil Petroleum 259,337 0 0.00 #Brilliance China Automative Holdings 158,170 62 0.00 Brookfield Asset Management 551 25 0.00 Bunge 8,700 623 0.02 C K Infrastructure 35,160 155 0.01 Cosco Shipping 119,073 76 0.00 Credicorp (Nys) 3,768 354 0.01 Dairy Farm International Holdings (Singapore registered US$) 19,100 48 0.00 Everest 2,548 523 0.02 Haitong International Securities Group 163,377 27 0.00 HengTen Networks 106,000 17 0.00 Hiscox 15,636 133 0.01 Hong Kong Land (Singapore registered US$) 66,257 282 0.01 Hopson Development 38,740 67 0.00 Huabao International 47,000 81 0.00 IHS Markit 20,328 1,947 0.07 Jardine Matheson (Singapore registered US$) 12,942 578 0.02 Johnson Electric Holdings 23,650 40 0.00 Kunlun Energy 201,213 130 0.01 Luye Pharma Group 109,000 39 0.00 Renaissancere Holdings 3,288 381 0.02 Shenzhen International Holdings 50,037 44 0.00 United Energy Group 424,000 28 0.00 Yue Yuen Industrial Holdings 40,203 62 0.00 Total Bermuda 6,277 0.22 BRAZIL - 0.51% (0.68%)

Aliansce Sonae 8,100 25 0.00 Alpargatas Preference 10,375 59 0.00 Ambev 275,856 659 0.02 Atacadao Distribuicao Com 22,100 52 0.00 Azul Preference 5,800 23 0.00 B3 Brasil Bolsa Balcao 376,776 671 0.02 Banco Bradesco 269,557 761 0.03 Banco Bradesco S.A 73,294 178 0.01 Banco BTG Pactual 77,200 242 0.01 Banco do Brasil 54,433 224 0.01 Banco Santander Brasil 22,400 107 0.00 Bb Seguridade Participacoes 38,081 120 0.01 Br Malls Participaoes 47,759 56 0.00 Bradespar 16,942 111 0.00 Braskem 3,964 26 0.00




% BRF 31,560 99 0.00 CCR 73,258 118 0.01 Centrais Eletricas Brasileiras 29,984 146 0.01 Centrais Eletricas Brasileiras B Preference 17,516 84 0.00 Cia Brasileira de Distribuicao 8,940 29 0.00 Cia de Transmissao de Energia 10,000 31 0.00 Cia Energetica 68,605 130 0.01 Cia Energetica Pref B 10,300 36 0.00 Cia Paranaense De Energi B 54,000 46 0.00 Cielo 63,215 21 0.00 Cogna Educacao 83,626 32 0.00 Companhia Energetica de Minas Gerais 5,919 14 0.00 Companhia Siderúrgica Nacional 9,400 29 0.00 Cosan 42,400 122 0.01 CPFL Energia 10,700 40 0.00 Cyrela Brazil Realty 16,200 35 0.00 Dexco 19,969 48 0.00 Energias Do Brasil 19,200 55 0.00 Energisa 12,300 73 0.00 Engie Brasil 11,240 61 0.00 Equatorial Energia 48,255 160 0.01 Fleury 14,733 42 0.00 Gerdau Preferred 58,080 201 0.01 Getnet Adquirencia e Servicos para Meios 5,600 3 0.00 Grendene 17,141 21 0.00 Hapvida Participacoes e Investimentos 41,000 74 0.00 Hypermarcas 22,558 91 0.00 IRB Brasil Resseguros 61,988 40 0.00 Itau Unibanco Banco Preference 268,044 841 0.03 Itau Unibanco Holdings 32,600 93 0.00 Itausa Investimentos Itau 277,151 387 0.01 JBS 56,100 293 0.01 Klabin 36,688 116 0.01 Localiza Rent a Car 33,842 238 0.01 Lojas Americanas 11,924 11 0.00 Lojas Americanas 22,209 113 0.00 Lojas Americanas Preference 42,922 39 0.00 Lojas Renner 55,229 243 0.01 M. Dias Branco 4,600 20 0.00 Magazine Luiza 160,800 245 0.01 MultiPlan 17,600 51 0.00 Natura & Co 46,448 209 0.01 Neoenergia 9,700 22 0.00 Notre Dame Intermedica Participacoes 25,500 255 0.01 OdontoPrev 14,200 27 0.00 Petroleo Brasileiro 233,802 887 0.03




% Petroleo Brasileiro preference 298,673 1,099 0.04 Porto Seguro 12,200 41 0.00 Qualicorp 15,100 39 0.00 Raia Drogasil 64,365 201 0.01 Rede D'Or Sao Luiz 26,300 204 0.01 Rumo 69,221 158 0.01 Sabesp 19,298 95 0.00 Sao Martinho 9,000 48 0.00 Sendas Distribuidora 44,700 95 0.00 Sul America 6,295 25 0.00 Suzano Papel e Celulose 36,357 255 0.01 Taesa 14,600 73 0.00 Telefonica Brasil 23,452 158 0.01 TIM SA 51,427 92 0.00 TOTVS 29,700 144 0.01 Ultrapar Participacoes 47,892 88 0.00 Usinas Siderurgicas 8,600 16 0.00 Vale 219,036 2,042 0.07 Via 71,111 60 0.00 Vibra Energia 78,000 242 0.01 Weg 93,776 456 0.02 YDUQS 16,000 52 0.00 Total Brazil 14,968 0.51 CANADA - 2.50% (2.55%)

Agnico Eagle Mines 13,449 573 0.02 Alimentation Couche-Tard 33,327 1,006 0.04 Bank of Montreal 36,829 3,065 0.11 Bank of Nova Scotia 69,629 3,431 0.12 Barrick Gold 59,834 928 0.03 Barrick Gold Corporation 38,085 562 0.02 Bausch Health 18,621 370 0.01 BCE 16,818 640 0.02 Brookfield Asset 65,664 2,890 0.10 Canadian Imperial Bank 24,218 2,150 0.07 Canadian National Railway 32,998 3,167 0.11 Canadian Natural Resources 58,334 1,810 0.06 Canadian Pacific Rail 37,620 2,152 0.07 Canadian Tire A 3,584 384 0.01 Canadian Utilities A 6,740 140 0.01 Cenovus Energy 25,433 237 0.01 CGI 12,405 815 0.03 Constellation Soft 1,055 1,356 0.05 Dollarama 19,526 672 0.02 Enbridge 109,782 3,301 0.11 Fairfax 1,705 537 0.02




% Fortis 18,266 613 0.02 Franco Nevada 11,859 1,299 0.05 Great West Lifeco 17,038 389 0.01 Hydro One 21,220 381 0.01 IGM Financial 5,536 165 0.01 Imperial Oil 13,570 357 0.01 Intact Financial 9,006 891 0.03 Loblaw 11,411 666 0.02 Magna International 15,281 1,004 0.03 Manulife 107,415 1,588 0.05 Metro 15,075 586 0.02 National Bank of Canada 18,612 1,162 0.04 Nutrien 31,530 1,616 0.06 Pembina Pipeline 34,650 859 0.03 Power Corporation of Canada 34,463 871 0.03 Restaurant Brands International 16,895 734 0.03 Rogers Communications B 23,058 829 0.03 Royal Bank of Canada 78,798 6,197 0.21 Saputo Group 16,151 292 0.01 Shaw Communications B 23,316 510 0.02 Shopify A 6,146 7,564 0.26 Silver Wheaton 28,291 948 0.03 Sun Life Financial 32,379 1,354 0.05 Suncor Energy 74,506 1,436 0.05 TC Energy Corporation 58,038 2,137 0.07 Teck Resources B 10,069 205 0.01 Telus 19,401 333 0.01 Thomson Reuters Corporation 7,733 690 0.02 Toronto Dominion Bank 100,546 5,574 0.19 Waste Connections 11,348 1,146 0.04 Weston George 4,004 334 0.01 Total Canada 72,916 2.50 CAYMAN ISLANDS - 2.38% (2.83%)

3SBio 81,500 54 0.00 51 Jobs ADR 1,707 67 0.00 AAC Technologies Holdings 39,160 126 0.00 Airtac International 9,474 205 0.01 Alibaba Group 17,400 268 0.01 Alibaba Group Holdings ADR 96,947 12,022 0.41 Anta Sports 70,278 889 0.03 Autohome ADR 3,200 92 0.00 Autohome Class A 2,379 18 0.00 Baidu ADR 15,311 1,922 0.07 BeiGene 26,362 574 0.02 Bilibili ADR 13,639 867 0.03




% Bosideng International Holdings 174,000 100 0.00 Budweiser Brewing Company 67,001 135 0.01 Chailease Holdings 75,358 502 0.02 China Aoyuan Group 412,000 92 0.00 China Conch Venture 103,099 375 0.01 China East Education Holdings 28,000 19 0.00 China Evergrande Group 188,873 49 0.00 China Feihe 163,955 183 0.01 China Hongqiao Group 42,500 31 0.00

#China Huishan Diary Holdings 1,160,434 0 0.00 China Medical System Holdings 75,590 93 0.00 China Resources Cement 126,000 74 0.00 China Resources Land 174,931 561 0.02 Chow Tai Fook Jewel 54,200 86 0.00 CIFI Holdings Group 226,762 98 0.00 CK Asset Holdings 108,964 485 0.02 CK Hutchison Holdings 148,481 742 0.03 Country Garden 81,770 461 0.02 Country Garden Holdings 467,710 327 0.01 Dali Foods Group 137,000 54 0.00 Didi Global 19,747 132 0.01 ESR Cayman 96,145 237 0.01 Farfetch ‘A’ 17,359 593 0.02 FIH Mobile 154,000 18 0.00 Fit Hon Teng 66,000 11 0.00 GDS Holdings ADR 5,705 250 0.01 Geely Automobiles 334,344 807 0.03 Genscript Biotech Corporation 58,277 183 0.01 Greentown China Holdings 40,500 43 0.00 GSX Techedu 2,439 6 0.00 Haidilao International Holdings 32,704 62 0.00 Haitian International Holdings 46,000 93 0.00 Hansoh Pharmaceutical 60,000 104 0.00 Health And Happiness (H&H) 81,206 131 0.00 Hello 9,807 101 0.00 Huazhu Group ADR 10,199 359 0.01 Hutchison Telecommunications 68,000 8 0.00 Innovent Biologics 67,972 494 0.02 Iqiyi ADR 12,623 81 0.00 JD.com 930 30 0.00 JD.com ADR 34,385 2,166 0.07 JD Health International 59,750 425 0.02 Jiayuan International Group 74,000 21 0.00 Jinxin Fertility 36,000 38 0.00 JOYY 2,367 93 0.00 KE Holdings 14,802 255 0.01




% Kingboard Holdings 40,330 138 0.01 Kingdee International Software Group 141,000 365 0.01 Kingsoft 58,319 196 0.01 Kuaishou Technology 86,100 814 0.03 KWG Living Group Holdings 33,500 18 0.00 KWG Property 67,000 45 0.00 Lee & Man Paper 98,000 54 0.00 Li Auto ADR 25,866 574 0.02 Logan Property Holdings 66,000 46 0.00 Lufax Holding 30,133 164 0.01 Meituan Dianping B 218,995 6,058 0.21 MGM China Holdings 48,800 25 0.00 Minth Group 40,000 124 0.00 NagaCorp 86,000 61 0.00 NetEase 1,020 17 0.00 NetEase ADR 15,956 1,321 0.05 New Oriental Education & Technology Group ADR 87,080 137 0.01 Nexteer Automotive Group 53,000 51 0.00 Nio 67,459 2,038 0.07 Oneconnect Financial ADR 2,811 6 0.00 Parade Technologies 3,849 204 0.01 Pinduoduo ADR 20,521 1,394 0.05 Ping An Healthcare & Technology 22,800 75 0.00 RLX Technology 40,257 150 0.01 Sands China 152,838 269 0.01 Seazen Group 110,000 66 0.00 Shenzhou International Group 45,631 746 0.03 Shimao Group Holdings 84,500 81 0.00 Shui On Land 184,500 19 0.00 Silergy Corp 3,402 469 0.02 SITC International Holdings 72,360 171 0.01 Smoore International Holdings 95,000 370 0.01 StoneCo 3,082 72 0.00 Sunac China Holdings 156,541 225 0.01 Sunac Services Holdings 5,036 7 0.00 Sunny Optical Technology Group 36,000 791 0.03 TAL Education Group ADR 23,268 73 0.00 Tencent Holdings 334,015 15,702 0.54 Tencent Music Entertainment Group ADR 31,197 195 0.01 Times China Holdings 48,000 23 0.00 Tingyi (Cayman Islands) 102,000 157 0.01 Tongcheng-Elong Holdings 52,581 90 0.00 Topsports International Holdings 98,000 88 0.00 Trip.com ADR~ 28,270 650 0.02 Uni-President China Holdings 64,000 46 0.00 Vipshop Holdings 27,405 263 0.01




% Want Want China 311,608 188 0.01 Weibo Corporation ADR 2,907 95 0.00 WH Group 503,241 257 0.01 Wharf Real Estate Investment Company 90,188 375 0.01 Wuxi Biologics Cayman 175,484 1,807 0.06 Wynn Macau 82,800 55 0.00 Xiaomi 720,800 1,468 0.05 Xinyi Solar Holdings 254,370 346 0.01 Xpeng 28,787 1,019 0.04 Yihai International Holding 10,000 44 0.00 Zai Lab Limited 3,215 206 0.01 Zhen Ding Technology Holdings 37,499 103 0.00 Zhongsheng Group 40,000 255 0.01 ZTO Express 13,254 284 0.01 Total Cayman Islands 69,462 2.38 CHANNEL ISLANDS - 0.36% (0.33%)

Amcor 85,295 787 0.03 Amdocs 8,439 464 0.02 APTIV 14,693 1,883 0.06 Clarivate 22,428 399 0.01 Experian Group 49,235 1,713 0.06 Ferguson NewCo 12,378 1,464 0.05 Glencore 691,475 2,503 0.09 Novocure 2,718 227 0.01 Polymetal International 21,418 321 0.01 WPP 64,087 703 0.02 Total Channel Islands 10,464 0.36 CHILE - 0.05% (0.08%)

AES Andes 186,572 15 0.00 Banco De Chile 2,474,946 179 0.01 Banco De Credito E Inversion 3,086 80 0.00 Cencosud 75,666 88 0.00 Cia Cervecerias Unidas 9,669 67 0.00 Colbun 466,205 23 0.00 Embotelladora Andina 13,577 21 0.00 Empresa Nacional De Telecomunications 8,881 24 0.00 Empresas CMPC 63,201 84 0.00 Empresas Copec 27,392 155 0.01 Enel Americas 1,980,719 178 0.01 Enel Chile 1,529,568 46 0.00 Itau Corpbanca 11,122,621 19 0.00 Parque Arauco 38,303 30 0.00 Plaza 15,186 13 0.00 SACI Falabella 40,565 108 0.01 Sociedad Química Y Minera 6,379 309 0.01 Total Chile 1,439 0.05




%CHINA - 1.35% (1.57%)

Addsino 81,900 163 0.01 AECC Aviation Power 9,960 74 0.00 Agricultural Bank of China 1,954,264 493 0.02 Agricultural Bank of China A 440,300 150 0.01 Aier Eye Hospital 16,349 92 0.00 Air China 120,000 65 0.00 A-Living Services 21,000 46 0.00 All Winner Technology A 1,100 9 0.00 Aluminium Corporation of China 82,000 32 0.00 Angang Steel H 89,266 31 0.00 Anhui Anke Biotechnology Group A 7,200 11 0.00 Anhui Conch Cement 75,424 273 0.01 Anhui Conch Cement A 40,800 182 0.01 Anhui Expressway H 22,000 10 0.00 Anhui Gujing Distillery 7,700 73 0.00 Anhui Wenergy 309,400 135 0.01 Asymchem Laboratories 590 28 0.00 Avary Holding Shenzhen A 3,654 17 0.00 AVIC Electromechanical Systems 16,500 31 0.00 AVIC Helicopter 2,200 18 0.00 AviChina Industry & Technology 132,000 69 0.00 Baic Motor Corporation H 27,500 8 0.00 Bank Of Beijing 65,900 34 0.00 Bank of China 4,209,570 1,111 0.04 Bank of China A 292,900 104 0.00 Bank of Communications 439,000 202 0.01 Bank of Communications A 167,900 91 0.00 Bank of Nanjing 9,600 11 0.00 Bank of Ningbo 13,600 63 0.00 Bank of Shanghai 34,300 29 0.00 Baoshan Iron & Steel 72,600 55 0.00 BBMG 133,000 15 0.00 Beijing Capital International Airport H 115,796 54 0.00 Beijing Jingneng Clean Energy 114,000 23 0.00 Beijing Orient National Communication Science & Technology 4,100 5 0.00 Beijing Originwater Technology 161,300 135 0.01 Beijing Sinnet Technology 5,900 10 0.00 Beijing Ultrapower Software 228,100 160 0.01 Beijing Zhong Ke Sanhuan High-Tech 5,028 7 0.00 Betta Pharmaceuticals A 600 6 0.00 Bluestar Adisseo 4,413 6 0.00 BOE Technology Group 81,600 48 0.00 BOE Technology Group B 98,600 33 0.00 Bright Dairy Food 4,704 8 0.00 BYD 2,494 86 0.00




% BYD Company 38,100 1,071 0.04 Central China Securities H 66,000 9 0.00 CGN Power 442,300 145 0.01 CGN Power H 633,781 125 0.01 Changchun High & New Technology 1,910 59 0.00 Changzhou Xingyu Automotive Lighting System 1,100 27 0.00 China Cinda Asset Management 536,000 65 0.00 China Citic Bank 592,781 195 0.01 China Coal Energy 112,000 46 0.00 China Communications Services 144,000 51 0.00 China Construction Bank 5,163,495 2,581 0.09 China Cosco Holdings 16,900 29 0.00 China Eastern Airlines 85,388 25 0.00 China Everbright Bank 202,000 53 0.00 China Everbright Bank A 124,100 49 0.00 China Fortune Land Development 16,293 7 0.00 China Galaxy Securities 209,500 89 0.00 China Huarong Asset Management 670,000 45 0.00 China International Capital Corporation H 52,800 98 0.00 China International Marine Containers 65,900 123 0.00 China International Marine Containers H 28,640 38 0.00 China International Travel Service 9,300 249 0.01 China Jushi 16,802 33 0.00 China Life Insurance 473,105 624 0.02 China Life Insurance A 12,600 43 0.00 China Longyuan Power 218,000 334 0.01 China Merchants Bank 209,304 1,299 0.05 China Merchants Bank A 79,800 493 0.02 China Merchants Energy Shipping 35,640 18 0.00 China Merchants Securities 77,220 88 0.00 China Merchants Securities 31,959 65 0.00 China Merchants Shekou Industrials A 38,200 49 0.00 China Minsheng Banking 359,460 109 0.00 China Minsheng Banking A 152,500 70 0.00 China Molybdenum 243,000 105 0.00 China National Buildings 212,000 184 0.01 China Oilfield Services H 120,000 78 0.00 China Pacific Insurance 100,052 238 0.01 China Pacific Insurance A 25,700 85 0.00 China Petroleum & Chemical A 162,400 78 0.00 China Petroleum & Chemical H 1,622,143 585 0.02 China Railway Group H 218,000 78 0.00 China Railway Signal And Communication H 581,000 147 0.01 China Reinsurance Group H 445,000 32 0.00 China Shenhua Energy 186,547 288 0.01 China Shenhua Energy C 38,300 85 0.00




% China Shipping Container Lines Company 200,000 26 0.00 China Southern Airlines 103,688 48 0.00 China Tower 2,968,000 287 0.01 China Vanke 100,300 182 0.01 China Vanke A 38,200 86 0.00 China World Trade 76,500 132 0.01 China Yangtze Power 55,800 131 0.01 China Zheshang Bank 31,741 13 0.00 Chongqing Changan Automobile 96,180 48 0.00 Chongqing Rural Commercial Bank 185,000 49 0.00 CITIC Securities A 40,200 118 0.00 CITIC Securities H 129,500 238 0.01 Contemporary Amperex 3,723 269 0.01 Cosco Shipping Energy 70,000 20 0.00 Cosco Shipping Holdings 221,000 234 0.01 CSC Engineering 171,600 95 0.00 CSC Financial 48,500 38 0.00 CSG Holdings 62,705 20 0.00 Datang International Power Generation H 152,000 18 0.00 Deppon Logistics A 1,500 2 0.00 DFZQ H 44,000 26 0.00 Dong-E-E-Jiao A 2,500 12 0.00 Dongfang Electric 22,200 25 0.00 Dongfang Electrical Machinery 11,900 25 0.00 Dongfeng Motor Group 164,000 113 0.00 Double Medical Technology 23,500 136 0.01 East Money Informa 30,240 125 0.01 ENN Ecological Holdings 10,700 23 0.00 Everbright 89,900 157 0.01 Everbright Securities 16,497 9 0.00 Focus Media Information Technology A 64,700 57 0.00 Foshan Haitian Flavouring & Food Company 7,101 101 0.00 Fuyao Glass Industry Group H 121 1 0.00 Ganfeng Lithium 9,600 127 0.01 GD Power 512,100 147 0.01 GigaDevice Semiconductor 2,786 54 0.00 Great Wall Motor 13,600 94 0.00 Great Wall Motor Company 196,016 614 0.02 Guangdong Dongyangguang 137,200 152 0.01 Guangdong Electric Power Development 52,000 12 0.00 Guangdong South New Media 15,880 114 0.00 Guangshen Railway H 78,400 10 0.00 Guangzhou Automobile Group 177,600 126 0.01 Guangzhou Baiyunshan Pharmaceutical 81,563 148 0.01 Guangzhou Baiyunshan Pharmaceutical Holdings A 6,200 21 0.00 Guangzhou Haige Communications A 10,100 12 0.00




% Guangzhou R&F Properties H 67,200 26 0.00 Guangzhou Tinci Materials Technology A 4,008 63 0.00 Guizhou Xinbang Pharmaceutical A 7,300 6 0.00 Guotai Junan Securities 41,512 43 0.00 Guotai Junan Securities A 39,800 81 0.00 Guoyuan Securities 159,200 142 0.01 Haier Smart Home 111,601 315 0.01 Haier Smart Home 19,700 63 0.00 Haitong Securities 186,000 122 0.00 Haitong Securities 19,500 29 0.00 Hangzhou First Applied Material 2,160 33 0.00 Hangzhou Tigermed Consulting C 3,300 55 0.00 Harbin Boshi Automation 4,050 6 0.00 Heilongjiang Agriculture 7,800 14 0.00 Henan Shuanghui Investment & Development 9,500 35 0.00 Hua Xia Bank 47,900 31 0.00 Huadian Power International Corporation 106,819 25 0.00 Huafa 206,800 131 0.01 Huagong Tech 3,800 13 0.00 Huaneng Power International 63,490 21 0.00 Huatai Securities A 37,800 70 0.00 Huatai Securities H 97,600 107 0.00 Huaxi Securities 109,900 119 0.00 Huaxin Cement 118,580 159 0.01 Hubei Biocause Pharmaceutical 254,400 97 0.00 Hubei Energy 265,900 139 0.01 Hundsun Technologies 27,900 206 0.01 Hytera Communications A 7,908 5 0.00 Iflytek 31,300 211 0.01 Industrial & Commercial Bank of China Class A 256,600 140 0.01 Industrial & Commercial Bank of China Class H 4,356,327 1,778 0.06 Inner Mongolia Yili Industrial Group 28,700 142 0.01 Inner Mongolia Yitai Coal 68,400 39 0.00 Inspur Electronic Information 5,600 20 0.00 Jafron Biomedical A 3,192 21 0.00 Jiangsu Expressway 76,117 55 0.00 Jiangsu Hengli Highpressure Oil Cylinder 5,159 49 0.00 Jiangsu Hengrui Medicine 22,752 142 0.01 Jiangsu Yanghe Brewery 7,600 155 0.01 Jiangxi Copper H 77,735 99 0.00 Jinduicheng Molybdenum 10,700 9 0.00 Jizhong Energy Resources 12,016 8 0.00 JL Mag Rare-Earth 1,121 5 0.00 JPMF Guangdong 30,222 25 0.00 Keboda Technology 20,300 186 0.01 KingClean Electric 1,120 3 0.00




% Kweichow Moutai 5,000 1,028 0.04 Lao Feng Xiang B 11,000 28 0.00 Legend Holdings H 116,600 145 0.01 Lens Technology A 6,771 19 0.00 Liaoning Port 653,900 127 0.01 Livzon Pharmaceutical 32,800 137 0.00 Livzon Pharmaceutical Group H 7,689 19 0.00 Longi Green Energy Technology 35,420 381 0.01 Luxshare Precision Industry 18,269 89 0.00 Luzhou Laojiao 3,600 89 0.00 Maanshan Iron & Steel H 92,000 25 0.00 Mango Excellent A 7,800 43 0.00 Metallurg Corporation of China 154,000 28 0.00 Midea Group 5,139 43 0.00 Muyuan Foods 11,900 82 0.00 Nanyang Topsec Technologies 5,100 11 0.00 NARI Technology Development 55,800 253 0.01 Naura Technology 1,900 92 0.00 NavInfo 8,800 16 0.00 New China Life Insurance 44,143 92 0.00 New China Life Insurance 9,232 41 0.00 New Hope Liuhe 13,100 25 0.00 Ningxia Baofeng Energy 11,200 18 0.00 Offcn Education Technology 92,092 100 0.00 Oriental Energy 95,800 124 0.01 Pangang Group Vanadium Titanium & Resources 36,100 15 0.00 People's Insurance Company (Group) of China 466,199 105 0.00 PetroChina H 1,279,561 433 0.02 PICC Property & Casualty 395,847 260 0.01 Ping An Insurance 51,100 302 0.01 Ping An Insurance H 325,008 1,791 0.06 Poly Developments 37,100 63 0.00 Postal Saving Bank of China H 596,000 325 0.01 Qingdao Rural Commercial Bank Corporation 240,100 107 0.00 Red Star Macalline Group 33,880 13 0.00 RiseSun Real Estate Development 192,504 97 0.00 Rongan Property 6,800 2 0.00 SAIC Motor Corporation 97,600 241 0.01 Sanan Optoelectronics 17,054 74 0.00 Sany Heavy Industry 35,400 92 0.00 SF Holding 11,239 83 0.00 Shaanxi Coal Industry 33,000 45 0.00 Shaanxi International Trust 341,000 125 0.01 Shan Xi Hua Yang Group New Energy 10,100 12 0.00 Shandong Chenming Paper 27,000 9 0.00 Shandong Chenming Paper Holdings 37,950 13 0.00




% Shandong Gold Mining 30,740 45 0.00 Shandong Gold Mining 66,200 160 0.01 Shandong Himile Mechanical Science & Technology 3,400 11 0.00 Shandong Hi-Speed 10,000 6 0.00 Shandong Hualu Hengsheng Chemical A 9,361 31 0.00 Shandong Pharmaceutical Glass 26,900 129 0.01 Shandong Weigao Group Medical H 112,000 129 0.01 Shanghai 2345 Network Holding 519,400 145 0.01 Shanghai AJ Group 157,400 121 0.01 Shanghai Baosight Software B 25,857 83 0.00 Shanghai Electric 194,000 43 0.00 Shanghai Fosun Pharmaceutical 8,000 29 0.00 Shanghai Huayi Group 15,800 8 0.00 Shanghai Industry Development 6,513 3 0.00 Shanghai International Airport 9,700 56 0.00 Shanghai International Port 230,300 125 0.01 Shanghai Jinjiang International 10,400 15 0.00 Shanghai Jinqiao Exp Process 95,300 127 0.01 Shanghai Jinqiao Export 18,200 12 0.00 Shanghai Junshi Biosciences 9,320 39 0.00 Shanghai Lujiazui 64,800 42 0.00 Shanghai Mechanical & Electrical Company 15,400 16 0.00 Shanghai Pharmaceutical 8,013 17 0.00 Shanghai Pharmaceuticals Holdings 54,300 71 0.00 Shanghai Pudong Development Bank A 104,200 106 0.00 Shanghai Shibei Hi-Tech 30,300 6 0.00 Shanghai Waigaoqiao Free Trade Zone Group 13,100 9 0.00 Shanghai Zhenhua Port Machinery 73,680 15 0.00 Shanxi Lu'an Environmental Energy Development 12,500 16 0.00 Shanxi Xinghuacun 4,800 166 0.01 Shanxi Xishan Coal & Electricity 106,300 103 0.00 Shennan Circuits 700 9 0.00 Shenwan Hongyuan 201,600 38 0.00 Shenwan Hongyuan Group 268,200 168 0.01 Shenzhen Expressway H 50,000 36 0.00 Shenzhen Kaifa Technology A 6,324 12 0.00 Shenzhen Mindray Bio-Medical Electronics 2,900 124 0.01 Shenzhen Zhongjin Lingnan Nonfemet 15,000 8 0.00 Siasun Robot & Automation 6,000 7 0.00 Sichuan Kelun Pharmaceutical 72,700 156 0.01 Sichuan Maker Biotechnology A 1,800 6 0.00 Sieyuan Electric 3,137 17 0.00 Sinopec Engineering 91,695 31 0.00 Sinopec Shanghai Petrochemical 230,763 38 0.00 Sinopharm Group H 61,637 105 0.00 Sinosoft 760 2 0.00 Sinotrans 125,132 29 0.00




% Suning.Com 41,214 21 0.00 Suzhou Anjie Technology 3,051 6 0.00 Tangshan Jidong Cement A 5,792 8 0.00 Thunder Software Technology 1,696 28 0.00 Tianjin 712 Communication & Broadcasting 1,300 6 0.00 Tianjin Chase Sun Pharmaceutical 278,300 138 0.01 Tianjin Zhonghuan Semiconductor 38,000 204 0.01 Tianma Microelectronics 95,200 140 0.00 TongFu Microelectronics A 5,000 12 0.00 Transfar Zhilian 141,500 137 0.01 Travelsky Technology H 58,698 77 0.00 Tsingtao Brewery H 45,941 291 0.01 Universal Scientific Industrial (Shanghai) 3,638 6 0.00 Walvax Biotechnology 6,600 43 0.00 Wangfujing 43,700 149 0.01 Wangsu Science & Technology 181,800 133 0.01 Wanhua Chemical Group 16,500 188 0.01 Weichai Power 119,000 151 0.01 Weichai Power 25,752 46 0.00 Weifu High Technology Group 9,400 14 0.00 Wens Foodstuffs Group 8,000 17 0.00 Western Securities 143,500 131 0.01 Wingtech Technology 3,500 48 0.00 Winning Health Technology 94,700 151 0.01 Wolong Electric 90,000 166 0.01 Wuliangye Yibin 15,000 358 0.01 WUS Printed Circuit Kunshan A 8,360 13 0.00 Wuxi Apptec 15,624 236 0.01 Xiamen Tungsten 6,000 15 0.00 Xinhua Winshare Publishing and Media 139,100 137 0.01 Xinhua Winshare Publishing and Media 21,000 11 0.00 Xinjiang Goldwind Science & Technology 21,100 45 0.00 Xinjiang Goldwind Science & Technology H 35,264 59 0.00 Xinjiang Zhongtai Chemical 9,000 10 0.00 Yantai Changyu Pioneer 11,736 16 0.00 Yantai Eddie Precision 3,458 13 0.00 Yanzhou Coal Mining H 129,537 142 0.01 Yifan Pharmaceutical A 5,476 11 0.00 Yifeng Pharma Chain 26,600 151 0.01 Yihai Kerry Arawana 4,900 38 0.00 Yonghui Superstores 42,367 20 0.00 Yonyou Network Technology 14,382 55 0.00 Youzu Interactive A 2,247 4 0.00 Yunnan Baiyao Group 5,121 54 0.00 Zhaojin Mining Industry 50,500 32 0.00 Zhejiang Chint Electrics 4,963 31 0.00




% Zhejiang Dahua Technology 49,000 140 0.01 Zhejiang Expressway H 93,806 62 0.00 Zhejiang Hisoar Pharmaceuticals 164,441 154 0.01 Zhejiang Jingsheng Mechanical 5,300 47 0.00 Zhejiang NHU Company Limited 11,414 38 0.00 Zhejiang Sanhua Intelligent Controls 17,779 52 0.00 Zhejiang Supor Cookware 18,700 121 0.00 Zhejiang Wanliyang A 5,760 11 0.00 Zhongan Online P & C Insurance 7,000 19 0.00 Zhongjin Gold 18,700 19 0.00 Zhuzhou CRS Times Electric H 28,700 126 0.01 Zijin Mining Group H 372,000 383 0.01 Zoomlion Heavy Industry Science & Technology 85,600 43 0.00 ZTE A 8,300 31 0.00 ZTE H 41,200 88 0.00 Total China 39,459 1.35 COLOMBIA - 0.01% (0.03%)

Bancolombia Preference 1,282 8 0.00 Cementos Argos 68,967 82 0.00 Ecopetrol 268,514 146 0.01 Grupo Aval Acciones 257,418 55 0.00 Grupo De Inversiones Suramericana 14,294 59 0.00 Grupo De Inversiones Suramericana Preference 5,034 18 0.00 Inversiones Argos 17,961 40 0.00 Total Colombia 408 0.01 CZECH REPUBLIC - 0.02% (0.02%)

CEZ Group 8,946 222 0.01 Komercni Banka 4,244 132 0.01 Moneta Money Bank 34,082 101 0.00 O2 Czech Republic 2,754 24 0.00 Total Czech Republic 479 0.02 DENMARK - 0.67% (0.63%)

A P Moller - Maersk 272 585 0.02 A P Moller - Maersk A/S 279 631 0.02 Carlsberg B 6,432 819 0.03 Christian Hansen Holdings 6,529 403 0.01 Coloplast B 8,401 1,132 0.04 Danske Bank 42,305 557 0.02 DSV 10,864 1,946 0.07 Genmab 3,227 1,002 0.03 GN Store 7,559 335 0.01 Lundbeck 3,830 80 0.00 Novo Nordisk B 87,751 7,422 0.25




% Novozymes 12,919 760 0.03 Orsted 9,260 940 0.03 Pandora 5,744 615 0.02 Rockwool International B 423 153 0.00 Royal Unibrew 2,658 248 0.01 Simcorp 2,378 211 0.01 Tryg 14,852 272 0.01 Vestas Wind Systems 51,629 1,374 0.05 William Demant Holdings 4,559 175 0.01 Total Denmark 19,660 0.67 EGYPT - 0.01% (0.01%)

Commercial International Bank 27,705 69 0.01 Eastern Tobacco 52,130 29 0.00 Egyptian Kuwaiti Holdings 32,877 35 0.00 El Sewedy Electric 52,880 21 0.00 Global Telecom 121,729 0 0.00 Telecom Egypt 22,239 15 0.00 Total Egypt 169 0.01 FINLAND - 0.36% (0.37%)

Elisa 5,003 230 0.01 Fortum 27,408 591 0.02 Huhtamaki 5,258 176 0.00 Kesko B 15,356 372 0.01 Kojamo Oyj 12,307 217 0.01 Kone B 21,760 1,117 0.04 Neste 22,995 913 0.03 Nokia 311,362 1,308 0.04 Nokian Renkaat 7,613 217 0.01 Nordea Bank 193,565 1,834 0.06 Orion 5,772 187 0.01 Outotec 33,019 264 0.01 Sampo A 31,147 1,185 0.04 Stora Enso (registered) 36,474 469 0.02 UPM-Kymmene 29,706 820 0.03 Valmet 7,341 230 0.01 Wartsila 30,964 351 0.01 Total Finland 10,481 0.36 FRANCE - 2.61% (2.83%)

Accor 11,367 305 0.01 ADP Promesses 3,219 327 0.01 Air Liquide 25,670 3,316 0.11 Ald 4,439 52 0.00 Alstom 13,316 374 0.01




% Amundi 3,217 212 0.01 Arkema 4,500 465 0.02 Atos 5,273 188 0.01 AXA 106,322 2,338 0.08 BioMerieux 2,557 241 0.01 BNP Paribas 62,551 3,255 0.11 Bollore 56,079 246 0.01 Bouygues 13,485 379 0.01 Bureau Veritas 17,453 437 0.02 Capgemini 8,658 1,579 0.05 Carrefour 37,062 512 0.02 CNP Assurances 9,002 166 0.01 Covivio REIT 2,790 177 0.01 Credit Agricole 78,025 848 0.03 Danone 33,461 1,640 0.06 Dassault Aviation 1,310 103 0.00 Dassault Systemes 36,784 1,733 0.06 Edenred 16,083 615 0.02 Eiffage 4,757 369 0.01 Electricite de France 3,477 37 0.00

#Electricite De France Rights 3,477 0 0.00 Engie 105,133 1,196 0.04 Essilor International 15,990 2,507 0.09 Eurazeo 2,779 187 0.01 Faurecia 1,511 60 0.00 Gecina 3,402 352 0.01 Getlink 1,079 13 0.00 Hermes International 1,725 2,199 0.08 Icade 1,863 105 0.00 Imerys 2,555 82 0.00 Ipsen Promesses 1,930 150 0.01 JC Decaux 4,780 100 0.00 Kering 4,220 2,445 0.08 Klepierre 10,044 180 0.01 L’Oreal 13,088 4,704 0.16 La Francaise des Jeux 5,868 220 0.01 Legrand Promesses 14,779 1,191 0.04 LVMH 13,901 8,519 0.29 Michelin 9,669 1,102 0.04 Orange 120,760 1,011 0.03 Orpea 3,107 240 0.01 Pernod-Ricard 12,022 2,159 0.07 Plastic Omnium 1,167 24 0.00 Publicis Groupe 13,433 683 0.02 Remy Cointreau 1,551 244 0.01 Renault 4,777 139 0.01




% Rexel 18,681 287 0.01 Rubis 5,465 130 0.00 Safran 19,742 2,025 0.07 Saint Gobain Nederland 26,221 1,341 0.05 Sanofi 58,947 4,508 0.15 Sartorius Stedim Biotech 1,308 530 0.02 Schneider Electric 29,247 3,883 0.13 Scor Regroupe 8,818 208 0.01 Skandinaviska Enskilda Banken 1,688 195 0.01 Societe Generale 30,102 762 0.03 Sodexo 5,712 399 0.01 Soitec 1,168 233 0.01 Suez Environnement 20,601 345 0.01 Teleperformance 3,211 975 0.03 Thales 6,797 472 0.02 Total Energies 130,842 4,854 0.17 Ubisoft Entertainment 5,219 208 0.01 Unibail-Rodamco 7,518 421 0.01 Valeo 13,390 322 0.01 Veolia Environnement 37,907 966 0.03 Vinci 26,352 2,120 0.07 Vivendi 41,607 399 0.01 Wendel 1,606 156 0.01 Worldline 14,550 623 0.02 Total France 76,088 2.61 GERMANY - 2.22% (2.50%)

1&1 AG 3,044 70 0.00 Adidas 9,308 2,233 0.08 Allianz (registered) 22,906 4,006 0.14 Auto 1 Group 5,086 144 0.01 BASF 50,596 2,676 0.09 Bayer 56,161 2,407 0.08 Bechtle 5,208 287 0.01 Beiersdorf 6,301 511 0.02 BMW 17,897 1,420 0.05 BMW Preference 3,127 208 0.01 Brenntag 8,767 603 0.02 Carl Zeiss Meditec 2,076 318 0.01 Commerzbank 29,506 178 0.01 Continental 5,893 541 0.02 Covestro 10,827 515 0.02 CTS Eventim 3,734 210 0.01 Daimler 46,470 3,510 0.12 Delivery Hero 8,899 917 0.03 Deutsche Bank 112,956 1,076 0.04




% Deutsche Boerse 10,153 1,289 0.04 Deutsche Post 55,479 2,659 0.09 Deutsche Telekom 174,743 2,489 0.09 DWS Group 2,308 73 0.00 E.On 119,707 1,126 0.04 Evonik Industries 12,137 285 0.01 Evotecn SE 4,266 154 0.01 Fielmann 1,608 85 0.00 Fraport 2,017 112 0.00 Fresenius 25,831 831 0.03 Fresenius Medical Care 13,290 656 0.02 Fuchs Petrolub 2,237 62 0.00 Fuchs Petrolub 3,944 143 0.00 GEA 5,220 197 0.01 Hannover Rueckversicherung 3,814 525 0.02 HeidelbergCement 9,395 523 0.02 Hella 2,964 157 0.01 HelloFresh 8,040 598 0.02 Henkel 6,439 391 0.01 Henkel Preference 9,687 632 0.02 Hochtief 1,093 68 0.00 Infineon Technologies 62,327 2,257 0.08 KION Group 4,436 383 0.01 Knorr-Bremse 4,167 331 0.01 Lanxess 5,157 249 0.01 Leg Immobilien 4,544 488 0.02 Merck 7,147 1,313 0.05 Metro 9,554 92 0.00 MTU Aero Engines 3,482 581 0.02 Muenchener Ruecker 7,748 1,677 0.06 Nemetschek 3,321 314 0.01 Porsche Preference 8,501 607 0.02 ProSiebenSat.1 Media 12,992 170 0.01 Puma 5,552 526 0.02 Rational 184 138 0.00 Rheinmetall 2,725 205 0.01 RWE 24,383 688 0.02 SAP 61,803 6,536 0.22 Sartorius Preference 1,372 629 0.02 Scout24 4,555 254 0.01 Siemens 40,785 5,205 0.18 Siemens Energy AG 9,462 196 0.01 Siemens Healthineers 13,502 689 0.02 Symrise 8,019 859 0.03 Talanx 2,529 89 0.00 TeamViewer 8,743 100 0.00 Telefonica Deutschland Holdings 43,192 93 0.00




% ThyssenKrupp 8,350 65 0.00 Traton 2,846 57 0.00 Uniper 7,512 245 0.01 United Internet 6,638 200 0.01 Varta 898 86 0.00 Vitesco Technologies 1,178 51 0.00 Volkswagen 1,794 427 0.01 Volkswagen Preference 10,128 1,618 0.06 Vonovia 31,824 1,482 0.05 Wacker Chemie 947 136 0.00 Zalando 12,837 883 0.03 Total Germany 64,804 2.22 GREECE - 0.02% (0.03%)

Alpha Bank 28,418 26 0.00 Eurobank Ergasias 119,367 96 0.00

#FF Group 1,842 0 0.00 Greek Organisation of Football Prognostics 15,281 171 0.01 Hellenic Petroleum 3,294 18 0.00 Hellenic Telecommunications Organization 13,702 176 0.01 Jumbo 6,897 79 0.00 Motor Oil 3,729 46 0.00 National Bank of Greece 28,758 64 0.00 Total Greece 676 0.02 HONG KONG - 0.87% (1.08%)

Agile Group Holdings 90,000 48 0.00 AIA Group 659,050 5,361 0.19 Asm Pacific Technology 17,196 139 0.01 Bank of China (Hong Kong) Limited 225,678 526 0.02 Bank of East Asia 72,817 85 0.00 Beijing Enterprise Holdings 29,551 77 0.00 BYD Electronics 43,500 123 0.01 Café De Coral 20,987 28 0.00 Cathay Pacific Airways 56,739 39 0.00 China Everbright 58,872 48 0.00 China Everbright International 198,472 98 0.00 China Gas Holdings 178,217 295 0.01 China Jinmao Holdings Group 369,374 83 0.00 China Lesso 20,002 22 0.00 China Literature 12,800 71 0.00 China Mengniu Dairy 167,680 751 0.03 China Merchants Holdings International 84,098 99 0.00 China Overseas Land & Investments 232,496 408 0.02 China Power International Development 287,666 98 0.00 China Resources Beer (Holdings) 99,772 600 0.02




% China Resources Gas Group 56,325 201 0.01 China Resources Pharmaceutical Group 94,000 32 0.00 China Resources Power 115,443 200 0.01 China State Construction International Holdings 119,000 87 0.00 China Taiping Insurance Holding 82,473 91 0.00 China Traditional Chinese Medicine Holdings 167,965 56 0.00 China Travel International 191,722 24 0.00 CITIC Pacific 270,559 187 0.01 CLP 91,074 659 0.02 CSPC Pharmaceutical 533,593 421 0.02 Dah Sing Banking 19,600 14 0.00 Dah Sing Finance Holdings 8,112 19 0.00 ENN Energy Holdings 46,027 581 0.02 Far East Horizon 139,000 94 0.00 First Pacific 125,213 36 0.00 Fosun International 32,500 28 0.00 Galaxy Entertainment 136,904 579 0.02 Guangdong Investment 166,360 159 0.01 Guotai Junan International 125,000 13 0.00 Hang Lung Group 50,000 88 0.00 Hang Lung Properties 115,045 190 0.01 Hang Seng Bank 45,994 639 0.02 Henderson Land Developments 73,386 235 0.01 Hengan 40,867 152 0.01 Hong Kong & China Gas 603,028 673 0.02 Hong Kong Exchanges & Clearing 67,778 3,013 0.10 Hysan Development 35,000 88 0.00 Kerry Properties 38,970 79 0.00 Kingboard Laminates Holdings 22,000 27 0.00 Lenovo Group 420,357 325 0.01 Lifestyle International Holdings 25,500 11 0.00 Li-Ning 113,791 1,043 0.04 Link REIT 129,787 886 0.03 Longfor Group Holdings 109,718 412 0.02 Melco International Development 52,613 51 0.00 MMG 154,481 46 0.00 MTR 90,797 368 0.01 New World Development 84,420 277 0.01 Nine Dragons Paper Holdings 103,000 96 0.00 NWS Holdings 80,388 59 0.00 PCCW 235,817 91 0.00 Power Assets Holdings 86,719 393 0.01 Shanghai Industrial Holdings 24,835 27 0.00 Shangri-La Asia 72,000 45 0.00 Shenzhen Investment 782,512 140 0.01 Shougan Fushan Resources Group 746,000 137 0.01 Shun Tak 98,000 20 0.00




% Sino Biopharmaceutical 607,510 325 0.01 Sino Land 182,894 175 0.01 Sino-Ocean Group Holdings 183,918 31 0.00 Sinotruk (Hong Kong) 35,500 37 0.00 SJM 123,000 69 0.00 Soho China 112,000 20 0.00 Sun Art Retail Group 145,000 46 0.00 Sun Hung Kai Properties 81,594 785 0.03 Swire Pacific A 45,602 212 0.01 Swire Pacific B 60,000 46 0.00 Swire Properties 59,765 120 0.01 Techtronic Industries 61,307 990 0.03 Towngas China 60,387 31 0.00 Vitasoy International 46,000 77 0.00 VTech 10,745 66 0.00 Wharf Holdings 75,188 192 0.01 Xinyi Glass 65,000 136 0.01 Yuexiu Property 80,800 55 0.00 Total Hong Kong 25,504 0.87 HUNGARY - 0.02% (0.03%)

Magyar Telekom Telecommunications 21,050 21 0.00 Mol Hungarian Oil & Gas 23,820 139 0.00 OTP Bank 6,316 261 0.01 Richter Gedeon Nyrt 7,906 155 0.01 Total Hungary 576 0.02 INDIA - 1.53% (1.32%)

ABB India 3,102 67 0.00 ACC 3,972 102 0.00 Adani Enterprises 16,048 281 0.01 Adani Gas 15,332 252 0.01 Adani Green Energy 23,931 312 0.01 Adani Ports 46,426 348 0.01 Adani Power 13,480 14 0.00 Adani Transmissions 13,791 267 0.01 Aditya Birla Capital 31,701 33 0.00 Alkem Laboratories 1,751 63 0.00 Ambuja Cements 41,846 176 0.01 Apollo Hospitals 5,531 281 0.01 Ashok Leyland 79,496 121 0.00 Asian Paints 22,531 714 0.03 AU Small Finance Bank 9,122 110 0.00 Aurobindo Pharma 16,170 112 0.00 Avenue Supermarts 9,078 456 0.02 Axis Bank 143,135 1,049 0.04




% Bajaj Auto 1,629 80 0.00 Bajaj Auto 4,766 172 0.01 Bajaj Finance 12,788 963 0.03 Bajaj Finserv 2,327 422 0.01 Balkrishna Industries 4,918 118 0.00 Bandhan Bank 48,131 150 0.01 Bank of Baroda 56,371 56 0.00 Bata India 2,785 62 0.00 Bayer Crop Science 721 34 0.00 Berger Paints 14,219 114 0.00 Bharat Electronics 51,076 114 0.00 Bharat Forge 13,359 104 0.00 Bharat Petroleum 61,086 260 0.01 Bharti Airtel 148,521 1,095 0.04 Biocon 22,436 81 0.00 Bosch 474 87 0.00 Britannia Industries 10,106 378 0.01 Britannia Industries Ltd 5.5% 3/6/2024 5,381 5 0.00 Cadila Healthcare 14,988 74 0.00 Castrol India 29,565 40 0.00 Cholamandalam Investment and Finance 18,224 118 0.00 CIPLA 25,414 238 0.01 Coal India 101,895 163 0.01 Colgate-Palmolive 6,039 92 0.00 Container Corporation 14,693 100 0.00 Coromandel International 5,458 43 0.00 Cummins India 6,149 57 0.00 Dabur India 32,337 195 0.01 Dalmia Bharat 2,747 58 0.00 Divis Laboratories 6,316 310 0.01 DLF 36,239 154 0.01 Dr. Reddy's Laboratories 6,157 300 0.01 Eicher Motors 8,162 219 0.01 Emami Limited 9,662 51 0.00 Embassy Office Parks REIT 18,000 67 0.00 Exide Industries 20,222 37 0.00 Federal Bank 89,969 90 0.00 GAIL India 88,140 130 0.01 Gillette India 178 10 0.00 GlaxoSmithKline 2,583 43 0.00 Glenmark Pharmaceuticals 8,814 47 0.00 Godrej Consumer Products 20,329 187 0.01 Godrej Properties 4,282 100 0.00 Grasim Industries 21,493 399 0.01 Gujarat Gas 11,169 75 0.00 Havells India 14,651 203 0.01




% HCL Technologies 66,189 775 0.03 HDFC Asset Management 3,285 88 0.00 HDFC Standard Life 39,390 281 0.01 Hero MotoCorp 6,968 188 0.01 Hindalco Industries 70,342 321 0.01 Hindustan Petroleum 41,294 145 0.00 Hindustan Unilever 54,072 1,311 0.05 Hindustan Zinc 14,164 46 0.00 Housing Development Finance Corporation 96,483 2,894 0.10 ICICI Bank 94,640 732 0.03 ICICI Lombard 12,220 188 0.01 ICICI Prudential Life Insurance 20,281 135 0.01 IDFC First Bank 169,547 87 0.00 Indiabulls Housing Finance 20,786 47 0.00 Indian Oil 144,419 192 0.01 Indian Railway Catering And Tourism 15,910 144 0.01 Indraprastha Gas 21,350 108 0.00 Indus Towers 52,402 152 0.01 Info Edge 6,551 415 0.01 Infosys Technologies 197,074 3,520 0.12 InterGlobe Aviation 5,868 138 0.01 IPCA Laboratories 3,423 75 0.00 ITC 179,959 428 0.02 Jindal Steel & Power 24,123 94 0.00 JSW Steel 60,874 402 0.01 Jubilant FoodWorks 4,416 177 0.01 Kansai Nerolac Paints 7,890 49 0.00 L&T Finance Holdings 45,222 38 0.00 Larsen & Toubro Infotech 2,217 159 0.01 LIC Housing Finance 16,730 71 0.00 Lupin 14,065 133 0.01 Mahindra & Mahindra 45,759 425 0.02 Mahindra & Mahindra Financial Services 36,032 67 0.00 Marico 29,562 163 0.01 Maruti Suzuki India 7,720 579 0.02 Motherson Sumi Systems 65,760 155 0.01 Mphasis BFL 4,967 170 0.01 MRF 113 89 0.00 Muthoot Finance 5,327 91 0.00 National Hydro Power 139,236 44 0.00 Nestlé India 1,801 351 0.01 NMDC 50,668 71 0.00 NTPC 210,333 288 0.01 Oberoi Realty 6,265 60 0.00 Oil & Natural Gas 184,176 290 0.01 Oracle Financial Services 4,172 186 0.01




% Page Industries 325 132 0.01 Petronet LNG 38,888 92 0.00 PI Industries 4,069 118 0.00 Pidilite Industries 8,355 203 0.01 Piramal Healthcare 6,816 178 0.01 Power Finance Corporation 54,760 74 0.00 Power Grid Corporation of India 170,282 320 0.01 Rajesh Exports 8,279 55 0.00 RBL Bank 26,978 56 0.00 Reliance Industries 171,848 4,428 0.15 Reliance Industries 9,299 174 0.01 Rural Electrification Corporation 48,529 69 0.00 SBI Card 8,353 91 0.00 SBI Life Insurance 21,572 250 0.01 Shree Cement 676 196 0.01 Shriram Transport Finance 11,379 184 0.01 Siemens 5,214 122 0.00 SRF 14,400 316 0.01 State Bank of India 108,881 551 0.02 Steel Authority of India 60,471 70 0.00 Sun Pharmaceuticals 66,317 537 0.02 Tata Communications 4,146 50 0.00 Tata Consultancy Services 56,542 2,008 0.07 Tata Global Beverages 28,262 241 0.01 Tata Motors 119,331 337 0.01 Tata Motors 85,220 431 0.02 Tata Power 95,843 231 0.01 Tata Steel 44,503 554 0.02 Tech Mahindra 32,478 513 0.02 Titan Industries 22,170 563 0.02 Torrent Pharmaceuticals 2,718 76 0.00 Torrent Power 10,110 55 0.00 Trent 11,059 128 0.00 TVS Motor Company 9,568 70 0.00 UltraTech Cement 6,979 562 0.02 United Breweries 1,003 17 0.00 United Spirits 17,584 165 0.01 UPL 20,611 162 0.01 Vedanta . 68,488 222 0.01 Vodafone Idea 489,754 49 0.00 Voltas 10,021 127 0.00 Whirlpool of India 1,857 43 0.00 Wipro 80,165 528 0.02 Zee Entertainment Enterprises 50,591 164 0.01 Total India 44,727 1.53




%INDONESIA - 0.17% (0.16%)

Adaro Energy 679,972 57 0.00 Astra Agro Lestari 26,100 14 0.00 Astra International 1,284,424 412 0.02 Bank Danamon 31,700 4 0.00 Bank Negra Indonesia 416,162 148 0.01 Bank of Central Asia 2,673,660 1,050 0.04 Bank of Mandiri 1,246,192 460 0.02 Bank Ratyat Indonesia 4,021,108 876 0.03 Barito Pacific 1,093,000 56 0.00 Bumi Serpong Damai 379,000 23 0.00 Charoen Pokphand Indon 413,802 126 0.01 Gudang Garam 26,289 46 0.00 Hanjaya Handala Sampoerna 495,100 27 0.00 Indah Kiat Paper & Pulp 175,200 79 0.00 Indocement Tungall Prak 19,316 12 0.00 Indofood CBP Sukses Makmur 151,100 71 0.00 Indofood Sukses Makmur 285,601 94 0.00 Jasa Marga 897,900 198 0.01 Kalbe Farma 1,251,480 105 0.00 Media Nusantara Citra 278,400 15 0.00 Perusahaan Gas Negara 598,765 46 0.00 Surya Citra Media 1,403,500 29 0.00 Tambang Batubara Bukit Asam 262,500 35 0.00 Telekomunikasi Indonesia 2,945,691 555 0.02 Tower Bersama Infrastructure 524,000 78 0.00 Unilever Indonesia 325,120 77 0.00 United Tractor 85,804 100 0.01 Vale Indonesia 113,200 29 0.00 XL Axiata 191,200 29 0.00 Total Indonesia 4,851 0.17 IRELAND - 1.50% (1.53%)

Accenture 35,431 9,725 0.33 AIB Group 44,485 84 0.00 Allegion 2,186 218 0.01 Aon 12,791 2,861 0.10 CRH 41,064 1,545 0.05 DCC 5,043 307 0.01 Eaton 22,592 2,905 0.10 Flutter Entertainment 8,290 1,005 0.03 Glanbia 11,171 127 0.00 James Hardie Industries 24,547 754 0.03 Jazz Pharmaceuticals 3,404 353 0.01 Johnson Controls 40,984 2,390 0.08 Kerry Group A 8,582 830 0.03




% Kingspan Group 9,543 809 0.03 Linde 1,395 347 0.01 Linde 27,727 6,895 0.24 Medtronic 74,801 6,548 0.23 Pentair 10,367 588 0.02 Seagate Technology 11,047 869 0.03 Smurfit Kappa Group 15,734 623 0.02 Steris 5,031 870 0.03 Trane Technologies 13,716 1,951 0.07 Willis Towers Watson 7,091 1,211 0.04 Total Ireland 43,815 1.50 ISLE OF MAN - 0.03% (0.01%)

Entain 38,690 763 0.03 NEPI Rockcastle 21,693 108 0.00 Total Isle of Man 871 0.03 ISRAEL - 0.18% (0.16%)

Airport City 4,711 76 0.00 Alony Hetz Properties & Investments 6,744 88 0.00 Amot Investments 6,355 38 0.00 Azrieli Group 2,438 177 0.01 Bank Hapoalim 65,174 476 0.02 Bank Leumi Le Israel 86,758 642 0.02 Bezeq Israeli Telecom 122,737 118 0.00 Check Point Software Technologies 6,276 546 0.02 First International Bank 2,780 83 0.00 Gazit-Globe 5,589 33 0.00 Harel Insurance Investments 6,301 53 0.00 ICL Group 38,822 256 0.01 Industrial Buildings 42,576 128 0.01 Israel Discount Bank 66,052 305 0.01 Maytronics 10,443 202 0.01 Melisron 759 51 0.00 Mizrahi Tefahot Bank 7,307 200 0.01 Nice Systems 3,957 931 0.03 Paz Oil 676 67 0.00 Phoenix Holdings 8,044 76 0.00 Shapir Engineering and Industry 6,968 45 0.00 Shikun & Binui 3,118 16 0.00 Shufersal 7,358 46 0.00 Strauss 2,175 49 0.00 Teva Pharmaceutical 62,388 446 0.02 Tower Semiconductor 6,567 180 0.01 Total Israel 5,328 0.18




%ITALY - 0.54% (0.57%)

A2A 97,563 154 0.01 Amplifon 7,188 281 0.01 Atlantia 29,932 444 0.02 Banca Mediolanum 16,227 126 0.00 Buzzi Unicem 6,038 105 0.00 Davide Campari-Milano 32,120 355 0.01 DiaSorin 1,478 237 0.01 Enel 429,634 2,611 0.09 ENI 138,847 1,481 0.05 Finecobank Banco Fineco 23,231 341 0.01 Fondiaria Sai 37,691 82 0.00 Generali 79,848 1,306 0.05 Hera 45,386 141 0.01 Infrastrutture Wireless 24,209 206 0.01 Interpump Group 4,441 232 0.01 Intesa Sanpaolo 972,027 2,057 0.07 Italgas 31,107 148 0.01 Leonardo 21,944 122 0.00 Mediobanca 38,413 353 0.01 Moncler 12,285 716 0.02 Nexi SpA 27,476 362 0.01 Pirelli 24,474 121 0.00 Poste Italiane 26,166 273 0.01 Prada 34,095 172 0.01 Prysmian 14,742 426 0.01 Recordati 5,373 261 0.01 Reply 1,246 196 0.01 Snam SpA 145,404 621 0.02 Telecom Italia 223,101 63 0.00 Telecom Italia RNC 342,049 99 0.00 Terna 89,664 518 0.02 Unicredit SpA 106,270 1,051 0.04 Total Italy 15,661 0.54 JAPAN - 6.46% (6.72%)

ABC-Mart 1,640 61 0.00 Acom 23,966 58 0.00 Advance Residence Investment Corporation 59 139 0.01 Advantest 10,849 716 0.03 Aeon 44,381 797 0.03 Aeon Financial Service 7,571 69 0.00 Aeon Mall 7,482 85 0.00 Aica Kogyo 3,500 78 0.00 AIN Holdings 1,800 72 0.00 Air Water 10,000 121 0.00




% Aisin Seiki 9,722 265 0.01 Ajinomoto 31,012 721 0.03 Alfresa Holdings 9,786 106 0.00 Alps Electric 12,466 90 0.00 Amada 18,267 139 0.01 Amano 4,253 76 0.00 ANA Holdings 6,300 114 0.00 Anritsu 7,600 98 0.00 Aozora Bank 7,868 132 0.01 Ariake Japan 1,200 54 0.00 Asahi Breweries 24,152 754 0.03 Asahi Glass 11,630 435 0.02 Asahi Intecc 10,600 197 0.01 Asahi Kasei 68,557 516 0.02 Askul 3,600 36 0.00 Astellas Pharma 99,845 1,293 0.05 Azbil 7,700 259 0.01 Bandai Namco Holdings 12,405 769 0.03 Bank of Kyoto 3,900 127 0.00 BayCurrent Consulting 394 140 0.01 Benefit One 3,400 126 0.01 Benesse 4,604 72 0.00 Bic Camera 10,000 66 0.00 Bridgestone 31,795 1,021 0.04 Brother Industries 15,967 222 0.01 Calbee 4,971 92 0.00 Canon 47,366 802 0.03 Canon Marketing Japan 2,400 36 0.00 Capcom 12,200 263 0.01 Casio Computer 12,319 132 0.01 Central Japan Railway 10,366 1,145 0.04 Century Tokyo Leasing Corporation 3,902 160 0.01 Chubu Electric Power 44,400 330 0.01 Chugai Pharmaceuticals 35,841 984 0.03 Chugoku Bank 10,385 58 0.00 Chugoku Electric Power 16,357 94 0.00 Coca-Cola West Japan 7,969 80 0.00 Comsys Holdings 6,500 118 0.00 Concordia Financial Group 65,500 193 0.01 Cosmo Energy Holdings 4,300 67 0.00 Cosmos Pharmaceutical 1,070 131 0.01 Credit Saison 10,325 85 0.00 CyberAgent 22,000 289 0.01 Dai Nippon Printing 16,600 305 0.01 Daicel Corporation 16,157 87 0.00 Daido Steel 2,300 63 0.00




% Daifuku 6,094 405 0.01 Dai-ichi Mutual Life Insurance 50,144 767 0.03 Daiichi Sankyo 87,807 1,697 0.06 Daiichikosho 2,700 75 0.00 Daikin Industries 14,943 2,488 0.09 Daito Trust Construction 606 53 0.00 Daiwa House Residential 117 248 0.01 Daiwa House Industry 35,483 815 0.03 Daiwa Securities Group 88,448 373 0.01 Denka 5,000 118 0.00 Denso 22,577 1,273 0.04 Dentsu 12,371 334 0.01 DIC 5,300 108 0.00 Disco 1,829 409 0.01 DMG Mori 6,557 84 0.00 Dowa Mining 3,000 93 0.00 East Japan Railway 20,727 973 0.03 Ebara 5,700 226 0.01 Eisai 12,187 670 0.02 Electric Power Development 9,400 88 0.00 EXEO 6,412 110 0.00 ENEOS Holdings 190,400 564 0.02 Ezaki Glico 3,418 87 0.00 Fancl 3,900 87 0.00 Fanuc 10,564 1,626 0.06 Fast Retailing 2,837 1,405 0.05 FP 2,800 72 0.00 Fuji Electric 7,100 268 0.01 Fuji Media Holdings 2,600 22 0.00 Fuji Oil 2,900 49 0.00 Fujifilm Holdings 19,505 1,177 0.04 Fujitsu 10,300 1,414 0.05 Fujitsu General 2,700 49 0.00 Fukuoka Financial 8,300 112 0.00 Fukuyama Transport 2,200 60 0.00 Furukawa Electric 11,800 190 0.01 Fuyo General Lease 1,300 64 0.00 GLP J-REIT 129 155 0.01 GMO Internet 4,100 84 0.00 GMO Payment Gateway 1,100 110 0.00 Goldwin 2,000 93 0.00 GS Yuasa 4,900 69 0.00 GungHo Online Entertainment 2,000 35 0.00 H.U. Group Holdings 1,132 20 0.00 Hachijuni Bank 9,379 23 0.00 Hakuhodo DY Holdings 13,479 164 0.01




% Hamamatsu Photonics 8,045 385 0.01 Hankyu 14,342 335 0.01 Haseko 15,787 152 0.01 Heiwa 3,500 45 0.00 Hikari Tsushin 1,200 142 0.01 Hino Motors 10,831 77 0.00 Hirogin Holdings 6,200 26 0.00 Hirose Electric 2,129 271 0.01 Hisamitsu Pharmaceutical 4,103 110 0.00 Hitachi 52,531 2,490 0.09 Hitachi Construction Machinery 6,682 161 0.01 Hitachi Metals 13,073 183 0.01 Hitachi Transport System 2,890 85 0.00 Honda Motor 95,323 2,065 0.07 Horiba 2,427 115 0.00 Hoshizaki Electric 3,298 195 0.01 House Foods 4,250 86 0.00 Hoya 19,701 2,303 0.08 Hulic 20,201 149 0.01 Ibiden 5,900 266 0.01 Ichigo Group Holdings 11,600 25 0.00 Idemitsu Kosan 14,875 293 0.01 IHI Corporation 7,400 128 0.01 IIDA Group Holdings 9,100 154 0.01 Industrial & Infrastructure Fund Investment Corporation 105 141 0.01 Infroneer 12,300 78 0.00 Inpex 50,400 319 0.01 Isetan Mitsukoshi Holdings 20,305 115 0.00 Isuzu Motors 28,383 301 0.01 IT Holdings 13,800 306 0.01 Itochu 76,607 1,686 0.06 ITOCHU Techno-Solutions 6,400 160 0.01 Itoham Yonekyu 6,600 29 0.00 Iyo Bank 18,100 66 0.00 Izumi 2,496 57 0.00 J Front Retailing 15,578 105 0.00 Japan Airlines 6,600 108 0.00 Japan Airport Terminal 2,928 113 0.00 Japan Aviation Electronic 2,995 36 0.00 Japan Exchange Group 34,100 557 0.02 Japan Metropolitan Fund 310 205 0.01 Japan Post Bank 25,770 156 0.01 Japan Post Holdings 242,629 1,379 0.05 Japan Post Insurance 3,855 46 0.00 Japan REIT 72 317 0.01 Japan Tobacco 56,263 856 0.03




% JCR Pharmaceuticals 3,600 67 0.00 Jeol 4,600 274 0.01 JFE Holdings 17,489 167 0.01 JGC 12,298 87 0.00 JSR 10,509 298 0.01 JTEKT 12,893 90 0.00 Kagome 5,100 100 0.00 Kajima 28,526 262 0.01 Kakaku.com 7,500 178 0.01 Kaken Pharmaceutical 2,255 63 0.00 Kamigumi 5,900 85 0.00 Kandenko 7,700 44 0.00 Kaneka 1,200 32 0.00 Kansai Electric Power 46,171 315 0.01 Kansai Paint 11,500 215 0.01 Kao 25,573 1,049 0.04 Kawasaki Kisen Kaisha 4,500 152 0.01 KDDI 94,777 2,132 0.07 Keihan Electric Railway 5,500 109 0.00 Keikyu Corporation 15,800 133 0.01 Keio 7,300 264 0.01 Keisei Electric Railway 8,900 210 0.01 Kewpie 6,179 100 0.00 Keyence 9,779 4,561 0.16 Kikkoman 11,641 728 0.03 Kinden 8,674 101 0.00 Kintetsu 11,400 268 0.01 Kirin Holdings 42,159 518 0.02 Kobayashi Pharmaceutical 3,900 236 0.01 Kobe Bussan 2,700 76 0.00 Kobe Steel 19,600 77 0.00 Koei Tecmo 4,700 166 0.01 Koito Manufacturing 6,482 295 0.01 Kokuyo 4,700 54 0.00 Komatsu 50,526 1,005 0.04 Konami 5,401 222 0.01 Konica Minolta 30,365 99 0.00 Kose 1,832 174 0.01 Kotobuki Spirits 1,200 56 0.00 K's Holdings 12,400 96 0.00 Kubota 60,133 954 0.03 Kuraray 19,789 136 0.01 Kurita Water Industries 6,236 245 0.01 Kusuri No Aoki 800 40 0.00 Kyocera 19,563 891 0.03 Kyowa Kirin 15,844 383 0.01




% Kyudenko 2,400 55 0.00 Kyushu Electric Power 26,082 140 0.01 Kyushu Financial Group 23,800 62 0.00 Kyushu Railway Company 9,100 158 0.01 Lasertec 3,474 680 0.02 Lawson 1,080 42 0.00 Lintec 3,100 54 0.00 Lion 15,469 181 0.01 LIXIL Group 14,922 294 0.01 Mabuchi Motor 3,212 81 0.00 Makita 10,500 363 0.01 Mani 3,500 43 0.00 Marubeni 105,423 701 0.02 Marui 11,833 179 0.01 Maruichi Steel Tube 4,069 68 0.00 Matsui Securities 5,500 29 0.00 MatsukiyoCocokara 4,664 147 0.01 Mazda Motor 34,982 250 0.01 Mebuki Financial Group 21,048 32 0.00 Medipal Holdings 8,732 119 0.00 Meiji Holdings 8,573 396 0.01 Minebea 8,607 177 0.01 Misumi 15,345 511 0.02 Mitsubishi 65,996 1,479 0.05 Mitsubishi Chemical Holdings 70,328 435 0.02 Mitsubishi Electric 105,941 1,062 0.04 Mitsubishi Estate 62,913 697 0.02 Mitsubishi Gas Chemical 11,310 154 0.01 Mitsubishi HC Capital 41,212 153 0.01 Mitsubishi Heavy Industries 18,200 337 0.01 Mitsubishi Materials 7,100 96 0.00 Mitsubishi Motors 35,524 93 0.00 Mitsubishi Shokuhin 800 15 0.00 Mitsubishi UFJ Financial Group 682,367 2,875 0.10 Mitsui & Company 90,530 1,511 0.05 Mitsui Chemicals 10,000 211 0.01 Mitsui Fudosan 43,378 750 0.03 Mitsui Mining & Smelting 3,600 74 0.00 Mitsui OSK Lines 6,900 297 0.01 Miura 6,400 182 0.01 Mizuho Financial Group 140,200 1,406 0.05 Monotaro 13,400 212 0.01 Morinaga 2,600 69 0.00 Morinaga Milk Industry 2,300 91 0.00 MS & AD Insurance Group 20,621 494 0.02 Murata Manufacturing 31,462 1,784 0.06




% Nabtesco 7,868 187 0.01 Nagase & Company 7,300 84 0.00 Nagoya Railroad 12,300 156 0.01 Nankai Electric Railway 6,200 91 0.00 NEC 15,900 574 0.02 Net One Systems 5,200 135 0.01 Nexon 6,306 99 0.00 NGK Insulators 15,058 192 0.01 NGK Spark Plug 9,477 120 0.00 NH Foods 5,800 156 0.01 NHK Spring 10,124 58 0.00 Nichirei 6,900 120 0.00 Nidec 25,538 2,185 0.08 Nihon Kohden 4,552 101 0.00 Nihon M&A Center 3,400 82 0.00 Nihon Unisys 4,300 98 0.00 Nikon 17,344 135 0.01 Nintendo 6,234 2,044 0.07 Nippo Corporation 3,000 79 0.00 Nippon Building REIT 82 382 0.01 Nippon Electric Glass 5,066 91 0.00 Nippon Express 4,100 182 0.01 Nippon Kayaku 11,161 89 0.00 Nippon Paint 47,300 387 0.01 Nippon Prologis REIT 123 301 0.01 Nippon Sanso 9,507 166 0.01 Nippon Shinyaku 3,234 187 0.01 Nippon Shokubai 2,126 77 0.00 Nippon Steel Corporation 36,242 453 0.02 Nippon Telegraph & Telephone 66,707 1,435 0.05 Nippon Television Network 1,700 14 0.00 Nippon Yusen KK 10,887 545 0.02 Nipro 6,745 50 0.00 Nishi-Nippon Railroad 5,000 90 0.00 Nissan Chemical Industries 7,799 353 0.01 Nissan Motor 33,487 142 0.01 Nisshin Seifun 14,416 164 0.01 Nissin Food Products 3,896 226 0.01 Nitori 2,291 315 0.01 Nitto Denko 10,203 571 0.02 Noevir Holdings 900 33 0.00 NOF 3,900 153 0.01 NOK 7,609 66 0.00 Nomura Holdings 168,103 555 0.02 Nomura Real Estate Master 278 306 0.01 Nomura REIT 7,600 136 0.01




% Nomura Research Institute 15,915 502 0.02 NSK 24,965 123 0.00 NTT Data 40,000 658 0.02 Obayashi 44,185 268 0.01 Obic 4,229 575 0.02 Obic Business Consultants 1,000 35 0.00 Odakyu Electric Railway 19,300 297 0.01 Oji Holdings Corporation 55,864 216 0.01 Okuma 1,900 66 0.00 Olympus Optical 58,443 988 0.03 Omron 10,212 753 0.03 Ono Pharmaceutical 27,147 440 0.02 Open House 4,635 210 0.01 Oracle Japan 1,871 127 0.01 Orient 30,400 28 0.00 Oriental Land 10,336 1,315 0.05 Orix 67,440 1,028 0.04 Osaka Gas 25,000 298 0.01 OSG 5,196 66 0.00 Otsuka 5,600 189 0.01 Otsuka Holdings 26,597 742 0.03 Paltac 2,100 67 0.00 Pan Pacific International Holdings 31,213 449 0.02 Panasonic 117,788 1,091 0.04 Park24 6,890 86 0.00 Penta-Ocean Construction 16,400 83 0.00 PeptiDream 5,482 105 0.00 Persol Holdings 16,500 363 0.01 Pola Orbis Holdings 4,800 71 0.00 Rakuten 44,048 343 0.01 Recruit Holdings 76,763 4,037 0.14 Relo Holdings 5,900 93 0.00 Renesas Electronics 54,747 531 0.02 Rengo 12,600 68 0.00 Resona 155,490 456 0.02 Resort Trust 4,148 60 0.00 Ricoh 45,735 340 0.01 Rinnai 2,331 186 0.01 Rohm 5,060 375 0.01 Rohto Pharmaceutical 5,528 120 0.00 Ryohin Keikaku 13,000 177 0.01 Sankyo 3,400 67 0.00 Sankyu 3,346 105 0.00 Santen Pharmaceuticals 20,407 211 0.01 Sanwa Holdings 11,296 99 0.00 Sapporo Breweries 4,200 64 0.00




% Sawai Group Holdings 2,400 77 0.00 SBI Holdings 13,200 250 0.01 Screen Holdings 2,300 174 0.01 SCSK 7,800 112 0.00 Secom 10,627 558 0.02 Sega Sammy Holdings 12,800 161 0.01 Seiko Epson 14,900 188 0.01 Seino Holdings 10,063 83 0.00 Sekisui Chemical 19,922 250 0.01 Sekisui House 36,800 578 0.02 Sekisui House REIT 222 123 0.00 Seven & I Holdings 41,351 1,350 0.05 Seven Bank 43,700 66 0.00 SG Holdings 26,700 471 0.02 Sharp 9,300 80 0.00 Shikoku Electric Power 10,216 48 0.00 Shimadzu 17,014 527 0.02 Shimamura 478 31 0.00 Shimano 4,232 888 0.03 Shimizu 31,920 160 0.01 Shin-Etsu Chemical 20,969 2,774 0.10 Shinnittetsu Sumikin Solutions 1,800 43 0.00 Shinsei Bank 11,793 141 0.01 Shionogi 17,273 843 0.03 SHIP Healthcare 5,000 90 0.00 Shiseido 23,803 1,163 0.04 Shizuoka Bank 7,497 44 0.00 Sho-Bond Holdings 3,000 101 0.00 Shochiku Film 700 56 0.00 Showa Denko KK 8,100 149 0.01 Skylark 10,800 112 0.00 SMC 3,168 1,486 0.05 SMS 3,346 103 0.00 Softbank 72,646 3,322 0.11 Softbank Corporation 150,333 1,516 0.05 Sohgo Securities Services 3,296 105 0.00 Sojitz Holdings 15,100 165 0.01 Sompo Japan Nipponkoa Holdings 21,600 687 0.02 So-net M3 20,800 897 0.03 Sony 67,301 6,183 0.21 Sotetsu Holdings 4,900 69 0.00 Square Enix 5,098 226 0.01 Stanley Electric 9,271 203 0.01 Subaru Corporation 38,912 562 0.02 Sugi Holdings 2,357 122 0.00 Sumco 14,900 235 0.01




% Sumitomo 62,126 662 0.02 Sumitomo Bakelite 2,200 79 0.00 Sumitomo Chemical 85,633 322 0.01 Sumitomo Electric Industries 47,797 485 0.02 Sumitomo Heavy Industries 7,112 133 0.01 Sumitomo Metal Mining 13,045 384 0.01 Sumitomo Mitsui Financial Group 74,537 1,919 0.07 Sumitomo Mitsui Trust Holdings 23,200 558 0.02 Sumitomo Realty & Development 25,058 645 0.02 Sumitomo Rubber Industries 11,919 99 0.00 Sundrug 3,900 82 0.00 Suntory Beverage & Food 6,900 203 0.01 Sushiro Global Holdings 6,400 209 0.01 Suzuken 3,753 79 0.00 Suzuki Motor 25,008 845 0.03 Sysmex 9,126 828 0.03 T&D Holdings 29,226 275 0.01 Taiheiyo Cement 2,555 40 0.00 Taisei 8,957 216 0.01 Taisho Pharmaceuticals 2,400 93 0.00 Taiyo Yuden 7,620 320 0.01 Takara Bio 3,100 56 0.00 Takara Holdings 11,575 105 0.00 Takashimaya 8,891 65 0.00 Takeda Pharmaceutical 84,524 1,824 0.06 TDK 22,800 681 0.02 Technopro 7,200 167 0.01 Teijin 11,700 111 0.00 Terumo 32,466 1,042 0.04 THK 7,671 127 0.01 Tobu Railway 13,325 245 0.01 Toda 13,129 62 0.00 Toho 7,210 257 0.01 Toho Gas 5,700 122 0.00 Tohoku Electric Power 26,547 130 0.01 Tokai Carbon 11,100 97 0.00 Tokai Rika 3,209 34 0.00 Tokio Marine Holdings 35,948 1,397 0.05 Tokuyama 3,900 51 0.00 Tokyo Broadcasting Systems 2,000 25 0.00 Tokyo Electric Power 87,577 174 0.01 Tokyo Electron 8,129 3,082 0.11 Tokyo Gas 26,900 347 0.01 Tokyo Tatemono 11,670 128 0.00 Tokyu 29,300 329 0.01 Tokyu Fudosan 38,000 162 0.01




% Toppan Printing 18,000 234 0.01 Toray Industries 96,200 453 0.02 Toshiba 28,200 901 0.03 Toshiba Tec 1,620 48 0.00 Tosoh 18,000 209 0.01 TOTO 9,105 331 0.01 Toyo Seikan Group 8,697 83 0.00 Toyo Suisan Kaisha 5,184 164 0.01 Toyo Tire & Rubber 6,663 85 0.00 Toyoda Gosei 5,057 80 0.00 Toyota Boshoku 3,522 53 0.00 Toyota Industries 10,100 662 0.02 Toyota Motor 683,600 9,368 0.32 Toyota Tsusho 14,178 491 0.02 Trend Micro 7,430 329 0.01 TS Tech 6,800 62 0.00 Tsumura 4,373 105 0.00 Tsuruha Holdings 2,100 196 0.01 TV Asahi Corporation 1,200 14 0.00 Ube Industries 5,800 78 0.00 Ulvac 3,200 135 0.01 Unicharm 17,516 532 0.02 United Urban Investment 164 150 0.01 Ushio 7,915 114 0.00 USS 12,187 143 0.01 Welcia 6,600 186 0.01 West Japan Railway 11,518 404 0.01 Yakult Honsha 7,821 302 0.01 Yamada Holdings 41,017 115 0.00 Yamaguchi Financial Group 3,500 15 0.00 Yamaha 9,175 390 0.01 Yamaha Motor 15,758 324 0.01 Yamato Holdings 23,379 414 0.01 Yamato Kogyo 1,900 45 0.00 Yamazaki Baking 2,722 29 0.00 Yaoko 1,400 65 0.00 Yaskawa Electric 14,227 485 0.02 Yokogawa Electric 13,699 204 0.01 Yokohama Rubber 6,721 87 0.00 Z Holdings 169,964 874 0.03 Zenkoku Hosho 3,300 111 0.00 Zensho Holdings 5,100 88 0.00 Zeon 9,700 86 0.00 ZOZO 6,900 167 0.01 Total Japan 188,382 6.46


KOREA - 1.39% (1.70%) Amorepacific 1,786 208 0.01

Amorepacific Group 1,861 57 0.00 Amorepacific Preference 586 25 0.00 BGF Retail 404 42 0.00 BNK Financial Group 18,538 100 0.00 Celltrion 4,154 612 0.02 Celltrion Healthcare 4,301 252 0.01 Celltrion Pharm 1,175 102 0.00 Cheil Communications 4,593 68 0.00 CJ 798 48 0.00 CJ Cheil Jedang 482 113 0.00 CJ ENM 546 57 0.00 CJ Logistics 546 48 0.00 Daewoo Engineering & Construction 9,450 37 0.00 Daewoo Shipbuilding 10,188 169 0.01 Daum Kakao 15,935 1,294 0.05 DB Insurance 2,876 106 0.00 DGB Financial Group 9,662 59 0.00 DL E&C 981 80 0.00 DL Holdings 783 32 0.00 Dong Suh Companies 1,650 36 0.00 Doosan Bobcat 1,357 37 0.00 Doosan Heavy Industries 14,675 237 0.01 Doosan Infracore 2,197 11 0.00

#Doosan Infracore Rights 2,459 3 0.00 Doosan Solus 704 45 0.00 E-Mart 1,137 117 0.01 Fila Holdings 2,948 71 0.00 GS Engineering & Construction 3,377 90 0.00 GS Holdings 3,283 88 0.00 GS Retail 1,414 29 0.00 Hana Financial Holdings 16,634 457 0.02 Hanjin Kal Corp 1,820 67 0.00 Hankook Tire & Technology 4,217 112 0.00 Hanmi Pharmaceutical 413 72 0.00 Hanmi Science 934 34 0.00 Hanon Systems 10,684 96 0.00 Hanssem 639 35 0.00 Hanwha Life Insurance 15,486 33 0.00 Hanwha Preferance 14,504 153 0.01 Hanwha Solutions 5,543 127 0.01 Hanwha Techwin 1,937 51 0.00 HDC Hyundai Development 3,274 50 0.00 Helixmith 1,841 27 0.00 HiteJinro 1,708 37 0.00



%


HLB 4,818 121 0.01 Hotel Shilla 1,748 90 0.00 Hybe 927 238 0.01 Hyudai Glovis 1,020 105 0.00 Hyundai Department Store 1,002 50 0.00 Hyundai Engineering & Construction 4,107 132 0.01 Hyundai Heavy Industries 2,892 186 0.01 Hyundai Heavy Industries 2,945 113 0.01 Hyundai Marine & Fire Insurance 4,012 65 0.00 Hyundai Merchant Marine 24,192 420 0.02 Hyundai Mipo Dockyard 1,857 89 0.00 Hyundai Mobis 4,133 645 0.02 Hyundai Motor 7,660 1,009 0.04 Hyundai Motor PFD Series 2 2,035 130 0.00 Hyundai Motor Preference 1,476 92 0.00 Hyundai Steel 4,233 112 0.00 Hyundai Wia 841 42 0.00 Industrial Bank of Korea 14,935 105 0.00 Kangwon Land 6,003 100 0.00 KB Financial 21,544 765 0.03 KCC 282 58 0.00 KEPCO Plant Service & Engineering 1,330 38 0.00 Kia Corporation 14,538 794 0.03 Korea Electric Power 14,305 207 0.01 Korea Gas 1,754 45 0.00 Korea Investment Holdings 2,454 137 0.01 Korea Zinc 626 199 0.01 Korean Airlines 9,416 181 0.01 KT & G 7,002 376 0.01 Kumho Petrochemical 1,161 124 0.01

#LG 4,518 257 0.01 LG Chemicals 2,551 1,231 0.04 LG Chemicals Preference 465 106 0.00 LG Display 3,235 42 0.00 LG Electronics 6,044 474 0.02 LG Electronics Preference 1,087 43 0.00 LG Household & Healthcare 556 423 0.02 LG Household & Healthcare Preference 140 56 0.00 LG Uplus 11,899 106 0.00 Lotte Chemical 831 114 0.00 Lotte Chilsung 190 17 0.00 Lotte Corporation 1,634 34 0.00 Lotte Shopping 719 47 0.00 LS Cable & System 1,329 50 0.00 Lx Holdings 685 4 0.00 Mando 2,135 83 0.00



%




% Medy-Tox 248 25 0.00 Mirae Asset Daewoo Preference 9,338 29 0.00 Mirae Asset Securities 24,620 144 0.01 Naver 7,411 1,922 0.07 NCSoft 998 416 0.02 Netmarble Games 1,078 90 0.00 NH Investments & Securities 8,416 70 0.00 Nhn Entertainment 785 45 0.00 Nongshim 157 28 0.00 OCI 1,063 80 0.00 Orion 1,348 94 0.00 Ottogi 69 21 0.00 Paradise 2,554 27 0.00 POSCO 3,596 648 0.02 POSCO Chemical 1,452 133 0.01 POSCO International 2,624 34 0.00 S1 Corporation 1,193 63 0.00 Samsung Biologics 254 139 0.01 Samsung C&T 4,904 353 0.01 Samsung Card 1,561 34 0.00 Samsung Electro-Mechanics 3,523 377 0.01 Samsung Electronics 256,111 11,554 0.40 Samsung Electronics Preference 44,896 1,875 0.07 Samsung Fine Chemicals 985 50 0.00 Samsung Fire & Marine Insurance 1,853 268 0.01 Samsung Fire & Marine Insurance 152 17 0.00 Samsung Heavy Industries 32,839 121 0.01 Samsung Life Insurance 3,562 149 0.01 Samsung SDI 2,906 1,383 0.05 Samsung SDS 1,788 175 0.01 Samsung Securities 3,696 113 0.00 Shinhan Financial Group 30,008 715 0.03 Shinsegae 458 70 0.00 #SillaJen 2,972 0 0.00 SK Holdings 1,956 306 0.01 SK Hynix 27,830 1,943 0.07 SK Innovation 3,267 472 0.02 SK Networks 8,100 26 0.00 SK Telecommunications 1,279 250 0.01 SKC 1,070 117 0.00 S-Oil 2,314 141 0.01 Ssangyong Cement Industrial 5,816 29 0.00 Woongjin Coway 3,168 158 0.01 Woori Financial Group 30,228 256 0.01 Yuhan 2,976 113 0.00 Total Korea 40,552 1.39




%KUWAIT - 0.08% (0.08%)

Agility 74,775 191 0.01 Boubyan Bank 60,531 122 0.00 Boubyan Petrochemicals 25,000 57 0.00 Gulf Bank of Kuwait 98,829 63 0.00 Human Soft Holdings 6,328 50 0.00 Kuwait Finance House 275,814 570 0.02 Mabanee 35,490 73 0.00 Mobile Telephone System 118,945 175 0.01 National Bank of Kuwait 426,193 1,082 0.04 Total Kuwait 2,383 0.08 LIBERIA - 0.03% (0.02%)

Royal Caribbean Cruises 12,097 768 0.03 Total Liberia 768 0.03 LUXEMBOURG - 0.15% (0.11%)

Allegro.EU 23,007 176 0.00 ArcelorMittal 28,272 646 0.02 Aroundtown 78,987 410 0.02 B&M European Value Retail 48,265 282 0.01 Eurofins Scientific 7,210 653 0.02 InPost 11,147 138 0.01 L’Occitane International 24,533 65 0.00 RTL Group 2,432 106 0.00 Samsonite International 73,200 130 0.01 Spotify Technology 6,906 1,432 0.05 Tenaris 29,693 259 0.01 Total Luxembourg 4,297 0.15 MALAYSIA - 0.18% (0.22%)

Airasia Berhad 98,000 20 0.00 Alliance Financial Group 62,195 30 0.00 AMMB Holdings 108,488 62 0.00 Astro Malaysia Holdings 99,800 17 0.00 Axiata Group 257,907 181 0.01 British American Tobacco 8,898 23 0.00 CIMB 389,649 349 0.01 Dialog Group 259,200 132 0.01 DiGi.Com 207,532 154 0.01 Fraser & Neave 5,600 27 0.00 Gamuda 128,303 71 0.00 Genting 129,334 118 0.01 Hap Seng Consolidated Berhad 42,300 58 0.00 Hartalega Holdings 97,200 102 0.00 Hong Leong Bank 35,599 116 0.00




% Hong Leong Credit 12,240 38 0.00 IHH Healthcare (Malaysia) 168,400 195 0.01 IJM 207,000 67 0.00 IOI 179,529 121 0.01 IOI Properties Group 111,300 24 0.00 Kuala Lumpur Kepong 27,102 98 0.00 Malayan Banking 337,661 489 0.02 Malaysia Airports Holdings 57,746 67 0.00 Maxis 155,300 124 0.01 MISC Berhad 92,646 116 0.00 Nestle (Malaysia) 3,500 83 0.00 Petronas Chemical Group 159,200 236 0.01 Petronas Dagangan 22,145 78 0.00 Petronas Gas 44,005 129 0.01 PPB Group Berhad 38,060 117 0.00 Press Metal Berhad 241,800 230 0.01 Public Bank 983,280 704 0.03 QL Resources 61,050 53 0.00 RHB Capital 100,678 96 0.00 Sime Darby 212,661 84 0.00 Sime Darby Property 212,661 26 0.00 Telekom Malaysia 55,500 55 0.00 Tenaga Nasional 124,525 214 0.01 Top Glove 286,800 127 0.01 Westports Holdings 56,600 42 0.00 YTL Corporation 274,005 30 0.00 Total Malaysia 5,103 0.18 MAURITIUS - 0.00% (0.00%)

Golden Agri-Resources 409,708 60 0.00 Total Mauritius 60 0.00 MEXICO - 0.24% (0.26%)

Alfa A 143,900 84 0.00 Alpek Sa De 20,900 17 0.00 America Movil 1,441,839 976 0.03 Arca Continental 22,031 101 0.00 Becle 36,600 62 0.00 Bimbo A 135,641 292 0.01 Cemex 957,297 469 0.02 Coca-Cola Femsa 33,214 131 0.01 Concentradora Fibra REIT 15,200 13 0.00 El Puerto De Liverpool 12,683 41 0.00 Fibra Uno Administration 170,055 125 0.01 Fomento Econ Mexicano 95,275 564 0.02 Gruma B 11,505 102 0.00




% Grupo Aeroport B 23,338 229 0.01 Grupo Aeroportuario Del Centro Norte 21,583 103 0.00 Grupo Aeroportuario del Sureste B 11,484 175 0.01 Grupo Carso 28,819 70 0.00 Grupo Elektra 3,666 205 0.01 Grupo Fin Banorte 167,720 777 0.03 Grupo Financiero Inbursa 143,605 109 0.01 Grupo Lala 30,000 19 0.00 Grupo Mexico B 210,489 660 0.02 Grupo Televisa 137,310 206 0.01 Industrias Bachoco 8,600 22 0.00 Industrias Peñoles 8,183 78 0.00 Kimberly - Clark de Mexico 54,259 62 0.00 Megacable 20,016 42 0.00 Orbia Advance Corporation 125,236 232 0.01 Promotora Y Op De Infra 14,268 79 0.00 Telesites Sab 89,793 59 0.00 Wal-Mart de Mexico 327,496 865 0.03 Total Mexico 6,969 0.24 NETHERLANDS - 1.76% (1.60%)

Aalberts Industries 5,451 258 0.01 ABN AMRO Group GDR 22,881 256 0.01 Adyen 1,549 3,418 0.12 Aegon 98,640 365 0.01 Airbus Group 30,761 2,983 0.10 Akzo Nobel 11,801 1,025 0.04 argenx 2,841 649 0.02 ASM International 2,674 964 0.03 ASML Holdings 21,572 13,804 0.47 ASR Nederland 7,506 254 0.01 BE Semiconductor 3,188 223 0.01 CNH Industrial 54,392 756 0.03 Euronext 4,732 384 0.01 Exor Holdings 6,009 430 0.01 Ferrari New 7,502 1,448 0.05 GrandVision 3,180 77 0.00 Heineken 13,160 1,101 0.04 Heineken Holdings 6,676 465 0.02 IMCD Group 3,593 618 0.02 ING Groep 215,939 2,447 0.08 JDE Peet's N.V. 4,175 94 0.00 Just Eat Takeaway.com 3,947 200 0.01 Just Eat Takeaway.com 2,074 105 0.00 Koninklijke Ahold Delhaize 55,406 1,453 0.05 Koninklijke DSM 9,264 1,531 0.05




% Koninklijke Philips 51,538 1,634 0.06 KPN Koninklijke 210,242 473 0.02 Lyondell Basell Industries 14,723 1,044 0.04 NN Group 20,713 829 0.03 NXP Semiconductors 12,646 2,031 0.07 Prosus 47,950 3,068 0.11

#Prosus Rights 47,950 0 0.00 Qiagen 13,944 558 0.02 Randstad 6,794 367 0.01 Signify 7,234 268 0.01 Stellantis 99,954 1,525 0.05 STMicroelectronics 26,291 1,003 0.03 Universal Music 41,607 946 0.03 Vopak 3,756 110 0.00 Wolters Kluwer certificates 14,323 1,188 0.04 Yandex 17,999 1,096 0.04 Total Netherlands 51,448 1.76 NEW ZEALAND - 0.10% (0.10%)

A2 Milk 46,266 156 0.00 Air New Zealand 27,180 24 0.00 Auckland International Airport 53,724 232 0.01 Contact Energy 40,645 171 0.00 Fisher & Paykel Healthcare 35,969 592 0.02 Fletcher Building 48,263 180 0.01 Kiwi Property Group 94,704 57 0.00 Mainfreight 4,458 210 0.01 Mercury 43,722 138 0.00 Meridian Energy 68,597 173 0.01 Ryman Healthcare 23,266 170 0.01 Sky City Entertainment Group 42,559 70 0.00 Spark New Zealand 107,339 253 0.01 Xero 5,861 467 0.02 Total New Zealand 2,893 0.10 NORWAY - 0.20% (0.21%)

Adevinta B 4,719 61 0.00 Aker 1,600 114 0.00 Aker BP 6,130 157 0.01 DNB Bank 58,926 1,081 0.04 Equinor 53,086 1,025 0.03 Gjensidige Forsikring 9,416 174 0.01 Leroy Seafood Group 14,530 89 0.00 Marine Harvest 27,016 549 0.02 Norsk Hydro 75,661 406 0.01 Orkla 48,497 355 0.01




% Salmar 2,938 160 0.01 Schibsted 5,211 207 0.01 Schibsted B 5,544 191 0.01 Telenor 41,114 481 0.02 Tomra 7,378 370 0.01 Yara International 10,881 420 0.01 Total Norway 5,840 0.20 PAKISTAN - 0.00% (0.00%)

Fauji Fertilizer 36,500 16 0.00 Habib Bank 37,400 20 0.00 Oil & Gas Development 35,700 12 0.00 Pakistan Petroleum 37,812 12 0.00 Total Pakistan 60 0.00 PANAMA - 0.03% (0.00%)

Carnival 46,371 769 0.03 Total Panama 769 0.03 PAPUA NEW GUINEA - 0.01% (0.01%)

Oil Search 139,879 327 0.01 Total Papua New Guinea 327 0.01 PHILIPPINES - 0.10% (0.10%)

AboitizPower 101,200 47 0.00 Alliance Global 232,441 38 0.00 Ayala 22,472 294 0.01 Ayala Land 538,734 293 0.01 Bank of the Philippines 101,027 138 0.01 BDO Unibank 126,259 239 0.01 Bloomberry Resorts 772,872 86 0.00 DMCI Holdings 230,740 26 0.00 Globe Telecom 1,560 78 0.00 GT Capital Holdings 6,454 56 0.00 International Container Terminal Services 56,480 159 0.01 JG Summit Holdings 170,709 152 0.01 Jollibee Foods 23,094 85 0.00 LT Group 148,939 23 0.00 Manila Electric 17,100 76 0.00 Megaworld 781,248 38 0.00 Metro Pacific Investment 802,000 48 0.00 Metropolitan Bank & Trust 113,767 86 0.00 Philippine Long Distance 6,623 167 0.01 San Miguel 20,580 36 0.00 San Miguel Food 37,670 42 0.00 Semirara Mining & Power 66,400 21 0.00




% SM Investments 30,641 450 0.02 SM Prime Holdings 508,027 270 0.01 Universal Robina 50,034 98 0.00 Total Philippines 3,046 0.10 POLAND - 0.07% (0.07%)

Cyfrowy Polsat 16,882 107 0.00 Dino Polska 2,718 167 0.01 KGHM 7,741 216 0.01 LPP 53 135 0.01 Pekao 8,877 205 0.01 PKO Bank Polski 47,960 402 0.01 Polish Oil & Gas 109,627 124 0.00 Polski Koncern Naftowy 17,466 265 0.01 PZU Group 31,531 230 0.01 Santander Bank Polska 1,680 111 0.00 Total Poland 1,962 0.07 PORTUGAL - 0.04% (0.04%)

Energias de Portugal 174,188 713 0.02 Galp Energia 28,963 217 0.01 Jeronimo Martins 13,815 254 0.01 Total Portugal 1,184 0.04 QATAR - 0.09% (0.10%)

Barwa Real Estate 127,170 83 0.00 Doha Bank 87,580 57 0.00 Ezdan Real Estate 98,845 32 0.00 Industries of Qatar 126,412 411 0.02 Masraf Al Rayan 208,540 208 0.01 Mesaieed Petrochemical Holdings 245,950 117 0.01 Ooredoo QSC 52,320 75 0.00 Qatar Aluminum Manufacturing 173,010 70 0.00 Qatar Fuel 27,650 104 0.00 Qatar Gas Transport 176,830 119 0.01 Qatar Insurance 88,670 45 0.00 Qatar International Islamic Bank 47,167 94 0.00 Qatar Islamic Bank 65,230 243 0.01 Qatar National Bank 175,038 751 0.03 United Development 83,360 27 0.00 Vodafone Qatar 88,405 30 0.00 Total Qatar 2,466 0.09




%RUSSIA - 0.37% (0.37%)

Aeroflot 32,819 23 0.00 Alrosa 138,970 186 0.01 Bashneft OAO 1,288 15 0.00 Federal Grid 13,830,000 26 0.00 Gazprom 443,442 1,539 0.05 Inter RAO 2,348,956 115 0.00 Lukoil ADR 22,745 1,609 0.05 Magnit 4,100 273 0.01 Magnitogorsk Iron and Steel 36,300 23 0.00 MMC Norilsk ADR 33,088 753 0.03 Mobile Telesystems ADR 27,183 185 0.01 Moscow Exchange Micex 93,296 164 0.01 Mosenergo 285,407 7 0.00 Novatek OAO GDR 5,898 1,077 0.04 Novolipetsk Steel 57,213 130 0.00 OAO Gazprom ADR 68,965 476 0.02 PhosAgro 2,335 140 0.00 Polyus Gold 1,739 282 0.01 Rosneft Oil Company 65,026 414 0.01 Rosseti 1,858,214 26 0.00 Rostelecom 44,983 43 0.00 RusHydro 7,223,353 60 0.00 Sberbank of Russia ADR 139,761 1,954 0.07 Severstal 3,918 67 0.00 Sistema 157,600 45 0.00 Surgutneftegaz 405,508 182 0.01 Surgutneftegaz prefrence 437,100 179 0.01 Tatneft ADR 13,787 450 0.02 Tatneft preference 7,910 39 0.00 Transneft 88 135 0.00 Unipro 580,000 17 0.00 VTB Bank 317,988,524 169 0.01 Total Russia 10,803 0.37 SAUDI ARABIA - 0.37% (0.37%)

Abdullah Al Othaim Markets 2,279 52 0.00 Advanced Petrochemicals 2,908 41 0.00 Al Mouwasat Medical Services 2,480 81 0.00 Al Rajhi Bank 67,895 1,997 0.07 Alinma Bank 51,078 259 0.01 Almarai 14,476 149 0.01 Arab National Bank 33,194 157 0.01 Arabian Centres 7,018 30 0.00 Bank Albilad 18,988 173 0.01 Bank Al-Jazira 11,019 44 0.00




% Banque Saudi Fransi 30,517 299 0.01 Bupa Arabia for Cooperative 1,703 46 0.00 Dar Al Arkan REIT 14,512 27 0.00 Dr Sulaiman Al Habib Medic Service 5,119 173 0.01 Emaar Economic City 40,452 97 0.00 Etihad Etisalat 19,494 118 0.01 Jarir Marketing 3,038 121 0.01 National Industrialization 8,988 43 0.00 National Petrochemical 8,099 68 0.00 Qassim Cement 2,974 48 0.00 Rabigh Refining and Petrochemicals 21,369 109 0.00 Riyad Bank 78,606 468 0.02 SABIC Agri-Nutrients 5,996 214 0.01 Saudi Airlines Catering 2,402 42 0.00 Saudi Arabian Mining 20,244 317 0.01 Saudi Arabian Oil Company 156,343 1,154 0.04 Saudi Basic Industries 37,110 944 0.03 Saudi British Bank 27,774 187 0.01 Saudi Cement 5,056 61 0.00 Saudi Electricity 49,429 259 0.01 Saudi Ground Services 6,022 42 0.00 Saudi Industrial Investment Group 6,047 40 0.00 Saudi International Petrochemical 9,854 88 0.00 Saudi Kayan Petrochemical 20,156 75 0.00 Saudi Telecom 26,338 602 0.02 Savola Group 16,068 112 0.00 Southern Province Cement 4,338 62 0.00 The Company for Cooperative Insurance 5,877 96 0.00 The Saudi National Bank 128,531 1,722 0.06 Yanbu Cement 4,881 38 0.00 Yanbu National Petro 14,172 199 0.01 Total Saudi Arabia 10,854 0.37 SINGAPORE - 0.33% (0.33%)

Ascendas REIT 187,656 319 0.01 Ascott REIT 112,500 66 0.00 BOC Aviation 13,600 87 0.00 Capitaland 291,090 542 0.02 CapitaLand Mall Trust 284,538 340 0.01 City Developments 29,807 118 0.01 ComfortDelGro 116,179 96 0.00 DBS 99,370 1,756 0.06 Flex 7,923 112 0.00 Genting Singapore 325,485 148 0.01 Hutchison Port 328,900 55 0.00 Jardine Cycle & Carriage 6,505 82 0.00




% Keppel 81,096 237 0.01 Keppel REIT 117,762 75 0.00 Mapletree Commercial Trust 125,057 145 0.01 Mapletree Industial Trust 78,225 115 0.01 Mapletree Logistics REIT 274,031 296 0.01 Mapletree North Asia Commercial Trust 120,064 67 0.00 Olam International 39,445 38 0.00 Overseas-Chinese Banking 158,733 1,034 0.04 SATS 41,300 93 0.00 Sembcorp Industries 60,613 68 0.00 SIA Engineering 16,700 22 0.00 Singapore Airlines 72,125 214 0.01 Singapore Exchange 46,555 244 0.01 Singapore Post 97,900 36 0.00 Singapore Press Holdings 90,481 116 0.01 Singapore Technologies Engineering 138,100 298 0.01 Singapore Telecommunication 472,523 669 0.02 Starhub 28,900 20 0.00 Suntec REIT 130,253 110 0.00 United Overseas Bank 77,057 1,173 0.04 UOL Group 31,750 126 0.01 Venture Corporation 16,042 169 0.01 Wilmar International 110,236 263 0.01 Wing Tai Holdings 21,100 22 0.00 Yangzijiang Shipbuilding 138,400 98 0.00 Yanlord Land 35,100 21 0.00 Total Singapore 9,490 0.33 SOUTH AFRICA - 0.40% (0.52%)

Absa Group 39,800 270 0.01 African Rainbow Minerals 5,466 55 0.00 Anglo American Platinum 3,425 276 0.01 Anglogold 26,338 410 0.02 Aspen Pharmacare 21,086 224 0.01 AVI 21,018 85 0.00 Barloworld Limited 12,318 81 0.00 Bid Corporation 20,996 328 0.01 Bidvest Group 18,785 170 0.01 Capitec Bank Holdings 3,161 284 0.01 Clicks Group 15,759 217 0.01 Coronation Fund Managers 16,264 43 0.00 Dis-Chem Pharmacies 26,137 44 0.00 Discovery Holdings 19,448 134 0.01 DISTELL GROUP HOLDINGS 4,387 36 0.00 Exxaro Resources 14,235 108 0.00 FirstRand 287,588 818 0.03




% Fortress REIT A 75,890 49 0.00 Fortress REIT B 59,211 9 0.00 Gold Fields 51,614 409 0.01 Growthpoint Properties 207,220 137 0.01 Harmony Gold Mining 28,419 87 0.00 Impala Platinum 38,150 388 0.01 Investec 18,312 66 0.00 Kumba Iron Ore 2,780 56 0.00 Liberty 7,644 33 0.00 Life Healthcare 78,414 90 0.00 Mommet 68,690 65 0.00 Mr. Price Group 14,093 137 0.01 MTN Group 101,249 789 0.03 MultiChoice Group 22,848 139 0.01 Naspers Limited N 11,481 1,488 0.05 Nedbank 25,717 204 0.01 Network Healthcare 82,803 66 0.00 Northam Platinum 23,137 250 0.01 Old Mutual 252,138 175 0.01 Pepkor Holdings 45,527 56 0.00 Pick n Pay Stores 21,092 60 0.00 PSG Group Limited 9,234 36 0.00 Rand Merchant Investment 44,590 92 0.00 Redefine Properties Reit 340,267 88 0.00 Remgro 32,683 220 0.01 Resilient Property Income Reit 21,052 58 0.00 Sanlam 111,008 326 0.01 Santam 2,694 33 0.00 Sappi 31,524 63 0.00 Sasol 31,263 399 0.01 Shoprite Holdings 26,520 257 0.01 Sibanye-Stillwater 173,717 463 0.02 Spar Group 11,824 113 0.00 Standard Bank 81,328 529 0.02 Telkom 18,407 43 0.00 The Foschini Group 20,199 125 0.01 Tiger Brands 9,129 88 0.00 Truworths International 24,257 63 0.00 Vodacom Group 35,711 242 0.01 Woolworths Holdings 48,528 135 0.01 Total South Africa 11,709 0.40




%SPAIN - 0.62% (0.69%)

Acciona (registered) 1,389 191 0.01 Actividades de Construccion y Servicios 19,295 385 0.01 Aena 4,446 561 0.02 Amadeus IT 23,595 1,274 0.04 Banco Santander 919,359 2,510 0.09 Bankinter (registered) 38,552 163 0.01 BBV Argentaria 367,864 1,834 0.06 CaixaBank 274,984 586 0.02 Cellnex Telecom 33,872 1,560 0.05 Corporacion Mapfre (registered) 56,028 94 0.00 EDP Renovaveis 14,413 278 0.01 Enagas 15,809 270 0.01 Endesa 20,131 333 0.01 Ferrovial 31,013 710 0.03

#Ferrovial Rights 31,013 7 0.00 Gamesa 4,829 90 0.00 Grifols A 21,018 329 0.01 Iberdrola 321,640 2,787 0.10 Industria de Diseño Textil 56,698 1,534 0.05 Inmobiliaria Colonial 17,925 131 0.01 Linea Directa Aseguradora 10,184 15 0.00 Merlin Properties REIT 18,487 158 0.01 Naturgy Energy 18,942 365 0.01 Red Electrica de Espana 23,650 363 0.01 Repsol 71,815 668 0.02 Telefonica 281,194 934 0.03 Total Spain 18,130 0.62 SWEDEN - 0.97% (1.05%)

Alfa Laval 18,814 618 0.02 Assa Abloy B 50,684 1,148 0.04 Atlas Copco A 34,905 1,683 0.06 Atlas Copco B 20,951 862 0.03 Beijer Ref B 13,496 217 0.01 Biovitrum 9,748 190 0.01 Boliden 16,892 435 0.01 Castellum 15,276 304 0.01 Electrolux 13,452 240 0.01 Elekta B 20,165 189 0.01 Epiroc A 34,502 656 0.02 Epiroc AB 20,863 332 0.01 EQT 17,595 795 0.03 Ericsson (L.M.) Telefonatkie A 1,884 15 0.00 Ericsson (L.M.) Telefonatkie B 130,958 1,060 0.04 Essity Aktiebolag B 38,367 970 0.03




% Evolution Gaming Group 7,754 966 0.03 Fastighets Balder B 6,157 345 0.01 Getinge B 13,390 487 0.02 Hennes & Mauritz B free 29,067 422 0.01 Hexagon 98,396 1,141 0.04 Holmen 6,066 207 0.01 Husqvarna B 25,800 294 0.01 ICA Gruppen 4,849 220 0.01 Industivarden A 12,843 323 0.01 Industivarden C 9,478 235 0.01 Indutrade 16,763 370 0.01 Investor A 29,880 567 0.02 Investor B 104,504 1,939 0.07 Kinnevik 13,233 419 0.01 Latour Investment B 7,818 229 0.01 Lifco 11,878 273 0.01 Lundbergs B 4,863 221 0.01 Lundin Energy 9,757 272 0.01 Nibe Industrier 66,444 769 0.03 Sagax 4,526 141 0.00 Sandvik 59,510 1,140 0.04 SCA B 33,427 396 0.01 Securitas B 17,069 205 0.01 Sinch 25,710 270 0.01 Skandinaviska Enskilda Banken 971 12 0.00 Skandinaviska Enskilda Banken A 91,130 1,075 0.04 Skanska AB 22,632 432 0.01 SKF B 22,849 417 0.01 Svenska Handelsbanken 66,028 575 0.02 Svenska Handelsbanken B 2,893 29 0.00 Sweco 11,433 154 0.00 Swedbank A 63,616 1,048 0.03 Swedish Match 85,310 485 0.02 Tele2 B 33,867 359 0.01 Telia Company 162,187 478 0.02 Trelleborg B 15,290 266 0.01 Volvo A 12,562 224 0.01 Volvo B 73,147 1,290 0.04 Total Sweden 28,409 0.97




%SWITZERLAND - 2.70% (2.67%)

ABB (registered) 94,445 2,458 0.09 Adecco 9,746 379 0.01 Alcon 23,185 1,423 0.05 Baloise Holdings 2,947 349 0.01 Banque Cantonale Vaudoise 1,590 92 0.00 Barry Callebaut 196 361 0.01 Chocoladefabriken Lindt & Sprüngli 07 658 0.02 Chubb 23,076 3,318 0.11 CIE Financiere Richemont A 26,756 3,019 0.10

#Cie Financiere Richemont A warrants 22/11/2023 62,974 51 0.00 Clariant (registered) 11,349 180 0.01 Coca-Cola HBC 12,345 318 0.01 Credit Suisse 115,461 870 0.03 DKSH Holdings 2,257 137 0.01 EMS Chemie 402 303 0.01 Garmin 9,427 1,020 0.04 Geberit 1,880 1,115 0.04 Georg Fischer 276 314 0.01 Givaudan (registered) 471 1,706 0.06 Helvetia Holdings 1,845 161 0.01 Holcim 31,577 1,224 0.04 Julius Baer Group 12,711 683 0.02 Kuehne & Nagel 2,729 651 0.02 Lindt & Sprüngli 60 558 0.02 Logitech R 7,915 476 0.02 Lonza Group 4,039 2,386 0.08 Medmix 1,142 39 0.00 Nestle (registered) 152,185 15,125 0.52 Novartis (registered) 118,127 7,266 0.25 OC Oerlikon 10,971 89 0.00 Partners Group 1,239 1,613 0.06 PSP Swiss Property 2,224 210 0.01 Roche Holdings 38,121 11,354 0.39 Roche Holdings B 1,689 546 0.02 Schindler Holdings (registered) 1,198 244 0.01 Schindler participation certificates 2,580 534 0.02 SGS Surveillance 350 802 0.03 Sig Combibloc Group 18,305 380 0.01 Sika 7,978 2,292 0.08 Sonova 2,523 761 0.03 Straumann Holdings 637 1,059 0.04 Sulzer (registered) 1,142 87 0.00 Swiss Life 1,718 715 0.02 Swiss Prime Site 4,770 361 0.01 Swiss Reinsurance (registered) 16,829 1,207 0.04




% Swisscom (registered) 1,406 578 0.02 TE Connectivity 18,247 2,231 0.08 Tecan 358 159 0.01 Temenos Group 3,331 379 0.01 The Swatch Group (registered) 2,548 112 0.00 The Swatch Group B 1,653 379 0.01 UBS 179,750 2,421 0.08 VAT Group 1,620 621 0.02 Vifor Pharma 2,919 282 0.01 Zurich Insurance Group 8,025 2,606 0.09 Total Switzerland 78,662 2.70 TAIWAN - 1.70% (1.73%)

Accton Technology 34,000 255 0.01 Acer 189,000 137 0.00 Advantech 23,424 246 0.01 ASE Technology Holdings 214,012 602 0.02 Asia Cement 148,000 180 0.01 Asustek Computer 40,794 393 0.01 AU Optronics 559,518 304 0.01 Capital Securities 120,910 52 0.00 Catcher Technology 19,961 88 0.00 Cathay Financial 370,586 593 0.02 Chang Hwa Commercial Bank 372,994 169 0.01 Cheng Shin Rubber Industry 104,481 98 0.00 Chicony Electronics 96,151 211 0.01 China Airlines 147,047 104 0.00 China Development Financial 389,000 162 0.01 China Life Insurance 177,282 143 0.01 China Motor Corporation 14,400 26 0.00 China Steel 688,451 620 0.02 Chunghwa Telecom 208,901 630 0.02 Compal Electronics 264,670 168 0.01 CTBC Financial Holdings 1,153,473 741 0.03 Delta Electronic Industry 129,290 901 0.03 E.SUN Financial Holdings 802,371 601 0.02 Eclat Textile 12,958 225 0.01 Ennostar 24,500 51 0.00 Eternal Materials 53,500 54 0.00 Eva Airways 145,797 104 0.00 Evergreen Marine Corporation 184,330 554 0.02 Far Eastern International Bank 121,439 34 0.00 Far Eastern New Century Corporation 223,359 180 0.01 Far EasTone Telecommunications 91,295 156 0.01 Feng Tay Enterprises 25,996 155 0.01 First Financial 649,280 409 0.01




% Formosa Chemicals & Fibre 218,040 475 0.02 Formosa Petrochemical 77,919 214 0.01 Formosa Plastics 269,773 770 0.03 Formosa Taffeta 68,000 54 0.00 Foxconn Technology 73,161 133 0.00 Fubon Financial 342,288 678 0.02 Genius Electronic Optical 4,000 49 0.00 Giant Manufacturing 6,800 57 0.00 GlobalWafers 9,300 199 0.01 Hiwin Technologies 16,887 129 0.00 Hon Hai Precision Industry 659,508 1,910 0.07 Hotai Motor Company 8,869 152 0.01 HTC 47,000 115 0.00 Hua Nan Financial 554,126 311 0.01 Innolux Corporation 489,000 226 0.01 Inventec 196,257 140 0.00 Largan Precision 6,739 380 0.01 Lite-On Technology 120,679 200 0.01 MediaTek 80,351 2,208 0.08 Mega Financial Holdings 691,461 629 0.02 Micro-Star International 43,228 187 0.01 Nan Ya Plastics 315,000 725 0.03 Nanya Technology 17,000 32 0.00 Novatek Microelectronics 32,887 414 0.01 OBI Pharma 6,881 20 0.00 Pegatron 114,000 208 0.01 Pou Chen 150,984 140 0.00 President Chain Store 31,671 246 0.01 Quanta Computer 150,544 347 0.01 Realtek Semiconductor 26,824 389 0.01 Shanghai Commercial & Savings Bank 180,000 220 0.01 Sino-American Silicon 29,000 150 0.01 SinoPac 595,641 234 0.01 Synnex Technology International 87,877 136 0.00 Taishin Financial 612,994 305 0.01 Taiwan Business Bank 313,187 81 0.00 Taiwan Cement 321,679 419 0.01 Taiwan Cooperative Financials 551,864 348 0.01 Taiwan Fertilizer 48,000 89 0.00 Taiwan Glass Industrial 87,000 64 0.00 Taiwan High Speed Rail 119,000 93 0.00 Taiwan Mobile 90,138 241 0.01 Taiwan Secom 15,000 42 0.00 Taiwan Semiconductor Manufacturing 1,326,958 21,631 0.74 Teco Electric & Machinery 275,661 234 0.01 Transcend Information 15,000 28 0.00




% U-Ming Marine Transport 30,000 44 0.00 Unimcron Technology 86,494 455 0.02 Uni-President Enterprises 304,795 555 0.02 United Microelectronics 571,979 971 0.03 Vanguard International Semiconductor 58,461 240 0.01 Walsin Lihwa 371,000 274 0.01 Wan Hai Lines 57,200 241 0.01 WIN Semiconductors 26,000 245 0.01 Wistron 185,767 143 0.01 Yageo Corporation 26,000 308 0.01 Yang Ming Marine Transport Corporation 91,000 256 0.01 Yuanta Financial 428,480 284 0.01 Yulon Motor 31,594 35 0.00 Yulon Nissan Motor 2,000 14 0.00 Total Taiwan 49,463 1.70 THAILAND - 0.23% (0.25%)

Advanced Info 70,991 313 0.01 Airports of Thailand 272,551 411 0.02 Asset World Corporation 393,400 42 0.00 Bangkok Dusit Medical Services 565,964 314 0.01 Bangkok Expressway and Metro 1,107,699 228 0.01 Bangkok Life Assurance 27,700 19 0.00 Banpu 375,237 90 0.00 #Banpu Warrants 1/10/2022 93,809 10 0.00 #Banpu Warrants 1/10/2023 93,809 7 0.00 Berli Jucker 66,126 53 0.00 BTS Group Holdings 485,816 107 0.01 #BTS Group Holdings Warrants 5/9/2022 24,290 1 0.00 #BTS Group Holdings Warrants 7/11/2024 48,581 0 0.00 #BTS Group Holdings Warrants 20/11/2026 97,163 0 0.00 Bumrungrad Hospital 21,305 76 0.00 Central Pattana 167,413 217 0.01 Central Retail Corporation 175,175 143 0.01 Charoen Pokphand Foods 205,783 117 0.00 CP All 331,304 494 0.02 Delta Electronics 15,479 149 0.01 Digital Telecommunication Infrastructure 296,510 89 0.00 Electricity Generating 17,568 71 0.00 Energy Absolute 94,200 147 0.01 Global Power Synergy 37,638 64 0.00 Gulf Energy Development 366,575 344 0.01 Home Product Center 318,682 108 0.00 Indorama Ventures 112,662 106 0.00 IRPC 688,190 63 0.00 Kasikornbank 83,800 277 0.01




% Land and Houses 431,869 85 0.00 Minor International 248,659 174 0.01 Muangthai Capital 36,900 50 0.00 Osotspa 77,860 61 0.00 PTT 796,600 684 0.02 PTT Exploration & Production 77,687 209 0.01 PTT Global Chemical 115,203 161 0.01 Ratch Group 51,753 53 0.00 Siam Cement 53,400 481 0.02 Siam Commercial Bank 162,141 491 0.02 Srisawad Corporation 37,100 53 0.00

#Srisawad Corporation warrants 23/6/2025 1,484 0 0.00 Thai Oil 57,913 71 0.00 Thai Union Group 159,196 73 0.00 Total Access Communications 36,000 31 0.00 True Corporation 707,385 65 0.00 Total Thailand 6,802 0.23 TURKEY - 0.04% (0.04%)

Akbank 150,489 78 0.00 Anadolu Efes Biracilik 11,193 21 0.00 Arcelik 9,835 29 0.00 Aselsan Elektronik Sanayi 33,380 45 0.00 Bim Birlesik Magazalar 25,222 126 0.01 Coca-Cola Icecek 3,496 24 0.00 Enka Insaat 37,269 36 0.00 Eregli Demir Celik Fabrik 89,266 133 0.01 Ford Otomotiv Sanayi 3,372 55 0.00 Garanti Bankasi 118,283 102 0.01 KOC Holdings 48,268 101 0.01 Koza Altin Isletmeleri 3,763 34 0.00 Petkim Petrokimya 80,890 47 0.00 Sabanci Holdings 50,283 52 0.00 Tav Havalimanlari 12,421 27 0.00 Tofas Turk Otomobil Fabrikasi 6,540 30 0.00 Tupras-Turkiye Petrol Rafine 6,962 79 0.00 Turk Hava Yollari 36,445 48 0.00 Turk Telekomunikasyon 28,154 19 0.00 Turkcell Iletisim Hizmetleri 60,982 79 0.00 Turkiye Is Bankasi C 92,636 48 0.00 Turkiye Sise Ve Cam Fabrikalari 32,434 24 0.00 Turkiye Vakiflar Bankasi 71,013 21 0.00 Yapi Ve Kredi Bankasi 82,418 21 0.00 Total Turkey 1,279 0.04




%UNITED ARAB EMIRATES - 0.10% (0.10%)

Abu Dhabi Commercial Bank 178,672 293 0.01 Abu Dhabi Islamic Bank 49,800 61 0.00 Air Arabia 122,628 38 0.00 Aldar Properties 256,962 214 0.01 DAMAC Properties 83,408 24 0.00 Dana Gas 173,465 39 0.00 Dubai Financial Market 86,616 45 0.00 Dubai Investment 138,962 57 0.00 Dubai Islamic Bank 93,289 104 0.00 Emaar Development 45,259 43 0.00 Emaar Malls Group 130,550 69 0.00 Emaar Properties 199,078 206 0.01 Emirates NBD 155,157 442 0.02 Emirates Telecommunications 39,754 228 0.01 National Bank of Abu Dhabi 277,731 1,072 0.04 Total United Arab Emirates 2,935 0.10 UNITED KINGDOM - 3.59% (4.02%)

3i Group 42,521 614 0.02 Admiral Group 13,068 390 0.01 Anglo American 67,050 1,911 0.06 Antofagasta 23,319 340 0.01 Ashmore Group 25,279 80 0.00 Ashtead Group 24,713 1,575 0.05 Associated British Foods 22,088 446 0.01 AstraZeneca 86,274 7,736 0.27 Atlassian Corporation 7,267 2,348 0.08 Auto Trader Group 52,177 376 0.01 Avast 34,429 206 0.01 Aveva Group 6,396 209 0.01 Aviva 248,121 996 0.03 BAE Systems 178,327 1,018 0.03 Barclays 845,414 1,657 0.06 Barratt Developments 63,949 438 0.01 Bellway 6,978 221 0.01 Berkeley 6,232 268 0.01 BHP Group 114,937 2,211 0.08 BP 1,100,239 3,757 0.13 British American Tobacco 121,822 3,190 0.11 British Land REIT 54,495 282 0.01 BT Group 482,513 796 0.03 Bunzl 21,367 600 0.02 Burberry Group 22,961 448 0.01 Centrica 368,347 243 0.01 Coca-Cola European Partners 10,265 428 0.01




% Compass Group 102,530 1,568 0.05 ConvaTec Group 85,222 187 0.01 Croda International 7,890 783 0.03 Dechra Pharmaceuticals 5,799 300 0.01 Derwent London REIT 5,680 196 0.01 Diageo 127,069 4,850 0.17 Direct Line Insurance 77,469 214 0.01 Electrocomp 25,977 324 0.01 GlaxoSmithKline 273,292 4,338 0.15 Halma 22,727 714 0.02 Hargreaves Lansdown 20,493 316 0.01 Hikma Pharmaceuticals 9,197 218 0.01 HomeServe 18,524 159 0.01 Howden Joinery Group 32,940 307 0.01

+HSBC Holdings 1,114,136 4,865 0.17 IMI 16,094 289 0.01 Imperial Brands 51,528 823 0.03 Informa 83,405 440 0.01 InterContinental Hotels 11,557 579 0.02 Intermediate Capital 17,655 414 0.01 Intertek Group 10,195 523 0.02 ITV 203,085 255 0.01 JD Sports Fashion 20,667 239 0.01 Johnson Matthey 10,691 249 0.01 Kingfisher 133,243 454 0.02 Land Securities 45,273 321 0.01 Legal & General 239,646 703 0.02 Liberty Global 11,334 245 0.01 Liberty Global C 19,113 415 0.01 Lloyds Banking Group 3,900,896 1,936 0.07 London Stock Exchange Group 19,875 1,424 0.05 M&G 137,835 274 0.01 Meggitt 5,564 41 0.00 Melrose 273,286 465 0.02 Mondi 28,107 519 0.02 Mondi 2,678 50 0.00 National Grid 202,937 1,992 0.07 NatWest Group 226,344 497 0.02 Next 7,484 613 0.02 Nielsen 22,540 363 0.01

#NMC Health 4,878 0 0.00 Ocado Group 28,747 522 0.02 Pearson 45,027 287 0.01 Pennon 15,830 193 0.01 Persimmon 17,549 473 0.02 Phoenix Group Holdings 29,819 196 0.01




% Prudential 144,548 2,174 0.07 Quilter 123,451 189 0.01 Reckitt Benckiser 33,495 2,084 0.07 RELX 101,402 2,390 0.08 Renishaw 717 37 0.00 Rentokil Initial 125,708 784 0.03 Rightmove 55,520 408 0.01 Rio Tinto 60,993 2,752 0.09 Rolls-Royce 407,038 586 0.02 Royal Dutch Shell A 226,861 3,803 0.13 Royal Dutch Shell B 214,333 3,603 0.12 Royal Mail 50,651 226 0.01 Royalty Pharma 7,992 248 0.01 Sage Group 65,451 490 0.02 Sainsbury (J) 94,831 279 0.01 Schroders 6,331 235 0.01 Segro REIT 75,141 1,013 0.03 Sensata Technologies Holdings 9,535 432 0.01 Severn Trent 15,094 426 0.01 Smith & Nephew 55,606 728 0.02 Smith (DS) 80,481 315 0.01 Smiths Group 25,045 373 0.01 Spirax Sarco Engineering 4,666 799 0.03 SSE 68,297 1,131 0.04 St. James’s Place Capital 29,368 465 0.02 Standard Chartered 96,313 457 0.02 Standard Life Aberdeen 26,642 69 0.00 Tate & Lyle 26,386 180 0.01 Taylor Wimpey 228,542 360 0.01 Tesco 422,133 1,207 0.04 THG Holdings 36,976 72 0.00 Travis Perkins 12,769 199 0.01 Unilever 83,446 3,261 0.11 Unilever ordinary shares 58,512 2,286 0.08

#Unilever Rights 58,512 0 0.00 United Utilities 43,348 464 0.02 Vodafone Group 1,486,226 1,672 0.06 Weir Group 14,571 259 0.01 Whitbread 12,739 402 0.01 Wickes Group 14,308 32 0.00 Total United Kingdom 104,807 3.59




%UNITED STATES - 56.42% (54.55%)

3M 31,966 4,362 0.15 Abbott Laboratories 96,771 9,326 0.32 Abbvie 98,432 8,564 0.29 Abiomed 2,466 640 0.02 Activision 37,365 1,959 0.07 Adobe 26,011 12,776 0.44 Advance Auto Parts 3,925 707 0.02 Advanced Micro Devices 62,336 6,797 0.23 AES 36,758 685 0.02 Aflac 36,590 1,568 0.05 Agilent Technologies 17,549 2,061 0.07 AGNC Investment REIT 34,294 409 0.01 Air Products & Chemicals 11,858 2,682 0.09 Akamai Technologies 9,570 773 0.03 Albemarle Corporation 4,679 945 0.03 Alexandria Real Estate Equities 7,691 1,180 0.04 Align Technology 3,850 1,950 0.07 Alleghany Corporation 817 422 0.01 Alliant Energy 15,240 638 0.02 Allstate 14,973 1,280 0.04 Ally Financial 22,356 831 0.03 Alnylam Pharmaceuticals 6,545 844 0.03 Alphabet A 16,387 36,225 1.24 Alphabet C 15,420 34,300 1.18 Altice USA 13,500 174 0.01 Altria Group 102,310 3,442 0.12 Amazon.com 23,647 62,422 2.14 AMC Entertainment 19,446 618 0.02 Ameren 12,119 774 0.03 American Electric Power 26,139 1,613 0.06 American Express 37,521 5,115 0.18 American International Group 49,521 2,142 0.07 American Tower 24,587 4,768 0.16 American Water Works 10,024 1,289 0.04 Ameriprise Financial 6,277 1,437 0.05 AmerisourceBergen 8,171 757 0.03 Ametek 12,728 1,327 0.05 Amgen 30,944 4,778 0.16 Amphenol Corporation A 32,240 2,039 0.07 Analog Devices 29,891 4,118 0.14 Annaly Mortgage Management 32,899 209 0.01 Ansys 4,742 1,392 0.05 Anthem 13,358 4,321 0.15 Apple 855,363 95,515 3.27 Applied Materials 49,582 5,770 0.20




% Aramark 16,431 465 0.02 Arch Capital Group 23,901 753 0.03 Archer Daniels Midland 31,809 1,585 0.05 Arconic 24,876 612 0.02 Arista Networks 3,761 1,479 0.05 Arrow Electronics 4,091 384 0.01 Assurant 3,837 457 0.02 AT&T 393,053 7,254 0.25 Atmos Energy 7,667 549 0.02 Autodesk 12,152 2,953 0.10 Autoliv 4,868 370 0.01 Automatic Data Processing 23,694 4,113 0.14 Autozone 1,306 1,859 0.06 AvalonBay Communities 7,589 1,387 0.05 Avangrid 3,174 121 0.00 Avantor 29,631 849 0.03 Avery Dennison 5,284 883 0.03 Baker Hughes 46,880 863 0.03 Ball 17,745 1,267 0.04 Bank of America 394,208 13,808 0.47 Bank of New York Mellon 43,688 1,948 0.07 Bath & Body Works 13,464 750 0.03 Baxter International 28,031 1,661 0.06 Becton Dickinson 15,768 2,860 0.10 Berkshire Hathaway A 20 6,390 0.22 Berkshire Hathaway B 73,298 15,535 0.53 Best Buy 13,612 1,341 0.05 Biogen IDEC 8,725 1,766 0.06 BioMarin Pharmaceutical 12,119 741 0.03 Bio-Rad Laboratories 1,292 725 0.03 Bio-Techne 2,136 798 0.03 BlackRock 8,051 5,714 0.20 Blackstone 37,618 3,998 0.14 Boeing 29,182 5,063 0.17 Booking Holdings 2,234 4,000 0.14 BorgWarner 14,597 528 0.02 Boston Properties 9,808 881 0.03 Boston Scientific 82,133 2,527 0.09 Bristol Myers Squibb 123,861 5,498 0.19 Broadcom Corporation 22,241 9,369 0.32 Broadridge Financial Solutions 7,213 951 0.03 Brown & Brown 14,942 715 0.02 Brown-Forman B 12,140 652 0.02 Burlington Store 3,730 752 0.03 Cadence Design Systems 15,235 2,068 0.07 Caesars Entertainment 10,854 834 0.03




% Campbell Soup 1,967 61 0.00 Capital One Financial 24,967 2,907 0.10 Cardinal Health 16,188 608 0.02 Carmax 9,001 1,003 0.03 Carrier Global Corporation 44,959 1,864 0.06 Carvana 4,292 953 0.03 Catalent 9,724 928 0.03 Caterpillar 31,095 4,808 0.16 CBOE Global Markets 6,981 681 0.02 CBRE Group 18,433 1,435 0.05 CDW 7,576 1,076 0.04 Celanese A 6,295 784 0.03 Centene 32,212 1,801 0.06 Centerpoint Energy 31,858 639 0.02 Ceridian HCM 6,975 625 0.02 Cerner 16,323 898 0.03 CF Industries 11,899 581 0.02 CH Robinson Worldwide 8,924 636 0.02 Charles River Laboratories 2,750 787 0.03 Charter Communications A 7,164 3,696 0.13 Cheniere Energy 14,569 1,121 0.04 Chevron 105,906 9,211 0.32 Chicago Mercantile Exchange 19,533 3,296 0.11 Chipotle Mexican Grill 1,615 2,212 0.08 Church & Dwight 13,546 919 0.03 Cigna Corporation 19,060 3,059 0.10 Cincinnati Financial 7,470 675 0.02 Cintas 4,823 1,575 0.05 Cisco Systems 232,319 9,905 0.34 Citigroup 112,629 5,763 0.20 Citizens Financial Group 26,314 979 0.03 Citrix Systems 7,376 479 0.02 Clorox 4,438 561 0.02 Cloudflare 13,988 2,152 0.07 CME Group 931 157 0.01 CMS Energy 15,956 727 0.03 CNA Financial 1,878 63 0.00 Coca-Cola 204,658 8,627 0.30 Cognizant Technology Solutions 31,102 1,898 0.07 Colgate-Palmolive 45,555 2,655 0.09 Comcast 254,093 10,092 0.35 Comerica 5,105 340 0.01 Commerce Bancshares 6,755 372 0.01 ConAgra Foods 14,333 345 0.01 ConocoPhillips 71,746 3,885 0.13 Consolidation Edison (New York registered) 19,546 1,146 0.04




% Constellation Brands A 8,948 1,524 0.05 Copart 12,659 1,475 0.05 Corning 42,010 1,210 0.04 Corteva 40,750 1,467 0.05 Costar Group 17,140 1,069 0.04 Costco Wholesale 24,631 9,534 0.33 Coterra Energy 10,938 170 0.01 Coupa Software 2,454 419 0.01 CrowdStrike Holdings ‘A’ 10,881 2,059 0.07 Crown Castle International REIT 24,017 3,268 0.11 CSX 123,387 3,233 0.11 Cummins 8,650 1,520 0.05 CVS Health 71,705 4,991 0.17 D.R.Horton 18,513 1,341 0.05 Danaher 35,325 7,881 0.27 Darden Restaurants 7,178 789 0.03 Datadog 12,337 1,752 0.06 DaVita 3,816 302 0.01 Deere & Company 16,227 4,363 0.15 Dell Technologies 15,393 650 0.02 Delta Airlines 8,920 281 0.01 Dentsply Sirona 7,214 295 0.01 Devon Energy 30,467 979 0.03 Dexcom 5,366 2,565 0.09 Diamondback Energy 5,307 439 0.02 Digital Realty Trust 14,459 1,735 0.06 Discover Financial Services 16,522 1,454 0.05 Discovery Communications A 4,473 93 0.00 Discovery Communications C 19,389 392 0.01 Dish Network 13,595 366 0.01 Docusign 9,952 1,954 0.07 Dollar General 12,962 2,191 0.08 Dollar Tree Stores 13,474 1,296 0.04 Dominion Energy 45,175 2,552 0.09 Domino's Pizza 2,027 780 0.03 DoorDash 7,707 1,391 0.05 Dover 7,922 1,023 0.04 Dow 42,635 1,902 0.07 DraftKings 13,853 406 0.01 DT Midstream 5,339 195 0.01 DTE Energy 9,890 833 0.03 Duke Energy 40,713 3,050 0.10 Duke Realty 15,767 679 0.02 DuPont De Nemours 28,923 1,695 0.06 Eastman Chemicals 7,925 679 0.02 eBay 30,348 1,677 0.06




% Ecolab 14,023 2,458 0.08 Edison International 20,550 988 0.03 Edwards Lifesciences 34,694 3,014 0.10 Elanco Animal Health 12,690 304 0.01 Electronic Arts 16,394 1,724 0.06 Eli Lilly and Company 47,225 9,087 0.31 Emerson Electric 32,502 2,332 0.08 Enphase Energy 6,192 1,128 0.04 Entergy 9,961 779 0.03 EOG Resources 28,906 2,005 0.07 EPAM Systems 3,253 1,600 0.06 Equifax 5,991 1,259 0.04 Equinix REIT 4,937 2,932 0.10 Equitable Holdings 26,327 685 0.02 Equity Lifestyle Properties 4,885 305 0.01 Equity Residential 15,404 1,009 0.03 Essex Property REIT 3,527 923 0.03 Estee Lauder 13,179 3,416 0.12 Etsy 7,048 1,431 0.05 Evergy 9,721 475 0.02 Eversource Energy 18,950 1,178 0.04 Exact Sciences Corporation 6,349 425 0.01 Exelon 52,694 2,149 0.07 Expedia 8,503 1,124 0.04 Expeditors International Washington 9,288 891 0.03 Extra Space Storage 7,948 1,183 0.04 Exxon Mobil 234,192 11,223 0.38 F5 Networks 3,313 570 0.02 FactSet Research Systems 2,273 784 0.03 Fair Isaac 637 185 0.01 Fastenal 31,676 1,430 0.05 Federal Realty Investment Trust 4,731 455 0.02 Fedex 13,583 2,551 0.09 Fidelity National Information 33,758 2,907 0.10 Fifth Third Bancorp 40,824 1,356 0.05 First Republic Bank 10,781 1,764 0.06 FirstEnergy 32,444 953 0.03 Fiserv 34,036 2,580 0.09 FleetCor Technologies 5,181 932 0.03 FMC 8,202 649 0.02 FNFV Group 16,750 637 0.02 Ford Motor 213,186 3,150 0.11 Fortinet 7,916 1,975 0.07 Fortive 19,315 1,122 0.04 Fortune Brands Home & Security 8,029 639 0.02 Fox Corporation A 17,939 551 0.02




% Fox Corporation B 14,152 405 0.01 Franklin Resources 17,518 466 0.02 Freeport - McMoRan Copper & Gold 71,765 2,183 0.07 Gallagher (Arthur J) 11,996 1,476 0.05 Gartner 4,491 1,116 0.04 Generac 3,385 1,093 0.04 General Dynamics 13,741 2,056 0.07 General Electric 59,509 4,726 0.16 General Mills 30,797 1,461 0.05 General Motors 74,908 3,511 0.12 Gentex 15,035 422 0.01 Genuine Parts 7,775 793 0.03 Gilead Sciences 69,607 3,482 0.12 Global Payments 16,198 1,588 0.05 Globe Life 6,766 476 0.02 GoDaddy 10,975 596 0.02 Goldman Sachs 18,119 5,459 0.19 Grainger (W.W.) 2,617 944 0.03 GXO Logistics 6,103 448 0.02 Halliburton 48,919 852 0.03 Hartford Financial Services 19,141 1,031 0.04 Hasbro 7,825 577 0.02 HCA Holdings 12,278 2,218 0.08 Healthpeak Properties REIT 32,098 817 0.03 Heico 3,184 347 0.01 Heico A 5,226 530 0.02 Henry Schein 7,888 461 0.02 Hershey 8,076 1,067 0.04 Hess 11,178 685 0.02 Hewlett-Packard 82,933 908 0.03 Hilton Worldwide Holdings 15,126 1,609 0.06 Hologic 13,849 755 0.03 Home Depot 58,762 16,237 0.56 Honeywell International 37,867 6,272 0.22 Horizon Therapeutics 11,730 955 0.03 Hormel Foods 16,704 540 0.02 Host Marriott 38,907 519 0.02 HP 66,360 1,548 0.05 HubSpot 2,426 1,503 0.05 Humana 7,138 2,329 0.08 Huntingdon Bancshares 80,912 992 0.03 Huntington Ingalls Industries 2,422 343 0.01 IAC/InterActive 4,150 413 0.01 IDEX 5,063 884 0.03 IDEXX Laboratories 4,710 2,170 0.07 Illinois Tool Works 18,170 3,233 0.11




% Illumina 8,131 2,294 0.08 Incyte Genomics 11,395 553 0.02 Ingersoll-Rand 20,738 912 0.03 Insulet 3,049 717 0.02 Intel 225,196 8,438 0.29 Intercontinental Exchange Group 30,690 3,091 0.11 International Business Machines 48,698 4,309 0.15 International Flavors & Fragrances 14,910 1,691 0.06 International Paper 21,761 801 0.03 Interpublic Group of Companies 11,228 302 0.01 Intuit 14,219 6,628 0.23 Intuitive Surgical 19,248 5,065 0.17 Invitation Homes Real Estate Investment Trust 31,824 969 0.03 IPG Photonics Corporation 2,014 255 0.01 IQVIA Holdings 10,385 1,946 0.07 Iron Mountain 17,112 624 0.02 J.B. Hunt Transport Services 4,640 689 0.02 Jack Henry & Associates 1,804 211 0.01 Jacobs Engineering Group 7,866 852 0.03 JM Smucker 2,672 256 0.01 Johnson & Johnson 145,595 17,728 0.61 JPMorgan Chase & Company 164,058 20,347 0.70 Juniper Networks 19,171 459 0.02 Kansas City Southern 5,045 1,162 0.04 Kellogg 9,034 430 0.01 Keurig Dr Pepper 38,735 1,030 0.04 KeyCorp 52,617 937 0.03 Keysight Technologies 10,235 1,434 0.05 Kimberly-Clark 15,593 1,565 0.05 Kimco Realty 32,326 574 0.02 Kinder Morgan 116,516 1,462 0.05 KKR & Co. 24,658 1,428 0.05 KLA Tencor 7,339 2,257 0.08 Kraft Heinz Company 36,151 1,012 0.03 Kroger 31,574 1,003 0.03 Kyndryl 9,739 148 0.01 Laboratory Corporation of America 5,323 1,130 0.04 LAM Research 7,609 3,571 0.12 Lamb Weston Holdings 9,269 402 0.01 Las Vegas Sands 21,478 661 0.02 Lear Corporation 3,340 465 0.02 Leidos Holdings 3,612 253 0.01 Lennar 15,107 1,203 0.04 Liberty Broadband A 1,661 206 0.01 Liberty Broadband C 8,844 1,110 0.04 Liberty Siriusxm Group 4,410 183 0.01




% Liberty Siriusxm Group C 10,674 441 0.02 Lincoln National 7,412 412 0.01 Live Nation 8,463 731 0.03 LKQ Corporation 15,014 658 0.02 Loews 11,966 501 0.02 Lowe’s Companies 39,088 6,839 0.23 Lululemon Athletica 5,979 2,056 0.07 Lumen Technologies 61,264 644 0.02 LYFT 8,381 322 0.01 M&T Bank 8,263 986 0.03 Marathon Petroleum Corporation 37,160 1,829 0.06 Markel Corporation 647 616 0.02 MarketAxess Holdings 1,492 432 0.01 Marriott International new A 15,019 1,740 0.06 Marsh & McLennan 28,067 3,497 0.12 Martin Marietta Materials 3,959 1,234 0.04 Marvell Technology 44,943 2,440 0.08 Masco 13,408 671 0.02 Masimo 3,076 684 0.02 Mastercard 48,750 13,111 0.45 Match 14,689 1,623 0.06 McCormick & Co. 9,248 569 0.02 McDonald’s 41,608 7,836 0.27 McKesson HBOC 8,815 1,456 0.05 MercadoLibre 2,548 3,098 0.11 Merck & Co. 141,146 8,795 0.30 Meta Platforms 130,388 33,744 1.16 Metlife 40,061 1,913 0.07 Mettler Toledo 1,267 1,429 0.05 MGM Resorts International 22,128 755 0.03 Microchip Technology 29,712 1,841 0.06 Micron Technology 61,907 3,539 0.12 Microsoft 411,834 103,044 3.53 Mid-America Apartment Communities 6,279 963 0.03 Moderna 17,560 3,073 0.11 Mohawk Industries 3,656 479 0.02 Molson Coors Brewing B 11,038 404 0.01 Mondelez International 69,830 3,267 0.11 MongoDB 3,421 1,430 0.05 Monolithic Power Systems 2,105 882 0.03 Monster Beverage 21,227 1,470 0.05 Moody’s 8,840 2,571 0.09 Morgan Stanley 75,488 5,632 0.19 Motorola Solutions 9,174 1,715 0.06 MSCI 4,427 2,178 0.07 Nasdaq OMX Group 6,333 989 0.03




% NetApp 12,283 813 0.03 Netflix 24,062 12,169 0.42 Newell Brands 24,064 429 0.01 Newmont Mining 44,484 1,953 0.07 News Corporation A 21,614 378 0.01 News Corporation B 8,064 140 0.00 NextEra Energy 106,975 6,955 0.24 Nike B 67,951 8,542 0.29 Nisource 23,643 450 0.02 Norfolk Southern 14,336 2,939 0.10 Northern Trust 12,231 1,140 0.04 NortonLifeLock 30,586 572 0.02 NRG Energy 15,277 417 0.01 Nucor 14,943 1,223 0.04 Nvidia 128,634 28,752 0.99 NVR 211 826 0.03 O’Reilly Automotive 3,764 1,820 0.06 Occidental Petroleum 33,551 799 0.03 Okta 6,913 1,337 0.05 Old Dominion Freight Line 5,643 1,511 0.05 Omnicom 14,292 734 0.03 ONEOK 26,523 1,251 0.04 Oracle 91,825 6,427 0.22 Organon 2,823 70 0.00 Orion Office REIT 3,164 50 0.00 Otis Worldwide Corporation 23,730 1,486 0.05 Paccar 18,812 1,250 0.04 Packaging Corporation of America 5,903 593 0.02 Palantir Technologies 89,679 1,562 0.05 Palo Alto Networks 5,138 1,982 0.07 Parker-Hannifin 7,048 1,723 0.06 Paychex 19,211 1,780 0.06 Paycom Software 3,176 1,144 0.04 PayPal 64,807 10,256 0.35 Peloton Interactive 11,876 420 0.01 PepsiCo 75,723 9,235 0.32 Perkinelmer 6,661 909 0.03 Pfizer 304,137 11,244 0.39 PG&E 79,244 730 0.03 Philip Morris International 86,044 6,107 0.21 Phillips 66 20,667 1,214 0.04 Pinnacle West Capital 7,110 349 0.01 Pinterest 30,613 1,092 0.04 Pioneer Natural Resources 11,752 1,599 0.06 Plug Power 27,901 868 0.03 PNC Financial Services Group 24,376 3,717 0.13




% Pool Corporation 2,320 984 0.03 PPG Industries 13,069 1,585 0.05 PPL 48,425 1,039 0.04 Principal Financial Group 17,278 922 0.03 Procter & Gamble 132,645 14,556 0.50 Progressive 30,482 2,133 0.07 Prologis 40,795 4,561 0.16 Prudential Financial 22,723 1,875 0.06 PTC 5,737 513 0.02 Public Service Enterprise Group 25,681 1,211 0.04 Public Storage 8,210 2,026 0.07 PulteGroup 16,836 634 0.02 Qorvo 6,288 744 0.03 Qualcomm 62,848 7,885 0.27 Quest Diagnostics 7,398 808 0.03 Raymond James Financial 11,824 874 0.03 Raytheon Technologies 82,659 5,500 0.19 Realty Income 31,641 1,676 0.06 Regency Centers 10,606 592 0.02 Regeneron Pharmaceuticals 5,342 2,577 0.09 Regions Financial 61,185 1,104 0.04 Republic Services 8,581 864 0.03 ResMed 7,934 1,550 0.05 RingCentral 4,435 875 0.03 Robert Half International 7,035 610 0.02 Rockwell Automation 6,323 1,577 0.05 Roku 6,414 1,312 0.04 Rollins 14,943 399 0.01 Roper Technologies 5,711 2,065 0.07 Ross Stores 19,338 1,662 0.06 S&P Global 13,118 4,485 0.15 Salesforce.com 51,067 11,618 0.40 Santander Consumer USA 6,946 217 0.01 SBA Communications Corporation 5,499 1,425 0.05 Schlumberger 65,429 1,594 0.05 Schwab (Charles) 76,631 4,674 0.16 Seagen 7,586 1,032 0.04 SEI Investments Company 7,260 346 0.01 Sempra Energy 17,568 1,629 0.06 ServiceNow 10,980 5,577 0.19 Sherwin-Williams 13,473 3,338 0.11 Simon Property Group 18,777 2,323 0.08 Sirius XM Holdings 66,701 329 0.01 Skyworks Solutions 9,180 1,116 0.04 Snap-on 3,445 569 0.02 Snowflake 10,806 3,164 0.11




% SolarEdge Technologies 1,959 537 0.02 Southern Company 55,997 2,593 0.09 Southern Copper 4,646 210 0.01 Southwest Airlines 7,920 290 0.01 Splunk 8,960 916 0.03 Square A 21,874 3,795 0.13 SS&C Technologies 13,375 785 0.03 Stanley Black & Decker 9,842 1,423 0.05 Starbucks 64,213 5,349 0.18 State Street 22,195 1,651 0.06 Steel Dynamics 11,994 584 0.02 Stryker 18,891 3,683 0.13 Sun Communities REIT 5,738 814 0.03 SVB Financial Group 2,905 1,616 0.06 Sylvamo 1,978 47 0.00 Synchrony Financial 31,377 1,171 0.04 Synopsys 8,788 2,263 0.08 Sysco 26,914 1,531 0.05 T Rowe Price Group 12,991 2,088 0.07 Take-Two Interactive 7,118 941 0.03 Target 27,697 5,449 0.19 Teladoc Health 8,159 819 0.03 Teledyne Technologies 2,269 750 0.03 Teleflex 2,570 647 0.02 Teradyne 9,249 1,020 0.03 Tesla Motors 42,944 32,387 1.11 Texas Instruments 51,039 7,192 0.25 The Cooper Companies 3,070 952 0.03 The Trade Desk ‘A’ 18,170 1,426 0.05 Thermo Fisher Scientific 21,607 10,173 0.35 TJX Companies 66,631 3,439 0.12 T-Mobile US 32,549 2,853 0.10 Tractor Supply Company 6,347 1,053 0.04 TransDigm Group 3,130 1,522 0.05 TransUnion 11,788 1,005 0.03 Travelers 14,524 1,709 0.06 Trimble Navigation 13,632 886 0.03 Truist Financial 74,120 3,492 0.12 Twilio 8,819 1,999 0.07 Twitter 43,421 1,711 0.06 Tyler Technologies 2,194 900 0.03 Tyson Foods 18,256 1,143 0.04 Uber Technologies 87,918 2,855 0.10 UDR 16,070 681 0.02 Ulta Beauty 3,091 924 0.03 Union Pacific 36,201 6,507 0.22




% United Airlines Holdings 1,589 60 0.00 United Parcel Services 37,462 5,898 0.20 United Rentals 4,538 1,298 0.04 UnitedHealth Group 51,252 17,199 0.59 Unity Software 8,010 1,178 0.04 Universal Health Services B 4,406 422 0.01 US Bancorp 74,772 3,366 0.12 Vail Resorts 2,547 665 0.02 Valero Energy 17,740 1,021 0.04 Veeva Systems 7,625 1,791 0.06 Ventas 20,683 837 0.03 VeriSign 5,443 970 0.03 Verisk Analytics 8,778 1,425 0.05 Verizon Communications 230,874 9,005 0.31 Vertex Pharmaceuticals 13,746 1,912 0.07 VF 12,252 705 0.02 ViacomCBS 32,475 865 0.03 Viatris 80,476 833 0.03 Visa A 93,453 14,773 0.51 Vistra Energy 26,866 409 0.01 Vmware 11,601 1,075 0.04 Vornado Realty Trust 9,762 339 0.01 Voya Financial 7,391 370 0.01 Vulcan Materials 8,334 1,253 0.04 W. R. Berkley 6,004 361 0.01 W.P. Carey Reit 10,952 642 0.02 Wabtec Corporation 12,276 876 0.03 Walgreens Boots Alliance 39,947 1,464 0.05 Wal-Mart Stores 79,922 8,742 0.30 Walt Disney 98,915 11,667 0.40 Waste Management 23,317 2,829 0.10 Waters 3,375 868 0.03 Wayfair ‘A’ 2,795 527 0.02 WEC Energy 17,423 1,174 0.04 Wells Fargo & Co. 225,430 8,573 0.29 Welltower 23,339 1,464 0.05 West Pharmaceutical Services 4,113 1,293 0.04 Western Digital 10,253 450 0.02 Western Union 22,529 299 0.01 Westlake Chemical 2,340 180 0.01 WestRock Company 14,558 532 0.02 Weyerhaeuser 41,345 1,152 0.04 Whirlpool 3,831 669 0.02 Williams Companies 67,119 1,430 0.05 Wix.Com 2,942 434 0.01 Workday A 10,987 2,419 0.08




% Wynn Resorts 6,203 453 0.02 Xcel Energy 30,180 1,445 0.05 Xilinx 10,957 1,755 0.06 XPO Logistics 6,103 357 0.01 Xylem 9,898 954 0.03 Yum China Holdings 23,977 978 0.03 Yum! Brands 16,469 1,552 0.05 Zebra Technologies A 2,939 1,293 0.04 Zendesk 6,908 532 0.02 Zillow Group 3,233 153 0.01 Zillow Group 8,924 422 0.01 Zimmer Biomet Holdings 11,525 1,125 0.04 Zions Bancorporation 10,317 510 0.02 Zoetis 26,234 4,218 0.14 Zoom Video Communications A 10,327 2,027 0.07 Zscaler 4,872 1,254 0.04 Total United States 1,645,568 56.42 FUTURES - 0.03% (0.00%)

CME S&P 500 E-Mini Index Future December 2021 93 649 0.02 NYF MSCI Emerging Market Future December 2021 65 37 0.00 NYF SCI EAFE Future December 2021 82 123 0.01 Total Futures 809 0.03



Net assets 2,916,668 100.00 +related party #unlisted Figures in the brackets denote the comparative percentage holdings as at 15 May 2021.

Unless otherwise stated, all invetments are listed securities. The counterparty for the futures is HSBC Bank. Total purchases for the period, including transaction charges, were £178,136,903. Total sales for the period, net of transaction charges, were £156,650,673.



15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share 195.40p 154.70p 154.70p 150.40pReturn before operating charges* 27.84p 43.85p 3.49p 7.79pOperating charges** (0.04p) (0.06p) (0.06p) (0.05p)Return after operating charges* 27.80p 43.79p 3.43p 7.74pDistributions on income shares (0.00p) (3.09p) (3.43p) (3.44p)Closing net asset value per share 223.20p 195.40p 154.70p 154.70p*after direct transaction costs of:*** 0.01p 0.05p 0.05p 0.03p

PerformanceReturn after charges 14.23% 28.31% 2.22% 5.15%




15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share 224.80p 175.10p 171.30p 162.90pReturn before operating charges* 32.04p 49.77p 3.87p 8.45pOperating charges** (0.04p) (0.07p) (0.07p) (0.05p)Return after operating charges* 32.00p 49.70p 3.80p 8.40pDistributions on accumulation shares (0.00p) (3.50p) (3.80p) (3.73p)Retained distributions on accumulation shares 0.00p 3.50p 3.80p 3.73pClosing net asset value per share 256.80p 224.80p 175.10p 171.30p*after direct transaction costs of:*** 0.02p 0.05p 0.05p 0.03p


Other information

Closing net asset value £2,057,088,141 £1,782,125,676 £1,858,346,573 £1,778,942,788Closing number of shares 801,188,505 792,686,752 1,061,064,857 1,038,562,142Operating charges - OCF 0.03% 0.03% 0.04% 0.03%Direct transaction costs 0.01% 0.03% 0.03% 0.02%



Comparative Tables)



15.11.21 15.5.21 15.5.20 15.5.19






15.11.21 15.5.21 15.5.20 15.5.19



Other information




Comparative Tables)



15.11.21 15.5.21 15.5.20 15.5.19



Other informationClosing net asset value £295,587,015 £331,667,233 £354,362,528 £41,937Closing number of shares 132,524,893 169,721,088 229,087,041 27,113Operating charges - OCF 0.12% 0.12% 0.13% 0.12%Direct transaction costs 0.01% 0.03% 0.03% 0.02%



15.11.21 15.5.21 15.5.20 15.5.19



Other information

Closing net asset value £180,632 £185,746 £350,758 £43,661Closing number of shares 70,918 83,244 201,605 25,636Operating charges - OCF 0.12% 0.12% 0.13% 0.12%Direct transaction costs 0.01% 0.03% 0.03% 0.02%



Comparative Tables)



15.11.21 15.11.20£’000 £’000 £’000 £’000


Expenses (806) (702)Interest payable and similar charges (3) (2)Net revenue before taxation 24,291 24,289 Taxation (2,841) (2,631)Net revenue after taxation 21,450 21,658 Total return before distributions 360,892 419,625 Distributions 26 (797)Change in net assets attributable to shareholders from investment activities 360,918 418,828


15.11.21 15.11.20£’000 £’000 £’000 £’000


23,903 (260,066)Dilution adjustment 282 1,077 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 360,918 418,828 Closing net assets attributable to shareholders 2,916,668 2,623,406


15.11.21 15.5.21£’000 £’000 £’000 £’000

AssetsInvestments 2,889,181 2,530,934Current assets



Distribution payable on income shares - (6,913)Other creditors (6,591) (124,101)


142 EUROPEAN INDEX FUND

European Index Fund


The Fund aims to provide growth over the long term, which is a period of 5 years or more, by tracking the performance of the FTSE Developed Europe excluding UK Index (the “Index”).

Investment Policy*

The Index is made up of large and medium sized companies covering developed markets in Europe excluding the UK, as defined by the Index provider.








Portfolio Activity

The FTSE Developed Europe ex UK Index was up 11.49% over the reporting period 16th May 2021 to 15th November 2021.

At the sector level, the largest contributor to performance was the Health Care sector contributing 2.39% to the index total return, followed by the Technology sector at 2.05%. In absolute terms these sectors returned 16.55% and 24.34% respectively. There were no negatively contributing sectors.

At the country level, the largest contributor to performance was Switzerland contributing 3.12% to the index total return, with the next largest contribution being the Netherlands at 2.10%. There were no negatively contributing countries.

At the single stock level, the largest contributor to the overall total return was ASML Holding at 1.16%. The largest negative contributor was Anheuser-Busch at -0.12%.

European equities performed well into the summer playing ‘catch up’ as vaccine programs were rolled out, the European Central Bank (ECB) was notably dovish versus the Federal Reserve (Fed) and activity data improved. The ECB announced that they will change their inflation target to allow it to overshoot 2% and committed to their loose policy stance, which further provided a favourable environment for equities. After the summer headwinds started to appear as European stocks traded lower as the ECB decided to slow down its emergency bond purchase programme, whilst the region also faced rising natural gas prices amid a supply and demand imbalance in the energy markets. In October European stocks traded higher as corporates delivered solid earnings, concerns around the European energy crisis abated and the ECB signalled a dovish tone. The ECB president, Christine Lagarde, dismissed fears of persistent inflation and pushed back on investors’ expectations of a rate rise next year.

143EUROPEAN INDEX FUND


During the period under review, the value of the shares in the Fund increased by 11.48% while the value of the FTSE Developed Europe Excluding UK Index rose by 11.49%.



Tracking Error




Retail Income

Retail Accumulation



Price 806.7p 1,231.0p 1,188.0p 1,339.0p



Income C

Accumulation C

Price 811.2p 1,242.0p






%AUSTRIA - 0.50% (0.49%)

Ams AG 118,156 1,781 0.05 Andritz 33,431 1,312 0.04 Erste Bank 147,620 5,098 0.15 OMV 68,249 3,069 0.09 Raiffeisen International Bank 62,141 1,477 0.05 Telekom Austria 56,077 366 0.01 Verbund 31,761 2,347 0.07 Voestalpine 55,147 1,473 0.04 Total Austria 16,923 0.50

BELGIUM - 1.74% (1.93%) Ackermans 10,685 1,402 0.04

Ageas (BRU) 85,498 3,182 0.09 Anheuser-Busch InBev 402,633 18,017 0.53 Colruyt 24,752 910 0.03 D'leteren 11,004 1,504 0.05 Elia 16,890 1,476 0.04 Galapagos 23,127 914 0.03 Groupe Bruxelles Lambert 51,662 4,513 0.13 KBC Group 132,042 8,905 0.26 Proximus 67,231 978 0.03 Sofina 7,343 2,519 0.07 Solvay 33,276 3,008 0.09 Telenet Group 20,628 562 0.02 UCB 58,046 5,197 0.15 Umicore 98,430 3,882 0.11 Warehouses de Pauw 66,047 2,288 0.07 Total Belgium 59,257 1.74

DENMARK - 4.97% (4.55%) A P Moller - Maersk 2,029 4,363 0.13

A P Moller - Maersk A/S 2,701 6,105 0.18 Ambu 82,037 1,797 0.05 Carlsberg B 46,979 5,983 0.18 Christian Hansen Holdings 49,229 3,041 0.09 Coloplast B 63,685 8,584 0.25 Danske Bank 315,503 4,153 0.12 DSV 94,091 16,851 0.49 Genmab 28,341 8,800 0.26 GN Store 62,231 2,755 0.08 Lundbeck 26,923 560 0.02 Novo Nordisk B 760,032 64,282 1.89 Novozymes 95,014 5,590 0.16 Orsted 90,229 9,162 0.27 Pandora 45,143 4,837 0.14




% Rockwool International B 3,089 1,117 0.03 Royal Unibrew 23,024 2,146 0.06 SimCorp 18,999 1,685 0.05 Tryg 147,277 2,697 0.08 Vestas Wind Systems 483,016 12,850 0.38 William Demant Holdings 50,458 1,942 0.06 Total Denmark 169,300 4.97

FINLAND - 2.64% (2.67%) Elisa 68,946 3,167 0.09

Fortum 207,383 4,475 0.13 Huhtamaki 44,616 1,493 0.04 Kesko B 129,556 3,139 0.09 Kojamo 93,742 1,656 0.05 Kone B 188,798 9,696 0.29 Neste 199,998 7,945 0.23 Nokia 2,708,107 11,376 0.33 Nokian Renkaat 65,142 1,855 0.06 Nordea Bank 1,768,207 16,754 0.49 Orion 49,865 1,617 0.05 Outotec 291,201 2,328 0.07 Sampo A 242,994 9,246 0.27 Stora Enso (registered) 275,986 3,547 0.10 UPM-Kymmene 256,258 7,077 0.21 Valmet 63,844 1,997 0.06 Wartsila 234,288 2,653 0.08 Total Finland 90,021 2.64

FRANCE - 19.35% (20.23%) Accor 87,869 2,354 0.07

ADP Promesses 13,527 1,376 0.04 Air Liquide 223,269 28,843 0.85 Ald 34,166 399 0.01 Alstom 141,816 3,980 0.12 Amundi 27,337 1,801 0.05 Arkema 31,722 3,277 0.10 Atos 45,864 1,637 0.05 AXA 924,748 20,333 0.60 BioMerieux 20,459 1,927 0.06 BNP Paribas 520,507 27,089 0.79 Bollore 479,901 2,105 0.06 Bouygues 102,172 2,869 0.08 Bureau Veritas 136,375 3,417 0.10 Capgemini 75,300 13,733 0.40 Carrefour 302,855 4,184 0.12 CNP Assurances 73,790 1,360 0.04




% Covivio REIT 24,065 1,525 0.04 Credit Agricole 594,901 6,465 0.19 Danone 288,648 14,146 0.42 Dassault Aviation 11,154 881 0.03 Dassault Systèmes 319,931 15,070 0.44 Edenred 119,875 4,588 0.13 Eiffage 36,719 2,847 0.08 Electricite de France 250,898 2,681 0.08

#Electricite de France rights 250,898 - 0.00 Engie 797,281 9,067 0.27 Essilor International 141,813 22,237 0.65 Eurazeo 20,817 1,402 0.04 Faurecia 45,342 1,792 0.05 Faurecia EUR 11,514 454 0.01 Française des Jeux 41,865 1,568 0.05 Gecina 24,778 2,563 0.07 Getlink 218,856 2,595 0.08 Hermes International 14,877 18,961 0.56 Icade 14,768 834 0.02 Imerys 16,429 525 0.01 Ipsen Promesses 15,235 1,185 0.03 JC Decaux 30,973 646 0.02 Kering 35,272 20,435 0.60 Klepierre 86,931 1,559 0.05 L’Oreal 115,680 41,575 1.22 Legrand Promesses 128,544 10,363 0.30 LVMH 119,920 73,494 2.16 Michelin 84,095 9,585 0.28 Neoen 10,945 345 0.01 Orange 921,748 7,716 0.23 Orpea 23,508 1,816 0.05 Pernod-Ricard 100,377 18,025 0.53 Plastic Omnium 23,330 482 0.01 Publicis Groupe 109,916 5,592 0.16 Remy Cointreau 12,237 1,922 0.06 Renault 88,617 2,582 0.08 Rexel 145,926 2,245 0.07 Rubis 45,343 1,080 0.03 Safran 167,414 17,175 0.50 Saint Gobain Nederland 228,056 11,663 0.34 Sanofi 522,801 39,979 1.17 Sartorius Stedim Biotech 11,533 4,670 0.14 Schneider Electric 254,375 33,774 0.99 Scor Regroupe 75,196 1,775 0.05 Skandinaviska Enskilda Banken 14,476 1,671 0.05 Societe Generale 372,106 9,423 0.28




% Sodexo 41,842 2,926 0.09 Soitec 10,161 2,027 0.06 Suez Environnement 181,603 3,039 0.09 Teleperformance 27,927 8,479 0.25 Thales 48,253 3,354 0.10 TotalEnergies 1,166,204 43,267 1.27 Ubisoft Entertainment 45,395 1,807 0.05 Unibail-Rodamco 64,851 3,634 0.11 Valeo 115,473 2,773 0.08 Veolia Environnement 293,779 7,489 0.22 Vinci 241,033 19,391 0.57 Vivendi 358,483 3,438 0.10 Wendel 13,093 1,274 0.04 Worldline 116,798 5,004 0.15 Total France 659,564 19.35

GERMANY - 16.79% (18.21%) 1&1 29,205 672 0.02

Adidas 92,058 22,088 0.65 Allianz (registered) 197,569 34,554 1.01 AUTO1 Group 44,236 1,249 0.04 BASF 440,068 23,273 0.68 Bayer 472,710 20,261 0.59 Bechtle 39,396 2,168 0.06 Beiersdorf 47,945 3,886 0.11 BMW 154,389 12,254 0.36 BMW preference 27,758 1,849 0.05 Brenntag 74,340 5,110 0.15 Carl Zeiss Meditec 17,606 2,700 0.08 Commerzbank 500,153 3,015 0.09 Continental 51,968 4,770 0.14 Covestro 86,612 4,121 0.12 Cts Eventim 28,253 1,587 0.05 Daimler 404,181 30,527 0.90 Delivery Hero 90,469 9,319 0.27 Deutsche Bank 982,443 9,357 0.27 Deutsche Boerse 88,304 11,213 0.33 Deutsche Post 470,234 22,538 0.66 Deutsche Telekom 1,552,485 22,113 0.65 DWS Group 13,888 442 0.01 E.On 1,041,164 9,793 0.29 Evonik Industries 91,832 2,160 0.06 Evotec 70,371 2,535 0.07 Fielmann 10,253 541 0.02 Fraport 16,169 894 0.03 Fresenius 196,797 6,328 0.19




% Fresenius Medical Care 97,621 4,816 0.14 Fuchs Petrolub 14,216 395 0.01 Fuchs Petrolub preference 33,441 1,216 0.04 GEA 79,638 3,009 0.09 Hannover Rueckversicherung 28,857 3,970 0.12 HeidelbergCement 71,479 3,978 0.12 Hella 21,385 1,132 0.03 HelloFresh 78,615 5,851 0.17 Henkel 48,723 2,958 0.09 Henkel preference 83,955 5,476 0.16 Hochtief 7,582 470 0.01 Infineon Technologies 626,150 22,677 0.67 KION Group 37,636 3,253 0.10 Knorr-Bremse 31,807 2,525 0.07 Lanxess 41,546 2,006 0.06 Leg Immobilien 35,047 3,765 0.11 Lufthansa 287,556 1,619 0.05 Merck 62,162 11,416 0.33 Metro 59,298 574 0.02 MTU Aero Engines 25,667 4,286 0.13 Muenchener Ruecker 67,390 14,585 0.43 Nemetschek 26,021 2,457 0.07 Porsche preference 73,679 5,263 0.15 ProSiebenSat.1 Media 75,076 984 0.03 Puma 47,892 4,540 0.13 Rational 1,598 1,201 0.03 Rheinmetall 20,785 1,561 0.05 RWE 302,943 8,544 0.25 SAP 533,142 56,382 1.65 Sartorius 895 387 0.01 Sartorius preference 11,837 5,431 0.16 Scout24 43,120 2,403 0.07 Siemens 361,487 46,134 1.35 Siemens Energy 206,106 4,272 0.13 Siemens Healthineers 133,307 6,807 0.20 Symrise 60,673 6,503 0.19 Talanx 25,545 897 0.03 TeamViewer 71,873 826 0.02 Telefonica Deutschland Holdings 281,079 603 0.02 ThyssenKrupp 223,668 1,750 0.05 Traton 19,695 398 0.01 Uniper 42,162 1,376 0.04 United Internet 52,008 1,568 0.05 Vantage Towers 30,879 768 0.02 Varta 6,032 578 0.02 Vitesco Technologies 13,351 573 0.02




% Volkswagen 15,320 3,647 0.11 Volkswagen preference 88,087 14,073 0.41 Vonovia 276,795 12,887 0.38 Wacker Chemie 6,823 982 0.03 Zalando 104,805 7,209 0.21 Total Germany 572,298 16.79

IRELAND - 0.44% (0.44%) AIB Group 330,116 626 0.02

Glanbia 88,093 1,000 0.03 Kerry Group A 74,030 7,160 0.21 Kingspan Group 72,645 6,162 0.18 Total Ireland 14,948 0.44

ITALY - 3.92% (3.90%) A2A 727,405 1,149 0.03

Amplifon 62,010 2,426 0.07 Atlantia 236,590 3,509 0.10 Banca Mediolanum 115,535 900 0.03 Buzzi Unicem 43,380 757 0.02 Davide Campari-Milano 237,576 2,629 0.08 De'Longhi 33,905 880 0.02 DiaSorin 10,820 1,735 0.05 Enel 3,736,790 22,714 0.67 ENI 1,207,641 12,880 0.38 Finecobank 293,405 4,307 0.13 Fondiaria Sai 287,398 622 0.02 Generali 618,878 10,124 0.30 Hera 411,523 1,279 0.04 Infrastrutture Wireless 169,184 1,441 0.04 Interpump Group 38,615 2,016 0.06 Intesa Sanpaolo 7,982,419 16,893 0.49 Italgas 235,369 1,117 0.03 Leonardo 192,314 1,071 0.03 Mediobanca 334,097 3,069 0.09 Moncler 103,326 6,021 0.18 Nexi SpA 290,042 3,817 0.11 Pirelli 254,485 1,253 0.04 Poste Italiane 219,342 2,285 0.07 Prysmian 126,669 3,661 0.11 Recordati 46,520 2,261 0.07 Reply 10,100 1,592 0.05 Snam SpA 1,071,181 4,572 0.13 Telecom Italia 5,159,559 1,464 0.04 Telecom Italia RNC 3,248,669 942 0.03 Terna 677,706 3,915 0.11 Unicredit SpA 1,040,070 10,286 0.30 Total Italy 133,587 3.92




%LUXEMBOURG - 0.61% (0.55%)

Allegro.eu 184,939 1,411 0.04 ArcelorMittal 305,750 6,989 0.21 Aroundtown 576,816 2,997 0.09 Eurofins Scientific 58,478 5,298 0.16 InPost 96,955 1,198 0.03 RTL Group 16,287 707 0.02 Tenaris 224,673 1,961 0.06 Total Luxembourg 20,561 0.61

NETHERLANDS - 12.13% (10.28%) Aalberts Industries 46,221 2,187 0.06

ABN AMRO Group GDR 199,011 2,222 0.07 Adyen 13,886 30,638 0.90 Aegon 851,286 3,152 0.09 Airbus Group 267,415 25,929 0.76 Akzo Nobel 89,933 7,815 0.23 argenx 24,509 5,595 0.16 ASM International 22,962 8,282 0.24 ASML Holdings 190,310 121,778 3.57 ASR Nederland 65,284 2,207 0.07 BE Semiconductor Industries 34,275 2,395 0.07 CNH Industrial 473,077 6,574 0.19 CTP 24,035 377 0.01 Euronext 39,419 3,196 0.09 Exor Holdings 49,699 3,554 0.10 Ferrari New 58,439 11,279 0.33 GrandVision 22,133 534 0.02 Heineken 114,464 9,573 0.28 Heineken Holdings 50,794 3,535 0.10 IMCD Group 27,378 4,709 0.14 ING Groep 1,878,154 21,280 0.62 JDE Peet's 37,937 858 0.03 Just Eat Takeaway.com 86,827 4,397 0.13 Koninklijke Ahold Delhaize 468,619 12,286 0.36 Koninklijke DSM 79,913 13,209 0.39 Koninklijke Philips 435,595 13,809 0.41 KPN Koninklijke 1,591,437 3,578 0.11 NN Group 150,506 6,027 0.18 Prosus 423,811 27,119 0.80

#Prosus rights 398,133 - 0.00 Qiagen 106,176 4,246 0.12 Randstad 53,108 2,866 0.08 Signify 64,665 2,392 0.07 Stellantis 968,044 14,771 0.43 STMicroelectronics 304,147 11,606 0.34 Universal Music Group 358,926 8,163 0.24 Vopak 31,284 918 0.03 Wolters Kluwer certificates 125,737 10,426 0.31 Total Netherlands 413,482 12.13




%NORWAY - 1.43% (1.41%)

Adevinta B 132,796 1,705 0.05 Aker 10,049 715 0.02 Aker BP 56,988 1,463 0.04 DNB 490,289 8,991 0.26 Equinor 459,791 8,875 0.26 Gjensidige Forsikring 79,514 1,466 0.04 Leroy Seafood Group 115,989 709 0.02 Marine Harvest 211,675 4,302 0.13 Norsk Hydro 632,741 3,394 0.10 Orkla 364,106 2,664 0.08 Salmar 25,375 1,380 0.04 Scatec 51,952 721 0.02 Schibsted 36,958 1,466 0.04 Schibsted B 46,113 1,586 0.05 Telenor 303,359 3,547 0.11 Tomra 55,998 2,805 0.08 Yara International 77,870 3,007 0.09 Total Norway 48,796 1.43

POLAND - 0.52% (0.52%) CD Projekt 31,349 1,052 0.03

Cyfrowy Polsat 120,926 769 0.02 Dino Polska 23,018 1,413 0.04 KGHM 65,366 1,827 0.05 LPP 503 1,284 0.04 Pekao 74,953 1,734 0.05 PKO Bank Polski 407,878 3,421 0.10 Polish Oil & Gas 929,169 1,049 0.03 Polski Koncern Naftowy 148,540 2,252 0.07 PZU Group 268,072 1,957 0.06 Santander Bank Polska 14,199 941 0.03 Total Poland 17,699 0.52

PORTUGAL - 0.28% (0.30%) #Banco Espirito Santo 307,911 - 0.00

Energias de Portugal 1,359,066 5,564 0.16 Galp Energia 247,351 1,855 0.06 Jeronimo Martins 117,144 2,152 0.06 Total Portugal 9,571 0.28

SPAIN - 4.59% (5.07%) Acciona (registered) 10,964 1,505 0.05

Actividades de Construccion y Servicios 108,752 2,169 0.06 Aena 33,829 4,270 0.13 Amadeus IT 204,652 11,049 0.32




% Banco Santander 8,229,382 22,471 0.66 Bankinter (registered) 328,939 1,391 0.04 BBV Argentaria 3,199,541 15,952 0.47 CaixaBank 2,119,062 4,513 0.13 Cellnex Telecom 292,195 13,460 0.40 Corporacion Mapfre (registered) 415,287 699 0.02 EDP Renovaveis 115,656 2,228 0.07 Enagas 119,528 2,041 0.06 Endesa 162,197 2,680 0.08 Ferrovial 228,670 5,232 0.15

#Ferrovial rights 228,670 50 0.00 Fluidra 52,172 1,488 0.04 Gamesa 107,756 2,010 0.06 Grifols A 159,029 2,488 0.07 Iberdrola 2,836,626 24,577 0.72 Industria de Diseño Textil 503,236 13,615 0.40 Inmobiliaria Colonial 159,481 1,163 0.04 Linea Directa Aseguradora 291,386 418 0.01 Merlin Properties REIT 170,801 1,462 0.04 Naturgy Energy 142,734 2,750 0.08 Red Electrica de Espana 207,166 3,180 0.09 Repsol 624,614 5,806 0.17 Telefonica 2,383,152 7,920 0.23 Total Spain 156,587 4.59

SWEDEN - 7.30% (7.47%) Alfa Laval 150,699 4,949 0.14

Assa Abloy B 440,631 9,985 0.29 Atlas Copco A 303,455 14,628 0.43 Atlas Copco B 181,496 7,467 0.22 Beijer Ref B 117,334 1,890 0.06 Biovitrum 84,746 1,656 0.05 Boliden 131,495 3,383 0.10 Castellum 132,345 2,633 0.08 Electrolux 109,874 1,957 0.06 Elekta B 172,163 1,611 0.05 Epiroc A 299,624 5,693 0.17 Epiroc B 181,164 2,882 0.08 EQT 135,620 6,130 0.18 Ericsson (L.M.) Telefonatkie A 15,475 125 0.00 Ericsson (L.M.) Telefonatkie B 1,445,431 11,697 0.34 Essity Aktiebolag B 292,754 7,399 0.22 Evolution Gaming Group 76,971 9,587 0.28 Fastighets Balder B 48,364 2,713 0.08 Getinge B 107,254 3,902 0.11 Hennes & Mauritz B free 421,061 6,110 0.18




% Hexagon 855,437 9,917 0.29 Holmen 46,184 1,574 0.05 Husqvarna A 10,164 115 0.00 Husqvarna B 201,658 2,295 0.07 ICA Gruppen 37,206 1,687 0.05 Industivarden A 109,992 2,766 0.08 Industivarden C 80,848 2,006 0.06 Indutrade 134,660 2,972 0.09 Investor A 261,392 4,958 0.14 Investor B 873,561 16,205 0.48 Kinnevik A 5,628 184 0.00 Kinnevik B 115,046 3,642 0.11 Latour Investment B 68,840 2,017 0.06 Lifco 109,017 2,505 0.07 Lundbergs B 35,427 1,607 0.05 Lundin Energy 89,964 2,508 0.07 Nibe Industrier 575,582 6,665 0.20 Saab B 41,724 871 0.03 Sagax B 83,509 2,601 0.08 Sagax D 47,149 135 0.00 Sandvik 517,371 9,914 0.29 SCA B 285,353 3,377 0.10 Securitas B 148,396 1,779 0.05 Sinch 247,170 2,599 0.08 Skandinaviska Enskilda Banken 8,269 105 0.00 Skandinaviska Enskilda Banken A 689,490 8,137 0.24 Skanska 172,102 3,283 0.10 SKF B 184,466 3,364 0.10 Svenska Cellulosa 6,447 77 0.00 Svenska Handelsbanken 713,450 6,215 0.18 Svenska Handelsbanken B 14,941 148 0.00 Sweco 90,783 1,225 0.04 Swedbank A 482,468 7,950 0.23 Swedish Match 741,668 4,219 0.12 Tele2 B 240,103 2,547 0.07 Telia Company 1,233,463 3,639 0.11 Trelleborg B 116,666 2,033 0.06 Volvo 98,574 1,761 0.05 Volvo B 725,396 12,797 0.38 Total Sweden 248,796 7.30

SWITZERLAND - 18.44% (17.68%) ABB (registered) 814,370 21,197 0.62

Adecco Group 73,689 2,865 0.08 Alcon 220,793 13,555 0.40 Baloise Holdings 21,559 2,552 0.07




% Banque Cantonale Vaudoise 13,523 782 0.02 Barry Callebaut 1,710 3,150 0.09 BKW Energie 8,407 867 0.03 Chocoladefabriken Lindt & Sprüngli 49 4,609 0.13 CIE Financiere Richemont A 245,253 27,671 0.81

#CIE Financiere Richemont warrants 22/11/2023 385,682 314 0.01 Clariant (registered) 118,876 1,885 0.06 Credit Suisse 1,152,717 8,690 0.25 DKSH Holdings 17,158 1,038 0.03 EMS Chemie 3,408 2,570 0.08 Flughafen Zuerich 9,099 1,234 0.04 Geberit 16,348 9,696 0.28 Georg Fischer 1,969 2,243 0.07 Givaudan (registered) 4,433 16,059 0.47 Helvetia Holdings 16,689 1,455 0.04 Holcim 263,606 10,218 0.30 Julius Baer Group 102,605 5,517 0.16 Kuehne & Nagel 24,063 5,739 0.17 Lindt & Sprüngli 503 4,678 0.14 Logitech R 70,993 4,267 0.12 Lonza Group 35,610 21,039 0.62 Medmix 6,920 237 0.01 Nestle (registered) 1,354,603 134,626 3.95 Novartis (registered) 1,018,578 62,654 1.84 OC Oerlikon 79,271 641 0.02 Partners Group 10,769 14,024 0.41 PSP Swiss Property 20,670 1,947 0.06 Roche Holdings 333,366 99,286 2.91 Roche Holdings B 12,775 4,132 0.12 Schindler Holdings (registered) 9,123 1,856 0.05 Schindler participation certificates 19,573 4,055 0.12 SGS Surveillance 2,821 6,466 0.19 SIG Combibloc Group 161,370 3,351 0.10 Sika 68,047 19,552 0.57 Sonova 25,504 7,695 0.23 Straumann Holdings 4,838 8,042 0.24 Sulzer (registered) 7,396 565 0.02 Swiss Life 14,939 6,221 0.18 Swiss Prime Site 36,083 2,731 0.08 Swiss Reinsurance (registered) 138,755 9,948 0.29 Swisscom (registered) 12,220 5,020 0.15 Tecan (registered) 6,039 2,679 0.08 Temenos Group 29,364 3,340 0.10 The Swatch Group (registered) 20,074 884 0.03 The Swatch Group B 13,846 3,172 0.09 UBS 1,562,726 21,051 0.62




% VAT Group 12,334 4,726 0.14 Vifor Pharma 24,813 2,395 0.07 Zurich Insurance Group 71,413 23,195 0.68 Total Switzerland 628,381 18.44

UNITED KINGDOM - 0.03% (0.04%) TechnipFMC 220,316 1,120 0.03

Total United Kingdom 1,120 0.03

FUTURES - 0.08% (0.04%) EUX Euro Stoxx 50 Future December 2021 2,905 2,057 0.06

EUX Swiss Market Index Future December 2021 284 467 0.01 SSE OMXS30 Index Future November 2021 561 234 0.01 Total Futures 2,758 0.08



Net assets 3,408,018 100.00 #unlisted Figures in brackets denote the comparative percentage holdings as at 15 May 2021. Unless otherwise stated, all investments are listed equities. The counterparty for the futures is HSBC Bank. Total purchases for the period, including transaction charges, were £704,434,687. Total sales for the period, net of transaction charges, were £211,668,504.


Comparative Tables


15.11.21 15.5.21 15.5.20 15.5.19



Other informationClosing net asset value £50,297 £38,185 £3,469,856 £4,239,436Closing number of shares 6,232 5,261 635,520 709,693 Operating charges - OCF 0.16% 0.16% 0.15% 0.17%Direct transaction costs 0.03% 0.03% 0.03% 0.02%



15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share 1,108.00p 819.40p 874.50p 888.60pReturn before operating charges* 124.93p 290.16p (53.71p) (12.61p)Operating charges** (0.93p) (1.56p) (1.39p) (1.49p)Return after operating charges* 124.00p 288.60p (55.10p) (14.10p)Distributions on accumulation shares (0.00p) (19.97p) (19.76p) (23.89p)Retained distributions on accumulation shares 0.00p 19.97p 19.76p 23.89pClosing net asset value per share 1,232.00p 1,108.00p 819.40p 874.50p*after direct transaction costs of:*** 0.38p 0.30p 0.27p 0.19p


Other information

Closing net asset value £29,297,263 £29,777,551 £49,128,026 £55,190,315Closing number of shares 2,378,269 2,687,435 5,995,944 6,311,139 Operating charges - OCF 0.16% 0.16% 0.15% 0.17%Direct transaction costs 0.03% 0.03% 0.03% 0.02%

Prices Highest share price 1,235.00p 1,118.00p 990.20p 917.90pLowest share price 1,101.00p 835.10p 683.60p 784.70p



Comparative Tables


15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share 1,069.00p 805.00p 880.80p 921.10pReturn before operating charges* 120.16p 285.19p (54.46p) (14.00p)Operating charges** (0.16p) (0.28p) (0.23p) (0.39p)Return after operating charges* 120.00p 284.91p (54.69p) (14.39p)Distributions on income shares (0.00p) (20.91p) (21.11p) (25.91p)Closing net asset value per share 1,189.00p 1,069.00p 805.00p 880.80p*after direct transaction costs of:*** 0.36p 0.30p 0.27p 0.20p


Other informationClosing net asset value £228,726,977 £315,288,235 £309,997,095 £238,852,090Closing number of shares 19,240,941 29,507,425 38,510,568 27,117,441 Operating charges - OCF 0.03% 0.03% 0.02% 0.04%Direct transaction costs 0.03% 0.03% 0.03% 0.02%



15.11.21 15.5.21 15.5.20 15.5.19



Other information

Closing net asset value £1,756,341,971 £1,114,433,156 £552,729,045 £508,917,662Closing number of shares 131,051,875 92,516,870 62,110,949 53,653,230 Operating charges - OCF 0.03% 0.03% 0.02% 0.05%Direct transaction costs 0.03% 0.03% 0.03% 0.02%

Prices Highest share price 1,344.00p 1,216.00p 1,075.00p 994.80pLowest share price 1,197.00p 907.00p 742.30p 850.80p



Comparative Tables


15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share N/A 861.90p 919.80p 934.70pReturn before operating charges* N/A 258.15p (56.43p) (13.33p)Operating charges** N/A (1.05p) (1.47p) (1.57p)Return after operating charges* N/A 257.10p (57.90p) (14.90p)Distributions on accumulation shares N/A (0.00p) (20.79p) (25.13p)Retained distributions on accumulation shares N/A 0.00p 20.79p 25.13pCancellation price N/A (1,119.00p) - -Closing net asset value per share N/A - 861.90p 919.80p*after direct transaction costs of:*** N/A 0.31p 0.29p 0.20p


Other information

Closing net asset value N/A N/A £779,439 £917,064Closing number of shares N/A N/A 90,437 99,701 Operating charges - OCF N/A N/A 0.15% 0.17%Direct transaction costs N/A N/A 0.03% 0.02%

Prices Highest share price N/A 1,119.00p 1,043.00p 965.50pLowest share price N/A 878.40p 719.00p 825.40p


15.11.21 15.5.21 15.5.20 15.5.19



Other informationClosing net asset value £207,405,456 £192,270,142 £108,336,922 £88,231,541Closing number of shares 25,557,998 26,352,443 19,709,481 14,670,700 Operating charges - OCF 0.06% 0.06% 0.05% 0.08%Direct transaction costs 0.03% 0.03% 0.03% 0.02%


#The Institutional A Accumulation share class converted to Accumulation C on 8 January 2021. **The operating charges include all costs borne by the Fund, except for direct transaction costs. ***The direct transaction costs are made up of fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges as well as transfer taxes and duties.


Comparative Tables


15.11.21 15.5.21 15.5.20 15.5.19



Other information

Closing net asset value £1,186,196,424 £945,212,031 £551,922,126 £395,972,349Closing number of shares 95,424,424 84,587,624 66,833,957 44,972,738 Operating charges - OCF 0.06% 0.06% 0.06% 0.08%Direct transaction costs 0.03% 0.03% 0.03% 0.02%





15.11.21 15.11.20£’000 £’000 £’000 £’000


Expenses (582) (410)Interest payable and similar charges (242) (206)Net revenue before taxation 20,724 13,841 Taxation (1,607) (852)Net revenue after taxation 19,117 12,989 Total return before distributions 306,954 349,470 Distributions 3,311 1,426 Change in net assets attributable to shareholders from investment activities 310,265 350,896


15.11.21 15.11.20£’000 £’000 £’000 £’000


498,890 212,439 Dilution adjustment 1,844 960 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 310,265 350,896 Closing net assets attributable to shareholders 3,408,018 2,140,658


15.11.21 15.5.21£’000 £’000 £’000 £’000

Assets Investments 3,263,649 2,487,408 Current assets



Distribution payable on income shares - (9,878) Other creditors (2,224) (12,050)

Total creditors (2,224) (21,928)Net assets attributable to shareholders 3,408,018 2,597,019

161AMERICAN INDEX FUND

American Index Fund


The Fund aims to provide growth over the long term, which is a period of five years or more, by tracking the performance of the S&P 500 Index (the “Index”).

Investment Policy*

The Index is made up of the 500 largest stock market listed companies in the United States of America, as defined by the Index provider.








Portfolio Activity

The S&P 500 Index returned 19.05% over the reporting period.

At the sector level, the largest contributor to performance was the Information Technology sector contributing 7.73% to the index total return, followed by the Consumer Discretionary sector at 2.92% and Health Care at 1.85%. In absolute terms these sectors returned 29.45%, 24.04% and 13.94% respectively. There were no negatively contributing sectors.

At the single stock level, the largest contributors to the overall total return were Microsoft at 2.27%, Apple Inc at 1.37% and Nvidia at 1.22%. The largest negative contributor was AT&T at -0.11%.

The narrative behind US stocks switched from one of ‘inflation is transitory’ to one of ‘inflation may persist for a while’ leading to a material re-pricing of US Federal Reserve (Fed) rate hike expectations which the Fed chose not to push back on. Despite this, US equities put in a strong performance over this period. Other positive factors contributed such as a bipartisan agreement of a $1trn infrastructure spending plan, which subsequently led to the Senate passing a bipartisan infrastructure bill containing $550bn of new spending. Also, in October a US government default was averted as the Senate reached a deal to raise the debt ceiling by $480bn. Corporate earnings have generally been strong and the improvement in labour market dynamics have been impressive.

162 AMERICAN INDEX FUND


During the period under review, the value of the shares in the Fund increased by 18.14% while the value of the S&P 500 index rose by 19.05%.



Tracking Error




Retail Income

Retail Accumulation



Price 768.9p 947.5p 947.3p 1,041.0p



Income C

Accumulation C

Price 772.7p 956.3p






%AUSTRALIA - 0.06% (0.05%) Industrials - 0.06% (0.05%)

Amcor 590,231 5,444 0.06 Total Industrials 5,444 0.06 Total Australia 5,444 0.06 BERMUDA - 0.21% (0.19%) Industrials - 0.03% (0.02%)

Norwegian Cruise Line Holdings 127,777 2,426 0.03 Total Industrials 2,426 0.03

Financials - 0.18% (0.17%) Everest 11,451 2,349 0.03

IHS Markit 125,671 12,038 0.13 Invesco 88,793 1,726 0.02 Total Financials 16,113 0.18 Total Bermuda 18,539 0.21 IRELAND - 1.68% (1.66%) Financials - 0.24% (0.25%)

AON 68,242 15,265 0.17 Willis Towers Watson 38,615 6,596 0.07 Total Financials 21,861 0.24

Consumer Services - 0.15% (0.15%) Johnson Controls 235,784 13,750 0.15

Total Consumer Services 13,750 0.15

Technology - 0.06% (0.06%) Seagate Technology 70,061 5,512 0.06

Total Technology 5,512 0.06

Healthcare - 0.06% (0.05%) Steris 30,925 5,350 0.06

Total Healthcare 5,350 0.06

Industrials - 0.74% (0.71%) Accenture 191,832 52,654 0.58

Allegion 39,509 3,943 0.04 Trane Technologies 79,908 11,368 0.12 Total Industrials 67,965 0.74

Basic Materials - 0.43% (0.44%) Linde 157,768 39,232 0.43

Total Basic Materials 39,232 0.43 Total Ireland 153,670 1.68




%NETHERLANDS - 0.07% (0.08%) Basic Materials - 0.07% (0.08%)

Lyondell Basell Industries 86,626 6,141 0.07 Total Basic Materials 6,141 0.07

Technology - 0.14% (0.00%) NXP Semiconductors 78,643 12,631 0.14

Total Technology 12,631 0.14 Total Netherlands 18,772 0.21 SWITZERLAND - 0.41% (0.40%) Industrials - 0.13% (0.12%)

TE Connectivity 95,200 11,638 0.13 Total Industrials 11,638 0.13

Financials - 0.22% (0.22%) Chubb 137,891 19,824 0.22

Total Financials 19,824 0.22

Technology - 0.06% (0.06%) Garmin 52,299 5,657 0.06

Total Technology 5,657 0.06 Total Switzerland 37,119 0.41 UNITED KINGDOM - 0.02% (0.03%) Consumer Services - 0.02% (0.03%)

Nielsen 137,271 2,213 0.02 Total Consumer Services 2,213 0.02 Total United Kingdom 2,213 0.02 UNITED STATES - 96.14% (94.55%) Oil & Gas - 2.87% (2.85%)

APA 148,461 3,273 0.04 Baker Hughes 300,714 5,534 0.06 Cabot Oil & Gas 261,786 4,058 0.04 Chevron 581,596 50,582 0.55 ConocoPhillips 422,153 22,858 0.25 Devon Energy 184,050 5,917 0.06 Diamondback Energy 47,700 3,948 0.04 Enphase Energy 42,867 7,809 0.09 EOG Resources 183,231 12,712 0.14 Exxon Mobil 1,292,489 61,940 0.68 Halliburton 291,539 5,079 0.06 Hess 78,660 4,820 0.05 Kinder Morgan 594,063 7,452 0.08 Marathon Oil Corporation 221,239 2,757 0.03




% Marathon Petroleum Corporation 187,503 9,230 0.10 Occidental Petroleum 280,958 6,689 0.07 ONEOK 137,457 6,485 0.07 Phillips 66 132,411 7,779 0.09 Pioneer Natural Resources 67,077 9,127 0.10 Schlumberger 429,551 10,464 0.11 Valero Energy 120,413 6,933 0.08 Williams Companies 357,608 7,617 0.08 Total Oil & Gas 263,063 2.87 Basic Materials - 1.41% (1.57%)

Air Products & Chemicals 68,410 15,471 0.17 Albemarle Corporation 30,880 6,235 0.07 Avery Dennison 23,090 3,861 0.04 Celanese A 35,830 4,464 0.05 CF Industries 63,323 3,090 0.03 Dow 225,016 10,038 0.11 DuPont De Nemours 174,660 10,239 0.11 EastMANChemicals 39,010 3,342 0.04 Ecolab 74,920 13,133 0.14 FMC 41,974 3,323 0.04 Freeport - McMoRan Copper & Gold 438,851 13,350 0.15 International Flavors & Fragrances 69,888 7,927 0.09 International Paper 141,419 5,205 0.06 Newmont Mining 240,282 10,549 0.12 Nucor 82,735 6,773 0.07 PPG Industries 66,691 8,089 0.09 The Mosaic Company 106,196 2,996 0.03 Total Basic Materials 128,085 1.41

Industrials - 9.04% (9.75%) 3M 182,398 24,892 0.27

Agilent Technologies 94,101 11,053 0.12 Ametek 78,264 8,161 0.09 Amphenol Corporation A 162,385 10,271 0.11 Arconic 167,451 4,120 0.05 Automatic Data Processing 131,988 22,909 0.25 Ball 105,013 7,496 0.08 Boeing 172,004 29,845 0.33 Broadridge Financial Solutions 33,886 4,467 0.05 Carrier Global Corporation 289,702 12,011 0.13 Caterpillar 171,227 26,478 0.29 CH Robinson Worldwide 39,694 2,827 0.03 Cintas 23,583 7,703 0.08 CSX 656,572 17,201 0.19 Cummins 50,163 8,814 0.10




% Danaher 191,477 42,720 0.47 Deere & Company 89,156 23,972 0.26 Dover 54,432 7,031 0.08 Eaton 128,746 16,557 0.18 Emerson Electric 195,842 14,050 0.15 Expeditors International Washington 43,913 4,212 0.05 Fastenal 190,782 8,610 0.09 Fedex 76,055 14,282 0.16 Fidelity National Information 191,781 16,515 0.18 Fiserv 168,822 12,799 0.14 FleetCor Technologies 26,204 4,713 0.05 Fortive 131,752 7,653 0.08 Fortune Brands Home & Security 59,419 4,727 0.05 Generac Holdings 20,620 6,661 0.07 General Dynamics 77,791 11,641 0.13 General Electric 343,083 27,246 0.30 Global Payments 96,286 9,442 0.10 Grainger (W.W.) 17,946 6,470 0.07 Honeywell International 214,146 35,468 0.39 Huntington Ingalls Industries 19,630 2,783 0.03 IDEX 30,993 5,413 0.06 Illinois Tool Works 91,979 16,367 0.18 Ingersoll-Rand 160,039 7,036 0.08 IPG Photonics Corporation 10,623 1,346 0.01 J.B. Hunt Transport Services 20,536 3,048 0.03 Jacobs Engineering Group 33,892 3,670 0.04 Kansas City Southern 25,806 5,942 0.07 Keysight Technologies 55,084 7,718 0.08 Martin Marietta Materials 19,120 5,959 0.07 Masco 102,279 5,120 0.06 Mettler Toledo 6,915 7,800 0.09 Norfolk Southern 72,517 14,867 0.16 Old Dominion Freight Line 27,441 7,348 0.08 Otis Worldwide Corporation 147,854 9,262 0.10 Paccar 118,048 7,845 0.09 Packaging Corporation of America 30,370 3,049 0.03 Parker-Hannifin 43,622 10,664 0.12 Paychex 86,913 8,052 0.09 Pentair 72,135 4,092 0.04 Perkinelmer 36,244 4,948 0.05 Quanta Services 58,006 5,125 0.06 Republic Services 66,082 6,654 0.07 Robert Half International 29,336 2,544 0.03 Rockwell Automation 39,665 9,891 0.11 Roper Technologies 34,868 12,607 0.14 Sealed Air 46,274 2,273 0.03




% Sherwin-Williams 77,118 19,108 0.21 Smith (AO) 65,732 4,001 0.04 Teledyne Technologies 18,336 6,059 0.07 TransDigm Group 17,470 8,497 0.09 Trimble Navigation 70,002 4,550 0.05 Union Pacific 197,822 35,560 0.39 United Parcel Services 218,556 34,409 0.38 United Rentals 26,135 7,477 0.08 Verisk Analytics 57,142 9,276 0.10 Vulcan Materials 45,510 6,842 0.07 Wabtec Corporation 78,528 5,607 0.06 Waste Management 109,998 13,344 0.15 WestRock Company 84,440 3,089 0.03 Xylem 70,055 6,752 0.07 Zebra Technologies A 15,934 7,008 0.08 Total Industrials 826,019 9.04

Consumer Goods - 8.42% (8.02%) Activision 235,354 12,342 0.14

Altria Group 583,330 19,625 0.22 APTIV 73,866 9,468 0.10 Archer Daniels Midland 158,236 7,887 0.09 BorgWarner 78,314 2,831 0.03 Brown-ForMANB 54,525 2,928 0.03 Campbell Soup 66,311 2,061 0.02 Church & Dwight 73,135 4,963 0.05 Clorox 43,119 5,453 0.06 Coca-Cola 1,182,733 49,856 0.55 Colgate-Palmolive 251,867 14,680 0.16 ConAgra Foods 166,642 4,006 0.04 Constellation Brands A 49,079 8,359 0.09 D.R.Horton 100,072 7,250 0.08 Electronic Arts 89,411 9,405 0.10 Estee Lauder 68,459 17,746 0.19 Ford Motor 1,238,615 18,304 0.20 General Mills 176,238 8,358 0.09 General Motors 431,962 20,247 0.22 Genuine Parts 42,735 4,358 0.05 Hanesbrands 107,778 1,424 0.02 Hasbro 34,028 2,511 0.03 Hershey 51,695 6,830 0.08 Hormel Foods 98,685 3,191 0.03 JM Smucker 38,953 3,739 0.04 Kellogg 79,928 3,804 0.04 Kimberly-Clark 105,488 10,585 0.12 Kraft Heinz Company 186,123 5,211 0.06




% Lamb Weston Holdings 41,164 1,783 0.02 Leggett & Platt 35,318 1,172 0.01 Lennar 99,239 7,900 0.09 LKQ Corporation 85,238 3,735 0.04 McCormick & Co. 78,851 4,854 0.05 Mohawk Industries 16,741 2,194 0.02 Molson Coors Brewing B 51,901 1,901 0.02 Mondelez International 400,384 18,731 0.21 Monster Beverage 112,041 7,757 0.08 Newell Brands 152,343 2,717 0.03 Nike B 383,581 48,219 0.53 NVR 1,145 4,483 0.05 PepsiCo 421,572 51,416 0.56 Philip Morris International 474,758 33,698 0.37 Pool Corporation 12,646 5,365 0.06 Procter & Gamble 737,802 80,965 0.89 PulteGroup 87,171 3,281 0.04 PVH Corporation 20,119 1,807 0.02 Ralph Lauren 11,949 1,112 0.01 Snap-on 24,646 4,067 0.04 Stanley Black & Decker 56,075 8,108 0.09 Take-Two Interactive 33,453 4,423 0.05 Tesla Motors 245,239 184,954 2.03 Tyson Foods 89,369 5,594 0.06 Under Armour A 93,776 1,805 0.02 Under Armour C 76,826 1,250 0.01 VF 98,347 5,657 0.06 Whirlpool 17,113 2,987 0.03 Total Consumer Goods 769,357 8.42

Healthcare - 11.29% (11.48%) Abbott Laboratories 530,496 51,122 0.56

Abbvie 534,602 46,515 0.51 Abiomed 14,501 3,761 0.04 Align Technology 21,184 10,728 0.12 Amgen 171,148 26,427 0.29 Anthem 70,421 22,781 0.25 Baxter International 158,852 9,410 0.10 Becton Dickinson 89,580 16,248 0.18 Biogen IDEC 47,225 9,557 0.10 Bio-Rad Laboratories 7,789 4,370 0.05 Bio-Techne 11,000 4,109 0.05 Boston Scientific 430,599 13,249 0.15 Bristol Myers Squibb 689,269 30,594 0.34 Catalent 55,882 5,334 0.06 Centene 184,514 10,314 0.11




% Charles River Labs 15,393 4,404 0.05 Cigna Corporation 108,452 17,407 0.19 Corteva 226,946 8,173 0.09 DaVita 31,979 2,535 0.03 Dentsply Sirona 66,802 2,733 0.03 Dexcom 30,631 14,639 0.16 Edwards Lifesciences 190,961 16,588 0.18 Eli Lilly and Company 236,692 45,546 0.50 Gilead Sciences 390,300 19,524 0.21 HCA Holdings 80,489 14,540 0.16 Henry Schein 40,493 2,365 0.03 Hologic 79,363 4,327 0.05 Humana 42,141 13,748 0.15 IDEXX Laboratories 25,778 11,879 0.13 Illumina 45,451 12,823 0.14 Incyte Genomics 64,880 3,148 0.03 Intuitive Surgical 103,958 27,358 0.30 IQVIA 55,325 10,368 0.11 Johnson & Johnson 791,784 96,409 1.06 Laboratory Corporation of America 29,012 6,161 0.07 Medtronic 412,677 36,125 0.40 Merck & Co. 759,062 47,300 0.52 Moderna 105,743 18,506 0.20 Organon 79,817 1,983 0.02 Pfizer 1,659,808 61,365 0.67 Quest Diagnostics 39,973 4,364 0.05 Regeneron Pharmaceuticals 31,453 15,171 0.17 ResMed 38,571 7,534 0.08 Stryker 100,911 19,676 0.22 Teleflex 13,800 3,474 0.04 The Cooper Companies 15,280 4,737 0.05 Thermo Fisher Scientific 118,831 55,949 0.61 UnitedHealth Group 281,478 94,458 1.04 Universal Health ServicesB 23,514 2,253 0.02 Vertex Pharmaceuticals 80,880 11,252 0.12 Viatris 362,940 3,756 0.04 Waters 20,546 5,287 0.06 West Pharmaceutical Services 22,960 7,218 0.08 Zimmer Biomet Holdings 62,396 6,093 0.07 Zoetis 139,242 22,390 0.25 Total Healthcare 1,028,085 11.29





Advance Auto Parts 19,167 3,450 0.04 Alaska Air Group 57,176 2,370 0.03 Amazon.com 131,978 348,387 3.82 American Airlines Group 220,570 3,335 0.04 AmerisourceBergen 45,896 4,250 0.05 Autozone 5,705 8,120 0.09 Bath & Body Works 68,514 3,814 0.04 Best Buy 68,080 6,709 0.07 Caesars Entertainment 59,466 4,570 0.05 Cardinal Health 103,647 3,894 0.04 Carmax 48,869 5,445 0.06 Carnival 238,043 3,949 0.04 Charter Communications A 39,997 20,633 0.23 Chipotle Mexican Grill 7,749 10,612 0.12 Comcast 1,393,537 55,349 0.61 Copart 63,019 7,341 0.08 Costco Wholesale 131,517 50,905 0.56 CVS Health 407,081 28,334 0.31 Darden Restaurants 37,588 4,134 0.05 Delta Airlines 242,218 7,642 0.08 Discovery Communications A 52,250 1,090 0.01 Discovery Communications C 94,848 1,919 0.02 Dish Network 71,313 1,921 0.02 Dollar General 78,086 13,197 0.14 Dollar Tree Stores 74,519 7,166 0.08 Domino s Pizza 12,125 4,669 0.05 eBay 197,423 10,909 0.12 Expedia 45,861 6,064 0.07 Fox Corporation A 106,112 3,260 0.04 Fox Corporation B 43,381 1,241 0.01 Gap 56,577 1,046 0.01 Hilton Worldwide Holdings 86,110 9,162 0.10 Home Depot 324,291 89,610 0.98 Interpublic Group of Companies 106,194 2,856 0.03 Kroger 247,784 7,870 0.09 Las Vegas Sands 101,710 3,131 0.03 Live Nation 53,218 4,595 0.05 Lowe’s Companies 218,761 38,275 0.42 Marriott International 12,168 - 0.00 Marriott International new A 75,698 8,771 0.10 McDonald’s 230,035 43,320 0.47 McKesson HBOC 48,189 7,962 0.09 MGM Resorts International 153,312 5,230 0.06 NetFlix 132,005 66,762 0.73 News Corporation A 101,946 1,781 0.02




% News Corporation B 90,476 1,576 0.02 O’Reilly Automotive 19,315 9,342 0.10 Omnicom 62,148 3,194 0.03 PayPal 352,796 55,830 0.61 Penn National Gaming 52,161 2,185 0.02 Raytheon Technologies 468,833 31,197 0.34 Rollins 77,323 2,065 0.02 Ross Stores 109,985 9,453 0.10 Royal Caribbean Cruises 78,605 4,989 0.05 Southwest Airlines 204,318 7,473 0.08 Starbucks 366,847 30,556 0.33 Sysco 154,731 8,804 0.10 Tapestry 70,435 2,354 0.03 Target 154,809 30,456 0.33 TJX Companies 377,094 19,464 0.21 Tractor Supply Company 30,972 5,140 0.06 Ulta Beauty 17,902 5,354 0.06 United Airlines Holdings 129,755 4,876 0.05 ViacomCBS 186,646 4,970 0.05 Walgreens Boots Alliance 212,226 7,777 0.09 Wal-Mart Stores 420,443 45,988 0.50 Walt Disney 548,186 64,658 0.71 Wynn Resorts 33,550 2,449 0.03 Yum! Brands 97,184 9,158 0.10 Total Consumer Services 1,294,358 14.17

Telecommunications - 1.14% (1.65%) AT&T 2,173,352 40,111 0.44

T-Mobile US 173,252 15,185 0.17 Verizon Communications 1,243,453 48,500 0.53 Total Telecommunications 103,796 1.14

Utilities - 2.41% (2.55%) AES 203,170 3,785 0.04

Alliant Energy 72,084 3,019 0.03 Ameren 79,041 5,050 0.06 American Electric Power 154,350 9,524 0.10 American Water Works 53,288 6,851 0.08 Atmos Energy 45,490 3,259 0.04 Centerpoint Energy 171,475 3,441 0.04 CMS Energy 84,594 3,852 0.04 Consolidation Edison (New York registered) 103,581 6,075 0.07 Dominion Energy 261,336 14,763 0.16 DTE Energy 61,664 5,196 0.06 Duke Energy 239,433 17,934 0.20 Edison International 107,392 5,163 0.06




%

Entergy 72,464 5,666 0.06 Evergy 87,256 4,261 0.05 Eversource Energy 102,610 6,380 0.07 Exelon 323,630 13,196 0.14 FirstEnergy 166,675 4,895 0.05 NextEra Energy 591,155 38,435 0.42 Nisource 143,738 2,733 0.03 NRG Energy 94,574 2,583 0.03 Pinnacle West Capital 32,102 1,575 0.02 PPL 225,570 4,842 0.05 Public Service Enterprise Group 153,893 7,257 0.08 Sempra Energy 96,058 8,907 0.10 Southern Company 337,039 15,605 0.17 WEC Energy 107,062 7,217 0.08 Xcel Energy 158,651 7,598 0.08 Total Utilities 219,062 2.41

Financials - 14.88% (15.57%) Aflac 217,541 9,324 0.10

Alexandria Real Estate Equities 45,924 7,043 0.08 Allstate 99,931 8,540 0.09 American Express 201,707 27,496 0.30 American International Group 280,160 12,116 0.13 American Tower 140,438 27,235 0.30 Ameriprise Financial 33,284 7,621 0.08 Arthur J. Gallagher 57,296 7,052 0.08 Assurant 15,016 1,789 0.02 AvalonBay Communities 43,171 7,888 0.09 Bank of America 2,267,902 79,441 0.87 Bank of New York Mellon 242,928 10,833 0.12 Berkshire Hathaway B 563,936 119,522 1.31 BlackRock 42,427 30,110 0.33 Boston Properties 45,444 4,082 0.04 Brown & Brown 47,705 2,283 0.03 Capital One Financial 140,548 16,362 0.18 CBOE Global Markets 25,718 2,508 0.03 CBRE Group 98,387 7,658 0.08 Chicago Mercantile Exchange 106,899 18,040 0.20 Cincinnati Financial 42,760 3,865 0.04 Citigroup 631,857 32,331 0.35 Citizens Financial Group 130,893 4,868 0.05 Comerica 33,129 2,209 0.02 Crown Castle International REIT 132,062 17,971 0.20 Digital Realty Trust 81,508 9,782 0.11 Discover Financial Services 87,962 7,739 0.08 Duke Realty 100,044 4,310 0.05




% Equifax 43,182 9,074 0.10 Equinix REIT 27,634 16,414 0.18 Equity Residential 112,496 7,369 0.08 Essex Property REIT 23,149 6,055 0.07 Extra Space Storage 38,225 5,689 0.06 Federal Realty Investment Trust 25,066 2,410 0.03 Fifth Third Bancorp 231,732 7,698 0.08

#First Horizon National fractional shares 98,872 - 0.00 First Republic Bank 46,274 7,571 0.08 Franklin Resources 75,769 2,016 0.02 Globe Life 26,604 1,873 0.02 GoldMANSachs 100,378 30,242 0.33 Hartford Financial Services 107,522 5,790 0.06 Healthpeak Properties 188,149 4,786 0.05 Host Marriott 202,378 2,701 0.03 Huntingdon Bancshares 404,713 4,962 0.05 Intercontinental Exchange Group 166,913 16,812 0.18 Iron Mountain 117,734 4,294 0.05 JPMorgan Chase & Company 909,171 112,760 1.24 KeyCorp 296,141 5,274 0.06 Kimco Realty 190,316 3,381 0.04 Lincoln National 55,212 3,066 0.03 Loews 87,613 3,668 0.04 M&T Bank 38,175 4,556 0.05 MarketAxess Holdings 11,502 3,333 0.04 Marsh & McLennan 147,588 18,387 0.20 Mastercard 259,775 69,866 0.77 Metlife 243,275 11,615 0.13 Mid-America Apartment Communities 32,642 5,008 0.05 Moody’s 51,524 14,988 0.16 Morgan Stanley 447,657 33,398 0.37 MSCI 27,303 13,435 0.15 Nasdaq OMX Group 33,714 5,264 0.06 Northern Trust 63,943 5,958 0.07 Orion Office REIT 16,820 265 0.00 Peoples United Financial 87,419 1,207 0.01 PNC Financial ServicesGroup 127,458 19,436 0.21 Principal Financial Group 63,175 3,372 0.04 Progressive 182,583 12,775 0.14 Prologis 223,514 24,989 0.27 Prudential Financial 121,417 10,020 0.11 Public Storage 46,828 11,554 0.13 Raymond James Financial 56,896 4,206 0.05 Realty Income 168,206 8,907 0.10 Regency Centers 46,308 2,586 0.03 Regions Financial 245,720 4,434 0.05




% S&P Global 75,249 25,730 0.28 SBA Communications Corporation 36,713 9,514 0.10 Schwab (Charles) 444,248 27,097 0.30 Simon Property Group 102,759 12,716 0.14 State Street 102,119 7,596 0.08 SVB Financial Group 14,693 8,174 0.09 Synchrony Financial 175,543 6,551 0.07 T Rowe Price Group 65,893 10,591 0.12 Travelers 80,015 9,415 0.10 Truist Financial 420,888 19,829 0.22 UDR 83,703 3,548 0.04 US Bancorp 429,422 19,329 0.21 Ventas 127,922 5,177 0.06 Visa 503,981 79,668 0.87 Vornado Realty Trust 43,777 1,519 0.02 W. R. Berkley 41,755 2,513 0.03 Wells Fargo & Co. 1,231,747 46,842 0.51 Welltower 121,690 7,636 0.08 Western Union 190,835 2,530 0.03 Weyerhaeuser 252,648 7,037 0.08 Zions Bancorporation 31,165 1,539 0.02 Total Financials 1,358,033 14.88

Technology - 30.50% (26.78%) Adobe 145,361 71,396 0.78

Advanced Micro Devices 364,914 39,787 0.44 Akamai Technologies 49,708 4,015 0.04 Alphabet A 90,812 200,750 2.20 Alphabet C 85,428 190,023 2.08 Analog Devices 161,457 22,245 0.24 Ansys 25,622 7,520 0.08 Apple 4,787,606 534,614 5.86 Applied Materials 280,761 32,675 0.36 Arista Networks 18,390 7,231 0.08 Autodesk 68,089 16,546 0.18 Booking Holdings 12,749 22,827 0.25 Broadcom 120,804 50,891 0.56 Cadence Design Systems 81,145 11,016 0.12 CDW 51,633 7,336 0.08 Ceridian HCM Holding 41,106 3,682 0.04 Cerner 95,213 5,238 0.06 Cisco Systems 1,274,659 54,348 0.60 Citrix Systems 30,952 2,009 0.02 Cognizant Technology Solutions 169,186 10,322 0.11 Corning 232,911 6,711 0.07 DXC Technology 110,479 2,718 0.03




% Etsy 41,533 8,433 0.09 F5 Networks 19,811 3,407 0.04 Facebook 724,963 187,620 2.06 Fortinet 41,113 10,257 0.11 Gartner 28,020 6,960 0.08 Hewlett-Packard 460,706 5,042 0.06 HP 408,080 9,521 0.10 Intel 1,238,474 46,406 0.51 International Business Machines 278,074 24,607 0.27 Intuit 83,060 38,719 0.42 Jack Henry & Associates 17,919 2,093 0.02 Juniper Networks 99,746 2,387 0.03 KLA Tencor 48,244 14,836 0.16 LAM Research 43,988 20,643 0.23 Leidos Holdings 56,852 3,989 0.04 Lumen Technologies 342,152 3,597 0.04 Match Group 82,188 9,081 0.10 Microchip Technology 168,180 10,420 0.11 Micron Technology 339,319 19,399 0.21 Microsoft 2,291,036 573,237 6.28 Monolithic Power Systems 13,191 5,529 0.06 Motorola Solutions 52,571 9,830 0.11 NetApp 64,807 4,287 0.05 NortonLifeLock 188,252 3,523 0.04 Nvidia 750,654 167,785 1.84 Oracle 510,266 35,713 0.39 Paycom Software 15,101 5,441 0.06 PTC 32,094 2,868 0.03 Qorvo 36,212 4,284 0.05 Qualcomm 343,912 43,150 0.47 Salesforce.com 291,932 66,417 0.73 ServiceNow 60,651 30,807 0.34 Skyworks Solutions 44,553 5,414 0.06 Synopsys 46,347 11,933 0.13 Teradyne 50,089 5,525 0.06 Texas Instruments 284,008 40,020 0.44 Twitter 230,923 9,101 0.10 Tyler Technologies 13,928 5,716 0.06 VeriSign 31,805 5,666 0.06 Western Digital 102,544 4,499 0.05 Xilinx 72,464 11,606 0.13 Total Technology 2,783,668 30.50




%Futures - 0.01% (0.00%)

CME S&P 500 E-Mini December 21 671 1,237 0.01 Total Futures 1,237 0.01 Total United States 8,774,763 96.14



Net assets 9,126,108 100.00 #unlisted Figures in brackets denote the comparative percentage holdings as at 15 May 2021.

Unless otherwise stated, all investments are listed equities. Counterparty for the future is HSBC.


Comparative Tables


15.11.21 15.5.21 15.5.20 15.5.19






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Other information






15.11.21 15.5.21 15.5.20 15.5.19



Other informationClosing net asset value £1,041,545,320 £934,129,630 £495,278,449 £225,873,953Closing number of shares 109,832,616 116,599,025 77,821,891 37,779,718Operating charges - OCF 0.02% 0.02% 0.02% 0.02%Direct transaction costs 0.00% 0.00% 0.01% 0.00%



15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share 880.50p 691.00p 638.30p 568.40pReturn before operating charges* 161.59p 189.63p 52.84p 70.04pOperating charges** (0.09p) (0.13p) (0.14p) (0.14p)Return after operating charges* 161.50p 189.50p 52.70p 69.90pDistributions on accumulation shares (0.00p) (10.59p) (11.36p) (10.38p)Retained distributions on accumulation shares 0.00p 10.59p 11.36p 10.38pClosing net asset value per share 1,042.00p 880.50p 691.00p 638.30p*after direct transaction costs of:*** 0.02p 0.03p 0.04p 0.03p


Other information

Closing net asset value £3,417,267,037 £2,955,000,547 £1,777,354,564 £1,285,980,319Closing number of shares 327,818,091 335,592,916 257,232,691 201,458,331Operating charges - OCF 0.02% 0.02% 0.02% 0.02%Direct transaction costs 0.00% 0.00% 0.01% 0.00%

Prices Highest share price 1,041.00p 899.50p 766.50p 654.80pLowest share price 867.00p 696.40p 565.00p 546.70p


Comparative Tables


Comparative Tables

Institutional A Income#Change in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share N/A 539.50p 506.80p 458.80pReturn before operating charges* N/A 107.22p 41.82p 56.49pOperating charges** N/A (0.62p) (0.87p) (0.80p)Return after operating charges* N/A 106.60p 40.95p 55.69pDistributions on income shares N/A (0.00p) (8.25p) (7.69p)Cancellation price N/A (646.10p) - -Closing net asset value per share N/A - 539.50p 506.80p*after direct transaction costs of:*** N/A 0.02p 0.03p 0.02p

PerformanceReturn after charges N/A 19.76% 8.08% 12.14%

Other informationClosing net asset value N/A - £160,048 £196,596Closing number of shares N/A - 29,667 38,792Operating charges - OCF N/A - 0.16% 0.16%Direct transaction costs N/A 0.00% 0.01% 0.00%



15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share N/A 664.30p 614.90p 548.40pReturn before operating charges* N/A 132.06p 50.50p 67.44pOperating charges** N/A (0.76p) (1.10p) (0.94p)Return after operating charges* N/A 131.30p 49.40p 66.50pDistributions on accumulation shares N/A (0.00p) (10.01p) (9.18p)Retained distributions on accumulation shares N/A 0.00p 10.01p 9.18pCancellation price N/A (795.60p) - -Closing net asset value per share N/A - 664.30p 614.90p*after direct transaction costs of:*** N/A 0.03p 0.04p 0.02p

PerformanceReturn after charges N/A 19.77% 8.03% 12.13%

Other information

Closing net asset value N/A - £634,938 £993,441Closing number of shares N/A - 95,582 161,554Operating charges - OCF N/A - 0.16% 0.16%Direct transaction costs N/A 0.00% 0.01% 0.00%

Prices N/A N/A 795.60p 737.20p 630.80pN/A N/A 668.80p 543.30p 527.00p

#The Institutional A Income class and Institutional A Accumulation classes were terminated on 8 January 2021. **The operating charges include all costs borne by the Fund, except for direct transaction costs. ***The direct transaction costs are made up of fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges as well as transfer taxes and duties.



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Other information

Closing net asset value £4,017,673,484 £3,390,257,714 £2,482,210,255 £1,852,578,384Closing number of shares 419,686,892 419,180,768 390,952,627 315,711,140Operating charges - OCF 0.06% 0.06% 0.06% 0.06%Direct transaction costs 0.00% 0.00% 0.01% 0.00%



Comparative Tables



15.11.21 15.11.20£’000 £’000 £’000 £’000

IncomeNet capital gains 1,420,046 852,931 Revenue 58,055 50,131

Expenses (1,724) (1,314)Interest payable and similar charges (2) (1)Net revenue before taxation 56,329 48,816 Taxation (8,360) (7,159)Net revenue after taxation 47,969 41,657 Total return before distributions 1,468,015 894,588 Distributions (2,406) (692)Change in net assets attributable to shareholders from investment activities 1,465,609 893,896


15.11.21 15.11.20£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders 7,830,605 5,389,830 Amounts receivable on creation of shares 986,727 784,188 Amounts payable on cancellation of shares (1,158,009) (755,584)

(171,282) 28,604 Dilution adjustment 1,176 722 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 1,465,609 893,896 Closing net assets attributable to shareholders 9,126,108 6,313,052


15.11.21 15.5.21£’000 £’000 £’000 £’000




Distribution payable on income shares - (16,919)Other creditors (23,302) (47,644)


182 JAPAN INDEX FUND

Japan Index Fund


The Fund aims to provide growth over the long term, which is a period of 5 years or more, by tracking the performance of the FTSE Japan Index (the “Index”).

Investment Policy

The Index is made up of large and medium sized companies listed in Japan, as defined by the Index Provider.


Investment Strategy





Portfolio Activity

The FTSE Japan Index was up 10.94% over the reporting period 16th May 2021 to 15th November 2021.

At the sector level, the largest contributor to performance was the Industrials sector contributing 3.41% to the index total return, followed by the Consumer Discretionary sector at 3.17%. In absolute terms these sectors returned 14.07% and 13.83% respectively. The Utility and Energy sectors were negatively contributing sectors to the overall total return at -0.25% and -0.16% respectively.

At the single stock level, the largest contributor to the overall total return was Toyota Motor at 1.15%. The largest negative contributor was Softbank Group at -0.44%.

Japanese equities have been range bound for the most part over the second and third quarter of the year with a large rally in September, as Prime Minister Yoshihide Suga announced a plan to resign, which could pave the way for greater fiscal stimulus measures ahead of elections, went into reverse in October. Japan, as have many other countries in Asia, has been struggling to contain Covid.

183JAPAN INDEX FUND


During the period under review, the value of the shares in the Fund increased by 10.82% and the value of the FTSE Japan Index rose by 10.94%.



Tracking Error




Retail Income

Retail Accumulation



Price 121.3p 152.1p 144.3p 162.1p



Income C

AccumulationC

Income S

AccumulationS

Price 120.5p 153.8p 120.6p 154.2p






%JAPAN - 96.14%(98.40%) Oil & Gas - 0.57% (0.60%) Cosmo Energy Holdings 28,632 443 0.03 ENEOS Holdings 1,326,048 3,927 0.25 Idemitsu Kosan 103,900 2,050 0.13 Inpex 404,800 2,562 0.16 Total Oil & Gas 8,982 0.57 Basic Materials - 5.32% (6.02%) Air Water 78,245 950 0.06 Asahi Kasei 548,411 4,130 0.26 Daicel Corporation 115,130 618 0.04 Daido Steel 15,600 425 0.03 Daio Paper 36,100 487 0.03 Denka 38,300 906 0.06 DIC 36,131 736 0.05 Dowa Mining 20,100 620 0.04 Hitachi Metals 87,355 1,226 0.08 JFE Holdings 227,671 2,170 0.14 JSR 80,208 2,276 0.14 Kaneka 25,300 669 0.04 Kansai Paint 85,653 1,600 0.10 Kobe Steel 145,489 569 0.04 Kuraray 152,713 1,052 0.07 Lintec 22,194 384 0.02 Maruichi Steel Tube 27,000 453 0.03 Mitsubishi Chemical Holdings 564,829 3,495 0.22 Mitsubishi Gas Chemical 79,600 1,085 0.07 Mitsui Chemicals 77,500 1,638 0.10 Mitsui Mining & Smelting 24,300 501 0.03 Nagase & Company 47,198 543 0.03 Nippon Kayaku 73,200 585 0.04 Nippon Paint 350,800 2,869 0.18 Nippon Sanso 63,438 1,108 0.07 Nippon Shokubai 14,100 508 0.03 Nippon Steel Corporation 362,000 4,526 0.29 Nissan Chemical Industries 59,112 2,676 0.17 Nitto Denko 65,004 3,639 0.23 NOF 29,800 1,170 0.07 Oji Holdings Corporation 390,801 1,509 0.09 Shin-Etsu Chemical 176,093 23,293 1.48 Showa Denko KK 77,800 1,435 0.09 Sumitomo Bakelite 14,200 508 0.03 Sumitomo Chemical 668,600 2,516 0.16 Sumitomo Metal Mining 105,000 3,089 0.20 Teijin 81,815 779 0.05

185JAPAN INDEX FUND



% Tokai Carbon 86,700 757 0.05 Tokuyama 31,200 405 0.02 Toray Industries 672,005 3,164 0.20 Tosoh 123,400 1,434 0.09 Ube Industries 43,800 587 0.04 Yamato Kogyo 14,958 353 0.02 Zeon 64,147 568 0.04 Total Basic Materials 84,011 5.32 Industrials - 25.63% (25.15%) Aica Kogyo 23,200 520 0.03 Alps Electric 88,725 643 0.04 Amada 137,430 1,042 0.07 Amano 29,900 537 0.03 Asahi Glass 81,700 3,058 0.19 Askul 21,500 217 0.01 Azbil 57,500 1,931 0.12 Benefit One 26,200 970 0.06 Comsys Holdings 49,100 889 0.06 Daifuku 42,900 2,853 0.18 Daikin Industries 117,605 19,581 1.24 Disco 12,345 2,758 0.17 DMG Mori 45,426 581 0.04 Ebara 41,324 1,636 0.10 Exeo 44,900 769 0.05 Fanuc 85,200 13,115 0.83 FP 20,100 517 0.03 Fuji Electric 55,600 2,099 0.13 Fukuyama Transport 12,700 346 0.02 Furukawa Electric 27,257 439 0.03 GMO Payment Gateway 18,100 1,807 0.11 Hamamatsu Photonics 56,500 2,702 0.17 Haseko 114,245 1,097 0.07 Hino Motors 118,900 848 0.05 Hirose Electric 14,525 1,846 0.12 Hitachi 410,600 19,461 1.23 Hitachi Construction Machinery 46,961 1,129 0.07 Hitachi Transport System 14,300 418 0.03 Horiba 17,100 813 0.05 Hoshizaki Electric 23,228 1,370 0.09 Hoya 158,352 18,510 1.17 Ibiden 47,823 2,159 0.14 IHI Corporation 56,600 981 0.06 IR Japan Holdings 3,900 212 0.01 Isuzu Motors 228,671 2,429 0.15 Itochu 600,143 13,207 0.84




% Japan Airport Terminal 23,606 914 0.06 Japan Aviation Electronic 22,400 269 0.02 Jeol 18,600 1,109 0.07 JGC 95,646 677 0.04 Kajima 195,000 1,791 0.11 Kamigumi 43,900 634 0.04 Kandenko 46,147 262 0.02 Kawasaki Heavy Industries 64,600 873 0.06 Kawasaki Kisen Kaisha 36,500 1,235 0.08 Keyence 80,000 37,316 2.36 Kinden 54,700 640 0.04 Komatsu 406,115 8,078 0.51 Kubota 482,833 7,662 0.49 Kurita Water Industries 48,600 1,911 0.12 Kyocera 136,412 6,210 0.39 Kyudenko 17,312 399 0.03 Kyushu Railway Company 69,813 1,211 0.08 LIXIL Group 116,406 2,296 0.15 Mabuchi Motor 22,300 563 0.04 Marubeni 694,013 4,615 0.29 Maruwa Unyu Kikan 18,900 187 0.01 Minebea 180,274 3,715 0.24 Misumi 123,435 4,112 0.26 Mitsubishi 530,991 11,904 0.75 Mitsubishi Electric 876,014 8,781 0.56 Mitsubishi Heavy Industries 126,900 2,348 0.15 Mitsubishi Logistics 27,900 549 0.03 Mitsubishi Materials 55,135 748 0.05 Mitsui & Company 706,880 11,795 0.75 Mitsui OSK Lines 49,000 2,112 0.13 Miura 43,535 1,240 0.08 Monotaro 103,700 1,637 0.10 Murata Manufacturing 252,800 14,335 0.91 Nabtesco 50,161 1,189 0.08 NGK Insulators 113,700 1,453 0.09 Nidec 205,500 17,585 1.11 Nippo Corporation 22,500 591 0.04 Nippon Electric Glass 35,600 638 0.04 Nippon Express 30,600 1,361 0.09 Nippon Yusen KK 71,200 3,563 0.23 NSK 195,613 967 0.06 Obayashi 298,400 1,807 0.11 Okuma 13,100 456 0.03 Omron 82,463 6,081 0.39 OSG 34,300 434 0.03 Penta-Ocean Construction 125,400 634 0.04

187JAPAN INDEX FUND



% Persol Holdings 73,700 1,620 0.10 Recruit Holdings 592,700 31,174 1.98 Rengo 92,387 498 0.03 Sankyu 21,700 680 0.04 Sanwa Holdings 86,356 754 0.05 Secom 85,958 4,517 0.29 Seino Holdings 60,877 501 0.03 SG Holdings 187,800 3,313 0.21 Shimadzu 119,126 3,688 0.23 Shimizu 239,468 1,198 0.08 SHO–BOND Holdings 20,400 685 0.04 SMC 25,300 11,871 0.75 SMS 22,100 678 0.04 Sohgo Securities Services 29,800 953 0.06 Sojitz Holdings 104,100 1,136 0.07 Sumitomo 497,289 5,301 0.34 Sumitomo Heavy Industries 50,000 932 0.06 Taiheiyo Cement 51,500 814 0.05 Taisei 73,100 1,764 0.11 Taiyo Yuden 54,789 2,298 0.15 TDK 159,500 4,761 0.30 Technopro 47,600 1,104 0.07 THK 50,539 839 0.05 Toda 102,187 483 0.03 Toppan Printing 123,600 1,606 0.10 Toshiba 192,300 6,146 0.39 Toshiba Tec 10,700 320 0.02 TOTO 64,038 2,330 0.15 Toyo Seikan Group 65,300 624 0.04 Ulvac 21,400 906 0.06 Ushio 49,000 705 0.04 Yamato Holdings 148,320 2,625 0.17 Yaskawa Electric 114,325 3,898 0.25 Yokogawa Electric 107,300 1,601 0.10 Total Industrials 404,700 25.63 Consumer Goods - 22.11% (22.16%) ABC-Mart 11,568 428 0.03 Aisin Seiki 76,620 2,090 0.13 Ajinomoto 216,836 5,042 0.32 Ariake Japan 7,987 358 0.02 Asahi Breweries 186,834 5,835 0.37 Asics Corporation 75,651 1,404 0.09 Bandai Namco Holdings 86,433 5,358 0.34 Bridgestone 255,862 8,216 0.52 Calbee 33,246 614 0.04




% Casio Computer 94,632 1,014 0.06 Coca-Cola West Japan 61,800 619 0.04 Daiichikosho 17,500 486 0.03 Daiwa House Industry 283,769 6,519 0.41 Denso 201,773 11,378 0.72 Ezaki Glico 22,700 578 0.04 Fancl 30,300 675 0.04 Fuji Oil 19,900 335 0.02 Fujitsu General 24,632 448 0.03 Goldwin 15,800 737 0.05 GS Yuasa 33,500 471 0.03 Honda Motor 757,977 16,423 1.04 House Foods 32,299 653 0.04 IIDA Group Holdings 62,761 1,059 0.07 Ito En 25,108 1,266 0.08 Itoham Yonekyu 58,587 260 0.02 Japan Tobacco 525,230 7,994 0.51 JTEKT 100,171 700 0.04 Kagome 35,100 691 0.04 Kao 205,438 8,423 0.53 Kewpie 46,358 754 0.05 Kikkoman 80,946 5,060 0.32 Kirin Holdings 339,180 4,166 0.26 Koito Manufacturing 50,709 2,305 0.15 Kokuyo 37,200 428 0.03 Konami 41,479 1,702 0.11 Kose 12,800 1,213 0.08 Kotobuki Spirits 8,300 389 0.02 Lion 111,900 1,311 0.08 Makita 108,156 3,741 0.24 Mazda Motor 253,037 1,807 0.11 Meiji Holdings 59,500 2,752 0.17 Mitsubishi Motors 277,432 727 0.05 Mitsubishi Shokuhin 6,200 117 0.01 Morinaga 17,500 465 0.03 Morinaga Milk Industry 17,900 706 0.05 NGK Spark Plug 86,020 1,088 0.07 NH Foods 43,600 1,169 0.07 NHK Spring 68,900 398 0.03 Nichirei 47,439 826 0.05 Nifco 37,000 903 0.06 Nikon 142,900 1,112 0.07 Nintendo 47,345 15,522 0.98 Nissan Motor 856,100 3,626 0.23 Nisshin Seifun 113,900 1,292 0.08 Nissin Food Products 30,600 1,779 0.11

189JAPAN INDEX FUND



% Noevir Holdings 7,800 285 0.02 NOK 50,200 439 0.03 Paltac 14,100 452 0.03 Panasonic 945,667 8,759 0.55 Pigeon Corporation 47,853 776 0.05 Pola Orbis Holdings 33,094 487 0.03 Rinnai 16,300 1,299 0.08 Sapporo Breweries 27,700 424 0.03 Sega Sammy Holdings 87,900 1,105 0.07 Sekisui Chemical 151,592 1,905 0.12 Sekisui House 253,233 3,981 0.25 Sharp 87,200 754 0.05 Shimano 34,681 7,281 0.46 Shiseido 172,200 8,413 0.53 Sony 549,683 50,501 3.20 Stanley Electric 63,900 1,400 0.09 Subaru Corporation 270,159 3,904 0.25 Sumitomo Electric Industries 333,703 3,383 0.21 Sumitomo Forestry 60,600 955 0.06 Sumitomo Rubber Industries 79,900 662 0.04 Suntory Beverage & Food 55,600 1,636 0.10 Suzuki Motor 200,567 6,773 0.43 Takara Holdings 76,600 697 0.04 Tokai Rika 24,400 257 0.02 Toyo Suisan Kaisha 40,000 1,263 0.08 Toyo Tire & Rubber 45,002 575 0.04 Toyoda Gosei 32,600 513 0.03 Toyota Boshoku 27,100 410 0.03 Toyota Industries 71,000 4,652 0.29 Toyota Motor 5,462,800 74,864 4.74 TS Tech 44,800 411 0.03 Unicharm 172,917 5,248 0.33 Yakult Honsha 59,167 2,284 0.15 Yamaha 69,294 2,942 0.19 Yamaha Motor 132,233 2,721 0.17 Yamazaki Baking 54,700 587 0.04 Yokohama Rubber 46,400 600 0.04 Total Consumer Goods 349,030 22.11 Healthcare - 7.36% (7.72%) Alfresa Holdings 77,200 839 0.05 AS One 5,500 552 0.03 Asahi Intecc 86,300 1,604 0.10 Astellas Pharma 822,924 10,659 0.68 Chugai Pharmaceuticals 288,500 7,921 0.50 Daiichi Sankyo 833,600 16,107 1.02




% Eisai 117,300 6,451 0.41 H. U. Group 23,099 416 0.03 Hisamitsu Pharmaceutical 31,251 837 0.05 JCR Pharmaceuticals 24,800 458 0.03 Kaken Pharmaceutical 14,600 409 0.03 Kobayashi Pharmaceutical 27,100 1,641 0.10 Kyowa Kirin 110,300 2,666 0.17 Mani 27,100 334 0.02 Medipal Holdings 64,500 876 0.06 Menicon 22,200 571 0.04 Nihon Kohden 32,978 735 0.05 Nippon Shinyaku 22,732 1,313 0.08 Nipro 51,513 385 0.03 Olympus Optical 468,200 7,913 0.50 Ono Pharmaceutical 189,935 3,078 0.19 Otsuka Holdings 186,000 5,187 0.33 Peptidream 39,800 762 0.05 Rohto Pharmaceutical 43,007 930 0.06 Santen Pharmaceuticals 158,047 1,637 0.10 Sawai Group Holdings 17,000 547 0.03 Shionogi 120,600 5,889 0.37 SHIP Healthcare 34,600 620 0.04 Sumitomo Dainippon Pharma 73,704 730 0.05 Suzuken 32,600 690 0.04 Sysmex 84,070 7,625 0.48 Taisho Pharmaceuticals 19,817 769 0.05 Takara Bio 20,400 370 0.02 Takeda Pharmaceutical 679,534 14,661 0.93 Terumo 292,000 9,371 0.59 Tsumura 29,100 701 0.05 Total Healthcare 116,254 7.36 Consumer Services - 8.76% (9.64%) Aeon 311,709 5,599 0.35 AIN Holdings 12,299 492 0.03 ANA Holdings 69,700 1,258 0.08 Benesse 31,255 491 0.03 Bic Camera 64,920 427 0.03 Central Japan Railway 80,484 8,893 0.56 Cosmos Pharmaceutical 7,800 955 0.06 Dai Nippon Printing 118,900 2,183 0.14 Dena 39,985 477 0.03 Dentsu 96,100 2,596 0.16 East Japan Railway 160,212 7,519 0.48 Fast Retailing 22,871 11,329 0.72 Fuji Kyuko 10,200 336 0.02

191JAPAN INDEX FUND



% Fuji Media Holdings 23,300 196 0.01 Hakuhodo DY Holdings 105,300 1,285 0.08 Hankyu 96,352 2,253 0.14 Heiwa 23,256 299 0.02 Isetan Mitsukoshi Holdings 154,700 874 0.06 Izumi 17,600 403 0.03 J Front Retailing 109,500 738 0.05 Japan Airlines 64,743 1,059 0.07 K's Holdings 73,200 566 0.04 Kadokawa 18,800 844 0.05 Kakaku.com 57,600 1,366 0.09 Keihan Electric Railway 43,400 863 0.05 Keikyu Corporation 110,100 928 0.06 Keio 51,000 1,842 0.12 Keisei Electric Railway 61,400 1,446 0.09 Kintetsu 79,600 1,874 0.12 Kobe Bussan 19,400 544 0.03 Kusuri No Aoki 7,020 351 0.02 Lawson 21,343 827 0.05 Marui 89,538 1,358 0.09 MatsukiyoCocokara 49,900 1,573 0.10 Nagoya Railroad 86,300 1,095 0.07 Nankai Electric Railway 48,300 709 0.04 Nippon Television Network 13,400 114 0.01 Nishi-Nippon Railroad 33,500 603 0.04 Nitori 33,130 4,554 0.29 Odakyu Electric Railway 136,200 2,095 0.13 Oriental Land 83,209 10,585 0.67 Pan Pacific International Holdings 188,600 2,712 0.17 Park24 48,766 606 0.04 Rakuten 358,971 2,795 0.18 Resort Trust 29,200 422 0.03 Ryohin Keikaku 104,300 1,422 0.09 Sankyo 19,900 392 0.02 Seibu Holdings 91,438 765 0.05 Seven & I Holdings 341,408 11,144 0.71 Shimamura 9,700 620 0.04 Shochiku Film 4,500 361 0.02 Skylark 97,649 1,015 0.06 So-net M3 186,900 8,059 0.51 Sotetsu Holdings 34,400 487 0.03 Sugi Holdings 15,700 811 0.05 Sundrug 29,200 613 0.04 Sushiro Global Holdings 45,000 1,467 0.09 Takashimaya 62,500 454 0.03 Tobu Railway 90,000 1,657 0.10




% Toho 49,739 1,771 0.11 Tokyo Broadcasting Systems 15,200 191 0.01 Tokyu 217,300 2,443 0.15 Toyota Tsusho 98,800 3,420 0.22 Tsuruha Holdings 16,202 1,513 0.10 TV Asahi Corporation 12,800 145 0.01 USS 93,446 1,099 0.07 Welcia 44,300 1,250 0.08 West Japan Railway 102,416 3,591 0.23 Yamada Holdings 323,128 903 0.06 Yaoko 9,500 440 0.03 Zensho Holdings 42,623 733 0.05 ZOZO 47,919 1,158 0.07 Total Consumer Services 138,258 8.76 Telecommunications - 4.36% (5.35%) Hikari Tsushin 9,900 1,176 0.08 KDDI 745,376 16,768 1.06 Nippon Telegraph & Telephone 536,200 11,534 0.73 Softbank 594,400 27,179 1.72 Softbank Corporation 1,207,545 12,179 0.77 Total Telecommunications 68,836 4.36 Utilities - 1.06% (1.42%) Chubu Electric Power 309,700 2,302 0.15 Chugoku Electric Power 133,600 771 0.05 Electric Power Development 73,163 683 0.04 Iwatani 22,400 938 0.06 Kansai Electric Power 322,300 2,202 0.14 Kyushu Electric Power 205,169 1,103 0.07 Osaka Gas 174,900 2,083 0.13 Renova 20,000 715 0.05 Shikoku Electric Power 68,100 320 0.02 Toho Gas 39,400 842 0.05 Tohoku Electric Power 209,200 1,022 0.06 Tokyo Electric Power 690,188 1,371 0.09 Tokyo Gas 187,800 2,422 0.15 Total Utilities 16,774 1.06

193JAPAN INDEX FUND



%Financials - 12.30% (12.61%) Acom 168,300 409 0.03 Activia Properties 306 908 0.06 Advance Residence Investment Corporation 572 1,345 0.08 Aeon 690 695 0.04 Aeon Financial Service 51,200 467 0.03 Aeon Mall 52,559 594 0.04 Aozora Bank 51,900 874 0.06 Bank of Kyoto 32,100 1,044 0.07 Century Tokyo Leasing Corporation 27,500 1,125 0.07 Chiba Bank 270,600 1,246 0.08 Chugoku Bank 75,200 420 0.03 Concordia Financial Group 493,200 1,450 0.09 Credit Saison 68,087 560 0.03 Dai-ichi Mutual Life Insurance 462,996 7,080 0.45 Daito Trust Construction 28,600 2,501 0.16 Daiwa House REIT 939 1,993 0.13 Daiwa Office Investment 120 569 0.04 Daiwa Securities Group 665,125 2,802 0.18 Fukuoka Financial 71,900 966 0.06 Fuyo General Lease 8,400 415 0.03 GLP J-REIT 1,881 2,263 0.14 Hachijuni Bank 197,510 479 0.03 Hirogin Holdings 130,200 556 0.03 Hulic 183,706 1,351 0.09 Ichigo Group Holdings 85,697 184 0.01 Industrial & Infrastructure Fund Investment Corporation 841 1,133 0.07 Infroneer 91,900 586 0.04 Iyo Bank 121,000 442 0.03 Japan Exchange Group 235,069 3,841 0.24 Japan Hotel 1,984 879 0.05 Japan Logistics Fund 382 818 0.05 Japan Metropolitan Fund 3,046 2,012 0.13 Japan Post Bank 181,000 1,098 0.07 Japan Post Holdings 1,004,198 5,709 0.36 Japan Post Insurance 87,323 1,031 0.07 Japan Prime Realty Investment 390 1,060 0.07 Japan REIT 576 2,532 0.16 Kenedix Office Investment 168 777 0.05 Kyushu Financial Group 166,078 432 0.03 LaSalle Logiport REIT 790 975 0.06 Matsui Securities 51,200 272 0.02 Mebuki Financial Group 421,443 639 0.04 Mitsubishi Estate 505,333 5,595 0.35 Mitsubishi HC Capital 287,900 1,066 0.07 Mitsubishi UFJ Financial Group 5,501,029 23,177 1.47




% Mitsui Fudosan 408,248 7,059 0.45 Mitsui Fudosan Logistics 222 850 0.05 Mizuho Financial Group 1,125,900 11,293 0.71 Mori Hills REIT 700 709 0.04 MS & AD Insurance Group 208,609 5,002 0.32 Nihon M&A Center 115,900 2,794 0.18 Nippon Accommodations Fund 205 852 0.05 Nippon Building REIT 657 3,060 0.19 Nippon Prologis REIT 991 2,427 0.15 Nomura Holdings 1,349,500 4,459 0.28 Nomura Real Estate Master Fund 1,989 2,187 0.14 Nomura REIT 49,800 888 0.06 Open House 32,900 1,489 0.09 Orient 251,600 235 0.01 Orix 541,555 8,253 0.52 Orix JREIT 1,167 1,415 0.09 Relo Holdings 46,413 733 0.05 Resona 965,059 2,830 0.18 SBI Holdings 106,474 2,013 0.13 Sekisui House Reit 1,782 984 0.06 Seven Bank 287,172 435 0.03 Shinsei Bank 77,300 922 0.06 Shizuoka Bank 221,838 1,295 0.08 Sompo Japan Nipponkoa Holdings 146,031 4,647 0.29 Sumitomo Mitsui Financial Group 575,798 14,826 0.94 Sumitomo Mitsui Trust Holdings 162,100 3,901 0.25 Sumitomo Realty & Development 175,197 4,511 0.28 T&D Holdings 235,400 2,214 0.14 Tokio Marine Holdings 286,396 11,131 0.70 Tokyo Tatemono 87,910 965 0.06 Tokyu Fudosan 268,600 1,146 0.07 United Urban Investment 1,316 1,204 0.08 Yamaguchi Financial Group 101,175 422 0.03 Zenkoku Hosho 22,300 752 0.05 Total Financials 194,273 12.30 Technology - 8.58% (7.76%) Advantest 87,303 5,760 0.36 Anritsu 61,000 784 0.05 BayCurrent Consulting 5,984 2,126 0.13 Brother Industries 104,598 1,454 0.09 Canon 441,500 7,479 0.47 Canon Marketing Japan 20,113 305 0.02 Capcom 80,100 1,729 0.11 CyberAgent 170,400 2,235 0.14 Elecom 23,100 234 0.01

195JAPAN INDEX FUND



% Fujifilm Holdings 156,700 9,457 0.60 Fujitsu 83,400 11,451 0.73 GMO Internet 25,800 528 0.03 GungHo Online Entertainment 15,900 276 0.02 Info Services International 10,300 277 0.02 Internet Initiative Japan 24,200 761 0.05 IT Holdings 104,600 2,320 0.15 ITOCHU Techno-Solutions 42,700 1,065 0.07 JustSystems 15,000 569 0.04 Koei Tecmo 33,900 1,198 0.08 Konica Minolta 199,474 653 0.04 Lasertec 33,700 6,593 0.42 NEC 116,400 4,205 0.27 NEC Networks & Systems Integration 29,800 381 0.02 Net One Systems 36,900 957 0.06 Nexon 182,000 2,860 0.18 Nihon Unisys 28,600 654 0.04 Nomura Research Institute 114,000 3,597 0.23 NTT Data 279,100 4,594 0.29 Obic 29,646 4,028 0.26 Obic Business Consultants 10,900 385 0.03 Oracle Japan 14,400 976 0.06 Otsuka 45,400 1,536 0.10 Rakus 42,100 954 0.06 Renesas Electronics 440,125 4,272 0.27 Ricoh 285,699 2,124 0.13 Rohm 36,425 2,703 0.17 Sansan 8,600 788 0.05 Screen Holdings 17,300 1,312 0.08 SCSK 55,600 797 0.05 Seiko Epson 120,000 1,515 0.10 Shift 4,800 898 0.06 Shinko Electric Industries 29,200 954 0.06 Shinnittetsu Sumikin Solutions 14,016 332 0.02 Square Enix 34,300 1,521 0.10 Sumco 123,657 1,950 0.12 Tokyo Electron 65,554 24,853 1.57 Tokyo Ohka Kogyo 16,600 808 0.05 Trend Micro 51,383 2,276 0.14 Z Holdings 1,171,758 6,024 0.38 Total Technology 135,508 8.58




%Futures - 0.09% (-0.03%) OSE TOPIX Index Future December 2021 468 1,353 0.09 Total Futures 1,353 0.09 Total Japan 1,517,979 96.14



Net assets 1,578,977 100.00 Figures in brackets denote comparative percentage holdings as at 15 May 2021.

Unless otherwise stated, all investments are listed securities. The counterparty for the future is HSBC. Total purchases for the period, including transaction charges, were £211,414,056. Total sales for the period, net of transaction charges, were £558,638,161.

197JAPAN INDEX FUND

Comparative Tables


15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share 110.00p 99.05p 96.87p 106.20pReturn before operating charges* 11.56p 12.97p 4.51p (7.09p)Operating charges** (0.16p) (0.30p) (0.29p) (0.28p)Return after operating charges* 11.40p 12.67p 4.22p (7.37p)Distributions on income shares (0.00p) (1.72p) (2.04p) (1.96p)Closing net asset value per share 121.40p 110.00p 99.05p 96.87p*after direct transaction costs of:*** 0.01p 0.01p 0.01p 0.01p

PerformanceReturn after charges 10.36% 12.79% 4.36% (6.94%)




15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share 137.90p 122.70p 117.50p 126.20pReturn before operating charges* 14.50p 15.58p 5.55p (8.37p)Operating charges** (0.20p) (0.38p) (0.35p) (0.33p)Return after operating charges* 14.30p 15.20p 5.20p (8.70p)Distributions on accumulation shares (0.00p) (2.16p) (2.48p) (2.33p)Retained distributions on accumulation shares 0.00p 2.16p 2.48p 2.33pClosing net asset value per share 152.20p 137.90p 122.70p 117.50p*after direct transaction costs of:*** 0.01p 0.02p 0.02p 0.01p


Other information






15.11.21 15.5.21 15.5.20 15.5.19






15.11.21 15.5.21 15.5.20 15.5.19



Other information

Closing net asset value £744,609,250 £1,003,704,781 £922,057,557 £1,232,928,251Closing number of shares 458,948,496 683,550,587 708,386,171 991,106,935Operating charges - OCF 0.03% 0.03% 0.03% 0.02%Direct transaction costs 0.00% 0.01% 0.01% 0.01%



Comparative Tables

199JAPAN INDEX FUND

Comparative Tables


15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share N/A N/A N/A 129.30pReturn before operating charges* N/A N/A N/A (8.27p)Operating charges** N/A N/A N/A (0.23p)Return after operating charges* N/A N/A N/A (8.50p)Distributions on accumulation shares N/A N/A N/A -Retained distributions on accumulation shares N/A N/A N/A -Cancellation price N/A N/A N/A (120.80p)Closing net asset value per share N/A N/A N/A -*after direct transaction costs of:*** N/A N/A N/A 0.01p

PerformanceReturn after charges N/A N/A N/A (6.57%)

Other information

Closing net asset value N/A N/A N/A N/AClosing number of shares N/A N/A N/A N/AOperating charges - OCF N/A N/A N/A N/ADirect transaction costs N/A N/A N/A N/A

Prices Highest share price N/A N/A N/A 134.10pLowest share price N/A N/A N/A 114.80p


15.11.21 15.5.21 15.5.20 15.5.19



Other informationClosing net asset value £48,511,975 £45,346,998 £41,837,575 £40,145,859Closing number of shares 40,214,675 41,516,322 42,425,249 41,627,271 Operating charges - OCF 0.13% 0.13% 0.12%† 0.17%Direct transaction costs 0.00% 0.01% 0.01% 0.01%


#The Institutional A Accumulation share class closed on 21 January 2019. †Estimate for OCF as registrar fees were no longer to be paid by the class effective 1.4.20. **The operating charges include all costs borne by the Fund, except for direct transaction costs. ***The direct transaction costs are made up of fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges as well as transfer taxes and duties.


Comparative Tables


15.11.21 15.5.21 15.5.20 15.5.19



Other information

Closing net asset value £293,880,219 £247,344,996 £179,595,469 £162,071,599Closing number of shares 190,906,520 177,446,916 145,267,643 136,964,372 Operating charges - OCF 0.13% 0.13% 0.12%† 0.17%Direct transaction costs 0.00% 0.01% 0.01% 0.01%



15.11.21 15.5.21 15.5.20 15.5.19






201JAPAN INDEX FUND

Comparative Tables

Accumulation S Change in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19



Other information






15.11.21 15.11.20£’000 £’000 £’000 £’000


Expenses (473) (375)Interest payable and similar charges (1) (30)Net revenue before taxation 19,479 13,181 Taxation (1,982) (1,359)Net revenue after taxation 17,497 11,822 Total return before distributions 182,121 165,015 Distributions (3,582) 163 Change in net assets attributable to shareholders from investment activities 178,539 165,178


15.11.21 15.11.20£’000 £’000 £’000 £’000


(333,381) (39,758)Dilution adjustment 517 691 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 178,539 165,178 Closing net assets attributable to shareholders 1,578,977 1,481,921


15.11.21 15.5.21£’000 £’000 £’000 £’000




Distribution payable on income shares - (6,952)Other creditors (652) (1,114)

Total creditors (652) (8,066)Total liabilities (652) (8,541)Net assets attributable to shareholders 1,578,977 1,733,302

203PACIFIC INDEX FUND

Pacific Index Fund


The Fund aims to provide growth over the long term, which is a period of 5 years or more, by tracking the performance of the FTSE World Asia Pacific excluding Japan Index (the “Index”).

Investment Policy*

The Index is made up of large and medium sized companies in developed and emerging markets in the Asia Pacific region, excluding Japan, as defined by the Index provider.








Portfolio Activity

The S&P 500 Index was up 6.34% over the reporting period 16th May 2021 to 15th November 2021.

At the sector level, the largest contributor to performance was the Technology sector contributing 2.53% to the index total return, followed by the Financials sector at 1.82%. In absolute terms these sectors returned 8.99% and 7.99% respectively. Basic Materials was the negatively contributing sector at -0.75%.

At the country level, the largest contributor to performance was Taiwan contributing 4.00% to the index total return, with the next largest contribution being Australia at 1.70%. South Korea was the largest negative contributor to the index total return at -1.34%.

At the single stock level, the largest contributor to the overall total return by some distance was TSMC at 1.59%. The largest negative contributor was Samsung Electron at -0.66%.

Asian stocks have struggled throughout the year given the negative news flow around China as the Chinese government announced bans on making profits in the domestic education sector and issued regulations to limit funding for property developers, which unnerved investors in the region. In addition, the spread of the Delta variant across Asia, a slow vaccination role out and poor vaccine efficacy led to selective lockdowns across countries. In September Evergrande, the highly indebted Chinese property developer, faced growing investor concerns around its ability to repay its debts, causing markets to worry about the potential contagion effects. Some factories in China were also forced to shut down production as the nation faced energy supply challenges. Chinese equities managed to stabilise into October however as Evergrande managed to avoid default.

204 PACIFIC INDEX FUND


During the period under review, the value of the shares in the Fund increased by 6.03% and the value of the FTSE World Asia Pacific excluding Japan Index rose by 6.34%.



Tracking Error




Retail Income

Retail Accumulation



Price 339.2p 524.9p 382.5p 569.6p



Income C

AccumulationC

Income S

AccumulationS

Price 336.7p 530.4p 336.8p 532.1p






%AUSTRALIA - 26.71% (26.57%)

ADBRI 60,188 101 0.02 Afterpay Touch Group 29,398 1,856 0.39 AGL Energy 81,952 238 0.05 ALS 63,216 473 0.10 Altium 14,354 304 0.06 Alumina 332,122 340 0.07 AMP 430,132 272 0.06 Ampol 31,358 512 0.11 Ansell 16,927 288 0.06 APA 155,449 756 0.16 Appen 14,470 89 0.02 Aristocrat Leisure 93,434 2,427 0.51 ASX 25,488 1,281 0.27 Atlas Arteria 126,273 437 0.09 Aurizon Holdings 232,511 438 0.09 Ausnet Services 245,395 350 0.07 Australia and New Zealand Banking Group 374,783 5,831 1.23 Bank of Queensland 84,239 391 0.08 Beach Energy 234,717 159 0.03 Bendigo Bank 71,800 359 0.08 BHP Billiton 387,995 7,952 1.68 Bluescope Steel 66,309 759 0.16 Boral 52,978 186 0.04 Brambles 191,307 1,091 0.23 Carsales.Com 35,486 471 0.10 Challenger 88,276 327 0.07 Charter Hall 61,125 636 0.13 Cimic Group 12,291 128 0.03 Cleanaway Waste Management 179,293 295 0.06 Cochlear 8,437 1,022 0.22 Coles Group 167,041 1,629 0.34 Commonwealth Bank of Australia 224,793 13,267 2.80 Computershare 70,751 765 0.16 Crown 45,954 248 0.05 CSL 59,830 10,111 2.14 CSR 63,904 211 0.04 Deterra Royalties 55,699 122 0.03 Dexus 141,704 839 0.18 Domain Holdings Australia 30,459 92 0.02 Domino's Pizza 7,998 542 0.11 Downer EDI 92,274 306 0.06 Endeavour 167,036 648 0.14 Evolution Mining 224,603 512 0.11 Flight Centre 20,074 223 0.05 Fortescue Metals Group 209,396 1,829 0.39




% General Property Group 252,374 704 0.15 Goodman Group 238,747 3,118 0.66 Harvey Norman 78,009 219 0.05 IDP Education 23,842 508 0.11 IGO 81,810 450 0.09 Iluka Resources 55,220 270 0.06 Incitec Pivot 255,450 454 0.10 Insurance Australia 324,578 786 0.17 IOOF 83,734 179 0.04 JB Hi-Fi 14,869 407 0.09 Lend Lease 90,549 507 0.11 Macquarie Group 44,859 4,983 1.05 Magellan Financial Group 18,161 351 0.07 Medibank 362,836 680 0.14 Metcash 127,169 286 0.06 Mineral Resources 18,324 413 0.09 Mirvac Group 518,196 792 0.17 National Australia Bank 434,451 6,987 1.48 Newcrest Mining 107,527 1,494 0.32 NextDC 59,666 393 0.08 Northern Star Resources 149,752 872 0.18 Nufarm 38,098 105 0.02 Orica 53,472 444 0.09 Origin Energy 231,318 624 0.13 Orora 115,415 212 0.04 OZ Minerals 42,750 594 0.13 Perpetual Trustees Australia 7,396 149 0.03 Platinum Asset Management 25,513 41 0.01 Pro Medicus 5,492 179 0.04 Qantas Airways 96,909 299 0.06 QBE Insurance Group 194,059 1,237 0.26 Qube Holdings 193,454 339 0.07 Ramsay Health Care 23,020 860 0.18 REA Group 6,630 609 0.13 Reece Australia 35,012 422 0.09 Rio Tinto 48,893 2,457 0.52 Santos 232,928 876 0.18 Scentre Group 683,176 1,131 0.24 SEEK 45,911 893 0.19 Seven Group Holdings 18,537 223 0.05 Shopping Centres Australasia 142,089 215 0.05 Sims Metal Management 23,809 196 0.04 Sonic Healthcare 62,894 1,326 0.28 South32 621,701 1,189 0.25 Star Entertainment Group 112,895 236 0.05 Stockland Trust 314,223 749 0.16




% Suncorp Group 168,928 1,025 0.22 Sydney Airport 174,219 801 0.17 Tabcorp Holdings 273,865 768 0.16 Telstra 548,423 1,199 0.25 Transurban 400,463 2,965 0.63 Treasury Wine Estates 95,102 588 0.12 Vicinity Centres REIT 496,298 469 0.10 Vodafone Hutchison 48,308 167 0.04 Washinton H. Soul Pattinson 11,985 207 0.04 Wesfarmers 149,053 4,913 1.04 Westpac Banking 483,090 6,038 1.27 Whitehaven Coal 112,785 150 0.03 Wisetech Global 11,061 339 0.07 Woodside Petroleum 126,578 1,554 0.33 Woolworths 159,301 3,440 0.73 Worleyparsons 49,179 272 0.06 Total Australia 126,466 26.71 BERMUDA - 0.62% (0.64%)

#Brightoil Petroleum Holdings 339,422 - 0.00 C K Infrastructure 81,608 361 0.08 Dairy Farm International Holdings 39,500 99 0.02 Haitong International Securities Group 450,535 74 0.02 Hong Kong Land (Singapore registered US$) 152,489 649 0.14 Huabao International 122,498 211 0.04 Jardine Matheson (Singapore registered US$) 27,024 1,207 0.25 Johnson Electric Holdings 46,327 78 0.02 Kerry Logistics Network 22,505 41 0.01 United Energy Group 984,623 65 0.01 Yue Yuen Industrial Holdings 92,230 143 0.03 Total Bermuda 2,928 0.62 CAYMAN ISLANDS - 3.03% (2.79%)

AAC Technologies Holdings 89,534 289 0.06 AirTAC 20,081 435 0.09 BeiGene 78,800 1,716 0.36 Budweiser Brewing 222,979 450 0.09 Chailease Holdings 174,229 1,161 0.25 Chow Tai Fook Jewel 230,212 367 0.08 CK Asset Holdings 259,373 1,155 0.24 CK Hutchison Holdings 352,130 1,759 0.37 ESR Cayman 241,485 596 0.13 FIH Mobile 221,454 26 0.01 Fit Hon Teng 185,000 30 0.01 JS Global Lifestyle 76,000 112 0.02 Lee & Man Paper 161,000 88 0.02




% MGM China Holdings 39,347 20 0.00 Microport Scientific Corporation 63,100 232 0.05 Minth Group 91,313 283 0.06 NagaCorp 207,837 148 0.03 Nexteer Automotive Group 97,832 94 0.02 Parade Technologies 8,891 471 0.10 Sands China 315,929 556 0.12 Shui On Land 325,607 33 0.01 Silergy Corporation 8,258 1,138 0.24 SITC International Holdings 154,839 366 0.08 Tingyi (Cayman Islands) 244,659 376 0.08 Uni-President China Holdings 150,234 108 0.02 Vinda International Holdings 33,000 69 0.01 Want Want China 698,107 420 0.09 WH Group 1,108,602 566 0.12 Wharf Real Estate Investment Company 215,750 898 0.19 Wynn Macau 198,071 131 0.03 Zhen Ding Technology Holdings 82,086 226 0.05 Total Cayman Islands 14,319 3.03 CHANNEL ISLANDS - 0.40% (0.39%)

Amcor 203,129 1,873 0.40 Total Channel Islands 1,873 0.40 HONG KONG - 9.01% (9.81%)

AIA Group 1,593,683 12,964 2.74 Asm Pacific Technology 40,393 325 0.07 Bank of China (Hong Kong) Limited 472,163 1,101 0.23 Bank of East Asia 175,919 206 0.04 Café De Coral 57,499 76 0.02 Cathay Pacific Airways 129,662 90 0.02 Champion REIT 260,393 103 0.02 China Travel International 454,558 57 0.01 CLP 215,780 1,560 0.33 Dah Sing Banking 5,614 4 0.00 Dah Sing Finance Holdings 24,956 60 0.01 First Pacific 287,158 82 0.02 Galaxy Entertainment 282,540 1,195 0.25 Guotai Junan International 441,869 48 0.01 Hang Lung Group 114,421 201 0.04 Hang Lung Properties 266,096 440 0.09 Hang Seng Bank 95,312 1,324 0.28 Henderson Land Developments 170,679 546 0.12 Hong Kong & China Gas 1,430,516 1,597 0.34 Hong Kong Exchanges & Clearing 166,983 7,422 1.57 Hysan Development 80,124 203 0.04




% Kerry Properties 78,958 160 0.03 Lenovo Group 982,920 759 0.16 Lifestyle International Holdings 85,733 38 0.01 Link REIT 273,801 1,870 0.39 Man Wah Holdings 201,717 255 0.05 Melco International Development 98,776 97 0.02 MMG 321,474 96 0.02 MTR 189,291 766 0.16 New World Development 186,365 611 0.13 NWS Holdings 186,039 137 0.03 PCCW 546,806 210 0.04 Power Assets Holdings 179,894 816 0.17 Shangri-La Asia 144,059 90 0.02 Shun Tak 326,477 65 0.01 Sino Land 455,989 435 0.09 SJM 258,473 146 0.03 Sun Hung Kai Properties 186,997 1,798 0.38 Swire Pacific A 66,483 309 0.07 Swire Pacific B 115,224 89 0.02 Swire Properties 138,631 279 0.06 Techtronic Industries 163,930 2,648 0.56 Towngas China 147,943 77 0.02 Vitasoy International 104,274 175 0.04 VTech 21,102 129 0.03 Wharf Holdings 179,447 459 0.10 Xinyi Glass 266,511 559 0.12 Total Hong Kong 42,677 9.01 IRELAND - 0.38% (0.29%)

James Hardie Industries 58,458 1,795 0.38 Total Ireland 1,795 0.38 ITALY - 0.07% (0.07%)

Prada 67,359 339 0.07 Total Itlay 339 0.07 LUXEMBOURG - 0.10% (0.07%)

L’Occitane International 59,325 158 0.03 Samsonite International 170,390 303 0.07 Total Luxembourg 461 0.10 MALAYSIA - 2.66% (2.74%)

Airasia Berhad 88,782 18 0.00 Alliance Financial Group 120,893 58 0.01 AMMB Holdings 251,184 143 0.03 Astro Malaysia 275,323 47 0.01




% Axiata Group 591,544 415 0.09 British American Tobacco 25,366 65 0.01 CIMB 919,020 824 0.17 Dialog Group 601,770 307 0.06 DiGi.Com 481,664 358 0.08 Felda Global Ventures 123,800 33 0.01 Fraser & Neave 11,143 53 0.01 Gamuda 293,594 162 0.03 Genting 301,574 276 0.06 Genting Malaysia 367,581 208 0.04 Hap Seng Consolidated Berhad 85,541 118 0.02 Hartalega Holdings 198,100 209 0.04 Hong Leong Bank 82,444 268 0.06 Hong Leong Credit 29,738 92 0.02 IHH Healthcare (Malaysia) 391,155 453 0.10 IJM 418,723 136 0.03 IOI 415,500 280 0.06 IOI Properties Group 332,879 71 0.00 Kuala Lumpur Kepong 61,930 224 0.05 Malayan Banking 801,436 1,160 0.25 Malaysia Airports Holdings 111,289 129 0.03 Maxis 360,716 287 0.06 MISC Berhad 227,397 284 0.06 MR.D.I.Y 124,200 81 0.02 Nestle (Malaysia) 7,965 190 0.04 Petronas Chemical Group 372,012 552 0.12 Petronas Dagangan 50,682 178 0.04 Petronas Gas 75,054 220 0.05 PPB Group Berhad 88,140 270 0.06 Press Metal Berhad 500,064 475 0.10 Public Bank 2,037,085 1,458 0.31 QL Resources 141,585 123 0.03 RHB Capital 202,806 194 0.04 Sime Darby 463,855 183 0.04 Sime Darby Plantation 469,539 327 0.07 Sime Darby Property 614,393 74 0.02 Supermax 209,600 71 0.01 Telekom Malaysia 149,060 148 0.03 Tenaga Nasional 515,034 884 0.19 Top Glove 695,508 309 0.07 Westports Holdings 139,126 104 0.02 YTL Corporation 498,901 54 0.01 Total Malaysia 12,573 2.66




%MAURITIUS - 0.02% (0.02%)

Golden Agri-Resources 778,471 114 0.02 Total Mauritius 114 0.02 NEW ZEALAND - 1.52% (1.36%)

A2 Milk 96,964 326 0.07 Air New Zealand 66,775 59 0.01 Auckland International Airport 155,704 671 0.14 Contact Energy 102,253 431 0.09 Fisher & Paykel Healthcare 74,866 1,232 0.26 Fletcher Building 108,236 404 0.08 Infratil 67,140 288 0.06 Kiwi Property Group 206,679 123 0.03 Mainfreight 10,614 501 0.11 Mercury 88,825 280 0.06 Meridian Energy 162,026 409 0.09 Ryman Healthcare 54,017 394 0.08 Sky City Entertainment Group 111,441 184 0.04 Spark New Zealand 245,524 580 0.12 Xero 16,462 1,312 0.28 Total New Zealand 7,194 1.52 PAPUA NEW GUINEA - 0.14% (0.12%)

Oil Search 273,384 638 0.14 Total Papua New Guinea 638 0.14 SINGAPORE - 4.52% (4.35%)

Ascendas REIT 448,517 763 0.16 Ascott REIT 236,125 138 0.03 BOC Aviation 28,363 181 0.04 CapitaLand 339,221 631 0.13 CapitaLand Mall Trust 627,383 750 0.16 City Developments 61,552 244 0.05 ComfortDelGro 270,053 223 0.05 DBS 236,615 4,180 0.88 Frasers Logistics & Commercial Trust 371,000 309 0.06 Genting Singapore 762,297 346 0.07 Hutchison Port 593,738 99 0.02 Jardine Cycle & Carriage 12,965 163 0.03 Keppel 188,639 552 0.12 Keppel DC REIT 159,600 206 0.04 Keppel REIT 310,838 199 0.04 Mapletree Commercial Trust 288,269 335 0.07 Mapletree Industial Trust 243,753 360 0.08 Mapletree Logistics REIT 377,713 408 0.09 Mapletree North Asia Commercial Trust 305,612 170 0.04




% NetLink NBN Trust 385,000 216 0.05 Olam International 95,249 91 0.02 Overseas-Chinese Banking 459,959 2,997 0.63 SATS 87,588 198 0.04 Sembcorp Industries 119,456 134 0.03 SIA Engineering 39,119 52 0.01 Singapore Airlines 167,800 498 0.10 Singapore Exchange 107,980 566 0.12 Singapore Post 203,699 75 0.02 Singapore Press Holdings 208,849 268 0.06 Singapore Technologies Engineering 200,604 433 0.09 Singapore Telecommunication 990,099 1,401 0.30 Starhub 95,865 67 0.01 Suntec REIT 273,830 231 0.05 United Overseas Bank 169,582 2,582 0.55 UOL Group 64,747 256 0.05 Venture Corporation 34,327 361 0.08 Wilmar International 277,383 663 0.14 Wing Tai Holdings 66,415 69 0.01 Total Singapore 21,415 4.52 SOUTH KOREA - 20.74% (22.44%)

Alteogen 3,782 171 0.04 Amorepacific 4,114 478 0.10 Amorepacific Group 3,756 115 0.02 Amorepacific preference 1,886 82 0.02 BGF Retail 817 85 0.02 BNK Financial Group 38,042 205 0.04 Celltrion 13,882 2,044 0.43 Celltrion Healthcare 9,528 558 0.12 Celltrion Pharm 2,451 213 0.04 Cheil Communications 9,073 134 0.03 CJ 1,683 101 0.02 CJ Cheil Jedang 1,034 243 0.05 CJ Cheil Jedang Corporation preference 237 28 0.01 CJ ENM 1,338 141 0.03 CJ Logistics 1,302 115 0.02 Daelim Industrial 1,594 65 0.01 Daewoo Engineering & Construction 18,483 73 0.02 Daewoo Shipbuilding 6,256 104 0.02 Daum Kakao 35,770 2,904 0.61 DB Insurance 5,844 215 0.05 DGB Financial Group 20,130 124 0.03 DL E&C 2,203 180 0.04 Dong Suh Companies 4,030 88 0.02 Doosan Bobcat 4,030 111 0.02




% Doosan Heavy Industries 38,876 628 0.13 Doosan Infracore 3,629 19 0.00 Doosan Infracore rights 4,062 5 0.00 Doosan Solus 1,501 97 0.02 EcoPro BM 1,106 394 0.08 E-Mart 2,633 270 0.06 Fila Holdings 7,578 181 0.04 Green Cross 635 96 0.02 GS Engineering & Construction 8,214 218 0.05 GS Holdings 6,685 180 0.04 GS Retail 5,100 106 0.02 Hana Financial Holdings 37,772 1,037 0.22 Hanjin Kal 2,754 102 0.02 Hankook Tire & Technology 9,643 257 0.05 Hanmi Pharm 958 167 0.04 Hanmi Science 1,194 44 0.01 Hanon Systems 21,100 190 0.04 Hanssem 850 47 0.01 Hanwha Corporation 5,525 113 0.02 Hanwha Corporation preference 3,914 41 0.01 Hanwha Life Insurance 26,226 55 0.01 Hanwha Solutions 12,569 289 0.06 Hanwha Techwin 4,534 120 0.03 HDC Hyundai Development 6,040 92 0.02 Helixmith 3,046 45 0.01 HiteJinro 5,086 110 0.02 HLB 11,590 290 0.06 Hotel Shilla 4,058 209 0.04 HYBE 2,255 579 0.12 Hyudai Glovis 2,421 249 0.05 Hyundai Department Store 1,917 97 0.02 Hyundai Engineering & Construction 9,535 305 0.06 Hyundai Heavy Industries 5,649 364 0.08 Hyundai Heavy Industries Holdings 6,610 254 0.05 Hyundai Marine & Fire Insurance 8,218 132 0.03 Hyundai Merchant Marine 45,852 797 0.17 Hyundai Mipo Dockyard 2,660 127 0.03 Hyundai Mobis 8,366 1,306 0.28 Hyundai Motor 18,242 2,403 0.51 Hyundai Motor Company 2nd preferred shares 4,629 295 0.06 Hyundai Motor preference 2,921 182 0.04 Hyundai Steel 9,850 260 0.05 Hyundai Wia 2,065 103 0.02 Industrial Bank of Korea 33,053 232 0.05 Kangwon Land 13,938 232 0.05 KB Financial 50,888 1,807 0.38




% KCC 624 128 0.03 KEPCO Plant Service & Engineering 2,349 66 0.01 Kia Motors 33,753 1,843 0.39 Korea Aerospace Industries 8,476 163 0.03 Korea Electric Power 33,451 483 0.10 Korea Gas 2,770 71 0.01 Korea Investment Holdings 4,996 279 0.06 Korea Zinc 1,297 412 0.09 Korean Airlines 22,908 440 0.09 KT & G 14,255 765 0.16 Kumho Petrochemical 2,293 246 0.05 LG 10,760 613 0.13 LG Chemicals 6,097 2,943 0.62 LG Chemicals preference 1,011 231 0.05 LG Display 29,266 382 0.08 LG Electronics 14,133 1,107 0.23 LG Electronics preference 2,264 89 0.02 LG House & Health 1,151 876 0.19 LG Household & Healthcare 276 111 0.02 LG Innotek 1,846 299 0.06 LG Uplus 28,186 251 0.05 Lotte Chemical 1,929 266 0.06 Lotte Chilsung 245 21 0.00 Lotte Corporation 3,445 72 0.02 Lotte Shopping 1,472 96 0.02 LS Cable & System 2,268 85 0.02 LX Holdings 7,078 39 0.01 Mando 4,318 169 0.04 Medy-Tox 448 44 0.01 Mirae Asset Securities 44,399 259 0.05 Mirae Asset Securities preference 25,087 79 0.02 Naver 17,679 4,585 0.97 NCSoft 2,199 917 0.19 Netmarble Games 2,235 186 0.04 NH Investment & Securities 16,810 140 0.03 NHN Entertainment 1,606 92 0.02 Nongshim 419 75 0.02 OCI 2,353 176 0.04 Orion 2,845 199 0.04 Ottogi 124 37 0.01 Pan Ocean 24,636 89 0.02 Paradise 8,262 86 0.02 Pearl Abyss 4,050 316 0.07 POSCO 8,493 1,529 0.32 POSCO Chemical 3,572 328 0.07 POSCO International 6,447 84 0.02




% S1 Corporation 2,494 132 0.03 Samsung Biologics 1,750 955 0.20 Samsung C&T 10,989 792 0.17 Samsung Card 3,937 85 0.02 Samsung Electro-Mechanics 7,298 782 0.17 Samsung Electronics 618,644 27,909 5.89 Samsung Electronics preference 108,414 4,528 0.96 Samsung Engineering 20,658 300 0.06 Samsung Fine Chemicals 2,462 126 0.03 Samsung Fire & Marine Insurance 4,303 623 0.13 Samsung Fire & Marine Insurance 480 53 0.01 Samsung Heavy Industries 76,247 281 0.06 Samsung Life Insurance 8,329 349 0.07 Samsung SDI 6,897 3,281 0.69 Samsung SDI preference 257 60 0.01 Samsung SDS 4,180 409 0.09 Samsung Securities 8,275 253 0.05 Seegene 3,508 121 0.03 Shin Poong Pharmaceutical 4,189 127 0.03 Shinhan Financial Group 65,297 1,555 0.33 Shinsegae 905 138 0.03 SillaJen 7,589 - 0.00 SK Biopharmaceuticals 3,365 216 0.05 SK Bioscience 2,608 398 0.08 SK chemicals 1,849 178 0.04 SK Holdings 4,079 639 0.13 SK Hynix 67,930 4,743 1.00 SK Innovation 7,101 1,025 0.22 SK Networks 23,771 77 0.02 SK Telecom 3,737 731 0.15 SKC 2,493 273 0.06 S-Oil 5,372 327 0.07 Ssangyong C&E 17,078 85 0.02 Woongjin Coway 7,398 370 0.08 Woori Financial Group 67,558 572 0.12 Yuhan 6,306 239 0.05 Total South Korea 98,202 20.74 TAIWAN - 25.22% (22.30%)

Accton Technology 69,478 522 0.11 Acer 374,282 270 0.06 Advantech 53,463 560 0.12 ASE Technology Holdings 449,614 1,266 0.27 Asia Cement 304,534 369 0.08 Asmedia Technology 5,102 239 0.05 Asustek Computer 92,607 891 0.19




% AU Optronics 1,158,026 629 0.13 Capital Securities 262,650 113 0.02 Catcher Technology 95,446 420 0.09 Cathay Financial 1,087,717 1,741 0.37 Chang Hwa Commercial Bank 863,784 390 0.08 Cheng Shin Rubber Industry 240,963 226 0.05 Chicony Electronics 88,488 194 0.04 China Airlines 339,077 240 0.05 China Development Financial 1,828,063 762 0.16 China Life Insurance 281,493 228 0.05 China Motor Corporation 28,634 51 0.01 China Steel 1,623,522 1,463 0.31 Chunghwa Telecom 500,711 1,510 0.32 Compal Electronics 541,036 343 0.07 CTBC Financial Holdings 2,388,067 1,533 0.32 Delta Electronic Industry 284,368 1,982 0.42 E.SUN Financial Holdings 1,668,303 1,250 0.26 Eclat Textile 26,144 454 0.10 Ennostar 94,310 196 0.04 Eternal Materials 131,455 133 0.03 Eva Airways 314,489 225 0.05 Evergreen Marine Corporation 348,210 1,046 0.22 Far Eastern International Bank 283,280 80 0.02 Far Eastern New Century Corporation 516,327 415 0.09 Far EasTone Telecommunications 209,687 359 0.08 Feng Tay Enterprises 57,098 340 0.07 First Financial 1,345,376 848 0.18 Formosa Chemicals & Fibre 450,530 982 0.21 Formosa Petrochemical 179,505 493 0.10 Formosa Plastics 640,681 1,829 0.39 Formosa Taffeta 136,061 108 0.02 Foxconn Technology 144,401 263 0.06 Fubon Financial 1,111,985 2,203 0.47 Genius Electronic Optical 10,908 133 0.03 Giant Manufacturing 38,864 325 0.07 GlobalWafers 27,284 584 0.12 Hiwin Technologies 35,960 274 0.06 Hon Hai Precision Industry 1,570,799 4,548 0.96 Hotai Motor Company 42,975 739 0.16 HTC 93,035 227 0.05 Hua Nan Financial 1,293,336 725 0.15 Innolux Corporation 1,166,950 538 0.11 Inventec 398,113 284 0.06 Largan Precision 13,416 757 0.16 Lite-On Technology 279,406 463 0.10 MediaTek 194,332 5,341 1.13




% Mega Financial Holdings 1,433,340 1,305 0.28 Micro-Star International 89,463 386 0.08 Momo.Com 7,903 338 0.07 Nan Ya Plastics 743,170 1,712 0.36 Nan Ya Printed Circuit Board 27,000 407 0.09 Nanya Technology 106,888 201 0.04 Nien Made Enterprise 19,559 205 0.04 Novatek Microelectronics 75,076 946 0.20 OBI Pharma 23,989 69 0.01 Oneness Biotech 38,000 260 0.05 Pegatron 268,114 489 0.10 Pou Chen 349,137 325 0.07 Powertech Technology 91,860 245 0.05 President Chain Store 73,254 569 0.12 Quanta Computer 349,839 806 0.17 Realtek Semiconductor 61,388 890 0.19 Shanghai Commercial & Savings Bank 431,274 527 0.11 Shin Kong Financial 1,680,373 453 0.10 Sino-American Silicon 70,000 362 0.08 SinoPac 1,380,713 542 0.11 Synnex Technology International 177,419 274 0.06 Taishin Financial 1,425,539 709 0.15 Taiwan Business Bank 673,076 173 0.04 Taiwan Cement 684,394 891 0.19 Taiwan Cooperative Financials 1,289,462 814 0.17 Taiwan Fertilizer 100,160 186 0.04 Taiwan Glass Industrial 213,859 158 0.03 Taiwan High Speed Rail 274,089 214 0.04 Taiwan Mobile 215,283 575 0.12 Taiwan Secom 36,775 104 0.02 Taiwan Semiconductor Manufacturing 3,160,838 51,526 10.88 Teco Electric & Machinery 253,523 215 0.05 Transcend Information 47,498 88 0.02 U-Ming Marine Transport 41,808 61 0.01 Unimcron Technology 168,738 887 0.19 Uni-President Enterprises 630,717 1,148 0.24 United Microelectronics 1,534,081 2,604 0.55 Vanguard International Semiconductor 118,410 486 0.10 Voltronic Power 7,000 340 0.07 Walsin Lihwa 414,380 306 0.06 Walsin Technology 63,826 274 0.06 Wan Hai Lines 105,419 444 0.09 WIN Semiconductors 52,763 498 0.11 Winbond Electronics 387,225 313 0.07 Wistron 375,276 289 0.06 Wiwynn 10,608 275 0.06




% Yageo Corporation 59,658 707 0.15 Yang Ming Marine Transport Corporation 218,000 614 0.13 Yuanta Financial 1,530,644 1,014 0.21 Yulon Motor 55,605 62 0.01 Yulon Nissan Motor 3,582 24 0.00 Total Taiwan 119,414 25.22 THAILAND - 3.46% (3.28%)

Advanced Info Service NVDR 147,050 647 0.14 Airports of Thailand NVDR 564,623 851 0.18 Asset World Corporation 784,400 83 0.02 B.Grimm Power 94,102 87 0.02 Bangkok Bank 100,500 290 0.06 Bangkok Dusit Medical Services NVDR 1,172,400 651 0.14 Bangkok Expressway and Metro NVDR 1,114,300 229 0.05 Bangkok Life Assurance 92,200 63 0.01 Banpu Public NVDR 773,446 187 0.04 Berli Jucker Public NVDR 134,043 107 0.02 BTS Group NVDR 1,109,827 245 0.05 Bumrungrad Hospital NVDR 46,883 167 0.04 Carabao Group 44,500 121 0.03 Central Pattana 365,119 474 0.10 Central Retail Corporation 365,300 299 0.06 Charoen Pokphand Foods 475,179 270 0.06 CP ALL NVDR 686,400 1,023 0.22 Delta Electronics 2,700 26 0.01 Delta Electronics NVDR 33,962 326 0.07 Digital Telecommunication Infrastructure 686,289 206 0.04 Electricity Generating 15,615 63 0.01 Electricity Generating NVDR 19,474 78 0.02 Energy Absolute 130,715 204 0.04 Energy Absolute NVDR 87,700 137 0.03 Global Power Synergy 90,541 154 0.03 Gulf Energy Development 558,951 525 0.11 Home Product Center 739,806 251 0.05 Indorama Ventures 133,000 126 0.03 Indorama Ventures NVDR 101,653 96 0.02 Intouch Holdings 184,500 317 0.07 IRPC NVDR 1,406,046 128 0.03 Kasikornbank 199,700 661 0.14 Krung Thai Bank NVDR 812,663 216 0.05 Krungthai Card 171,630 226 0.05 Land and Houses NVDR 1,079,539 214 0.05 Minor International NVDR 526,605 389 0.08 Muangthai Capital 82,700 112 0.02 Osotspa 194,721 153 0.03




% PTT Expoloration and Production NVDR 181,543 489 0.10 PTT Global Chemical 265,939 372 0.08 PTT Oil and Retail 366,000 221 0.05 PTT Public NVDR 1,881,494 1,616 0.34 Ratchaburi Electricity Generating 102,124 105 0.02 SCG Packaging 157,700 229 0.05 Siam Cement NVDR 110,661 997 0.21 Siam City Cement NVDR 16,455 62 0.01 Siam Commercial Bank NVDR 316,707 958 0.20 Siam Makro Public 59,300 66 0.01 Sri Trang Gloves 119,300 79 0.02 Srisawad Corporation 82,700 118 0.02 Thai Oil NVDR 134,313 164 0.03 Thai Union Group 404,630 186 0.04 TMB Thanachart Bank 5,539,353 149 0.03 Total Access Communications NVDR 59,599 51 0.01 True Corporation 1,269,500 117 0.02 Total Thailand 16,381 3.46 WARRANTS - 0.01% (0.00%)

Banpu Warrants 31/12/2022 248,711 26 0.01 Banpu Warrants 31/12/2023 248,711 18 0.00 BTS Warrants 5/9/2022 70,111 2 0.00 BTS Warrants 7/11/2024 140,222 - 0.00 BTS Warrants 20/11/2026 280,445 - 0.00 Total Warrants 46 0.01 FUTURES - 0.02% (-0.09%)

HKG Hang Seng Index Future November 2021 6 (7) 0.00 KFE Kospi 200 Index Future December 2021 20 9 0.00 SFE SPI 200 Future December 2021 13 29 0.01 SGX FTSE Taiwan Index Future November 2021 33 56 0.01 SGX MSCI Singapore Index ETS Future November 2021 12 2 0.00 Total Futures 89 0.02

Portfolio of investments 466,924 98.63


Net assets 473,430 100.00 #unlisted Figures in brackets denote the comparative percentage holdings as at 15 May 2021.

Unless otherwise stated, all investments are listed equities. The counterparty for the futures is HSBC. Total purchases for the period, including transaction charges, were £72,071,552. Total sales for the period, net of transaction charges, were £229,768,696.


Comparative Tables


15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share 323.40p 236.90p 256.40p 270.70p Return before operating charges* 16.72p 94.23p (10.79p) (5.65p) Operating charges** (0.52p) (0.86p) (0.87p) (0.86p) Return after operating charges* 16.20p 93.37p (11.66p) (6.51p) Distributions on income shares (0.00p) (6.87p) (7.84p) (7.79p) Closing net asset value per share 339.60p 323.40p 236.90p 256.40p *after direct transaction costs of:*** 0.25p 0.09p 0.13p 0.09p





15.11.21 15.5.21 15.5.20 15.5.19



Other information





Comparative Tables


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Other information





Comparative Tables

Income S Change in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19






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Other information






15.11.21 15.11.20£’000 £’000 £’000 £’000


Expenses (388) (314)Interest payable and similar charges (6) (2)Net revenue before taxation 10,227 7,412 Taxation (877) (474)Net revenue after taxation 9,350 6,938 Total return before distributions 28,408 89,582 Distributions (2,336) 783 Change in net assets attributable to shareholders from investment activities 26,072 90,365


15.11.21 15.11.20£’000 £’000 £’000 £’000

Opening net assets attributable to shareholders 624,075 360,892 Amounts receivable on creation of shares 81,211 139,461 Amounts payable on cancellation of shares (258,947) (22,179)

(177,736) 117,282 Dilution adjustment 1,019 465 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 26,072 90,365 Closing net assets attributable to shareholders 473,430 569,004


15.11.21 15.5.21£’000 £’000 £’000 £’000

AssetsInvestments 466,931 606,874 Current assets


Total current assets 6,725 21,069 Total assets 473,656 627,943 LiabilitiesInvestment liabilities (7) (609)Creditors

Distribution payable on income shares - (2,904) Other creditors (219) (355)

Total creditors (219) (3,259)Total liabilities (226) (3,868)Net assets attributable to shareholders 473,430 624,075

225UK GILT INDEX FUND

UK Gilt Index Fund


The Fund aims to provide income by tracking the performance of the FTSE Actuaries UK Conventional Gilts All Stocks Index (the “Index”).

Investment Policy*

The Index is made up of Sterling denominated UK Government Bonds (“gilts”), as defined by the Index provider.



The Fund will invest in all of the gilts that make up the Index in the same or very similar proportions in which they are included in the Index.

However, there may be circumstances when it is not possible or practical for the Fund to invest in all the gilts that make up the Index. The Fund may not invest in all the gilts of the Index to manage transaction costs or to reflect market conditions, regulations or HSBC’s banned weapons policy.




Portfolio Activity

The FTSE Actuaries UK Conventional Gilts All Stocks Index total return was up 2.57% over the period despite gilt yields falling into August but subsequently rising sharply from September into October across all main maturities. Curves were under persistent flattening pressure from May but steepened back in September. While the shorter dated gilt yields (2 years) increased by 50 basis points, the longer dated gilt yields (30 years) fell roughly 27 basis points though that masked material yield volatility over that period. At the same time the 5-year gilt yield increased by 42 basis points and the 10-year gilt yields by 10 basis points.

The reporting period has been strongly dominated by concern around inflationary pressures and the potential for the Bank of England (BoE) to hike, but against that there is concern about the spread of the Delta variant within the UK given the sharp pick up in case count numbers. The BoE is likely to be one of the first major developed world central banks to hike rates.

Yet despite concern about the spread of the Delta variant into the summer, the UK’s recovery continued in earnest until September. More generally, the combination of the UK’s budget, the recent slowing economic outlook, the BoE rate decision and renewed Brexit concern have been a significant tailwind for longer dated Gilts.

UK Gilts will of course be impacted with their beta to US treasuries but they are increasingly trading with their own dynamic.

226 UK GILT INDEX FUND


During the period under review, the value of the shares in the Fund increased by 3.07% while the value of the FTSE Actuaries UK Conventional Gilts All Stocks Index rose by 2.57%.



Tracking Error




Retail Accumulation


Income C

Price 154.7p 117.8p xd 116.2p xd

Distribution payable (on 15 January 2022)per share net

0.620000p 0.550000p 0.510000p



Accumulation C

Income S

Accumulation S

Price 156.0p 116.2p xd 156.4p


0.680000p 0.530000p 0.710000p






%Government Bonds - 99.38% (99.41%) Treasury 0.125% 31/1/2023 £3,998,000 3,983 1.76 Treasury 0.125% 31/1/2024 £4,023,000 3,985 1.76 Treasury 0.125% 30/1/2026 £4,006,000 3,924 1.73 Treasury 0.125% 31/1/2028 £3,519,000 3,388 1.50 Treasury 0.25% 31/1/2025 £1,589,000 1,571 0.69 Treasury 0.25% 31/7/2031 £4,608,000 4,310 1.90 Treasury 0.375% 22/10/2026 £2,990,000 2,943 1.30 Treasury 0.375% 22/10/2030 £4,413,000 4,217 1.86 Treasury 0.5% 22/7/2022 £3,445,000 3,452 1.52 Treasury 0.5% 31/1/2029 £1,006,000 984 0.43 Treasury 0.5% 22/10/2061 £2,357,000 1,962 0.87 Treasury 0.625% 7/6/2025 £4,874,000 4,886 2.16 Treasury 0.625% 31/7/2035 £3,944,000 3,689 1.63 Treasury 0.625% 22/10/2050 £3,611,000 3,178 1.40 Treasury 0.75% 22/7/2023 £3,976,000 3,994 1.76 Treasury 0.875% 22/10/2029 £4,935,000 4,952 2.19 Treasury 0.875% 31/7/2033 £1,183,000 1,168 0.52 Treasury 0.875% 31/1/2046 £1,798,000 1,688 0.74 Treasury 1% 22/4/2024 £4,033,000 4,081 1.80 Treasury 1.125% 31/1/2039 £1,091,000 1,084 0.48 Treasury 1.25% 22/7/2027 £4,642,000 4,789 2.11 Treasury 1.25% 22/10/2041 £3,830,000 3,875 1.71 Treasury 1.25% 31/7/2051 £1,418,000 1,464 0.65 Treasury 1.5% 22/7/2026 £4,942,700 5,146 2.27 Treasury 1.5% 22/7/2047 £2,919,000 3,154 1.39 Treasury 1.5% 31/7/2053 £710,000 792 0.35 Treasury 1.625% 22/10/2028 £4,286,000 4,543 2.00 Treasury 1.625% 22/10/2054 £2,783,000 3,180 1.40 Treasury 1.625% 22/10/2071 £2,739,000 3,535 1.56 Treasury 1.75% 7/9/2022 £3,507,400 3,548 1.57 Treasury 1.75% 7/9/2037 £3,626,000 3,945 1.74 Treasury 1.75% 22/1/2049 £3,421,000 3,924 1.73 Treasury 1.75% 22/7/2057 £3,484,000 4,194 1.85 Treasury 2% 7/9/2025 £4,526,600 4,770 2.11 Treasury 2.25% 7/9/2023 £4,162,300 4,292 1.89 Treasury 2.5% 22/7/2065 £2,328,300 3,580 1.58 Treasury 2.75% 7/9/2024 £4,061,000 4,310 1.90 Treasury 3.25% 22/1/2044 £3,293,200 4,638 2.05 Treasury 3.5% 22/1/2045 £3,332,400 4,923 2.17 Treasury 3.5% 22/7/2068 £2,350,300 4,584 2.02 Treasury 3.75% 22/7/2052 £2,843,600 4,803 2.12 Treasury 4% 7/3/2022 £4,579,300 4,635 2.05 Treasury 4% 22/1/2060 £2,851,900 5,531 2.44 Treasury 4.25% 7/12/2027 £3,740,600 4,524 2.00 Treasury 4.25% 7/6/2032 £4,573,800 6,072 2.68




% Treasury 4.25% 7/3/2036 £3,593,800 5,100 2.25 Treasury 4.25% 7/9/2039 £2,746,100 4,132 1.82 Treasury 4.25% 7/12/2040 £2,992,500 4,584 2.02 Treasury 4.25% 7/12/2046 £2,851,400 4,771 2.11 Treasury 4.25% 7/12/2049 £2,390,400 4,201 1.85 Treasury 4.25% 7/12/2055 £3,138,800 5,963 2.63 Treasury 4.5% 7/9/2034 £4,104,000 5,792 2.56 Treasury 4.5% 7/12/2042 £3,212,600 5,227 2.31 Treasury 4.75% 7/12/2030 £4,847,900 6,482 2.86 Treasury 4.75% 7/12/2038 £3,044,300 4,772 2.11 Treasury 5% 7/3/2025 £4,238,000 4,851 2.14 Treasury 6% 7/12/2028 £2,296,100 3,123 1.38 Total Government Bonds 225,188 99.38

Portfolio of investments 225,188 99.38


Net assets 226,590 100.00 Figures in brackets denote the comparative percentage holdings as at 15 May 2021. Unless otherwise stated, all investments are listed securities. Total purchases for the period ,including transaction charges,were £96,437,440. Total sales for the period, net of transaction charges,were £23,604,559.

The bond ratings for the portfolio at 15 November 2021 were: Bid Total value net £'000 assets Bond credit ratings % Investment grade 225,188 99.38 Total bonds 225,188 99.38


Comparative Tables

Retail Income#Change in net assets per share

15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share N/A 126.60p 114.60p 112.00pReturn before operating charges* N/A (2.52p) 14.95p 5.69pOperating charges** N/A (0.25p) (0.35p) (0.33p)Return after operating charges* N/A (2.77p) 14.60p 5.36pDistributions on income shares N/A (1.13p) (2.60p) (2.76p)Cancellation price N/A (122.70p) - -Closing net asset value per share N/A - 126.60p 114.60p*after direct transaction costs of:*** N/A 0.00p 0.00p 0.00p

PerformanceReturn after charges N/A (2.19%) 12.74% 4.79%

Other informationClosing net asset value N/A N/A £515,841 £444,949Closing number of shares N/A N/A 407,612 388,432Operating charges - OCF N/A N/A 0.28% 0.29%Direct transaction costs N/A N/A 0.00% 0.00%



15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share 150.60p 164.10p 145.40p 138.70pReturn before operating charges* 4.04p (13.02p) 19.14p 7.11pOperating charges** (0.24p) (0.48p) (0.44p) (0.41p)Return after operating charges* 3.80p (13.50p) 18.70p 6.70pDistributions on accumulation shares (1.25p) (2.83p) (3.32p) (3.45p)Retained distributions on accumulation shares 1.25p 2.83p 3.32p 3.45pClosing net asset value per share 154.40p 150.60p 164.10p 145.40p*after direct transaction costs of:*** 0.00p 0.00p 0.00p 0.00p

PerformanceReturn after charges 2.52% (8.23%) 12.86% 4.83%

Other information

Closing net asset value £6,172,623 £559,841 £1,267,583 £1,248,231Closing number of shares 3,997,537 371,664 772,656 858,722Operating charges - OCF 0.31% 0.30% 0.28% 0.29%Direct transaction costs 0.00% 0.00% 0.00% 0.00%


#The Retail Income share class converted to Income C on 8 January 2021. **The operating charges include all costs borne by the Fund, except for direct transaction costs. **The direct transaction costs are made up of fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges as well as transfer taxes and duties.


Comparative Tables


15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share 115.60p 128.20p 116.00p 113.40pReturn before operating charges* 3.03p (10.03p) 15.18p 5.72pOperating charges** (0.03p) (0.06p) (0.04p) (0.04p)Return after operating charges* 3.00p (10.09p) 15.14p 5.68pDistributions on income shares (1.10p) (2.51p) (2.94p) (3.08p)Closing net asset value per share 117.50p 115.60p 128.20p 116.00p*after direct transaction costs of:*** 0.00p 0.00p 0.00p 0.00p



PricesHighest share price 122.00p 129.50p 132.50p 117.90pLowest share price 113.00p 115.50p 116.00p 111.10p


15.11.21 15.5.21 15.5.20 15.5.19







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Comparative Tables


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Other information






15.11.21 15.11.20£’000 £’000 £’000 £’000

IncomeNet capital gains/(losses) 4,029 (6,105)Revenue 783 742

Expenses (143) (103)Net revenue before taxation 640 639 Taxation - - Net revenue after taxation 640 639 Total return/(deficit) before distributions 4,669 (5,466)Distributions (1,885) (1,914)Change in net assets attributable to shareholders from investment activities 2,784 (7,380)


15.11.21 15.11.20£’000 £’000 £’000 £’000


71,876 (59,351)Dilution adjustment 13 27 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 2,784 (7,380)Retained distribution on accumulation shares 1,269 969 Closing net assets attributable to shareholders 226,590 159,072


15.11.21 15.5.21£’000 £’000 £’000 £’000


Debtors 1,658 9,756 Cash and bank balances 207 15

Total current assets 1,865 9,771 Total assets 227,053 159,525 LiabilitiesCreditors

Distribution payable on income shares (373) (272)Other creditors (90) (8,605)



Distribution Tables (pence per share) for the six months ended 15 November 2021 (unaudited)

Group 1: Shares purchased prior to 16 August 2021 Group 2: Shares purchased from 16 August 2021 to 15 November 2021


15.1.22 15.1.21

Retail Income†Group 1 N/A - N/A 0.550000Group 2 N/A N/A N/A 0.550000







†The Retail Income share class converted to Income C on 8 January 2021.



Group 1: Shares purchased prior to 16 May 2021 Group 2: Shares purchased from 16 May 2021 to 15 August 2021

Net Equalisation Distribution Distributionincome paid paid

15.10.21 15.10.20

Retail Income †Group 1 N/A - N/A 0.580000Group 2 N/A N/A N/A 0.580000







†The Retail Income share class converted to Income C on 8 January 2021.

236 STERLING CORPORATE BOND INDEX FUND

Sterling Corporate Bond Index Fund


The Fund aims to track the performance of the Markit iBoxx GBP Non-Gilts Index (the “Index”).

Investment Policy*

The Index consists of various types of bond that have a credit rating of investment grade and are issued globally by companies (corporates), other large organisations and governments, other than the UK Government, as defined by the Index provider.



The Fund will invest in a representative sample of the sterling-denominated bonds that make up the Index.

The Fund may also invest in sterling-denominated bonds that are no longer or not yet part of part of the Index, as well as bonds issued by the UK Government (gilts). The Fund does not intend to use bonds that are not part of the Index extensively and their use will be consistent with the risk profile of the Fund.




Portfolio Activity

The Markit iBoxx GBP Non-Gilts Index increased during the period by 1.27% on the back of tightening credit spreads (yield difference versus a UK gilt of the same maturity) despite a reversal higher in Gilt yields through September and into October which led to sharp spread widening into November. The 10-year gilt yields increased by 10 basis points from 0.86% to 0.96%, while the 30-year gilt yields fell roughly 27 basis points though that masked material yield volatility over that period.

The non-gilt credit spread (based on Bloomberg Barclays) was more or less unchanged at 92 bps, though higher rated segments were under widening pressure versus their lower rated peers. The BBB segment outperformed higher rated segments as the given the pickup in Gilt volatility and its impact on higher rated sterling bonds. Most sector segments were unchanged with slight outperformance by Utilities.

The reporting period has been strongly dominated by concern around inflationary pressures and the potential for the Bank of England (BoE) to hike, but against that there is concern about the spread of the Delta variant within the UK given the sharp pick up in case count numbers. The BoE is likely to be one of the first major developed world central banks to hike rates.

Yet despite concern about the spread of the Delta variant into the summer, the UK’s recovery continued in earnest until September. More generally, the combination of the UK’s budget, the recent slowing economic outlook, the BoE rate decision and renewed Brexit concern have been a significant tailwind for longer dated Gilts.

We expect credit spreads to continue to widen as the BoE looks to hike interest rates and unwind some of its emergency measures. Whilst corporate fundamentals are expected remain reasonably strong, current tight spreads limit the potential for further tightening. Market technicals as a result of the quantative easing programmes remain supportive but illiquidity could creep in over year end if Gilt yields keep moving higher.

237STERLING CORPORATE BOND INDEX FUND


During the period under review, the value of the shares in the Fund increased by 1.51% and the value of the Markit iBoxx GBP Non-Gilts rose by 1.27%.



Tracking Error






Income C

Accumulation C

Price 100.8p xd 116.8p 101.8p xd 117.3p


0.710000p 0.810000p 0.680000p 0.780000p



Income S

Accumulation S

Price 100.9p xd 117.9p


0.700000p 0.800000p






%UNITED KINGDOM - 41.35% (42.48%)Government Bonds - 1.78% (1.62%)

Affordable Housing Finance 2.893% 11/8/2045 £600,000 765 0.34 LCR Finance 4.5% 7/12/2028 £800,000 985 0.44 LCR Finance 4.5% 7/12/2038 £100,000 148 0.07 LCR Finance 5.1% 7/3/2051 £270,000 513 0.23 Network Rail 4.75% 29/11/2035 £1,100,000 1,578 0.70 Total Government Bonds 3,989 1.78 Corporate Bonds - 39.07% (40.32%)

3i Group 3.75% 5/6/2040 £300,000 344 0.15 3i Group 5.75% 3/12/2032 £300,000 399 0.18 ABP Finance 6.25% 14/12/2026 £300,000 362 0.16 Accent Capital 2.625% 18/7/2049 £150,000 167 0.07 Affinity Water Programme Finance 4.5% 31/3/2036 £200,000 263 0.12 Anglian Water 2.75% 26/10/2029 £200,000 218 0.10 Anglian Water 4.5% 22/2/2026 £400,000 453 0.20 Anglian Water 5.837% 30/7/2022 £305,000 316 0.14 Anglian Water Osprey Financing 2% 31/7/2028 £129,000 128 0.06 Anglo American Capital 3.375% 11/3/2029 £300,000 323 0.14 Annington Funding 2.308% 6/10/2032 £279,000 278 0.12 Annington Funding 2.646% 12/7/2025 £106,000 110 0.05 Annington Funding 2.924% 6/10/2051 £175,000 182 0.08 Annington Funding 3.184% 12/7/2029 £364,000 390 0.17 Annington Funding 3.685% 12/7/2034 £262,000 295 0.13 Annington Funding 3.935% 12/7/2047 £500,000 615 0.27 Aspire Defence Finance 4.674% 31/3/2040 £600,000 656 0.29 Assura Financing 3% 19/7/2028 £400,000 436 0.19 Aster Treasury 1.405% 27/1/2036 £350,000 329 0.15 Aviva 4% variable rate 3/6/2055 £195,000 212 0.09 Aviva 6.125% variable rate perpetual £280,000 291 0.13 Aviva 6.875% variable rate 20/5/2058 £400,000 617 0.27 Barclays Bank 1.7% variable rate 3/11/2026 £671,000 671 0.30 Barclays Bank 2.375% variable rate 6/10/2023 £560,000 567 0.25 Barclays Bank 3.25% 12/2/2027 £800,000 849 0.38 Barclays Bank 3.75% variable rate 22/11/2030 £200,000 212 0.09 BAT International Finance 2.25% 26/6/2028 £500,000 492 0.22 BAT International Finance 6% 24/11/2034 £500,000 630 0.28 Berkeley Group 2.50% 11/8/2031 £419,000 408 0.18 BG Energy Capital 5% 4/11/2036 £200,000 272 0.12 Blend Funding 3.459% 21/9/2047 £300,000 380 0.17 BP Capital Markets 4.25% variable rate perpetual £600,000 632 0.28 British Telecommunications 3.125% 21/11/2031 £300,000 311 0.14 Broadgate 4.821% 5/7/2036 £250,000 323 0.14 Broadgate 5.098% 5/4/2035 £300,000 317 0.14 Bunzl Finance 1.5% 30/10/2030 £200,000 194 0.09




% BUPA Finance 4.125% 14/6/2035 £275,000 307 0.14 BUPA Finance 5% 25/4/2023 £100,000 105 0.05 Cadent Finance 2.625% 22/9/2038 £300,000 308 0.14 Cadent Finance 2.75% 22/9/2046 £300,000 312 0.14 Cadent Finance 3.125% 21/3/2040 £250,000 273 0.12 Canary Wharf 5.952% 22/10/2037 £200,000 279 0.12 Cardiff University 3% 7/12/2055 £200,000 256 0.11 Catalyst Housing 3.125% 31/10/2047 £250,000 300 0.13 Centrica 4.25% 12/9/2044 £500,000 636 0.28 Channel Link Enterprises Finance 3.848% 30/6/2050 £290,000 333 0.15 Circle Anglia 5.2% 2/3/2044 £161,000 251 0.11 Circle Anglia 7.25% 12/11/2038 £150,000 263 0.12 Clarion Funding 1.875% 22/1/2035 £346,000 343 0.15 Clarion Funding 2.625% 18/1/2029 £200,000 214 0.10 Clarion Housing Group 3.125% 19/4/2048 £200,000 244 0.11 Close Brothers Finance 2.75% 19/10/2026 £300,000 320 0.14 Clydesdale Bank 4.625% 8/6/2026 £400,000 464 0.21 Compass Group 2% 5/9/2025 £823,000 849 0.38 Coventry Building Society 5.875% 28/9/2022 £350,000 365 0.16 CRH Finance 4.125% 2/12/2029 £300,000 352 0.16 CYBG 4% variable rate 25/9/2026 £160,000 172 0.08 CYBG 4% variable rate 3/9/2027 £264,000 287 0.13 Direct Line 9.25% variable rate 27/4/2042 £139,000 144 0.06 Direct Line Insurance 4% 5/6/2032 £200,000 218 0.10 DWR Cymru Financing 1.375% 31/3/2033 £200,000 194 0.09 Eastern Power Networks 1.875% 1/6/2035 £700,000 688 0.31 Eastern Power Networks 5.75% 8/3/2024 £500,000 553 0.25 Equity Release Funding No One 5.05% 26/4/2033 £200,000 236 0.10 Eversholt Funding 2.742% 30/6/2040 £500,000 506 0.22 Experian Finance 0.739% 29/10/2025 £300,000 294 0.13 Experian Finance 2.125% 27/9/2024 £300,000 307 0.14 Friends Life Holdings 8.25% 21/4/2022 £500,000 516 0.23 GlaxoSmithKline Capital 1.25% 12/10/2028 £980,000 969 0.43 GlaxoSmithKline Capital 1.625% 12/5/2035 £1,000,000 962 0.43 GlaxoSmithKline Capital 4.25% 18/12/2045 £100,000 144 0.06 GlaxoSmithKline Capital 5.25% 10/4/2042 £400,000 619 0.27 GlaxoSmithKline Capital 6.375% 9/3/2039 £300,000 494 0.22 Grainger 3% 3/7/2030 £150,000 157 0.07 Grainger 3.375% 24/4/2028 £300,000 321 0.14 Great Rolling Stock 6.875% 27/7/2035 £300,000 247 0.11 Guinness Partnership 2% 22/4/2055 £200,000 205 0.09 High Speed Rail Finance 1 4.375% 1/11/2038 £400,000 499 0.22 Housing and Care 21 3.288% 8/11/2049 £200,000 238 0.11

+HSBC Bank 4.75% 24/3/2046 £250,000 336 0.15 +HSBC Holdings 1.75% variable rate 24/7/2027 £200,000 198 0.09 +HSBC Holdings 3% 29/5/2030 £800,000 842 0.37




%+HSBC Holdings 3% variable rate 22/7/2028 £700,000 734 0.33 +HSBC Holdings 6% 29/3/2040 £750,000 1,035 0.46 +HSBC Holdings 6.5% 20/5/2024 £500,000 563 0.25 +HSBC Holdings 6.75% 11/9/2028 £400,000 506 0.22

Hutchison Whampoa Finance 5.625% 24/11/2026 £100,000 120 0.05 Imperial Brands 5.5% 28/9/2026 £510,000 590 0.26 Incommunities Treasury 3.25% 21/3/2049 £200,000 252 0.11 Informa 3.125% 5/7/2026 £300,000 315 0.14 InterContinental Hotels 3.375% 8/10/2028 £200,000 212 0.09 Intu Metrocentre Finance 4.125% 6/12/2028 £700,000 396 0.18 Investec Bank 4.25% variable rate 24/7/2028 £300,000 311 0.14 Just Group 7% variable rate 15/4/2031 £300,000 343 0.15 Juturna (Euro Loan Conduit No.16) 5.0636% 10/8/2033 £110,000 101 0.04 Land Securities Capital Markets 1.974% 8/2/2026 £162,000 165 0.07 Land Securities Capital Markets 2.399% 8/2/2031 £151,000 158 0.07 Land Securities Capital Markets 2.75% 22/9/2059 £200,000 236 0.10 Leeds Building Society 1.5% variable rate 16/3/2027 £400,000 396 0.18 Legal & General Group 3.75% variable rate 26/11/2049 £444,000 465 0.21 Legal & General Group 5.375% variable rate 27/10/2045 £500,000 561 0.25 Legal & General Group 5.5% variable rate 27/6/2064 £400,000 506 0.22 Liberty Living Finance 3.375% 28/11/2029 £250,000 273 0.12 Libra Longhurst Group Treasury 3.25% 15/5/2043 £150,000 177 0.08 LiveWest Treasury 1.875% 18/2/2056 £200,000 199 0.09 Lloyds Bank Corporate Markets 1.75% 11/7/2024 £650,000 659 0.29 Lloyds Banking Group 1.875% variable rate 15/1/2026 £700,000 707 0.31 Lloyds Banking Group 2.707% variable rate 3/12/2035 £300,000 300 0.13 Lloyds Banking Group 4.875% 30/3/2027 £500,000 600 0.27 Lloyds Banking Group 5.125% 7/3/2025 £850,000 965 0.43 Lloyds Banking Group 6% 8/2/2029 £800,000 1,067 0.47 Lloyds Banking Group 6.5% 17/9/2040 £200,000 338 0.15 Logicor 2019 1 UK 1.875% 17/11/2026 £300,000 307 0.14 London & Quadrant 2% 20/10/2038 £175,000 175 0.08 London & Quadrant 2.25% 20/7/2029 £242,000 253 0.11 London & Quadrant 2.625% 28/2/2028 £300,000 320 0.14 London & Quadrant 2.75% 20/7/2057 £152,000 175 0.08 London & Quadrant 3.125% 28/2/2053 £200,000 247 0.11 London Stock Exchange 1.625% 6/4/2030 £577,000 576 0.26 Longstone Finance 4.791% 19/4/2036 £150,000 79 0.04 M&G 5% variable rate 20/7/2055 £200,000 234 0.10 M&G 5.625% variable rate 20/10/2051 £300,000 350 0.16 M&G 5.7% variable rate 19/12/2063 £150,000 192 0.09 M&G 6.25% variable rate 20/10/2068 £350,000 451 0.20 Manchester Airport Group Funding 2.875% 30/9/2044 £300,000 304 0.13 Martlet Homes 3% 9/5/2052 £200,000 243 0.11 Meadowhall Finance 4.986% 12/1/2032 £300,000 212 0.09 Metropolitan Funding 4.125% 5/4/2048 £200,000 264 0.12




% Morhomes 3.4% 19/2/2038 £200,000 225 0.10 Morrison Supermarkets 2.5% 1/10/2031 £200,000 200 0.09 Morrison Supermarkets 4.75% 4/7/2029 £340,000 340 0.15 Motability Operations Group 1.75% 3/7/2029 £550,000 561 0.25 Motability Operations Group 2.375% 14/3/2032 £439,000 465 0.21 Motability Operations Group 2.375% 3/7/2039 £300,000 318 0.14 National Express Group 2.375% 20/11/2028 £400,000 408 0.18 National Grid Electricity Transmission 2% 17/4/2040 £500,000 488 0.22 National Grid Gas 1.125% 14/1/2033 £200,000 180 0.08 National Grid Gas 1.375% 7/2/2031 £242,000 228 0.10 National Grid Gas 1.625% 14/1/2043 £162,000 143 0.06 Nationwide Building Society 3.25% 20/1/2028 £300,000 333 0.15 Next 3.625% 18/5/2028 £300,000 327 0.15 NGG Finance 5.625% variable rate 18/6/2073 £300,000 326 0.14 Northern Gas 5.625% 23/3/2040 £200,000 292 0.13 Northumbrian Water Finance 1.625% 11/10/2026 £300,000 304 0.13 Northumbrian Water Finance 2.375% 5/10/2027 £464,000 485 0.22 Notting Hill Genesis 2.875% 31/1/2029 £400,000 429 0.19 Notting Hill Genesis 3.25% 12/10/2048 £500,000 610 0.27 Optivo Finance 3.283% 22/3/2048 £200,000 245 0.11 Orbit Capital 2% 24/11/2038 £300,000 296 0.13 Orbit Capital 3.375% 14/6/2048 £200,000 248 0.11 Paragon Treasury 2% 7/5/2036 £100,000 100 0.04 Peabody Capital No Two 3.25% 14/9/2048 £150,000 184 0.08 Peabody Capital No Two 4.625% 12/12/2053 £200,000 316 0.14 Pension Insurance Corporation 5.625% 20/9/2030 £500,000 598 0.27 Places for People Treasury 2.875% 17/8/2026 £400,000 429 0.19 Prs Finance 2% 23/1/2029 £600,000 632 0.28 Reckitt Benckiser Treasury Services 1.75% 19/5/2032 £413,000 416 0.18 RL Finance Bonds 4.875% variable rate 7/10/2049 £100,000 113 0.05 RL Finance Bonds 6.125% variable rate 30/11/2043 £200,000 217 0.10 Rothesay Life 8% 30/10/2025 £200,000 244 0.11 Royal Bank of Scotland 2.875% variable rate 19/9/2026 £600,000 626 0.28 Royal Bank of Scotland 3.125% variable rate 28/3/2027 £750,000 791 0.35 Royal Bank of Scotland 3.622% variable rate 14/8/2030 £250,000 262 0.12 Sanctuary Capital 2.375% 14/4/2050 £200,000 217 0.10 Sanctuary Capital 5% 26/4/2047 £200,000 322 0.14 Santander UK Group Holdings 3.625% 14/1/2026 £300,000 323 0.14 Santander UK Group Holdings 5.75% 2/3/2026 £500,000 600 0.27 Scotland Gas Network 3.25% 8/3/2027 £400,000 435 0.19 SSE 8.375% 20/11/2028 £500,000 708 0.31 Scottish Hydro Electric Transmission 2.25% 27/9/2035 £500,000 502 0.22 Scottish Widows 7% 16/6/2043 £300,000 464 0.21 Segro 2.375% 11/10/2029 £250,000 266 0.12 Segro 2.875% 11/10/2037 £250,000 284 0.13 Severn Trent Utilities Finance 1.625% 4/12/2022 £500,000 505 0.22




% Severn Trent Utilities Finance 6.25% 7/6/2029 £400,000 531 0.24 Sky 6% 21/5/2027 £300,000 372 0.17 South Eastern Power Networks 1.75% 30/9/2034 £200,000 196 0.09 Southern Gas Networks 1.25% 2/12/2031 £324,000 298 0.13 Southern Gas Network 3.1% 15/9/2036 £200,000 217 0.10 Southern Housing 2.375% 8/10/2036 £195,000 198 0.09 Sovereign Housing Capital 2.375% 4/11/2048 £200,000 218 0.10 SP Transmission 2% 13/11/2031 £642,000 654 0.29 SPD Finance UK 5.875% 17/7/2026 £300,000 363 0.16 SSE 3.74% variable rate perpetual £500,000 512 0.23 Standard Chartered 4.375% 18/1/2038 £500,000 665 0.30 Swan Housing Capital 3.625% 5/3/2048 £200,000 210 0.09 Telereal Securitisation 5.5534% 10/12/2031 £250,000 190 0.08 Telereal Securitisation 6.1645% 10/12/2033 £340,000 368 0.16 Tesco Corporate Treasury Services 1.875% 2/11/2028 £164,000 163 0.07 Tesco Corporate Treasury Services 2.5% 2/5/2025 £700,000 726 0.32 Tesco Corporate Treasury Services 2.75% 27/4/2030 £102,000 107 0.05 Tesco Personal Finance Group 3.5% 25/7/2025 £400,000 415 0.18 Tesco Property Finance 5.4111% 13/7/2044 £500,000 599 0.27 Tesco Property Finance 5.8006% 13/10/2040 £300,000 375 0.17 Tesco Property Finance 7.6227% 13/7/2039 £600,000 723 0.32 Thames Water Utilities Finance 1.875% 24/1/2024 £184,000 187 0.08 Thames Water Utilities Finance 2.375% 22/4/2040 £400,000 403 0.18 Thames Water Utilities Finance 2.625% 24/1/2032 £234,000 245 0.11 Thames Water Utilities Finance 4% 19/6/2025 £500,000 548 0.24 Thames Water Utilities Finance 5.5% 11/2/2041 £300,000 444 0.20 Thames Water Utilities Finance 7.738% 9/4/2058 £100,000 227 0.10 THFC 5.2% 11/10/2043 £580,000 886 0.39 Tritax Big Box REIT 2.625% 14/12/2026 £509,000 540 0.24 Tritax Big Box REIT 3.125% 14/12/2031 £300,000 333 0.15 Unilever 1.5% 22/7/2026 £400,000 410 0.18 Unite (USAF) II 3.921% 30/6/2030 £675,000 732 0.32 United Utilities 2% 3/7/2033 £900,000 922 0.41 University College London 1.625% 4/6/2061 £100,000 104 0.05 University of Cambridge 2.35% 27/6/2078 £150,000 210 0.09 University of Leeds 3.125% 19/12/2050 £200,000 254 0.11 University of Oxford 2.544% 8/12/2117 £400,000 524 0.23 Virgin Money UK 2.625% variable rate 19/8/2031 £300,000 299 0.13 Virgin Money UK 5.125% variable rate 11/12/2030 £102,000 111 0.05 Vodafone Group 3% 12/8/2056 £200,000 215 0.10 Vodafone Group 3.375% 8/8/2049 £560,000 646 0.29 Wales & West Utilities Finance 1.875% 28/5/2041 £300,000 283 0.13 Wellcome Trust 2.517% 7/2/2118 £100,000 128 0.06 Wellcome Trust 4% 9/5/2059 £300,000 510 0.23 Wellcome Trust 4.625% 25/7/2036 £300,000 425 0.19 Wellcome Trust 1.5% variable rate 14/7/2071 £200,000 195 0.09




% Wessex Water Services Finance 1.25% 12/1/2036 £207,000 186 0.08 Wessex Water Services Finance 5.375% 10/3/2028 £200,000 244 0.11 Western Power Distribution 2.375% 16/5/2029 £422,000 440 0.20 Western Power Distribution 3.5% 16/10/2026 £800,000 869 0.39 Western Power Distribution 5.75% 16/4/2032 £460,000 618 0.27 Whitbread Group 3.375% 16/10/2025 £300,000 313 0.14 Yorkshire Building Society 3.375% variable rate 13/9/2028 £440,000 464 0.21 Yorkshire Water Finance 1.75% 26/11/2026 £600,000 609 0.27 Yorkshire Water Finance 2.75% 18/4/2041 £200,000 221 0.10 Yorkshire Water Services 3.625% 1/8/2029 £300,000 341 0.15 Zurich Finance 6.625% variable rate perpetual £340,000 355 0.16 Total Corporate Bonds 87,940 39.07

Public Authorities - 0.50% (0.54%) Transport for London 3.625% 15/5/2045 £400,000 511 0.23

Transport for London 4% 12/9/2033 £500,000 610 0.27 Total Public Authorities 1,121 0.50 Total United Kingdom 93,050 41.35 UNITED STATES - 12.69% (11.91%)Corporate Bonds - 12.69% (11.91%)

American Honda Finance 0.75% 25/11/2026 £533,000 516 0.23 American Honda Finance 1.5% 19/10/2027 £667,000 667 0.30 American International Group 5% 26/4/2023 £500,000 529 0.23 Apple 3.05% 31/7/2029 £800,000 906 0.40 AT&T 4.875% 1/6/2044 £800,000 1,099 0.49 AT&T 5.5% 15/3/2027 £900,000 1,076 0.48 AT&T 7% 30/4/2040 £500,000 817 0.36 Athene Global Funding 1.75% 24/11/2027 £250,000 248 0.11 Bank of America 2.3% 25/7/2025 £500,000 518 0.23 Bank of America 4.25% 10/12/2026 £400,000 455 0.20 Bank of America Corp 1.667% VRN 2/6/2029 £258,000 255 0.11 Berkshire Hathaway Finance 2.375% 19/6/2039 £300,000 319 0.14 Berkshire Hathaway Finance 2.625% 19/6/2059 £300,000 346 0.15 Brown Forman 2.6% 7/7/2028 £600,000 642 0.29 Citi Group 1.75% 23/10/2026 £900,000 906 0.40 Citi Group 7.375% 1/9/2039 £450,000 805 0.36 Comcast 1.5% 20/2/2029 £975,000 967 0.43 Comcast 1.875% 20/2/2036 £438,000 431 0.19 Digital Stout Holding 3.75% 17/10/2030 £200,000 225 0.10 Digital Stout Holding 4.25% 17/1/2025 £300,000 326 0.14 Eli Lilly Co 1.625% 14/9/2043 £200,000 196 0.09 Fiserv 3% 1/7/2031 £500,000 541 0.24 General Motors Financial 1.55% 30/7/2027 £105,000 103 0.05 General Motors Financial 2.35% 3/9/2025 £323,000 330 0.15 Goldman Sachs 1% variable rate 16/12/2025 £308,000 303 0.13




% Goldman Sachs 1.5% 7/12/2027 £300,000 295 0.13 Goldman Sachs 3.125% 25/7/2029 £500,000 543 0.24 Goldman Sachs 7.25% 10/4/2028 £500,000 663 0.29 Goldman Sachs 1.875% 16/12/2030 £500,000 492 0.22 JP Morgan Chase 0.991% variable rate 28/4/2026 £109,000 107 0.05 JP Morgan Chase 1.895% variable rate 28/4/2033 £112,000 111 0.05 JP Morgan Chase 3.5% 18/12/2026 £350,000 387 0.17 McDonalds 2.95% 15/3/2034 £500,000 550 0.24 McKesson 3.125% 17/2/2029 £400,000 431 0.19 Met Life Global Funding 3.5% 30/9/2026 £800,000 885 0.39 Metropolitan Life Global Funding 0.625% 8/12/2027 £300,000 287 0.13 Metropolitan Life Global Funding 1.625% 9/6/2022 £250,000 252 0.11 Morgan Stanley 2.625% 9/3/2027 £368,000 387 0.17 Nestle 0.625% 18/12/2025 £350,000 344 0.15 New York Life Global Funding 1.25% 17/12/2026 £500,000 498 0.22 Pfizer 2.735% 15/6/2043 £800,000 909 0.40 Procter and Gamble 1.8% 3/5/2029 £385,000 401 0.18 Prologis 2.25% 30/6/2029 £375,000 394 0.18 Realty Income 1.75% 13/7/2033 £300,000 294 0.13 Time Warner Cable 5.75% 2/6/2031 £450,000 571 0.25 UPS 5.125% 12/2/2050 £250,000 418 0.19 Verizon Communications 1.125% 3/11/2028 £432,000 416 0.18 Verizon Communications 1.875% 19/9/2030 £800,000 800 0.36 Verizon Communications 1.875% 3/11/2038 £357,000 340 0.15 Verizon Communications 2.5% 8/4/2031 £300,000 314 0.14 Wal-Mart Stores 5.25% 28/9/2035 £420,000 604 0.27 Wal-Mart Stores 5.625% 27/3/2034 £500,000 723 0.32 Wells Fargo 2% 28/7/2025 £750,000 763 0.34 Wells Fargo 2.125% 20/12/2023 £600,000 610 0.27 Wells Fargo 2.125% 24/9/2031 £600,000 600 0.27 Wells Fargo 4.875% 29/11/2035 £300,000 382 0.17 Welltower 4.5% 1/12/2034 £250,000 307 0.14 Total Corporate Bonds 28,604 12.69 Total United States 28,604 12.69 AUSTRALIA - 0.64% (0.33%)Corporate Bonds - 0.64% (0.33%)

AANDNZ Banking Group 1.809% variable rate 16/9/2031 £450,000 442 0.20 APT Pipelines 2.5% 15/3/2036 £420,000 415 0.18 BHP Billiton Finance 4.3% 25/9/2042 £200,000 269 0.12 Westfield America Manage 2.625% 30/3/2029 £300,000 304 0.14 Total Corporate Bonds 1,430 0.64 Total Australia 1,430 0.64




%AUSTRIA - 0.44% (0.42%)Government Bonds - 0.44% (0.42%)

Oesterreichische Kontrollbank 0.75% 7/3/2022 £500,000 501 0.22 Oesterreichische Kontrollbank 1.25% 15/12/2023 £500,000 504 0.22 Total Government Bonds 1,005 0.44 Total Austria 1,005 0.44 BELGIUM - 0.56% (0.53%)Corporate Bonds - 0.56% (0.53%)

Anheuser-Busch InBev 2.25% 24/5/2029 £513,000 533 0.24 Anheuser-Busch InBev 2.85% 25/5/2037 £150,000 162 0.07 Anheuser-Busch InBev 9.75% 30/7/2024 £450,000 553 0.25 Total Corporate Bonds 1,248 0.56 Total Belgium 1,248 0.56 BERMUDA - 0.13% (0.12%)Corporate Bonds - 0.13% (0.12%)

Hiscox 6.125% variable rate 24/11/2045 £250,000 283 0.13 Total Corporate Bonds 283 0.13 Total Bermuda 283 0.13 CANADA - 1.48% (2.00%)Corporate Bonds - 0.44% (0.59%)

Bank of Nova Scotia 1.25% 17/12/2025 £272,000 270 0.12 Royal Bank of Canada 1.125% 15/12/2025 £718,000 712 0.32 Total Corporate Bonds 982 0.44 Government Bonds - 0.33% (0.42%)

CPPIB Capital 0.875% 17/12/2024 £750,000 750 0.33 Total Government Bonds 750 0.33 Public Authorities - 0.71% (0.99%)

Province of Ontario Canada 0.25% 15/12/2026 £300,000 287 0.13 Province of Ontario Canada 0.5% 15/12/2023 £700,000 695 0.31 Province of Quebec Canada 1.5% 15/12/2023 £600,000 608 0.27 Total Public Authorities 1,590 0.71 Total Canada 3,322 1.48 CAYMAN ISLANDS - 0.33% (0.39%)Corporate Bonds - 0.33% (0.39%) Phoenix Group 5.625% 28/4/2031 £100,000 118 0.05 Porterbrook Rail Finance 4.625% 4/4/2029 £300,000 351 0.16 Southern Water 6.192% 31/3/2029 £200,000 262 0.12 Total Corporate Bonds 731 0.33 Total Cayman Islands 731 0.33




%CHANNEL ISLANDS - 2.24% (2.17%)Government Bonds - 0.06% (0.05%)

States of Guernsey 3.375% 12/12/2046 £100,000 133 0.06 Total Government Bonds 133 0.06 Corporate Bonds - 2.18% (2.12%)

AA Bond Co 3.25% 31/7/2050 £500,000 506 0.22 CPUK Finance 7.239% 28/2/2042 £400,000 452 0.20 Gatwick Funding 2.5% 15/4/2032 £203,000 202 0.09 Gatwick Funding 2.875% 5/7/2051 £300,000 299 0.13 Gatwick Funding 3.25% 26/2/2048 £250,000 266 0.12 Gatwick Funding 5.75% 23/1/2037 £150,000 202 0.09 Gatwick Funding 6.125% 2/3/2028 £200,000 235 0.10 Hastings Group Finance 3% 24/5/2025 £200,000 210 0.09 Heathrow Funding 4.625% 31/10/2046 £250,000 338 0.15 Heathrow Funding 5.875% 13/5/2041 £440,000 649 0.29 Heathrow Funding 6.45% 10/12/2031 £300,000 407 0.18 Heathrow Funding 6.75% 3/12/2028 £500,000 615 0.27 Heathrow Funding 7.125% 14/2/2024 £496,000 554 0.25 Total Corporate Bonds 4,935 2.18 Total Channel Islands 5,068 2.24

CHINA - 0.17% (0.16%)Public Authorities - 0.17% (0.16%)

China Development Bank 1.25% 21/1/2023 £386,000 385 0.17 Total Public Authorities 385 0.17 Total China 385 0.17 DENMARK - 0.47% (0.50%)Corporate Bonds - 0.47% (0.50%)

Orsted 4.875% 12/1/2032 £500,000 647 0.29 Orsted 5.75% 9/4/2040 £250,000 399 0.18 Total Corporate Bonds 1,046 0.47 Total Denmark 1,046 0.47 FRANCE - 7.46% (6.81%)Government Bonds - 0.85% (0.66%)

Dexia Credit Local 0.25% 11/12/2024 £200,000 196 0.09 Dexia Credit Local 0.5% 22/7/2023 £700,000 696 0.31 Dexia Credit Local 1.375% 7/12/2022 £700,000 706 0.31 Dexia Credit Local 1.625% 8/12/2023 £300,000 305 0.14 Total Government Bonds 1,903 0.85




%Corporate Bonds - 5.64% (5.18%) AXA 5.625% variable rate 16/1/2054 £600,000 738 0.33 Banque Federative du Credit 0.875% 7/12/2027 £500,000 481 0.21 Banque Federative du Credit 1.75% 19/12/2024 £200,000 203 0.09 BNP Paribas 1.875% 14/12/2027 £200,000 201 0.09 BNP Paribas 3.375% 23/1/2026 £800,000 857 0.38 BNP Paribas 2% 13/9/2036 £300,000 286 0.13 BNP Paribas 2% variable rate 24/5/2031 £500,000 495 0.22 BPCE 1% 22/12/2025 £200,000 197 0.09 BPCE 5.25% 16/4/2029 £300,000 361 0.16 Électricité de France 5.5% 27/3/2037 £400,000 562 0.25 Électricité de France 5.5% 17/10/2041 £500,000 739 0.33 Électricité de France 6% 23/1/2114 £500,000 919 0.41 Électricité de France 6.125% 2/6/2034 £900,000 1,282 0.57 Électricité de France 6.25% 30/5/2028 £400,000 510 0.23 GDF Suez 5% 1/10/2060 £450,000 745 0.33 LVMH 1.125% 11/2/2027 £300,000 298 0.13 Orange 3.25% 15/1/2032 £1,000,000 1,118 0.50 Orange 5.75% variable rate perpetual £253,000 266 0.12 Societe Generale 1.875% 3/10/2024 £300,000 303 0.13 Sodexo 1.75% 26/6/2028 £200,000 202 0.09 Total Capital International 1.66% 22/7/2026 £600,000 612 0.27 Veolia Environnement 6.125% 29/10/2037 £200,000 307 0.14 Vinci 2.25% 15/3/2027 £400,000 419 0.19 Vinci 2.75% 15/9/2034 £500,000 554 0.25 Total Corporate Bonds 12,655 5.64 Public Authorities - 0.97% (0.97%)

Caisse des Depots et Consignations 0.5% 21/7/2023 £500,000 498 0.22 Caisse Francaise de Financemen 5.5% 16/7/2026 £183,000 220 0.10 SNCF 5.375% 18/3/2027 £200,000 241 0.11 SNCF Reseau 4.83% 25/3/2060 £300,000 543 0.24 SNCF Reseau 5% 11/3/2052 £250,000 437 0.19 SNCF Reseau 5.25% 7/12/2028 £200,000 254 0.11 Total Public Authorities 2,193 0.97 Total France 16,751 7.46 GERMANY - 6.28% (6.32%)Government Bonds - 4.35% (4.21%)

FMS Wertmanagement 1.375% 7/3/2025 £600,000 609 0.27 Kredit Fuer Wiederaufbau 0.125% 30/12/2026 £800,000 766 0.34 Kredit Fuer Wiederaufbau 0.75% 7/12/2027 £500,000 492 0.22 Kredit Fuer Wiederaufbau 0.875% 18/7/2024 £1,000,000 1,001 0.44 Kredit Fuer Wiederaufbau 0.875% 15/9/2026 £800,000 799 0.35 Kredit Fuer Wiederaufbau 1% 15/12/2022 £500,000 503 0.22 Kredit Fuer Wiederaufbau 1.25% 29/12/2023 £800,000 808 0.36 Kredit Fuer Wiederaufbau 1.375% 9/12/2024 £1,400,000 1,420 0.63




% Kredit Fuer Wiederaufbau 1.375% 15/12/2025 £500,000 509 0.23 Kredit Fuer Wiederaufbau 5% 10/9/2024 £300,000 334 0.15 Kredit Fuer Wiederaufbau 5% 9/6/2036 £250,000 374 0.17 Kredit Fuer Wiederaufbau 5.75% 7/6/2032 £700,000 1,012 0.45 Landwirtschaftliche Rentenbank 0.625% 15/12/2022 £200,000 200 0.09 Landwirtschaftliche Rentenbank 1.375% 16/12/2024 £450,000 457 0.20 Landwirtschaftliche Rentenbank 1.375% 8/9/2025 £500,000 509 0.23 Total Government Bonds 9,793 4.35 Corporate Bonds - 1.12% (1.26%) Commerzbank 1.75% 22/1/2025 £500,000 499 0.22 Deutsche Telekom 3.125% 6/2/2034 £200,000 224 0.10 Henkel 1.25% 30/9/2026 £600,000 605 0.27 Landeskreditbank Baden-Wuerttembeg 1.125% 8/12/2025 £700,000 693 0.31 Landeskreditbank Baden-Wuerttembeg 1.375% 15/12/2023 £500,000 506 0.22 Total Corporate Bonds 2,527 1.12 Public Authorities - 0.81% (0.85%)

Deutsche Bahn Finance 3.125% 24/7/2026 £500,000 547 0.24 FMS Wertmanagement 1.125% 7/9/2023 £500,000 503 0.22 NRW Bank 0.375% 16/12/2024 £200,000 197 0.09 NRW Bank 0.5% 18/12/2026 £600,000 586 0.26 Total Public Authorities 1,833 0.81 Total Germany 14,153 6.28

IRELAND - 1.59% (1.94%)Corporate Bonds - 1.05% (1.02%)

ESB Finance DAC 1.875% 21/7/2035 £300,000 302 0.13 Freshwater Finance 4.607% 17/10/2036 £400,000 506 0.22 GE Capital UK Funding 5.875% 18/1/2033 £500,000 683 0.30 GE Capital UK Funding 8% 14/1/2039 £500,000 905 0.40 Total Corporate Bonds 2,396 1.05 Financials - 0.45% (0.85%)

+*HSBC Global Sterling Liquidity Fund £1,013,788 1,014 0.45 Total Financials 1,014 0.45 Public Authorities - 0.09% (0.07%) UK Municipal Bonds Agency Finance 1.625% 26/8/2060 £200,000 193 0.09 Total Public Authorities 193 0.09 Total Ireland 3,603 1.59 ISLE OF MAN - 0.11% (0.00%)Government Bonds - 0.11% (0.00%)

The Isle of Man Treasury 1.625% 14/9/2051 £250,000 246 0.11 Total Government Bonds 246 0.11 Total Isle of Man 246 0.11




%ITALY - 0.71% (1.10%)Government Bonds - 0.33% (0.53%)

Italy (Government) 6% 4/8/2028 £600,000 754 0.33 Total Government Bonds 754 0.33 Corporate Bonds - 0.38% (0.57%)

Enel 5.75% 22/6/2037 £250,000 362 0.16 Intesa Sanpaolo 2.5% 15/1/2030 £500,000 506 0.22 Total Corporate Bonds 868 0.38 Total Italy 1,622 0.71 JAPAN - 0.46% (0.42%)Corporate Bonds - 0.35% (0.32%)

East Japan Railway 4.75% 8/12/2031 £450,000 581 0.26 East Japan Railway 4.875% 14/6/2034 £150,000 202 0.09 Total Corporate Bonds 783 0.35 Public Authorities - 0.11% (0.10%)

Development Bank of Japan 1.125% 28/4/2023 £250,000 251 0.11 Total Public Authorities 251 0.11 Total Japan 1,034 0.46 LUXEMBOURG - 1.22% (1.38%)Corporate Bonds - 1.14% (1.38%)

Aroundtown 3.625% 10/4/2031 £500,000 549 0.24 CK Hutchison Group Telecom Finance 2.625% 17/10/2034 £300,000 305 0.14 CK Hutchison Holdings 2% 17/10/2027 £500,000 502 0.22 Glencore Finance Europe 5.5% 3/4/2022 £485,000 495 0.22 Logicor Financing 2.75% 15/1/2030 £700,000 726 0.32 Total Corporate Bonds 2,577 1.14 Public Authorities - 0.08% (0.00%)

European Primary Placement Facility 1.732% 9/11/2055 £200,000 191 0.08 Total Public Authorities 191 0.08 Total Luxembourg 2,768 1.22

MEXICO - 0.39% (0.43%) Government Bonds - 0.14% (0.17%)

United Mexican States 5.625% 19/3/2114 £300,000 325 0.14 Total Government Bonds 325 0.14 Corporate Bonds - 0.25% (0.26%)

America Movil 4.375% 7/8/2041 £430,000 560 0.25 Total Corporate Bonds 560 0.25 Total Mexico 885 0.39




%NETHERLANDS - 6.12% (6.75%)Corporate Bonds - 5.76% (6.41%)

Aegon 6.125% 15/12/2031 £250,000 351 0.16 Allianz Finance II 4.5% 13/3/2043 £200,000 302 0.13 BMW International Investment 1.375% 1/10/2024 £570,000 575 0.26 Deutsche Telekom 8.875% 27/11/2028 £400,000 587 0.26 E.ON International Finance 4.75% 31/1/2034 £500,000 635 0.28 E.ON International Finance 5.875% 30/10/2037 £400,000 587 0.26 E.ON International Finance 6.125% 6/7/2039 £500,000 768 0.34 E.ON International Finance 6.375% 7/6/2032 £200,000 281 0.12 E.ON International Finance 6.75% 27/1/2039 £300,000 483 0.21 EDP Finance 8.625% 4/1/2024 £400,000 462 0.21 Enel Finance 5.625% 14/8/2024 £400,000 449 0.20 Enel Finance 5.75% 14/9/2040 £500,000 754 0.33 Enel Finance International 1% 20/10/2027 £239,000 232 0.10 ING Groep 1.125% variable rate 7/12/2028 £400,000 386 0.17 ING Groep 3% 18/2/2026 £700,000 742 0.33 Lafarge Holcim Sterling Finance 3% 12/5/2032 £144,000 154 0.07 Rabobank Nederland 1.25% 14/1/2025 £600,000 598 0.26 Rabobank Nederland 4.625% 23/5/2029 £500,000 583 0.26 Rabobank Nederland 5.375% 3/8/2060 £150,000 296 0.13 Shell International Finance 1% 10/12/2030 £500,000 470 0.21 Shell International Finance 1.75% 10/9/2052 £200,000 175 0.08 Siemens Financieringsmaatschappij 1% 20/2/2025 £400,000 399 0.18 Siemens Financieringsmaatschappij 2.75% 10/9/2025 £500,000 531 0.23 Siemens Financieringsmat 3.75% 10/9/2042 £100,000 137 0.06 Toyota Motor Finance 0.75% 19/12/2025 £346,000 339 0.15 Volkswagen Financial Services 1.625% 10/2/2024 £300,000 302 0.13 Volkswagen Financial Services 1.875% 3/12/2024 £200,000 202 0.09 Volkswagen Financial Services 2.125% 27/6/2024 £500,000 509 0.23 Volkswagen Financial Services 2.25% 12/4/2025 £373,000 381 0.17 Volkswagen Financial Services 4.25% 9/10/2025 £300,000 330 0.15 Total Corporate Bonds 13,000 5.76

Public Authorities - 0.36% (0.34%) Bank Nederlandse Gemeenten 1% 17/6/2022 £400,000 402 0.18

Bank Nederlandse Gemeenten 1.625% 26/8/2025 £400,000 411 0.18 Total Public Authorities 813 0.36 Total Netherlands 13,813 6.12 NORWAY - 0.91% (0.79%)Corporate Bonds - 0.61% (0.58%)

DNB Bank 1.375% 12/6/2023 £502,000 506 0.22 Equinor 6.875% 11/3/2031 £400,000 579 0.26 SpareBank1 Boligkreditt 1.75% 18/12/2023 £300,000 305 0.13 Total Corporate Bonds 1,390 0.61




%Public Authorities - 0.30% (0.21%)

Kommunalbanken 0.625% 15/12/2026 £400,000 392 0.17 Kommunalbanken 1.5% 15/12/2023 £300,000 304 0.13 Total Public Authorities 696 0.30 Total Norway 2,086 0.91 SINGAPORE -0.14% (0.13%)Public Authorities - 0.14% (0.13%)

Temasek Financial 5.125% 26/7/2040 £200,000 311 0.14 Total Public Authorities 311 0.14 Total Singapore 311 0.14 SPAIN - 1.38% (1.17%)Corporate Bonds - 1.38% (1.17%)

Abertis Infraestructuras 3.375% 27/11/2026 £500,000 533 0.24 Banco Santander 1.375% 31/7/2024 £900,000 903 0.40 Banco Santander 1.5% 14/4/2026 £600,000 594 0.26 CaixaBank 1.5% variable rate 3/12/2026 £300,000 297 0.13 Telefonica Emisiones S.A.U 5.289% 9/12/2022 £750,000 786 0.35 Total Corporate Bonds 3,113 1.38 Total Spain 3,113 1.38 SUPRANATIONAL - 10.52% (9.97%)Supranational Bonds - 10.52% (9.97%)

African Development Bank 0.5% 22/6/2026 £500,000 489 0.22 Asian Development Bank 0.125% 15/12/2026 £300,000 287 0.13 Asian Development Bank 0.625% 15/9/2026 £500,000 493 0.22 Asian Development Bank 0.75% 7/12/2027 £300,000 295 0.13 Asian Development Bank 1.375% 15/12/2023 £500,000 506 0.22 Asian Infrastructure Investment 0.2% 15/12/2025 £400,000 389 0.17 Council of Europe Development Bank 0.625% 15/6/2022 £400,000 401 0.18 Council of Europe Development Bank 0.75% 22/7/2027 £300,000 296 0.13 European Bank for Reconstruction 1.25% 15/12/2022 £400,000 403 0.18 European Investment Bank 0.125% 14/12/2026 £600,000 574 0.25 European Investment Bank 0.75% 15/11/2024 £800,000 797 0.35 European Investment Bank 0.75% 22/7/2027 £600,000 592 0.26 European Investment Bank 0.875% 15/12/2023 £400,000 400 0.18 European Investment Bank 1% 21/9/2026 £400,000 402 0.18 European Investment Bank 1.375% 7/3/2025 £1,150,000 1,167 0.52 European Investment Bank 2.5% 31/10/2022 £1,000,000 1,019 0.45 European Investment Bank 3.875% 8/6/2037 £450,000 611 0.27 European Investment Bank 4.5% 7/6/2029 £500,000 623 0.28 European Investment Bank 4.625% 12/10/2054 £500,000 934 0.41 European Investment Bank 5% 15/4/2039 £300,000 472 0.21 European Investment Bank 5.5% 15/4/2025 £800,000 922 0.41 European Investment Bank 5.625% 7/6/2032 £800,000 1,146 0.51




% European Investment Bank 6% 7/12/2028 £1,000,000 1,338 0.59 Inter-American Development Bank 1.25% 15/12/2025 £1,000,000 1,013 0.45 Inter-American Development Bank 1.375% 15/12/2024 £800,000 811 0.36 International Bank for Reconstruction and Development 0.25% 23/9/2027 £200,000 192 0.09 International Bank for Reconstruction and Development 0.5% 24/7/2023 £1,000,000 996 0.44 International Bank for Reconstruction and Development 0.625% 14/7/2028 £600,000 584 0.26 International Bank for Reconstruction and Development 0.75% 15/12/2026 £500,000 494 0.22 International Bank for Reconstruction and Development 1% 21/12/2029 £1,200,000 1,192 0.53 International Bank for Reconstruction and Development 1.25% 7/9/2023 £600,000 605 0.27 International Development Association 0.75% 12/12/2024 £1,000,000 996 0.44 International Development Association 0.75% 21/9/2028 £500,000 490 0.22 International Finance 0.75% 22/7/2027 £300,000 296 0.13 International Finance 1.375% 7/3/2025 £1,000,000 1,017 0.45 Nordic Investment Bank 0.125% 15/12/2026 £500,000 479 0.21 Total Supranational Bonds 23,721 10.52 Total Supranational 23,721 10.52 SWEDEN - 0.27% (0.37%)Corporate Bonds - 0.27% (0.37%)

Vattenfall 6.875% 15/4/2039 £360,000 618 0.27 Total Corporate Bonds 618 0.27 Total Sweden 618 0.27 SWITZERLAND - 0.52% (0.46%)Corporate Bonds - 0.52% (0.46%)

Credit Suisse Group 1.125% 15/12/2025 £275,000 270 0.12 Credit Suisse Group 2.125% variable rate 12/9/2025 £300,000 303 0.13 Credit Suisse Group 2.25% variable rate 9/6/2028 £600,000 604 0.27 Total Corporate Bonds 1,177 0.52 Total Switzerland 1,177 0.52

UNITED ARAB EMIRATES - 0.13% (0.12%)Corporate Bonds - 0.13% (0.12%) First Abu Dhabi Bank 1.375% 19/2/2023 £300,000 301 0.13 Total Corporate Bonds 301 0.13 Total United Arab Emirates 301 0.13




%Futures - 0.00% (0.00%) ICF Long Gilt December 2021 9 (2) 0.00 Total Futures (2) 0.00 Portfolio of investments 222,372 98.71


Net assets 225,288 100.00 +related party *investment schemes regulated outside the UK Figures in brackets denote the comparative percentage holdings as at 15 May 2021. Unless otherwise stated, all investments are listed securities. The counterparty for the future is HSBC. Total purchases for the period, including transaction charges, were £33,950,794 Total sales for the period, net of transaction charges, were £52,416,630. The bond ratings for the portfolio at 15 November 2021 were: Bid Total value net £’000 assets % Bond credit ratings Investment grade 217,142 96.39% Non-Investment grade 473 0.21% Non rated 3,745 1.66% Total bonds 221,360 98.26%


Comparative Table


15.11.21 15.5.21 15.5.20 15.5.19

Opening net asset value per share 100.60p 100.00p 97.81p 96.80pReturn before operating charges* 1.33p 3.58p 5.40p 4.46pOperating charges** (0.03) (0.07) (0.05p) (0.05p)Return after operating charges* 1.30p 3.51p 5.35p 4.41pDistributions on income shares (1.40p) (2.91p) (3.16p) (3.40p)Closing net asset value per share 100.50p 100.60p 100.00p 97.81p*after direct transaction costs of:*** 0.00p 0.00p 0.00p 0.00p





15.11.21 15.5.21 15.5.20 15.5.19



Other information

Closing net asset value £40,840 £40,304 £38,979 £2,660,612Closing number of shares 35,057 35,057 35,057 2,494,423Operating charges - OCF 0.06% 0.05% 0.05% 0.05%Direct transaction costs 0.00% 0.00% 0.00% 0.00%




Comparative Tables


15.11.21 15.5.21 15.5.20 15.5.19






15.11.21 15.5.21 15.5.20 15.5.19



Other information






15.11.21 15.11.20£’000 £’000 £’000 £’000

IncomeNet capital gains 706 11,839 Revenue 2,297 3,357

Expenses (135) (174)Net revenue before taxation 2,162 3,183 Taxation - - Net revenue after taxation 2,162 3,183 Total return before distributions 2,868 15,022 Distributions (3,000) (4,460)Change in net assets attributable to shareholders from investment activities (132) 10,562


15.11.21 15.11.20£’000 £’000 £’000 £’000


(19,952) (52,953)Dilution adjustment 129 477 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) (132) 10,562 Retained distribution on accumulation shares 2,230 1,847 Closing net assets attributable to shareholders 225,288 283,335


15.11.21 15.5.21£’000 £’000 £’000 £’000


Debtors 2,938 3,135 Cash and bank balances 604 3,007

Total current assets 3,542 6,142 Total assets 225,916 247,135 LiabilitiesInvestment liabilities (2) (3)Creditors

Distribution payable on income shares (381) (618)Other creditors (245) (3,501)




Group 1: Shares purchased prior to 16 August 2021 Group 2: Shares purchased from 16 August 2021 to 15 November 2021


15.1.22 15.1.21




Accumulation C

Group 1 0.780000 - 0.780000 0.800000Group 2 0.380000 0.400000 0.780000 0.800000





Group 1: Shares purchased prior to 16 May 2021 Group 2: Shares purchased from 16 May 2021 to 15 August 2021

Net Equalisation Distribution Distributionincome paid paid

15.10.21 15.10.20




Accumulation C

Group 1 0.760000 - 0.760000 0.790000Group 2 0.490000 0.270000 0.760000 0.790000



260 DEVELOPED WORLD SUSTAINABLE EQUITY INDEX FUND

Developed World Sustainable Equity Index Fund

Investment Objective*

The Fund aims to provide returns by tracking the performance of the FTSE Developed ESG Low Carbon Select Index (the “Index”) before the deduction of charges.

Investment Policy*

The Index is comprised of the shares (equities) of large and medium sized companies from developed markets. The Index seeks to achieve a reduction in carbon emissions and fossil fuel reserves exposure and an improvement of the FTSE Russell ESG rating against that of the FTSE Developed Index (the ‘Parent Index’). The Index also excludes the shares of certain companies based on sustainability criteria. Further information about the Index and the criteria can be found in the Prospectus.

The Fund may use different types of derivatives for efficient portfolio management, including hedging. In particular the Fund may use derivatives to help it manage cash flows and to gain exposure to companies that make up the Index. The Fund may invest up to 10% of its value in contracts for differences. The use of derivatives will be consistent with the risk profile of the Fund.


The Fund will invest directly in shares of all of the companies that make up the Index and in the same or very similar proportions in which they are included in the Index.





Portfolio Activity

FTSE Developed ESG Low Carbon Index returned 14.65% over the reporting period 16th May 2021 to 15th November 2021.

At the sector level, the largest contributor to performance was the Technology sector which contributed 7.38% to the overall total return. This sector also had the best absolute total return of 29.10%. The second largest contributor to the total return was the Consumer Discretionary sector, contributing 1.96% to the overall total return. All sectors contributed in a positive sense to the total return except Basic Materials.

At the country level, the largest contributing region, by far, was the USA at 11.38% with Japan a distant second at 0.91%. South Korea was the largest negative contributor at 0.17%.

Finally, at the single stock level Microsoft was the largest contributor to overall performance at 3.73% given its 9.71% weight within the index. Samsung Electronics was the largest drag on performance at -0.12%.

2021 has so far been another positive year for global equities despite concern around inflation, volatility in interest rate markets, monetary policy tightening in some developed and emerging countries and general concern around the policy outlook in mainland China. As yearend approaches and yet another strain of Covid appears (Omicron) there is potential for financial market volatility over the festive period.


As the Fund was launched on 10 December 2020, there are no performance values available.

261DEVELOPED WORLD SUSTAINABLE EQUITY INDEX FUND

ESG Performance

Carbon Intensity – 67.5 Fund 138.6 Benchmark.

ESG – 3.9 Fund 3.3 Benchmark.

Carbon Intensity is a measure of the quantity of carbon emissions of the companies held by the Fund/constituents of the benchmark (measured in tonnes CO²e/USD million).

ESG Score is a measure of the Environmental, Social and Governance characteristics of the companies held by the Fund/constituents of the benchmark.

Source: S&P Trucost/FTSE Russell 31 October 2021.

We have worked with FTSE Russell to develop an innovative index that goes beyond current market offering and build a new range of sustainable solutions.

Traditional ESG index-based strategies are generally focused on one or two factors. Investors have faced a trade-off between generating the sustainable uplift they desire, whilst maintaining low tracking error and minimising sector divergence. The FTSE Russell ESG Low Carbon Select Indices, which use FTSE Russell’s Target Exposure methodology, have broken this boundary, introducing a new offering with three tilts through a clear and robust methodology.

Our equity Sustainable Index Tracker Fund tracks a customised index that aims to provide the following:

1. 20% ESG improvement tilt, defined by FTSE Russell’s proprietary ESG scoring methodology;

2. 50% Carbon Intensity reduction tilt, defined as the latest annual Operational, Scope 1 and Scope 2 Carbon Emissions of CO2 equivalent greenhouse gas (GHG), emissions in metric tonnes scaled by annual revenues. FTSE Russell sources this data from TruCost, a renowned and experienced third-party provider of data, tools and insights;

3. 50% Fossil Fuel Reserve Intensity reduction tilt, defined as the estimated CO2 equivalent GHG emissions in metric tons generated by the combustion of a company’s fossil fuel reserves, divided by its full company market capitalisation (in USD).

In addition to overweighting and underweighting stocks according to these factors, the index takes into consideration country neutrality and, within set bands, sector neutrality, vis-a-vis the parent market cap index and incorporates a custom exclusion list based on UN Global Compact Principles and other sustainability factors.

Tracking Error

As the Fund was launched on 10 December 2020, there are no tracking error values available.




Income C

AccumulationC

Price 122.5p 123.2p 122.4p 123.0p



Income S

AccumulationS

Accumulation T

Price 122.2p 123.1p 123.5p






%AUSTRALIA - 2.09% (2.47%)

ASX 3,570 179 0.01 Australia and New Zealand Banking Group 342,748 5,332 0.19 BHP Billiton 230,555 4,725 0.17 Brambles 57,788 330 0.01 Coles Group 83,805 817 0.03 Commonwealth Bank of Australia 201,683 11,903 0.43 CSL 8,090 1,367 0.05 Dexus 98,378 583 0.02 Fortescue Metals Group 67,710 591 0.02 Goodman Group 28,686 375 0.01 Insurance Australia 187,841 455 0.02 Macquarie Group 57,668 6,406 0.23 Medibank 156,895 294 0.01 National Australia Bank 627,171 10,087 0.36 Newcrest Mining 21,748 302 0.01 OZ Minerals 16,745 233 0.01 QBE Insurance Group 575,206 3,666 0.13 Rio Tinto 5,824 293 0.01 Sonic Healthcare 12,171 257 0.01 Stockland Trust 59,927 143 0.01 Suncorp Group 66,140 401 0.01 Sydney Airport 82,009 377 0.01 Telstra 601,076 1,314 0.05 Transurban 46,466 344 0.01 Treasury Wine Estates 35,934 222 0.01 Wesfarmers 48,844 1,610 0.06 Westpac Banking 363,711 4,546 0.16 Woolworths 51,898 1,121 0.04 Total Australia 58,273 2.09

AUSTRIA - 0.06% (0.07%) Erste Bank 16,204 560 0.02

OMV 11,305 508 0.02 Raiffeisen International Bank 9,189 218 0.01 Verbund 6,506 481 0.01 Total Austria 1,767 0.06

BELGIUM - 0.28% (0.34%) Anheuser-Busch InBev 48,648 2,177 0.08

KBC Group 62,844 4,238 0.15 Solvay 4,337 392 0.01 Telenet Group 13,512 368 0.01 UCB 4,979 446 0.02 Umicore 3,476 137 0.01 Total Belgium 7,758 0.28




%BERMUDA - 0.12% (0.17%)

Bunge 3,977 285 0.01 Everest 3,620 742 0.02 IHS Markit 22,323 2,138 0.08 Renaissancere Holdings 1,988 230 0.01 Total Bermuda 3,395 0.12

CANADA - 2.74% (2.98%) Agnico Eagle Mines 5,509 235 0.01

Bank of Montreal 66,694 5,550 0.20 Bank of Nova Scotia 53,258 2,624 0.09 Barrick Gold 100,002 1,551 0.05 BCE 7,835 298 0.01 Canadian Imperial Bank 39,957 3,547 0.13 Canadian National Railway 9,868 947 0.03 Canadian Natural Resources 6,739 209 0.01 Canadian Pacific Rail 8,610 493 0.02 Canadian Tire A 2,428 260 0.01 CGI 2,417 159 0.00 Enbridge 26,802 806 0.03 Fortis 8,546 287 0.01 IGM Financial 12,156 362 0.01 Intact Financial 3,143 311 0.01 Loblaw 6,210 363 0.01 Magna International 2,612 172 0.01 Manulife 112,472 1,663 0.06 Metro 4,460 174 0.01 National Bank of Canada 17,355 1,083 0.04 Nutrien 6,963 357 0.01 Power Corporation of Canada 8,099 205 0.01 Rogers Communications B 21,551 775 0.03 Royal Bank of Canada 473,509 37,241 1.34 Saputo 8,913 161 0.01 Sun Life Financial 54,908 2,296 0.08 Suncor Energy 21,665 418 0.01 Teck Resources B 23,907 486 0.02 Telus 12,744 219 0.01 Toronto Dominion Bank 235,875 13,077 0.47 Total Canada 76,329 2.74




%CAYMAN ISLANDS - 0.05% (0.00%)

BeiGene 19,800 431 0.01 CK Hutchison Holdings 60,000 300 0.01 Farfetch 7,151 244 0.01 StoneCo 5,617 131 0.01 WH Group 294,500 150 0.01 Total Cayman Islands 1,256 0.05

CHANNEL ISLANDS - 0.31% (0.41%) Amcor 33,102 305 0.01

Amdocs 4,856 267 0.01 APTIV 35,941 4,607 0.17 Clarivate 7,517 134 0.00 Experian Group 26,778 932 0.03 Ferguson 1,525 180 0.01 Glencore 197,279 714 0.03 Novocure 2,181 183 0.01 Polymetal International 28,076 421 0.01 WPP Group 71,617 785 0.03 Total Channel Islands 8,528 0.31

DENMARK - 0.69% (0.66%) A P Moller - Maersk A 79 170 0.01

A P Moller - Maersk B 106 240 0.01 Carlsberg B 9,696 1,235 0.04 Christian Hansen Holdings 2,686 166 0.01 DSV 3,074 551 0.02 Novo Nordisk B 77,578 6,561 0.23 Novozymes 7,743 456 0.02 Orsted 47,009 4,773 0.17 Pandora 1,810 194 0.01 Tryg 35,144 644 0.02 Vestas Wind Systems 159,576 4,245 0.15 Total Denmark 19,235 0.69

FINLAND - 0.38% (0.40%) Elisa 3,844 177 0.01

Fortum 25,370 547 0.02 Kesko B 42,828 1,038 0.04 Kone B 17,912 920 0.03 Neste 5,724 227 0.01 Nokia 854,224 3,588 0.13 Nordea Bank 310,517 2,942 0.10 Stora Enso (registered) 56,826 730 0.02 UPM-Kymmene 19,460 537 0.02 Total Finland 10,706 0.38




%FRANCE - 3.01% (3.27%)

Air Liquide 10,975 1,418 0.05 Alstom 10,854 305 0.01 Arkema 2,713 280 0.01 Atos 4,037 144 0.01 AXA 112,309 2,469 0.09 bioMérieux 1,543 145 0.01 BNP Paribas 164,179 8,544 0.30 Bouygues 4,392 123 0.00 Bureau Veritas 7,094 178 0.01 Capgemini 3,703 675 0.02 Carrefour 85,829 1,186 0.04 Credit Agricole 59,550 647 0.02 Danone 54,697 2,681 0.10 Dassault Systemes 10,858 511 0.02 Edenred 14,016 536 0.02 Engie 210,308 2,392 0.08 Essilor International 3,000 470 0.02 Eurazeo 2,352 158 0.01 Faurecia 4,689 185 0.01 Gecina 1,663 172 0.01 Getlink 14,807 176 0.01 Hermes International 182 232 0.01 Kering 7,854 4,550 0.16 L’Oreal 18,116 6,511 0.23 Legrand Promesses 12,772 1,030 0.04 LVMH 20,208 12,385 0.44 Michelin 8,295 945 0.03 Orange 113,791 953 0.03 Pernod-Ricard 30,728 5,518 0.20 Publicis Groupe 8,960 456 0.02 Renault 25,414 741 0.03 Saint Gobain Nederland 20,124 1,029 0.04 Sanofi 44,152 3,376 0.12 Schneider Electric 69,818 9,270 0.33 Skandinaviska Enskilda Banken 2,044 236 0.01 Societe Generale 99,868 2,529 0.09 Suez Environnement 39,293 657 0.02 TotalEnergies 175,168 6,499 0.23 Unibail-Rodamco 4,208 236 0.01 Valeo 17,967 431 0.01 Veolia Environnement 37,545 957 0.03 Vinci 13,085 1,053 0.04 Vivendi 16,586 159 0.01 Worldline 16,671 714 0.03 Total France 83,862 3.01




%GERMANY - 2.54% (2.86%) Adidas 11,566 2,775 0.10 Allianz (registered) 63,505 11,107 0.40 BASF 101,666 5,377 0.19 Bayer 43,689 1,873 0.07 Beiersdorf 4,681 379 0.01 BMW 30,426 2,415 0.09 BMW Preference 5,164 344 0.01 Brenntag 2,357 162 0.01 Commerzbank 71,457 431 0.02 Continental 2,606 239 0.01 Covestro 18,615 886 0.03 Daimler 52,442 3,961 0.14 Deutsche Bank 66,278 631 0.02 Deutsche Boerse 27,313 3,468 0.12 Deutsche Post 38,122 1,827 0.07 Deutsche Telekom 279,900 3,987 0.14 DWS Group 4,239 135 0.00 Evonik Industries 6,679 157 0.01 GEA 5,725 216 0.01 Hannover Rueckversicherung 5,134 706 0.03 HelloFresh 4,428 330 0.01 Henkel 15,922 967 0.03 Henkel preference 27,435 1,790 0.06 Infineon Technologies 26,740 968 0.03 KION Group 6,735 582 0.02 Lanxess 3,334 161 0.01 Merck 8,355 1,534 0.06 MTU Aero Engines 1,254 209 0.01 Muenchener Ruecker 27,792 6,015 0.22 Puma 6,643 630 0.02 SAP 35,133 3,715 0.13 Siemens 74,619 9,523 0.34 Symrise 9,663 1,036 0.04 Vitesco Technologies 521 22 0.00 Vonovia 4,744 221 0.01 Zalando 30,127 2,072 0.07 Total Germany 70,851 2.54




%HONG KONG - 0.86% (1.07%)

AIA Group 525,216 4,272 0.15 Hang Lung Properties 128,000 212 0.01 Hang Seng Bank 123,351 1,713 0.06 Hong Kong & China Gas 324,200 362 0.01 Hong Kong Exchanges & Clearing 316,174 14,053 0.51 Lenovo Group 434,000 335 0.01 MTR 75,500 306 0.01 Sun Hung Kai Properties 41,266 397 0.01 Techtronic Industries 146,717 2,370 0.09 Total Hong Kong 24,020 0.86

IRELAND - 1.43% (2.23%) Accenture 29,222 8,021 0.29

AIB Group 240,759 456 0.02 Allegion 1,874 187 0.01 AON 15,307 3,424 0.12 CRH 31,887 1,200 0.04 Eaton 8,808 1,133 0.04 Johnson Controls 62,537 3,647 0.13 Kerry Group A 10,268 993 0.04 Kingspan Group 2,902 246 0.01 Linde 36,489 9,074 0.33 Medtronic 57,514 5,035 0.18 Pentair 4,096 232 0.01 Seagate Technology 38,092 2,997 0.11 Smurfit Kappa Group 10,538 417 0.01 Steris 1,506 261 0.01 Trane Technologies 12,035 1,712 0.06 Willis Towers Watson 3,916 669 0.02 Total Ireland 39,704 1.43

ISRAEL - 0.19% (0.11%) Bank Hapoalim 120,502 880 0.03

Bank Leumi Le Israel 114,081 845 0.03 Enlight Renewable Energy 186,308 369 0.01 ICL Group 131,731 868 0.03 Israel Discount Bank 230,597 1,063 0.04 Mizrahi Tefahot Bank 19,343 529 0.02 Nice Systems 2,389 562 0.02 Strauss 12,958 293 0.01 Total Israel 5,409 0.19




%ITALY - 0.57% (0.61%)

Atlantia 11,072 164 0.01 Enel 1,827,095 11,106 0.40 ENI 65,044 694 0.02 Generali 25,089 410 0.01 Intesa Sanpaolo 628,390 1,330 0.05 Moncler 4,209 245 0.01 Nexi 26,945 355 0.01 Pirelli 32,818 162 0.01 Prysmian 5,433 157 0.00 Terna 32,625 188 0.01 Unicredit SpA 120,071 1,188 0.04 Total Italy 15,999 0.57

JAPAN - 7.11% (7.36%) Advantest 6,000 396 0.01

Aeon 47,034 845 0.03 Aica Kogyo 8,850 198 0.01 Aisin Seiki 16,400 447 0.02 Ajinomoto 48,800 1,135 0.04 Anritsu 14,300 184 0.01 Asahi Breweries 53,496 1,671 0.06 Asahi Kasei 55,900 421 0.01 Astellas Pharma 219,705 2,846 0.10 Azbil 14,600 490 0.02 Bridgestone 97,352 3,126 0.11 Brother Industries 25,500 354 0.01 Canon 113,560 1,924 0.07 Century Tokyo Leasing Corporation 12,800 523 0.02 Chugai Pharmaceuticals 103,285 2,836 0.10 Daifuku 4,223 281 0.01 Dai-ichi Mutual Life Insurance 30,800 471 0.01 Daiichi Sankyo 261,234 5,048 0.18 Daikin Industries 28,000 4,662 0.17 Daiwa House Industry 38,030 874 0.03 Denso 8,100 457 0.01 Dentsu 8,500 230 0.01 Ebara 12,100 479 0.02 Eisai 11,100 610 0.02 ENEOS Holdings 235,500 697 0.02 Fanuc 7,665 1,180 0.04 Fast Retailing 17,196 8,518 0.30 Fuji Electric 18,200 687 0.02 Fujifilm Holdings 12,924 780 0.03 Fujitsu 22,034 3,025 0.11 Fuyo General Lease 6,235 308 0.01




% Hamamatsu Photonics 3,300 158 0.01 Hitachi 65,043 3,083 0.11 Honda Motor 181,357 3,929 0.14 Ibiden 13,500 609 0.02 Inpex 50,100 317 0.01 Ito En 3,200 161 0.01 Itochu 105,338 2,318 0.08 Japan Exchange Group 11,200 183 0.01 JFE Holdings 16,700 159 0.01 JSR 17,341 492 0.02 Kajima 20,700 190 0.01 Kao 55,615 2,280 0.08 KDDI 210,807 4,742 0.17 Kikkoman 4,300 269 0.01 Kirin Holdings 38,400 472 0.01 Komatsu 70,869 1,410 0.05 Konica Minolta 66,700 218 0.01 Kose 7,227 685 0.02 Kubota 25,900 411 0.01 Kurita Water Industries 8,100 319 0.01 Kyocera 7,231 329 0.01 Kyowa Kirin 8,200 198 0.01 LIXIL Group 44,598 880 0.03 Marubeni 87,500 582 0.02 Marui 9,238 140 0.01 Mazda Motor 47,800 341 0.01 Meiji Holdings 3,131 145 0.01 Mitsubishi 84,323 1,890 0.06 Mitsubishi Chemical Holdings 27,000 167 0.01 Mitsubishi Electric 69,386 695 0.02 Mitsubishi Estate 163,349 1,809 0.06 Mitsubishi Heavy Industries 9,900 183 0.01 Mitsubishi Motors 113,600 298 0.01 Mitsubishi UFJ Financial Group 492,271 2,074 0.07 Mitsui & Company 162,078 2,704 0.09 Mitsui Chemicals 44,433 939 0.03 Mitsui Fudosan 8,900 154 0.01 Mitsui OSK Lines 3,700 160 0.01 Mizuho Financial Group 223,201 2,239 0.08 MS & AD Insurance Group 94,057 2,255 0.08 Murata Manufacturing 37,953 2,152 0.08 Nabtesco 17,700 420 0.02 NEC 35,593 1,286 0.04 Nidec 20,037 1,715 0.06 Nihon M&A Center 24,900 600 0.02 Nikon 57,000 443 0.01




% Nippon Steel Corporation 29,700 371 0.01 Nippon Telegraph & Telephone 148,176 3,187 0.11 Nippon Yusen KK 9,000 450 0.02 Nissan Chemical Industries 10,647 482 0.02 Nissan Motor 260,383 1,103 0.04 Nisshin Seifun 29,300 332 0.01 Nissin Food Products 6,416 373 0.01 Nitto Denko 3,938 220 0.01 Nomura Holdings 606,467 2,004 0.07 Nomura Research Institute 18,800 593 0.02 NTT Data 12,500 206 0.01 Oji Holdings Corporation 118,600 458 0.02 Olympus Optical 49,516 837 0.03 Omron 11,701 863 0.03 Ono Pharmaceutical 77,225 1,252 0.04 Oriental Land 13,062 1,662 0.06 Osaka Gas 13,000 155 0.01 Otsuka Holdings 4,700 131 0.00 Panasonic 151,590 1,404 0.05 Peptidream 4,745 91 0.00 Rakuten 27,000 210 0.01 Recruit Holdings 234,700 12,344 0.44 Ricoh 51,500 383 0.01 Ryohin Keikaku 43,221 589 0.02 Santen Pharmaceuticals 20,700 214 0.01 Secom 14,619 768 0.03 Seiko Epson 25,600 323 0.01 Sekisui Chemical 11,871 149 0.01 Sekisui House 18,400 289 0.01 SG Holdings 41,844 738 0.03 Shimizu 38,900 195 0.01 Shin-Etsu Chemical 24,259 3,209 0.12 Shionogi 17,373 848 0.03 Shiseido 11,634 568 0.02 Showa Denko KK 14,700 271 0.01 Skylark 16,600 173 0.01 SoftBank 46,330 2,118 0.08 SoftBank 337,820 3,407 0.12 Sohgo Securities Services 3,734 119 0.00 Sojitz Holdings 16,200 177 0.01 Sompo Japan Nipponkoa Holdings 21,051 670 0.02 Sony 133,573 12,272 0.44 Subaru Corporation 45,445 657 0.02 Sumco 27,000 426 0.02 Sumitomo 152,438 1,625 0.06 Sumitomo Chemical 262,502 988 0.04




% Sumitomo Electric Industries 16,700 169 0.01 Sumitomo Forestry 28,600 451 0.02 Sumitomo Metal Mining 7,627 224 0.01 Sumitomo Mitsui Financial Group 286,763 7,384 0.26 Sumitomo Mitsui Trust Holdings 35,064 844 0.03 Sumitomo Realty & Development 84,217 2,169 0.08 Sumitomo Rubber Industries 20,200 167 0.01 Suzuki Motor 6,300 213 0.01 Sysmex 7,733 701 0.03 T&D Holdings 78,073 734 0.03 Taiyo Yuden 5,149 216 0.01 Takeda Pharmaceutical 113,610 2,451 0.09 TDK 16,200 484 0.02 Terumo 17,600 565 0.02 Toho Gas 16,800 359 0.01 Tokio Marine Holdings 12,090 470 0.02 Tokyo Electron 7,581 2,874 0.10 Tokyo Gas 26,700 344 0.01 Tokyu Fudosan 35,300 151 0.01 Toppan Printing 15,700 204 0.01 Toray Industries 73,400 346 0.01 TOTO 24,894 906 0.03 Toyota Motor 1,251,987 17,158 0.62 Toyota Tsusho 34,054 1,179 0.04 Unicharm 53,708 1,630 0.06 West Japan Railway 5,100 179 0.01 Yakult Honsha 8,600 332 0.01 Yamaha 11,100 471 0.02 Yamaha Motor 23,600 486 0.02 Yamato Holdings 26,600 471 0.02 Yaskawa Electric 5,600 191 0.01 Yokogawa Electric 38,100 568 0.02

Z Holdings 37,300 192 0.01 Total Japan 198,093 7.11

LIBERIA - 0.01%(0.00%) Royal Caribbean Cruises 2,651 168 0.01

Total Liberia 168 0.01

LUXEMBOURG - 0.07% (0.13%) Allegro.eu 18,601 142 0.01

Spotify Technology 8,715 1,807 0.06 Total Luxembourg 1,949 0.07




%NETHERLANDS - 1.70% (1.29%)

ABN AMRO Group GDR 32,457 362 0.01 Aegon 470,829 1,743 0.06 Akzo Nobel 19,273 1,675 0.06 ASM International 869 313 0.01 ASML Holdings 22,241 14,232 0.51 ASR Nederland 10,467 354 0.01 CNH Industrial 87,813 1,220 0.04 Euronext 2,373 192 0.01 Heineken 32,053 2,681 0.10 Heineken Holdings 14,814 1,031 0.04 ING Groep 379,948 4,305 0.16 Just Eat Takeaway.com 3,024 153 0.01 Koninklijke Ahold Delhaize 139,459 3,656 0.13 Koninklijke DSM 6,310 1,043 0.04 Koninklijke Philips 116,379 3,689 0.13 KPN Koninklijke 498,206 1,120 0.04 Lyondell Basell Industries 8,042 570 0.02 NN Group 55,134 2,208 0.08 NXP Semiconductors 9,136 1,467 0.05 Prosus 5,243 335 0.01

# Prosus rights 5,243 - 0.00 Randstad 9,461 511 0.02 Signify 16,067 594 0.02 Stellantis 109,828 1,676 0.06 STMicroelectronics 47,665 1,819 0.07 Universal Music 16,586 377 0.01 Total Netherlands 47,326 1.70

NEW ZEALAND - 0.09% (0.09%) Contact Energy 47,201 199 0.01

Fisher & Paykel Healthcare 57,978 954 0.03 Fletcher Building 36,968 138 0.00 Infratil 37,076 159 0.01 Kiwi Property Group 339,552 203 0.01 Mainfreight 5,166 244 0.01 Mercury 47,259 149 0.00 Meridian Energy 58,789 148 0.01 Spark New Zealand 93,827 221 0.01 Total New Zealand 2,415 0.09




%NORWAY - 0.21% (0.20%)

DNB 117,346 2,152 0.08 Equinor 26,649 514 0.02 Gjensidige Forsikring 16,906 312 0.01 Marine Harvest 21,580 439 0.02 Norsk Hydro 118,716 637 0.02 Orkla 168,423 1,232 0.04 Telenor 39,297 459 0.02 Total Norway 5,745 0.21

PANAMA - 0.02% (0.01%) Carnival 26,285 436 0.02

Total Panama 436 0.02

POLAND - 0.07% (0.11%) KGHM 7,142 200 0.01

LPP 128 327 0.01 Pekao 12,692 294 0.01 PKO Bank Polski 29,887 251 0.01 Polski Koncern Naftowy 23,783 361 0.01 PZU Group 59,455 434 0.01 Santander Bank Polska 3,171 210 0.01 Total Poland 2,077 0.07

PORTUGAL - 0.04% (0.05%) Energias de Portugal 148,233 607 0.02

Galp Energia 19,701 148 0.01 Jeronimo Martins 21,091 388 0.01 Total Portugal 1,143 0.04

SINGAPORE - 0.37% (0.42%) CapitaLand Investment 142,800 266 0.01

CapitaLand Mall Trust 177,365 212 0.01 City Developments 93,600 371 0.01 DBS 260,708 4,606 0.16 Flex 57,103 806 0.03 Overseas-Chinese Banking 124,341 810 0.03 Singapore Exchange 37,300 196 0.01 Singapore Telecommunication 497,885 705 0.03 United Overseas Bank 73,990 1,127 0.04 Wilmar International 460,915 1,102 0.04 Total Singapore 10,201 0.37




%SOUTH KOREA - 1.54% (1.95%)

Amorepacific 1,931 224 0.01 Coway 3,467 173 0.01 Hana Financial 5,538 152 0.01 Hankook Tire & Technology 7,886 210 0.01 Hyundai Mobis 4,986 778 0.03 Hyundai Motor 8,944 1,178 0.04 Hyundai Motor GDR 156 5 0.00 Hyundai Motor preference 2,151 137 0.00 KB Financial 14,137 502 0.02 KIA Corporation 19,956 1,089 0.04 LG Chemicals 2,099 1,013 0.03 LG Display 13,699 179 0.01 LG Electronic 13,707 1,074 0.04 LG Household & Healthcare 365 278 0.01 Naver 544 141 0.01 POSCO 1,550 279 0.01 Samsung Electro-Mechanics 5,201 557 0.02 Samsung Electronics 571,458 25,780 0.92 Samsung Electronics GDR 33 35 0.00 Samsung Electronics preference 97,781 4,084 0.14 Samsung Fire & Marine Insurance 11,068 1,601 0.06 Samsung SDI 2,228 1,060 0.04 Samsung Securities 4,790 146 0.01 Shinhan Financial Group 9,030 215 0.01 SK Hynix 25,080 1,751 0.06 SK Innovation 898 130 0.00 SK Telecom ADR 6,684 152 0.00 Total South Korea 42,923 1.54

SPAIN - 0.66% (0.75%) Aena 3,581 452 0.02

Banco Santander 998,682 2,727 0.10 BBV Argentaria 201,498 1,005 0.03 CaixaBank 85,082 181 0.01 Cellnex Telecom 24,209 1,115 0.04 EDP Renovaveis 10,061 194 0.01 Endesa 43,995 727 0.03 Gamesa 16,718 312 0.01 Iberdrola 895,131 7,755 0.28 Industria de Diseño Textil 101,359 2,742 0.10 Naturgy Energy 19,617 378 0.01 Red Electrica de Espana 15,162 233 0.01 Telefonica 141,441 470 0.01 Total Spain 18,291 0.66




%SWEDEN - 1.05% (1.04%)

Alfa Laval 8,080 265 0.01 Assa Abloy B 13,303 301 0.01 Atlas Copco A 24,599 1,186 0.04 Atlas Copco B 13,888 571 0.02 Boliden 16,918 435 0.01 Castellum 15,693 312 0.01 Electrolux 49,939 889 0.03 Epiroc A 9,682 184 0.01 Ericsson (L.M.) Telefonatkie B 784,186 6,346 0.23 Essity Aktiebolag B 163,801 4,140 0.15 Hennes & Mauritz B free 161,139 2,338 0.08 Hexagon 17,221 200 0.01 ICA Gruppen 4,457 202 0.01 Industivarden A 319 8 0.00 Investor A 8,964 170 0.01 Investor B 30,672 569 0.02 Kinnevik 6,390 202 0.01 Nibe Industrier 21,816 253 0.01 Sandvik 45,174 866 0.03 SCA B 44,760 530 0.02 Securitas B 13,723 164 0.01 Skandinaviska Enskilda Banken A 150,210 1,773 0.06 Skanska 8,224 157 0.01 Svenska Handelsbanken 20,792 181 0.01 Swedbank A 192,834 3,177 0.11 Tele2 B 38,311 406 0.01 Telia Company 77,719 229 0.01 Volvo A 21,222 379 0.01 Volvo B 165,435 2,919 0.10 Total Sweden 29,352 1.05

SWITZERLAND - 3.04% (2.93%) ABB (registered) 71,088 1,850 0.06

Chubb 27,760 3,991 0.14 CIE Financiere Richemont A 8,592 969 0.03 Coca-Cola HBC 41,460 1,067 0.04 Credit Suisse 99,750 752 0.03 Garmin 1,921 208 0.01 Geberit 314 186 0.01 Givaudan (registered) 406 1,471 0.05 Holcim 7,156 277 0.01 Lonza Group 246 145 0.01 Nestle 569,868 56,636 2.03 Novartis (registered) 56,637 3,484 0.13 Partners Group 286 372 0.01




% Roche Holdings 9,867 2,939 0.10 SGS Surveillance 198 454 0.02 Sika 1,589 457 0.01 Sonova 703 212 0.01 Swiss Life 420 175 0.01 Swiss Reinsurance (registered) 16,178 1,160 0.04 Swisscom (registered) 1,205 495 0.02 TE Connectivity 14,203 1,736 0.06 UBS 243,551 3,281 0.12 Zurich Insurance Group 7,445 2,418 0.09 Total Switzerland 84,735 3.04

UNITED KINGDOM - 4.25% (4.79%) 3i Group 63,505 917 0.03

Anglo American 77,761 2,216 0.08 Associated British Foods 16,216 328 0.01 AstraZeneca 33,924 3,042 0.11 Atlassian 1,803 583 0.02 Aviva 670,108 2,690 0.10 Barclays 3,503,883 6,867 0.25 Barratt Developments 35,036 240 0.01 BHP Group 120,546 2,319 0.08 BP 683,393 2,333 0.08 BT Group 396,925 655 0.02 Bunzl 10,885 306 0.01 Burberry Group 37,175 725 0.03 Coca-Cola European Partners 104,191 4,345 0.16 Compass Group 12,991 199 0.01 Croda International 10,013 993 0.04 Diageo 484,044 18,474 0.66 GlaxoSmithKline 418,229 6,639 0.24 Halma 5,829 183 0.01

+ HSBC Holdings 1,011,812 4,418 0.16 Informa 66,853 353 0.01 Intermediate Capital 22,544 528 0.02 Intertek Group 4,327 222 0.01 Johnson Matthey 10,458 243 0.01 Kingfisher 367,655 1,252 0.04 Legal & General 765,353 2,246 0.08 Liberty Global 9,625 208 0.01 Liberty Global C 18,171 394 0.01 Lloyds Banking Group 13,473,274 6,687 0.24 London Stock Exchange Group 58,228 4,171 0.15 M&G 80,986 161 0.01 Mondi 38,533 712 0.03 National Grid 120,432 1,182 0.04




% NatWest Group 340,154 747 0.03 Next 5,216 427 0.02 Nielsen 58,447 942 0.03 Ocado Group 6,787 123 0.00 Pearson 78,543 501 0.02 Phoenix Group Holdings 31,522 207 0.01 Prudential 207,030 3,114 0.11 Reckitt Benckiser 100,766 6,271 0.22 RELX 35,761 843 0.03 Rentokil Initial 31,207 195 0.01 Rio Tinto 15,856 715 0.02 Royal Dutch Shell A 72,756 1,220 0.04 Royal Dutch Shell B 65,748 1,105 0.04 Royal Mail 42,164 188 0.01 Royalty Pharma 6,541 203 0.01 Schroders 6,611 246 0.01 Segro 17,198 232 0.01 Severn Trent 16,054 453 0.01 Smith (DS) 65,641 257 0.01 Spirax-Sarco Engineering 1,096 188 0.01 SSE 57,776 957 0.03 St James's Place Capital 16,253 257 0.01 Standard Chartered 119,057 565 0.02 Standard Life Aberdeen 255,506 663 0.02 Taylor Wimpey 107,274 169 0.01 Tesco 637,920 1,823 0.06 Unilever 462,285 18,064 0.65 United Utilities 25,735 275 0.01 Vodafone Group 644,202 725 0.02 Total United Kingdom 118,506 4.25

UNITED STATES - 62.12% (58.56%) 3M 82,144 11,210 0.40

Abbott Laboratories 156,944 15,124 0.54 Abbvie 28,733 2,500 0.09 Activision 6,233 327 0.01 Adobe 24,423 11,996 0.43 Advanced Micro Devices 138,800 15,133 0.54 Aflac 43,160 1,850 0.06 Agilent Technologies 9,360 1,099 0.04 AGNC Investment 11,929 142 0.01 Air Products & Chemicals 8,670 1,961 0.07 Akamai Technologies 2,680 216 0.01 Albemarle Corporation 2,690 543 0.02 Alexandria Real Estate Equities 4,237 650 0.02 Allstate 29,278 2,502 0.09




% Ally Financial 6,255 232 0.01 Alphabet A 8,715 19,265 0.69 Alphabet C 8,131 18,086 0.65 Amazon.com 11,894 31,397 1.12 AMC Entertainment 11,833 376 0.01 American Express 47,498 6,475 0.23 American International Group 5,667 245 0.01 American Tower 3,992 774 0.03 American Water Works 5,955 766 0.03 Ameriprise Financial 18,475 4,230 0.15 AmerisourceBergen 17,117 1,585 0.05 Amgen 34,228 5,285 0.19 Analog Devices 13,611 1,875 0.07 Annaly Mortgage Management 89,368 568 0.02 Ansys 968 284 0.01 Anthem 3,802 1,230 0.04 Apple 1,374,911 153,531 5.51 Applied Materials 36,456 4,243 0.15 Aramark 10,733 303 0.01 Arch Capital Group 32,657 1,029 0.03 Archer Daniels Midland 34,399 1,715 0.06 Arista Networks 654 257 0.01 Assurant 3,944 470 0.01 AT&T 124,329 2,295 0.08 Atmos Energy 2,982 214 0.01 Autodesk 12,752 3,099 0.11 Autoliv 3,951 300 0.01 Automatic Data Processing 5,392 936 0.03 Autozone 505 719 0.02 AvalonBay Communities 5,768 1,054 0.04 Avangrid 4,566 173 0.01 Avantor 6,957 199 0.01 Avery Dennison 1,984 332 0.01 Ball 25,775 1,840 0.06 Bank of America 386,156 13,526 0.48 Bank of New York Mellon 144,657 6,451 0.23 Bath & Body Works 23,406 1,303 0.04 Baxter International 28,273 1,675 0.06 Becton Dickinson 16,135 2,927 0.10 Best Buy 45,824 4,516 0.16 Biogen IDEC 10,354 2,095 0.07 Bio-Techne 557 208 0.01 BlackRock 31,335 22,238 0.80 Blackstone A 9,998 1,063 0.04 Booking Holdings 154 276 0.01 Boston Properties 2,269 204 0.01




% Boston Scientific 89,922 2,767 0.10 Bristol Myers Squibb 22,857 1,015 0.04 Broadcom Corporation 2,102 886 0.03 Broadridge Financial Solutions 6,823 899 0.03 Brown & Brown 5,050 242 0.01 Brown-Forman B 3,824 205 0.01 Burlington Store 7,876 1,588 0.06 Cadence Design Systems 2,207 300 0.01 Campbell Soup 32,666 1,015 0.04 Capital One Financial 6,991 814 0.03 Carmax 1,974 220 0.01 Carrier Global Corporation 21,539 893 0.03 Catalent 2,782 266 0.01 Caterpillar 7,262 1,123 0.04 Cboe Global Markets 1,600 156 0.01 CBRE Group 32,850 2,557 0.09 Celanese A 4,577 570 0.02 Centene 11,485 642 0.02 CenterPoint Energy 20,364 409 0.01 Cerner 3,454 190 0.01 CF Industries 11,947 583 0.02 CH Robinson Worldwide 4,543 324 0.01 Charles River Laboratories 820 235 0.01 Chevron 7,094 617 0.02 Chicago Mercantile Exchange 7,725 1,304 0.05 Chipotle Mexican Grill 1,441 1,973 0.07 Church & Dwight 20,039 1,360 0.05 Cigna Corporation 13,041 2,093 0.08 Cincinnati Financial 16,553 1,496 0.05 Cintas 955 312 0.01 Cisco Systems 953,426 40,651 1.46 Citigroup 723,554 37,023 1.33 Citizens Financial Group 7,375 274 0.01 Clorox 9,063 1,146 0.04 Cloudflare 2,415 372 0.01 CMS Energy 17,160 781 0.03 Coca-Cola 821,341 34,622 1.24 Cognizant Technology Solutions 9,863 602 0.02 Colgate-Palmolive 70,429 4,105 0.15 Comcast 28,584 1,135 0.04 Comerica 18,986 1,266 0.05 ConAgra Foods 53,481 1,286 0.05 ConocoPhillips 72,300 3,915 0.14 Consolidation Edison (New York registered) 21,866 1,282 0.05 Constellation Brands A 1,952 332 0.01 Copart 5,818 678 0.02




% Costco Wholesale 3,678 1,424 0.05 CrowdStrike A 3,162 598 0.02 Crown Castle 4,040 550 0.02 CSX 187,557 4,914 0.18 Cummins 13,175 2,315 0.08 CVS Health 117,888 8,205 0.29 Danaher 10,824 2,415 0.09 Datadog 3,726 529 0.02 DaVita 4,445 352 0.01 Deere & Company 8,127 2,185 0.08 Dell Technologies 18,380 776 0.03 Devon Energy 8,287 266 0.01 Dexcom 917 438 0.02 Digital Realty Trust 3,507 421 0.02 Discover Financial Services 10,474 921 0.03 Dish Network A 4,634 125 0.00 DocuSign 3,789 744 0.03 Dollar Tree Stores 24,282 2,335 0.08 Dominion Energy 47,744 2,697 0.10 DoorDash 2,313 418 0.02 Dover 3,925 507 0.02 Dow 60,684 2,707 0.10 DuPont De Nemours 13,700 803 0.03 Eastman Chemicals 5,813 498 0.02 eBay 138,988 7,680 0.28 Ecolab 61,180 10,725 0.38 Edison International 31,156 1,498 0.05 Edwards Lifesciences 12,007 1,043 0.04 Electronic Arts 1,800 189 0.01 Eli Lilly and Company 16,420 3,160 0.11 Emerson Electric 13,654 980 0.04 Enphase Energy 4,143 755 0.03 EPAM Systems 844 415 0.01 Equifax 1,649 346 0.01 Equinix 1,577 937 0.03 Equitable Holdings 19,514 508 0.02 Equity Lifestyle Properties 4,506 281 0.01 Equity Residential 12,484 818 0.03 Essex Property Trust 766 200 0.01 Estee Lauder A 19,610 5,083 0.18 Etsy 9,434 1,915 0.07 Eversource Energy 33,993 2,114 0.08 Exact Sciences 8,900 595 0.02 Expedia 1,518 201 0.01 Exxon Mobil 54,502 2,612 0.09 Fair Isaac 450 131 0.00




% Fedex 10,798 2,028 0.07 Fidelity National Information 16,033 1,381 0.05 Fifth Third Bancorp 115,009 3,820 0.14 First Republic Bank 3,339 546 0.02 FirstEnergy 18,870 554 0.02 Fiserv 2,274 172 0.01 FleetCor Technologies 1,272 229 0.01 FMC 9,923 786 0.03 Ford Motor 252,516 3,732 0.13 Fox Corporation A 38,311 1,177 0.04 Fox Corporation B 17,242 493 0.02 Franklin Resources 19,391 516 0.02 Freeport - McMoRan Copper & Gold 114,747 3,491 0.13 Gallagher (Arthur J) 32,166 3,959 0.14 Generac 1,513 489 0.02 General Electric 13,867 1,101 0.04 General Mills 55,405 2,628 0.09 General Motors 579,684 27,172 0.98 Gilead Sciences 28,609 1,431 0.05 Global Payments 1,693 166 0.01 Globe Life 1,981 139 0.00 Goldman Sachs 17,146 5,166 0.19 Grainger (W.W.) 860 310 0.01 GXO Logistics 2,280 167 0.01 Hartford Financial Services 69,702 3,753 0.13 Hasbro 22,531 1,662 0.06 HCA Holdings 845 153 0.01 Healthpeak Properties 33,218 845 0.03 Hershey 49,362 6,522 0.23 Hess 10,030 615 0.02 Hewlett-Packard 193,394 2,116 0.08 Hilton Worldwide Holdings 2,666 284 0.01 Hologic 7,919 432 0.02 Home Depot 36,374 10,051 0.36 Horizon Therapeutics 2,450 200 0.01 Hormel Foods 35,355 1,143 0.04 Host Marriott 42,649 569 0.02 HP 114,009 2,660 0.10 HubSpot 1,678 1,040 0.04 Humana 3,207 1,046 0.04 Huntingdon Bancshares 141,355 1,733 0.06 IDEXX Laboratories 814 375 0.01 Illinois Tool Works 6,804 1,211 0.04 Illumina 9,715 2,741 0.10 Ingersoll Rand 6,155 271 0.01 Intel 1,167,702 43,754 1.57




% Intercontinental Exchange Group 87,870 8,850 0.32 International Business Machines 72,383 6,405 0.23 International Flavors & Fragrances 27,534 3,123 0.11 International Paper 19,943 734 0.03 Interpublic Group of Companies 51,072 1,374 0.05 Intuit 3,599 1,678 0.06 Intuitive Surgical 1,200 316 0.01 IQVIA Holdings 2,450 459 0.02 Iron Mountain 9,361 341 0.01 J.B. Hunt Transport Services 1,482 220 0.01 Jack Henry & Associates 4,752 555 0.02 JM Smucker 3,418 328 0.01 Johnson & Johnson 880,855 107,254 3.85 JPMorgan Chase & Company 101,219 12,554 0.45 Juniper Networks 73,617 1,761 0.06 Kansas City Southern 2,626 605 0.02 Kellogg 116,685 5,553 0.20 Keurig Dr Pepper 38,940 1,035 0.04 KeyCorp 21,353 380 0.01 Keysight Technologies 24,326 3,408 0.12 Kimberly-Clark 57,661 5,786 0.21 Kimco Realty 19,657 349 0.01 Kinder Morgan 90,125 1,131 0.04 KKR & Company 5,751 333 0.01 KLA Tencor 1,080 332 0.01 Kraft Heinz Company 17,272 484 0.02 Kroger 164,307 5,218 0.19 Kyndryl Holdings 14,476 220 0.01 Laboratory Corporation of America 2,428 516 0.02 LAM Research 2,180 1,023 0.04 Lear Corporation 1,809 252 0.01 Leidos Holdings 16,079 1,128 0.04 Lincoln National 16,036 891 0.03 Lowe’s Companies 18,869 3,301 0.12 Lululemon Athletica 1,880 647 0.02 Lumen Technologies 30,737 323 0.01 Lyft 32,704 1,258 0.05 M&T Bank 1,521 181 0.01 Marriott International new A 6,296 730 0.03 Marsh & McLennan 25,214 3,141 0.11 Marvell Technology 5,636 306 0.01 Mastercard 90,426 24,320 0.87 McCormick & Co. 11,491 707 0.03 McDonald’s 11,357 2,139 0.08 McKesson HBOC 4,965 820 0.03 MercadoLibre 431 524 0.02




% Merck & Co. 379,316 23,637 0.85 Meta Platforms 136,132 35,231 1.26 Metlife 55,741 2,661 0.10 Mettler Toledo 535 603 0.02 Microchip Technology 3,700 229 0.01 Micron Technology 19,987 1,143 0.04 Microsoft 1,161,983 290,738 10.43 Moderna 6,693 1,171 0.04 Molson Coors Brewing B 39,265 1,439 0.05 Mondelez International 55,447 2,594 0.09 Monster Beverage 3,446 239 0.01 Moody’s 13,045 3,795 0.14 Morgan Stanley 105,797 7,893 0.28 Motorola Solutions 5,833 1,091 0.04 MSCI 5,309 2,612 0.09 Nasdaq OMX Group 34,819 5,437 0.20 NetApp 5,346 354 0.01 NetFlix 4,024 2,035 0.07 Newmont Mining 123,646 5,428 0.19 NextEra Energy 27,923 1,815 0.07 Nike B 171,296 21,533 0.77 Norfolk Southern 2,410 494 0.02 Northern Trust 3,789 353 0.01 NortonLifeLock 19,477 365 0.01 NRG Energy 9,110 249 0.01 Nvidia 115,517 25,820 0.93 Occidental Petroleum 17,546 418 0.02 Okta 3,300 638 0.02 Omnicom 3,827 197 0.01 ONEOK 10,039 474 0.02 Oracle 41,381 2,896 0.10 Orion Office 278 4 0.00 Otis Worldwide Corporation 10,867 681 0.02 Paccar 4,942 328 0.01 Packaging Corporation of America 2,637 265 0.01 Palantir Technologies 21,341 372 0.01 Palo Alto Networks 873 337 0.01 Parker-Hannifin 1,181 289 0.01 Paychex 5,901 547 0.02 PayPal 70,782 11,201 0.40 Peloton 5,760 204 0.01 PepsiCo 250,682 30,574 1.10 PerkinElmer 1,083 148 0.01 Pfizer 202,289 7,479 0.27 Pinterest A 8,896 317 0.01 Pioneer Natural Resources 1,487 202 0.01




% Plug Power 16,100 501 0.02 PNC Financial Services Group 14,829 2,261 0.08 Pool Corporation 1,367 580 0.02 PPG Industries 8,135 987 0.04 Principal Financial Group 13,185 704 0.03 Procter & Gamble 168,520 18,493 0.66 Progressive 4,386 307 0.01 Prologis 9,364 1,047 0.04 Prudential Financial 9,167 757 0.03 Qualcomm 99,912 12,536 0.45 Quest Diagnostics 1,354 148 0.01 Raymond James Financial 2,184 161 0.01 Realty Income 2,781 147 0.01 Regeneron Pharmaceuticals 3,975 1,917 0.07 Regions Financial 199,606 3,602 0.13 Republic Services 5,541 558 0.02 ResMed 915 179 0.01 Robert Half International 5,123 444 0.02 Rockwell Automation 4,873 1,215 0.04 Rollins 5,759 154 0.01 Ross Stores 3,592 309 0.01 S&P Global 21,200 7,249 0.26 Salesforce.com 55,853 12,707 0.46 SBA Communications 1,480 384 0.01 Schlumberger 15,390 375 0.01 Schwab (Charles) 16,752 1,022 0.04 SEI Investments Company 3,559 170 0.01 Sempra Energy 16,453 1,526 0.05 ServiceNow 1,031 524 0.02 Sherwin-Williams 2,604 645 0.02 Simon Property Group 2,428 300 0.01 Skyworks Solutions 2,981 362 0.01 Snowflake 3,327 974 0.03 SolarEdge Technologies 1,667 457 0.02 Southwest Airlines 8,412 308 0.01 Splunk 1,021 104 0.00 Square A 1,979 343 0.01 Stanley Black & Decker 1,892 274 0.01 Starbucks 34,976 2,913 0.10 State Street 56,895 4,232 0.15 Stryker 1,543 301 0.01 Sun Communities 1,260 179 0.01 SVB Financial Group 1,181 657 0.02 Sylvamo 1,711 41 0.00 Synchrony Financial 40,221 1,501 0.05 Synopsys 2,398 617 0.02




% Sysco 15,874 903 0.03 T Rowe Price Group 54,403 8,744 0.31 Target 38,528 7,580 0.27 Teladoc Health 3,258 327 0.01 Teradyne 2,449 270 0.01 Tesla Motors 8,692 6,555 0.24 Texas Instruments 106,442 14,999 0.54 Thermo Fisher Scientific 3,134 1,476 0.05 TJX Companies 259,765 13,408 0.48 T-Mobile US 9,074 795 0.03 Tractor Supply Company 11,425 1,896 0.07 TransUnion 3,282 280 0.01 Travelers 22,640 2,664 0.10 Trimble Navigation 6,814 443 0.02 Truist Financial 13,100 617 0.02 Twilio 4,674 1,060 0.04 Tyson Foods 16,057 1,005 0.04 Uber Technologies 10,020 325 0.01 UDR 3,891 165 0.01 Ulta Beauty 2,018 604 0.02 Union Pacific 17,611 3,166 0.11 United Parcel Services B 28,387 4,469 0.16 United Rentals 2,714 776 0.03 UnitedHealth Group 23,898 8,020 0.29 Unity Technologies 57 8 0.00 US Bancorp 95,586 4,303 0.15 Vail Resorts 627 164 0.01 Veeva Systems 670 157 0.01 Ventas 19,673 796 0.03 Verisk Analytics 9,314 1,512 0.05 Verizon Communications 218,063 8,505 0.31 Vertex Pharmaceuticals 2,025 282 0.01 VF 38,536 2,217 0.08 ViacomCBS 16,000 426 0.02 Viatris 53,108 550 0.02 Visa A 155,406 24,566 0.88 Vmware 9,442 875 0.03 Voya Financial 8,017 402 0.01 W. R. Berkley 15,890 956 0.03 Wabtec 3,746 267 0.01 Walgreens Boots Alliance 23,682 868 0.03 Wal-Mart Stores 133,454 14,597 0.52 Walt Disney 53,829 6,349 0.23 Waste Management 32,240 3,911 0.14 Waters 1,639 422 0.01 Welltower 18,110 1,136 0.04




% West Pharmaceutical Services 4,082 1,283 0.05 Western Digital 16,529 725 0.03 Western Union 44,157 585 0.02 WestRock Company 6,892 252 0.01 Weyerhaeuser 13,314 371 0.01 Whirlpool 5,805 1,013 0.04 Williams Companies 10,642 227 0.01 Wix.com 678 100 0.00 Workday A 11,153 2,456 0.09 Xilinx 3,516 563 0.02 Xylem 32,280 3,111 0.11 Yum China Holdings 7,274 297 0.01 Yum! Brands 15,407 1,452 0.05 Zebra Technologies A 646 284 0.01 Zoetis 7,797 1,254 0.05 Zoom Video Communications A 3,631 713 0.03 Total United States 1,730,996 62.12 FUTURES - 0.08% (0.01%)

CME S&P 500 E-Mini Index Future December 2021 242 1,852 0.07 NYF MSCI EAFE Future December 2021 221 415 0.01 Total Futures 2,267 0.08



Net assets 2,786,512 100.00 #unlisted +related party Unless otherwise stated, all investments are listed securities. The counterparty for the futures is HSBC Bank. Total purchases for the period, including transaction charges, were £891,659,747. Total sales for the period, net of transaction charges, were £601,108,465.


Comparative Tables

Institutional Income#Change in net assets per share

15.11.21 15.5.21

Opening net asset value per share 106.90p 100.00pReturn before operating charges* 15.61p 7.59pOperating charges** (0.01p) (0.11p)Return after operating charges* 15.60p 7.48pDistributions on income shares (0.00p) (0.58p)Closing net asset value per share 122.50p 106.90p*after direct transaction costs of:*** 0.02p 0.16p

PerformanceReturn after charges 14.59% 7.48%

Other informationClosing net asset value £39,848,272 £1,051,284Closing number of shares 32,529,891 983,673 Operating charges - OCF 0.03% 0.14%†Direct transaction costs 0.02% 0.15%

PricesHighest share price 122.50 110.00Lowest share price 105.70 100.00

Institutional Accumulation#Change in net assets per share

15.11.21 15.5.21

Opening net asset value per share 107.40p 100.00pReturn before operating charges* 15.71p 7.73pOperating charges** (0.01p) (0.33p)Return after operating charges* 15.70p 7.40pDistributions on accumulation shares (0.00p) (0.58p)Retained distributions on accumulation shares 0.00p 0.58pClosing net asset value per share 123.10p 107.40p*after direct transaction costs of:*** 0.02p 0.15p


Other informationClosing net asset value £15,597,322 £107,440Closing number of shares 12,669,178 100,000 Operating charges - OCF 0.02% 0.04%†Direct transaction costs 0.02% 0.15%

PricesHighest share price 123.10p 110.00pLowest share price 106.30p 100.00p

#The Fund launched on 10 December 2020.†Estimated value following the fund launch on 10 December 2020.**The operating charges include all costs borne by the Fund, except for direct transaction costs.***The direct transaction costs are made up of fees and commissions paid to agents, advisers, brokers and dealers, levies by regulatory agencies and securities exchanges as well as transfer taxes and duties.


Comparative Tables

Income C#Change in net assets per share

15.11.21 15.5.21





Accumulation C#Change in net assets per share

15.11.21 15.5.21

Opening net asset value per share 107.40p 100.00pReturn before operating charges* 15.69p 7.56pOperating charges** (0.09p) (0.16p)Return after operating charges* 15.60p 7.40pDistributions on accumulation shares (0.00p) (0.54p)Retained distributions on accumulation shares 0.00p 0.54pClosing net asset value per share 123.00p 107.40p*after direct transaction costs of: *** 0.02p 0.15p






Comparative Tables

Income S#Change in net assets per share

15.11.21 15.5.21



Other informationClosing net asset value £6,109 £2,830,682Closing number of shares 5,000 2,650,000 Operating charges - OCF 0.14% 0.15%†Direct transaction costs 0.02% 0.15%


Accumulation S#Change in net assets per share

15.11.21 15.5.21



Other informationClosing net asset value £123,012 £107,392Closing number of shares 100,000 100,000 Operating charges - OCF 0.14% 0.15%†Direct transaction costs 0.02% 0.15%




Comparative Tables

Accumulation T#Change in net assets per share

15.11.21 15.5.21



Other informationClosing net asset value £2,725,362,852 £2,167,059,838Closing number of shares 2,207,413,576 2,011,710,873 Operating charges - OCF 0.028% 0.028%†Direct transaction costs 0.02% 0.15%

Prices Highest share price 123.50p 110.00pLowest share price 106.60p 100.00p




15.11.21*£’000 £’000

IncomeNet capital gains 323,108 Revenue 21,910

Expenses (548)Interest payable and similar charges (20)Net revenue before taxation 21,342 Taxation (2,266)Net revenue after taxation 19,076 Total return before distributions 342,184 Distributions 1,290 Change in net assets attributable to shareholders from investment activities 343,474

*The Fund launched on 10 December 2020.


15.11.21*£’000 £’000

Opening net assets attributable to shareholders 2,172,324 Amounts receivable on creation of shares 397,368 Amounts payable on cancellation of shares (127,191)

270,177 Dilution adjustment 537 Change in net assets attributable to shareholders frominvestment activities (see Statement of Total Return above) 343,474 Closing net assets attributable to shareholders 2,786,512



15.11.21 15.5.21* £'000 £'000 £'000 £'000




Distribution payable on income shares - (21)Other creditors (306) (164)

Total liabilities (306) (185)Net assets attributable to shareholders 2,786,512 2,172,324


292

General Information

How to Buy, Sell or Switch your Investment

• Call our Dealers on 0800 358 3011*

or

• Write to our Administration Office at: HSBC Global Asset Management (UK) Ltd, Sunderland, SR43 4BF (w.e.f. 6/4/21).

Switching your Investment

• Some discounts are available for switching between our OEIC Funds.

• Switching from one OEIC Fund to another may create a capital gains tax liability.

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current KIID (in conjunction with the Supplementary Information Document (SID)) and Prospectus accompanied by the latest Annual Report and the most recent Interim Report, if published thereafter. Further details of our switching discounts may be obtained by:-

• Telephoning our Customer Services, on 0800 358 3011*

Minimum Additional Subscription

• The minimum additional subscription is £500 for retail, £1,000 for the C and Institutional A share classes, £1,000,000 for the S and Institutional share classes and £1,000,000 for the T class.

Selling your Investment

You can sell or make a withdrawal at any time.

• You must take at least £100 each time.

• We reserve the right to request that you leave the minimum investment of £1,000 for retail, £1,000,000 for the C and Institutional A share classes, £10,000,000 for the S and Institutional share classes and £100,000,000 for the T class, or close the investment.

• Settlement is normally made within 3 business days from the receipt of your instructions.

When we will Buy or Sell your Investment

Share prices are calculated at 12 noon each business day. The price at which shares are bought or sold depends on when we receive your instructions.

• Before 12 noon. That day’s share prices will be used.

• After 12 noon. The following business day’s prices will be used.

We will send you a contract note within 24 hours of the transaction. This confirms the transaction was made.

Cancellation Rights

• In certain circumstances we will send you a cancellation notice. If so this will be sent within 7 days of making your investment.

• Return this notice to us within 30 days if you do not wish to proceed with your investment.

• It is possible to receive back less than your original investment, if the value of your shares has fallen.

Publication of Prices

The prices of shares are updated daily on the following website: www.assetmanagement.hsbc.com/uk.

Alternatively you can call our Investments Helpline on 0800 358 3011*.

293

Prospectus

The Prospectus provides further details on our OEICs. For a copy of the latest Prospectus (available free of charge):-

• Telephone our Customer Services on 0800 358 3011*

• Write to our Administration Office

Income

Income is distributed or accumulated in the following way:-

• You will receive income payments net of tax. The payment dates for each of the Funds are detailed in the table on pages 301 to 303.

• If you hold accumulation shares, income will be retained within the Fund. No additional shares will be bought. The price of shares will reflect the net income received.

We must disclose details of such distributions to HM Revenue and Customs (HMRC). The distribution also needs to be disclosed on your tax return.

Income Tax

A tax voucher is sent to all shareholders when distributions are paid or accumulated which will aid completion of tax returns.

Interest Distributions:

From 6 April 2017, any income that is distributed from our funds as interest is paid or accumulated gross of tax to all shareholders. This follows the announcement from the UK Government in 2016 of its intention to remove the requirement for tax to be deducted from interest distributions of open-ended investment companies.

A Personal Savings Allowance currently applies for UK individual taxpayers. This means that no tax is payable on savings income, which includes interest distributions, of up to £1,000 for basic rate taxpayers and up to £500 for higher rate taxpayers.

This allowance is not available for additional rate taxpayers. UK taxpayers, including basic rate taxpayers, are liable to pay UK tax on savings income above the allowance, subject to the starting rate of tax for savings.

For UK corporate shareholders, interest distributions will be paid without the deduction of tax. Such shareholders will be subject to corporation tax on the gross amount of the distribution or accumulation.

For non-UK resident shareholders, interest distributions will be paid without the deduction of tax. Tax may or may not be payable depending on the shareholder’s tax position and the provisions of any relevant double tax treaty with the UK.

Dividend Distributions:

A dividend allowance applies for UK resident individual shareholders which charges the first £2,000 of dividends received in the tax year at 0%. A UK resident individual shareholder will have to pay income tax at the applicable basic, higher or additional rate (depending on the shareholder’s individual tax position) on dividend income in excess of the £2,000 allowance. Note that dividend income within the £2,000 allowance will still count towards basic, higher and additional rate bands and may therefore affect the rate of income tax that a shareholder pays on dividends they receive in excess of the £2,000 allowance.

Where a corporate shareholder receives a dividend distribution from a Fund, such a shareholder should apportion the amount of the distribution (by way of a formula) between that part representing the Fund’s income subject to corporation tax and that part representing the Fund’s other income. Only that part which represents the income subject to corporation tax in the Fund will be liable to corporation tax (in the hands of the corporate shareholder) and will be treated as an annual payment received after deduction of income tax at the basic rate. That deemed income tax will be available to offset against the corporation tax liability of the shareholder or may be repaid subject to certain restrictions.

For non-UK resident shareholders, tax may or may not be payable depending on the shareholder’s tax position and the provisions of any relevant double tax treaty with the UK.

This information is based on our understanding of current UK law and HM Revenue and Customs practice which may be subject to retrospective change. The future basis and rates of taxation may change without warning. Shareholders are recommended to consult their professional advisers if they are in any doubt as to their individual tax position.

294

Capital Gains Tax

You will not need to pay capital gains tax unless your net gains from all sources exceed the annual exemption limit. The limit for the 2021/2022 tax year is £12,300.

Assessment of Value

The Authorised Fund Manager is required to perform a detailed assessment on whether funds are 'providing value to investors'.

The resulting findings are published in a consolidated report on our website.

Ongoing charges figure

Underlying fund charges in this report are in relation to the sub-fund holding investments in other collective investment schemes but excludes holdings in investment trusts.

*To help us continually improve our service, and in the interests of security, we may monitor and/or record your communications with us.

Lines are open Monday to Friday from 9am to 5pm (excluding public holidays).

295

Important Notes

The Interim Report covers the period 16 May 2021 to 15 November 2021.

The value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested. Where overseas investments are held the rate of currency exchange may also cause the value of such investments to fluctuate. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some established markets. Stock market investments should be viewed as a medium to long term investment and should be held for at least five years. Any performance information shown refers to the past and should not be seen as an indication of future returns. This can affect the price of shares within open-ended investment companies and the income from them.

Past performance should not be seen as an indication of future returns.

Your holding in an open-ended investment company must be regarded as a medium to long-term investment; this means for at least five years.

Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some established markets. These risks include the possibility of failed or delayed settlement, registration and custody of securities and the level of investor protection offered.

The value and relative yield of fixed interest securities (including bonds) are strongly affected by interest rate fluctuations and by changes in the credit ratings of the underlying issuer of the assets. Higher-yielding securities are more likely to default.

The long-term nature of investment in property and the income generated tend to make this type of investment less volatile than equities although it can be difficult to buy and/or sell quickly. Where the underlying Funds invest directly in property, the property in the Fund may not be readily realisable, and the Manager of the Fund may apply a deferral on redemption requests. The value of property is generally a matter of the valuer's opinion rather than fact. Listed property securities are part of the equity market and are more volatile than direct (unlisted) property, which can mean that the price of shares and the income from them can fluctuate, sometimes dramatically.

Please note any reference to “Fund” or “Funds” means a sub fund of the Company.

This report is issued in the UK by HSBC Global Asset Management (UK) Limited, authorised and regulated by the Financial Conduct Authority.

The Authorised Corporate Director and Investment Manager is HSBC Global Asset Management (UK) Limited.

There are risks involved in investing in HSBC Index Tracker Investment Funds. Please refer to the Prospectus, Key Investor Information Document (KIID), Supplementary Information Document (SID) and most recent annual and semi annual report, which can be obtained upon request free of charge from HSBC Global Asset Management (UK) Limited, 8, Canada Square, Canary Wharf, London, E14 5HQ, UK, or the local distributors. Investors and potential investors should read and note the risk warnings in the prospectus and relevant KIID and additionally, in the case of retail clients, the information contained in the supporting SID.

The information in this report is based on our understanding of current law and HM Revenue and Customs practice as at 15 November 2021 (unaudited). Both law and practice may of course change.

Any views expressed were held at the time of preparation and are subject to change without notice. While any forecast, projection or target where provided is indicative only and not guaranteed in any way. HSBC Global Asset Management (UK) Limited accepts no liability for any failure to meet such forecast, projection or target.

The Company is authorised and regulated by the Financial Conduct Authority and is structured as an umbrella company, in that the Company proposes to issue shares linked to different Funds which have been established. The Company is a UCITS scheme.

Shareholders are not liable for the debts of the Company. A shareholder is not liable to make any further payment to the Company after the purchase price of the shares has been paid for.

To help improve our service and in the interests of security we may record and/or monitor your communication with us. HSBC Global Asset Management (UK) Limited provides information to Institutions, Professional Advisers and their clients on the investment products and services of the HSBC Group.

Approved for issue in the UK by HSBC Global Asset Management (UK) Limited, who are authorised and regulated by the Financial Conduct Authority.

HSBC Asset Management is the brand name for the asset management business of HSBC Group, which includes the investment activities provided through our local regulated entity, HSBC Global Asset Management (UK) Limited.

www.assetmanagement.hsbc.com/uk.

Copyright © HSBC Global Asset Management (UK) Limited 2021. All rights reserved.

296

Additional FTSE Russell Rebalance - 17 December 2021

FTSE Russell in December 2021 identified an issue in their ESG score calculation of the constituents of this index. The issue affected the weights of the constituents that FTSE Russell instructed HSBC Global Asset Management (UK) Limited to purchase at the annual September rebalance. The Carbon intensity calculation and eligibility criteria of the index was not affected by this issue and the fund has continued to be managed in line with its objective. On the 17 December the index was rebalanced using the revised and confirmed ESG scores from FTSE Russell. HSBC Global Asset Management (UK) Limited has conducted a thorough analysis of the impact of the issue for the period between the September and December index changes and the performance of the fund has not been adversely affected. A review of trading costs however identified that during the September rebalance and subsequent December rebalance additional costs have been borne by the fund and therefore a payment of £56,384.41* will be paid back into the fund covering the extra trading activity. *converted from $ to £ using the FX rate from Bloomberg as of 17 December 2021.

Accounting Policies

The interim financial statements have been prepared on the historical cost basis, as modified by the revaluation of investments, in compliance with FRS 102 and in accordance with the Statement of Recommended Practice for Authorised Funds (SORP) issued by The Investment Association in May 2014.

S. White T.J. Palmer

Director Director

For and on behalf of HSBC Global Asset Management (UK) Limited ACD 11 January 2022

297

Important Changes to the Company and/or Fund DocumentationThe following changes to the Company have resulted in the ACD making changes to the Company’s Instrument of Incorporation and its Prospectus.

Amendments to the Company Prospectus

The Company Prospectus was updated on 1 November 2021 to reflect the following changes:

Directory

The Directory was updated to reflect a change in the address for the Administrator.

Management and Administration

The names of the directors of the ACD and any significant activities of each director have been updated where required.

Fees and Expenses

The ongoing charges figures and estimated dilution adjustment rates have been updated.

The AMC and OCF have been updated to reflect the reduction to the AMC for the Income C and Accumulation C Share Classes of the Sterling Corporate Bond Index Fund on 1 November 2021 from 0.12% to 0.10%.

The rate of the Depositary’s periodic charge has been updated for each Fund.

General Information

The complaints section has been updated to reflect a change in the address for the Administrator.

Appendix 2 – Historical Fund Performance

The Historical Fund Performance table has been updated with more recent performance information.

Appendix 5 – List of appointed local sub-custodians

The list of appointed local sub-custodians has been updated with the most recent information for each market as relevant.

298

Other Information

Equalisation

Revenue received by the Fund during the distribution period is reflected in the price of shares until the revenue is distributed. The cost of Group 2 shares bought during a distribution period will therefore include an element of revenue.

Equalisation represents the average amount of accrued revenue included in the purchase price of all Group 2 shares sold in the period, which is refunded as part of a shareholder’s first distribution. This amount is treated as a capital repayment for tax purposes. It is not liable to income or corporation tax and is deducted from the original cost of the shares for capital gains tax purposes.

Index Tracking

The Funds aim to achieve their objectives by investing in an optimised portfolio of the constituents, of the relevant Index, providing an efficient exposure to this index. In replicating the index the ACD reserves the right to exercise the full powers of the Funds in relation to borrowing and efficient portfolio management as and when it considers that the circumstances which then exist make it appropriate to do so. The Scheme property may also not consist of the exact composition and weighting of the underlying index in circumstances where the ACD determines that this is expedient for reasons of poor liquidity or excessive cost to the Funds.

Additional notes for Hong Kong residents

The following sub-funds referred to in this document are not authorised in Hong Kong and are not available to Hong Kong residents:

Developed World Equity Index Fund

FTSE All-Share Index Fund

FTSE All-World Index Fund

FTSE 250 Index Fund

UK Gilt Index Fund


Five other sub-funds of the HSBC Index Tracker Investment Funds, namely FTSE 100 Index Fund, European Index Fund, American Index Fund, Japan Index Fund and Pacific Index Fund are authorised in Hong Kong (authorisation does not imply official approval or recommendation), and no soft commission arrangement was entered into by the Authorised Corporate Director and the Investment Manager in respect of the sub-funds’ transactions during the year.

“FTSE®” is a trademark owned by the London Stock Exchange plc and The Financial Times Limited and used by FTSE International Limited (“FTSE”) under licence.

The FTSE Indices are calculated by FTSE. FTSE does not sponsor, endorse or promote this product and is not in any way connected to it and does not accept any liability in relation to its issue, operation and trading.

All copyright and database rights in the index values and constituent list vest in FTSE. HSBC has obtained full licence from FTSE to use such copyrights and database rights in the creation of this product.

Standard & Poor’s and S&P are registered trademarks of Standard & Poor’s Financial Services LLC (“S&P”) and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and have been licensed for use by S&P Dow Jones Indices LLC and sublicensed for certain purposes by HSBC Global Asset Management (UK) Limited. The S&P 500 is a product of S&P Dow Jones Indices LLC, and has been licensed for use by HSBC Global Asset Management (UK) Limited. HSBC Global Asset Management (UK) Limited ‘s American index Fund is not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates, and neither S&P Dow Jones Indices LLC, Dow Jones, S&P, their respective affiliates make any representation regarding the advisability of investing in such products.

299

Corporate Shareholders

A corporate shareholder will receive the distribution shown below on their annual consolidated tax voucher as follows:

Fund Date Share class Investment income

payable/paid Franked Unfranked

Sterling Corporate Bond Index 15.1.22 Institutional Income 0.00% 100.00%

15.1.22 Institutional Accumulation 0.00% 100.00%

15.1.22 Income C 0.00% 100.00%

15.1.22 Accumulation C 0.00% 100.00%

15.1.22 Income S 0.00% 100.00%

15.1.22 Accumulation S 0.00% 100.00%

15.10.21 Institutional Income 0.00% 100.00%

15.10.21 Institutional Accumulation 0.00% 100.00%

15.10.21 Income C 0.00% 100.00%

15.10.21 Accumulation C 0.00% 100.00%

15.10.21 Income S 0.00% 100.00%

15.10.21 Accumulation S 0.00% 100.00%

UK Gilt Index Fund 15.1.22 Retail Accumulation 0.00% 100.00%


15.1.22 Income C 0.00% 100.00%

15.1.22 Accumulation C 0.00% 100.00%

15.1.22 Income S 0.00% 100.00%

15.1.22 Accumulation S 0.00% 100.00%

15.10.21 Retail Accumulation 0.00% 100.00%


15.10.21 Income C 0.00% 100.00%

15.10.21 Accumulation C 0.00% 100.00%

15.10.21 Income S 0.00% 100.00%

15.10.21 Accumulation S 0.00% 100.00%

All other Funds in this OEIC have a 100% franked distribution shown on their annual consolidated tax voucher.

300

Risk and Reward Profile

Fund Rating*


FTSE All-Share Index Fund 6


FTSE All-World Index Fund 5

European Index Fund 6

American Index Fund 6

Japan Index Fund 6

Pacific Index Fund 5†

UK Gilt Index Fund 4

Sterling Corporate Bond Index Fund 4


5

†The previous rating for this Fund was 6 until 18 November 2021.

*More About this Rating

The rating is based on price volatility over the last five years, and is an indicator of absolute risk. Historical data may not be a reliable indication for the future. The rating is not guaranteed to remain unchanged and the categorisation may shift over time. The lowest rating does not mean a risk-free investment.

For further information on the specific risks applicable to each Fund please visit www.assetmanagement.hsbc.com/uk.

Lower risk

Typically lower rewards

Higher risk

Typically higher rewards

1 2 3 4 5 6 7

301

The Company

HSBC Index Tracker Investment Funds, 8 Canada Square, London, E14 5HQ

Authorised Corporate Director (ACD) and Head Office

HSBC Global Asset Management (UK) Limited, 8 Canada Square, London, E14 5HQ

Investment Manager

HSBC Global Asset Management (UK) Limited, 8 Canada Square, London, E14 5HQ

Depositary

State Street Trustees Limited, Quartermile 3, 10 Nightingale Way, Edinburgh, EH3 9EG

Regulator

Financial Conduct Authority (FCA), 12 Endeavour Square, London, E20 1JN

Auditor

KPMG LLP, 15 Canada Square, London E14 5GL

Registrar

HSBC Global Asset Management (UK) Limited (delegated to Northern Trust Global Services SE).

50 Bank Street, Canary Wharf, London, E14 5NT

Telephone: 0800 358 3011* +44 800 358 3011 (Overseas)*

*Lines are open 9am to 5pm Monday to Friday (excluding public holidays).

Administrator (delegated to Northern Trust Global Services SE) - postal address

HSBC Global Asset Management (UK) Ltd, Sunderland, SR43 4BF (w.e.f. 6/4/21)

Website

www.assetmanagement.hsbc.com/uk

To help us continually improve our services, and in the interests of security, we may monitor and/or record your communications with us.

Directory

302

Quick Reference Guide to HSBC Index Tracker Investment Funds

Name of OEIC Fund

FTSE 100Index Fund

FTSEAll-Share

Index Fund

FTSE 250Index Fund

FTSE All-World

Index Fund

Number of distributions per year

2 2 1 1

Distribution dates

15 Jul15 Jan

15 Jul15 Jan 15 Jul 15 Jul

Lump sum minimum investment level †

£1,000,000 £1,000,000 £1,000,000 £1,000,000

Regular saverminimum investment level †

N/A N/A N/A N/A

ACD charge % † 0.07 0.04 0.10 0.10

Available as an ISA

Yes Yes Yes Yes

In ISA can income be paid

Yes Yes Yes Yes

Income shares available

Yes Yes Yes Yes

Accumulation shares available

Yes Yes Yes Yes

†The above information relates only to the C share classes. Other share classes may differ.

303


Name of OEIC Fund

EuropeanIndex Fund

AmericanIndex Fund

JapanIndex Fund

PacificIndex Fund


1 1 1 1

Distribution dates

15 Jul 15 Jul 15 Jul 15 Jul


£1,000,000 £1,000,000 £1,000,000 £1,000,000


N/A N/A N/A N/A

ACD charge % † 0.03 0.04 0.10 0.10

Available as an ISA

Yes Yes Yes Yes


Yes Yes Yes Yes


Yes Yes Yes Yes


Yes Yes Yes Yes


304


Name of OEIC Fund

UK GiltIndex Fund




4 4 1

Distribution dates

15 Jul15 Oct15 Jan15 Apr

15 Jul15 Oct15 Jan15 Apr

15 Jul


£1,000,000 £1,000,000 £1,000,000


N/A N/A N/A

ACD charge % † 0.10 0.12 0.14

Available as an ISA

Yes Yes Yes


Yes Yes Yes


Yes Yes Yes


Yes Yes Yes


Issued by HSBC Global Asset Management (UK) Limited. Authorised and regulated by the Financial Conduct Authority.

www.assetmanagement.hsbc.com/uk

HSBC Global Asset Management (UK) Limited Forum One Parkway Whiteley Fareham PO15 7PA United Kingdom

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